BusinessMirror June 23, 2026

THEgovernment has adjusted its 2026 growth expectations downward as global and domestic challenges weighed on economic momentum, although economic managers remain hopeful that stronger activity in the second half of the year could support recovery.

PHL peso slides anew to 61-per-dollar level

By Andrea E. San Juan

61-per-dollar level on Monday.

Experts said this after the Philippine peso weakened for the fourth straight trading day, with the local currency closing at P61.123 against the dollar on Monday, data from the Bankers Association of the Philippines (BAP) showed.

This is 34 centavos weaker than its previous finish of P60.775 against the dollar on June 19, 2026.

Ruben Carlo Asuncion, chief economist at

Union Bank of the Philippines (UBP) said the peso’s recent move back to the P61-level reflects a combination of “strong external pressures and more limited domestic offsets.”

Some of the external pressures flagged by Asuncion are the strength of the dollar, “supported by elevated global yields,” and persistent risk aversion amid geopolitical tensions.

For his part, John Paolo R. Rivera, senior research fellow at state-run think tank Philippine Institute for Development Studies (PIDS), attributed the weakening of the local currency to “renewed global risk aversion, elevated oil prices, continued demand for dollars, and lingering concerns over domestic growth and investor confidence.”

“As a net oil importer, the Philippines is particularly vulnerable to geopolitical devel-

opments that raise energy costs and widen the trade deficit,” Rivera told the BusinessMirror in a Viber message on Monday.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. echoed the sentiments of Rivera and Asuncion as he underscored that the peso’s move is “a story of global dollar dominance” rather than a domestic weakness story.

“You’re seeing a mix of a stronger US dollar, some cautious foreign fund flows, and steady importer demand for dollars—all of which are putting pressure on the currency,” Ravelas explained.

Overshadowed by global forces

MEANWHILE, these analysts pointed out that while the recent quarter-point rate hike delivered by the Bangko Sentral ng Pilipinas (BSP) should have helped support the peso, they un-

derscored that this recent policy decision has been “overpowered” by global forces. In theory, Rivera said higher interest rates should support the peso by making peso-denominated assets more attractive. Ravelas agreed, saying, “On the BSP’s 25-basis-point-hike—if anything, that should have helped support the peso, not weaken it.”

“But the reality is, global forces are currently overpowering local policy moves. If US rates stay higher for longer, that keeps the dollar attractive and limits the upside for the peso,” Ravelas also pointed out. Asuncion, while saying the rate hike delivered by the BSP helped provide some support by reinforcing policy credibility and anchoring

By Ma. Stella F. Arnaldo Special

“Lto the

BusinessMirror

OVE,” but no longer a command.

THE Department of Tourism (DOT) will be encouraging the public to “Discover more reasons to love the Philippines” in its latest campaign aimed at boosting domestic travel.

In an interview with reporters over the weekend, Acting Tourism Secretary Bernardita Angara-Mathay said affordable travel packages will be offered to the public on a website that will be administered by DOT. “Many of the hotels have signed up with us, and we’ve asked them to ‘please give us a better rate.’ As a bundle, it will be less costly.”

The travel packages will be available initially from July to November. Hospitality establishments earlier met with Angara-Mathay, concerned about the drop in bookings due to the Malacañang-imposed energy conservation measures. (See, “Opportunity in crisis: PHL hotels attract foreign capital, in the

TBy Lenie Lectura

HE Department of Energy

(DOE) on Monday said the country’s projected peak demand was not reached, attributing this primarily to additional capacity from renewable energy (RE), the early arrival of seasonal rains, and various energy efficiency measures.

Energy Undersecretary Mario Marasigan said, the Luzon grid’s peak demand was projected to hit 15,600 megawatts (MW) this year but only 14,534MW was recorded. “The reduction was big. It was more than 1,100MW lower,” commented Marasigan.

In the Visayas, the projected peak demand stood at 3,115MW but, so far, the DOE has recorded 2,779MW of demand. “This is lower

by 336MW,” he said. In Mindanao, the highest projected demand was 3,013MW. “But we have registered 2,775MW,” said Marasigan.

However, the Visayas grid was again placed on yellow alert from 2 pm to 9 pm on Monday owing to thin supply.

Available capacity stood at 2,593MW while peak demand was at 2,427MW. A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement.

The National Grid Corporation of the Philippines (NGCP) said eight plants are on forced outage this month, eight since May, one plant since March, three since 2025, two plants since 2024, two plants since

2023, and one since 2021, while 15 plants are running on derated capacities, for a total of 944MW unavailable to the grid.

“So what is the reason for our yellow alert in Visayas? We are still waiting for the return of three more big power plants—Therma Visayas units 1 and 2 and PEDC Unit 3. The Kepco project unit 3 returned the other day so we already have a short-term solution using alternative technologies to reduce our yellow alerts. Hopefully, we will have more than 260MW of additional capacity,” added Marasigan.

Meanwhile, electricity services in General Santos City and across the Socoteco (South Cotabato Electric Cooperative) II franchise area have been substantially restored less than two weeks after the

magnitude 7.8 earthquake struck Southern Mindanao.

National Electrification Administration (NEA) Administrator Antonio Almeda said energization across the Socoteco II franchise area had reached 99 percent, allowing households, businesses, schools, hospitals, and other essential facilities to resume normal operations. Overall, restoration teams were able to restore electricity service to nearly all affected areas in less than ten days.

National Power Corp. (NPC) President Jericho Jonas B. Nograles said that the Kalamansig Diesel Power Plant resumed operations just 80 minutes after the earthquake, while power services in Sarangani Island were substantially restored last June 21.

By Bless Aubrey Ogerio

the debate shifted to how long rates would need to stay high. Several central banks have tightened policy, while others have signaled a willingness to do so if inflation persists,” Moody’s Analytics underscored.

In the Philippines, the Bangko Sentral ng Pilipinas (BSP) raised its policy rate by 25 basis points at backto-back meetings in April and June, bringing its benchmark to 4.75 percent.

BSP Governor Eli M. Remolona Jr. underscored that even if the Strait of Hormuz is open, “We would still need several months to rebuild the infrastructure before we can expect the price of oil to return to the levels before the conflict.”

Given the recent developments in the Middle East, the BSP said inflation pressures remain strong.

“Global oil and fertilizer prices are still elevated and continue to put pressure on domestic fuel and food prices. Core inflation continues to rise, indicating that inflation is spreading through second round effects,” Remolona said.

The BSP governor also admitted that the potential effects of El Niño, which the Monetary Board has not yet taken into account in its revised inflation forecast, also poses risk to inflation.

“So far, we haven’t [taken that into account]. It’s a big risk. We know that this one could be unusually big. So it is a big risk, but we’re still analyzing the potential effects of El Niño,” added the central bank governor.

₧1.6-B fish port upgrades target faster seafood trade

By Bless Aubrey Ogerio @blessogerio

THEgovernment is investing P1.6 billion to expand fish port facilities in Navotas and Palawan, as it seeks to streamline the movement of seafood products, reduce logistics costs and improve earnings for fisherfolk.

The Philippine Fisheries Development Authority (PFDA) Board recently approved a package of infrastructure projects that includes the modernization of the Navotas Fish Port Complex (NFPC) and the construction of a new fish port in San Vicente, Palawan.

Agriculture Secretary Francisco Tiu Laurel Jr. said that improving direct access to major trading centers could help reduce unnecessary layers in the supply chain that often eat into producers’ margins.

“We already have the buyers here,” Tiu Laurel said during the meeting. “If producers from places like Lubang can bring their products directly to Navotas instead of passing through other

trading centers, we can shorten the supply chain, reduce logistics costs, and improve returns for producers.”

A large portion of the investment will go to the continuing modernization of the country’s largest fish port.

Approved projects include the rehabilitation and upgrading of Market Halls 1 and 2 under Phase III of the NFPC modernization program, as well as the second phase of a shipyard development project within the complex.

The upgrades will increase the size of the Navotas facility by nearly 25 hectares, providing additional space for trading, support services and port operations, according to PFDA

Acting General Manager Glen Pangapalan.

The fish port currently supports around 30,000 workers and stakeholders, with the number rising to as many as 50,000 during peak fishing periods.

Phase II of the shipyard project is expected to be completed by December, while the market hall upgrades are scheduled for completion by June next year.

Beyond the ongoing projects, Laurel also proposed further improvements across the complex, including the upgrading of Market Halls 3 to 7, better road and parking facilities, and the establishment of a welcome center.

He said expansion opportunities remain available in the northern and northeastern portions of the property, while the shipyard project is expected to ease congestion and improve services for

fishing vessels.

Meanwhile, the board also approved the construction of the San Vicente Modern Fish Port in Palawan, a project designed to strengthen fish handling, trading and post-harvest operations in one of the country’s major fishing areas.

The facility is expected to be completed by 2028.

PFDA estimates the project will directly benefit more than 2,000 individuals and generate indirect gains for over 20,000 people involved in the fisheries value chain.

Many of the beneficiaries are expected to come from municipal fishing communities in northern and western Palawan, including those operating in the West Philippine Sea, where fishing remains a primary source of livelihood.

Ravelas then underscored that going forward, the peso is expected to remain “rangebound” around 61 to 62 in the near term, with direction “largely dictated by the Fed and oil prices.”

inflation expectations, however noted: “The move was largely anticipated by the market and has been overshadowed by stronger external headwinds, particularly the oil shock and global risk-off sentiment.”

As such, Rivera said if markets are more concerned about growth prospects, oil prices, and “broader uncertainties,” the positive impact of a rate hike can be “overwhelmed.”

BusinessMirror, April 8, 2026.)

She said the “Discover more to love” campaign is “just a refresh [of the ‘Love the Philippines’ slogan] so that everyone will have the chance to define his experience in his own personal way.”

To be launched on June 29 as a domestic marketing effort, the DOT chief said she hopes to later “expand it to the international [markets].”

The DOT is still finalizing the terms and conditions for the bidding of a new advertising contract to carry out the domestic campaign. “We are making sure that it meets industry standards....So we’re doing all due diligence,” said Angara-Mathay, to ensure the contract will be above board and there will be “fiscal discipline in using the funds.”

More engaging take IN the past, the DOT has had issues with advertising agencies due to creative lapses, as in the P49-million “Love the Philippines” campaign in 2023 (DDB Philippines), and the P650-million “Sights” ad in 2017 (McCann Worldgroup Philippines).

The DOT has been given P1.3 billion in branding funds under this year’s General Appropriations Act, double that of the agency’s 2025 budget. In turn, the agency has committed to attract 6.7 million inbound tourists this year.

She also explained the rationale for refreshing the LVP slogan: “For example, in Japan, ‘Love the Philippines’ might be too aggressive for them, because they’re not very demonstrative or affectionate, so they can interpret it another way. [We have to make it] a relatable way on how you define love. Make it more engaging.”

The use of the word “Discover/ Discovery,” she added, makes it more relevant especially to Filipinos and the “Gen Z who love

“We hope to achieve at least in 2026, 3.5 to 4.5 with all these changes,” Balisacan said in a televised interview on Monday. The latest outlook came after the DBCC earlier revised its 2026 gross domestic product (GDP) growth target to 5 percent to 6 percent from the previous 6 percent to 7 percent projection. (See: https:// businessmirror.com.ph/2026/06/17/ global-risks-spark-another-tweakin-growth-assumptions/) Balisacan said the economy could have grown by 3.8 percent in the first quarter instead of the reported 2.8 percent if government spending had been rolled out as planned, noting that “the underspending alone contributed to almost like a one percentage point.” The latest print marked the weakest GDP growth since the economy contracted by 3.8 percent in the first quarter of 2021 during the height of the pandemic.

Recently, Budget Secretary Kim Robert De Leon said economic managers were “trying to really be bullish” despite the slower first-quarter expansion and elevated inflation in recent months.

(See: https://businessmirror.com. ph/2026/06/08/cabinet-tweaks-economic-goals-after-weak-q1-growth)

Moreover, the government’s delayed spending has been particularly reflected in infrastructure outlays, which continued to weigh on public expenditure.

“BSP can smooth volatility but it can’t fully offset a strong dollar environment,” he also pointed out.

Asuncion said: “Overall, the peso’s trajectory at this stage remains primarily externally driven, with domestic policy playing more of a stabilizing rather than directional role.”

Within Monday‘s session, the local currency traded from as strong as 60.8 to as weak as 61.18 against the greenback.

to travel. It’s like an adventure to them.”

Angara-Mathay also said while she would be happy to reach 6.4 million visitors like last year, “We will try our best to exceed that.”

US now top visitor market

SPEAKING before members of the American Chamber of Commerce of the Philippines (AmCham) during its recent General Membership Meeting, the DOT Secretary revealed that the United States has now overtaken South Korea as the top source market for tourists. From January to June 16, American visitors reached 591,569, accounting for 20 percent of the 2.96 million in total arrivals for the period. No other market details were made available.

Total arrivals were up 6.16 percent, year on year (yoy). She did not say how many of the visitors from the US were Filipino-Americans, or traditional balikbayans (returning Filipinos), who regularly visit the Philippines, without prompting from the DOT.

“The United States has now become our number one source market, with more than half a million visitors and still growing. These numbers are indeed encouraging. But what matters even more to us is not just how many people are arriving—it is what that translates into: more jobs, more investments, and more opportunities reaching communities across the country. That is really the direction of our work,” she said. She encouraged AmCham members to explore opportunities in tourism development beyond hotels and resorts, including airports, ports, digital infrastructure, wellness facilities, renewable energy projects, and other investments that support tourism destinations across the country.

Concerns over their safety have discouraged South Koreans from visiting the Philippines. From January to May 2026, there were 501,789 arrivals from South Korea, almost 10 percent less yoy.

Data from the Department of Budget and Management (DBM) showed infrastructure and other capital outlays dropped by 45.6 percent to P189.3 billion in the January to April period from P347.6 billion during the same period last year. (See: https://businessmirror.com.ph/2026/06/22/infraspenddown-45-in-4-mos-sparks-alarm/)

For the second quarter, the socioeconomic planning chief said that it remains affected by the lag effects of previous economic disruptions, but expects fiscal conditions to improve in the latter part of the year as government spending picks up.

“The second quarter is still a little problematic, in the sense that we still see some lag effects of the previous quarter and the last half of last year’s effects coming in,” Balisacan said. “From the fiscal point of view, we are seeing improvements there in the second half.”

Long-term outlook still intact AMID a storm of global uncertainties and domestic hurdles, Balisacan said the Philippines’s growth narrative is far from over, as reforms and investor confidence continue to anchor the economy’s long-term prospects.

“I think that the narrative that, at least in the last 15 years, the economy has progressed quite substantially. And I don’t think that the recent shocks, particularly this Middle East crisis, has eroded that narrative,” Balisacan said. He emphasized that the goal should not only be achieving faster economic expansion but also ensuring that growth benefits more Filipinos through poverty reduction and lower inequality. The country’s chief economic planner cited recent World Bank findings showing improvements in poverty reduction and inequality, noting that the country’s Gini coefficient—a measure of income inequality—has moved below 40 percent after historically remaining at higher levels.

“The challenge for us is to keep sustaining good reforms and good policies,” Balisacan said.

Beyond growth figures, Balisacan said restoring confidence in government institutions remains crucial in attracting investments as countries compete for limited global capital.

He said improving accountability and strengthening trust in public policy and governance are necessary to encourage businesses and investors to commit resources to the Philippines.

“We have to improve and recover trust and confidence in public policy and governance,” Balisacan said.

He added that investors are less likely to place capital in countries where confidence in institutions and decision-making processes remains weak.

Still, the Depdev chief said early indicators suggest that trust is gradually being rebuilt, pointing to improvements in global competitiveness assessments as a positive sign.

“We are beginning to rebuild that trust,” he said, adding that sustaining improvements in competitiveness indicators would help further strengthen investor confidence.

Impeach prosecution seeks 62 days for evidence, witness presentation

By Jovee Marie N. Dela Cruz | @joveemarie

THE House of Representatives prosecution panel has requested the Senate Impeachment Court to allocate 62 trial days for the presentation of its evidence and witnesses in the impeachment case against Vice President Sara Z. Duterte more than double the 30 days sought by the defense.

H ouse legal spokesperson and private prosecutor Benjamin Tolosa Jr. said the number of requested trial dates reflects the volume of witnesses and documentary evidence identified in the prosecution’s pre-trial brief.

“ The prosecution asked for 62 trial dates, and the defense asked for 30,” Tolosa said during a press briefing at the Senate. He clarified, however, that the trial may not necessarily run for 62 days, noting that proceedings could be shortened if the impeachment court allows multiple witnesses to testify in a single day.

Comelec adopts 25% shading rule for BARMM elections

By Mary Jade Jadormio

VOTERS participating in the first Bangsamoro parliamentary elections will only need to shade at least 25 percent of the oval on their ballots for their votes to be recognized by the automated counting machines. Commission on Elections (Comelec) Chairman George Erwin M. Garcia, the adjustment was introduced in response to concerns raised during the 2025 national and local elections. The change is among several refinements adopted by the commission as it prepares for the Sept. 14 parliamentary polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Garcia said the lower shading threshold is intended to make voting easier and reduce uncertainty over whether ballots will be properly read by the machines.

“ Twenty-five percent is now the shading requirement so there will be no doubt whether the ballots can be read or not,” Garcia said. Election officials also reviewed whether the adjustment would require changes to the automated election system’s source code before approving the measure.

According to Garcia, the modification does not affect the system’s core software and only changes how the machines interpret ballots.

The commission has likewise shifted to oilbased pens for the upcoming elections after receiving feedback that the ink used in previous polls could sometimes smear on ballots. Garcia said the adjustments were introduced following concerns raised by voters and election stakeholders during the 2025 elections.

“ We are not saying there were problems in the previous elections. What we are doing is improving the process based on the concerns that were raised,” he said.

Rather than major changes to the system, he described the measures as refinements meant to enhance the voting experience and increase voter confidence in the automated election system.

“Election is always a continuing process of enhancement and improvement,” Garcia said.

The commission is also preparing voter education materials and simulation exercises ahead of the parliamentary polls to familiarize voters with the election process.

Comelec expects the Bangsamoro elections to serve as a testing ground for several improvements that could also be considered in future national elections.

The parliamentary elections will be the first held under the Bangsamoro government’s new political structure and are expected to draw more than two million registered voters across the region.

Tolosa also pointed out that the defense listed 97 witnesses in its pre-trial brief –including several also named by the prosecution—despite requesting fewer trial dates.

So it’s a question of how come they listed 97 witnesses but they only asked for 30 trial dates,” he said, adding that this may suggest that not all listed witnesses will be presented.

Common witnesses

THE prosecution said both sides share 51 common witnesses, consisting of 16 named individuals and 35 unnamed witnesses. Some defense

witnesses were identified only by their offices, including personnel from the Office of the Vice President and the Bureau of Internal Revenue.

Tolosa further noted that the defense adopted a substantial portion of the prosecution’s documentary evidence.

For the exhibits, we have 248 common exhibits, meaning 248 out of the 276 exhibits of the prosecution were basically copied also in their pre-trial brief or listed also as their evidence,” Tolosa said.

The final number of trial dates will be determined by the Senate impeachment court in its pre-trial order.

No evidence excluded BATANGAS Rep. Gerville Luistro, House lead prosecutor, clarified that no documentary evidence has been excluded from the impeachment case during ongoing pre-trial proceedings.

As to striking off records, no, that is not supposed to happen during the pre-trial conference,” Luistro said during the same press briefing.

She explained that the pre-trial stage is not the proper venue for determining whether evidence should be admitted or rejected.

Luistro also declined to discuss specific details about witnesses, evi-

dence, and stipulations being tackled, citing restrictions on commenting on the merits of the case.

Despite this, she described the proceedings as “intense but professional,” with both sides firmly advancing their respective positions.

A ccording to Luistro, questions regarding the admissibility of documentary evidence will only be taken up once the impeachment trial formally begins.

The atmosphere is very passionate in the sense that the prosecution is very much committed to prove its case, while the defense is likewise very much committed to prove the innocence of the respondent,” she said.

The impeachment trial of Duterte is scheduled to begin on July 6.

Trust in Senate LUISTRO also said the prosecution has full confidence in the Senate Impeachment Court, regardless of who presides over the trial.

Her statement came amid reports that a presiding officer other than Senate President Sherwin Gatchalian may be designated, with former Senate President Francis scudero among those being mentioned.

“ For us, we are aware that this is a constitutional duty. This is not a ques -

tion of who is the presiding officer,” Luistro said during a press briefing at the Senate.

She emphasized that the proceedings are governed by the Constitution and Senate rules, making the institution itself more important than any individual presiding officer.

So regardless of whether it is SP Win Gatchalian or Sen. Chiz Escudero who will be presiding [over] the impeachment trial, the prosecution is expressing utmost faith and confidence in the impeachment court,”Luistro said.

Show up

THE House trial spokesperson, Partylist Rep. Renee Co of Kabataan, said the public expects Duterte to personally appear in the impeachment proceedings after previously stating her willingness to face the charges in the proper forum.

Co said Duterte’s absence is not new, noting that the Vice President also failed to appear before the House Committee on Justice despite repeated summons during earlier impeachment proceedings.

She added that continued absence could shape public perception. Despite this, Co said she remains optimistic that Duterte will participate in the proceedings.

Chinese sanctions proof of Teodoro’s ‘effectiveness’

CHINESE sanctions meted out against Defense Secretary Gilberto Teodoro Jr. and his immediate family are only meant to scare the former who is proving to be a very effective defense chief as confirmed by a series of successful security partnerships inked with like-minded states.

Th is was stressed by the Armed Forces spokesperson for the West Philippine Sea (WPS), retired Rear Adm. Roy Vincent Trinidad, in a radio interview late Sunday.

“Ito ay maliwanag na pananakot, kita

THE National Police (PNP) has not received any official communication regarding a supposed arrest warrant against Sen. Rodante Marcoleta.

As of now, the PNP has not received any official communication regarding said warrant,” the PNP information chief and spokesperson, Col. Allen Rae Co, said during a press briefing at Camp Rafael T. Crame in Quezon City on Monday.

I n a statement, the PNP Chief Gen. Jose Melencio Nartatez Jr., said the police would strictly observe legal protocols and would not implement the arrest without a direct

naman natin ang napakaeffective  na  SND [Secretary of National Defense]. Siya ang nanguna sa ating defense diplomacy, ang dami nang nalagdaan na enhanced [Philippine] defense relations sa iba ’t ibang bansa [These sanctions are just merely to intimidate him, it is known to us that he is very effective SND, he is leading our defense diplomacy and under his term, we have signed a lot of agreements which further enhanced [our] defense relations with other countries],” he added.

C hina has prohibited the DND

mandate from the courts.

“ The National Police has not issued any special operational directive concerning Senator Marcoleta, and we do not act on rumors or unverified information,” he said.

N artatez added that the PNP recognizes the exclusive authority of the courts to issue warrants and will act only when required by law.

Marcoleta earlier claimed he had received information about a possible arrest warrant against him in connection with complaints stemming from the alleged non-disclosure of P75 million in campaign donations during the 2025 midterm elections.

chief and members of his family from entering its territories and its nationals from doing business with them.

Trinidad was referring to the series of Status of Visiting Forces Agreements the Philippines has signed with Canada, France and Japan to name a few nations with Teodoro manning the DND helm.

The DND chief has also proven to be a very vocal critic of China’s illegal and aggressive actions in the WPS, Trinidad added.

“ It only [shows] that  tama ang

I nterior Secretary Juanito Victor Remulla said he was unaware of any charges filed against Marcoleta, noting that a warrant cannot be issued unless a case has first been filed before the court, particularly the Sandiganbayan.

I n the same press briefing, Co said the obstruction of justice case the PNP lodged against Sen. Robinhood Padilla will not be affected even after the Department of Justice (DOJ) sent back the complaint owing to technicalities. The complaint is linked to the “escape” of Sen. Ronald dela Rosa from Senate premises while he was in the chamber’s protective custody follow-

ginagawa niya [what he is doing is right]  eh tayo naman sa hanay ng AFP, total support tayo sa ating SND [and we, in the AFP ranks, we express our total support to our SND],” Trinidad said.

I n imposing this sanction against Teodoro and his immediate family members, China’s Foreign Ministry accused the defense chief of having “repeatedly made irresponsible remarks on China” which “undetermined” Chinese interest and sabotaged ChinaPhilippine relationships. Rex Anthony Naval with PNA

ing the issuance of an International Criminal Court warrant against him.

“As I understand, this is within the working mechanism of DC [Department Circular] 20, the close coordination and cooperation between the DOJ and law enforcement agencies,” Co said when asked to comment on the issue.

“So,  mayroong kaunting [there is something] lacking. It does not mean anything about the case. It doesn’t affect the case at all,” he added.

I ssued in March 2023, DC 20 mandates prosecutors to take an active role in criminal investigations during the case build-up stage, shifting their roles from passive evaluators to active collaborators with law enforcement agencies. Rex Anthony Naval with PNA

Tax court junks criminal case vs Napoles children

TBy Joel R. San Juan @jrsanjuan1573

HE Court of Tax Appeals (CTA)  en banc has dismissed the criminal complaint for tax evasion filed by the Bureau of Internal Revenue (BIR) against the children of pork barrel scam mastermind Janet Lim Napoles and their realty company. I n a seven-page decision, the CTA  en banc  through Associate Justice Marian Ivy F. ReyesFajardo,  affirmed the resolutions issued by the CTA Second Division which junked the tax case against James Christopher Napoles and Jo Christine Napoles, president and treasurer of JCLN  Global Properties Development Corporation, on the ground of prescription.

T he case stemmed from the complaint filed by the BIR for willful failure to supply correct and accurate information in the respondents income tax return for the taxable year 2010

T he complaint alleged that the respondents fraudulently stated in their income tax return the amount of P1,742,073 only as its gross revenues for 2010 despite the fact that the company]s income reached P44,192,418 which was used in the acquisition of real properties for the same year.

The BIR accused the respondents of deliberately concealing the existence of the acquired properties which resulted in under-declaring its true and correct income in the amount of P36.06 million and failing to pay the correct tax amounting to P13.25 million, exclusive of interest and

penalty charges.

H owever, the CTA’s Second Division dismissed the complaint on the ground of prescription in a resolution issued on August 20, 2024.

I n its petition for review filed before the CTA en banc, the BIR argued that prescription has not set in because under Section 281 of the National Internal Revenue Code of 1997, the discovery of the violation and the institution of proceedings operate concurrently to comment and interrupt the prescriptive period, and that the filing of criminal complaint with the prosecutor’s office for purpose of preliminary investigation interrupts or suspends the running of prescription.

On the other hand, the respondents insisted that the prescriptive period

Legislators urge govt to speed up construction of permanent ECs

LAWMAKERS are urging the government to prioritize the nationwide construction of fully equipped, climate-resilient permanent evacuation centers (ECs) to provide safe shelter for families displaced by earthquakes and other natural disasters.

C amarines Sur Reps. Miguel Villafuerte and Vincenzo Renato Luigi Villafuerte said the government could fast-track the construction of sturdy, permanent, and fully equipped evacuation facilities nationwide through the full implementation of Republic Act 12076, or the Ligtas Pinoy Centers Act, which was signed into law by President Marcos in December 2024.

R A 12076 mandates the establishment of permanent evacuation centers in every city and town in the country.

“ The perennial problem of the national government and local governments [LGU] in finding temporary accommodations for people whenever natural disasters like strong earthquakes or killer typhoons force them to flee their homes should prompt the government to ponder spending big on permanent ECs, in compliance with RA 12076,” said Migz Villafuerte.

V illafuerte, a principal author of the law in the 19th Congress, said the recent Mindanao earthquake— where tens of thousands were forced into makeshift shelters—reflects a recurring post-disaster scenario in the Philippines that highlights the need for immediate and full implementation of the law.

H e stressed that the national government and LGUs must work together in building climate-proof evacuation centers in safe, elevated areas to ensure the protection of evacuees during disasters.

“ These facilities must be sturdy, fully equipped, and strategically located so they can serve as safe temporary homes for affected families during calamities,” he added.

Luigi Villafuerte echoed the call, saying priority should be given to high-risk and disaster-prone areas in the construction of permanent evacuation centers nationwide. He said the availability of such facilities would also end the repeated use of public schools as temporary shelters for evacuees.

He noted that Marcos, in signing RA 12076, recognized the longstanding problem of classrooms being used as evacuation sites, which disrupts learning and delays the resumption of classes.

Luigi added that prolonged use of schools as evacuation centers severely affects education, especially when families are forced to stay for weeks owing to damaged homes or slow recovery efforts.

M igz Villafuerte said the National Disaster Risk Reduction and Management Council (NDRRMC) is tasked under the law to coordinate with LGUs in identifying priority areas for evacuation center construction, particularly flood- and disaster-prone communities.

commenced on September 17, 2015, upon the filing by the BIR of the criminal complaint before the DOJ; such filing did not interrupt the running of prescription, which continued uninterrupted until it lapsed on September 17, 2020; and consequently, when the information was filed before the CTA on July 19, 2024, the criminal action was already barred by prescription.

I n upholding the ruling of the Second Division, the CTA  en banc noted that Section 218 of the NIRC provides that violations of the Code “shall prescribe after five years, reckoned from the date of commission of the offense, if known, or, if not known, from the discovery thereof.”

U nder RA 12076, evacuation centers must comply with strict structural standards based on the National Building Code or international building standards and be designed to withstand typhoon winds of up to 300 kilometers per hour and magnitude 8.0 earthquakes.

L uigi Villafuerte said the continued reliance on schools and churches as evacuation sites will remain a recurring problem unless permanent evacuation centers are built nationwide. He cited Department of Education Memorandum 004-2024, which states that classrooms should only be used as a last resort and for no more than 15 days.

H owever, he said local governments are often left with no choice due to the absence of dedicated evacuation facilities.

Big-time fuel price rollback set

By Lenie Lectura @llectura

OIL companies are expected to slash pump prices by as much as P11.82 per liter this week.

A ccording to the Department of Energy (DOE), this week’s price adjustment is a big-time rollback for gasoline ranging from P3.90 to P5.90 per liter, P9.04 to P11.04 per liter for diesel, and P9.82 to as much as P11.82 per liter for kerosene. O il companies have yet to announce their price adjustments that are expected to take effect Tuesday, June 23.  Th ese downward adjustments

Basque industry meets PHL investment ambitions

By Bless Aubrey Ogerio

THE Philippines is seeking deeper trade and investment partnerships with one of Spain’s most industrialized regions, as it explores collaboration opportunities in maritime industries, renewable energy, advanced manufacturing and biotechnology.

D uring the trade and investment mission of the Philippine Trade and Investment Center in Madrid (PTIC) to Bilbao, Spain, from June 8 to 10, they explored potential partnerships with Basque stakeholders in sectors aligned with the development priorities of both economies.

T he Basque Country, a region known for its industrial capacity and export-oriented economy, has identified advanced manufacturing, energy, and the intersection of biosciences and health as strategic growth areas, supported by its technological capabilities and global market reach.

“ These priorities closely align with sectors being actively promoted by the Philippines for trade, investment, and innovation partnerships,” the PTIC said.

D uring the visit, PTIC-Madrid

met with the Bilbao Chamber of Commerce, Basque Trade and Investment, and the Basque Maritime Cluster, as well as companies including Petronor, Biolan, and Murueta Shipyard.

T he engagement follows the Philippines’ first participation in Navalia 2026, an international shipbuilding exhibition held in Vigo, Spain, in May, where Philippine officials promoted opportunities in the country’s maritime sector, including investments, technology transfer, and industry partnerships.

The country’s push for maritime cooperation comes as the country seeks to strengthen its shipbuilding capabilities and attract foreign participation in an industry where Spain has established expertise.

T he Basque Country, home to around 2.24 million people, contributes 5.7 percent of Spain’s gross domestic product (GDP) and has the country’s second-highest GDP per capita at €41,410, about 26 percent higher than the national average.

M anufacturing accounts for 20.7 percent of the region’s economy, nearly double Spain’s national average of 11.9 percent, while exports represent 33.8 percent of regional GDP.

Manila Bay fishers need continuous subsidy—group

T HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Monday reiterates its demand for fuel subsidy for Manila Bay fishers amid the ongoing oil crisis caused by tensions in the Middle East.

I n a statement, Pamalakaya said that even with the series of oil price rollbacks and the anticipated interim peace agreement between the United States and Iran, fuel prices remain high and unaffordable, especially for small fishermen.

R odrigo Laudit, a fisherman in Las Piñas complained through Pamalakaya that price of gasoline remains high f rom P75 to P80 per liter.  He added that the promised subsidy of the gov-

ernment, which is not substantial, has yet to be released to small fishermen.

Pamalakaya earlier criticized the government’s “insufficient, selective and delayed” fuel subsidy amounting to P3, 000 per registered fisherman. Only 15, 000 fishermen, out of the 2.7 million registered nationwide, will receive the said subsidy.

T he fishers’ group reiterated its demand for the immediate and sufficient rollout of fuel subsidy to affected fisherfolk across the country, a s well as the removal of fuel taxes which add up to P20 per liter on petroleum products.

Matatapos na lang ang tensyon sa  Middle East  pero wala pa ring usad ang pamamahagi ng ayuda ng

bring local retail prices closer to pre-crisis levels.  However, latest reports have it that the Strati of Hormuz remains closed.

I do not want to pre-empt. We just wait for the reports from the international market, and then we can probably make our own assumptions this weekend,” said Energy Secretary Sharon Garin during a news conference held on Monday.

G arin assured that the Department of Energy will not let its guard down despite the recent US-Iran cease-fire which was announced before the strait was

closed again. “We will not let up unless it is very clear to us that there will be no disruption. The DOE will continue to be vigilant, transparent, and proactive in the sense that our prices are controlled at the very least and we will monitor our inventory,” she said.

A s of June 19, the country’s fuel supply is expected to last for an average of 43 days. Of which, gasoline inventory is at 43 days of supply; diesel, 40  days; kerosene, 128 days;  jet fuel, 68 days;  fuel oil, 38 days; and LPG, 42 days. Meanwhile, the DOE  reported

that it has received an unmodified audit opinion from the Commission on Audit (COA) for 2025. The unmodified audit opinion, the highest opinion that may be issued by COA on an agency’s financial statements, reflects the DOE’s continued commitment to transparency, accountability, and sound public financial management in the performance of its mandate.

Receiving an Unmodified Audit Opinion affirms our commitment to transparency, accountability, and responsible stewardship of public resources,” said Garin.

What will AI do to our future?

By Henry J. Schumacher

EARLIER this year, I stumbled across a talk by the Israeli philosopher Yuval Noah Harari about artificial intelligence. He was making a provocative analogy. Think about A.I. as a new form of immigration, he said — only this wave of immigration is going to be more intense than anything that’s come before it.

A I immigrants are going to flood our economies, he said. They will take our jobs. They will change our culture. They will change our language. If that’s OK with you, fine. If not, Harari said, regulate it now, because in five years’ time, it will be too late.

The analogy has stayed with me because it does two things: It gives a sense of the disruptive potential of AI and it also hints at the vast political backlash that could be coming our way.

So what will AI do to our politics?

WE don’t have the data yet to know exactly how many jobs are at risk from AI, but early indicators suggest we’re in for a bumpy ride. I n just the past few weeks, companies have cited AI to justify tens of thousands of layoffs. Entry-level coding jobs are declining.

A I interprets radiology images. It makes pop music. It drives taxis. Regardless of whether we reach the “artificial general intelligence” tech that chief executives promise—machines that are as good as humans at everything—the technology is already powerful enough to threaten generation-defining levels of economic disruption.

pamahalaan Malaking pananagutan na ito ng administrasyong  Marcos  sa mamamayan na biktima na nga ng pagsasamantala ng mga kumpanya ng langis, biktima pa ng kriminal na kapabayaan ,” Fernando Hicap, Pamalakaya national chairman said in a statement.

T he group said that it holds the Marcos administration “accountable over negligence and incompetence” to address the impacts of the oil crisis on the marginalized sectors.

Jonathan L. Mayuga

And not just economic disruption

BECAUSE what history tells us is that the ripple effects of major economic disruptions are almost never confined to the economy. We can already see the backlash; what we can’t yet know are the ways it might rearrange politics in the long term. But the economists I spoke to all made some of the same points:

n Humans can still control AI. The decisions that politicians, regulators and companies make now will affect how an AI-driven future plays out. Whether and how AI is regulated, how the wealth it creates is distributed, the extent to which it replaces or augments human labor—these are political choices.

n The people who will be displaced by AI first will not be blue-collar workers. They will be knowledge workers — members of the educated middle class, the people.

n C oncerns about AI and how to deal with it bridge the political divide. There are politicians across the American political spectrum, for example, from Bernie Sanders to factions within the MAGA movement, calling for regulation. So is the Pope.

By Mary Jade Gale Jadormio

THE Metro Manila Regional Tripartite Wages and Productivity Board (RTWPB) has concluded its public hearings on petitions seeking a minimum

AI policy could become the basis for new political coalitions.

n T he mere threat of AI replacing humans is crystallizing the meaning of human work. Work is a source of identity. It’s also a source of economic and political power.

W hatever the transition looks like, it’s probably going to play out fast. While we don’t know what the economic or political future will look like, we won’t have to wait long to find out.

It is obvious to me, that the human influence in this development is absolutely needed. We humans have to avoid that AI’s potential negative influence is leading us into the wrong direction.

Humans of the world—unite!!

BUT the question is what “humans” are included? Politicians, world leaders, the rich business leaders who influence politicians, the middle-class leaders, the poor, the sick, t, and the hungry, and…

W hile I believe that AI does many good things to us, I am also of the opinion that the potential bad influence of AI as demonstrated above needs to be fought through strict regulations. Is that possible given the power of AI?

A ll things considered, I think politics is the one thing AI should never get a hold of. Why? Because it dictates people’s lives, and because the ones who can access and influence AI are the rich influential private sector and greedy politicians, who will do nothing but keep their power intact.

I l ook forward to your reactions: contact me at  hjschumacher59@ gmail.com

THE Department of Social Welfare and Development (DSWD) will start the distribution of Emergency Cash Transfer (ECT) assistance on Tuesday for families affected by the magnitude 7.8 earthquake in parts of Mindanao.

The initial rollout will cover affected areas in Davao Occidental, Sarangani, and General Santos City.

DSWD Disaster Response Management Bureau (DRMB) Director Maria Isabel Lanada said Secretary Rex Gatchalian will again visit heavily affected communities, including the towns of Glan and Malapatan in Sarangani; General Santos City; and Balut Island and Jose Abad Santos in Davao Occidental.

S he said the cash assistance will be distributed as part of the agency’s early recovery efforts to help families rebuild damaged homes and meet essential needs, in addition to earlier food and non-food aid already provided.

L anada noted that the DSWD has already delivered family food packs and non-food items and is now moving to cash-based support to accelerate recovery.

S he also reported that around 84,580 houses have been recorded as either totally or partially damaged based on initial data.

T he ECT program is designed as an adaptive response mechanism to bridge immediate disaster relief and long-term recovery by providing unconditional cash assistance to affected families.

Initial estimates show that more than 139,000 families from Region 11 (Davao Region) and Region 12 (Soccsksargen or South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City.) are expected to benefit from the program, with a budget allocation of over P799.59 million.

The DSWD said the rollout follows the directive of President Marcos to ensure timely and sufficient assistance for families affected by the major earthquake as they begin rebuilding their lives.

Jovee Marie N. dela Cruz

wage increase of up to P200.

The hearings marked the end of stakeholder submissions from labor groups, employers and academe.

L abor groups had pushed for a P200 across-the-board wage hike during the hearing.

E mployers, meanwhile, raised concerns over the possible impact of higher wages on business costs and employment.

The board said all positions presented during the hearings will be taken up in its deliberations.

D epartment of Labor and Employment (Dole)-Metro Manila Director and RTWPB Chairperson Sarah Buena Mirasol said the wage board will now proceed to the next phase of the process. We will carefully study the petitions of labor groups, the inputs or positions of employers. We will be guided by the criteria set by rules when we deliberate and discuss the minimum wage,” Mirasol told the BusinessMirror She said the board will evaluate all submissions under existing wage-setting guidelines.

M irasol said the process requires balancing workers’ demand for relief and the need to sustain business operations.

T he RTWPB said prevailing economic conditions will also be considered in the deliberations.

O fficials declined to cite possible wage adjustments, saying these will be discussed internally by the board.

T he board said no decision has been reached as discussions remain ongoing.

A w age order will be issued after the deliberation phase.

Complete upgrade of Talisay flood mitigation structure up

TBy Carmel Pedroza

ALISAY CITY, Cebu—The na-

tional government is pressing ahead with the redesign and rehabilitation of the Mananga River Flood Mitigation Structure in this city, replacing traditional concrete flood control components with naturebased engineering solutions aimed at slowing water flow, reducing flood risks, and protecting downstream communities from future disasters.

P resident Marcos inspected the rehabilitated sections of the Mananga River on Monday in barangay San Isidro, recalling the devastation caused by severe flooding that inundated communities along the river and damaged critical infrastructure.

We repaired the flood control structures and redesigned them,” Marcos said.

Instead of relying solely on concrete and cement, we introduced a new approach so that water will not flow too quickly,” Marcos told reporters after the inspection.

The Department of Public Works and Highways (DPWH) said the project now incorporates gabion walls—wire mesh baskets filled with rocks that serve as erosion-control and flood-mitigation structures.

P ublic Works Secretary Vivencio Dizon described the technology as a proven, nature-based solution that helps manage floodwaters more effectively than conventional concrete structures.

“First, it is a nature-based solution. Second, and most importantly, it slows down the flow of water. This is not a new technology. It is a very old one, but in many cases it performs better than concrete,” Dizon said. He added that the same approach will be implemented in other parts of the country to help reduce the speed and force of floodwaters rushing down from mountainous areas during heavy rainfall.

T he rehabilitation effort was launched following the destructive floods that struck communities along the Mananga River during the onslaught of Typhoon Tino last year.

I nformation displayed at the project site showed that the floodcontrol structures were heavily damaged after the typhoon triggered flash floods, affecting barangays including San Isidro, Lawaan III, Mohon, Dumlog, and Biasong.

P roject features include the cleaning and clearing of debris, repair and strengthening of damaged flood-control structures, the declaration of a no-build zone, and the relocation of affected families from danger-prone areas.

Marcos emphasized that settle -

Continued from A3

I t added that the institution of judicial proceedings for the investigation and punishment of the offense interrupts the running of the prescriptive period.

In the case of the respondents, the CTA en banc pointed out that the BIR instituted the criminal complaint against them by filing the joint complaint-affidavit and referral letter with the Department of Justice on September 17, 2015.

The DOJ then issued a resolution on December 1, 2016 which found probable

ments will no longer be allowed within the designated no-build zones along the riverbanks.

This area was really intended as a no-build zone,” the President said.

With the help of local governments, we have been relocating residents living in these hazardous areas because they remain at risk if they stay here,” Marcos added.

The President also noted that new drainage systems have been incorporated into the redesigned structures to prevent water from stagnating behind flood-control barriers after heavy rains.

Based on the project’s timeline, rehabilitation works began shortly after the flooding incident, with restoration, debris clearing, and floodcontrol repairs undertaken through November 2025.

Site information indicates that full completion of the remaining works was targeted by July 31, 2026.

T he DPWH said the project is expected to improve public safety, protect homes and properties, and significantly reduce flood risks for communities along the river corridor.

Dizon thanked the Talisay City Government and the Cebu Provincial Government for their assistance in implementing the rehabilitation program and supporting relocation efforts.

L ooking beyond the current project, Marcos and Dizon announced plans for major upstream floodcontrol infrastructure in Cebu’s three major river systems.

T he President said a proposed 70-meter dam along the Mananga River has already been included in the National Expenditure Program for 2027, while Dizon disclosed that funding has likewise been earmarked for dam projects along the Mananga, Cotcot, and Butuanon rivers.

These projects are already budgeted for 2027, and we will begin next year once funding is released,” Dizon said.

The DPWH chief stressed that the administration considers the projects a priority and said President Marcos would not allow their funding to be reduced during the budget process.

“ It’s important not only for Cebu but also for Talisay, Liloan, and all the cities and municipalities crossed by the Mananga, Cotcot, and Butuanon river systems,” he said.

Marcos said the long-term strategy is to intercept and regulate floodwaters upstream before they reach heavily populated areas downstream.

“ We will continue to build, continue to repair, and continue to improve these structures,” Marcos said.

“ Our plan is to control the water at the source so communities below will no longer have to suffer the same level of flooding and destruction,” he added.

cause to indict the respondents for alleged violations of the provisions of the NIRC.

Reckoned from September 17, 2015, the five-year prescriptive period lapsed on September 17, 2020. Thus, when petitioner filed the Information before the Court in Division on July 19, 2024, the criminal action had already prescribed. A ccordingly, the dismissal of CTA Criminal Case 0-1193 on the ground of prescription is justified,” the CTA en banc declared.

Continued from A3

Anti-vote buying drive WITH the first Bangsamoro parliamentary elections less than three months away, election officials are focusing on an issue that has long hounded local polls – vote-buying.

Garcia said the poll body is strengthening coordination with security agencies to curb election-related irregularities and ensure a credible vote on September 14. Garcia identified vote buying as one of the biggest challenges facing election authorities in the autonomous region.

He said the commission hopes to significantly reduce the practice during the parliamentary elections, which will be the first held under the Bangsamoro government’s parliamentary system.

“ The purpose really is to ensure that there will be no irregularities,” Garcia told reporters.

Preparations are also underway to safeguard election personnel, voting equipment and polling centers across the region.

Nation

Govt may accept donations from tobacco industry–DOJ

By Joel R. San Juan | @jrsanjuan1573

THE Department of Justice (DOJ) has reiterated the legal opinion it issued in 2024 which declared that the national government, local governments and government agencies are not prohibited  from accepting donations from individuals  and businesses related with the tobacco industry.

The DOJ made the reiteration in its recently released legal opinion which stemmed from the letter-request of  the National Police (PNP) Chief, Gen.  Jose Melencio Nartatez, seeking the agency’s guidance on the legality of accepting donations from tobacco industry to support the operational enhancement and law enforcement capabilities of the PNP, in light of the prohibition provided under Joint Memorandum Circular (JMC) 2010-01 of the Civil Service Commission (CSC) and Department of Health (DOH).

J MC 2010-01 (Protection of the Bureaucracy against Tobacco Industry Interference), prohibits public officials and employees from soliciting or accepting, directly or indirectly, any gift, gratuity, favor, entertainment, loan or anything of monetary value in the course of their official duties or in connection with any operation being

regulated by, or any transaction which may be affected by the functions of their office from any person or business related to the tobacco industry.

The prohibition is in consonance with the country’s attempt at complying with its international commitments under the World Health Organization Framework Convention on Tobacco Control (WHO FCTC), to which the Philippines is a signatory.

T he joint memorandum circular, according to the DOJ, is also a reiteration of the same prohibition found in Section 7(d) of Republic Act 6713 or the Code of Conduct and Ethical Standards for Public

Gatchalian urges local govts to step up drive vs stunting

By Butch Fernandez

FOLLOWING the first reported rise of child stunting in the Philippines in 10 years, Senate President Sherwin Gatchalian is seeking the mobilization of local governments to reverse the trend.

Gatchalian’s call is consistent with the Early Childhood Care and Development (ECCD) System Act (Republic Act 12199), which makes LGUs responsible for the implementation of ECCD programs and services, including those related to the nutrition and health of children below five years old.

A survey by the Department of Science and TechnologyFood and Nutrition Research Institute (DOST-FNRI) recently found that stunting among Filipino children under 5 years old hit 25.3 percent in 2025, 1.7 percent higher than the 23.6 percent recorded in 2023. While the stunting rate was 33.4 percent in 2015, it had steadily declined until the recent uptick.

Hindi tayo maaaring mag - aksayang panahon sa pagsugpo sa stunting, lalo na’t kalusugan, kakayahan, at pagkatuto ng ating mga kabataan ang nakataya Kailangang kumilos agad ang mga LGU para magpatupad ng mga programang pang -nutrisyon para sa mga bata,” said Gatchalian.

Under the 2026 national budget, P9.26 billion is allocated to the Department of Social Welfare and Development’s Supplementary Feeding Program for children aged two to five enrolled in child development centers and supervised neighborhood play.

As part of these efforts, Comelec officials are set to meet with police and military commanders in Western Mindanao to discuss election security and operational concerns ahead of voting day. Garcia said election technology alone cannot guarantee a credible election if the process itself is compromised. The question is, are the voters really the ones casting the votes?” he said. Ensuring that legitimate voters are able to cast their ballots freely remains among the commission’s top priorities, according to Garcia. Additional personnel from the National Police (PNP), Armed Forces (AFP) and Coast Guard (PCG) are expected to be deployed to support election operations and maintain peace and order during the election period.

While he did not disclose the number of personnel to be assigned, Garcia said security preparations are already in place for the polls.

He also assured election workers that the commission would provide support and contingency measures for those assigned to election duties.

T

Officials and Employees.

The said provision provides that public officials and employees shall not solicit or accept, directly or indirectly, any gift, gratuity, favor, entertainment, loan or anything of monetary value from any person in the course of their official duties or in connection with any operation being regulated by, or any transaction which may be affected by the functions of their office.

The DOJ noted that both JMC 2010-01 and Section 7(d) of RA 6713 prohibits the receipt or solicitation of public officials and employees of gifts in the course of their official functions and not the government agency or office itself.

The Justice department pointed out that the prohibition under JMC 2010-01 and Section 7(d) of RA 6713 only covers public officials and employees, thus, “cannot be interpreted to broadly extend to the national government, local government, and other government agencies, subdivisions, and offices.”

Existing national laws regarding the regulation of tobacco in the country does not explicitly restrict dona-

Republic of the Philippines Sixth Judicial Region REGIONAL TRIAL COURT Iloilo City BRANCH 39 Email: rtcilo039@judiciary.gov.ph Tel. No. (033) 3353144

SCC CASE NO. 25-120 For “CORPORATE

tions made by persons or businesses involved in the tobacco industry to government agencies,” the DOJ said.  L ikewise, the DOJ said the  WHO FCTC  does not oblige parties to absolutely ban or prohibit the donation of persons or  businesses involved in the tobacco industry to government agencies.

O n the other hand, the DOJ said Section 26 of R.A. 9211 bars tobacco and cigarette companies from sponsoring sports, concerts,  cultural or art events, and certain athletes, artists, or performers where the sponsorship requires or involves the advertisement or promotion of a tobacco company, tobacco product, or tobacco use. Therefore, if a tobacco-company donation to a government office is coupled with public acknowledgment, logo placement, naming rights, publicity materials, media exposure, or similar promotional visibility, the arrangement may also be vulnerable as a prohibited or restricted tobacco sponsorship,” Justice Secretary Fredderick Vida said.  T he DOJ, however, clarified its  opinion does not cover the validity or constitutionality of JMC 2010-01.

Editor: Angel R. Calso

US and Iranian negotiators enter 2nd day of talks after rough start

By Aamer Madhani, Jamey Keaten & Seung Min Kim The Associated Press

OBBUERGEN, Switzerland—

Negotiators from the US and Iran were set to engage in a second day of talks Monday to solidify a permanent end to the war between the countries, after a first day of mediation began with a rocky start.

Mediators Qatar and Pakistan hailed what they called “encouraging progress” made during the talks as Iran and the United States agreed to create a “de-confliction cell” to address the fighting in Lebanon. A senior US diplomat claimed progress on multiple fronts, including the establishment of “mechanisms” to ensure the Strait of Hormuz, a vital waterway for global energy shipments, remains open and that a ceasefire in southern Lebanon holds.

Yet the first full day of talks between the US and Iran, who were accompanied by Qatari and Pakistani officials, was jolted by blistering statements from US President Donald Trump, who from thousands of miles away from the Swiss negotiating venue at a mountainside resort near Lake Lucerne was firing off comments that offended the Iranians.

Iranian state media said talks had paused after the “publication of an insulting message by the US President.” The Iranian delegation then met with Qatari mediators and left the negotiating site, state media said. The senior US diplomat, who spoke on condition of anonymity to brief journalists on the ongoing talks, said late Sunday that the Iranians remained on site and the negotiations were on.

Iranian President Masoud Pezeshkian had vowed to “never back down from the right to enrich uranium,” according to state media, and Trump later told Fox News in a phone interview that Pezeshkian should watch what he says and also threatened to take over Iran, according to one of the news channel’s correspondents.

Trump also continued to issue warnings against Iran on social media, posting as negotiators worked: “Iran must immediately stop their highly paid PROXIES in

Oil

Lebanon from causing trouble. If they don’t, we’ll hit Iran very hard again, just like we did last week, only harder!!!”

The chief negotiators for the US include JD Vance, the vice president; special envoy Steve Witkoff, and Jared Kushner, the son-in-law of the president. Iran is represented by Mohammad Bagher Qalibaf, Iran’s parliamentary speaker, and Foreign Minister Abbas Araghchi.

It’s unclear when Vance will depart Switzerland, although he told Fox News in an interview Saturday that he anticipates staying only a “day or two.”

Kushner and Witkoff are handling much of the technical details on behalf of the US delegation.

In a joint statement, Pakistan and Qatar said the high-level talks had ended and that technical negotiations would continue in Switzerland for the rest of the week. The statement said the sides had agreed to establish a “communication line” to ensure safe passage of ships in the Strait of Hormuz, as well as a mechanism to bring about an end to the fighting between Israel and the Iranian-backed militant group Hezbollah in Lebanon.

The US offered no immediate comment, while Iran praised the meditators’ work.

Araghchi wrote on X that Pakistani and Qatari mediators delivered “major progress to end the Lebanon War.” He added that the first “real test” of negotiations would be whether the mechanism succeeded in halting the fighting between Israel and Hezbollah.

The senior US diplomat said among the issues discussed was Iran’s messaging as it related to

the Strait of Hormuz, which Iran’s military said it closed Saturday in response to continued fighting in Lebanon. US Central Command has disputed that Iran closed the strait again.

The interim deal to end the fighting in Iran, signed last week by the leaders of the US and Iran, outlines a 60-day period for negotiators to settle the future of Tehran’s nuclear program amid concerns that it wants to use it for military purposes, a claim Iran denies. The fate of frozen Iranian assets, among other thorny issues, are also on the agenda.

Though the talks will encompass a vast array of complex matters, Iran first wants to focus on addressing the fighting in Lebanon.

Saturday’s renewed ceasefire in Lebanon appeared to be holding, and Israel’s military said it would lift movement restrictions for residents near the Israel-Lebanon border on Monday morning. Neither Israel nor Hezbollah is a signatory to the US-Iran deal.

There was cautious calm Monday in Lebanon, with no Israeli strikes reported overnight after a day of quiet Sunday. Hezbollah likewise has not announced any attacks on Israeli forces since Saturday.

The lull in fighting in Lebanon is the longest since the outbreak of the latest Israel-Hezbollah war on March 2.

Kim reported from Washington. Associated Press reporters Abby Sewell in Beirut, David Rising in Bangkok and Jon Gambrell in Dubai, United Arab Emirates, contributed to this story.

drops after US-Iran peace talks show signs of progress

By Yongchang Chin

OIL dropped following signs of progress in peace talks between Washington and Tehran, which appeared to get off to a rocky start after US President Donald Trump issued a fresh threat against Iran. Brent crude slipped toward $79 a barrel, reversing an earlier gain of as much as 2.2%, while West Texas Intermediate was near $77. The parties have agreed on a roadmap toward reaching a final deal in 60 days, and technical talks will continue for the remainder of the week, according to a statement issued by Qatar and Pakistan, which are mediating discussions in Switzerland.

The high-level meeting follows a memorandum of understanding signed by both sides last week, which was tested over the weekend after Iran claimed to have closed the Strait of Hormuz, accusing Israel of violating a ceasefire in Lebanon. Iranian Foreign Minister Abbas Araghchi said in a post on X that mediation in Switzerland has delivered major progress to end the

conflict in Lebanon.

Negotiations got off to a shaky start when Iranian media reported the Islamic Republic halted discussions following Trump’s threat, but people familiar with the matter said they continued into the early hours of Monday in Switzerland. Talks covered topics including mechanisms to ensure the strait remains open and how to enforce the ceasefire between Israel and Hezbollah in southern Lebanon, according to a senior US diplomat engaged in the discussions. The war in the Middle East has choked off supply in a region responsible for a third of the world’s oil production. Crude futures have come off in recent weeks—although prices remain higher than pre-war levels— after global refiners found temporary workarounds, and as the prospect of an end to the conflict fueled optimism over a rapid return to normality.

Despite Iran claiming to have closed Hormuz again, millions of barrels of oil continued to flow through the waterway over the weekend. Still, Chubb Ltd. Chief Executive Officer Evan

Greenberg told Fox News that security remains volatile, despite US efforts to open shipping channels.

“We believe markets remain overly optimistic over the sustained resumption of oil flows from the Middle East,” said Vivek Dhar, an analyst with Commonwealth Bank of Australia. Uncertainties over production and whether vessels are willing to return to the region are set to hamper flows, he added.

A peace deal would in theory unleash a gush of supply where there’s less demand for now, especially given a slump in purchases by top importer China. About 80 million barrels of crude are set to suddenly hit the market should Hormuz fully reopen, threatening to leave refiners swamped.

Meanwhile, Persian Gulf producers are preparing for a production

FROM left, US Vice President JD Vance, Prime Minister of Islamic Republic of Pakistan, Shehbaz Sharif and Premier minister of Qatar Mohammed bin Abdulrahman bin Jassim Al Thani, at the Buergenstock resort in Obbuergen, near Lucerne, Switzerland, Sunday, June 21, 2026. (Urs Flueeler, Pool Photo via AP)

Israeli strikes leave Lebanon’s ancient city of Tyre shaken

By Kareem Chehayeb The Associated Press

TYRE, Lebanon—The dust has barely settled in Tyre after weeks of Israeli airstrikes on the ancient city along Lebanon’s Mediterranean coast.

Despite the relative calm, life remains largely at a standstill. A new ceasefire between Israel and the Iranian-backed Hezbollah militant group is in effect. But previous ceasefires have broken down. Uncertainty and fear linger, even as the US and Iran meet for talks in Switzerland that Lebanese residents hope will bring calm to their troubled country.

Over 4,000 people in Lebanon have been killed in Israeli strikes since the latest Israel-Hezbollah war began in March, two days after the Iran war began, when Hezbollah fired at Israel. The group has also clashed with Israeli troops making their deepest incursion into southern Lebanon in over a quarter century.

Large swaths of southern Lebanon have been left in ruins, including Tyre.

‘Where is this truce?’

DURING the summer, Lebanon’s fourth largest city is usually filled with tourists lounging on its beaches, walking through its Roman ruins, eating freshly caught seafood at picturesque restaurants or taking boat tours.

Now, tables at the few restaurants that haven’t closed are empty. Parking lots that are usually packed with beachgoers’ vehicles are filled with displaced people living in tents. Fishermen and mariners say they can’t sail far from port for fear of being targeted.

“Every day they tell us there’s a truce or ceasefire. Where is this truce? We can’t see it,” said Ali Bazzi, 31, who lives alone on a tour boat that belongs to family friends. His home in Toura, several kilometers away, was destroyed by an Israeli strike.

Like many who have fled to Tyre from surrounding areas, he doesn’t dare return until he sees long-term calm.

For months, Bazzi has been sleeping on a mattress on the deck, and selling sandwiches at a small stand a few steps away to earn money.

Israel in early June warned the entirety of Tyre to leave before it launched intense airstrikes across the city, saying it was targeting Hezbollah.

But Bazzi stayed. He recalled the emptied, ghostly city and the cries of women and children as Israeli strikes began. And he said he woke one night to the sound of a drone hovering over the port and worried it had come for him.

Even as the new ceasefire appeared to be largely holding, Tyre residents still pause anxiously when they hear Israeli jets overhead.

Ancient heritage and environment were threatened IT seems at least one building has been reduced to rubble on every street. Others remain standing with several floors blown off.

Pictures of those killed, including paramedics, families, and Hezbollah militants, are posted as memorials on the ruins of buildings and dashboards of parked cars.

The city’s iconic heritage sites are not unscathed.

Several buildings next to the remains of a 2nd century citadel were struck. Debris knocked the crowns off some Roman columns and damaged stones on the Roman road that have existed for thousands of years. Employees hope the damage to the UNESCO World Heritage site can be repaired.

“We’re waiting for a committee to come and inspect it,” said Adnan Istanbuli, an employee at the Lebanese Directorate General of Antiquities. “The city of Tyre is 5,000 years old, and what happened to it is huge.”

Just south of the city, the shoreline in Mansouri, a wellknown wildlife preserve for sea turtles and other animals, is now inaccessible after Israeli strikes. Mona Khalil, a well-known environmentalist who lived along that shore, died Friday from her wounds, weeks after a strike hit her home.

Hospital workers say they no longer feel safe

ONE of Tyre’s largest hospitals is repairing some of its units that were destroyed when an Israeli airstrike struck a building across the street.

Doctors at the Jabal Amel Hospital have lived through multiple wars over the past few decades but said this one is different. In the past, they felt relatively safe as long as they were in the hospital. This time, the Israeli strikes occurred nearby and without warning.

Doors and windows were blown off. Staff rushed to treat wounded patients and colleagues. Thick smoke filled the hospital.

“We used to be scared, but we’re a lot more scared now,” said intensive care unit nurse Khadeeja Yousef, whose unit overlooks the hospital parking lot, now reduced to rubble and charred cars.

Cardiologist Mohammad Nassar’s private clinic across the street was hit. Now he rummages through the debris, looking for hundreds of books he had collected for over three decades.

“I don’t care about any heart monitoring machines or anything else, but the books are dear to my heart,” he said.

People in Tyre are constantly reminded that prospects for longterm stability are unclear as negotiations continue between Israel and Lebanon in Washington, with Hezbollah playing no role and resisting efforts to disarm it. Large swaths of land just south of the city are under Israeli control, stretching to the United Nations-mandated Blue Line that separates the countries. In recent days, smoke from distant Israeli artillery fire was visible from Tyre’s shoreline.

And on a distant hilltop, an Israeli flag could be seen.

The Associated Press journalist Malak Harb in Tyre, Lebanon, contributed to this report.

A10

Tuesday, June 23, 2026

Teenager among 3 family members killed in Russian strike in Ukraine K

YIV, Ukraine—A Russian drone strike on the city of Sumy in northeastern Ukraine killed three members of the same family, including a 13-year-old boy and his father, and wounded another two, a regional official said Monday.

Russia has pounded civilian areas of Ukraine with drones and missiles since it launched its all-out invasion of its neighbor more than four years ago, and a United Nations tally says more than 16,000 civilians have died in the war. US-led peace efforts have failed to stop the fighting.

The Sumy attack hit a home and killed a 36-year-old man, his 13-year-old son and a 73-year-old woman who was the mother of the man’s partner, according to Oleh Hryhorov, the head of the regional military administration. The man’s partner and 10-year-old son were wounded, he said.

The number of civilian casualties in Russian attacks has jumped recently, according to the U.N. Human Rights Monitoring Mission in Ukraine, as Moscow’s forces struggle to gain momentum on the battlefield.

At least 274 civilians were killed and 1,763 injured in Ukraine in May—the highest monthly total of civilian casualties since April 2022, it said earlier this month. Most casualties are in cities far from the front line, it said.

A Russian nighttime drone strike also killed a woman and wounded three people, including an 11-year-old boy, in the southeastern Ukrainian city of Zaporizhzhia, regional head Ivan Fedorov said.

In total, Russia launched 88 long-range attack drones and one ballistic missile overnight, Ukraine’s air force said, with air defenses shooting down or jamming 79 of the drones. Ukraine, meanwhile, fired many more drones toward Russia and territories it controls, according to the Russian Defense Ministry, as Kyiv sustained its long-range campaign against oil facilities, military transport and infrastructure.

The Russian Defense Ministry said Monday its forces intercepted 301 Ukrainian drones during the night over multiple Russian regions, the illegally annexed Crimea peninsula, the Azov Sea and the Black Sea.

Moscow Mayor Sergei Sobyanin said that 84 Ukrainian drones targeting the Russian capital were shot down.

He didn’t say whether the attack caused any damage, but all four Moscow airports temporarily halted flights in the wake of the attack.

Also, some residential buildings were evacuated in Russia’s Vladimir region east of Moscow and the Tula region south of the capital as a result of the attack, local authorities reported. AP

Starmer due to make statement about his future as resignation expectation grows

By Jill Lawless The Associated Press

LONDON—British Prime Minister Keir Starmer is preparing to make a statement about his future as expectation grows he will announce a resignation timetable.

A lectern has been erected outside 10 Downing St., the customary site for major political announcements.

If he does, Starmer will be the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure. Starmer spent the weekend pondering his future following the victory of intraparty rival Andy Burnham in a special election for a seat in Parliament. Burnham, until last week the Labour mayor of Greater Manchester, ran with the aim of challenging Starmer for leadership of the party and the country.

Burnham is due to be sworn in as a member of Parliament on Monday.

Starmer’s office declined to comment on resignation reports, but Business Secretary Peter Kyle said Sunday that Starmer is “making time to reflect on the political realities, challenges and opportunities that he finds himself in.”

It’s unclear whether Burnham would face a coronation or a challenge, if Starmer steps aside. Wes Streeting, who resigned as health secretary last month to protest Starmer’s leadership, has said that he will run in a contest if there is one.

Discontent with the prime minister has been building for months, with Labour lawmakers desperate to reverse the government’s decline in popularity since Starmer led the center-left party to a landslide election victory in July 2024.

He has struggled to deliver promised economic growth, repair tattered public services and ease the cost of living, and has been hamstrung by repeated missteps, including his decision to appoint Peter Mandelson, a scandal-tarnished friend of Jeffrey Epstein, as the U.K. ambassador to the United States.

Labour is losing liberal voters to the growing Green Party and facing a rising Reform UK, the Nigel Farage -led anti-immigration party that consistently leads in nationwide opinion polls.

US President Donald Trump weighed in even before an announcement, linking Starmer’s potential exit to two of his recurring bugbears: immigration and renewable energy.

Marcos unveils El Niño mitigation plan: More dams, high-value crops for farmers

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand Marcos said the government is now bracing for the impact of strong El Niño, which is expected to last until next year, with the completion of more small reservoir irrigation projects (SRIP) and shifting farmers towards high-value crops.

During the inauguration of the MabiniCayacay SRIP in Mabini, Bohol last Monday, the chief executive expressed concern on the potential dry spells and droughts from El Niño in the second half of the year especially to the agriculture sector and the country’s food security.

“That’s why, under the Administration, we have promoted SRIPs—small-scale irrigation projects like this. This includes Mabini-Cayacay to increase the income of our farmers and

make them more resilient to disasters,” he said in Filipino.

The P833.37-million project of the National Irrigation Administration (NIA) will cover 530 hectares of agricultural lands and benefit 717 farmers in the barangays of Abaca, San Roque, Aguipo, and Cabidian in Mabini, as well as the barangay of Cayacay in Alicia.

“With sufficient water supply, we expect increased yields, especially of rice and highvalue vegetable crops. In addition, from planting twice a year, our farmers can now plant three times a year,” Marcos said.

He said the project will better prepare local farmers for El Niño after the Philippine Atmospheric, Geophysical, and Astronomical Services Administration reported that the country is already being affected by the said climate phenomenon.

The NIA also has other pending similar initiatives including Bonot-Bonot irrigation

project in Buenavista, which is now 84 percent complete, the Hibale irrigation project in Danao, which is 44 percent complete, as the implemented Molinao Dam Improvement Project in Pilar; Catungawan irrigation project in Guindulman; and the Mandaug irrigation project in Calape.

“With the help of these projects, we hope to provide irrigation services to thousands of hectares of farms and assist more than 2,400 farmers,” Marcos said.

Aside from providing farmers with sufficient irrigation, Marcos said, the government will also encourage farmers to shift from planting water-intensive rice to high-value crops like watermelon, ginger, ube (purple yam), peanuts and eggplants.

He noted the government will also provide them support in using other modern farming methods such as solar pumps and water reuse or recycling in areas, which will suffer below-

LTO OKs 90-day period for system handover, rejects ₧1.2-B

By Lorenz S. Marasigan @lorenzmarasigan

normal rainfall conditions.

After visiting Bohol, Marcos went to Cebu for the inspection of the Metro Cebu Expressway (MCE) Segment 3A rehabilitation and the Mananga River Flood Mitigation Structure rehabilitation.

The rehabilitation of the said segment of the MCE will held reduce the travel time from Barangay Pangdan up to the Naga Valley Industrial Park.

Marcos announced after checking on the Mananga River Flood Mitigation Structure rehabilitation, he announced the construction of a 70-meter dam in the said rive to help further mitigate flooding in Cebu.

“And this is in—we will put it in—in the NEP [National Expenditure Plan] for the budget for next year, for 2027. It has been budgeted and we will ensure that that budget will not be tampered with through the budget process,” he told reporters in Filipino.

3 dead, 7 injured in school shooting in Tacloban City

By Claudeth Mocon-Ciriaco

@claudethmc3, Jovee Marie Dela Cruz

@joveemarie, Samuel P. Medenilla

@sam_medenilla & Butch Fernandez

@butchfBM

HREE students were confirmed

Tdead while 7 others were injured in a shooting incident at the San Jose National High School in Tacloban City on Monday morning.

Police Regional Office 8 (PRO-8) said that they are already conducting an investigation to determine the circumstances surrounding what occurred inside around 9 a.m.

President Ferdinand Marcos Jr. ordered the swift investigation of the shooting incident.

Palace Press Officer Claire Castro said the Chief Executive lamented the incident, which happened at the San Jose National High School in Tacloban City last Monday, allegedly involved three suspects, including a child in conflict with law (CICL).

“The President is saddened by the incident. Anyone, especially the parents of the victims, will feel the sadness and fear,”she said in Filipino in a statement.

“He ordered [authorities to conduct] a thorough investigation into this and ensured protection and safety in all places, offices, establishments, especially schools,” she added.

The Presidential Communications Office undersecretary lauded authorities for their prompt response on the said case.

Two of the suspects, including the CICL, were arrested by the police, while one is still at large and subject to an ongoing manhunt operation.

The shooting incident killed three people and injured 7 others and were rushed to medical facilities.

Police said that follow-up and manhunt operations are ongoing for the apprehension of the remaining suspect.

PRO 8 assures the public that all necessary measures are being undertaken to ensure the immediate arrest of the remaining suspect and maintain public safety and security. Additional police personnel have been deployed in the area to ensure the safety of students, school personnel, parents, and the community.

Consistent with the provisions of Republic Act No. 9344, or the Juvenile Justice and Welfare Act of 2006, as amended, the identities of the minors are being withheld.

They are currently under police custody pending referral to the City Social Welfare and Development Office (CSWDO), with all procedures being carried out in accordance with established child-sensitive protocols and legal safeguards.

Authorities are conducting an in-depth investigation to establish the motive and circumstances behind the incident that occurred around 9 a.m. while PRO 8 continues to strengthen security measures and coordinate with school officials, local government units, and other concerned agencies to ensure public safety and provide necessary assistance to the victims and their families.

Investigation conducted by the Tacloban City Police Office (TCPO) disclosed that the incident resulted in three fatalities and seven injured individuals. The injured victims were immediately transported to nearby medical facilities for emergency

treatment and medical intervention.

Gravest concern IN a statement, the Department of Education (DepEd) has expressed its gravest concern over the tragic shooting incident, considering it as a “high-alert situation.”

Education Secretary Juan Edgardo Angara and other key officials of DepEd are set to visit the victims on Tuesday (June 23).

“Our Central Office officials, alongside regional and division office personnel, are actively on the ground, coordinating closely with school authorities and law enforcement to secure the premises and ensure safety, security, and protection,” the DepEd statement read.

To address the immediate emotional toll of this tragedy, the Department assured that they working hand-in-hand with relevant government agencies to deploy critical medical assistance and appropriate psychosocial interventions for the affected learners and personnel.

“We strongly condemn this act of violence and extend our deepest condolences to the families of the victims, as well as our earnest prayers for the swift recovery of those who were injured. The Central Office is now mobilizing assistance to our affected learners.”

The DepEd also urged the public to respect the privacy and dignity of all children involved and to allow the proper authorities to conduct a thorough and impartial inquiry.

“The safety, well-being, and mental health of our learners and personnel remain among the Department’s highest and most uncompromisable priorities. We remain committed to ensuring that our schools are secure, supportive environments for all,” the DepEd stressed.

Coordination with concerned agencies

MEANWHILE , DepEd Regional Office 8 has also expressed its deep concern over the shooting incident, saying “our thoughts and prayers are with all those affected by this unfortunate incident, particularly the learners, personnel, and families who may have experienced fear, trauma, or distress as a result of the situation.”

Upon receiving the information of the incident, the Regional Office immediately coordinated closely with the Philippine National Police (PNP), the Schools Division Office of Tacloban City, and school authorities to ensure the safety and security of learners, teaching and non-teaching personnel, and all individuals within the school premises.

The Regional Office has, likewise, coordinated with the Department of Social Welfare and Development (DSWD) and other concerned agencies to facilitate the provision of appropriate assistance and psychosocial support services to affected learners and personnel.

“At present, the matter is under investigation by the appropriate authorities. We defer to the Philippine National Police regarding the details of the incident and the ongoing investigation. We urge the public to refrain from spreading unverified information and to rely only on official statements from authorized agencies,” said DepEd Regional Director Salustiano T. Jimenez.

Jimenez said that the safety, security, and well-being of the learners and personnel remain their highest priority.

“DepEd Regional Office 8 is committed to providing the necessary support to the affected

school community and to working closely with partner agencies to ensure that schools remain safe, secure, and conducive spaces for learning,” he said as he called on on everyone to join us in praying for the safety, healing, and recovery of all those affected by this incident.

Swift and impartial probe

LAWMAKERS have called for a swift and impartial investigation into the fatal shooting inside San Jose National High School in Barangay San Jose, Tacloban City.

Leyte Rep. Ferdinand Martin Romualdez urged law enforcement agencies to conduct a “thorough and swift investigation”to determine the full circumstances of the shooting and ensure accountability for all those involved.

“A school should always be a place of learning, safety, and hope. No parent should have to endure the pain of losing a child in a place where they are supposed to be protected,” Romualdez said, as he also directed his office to coordinate with local authorities and relevant agencies to provide immediate assistance to affected families.

In a separate statement, TINGOG Party-list said it was “deeply grieved” by the incident and extended condolences to the families of the victims, as well as support for the injured and the school community.

The group said it is coordinating with hospitals, the Tacloban City government, the Department of Education, and other agencies to provide medical assistance, including hospitalization support, medicines, and follow-up care for the injured students.

TINGOG Party-list also stressed the need for psychosocial support for grieving families, classmates, teachers, and school personnel, including counseling and trauma debriefing in the aftermath of the tragedy.

It also backed calls for a “thorough, swift, and impartial investigation,”including efforts to determine how firearms entered the school and what security measures must be strengthened to prevent similar incidents.

As investigations continue, authorities have yet to disclose further details on the identities of the suspects and the possible motive behind the attack.

Schools should be safe spaces for children–save the children TWO minors allegedly opened fire at a public school in Tacloban City killing three students and wounding at least seven others less than a month after schools across the Philippines opened for the new academic year.

While legal gun ownership is regulated in the country, the Philippines has one of the highest rates of gun ownership in Southeast Asia.

The deadly shooting follows at least two other stabbing incidents at school in the country this month with the DepEd urging schools to tighten security measures as classes resumed in the Philippines following the annual school break.

Melanie Llana, Lead, Child Protection Child Rights and Governance, Save the Children Philippines, said:

“No child should feel unsafe at school or be the victim of violence. Weapons do not belong in schools which should be safe spaces for children to learn, be with their friends and play. Schools must be places where parents, caregivers and guardians can send children knowing that they will return home safely. We grieve for those who lost

their lives and those who lost loved ones.

The children, families and staff affected by this terrible event should be offered full support, including mental health support.”

Save the Children has these tips for speaking to children about school shootings which can trigger feelings of stress, grief and anxiety: https://www.savethechildren.org/ us/charity-stories/how-to-talk-to-childrenabout-school-shootings.

Stronger mental, health program for students

SENATORS on Monday called for a thorough investigation into the fatal shooting of three students in a public school in Tacloban City, while also urging a stronger mental, health program for students.

While expressing sympathies to the families of victims at the school, Sen. Bam Aquino said probers must find out right away how weapons such as knives and guns found their way into the school.

He said the committee he heads has been tackling the School Safety Act.

Sen. Camille Villar called for urgent and coordinated action to better protect Filipino children inside schools.

“As a mother and as a senator, I am deeply heartbroken by this tragedy. No parent should ever have to receive the devastating news that a child who left home for school will never return. My thoughts and prayers are with the families of the victims, the injured students, their classmates, teachers, and the entire Tacloban community during this painful time,”Villar said.

The youngest senator of the 20th Congress stressed that schools must remain safe spaces where children can learn, grow, and pursue their dreams without fear of violence.

For his part, Sen. Francis “Kiko” Pangilinan referred to the Juvenile Justice Law he had authored. “The susp[ects cannot be released even if they are minors. They must go through the process dictated by law. Also under the law, parents of suspects become liable if it is proven they were negligent.

Ensure the security

THE Teachers’ Dignity Coalition (TDC) urged the DepEd to ensure the security of our schools through the hiring of security guards and other non-teaching personnel, following the shooting incident at San Jose National High School in Tacloban City on Monday morning, leaving three learners dead and injured seven others.

TDC National Chairperson Benjo Basas said that the incident underscores the urgent need to strengthen school safety and student support systems.

“TDC calls on the Department of Education to ensure the security of our schools through the hiring of security guards and other non-teaching personnel, the strengthening of guidance and counseling programs, and the establishment of effective and humane school discipline policies,” said Basas in a statement as they deeply mourn the tragic incident and extend their sincerest condolences to the families of the learners who lost their lives and offer prayers for the speedy recovery of those who were injured.

TDC stressed that they are equally concerned about the emotional and psychological well-being of the students, teachers and school personnel who witnessed this heartbreaking tragedy.

THE Land Transportation Office (LTO) is willing to allow a 90-day transition period for the handover of the country’s driver and vehicle registration system, but only to complete the transfer of control to the government.

LTO Executive Director Martin Ontog said the Land Transportation Management System (LTMS) must be transferred to the agency within the grace period without any conditions.

The contract lapsed on May 30 after 13 extensions spanning seven years.

He said the agency “is open to 90 days, but solely to complete the transition of LTMS control to the government and not a renewal. Any condition that delays, dilutes, or monetizes that turnover is unacceptable.”

The operator of the LTMS, Dermalog, has sought a 90-day transition period that requires the LTO to settle P1.2 billion in financial claims. The Commission on Audit (COA) has issued a notice of suspension on payments to Dermalog.

Four consecutive COA Audit Observation Memoranda (AOMs) documented the LTMS’s protracted shortcomings since its deployment.

condition

In its 2021 report, COA found the system only 67 percent complete as of December 2020 and flagged the billing of full maintenance costs despite its unfinished state. By 2022, completion had risen to 82.6 percent, but seven of nine project activities remained unfinished.

The agency’s most recent audits, covering 2025 and 2026, identified 61 unresolved issues — including two critical and 12 high-severity items carried over from prior years — and 34 newly documented issues, seven of which are classified as critical. Among these are deficiencies in the Motor Vehicle Inspection Report System (MVIRS), the absence of connectivity with the Land Transportation Franchising and Regulatory Board (LTFRB), and the system’s inability to correct vehicle ownership records.

“Every gap requires formal change orders subject to budget appropriation and every change order requires Dermalog’s participation. This is a structural lock in the LTO and nothing gets resolved without the involvement of the vendor and without additional government payment,” he said. The LTMS, valued at P3.14 billion, forms Component A of the Department of Transportation’s (DOTr) P8.2 billion Road IT Infrastructure project.

House prosecutors dismiss claims of defense dominance in impeachment pretrial as ‘fake news’

HOUSE prosecutors on Monday dismissed as “fake news” the online claims that Vice President Sara Z. Duterte’s defense team had outperformed the prosecution during the impeachment pre-trial proceedings.

“That is not true. I charge it to fake news,” House lead prosecutor Chairman Gerville Luistro said during a press conference.

Luistro was responding to social media posts and commentaries alleging that the House prosecution panel had been outmaneuvered during the June 18 pre-trial conference before the Senate impeachment court.

She urged the public to be more critical of information circulating online as the impeachment process moves forward.

“The people should become very cautious now when watching from social media. We should be careful in deciphering what is correct and what is false,” she said.

Luistro stressed that she remains mindful of her role in representing the Filipino people throughout the proceedings.

“Of course, I am conscious that I am representing the interests of the sovereign Filipino people,” Luistro said.

“I will not allow the fight of the Filipino people to be swallowed whole,” she added.

For his part, House prosecution legal spokesperson and incoming private prosecutor Benjamin Tolosa Jr. also rejected claims that either side “won” the pretrial, saying such narratives misrepresent what actually happened.

He said it is common for parties to project confidence after hearings but insisted the focus should remain on verified facts.

“You know, it’s normal, of course, for parties to claim that they got the upper

hand in any particular hearing. But to properly address that, let’s stick to the facts,” Tolosa said.

He explained that a pre-trial conference does not involve substantive rulings that would allow either side to gain a decisive advantage.

“When you say someone got the upper hand, what does that mean? It means one side prevailed over the other. But that’s impossible. Why? Because the clerk of the impeachment court cannot even make any rulings. So that’s factually impossible,” he said.

Tolosa said the prosecution’s objective was achieved, as the proceedings moved forward without delay.

“What I can say also factually is that we were able to secure or successfully achieve our goal,” he said.

“What is that? To ensure that the pre-trial would proceed in an expeditious manner,” he added.

He also noted that the defense initially attempted to raise the issue of the twothirds voting threshold as a prerequisite before continuing the pre-trial, but this was not entertained.

The prosecution, he added, was able to proceed with the marking of evidence for two articles of impeachment and continue work on the remaining charges, including alleged misuse of confidential funds and unexplained wealth.

The House prosecution panel is currently working on the documentary evidence for the articles involving the alleged misuse of confidential funds and unexplained wealth.

The prosecutors have repeatedly said they are focused on completing the pretrial process ahead of the July 6 start of the impeachment trial. Jovee Marie N. Dela Cruz

The cost of falling behind: Education, employment, and national prosperity

THE arithmetic of national prosperity is deceptively simple: a large, healthy, and educated workforce fuels economic growth; a large, unhealthy, or uneducated workforce becomes a drag on national resources. For years, the Philippines has looked forward to its “demographic sweet spot”—that golden window where the workingage population vastly outnumbers dependents, offering a once-in-ageneration opportunity for rapid socioeconomic advancement.

However, a sobering warning from the Commission on Population and Development threatens to shatter that optimism. According to CPD Executive Director Lisa Grace S. Bersales, approximately one in four Filipino youth are falling off the educational track by age 18. If this trend holds, the demographic dividend we have been anticipating could turn into a demographic disaster. (Read the BusinessMirror story: “Lagging in school weakens demographic dividend—CPD,” June 17, 2026).

The data from the Longitudinal Cohort Study on Filipino Children is stark. While the country has achieved near-universal enrollment at age 10, a significant drop-off occurs as children navigate the treacherous transition from junior to senior high school. By the time they reach adulthood, a quarter of the cohort is left behind, often due to poverty, stunting, child labor, or simply a lack of interest in a curriculum they cannot connect with.

The consequences are not merely academic; they are economic. As Bersales rightly points out, those who fail to complete their education are destined for low-paying, low-skilled jobs. This perpetuates the cycle of poverty and, on a macroeconomic level, lowers the nation’s productivity ceiling.

While the overall numbers are alarming, the gender gap revealed by the study demands urgent policy attention. By age 18, 93 percent of girls remain enrolled compared to just 85 percent of boys. The research suggests that the education system is fundamentally misaligned with how boys learn.

We cannot afford to let an entire generation of young men fall through the cracks. The study points to the “lack of interest” and difficulty understanding lessons as primary reasons boys drop out. This is not a failure of the child, but a failure of the system to adapt.

Moreover, we must address the social and mental health dimensions of this crisis.

The “macho” culture that discourages boys from seeking help is a silent killer of potential. Targeted interventions to address anxiety and emotional distress among male youth are no longer optional; they are essential to keeping them in school.

Despite these challenges, Bersales offers a glimmer of hope: we have until 2040. This window, however, is rapidly closing. The “sweet spot” is not an automatic guarantee of growth; it is a high-risk, high-reward proposition that demands aggressive human capital development.

To seize this opportunity, we cannot simply focus on basic literacy and numeracy. The Department of Education and the Technical Education and Skills Development Authority (TESDA) must pivot aggressively towards future-ready skills. We are in the age of artificial intelligence and the digital economy. If our youth are not equipped to navigate these technologies, they will be left behind, and so will the country.

The CPD’s findings are a “butterfly effect” warning. The flutters we are seeing now— the boys dropping out, the stunted children falling behind—will create catastrophic consequences in the form of mass underemployment and poverty in the next decade. It would do well for the government to view this not as a “Department of Education problem” but as a national security and economic imperative. We need a whole-ofgovernment approach: poverty alleviation to keep kids from working, school feeding programs to combat stunting, and a radical overhaul of teaching methods to engage all learners, especially boys.

The Philippines stands at a crossroads. One path leads to a prosperous, youthful workforce driving economic transformation. The other leads to a nation burdened by a large, unskilled population unable to break free from poverty. The time to act is now, because by 2040, it will be too late.

Opinion

The next battle over your money

IJohn Mangun

OUTSIDE THE BOX

N 1933, Franklin Roosevelt gave Americans four days to hand over their gold. Executive Order 6102 made private gold ownership a federal crime. The legal mechanism was the Trading with the Enemy Act, a wartime statute—except the United States was not at war. The government was broke and needed the money.

Brussels did something quieter last month. European Commission President Ursula von der Leyen proposed, as part of the EU’s next sanctions package against Russia, the bloc’s first “full third-country ban” on certain crypto-asset services, aimed at closing Russian sanctions evasion channels. It still needs unanimous approval from 27 member states, a formality that has rarely stopped Brussels.

The target is Russia. What was proposed is a mechanism letting unelected European officials designate any financial relationship— anywhere—as incompatible with EU policy. The target rotates according to Brussels’ mood, and Brussels has

never met a target it did not eventually expand. This is not about ‘cryptos’ like Bitcoin. It is about money that moves without first asking permission.

The Philippines does not have this exact problem. It has a related one, and no one in Manila chose it on purpose.

BSP data puts remittance inflows at roughly 9 percent of GDP, a number that has held stubbornly consistent for more than a decade. A growing share of those transfers now moves on the crypto-asset train—stablecoins, peer-to-peer platforms, exchange wallets—because fees are lower and faster than legacy correspondent banking.

The conversation about what the Philippines wants from its financial architecture, who it is willing to align with, and what it is prepared to lose when alignment has a price—that conversation is overdue, and the bill does not wait for Manila to be ready.

The BSP licenses crypto exchanges and wallet providers under what is called the Virtual Asset Service Provider framework with registration, capital requirements, and anti-money-laundering controls. In plain terms, the rulebook that lets a Filipino legally convert electronic currency into pesos and back again. It is competently written, and the BSP deserves credit for not panicking as crypto use among OFW families surged.

But a license issued in Manila only governs Manila’s reach. Every Philippine VASP eventually connects to the international financial system— foreign exchanges, banks, payment platforms. On the other side of that connection, a foreign regulator decides whether to keep dealing with a Philippine counterparty at all, and the BSP has no vote.

Filipinos have already lived through what happens when that

Aluminum’s war shock blunted by dark transits and Chinese supply

By Mark Burton & Julian Luk

T. Anthony C. Cabangon

Lourdes M. Fernandez

Jennifer A. Ng Vittorio V. Vitug

Lorenzo M. Lomibao Jr., Gerard S. Ramos

Lyn B. Resurreccion, Dennis D. Estopace

Angel R. Calso, Dionisio L. Pelayo

Ruben M. Cruz Jr.

Eduardo A. Davad Nonilon G. Reyes

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa

Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.businessmirror.com.ph

THE Iran war caused one of the biggest supply shocks to ever hit the aluminum market, but the runaway price surge that many were bracing for has been blunted by the ingenuity of producers from the Middle East to China.

When the conflict began, market watchers warned that unless the Strait of Hormuz reopened quickly, smelters were likely to run out of raw materials within weeks, potentially forcing widespread shutdowns that would plunge the global market into crisis and send prices to record highs above $4,000 a ton.

Those fears escalated dramatically when Iran targeted smelters in the region in missile strikes, and there was broad agreement that aluminum looked set to be one of the worst-hit commodity markets outside of oil and gas.

However, in recent weeks Middle Eastern smelters have carried out a series of complex logistical operations—including daring voyages through the strait—to replenish reserves of alumina and other raw materials, helping to avert widespread closures in a region that accounts for nearly 10 percent of global supply. And outside the Gulf, smelters in China and Indonesia have been

instrumental in keeping the global market in check as buyers wait for exports to rebound. Now, with analysts, traders and investors staking their bets on where prices are heading next, stark disagreements are emerging on how quickly the market will recover from the squeeze.

“A full-blown physical supply freeze has been averted thanks to a combination of rerouted Middle Eastern alumina imports, rising Chinese exports, and ramping Indonesian production,” said Amelia Xiao Fu, head of commodities strategy at Bank of China International. “While the market managed to survive the last few months by drawing down inventories, these operational buffers have now been decreased.”

Middle Eastern smelters have been forced to make heavy cuts to output, but the clandestine nature of their efforts to shore up their supply chains means the precise scale of the losses is tough to quantify. Meanwhile, a regulatory cap on produc-

tion in China and power constraints in Indonesia are only adding to the challenge of assessing how quickly supply and demand will rebalance.

Some of the market’s biggest bulls have trimmed their price forecasts in recent days, with JPMorgan Chase & Co. saying that a move to $4,000 a ton is taking longer than expected due to a strong supply response in Asia and an aggressive drawdown in the industry’s hidden inventories.

At the other end of the scale, Goldman Sachs Group Inc. sees prices moving towards $3,000 a ton over the coming year, even after raising forecasts it made at the start of the conflict to reflect a slower rebound in Middle Eastern supplies than anticipated. Futures in London are currently trading around $3,400.

Differences in estimates for aluminum’s underlying supply balance are even starker, with Citigroup Inc. expecting the biggest supply shock in more than 50 years, while Bank of America Corp. expects supply and demand in the 76-million-ton market to be more or less balanced.

Alumina flows

PART of the discrepancy stems from expectations that raw-material shortages have inflicted deeper supply losses on Persian Gulf smelt-

connection is cut. In 2021, the international Financial Action Task Force placed the Philippines on its so-called “grey list,” a formal designation that the country’s anti-money-laundering controls were inadequate. Foreign banks, facing their own compliance risk, simply stopped doing business with smaller Philippine players. Compliance costs cascaded downward, smaller operators closed, and OFWs in certain corridors paid more and waited longer. The deeper issue is fiscal, and it applies as much to Manila as to Paris. France ended 2025 carrying €3.5 trillion in public debt—115 percent of GDP. Italy has crossed €3 trillion and is still climbing. These are governments running structural deficits against aging populations with no credible consolidation path. History is consistent on what indebted governments do when confidence weakens: they reach for the perimeter, outside their control as far as they can. Gold confiscation, depositor bail-ins, capital controls. Each was framed as temporary. None were.

The Philippines has its own arithmetic problem. The government closed 2025 with a debt-to-GDP ratio of 63.2 percent, the highest level in See “Mangun,” A11

ers than they’ve publicly disclosed. But for Ben Ayre, an analyst at ship-tracking firm Kpler, a growing stream of alumina flows into the region signals that, even with Hormuz closed, smelters have made strides in replenishing their reserves.

In recent weeks, a handful of vessels have shown an appetite to move in alumina directly through the strait, switching off their tracking systems to undertake the kind of dark transits that have kept a trickle of oil flowing to global markets through the crisis, according to Kpler’s analysis. Even greater volumes of alumina have been unloaded in ports in Oman and dispatched to smelters via trucks, in a major test of the region’s logistical capabilities. Thanks to those efforts, imports of the raw material into the Persian Gulf returned to pre-war levels in May, data from the firm show.  “It has resulted in some really novel solutions, and we’ve had to work quite hard to keep up,” Ayre said in an interview. “It’s not unique, but it is somewhat exceptional in terms of its reflection of the value of keeping these operations running.”

Shadow stocks THE challenge in assessing the scale See “Aluminum,”

Antonio L. Cabangon

China targets US rare earths firms in response to Pentagon list

CHINA has imposed export controls against two US rare earth producers that are part of Washington’s effort to reduce its dependence on Beijing by establishing an alternative supply chain for the critical minerals.

MP Materials Corp. and USA Rare Earth Inc. have been added to China’s export control list to “safeguard national security and interests,” the Commerce Ministry said in a statement Monday. The curbs are mostly symbolic, as both companies say they have largely cut off supplies of equipment and materials from China.

The decision ends a monthslong lull in China’s use of such restrictions against US companies following last October’s summit between Donald Trump and Xi Jinping. In a separate statement, the Commerce Ministry said the move was in response to the Pentagon’s decision this month to add some of China’s biggest companies to a roster of firms it accuses of supporting the Chinese military.

Effective immediately, China’s designation prohibits these US companies from access to items that can be used for both commercial and military purposes.

The order also bans organizations and individuals around the world from transferring or providing them with dual-use items originating in China, effectively extending the scope of export controls beyond Chinese borders.

As part of the announcement, the ministry also placed eight other US companies, including drone makers and robotics and aerospace firms, on its export control list.

MP Materials operates the only major rare earths mine in America. It’s the linchpin of the Trump administration’s push to build a domestic supply chain for rare earths and magnets, which are crucial to advanced manufacturing and defense. Last year, the company got a $400 million equity investment from the Department of Defense.

USA Rare Earth is an emerging producer of rare earths, having earlier this month confirmed $1.6 billion in funding from the US the

of the supply squeeze doesn’t end in the Gulf, and JPMorgan says the market impact of global shortages has also been blunted by an aggressive drawdown in privately held inventories that are notoriously hard to monitor.

“When we speak with clients there’s a clear sense that it is tight out there, but the first port of call is those invisible stocks,” said Greg Shearer, the bank’s head of base and precious metals research. Still, he believes that it’s only a matter of time before those reserves are depleted and exchange stocks will start being drawn too, driving prices higher.

“It’s taking longer than expected, but there are significant deficits that need to be covered.”

China shock

THE behavior of Chinese smelters has added another analytical headache. Before the conflict, a bullish mood had swept through the aluminum industry, as smelters in China started to bump up against a regulatory cap on production that looks set to bring a long era of oversupply to an end. Since the war started, however, official statistics have suggested that Chinese smelters are producing comfortably above that 45-million-ton cap, with April figures pointing to an annualized run-rate of 47 million tons. With exports surging, some analysts are betting that Chinese smelters could solve the global shortage single-handedly if they keep their plants running in overdrive.

In assessing whether they will, analysts need to take a view on how strictly China will enforce the

Opinion

Reforms in the withholding tax system

MMP Materials Corp. and USA Rare Earth Inc. have been added to China’s export control list to “safeguard national security and interests,” the Commerce Ministry said in a statement Monday. The curbs are mostly symbolic, as both companies say they have largely cut off supplies of equipment and materials from China.

Department of Commerce. It’s also agreed to buy Brazil’s Serra Verde Group for access to mines in the Latin American nation.

Both companies have been building up their capacity over the past year, as the US races to boost production of rare earths and magnets on domestic soil following a trade standoff with China in 2025.

Beijing used its control of rare earth supplies to retaliate against Trump’s tariffs by restricting exports, exposing supply vulnerabilities and disrupting production from the US to Europe.

The decision by Beijing comes days after the Group of Seven countries reached an agreement to cap imports of rare earths and permanent magnets from any single country outside the bloc and its partners to below 60 percent by 2030, in an effort to reduce their reliance on China.

China accounts for around 60 percent of global mined production of rare earths used in permanent magnets that are integral to making everything from iPhones and electric vehicles to fighter jets and missiles, according to the International Energy Agency. Its dominance is even starker in midstream and downstream segments, accounting for above 90 percent of the refining process and almost 95 percent of permanent magnet production, the IEA said. With assistance from Josh Xiao/Bloomberg

cap, and how far engineers can go in feeding plants with more power than they’re designed to handle. That’s a process that one industry veteran likens to trying to balance an elephant on a finger.

Indonesia wildcard

A FINAL wildcard is a prospective wave of new supply in Indonesia.

A surge in Indonesian aluminum exports has sharpened the industry’s focus on its emerging role as a major global supplier, and there’s a growing expectation that producers there will divert scarce power to aluminum plants at the expense of less-profitable nickel operations.

“We always knew there would be capacity additions, but the view up to now was that production would lag because power wasn’t available,” said Amy Gower, head of metals and mining strategy at Morgan Stanley.

“We haven’t changed our models yet, but the risk now, with power being reallocated from nickel, is that new supply could come even quicker.”

Taken together, the combination of rebounding Middle Eastern supply, elevated Chinese production and skyrocketing Indonesian output is creating a consensus in the industry that prices will head lower in the long term. But as the US and Iran negotiate a deal to end the war permanently, a debate is still raging about whether the market will face a final squeeze as inventories run dry before the new supply arrives.

“I think if it was going to happen, it would have happened by now,” said Helen Amos, head of commodities research at BMO Capital Markets. “It’s likely that aluminum is past the peak point of the deficit.” With assistance from Eddie Spence, Jack Farchy, Martin Ritchie and Winnie Zhu/Bloomberg

Atty. Mabel L. Buted

TAX LAW FOR BUSINESS

ANY taxpayers incur excess tax credits on their income at the end of the taxable year. The rules provide them ways to recover the overpaid taxes, i.e., either to carry over the excess amount or to claim for a refund or tax credit certificate (TCC). Carrying-over the excess amount would be favorable to the taxpayers if they expect to earn significant amount of income in the succeeding periods to enable them to utilize the excess taxes paid against their future income taxes. Otherwise, the taxpayers would just continue accumulating excess taxes, and the claim for a refund or TCC becomes the more viable option, although the process would entail a difficult and tedious procedure.

This is the reason why various groups continuously call to revisit the present withholding tax system of the tax authority. A lot of issues posed by the system were already addressed but these mainly pertain to the procedural process in claiming for a refund.

As it stands now, the taxpayer is granted a period of two years from the date of payment to file a claim for refund with the BIR. The BIR has prescribed a list of mandatory requirements that need to be submitted in the application. After the submission of complete documentary requirements, the BIR has a period of 180 days to process and decide on the administrative claim. It is only in case the BIR renders a decision within the 180-day period or in case the BIR fails to act on the claim within the same period can the taxpayer appeal with the tax court. In such case, the taxpayer can file judicial appeal within 30 days, to be counted from the receipt of the decision or from the lapse of the

180-day period.

While these procedures facilitated the processing of refund claims, there are other possible reforms that are worth pursuing.

Lower withholding tax rates. Excess withholding taxes arise if the taxes collected from the income recipients under the withholding tax system exceed their final income tax due at year-end. The taxes withheld oftentimes exceed the final tax due on the income because the withholding tax is applied on the higher gross amount, while the final tax is based on the net taxable income of the taxpayer, after deducting the allowable deductions. Also, although the withholding tax rates are lower, the rates are high ranging from 1 percent to 15 percent. The withholding tax rates remain unchanged. Lowering the withholding tax rates can thus be considered, especially that the corporate income tax rate had been reduced to 25 percent (previously at 30 percent) in 2021 when the CREATE Act was passed.

As it stands now, the taxpayer is granted a period of two years from the date of payment to file a claim for refund with the BIR. The BIR has prescribed a list of mandatory requirements that need to be submitted in the application. After the submission of complete documentary requirements, the BIR has a period of 180 days to process and decide on the administrative claim. It is only in case the BIR renders a decision within the 180-day period or in case the BIR fails to act on the claim within the same period can the taxpayer appeal with the tax court. In such case, the taxpayer can file judicial appeal within 30 days, to be counted from the receipt of the decision or from the lapse of the 180-day period.

Withholding tax on service fees. Sometimes, in service transactions, the taxpayer charges fee on a cost-plus basis whereby a fixed markup or profit is added on top of the costs incurred in rendering the services, like salaries of its employees and other expenses earmarked for payment to third parties. This arrangement is usually common in agency companies and other entities that advance payment to third-party suppliers. In this case, the total service fee comprises both the service income (i.e., agency fee or commission) and the costs.

Following the rule on withholding tax, taxes are withheld based on the total gross amount of service fee. There are few exceptions to the rule. In the case of security agencies and brokers, existing revenue circulars provide that only their service in-

come, excluding the costs charged, is subject to withholding tax. I hope that this rule can likewise be considered and applied to other companies that are similarly situated. Timing of withholding of tax. The current rule provides that the obligation to deduct and withhold the tax arises at the time the income has become payable, and that is, when the obligation becomes due, demandable or legally enforceable. The rule requires the payor to withhold “at the time an income payment is accrued or recorded as an expense or asset, whichever is applicable, in the payor’s books, or upon the issuance by the seller of the sales invoice or other adequate document to support such payable, whichever comes first.” The present rule suggests that all accrued or recorded expenses or assets are subject to withholding tax. After year-end, it is common for companies to accrue expenses to meet financial reporting compliance standards. Not all accrued expenses, however, are already due, such that the expenses become payable only after payment is demanded or enforced through the issuance of the supplier’s billing or invoice. Are these kinds of accruals covered and subject to withholding tax? If so, I hope that our concerned authorities can revisit the rule to facilitate compliance by taxpayers.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.

Meloni’s spat with Trump shows readiness to risk a bigger fight

By Donato Paolo Mancini

DONALD TRUMP has sparred with most of his fellow Group of Seven leaders at some point. But Italy’s Giorgia Meloni this week did something none of them dared: She escalated.

Unlike Spanish Socialist Pedro Sanchez, one of the few leaders in Europe who has made political capital of being berated by Trump, the Italian prime minister had stood out as one of the few Europeans he actually liked: an outspoken conservative at ease talking MAGA. But Meloni has also transitioned from a populist politician to a practical one.

When last year Trump repeatedly praised her looks—saying, “You don’t mind being called beautiful, right? You are”—and others objected to the objectification, she let it slide. Which is why her decision to respond in kind to his provocations with some of her own is out of step with how most of her cohort have chosen to handle Trump’s broadsides.

In the past 24 hours, the person who Trump once praised for taking “Europe by storm” has done three things that some US allies may have thought privately, but never said publicly. She said he lies and panders to enemies while turning on his friends. She also poked him by telling him to look at his own polling as the November midterms approach, no doubt aware that his popularity has hit new lows.

The backdrop for the schism— and why it’s not your average kerfuffle—is important. It came, somewhat unprompted, on the heels of an otherwise jolly G7 gathering where

Mangun. . .

Continued from A10

20 years. The government collects less in taxes than it needs relative to the size of the economy—what economists call low revenue effort—lower than most of its Asean neighbors. Manila is already short of cash and that is before anything else goes wrong.

many leaders set aside their reservations about the peace deal Trump was about to sign with Iran. Trump left the G7, a group he’s been critical of in the past, describing it as “one of the most successful.”

The question of whether to appease Trump or play along is one that many US allies have agonized over.

In a telling gesture, NATO Secretary General Mark Rutte was not invited to last week’s meeting in France, partly because some key European capitals were uncomfortable with his fawning over Trump.

There had been a previous Trump altercation with Meloni—over her defense of Pope Leo XIV in the face of his criticism of the war in Iran— but that seemed to dissipate quickly.

At the G7, other leaders had seemed more likely to be the one to take on Trump.

France’s Emmanuel Macron has been a frequent sparring partner. Trump has called him publicityseeking and said he’d soon be out of office. This being his last term, Macron has little to lose politically.

And yet the two men seemed to find each other again. Trump was openly delighted with Macron’s hospitality, first in the French Alps and then in the palatial residence of former kings where he decided impromptu, surrounded by the gold of Versailles, to put his signature to

Philippine policymakers have so far treated crypto regulation as a consumer protection and antimoney laundering problem. It is those things. It is also a capital account question, a fiscal sovereignty question, and eventually a question about what the Philippine state is willing to defend when a larger power makes demands on your money. The EU’s move against Russia

the memorandum of understanding with Iran. Macron was seated next to him.

There was also the UK’s Keir Starmer, who is desperately fighting for his political survival. He enjoyed a brief window of basking in Trump’s good graces and had extended a personal invitation from King Charles III that went down well. But when he equivocated about letting the US use UK air bases to attack Iran, Trump turned on him. Starmer’s cautious response earned him few plaudits back home.

In fact, given how unpopular Trump is in Europe regardless of one’s political tribe, many leaders are discovering that absorbing Trump’s attacks reflects poorly on them with voters.

Germany’s Friedrich Merz has sought to avoid direct confrontation. After telling a group of students that the US was getting humiliated by the Iranians, he was quick to try and make amends at the G7 by gifting Trump a football T-shirt, saying, “We’re on the same team.”

Japan’s Sanae Takaichi, the most recently elected among the G7, was still reeling from having politely sat through Trump’s joke three months ago about Japan’s attack on a US naval base in 1941, which ushered the Americans into World War II: “Who knows better about surprise than Japan? Why didn’t you tell me about Pearl Harbor?”

Canada’s Mark Carney has probably come closest to challenging Trump publicly, but even he has stopped short of going full throttle with his neighbor, especially when

was barely covered in Manila, understandably, since it was not aimed at the Philippines. But the principle inside it—that a bloc of rich countries can reach across borders and force compliance from anyone touching their financial system, on no schedule but their own—does not stay European. It travels and it always has.

The conversation about what the Philippines wants from its financial

they are both hosting this summer the World Cup, along with their trade partner, Mexico.  This is where Meloni comes in. Since Trump’s return to the White House in 2025, many politicians across Europe have calibrated their responses to Trump around the assumption that confronting him publicly was a losing proposition.

The 49-year-old Meloni, who joked about coming into the G7 after quitting smoking and wearing a tie, is the first one to really test the theory that challenging Trump can win points with voters.

She is going to be tested electorally next year, and when it comes to her brand, being seen as “Trump’s puppet in Europe” isn’t a good look, according to Lorenzo Castellani, a researcher at Luiss University in Rome. In response to Trump’s tirades, Italy’s foreign ministry late Friday scrapped a US-Italy business forum in Miami, which Secretary of State Marco Rubio was also set to attend.

That forum was intended to be the venue for Italy’s official signing of a critical minerals initiative dubbed the Pax Silica that the US is directing, according to people familiar with the matter.  Now it’s not clear when a deal might be signed. And Meloni is OK with that.

Even Paolo Zampolli, a close personal friend of Trump’s and his envoy for global partnerships, told Repubblica: “This is the official line and at the moment it indicates a clean break.” With assistance from Josh Wingrove /Bloomberg

architecture, who it is willing to align with, and what it is prepared to lose when alignment has a price—that conversation is overdue, and the bill does not wait for Manila to be ready.  Roosevelt’s four days came

Tuesday, June 23, 2026

DA REVIVES STALLED SHIFT TO 5% COCONUT-BIODIESEL

By Bless Aubrey Ogerio

ALONG-DELAYED plan to raise the country’s cocobiodiesel blend is back on the policy agenda as the Department of Agriculture (DA) pushes for the immediate transition to a 5-percent blend, citing more favorable market conditions.

Agriculture Secretary Francisco Tiu Laurel Jr. endorsed a resolution seeking the implementation of a B5 biodiesel blend and forwarded the proposal to the Senate and the Department of Energy (DOE) for consideration.

The move follows a resolution, approved by the Philippine Council for Agriculture and Fisheries’s National Sectoral Committee on Coconut, which called for the higher use of coconut methyl ester (CME) in diesel fuel.

“This shift strengthens the country’s energy security and selfreliance by reducing dependence on imported fuels and making better use of a homegrown renewable resource,” Tiu Laurel said.

The transition had previously been put on hold by the National Biofuels Board (NBB), with the Energy secretary as chairman, after international coconut oil prices jumped by around 300 percent, affecting the economics of increasing the biodiesel requirement.

(Related: https://businessmir-

ror.com.ph/2025/06/16/review-on-biodiesel-blend-hikestill-on-despite-halt/)

With global energy markets facing continued uncertainty, proponents said reviving the B5 rollout could provide a more stable domestic market for coconut producers while supporting efforts to diversify the country’s fuel sources.

The proposal is anchored on Republic Act 9367, or the Biofuels Act of 2006, which mandates the use of biofuels to support renewable energy development, strengthen energy security and promote the coconut industry.

CME, derived from coconut oil, is considered a cleaner alternative to petroleum diesel as it is biodegradable, non-toxic and produces lower sulfur and greenhouse gas emissions.

“Industry experts note that while the B5 blend is a strategic, long-term market intervention rather than a quick fix for fuel prices, it remains a critical step as domestic oil prices are expected to take 6 to 12 months to stabilize amid ongoing global supply chain disruptions,” the DA said. The proposed expansion is expected to increase demand for coconut products and potentially improve incomes among an estimated 2.5 million to 3.5 million coconut farmers.

BusinessMirror

www.businessmirror.com.ph

‘Plenty’ of risks put Aspac outlook in peril in 2nd half

By Andrea E. San Juan

VULNERABLE

energy markets and a “bout” of food price inflation are seen to complicate the growth and monetary policy outlook of Asia Pacific economies in the second half of 2026, Moody’s Analytics warned.

In a commentary on Monday, New York-based data and analytics firm Moody’s Analytics underscored that the Asia-Pacific economy “could be in for a considerably tougher second half.”

Moody’s said the Asia-Pacific economy has so far dodged the “sharp slowdown” that many feared the Middle East conflict would trigger.

“Robust demand linked to the artificial intelligence boom is supporting exports, investment, and growth across much of the region,” Moody’s Analytics said, adding that the challenge is that the list of headwinds keeps growing.

Moody’s Analytics flagged “plen-

ty” of risks to the outlook which it noted are “firmly tilted to the downside.”

For one, it noted that while developments in the Middle East have reduced the likelihood of a more severe energy shock, energy markets are still “vulnerable” to disruptions.

“Climate-related shocks and trade frictions could yet make for a difficult second half of the year,” Moody’s Analytics underscored.

Energy markets still vulnerable EVEN with a cease-fire or peace deal in place, the data and analytics firm underscored that energy markets will take time to normalize.

“Inventories, infrastructure, and

Proposed nutrition limits unrealistic?

By Bless Aubrey Ogerio

AS much as 96 percent of packaged food products currently available in the Philippine market may not be able to comply with the proposed limits on sodium, sugar, and fat under the Philippine Nutrient Profile Model (PNPM), according to the Philippine Chamber of Food Manufacturers Inc. (PCFMI).

The industry group warned that implementing the PNPM in its current form could force manufacturers to reformulate products and update labels, potentially increasing production costs and affecting food prices for consumers. PCFMI, along with 14 industry associations, urged the National Nutrition Council to revisit the proposed model, saying the standards should be recalibrated using Philippine dietary, market, and consumption data to better reflect local conditions.

The PNPM is intended to support healthier

food choices by classifying packaged food and beverages based on their levels of sugar, sodium, saturated fat and total fat. Once adopted, it could serve as a basis for front-of-pack nutrition labels, marketing restrictions, and possible taxation measures for products exceeding set thresholds.

However, PCFMI argued that the current draft does not fully account for differences among food categories, including product composition, serving practices, reformulation challenges, and existing local and international quality standards.

“Though presented as a public health measure, the current model relies on nutrient thresholds that are not fully calibrated to Philippine consumption patterns, local product realities, food safety standards, and affordability considerations,” the group said. Further, PCFMI said the impact could be heavier on smaller businesses, particularly micro, small,

and medium enterprises (MSMEs), which dominate the country’s manufacturing sector.

Data from the Philippine Statistics Authority (PSA) showed that food manufacturing accounts for 30.5 percent of all manufacturing establishments in the country, with more than 99 percent of manufacturers classified as MSMEs.

“Due to limited resources, MSMEs would not only face bigger spending but also deal with reduced production and job losses to stay afloat,” PCFMI said.

The group warned that additional costs from product adjustments could eventually affect food affordability, especially as consumers continue to face elevated prices.

In May, inflation eased to 6.8 percent from 7.2 percent in April but remained well above the 1.3 percent recorded during the same month last year. PCFMI said that while the goal of improving public health is important, the policy must

consider its economic impact across consumers, producers, and smaller businesses.

The industry coalition said the proposed model should be further reviewed before approval to ensure that health objectives are balanced with food accessibility, affordability, and the sustainability of local food manufacturers.

The groups supporting the statement include the American Chamber of Commerce of the Philippines, Beverage Industry Association of the Philippines, British Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, Federation of Philippine Industries, Food Industry Asia, Japanese Chamber of Commerce and Industry of the Philippines, and Korean Chamber of Commerce Philippines. Also joining the call are the Philippine Amalgamated Supermarkets Association, Philippine Association of Meat Processors Inc., Philippine Association of Multinational Companies Regional Headquarters, Philippine Association of National Advertisers, Philippine Association of Store and Carinderia Owners, and Philippine Confectionery, Biscuit, & Snack Association.

strategic reserves need to be rebuilt, which could keep commodity prices elevated and inflationary pressures lingering longer than expected,” it stressed.

Moody’s Analytics said a “more severe” scenario cannot be ruled out.

“If the tentative peace deal fails and the Strait of Hormuz is closed throughout the Northern Hemisphere’s summer, it could drive oil prices to around $158 per barrel in the third quarter, as we simulate in our High Oil Price Scenario,” the research firm said.

Developing El Niño weather pattern

ANOTHER risk to watch, Moody’s said, is the developing El Niño weather pattern, which looks “set” to bring hotter and drier conditions to much of Asia in the second half of the year.

“Lower rainfall could reduce crop yields and tighten food supplies, pushing food prices higher. The last El Niño event, which ran from late 2023 to early 2024, contributed to higher food inflation across several Asian economies, including India, Indonesia, and the Philippines,” the firm noted.

“Coming on top of the recent energy shock, a bout of food price inflation would complicate the outlook for growth and monetary policy,” added Moody’s Analytics. With higher commodity prices stemming from the Middle East conflict showing up in inflation data across the region, Moody’s Analytics flagged the Philippines as having experienced “some of the strongest pass-through,” with transport and utility costs pushing inflation well above the central bank’s target range.

Moody’s pointed out that the challenge is that inflation often “proves stickier on the way down than on the way up.”

“Businesses are quicker to pass on cost increases than to pass on cost savings. Even if commodity prices stabilize, the recent energy shock could keep inflation elevated for longer than policymakers expect,” the data and analytics firm said. This scenario now leaves central banks in a “difficult position,” it also noted.

“At the start of the year, attention centered on how quickly central banks could cut rates. Following the rise in energy prices,

See “Aspac,” A2

Halal Tourism grows as PHL climbs global Muslim travel index

By Ma. Stella F. Arnaldo Special to the BusinessMirror

THERE are now some 70 Halal- or Muslim-friendly establishments in the country, more than a four-fold increase from a decade ago, when the government launched the Philippine Halal Tourism Project.

This developed as the Philippines continues to raise its global profile as a Muslimfriendly destination, now ranking fifth among non-members of the Organization of Islamic Cooperation (OIC) countries, as per the Mastercard CrescentRating Global Muslim Travel Index (GMTI) for 2026. Last year, the Philippines placed eighth.

With 2 billion Halal consumers worldwide,

“It is a major opportunity. It is not a niche, not a side market, but a growing global economy that we are now engaging more deliberately,” said Acting Tourism Secretary Ma. Bernadita Angara-Mathay at the Salaam: The Halal Tourism and Trade Expo Philippines 2026 on Friday.

With delegates from the Brunei Darussalam–Indonesia–Malaysia–Philippines East Asea Growth Area, Muslim entrepreneurs, and tourism stakeholders in attendance, the DOT chief said Halal Tourism is not just about visitor arrivals and receipts.

“It is also a story of connection. The peoples of Mindanao, Sulu, Brunei, Malaysia, and Indonesia have long been connected through trade, culture, faith, and family ties. These relationships existed long before modern borders and formal institutions.”

The Philippine Halal Tourism Project was launched under Tourism Secretary Ramon Jimenez Jr. in 2016 with just 16 Halal-certified restaurants and hotels. (See, “DOT launches halal marketing strategy to boost visitor arrivals,” in the BusinessMirror, April 7, 2016.)

Arrivals up 1.2% from OIC countries

“ HALAL” foods are those permitted to be eaten by Muslims, as these had been prepared in adherence to the Islamic Sharia law. For poultry and animals, it means a slaughtering process which involves draining the blood through a clean slit to the throat while an imam offers a prayer. Hotels have also invested in setting up separate halal kitchens, building Muslim prayer rooms or installing markers to show the direction to Mecca, and providing copies of the Koran to boost their Muslim clientele.

There is also a private Marhaba Beach for Muslims in Boracay. (See, “What inclusivity really means,” in the BusinessMirror, Dec.13, 2024.)

It also includes “training of workers, developing Muslim-friendly accommodation standards, expanding access to Halal-certified food options, and encouraging the provision of greater facilities and culturally sensitive services across destinations,” said Angara-Mathay of the DOT’s

percent, yoy); followed by Indonesia at 49,903 (-10.7 percent); Saudi Arabia at 17,780 (-7.23 percent); Bangladesh at 10,639 (+112.6 percent); Pakistan at 5,820 (-2.17 percent); Brunei at

the Top 10 destinations in the global Communications category, while Mindanao earned the honor as the Most Promising Muslim-Friendly Region among non-OIC destinations. Support from Malaysia SPEAKING at the same event, Malaysia’s Ambassador to the Philippines

Editor: Jennifer A. Ng

PLDT seeks SEC, PSE nod for Vitro maiden share sale

By Lorenz S. Marasigan @lorenzmarasigan

PLDT Inc. said on Monday it has filed a registration statement with the Securities and Exchange Commission (SEC) for the proposed initial public offering (IPO) of Vitro REIT Inc., its data center subsidiary, in a deal that could raise up to P24.2 billion.

Vitro REIT’s planned IPO marks the first listing of a digital infrastructure real estate investment trust (REIT) in the Philippines.

The registration statement and REIT Plan were submitted to the SEC last June 20, and Vitro REIT followed this up on June 22 with a formal application to list on the Main Board of the Philippine Stock Exchange (PSE).

Vitro REIT is a wholly-owned subsidiary of ePLDT, Inc., which is in turn a wholly-owned subsidiary of PLDT. Vitro Inc., the entity behind the proposed IPO, is in the process of changing its corporate name to Vitro REIT Inc., subject to SEC approval. Under the proposed offer, ePLDT plans to sell up to 1,913,043,500 secondary common shares, or firm shares, with an over-allotment option of up to 286,956,500 additional

secondary shares, at an offer price of up to P11.0 per share.

Assuming full exercise of the over-allotment option, the offer is expected to generate gross proceeds of up to P24.2 billion and represent approximately 48.95 percent of Vitro REIT’s issued and outstanding capital stock.

As a REIT, Vitro REIT will be required to declare dividends equivalent to at least 90 percent of its distributable income.

The initial portfolio is expected to consist of eight stabilized, incomegenerating data center assets with an aggregate total IT ready capacity of approximately 24 megawatts. These include Tier 2 and Tier 3 facilities located across the country, designed to serve enterprise, hyperscale, cloud, and other customers running mission-critical workloads.

“As demand for secure, resilient, and scalable digital infrastructure continues to grow, the proposed Vitro REIT IPO creates an opportunity for investors to participate in the growth of one of the country’s

most critical digital infrastructure sectors,” ePLDT and Vitro REIT CEO Victor S. Genuino said.

The proposed listing follows the issuance of SEC Memorandum Circular No. 1, Series of 2026, which revised the implementing rules and regulations of Republic Act No. 9856, or the Real Estate Investment Trust Act of 2009.

The amended rules expanded the REIT framework to cover digital infrastructure assets such as data centers and information and communications technology infrastructure, paving the way for Vitro REIT’s proposed listing.

Net proceeds from the sale of the offer shares will be received by ePLDT and are expected to be used in part for debt repayment, among other allowable uses under law.

UBS AG, Singapore Branch is acting as the lead international underwriter, while BPI Capital Corporation is the domestic lead underwriter. Both are serving as joint global coordinators and joint bookrunners for the proposed offer.

SEC crafting market making rules

By VG Cabuag @villygc

THE Securities and Exchange Commission (SEC) is establishing a regulatory framework for market making in listed securities as part of its ongoing efforts to revitalize capital market activity and align local market practices with international standards.

The SEC issued for public comment the draft SEC Rules on Market Making, which set out the eligibility requirements for Market Makers, their disclosure, recordkeeping, and reporting obligations, as well as investor protection and market integrity safeguards.

It said comments on the draft rules may be accepted by the agency through July 7.

Market making is a globally adopted mechanism that enhances liquidity, facilitates efficient price discovery and promotes orderly trading, thereby contributing to capital formation and overall capital market development.

Under the proposed rules, only trading participants of an exchange that are duly licensed by the SEC may serve as market makers. Eligible firms must maintain a minimum unimpaired paid-up capital of P100 million, demonstrate adequate trading experience with a sound regulatory and legal track

record, and have a valid and subsisting market making agreement with the issuer, the exchange, or another authorized party.

Market makers will be required to maintain continuous two-sided quotations during trading hours in accordance with relevant Exchange-prescribed parameters, as well as sufficient inventory to support liquidity provision. Quotations must be firm and executable, except in cases of system failures, market-wide disruptions, force majeure events, or other exceptional circumstances.

The draft rules also establish reporting and oversight mechanisms through the timely and accurate sub -

mission of reports to the Exchange, including trading and quotation reports, compliance certifications, and immediate notification of any material breaches.

Exchanges, in turn, must regularly report to the commission on Market Maker performance and compliance.

To encourage market-making activities, exchanges may grant incentives such as reduced transaction fees, liquidity rebates, and access to enhanced trading facilities.

Exchanges will be required to adopt implementing rules and guidelines necessary to operationalize the framework, subject to commission approval.

‘Agila Subic, Bulalacao ports ideal for OSW’

TTanduay rum, owned by tycoon Lucio Tan, showed its dominance in the global rum category for the ninth consecutive year, maintaining its title as the world’s number one rum. Tanduay said it sold 23.2 million case liters in 2025, down by 2.5 percent from the previous year. Globally, sales in the rum category slipped from 73.7 million to 73.1 million cases. “Although the rum category in general experienced a decline in sales, we remain focused on Tanduay’s long-term growth. We recognize that consumer preferences evolve, and we are there to meet their changing needs while remaining committed to our craftsmanship and innovation,” said Tanduay International Business Development Manager Roy Kristoffer Sumang. Brands with local appeal, affordable pricing, and better distribution are the key drivers of growth in the spirits industry amid a challenging economic environment, according to the latest issue of Drinks International Magazine’s The Millionaires’ Club supplement, which publishes the top-selling spirits brands annually. VG Cabuag

DICT

THE Department of Information and Communications Technology (DICT) and Google Cloud have formalized an expanded, multi-year collaboration that will deploy artificial intelligence (AI) tools to more than 200,000 government employees.

The partnership announced on Monday will also bring 90 government agencies under a unified cyber defense framework and extend trans-Pacific subsea cable infrastructure to support the Philippines’s growing data demands.

It centers on three interconnected efforts: rolling out agentic AI tools for frontline and knowledge workers in the public sector; building a national cybersecurity operations network; and integrating submarine and terrestrial connectivity infrastructure to reduce the cost and latency of accessing cloud-based services.

Under an “AI Agents for Public Sector” program, DICT will use Google’s Gemini Enterprise Agent Platform to build and deploy AI agents embedded into e-government platforms.

The agents are designed to allow citizens to interact with government services in local languages—asking about business registration procedures, community health schedules, or disaster relief assistance—without having to navigate dense documentation.

As an initial step, more than 50,000 public servants will be equipped with the Gemini Enterprise app, which allows workers to query across previously siloed government data sources and automate complex analytical tasks.

An economic analyst, for instance, could prompt the system to continuously monitor agricultural fertilizer prices, flag supply chain anomalies, and generate a cited policy brief—with AI agents autonomously pulling from verified web sources and internal government archives.

DICT Secretary Henry Rhoel Aguda said the collaboration is meant to go beyond software adoption and toward “sustained systemic efficiency” across public institutions.

cost savings, and user satisfaction. On cybersecurity, the DICT Cybersecurity Bureau has established a cross-agency cyber defense alliance anchored on Google Cloud Cybershield, an AI-driven security platform deployed at the National Security Operations Center (NSOC). Security teams from 56 agencies have already been onboarded and trained on the system, with a total of 90 agencies targeted for integration by end of June 2026. The platform provides centralized monitoring of security events, with threat intelligence and incident response capabilities supported by Google’s Mandiant consultancy arm. The same architecture is being used to secure digital operations during the Asean Summits hosted by the Philippines from April to November 2026. Furthermore, Google and its Pacific Connect initiative partners are extending the Taiwan-PhilippinesUS (TPU) subsea cable system using next-generation multicore fiber technology capable of handling the high-bandwidth, continuous data flows required by AI services.

A second cable system, Apricot, provides a redundant path that bypasses traditional congestion points in Asia-Pacific routing.

DICT plans to link both cable systems to local terrestrial networks and its Luzon Bypass Infrastructure (LBI) corridor, allowing the agency to redirect network resources toward expanding its Free Wi-Fi for All program in public schools, hospitals, and community centers while supporting the reliability of e-government platforms.

By Lenie Lectura @llectura

HE Global Wind Energy Coun-

cil (GWEC) has identified the Agila Subic and Bulalacao ports as priority sites that need to be developed to accommodate the capital-intensive offshore wind (OSW) power projects.

In its report, GWEC said the Agila Subic port in Zambales is the strongest candidate to serve as the country’s primary offshore wind hub while the port of Bulalacao in Oriental Mindoro offers long-term potential but will require a broader multi-use development approach to strengthen its commercial viability. GWEC said developing specialized facilities at these ports is “critical” to unlock billions in OSW projects. Based on the report, the port of Agila Subic could attract around $215 million in phased port investments. Phase 1, focused on enabling early offshore wind deployment and bottom-fixed turbine technology, would require an estimated $137 million in upgrades. Phase 2, which would expand the port’s capabilities to accommodate floating offshore wind projects, would require an additional $78 million for quay strengthening, heavylift infrastructure, and expanded laydown and assembly areas. The port of Bulalacao, which cur-

rently faces greater infrastructure constraints, would require a more extensive greenfield development strategy, with estimated investments of $252 million in Phase 1 and $70 million in Phase 2.

The Viable Business Models to Transform Strategic Ports into Offshore Wind Hubs in the Philippines study of GWEC also provides a detailed assessment of how these ports can support manufacturing, transportation, and installation operations. GWEC recommended a phased, demand-led approach to infrastructure development, aligning investments with the expected rollout of both fixed-bottom and floating offshore wind technologies.

GWEC Senior Policy Officer Pope John Sotto said the ports are the backbone of the OSW value chain, and strategic investments can unlock significant economic, industrial, and

energy security benefits.

“Global experience demonstrates that successful offshore wind hubs are built through careful planning, phased investment, and strong collaboration between the public and private sectors. The Philippines has a unique opportunity to learn from international best practices and establish a commercially viable offshore wind ecosystem from the outset.”

GWEC is a member-based organization representing the global wind energy industry.

The Department of Energy (DOE) earlier said nine companies will advance to the next stage of the evaluation process under the Green Energy Auction fifth round (GEA-5).

DOE Undersecretary Mylene Capongcol said of the 95 service contracts awarded by the government, only 20 signified their intent to participate in the GEA-5.

“We’re empowering our public servants with world-class AI tools and upskilling programs to help them remove bureaucratic friction, optimize public sector productivity, and deliver seamless, next-generation services,” he said.

The agency plans to expand access to Gemini Enterprise and Google Workspace to more than 200,000 public servants over the next 18 months, tracking metrics including frequency of use, productivity gains,

PROPERTY developer Arthaland Corp. said it will soon start turning over units of its multi-tower Una Apartments in Biñan, Laguna.

The company said it expects sales for the first tower to reach P2.5 billion; second tower, P3.6 billion and third tower, P3.9 billion. Oliver Chan, Arthaland executive vice president and sustainability officer, said the project has received “strong market demand” with Tower One fully sold within the first 10 months of its launch in September 2022. Tower Two, which had its topping off ceremony last Friday, is 83 percent sold. It is set for

Google Cloud Philippines Country Manager Jennifer Ligones said the goal is to make enterprise AI capabilities function as public utilities.

“We’re building a future where best-in-class enterprise AI capabilities and high-speed data pipelines act as public utilities that unlock new job opportunities, protect critical national infrastructure, and help establish the Philippines as a leading digital economy in the Asia Pacific region,” she said. Lorenz S. Marasigan

completion in December 2028. Chan said Una Apartments has attracted a lot of interest from investors, international retirees, as well as parents purchasing homes for children studying at De La Salle University’s campus in Laguna. Una Apartments currently has three towers under development, though the company is looking at potentially building five towers, depending on market demand.

Tower One will have 14 physical floors with 392 units scheduled. Tower Two, meanwhile, will have 413 units over its 19

and Tower Three will have 431

17

GOOGLE signage at the Google I/O Developers Conference in Mountain View, California, US, on Tuesday, May 19, 2026. PHOTOGRAPHER:

Banking&Finance Outlook for banking system revised to ‘negative’

By Andrea E. San Juan & Reine Juvierre S. Alberto @reine_alberto

MOODY’S Ratings has revised its outlook for the Philippines’ banking system from stable to negative as it expects elevated inflation, combined with “markedly slower” public investment disbursement amid the ongoing flood-control probe, to further dampen credit demand and business sentiment.

In its “Banking System Outlook for the Philippines,: Moody’s Ratings said the revision reflects its expectation that the Middle East

Sunk cost fallacy traps and how to avoid them

THINK about the following situations.

In the first scenario, you purchased a couple=spa package for P6,000 as a romantic gift for you and your spouse’s wedding anniversary next week. You called the front desk and made a reservation for that week. As stated in the terms and conditions, if you fail to show up on your scheduled booking, your payment will be forfeited.

Assume in this second circumstance that you have a modest wedding anniversary celebration with your closest friends and family a week before your anniversary. One of your friends gave you a spa gift certificate worth the same amount for you and your spouse, with the terms and conditions stating that scheduled appointments are forfeitable, nontransferable, and non-refundable. The next day, you called up the spa to book a reservation with them on the day of your anniversary.

However, both on these occasions you found out a strong typhoon was expected to hit your city or province on the day of your appointment. Which of the above scenarios would you choose in view of this expected weather risk?

Compared to the latter scenario, the former has a greater chance of you keeping your spa appointment. This is due to the fact that your choices are impacted by what behavioral scientists refer to as the “sunk cost fallacy.”

Sunk costs are expenses that have already been incurred and cannot be recouped—may it be your money, time, effort, and energy. The sunk cost fallacy is a cognitive bias in which you cling to past choices due to an upfront investment, primarily because you do not want your money to be wasted, regardless of whether the course of action would prove beneficial in the future.

Couples who have committed time and energy in a long-term relationship are susceptible to the sunk cost fallacy, even if one of them is abusive to their partner. Buffet guests pushed themselves to eat more than they could reasonably ingest on the belief that they should make the most of every peso they paid, even if they already feel queasy from overindulging in food. Investors who placed their hard-earned money into an investment and then saw it dive made it difficult for them to close out their positions or sell the losing asset. Rather, they add up their holdings in the hopes of recovering the initial loss, but they end up losing more money.

conflict and “resultant inflation” shock will further pressure the country’s already slowing economic growth, despite the recently announced deal between Washington and Tehran.

“Elevated inflation, combined with markedly slower public investment disbursement amid the ongoing flood-control probe, will further dampen credit demand and business sentiment,” the credit rating agency said.

As such, it noted that “asset quality deterioration will be more acute than we previously expected, with retail loans already facing higher impairments from rapid growth in recent years.”

Consequently, the credit rating agency said it anticipates higher credit costs.

YIELDS from short-term debt instruments continued to rise after the central bank maintained a hawkish stance to rein in inflation pressures, especially from possible second-round effects of the US-Iran war.

The 35-day cash management bills (CMBs), which the Bureau of the Treasury said it auctions off “to manage liquidity,” averaged 4.738 percent, 12.7-basis points higher than the 4.611 percent in the previous auction last June 16.

According to studies done by Daniel Kahneman and Amos Tversky, people are irrational beings and have a significant loss aversion, particularly when money, relationships, and emotions collide.

Loss aversion demonstrates that your perceptions of successes and losses differ. That is why you feel terrible and regretful when you do not follow through. Research indicates that it is challenging to disregard your emotions as they have a significant impact on your decision-making processes.

Another cognitive bias that contributes to the sunk cost fallacy is commitment bias, which occurs when you continue to support your previous judgments despite the latest evidence indicating that they are not the optimal course of action.

The sunk cost fallacy can also be attributed to the emotion of regret. Regret is a very potent negative feeling that can influence your decision to act or not to act out of fear of making a poor judgment and the need to justify it in many ways.

The following advice can help you avoid the sunk cost fallacy’s irrationality when making decisions:

1. If your safety is at jeopardy, discontinue the endeavor. Remember that your life or health is far more important than the money you will lose if you do not show up.

2. Reduce your losses. While you can, come to terms with the loss. The longer you wait or the larger your investment is, the more difficult it will be for you to withdraw.

3. Think about your trade-off. What are you trading off if you push through with your decisions?

4. Finally, delegate the decisionmaking to someone you trust. The third party does not hold emotional attachment, therefore they can make a more reasonable judgment for you.

Recognizing sunk costs allows you to reduce your losses early, move on, and direct your resources toward something better instead of incurring larger losses.

It’s crucial to evaluate your investments based on their potential utility in the future rather than how you felt about them in the past because at the end of the day, the money spent is already gone forever.

Rosemarie Gases is a Registered Financial Planner of RFP Philippines. The views and opinions she expressed herein are hers and do not necessarily represent the BusinessMirror. Email info@rfp.ph or visit rfp.ph to learn more about the program.

Across key drivers, Moody’s Ratings flagged the operating environment and asset risk as “deteriorating” while capital, profitability and efficiency, funding and liquidity and government support were marked “stable.”

In terms of the operating environment, the credit rating agency said it forecasts the Philippines’ real gross domestic product growth to remain “muted” at 4 percent to 4.5 percent this year, compared to the 4.4 percent growth in 2025 but below the 6.3 percent average in 2022 to 2024.

The credit rating agency expects the ongoing flood-control probe will slow public investment disbursement and will weigh on private investment decisions.

Moreover, higher inflation is

billion in total tenders. During the pandemic, the government-issued CMBs, often used on cash flow concerns, raised P120 billion in 2020.

Meanwhile, the 91-day T-bill yield was 4.6 bps higher at 5.217 percent versus 5.171 percent before the BSP’s rate hike.

The average yield on the 182-day debt paper, likewise, increased, up by 6 bps to 5.754 percent from 5.694 percent a week ago.

The 63-day tenor fetched an average yield of 5.052 percent, up from 4.942 percent last week by 11 basis points (bps).

Both government IOUs were fully awarded, generating a total of P40 billion to state coffers.

Six years after issuing CMBs, Monday’s auction was 1.4-times oversubscribed, attracting P57.49

ONLINE payments coursed through Instapay and Pesonet increased 44.52 percent in the January to May period in 2026, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

The data specifically showed total payments through these electronic fund transfer (EFT) platforms amounted to P13.18 trillion in January to May 2026, higher than the P9.12 trillion posted in the same period last year.

In terms of volume, BSP data showed these payments nearly tripled or posted a growth of 187.6 percent during the five-month period compared to last year.

There were a total of 3.48 billion transactions made via Instapay and Pesonet in the January to May 2025 period, significantly higher than the 1.21 billion transactions in the same period of 2025. In May 2026, the amount sent via Instapay and Pesonet increased by 41.41 percent to P2.8 trillion from P1.98 trillion in May 2025.

In terms of volume, the data showed it more than doubled to 761.41 million transactions in May 2026, a 106.32- percent increase from the 369.04 million transactions recorded in May 2025.

Meanwhile, the BSP data showed that the amount of funds sent via Pesonet amounted to P6.62 trillion in January to May 2026. This was a 30.38-percent growth from the P5.06 trillion recorded in January to May 2025.

In terms of volume, Pesonet facilitated a total of 52.55 million transactions in the first five months of 2026, a 12.65-percent growth from the P46.65 million transactions facilitated in the same period last year.

For May 2026, the value of

expected to weigh on private consumption and credit demand.

“We expect public investment disbursement to recover only gradually from the second half of 2026, with continued implementation of enacted reforms to bolster investment sentiment that had weakened amid the ongoing flood-control probe,” Moody’s Ratings said.

Moreover, it said more frequent and severe effects of extreme climate events will pose downside risks to economic growth.

In a rising interest rate environment, credit demand will slow in 2026 while debt servicing costs will increase, it also pointed out.

On asset risk, Moody’s Ratings said strong growth in retail

as investors continued to price in a higher interest rate environment following the recent 25-bps rate hike by the Monetary Board, the policymaking body of the Bangko Sentral ng Pilipinas (BSP).

The BSP’s target reverse repurchase (RRP) Rate was increased to 4.75 percent, while interest rates on the overnight deposit and lending facilities were adjusted to 4.25 percent and 5.25 percent, respectively.

In contrast, the 364-day yield declined by 9 bps to 6.034 percent from 6.124 percent previously.

Total tenders for all three tenors reached P123.256 billion, or twice the P60 billion offered by the Treasury. The Treasury raised a total of P100 billion as planned despite yields resuming an upswing.

According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., yields increased again

transactions that went through Pesonet reached P1.33 trillion, a 26.67-percent growth from the P1.05 trillion recorded in the same period last year.

In terms of volume, Pesonet transactions reached 10.61 million in May 2026, a 11.68-percent growth from the 9.5 million posted in May 2025.

Meanwhile, BSP data showed the value of transactions via Instapay reached P6.56 trillion in January to May 2026, a 61.58-percent growth from the P4.06 trillion recorded in the five-month period last year.

The number of transactions coursed through Instapay in the first five months of the year reached 3.43 billion transactions, a 195.69-percent growth from the 1.16 billion transactions in the same period in 2025.

In May 2026, the total Instapay transactions amounted to P1.47 trillion, a 57.97-percent growth from the P930.56 billion posted in May 2025.

This amount was sent through a total of 750.80 million Instapay transactions in May 2026, a 108.82-percent growth from the 359.54 million transactions in May 2025.

Instapay was launched on April 23, 2018, and was designed to facilitate small value payments that will be especially useful for the purchase of retail goods, paying toll fees and tickets, as well as for e-commerce.

Pesonet is the first automated clearing house (ACH) under the National Retail Payment System and was launched on November 8, 2017. It is a batch-EFT credit payment scheme, which can be considered an electronic alternative to the paper-based check system. Andrea E. San Juan

exposures presents “unseasoned loan risk,” while elevated inflation weakens retail borrowers’ repayment capacities.

“Corruption probe may lead to slowdown and payment delays in construction-related sectors,” the credit rating agency said. It added that loan-loss coverage is decreasing but will remain “adequate” against asset risks. In contrast, Moody’s Ratings said other key drivers of the outlook are expected to hold steady.

“Profitability will remain stable as wider net interest margins (NIMs) offset the impact of increased provisions. Meanwhile, Philippine banks will keep their strong capital, funding and liquidity positions,” Moody’s Ratings said.

(See: https://businessmirror.com. ph/2026/06/19/2nd-round-effectsof-war-prompt-rate-hike/ )

BSP Governor Eli M. Remolona Jr. said the central bank has “a lot” of room for further monetary tightening amid the uncertainty still surrounding the Middle East conflict.

“I think 25 bps is possible, 50 bps is possible, depending on the data that we see going forward,” Remolona said, noting, however, that big moves

ICRO-sized taxpayers and smallscale businesses with lingering tax liabilities may now settle their obligations for a fixed fee under the Bureau of Internal Revenue’s (BIR) one-time abatement program.

The main tax-collecting agency issued Revenue Regulations 4-2026 to allow these “stop-filers” to resolve their outstanding tax liabilities and clean up their records.

Taxpayers whose gross sales do not exceed P3 million per year and whose covered total basic tax liabilities and/or penalties do not exceed P80,000 may avail the one-time tax abatement program until December 31, 2026, the ruling read.

Cases eligible for abatement include delinquent accounts and assessments, whether preliminary or final and whether disputed or not, as well as open stop-filer cases, including those taxpayers who have already ceased business operations, as of December 31, 2025.

tend to disrupt the market. That hawkishness is not unique to the local central bank as most officials of the US Federal Reserve see rate hike in the coming months, according to RCBC’s Ricafort. “Other central banks worldwide could match any future Fed rate hike to better manage interest rate differentials,” he added. On Tuesday, the Treasury will offer 4-year and 10-year Treasury bonds for auction to raise as much as P60 billion.

This year, the government aims to borrow a total of P2.682 trillion to finance its programs and projects. Of the amount, 77 percent will be borrowed domestically while the remaining 23 percent will come from foreign lenders.

As of end-April, the government’s outstanding debt climbed to P18.740 trillion. Reine Juvierre S. Alberto

“This is an opportunity to start with a clean slate,” Internal Revenue Commissioner Charlito Martin R. Mendoza said. “It is meant to help you settle past obligations without a heavy financial burden, update your records, and move forward as a compliant taxpayer.”

The latest regulation complements the earlier-issued Revenue Memorandum Circular No. 47-2026, which prescribed simplified and streamlined guidelines and procedures for the closure and cancellation of business registration with the BIR.

“Many micro taxpayers have already stopped operating but continue to carry unresolved tax obligations or inactive registrations,” Mendoza said. “We have already simplified the process of properly closing a business, and this one-time abatement program complements it by easing the financial burden of settling old tax liabilities for our micro taxpayers.” Reine Juvierre S. Alberto

Taxpayers must file an application for abatement with the appropriate Revenue District Office (RDO) having jurisdiction over them and pay a P5,000 one-time abatement fee for each approved application. The RDO is expected to issue a “Certificate of Availment” to serve as evidence that the taxpayer availed of the program and that the covered case has been closed.

THE Bangko Sentral ng Pilipinas (BSP) has warned bank account holders against letting other persons use their e-wallet or bank accounts for transactions that are not their own, saying this act has repercussions and is punishable under the law.

A public advisory issued by the BSP last Monday read that allowing others to use one’s own account for scams or illegal transactions is punishable by law, particularly under the Anti-Financial Account Scamming Act (Afasa) or or Republic Act 12010.

“Scammers may pose as legitimate users and ask to use your account to send or receive money—sometimes offering payment in return. Do not be deceived,” the BSP emphasized. The central bank reminded account

holders that their accounts are “personal.” As such, BSP said, the account holder is “fully responsible for all transactions made through your account.” Further, the central bank said

Art

Queer narratives shine in CCP Encyclopedia of Philippine Art

THE CCP Encyclopedia of Philippine Art (CCPEPA) spotlights stories from and about the LGBTQIA+ community in celebration of Pride Month this June.

Tagged as the “most comprehensive source of knowledge on the country’s arts and culture,” the CCP-EPA holds over 5,000 articles in its 12 volumes. Written and researched by over 500 respected scholars and experts from the country’s top universities and research institutions, its first edition was released in 1994. Today, its digital edition carries 6,000 articles and hundreds of video excerpts from dances and musical performances from the CCP archives.

Among the featured pieces are queer stories across film, theater, literature, and television. In film, for instance, the CCP-EPA identifies National Artist Lino Brocka’s 1971 masterpiece, Tubog sa Ginto, as a groundbreaking piece of art that treats homosexuality with psychological depth and sensitivity, diverging from the caricatures prevalent in comedies of that era.

The landmark title paved the way for films like Markova: Comfort Gay (2000) and the award-winning Ang Pagdadalaga ni Maximo Oliveros (2005) to broaden the narrative. More recently, Jun Robles Lana’s Die Beautiful (2016) won critical acclaim for its presentation of transgender experiences, solidifying a place for queer identities within the national discourse.

The CCP EPA also archives numerous productions that reflect the community’s plight and perseverance, with Philippine theater serving as a haven for queer stories. Zsazsa Zaturnnah Ze Muzikal (2006) and Care Divas (2010) are regarded as cultural touchstones, along with celebrated titles such as Orlandro Nadres’s Hanggang Dito na Lamang at Maraming Salamat and Chris Martinez’s Freshman and Baclofen, among others. Then there’s the literature curation of the CCP EPA, which covers works that “continue to define and highlight the unique experience of being Filipino

and being a member of the LGBTQIA+ community.” Considered as a watershed moment for independent voices is the 1994 publication, Philippine Gay Writing titans Ricky Lee (Si Amapola sa 65 na Kabanata), Tony Perez (Cubao 1980 at Iba Pang Katha), and Honorio Bartolome de Dios (Sa Labas ng Parlor), “whose stories illuminate the complexities of queer Filipino life.” This representation has also transitioned to screens via teleseryes and web series. Shows like My Husband’s Lover and Gameboys have proven that Filipino queer stories resonate deeply

serves as a critical reminder linked,” ensuring that “the contributions of the LGBTQIA+ community to the Philippine cultural identity are preserved for future generations.”

Access to the CCP EPA digital edition is available for P99 monthly or P999 annually through epa. culturalcenter.gov.ph/encylopedia. To get a copy of the CCP EPA print edition and/or the special USB offline version, e-mail epa@culturalcenter.gov.ph.

Olafur Eliasson holds final exhibit leg, free public lecture in Manila

ICELANDIC-DANISH artist

Olafur Eliasson transports his significant traveling exhibition,

Your Curious Journey, to the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) in Manila.

This marks the final leg of an extensive international tour which included stops such as the Singapore Art Museum (SAM), Auckland Art Gallery Toi o Tāmaki, Taipei Fine Arts Museum (TFAM), and Jakarta’s Museum MACAN.

Your Curious Journey offers a comprehensive survey of Eliasson’s three-decade practice, which centers on themes of perception, embodiment, and the climate emergency. As the landmark display concludes its

journey in Manila, it will return to the artist’s studio in Berlin, marking the end of a multi-year regional dialogue.

The collection features works which explore perception, sustainability and climate. Among the highlights are Beauty (1993), a shifting and shimmering rainbow created by a spotlight and water nozzles; and Moss Wall (1994), a sprawling vertical expanse of reindeer moss.

Yellow Corridor (1997) welcomes guests into an immersive space via monofrequency lights to challenge physiological perception. Meanwhile, The Glacier Melt Series (1999/2019) showcases 30 C-prints documenting environmental change.

Before its opening, Eliasson will lecture to guide attendees on how art

can inspire personal and collective transformations.

The talk will be held on July 9, 2026, 2 pm, at the 5th Floor, Theater of the Benilde Design + Arts Campus.

The discussion is free and open to the public. Interested participants may register through bit.ly/YCJ-PublicLecture.

Olafur Eliasson: Your Curious Journey is supported by the Embassy of Denmark in the Philippines, Mercedes Zobel, and Goethe-Institut Philippinen.

It will be available on view from July 9 until November 15, 2026.

Those who wish to visit the opening night must register via bit.ly/YCJExhibitionOpening.

More information can be found at www.mcadmanila.org.ph.

crops up. Taking a risk that can affect your status quo can put you in a vulnerable position. Put your emotions aside when shared expenses or joint ventures are subject to discussion. Abide by the rules and regulations. ★★

LEO (July 23-Aug. 22): Put your energy to work for you. Don’t waste time on dead-end projects, users and situations that don’t concern you or help you reach your objective. Pour your heart and soul into what’s feasible, and don’t stop until you are satisfied with the results. Dump the past, and press forward with passion. Romance is in the stars. ★★★★

VIRGO (Aug. 23-Sept. 22): Easy does it; don’t try to buy love or favors. Honesty is the best policy. Say what’s on your mind, and pursue your goals without putting your health, wealth or reputation in jeopardy. Time is on your side, and change will happen when the time is right. Preparation, detail and persistence are the paths to getting what you want. ★★★

LIBRA (Sept. 23-Oct. 22): Choose to observe and estimate your next move. Think about the possibilities, and follow the dots until you get a clear picture of what’s at stake. Refuse to let someone get away with empty promises. Get what you want in writing before you commit. Someone you meet will impact how you feel about love and lifestyle. ★★★

SCORPIO (Oct. 23-Nov. 21): An open discussion will reveal where you stand with someone and what you can do to make things better. Put your energy into understanding and changing what is causing disruptions. Refuse to let anger set in when peace is necessary to turn a negative into a positive. Trust in your intelligence and ability to find a solution. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Spend more time at home or with loved ones. Surrounding yourself with the right people will help build confidence. A change to how you earn your living will boost your lifestyle and allow you to engage in activities that bring you joy. Be honest and straightforward, and walk away from those who don’t offer the same in return. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Completion will help dodge criticism. Oversee your plans, do what you say and look for opportunities to match and mirror those you respect and love most. Put your energy where it counts and will help you become the best version of yourself. Embrace positive change and living a healthy lifestyle. Honor your promises, and you’ll have no regrets.

AQUARIUS

After Ibarra, Derrick Monasterio is certainly worth a lot more

DINGDONG DANTES’ JOURNEY DEEPENS IN ‘THE MASTER CUTTER’

THE GMA Network primetime series The Master Cutter, bannered by Dingdong Dantes, continues to dominate the primetime block, captivating viewers with gripping twists and emotional confrontations.

Since its premiere, the series has drawn audiences into the world of Atoy Padua (Dingdong), a highly skilled Scout Ranger who has chosen a quiet life as a tailor while secretly working as a man-hunter and tracker-for-hire.

In recent episodes, Atoy discovered that Ibyang (Sienna Stevens) could not read. This revelation prompted him to step up as the much-needed guiding light for Ibyang. As Ame (Jo Berry) later explains, Ibyang grew up in an orphanage and never had the opportunity to receive a proper education. Could this journey lead to Atoy becoming the father figure that Ibyang has been searching for?

The emotional connection between the two characters goes beyond the camera, as Dingdong previously shared that he has been mesmerized by Sienna’s work ethic, having worked with her in Royal Blood. “From Lizzy to Ibyang, I’ve had the privilege of witnessing her growth, not just as a young person, but as a performer. With every project, kita ko talaga ang kanyang pagiging mas confident, mas instinctive, at mas impressive sa kanyang craft,” he shared.

Meanwhile, as the story deepens in The Master Cutter, Atoy has become known as a man-hunter and tracker for hire at Tabang Lupa. For his next mission, Atoy was tapped to look for Father Peping’s niece, Queenie (Hannah Arguelles). All leads point to Raki (Pio Balbuena), a famous punk rock band vocalist, whom Queenie met through an online dating app. While solving the case, Atoy discovers that Elaine (Max Collins) is actually named Audrey. Will there be a second chance for Atoy and Elaine, even if there is a conflict between their hidden identities?

Viewers can watch The Master Cutter from Mondays to Fridays at 8 pm on GMA and online via Kapuso Stream and GMA Play. Global Pinoys can also watch the program via GMA Pinoy TV. More information can be found at www.gmanetwork.com.

By Jake Coyle The Associated Press

NEW YORK—Toy Story still has a friend in moviegoers. The fifth installment in the Pixar series debuted with $160 million in domestic ticket sales, according to studio estimates on Sunday, easily setting a new franchise record and notching the biggest opening weekend of the year.

Launching 31 years after the original Toy Story first landed in theaters, Toy Story 5 far surpassed the previous series-best debut: $120 million for Toy Story 4 in 2019. Internationally, it was just as successful, with $152 million in opening-weekend sales, for a worldwide haul of $312 million.

The Toy Story franchise is one of the most profitable for The Walt Disney Co. Before Toy Story 5 launched, the movies had collectively grossed more than $3 billion, while also pulling in billions from merchandising.\ Though the series seemed to reach a conclusion with 2010’s Toy Story 3, the decision to revive the franchise almost a decade later—while controversial—has been extremely lucrative. Toy Story 4 exceeded $1 billion in ticket sales, and Toy Story 5 is all but certain to as well.

Among animated films, only 2018’s Incredibles 2 had a bigger opening weekend ($182.7 million) than Toy Story 5.

CCEPTING the role of Crisostomo Ibarra is

Acertainly one of the best career decisions of GMA Sparkle artist Derrick Monasterio. For a few nights at the GSIS Theater, Derrick brought more than life to the main character created by Philippine National Hero Jose Rizal in his 1887 novel Noli Me Tángere through the original songs composed by maestro Joed Balsamo and the beautifully written libretto of Jomar Fleras, under the meticulous direction of Frannie Zamora.

When we first spoke to Derrick a few days after he and his team from Sparkle officially accepted the role offered by Tanghalang Una Obra a few months ago, he admitted to having mixed emotions. “I was both excited and anxious. I was aware that I had very large shoes to fill since it was the Piolo Pascual who played the same role a few years ago for the same production, and Piolo even won awards for doing so. I thought long and hard about it and realized that playing Ibarra is probably the biggest challenge and opportunity of my career as an actor. So I took on the challenge and said yes wholeheartedly.”

Derrick immediately started his own research into the role and prepared for it mentally, emotionally and physically. “I was doing a series at the same time and I cannot afford to not concentrate on both my character in the series and Ibarra...Ngayon. I had to learn how to shift smoothly and focus. I also had to keep myself fit because I needed the energy and stamina required during the music and stage rehearsals. I knew in my mind and my heart that I had to seize every good and rare opportunity that comes my way, like this one, like Ibarra.”

The limited engagement shows were all sold-out and Derrick’s fans, colleagues, family and followers all came to cheer for him, including his lady love Elle Villanueva. Media practitioners also made time to see what Derrick had to offer on the musical stage. Theater aficionados also came to check him out despite the accessibility of the venue and many were left impressed that he could sing consistently well despite the difficulty of the melodies and the kilometric lines.

We learned that after the Manila run, there are provincial shows being lined up in August and September, to specifically cater to the student market.

“We are so happy with the feedback we have received, and like with Piolo, we work very well with Derrick. It’s a win-win situation to always have committed actors and production team members when staging a musical theater production,” director and producer Frannie Zamora enthused. After Ibarra...Ngayon, Derick Monasterio has certainly raised his premium as a performing artist because he more than delivered; he kept us glued and he has learned to magnetized his audience with his many gifts. With every new assignment, he proves that he can be a complete package: he can act, he can sing, he can host, he can be the man of your illusions, and he can be whoever you want him to be—and more.

THESE TOYS AREN’T CHEAP KEEPING the Toy Story movies going has gotten more expensive, though. The fifth movie cost $250 million to make, not including marketing. It returns a voice cast led by Tom Hanks (as Woody), Tim Allen (as Buzz Lightyear) and Joan Cusack (as Jessie). In the sequel, the toys are pushed aside when Bonnie gets a new tablet. It’s directed by Andrew Stanton, the Pixar veteran who helmed Finding Nemo (2003) and WALL-E (2008). Toy Story 5 also features a new song by Taylor Swift, “I Knew It, I Knew You.” Reviews have been very good and audiences gave Toy Story 5 an “A” CinemaScore, suggesting it should remain a force in theaters for weeks.

After its chart-topping debut, Steven Spielberg’s Disclosure Day slipped to second place with $17

million in its second weekend. That’s not the hold that Universal Pictures was hoping for. Dropping 61 percent from its first weekend suggests Disclosure Day might not find the legs Spielberg’s sci-fi thriller needs to break out this summer.

Still, the $115 million budgeted movie, starring Emily Blunt, Josh O’Connor and Colman Domingo, has grossed $160.4 million globally in two weeks. Disclosure Day stands a good chance of remaining the top adult-oriented option in theaters in the coming weeks. Toy Story 5 faced little competition from newcomers.

‘ROBIN HOOD’ MISSES THE BULLSEYE

TOM HOLLAND APPEARS TO CONFIRM HE AND ZENDAYA ARE MARRIED NEW YORK—Tom Holland has apparently confirmed that he and his longtime love Zendaya have already tied the knot. The actor may have ended months of speculation triggered by Zendaya’s stylist Law Roach’s claim in March that the couple had already held a wedding. In a very 2026 twist, artificial intelligence played a role in the reveal. When Holland was asked by Esquire UK whether he had to inform family members about AI images that appear to show him and Zendaya at their wedding, the actor replied, “No, because they were all there.”

“That’s all you’ll get on that,” he said of the matter. Elsewhere, in the story published Tuesday, Holland gushed about how the couple supported each other behind the camera.

“Our business can present very stressful situations and it’s really nice to have a bedrock of a relationship that will stand the test of time,” he said. AP

A24’s The Death of Robin Hood  a violent revisionist approach to the old legend, flopped with $2.6 million on 1,762 screens. The film, starring Hugh Jackman and directed by Michael Sarnoski, was modestly budgeted at $20 million. But after finding mixed reviews, audiences didn’t go for the movie, either. It earned a “C+” CinemaScore.

Neon’s Leviticus came out just ahead of The Death of Robin Hood, with $2.7 million from 1,076 theaters. Written and directed by Adrian Chiarella, the buzzy low-budget horror film is about two teen boys who meet at conversion therapy. It’s a fine start for an indie with a small budget of $3.5 million and good wordof-mouth. But Leviticus also faced unusually strong competition in the still-potent horror hits Obsession and Backrooms

The top horror choice remained Obsession, the microbudget phenomenon by 26-year-old Curry Barker. In its sixth weekend, it nearly equaled its $17 million opening weekend from mid-May. The Focus Features release, which cost less than $1 million to make, added $14.2 million to bring its domestic total to $215.8 million and its global haul to $333.3 million. With Toy Story 5 and Obsession driving sales, the summer box office is up 15 percent from the 2025 summer, according to Rentrak. More impressively, summer ticket sales are nearly equal to the 2019 summer at the same point, not accounting for inflation. The summer to date is just 1.9 percent down from that year.

Paul Dergarabedian, head of marketplace trends for Rentrak, expects that Hollywood is heading for its best summer since before the pandemic. And the success is coming from both expected and unexpected places.

“To me, this is a hybrid summer and this could be the new blueprint for how you build the perfect summer box-office beast,” says Dergarabedian. “You throw in a mix of very eclectic films and not just the usual suspects—the big franchise films, the known brands—but also films, like Backrooms and Obsession and original films, like Disclosure Day.”

DERRICK MONASTERIO as Ibarra

TOM HANKS (left) and Tim Allen (right) at the launch event of Toy Story 5, which

SM Hotels’ Lanson Place Mall of Asia wins gold at Build4Asia 2026 Awards

SM Hotels and Conventions Corporation (SMHCC) proudly announces that Lanson Place Mall of Asia has been honored with the Outstanding Architecture – Hotels / Resorts (Project Outside of Hong Kong) Gold Award at the prestigious Build4Asia 2026 Awards, one of Asia’s leading platforms celebrating excellence and innovation in the built environment.

The accolade highlights the exceptional architectural design of the property by Arquitectonica, recognizing its thoughtful integration of form, function, environmental responsibility, and guest experience. Characterized by its bronze metallic curtain wall panels and wavelike fins, the building draws inspiration from the movement of waves along Manila Bay, creating a distinctive landmark within the vibrant Mall of Asia complex.

This achievement reinforces SMHCC’s commitment to developing hospitality destinations that combine world-class design, operational excellence, and meaningful guest experiences.

“Design has the power to shape how people connect with places and create lasting memories,” said SMHCC Executive Vice President Peggy Angeles. “This award reflects our commitment to building hospitality destinations that are purposeful, future-ready, and centered on the evolving needs of our guests.”

Strategically located within the Mall of Asia complex, Lanson Place Mall of Asia

Lanson Place Hotel at night

blends contemporary urban living with intuitive hospitality, catering seamlessly to both short-term guests and long-stay residents. The property reflects SMHCC’s broader portfolio strategy of offering diverse, high-quality hospitality experiences across key destinations in the Philippines. Environmental stewardship remains a cornerstone of the property’s design and operations. Energy-efficient features such as insulated glass unit (IGU) glazing, integrated shading devices, and provisions for future district cooling help reduce environmental impact while enhancing guest comfort and operational efficiency. Further underscoring its commitment to responsible hospitality, Lanson Place Mall of Asia is also a recipient of the globally recognized Green Key Certification, an ecolabel awarded to tourism establishments that meet rigorous environmental and operational standards. The Build4Asia Awards honor

outstanding achievements in architecture, building technologies, and innovation across Asia. With this latest distinction, Lanson Place Mall of Asia joins a distinguished group of developments helping shape the future of urban hospitality and environmentally conscious design in the region.

“This milestone further strengthens Lanson Place Mall of Asia’s position as a leading hospitality destination where modern living, responsible development, and intuitive service come together seamlessly,” said Lanson Place Mall of Asia General Manager Nils Rothbarth.

Lanson Place Mall of Asia is located at Block 12, Palm Coast Avenue corner Seaside Boulevard, Mall of Asia Complex, Pasay City. Follow its official social media pages (Facebook | Instagram) for updates and announcements.

For more information or to register for free membership, visit lansonplace. com/loyalty.

How to enjoy Boracay without breaking the bank

BORACAY. Just hearing the name brings up images of powdery white sand, bright turquoise waters, and those legendary, postcard-perfect sunsets.

It’s no secret that this slice of paradise is on everyone’s travel bucket list.

But let’s be real for a second: paradise can get pricey.

If you’ve been putting off your island getaway because you’re worried about blowing your savings, here’s some great news for you. You don’t need a luxury budget to have a luxury-tier experience in Boracay. With a few smart choices, you can experience the absolute best of the island without emptying your wallet.

Here is your ultimate guide to staying smart, spending wisely, and maximizing your Boracay adventure.

1. The golden rule: Save on your sleep, splurge on

the experience

When you’re in Boracay, how much time do you actually spend in your hotel room? Between morning beach walks, afternoon island-hopping, and catching the sunset, your room is really just a place to shower and sleep.

The smartest way to stretch your pesos is to find an accommodation that offers comfort, quality, and a killer location minus the hefty price tag.

Budget Travel Tip: Look for properties in Station

2. It’s the epicenter of the island, meaning you’ll save a ton of money on e-trike fares because you can simply walk everywhere.

2. Spotlight: Agos Boracay

If you want a place that checks all the boxes, Agos Boracay is one of the island’s best-kept secrets for

budget-conscious travelers.

Here is why it’s a total steal:

Space for Everyone: Whether you’re backpacking solo, on a romantic getaway, traveling with family, or hitting the beach with your whole barkada, they have spacious, clean, and quiet rooms tailored to your group.

Location, Location, Location: Situated perfectly in Station 2, you are a mere four-to-six-minute walk to the iconic White Beach and just three to five minutes from the food and shopping hub of D’Mall.

True Island Hospitality: You get that warm, genuine Filipino service that makes you feel right at home, plus all the essential amenities you need for a relaxing stay.

3. Redirect Your Funds to the Good Stuff

By choosing a smart, affordable stay like Agos Boracay, you instantly unlock the budget to say “yes” to everything else the island has to offer.

Here is what you should be spending those saved pesos on:

Epic Adventures: Book that island-hopping tour, go helmet diving, or catch a thrill while parasailing high above the sea.

The Food Scene: Indulge in fresh seafood dampastyle, grab the island’s famous fruit shakes, and sample local street food.

Unforgettable Nightlife: Spend your evenings wandering the beachfront, enjoying live music, watching fire dancers, and grabbing a happy-hour drink at a local bar.

At the end of the day, the best memories in Boracay aren’t made inside a hotel room. They are made on the beach with sand between your toes, around a table sharing a meal with friends, and under a sky painted in shades of pink and orange.

Be a savvy traveler. Stay smart, spend wisely, and lock in your cozy room at Agos Boracay. Your wallet— and your Instagram feed—will thank you!

Sun Life Grepa is among fastest growing life insurers in Q1 2026

SUN Life Grepa Financial, Inc. (Sun Life Grepa) continues to build on its strong performance, posting solid gains across key metrics in the first quarter of 2026. The results reinforce momentum established at the close of 2025 and highlight the impact of its expanded distribution strategy and strengthened bancassurance operations.

The company now ranks 7th in Total Premium Income (TPI) and 5th in New Business Annual Premium Equivalent Income (NBAPE), outpacing industry averages in both revenue growth and new business generation.

Sun Life Grepa recorded a 79 percent year-on-year increase in total premium income, a significant jump that reflects the combined strength of its affinity marketing and bancassurance channels. Both have continued to broaden the company’s client reach across the country, extending access to more Filipinos at more income levels than before. This performance follows a strong finish in late 2025, when the company was recognized as the fastest-growing life insurer in the industry.

New business growth was even more pronounced. NBAPE surged 160 percent yearon-year, the company’s strongest showing in this category to date. The result points to something beyond retention: Sun Life Grepa is actively drawing in new clients, particularly in segments that have historically had limited access to life insurance.

Two key drivers fueled this expansion. The deepening partnership with a strategic

affinity partner has enabled wider reach into underserved communities, bringing meaningful financial protection to those who need it most. At the same time, the continued alignment of bancassurance programs with its partner bank has deepened engagement within the premium banking segment. Together, these channels reflect a deliberate strategy to grow inclusively, meeting clients where they are, whether in a rural cooperative or a bank branch.

Despite volatile market conditions, the company remains profitable and stable with solid operational performance and strong capital position in the first quarter.

Looking ahead, Sun Life Grepa is focused on sustaining this momentum through deeper strategic partnerships, stronger bancassurance integration, and continued expansion of its client base, guided by a commitment to making financial security accessible to more Filipinos.

“Our performance this quarter shows that our strategy is working where it matters most: reaching more Filipinos and helping them take meaningful steps toward financial security,” said Sun Life Grepa President Richard S. Lim. “We’re not just growing for growth’s sake. We’re building a business that is more inclusive, more resilient, and better aligned with evolving needs of our clients.”

With its current trajectory, the company is well-positioned to capture further growth while staying true to its mission of helping Filipinos achieve lifetime financial security and healthier lives.

Gumande continues its nationwide expansion through training, partnerships, community engagement

GUMANDE Tires continues to strengthen its presence across the country through a series of strategic activities focused on dealer development, community engagement, and market expansion.

The week began with product orientation and technical training sessions with key dealer partners, including JPD Garage in Laguna and Motohub Davao, equipping frontliners, sales personnel, and motorcycle enthusiasts with deeper product knowledge and a better understanding of Gumande’s growing tire lineup.

Further strengthening its footprint in Mindanao, Gumande successfully secured a partnership with Express Cycle, paving

the way for stronger brand presence and wider product availability in Pagadian City and nearby areas. This partnership marks another important step in bringing quality and affordable tire solutions closer to riders across the region.

Beyond dealership development, Gumande also connected directly with the riding community through its participation in the Honda ADV United Philippines (HAUPH) 5th Anniversary Celebration. The gathering provided an opportunity to engage hundreds of ADV riders, showcase product offerings, and reinforce the brand’s commitment to supporting motorcycle communities nationwide. The momentum continued at the Suzuki Raider Underground Battle 2026, where Gumande further increased its visibility among performance enthusiasts and underbone riders. The event served as another platform to introduce the brand to a highly engaged market segment that values grip, durability, and performance. Through continuous dealer education, strategic partnerships, and active participation in rider communities, Gumande remains committed to its mission of building a stronger nationwide network while delivering products that Filipino riders can trust. From Luzon to Mindanao, Gumande continues to move forward, one dealer, one community, and one rider at a time.

Agos Boracay

AP Exclusive: Jensen Huang says society needs ‘new social norms’ in the age of AI

By Josh Boak The Associated Press

SHERMAN, Texas—Nvidia

CEO Jensen Huang—whose work helped propel artificial intelligence—stressed in an Associated Press interview Tuesday that society needs to change with the advent of AI, arguing that a fuller embrace of the technology would improve people’s lives.

Huang has been optimistic about AI’s potential to rapidly transform society, creating faster economic growth and more scientific breakthroughs. But as the head of a computer chip company now developing AI systems, he and others are confronting a public increasingly concerned about the potential harm the technology might bring. Huang has felt obligated to respond to critics who warn of job losses and threats to humanity itself.

“We need to create new social norms,” Huang said in an interview. “I would advocate that everybody use AI. Just go engage it.”

Huang made his case as AI has emerged as a political flashpoint, with objections to plans to build more data centers and fears that the speed with which it’s being adopted could spur the layoffs of workers who might not have a safety net. Such questions have threatened public support of the technology at a time when a race has kicked off with China, a contest Huang believes can best be won by a US that is open to competing globally in AI.

His close relationship with President Donald Trump also has been a source of criticism among Democrats, even as he emphasized that the computing power created by AI is vital to adding the factory

jobs that have been promised for decades without much enduring success. It was an argument delivered by a 63-year-old man who has watched the technology develop and described himself as “boring” because his own life revolves mainly around work and his family. Huang disclosed during the interview some personal details, saying his favorite movie is “Kingdom of Heaven,” the 2005 epic about the 12th century Crusader Kingdom of Jerusalem. He said he had watched the movie “Project Hail Mary” three or four times and “I think we might watch it again this weekend.”

Huang said the ability of AI to design a website, analyze complex documents, guide advanced research or even plan a kitchen remodeling has helped to close the technological divide in America. People can now do advanced work on computers without having to know how to program or write software, he added.

Huang contended that there is a need for some government regulation and safety standards for AI, emphasizing that national security also needed to be a priority for the technology that has been powering stock market gains and US economic growth in recent years. Huang said society will adapt to AI just as it did to automobiles.

He said cars were once portrayed as killing children, but the world changed its norms by having sidewalks and crosswalks and stopping kids from playing in the streets.

Huang skeptical of what govt ownership of AI companies would achieve WITH a market capitalization of roughly $5 trillion, Nvidia has soared in valuation in recent years to become the world’s most valuable company. AI modeling companies OpenAI and Anthropic are potentially set to also clear the $1 trillion mark once their stocks are publicly traded.

That explosive surge in wealth concentrated in AI companies has prompted renewed worries about economic inequality. Trump has tried to defuse those concerns, recently musing about the prospect that the US government could own some shares in AI firms, so any windfalls would be more broadly shared with the public. That idea has also been advanced by Sen. Bernie Sanders, I-Vt., and even OpenAI CEO Sam Altman.

Huang expressed skepticism about the idea, saying he expects the country will already benefit broadly from AI advancements.

“I’m not exactly sure what

they’re trying to achieve,” he said regarding government ownership.

“I haven’t had a dialogue with them about that. But just remember that these are American companies. Their success benefits the stock price, of which many Americans are investors in. It generates taxes, which helps many Americans. It creates a lot of jobs.”

He noted that AI companies could also lead to higher profits for energy, construction and hardware technology firms.

“Americans have a stake in American companies already, naturally, in a whole lot of different ways,” Huang said.

Huang says national security needs to be a priority on AI

THE Trump administration has recently reversed course from using a light touch on regulating AI to taking a heavier hand.

It placed export controls on the AI company Anthropic’s latest models, leading the company on Friday to shutter all public access to those models over security concerns. Trump, a Republican, also signed an order to have new AI models voluntarily screened by the government before their release.

Huang said the government was properly focused on national secu -

rity issues, but it was important to provide clear guidance.

“National security should always be the top concern of all technologies,” Huang said. “But having said that, you know, you have to be very specific about the risk that you’re concerned about, before setting up policies for export controls.”

During the Biden administration, Nvidia pushed back against export controls that were designed to restrict its ability to sell chips to China, rejecting the administration’s premise that a ban would preserve an American edge on AI.

Huang had warned that the export controls might limit America’s ability to develop the world’s AI ecosystem, as China would respond with its own advanced chips.

Huang says energy is key problem for America’s AI development HUANG stressed that the US is vulnerable because of its deficient energy supply. The data centers performing the computations used in AI are creating a huge demand for electricity, which could be a strain on the power grid.

Some data centers will be constructed with their own electricity sources, but Huang said the US is starting from a disadvantage on energy. And without more energy, it can be harder to play to American strengths in its AI infrastructure, models and computer chip development.

“The United States is woefully behind in energy production,” Huang said. “We just suffocated energy production for too long.”

Huang complimented Trump on his approach to generating more energy in the US. The president has aggressively supported the use of oil, coal and natural gas, but he has scorned the use of solar and wind power.

The Nvidia CEO was not commenting on Trump’s opposition to climate-friendlier energy sources. But the gap he identified goes to some of the fears that US house -

holds have about AI increasing their utility bills.

Huang was speaking Tuesday in Sherman, Texas, at an expansion of the Coherent factory to develop a laser for transmitting data among chips, which could cut power use by AI systems by up to 50%.

Trump’s fondness for Huang started at a Mar-a-Lago dinner Trump, not known for technological expertise, quickly developed a friendship with Huang. The president has called him “smart” and “amazing,” insisting that Huang accompany him on foreign trips. Most recently, Trump had Air Force One pick up the leatherjacketed CEO in Alaska while en route to his state visit to China. Their relationship started last year with an invitation to dinner at Mar-a-Lago, Trump’s home and private club in Florida. Huang was in the area to receive the Edison Achievement Award for his AI work.

“He says drop by for dinner, and so I did,” Huang said. He went with his wife, Lori.

“He was incredibly engaging, incredibly charismatic, conversational, asked a lot of questions,” Huang recalled. “From the moment that I met him, the only thing that he’s ever talked to me about is creating more jobs, reindustrializing the United States, protecting national security, winning.” He added that Trump “calls me in the middle of the night and wants to talk about one of these topics.”

But his proximity to Trump has also led to criticism from Democratic lawmakers. Sen. Elizabeth Warren, D-Mass., objected to Huang not testifying before a Senate committee even as “he has time to attend a $1 million-a-head dinner at Mar-a-Lago.”

Huang said he wants the US president and other officials— regardless of party—to succeed. “We could differ with politics, but we should want him to succeed,” he said. “Because when President Trump succeeds, our

Trump’s Libya push aims to turn a fragile truce into an oil bonanza

By Peter Martin & Paul Burkhardt

COLUMNS of troops fanned out across low buildings in the dry scrub outside Sirte, moving in formation as they searched for Islamic State militants in a simulated hostage rescue. Strong winds kicked up sand as gunfire echoed and they advanced street to street, freeing captives in a drill meant to mirror operations Libya has struggled to carry out for years.

For the first time on Libyan soil, forces from the country’s rival eastern and western camps—enemies in a civil war until a 2020 ceasefire—trained together under US supervision in April. The exercise is the latest step in a US push to bridge Libya’s fractured government—an effort that has taken on a sharper commercial edge under President Donald Trump. The prize is Libya’s oil: Africa’s largest reserves, fields close to Europe and an industry US officials say could draw American investment and add substantial supply if the country can be held together.

Lib yan authorities hope to increase production to 2 million barrels a day, from about 1.3 million today. Getting there means persuading factions that have repeatedly shut down the oil industry to stop using crude as leverage in their fights over power and money.

That won’t be easy. Since Libyan dictator Muammar Qaddafi’s fall, UN-backed

roadmaps, European mediation and earlier US efforts—including a 2023 visit by thenCIA Director William Burns—have produced little lasting progress. Fighting still threatens oil operations: local inter-militia fighting last month in Zawiya forced the shutdown of Libya’s biggest operational refinery.

Libya’s collapse has turned it into a gateway for migration to Europe, a recurring source of energy disruption and a platform for Russian influence from North Africa into the Sahel. A more stable Libya would offer Europe nearby oil and gas, more control over a key migration route and a chance to limit Moscow’s reach.

US companies are already moving in. ConocoPhillips has signed a new deal, Chevron is returning and Exxon Mobil is exploring a comeback, while Trump-linked figures including Erik Prince—founder of the private military company Blackwater—are re-emerging around the sector.

“There’s a lot of economic opportunity writ large. Western industry is very interested in Libya,” said Lieutenant General John W. Brennan, Deputy Commander of US Africa Command. “The more secure the country, the more it reduces the risk for economic investment.”

A senior US general framing military engagement as a way to unlock business opportunities would once have been unusual.

But it now sits at the center of a broader Trump view of energy as a source of American wealth and power.

American officials ha ve backed Exxon

and Chevron in their exploration talks with OPEC+ countries, while in Venezuela and Iran the administration has relied on force and talked openly about taking oil.

The record is mixed: US pump prices are up more than a third since the Iran war began, Venezuela’s oil reforms remain uncertain and Libya is a test of whether diplomacy can deliver new supply.

T he area around Sirte holds the grand prize the two sides have long fought over: oil clustered in fields connected by pipeline to ports including Ras Lanuf, Es Sider and Brega.

Before the 2011 uprising, Libya pumped about 1.6 million barrels a day; since then, civil war, strikes, blockades and armed shutdowns have repeatedly hit output. Tripoli estimates raising production by 40% will cost $20 billion. It already supplies around 1 million barrels a day to Europe, and its light sweet crude has become more important as the Iran war disrupts supplies.

Frank Talbot, a nonresident senior fellow at the Atlantic Council’s North Africa Program, said the 2 million-barrel target depends on political stability and major infrastructure investment, neither of which are guaranteed.

O il underpins the entire economy, routinely accounting for more than 90% of exports and government revenue. Output fell to 90,000 barrels a day from more than 1 million after a 2020 blockade led by Khalifa Haftar—the military commander who holds sway over Libya’s east—prompting OPEC to exempt Libya from production curbs.

Trump’s top Africa adviser, Massad Boulos, laid out the approach in Tripoli in January, saying US companies were “betting on Libya’s future” and that the Sirte exercises would help protect its sovereignty and economy.

In January, Libya signed a 25-year development deal with ConocoPhillips and TotalEnergies through state-owned Waha Oil Co. that Libyan officials said would bring more than $20 billion in foreign investment. Weeks later, Chevron won a new exploration block in the Sirte Basin in Libya’s first licensing round since 2007. Exxon signed a memorandum last year to study four offshore blocks after a decade-long hiatus. Italy’s Eni SpA, QatarEnergy and Spain’s Repsol SA also won rights in February. The blocks put up for auction hold an estimated 10 billion barrels of available resources and 18 billion barrels yet to be discovered.

The return of interest gained traction with Trump’s visit to the Middle East last year that triggered “a notable uptick in inbound inquiries and a desire to engage,” Chevron Chief Executive Officer Mike Wirth said on a January earnings call.

Boulos’s presence at energy conferences has also stood out. “I can’t recall seeing the US special envoy who was the face of the Biden administration doing that type of outreach,” said Claudia Gazzini, the International Crisis Group’s senior analyst for Libya. Still, she said, “we’re not seeing signs” that the mismanagement of resource revenue is being resolved. Aside from the majors, familiar interme -

diaries are stirring. Prince—the Blackwater founder—is active through Freedom First, an energy venture he co-founded after years cultivating ties with Haftar’s camp. The company says it is private and unaffiliated with the US government, and has discussed port facilities, oil terminals and fuel imports. A 2021 UN report accused Prince of helping to evade an arms embargo in Libya in 2019—an accusation Prince denied in an interview w ith the New York Times.

T he industry’s optimism can’t be separated from Libya’s political realities.

T he military drill unfolded in Sirte, the coastal city where Qaddafi was killed in 2011. Later an Islamic State stronghold and civil war front line, it now sits between the internationally recognized government in Tripoli and forces aligned with Haftar in the east. Behind the troops, dignitaries included Saddam Haftar, son of the eastern commander, and Libya’s deputy defense minister, Abdul Salam Al-Zoubi—a reminder of the divide the exercise was meant to bridge.

Relations have improved: a US defense official said the camps share counter-terrorism intelligence, helping weaken Islamic State and al Qaeda networks, and a joint operations command near the site where the drills were held. The exercises followed another milestone: rival authorities approved a single national budget in April for the first time in more than a decade.

The signs of cooperation have done little to convince some Libyans that the country’s armed factions are moving toward real unity.

“Whatever the goal of the Sirte maneuvers, it will not lead to the unification of the military nationwide,” said Suleiman, 52, who works in banking in Tripoli and asked not to be identified by his full name discussing politics. Ahmed, a schoolteacher in Benghazi, said armed groups in Tripoli would resist any unification that “threatened to end their existence.”

The US unity push has already met resistance. Boulos’s plan to merge the rival authorities without elections, dividing top jobs between camps, was rejected April 6 by Libya’s High Council of State as outside the existing process and lacking authority. Foreign involvement also complicates talks: Turkey previously backed Tripoli, while Egypt, the United Arab Emirates and Russia supported Haftar. On the sidelines of the drill, UK Ambassador to Libya Martin Reynolds cited concern about Russia’s presence and said Libya needs a government that “does not see the need to bring in foreign powers.” A more basic problem is that the two sides may not want to reunite. In the east, Haftar has imposed an authoritarian but more orderly system after years of chaos, while militias and officials from rival governments benefit from the current arrangement. “There’s a lack of trust between the sides and they’ve seen more utility from maintaining the status quo than putting that at risk with a big political deal,” said Tim Eaton, a senior research fellow in the Middle East and North Africa program at Chatham House. With assistance from Kevin Crowley / Bloomberg

It’s not a drill: Serena returns to Wimbledon

By Andrew DAMPF

Associated

Ifrom The All England Club that the 23-time Grand Slam champion will play singles at Wimbledon was stunning nonetheless.

which was issued eight days before the grass-court Grand Slam begins. At age 44, Williams will actually play both singles and doubles at Wimbledon after already accepting a wild card for the doubles competition with older sister Venus. This is not a drill,” Wimbledon said on its social media accounts Sunday. Commented the Women’s Tennis Association Tour, “Name a more iconic return…we’ll wait.”

Serena Williams (USA) receives the final ladies’ singles wild card,” read the key line in Sunday’s announcement,

SENATOR Christopher “Bong” Go welcomed the Senate’s approval on third and final reading of House Bill No. 6639, a measure granting Philippine citizenship to American professional basketball player Bennie Francois Boatwright III. The action supports efforts to strengthen Philippine sports and provide the national basketball program w ith additional talent for international competitions,” Go said.

The measure passed during a Senate special session last Wednesday.

We support this act because this will support the national team and Philippine sports as a whole,” Go said.

Go is one of the authors of Senate Bill No. 1595, the counterpart measure seeking to grant Philippine citizenship to Boatwright.

The bill provides that Boatwright shall be granted Philippine citizenship with the rights, privileges and prerogatives, as well as the duties and obligations, under the Constitution and the l aws of the Republic of the Philippines.

B oatwright, a 6-foot-10 professional basketball player from Los Angeles, played for San Miguel Beer in the Philippine Basketball Association after joining the team in December 2023 for the PBA Commissioner’s Cup.

H is stint with San Miguel Beer and his possible contribution to Gilas Pilipinas were cited as among the reasons for supporting his naturalization.

“ What’s important is that we give opportunities to qualified athletes who can help the country,” Go said. “This is in support of the national team and the youth who dream of making it big in sports.” Go said support for naturalization measures involving qualified athletes should go hand in hand with continuing efforts to develop local athletes, mprove training opportunities and

Wimbledon held open the eighth and final women’s singles wild card spot until Williams made up her mind. As recently as earlier this week after losing a doubles match in Berlin, she appeared to be waffling over the decision.

Oh my gosh, there are some left?” she replied when she was told there was still a wild card spot open. Wild cards are special invitations handed out by tournament organizers, which allow former champions and others access to the main draw without the necessary

WITH her father, sambo chief Paolo Tancontian, back in harness, top local bet Sydney Sy will be competing in the 11th Asia-Oceania Sambo Championships presented by the Philippine Sports Commission starting on Friday at the Ninoy Aquino Stadium. Thank God,  my father’s health has greatly improved and is now addressing the details of the tournament so I can now focus on taking part in the competition,” said Sy, referring to the Pilipinas Sambo Federation president, who is now up and about.

R anked No. 1 in world in the women’s +80-kilogram sport sambo division, the grappler’s anticipated participation is a great addition to the country’s medal drive in the continental showcase held under aegis of the National Sports Tourism InterAgency Committee (NST-IAC).

Sy is the defending champion in the heavyweight class, beating Mongolian Buyanzaya Ser-Ochir for the gold in the 10th edition held in Tashkent, Uzbekistan, last year.

T he 27-year-old pride of Davao City was one of Filipino grapplers who won a gold medal in the previous tournament, the other being Aislynn Yap in the grueling women’s -80kg combat class.

“ I have already seen the draw in my weight class and, with the help of the hometown crowd, we believe have a strong chance of becoming the champion once again,” Sy, who heads the International Sambo Federation Athletes’ Commission, said.

T he elder Tancontian was also optimistic about his daughter’s bid in the blue-ribbon tournament that is expected to draw over 500 athletes from 31 member countries from the Sambo Union of Asia and Oceania.  It’s a big opportunity for my daughter to be competing in the

entry qualifications. But then she mused about her readiness for it.

Do you think I’m ready for singles?” she asked a reporter and then turned to doubles partner Karolina Muchova to ask what she thought.

“ I think I would be interested in it,” the Czech player responded.

That’s the question of the hour, right?” Williams said. “I don’t know.

I don’t know. I wonder why there’s—I don’t know.”

Well, now that Williams has made up her mind, the big remaining question is how she can physically handle singles play after so long.

Serena’s most-recent singles

event, this will be a major inspiration for the athletes and for the country,” Tancontian said.

Tancontian said ticket prices for the four-day competition are affordably priced at P100 each and will be available at the ticket booths at Ninoy Aquino Stadium.  “We made the ticket price very affordable for sports fans because this event will not only be a treat in watching the best of our grapplers from Asia and Oceania in action but also a chance to root for our own grapplers as well,” he noted.

Clark proves he doesn’t have to be perfect to rule US

OUTHAMPTON, New York—

SLong before he smashed the locker, won a single trophy or had any inkling he’d play in a US Open one day, golf for Wyndham Clark was a test of patience, will and temperament.

So, perhaps it’s only right that for Clark to sew up his latest, sweetest triumph, he had to rescue himself from a potentially history making collapse— and do it in front of a New York crowd that, for the most part, came out to Long Island to watch him fail.

C lark’s second U.S. Open victory will be remembered as the one where he handled Shinnecock Hills and somehow salvaged a final-round Sunday that saw a six-shot lead at the start dwindle to a single, precious stroke by the end. It will also be remembered for the cheers when he missed shots, and for a winning, tap-in putt on the 18th green that was greeted with an awkward dribble of applause—a strange reaction, especially given the hills Clark has had to climb to become a champion,. “ We’ve dealt with his anger issues since he was that high,” said Clark’s father, Randall, explaining the journey as he held his hand about hip high. “It’s because golf is not a game of perfection. And he wants to be perfect.”

C lark, 32, was open about his struggles at his last US Open victory in 2023, explaining his mother›s death 10 years earlier had left a scar and that the rage came out most viscerally in the aftermath of missed golf shots.

H is felt like a simple tale about overcoming obstacles and personal growth.

MOpen

B ut that journey is never truly finished.

H is demons came back into full view a year ago when he smashed a locker at Oakmont after missing the cut at the US Open. He has since apologized and the suits at Oakmont, appalled at first, have moved on, as well. The fans in New York clearly haven’t. It made for an awkward stroll across the course Sunday, where Clark was paired with top-ranked Scottie Scheffler. Scheffler, trying to complete the career Grand Slam, likely would’ve been a fan favorite against anyone. No problem there, he said, but even he found himself cringing at the cheers ringing out when Clark missed shots, which happened a lot on a front nine in which he shot 38 and saw his lead shrink to one.

“ You like seeing the fans cheer for you,” Scheffler said. “I think sometimes it can get a little too much when, you know, balls are kind of going off greens and you start hearing cheers. That felt a bit much to me.”

C lark’s winning moment came on No. 16. Nursing the one-shot lead, he teed off into the deep fescue—a horrendous lie, according to caddie-turned-TV analyst

Jim “Bones” Mackay. Clark made it look better than that, lashing into the fairway, then hitting an 8-iron that straightened out along the back of the green. He nailed the 30-foot birdie putt— his longest make of the day—to give himself a two-shot lead over Sam Burns with two holes to play.

A bout a half-hour later, Clark twoputted from 50 feet on 18 to become a two-time winner instead of the player to blow the biggest 54-hole lead in US Open history. The two-putt was reminiscent of the way he wrapped up his win three years ago at Los Angeles Country Club.

So much has changed since then. It’s been part of every question in every interview for the last 12 months,” his dad said of the constant rehashing of the locker incident, all of which Clark has handled with patience. “I do think it’s gone on too long.”

IAMI GARDENS, Florida— Cape Verde’s magical start to its first World Cup isn’t over. It might just be getting started.

The tiny island nation that stunned tournament favorite Spain last week did it again against Uruguay—a twotime World Cup champion—on Sunday, coming from behind for a 2-2 draw.

Kevin Pina scored on a free kick for Cape Verde’s first-ever goal in the World Cup, and Helio Varela scored the equalizer for what has become one of the most surprising teams of the expanded 48-team tournament—a club now with a legitimate chance of getting into the knockout stage. This is something we owe to other smaller national teams—teams that

struggled to qualify for a world tournament,” Cape Verde coach Pedro Leitão Brito said through an interpreter, adding his entire squad believes it can continue its historic play and reach the knockout stage. Cape Verde, which has two points in Group H along with Uruguay, faces Saudi Arabia in its final group match. We’re also here to show that a country may be small, may struggle financially,” he added, “but if they are resilient, if they can endure struggle, they can also stand shoulder to shoulder with other major teams and with players who are on another level.”

I n response to Oakmont, Clark has paid for the repairs to the locker. He has given money to charity and participated in anger-management courses. H e did not feel much love on Long Island.

“A little disappointing,” said Randall Clark, who took a red-eye flight from Denver to be there for the win. “At the same time, he’s a warrior. He ‘bowed up and said ‘I’m going to figure this out and still get through.’ It’s too bad. We’ve seen this before in the New York area with the Ryder Cup.” AP

The group of islands off Africa’s West coast have about 4,000 square kilometers of

SEEING the single-sentence announcement from The All England Club that the 23-time Grand Slam champion Serena Williams will play singles at Wimbledon is stunning. AP

SYDNEY SY’S participation boosts country’s medal drive in the continental showcase.

PHOTO