THE Philippine peso closed at its weakest in nearly three months on the back of geopolitical uncertainties such as the Israel-Iran conflict, according to analysts.
Data from the Bankers Association of the Philippines (BAP) showed that the peso closed at P57.45 to the US dollar on Thursday. This is the weakest since the P57.69 to the greenback close on March 26, 2025.
University of Asia and the Pacific economist Victor A. Abola told BusinessMirror that it’s possible that the peso would stay weak because of “geopolitical uncertainties.”
“The peso had appreciated strongly in H1 [first semester] as the US
weakened, but [it] has in recent days recovered. I think the depreciation mode will stay since the ‘geopolitical uncertainties’ would have less effect on Philippine inflation, despite the recent spike in crude oil prices,” Abola said.
Abola expects this weakness in the peso may not lead to a spike in inflation, but may lead to reduced earnings for exporters which would weaken the manufacturing sector.
Signs of a weaker manufacturing sector have already been seen through the country’s Purchasing Managers Index (PMI) score. (See: https://businessmirror.com. ph/2025/06/02/may-factory-activity-indicates-stagnation/).
The PMI index score of the coun-
try fell to 50.1 in May from 53 in April. It can be noted that 50 is the
PMI threshold for an “overall increase” in factory performance.
“The concern would be diversion of Chinese goods to the region, especially the Philippines, as Trump tariffs lessen exports to the US. Such a development will weaken further domestic production and employment, which BBM [Bong Bong Marcos] and policymakers would not want to happen,” Abola told this newspaper. Abola added that the best way to counter the diversion of Chinese goods and goods from other countries would be to depreciate the peso further, to a point where local manufacturers and exporters benefit and employment increases.
decided to implement its second 25-basis-point (bps) rate cut for the year on Thursday.
The Monetary Board reduced the BSP’s Target Reverse Repurchase rate by 25 bps to 5.25 percent. The interest rates on the overnight deposit and lending facilities were adjusted to 4.75 percent and 5.75 percent, respectively.
“We have three more policy meetings. We have August, October, December. If things remain on track, then we will probably cut once more. Depending on the data, we may cut twice more; depending on the data, we may not cut at all. But for now things remain on track, one more, one more 25 basis points,” BSP Governor Eli M. Remolona Jr. said in a briefing. Remolona said the decision to reduce policy rates was pegged to inflation, which is now forecast to average 1.6 percent this year, lower than its initial estimate of 2.4 percent. The forecast for 2026, however, was adjusted upward to 3.4 percent from 3.3 percent while the estimate for 2027 is now pegged at 3.3 percent from the initial 3.2 percent.
By Andrea E. San Juan
“We now recognize the slowdown in food inflation, something
number two on Data Centers that are AI-led and number three on semiconductors and electronics,” added Rodolfo.
The BOI official explained to reporters on the sidelines of the forum that geopolitics triggered the need to prioritize attracting investments into the semiconductor and electronics sector while the Mining Fiscal Regime would
By Samuel P. Medenilla
supply chains. These include restricted access to testing facilities and certification services, limited availability of financing for equipment and quality upgrades, and insufficient market information to effectively match buyers and sellers.
According to the report, improving access to testing facilities and certification services necessitates investments to make these services more affordable. Equally important is the simplification of regulations for laboratories and the import of testing equipment, coupled with securing international recognition and compatibility of Philippine certifications and standards.
Investing in credit information and collateral registries can help financial institutions better understand the financial burden of SMEs, thereby lowering borrowing costs. This, in turn, makes it easier for SMEs to invest in new equipment and improve the quality of their products.
The government can enhance firms’ competitiveness by promoting information sharing, which benefits both SMEs and larger companies. This involves closing information gaps by providing easy access to export market data and establishing systems to connect SMEs with larger firms and multinational corporations.
DMW to recruiters: Don’t send OFWs to 3 ME states
By Samuel P. Medenilla
PHILIPPINE
Recruitment Agencies (PRA)
which will continue to deploy overseas Filipino workers (OFW) to Israel, Jordan, and Lebanon amid escalating tensions in the Middle East, will face sanctions from the Department of Migrant Workers (DMW).
DMW Secretary Hans J. Cacdac issued the warning in a press conference on Thursday as the number of OFWs seeking repatriation from the Middle East has increased to over 180.
“Yes of course, because we already have a directive. That is part of our regulatory authority over them,” he said, when asked if the DMW will impose any penalty or sanctions on erring PRAs.
He said they will also charge such PRAs for the agency’s expense in bringing home the stranded OFWs.
Under Advisory No. 19, series of 2025, DMW said non-compliance with the directive shall be dealt with in accordance with the applicable provisions of the 2023 DMW Rules and Regulations Governing the Recruitment and Environment of Landbased Overseas
Filipino Workers.
He noted that while PRAs are still technically allowed to send OFWs to Israel and Jordan, airspace restrictions are in place for both countries.
The restriction prevents any flights from reaching these countries, resulting in OFWs bound for Israel and Jordan to be stranded in airports in Dubai and Abu Dhabi.
Repatriation plan
DMW Assistant Felicitas Q. Bay said they were able to register 48 OFWs who were stranded in these airports.
“So, if you may ask what they did during that time that they were stranded, they were assisted by our migrant workers’ office in Dubai and Abu Dhabi,” Bay said.
The security situation in the Middle East started to deteriorate during the weekend after Israel launched air raids targeting Iran’s nuclear and military facilities. Iran retaliated by launching waves of missiles at Israel. Six OFWs in Israel were reported among the injured.
As of Thursday afternoon, DMW has registered the following numbers of OFWs seeking repatriation from the Middle East: 178 from Israel, three from Jordan, one from Iraq, and one from Lebanon.
Cacdac said they already have a repatriation plan for the said OFWs, but he declined to disclose details, citing security reasons.
“I don’t want to disclose any other details although you might already have an idea how it will be done but I don’t want to disclose any further details about the repatriation effort,” he added.
Remittance impact DESPITE the ongoing government repatriation efforts in the Middle East, the Marcos administration said the impact of the conflict on the OFW remittances remains
minimal.
“The impact on remittances remains limited for now, given the remittances from Israel and Iran amounted to 106.4 million US dollars in 2024, .03 percent of total remittances,” said Palace Press Officer Claire Castro in a press briefing Thursday, citing DOF Undersecretary Maria Lualhati Tiuseco.
DOF, however, warned that the Israel-Iran war will worsen, and overall OFW remittances can suffer a significant decline.
The Bangko Sentral ng Pilipinas said cash remittances from Filipinos abroad grew by 2.6 percent to US$2.81 billion—the slowest growth in nine months.
DOF is also closely monitoring the impact of the Middle East conflict on local inflation particularly on the price of crude and house consumption.
The Marcos administration earlier assured the public that measures are in place to mitigate the impact of the growing tension in the said regions, which includes fuel subsidies and sourcing fertilizers from non-Middle East countries.
In an earlier statement, the BOI said that over the next two quarters, it is expected to process at least P1.12 trillion worth of investment projects.
be the push for investment promotion agencies to attract more capital into the Mining sector.
“For semiconductor and electronics the triggers are the geopolitics. Meanwhile, for Mining and mineral processing, it would be the Mining Fiscal Regime and the Critical Mineral Strategy framework that’s being drafted by the DENR,” added Rodolfo.
Data provided by the BOI to reporters showed it has approved P329.52 billion of investments in January to May. This is 48.53 percent lower than the P640.22-billion investments greenlit by the agency in the same period last year.
that we have been observing for the past 5 months of the year. We think that it will continue to spill over on the inflation dynamics moving forward,” BSP Deputy Governor Zeno Ronald Abenoja said.
“We have seen oil prices continue to come down until recently. But even with the more recent numbers of international oil prices, it continues to be relatively lower than what we were seeing last year,” he added.
Analysts’ take FORMER Socioeconomic Planning Secretary Dante B. Canlas told BusinessMirror the decision could mean that the Monetary Board is confident that inflation is finally under control.
Inflation has been slowing since January 2025. The inflation print was at 2.9 percent at the beginning of the year and slowed significantly to 1.3 percent in May 2025.
Slower inflation was also observed among the Bottom 30 percent where a 2.4-percent inflation rate was recorded in January 2025 and this slowed to zero percent inflation in May 2025.
“The MB is confident that inflation is under control despite the threat of rising oil and gas prices from the Iran-Israel war. The MB’s main concern is economic growth, which can get a stimulus from the decrease in interest rate,” Canlas told BusinessMirror Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told this newspaper the MB’s decision was a calculated move, given that in-
Ateneo de Manila University economist Luis Dumlao said, however, that the weakness in the peso may be temporary and just mainly influenced by the Israel-Iran conflict.
Dumlao said the arrival of higher remittances in time for the new school year and the holidays toward the end of the year would somehow strengthen the currency.
“It should be temporary. It’s brought about by noise due to the Israel-Iran conflict. The whole of 2025, more dollars are expected to come in than to go out,” Dumlao told BusinessMirror Nonetheless, Dumlao said the weakness in the peso is expected to benefit Overseas Filipino Workers (OFWs) and their families, but will deal a major blow for exporters.
“Exporters will hardly benefit because export contracts take long to implement,” Dumlao told this newspaper. Earlier, ANZ Research said the “overvalued” peso has been hurting the performance of the Philippine economy, particularly the manufacturing sector and the competitiveness of exports. In its latest analysis, ANZ Research pointed out that the overvalued peso has been “a persistent concern” that has weighed down the country’s competitiveness for years as this has also occurred in the 1980s and 1990s.
The analysis stated that based on traditional currency fair value models such as the real effective exchange rate (REER), the most cited gauge of a currency’s value, the peso has been overvalued since 2019. (See: https://businessmirror.com.ph/2025/06/10/ overvalued-phl-peso-is-hurtingeconomy/) Cai U. Ordinario
This includes P290 billion from 65 projects already undergoing check-listing and an additional P832 billion from three major projects that are in the pipeline and are now securing the necessary documents to qualify for registration.
The investment promotion agency noted that the pipeline spans a “broad range of priority sectors,” including renewable energy, IT-BPM, manufacturing, logistics, food security-related, mass housing, and infrastructure.
Once approved, these projects are expected to generate approximately 4,278 jobs, reinforcing the government’s commitment to highquality, inclusive employment for Filipinos.
flation is staying low and growth is slowing.
The government reported that the country’s GDP growth slowed to 5.4 percent in the first quarter from the 5.9 percent posted in the first quarter of last year, largely due to the slowdown in exports and the manufacturing sector.
Nonetheless, Ravelas said there are risks to this decision, particularly if and when tariffs and oil prices increase, leading to faster inflation. It may be noted that the 90-day pause on US tariffs will expire in July and oil prices have risen due to the conflict in Iran.
“If tariffs rise in July and oil prices spike, that could reignite inflation, making this cut a bit premature. So, it’s a balancing act— stimulating growth now while staying alert to external shocks,” Ravelas told BusinessMirror
However, Ravelas noted that the reduced rates are expected to benefit lending rates, making it cheaper for businesses and consumers to secure loans.
Nonetheless, this will depend on the confidence of borrowers to tap the debt market to secure additional funding. “If people are worried about the economy, they might still hold back. So while the cut helps, it’s not a silver bullet,” Ravelas said.
Meanwhile, Unionbank Chief Economist Ruben Carlo O. Asuncion said reducing rates, or pausing and even raising rates, are brought about by “a balancing act that is difficult to tread.”
Asuncion told BusinessMirror, however, that the Monetary Board still acknowledged various risks and emphasized the need for close monitoring of emerging inflationary pressures.
“The rate cut is defensible given current inflation and growth data, but its wisdom depends on
’25,” in the BusinessMirror, May 26, 2025.)
Just recently, financial comparison site HelloSafe labeled the Philippines, with a score of 82.32 points, the least safe country in the world, based on metrics that included occurrence of natural disasters, violence in society, involvement in armed conflicts, healthcare infrastructure, and militarization.
BSP’s agility in responding to any inflation surprises,” Asuncion told BusinessMirror
“If external shocks materialize, the BSP may need to pause or even reverse course to maintain price stability. BSP also acknowledged that oil price movements have not been to levels compared to last year,” he added.
In terms of whether lower rates will translate to high lending, Asuncion said this reduction certainly creates “favorable conditions” to encourage Filipino consumers and businessmen to borrow. However, just like Ravelas, Asuncion believes confidence will be the key to realizing an increase in Filipino’s appetite for securing loans.
“If inflation remains low and growth stabilizes, lending could pick up in the second half of 2025. The element of caution is still there and it is wise to be careful amidst the current environment of uncertainty,” Asuncion said.
The Monetary Board also noted slower economic growth due to uncertainties surrounding US trade policy and the conflict in the Middle East. Higher oil prices, electricity rate adjustments, and higher rice tariffs, could increase inflation. However, on wage hikes, Remolona said this proposal is “dead in the water” and may not be a factor that would lead to faster inflation.
“The Monetary Board sees the need for a more accommodative monetary policy stance. Emerging risks to inflation from rising geopolitical tensions and external policy uncertainty require closer monitoring. The Monetary Board will also continue to assess the impact of prior monetary policy adjustments,” the BSP said. “Going forward, the BSP will safeguard price stability by ensuring monetary policy settings are conducive to sustainable economic growth and employment,” it added.
PCA targets planting of 50-M coconut trees in ’26
By Bless Aubrey Ogerio
THE Philippine Coconut Author -
ity (PCA) aims to plant 50 million coconut trees in 2026 as part of a national effort to restore the country’s status as the world’s leading coconut producer.
Agriculture Secretary Francisco Tiu Laurel Jr. noted that the figure doubles the original goal under the five-year coconut replanting program launched in 2023. “The President has allocated additional funds for this, and we will involve coconut farming communities to fast-track the production of planting materials,” Tiu Laurel Jr. said. The Philippines remains the top exporter of coconuts globally, but it currently ranks second in production. In 2024, Indonesia led with 17.13 million metric tons of coconuts,
Lawmaker calls for revival of strategic oil plan
By Jovee Marie N. dela Cruz @joveemarie
WITH oil prices feared to spike by as much as P3 per liter next week owing to escalating war between Israel and Iran, a senior lawmaker called on the Marcos administration to revive the long-delayed Strategic Petroleum Reserve Plan (SPRP) to cushion the impact of global fuel shocks on Filipino consumers.
Outgoing Camarines Sur Rep. Luis Raymund Villafuerte said the unfolding conflict in the Middle East—a key oilproducing region—underscores the urgency of establishing a government-run oil reserve that can stabilize domestic fuel supply and prices during geopolitical crises.
“Filipinos are expectedly anxious and jumpy over the rising pump prices of fuel that are seen to rocket further in the weeks or months ahead, as Israel and Iran began launching retaliatory missile strikes against each other that have worsened tensions
in the oil-producing Middle East and now endangers talks between Washington and Tehran on nuclear disarmament and an Iranian-Israeli cease-fire,” Villafuerte said.
“Hence, now, more than ever, seems like the right time for putting on the front burner the long-proposed SPR Plan for the government to purchase and stock up on fuel when global prices are low and unload or sell such reserves at relatively lower prices, primarily for the benefit of ordinary consumers or motorists, when global rates are high as a result of geopolitical tensions or other factors,” said Villafuerte.
The SPRP was initially proposed during the Duterte administration and was later included in a Department of Energy (DOE) circular in 2021. However, it has since stalled, with no legislative action or implementation from the DOE under Secretaries Alfonso Cusi and Raphael Perpetuo Lotilla.
while the Philippines recorded 14.77 million metric tons.
The ramped-up planting campaign forms part of a broader plan to plant 100 million coconut trees by 2028. So far this year, over 8.5 million trees have been planted, with another 15 million scheduled for the remainder of 2024.
The strategy also includes replacing the existing 340 million coconut trees, many
of which are aging and underproductive. According to the PCA, these senile trees yield just around 40 coconuts a year, which is roughly a third of the optimal output.
Also, part of the decline in Philippine coconut output has been attributed to Typhoon Yolanda (Haiyan) in 2013, which destroyed roughly 10 million coconut trees.
On one hand, the aggressive replanting push comes as global demand for coconut products,
particularly coconut oil, continues to climb.
Analysts point to shifting preferences in major markets like the European Union, which has moved to classify palm oil as “environmentally unsustainable,” potentially boosting coconut oil’s position in global trade.
“The goal is to raise yields to at least 60 coconuts per tree annually through fertilization with agricultural-grade salt [AGSF] while we wait for the new coconut trees to mature,” Tiu Laurel said.
A P1.8-billion budget has been earmarked for a fertilization program, and part of the funding will be used to purchase AGSF, a key soil treatment, from local producers. The PCA also plans to distribute coffee and corn planting materials for intercropping on coconut farms to help supplement farmers’ incomes.
Marcos to PhilHealth: Cover meds, tests of kidney transplant
TBy Samuel P. Medenilla @sam_medenilla
O make kidney transplant accessible to more people, President Ferdinand Marcos Jr. said Philippine Health Insurance Corporation (PhilHealth) will
PEZA officials and Eneco executives during the MOU signing. Standing from left, are David Kumamoto and Yumi Kumamoto of Megatech Engineering Services in Langley, British Columbia, Canada. Seated from left are Wellington Ong, partner of Pacific Mactan Renewable Environmental Systems Inc.; Jesus A Jayme Jr., founder and president of Eneco WtE Pacific Inc.; Peza Director General Tereso ‘ and Anidelle Joy M. Alguso, officer in charge of the Office of the Peza Deputy Director General for Policy and Planning.
now cover the cost of their maintenance and anti-rejection drugs, as well as their monitoring laboratory tests.
Marcos issued the order during his visit at National Kidney and Transplant Institute (NKTI) in Quezon City on Thursday.
“For the first time, PhilHealth will be able
implement a benefit package to address the needs of kidney transplant patients. This includes their immuno-suppressive medications, prophylaxis antibiotics and other similar drugs,”
Senate majority’s ‘overreach’ in impeachment case worries Lacson
By Butch Fernandez @butchfBM
OMEBACKING Sen. Panfilo Lacson
Con Thursday raised concerns of a possible “overreach” in the move of the Senate majority’s remanding of the impeachment case against Vice President Sara Duterte to the House of Representatives, a move seen as delaying the process further. The word “remand” is not included in the 1987 Constitution’s articles involving the accountability of public officers, said Lacson, referring to interpretation of Article XI, Sec. 3 of the Charter. “All lawyers should know this legal maxim: ‘Expressio unius est exclusio alterius’ [What the law does not include, it excludes] The word ‘remand’ is not included in Art XI Section 3 of the1987 Constitution,” Lacson said in a post on X. Earlier, Lacson—who may serve as
House not at fault in impeachment trial delay–spox
ANY delay in the Senate impeach -
ment trial of Vice President Sara Duterte is not the fault of the House of Representatives, its spokesperson said on Thursday.
Lawyer Princess Abante, spokesperson of the lower chamber, clarified that the House did not reject the entry of appearance submitted by the Vice President’s legal team to the Senate impeachment court.
“No one refused it—the proper process was simply followed,” she said.
“The House has fulfilled its duty. We have already transmitted the Articles of Impeachment to the Senate. The next step lies with them. If there’s any delay, it’s not from the House,” she emphasized.
Abante’s remarks came in response to Senate impeachment court spokesperson Reginald Tongol, who earlier claimed that the House’s refusal to receive the Vice President’s lawyers’ entry of appearance could stall the proceedings.
Abante urged her Senate counterpart, who is also a lawyer “not to mislead the public regarding the issue.”
“In the midst of all these issues, we ask the Senate spokesperson not to confuse the public. Don’t turn a clerical detail into a reason to blame the House. This is a minor matter being exaggerated as if there were ill intentions. The staff’s intention was clear—to follow proper procedure, not to cause any delay,” she said.
Abante recounted that on June 16, a messenger arrived at the House of Representatives in Quezon City and attempted to submit a document.
“However, it wasn’t clear where it came from or what kind of document it was. There was no cover letter or formal explanation. That’s why it wasn’t immediately accepted—not because it was rejected, but because there was a need to clarify its purpose and process it properly,” she explained. She refuted the Vice President’s legal team’s note that the document was “refused to receive,” saying this did not reflect what actually happened.
“There was no bad faith. Nothing was rejected. All we asked for was proper identification of the document. If it was indeed an entry of appearance, they should have just clearly stated that—it would have been processed accordingly,” Abante said.
She also stressed that the entry of appearance is not even a requirement for the trial to move forward.
“An entry of appearance is not a prerequisite for the impeachment trial to proceed. It has no bearing on the conduct of the trial. And more importantly, it is not the reason why the trial has yet to begin,” she pointed out.
Abante appealed for sobriety and focus.
“Let’s not turn this serious process into a soap opera. Impeachment is not about playing the victim or dramatics—it’s about truth, accountability, and justice,” Abante said.
Jovee Marie N. dela
Cruz
a senator-judge if the case crosses over to the 20th Congress—agreed with the Philippine Constitutional Association’s (Philconsa) opinion that constitutional concerns were raised with the remanding of the impeachment complaint.
He added the Senate impeachment court‘s action may be subject to judicial review by the Supreme Court if its action constitutes grave abuse of discretion.
Meanwhile, Lacson noted senator-
judges in the past—including former Senate President Juan Ponce Enrile—had changed their minds from probable acquittal to definite conviction.
He cited Enrile’s narration of changing his mind after personally hearing the evidence during the impeachment trial of former Chief Justice Renato Corona.
“Amazing memory at 101. JPE is narrating it exactly the way he told me personally 13 years ago why he changed
Chinese ships swarm Rozul Reef
By Rex Anthony Naval
THE Philippine Coast Guard (PCG)
on Thursday announced that it has deployed two ships and an aircraft to check Rozul Reef in the West Philippine Sea where a large and illegal concentration of Chinese Maritime Militia (CMM) vessels was reported.
“In response to reports of illegal swarming by CMM in Rozul Reef, the Commandant of the Coast Guard [PCG] deployed two PCG vessels and an aircraft yesterday [Wednesday] to investigate the situation. Upon arrival at Rozul Reef, the PCG confirmed the presence of over 50 CMM vessels, both scattered and clustered together,” it added.
PCG vessels and aircraft promptly
challenged these vessels via radio, notifying them that they were operating within the Philippines’ exclusive economic zone (EEZ), approximately 130 nautical miles off the coast of Palawan.
“The PCG emphasized that the irregular patterns of movement, along with their anchoring and swarming activities, violate the principles of freedom of navigation and infringe upon the sovereign rights of the Philippines in its EEZ,” it stressed.
Also, the PCG directed the CMM vessels to clarify their intentions, cease their swarming behaviors, and navigate in accordance with the Philippine Maritime Zones Act, the United Nations Convention on the Law of the Sea (Unclos), and the 2016 Arbitral Award.
“Unfortunately, no response was received
from the CMM vessels,” it added.
The PCG also said that the ships sent to look into Rozul Reef deployed their rigid hull inflatable boats to conduct accurate documentation of the situation.
This was done by approaching the CMM vessels in the shallow waters of Rozul Reef and recording their bow numbers.
“The PCG remains committed in safeguarding the country’s maritime jurisdiction in the West Philippine Sea and will continue to monitor and address any unauthorized activities within our exclusive economic zone. The PCG leadership remains committed to support the policy direction of President Marcos Jr. of not surrendering a square inch of our territory to any foreign power,” the PCG added.
‘Comelec ruling a victory for Constitution’
MANILA Rep. Bienvenido Abante Jr. on Wednesday called the Commission on Elections’ (Comelec) decision to nullify the proclamation of Luis Chua Uy and declare him the duly elected representative of Manila’s Sixth District as “a victory for the Constitution and the Rule of Law.”
Abante said the Constitution is clear— only natural-born Filipino citizens are qualified to serve in Congress.
“The Comelec ruling reaffirms this fundamental requirement and protects the integrity of our democratic institutions,” he said.
“This case sets an important precedent. It reminds us that those seeking public office must be held to the highest standards of eligibility and truthfulness. Our people deserve leaders whose allegiance to the country is beyond question and whose
“If the DOE had put up this SPRP sooner with a great sense of urgency, the proposed fuel reserve meant to enhance the security of fuel supply would be up and running possibly by this time,” said Villafuerte.
President Marcos recently acknowledged the potential impact of the Middle East conflict on global oil prices, warning that the Strait of Hormuz—a vital oil shipping route—could be blocked. He assured that the government is prepared to provide fuel subsidies to sectors most affected by supply disruptions.
DOE Officer-in-Charge Sharon Garin also said the agency is prioritizing fuel supply
qualifications are beyond doubt,” he added.
In its decision, the Comelec found that Uy committed material misrepresentation in his certificate of candidacy (COC) by falsely claiming he was a natural-born Filipino citizen. The poll body ruled that Uy is, at most, a naturalized citizen and is therefore disqualified from running for a seat in Congress under Section 6, Article VI of the 1987 Constitution.
As a result, the Comelec said, “The proclamation of respondent Luis ‘Joey’ Chua Uy is hereby annulled…and Bienvenido M. Abante Jr., being the only qualified candidate who garnered the highest number of votes, is hereby declared the duly elected member of the House of Representatives for the Sixth District of the City of Manila.”
The commission cited the landmark Maquiling v Comelec case, reiterating that
stability and coordinating closely with oil industry stakeholders. She appealed for “staggered” fuel price increases to help ease the burden on local consumers.
Hence, Garin’s appeal to industry players to “implement staggered fuel price adjustments, especially in cases of sudden and significant spikes in global oil prices, in order to cushion the impact on local consumers.”
Diesel and gasoline prices have increased for five consecutive weeks, with the latest hike reaching P1.80 per liter.
Market watchers warn prices may climb by another P3 per liter next week, amid surging global oil prices and renewed hostilities in the Middle East.
Villafuerte, meanwhile, rejected the DOE’s previous claim that an oil reserve
disqualification based on ineligibility renders a candidate’s COC void from the outset and invalidates any votes cast in their favor.
Abante’s petition presented documents proving that Uy was born in 1962 to Chinese parents and only became a Filipino citizen after his father’s naturalization in 1967. Uy later received an Identification Certificate from the Bureau of Immigration as a “derivative citizen,” not as a natural-born Filipino.
“A natural-born citizen acquires citizenship by birth, without the need for any act or proceeding. Mr. Uy’s case clearly required legal processes under naturalization laws, disqualifying him from ever being considered natural-born,” the ruling read.
Abante, meanwhile, said, “This is not about personalities—this is about the rule of law. The Constitution must prevail. Our democracy depends on it.”
would not directly lower prices. He argued that reserves bought during low-price periods could be sold at more affordable rates when global costs surge, thus benefiting motorists and ordinary consumers.
“Yes, SPRs are costly to build and maintain. But so are the government’s other energy initiatives like shifting to renewables and promoting electric vehicles [EVs],” he noted. “Why should it be a choice between one or the other? We should pursue both simultaneously.”
Villafuerte warned that relying solely on long-term solutions like EV adoption won’t provide immediate relief. “People won’t just abandon their gas-or diesel-powered vehicles overnight. Many of them are still driving cars that are 40 or even 50 years old,” he said.
The US$2.5 million project using the Thermal Process Systems is Eneco’s third venture with Peza, and it is targeted to start commercial operations during the first quarter of 2026. Eneco will also bid for heating supply to the STP project inside the ecozone. Megatech is the fabricator of the Thermal Oxidizer Process Systems.
This collaboration marks a significant milestone in strengthening the country’s position as a regional hub for waste treatment investments, fostering innovation, and enhancing the sustainability initiative and programs of the Peza.
The partnership further solidifies Peza’s thrust towards increased adoption of Industry 4.0, sustainable development goals (SDG) and circular economy within the ecozones to become smart, inclusive, and sustainable eco-industrial parks providing for the best business ecosystem for investors.
The initiative is also a collective effort supporting the government’s commitment to achieving a green and sustainable economy, which will have farreaching benefits for both the business sector and the environment.
his mind from probable acquittal to definite conviction,” Lacson said.
Lacson, who is returning to the Senate after three years, shared his observation amid growing concern over possible moves to derail completely the impeachment case, as several potential senator-judges keep throwing a monkey wrench on the House complaint.
Among those cited as showing evident “bias” for respondent Vice President Duterte are Sens. Imee Marcos and Robin Padilla,
who lunched with the vice president last June 12, and two loyalists of Duterte’s father, former President Rodrigo Duterte, Ronald dela Rosa and Christopher Go. However, VP Duterte said if these senators were to be excluded as judges on account of “bias” for her, then even senators who she said are obviously biased against her, like Deputy Minority Leader Anna Theresia “Risa” Hontiveros, should also recuse themselves.
Pinoy govt execs trapped in Israel now in Jordan
By Malou Talosig-Bartolome
THE 21 government officials who were stranded in Israel have been safely evacuated to Jordan on Wednesday, the Department of Foreign Affairs (DFA) said.
Philippine Ambassador to Amman Wilfredo Santos led Embassy officials in receiving the evacuees and facilitating their land border crossing into Jordan.
The air space in Israel had been closed as Iran continue to bombard Israel with missiles and drones in retaliation to Israel’s attacks on its nuclear and military facilities.
Foreigners fleeing Israel are forced to evacuate by land to Jordan.
The officials were in Israel at the invitation of the Israeli Ministry of Foreign Affairs’ Agency for International Development Cooperation (Mashav) to participate in a study tour on dairy farming techniques and the promotion of sustainability and food security in urban centers.
Santos made formal representations to Jordan’s Ministry of Foreign Affairs and Expatriates, as well as to the Jordanian Border Security, to secure entry clearances for the officials.
At the King Hussein Border, the 21 officials were assisted and issued transit visas—at no cost to the Philippine government.
Owing to privacy concerns, the DFA and the Israeli Embassy in Manila have declined to publicly identify the officials. The Philippine Embassy in Amman also blurred their faces in photos posted on its website.
However, since the trip was part of an official mission, the B usiness M irror identified the officials through photos and information posted on social media. They are:
n Mayor Aron Balais of Barugo, Leyte
n Mayor Armi Alvarez of Muñoz, Nueva Ecija
n Mayor Athene Mendros of Lawaan, Eastern Samar
n Mayor Betty Cabal of Hindang, Leyte
n Mayor Erik Martel of Abucay, Bataan
n Mayor Divina Fontanilla of Bacnotan, La Union
n Mayor Lilian Matamorosa of Lupi, Camarines Sur
n Mayor Luis Oscar Eleazar of Tagkawayan, Quezon
prophylaxis or antibiotic; and P37,585 every three months of their laboratory tests for the first year post operation and P14,078 every three months in succeeding years.
For adults or those who are 19 years and above, PhilHealth will provide them with the following benefits: P40,725 per month for their immuno-suppressive medications; P18,932 for six months of treatment; P11,242 for every three months of laboratory for the first year after the operation and P8,125 every three months in succeeding years.
PhilHealth will also provide living kidney donors with P1,900 every six months for their laboratory tests and monitoring.
“There is also support for our donors because they also underwent operations and there is a need to monitor and ensure their [health] condition is well,” Marcos said.
Long-term solution
PHILHEALTH opted to expand its renal benefits amid the rising number of Filipinos, who are afflicted with chronic kidney disease (CKD), Marcos said.
n Mayor Timee Joy Torres-Gonzales of Tantangan, South Cotabato
n Vice Mayor Cesar Dasilao of Tantangan, South Cotabato
n Vice Mayor Ernesto Balida of Batad, Iloilo
n Vice Mayor Jovelyn Estrada of Concepcion, Iloilo
n Vice Mayor Jun Cabal of Hindang, Leyte
n Department of Agriculture Assistant n Secretary Benjamin Albarece
n DA Executive Director Liza G. Battad
n DILG Region 6 Director Juan Jovian Ingeniero
n DILG Region 1 Director Jonathan Paul Leusen Jr.
n Rowena Bautista of the National Dairy Authority
n Angelica Escanilla of the National Dairy Authority
n Former AASENSO Party-list Rep. Teodoro Montoro
Supporters of the stranded mayors took to Facebook to clarify that the trip was not a junket.
Mashav had earlier informed the BusinessMirror that local government officials from Asia, Africa, and Latin America were in Israel to attend the Muni Expo. The event, however, was postponed due to Iran’s retaliatory attacks on Israel.
Balida also refuted claims that they had been living in a bomb shelter.
“It’s a shame! It’s not true that we stayed in a shelter! Please clarify which shelter you’re referring to,” he said. He explained that they were accommodated in a hotel provided by Mashav and were only moved to a bomb shelter when they received alerts of imminent missile attacks through a mobile app.
“Maybe the shelter you’re talking about is where the most affected residents are staying, those who have no homes. But we were treated well by Israel, the Philippine Embassy, and Mashav,” he wrote. In the coming days, a group of 26 overseas Filipino workers (OFWs) in Israel is also expected to exit via the Jordan border, according to the Philippine Embassy in Amman. Ambassador Santos assured that the same level of assistance will be extended to the OFWs, in accordance with the instructions of the President and the DFA.
This was on top of the P2 million Z Benefits Package for those who will undergo kidney transplant. under PhilHealth Circular 2024-0035.
Demand for kidney transplants remains high since the NKTI estimates that a Filipino develops chronic kidney failure every hour, which equates to 120 new patients per million population each year.
Marcos said one of the factors for the growing number of Filipinos, who are at risk of CKD, since they have diabetes from consuming excessive amounts of sugar.
“Filipinos have become too...we are too fond of sweets. That’s why we also need to create a program to teach the youth not to eat just sweets. They should not look for more refined sugar,” he said.
The President urged Filipinos to consider having an “Ilocano diet,” which has bitter tasting food such as ampalaya (bitter gourd).
“That would be good for improving the health of our youth. But this is a long term plan that we would have to institute. We need the help of parents, teachers, and even those in the industry for this.” Marcos said.
“Until we improve the situation in our children because of the people’s diet, we are here. PhilHealth is here. The government is here and we recognize the needs of our sick countrymen,” he added.
Editor: Angel R. Calso • Friday, June 20, 2025 A7
Iran’s leader rejects calls to surrender, warns US against military intervention
By Joseph Krauss, Jon Gambrell & Julia Frankel The Associated Press
DUBAI, United Arab Emirates—Iran’s supreme leader rejected US calls for surrender in the face of more Israeli strikes Wednesday and warned that any military involvement by the Americans would cause “irreparable damage to them.” European diplomats prepared to hold talks with Iran on Friday.
The second public appearance by Ayatollah Ali Khamenei since the Israeli strikes began six days ago came as Israel lifted some restrictions on daily life, suggesting that the missile threat from Iran was easing.
Khamenei spoke a day after US President Donald Trump demanded in a social media post that Iran surrender without conditions and warned Khamenei that the US knows where he is but has no plans to kill him, “at least not for now.”
Trump initially distanced himself from Israel’s surprise attack aimed at Iran’s nuclear program, but in recent days he has hinted at greater American involvement, saying he wants something “much bigger” than a ceasefire. The US has also sent more military aircraft and warships to the region.
Senior European diplomats were set to hold nuclear talks with Iran on Friday in Geneva, according to a European official familiar with the matter.
The official, who was not authorized to comment publicly and requested anonymity to discuss matters freely, said the meeting would include highranking diplomats from Germany, France and the United Kingdom, as well as the European Union’s top diplomat.
There are no plans for American involvement in the talks, although that could change, according to another US official who spoke on condition of anonymity to discuss private diplomatic communications.
Separately, the UN Security Council scheduled a second emergency meeting on the Israel-Iran conflict for Friday at the request of Russia, China and Pakistan. Russian President Vladimir Putin offered to help mediate, suggesting Moscow could help negotiate a settlement allowing Tehran to pursue a peaceful atomic program while assuaging Israeli security concerns.
“In my view, a solution could be found,” Putin said Wednesday at a session with journalists.
In a video address to Israelis, Prime Minister Benjamin Netanyahu expressed appreciation for Trump’s support in the conflict, calling him “a great friend of Israel” and praising US help defending Israel’s skies.
“We speak constantly, including last night,” he said Wednesday. “We had a very warm conversation.”
‘The Iranian nation is not one to surrender’
KHAMENEI dismissed the “threatening and absurd statements” by Trump.
“Wise individuals who know Iran, its people and its history never speak to this nation with the language of threats, because the Iranian nation is not one to surrender,” he said in a low-resolution video.
“Americans should know that any military involvement by the US will undoubtedly result in irreparable damage to them.”
Iran released Khamenei’s statement before the video was aired, perhaps as a security measure. His location is not known, and it was impossible to discern from the tight shot, which showed only beige curtains, an Iranian flag and a portrait of Grand Ayatollah Ruhollah Khomeini, Khamenei’s immediate predecessor, who died in 1989.
An Iranian diplomat had warned earlier Wednesday that US intervention would risk “all-out war.”
Foreign Ministry spokesman Esmail Baghaei did not elaborate, but thousands of American troops are based in nearby countries within range of Iran’s weapons. The US has threatened a massive response to any attack.
Another Iranian official said the country would keep enriching uranium for peaceful purposes, apparently ruling out Trump’s demands that Iran give up its disputed nuclear program.
Meanwhile, Iranian state TV reported late Wednesday that it was under a cyberattack by Israel.
Social media users reported that the regular broadcast on state TV was briefly interrupted and replaced with an anti-government video urging people to take to the streets. After the normal broadcast resumed, a message on the screen said, “If you see an irrelevant message on the screen, it’s due to a cyber attack by the Zionist regime.”
Strikes in and around Tehran
ISRAELI military spokesman Brig. Gen. Effie Defrin told a news conference Wednesday that Israel launched three waves of aerial attacks in the last 24 hours, deploying dozens of warplanes to strike over 60 targets in Tehran and western Iran.
Israeli Defense Minister Israel Katz said the military struck the headquarters of Iran’s internal security forces, without specifying the agency or location. The strike marks a shift toward targeting Iran’s domestic security apparatus, which has long cracked down on dissent and suppressed protests. Iran’s police force acknowledged the strike hours later, saying that Israel hit its central command buildings in Tehran and wounded some officers, without saying how many.
In addition, the UN nuclear watchdog agency said, Israel hit two centrifuge-production facilities in and near Tehran.
The Israeli military said it began a new round of airstrikes Thursday in Tehran and other areas of Iran, without elaborating.
Israel’s air campaign has struck several nuclear and military sites, killing top generals and nuclear scientists. A Washington-based Iranian human rights group said at least 639 people, including 263 civilians, have been killed in Iran and more than 1,300 wounded.
In retaliation, Iran has fired some 400 missiles and hundreds of drones, killing at least 24 people in Israel and wounding hundreds. Some have hit apartment buildings in central Israel, causing heavy damage.
Israeli military officials said their defenses intercepted 10 missiles overnight and several more Wednesday evening as Iran’s retaliatory barrages diminished. Air-raid sirens forced Israelis to run for shelter. There were no reports of injuries.
Iran has fired fewer missiles as the conflict has worn on. It has not explained the decline, but Israel has targeted launchers and other infrastructure related to the missiles.
Some US diplomats and their families at the US Embassy in Israel were evacuated Wednesday, according to two US officials who spoke on condition of anonymity to describe sensitive diplomatic movements. A number of
www.businessmirror.com.ph
Putin floats atomic program solution in offer to mediate Israel-Iran conflict
ST.
By James Jordan & Harriet Morris The Associated Press
PETERSBURG, Russia—
Russian President Vladimir Putin offered Wednesday to help mediate an end to the conflict between Israel and Iran, suggesting Moscow could help negotiate a settlement that could allow Tehran to pursue a peaceful atomic program while assuaging Israeli security concerns.
Speaking to senior news leaders of international news agencies, Putin noted that “it’s a delicate issue,” but added that “in my view, a solution could be found.”
Asked how Russia would react if Israel kills Iran’s Supreme Leader Ayatollah Ali Khamenei, Putin refused to answer, saying that “I don’t even want to discuss such a possibility.”
Khamenei has rejected US calls for surrender in the face of more Israeli strikes and warned that any military involvement by the Americans would cause
“irreparable damage to them.”
Putin said he shared Moscow’s proposals with Iran, Israel and the United States.
“We are not imposing anything on anyone; we are simply talking about how we see a possible way out of the situation. But the decision, of course, is up to the political leadership of all these countries, primarily Iran and Israel,” he said. Russia has maintained a delicate balancing act in the Middle East for decades, trying to navigate its warm relations with Israel even as it developed strong economic and military ties with Iran, a policy that could allow Moscow to play power broker.
Putin’s comments follow a mediation offer that he made in a call with US President Donald Trump last weekend.
Trump said Wednesday that he told Putin to stay focused on finding an endgame to his own conflict with Ukraine.
“I said, ‘Do me a favor, mediate your own,’” Trump said he told Putin. “I said, ‘Vladimir, let’s mediate
Russia first. You can worry about this later.’”
The comments represented a shift for Trump, who earlier this week said he was “open” to Putin’s offer to mediate in the Middle East.
Over 200 Russians remain at Iran’s nuclear power plant PUTIN , meeting with senior news leaders of international news agencies including The Associated Press on the sidelines of the St. Petersburg International Economic Forum, emphasized that Russia has a trusting relationship with Iran and helped built its first nuclear power plant in Bushehr on the Persian Gulf south of Tehran.
He said that over 200 Russian workers are involved in building two more reactors in Bushehr, adding that “we agreed with the Israeli leadership that their security will be ensured.”
Putin emphasized that Tehran hasn’t asked Moscow for military assistance, noting the “strategic partnership” treaty
between the countries that was signed in January doesn’t envision such aid.
In addition to a few air defense systems that Russia supplied to Iran in the past, it also offered previously to help create comprehensive air defenses, but Tehran didn’t want it, he said.
“Our proposal was to create a system, not isolated deliveries, but a system,” Putin said. “We used to discuss it in the past, but the Iranian side showed little interest.”
Israel said that it knocked out Iran’s Russia-supplied S-300 air defense missile systems during last year’s strikes.
Praise for Trump’s push for peace in Ukraine
PUTIN on Wednesday praised Trump’s push for peace in Ukraine, seconding the American leader’s repeated claims that the 3-year-old conflict wouldn’t have started if he had been in the White House in 2022.
“If Trump had been the president, the conflict indeed might not
have erupted,” Putin said.
Russia has intensified its aerial campaign in Ukraine recently and stepped-up ground attacks along the more than 1,000-kilometer (over 600-mile) front line. Putin has effectively rejected Trump’s offer of an immediate 30-day ceasefire, making it conditional on a halt on Ukraine’s mobilization effort and a freeze on Western arms supplies.
He said he is open for talks with Ukrainian President Volodymyr Zelenskyy, but repeated his claim that he lost his legitimacy after his term expired last year—allegations rejected by Kyiv and its allies.
“We are ready for substantive talks on the principles of a settlement,” Putin said, noting the previous round of talks had led to an exchange of prisoners and the bodies of fallen soldiers.
Asked by AP about Russia condemning Israel’s strikes on Iran even as Ukrainian civilians are killed in attacks by Moscow,
See “Putin,” A9
Iranian missile strikes main hospital in southern Israel
By Melanie Lidman, Natalie Melzer & Jon Gambrell
The Associated Press
TEL AVIV, Israel—An Iranian missile slammed into the main hospital in southern Israel early Thursday, wounding people and causing “extensive damage,” according to the medical facility. Israeli media aired footage of blown-out windows and heavy black smoke.
Another missile hit a high-rise building and several other residential buildings in at least two sites near Tel Aviv. At least
40 people were wounded in the attacks, according to Israel’s Magen David Adom rescue service.
Israel, meanwhile, carried out strikes on Iran’s Arak heavy water reactor, in its latest attack on the country’s sprawling nuclear program, on the seventh day of a conflict that began with a surprise wave of Israeli airstrikes targeting military sites, senior officers and nuclear scientists. Missile hits main hospital in southern Israel
Israeli Prime Minister Benjamin Netanyahu condemned the strike on the hospital and vowed a response, saying: “We
will exact the full price from the tyrants in Tehran.”
Iran has fired hundreds of missiles and drones at Israel, though most have been shot down by Israel’s multi-tiered air defenses, which detect incoming fire and shoot down missiles heading toward population centers and critical infrastructure. Israeli officials acknowledge it is imperfect.
The missile hit the Soroka Medical Center, which has over 1,000 beds and provides services to the approximately 1 million residents of Israel’s south.
Haim Bublil, a local police commander, told reporters that several people were
lightly wounded in the strike. He said there was a fire in a six-story building that was hard to access, and that rescuers were still searching various buildings and moving patients to safer areas of the hospital.
A hospital statement said several parts of the medical center were damaged and that the emergency room was treating several minor injuries. The hospital was closed to all new patients except for lifethreatening cases.
Many hospitals in Israel activated emergency plans in the past week, converting underground parking to hospital floors and move patients underground,
diplomats left on a government plane shortly before US Ambassador to Israel Mike Huckabee announced that the embassy was making evacuation plans for private American citizens, the officials said. By Wednesday, Israel eased some of the restrictions that it had imposed on civilians when Iran launched its retaliatory attack, allowing gatherings of up to 30 people and letting workplaces reopen as long as there is a shelter nearby.
Casualties mount in Iran
THE Washington-based group Human Rights Activists said it had identified 263 of those killed in Israeli strikes as civilians and 154 as security personnel.
The group, which also provided detailed casualty figures during 2022 protests over the death of Mahsa Amini, crosschecks local reports against a network of sources it has developed in Iran.
Iran has not published regular death tolls during the conflict and has minimized casualties in the past. Its last update, issued Monday, put the toll at 224 people killed and 1,277 others wounded. Internet service, which has faced repeated disruption in Iran over the past six days, crashed on Wednesday. The internetmonitoring group NetBlocks reported a “near-total national internet blackout.”
The Iranian Communications Ministry announced that the government was limiting internet access to prevent Israel’s “misuse of the country’s communication network for military purposes.”
Shops have been closed across Tehran, including in its famed Grand Bazaar, as people wait in gas lines and pack roads leading out of the city to escape the onslaught.
especially those who are on ventilators or are difficult to move quickly.
‘No radiation danger’ after strike on reactor
ISRAEL’S military said its fighter jets targeted the Arak facility and its reactor core seal to halt it from being used to produce plutonium.
“The strike targeted the component intended for plutonium production, in order to prevent the reactor from being restored and used for nuclear weapons
See “Iranian,” A10
Witnesses reported that more than 10 powerful explosions shook central Tehran around 8 p.m., sending white smoke into the air.
At least one strike appeared to target Tehran’s eastern neighborhood of Hakimiyeh, where the paramilitary Revolutionary Guard has an academy.
The Associated Press writers Amir Vahdat, Nasser Karimi and Mehdi Fattahi in Iran, Jamey Keaten in Geneva, Aamer Madhani and Matthew Lee in Washington, and Isabel DeBre in Buenos Aires, Argentina, contributed to this report.
Aung San Suu Kyi’s supporters strive to set world record to honor her 80th birthday
BANGKOK—Thousands of supporters of Myanmar’s jailed former leader Aung San Suu Kyi celebrated her 80th birthday Thursday by attempting to set a world record for the most birthday greeting videos, while others took to the streets in demonstrations against the military government that ousted her.
Kalo Say Htoo, an organizer of the birthday video campaign, said the original goal was to collect 80,000 greeting videos to honor Suu Kyi and achieve a recognized Guinness World Record.
The number of videos collected surpassed 103,000 on Thursday, tripling the current record of 32,207 achieved in 2017, organizers said.
Suu Kyi was arrested in February 2021 when the military seized power from her democratically elected government. She was convicted on more than a dozen charges for offenses that her supporters say were concocted to keep her out of politics. She remains regarded by many in Myanmar as the country’s legitimate leader while serving a 27-year prison term.
Kim Aris, Suu Kyi’s son living in London, said in a statement on Facebook Thursday that the campaign is a powerful testament to his mother’s global support.
“It’s my hope this achievement brings urgent attention to her plight and that of the people of Burma,” said Aris, using the country’s former name. “Her voice
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Putin responded that Russia was targeting the country’s arms factories.
may be silenced, but her flame will never be extinguished.”
Aris planned to run 80 kilometers (49.7 miles) to honor his mother’s birthday, while encouraging others to show support with the numerical theme, such as walking for 80 minutes or making 80 recipes.
More than 6,800 civilians are estimated to have been killed by security forces during a widespread armed struggle against military rule that began after generals seized power from Suu Kyi’s elected government, according to figures compiled by nongovernmental organizations.
Pro-democracy street protests in Suu Kyi’s honor were held Thursday in areas that are not under military control including northern Kachin state, the central regions of Mandalay, Sagaing and Magway and in Tanintharyi in the South.
Photos on social media showed demonstrators carrying flowers, birthday cakes and posters of Suu Kyi, as well as banners reading “Happy Birthday” and urging supporters to strive for “the liberation of the entire nation, including Daw Aung San Suu Kyi.”
The military government’s supporters posted calls for the arrest of protesters.
Several Western embassies posted pictures and illustrations on social media of red roses, with some issuing statements calling for Suu Kyi and all other political prisoners to be released. AP
raising the death toll from the strike on the capital to 28. Putin vowed that Moscow will achieve its goal to “demilitarize” Ukraine.
Fed leaves key rate unchanged as Trump criticizes Powell, citing lack of inflation
By Christopher Rugaber AP Economics Writer
WASHINGTON—The Federal Reserve kept its key rate unchanged Wednesday as it waits for additional information on how tariffs and other potential disruptions will affect the economy this year.
The Fed’s policymakers signaled they still expect to cut rates twice this year, even as they also project that President Donald Trump’s import duties will push inflation higher. They also expect growth to slow and unemployment to edge up, according to their latest quarterly projections released Wednesday.
Fed policymakers had cut their rate three times late last year but have since have been on hold. Inflation has cooled steadily since January, but Fed Chair Jerome Powell said at a news conference that tariffs are likely to reverse that progress and push inflation higher in the coming months. The Fed expects the bump to inflation will be temporary, but they want to see more data to be sure.
“Increases in tariffs this year are likely to push up prices and weigh on economic activity,” Powell said. “This is something we know is coming, we just don’t know the size of it.”
Changes to the Fed’s rate typically—though not always—influence borrowing costs for mortgages, auto loans, credit cards, and business loans.
So far inflation has continued to decline while some cracks have appeared in the economy, particularly in housing, where elevated borrowing costs are slowing sales and homebuilding. Hiring has also slowed. Such trends would typically lead the Fed to reduce
its key rate, which is currently at about 4.3%.
Yet Powell said the economy remains in good shape and the Fed has to consider the potential for prices to rise soon.
“You can see perhaps a very, very slow continued cooling” in the job market, “but nothing that’s troubling at this time,” he said.
“We have to be forward looking,” Powell said later. “We expect a meaningful amount of inflation to arrive in coming months and we have to take that into account.”
Powell also said the Fed will learn much more over the summer about how tariffs will affect the economy. George Pearkes, global macro strategist for Bespoke Investment Group, said he interpreted that to mean the Fed won’t cut until September, at the earliest. Its next meeting is in July.
“Unless we see a really, really rapid deterioration in the labor market we won’t see a cut until September, and maybe not even then,” he said.
Wall Street investors currently expect the Fed to cut in September, according to futures prices tracked by CME Fedwatch.
Fed officials see inflation, according to their preferred measure, rising to 3% by the end of this year, from 2.1% in April, according to the projections released Wednesday. They also project the unemployment rate will rise to 4.5%, from 4.2% currently.
Growth is expected to slow to just 1.4% this year, down from 2.5% last year.
Claudia Sahm, chief economist at New Century Advisors and a former Fed economist, said that the projections show that policymakers do expect inflation to come down in 2026 and 2027, with the tariffs having just a temporary impact. Without the duties, officials would be more likely to cut rates soon, she said.
“The Fed seems to be in agreement that this will be temporary, but they don’t have high enough conviction yet,” she said.
So far, inflation has cooled this year to just 2.1% in April, essentially back at the central bank’s target of 2%. Core inflation, which excludes the volatile food and energy categories, remains elevated at 2.5%.
Trump has pointed to the mild inflation figures to argue that the Fed should lower borrowing costs and has repeatedly criticized Powell for not doing so. On Wednesday he called Powell “stupid” and accused him of being “political” for not cutting rates.
“So, we have no inflation, we have only success,” Trump said, before the Fed announced its decision. “And I’d like to see interest rates get down.”
Trump has previously argued
that a rate cut would boost the economy. Now his focus has shifted to the federal government’s borrowing costs, which have shot higher since the pandemic, with interest payments running at an annual rate of more than $1 trillion.
Pushing the Fed to cut rates simply to save the government on its interest payments typically raises alarms among economists, because it would threaten the Fed’s congressional mandate to focus on stable prices and maximum employment.
One of Trump’s complaints is that the Fed isn’t cutting rates even as other central banks around the world have reduced their borrowing costs, including in Europe, Canada, and the UK On Tuesday, the Bank of Japan kept its key short-term rate unchanged at 0.5%, after actually raising it recently.
But the European Central Bank, Bank of Canada, and Bank of England have reduced their rates this year in part because US tariffs are weakening their economies. So far, the US economy is mostly solid, with the unemployment rate low.
The Bank of England has cut its rate twice this year but is expected to keep it unchanged at 4.25% when it meets Thursday.
AP reporter Alex Veiga contributed.
“The strikes were carried out against military industries, not residential quarters,” Putin said. AP reporters have documented damage to residential buildings in Ukraine, most recently this week. On Wednesday, emergency workers pulled more bodies from the rubble of a nine-story Kyiv apartment building demolished by a Russian attack earlier this week,
“We will not allow Ukraine to have armed forces that would threaten the Russian Federation and its people,” he said. “And if we fail to reach a settlement, we will achieve our goals by military means.”
He strongly warned Germany against delivering long-range Taurus missiles to Ukraine, saying that it could draw it into a direct military conflict with Russia but won’t help stem Russian advances.
“Our troops are advancing along the entire line of contact,” he said, warning Ukraine to accept Russia’s terms for a peace deal or face tougher conditions in the future. “If they fail to agree, the situation could change for the worse.” He also dismissed Western
warnings of Russia’s purported plans to attack NATO countries as “ravings,” noting the alliance’s military spending far exceed Moscow’s defense budget.
attended the event in the past, have avoided it after Putin sent troops into Ukraine in February 2022, leaving it to business leaders from Asia, Africa and Latin America.
He met earlier with former Brazilian President Dilma Rousseff, who now heads the New Development Bank created by the BRICS alliance of Brazil, Russia, India, China and South Africa. He is also set to have meetings with Indonesian President Prabowo Subianto and He’s also expected to confer with top officials from China, South Africa and Bahrain and the head of the Opec group of oil-producing countries. Putin.
Putin has used the annual forum to highlight Russia’s economic achievements and seek foreign investment. Western executives, who
FEDERAL Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Wednesday, June 18, 2025. AP/MARK SCHIEFELBEIN
IN this June 15, 2012 file photo, Myanmar opposition leader Aung San Suu Kyi briefs the media after a meeting with Norway Prime Minister Jens Stoltenberg at the Norway government guest house in Oslo.
Scientists warn that greenhouse gas accumulation is accelerating, more extreme weather will come
By Seth Borenstein AP Science Writer
WASHINGTON—Humans are on track to release so much greenhouse gas in less than three years that a key threshold for limiting global warming will be nearly unavoidable, according to a study to be released Thursday. The report predicts that society will have emitted enough carbon dioxide by early 2028 that crossing an important long-term temperature boundary will be more likely than not. The scientists calculate that by that point there will be enough of the heat-trapping gas in the atmosphere to create a 50-50 chance or greater that the world will be locked in to 1.5 degrees Celsius (2.7 degrees Fahrenheit) of long-term warming since preindustrial times. That level of gas accumulation, which comes from the burning of fuels like gasoline, oil and coal, is sooner than the same group of 60 international scientists calculated in a study last year.
“Things aren’t just getting worse. They’re getting worse faster,” said study co-author Zeke Hausfather of the tech firm Stripe and the climate monitoring group Berkeley Earth.
“We’re actively moving in the wrong direction in a critical period of time that we would need to meet our most ambitious climate goals. Some reports, there’s a silver lining. I don’t think there really is one in this one.” That 1.5 goal, first set in the 2015 Paris agreement, has been a cornerstone of international efforts to curb worsening climate change. Scientists say crossing that limit would mean worse heat waves and droughts, bigger storms and sea-level rise that could imperil small island nations. Over the last 150 years, scientists have established a direct correlation between the release of certain levels of carbon dioxide, along with other greenhouse gases like methane, and specific increases in global temperatures.
In Thursday’s Indicators of Global Climate Change report, researchers calculated that society can spew only 143
billion more tons (130 billion metric tons) of carbon dioxide before the 1.5 limit becomes technically inevitable. The world is producing 46 billion tons (42 billion metric tons) a year, so that inevitability should hit around February 2028 because the report is measured from the start of this year, the scientists wrote. The world now stands at about 1.24 degrees Celsius (2.23 degrees Fahrenheit) of long-term warming since preindustrial times, the report said.
Earth’s energy imbalance
THE report, which was published in the journal Earth System Science Data, shows that the rate of humancaused warming per decade has increased to nearly half a degree (0.27 degrees Celsius) per decade, Hausfather said. And the imbalance between the heat Earth absorbs from the sun and the amount it radiates out to space, a key climate change signal, is accelerating, the report said.
“It’s quite a depressing picture unfortunately, where if you look across the indicators, we find that records
are really being broken everywhere,” said lead author Piers Forster, director of the Priestley Centre for Climate Futures at the University of Leeds in England. “I can’t conceive of a situation where we can really avoid passing 1.5 degrees of very long-term temperature change.”
The increase in emissions from fossil-fuel burning is the main driver. But reduced particle pollution, which includes soot and smog, is another factor because those particles had a cooling effect that masked even more warming from appearing, scientists said. Changes in clouds also factor in. That all shows up in Earth’s energy imbalance, which is now 25% higher than it was just a decade or so ago, Forster said.
Earth’s energy imbalance “is the most important measure of the amount of heat being trapped in the system,” Hausfather said.
Earth keeps absorbing more and more heat than it releases. “It is very clearly accelerating. It’s worrisome,” he said.
Crossing the temperature limit
THE planet temporarily passed the key 1.5 limit last year. The world hit 1.52 degrees Celsius (2.74 degrees Fahrenheit) of warming since preindustrial times for an entire year in 2024, but the Paris threshold is meant to be measured over a longer period, usually considered 20 years. Still, the globe could reach that long-term threshold in the next few years even if individual years haven’t consistently hit that mark, because of how the Earth’s carbon cycle works.
That 1.5 is “a clear limit, a political limit for which countries have decided that beyond which the impact of climate change would be unacceptable to their societies,” said study co-author Joeri Rogelj, a climate scientist at Imperial College London.
The mark is so important because once it is crossed, many small island nations could eventually disappear because of sea level rise, and scientific evidence shows that the impacts become particularly extreme
Iranian. . .
Continued from A8
development,” the military said. Israel separately claimed to have struck another site around Natanz it described as being related to Iran’s nuclear program.
Iranian state TV said there was “no radiation danger whatsoever” from the attack on the Arak site. An Iranian state television reporter, speaking live in the nearby town of Khondab, said the facility had been evacuated and there was no damage to civilian areas around the reactor.
Israel had warned earlier Thursday morning it would attack the facility and urged the public to flee the area.
Iran has long maintained its program is for peaceful purposes. However, it also enriches uranium up to 60%, a short, technical step away from weapons-grade levels of 90%. Iran is the only non-nuclearweapon state to enrich at that level.
Israel is the only nuclear-armed state in the Middle East but does not acknowledge having such weapons.
The strikes came a day after Iran’s supreme leader rejected US calls for surrender and warned that any military involvement by the Americans would cause “irreparable damage to them.” Israel had lifted some restrictions on daily life Wednesday, suggesting the missile threat from Iran on its territory was easing.
beyond that level, especially hurting poor and vulnerable populations, he said. He added that efforts to curb emissions and the impacts of climate change must continue even if the 1.5-degree threshold is exceeded.
Crossing the threshold “means increasingly more frequent and severe climate extremes of the type we are now seeing all too often in the US and around the world—unprecedented heat waves, extreme hot drought, extreme rainfall events, and bigger storms,” said University of Michigan environment school dean Jonathan Overpeck, who wasn’t part of the study.
Andrew Dessler, a Texas A&M University climate scientist who wasn’t part of the study, said the 1.5 goal was aspirational and not realistic, so people shouldn’t focus on that particular threshold.
“Missing it does not mean the end of the world,” Dessler said in an e-mail, though he agreed that “each tenth of a degree of warming will bring increasingly worse impacts.”
Already, Israel’s campaign has targeted Iran’s enrichment site at Natanz, centrifuge workshops around Tehran and a nuclear site in Isfahan. Its strikes have also killed top generals and nuclear scientists.
A Washington-based Iranian human rights group said at least 639 people, including 263 civilians, have been killed in Iran and more than 1,300 wounded. In retaliation, Iran has fired some 400 missiles and hundreds of drones, killing at least 24 people in Israel and wounding hundreds.
Arak had been redesigned to address nuclear concerns
The Arak heavy water reactor is 250 kilometers (155 miles) southwest of Tehran.
Heavy water helps cool nuclear reactors, but it produces plutonium as a byproduct that can potentially be used in nuclear weapons. That would provide Iran another path to the bomb beyond enriched uranium, should it choose to pursue the weapon. Iran had agreed under its 2015 nuclear deal with world powers to redesign the facility to relieve proliferation concerns.
The reactor became a point of contention after President Donald Trump withdrew from the nuclear deal in 2018. Ali Akbar Salehi, a highranking nuclear official in Iran, said in 2019 that Tehran bought extra parts to replace a portion of the reactor that it had poured concrete into to render it unusable under the deal.
Gambrell reported from Dubai, United Arab Emirates.
VP to skip Marcos’ fourth SONA
By Jovee Marie N. Dela Cruz @joveemarie
VICE President Sara Duterte will not be attending President Ferdinand Marcos Jr.’s fourth State of the Nation Address (SONA) on July 28, House Secretary General Reginald Velasco confirmed on Thursday. Velasco said the House of Representatives received a letter from the Office of the Vice President formally declining the invitation to the annual address.
“We have received a letter from her office stating that she will not be attending,” said Velasco.
He noted that the letter did not include any explanation for Duterte’s absence. “There was no reason given. In fact, we don’t really ask for any reason,” he added.
Despite this, the House remains open to
Marina,
DOST, UP
the possibility of her attendance.
“We are not excluding the possibility that she will attend,” Velasco said.
The secretary general said a seat is already reserved for the vice president at the center of the VIP gallery in the plenary hall if she shows up.
This will mark the second consecutive year that Duterte has skipped the SONA. She also missed last year’s address after stepping down from President Marcos’ Cabinet.
In February, the House of Representatives impeached Duterte on charges of graft, corruption, and allegedly plotting to assassinate the president, the first lady, and the speaker of the House.
Meanwhile, personnel from the Presidential Security Command (PSC), Metropolitan Manila Development Authority, and the Philippine National Police (PNP) have already inspected the Batasang Pambansa complex and House premises.
partner to modernize maritime industry with data-driven systems
THE Maritime Industry Authority (Marina), the Department of Science and Technology’s Philippine Council for Industry, Energy and Emerging Technology Research and Development (DOST-PCIEERD), and the University of the Philippines (UP) have formalized a technology transfer agreement to accelerate the country’s shift to sustainable and data-driven maritime operations.
The deal covers the turnover of two major systems developed under the government’s science and tech initiatives: the Maritime Energy Demand Information and Analysis Software (MEDIAnS) and the Maritime Route Rationalization Information System (MARRIS).
MEDIAnS is a homegrown software that allows authorities and operators to monitor energy use and greenhouse gas emissions across the maritime sector. It is envisioned to support the country’s compliance with international environmental standards while promoting efficient
fuel use among domestic vessels. MARRIS, on the other hand, uses the Navigational Traffic Information System (NAVIS) for domestic shipping route planning, real-time monitoring, and capacity analysis.
Marina Administrator Sonia B. Malaluan emphasized the need to “maximize the benefits of shipbuilding technology, maritime digitalization, and modern innovations such as STMTA to address the persistent challenges the industry faces.”
Malaluan was referring to Science and Technology for Maritime Transport Applications such as the MEDIAnS and MARRIS.
“Since 2017, our partnership with Marina under the STMTA projects has introduced innovations in alternative fuels, energy efficiency, and intelligent systems. MEDIANS is a prime example of how science can directly power sustainable solutions,” DOST-PCIEERD Executive Director Enrico Paringit said. Lorenz S. Marasigan
Comelec en banc voids proclamation of Cavite mayor following Ombudsman ruling
HE Commission on Elections
T(Comelec) en banc has disqualified Silang, Cavite Mayor-elect Alston Kevin Anarna following a ruling from the Office of the Ombudsman that dismissed him from public service.
Anarna, a former mayor of Silang, was found guilty of “grave misconduct and serious dishonesty” by the Ombudsman in October 2024. He was also perpetually disqualified from holding public office.
“To permit a candidate who is administratively disqualified to run for office would render the constitutional and statutory sanctions imposed by the Ombudsman inutile, effectively frustrating the ends of administrative discipline and making a mockery of the electoral process,” the Comelec said in its ruling.
ERC to investigate Siquijor power outages following Marcos directive
By Lorenz S. Marasigan @lorenzmarasigan
THE Energy Regulatory Commission
(ERC) will hold a public inquiry on July 3 to investigate the persistent and disruptive power outages in the province of Siquijor, following a directive from President Ferdinand R. Marcos Jr. to immediately resolve the island’s energy crisis.
The ERC has summoned the Province of Siquijor Electric Cooperative, Inc. (PROSIELCO), S.I. Power Corp. (SIPCOR), and the National Power Corp. (NPC) to appear before the Commission in ERC Case No. 2025-020 MC.
“This hearing is part of the ERC’s continuing commitment to uphold accountability,
enforce compliance, and ensure that the people of Siquijor—and consumers in our off-grid areas—receive reliable and quality power service,” ERC Chairperson and CEO Monalisa C. Dimalanta said.
The commission noted that despite the combined 9.5-megawatt contracted capacity under PROSIELCO and SIPCOR’s Power Supply Agreements—which “should be sufficient to meet the peak demand in Siquijor”—the province continues to experience frequent and prolonged outages.
Based on a technical inspection, the ERC said it observed “several operational and regulatory deficiencies” in the generation facilities of Villar-owned SIPCOR and the distribution lines managed by PROSIELCO. Among the findings were the lack of
preventive maintenance, insufficient fuel inventory, absence of safety certifications and plant compliance certificates, and the unauthorized use of rental generator sets.
The commission also flagged distribution issues such as delays in relocating infrastructure and the use of improper sectionalizing equipment.
“In calling for this public inquiry, the Commission is determined to find long-term solutions to the power reliability issues experienced by the province and ensure that contractual commitments are delivered and services are improved moving forward,” Dimalanta said.
The outages have reportedly disrupted local economic activities, affected businesses, and inconvenienced residents and
tourists alike—a concern that has drawn national attention and prompted Pres. Marcos’ intervention.
Earlier this month, the local government of Siquijor declared a state of calamity because of the power crisis, which started in mid May. The National Electrification Administration (NEA), over the weekend, restored power in the island-province, after expediting repairs and deploying an additional generator set to bring the dependable capacity to 11 MW, above the province’s peak demand of 9 MW.
The July 3 hearing is expected to be a critical step in addressing the crisis and formulating sustainable solutions for Siquijor’s power reliability.
Government eyes joint housing aid for poorest families, street dwellers
By Bless Aubrey Ogerio
THE Department of Human Settlements and Urban Development (DHSUD) and the Department of Social Welfare and Development (DSWD) are exploring a joint initiative to provide housing support to some of the country’s most vulnerable populations.
Housing Czar Jose Ramon Aliling and DSWD Secretary Rex Gatchalian met on Thursday to discuss potential collaboration under the expanded National Housing for Filipinos (4PH) Program. Their goal is to identify ways to make socialized housing accessible to families whose incomes often fall below even subsidized housing thresholds.
Large-scale
S“This is in line with President Ferdinand R. Marcos Jr.’s directive to prioritize pro-poor housing initiatives,” said Aliling during the meeting at the DSWD Central Office in Quezon City.
“By working closely with DSWD, we can directly reach our mandated beneficiaries—the poorest of the poor,” he added.
Data from DSWD indicated that the current 4Ps grants are P750 per month for health, P300 to P700 per child for education and a P600 monthly rice subsidy. However, these are hardly enough to meet the cost of decent shelter, particularly in urban areas where land and construction expenses remain high.
Even with 4PH housing subsidies, many
of these low-income families still struggle to afford a home, especially with the standard benchmark of spending no more than 30 percent of monthly income on housing costs—an amount unattainable for those with little or no regular income.
To move the partnership forward, DHSUD requested access to DSWD’s database of eligible beneficiaries for both temporary shelters and long-term housing.
Aliling emphasized that beyond providing structures, the intention is to offer “dignified living” environments that promote stability and productivity.
“We want to make sure that we will have sustainable programs for the poorest of the poor. The support we will get from DSWD will definitely boost our efforts towards
this and reach our mandated beneficiaries,” he said. The DHSUD and DSWD have previously worked together. In 2023, the two agencies coordinated on providing temporary housing to homeless individuals while DSWD social workers facilitated their return to their home provinces.
According to the United Nations Habitat, there are 3.7 million informal settler families in the Philippines, with about half a million living in slums or disaster-prone areas in Metro Manila. Meanwhile, a 2019 report by the non-government organization Unanima International placed the country’s homeless population at over 4.5 million, with more than half residing in urban centers.
‘Salaknib’ drills conclude in Cagayan Valley on June 19
OME 1,2000 troops from the Philippine Army (PA) and the US Army Pacific (USARPAC) on Thursday concluded large-scale land, air and sea operational maneuvers in Cagayan Valley (CV) that's part of the “Salaknib” Phase 2 exercises.
“Salaknib” means “shield” in Ilocano.
Col. Louie Dema-ala, Army spokesperson, said the participating Filipino and American troops took part in land, air and sea movements and critical exercises such as special
“It bears emphasis that COMELEC, as a constitutional commission, is duty-bound to protect the sanctity of elections and ensure that only qualified and eligible individuals are allowed to run for public office,” it added.
With Anarna’s disqualification from the 2025 mayoral race and the annulment of his proclamation, the Comelec ordered the proclamation of the candidate with the highest number of valid votes.
The 54,787 votes cast for Anarna are now considered stray.
The Ombudsman earlier dismissed Anarna over allegations of corruption, specifically his involvement in irregularities related to municipal transactions during Silang’s fiesta celebration. Justine Xyrah Garia
ILO’s negotiation on standards for platform work a breakthrough for workers–ITUC
By Justine Xyrah Garcia
THE International Labour Organization’s (ILO) decision to move forward with setting global standards on platform work marks a major victory for workers around the world, according to the International Trade Union Confederation (ITUC).
In a recent statement, ITUC General Secretary Luc Triangle welcomed the ILO’s willingness to pursue international regulation of digital labour platforms, saying it was a long-overdue step toward protecting the rights of millions of workers.
“This is a breakthrough for millions of platform workers worldwide who have waited too long for international protections. For the first time, there is a clear mandate to regulate digital labour platforms and ensure that innovation does not come at the cost of workers’ rights,” Triangle said. Platform work includes both locationbased services—such as delivery and ridehailing—as well as online, remote work facilitated through digital platforms.
According to ILO estimates, more than 150 million people globally are engaged in platform work.
O f this number, about 11 million are in the Philippines alone.
Last week, delegates at the ILO’s annual International Labour Conference (ILC) agreed to start the process of developing international labor standards that will apply to platform workers.
The outcome includes the drafting of a binding convention, which would require formal ratification by ILO member states, and a non-binding recommendation to guide implementation.
According to the ITUC, the resolution adopted at the ILC received strong support from various workers’ groups and a majority of government delegates.
It sets the direction for talks leading up to the ILC in 2026, including what kind of standards will be made, what areas they will cover, and how key terms will be defined. It also includes an agreement that workers and unions should have access to information about how algorithm-based systems are used to manage their work.
The Philippines’ Labor Undersecretary Benedicto Ernesto Bitonio Jr. served as chair of the platform work committee during the 2025 ILC. (Related: https://businessmirror. com.ph/2025/06/02/philippines-leadsglobal-talks-on-platform-work/)
operations forces missions, gap crossing, ground assault convoy sustainment, and communication on the move.
Aside from this, 100 mobility assets from both ground forces traveled north from Fort Magsaysay, Nueva Ecija to the Bagabag Airstrip in Nueva Vizcaya; Isabela State University Oval in Echague, Isabela; and Camp Melchor Dela Cruz in Gamu, Isabela.
On the sea and air domains, two ground forces deployed armor assets from two points
in Luzon to Port Irene in Cagayan utilizing a US Navy landing craft unit while around 16 air assets transported troops and supplies.
These drills took place from June 16 to 19.
Dema-ala said the combined exercises between Filipino and American ground troops support the PA’s strategic thrust to develop an agile force that is capable of swift deployment across diverse operational scenarios.
“The annual Salaknib, which is being highlighted by a full battle test this year, also deepens the interoperability between the PA and US Army Pacific while simultaneously reinforcing the PA’s capacity to defend the country against external threats,” he added.
“Salaknib” Phase 1 took place from March 24 to April 11 and is the 10th iteration of the annual military maneuvers between Filipino and American troops while “Salaknib” Phase 2 is scheduled from May 19 to July 20. Rex Anthony Naval
Japanese dominance wanes as Chinese car brands make inroads in PHL market
By Rizal Raoul Reyes
JAPANESE brands still maintain leadership in the local car market, but Chinese brands are catching up, according to the latest study of Differential Singapore.
In its inaugural Philippine Customer eXperience Index (CXI) Study, the study observed that Japanese car brands in the Philippines posted an impressive average product index of 866 points, maintaining their lead in customer satisfaction.
Meanwhile, Chinese brands—including rising player BYD—average 841 points, closing the gap because of aggressive innovation, electric vehicle (EV) offerings, and competitive pricing. While Japanese brands attract buyers based on reliability and fuel efficiency, the study said Chinese and other emerging brands are winning over customers with bold designs and latest technology features.
“While product remains the backbone of customer satisfaction, the real game-changer lies in what brands can control: delivering an exceptional brand journey through outstanding sales and service execution. That’s where local industry players can truly outshine the competition,” said Sigfred M. Doloroso, Country Manager, Differential Singapore in a press statement. “While Japanese brands still dominate on reputation and proven quality, the momentum from Chinese automakers signals a shifting landscape that stakeholders should watch closely.”
In terms of overall experience rankings, Ford was on top in overall Customer Experience Index with an impressive 868 out of 1,000 points, followed closely by Toyota at 865 and Nissan at 859, rounding out the top three performers in the country.
Meanwhile, Honda earned a special mention for its strong performance across two individual pillars: ranking second in Sales Experience and third in After-Sales Service Quality. “This makes Honda the only brand outside the overall top three to secure top-tier rankings in multiple categories, underscoring its consistency in delivering high-quality interactions across
the customer journey,” the study said.
The study noted that nearly 97% of buyers utilized the internet—whether through online research from brand website visits, social media, third-party portal or to simply connect with the dealers—before making a purchase decision. This signaled a dramatic shift from showroom-driven sales to an ecosystem where digital touchpoints play a central role in influencing preferences and final choices.
Doloroso said the study is the most comprehensive study ever done by an independent agency in the Philippine market, and benchmarks customer experience across three core pillars: vehicle sales, after-sales service, and product satisfaction.
Within these pillars, the study identifies the key drivers of customer perception and brand loyalty in the Philippine automotive market, summarized under three main areas: n Sales and Purchase Experience covering customer touchpoints like pre-sales consultation, dealership facilities, salesperson interaction, vehicle selection, price negotiation, delivery experience, and post-sales follow-up, n After-Sales Service Quality covering experience areas of service reliability, communication and transparency, convenience, pricing fairness, and personnel professionalism, n Product Satisfaction covering key elements like vehicle design and styling, driving performance, interior comfort, user interface, storage, entertainment systems, and safety features.
He said these dimensions provide a holistic view of what matters most to Filipino car owners today—equipping brands with the insights they need to innovate, improve, and lead in an increasingly competitive marketplace.
Moreover, Doloroso said product satisfaction emerged as the most important driver of customer experience. “Among Filipino vehicle owners, product satisfaction is the decisive factor shaping overall customer experience—contributing over two-thirds weight to the overall experience,” he said.
English proficiency in PHL: Addressing the decline to secure future prosperity
ENGLISH proficiency has become a hallmark of the Philippines in Asia, providing its global workforce with a significant advantage and contributing to their success. However, recent warnings by the British Council highlight a troubling downward trend in English skills among Filipino youth aged 18 to 20—a decline that could imperil the country’s economic lifeline and global standing. (Read the BusinessMirror story: “‘Spokening’ English? Yes, but not quite well,” June 15, 2025).
English remains a widely spoken language in the country, with 92 percent of Filipinos able to communicate in it. Yet, the 2023 Social Weather Stations survey reveals that only 47 percent of adults are “competent” in English, and younger generations are showing weaker mastery. The country’s slip from 13th to 27th place in the 2020 EF English Proficiency Index, despite some recovery to 20th in 2024, signals a need for urgent attention.
Why does this matter? The country’s economy heavily relies on remittances, which climbed to $6.27 billion in the first two months of 2025 alone. These inflows are powered by millions of Filipinos working abroad, particularly in high-demand sectors like healthcare, where English proficiency is a fundamental requirement. Countries such as the UK, US, Canada, and Australia actively seek Filipino talent precisely because of their strong command of English and work ethic. But as other countries improve their English standards and immigration policies tighten, the Philippines risks losing its competitive edge if its youth do not keep pace.
The challenge is multifaceted. Motivational decline, outdated teaching methods, and socioeconomic barriers limit early and consistent exposure to English. While the demand for English proficiency remains high—evidenced by the steady stream of Filipinos taking the IELTS exam for overseas education and employment—the writing component continues to lag, underscoring the need for targeted improvements in language instruction.
It is also important to recognize that true English proficiency today extends beyond native-like fluency. Employers now prioritize “context-based competency,” valuing clear, culturally aware communication within diverse teams over perfection in accent or grammar. The Philippines’ multilingual environment can be a strength here, promoting “translanguaging” skills that enhance collaborative work in global settings.
Moreover, the rise of artificial intelligence and automation does not diminish the need for advanced communication skills; rather, it amplifies them. Critical thinking, emotional intelligence, and creativity—skills deeply tied to language ability—are indispensable in the AI era. The Philippines must ensure its workforce is equipped not only to speak English but to wield it effectively in complex, real-world scenarios.
To arrest and reverse this decline, a concerted effort is needed across government, educational institutions, families, and communities. Modernizing English teaching methodologies, increasing parental and societal support, and ensuring equitable access to quality language education are essential.
Without immediate intervention, the Philippines risks losing its competitive edge in the global market, impacting not just individual aspirations but the country’s economic future as a whole. It’s time to galvanize efforts towards elevating English proficiency, ensuring that the next generation is well-equipped to thrive in an interconnected world.
BusinessMirror
Celebrating UP’s 117th birthday through music
‘M
Kuwentong Peyups
ALAYONG lupain amin mang marating. Di rin magbabago ang damdamin.” Lines from “UP Naming Mahal” that every alumni of the University of the Philippines memorized by heart as our alma mater’s official anthem symbolizing the institution’s values and spirit.
The song composed in 1917 by Nicanor Abelardo is as much an emblem of the UP spirit as the famous Oblation.
The Oblation statue depicts a man facing upward with arms outstretched, symbolizing a selfless offering of oneself to his union.
The UP Diliman campus was my solace for a decade as a student at the UP School of Economics (198791) and later at the UP College of Law (1992-98).
“UP Naming Mahal” was both the opening and closing song of the “Alay sa Pamantasan ng Sambayanan” concert that was held at the UP Theater in UP Diliman to commemorate both UP’s foundation day and Philippine Independence Day, with performances by the UP Symphony Orchestra and homegrown artists.
UP was founded on June 18, 1908, or 117 years ago, through Act No.1870 of the Philippine Assembly “to fill the need to meet the increasing demands for instruction in the higher levels of learning and provide professional studies in medicine, law, engineering or applied sciences.”
UP was to give “advanced instruction in literature, philosophy, the sciences and arts, and to give professional and technical training” to every qualified student regardless of “age, sex, nationality, religious belief and political affiliation.”
According to UP’s Bulletin No. 1, the University was seen as “the logical outgrowth and culmination of efforts made during the past ten years to establish a complete system of education for the Philippine islands.”
The University has produced six out of the 17 Presidents of the Philippines; 16 out of 28 Chief Justices of the Supreme Court; a Pulitzer Prize awardee; two Pulitzer Prize finalists; 40 National Scientists; 44 National Artists; eight National Social Scientists; 14 out of 24 Senate Presidents; 14 out of 27 House Speakers; and tens of thousands of professionals like doctors, lawyers, engineers, teachers serving in the country and abroad.
During the concert, UP President Angelo Jimenez narrated Copland’s Lincoln Portrait with the UPSO.
“Awit ng Pagdiriwang” was composed in 1984 by National Artist for
“UP Naming Mahal” was both the opening and closing song of the “Alay sa Pamantasan ng Sambayanan” concert that was held at the UP Theater in UP Diliman to commemorate both UP’s foundation day and Philippine Independence Day, with performances by the UP Symphony Orchestra and homegrown artists.
Music Dr. Ramon Santos for the UP Diamond Jubilee and the investiture of UP’s 14th President, Edgardo Angara. The work is filled with rhythmic vitality and modal melodies, drawing on traditional Southeast Asian forms—a hallmark of Santos’s style.
“Tikladong Hirang” by Prof. Josefino Toledo premiered in 2008 at the “Pamantasang Hirang” concert, held at the Cultural Center of the Philippines, to commemorate the UP centennial. Utilizing materials from the music of UP composers, Toledo skillfully creates a grand, retrospective assemblage of past music, a remarkable tapestry of melodies and rhythms arranged for five pianos and orchestra.
“Panata sa Bayan” was performed by baritone Lionel Guico. It was commissioned for the installation of UP’s 15th President Jose V. Abueva in 1988, text written by Domingo Landicho and music by National Artist for Music Lucio San Pedro. Guico was my dorm mate from Yakal.
As Abueva’s term began at the end of Martial Law, the late 1980s marked a pivotal time for national reflection and reconstruction. UP, as a bastion of academic freedom
and progressive thought, was uniquely positioned to lead this intellectual and moral renewal. “Panata sa Bayan” encompasses the values, aspirations, and goals of UP as well as a reassertion of UP’s commitment to serving the Filipino people.
“Tagpi-Tagping Kundimang Hibik ng Bayan” is a powerful collage work arranged and orchestrated by Toledo. The piece is a sweeping, emotionally charged kundiman-lament that draws on fragments of historic texts, folk idioms, and nationalist poetry to express the collective sorrow and enduring hope of the Filipino people.
“Bayan Kong Hirang” arranged by Toledo combines two well-loved Filipino songs: “Bayan Ko,” and “Pilipinas Kong Mahal.”
“Bayan Ko” is a Filipino folk song composed in 1928 by Constancio de Guzmán, with lyrics by José Corazón de Jesús. It has been embraced as an anthem of resistance, often sung during times of political upheaval and social unrest, including the struggle against dictatorship during the martial law era.
“Pilipinas Kong Mahal” is composed by Francisco Santiago with lyrics by Jose Palma. It was officially adopted in 1956 as one of the national anthems of the Philippines, alongside “Lupang Hinirang.” The song’s lyrics evoke imagery of the Philippines’ natural beauty, rich cultural heritage, and the bravery of its people throughout history.
Happy 117th birthday UP.
Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez.com, or call 0917-5025808 or 0908-8665786.
The world’s most profitable nickel plants face cost challenge
By Alfred Cang & Annie Lee
APIONEERING group of Indonesian nickel smelters with the world’s lowest production costs has been hit by a jump in the price of a key raw material, crimping their profitability just as the market is saddled with a glut.
The price of sulfur, a chemical used to produce acid, has more than tripled in price over the past year, driven by increased demand. That’s a headache for producers in Indonesia that use high-pressure acid leaching, known as HPAL. The breakthrough technique enables the smelters to extract metal from low-grade ore with chemicals, avoiding the need for blast furnaces.
www.businessmirror.com.ph
Indonesia is home to the world’s largest nickel industry, with Chinese-led investment and a focus on cost-cutting innovation leading to a boom in production in recent years. The upsurge in supply of nickel metal — a commodity vital for auto batter-
ies—has prompted a slump in prices, with benchmark refined futures in London hitting the lowest since 2020 earlier this year.
That slump has intensified competition among producers, posing a challenge for the industry, as well as for local governments, which have promoting mineral development as a way of boosting the Southeast Asia’s largest economy. Due to low emissions and costs, HPAL factories had been enjoying policy preferences, although the central government said this week it planned to punish producers at a key industrial park for alleged environment breaches.
“We may see a point later this
The price of sulfur, a chemical used to produce acid, has more than tripled in price over the past year, driven by increased demand. That’s a headache for producers in Indonesia that use high-pressure acid leaching, known as HPAL. The breakthrough technique enables the smelters to extract metal from low-grade ore with chemicals, avoiding the need for blast furnaces.
year or early next year when HPAL factories see very thin margins,” said Luigi Fan, an analyst at SMM Information & Technology Co. Still, more HPAL producers are still likely to come online, partly because of strong prices for cobalt, a byproduct, according to Fan. Existing producers include PT
Trimegah Bangun Persada, known as Harita Nickel, and China’s Lygend Resources & Technology Co. on Obi Island. Projects due to start soon include Nickel Industries Ltd., which is backed by Chinese giant Tsingshan Holding Group Co., and a venture from PT Harum Energy in Weda Bay. None of the companies approached for comment for this story opted to reply. The expansion of HPAL operations pushed Indonesia to become a global major importer of sulfur, which is traditionally used to make fertilizer. Middle Eastern countries and Canada are among the main producers, with global oil majors such as Saudi Arabian Oil Co., or Aramco, recovering sulfur from
and oil processing. It takes about 12 tons of sulfur to make 1 ton of mixed-hydroxide precipitate, or MHP, a form of nickel aimed at automakers.
Antonio L. Cabangon Chua Founder
Dennis Gorecho
The cost of free tuition: Exploring an alternative to UAQTEA
TDr. Geoffrey Ducanes
EAGLE WATCH
HE Universal Access to Quality Tertiary Education Act, more popularly know as the Free Tuition Law, was fully implemented beginning in school year (SY) 2018-2019.
It provided for free tuition and other school fees in public higher education institutions (HEIs). It has a component called the Tertiary Education Subsidy (TES), which gave additional financial support to select students for room and board costs, books, and other expenses, with priority given to students from poor families. The support includes tuition if the student enrolls in a private school. The program also provided for a student loan program.
UAQTEA has essentially been in effect for about seven years. Why explore an alternative to it? The reason is that, budget-wise, UAQTEA in its current form is likely unsustainable, given its stated goal of providing “all Filipinos with equal opportunity to quality tertiary education”, the operative word being quality
UAQTEA will require regular budget increases that is probably higher than what was expected when the Law was crafted because of the rapid increase in higher education enrollment. The latter is due to several reasons.
The first is a growing college-age population, which is still expected to grow from 8.7 million in 2025 to 9.1 million by 2030, according to data from the United Nations.
A second reason is that the Law has encouraged greater enrollment in higher education, especially in public HEIs. Total higher education enrollment grew the equivalent of 2.8 percent per year from SY 2015-2016 to SY 2022-2023. Enrollment grew 4.4 percent annually in public HEIs and 1.5 percent in private HEIs, indicating the shift towards public HEIs.
As the country’s per capita income continues to increase, the share of the college-age population pursuing higher education can be expected to further rise.
All of these will require a huge budget infusion over time just to keep the per student budget constant.
But the pressure on the budget is not just because of the increase in total enrollment in public HEIs. Analysis using the Philippine Statistics Authority’s Annual Poverty Indicators Survey (APIS) show that the share of college enrollees from lowincome households has expanded. This should be a good thing, but this means that the TES component of UAQTEA should also be increasing. But that is not what has been happening, TES has not increased proportionately, according to a study by Bayudan et al. commissioned by the Education Commission (An Evaluation of the Tertiary Education Subsidy Program: Context, Input, Process, and Product).
This means that not all poor college students are being supported and that those being supported are getting inadequate support. What is the alternative to UAQTEA?
A socialized tuition scheme is one alternative. Socialized tuition essentially means that the amount of tuition paid depends on the student’s capacity to pay. It can be designed such that students from low-income households not only get free tuition but also get stipends, as is the intention of TES.
Socialized tuition is what was implemented in the University of the Philippines before UAQTEA, and is implemented in other countries (Chile’s Gratuidad Program, for example).
What would a socialized tuition system look like? Who would qualify and who would not qualify?
A decision has to be made on what income indicator to use and on the threshold level above which a student does not qualify for free tuition. For illustration, a possible income indicator is total household income and a possible threshold is P250K. Below this level, a student gets free tuition in a public HEI. Above this level, the student pays full tuition. Why is P250K total household income a possible threshold? It is equivalent to one household member earning the maximum annual income that is still exempt from income tax, so in a way it is not high income.
Students who come from households with income less than P250K a year comprise 61 percent of baccalaureate students in public HEIs, according to APIS data. This means that if this threshold is used, 39 percent of students currently in public HEIs would not qualify for free tuition. This is roughly equivalent to about 730,000 students based on CHED data. The estimated tuition and other school fees in public HEIs was estimated at P12,500 per student in another study. So, 730,000 multiplied by 12,500 is equal to P9.13 billion. That is how much the government will save in Free Higher Education Subsidy if this threshold was used. The government can channel this savings of P9.13 billion for other uses, including for upgrading infrastructure and equipment and increasing MOOE for public HEIs. It can also be used to add to TES funds for poor students.
Implementing socialized tuition, which means those who can afford will pay tuition in public HEIs, will free up resources that can be used, among others, to support more poor students or provide greater support to poor students, which is more in keeping with the intention of UAQTEA.
This column is based on study prepared by the author for the Education Commission with support from the University of the Philippines President Edgardo J. Angara Fellowship. Dr. Geoffrey Ducanes is Associate Professor at the Ateneo de Manila University and the Director of the Ateneo Center for Economic Research and Development.
Colleges face major tax blow in Trump’s proposed IRS rules on race
By Elizabeth Rembert, Amanda Albright & Simone Foxman
THE Trump administration is privately considering unleashing what advocates and critics agree would be one of its biggest cudgels yet to pressure colleges to end slews of programs and practices benefiting students who are racial minorities.
The Treasury Department is weighing a change to Internal Revenue Service policies to allow the revocation of tax-exempt status for colleges that consider race in student admissions, scholarships and other areas, Bloomberg News reported last week.
If enacted, it would take the administration’s reshaping of higher education well beyond the public battles with Harvard University and Columbia University. Nonprofit status is core to the finances of more than 1,500 private colleges and universities—from wealthy bastions such as Duke and Vanderbilt to smaller schools including Vermont’s Middlebury and Oregon’s Willamette. Revoking that wouldn’t just threaten billions in additional taxes, it would cut off the pipeline of philanthropy that has seeded and expanded schools for decades.
Even groups known to back conservative ideas were startled.
“I’ve never seen anything like this,” said Armand Alacbay, senior vice president of strategy at the American Council of Trustees and Alumni. For many universities, “losing their tax-exempt status would be existential, as they’re highly reliant on philanthropic support.”
The proposal would have to make it through an extensive rulemaking process, legal experts say, and even if the measure is put in place and the IRS seeks to revoke a college’s tax perks, the school would likely take the fight to court.
Nonprofit status frees schools from paying corporate income tax, helps them get breaks on property taxes and allows them to sell bonds that pay tax-exempt interest, reducing borrowing costs. It also boosts funding by incentivizing donors, letting them deduct gifts from their own taxes.
Trump has threatened to revoke Harvard’s tax-exempt status in posts on his Truth Social platform. He’s also signaled interest in challenging it elsewhere. “Tax-exempt status, that’s a privilege—it’s really a privilege,” Trump said in the Oval Office in April. “And it’s been abused by a lot more than Harvard, too.”
His threat was swiftly decried as out of his jurisdiction by Democrats and some Republicans. But the Treasury Department’s proposals could bring his administration a step closer toward revoking Harvard’s tax status and potentially challenging other
schools if they don’t abide by officials’ demands to adopt race-blind policies and programs.
A Treasury Department representative declined to comment. The IRS didn’t respond to a request for comment.
‘Very damaging’ MANY schools would find it far harder than Harvard to operate without tax-exempt status, leaving them virtually no choice but to bend to administration demands.
“If they revoked Harvard’s tax exemption, that would be damaging to Harvard,” said Adam Stern, co-head of research at Breckinridge Capital Advisors. “That would be very damaging to schools that have less resources.”
Colleges have been quietly acknowledging the growing risk to their tax exemptions. The president of Duke University called out “threats to our nonprofit status” this month in a public update on the school’s effort to reduce spending. Emory and Northwestern have mentioned similar risks in their bond documents.
“Certainly, this is a new worry they have to deal with,” said Robert Romashko, a lawyer specializing in taxes for Husch Blackwell LLP.
It comes on top of Trump administration attempts to freeze federal funding for some institutions and rein in enrollment by international students. Congress is also considering a steep tax increase for the wealthiest schools’ endowments.
Without Congress
THE proposals under review in the Treasury’s Office of Tax Policy were drawn up as IRS revenue procedures—a form of guidance for interpreting and enforcing tax laws. If enacted, they would pave the way for the IRS to bar nonprofit schools from remaining tax exempt if they favor any racial groups in matters such as financial assistance, loans, use of facilities or other programs, according to people with knowledge of the deliberations. They could take effect without congressional approval.
The proposals would amount to a “sea change” in the IRS’s rules for nonprofits, said Philip Hackney, a law professor at the University of Pittsburgh who spent time in the agency’s office of the chief counsel. Schools that have helped minority groups narrow historic gaps in wealth and education in the US could end up
Nonprofit status frees schools from paying corporate income tax, helps them get breaks on property taxes and allows them to sell bonds that pay tax-exempt interest, reducing borrowing costs. It also boosts funding by incentivizing donors, letting them deduct gifts from their own taxes.
getting punished for those efforts.
“Charity has long included an idea of remedying discrimination,” he said. “This would be a monumental change in terms of charitable law. We’ve built the whole structure on that basis, and the idea of saying all of that stuff was wrong seems incoherent.”
Critics split NEWS of the proposals has stirred excitement among some conservative activists encouraging the administration’s efforts to end diversity, equity and inclusion programs in higher education.
“The Treasury Department should absolutely enact this policy of stripping tax-exempt status from universities that discriminate on the basis of race,” Christopher Rufo, one of the preeminent voices of that movement, wrote on X. “No quarter for left-wing racialism in America’s institutions.”
The American Council of Trustees and Alumni has also criticized universities over DEI policies and hiring practices that they allege take race and other protected characteristics into account. Still, Alacbay warned that using tax status as a lever could open a “Pandora’s box” with far-ranging consequences as future administrations pursue their own agendas.
“One should be very circumspect about using tax law as a lever to enforce other public policies,” Alacbay said. “There are many other, more established ways to enforce civil rights laws. I would say let those existing enforcement mechanisms play out.”
Others welcome the idea of the IRS playing a more active role, which could extend to other controversial topics.
“It’s very easy to see how a policy would apply beyond race” to issues like gender and gender identity, said Adam Kissel, a visiting fellow in The Heritage Foundation’s Center for Education Policy. While enforcement might veer from administration to administration, he said, that’s the reality of a messy democratic process “in the absence of clear guidance and language from Congress.”
‘It’s alarming’ FOR the proposal to become estab -
lished as an enforceable revenue procedure, it would have to work its way through the lengthy requirements of the Administrative Procedure Act, according to Megan Brackney, a tax controversy attorney and partner at Kostelanetz LLP. That includes issuing a formal notice, allowing affected parties to provide feedback, then reviewing and addressing the comments before finalizing the revenue procedure.
“It’s alarming, but there’s a lot that has to happen for this change to be made if they really decide to go through with it,” she said. “It doesn’t mean they can’t do it, they just can’t do it tomorrow.”
The Trump administration has run into this before. In 2018, the IRS wanted to drop rules requiring some nonprofits to identify major donors in their tax filings. A federal judge blocked the change, saying the agency had to obey the Administrative Procedure Act before updating the rules.
If the IRS’s internal guidance is changed, it still needs to follow the law to find the basis to legitimately revoke a school’s tax exemption, Hackney said. And despite Trump’s views, Congress and judges haven’t declared DEI efforts broadly illegal or unconstitutional, he said. Charities also lose their tax perks by violating a fundamental public policy. That standard was set in 1983 when the Supreme Court upheld the IRS’s authority to revoke Bob Jones University’s tax exemption, citing policies banning interracial dating on campus.
Ellen Aprill, a retired law professor and senior scholar in residence at the University of California at Los Angeles’ law school, said it’s hard to argue that Trump’s stance against DEI constitutes a fundamental public policy.
“The anti-DEI policy from the executive branch is one we’ve only seen in the months since Trump took office for a second time,” she said. “Can you imagine the whipsaw if all nonprofits had to adapt to the new positions of the executive branch?” It would likely take years for the IRS to ultimately revoke a school’s tax benefits through a long, established process including audits and opportunities for remedy, appeals and challenges in court.
Meanwhile, Brackney said the proposal may have an impact on schools, even if it never gains legal teeth.
“It has an effect to wind everybody up and make everybody nervous to change their behavior, even before the government takes the appropriate action to make it an enforceable rule,” she said. With assistance from Todd Gillespie and Laura Davison/Bloomberg
UK inheritance tax surge on rich was mistake, policy author says
By Philip Aldrick, Joe Mayes & Ben Stupples
ONE of the architects of the UK Labour government’s flagship crackdown on the wealthy said it was a “mistake” to expose non-doms to an immediate 40 percent inheritance tax on their overseas assets.
Arun Advani, director of the independent Centre for the Analysis of Taxation, told Bloomberg News he had recommended staggering the introduction of IHT on the super-rich who live in Britain but are not resident for tax purposes.
A gradual approach would have stopped many of them leaving the country, he said.
Dozens of Britain’s wealthiest individuals have left since Labour came to power last July promising to apply IHT to the foreign assets of non-domiciled residents, known as non-doms. Companies House data compiled by Bloomberg found evidence of an exodus of more than 4,400 directors of UK businesses in that time. In April alone, when the tax hikes kicked in, departures were up about 75 percent from 12 months earlier.
Inheritance tax on non-doms will raise very little money for the UK Treasury—just £500 million ($672 million) in total over this parliament, according to the Office for Budget Responsibility. However, the government is now considering its options if the policy looks like costing more than it raises, according to a person familiar with the matter who asked to remain anonymous because nothing has been decided. The Financial Times reported that Chancellor of the Exchequer Rachel Reeves is reviewing the decision.
“It was always a mistake to have the IHT rate for foreigners jump from 0 percent to 40 percent overnight when they get to 10 years in the UK,” Advani said. “Phasing the rate in is harder to design but would make the issue
much less important when people are deciding to stay.”
Before the change, non-doms paid no inheritance tax on their overseas assets. They are now typically liable for 40 percent on all assets after living in the UK for 10 years—one of the highest IHT rates among developed nations—and would possibly remain liable for 10 years after leaving the UK. Non-doms who have already been in the UK more than 10 years were captured by the new policy immediately, though they had until April 6 this year to curb their exposure to the changes. Advani, an economics professor at the University of Warwick, set up the CenTax think tank last year with Andy Summers from the London School of Economics. They specialize in deep analysis of tax data to tighten wealth loopholes. Former Tory Chancellor Jeremy Hunt used their work for his non-dom crackdown in March 2024. Labour then adopted policies on agriculture property relief, private equity carried interest and capital gains tax similar to those CenTax proposed. A Treasury spokesperson said:
“The government will continue to work with stakeholders to ensure the new regime is internationally competitive and continues to focus on attracting the best talent and investment to the UK. Our main capital gains tax rate is lower than any other G7 European country and our new residence-based regime is simpler and more attractive than the previous one.”
Gradual change ADVANI said the principle of the IHT change made sense as the tax system should not discriminate between one person who has lived in the UK for most of their life with non-dom status and an equivalent who is not a non-dom. But he said the IHT rate should have been “stepped in” gradually over many years. One high net worth tax adviser who did not want to be named due to the sensitivity of the issue said almost all of the super-rich have trusts which reduce IHT anyway, but uncertainty about potential liabilities has persuaded many to move as a precaution. With assistance from Max Harlow/Bloomberg
Friday, June 20, 2025
BusinessMirror
WB: Tax reforms must cut ‘accidental non-compliance’
By Cai U. Ordinario @caiordinario
THEPhilippines should accompany its planned tax reforms with efforts to reduce “accidental noncompliance” which could help boost tax collection and plug the country’s fiscal gap, according to the World Bank.
In a briefing on Thursday, World Bank Senior Country Economist for Economic Policy Jaffar Al-Rikabi said accidental non-compliance occurs when taxpayers make mistakes in their tax filings or encounter difficulties in paying taxes that discourage them from actually doing so.
Al-Rikabi said tax reforms such as improving tax efficiency through good housekeeping practices as well as making taxation simpler for Filipinos will help the country rebuild its fiscal space.
in consumer spending, uncertainty in global markets has caused exports and foreign direct investment to decelerate.
“A growing policy challenge is how to manage fiscal consolidation while maintaining strong growth. Carefully managing expenditure disbursements will help bring the yearend deficit in line with expectations,” Al-Rikabi said.
pines can further boost its growth prospects by implementing vital reforms that empower SMEs to flourish. It may be noted that SMEs account for 63 percent of the Philippines’ total employment and contribute 36 percent to its gross value added.
PROUD TEDURAY FROM PISAY EARNS YALE DOUBLE DEGREE
By Claudeth MoconCiriaco
NATHAN WAYNE ARISTON, entered the prestigious Yale University in Connecticut, United States, in August 2021, a few months after he graduated from Philippine Science High School- Central Mindanao Campus (PSHS-CMC).
Al-Rikabi said in a briefing.
The World Bank said significant challenges remain for the country.
The first quarter of 2025 saw the fiscal deficit widen to 7.3 percent, as higher fiscal transfers to local government units, interest expense, and capital outlays drove a jump in public spending.
And, despite a recent bounce back
“Make it easier to pay taxes [to] improve voluntary compliance as well as [implementing reforms such as] the VAT on digital; [that] means that you’re broadening the tax base, so you’re collecting from sectors that you weren’t collecting as much from historically...so this is what’s really driving the tax performance,”
Tourists aren’t coming to the PHL because they don’t feel safe—Jonvic
By Ma. Stella F. Arnaldo Special to the BusinessMirror
E’RE not safe.
WThat was Interior and Local Government Secretary Juanito Victor “Jonvic” Remulla’s succinct explanation of why visitor arrivals in the Philippines are exceedingly low, and the country is at the tailend of tourism in Southeast Asia.
In his keynote remarks at the Hotel Sales and Marketing Association’s (HSMA) Sales and Marketing Summit on Thursday, Remulla said, “I truly believe that we have a beautiful country [and] we have the best people in hospitality all over the world. But why are [foreign tourists] not coming here? I have to admit it is our fault. It is the government’s fault. It is the Interior Secretary’s fault. People do not want to come to the country because they don’t feel safe. They are afraid. There is cynicism in all the bad news that goes on here, and in the political atmosphere, and killing seems an ordinary activity [so] people become afraid.”
He noted that the hotel industry sold 101 million room nights last year to local tourists, and yet only 5.95 million foreign tourists arrived last year, “putting us in sixth [place] out of seven in the entire Southeast Asian region.” Data from Asean showed Thailand received 36 million visitors in 2024, followed by Malaysia (25 million), Vietnam (17.6 million), Singapore (16.6 million), Indonesia (13.9 million), and Cambodia (6.7 million).
‘But this will change’
REMULLA assured HSMA members that this situation will change as his department is “investing heavily to make the country the safest.” For one, DILG will roll out the first phase of its unified 911 system in July, costing P1.4 billion. The target areas are Metro Manila, Ilocos region, Cebu, and the Bangsamoro Autonomous Region in Muslim Mindanao, he later told the BusinessMirror.
“That means, wherever you are, you only dial 911 for emergency purposes,” which will be answered by a call center agent in the language of the caller. The emergency calls are geotagged to the
caller’s location: “If you call from Cebu, you will be answered in Cebuano, if in Ilocos, Ilocano,” he added.
DILG will also be purchasing 500 motor vehicles and 1,000 motorcycles for the Philippine National Police, to cut down to “five minutes” the response time of cops to emergency calls and reports of criminal activities. At present, he said, the PNP has only 505 police vehicles in Metro Manila, which has 14 million residents.
Another project is installation of 60,000 CCTV (closed-circuit television) cameras in Metro Manila over two years, “to capture every single movement in this city. That’s one camera for every 1,000 square meters.”
Safety index
REMULLA underscored that with these projects, “if the Philippines is safe, then people will come here. People will want to experience what [the hospitality industry has] to offer. All of you talk about the experience of coming to the Philippines, if their experience is negative because of the failings of government, then all your efforts are fruitless.”
Governments of South Korea and the United States have only recently issued travel warnings to their respective citizens due to what appeared to them as rising criminality even in posh areas in Metro Manila.
The US State Department kept its level 2 warning on the Philippines, advising its citizens to exercise increased caution due to crime, terrorism, and potential kidnapping. Visitor arrivals from South Korea fell by 18 percent to 468,337 from January to April this year. In its travel advisory, the South Korean embassy in Manila warned its citizens to avoid going out late at night unless absolutely necessary, “given that armed robberies, deaths, abductions, and other serious crimes against Korean nationals are frequently occurring and the deteriorating crime situation…” The advisory was issued after two Koreans were robbed at gunpoint on May 17 in Bonifacio Global City, a supposedly safe enclave in Taguig.
(See, “Tourist arrivals still sluggish at 2.1M in January-April
“Over the medium term, reforms to strengthen domestic revenue mobilization and improve public expenditure efficiency will enable the government to implement its medium-term fiscal framework and rebuild fiscal buffers,” he added.
The World Bank said the latest Philippines Economic Update (PEU) forecasts that gross domestic product (GDP) will grow by 5.3 percent in 2025, down just 0.3 percentage points compared to the average for 2023-2024.
While growth is driven by a robust job market, stable and low inflation, and supportive fiscal and monetary policies, there are headwinds caused by increasing trade barriers and greater financial market volatility.
The report says that the Philip -
The World Bank said that by supporting the growth of high-potential SMEs, the country can unlock the potential for increased economic dynamism and resilience.
“Regional and global value chains are more than just sales outlets; they are platforms for creating quality jobs and more value-added through benefits from scale, increased competition, and learning,” said Jaime Frias, Senior Economist for the World Bank’s Finance, Competitiveness, and Innovation Global Practice.
“Firms that engage with international markets are generally more productive, in part because it takes high productivity to export, but also because exporting makes them more productive,” he added. There are several constraints in developing exports by SMEs and linking them to regional and global
By Andrea E. San Juan @andreasanjuan
THE Philippines has yet to notify the World Trade Organization (WTO) of its free trade agreement with South Korea, despite a requirement that it undergo scrutiny by WTO Members to check if it is consistent with global trade rules.
“For Republic of Korea, I think we have not notified [WTO] because it just came into force last year. We will notify. It’s a transparency exercise so [the] implication will be that other members have not scrutinized it for WTO consistency,” Marie Sherylyn D. Aquia, Director for the Department of Trade and Industry— Bureau of International Trade Relations (BITR), told the BusinessMirror in a Viber message on Thursday.
In a recent statement, the WTO revealed a list of 61 Regional Trade Agreements (RTAs) in force
but which have still not been subject of a notice to the WTO up to June 2, 2025. This is up from 58 RTAs in the previous list.
The list includes some of the free trade agreements (FTAs) which the Philippines entered into such as the Regional Comprehensive Economic Partnership (RCEP) and the FTA with the Republic of Korea.
WTO explained in the footnote of the list that Members are to notify the RTAs (Regional Trade Agreements) to which they are parties.
WTO underscored that individu als and firms involved in trade have to know “as much as possible” about the conditions of trade.
“It is therefore fundamentally important that regulations and policies are transparent. In the WTO, this is achieved in two ways: governments have to inform the WTO and fellow-members of specific measures, policies or laws through regular ‘notifica -
In May 2025, Ariston became one of Yale’s newest graduates, earning dual degrees in Bachelor of Science (BS) Physics and BS Mathematics, cum laude.
He is the first-ever PSHS or Pisay-CMC alumnus to be accepted to Yale. PSHS is fondly called “Pisay.” Ariston was also awarded the Howard L. Schultz Prize, given to the Yale student who best reflects excellence, inventiveness, and good taste in experimental physics that characterized the brilliance of Professor Schultz, particularly known for his work on atom-smashing devices and the Yale linear accelerator.
With Ariston’s triumphs, the Department of Science and Technology- PSHS has expressed its great pride as it celebrates the “incredible” academic journey of Ariston.
Ariston is described by the PSHS as a “proud Teduray” with a “deep commitment to give back to his roots in Maguindanao and Mindanao.”
Ariston is a son of a farmer and a public school teacher.
“He carries with him not only academic prestige but a deep commitment to give back to his roots in Maguindanao and Mindanao,” the PSHS said.
According to the Facebook page of PSHS, Ariston earned international medals in various fields such as Earth Science and Chemistry in his early days at Pisay.
Korea
tions’; and the WTO conducts regular reviews of individual countries’ trade policies—the trade policy reviews,” the WTO said in a separate statement.
The 166-Member international economic organization, which represents 98 percent of global trade, explained the objectives of Trade policy reviews.
Among these is to increase the transparency and understanding of countries’ trade policies and practices through regular monitoring; to improve the quality of public and intergovernmental debate on the issues and to enable a multilateral assessment of the effects of policies on the world trading system.
“The reviews focus on members’ own trade policies and practices. But they also take into account the countries’ wider economic and developmental needs, their policies and objectives, and the external economic environment that they face,” WTO noted.
The multilateral organization emphasized the importance of these “peer reviews” by other WTO members, adding that this practice encourages governments to follow more closely the WTO rules and disciplines and to fulfill their commitments.
The FTA between the Philippines and South Korea entered into force on December 31, 2024. Four months into the effectivity of the trade deal, however, exports of goods from the Philippines to South Korea posted a double-digit decline.
Data from the Philippine Statistics Authority (PSA) showed that Philippine exports to South Korea reached $1 billion in the January to April 2025 period, a 25.5-percent decline from the $1.35 billion in the four-month period in 2024. (See related
FB page of Ariston’s mother Aimee shows the proud mom-son tandem at his graduation.
SENATOR-ELECT Erwin Tulfo attends the orientation for neophytes at the Senate of the Philippines in Pasay City on Thursday (June 19, 2025). Other new senators are Camille Villar and Rodante Marcoleta, while Panfilo Lacson, Vicente Sotto III (2nd photo), Francis Pangilinan and Bam Aquino are returning. ROY DOMINGO
Editor: Jennifer A. Ng
Indonesia’s Pertamina NRE makes $120-M bet on CREC
By Lorenz S. Marasigan @lorenzmarasigan
PHILIPPINE renewable energy developer Citicore Renewable Energy Corp. (CREC) has secured a $120-million strategic investment from Indonesia’s Pertamina New & Renewable Energy (Pertamina NRE).
According to a disclosure to the stock exchange, the agreement grants Pertamina NRE a 20-percent equity stake in CREC and allows for the Filipino company to explore renewable energy (RE) investments in Indonesia.
The deal also includes planned collaboration on solar and wind projects, and carbon credit development and trading between the two countries.
“To be a first-world Philippines
powered by pure renewable energy, we must seek every opportunity to collaborate with government as well as peers in the industry and beyond our borders. With Pertamina NRE, we can view the energy transition through a different lens and create responsive, collaborative solutions for clean energy in the Philippines and Indonesia,” CREC President and CEO Oliver Tan said. The deal marks Pertamina NRE’s foray into the Philippine market. It
Globe, Thales
GLOBE Telecom Inc. said on Thursday it has partnered with global eSIM technology leader Thales and regional mobile consortium Bridge Alliance to pilot a new enterprise-grade Internet of Things (IoT) solution in the Philippines.
The initiative, slated to begin in the third quarter, aims to pave the way for large-scale enterprise adoption of eSIM-powered IoT deployments, enabling businesses to benefit from more scalable, flexible, and secure connectivity.
According to Globe President Carl Cruz, the proof of concept (PoC) aims to demonstrate how enterprise IoT devices can be remotely provisioned, activated, and managed across borders using bulk eSIM provisioning, seamless SIM switching, and fleet management tools.
manages renewable and gas-based power projects in Indonesia.
Citicore currently operates 287 megawatts (MW) of solar capacity and is targeting 5 gigawatts in 5 years. Its wind energy pipeline includes 803 MW, with 362 MW already awarded under the Philippine Department of Energy’s Green Energy Auction 2.
“We are leading the charge in Indonesia’s renewable energy transition, and our partnership with Citicore, with their expertise and experience in RE development, is a way to elevate our capability in RE development, as well as a big step in accelerating our clean energy goals. In the same light, we are committed to support Citicore and the Philippines with our own expertise, technology, and best practices,” said Pertamina NRE CEO John Anis.
Department of Energy Assistant Secretary Mylene Capongcol said the deal is a step toward stronger regional energy diplomacy, citing
a 2024 memorandum between the Philippines and Indonesia on energy cooperation.
“The Philippines will not only be able to advance its targets, but it signals that we are in active support to energy cooperation and sustainable development in Southeast Asia,” she said.
Last month, the company reported that its net income rose by 8 percent to P230 million in the first quarter from last year’s P213 million primarily due to strong power sales.
Revenues were up by 41 percent to P1.4 billion at end-March from P995 million last year. The growth was driven by a 47-percent increase in electricity sales to P1.2 billion, aided by the expansion in customers and a diversified portfolio of off-takers. These are composed of direct corporate and industrial clients, sales under the government’s feed-in-tariff and green energy auction program, and direct selling to the Wholesale Electricity Spot Market.
to pilot IoT solution in PHL
“With the PoC, we are laying the groundwork for IoT deployments that meet the evolving needs of Philippine enterprises. Our goal is to simplify how businesses connect their devices and help them unlock greater efficiency, flexibility, and reach.” Under its partnership deal, Globe will leverage Thales’ Adaptive Connect Services that covers SGP.32 eSIM IoT Remote Manager (EIM) and Fleet Manager to support multiple use cases of local and regional IoT connectivity.
The SGP.32 standard, developed by the GSM Association (GSMA), is designed to streamline the deployment of IoT across diverse business use cases, particularly for enterprises managing fleets of connected devices across multiple regions.
“This also provides an opportunity for all IoT companies to intro -
duce their SGP.32 devices in a very broad market when they participate in this collaborative project”, said Jon Cahilig, Asia Head of Sales for Mobile Connectivity Solutions of Thales.
Meanwhile, the Bridge Alliance, which includes major telcos like Singtel (Singapore), Optus (Australia), and AIS (Thailand), will manage the PoC and simulate cross-border IoT use cases among member operators, supporting regional readiness and future scalability of the service.
“This collaboration brings us closer to realizing a truly unified approach to enterprise IoT that has the potential to deliver regional value to even more of our member operators across multiple markets,” Bridge Alliance CEO Ong Geok Chwee said.
Once finalized and operational, Globe will open the platform to original equipment manufactur -
Platform secures ADB support
THE Asian Development Bank (ADB) and the Global Energy Alliance for People and Planet (GEAPP) have joined forces to fast-track the deployment of battery energy storage systems (BESS) across Asia and the Pacific through a new platform called Enable, or Enhancing Access to Battery Energy Storage System for L ow-carbon Economies.
The platform is backed by a $750,000 grant, with $500,000 coming from the Smart Energy Innovation Fund (SEIF) under ADB’s Clean Energy Financing Partnership Facility and $250,000 from GEAPP. Enable is designed to tackle persistent barriers to BESS adoption by providing technical expertise, developing pilot projects, and facilitating access to innovative f inancing solutions.
“With energy demand growing rapidly across the region, battery storage represents a critical technology for ensuring stable, reliable, and clean power systems.” ADB Energy Sector Office Director for Emerging Areas Cindy Cisneros-Tiangco said. She added that the platform would help countries integrate more renewable energy into their power grids, particularly as the region’s renewables capacity is projected to grow by nearly 430 gigawatts from 2023 to 2028. “Through Enable, GEAPP is helping address the critical battery storage gap that could constrain the region’s clean energy potential. Our approach is distinctive–we use philanthropic capital to reduce risk and mobilize greater investment from the private sector. Lorenz S. Marasigan
Vivant to invest ₧46B in projects
VIVANT Corp. is committing around P46 billion in investments through 2030 to significantly expand its energy portfolio, with a focus on renewables and missionary electrification, as the Cebu-based firm seeks to build on its strongest financial performance to date.
According to Vivant President and CEO Arlo Sarmiento, the long-term investment plan will support the development of new generation projects—particularly solar and wind— joint ventures, and expansions in underserved and off-grid areas.
“We are projecting a cumulative project investment of roughly P46 billion between now until 2030. This will support project development, joint ventures, and continued expansion of our clean energy footprint, solidifying our role in shaping a more sustainable and reliable energy future for the country,” he said at the company’s annual stockholders meeting. As of end-2024, Vivant’s attributable generation portfolio stood at 451 megawatts (MW), comprising 177 MW from on-grid coal, 207 MW from on-grid diesel, and 67 MW from off-grid diesel.
ers and enterprise clients seeking to deploy IoT solutions using their own devices. Lorenz S. Marasigan
The company is targeting to bring its renewable energy (RE) capacity to at least 30 percent of its total portfolio by 2030.
“To date, we remain on track to
reach our target of 30 percent RE capacity by 2030,” Sarmiento noted.
Vivant’s subsidiary San Ildefonso Alternative Energy is set to commence commercial operations this year for a solar power project in Bulacan. In Northern Samar, Vivant holds a 30-percent stake in the 206-MW Lihangin Wind Energy Project, which is expected to go online by 2027.
At the same time, the company continues to bolster power access in remote areas. In 2024, its subsidiary Delta P signed a long-term power supply agreement (PSA) for mainland Palawan.
Earlier this year, Calamian Island Power inked a similar PSA for Busuanga and Coron.
While scaling up renewables, Vivant is maintaining its diesel portfolio—over 270 MW—to “provide grid security.”
“Our approach to conventional generation remains disciplined and demand-responsive, ensuring that we continue to meet today’s needs while enabling tomorrow’s transition by providing grid security,” Sarmiento said. Vivant is also enhancing its retail electricity supply strategy, focusing on the growth of its licensed retail arm, Corenergy. The move is seen as crucial in positioning the company for new opportunities amid the liberalization of the energy market.
S. Marasigan
Lorenz
Progress in Motion: Hino Motors Philippines delivers all-new FG Buses to First Balfour to Power Operational Excellence
HINO Motors Philippines (HMP) officially turned over four (4) brand new FG bus units to First Balfour, a leading Filipino engineering and construction company. The ceremony marked a significant milestone, celebrating the robust partnership and mutual trust between Hino and First Balfour, a company dedicated to building and moving the nation forward.
"Today, we are not just celebrating the handover of another Hino unit—we’re celebrating the partnership and mutual trust between Hino and First Balfour," Mr. Shingo Sakai, HMP’s President, stated during the turnover ceremony. "First Balfour continues to uplift the quality of life for our fellow Filipinos through innovation and excellence in engineering, construction, and project management."
The ceremonial turnover of four new FG bus units to First Balfour was led by Hino Motors Philippines (HMP) President Shingo Sakai, along with other HMP executives and managers. They were joined with Representatives from First Balfour’s operations, supply chain, and fleet teams. The event highlighted the strong partnership and continued collaboration between the two companies.
The units turned over to First Balfour will be utilized as dedicated transport services for their workers in Leyte. This initiative underscores both companies’ commitment to enhancing workforce mobility and ensuring safe, reliable transportation for personnel in the region. The deployment of these vehicles marks another milestone in Hino’s ongoing mission to provide innovative and dependable transport solutions tailored to the needs of Filipino businesses.
"We are truly honored by your presence and thankful for choosing and placing confidence in Hino," Mr. Sakai added, addressing First Balfour. "Your trust drives us to uphold the standards of quality, reliability, and service that our brand stands for."
Adding to this, Mr. Joey Oyos, Operations and Maintenance Manager at First Balfour, shared his thoughts: "These new Hino FG buses
are a testament to our unwavering commitment to operational excellence and our continued trust in Hino’s dependable vehicles. With their enhanced performance and durability, they will significantly boost our capacity to support and deliver on our project requirements more efficiently."
The all-new Hino FG buses boast durability, reliability, and fuel-efficiency, and are equipped with features designed for superior performance and passenger comfort. These units, proudly manufactured, assembled, and distributed from Hino's main plant in Laguna, exemplify the company's dedication to local production and quality. Key highlights include the robust Hino J08E-WF Engine, Anti-lock Braking System (ABS) for
Four brand-new Hino FG Bus units turned over to First Balfour to aid for their business operations.
Banking&Finance
www.news.businessmirror@gmail.com
China Bank welcomes BDO entry in thrift banking scene
By VG Cabuag @villygc
CHINA Bank Savings Inc., the retail lending arm of China Banking Corp., welcomes the entry of sister firm BDO Network Bank Inc. into the thrift banking scene as the industry needs more stable players, according to CBS’s top official.
“And knowing BDO, I won’t be surprised if they will be growing much, much faster over the next few years. But this is actually a welcome development for thrift banks,” CBS President James Christian T. Dee said last Thursday.
“Actually, if you notice, the thrift banking space is not as big as the commercial banks. So we do actually want stronger and more stable players to come in to make thrift banking more accessible to the unbanked,” Dee added. He explained that “because we normally try to present the thrift banks as those who actually reach out to the unbanked in the more remote areas of the Philippines, so this is something that we welcome more players.”
CBS Chairman Ricardo R. Chua said their view comes as consumer spending remains a major driver of the economy. This may mean the consumer side of CBS’s business may grow significantly over the next few years, Chua told reporters.
“We have a very young population: everybody wants to work, ev-
erybody wants to be productive. So we thought it’s a growing market.
Having BDO is a welcome development, but it will not derail us from whatever plans we have in growing the bank,” he said.
The bank, unlike the bigger ones that have been closing its branches to have a smaller network to focus on digital banking—such as the Ayala’s Bank of the Philippine Islands—is continuing to open branches nationwide to serve the unbanked market, officials said. The bank has 170 branches nationwide and 107 lending centers and about 250 ATMs.
Dee said they plan to open five more branches this year.
Hopefully by the third or early fourth quarter of this year, we should open additional five branches; mostly in the Visayas and Mindanao areas, he added.
“We noted a huge potential in the southern part of the Philippines. We actually started off in Luzon. We do want to strengthen our network in the southern part of the Philippines,” Dee said.
CBS had a net income in the first quarter of the year of P566 million, up by 23 percent from the previous year. Total loans expanded to P143 billion while total deposits grew to P171 billion.
The bank became last year’s biggest thrift bank in the country in terms of total deposits.
STATE-RUN Land Bank of the Philippines (LandBank) said it is not liable to pay the Cojuangcoowned Hacienda Luisita Inc. (HCI) directly, following the Court of Appeals’ (CA) decision that the government must pay P28.49 billion in just compensation.
“LandBank wishes to clarify that the bank was dropped as a party respondent to the just compensation case [CA-G.R. SP 180821, ‘Hacienda Luisita Inc (HLI). vs. Land Bank of the Philippines and DAR’] by the Court of Appeals (CA) in its decision on April 30, 2024,” read a statement the staterun lender issued last Thursday.
The LandBank issued the statement after the Appeals Court ordered the LankBank and the Department of Agrarian Reform (DAR) to pay a
total of P28.49 billion as just compensation for the 4,500 hectares of agricultural land owned by the Cojuangco family. The HLI will also be entitled to earn interest if the payment of just compensation is delayed, according to the CA.
In 2011, the Supreme Court (SC) ordered the sugar land plantation to be distributed to more than 6,000 farmer-beneficiaries.
The LandBank said the just compensation will not come from
DOF exploring Sweden’s export credit mechanism
HE Department of Finance
T(DOF) announced in its social media account the agency is exploring how the Philippines can tap Sweden’s export credit system to support the country’s defense sector.
The DOF’s social media post read the agency conducted a workshop for representatives of Swedish companies on June 10 wherein the potential application of the Swedish Export Credit System in financing defense-related projects were discussed.
According to the DOF, the Philippines may gain access to up to 100-percent financing, long repayment periods and flexible payment terms should the country pursue the system.
Sweden’s credit system is a framework backed by the Regeringen and is designed to facilitate and promote exports. Its system offers financial solutions and guarantees to Swedish
exporters and their international buyers. According to the DOF, the workshop provided a detailed review of how the system operates, such as its financing components, mechanisms, challenges and case studies from other countries.
Swedish Ambassador to the Philippines Her Excellency Anna Ferry said her country is one of the few in the world to achieve a triple-A credit rating, underscoring the system’s credibility.
“We consider the Philippines as a strategic partner. It’s not about only improving trade relations, but it’s also about having the same view on democratic values,” Ferry said. “[T] he Philippines is also a very strong partner for Sweden in our endeavors to support peaceful work.”
International Finance Group Undersecretary Joven Z. Balbosa cited the country’s eagerness to further
➔ Maya holds financial literacy session
MAYA Philippines Inc. announced it recently organized a financial literacy education session in Mandaluyong City. In a statement, the company said participants were introduced to essential financial skills, including digital savings, responsible credit use, and scam prevention. The program emphasized building financial habits and confidence that can support household stability and longterm planning. “Financial health goes beyond knowledge—it is about helping people feel more in control of their decisions, their resources, and their future,” Kristoffer Eduard Rada, Maya Head of Corporate Affairs was quoted in a statement as saying. “By equipping teachers, parents, and school communities with the right tools, we are helping lay the foundation for a more financially empowered next generation.” Rizal Raoul Reyes
➔ Malayan Insurance bags award
THE Yuchengco-led the Malayan Insurance Co. Inc. has been named as the most sustainable and liveable insurance company during the “8th Nation Builders and Mosliv Awards.” The recognition was given by Sustainability Standards Inc., an organization that promotes sustainability and environmental stewardship worldwide. Anthony Louis Guanzon, the company’s chief marketing officer, said the insurer is a corporate citizen for sustainable development. “By embedding sustainability and corporate social responsibility in our operations, we were able to impact communities and individuals, as well as inspire compassionate and proactive individuals who are in turn willing to volunteer and contribute,” Guanzon said. The insurer has targeted SDG 1 (no poverty), SDG 4 (quality education) and SDG 10 (reduced inequality). VG Cabuag
➔ Japan banks may tweak safe deposit box rule
JAPAN’S main bank industry group is urging its members to prevent customers from keeping cash and other high-risk items in safe deposit boxes, following a series of thefts by employees. The Japanese Bankers Association has revised its sample agreement to explicitly prohibit the storage of cash in safe deposit boxes, it said on Thursday. Banks use the document as a model for their contracts with clients who use the service. In recent months, incidents came to light in which workers at major lenders allegedly stole client valuables held in such boxes. That prompted regulators and banks to look more closely at the service, including the potential for it to be used for illicit activities. JBA Chairman Junichi Hanzawa said cash kept in the facilities is at high risk of money laundering and other criminal use. Bloomberg
cooperation modalities and opportunities in areas that are mutually beneficial for the Filipino and Swedish people.
With budget constraints and a limited fiscal space, the DOF has been diversifying financing sources for the country’s defense modernization, which requires large funding.
Earlier, Finance Secretary Ralph G. Recto told the BusinessMirror that budgetary requirements of the Department of National Defense (DND) will be weighed first before issuing “defense bonds” to fund the military’s modernization (See: https://businessmirror.com. ph/2025/04/24/dof-dnd-to-tackle-defense-bonds/).
Defense Secretary Gilberto Eduardo Gerardo C. Teodoro Jr. has expressed interest in tapping the capital markets by issuing bonds as an alternative fundraising source.
The AFP Modernization Program was allotted a budget of P35 billion in 2025, while P40 billion remains in the unprogrammed appropriations as these do not have funding sources yet, based on the 2025 General Appropriations Act.
The DND seeks to procure new weapons and equipment amounting to P2 trillion over the next 10 years to shore up the country’s defenses under the “Re-Horizon 3.”
Under the DND’s acquisition plan “Re-Horizon 3,” the government aims to procure new weapons and equipment amounting to P2 trillion over the next 10 years to shore up the country’s defenses.
Should the bonds, which could be benchmark-sized, be floated in the market, the proceeds will be used to acquire new equipment and weapons, such as missile systems, fighter jets, submarines and warships.
Reine Juvierre S. Alberto
TBy Anuchit Nguyen Bloomberg News
HREE groups led by Charoen Pokphand Group, Gulf Development Pcl and SCB X Pcl have clinched Thailand’s new virtual bank licenses to boost competition in the nation’s banking industry, according to the central bank.
ACM Holding Co., which is part of CP Group, and Advanced Info Service Pcl, a Gulf Development’s mobile phone affiliate, secured the permits, Bank of Thailand said on Thursday. SCB X, which formed a consortium that includes China’s WeBank Co. Ltd. and South Korea’s KakaoBank Corp, also obtained the virtual bank license.
“We have high hopes that the new licenses will increase competition in the banking industry with new innovation and technology,” Deputy Governor Roong Mallikamas told a press briefing. The announcement came amid a fresh political turmoil in the country that puts the current government on the brink of collapse.
The Southeast Asia nation is opening its banking industry to more competition that will allow greater access to loans for under-served
consumers, following similar moves across Asia. Still, the new virtual banking operators will confront a landscape where traditional lenders are saddled with rising bad loans and weakening credit demand on the back of a soft economy.
The timing of these permits is “tricky and throws up a number of challenges,” said Sarah Jane Mahmud, a senior bank analyst at Bloomberg Intelligence. “Singapore digital banks have yet to break even, three years after going live,” she said.
“With hefty investment in digital platforms and marketing, Thai digital banks could face a longer wait to generate profit.”
Low-income individuals and small business will also have a greater access to new credit by the new operators of virtual banks, said Roong.
The Chearavanont family, which controls CP Group, is one of Asia’s richest clans, according to the Bloomberg Billionaires Index report. It has businesses spanning from foods and retail to telecommunication and properties. It forayed into digital payment and financial services through fintech unit Ascend Money, with more than 50 million customers in Thailand and six other Southeast Asian countries.
the bank’s own funds but from the Agrarian Reform Fund (ARF) owned by the national government and administered by the DAR.
“LandBank’s designated role is as custodian of the ARF, in charge of carrying out disbursement instructions by the DAR,” the state-run bank made clear.
Only P200 million is allotted for ARF this year for the just compensation payments to landowners. The fund includes execution of judgments and allocation for support services, agrarian justice delivery and operational requirements of DAR, according to budget documents.
Should the decision be made final and executory, the ARF must be 142-times higher to pay the just compensation to the Cojuangcos alone.
The ARF is funded from the proceeds of the privatization of government assets, the national government’s annual budget and income from agrarian reform operations.
Sought for comment on where the government will source the P28.49billion funding to pay the just compensation, Finance Secretary Ralph
G. Recto has not responded to the BusinessMirror as of press time.
The CA held that the findings of the Regional Trial Court, acting as Special Agrarian Court of Tarlac City, Branch 63, are “misplaced, contrary to existing evidence and applicable jurisprudence on the matter.” (See: https://businessmirror. com.ph/2025/06/17/hacienda-luisita-should-get-%E2%82%B12848-billion-from-governmentsays-ca/)
It added that Article III, Section 9, of the 1987 Constitution mandated that “private property shall not be taken for public use without just compensation.”
The appellate court noted that the RTC-SAC failed to adhere to the provisions of Section 17 of Republic Act 6657, or the Comprehensive Agrarian Reform Law, in assessing the just compensation that HLI was entitled to for the taking of its property.
The Landbank said the DAR filed for a Motion for Reconsideration last month and is awaiting resolution. “If sustained by the CA, the DAR may elevate the case to the Supreme Court,” it added.
Why associations matter Part one: Enriching
lives
THIS three-part series on “Why Associations Matter” is a concise collection of my learnings from the American Society of Association Executives of which I am a member.
The first part explores how associations enrich lives through volunteerism, the creation of safety and quality standards, the cultivation of specialized expertise, and the promotion of civic and global engagement.
In a world that often feels fragmented and fast moving, associations remain enduring institutions that enrich lives and weave together the fabric of our communities. These organizations, whether professional, trade, charitable, or civic, play a vital role in improving individual well-being, nurturing social cohesion, and fostering a culture of volunteerism and shared responsibility.
Volunteerism: The heart of association work
AT the core of most associations is a spirit of service. Volunteers, from board members and committee chairs to community event coordinators, are the lifeblood of association activity. Through volunteerism, individuals not only gain personal fulfillment but also develop leadership skills, expand networks, and contribute to causes greater than themselves.
This culture of giving back extends beyond the association itself. Members often take the values and habits formed through their association experiences into other aspects of their lives, creating ripple effects that benefit neighborhoods, workplaces, and society at large. Associations provide structured pathways for civic engagement, enabling individuals to make meaningful contributions to the public good.
Creating standards of safety and quality
ASSOCIATIONS are often the architects of industry norms. By setting professional standards, codes of conduct, and best practices, associations help safeguard public welfare. Whether it’s a healthcare association defining protocols for patient safety or an engineering society outlining structural standards for buildings, these frameworks uphold quality and minimize risk. These standards often become the backbone of national regulations or international agreements. Associations serve as conveners of experts and stakeholders, balancing innovation with responsibility. Their efforts create trust in products and services, supporting both consumer protection and industry integrity.
Developing specialized expertise
ASSOCIATIONS function as stewards of knowledge and professional excellence. They facilitate the exchange of ideas and best practices within a specialized field, ensuring members remain informed and competent in their professions. Through conferences, journals, webinars, and certification programs, associations curate and disseminate critical information. By nurturing subject-matter expertise, associations also contribute to societal progress. For example, scientific and medical associations advance understanding in their fields, leading to innovations in treatment and technology. Arts and culture associations preserve and promote heritage and creativity. In every case, associations elevate the competence and confidence of their members while benefiting the communities they serve.
Fostering global citizenship and connection
IN today’s interconnected world, associations transcend borders. Many operate internationally, bringing together diverse perspectives to solve shared challenges. They promote cross-cultural collaboration, peer learning, and ethical practices across geographies. Whether working on sustainability initiatives, disaster response, or education access, associations create avenues for global citizenship. They help people see beyond national or organizational boundaries, encouraging empathy, solidarity, and collective action.
Associations are more than professional bodies or advocacy groups; they are human networks built on shared purpose. They uplift individuals, guide industries, and connect communities. In Part Two of this series, we’ll explore how associations fuel lifelong learning and sustain competitiveness in a rapidly changing world.
and
Octavio B. Peralta is
Octavio Peralta
The podcast as self-care
DO you listen to podcasts? I do, although I still like watching the hosts onscreen.
Among my favorites are Literally! with actor Rob Lowe, Conan Needs a Friend with comedian Conan O’Brien, Where Everyone Knows Your Name with actors Ted Danson and Woody Harrelson (sometimes!), and, lately, Good Hang with Saturday Night Live alum Amy Poehler. These podcasts play on YouTube as well, so it’s just nice to listen in the background while I do my work. They and their guests amuse and entertain me, while I tap my stories away on my iPad.
As you can tell, the podcasts I watch/listen to are usually the entertainment and comedy variety. It’s not that I don’t like listening to political talking heads, but I already get much of my fix on discussions on news events and personalities on Teleradyo, and from the ladies of The View (for a more American content).
Significant findings from a study on podcasts were recently released by The Pod Network, which creates podcasts, and socio-cultural firm The Fourth Network. The moment we wake up until we are about to sleep, our screens flicker with constant sensory input. The constant barrage of digital notifications, autoplaying videos, and algorithm-driven content isn’t just overwhelming our devices, it’s exhausting our minds. Overstimulation has become the norm.
And yet in this saturated digital landscape, the study found that more and more Filipinos are listening to podcasts, not just for entertainment but for emotional refuge. More than background noise, podcasts are becoming tools for coping, clarity and calm.
The study, conducted from January 22 to March 21, 2025 of 211 Filipino digital users, aimed to explore not just how Filipinos consume podcasts but why. Also, the research sought to discover what role podcasts play when people feel emotionally overwhelmed or mentally saturated. Those surveyed included students, young professionals and content consumers.
The study uncovered two distinct personas shaped by how they experience and respond to sensory overload: mindful navigators and content grazers.
Mindful Navigators are listeners aged 25 and above. Many are professionals balancing work, life and family responsibilities. Their overstimulation isn’t caused by boredom, it’s the product of doing too much. They don’t use podcasts for distraction but for relief.
The study showed that these listeners are intentional, self-aware and emotionally driven. Podcasts serve as a screenless escape while commuting through our horrendous traffic, doing their work or household chores, or just winding down at the end of the day.
“Their goal is to find focus and calm,” says the study. “Some spend up to six hours per day listening to narrative, reflective, or calming shows. They show a stimulation score of +2.06 and a higher reliance on podcasts, with 53 percent identifying it as a key source of relief.”
Their feeling can be summed up by this comment: “Mas relaxing kasi makinig. Napapahinga ko ang mata ko.” Podcast listeners younger than 25 are usually Content Grazers. They are often immersed across different platforms, jumping between TikTok, Spotify and YouTube. So podcasts are just one of their many media snacks.
By Eugenia Last
These young listeners have a “lower stimulation score [-1.63], and podcast reliance is lighter [47 percent]. They listen to podcasts one to four hours per day, often while multitasking. Their podcast use isn’t emotionally anchored; it’s casual, driven by boredom or habit.”
Their attitude toward podcasts can be summed up as: “Option ko siya kapag nagsawa na kaka-browse pero gusto ko tumawa.
While both are technically overwhelmed, only one is listening to truly reset—the Mindful Navigator.
The study shows a powerful shift: podcasts are evolving into emotional tools, not just content channels.
On one hand, Mindful Navigators are actively choosing audio as a way to rebalance. Instead of more visual noise, they choose intentional sound. Podcasts help them reduce mental clutter, regain control, and reclaim their attention. This aligns with global trends linking audio to wellness and mindfulness.
On the other hand, Content Grazers are more casual listeners. They still listen to podcasts but their motivation is lighter, more passive. Podcasts are background sound, not a primary need. (My kind of group, apparently!)
Both groups listen to podcasts frequently. But it’s their listening intention that defines their relationship to this medium.
“As we position podcasts as tools for calm, clarity and emotional reset, it’s important to recognize that this sense of ‘calm’ doesn’t belong to a single genre or format. It can’t be boxed into just meditation apps or self-help monologues. In fact, the emotional value of a podcast is less about what it says it is and more about how it makes the listener feel,” the study shows.
So for one person, a self-improvement podcast might offer literal guidance, helping him or her reflect and realign. In another’s case, a comedy show might offer the same emotional relief through laughter and absurdity. For someone else, getting lost in a fictional story might be the escapist mental break they need. Even a podcast that’s simply friends catching up and telling stories can create a feeling of social comfort, especially for listeners navigating moments of loneliness or stress.
This means, calm doesn’t always look or sound the same for everyone. Podcasts, by their nature, allow us to feel various emotions. Their value to each one of us is deeply personal, shaped by our context and needs in that moment.
“These examples aren’t meant to be an exhaustive list but rather, a reflection of just how many different ways podcasts can serve as emotional refuge. The beauty of the medium lies in its breadth: with so many genres, formats, and personalities, there is truly something for everyone. Whether it’s laughter, reflection, escape, or connection, the world of podcasts offers more than content—it offers company.”
The study also shows that the contrast in behavior of both kinds of personalities plays out in a podcast’s effectivness.
Mindful Navigators rated podcasts as highly helpful in managing their stimulation, and scoring these 4.58 out of 5 points. Content Grazers, though still positive, rated the effectiveness of podcasts slightly lower at 4.18. “The emotional context of listening dramatically shapes the perceived value of the experience,” according to the research.
This split emphasizes that engagement is not just about time, it’s about purpose.
These findings help brands and creators open new strategic ground, giving them a roadmap to action, so to speak. Creators should design their podcast for their target audience’s emotional need.
Mindful Navigators prefer clear, calm, conversational content, such that podcast episodes can run between 30 and 45 minutes, and air between 6 pm and 8 pm, a period when this market decompresses, so their attention is at their keenest. “These listeners seek presence and peace, not pressure. Audio that feels safe, slow, and human will stand out,” the study showed.
In the case of Content Grazers, they respond more to humor, energy, and cultural relevance. So podcast episodes should be shorter and dynamic, discuss trending topics, and presented in a casual format. “For them, variety is value,” the study found.
As podcasts become part of our emotional infrastructure, they help us reset amid the overwhelming activities of everyday life, digital noise, and attention fatigue. They help us feel present, regain control, and perhaps reconnect with ourselves.
In other words, podcasts just don’t mean content. They are part of our self-care and emotional wellbeing.
Want to create podcasts? Talk to The Pod Network at info@thepodnetwork.com.
GEMINI
if it brings you peace of mind and helps you move forward. When you spin your wheels and do nothing, you waste time. ★★
LEO (July 23-Aug. 22): Refuse to let your emotions interfere with your decisions. Mix creativity with discipline and a good work ethic, and you’ll achieve and learn something about yourself from the experience. Don’t succumb to boredom; fulfill your life by following your intentions. Follow the path that makes a difference. Offer your time, not your money. ★★★★★ VIRGO (Aug. 23-Sept. 22): An energetic approach to work, life and getting ahead will help you advance. Refuse to let the changes others make distract or push you onto a path that leads nowhere. A direct approach will help you gain momentum and attract the attention you need to get ahead. Live life your way. ★★★
LIBRA (Sept. 23-Oct. 22): Stop second-guessing. Keep an open mind, but refuse to be a part of something for the wrong reason. Trusting your instincts and having confidence in yourself and what you can offer is essential. Refuse to let laziness prevail when ingenuity, structure and hard work are necessary to reach your goal. ★★★
SCORPIO (Oct. 23-Nov. 21): Be aware of the rules before you engage in something new. If you are an actor, prepare; if you are a bystander, watch and learn. Change begins with you. The choices you make can hinder or help you. Be discreet, observant and direct. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Time is on your side, and rushing will only lead to mistakes. Take the time to deal with your life and improve it before you take on outside issues that don’t concern you. Getting your house in order first will offer peace of mind and leverage when it is time to fight someone else’s battles. ★★★★★
CAPRICORN (Dec. 22-Jan. 19): Get your facts straight before you start a conversation with someone prepared for battle. Expect to face temptation and misinformation from someone trying to convert your way of thinking or to push you into second-guessing your beliefs. Don’t let anger set in when knowledge and experience are necessary. Use reality over manipulation. ★★
AQUARIUS (Jan. 20-Feb. 18): Concentrate on finishing what you start and avoiding people trying to distract you for their benefit. Partnerships will require thought and proper handling to avoid emotional manipulation. Learn when to say no, and you’ll gain respect and self-confidence. ★★★★
PISCES (Feb. 19-March 20): Keep social activities and entertainment within budget. Too much of anything will lead to regret. Focus on personal gain, and fine-tune your style to meet the criteria necessary to get ahead. Distance yourself from users and abusers, and focus on doing what is best for you. ★★★
BIRTHDAY BABY: You are prevalent, direct and changeable. You are enticing and stylish.
BIG BUCKS
THE reality show contestant was lowly placed in the voting for elimination minutes leading to the announcement and their family would not have any of it. Word is that the contestant’s mother dropped almost half a million pesos in the last hour before elimination. According to sources, every employee, friend, and family member was given a five-figure allocation to vote for the reality show contestant (with screenshots, of course). The contestant’s family is very rich and low-key so this is one of the things they can do without hesitations.
SNOOTY
THE TV host is under fire again because of allegations by people saying they are employees of a brand that works with her have raised issues about her supposed attitude problem. These “employees” said the TV host is difficult to work with. It’s not that she is demanding. That, they said, they can handle. But the problem is that she is so snooty and acts like the lady of the manor. This is not the first time that the TV host has come under fire for her attitude. This is has been going on for years.
OBNOXIOUS
A TIKTOKER joined a contest and he reportedly has been throwing his weight around and ordering people to do stuff they aren’t supposed to do. According to some of his schoolmates and classmates, the TikToker is not well-liked in school. As a group mate, they said he does not pull his weight. He misses deadlines and slacks off. He is also very noisy and obnoxious. A lot of them are wondering why he has many fans when no one likes him in school.
RED FLAG
HOW true is the rumor that a popular lesbian couple has split because one of them cheated? The alleged cheater is a known red flag in certain circles. Before this girl, she was in a relationship with an influencer. She cheated on the influencer with her supposed recent ex. Before the influencer, the red flag girl was with another girl. Guess what? She also cheated on that girl for influence. So yes, there is a pattern here. It’s a pity if the break-up is true because they have been together for several years now.
‘Virgin Labfest XX: Hinog’ offers the best of Filipino theater
TWENTY years of serious theater-making has made this year’s edition of Virgin Labfest (VLF)—the country’s premier festival of new one-act plays—a bolder, more solid showcase of how the Filipino Theater has evolved and matured.
This is reflected in the staging, collaboration and narratives that could only come from the collective experiences, practices, and efforts harnessed from over two decades of mounting this pioneering festival of “untried, untested, and unstaged” plays. “Nahinog na sa panahon [ripened by time],” according to festival directors Tess Jamias and Marco Viaña in a Facebook reel.
They attribute this to the merging of traditions and new ways and the people who helped “deepen and expand” VLF since it began in 2005.
Thus, under the overarching theme “Hinog” (Ripe), VLFXX presents 12 new plays that are either grippingly intense, innovative, and funny, or a combination of some or all of these, from its 20th batch of emerging playwrights.
SPONGE COLA STRIKES TWICE WITH NEW RELEASES: ‘LIWANAG’ SINGLE AND ‘LNP’ MUSIC VIDEO DROP
EXCITING news for Sponge Cola fans: the beloved Filipino rock band strikes again—this time with a double treat: their newest single “Liwanag” and the official music video for LNP Fans can now stream “Liwanag” on all major music platforms and watch the LNP video on YouTube and other online channels.
“Liwanag” is an upbeat, feel-good anthem that captures Sponge Cola’s signature pop-rock energy—with bright guitars, driving drums, and Yael Yuzon’s unmistakable vocals front and center. Inspired by the spirit of Filipino summer road trips and spontaneous barkada adventures, the song evokes the joy of making memories under the sun. Its music video mirrors that vibrant mood, following the band on a playful summer escapade with friends.
Meanwhile, LNP offers a fresh, reimagined take on their 2022 track “Laman ng Panaginip.” What began as a fun live experiment evolved into a fully realized studio version, now dubbed LNP. While it borrows from the earlier song, this new version stands on its own, with a distinct arrangement and vibe.
To mark this evolution, the band dropped a heartfelt music video showcasing behind-the-scenes moments from their recent tour. From powerful stage performances to candid fan interactions, the video offers an intimate look at the band’s connection with their audience and each other.
“We’re super stoked to share these new releases with our fans,” says Yael Yuzon, Sponge Cola’s frontman. “‘Liwanag’ and LNP reflect where we are now as a band. We’ve grown, experimented, and had fun with these songs—and we can’t wait for everyone to experience them.”
With these new releases, Sponge Cola continues to evolve, showing their creativity and passion for music in fresh and exciting ways. Whether you’re vibing to “Liwanag” or taking a deep dive into their world with LNP, there’s plenty to enjoy from this latest chapter of their music journey.
These writers—and the immensely talented actors, including celebrities and puppeteers, directors, and members of their production crews—have proven their mettle in the nearly polished performances at the open “technical dress rehearsal” held from June 5 to 8. Expect their plays—all of them are worthwatching—to stir emotions, capture the imagination, and question established morals during their regular run from June 11 to June 29.
Performances are held at 2 pm and 8 pm at the Tanghalang Ignacio B. Gimenez, the Cultural Center of the Philippines’ (CCP) Black Box Theater.
VLFXX: Hinog is co-presented by the CCP, the Manila-based playwrights group Writer’s Blo, Inc., and CCP’s resident theater company Tanghalang Pilipino. May Asim Pa. Highly respected female actors from stage, film, and television headline the thought-provoking narratives in Set D: May Asim Pa (June 14, 19, 20, 25, 29).
Acclaimed writer-director Bibeth Orteza-SiguionReyna’s perfect comedic timing and the quick-witted banter between her and theater stalwart Jamie Wilson in a story ironically about loss, grief and regrets make
Nelsito Gomez’s Anniversary a memorable experience. The play is directed by Sarah Facuri. The reliably comical and poignant delivery of the brilliant Peewee O’Hara brings out the best in film and television actress Angelica Panganiban-Homan’s theater acting debut in Ryan Machado’s Don’t Meow for Me, Catriona. Toni Go-Yadao helms the play. Expect the exceptional Sherry Lara to lead the play’s company, which includes veteran actor Jonathan Tadioan, in bringing the house down through moments of sadness, laughter, and brutal confrontations in Jobert Grey Landeza’s Mommy G. The play’s director is Lhorvie Nuevo-Tadioan. n Kinalburo. Grippingly intense works about survival and hope or losing both through life’s endless struggles are tackled in Set C: Kinalburo (June 13, 18, 19, 28, 29).
Comedian Donna Cariaga literally carries her weight as she makes her serious acting mark in Chris Joseph Junio’s Mga Magindara sa Siyudad. Riki Benedicto directs Cariaga and co-actor Raf Pineda who play flamboyant entertainers on a makeshift stage. James Lanante, Joshua Tayco and Mario Magallona—an ensemble that clicks from the start— keep the audience on the edge of their seats as they engage in life-threatening skirmishes along a railway in Imuthis’ Ang Problema sa Trolley. The play’s director is Adrienne Vergara. Reminiscing over the bitter past and exchanging a ton of curses and a wedding ring in the process make the story of erstwhile spouses—superbly played by Roi Calilong and Shé Maala—in Rolin Migyuel Obina’s The Late Mr. Real disturbingly affecting. The play is directed by Maynard Manansala. n Manibalang. Hypocrisies in a religious practice and the violence and corruption in politics are exposed in Set B: Manibalang (June 12, 18, 22, 27, 28).
Acclaimed director Dexter M. Santos helms his first VLF play, Eljay Castro Deldoc’s Minating ni Mariah ang Manto ng Mommy ni Mama Mary. Expect laugh-outloud performances by its cast members—comedian Mosang, Lian Silverio, Esteban Mara, George de Jesus III, and Roobak Valle.
With only an ingenious see-through steel jeep as prop, the compelling hired guns in Ivan Villacorta Gentolizo’s Unang Araw—Aldo Vencilao, Egay Earvin Estioco, DMs Boongaling, and Ybes Bagadiong—
navigate the road that leads to an unexpected outcome. The play is directed by Cholo Ledesma. Director Andoy Ranay leads the ensemble of seasoned performers Kiki Baento, MC Dela Cruz, Ariel Diccion, Charm Aranton, and Clottie GealogoLucero in unraveling the many forms of political corruption and maneuverings in Siege Malvar’s Presidential Suite #2. Johnnie Moran helms the play.
n Bubot. Stories about children and their issues are presented in Set A: Bubot (June 11, 21, 22, 26, 27).
Acclaimed puppeteer Amihan Bonifacio-Ramolete with fellow puppeteer V Soriano and actor Rigel Hechanova bring to life an orphaned child and his budding relationship with a baby rat in Liane Carlo Suelan’s Ang Bata Kag ang Ilaga (The Orphan and The Mouse). Ina Azarcon-Bolivar, Aubrey Savet, and Kizabelle Lopez Aromin complete the cast who mainly spoke in Hiligaynon and English. Puppeteer siglo directs the play.
The boisterous pack of Prince España, Ericka Peralejo, Felicity Kyle Napuli, and Ian Magz (dialogues sometimes get drowned in the noise) with Bong Cabrera as the only adult perform in YOJ’s TBT: Takbo, Batang Tondo, a play about the intricacies of child play, including getting away from a “crime.” Its director is Chic San Agustin-De Guzman.
Sexual stirring amid conflicts in school and at home make Ade Valenzona’s Polar Coordinates intriguing and absorbing. Actors Jack Denzel and Michael Hilao’s competent performance gets inspired support from cast members Randy Villarama, Martha Comia, Chloe Dominique, and the hilarious Sheryll Villamor Ceasico. The play is directed by Paolo O’Hara.
n Panghimagas. VLFXX: Hinog will also present Set E (Revisited): Panghimagas (June 15, 20, 21, 25, 26) with three plays from last year’s edition.
These are Jhudiel Clare Sosa’s Identité directed by Meann Espinosa; Joshua Lim So’s Pagkapit sa Hangin directed by José Estrella; and Elise Santos’ Sa Babaeng Lahat directed by Caisa Borromeo.
Festival passes and single tickets are available online through Ticketworld and Ticket2Me (www. ticket2me.net/VLFXX) or onsite at the CCP Box Office at Tanghalang Ignacio B. Gimenez. E-mail salesandpromotions@culturalcenter.gov.ph or call 09310330880 for group discounts.
REPERTORY PHILIPPINES OPENS LIMITED RUN OF YASMINA REZA’S TONY & OLIVIER AWARD-WINNING COMEDY ‘ART’
REPERTORY Philippines (REP, www. repertoryphilippines.ph) has raised the curtain on Yasmina Reza’s Olivier and Tony award-winning comedy ART with a translation by Christopher Hampton and directed by Victor Lirio. The 88th season’s play will have a limited run only until June 29, with performances scheduled on Friday and Saturday at 8 pm, and matinee performances on Sunday at 3:30 pm at REP Eastwood Theater in Quezon City. REP’s production of ART is comprised of New York, London, and Manila-based creatives. The international cast features Londonbased Filipino-British actor Martin Sarreal, who appeared in Season 3 of the hit Netflix series Bridgerton; awardwinning Manila-based actor Brian Sy, who was recently seen in The Sandbox Collective’s Tiny Beautiful Things and in Company of Actors in Streamlined Theatre (CAST) PH’s Othello as Cassio; and British stage, film, and television
actor Freddy Sawyer, a Bristol Old Vic alum who appeared in Apple TV’s hit series Trying Directed by Victor Lirio, ART ’s creative and production teams include Miguel Urbino (scenic and costume
music and sound design). Written by French playwright Yasmina Reza and translated by British playwright Christopher Hampton, this witty and sharp oneact play features three long-time friends Serge (Sarreal), Marc (Sawyer), and Yvan (Sy). While it explores
the subjective nature of art with an Antrios painting—an all-white piece tinged with the faintest off-white stripes worth 200,000 francs— becoming a source of tension, the play also cleverly and hilariously dives deep into the complexity of friendships and how easy it is for personal beliefs to strain relationships. Also sharing the stage are artworks by members of the HOPE Project, an initiative made up of persons deprived of liberty (PDL) from the Bureau of Jail Management and Penology in Lipa City, Batangas. Founded by jail warden Aris Villaester, HOPE Project (or Help One Person Deprived of Liberty Every Day) supports the release of qualified and deserving PDLs who are ill, in their senior years, and have no financial means to pay for legal fees. Tickets to ART are available through Ticketworld at tinyurl.com/ REPArtTW and Ticketmelon at tinyurl. com/REPArtTM.
Text & photo by Edwin P. Galvez
design), Miriam Crowe (lighting design) and Fabian Obispo (original
THE purchase of a white painting kickstarts a dramatic breakdown of friendship between Serge (Martin Sarreal), Marc (Freddy Sawyer), and Yvan (Bryan Sy) in Yasmina Reza’s Art. PHOTO BY JOEL H. GARCIA
DBP bags awards for financial inclusion, reforestation programs
State-owned Development Bank of the Philippines (DBP) has been recognized by an international group of development financial institutions for its two programs designed to advance financial inclusion in the agriculture sector and to restore forest cover in the country, a top official said.
DBP President and Chief Executive Officer
Michael O. de Jesus said that the Bank was honored for its DBP Forest Program and its participation in the Department of Agriculture’s Agri-Puhunan at Pantawid (APP) Program during the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Awards program held in Muscat, Oman.
“These accolades further inspire us in the DBP and more importantly, affirm the Bank’s efforts to help realize President Ferdinand R. Marcos Jr.’s goals, particularly in the areas of food security, financial inclusion, and environmental protection,” de Jesus said.
DBP is the 10th largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy –infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
ADFIAP was founded in 1976 and serves as the focal point of all banks and other financial institutions engaged in development financing with 97 member-institutions in 42 countries in the Asia-Pacific region. Its annual awards program recognizes financial institutions that have contributed significantly to the sustainable development practices in their respective countries.
De Jesus said that the DBP Forest Program (DFP), which was conferred with a Merit Award under the Corporate Social Responsibility
category, is the Bank’s CSR program for the environment, with over 50 projects spanning 6,386 hectares spread across the archipelago.
He said ADFIAP cited DBP’s Mindanao State University-Buug Forest Project, which involves the rehabilitation of a 100-hectare upland forest in Camp Salman, Tungawan, Zamboanga Sibugay and benefitted erstwhile members of the Moro Islamic Liberation Front.
“This project has helped improve the lives of former rebels by offering livelihood opportunities towards achieving peace and economic development in Mindanao,” de Jesus said.
De Jesus said the APP, which was conferred with a Merit Award for Financial Inclusion, is being undertaken in partnership with the Department of Agriculture (DA) and aims to improve rice productivity, ensure food security, and promote agricultural sustainability in the country.
He said the APP Program was launched
the coming school year.
volunteers and scholars for Brigada Eskwela to prepare a public school in Quezon City for the school year 2025-2026. Aboitiz Future Leaders scholars joined Aboitiz Foundation volunteers for a meaningful day of mural painting, storytelling, and engagement with young learners at the Tandang Sora Elementary School (TSES). The murals, which featured themes of patriotism, environmental consciousness, love for others, and faith, serve as daily visual reminders of the values that help shape responsible, compassionate citizens. Inside the classrooms, young learners listened attentively as scholars read Filipino children’s books which highlight empathy, diversity, and intergenerational love. Each child went home with a bundle of snacks, toys, and a book— simple gifts to encourage a love of reading and
by the DA in 2024 and provides a minimum of P60,000 credit assistance to farmerbeneficiaries through their cooperatives. The financial assistance is credited through an Intervention Monitoring Card (IMC) for the purpose of financing their farming capital expenses, and providing cash advance for other labor expenses until the harvesting season.
“DBP assures that it will continue to work with its stakeholders in pushing for initiatives that will enhance the country’s resilience against climate change and enabling our countrymen, particularly our farmers, to enjoy greater access to financial tools and increase their productivity,” de Jesus said.
As of December 2024, a total of P127million has been released to the cooperatives to support 1,588 farmers working in more than 2,000 hectares of land in Nueva Ecija, with DBP and DA seeking to expand the program to cover 1.3-million hectares in riceproducing provinces.
create happy school memories.
Aboitiz Foundation also donated electric fans and school supplies to TSES, supporting efforts to make classrooms more comfortable and conducive to learning.
“Education is where inclusive nation-building begins,” Aboitiz Foundation Impact Lead for Education Jowelle Ann Cruz said. “Every book read, every wall painted, and every story told is part of a larger vision: to empower the Filipino learner and uplift the public education system that supports them.”
For several Aboitiz Future Leaders scholars, Brigada Eskwela offered a full-circle moment—an opportunity to give back to public schools that shaped their own academic journeys.
“I feel a sense of nostalgia volunteering for Brigada Eskwela, being a product of a public school myself. Activities like these make me feel that my being an Aboitiz Future Leaders scholar has a bigger purpose,” shared Jason Yabut, a mechanical engineering student from the University of the Philippines Diliman.
Now in its 21st year, Brigada Eskwela is DepEd’s flagship volunteerism initiative that enjoins local communities, civil society, and the private sector to prepare schools for the opening of classes.
In partnership with Aboitiz Foundation, employees from various business units of the Aboitiz Group have volunteered over the years to refurbish classrooms, donate learning materials, and rebuild schools affected by calamities across the country. These reflect the Group’s shared value approach to corporate social responsibility, where collaboration becomes a key driver of positive, lasting change.
Beyond volunteerism, Aboitiz Foundation continues to invest in education through impactful programs. The Aboitiz Future Leaders program provides full college scholarships, leadership development, and mentoring to promising Filipino students.
How AI, Agents, Automation Are Rewiring Marketing
company’s Vice President of Marketing and Strategic Partnerships. Under his leadership, KMC Solutions — the Philippines’ largest provider of flexible office space and Employer of Record (EOR) services — has adopted an AI-driven, system-based marketing approach that is setting the standard for the industry. “We’re
powers growth — autonomously, continuously, and in real time.” Reyes is leading KMC’s transformation into a marketing powerhouse with the integration of a fully interconnected AI
marketing ecosystem. Rather than relying on disconnected campaigns and manual processes, KMC has embraced an AIdriven system that automates workflows, personalizes outreach, and optimizes performance across channels and time zones.
“AI isn’t just a tool. It’s the operating system for the future of marketing,” Reyes explains. “We’ve shifted from isolated campaigns to building a marketing system that’s always running, learning, and optimizing itself. This allows us to deliver personalized experiences at scale, no matter where our prospects are in the world.”
The fundamental shift from campaign-based marketing to system-based marketing is what sets KMC apart. Instead of launching large, sporadic campaigns, KMC’s marketing team now runs ongoing, real-time programs that adapt to market shifts and customer behavior as they happen. The integration of AIpowered tools into a cohesive system ensures that every prospect and customer is met with personalized, relevant messaging at the
BanKo,
Generika Drugstore partner to provide accessible, affordable healthcare
IHealthcare Holdings, Inc. (AC Health), a wholly-owned subsidiary of Ayala Corporation.
This meaningful partnership bridges two essential needs often out of reach for many Filipinos: financial security and accessible healthcare. By working together, BanKo and Generika Drugstore aim to ease the everyday burden faced by low-income communities, where a single health emergency can derail a family’s finances. Under the partnership, all new and existing BanKo clients get free membership to the “GeneriKard Loyalty Program,” providing them access to exclusive perks and rewards while enjoying the benefits of quality, affordable generic medicines and basic healthcare services.
“At BanKo, our commitment to financial inclusion goes beyond providing access to loans and savings. We recognize that true financial well-being include the ability to manage essential needs, like healthcare, without compromising a family’s budget,” said Rod Mabiasen, Jr., BanKo President. “Through this partnership with Generika Drugstore, we’re making quality healthcare more accessible at mas magaan sa bulsa ng ating mga kababayan [and more affordable to our fellow Filipinos]. By easing the financial pressure on our clients,
Mabiasen
clients can register and claim their FREE GeneriKard Loyalty Card by visiting any BanKo branch nationwide. New clients may also avail of this offer when they open a deposit account or apply for a loan.
With GeneriKard, members can earn and redeem reward points with every purchase across all Generika Drugstore branches nationwide. Clients can also enjoy benefits such as a 10 percent discount on imaging and laboratory services and a five percent discount on room and board in Healthway Medical Network (HMN) clinics and hospitals. These discounts help
and Rod
right moment — no matter the time zone or channel.
“Through the use of AI and automation, we’ve eliminated the bottlenecks that come with traditional campaigns,” Reyes says. “With tools like n8n and ChatGPT, we automate personalized outreach and lead qualification, ensuring we can scale our marketing efforts without increasing headcount.”
By using AI to automate and optimize workflows, KMC’s marketing team operates more efficiently, allowing them to run multi-market campaigns simultaneously without adding extra layers of complexity or requiring more staff. “The system works for us 24/7, delivering the right message, to the right person, at the right time,” Reyes adds. “The future of marketing is here — and those who aren’t adapting will be left behind.” Reyes emphasizes that AI doesn’t just make marketing faster — it makes it smarter. The tools in KMC’s ecosystem work together to create hyper-personalized experiences for customers at scale. Whether it’s automated lead scoring,
Sun Life Philippines exec lauded at Asian
Legal Business Southeast Asia Law Awards
real-time content generation, or AI-generated video pitches, the system is designed to deliver an unmatched level of personalization, across markets and languages.
“We can now engage with customers in the Philippines, Vietnam, Mexico, and Colombia all at once, sending them content that speaks directly to their needs,” says Reyes. “This system allows us to build deeper, more meaningful relationships with our prospects, with content tailored to their specific behavior and preferences.”
Despite the success at KMC, Reyes warns that many companies are failing to adapt to the rapidly changing marketing landscape. The tools and technologies available today are transforming marketing from a tactical function to a strategic growth engine, but only for those who are willing to invest in the right systems and skills.
“Marketing leaders who don’t embrace AI today will be left behind tomorrow,” says Reyes. “The gap between early adopters and those who are slow to change is widening rapidly. Companies that fail to act now
SUN Life Philippines recently announced that its Deputy General Counsel, Atty. Paolo Macapagal, was named one of the Top 8 finalists for InHouse Lawyer of the Year for Southeast Asia at the 21st Asian Legal Business Southeast Asia Law Awards. The prestigious event, held in Singapore, recognized legal excellence across the region.
This distinguished recognition highlights Macapagal’s outstanding leadership, legal expertise, and unwavering commitment to excellence in the fields of investment and insurance law. His achievement stands as a testament to the strength and caliber of Sun Life Philippines’ in-house legal team.
“We are immensely proud of Atty. Macapagal’s accomplishment,” said Benedict Sison, CEO and Country Head of Sun Life Philippines. “This recognition not only reflects his individual excellence, but also underscores our commitment to upholding the highest standards of legal practice and corporate integrity.”
The Asian Legal Business Southeast Asia Law Awards is one of the most anticipated events in the legal calendar, celebrating the outstanding performances of private practitioners and in-house teams who have significantly contributed to the legal landscape of the region.
As Sun Life continues to champion integrity in the financial services sector, Macapagal’s achievement reinforces the company’s position as a leader in corporate governance and regulatory compliance.
To learn more about Sun Life Philippines, visit www.sunlife.com.ph. Stay
DBP Senior Vice President Ronaldo U. Tepora (second from right) and Senior Vice President Catherine T. Magana (third from right) receive the Merit Award for Financial Inclusion conferred to DBP for its participation in DA’s Agri-Puhunan at Pantawid Program (APP) during the 48th ADFIAP Annual Meeting in Muscat, Oman. Also in photo are (from left): Agricultural and Rural Development Bank Chief Executive Officer Dr. KAO Thach, DBP First Vice President Atty. Ma. Cristina C. Malab, DBP Senior Vice President Soraya F. Adiong and Development Bank in Sultanate of Oman Chief Executive Officer Mr. Hussain Al Lawati.
Gino Guinto, Generika Drugstore President and CEO
Mabiasen, Jr.,
Aboitiz Future Leaders scholars bond with students of Tandang Sora Elementary School through a storytelling session, fostering an eagerness to learn ahead of
Atty. Paolo Macapagal, Sun Life Philippines Deputy General Counsel
The cusp of winning is not winning–SGA
INDIANAPOLIS—Difficult as it may seem, Shai GilgeousAlexander is desperately trying to not think about what may await the Oklahoma City Thunder.
The MVP, scoring champion and Thunder star doesn’t want to think about the end of the National Basketball Association (NBA) Finals. Or how the Larry O’Brien Trophy will feel in his hands if he gets to finally hoist it as a champion. Or what the celebration will look like, sound like, be like.
The Thunder are one win from a title, and it could come when they visit the potentially shorthanded Indiana Pacers in Game 6 of the NBA Finals on Thursday night.
It is not just another game— Gilgeous-Alexander is trying to make it seem that way.
“ The cusp of winning is not winning,” Gilgeous-Alexander said. “The way I see it, winning is all that matters. It hasn’t been fulfilled. We haven’t done anything.” Technically, that’s true. In actuality, that’s also slightly ridiculous.
They lead the NBA Finals, 3-2, have posted 83 wins so far this season and just found a way to hand Indiana its first set of back-to-back losses in three months.
The Thunder, just as they did against Denver in Round 2, have bounced back from series deficits of 1-0 and 2-1, and are closer to a title than the franchise— at least since moving to Oklahoma City—has ever been.
We want to win the game tomorrow, but the most important thing we need to do to win the game tomorrow is prepare today and prepare tomorrow and play the first possession really well, then the next possession, then the next possession,” Thunder coach Mark Daigneault said Wednesday. “That’s how we try to approach a game, how we try to approach the playoff series, how we try to approach every single day and let that win the day.”
The Pacers expect a crazed atmosphere for what will be their final home game of the season; if they force a Game 7 it’ll be in Oklahoma City on Sunday. What the Pacers don’t know
PBA and Daily
Coach Meneses blending rookies with veterans in PVL Vigan sortie
FOR the multi-titled Creamline Cool Smashers, the Premier Volleyball League (PVL) On Tour kicking off this Sunday in Vigan City is more than just a preseason showcase—it’s a crucial step in rebuilding chemistry, integrating new talent and laying the groundwork for yet another title run.
It’s not just about winning these games,” said Creamline head coach Sherwin Meneses. “This tour gives us a platform to build cohesion, especially now that we’ve added two young middle blockers who are learning our system.”
The Cool Smashers open their campaign against the revamped Capital1 Solar Spikers at the Chavit Coliseum, then returns to the court Monday to face the feisty Akari Chargers—an early litmus test for the 10-time league champions.
B eyond preparation, the Cool Smashers are also seeking redemption after a heartbreaking fall to the Petro Gazz Angels in the recent recordsetting PVL All-Filipino Conference finals.
I n the recent PVL Rookie Draft,
Creamline selected National University (NU) standout Sheena Toring with the 12th overall pick, followed by University of the Philippines product Nica Celis at No. 23. B oth are promising middle blockers expected to contribute immediately, especially with several veterans still on the mend.
Toring, who briefly played under Meneses during his stint at NU, brings not just skill but a leadership presence the coach values highly. Sheena’s a big addition, especially with her maturity and experience,” Meneses said. “We were honestly lucky that she fell to us at 12. It’s great to continue what we started back in NU.”
Her calm, intelligent play fits seamlessly into a Creamline middle rotation already featuring newly crowned PVL Best Middle Blocker Bea De Leon, seasoned anchor Pangs Panaga, rising talent Lorie Bernardo and veteran Pau Soriano. But with De Leon and other core middles still limited in practice due to recovery and therapy, the PVL On Tour becomes a golden opportunity for Toring
is if Tyrese Haliburton will be able to play; he›s dealing with a strained right calf and his status won›t be definitively known until Thursday. “ I think that’s all we can do, right? Think about the next game,” Pacers forward Pascal Siakam said. “It’s a great opportunity in front of our fans.
I’m sure it’s going to be a huge moment for our fans. They’re going to be super excited. We have a chance at home, NBA Finals. It’s a good opportunity.
That’s all it is.”
Pacers coach Rick Carlisle has been stressing two key points: fewer turnovers (Indiana had 23 for 32 Oklahoma City points in Game 5) and limiting OKC’s offensive rebounding. Those areas must be cleaned up whether Haliburton plays or not.
The Pacers trailed New York 3-2 in the second round last season, came home and won Game 6, then went to Madison Square Garden and won Game 7. Winning from this position is possible, and Carlisle obviously knows it. What we need to do is buckle down. Stand strong. I anticipate one of the best crowds in the history of
Gainbridge Fieldhouse,” Carlisle said. “We’ve got to find a way. The ultimate is to get to a Game 7. That is the ultimate privilege. It’s the ultimate experience in sports. But we’ve got to take care of home court tomorrow to do that.”
Thu nder guard Jalen Williams, who had 40 points in Game 5, didn’t get a ton of calls and texts after the highestscoring playoff game of his career.
Then again, his friends know he’s not on the phone much right now. Honestly, I try not to answer my phone as much, even though that probably sounded like I’m a jerk,” Williams said. “There’s just a lot of highs and lows throughout the series. You don’t get as many texts if you don’t play well. I try to keep that in perspective, too.”
and Celis to gain valuable playing minutes and blend with the veteran core.
The middle’s so important to us now, especially that some of the players aren’t back training yet,” Meneses said. “I think both rookies deserve to be here with us.”
W hile Toring brings a pedigree and proven leadership, Celis is quietly making a strong impression with her athleticism and adaptability.
Celis is very athletic. In Creamline, versatility is a priority—someone who can adjust to different roles if needed,” said Meneses. “She fits that mold well.”
Since 2000, teams are 25-13 in games where they can win the NBA title. AP
VETERANS Ronald Oranza and Jermyn Prado get the honor to formally be the first to ride the Tagaytay City Velodrome as Philippine Olympic Committee (POC) and PhilCycling president Abraham “Bambol” Tolentino inaugurates the brand new indoor cycling facility on Monday (June 23).
Oranza and Prado, both multiple medal winners in international competitions, will circle the 250-meter indoor and International Cycling Union-standard velodrome waving both the Philippine and PhilCycling flags during the ceremony that highlights the joint celebration of the Olympic and World Bicycle Day and Tagaytay City’s 87th Charter Day.
“ This is to formally and officially announce the formal opening of the Tagaytay City Velodrome, the first of its kind in the country and one that’s of UCI standard,” said Tolentino, also the mayor of Tagaytay City which also has competition- and international-standard facilities for BMX Racing and Freestyle,
Oranza, Prado make ceremonial ride around Tagaytay velodrome
Skateboarding and combat sports.
The celebration will be staged amid the postponement of the Baguio CityTagaytay City PhilCycling Classic—a 292km endurance road race among the top 30 finishers in last summer’s Tour of Luzon: The Great Revival—that was supposed to start at Camp John Hay and finish in front of the velodrome also on Monday.
The Baguio City-Tagaytay City PhilCycling Classic was moved to November 11 this year.
The weather has become unpredictable with scattered thunder storms and monsoon rains prevailing and with the Metro Pacific Tollsways Corp. expected to do unscheduled repairs in some sections of the North Luzon Expressway, the endurance classic had to be postponed.
San Miguel Corp. Infrastructure— operator of the TPLEX, Skyway and SLEX—has earlier welcomed the race on its expressways. Come November 11, Tolentino said the rescheduled Baguio City-Tagaytay City PhilCycling Classic will highlight the Send Off and Pep Rally for Team Philippines to the 33rd Southeast Asian Games in Thailand in December. We are setting the pace for a renaissance in Philippine cycling in track discipline and we’ll be marking our cyclists’ return to the velodrome in the SEA Games,” said Tolentino, who entered an entry in each of the men’s and women’s omnium in Thailand. A lso on Monday, the POC will oversee the signing of contracts for the Olympic Solidarity Scholarship and Grants Program with nine athletes signing up for training scholarships for the Los Angeles 2028 Olympics and 12 more for the Support Grant for Continental Athletes. The Philippines last won two gold medals on the track in the SEA Games’ 2007 edition in Nakhon Ratchasima— Victor Espiritu in points race and Alfie Catalan in individual pursuit.
Marcial’s out of his ‘darkest days’
EBy Josef Ramos
UMIR FELIX MARCIAL faces American Alexis Gaytan in the undercard of the Manny Pacquiao- Mario Barrios fight on July 19 in Las Vegas with the two-time and bronze medalist Olympian coming off an almost a year’s layoff scarred by troubles at home.
I am thankful to all the people who support me despite all those things that happened,” Marcial told BusinessMirror on Thursday. “They never left me especially my family and Sir Sean Gibbons, Sir Manny Pacquiao and others during my darkest days.”
M arcial’s rocky marriage with Princess Galarpe made headlines last
year after the Tokyo 2020 bronze medalist flopped in the Paris Games. He went dark after that but is now on the comeback trail in his athletic career.
“All I need is to focus on my boxing career and trust the process,” said Marcial, whose career resumes with his sixth professional fight that remains unblemished until now against Gaytan, who’s only a year older at 30 but became a professional in 2016 with a 17-10 winloss record with six knockouts.
Marcial has been training alongside Hall of Famer Pacquiao at Griffith Park in Los Angeles and said he’s motivated to do his routines alongside the boxing icon.
“ With Sir Manny [Pacquiao] around us, I’m really motivated and inspired us all the way,” said Marcial,
who trains under coach Kay Koroma and has been sparring with boxers bigger than him to be in harness for the eighth-round fight.
“All my preparations are on track despite all those things that I encountered outside the ring,” he said.
“I just keep my focus on my goal.”
He added: “I’m studying my opponent very closely and I expect a great fight with him.” Marcial chalked up his third knockout (fourth round) as a pro against Thailand’s Thoedsak Sinam last March 2024 at the Ninoy Aquino Stadium. G aytan, on the other hand, knocked out his last opponent last February—Mexican Diego Martinez—in Veracruz, Mexico.
Collegiate awards honor top performers of 2025
faces
Editor: Tet Andolong • www.businessmirror.com.ph
VINFAST VF6 MAIDEN DRIVE
AFTER its official launch at the 2025 Manila International Auto Show, Vinfast Philippines included the VF 6 all-electric subcompact SUV in their first-ever media drive event. Commissioned along the VF6 were almost the entire roster of EV models currently offered in the country, except for the smallest VF3, the VF5, the VF7, and their flagship SUV, the VF9. Rather than venturing into the usual demanding itinerary, Vinfast Philippines opted for a daytime relaxing drive to Tagaytay—no technical test. Just enjoy the all-electric experience. Assigned to our group was the VF6 Plus variant, priced at P1.610 million. In terms of aftersales service, the VF 6 comes with one of the most competitive warranties in its class: 7 years or 160,000 kilometers, whichever comes first.
Torino design
VINFAST claims that the design was developed in collaboration with the renowned studio Torino Design. The VF 6 features a concept inspiration of “The Duality in Nature,” emphasizing unique styling, which reflects the vehicle’s spirit and personality. Still, the brand’s distinctive and unmistakable design language is evident. Like the front end, which features the familiar two long silver trims with the “V” logo in the middle. Those LED headlamps, positioned
lower, can almost be mistaken for fog lamps. But overall, VinFast’s fascia design cues are one of the easiest to recognize on the road for the keen observer.
The rear end has the same prominent cues, only instead of a metal finish, the lines are red and aligned with the taillights. The vehicle’s overall dimensions are 4,241 mm long, 1,834 mm wide, and 1,580 mm tall, with a wheelbase of 2,730 mm. According to Vinfast, the advantages of EV architecture in this B-segment vehicle offer an interior space comparable to that of many C-segment gasoline models. Inside, it is neat and streamlined, highlighting only the center 12.9-inch touch-operated screen, which houses all the vehicle’s tech controls and settings. Drive information is visible via a reflection display at the lower front windshield, leaving the center touchscreen as the lone physical display unit. The dark-themed interior features soft-touch materials and plastic trims. The sporty seats are leather-wrapped with visible orange stitching. Metallic trims are also present on the dash, extending to the door sidings and accenting the center console. Instead of the usual shifter, Vinfast clustered the drive controls just below the center air-con vents.
One of the ways to determine a vehicle’s intuitive interior design and easy operation is to deliberately not rely on manuals and just hop in and see what happens. Yes, the cabin is neat with little to no physical buttons, but it was a letdown that it took longer than usual to find the side mirror controls
in the center screen display. It should not take several taps or swipes to locate the control itself. While every driver only needs to discover it at first instance, the software interface could have been better.
All that electric power and safety MOTIVATION comes from an electric motor generating up to 201 hp and 310 N-m of
torque. The drive range is up to 480 km per full charge (NEDC standard). The fastcharging feature can achieve 10-70 percent battery lever in just 25 minutes. On ECO mode, it only takes 10.5 seconds to reach 100 km/h. Regarding safety, the vehicle features 20 advanced driver-assistance systems (ADAS) and eight airbags, providing added peace of mind.
Tamed yet aggressive when summoned ON the road, the VF6 behaves like any subcompact EV in terms of stability, comfort, and even noise level. Steering response is also good on curves and high speed. Switching between available drive modes has an evident impact on acceleration. We appreciate that in ECO mode, the response is subdued yet substantial, providing torque when needed, which is ideal for city driving. But on SPORT, the electric motor becomes more aggressive on acceleration. This setting maximizes the staggering torque available to push the small frame. Even so, an essential element was missing during the freeway run—the absence of regenerative braking.
IT’S been a while since I last touched a Volvo, Sweden’s pride on top of tennis star Bjorn Borg.
After Toyota, Volvo comes next co-equal with Lexus, its charm embellished by that glorious era when the tandem of Albert Arcilla and Lyn Buena ruled the Volvo roost. Under their watch, Volvo took tremendous strides in the car industry.
I take pride in having helped Volvo become the eternal choice of my dear, lamented friend Benny Gopez, who was president successively of the country’s national associations of golf and volleyball in another epoch. He was then a compelling presence both on the national and international sporting scene.
It was under Benny’s leadership that both Jennifer Rosales and Dorothy Delasin won legs in the US LPGA (Ladies Professional Golf Association), feats that put the Philippines on the global golf map.
It was also Benny who brought the biennial World Team Golf Championship to the Philippines in 1996, flying to Paris with a courageous crew that included Jake P. Ayson and yours truly to convince delegates from nearly 50 countries to vote for us to host the biennial tournament. We did it, staging the 47-country event on November 14-17, 1996, at Manila Southwoods. It was a singular achievement that brought Benny to the pinnacle of sporting success.
As volleyball president, Benny also brought to the country the FIVB World Championship in 2000, a watershed event that made Brazil’s Leila Barros an instant
During our first stop, we attempted to navigate the system to locate the regenerative braking control page. It took us longer than usual, and we realized that the control was included with the drive mode controls by swiping to the next page. Again, it was a case of unintuitive system user interface. That is, of course, apart from making the regenerative braking switched to OFF by default, which should have been the case. It was only during the Aguinaldo highway run that we started experiencing the regenerative braking function. With an 80 percent charge level from the dealership in EDSA, we reached the resort in Tagaytay with still over 60 percent charge level. Traveling to Tagaytay back and forth with an 80 percent charge level was more than enough battery juice to enjoy the trip.
superstar to Pinoy fans that shrieked each time they caught sight of the comely lass.
Benny would next stage the World Junior Volleyball tournament in Dagupan City, Pangasinan, to yet another roaring success.
Those were the days.
But the one thing I will never forget when I reminisce on my buddy Benny?
He discarded his Mercedes Benz fleet and filled his garage next with Volvos. My dear departed dude, sure, had a distinct taste.
Volvo’s First
AND speaking of Volvo, here is Paulo
Cuento’s take on Volvo’s First, a HARI production of the car’s compelling video series that goes beyond engineering excellence to throw the spotlight on the essence of Volvo ownership--real people living with passion, purpose and authenticity. Here:
“More than just a showcase of worldrenowned automotive safety, Volvo’s First is a celebration of individuals whose journeys are shaped by family, tradition and ambition.
Journeys marked by Volvo’s unwavering commitment to protecting lives.
“From a retiree savoring the freedom of her dream car to an entrepreneur honoring his father’s legacy; from a passionate gearhead preserving a storied classic to a filmmaker finding inspiration on the road. Every story is distinct, yet all share a singular truth, which is a deep connection to the drive that defines them.
“‘Volvo owners are a class all their own. They understand what it means to be truly alive. They live with intent, valuing authenticity over fleeting trends. For them, safety is not just a priority but a conscious choice that fuels their confidence, freedom and joy every single day,’” said HARI Vice Chair, President and CEO Maria Fe Perez-Agudo.
Being Alive
“THE series is Volvo Philippines’ next major
salvo under the Being Alive campaign.
“Being Alive is a call to embrace shared responsibility for safer roads. Whether behind the wheel, enforcing regulations, or simply looking out for one another, every individual plays a role in shaping a culture where safety is not an afterthought, but a way of life.
“Volvo’s First brings the global brand’s safety philosophy closer to home through heartfelt, proudly Filipino narratives.
“‘These stories resonate because they reflect the way we live—where the protection of what matters most is seamlessly woven into the way we move through life,’” Agudo said.
“Viewers will meet believers whose stories reveal more than their love for a great automobile. It is about people whose journeys embody confidence,
“Watch
Story & photos by Randy S. Peregrino
THE VinFast VF6 Plus variant in Infinity Blanc color along with its smaller sibling VF5
NEAT and streamlined, with only the center screen housing most of the vehicle tech controls
