By Samuel P. Medenilla, Lorenz S. Marasigan and Justine Xyrah Garcia
AMID concerns on the impact of the two-year rehabilitation of Edsa on road traffic and commuters in Metro Manila, President Ferdinand Marcos Jr. on Sunday announced a one-month suspension on the construction works for the 23.8-kilometer road.
By Reine Juvierre S. Alberto @reine_alberto
THE national government raised nearly half of its borrowing program during the first four months of the year, as it front-loaded its borrowings amidst volatility in the global markets.
Data from the Bureau of the Treasury (BTr) showed the government’s gross borrowings reached P1.135 trillion from January to April 2025, down by 2.40 percent from P1.163 trillion in the same period in 2024.
The latest figure accounts for 44.59 percent of the government’s borrowing program for the year, set at P2.545 trillion.
The bulk of the total gross borrowings, or P835.510 billion, came from domestic lenders, while P299.62 billion was sourced from foreign creditors.
Domestic borrowings declined by 19.50 percent from P1.038 trillion in the first four months of 2024. This mostly consisted of P469.4 billion in fixed-rate Treasury bonds, P300 billion in fixed-rate Treasury notes and P66.110 billion in Treasury bills.
Meanwhile, external borrowings expanded by 141.494 percent from P124.099 billion in January to April 2024.
The increase was mainly driven by the P191.965 billion raised through multi-tranche global
bonds issued in February. To recall, the government raised $1.25 billion and $1 billion from 10-year and 25-year dollar bonds, respectively. It also generated €1 billion from euro-denominated bonds.
Also part of the government’s external borrowings during the fourmonth period were program loans amounting to P85.2 billion and P22.527 billion in project loans.
Timing issue, frontloading
ACCORDING to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation, the slight drop in the government’s borrowings is “largely a timing issue more than anything else” as lower
local
fold jump in foreign obligations.
This was also the result of the government frontloading its borrowings to finance the budget deficit and hedge against foreign exchange risks entailed in foreign borrowings and due to the volatility in the global markets, Ricafort added. The government’s fiscal deficit expanded to P411.5 billion as of endApril 2025, despite posting a P67.3billion budget surplus in April. For April alone, gross borrowings swelled to P390.060 billion, soaring by 337.27 percent from P89.202 billion in the same month last year.
By Andrea E. San Juan @andreasanjuan
THE Philippine Chamber of Commerce and Industry (PCCI), the largest business group in the country, urged relevant government agencies to “immediately” implement an Urgent Economic Mitigation Plan as local businesses are already reporting losses as high as 30 percent within the first week of the temporary closure of the San Juanico Bridge, a “critical” infrastructure link between Leyte and Samar. In a statement at the week-
end, PCCI said the closure has resulted in “severe” logistical delays affecting the movement of goods, especially perishable agricultural products and essential supplies like medical and pharmaceutical, construction inputs and consumer supplies and fuel, among others.
PCCI said the closure also led to increased transportation costs for both raw materials and finished goods due to reliance on “slower and more expensive” RORO services and ferry alternatives.
The closure of the bridge also
THREE legislative measures are on the wish list of the Joint Foreign Chambers of Commerce (JFC) for enactment before the end of the 19th Congress. These are the Konektadong Pinoy Act, Enhanced Fiscal Regime for Large-Scale Metallic Mining Act and amendments to the Investor’s Lease Act.
In a statement at the weekend, the group of foreign chambers said these major reform bills will help elevate the Philippines’s overall competitiveness in the Asean region.
“As the 19th Congress nears its end, the JFC is hopeful that these three major reform bills will be enacted without delay,” the JFC said in a statement.
“We see their passage as key to unlock new economic opportunities and strengthen the Philippines’ overall competitiveness in the Asean region,” the chambers also pointed out.
The group of foreign chambers said it sent letters to House and Senate leaders to express their “strong support” for the prompt passage of several long-awaited economic measures before the adjournment of the 19th Congress.
In its letters, the JFC said it also commended lawmakers for introducing and moving along various measures recommended by the group to attract more investments and improve job creation.
The letter read: “With approval
already secured from both chambers of Congress, a number of important reforms have reached the last step of the legislative process or the Bicameral Conference Committee.”
JFC said these include the Konektadong Pinoy Act, which is aimed at modernizing the governing law of the data transmission sector to provide “accessible, affordable and reliable” internet to all Filipinos. Also one of the long-awaited economic measures is the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, which seeks to introduce a “streamlined and equitable” fiscal regime that provides “clarity, consistency, and stability for investors in critical minerals.”
The group of foreign chambers also stressed the importance of greenlighting the amendments to Republic Act No. 7652 or the Investor’s Lease Act to create a more stable and predictable leasehold system to encourage greater foreign investment. For the past several Congresses, the JFC and Philippine business groups have compiled a “comprehensive” list of policy reforms deemed essential for the Philippines’ sustained economic growth.
“The JFC anticipates having its reform agenda for the 20th Congress finalized and available before the President’s State of the Nation Address [Sona] in July,” the group also noted. Andrea San Juan
Consumer loans grow 24%, still among fastest in Asia
By Cai U. Ordinario
CONSUMER loan growth was still among the fastest in Asia, fueled by credit card and motor vehicle loans in April
2025, according to the Bangko Sentral ng Pilipinas (BSP).
BSP data showed consumer loans grew by 24 percent in April from 23.9 percent in March, driven by the increase in credit card loans.
Consumer loans, which excluded real estate loans, amounted to P1.67 trillion in April 2025 from P1.64 trillion in April 2024. Consumer loans accounted for 12.6 percent of total outstanding loans.
“[This is] amid the country’s favorable demographics that made it still
4-mo gross…
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This was due to domestic borrowings surging by 367.10 percent to P384.710 billion from P82.360 billion last year. Majority of these were raised through fixed-rate Treasury notes (FXTNs).
During the month, the govern-
among the fastest growing economies in Asean/Asian despite the recent slowdown in the first quarter 2025 GDP growth,” Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said.
“Consumer loans [is] a growing pie in the local banking industry, as the country’s consumer loans-to-GDP ratio at more than 11 percent is still relatively lower compared to other more developed Asean/Asian countries,” he said.
Based on the data, credit card loans grew 29.3 percent while motor vehicle loans posted a growth of 19 percent, the same rate it posted in March 2025.
The data on consumer loans also included Salary-Based General Purpose Consumption Loan, which
ment issued the 10-year FXTNs and generated P300 billion through a 10day public offering. The benchmark notes have an annual fixed coupon rate of 6.375 percent and are set to mature on April 28, 2035. There were also P67 billion yielded from fixed-rate Treasury bonds and P17.710 billion from Treasury bills. Meanwhile, external borrowings fell by 19.17 percent year-on-year to
posted a growth of 9.3 percent in April 2025. However, this is slower than the 9.9-percent growth in March 2025.
Meanwhile, total outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, expanded by 11.2 percent year-on-year in April 2025 from an 11.8-percent growth in March 2025.
On a month-on-month seasonallyadjusted basis, outstanding U/KB loans, net of RRPs, increased by 0.3 percent.
Outstanding loans to residents, net of RRPs, grew at a slower rate of 11.9 percent in April from 12.4 percent in March.
Meanwhile, outstanding loans to non-residents decreased by 10
P5.530 billion, consisting of project loans, from P6.842 billion.
The national government’s outstanding debt rose to P16.683 trillion as of end-March 2025, 11.78 percent higher year-on-year from P14.925 trillion.
This year, the government will adopt an 80:20 borrowing mix to minimize its exposure to foreign exchange risks.
Of the amount, P2.037 trillion
percent in April, following a 5.6-percent decline in the previous month.
The data showed loans for production activities grew by 10.3 percent in April from 10.8 percent in March.
Loan growth eased due to the slower expansion in lending to key industries such as real estate activities at 8.9 percent and wholesale and retail trade, repair of motor vehicles and motorcycles at 9.9 percent.
Loan growth for the manufacturing sectors grew 0.6 percent; financial and insurance activities, 7.5 percent; information and communication, 7.7 percent; and transportation and storage, 14.9 percent.
will be raised domestically while P507.408 billion will come from external sources.
In the coming months, Ricafort said the government could still see its outstanding debt reach new record highs, as it would need to hedge both local and foreign borrowings due to the “Trump factor.”
The government’s outstanding debt is expected to reach P20.7 trillion by the end of the Marcos Jr. administration.
resulted in disruption of labor mobility, hindering the daily commute of workers and professionals across the region.
Moreover, the bridge’s temporary closure led to reduced customer traffic for micro, small, and medium enterprises (MSMEs), which rely heavily on inter-island commerce.
Explaining the economic impact, PCCI said the San Juanico Bridge is not merely a physical connection between two islands.
“It is the economic artery of Eastern Visayas. It links Leyte’s commercial hub [Tacloban] to Samar’s farm provinces. It forms part of Asian Highway 26, the only continuous over-land route between Luzon, Visayas, and Mindanao,” said PCCI.
While PCCI said it understands the “necessity” of ensuring public safety and conducting rehabilitation works, the closure has already “triggered significant disruptions to commerce, mobility, and the local economy.”
However, it outlined immediate actions that must be done to minimize the economic damage.
Among these is the need for a “coordinated action” by government agencies which include the Department of Public Works and Highways (DPWH), Department of Transportation (DOTr), Marina, Philippine Ports Authority (PPA), Department of Economy, Planning, and Development (DEPDev), Department of Agriculture, Department of Health (DOH), Office of Civil DefenseNational Disaster Risk Reduction and Management Council (OCDNDRRMC), Philippine Statistics Authority (PSA), relevant local gov-
the BusinessMirror’s queries.
“But it’s a big sacrifice [for commuters]. The two years [of rehabilitation] are too much of a burden and it will worsen traffic [in NCR]. So that’s why we will pause it for now,” he said.
The President said he instructed the Department of Public Works and Highways (DPWH) as well as the Department of Transportation (DOTr) to use the one-month deferment to consider other “new technology,” which may help reduce the rehabilitation period.
“Let’s make a new plan. So that instead of two years we can do it in six months or in one year. But right now it’s very clear that many people will have difficulty,” Marcos said.
“We will find a better way,” he added.
DPWH and DOTr officials earlier said the Edsa rehabilitation, which was supposed to start on June 13, 2025, was part of the government preparations for the 2026 Association of Southeast Asian Nations (Asean) Summit, which will be hosted by the Philippines.
The DOTr said on Sunday it will heed the President’s directive to pause the Edsa Rebuild project and reevaluate its strategy, committing to explore faster construction methods and minimize disruptions on the capital’s busiest thoroughfare.
In a statement, the agency emphasized its readiness to collaborate with the DPWH, the Metro Manila Development Authority (MMDA), and other agencies to deliver a plan that meets the President’s call for “speed, efficiency, and compassion” for commuters.
“The President made it clear that a two-year ordeal of gridlock and lost time is unacceptable, especially with the school year fast approaching. The traffic, wasted hours, and missed opportunities are too high a price for commuters and motorists to pay,” the agency said.
The DOTr said it will fully cooperate in the “whole-of-government approach in implementing effective and modern ways to speed up the Edsa rebuild.”
Transportation Secretary Vince Dizon was sought for more information, but he has yet to reply to
ernment units (LGUs) and others to implement an Urgent Economic Mitigation Plan. According to PCCI, the Plan includes: activation or repair of the Tacloban-Catbalogan and TaclobanCalbayog Ro-Ro ramps, subsidization of barge charters, temporary waiver of fees by PPA and Marina for essential food and medical shipments, designation of precleared staging areas for trucks serving the agriculture and health sectors and rollout of a digital barge booking system to minimize waiting times.
PCCI also cited a need to appoint a San Juanico Bridge Rehabilitation Czar to provide “central leadership, unify planning and decision-making and coordinate action across the different jurisdictions.”
Also among the proposed actions of PCCI is to improve the efficiency and capacity of Roll-On, Roll-Off (RORO) services and ensure “fair regulation” of fare and cargo fees to prevent price gouging.
To protect small merchants from this disruption, PCCI emphasized the need to “Explore subsidy programs or tax relief for affected MSMEs, especially those in the transport, agriculture, and retail sectors.”
PCCI urged relevant government agencies to “expedite” rehabilitation efforts and consider phased or limited access to allow partial reopening for light vehicles or commercial deliveries.
“The PCCI and its local chambers remain committed to working hand-in-hand with government agencies and other stakeholders in navigating this crisis. Our shared goal is to maintain regional economic stability while supporting the modernization and safety of our infrastructure. We reaffirm our readiness to be part of the solution,” PCCI said in its statement.
For his part, DPWH Secretary Manuel Bonoan has affirmed the agency’s commitment to the President’s directive directive to fast-track the rehabilitation of EDSA through the use of modern road construction technologies.
“The project will be carried out in phases, following a strategic construction schedule to minimize disruption,” said a DPWH statement.
The delay of the rehabilitation work, which was initially set to begin on June 13, “will allow the government more time to thoroughly assess the application of innovative technologies aimed at accelerating the EDSA rebuild project. It will also provide an opportunity to explore alternative measures to alleviate traffic congestion during the project’s implementation,” said DPWH.
Reacting to the development, commuter group The Passenger Forum (TPF) said the MMDA should “craft a way to make Edsa Rebuild more acceptable to commuters and motorists.”
“It gets worse before it gets better—that’s true—but their proposed coding is too problematic and will gravely affect the inner roads. So what BBM did is welcome because it is a reaction to the public uproar over the odd-even scheme,” TPF Convenor Primo Morillo said in a phone call.
Morillo added that the pause order should also serve as a challenge to public agencies to listen to citizens and develop more responsive alternatives.
“If private citizens can come up with more acceptable solutions, why not an agency that has the budget?” he said.
Family Fare promo ASIDE from the suspension of EDSA rehabilitation, Marcos, who was accompanied by the First Lady Louise “Liza” A. Marcos and their three sons, also announced the Family Fare 1+3 Promo for the MRT-3 and Light Rail Transit Lines 1 and 2.
“A part of the Filipino culture, is Sundays are meant for the family. It [the program] aims to give our countrymen the opportunity to feel this every Sunday,” Marcos said in Filipino.
While at the MRT-3 station, the First Family interacted with the passengers and even rode the train. DOTr said the program will allow commuters to pay for only one ticket for four passengers every Sunday. The initiative aims to make it affordable for families or groups of friends to ride the
MRT-3, LRT and 2 during the weekend. The promo will last until the last Sunday of 2028. The program is expected to benefit an average of around 350,000 passengers of the said trains, every Sunday. Data from DOTr, showed the said trains had the following number of riders in the four Sundays last month: 342,371 (May 4), 332,063 (May 11),362,638 (May 18), and 370,407 (May 25).
Labor lauds suspension LABOR groups immediately welcomed the Palace’s decision, saying it spares millions of commuting workers from potential disruption.
In a statement, Federation of Free Workers President Sonny Matula said President Marcos made the right call, but stressed the need for immediate dialogue with labor groups moving forward.
“We welcome that the President now seems to be listening with more sensitivity. But listening must lead to action. That’s why we are calling for an urgent dialogue with the President,” Matula said. He said any plan must include “proper consultation” and “safeguards,” especially since workers and commuters will bear the brunt of the disruption.
“Even the best plans can fail if the people are not heard or don’t feel ownership…Progress should not come at the expense of the working public or result to hardship of our people,” Matula added. Just days before the announcement, labor groups had warned that workers would suffer the most if the project pushed through without solid plans to manage its impact.
Meanwhile, Sentro Secretary-General Josua Mata also praised the suspension of the project.
“Postponing the Edsa rehab was the right call—you don’t tear up a major artery without a clear vision or a plan to protect workers and commuters from the fallout,” he said. The labor leader also said that the decision puts pressure on government agencies to act.
“Perhaps now, [Department of Labor and Employment] will finally step up,” Mata added.
Earlier, the DOLE said it had no authority to mandate a work-fromhome setup in case the Edsa project disrupted public transport, but would strongly encourage employers to adopt it; and to relax company policies such as those on tardiness.
Southmont Central: Where Investment Fuels a Vibrant Lifestyle
By Candy P. Dalizon Contributor
SOUTHERN Luzon is an emerging powerhouse of economic activity, and Ayala Land’s Estates have long been laying the groundwork for what it means to redefine modern living. Spanning over 4,500 hectares across four transformative developments—Nuvali, Broadfield, Aéra, and Southmont— Ayala Land’s estates integrate residential, commercial, civic, and lifestyle components, shaping the next chapter of progress in the South.
Within the historic and scenic town of Silang, Cavite, nature and modern life blend seamlessly in Southmont, an expansive 800-hectare estate thoughtfully integrated with its rolling hills and panoramic views.
Th is dynamic masterplan, a collaboration between property giants Ayala Land and Cathay Land, offers a complete and connected lifestyle. Imagine living in vibrant residential communities, enjoying convenient retail and commercial hubs, staying active with sports and leisure facilities, and having access to essential institutions – all within one beautifully integrated haven. Southmont truly captures the potential of the high South, offering both stunning scenery and exceptional connectivity.
Connectivity is paramount at Southmont, positioning it as one of the most accessible estates in the region. Its strategic location along the Cavite growth corridor provides direct access to CALAX (CaviteLaguna Expressway), ensuring swift connections to Metro Manila.
Southmont also benefits from access to key thoroughfares such as Sta. Rosa – Tagaytay Road, Pook Road, and Carmen Road. Future in-
frastructure developments, including the upcoming CTBEX (CaviteTagaytay-Batangas Expressway) and the Light Rail Transit Line 1 (LRT-1) Cavite Extension, will further enhance its accessibility, placing residents and businesses within
and 30 in Village Center).
Verdea is the second horizontal development by Alveo Land in Southmont. A close-knit community spanning close to 25 hectares where life intertwines with nature, this address is just a relaxing hour and a half from Manila. Verdea offers a welcoming neighborhood connected by existing and upcoming road networks. With 52 percent of its lots sold, Verdea will begin the turnover of 372 lots in the first quarter of 2026.
A nother residential community in Southmont, Lanewood Hills by Ayala Land Premier offers a select collection of only 362 lots, with over 60 percent of its total area dedicated to open spaces.
With an average density of only six lots sharing a hectare, the neighborhood provides the luxury of space in a highly-exclusive and tranquil environment. Having sold 90 percent of its lots, Lanewood
to elevate the quality of life for the Southmont’s residents and visitors, creating a vibrant community at the heart of the estate. Whether for ownership or investment, Southmont Central presents inspiring and revitalizing spaces.
C overing 5.8 hectares, the first phase of commercial lots offers 37 prime lots, each averaging 925 square meters. These substantial lots are thoughtfully integrated with significant open spaces, creating a refreshing and vibrant atmosphere conducive to both people and businesses.
L eisure and fitness blend effortlessly into life at Southmont with the expansive sixhectare Sports Club. Residents and guests enjoy convenience, achieving their fitness goals and connecting with others through a wide variety of amenities designed to promote overall well-
easy reach of essential services and neighboring urban centers.
Homes built for a lifetime of moments
Southmont offers living spaces designed for every stage of life. Its residential developments cater to the diverse and evolving needs of modern homeowners and discerning investors alike.
Picture a vibrant setting where homes and businesses flourish surrounded by nature. That’s Hillside Ridge, a breezy, 41-hectare community skillfully designed by Alveo Land. The neighborhood features a pedestrian-centric design creating a safe environment for all. At its heart is the Hillside Ridge Village Center which offers retail and lifestyle experiences, making it easy to connect with neighbors and enjoy life.
Hillside Ridge and Village Center have sold 97 percent of their lots and have started the turnover of a total of 543 lots in the first quarter of 2023 (513 lots in Hillside Ridge
Hills began the turnover of lots in the fourth quarter of 2024.
Introducing Southmont
Central: The new heart of a thriving estate
Last March 22, 2025, Southmont unveiled its latest 36-hectare development, Southmont Central. True to the estate’s commitment to a vibrant community, this new area harmoniously combines commercial, recreational, and green spaces for a fulfilling live-work-play experience.
Southmont Central enjoys a strategic position surrounded by the estate’s residential communities of Alveo’s Hillside Ridge and Verdea, and Ayala Land Premier’s Lanewood Hills. This central location fosters a nurturing environment for businesses, families, and personal well-being, creating an inviting destination for all. Its diverse commercial offerings, state-of-the-art sports facilities, and a church are all purposefully brought together
being – all within the community and accessible to neighbors. Southmont Central demonstrated its immediate appeal with an impressive 43 percent of its inventory sold on its first day. Offering a prime location for emerging and established businesses to flourish, Southmont Central anticipates its turnover in Q3 2028, promising new opportunities and a distinct sense of community to the region for years to come. With its strategic location in the high South’s burgeoning Cavite growth region, breathtaking natural surroundings, seamless connectivity, and well-designed and connected communities and amenities, Southmont presents a compelling proposition for both homeowners and investors. If you’re seeking a place to build a life or an investment with long-term potential in a thriving location, consider the advantages of Southmont. Explore your options today and become part of this evolving landscape of possibilities.
DEFENSE officials from the Philippines, Australia, Japan and the United States on Saturday announced four key developments in their partnership shortly after a meeting in Singapore.
Representing their ministries are Philippine Secretary of National Defense (SND) Gilberto Teodoro, Australian Deputy Prime Minister and Minister for Defence Richard Marles, Japanese Minister of Defense Nakatani Gen and United States Secretary of Defense Pete Hegseth.
“This marked the fourth Defense Leaders Meeting of these four countries in the last three years, underscoring their sustained and significant collaboration to advance a shared vision for a free and open Indo-Pacific,” the joint statement said.
The four key developments are the following:
*Synchronizing Priority Defense Investments: The defense leaders reaffirmed the importance of enhancing security cooperation by aligning their efforts, including infrastructure investments, to support Philippine defense priorities and a free and open Indo-Pacific.
“Together, the installation of Japan-made air surveillance radar
systems at Wallace Air Station, the United States’ continued development and integration of air domain sensors at Basa Air Base Command and Control Fusion Center, and Australia’s efforts to support the growing defense infrastructure in the Philippines have collectively helped improve the Armed Forces’ [AFP] air domain awareness in the SCS [South China Sea]. The defense leaders committed to further synchronize security cooperation to better support air and maritime domain awareness and other defense priorities.”
*Enhancing Information-Sharing: The defense leaders recognized the importance of information-sharing to establish a common operating picture in the SCS and the Indo-Pacific Region. The defense ministers welcomed the recent conclusion of the bilateral General Security of Military Information Agreement (Gsomia) between the United States and the Philippines, and noted that Australia and Japan intend to undertake bilateral discussions for similar
agreements with the Philippines.
“They affirmed that these efforts will facilitate greater information-sharing and analysis, including at a combined hub for such purpose,” it said.
*Strengthening Cybersecurity and Resilience: The defense leaders reached consensus on jointly investing in the Philippines’ cybersecurity and resilience for defense, including through existing defense exercises and trainings.
The defense leaders also recognized the importance of cooperation to counter threats to national security posed by malicious actors.
*Increasing Operational Coordination and Interoperability: The defense leaders reaffirmed the significance of their operational collaboration and synchronization in the Indo-Pacific region, including in the East China Sea (ECS) and SCS, for greater deterrence, peace, and security.
Building on the success of past multilateral maritime cooperative activities, they committed to sustaining their participation and expanding the scope and frequency of such engagements with additional like-minded partners. They also reached consensus to explore planning joint intelligence, surveillance and reconnaissance activities to improve interoperability and coordination on effective maritime and air domain awareness in the East China Sea, the SCS, and surrounding waters.
“The defense leaders concurred on the importance of regularly convening meetings at ministerial and officials’ levels to reinforce cooperation and coordination among the four countries. Looking ahead, they committed to continue working together and with other like-minded partners to support peace, stability, and prosperity in the Indo-Pacific,” the statement said.
Aside from this, the four defense chiefs also expressed continued serious concern about China’s destabilizing actions in the ECS and the SCS and any unilateral attempts to change the status quo by force or coercion.
“They reiterated their serious concern about dangerous conduct by China in the SCS against the Philippines and other countries, and stressed the importance of the peaceful resolution of disputes,” it added.
The four defense ministers also underscored the importance of upholding international law, freedom of navigation and overflight, particularly as reflected in the United Nations Convention on the Law of the Sea.
The defense leaders also called for peace and stability in the region. They underscored the importance of the central role of the Association of Southeast Asian Nations and the Asean-led regional architecture in ensuring security and stability in the Indo-Pacific Region.
MMDA cancels implementation of ‘odd-even’ scheme on Edsa
By Claudeth Mocon-Ciriaco @claudethmc3
THE Metropolitan Manila Development Authority (MMDA) on Sunday announced that the implementation of odd-even scheme will be cancelled following the pronouncement of President Marcos to halt the Epifanio de los Santos Avenue (Edsa) Rebuild Project, initially scheduled to begin on June 16. Marcos has decided to suspend
the project “to find better way” to ease the burden of the commuting public.
The MMDA will continue implementing the existing number coding scheme.
However, the agency was mum on the implementation of the No Contact Apprehension Policy (Ncap), the temporary restraining ordered against it by the Supreme Court having been partially lifted owing to the Edsa rehabilitation project.
“Pursuant to the directive of the President, the MMDA will suspend the imposition of the odd-even scheme which was part of the traffic management plan that was laid down intended to decongest Edsa before the looming rebuild,” said MMDA Chairman Romando Artes.
This development, Artes said, will give them a chance to revisit the plan to ease the expected heavy traffic during the scheduled twoyear rehabilitation.
“The postponement will give
us time to look for other traffic mitigating options for the Edsa Rebuild which will be less than burdensome to motorists and commuting public” he said.
The Edsa Rebuild Project is part of the “Build Better More” of Marcos, a major infrastructure project envisioned as a long-term solution to the dilemma of pothole patching and damaged road pavements by using reinforced concrete to strengthen road integrity to make it withstand high vehicle volume.
Congressman warns vs delay in Duterte impeachment trial
By Jovee Marie N. dela Cruz @joveemarie
AMEMBER of the House impeachment prosecution panel on Sunday warned of further delays in the impeachment proceedings against Vice President Sara Duterte, saying the oath-taking of senator-judges may also be pushed back.
In a radio interview, House Deputy Majority Leader Lorenz Defensor said the impeachment trial timetable could be affected by Senate President Francis Escudero’s decision to move the reading of the
Articles of Impeachment from June 2 to June 11.
“Under the original schedule, the Articles of Impeachment were set to be read on June 2, and senators were supposed to take their oath as judges the next day or shortly after,” Defensor, who represents Iloilo said.
“But with the presentation moved to June 11, and the following day being Independence Day, we are likely to face more delays,” he added.
In a separate radio interview, House Assistant Majority Leader Jude A. Acidre said they would await
the Senate’s action on June 11.
“The Senate has said they will take it up on June 11. I believe not just the House, but the entire nation is closely watching what the Senate will do,” Acidre said, expressing disappointment over the deferment.
Acidre, a nominee of the partylist group Tingog, said he would rely on the assurance of Senate President Pro-Tempore Jinggoy Estrada that senators would fulfill their constitutional duty to tackle the impeachment complaint.
Acidre said he trusts Senate President Pro Tempore Jinggoy Estrada’s assurance that the Senate will fulfill its constitutional duty to act on the impeachment complaint.
He emphasized that the trial is not merely a political matter but one that involves the integrity of the country’s democratic institutions.
Adjournment
DEFENSOR also clarified that the Senate’s adjournment on June 11 applies only to its legislative function—not its role as an impeachment court.
“What will adjourn sine die is the Senate as a legislative body under its rules of procedure. The impeachment trial is a different process altogether—it is
‘Vote
on jurisdiction to unmask Sara’s allies among senators’
By Butch Fernandez @butchfBM
AMOTION by Vice President Sara Z. Duterte challenging the jurisdiction of the 20th Senate in trying the impeachment case against her may well provide her and the public a preview of the votes she could get should the impeachment trial proceed, according to veteran election lawyer Romulo Macalintal.
“If Duterte files a motion challenging the Senate’s jurisdiction, the outcome— whether granted or denied—will be decided by a simple majority of 13 senators. Regardless of the result, the vote will give Duterte a preview of her support in the Senate. If she secures at least nine senators, she may be confident of acquittal, even if the trial proceeds,” Macalintal said in a statement on Sunday.
“In effect,” he added, “the jurisdictional issue may become Duterte’s first test of strength in the Senate Impeachment Court—well before the trial even begins.”
The lawyer explained why the jurisdictional issue is crucial. He recalled that the impeachment complaint against Duterte was filed before the Senate during the 19th Congress, which will adjourn on June 13, 2025. “With the 20th Congress set to convene on July 28, 2025, a key legal question arises: Can the impeachment case be carried over to the next Congress?”
This, he said, “raises a jurisdictional issue that Duterte could immediately challenge once the Senate convenes as an Impeachment Court. If she questions the authority of the 20th Congress to proceed with the complaint, the Senate will be compelled to vote on her motion— wherein the results of the voting could effectively
reveal whether she has the numbers to block the trial at the outset.”
Macalaintal said the issue centers on Section 123, Rule XLIV of the Senate Rules, which provides: “All pending matters and proceedings shall terminate upon the expiration of one Congress, but may be taken up by the succeeding Congress, as if presented for the first time.”
The Vice President, he added, “may argue that since the impeachment complaint remained pending at the end of the 19th Congress, any action on it by the 20th Congress would amount to treating it as a new complaint—thus violating the constitutional one-year bar on filing more than one impeachment complaint against the same official.”
While some may assert—as Senate President Chiz Escudero has done -- that the Senate, as a continuing body, can validly resume unfinished matters, “jurisprudence offers a contrary view,” according to Macalintal.
He cited Banag v Senate (2018), where, he recalled, the Supreme Court clarified that although a succeeding Congress may take up pending matters, it must do so “as if presented for the first time.” The Court had explained that the new composition of the Senate justifies this rule, as senators not part of the original deliberations cannot be bound by them.
“This interpretation casts doubt on the Senate’s ability to claim automatic jurisdiction over impeachment complaints filed during a previous Congress,” said Macalintal.
“Moreover, the requirement for each new Congress to re-adopt and publish its own rules reinforces the notion that it is a separate and distinct legislative body.
Political think tank warns vs drift toward impunity
By Rizal Raoul Reyes @brownindio
OLITICAL think tank
PCenter for People Empowerment in Governance (CenPEG) on Saturday expressed deep concern over the apparent drift toward impunity in the face of the impeachment complaint filed against Vice President Sara Duterte.
not a legislative action. Under the Constitution, once a trial begins, it must proceed regardless of whether the Senate is in session legislatively,” he said.
He further noted that the trial could extend into the incoming 20th Congress until a final verdict is reached.
The House impeachment prosecutor expressed the hope that the actual trial of VP Duterte would still begin on July 30, as earlier announced by Escudero.
He said a pushback in the schedule would further delay the impeachment process.
“According to the Senate President’s calendar, the trial is set for July 30. While we accept the delay in the reading of the Articles of Impeachment—as prosecutors, we respect the decisions of the impeachment court—we only hope the actual trial won’t be further delayed,” he said.
As for the Senate president’s decision to reset the presentation of impeachment charges to June 11 to give way to the legislative agenda of the Senate, Defensor said he agreed with such a decision.
However, he said legislative work should give way to the process of exacting accountability on the part of the Vice President through impeachment.
As allegations of misuse of public funds and abuse of authority intensify, CenPEG warned that any deliberate inaction or political cover up by the country’s top institutions threatens to erode the rule of law and constitutional accountability.
It emphasized that the Constitution is clear. “Once an impeachment complaint
has passed through the House of Representatives,” CenPEG said, “the Senate is constitutionally bound to convene as an impeachment court and hold a trial.”
It said any refusal or delay to fulfill this mandate is not only a dereliction of duty—it is a direct assault on democratic checks and balances.
“When those in high office are shielded from legal and political accountability, we slide into the normalization of impunity. The Senate must rise above partisan loyalties and uphold its constitutional role. To do otherwise is to betray public trust,” explained Prof. Roland Simbulan, CenPEG chairperson in a press statement.
House approves five key bills before adjournment
BEFORE the 19th Congress adjourns sine die on June 13, Speaker Ferdinand Martin G. Romualdez on Sunday announced the last-minute approval of five key measures, including the proposed Anti-Offshore Gaming Operations Act and the proposed Philippine Civil Registry Act.
Romualdez said that the House of Representatives will resume session on Monday and swiftly act on several crucial legislative measures.
“It’s time to finish what we started. Now is the final stretch of the 19th Congress, and we intend to make every day count,” Romualdez said.
Among the priority bills up for final reading are House Bill 10987, or the AntiOffshore Gaming Operations Act, which seeks to ban Philippine Offshore Gaming Operators (Pogos) and similar gambling activities, and HB 11359, the Philippine Civil Registry Act, which aims to modernize the civil registration system. Also scheduled for final approval are HB 11430, the Declaration of State of Imminent Disaster Act; HB 11395, the AICS Act, which institutionalizes emergency aid for individuals in crisis; and HB 11400, a bill expanding benefits and privileges for
senior citizens.
“Let us act decisively. Each of these measures directly impacts Filipino lives—from community safety to the rights and welfare of our elderly,” Romualdez said. He highlighted the urgency of the Anti-Pogo bill, noting its aim to curb rising incidents of crime, corruption, and national security threats linked to offshore gaming.
“We owe it to our people to shut the doors on criminal syndicates hiding behind legal loopholes,” Romualdez said, adding that the measure was an offshoot of the work of the House Quad Committee.
As the legislative session winds down, Romualdez reminded lawmakers to protect democratic institutions amid growing online threats.
“Fake news, disinformation, and algorithmic manipulation—these are attacks on truth, democracy, and the Filipino mind. We must not allow them to spread,” he warned.
“In these final days of the 19th Congress, let us show that the House of the People remains a bastion of truth, justice, and order. We are the guardians of the people’s trust,” he added. “We started strong, and we will finish strong.”
Monday, June 2, 2025
Rental housing as another 4PH scheme?
By Bless Aubrey Ogerio
THE Department of Human Settle -
ments and Urban Development (DH -
SUD) is exploring rental housing as an additional scheme under the government’s flagship housing initiative, Pambansang Pabahay para sa Pilipino (4PH).
In a statement on Sunday, Housing Secretary Jose Ramon Aliling said the agency is open to adopting “all feasible modalities” to make the program more inclusive and adaptable to the varying needs of Filipinos.
“We must exhaust all feasible modalities under 4PH. The more schemes available for our kababayans, depending on the need and their capacity, the better,” Aliling said.
The inclusion of rental housing support is being considered, particularly for families in lower income brackets.
Aliling, who assumed office last week, also announced a recalibration of 4PH to cover horizontal developments, or
subdivision-style housing, in addition to existing vertical or condominium-type units. Previously, 4PH projects focused solely on vertical housing. Prior to his appointment as Housing czar, Jose Rizalino Acuzar was involved with condominium developer New San Jose Builders. The shift comes amid earlier implementation delays in the 4PH rollout. In January, DHSUD reported a two-year setback in the program, attributing the delay to the initial transition to vertical housing and delays in the submission of required project documentation. (See: https:// businessmirror.com.ph/2025/01/01/ housing-shift-docu-issues-bug-4phprojects-cause-delay/)
Acuzar, who now serves as Presidential Adviser for Pasig River Rehabilitation, had previously said that vertical housing was necessary to maximize land use, but also acknowledged it required significant planning and construction adjustments. Based on the Local Shelter Plan Data
from December 2019, around 3.75 million families remain in informal settlements or squatter colonies, while the national housing backlog stands at 6.5 million units.
Homebuyer complaints
THE Department of Human Settlements and Urban Development (DHSUD) has issued a new department circular aimed at speeding up the processing of complaints filed by homebuyers against subdivision and condominium developers.
Shortly after assuming office, Aliling signed the circular “Providing for the Expeditious Handling and Disposition of Buyers’ Complaints against Developers of Subdivision and Condominium Projects.”
“Homebuyers and other real estate clients encountering problems deserve better from DHSUD. Malakingbagayponamapabilisnatin angresolutionngkanilangmgaproblemana inihaharapsaatin,”Aliling stated.
The directive instructs DHSUD regional offices to submit bi-weekly status reports
DA eyes more pork imports
otherwise, it will be deemed approved.
Tto the department’s Central Office regarding all pending complaints.
During the department’s ceremonial turnover event held Monday, Aliling said the directive also aligns with efforts to ensure that developers fulfill their obligations to buyers.
He also said the department would study how it can assist homeowners’ associations in resolving their concerns to prevent the escalation of disputes.
The circular forms part of DHSUD’s operational measures following recent leadership changes, as well as its ongoing implementation of the national housing program.
According to data from DHSUD, a total of 758 complaints were received in 2024. Of these, 255 cases involved private developers, while 245 were related to homeowners associations, accounting for more than 65 percent of all complaints filed last year.
The department said that all but 11 cases were resolved within the mandated 72-hour period.
www.businessmirror.com.ph
Group to election winners: Deliver on climate justice
By Manuel T. Cayon @awimailbox
DAVAO CITY—The environment advocacy group Greenpeace Philippines has challenged winners in the recently elections to look into government climate change actions and to deliver on climate justice, including a move to make polluters accountable.
“Greenpeace Philippines is challenging newly elected officials to step up political leadership on climate justice and action. Very few candidates ran with the platform to address the climate emergency, but now the winners must hit the ground running to deliver climate solutions and justice to the millions of Filipinos who are annually assailed by super typhoons and extreme heat,” Greenpeace Philippines Country
Director Lea Guerrero said.
She said the new officials have the next three years as opportunity “to heed the calls of their constituents and show true leadership for people and the planet”.
“Leaders must keep in mind that addressing the impacts of climate change and improving disaster preparedness remain top
priorities of Filipinos,” she said. This means, she added, “strengthening the climate resilience of vulnerable communities, holding polluters accountable by making them pay for climate loss and damage, and ensuring that laws and policies are grounded on climate justice.”
“Without urgent, systemic action, the ongoing climate crisis will exacerbate poverty, hunger, and inequality. Leaders must act urgently,” Guerrero said.
Specifically, the Greenpeace Philippines “is challenging the winning candidates to champion communities by strengthening climate resilience, hold polluters accountable and make them pay for climate loss and damage, back a just energy transition away from fossil fuels, promote health-focused climate policies and mainstream climate justice across all levels of governance.”
“As their first order of business as when they take office, and upon resumption of Congress, Greenpeace is calling on local and national officials to support the passage of the Climate Accountability [Clima] bill, put in place local and national bans on single use plastics, and reject plans and legislation for dangerous nuclear power,” the group said.
By Ada Pelonia @adapelonia
HE Department of Agriculture
(DA) is eyeing additional pork shipments that will enter the country under a lower tariff to temper retail prices, which have surged to as high as P500 per kilo.
Agriculture Secretary Francisco Tiu Laurel Jr. told the BusinessMirror that the agency’s proposal to invoke a minimum access volume (MAV) Plus of 150,000 metric tons (MT) aims “to bring down the price of pork.”
However, the Meat Importers and Traders Association (Mita) wants the volume of MAV Plus for pork to be “at least” 200,000 MT for three years or until January 31, 2029 to plug the deficit in local production.
Mita President Emeritus Jesus Cham also proposed that the volume should
be available to any qualified importer on a first-come-first-served basis, thus removing the distinctions between producers, processors, traders, and foodservice operators among others.
“Each importer shall be capped at a maximum of 1,000 tons in order to prevent any single importer from cornering the volume,” Cham said in a letter to the MAV Secretariat.
Pork imported via the MAV scheme enjoys a lower tariff of 15 percent for shipments falling under the in-quota allocation while the out-quota allocation is slapped a tariff of 25 percent.
Under the law, modifications or adjustments of the MAV are allowed in case of shortages or abnormal price increases.
It stipulates that the President should propose any revisions of the MAV to Congress. The latter should act within 15 days from receipt of the proposal;
The Philippines previously implemented the MAV Plus of 200,000 MT in 2021 to address supply shortage and pull down retail prices of the commodity as African swine fever (ASF) took a toll on domestic output.
For 2025, the United States Department of Agriculture-Foreign Agriculture Service (USDA-FAS Manila) expects pork production to settle at 1.06 million metric tons (MMT) carcass weight equivalent (CWE).
This figure presents a deficit from the country’s projected pork consumption at 1.58 MMT CWE this year, based on the international agency’s figures.
Currently, retail prices of pork ham in Metro Manila markets range from P350 to P430 per kilo, while pork belly is being sold from P390 to P500 per kilo, based on the government’s price monitoring report.
If there was impunity for extra-judicial killings during the Duterte presidency, Simbulan there is now impunity for corruption and plunder under the Marcos Jr. administration. He described them as two sides of the same coin: regimes that treat power as a shield from accountability and justice.
CenPEG urged civil society, the legal community, academe, and the public to remain vigilant. “We must demand that the processes of accountability, no matter how politically sensitive, be carried out in full view of the people and in strict adherence to the rule of law,” it said.
CenPEG warned the Senate if it “fails to proceed with the impeachment trial. Impunity has no place in a democracy. If the Senate fails to act, it sends a chilling message: that once power is secured, it is beyond scrutiny. We cannot and must not allow that precedent to stand.”
Epson defies economic pressures, maintains growth forecast for ’25
By John Eiron R. Francisco
BACACAY, Albay—Despite economic uncertainties and external pressures, global technology firm Epson Philippines remains bullish in its growth trajectory for 2025, saying it has no plans to revise its projections.
“Epson has very, or we’re quite confident that 2025 will be another good year for us, another aggressive year. However, we acknowledge that we have some headwinds ahead of us,” said Noelle Gonzalez, head of Epson Philippines’ Marketing Division, during the 16th Epson Fusion: Ecosynergy event held at Misibis Bay Resort. Among the hurdles Gonzalez cited are global trade policy shifts, including the 10 percent tariff on Philippine exports imposed by US President Donald Trump on April 2025. While a proposed hike to 17 percent was suspended for 90 days starting April 9, the policy still poses risks for exporters. Gonzalez noted, however, that the Philippines is likely to be less affected than neighboring economies due to its relatively low export dependence.
GDP not reliant on exports
OUR exports are affected, but the Philippine gross domestic product [GDP] isn’t heavily reliant on them. We have strong pillars like remittances from overseas workers and the business process outsourcing [BPO] industry,” she told the B usiness M irror , contrasting the situation with Vietnam and China, whose exports to the US are significantly larger.
Adding pressure to the economic environment is the World Bank’s downward revision of the Philippines’ GDP forecast from 6.1 percent to 5.3 percent, citing weakened third-quarter growth in 2024 caused by typhoon-related disruptions. The 5.2 percent Q3 growth marked the slowest in over a year.
The bank also projects growth to remain under 6 percent through 2031—below the Marcos administration’s 6–8 percent target—with estimates of 5.4 percent in 2026 and 5.5 percent in 2027.
Still, Epson sees potential for outperformance, backed by strong product segments such as home projectors and large-format printers.
“We still believe we can perform as well as or even better than last year because of our product lines,” Gonzalez said.
The company closed fiscal year 2024 with its second consecutive year of double-digit revenue growth. It maintained a dominant position in eight out of 12 major product categories, including continuous ink system (CIS) ink tank printers and digital projectors.
Inkjet printer sales rose 22 percent year-onyear, while its LabelWorks line saw a 44 percent jump. Business and corporate solutions grew 58 percent, and the signage segment surged by 74 percent, aided by election-related demand and government spending. Additionally, Epson observed growing adoption of its projectors in the home entertainment market, shifting from their traditional use in offices and educational settings.
“We’re not cutting our growth forecast,” Gonzalez said. “We’re very hopeful that we will do very well this year.”
While the company did not disclose its revenue projections for the year, it expressed confidence in its outlook and welcomed continued support heading into the next fiscal year.
Market disruptions
RUSSER CABRERA, Senior Product Marketing head, outlined how the tech company
is navigating market-specific disruptions while ramping up innovation across key business segments.
He noted that demand in the textile and photo printing categories has been challenged by a shift toward more costcompetitive Chinese industrial machines.
At the same time, the projector business continues to adjust to the growing adoption of large-format displays and delays in certain high-brightness project deployments.
Despite these pressures, Cabrera said the inkjet line continues to perform well, retaining its leadership in the tank printer segment. Market intelligence firm IDC named the brand the top player in that category last year.
He also highlighted the global milestone of reaching 100 million inkjet printer units sold.
Newly launched large-format printers are expected to boost momentum in the year ahead, particularly as the company expands its footprint in the industrial textile space. In signage, traction continues in the printfor-pay and corporate segments, supported by new models and the latest UV printers capable of printing on solid materials.
set to open new commercial hub in Sto. Tomas
members from FPIP and First Balfour. Representing FPIP and First Balfour was Jose Valentin
House think tank seeks ways to institutionalize ₧20/kg rice
SPEAKER Ferdinand Martin G. Romualdez on Sunday instructed the House think tank to immediately conduct a thorough study on the viability of institutionalizing the national government’s P20-per-kilo rice initiative as a national policy.
Romualdez assured that the House is prepared to pursue all necessary legislative actions to transform the President’s campaign promise into a reality to make affordable rice accessible to every Filipino family, calling it a crucial step toward longterm food security and economic relief for millions of households.
He said the study, to be undertaken by the Congressional Policy and Budget Research Department (CPBRD) under Deputy Secretary General Romulo Emmanuel M. Miral Jr., will assess the policy, fiscal, and legislative requirements for sustainably implementing the program nationwide.
“President Marcos has set an aspiration that resonates with every Filipino family. It’s now our job in Congress to back that up with data, strategy, and decisive legislation,” Romualdez said.
He noted that the results of the CPBRD study, expected within 60 days, will serve as a key reference during the House’s budget deliberations and committee hearings.
Preliminary data suggest that to provide P20-per-kilo rice to the poor and near-poor population—around 44 million people consuming 20 million kilos daily—a P7-per-kilo subsidy would be needed. This equates to P140 million a day or approximately P51.1 billion annually.
That translates to P140 million per day or roughly P51.1 billion annually. To ensure fiscal sustainability, Speaker Romualdez proposed a four-year phase-in plan.
In 2025, the program would cover only the bottom 20 percent of the population, requiring about P17 billion. In 2026, it would expand to the bottom 35 percent, costing P30 billion. By 2027, it would reach the bottom 50 percent, with the full P51-billion requirement. The 2028 phase would focus on optimizing the system and integrating the program with food stamp and buffer stocking initiatives.
Romualdez underscored that while
initiatives like the Kadiwa stores offer some relief, deeper structural reforms are needed to address systemic issues in the rice supply chain.
He cited systemic challenges identified by the President, including widespread smuggling and hoarding, dependence on rice imports, and inadequate support for local farmers.
“This study will not be limited to subsidy calculations. We need to overhaul the entire system—from seed to store shelf,” he said.
Citing Philippine Statistics Authority data, Romualdez highlighted a significant disparity between farmgate and retail prices: from January to March 2025, palay was bought at P19.54 per kilo, while retail rice sold at P53.85—an over P32 gap. To bridge this, he suggested measures such as expanded government procurement from farmer cooperatives, better post-harvest infrastructure, stronger price stabilization via the National Food Authority (NFA), and strict enforcement of the Anti-Agricultural Economic Sabotage Act. Romualdez also confirmed that the House would prioritize legislation to institutionalize affordable rice access.
These include the creation of a Rice Assistance Fund to consolidate rice-related subsidies across agencies such as the Department of Agriculture (DA) and Department of Social Welfare and Development (DSWD), the passage of a National Rice Buffer Stocking Act with clear procurement and importation protocols, the expansion of the Rice Competitiveness Enhancement Fund to support mechanization and drying facilities, and the establishment of a Logistics and Market Stabilization Fund to address transport, warehousing, and emergency supply disruptions. “Food security is not just the job of the farmer. It is a responsibility that involves every part of government and society,” Romualdez said.
“The House of Representatives is fully committed to working with Malacañang, the Department of Agriculture, of Social Welfare and Development, of Budget and Management, and local governments to make P20 rice not only possible but permanent,” he added.
Jovee Marie N. dela Cruz
Editor: Angel R. Calso
Hegseth: China actively training to invade Taiwan; US to bolster defenses in response
By Tara Copp & David Rising The Associated Press
SINGAPORE—US Defense Secretary
Pete Hegseth reassured allies in the Indo-Pacific on Saturday that they will not be left alone to face increasing military and economic pressure from China, while insisting that they also contribute more to their own defense.
He said Washington will bolster its defenses overseas to counter what the Pentagon sees as rapidly developing threats by Beijing, particularly in its aggressive stance toward Taiwan. China has conducted numerous exercises to test what a blockade would look like of the self-governing island, which Beijing claims as its own and the US has pledged to defend.
China’s army “is rehearsing for the real deal,” Hegseth said in a keynote speech at a security conference in Singapore. “We are not going to sugarcoat it—the threat China poses is real. And it could be imminent.”
The head of China’s delegation accused Hegseth of making “groundless accusations.”
“Some of the claims are completely fabricated, some distort facts and
some are cases of a thief crying ‘stop thief,” said Rear Adm. Hu Gangfeng, vice president of China’s National Defense University. He did not offer specific objections.
“These actions are nothing more than attempts to provoke trouble, incite division and stir up confrontation to destabilize the Asia-Pacific region,” he said.
Hegseth says China is training to invade Taiwan
CHINA has a stated goal of ensuring its military is capable of taking Taiwan by force if necessary by 2027, a deadline that is seen by experts as more of an aspirational goal than a hard war deadline.
China also has built sophisticated, artificial islands in the South China
Sea to support new military outposts and developed highly advanced hypersonic and space capabilities, which are driving the United States to create its own space-based “Golden Dome” missile defenses.
Speaking at the Shangri-La Dialogue, a global security conference hosted by the International Institute for Security Studies, Hegseth said China is no longer just building up its military forces to take Taiwan, it’s “actively training for it, every day.”
Hegseth also called out China for its ambitions in Latin America, particularly its efforts to increase its influence over the Panama Canal.
He urged Indo-Pacific countries to increase defense spending to levels similar to the 5 percent of their gross
domestic product European nations are now pressed to contribute.
“We must all do our part,” Hegseth said.
Following the speech, the European Union’s top diplomat Kaja Kallas pushed back at Hegseth’s comment that European countries should focus their defense efforts in their own region and leave the Indo-Pacific more to the US. She said that with North Korean troops fighting for Russia and China supporting Moscow, European and Asian security were “very much interlinked.”
Questions about US commitment to Indo-Pacific
HEGSETH also repeated a pledge made by previous administrations to bolster the US military in the IndoPacific to provide a more robust deterrent. While both the Obama and Biden administrations had also committed to pivoting to the Pacific and established new military agreements throughout the region, a full shift has never been realized.
Instead, US military resources from the Indo-Pacific have been regularly pulled to support military needs in the Middle East and Europe, especially since the wars in Ukraine and Gaza. In the first few months of President Donald Trump’s second term, that’s also been the case.
See “Hegseth,” A8
Brunei’s sultan released from Malaysian hospital
UALA LUMPUR, Malaysia—
KBrunei’s Sultan Hassanal Bolkiah, one of the world’s wealthiest men and its longest-reigning sitting monarch, was discharged from a Malaysian hospital five days after he was admitted for fatigue.
Brunei’s government said on social media late Saturday that the 78-yearold monarch has moved to a Kuala Lumpur hotel, where he will spend a few days resting before returning home. Brunei’s information department posted pictures on Facebook of the sultan walking into the hotel lobby with his wife, and in a room with family members including his wife and two of his sons.
Sultan Hassanal was attending an annual summit of the Association of Southeast Asian Nations in Kuala
Lumpur when he was hospitalized Tuesday at the National Heart Institute. His office has said that he was in “good health” but feeling tired and is resting following advice from Malaysian medical experts.
Sultan Hassanal has ruled his tiny oil-rich kingdom for over 57 years, and led it to gain full independence from Britain in 1984. He also holds the posts of prime minister, finance minister, defense minister and minister of foreign affairs. He is famed for his lavish lifestyle, owning a huge collection of expensive and rare cars, and lives in a 1,788room palace that is the world’s largest private home. He is also known for introducing strict Islamic criminal laws that call for amputating limbs and stoning convicts to death. AP
Trump and Putin want to talk business once the Ukraine war ends, but it won’t be easy
By David Mchugh, Daria Litvinova & Katie Marie Davies
The Associated Press
HUNDREDS of foreign companies left Russia after the 2022 invasion of Ukraine, including major US firms like Coca-Cola, Nike, Starbucks, ExxonMobil and Ford Motor Co.
But after more than three years of war, President Donald Trump has held out the prospect of restoring USRussia trade if there’s ever a peace settlement. And Russian President Vladimir Putin has said foreign companies could come back under some circumstances.
“Russia wants to do largescale TRADE with the United States when this catastrophic ‘bloodbath’ is over, and I agree,” Trump said in a statement after a phone call with Putin. “There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is UNLIMITED.”
The president then shifted his tone toward Putin after heavy drone and missile attacks on Kyiv, saying Putin “has gone absolutely crazy” and threatening new sanctions. That and recent comments from Putin warning Western companies against reclaiming their former stakes seemed to reflect reality more accurately—that it’s not going to be a smooth process for businesses going back into Russia.
That’s because Russia’s business environment has massively changed since 2022. And not in ways that favor foreign companies.
Hegseth...
In the last few months, the Trump administration has taken a Patriot missile defense battalion out of the Indo-Pacific in order to send it to the Middle East, a massive logistical operation that required 73 military cargo aircraft flights, and sent Coast Guard ships back to the US to help defend the US-Mexico border.
Hegseth was asked why the US pulled those resources if the IndoPacific is the priority theater. He did not directly answer but said the shift of resources was necessary to defend against Houthi missile attacks launched from Yemen, and to b olster protections against illegal immigration into the US. At the same time, he stressed the need for American allies and partners to step up their own defense spend -
And with Putin escalating attacks and holding on to territory demands Ukraine likely isn’t going to accept, a peace deal seems distant indeed. Here are factors that could deter US companies from ever going back:
Risk of losing it all RUSSIAN law classifies Ukraine’s allies as “unfriendly states” and imposes severe restrictions on businesses from more than 50 countries. Those include limits on withdrawing money and equipment as well as allowing the Russian government to take control of companies deemed important. Foreign owners’ votes on boards of directors can be legally disregarded. Companies that left were required to sell their businesses for 50 percent or less of their assessed worth, or simply wrote them off while Kremlin-friendly business groups snapped up their assets on the cheap. Under a 2023 presidential decree the Russian government took control of Finnish energy company Fortum, German power company Unipro, France’s dairy company Danone and Danish brewer Carlsberg.
Even if a peace deal removed the US from the list of unfriendlies, and if the
ing and preparations, saying the US w as not interested in going it alone.
“Ultimately a strong, resolute and capable network of allies and partners is our key strategic advantage,” he said. “China envies what we have together, and it sees what we can collectively bring to bear on defense, but i t’s up to all of us to ensure that we live up to that potential by investing.”
The Indo-Pacific nations caught in between have tried to balance relations with both the US and China o ver the years. Beijing is the primary trading partner for many, but is also feared as a regional bully, in part due to its increasingly aggressive claims on natural resources such as critical fisheries.
Hegseth cautioned that playing both sides, seeking US military support and Chinese economic support, c arries risk.
“Economic dependence on China only deepens their malign influence and complicates our defense decision space during times of tension,”
massive Western sanctions restricting business in Russia were dropped, the track record of losses would remain vivid. And there’s little sign any of that is going to happen.
While the Russian government has talked in general about companies coming back, “there’s no specific evidence of any one company saying that they are ready to come back,” said Chris Weafer, CEO of Macro-Advisory Ltd. consultancy. “It’s all at the political narrative level.”
Russia’s actions and legal changes have left “long-lasting damage” to its business environment, says Elina Ribakova, non-resident senior fellow at the Bruegel research institute in Brussels.
She said a return of US businesses is “not very likely.”
‘We need to strangle them’ IN a meeting at the Kremlin on May
H egseth said.
Asked how he would reconcile that statement with Trump’s threat of steep tariffs on most in the region, Hegseth he was “in the business of tanks, not trade.”
But Illinois Democrat Sen. Tammy Duckworth, who is part of a c ongressional delegation attending Shangri-La, objected to pressuring regional allies.
“The United States is not asking people to choose between us and the PRC,” Duckworth said, in reference to the People’s Republic of China.
Australia’s Defense Minister Richard Marles welcomed Hegseth’s assurance that the Indo-Pacific was an American strategic priority and agreed that Australia and other nations needed to do their part.
“ Reality is that there is no effective balance of power in this region a bsent the United States, but we cannot leave it to the United States alone,” he said.
Still, Marles suggested the Trump administration’s aggressive trade policies were counterproductive. “The shock and disruption from the high tariffs have been costly and destabilizing.”
China sends lower-level delegation CHINA usually sends its own defense minister to the conference, but Dong Jun did not attend this year in a snub to the US over Trump’s erratic tariffs war. His absence was something t he US delegation said it intended to capitalize on.
“We are here this morning. And somebody else isn’t,” Hegseth said.
Asked by a member of the Chinese delegation how committed the US would remain if Asian alliances like Asean had differences with Washington, Hegseth said the US would n ot be constrained by “the confines of how previous administrations looked at this region.”
“We’re opening our arms to countries across the s pectrum — traditional allies, nontraditional allies,” he said.
He said US support would not require local governments to align with the West on cultural or climate issues.
26 to mark Russian Entrepreneurs Day, Putin said that Russia needed to throttle large tech firms such as Zoom and Microsoft, which had restricted their services in Russia after Moscow’s invasion of Ukraine, so that domestic tech companies could thrive instead.
“We need to strangle them,” Putin said. “After all, they are trying to strangle us: we need to reciprocate. We didn’t kick anyone out; we didn’t interfere with anyone. We provided the most favorable conditions possible for their work here, in our market, and they are trying to strangle us.”
He reassured a representative from Vkusno-i Tochka (Tasty-period)—the Russian-owned company that took over McDonald’s restaurants in the country—that Moscow would aid them if the US fast food giant tried to buy back its former stores. Asked for comment, McDonald’s referred to
their 2022 statement that “ownership of the business in Russia is no longer tenable.”
Not much upside ON top of Russia’s difficult business environment, the economy is likely to stagnate due to lack of investment in sectors other than the military, economists say.
“Russia has one of the lowest projected long-term growth rates and one of the highest levels of country risk in the world,” says Heli Simola, senior economist at the Bank of Finland in a blog post. “Only Belarus offers an equally lousy combination of growth and risk.”
Most of the opportunity to make money is related to military production, and it’s unlikely US companies would work with the Russian military-industrial complex, said Ribakova. “It’s not clear where exactly one could plug in and expect outsize returns that would compensate for this negative investment environment.”
Repurchase agreements
SOME companies, including Renault and Ford Motor Co., left with repurchase agreements letting them buy back their stakes years later if conditions change. But given Russia’s unsteady legal environment, that’s tough to count on.
The Russian purchasers may try to change the terms, look for more money, or ignore the agreements, said Weafer. “There’s a lot of uncertainty as to how those buyback auctions will be enforced.”
But what about the oil and gas?
MULTINATIONAL oil companies were
among those who suffered losses leaving Russia, so it’s an open question whether they would want to try again even given Russia’s vast oil and gas reserves. US major ExxonMobil saw its stake in the Sakhalin oil project unilaterally terminated and wrote off $3.4 billion.
Russia’s major oil companies have less need of foreign partners than they did in the immediate post-Soviet era, though smaller oil field services might want to return given the size of Russia’s oil industry. But they would have to face new requirements on establishing local presence and investment, Weafer said.
Some never left ACCORDING to the Kyiv School of Economics, 2,329 foreign companies are still doing business in Russia, many from China or other countries that aren’t allied with Ukraine, while 1,344 are in the process of leaving and 494 have exited completely. The Yale School of Management’s Chief Executive Leadership Institute lists some two-dozen US companies still doing business in Russia, while some 100 more have cut back by halting new investments.
EU sanctions could remain even if US open US sanctions are considered the toughest, because they carry the threat of being cut off from the US banking and financial system. But the EU is still slapping new rounds of sanctions on Russia. Even if US sanctions are dropped, EU sanctions would continue to present compliance headaches for any company that also wants to do business in Europe.
Hamas seeks amendments to Gaza ceasefire proposal but US envoy calls it ‘unacceptable’
By Sam Mednick & Samy Magdy The Associated Press
TEL AVIV, Israel—Hamas is seeking amendments to the latest US ceasefire proposal for Gaza, a senior official with the group told The Associated Press on Saturday, but US envoy Steve Witkoff called the Hamas response “totally unacceptable.”
The latest friction in negotiations comes as the fighting nears 20 months of war, and as desperation grows among hungry Palestinians and relatives of hostages in Gaza.
The Hamas official, speaking on condition of anonymity due to the sensitivity of the talks, said proposed amendments focused on “the US guarantees, the timing of hostage release, the delivery of aid and the withdrawal of Israeli forces.” There were no details.
A separate Hamas statement said the proposal aims for a permanent ceasefire, a comprehensive Israeli withdrawal from Gaza and an ensured flow of aid. It said 10 living hostages and the bodies of 18 others would be released “ in exchange for an agreed-upon number of Palestinian prisoners.” Fifty-eight hostages remain and Israel believes 35 are dead.
Witkoff on social media instead described a 60-day ceasefire deal that would free half the living hostages in Gaza and return half of those who have died. He urged Hamas to accept the framework proposal as the basis for talks that he said could begin next week.
Israeli officials have approved the US proposal for a temporary ceasefire. US President Donald Trump has said negotiators were nearing a deal.
A top Hamas official, Bassem Naim, accused Israel of disagreeing with agreedupon provisions and alleged a “complete bias toward the other side” that he said violates the fairness of mediation.
“We want the bloodshed to stop,” Motasim, a man from the Al-Bureij refugee camp in central Gaza, said of the talks. “I swear to God, we are tired.”
Desperation rises inside Gaza
PALESTINIANS in Gaza blocked and offloaded 77 food trucks, the UN World Food Program said, as hunger mounts following Israel’s monthslong blockade of the territory. The WFP said the aid, mostly flour, was taken before the trucks could reach their destination.
A witness in the southern city of Khan Younis, speaking on condition of anonymity for fear of reprisal, told the AP the UN convoy was stopped at a makeshift roadblock and offloaded by desperate civilians in their thousands.
The nearly three-month blockade on Gaza has pushed the population of over 2 million to the brink of famine. While Israel allowed some aid to enter in recent days, aid organizations say far from enough is getting in.
Israel’s military body in charge of aid coordination in Gaza, COGAT, said 579 trucks of aid had entered over the past week. The U.N. has said 600 per day were entering under the previous ceasefire that Israel ended with new bombardment.
The WFP said the fear of starvation in Gaza is high. “We need to flood communities with food for the next few days to calm anxieties,” it said in a statement. It added that it has over 140,000 metric tons of food—enough to feed Gazans for two months—ready to be brought in.
The United Nations said earlier this month that Israeli authorities have forced them to use unsecured routes within areas controlled by Israel’s military in the eastern areas of Rafah and Khan Younis, where armed gangs are active and trucks were stopped.
Attacks, gangs and lack of protection hamper UN distribution
AN internal document shared with aid groups about security incidents, seen by the AP, said there were four incidents of facilities being looted in three days at the end of May, not including Saturday’s.
The UN says it has been unable to get enough aid in because of fighting.
A new US- and Israeli-backed foundation
started operations in Gaza this week, distributing food at several sites in a chaotic rollout. Israel says the Gaza Humanitarian Foundation eventually will replace the aid operation by the UN and others. It says the new mechanism is necessary, accusing Hamas of siphoning off large amounts of aid. The U.N. denies that significant diversion takes place. The GHF works with armed contractors, which it says are needed to distribute food safely. Aid groups have accused the foundation of militarizing aid. The GHF said it distributed 30 truckloads of food on Saturday and called it their largest distribution so far. Israeli strikes kill at least 60 ISRAEL continued its military campaign across Gaza, saying it struck dozens of targets over the past day. Gaza’s Health Ministry said at least 60 people were killed by Israeli strikes in the past 24 hours. The ministry said three people were killed by Israeli gunfire early Saturday in Rafah. Three others were killed—parents and a child—when their car was struck in Gaza City. An Israeli strike hit another car in Gaza City, killing four. And an Israeli strike hit a tent sheltering displaced people in Khan Younis, killing six, said Weam Fares, a spokesperson for Nasser Hospital. Israel’s military said several projectiles from Gaza fell in open areas. The war began when Hamas attacked Israel on October 7, 2023, killing around 1,200 people, most of them civilians, and taking 250 hostages. Israeli strikes have killed more than 54,000 Gaza residents, mostly women and children, according to Gaza’s Health Ministry, which does not distinguish between civilians and combatants in its tally. A group of hostages’ relatives again pleaded for a comprehensive ceasefire deal that would free everyone at once, saying the remaining hostages “will not survive continued military pressure.”
reported from Cairo. Associ
hariya, Israel, contributed.
PATRONS sit near the illuminated logo of a newly opened Stars Coffee cafe in the former location of a Starbucks in Moscow, Russia, on January 24, 2023. AP PHOTO/ALEXANDER ZEMLIANICHENKO
‘PHL buys US soybean meal at lower prices’
TBy Ada Pelonia @adapelonia
HE value of US soybean meal (SBM) shipments to the Philippines shrank by a fifth last year due to lower quotations for the key feed ingredient, according to an international agency.
The United States Department of Agriculture (USDA) said SBM, the top farm export of the US to the Philippines, plunged by 20 percent to $1.01 billion in 2024 from $1.27 billion recorded in 2023.
metric tons (MMT) of SBM to the Philippines in marketing year 2023/24, which ended on September 30, 2024. This was higher than the 2.14 MMT in the previous year, based on USDA data.
In contrast, the international agency noted that the value of US meat shipments to the country, such as pork, chicken, and beef surged in 2024 as animal diseases like African swine fever continued to ravage hog farms and domestic output could not keep pace with increasing demand for pork.
The contraction in the value of SBM shipments pulled down the overall agricultural exports of the US to the Philippines by 3 percent to $3.5 billion last year from $3.62 billion in 2023, it added. The US shipped 2.6 million
“The Philippines remained the largest destination for US soybean meal despite a 20-percent decline in values, driven by lower prices, despite a marginal increase in volume,” it said in its latest report.
Broken down, US exports of beef products rose by 58 percent to $132 million from $84 million; pork shipments, 10 percent to $121 million from $110 million; and poultry products (excluding eggs), 8 percent to $194 million from $180 million.
“Population growth and income growth increased demand
Climate change seen worsening poverty in SE Asia rural areas
CLIMATE change could exacerbate poverty in rural areas in Southeast Asian countries, including the Philippines, the International Food Policy Research Institute (Ifpri) warned in a report.
Ifpri noted that vulnerable smallholders dominate agricultural production, and vast lowincome populations are put at risk by high food prices.
“The disproportionate impacts of climate change could increase the average poverty headcount in the region’s rural areas.”
Citing previous studies, the international research center said rapid population growth in Southeast Asia will increase the subregion’s rice demand by 18 percent by 2040, while the overall food demand by 40 percent by 2050. Against the backdrop of increasing demand, constraints on cropland expansion, and current yield trends, Ifpri said Cambodia, Myanmar, the Philippines, and Thailand are “likely to see considerable gaps between average farmer rice yields and yield potential.”
It added that Indonesia and
the Philippines are then likely to “increase their dependence on rice imports by 2040 to meet demand.”
Furthermore, Ifpri said the connection of climate change, natural capital, and sustainable food systems in the region could be affected by its aging population, with the share of people over 59 expected to rise from 9.8 percent in 2017 to 20.3 percent by 2050.
“ESA’s [East and Southeast Asia’s] food systems are at a critical juncture in the face of climate- and weather-related risks, demographic shifts, and structural transformation, but there are also promising opportunities,” it said.
“Addressing these challenges through the emerging opportunities will require substantial policy innovations and regional cooperation, as well as responsive investments and financing.”
Ifpri said the Asian Development Bank (ADB) and other key development institutions in the region have shifted their strategic priorities toward integrated rural development.
In particular, the ADB’s investment in agriculture, natural capital, and rural development quadrupled between 2009 and 2020, reaching around $6 billion. It has now committed $40 billion by 2030 for food systems transformation in the Asia and Pacific region.
Initially dominated by irrigation investments, Ifpri said this portfolio now covers broader food systems priorities for the future, such as rural market infrastructure; agro-industry, marketing; and trade and agricultural policy, institutional, and capacity development.
“To scale up these efforts, regional financial institutions, national governments, and private investors engage through substantial collaborative platforms, including South–South and trilateral cooperation, regional economic cooperation frameworks, and local partnerships,” it said.
“Capacity building throughout government, agricultural extension systems, and financial systems will be essential to streamline future food systems financing and funding.”
Ada Pelonia
for protein products. Additionally, a resurgence of African swine fevers adversely impacted domestic swine production,” the USDA said.
The Philippines’ hog production was buffeted by ASF since
its first detection in 2019, with output failing to hit the 2-MMT mark since 2020, based on data from the Philippine Statistics Authority.
Last month, the Department of Agriculture projected that the
country’s imports of corn—another crucial ingredient for making animal feeds—could decline by 36.5 percent to 1.22 MMT this year from last year’s 1.92 MMT. According to Philippine Maize Federation Inc. (PhilMaize) President Romualdo Elvira Jr., the DA’s outlook could be attributed to lackluster demand for corn.
“[There’s] low demand for feeds. The swine and poultry population are still in the process of recovering from ASF and avian influenza,” Elvira told the BusinessMirror. Meanwhile, the value of US agricultural exports to the world reached $175.98 billion last year, a slight increase from $174.17 billion in the previous year, according to the USDA.
The Philippines was the ninthlargest export destination for US farm products in 2024.
Govt urges vigilance after detection of melioidosis in Siquijor
THE Bureau of Animal Industry (BAI) is implementing disease control protocols following the detection of melioidosis in Siquijor.
This, after the cases which were initially suspected to be glanders, were confirmed to be melioidosis following further laboratory tests by the Department of Health (DOH).
BAI and the Department of Agriculture’s (DA) Regional Field Office of the Negros Island Region deployed surveillance teams. They also initiated disease control protocols across affected areas in Siquijor.
The agency also said it is sending samples to a reference laboratory for confirmatory testing and that it continues to monitor the situation on the ground.
The DA urged animal raisers and handlers to boost farm biosecurity measures and follow strict sanitary protocols to prevent the spread of melioidosis and other animalborne diseases to ensure public health and safeguard the local livestock sector.
It added that the transport of live animals and animal
products should comply with regulatory requirements to ensure that only healthy, disease-free animals are distributed and traded.
Meanwhile, the DA said it continues to prohibit the slaughter, sale, and consumption of sick or suspect animals.
“Only animals certified by accredited veterinarians and passing inspection protocols are cleared for market sale.”
The agency urged the public to only purchase meat with valid inspection certificates and to observe proper food handling and cooking practices. It also discouraged the consumption of raw or unpasteurized milk.
The DA also noted that livestock workers, particularly those exposed to muddy or flooded environments, should wear protective clothing such as boots and gloves to reduce the risk of exposure to contaminated sources.
“This advisory underscores the government’s commitment to both public health and livestock safety, reinforcing the need for interagency collaboration and vigilant disease monitoring
in rural and agricultural communities.”
Melioidosis, a rare but “potentially fatal” zoonotic disease caused by the environmental bacterium Burkholderia pseudomallei, poses significant public health concerns in tropical regions such as Southeast Asia. It is primarily contracted through open wounds, inhalation, or ingestion of contaminated water, or contact with soil. Currently, there are no vaccines for melioidosis, which makes prevention and early detection critical.
The US Centers for Disease Control and Prevention said melioidosis has a wide range of signs and symptoms. Symptoms of melioidosis develop 1 to 4 weeks after people have been exposed to it.
“Some cases have developed symptoms months or years after exposure. The disease can affect one body system or affect the entire body. Because of these factors, melioidosis is hard to diagnose and may be mistaken for other diseases,” CDC said. Ada Pelonia
Farmers press Trump on biofuels to counter tariffs hit
AFTER losing their biggest export market due to Donald Trump’s trade wars, US farmers are now counting on the president’s support for biofuels to prevent their next crop from piling up in storage. The administration is set to soon unveil a plan for how much crop-based biofuels will be blended into fossil fuels starting next year.
A higher mandate, still opposed by some in the oil industry, would create a much-needed outlet for crops after tariffs hit China—the top commodities buyer simply has no orders for corn, soybeans or wheat from the next harvest on its books, according to the US Department of Agriculture.
“If we don’t get this done, we’ll end up with a surplus of soybeans,” Caleb Ragland, a Kentucky farmer who is also president of the American Soybean Association, said of the upcoming biofuels mandate. “I can store one good crop, can’t store multiple years.”
Trump instigated a $28 billion bailout for farmers hurt by the economic standoff with Beijing during his first term. While his administration is considering similar plans again, so far he has only pledged to find domestic markets to compensate for lost sales abroad.
Boosting demand at home is a key priority for growers, industry groups and some of the top agricultural commodity
traders. That’s because overseas sales of soybeans from the next crop are currently running 79 percent below the average of the past five years, USDA data showed. Corn sales are 49 percent lower.
The US farm economy was already struggling before Trump’s trade disputes. Bumper crops globally boosted supplies and sent a Bloomberg gauge of grain prices tumbling more than 40 percent since a 2022 peak.
For Trump and the Republican party, reinforcing the farmer vote ahead of next year’s midterm elections will be key. American growers have been a loyal constituency, but some cracks in that support have started to emerge.
An AgWeb poll of almost 3,000 farmers earlier this year revealed that 54 percent were against Trump’s use of tariffs as a negotiating strategy. A group of growers from Maryland, Massachusetts, and Mississippi also sued the administration after the USDA canceled grants under a program to install solar panels.
The April Purdue University/CME Group Ag Economy Barometer found that 56 percent of respondents expect tariffs to have a negative or very negative impact on farm income this year. Still, 70 percent said the policy will strengthen the US agricultural economy in the long-term.
Domestic demand
“IF we’re going to get behind this America
First policy, let’s make sure that we have a great domestic policy strategy,” said Lucas Lentsch, a South Dakota farmer who heads the United Soybean Board, a group that promotes American soybeans but doesn’t issue policy advice. “Let’s make sure we’ve got good demand here at home.”
Creating more markets at home is easier said than done. The US cattle herd is already at the lowest since the 1950s, curbing demand for crops in feed rations. That’s leaving farmers reliant on the so-called renewable volume obligation, or RVOs—a rule that’s been controversial since being enshrined into law two decades ago to safeguard energy security.
Farmers benefit from a higher biofuels mandate, but oil refiners have historically opposed it. Some of that has since changed as Big Oil invested in biofuels in recent years as part of their decarbonization efforts.
“We need a robust RVO to keep US soybeans a profitable business to be in,” said Greg Anderson, who grows the oilseed in Nebraska.
Biofuel mandates
AGRIBUSINESS giants Archer-DanielsMidland Co., Bunge Global SA and Cargill Inc., as well as trade groups including the
Clean Fuels Alliance America want the Environmental Protection Agency to set the RVO at no less than 5.25 billion gallons for biomass-based diesel starting next year, up 60 percent from 2025 levels.
Farm lobby groups and US Midwestern governors also want a mandate for US ethanol of at least the 15 billion gallons currently in place.
The American Petroleum Institute is also backing the requests.
“We’re certainly doing our job to push administration to help us and help the industry,” Christopher Cuddy, ADM’s president of carbohydrate solutions, said at a BMO conference in New York this month. “The most encouraging piece for me is the fact that we’re aligned with the Petroleum Institute, which at least in my time has never happened.”
Still, the American Fuel & Petrochemical Manufacturers, which represents some refiners, is against it. The group argues the US isn’t selling enough gasoline to absorb so much ethanol and that there’s uncertainty over the amount of feedstock available to produce more renewable diesel and other biomass-based biofuels.
The biofuels industry disagrees. Randall Stuewe, chief executive officer of Darling Ingredients Inc., said the previous quotas set under former President Joe Biden were far too low. The company’s Diamond Green
Diesel venture with Valero Energy Corp. is a top producer of renewable fuels.
That led to a number of factory closures. Biodiesel plants in the US produced at just 51 pecent of capacity in the year through April, while facilities that make renewable diesel—a fuel that’s chemically identical to its fossil fuel peer—ran at a rate of 72 percent, according to Bloomberg Intelligence’s Project Tracker.
“We used to have more demand than supply, it’s now reversed,” said Peter Zonneveld, US president for biofuels producer Neste Oyj. “Some companies are reducing run rates or shelving their investment plans for renewable fuels,” which will make it harder to curb emissions from heavy-duty industries, he said.
“It’s resulting in difficulties for the ag industry too because farmers can’t get rid of their soybeans,” Zonneveld said.
In a statement to Bloomberg, the EPA said it has alr eady sent its biofuel-blending proposal to the White House and will make it available for public comment once the proposal is signed.
The US biofuels program “supports President Trump’s broader economic vision of strengthening American energy independence, growing domestic agricultural markets, and fighting back against unfair trade practices,” the agency said.
A higher RVO is a chance to get domestic biofuels back up to normalized run rates of around 80 percent, said Brett Gibbs, a renewable energy analyst at Bloomberg Intelligence, who estimates the mandate will need to be at least 3.9 billion gallons to bring some facilities back online.
Trade uncertainty
I T’S unclear how the EPA will balance the concerns of some refiners and the agriculture industry. And even as the president announced a truce with China, lowering tariffs for 90 days, uncertainty remains.
Sales of next season’s crops to Mexico and Japan, the second and third-largest soybean buyers, are lagging well behind historical levels for this time of year. And China continues to snap up supplies from rival Brazil.
Agriculture Secretary Brooke Rollins has openly hinted at a bailout, and nearly two thirds of farmers in the March Purdue/CME barometer said aid was either likely or very likely. Still, many growers say they want to sell their crops instead of receiving aid. “As a farmer, I’d rather receive it from the market,” said Philip Good, a Mississippi farmer who’s the chair of the
and
SOYBEAN MEAL SEBASTIAN LOPEZ BRACH/BLOOMBERG
Turning the page: A new chapter for Makati and Taguig
FOR the first time in a long while, there’s real movement in the long-standing Taguig-Makati dispute— not through legal battles or public mudslinging, but through something as simple as a willingness to talk. In a refreshing turn of events, Makati City Mayorelect Nancy Binay has expressed her willingness to engage in a dialogue with Taguig Mayor-elect Lani Cayetano to resolve the long-standing feud between the two cities. This development marks a significant shift in tone and approach, one that is long overdue and much needed.
The dispute between Makati and Taguig has been ongoing for years, with the Supreme Court ruling that the 10 EMBO barangays previously part of Makati are now under the jurisdiction of Taguig. However, the two cities have continued to engage in a series of legal battles and public spats, leaving the residents of the affected barangays caught in the middle.
The shift in tone from Makati’s new leadership is a welcome development. After years of acrimony and political posturing, the people living in the affected EMBO barangays have been caught in the crossfire, deprived of essential services and public facilities due to the dispute. Binay’s acknowledgement that “it’s pretty hard if your neighbor is your enemy” and her commitment to not deny services to EMBO residents, despite Makati’s disagreement with the Supreme Court’s decision, signals a refreshing change in approach.
Taguig, for its part, has maintained a steady focus on serving its constituents throughout the dispute. Mayor Cayetano ensured that schools remained open and frontline services continued, even in the face of pressure from the other side. Her city’s commitment to putting people over politics is commendable.
Now, with Binay’s openness to dialogue, there is a real chance for progress. This is not about forgetting the past or dismissing the very real impact the dispute has had on residents’ lives. But it is an opportunity to move forward in a spirit of cooperation, to put public service ahead of political rivalries.
The people of EMBO, who have borne the brunt of this long-running conflict, deserve a resolution that prioritizes their wellbeing. A willingness to sit down and find common ground, rather than stubbornly clinging to old positions, is a promising first step.
What Mayor Binay’s statement really offers is hope: hope that the next chapter in this story will be written not in courtrooms or press statements, but in meetings and agreements that serve the common good. The residents deserve nothing less than leaders who choose dialogue over discord, service over squabble.
As the two mayors prepare to meet, the rest of us can only watch with cautious optimism. If this willingness to talk leads to tangible improvements, it will be a victory for governance and, more importantly, for the people who call these communities home. It’s time to turn the page and start writing a story of unity, respect, and shared progress.
If Makati and Taguig can indeed engage in a genuine, good-faith dialogue under the new leadership, it could mark the beginning of a new chapter—one where the focus is on delivering for the people, not fighting over lines on a map. That would be a win for everyone.
Opinion BusinessMirror
Staying safe from current health risks
ORISING SUN
VER the past few weeks, some of us have noticed more friends, family members, and colleagues falling ill, sparking concern about what illnesses might be circulating in our communities. It’s only natural to wonder if there is reason to worry, especially after the challenges of the past few years.
Fortunately, according to the latest updates from the Department of Health (DOH) and other health authorities, the overall public health situation in the Philippines remains stable. While several communicable diseases are being closely monitored, there is no evidence of a major outbreak or cause for widespread alarm at this time.
Covid-19 is still on the decline. As of mid-2025, the DOH has reported only 1,774 Covid-19 cases nationwide for the year—a dramatic 87 percent decrease compared to 2024. The current case fatality rate stands at 1.13 percent, and only a handful of new cases have been detected in recent weeks. While some countries in Asia are seeing a rise in Covid-19 cases, particularly with the NB.1.8.1
variant, the Philippines has not experienced a similar trend.
Another disease under watch is mpox, formerly known as monkeypox. Since 2024, the Philippines has recorded a total of 911 cases, with just under 50 new cases reported in May 2025. These cases are spread across several regions, including Mindanao, Visayas, and Luzon, with South Cotabato seeing the highest number for the month.
Notably, only the milder Clade II variant has been detected locally, and most cases resolve on their own within two to three weeks. Severe outcomes are rare and have mostly involved people with advanced HIV. Health authorities emphasize that there is no mpox outbreak or need for lockdowns. The recent rise in
Health authorities emphasize that there is no mpox outbreak or need for lockdowns. The recent rise in reported cases is mainly due to improved surveillance and reporting by local governments. Mpox spreads primarily through close, skin-to-skin contact, rather than through the air.
reported cases is mainly due to improved surveillance and reporting by local governments. Mpox spreads primarily through close, skin-to-skin contact, rather than through the air.
Glanders, a rare but serious disease, has also drawn attention after two confirmed human deaths in Siquijor province. Both individuals had underlying health conditions. There are unconfirmed reports of up to six human cases in the area, and the DOH, together with the Department of Agriculture, is actively conducting animal surveillance and educating local communities. Blood samples are being collected from horses, goats, and carabaos, but for now, there are no restrictions on animal movement as authorities await laboratory results. Glanders is primarily an animal disease, but can infect humans through skin wounds, mucous membranes, or inhalation.
Dengue fever remains a seasonal concern, particularly in Iloilo province, which is currently above the outbreak threshold. With the rainy season and La Niña increasing mosquito activity, the DOH is ramping up its 4S campaign: search and destroy mosquito breeding sites, selfprotection, seek early medical consultation, and support fogging or spraying efforts.
Finally, the first detection of the H5N9 avian influenza strain in poultry has raised some concerns, too, but no human cases have been reported. Authorities are closely monitoring the situation to prevent any potential spread to people.
As we move into June 2025, it’s important for everyone to stay vigilant but not alarmed. Practicing good hygiene, using insect repellent, eliminating stagnant water, seeking early medical care for symptoms, and staying informed through credible sources are simple but powerful ways to protect ourselves and our loved ones. For those in close contact with animals, especially in affected areas, wearing protective gear and promptly reporting any unusual symptoms are essential steps. By supporting public health campaigns and avoiding misinformation, we can help keep our communities healthy and resilient in the months ahead.
Medicine prices in PHL: A national betrayal
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos
Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo Ruben M. Cruz Jr.
Eduardo A. Davad
Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos
Aldwin Maralit Tolosa
Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.businessmirror.com.ph
ILITO GAGNI
N a nation where millions already struggle to make ends meet, where poverty still festers in far too many barangays, and where even the simplest ailments can snowball into catastrophic health emergencies, one question demands urgent and unrelenting attention: Why are medicines in the Philippines priced so prohibitively high?
President Ferdinand “Bongbong” Marcos Jr. has spoken repeatedly about nation-building, equity, and public welfare. But no policy platform can be complete—nor credible—without addressing the festering wound that is drug pricing inequality. It is time for this administration to confront a sickness that has been allowed to metastasize for decades: the inexcusable disparity in the cost of medicines between the Philippines and its neighbors, particularly when those same medicines are produced by the very same companies.
Take the case of paracetamol, a common antipyretic and analgesic that forms part of every household’s basic pharmacy. In the Phil -
ippines, a 10-tablet pack of Biogesic, a brand owned and manufactured by Unilab, retails for nearly P50— or P5 per tablet. In Indonesia, the same Biogesic, manufactured by the same Unilab, is sold at a fraction of that price—less than P1 per tablet. Same formulation. Same dosage. Same manufacturer. But radically different prices. This pricing mismatch is not just a fluke of economics. It is a malignant contradiction that suggests either regulatory neglect or commercial opportunism—or both. The fact that a Filipino company can sell its products far more cheaply abroad than at home is not only puzzling; it is a betrayal of the Filipino consumer. It is a bitter
pill forced upon the very people it claims to serve.
The Cheaper Medicines Act of 2008 was once hailed as a landmark reform—an attempt to bring down drug prices through generics promotion and price negotiation. And while it did open some channels for price control, it failed to apply the scalpel where it was most needed: on multinational pricing schemes, overwhelming distributor markups, and regulatory blind spots that allow pharmaceutical giants to operate with near-impunity. Moreover, the Act’s implementation remains selective, its scope too narrow, its enforcement toothless. While some medicines saw modest price reductions, the law did little to democratize access to essential medication on a mass scale. And the gaps in policy enforcement have only widened the divide between promise and practice, between legislation and liberation from pain.
The result? An over-the-counter tyranny where the poor are priced out of relief, the middle class is bled dry, and the sick are left to choose between healing and hunger.
President Marcos need not look far for action points. The data is there, the outrage is palpable, and
the moral imperative is unmistakable. What is needed now is political clarity, regulatory reform, and uncompromising resolve. There is a need to mandate full pricing transparency, expand the list of price-regulated medicines and reform the drug procurement and distribution chain.
The government should go beyond token drugs. It should include a broader range of essential, everyday medications—from antibiotics to maintenance drugs for hypertension, diabetes, and asthma. Also it should curb the excessive layers of middlemen who inflate drug prices. The government must establish efficient bulk procurement systems—just as India and Thailand have done—to eliminate profitpadding intermediaries. It is high time too to enforce local market parity for multinational firms. If Unilab can sell Biogesic in Indonesia for under a peso per tablet, it must be held accountable for not doing the same in the Philippines. No patriotic slogan should come at the cost of predatory pricing. And while he is at it, President Marcos should revamp the Food and Drug Administration and strengthen the DOH’s drug price monitoring board by equipping them with real-
Ambassador Antonio L. Cabangon Chua
Atty. Jose Ferdinand M. Rojas II
The stage for immortal combat Intellectual property practice for CPAs
PJoel L. Tan-Torres
DEBIT CREDIT
ROFESSIONALS, including my fellow Certified Public Accountants (CPAs), should be aware of the mechanics of the Intellectual Property ecosystem and pursue opportunities in this practice. In addition to the financial reporting, disclosure, and taxation aspects of IP and Intangible Assets that I discussed in last week’s column, there are other practice component areas. These include IP Valuation, IP Royalties, and license fees as part of the Customs and Tariff value base, IP rules compliance, Strategic planning, and structuring of IP transactions.
The most common types of IP transactions in business operations are Licensing or Royalty Agreements of IPs developed and cost-sharing arrangements of common costs, such as IP and administrative expenses, for a related group of companies. The common Licensing Agreements in business include those for patents, trademarks, software, franchise, and industrial design. The CSA often involves the use of IP together with other support or administrative services, which may not be IPrelated but are needed for business operations. Other terms for CSA are Technology Sharing Agreement and Management Service Agreement.
The discussion that follows considers these two agreements on Licensing or Royalty, and Cost Sharing.
The IPs developed or acquired by the owners can be valued using three approaches of cost, market, or income. Under the cost approach, the developer of the IP can recognize the costs incurred over the time the IP has been developed, including research and development, licensing, and prototyping and testing. In the case of the acquisition of an IP, the transaction price and related costs will be the value to be recognized. The detailed rules for valuation can be accessed in International Accounting Standards 38.
The Income approach in valuation consists of determining the discounted cash flow for royalty streams from the use of the IP. The Market approach considers comparable licensing arrangements in the market. There are RoyaltyStat, World Intellectual Property Office databases such as Patentscope, and a host of other commercial resources. While these two approaches of Income and Market are not used for financial reporting, these can be used for benchmarking and other business purposes.
Under the World Trade Organization Valuation Agreement, adopted by the Philippines and the Tariff and Customs Code, the value of imported goods includes payments for royalties and license fees related to the imported goods. These IP payments must be added to the transaction value or landed cost of the imported goods if they meet certain criteria: 1) The royalties are a condition of sale for the imported goods, and 2) These are not already included in the price paid for the goods. This IP adjustment will increase the dutiable value of the importation, thereby raising the customs duty and valueadded tax due.
Gagni.
. . Continued from A10
time analytics, watchdog powers and prosecutorial teeth. At the core of this issue is a fundamental truth: Health is not a luxury item. It is a human right. And when this right is compromised by inflated pill prices, government silence is not neutrality—it is complicity.
To the Marcos administration: let this be the legacy you champion. Go beyond infrastructure. Go beyond slogans. Cure the systemic
The Intellectual Property Code of the Philippines (Republic Act 8293, as amended by RA 10372 and RA 11967) governs the protection, ownership, and use of IP in the country. For businesses and practitioners, the IP Code provides rules on how IP can be used, protected, licensed, commercialized, and enforced. The laws explicitly prohibit the importation or sale of infringing goods, such as counterfeit products. CPA practitioners should be on the alert for opportunities to assist their clients and businesses in securing ownership and protection of IP rights.
In the area of consulting, CPA practitioners can focus on several specialized areas. They can help their client in their IP Monetization strategies, where they can provide assistance and guidance on licensing, selling, or securitizing IPs. Very common now are business firms and owners franchising their operations. CPAs can provide assistance in IPrelated issues and in generating operating and accounting manuals and procedures that come along with the franchise.
In merger and acquisition transactions and corporate structuring arrangements, CPAs help clients identify and value IP assets for fair value allocation. The provisions of International Financial Reporting Standard 3 on Business Combinations are to be considered in this situation. CPAs can also help in the compliance of their clients with regulatory measures prescribed by the Bureau of Internal Revenue, Securities Exchange Commission, and Philippine Competition Commission. CPAs should also strive to gain understanding and competence in the more specialized cross-border IP-related transactions. This requires a knowledge of tax treaties, tariff and customs rules of foreign countries, transfer pricing, and the Base Erosion and Profit Shifting developments in the Organization for Economic Co-operation and Development.
Definitely, there is a whole new world for CPAs in IP engagements.
Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He has his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.
malaise that allows medicine to become a symbol of suffering rather than healing.
History will not remember the metrics of GDP or credit ratings alone. It will remember whether a government had the moral spine to side with the sick, to fight for the weak, and to disarm the profiteers of pain. Let the presidency of Bongbong Marcos not be remembered as another administration that prescribed half-measures for a terminal condition—but as the government that performed the necessary surgery to heal a nation.
Siegfred Bueno Mison, Esq.
THE PATRIOT
Episode one of a three-part series
FAMOUS is the idiom “million-dollar question,” often referred to as a very important, difficult or critical query that almost always involves far-reaching implications. Whether or not Vice President Sara Duterte will be removed from office halfway through her term is a million-dollar question that entails fastidious consideration and a conclusive answer. The issue is riddled with complexity and hinges on the strength (or lack) of available information or evidence, and the answer to which will radically impact the Philippine political arena for the succeeding years, especially in the forthcoming presidential elections. Indeed, it is an enquiry leading to a make-orbreak moment, an “immortal combat” so to speak against erstwhile allies from the North (Luzon and NCR) and from the South (Visayas and Mindanao).
For the lady VP, the subject matter is woven throughout a P125-million question in confidential and intelligence funds (CIFs) obligated within 11 days of assuming office in 2022. Lawmakers are aghast, stating such fact flouted the regulations on fiscal accountability. The ordinary mortal Filipino has wondered whether this P125 million in public funds was truly necessary for confidential purposes and, at the same time, amazed at the supposed haste or timing by which said fund was spent. Notably, as of April 2025, the Commission on Audit has not yet issued a final resolution on the P73.28 million notice of disallowance concerning said fund. However which way the answer may be, 215 House members already endorsed to the Senate the impeachment complaint against VP Sara, accusing her of committing “high crimes,” including corruption, betrayal of public trust, culpable violation of the Constitution and an alleged assassination plot against President Ferdinand Marcos Jr.
Speaking of allies, one wonders if the ethical fabric would have been different had the President and the VP not broken ties from their once formidable partnership that catapulted them to their respective public offices. The previous resilient union could have carried on, and the VP might not be facing any impeachment or “pagsasakdal, paglilitis” process. But the mind indeed could be highly creative. Some argue that driving Sara Duterte to the edge of removal via the impeachment process is an organized and calculated
disposition from the powers-that-be in thwarting her bid for the presidency in 2028. Those who stand to benefit from this route are most likely anybody from Congress (either the Senate or the House of Representatives), at the prudence and preference of President BBM. This process is predicated on Section 9, Article VII of the 1987 Constitution, which provides that in the event of a vacancy in the Office of the Vice President, the President shall nominate a replacement subject to confirmation by a majority vote of both houses of Congress voting separately.
A nd so, on the final session day before Congress adjourned for the May 2025 midterm elections, the Vice President was impeached. The nation could hardly react definitively especially since the matter was tackled with urgency even before many Filipinos could watch it on television or social media. Similarly, former President Erap Estrada was impeached with dispatch. Seconds after the opening prayer at the House session, then House speaker Manuel Villar took two minutes to read a resolution sending the impeachment case to the Senate for trial, ignoring calls for any point of order.
Although the complaint was already endorsed by the House to the Senate, the upper chamber has yet to convene as an impeachment court, the date of which was moved from June 3, 2025 to June 11, 2025. Any reading by the prosecution panel of the seven charges of impeachment in open session are supposedly far less important compared to the pending
The call for unity or reconciliation by Bongbong Marcos may just be mere rhetoric or a typical failed campaign promise. The call for a bloodbath by Sara Duterte may be genuine coming from a cornered lion or a strategic ploy staged to foil her removal from public office. Either way, let the games against the “immortals” begin!
bills in the Senate, especially those certified as urgent by PBBM. VP Sara purportedly wants a “bloodbath” before the newly constituted Senate, and this early, the stakes are high for those placing their bets on the outcome solely based on their alliance-assessment of the sitting senators, namely: Go, Aquino, Dela Rosa, Erwin Tulfo, Pangilinan, Marcoleta, Lacson, Sotto, Pia Cayetano, Camille Villar, Lapid, Marcos, Padilla, Legarda, Raffy Tulfo, Gatchalian, Escudero, Mark Villar, Allan Peter Cayetano, Zubiri, Villanueva, Ejercito, Hontiveros and Estrada.
While many have already predicted the trajectory of the Senate trial this early, still a few do not discount the complex moorings, legal or otherwise, of the entire process. Regardless of the metrics, one crucial and inevitable angle in this controversy is the impact of the impeachment outcome on the ordinary mortal Filipino. We have witnessed, many a time, how a political discourse and the seemingly endless-grappling of power have affected the daily lives of the ordinary Filipino. Social services have come in trickles. Prices of basic commodities run high and low erratically. Some communities are favored or rebuffed depending on the ruling leadership. I dare say that the lawmakers who lead the impeachment spectacle and the authorities privy to this course of action should keep in mind how every Filipino citizen could be impacted positively in this impeachment process. After all, the former conjoining of two powerful names in the Philippine political arena: Marcos and Duterte, was meant supposedly for Bagong Pilipinas, to make life better and not worse.
This exposition of a historic union stirs up a memory of a biblical alliance that has not wavered even in the midst of political rivalry, so unlike the so-called “Uni-team” of Marcos and Duterte that plodded the end of the road expeditiously. As illustrated in the Books of Samuel, the pact formed by David (a shepherd boy) and Jonathan (son of King Saul
UK shifts to war footing with ‘always-on’ munitions production
By Ellen Milligan
THE UK will create an “always on” munitions production capacity to allow it to scale-up its defense industry when needed, as it increasingly shifts to a war footing with Russia’s assault on Ukraine showing little sign of ending.
Prime Minister Keir Starmer’s government will invest £1.5 billion ($2 billion) to build six munitions factories, designed to bolster its defense industry and stockpile weapons to meet greater demand, the Ministry of Defence said. The review will also focus on the UK’s “warfighting readiness” designed to deter enemies.
The move comes ahead of the publication of a new defense strategy on Monday that’ll set out the biggest threats Britain faces and whether it has the resources to meet them.
The UK’s ordnance stockpiles have run dry following decades of under-investment as well as the recent support for Ukraine. While it does manufacture much of its own munitions, a decision by the last Labour government meant that it outsourced its explosives manufacturing to the likes of the US and France.
The UK, is in part, address -
ing its chronic reluctance to invest in its own defense industry for decades, which has seen the size of its own army fall to its smallest since the Napoleonic era. It recently announced that the new strategy will “end the hollowing out” of the UK armed forces, which loses as many as 300 personnel a month, by investing an additional £1.5 billion to improve military accommodation.
“We are strengthening the UK’s industrial base to better deter our adversaries and make the UK secure at home and strong abroad,” John Healey, the Defence Secretary, said.
The Ministry of Defence declined to say which defense companies would build the new factories.
The additional funding, which will take the UK’s munitions spend to £6 billion over the next four years, will create more
and heir to the throne), is characterized by mutual respect and great loyalty. Jonathan and David came from diverse backgrounds, but they shared a few key things in common, as summarized by a biblical study tool: “They were both warriors, they were men of faith who served the living God, they were provided with God-given courage and strength, and they needed each other.” Theirs is a covenant bond, traversing jealousy, even as it was David whom God designated to be the next king and not Jonathan, the son of King Saul. Only a true friend could sincerely make this statement: “You will be king over Israel, and I will be second to you” (1 Samuel 23:17 ). But what is most notable in the story of these covenant “brothers” is David’s inquiry upon the death of Jonathan, as written in 2 Samuel 9:1. He asks: “Is there anyone still left of the house of Saul to whom I can show kindness for Jonathan’s sake?” According to some scholars, David’s question signifies a “desire to honor his covenant with Jonathan, even after Saul’s death and the rise of David’s own dynasty.” In Jonathan’s honor, David cared for Jonathan’s son, Mephibosheth (lame in both feet), by treating him “like one of the king’s sons” (2 Samuel 9:11). Clearly, doing good for the other party’s sake was still the central theme of the one in power.
Unequivocally, it would be admirable if the impeachment process would run not for the benefit of those immortal combatants (political dynasties) but for the mortal bystanders (the ordinary Filipino). I hope and pray that the ones who hold the sword of Damocles could look back at a covenant once fashioned by Marcos and Duterte for the good of the Philippine nation. The call for unity or reconciliation by Bongbong Marcos may just be mere rhetoric or a typical failed campaign promise. The call for a bloodbath by Sara Duterte may be genuine coming from a cornered lion or a strategic ploy staged to foil her removal from public office. Either way, let the games against the “immortals” begin!
A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
Prime Minister Keir Starmer’s government will invest £1.5 billion ($2 billion) to build six munitions factories, designed to bolster its defense industry and stockpile weapons to meet greater demand, the Ministry of Defence said. The review will also focus on the UK’s “warfighting readiness” designed to deter enemies.
than 1,000 new jobs and help the armed forces endure prolonged campaigns and support them in warfare, the ministry said.
The government has also promised to invest more than £1 billion to establish a ‘Digital Targeting Web’ to better connect Britain’s weapons systems and speed-up decisions for targeting enemy threats on the battlefield.
The review, to be published Monday, is also in response to US President Donald Trump’s demand that Europe take more responsibility for its own security, and the increasing military and cyber threats against the UK.
Just weeks after Trump came into office, Starmer announced
that the UK would increase defense spending from 2.3 percent to 2.5 percent by 2027, with a further rise to 3 percent in the next parliament, to bolster its military capabilities.
UK defense chiefs have privately warned the government that plans to raise military funding to 2.5 percent of economic output won’t be enough and cuts will still need to be made as a result of the underfunding. Starmer’s office and the Treasury were told earlier this year that the 0.2 percent increase will merely allow the UK to stand still and maintain current capabilities, Bloomberg reported in February.
UK military chiefs warn Treasury 2.5% spending goal falls short DESPITE the significance of the review, Starmer’s administration is likely to come under pressure to increase its spending on defense even further as Europe and Nato look to up investment at its June summit.
That target is set to be 5 percent of economic output, with 3.5 percent on hard defense spending, and 1.5 percent on military-related expenditures like cyber and border security by 2032. Bloomberg
Monday, June 2, 2025
2nd Front Page
BusinessMirror
5-yr WB framework focuses on healthcare, education, jobs
By Reine Juvierre S. Alberto @reine_alberto
MILLIONS
of Filipinos are expected to benefit from the World Bank Group’s (WBG) newly approved Country Partnership Framework (CPF), centered on health care, education, job creation, digital transformation and improving public sector service delivery.
In a statement, Finance Secretary Ralph G. Recto said the CPF for the Philippines from 2026 to 2031 is the “most aligned yet” with the Marcos Jr. administration’s development agenda for inclusive growth.
“The World Bank has once again proven to be a reliable partner of the Philippines. By anchoring the CPF in the President’s vision, we ensure that development financing addresses our most pressing needs and delivers genuine impact in improving the lives of Filipinos,” Recto said. Through its implementation,
about 19 million Filipinos are expected to receive quality health, nutrition, and population services and support better education outcomes for 15 million students.
The CPF also targets the creation of 4 million new or improved jobs, expanding broadband access for 19 million Filipinos and mobilizing $2 billion in private capital to generate more productive, higher-paying opportunities while driving inclusive and sustained growth.
Moreover, the CPF will support 12.5 million beneficiaries of social protection programs and enhance
climate resilience for 13 million people to shield communities from future shocks caused by natural disasters and climate change.
The WBG also aims to enable 20 million people to access government services online and make public institutions more accessible, accountable and responsive through digital transformation and smarter service delivery.
“[The CPF] is designed to help the Philippines build on this positive momentum to create more jobs for its young population, build resilience to shocks, further reduce regional disparities, and invest in education and health,” Manuela Ferro, World Bank Vice President for East Asia and Pacific was quoted as saying.
The CPF is a joint strategy of the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
The framework guides the WBG’s engagement with member countries, such as the Philippines, in ensuring support remains targeted and relevant to the beneficiary.
For the Philippines, the DOF said the new CPF is “more ambitious and inclusive,” drawing from the lessons
of the 2019–2024 CPF and shaped by wide-ranging consultations with national and local government agencies, academic institutions, civil society organizations, development partners and the private sector.
The CPF will be implemented through the WBG’s financial support and advisory services, including the IFC’s support in mobilizing private sector capital. At the same time, MIGA will explore opportunities to support investments through its guarantee platform.
Data from the WBG showed the portfolio of the IBRD—the branch of the World Bank that supports middle-income countries—comprised 17 operations in the Philippines, with net commitments of over $6.3 billion as of end-February 2025.
Meanwhile, the Philippines’ Trust Fund portfolio consists of 85 active grants, with a total commitment of almost $86 million.
The IFC, the private sector arm of WBG, has invested about $6 billion in more than 210 projects in the Philippines, including reducing the impacts of climate change, deepening financial inclusion, promoting sustainable infrastructure and strengthening the capacity of the private sector.
THE Board of Investments (BOI) said it has been seeing a slowdown in investment approvals in 2025 due to the “natural cycle of investment activity and heightened geopolitical uncertainty.”
Data provided by BOI to reporters showed it greenlighted P329.52 billion in investments in the January to May 2025 period.
This is 48.53 percent down from the P640.22 billion investments approved by the agency in the same period last year.
According to a BOI statement on Friday, “While investment approvals in 2025 have seen a slowdown, this trend is expected and reflects the natural cycle of investment activity.”
The investment promotion agency explained that most previously approved large-scale projects have now entered implementation phase.
For her part, Trade and Industry Secretary and BOI Chairman Cristina A. Roque said: “It is important to understand the nature of strategic investments. Projects such as offshore wind farms, logistics corridors, and energy infrastructure are large-scale undertakings that involve detailed planning, permitting, and construction phases. These do not translate into immediate FDI inflows, but they are critical to long-term growth and competitiveness.”
Apart from this, BOI said external factors such as tighter global financial conditions and heightened geopolitical uncertainty have contributed to a “more cautious” investment environment, which it said signals a “temporary shift from rapid expansion to execution and policy consolidation.”
“The current global environment, shaped by the US-China trade war and renewed calls for reciprocal tariffs in the United States, has also influenced investor behavior, particularly in the IT-BPM sector,” the BOI noted.
“While the direct impact on operations has
been limited, mainly affecting the sourcing of IT equipment and software, the broader climate of uncertainty has prompted firms to reassess investment timelines and supply chain strategies,” the investment promotion agency also noted.
P1.12-trillion investment pipeline
HOWEVER, the BOI said it expects to approve
P1.12 trillion worth of investment projects over the next two quarters, including projects in the renewable energy, IT-BPM, manufacturing, food security sectors, among others. Once approved, these projects could generate approximately 4,278 jobs, said BOI. Of the P1.12-trillion
Dr. Mario Capanzana of PCFMI: ‘Processed foods aren’t always unhealthy’
By Francine Medina
We all want to be healthier, which is why diligent selection of nutritious ingredients is important when buying pre-cooked items in groceries and stores.
In a recent episode of “Freshly Brewed,” BusinessMirror’s digital show, Dr. Mario Capanzana, Executive Director of the Philippine Chamber of Food Manufacturers (PCFMI) sits down with agri-commodities reporter Ada Pelonia for a conversation on the importance of pre-packaged foods in the market.
PCFMI, a 65-year-old organization, has more than 100 local food manufacturers and traders. According to Dr. Capanzana, it aspires to be the voice of the sector that aims to provide safe and nutritious food for all Filipinos. Among its advocacies are food safety and nutrition, as well as the innovation and renovation of food items, and working towards science-based policies on manufacturing nutritious food.
On the difference between ultraprocessed food and pre-packaged food, the PCFMI officer clarified, “Recently, there have been talks about ultra-processed food that is being associated as unhealthy. Whereas we have the official definition of pre-packaged food based on issuances by the Food and Drug Administration.”
Dr. Capanzana was referring to FDA Circular 2022-011, which defines pre-
packaged foods as “packaged or made up in advance in a container, ready for sale to the consumer or for catering purposes.”
He mentioned that the term “ultraprocessed” food can be traced back to the University of São Paulo in Brazil when its researchers conducted a study on how the country consumed its food. The result is the NOVA classification system that grouped food items according to the level of processing that the items have gone through. The NOVA system has four food categories: (1) Unprocessed, (2) minimally unprocessed, (3) processed culinary ingredients, and (4) ultra-processed foods, like snacks, which are ready-to-eat and prepared through industrial technology.
“There seems to be a misconception about what are healthy and unhealthy and how they are associated with ultraprocessed foods. In reality, when you talk about ultra-processed foods, it means the process methods. But when you are talking about healthiness, it should be the food component that should be classified,” he commented.
“So practically, it’s not an apt definition. Technically, there’s no acceptable definition
about ultra-processed food. When we talk about healthiness, we need to talk about food components, whether the food is high in protein, fat, or sodium, for instance,” he said.
Instead, Dr. Capanzana pointed out that the Codex Alimentarius created in the early 1960s by the Food and Agriculture Organization (FAO) of the World Health Organization (WHO) would be a more fitting measure of healthiness in food. The Codex has provisions ranging from food hygiene, food additives, contaminants, labelling, and presentation, to name a few. He explained that pre-packaged foods have their purpose especially in terms of food availability. He cited a recent case wherein there was an oversupply of fresh tomatoes in Nueva Ecija that were eventually spoiled because they didn’t reach as many markets as the fresh produce should have.
Dr. Capanzana, an accomplished food engineer, observed, “The farmers realized that there was a need to learn how to process that particular type of tomato. So maybe, the tomatoes have to be pre-heated, their skin removed, canned, with some other ingredients added, and subjected to thermal processing so that they can have a longer shelf life.
“So, if you label it as ultra-processed
food (which is associated as bad for the health), then that’s wrong because you have healthy food that’s sustainable all year round. You have food that has a longer shelf life, and of course, nutritional improvement.”
“The beta carotene in tomato, for example, will not be available for our body’s absorption if you do not process it,” he explained, adding that the bioavailability of nutrients is enhanced by certain processing methods since it breaks down cell walls and thus release the nutrients.
Dr. Capanzana cited another case of oversupply, this time, in the Cordillera region. “The kalabasa or squash that the farmers harvested could’ve been saved by processing or pureeing them to be used for another time and when needed. So, processing is very important and shouldn’t be labelled as unhealthy.”
Food fortification
On the other hand, the PCFMI executive director also discussed food fortification wherein nutrients that are not naturally present or are present in low quantities in the food are important. Fortified foods appear in the form of pantry staples such as salt, bread, tomato sauce, milk, instant noodles, and rice, just to name a few.
“With fortified food, especially processed food, some of the nutrients are diminished during heating. These include protein, and particular vitamins and minerals. We advocate fortification to improve food quality,” he commented. “We add nutrients like Vitamin A, Vitamin D, iodine, and iron to put back the nutrient lost during processing.”
However, not all foods are suitable for fortification, he continued, “There are guidelines that we follow.” Republic Act of No. 8976 establishes the Philippine food fortification program and other standards. According to the law, food fortification should be based on the recent Recommended Dietary Allowance (RDA) for Filipinos. Fortification will be carried out to compensate for the insufficiencies of the Filipino diet. The act also mentions that “business establishments enumerated in the preceding section except food service establishments shall be duly licensed with the concerned government agencies, such as National Food Authority for rice, BFAD for wheat flour, Sugar Regulatory Administration for sugar and Philippine Coconut Authority for cooking oil. They shall likewise inform BFAD prior to the process of fortification and they shall register their products with BFAD prior to distribution.”
Still, says Dr. Capanzana, balance is still the key, “Yes, you can meet your daily requirements with fortified foods. But you should also do it in moderation. Nutritionists will advise that we eat in moderation and with variety.”
Following the Pinggang Pinoy food plate guide developed by the Food and Nutrition Research Institute (FNRI), Dr. Capanzana suggested that if one lives, for instance, in the farm and fresh fish for protein and other vitamins and minerals are not readily available, then one can opt for canned fish like tuna or sardines.
“Then, you add veggies, and of course, rice or camote and you have a healthy diet in that case,” he suggested. “I think, moderation, balance, and variety are important to come up with a healthy diet. Gradually, you can come up with your sugar or salt reduction with alternatives to make sure that the food you are eating is still acceptable and enjoyable.”
The future of food
With concerns such as the country’s growing population and climate change that affects food harvests and supplies, preparing for the future is key to food security. Dr. Capanzana surmised,
“With the increasing demand for healthy food or functional food, we need to innovate. Food that is beyond nutrition, food that will provide us with health benefits.” He cited, for instance, products that help lower blood sugar because they contain fiber. “These foods have components that will help prevent some of the non-communicable diseases. These are the things that manufacturers are looking at. Besides the nutritional content, they are also looking at some functional characteristics that are helping solve some of these diseases. The important thing is that these components are based on scientific evidence.” But ultimately, stated Dr. Capanzana, it’s the consumers who decide what to buy for themselves. And that is why, he said, “It’s important to read the labels. And we also need support for more awareness. That’s the
that needs to be
Dr. Mario Capanzana discusses the importance of pre-packaged food in the market with Ada Pelonia.
Editor: Jennifer A. Ng
BusinessMirror
Exec: Jollibee still keen on IPO of Highlands Coffee
By VG Cabuag @villygc
FASTFOOD giant Jollibee Foods Corp. (JFC) said it remains interested in the initial public offering (IPO) of Vietnamese coffee brand Highlands Coffee.
However, Jollibee CFO Richard Chong Woo Shin said the IPO of the coffee chain requires careful thought.
“Yes, the (numbers) say it can go public. But we don’t want to launch an IPO just for the sake of launching one. We want to create value for shareholder. We want to be very thoughtful and think about how best we can move forward,” he said.
“But Highlands Coffee going public, for example, in Vietnam as a standalone company is not something that we believe is the best way to take this forward.”
Highlands Coffee is a brand under the SuperFoods Group, in which Jollibee has a majority stake.
It serves coffee prepared in the tradi-
tional Vietnamese way using the phin filter, espresso-based beverages, ice blended coffee- and non-coffee-based beverages, modern tea beverages that include fresh fruits and toppings, banh mi and Vietnamese flavor-inspired pastries in trendy coffee shops.
It also sells packaged coffee and other merchandise through its cafés and wholesale to an exclusive distributor.
As of end-2024, there were 850 Highlands Coffee cafés in Vietnam, of which 716 were owned and operated by Jollibee while the rest are franchised.
There are 50 Highlands Coffee stores in the Philippines, its international market. All the stores are franchised.
When Jollibee first invested in High-
lands Coffee in 2012, it was not profitable, and it had only 56 stores.
“People were skeptical because back then Vietnam was slightly behind the Philippines in terms of potential,” Shin said. “Now, it has nearly 900 stores in Vietnam and is extremely profitable.”
Shin said the company never wavered even when there was friction between Vietnam and China.
“(We) understand that it was just cyclical and temporary, and we kept on pushing forward.”
Vietnam is a robusta coffee bean market and not arabica, the most common type of coffee used by many coffee chains. The Southeast Asian nation is the world’s top producer of robusta coffee.
“The upstream supply chain strength has even become stronger as we have become such a dominant business and brand. So, we’ve been lucky that way, because that helps us moderate or our margins,” he said.
“We work very closely with our farmers. Our farmers out there all third party, of course, but we take care them, and they provide us with consistent quality beans at very good prices.”
First Gen hikes investments in RE
By Lenie Lectura @llectura
LOPEZ-LED First Gen Corp. is channeling capital from its core gas business to renewables and infrastructure, a move that will help achieve its 13-gigawatt (GW) renewables target by 2030.
This after the company agreed to sell 60 percent of its gas business to Razon-led Prime Infrastructure Capital Inc. for at least P50 billion.
A chunk of First Gen investments is allotted for expanding its renewable energy (RE) portfolio. In 2024, its total assets consisted of 28 percent gas investments while RE accounted for 72 percent.
First Gen President Francis Giles Puno said the composition of gas in the company’s total assets will further decline, emphasizing its dedication to building its RE portfolio.
“What we wanted to emphasize is when you look at from a megawatt point of view our gas is strong. But because over the years we invested and reinvesting in RE you can see that in our balance sheet RE is bigger,” said Puno. “And moving forward, that’s the trend that we will continue to pursue…the focus will be renewable energy.”
First Gen is expanding its portfolio to 13,000 megawatts (MW) by 2030 in line with the Department of Energy’s Philippine Energy Plan. It now has 3,668MW of installed capacity in its portfolio of plants that run on natural gas, geothermal, hydro, wind, and solar, which approximately accounts for 18 percent of the country’s gross generation.
“Looking at First Gen’s total megawatt capacity in isolation does not show the full picture. It simply reflects 55 percent of our energy capacity is composed of natural gas, while 45 percent is composed of renewable energy sources. This may give the wrong impression that our focus remains on growing our natural gas business to the detriment of renewables,” Puno pointed out.
new Independent Director Manuel I. Ayala. CONTRIBUTED PHOTO STOCK-MARKET OUTLOOK
Pag-IBIG Fund Continues to Grow Members’ Savings as Investment Income Climbs 50%
PP77.94 billion in short-term loans, and P158.12 billion in income-generating investments. The remaining P20 million accounts for other assets, including property and equipment, cash, and intangible assets.
First Gen and Prime Infra last week forged a deal, giving the latter majority control over the gas assets of First Gen. These include the 1,000-MW Santa Rita power plant, 500-MW San Lorenzo, 450-MW San Gabriel and 97-MW Avion power plants, all in Batangas City. The deal also involves the proposed 1,200-MW Santa Maria power plant and an interim offshore liquefied natural gas (LNG) terminal, also in Batangas City. Puno said the gas plants played a key role in supporting the grid during peak demand-including the scorching summer months which saw day after day of power supply alerts. This business model was, however, hampered by
at
time when
AG -IBIG Fund recorded a 50% increase in investment income in the first four months of 2025, reflecting its prudent financial stewardship and growing capacity to support members’ savings and housing needs. The development affirms the agency’s key role in advancing the Marcos administration’s agenda of strengthening government financial institutions and improving the lives of Filipino workers through responsive social benefits. From January to April 2025, the agency earned P2.73 billion in investment income alone—significantly higher than the P1.81 billion posted during the same period in 2024— driven by strategic placements in bonds and other debt securities, money market instruments, equities, and investment properties.
Chief Executive Officer Marilene C. Acosta highlighted that the agency’s investment portfolio stood at P158.15 billion as of April 2025, reflecting a 42% year-on-year increase from P111.39 billion in April 2024. She noted that this growth forms part of Pag-IBIG Fund’s sound and strategic allocation of its more than P1.11 trillion in total assets—a milestone the agency reached earlier this month. Based on the latest available data, Pag-IBIG Fund’s earning assets have reached P1.09 trillion, consisting of P856.96 billion in housing-related assets,
“Our investments play a vital role in providing our members with the best possible returns,” Acosta said. “We begin by meeting our housing investment requirement to help more Filipinos own homes through affordable financing. We also maintain adequate funding for our short-term loans, ensuring members have access to immediate financial assistance. Remaining investible funds are placed in secure instruments that deliver competitive returns while preserving liquidity for members’ claims. Through this balanced, disciplined approach—anchored on the strategic allocation of our resources to housing, short-term lending, and investments—we fulfill our mission to safeguard our members’ trust and deliver meaningful benefits, the Lingkod Pag-IBIG way.”
Meanwhile, the agency also formally welcomed Secretary Jose Ramon P. Aliling this week as the newly appointed Chairperson of its 11-member Board of Trustees. His leadership is expected to further guide Pag-IBIG Fund’s strategic direction in line with the Marcos administration’s housing and institutional development agenda.
LOPEZ-LED
DOF sees GFIs delivering strong earnings this year
By Reine Juvierre Alberto @reine_alberto
THE Department of Finance (DOF) expects government financial institutions (GFIs) to deliver strong earnings this year, while doubling down on their mandate to serve more Filipinos through expanded services.
This comes after the DOF reported that the total net worth of the Asset Liability Management Committee (ALCO) posted a 4.16 percent year-on-year growth as of the first quarter of 2025. The committee consists of representatives from the following: Development Bank of the Philippines; Government Service Insurance System; Home Development Mutual (Pag-IBIG) Fund; Land Bank of the Philippines; Philippine Crop Insurance Corp.; Philippine Deposit Insurance Corp.; Philippine Guarantee Corp.; Philippine Health Insurance Corp.; and, Social Security System.
Compared to the previous quarter, the ALCO’s total net worth grew by 1.86 percent, the DOF said, without disclosing exact amounts.
Established in 2022, the ALCO is chaired by the Secretary of Finance with the DOF overseeing and harmonizing the policies of GFIs, as well as recommending strategic actions aligned with the government’s fiscal objectives and development agenda.
“With most GFIs on track to meet or exceed their agency income targets by year-end, there remains significant
Banking&Finance Apr liquidity growth slows after Treasury notes issue
potential to deliver even stronger financial performance—especially if current positive trends continue through the succeeding quarters,” Finance Secretary Ralph G. Recto was quoted as saying in a statement.
During the ALCO’s 14th meeting on May 27, all GFIs reported positive returns on their investment portfolios since the same period last year, according to the DOF.
The members of the supervisory group also affirmed to continue complying with the set investment guidelines on conglomerate exposures across loans, fixed income and equities and minimizing concentration risks.
“My marching orders to GFIs: Do better, deliver faster, and provide more. We need to ensure that our GFIs are strong, efficient, and effective—because the success of the Filipino people depends on their success,” Recto said.
“GFIs play a very crucial role in nation-building. They provide essential financial support to priority sectors that drive our development goals—creating jobs, raising incomes, and reducing poverty,” the Finance chief added.
The ALCO convenes quarterly to discuss the investment performance of GFIs and monitor their current investment exposures in private corporations and conglomerates.
This is to ensure that they avoid concentration risk in any single private conglomerate, including its subsidiaries and affiliates, according to the DOF.
By Cai U. Ordinario @caiordinario
THE growth of the country’s domestic liquidity slowed to 5.8 percent in April after the government’s issuance of 10-year Treasury notes, according to the Bangko Sentral ng Pilipinas (BSP).
The data showed the growth of domestic liquidity, M3, in April 2025 was slower than the 6.2 percent recorded in March.
However, in terms of amount, the country’s domestic liquidity reached P18.21 trillion in April. This is P995.11 billion more than in April 2024 but P52.89 billion less than March 2025.
“(Domestic liquidity growth) slowed in April 2025 after the national government raised P300 billion through the issuance of 10-year
local Treasury notes in the latter part of April 2025, effectively siphoning off some of the excess liquidity from the financial system,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said.
“(This was) offset by Treasury bond maturities worth about P140 billion in early April,” Ricafort said adding that about P160 billion net was siphoned off from the financial system; “as this could have potentially led to slower M3 or domestic liquidity growth in April 2025 than
otherwise.” The RCBC executive noted that M3 could post faster growth in the coming months as the BSP has already reduced the reserve requirement ratio last February.
M3 includes currency in circulation such as notes and coins plus bank deposits such as savings, checking, and time deposits and deposit substitutes or commercial papers and promissory notes.
The BSP has reduced the required cash reserve ratio for universal and commercial banks (UKBs), as well as non-bank financial institutions with quasi-banking (NBQBs) functions, by 200 basis points (bps) to 5 percent.
Similarly, the portion of reservable liabilities that digital banks must hold onto will be trimmed by 150 bps to 2.5 percent while thrift banks will see a 100-bps cut, bringing their reserve requirement down to zero percent.
The ratios took effect last March 28. The move shall apply to the local currency deposits and deposit substitute liabilities of banks and NBQBs
Meanwhile, the data showed domestic claims rose by 10.9 percent year-on-year in April from the 10.5 percent in March.
Claims on the private sector grew by 11.4 percent in April from 11.6 percent in the previous month with the sustained expansion in bank lending to non-financial private corporations and households. The BSP also said net claims on the central government increased by 9.4 percent from 8.1 percent due to
However, the NFA of banks declined largely on account of higher foreign currency-denominated bills payable.
SEC shuts down 56 delinquent lending companies
By VG Cabuag @villygc
expand capital market
Solon trusts CMEPA law to
ENATOR Sherwin T. Gatchal-
Sian hailed the enactment of the Capital Markets Efficiency Promotion Act (CMEPA) as marking a significant milestone in the country’s efforts in enhancing investor confidence and expanding capital markets.
The chairman of the Senate Committee on Ways and Means and sponsor of the measure, Gatchalian emphasized that the enactment of the CMEPA is critical to building a more competitive and accessible investment environment, “one that is aligned with global standards and is expected to encourage greater participation from both domestic and international investors.”
This law isn’t only for big business, the solon said in Tagalog.
“This law empowers every Filipino to be part of wealth creation,” Gatchalian said. “Panahon na para
palawakin ang oportunidad—para sa lahat, hindi lang sa iilan.” [It’s time to expand opportunity—for everyone, not just for a few.]
Under the CMEPA, the stock transaction tax will be reduced from 0.6 percent to 0.1 percent, significantly lowering the cost of trading in Philippine equities. This adjustment brings the Philippines closer to regional peers with more investorfriendly rates. The measure also lowers the documentary stamp tax on the original issuance of shares from 1 percent to 0.75 percent.
The new law is projected to generate over P25 billion from 2025 to 2030 and reduce the country’s fiscal deficit to 3.8 percent of gross domestic product by 2028. (See https://businessmirror.com. ph/2025/05/31/dof-projects%e2%82%b125-b-net-revenuewith-cmepa/). Butch Fernandez
THE Securities and Exchange Commission (SEC) revoked the corporate registrations and secondary licenses of 56 companies for failure to comply with reportorial requirements, as the agency continues its crackdown against erring lending and financing firms.
In an order dated May 29, the SEC Financing and Lending Companies Department cancelled the primary registrations and certificates of authority (to operate as a lending or financing company) of 47 firms that have been declared delinquent. The latter is defined by the Revised Corporation Code.
According to the SEC, these companies failed to file their respective audited financial statements, general information sheets, director or trustee compensation report and director or trustee appraisal or performance report three times within a period of five years.
The SEC also issued separate orders on May 19 for the revocation of the corporate registration of nine companies for continuing noncompliance with their reportorial requirements. Two of the nine companies were found to have failed to comply with SEC Memorandum Circular (MC) 28 (series of 2020), which requires submission of official e-mail account addresses and cellphone numbers for transactions with the Commission.
Meanwhile, the remaining seven failed to submit their business plans as required under the Regulator’s MC 3 (series of 2022). The latter outlines the implementation of Bangko Sentral ng Pilipinas Circular 1133 (series of 2021) on the ceiling/s on interest rates and other fees charged by lending companies, financing companies, and their online lending platforms.
The SEC said the seven companies failed to observe the directives of the agency, despite the issuance of show cause letters and notice of deficiencies informing and directing them to
SEC flags concerns on crypto ETFs offering rewards
By Loukia Gyftopoulou, Isabelle Lee & Nicola M White Bloomberg
APOTENTIALLY watershed effort to launch US crypto exchange-traded funds that offer staking rewards is throwing up regulatory doubts, even after the funds said they received initial SEC registration approval. Issuers REX Financial and Osprey Funds are targeting to launch ETFs tracking Ethereum and Solana that offer staking exposure, which allows investors to earn rewards by pledging tokens to help operate the blockchain.
US regulators are now raising concern the vehicles may not legally qualify as ETFs at all under federal securities law.
In a letter late Friday sent to ETF Opportunities Trust—the legal entity that issues various ETFs including those managed by firms like REX—Securities and Exchange Commission staff said the two ETFs may fail to meet the legal definition of an investment company, a designation needed for the funds to list in the stock market.
The SEC said it was concerned the funds “improperly filed their registration statement” and that “disclosures in the registration statement regarding the funds’ status as invest-
ment companies may be potentially misleading.”
“We think we can satisfy the SEC on the investment company question, and we don’t intend to launch the funds until we do that,” said Greg Collett, general counsel at REX Financial.
The SEC declined to comment beyond the letter.
SEC Commissioner Caroline Crenshaw, the commission’s lone Democrat and frequent critic of its new view on crypto in President Donald Trump’s administration, said the situation was emblematic of the agency’s recent piecemeal approach to crypto regulation.
During his reelection campaign, Trump touted his own digital collectibles, gathered campaign donations from crypto fans and said he would make the US the “crypto capital of the planet.”
Since February, following the launch of a special advisory group on cryptocurrency, SEC staff have issued statements saying crypto assets such as memecoins and stablecoins aren’t securities, meaning they aren’t under the SEC’s jurisdiction.
Yet firms see opportunities to register with the SEC to launch new products, Crenshaw said in a statement issued last Saturday.
“How is it that these crypto assets
are supposedly not securities when it comes to registration requirements, but conveniently are securities when a registrant sees an opportunity to sell a new product?,” she said. “If you’re confused, join the club.”
It’s the second time in recent months that the SEC has publicly expressed doubt on a listed fund investing in alternative asset classes.
In March, it rebuked an ETF by State Street Corp. and Apollo Global Management—the world’s first to invest in private credit—hours after the fund listed.
“Even if the SEC doesn’t allow this structure to list, we still believe the more straightforward attempts to allow staking in a US ETF will ultimately be successful,” Bloomberg Intelligence ETF analyst James Seyffart said. “It’s a matter of when, not if. But the SEC doesn’t seem to be a fan of the way Rex tried to push these listings through.”
REX said it received a so-called effective registration for the two ETFs earlier Friday, meaning they could be listed anytime. REX founder Greg King said at the time the company was planning the launch by midJune for both.
“To the extent that these concerns remain unresolved, the Commission staff will consider the appropriate next steps to ensure compliance with the federal securities laws,” the SEC said late Friday.
comply and show proof of compliance with their reportorial requirements.
The companies that failed to submit business plans were: Air Fish Lending Corp.; Cash Mart Asia Lending Inc.; Cashbee Lending Services Inc.; Kayamo Atlas Lending Corp.; Lucky Shell Fintech Lending Corp.; Qcash Finance Corp.; and, Whale Tail Lending Services Inc.
The revoked companies that failed to comply to the SEC MC 28 were Golden Legacy Financing Corp. and Just Smile Lending Corp. Companies initially declared delinquent were: Adequ8 Financing Inc.; Advent Capital and Finance Corp.; Altrio Group of Co. Manila Inc.; Always Fortune International Inc.; Amalgamated Pacific Securities Inc.; Asset Forward Financing Inc.; Bataan Financing Corp.; Borough Financing Corp.; Cash Anywhere Services Hub Inc.; Cashonexpress Ltd. Inc.; Cashpa Pa Finance Inc.; Cashx Financing Inc.; Centennial Financing Corp.; Central Pacific Capital Co. Inc.;
Security Bank supports mangrove restoration
LA Union—Security Bank Corp. announced it has launched here the first phase of its “Project Mithi” (Mangrove-Based Initiatives for Thriving Habitats and Inclusive Communities), planting 940 native mangrove seedlings in Aringay, La Union.
According to a statement issued by the lender, the activity was held in honor of World Ocean Month in partnership with the Dulao Fishpond and Fishpen Producers Cooperative, Oceanus Conservation, and Communities for Nature. The project aims to plant 10,000 seedlings to bolster coastal ecosystems and community resilience. The volunteer-led event brought together more than 40 Security Bank employees, in cooperation with the Aringay local government unit. Local officials also participated, the lender said. Security Bank Chief Financial Officer Eduardo M. Olbes was quoted in the statement as saying that the project “brings our sustainability vision to life— protecting the environment, supporting livelihoods, and strengthening communities.” It reflects our commitment to
advancing climate action and enriching lives through measurable impact, Olbes added. The lender didn’t disclose how much it is spending for the project.
Oceanus Conservation Inc. Director and Co-Founder Camille Rivera-Roa was also quoted as saying in the statement that three native species—Rhizophora, Lumnitzera, and Avicennia— are being planted in the area.
“A diverse mix strengthens mangrove resilience and supports a more stable ecosystem, making the forest less vulnerable to disease and environmental change,” Rivera-Roa added.
Beyond its ecological impact, the initiative supports local livelihoods. The Dulao Cooperative and Oceanus Conservation will lead ongoing maintenance and monitoring, ensuring both environmental and economic benefits.
According to the Security Bank, the project “is designed for long-term impact—through site assessments, species suitability, and survivability planning. It reinforces the Bank’s broader sustainability goals and commitment to empowering resilient communities.”
Emergency reserves, high prices, rationing.
How did Japan’s rice crisis get this far?
By Mari Yamaguchi The Associated Press
RICE is essential to Japanese culture, tradition and politics. People take pride in the ovalshaped sticky Japonica grain, which is still a staple even though total consumption has fallen over the decades.
But since last summer, prices have soared as supplies have fallen short of demand. The government has long paid farmers to cut back on rice acreage, and change to other crops to keep rice prices relatively high.
To cope with shortfalls this year, the government has released rice reserves. But the grain has been slow to reach supermarket shelves. Anger over that was part of the reason the agriculture minister quit this week. Consumers are frustrated and wondering where’s the rice?
Why did the farm minister resign?
AGRICULTURE Minister Taku
Eto resigned Wednesday after he raised an uproar by saying he “never had to buy rice,” because his supporters give it to him as gifts.
The remark was seen as utterly out of touch with the realities of ordinary people struggling to make ends meet and to afford rice to eat. Eto apologized, but he was obliged to step down as damage control by Prime Minister Shigeru Ishiba, whose minority government faces a big challenge in a crucial national election in July.
Eto’s successor is former environment minister Shinjiro Koizumi, who has taken part in reforming Japan’s powerful agriculture lobby. He’s been tasked with investigating and resolving the rice problem.
What’s happening to rice in Japan?
RICE started disappearing from supermarket shelves, and prices surged to twice normal levels since last summer, when a warning about a possible “megaquake” triggered panic buying.
The top “Koshihikari” brand now sells for nearly 5,000 yen ($35) per 5 kilograms (11 pounds). Rice stocks at Japan Agricultural Cooperatives and other commercial wholesalers have been 400,000 tons short of last year’s levels, hitting a record low 1.53
million tons as of June, farm ministry data show.
The sense of urgency over shortages has risen now that rice crops have just been planted, with harvests several months away.
Why is Japan having rice shortages and soaring prices?
ISHIBA has pledged to bring the average rice price down to about 3,000 yen ($20) per 5 kilograms (11 pounds).
“We don’t know why we haven’t been able to push prices lower,” Ishiba said during parliamentary questioning Wednesday when asked how exactly his government will resolve the problem. “We first will figure out exactly how much rice there is and where it is.”
He acknowledged current measures aren’t working and blamed “structural problems” of the government’s rice policy.
Experts say last summer’s panic buying just worsened longstanding problems. A sharp rise in tourism and an increase in dining out have raised demand.
Some people started eating more rice after prices of bread and noodles rose when the RussiaUkraine war pushed wheat prices higher. And the 2023 harvest was relatively poor because of hot weather and pests.
Japan’s rice supply chain is complicated. Most farmers still sell their rice in the traditional system run by Japan Agricultural Cooperatives, or JA, a powerful interest group with close ties to the governing Liberal Democratic Party.
But a growing share is sold through other businesses and online, making it hard to track supplies and prices, said Masayuki Kanamori, an executive of the National Federation of Agricultural Co-operative Associations, a JA umbrella organization.
The shortage caught JA by surprise, Kanamori said.
“Looking back, the current rice shortage was unforeseeable,” he said. “We are puzzled.”
RICE CRISIS BREWING A Shinkansen bullet train speeds past Mount Fuji and a rice field in Shizuoka Prefecture, evoking Japan’s deep-rooted ties to rice farming. The country faces an unexpected rice crisis marked by soaring prices, emergency reserves, and rationing—raising urgent questions about food security and policy missteps. NUTTAWUT UTTAMAHARAD | DREAMSTIME.COM
What’s been done so far?
THE Agriculture Ministry is under fire for delaying releases of emergency rice reserves, which normally are kept for disasters, and for misjudging the demandsupply balance. So far, only 10% of the released rice stocks have reached the market, raising suspicions about what’s happening.
Koizumi on Thursday announced plans to switch to voluntary government contracts for rice to better control prices and to lift a cap on the next sale.
One problem may be a lack of enough milling capacity to turn the stocks of brown rice kept in reserves into the pure white rice that Japanese prefer. But others have accused some wholesalers of hoarding rice to keep prices higher.
So far, the government has done little to investigate and resisted releasing reserves, fearing prices would fall, Kazuhito Yamashita, research director at the Canon Institute for Global Studies.
Japan could have avoided the problem by allowing more rice to be planted and exporting more if there were surpluses, he said.
“Acreage cutbacks are contrary to food security, a ruinous policy,” Yamashita said. He said that the policy benefits JA by keeping small farmers afloat.
Meanwhile, farmers coping with rising costs say prices aren’t too high.
Ultimately, Japan will need to figure out a long-term strategy since the average age of its farmers is 69, and the farming population has fallen by half
over the past two decades to 1.1 million in 2024.
What are consumers and retailers doing to cope?
HIROMI AKABA, who lives in Kawasaki, near Tokyo, said that she had no choice but to buy rice at the current high prices. But she added: “If this continues, we will stop eating rice. This could lead to a shift away from rice consumption.”
Many stores are limiting customers to one bag of rice per visit. Whatever the cause of the shortages, retailers must put rice on the shelves, so some are switching to imports, which usually aren’t popular with finnicky Japanese shoppers.
Major supermarket chain operator Aeon Co. plans to sell US
grown Japonica “Calrose” rice at 600 outlets in major cities beginning next month. A 4-kilogram (nearly 9-pound) bag of Calrose will sell for 2,894 yen ($20). Aeon is buying 1.4 tons to tide it over until the autumn harvest, Aeon corporate communications official Hirokazu Satou said. In the past, Aeon has sold Calrose blended with Japanese rice, and this will be the first time that it’s selling bags of 100 percent Calrose, with suggestions like turning it into fried rice. The idea is to keep people eating rice, said Satou, who said he’s worried they might just stop.
“We are worried that the ongoing rice shortages and soaring prices may accelerate that trend... and we don’t want it to happen,” he said.
JAPAN’S Agriculture Minister Taku Eto, center, arrives at the prime minister’s office in Tokyo, May 21, 2025. KYODO NEWS VIA AP
Avida Bespoke taps fashion folk to style inspired spaces
TO build future-proof homes that enhance one’s modern lifestyle, geared toward upper middle-income professionals and young families, is the assurance that Avida Land holds dear for 34 years and counting.
“[Our company] has always believed that the home is more than just a place to stay—it’s where you create your best life. That’s why we don’t just provide living spaces; we build communities that evolve with you, support your aspirations, and reflect your values. Whether you’re looking for a home that fosters wellness, fuels creativity, or embraces sustainability, Avida ensures you have the ideal space to flourish,” said Raquel Cruz, head of Avida Land, in a statement.
As part of its innovative initiatives, Avida introduced The Bespoke Experience: A New Way to Imagine Home, its fresh take on home concepts and curated designs in partnership with Furniture Republic.
The high-quality developer tapped high-profile personalities from the fashion and modeling worlds to partner with the country’s best interior designers to create display units for Avida’s impressive portfolio. Fashion designer Vania Romoff, model Kelly Misa-Fernandez, fashion photographer Shaira Luna, celebrity mom and product endorser Patty LaurelFilart and TV host Pia Guanio-Mago collaborated with Paolo Castro, Philippine Institute of Interior Designers (PIID) president; Rossy Rojales, PIID executive director for professional development; and Cyndi Fernandez-Beltran, PIID vice president.
The Glorietta Mall Activity Area was the venue in March for Kelly’s, Shaira’s and Vania’s display units while Ayala Malls Solenad 3 Activity Park in Nuvali, Santa Rosa, Laguna, was the site for Patty’s and Pia’s over the weekend.
Here, the fashion folk explain the concepts behind their display units:
Vania Romoff x Rossy Rojales foR aVida ToweRs makaTi souThpoinT
THIS property is for professionals and sophisticated urbanites who thrive in the hustle and bustle of the city.
With the theme called “Sheer Romance,” Vania envisioned “muted tones and graceful drapery to create a personal, intimate and timeless ambiance— like a bespoke dress tailored to its muse.”
The Cebuana design legacy says in her socials: “Super excited to share more of this project with you, but I’ll keep it a surprise. They asked me to wear a shade of red, but you know what they say, ‘Never bored, always Bordeaux.’ Anyway, this is the project, voila! An Avida collaboration.
“I was asked to design a unit for them, and I got to work with a talented team. They completely understood what I had envisioned, warm tones, lots of wood, and look—pleats. It was the small details that made the space, interesting textures, and some of my personal pieces gave the room personality.
“This was so much fun to do. Also, I got to work with interior designer Rossy Rojales, whose work I admire, and some of my friends were there as well—Shaira Luna and Kelly Misa. I talked about my secret love affair with interior design and how, like in
fashion, it has to be personal.
“I like my interiors warm and understated and always a little romantic.”
shaiR a luna x paolo CasTRo foR senTRia sToReys VeRmosa
THIS property is set within the 700-hectare Vermosa estate in Cavite, offering a peaceful yet connected lifestyle, making it ideal for young professionals and couples seeking modern suburban living.
Shaira worked on the theme “Aperture & Atmosphere,” and the production notes state that the display unit she styled was “inspired by the essence of an aperture in photography. This showroom is designed to manipulate light, depth and perspective, creating an immersive, ever-changing atmosphere. The space is a balance of structured minimalism and playful movement, reflecting how an aperture controls light to frame the perfect shot.”
kelly misa-feRnandez x Cyndi BelTR an foR CResCela nuVali
CRESCELA Nuvali is a suburban haven within Ayala Land’s largest eco-city in Laguna. It is for those who
value a close-knit community and green spaces.
Kelly says the theme for the display unit was “Organic Luxe,” further explaining:
“This two-storey house captures quiet elegance and comfort through a refined monochromatic palette. Neutral tones create a soothing backdrop, enriched by the texture of travertine stone, linen wallpapers and plush fabrics. The design achieves a harmonious balance of simplicity and luxury, with fluid silhouettes and soft curves that reflect Kelly’s graceful and feminine side
“Our Organic Luxe theme is all about grounding energy and quiet elegance—and seeing it all come together was such a full-circle moment. It is rooted in natural textures, warm earthy tones, and refined elements. The goal was to create a space that’s grounded and calming yet elevated and effortlessly stylish. It’s a modern take on Filipino living— timeless, thoughtful and intentionally designed to feel like home.”
paT T y l auRel-filaRT x Cyndi BelTR an foR CResCela nuVali PATTY describes the display unit with a “Textural
When there’s so much sun, sunscreen is the best defense
IT S been a a really hot summer and SM Beauty’s latest campaign, called “So Much Sun,” emphasizes that while we can still have our summer fun, we should never forget to use sun care products such as sunscreen and moisturizers. As part of its campaign for sun and skin safety, SM Beauty hosted a “So Much Sun” padel class for members of the press and lifestyle influencers at Manila Padel Club. Coach Mike Tamayo guided the padel first-timers. During the event, there were displays with sun care products from Belo, Garnier, Sun Play, QuickFX, Hada Labo, Mentholatum, Anessa, Pond’s, Vaseline, Rohto, CosRX, Lip Ice, Carroten, Celeteque, Bioré, Calypso, Kojie-san, and many more. Guests were able to reapply their sunscreen, get to know about SM Beauty’s picks for the summer, and learn about the importance of sun care for every kind of outdoor activity.
Modernism” theme:
“I’ve had a million pins saved on my Pinterest board just dreaming of a modern and fresh space. And then came Cyndi from Moss Design House and she worked with Avida. They took all my ideas, even the coastal vibes, and actually brought them to life.
“Like exactly how I pictured it, but better. Now it’s one thing to dream it up, but having Avida get it right and making it real, that’s something else. And the best part, you, too, can have your dream space thanks to Bespoke Avida.
“It’s part of their commitment to evolving along with their homeowners. They introduced the Bespoke Experience as a fresh take on modern living with thoughtfully designed spaces.”
pia Guanio-maGo x Cyndi BelTR an foR seRin TeRR aCes TaGay Tay BACK in the day, this newspaper had a glossy called View, and Pia (wearing Frederick Peralta) was its first cover girl. For the Avida project, she styled “a home that feels like a chic staycation. Cozy, elegant, and made for laidback Tagaytay days”:
“I had a chance to design and style a two-story Avida home based on my own taste. I went for cozy, elegant and nature-inspired. Think lots of natural textures, outdoor lounging spots to enjoy Tagaytay’s cool breeze, a hotel-comfy bedroom, and a dining space that feels straight out of a fancy restaurant.
“Avida’s all about creating homes that fit real modern lifestyles. And that’s what the Bespoke Experience is for. You might just find the one that feels like home.” n
a #heaRTwRiT Ten faTheR’s day THE extraordinary fathers and father figures who have shaped our lives and continue to inspire us deserve to be celebrated. This Father’s Day, Montblanc honors their unwavering presence with a thoughtfully curated selection of gifts.
To help convey your #HeartWritten words, each piece comes carefully packaged in a white Montblanc gift box, serving as the ideal blank page on which to leave your special message.
n WRITING INSTRUMENTS. Give the gift of a timeless writing experience with the Meisterstück Gold-Coated 149 Fountain Pen, featuring a handcrafted Au 750/18k solid gold nib, a cap and barrel in black precious resin and the iconic white Montblanc emblem inlaid in the cap top. A fitting gift for literary aficionados, the Montblanc Great Characters Homage to The Great Gatsby Limited Edition 1925 Fountain Pen finds inspiration in Jay Gatsby’s glamorously elegant world with a pinstriped cap and a clip reminiscent of a money clip. Pair these writing instruments with a Montblanc ink in a royal blue color, a Soft Envelope notebook, and an Extreme 3.0 1-Pen Pouch crafted in black embossed leather.
n LEATHER GOODS. The medium-sized Meisterstück Sartorial Document Case is a smart companion with modular functionality. Inspired by the Maison’s writing heritage, its stitching, zip puller and handles recall the recognizable shape of the Meisterstück fountain pen’s nib.
n TRAVEL ESSENTIALS. Whether for weekend getaways or world adventures, the #MY4810 Cabin Trolley ensures smooth and stylish travel with its Extreme 3.0 maxi pattern and efficient packing design. Pair it with the Extreme 3.0 leather washbag in a burgundy-hued cassis color for effortless organization. Offering immersive sound-on-the-go, the Montblanc MTB 03 In-Ear Headphones feature active noise cancellation, intuitive touch controls, and comfortable wearing thanks to a sleek, ergonomic design inspired by the iconic Meisterstück writing instrument. For those preferring a lighter look, the headphones are also available in an ivory color.
n FRAGRANCE. The Montblanc Legend Blue Eau de Parfum evokes memories and emotions with fresh spearmint, elegant cedarwood and warm ambroxan. This balanced fragrance is designed for everyday wear, bringing a touch of sophistication and sentiment to his routine.
aVida Bespoke expeRienCe Display units styled by Patty LaurelFilart, Shaira Luna, Vania Romoff, Kelly Misa-Fernandez and Pia Guanio-Mago.
Carbnb, Cathay Land Ink Deal for New Hub
Carbnb, the Philippines’ first car rental platform, continues nationwide expansion with a new strategic location in Las Piñas City.
Carbnb has officially partnered with Cathay Land Inc., marking the establishment of its newest hub at Ananda Square in Las Piñas. The contract signing ceremony was held recently and attended by key executives from both companies, including Christian Bradley, founder and CEO of Carbnb, and Mary Ann Kocencio, VP and Corporate Cluster Admin Head of Cathay Land.
The newly forged partnership signals Carbnb’s commitment to bring smarter, more accessible car rental options by integrating its services with high-traffic commercial centers like Ananda Square.
“This partnership is a huge step forward in our mission to make car rentals as accessible and convenient as ordering coffee,” said Bradley during the signing.
“By collaborating with dynamic property developers like Cathay Land, we’re making mobility available where people already live, shop, and work.”
Cathay Land, one of the country’s leading property developers in the South Luzon corridor, sees the partnership as an opportunity to enhance the overall experience of its mall-goers while embracing mobility solutions.
Ananda Square was designed to be a lifestyle hub for the growing communities of Las Piñas and nearby towns of Laguna and Cavite. With Carbnb’s entry, the location now offers added convenience and smart travel solutions. This partnership aligns with the vision of developing spaces that cater to the evolving needs of Filipinos.
The partnership adds Ananda Square to Carbnb’s growing list of community-based mobility hubs, which serve as key pick-up and drop-off points for app users. These hubs are designed to reduce the friction of traditional car rentals by leveraging digital bookings and strategically placing vehicles in areas with high residential and commercial density.
“Through this collaboration, Cathay Land becomes one of our valued hub
partners—supporting our mission to make car rentals more integrated into daily urban life,” Bradley added. Carbnb’s expansion plans include building more such hubs across the country throughout 2025 and beyond, prioritizing locations that combine accessibility with community relevance.
With the Ananda Square hub set to open in the coming weeks, both companies look forward to bringing convenient and tech-enabled mobility to residents and travelers—cementing a shared commitment to innovation, accessibility, and customerfirst solutions.
Carbnb recently launched its self-drive electric vehicle (EV) rental fleet, becoming the first in the Philippine car rental industry to offer EVs.
FOLLOWING a string of successful runs in SM City Bataan, SM City Baguio, SM City San Pablo, and SM City Dasmariñas, the Viyline Micro, Small and Medium Enterprises (MSME) Caravan brought its next wave of entrepreneurial energy to SM City Santa Rosa from May 21 to 27, 2025.
Led by entrepreneur and influencer Viy Cortez, the Viyline MSME Caravan has grown into a nationwide movement, empowering local entrepreneurs and showcasing proudly Filipinomade products, creativity, and innovation.
The SM City Santa Rosa leg featured food, fashion, beauty, and lifestyle brands led by passionate MSMEs and creators, with meetand-greets, promos, product launches, and Instagrammable moments.
“Every stop proves that Filipino
entrepreneurs are bursting with potential.
All they need is the right space to shine—and that’s exactly what this caravan provides,” said Jonjon San Agustin, Executive Vice President for Marketing of SM Supermalls.
As the movement gains nationwide traction, here are the next scheduled stops of the Viyline MSME Caravan: SM City Fairview – June 18 to 24
SM City Cabanatuan – July 16 to 22
SM City Davao – August 23 to 29 Stay tuned as more locations will be announced soon. For updates, follow @ officialsmsupermalls and @viylineofficial on social media.
The Viyline MSME Caravan is made possible through the collaboration of Viyline Media Group and SM Supermalls--both dedicated to supporting MSMEs across the country.
Shakey’s just made its Creamy Spinach Pizza better
SHAKEY’S just took its Spinach
Pizzas to the next level — now even creaMMMier and yuMMMier than ever. In this exciting relaunch, longtime fans and spinach pizza lovers are in for a richer, more indulgent experience that satisfies from the first bite to the last.
The new and improved Creammmy Spinach Pizza now comes with even more of the good stuff — a heartier layer of real spinach and a blend of ultra-creamy, melty cheeses, spread generously and evenly across your favorite hand-tossed or thin crust. Up close, guests will spot visible vibrant spinach strands and welldistributed dollops of cheese that bubble beautifully in the oven.
Tfun. This Problem Gambling Awareness Month, DigiPlus Interactive Corp., through its social development arm BingoPlus Foundation, reaffirms its industry leadership in responsible gaming, highlighting its pioneering use of in-app safeguards, realworld financial education, and company-wide mental health training to protect and empower Filipino players.
With over 40 million registered users and more than 130 physical sites, DigiPlus is the country’s largest integrated digital entertainment ecosystem. But behind its scale is a human-first approach to gaming - one rooted in empathy, protection, and shared responsibility.
At the core of this commitment is GameSmart, a responsible gaming program grounded on the three pillars: prevention, education, and intervention.
Through advanced in-app tools: custom time and spending limits, facial recognition, and e-KYC protocols, DigiPlus empowers players to take control of their own habits while shielding minors and at-risk groups from
exposure. These aren’t just features, they are built-in guardrails designed to make responsible play second nature.
One of the foundation’s most impactful efforts is the “Pusta de Peligro” campaign, a public advocacy drive that reframes “Petsa de Peligro,” a term familiar to everyday Filipinos, as a moment to pause and reflect on responsible choices. Education happens where it matters most: in the everyday moments of playing and decision-making. The Foundation’s “Tamang Laro, Tamang Panalo” campaign delivers financial coaching to both jackpot winners and targeted sectors in barangays, teaching practical skills like budgeting, debt management, and saving smart. From livestreams to barangay halls, the message is the same; real fun means being in control.
Intervention is available when players need it most. DigiPlus has begun training frontline staff and customer service teams to spot red flags and offer mental health first aid. In partnership with organizations like Seagulls Flock, the Foundation is building systems that emphasize compassion, not punishment - ensuring no player feels alone when facing risky behavior.
Beyond its compliance with regulations, DigiPlus believes that understanding the human story behind every player is the key to long-term, sustainable entertainment. Through BingoPlus Foundation, the company brings responsible gaming efforts to where its customers live, work, and play – across stores, digital platforms, and communities.
These efforts are just part of a broader ecosystem of care. BingoPlus Foundation has allocated ₱150 million in 2025 toward social programs under four pillars: Technology Education, Accessible Healthcare, Community Resilience, and Responsible Digitalization. Responsible gaming is not a one-off campaign - it’s embedded across everything DigiPlus does.
“Problem gambling is real - but so is the power of technology, education, and community to prevent it,” said Angela Camins-Wieneke, Executive Director of BingoPlus Foundation. “At DigiPlus, we don’t just check compliance boxes. We’ve built an ecosystem that protects players, empowers families, and multiplies the good across every corner of the country.”
But it’s not just about looks — it’s the flavor and texture that set this upgrade apart. Unlike other spinach pizzas that rely on heavy mounds of spreadable cheese, Shakey’s version is delicately balanced, delivering a richer mouthfeel and deeper flavor without overwhelming the palate.
It’s no surprise that this revamped favorite has won over even Marian Rivera, one of Shakey’s newest celebrity endorsers — and a self-proclaimed spinach pizza fan.
If you’re craving for different twists, Shakey’s has “yuMMMy” variants that take the Creammmy Spinach Pizza to new flavor heights:
Spinach & Glazed Bacon
A sweet-salty favorite that fuses the rich, creamy spinach base with crisp glazed bacon — every bite bursts with creamy, smoky, and savory notes.
Spinach & Shrimp
Add a seafood spin with succulent
shrimp layered over creamy spinach and cheese. It’s a flavor-packed slice with a satisfying, briny punch.
Spinach & Mushroom
Earthy and elevated — savory mushrooms complement the creaminess perfectly in this rich, umami-forward option.
Shakey’s new and improved Creammmy Spinach pizza is available in all Shakey’s stores nationwide via dine-in, carryout, and delivery. Guests can opt to order via the Shakey’s Super App for more exciting deals and promos.
For more updates and information, follow Shakey’s Philippines on Facebook, Instagram, and Tiktok.
Viyline MSME Caravan continues at SM Santa Rosa
In the photo are, from left, Arman Ilano, Center Director of Acienda Designer Outlet; Mary Ann Kocencio , VP and Corporate Cluster Admin Head of Cathay Land; Christian Bradley, Founder and CEO of Carbnb; and Bianca Angeles, Business Development Director and Executive Secretary of Carbnb.
Driven by influencer Viy Cortez (second from right), the Viyline Micro, Small, and Medium Enterprises (MSME) Caravan empowers homegrown businesses, showcasing Filipino creativity and resilience nationwide.
On May 19, 2025, DigiPlus’ CSR arm, BingoPlus Foundation, alongside key public and private organizations, led the call for responsible gaming at the 2nd International Conference on Responsible Gambling and Gaming Addiction held at the Quezon City M.I.C. Center, Philippines. In the photo are, from left, Youth Group Representative Dr. Rica Fatima Arias; Jay Valderama of Rehabilitation and Treatment Center; Dr. Lorolie Vinluan RGC from UP Diliman; Quezon City Healthcare Director Dr. Ramona Abarquez; Municipality of Sta. Rosa, Laguna representative Elvira Marcelo; Solaire Resort Representative Hexell Tulod; Angela Camins-Wieneke, Executive Director of BingoPlus Foundation; Tersita Castillo, President and Chairman of Seagulls Flock Organization; Quezon City Mayor Joy Belmonte, PAGCOR Chairman/CEO Alejandro Tengco; and Department of Interior and Local Government Assistant Secretary Jesi Howard S. Lanete.
Shakey’s Philippines campaign for the new and improved CreaMMMy Spinach Pizza ft. Marian Rivera
PR AND WORK STRESS
DEADLINES . Client Challenges. Corporate Responsibilities. Media Management. Long Hours. Outside Competition. Fake News. Technology Changes. Multitasking. These are some of the difficulties communicators, especially those in the PR industry, face on a daily basis. And these can cause stress to our colleagues. After all, it is said that a person will spend 90,000 hours—or a third of their life in the workplace. Couple with that the fact that more than three out of four people feel that work stress negatively affects their well -being on the job.
In an article in Nice News, Rebekah Brandes says that certain stressors may not be in our control- like long hours keeping you from your family and friends, a salary that’s less than you desire. Or co-workers you don’t get along with. But there are elements we can control.
Here, she shares with us some suggestions in Feeling Overwhelmed at the Office? Here are 7 Tips to Help Combat Work Stress
n Find Meaning
FEELING that one has purpose in life is essential to happiness, says Brandes. While meaning can come from a lot of places- our families, spirituality, and hobbies—we spend so much time working. That’s why finding purpose in what we do is especially important to our well- being.
“In a perfect world, you want to align your purpose with the mission of your organization,” Karen Dillard, co author of How Will You Measure your Life?, told the Harvard Business Review. But if that’s gone—look for small ways that your purpose can be personal.
DDB GROUP PHILIPPINES’ ANNA
CHUA-NORBERT AWARDED
‘VISION LEADER’ AT WOMEN LEADING CHANGE AWARDS 2025, THE FIRST FILIPINA TO RECEIVE SUCH HONOR
MANILA, PHILIPPINES—DDB Group Philippines proudly celebrates the historic recognition of its Group Chief Culture Officer Anna Chua-Norbert, concurrently Managing Director of its content and events agency Bent and Buzz, for being named AsiaPacific Visionary Leader at the 2025 Women Leading Change Awards—the first Filipina to receive such honor.
The regional award recognizes her trailblazing work in placing culture, sustainability, and kindness at the heart of
business—a powerful reminder that Filipino women are shaping the future of leadership on the world stage. Her visionary approach reflects a rare blend of business acumen and social responsibility, ensuring DDB Group Philippines’ legacy as a beacon of innovation, inclusivity, and sustainability. Her leadership, vision, and trailblazing spirit continue to inspire not only the company but the entire industry—proving that bold ideas and fearless women lead real change.
“I’m so proud to join fellow changemakers in Singapore— not just as a representative of DDB and Bent & Buzz—but as a woman rewriting the narrative of leadership across Asia. We at DDB Group Philippines are celebrating this not just as a company milestone, but as a proud moment for the nation,” Chua-Norbert said.
Once branded as eccentric and divergent, Chua-Nor -
This could be seeking out and taking on self-set or daily challenges, or going out of your way to assist or mentor coworkers. “Helping others provides meaning and satisfaction,” says Dillon.
n Take Mindfulness Breaks TAKE small chunks of your time during the workday to check in with yourself and the present moment.
“If you’re feeling stressed, take a few mindfulness breaks during the day,” Tchiki Davis, founder and president of the Berkeley WellBeing Institute told Nice News. For example, “you could take three deep breaths, spend just a minute mindfully listening to noises in your office, or pause to notice the sensations in your body.”
These short exercises bring you back to the present moment—a place where anxiety doesn’t exist.
n Refresh Your Toolbox BRANDES uses the toolbox as a broad term for the many applications, devices and processes that enable you to get things done ef -
bert has redefined the culture and reputation of advertising through her work as Group Chief Culture Officer and in integrating the creative communication business in society— proving that success and social change are not opposing forces, but powerful partners.
As Culture Chief, she oversees the human resources management for DDB Group Philippines’ eight companies that altogether provide holistic marketing communications solutions; as then Managing Director of DDB Philippines, she had driven the flagship agency’s growth and innovation; and, lastly, as Managing Director of Bent & Buzz, she runs the latter as a “Business of Kindness” to create jobs and alleviate poverty in underserved communities.
Business of Kindness
THROUGH her groundbreaking Business of Kindness model,
ficiently. “If you have been operating on autopilot for a while in this regard, she says, “it may be time to reconsider how well your tools are serving you and take a look at what else is available.”
She also believes that your analog tools are equally important. “Treat yourself to a new pack of writing utensils and a bullet journal,” she suggests.
n Clean Your Station
YOUR work environment can affect your mood, attention, productivity, and more. Visual mess has been linked to increased stress and decreased focus, and it can also prevent you from finding things when you need them.
After all, “the area you spend so much time in should be comfortable and bring you joy.”
n Manage Your Time Better IF you frequently find yourself down to the wire on deadlines or staying on late to turn in work, you might want to reevaluate your time management processes, says Brandes.
She recommends the Pomodoro
Anna has transformed campaigns into engines of inclusive growth. In 2024 alone, 350 MSMEs were engaged through activations across 17 regions in the Philippines in rural communities. With each livelihood supporting an average of 10 individuals, this effort directly uplifted the lives of over 3,500 people—while turning in double-digit profit growth for Bent and Buzz in the past 5 years. Her leadership extends far beyond economics. Anna, together with the DDB Group, is fearlessly advocating in the fight against OSAEC (Online Sexual Abuse and Exploitation of Children)—a cause that is both deeply personal and driven by unwavering resolve. Under her leadership, DDB Group developed one of the Philippines’ most impactful communications campaigns on this issue for the Philippine Commission on Women. The campaign consisting of advocacy
technique—working in 25-minute intervals and taking fiveminute breaks in between as a great method for boosting focus.
Another timesaving tip is to limit or ignore distractions—the more you stop and start, the less opportunity you have to enter into a state of flow at work.
“Allocate set time to review your notifications so you can ensure you have the time to properly manage your responses and the required tasks that come from notifications,” Maurice Harary, CEO of the Bid Lab, suggested in a Forbes article.
n Move Your Body
FOR those of us who spend much of our workdays seated, it’s good to know that walking for just one minute per hour helps offset the negative impact of sitting.
Walking is not only beneficial for your overall physical health, but also allows you the opportunity to reflect, think, and take a breather before returning to work.
Moreover, research has linked walking to increased creativity and a boost in mood.
short films was recognized by the Office of the President and, most recently, awarded Gold at Spikes Asia.
Anna also volunteers as the co-governing chair of the Philippines Business Coalition of Women Empowerment (PBCWE) and a member of the board of trustees of the 4As Philippines.
Anna’s work proves that success is not measured by profit alone but by the impact one can give and measured through data using ISO 20121-2024 and her own impact dashboard powered by Tribal Worldwide Philippines. Measuring carbon footprint and reporting real time ESG (Environmental, Social, and Governance) metrics for events and campaigns she handles, she ensures brands not only take but give back to the consumers.
n Take Days Off WITH burnout rates rising, it is important to take a break from the grind. Especially if you are entitled to paid time off. “It is critical to carve out small moments of reset,” says Tracy Layney, chief human resources at Levi Strauss told Fortune Well. “I think we need to carve out these moments every day, or each week, and periodically through the year. Being able to step away from the tasks and emotions of the moment and find a place of calm and focus can help manage the impacts of burnout.”
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.
We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
“Business of kindness leads to growth that can be measured not only in revenue, but in protection, dignity, impact and the lives we choose to uplift,” she said.
Best Company for Women NOTABLY, DDB Group Philippines was also awarded Bronze under the “Best Company for Women” category of the WLCA 2025. DDB Group received this recognition for standing out as the active voice that champions women empowerment, gender equality, safe spaces, inclusivity, and creative sustainability in an industry marred by outdated gender stereotypes and injustices, sexual harassment controversies, and high attrition rates. Known for policies that support all genders and prioritize well-being, DDB Group continues to break industry biases— constantly working on ways to create inclusive workplaces where all employees at all levels, especially women, feel seen, heard, and valued.
Pacquiao on Barrios: No fun, no exhibition
New boxing body gets gender-tough, specifically on Khelif
LYMPIC boxing champion
OImane Khelif must undergo genetic sex screening to participate in upcoming events with the sport’s new governing body.
World Boxing announced mandatory sex testing for all athletes Friday with the governing body specifically mentioning Khelif when announcing the policy, saying the Algerian gold medal winner must be screened before she will be approved to fight at any upcoming events, including the Eindhoven Box Cup next month in the Netherlands.
“The introduction of mandatory testing will be part of a new policy on ‘Sex, Age and Weight’ to ensure the safety of all participants and deliver a competitive level playing field for men and women,” World Boxing wrote in a statement. The fighters’ national federations will be responsible for administering the tests and providing the results to World Boxing. Khelif won a gold medal at the Paris Olympics last summer amid international scrutiny on her and Taiwan’s Lin Yu-ting, another gold medal winner.
The previous governing body for Olympic boxing, the Russiandominated International Boxing Association (IBA), disqualified both fighters from its 2023 world championships after claiming they had failed an unspecified eligibility test.
T he International Olympic Committee ran the past two Olympic boxing tournaments after the banishment of the IBA for decades of misdeeds and controversy, and it applied the sex eligibility rules used in previous Olympics. Khelif and Lin were eligible to compete under those standards. Khelif intends to return to international competition next month in Eindhoven as part of her plan to defend her gold medal at the Los Angeles Olympics, but some boxers and their federations had already spoken out to protest her inclusion. AP
B8
Monday, June 2, 2025
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
BBy Josef Ramos
OXING icon Manny Pacquiao has all the disadvantages when he fights reigning World Boxing Council welterweight champion Mario Barrios of Mexico on July 19 at the MGM Grand.
First: Age—Pacquiao’s 46 and Barrios is 16 years younger at 30.
Second: Height and reach— Pacquiao’s shorter by four inches at 5-foot-5 and has a three-inch disadvantage in reach at 67 inches.
Third: Fight readiness—although Pacquiao has fought many more times for a 68-8-2 win-loss-draw record, the last time the soon-to-be Hall of Famer was atop the ring was on August 21, 2021, in Las Vegas where he lost to via unanimous decision to Cuba’s Yordenis Ugas—a good three years and three months. Barrios? He’s 29-2-1 record with 18 knockouts, but fought once in each of the last three years—a split decision with over Abel Ramos of the US last November 15 in Arlington, unanimous decision over Fabian Andres Maidana of Argentina also via unanimous decision on May 4, 2024, in Las Vegas and over the same Pacquiao tormentor Ugas again via unanimous decision on September 30, 2023, also in Las Vegas But Pacquiao’s still the warrior that he’s always been.
“I have seen this before, I know what to do, do not worry about it,” Pacquiao told the press conference. “I am here to show everyone that I still have what it takes. I am excited for this challenge.”
“If I do not believe I could win, I would not be here,” said Pacquiao, who’ll be inducted into the International Boxing Hall of Fame along with 13 others in Canastota, New York, on Thursday.
“Fighting is my passion, it’s in my blood. It’s not just about winning the title.” Pacquiao stressed he aims to become the oldest welterweight champion.
“This is not an exhibition. I’m not
EJ still Asia’s pole vault king
ERNEST JOHN “EJ” OBIENA needed five laborious hours in fending off training buddy Bokai Huang of China to capture his the third straight men’s pole vault gold medal in the Asian Athletics Championships on Saturday at the Gumi Civic Stadium South Korea. Obiena and Bokai are both disciples of legendary pole vault guru, Vitaly Petrov of Ukraine, and both precisely showed proof of that—they were locked in a one-on-on-one duel at 5.72 meters with the two-time Filipino Olympian only settling the issue at 5.77m, a height the Chinese couldn’t achieve.
“It was a very exhausting competition for EJ,” Obiena’s father Emerson, a former national pole vaulter himself, told BusinessMirror before boarding a plane for home from Gumi on Sunday. “EJ had to wait five hours to win the gold medal because there were so many participants.”
The men’s pole vault final of the
championships’ 26th edition consisted of 15 athletes, but Obiena stood tall and mighty in the end despite performing below the 5.91m he cleared in Bangkok two years ago.
Bokai settled for the silver at 5.72m, an improvement from his bronze in 2023, and Thailand’s Patsapong Amsamarng clinched bronze with his personal best 5.67m.
The other Filipino in the mix, Cambodia Southeast Asian Games silver medalist Hokett Delos Santos, finished No. 13 at 4.97m.
“I’m proud of him. He did what he needed to do to win,” Obiena’s confidante Jim Lafferty told BusinessMirror also on Sunday from Dubai. “He’s still shaking out his form, but it’s coming. We all should step back and realize what winning Asian championships three times in a row means. We have never had an athlete who’s done this. EJ is in rarefied air.” Josef Ramos
Veteran Yates, not Del Toro, who’ll
SESTRIERE, Italy—Simon Yates produced one of the greatest rides of his career on one of cycling’s most grueling climbs to all but win the Giro d’Italia on Saturday. Yates started the penultimate stage in third, one minute and 21 seconds behind previous leader Isaac Del Toro, but the British cyclist launched a solo attack on the beyond-category climb to Colle delle Finestre—the same mountain that spelled heartbreak for him seven years ago—to ride clear of his overall rivals.
doing this for fun,” said Pacquiao, clad in a blue formal suit in his faceoff with Barrios.
“I’m going to fight a real champion, a real warrior, and I must be ready for war.”
Pacquiao retired after the Ugas fight to run for president of the Philippines, but figured in two exhibition bouts—he won by unanimous decision against South Korean martial artist DK Yoo in Goyang, South Korea, in December 2022 and Japanese kickboxer Rukiya Anpo that ended in draw July last year in Saitama.
“I have to punish myself again in training camp,” he added. Barrios was a gentleman boxer in showing respect for the former eightdivision world champion Pacquiao.
“This is the biggest fight of my career, but I’m not here to be part of a farewell tour,” Barrios said. “Manny is a legend, but I am the champion now. I have earned this belt and I plan to keep it.” But Barrios said he’ll be preparing well against Pacquiao. “I’m not
openly sobbing after he crossed the line more than five minutes ahead of Del Toro.
When the route was released I always had in the back of my mind to try and do something here and close the chapter, let’s say,” an emotional Yates said, as he was trying to hold back tears.
“I m aybe look relaxed but I also had doubts this morning, if I could really do something, but the guys they encouraged me and believed in me, so yeah, thanks to them,” he added.
With just the mostly ceremonial finish in Rome left on Sunday, Yates moved into the lead of the three-week race and is all but certain to lift the Trofeo Senza Fine (Trophy With No End) for the first time.
Yates, who won the 2018 Spanish Vuelta, is three minutes and 56 seconds ahead of Mexico’s Del Toro and 4:43 ahead of Ecuador’s Richard Carapaz.
“I was close, and this is a thing, but at the end I didn’t win,” said Del Toro, who was nevertheless smiling as he saluted at the finish. “I will just keep working and I will come back for sure.
You need to be a great winner, you need to be a great loser, and I think I am a good loser, and chapeau for them. Congrats,” he said. AP
SIMON YATES is all but certain to lift the Trofeo Senza Fine for the first time. AP
By Tim Reynolds The Associated Press
for the
Tas she acknowledged the difficulties she had faced in recent campaigns due to injuries, “I’ve been taking good care of my body, so no injuries now,” she said. Mafy Singson, the last LPGT winner at Eagle Ridge, shared the first-round lead with a 65 in a recent China Ladies Professional Golf Association tournament to make her a legitimate threat on the tight and rolling Jack Nicklaus-designed layout.
Harmie Constantino, a multi-leg winner and former Order of Merit queen, is looking to rebound after two middling top-20 finishes in the first two legs of this year’s circuit sponsored by ICTSI and supported by official apparel Kampfortis Golf. Also posing challenges are Mikha Fortuna, Sarah Ababa, Chihiro Ikeda, Chanelle Avaricio, Tiffany Lee, Velinda Castil, Kayl Nocum, Pamela Mariano, Martina Miñoza and Gretchen Villacencio, who finished runner-up to Korean junior standout Yunju An in last year’s Forest Hills Classic.
(NBA)
planted unknowingly in 2017, back when Shai GilgeousAlexander was about to enroll at Kentucky and Tyrese Haliburton was getting ready for his senior year of high school in Wisconsin. That was the year the Indiana Pacers traded Paul George to the Oklahoma City Thunder—the Pacers landed Domantas Sabonis out of that deal.
KHELIF
BOXING icon Manny Pacquiao (LEFT) and World Boxing
