In its latest Market Call, economists from the UA&P said GDP will rise to 5.6 percent in the April to June period this year, fueled by consumption spending.
This is despite the latest Consumer Expectation Survey (CES) of the Bangko Sentral ng Pilipinas (BSP) which showed consumers were more pessimistic in the first quarter this year compared to last year.
“Continued below-target inflation and more monthly jobs in April should support consumer spending, despite BSP’s latest Consumer Expectations Survey [Q1-2025] showing a more pessimistic outlook,” the report stated.
“Ongoing infra [infrastructure] projects will accelerate NG [national government] spending by May. External sector performance will likely improve mildly and well-positioned to lift domestic demand growth,” it added.
UA&P economists noted that the country’s inflation rate slowed to 1.3 percent in May and 1.4 percent in April. The economists also said this marked the fourth
straight month of slowing inflation.
Based on the report, inflation is expected to average 2.2 percent this year despite the recent surge in crude oil prices in June due to the Middle East conflict.
It also noted that while almost 650,000 new jobs were created in April, the unemployment rate increased slightly to 4.1 percent, the third time it was higher than 4 percent in the past 12 months.
“NG spending should accelerate starting May. The external sector shows signs of modest improvement and should not pull down domestic demand expansion,” the report stated.
“We expect the peso to depreciate in Q3 (third quarter) as the IsraelIran conflict rages” and the BSP cut policy rates by 25 bps (basis points), while the Fed decided to remain on hold, it added.
The economists also expect that should the surge in oil prices be transitory, the BSP may continue its monetary easing with another
By Justine Xyrah Garcia
TWO labor groups on Tuesday warned that the continued increase in fuel prices might further strain the already stretched budgets of Filipino workers, particularly minimum wage earners.
Federation of Free Workers (FFW)
President Sonny Matula said rising oil prices would lead to higher transport fares and more expensive basic goods—burdens that will surely hit low-income workers the hardest.
“The increase in fuel prices underscores the urgency of a substantial wage adjustment. The proposed P100–P200 nationwide legislated wage hike now becomes not just a demand—but
an emergency or a lifeline to survive,” Matula told BusinessMirror
Currently, the minimum wage in Metro Manila stands at P645—the highest in the country—while the lowest is in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at P361, highlighting the wide gap in regional pay and the need for a unified wage hike.
The FFW president also called on the government to provide direct assistance to vulnerable sectors, especially workers in the transport and agricultural industries, who are among the hardest hit by the ripple effects of the ongoing conflict between Israel and Iran.
He added that the Department
of Labor and Employment (DOLE) must ensure that no worker is left behind and that a responsive safety net is in place to protect those affected by inflationary shocks.
“Scale up training and support for fuel-impacted sectors to help them transition, adapt, or supplement their incomes,” Matula advised government.
Meanwhile, Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) Secretary General Josua Mata urged the Marcos administration to go beyond issuing advisories and to consider regulatory intervention to prevent unjustified increases in oil prices. He said Republic Act No. 8479 or the
Oil Deregulation Law gives the government authority to act when domestic pump prices become excessive or when there are signs of market abuse.
“After an initial spike, global oil prices have already stabilized. Recent geopolitical shocks were swiftly contained, and [Organization of the Petroleum Exporting Countries] has the capacity to keep supply steady. I see no justification for keeping domestic oil prices high,” Mata said. The Department of Energy (DOE) on Monday confirmed that oil companies had initially planned to raise prices by as much as P5 per liter this week, but later agreed to stagger the increases to ease the burden on consumers.
analyst and former Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said the BSP has a large monetary space that supports the decision to reduce rates by 25 basis points (bps). This monetary space is made possible by the low inflation
that has recently slowed to 1.3 percent in May, below the 2 to 4 percent inflation target set by the BSP.
“The relatively weak economic growth during the first quarter 2025 at 5.4 percent could be supported by dovish monetary policy. With its nimble performance in terms of assessment and appropriate action, the BSP is expected to deliver another rate cut in the second half of 2025, actual data permitting,” Guinigundo added. Guinigundo said that some quarters were skeptical about
THE country’s above-average GDP growth is the main draw for high-net worth individuals to come to the Philippines, according to the Henley & Partners Wealth Migration Report 2025.
Its latest report showed a 32-percent growth in the number of millionaires in the Philippines between 2014 and 2024. The data showed there are 12,800 millionaires in the country.
This is on top of the 70 centimillionaires or those with net investable assets of a million US dollars and above, as well as 12 billionaires in the country.
“In terms of relevance for high-net worth individuals in any country, it
just signals economic progress and general health of the economy. If a country can create new millionaires, it means that the economy is grow-
ing and there’s good opportunities,” Henley & Partners Managing Director for Southeast Asia Scott Moore said in a briefing on Tuesday.
Moore noted that while the Philippines is not part of the list of top countries that are attracting the world’s richest, it remains—as a developing country—an attractive destination for millionaires.
“It presents huge opportunities for people to come and start businesses and capture success that would be impossible in developed countries,” Moore said. Meanwhile, he said that even if the country is set to lose 50 millionaires this year, this is an insignificant number, especially when compared to its neighbors. He noted that Vietnam is losing 300 millionaires this year while Indonesia is losing 250
Applying for US student visas? Unlock your socmed accounts
By Malou Talosig-Bartolome
ARE you applying for a student or exchange visitor visa to the US? The US Embassy in Manila has advised that applicants set all their social media accounts to “public” to facilitate the vetting process for identity and admissibility.
Visa application may be denied if applicants posted anti-American or anti-Semitic sentiments. These stricter screening measures apply to all F, M, and J non-immigrant visa applicants worldwide.
F and M visa categories are for students pursuing academic, vocation-
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the rate cut, implying that it could be premature. This, he said may have stemmed from forecasts made by the likes of JP Morgan that projected
al, or non-academic studies at U.S. educational institutions. J visas are issued to doctors, teachers, and research scholars participating in training under academic partnerships with the Philippines.
Beyond social media, the US State Department will also review activity
oil prices could average $120-130 per barrel due to the conflict in the Middle East.
He said the “oil factor in the inflation equation is just too real to ignore.” The Philippines is a net oil importer and depends on crude oil from Dubai to not only run the transportation sector but also drive
on other online platforms.
“We use all available information in our visa screening and vetting to identify applicants who are inadmissible to the United States, including those who pose a threat to U.S. national security,” the State Department said.
In May, the department temporarily suspended the issuance of F, M, and J visas to foreign students while assessing how to expand its social media screening capabilities.
In the 2023–2024 academic year, over 4,100 Filipinos studied in the US, with half enrolled in undergraduate programs.
This week, the State Department resumed processing student visa applications, adding the requirement to unlock social media accounts.
Consular officers and U.S. missions overseas are instructed to look for “any
industries and become a necessary input in food costs as commodities need to be delivered from farms to various parts of the country.
“What is comforting about the BSP is that its eyes are open to potential risks and it remains steadfast with data-driven monetary policy decisions. Its decision to re -
indications of hostility toward the citizens, culture, government, institutions, or founding principles of the United States.”
According to Politico, diplomats are also directed to flag visa applicants who demonstrate: Advocacy for or support of foreign terrorist groups and other threats to US national security Support for unlawful antisemitic harassment or violence
A history of political activism, particularly if likely to continue while in the US.
The Washington Post cited an additional directive: if an applicant refuses to provide access to private or limited social media accounts, officers are instructed to treat it as a potential credibility issue—similar to cases where information is withheld.
duce its policy rate for the second time not only reflected its large monetary space but also its assessment that risks have yet to materialize,” Guinigundo said.
“Its officials were quoted to have considered, yes, the downtrend in oil prices. Once the impact on the global oil industry begins to bite, the BSP is expected to do some pivoting and adjust its monetary stance accordingly,” he added.
On Sunday, economists interviewed by BusinessMirror said there are “no painless options” to cushion the impact of higher oil prices in the Philippines should the Israel-Iran conflict lead to an oil crisis that could cause a surge in commodity prices, according to local economists.
The Department of Energy (DOE) Oil Industry Management Bureau (OIMB) has warned that the country should brace for a “major oil price shock” in light of the “looming Israel-Iran conflict [that] threatens critical global shipping passage.”
The conflict between the two countries risks a closure or disturbance in the Strait of Hormuz, where about 20 percent of the world’s oil supply passes, according to the United States Energy Information Administration. (https://businessmirror. com.ph/2025/06/22/no-painless-options-to-cushion-oilshock/).
Last week, the Monetary Board reduced the BSP’s Target Reverse Repurchase rate by 25 bps to 5.25 percent. The interest rates on the overnight deposit and lending facilities were adjusted to 4.75 percent and 5.75 percent, respectively.
BSP Governor Eli M. Remolona Jr. said the decision to reduce policy rates was pegged to inflation, which is now forecast to average 1.6 percent this year, lower than its initial estimate of 2.4 percent.
The forecast for 2026, however, was adjusted upward to 3.4 percent from 3.3 percent while the estimate for 2027 is now pegged at 3.3 percent from the initial 3.2 percent. (See: https://businessmirror.com. ph/2025/06/20/bsp-cutsrates-anew-by-25-bps-1more-seen/). Cai U. Ordinario
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that commuters relying on public transportation are protected while ensuring that basic public services continue,” Garin said.
Ayuda, or cash assistance, might be a “good start” for the government to do now, Garin added.
Positive outlook
IN a press briefing for Palace reporters, DOE’s Garin cited among the best- and worst-case scenarios they considered: the conflict will no longer escalate and oil prices will keep declining; the Strait of Hormuz, an important waterway for the international oil supply chain, will be blocked by Iran, respectively. They observed the prices of rent Crude oil dropped to US$69 per barrel from a high of over US$77 per barrel in previous days after Israel and Iran agreed to halt hostilities, she said, adding that this “calmed down the industry. There’s less [market] speculation so it [oil prices] went down to 69 [dollars per barrel] as of this morning.” If this trend persists, the Department of Economy, Planning, and Development (DEPDev)
Secretary Arsenio M. Balisacan projected the Marcos administration will meet its economic targets this year.
“So, with all those considerations, I don’t have the numbers here because that was presented earlier but the impact is so minimal to our economy that it doesn’t seem alarming as of now as long as it doesn’t go up again or the conflict worsens,” said Garin, citing the projection from DEPDev.
Fuel subsidy preps DESPITE the positive development, Marcos still ordered government agencies to ready measures to mitigate a possible rise in oil prices, including fuel subsidies, especially
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high-net worth individuals.
He explained that when families relocate to other countries, they are looking for options for their families, specifically for their children, as well as for their businesses.
They may also want to expand their businesses overseas or have better work opportunities for themselves or their children in other countries, Moore said.
“The loss of 50 is very insignificant when we’re comparing it to other countries in the region. I would say it’s much more worrying that Vietnam is losing 300 millionaires. Indonesia is losing 250. These are at the top of the list. The Philippines, compared to its regional neighbors, is losing much less,” Moore said.
In order to sustain the interest of the world’s richest individuals and their families, Moore said the Philippines should consider some of the best practices of its neighbors like Singapore and Thailand.
Singapore is poised to attract 1,600 millionaires this year worth $8.9 billion. In the past 10 years, thanks to its “golden visa” and other millionaire perks, there was a 62-percent growth in the number of these individuals over the past 10 years.
Thailand, meanwhile, is expected to attract as many as 450 millionaires this year, thanks to perks such as no taxation for offshore income, quality infrastructure as well as other incentives for wealthy foreigners who are looking for good lifestyles.
“Singapore always punches above its weight in terms of attracting global wealth. Thailand, they have a good tax incentive for wealthy foreigners wanting to relocate. Also, they offer quite a good lifestyle. They have good infrastructure, good quality of life. So it’s very good economics that’s attractive to the foreigners coming,” Moore said.
amid the still volatile security situation in the Middle East.
As of Tuesday afternoon, Israel already announced it will resume launching attacks at Iran after the latter allegedly violated the cease-fire announced by Trump.
“We also have an ongoing meeting with DOTr [Department of Transportation] and DA [Department of Agriculture] and LTFRB [Land Transportation Franchising and Regulatory Board] to make sure that whatever happens, whether it happens, if it happens, we are ready to distribute the subsidies to our PUV [public utility vehicles] drivers, operators, our farmers and fisherfolks,” Garin said. DOTr and DA are now cleansing their list of beneficiaries and preparing the means to distribute the subsidies. Under the TRAIN law, the government must provide fuel subsidies to targeted beneficiaries if the price of Brent Crude oil reaches US$80 per barrel.
Other measures
BESIDES the fuel subsidy, DOE said the government is also considering requesting oil companies to once again implement staggered price increases to blunt the impact on consumers.
“The problem is oil companies are not regulated; the prices are not regulated. This was because of the Oil Deregulation Law so we cannot control [them]. What the government can do is just ask the companies. We regulate the registration and all that, but not their [oil] price,” Garin said. Another option, she said, is for the government to provide alternative fuel sources if the passage of oil tankers in the Strait of Hormuz is hampered by Iran.
“We also have other countries like the US, Canada, Brazil and other countries that can be [oil] sources also. So, we have alternatives. It might not be as efficient but the country has an option to find the alternatives,” she said.
percent of them are moving to Dubai. Moore said Dubai offers “amazing infrastructure and lifestyle for wealthy individuals” and is actually built to cater to these millionaires. The country also offers zero income tax and low corporate taxes.
“The Philippines does have an investor visa. Of course, there’s always ways to improve these visas, and this is what Henley and Partners does. We advise governments on creating ways to attract wealthy individuals that are looking for a very straightforward way to base themselves in the Philippines,” Moore said.
“The more straightforward it [visa application] is, the better. So if it can be done quicker, and perhaps if it can be done remotely, it would be a lot more attractive to the local wealthy individuals,” he added.
Globally, this year’s migration trends reflect deepening divides. The UK is expected to lose 16,500 millionaires this year and overtake China for the first time, with China now projected to lose 7,800 millionaires. India is forecast to experience a net loss of 3,500, and Russia 1,500; while several major European economies such as France will lose 800 millionaires; Spain, 500; Germany, 400; Ireland, 100; Norway, 150; and Sweden, 50.
The destinations benefiting from this global realignment of wealth include the UAE which tops the inbound list, followed by the US— where 7,500 millionaires are expected to relocate to.
Outside the region, the United Arab Emirates (UAE) is the standard and is poised to attract 9,800 millionaires this year and 96
This list includes Switzerland which is expected to gain 3,000 millionaires this year; Italy, 3,600; Portugal, 1,400; Greece, 1,200; and Saudi Arabia, 2,400 due to favorable tax regimes and lifestyle benefits. The data is based on investment migration program statistics including citizenship and golden visa options; data on who inquires about and applies for investment migration; and tracking over 150,000 highnet worth individuals in New World Wealth’s database. The data is also based on monitoring new family offices typically set up by those with over $100 million; property registers in key markets to identify prime real estate buyers; company registers focusing on filings that show changes in residence; and statistics from top international removal firms showing where the wealthy are moving. Cai U. Ordinario
UN takes PHL off child-abuse watchlist
By Malou Talosig-Bartolome
THE United Nations reported that 43 Filipino children were killed, maimed, raped, abducted, attacked in schools, or recruited by rebels, terrorists, and even state forces between 2022 and 2023.
While still deeply concerning, this figure reflects a nearly 50 percent decrease from the previous monitoring period in 2021, the UN noted.
Owing to this improvement—and following an agreement between the Philippine government and the UN to prevent grave violations against children— the Philippines will no longer be included in the UN’s next report.
“I am encouraged by the decrease in the number of grave violations against children in the Philippines, particularly those involving killings and maiming. However, I remain concerned that such violations continue to be committed,” UN Secretary General António Guterres said.
The UN verified 58 grave violations involving 43 children between January 2022 and December 2023.
Approximately 43 percent of these violations involved killing or maiming. Other top categories included recruitment and use of children, and attacks on schools.
Four children were affected by multiple incidents. Among them was a 16-year-old boy from Agusan del Sur who was recruited by the New People’s Army (NPA).
After his surrender, he became an informant for the Armed Forces (AFP).
“Children continue to suffer the consequences of armed conflict,” Guterres emphasized, urging all parties to “cease the recruitment and use of children and ensure their reintegration.”
Most violations were attributed to the NPA. Other armed groups linked to the Abu Sayyaf, Dawlah Islamiyah–Maute Group, and Dawlah Islamiyah–Hassan Group were also identified.
Ten grave violations were attributed to the AFP, the National Intelligence Coordinating Agency in conjunction with the National Task
Force to End Local Communist Armed Conflict (NTF-ELCAC), and the National Police.
Mindanao accounted for over half the total cases, particularly in Lanao del Sur, Cotabato, and Davao de Oro. Additional violations were recorded in the Visayas and Luzon, from Negros Occidental to Benguet.
Boys accounted for 77 percent of the victims, mostly aged between 13 and 17.
Many of the child fatalities resulted from crossfire between the AFP and NPA. In Northern Samar, for instance, two boys— aged 12 and 13—were killed in a firefight.
In March 2022, a 16-year-old boy from a tribal community in Surigao del Sur sustained a gunshot wound in his right hand. In Camarines Sur, a 17-year-old boy riding a motorcycle with four other civilians was wounded when an improvised explosive device detonated.
Two 15-year-old girls were abducted in Negros Occidental and forced to join an armed group. One of the girls was raped while in captivity.
The UN also verified an earlier case of a girl in Quezon province who was raped by military personnel and militia. The incident occurred before the current reporting period.
Guterres expressed concern over the AFP’s conduct of “deradicalization” activities involving former child rebels, saying they should be treated as victims and provided medical, psychosocial, legal, shelter, and educational assistance.
“I call upon the government to ensure that detained children are immediately transferred to civilian facilities, in accordance with the law, and provided with appropriate reintegration and support services,” he said. A law passed in 2019 provides special protection for children involved in armed conflict. An inter-agency body was formed to ensure its implementation.
Guterres welcomed the protocols developed to enforce this law within key agencies, including the AFP and PNP. He urged the government to fast-track the dissemination of these protocols among military, police, and other frontline service personnel.
House vows OK of anti-illegal drugs laws
I
By Jovee Marie N. dela Cruz @joveemarie
N a strong show of support for President Marcos’ “bold yet humane” campaign for a drug-free Philippines, the House of Representatives leadership on Tuesday vowed to pass measures aimed at bolstering drug interdiction, maritime and border control, intelligence fusion, and the rehabilitation of drug users seeking a second chance at life.
Speaker Ferdinand Martin G. Romualdez reaffirmed the unwavering support of the House for the government’s intensified antidrug campaign, calling it a crucial effort to safeguard the nation’s future, security, and moral foundation.
“This is a fight for the soul of our nation— and with President Marcos at the helm, we are fighting this battle with truth, with justice, and with the Filipino people by our side,” Romualdez declared, following the President’s inspection of nearly P8.9 billion worth of methamphetamine hydrochloride or shabu recovered from northern Philippine waters.
The shabu was recovered through the vigilance of local fishermen in Zambales, Pangasinan, Ilocos Norte, Ilocos Sur, and Cagayan. Marcos immediately ordered the illegal drugs destroyed using thermal decomposition at the Philippine Drug Enforcement Agency (Pdea) headquarters in Quezon City. Romualdez lauded the President’s swift and transparent actions, describing them as a “bold yet humane” approach that strengthens public trust and sends a strong signal to drug syndicates.
“This is no longer just a campaign—it is a clear policy direction under the Marcos administration: one that rejects violence, upholds the rule of law, and mobilizes the
Swhole-of-nation approach in protecting every Filipino community from the scourge of drugs,” the House leader emphasized.
“This proves that the most powerful weapon in this fight is not fear—but trust, vigilance, and unity between government and people,” Romualdez said.
He also stressed the importance of the President personally overseeing the destruction of confiscated drugs, a move he said boosts public confidence and ensures transparency in anti-drug operations.
“President Marcos is setting a new standard of integrity and accountability. The message is clear: under his leadership, there will be no backdoors, no loopholes, and no compromises,” Romualdez added.
He assured the President and the public that the House of Representatives remains fully committed to supporting the anti-drug drive through vital legislation—especially those enhancing interdiction, maritime and border control, intelligence sharing, and rehabilitation programs for drug dependents seeking a second chance.
“The House is all-in. We are working closely with the administration to provide our law enforcement agencies with the tools, technologies, and legal frameworks they need to succeed—not just in arrests, but in building a future where recovery and reintegration are possible,” Romualdez said.
Romualdez acknowledged the evolving tactics of drug syndicates and stressed the need for the government to continuously adapt through bold leadership, institutional reform, and transparency.
“This is not only a criminal justice issue—it is a national security, public health, and moral issue. And how we confront it will define our legacy as a people,” he said.
BILKED US OF MILLIONS’
By Henry Empeño
UBIC BAY FREEPORT—A group of entrepreneurs, some of them retired government employees, has exposed the alleged modus operandi of a businessman in Zambales who sweet-talked them to finance bids for government supply contracts only to be left hanging when it was time to get repaid. Theresa M. Tenazas, Annabelle E. Rivera, Jocelyn Manalad, Jonalyn Ynares, Maricel B. Narra, Pinky delos Santos, Liberty S. Prado, and Claro Ebelte met with the media here, bringing with them copies of dishonored checks and promissory notes, as well as
More than 25% of Filipinos still without internet access
By Lorenz S. Marasigan @lorenzmarasigan
DESPITE expanded 4G network coverage across the Philippines, more than a quarter of Filipinos remain disconnected from the internet—primarily owing to affordability issues, not infrastructure gaps, a study showed.
Based on CloudMosa’s inaugural B-Gap Barometer report, 26 percent of Filipinos are still unable to access mobile internet services
even though network availability has significantly improved. This, as the entire cost ecosystem: smartphones, data plans,
and the infrastructure, remains high, while consumer purchasing power and digital literacy remain low.
Furthermore, as the whole industry plans to sunset older technologies, such as 2G and 3G, those that have yet to acquire smartphones are expected to be left behind.
bitter stories of their alleged dealings with Ramon Fernandez, owner of the Tindahan ni Juan chain of retail stores in Zambales and Bataan. In all, the group said they released a total of P66 million to Fernandez for various bidding projects, most of which were not repaid by the trader. Fernandez has acknowledged receiving funds pulled in by the group in various documents, but has not answered text messages from the B usiness M irror ask ing for his comment or reaction to the complaint. The complainants said Fernandez
T“Telcos are racing to the future with 5G, but growth won’t come from the top alone,” said Shioupyn Shen, chief executive officer of CloudMosa. “The real opportunity lies in those being left behind in the migration to 4G and beyond. This report is a call to action for industry leaders: those who move first to bridge the affordability gap will shape the next decade of the industry.”
Based on the study, 66 percent of Philippine telecommunications company leaders surveyed said costly data plans are the number one barrier to digital participation. And while more users are aspiring to own smartphones, 62 percent still rely on cheaper, less capable feature phones. CloudMosa, a US-based cloud and mobile technology company enabling affordable feature phones to access popular internet services, coined this affordability gap the “B-Gap” and is calling on telecommunications providers to treat digital inclusion not as corporate social responsibility, but as a viable business strategy.
Customs, BPI intercept ₧2-M smuggled onions
By Ada Pelonia @adapelonia
HE Bureau of Plant Industry (BPI) and the Bureau of Customs (BOC) seized some P2 million worth of illegally imported red onions from China at the Mindanao International Container Terminal in Misamis Oriental.
Agriculture Secretary Francisco Tiu Laurel Jr. said the Department of Agriculture (DA) had not issued any sanitary and phytosanitary import clearances (SPSICs) for red onion shipments from China.
With this, he said the government would pursue legal action under the Anti-Agricultural Economic Sabotage (Ages) Act, which imposes heavier penalties on agricultural smuggling, including substantial fines and extended prison terms.
“We intend to go after these unscrupulous traders with the full force of the law,” Laurel said.
The BPI said the shipment containing 25 metric tons (MT) of red onions was consigned to Lantix Consumer Goods Trading, a company based in Binondo, Manila.
It added that the cargo arrived on May 26 was declared as frozen goods, such as egg noodles, croissant dough, pizza dough,
Navy ready to protect oil exploration, drilling activities at contested waters
THE Navy (PN) said it is ready to protect oil exploration and drilling activities in the West Philippine Sea (WPS) from any encroachment by a foreign power, an official said Tuesday.
“Your Navy and your Armed Forces are ready to provide security and protection to any effort by the national government to exploit the natural resources within our exclusive economic zone. We are prepared to provide protection to any other party that will be working with the Philippine government and to provide security against any interference of any foreign power,” the PN spokesperson for WPS, Rear Adm. Roy Vincent Trinidad, said in a press briefing.
Trinidad made the statement when asked if the Navy is capable of securing the drilling operation that would be conducted by the seventh-generation drillship Noble Viking as part of the Malampaya Phase (MP) 4 project.
Asked if the security they will extend includes standing naval and air patrols, the PN official said their protection is a “full package.”
Trinidad did not elaborate on the details of these operations.
buns, and spring rolls. However, the BPI-Plant Quarantine Service in Cagayan de Oro requested the BOC to withhold the release of the container van for further inspection.
A physical examination conducted on June 11 revealed that the shipment contained fresh red onions and not the items listed in the ship’s manifest, it added. “Nagpapasalamat kami sa BOC at kay District Collector Arthur Sevilla ng Mindanao Container Terminal. S a mabilis na coordination ng DA-BPI at BOC, hindi na nakalabas ang mga smuggled onion sa mga pamilihan,” Laurel said.
Laurel recently told the B usiness M irror that the agency would approve the importation of red and yellow onions later this year to plug the projected shortfall of the allium. (See: https:// businessmirror.com.ph/2025/06/23/ onion-importation-set-to-avoidshortage/)
“[The DA will authorize the importation of onions] in August for white and [in] October for red,” Laurel told this newspaper. However, the DA chief did not disclose the volume of onions to be imported, since the agency is still in the process of “getting the final figures.”
Laurel had also said the DA would launch an investigation into the purported sale of imported onions in Metro Manila wet markets. (See: https://businessmirror. com.ph/2025/06/18/da-to-trackdown-sources-of-onions-sold-in-wetmarkets/)
“We have not issued any import permits since early this year, which means all imported onions currently in public markets are considered smuggled,” Laurel said. Instead of arresting vendors, the DA chief said the government will seek their cooperation to trace the source of the smuggled onions.
NCR board to deliberate wage hike this week
By Justine Xyrah Garcia
METRO Manila minimum wage earners may have another reason to hope for higher pay as the National Capital Region wage board is set to meet this week to decide on the grant a new increase, the Department of Labor and Employment (Dole) said. This comes after the 19th Congress adjourned sine die earlier this June without tackling the proposed P200 across-theboard wage hike bill, effectively killing its chances of passage in the current legislative cycle. With no law passed, wage adjustments once again rest in the hands of the Regional Tripartite Wages and Productivity Boards (RTWPBs).
In an exclusive interview with the B usiness M irror , Labor Secretary Bienvenido E. Laguesma said the NCR board is well within its schedule to issue a new wage order.
workers in the National Capital Region (NCR) may expect a new wage order—if any—by next month.
“Definitely this week, there will be deliberations. The last wage board order took effect on July 17, so they’re operating within that timeframe,” Laguesma said, partly in Filipino.
Given this timeline, the labor chief said
Laguesma emphasized that the Labor department, through its RTWPBs, is conducting a timely review of existing minimum wages across regions to determine if these are still enough for workers’ needs.
“As early as May 2024, the President gave
Construction spending hits ₧41.1-B in April despite permit drop
By Bless Aubrey Ogerio
THE construction sector slowed in April 2025, as the total number of approved building permits dropped year-on-year, but the value of residential construction still posted growth, data from the Philippine Statistics Authority (PSA) showed.
A total of 14,111 building permits were approved during the month, down 9.6 percent from 15,609 permits in April 2024. This marked a reversal from March 2025, when permit approvals rose by 5 percent annually.
Even with the slowdown in activity, total construction value still reached P41.08
billion, a contraction of 8.1 percent from P44.71 billion in the same period last year.
Residential construction remained the dominant contributor, both in volume and value. It accounted for 9,288 permits, or 65.8 percent of the total, down 8.8 percent from April 2024.
Of these, single-type houses made up the majority with 7,462 permits, or 80.3 percent of all residential projects.
In terms of value, residential buildings brought in P20.71 billion, up 5.7 percent from P19.59 billion last year. Single-type homes alone contributed P11.16 billion, or 53.9 percent of the residential total.
On one hand, non-residential constructions had 2,961 approved permits,
comprising 21 percent of the total and representing a 13.2 percent annual decrease. The bulk of this category came from commercial buildings, which posted 2,007 permits or 67.8 percent.
The value of non-residential projects declined significantly, dropping 21.6 percent year-on-year to P15.87 billion.
Commercial buildings remained the largest contributor in this segment, amounting to P8.01 billion or more than half of the total.
Other construction activities—including additions, alterations and repairs—also fell across the board. Addition made up 3.7 percent of total permits, alteration and repair 7 percent, and other constructions 2.5 percent. These segments saw annual declines
of 4.8, 8.3 and 8.8 percent in permit numbers, respectively.
In terms of value, addition was recorded at P853 million (up 3.6 percent), while alterations and repairs posted P2.65 billion (down 29.9 percent). Meanwhile, the value of other constructions surged to P1 billion (a 246.9 percent increase).
For the average cost of construction per square meter, it stood at P10,428, down 4.3 percent from March 2024’s P10,892. Projects without declared floor areas, such as signboards or helipads, were excluded from this computation.
The PSA clarified that the report only covers approved building permit applications and not yet completed structures.
LSE International Development Review Publishes First Print Issue
LONDON—The LSE International Development Review—an entirely student-based, open-access journal dedicated to advancing rigorous debate on international development—released on June 9 its first print issue. This edition brings together interdisciplinary analyses and policy-oriented research spanning development studies, migration studies, political economy, human development, environmental policy, and global health.
Through a rigorous peer-review process, each article offers constructive contributions to contemporary policy discussions, from proposals to address global inequality to examinations of technological transformations affecting developing contexts.
“This first print issue represents a milestone for our editorial team and contributors,” said Editor-in-Chief Anna Mae Yu Lamentillo. “Our authors engage with today’s most pressing challenges,
presented himself as a bidder for contracts to supply local governments (LGUs) in Zambales and Bataan with essential goods like rice, canned goods, sugar, and other basic commodities needed for LGU relief and assistance programs.
“ Pina-dama kami [ We were lured into a scheme],” said Narra during the media interview. “At first, everything went well and we were impressed. Later on, interest payments got delayed, the post-dated checks he issued bounced, and his recurring promises to repay us turned out empty.”
Tenazas, a lawyer from Oriental Mindoro, said she was encouraged to pull in funds for what Fernandez described as “profitable and legitimate government supply projects, especially so that he
from rethinking governance in utopian mega-projects to exploring the impact of AI symptom checkers on health and economic outcomes. We hope these papers will inform policymakers and practitioners working toward equitable and sustainable solutions in diverse development contexts.”
The journal is led by a committed editorial board. Lamentillo serves as Editor-in-Chief. Imane Belrhiti and Caitlin Rieuwerts oversee the editorial process as Deputy Editors. Section Editors Hanna Dooley, Cyprine Odada, and Sofia Zarama manage submissions across thematic areas, guiding each manuscript through peer review and copyediting to ensure clarity, academic rigor, and policy relevance.
The first print issue includes four chapters organized around key themes. Chapter 1, “Rethinking Governance,” features articles by Daria Menyushina on governance structures in utopian
showed Notice of Award and sometimes Notice to Proceed or Purchase Order.”
Narra, a resident of Sta. Cruz, Zambales, said she first met Fernandez in 2019 after receiving a call from Fernandez, who she did not know at the time. She said Fernandez learned from her sister that she was lending money and that started their dealings under the agreement he would pay interest and return the capital.
Later, Narra introduced Fernandez to some friends—Tenazas and the rest— when the latter asked if she knew others who could be interested in financing his projects.
Fernandez operated out of his Tindahan ni Juan franchise. From January 2021 to January 2024, he has put up nine such stores: two in Olongapo City, five in Zambales, and another two in Bataan. Narra recalled that in September 2023, she asked Fernandez to return the principal of the money she loaned out,
mega-projects; Han Pimentel on financial contagion and crisis; and Aline Rahbany on Toronto’s housing affordability crisis. Chapter 2, “Digital Transformations & Subjectivities,” presents Jeremy Ahearn’s analysis of datafication and shifting subjectivities in digital humanitarianism, alongside Elena Deamant’s narrative literature review of the health and economic impacts of AI symptom checkers. Chapter 3, “Low-Emission & Electrified Transport,” examines the political viability of lowemission zones in São Paulo through Paulo Tinoco Cabral’s research and assesses e-bus implementation in Nairobi’s BRT system in a paper by Sofia Zarama. Chapter 4, “Proximity, Pedestrianism & the 15-Minute City,” includes Anna Mae Yu Lamentillo’s assessment of the 15-Minute City model in Metro Manila; Cyprine Odada’s recommendations for gender-inclusive cycling and transport strategies; Essam Ewaisha and Mohammed
but to no avail. In July 2024, Fernandez again convinced her to finance a project in Morong, dangling a purchase order and a notice of awards dated that month.
In November 2024, Fernandez gave Narra a project to supply Christmas baskets to the Subic Bay Metropolitan Authority (SBMA), which she financed jointly with Rivera. Narra said Fernandez gave her a special power of attorney for her to claim payments from the SBMA, but found out last May 16 that payments had already been collected by Fernandez as early as January 20 and May 9.
On the other hand, Rivera, a resident of Quezon City and a retired employee of the Bureau of Internal Revenue, said she entrusted a total of P26.85 million to Fernandez. Similarly, Jocelyn Manalad, also of Quezon City, pulled in P5.8 million; Pinky delos Santos, also from Quezon City, P3.05 million; Tenezas, P5.2 million; and Jonalyn Ynares, from Caloocan City, P6.5 for the remaining balance for a lot at Crosswinds Resorts in Tagaytay City.
The complainants said that Fernandez promised to return their money in two to three months after each project, or as soon as he gets paid, and issued post-dated checks to cover the money they contributed.
But Tenazas said months passed by and Fernandez just kept making empty promises.
“By January 2024, nothing has been returned despite repeated follow-up. The payment of the 5 percent interest for the use of my money also began to be delayed [by] up to two or three months. It was at this point that we realized there might be an issue,” Tenazas said in her affidavit.
On April 2, 2025, the group formally signed an agreement with Fernandez, wherein he acknowledged receipt of P42.95 million as the entrusted party and
the directive to conduct timely reviews. So this process is already moving. The goal is for the new wage order to take effect before the anniversary of the last one in 2024,” he said. Currently, the minimum wage in Metro Manila stands at P645—the highest in the country—while the lowest remains in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at P361.
Sinan Siyech’s exploration of the ecological implications of the Israeli–Palestinian war; and Mohammed Adjei Sowah’s vision for transforming Osu Oxford Street into a pedestrian-friendly mixed-use suburb.
The LSE International Development Review is published by LSE Houghton St. Press in association with LSESU International Development Society. Its mission is to perpetuate an international development discourse by bridging theoretical insights with practical policy debates. The journal welcomes submissions on any topic relevant to international development, provided authors emphasize policy implications and context-appropriate approaches. All articles remain openly accessible online and free of charge to readers worldwide.
The digital issue of LSE International Development Review is accessible via this link: https://idr.lse.ac.uk/14/volume/1/ issue/1.
undertook to return the full amount on or before April 30, 2025. He also issued checks dated April 9, April 16, April 23, and April 30 and assured them that the checks had funds.
However, Tenazas said that on April 9, when they presented the checks for encashment, the bank rejected them outright.
On April 22, the complainants formally lodged a complaint at barangay Sto. Tomas in Olongapo City, where Fernandez is a resident. A video of the meeting showed Fernandez explaining that his finances was gravely affected by some purported cancellations.
When asked by the barangay captain when he could fully pay his obligations, Fernandez declared that he could make the payment the very next day, April 23, the complainants said.
However, the following day, Fernandez reportedly defaulted again, “offering the same worn-out excuse that funds were not yet available,” the complainants added.
“We were outraged and deeply insulted. We felt completely deceived, fooled, and betrayed. Mr. Fernandez did not only take advantage of our trust—he made a mockery of it,” Tenazas said in her affidavitcomplaint. “What he did was not just a financial betrayal, but a personal affront— an act of grave dishonesty and disrespect that caused us emotional distress, shame, and a deep sense of being taken for fools,” she added.
Following initial media interview on June 14, the complainants decided to air their plight publicly. On separate programs over K5 FM in Olongapo City, Tenazas and Narra narrated their ordeal with Fernandez.
“We want our money back from Ramon Fernandez,” said Tenazas. “And we’re making this public so that he won’t be able to dupe others too.”
of living.
As of June 2025, independent think tank IBON Foundation estimates that a family of five needs at least P1,216 per day to live decently. The current average minimum wage nationwide stands at just P474—a P742 gap from the family living wage.
House eyes more benefits for PhilHealth members
FOLLOWING the expanded benefit packages rolled out by the Philippine Health Insurance Corp. (PhilHealth), the speaker of the House of Representatives on Tuesday vowed to push for further reforms, including a review of PhilHealth’s charter to empower the agency to cover at least 50 percent of private hospital expenses.
Speaker Ferdinand Martin G. Romualdez made a statement as he hailed the expanded benefit packages rolled out by PhilHealth, describing the move as a crucial advancement in improving access to quality health care and easing the financial burden on Filipino families.
Romualdez said he would push for broader reforms, including a review of PhilHealth’s charter so it can function more like a true health partner, capable of covering 50 percent or more of private hospital expenses, and providing preventive services such as free X-rays, mammograms, human papillovirus (HPV) vaccines, and laboratory tests.
“This is a major win for our ordinary citizens. For families who’ve long struggled with the high cost of treatment, this is the result of the strong collaboration among Congress, PhilHealth, and the entire government,” Romualdez said. The Speaker emphasized that the enhanced PhilHealth benefits directly respond to persistent concerns raised in congressional hearings and consultations with health sector stakeholders.
A key highlight of the new benefits is the expanded dialysis support. PhilHealth has increased coverage for hemodialysis from 90 to 156 sessions per year—enough to support the standard three sessions per
Legislator:
BELIEVING that the private sector has a crucial role in strengthening the government’s anti-crime initiative, a lawmaker is seeking to make closed-circuit television (CCTV) installation mandatory in commercial establishments.
Bicol Saro Rep. Brian Raymund Yamsuan said he will refile a bill in the 20th Congress, requiring business establishments with at least 20 employees or those with daily transactions of P50,000 or more to install CCTV cameras at all entry and exit points, work areas, and other critical locations within their premises.
“The private sector can play a pivotal role in further strengthening the president’s intensified anti-crime campaign. Installing CCTVs in strategic locations in and around commercial establishments will help ensure public safety, as these tools have been proven to be effective in deterring, detecting, and solving crimes,” said Yamsuan, a former assistant secretary of the Department of the Interior and Local Government (DILG).
He cited previous DILG memorandum circulars issued in 2014 and 2022 urging cities and capital towns to mandate CCTV installation in certain establishments such as banks, malls, and other high-traffic areas. Yamsuan, incoming congressmen of Parañaque City, said the locality was
Under
week. The per-session reimbursement has also been raised from P2,600 to P6,350, amounting to nearly P1 million in total annual support for patients. Support for peritoneal dialysis was also expanded to P500,000 annually for adults and P1.2 million for children. In addition, PhilHealth will now cover up to P2.1 million for pediatric kidney transplants and over P1 million for adult transplants, inclusive of post-operative care, laboratory tests, and vital medications.
“These numbers are life-changing. More than that, they offer hope to families who have long sought relief,” the Speaker added. Romualdez also applauded PhilHealth’s implementation of facility-based outpatient emergency care—a measure he personally pushed for. This reform ensures that patients visiting the emergency room can receive care even without being admitted, addressing the issue of patients leaving untreated due to lack of funds.
“No one should have to wait for their condition to worsen just to qualify for coverage. Every emergency deserves immediate help,” he said.
The Speaker further highlighted expanded coverage for cardiovascular care—another legislative priority. PhilHealth will now cover P130,000 for non-surgical heart attack treatment, up to P530,000 for procedures such as angioplasty, and provide benefits for cardiac rehabilitation and ambulance transport.
He attributed these healthcare milestones to the sustained coordination among the House of Representatives, PhilHealth, and the Department of Health. Jovee Marie N. dela Cruz
one of the first to comply with the 2014 directive through City Ordinance 14-03, which requires CCTVs in commercial establishments and private subdivisions. Proof of compliance is required for the renewal of business permits. Yamsuan emphasized that replicating Parañaque’s ordinance nationwide could not only deter crimes but also help curb potential abuses by law enforcers. As a member of the House Committee on Public Order and Safety in the 19th Congress, Yamsuan recalled instances where CCTV footage presented during hearings exposed irregularities committed by policemen during anti-drug operations. To avoid a fragmented approach across local governments, Yamsuan’s proposed measure aims to standardize CCTV requirements across the country. His bill will cover establishments such as restaurants, hospitals, malls, theaters, supermarkets, groceries, entertainment centers, office buildings, warehouses, and cockpit arenas. Under the proposal, these establishments must keep their CCTV systems fully operational and ensure continuous 24/7 recording. The measure will also contain provisions to protect data privacy and confidentiality, along with penalties for non-compliance.
Jovee
N. dela Cruz
Power bank explodes at Roxas Airport after X-ray scanning
ABy Nonie Reyes @Nonielonlon
POWER bank suddenly caught on fire and exploded while inside the luggage after it undergone X-ray scanning at the final checkpoint of Roxas Airport on Tuesday, the Civil Aviation Authority of the Philippines (CAAP) said.
CAAP spokesperson Eric Apolonio said around 6:36 a.m. Tuesday, an airport personnel detected a 72,000 milliampere-hour (mAh) power bank inside a luggage of a female passenger bound for Manila. The item exceeded the 160 watthour allowable capacity for power banks permitted on board an aircraft, Apolonio said.
Robin pushes for Duterte’s
return to PHL; Congress adjournment stands in the way
SENATOR Robinhood “Robin” C. Padilla has filed a resolution seeking the repatriation of former President Rodrigo Duterte from The Hague, where he is currently detained.
The Padilla Resolution was aimed to express the sense of the Senate to urge this course of action to foster reconciliation and national unity, and refocus government efforts to address pressing needs. It sought as well to “assert Philippine sovereignty” and “reaffirm the exclusive right of the Philippines to investigate and prosecute its citizens.”
“Resolved by the Senate, as it is hereby resolved, expressing the sense of the Senate urging the Philippine Government to secure the immediate repatriation of former President Rodrigo Roa Duterte, and thereafter, resume or continue investigations into crimes related to his anti-illegal drug campaigns, and prosecute applicable offenses as warranted by the evidence to facilitate reconciliation and national unity; refocus government efforts to address pressing challenges such as poverty alleviation, infrastructure development, economic recovery, and climate change resilience; assert Philippine sovereignty; and reaffirm the exclusive right of the Philippines to investigate, prosecute, or hold accountable its citizens in accordance with its Constitution and legal system,” he pointed out.
Moreover, the Padilla resolution stated: “Resolved, further, that if full repatriation free from ICC jurisdiction is impracticable, the Senate hereby strongly urges the Philippine Government to secure, on an ad cautelam basis and without conceding ICC jurisdiction, the interim release of former President Duterte to the Philippines under conditions acceptable to the ICC [International Criminal Court],” he added.
Padilla filed the resolution on Monday afternoon, but it was not accepted by the Senate’s Bills and Index section, pursuant to Rule 44 of the Rules of the Senate that “all pending matters and proceedings shall terminate upon the expiration of one Congress.” The 19th Congress had already adjourned sine die.
Padilla intends to re-file the resolution in
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rate cut in the third quarter.
Meanwhile, given the recent Monetary Board decision to reduce interest rates, local 10-year bond yields are expected to drop below 6 percent in July.
“[This is because] global uncertainties would impact local production and employment and not inflation, especially...with the emergent threat of cheap Chinese goods diversion,” the report stated.
“The Fed will likely delay rate cuts to late 2025 while also signaling only one cut in 2026 instead of two,” it added. Earlier, the Monetary Board reduced
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Highway add access to eastern Bulacan. This multi-directional reach keeps Quezon City in high demand, especially among wholesale and e-commerce players,” Prime said. Quezon City, however, still lacks a bona fide prime office development and an assessment of handover conditions reveals that most new office developments in Quezon City typically offer bare shell units upon turnover.
“While some buildings are marketed as such [grade A], objective benchmarks show they fall short when compared to top-tier CBDs like BGC and Ortigas, where premium finishes, full-glass façades, and high-rise profiles are standard,” it said.
The passenger initially claimed that the power bank had been allowed on her inbound flight from Manila, but eventually agreed to turn the item over to a companion outside the terminal.
While arrangements were being made, the power bank suddenly sparked and ignited on the inspection table after passing the X- ray machine.
the 20th Congress, which starts on June 30.
In his resolution, Padilla said the Senate affirms that no Filipino, especially one who served as a public servant for 34 years, should be detained or tried by a foreign tribunal for alleged crimes committed in the Philippines.
He also cited Article II, Section 7 of the 1987 Constitution that “[t]he State shall pursue an independent foreign policy”; as well as the Principle of Complementarity, enshrined in Articles 1 and 17 of the Rome Statute, that limits the ICC’s jurisdiction to cases where a State Party is unwilling or unable to genuinely investigate or prosecute crimes within its jurisdiction.
“The Department of Justice (DOJ) and the Office of the Solicitor General have consistently and publicly affirmed that the Philippines maintains a robust criminal justice system, actively investigating and prosecuting alleged crimes related to former President Duterte’s war on drugs, thereby precluding ICC jurisdiction based on the Principle of Complementarity,” Padilla said.
Moreover, he noted that the Philippines withdrew from the Rome Statute on March 16, 2018, and thus terminated its obligations as a State Party thereto, effective March 17, 2019.
Padilla, likewise, cited Section 17 of Republic Act No. 9851, which requires an applicable treaty for the surrender of individuals to an international tribunal.
Also, he said the Senate, as representatives of the Filipino people, cannot ignore the widespread support for the former President, especially with his overwhelming victory as Davao City mayor in the 2025 polls, and the election of his staunch allies in the Senate.
Neither can it ignore the “heavily attended rallies nationwide and overseas clamoring for his return” and a May 6 to 9, 2025 survey revealing that most Filipinos disagree with his arrest and surrender to the ICC, he added.
Padilla cited as well President Ferdinand Marcos’ podcast last May 19 where he expressed openness to reconciliation with former President Duterte and his family to foster national unity. Butch Fernandez
the BSP’s Target Reverse Repurchase rate by 25 bps to 5.25 percent. The interest rates on the overnight deposit and lending facilities were adjusted to 4.75 percent and 5.75 percent, respectively.
BSP Governor Eli M. Remolona Jr. said the decision to reduce policy rates was pegged to inflation, which is now forecast to average 1.6 percent this year, lower than its initial estimate of 2.4 percent. The forecast for 2026, however, was adjusted upward to 3.4 percent from 3.3 percent, while the estimate for 2027 is now pegged at 3.3 percent from the initial 3.2 percent. (See: https:// businessmirror.com.ph/2025/06/20/ bsp-cuts-rates-anew-by-25-bps-1-moreseen/).
This opens an opportunity for developers to establish the city’s first Grade A office tower, setting a new benchmark and capturing unmet demand from quality-seeking tenants, it said.
With tenant preferences increasingly leaning toward fully fitted-out spaces, this presents a notable market gap that landlords can tap into by offering move-in ready units.
“For landlords aiming to address this d e m a n d without incurring significant capital expenditure, a practical strategy would be to partner with co-working brands as sublessors,” it said.
The co-working footprint in Quezon City remains in its early stages, with only a limited number of players such as GreatWork and KMC Solutions signaling an under-penetrated and opportunityrich segment.
An airport security guard immediately responded and discharged a fire extinguisher to suppress the flames. Despite the intervention, the power bank exploded shortly thereafter. Fortunately, the incident resulted in no injuries or significant damage to persons or equipment nearby, Apolonio added.
CAAP commends the swift and effective response of the airport security and Office for Transportation Security (OTS) screening personnel.
This incident underscores the importance of strict compliance with aviation safety regulations, particularly regarding lithium-ion powered devices such as power banks, said CAAP.
In line with the directive of President Ferdinand Marcos Jr. and the Department of Transportation to uphold the highest standards of safety and secure travel for all passengers, CAAP urges all travelers to review airline and airport safety policies prior to travel to help ensure a safe and secure air transport environment.
DA redirects unspent cold storage project funds to boost regional quarantine efforts
the first half.”
TBy Ada Pelonia @adapelonia
HE Department of Agriculture (DA) will disburse the unutilized funds from the Cold Examination Facility for Agriculture (Cefa) project to its regional field offices.
Agriculture Secretary Francisco Tiu Laurel Jr. signed Administrative Order (AO) 10, which indicates the rules for the disbursement of the unutilized 2023 continuing funds by the Bureau of Animal Industry (BAI)-Cefa Project that will be used until December 31, 2025. “It was downloaded so that procurement will be done at the regional level,” Laurel told the BusinessMirror on Tuesday. However, the DA chief did not disclose the amount of the unutilized funds.
San Juan’s ‘Wattah Wattah’ festival draws 10,000 attendees amid stricter guidelines
THE traditional water dousing for San Juan City’s “Wattah Wattah Festival” concluded successfully with an estimated 10,000 participants, the city government said.
Mayor Francis Zamora, who personally oversaw the preparations, expressed satisfaction with this year’s outcome, commending the cooperation of the public and the efficiency of emergency and security teams.
Following the challenges and public concerns from last year’s celebration, Zamora said that the 2025 festival was held under tighter security and stricter guidelines set forth by the City Government under the City Ordinance No. 14, S. 2025.
“Ako po ay nagpapasalamat sa aking mga minamahal na San Juaneno sapagkat yung ating panawagan na magpunta dito sa Basaan Zone ay talagang pinagbigyan tayo...I’m proud of how our citizens, guests, and city departments came together to ensure a festive yet disciplined celebration,” declared Zamora.
Zamora said that despite the scorching 41-degree Celsius heat index, which led to several heat-related incidents, primarily with street dance performers, emergency teams were able to respond swiftly.
While several street performers experienced mild hyperventilation due to extreme heat, medical teams were immediately dispatched and all cases were resolved on site.
The Incident Command Center reported the following:
n Medical Assistance Rendered:
n 2 cases of shortness of breath
n 8 cases of heat exhaustion
n 8 minor injuries
The Wattah Wattah Festival, held annually in honor of St. John the Baptist, continues to be a beloved tradition in San Juan, marked by joyous water dousing, colorful parades, and spirited street dancing.
Zamora assured that the city government is now planning a comprehensive post-event assessment to further refine festival safety for future years.
Claudeth Mocon-Ciriaco
The order indicated that the Cefa project would expand its continuing activities to support the strengthening of quarantine services through systems’ digitalization and enhance animal diseases and/or plant pest diagnostic laboratories. It also aims to ensure accountable, transparent, and efficient fund transfer and utilization of the remaining Cefa project funds.
Given this, the CEFA Project Steering Committee and Management Office identified DA-RFOs in Central Luzon, Davao Region, SOCCSKSARGEN, and the Bureau of Fisheries and Aquatic Resources (BFAR) SOCCSKSARGEN as the recipients of the unutilized funds.
The Cefa project was established to ensure the safety of food from disease and pest-
free plant and animal resources, along with a robust and resilient agricultural nation that is compliant with relevant laws and provisions.
Earlier, the DA said the supposed opening of the Cefa in Angat, Bulacan last January was stalled as bidding for its equipment was declared a failure. (See: https://businessmirror. com.ph/2025/01/28/launch-ofcefa-in-angat-delayed/)
“The failure of bidding was declared last December. This covers X-ray machines, the laboratory, and construction. So, part of the funds was reverted [to the Bureau of the Treasury],” Laurel said in a previous interview. “The Cefa in Angat will push through. There’s a delay because we have to rebid [the contract for the equipment]. But definitely, we will try to finish everything, hopefully by
Last year, the DA said funding for the Cefa project was originally pegged at P2.3 billion in 2023.
However, this was reduced to P1.2 billion in 2024 due to the International Container Terminal Services Inc.’s (ICTSI) offer to host most of the facilities at local ports, which the listed company operates. The DA said that transboundary animal diseases and persistent agricultural smuggling have “highlighted the need to operationalize ‘first border’ control measures.”
The Cefa, which will house “state-of-the-art testing laboratories,” aims to strengthen the country’s capability to conduct first border inspections, improve its examination of containerized agricultural commodities, and prevent smuggling.
Editor: Angel R. Calso
Ceasefire takes effect: Israel and Iran end 12-day war after US intervention
By Sam Mednick, Jon Gambrell & Melanie Lidman The Associated Press
BEERSHEBA, Israel—Israel and Iran on Tuesday accepted a ceasefire plan proposed by US President Donald Trump to end their 12-day war that roiled the Middle East, after Tehran launched a retaliatory limited missile attack on a US military base in Qatar.
The acceptance of the deal by both sides came after Tehran launched a final onslaught of missiles targeting Israel that killed at least four people early Tuesday morning, while Israel launched a blitz of airstrikes targeting sites across Iran before dawn.
Prime Minister Benjamin Netanyahu said Israel had agreed to a bilateral ceasefire with Iran in coordination with Trump.
Netanyahu said that he had reported to Israel’s security cabinet Monday night that Israel had achieved all of its war goals in the 12-day operation against Iran, including removing the threat of Iran’s nuclear and ballistic missile programs. Israel also damaged Iran’s military leadership and several government sites and achieved
control over Tehran’s skies, Netanyahu said.
“Israel will respond forcefully to any violation of the ceasefire,” Netanyahu said. Heavy Israeli strikes continued in Iranian cities until shortly before 4 a.m., followed by Iranian barrages that sent Israelis hurrying into bomb shelters as the sun rose.
Writing over an hour after a deadline passed for Iran to halt its attacks, Trump wrote on Truth Social: “THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES!”
Iranian state television reported that the ceasefire went into effect at 7:30 a.m., but Iranian of -
ficials have not commented since Trump’s announcement. Hours earlier Iran’s top diplomat said the country was prepared to halt airstrikes.
“As of now, there is NO ‘agreement’ on any ceasefire or cessation of military operations,” Iranian Foreign Minister Abbas Araghchi wrote in a post on X. “However, provided that the Israeli regime stops its illegal aggression against the Iranian people no later than 4 a.m. Tehran time, we have no intention to continue our response afterwards.”
Araghchi added: “The final decision on the cessation of our military operations will be made later.”
Iranian missiles kill 4 in Israel ISRAEL’S military said Iran launched 20 missiles toward Israel before the ceasefire began. Police said they damaged at least three densely packed residential buildings in the city of Beersheba.
First responders said they retrieved four bodies from one building and were searching for more. Earlier, the Fire and Rescue service said five bodies were found before revising the number downward. At least 20 people were injured. Outside, the shells of burned out cars littered the streets. Broken glass and rubble covered the area. Hundreds of emergency workers gathered to search for anyone else trapped in the buildings.
Police said some people were injured even while inside their apart -
ments’ reinforced safe rooms, which are meant to withstand rockets and shrapnel but not direct hits from ballistic missiles.
Trump says ceasefire is in effect TRUMP’S announcement that Israel and Iran had agreed to a “complete and total ceasefire” came soon after Iran launched a limited missile attack Monday on a US military base in Qatar, retaliating for the American bombing of its nuclear sites. The US was warned by Iran in advance, and there were no casualties.
Trump’s announcement on Truth Social said the ceasefire beginning about midnight Washington time would bring an “Official END” to the war.
Trump describes conflict as ‘12 Day War’
TRUMP gave the conflict between Israel and Iran a name: the “12 Day War.” That recalls the 1967 Mideast war, known by some as the “Six Day War,” in which Israel fought a group of Arab countries including Egypt, Jordan and Syria.
Trump’s reference carries emotional weight for the Arab world, particularly Palestinians. In the 1967 war, Israel captured the West Bank and east Jerusalem from Jordan, the Gaza Strip and the Sinai Peninsula from Egypt, and the Golan Heights from Syria. Though Israel later gave the Sinai back to Egypt, it still holds the other territories.
Trump communicated directly with Israeli Prime Minister Benjamin Netanyahu to secure the ceasefire, according to a senior White House official who insisted on anonymity to discuss the Monday talks. Vance, Secretary of State Marco Rubio and special envoy Steve Witkoff communicated with the Iranians through direct and indirect channels.
The White House has maintained that the Saturday bombing helped get the Israelis to agree to the ceasefire and that the Qatari government helped to broker the deal.
It’s unclear what role Ayatollah Ali Khamenei, Iran’s leader, played in the talks. He said earlier on social media that he would not surrender.
Attacks force temporary closure of Israel’s skies
ISRAEL’S Airports Authority said Iran’s barrage forced them to close the country’s airspace to emergency flights for several hours.
Some flights were forced to circle over the Mediterranean Sea, according to Israeli media.
Israel’s airports have been closed since the war with Iran began, but a handful of emergency flights started arriving and departing over the past few days.
By early Tuesday, Qatar Airways resumed its flights after Qatar shut down its airspace over the Iranian attack on Al Udeid Air Base. Flight-tracking data showed commercial aircraft
again flying in Qatari airspace, signaling Doha believed the threat on the energy-rich nation had passed.
Conflict has killed hundreds IN Israel, at least 28 people have been killed and more than 1,000 wounded in the war. Israeli strikes on Iran have killed at least 974 people and wounded 3,458 others, according to the Washington-based group Human Rights Activists.
The group, which has provided detailed casualty figures from Iranian unrest such as the protests surrounding the death of Mahsa Amini in 2022, said of those killed, it identified 387 civilians and 268 security force personnel.
The US has evacuated some 250 American citizens and their immediate family members from Israel by government, military and charter flights that began over the weekend, a State Department official said. There are roughly 700,000 American citizens, most of them dual US-Israeli citizens, believed to be in Israel.
Gambrell reported from Dubai, United Arab Emirates, and Lidman reported from Tel Aviv, Israel. Associated Press writers Josef Federman in Jerusalem, Qassim Abdul-Zahra in Baghdad, Abby Sewell in Beirut, Elise Morton in London, Geir Moulson in Berlin, Ella Joyner in Brussels, Edith M. Lederer at the United Nations and Stephanie Liechtenstein in Vienna contributed to this report.
Oil prices plunge 5% as Trump announces Israel-Iran ceasefire
By Bloomberg News
OIL extended a slump as US
President Donald Trump announced a tentative ceasefire between Iran and Israel. Brent futures tumbled almost 5% toward $68 a barrel in early trading, before paring that drop. The plunge—which followed a rollercoaster session on Monday that ended in steep losses—briefly took prices below the level on June 12,
the day before Israel attacked Iran. Gold fell as haven demand ebbed. In a move that will lower crude’s risk premium, Trump said Israel and Iran agreed to a “total ceasefires,” which would begin at about midnight New York time, according to a post on Truth Social. Separately, Iranian Foreign Minister Abbas Araghchi said the country would hold fire if Israeli strikes stopped.
The oil market has been rocked
by the crisis in the Middle East on concerns the conflict could disrupt supplies from the region that pumps about a third of the world’s crude. Prices spiked, then retraced gains as the standoff unfolded, with Israel, Iran and the US all avoiding hits on oil-related infrastructure and vessels continuing through the Strait of Hormuz with only minor disturbances.
“Traders are now firmly of the belief that the risk of a supply shock is now firmly in the rearview mirror.” said Chris Weston, head of research at Pepperstone Group Ltd. “The prospect of a prolonged conflict with US involve -
ment has been repriced, giving the green light to add risk, and pare back well-owned tail-risk hedges.”
In a sign of reduced tensions, Brent’s prompt spread—the difference between its two nearest contracts—narrowed to 84 cents a barrel in backwardation. While that’s still a bullish pattern, with nearer-term prices above those further out, it’s down from last week’s closing peak of $1.77 a barrel.
The crisis erupted earlier this month as Israel attacked Iran in a bid to eradicate its nuclear program, decimate its leadership, and degrade its military, with Tehran firing missiles in reply. In a major escalation, Trump then ordered a strike against the Islamic Republic’s nuclear sites. Iran’s retaliation to that was a limited missile salvo against a US air base in Qatar.
The tentative ceasefire in the Middle East—if it takes effect and lasts—may pull traders’ main focus back to the crude market’s underlying fundamentals. There are widespread expectations that oil supplies will run ahead of demand in the second half of this year, spurring a build-up in global stockpiles.
The Opec+ alliance—which includes Iran as member—has been reactivating idled capacity at a rapid pace in a bid to recapture market share. Further increases in collective supplies are expected in the months to come.
Trump has made plain he favors cheaper energy in a bid to buttress his economic agenda, as he pushes on with his aggressive trade policy.
On Monday, he demanded producers push down crude prices after the US military strikes on Iran, while urging the Energy Department to boost drilling. Speaking to Fox News after
Trump announced the ceasefire, Vice President JD Vance said that the US bombing over the weekend had met its objectives. “We know that they cannot build a nuclear weapon,” Vance said. Iran had agreed to the ceasefire, Reuters reported, citing an unidentified senior official.
Lower oil prices may help to quell global inflationary pressures, easing the challenge facing central bankers and potentially aiding the case for interest-rate reductions. In recent days, Federal Reserve Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman have said they could support a cut in July if inflation remains contained.
“In a week and a half, Opec+ will agree to increase production by another 400,000 barrels a day,” said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. “As we move into the third quarter—and global production rises and demand wanes, driving inventory sharply higher—we will see prices probing the lower end of the previous $60-to-$65 range.” Bloomberg News
OIL storage tanks in Crockett, California, in January. DAVID PAUL MORRIS/BLOOMBERG
Indonesia nabs 285 in drug crackdown and seizes over half a ton of narcotics
By Niniek Karmini & Andi Jatmiko
The Associated Press
JAKARTA, Indonesia—Indonesian authorities said Monday they arrested 285 people suspected of drug trafficking, including 29 women and seven foreigners, and seized over half a ton of narcotics during a two-month crackdown.
Indonesia is a major hub for drug trafficking in Southeast Asia despite having strict drug laws, with convicted smugglers sometimes executed by firing squad.
The head of the National Narcotic Agency, Marthinus Hukom, said the crackdown, launched between April and June across 20 provinces, also uncovered money laundering schemes by two drug syndicates and confiscated assets worth more than 26 billion rupiah (about $1.5 million).
Thirty-six of the suspects, including 21 women, were paraded in front of reporters, along with confiscated drugs, in their orange prison uniforms and hands handcuffed.
Hukom said the women arrested were mostly married without jobs outside the home.
“I call on Indonesian women to be more vigilant in establishing friendships both in the real world and in cyberspace,” he said during a joint press conference with officials from the security affairs ministry and the customs office who took part in the operation.
One of the agency’s deputies, Budi Wibowo, said authorities seized 683,885 grams (0.68 ton) of crystal meth, marijuana, ecstasy, THC, hashish and amphetamines, adding this helped stop them falling into the hands of “more than 1.3 million people.”
Wibowo also said that drug syndicates have used various methods
to distribute narcotics to users via land and sea transportation or mail services.
The seven foreign nationals were an American, two Kazakhs, two Malaysians, an Indian and an Australian, Wibowo said.
The United Nations Office on Drugs and Crime says Indonesia is a major drug-smuggling hub in part because international drug syndicates target its young population.
In a separate operation, authorities in the province of Riau Island, exposed in May two cases of drug smuggling in its waters and seized 2.7 tons of crystal methamphetamine and 1.2 tons of ketamine, Hukom said Monday.
In 2023, authorities uncovered more than 52,000 of drug cases and confiscated 6.2 tons of crystal meth, 1.1 tons of marijuana and other types of synthetic narcotics, said Mochammad Hasan of the ministry of security affairs during the press conference.
Hasan said the number increased in 2024 with more than 56,000 cases and confiscated 7.5 tons of crystal meth and 3.3 tons of marijuana, with a combine value worth 7.5 trillion rupiah ($454.6 million). Authorities have arrested a total of 27,357 drug suspects by November 2024, he said.
Early this month, three British nationals accused of smuggling nearly a kilogram (over 2 pounds) of cocaine into Indonesia were charged in a court on the tourist island of Bali. They face the death penalty under the country’s strict drug laws.
About 530 people, including 96 foreigners, are on death row in Indonesia, mostly for drug-related crimes, the Ministry of Immigration and Corrections’ data showed. Indonesia’s last executions, of an Indonesian and three foreigners, were carried out in July 2016.
Asian shares rally after Trump announces Israel-Iran ceasefire
By Elaine Kurtenbach AP Business Writer
BANGKOK—Stocks rallied Tuesday after US President Donald Trump announced a ceasefire in the Israel-Iran war, although the situation remained unclear.
Trump said Israel and Iran had agreed to a “complete and total ceasefire” soon after Iran launched limited missile attacks Monday on a US military base in Qatar, retaliating for the American bombing of its nuclear sites over the weekend.
Trump’s announcement on Truth Social said the ceasefire would bring an “Official END” to the war, though its status remained unclear. Israel stopped its attacks but did not confirm the ceasefire, while Iran confirmed it had started, though it continued attacks.
Still, investors took heart. US futures advanced. The contracts for the S&P 500 gained 0.6% while that for the Dow Jones Industrial Average was up 0.5%.
In Asia, Tokyo’s Nikkei 225 rose 1.3% to 38,837.59 and the Hang Seng in Hong Kong gained 1.8% to 24,114.42.
The Shanghai Composite index climbed 0.9% to 3,417.09.
In South Korea, the Kospi jumped 2.8% to 3,099.71, while Australia’s S&P/ASX 200 gained 0.9% to 8,550.30.
Taiwan’s Taiex rose 2.1% and India’s Sensex was up 1.2%. In
Bangkok, the SET surged 2.2%. Oil prices fell further, after tumbling on Monday as fears subsided of an Iranian blockade of the Strait of Hormuz, a vital waterway for shipping crude.
The price of oil initially jumped 6% after trading began Sunday night, a signal of rising worries as investors got their first chance to react to the US bombings. But it quickly shed all those gains, with US benchmark crude falling 7.2%. It dropped further early Tuesday, giving up 3.7% to $65.98 per barrel. It had briefly topped $78. Brent crude, the international standard, shed 3.3% early Tuesday to $68.20.
US stocks rallied on Monday despite the United States’ bunkerbusting entry into its war with Israel.
The S&P 500 climbed 1% to 6,025.17 and the Dow industrials gained 0.9% to 42,581.78. The Nasdaq composite index advanced 0.9% to 19,630.97.
That followed a week when stock prices had jumped up and down on worries about the conflict potentially escalating.
Iran’s retaliation appeared not
to target the flow of oil. The fear throughout the Israel-Iran war has been that it could squeeze supplies, pumping up prices for crude, gasoline and other products.
Back in the US, Treasury yields eased after a top Federal Reserve official said she would support cutting rates at the Fed’s next meeting, as long as “inflation pressures remain contained.”
Investors will be watching for Fed. Chair Jerome Powell’s comments to the US Congress later Tuesday, analysts said.
The yield on the 10-year Treasury fell to 4.33% from 4.38% late Friday. The two-year Treasury yield, which more closely tracks expectations for the Fed, dropped to 3.84% from 3.90%.
The Federal Reserve has been hesitant to cut interest rates this year because it’s waiting to see how much higher tariffs imposed by Trump will hurt the US economy and raise inflation.
Inflation has remained rela -
Thai authorities seize 2 tons of crystal methamphetamine
BANGKOK—Thai authorities seized more than 2 metric tons of crystal methamphetamine from a tourist boat near a pier in eastern Thailand before the drugs could be smuggled out of the country, officials said Monday.
Eight men were arrested Saturday in Rayong province for allegedly attempting to smuggle the nearly 2.4 metric tons (2.6 tons) through the southern border, officials said. They did not elaborate on the intended destination or the drugs’ origin.
If sold abroad, the drugs are es -
timated to be worth over 3 billion baht ($90.8 million), Thailand’s Department of Special Investigation said.
The drugs were packed in plastic bags disguised as corn flour packages. Each contained about one kilogram. Authorities said they also seized a van and a truck believed to be involved in the drug smuggling.
Prime Minister Paetongtarn Shinawatra thanked officials for their efforts and told a news conference that “the government is serious about our policies on drugs.”
United Nations experts have
China plans to show off new equipment at parade marking 80th anniversary of Japan’s WWII surrender
BEIJING—China plans to hold a military parade September 3 marking the 80th anniversary of Japan’s World War II surrender and featuring the People’s Liberation Army’s newest weaponry. President and head of the military Xi Jinping will deliver a speech on the occasion, which will feature “new-type combat capabilities,” including hypersonic weapons and a range of electronic gear, said Wu Zeke, identified as a senior officer of the PLA, the ruling Communist Party’s military wing.
The force is the world’s largest standing military with more than 2 million members and an increasingly sophisticated arsenal of missiles, aircraft carriers and fighter aircraft.
Military parades are a favorite of Xi’s, held primarily to mark the anniversary of the founding of the People’s Republic in 1949, Japan’s surrender and the anniversary of the PLA’s founding. Relentlessly drilled marching units, armored columns and aerial units all feature on such occasions.
Wu said inclusion of the latest generation weaponry demonstrates the PLA’s “strong ability to adapt to technological trends and evolving warfare, and to prevail in future wars, the official Xinhua News Agency reported.
Japan launched an invasion of China in 1937, seizing much of eastern China. Most of the fighting against Japan was carried out by the Nationalists, who later withdrew to the island of Taiwan after being driven out of the mainland by the Communists.
Much of China’s massive military upgrading has been aimed at conquering Taiwan, which China still considers part of its territory, as well as replacing the United States as the main military power in the Asia-Pacific. AP
said neighboring Myanmar is the source of most of the region’s methamphetamine and heroin.
A report from the UN drug agency last month said the illicit trade in methamphetamine and other dangerous drugs is growing quickly in Southeast Asia, with a record level of seizures in 2024—236 tons—a 24% increase over 2023.
tively tame recently, but higher oil and gasoline prices would push it higher. That could keep the Fed on hold because cuts to rates can fan inflation while they also give the economy a boost.
On Wall Street, Elon Musk’s Tesla was the single strongest force pushing the S&P 500 higher after jumping 8.2%. The electricvehicle company began a test run on Sunday of a small squad of selfdriving cabs in Austin, Texas. It’s something that Musk has long been touting and integral to Tesla’s stock price being as high as it is. Hims & Hers Health tumbled 34.6% after Novo Nordisk said it will no longer work with the company to sell its popular Wegovy obesity drug. Novo Nordisk’s stock that trades in the United States fell 5.5%.
In currency dealings early Tuesday, the US dollar fell to 145.44 Japanese yen from 146.15 yen late Monday. The euro rose to $1.1604 from $1.1578.
worth over $90M
The “Golden Triangle,” where the borders of Myanmar, Laos and Thailand meet, is famous for the production of opium and heroin, which flourished largely because of the remote location and lax law enforcement. In recent decades, methamphetamine has supplanted opium and heroin because it is easier to make on an industrial scale.
INDONESIAN police officers stand guard near various drugs seized in a nationwide crackdown in the past few months, before the start of a press conference at the Indonesian Customs headquarters in Jakarta, Indonesia, Monday, June 23, 2025. AP/ACHMAD IBRAHIM
Israeli forces open fire on hundreds of Palestinians seeking aid in Gaza, killing 25 in alleged ‘massacre’
By Wafaa Shurafa & Samy Magdy
The Associated Press
DEIR AL-BALAH, Gaza Strip— Israeli forces and drones opened fire toward hundreds of people waiting for aid trucks in central Gaza early Tuesday, killing at least 25 people, Palestinian witnesses and hospitals said.
The Israeli military did not immediately comment.
The Awda hospital in the urban Nuseirat refugee camp, which received the victims, said the Palestinians were waiting for the trucks on the Salah al-Din
Road south of Wadi Gaza.
Witnesses told The Associated Press that Israeli forces opened fire as people were advancing eastward to be close to the approaching trucks.
“It was a massacre,” said Ahmed
Halawa. He said tanks and drones fired at people, “even as we were fleeing. Many people were either martyred or wounded.”
Hossam Abu Shahada, another eyewitness, said drones were flying over the area, watching the crowds first, then there was gunfire from tanks and drones as people were moving eastward. He described a “chaotic and bloody” scene as people were attempting to escape.
He said he saw at least three people lying on the ground motionless and many others wounded as he fled the site.
The Awda hospital said another 146 Palestinians were wounded. Among them were 62 in critical condition, who were transferred to other hospitals in central Gaza, it said.
In the central town of Deir
al-Balah, the Al-Aqsa Martyrs hospital said it received the bodies of six people who were killed in the same incident. Palestinian witnesses and health officials say Israeli forces
have repeatedly opened fire on crowds seeking desperately needed food, killing hundreds of people in recent weeks. The military says it has fired warning shots at people it said approached its forces in a suspicious manner.
The deaths were the latest in
Israel-Hamas war in Gaza which killed about 56,000 Palestinians, according to the strip’s health ministry.
The ministry doesn’t distinguish between civilians and combatants but say more than a half of the dead were women and children.
Israel launched its campaign in Gaza after Hamas’ October 7, 2023, attack on southern Israel, in which militants killed around 1,200 people, mostly civilians, and took another 251 hostages. Most of the hostages were released by ceasefire agreements.
Russian attacks on Ukraine kill 14 civilians as Zelenskyy travels to UK
By Justin Spike The Associated Press
KYIV, Ukraine—Russian drones and missiles killed at least 14 civilians and injured several dozen others in Ukraine in overnight attacks, local officials said Monday, with nine deaths reported in the capital, Kyiv, where an apartment building partially collapsed.
The attacks came as Ukraine’s President Volodymyr Zelenskyy began a visit to the United Kingdom, where he met privately with King Charles III. Russia fired 352 drones and decoys overnight, as well as 11 ballistic missiles and five cruise missiles, Ukraine’s air force said. Air defenses intercepted or jammed 339 drones and 15 missiles before they could reach their targets, a statement said.
A Russian ballistic missile strike destroyed a high school later in the day in Ukraine’s
southern Odesa region, killing two staff, authorities said. No children were on the premises due to the summer vacation, said Zelenskyy, who described the strike as “absolutely insane.”
The strikes came nearly a week after a Russian attack killed 28 people in Kyiv, 23 of them in a residential building that collapsed after a direct missile hit. Russia has also hit civilian areas with long-range strikes in an apparent attempt to weaken Ukrainian morale.
‘Coalition of murderers’
RUSSIAN forces have been trying to drive deeper into Ukraine as part of a summer push along the roughly 1,000-kilometer (620-mile) front line, though the Institute for the Study of War said progress has failed to make significant gains.
“Russian forces are largely relying on poorly trained infantry to make gains in the face of Ukraine’s drone-based defense,”
the Washington-based think tank said late Sunday.
Zelenskyy said preliminary data indicated that Russian forces used North Korean missiles in the Kyiv strike. He described Russia, North Korea and Iran, which has provided drones to Russia, as a “coalition of murderers.”
Zelenskyy said Ukraine’s defense and new ways to pressure Russia would be the main topics in his visit to the United Kingdom. Zelenskyy met privately with King Charles III and stayed for lunch, Buckingham Palace said. He later met with Prime Minister Keir Starmer ahead of this week’s NATO summit in The Hague.
Drones hit hospitals and residential areas
DRONES and missiles hit residential areas, hospitals and sports infrastructure in numerous districts across Kyiv, emergency services said.
The most severe damage was in
Shevchenkivskyi district, where a section of a five-story apartment building collapsed.
Nine people were killed in the district, Kyiv Mayor Vitali Klitschko said. Ten others, including a pregnant woman, were rescued from a nearby high-rise that also sustained heavy damage. Dozens of vehicles were burned or mangled by flying debris.
Oleksii Pozychaniuk, 29, who lives in the building next to the one struck, said he heard the whistle of the rocket approaching and “froze in terror” before feeling the impact.
“Windows burst out, glass was flying everywhere,” he said. “We barely made it downstairs with my child. Everything here was on fire.”
Klitschko said rescue workers were searching for survivors.
The Russian attack also damaged the entrance to the Sviatoshyn subway station in Kyiv, slightly injuring two people, said Timur Tkachenko, the head of Kyiv’s military
administration. He said more than 30 people were injured across the city.
Underground subway stations have served as shelters for those seeking protection from aerial attacks. During almost nightly strikes, stations across Kyiv are often filled with people waiting out the danger.
French Foreign Minister Jean-Noël Barrot said the latest strikes demonstrated Russia’s “unlimited cruelty” by deliberately aiming at civilian targets, and promised more European sanctions on Moscow.
Long process to identify returned remains
ELSEWHERE in Ukraine, a drone attack killed two people and wounded 10 more in the Chernihiv region late Sunday, authorities said. Three children were among the wounded, according to the regional administration head, Viacheslav Chaus. Another person was killed and eight
wounded overnight in the city of Bila Tserkva, around 85 kilometers (53 miles) southwest of the capital.
Meanwhile, Russia’s Defense Ministry said its air defenses shot down 23 Ukrainian drones overnight into Monday.
Ukraine will take at least a year to identify the thousands of soldiers’ bodies repatriated by Russia and establish whether Moscow has mistakenly included more of its servicemen, Ukrainian Interior Minister Ihor Klymenko said.
Zelenskyy said Friday that Russia had included at least 20 of its own dead soldiers in recent exchanges with Ukraine, describing it as a result of Moscow’s disorganization in carrying out large swaps of wounded POWs and remains.
The Associated Press journalists Samya Kullab, Illia Novikov and Oleksandr Babenko in Kyiv, Ukraine, contributed.
South Africa township mechanics unite to turbocharge their small businesses
By Michelle Gumede The Associated Press
BRAKPAN, South Africa—Themba
Maseko quickly wipes oil and grease off his hands with a rag as he breaks away from repairing one car to assist another customer who needs parts for a low-riding BMW 325is that he’s pulled up in, exhausts booming.
As soon as Maseko returns beneath the hood of the first vehicle to continue his work, yet another man arrives desperately wanting his car to be looked at.
“It gets hectic,” said the 39-year-old mechanic, sweat plastering his face.
The father of three runs a small motor repair shop in the township of Tsakane, about 50 kilometers (31 miles) east of South Africa’s biggest city of Johannesburg. His hopes for his business to succeed when it’s up against established urban car service and repair centers have been boosted by a new initiative started at the end of last year.
Maseko has joined with other mechanics from townships to form a cooperative. Together, they now have combined purchasing power to ensure they can source official car spares and equipment for their shops and don’t get cut out of the market.
The Motor Spares Collective means they can place orders to an online spares shop through WhatsApp and authentic parts are usually delivered to them in 24 hours.
That avoids what Maseko says is his biggest challenge: spending hours away from his garage queuing for parts, sometimes to find there aren’t any in stock because they’ve been bought up by larger chains.
As one busy day at his shop showed, the customers are lining up for Maseko’s services, he just needs the parts.
“Now with the collective it’s much easier. I don’t have to go stand in queue and waste time,” said Maseko, who changed career from an electrician to a full-time mechanic in 2008. “Plus, it’s at a cheaper price.”
Small enterprises are part of a big informal sector
The Motor Spares Collective is one initiative designed to unlock the potential of small township businesses in South Africa, which the government has identified as key to driving growth and creating jobs in areas where unemployment and poverty are high. Various studies indicate that more than 21 million people in South Africa live in townships on the edge of major cities or
towns—a third of the population—and they have a combined spending power of billions of dollars and generally prefer local businesses.
South Africa has over 700,000 registered small businesses. In the townships these include hair salons, taverns, car repair shops, laundromats and others sometimes operating out of people’s homes. According to a report by financial services group Lesaka, South Africa’s informal sector generates an estimated $33 billion in revenue, or more than 6% of GDP.
“People don’t respect the trade in the townships,” said Sharief Bartus, another member of the motor spares collective.
For a $10 monthly membership fee for the first year, Maseko and the others get more than just access to car parts and tools for their garages. The collective also offers skills development opportunities, help with business registration and financing.
“The more members we get, the more discounts we get, the more work we have,” said Dorian Slimmerts, another mechanic in the collective who is operating not far from Maseko.
Mechanics discover a thriving opportunity
Township mechanics offering a local option for car owners have long battled on the fringes of the country’s commercial auto manufacturing and repair sector. A regulation change in 2020 also made a big difference. New “right to repair” rules in South Africa mean car owners can now have their vehicles serviced by registered independent mechanics and not lose their warranties.
That’s opened the door a little more for township mechanics.
Car maintenance is especially needed in South Africa, where there are around 12 million automobiles on the road and people are keeping their cars longer. The demand for affordable pre-owned cars has outpaced new cars since the Covid-19 pandemic.
Time is the critical element for township mechanics, though. Their businesses see lots of walk-in clients, prices are often negotiated and customers expect quick service—or they will look elsewhere.
“All the mechanic sells is time,” said Amanda Gcabashe, managing director of UBU Investment Holdings, an economic advisory company that helped set up the cooperative. “And that’s why we came with this to say, how do we make sure that we then solve that pain point by making spares easily accessible?”
Historic heat dome grips Eastern US, pushing temperatures to triple digits
By Seth Borenstein AP Science Writer
NEW
YORK—An intense and nearly historic weather pattern is cooking much of America under a dangerous heat dome this week with triple-digit temperatures in places that haven’t been so hot in more than a decade.
The heat wave is especially threatening because it’s hitting cities like Boston, New York and Philadelphia early in the summer when people haven’t gotten their bodies adapted to the broiling conditions, several meteorologists said. The dome of high pressure that’s parking over the eastern United States is trapping hot air from the Southwest that already made an uncomfortable stop in the Midwest.
A key measurement of the strength of the high pressure broke a record Monday and was the third-highest reading for any date, making for a “near historic” heat wave, said private meteorologist Ryan Maue, a former National Oceanic and Atmospheric Administration chief scientist. The worst of the heat was likely to peak for Northeastern cities on Tuesday, forecasters said.
“Like an air fryer, it’s going to be hot,” Maue said. “This is a threeday stretch of dangerous heat that will test the mettle of city dwellers who are most vulnerable to oppressive heat waves.”
A heat dome occurs when a large area of high pressure in the upper atmosphere acts as a reservoir, trapping heat and humidity.
A heat wave is the persistence of heat, usually three days or more, with unusually hot temperatures.
Where the heat will be worst NEARLY three-quarters of the country’s population—245 million people—will swelter with 90 degrees Fahrenheit (about 32 Celsius) or higher temperatures on Monday, and 33 million people, almost 10% of the country, will feel blistering 100-degree heat (about 38 Celsius) on Tuesday, Maue said. The government’s heat health website showed the highest level of heat risk in swaths from Chicago to Pittsburgh and North Carolina to New York.
Those triple-digit air temperatures—with the feels-like index even worse because of humidity—are possible in places where it’s unusual. New York hasn’t seen 100 degrees since 2011 and Philadelphia, which is forecast to have consecutive triple-digit days, hasn’t reached that mark since 2012, said Climate Central chief meteorologist Bernadette Woods Placky.
In downtown Baltimore, temperatures climbed into the high 90s by early Monday afternoon, bringing dozens of people to cool
off at St. Vincent de Paul’s resource center. A few blocks away, the city’s historic Broadway Market food hall closed early when the building’s air conditioning broke.
The heat forced the cancellation of events in west Baltimore, said Eric Davis Sr., who spends most of his days working at a baseball field there.
“You can’t have kids getting heat stroke,” he said. “It’s just too hot today.”
NOAA meteorologist David Roth said it takes time to acclimate to summer heat and this heat dome could be a shock for some.
“You’re talking about some places that could be 40 degrees warmer than last week. So that’s a big deal,” he said.
Climate change is making Earth warmer
THE heat is part of Earth’s longterm warming. Summers in the United States are 2.4 degrees (1.3 degrees Celsius) hotter than 50 years ago, according to NOAA data.
Human-caused climate change has made this heat wave three times more likely than without the burning of coal, oil and gas, the climate science nonprofit Climate Central calculated, using computer simulations comparing
the current weather to a fictional world without the industrial greenhouse gases.
A key question is how much humidity will add to the discomfort and danger of the heat. Maue is forecasting dry air which may be a degree or two or three hotter than predicted by NOAA, but more comfortable. Other meteorologists expected worse: Sticky, humid and even more dangerous.
“The ‘big deal’ will be with the humidity being provided with the wet late spring conditions,” said University of Oklahoma meteorology professor Jason Furtado. “The area of high pressure will allow for a lot of evaporation to occur from the wet grounds locally and regionally, which will increase the heat indices quite a bit.” Woods Placky said to expect dew points, a key measure of humidity, in the 70s. That’s downright tropical, with some places approaching a dew point of 80—a level Woods Placky said feels like “you’re in a swimming pool” and “the atmosphere is absorbing you.”
The Associated Press writers Isabella O’Malley in Philadelphia and Lea Skene in Baltimore contributed.
The silent crisis: Land conversion and its threat to our food security
IN 2008, the Philippine Rice Research Institute (PhilRice), then headed by Leocadio Sebastian, conducted a survey on the size of farmlands that have already been converted into other uses. The agency attached to the Department of Agriculture (DA) partnered with the nowdefunct Bureau of Agricultural Statistics to determine the pace of the conversion of farmlands in the Philippines.
The two agencies found that an average of 9,000 hectares of farmlands devoted to rice all over the country are being converted to other uses or planted to other crops every year. Of that figure, Sebastian told this newspaper that about one-third of the rice lands being converted are irrigated. The inclusive period for the survey is from 2002 to 2007.
Nearly two decades later, a paper titled “Philippines is a Rice Deficit Country: The Challenges, Policy Innovations, and Strategic Interventions,” claimed that 520,000 hectares of prime, irrigated rice lands have been transformed into commercial areas and subdivisions. At an average yield of 4 metric tons per cropping season, the irrigated rice lands could produce more than 5 million metric tons of palay, equivalent to 3.2 MMT of milled rice. (See, “Land conversion will widen PHL rice deficit,” in the BusinessMirror , June 16, 2025). This volume represents almost 80 percent of what the Philippines imported last year.
The authors argued that the unchecked land reclassification, facilitated by Section 20 of the Local Government Code of 1991 and the 37-year dormancy of the National Land Use Act, is now unequivocally identified as the primary threat to our food security, eclipsing even the impacts of climate change. They also noted that the country’s average rice yield of 4.2 metric tons per hectare is lower than Vietnam’s 6.16 MT per hectare and China’s 7.2 MT per hectare.
The government has yet to conduct its own survey of land conversion in the past decade, an exercise that should have been done on a regular basis to keep track of the irrigated lands that the Philippines has lost. This data is crucial to planning and policymaking and will provide lawmakers a basis for pushing certain measures, such as a national land use policy.
The conversion of rice lands is a major pain point in the government’s quest to significantly raise crops output, particularly rice. Yet policymakers seem to be averse to focusing on this issue. This is lamentable because the loss of more farmlands will make it more challenging to produce the food requirements of Filipinos.
We call on the 20th Congress to give the matter of land conversion the attention it deserves. They will do well to remember that the Rice Competitiveness Enhancement Fund has been in place for six years and yet there has been no significant improvement in rice yield. This should also be investigated because billions of pesos of tariffs that should have gone to other crops and farm subsectors have been devoted to the rice sector.
The President has vowed to make food affordable to all Filipinos. This promise will never be realized if the country will continue to lose huge tracts of irrigated lands and rely on imports. Food security will remain out of reach for the Philippines if it will continue to lose irrigated farms.
The way forward for sustainable transport
DTHE BUILDER
EVELOPING modern mass transit systems is the way forward for a more sustainable transportation in the Philippines. By moving away from a car-centric mindset and embracing public transportation, the country can reduce its carbon footprint, mitigate air pollution and avoid road congestion.
Traffic congestion costs the economy billions of pesos daily in terms of lost productivity, wasted time, increased fuel consumption and environmental impact.
For an urban center like Metro Manila with millions of workers, traders and students traveling each day, modern “people movers” that are safe, efficient and convenient are needed.
An efficient and expansive mass transit network, including rail and bus rapid transit, offers a more sustainable solution to mobility. By moving large numbers of people efficiently, these systems reduce reliance on private vehicles, most of which still use gasoline or diesel.
Many cities in Europe have either switched to electric vehicles
Antonio L. Cabangon Chua
T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug
or restricted the movement of private cars in favor of mass transit systems. The public benefits from clearer surroundings and a healthier atmosphere.
Mass transit systems contribute to a healthier environment and more active citizens, lowering health-related costs and leading to a more livable urban landscape. In Metro Manila, slow-moving cars amid congestion and parked vehicles dominate the streets.
This is why the government is pushing for more mass transit systems, reflecting its commitment to environment-friendly solutions that will have long-term benefits for both the population and the planet.
The Department of Transportation (DOTr) recently announced
By Thomas Seal
RIME Minister Mark Carney’s surprise announcement that Canada would spend 2 percent of gross domestic product on defense this fiscal year is a recipe for even deeper deficits, the parliamentary budget officer said.
And that’s before the North Atlantic Treaty Organization is set to commit to a far higher spending target at its annual summit this week.
“The obvious choice is borrowing more, which seems the choice that the government has made, because it’s committing to 2 percent of GDP allocated to defense at the same time as it’s reducing taxes,” Yves Giroux said in an interview.
The parliamentary budget officer projected a deficit of C$46 billion ($33 billion) in the fiscal year that ended in March. Carney’s April election platform, which promised to hit the 2 percent Nato target by 2030, saw the shortfall deepen to C$62.3 billion this year. His accelerated plan announced two weeks ago requires C$9 billion more spending by next April. He’s delayed Canada’s budget until later this year. Carney wants to make govern-
ment more efficient, including with artificial intelligence, but Giroux expressed doubts that such tactics could free up the requisite money in such a short time.
“So, obviously, this will be deficitfinanced. Other choices could have been reducing spending in other areas, which is not what current documents or recently tabled documents suggest.”
A spokesperson for Canadian Finance Minister Francois-Philippe Champagne said the government remains “committed to managing public finances responsibly.”
“By focusing investments to Canadian companies and supply chains, we’re not only strengthening our defense capacity and working towards our commitments, but we’re also supporting good jobs and long-term economic growth,” Audrey Milette said in a statement.
An efficient and expansive mass transit network, including rail and bus rapid transit, offers a more sustainable solution to mobility. By moving large numbers of people efficiently, these systems reduce reliance on private vehicles, most of which still use gasoline or diesel.
plans to build a busway system along Quezon Ave. between Quezon City and Manila. This will encourage more people to leave their cars at home and take public transportation.
The current busway system along EDSA is a good model to follow, as it proved effective in moving people faster than private vehicles. Busway systems, along with elevated railways, offer advantages for urban mobility and convenience. They provide dedicated lanes for buses, leading to faster and more reliable travel times by avoiding road congestion.
These systems can also be costeffective as they offer high passenger capacity. Busways enhance the rider experience through modern units, accessible stations and efficient boarding.
Per DOTr Secretary Vince Dizon, the government plans to build a busway system connecting España
Boulevard and Quezon Avenue by 2026. The project is expected to be viable, given the expansive width of Quezon Avenue. The agency is currently conducting a feasibility study on the project.
The DOTr is also looking at ways to further enhance the Edsa Busway to make it more convenient and passenger-friendly. The privatization of the Edsa Busway is being considered to enhance its operations. The government is working with International Finance Corp. (IFC) to facilitate the privatization of its operations and maintenance.
The Edsa Busway Project enhances mass transit efficiency, safety and accessibility along Edsa, Metro Manila’s main thoroughfare. Modern rail lines are ideal for Metro Manila. They provide uninterrupted mobility above congested roads and flooded routes during the rainy season.
They are also a safer way to travel compared with road traffic, which is prone to human error. The Light Rail Transit Line 1, for example, has recorded near zero fatalities since 1984. By 2027, the Metro Rail Transit Line 7 (MRT-7) is expected to commence operations. The overall progress of the MRT-7 is now at 83.08 percent and is expected to serve 600,000
To meet the target this year, Carney has promised to boost recruitment and raise the pay of soldiers, repair and maintain infrastructure and equipment, and increase funding for Canada’s digital spy agency, the Communications Security Establishment. He has also reiterated campaign pledges to procure new submarines, armored vehicles, drones and other technology, but the timeline for those purchases is unclear.
Giroux pointed out mitigating fac-
tors: Canada’s net debt-to-GDP ratio is currently lower than many other nations, including the US, and there is the “potential for positive ripple effects in the economy” from an infusion of cash into defense. If more is spent in Canada and less in the US, as Carney has promised, it could boost the industrial base and have benefits beyond military contractors, he said. But greater fiscal pressures await. On Tuesday, Carney will travel to the
Nato summit at The Hague, where allies are expected to set a new target of 5 percent—with 3.5 percent on military spending and 1.5 percent on defense-related investments and infrastructure. Meeting that “would require a major shift of government priorities—away from social spending, for example—to free up some of the resources currently allocated to these types of expenses towards defense,” Giroux said. Or “some tax increases, for sure, or much higher deficits.” In 2024, Canada was on track to spend 1.4 percent of GDP on defense, lagging most Nato countries. To meet the target this year, Carney has promised to boost recruitment and raise the pay of soldiers, repair and maintain infrastructure and equipment, and increase funding for Canada’s digital spy agency, the Communications Security Establishment. He has also reiterated campaign pledges to procure new submarines, armored vehicles, drones and other technology, but the timeline for those purchases is unclear.
Mark Villar
Private equity firms pursue Asian loans to fund investor payouts
By Kari Lindberg & Chien Mi Wong
PRIVATE equity funds are ramping up loan deals in Asia to fund dividend payouts as they struggle to exit corporate buyouts. Trustar Capital, an Asian private equity firm, is in talks with banks for a loan of as much as $1 billion to fund a payout to shareholders of Loscam Asia Pacific Co., a Hong Kong-headquartered maker of pallets used in transporting of goods. Brookfield Asset Management is seeking funds for a similar purpose for Altius Telecom Infrastructure Trust, the owner of one of India’s biggest digital infrastructure companies.
Leveraged loans in the Asia Pacific where proceeds were earmarked for dividends payouts have climbed 18 percent so far this year to $1.7 billion, a three-year high for the period, Bloomberg-compiled data excluding Japan show.
The borrowings mirror a spate of similar transactions in the US and Europe as buyout firms come under pressure to return money to clients. The deals also represent a rare bright spot in this year’s leveraged loan market in the region where volumes as a whole are running at a four-year low of $5.9 billion.
President Donald Trump’s tariff policies have cast a cloud over buyout activity, with the conflict in the Middle East only adding to volatility. That has caused private equity firms to turn more to banks to refinance existing debt and to fund dividend payouts.
“We expect refinancings and recaps to continue,” said Anshul Gupta, head of loans and specialized finance, ASEAN and India at BNP Paribas SA. These deals are being “driven by the slower exit momentum by PEs given muted IPO markets and secondary transactions, and secondly, strong appetite from banks given the lack of significant new deals,” he said.
List of loans backing payouts and/or refinancings in Asia Pacific ex-Japan since May 1: Slightly more than a handful of leveraged loans backing acquisitions in Asia have completed so far this year, according to Bloomberg-compiled data. The syndication process of most of these deals took place in
Villar. . .
continued from A12
passengers daily in its first year of operation, per the DOTr.
The 22-kilometer elevated railway will connect North Avenue in Quezon City to San Jose del Monte, Bulacan, with 14 stations. Once operational, it is expected to cut travel time, decongest major road corridors and improve mobility between Metro Manila and Bulacan province.
Secretary Dizon also wants construction to resume on the Common Station in the vicinity of Edsa and North Avenue, after the government canceled the contract with its contractor over delayed progress.
The plan is to restart its construction in 2026 so that it can be completed before the opening of MRT-7. The station will facilitate passenger transfers between MRT-7, MRT-3 and LRT-1.
Canada . . .
continued from A12
person for Canadian Defence Minister David McGuinty, said the funding includes C$2 billion in new military assistance for Ukraine. “It will also bolster Canada’s defense industrial base by driving innovation and expanding domestic production,” he said in a statement.
Getting money out the door effectively is a major issue, Giroux said. As Nato countries all try to spend more at once, there could be capacity bottlenecks at over-booked suppliers. And already, Canada’s Department of National Defence typically allows 20 percent of its allocated capital
Harvard wins longer block on Trump’s foreign student ban
AThe borrowings mirror a spate of similar transactions in the US and Europe as buyout firms come under pressure to return money to clients. The deals also represent a rare bright spot in this year’s leveraged loan market in the region where volumes as a whole are running at a four-year low of $5.9 billion.
the first quarter, before US President Trump’s trade tariffs ignited market volatility.
US trade policies have poured cold water on buyout deal-making that drives the need for funding, just as momentum was building. Investments and exits in 2024 both rose by more than 30 percent globally, reversing two years of declines that were fueled by higher interest rates, according to Bain & Co. in a report in March.
On the funding side for now, private equity firms are taking advantage of strong demand from banks in Asia for available deals. CVC Capital Partners Plc is in talks with banks for a $400 million loan to fund a payout to the shareholders of the Japanese retail brand, A Bathing Ape, that it co-owns.
“Post Liberation Day, we are seeing some slowdown in new deal velocity especially in sectors or countries more impacted by tariffs,” said BNP’s Gupta. But on the flip side, the lack of deals “is allowing PEs to get better terms and pricing” for transactions that pass scrutiny, he added. Bloomberg
More busway systems and mass transit lines are needed in Metro Manila and other areas of the country, including Calabarzon, Central Luzon and the growing metropolitan areas of Cebu, Davao, Zamboanga, Cagayan de Oro, Iloilo and Baguio. Beyond mitigating traffic, robust mass transit systems enhance inclusive economic growth, facilitating connectivity between urban and rural areas and the seamless flow of goods, services and labor.
This accessibility expands the market reach of businesses and reduces operational costs.
Affordable and reliable public transportation also improves access to education, healthcare and employment opportunities, leading to improved quality of life for millions of Filipinos.
For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph
spending to lapse, Giroux said. Canada’s military procurement system is “broken,” a union representing procurement personnel told a parliamentary committee last year. “Even though the government has allocated funds, and is seeking authority to spend,” Giroux said, it “will likely fall short of Canada realistically meeting the 2 percent, ex post, when the bills come in.”
Milette said Canada—a founding member of Nato—remains “fully committed” to the alliance and its goals. “The decision to increase defense spending reflects our responsibilities as a member and the realities of today’s geopolitical landscape,” she said. With assistance from Erik Hertzberg and Mario Baker Ramirez /Bloomberg
By David Voreacos
FEDERAL judge issued another court order letting Harvard University keep hosting foreign students, this one in its fight to overturn President Donald Trump’s proclamation barring their entry to the US.
US District Judge Allison Burroughs granted the university a preliminary injunction Monday that prevents the government from enacting a June 4 proclamation denying entry to international students planning to attend the school. The injunction extends an earlier temporary bar.
“This case is about core constitutional rights that must be safeguarded: freedom of thought, freedom of expression, and freedom of speech, each of which is a pillar of a functioning democracy and an essential hedge against authoritarianism,” she wrote.
Burroughs’ ruling is the second win for Harvard in its high-stakes fight with the Trump administration over its large international student population. On June 20, the judge blocked a May 22 order by the US revoking Harvard’s certification to enroll foreign students. Both administration actions strike at the heart of that population—one by aiming at the school’s eligibility to enroll foreign students and the other by focusing on their entry at the border.
“The court’s order will continue to allow Harvard to host international students and scholars while this case moves forward,” the university said in a statement. “Harvard will continue to defend its rights—and the rights of its students and scholars.”
Representatives the White House didn’t immediately respond to a request for comment.
Harvard is the main target of Trump’s efforts to force universities to crack down on antisemitism, remove perceived political bias and eliminate diversity, equity and inclusion programs. Harvard has separately sued over a $2.6 billion funding freeze, and Burroughs has temporarily blocked that from moving forward, too. Trump has also threatened to revoke the school’s tax-exempt status.
Burroughs said Harvard is likely to succeed on its claims that Trump’s proclamation represents unlawful retaliation, including for the college having sued the administration over its earlier actions to cancel its grants.
The judge said Harvard was also
likely to succeed on its claim that the proclamation was illegal because Trump issued it to punish the college for “ideology that runs contrary to the favored views of the administration.”
The ruling follows Trump’s June 20 Truth Social post saying that his administration and Harvard were back in negotiations.
It also comes the same day that Secretary of Homeland Security Kristi Noem published an op-ed in The Washington Post reaffirming the administration’s commitment to revoking Harvard’s ability to enroll international students.
“A biased judge immediately issued an injunction against this action, clearly taking no time to weigh the merits of the case,” Noem wrote of the preliminary injunction that Burroughs issued on Friday. “If she had, then she would have seen that DHS is well within its authority. We fully expect to prevail.”
Trump’s visa proclamation takes aim at a school where 27 percent of the students are foreign. At a June 16 hearing, Harvard attorney Ian Gershengorn said the visa proclamation had a “devastating” impact on Harvard that is intended to last for years.
THAILAND announced a raft of security and trade measures to cripple transnational crime syndicates in Cambodia, as Prime Minister Paetongtarn Shinawatra seeks an upper hand in a simmering border dispute with its neighbor.
Bangkok will restrict border crossings to Cambodia across seven provinces, and halt exports of goods including fuel that abet transnational criminal activities, Paetongtarn told reporters on Monday after chairing a meeting of officials and security agencies. The Thai army later issued orders to completely shut the permanent border crossings and trade checkpoints.
The crackdown comes in the wake of a political crisis triggered by Paetongtarn’s comments in a leaked phone call with former Cambodian leader Hun Sen, which caused a key
party to quit her coalition, reducing its majority in parliament. She has since vowed to deal more firmly with Cambodia in the border standoff.
The relations between the two Southeast Asian neighbors have deteriorated with the two countries curbing trade and people’s mobility in tit-for-tat moves since an exchange of gunfire between troops last month. Cambodia suspended imports of Thai fuel and gas from Monday after the Thai army closed one of the border crossings.
The measures targeting scam centers follow similar efforts ear-
lier this year, when Thailand cut off electricity, Internet access and fuel supplies to some areas in Myanmar suspected to house cyber scam operations. Thailand and Cambodia had also jointly dismantled a scam center that housed hundreds of trafficked foreign workers in casino city Poipet.
Across Southeast Asia, the billiondollar cyber scam operations have been expanding, particularly in Laos, Cambodia and Myanmar. They are often run by Chinese fugitives who fled their home nation in 2020 following a domestic crackdown. Earlier this year, thousands of workers were rescued from scam centers in Myanmar in a multinational crackdown that also included China.
Bangkok will coordinate its efforts with foreign governments and international organizations to dismantle the criminal hub that’s estimated to generate more than
It deprives students of graduate mentors and teachers. It deprives the university of a breadth of experience and approaches that fundamentally alters what it means to learn at Harvard.”
Harvard argues Trump’s proclamation violates its First Amendment right to reject government demands to control its governance, curriculum and the viewpoints of faculty and students. University lawyers say US actions targeting the school, including freezing billions of dollars in funding, could have a devastating impact on America’s oldest and richest university.
The Trump administration argues that the president has sweeping power to control immigration and national security, and judges can’t second-guess his exercise of that power. At the hearing, Justice Department lawyer Tiberius Davis said Trump took action against Harvard for valid reasons.
“We don’t trust Harvard to vet, host, monitor or discipline the foreign students that it is bringing into this country, where other universities we don’t have as many concerns yet,” Davis said. “They have a lot of unrest on campus. They have serious antisemitic conduct. Their own report has said this. They didn’t adequately discipline students.” With assistance from Robert Burnson, Catherine Lucey and Anika Arora Seth/Bloomberg
600 billion baht ($18 billion) a year, Paetongtarn said.
“The criminal networks in Myanmar have resettled in Cambodia, so we need tighter measures to prevent Thais being scammed in the future,” the prime minister said. As part of the crackdown, Thailand will ban foreign tourists from crossing over to Cambodia and curb air travel to Siem Reap for gambling purposes, Paetongtarn said. Thai law enforcement agencies will ramp up inspection of so-called mule accounts and financial transactions of call center gangs, and suspend all internet services and undersea internet gateways used by Cambodia’s military and security agencies. Thailand will also impose sanctions on transnational criminals with money-laundering activities and seize or freeze their assets transferred abroad, according to Paetongtarn. Bloomberg
Trump thanks Iran after attack choreographed to de-escalate
By Peter Martin & Donato Paolo Mancini
THE Qataris knew the missile barrage was coming. So did the Americans. The Iranians had told them.
The US air base near Doha that was the ostensible target had been evacuated in advance. The missiles were intercepted in the air, and no one was killed or hurt. And so ended an attack on Monday that Iran billed as a retaliation to American airstrikes ordered by President Donald Trump on its nuclear facilities over the weekend.
In another remarkable turn of events, Trump announced mere hours later that Iran and its chief regional enemy Israel had agreed to a “complete and total ceasefire.”
The advance notice of Monday’s fusillade showed the Iranian regime was conceding it wanted to de-escalate tensions, while saving face at home with an apparent show of force, according to geopolitical experts including Jonathan Panikoff, a former deputy national intelligence officer for the Near East. The attack seemed “choreographed and intentional,” Panikoff said.
Oil prices—which typically jump when conflict in the Middle East flares—instead plunged. They extended their collapse after Trump announced the ceasefire.
Earlier, in a social media post following the Iranian action, Trump thanked the Islamic Republic for
“giving us early notice,” and encouraged the country and its chief regional enemy Israel to pursue “Peace and Harmony.” That was a shift from before, when Trump threatened to respond to any retaliation with “far greater” force than the US strikes on the nuclear sites.
One official with knowledge of Western intelligence assessments said Iran’s action on Monday was a typical example of an ‘off-ramp’ escalation. But the official warned it was more difficult to understand whether—and at what point—Israel would stop its own military activities in the region. There was no immediate response from Israel to Trump’s posts late Monday.
Before tensions flared this month, American and Iranian negotiators had held several rounds of talks aimed at a new agreement on curtailing Iran’s nuclear program—to
replace a 2015 deal that Trump abandoned during his first term.
Since then, Trump had alternated between military threats and hints of renewed diplomacy. His envoy in the earlier negotiations, Steve Witkoff, has been in contact with Iran since the US strikes, CNN reported Monday. Tehran has said it won’t rejoin talks while under attack.
Iran’s move on Monday, which involved short- and medium-range ballistic missiles, targeted the Al Udeid Air Base in Qatar, which officials said had been largely evacuated.
Iran’s Supreme National Security Council said the number of missiles fired matched the number of bombs dropped by the US on the Islamic Republic days before and the strike “poses no danger” to Qatar, which it called “our friendly and brotherly country.”
Iran’s retaliation looks “largely symbolic,” said Ziad Daoud, Bloomberg Economics’ chief emerging-markets economist. “Plenty of warning was given—Qatar shut its airspace and the US issued warnings to citizens.”
The Iranian strategy bore the hallmarks of the two strikes it launched against Israel last year—Tehran’s first-ever direct attacks on its longtime enemy. Those were meant to look overwhelming but caused little damage.
And in 2020, after Trump ordered a drone strike killing a top Iranian general during his first term, Iran responded with a missile barrage on a US-managed airbase in northern Iraq that resulted in no fatalities. Trump visited Al Udeid last month as part of a larger tour of the region, giving a campaign-style speech to troops there. Many staff and a large number of military aircraft were later evacuated in anticipation of a possible Iranian strike. One unknown is how the strike will factor into the ongoing conflict between Iran and Israel, which touched off with Israeli strikes across the country more than a week ago. Israel hit targets including airports and an internal-security headquarters run by the Islamic Revolutionary Guard Corps on Monday, and targeted a fresh assault on Iran’s Fordow nuclear site. Iran responded with missile attacks of its own. In the aftermath of the US strikes against Iranian nuclear sites, US officials had sought to portray Trump’s attack as devastating but limited. They said the US wouldn’t put boots on the ground and the strikes were aimed at Iran’s nuclear program, not the country more broadly. With assistance from Courtney McBride, Tony Capaccio, Neil Munshi and Gregory White/Bloomberg
Wednesday, June 25, 2025
Cabinet braces for Mideast fallout; no fuel tax halt yet
By Reine Juvierre S. Alberto and Samuel P. Medenilla
THEball is now in the court of Congress to suspend the valueadded tax (VAT) and excise tax on petroleum products amid growing calls from groups seeking relief from high pump prices as the Israel-Iran war continues.
This, even though Malacañang Palace said, after a meeting of the economic team with the President on Tuesday, that the tensions in the Middle East may have a lessthan-feared impact on the country following an apparent simmering down.
In a press briefing on Tuesday, Department of Energy (DOE) Officer-in-Charge Sharon Garin said that suspending, lowering or even abolishing fuel taxes would have to be an act of Congress.
“An amendment to the current law is needed for that,” Garin said.
This is because the 12-percent VAT and excise tax on petroleum products are imposed by law and must be complied with, Garin explained.
Meanwhile, following the announcement by US President Donald Trump of a staggered ceasefire between Israel and Iran, the Marcos administration expects the Middle East crisis will now have minimal impact for now on the country’s economic targets. Nonetheless, the DOE announced preparations are now under way for the swift rollout of the fuel subsidies for public transports, farmers and fisherfolks in case the situation in the Arabian Peninsula takes a turn for the worst.
President Ferdinand Marcos Jr. on Tuesday met his economic managers and the DOE in Malacañang to discuss the possible scenarios on
whether the Israel-Iran conflict will affect oil prices, overseas Filipino workers (OFW) remittances, inflation and other economic indicators.
Their meeting came amid rising calls for a suspension of the excise tax on fuel and the value-added tax, after the tit-for-tat attacks between Israel and Iran, compounded by US air assaults at the weekend, rattled global markets and caused oil prices to soar.
Under Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law, the excise tax rate for unleaded premium gasoline is at P10 per liter, while diesel is taxed at P6 per liter, kerosene at P5 per liter and liquefied petroleum gas at P3 per liter.
On top of that, government collects a 12-percent VAT from petroleum products.
“That’s legislation—so the Department of Energy [DOE], the Department of Finance [DOF], or even the President cannot go against what is mandated by law,” Garin said in a mix of English and Filipino.
“However willing the Cabinet would be [in suspending the taxes], that is not allowed by law,” Garin added.
There is also no provision in the law allowing for a full suspension of fuel taxes, and although the sus-
pension of tax increases is permit-
ted, the current excise tax rates will remain unchanged in the coming years, Garin said.
Appeals to suspend taxes on petroleum products arose after fuel prices increased this week by as much as P5.20 per liter for diesel, P3.5 per liter for gasoline and P4.8 per liter for kerosene.
Economists told BusinessMirror that lowering fuel excise tax rates can minimize the impact of high oil prices, but the decision in doing so must be data-driven to balance revenue generation with affordability and equity. (See: https://businessmirror.com.ph/2025/06/24/ fuel-excise-tax-tweaks-urgedas-oil-prices-soar/).
Garin said lowering or suspending fuel taxes will have a “big impact,” as collections from VAT and excise taxes will amount to around P300 billion, which can fund infrastructure and social services.
“If we do away with the P300 billion, that’s also how many kilometers of roads, how many school buildings, health services,” Garin said.
If those taxes are removed, Garin said the government’s budget will be reduced as well.
“It’s really a balance that the administration is trying to find—
RBy VG Cabuag
EAL estate consultancy firm Property Interactive
Marketing Enterprise Realty Corp. (Prime PHL) said Quezon City will benefit the most on the upcoming railway projects, compared with other cities in Metro Manila.
In its research note, Quezon City will have from the current 11 stations, 18 when the 22.8-kilometer Manila Metro Rail Transit (MRT) Line 7 is completed. The new stations will connect Quezon City to San Jose Del Monte in Bulacan in the north and Pasay City in the south.
Central to this transformation is the Unified Grand Central Station, a 13,700-square-meter intermodal hub that will unify LRT-1, MRT-3, MRT-7 and the Metro Manila Subway.
“Strategically located between SM North EDSA and Trinoma, it will serve as a pivotal interchange, seamlessly linking multiple rail systems while integrating with buses, jeepneys, and taxis to form a comprehensive transit network,” the company said.
“This current and upcoming infrastructure will reinforce Quezon City’s accessibility to a wider range of workforce, improve the convenience of intracity travel and establish new commercial hotspots surround-
ing its stations,” it added. Prime PHL said industrial activity is gaining momentum across Metro Manila, with preleasing, planned expansions and speculative positioning concentrated in key logistics corridors.
“These moves are taking shape against a backdrop of increasing land scarcity, particularly in well-connected urban submarkets-highlighting the growing importance of securing functional locations early,” according to the company.
In Commonwealth, Quezon City, a 20,000 square meter property has already been fully leased, underscoring sustained tenant demand in core locations.
In Caloocan, Ayala Logistics (AC Logistics Holdings Corp.) is planning a 14-hectare facilitysignaling long - term confidence in the area’s industrial viability. Meanwhile, land along Cayetano Avenue in Taguig is being prepared for speculative Built-toSuit ventures, suggesting expectations of continued demand for tailored logistics solutions despite space constraints.
Quezon City warehouses offer unmatched connectivity, it said. Facilities along the Harbor Link connect directly to Manila Harbor, while Mindanao Avenue links to both NLEX and EDSAideal for businesses targeting northern Luzon.
“Warehouses on Quirino
By Andrea E. San Juan @andreasanjuan
ANNED sardines manu -
Cfacturers have assured c onsumers that there will be no movement in the price of their products, after consumers expressed concern over a potential P3-hike on the essential food item, according to the Department of Trade and Industry (DTI).
The DTI made this pronouncement in a statement on Tuesday a fter Trade and Industry Secretary Cristina A. Roque met on M onday with members of the Canned Sardines Association of the Philippines (CSAP) led by Chattrade, Mega Prime Foods, Inc., PERMEX, Universal Canning Inc., and Century Pacific F ood Inc. (CPFI).
The Trade department said the dialogue was prompted by news reports that the industry was planning to request an increase in the Suggested Retail P rice (SRP) of a 155g can of sardines from P21 to P24, citing r ising production costs.
The DTI, through its Fair Trade Group (FTG), confirmed that it had not yet received a formal petition for a price adjustment but initiated the meeting to “proactively” address the i ssue.
“We appreciate the industry’s commitment to the Filipino consumer, especially with the economic pressures families are facing today,” Secretary Roque said.
“Their decision not to increase prices supports President F erdinand R. Marcos Jr.’s directive to keep basic goods affordable and ease the daily burden o n consumers,” the trade chief added.
Under the amended Republic Act No. 7581, or the Price A ct, the DTI monitors prices of
canned fish, classified as a basic necessity. The Department a ssured the public that it will continue to keep a close watch on the market to ensure prices remain stable and fair.
In a radio interview last week, CSAP Executive Director Francisco Buencamino said they have b een asking for a P3 increase in the price of canned sardines for three years already.
“The DTI has always found a pressure not to increase price because of several factors,” Buencamino said.
He noted, however, that the ongoing war between Israel and Iran which has already resulted in oil price spikes, could be a new pain point for the canned sardines makers.
“ Malaking sakit sa ulo yan
[That’s a big headache] . Because for sure the impact on fuel is going to affect that. You cannot catch fish without fuel; our b oats are motorized, and the price of oil keeps rising,” added Buencamino.
The CSAP official has yet to respond, however, on what was agreed upon by stakeholders during the dialogue with the Trade chief on Monday.
By Malou Talosig-Bartolome
THE Philippine Embassy in Doha confirmed that no Filipinos were reported injured in Qatar after Iran launched missile strikes on US forces at Al Udeid Air Base on Monday night.
Hours after the attack, Philippine embassies in Saudi Arabia and Iraq—both of which host US military bases—issued advisories urging Filipino nationals to take precautionary measures.
“Batay sa mga pahayag ng mga kinauukulan sa Bansang Qatar, walang nasawi o nasaktan sa pagtatapos ng pag-atake nitong gabi.
“Kanila ring tiniyak na handa nilang tugunan ang mga banta sa seguridad ng Bansang Qatar at ng mga naninirahan dito,” the Philippine Embassy said in a Facebook post.
There are approximately 247,000 Filipinos in Qatar, mostly residing
in the capital, Doha.
Prior to Iran’s strikes, the US Embassy in Qatar had already alerted American nationals to “shelter in place until further notice” out of “an abundance of caution.”
A round 10,000 American troops are stationed in Qatar.
A diplomatic source also said that Filipino civilian employees working at US bases in the country are safe and accounted for, based on feedback from Filipino community leaders.
The Philippine Embassy in Doha advised Filipinos to continue monitoring reliable news outlets and follow instructions from both Qatari authorities and the Embassy.
Manatiling maalam, listo, mahinahon, at handa [Stay aware, alert, calm and ready],” it added.
Advisory from Embassy in Iraq THE Philippine Embassy in Iraq is-
sued a new advisory following the attack on Qatar, urging Filipinos there to shelter in place and closely monitor news updates.
“Filipino nationals are advised to prepare adequate food, water, medicine, and other essential supplies sufficient for their needs while sheltering in place,” the Embassy said.
It also confirmed that Qatar’s airspace was closed following the missile strikes.
Iraq hosts at least two US air bases, along with several other forward operating facilities.
According to migration expert Manny Geslani, around 2,000 OFWs are employed at Al-Assad Air Base near Baghdad and in a few other bases in Erbil, Kurdistan.
“If movement cannot be avoided, Filipinos already in Iraq are advised to avoid public places, monitor the news, exercise extreme caution, and remain vigilant for their own safety and security,” the Embassy added. Iraq remains under Alert Level 3 status, which encourages Filipinos to avail of voluntary repatriation. The same level also discourages Filipinos from traveling to Iraq.
Advisory from Embassy in Saudi THE Philippine Embassy in Riyadh advised Filipinos to closely monitor news from reputable sources and refer to advisories issued by Saudi authorities, the Embassy, and the Philippine Consulate General in Jeddah. Saudi Arabia hosts around 2,700
Editor: Jennifer A. Ng
Stock market bounces back on Mideast truce optimism
By VG Cabuag @villygc
SHARE prices closed higher on Tuesday, bouncing back from the previous day’s fall, driven by hopes that the conflict between Israel and Iran will end soon.
The benchmark Philippine Stock Exchange index gained 74.47 points, up by more than 1 percent, to close at 6,292.75 points.
Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the increase comes following United States President Donald Trump’s announcement of a ceasefire between the two countries.
“As an effect, global oil prices declined which investors also cheered.”
Trading, however, was still tepid, with net value turnover for the day at P5.64 billion, lower than the year-
to-date average of P5.7 billion.
Foreigners were net sellers with net outflows at P286.36 million. Luis Limlingan, managing director at Regina Capital Development Corp., said oil prices fell following news that Iran’s missile strike on a US airbase in Qatar caused no casualties, boosting optimism over a possible de-escalation of Middle East tensions.
“Markets now await US Federal Reserve chairman Jerome Powell’s testimony before Congress, where he faces pressure to cut rates, with
some officials signaling possible easing by July. Investors are also watching home price and consumer confidence data.”
Among the sectors, only the Mining and Oil index dropped by 2 percent. The Financials index led the sectors, adding 2 percent Gainers edged losers 122 to 73.
Universal Robina Corp. led the index members, jumping 7 percent to P88.20 apiece while Emperador Inc. lost 3 percent.
In a Bloomberg report, a senior White House official said Trump brokered the ceasefire in a direct conversation with Israel Prime Minister Benjamin Netanyahu on Monday. US Vice President JD Vance, Secretary of State Marco Rubio and special envoy Steve Witkoff held both direct and indirect talks with the Iranians about the proposal, the official said. Israel agreed to the ceasefire as long as Iran did not launch further attacks, and the Iranian government signaled it would abide by those
terms, according to the official.
Markets responded quickly, despite the uncertainty and lack of details. Global benchmark Brent crude fell almost 5 percent at the start of Asian trading. S&P 500 futures rose 0.5 percent, while stocks advanced across Asia. The dollar weakened and gold fell.
The developments came about two days after the US suddenly entered the conflict directly by launching a major bombing operation against Iranian nuclear facilities at Fordow, Natanz and Isfahan. Trump said the strikes “completely and totally obliterated” the sites, though battle damage assessments continue and the whereabouts of Iran’s enriched uranium stockpile isn’t known. Trump had warned Iran late Saturday that if a peace deal wasn’t reached quickly following the strikes that the US would go after other targets in Iran with “precision, speed and skill.” With reports from Bloomberg News
MGen, D&L affiliate ink power deals
MERALCO PowerGen Corp.
(MGen) will supply a diverse mix of energy sources to EvoEnergi Inc., a newly licensed retail electricity supplier (RES).
T he power generation arm of the Manila Electric Co. (Meralco) said Tuesday it has sealed two power supply agreements (PSAs) with EvoEnergi.
T he PSAs were signed through MGen’s thermal and renewable energy arms – MThermal and MGreen. Under the agreements, MGen’s business units will supply energy sufficient to serve 62,000 households f rom both renewable and thermal sources. Contestable customers of EvoEnergi, meanwhile, are offered competitive power rates.
“This partnership with EvoEnergi reflects the strength of MGen’s diver-
sified energy portfolio. By combining conventional and renewable sources, we are helping meet the evolving needs of the retail electricity market while supporting the country’s transition to a cleaner and more secure energy future,” MGen President Emmanuel V. Rubio said.
EvoEnergi is an affiliate of D&L Industries Inc.—a listed company engaged in the product customization, development, and specialization for the food, chemicals, plastics and consumer products ODM industries. EvoEnergi is also among the first RES companies in the Philippines to successfully implement the retail aggregation program (RAP), enabling multiple customers to consolidate their demand and access competitive electricity supply.
Moreover, the partnership expands the reach of MGen’s renewable arm in providing renewable energy solutions beyond government programs like the Green Energy Option and Auction Programs. It also supports EvoEnergi in enhancing its supply portfolio while helping meet Renewable Portfolio Standards obligations.
“With our expanding customer base, this partnership provides access to a more diversified and sustainable energy supply. It solidifies our shared commitment to sustainability and forging a better future for the Philippines,” said President and CEO of D&L A lvin Lao.
Meralco said last April that MGen ended the first quarter with a 25-percent increase in consolidated core net income contribution from a year ago,
owing largely to stable plant availability across its portfolio, sustained revenue generation from the Reserve Market, and contribution of Chromite Gas Holdings Inc. (Chromite Gas) beginning February this year.
MGen delivered a total of 5,294 gigawatt hours (GWh) of energy which was 64 percent higher than the same period last year.
Through Chromite Gas, MGen now holds an effective 40.2 percent attributable interest in two gas-fired power plants—the 1,200 MW facility of South Premiere Power Corp. and the 1,275-MW facility of Excellent Energy Resources Inc. (EERI)—along with an LNG import regasification terminal.
For the RES business, its units and affiliate suppliers delivered 1,671 GWh. Lenie Lectura
MAPUA University School of Nursing on Tuesday said it will introduce the simulated electronic health record (EHR) platform SimChart. This initiative marks the first implementation of SimChart Learning in Asia-Pacific, Mapua said.
Distributed by MegaTEXTS Phil. Inc. in the country, SimChart, a simulated EHR software by Elsevier, is an educational tool that replicates real-world electronic documentation systems used in hospitals worldwide.
It is designed as a system that combines practical, real-world experience in electronic documentation with fully integrated educator support to help incorporate EHR practice into the nursing program.
It is a learning tool for both nursing students and healthcare professionals that enables one to master electronic charting and enhance clinical judgment in patient care.
“Filipino nurses are globally recognized for their clinical skills,” Emmillie Joy Mejia, dean of the Mapua’s School of Nursing, said. “The traditional way of documentation in nursing is through writing in a steel chart. Whenever the doctors do their rounds, the nurses hold the chart and whatever is the advice or the nurses’ observations, we do it in writing.”
“When it comes to nursing skills, of course Filipino nurses are on top. But when it comes to documentation in their work abroad, some of them
were unfamiliar with SimChart because they do not know how to use technology in charting.” She said the school wanted to train its students early in their journey so that when they’re deployed in the clinical area and in private hospitals, they would be familiar with EHR.
She said almost half of its nursing program involves hands-on training in clinical and laboratory settings and half of it would be in skills laboratory. SimChart will be a core part of that experience to help its nursing students build confidence in documentation and interdisciplinary collaboration.
“The self-esteem of those working abroad who have no knowledge of how to operate and use SimChart is usually affected. The use of SimChart also develops the skill of collaborating with other healthcare workers. With SimChart, nursing students would have real data interpretation of how collaboration works. Although it’s a SimChart for Nursing, there are some areas there that the other programs can also cover and encode for interdisciplinary teamwork.”
Mapua said SimChart will also be made available to students in related programs such as pharmacy and medical technology/medical laboratory practice, “fostering a collaborative learning environment that mirrors real-world healthcare teamwork.” VG Cabuag
From Vulnerability to Resilience: Financing Climate Transition in the Philippines
By Jun Palanca Country Manager, ING Philippines
THE Philippines is no stranger to the realities of climate change. Each year, typhoons, rising seas, and heatwaves test the country’s infrastructure and resilience.
For the third consecutive year, the Philippines topped the World Risk Index—highlighting its extreme exposure to climate-related hazards and deep-rooted socioeconomic vulnerabilities. In the past few years alone, the country has endured 22 typhoons, including the Category 5 Super Typhoon Rolly, which was one of the strongest ever recorded.
But amid this adversity lies a critical opportunity. Climate risk is now likewise a financial risk— and adaptation is the next frontier for sustainable finance. As the global economy shifts toward low-carbon, climate-resilient models, the financial sector holds the key to unlocking investment, enabling innovation, and helping vulnerable countries like the Philippines transition toward a more sustainable and secure future.
Why climate risk is a financial risk
For Philippine banks and insurers, climate risks manifest in two major ways: physical risks, such as extreme weather events that disrupt
operations and damage assets; and transition risks, as policy shifts, market changes, and regulation impact carbon-intensive sectors. These risks may affect asset values, increase credit defaults, and introduce volatility into financial institutions’ portfolios. When businesses are hit by climate-related shocks or fall behind in the energy transition, their ability to repay loans weakens — increasing default rates and putting bank balance sheets under pressure.
In a market like the Philippines, where climate-resilient infrastructure is still developing and ESG data is often incomplete, these risks are harder to assess and price. This makes it even more important for financial institutions to build robust frameworks for climate risk evaluation, scenario analysis, and carry out forward-looking decisionmaking.
Financing adaptation: from afterthought to priority
Historically, climate finance has skewed heavily towards mitigation — funding projects that reduce carbon emissions. Adaptation and resilience, despite being equally essential, have lagged far behind. According to the Climate Bonds Initiative (CBI), only about 19% of green, social, and sustainabilitylinked bonds have made any reference to adaptation.
This is beginning to change. In a landmark development, CBI — a
global leader in mobilizing capital for climate action — recently released an expansion of its Climate Bonds Taxonomy to formally recognise climate adaptation and resilience investments. Developed in collaboration with the UN Office for Disaster Risk Reduction, the taxonomy provides clear criteria for identifying investments that help communities and systems prepare for and withstand climate hazards.
The taxonomy identifies four key investment types:
nAdapting measures (e.g., flood defences or drought-resistant crops) Adapted activities (assets designed to operate under future climate conditions)
nEnabling measures (such as climate data infrastructure or early warning systems)
Out of 1,444 adaptation investments identified, over 400 are deemed “automatically aligned” — including solutions such as automated water control systems and weather early-warning platforms. Others must meet thresholds to guard against maladaptation, where solutions designed to reduce risk in one area—such as building coastal barriers—can unintentionally worsen risks elsewhere by disrupting natural water flows.
This development offers a significant breakthrough for adaptation finance: it gives investors, multilaterals, and regulators a clear, science-backed framework to confidently direct capital into projects that build climate resilience — not just reduce emissions.
The growing focus on adaptation is also reflected locally. In May 2025, the Bangko Sentral ng Pilipinas (BSP), in partnership with the UN Environment Programme Finance Initiative, hosted a knowledge-sharing session on climate risk modelling—highlighting the role of adaptation finance in strengthening MSME resilience and aligning with broader financial sector stability.
Building resilience requires capital — and commitment
Despite the Philippines’ vast renewable energy potential, scaling up green investments remains difficult. Policy uncertainty, financing gaps, and a lack of technical capacity stall many promising initiatives, particularly at the mid-sized project level.
ING takes a holistic approach to sustainability that goes beyond climate risk mitigation to include additional considerations such as adaptation, biodiversity, and human rights. We assess how exposed clients are to physical climate risks, as well as how resilient their business models are in the face of those risks. Critically, we support clients
with tailored financing that helps them future-proof operations — from the energy grid and agriculture to healthcare and infrastructure.
At the heart of our climate strategy is Terra, our science-based approach to steering our loan portfolio toward net-zero by 2050. Since 2018, we’ve developed emissionsreduction pathways for key sectors and deepened our engagement with clients on their transition plans.
In the past year we’ve taken significant steps to integrate climate considerations into every stage of decision making. These include review of commercial transactions for their impact on climate, nature and social factors, incorporating data-driven ESG risk assessments to support our clients prepare and deliver on their transition plans. These efforts blend sound commercial judgment with environmental accountability—ensuring that we don’t just finance the future, but actively shape it.
Climate finance in the Philippine context
In the Philippines, climate adaptation is not optional — it is essential. Yet only a small fraction of companies have developed robust strategies to manage these risks. The banking sector must step up to fill this gap.
At ING Philippines, we combine global expertise with local insight to help businesses navigate the transition. Our sector special-
ists across energy, telecom, agriculture, food, and healthcare evaluate climate risk exposure, co-develop adaptation strategies, and structure sustainability-linked financing that rewards meaningful progress. For example, sustainabilitylinked loans (SLLs) align financial incentives with climate outcomes by linking interest rates to ESG performance — a powerful lever for change in a high-risk market.
A defining opportunity for the financial sector
Globally, an estimated US$4 trillion per year is needed through 2030 to finance the transition to a net-zero economy. Much of that capital will have to come from private finance — and from banks that are willing to lead. As climate risk accelerates, financial institutions that embed adaptation into their strategy — not as an afterthought, but as a core focus — will be better positioned to serve clients, protect portfolios, and contribute meaningfully to societal resilience.
At ING, we’re committed to being part of that solution. By embedding climate considerations into our risk frameworks, lending decisions, and client engagement, we aim to help businesses in the Philippines and across the region build a more sustainable future— one that can better withstand shocks, seize opportunity, and leave no one behind.
PHOTO FROM WWW.MAPUA.EDU.PH
By Reine Juvierre Alberto @reine_alberto
THE deadline for submitting the documentary requirements under the estate tax amnesty has been extended until June 30, giving taxpayers more leeway to comply, according to the Bureau of Internal Revenue (BIR).
The extension of the filing is contained in Revenue Regulation (RR) 016-2025 issued by the BIR last Tuesday.
The regulation does not grant an extension for the payment or settlement of estate taxes due, but only for submitting documentary requirements.
The original deadline of June 14 was moved to June 16 before the latest extension was granted.
The BIR has also extended the banking hours of authorized agent banks until 5:00 p.m., from June 4 to June 16, to accommodate more taxpayers, since estate taxes cannot be paid online and only through overthe-counter transactions.
Under the latest regulation, taxpayers can now submit the sworn Estate Tax Amnesty Return, Acceptance Payment Form with proof of payment, as well as other supporting documents, in triplicate copies to Revenue District Offices until the end of June.
“Failure to submit the same until June 30, 2025 is tantamount to nonavailment of the estate tax amnesty and any payment made may be applied against the total regular estate tax due inclusive of penalties,” the regulation read.
Moreover, the Secretary of Finance may authorize the Commissioner of Internal Revenue to allow the extension of the deadline for the submission of documentary requirements due to force majeure or any other justifiable reason in the interest of public service.
The BIR is required to issue a corresponding Revenue Memorandum Circular to explain the reason/s for extending the adjusted deadline of submission, if necessary.
To recall, the BIR issued RR 102023 on September 8, 2023, to grant estate tax amnesty for the estate of decedents who died on or before May 31, 2022, and whose estate taxes remain unpaid.
Under the amnesty, a 6-percent tax rate on each decedent’s total net taxable estate at the time of death will be imposed, with a minimum payment of P5,000. No fines, interest or other penalties will be charged for unpaid estate taxes.
Estate tax is a levy imposed on the privilege of transmitting property upon the death of the owner to their lawful heirs and is not a property tax.
LISTED lender Citystate Savings Bank Inc. (PSE: CSB) reported a total comprehensive income of P7.07 million based on its “2024 Audited Financial Statements.”
“While modest, this figure represents a considerable P103.73-million turnaround from the prior year’s P96.66 million deficit,” the lender said through a statement issued last Monday. “This was brought about by a prudent ramp-up of loan loss provisions, recognition of deferred expenses and network expansion, as well as IT [information technology] upgrades.” According to the bank, one of the main drivers of its recovery was in loans, which grossed P3.43 billion, up 11.44 percent, thanks to P1.77 billion in loan bookings. Interest income from loans ramped by 21.72 percent: “APDS-Teacher’s Loan” generated P127.40 million in interest income, up from 88.28 million in 2023. Other revenue generators and their respective improvements were “Housing Loans” (23.22 percent), “Time Loan-Individual”
Banking&Finance
BSP issues risk management guidelines
By Cai U. Ordinario @caiordinario
THE Bangko Sentral ng Pilipinas (BSP) has released a draft circular to help its supervised financial institutions (BSFIs) better manage risks through a model risk management (MRM) framework.
The BSP said the proposed MRM guidelines aim to establish a comprehensive framework to help BSFIs in identifying, measuring, monitoring,
ASTANDARDIZED charging system for off-dock cargo handling services will be imposed, as ordered by the Bureau of Customs (BOC), which expects the move would “promote transparency and fairness” in the country’s logistics industry.
The order was contained in Customs Memorandum Order (CMO) 02 2025, which is an addendum to CMO 41 2015 and seeks to establish standardized charges for shipments in off-dock facilities.
The order will take effect on July 19, 2025, and applies to off-dock container yards (CY), container freight stations (CFS) and off-terminal customs facilities and warehouses (CFWs).
The BOC said this latest initiative “reinforces its mission to facilitate legitimate trade, safeguard revenue and serve the Filipino people through fair and efficient customs administration.”
Based on the order, off-dock service providers must apply a unified charging system for various logistics activities, such as storage, documentation, transfer and handling of shipments. As such, regular charges per bill of
TBy Andrea E. San Juan
OYOTA Motor Philippines Corp. (TMP) announced having entered into new partnerships with Pioneer Insurance & Surety Corp. and Maagap Insurance Inc. to provide more options to its customers in choosing Insurance partners.
“Through this partnership, TMP’s customers will be able to have more options in choosing reliable and convenient Insurance partners suited for all their overall ‘Toyota Insure’ experience,” read a statement the automaker issued last Tuesday.
The company explained its “Toyota Insure” is one its value chain products, is an “exclusive” insurance service offering customers access to full-coverage insurance policies at competitive rates. The features of Toyota’s Insurance
CSBank added that its investment securities were up 29.11 percent from higher average risk-free placements with the Bangko Sentral ng Pilipinas (BSP) and the acquisition of BSP short-term securities. Interest income from these instruments grew by 16.02 percent year-on-year, the lender said.
“Other Operating Income rose by 35.86 percent, particularly from the collection of loan penalties and processing fees and the adjustment of long-outstanding payables as part of the reconciliation process.”
“Extraordinary Income tapered off, as the bank relied less on one-offs from disposal of investment properties in favor of more core revenues. Still, Extraordinary Income saw a 12.07 percent uptick,” the bank added. On the other hand, cost containment efforts tempered operating expenses to
and controlling risks across their operations and decision-making processes.
BSFIs, the central bank said, should complement their MRM framework with clear policies and procedures, sound internal controls, and welldefined roles and responsibilities that are consistent with BSP regulations.
“These guidelines apply to the management of risks associated with all models utilized by BSFIs, regardless of origin (e.g., developed internally, acquired from vendors, embedded within third-party systems) and span the model’s lifecycle,” the BSP said.
landing cost P1,474.55 for documentation, P147.46 for the online release system and P340 for the automated inventory management system.
Charges per revenue ton also amount to P88.47 for storage, P552.96 for arrastre and wharfage, P2,211.82 for stripping and cargo out-handling and P737.27 for transfer or trucking fees.
The BOC order also institutes an automatic and proportionate mechanism for off-dock service rates based on increases in arrastre (the operation of receiving, conveying, and loading or unloading merchandise on piers or wharves) and wharfage fees as determined by the Philippine Ports Authority.
“This ensures that rate changes are fair, transparent, and tied to actual cost movements,” the BOC said. In addition, clear ceilings for fees and surcharges on special cargo, including oversized, hazardous or highvalue goods, were ordered.
Special charges, such as an insurance charge equivalent to one-eighth of 1 percent of the free on board (FOB) value or P682.66, whichever is higher, if the cargo is not covered by a waiver
program are: It ensures a “seamless experience through hassle-free claims processing, free personal accident coverage, and guaranteed repairs at Toyota dealerships using genuine Toyota parts.”
TMP said its insurance service also supports dealerships by increasing after-sales business and customer touchpoints, leading to higher customer retention.
According to the company, the agreement expands its insurance program and would continue to “enhance” customer experience beyond Toyota ownership.
Currently, TMP has agreements with five insurance firms.
Pioneer Insurance, the flagship company of the Pioneer Group, stands as the “leading” non-life insurance provider in the Philippines after ranking first in gross written premium for 2023.
a mere 3.84 percent bump over the 2023 figure.
On the whole, CSBank showed a much stronger balance sheet, with total resources of P6.352 billion, a 14.19 percent increase year-on-year over the asset base as of December 31, 2023. Fueling the growth in loans and investment securities were deposit liabilities, which climbed by 16.64 percent. liquid assets amounted to p1.71 billion, such that the minimum liquidity ratio stood at a healthy 31.52 percent, well above the 20 percent regulatory requirement. Key ratios attest to the bank’s steadily improving financial performance.
Tier 1 Capital Adequacy Ratio came in at 17.18 percent, from 16.43 percent in the prior year, well above the 10.00 percent required. Capital-account-to-risk-assets ratio was 23.37 percent, comfortably above the industry average of 18.40 percent. Cost-to-income ratio clocked 78.22 percent, an improvement from the prior year’s 89.56 percent.
The central bank said models are critical instruments that underpin a BSFIs functions, including risk and capital assessment, pricing strategies, and regulatory compliance.
In terms of model governance, the framework provides a framework for the tasks and roles as well as the responsibilities of the Board of Directors and Senior Management.
The guidelines also included those for vendor models and external resources management which helps BSFIs who are using third-party products.
The BSP said proposed policy provides a two-year transitory period
or general insurance, were specified. For heavy lift or oversized cargo exceeding 3 revenue tons in a single unit, the fee is P3,892.80 per revenue ton. For dangerous or hazardous cargo, a 100 percent surcharge on storage, stripping and handling fees will be imposed, provided that special handling or additional charges are required by the terminal facility.
Moreover, incidental charges are recognized as reimbursable pass-on costs, which must be supported by proof of cost and are subject to reimbursement rules to ensure that clients only pay for services genuinely rendered.
Customs Commissioner Bienvenido Y. Rubio said the reform instituted via CMO 02 2025 is “part of the BOC’s broader effort to modernize customs operations and create a businessfriendly trade environment.”
“This measure ensures consistency and predictability in logistics costs. It reflects our commitment to efficient governance and aligns with our goal of making trade easier and more equitable for all stakeholders,” Rubio was quoted as saying in a statement.
Reine Juvierre S. Alberto
“With a capitalization of P300 million and 100-percent Filipino ownership, Pioneer offers a broad portfolio of life and non-life insurance products, according to the automaker.
Maagap Insurance, formerly part of Malaysia’s MAA International Group Ltd., ranks 20th in gross written premium as of 2023.
Backed by a capitalization of P682 million, the company is currently 85-percent owned by a consortium led by Triple P Capital and the International Finance Corp., with the remaining 15 percent held by MAA Group Berhad, according to TMP.
Apart from its decade-old “Toyota Insure,” the auto maker said it provides the following services: Financing (Toyota Financial Services) and Trade-in program (T-Sure) which allows the customer to sell his vehicle (any brand) as partial payment for a new Toyota vehicle.
Meanwhile, CSBank carried its growth momentum into 2025 by posting firstquarter earnings of P124.43 million, an over 1700 percent spike. Core interest income grew by 13.63 percent to P95.37 million.
On June 2, 2025, the thrift bank disclosed to the Philippine Stock Exchange that the BSP had approved the P735.90million acquisition by the Singaporebased CS Capital Investment Pte. Ltd. of a 26.3-percent stake, representing 43.36 million shares, in CSBank. Said investor is a subsidiary of the Hang Seng-listed CSC Holdings Ltd. CSB hit a 52-week high of 16.50, set on June 5, 2025. For the balance of the year, the bank is looking to complete its core banking system migration and digital banking transformation (subject to regulatory approvals).
“There would of course be an alignment of business priorities and strategies with the new third-party investor.”
from the effectivity date of issuance. But, in the the first year, BSFIs are expected to develop an implementation program. This program should include a detailed plan of action with specific timelines and the status of initiatives undertaken to develop their respective MRM framework. The central bank said the guidelines will strengthen the operational resilience and risk management practices of BSFIs. This aligns with international standards and domestic practices to mitigate potential adverse outcomes associated with model use.
Trailblazers in banking and fintech industries
THE Bangko Sentral ng Pilipinas (BSP) has crafted the guidelines for the adoption of the digital financial marketplace model.
T his will create an open and secure digital environment where financial products and services can be seamlessly offered by banks and third-party providers.
T he BSP envisions this framework as a key pillar in strengthening the country’s financial ecosystem while promoting innovation, interoperability, and consumer protection through trusted application programming interface or API-led infrastructure.
A pioneer in this field is the Rizal Commercial Banking Corp. (RCBC), which signed a strategic partnership agreement with consulting firm Hungry Workhorse Consultancy Inc. last week to transform the delivery of financial services in the Philippines through a cutting-edge API-first approach.
This digital initiative is powered by California-based technology enabler APIwiz (Itorix Inc.), which provides a centralized management platform for API operations.
Starting in the third quarter of 2025, Filipinos may expect more efficient banking as RCBC goes API-first with the rollout of its “Digital 2.0 Marketplace,” a platform built on APIwiz’s centralized API management system. It empowers RCBC to rapidly design, govern, and deploy composable APIs, thus enabling real-time service integration and positioning the bank as a dynamic digital platform. The API Operations framework of APIwiz provides the tech backbone, streamlining the entire lifecycle with built-in governance, automation, and developer collaboration tools.
RCBC’s alliance with the two tech firms was cemented during the signing ceremony held at the Collaboration Hub of the A.T. Yuchengco Centre in BGC, Taguig City. As the innovation services partner of RCBC and also the local implementation arm of APIwiz, Hungry Workhorse plays a crucial role in ensuring seamless integration and rapid delivery of such next-generation digital banking insulations. It will also provide design thinking, implementation support, and digital talent development to fast-track the transformation.
According to RCBC Executive Vice President and Chief Innovations and Inclusion Officer Angelito M. Villanueva, their collaboration with APIwiz and Hungry Workhorse is a strategic alignment with RCBC’s digital roadmap.
He said it “also unlocks exponential impact in scaling inclusive digital finance, fostering cocreation and collaboration with
key fintcech players both locally and globally.” Villanueva is the founding chairman of the FinTech Alliance PH, the country’s largest consortium of digital finance organizations.
For his part, Hungry Workhorse President and CEO Reynaldo C. Lugtu Jr. looks forward to working closely with RCBC in bringing transformative digital solutions to Filipinos while contributing to the country’s tech ecosystem.
“We will drive meaningful impact through technology and human capital development,” Lugtu vowed. This move aligns with the BSP’s guidelines on the digital financial marketplace model.
With over P1.3 trillion in total resources as of mid-2024, RCBC has risen to become the fifth largest privately-owned bank in the country. Asia Money and Euromoney magazines both recognized RCBC as the Philippines’ Best Bank for Digital for five consecutive years from 2000 to 2004.
Meanwhile, FinTech Alliance members recently gathered at the Marquis Events Place in BGC to map the next chapter of the Philippines’s digital finance journey. In his chairman’s report, Villanueva recounted the group’s journey from five founding firms to a thriving network of over 130 corporate members.
“These organizations now power more than 95 percent of the nation’s retail digital financial transactions,” he revealed.
Department of Information and Communications Technology (DICT) Secretary Henry Rhoel R. Aguda delivered the keynote address, highlighting the government’s vision for a digitally inclusive and futureready Philippines. Aguda led the ceremonial signing of the Digital Collaboration Wall to support the DICT’s “8M Digital Jobs by 2028” initiative.
Securities and Exchange Commission Chairman Emilio B. Aquino was bestowed the “BSP FinTech Leadership Award” for being a transformative leader and brilliant strategist who modernized regulatory practices through initiatives like “Check with SEC” and “Zero Online” registration.
Joseph A. Gamboa is the chairman of the Media Affairs Sub-Committee on Publications of the Finex and the director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the B usiness M
Joseph Araneta Gamboa
SOMEONE YOUNGER
HOW true is the rumor that the actress’ new boyfriend is a politician who is way younger than her? The actress is separated from her husband while the politician, whose ex-girlfriend is a known personality who is also very much single. We don’t know whether the guy’s parents approve of the relationship or even if it is true they are a couple. What we know is that the actress and the ex follow one private social media account that seems like it is the politician’s. If this relationship is true, we wonder how the actress’ ex and his family will react to her bagging a younger and richer man.
DISCREET
SPEAKING of politicians, this elected official is said to be dating an A-list actress and there a number of sightings of them together. There is even a rumor that when they go on dates, the official pays the restaurant so they will close it to the public. He allegedly does that to give the actress some privacy. Based on reports about their dates, the politician and the actress seem to be visiting each other alternately, perhaps because they are both very busy with work. Meanwhile, if you are wondering whether the actress’ parents like the politician as their child’s girlfriend, we do know that the actress’ mom once followed the politician on social media. She unfollowed him after fans called her out.
3 BOYFRIENDS
ANOTHER actress, also separated from her husband, was dating an expat who eventually dumped her. Why? The expat learned that the beautiful actress was living beyond her means, despite him providing her with money, trips and luxury brands. He learned that the actress was seeing a rich businessman on the side in exchange for money and certain favors. The expat realized how foolish he had been. Yes, he has a lot of money but the businessman, who is way older than the actress, is very very rich and can give her everything she wants. Another revelation is that the actress is apparently also dating another guy, who is wealthy and well-connected. Imagine being only one of three guys funding a girl’s expensive lifestyle.
UNTRUE
A NEWS outlet has been putting up blind items about a couple, even when one of the parties involved already reached out to them with monetary compensation which they accepted. The couple, especially the guy, has no problems about their relationship being written about. It is, however, another story when his family is involved and what’s written about is untrue. The news outlet pictured the girl he is seeing as some sort of golddigger and his family as snooty people who don’t want him to be happy. That is not true at all. The family is just glad that the guy is finally dating and that he seems very happy. What they don’t like is when stories about them are being fabricated.
GMA Pictures’ upcoming horror film P77 will be distributed by Warner Bros. Pictures, as announced in a contract-signing held on June 16 at GMA Network Center. P77 is the seventh local film to be distributed by Warner Bros. Pictures.
Attending for GMA Pictures were GMA Network senior vice president for programming, talent management, worldwide, and support group, and president and CEO of GMA Films Atty. Annette Gozon-Valdes and GMA Pictures executive vice president and GMA Public Affairs senior vice president Nessa Valdellon. Signing for Warner Bros. Pictures was its distribution director Rico V. Gonzales. Gracing the event were P77 lead
All 7 BTS members are now done with mandatory service
SEOUL, South Korea—Suga, a rapper and songwriter in the global K-pop sensation BTS, has been discharged from South Korea’s mandatory military service, marking the official return of all seven members from their enlistment duties.
The label confirmed that Suga completed his alternative service duties on Wednesday after using up his remaining leave. His official discharge date is Saturday.
BTS’ management agency, Big Hit Entertainment, had said earlier that no events were planned for Suga’s release out of concern for overcrowding.
It is a momentous occasion for fans of the K-pop group BTS. The seven singers of the popular K-pop band plan to reunite as a group sometime in 2025 now that they’ve finished their service.
Last week, BTS superstars RM and V were discharged from South Korea’s military after fulfilling their mandatory service. Jimin and Jung Kook were discharged a day later. All four were enlisted in December 2023.
Six of the group’s seven members served in the
star Barbie Forteza, director Derick Cabrido and writer Enrico Santos.
Through this agreement, Warner Bros. Pictures will take on the role of handling the local theatrical distribution of P77
“I’m very happy that Warner is our partner in the distribution of this film, and I believe that together we can ensure the success of this film more and bring this movie to a wider audience,” said GozonValdes.
“I’m honored to be here partnering with GMA Pictures and GMA Public Affairs for the next release of the local movie release of Warner Bros. We’ve been talking about this
army, while Suga fulfilled his duty as a social service agent, an alternative form of military service. Jin, the oldest BTS member, was discharged in June 2024. J-Hope was discharged in October.
In South Korea, all able-bodied men aged 18 to 28 are required by law to perform 18-21 months of military service under a conscription system meant to deter aggression from rival North Korea.
The law gives special exemptions to athletes, classical and traditional musicians, and ballet and other dancers if they have obtained top prizes in certain competitions and are assessed to have enhanced national prestige. K-pop stars and other entertainers aren’t subject to such privileges.
However, in 2020, BTS postponed their service until age 30 after South Korea’s National Assembly revised its Military Service Act, allowing K-pop stars to delay their enlistment until age 30.
There was heated public debate in 2022 over whether to offer special exemptions of mandatory military service for BTS members, until the group’s management agency announced in October 2022 that all seven members would fulfill their duties. AP
Listen, ask questions and formulate a plan regarding how you choose to move forward. It’s up to you to lay the foundation for your happiness and to take responsibility for your life. Don’t let others lead you astray; follow your heart and believe in yourself.
VIRGO (Aug. 23-Sept. 22): Use your energy wisely. Expand your mind, interests, qualifications and connections. Branch out and see what others are doing, and it will spark your creativity, offering insight into how to set yourself up for success. Once you know your worth, it will be easier to negotiate your way forward personally, financially and professionally. ★★★★
LIBRA (Sept. 23-Oct. 22): Take a breather, sit back and rethink what’s important to you. When uncertainty sets in, you are best to reevaluate your direction and consider your options. Take a walk down memory lane and revisit your aspirations. It’s never too late to pursue what makes you happy. ★★
SCORPIO (Oct. 23-Nov. 21): SA lifestyle change will be energizing. Whether it’s a physical move, going back to school, a professional change or spending more time with someone you love, whatever you choose will lead to personal growth and peace of mind. Romance is in the stars, and sharing feelings will encourage new beginnings. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21): Stick close to home and do your best not to overspend or overindulge. Too much of anything will lead to trouble. Look out for your best interests and the concerns of friends or family members. Take care of matters succinctly to avoid penalties. Choose to act rather than make excuses.★★★
CAPRICORN (Dec. 22-Jan. 19): Prioritize partnerships, places and pastimes. Consider the costs before you sign up for something that exceeds your budget. Refuse to let anyone coerce you into something you don’t relish. Concentrate on looking and feeling your best, spending time with those you love and
Time wears fashion, toughness with G-Shock’s new watch design
THE Shock-resistant watch brand of Casio Computer Co., Ltd., G-Shock did not disappoint with their new watch reveal as it looks fancy but still the classic G-Shock at first glance.
The newly released GA-V01 from G-Shock entered the market with a statement on fashion and toughness. It boasts an organic exterior with an integrated bezel and band that makes its look sharply defined in its edges. Moreover, the watch itself is analog-digital, having a layered metallic dial with openwork and full-screen LCD.
The dial display design is a Y3K aesthetic, an exaggerated shape of a butterfly. The watch’s target for its visuals is to embody a look of futurism and sense of technology.
The color choices are bold as it includes the G-Shock classic black, vibrant neon blue, neon yellow, and silver metallic.
Anj Cayabyab, head of marketing at Casio G-Shock Philippines, said that the watch is best worn by people who want to stand out. “It’s really for the creative, for the fashion-forward, and also the collectors that have been there for G-Shock,” said Anj.
But G-Shock is more known for the watch’s toughness. As the brand’s name suggests, Shock is not a problem for their watch. And GA-V01 is no different. At its core is the Shock Release Hand, a revolutionary magnetic hold structure that absorbs and dissipates Shock effectively on its minute hand. With this, its durability is second to none. Its exterior is just as impressive as the GA-V01 is a hallmark for its Shock-resistant structure that absorbs impact. And users also don’t have to worry about its longevity as the battery lifespan can last up to 10 years. The watch also features several functions and specifications, making sure that your time with it is worth it. It includes being water resistant, stopwatch, countdown timer, alarm, flash alert, lighting, and more.
“It’s all about the function, durability of the watch... and now, this year moving forward, we introduce a very interesting watch that is very fashion-forward and new to the market,” Anj said in an interview at the event.
“So basically, it’s really fashion-forward definitely. But don’t forget, it is a timepiece,” she added.
G-Shock’s GA-V01’s price starts at P9,800. It is launching exclusively on Atmos from June 13, at the Casio Philippines website on June 27, and select G-Shock stores nationwide starting July 4.
PATRICK VILLANUEVA
Image BusinessMirror
Do you really have to love yourself before you love others?
YOU have probably heard the phrase many times: “You must love yourself before you can love someone else.” It is a popular idea, often used in self-help books, motivational speeches, and social media posts. But is it really true?
Do we need to fully accept and love ourselves before we are capable of loving others? Or can love for others exist even while we are still working on our own selfworth? Like many big questions in life, the answer is not entirely one-sided.
On one hand, learning to love yourself can build the foundation for healthy relationships. When you accept who you are, you become less dependent on others for validation. You can give and receive love more freely because your self-esteem is not tied to another person’s approval.
For example, someone who has developed a sense of self-worth is less likely to become jealous or insecure in a relationship. They can support their partner without feeling threatened. They know how to set boundaries, express their needs, and respect the needs of others. In this way, self-love is like learning to swim before jumping into deep water because it prepares you to handle the emotional currents of a
close relationship.
Take the case of Linda, a young woman who spent years struggling with her self-image. After working with a therapist and focusing on self-care, she gradually began to appreciate her own strengths and weaknesses. When she later entered a romantic relationship, she found that she could communicate openly, forgive more easily, and handle conflict without feeling like a failure. Loving herself helped her build a relationship based on mutual respect, not fear or neediness.
However, others argue that love does not always wait for perfect self-acceptance. Many people who are still on the path to loving themselves are capable of giving deep, meaningful love to others. In fact, some people begin to understand themselves better through loving relationships. Being cared for can show someone that they are worthy, even when they struggle to believe it. The love of a friend, partner, or family member can be a mirror that reflects back the value they might not see yet.
Take Manuel, for instance. He has long battled feelings of self-doubt and anxiety. Yet he is a devoted father who shows up for his children every day with kindness and patience. His ability to love them does not come from having solved all his personal issues but from his deep sense of responsibility and affection. Over time, being loved by his kids in return has helped him grow more confident and begin healing. For Manuel, love was not something that waited until he had everything figured out. It was part of the journey.
There is also a cultural aspect to consider. In some cultures, self-love is not emphasized in the same way as it is in other societies. For some, love is often understood through acts of service, loyalty,
and commitment to others. People may express and experience love without thinking about their own needs and wants. They might see love as a practice, not a feeling that must come from within. In these communities, loving others is a way of becoming more human, even if one has not yet learned to love oneself.
Of course, there are also risks in trying to love others without any sense of self-worth. People who lack self-love could fall into the pattern of peoplepleasing, emotional dependency, or self-sacrifice. They might tolerate harmful behavior or lose themselves in the process of caring for others.
In these cases, the absence of self-love can lead to relationships that are unbalanced or even damaging. So while it is possible to love others without fully loving yourself, it may come with risks and challenges.
A key might be to shift how we think about love for ourselves and for others. Perhaps love is not an end state but a process. You do not have to wait until you have reached perfect self-acceptance to be a good friend, partner, or parent. At the same time, learning to treat yourself with kindness can only make your love for others more stable and generous.
In the end, the answer may not be yes or no, but rather both. Self-love and love for others can grow side by side. One does not always come first, but each can strengthen the other. You can be a work in progress and still be capable of giving real love. And sometimes, in loving others you may find a path back to loving yourself. No matter where you are in your journey, remember that loving someone is not about being perfect. It is about being present, being honest, and being willing to grow with yourself and with others.
SOLAIRE AND GERMAN CLUB OF THE PHILIPPINES TO BRING BOTTOMLESS FUN ON THIS YEAR’S OKTOBERFEST
By Patrick Villanueva
THREE nights of overflowing beer, unmatched German cuisine, and non-stop music are in store for revelers in this year’s Oktoberfest by Solaire Resort Entertainment City and the German Club of the Philippines. Happening from October 9 to 11, 2025 at the Grand Ballroom, the biggest and only authentic celebration is about to give die-hard beer lovers and first-timers the best nights of their lives. So what’s to look forward to in this year’s event?
THE TASTE OF OKTOBERFEST: HOFBRÄU
GUESTS will have the full German experience with the taste of this year’s official beer of Oktoberfest, Hofbräu.
With its rich history and smooth finish, this classic Munich-style beer defines what Oktoberfest is. Hofbräu promises an unforgettable taste that both seasoned beer aficionados and casuals can enjoy.
Enjoy bottomless pouring of this German classic when you join this event.
WHAT’S a beer without something to eat it with? Don’t worry because this year’s Oktoberfest is loaded with Bavarian delicacies. Each table will feature a familystyle serving of traditional German dishes such as Brotkorb (oven-fresh breads) and Laugenbrezel (pretzels), which can be paired with Wiesen Jause (German cold cuts and cheeses).
There’s also Räucherlachs (smoked salmon) and choices for
Kartoffelsalat, and Krautsalat) to add to your feast. And don’t forget a table full of bratwurst (Weisswurst, Rostbratwurst, and Frankfurter) to get the full experience. The hauptgang, or main dish, includes a Wiesn platter consisting of crispy pork knuckle, pork schnitzel, meat loaf, rotisserie chicken, sausage, mashed potatoes, sauerkraut, and onion jus. You can also get Rindsgulasch (beef goulash)
and Hausgemachte Käse Spätzle (homemade cheese spätzle) to fill your belly. Then, finish off your table with classic delights such as Apfelstrudel (classic apple strudel), Kaiserschmarrn (shredded caramelized pancake), and Schwarzwälder Kirschtorte (black forest gateau).
GERMAN SOUND AND BAVARIAN LOOK
OKTOBERFEST will be headlined by the Bavarian Sound Express, a live band that will play German folk tunes, pop hits, and dance anthems. So expect that you’ll move your body throughout the night.
Expect to get a Bavarian lifestyle as revelers will be met with the festive atmosphere of Hofbräuhaus München, the brewery’s iconic flagship beer hall. Celebrate the German cuisine, culture and experience at this year’s Oktoberfest.
Those interested,
June 25,
Dr. Roberto F. de Ocampo retires as Chairman of Veterans Bank
Former Finance Secretary
Dr. Roberto F. de Ocampo has formally expressed his intention to retire as Chairman of Veterans Bank, a decision that was approved by the Bank’s Board of Directors during its most recent meeting.
De Ocampo has served Veterans Bank with distinction for 12 years, initially taking on the role of Chairman and CEO at the behest of the Bangko Sentral ng Pilipinas (BSP) and the Department of Finance (DOF), who entrusted him with the mission to revitalize and reform the institution.
Throughout his tenure, De Ocampo spearheaded comprehensive reforms that transformed the Bank’s governance structure, replaced and strengthened its Board of Directors, and modernized its policy frameworks and management systems. His leadership was pivotal in addressing regulatory concerns raised by the BSP and in steering the Bank toward operational excellence.
Among his many accomplishments, De Ocampo successfully championed the passage of a new Veterans Bank Charter, working closely with legislators, regulators, and key stakeholders. Under his guidance, the Bank navigated the challenges of the COVID-19 pandemic, maintaining financial stability and resilience.
He also led efforts to raise the Bank’s
capital to meet BSP’s standards for commercial banks, ensuring its longterm viability and competitiveness.
The Board of Directors extended its deepest gratitude to Dr. de Ocampo for his unwavering dedication and transformative leadership. The Board described his legacy as one of integrity, innovation, and impact— leaving Veterans Bank well-capitalized, profitable, and positioned as the preferred financial institution for veterans, AFP retirees, PNP personnel, and other members of the uniformed services as well as emerging as a vital and ever strengthening member of the country’s private banking sector.
As De Ocampo concludes his tenure, he leaves behind a legacy, being an outstanding son of a WWII veteran community and a lasting imprint on the institution—one that will continue to guide and inspire its future. He caps his tenure with a fully capitalized bank and a record profit for the first time in its history.
While the Bank’s Board acknowledged his retirement, it likewise expressed its intention to retain Chairman de Ocampo’s services in some capacity, to continue to provide his unique guidance towards realizing the bank’s desired positioning and objectives.
Mang Inasal brings Pork BBQ closer to communities with nationwide caravan
The kick-off recently took place at Ayala Malls Circuit Makati, marking the official start of the brand’s Ihaw-Sarap season this June.
“Our Pork BBQ Caravan is our way of bringing the Ihaw-Sarap experience closer to more communities in the Philippines,” said Mang Inasal President Mike V. Castro. “We want more people to discover why our Pork BBQ is fast becoming a new favorite and why it is perfect for every celebration.”
The caravan will visit key locations nationwide to let more people try Mang Inasal’s juicy-lambot Pork BBQ for free, showing why it’s one of the most loved items on the menu.
Celebrity guests at the kick-off included Pinoy Big Brother (PBB) Gen 11 alumnus JM Ibarra, PBB Celebrity Collab Edition housemate Michael Sager, and hit band Lola Amour. Maris Racal also sent a special video message inviting fans to catch the caravan in their area.
Attendees enjoyed fun games, raffle prizes, and free softdrink coupons, making it a festive and flavorful Sunday afternoon.
For the schedule of the nationwide Pork BBQ Caravan, visit Mang Inasal’s official website and follow its social media pages.
Want more Mang Inasal exclusives NOW? Visit https:// manginasal.ph for the latest news, https://manginasaldelivery. com.ph for delivery deals, and follow Mang Inasal on social media for more Ihaw-Sarap and Unli-Saya updates!
Owning a Motorcycle is Now Fast, Easy with Home Credit
HOW far can your P108 go?
Nowadays, that amount might only get you a quick snack or a short ride—but with Home Credit Philippines,P108 a day can take you much, much farther. Imagine owning a motorcycle that gives you the freedom to beat traffic, explore more places, and even earn extra income through delivery or ride-hailing services.
For many Filipinos, a motorcycle opens doors to new opportunities. The challenge, however, is affordability, especially for those with limited cash or no solid credit history. That’s where Home Credit Philippines (HCPH), the country’s leading consumer finance company, steps in.
If you’re in Metro Manila or Luzon, your dream motorcycle is now within reach. In collaboration with KServico, the widest retail network for motorcycles, three-wheelers, e-bikes, appliances, laptops, mobile phones, and furniture, Home Credit offers fast and easy financing for motorcycle purchases at any of the almost 180 KServico stores across the Metro Manila and Luzon. With Home Credit, getting a top-of-
the-line motorcycle from trusted brands has never been more accessible. Thanks to flexible installment plans of up to 36 months—with only a 10 percent down payment and a low interest rate of 3.3 percent—you can now choose from leading names like Honda, Kawasaki, Kymco, Suzuki, and Yamaha, available at KServico stores, and pay as low as P108 per day or P3,232 per month, depending on the model.
Applying for motorcycle financing is also made fast and easy. Simply visit the KServico page on Shoppingmall.ph to find the nearest branch, check the availability of motorcycle models, and explore your financing options. Once ready, head to your chosen KServico store, explore a wide selection of motorcycles, and pick the one that best suits your needs. Best of all, you only need one valid ID to apply, and you can get approved in as fast as one minute. Home Credit sales representatives are available onsite to guide you through every step of the process, ensuring everything goes smoothly. Once approved, you can ride your new motorcycle home the same day. With a wide range of motorcycles
available at KServico stores, you’re sure to find one that fits your budget and needs. Whether it’s for everyday travel or a way to earn extra income, there’s a motorcycle waiting for you, paired with Home Credit’s fast and easy financing.
Now is the perfect time to own a motorcycle. Visit the nearest KServico store and ride home a motorcycle today with Home Credit’s fast and easy motorcycle financing. Experience the thrill of new rides and new possibilities! For quick pre-approval on installment plans and to check eligibility, download the Home Credit App via Google Play, the App Store, or Huawei AppGallery. To know more about the latest updates from Home Credit Philippines, visit its official website, www. homecredit.ph. You may also follow its official Facebook, Instagram, and TikTok accounts. Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and the Bangko
IN a bold move to reshape the digital and residential landscape of Southern Luzon, Converge ICT Solutions Inc.
(PSE: CNVRG) and NEXTASIA Land Inc., a fast-rising player in the affordable housing sector, have signed a landmark partnership to deliver world-class fiber connectivity to more than 5,000 homes. This alliance marks a decisive step toward building smart, connected, and future-ready communities in one of the country’s fastest-growing economic corridors.
The partnership, formalized at a ceremonial signing at The Westin Manila in Ortigas, integrates Converge’s ultrareliable, high-speed fiber infrastructure into all current and upcoming NEXTASIA developments in Cavite, Laguna, and Batangas—unlocking new standards in digital lifestyle, property value, and regional competitiveness.
“This partnership is more than just a utility—it’s a strategic enabler of digital-first living,” said Jesus C. Romero, President of Converge. “By embedding our fiber network directly into NEXTASIA’s master-planned communities, we’re equipping thousands of Filipino families with the tools they need to thrive in the modern economy—from work-
from-home setups to online learning and digital entrepreneurship.”
For NEXTASIA, the collaboration reinforces its vision of building scalable, technology-forward townships for the next generation of Filipino homeowners.
“In today’s market, digital infrastructure is not a luxury—it’s a key differentiator and a long-term value multiplier,” said Cris Y. Carreon, Founder and CEO of NEXTASIA.
“Partnering with Converge allows us to deliver homes that are ready for the future on Day One. This is how we attract informed buyers and drive sustainable growth for our communities and investors.”
With NEXTASIA projecting over 10,000 homes in its development pipeline across Southern Luzon, the agreement sets the stage for even broader fiber deployment in the years ahead. The two companies share a common goal: to bridge the digital divide and catalyze inclusive progress by fusing residential innovation with technological empowerment.
This joint initiative also underscores a broader trend in Philippine real estate, where connectivity, livability, and economic opportunity converge to define the next wave of urban development.
commitment to innovation, technical excellence, and customerfocused service as the Philippine market transitions toward electrification,” said Steve M. Gingco, Head of AutoCare and Retail Group of ACMobility. “By advancing our capabilities in EV servicing, we aim to deliver the high standards of care and reliability that today’s electric vehicle owners expect and deserve.”
Inasal,
Editor: Tet Andolong
Build-to-suit contributes to Prime’s success
By Rizal Raoul S. Reyes @brownindio
BTS has played a part in the success of Prime Properties.
This does not refer to the popular Korean boy band. It refers to the build-to-suit (BTS) warehouse.
Jet Yu, founder and CEO of Prime, told reporters in a press briefing that one of Prime’s most impactful contributions is its build-to-suit (BTS) warehouse developments—custom-built spaces designed precisely to meet a tenant’s specifications. He pointed out BTS’ are simply not lease transactions; they manifest longterm partnerships starting with understanding a client’s operational DNA, scouting the perfect site, navigating technical requirements, and finalizing lease agreements—all within a rigorous 12 to 15-month timeframe.
“Every successful BTS project is a testament to the team’s discipline, collaboration, and end-toend expertise,” said Yu.
In a contrasting manner, he recalled that the Philippines experienced an unexpected boom in e-commerce during the pandemic. With people’s mobility limited, and businesses racing to pivot online, Yu said the demand for storage, sorting, and distribution spaces surged overnight. In this moment of crisis, Yu and his team led Prime to rise to the occasion—not just to provide space, but to deliver purpose-built infrastructure that keeps commerce alive. From sprawling fulfillment hubs to last-mile delivery centers, the company complemented speed with scale, transforming the company into a trusted partner to the country’s e-commerce giants.
Prime has also become a transformative force for landowners and developers. Through its strategic advisory and leasing services, parcels of land that had remained idle for decades have been converted into revenue-generating industrial assets, with lease terms extending up to 30 years. With a data-driven mindset and a thorough market understanding, Yu said Prime has earned the trust of property owners seeking to unlock the true value of their assets. Yu said Prime enabled many first-time industrial lessors, not only to successful transactions
but also uncovered new opportunities for future warehouse development across their broader landholdings, driving long-term value and growth.
Vista Land unveils Japanese-inspired Kinsan Heights in Manila
SAN Lazaro in Manila has become deeply rooted in community and character. From the storied Manila Jockey Club to the once San Lazaro Hippodrome, now thrives as a crossroads of commerce and culture, transformed by the San Lazaro Tourism and Business Park. With five decades of expertise in shaping skylines, Vista Land recognizes that real estate must speak to both place and purpose. This means honoring regional rhythms, cultivating close-knit ties, and enriching everyday encounters. More than building up, it is about building in and with honor for history, insight into identity, and foresight for the future.
Connection is capital within the vertical circle of Kinsan Heights THE sophomore Japanese-inspired condominium property, succeeding Kizuna Heights, the 44-story Kinsan Heights reimagines living above the city not as a stack of solitary spaces, but as a shared sphere—where every level links lives, every unit unfolds a unique story, and every residence resonates with meaning.
Kinsan Heights embodies the Japanese concept of kizuna—enduring bonds—and the Filipino value of bayanihan, which emphasizes collective strength and compassion. Kin, meaning golden, evokes worth that endures beyond time, while— san, a Japanese honorific, bestows dignity and high esteem. Together, they express a richer prosperity, one drawn not merely from ownership but through relationship.
Inspired by the shoji, the traditional Japanese sliding screen that filters light and frames perspective, contemporary architecture calls residents to see their lives in progression, moving fluidly from one chapter to the next. This way, every setting becomes a threshold, not of boundary, but of breakthrough.
This ethos is further expressed in the tiered amenity levels of Kinsan Heights, where a landscaped, light-filled haven on the sixth floor is spread above the cityscape. From the function hall that gathers people and presence, one steps into the calm of the swimming pool—its stillness echoing the sky above, offering respite in the rhythm of routine. The open-air lounge nearby extends an invitation to slow down, breathe deeply, and reconnect in the quiet. The gym on the roof deck energizes the body, the study hall anchors the mind, and the view deck elevates the spirit. From this vantage point, residents can witness the story of San Lazaro unfold—from the fire-lit skies of Manila Bay to the rising edges of Makati and Quezon City. These are
not mere panoramas—they are daily reminders of where one stands and how far one can still go. Low-density layout configurations ensure a sense of peace and privacy, while unit options reflect the fluidity of real life: studio units for focused beginnings, studio flexi spaces for growing goals, and one-bedroom flexi homes for starting families or those embracing quiet ease. In every detail—from form to function, from view to volume—Kinsan Heights creates not just a place to live but a structure for living well.
For information on Vista Land high-rise developments, visit www. vistaresidences.com.ph , follow @VistaResidencesOfficial on social media, or call (0999) 886 4262 and (0917) 582 5167.
In a recent interview, PAL Cargo Vice President Jason Siy said the company currently holds a 5-percent share of the logistics business, which he considers small compared to competitors. “When you benchmark against other airlines, you’re probably at seven to eight percent. But the five percent we’re getting is without even advertising for cargo. We don’t have an identity yet,” Siy said during the relaunch of PAL Cargo in Pasay City. With the launch of the new identity, PAL Cargo Care Delivers, the company aims to secure at least 8 to 9 percent of the total market. Siy highlighted PAL Cargo’s intent to capitalize on the growth of e-commerce, which saw a 16 percent increase in transaction value between 2022 and 2023. Forecasts indicate strong annual growth rates of around 10.5 percent (2025–2029) and 13.78 percent (2025–2030).
“Despite trade wars, e-commerce is growing every year. Although it causes disruption, cargo remains global,” Siy said.
the digital-centric economy and reflects the company’s support for digital innovation, broader reach, and tailored logistics solutions that help local entrepreneurs grow and compete globally.
PAL Cargo offers a broad range of freight services tailored to individuals, freight forwarders, and corporate clients. It transports various cargo types, including high-value commodities, pharmaceuticals, e-commerce goods, and perishables.
To ensure safe and efficient transportation, PAL Cargo follows strict handling practices, including International Air Transport Association (IATA) guidelines for pet transport and security escorts for high-value cargo. These items are the last to be loaded and the first to be offloaded upon arrival, with security teams assigned even for charter flights.
With partners like Airspeed and the Department of Trade and Industry (DTI), PAL Cargo is making it easier to ship small business products within the Philippines and to overseas markets.
PAL relaunches cargo business
MEANWHILE , the Lucio Tan-controlled Philippine Airlines (PAL) aims to capture a bigger share of the freight and logistics market.
As part of its 85th year, Philippine Airlines is reinforcing PAL Cargo as its freight and logistics business unit, upholding the airline’s heritage of “Care that Delivers” by empowering Filipino business leaders, fueling e-commerce growth, and providing dependable cargo solutions nationwide and internationally.
Siy emphasized that the relaunch of PAL Cargo responds to
“It’s a good demand for the Philippine economy,” Siy said, adding, “It provides more opportunities for local manufacturers and exporters, especially MSMEs, to engage in international trade. With the expanding global market, we are dedicated to enabling Filipino businesses to reach it with safe, efficient, and competitive cargo solutions.”
On the right track: Rail connectivity powers Aseana City’s rise
PARAÑAQUE City, Philippines—As EDSA braces for rehabilitation and commuters continue to endure the daily grind of traffic congestion, one solution is quietly but powerfully reshaping how Metro Manila moves: rail connectivity.
According to the latest TomTom Traffic Index, Metro Manila’s congestion level averages 41 percent, with hotspots like Pasig, Makati, and Quezon City ballooning to over 120 percent during rush hour. For the average commuter, that means more than four days and seven hours lost each year in traffic; time that could have been spent with loved ones, on hobbies, or simply resting.
For D.M. Wenceslao and Associates Inc. (PSE: DMW), developer of Aseana City, this urban reality was never just a statistic but was a challenge worth planning for.
“At DMWAI, we believe cities should empower people to live better, not wear them down,” said Buds Wenceslao, Chief Executive Officer, DMWAI. “We saw the need early on to build not just a business district but a truly connected community. That’s why we anchored Aseana City on transitoriented developments ensuring direct access to the rail system from the beginning.”
Aseana City now directly benefits from the newly operational LRT-1 Cavite Extension that in -
cludes the Redemptorist Aseana Station which brings commuters straight into the district. Through this extension, workers, residents, and visitors can now travel swiftly across five cities—Quezon City, Caloocan, Manila, Pasay, and Parañaque, bypassing the gridlock that defines much of Metro Manila. The Las Pinas and Cavite Stations are expected to open in the near future.
A city that moves with you IN contrast to many areas in the capital where infrastructure was added as an afterthought, Aseana City was thoughtfully masterplanned. Wide pedestrian path -
ways, interconnected open spaces, and mixed-use zones work together to support a walkable, wellconnected lifestyle. This emphasis on seamless mobility means that getting to work, meeting friends, or even just running errands feels easier and more intuitive whether you’re commuting via LRT-1 or simply walking through the district’s vibrant climate protected streets.
“Accessibility isn’t just about transportation. It’s about creating more time, less stress, and better quality of life,” Wenceslao added. “Every minute not spent in traffic is a minute returned to people’s lives.”
In a metro where hours lost in traffic are often accepted as the norm, Aseana City proves that a different kind of city is possible—one that flows, connects, and prioritizes its people. As more urban districts look for ways to ease Metro Manila’s congestion and support work-life balance, Aseana City offers a powerful example: plan around transit, invest in flow, and build for people. Because when a city moves better, so do its people.
REDEMPTORIST Aseana LRT Station.
THE newly opened Redemptorist Aseana Station.
(FROM left) PAL Vice President for Cargo Jason Siy, Philippine Airlines President Richard Nuttal, Executive Vice President and COO Atty. Carlos Luis Fernandez, and Vice President for Marketing Alvin Miranda presented yesterday before the media and industry partners the new PAL Cargo at the Multipurpose Hall of the PAL Headquarters in Pasay City.
( FROM left) Mervyn Valenzuela, VP, Corporate Office Division Jet Yu, CEO & Founder, PRIME Philippines Cholo Florencio, Executive Vice President and Ruth Coyoca, SAVP, Brokerage
THE event culminated in ceremonial Japanese tea and Sake toasts led by Vista Land COO Mary Lee Sadiasa, alongside Group Heads Michael Palisoc and Eduardo Aguilar, symbolizing honor for the past and optimism for the future with Kinsan Heights.
KINSAN Heights is a 44-story Japanese-inspired high-rise development in the historic district of San Lazaro, Manila.
Kirsty at IOC helm: In the best of hands
AUSANNE, Switzerland—
LThe first female and first African president of the International Olympic Committee (IOC), Kirsty Coventry, was inaugurated in the role Monday on the organization’s 131st birthday with praise that the Olympic movement was “in the best of hands.”
C oventry, a two-time Olympic gold medalist in swimming for Zimbabwe, finally and formally takes office Tuesday aged just 41 after decisively winning a sevencandidate election in March to succeed Thomas Bach.
C oventry cited her family including her two young daughters as “my rocks, my inspiration” to lead the International Olympic Committee through the next eight years including the 2028 Summer Games in Los Angeles.
You are my constant reminders of why we do what we do every single day,” Coventry said, addressing six-year-old Ella seated near the front of the ceremony You are a constant reminder of why this movement is relevant, why it needs to change, why we need to embrace the new ways,” the new president said. “And you will be a constant reminder for many years to come on the decisions that we all take together.”
S he thanked her husband, Tyrone Seward, because “you have always stood by my side and never said ‘No.’ And I appreciate that because that is something that doesn’t come very often.”
C oventry, a former swim team standout at Auburn University, said Olympic leaders were “guardians of a
platform...to inspire, to change lives, to bring hope.”
Bach’s voice had cracked with emotion minutes earlier as he handed over a symbolic key to the presidency to his protégé in Olympic politics.
The 71-year-old German lawyer, an Olympic champion in team fencing in 1976, leaves after the maximum 12 years in an office he said was now in the “best of hands” with Coventry. “I b elieve with all my heart that the Olympic movement is ready for the future,” said Bach, adding he had “given all I could” to the IOC and the games.
The ceremony took place in a temporary building in the gardens of Olympic House designed in the style of the Grand Palais in Paris that hosted fencing and taekwondo at the Summer Games last year.
A steamy, humid day at the IOC’s lakeside modern headquarters saw a sudden downpour of rain minutes before the scheduled start. It forced Bach and Coventry to shelter under a shared umbrella as they walked from the villa that was the former Olympic home.
The hour-long ceremony included a four-minute montage of tributes to Bach, who now becomes the IOC’s honorary president. He has expressed a wish to counsel his successor.
Coventry’s first day at the office will feature a closed-door session to hear the views of around 100 IOC members. They include current and former heads of state, business leaders and billionaires, past and current Olympic athletes, plus leaders of Olympic sports.
In a team photo taken after the handover ceremony, the IOC member who stayed closest to Coventry
was Nita Ambani, a member of the richest family in India who is key to the country’s ambitions to host the 2036 Olympics.
Picking the host shapes as one of the biggest decisions during the new president’s first term. Asia seems favored and Middle East neighbors Qatar and Saudi Arabia also are preparing bids in the more flexible and unpredictable process that lets the IOC fast-track a preferred option to avoid a contested vote.
A theme of Coventry’s election opponents—including one of her four IOC vice presidents, Juan Antonio Samaranch—was the members’ wish to be more involved in consultation and decision-making after Bach’s hands-on presidency. Their first chance to air views comes Tuesday.
“It’s an important step to listen and to give people the opportunity to talk,” William Blick, a member from Uganda, told The Associated Press while welcoming the powerful symbol of electing a first IOC leader from Africa who also was a young woman. “It’s a very good way for her to start.” AP
a fencer is the second for the National Hero—the first being a replica of the Luneta iconic landmark which stood for decades also in front of Tagaytay City’s previous city hall. We Filipinos know very well that Dr. Jose Rizal excelled in everything he engaged in and in sports, he was a fencer par excellance, a sharp shooter and if there were titles during his time, a grandmaster of ahedres— chess,” added Tolentino, president of the Philippine Olympic Committee and PhilCycling. Highlighting a series of celebratory events marking the local government unit’s 87th charter day anniversary was the inauguration also on Monday of the brand new Tagaytay City Velodrome—an International
“It’s
IT’S the girls’ turn to shine as the Fortheo Cup National Junior Tennis Championships caps its two-week run in Biñan City with top junior talents and rising stars battling it out at the South City Homes Recreation Center starting Thursday.
S andra Bautista, Joy Ansay, Jan Cadee Dagoon, Dania Bulanadi, Czarina Ilano, Justine Casiller, Frances Ilagan and Elyce Yuipco lead an expectedly fierce competition in the
Cycling Union (UCI)-standard indoor and wood track cycling facility that will announce its entry to the global community when the Asian Track Cycling Championships are held March next year in the worldfamous tourist destination.
The velodrome casts its shadow over a similarly UCIgrade BMX track and is perched in the heart of several other sports facilities that underline Tagaytay City as a world-standard sports hub is Hall.
Tolentino brought members of the POC Executive Committee—onboard the city’s e-trikes—after their meeting at Papa Bolo Brewery and Restaurant before heading to the velodrome where close to 2,000 athletes, sports officials and Tagaytay City crowd witnessed the inauguration of the first of its kind—and one of a few in the Asean region—cycling facility.
On hand to lead the ribbon-cutting ceremony with Tolentino and Cavite’s first woman governor, Athena Tolentino, was Asian Cycling Confederation president Dato’ Amarjit Singh Gill as well as Philippine Paralympic Committee president Mike Barredo, Tagaytay City Vice Mayor Agnes Tolentino and Cavite Eighth District Rep. Aniela Tolentino.
Double Olympic gymnastics gold medalist Carlos Yulo and fellow medalist boxer Nesthy Petecio graced the event with POC officials and national sports association leaders. Josef Ramos
Philippine Olympic Committee (POC) president Abraham “Bambol” Tolentino and Asian Confederation president Dato’ Amarjit Singh Gill along with POC executive board members and NSA heads and officials pose in front of the stainless steel 12-foot statue of National Hero Dr. Jose P. Rizal clad in fencing gear in front of the brand new Tagaytay City Hall.
18-and-under division of the Group 2 tournament sponsored by Fortheo Power Station.
For the first time, all four girls’ categories drew full 32-player fields—a strong testament to the growing support for the country’s longestrunning grassroots talent search led by the Palawan Pawnshop program under president and CEO Bobby Castro. The Biñan leg—supported by Threema, Ckap Roofing, Tier One
Game 7 clash for the National Basketball Association (NBA) title between the Oklahoma City Thunder aka OKC and the Indiana Pacers.
OKC defeated Indiana, 103-91, in a not-so-classic win as the outcome had become as obvious as fruit follows flower.
W hy because with only seven minutes and 11 seconds gone in the game, Tyrese Haliburton, Indiana’s chief gunner, said goodbye to his coach, teammates and fans.
He met an accident, tripping while trying to slash the paint from left quarter court.
He fell so hard without banging bodies against anyone, his right knee hitting the floor first.
A s he lay with his head down, his face contorted while he winced in pain, he knew his already compromised, heavilybandaged right calf was damaged property.
He knew Indiana’s championship dream is gone.
So did his coach, Rick Carlisle.
So did his teammates. So did his fans.
They all knew the game is gone.
They all knew the movie is over.
Architects, Scrambowl and Altiche Tennis School—wraps up an action-packed two-week stretch following the boys’ competitions last week and the Fortheo Cup leg in Valenzuela City last month. Doubles titles will also be contested in the 10-and-under, 14-and-under and 18-and-under categories for both boys and girls.
TThe AVC opted to postpone the final between the host country and Pakistan scheduled for 7 p.m. (Bahrain time) after tensions escalated after the US bombed nuclear facilities in Iran. Bahrain capital Manama is situated close to Al Udeid, a US airbase in Qatar said to the staging area for the US B-52 stealth bombers which targeted nuclear facilities in Iran.
“Due to the current situation, AVC President Mr. Ramon Suzara has decided
to postpone all matches scheduled for tomorrow, June 24, 2025, until further notice and until the situation returns to status quo,” the AVC Control Committee said in a statement sent to member countries on Monday night. But after the guarantees provided by the host, AVC president Ramon “Tats” Suzara decided to play the final
“Following consultations with the Government of the Kingdom of Bahrain and the Bahrain Volleyball Association, the AVC has decided to proceed with the Finals today [Tuesday] as scheduled, the AVC said in a statement. Alas Pilipinas were ready to fly home when the AVC decided to continue the tournament—they were scheduled to face New Zealand at 5 p.m. (Bahrain time) Tuesday.
Ginebra takes on SMB, Rain or Shine battles TNT as PBA semis get going
BARANGAY Ginebra San Miguel and San Miguel Beer and Rain or Shine and TNT Tropang 5G start their separate semifinals series in the Philippine Basketball Association (PBA) Philippine Cup on Wednesday at the Mall of Asia Arena in Pasay City. It will be an extravaganza of a semifinals showdown among teams that have made indelible marks in half-acentury-old league with the duels expected to go the full route of seven games each.
They all knew only a miracle can crown them champions.
But, alas, there was no miracle. Nada.
With “The Miracle Man” himself (Haliburton) silenced, who would the Pacers turn to for salvation? Nada.
Yes, Haliburton was called “The Miracle Man” for having habitually, almost, sank shots that won, at one time, five of six games for Indiana as time was expiring.
Before Monday’s winner-take-all match, the Pacers were called “The Miracle Team” aka “The 48-Minute Team” for their propensity to cling to the game all the way to the finish line.
If the Philippine Basketball Association (PBA) has its never-say-die team in Barangay Ginebra, the NBA’s version of that would be Indiana, hands down.
But, hell, of all games, Indiana would evaporate in Monday’s pivotal Game 7.
All, because its “Miracle Man,” Haliburton, had tragically met an accident.
“They are a giant wall that need to be toppled to win a PBA championship,” said head coach Tim Cone, whose Gin Kings battle the Beermen at 7:30 p.m. SMB will be a tough nut to crack in a seven-game series, said the two-time Grand Slam coach, adding eight-time Most Valuable Player June Mar Fajardo possesses all the possible structural elements that make the Beermen that formidable. Fajardo averaged 17.5 points, 13 rebounds and 3.2 assists in the eliminations and scored 23 points and grabbed 15 rebounds when the Beermen dethroned the Meralco Bolts, 108-97, in the quarterfinals.
That is the runway we are given and that is the runway we must go through,” said Cone, whose 88-80 win over Converge got them to the semifinals. “But we will be ready for sure.” Josef Ramos
After a dominant third quarter
In fairness, Indiana fought tooth and nail, even taking a 48-47 halftime lead despite Haliburton’s early exit. But basketball being a 48-minute contest and not 24, the Pacers would soon be brutally bamboozled by the Thunder, who were the heavy favorites in the first place.
