BusinessMirror July 29 2025

SONA VOWS: FLOOD WORK AUDIT, BUDGET REFORM

By Samuel P. Medenilla @sam_medenilla

in the 2026 General Appropriation Act, and promised more governance “changes” which are “felt” by the public, including a comprehensive review of existing flood control projects in his fourth of the State of the Nation Address (Sona) on Monday.

lation.

The chief executive said he will not tolerate any provisions of the 2026 national budget, which are not aligned with the priorities of his administration. He said he is even willing to approve a re-reenacted budget if any lawmaker will

“For the 2026 National Budget, I will return any proposed General

Despite slow inflation, prices still bite for Sona vendors

MONDAY, July 28, marks the second month since Fe Suan

Atejada opened her modest meat stall in a small talipapa along Kasaysayan Street in Barangay Batasan Hills, Quezon City.

Coincidentally, this fell on the same day President Ferdinand Marcos Jr. delivered his fourth State of the Nation Address (Sona).

By Cai U. Ordinario

and Jovee

AMarie N. Dela Cruz

SKED whether the President’s threat to re-enact the 2026 budget should he find Congressional insertions that are “not part of the plan,” local economists’ opinions were mixed.

Unionbank Chief Economist Ruben Carlo O. Asuncion told BusinessMirror that the President’s stern warning should be taken seriously, given the country’s “current political and economic challenges.”

A rehashed budget, Asuncion

said, will definitely deal a major blow to the country’s economic and development plans and expectations.

“A re-enacted budget is not what you would want, especially half-way through this administration’s term,” Asuncion said.

For Ateneo de Manila University economist Leonardo Lanzona Jr., the threat of a reenacted budget is an empty one, considering the long “to do” list of the government bared by the President in his Sona. Lanzona found it contradictory that the President gave so

But instead of celebrating her shop, Atejada finds herself caught between frustrated customers and rising costs she can barely manage.

“Prices never went back to what they used to be,” Atejada said, explaining how pork that once sold for P120 per kilo now fetches P330 to P340. “Customers complain, but I tell them—if it’s hard for you, it’s even harder for us sellers.”

Based on the latest price monitoring from the Department of Agriculture (DA), a kilo of kasim (pork shoulder) now retails for an average of P379.78, while liempo (pork belly) sells for P430.78. This stands in sharp contrast to the agency’s proposed price range for imported pork: P270 to P300 per kilo for kasim and P300 to P350 for liempo.

Previous reports by this newspaper cited both the Philippine Statistics Authority (PSA) and the DA attributing high pork prices to the continued impact of

Last week’s storms cause ₧2.34-B agri losses–DA

By Bless Aubrey Ogerio @blessogerio

WHILE rains have started to ease, the damage left behind by a string of typhoons and southwest monsoon (habagat) rains last week has already pushed agricultural losses to P2.34 billion, according to the Department of Agriculture (DA) on Monday.

The DA’s latest bulletin showed that 74,895 farmers and fisherfolk were affected, with 53,356 metric tons (MT) of produce lost across 71,958 hectares (ha) of farmland.

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many promises in his Sona—ranging from betters jobs to food security, free health services, electricity access, water services, education,

Rice took the biggest hit, accounting for P1.27 billion in losses. Some 67,692 ha of rice farms were affected, with 40,333 MT of unmilled rice wiped out. This is

and quality infrastructure projects, among others—only to end his speech with a threat that could undermine the government’s efforts by tying its fiscal hands. He stressed that what is needed is for the government to be more transparent on how to finance these projects and programs, including the

equivalent to 0.20 percent of the country’s full-year production target of 20.46 million MT.

Corn losses reached P83.44 million across 2,209 ha. It had a volume loss of 3,180 MT, about 0.04 percent of the 8.46 million MT target for 2025.

For high-value crops, 9,574 MT were destroyed.

To cushion the impact on food supply and stabilize production costs, the DA has mobilized P653.01 million worth of interventions, including seed reserves, free-range chickens, fingerlings and pest control supplies distributed through its regional field offices.

The National Food Authority (NFA) also issued 43,940 bags of rice to local government units in Palawan, Pangasinan, and Albay, among others, as part of emergency distribution efforts.

delivery of public goods.

“Given all that this is being promised, can anyone believe that the budget can be kept in fulfilling all of these promises? This is a contradiction. Hence, the reenactment of the existing budget will never happen,” Lanzona told BusinessMirror. “This boils down to one basic question:

In addition, a Quick Response Fund has been activated for rehabilitation, while P400 million is available under the Survival and Recovery (SURE) Loan Program, allowing affected farmers to borrow up to P25,000 at zero interest, payable in three years.

The Philippine Crop Insurance Corporation (PCIC) has also allocated an initial P268 million to compensate nearly 46,000 insured farmers impacted by the weather disturbances.

While President Ferdinand Marcos Jr. did not directly mention the recent weather events in his fourth State of the Nation Address on July 28, he noted that his administration has so far extended assistance to over 8.5 million farmers and fisherfolk.

who will pay for all of these programs?”

Lanzona suspects the threat is also one way to distract the public about the real problems of the country. If the President decides to veto a budget that includes projects and programs that are “not part of the plan,” this will lead to a failure of institutions.

“Would reenacting the budget solve the institutional failures this administration has committed? By reenacting the budget you are leaving these institutions weak and failing,” Lanzona told this newspaper.

Former Socioeconomic Planning Secretary Dante B. Canlas said, however, it is difficult to speculate at this time on whether the President’s threats of a reenacted budget are serious. Nonetheless, Canlas said, the focus should be in the creation of a fiscal plan for the next three years. “A joint session of Congress is an opportunity to propose a Budget Accord, instead of issuing threats about a reenacted budget.”

HOR’s vow THE House of Representatives leadership on Monday vowed to act swiftly, transparently, and responsibly on the proposed 2026 national budget, assuring President Ferdinand Marcos Jr. and the public of their full commitment to the budget process.

Speaker Ferdinand Martin Romualdez said this after Marcos declared in his 4th Sona that he will reject any proposed General Appropriations Bill (GAB) for 2026 that is not fully aligned with the National Expenditure Program (NEP), even if it means operating under a re-enacted budget.

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No mention…

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mga planta ng kuryente,” Marcos said in his speech. “Ngunit nanawagan pa rin ako sa mga ating mga negosyante: mamuhunan kayo sa ating agrikultura,” he added.

FPI: Well delivered THROUGH another industry group’s lens, the Federation of Philippine Industries (FPI) said the SONA was “well delivered.” Elizabeth Lee, Chairman of FPI, said in a Viber message: “While the President may have wished to address a broader range of pressing concerns, the decision to spotlight core issues—such as food security, flooding, electricity supply, public health, and education—was both strategic and reassuring.” Lee said these fundamental areas “speak directly to the everyday

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Appropriations bill that is not fully aligned with the National Expenditure Program,” Marcos said in his fourth Sona, which ran for an hour and 11 minutes

Earlier this month, he approved the proposed P6.793-trillion 2026 NEP, which is higher than the P6.326-trillion 2025 General Appropriations Act (GAA).

Marcos vetoed almost P200 billion worth of unprogrammed appropriations from some lawmakers in the Republic Act 12116 or the 2025 GAA.

Widescale audit

ANOTHER highlight of the Sona speech was Marcos’s announcement that he will crack down on substandard and bogus flood control projects.

While inspecting areas affected by the southwest monsoon (habagat) as well as tropical cyclones Crising, Dante and Emong, the President said he learned many of the flood control projects were defective, collapsed, or non-existent.

He attributed to corruption the prevalence of such issues in the government flood control initiatives. He then called out the people involved in corrupt practices, drawing a standing ovation from lawmakers.

“So to those who conspire to take the nation’s funds and steal the future of our citizens, you should be ashamed before your fellow Filipinos,” Marcos said in Filipino.

Senator Panfilo “Ping” Lacson disclosed during the weekend that almost P2 trillion of the budget allocated for flood control since 2011 may have been lost due to corruption.

In his Sona, Marcos ordered the Department of Public Works and Highways (DPWH) to submit a list of all flood control projects from every region that were started or completed in the last three years.

The list will then be reviewed by the regional project monitoring committee to determine which flood control projects have been failures, were unfinished, or were “ghost projects” before the list is published and released to the public.

“There will be an audit and performance review regarding these projects to check, and make sure, and to know how your money was spent. In the coming months, all those who emerge guilty from the investigation, including the complicit contractors in the country, will be charged,” Marcos said.

Food production

BOOSTING the country’s agriculture sector was also cited among the priorities for the last three years of his term.

Marcos said his administration will allocate P13 billion to sustain the country’s P20 per kilo rice through the establishment of more Kadiwa centers.

He said they also have initiatives to bring down the price of pork, rice, corn, pineapple, banana, coffee, cacao, calamansi, bamboo, onion, garlic, and other agricultural products by boosting its production.

For coconut, he said they will

fears and hopes of the Filipino people, and addressing them strengthens his goal for a more resilient citizenry and workforce that is key to businesses.”

In a statement on Monday, the industry group “applaud the support extended to 2.5 million families in starting micro-businesse, and urge deeper integration of these small enterprises into the coutnry’s manufacturing and supply chains.”

“The expansion of Kadiwa markets and the firm stance against economic sabotage by profiteers and smugglers are vital to ensuring stable prices and protecting producers and consumers alike,” FPI also noted.

FPI said it also “strongly endorses” the President’s comitment to “reject any budget item not aligned with government priorities.”

“Fiscal discipline and policy alignment are crucial for delivering meaningful, long-term impact,” the industry group also noted.

AmCham ‘encouraged’ IN a Viber message American

plant 15 million hybrid seeds nationwide this year, which they are targeting to increase to 100 million in succeeding years.

“And to fully revitalize the coconut industry, we will ask Congress to amend the Coconut Farmers and Industry Trust Fund Act, to make it more suitable to the needs of our farmers,” Marcos said.

“This is just part of our extensive efforts to strengthen various other industries, including the salt industry, processing, and coconut exports,” he added.

Transport, infra

THE President said more infrastructure and transportation projects will be started and completed during his administration to make the country more attractive to investors.

Among such ongoing projects are the North-South Commuter Railway and the Metro Manila Subway (MMS).

Construction of the P64-billion Bataan-Cavite bridge will start before the end of the year, while the extension of the South Luzon Expressway from Sto. Tomas, Batangas to Tiaong, Quezon, which will reduce travel time between the two provinces, is expected to be completed next year.

“We are not building only for today, we are also building for tomorrow,” Marcos said.

To improve commuter experience, he assured the continuation of the discounted fares for students, senior citizens and persons with disabilities.

He said he will also revive the “Love Bus,” a public bus project in Metro Manila of his father, former President Ferdinand Marcos, Sr., in the 1970s.

“This is just the beginning—it will be pilot tested in Davao and Cebu. Other areas in the Visayas and Mindanao will follow,” Marcos said.

Lasting changes MARCOS also committed to address widespread public “disappointment and dismay” on the primary services of the government, which became evident in the outcome of the 2025 Midterm polls—half of the administration-endorsed senators lost. This, despite the positive indicators in the economy like low inflation and higher employment rate, which boosted business confidence. The inflation rate slowed to 1.3 percent last May from 3.9 percent year-on-year. The employment rate also improved to 96.1 percent in the same month from 95.9 percent in the same period in 2024. Such indicators, the President, have already made the country an attractive destination for businesses.

Unlike in his previous Sona, which focused on the economic gains of his administration, Marcos focused on discussing programs that he said can be appreciated by most Filipinos.

“The lesson for us is simple: we need to be better. We need to be faster [in delivering public services,” Marcos said in Filipino.

“So in the last three years of the Administration, we will pour everything we have into it. Not only to match, but to surpass the giving the comfort that we have achieved] to our countrymen,” he added.

Chamber of Commerce of the Philippines (AmCham) Executive Director Ebb Hinchliffe said: “We are encouraged that President Marcos signaled a continued commitment to supporting businesses and attracting investments, especially through infrastructure development and digitalization.”

Hinchliffe said AmCham is also “pleased” to hear mention of the egovernance bill and the need to improve internet connectivity, saying “both are vital.”

“While some of our priority reforms, such as further liberalization in key sectors, were not specifically mentioned, we will continue to advocate for their passage,” AmCham noted.

“We also applaud the President’s emphasis on infrastructure, particularly flood control, and his commitment to fighting corruption, which are essential for improving ease of doing business,” Hinchliffe added.

www.businessmirror.com.ph

‘A more accountable, transparent House’

By Jovee Marie N. dela Cruz @joveemarie

LEYTE Rep. Ferdinand Martin G. Romualdez was reelected as Speaker on Monday, pledging to lead a more accountable, transparent, and peopledriven 20th Congress. Speaking before his colleagues and invited guests at the Batasang Pambansa, Romualdez emphasized that his renewed man -

date—secured with 269 votes and 34 abstentions—comes with a deep sense of responsibility and humility.

“With humility in my heart and a deep sense of duty, I rise today to accept the renewed trust you have given me to serve once again as Speaker of the House of Representatives,” Romualdez said in his address.

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Senate at crossroads over impeachment

SBy Butch Fernandez @butchfBM

ENATE President Francis Escudero got a new vote of confidence to lead the Senate at it stands at a crucial crossroads, as majority of senators chose him over comebacking Sen. Vicente Sotto III at the inaugural session of the 20th Senate

Monday morning. By a vote of 19-5, Escudero secured the votes, after coming under weeks of criticism between opposing camps on the issue of how to handle the impeachment complaint submitted by the House of Representatives against Vice President Sara Duterte.

Senate President Pro Tempore

Jinggoy Estrada, who was presiding, then suspended the session to allow Escudero to take his oath, as administered by Sen. Pia Cayetano.

Escudero was nominated to be Senate President by Sen. Joel Villanueva, seconded by Sen. Sherwin Gatchalian.

Nominating Sotto was Sen. Miguel Zubiri, himself a former Senate President, seconded by Sen. Loren Legarda.

With the new mandate, it now falls on Escudero to continue leading the chamber in uncharted territory, given the legal questions that have arisen from the Supreme Court’s unanimous decision on Friday to strike down as uncon -

MEDICAL CENTER MANILA OPENS NEW BREAST CENTER FOCUSED ON EARLY DETECTION, EXPERT CARE, AND COMPASSION

IN keeping with its mission to deliver excellent, compassionate, and accessible healthcare for every Filipino, Medical Center Manila (ManilaMed) proudly announces the upcoming launch of its state-of-the-art Breast Center—a specialized facility dedicated to the prevention, detection, diagnosis, and treatment of breast conditions, especially breast cancer.

Guided by its mission, ManilaMed continues to respond to the evolving needs of the community by expanding services that prioritize both clinical precision and heartfelt care. The new Breast Center reaffirms this commitment, offering world-class, patient-centered care that’s both affordable and accessible.

Bringing Specialized Breast Care Closer to the Community

Breast cancer remains one of the most pressing health concerns among Filipino women. While early detection can significantly improve outcomes, access to timely and reliable care remains a challenge for many. The ManilaMed Breast Center was designed to close this gap, removing barriers to care

and ensuring that specialized breast health services are available to women and also men from all walks of life.

Located on the 6th floor of ManilaMed, the center offers a safe, private, and welcoming environment where patients are treated with dignity, empathy, and clinical excellence. It is staffed by highly trained specialists in breast imaging and surgery.

“Every person deserves access to accurate, timely, and compassionate breast care, as breast conditions especially breast cancer is one of the common diseases in our country and of the world” said Dr. Chris Evert Valdez, a breast surgeon and also the head of the ManilaMed Breast Center “Our Breast Center is designed to support patients every step of the way, from screening

and detection to treatment and surveillance.”

Comprehensive Breast Health Solutions

The ManilaMed Breast Center will offer a full range of services, including:

n Breast cancer screening with imaging (3D Mammography, Tomosynthesis, Breast Ultrasound)

n Diagnostic services (Imaging guided biopsies)

n Multidisciplinary Care for patients needing surgery, reconstruction, medical and radiation oncology

All services are delivered by expert doctors, compassionate care team who understand that each patient is more than a case, they are individuals with needs, emotions and families.

Precision You Can Trust, Compassion

You Can Feel

At the core of ManilaMed’s new Breast Center is the 3Dimensions Screening and Diagnostic Mammography System, the latest innovation in breast imaging technology. This advanced system offers a transformative experience in breast care through:

n Better Visibility: The 3Dimensions system is designed to capture high-resolution images with greater detail, enabling earlier and more accurate

detection of breast lesions. This leads to higher diagnostic confidence.

n More Comfortable Experience: Featuring a curved compression surface that mirrors the shape of the breast, the system offers a gentler, more even compression, proven to deliver a more comfortable mammogram and reduce patient anxiety.

n More Efficient Workflow: With faster imaging and streamlined processing, the 3Dimensions system allows technologists to conduct exams swiftly and radiologists to interpret results

more efficiently, helping patients move forward with their care without delay.

According to Dr. Valdez, “When 3D Mammography is combined with Breast Ultrasound, it significantly improves the accuracy of breast screening which increases our ability to detect abnormalities early” He adds, “That’s why it’s strongly recommended by international health organizations such as the American Cancer Society, Centers for Disease Control and Prevention and many other international guidelines, that women aged 40 and above undergo annual

breast cancer screening using both mammography and ultrasound. With our advanced technology and dedicated team, we invite women to schedule their screenings with us today.”

The ManilaMed Breast Center officially opened its doors this July. For more information, appointment bookings, or to consult with our expert doctors, please visit ManilaMed’s official Facebook page or contact our hotline at (02) 85238131 local 7861

Because at ManilaMed, we deliver “Only Our Best, To Make You Feel Better.”

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Storms, habagat casualty count: 31 dead, 17 injured, 7 missing

By Jonathan L. Mayuga @jonlmayuga

THE number of confirmed casualties left by the onslaught of the three storms and the southwest monsoon, which dumped excessive rainfall and flooded low-lying areas in Metro Manila and other parts of Luzon, continues to increase.

As of July 28, the National Disaster Risk Reduction and Management Council (NDRRMC) said in its situational report on the combined impact of habagat and Tropical Cyclones Crising, Dante, and Emong, that a total of 31 persons were killed, 17 were injured, and seven others are still missing.

However, the NDRRMC, is still verifying the accuracy of the reports coming from the regions and the casualty count may still rise.

The damage to public infrastructure has reached P6.5 billion, with a total of 496 flood control, government facilities, roads, health facilities, bridges, schools

and utility services having been partially damaged or destroyed.

The non-stop rains induced by the three successive storms forced authorities to pre-emptively evacuate over 9,000 persons.

The inclement weather affected 1,751,776 families or 6,376,280 persons.

A total of 6,727 barangays in 641 cities and towns in 71 provinces were also affected.

The NDRRMC said 203,482 were displaced, and most are being sheltered in evacuation centers. The NDRRMC said a total of 1,419 evacuation centers where the victims of the typhoons are currently being provided care by the concerned government agencies have been set up.

Because of the heavy rainfall, a total of 1,408 areas in th Ilocos, Cagayan Valley, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Mimaropa (Mindoro, Marinduque,

Romblon and Palawan), Bicol, Western Visayas, Central Visayas, Western Mindanao, Central Mindanao, Caraga, Metro Manila and Negros island were flooded.

The floodings and landslides destroyed 15,039 houses, costing around P4.1 million.

The NDRRMC said they also received 92 reports of related incidents, including landslide, collapsed structures, maritime incidents, tornado, and drownings.

In addition, the NDRRMC reported that a total of 20,472 farmers and fishermen were affected, with 19,693 hectares of farms having been destroyed.

The estimated cost of damage to agriculture is P791.97 million while the estimated cost of damage to livestock, poultry and fisheries reached P22.66 million.

The NDRRMC said 19 cities and towns have been declared under a state fo calamity.

Group expresses concern over SC impeachment ruling

TBy Rizal Raoul Reyes @brownindio

HE Center for People Empowerment in Governance (CenPEG) has expressed deep concern over the Supreme Court’s July 25 decision, voiding the fourth impeachment complaint against Vice President Sara Duterte on the basis of the “oneyear bar rule” provided by the 1987 Constitution.

In a statement issued shortly after the SC released it ruling, the group said: “While CenPEG acknowledges the importance of constitutional safeguards— ensuring due process, limiting

House. . .

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“Trust is not a reward—it is a challenge. And every challenge is an opportunity to serve with greater integrity, honesty, and dedication,” he added.

Romualdez opened the 20th Congress with a firm message about accountability and the House’s constitutional mandate. Referencing the recent Supreme Court ruling dismissing the impeachment case against Vice President Sara Duterte, he asserted the House’s exclusive authority to initiate impeachment proceedings.

“And today, as we formally begin this new chapter, we do so amid a development that once again calls us to reflect on our sacred constitutional duty—the Supreme Court’s decision on the impeachment case filed against the Vice President,” Romualdez said.

impeachment to once per year— the Supreme Court’s ruling is a procedural dismissal, not a substantive clearing of the serious charges brought against the Vice President.”

In the same statement, CenPEG said: “Among the accusations—ranging from grave abuse of power, illegal disbursement of public funds, to threats against public officials and unexplained wealth—not a single one has been addressed through fair and independent investigation. The voiding of the complaint does not erase the need for truth, accountability, and justice.”

“Let me say this with the utmost respect: The Supreme Court has spoken, and we recognize its decision. But let it never be said that the House of the People bowed in silence,” Romualdez said. He reiterated the fundamental role of Congress in matters of accountability and reinforced the constitutional boundary between branches of government.

“At the same time, we draw a line: the power to initiate impeachment is the exclusive domain of this Chamber. It flows from the people’s will and rests solely on the clear language of the Constitution. It is neither granted nor guided by any outside institution. The Court may close a case, but it cannot close a cause. The pursuit of accountability is not a moment—it is a mandate,” Romualdez added. Romualdez made clear that the House’s actions are driven not by politics, but by principles.

He affirmed that the chamber’s

CenPEG said it is “aghast” at the pattern of shielding powerful officials from scrutiny through legal technicalities, delays, or partisan maneuvering. Moreover, it said this  destroys public trust in the country’s democratic institutions and reinforces a dangerous culture of impunity.

“As we have asserted in earlier statements, accountability cannot be sidelined. The House of Representatives, the Senate, and all oversight bodies must assert their constitutional mandate and act with urgency to investigate credible allegations of high crimes and betrayal of public trust,” it said.

integrity would not be compromised by external pressures and that it would continue to safeguard its independence in the face of controversy.

“We are not moved by personalities, but by principles. We are not driven by vendetta, but by vigilance. Our goal has never been to destroy—only to demand the truth. When institutions falter, the House of the People always stands firm. When others fear the storm, your House holds the line. And as your Speaker, I will be here—not just to preside, but to protect,” he stressed.

Romualdez emphasized that the chamber would remain steadfast through any institutional storm.

“The judgment that matters most is not that of any single court—but of history, and of the people we serve.”

Romualdez first entered the House of Representatives in 2007 and served three consecu -

stitutional—for violating the one-year-bar rule on filing—the fourth impeachment complaint against Duterte.

The House of Representatives is expected to file a motion of reconsideration with the Court.

Estrada, being uncontested after Sen. Ronald dela Rosa nominated him, also kept his position as Senate President Pro Tempore.

Estrada asked his half-brother, Sen. JV Ejercito, whom he called “my kid brother” in jest, to witness his oath-taking.

Yedda Romualdez returns to Congress for fourth term

By Justine Xyrah Garcia

YEDDA MARIE K. ROMUALDEZ,

wife of Speaker Martin Romualdez, reclaimed her seat in the House of Representatives after the Commission on Elections (Comelec) approved a reshuffling of the Tingog party-list’s nominees despite having completed three full terms, one as district representative and two as party-list nominee.

In a resolution, the Comelec en banc recognized the resignation of Tingog party-list group’s third, fourth, and fifth nominees—Marie Josephine Diana Calatrava, Alexis Yu, and Paul Muncada—paving the way for Yedda, the party’s sixth nominee, to assume the third seat.

Calatrava withdrew owing to “personal circumstances,” while Yu and Muncada stepped down after being elected as Tingog’s executive vice president and vice president for internal affairs, respectively, in line with the group’s internal by-laws.

CenPEG warned that the institutional failure to pursue accountability might substantiate alternative mechanisms, including international legal scrutiny, especially when domestic remedies are obstructed.

It urged the Filipinos to remain vigilant and engaged because the struggle for good governance is not won in courtrooms alone—it is waged in communities, in Congress, and in every space where truth must be spoken to power.

CenPEG assured it will remain steadfast in its commitment to people-centered governance, institutional integrity, and the pursuit of justice.

tive terms until 2016. After a short break, he returned to Congress in 2019, quickly ascending to leadership roles—including House Majority Leader during the 18th Congress—and was elected Speaker in 2022.

Romualdez has been the principal author or sponsor of key national measures, including the Bayanihan laws that guided the country’s pandemic response, the New Agrarian Emancipation Act, the Maharlika Investment Fund Act, and the law establishing specialty centers in hospitals under the Department of Health.

Beyond the chamber, he serves as president of the Lakas-Christian Muslim Democrats (LakasCMD) and the Philippine Constitution Association (PhilConsa), while also holding leadership roles in several prominent legal, civic, and academic institutions. He earned his law degree from the University of the Philippines.

Continue working together

IN his acceptance speech, Escudero urged his peers to move on and continue to do their job.

In an apparent reference to the recriminations of the past months when he drew flak for what was viewed by some critics as a deliberate attempt to stall the impeachment trial, Escudero said, “That our disagreement doesn’t mean you are right and I’m wrong, or I’m right and you’re wrong.... This is a collective body and its strength lies in the balance, not in that single gavel” that the Senate chief bangs to keep order in the chamber. He asked senators, “let’s work despite the noise of politics around

Nominee No. 3, Yedda Marie K. Romualdez,” Garcia added. Tingog secured three seats in the May 2025 midterm elections, placing third among all partylists with 1.82 million votes. Its full representation now includes Andrew Julian—the Romualdez couple’s eldest son— as first nominee, Jude Acidre as second nominee, and now, Yedda as the third.

This will be Yedda’s fourth consecutive term in Congress. She previously served as Leyte’s First District representative from 2016 to 2019, and then as Tingog’s lone representative from 2019 to 2022 and again from 2022 to 2025. With her proclamation, the Romualdez family now holds three seats in the 20th Congress—one through district representation and two through party-list.

Mockery

“The Commission, after due deliberation, resolves to adopt the above recommendations of the Law Department on the new list of nominees of Tingog Sinirangan [Tingog] Party-List,” the Comelec en banc said in Minute Resolution 25-0831.

Subtitution COMELEC Chairman George Erwin M. Garcia explained that the substitution is consistent with the Party-list System Act, as Romualdez was part of the original list submitted to and published by the poll body.

“If nominee number one resigns, number two takes over. If number three dies, number four replaces them. As long as the list submitted to us isn’t exhausted,” Garcia said in Filipino. “Number six should be the replacement, and we have no discretion over that. It was duly submitted by the party-list and duly published by the commission.”

Garcia also confirmed that no petitions or disqualification cases had been filed against any of the ten names Tingog submitted.

“Even if we haven’t issued a certificate of proclamation yet, the House can already accept the substitution, because the party-list itself was already proclaimed,” he said.

In a letter sent to the House of Representatives, Garcia formally certified Yedda’s assumption to the post.

“Kindly consider this letter as the equivalent certification, which may be used to effect the necessary steps in relation to the appropriate representation of said party-list in the House of Representatives,” he wrote.

“This is without prejudice to the issuance of a Certificate of Proclamation in the name of

us,” adding that the “people expect senators to work” for them: To put food on the table, wages in their pockets; and provide a healthcare system that heals the sick and not bankrupt their families.

Sotto as minority chief SOTTO promised to do his work as the new Minority Leader, and declined a move by Sen. Kiko Pangilinan to have him take his oath as minority leader.

“It grieves me to decline this,” he said, while thanking Pangilinan, but noted that this was not in the Senate tradition to have the Minority Leader take his oath.

Sen. Joel Villanueva, who was

THE electoral process is being mocked if the Comelec decision allowing Yedda Romualdez to assume office as the third nominee of Tingog in the 20th Congress is not challenged before the Supreme Court or the House of Representatives Electoral Tribunal (HRET), veteran election lawyer Romeo Macalintal said.

Macalintal pointed out that Article VI, Section 7 of the 1987 Constitution clearly intends that a member of the House of Representatives may only serve “three consecutive terms,” regardless of whether the post is as a District or Party-list Representative.

Macalintal emphasized that Garcia’s move needs clarification because it sets a “wrong precedent.”

“The intent of the Constitution is to limit terms in office, but Comelec’s decision could lead to “forever” in power. What will happen now is that someone could serve three terms as a District Representative, then simply shift to a Party-list group to serve another three terms,” Macalintal explained in a radio interview.

Macalintal said that Comelec failed in its duty by not thoroughly investigating the “mass resignation” of Tingog’s nominees.

“They just accepted the resignations without any investigation. They should have looked into the reasons behind them— whether there was political pressure,” Macalintal said.

He explained that while party-lists used to submit only five nominees, Comelec increased the number to ten in the last elections specifically to avoid scenarios involving mass resignations or unqualified nominees.

In the case of Tingog’s resignations, Macalintal stressed that Comelec should have done its job and conducted a proper investigation.

unchallenged after Sen. Alan Peter Cayetano nominated him, was elected chairman of the Committee on Rules, and Majority Leader. Lawyer Renato N. Bantug Jr. was also elected Secretary of the Senate, a position he held in the 19th Congress.

Retired Police Maj. Gen. Mau Ranada Aplasca was elected Sergeant at Arms, after being nominated by dela Rosa. Aplasca replaces retired Gen. Robert Ancan. The Senate also adopted Senate Resolutions 1 and 2, informing HOR it has convened and

Govt to provide ₧1.5-B for AI upskilling in ’26

By Andrea San Juan @andreasanjuan

THE government is setting aside

at least P1.5 billion for the National AI Upskilling Plan for 2026 which aims to prioritize AI learning among high school students in the country, according to the Analytics & Artificial Intelligence Association of the Philippines (AAP).

AAP President Michelle Alarcon told reporters on the sidelines of the AI Conference in Taguig City late last week that the government and the private sector are working on the contents of the plan.

basic usage and understanding of how AI works.

“There are five levels to the National AI Upskilling Plan, and the Level 5 is where it is, AI, it will be taught that is in a way na will get you better at your job,” Alarcon noted, adding that Level 1 is for beginners or laymen to explain how AI works.

Right now, the president of the AI industry group said the private sector is in the process of putting details to the budget as it presents the national AI plan to President Marcos.

the students. So we will prioritize those in high school, not too young. We will also be careful in which particular segment in the youth will we need to educate on AI,” said Alarcon.

Lifeline Rate benefits 4Ps beneficiaries

THE government’s Lifeline Rate has benefited 7,144 household beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) in Antique.

helped them save some money to buy food.

“We could save our money for our food because of the LRP,” she said.

“We are also still processing and will be submitting the applications of the other 4Ps beneficiaries to Anteco [Antique Electric Cooperative] and Akelco [Aklan Electric Cooperative],” said Pantawid Antique Provincial Office Project Development Officer Ashlyn Grace Eucogo in an interview on Monday.

The province has 22,542 active 4Ps household beneficiaries.

Co-created with the AAP, Alarcon said the industry group is mapping the National AI Upskilling Plan to the Philippine Skills Framework which shows the competencies and skills needed for different levels for every job role.

For the National AI Upskilling Plan, she said this is going to adopt a tiered approach depending on the

“The National AI Upskilling Plan is a proposal by the Private Sector Advisory Council [Psac] Education and Jobs Pillar. So it’s already a joint proposal to the President that there has to be not just postgraduate programs on AI or those concentrated only on those who want to build AI systems, but for everyone,” Alarcon said.

“So I was the one who presented to the President. His question was, who will need it first? Who will need to be trained first? Because he wants everyone to be trained. And how do we do it?” said Alarcon.

She told reporters that P1.5 billion will go into this plan at least for 2026.

She said Psac’s Jobs Pillar defined which set of AI learners should be prioritized first, which is the student population in the country.

“Those who need to be prioritized are iyong walang pupuntahan for upskilling, these would be

“So it could be ang tina -target would be high school. So that in preparation for, let’s say their K-12, their STEM tracks or whatever, ready na sila. So iyon muna but the rest of ng sequence natin, we have not figured it out. It also depends on the budget. Because high school palang ang dami na noon ,” she also noted.

Alarcon said, however, that the private sector, which is tasked to determine which ones would benefit from this Plan is still in the process of studying which schools to select first.

She explained that the plan still has yet to determine which group it wishes to prioritize in terms of earmarking the budget for because of the upgrading of versions of artificial intelligence tools but underscored that for now, the government plans to distribute AI knowledge among students.

Eucogo encouraged other 4Ps household beneficiaries, who have not applied for the LRP, to approach Pantawid personnel in their municipalities and submit their Barangay Certification, application forms, and current electricity bill for processing either with the Anteco or the Akelco.

She added that expanding the program, enabling more household beneficiaries, will be of help to the poorest of the poor in Antique.

Jeneme Dubria, whose family is a 4Ps household beneficiary, said that being included in the LRP had

She said that she still has two children in Grades 8 and 10 who are in school and being monitored by the Pantawid workers. Marge Mijares said that she is glad that their household availed of the LRP.

“Instead of paying for our electricity, we can use some money for our other household needs,” she said.

In an earlier interview, Antique Electric Cooperative, under General Manager Neal Peter Veñegas, said the LRP is mandated by Republic Act 11552, or the Electric Power Industry Reform Act of 2001.

He further said that Anteco provides a 7 percent discount to 4Ps households consuming 15 kilowatt hours (kWh) or less per month, while those consuming 16 kWh to 20 kWh get a 5 percent discount.

President Marcos, in his State of the Nation Address on Monday, announced the expansion

Future-Proof Tech Skills You Should Start Learning Now–Before 2030!

By Henry J. Schumacher

WHAT if I told you that some of the most indemand tech skills of the year 2030 aren’t futuristic at all? In fact, you can start learning them today. That’s kind of wild when you think about it—but 2030 is just five years away! The way technology is evolving, it’s moving fast.

We’re entering a world where AI can write code, design workflows, and build MVPs in hours. But what will really set you apart in the years ahead isn’t just knowing how to use tools—it’s understanding how to think with tech. How to reason, design, secure, and scale systems. So today, we’re jumping ahead into the near future and breaking down five tech skills that will thrive in the age of AI:

1. Algorithmic Thinking

LET’S be clear: algorithmic thinking means solving problems like an engineer: step by step, efficiently, and at scale. And it’s becoming crucial, even in nonengineering roles. Take this scenario: you’re building a logistics system for disaster relief. You are designing a system to deliver food, medicine, and supplies across unpredictable terrain. That means:

n Route optimization

n Dynamic inventory allocations

n Real-time response systems

These aren’t just code challenges—they’re algorithmic ones. Algorithms are at the heart of all of it. According to HackerRank, 85 percent of tech hiring managers say problem solving  is more important than knowing any one specific technical skill. Even in roles like product management, understanding trade-offs like latency vs. quality or cost vs. speed becomes key.

2. Cybersecurity Awareness

LET’S face it: as our lives and work move increasingly online, security becomes everyone’s job.

Contrary to what you might think, most breaches don’t come from ultra-sophisticated attacks. They come from:

n Weak passwords n Misconfigured permissions n Forgotten APIs n MFA fatigue (yep, that’s a real thing)

Remember Uber’s 2022 breach? All it took was an employee hitting “yes” too many times on login requests. By 2030, every professional— developer, data scientist, designer—will need to ensure security into their everyday workflows. Cybercrime is expected to cost $10 trillion globally by the end of this year alone, according to Cybersecurity Ventures.

n Even AI itself brings new risks: n Prompt injection n Model leaking n Deepfake impersonation

Understanding these vectors is no longer optional—it’s essential.

3. Data Fluency

BEHIND every tech product, every decision, and every innovation is…data. But data fluency isn’t about knowing SQL or Python. It’s about thinking critically with data:

n Is this dataset biased? n What’s not being measured?

n Is this trend real—or just noise?

Accenture found that 70 percent of executives say a lack of data literacy slows down innovation.

Let’s take Netflix as an example. Sure, they track views. But they also measure:

n Drop-off points n Rewatch rates n Bingo patterns

Even thumbnail effectiveness THEIR real success? It’s not just content—it’s how they understand users through data. Start with a simple

spreadsheet. Track a small metric. Visualize a dataset. Ask: what is this data telling me? By 2030, with real-time analytics everywhere, being data fluent will be like knowing how to build a slide deck today—it’ll be basic.

4. Human-Centered Design

IN a world filled with flashy features, the ones that win are the ones that people can actually use.

Human-centered design is all about empathy: Can the user complete this task easily?

n Is it intuitive?

n Is it accessible?

AI may soon generate interfaces in seconds, but good user experience still relies on human insight.

Design-led companies see 32 percent higher revenue and 56 percent higher shareholder returns.—McKinsey Design Index

Even if you are not a designer, learning the basics of accessibility and usability will transform how you build and make decisions.

5. AI Collaboration

THIS is the big one: knowing how to collaborate with AI.

Not just use it but work with it.

Today, engineers use Copilot. Designers use Midjourney. Researchers use Claude or Gemini. But those who stand out? They go beyond shortcuts. They:

n Understand AI’s limitations

n Validate AI’s outputs

n Build multi-step, multi-agent workflows

Imagine chaining multiple AI tools:

n One extracts the data

n Another writes the copy

n A third generates the visuals

By 2030, 80 percent of digital workflows will involve AI copilots. (Source: Gartner)

The people who thrive won’t just think of AI as a tool—they’ll treat it like a collaborator. Something that needs direction, management, and orchestration.

Final Thoughts: The Future Is Closer Than It Looks FROM algorithmic thinking to AI collaboration, these five skills are already in demand— and they’re only going to

become more essential.

In the next five years, tech will move faster than it ever has. But if you focus on building these above mentioned core capabilities, you won’t just survive the change—

YOU WILL LEAD IT!

Exciting? Essential? Needed to be learnt by you now? YES! I am certainly interested in your reactions. Contact me at hjschumacher59@gmail.com

‘Implementation of MNP Law below expectation’

By Lorenz S. Marasigan @lorenzmarasigan

THE Philippine Competition Commission (PCC) has reported that adoption of the Mobile Number Portability (MNP) Law remains well below expectations more than three years since its rollout, largely due to limited public awareness of the service.

The watchdog said, its impact assessment of the law showed that fewer than 100,000 subscribers—or about 0.10 percent of the

country’s total mobile user base— availed of the free number porting service from its launch in September 2021 through the end of 2024.

“This figure falls short of levels seen in other countries implementing similar programs, the antitrust body said.”

The PCC attributed the low uptake to the lack of public familiarity with the law, with only 5 percent of respondents surveyed aware of the service.

Despite this, the PCC affirmed that the MNP Act remains a mechanism that “expands consumer choice and encourages competitive behavior among mobile service providers.”

The PCC’s competition impact assessment is a policy review tool

designed to examine the pro- and anti-competitive effects of regulations in various industries.

The assessment also recommended a review of Telecommunications Connectivity Inc.’s (TCI) current agreement with its technology partner to address the high cost of maintaining unused capacity in the number porting system.

TCI, which manages the clearinghouse for MNP transactions, acknowledged the awareness gap and said it is preparing efforts to refresh marketing campaigns.

The company also confirmed that discussions are underway to renegotiate its technology contract for better cost efficiency and integration flexibility.

Raw sugar harvest up by 8%

By Bless Aubrey Ogerio

RAW sugar production in the country has climbed to 2.084 million metric tons (MMT) as of July 6, according to data from the Sugar Regulatory Administration (SRA).

The latest output is 8.4 percent more than last year’s 1.922 MMT and exceeds the SRA’s revised forecast of 1.84 MMT for the current crop year, which ends August 31.

It also edged out the agency’s initial projection of 1.7 MMT.

Based on historical figures from the Philippine Statistics Authority, the current volume is the largest since crop year 2020–2021, when production reached 2.14 MMT.

Agriculture officials attributed the increase to the government’s adjustment of the sugar milling calendar, which now begins in October instead of August. They added that the new schedule aligns better with the country’s climate patterns and sugarcane maturity.

However, the sector is facing pressure from a widening infesta -

tion of red-striped soft-scale insects (RSSI), a pest that has spread rapidly in recent months. As of July 17, field infestations linked to RSSI reached 2,988 cases nationwide, of which 2,931 were in Negros Occidental, the country’s main sugar-producing province. In a separate SRA data, as of July 9, about 2,876 hectares in Negros Occidental were affected. This was a sharp increase from just 87 hectares in late May, when the agency first confirmed the outbreak. Around 1,574 farmers in the province have so far been impacted.

In response, the SRA and the Department of Agriculture have rolled out interventions to control the infestation and prevent further spread.

Officials also warned that unchecked outbreaks could undermine this year’s production gains and affect the livelihood of thousands of farmers.

(See:https://businessmirror. com.ph/2025/07/07/raw-sugar-output-rise-continues/)

Group asks govt to address gaps in disaster response

THE Climate Conflict Action (CCA) is urging the government to address the gaps in its disaster response systems which are suffering under the weight of simultaneous, extended emergencies.

“This gap between mounting climate risks and under-resourced response capacities poses an urgent threat not only to lives and livelihoods, but also to community stability,” said the CCA in a press statement.

The CCA underscored the following loopholes in the relief distribution. These are:

n Unequal relief distribution. In urban flood zones like Manila, aid is often limited to

those who make it to evacuation centers, yet countless families trapped at home remain cut off. When deliveries are inconsistent or perceived as unfair, tensions flare between neighbors and even spark localized disputes over scarce resources.

n Evacuation-center flashpoints. Overcrowded shelters, without conflictsensitive management, can become tinderboxes of frustration and rivalry between evacuee groups.

n Climate migration pressures. As rivers swell and rice fields submerge, displaced households move into host communities—straining local services and potentially igniting land-use disputes.

n Infrastructure vulnerabilities. Questions have already surfaced over projects like the MRT-7 extension along Commonwealth Avenue, blamed for worsening urban runoff in Quezon City. While municipal and private partners acted quickly to address those concerns, this episode underscores the need for climate-proof development at every scale.

To avert a spiral of hunger, disease, and social unrest, the CCA urgently called for the implementation of conflict-sensitive disaster response protocols. It added that local governments must embed peacebuilding measures into evacuation-center operations, aid distribution, and rescue missions—ensuring that relief is transparent, equitable, and attuned to local fault lines.

The CCA also called for the establishment of decentralized early-warning and command systems. “National meteorological alerts must be matched by empowered barangay and municipal-level Incident Command Systems, able to mobilize rescue teams and pre-position supplies without waiting for centralized orders,” the CCA said.

The CCA stressed that evidence-based, area-specific flood management must replace the outdated control systems and generic disaster plans with geospatially informed, climate-resilient designs—tailored to the unique topography and runoff patterns of each locality.

According to CCA, there must be a “whole-of-government” approach—uniting the Departments of Environment and Nat -

ural Resources, of Public Works and Highways, and of Interior and Local Government, National Police (PNP), Armed Forces (AFP), and civic partners to avoid duplication, deploy resources efficiently, and maintain uninterrupted lifelines across floodaffected corridors. It commended San Juan City for proactively strengthening its preemptive response capacity—upgrading skills and instruments for tracking weather, strengthening coordination among stakeholders involved in rescue and relief operations, and improving information dissemination. “Yet municipalities alone cannot shoulder this burden. True resilience requires a clear national mandate, sustained funding, and robust oversight from the highest levels of government,” the CCA said.

“It is time for our disaster response to evolve, from purely reactive relief to proactive prevention, from siloed commands to seamless coordination, and from technical fixes to community anchored, conflict aware strategies. The lives, stability, and social cohesion of our most vulnerable communities depend on nothing less,” the CCA said. Rizal Raoul Reyes

Marcos: Take advantage of tech-voc scholarships

PRESIDENT Marcos Jr. is urging Filipinos to take advantage of technical vocational education (tech-voc) scholarships the government has been offering through the Technical Education and Skills Development Authority (Tesda).

“Mga magulang, sulitin na ninyo ang mga pagkakataong ito. Dahil hangad natin na sa lalong madaling panahon, ang bawat isang pamilyang Pilipino ay mayroong anak na nakapagtapos ng kolehiyo o sa Tesda [Parents, grab this opportunity. Our goal is for every family to have a member who graduated from college or Tesda],” Marcos said during his fourth State of the Nation Address (Sona) on Monday. Tech-voc, he said, has been proven effective. Thus, it is gradually being included

in the Senior High School curriculum.

“Ibig sabihin, ang magaaral natin , Senior High School pa lamang, makakapili na siya kung Bookkeeping, Agribusiness, Electrical, o Graphic Design ang kanyang napupusuang larangan [This means our Senior High School students could choose Bookkeeping, Agribusiness, Electrical, Graphic Design, or any field they like],” Marcos said.

Graduates could seek employment right away if they want, because they could also receive national certifications (NC) II or III, just like if they graduated from Tesda, he added.

The Chief Executive said the number of Tesda scholars has been increasing, citing an additional 200,000 in 2024. He noted that the Philippines now ranks

second in the Association of Southeast Asian Nations (Asean) in terms of the number of youths enrolled in college and tech-voc. Marcos said almost P60 billion will be allocated for free education in public colleges, as well as tech-voc. Tesda reported that from January to December 2024, a total of 1,151,595 techvoc graduates applied for assessment, and 1,081,375 of them were certified as skilled workers. It also said there were over 1.2 million graduates of tech-voc courses in 2023, and 872,016 of them received certification as skilled workers. In his Sona last year, Marcos said eight of 10 TVET (technical and vocational education and training) graduates landed decent jobs. PNA

Davao City fish hatchery hikes survival rate of fingerlings

DAVAO CITY–the fish hatchery operated by the city government has allowed the local agriculture office to distribute more fish fingerlings as it avoided the previous high morbidity rate when the city used to rely on transported fingerlings from elsewhere.

Aime Evora, acting head of City Agriculturist Office’s (CAgrO) Fishery Resource Management Service Division, reported that some 300 fisherfolk from upland and coastal barangays across the city have benefited from the city government’s hatchery, which dispersed a total of 190,000 fingerlings during the first half of this year.

She said the city government hatchery produced and released 165,000 “tilapia” and 25,000 “hito” fingerlings between January and June.

Before the hatchery’s operation, the city relied on shipments of fingerlings

from the Bureau of Fisheries and Aquatic Resources “which often experience high mortality due to the stress of long-distance transport,” she said.

She said the fingerlings were taken and transported from the municipality of Nabunturan, Davao de Oro early in the morning to bring them here in Davao City. Then they are delivered to the upland districts “so our fish are already stressed when they arrive in the area, resulting in high mortality.”

To further support fish farmers, Evora said that CAgrO will conduct feed formulation training for fisherfolk in Geographically Isolated and Disadvantaged Areas (GIDA) this August and September. This follows last year’s successful series of tilapia-raising workshops, which introduced best practices in pond management and water quality monitoring, she added. Manuel T. Cayon

NEA to heed President’s directive to resolve power crisis in the province of Siquijor–Almeda

THE National Electrification Administration (NEA) is ready to heed the President’s directive to resolve the power crisis in the province of Siquijor.

NEA Administrator Antonio Mariano Almeda, in response to the President’s SONA, stated that his office remains committed, and is ready for the challenge to deliver the wishes and directive of the President.

T he Chief Executive ordered the NEA, the Department of Energy (DOE) and the Energy Regulatory Commission (ERC) to restore electricity service in Siquijor before the end of the year.

NEA, he added, in coordination with the DOE, is continuing its work to stabilize energy supply in the province and to implement permanent solutions to avoid similar problems in the future.

“I will not ignore what happened in Siquijor. Because of widespread brownouts, the province was even forced to declare a state of calamity. This caused great hardship to the people there—their tourism, businesses, hospitals, and various services were all affected. What did our investigation uncover? Expired permits, broken generators that were clearly neglected, slow response times, and the lack of a system for purchasing fuel and spare parts. We will ensure the establishment of facilities for a long-term solution to their power issues. We will investigate these failures. Power companies must improve their management, and if necessary, issue refunds to affected consumers,” the President said. As of press time, the DOE and ERC have yet to comment. Lenie Lectura

Marcos vows Internet connection for all public schools by year-end

By Lorenz S. Marasigan @lorenzmarasigan

THE government is targeting to provide internet connectivity to all public schools within the year as part of its digital transformation agenda, President Ferdinand Marcos said in his State of the Nation Address (Sona) on Monday.

Mr. Marcos disclosed that the Department of Information and Communications Technology (DICT), in partnership with the

Department of Education (DepEd), is accelerating efforts to bridge the digital divide by ensuring that all public schools are online by year-end.

Currently, more than 12,000 public schools nationwide remain without internet access, many of them are located in geographically isolated and disadvantaged areas (GIDAs).

To address this, the President said the government has begun distributing one million free SIM cards to schools as an interim solution while expanding network infrastructure in remote and underserved areas.

He was referring to the P3-billion

Bayanihan SIM initiative, which aims to provide mobile Internet access to far-flung schools. Each SIM card has 25GB of monthly data for one year.  Included in the contract with all three telcos is the construction of at least 100 telco towers.

“But these are not enough… That is why the DICT and the DepEd are ensuring that before the year ends, there will be Internet connection for all public high schools,” Mr. Marcos said.  Since the pandemic, digital connectivity has become an integral part of the country’s education system, with schools implementing hybrid setups for learners.

Gasoline prices to drop, diesel and kerosene to rise on Tuesday

DIESEL and kerosene prices will go up starting Tuesday, while gasoline prices will be slashed.

In separate advisories, a P0.10 per liter reduction in gasoline and an increase of P0.60 per liter and P0.40 per liter in diesel and kerosene, respectively, will take effect on July 29, 2025.

“The adjustments reflect movement on prices of refined fuel products, freight and market premiums in the international market,” oil firms said Monday. Some of the oil firms announced they will defer the hike in diesel in some areas.

Seaoil, for instance, announced it will hold back the upward adjustment in diesel price this week in typhoon-affected areas such as Regions 1 and 2.

Jetti, meanwhile, will not implement any of the price adjustments in the provinces of Pangasinan, Pampanga, Bataan, Cavite, Rizal, Bulacan, Oriental Mindoro, Negros Occidental, and the National Capital Region.

Petron, the country’s lone oil refiner, said diesel prices remain unchanged in La Union, Ilocos Sur, Pampanga, and portions of Pangasinan.

Cleanfuel will implement a tem -

porary freeze on price adjustments in all of its stations in Manila, Caloocan, Quezon City, Cavite, Rizal, Laguna, and Pampanga.  The same will also take effect in some portions of Malabon, Las Pinas, Marikina, Bulacan, Batangas, Bataan, and Pangasinan.

For Caltex, the price adjustments for July 29 are as follows: diesel will go up by P0.15 per liter, kerosene will increase by P0.20 per liter, gasoline will go down by P0.10 per liter. A price freeze on diesel in some parts of Pampanga and La Union will be implemented, it added.

Other oil firms have yet to an -

nounce their price adjustments as of press time.

Last week, gasoline prices went up P0.40 per liter. Diesel and kerosene also increased by P1.10 per liter and P0.70 per liter. Oil firms adjust pump prices every week to reflect movements in the world oil market.

The Department of EnergyOil Industry Management Bureau (DOE-OIMB) earlier cited the unexpected decline in US crude inventories, and the geopolitical events and uncertainty surrounding US trade policies as reasons for the mixed price adjustments this week.

Eternal Chapels marks 8 years in service

ETERNAL Chapels and Mortuary Services, the chapel and mortuary brand under the Eternal Group, celebrates eight years of dedicated service today, July 29, 2025, marking a journey rooted in legacy, driven by vision, and guided by compassion.

Before the passing of the group’s beloved founder, Ambassador Antonio L. Cabangon Chua in 2016, his son—now Chairman—D.

Edgard A. Cabangon, sought his father’s blessing to take the next bold step for the Eternal Group: to venture into chapels and mortuaries, completing the continuum of memorial care. With this blessing, Eternal Chapels was born—a company founded on vision, anchored in legacy, and deeply committed to elevating the services the Eternal Group offers to Filipino families.

Established on July 29, 2017, at Eternal Gardens in Barangay Bulua, Cagayan de Oro City, Eternal Chapels has grown into a trusted provider of complete mortuary and chapel services across several major cities. From one branch, it has expanded to six, offering first-class facilities that are on par with the best mortuaries in Metro Manila.

A trail of growth across regions

FROM its maiden branch in Bulua, Cagayan de Oro,

Eternal Chapels continued its expansion with the opening of its second branch in 2019 at Eternal Gardens Balatas, Naga City. The following year, it established its third branch in Cabuyao City, Laguna, also within an Eternal Gardens park.

In 2023, the company achieved two major milestones—first, with the opening of its Cabanatuan City branch in August, its first chapel located outside an Eternal Gardens park; and second, with the launch of its grandest and largest chapel to date in Eternal Gardens Balagtas, Batangas City, in October. By 2024, Eternal Chapels returned to its roots in Cagayan de Oro City, opening its sixth branch in the busy Divisoria district along Toribio Chavez Street.

With new branches underway in the cities of Biñan and Calamba in the Province of Laguna, the Eternal Chapels brand continues to strengthen its presence and expand its reach in key locations throughout the country.

“It’s not just about growing in number,” said President Numeriano B. Rodrin. “It is about presence. It is about making sure that in the hardest moments of people’s lives, we are here.”

More than a facility–a comforting presence

EACH Eternal Chapels location is thoughtfully designed to

meet both the physical and emotional needs of grieving families. First-class facilities include fully upgraded mortuary services, elegant viewing chapels, parking

spaces, free Wi-Fi, and 24/7 security. But beyond these amenities, Eternal Chapels is defined by its heart for service.

“We take pride in our facilities, but more than

that, we take pride in our people,” said Rodrin. “It is the compassion of our staff, the respect they show each family, and the care they extend that truly define Eternal Chapels.”

A future anchored in purpose

“ WE have come a long way in eight years,” reflected Chairman D. Edgard A. Cabangon. “But our work is far from done. As we move forward, we carry the same values that my father instilled in us—malasakit, integrity, and excellence. These values continue to inspire us every day, as we serve more families in more places with the same heartfelt commitment.”

He added, “My father, Ambassador Antonio L. Cabangon Chua, remains our greatest inspiration in building and expanding our services. His legacy reminds us that meaningful service starts with compassion—and that is what we strive to live by.”

Chairman Cabangon’s vision is clear—and he has made it clear to his management team: “We will continue to expand and build more chapels in key areas of the country, ensuring that Eternal Chapels becomes a comforting presence wherever it is needed most.” He also expressed his deep appreciation: “To our dedicated employees and to the families who continue to trust us— thank you. You are the reason we remain committed to our mission of serving with dignity, care, and love.”

Eternal Chapels is part of the ALC Group of Companies, founded by the late Amb. Antonio L. Cabangon Chua, and is currently chaired by D. Edgard A. Cabangon.

Lenie Lectura

Majority of SHS graduates still choose college over work–PIDS

By Justine Xyrah Garcia

DESPITE reforms under the K to 12 program meant to prepare youth for employment, the vast majority of Senior High School (SHS) graduates continue to pursue higher education instead of entering the labor market, according to a new study released by the Philippine Institute for Development Studies (PIDS).

Based on eight rounds of the Labor Force Survey (LFS) tracking the first SHS cohort that graduated in April 2018, only 19.6 percent of SHS graduates entered the labor force, while 77.5 percent went on to enroll in higher education.

“This outcome indicates that the labor market is not a popular destination for SHS graduates, consistent with their expressed intensions before graduation,” the study noted.

In contrast, 23.3 percent of Grade 10 completers and 16.4 percent of second-year college students joined the labor force during the same period.

The study, authored by former Aniceto Orbeta Jr. and Maropsil Potestad, found that although SHS graduates earn slightly more than their Grade 10 counterparts, their overall employment outcomes are not significantly better.

Among SHS graduates who entered the workforce, the employment rate stood at 78.3 percent—lower than the 84.5 percent recorded among Grade 10 completers.

SHS graduates also experienced higher underemployment, with 15.5 percent expressing a need for more hours of work compared to 13.4 percent of Grade 10 completers.

The authors noted that part of the reason SHS graduates may not be hired immediately is that employers have adopted a “wait-andsee” approach.

Earlier interviews with firms indicated concerns about graduates’ technical and behavioral readiness, and hesitation stemming from the short work immersion period under the SHS program.

In terms of wages, SHS graduates earned

an average basic daily pay of P322, higher than the P302 received by Grade 10 completers but below the P397 earned by those with two years of college education.

They worked an average of 34.4 hours per week—less than the 35.9 hours reported for Grade 10 completers but more than the 29 hours worked by second-year college students.

When it comes to job types, 68 percent of SHS graduates were employed as wage and salary workers, while 32.7 percent were in self-employment.

Compared to them, Grade 10 completers had a higher rate of self-employment (35.1 percent), while second-year college students had a lower wage employment share but a higher basic pay overall.

SHS graduates were more likely to be employed in the industry sector (19.8 percent) than second-year college completers (10.9 percent), but slightly less than Grade 10 completers (22.7 percent), suggesting that SHS grads were not necessarily absorbed into better-quality jobs despite targeted preparation through work immersion

programs.

“These results suggest the need to recognize and reexamine the employment and entrepreneurial objective of the SHS program, given the expressed and realized propensity of SHS graduates to pursue further education rather than enter the labor market,” the authors said, emphasizing that 7 out of 10 graduates have a “revealed preference” for pursuing further education.

The authors also recommended a review of the work-preparation components—such as the quality of work immersion—and a strengthening of self-employment training, especially since SHS graduates performed better in this aspect than Grade 10 completers but still lagged behind college undergraduates.

“Given the lack of a clear labor market advantage for SHS graduates, it is important to keep employers informed about their capabilities. Sustained engagement with employers through information sharing and demonstrations of SHS graduates’ skills is essential to help define an appropriate niche for them in the labor market,” they added.

Palace appoints Castillo as acting Ombudsman

SPECIAL Prosecutor Mariflor Punzalan Castillo has been designated as the acting Ombudsman following the retirement of Ombudsman Samuel Martires on July 27. Castillo’s was handpicked by President Marcos to temporarily assume as Ombudsman while he awaits the Judicial and Bar Council’s shortlist of nominees for the post. The JBC is expected to submit its shortlist to the President after the public interview of the 17 applicants scheduled on July 30 and 31 and on August 1 and 4. The JBC is a constitutional body mandated to vet and screen nominees to the Judiciary, the Ombudsman and the Deputy Ombudsman. Among those vying for the position are Justice Secretary Jesus Crispin Remulla, Supreme Court Associate Justice Samuel Gaerlan, retired SC Associate Justice Mario Lopez, Sandiganbayan Presiding Justice Geraldine Faith Econg and Sandiganbayan Associate Justice Michael Frederick Musngi.

Other applicants include Court of Appeals (CA) Associate Justice Bautista Corpin Jr., retired CA associate justice and incumbent Philippine Postal Corporation Chairman Stephen Cruz, Municipal Trial Court Judge Jason Rodenas and retired Laoag City Regional Trial Court (RTC) judge Benjamin Turgano, former Bureau of Internal Revenue commissioner Kim Jacinto-Henares, former Commission on Audit chairman and incumbent Philippine Competition Commission Chairman Michael Aguinaldo,

Commission on Human Rights Commissioner Beda Epres, Deputy Executive Secretary Lisa Logan, Department of the Interior and Local Government Undersecretary for External, Legal and Legislative Affairs Romeo Benitez, Philippine Charity Sweepstakes Office (PCSO) Chairman and retired Marikina RTC judge Felix Reyes, PDP Laban secretary-general Melvin Matibag and Jonie Caroche, a member of the Philippine National Police-Integrity Monitoring and Enforcement Group. Joel R. San Juan

MRT-3 to deploy remaining Dalian trains by year’s end

By Lorenz S. Marasigan

T@lorenzmarasigan

HE government will deploy the remaining Dalian train sets on the Metro Rail Transit Line 3 (MRT 3) before the end of the year, President Ferdinand Marcos announced in his State of the Nation Address (Sona).

House elects Sandro Marcos as majority leader, Romualdez unveils new leadership

THE House of Representatives on Monday officially named its new set of leaders for the 20th Congress, electing Ilocos Norte 1st District Rep. Ferdinand Alexander “Sandro” A. Marcos as majority leader.

The unanimous election of Marcos came during the opening of the First Regular Session of the 20th Congress, signaling a renewed focus on legislative priorities and institutional reforms.

One of the youngest lawmakers to assume the powerful position, Marcos is now tasked with leading the House’s legislative agenda, coordinating the supermajority bloc, and pushing forward key reforms aligned with President Ferdinand R. Marcos Jr.’s Bagong Pilipinas vision.

His election was formally declared by Speaker Ferdinand Martin G. Romualdez, following a motion by acting floor leader Iloilo 3rd District Rep. Lorenz Defensor. There is a motion to elect the Hon. Ferdinand Alexander A. Marcos as the Majority Leader of the House of Representatives. There being no objection, the Hon. Ferdinand Alexander A. Marcos is elected as Majority Leader of the House of Representatives,” Romualdez announced.

As majority leader, Marcos will oversee floor deliberations, supervise day-to-day House operations, and expedite the passage of priority measures focused on economic recovery, education, infrastructure development, digital innovation, and social equity.

Quezon 2nd District Rep. David “Jay-jay” Suarez was elected senior deputy speaker, a key leadership post that supports the speaker in presiding over sessions and shaping the chamber’s policy direction. The House also elected as deputy speakers Janette Garin (Iloilo, 1st District), Yasser Alonto Balindong (Lanao del Sur, 2nd District), Paolo Ortega V (La Union, 1st District), Jay Khonghun (Zambales, 1st District), Kristine Singson-Meehan (Ilocos Sur, 2nd District), Ronaldo Puno (Antipolo City, 1st District), Faustino Dy III (Isabela, 6th District), Ferjenel Biron (Iloilo, 4th District), and Raymond Democrito Mendoza (TUCP party list).

To ensure continuity in administrative and security functions, the chamber also reelected Reginald Velasco as secretary general and retained retired Police Maj. Gen. Napoleon Taas as sergeant-at-arms. Jovee Marie N. Dela Cruz

PRC deploys medical teams, ambulances for SONA 2025

By Claudeth Mocon-Ciriaco @claudethmc3

THE Philippine Red Cross (PRC) has fully activated its emergency response operations and mobilized their specialized teams and equipment, for the 4th State of the Nation Address (Sona) of President Ferdinand Marcos Jr. at the House of Representatives in Batasan Hills, Quezon City.

Caloocan, Marikina, Rizal, and the National Headquarters were strategically prepositioned in critical zones.

In addition, seven First Aid Stations and seven Welfare Desks were established to cater to health-related and humanitarian needs.

The P3.8-billion contract with Chinese manufacturer Dalian Locomotive and Rolling Stock Co. was initiated during the Aquino administration to augment MRT 3’s aging fleet.

Although the 48 c oaches were fully delivered in 2016, they were never deployed in regular operations due to technical issues

“Three of the train cars are now in service. The other 45 will be deployed before the end of the year,” Mr. Marcos said in Filipino, underscoring the need to maximize assets procured by the government.

flagged by an independent safety audit.

The audit by German firm TUV Rheinland revealed problems related to the trains’ weight, signaling system, and compatibility with existing maintenance equipment.

In 2018, Dalian agr eed to shoulder all costs to rectify the defects, working with Japanese company Toshiba Infrastructure Systems to implement modifications starting July 2019.

“Sayangangisangdekada,” Mr. Marcos

said, referring to the delay in using the trains purchased in 2014.

The planned full deployment of the Dalian coaches this year is expected to ease congestion and improve service reliability on MRT 3, which ferries hundreds of thousands of passengers daily along Metro Manila’s busiest corridor.

E ach Dalian train set has three cars capable of carrying 1,050 passengers per trip.

Online shopping giants urged to conduct ‘house cleaning,’ implement Internet Transaction Act

ONLINE shopping giants should conduct “house cleaning” to remove prohibited products from their platforms, such as imported lead-containing paints, a toxic watchdog group said.

T he EcoWaste Coalition said that Republic Act No. 11967, or the Internet Transactions Act, being in full effect, should guide online shopping giants in protecting their consumers and the general public from harmful products.

The law aims to regulate e-commerce activities in the Philippines, foster trust between online businesses and consumers, and protect consumer rights. It covers

business-to-business and business-toconsumer transactions where at least one party is located in the Philippines or where the online platform has “minimum contacts” with the country.

The law establishes rules for online merchants, e-marketplaces, and digital platforms, and outlines consumer rights and remedies.

D espite this, the group expressed dismay over what it describes as “unrelenting sale in major e-commerce sites” of imported paints with high levels of lead, a neurotoxic and endocrine disruptor banned in the production of paint, in gross violation of the law.

The importation, distribution, and sale of such leaded paints, particularly spray paints for consumer use, make a mockery of the DENR-issued Chemical Control Order (CCO) banning lead paints, the group pointed out.

T he ban covers all types of paints and similar surface coatings, including those manufactured abroad and sold in the domestic market, with a lead content exceeding 90 parts per million (ppm).

The group purchased assorted spray paints from online sellers at two popular shopping giants for P40 to P105 each and had them screened for lead with the aid of an X-Ray Fluorescence (XRF) analyzer. The products,

mostly made in China and Thailand, were ordered between July 15 to 24.

Of the 23 paints purchased, 14 screened positive for lead content ranging from 850 to 81,700 ppm in defiance to the 90 ppm maximum limit. Among those analyzed to contain lead were three anti-corrosive or anti-rust primers.

N one of these leaded paints were manufactured or distributed by member companies of the Philippine Paint & Coatings Association, Inc., an advocate for the successful industry-wide transition to non-lead paint manufacturing.

Jonathan L. Mayuga

ERC welcomes new commissioners, emphasizes transparent regulation

TWO new commissioners of the Energy Regulatory Commission (ERC) officially assumed their posts on Monday, the agency said.

In a sta tement, the ERC welcomed Attys. Amante A. Liberato and Paris G. Real during the flag ceremony at the ERC multi-purpose hall. Both commissioners laid out their respective visions for transparent, accountable, and inclusive regulation in the Philippine energy sector. Liberato emphasized the urgency of strengthening regulatory systems in response to rising energy demands. “The ERC holds a critical mandate in securing the integrity of our energy sector—a sector that fuels not only our homes and

industries but also our nation’s aspirations for inclusive growth,” he said. He reaffirmed the Commission’s commitment to excellence, integrity, and community service, and stressed that open dialogue, stakeholder collaboration, and evidence-based policymaking are essential in ensuring access to reliable and affordable energy for all.

Commissioner Liberato earned his Bachelor of Laws from Far Eastern University and placed 5th in the 1996 Bar Exams. He is also a Certified Public Accountant (CPA), having passed the Licensure Examination in 1987.

He has held significant leadership roles in government, including Regional Director at the Commission on Audit and,

most recently, Deputy Executive Secretary for Finance and Administration at the Office of the President. Meanwhile, Real described his appointment as a calling to serve the underserved. “We will electrify even the farthest areas of our country,” he said, emphasizing his commitment to expanding energy access to marginalized communities.

Commissioner Real is a litigator, legal educator, and Remedial Law Bar Reviewer, and the founder of Real & Real Law Offices. He earned his Bachelor of Laws from San Beda University College of Law, where he ranked 20th in his class.

Known for his advocacy on consumer

protection, regulatory stability, and adherence to legal principles in energy regulation, he has been an active participant in ERC proceedings long before his appointment.

Liberato already took his oath of office before the Executive Secretary last July 18. He already participated in the commission meeting last July 24, while Real was formally sworn in by San Antonio Barangay Captain Thomas Raymond Lising during the ERC flagraising ceremony last July 28.

Newly-appointed chairperson of the ERC, Atty. Francis Saturnino Juan, will replace concurrent ERC chairperson Monalisa Dimalanta on August 8. Lenie Lectura

PRC Secretary General Dr. Gwen Pang said that their mobilization of include ambulances, first aiders, and welfare units, to provide immediate medical and psychosocial assistance to the public, security personnel, and stakeholders attending or supporting the event.

To further strengthen its response capacity, the PRC Health Services has deployed a fully equipped Emergency Room (ER) Module with a 10-bed capacity, staffed by a dedicated Medical Corps composed of doctors, nurses, and student nurses.

This setup ensures on-site treatment for injuries, heat-related illnesses, or other health concerns, reducing the need for hospital referrals and easing the burden on local medical facilities.

Seven ambulances from PRC Quezon City,

A total of 91 trained personnel— including emergency medical technicians (EMTs), nurses, welfare officers, and Red Cross volunteers—were deployed across key locations: PRC Chapter Base, SB Park Evacuation Area, San Mateo, Diliman, Commission on Human Rights (CHR), Ever Gotesco Mall, Quezon City Memorial Circle (QCMC), and Welcome Rotonda. PRC Chairman and CEO Richard Gordon emphasized the value of preparedness. “Sa bawat malaking pagtitipon, lalo na sa Sona, laging naroon ang Red Cross—hindi lang para magbantay, kundi para tumulong at magligtas ng buhay,” he stated. As the nation focuses on the President’s address, the PRC assured that they remain committed to safeguarding lives, upholding dignity, and ensuring timely assistance in high-profile, large-scale events The PRC also reminds the public that in case of emergency, they may call 143 or contact the nearest PRC chapter for immediate response.

Go assists flood-affected families in Bacoor City, Cavite with relief aid and continued push for disaster resilience measures

SENATOR Christopher “Bong” Go reaffirmed his commitment to disaster response efforts as he dispatched his Malasakit Team on Thursday, July 24, to Bacoor City, Cavite to assist 438 families severely affected by Tropical Storm “Crising.”

With the help of Bacoor City Councilors Levy Tela and Karen Sarino Evaristo, Go’s team distributed food packs, shirts, foldable fans, water basins, basketballs, volleyballs, and pens to residents of flood-hit areas across several barangays, including Mabolo (159 families), Dulong Bayan (81), Sinbanali (63), Poblacion (60), Kaingin Digman (20), Maliksi 1 (51), and Maliksi 2 (4).

“Sa mga nasalanta, huwag ho kayong mag-alala.Sabikongasainyonoon,anggamit ay nabibili, ang pera ay kikitain, subalit‘yung perangkikitainayhindiponabibiliangbuhay.

A lost life is a lost life forever. Pangalagaan at ingatan po natin ang buhay at kalusugan ng bawatisa,”Go said.

The senator, likewise, extended his appreciation to Bacoor City officials, particularly Mayor Strike Revilla and Congresswoman Lani Mercado Revilla, for their active support in facilitating the relief and assisting the victims.

Go reminded the public of the importance of sustained preparedness and responsive local leadership in managing calamities. “Hindiponatinkontroladoangkalikasanpero kontroladonatinangmagigingtugonnatin. Importanteangmaayosatmabilisnaaksyon sa bawat sakuna,”he added.

Aside from extending immediate relief, Go emphasized the need for long-term structural solutions to ensure Filipinos are better protected from the increasing frequency and severity of natural disasters. As an advocate for stronger disaster response systems, Go highlighted several legislative measures he is actively pursuing to address these concerns.

He is the principal author and cosponsor of Republic Act No. 12076, or the Ligtas Pinoy Centers Act, which mandates the establishment of permanent, disasterresilient, and fully equipped evacuation centers in every province, city, and municipality. The law aims to eliminate the dependence on schools and other temporary shelters during emergencies, ensuring that affected families are housed in safer and more dignified facilities.

Go also refiled Senate Bill No. 173, or the proposed Department of Disaster Resilience Act. The bill seeks to establish a dedicated government agency tasked with unifying all disaster-related efforts, from risk reduction to recovery and rehabilitation, under a single authority. In addition, Go is pushing for his filed SBN 415, or the proposed Rental Housing Subsidy Program. The proposed measure if enacted aims to support displaced families by providing them with rental assistance while they transition to permanent housing following disasters.

Editor: Angel R. Calso

Cambodian, Thai leaders hold ceasefire talks in Malaysia as border violence enters fifth day

By Eileen Ng, Jintamas Saksornchai & Sopheng Cheang Associated Press

KUALA LUMPUR, Malaysia

— Ceasefire talks have started between Thai and Cambodian leaders in Malaysia in an urgent effort to resolve deadly border clashes that entered a fifth day despite mounting international calls for peace.

Cambodian Prime Minister Hun Manet and Thai Acting Prime Minister Phumtham Wechayachai gathered Monday for the meeting at the official residence of Malaysian Prime Minister Anwar Ibrahim who is hosting the negotiations as chair of the regional bloc, Association of Southeast Asian Nations.

The fighting flared last Thursday after a land mine explosion along the border wounded five

Thai soldiers. Both sides blamed each other for starting the clashes, that have killed at least 35 people and displaced more than 260,000 people on both sides. Both countries recalled their ambassadors and Thailand shut all border crossings with Cambodia, with an exception for migrant Cambodian workers returning home.

Troops from both sides reported ongoing fighting Mon -

day along border areas. Gunfire could be heard as dawn broke in Samrong in Cambodia’s Oddar Meanchey province, Associated Press reporters covering the conflict said.

Maly Socheata, a Cambodian defense ministry spokesperson, said the Thai assault was “ongoing and strong” on Monday.

Anwar said late Sunday that both sides would present their conditions for peace but “what is important is immediate ceasefire.”

“I hope this can work,” Anwar was quoted as saying by Malaysian national news agency Bernama. “Although it’s not as bad as many other countries, we have to put a stop (to the violence).”

The meeting followed direct pressure from US President Donald Trump, who has warned that the United States may not proceed with trade deals with either country if hostilities continue.

Before departing for Kuala Lumpur, Phumtham told reporters in Bangkok that representatives from China and the US will also attend as observers. He said

the key focus would be on an immediate ceasefire, but noted trust could be an issue as Cambodia has not stopped its strikes.

“We have informed that we don’t have trust in Cambodia. All they have done reflect that they are not sincere in solving this problem. So, they have to show the detail how they will do to prove their sincerity,” he said.

Officials later said that the Chinese and American ambassadors to Malaysia are attending the meeting.

The violence marks a rare instance of open military confrontation between Asean member states, a 10-nation regional bloc that has prided itself on non-aggression, peaceful dialogue and economic cooperation.

In a statement Monday, Asean foreign ministers reiterated concern over the rising death toll, destruction of public properties and displacement of a large number of people along the disputed border areas. They urged the two countries to resolve their disputes through negotiations and

expressed support for efforts to find a middle ground during Monday’s talks.

The conflict also drew the attention of Pope Leo XIV. At the Vatican on Sunday, the pontiff said he was praying for all those affected by war in the world, including “for those affected by the clashes on the border between Thailand and Cambodia, especially the children and displaced families.”

At an evacuation shelter in Cambodia’s Siem Reap province far away from the border, Ron Mao, 56, prays for a ceasefire deal during the leaders’ meeting Monday. She and her family fled their home a kilometer (0.6 mile) away from the front line when fighting broke out Thursday. They took refuge in a shelter but moved again to another camp further away after hearing artillery shelling.

“I don’t want to see this war happen. It’s very difficult and I don’t want to run around like this,” she said, “When I heard our Prime Minister go to negotiate for

peace, I would be very happy if they reached the deal as soon as possible, so that I and my children can return home as soon as possible.” Thai evacuees shared the sentiment. “I BEG the government. I want it to end quickly,” said farmer Nakorn Jomkamsing at an evacuation camp in Surin hosting more than 6,000 people. “I want to live peacefully. I miss my home, my pets, my pigs, dogs and chicken,” the 63-year-old woman said. The 800-kilometer (500-mile) frontier between Thailand and Cambodia has been disputed for decades, but past confrontations have been limited and brief. The latest tensions erupted in May when a Cambodian soldier was killed in a confrontation that created a diplomatic rift and roiled Thailand’s domestic politics. (Jintamas reported from Surin, Thailand, and Sopheng Cheang from Samrong, Cambodia. Associated Press writers Chalida Ekvitthayavechnukul and Grant Peck in Bangkok contributed to this report.)

China rolls out childcare subsidy to boost birth rate

CBy Karoline Kan

HINA announced that it will start handing out childcare subsidies across the nation, in its latest push to boost birthrates after a worrying drop in recent years. The government will spend 3,600 yuan ($502) a year per child under age three, according to the official Xinhua News Agency. The assistance, effective retrospectively from Jan. 1 this year and available regardless of the first-, second- or third-child, is meant as an incentive for young couples wary of rising costs of child-rearing.

The policy is expected to benefit more than 20 million families each year, Xinuha reported. China has previously offered tax breaks and has been working to offer more affordable daycare services, it said. The latest measure follows China’s population shrinking for a third straight year in 2024. New births at 9.54 million last year was only half of the 18.8 million registered in 2016 when China lifted its one-child policy.

Diminishing birthrate is a worry for the world’s second-largest economy, where the working-age population has been declining in a threat to labor supply and produc -

tivity. The country, which lost its title as the most-populous nation to India in 2023, may see its population drop further to 1.3 billion by 2050 and below 800 million by 2100, according to the UN’s demographic modeling.

That outlook stems from the alarming drop in marriage rates. Last year, the country recorded the lowest marriage rate in almost half a century, down 20% from a year before. In a decade, marriages plummeted from 13.47 million couples in 2013 to 6.11 million in 2024.

Chinese are also marrying older, with the average age of first marriage rising from 24.9 in

2010 to 28.7 in 2020. In a country where most births occur within marriages, the declining marriage rate could mean a significant drop in births this year.

The childcare subsidies can be availed online or offline, Xinuha reported, adding that each province will determine the specific disbursement schedule based on local circumstances.

Regional measures

MANY cities have rolled out their own subsidies in recent years, especially aimed at encouraging couples to have more than one child. While there are no national

surveys on families preference for having more children, a 2023 poll in Guangdong province found half of the people surveyed would like to have more than one child, and 6.5% wanted three.

Hohhot, the regional capital of Inner Mongolia, made national headlines in March for its generous subsidies of 50,000 yuan to couples who have a second child and 100,000 yuan for a third or more.

Some cities also provide subsidies for buying homes. Some of these incentives have paid off. In 2023, Tianmen in central China’s Hubei province started to offer couples with second child more than 90,000 yuan subsidy and even more for a third child—cash payments, childcare subsidies, and housing support. With assistance from Josh Xiao/Bloomberg

A10

US and EU reach crucial deal to impose 15% tariffs on bloc’s exports, staving off trade war

By Alberto Nardelli, Suzanne Lynch & Hadriana Lowenkron

THE US and European Union agreed on a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy.

The pact was concluded less than a week before a Friday deadline for President Donald Trump’s higher tariffs to take effect and was quickly praised by several European leaders, including German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni, who called it “sustainable.”

Trump and European Commission President Ursula von der Leyen announced the deal Sunday at his golf club in Turnberry, Scotland, although they didn’t disclose the full details of the pact or release any written materials. The 15% rates will take effect Aug. 1, according to a US official.

“It’s the biggest of all the deals,” Trump said, while von der Leyen added it would bring “stability” and “predictability.”

Futures for the S&P 500 rose 0.4% after the index notched five successive all-time highs last week. Contracts for European stocks gained 1% after the deal and the euro strengthened against the dollar.

“The EU played a bad hand about as well as it could have,” said Stephen Olson, a former US trade negotiator now with the ISEAS-Yusof Ishak Institute. “The EU sees value in

healthy, robust and open North Atlantic trade relations; President Trump does not. That simple dynamic put the EU behind the eight ball throughout the negotiations.”

The deal would leave EU exports facing much higher tariffs than the bloc would charge for imports from the US, with von der Leyen saying the aim is to rebalance a trade surplus with the US. But those kinds of tradeoffs in the agreement angered some European industry groups, with Germany’s main lobby saying it “sends a fatal signal to the closely intertwined economies on both sides of the Atlantic.”

Von der Leyen and Trump also differed on some of the key terms of the deal they announced. The US president said the tariff level would apply to “automobiles and everything else,” but not pharmaceuticals and metals.

The chief of the EU’s executive arm said later at a news conference that the 15% rate would be all inclusive, wouldn’t stack on top of industry-specific tariffs and would cover drugs, chips and cars. Metals duties “will be cut and a quota system will be put in place,” she said.

“We have 15% for pharmaceuticals. Whatever the decision later on is, of the president of the US, how to deal with pharmaceuticals in general globally, that’s on a different sheet of paper,” von der Leyen said, adding that the overall rate “is not to be underestimated but it was the best we could get.”

Senior US officials later said that the two sides agreed on a 15% tariff level for the EU’s pharmaceutical exports. A separate Section 232 probe on pharmaceuticals is still coming over the next three weeks, but the EU tariff level will remain at 15%, the officials added.

The EU agreed to purchase $750 billion in American energy products, invest $600 billion in the US on top of existing expenditures, open up countries’ markets to trade with the US at zero tariffs and purchase “vast amounts” of military equipment, Trump said. Von der Leyen said no decisions have been made on European wine and spirits, but the matter would be sorted out soon.

Key to getting the 15% rate to apply to pharmaceuticals and semiconductors was the bloc’s promise to make US investments, according to people familiar with the matter. Ahead of the meeting, the EU was expecting a 15% charge on its imports to also apply to most pharmaceuticals. The products had been one of the negotiation’s main sticking points.

Without a deal, Bloomberg Economics estimated that the total US average effective tariff rate would rise to nearly 18% on Aug. 1 from 13.5% under current policies. The new deal brings that number down to 16%.

The deal doesn’t cover the EU’s steel and aluminum exports, which will remain subject to 50% tariffs, according to senior US officials.

Aerospace tariffs, meanwhile, will remain at 0% pending the outcome of a Section 232 probe, the officials added.

Officials had discussed terms for a quota system for steel and aluminum imports, which would face a lower import tax below a certain threshold and would be charged the regular 50% rate above it. The EU had also been seeking quotas and a cap on future industry-specific tariffs.

For months, Trump has threatened most of the world with high tariffs with the goal of shrinking US trade deficits. But the prospect of those duties—and Trump’s unpredictable nature—put world capitals on edge. In May, he threatened to impose a 50% duty on nearly all EU goods, adding pressure that accelerated negotiations, before lowering that to 30%.

The transatlantic pact removes a major risk for markets and the global economy—a trade war involving $1.7 trillion worth of cross-border commerce—even though it means European shipments to the US are getting hit with a higher tax at the border.

The goals, Trump said, were more production in the US and wider access for American exporters to the European market. Von der Leyen acknowledged part of the drive behind the talks was a reordering of trade, but cast it as beneficial for both sides.

“The starting point was an imbalance,” von der Leyen said. “We wanted to rebalance the trade we made, and we wanted to do it in a way that trade goes on between the two of us across the Atlantic, because the two biggest economies should have a good trade flow.”

The announcement capped off months of often tense shuttle diplomacy between Brussels and Washington. The two sides appeared close to a deal earlier this month when Trump made his 30% threat.

The EU had prepared to put levies on about €100 billion ($117 billion)—about a third of American exports to the bloc—if a deal wasn’t reached and Trump followed through on his warning. US and European negotiators had been zeroing in on an agreement this past week, and the decision for von der Leyen to meet Trump at his signature golf property brought the standoff to a dramatic conclusion.

The EU for weeks indicated a willingness to accept an unbalanced pact involving a reduced rate of around 15%, while seeking relief from levies on industries critical to

the European economy. The US president has also imposed 25% duties on cars and double that rate on steel and aluminum, as well as copper.

Several exporters in Asia, including Indonesia, the Philippines and Japan, have negotiated reciprocal rates between 15% to 20%, and the EU saw Japan’s deal for 15% on autos as a breakthrough worth seeking as well. Washington’s talks also continue with Switzerland, South Korea and Taiwan.

Trump said he is “looking at deals with three or four other countries” but “for the most part” others with smaller economies or less significant trading relationships with the US would receive letters simply setting tariff rates.

Trump announced a range of tariffs on almost all US trading partners in April, declaring his intent to revive domestic manufacturing, help pay for a massive tax cut and address economic imbalances he has said are detrimental to US workers. He put them on pause a week later when investors panicked.

Trump’s decades-old complaints about the global trading system heap particularly sharp scorn on the EU, which he has accused of being formed to “screw” the US. The bloc was established in the years following World War II in order to establish economic stability on the continent. The president has lashed out at non-tariff barriers for American companies to do business across the 27-nation bloc. Those include the EU’s value-added tax, levies on digital services, and safety and environmental regulations.

Weeks of negotiations tested the EU’s willingness to digest what is seen as an asymmetrical outcome, a senior EU diplomat said, but one that offers an opportunity to continue the talks without escalating further. With assistance from Skylar Woodhouse, Katharina Rosskopf, Kasia Klimasinska, Sam Kim, Jorge Valero, Malcolm Scott, Jenny Leonard, Tommaso Ebhardt, Arne Delfs, Se Young Lee, Richard Bravo, Michael G. Wilson, Katia Dmitrieva and Yasufumi Saito / Bloomberg

EUROPEAN Commission President Ursula von der Leyen meets with US President Donald Trump at Trump Turnberry golf club in Scotland on July 27. (PHOTOGRAPHER: ANDREW HARNIK/GETTY IMAGES)

The World

Oil market sees diverging views: Prices holding near $70, but weakness ahead

By Alex Longley

OIL traders are grappling with a tension—there’s a growing chorus of warnings about the market weakening later this year and into 2026, but for now prices are holding strong near $70 a barrel.

France’s TotalEnergies SE last week warned the market is facing abundant supply as the OPEC+ group unwinds output curbs, even as slowing global growth weighs on demand. Norway’s Equinor ASA said its new Johan Castberg field is operating at full pelt, with a Brazilian offshore asset starting soon, a reminder of additional barrels expected from outside the producer group.

Both the International Energy Agency and the US Energy Information Administration earlier this month bolstered their estimates for the surplus they see next year.

The two widely-followed forecasters expect supply to eclipse demand by the most since the pandemic, with the IEA’s projection at 2 million barrels a day.

A surplus that pushes prices lower will help tame inflation, hurt high-cost producers and likely please US President Donald Trump who has called for lower prices since taking office.

It’s a stark contrast with the here and now, where inventories at key storage hubs remain low, reflected in a bullish market structure that indicates tight supplies. Profits from turning crude into

fuels are also far above seasonal norms, underpinning demand for crude.

“One of the issues that has been supporting oil has been the seasonal strength of the summer months,” Francisco Blanch, head of commodities and derivatives research at Bank of America Corp. said in a Bloomberg TV interview. “Second half of the year the surplus is going to be close to 200 million barrels,” which will ultimately weigh on prices, he added.

While most of the IEA’s revision of next year’s outlook centered on output additions by the Organization of the Petroleum Exporting Countries and its allies, who will meet to discuss output levels in early August, there were also some less obvious drivers. Forecasts for the supply of biofuels, which compete with conventional oil, are about 200,000 barrels a day higher than two months ago in the agency’s estimates.

The US government now sees global oil supplies about 2.1 mil -

lion barrels a day higher in the fourth quarter of this year than the first, the biggest increase it has seen over the period since February. The two bodies’ forecasts constitute an important element in traders’ evaluations of how the market will unfold.

For now, signs of robust demand remain.

Leading oil trader Vitol Group said last week that jet fuel demand has been steadily climb -

ing, with flight numbers reaching all-time highs. US weekly oil-demand figures are the highest this year. That data has been revised higher in final monthly readings for four of the last five periods where complete figures are available.

And while the global trade war offers reason to be concerned about consumption, historically demand estimates have tended to be revised higher too, suggesting

that the currently-expected surplus could narrow.

From 2012 to 2024, the IEA’s demand forecasts have ended up being on average close to 500,000 barrels a day higher than when the estimate was first issued, as more data became available. That excludes 2020, when the global pandemic transformed consumption patterns.

Consumption is still set to hit a record of close to 104 million barrels a day this year, the IEA estimates.

Still, once the summer’s strength wanes, a global surplus is likely to emerge, according to Natasha Kaneva, JPMorgan Chase & Co.’s head of global commodities strategy.

“Supply is increasing,” Kaneva said in a Bloomberg TV interview. “At some point this inventory build will start showing up in visible inventories in OECD countries like the United States. At the moment it’s not priced in.” With assistance from

In a city of skyscrapers and penthouses, Dubai’s low-paid migrants fight for a place to call home

DBy Gabe Levin Associated Press

UBAI , United Arab Emirates — Lights flicker, doors hang off their hinges and holes in the walls expose pipes in the apartment building where Hesham, an Egyptian migrant worker, lives in Dubai, an emirate better known for its flashy skyscrapers and penthouses.

His two-bedroom rental unit is carved up to house nine other men, and what he calls home is a modified closet just big enough for a mattress.

But now the government has ordered the 44-year-old salesman out of even that cramped space, which costs him $270 a month. He’s one of the many low-paid foreign laborers caught up in a widespread crackdown by authorities in Dubai over illegal subletting.

That includes rooms lined with bunk beds that offer no privacy but are as cheap as a few dollars a night, as well as partitioned apartments like Hesham’s, where plywood boards, drywall and plastic shower curtains can turn a flat into a makeshift dormitory for 10 or 20 people.

After a blaze at a high-rise in June, Dubai officials launched the campaign over concerns that partitioned apartments represent a major fire risk. Some of those evicted have been left scrambling to stay off the streets, where begging is illegal. Others fear they could be next, uncertain when or where inspectors might show up.

“Now we don’t know what we’ll do,” said Hesham, who’s staying put until his landlord evicts him. Like others living in Dubai’s cheapest and most crowded spaces, he spoke to The Associated Press on condition only his first name be used for fear of coming into the crosshairs of authorities enforcing the ban on illegal housing.

“We don’t have any other choice,” he said.

Dubai Municipality, which oversees the city-state, declined an AP request for an interview. In a statement, it said authorities have conducted inspections across the emirate to curb fire and safety hazards — an effort it said would “ensure the highest standards of public safety” and lead to “enhanced quality of life” for tenants. It didn’t address where those unable to afford legal housing would live in a city-state that’s synonymous with luxury yet outlaws labor unions and guarantees

no minimum wage.

Dubai boom boosts rents

DUBAI has seen a boom since the pandemic that shows no signs of stopping. Its population of 3.9 million is projected to grow to 5.8 million by 2040 as more people move into the commercial hub from abroad.

Much of Dubai’s real estate market caters to wealthy foreign professionals living there longterm. That leaves few affordable options for the majority of workers — migrants on temporary, low-wage contracts, often earning just several hundred dollars a month. Nearly a fifth of homes in Dubai were worth more than $1 million as of last year, property firm Knight Frank said. Developers are racing to build more highend housing.

That continued growth has meant rising rents across the board. Short-term rentals are expected to cost 18% more by the end of this year compared to 2024, according to online rental company Colife. Most migrant workers the AP spoke to said they make just $300 to $550 a month. In lower-income areas, they said, a partitioned apartment space generally rents for $220 to $270 a month, while a single bunk in an undivided room costs half as much. Both can cost less if shared, or more depending on size and location. At any rate, they are far cheaper than the average onebedroom rental, which real estate firm Engel & Völkers said runs about $1,400 a month.

The United Arab Emirates, like other Gulf Arab nations, relies on low-paid workers from Africa and Asia to build, clean, babysit and drive taxi cabs. Only Emirati nationals, who are outnumbered nearly 9 to 1 by residents from foreign countries, are eligible for

an array of government benefits, including financial assistance for housing.

Large employers, from construction firms and factories to hotels and resorts, are required by law to house workers if they are paid less than $400 a month, much of which they send home to families overseas.

However, many migrants are employed informally, making their living arrangements hard to regulate, said Steffen Hertog, an expert on Gulf labor markets at the London School of Economics and Political Science. The crackdown will push up their housing costs, creating “a lot of stress for people whose life situation is already precarious,” he said.

Hassan, a 24-year-old security guard from Uganda, shares a bed in a partitioned apartment with a friend. So far, the government hasn’t discovered it, but he has reason to be nervous, he said.

“They can tell you to leave without an option, without anywhere to go.”

Fires remain a threat in Dubai DUBAI has targeted overcrowded apartments in the past amid a spate of high-rise fires fueled by flammable siding material. The latest round of inspections came after a blaze in June at a 67-story tower in the Dubai Marina neighborhood, where some apartments had been partitioned.

More than 3,800 residents were forced to evacuate from the building, which had 532 occupied apartments, according to a police report. That means seven people on average lived in each of these units in the tower of one-, twoand three-bedroom flats. Dozens of homes were left uninhabitable.

There were no major injuries in that fire. However, another in 2023 in Dubai’s historic Deira

neighborhood killed at least 16 people and injured another nine in a unit believed to have been partitioned.

Ebony, a 28-year-old odd-job

worker from Ghana, was recently forced to leave a partitioned apartment after the authorities found out about it. She lived in a narrow space with a roommate who slept

above her on a jerry-built plywood loft bed.

“Sometimes to even stand up,” she said, “your head is going to hit the plywood.”

CLOTHES dry on balconies of a residential building in Dubai, United Arab Emirates, Friday, July 4, 2025. (AP PHOTO/ALTAF QADRI)

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COP30 in Brazil: World leaders confront climate crisis amid poverty and deforestation in Belem

By Seth Borenstein AP Science Writer

NEW YORK—When world leaders, diplomats, business leaders, scientists and activists go to Brazil in November for the United Nations’ annual climate negotiations, poverty, deforestation and much of the world’s troubles will be right in their faces—by design.

In past conference cities—including resort areas and playgrounds for the rich such as Bali, Cancun, Paris, Sharm El-Sheikh and Dubai—host nations show off both their amenities and what their communities have done about climate change. But this fall’s conference is in a high-poverty city on the edge of the Amazon to demonstrate what needs to be done, said the diplomat who will run the mega-negotiations in Belem known as COP30, or Conference of Parties.

What better way to tackle a problem than facing it head on, however uncomfortable, COP30 President-designate André Corrêa do Lago, a veteran Brazilian diplomat, said in an interview with The Associated Press at United Nations headquarters.

“We cannot hide the fact that we are in the world with lots of inequalities and where sustainability and fighting climate change is something that has to get closer to people,” do Lago said. That’s what Brazilian President President Luiz Inácio Lula da Silva has in mind, he said.

“When people will go to Belem, you are going to see a developing country and city with considerable infrastructure issues still with, in relative terms, a high percentage of poverty and President Lula thinks it’s very important that we talk about climate thinking of all the forests, thinking of poverty and thinking of progress,” do Lago said. “He wants everybody to see a city that can improve thanks to the results of these debates.”

The rich and powerful—as well

as poorer nations, activists and media—are already feeling a bit of that discomfort even before getting to Belem. Even with two years of notice, Brazil is way behind in having enough hotel rooms and other accommodations for a global conference that has had 90,000 attendees.

The official United Nations COP30 website says Brazil would have an official booking portal by the end of April. But specific plans weren’t announced till last week when Brazil said it arranged for two cruise ships with 6,000 beds to help with lodging, saying the country is ensuring “accommodation for all countries” and starting a system where 98 poorer nations have the option to reserve first.

Skyrocketing lodging costs are a problem, do Lago conceded. Some places have been charging $15,000 a night for one person and activists and others have talked of cutting back. But he said prices “are already going down,” even as local media report otherwise.

Do Lago said it will be a local holiday so residents can rent out their homes, adding “a significant supply of apartments.”

Big year for climate negotiations

THIS is a significant year for climate negotiations. The 2015 Paris climate agreement required countries to come up with their own plans to reduce the emissions

of heat-trapping gases from the burning of coal, oil and natural gas and then to update those plans every five years.

This year nearly every nation—the United States, the No. 2 carbon dioxide emitter and historically biggest polluter, withdrew from the accord earlier this year—has to submit their first plan update. Most of those updates are already late, but the United Nations wants countries to complete them by September when world leaders gather in New York. That would give the United Nations time to calculate how much they would curb future climate change if implemented— before the COP six weeks later.

UN Secretary-General Antonio-Guterres, in an interview with AP, reiterated what officials want in those plans: that they cover each

Former POWs in Russia channel their pain into rebuilding lives in Ukraine

By Hanna Arhirova & Vasilisa Stepanenko Associated Press

KYIV, Ukraine—Since his release from a Russian prison in April, Stanislav Tarnavskyi has been in a hurry to build the life in Ukraine he dreamed about during three years of captivity.

The 25-year-old has proposed to his girlfriend, bought an apartment and adopted a golden retriever. And that was just what he accomplished one week in July.

But as busy as he is rekindling old relationships and creating new ones, Tarnavskyi cannot shake the trauma he and thousands of other Ukrainian soldiers experienced as prisoners of war. The U.N. says many endured beatings, starvation and humiliation at the hands of their captors—experiences that will leave lifelong scars.

Tarnavskyi, who was captured during the battle for Mariupol in April of 2022, regularly has nightmares about the prisons where he was held.

“I see the officers who watched over us. I dream they want to harm me, catch me,” he said. When he wakes up, his heart pounds, anxiety surges—until he realizes he is in the outskirts of Kyiv, where he was forced to move because Russia occupied his hometown of Berdiansk.

As the three-year war drags on, Tarnavskyi is one of more than 5,000 former POWs back in Ukraine rehabilitating with the help of regular counseling. Regardless of any physical injuries that may require attention, psychologists say it is vital to monitor

former POWs for years after their release; the cost of war, they say, echoes for generations.

A marriage proposal IN a photography studio high above Kyiv, Ukraine’s capital, sunlight floods the white walls. After a shoot that lasted several hours Tarnavskyi said the brightness was hurting his eyes, which are still sensitive from years spent in a dark cell.

But his mood couldn’t be dimmed. The girlfriend who waited for his return had just consented to his surprise proposal.

“I love you very much, I am very glad that you waited for me,” Tarnavskyi said, holding a thick bouquet of pink roses and a ring. “You have always been my support, and I hope you will remain so for the rest of my life. Will you marry me?”

Tarnavskyi said it was the thought of Tetiana Baieva—whom he met in 2021—that helped stop him from committing suicide three times during captivity. Still, he finds it hard to talk with Baieva about his time in prison. He doesn’t want to be pitied. Soon after he returned home, he was paranoid, feeling watched—a reaction to constant surveillance in prison. “If you stepped out of line, they’d (Russians) come and beat you. I still get flashbacks when I see (surveillance) cameras. If I see one, I get nervous,” he said. But with each passing week, he is feeling better, progress Tarnavskyi credits to the work he is doing with a psychologist.

Lifelong care is

a

breeze, a color—can trigger traumatic memories for POWs, says Kseniia Voznitsyna, the director of Ukraine’s Lisova Polyana mental health center for veterans on the outskirts of Kyiv.

Yet contrary to stereotypes, ex-POWs aren’t more aggressive. “They tend to isolate themselves, avoid large gatherings, and struggle with trust,” said Voznitsyna.

“They say time heals—five or ten years, maybe—but it doesn’t,” she added. “It just feels less intense.”

A 2014 study in the Journal of Behavioral Medicine found that Israeli ex-POWs and combat veterans tracked over 35 years had higher mortality rates, chronic illnesses and worse self-rated health—conditions partly tied to depression and post-traumatic stress disorder.

The authors of the study said that is why it is crucial to monitor ex-POWs and give them specialized medical and psychological care as they age.

That logic rings true to Denys Zalizko, a 21-year-old former POW who has been back in Ukraine for less than three months but is already sure his recovery will take a long time.

“You can’t fool yourself. Even if you really want to, you will never forget. It will always haunt you,” he said.

An artist to be ZALIZKO survived torture, suicide attempts and relentless beatings during roughly 15 months in Russian captivity.

The first time his mother, Maria Zalizko, saw him after his release, she barely recognized him. He was

thin and appeared “broken”, she said, with torment in his eyes.

Zalizko’s physical appearance is now almost completely different. His skin looks healthy, his muscles are taut and he has lots of energy. But still there is sadness in his eyes.

Two things keep him moving forward and help clear his mind: music and exercise.

“Pauses and stillness bring anxiety,” says Zalizko.

Like Tarnavskyi, he is receiving mandatory counseling at the Lisova Polyana mental health center. And like many former POWs, he still battles hypervigilance— listening for threats, scanning his surroundings. At night, sleep comes in fragments, and that was true even before a recent uptick in nightly drone attacks by the Russian army.

For the families of POWs, the reintegration process is also a struggle.

A psychologist advised Maria Zalizko to give her son space, to avoid calling him too often. But it is Denys who often calls her, sometimes singing over the phone—a skill she taught him as a child.

“I love music. Music unites,” he said, touching the tattoo of a treble clef behind his ear—inked after his return. Even in captivity, he sang quietly to himself, composing songs in his mind about love, home and war. Now he dreams of turning that passion into a career as an artist.

“I’ve become stronger now,” Zalizko said. “I’m not afraid of death, not afraid of losing an arm or a leg, not afraid of dying instantly. I fear nothing anymore.”

nation’s entire economy, that they include all greenhouse gases and that they are in line with efforts to limit long-term human-caused warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) since pre-industrial times. That target is the Paris agreement goal. And it’s tough since the world is only a couple of tenths of a degree away and last year even temporarily shot past the 1.5-degree mark.

Do Lago said he expects the countries’ plans will fall short of keeping warming below the 1.5-degree mark, so tackling that gap will be a crucial element of negotiations.

Some big things aren’t on agenda, like $1.3 trillion for poorer nations

Some of the negotiations’ most important work won’t be on the formal agenda, including these

plans, do Lago said. Another is a road map to provide $1.3 trillion in financial help to poorer nations in dealing with climate change. And finally, he said, Brazil “wants very much to talk about nature, about forests.”

The nearby Amazon has been an important part of Earth’s natural system to suck large amounts of carbon dioxide out of the atmosphere, but deforestation is a major threat to that. At times, parts of the Amazon have gone from reducing carbon dioxide in the air to increasing it, a 2021 study found.

On Wednesday, the United Nation’s top court ruled that a clean and healthy environment is a basic human right, a decision that may bolster efforts to come up with stronger action at the November climate conference, some activists said.

“Failure of a state to take appropriate action to protect the climate system ... may constitute an internationally wrongful act,” court President Yuji Iwasawa said during the hearing. Do Lago said the challenge for countries is to think of these emission-reduction plans not as a sacrifice but as a moment to change and grow.

“One of the objectives of this COP is that we hope we will be remembered as a COP of solutions, a COP in which people realized that this agenda is creating more opportunities and challenges,” do Lago said.

As Trump shows off his golf courses for Britain’s leader, Gaza crisis looms

By Will Weissert Associated Press

DINBURGH, Scotland—

EPresident Donald Trump once suggested his golf course in Scotland “furthers” the US-U.K. relationship. Now he’s getting the chance to prove it.

British Prime Minister Keir Starmer is meeting Monday with Trump at a golf property owned by the president’s family near Turnberry in southwestern Scotland— then later traveling to Abderdeen, on the country’s northeast coast, where there’s another Trump golf course and a third is opening soon.

During his first term in 2019, Trump posted of his Turnberry property, “Very proud of perhaps the greatest golf course anywhere in the world. Also, furthers U.K. relationship!” Starmer is not a golfer, but toggling between Trump’s Scottish courses shows the outsized influence the president puts on properties bearing his name—and on golf’s ability to shape geopolitics.

However, even as Trump may want to focus on showing off his golf properties, Starmer will try to center the conversation on more urgent global matters. He plans to urge Trump to press Israel to allow more aid into Gaza and attempt to end what Downing St. called “the unspeakable suffering and starvation” in the territory, while pushing for a ceasefire in Israel’s war with Hamas.

Britain, along with France and Germany, has criticized Israel for “withholding essential humanitarian assistance” as hunger spread in Gaza. Over the weekend, Starmer said Britain will take part in efforts led by Jordan to airdrop aid after Israel temporarily eased restrictions.

But British Business Secretary Jonathan Reynolds acknowledged Monday that only the US has “the

leverage” to make a real difference in the conflict.

Still, asked about the crisis in Gaza on Sunday night, Trump was largely dismissive—focused more on how he’s not personally gotten credit for previous attempts to provide food aid.

“It’s terrible. You really at least want to have somebody say, ‘Thank you,’” Trump said.

The president added, “It makes you feel a little bad when you do that” without what he considered proper acknowledgement.

Starmer is under pressure from his Labour Party lawmakers to follow France in recognizing a Palestinian state, a move both Israel and the US have condemned. The British leader says the U.K. supports statehood for the Palestinians but that it must be “part of a wider plan” for a two-state solution to the Israel-Palestinian conflict.

Also on Monday’s agenda, according to Starmer’s office, are efforts to promote a possible peace deal to end fighting in Russia’s war with Ukraine—particularly efforts at forcing Russian President Vladimir Putin to the negotiating table in the next 50 days.

Trump in the past sharply criticized Ukrainian President Volodymyr Zelenskyy for also failing to express enough public gratitude toward US support for his country, taking a similar tack he’s now adopting when it comes to aid for Gaza. The president, though, has shifted away from that tone and more sharply criticized Putin and Russia in recent weeks.

On Tuesday, Trump will be at the site of his new course near Aberdeen for an official ribboncutting. It opens to the public on Aug. 13 and tee times are already for sale—with the course betting that a presidential visit can help boost sales.

A BOAT goes down a tributary of the Tucunduba River in Belem, Brazil, Sept. 23, 2024. (AP PHOTO/PAULO SANTOS)

the same struggles: bearing the brunt of rising prices, even as the government says inflation is on a downward trend.

That’s why, in the President’s speech, they were hoping to finally hear concrete plans to bring prices down.

Inflation movement

JUNE inflation rose slightly to 1.4 percent from 1.3 percent in May, bringing the year-to-date average to 1.8 percent, latest Philippine Statistics Authority (PSA) data showed.

Price growth will remain tempered for the rest of the year, aided by easing rice prices, said the agency.

But for Johnny Gavaine, a street food vendor for over 30 years, nothing has changed— no matter how many presidents have come and gone.

“The first president I remember was [Fidel] Ramos…It’s still the same,” he said. “The Philippines is still struggling. Of course, if they’re the ones in power, they’re the ones who benefit.”

And even after decades of hearing promises from every administration, Gavaine said he’s still hoping that this time, Marcos will do something different.

“First and foremost, food—and that promise about cheap rice, I hope it happens. I just want him to help the poor first. The rich are already rich,” he added.

Sales on Sona day ACCORDING to several vendors, foot traffic along Commonwealth Avenue remained steady in the hours leading up to Marcos Jr.’s Sona, but vendors noted thinner crowds and tighter competition compared to previous years.

Gilbert, 50, who sells cigarettes and snacks near St. Peter Church in Quezon City, said most of his modest earnings came from uniformed personnel stationed in the area and passing commuters. “Prices are still steep on the ground,” he said in Filipino.

Further down the avenue, Rey, a corn cheese vendor near Ever Gotesco, said the influx of vendors selling similar items dampened prospects for higher sales. He estimated that at least 10 others were also offering corn snacks. “There’s no certainty we’ll sell well today,” Rey said in Filipino. “Unlike the past Sona, there’s more competition now.” The corn vendor added that his prices vary depending on wholesale supply costs. “I only earn just enough. But if wholesale prices drop, we lower our prices too,” he said.

In an earlier report, the DA indicated that recent storms caused P83.44 million in production losses for corn. This affected 2,209 hectares and wiped out 3,180 metric tons, or about 0.04 percent of this year’s 8.46 million metric tons output target.

At another stall, a carinderia owner, who did not mention his name, said the Sona crowd helped push up sales. He, however, said that high input costs continue to strain operations.

“We’re selling more, yes, but even without Sona, we manage to sell. Today, it just so happens we sold out,” he explained. “Prices vary, but they’re still high.”

Meanwhile, 62-year-old Salvador Oxales, who delivers bread by bike around Batasan, said Sona day made little difference to his usual sales.

“People from the Sona don’t really buy from me. I bike around to the houses of my usual customers,” he explained.

Plea for stability, protection AND though Salvador didn’t suffer many losses, he still hopes to hear something honest—without spin—from President Marcos’ fourth Sona.

“The first thing he promised was cheap goods…That didn’t happen. He said there would be P20 rice, but only a few people got it…I hope he will just be honest to everyone that there’s really no hope so people will stop clinging onto nothing, ” he said.

Other vendors echoed the same concerns. Bert, a takatak vendor, said: “I hope rice prices go down—everything, actually.”

For Rey, who sells corn near the roadside, “Prices are what’s making things harder. That’s all we’re asking—bring prices down.”

Beyond calls for lower prices, ambulant vendors are also hoping President Marcos will finally address the lack of protection and stability for those who sell goods on the streets.

Wanted: Clear vending rules

SALVADOR said he hopes the 20th Congress will finally pass a law that safeguards the rights of street vendors—many of whom continue to face harassment despite holding city permits.

“It’s getting harder for us to sell. Everything is forbidden. Everything. The Market Development and Administration Department [of Quezon City] is worse than crocodiles,” he said.

Similar frustrations were shared by 36-year-old Michael Caballes, a vendor for 15 years. Since 2023, he said, they’ve been treated like animals to be driven away.

“We stay on the sidewalk, even with a permit, but they still force us to leave…We’re chased away from everywhere—even though what we’re doing is honest work,” he said.

Asked what he hopes to hear from the government, Caballes said clearer policies on where they are allowed to sell would help. If selling on sidewalks remains prohibited, he said, then setting up designated vending spaces could provide a more sustainable solution for ambulant sellers like him. Justine Xyrah Garcia and Bless Aubrey Ogerio

of the pressing challenges confronting the country.

“The President’s message was clear: make the government work better for the people. As Speaker, I am committed to making sure the budget reflects that—every centavo must go where it’s needed most,” Romualdez said.

Romualdez assured the public that the House will treat the proposed 2026 national budget with both urgency and seriousness, conscious

Bessent’s Treasury issuance strategy under scrutiny amid rising deficits

By Christopher Anstey

SINCE Scott Bessent took the Treasury’s helm in January, bond dealers have done a 180 on the key question about his issuance strategy in the $29 trillion market for US Treasuries.

At the start, the focus was how quickly he might ramp up sales of longer-term securities. That’s after Bessent and other Republicans accused former Treasury Secretary Janet Yellen for artificially holding down sales of that kind of debt, and said it was an attempt to keep borrowing costs low before the election.

Bessent quickly adopted the Yellen debt-management plan, however, and has repeatedly made clear he isn’t about to boost issuance of notes and bonds because their yields are too high. Now the debate is about the limits of Treasury’s bias to sell bills, which mature in up to a year. Dealers will be looking for clues in the Treasury Department’s next formal update of debt-sales plans, due Wednesday.

“The commentary we’ve heard recently suggested that there isn’t necessarily an urgency right now to start increasing long-end issuance, and that they can meet near-term needs with increased bill issuance,” Phoebe White, head of US inflation strategy at JPMorgan Chase & Co., said in a phone interview.

For now, there’s “a backdrop where we have seen a lot of demand for bills,” including from the growth of money market funds, she said. But there are downsides to the Treasury relying more on bills, including higher volatility in interest payments as it rolls over maturing ones.

President Donald Trump and his team say borrowing needs will shrink as growth picks up thanks to tax cuts enacted this month, as well as moves to scrap regulations and revive manufacturing. Plus there’s rising revenue from tariffs. All of that in theory argues against boosting sales of long-term securities and locking in relatively high interest costs.

Continued from A16

as ‘low-carbon technologies’, diverting attention from real solutions: people-centered renewable energy systems,” Nazareth Del Pilar, Just Transitions Advocac y Officer at NGO Forum on ADB, said.

“The ongoing Energy Policy

“No delay, no drama. The House will do its job with focus and compassion. Because at the end of the day, that budget isn’t about institutions. It’s about lives,” Romualdez said.

He emphasized the House’s readiness to implement longoverdue structural reforms in the budget process, focused on enhancing accountability, removing inefficiencies, and ensuring public funds directly benefit families.

“This is not just about

numbers; it’s about making sure families feel the impact of every peso we allocate,” he added.

Romualdez also echoed growing demands for transparency in the bicameral conference committee tasked with reconciling House and Senate versions of the budget.

“No backroom haggling. The people have every right to know how their money is being spent. If we want trust, we have to earn it, starting with an open bicam,” the Speaker said.

The Treasury’s latest gauge of how much it expects to borrow is due Monday afternoon. It’s expected to almost double its previous estimate — mainly to account for a surge of bill sales needed to replenish the department’s cash stockpile after Congress raised the debt limit earlier this month. Debt managers had to run down their cash balance while operating under the ceiling. Dealers expect a figure of $1 trillion or more for the July-September quarter.

For next week’s so-called quarterly refunding auctions, which include 3-, 10- and 30-year maturities, Wall Street expects no change from the past several quarters. That would leave the sales totaling $125 billion, made up of the following:

n $58 billion of 3-year notes on August 5

n $42 billion of 10-year notes on August 6

n $25 billion of 30-year bonds on August 7

Forecasters predict outsize fiscal deficits for years to come, which would steadily increase the Treasury’s need to issue debt. To prevent an over-reliance on bills, that means increasing sales of notes and bonds at some point.

Dealers will be closely watching in Wednesday’s statement for any tweak to the guidance that officials have had since January last year, that they plan to keep the size of those sales unchanged “for at least the next several quarters.”

If officials see the potential need to boost note and bond auctions starting in February 2026, they might remove the “at least” wording from their guidance, White and her JPMorgan colleagues wrote in a recent note.

But some dealers are betting on

Review raises serious concerns,” she added, citing the lifting of the ban on nuclear investments and support for co-firing technologies under coal retirement schemes, which she said “signal a dangerous move that derails its climate commitments and deepens complicity with major climate polluters.”

ADB said it aims to provide

In line with the President’s development agenda, the Speaker pledged to prioritize funding for agriculture, healthcare, and employment— especially programs that benefit marginalized communities.

“We need to put food on the table, ensure no family is crushed by hospital bills, and create jobs that restore dignity and hope. These are not abstract goals; they are urgent, real, and long overdue,” he said.

“We will legislate with

a later date. Bank of America Corp. this month scrapped its prediction that February 2026 would see the start of bigger note and bond auctions, now expecting the Treasury to hold off until 2027. Citigroup Inc.’s forecast is May 2026, with risk of a delay until later next year.

The refunding announcement also may feature guidance on how much Bessent is prepared to allow bills outstanding to grow as a share of total US debt.

If the Treasury continued to refrain from increasing note and bond issuance, the bill share would climb to 27% by 2028 — exceeding its peak in 2020, when sales were ramped up to pay for Covid relief — and to 41% by 2033, according to Citigroup Inc. strategists Alejandra Vazquez Plata and Jason Williams. They don’t expect things to go that far, predicting the Treasury will likely have a “soft cap” of around 25%.

The Treasury Borrowing Advisory Committee, a panel of dealers, investors and other market participants, recommends the ratio should average around 20% over time, with 15% as a “lower bound.”

One thing to keep an eye on Wednesday is any “charge” from the Treasury to the TBAC asking the panel to offer thoughts on broader trends in demand for Treasuries. JPMorgan’s White said she’s on the lookout for “anything that would indicate that they’re willing to let the weighted average maturity of the debt move shorter.”

$100 billion in climate financing from its own resources from 2019 to 2030. (See: https://businessmirror.com.ph/2024/02/01/adbspends10b-for-climate-financing/)

In 2022, ADB committed $6.7 billion of climate finance from its own resources, including $4 billion for mitigation and $2.7 billion for adaptation.

In 2023, the ADB committed

purpose. Not for headlines, but for households. Not for applause, but for impact.

That’s what this moment calls for, and that’s what the people deserve,” Romualdez added.

Under the Constitution, the President “shall submit to the Congress within 30 days from the opening of every regular session, as the basis of the general appropriations bill (GAB), a budget of expenditures and sources of financing, including receipts from existing and proposed revenue measures.”

Buyback program

BESSENT has repeatedly pointed to stablecoins as a new source of demand for bills, as new legislation mandates them to hold T-bills or other safe assets in reserve. The Federal Reserve, which has debated whether to skew its purchases toward bills, may be another one.  Dealers will also be on watch for any news on the Treasury’s program of buying back outstanding securities.

The department in April said it was looking at “enhancements” to that initiative, launched last year. Bessent drew attention to the program after a surge in Treasury market volatility triggered by concerns over Trump’s tariff hikes. Barclays Plc strategists predict the Treasury will announce an increase in buybacks on Wednesday. Currently, buybacks are conducted to improve liquidity and aid the Treasury in its cash management. But Bloomberg Intelligence strategists Ira Jersey and Will Hoffman see the potential for a broader objective.

The duo point out that Bessent has targeted 10-year yields — a benchmark for borrowing rates such as mortgages — and could deploy buybacks as a way to pressure them lower by cutting the average maturity of US debt.

“If the Trump administration believes long-term rates will fall with reduced supply of longerterm debt, this would be one way of testing that hypothesis,” they wrote. (With assistance from Alex Newman and Alexandra Harris / Bloomberg)

$9.8 billion in climate finance from its own resources last year, broken down into: $5.5 billion for mitigation and $4.3 billion for adaptation.

This represented an increase of about 46 percent from its 2022 climate financing commitments. This brings up to $10.4 billion ADB’s cumulative adaptation financing from 2019 to 2023.

Also, the Constitution includes specific provisions to ensure the proper and effective exercise of the power of the purse while guarding against its misuse. Article VI, Section 25 (1) provides that “Congress may not increase the appropriations recommended by the President for the operation of the Government as specified in the budget. The form, content, and manner of preparation of the budget shall be prescribed by law.”

Philippine healthcare: Families drowning in out-of-pocket expenses

THE latest data from the Philippine Statistics Authority (PSA) paints a troubling picture of the state of healthcare financing in the country. With out-of-pocket (OOP) payments surpassing P615 billion in 2024—a staggering growth of 11.8 percent from the previous year—it’s clear that many Filipinos are shouldering an unsustainable burden. This financial strain is compounded by a healthcare system that appears increasingly broken, leaving citizens to fend for themselves rather than relying on government support. (Read the BusinessMirror story: “Pinoys’ out-of-pocket spend for health up by 11.8%—PSA,” July 25, 2025).

The PSA’s report reveals that OOP payments accounted for 42.7 percent of the country’s current health expenditure, just shy of the 44.7 percent contributed by government schemes and compulsory contributory health financing. This unsettling statistic underscores a critical flaw: while government schemes are growing at a commendable rate of 29.5 percent, they still cannot keep pace with the rising costs that families must cover themselves. As healthcare becomes more expensive, the financial implications for ordinary families grow dire, forcing them into deeper debt.

Despite the government’s apparent investment in health financing— total health expenditure reached P1.56 trillion in 2024, up 17.1 percent from the previous year—too much of this burden is falling on individual households. The reality is that OOP payments are not just a minor inconvenience; they are a significant barrier to accessing necessary medical care. When families must choose between paying for healthcare and meeting other essential needs, the consequences can be devastating.

The inequitable distribution of healthcare financing mechanisms exacerbates the crisis. While government-funded schemes are beneficial, they often favor those who are already financially stable. For lower-income families, the heavy reliance on OOP payments creates a vicious cycle of poverty and ill health. Access to quality healthcare should not be contingent upon one’s financial capacity, yet that is the reality for millions of Filipinos.

The World Health Organization defines OOP payments as any formal or informal costs incurred at the point of service. This definition highlights the urgent need for more comprehensive and inclusive healthcare financing solutions that reduce the reliance on out-of-pocket costs.

Experts like Eduardo P. Banzon of the Asian Development Bank have pointed to various financing strategies that could alleviate the burden of OOP payments. These include leveraging sin taxes on tobacco and sugary beverages, as well as capitalizing on government revenues from gaming and charity organizations.

However, the implementation of these financing opportunities requires political will and commitment. The current trajectory of healthcare spending is unsustainable, and without systemic reforms, the situation will only worsen.

The rising trend of out-of-pocket healthcare payments in the country reflects a profound societal issue that demands immediate attention. As healthcare financing continues to shift the burden onto families, the promise of equitable access to health services remains unfulfilled. It would do well for the government to act decisively to address the current crisis and create a sustainable, inclusive healthcare future; otherwise, the health of the nation—and the well-being of millions of Filipinos—will continue to suffer.

Opinion

China’s Asean invasion

TJohn Mangun

OUTSIDE THE BOX

HE Philippines is caught in the middle of a full-scale Chinese invasion—not with warships or missiles, but with microwaves, mascaras, and mobile apps. This is not a military campaign; it is a mercantile offensive. Chinese consumer brands are flooding Southeast Asia’s living rooms and kitchens like balikbayans hauling boxes of gifts, and the old guard cannot keep up.

In home appliances, names like Haier, Midea (the quiet giant behind most of America’s microwaves), and Gree are not just selling; they are devouring market share. In Thailand alone, Haier’s AI washing machines are projected to push 2025 sales to 14 billion baht—up 28 percent over the previous year. Across Southeast Asia, Chinese brands’ market share jumped from 3.6 percent in 2015 to 8.6 percent in 2024. Vacuum cleaners alone surged from 1.3 percent to 22.9 percent. These are not exaggerations; they are hard numbers—unlike local companies’ endless excuses.

And where did the Japanese brands go? Philippine consumers probably noticed when KDK, the Japanese fan staple, started looking pricier or harder to find. That void is no longer being filled by nostalgia but by cost-efficient, digitally nimble alternatives.

Japanese air-conditioning firms lost seven percentage points in market share while Chinese rivals climbed from 9 percent to 25 percent by 2024. Meanwhile, Midea, already a giant in China, quietly overtook Whirlpool and other Western labels —microwaves sold everywhere are now Midea’s OEM grafts.

Chinese exports to Asean reached US$322 billion in the first half of 2025—and read this slowly— more than exports to either the European Union or the United States. Imports from Asean crept up only marginally by about 1 percent. That is not a trade imbalance; that is China tightening a stranglehold on Asean’s consumer markets.

Cosmetics tell a similar story. Chinese skincare brands in Southeast Asia grew at an astonishing compound annual rate of 115 percent from 2019 to 2024. In Indonesia, Chinese color cosmetics ballooned from 2 percent to 15 percent market share. Brands such as Focallure operate not one but multiple TikTok accounts in each country— they understand algorithms as if they invented them.

This is not merely hype. Chinese cosmetics exports alone to Southeast Asia hit nearly $490 million in 2023, up 38 percent from the previous year.

In the Philippines, value-conscious Gen Z shoppers are snapping up mascaras under P200 and cushion foundations with packaging they

proudly post on Instagram—a seamless fusion of viral marketing savvy and razor-sharp pricing. Still, not every Chinese brand finds smooth sailing. Food remains a sticking point. Scandals over tainted milk and contaminated spices have left scars, and analysts note food requires deeper localization and trust. It is one thing to ship electronics; it is quite another to sell canned meat to cautious local palates. ‘Maling Luncheon Meat’ once ruled the Philippine market. Not anymore. Chinese exports to Asean reached $322 billion in the first half of 2025 —and read this slowly—more than exports to either the European Union or the United States. Imports from Asean crept up only marginally by about 1 percent. That is not a trade imbalance; that is China tightening a stranglehold on Asean’s consumer markets. From Manila’s vantage point, this is a double-edged sword. Filipino companies are under crushing pressure in appliances, cosmetics, electronics, and even foodservice. While not originally Chinese, Aice Ice Cream today operates as a Chinese-controlled, Singaporeincorporated brand and has musSee “Mangun,” A15

European stock futures climb after EU clinches US trade deal

By Allegra Catelli, Sagarika Jaisinghani & Gary Parkinson

EUROPEAN stock futures rallied after the US and European Union agreed to a trade deal.

The pact, which will see the bloc face 15 percent tariffs on most of its exports including autos, was announced Sunday by President Donald Trump after a meeting with European Commission President Ursula von der Leyen. The European leader said the rate would be all inclusive, though Trump said it did not include pharmaceuticals and metals.

Futures on the Euro Stoxx 50 rose 1 percent as of 5:30 a.m. Monday in Paris, while contracts on Germany’s Dax also climbed about 1 percent. The euro gained 0.1 percent to $1.1752, after advancing 1 percent last week.

John Plassard, head of investment strategy at Cité Gestion, said the deal is “good enough to unlock what equity markets needed most: visibility.”

“Tariff escalation risk is now off the table, and with that, a major macro overhang disappears. For investors, that’s not just a sigh of relief, it’s a green light,” he said.

Sectors most exposed to trade, including autos and consumer products, had outperformed Friday as investors were optimistic that an agreement would be reached before the Aug. 1 tariff deadline.

European stocks have been rangebound since May due to jitters around the outlook for global trade. The benchmark Stoxx 600 is now 2.3 percent below its March record high.

A UBS basket of stocks sensitive to tariffs has underperformed this year, suggesting there’s room for the group to catch up to the broader regional benchmark.

“I do think there will be a relief rally as soon as the details are finalized, and this is a much needed shot in the arm for European stocks as earnings season is in full swing,” said Geoff Yu, a macro strategist for EMEA at BNY Mellon.

Focus will be on carmakers, such as Stellantis NV, Volkswagen AG, Mercedes-Benz Group AG and BMW AG, as well as auto parts suppliers like Valeo SE, Forvia SE and Pirelli & C SpA. A gauge for the sector is flat on the year, missing out on Europe’s broader rally.

Investors will also be watching luxury goods makers including LVMH, Kering SA and Salvatore Ferragamo SpA, given North America is a significant market for the luxury sector. Drinks makers including Diageo

Plc, Remy Cointreau and Pernod Ricard will be in focus, as well as shipping stocks such as A.P. MollerMaersk A/S and Hapag-Lloyd AG, given freight’s sensitivity to tariffs.

Still, some investors warned that the rally could be short-lived until more details of the trade agreement are announced.

“There’s a chance you see markets pick up in the morning and probably sell off again,” said Neil Birrell, chief investment officer at Premier Miton Investors. “The devil will be in the detail, and it won’t all be good for Europe and it won’t all be good for the US.”

Here’s what other market participants are saying: Kallum Pickering, chief economist at Peel Hunt

“People want to bet that the US will strike a series of deals. They’re not necessarily good deals, but uncertainty is worse. After we move up a little tomorrow in Europe, markets’ attention will turn to Canada and Mexico. Any positive sign that they can strike deals like today’s will be good enough for risk on.”

Joachim Klement, strategist at Panmure Liberum

“Stock markets will likely rally on this news, but this can only be a sugar high. The fact is that Americans will pay higher tariffs from US imports and face an inflation surge and lower growth in the second half. The EU also faces higher tariffs than

the UK, which gives UK exporters an advantage over their European competitors.”

Michael Brown, senior research strategist at Pepperstone

“Stocks hardly need much of an excuse to rally right now, and the agreement not only removes a key left tail risk that the market had been concerned about, but also yet again reiterates that the direction of travel remains away from punchy rhetoric, and towards trade deals done. Rumours that the US-China trade truce will be extended for a further 90 days will also help on this front.”

“From a sectoral perspective, European automakers are one of the big winners here, with the 15 percent tariff also applying to auto imports into the States, a similar carve out to that achieved by Japan. Other obvious winners include US defense names given the EU’s purchase commitments on that front, as well as US energy stocks, bearing in mind the almost $1 trillion of spend coming their way.”

Mahmood Pradhan, global head of macro at Amundi Asset Management

“We’ll probably get some sort of short-term relief rally in the morning, including more short covering. But given where we were pre-Liberation Day, this isn’t good news for Europe. Longer-term, it will keep growth subdued in Europe.” With assistance from Michael G. Wilson and Kurt Schussler/Bloomberg

CK Hutchison to invite China investor to join port deal

By Shirley Zhao

CK Hutchison Holdings Ltd. said it may invite a “major strategic investor” from China to join a group seeking to buy its global ports, as the Hong Kong-based company works toward a solution that pleases all in the geopolitically-sensitive deal.

The unnamed investor would join as a significant member of the consortium, the company said in a stock exchange filing Monday, hours after the expiry of a 145-day exclusive talks window with the group backed by American asset manager BlackRock Inc.

“Changes to the membership of the consortium and the structure of the transaction will be needed for the transaction to be capable of being approved by all relevant authorities,” CK Hutchison said, adding that it “intends to allow such time as is required for such discussions.”

State-owned China Cosco Shipping Corp. was negotiating a powerful role for itself as a condition to join the consortium, Bloomberg News reported last week.

Shares of Hong Kong billionaire Li Ka-shing’s firm oscillated between gains and losses after the announcement. The stock was up 0.4 percent as of 10:58 a.m. in in Hong Kong on Monday. Cosco Shipping Holdings Co., the listed unit of China Cosco, was down 3.11 percent.

Monday’s confirmation about a Chinese investor will likely help remove the obstacles that have been holding back the deal. Beijing has so far viewed the sale of CK Hutchison’s 43 ports as a threat to its interests because it includes transfer of two ports along the strategically important Panama Canal to the group backed by BlackRock—which China considers a proxy for American influence.

Chinese authorities separately warned the parties involved not to bypass antitrust reviews, so as to prevent them from rushing into a deal.  CK Hutchison reiterated its position Monday that it “will not proceed with any transaction that does not have the approval of all relevant authorities.”

CK Hutchison’s shares, which shot up 37 percent in the days following the sale announcement on March 4, saw political pressure wipe out all the gains in the space of a month. The stock started rallying again last month as investors flocked back after China Cosco came into play.

While it may initially sound like positive news, restricting the group to a few potentially strategic buyers means limited competition in the price discovery process for the asset, according to Ke Yan, head of research at DZT Research in Singapore.

“Hence, the deal may not fetch the best price that the company hopes for,” he said.

‘Eased concerns’

INVESTORS have in recent weeks flocked back to CK Hutchison amid optimism that the 96-year-old Li

cled into Southeast Asia’s frozen desserts segment, showing how quickly markets can shift. But there are real dangers in allowing Chinese imports to dominate unchecked. Trade imbalances widen when imports far outstrip exports, leaving local manufacturing and employment vulnerable. Overreliance on a single source of affordable goods risks exposure to supply chain shocks and hollows out domestic industries. For the Philippines, this could mean fewer homegrown brands in critical sectors and increasing dependence on Chinese capital and products that undermine long-term economic sovereignty.

Philtrade and DTI face a pivotal task: enabling local industries to stay competitive in a crowded regional

Stranded input VAT

Twill seal the deal of his lifetime. If it goes through, the sale will net the group more than $19 billion in cash. The renewed optimism is largely due to China Cosco’s interest in playing a role in the buying consortium, alongside BlackRock and Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd.

“Ongoing negotiations and the reported inclusion of Cosco Shipping in the consortium have likely eased concerns over Chinese regulatory hurdles, strengthening investor confidence in the deal’s viability,” according to Bloomberg Intelligence analyst Denise Wong.

Initially hailed as a smart move by Li to exit a business caught up in global trade tensions, the deal quickly drew the ire of Beijing. It didn’t help that President Donald Trump billed the transaction as the return of Panama Canal back to American influence.

Challenges remain even as Cosco enters the discussions, David Blennerhassett, an analyst at Quiddity Advisors, wrote on financial analysis platform SmartKarma. That could reverse the current rhetoric and upset Trump, who has a handful of issues already on his plate, he said. CK Hutchison’s share price could also be under pressure should talks on the sale drag on, he added.

Even with an extended timeline, revised terms or a partial agreement, uncertainty around the deal’s value and timing would increase, said Bloomberg Intelligence’s Wong. The delay may also fuel concerns about regulatory and policy challenges, she said.

Investors will be watching out for more answers to questions surrounding the deal, including what role the Chinese side will play in the consortium, said Gary Ng, a senior economist at Natixis.

The controversial deal has also weighed on Li and his family’s other businesses. Younger son Richard’s talks to expand his insurance business into mainland China have stalled after the ports deal upset Beijing, Bloomberg reported earlier this month. That followed another Bloomberg report in March that China told its state-owned firms to hold off on any new collaboration with businesses linked to the Li family.

The original structure of the buyer consortium was designed to give the Aponte family-controlled Terminal Investment ownership of all the ports except the two in Panama, whose control will go to BlackRock’s Global Infrastructure Partners unit. With assistance from Sangmi Cha and Catherine Ngai/Bloomberg

market. Efficient digital strategies, stronger supply chains, and bolder product innovation are no longer aspirational—they are prerequisites for survival. Filipino firms cannot rely on patriotic campaigns or legacy loyalties to fend off rivals offering smarter marketing and superior value.

Chinese brands are not merely entering the market; they are reshaping consumer expectations with algorithm-driven e-commerce, aggressive pricing, and relentless product cycles. The Philippines must invest in new capabilities that match the speed and scale of this competition. Change is here—not with a bang but with a click and an e-commerce ping.

Atty. Irwin C. Nidea Jr.

TAX LAW FOR BUSINESS

HE CREATE MORE law has been in effect for approximately six months, and it has already drawn renewed attention from foreign investors. The incentive framework it introduced has encouraged stakeholders to reassess the benefits available to Registered Business Enterprises (RBEs) under Investment Promotion Agencies (IPAs).

Under CREATE MORE, RBEs are classified into three categories:

Registered Export Enterprises (REEs)—Enterprise engaged in manufacturing, assembling, or processing activity, including services that result in the direct exportation of goods or services; with minimum 70 percent of production directed to export.

High Value Domestic Market Enterprises (HVDMEs)—with more than P15 billion capital or $100 million export sales threshold.

Domestic Market Enterprises (DMEs)—registered under an IPA but do not qualify as an REE or HVDME.

REEs and HVDMEs that are duly registered with an IPA are entitled to both VAT and duty-free importation incentives. In contrast, DMEs are granted only the duty-free importation privilege. This distinction reflects the relative economic contribution of each enterprise type. DMEs generally cater to the domestic market, either by supplying REEs and HVDMEs or by selling directly to unregistered local entities. Unlike REEs, DMEs do not export, and unlike HVDMEs, they do not meet the required capital investment threshold of at least P15 billion. Hence, the scope of their incentives is more limited.

Previously, registration with an IPA conferred the benefit of being treated as operating within a “crossborder” zone—essentially outside the customs territory. This legal fiction created a blanket application of incentives. Under CREATE MORE, however, this “bubble” has been effectively dissolved. Incentives are now granted on a transactional basis, directly linked to the actual economic contribution of the activity or transaction. This shift represents a more targeted and performance-based approach to investment promotion.

Moreover, RBEs across all categories—REEs, HVDMEs, and DMEs—are also allowed to sell to the domestic market. The question that follows is: How are these local sales treated for VAT purposes? This has become a critical consideration for RBEs navigating compliance and strategic planning under the new law because of the recently issued revenue regulations. Sale of RBEs to the “local” market is subject to VAT. The reporting of the VAT on the sale, however, is now given a different compliance framework.

The responsibility for remitting VAT on local sales RBEs has shifted—at least for business-to-business (B2B) transactions. In these cases, it is now the buyer who is obligated

It is understandable that the government aims to streamline compliance for RBEs as part of its broader strategy to reduce red tape and attract greater foreign direct investment. However, the real challenge lies in ensuring that this objective does not come at the expense of practical implementation. The BIR, together with the IPAs, must find the right balance—one that upholds a fair and workable VAT credit mechanism for RBEs, while also avoiding a system so complex that it discourages local market participation.

to pay and remit the VAT, with the applicable form and reporting requirements varying depending on whether the purchase involves goods or services, and whether the seller is an economic/freeport zone locator or a BOI-registered enterprise. Meanwhile, the seller’s invoicing and compliance obligations still depend on whether it is VAT-registered and on the income tax regime it enjoys.

For business-to-consumer (B2C) transactions, the BIR recognizes that shifting the VAT remittance to the buyer is not administratively feasible. Thus, the RBE-seller remains responsible for paying VAT, highlighting an inconsistency in the implementation of the rule.

This scheme becomes more problematic when applied to DMEs. These DMEs do not enjoy VAT zero-rating on purchases and thus accumulate input VAT on both imports and local buys. If the responsibility for VAT remittance shifts to the buyer, DMEs will have no output VAT liability against which these input taxes can be credited. This results in stranded input VAT that cannot even be refunded, as the sales are not zero-rated.

Failed bid to oust Taiwan lawmakers gives China new leverage

By Yian Lee

AFAILED campaign in Taiwan to unseat lawmakers has handed Beijing and the island’s opposition new ammunition against President Lai Ching-te, potentially deepening a political deadlock that prevents his government from strengthening defenses against China.

All 24 Kuomintang lawmakers survived recall votes over the weekend, dealing a blow to Lai’s Democratic Progressive Party and its hopes of regaining a parliamentary majority. Analysts had expected at least some of them to lose their seats.

“China will likely use Saturday’s result to amplify the narrative that Taiwan President Lai Ching-te and his government don’t have the support of the majority of Taiwanese people and try to use the narrative to discredit Lai’s policies,” said William Yang, a senior analyst for Northeast Asia at the Crisis Group.

The outcome amounted to a landslide defeat for a movement that’s been accusing the KMT of collaborating with China, which claims the self-ruled democracy as its own territory. The DPP initially kept its distance from the campaign—initiated by adhoc civil groups—but eventually supported the effort.

Taiwanese markets showed little immediate reaction Monday, with the benchmark Taiex stock gauge edging up 0.4 percent and the Taiwan dollar little changed against the greenback.

Overturning the opposition’s legislative control would have given Lai more freedom to advance his policy agenda including increasing military spending. That would have helped placate US President Donald Trump, who has said Taipei

needs to pay the US for its protection.

Now the Lai administration might need to offer policy compromises to gain opposition support, analysts including Yang said.

The recall results may also embolden Beijing, which has sought to isolate Lai while maintaining channels with opposition parties that favor closer ties with China.

“The outcome of this recall vote might lead Beijing to believe that Lai Ching-te’s antiChina stance has hit a bottleneck,” said Chang Chun-hao, a professor from the Department of Political Science at Tunghai University in Taichung.

This may encourage Beijing to keep up its economic pressure on Lai’s government and give the KMT an opening to advocate for greater cross-strait exchanges, Chang said.

A day after the election, China’s Taiwan Affairs Office said the voting results revealed that “the DPP’s political manipulation” lacks popular support, accusing the party of “practicing authoritarianism in the guise of democracy,” according to a CCTV report.

The outcome preserves the opposition’s 62-51 seat advantage in the legislature, keeping its veto power over the president’s key initiatives including his target of raising defense spending to over 3 percent of GDP.

The Bureau of Internal Revenue (BIR) is aware of the compliance gap created by the current VAT treatment of local sales by RBEs, particularly DMEs, and is reportedly exploring measures to address the issue. One possible approach under consideration is to revert the VAT remittance obligation back to DMEs. Doing so would restore their output VAT liability, which is essential to offset the significant input VAT they accumulate—especially since DMEs are not exempt from VAT on importation. In contrast, REEs and HVDMEs benefit under the current rules for B2B transactions, where the buyer assumes responsibility for VAT remittance. However, this setup also introduces a practical downside: local buyers may hesitate to transact with REEs and HVDMEs due to the additional administrative burden not typically required when purchasing from non-RBE suppliers.

It is understandable that the government aims to streamline compliance for RBEs as part of its broader strategy to reduce red tape and attract greater foreign direct investment. However, the real challenge lies in ensuring that this objective does not come at the expense of practical implementation. The BIR, together with the IPAs, must find the right balance—one that upholds a fair and workable VAT credit mechanism for RBEs, while also avoiding a system so complex that it discourages local market participation.

The author is a senior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph).

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

The recall bid targets 31 of KMT’s 52 legislators over two rounds, including seven who face the vote next month. The failure to unseat any of the 24 on Saturday means the DPP won’t immediately regain control of the legislature even if all of the other seven lawmakers lose their seats.

While the opposition has approved some military spending increases, it has imposed stringent oversight mechanisms that the DPP argues are slowing critical defense projects, including Taiwan’s indigenous submarine program. With the recall threat now neutralized, the KMT may feel even more confident in challenging future military allocations.

The failed recall could also remove any immediate pressure on opposition lawmakers to moderate their positions. Since taking control of the legislature in January 2024, the opposition bloc has passed a series of controversial bills that DPP supporters say is weakening the administration’s authority and democratic governance.

In the opposition’s latest effort to derail Lai’s administration, legislators from the KMT and its ally, the Taiwan People’s Party, on Friday again rejected all seven of the government’s nominees for Taiwan’s highest court. The repeated rejections have left the Constitutional Court with only eight sitting justices, fewer than the 10 legally required for the body to operate.

DPP Secretary-General Lin Yu-chang acknowledged the failure of the recall effort at a briefing on Saturday while downplay -

ing its significance as a partisan showdown, saying instead that the vote reflected the spirit of democracy.

He also repeated accusations that Beijing had interfered in Taiwan’s internal affairs, including in the lead-up to the vote. “This unprecedented civic movement was driven by anti-communist sentiment and a desire to safeguard Taiwan,” Lin said. In a Facebook post, Lai, who is also DPP’s chairman, urged Taiwanese people to respect the result of the recall election and to unite in the spirit of democracy.

Many analysts were surprised by the one-sided outcome. Su Tzu-chiao, a professor of political science at Soochow University in Taipei, said the result showed that the campaign’s central theme—protecting Taiwan from China and communism— failed to resonate with most voters, who he said are more concerned about livelihood and economic issues.

Others pointed to voter fatigue with the DPP after nearly a decade in power.

Chang, the Tunghai University professor, said it could also reflect “frustration over the party’s unwillingness to accept last year’s electoral results” where the DPP lost its legislative majority despite winning a third consecutive presidential term.

The recall bid targets 31 of KMT’s 52 legislators over two rounds, including seven who face the vote next month. The failure to unseat any of the 24 on Saturday means the DPP won’t immediately regain control of the legislature even if all of the other seven lawmakers lose their seats. With assistance from Garfield Reynolds and Betty Hou/Bloomberg

Tuesday, July 29, 2025

No mention of exporters in Sona disappoints groups

By Andrea E. San Juan @andreasanjuan

EXPORT

groups are disappointed that President Ferdinand R. Marcos Jr. seemingly turned a blind eye to exporters as he did not mention measures intended to protect them from the recently imposed 19-percent tariff by Washington in his State of the Nation Address (SONA).

“For you to ignore something, that means you are not interested, you have no plans, you have no future. But the fact that he mentioned garments and other industries, that’s a consolation,” Robert Young, Foreign Buyers Association of the Pilippines (Fobap) President told the BusinessMirror in a phone interview on Monday night.

“He should have at least talked on this subject. Because, you know, this is the lifeblood of the exporters. And as you know, without this,

without any, any consoling words or statement from him to the exporters, we will lose somehow some, how do I say it, the fighting spirit won’t be there anymore,” the industry leader also noted. Young said foreign buyers, particularly the American buyers, might see this as a signal that the reciprocal tariff is being ignored by the President. The industry leader also noted that omitting mention of the reciprocal tariff in his Sona may have a big impact on the ongoing nego -

tiations of the Philippines with the US, given that there are still a few days left before August 1—the date of the implementation of Washington’s reciprocal tariffs.

“Yes, it will have an impact. The international buyers are also watching. They’re listening here. So they might think ‘Oh, he’s not interested in this subject matter,” Young said.

He emphasized, partly in Filipino: “The signal to us [is] like he’s in denial because they know that it was a failure. From 17 percent to 20 percent down to 19 percent. 1 percentage point, it’s laughable.” (See: https://businessmirror.com. ph/2025/07/26/on-tariff-countdown-ball-not-in-our-court/).

On the other hand, Young said the industry group is elated that the word “garments” was mentioned in the president’s Sona.

“We are really glad and we are elated that it was at least mentioned,” he added, while lamenting that not a single sentence was said “about how to improve it or some steps that readily he can just say. Perhaps we will be giving some subsidy and we will sit down with him,” added Young.

For his part, Philexport President Sergio R. Ortiz-Luis Jr. told this

newspaper in a phone interview:

“I didn’t get anything on exports, I was hoping he would mention something on exports; that’s where I’m somewhat disappointed.”

Ortiz-Luis said he thought the president would mention it in his Sona because exporters would be affected by the 19-percent tariff that the US would impose on Philippine goods entering America.

“I don’t know, maybe he didn’t feel it was important but to me, exports should have been tackled” because that’s what’s being talked about on the tariff issues. “I hope we can be competitive,” the chief of the umbrella organization of Philippine exporters also told this paper.

In his State of the Nation Address (Sona) delivered on Monday afternoon, Marcos vowed to help grow the local industries. However, he did not mention anything regarding the issue on reciprocal tariff imposed by Washington which may affect some of the country’s local industries.

“Palalaguin natin ang mga industriya—mga pabrika ng sasakyan, hulmahan, at electronics, biotechnology, pharmaceuticals, critical minerals, telang Pinoy, Halal construction, at

MARCOS BARES REPLANTING PLAN FOR COCONUT FARMERS

PRESIDENT Ferdinand R. Marcos Jr. on Monday underscored the vital role of the coconut industry in the lives of millions of Filipinos, unveiling a long-term replanting program and calling for key legislative reforms to empower coconut farmers.

In his 4th State of the Nation Address (Sona), Marcos announced the government’s plan to plant no less than 15 million hybrid and high-quality coconut seedlings starting this year.

“Millions of Filipinos depend on the coconut tree as their primary source of livelihood,” the President said as he announced the government’s plan to plant no less than 15 million hybrid and high-quality coconut seedlings starting this year.

The initiative aims to reach a total of 100 million coconut trees planted nationwide—a massive effort to rejuvenate and sustain one of the country’s most crucial agricultural sectors.

To further strengthen the coconut industry, Marcos urged Congress to amend the Coconut Farmers and Industry Trust Fund Act (Coco Levy Act) to better respond to the evolving needs of coconut farmers. The call was met with applause from both chambers of Congress.

“This is part of our broader effort to reinvigorate key industries, including coconut processing, export, and even the revival of our salt industry,” he added.

The President also highlighted the role of science and innovation in transforming agriculture, citing support from the Department of Science and Technology (DOST) and the adoption of modern farming tech-

niques—such as intercropping, off-season farming, improved seed varieties, fertilizers, and mechanization.

Lawmakers from coconut-producing provinces and agricultural regions swiftly responded with pledges of support.

Albay Rep. Adrian Salceda welcomed the President’s push for amendments to the Coco Levy Act, describing it as “essential to food security.”

“In my statements yesterday, I said I was hopeful he would take it up. As it turns out, it’s one of the very issues he asked Congress to act on. Following his clear directive, I will file our version of the bill as soon as possible,” Salceda said.

He emphasized that the coconut industry remains one of the country’s largest in terms of land area and export value, making it a cornerstone of national food security and economic resilience.

Meanwhile, Quezon Rep. Reynante Arrogancia, representing the most remote towns of Quezon province, said the President’s priorities offer renewed hope for rural communities.

“As a representative of a remote province, we have long sought solutions to our isolation. The accelerated release of Certificates of Land Ownership Award [CLOA] will be a huge help for our local

By Cai U. Ordinario @caiordinario

CIVIL society organiza-

tions (CSOs) across Asia have raised concerns that the latest energy policy review of Manila-based multilateral, Asian Development Bank (ADB), may be “dangerously short” and could undermine the need for transparent consultations.

The NGO Forum on ADB, a regional network of over 250 people’s movements and NGOs, said a rushed timeline in the view of its energy policy could lead to “destructive projects.”

The group said based on ADB’s schedule, the policy review will be conducted over three months—a period the group deems inadequate to craft a policy that could affect the bank’s energy investments and climate strategy for the next 10 years.

“This policy will determine the future of ADB’s energy investments for the next decade—yet the Bank is sidelining the very communities most impacted by its projects,” Rayyan Hassan, Executive Director of NGO Forum on ADB, said.

“A credible energy policy demands full transparency, democratic participation, and a clear break from fossil fuels and destructive infrastructure. Anything less is a betrayal of the region’s right to a just, equitable, and climate-resilient future,” he added.

NGO Forum on ADB stressed that the climate crisis is already “a daily, deadly reality.” Tropical Storm Wipha or Crising in the Philippines displaced thousands in the country and in Vietnam.

The group said Typhoon Crising displaced over 90,000 people and affected more than 800,000. The typhoon caused parts of Metro Manila to be submerged in flood waters.

The same typhoon, NGO Forum on ADB said, also caused heavy flooding in Vietnam and deployed 350,000 soldiers in anticipation of up to 50 cm of rainfall.

Given this, the group said rushing a policy review could “lock Asia into the very systems driving these disasters.” The review includes efforts to continue financing fossil gas infrastructure, mega-dams, and waste-to-energy incinerators.

The group noted that these could pollute ecosystems, displace Indigenous and low-income communities, and deepen national debt burdens in the face of climate risks.

“While the objective to reduce emissions is laudable, the approach of expanding investments in extractives—while reducing safeguards and genuine, meaningful consultations with communities and CSOs—loses the bigger picture of achieving Paris alignment and driving sustainable development in the region,” said Jaybee Garganera, National Coordinator of Alyansa Tigil Mina (ATM).

“ADB must not support extractive projects that are violating environmental laws, are non-compliant with their own contractual obligations, tend to spread misinformation or exploit lack of access to information, and fail to promote or fulfill human rights obligations,” he added.

The Forum also stressed the need for full public disclosure and meaningful consultation to prevent the Energy Policy from exacerbating climate injustice and inequality across Asia and the Pacific.

The group noted that the International Court of Justice (ICJ) recently issued an advisory opinion that affirmed that climate inaction by major emitters and institutions “may constitute a breach of international law.”

The ICJ, the Forum explained, recognized the “urgent and existential threat” of climate change and emphasized that emissions are “unequivocally caused by human activities which are not territorially limited.”

“The ADB, while branding itself as a ‘Climate Bank,’ continues to promote false solutions disguised

DOLE has ₧1B for emergency jobs in storm areas

By Justine Xyrah Garcia

THE Department of Labor and Employment (DOLE) has set aside around P1 billion to provide emergency employment to workers affected by recent storms and flooding, Labor Secretary Bienvenido E. Laguesma said on Sunday.

The funds, which have already been disbursed to DOLE regional offices, will support the implementation of the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program in disaster-affected areas nationwide.

“Considering the nationwide effects of the ongoing severe weather disturbances and number of fami-

lies affected, around P1 [billion] of downloaded funds to the regional offices are earmarked for this purpose,” Laguesma told reporters.

DOLE’s regional offices began coordinating with local government units and disaster risk reduction offices as early as Wednesday last week to identify qualified residents for the short-term employment program.

Laguesma said the list of beneficiaries is expected early this week, allowing profiling and deployment to begin immediately.

TUPAD offers 10 to 30 days community-based employment to displaced, underemployed, and seasonal workers.

Tasks typically include clean-up

operations, clearing of debris, and minor repair of public infrastructure. Workers receive wages based on the highest prevailing minimum wage in their region.

Laguesma said some TUPAD workers have already been deployed to assist the Department of Social Welfare and Development (DSWD) in repacking relief goods—a partnership that began in 2023 to help speed up relief distribution during disasters.

“TUPAD workers also assist [the Metropolitan Manila Development Authority] in their declogging activities and cleaning of canals and drainages,” he added. According to the Office of Civil

Defense, over 4.5 million Filipinos were affected by the successive weather disturbances—Typhoons Crisng, Dante, and Emong—compounded by the southwest monsoon last week. Around 174,000 individuals, or nearly 50,000 families, were displaced due to the prolonged heavy rains and flooding. In 2024, DOLE recorded over 3.19 million TUPAD beneficiaries

Marie N. Dela Cruz

Editor: Jennifer A. Ng

Distribution segment powers Meralco core income in H1

By Lenie Lectura @llectura

THE Manila Electric Co. (Meralco) is expected to close the year with about P50 billion in consolidated core net income (CCNI), higher than last year’s P45.1 billion, after posting a CCNI of P25.5 billion in the first half.

Meralco Chairman Manuel V. Pangilinan, during a news briefing on Monday, said the full-year guidance number for this year’s CCNI is “around P50 billion.”

“We are guiding our 2025 full year CCNI to grow by low double digits over 2024 CCNI,” added Pangilinan.

electricity businesses, meanwhile, brought in a combined P2.4 billion or 9 percent.

Consolidated net income rose by 5 percent to P23.6 billion from last year’s P22.4 billion.

customers, particularly when compared with the peak months of May and June in 2024.

‘Data centers of Vitro meet TIA standards’

By Lorenz S. Marasigan @lorenzmarasigan

VThe industrial segment held 26 percent of the sales mix at 7,137 GWh from 7,097 GWh in energy sales in the first half of 2024, driven by robust demand for semiconductors and cement and resurgence in domestic steel production which helped cushion the impact of contracted consumption in the food and beverage manufacturing sector.

“In terms of what will drive the profitability for this year, the distribution business will continue to grow, but I think it will be slow than 2024. The DU [distribution utility] is still growing, not as much as it did in 2024. The biggest contributor will come from generation. The biggest driver of CCNI is the generation business. There will be more generation capacities that could come in steam starting 2026.” The utility firm delivered strong results in the first half, fueled by the solid performance of its distribution business and the accelerating momentum of the generation business under Meralco PowerGen Corp. (MGen).

Revenues went up by 3 percent to P245.2 billion, driven by passthrough charges, increase in volumes of the distribution utility and retail electricity businesses, and revenues of power generation from the reserve market. Power sales volume of Meralco and Clark Electric Distribution Corp. (Clark Electric) in the first semester stood at 33,778 gigawatt hours (GWh), up by only 1 percent.

At end-June this year, Meralco’s CCNI stood at P25.5 billion from P23.2 billion in the same period last year, with the distribution business accounting for the largest share of 54 percent or P13.7 billion. It also realized significant contribution from the growing power generation business with its share now at 37 percent to P9.4 billion of the CCNI. The retail electricity supply (RES) and non-

The commercial segment recorded 10,102 GWh in energy sales from 10,068 GWh last year as sustained expansion in malls and wholesale supermarkets and scaling of cafés and quick-service restaurants offset the impact of lower real estate occupancy rates and sluggish tourist hotel arrival.

The residential segment, which contributed 36 percent of total sales, booked 9,779 GWh in January to June from 9,715 GWh a year ago due to the steady growth of newly energized accounts that lifted the otherwise flat demand from organic

Fusion CX expands PHL operations

FBy Andrea E. San Juan @andreasanjuan

USION CX, a global provider of customer experience and BPO solutions, has announced that it has recently expanded its Philippine operations by around 1,000 seats.

Pankaj Dhanuka, co-founder, chairman, managing director and CEO of Fusion CX, said its continued investment in the Philippines reflects the company’s “confidence” in the country’s talent and capability.

“We believe in the long-term potential of the Philippines—not just as a delivery hub, but as a strategic growth engine for global CX,” said Dhanuka.

On Monday, the BPO solutions provider launched a delivery center at 500 Shaw Boulevard, Metro Manila with a capacity of 836 seats. The company said this follows the recent opening of a 275-seat facility in Legazpi City.

Fusion CX said the new Manila

center is “tech-forward, and humancentric.”

“Designed to empower employees and enhance client delivery, the facility blends infrastructure with an inclusive, people-first culture.”

On the sidelines of the launch of the firm’s second site in Metro Manila, Mark Anthony David, Country Head for Fusion CX Philippines, told reporters that the firm’s site in Shaw will focus on telco and other commercial accounts while the Fusion CX site in Eastwood is for healthcare programs.

“Eastwood is still operating. All of our healthcare programs are in Eastwood. This one is telco site,” David told reporters, adding that the firm caters to the United States market.

He said the firm has five sites across the Philippines--in Shaw, Eastwood, Cebu, Legazpi, and Silang, Cavite.

David said they chose to set up shop in Mandaluyong because Makati is already “saturated” for BPO firms.

“Mandaluyong is...surrounded by Makati, San Juan, Quezon City and Manila. It’s very accessible. Employees can use the MRT, they can use jeepneys and buses. So, we find this place accessible. Plus, we want to bring our sites closer to where our employees live.”

Meanwhile, he said the firm is also looking to expand to the countryside, but it has yet to determine the exact sites.

In a statement, Fusion CX said its continued expansion “demonstrates its belief in the depth and resilience of Filipino talent and the country’s rising importance in global CX.”

“By investing not only in urban hubs like Manila but also in highpotential regions such as Legazpi, the company aims to foster inclusive progress and sustainable growth across the Philippines.”

The Manila expansion came on the heels of its launch in Legazpi City, where Fusion CX has already “begun nurturing regional talent into global CX leaders.”

Cebu schools get MWF drinking fountains

MANILA Water Foundation (MWF), in partnership with Cebu Manila Water Development Inc., formally handed over refrigerated drinking fountains (RDFs) to the province of Cebu during a ceremonial turnover held recently.

In a statement, MWF said the RDFs will be strategically installed in public spaces across Cebu to support the city’s solid waste management initiatives. These fountains aim to encourage residents to refill drinking water in reusable tumblers, reducing reliance on single-use plastic bottles. Beyond environmental impact, the foundation said the RDFs promote regular hydration and offer a healthier alternative to sugary and carbonated beverages. Since the launch of Project Drink in 2023, which began with the installation of RDFs in 72 schools in Quezon City, the program has expanded to 249 units installed across various regions in the Philippines.

The ceremonial turnover was

graced by Cebu Governor Pamela Baricuatro, Cebu City Mayor Nestor Archival Sr., and Vice Mayor Tommy Osmeña. Representing Manila Water were Chief Regulatory Officer and MWF Chairperson Donato C. Almeda, Manila Water Philippine Ventures (MWPV) Chief Operating Officer Melvin Tan, MWPV Regional Operations Group Director for VisMin Robbie Vasquez, and MWF Executive Director Reginald Andal. Also present to witness the event were Department of Transportation Secretary Vince Dizon and Prime Integrated Waste Solutions Inc. President Cara Peralta.

“We are grateful to the Manila Water Foundation for their donation of potable water fountains to Cebu City Hall. This is a simple but meaningful step in promoting public health and ensuring that clean drinking water is accessible to everyone—employees and visitors alike. Initiatives like this bring government closer to the people,” said Archival.

In addition to the RDFs, MWF in partnership with Cebu Manila Water Development Foundation and Cebu Water, inaugurated a 10-faucet hygiene facility at Siotes Elementary School in the Municipality of Carmen, Province of Cebu, under its Lingap program.

The inauguration was attended by representatives from the DepEd Schools Division of Carmen, Barangay Caurasan leaders and Cebu Province 5th District Board Member Mike Villamor.

In the event, 6 units of RDFs were also presented, and will be installed in public institutions in the Municipality of Carmen: Bureau of Fire Protection, New Carmen Municipal Public Market, Carmen Municipal Gym, and Carmen Municipal Grandstand.

In Danao City, Cebu, MWF and Cebu Water led a WASH Aralan session and handed over WASH donations for 3 last three schools in the said city, this time under its Lunas program. Jonathan L. Mayuga

By the end of June, consolidated customer count reached 8.1 million, marking a 3-percent increase from 7.9 million in the same period a year ago. Capital expenditures (capex) stood at P47.5 billion while operating expenditures (opex) amounted to P21.7 billion.

“As we move into the second half, we remain focused on achieving key milestones that will enable us to meet our full-year profit target and business goals. While energy sales volume growth has been lower than anticipated, we remain on track to meet our overall targets as power generation is expected to deliver higher-than-expected performance, offsetting the anticipated slower demand growth,” Pangilinan added.

ITRO Inc. said on Monday that all its flagship facilities—including its hyperscale hub in Sta. Rosa, Laguna (VSR)—are now certified Rated 3 for both design and facility under the globally recognized Telecommunications Industry Association (TIA) 942 standard.

According to Vitro President Victor Genuino, the certification cements the data center arm of PLDT Group’s “leadership” in the data center sector, with VSR already meeting Rated 4 standards with its 50 MW of total power capacity and over 4,500 racks.

“These milestones go beyond design validation—they demonstrate Vitro’s long-standing leadership in building and operating world-class data centers at scale,” he said.

Located outside Metro Manila’s hazard zones, VSR is carrier-neutral and connected to seven major telcos, ensuring network diversity and resilience. It also hosts the country’s first NVIDIA-powered GPU servers for ePLDT Inc., offering enterprises access to on-demand AI computing resources without heavy capital investment.

“Our goal has always been to

position the Philippines as a digital and AI innovation hub,” PLDT Inc. Chairman Manuel V. Pangilinan said. “With Vitro Santa Rosa and our broader data center ecosystem, we are building the infrastructure backbone needed to power industries, accelerate AI adoption, and drive long-term national progress.”

Vitro Sta. Rosa is integrated into PLDT’s domestic fiber network and connected globally through international submarine cable systems such as Jupiter and Asia Direct Cable, with Apricot expected to follow.

These efforts, according to Genuino, support the company’s mission to “bridge the digital divide” while contributing to sustainable development goals focused on industry, innovation, and infrastructure.

Last February, Vitro announced that it activated NVIDIA-powered graphic processing unit (GPU) servers within its Vitro Santa Rosa (VSR) facility, the country’s first AI-ready hyperscale data center.

Following the facility’s successful energization last year and the deployment of its first anchor tenant, the activation of live GPU servers allows VSR to allow “businesses to utilize cost-effective, high-performance computing, and accelerating AI-driven digital transformation,” Genuino said.

Banking&Finance

T-bill yields dip as investors await new rate cut

By Reine Juvierre Alberto @reine_alberto

THE national government upsized the volume of Treasury bills (T-bills) it awarded after average auction yields declined for the fourth consecutive week as investors await another rate cut.

Recent dovish signals from local monetary officials on the lowering of the key policy rate have influenced T-bill average yields to decline for the fourth straight week, according to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

Finance Secretary Ralph G. Recto

told reporters recently he expects interest rates reduced by 50 basis points (bps) all the way until the end of the year. (See: https://businessmirror.com.ph/2025/07/22/mbseen-dealing-2-rate-cuts-moretill-end-2025/).

A 25-bps cut would bring down the key policy rate to 4.75 percent.

Smart Financial Strategies for the Filipino Sandwich Generation

IF you’re caring for aging parents while raising kids, you’re part of the sandwich generation—and it’s no easy job. In the Philippines, this responsibility is even more intense due to strong family values and limited social safety nets. But with the right strategies, you can manage the pressure and protect your family’s future.

1. Start with a clear budget. Track your income and expenses. Use simple apps like GCash or Moneygment to see where your money goes. Prioritize essentials like bills, school fees, and medical needs. Adjust monthly to stay on track.

2. Build an emergency fund. Set aside 3–6 months of living expenses in high-interest, easy-access digital banks like CIMB, Tonik, or Maya. This helps you handle sudden expenses without going into debt.

3. Get insurance protection. Philhealth is basic, but you can upgrade with private plans like Maxicare or Medicard. For life insurance, term plans from Sun Life or Pru Life offer affordable peace of mind for breadwinners.

4. Plan retirement early. Maximize your SSS contributions. Explore PagIBIG MP2 for high-yield savings and PERA accounts for tax-free retirement investing. Encourage your parents to claim senior benefits like DSWD pensions and DOH free meds.

5. Prepare for your kids’ education. Start saving early through MP2 or education insurance. Teach kids money skills by giving them allowances and letting them budget. Use BSP’s financial literacy tools made for kids.

6. Organize legal matters. Create a simple will, especially if you have property or dependents. If possible, draft a health directive for your parents and consider a trust for larger assets.

7. Take care of yourself. Emotional burnout is real. Schedule short breaks, and seek free mental health services from the DOH if needed. You can’t care for others well if you’re constantly drained.

Final thought

BEING in the sandwich generation is tough—but manageable. With careful planning, open family conversations, and the use of available government programs, you can protect your family and still plan for your own future. Strengthen family communication. Open conversations about money, responsibilities, and expectations are key to reducing conflict and stress. Sit down with your parents and siblings to talk about caregiving arrangements,

household contributions, and longterm plans. Involve your spouse and kids when appropriate so everyone understands the family’s priorities. This builds a culture of teamwork rather than resentment.

Share the load. If you have siblings, don’t hesitate to ask for help—whether it’s financial or logistical. One can handle medical appointments, another can contribute to household bills. For solo caregivers, look for community support like barangay health centers, church groups, or NGOs that assist elderly care. Even small help, like a neighbor who can watch over your parent for a few hours, can ease your burden.

Use government support programs. Take advantage of programs designed to lighten your load. Senior citizens are entitled to 20 percent discounts on medicine, medical services, and transport. Some LGUs offer monthly cash aid, groceries, or free check-ups. Parents with disabilities may also qualify for PWD benefits. Explore options at your barangay or city social welfare office. Automate what you can. Automating bills, savings, and even insurance payments can make your finances less stressful to manage. Schedule recurring transfers to your emergency fund or investments, and set reminders for due dates. The less you have to manually track, the more mental space you’ll save for what truly matters. Keep learning. Financial planning is a continuous journey. Follow free webinars by RFP Philippines or attend workshops offered by banks and cooperatives. Even watching personal finance content on YouTube or TikTok can spark ideas and improve your money mindset. Being part of the sandwich generation isn’t easy, but it’s also a season where your resilience, wisdom, and love can have lasting impact across generations.

Fitz Villafuerte is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, attend the 112th RFP program this July 2025. Email info@rfp.ph or visit www.rfp.ph to learn more about the program. The writer’s views do not necessarily reflect those of the BusinessMirror

The last policy meeting of the MB brought down interest rates by 25 bps to 5.25 percent. The MB will convene on August 28 for its ratesetting meeting.

Expecting such stance, investors displayed strong demand on all three tenors as total tenders reached P103.45 billion, making the auction last Monday 4.1-times oversubscribed.

The Treasury said this prompted its auction committee to double the accepted non-competitive bids for the 182-day T-bills to P6.8 billion. Hence, the Bureau of the Treasury generated a total of P28.4 billion, higher than its P25-billion planned offering.

Broken down, the 91-day T-bills fetched a lower average rate at 5.388 percent, down by 3.4 basis points from the 5.422 percent yield set during the previous auction last week.

DBy Cai U. Ordinario @caiordinario

ESPITE posting a flat growth in the second quarter, Sy-led BDO Unibank Inc. (BDO) still managed a single-digit growth in its net income in the first six months of the year.

Based on its quarterly report, BDO posted a net income of P20.985 billion in the second quarter of 2025. This is the same net income posted by the bank in the second quarter 2024.

Nonetheless, net income still reached P40.6 billion in the first semester of 2025, a 3-percent growth from the P39.4 billion posted in the same period last year, according to the lender.

“Earnings growth was tempered

Of the P37.740 billion bids for the shortest tenor, the committee awarded the full P7 billion as planned. The bids were 5.3 times oversubscribed the programmed offering.

Meanwhile, the average yield of the 182-day tenor T-bill slipped by 2.3 basis points to 5.543 percent from last week’s 5.566 percent. Rates went for as low as 5.540 percent to as high as 5.550 percent.

Demand for the 182-day T-bill reached P36.740 billion, 4.3 times the P8.5-billion programmed for auction. The committee upsized the volume it awarded to P11.9 billion.

The average rate of the 364-day T-bill inched down to 5.627 percent by 0.4 basis points from the previous yield of 5.631 percent. Rates ranged from 5.600 percent to 5.648 percent. The T-bills were awarded in full at

by the continuing investments in market coverage and IT spending for operational efficiency,” read a statement the BDO issued last Monday.

The bank said its net interest income grew 7.3 percent to P98.134 billion in the first six months of 2025 from P91.455 billion in the same period in 2024.

In the second quarter, net income grew 8.3 percent to P50.378 billion in 2025 from the P46.508 billion recorded last year.

BDO also reported that its gross customer loans grew 14 percent to P3.4 trillion while deposits increased 8 percent to P4 trillion and its current/account/savings account (CASA) ratio pegged at 69 percent.

“Non-interest income grew 15 percent, driven by the significant contributions from fee-based income

P9.5 billion, as the amount tendered was P28.970 billion, or three times oversubscribed the offering.

All three tenors’ average yields are lower than the prevailing secondary benchmark rates.

The Philippine Bloomberg Valuation (PHP BVAL) rates are 5.410 percent for the three-month tenor, 5.581 percent for the six-month debt paper and 5.680 percent for the oneyear tenor as of July 27.

According to Ricafort, investors are also anchoring decisions on uncertainties over US tariffs, which could also slow down the global economy and support future rate cuts by the US Federal Reserve. The latter could further strengthen the resolve of local monetary authorities to match the Fed’s stance for the rest of the year, he added.

Ricafort cited three factors that would warrant an accommodative

and income from insurance operations,” BDO posted.

Meanwhile, BDO said it is set to issue its fourth Asean Sustainability Bonds this week with a minimum aggregate size of P5 billion.

The strong demand for the bonds from retail and institutional investors prompted the early closing of the offer last July 14. The proceeds will be used to finance and/or refinance the bank’s projects and boost its sustainable portfolio.

“Amid global uncertainties arising from geopolitical tensions and the imposition of US tariffs, the Philippines is expected to reamin resilient, supported by its consumer-driven economy and sustained domestic demand,” the bank said.

“The bank remains well-posi -

monetary policy measure: benign inflation, global crude oil prices— now at 3.5-year lows—and external risk factors that could slow down the world and local economy. Ricafort sees the next possible 25-bps cut as early as August 28.

This July, the Treasury has raised a total of P137.6 billion out of the P125-billion borrowing program for T-bills.

Outstanding T-bills issued by the national government reached P886.478 billion as of end-June 2025.

This year, the government will borrow a total of P2.545 trillion to finance its projects and programs, with P2.037 trillion coming from domestic sources, while P507.408 billion will be borrowed externally. Gross borrowings inched up to P1.591 trillion in the first half of the year.

tioned to manage emerging risks and capitalize on opportunities given its robut capital base and diversified business franchise,” added the country’s largest lender in terms of total assets.

Earlier, Moody’s Ratings affirmed the credit rating of BDO on the back of stable asset quality, strong solvency, and healthy liquidity but noted that the country’s sovereign ratings prevents the banks from getting credit rating upgrades. Moody’s said BDO’s rating reflected its stable asset quality and strong credit underwriting despite its high consumer loan growth over the past three years. The credit rating agency also said the affirmation reflected BDO’s robust funding and liquidity, good profitability and adequate capital.

SEC clamps down on firms for corporate delinquency BDO’s H1 income inches up despite flat growth in Q2

By VG Cabuag @villygc

THE Securities and Exchange Commission (SEC) announced it has revoked the corporate registration and secondary license of Convenience Cash Lending Corp. (CCLC), while suspending the certificate of authority of Jia Financing Inc. to operate as a financing company for 60 days for operating an illegal website.

In its order, the SEC revoked the registration of CCLC, operating under Zada Cash and Bloom Cash, for engaging in unfair debt collection practices.

The revocation came following the agency’s receipt of over 600 complaints over the collection practices of the company, four of which ripened into formal complaints. The complaints allege the company sent threatening messages to the borrower and his contacts. The CCLC also allegedly sent funeral services to the borrower’s address.

“When collecting the amount due to them, [lending companies and their third party service providers] are mandated to observe good faith, reasonable conduct and refrain from engaging in unscrupulous and untoward acts,” read the order issued by the SEC.

“After a careful evaluation of the contentions and the documents of the [company] and all the complainant-bor-

rowers, FinLend finds the complainantborrowers to have supported their claims with substantial evidence,” it said.

As early as May 27, the SEC has issued a cease and desist order against CCLC for its failure to comply with an SEC order requiring online lending platform operators to register with the Credit Information Corp., as mandated by the Financial Products and Services Consumer Protection Act.

Meanwhile, the SEC ordered Jia Financing to take down its website in violation of a moratorium on new online lending platforms (OLPs). The moratorium was applied on November 5, 2021.

The agency said while Jia Financing has submitted a business plan, it failed to disclose that it would operate the website and lend amounts ranging from $50,000 to $200,000 per client, in violation of SEC Memorandum Circular No. 3, Series of 2022 (MC 3).

The MC 3 requires all lending companies and financing companies to submit a business plan indicating the company’s loan products and services as well as the applicable pricing parameter.

“The non-disclosure of these material changes in its operations warrants the suspension of its certificate of authority,” the order said.

The SEC also imposed a penalty of P10,000 on the company.

Unionbank expects lower costs to improve income

THE revenue growth of the Unionbank of the Philippines (Unionbank) in the first semester of 2025 is expected to become a springboard to a better net income in the coming months. Unionbank reported that its total revenues grew 9.2 percent to P39.7 billion in the first semester of 2025 on the back of strong growth from its consumer portfolio. The bank noted that its retail customer base reached 18 million as of the

“Our topline has consistently shown an encouraging trend, and with lower costs ahead, we anticipate improved net income in the coming months. These efforts position the bank for a more resilient, sustainable, and accelerated trajectory as we enter the next phase of our growth journey,” said Ana Aboitiz Delgado, President and CEO. The bank reported that its topline performance provided a cushion to the impact of credit costs as a natural result of the significant addition

PNB to further tech use after income grew 22%

THE top executive of the Philippine National Bank (PNB) vowed the lender would further explore the use of technology after seeing growth in the first half of the year.

In the first six months, net income increased by 22 percent on the back of sustained improvements in core revenues consisting of net interest income and net service fees and commissions, according to a disclosure by the PNB.

The lender added that it posted in the second quarter of the year a net income of P6.4 billion, a 29-percent growth from the same period in 2024, almost double the year-on-year growth recorded for the first semester of the year.

“The double-digit growth in profitability is a clear indication that the various strategic initiatives that were put in place are gaining traction,” PNB President and CEO Edwin R. Bautista said.

“We are excited to unlock new revenue streams to boost our net income as we continue to explore the use of technology, including data science and AI, in our businesses as well as forge strategic alliances with partners that will add value to our products and services,” Bautista added.

Recently, PNB partnered with Japan’s Digital Wallet Corp. (DWC) as part of its commitment to provide long-term support to overseas Filipino workers (OFWs) and their families.

“The collaboration will combine DWC’s advanced technology and customer-focused service design with PNB’s expansive network and deep understanding of the Filipino market, enabling our kababayans to move money with greater ease right from their mobile phones, backed by the reliability of PNB and the innovation of ‘Smiles,’” Bautista said. He was referring to Japan’s leading

mobile remittance platform. According to the country’s eighthlargest lender in terms of assets, it enhanced the security features of its online and mobile applications. Its RCI WebRemit, for one, now includes electronic know-your-customer (KYC) onboarding with security layers that include facility for uploading identification documents and selfie for ID card authentication, facial matching and liveness checking, and automated alerts. Its “PNB Singapore” mobile app was interfaced with the bank’s enterprise fraud management system to minimize deceitful transactions using the app. In the first half of 2025, PNB said its net interest income grew seven percent to P25.8 billion as the bank’s core earning assets consisting of loans and investment securities grew by 5 percent and 11 percent, respectively. PNB also said its net service fees and commission income grew by 24 percent to P2.8 billion, mostly from deposit transactions, credit cards and the bank’s bancassurance business as the bank intensifies its crossselling efforts to its customers. The performance of PNB’s core businesses was enhanced by the fine performance in trading securities and foreign exchange operations, with gains rising by 64 percent to P1.4 billion year-on-year. Operating expenses, excluding provisions for impairment and credit losses, increased by nine percent over the same period last year, as robust revenue growth translated to higher business taxes and other businessrelated expenses.

As at June 30, 2025, the bank’s total

Art BusinessMirror

Ar. Jomike Tejido thanks the skies, looks up to the heavens in ‘Celestial’

THERE are lots of reasons that fill the grateful heart of architect/abstractionist Jomike Tejido. He goes through every one of them as the titles of the featured artworks in his ongoing 25th solo exhibition, titled Celestial, at Art Lounge Manila-The Podium.

“As this is a Thanksgiving show, I wanted to express gratitude to a higher power,” Tejido said. “We often look up for hope and guidance—and that upward gaze became a central gesture in this collection. Celestial is my way of honoring that journey.”

The multi-disciplinary, highly-decorated artist created for the show individual homages for the grounds of his gratitude. The artworks bear the title Appreciation for Balanced Life and Appreciation for Quality Time, along with Grateful for Quality Time, among others. Tejido does in every canvas what he does best: Creating whimsical worlds that capture imaginations, and shaped by his vibrant background.

“Even though my compositions are abstract, I approach each canvas like a building façade— planned, structured and detailed,” he said. “But unlike architecture, in art I’m free to build worlds where emotion leads.”

Tejido graduated with a Bachelor of Science degree in Architecture from the University of Santo Tomas in 2005. That same year, he started showcasing his wares in art exhibitions, first in group shows, then one-man exhibits. Along the way, he won recognitions from major institutions, including the Shell National Students Art Competition and the Philippine Art Awards. Another hat Tejido wears is that of a seasoned illustrator with two decades of experience and over 100 children’s books illustrated in Manila and the US. He specializes as an author-illustrator of book series production, taking books to the next level and making toys out of their characters.

In Celestial, Tejido takes a moment to honor every step he has taken. He hit pause to say thanks, to express gratitude, and hopes his artworks will move the audience to feel the same with regards to their own journeys. “If people walk away with a feeling of thankfulness, or if they recognize a piece of their life in the mood of a painting, that’s enough,” he said.

Tejido’s art presents fantastical settings that visually and figuratively piece together aspects of his creative and professional pursuits—a blend of structure and spontaneity and storytelling.

The architect in him lays out the foundation of his imagined worlds with balanced grids, precise layering, and symbolic repetition. The spaces are then

populated with floating mushrooms and floral bursts, joyful motifs that a child with boundless imagination would draw, or, in this case, a veteran illustrator of children’s books.

What brings Tejido’s artworks to life is his disarming choice of colors. The combination of warm ochres, luminous golds, and coral tones speaks to the viewers regardless of age, inviting them to let loose, enter the imagined world, and play for a bit. There’s much room to do so in two particular paintings featured in the show, Celestial Gratitude (Day) and Celestial Gratitude (Night). The large artworks explore dualities of light and shadow, contrasting as much as they complement each other.

Tejido also pushes his creative boundaries yet again in his ongoing solo. He debuts in the show “allmetal hanging mobiles,” or kinetic sculptures inspired by his painted motifs, suspended from the gallery’s soaring ceilings. “They’re like pieces of my canvases floating off the wall,” he said. “They bring energy, movement, and that sense of looking up—of hope and inspiration.”

The show, after all, is “about everyday magic, the quiet forces that get us through—faith, gratitude, support systems, and purpose.”

Jomike Tajido’s Celestial is on view at Art Lounge Manila-The Podium in Mandaluyong City until tomorrow, July 30.

Visit www.artloungemanila.com and Art Lounge Manila’s social media pages (@artloungemanila), for more information. For collectibles, functional and wearable art, go to www.gfemporium.com.

GEORGE LUCAS FINALLY COMES TO COMIC-CON TO GIVE A PREVIEW OF HIS NEW MUSEUM

SAN DIEGO—George Lucas is finally coming to the stage at Comic-Con And while Star Wars is sure to get a mention, the 81-year-old is making his debut appearance at the San Diego pop cultural extravaganza for a more earthbound reason: a preview of his long-in-the-works Lucas Museum of Narrative Art in Los Angeles.

The Sunday panel discussion in Comic-Con’s vaunted Hall H will act as a relatively quiet closing act to the four-day festival that brought its

usual series of big, bombastic looks at upcoming sci-fi and superhero projects.

The museum-centered session is also meant to be a broader discussion of the new institution’s subject matter: the histories and traditions of narrative art across time and cultures.

Lucas will be joined by fellow filmmaker Guillermo Del Toro and art director Doug Chiang, who has worked on a steady series of Star Wars films starting with the Lucas-directed

prequels in 1999. Queen Latifah will act as moderator. Lucas is easily on the Mount Rushmore of figures whose work has had the greatest inspiration on the kind of films and other pop cultural celebrated annually in Hall H at Comic-Con.

But the convention wasn’t a common showcase for blockbuster films when he was directing them himself. And he sold Star Wars and Lucasfilm to the Walt Disney Co. in 2012, and Disney has used different venues to make

big splashy presentations about its properties. The museum founded by Lucas and his wife, businesswoman Mellody Hobson, is set to open next year in Exposition Park, near the Los Angeles Coliseum, several of the city’s other museums, and the University of Southern California.

The 11-acre campus and 300,000-square-foot building designed by architect Ma Yansong includes galleries, two theaters and related spaces. AP

initiative, explain your intentions and act with clarity and precision. Do your due diligence, learn as you go, ask questions and seek help to ensure you accomplish the most in the least amount of time. A friendly gesture or kind word will help you get the response you need to advance. ★★★★

VIRGO (Aug. 23-Sept. 22): A change may entice you, but first, ensure you have the necessary funds, time and energy to accommodate what’s required to achieve your goal. Not everyone will play fair. Be mindful of who you trust and what you share. A risk can result in injury or insult if you aren’t careful. ★★★

LIBRA (Sept. 23-Oct. 22): Simplicity is the key to getting things done and reducing stress. Overreacting will lead to additional problems, questioning and someone trying to take advantage of you. Avoid excess and indulgent behavior, as well as taking on responsibilities that don’t belong to you. ★★★

SCORPIO (Oct. 23-Nov. 21): Look for an opportunity to discover what others have to offer that you can incorporate into your plans. Expanding your vision will require additional input and energy on your part. Ensure you are well-prepared for the task before embarking on it. Scrutiny is necessary to avoid mistakes. Watch, transform and conclude. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Refuse to let the little things upset you or hold you back. Embrace what life has to offer; apply your skills, and the impact you have will help you spin in a positive direction. Utilize your talents to dazzle others with your insight and the ease with which you handle matters. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Stop pondering over what to do next; do what’s necessary and keep moving. It’s up to you to build your opportunities on solid ground. Taking on too much or pushing forward without proper inspection and verification will lead to complications and redoing work. ★★

AQUARIUS (Jan. 20-Feb. 18): Share your thoughts and feelings with those who affect your life emotionally or financially. Concentrate on doing the best job possible and displaying what else you can offer that positions you for advancements. A change is on the way that provides a unique blend of learning, location and financial assistance. Romance is favored. ★★★★★

PISCES (Feb. 19-March 20): Seek out opportunities, and you can find them today. Get out, participate, socialize, network and look for people and situations that motivate you to expand your interests, qualifications and goals. Put your energy and discipline behind your dreams, and you’ll discover something or someone that extends your vision. ★★★

BIRTHDAY BABY: You are curious, inviting and dedicated. You are protective and emotional.

GMA Pictures unleashes mind-bending horror film ‘P77’

WHAT if the real horror is what you believe?

This July 30, viewers should prepare to have their worst nightmares come to life as GMA Pictures and GMA Public Affairs bring P77, a psychological horror film that will keep them on the edge of their seats.

From the acclaimed makers of the award-winning Firefly, Green Bones, and box office hit Mallari, this latest offering promises a truly mind-bending experience that’s best seen on the big screen.

Top GMA actress Barbie Forteza takes on her first lead role in a horror film, promising a performance that will undoubtedly shock and captivate audiences.

Barbie is joined by a formidable ensemble, including Firefly child star and award-winning child actor Euwenn Mikaell, veteran actors Jackielou Blanco, Carlos Siguion-Reyna, Gina Pareño, Rosanna Roces, as well as Chrome Cosio and JC Alcantara. P77 delves into the terrifying realm where the worst nightmares happen wide awake.

The story revolves around Luna (Barbie), a cruise ship chambermaid who has to quit her job to attend to her sick brother (Euwenn). While doing so, she discovers that her mother (Rosanna) has gone missing and her brother’s condition is getting progressively worse. The siblings desperately sneak into an empty condo unit but soon discover that Penthouse 77 is not what it seems.

Offering unique insights, the film’s lead star explained how P77 distinguishes itself within the horror genre.

Napaka-grounded ng story namin. It revolves around family. It will also delicately delve into PTSD, or post-traumatic stress disorder. Aside from the jumpscare, this is also an awareness para mas lumawak ang ating intindi sa mga taong may PTSD,” shared Barbie. The film is based on a chilling story crafted by Green Bones creators Anj Atienza and Kristian Julao, with the screenplay penned by award-winning writer Enrico Santos. Guiding this terrifying vision is Derick Cabrido, the new generation thrillmaker known for the successful horror flicks he has directed, including the 2023 thriller film Mallari

GMA Pictures has a storied history of producing quality horror films, with titles like The Road, Ouija, Basement, and Kubot: The Aswang Chronicles solidifying its reputation in the genre. P77 aims to continue this legacy, offering a unique and unforgettable horror event that nobody should miss. P77 hits cinemas starting July 30 and will be distributed by Warner Bros. Pictures. More news and updates can be found at www.gmanetwork.com.

LOS ANGELES—Marvel’s first family has finally found box office gold. The Fantastic Four: First Steps the first film about the superheroes made under the guidance of Kevin Feige and the Walt Disney Co., earned $118 million in its first weekend in 4,125 North American theaters, according to studio estimates on Sunday.

That makes it the fourth biggest opening of the year, behind A Minecraft Movie, Lilo & Stitch and Superman, and the biggest Marvel opening since Deadpool & Wolverine grossed $211 million out of the gate last summer. Internationally, Fantastic Four made $100 million from 52 territories, adding up to

Show BusinessMirror

Cheering for Ogie Diaz

WHEN we learned that Ogie Diaz has decided to bankroll another movie, we knew that he was well armed and more than ready.

When he debuted as a movie producer in 2011, Diaz admitted to be a neophyte and charged everything to experience. He followed this up in 2019 with a romantic comedy movie which was also forgettable.

Diaz took every lesson he learned from his two attempts to heart, and when he has mustered enough guts again, and after making sure he had more than enough funds to finance another one, he sat down with his think-tank team, asked reliable screenwriter

John Bedia to turn his concept into a realistic script, closed a deal with filmmaker Lawrence Fajardo, and switched on all the green lights needed to commence production.

“It was important for me that I will be going into movie production again that I have enough funds. Modesty aside, I did not want to borrow any money from friends or get other investors to help bankroll the movie because I don’t want complications after. I was firm that whatever happens—whether I make money or not—I will not be indebted to anyone else,” he asserted in Filipino.

Diaz continued, “I was quite confident with the movie in my mind. I had a solid concept about an overseas Filipino worker who comes home to his family, and I was firm that our target audience will be able to relate to the their story. I zeroed in on actor Zanjoe Marudo, and when we pitched the project to him and got his immediate approval, we started casting the other characters and immediately went ahead with preproduction,“ Diaz shared.

The movie is titled How To Get Away From My Toxic Family, and it will open on cinemas tomorrow, July 30.

“We already had special screenings not only in the Philippines but overseas, like Japan and Australia, and I am very happy with the reception we got. That’s why I am keeping my fingers crossed that the movie will do well locally,” he said.

Diaz is glad that the three typhoons have now left the country and the weather has cleared up. “Weather

and timing are always part of the risks involved, and as a producer I have to face all these challenges headon. But I know deep in my heart that we have a good movie to share to our target audience, and that’s why everyone in the team is doing his share in helping promote the movie.”

Most of us in show business know the very colorful journey of Diaz, starting from his humble beginnings as a personal assistant of veteran entertainment personality Cristy Fermin, to his many successes as a writer, voice-over announcer, broadcast entertainment journalist, artist manager, actor, philanthropist, advocate for breast cancer awareness,

strong figure for the LGBTQ+ community, social media vlogger and influencer, and family man. Diaz was recently accorded the Joe Quirino Lifetime Achievment Award at the recently concluded Eddys awards, organized by the Society of Philippine Entertainment Editors group.

Now that Ogie Diaz has taken on this new role as a film producer seriously, many of us are throwing in our full support, cheering for him, and looking forward to be part

MANNY JACINTO TO VISIT MANILA FOR DISNEY’S ‘FREAKIER FRIDAY’ WORLD TOUR

DISNEY’S Freakier Friday, the eagerly anticipated sequel to the beloved classic starring Jamie Lee Curtis and Lindsay Lohan, is coming to Philippine cinemas on August 6, 2025. Ahead of the movie’s nationwide release, fans are invited to attend an exclusive red carpet premiere event at the SM Mall of Asia Main Atrium, where Filipino-Canadian actor Manny Jacinto will make a special appearance. Set to be held on August 5, fans can enter for a chance to attend the premiere and watch the movie first. In the film, Curtis and Lohan reprise

their roles as Tess and Anna Coleman. The story picks up years after Tess (Curtis) and Anna (Lohan) endured an identity crisis. Anna now has a daughter of her own and a soon-to-be stepdaughter.

As they navigate the myriad challenges that come when two families merge, Tess and Anna discover that lightning might indeed strike twice. Freakier Friday is directed by Nisha Ganatra and based on the book Freaky Friday by Mary Rodgers.

The film also stars Julia Butters, Sophia Hammons, Manny Jacinto,

a $218 million worldwide debut. The numbers were within the range the studio was expecting.

The film arrived in the wake of another big superhero reboot, James Gunn’s Superman  which opened three weekends ago and has already crossed $500 million globally. That film, from the other main player in comic book films, DC Studios, took second place with $24.9 million domestically.

The box office success of First Steps and Superman means “the whole notion of superhero fatigue, which has been talked about a lot, can I think be put to rest.

I always say it’s bad movie fatigue, not superhero fatigue,” said Paul Dergarabedian, senior media analyst for data firm Comscore.

First Steps is the latest attempt at bringing the superhuman family to the big screen, following lackluster performances for other versions. The film, based on the original Marvel comics, is set during the 1960s in a retro-futuristic world led by the Fantastic Four, a family of astronauts-turned-superhuman from exposure to cosmic rays during a space mission.

The family is made up of Reed Richards (Pedro Pascal), who can stretch his body to incredible lengths; Sue Storm (Vanessa Kirby), who can render herself invisible; Johnny Storm (Joseph Quinn), who

partners, SM Mall of Asia

Maitreyi Ramakrishnan, Rosalind Chao, Chad Michael Murray, Vanessa Bayer, and Mark Harmon. This event is made possible by Globe Telecom, and its mall and cinema partners, SM Mall of Asia and SM Cinema.

Event updates and more details about the anticipated freakquel can be found at Disney Studios Philippines’ social media channels.

transforms into a fiery human torch; and Ben Grimm (Ebon Moss-Bachrach), who possesses tremendous superhuman strength with his stone-like flesh.

The movie takes place four years after the family gained powers, during which Reed’s inventions have transformed technology, and Sue’s diplomacy has led to global peace.

Both audiences and critics responded positively to the film, which currently has an 88 percent on Rotten Tomatoes and promising exit poll responses from opening weekend ticket buyers. An estimated 46 percent of audiences chose to see it on premium screens, including IMAX and other large formats.

The once towering Marvel is working to rebuild audience enthusiasm for its films and characters. Its two previous offerings this year did not reach the cosmic box office heights of Deadpool & Wolverine, which made over $1.3 billion, or those of the Avengersera. But critically, the films have been on an upswing since the poorly reviewed Captain America: Brave New World, which ultimately grossed $415 million worldwide. Thunderbolts which jumpstarted the summer movie season, was better received critically but financially is capping out at just over $382 million globally.

Like Deadpool and Wolverine, the Fantastic Four characters had been under the banner of 20th Century Fox for years. The studio produced two critically loathed but decently profitable attempts in the mid-2000s with future Captain America Chris Evans as the Human Torch. In 2015, it tried again (unsuccessfully) with Michael B. Jordan and Miles Teller. They got another chance after Disney’s $71 billion acquisition of Fox’s entertainment assets in 2019. The Fantastic Four’s opening weekend results were a little less than some rival studio projections, Dergarabedian said. Nonetheless, the film is expected to carry movie theater earnings well into August. Holdovers dominated the top 10, but one other newcomer managed to make the chart. The dark romantic comedy Oh, Hi! earned $1.1 million from 866 screens. Jurassic World Rebirth landed in third place in its fourth weekend with $13 million, followed by F1 with $6.2 million. The Brad Pitt racing movie also passed $500 million globally. Smurfs

FILIPINOCANADIAN actor Manny Jacinto

BARBIE FORTEZA (right) and Euwenn Mikaell in a scene in P77

of his future milestones.

GRAND TRI-CONTINENT GOLF CHALLENGE ENHANCE

THE Grand Tri-Continent Golf Challenge (GTCGC), first announced by the Canadian Chamber of Commerce of the Philippines (CanCham) in late 2024, has been enhanced with the support of the Department of Tourism (DOT) and an updated date of play at the Manila Southwoods Golf and Country Club on Wednesday, July 30, 2025. Endorsed by the National Golf Association of the Philippines (NGAP), and now supported by the Department of Tourism, this high-profile event is open exclusively to amateur golfers resident in the Philippines.

The new tournament highlights that golf is a sport played worldwide, played with teams as well as individuals, and, most important, played with mutual respect by all players complying with internationally accepted rules.

It reinforces the profile of the Philippines as a leading center in Southeast Asia for golf with its outstanding golf courses and clubs as well as support by DOT and private sector sponsors. The event augers well for the DOT’s Philippine Golf Tourism program.

The competition is being planned and managed by CanCham with an Advisory Committee chaired by CanCham Trustee Rafael Perez De Tagle. The committee includes invited representatives from the: nAmerican Chamber of Commerce of the Philippines; nAustralian-New Zealand Chamber of

Commerce of the Philippines;

nBritish Chamber of Commerce of the Philippines; nEuropean Chamber of Commerce of the Philippines;

nFederation of Filipino Chinese Chambers of Commerce & Industry;

nFederation of Indian Chambers of Commerce (Phils.);

nJapanese Chamber of Commerce and Industry of the Philippines;

nKorean Chamber of Commerce of the Philippines; and nPhilippine Chamber of Commerce and Industry.

Committee Chairman Rafael Perez De Tagle stressed that “In a world with increasing international divisiveness, our underlying theme in this event to epitomize that geographic divisions competing with good-will and mutual-respect will enhance friendships beneficial for all.” Further, “the support by the DOT and the participation of these Foreign Chambers and local Chambers of Commerce is a great fit for kickstarting golf tourism in the country”.

The tournament has a unique format. All players will be divided into Three groups: The All-Asia Team, The All-Europe team and The All-Americas Team. The team with the lowest 10 scores will win the Team Trophy (Claret Jug) and the top 10 players will receive individual trophies.

The tournament is sponsored by Gold Sponsors BDO and PLDT, Silver Sponsors Metro Rail Transit Development Corp., Philippine Gold Processing & Refining Corp., Marubeni Phils. Corp., SPDS, Philippine Retirement Authority & Ascendion Phils., with Bronze Sponsors Mondelez Foods, Park Inn Raddison Clark, Philippine Airlines, Dusit Thani Manila, TAG Resorts Palawan, Melcon Worldwide Logistics and Jollibee Foods Corp. Media Partner is Business Mirror.

For further information and updates visit: https://cancham.com.ph/events-2/ grand-tri-continent-golf-challenge/

To register as a player and/or be a sponsor, contact us at tri-con.golf@cancham.com.ph.

THE International Business Matching Conference (IBMC) 2025 concluded with resounding success, proving once again that when visionary entrepreneurs gather under a shared mission, extraordinary things happen.

Hosted at Newport World Resorts, the two-day conference brought together delegates from 12 countries for a highimpact exchange of insights, referrals, and cross-border collaboration. Under the theme “BNI Beyond: Inspire • Engage

• Expand,” the event delivered actionable value to business leaders, innovators, and professionals looking to scale their growth through relationships:

• Hundreds of strategic business connections made

• Real referrals exchanged across global chapters

• Lessons shared from leaders at the

forefront of enterprise

• Brands amplified through visibility and engagement

• A renewed energy across the BNI ecosystem

One of the most powerful moments of the event was the landmark panel session titled: “The BNI Effect: How One Network Transforms Your Business & Your Life Global Leaders. Life-Changing Lessons. Real Strategies to Grow Further, Faster, and Beyond.”

Moderated by BNI Global Board Member YP Lai, the powerhouse panel featured: Francis Kong, renowned motivational speaker and leadership coach

John Yoon, National Director, BNI

South Korea

Judee Quiazon, Executive Director, BNI

Taguig Mac Srinivasan, Chairman, BNI

Foundation In a 40-minute session that was both intimate and illuminating, panelists shared breakthrough stories, legacybuilding lessons, and tested strategies that showcased how BNI continues to change lives through its referral-driven model.

“This isn’t just another conference,” said Dexter F. Ortega, National Director of BNI Philippines. “It’s a launchpad for international opportunity, and a rare chance to grow with BNI’s global network behind you.”

As IBMC 2025 comes to a close, one message remains clear: this is more than an event — it’s a movement. A movement powered by collaboration, fueled by purpose, and built for transformation.

For those who missed this pivotal moment in the BNI Philippines journey, all is not lost — IBMC 2026 is on the horizon. Reserve your spot early and be part of the next wave of global business growth.

Suzuki, Premio Open First 3S Motorcycle Hub in Cagayan de Oro

Over 5,000 families to initially benefit from CMP revival

MORE than 5,000 families are set to benefit from the revival of the Community Mortgage Program (CMP), in line with President Ferdinand Marcos, Jr.’s directive to implement propoor and people-centric programs.

This development follows the approval from Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Ramon Aliling to relaunch an initial batch of 34 on-site projects proposed by SHFC President and CEO Federico Laxa. The move will reinforce the expanded Pambansang Pabahay para sa Pilipino (4PH) Program, which now includes all housing modalities to better address the nation’s housing backlog.

Spanning Luzon, Visayas, and Mindanao, the 34 identified sites reflect the national scope of the CMP and underscore SHFC’s commitment to delivering inclusive and communitydriven housing solutions, especially for the poorest of the poor.

Preparations are underway for the rollout of the first batch of CMP sites, with eight initial locations identified in Pasig, Valenzuela, Tanay in Rizal, San Fernando City in Pampanga, Roxas City, Iloilo City, Ilocos Sur, and Ilocos Norte.

The awarding of these sites to qualified beneficiaries is targeted to begin by October this year.

“These projects represent not just houses but hope, dignity, and stability for thousands of Filipino families,” Laxa said. “This move reflects our strong commitment to address the housing needs of the underserved through direct community empowerment.”

Laxa shared that, following a series of reviews and deliberations, key enhancements have been introduced to the CMP to eliminate bottlenecks and accelerate project implementation. Among these reforms is the provision of

an additional credit component—on top of the initial loan for lot acquisition— dedicated to site upgrading. This aims to ensure that CMP communities are no longer considered informal or blighted settlements.

“We will be more transformative with our CMP projects to ensure the continuous improvement of the communities we serve,” Laxa said. He also shared that SHFC will collaborate with other agencies to ensure that beneficiaries can access a broader range of services offered by the government and other institutions. Among these is a planned partnership with TESDA to provide skills training and capacity-building programs that can boost the long-term income prospects of community members. To further streamline processes, a dedicated Task Force has been established to fast-track the evaluation and approval of CMP projects. With DHSUD’s backing, the revitalization of CMP offers a timely boost for underprivileged families striving for security of tenure. Established in 1988, the CMP is a people-led housing finance and community development program that assists legally organized associations of low-income groups to acquire and develop a tract of land under the concept of community ownership.

Experience Kyoto’s Art of Dining, Only at Kappou YOSHI in Okada Manila

OKADA Manila introduces an exceptional new dining experience at the recently opened Kappou YOSHI. The restaurant offers a modern, exquisite interpretation of Kyoto’s revered gastronomic traditions. Through a kappoustyle approach, where the chef prepares and serves dishes directly to the customer, Chef de Cuisine Yoshihiro Sugiyama crafts a truly unique dining journey, highlighting both elegance and culinary artistry.

Inspired by the principle of “Onko Chishin,” learning from the past to enlighten the present, Kappou YOSHI seamlessly blends timeless tradition with contemporary artistry. Chef Yoshihiro masterfully celebrates Kyoto’s rich culinary heritage with each dish, combining various techniques and layering flavors in delightful ways. From the rich Charcoal-grilled Wagyu Steak and the sweet-savory Unagi Kabayaki to the delicate Shokado Bento, every creation showcases impeccable quality and taste.

The restaurant is also deeply committed to seasonality, ensuring only the freshest ingredients are used. Fine ingredients are carefully sourced from across Japan— from Hokkaido to Okinawa—reflecting the country’s changing seasons.

The restaurant’s interior greets guests with a serene and elegant atmosphere. Every detail, from the stylish design to the exquisite artisan dinnerware, is thoughtfully

chosen to deliver an unforgettable dining experience.

Embark on an unforgettable culinary journey and discover the breathtaking artistry of Japanese cuisine centered on craft, seasonality, and refinement. For reservation and inquiries, send an email to premiumdining@okadamanila.com or call +632 8555 5799. To explore more, visit https:// okadamanila.com/dine/.

Okada Manila introduces an exceptional new dining experience at the recently opened Kappou YOSHI.

US and China resume trade talks in Stockholm to extend tariff truce ahead of August deadline

By Bloomberg News

UNITED STATES and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions.

Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent will lead the delegations through Tuesday in Stockholm— their third meeting in less than three months. The agenda includes discussions about how long the current tariff truce can be extended, as well as US levies tied to fentanyl trafficking and Chinese purchases of sanctioned Russian and Iranian oil.

The meeting comes as the US races against an Aug. 1 deadline to conclude trade deals with dozens of countries, which should provide more certainty to companies about what levies they’ll face when exporting to the US. Talks with Beijing are on a different track with rates for China well above those for other nations, making bilateral trade much more expensive.

Still, Bessent said in recent days that the US would use this week’s huddle to work out what’s “likely an extension” to the current tariff pause, adding: “I think trade is in a very good place with China.”

Any breakthrough could help set the stage for President Donald

Trump to meet with his counterpart Xi Jinping, possibly around a major summit later this year in South Korea. The Chinese leader invited Trump—along with first lady Melania Trump—to visit China in a phone call last month, but no timeframe has yet been set.

Offering subtle insight into how the logistics of talks between the two nations could be arranged, Swedish Finance Minister Elisabeth Svantesson wrote in a social media post last week that representatives from both the US and China approached her during a Group of 20 gathering in South Africa earlier this month to propose holding their tariff negotiations in Sweden.

US Ambassador David Perdue, who arrived in Beijing in May, presented his credentials to Xi on Friday, China’s envoy to the US posted on X.

At the heart of the haggling between the world’s largest economies is Beijing’s stranglehold on rare-earth magnets used to make everything from electric vehicles to high-tech weapons, and Washington’s curbs on cutting-edge

chips essential to AI. The battle over export controls has become a critical component of trade talks.

Reducing the 20% fentanyl tariffs Trump imposed over US claims Chinese companies supply chemicals used to make the illegal drug is also a high priority for Beijing, Eurasia Group analysts wrote in a note last week, citing recent meetings with Ministry of Public Security officials. Ministry officials traveled to the Geneva talks in May and will likely go to Stockholm, the analysts wrote.

While China has denied it is responsible for the flow of the deadly drug, last month it tightened controls over two chemicals that can be used to make the opioid. Earlier this month, Trump praised those moves. “China has been helping out,” he told reporters. “We’re talking to them and they’re making big steps.”

For the US, the recent Chinese actions aren’t enough, as such moves were required to comply

with United Nations measures, according to a person familiar with the trade talks. Chances of reducing the 20% tariff in this round of talks are very slim, added the person who asked not to be identified discussing sensitive matters, while noting everything could change on Trump’s whim.

China would be willing to cooperate more on fentanyl, said Sun Chenghao, a professor at Tsinghua University in Beijing, but the US would have to remove the related tariffs, stop blaming Beijing for what it sees as a US domestic problem and provide concrete evidence of crimes.

The US business community remains hopeful for progress, with Sean Stein, president of the US-China Business Council, telling Bloomberg TV that movement on fentanyl presents the “biggest opportunity” in talks.

“That then lowers tariffs on the US side, which then opens the door for China to lower tariffs that

lets us sell agriculture, lets us sell airplanes, lets us sell automobiles, that lets us sell energy,” he said.

Oil purchases

IN his comments announcing the talks, Bessent indicated negotiations can now take on a broader array of topics, potentially including Beijing’s continued purchases of sanctioned oil from Russia and Iran.

Chinese state media has already pushed back against that idea. “China won’t play along” with such attempts to use Beijing to kill Russia’s economy, Lv Xiang, a US expert with the Chinese Academy of Social Sciences, told the staterun tabloid Global Times last week.

By contrast, China’s imports of three major energy products from the US hit almost zero in June, marking the first time in almost three years the Asian nation didn’t import any crude oil from its top rival. Deliveries of American crude oil, liquefied natural gas and coal

have been subject to Chinese tariffs of 10% to 15% since February.

Xi’s government has begun rolling back some of its other retaliatory measures since the two sides met last month in London. Crucially, Beijing has boosted shipments of rare earth magnets, while the US relaxed restrictions on sales of less-advanced semiconductors to China.

In another potential goodwill gesture, as the Sweden talks were announced this month, China revealed it had suspended an antitrust investigation into the local unit of US chemical manufacturer DuPont de Nemours Inc.  China’s colossal manufacturing output will also be a talking point for Trump’s team.

Bessent said the US hopes to see China “pull back on some of this glut of manufacturing that they’re doing and concentrate on building a consumer economy.” With assistance from Colum Murphy and Fran Wang/Bloomberg)

Records unveil inner workings of Tren de Aragua: A deep dive into Latin America’s notorious gang

By Isabel Debre & Nayara Batschke

The Associated Press

ARICA, Chile—The Venezuelan gang members wrote out even their most minute purchases in blue pen: $15 for a drug trafficker’s Uber; $9 for instant coffee during a lookout shift; $34 for supplies to clean what investigators learned were torture chambers.

The meticulous spreadsheets seized during police raids in Chile’s northern town of Arica, and shared with The Associated Press, suggest the accounting structure of a multinational.

They amount to the most comprehensive documentation to date of the inner workings of Tren de Aragua, Latin America’s notorious criminal organization designated by President Donald Trump as a foreign terrorist group.

An investigation built over years by Chilean prosecutors in Arica, which resulted in hefty sentences for 34 people in March—and inspired other cases which, earlier this month, sent a dozen Tren de Aragua leaders to prison for a total of 300 years—contrasts with Trump’s mass deportations of suspected gang members.

While Trump’s supporters cheer the expulsions, investigators see missed opportunities to gather evidence aimed at uprooting the criminal network that has gained momentum across the region as migration from Venezuela surges and global cocaine demand spreads.

“With the US snatching guys off the streets, they’re taking out the tip of the iceberg,” said Daniel Brunner, president of Brunner

Sierra Group security firm and a former FBI agent. “They’re not looking at how the group operates.”

Transnational mafias have fueled an extraordinary crime wave in once-peaceful nations like Chile and consolidated power in countries like Honduras and Peru, infiltrating state bureaucracies, crippling the capacities of law enforcement and jeopardizing regional stability.

The new developments are testing democracies across Latin America.

“This is not your typical corruption involving cash in envelopes,” said former Peruvian Interior Minister Ruben Vargas of the impunity in his country. “It’s having criminal operators wield power in the political system.”

Chile, long considered one of Latin America’s safest and wealthiest nations, is also among its least corrupt, according to watchdog Transparency International, giving authorities an edge in fending off this kind of organized crime.

But with no experience, the country was caught unprepared as abductions, dismemberments and other grisly crimes reshaped society.

Now, three years later, experts hold out Arica as a case study in wider efforts to combat the gang.

While some see El Salvador President Nayib Bukele’scrackdown on criminal gangs as a model, critics see an authoritarian police state that has run roughshod over due process.

“Criminal prosecution, financial intelligence, witness protection and cooperation with other countries, that’s what it takes to disrupt criminal networks,” said Pablo Zeballos, a Chilean security

consultant and former intelligence officer.

Using Tren de Aragua documents first recovered in 2022, Chilean prosecutor Bruno Hernández and his unit brought an unprecedented number of gang members to trial last year, dismantling the gang’s northern Chile offshoot, known as Los Gallegos.

“It marked a milestone,” prosecutor Mario Carrera said last month from Arica’s shantytown of Cerro Chuño, a Los Gallegos stronghold. “Until then, they were acting with impunity.”

Following migrants to ‘virgin territory’

TREN DE ARAGUA slipped into northern Chile in 2021, after the pandemic shut borders and encouraged Venezuelans to turn to smugglers as they fled their nations’ crises and headed to Peru, Colombia and Chile.

Héctor Guerrero Flores—a Tren de Aragua leader nicknamed “Niño Guerrero”—dispatched managers to take over networks of “coyotes” shepherding human cargo across Chile’s desert borders.

“It was virgin territory from their perspective,” said Ronna Rísquez, the author of a book about the group.

Tren de Aragua put down roots in Cerro Chuño, a former toxic waste dump outside Arica where Venezuelan migrants squeeze into boxlike homes.

Residents said gangsters extracted “protection” fees from shop owners and unleashed violence on those who wouldn’t pay.

“We live in fear of them,” said 38-year-old Saida Huanca, recalling how Los Gallegos extorted her minimarket colleague and sent a knife-wielding man to collect road

tolls. “I didn’t leave the house.”

The gang terrorized competitors and turncoats.

Court documents describe members tying up defectors and filming as they administered shocks and slashed fingers in clandestine torture chambers.

Intercepted calls from March 2022, obtained by AP, show a rival panicking about Tren de Aragua’s arrival. “Where am I supposed to run, dude?” Chilean kingpin Marco Iguazo can be heard asking.

Bodies were found, shot or dismembered and stuffed into suitcases. Many were buried alive under cement.

“It was total psychosis,” said Carrera, who reported Arica homicides surging 215% from 2019 to 2022.

Cloud emojis and Christmas bonuses

LAST month at Arica’s investigative police headquarters, AP observed Hernández attempt to persuade 23-year-old Wilmer López to talk. The alleged Los Gallegos hitman kept silent, eyes fixed on his Nikes.

As a rule, members don’t collaborate with investigations. Without testimony last year, Hernández’s main recourse was bookkeeping records. They revealed a rigid bureaucracy with centralized leadership that granted local cells autonomy.

“We had to prove not only that they committed crimes, but that there was a structure and pattern,” said paralegal Esperanza Amor, on Hernández’s team. “Otherwise, they would’ve been tried as common criminals.”

Documents showed migrant smuggling and sex trafficking as the gang’s primary source of

income.

While the per-client price for sex varies by city—$60 in Arica, over $100 in the capital of Santiago—each cell replicated the same structure. The gang confiscated half of women’s earnings, then deducted rent and food in a form of debt bondage.

Salary spreadsheets showed regional coordinators earning up to $1,200 monthly. Hitmen could earn $1,000 per job, plus protection for relatives in Venezuela. Most operatives received $200 Christmas bonuses.

Investigators cross-checked messages among gang members with drone surveillance to decrypt their use of emojis.

Some were self-explanatory—a snake signifying a traitor. Others less so: A bone meant debt, a pineapple was a safehouse, a raincloud warned of a raid.

Getting to trial

WITH the defendants in custody, the bloodshed abated: Arica’s homicide rate plunged from 17 homicides per 100,000 inhabitants in 2022 to 9.9 homicides per 100,000 last year.

After the team secured 34 convictions on charges including aggravated homicide, human trafficking and sexual exploitation of minors, authorities paid more attention.

Similar investigations proliferated nationwide. Carrera traveled to Washington to share intelligence with the FBI.

“The unit did something that had never been done in Chile, and achieved results,” said Ignacio Castillo, director of organized crime at Chile’s public prosecutor’s office.

Other countries have largely

struggled to prosecute Tren de Aragua.

The Trump administration has used the gang to justify deporting migrants, with some arrested for little more than tattoos. Experts say the Justice Department is too distracted by mass expulsions to conduct thorough investigations.

“Those kind of yearslong investigations are not happening,” said Brunner. “I see the current deportation tactics as working in favor of organized crime.”

A country traumatized, and transformed THE next challenge for Hernández’s unit is tracking Los Gallegos as they regroup behind bars. Some Cerro Chuño businesses said they still receive extortion threats— from prison phones.

“Organized crime will always adapt,” Hernández said. “We need to get ahead.”

Despite the national homicide rate declining, enthusiasm for a more ruthless approach is spreading as leftist President Gabriel Boric, a former student protest leader, battles for his legacy ahead of November presidential elections. Polls show security as voters’ top concern. The current favorite is far-right candidate José Antonio Kast, who draws inspiration from Bukele and Trump. He vows to build a border barrier and deport undocumented migrants “no matter the cost.”

Watching her grandchildren play outside a church in Arica, Maria Peña Gonzalez, 70, said Kast had her vote.

“You can’t walk at night like you could before,” she said. “Chile has changed since different types of people started arriving.”

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. BLOOMBERG

Tadej Pogačar: Tour champion!

By Jerome Pugmire The Associated Press

PARIS—The roads were dangerously slippery after heavy rain. A fourth Tour de France title was all but won anyway, so finishing safely in the pack would do fine for Tadej Pogačar

Especially considering Sunday’s final stage had already been neutralized for safety reasons and he just had to complete the race.

Surely there was no need to launch a seemingly pointless attack and risk crashing?

But holding back or being cautious rarely appeals to Pogačar, the 26-yearold cycling star from Slovenia. He clinched his fourth Tour title in inimitably daring style on Sunday and further cemented his place among cycling’s greats.

Even though he really did not need to, and risked falling on oil slick-wet roads, Pogačar simply could not help himself.

A gainst all logical opinion, he tried winning Sunday’s 21st and final stage with trademark uphill attacks, only to fall short of the stage win itself.

“In the end I found myself in the front, even though I didn’t have the energy,” said Pogačar, who won the Tour last year and in 2020 and 2021.

“Just speechless to win the Tour de France, this one feels especially amazing,” Pogačar added. “Just super

ZOJI

EDOC sets his sights on nothing less than a victory as the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour (JPGT) Luzon Series resumes Tuesday with the Riviera JPGT Championship at the Couples course of the Riviera Golf Club Inc. in Silang, Cavite.

E doc hopes to ride the momentum of his strong third-place finish at the Junior World in San Diego with the stakes rising and the Finals drawing closer.

He is keen to put his refined game to the test as he seeks not just a second leg win in the boys’ 7-10 age division but also to formalize his berth in the elite ICTSI Junior PGT Finals set October 7 to 10 at The Country Club in Laguna. Already a winner in the Sherwood Hills leg, the Taytay-born prodigy currently has 39 points in the standings, bolstered by runner-up finishes at Eagle Ridge and Splendido Taal. Another win this week in the 36-hole tournament would all but guarantee him a spot among the Luzon representatives who will square off against their VisayasMindanao counterparts in the Ryder Cup-style championship.

The young ace, however, faces tough competition from a stacked field of contenders, including Asher Abad, Halo Pangilinan, Alexian Ching, Paul Yambao, James Padron, Jethro Bayron, Matteo dela Cruz, Samuel Ababa, Andre Muyot and Giulio Ballado.

In th e girls’ 7-10 division, the intensity is just as high with Penelope Sy (30 points) and Tyra Garingalao (28) seeking to solidify their places inside the Top 4. But they need to fend off a strong challenge from Bulacan’s Venus delos Santos, who lurks dangerously in fifth with 24 points and is poised to make a late surge in the race for Finals qualification in the series organized by Pilipinas Golf Tournaments Inc.

Young Yu Zidi

proud that I can wear this yellow jersey.”

Two-time Tour champion Jonas Vinegaard finished the overall race four minutes and 24 seconds behind Pogačar in second place and Florian Lipowitz was 11 minutes adrift in third.

Belgian rider Wout van Aert won the 21st and last stage, which broke with tradition and featured three climbs of Montmartre hill.

Because of heavy rain and the risk of crashes, organizers had earlier neutralized the times 50 kilometers from the end, effectively giving Pogačar the victory— providing he crossed the finish line.

He did the opposite of what almost every rider would do with victory a near certainty.

A s the rain teemed down, he set a tremendous pace in the Montmartre climbs as fans cheered all along the cobbled Rue Lepic, with flags and fans hanging out of windows.

Only five riders were left with Pogačar on the third ascension of the 1.1-kilometer Montmartre hill.

After fending off American Matteo Jorgenson, he was caught cold near the top as Van Aert launched a stunning attack to drop—yes, drop!—Pogačar, the world’s best climber, on the steepest section.

“Hats off to Wout, he was incredibly

strong,” Pogačar said. Van Aert rolled back down for a prestigious stage win on the famed Champs-Élysées.

Pogačar looked weary as he crossed the line in fourth place, 19 seconds behind.

But then it was time to celebrate title No. 4. Although don’t expect Pogačar to make any headlines on that front.

“Everyone celebrates in their own way, I just want peace and some nice weather, not like here today,” Pogačar said. “Just to enjoy some quiet days at home.”

Only four riders have won the showcase race five times: Belgian Eddy Merckx, Spaniard Miguel Induráin and Frenchmen Jacques Anquetil and Bernard Hinault.

Pogačar won four stages this year to take his Tour tally to 21 and 30 at major races, including six at the Giro d’Italia and three at the Spanish Vuelta.

The UAE Team Emirates leader praised his teammates.

“I think the second week was the decisive moment,” Pogačar said. “We took more advantage.”

Lipowitz, meanwhile, secured his first career podium at a Grand Tour, the alternative name given to the three major races. AP

JUNG SU PARK and Nam Deok Yi carded a 61 to clinched the Division I title via countback in the NUSTAR Golf Tournament 2025 which gathered more than 120 players from all over the country and abroad at the Alta Vista Golf and Country Club recently. Rico Rey Holganza and Grace Quintanilla also finished with a 61 to settle for second place with Marlo Cugtas and Jung Bum Woo winding up third with a 62 in the tournament that was played under the two-man scramble format with sequential tee offs.

In D ivision II, Kevin Charles de la Cerna and Jan Piolo Obial clinched championship with a net 67, followed by Sang Min Ju and Soo Man Lee who beat Gerrald Tan and Ramon Bonilla—after both pairs posted a 69—after the countback. Special awards were also handed out for the Fun Holes—Ricky Libago won Nearest to the Pin on No. 2 with a shot landing just three feet and 11

inches from the cup, Charles Francis Tiu recorded the Longest Drive on No. 10 with a 320-yard drive, Marlo Cugtas claimed the Most Accurate Drive on No. 11 and Kwang Il Park holed the Longest Putt on No. 18 from 31 feet.

“The NUSTAR Golf Tournament 2025 is more than just a tournament, it’s our way of bringing together the people who matter the most to us,” NUSTAR Chief Operating Officer Sean Knights said. “Not in the boardroom or ballroom, but out in the fairway, under the sun and the wind in an environment that’s both relaxed and rewarding.”

The participants—featuring a mix of top amateur golfers and invited professionals—enjoyed a full program of side activities including a welcome reception, sponsor exhibits and a festive awards ceremony.

The events highlighted NUSTAR’s dedication to supporting sports tourism and elevating luxury lifestyle experiences in Cebu.

COLLEGE of Saint Benilde’s (CSB) Sean Granada rose to the occasion on a rain-soaked Sunday by showcasing nerves of steel and sharp course management to clinch individual honors in Round 2 of the International Container Terminal Services Inc. (ICTSI) Intercollegiate Tour at the also wind-raked Splendido Taal Golf Club in Laurel, Batangas. Despite a grinding four-bogey stretch in the first 15 holes, the CSB standout held his composure and surged late with a clutch 30-foot birdie on the parfour 16th to highlight a gutsy round of 75 (38-37). His effort earned him a three-stroke victory over University of the Philippines’ Miggy Roque and Ateneo-1’s Schmuel Tan, who both carded 78s. “I drove pretty well on the 16th, leaving me just about 90 yards to the pin,” said Granada, 20. “But I hit it short—about 30 feet—but since it was an uphill lie, I charged it and ended up sinking the putt.” Coming off a joint fourth-place finish in Round 1 at Royal Northwoods, Granada credited his long game for pulling him through. “My driving definitely saved me, especially in that kind of weather,” he said. “I enjoyed it, but the conditions were really tough—25kph winds and a lot of rain. It was fun, but also frustrating.”

Marcial braces for 10-rd fight

By Josef Ramos

be a lot tougher than before,” he said, referring to a 10-round fight. Marcial, meanwhile, praised 46-yearold Pacquiao and Charly Suarez for remaining in shape despite their age.

“They still work hard to inspire the young who want to be world champions…just like me,” Marcial said. Suarez, who turns 37 next month, pulled off a no contest decision against Mexican Emanuel Navarrete in their fight last May 10 in San Diego, California.

NUSTAR COO Sean Knights addresses guests during the awarding ceremony after striking a pose during the ceremonial tee off with

left)