THE government paid a record P2.103 trillion to service its debt in 2025, driven by a surge in interest payments even as principal amortization slightly declined, according to the Bureau of the Treasury (BTr).
Treasury data showed the government’s debt payments grew by 4.08 percent to P2.103 trillion in 2025 from P2.020 trillion in the previous year. Last year’s debt service also slightly exceeded the P2.054-trillion program, under the Budget of Expenditures and Sources of Financing, by 2.38 percent.
Broken down, interest payments rose by 13.21 percent to P864.139 billion in 2025 from P763.313 billion a year ago. This also surpassed the P848.031-billion program by 1.9 percent. Most of the interest payments, about 73.46 percent or P634.846 billion, went to local lenders. Domestic interest payments jumped by 17.60 percent year-on-year
By Lorenz S. Marasigan
HANOI , Vietnam— Southeast Asian economies, including the Philippines, stand to benefit from the accelerating decoupling between the United States and China, as companies pursuing diversification strategies increasingly seek alternatives to Chinese supply chains. At the launch of the DHL Global Connectedness Report 2026, New York University Stern Research Assistant Professor Steven Altman said the
report he coauthored found that the share of US imports sourced from China has collapsed to just 9 percent in 2025—down from 13 percent in 2024 and from highs reached before the first round of US-China tariff escalation in 2017. Notably, he said, the figure now sits below the level recorded when China joined the World Trade Organization in 2001. Since 2016, he said the share of US trade, capital, information, and people flows going to or from China has fallen by an
By
SBless Aubrey Ogerio @blessogerio
OUTHEAST Asian economies may soon have a more formal platform to navigate global economic shifts, as the Philippines proposed elevating the Association of Southeast Asian Nations’ (Asean) geoeconomics task force into a permanent regional body.
The Philippines, as Asean chair, is pushing to elevate the Asean Geoeconomics Task Force into a formal unit, to be called the Asean Geoeconomic Group.
“While the Asean region remains the global champions of the open market, the current landscape demands that the openness be backed by coordination and fore -
sight,” Trade Secretary Ma. Cristina Roque said in her opening remarks during the 32nd Asean Economic Ministers’ Retreat.
“Alongside the High-Level Task Force on Economic Integration, this body will ensure that we are not just reacting to global shifts— we are navigating them together.”
The Asean Geoeconomics Task Force was originally created to help the bloc coordinate strategies in dealing with international trade uncertainties and strengthen the region’s economic resilience.
The group’s work includes discussing policy responses and aligning decision-making across member states on emerging economic and trade issues.
In a press briefing on Friday af -
ter the retreat, Roque clarified that discussions with Asean ministers so far have focused on how each country is responding individually to ongoing developments.
At present, member states are pursuing their own strategies rather than adopting a coordinated regional response.
“All the Cabinet secretaries in the country are all working together to make sure that we’ll be able to handle this crisis as best as we can,” she explained. “All the departments have their own tasks on what to do.”
“We haven’t discussed regarding the way forward regarding this crisis because we just actually brought it up during this meeting,” she added.
Despite the lack of a common ap -
proach for now, Asean economic ministers affirmed in a joint statement on Friday their commitment to an open and rules-based global trading system. The ministers urged the World Trade Organization (WTO) to avoid protectionist policies and unwarranted trade restrictions that could disrupt global commerce. They emphasized the importance of maintaining a multilateral trading system that is predictable, nondiscriminatory and transparent, with the WTO at its core. Meanwhile, the Department of Trade and Industry on Saturday warned retailers against hoarding essential goods or engaging in profiteering, saying such practices would not be tolerated.
FUELING UP IN SAN FERNANDO! An oil depot and fuel storage facility in Poro Point in San Fernando, La Union, handles gasoline unloading operations, amid widespread apprehension over when the country’s fuel reserves would dry up amid the war in the Middle East. This facility—located within the Poro Point Freeport Zone and managed by the Poro Point Management Corporation— serves as
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n Chongqing hotpot and street food—a must‑try for lovers of bold, spicy Sichuan flavors.
n “8D city” urban quirks—rail lines thread ing through buildings, cliffside roads and overlap ping bridges that make for striking photos.
n Ciqikou and cultural sites—preserved old streets, teahouses and museums offering a win dow into regional history and craft.
A practical tip: expect steep walking and many stairs; book popular hotpot restaurants in advance and allow time for transfers between riverfronts and hilltop viewpoints.
New boost in people-to-people linkages
IN a Facebook post, the Chinese Embassy in Manila welcomed the new Air China service and framed it as a practical step to strengthen bilateral ties.
The embassy said the route “will provide con venient, efficient air connectivity that benefits travelers and businesses on both sides.”
“This direct link between Chongqing and Ma nila underscores the deepening cooperation in tourism, trade and cultural exchange. We expect the service to facilitate people‑to‑people con tacts and create new opportunities for economic partnership,” the embassy said.
The embassy had earlier urged Philippine law en forcement agencies to continue ensuring the safety and welfare of Chinese nationals in the Philippines, and to strengthen consular communication and as sistance as passenger volumes increase.
Visa and policy context
THE launch comes amid recent policy shifts. The Department of Foreign Affairs (DFA) introduced a 14‑day visa‑free entry for Chinese nationals to the Philippines, a measure expected to lift short‑term arrivals and stimulate tourism.
Filipino travelers still require a tourist (L) visa to enter mainland China, including Chongqing, and the embassy encouraged passengers to secure appropri ate travel documents before departure.
AFP ramps up intel amid Mideast tensions–Brawner
By Malou Talosig-Bartolome
THEArmed Forces of the Philippines (AFP) has received firm assurances from Washington that American military presence in the Indo-Pacific region will remain strong, despite the United States’ intensified focus on conflicts in the Middle East.
AFP Chief of Staff Gen. Romeo Brawner Jr. said he has been in “close contact” with his US counterpart, who pledged continuity of support.
“They assured us that the support of the US to the Philippines will continue on,” Brawner noted, adding that American forces in the Philippines
ADB…
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“I think we should be optimistic
and Indo-Pacific “have not been reduced.”
In response to global tensions, the AFP has expanded its intelligence collection to monitor possible spillover threats, including risks from Iranbacked groups.
“We are not on red alert. But of
in that the macroeconomic levers in terms of monetary policy and fiscal policy have been managed very well and responsibly in the Philippines,” Park said.
Currently, the ADB estimates that
course, we have increased our intelligence collection,” Brawner clarified.
Balikatan exercises to push through JOINT military activities remain unaffected. Brawner confirmed that the annual Balikatan exercises will proceed, with US IndoPacific Commander Adm. Samuel Paparo describing this year’s drills as “the biggest Balikatan exercise ever.”
Engagements under the Mutual Defense Board–Security Engagement Board (MDB-SEB) framework will also continue without interruption.
“ Tuloy-tuloy naman. Walang hinto, walang humpay,” Brawner said.
Lessons from global conflicts WHILE closely monitoring the Middle East war, the AFP is treat-
if the Middle East conflict ends within a couple of months, it could trim Southeast Asia’s economic growth by around 0.1 percentage point.
The bank said it is also revisiting its growth forecasts to factor in the
Wage…
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regional boards on how the crisis affects their respective areas.
“This will depend on the ongoing monitoring of our regional boards because of the crisis. They must carefully analyze its potential effects on their regions,” Sy said.
She also assured the public that regional boards will continue monitoring economic conditions
Decoupling…
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average of 42 percent, while China’s corresponding flows toward the United States are down 37 percent.
Trade between the two economies accounted for 3.6 percent of global trade at its peak in 2015, before declining to 2.7 percent in 2024 and sliding further to just 2.0 percent during the first three quarters of 2025.
Despite the numbers, Altman urged caution in interpreting the data as evidence of a clean break.
“I would strongly caution against taking that result as clear evidence of a big drop in US reliance on goods produced in China,” Altman said. “The official imports data...only include direct imports from China. They leave out all of the material and components that increasingly go into goods produced in other countries.”
Hence, he said, Chinese inputs are still flowing into global supply chains—they are simply routed through third countries before reaching American consumers.
Accounting for this indirect trade, Altman said, reveals that a substantial degree of economic interdependence between Washington and Beijing remains intact.
Opportunity for SEA FOR Southeast Asia, however, the shift presents a concrete opportunity. Companies adopting so-called “China plus one” strategies—maintaining Chinese production while building out alternative manufacturing bases—
ing it as an opportunity to analyze global defense dynamics.
“One important lesson that we learned is that we still have to establish closer relations with our allies and partners,” Brawner explained, citing Canada as an example.
The AFP is ready to assist in repatriating Filipinos from conflict zones, though Brawner acknowledged the financial challenges.
“It’s quite expensive. We use our own assets. It’s a lot cheaper if we use commercial airlines,” he said.
Still, he assured readiness: “We did it in the past already and we are ready. But of course we cannot compromise security.”
Brawner emphasized that AFP operations remain focused on both security and efficiency.
“We make sure that we contribute to the saving of our critical resources,” he concluded.
ongoing geopolitical tensions.
As of December 2025, the ADB projected the Philippine economy to grow by 5.3 percent in 2026, while Southeast Asia was expected to expand this year by 4.4 percent.
to ensure that wages in the regions remain appropriate.
Currently, the daily minimum wage in Metro Manila stands at P695, the highest in the country, while the lowest is in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at P411.
Data from independent think tank IBON Foundation showed that as of January, the average daily nominal wage rate stood at P503, which is P750 short of the estimated P1,253 family living wage. Justine Xyrah Garcia
have increasingly turned to the region.
“Southeast Asian countries so far have been growing their share of world trade as companies look at China-plus-one strategies and diversification,” Altman said.
“The countries that can manage to offer the best alternative are leading the market, and Southeast Asian countries so far have played a prominent role in that.”
The Philippines, along with its Southeast Asian neighbors, may be positioned within this broader regional trend.
According to the report, countries with flexible geopolitical positions—rather than those aligned firmly with either the US or China—have captured most of the trade that has shifted away from geopolitical rivals.
Over the past decade, only 4 percent to 6 percent of global goods trade, greenfield foreign direct investment, and crossborder mergers and acquisitions have moved away from geopolitical rivals. Of that redirected flow, most has gone not to close US allies but to swing states like India and Vietnam.
“The politics and policy surrounding globalization are much more volatile than the actual flows between countries,” said Altman. “Global trade patterns changed more in 2025 than they do in a typical year, but less than they did during other recent disruptions such as the early stages of the war in the Ukraine. Sound decision-making requires a calibrated view of how much global business ties are really changing. The risks to globalization are real, but so is the resilience of global flows.”
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from P539.829 billion. Of the amount, P416.768 billion was paid for interest in Fixed Rate Treasury Bonds, P162.739 billion for Retail Treasury Bonds and P44.968 billion for Treasury bills. The government also allocated P229.293 billion in interest to foreign financiers, up by 2.6 percent from P223.484 billion in 2024. Treasury data showed that domestic interest payments overran the P618.25billion program, while interest payments to foreign sources remained within the P229.781-billion target. Meanwhile, amortization, or the repayment of loan principal, slightly declined to P1.239 trillion, down by 1.43 percent year-on-year from P1.257 trillion. Still, this went beyond the P1.206trillion program by 2.73 percent. Payments to local creditors accounted for the bulk of principal repayments at P1.015 trillion, slightly lower than the P1.018 trillion recorded in 2024. A total of P223.669 billion was also allocated to offshore lenders, down 6.53 percent from P239.293 billion in the prior year. Both domestic and external principal amortization exceeded the P987.505-billion and P219.094-billion targets, respectively.
Larger debt stock, frontloaded amortization ACCORDING to John Paolo R. Rivera, senior research fellow at the state-run think tank Philippine Institute for Development Studies (PIDS), exceeding the programmed level for debt servicing could indicate higher borrowing requirements or timing adjustments in repayments.
“[The] increase is notable but not necessarily alarming as it partly reflects the larger debt stock accumulated in recent years and the frontloading of amortization payments,” Rivera told the BusinessMirror
“The key issue is not just the level but the debt service burden relative to revenues, since higher servicing costs reduce fiscal space for infrastructure and social spending,” he stressed. Elevated global interest rates and refinancing costs also pushed up interest payments, Rivera added.
“While still manageable, this could become more challenging if high interest rates persist, as new borrowings and rollovers may be priced at higher yields,” he said.
Volatility to push borrowing costs higher THE current geopolitical tensions between Iran and Israel could also increase borrowing costs, according to economists.
Domini S. Velasquez, chief economist at Chinabank, told the BusinessMirror that this could lead to higher borrowing costs, particularly if they trigger global risk aversion or push oil prices higher.
“Both of which tend to raise emerging market yields,” Velasquez said, noting that some of this pressure has already been reflected in the secondary market, as yields were up by around 25 to 40 basis points last week.
“Global volatility could indeed push borrowing costs higher, especially if investors demand greater risk premiums during periods of uncertainty,” Rivera added.
Velasquez said a weaker peso can also have an impact on the government’s debt servicing, although the effect is “somewhat limited” since most of the state’s debt is denominated in pesos.
“Maintaining a 70:30 domestic-toforeign borrowing mix is a deliberate strategy that helps cushion the country from exchange rate volatility during periods of global uncertainty,” Velasquez said.
“Overall, the situation remains manageable but underscores the need for careful debt management, stronger revenue mobilization and sustained economic growth to keep debt servicing sustainable,” Rivera added. This year, the government will allocate P2.005 trillion for debt servicing, slightly lower by 2.36 percent than the P2.054-trillion program set for 2025. Of this amount, P950 billion will be used for interest payments, with roughly 74 percent going to domestic creditors and the rest to foreign lenders. The government is also set to repay P1.055 trillion in principal this year, with about 84 percent allocated to local creditors.
Comelec set to decide on Marcoleta Soce case
By MJ Jadormio
HE Commission on Elec -
Ttions (Comelec) is expected to issue a decision on Wednesday on the complaint involving Sen. Rodante Marcoleta’s statement of contributions and expenditures (Soce) after procedural complications emerged in the case.
Comelec Chairman George Erwin M. Garcia said the Commission en banc has required each member to submit their position before finalizing the ruling.
“By Wednesday, we expect the Commission to finalize its decision because each member has already been required to submit their respective opinions,” Garcia said in a radio interview.
The issue centers on donations received by Marcoleta after filing his certificate of candidacy in October 2024.
Garcia said Marcoleta admitted receiving the donation but argued that he was not yet legally considered a candidate at the time.
“He admitted that a donation was given to him after the filing of his certificate of candidacy in October 2024,” Garcia said.
“But his contention is that at the time he received the donation, he was not yet considered a candidate based on the Supreme Court decision in Penera v Comelec,” he added.
Garcia said the Comelec’s Political Finance and Affairs Department (Pfad) has already submitted its recommendation on the matter.
However, the case became “more complicated” after the Office of the Ombudsman referred a separate complaint involving Marcoleta’s Soce and statement
of assets, liabilities and net worth (SALN) to the poll body.
Garcia said the Comelec had already launched its own motu proprio investigation after questions were raised about Marcoleta’s Soce and statement of assets, liabilities and net worth (SALN).
“The Comelec conducted a motu proprio investigation after the issue about the SALN and the Soce surfaced,” he said.
Garcia said the Ombudsman later referred the Socerelated issue to the commission since it falls under Comelec’s jurisdiction.
This resulted in two parallel processes—one stemming from the Pfad review and another from the complaint endorsed by the Ombudsman.
Because of this, the poll body is studying whether the two cases should be consolidated or handled separately.
“From our point of view, we must be very careful because there might be issues on due process if another case is suddenly introduced while one is already being heard,” Garcia told reporters in another interview.
The issue gained attention after Sen. Panfilo Lacson delivered a privilege speech raising questions about the donations received by Marcoleta.
Garcia said the commission will not allow outside pressure to affect its decision.
“As far as we are concerned, nothing of that sort is felt or conveyed,” he said.
“We will not let our constitutional independence and sound judgement be hampered by perceived influences or pressures.”
House Justice panel may shorten impeach proceedings vs VP if...
By Jovee Marie N. dela Cruz @joveemarie
THE House Committee on Justice may shorten the ongoing impeachment proceedings against Vice President Sara Z. Duterte if she fails to submit a reply to the complaints pending before the panel by Monday, a lawmaker said.
Party-list Rep. Terry Ridon of Bicol Saro, a member of the House Committee on Justice, said the panel is awaiting the Vice President’s response within the 10day period provided under House rules, with the deadline expected to lapse at the start of the week.
“The House Committee on Justice is waiting for the Vice President’s answer. I believe she has until this weekend and until Monday to submit her response to the committee,” Ridon, who also chairs the House Committee on Public Accounts, said at a news forum.
The Justice panel is set to hold a hearing on Wednesday to discuss preliminary matters related to the impeachment proceedings. The formal hearing—where lawmakers will deliberate on the sufficiency of grounds cited in the two remaining impeachment complaints against Duterte—is tentatively scheduled for April 8.
Senate probe on new procurement law sought
By Butch Fernandez @butchfBM
OLLOWING landmark re -
Fforms he instituted in the budgeting process as chairman of the Senate Committee on Finance, Sen. Sherwin Gatchalian has filed a resolution seeking an inquiry into the implementation of the new Government Procurement Act in a bid to promote integrity in the use of public funds. Proposed Senate Resolution 336 calls for the need to assess
Filipino soldier shines in Aussie drone contest
By Rex Anthony Naval
THE Army’s (PA) growing expertise in drone operations was proven as one of its drone operators succeeded in clinching a top spot in the final round of the Military International Drone Racing Tournament (MIDRT AS 26) in Sydney, Australia, held on March 14. In a statement on Sunday, Col. Louie Dema-ala, PA spokesperson, said reservist Pfc. Rex Froilan Gil (Codename: RezFVP) finished 11th over-all out of 76 elite drone pilots who competed in the event.
Dema-ala also said that Gil’s win showcased the growing competence of the PA’s unmanned aerial systems (UAS) operators.
“Competing in high-speed firstperson view drone events that tested piloting agility, precision targeting and tactical maneuvering, the feat highlighted the organization’s commitment to keeping pace with the rapidly evolving field of drone warfare,” Dema-ala noted.
the status of the new procurement law’s implementation in order to ensure the seamless transition to the new pro-curement procedures.
“It bears noting that a transparent, effective, and efficient government procurement system ensures that public funds are spent judiciously in order to maximize value for money in the delivery of public service and enhances accountability in the use of public funds,” Gatchalian emphasized.
Kasunod ito ng mga repormang itinulak natin sa budget process sa
gitna ng mga naging kontrobersiya sa paggamit ng pondo ng bayan, kabilang ang flood control projects. Malinaw ang layunin: palakasin ang transparency, higpitan ang disiplina sa paggastos ng pondo, at paigtingin ang monitoring ng mga proyektong pang imprastraktura,” he added.
The new procurement law was enacted in July 2024 to enhance transparency, competitiveness, efficiency, accountability, and value for money, among others, in government procurement.
180 Filipinos in Lebanon seek repatriation
MORE than 180 Filipinos in Lebanon have asked to be repatriated as Israeli military operations escalate in the south.
The strikes, now carried out with drones and precision missiles, mark a shift from the indiscriminate bombings seen at the start of the conflict.
The Philippine Embassy reported that 167 Filipino workers and 14 overseas Filipinos with families have registered for voluntary repatriation.
Many have already fled southern Lebanon, moving north after military warnings.
With 14,000 Filipinos currently living in Lebanon, the scale of potential displacement is significant.
The Department of Foreign Affairs had earlier placed Lebanon under the Alert Level status, which means Filipinos are strongly urged to voluntarily evacuate while commercial options remain available.
Israel’s strikes target Hezbollah, the Iranbacked militant group that opened a new front after the assassination of Iran’s Supreme Leader Ayatollah Ali Khamenei.
Hezbollah has launched rocket and drone attacks into northern Israel, including Haifa, claiming defense of Lebanon and solidarity with Iran.
The collapse of a 2024 cease-fire between Israel and Hezbollah has fueled hostilities.
Lebanon has become a secondary battleground in the wider Israel–Iran war, with the United States also involved. The humanitarian toll is severe: hundreds killed,
thousands injured, and more than 800,000 displaced.
Philippine Ambassador to Lebanon Marlowe Miranda explained Israel’s tactics: “They use drones, and precision missiles,” noting the shift from “indiscriminate falling of bombs.”
He added that Israel’s intent appears to be to “purge the population of maybe their Hezbollah targets.”
The Israeli military has issued evacuation orders, warning residents to avoid areas south of the Litani River.
“They say, every now and then, [with] warnings, ‘If you are within 300 meters of this building, move out,’” Miranda said.
On the ground, Filipinos are anxious. “Now it’s really tense, very alarming,” said Fr. Henry Ponce, a Filipino Jesuit priest based in Beirut.
He noted that warnings now cover entire areas: “Ang laki ng coverage...it’s madness.”
Witnessing panic firsthand, he added: “Marami sa mga Pilipino ngayon takot, worriedatparanghindialamsaansilatatakbo at gagawin. Ang daming challenges.”
Despite embassy efforts, repatriation faces obstacles. Commercial flights have been suspended.
For those seeking immediate departure, costs are prohibitive and could as high as $3,700 one-way via Turkey before flying to Manila.
Many Filipino workers remain hesitant to leave, fearing job loss if they abandon their posts—even as they acknowledge they did not sign up to work in a war zone.
Malou Talosig-Bartolome
Ridon said the committee would wait until the end of office hours on Monday before deciding on its next course of action.
However, the lawmaker noted that the process could move faster if the Vice President does not submit a reply within the deadline.
“In the event that she does not respond by Monday, the process will be shortened or abbreviated,” Ridon said.
“If that happens, as early as the final weeks of this month, the committee could already proceed to determine the sufficiency of grounds and then move to the formal hearings,” he added.
If Duterte submits her answer, the complainants and endorsers of
the impeachment complaints will be given an opportunity to file their replies, after which the vice president may submit a rejoinder.
After that stage, the committee will proceed with determining the sufficiency of grounds before moving to the formal hearings.
“The determination of sufficiency in grounds will then be taken up, and the formal hearing could proceed around April 8 if that is the timeline and if the vice president responds,” he said.
Lawyers or witnesses?
THE House Committee on Justice will also decide how to address the participation of two lawyers in Duterte’s legal team amid concerns that they could also be called as witnesses during the impeachment proceedings.
Ridon said the committee would deliberate on the issue involving lawyers Michael Poa and Reynold Munsayac.
Both lawyers previously held key positions in the Office of the Vice President and the Department of Education during Duterte’s tenure as education secretary.
Under House rules, lawyers representing parties in impeachment proceedings may attend hearings but are limited to observing the
proceedings, while deliberations remain the exclusive prerogative of House members.
Ridon said the committee has no objection to most of the lawyers representing Duterte but expressed reservations about Poa and Munsayac because of their previous roles in the government. He noted that Munsayac was mentioned in testimony by former Education Undersecretary Gloria Mercado in connection with alleged attempts to influence procurement processes in the department.
Because of this, Ridon said Munsayac may be called as a witness or resource person during the impeachment proceedings. He also noted that both Poa and Munsayac previously served as spokespersons for Duterte.
The lawmaker said the committee is concerned that the two lawyers might invoke lawyer-client privilege if asked about matters related to their work while they were government officials. The justice panel earlier found the two remaining impeachment complaints against Duterte sufficient in form and substance and is now awaiting the Vice President’s formal answer before proceeding to the next stage of the proceedings.
BOI backs Charter change but think-tank says ‘wait’
By Jovee Marie N. dela Cruz @joveemarie
AS discussions on Charter change continue in the House of Representatives, the Board of Investments (BOI) has expressed support for proposed economic amendments to the 1987 Constitution, saying that easing foreign ownership restrictions could attract more foreign direct investments (FDIs) and improve the country’s global competitiveness.
However, an economist from IBON Foundation urged lawmakers to instead focus on strengthening Filipino-led development rather than removing constitutional safeguards on the economy.
During a recent hearing of the House Committee on Constitutional Amendments, lawyer Kayla Samson of the BOI said liberalizing key sectors of the economy has long been considered a key step in strengthening the Philippines’ investment climate.
Samson cited the 2025 Global Competitiveness Report of the International Institute for Management Development (IMD), which ranked the Philippines 51st out of 69 countries in overall competitiveness. While the ranking was slightly better than the country’s 52nd place position in 2023 and 2024, the Philippines has remained near the bottom among Asia-Pacific economies, placing 13th out of 14 countries in the region since 2021.
The IMD report evaluates countries based on 333 competitiveness indicators, drawing from economic data, international and national sources, and surveys of businesses, government agencies, and academics.
Samson also pointed to the Foreign Direct Investment Regulatory Restrictiveness Index of the Organisation for Economic Cooperation and Development (OECD), where the Philippines ranked as the third most restrictive economy out of 84 countries in 2022, with a score of 0.374—behind only Libya and Palestine.
The index measures barriers to foreign investments, including equity restrictions, discriminatory screening mechanisms,
limits on foreign personnel, and operational constraints.
She noted that the OECD conducted an investment policy review of the Philippines in 2016 and recommended reconsidering constitutional restrictions on foreign investments.
Samson also cited the World Bank’s 2019 Systematic Country Diagnostic, which identified opening the economy to greater competition as a key policy priority to achieve the country’s long-term development goals under Ambisyon Natin 2040.
Among the recommended reforms were amendments to the Public Services Act, loosening foreign investment restrictions, and reducing non-tariff trade barriers.
Foreign participation
SAMSON said increased foreign participation in sectors such as telecommunications, shipping, financial services, and media could bring significant benefits, including capital inflows, improved governance, stronger competition, technology transfer, job creation, and higher worker productivity.
She noted that several reforms have already been enacted through legislation, including amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act, as well as changes to the Investors’ Lease Act and the lifting of foreign equity limits in the energy sector.
“While the amendments to these laws are considered game changers, many FDI restrictions remain embedded directly in the Constitution rather than in investment laws or sectoral legislation,” Samson said.
She added that sectors such as mass media and education could also benefit from liberalization, particularly with the rise of new technologies and evolving business models, including partnerships with international institutions and hybrid learning programs.
The BOI, Samson said, supports efforts that would give Congress greater flexibility to enact laws implementing economic reforms aligned with the country’s national development strategy.
She added that the agency would defer to Congress regarding the mode and timing of constitutional amendments, taking into account the resources required, efficiency, and the potential impact on economic momentum.
Weak
DURING the same hearing, IBON Foundation Executive Director Sonny Africa said the country’s economic challenges are not mainly due to foreign ownership restrictions but rather to weak industrial policies and structural issues in the economy.
“The Constitution is so important. All views should be heard,” Africa told lawmakers, noting that commonly held assumptions about economic liberalization should be carefully examined.
Africa said the Philippines’ economic problems stem from premature liberalization, weak domestic productive capacity, high energy costs, and the concentration of economic power.
He pointed out that foreign direct investment in the Philippines reached a record $125.5 billion in 2024, equivalent to 27.2 percent of gross domestic product, yet the manufacturing sector has declined to its smallest share of the economy in 76 years, while agriculture’s share dropped to a historic low of 7.9 percent.
“This shows that more foreign investment does not automatically translate into development,” Africa said.
Comparing the Philippines with economies such as South Korea, Taiwan, and China, Africa said these countries achieved industrial growth with relatively lower levels of foreign investment because they pursued strong state-led development strategies.
“They disciplined foreign investment with state development strategies, building domestic industries and supply chains. In contrast, liberalization without industrial strategy in the Philippines has deepened import dependence and weakened local productive capacity,” he said.
Africa also warned that global FDI flows are weakening owing to slower economic
growth, rising protectionism, and geopolitical tensions, making domestic-led development even more important.
While the IBON Foundation does not support amending the Constitution, Africa said that if reforms are pursued, they should expand the country’s policy space for industrialization, agricultural modernization, national development planning, strategic management of foreign investments, Filipino enterprise development, innovation, and labor protection.
“Development depends on building domestic productive capabilities, especially Philippine industrialization—not simply maximizing foreign investment inflows,” Africa added.
Panel decision
THE House Committee on Constitutional Amendments is expected to decide on May 13 the preferred mode of amending the 1987 Constitution following a series of consultations with experts and stakeholders.
Cagayan de Oro Rep. Rufus Rodriguez, panel chairman, said the committee is consolidating the positions raised during previous hearings into a summary matrix that will guide lawmakers in their deliberations.
“This represents your positions in summary form, which will be included in a matrix. You have already made the matrix for the previous hearings—two hearings already,” Rodriguez told participants.
He said the matrix would also incorporate the views of experts who testified in earlier Congresses but may no longer appear before the committee.
“In fact, we will incorporate the other experts who will not come anymore in this Congress because they have spoken and they are already on record in the 17th, 18th, and 19th Congress,” Rodriguez said.
The committee will go on recess on March 18 and resume sessions on May 4. Rodriguez said the panel aims to finalize its decision shortly after the resumption.
Lawmakers are scheduled to meet on May 13 to deliberate and decide on the proposed constitutional amendments.
PNP steps up drive vs gas stations ‘ghosting’
THE National Police(PNP) Chief,
Gen. Jose Melencio Nartatez
Jr., on Sunday has ordered the intensified monitoring of gasoline stations that have halted operations amid recent oil price shocks.
Nartatez ordered local chiefs of police to coordinate with the local governments and the Department of Energy (DOE) to determine the circumstances leading to the sudden closure of some gas stations.
www.businessmirror.com.ph
Ex-House economist urges DOE to adopt ‘cost plus’ pricing for oil
ECONOMIST and former Albay congressman Jose Clemente “Joey” Sarte Salceda on Sunday urged the Department of Energy (DOE) to explore adopting a “cost-plus” pricing rule for oil products to protect consumers from possible profiteering as tensions linked to the Iran crisis continue to rattle global energy markets.
Salceda, now chairperson of the thinktank Institute for Risk and Strategic Studies Inc., said oil companies should be required to disclose their actual acquisition costs and limit retail margins to a transparent and reasonable markup.
“I’m calling on the DOE to seriously explore a cost-plus rule, where we require oil companies to declare their actual acquisition costs and limit retail margins to a reasonable, transparent markup,” he said.
The proposal comes as developments in the Strait of Hormuz—a key global oil shipping route—continue to influence market prices.
Salceda said Iran recently announced that the waterway would remain open to all vessels except those from the United States, Israel, and their allies, which he described as a possible shift in strategy after weeks of attacks on vessels from neutral countries.
“Iran has spent the last two weeks bombing Thai, Maltese, and Marshall Islands ships, not American ones. Either Iran can no longer sustain an indiscriminate blockade, or it realized bombing neutral countries was destroying the very coalition it needs against Washington,” he said.
He added that the development may signal that the worst phase of the crisis could be easing, though uncertainty remains.
Salceda emphasized that the Philippines remains highly vulnerable to global oil
disruptions, noting that about 98 percent of the country’s oil supply comes from the Middle East.
“The US gets only around 2.5 percent of Hormuz oil. We’re paying the price of a war we have no part in,” he said, adding that American oil companies are posting record revenues even as Filipino consumers struggle with rising fuel costs.
Despite the volatility, Salceda expects oil prices to stabilize in the coming weeks. He added that the massive pump price increases seen in the past two weeks may already be tapering off.
“The worst pump price hikes are probably over. In fact, a price reduction at the pump may even be merited at some point this month,” Salceda said, adding that price movements are likely to remain within single-digit adjustments rather than the sharp increases recently experienced. Still, he warned regulators to closely monitor oil companies to ensure that global price declines translate into relief for consumers.
“When global crude drops, local pump prices are slow to follow,” Salceda said. “Consumers suffered the increases in real time. They deserve the decrease in real time too.” Salceda also described the geopolitical standoff as increasingly resembling “a game of chicken,” with both sides seeking a way to de-escalate without appearing to concede.
He also pointed to ongoing but quiet negotiations involving Cuba and the United States, suggesting that a diplomatic breakthrough there could give political space for a broader de-escalation that may ultimately stabilize oil prices.
Jovee Marie N. Dela Cruz
Cebu chamber proposes deployment of rolling stores
By Carmel Loise Pedroza
CEBU CITY—The Cebu Chamber of Commerce and Industry (CCCI) has proposed the revival of rolling stores in partnership with the Cebu provincial government to help stabilize the supply and prices of basic goods, as businesses begin to feel early ripple effects from the ongoing conflict in the Middle East.
THE Petroleum Association of the Philippines (PAP) is urging power generation companies to maximize the use of domestic natural gas to help stabilize electricity prices, saying the country still has unused indigenous capacity that could reduce reliance on costly fuel imports.
“There is an opportunity to fully
“We in the PNP fully understand the situation that gas station owners face amid the challenges brought by the situation in the Middle East. But if the sudden closure is for illegal scheme, then expect police action on this matter,” Nartatez said. The DOE earlier asked the PNP to assist in monitoring and in running after gasoline stations that are allegedly taking advantage of the situation in the Middle East.
Some netizens, on the other hand, complained of unannounced closure of some gas stations in their areas and asked the national government to look into the possibility of hoarding and price manipulation.
The government has been closely tracking fuel supply and pricing, especially after the recent volatility in Middle East markets triggered concerns over shortages.
Industry sources predict another round of mega oil price hikes may be implemented next week. Rex Anthony Naval
Nartatez said the PNP has doubled its efforts in response to the concerns raised by the public, particularly the motorists.
PAP urges full implementation of NatGas law
implement the downstream Natural Gas law by maximizing the use of indigenous gas,” PAP Chairperson Donnabel Kuizon Cruz said during a Senate hearing on Wednesday.
“We still have capacity there that we can use and push into our power generation companies so we can help reduce the price.”
Amid proposals to suspend petroleum
taxes in response to Middle East tensions, the group has advocated for the full implementation of Republic Act 12120 or the Philippine Natural Gas Industry Development Act as a long-term safeguard against price volatility. They noted that Section 38 of the law, which exempts the sale of indigenous natural gas and electricity generated from it from VAT, could deliver additional savings for consumers.
Cruz, who also serves as president and chief executive officer of Prime Energy, operator of Service Contract 38 covering the Malampaya Deep Water Gas-to-Power Project, said locally produced gas offers a significant cost advantage over imported liquefied natural gas (LNG).
“Electricity generated from Malampaya gas costs about P4.80 per kilowatt-hour, compared with P10.30 per kilowatt-hour for imported LNG,” she adds.
“That’s how big the difference between our own fuel in the country is, compared to imported gas today,” Cruz told senators.
Highlighting the link between energy independence and national security, Cruz noted that global tensions involving Iran serve as a wake-up call to strengthen the country’s domestic fuel supply. She
described the 2022 extension of the Malampaya Service Contract as the catalyst for the country’s recent upstream successes.
“The Iran conflict underscores the importance of having our own resources— our own indigenous or domestic fuel sources such as indigenous gas, oil, and indigenous coal,” she explained. Cruz added that the policy shift has already yielded tangible results: “The government’s move to extend the license was very timely. This allowed us to start drilling for new wells, and we already had one discovery—with hopefully more to come.”
She also credited the Department of Energy for continuing to develop the country’s indigenous resources, including awarding additional petroleum service contracts to boost local energy production and reduce reliance on imported oil.
Energy stakeholders are now coordinating with the Department of Energy to manage the country’s fuel mix amid global market uncertainty.
“Under the leadership of the DOE, members of the energy sector have started to coordinate in this crisis and see how we can balance the fuel mix to help consumers during this time,” Cruz added.
CCCI president Regan Rex King said the proposal emerged after a meeting with provincial officials, where business leaders and government representatives discussed contingency measures to cushion Cebu’s economy should global supply disruptions worsen.
The proposal draws inspiration from a pandemic-era initiative where the province deployed caravans of mobile stores selling essential commodities to communities.
“We were thinking of proposing again the rolling stores of basic commodities,” King said, explaining that companies supplying food, medicine, and other essentials could offer their goods through local governments.
Under the concept, local governments would distribute the goods to communities without immediately paying suppliers in cash. Instead, participating businesses would receive credit that could be offset against their business taxes.
“There will be no cash out for LGUs. It will be more like a credit note that can be offset when businesses pay their taxes. The province together with the municipalities can distribute these goods to the right people, especially the masa,” King added.
The plan is still in the proposal stage and will be formally presented to the governor and shared with other business chambers to ensure a unified response from the private sector.
Ripple effects
WHILE the Iran conflict has not yet caused immediate disruption in Cebu, King said businesses are already preparing for possible supply chain challenges.
Cebu’s heavy dependence on imported goods makes the province particularly vulnerable to global disruptions.
“Most of the things here in Cebu are not produced here. Once our supplies start to run out... that will already be dangerous,” King said.
Some importers have reportedly begun receiving word from suppliers that shipments bound for Cebu have not yet been booked, creating uncertainty in the flow of goods.
“If your shipments come every month and suddenly your supplier says there is a standstill, that will definitely affect turnover,” King explained. So far, freight costs remain “frozen,” but businesses are monitoring whether transportation rates and logistics disruptions could push prices upward.
Ensuring supply, price stability
BEYONG the rolling stores proposal, business leaders and government officials are exploring other mitigation measures to ensure Cebu maintains sufficient supply of food and other essential commodities.
“More than anything else, what we need to see is to make sure that the supply for food and basic commodities is enough,” King said.
The business community is also discussing ways to prevent price spikes in essential goods if supply disruptions intensify.
“We are thinking of ways on how prices of basic commodities will not go wild,” he added.
A formal statement and set of proposals from CCCI and other chambers is expected to be released soon.
Apart from global concerns, businesses are also adjusting to local policy changes such as the four-day workweek adopted by some government agencies.
Previously, many transactions could be processed until Fridays, but offices are now operating from Monday to Thursday, requiring businesses to adapt their schedules.
“There’s already a little bit of effect in the business community...more like a ripple effect that we may feel after several days,” he told reporters.
“That is a big adjustment for the business community,” King said.
Trump urges allies to send warships to Strait of Hormuz as Iran orders evacuations of UAE ports
By Samy Magdy & Sam Mednick
The Associated Press
AIRO — US President Don -
Cald Trump said he hoped allies would send warships to secure the vital Strait of Hormuz while Iran urged people to evacuate three ports in the United Arab Emirates as its war with the United States and Israel showed no signs of ending.
Iran’s call to evacuate the Middle East’s busiest port and two other UAE ports marked the first time it had openly threatened a neighboring country’s non-US assets.
Tehran said the US had used “ports, docks and hideouts” in the UAE to launch strikes on Kharg Island, home to the main terminal handling Iran’s oil exports, without providing evidence. It urged people to leave areas where it said US forces were sheltering.
Meanwhile, Lebanon’s humanitarian crisis deepened, with over 800 people killed and 850,000 displaced as Israel launched waves of strikes against Iran-backed Hezbollah militants.
Iran says the US attacked from close to Dubai IRAN’S foreign minister, Abbas Araghchi, said the US attacked Kharg Island and Abu Musa Island from two locations in the UAE, Ras Al-Khaimah and a place “very close to Dubai,” calling that dangerous and saying Iran “will try to be careful not to attack any populated area” there. US Central Command said it had no response to Iran’s claim. A diplomatic adviser to the UAE’s president, Anwar Gargash, said on social media the country has the right to defend itself
Rising
AP
Jbut “still prioritizes reason and logic, and continues exercising restraint.”
Iran has fired hundreds of missiles and drones at Arab Gulf neighbors during the war, but it has said it was targeting US assets, even as hits or attempts were reported on civilian ones such as airports and oil fields.
Araghchi said the Strait of Hormuz was closed only to “those who are attacking us and their allies.”
Trump urges allies to send warships to Strait of Hormuz AS global anxiety soars over oil prices and supplies, Trump said Saturday that he hopes China, France, Japan, South Korea, the U.K. and others send warships to keep the Strait of Hormuz “open and safe.” Britain in response said it was discussing with allies a “range of options” to secure shipping.
Araghchi, in a social media post, urged neighbors to “expel foreign aggressors” and described Trump’s call as “begging.”
On Saturday, Iran’s joint military command reiterated its threat to attack US-linked “oil, economic and en -
jet fuel prices could make summer flights more expensive
By Rio Yamat
Airlines
Writer
ET fuel prices are rising as the war in the Middle East disrupts global oil supplies, putting cost pressure on airlines as the busy summer travel season approaches.
Experts say it’s not a question of if airfares will go up, but when, for how long and by how much. The impact may be felt most on long-haul international routes, which burn significantly more fuel than shorter flights. Some airlines outside of the US have announced fare increases or fuel surcharges in an effort to offset the growing expense. In the US, United Airlines CEO Scott Kirby recently warned that airfare increases will “probably start quick” as increasing fuel costs work their way through the industry.
Why are jet fuel prices rising?
THE war is constraining oil exports and prompting major producers like Kuwait, Saudi Arabia and Iraq to scale back output as shipments face growing obstacles.
Iran has attacked commercial ships across the Persian Gulf and targeted oil infrastructure in Gulf Arab nations following US and Israeli strikes. The attacks have effectively halted traffic through the Strait of Hormuz, a narrow passage that carries about onefifth of the world’s oil supply.
The volatile crude oil prices causing retail gasoline prices to swing up sharply have had the same effect on the price of jet fuel. The average price in the US reached $3.99 per gallon on Friday, up from $2.50 the day be -
fore the war started two weeks ago, according to the Argus US Jet Fuel Index. The index tracks the average price airlines pay for jet fuel across major US airports. Figures from the US Department of Transportation’s Bureau of Transportation Statistics show that US airlines paid about $2.36 per gallon for fuel in January, the most recent data available.
What does it mean for airlines?
SOME airlines are partially protected from sudden price spikes through fuel hedging, a strategy that allows them to lock in fuel prices months or even years in advance. But not all airlines hedge, and those that do are usually only protected for a portion of their fuel needs, meaning prolonged price surges may cause more carriers to raise fares.
“No one hedges anymore, and even if you do, hedging the crack spread is really hard to do,” Kirby said at a Harvard event last week. The crack spread is the difference between the price of crude oil and the price of products produced from it, like gasoline.
Another factor for airlines: Air space closures have required rerouting flights around parts of the Middle East, which can mean longer routes, additional fuel burn and higher operating costs.
What does it mean for travelers?
TRAVELERS may feel the impact in several ways.
Airlines can add or increase fuel surcharges, an extra fee common among carriers outside of the US that’s added on top of the base ticket price.
Major US carriers, however, don’t charge a separate fuel surcharge. Instead, they build fuel costs into the overall ticket price, meaning any increase is more likely to show up as a higher base fare for travelers, according to Tyler Hosford, security director at global risk management firm International SOS.
Airlines also may adjust what they charge for premium add-ons—such as seat upgrades, extra legroom seats, checked bags or priority boarding — as another way to offset higher operating costs. For consumers, that means even if the base fare doesn’t rise immediately, the total cost of a trip could still increase once additional fees and upgrades are factored in.
If higher fuel prices persist, airlines may also adjust schedules or reduce certain routes, said Christopher Anderson, a professor at Cornell University’s business school whose research includes operations and information management in the hospitality and airline industries.
How high could airfares climb?
IT’S difficult to predict exactly how much ticket prices could increase as a result of costlier oil and fuel. Industry analysts say the impact of higher jet fuel costs can vary based on the route, airline and travel demand.
Fuel typically accounts for 20% to 25% of an airline’s operating costs, making it the second-largest expense after labor, according to Rob Britton, an adjunct marketing professor at Georgetown University and retired American Airlines executive. A sharp rise in fuel prices therefore can have a major impact on airlines’ budgets.
Which airlines have announced price hikes?
SO far, most fare increases and fuel surcharges are coming from airlines based in the Asia-Pacific region, but experts expect more airlines—espe -
cially those without fuel hedging — to follow if high jet fuel prices persist.
Hong Kong’s flag carrier, Cathay Pacific, said it would increase its fuel surcharge starting Wednesday.
“The price of jet fuel has approximately doubled since March amid the latest developments in the Middle East,” the airline said in a statement Thursday.
Other airlines with price increases or new surcharges include:
n Air France-KLM said roundtrip economy fares on long-haul flights could rise by about 50 euros (about $57).
n Air India introduced fuel surcharges Thursday on certain routes.
After March 18, the carrier says the surcharge will increase by up to $50 for all tickets to Europe, North America and Australia.
n Hong Kong Airlines increased fuel surcharges across several routes as of Thursday.
n FlySafair in South Africa announced a temporary fuel surcharge
What can travelers do to keep costs down?
EXPERTS say travelers planning summer trips may be able to limit the impact of rising airfares by booking earlier rather than waiting for lastminute deals.
Locking in ticket prices sooner— especially with flexible booking options that allow changes—can help secure lower prices before airlines adjust rates further.
Hosford, the security director at International SOS, suggests travelers stay flexible with travel dates, check fares at nearby airports and set alerts for price drops. He also recommends using frequent flyer miles or credit card points to book flights instead of holding out for a “perfect deal.”
“If you were going to spend cash on the flight but now you’re not, then that’s a good redemption deal,” he said.
ergy infrastructures” in the region if the Islamic Republic’s oil infrastructure is hit.
Iran’s semiofficial Fars news agency said the Kharg Island strikes caused no damage to oil infrastructure. It said they targeted an air defense facility, a naval base, the airport control tower and an offshore oil company’s helicopter hangar.
US identifies 6 killed in military aircraft crash
THE US Department of Defense on Saturday identified six service members who died when the military refueling aircraft they were aboard crashed Thursday while supporting operations against Iran.
The service members were Maj. John A. Klinner, 33; Capt. Ariana G. Savino, 31; Tech. Sgt. Ashley B. Pruitt, 34; Capt. Seth R. Koval, 38; Capt. Curtis J. Angst, 30; and Tech. Sgt. Tyler H. Simmons, 28, according to US officials.
The crash in western Iraq followed an unspecified incident involving two aircraft in “friendly airspace,” accord -
ing to US Central Command. The other plane landed safety.
Another attack on the US Embassy in Baghdad A MISSILE struck a helipad inside the US Embassy compound in Baghdad on Saturday. No one immediately claimed responsibility for the attack. The embassy complex, one of the largest US diplomatic facilities in the world, has been repeatedly targeted by rockets and drones fired by Iran-aligned militias. The State Department again warned citizens in Iraq to leave “now,” and by land since commercial flights were not available. It noted that Iran and Iran-aligned militia groups “may continue to target” US citizens, interests and infrastructure.
Mednick reported from Tel
Chehayeb and Bassem Mroue in
and Tia Goldenberg in Washington contributed to this report.
Russian strike on Kyiv region kills 4 people and wounds 15 as peace talks are stalled
By Susie Blann Associated Press
KYIV, Ukraine—A combined Russian missile and drone attack on the Kyiv region killed at least four people and wounded 15, a Ukrainian official said Saturday, after the United States postponed RussiaUkraine talks due to the war with Iran.
The attack hit four districts, damaging residential buildings, educational institutions, enterprises and critical infrastructure, the head of the regional administration, Mykola Kalashnyk, wrote in a social media post. He said three of the wounded were in critical condition.
Ukrainian President Volodymyr Zelenskyy said the main target of the strikes was the energy infrastructure of the Kyiv region. He said Russia launched around 430 drones and 68 missiles.
Russia’s Defense Ministry on Saturday said the nighttime strikes targeted energy and industrial facilities serving Ukraine’s armed forces, as well as military airfields.
Russia hopes to gain from the Iran war THE US has postponed its sponsored talks planned this week between the two sides due to the war in the Middle East.
As US and Israeli missiles and bombs rain on Iran, Russia has responded with words of indignation but no action to support its ally. Moscow’s failure to help another ally, after the 2024 ouster of former Syrian ruler Bashar Assad and January’s US arrest of Venezuelan leader Nicolas Maduro, highlighted the limits of its influence.
Still, the Kremlin expects to reap benefits from the Iran war.
Russia is already profiting from a surge in global energy prices, and could hope that the Mideast war will detract attention from Ukraine, deplete Western arsenals and force NATO allies to reduce military support for Kyiv.
Zelenskyy on Saturday called on Kyiv’s Western partners to pay “one hundred percent attention” to the need to boost the production of air defense missiles.
“Russia will try to exploit the war in the Middle East to cause even greater destruction here in Europe, in Ukraine,” he said in a post on social media.
“We must be fully aware of the real level of the threat and prepare accordingly, namely: in Europe, we need to develop the production of air defense missiles — especially those capable of
countering ballistic threats—as well as all other systems necessary to truly protect lives,” he said.
Kyiv is also awaiting White House approval for a major drone production agreement proposed by Ukraine last year, Zelenskyy said Thursday, as countries scramble to modernize their air defenses after the Iran war exposed shortcomings. Also on Thursday, Zelenskyy criticized the 30-day US waiver on Russian oil sanctions because of the war in the Middle East, saying it is “not the right decision” and won’t help bring a stop to Russia’s more than four-year, allout war on Ukraine.
“This easing alone by the United States could provide Russia with about $10 billion for the war,” Zelenskyy said. “This certainly does not help peace.”
Ukraine strikes a refinery and port in southern Russia
UKRAINIAN drones hit an oil refinery and port in Russia’s southern Krasnodar region, local Russian officials reported.
Krasnodar authorities said three people were hurt in a strike on Port Kavkaz, opposite Crimea, which is used to ship liquefied natural gas and grains. A service vessel and pier infrastructure were damaged, officials said, adding that one person was hospitalized.
Falling drone debris also sparked a fire at the Afipsky oil refinery, one of the largest in southern Russia, authorities said in a Telegram post. They said no one was hurt, but did not immediately comment on damage. In a Facebook post on Saturday, Ukraine’s General Staff said both the refinery and port are used to supply Moscow’s armed forces. It added it was assessing the impact of the strikes.
Among the Afipsky refinery’s products are diesel fuels and natural gasoline that can be used to make jet fuel or petrol. It was targeted by Ukrainian drones before, including in January and November.
Russia’s Defense Ministry said its forces shot down 87 Ukrainian drones during the night, including 16 over the Krasnodar region and 31 over the nearby Sea of Azov.
Moscow Mayor Sergei Sobyanin said that as of late afternoon, 31 drones had been downed on the approach to the Russian capital on Satu rday. Russia’s aviation authorities brought in temporary flight restrictions at three of Moscow’s international airports—Domodedovo, Vnukovo and
Trump’s war jolts global central banks from Fed to ECB to BOJ
By Craig Stirling & Will Standring
CENTRAL banks from Washington to London to Jakarta are about to make their first assessments of economic damage after more than two weeks of conflict between the US and Iran.
Decisions in the coming week encompassing every member of the Group of Seven and eight of the world’s 10 most-traded currency jurisdictions are likely to confirm to investors that the specter of a new inflation shock is already worrying enough to prompt heightened caution.
Interest-rate bets that fully anticipated easing in the US have eroded, while possible hikes in the UK and euro zone later in the year are now being priced in. Such shifts will force policymakers to explain the extent to which such wagers are justified.
“For the Fed, much depends on how the conflict evolves. If the war ends quickly, we expect the unemployment rate to edge higher and core inflation to cool, allowing rate cuts of about 100 basis points this year. If the conflict drags on, keeping energy prices high and pushing inflation expectations higher, the calculus becomes far more difficult,” said Bloomberg economists Eliza Winger and Anna Wong.
The Iran war is the second time in just over a year that US President Donald Trump’s policies have collectively jolted global central banks, after his so-called Liberation Day tariffs in April attempted to rewire world trade. That experience of uncertainty and risk will ensure that policymakers’ nerves stay taut in the months ahead.
US Federal Reserve
THE Fed is widely expected to do exactly what everyone anticipated weeks ahead of their March 17-18 policy gathering: hold rates steady. But in recent days the narrative surrounding that hold—that it may comfortably endure for months—has been smashed by renewed tremors in the labor market and a war in the Middle East that’s sent oil prices surging.
The combination puts the Fed’s dual mandates in conflict, clouding the outlook for rates, at least for the near-term.
Market pricing: Money markets imply a 90% chance of a quarter-point rate cut in 2026, more likely than not from September onwards.
On Wednesday morning, while Fed officials are still meeting, the government will release another piece of the US inflation puzzle with the February producer price index. Economists see a smaller increase in the measure of wholesale costs than in January, when services prices jumped. Other economic data over the coming week include February industrial production and January new-home sales.
European Central Bank
OFFICIALS in Frankfurt are widely anticipated to keep the deposit rate unchanged on Thursday. But the Middle East crisis has all but dislodged ECB policy from the “good place” that President Christine Lagarde and colleagues previously claimed to inhabit.
The spike in energy prices, which has spurred bets on rate hikes, puts the onus on the Governing Council to explain how inflation risks have shifted, along with clues on how close they are to meeting those market expectations. Investors have seized on parallels between the current energy shock and the 2022 crisis following Russia’s invasion of Ukraine, when the ECB stood out for its stubborn resistance to market pressure for higher rates. But while the central bank will strive to avoid a repeat of its mistakes, it’s unlikely to rush a hike either.
Market pricing: Having only recently been settled on a year-long hold, traders are now betting the ECB will raise rates at least once in 2026. One quarter-point hike is fully priced from July onwards, and swaps imply a 70% chance of a second hike by year-end.
Bank of Japan
THE BOJ is widely expected to hold its benchmark rate steady on Thursday, while assuring markets that it remains on the path toward policy normalization.
Governor Kazuo Ueda is likely to emphasize the need to closely monitor developments given the country’s heavy reliance on oil imports from the Middle East.
While sustained high crude prices could hurt Japan’s economy, they would also add to inflationary pressures. Policymakers must additionally assess the risk of further weakening the yen if they strike an overly dovish tone. The currency on Friday slid to its lowest level against the dollar since 2024.
Traders will parse the BOJ’s statement and Ueda’s remarks for clues, with investors keenly gauging the chances of a rate hike by April. The possibility of a move then hasn’t been ruled out, people familiar with the matter said earlier this month.
Market pricing: Traders favor one quarter-point hike by July and price a 90% chance of a second increase by December.
Bank of England
A DECISION that appeared just last month to be tilted “50-50” toward a potential cut, according to Governor Andrew Bailey, is now highly likely to favor unchanged rates on Thursday. Economists at ING and RSM UK reckon that inflation could rebound to more than double the central bank’s 2% target if the recent jump in oil and gas costs proves enduring.
Such risks are forcing officials to pivot toward vigilance about consumer prices, despite signs of sputtering growth even before the current energy shock. Data on Friday showed the UK economy unexpectedly failed to expand in January, threatening to undershoot the BOE’s first-quarter forecast for gross domestic product to rise 0.3%.
Market pricing: Money markets imply a 60% chance the BOE will hike rates in 2026, most likely from July onwards. Before the US and Israel began airstrikes on Iran, and the rise in oil prices followed, two quarter-point cuts were fully priced by year-end.
Bank of Canada
INFLATION data for February released two days before the Bank of Canada decision on Wednesday will provide policymakers with an important read on price pressures before the Middle East conflict pushed oil prices higher. Also on their minds will be Friday’s data that showed the economy lost more jobs during February than in any month over the past four years.
With headline inflation hovering near the central bank’s 2% target, markets expect policymakers to hold their policy rate at 2.25% on Wednesday, while watching Governor Tiff Macklem’s news conference for signals on how the Iran crisis may affect the outlook.
Market pricing: A quarter-point rate hike in October is fully priced by money markets.
gains that pushed the franc to decade highs against the euro will draw close scrutiny at its first quarterly decision of the year on Thursday, after Swiss policymakers broke their usual silence to reveal increased willingness for intervention.
While any change in language on foreign exchange will be notable, economists are unanimous in predicting the rate will stay at zero, meaning that they judge the present juncture won’t warrant the more drastic and economically harmful option of a return to negative borrowing costs.
The franc is a key focus for SNB officials because its gains weigh on already feeble inflation via lower import costs. Even so, the higher oil price could generate some price growth, mitigating pressure on them to act.
Market pricing: Swaps imply an 85% chance of a rate hike in 2026, priced from September onwards.
Riksbank
THE Swedish central bank is widely expected to leave its benchmark unchanged at 1.75% on Thursday, in line with previous signals, as the economy continues to strengthen at the same time as inflation ebbs below the 2% target.
New economic forecasts and a revised rate path will be in focus as investors look to see whether turbulence in the Middle East has caused policymakers to change their view that the next move will be a hike next year. Market pricing: Traders assign a 50% chance to a 25-basis-point hike from June onwards.
Reserve Bank of Australia
AUSTRALIAN policymakers on Tuesday are due to set the cash rate, currently at 3.85%, with markets pricing a solid chance of a second consecutive increase.
The RBA last month became the first major developed-market central bank this year to lift borrowing costs, citing stubborn price pressures and excess demand in a supply-constrained economy. Since then, data have reinforced the picture of resilience, while the Iran war has heightened concerns about domestic price pressures. Officials have the difficult task of assessing whether another hike would bolster credibility or risk tightening into an increasingly uncertain global backdrop. Markets will scrutinize the post-meeting statement as well as Governor Michele Bullock’s press conference for signals on whether February marked the start of a renewed tightening phase.
Market pricing: Money markets are leaning toward three more rate hikes from the RBA in 2026, starting on Tuesday.
Brazil
UNTIL the war in Iran broke out, Brazil’s central bank had been all but certain to begin an easing campaign: policymakers in January signaled that a March cut was their base case, while disinflation and lower expectations gave them more than a little room for maneuver.
Now, rather than the half-point cut that many analysts had anticipated, the consensus now expects a quarter-point reduction, and some Brazil-watchers can also see the cau -
Indonesia faces perfect storm: Fuel crisis hits as millions travel for Eid
By Eddie Spence & Chandra Asmara
PRESIDENT Prabowo Subianto’s administration has already faced market turmoil, a tumbling currency and civil unrest. Now Jakarta is grappling with fuel prices that have spiked across the region as a war in the Persian Gulf upends supply—just as more than 100 million Indonesians hit the road.
The end of the holy month of Ramadan heralds one of the largest temporary migrations anywhere, when close to half the population travels home for the Islamic festival of Eid Al-Fitr, which falls at the end of this week. Cars jam motorways, airlines add flights and families cook large traditional meals on gas stoves, all of which help spike fuel consumption.
tious board giving some consideration to holding yet again at 15%.
Bank Indonesia
THE central bank in Jakarta is widely expected to keep its rate steady at 4.75% on Tuesday, a decision that will force officials to balance rupiah stability against renewed worries about consumer prices.
While fuel subsidies will probably cushion faster inflation, such measures risk bloating the deficit amid heightened fiscal concerns. That could spur more capital outflows and undermine officials’ efforts to maintain a stable currency.
Russia
BANK of Russia officials on Friday will weigh whether an uptick in inflation after an increase in the value-addedtax rate is easing sufficiently to allow a seventh straight cut in its key interest rate.
Policymakers shaved 50 basis points off the rate at each of the past three meetings. Their decision will take place just before consumer-price data for February are due.
Some other decisions:
Tuesday
MOROCCO’S king is expected to appoint a new governor before the quarterly rate decision. The central bank will likely leave rates unchanged as policymakers monitor the inflationary impact of the Iran conflict.
Wednesday
Iceland’s central bank is expected to hike its rate by a quarter point to 7.5% in a reversal from easing that started in 2024. Inflation has lingered at 5.2%, with higher oil costs increasing price pressures.
After four jumbo cuts since July that reduced Ghana’s benchmark by 12.5 percentage points to 15.5%, the central bank may slow easing or pause cutting altogether as it weighs the inflation fallout from the war.
Thursday
CZECH policymakers are also anticipated to keep borrowing costs steady, with developments around Iran likely to add to arguments to doing so. The Ukrainian central bank’s decision is expected to result in unchanged policy after a cut in January.
Taiwan’s economy has been buoyed by strong global demand for its technology products that support AI dev elopment. But the island’s central bank is unlikely to raise rates now after inflation stayed well below 2% in recent months.
Friday
BANCO Central del Paraguay is contending with a fairly unique issue: inflation has slowed for six straight months and at 2.3% is now well under its 3.5% goal. Consecutive rate cuts have trimmed borrowing costs to 5.5%.
With assistance from Swati Pandey, Laura Dhillon Kane, Vince Golle, Robert Jameson, Toru Fujioka, Yian Lee, Isobel Finkel, Charlie Duxbury, Ragnhildur Sigurdardottir, Paul Richardson, James Hirai, Bastian Benrath-Wright and Christopher Condon/Bloomberg
Disrupted energy supplies from the Middle East—thanks to a deepening conflict in the Persian Gulf—have already created fuel shortages and pushed up prices. These have prompted some governments across Southeast Asia to impose four-day weeks for public-sector workers, mandate higher air-conditioner temperatures and urge citizens not to take unnecessary trips.
One exception has been Indonesia, a net importer of both crude and fuels, which has instead largely sought to reassure consumers that the country is well-supplied and that prices will not rise.
As the country prepares for Eid, analysts argue the government may be dragging its feet in a worsening energy crisis that threatens to drive up inflation and the cost of subsidies. Both would pile even more pressure on finances already strained by ambitious policies that Prabowo has promised will drive growth to levels not seen since the 1990s.
“The government is asking the public to remain calm without presenting concrete solutions,” said Bhima Yudhistira Adhinegara, executive director at the Jakarta-based Center of Economic and Law Studies. “This is highly risky, especially ahead of Eid Al-Fitr, when consumption typically rises.”
As Southeast Asia’s largest economy, Indonesia is the biggest importer of oil products in the region, sourcing much of that from supply now disrupted by the war. Fuel stockpiles in nearby Singapore—which sells to its neighbor—are currently above average, but Indonesia’s own reserves are
among the lowest in the region. That gives it little room to handle disruptions, even as the war heads into its third week. Between March 12 and the end of the month, gasoline consumption is expected to increase 12% relative to normal conditions, according to the energy ministry. Gasoil use will fall 14.5% as fewer people are at work, but aviation fuel and kerosene consumption will rise. Stocks of liquefied petroleum gas, used in cooking and some industrial processes, stand at around 12 to 15 days, the ministry said on Friday. A spokesperson for the Energy Ministry said fuel stocks were relatively secure because Indonesia has multiple sources of crude, and encouraged the public to refrain from panic buying and fuel hoarding. In a cabinet meeting Friday, Prabowo called on his government to take measures to cut costs and fuel consumption, without providing details. He asked his ministers to outline plans over the coming days. Modest reserves are partly a product of Indonesia’s history as a major oil exporter in its own right. The country was among the first to join the Organization of the Petroleum Exporting Countries after its founding, and national crude output soared in the latter half of the 20th century, peaking at just under 1.7 million barrels a day in 1977. Since then, though, production has declined precipitously to just over 600,000 barrels a day, as existing oil fields ran dry and investment in exploration dropped due to laws restricting foreign firms. Long an importer of refined products, due to limited refining capacity, the country became a net importer of crude in 2003. But even as the country’s position changed, Indonesia continued to cap fuel prices, seen as a national entitlement given ample natural resources. Attempts to raise the cost of gasoline prices have historically led to protests and riots, most recently in 2022, when oil spiked during Russia’s invasion of Ukraine. Even without energy inflation, many of Indonesia’s 280 million people have been struggling. Prabowo last year sacked his finance minister after widespread costof-living protests turned violent, and has since taken steps to help low-income Indonesians.
With assistance from Claire Jiao, Nicholas Lua, Norman Harsono and Eko Listiyorini/Bloomberg
THE European Central Bank (ECB) headquarters and the financial district of Frankfurt. PHOTOGRAPHER: ALEX KRAUS/BLOOMBERG
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Comelec issues new rules on party-list registration for 2028
By Mary Jade Jadormio
HE Commission on Elections
T(Comelec) has issued new rules governing the registration and accreditation of political parties, party-list groups, coalitions, and citizens’ arms for the 2028 national and local elections.
In Resolution 11204 promulgated on March 11, the poll body laid down procedures covering the filing of petitions for registration, cancellation of registration, nomination of party-list candidates, and submission of reportorial requirements.
The resolution will apply to the 2028 national and local elections and subsequent elections, the commission said.
Under the new rules, organized groups seeking registration as political parties or partylist groups must file a verified petition before the Office of the Clerk of the Commission.
The petition may be filed either personally or electronically through the commission’s official email address, provided that hard copies are submitted afterward.
The poll body said petitions for registration must be filed not later than December 18, two
years before the next regular national and local elections.
The resolution also requires parties to submit supporting documents, including their constitution and bylaws, a list of officers and members, and proof of organizational presence.
Political parties intending to participate in the party-list system must also file a manifestation of intent to participate in the succeeding elections.
The commission said any interested party may file a verified opposition to a petition for registration within 10 days of publication of the petition and the hearing order.
The resolution, likewise, requires registered parties to submit annual reporting requirements, including a sworn information update statement and audited financial statements.
Failure to comply with these requirements may serve as a ground for the cancellation of a party’s registration, the poll body added.
The Comelec said the rules are part of its mandate to regulate the registration of political parties and ensure compliance with election laws under the Constitution and the Omnibus Election Code.
US vows steady Indo-Pacific presence–Brawner
By Malou Talosig-Bartolome
THE Armed Forces (AFP)
has received firm assurances from Washington that American military presence in the Indo-Pacific region will remain strong, despite the United States’ intensified focus on conflicts in the Middle East.
Gen. Romeo Brawner Jr., Armed Forces chief of staff, said he has been in “close contact” with his US counterpart, who pledged continuity of support.
“They assured us that the support of the US to the Philippines will continue on,” Brawner noted, adding that American forces in the Philippines and Indo-Pacific “have not been reduced.”
In response to global tensions, the AFP has expanded intelligence collection to monitor possible spillover threats, including risks from Iran-backed groups.
“We are not on red alert. But of course, we have increased our intelligence collection,” Brawner clarified.
Brawner also confirmed that the annual Balikatan exercises will proceed, with the US Indo-Pacific
commander, Adm. Samuel Paparo, describing this year’s drills as “the biggest Balikatan exercise ever.”
In addition, Brawner said engagements under the Mutual Defense Board–Security Engagement Board (MDB-SEB) framework will also continue without interruption.
“Tuloy-tuloy naman. Walang hinto, walang humpay,” Brawner said.
While closely monitoring the Middle East war, the AFP is treating it as an opportunity to analyze global defense dynamics.
“One important lesson that we learned is that we still have to establish closer relations with our allies and partners,” Brawner explained, citing Canada as an example.
Brawner also said the AFP is ready to assist in repatriating Filipinos from conflict zones, though Brawner acknowledged the financial challenges.
“It’s quite expensive. We use our own assets. It’s a lot cheaper if we use commercial airlines,” he however said.
Still, he assured readiness: “We did it in the past already and we are ready. But of course we cannot compromise security.”
DPWH goes hi-tech to future-proof infra
SBy Rizal Raoul Reyes @brownindio
HIFTING away from temporary fixes, the Department of Public Works and Highways (DPWH) is adopting high-tech engineering to future-proof the nation’s infrastructure.
In a press briefing, Public Works Secretary Vivencio Dizon told reporters that the organization is veering away from “band aid” solutions to create pedestrian-centric thoroughfares that prioritize the safety and mobility of millions of Filipinos.
“This will cover the rehabilitation of the iconic Epifanio delos Santos Avenue [Edsa] to the ‘reengineering’ of flood control systems and other major infrastructure projects.” We are laying out an ambitious roadmap targeting completion for several key phases by June 2027,” Dizon told reporters at the Kapihan ng Samahang Plaridel forum in Manila.
To eliminate the “perpetual repair” cycle of Edsa, Dizon said DPWH is moving away from traditional asphalt overlays in favor of advanced concrete injection and Asian Highway Standards. He added the goal is to reduce the previously estimated two-year repair timeline down to just a few months. “We cannot settle for the next sacrificial repair,” he noted, emphasizing that the P17 billion rehabilitation plan from Monumento to Roxas Boulevard must prioritize long-term durability over temporary fixes.”
Upon the instructions from President Marcos, Dizon said the DPWH made it a priority to make Edsa and other roads commuterfriendly. With Metro Rail Transit (MRT) 3 serving up to 750,000 passengers daily, he said the DPWH is prioritizing “active mobility.”
Under the P6-billion Edsa Rehabilitation Program, the first phase of Metro Manila’s major avenue involving the expansion from Roxas Boulevard to Orense in Makati is expected to see significant progress by June this year.
To minimize economic disruption, construction windows are being strictly limited to 10 p.m. to 4:00 a.m. ensuring roads are fully open for the morning rush hour that starts at 5:00 a.m.
In an effort to professionalize the ranks and curb the corruption culture in the DPWH, Dizon emphasized that promotions to District Engineer or Regional Director will now be based strictly on merit and performance rather than endorsements from local politicians.
To support this “fresh blood” initiative, Dizon said the DPWH has launched a massive recruitment drive in the top engineering schools, including University of the Philippines, De La Salle, and Batangas State University, receiving over 700 applications in a single day at recent campus job fairs.
Maharlika rehab DIZON said the P16-billion rehabilitation of the Maharlika
Highway is currently undergoing short-term repair in anticipation of the Holy Week rush. “We are doing temporary short-term reblocking works that should be done before the Holy Week.
“Definitely, the procurement will be starting after the Holy Week. Target date completion of the Maharlika Highway is by June 2027.
This is the first major comprehensive rehabilitation of the 3,082-kilometer Maharlika Highway—the first major overhaul since its completion in the late 1970s during the administration of the late President Ferdinand E. Marcos.
Aimed at fixing decades-old deterioration, the project will upgrade vital segments in Quezon, Bicol, Samar, and Mindanao to improve logistics, reduce transport costs, and strengthen disaster resilience.
Dizon said the DPWH will concentrate on the heavily damaged areas in the Pagbilao-Lopez segment in Quezon, the Rolando Andaya Highway in Camarines Sur, Albay-Guinobatan route and the Catbalogan-Tacloban area.
In addition, the project covers the entire Pan-Philippine Highway system, spanning Luzon to Mindanao.
“The rehabilitation of the Maharlika Highway will be aligned with international standards to ensure the longevity and sustainability of the project,” he said.
Phillip Acop wins Antipolo House seat
PHILLIP CONRAD ACOP was proclaimed as the new representative of the Second District of Antipolo City, restoring the locality’s representation in the House of Representatives that was left vacant after the death of his father, Rep. Romeo Acop.
The Commission on Elections (Comelec) declared Acop’s win early Sunday, after canvassing votes from all 348 precincts across the district.
Antipolo Election Officer Joseph Vega said the counting and canvassing of votes were completed earlier than expected.
“Our process was manual. We expected to finish in the afternoon, but with the help of election officers from across Rizal, we finished the canvassing by 3:00 a.m. and proclaimed the winner shortly after,” Vega said.
“The election was orderly, peaceful and successful,” he added.
House bill seeks to cushion effects of Iran war on OFWs, other sectors
LAWMAKERS have filed a bill seeking a P52.8-billion supplemental budget aimed at protecting transport workers, farmers, and overseas Filipino workers (OFWs) from the economic fallout of the escalating conflict in the Middle East.
House Bill 8495, authored by Party-list Reps. Chel Diokno, Perci Cendaña and Dadah Kiram Ismula of Akbayan, as well as Rep. Arlene Bag-ao of Dinagat Islands, proposed additional funding to cushion the effects of rising oil prices and the possible displacement of OFWs amid tensions involving the United States, Israel, and Iran.
Lawmakers warned that the Philippines’ heavy reliance on imported fuel—much of which is tied to Middle Eastern supply routes—makes the country particularly vulnerable to supply disruptions that could trigger increases in transportation costs, food prices, and other essential goods.
A total of 83,550 voters participated in the polls, or about 33 percent of the district’s 252,793 registered voters.
Comelec Chairman George Erwin M. Garcia said turnout does not affect the validity of a special election. Earlier, the Comelec said it was expecting heavy turn out in the elections owing to the number of candidates.
“In a special election, there is no percentage requirement for the election to be considered valid,” Garcia said.
“Even if only one person votes, so long as there is no terrorism, violence, threat or intimidation, and no declaration of failure of election, that is a valid election,” he added.
Earlier figures released by the poll body showed that close to 67,000 voters had already cast their ballots as of 5:05 p.m. last Saturday.
Garcia said the Comelec was able
to conduct the polls despite the short preparation period and the absence of an approved budget at the start of preparations.
“Despite the very short period given to us by law, the Comelec was able to conduct the Antipolo Second District special election,” he said.
“We did not even have a budget yet when we started preparing for this.”
Meanwhile, Acop thanked voters who supported his candidacy.
“To those who supported me, thank you very much. Our district now has a voice again in Congress,” he said.
“Rest assured, I will carry your struggles and aspirations to Congress, and I will not disappoint you,” he added.
Acop is expected to take his oath of office before Antipolo City Mayor Casimiro Ynares III on Monday. Mary Jade Jadormi
$280-M ADB initiative to strengthen school-industry linkages
By Bless Aubrey Ogerio
THE Asian Development Bank (ADB) is backing a $280-million initiative aimed at turning university research into commercially viable products.
Known as the Advancing Skills, Competitiveness and Enterprise-Driven Innovation (ASCEND) Project, the ADB said that the program seeks to strengthen the capacity of select state universities to translate research and development (R&D) outputs into solutions that meet industry needs.
The project is still subject to review and approval by the International Chamber of Commerce, and the funding amount may be adjusted, it clarified.
During the (Association of Southeast Asian Nations) Asean Business Environment Forum (Abef) last week, Trade Secretary Ma. Cristina Roque highlighted the program, emphasizing the Department of Trade and Industry’s partnership with ADB to support regional initiatives such as ASCEND.
“ADB remains a vital partner in driving the regulatory reforms and digital transformation our region needs to stay ahead,” Roque said, referring to her discussions with ADB Vice President Scott Morris.
She added that the project also aligns with efforts to implement the Asean Semiconductor Roadmap and strengthen Southeast Asia’s role in hightech manufacturing.
In addition to ASCEND, the DTI noted another ADB-supported program, the Prosper Project, which focuses on accelerating digital adoption among micro, small, and medium enterprises, enabling them to integrate into both domestic and global value chains. According to the ADB, ASCEND will fund facility upgrades, training programs aligned with industry requirements, and mechanisms to enhance collaboration between universities and private enterprises.
This includes grants for applied research, startup incubation, and enterprise development.
“This investment initiative builds on previous ADB support that promoted Industry 4.0 developments and opportunities identified for technology-driven startups,” it said.
www.businessmirror.com.ph Drone. . .
Continued from A3
Gil’s performance builds on the PA drone team’s 5th place finish in the 2025 Military International Drone Racing Tournament held at the Royal Military Academy Sandhurst in the United Kingdom.
Dema-ala said the five-member PA contingent, composed of an officer, two enlisted personnel and two reservists, was invited in the competition as part of the Australian Army’s 125th founding anniversary celebration.
“As UAS continue to play an increasingly critical role beyond the traditional intelligence, surveillance and reconnaissance missions, the PA steadfastly capacitates its regular forces and reserve units in meeting the demands of the fast-changing global security landscape,” he added.
Biazon summons Maynilad execs anew
The lawmakers also noted that existing government funds remain limited in responding to a prolonged crisis. At present, allocations for transport fuel subsidies stand at around P2.5 billion, while the Department of Agriculture has only about P150 million available to assist farmers and fisherfolk.
Meanwhile, the Department of Migrant Workers has around P1.76 billion in emergency funds for the repatriation and reintegration of OFWs who may be affected by the conflict. Under the measure, the P52.8-billion supplemental appropriation will provide targeted fiscal protection to sectors most vulnerable to the economic shock caused by the Middle East crisis.
Of the total amount, P12 billion will be allocated for fuel subsidies for public utility vehicle drivers and transport workers to be implemented by the Department of Transportation in coordination with the Land
“The risk of supply disruptions has already contributed to a sharp increase in global and domestic fuel prices,” the bill’s explanatory note said. They added that the situation could significantly raise the cost of transportation, food production, and other basic commodities, placing greater economic pressure on Filipino households and sectors that are highly sensitive to energy price fluctuations.
Transportation Franchising and Regulatory Board.
Another P2.8 billion will go to agricultural subsidies for farmers and fisherfolk through the Department of Agriculture to help offset rising fertilizer, production, and operating costs.
The bulk of the proposed funding—P38 billion—will support programs for OFWs. Emergency repatriation efforts will be handled by the Department of Migrant Workers in coordination with the Overseas Workers Welfare Administration, while reintegration programs will be implemented by the DMW together with the Department of Labor and Employment and the Department of Social Welfare and Development.
“In times of global instability, the government must act decisively to protect the welfare of its citizens and safeguard the stability of the national economy. This proposed supplemental appropriation provides a targeted, responsible, and necessary fiscal response to mitigate the economic shock brought about by the ongoing Middle East crisis,” the bill said.
MUNTINLUPA CITY
Mayor Ruffy Biazon summoned the top officials of west zone concessionaire Maynilad Water Services Inc. to explain the service interruptions plaguing the city.
In two letters dated March 11 sent to Maynilad executives, Biazon asked for a meeting with the concessionaire’s senior management to provide a plan to address the water outages.
The letters were addressed to Maynilad’s President and Chief Executive Officer Ramoncito Fernandez and Chief Operating Officer Christopher Lichauco.
“It is lamentable that Maynilad is unable to properly inform its customers about the service interruption in a timely, efficient, and
effective manner,” Biazon said. “Muntinlupeños are caught off-guard and are unable to prepare. The uncertainty of service restoration also causes undue stress, inconvenience, and lost productivity.”
Biazon also urged compensation for customers affected by the water interruptions.
“At the least, there should be a rebate to customers who have been deprived of the quality of service Maynilad is obligated to deliver to the people,” Biazon said.
Amid the service interruptions, Biazon slammed the water provider’s lack of coordination with the local government.
“While Maynilad claims t o deploy tankers to provide emergency distribution, it definitely is not sufficient to support all your subscribers and the impact is not significantly felt,” he said.
Last month, Biazon held a town hall meeting with Maynilad officials following the water interruptions. Maynilad attributed the service issues to operational challenges at its treatment facility.
“Government itself is not spared from this failure to communicate by Maynilad. We are also in the dark on what is going on, which necessitates us to have to initiative contact with Maynilad instead of Maynilad proactively engaging the local government,” he said. In addition, Biazon noted that the water interruptions are happening even as Maynilad operates two water treatment plants along Laguna de Bay.
Govt urged to implement coco-biodiesel blend
By Lenie Lectura @llectura
THE Philippine Biodiesel Association (TPBA) is pushing for the continued implementation of the coco-biodiesel blending mandate, saying this will mitigate the impacts of a global oil crisis.
“We call for the continued implementation of the blending mandate and to maintain local sourcing of biofuels, which supports millions of coconut farmers who form this country’s backbone,” said TPBA Executive Director Ramon Taniola.
Republic Act 9367, also known as the Biofuels Act of 2006, remains the country’s most reliable defense against its inherent vulnerability with imported fuels. The law mandates that liquid fuels be blended with biofuels, a 3-percent CME blend (B3) in all diesel fuel sold nationwide took effect on October 1, 2024. This
DA asks consumers to refrain from rice panic buying
CONSUMERS should not panic despite the ongoing military conflict in the Middle East as the Philippines has enough rice buffer stocks, according to the Department of Agriculture said.
The agency, together with state-run Food Terminal Inc. (FTI), also appealed to Filipinos not to “abuse” the government’s “Benteng Bigas, Meron Na!” initiative, widely known as the P20per-kilo rice program.
Agriculture Secretary Francisco Tiu Laurel Jr. said the National Food Authority continues to mill palay to replenish stocks distributed through the government’s KADIWA Program centers and other outlets operated by local government units.
“We understand that the conflict in the Middle East is stoking anxiety among many Filipinos, especially those in vulnerable sectors,” he said. “But acting out of panic will only worsen the situation. We have enough rice buffer, and a good harvest.”
The DA said supply remains adequate despite reports of long lines and unusually large crowds at some distribution points, which officials said may give the impression of a shortage.
There were also reports that some groups attempted to crowd distribution sites, fueling speculation that stocks were running low.
“The long lines create an illusion of shortage,” FTI president Joseph Lo said, noting that dis -
tribution hours have been extended to accommodate more buyers.
Lo, however, acknowledged that logistical constraints and storage capacity limit the number of consumers that can be served daily. “P20 rice supply is limited by location and logistics. Stocks are delivered regularly and distributed fairly across our sites nationwide.”
Distribution continues daily, with registered beneficiaries assured access to subsidized rice through the program’s registry system.
“Beneficiaries do not need to panic or rush,” Lo added. “Rice will be available as long as they are registered in the Benteng Bigas Registry System. Registered individuals are guaranteed eligibility to purchase rice.”
Under the program, each beneficiary may buy up to 10 kilograms of rice per day, provided the purchase does not exceed the individual’s monthly allocation.
Qualified beneficiaries include senior citizens, persons with disabilities, indigent families, solo parents, farmers, fishers, minimum wage earners and public transport workers.
“We encourage responsible purchasing. Buy only what your family needs for daily consumption so others can also benefit,” Lo said. “Our goal is to make distribution safer, more orderly and equitable for everyone.”
Bless Aubrey Ogerio
blend was supposed to increase to 4 percent (B4) by October 1, 2025, and further to 5 percent (B5) by October 1, 2026. However, the National Biofuel Board (NBB) recommended the temporary suspension of B4 due to the higher cost of coconut oil.
TPBA said RA 9367 has established a clear regulatory framework, allowing a nascent industry to be transformed into a robust manufacturing sector. Today, 14 biodiesel facilities utilize 100 percent locally-sourced coconut oil to produce coconut methyl ester, a cleaner, environmentally friendly, locally sourced biofuel that is used as the country’s alternative to fossil fuel-based diesel.
The TPBA is urging legislators to strengthen further, rather than dilute or suspend, the current policies of the original law.
Further, TPBA said the industry has invested enough capacity
and is ready to supply up to a B7 (7 percent) biodiesel blend if mandated. By creating a consistent local market for Philippine-made coconut oil, the Biofuels Act has also provided coconut farmers and the entire copra-coconut oil value chain a domestic alternative to the volatile export market.
“Its continued implementation ensures the country not only di-
rectly supports Filipino agricultural communities but also helps shift the country’s position towards reducing import dependence.”
This push for self-reliance is timely as the 20th Congress deliberates on the proposed bills on amendments to the Biofuels Law, also known as the “Murang Langis Act.”
“We thank our lawmakers in
both the House and the Senate for the opportunity to provide our position in these vital discussions,” added Taniola. “The Biofuels Act was enacted two decades ago with the foresight to prepare the nation for this very crisis, and we must now, more than ever, protect the progress we have made towards cleaner air, climate readiness and import independence.”
The group has strongly opposed proposals to suspend or reduce the blend, warning that such measures threaten the livelihood of farmers, disrupt the coconut market, and harm the environment, among others.
The TPBA is the leading organization representing the country’s biodiesel producers. It is dedicated to promoting the use of sustainable, coconut-based fuels to drive economic growth, environmental stewardship, and energy independence.
Unhusked rice, corn output may fall in Q1–PSA data
By Bless Aubrey Ogerio
THE country’s harvest of rice and corn may decline in January to March based on the Philippine Statistics Authority’s (PSA) estimate of standing crops as of February 1.
Palay production in the first quarter is projected to reach 4.36 million metric tons (MMT), 7.1 percent lower than the 4.7 MMT recorded a year ago. This figure is also 1.9 percent lower than the agency’s earlier projection of 4.45 MMT as of January 1.
The estimated harvest area is expected to shrink to 1.08 million hectares, 6.2 percent smaller
than the previous year’s 1.15 million hectares.
Yield per hectare may also fall slightly to 4.06 metric tons (MT) from last year’s 4.09 MT.
As of February 1, around 264,570 hectares, or roughly 24.6 percent of the updated harvest area, had already been harvested, which yielded 981,640 MT of unmilled rice.
The PSA reported that of the total 1.21 million hectares of standing palay as of February, 39.6 percent were at the reproductive stage, 35.6 percent at the vegetative stage, and 24.7 percent at the maturing stage.
“Of the farmer’s planting inten -
tions for January to March 2026 at 1.01 million hectares perceived area, 402,170 hectares or 39.9 percent have been actually planted.”
Corn harvest MEANWHILE , the PSA said corn production in the first quarter could reach 2.32 MMT, 3.4 percent lower than the 2.4 MMT produced last year. This is also 1.7 percent lower than the previous PSA estimate of 2.36 MMT in January. Harvest area for corn is projected to shrink by 5.3 percent to 612,600 hectares, from last year’s 646,650 hectares. Yield per hectare, however, may rise slightly to
3.79 MT from 3.72 MT. By February 1, about 196,100 hectares, or 32 percent of the updated corn harvest area, had already been harvested, translating to an output of 672,010 MT. The PSA noted that of the total 606,990 hectares of standing corn as of February 1, 39.3 percent were at the reproductive stage, 31.7 percent at the maturing stage, and 29 percent at the vegetative stage.
“As for the farmer’s planting intentions for January to March 2026, 190,490 hectares or 43.6 percent of the 437,120 thousand hectares perceived area have been actually planted.”
PHL closes borders to Indiana poultry products
By Bless Aubrey Ogerio
THE Philippines has suspended poultry imports from Indiana after multiple outbreaks of the H5N1 avian influenza strain were confirmed in the US state.
Department of Agriculture
(DA) Secretary Francisco Tiu Laurel Jr. signed the order directing an immediate halt to shipments of poultry meat, day-old chicks, eggs and poultry semen originating from the Midwestern state.
In a February 23 report, the USDA’s Animal and Plant Health Inspection Service confirmed multiple H5N1 outbreaks in Indiana, with laboratory confirmation conducted by the National Veterinary Services Laboratories
in Ames, Iowa.
Under a 2016 bilateral animal health agreement between Manila and Washington, the country may impose a state-wide import ban if bird flu cases are detected in three or more counties within a US state.
Official reports submitted to the World Organisation for Animal Health showed that Indiana has exceeded that threshold.
The order suspends the processing and issuance of Sanitary and Phytosanitary Import Clearances (SPSICs) covering the affected poultry commodities.
Previously approved SPS clearances for live birds have also been automatically revoked.
Yet, the agriculture department said shipments already in transit,
loaded, or accepted at port before the circular took effect may still be allowed entry into the Philippines, as long as the poultry products were slaughtered or produced on or before January 30.
Shipments that fail to meet these conditions will be confiscated or handled in accordance with existing quarantine regulations.
Veterinary quarantine officers at major ports have also been instructed to strictly enforce inspection and stoppage protocols to prevent potentially contaminated products from entering the country.
The Philippines imported 1.64 million metric tons (MMT) of various meat products in 2025, 13 percent higher than the 1.45 MMT it purchased in 2024.
Of the volume, pork imports rose by 16 percent year-onyear to 851,760 metric tons (MT), while chicken shipments went up by 14.47 percent to 540,522 MT.
“The two main proteins—pork and poultry—grew slightly faster than the overall market, confirming their position as the country’s core staple proteins,” Mita President Emeritus Jesus Cham said last month.
“This growth likely reflects the persistent supply gap created by ASF [African swine fever], slow herd rebuilding, and rising demand from a growing population. Imported pork and chicken are becoming fundamental to food security and price stability.”
Fuel shortages from war begin to threaten global food supply
FOOD crops are becoming increasingly vulnerable to the energy supply crunch caused by war in the Middle East, with farmers across Asia and Europe facing a scarcity of fuel needed to operate essential machinery.
Australian grain growers are facing fuel delivery cutbacks ahead of the planting season. In Bangladesh, some rice farmers cannot secure diesel to power irrigation pumps, while fishermen in the Philippines may soon need to keep their boats ashore. A prolonged supply crunch will drive up food bills and play into global concerns about inflation arising from the conflict.
“As soon as we get cracking, every tractor and piece of machinery will be running, busy and guzzling
diesel,” said Richard Heady, a farmer in Buckinghamshire in the UK. “By mid-spring, we’ll exhaust what we’ve got and have to bite the bullet and pay whatever the going rate is if we can get hold of it.”
Two weeks into the US-Israeli war with Iran, flows of crude oil, liquefied natural gas and fertilizer have been choked by attacks on energy infrastructure across the Middle East and the effective closure of the Strait of Hormuz. Farmers are paying more for crop nutrients while for some access to a major export market has been cut off.
Now, the fuel crunch is adding another major hurdle. Modern agriculture is an energy-intensive industry, relying on large amounts of fuel to power machinery used for
sowing, harvesting and tending to livestock in sprawling pastures. Without this supply, farming calendars honed over generations could easily be disrupted.
If farmers can’t get enough diesel, sowing could be delayed or reduced. Mature crops left in the ground would deteriorate, while the cost of processing and transporting produce after harvest would also increase.
“We don’t necessarily see this as a flash in the pan,” said Paul Joules, a farm-input analyst with Rabobank in Sydney. “There will be longerterm inflation issues on the input side, and obviously that can eventually be passed on to the consumer.”
The Asia-Pacific region is particularly dependent on commodities shipped from the Middle East.
Even as governments move to cap prices or curtail use, consumers have rushed to buy fuel, leaving industries like farming vulnerable to shortfalls.
Irrigation equipment in much of Bangladesh vital for the rice crop runs on diesel-powered engines that draw up groundwater, and the government has begun restricting daily supply to 2 liters per person.
Harprosad Roy, a farmer in the northern Rangpur region, said his two-acre plot needs at least 3 liters per day but that he often returns from the pump with just one.
Nearly 40 percent of arable land in the region depends on these machines and with the harvest starting next month switching to an electric motor would involve a lengthy process to secure a govern -
ment permit, said Roy. “There is no one to help farmers,” he said, which puts the Boro rice crop Bangladesh’s largest at risk.
In the Philippines, rice farmer Jespher Villegas typically rents a harvester machine during the collection season that starts this month and pays for it with about a 10th of his crop. “But the owners will definitely ask for more because of the high diesel prices,” he said, which will reduce the amount he can sell as he grapples with tuition fees for his three children.
Rice is a staple in the Philippines, which despite two annual harvests of its own ranks as the world’s biggest importer. In Thailand, meanwhile, some farmers fear that rising fuel costs mean it might not be financially viable to
collect the crop, said Abhi Agarwal, co-founder of Living Roots, an agricultural company in Chiang Mai. Fishermen are also struggling, losing about 500 pesos ($8.40) a day in the Philippines due to rising diesel costs, Jayson Cainglet, executive director of the SINAG farmers’ group, told a Senate hearing on Thursday. Subsidies have been mooted for about two weeks from now but by then, boats might no longer be on the water, he said.
Elsewhere, the scarcity of fuel could reduce the amount that farmers are able to sow. Farmers in Australia are gearing up for winter grain planting, while their counterparts in much of Europe are preparing spring crops like barley and corn. Bloomberg News
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Abolishing the travel tax: Removing the financial shackles on Filipino mobility editorial
FOR decades, leaving the Philippines has been treated not just as a journey, but as a financial penalty. For the Filipino worker heading to a new job overseas, the parent visiting a child abroad, or the family taking a long-saved-for vacation, the journey has always begun with a bitter pill to swallow: the mandatory travel tax. While the rest of Southeast Asia opened its doors and encouraged the mobility of its citizens, the Philippines remained a stubborn outlier, imposing a fee on its own people simply for exiting the country.
That is why the approval of House Bill 8464, or the Travel Tax Abolition Act of 2026, on second reading is not just welcome news; it is a long-overdue correction of an outdated and fundamentally unfair policy. By moving to scrap this tax, the House of Representatives has signaled that it is finally ready to stop treating Filipino travelers as ATMs for the government and start treating them as citizens deserving of unburdened mobility. (Read the BusinessMirror story: “House OKs on second reading bill abolishing travel tax,” March 11, 2026).
The arguments in favor of abolition are overwhelming. As Rep. Eleandro Jesus Madrona correctly noted, the travel tax was conceived in a different era as a “regulatory tool” to discourage foreign travel and raise revenue. But today, in a globalized world where mobility is tied to opportunity, that logic is not just archaic—it is punitive. As Rep. Sandro Marcos pointed out, this is an “added cost that restricts mobility and weighs heavily on ordinary Filipinos.”
When a family of four books a flight, the travel tax instantly adds thousands of pesos to their expenses—money that could have been spent on souvenirs, accommodations, or simply saved for essential household needs.
The international context makes the abolition even more imperative. The Philippines is a signatory to the Asean Tourism Agreement, which encourages the removal of such levies to facilitate travel. Yet, we have remained a “regional outlier,” a distinction that is neither honorable nor economically sensible. Our neighbors have long recognized that encouraging citizens to travel—and spend—boosts economic activity and cultural exchange. We have stubbornly clung to a tax that suppresses the very demand the tourism sector relies on.
Naturally, the primary argument for keeping the tax has always been revenue. The roughly P8 billion generated annually is not chump change. It funds the Tourism Infrastructure and Enterprise Zone Authority, the Commission on Higher Education, and the National Commission for Culture and the Arts. These are vital institutions. However, as the bill’s proponents wisely emphasized, abolishing the tax does not mean abandoning these agencies. The measure mandates that these programs be funded through the General Appropriations Act.
This is the correct approach. It shifts the burden from a specific, narrow segment of the population—Filipino travelers—to the broader tax base. Why should an Overseas Filipino Worker returning to his job be the one specifically funding higher education or cultural preservation? These are national responsibilities that should be borne by the national government, not by the act of purchasing a plane ticket.
Abolishing the travel tax is a pro-poor, pro-mobility, and pro-tourism move. It acknowledges that in the 21st century, a nation’s strength is measured not by how hard it makes it to leave, but by how easy it makes it to return. By removing this financial shackle, the House has taken a significant step toward treating Filipinos not as cash cows, but as partners in economic growth. The Senate must now follow suit and send this bill to the President’s desk. It is time to give Filipino travelers the ticket they truly deserve—one without a hidden tax attached.
A simple guide to beating scams
SRISING SUN
CAMS are everywhere these days—whether it’s a sneaky text about your bank account, a Facebook ad promising quick riches from crypto trading, or a fake Lazada order that never arrives. Just a few days ago, I happened to see an obviously fake socmed reel featuring Pasig City Mayor Vico Sotto promoting an investment product. It was almost technically flawless, so any careless person would think it was really him inviting people to invest money for quick and big returns.
Just last year, financial scams cost Pinoys over P280 billion, with more than 60 percent of us targeted at least once, according to recent reports from the Bangko Sentral ng Pilipinas (BSP) and global fraud trackers. But by spotting the red flags early and knowing exactly what to do if it happens to you or a loved one, we can fight back and protect ourselves, family, and friends.
Let’s start with the most common scams—investment frauds are the worst offenders, snagging about 65 percent of victims with promises of 50 percent returns overnight through Ponzi schemes, fake crypto platforms, or “high-yield” opportunities on Facebook or Telegram, then vanishing after you send your ‘initial deposit’ via your e-wallet. Online shopping scams come in
THE picture that reality paints about water supply in Muntinlupa—squarely inside the concession area of Maynilad Water Services—reveals a stark contradiction.
On one hand are households staring at dry taps, struggling through daily routines with little or no water and grappling with explanations couched in technical jargon that offer more confusion than clarity. On the other is Maynilad itself, reporting glowing financial results.
The water concessionaire ended 2025 with consolidated net income rising 19 percent to P15.2 billion, up from P12.8 billion the previous year, fueled by stronger revenues and operating efficiency gains. In simple terms: profits are flowing freely— even where water is not.
That contrast invites a troubling question. If Maynilad’s earnings are rising at double-digit pace, why do residents in parts of Muntinlupa still wake up to empty faucets?
Daily outages. Hours of total dryness in the taps. Tanker deliveries are becoming routine. For many households in Muntin-
lupa, water now arrives not through pipelines but through rationing schedules. Residents report that water runs only up to eight hours a day, if at all. In some neighborhoods, families must wait for tanker trucks dispatched by the concessionaire.
The inconvenience is profound. Workers preparing for early shifts sometimes cannot bathe. Laundry schedules depend not on family needs but on the uncertain arrival of water supply.
In theory, Maynilad’s mandate under its concession agreement is simple: deliver clean water to consumers 24 hours a day, seven days a week. In reality, many residents are adjusting their lives around the opposite.
The growing frustration has reached the city government itself. Muntinlupa Mayor Ruffy Biazon convened a town hall meeting to summon Maynilad officials and demand expla-
second at 58 percent, where bogus Marketplace sellers demand extra “delivery fees” or COD payments that lead nowhere. Credit card scams are rampant too: phishing SMS pretending to be from your bank asking to “verify” your OTP or card details, ATM skimmers that copy your PIN while you withdraw cash from a mall machine, or card-not-present fraud where hackers use stolen numbers for overseas online purchases without ever touching your actual credit card.
Don’t forget romance scams targeting OFWs with sob stories on dating apps, or quick-cash loan apps that hit you with upfront “guarantee fees” before disappearing—nearly 600 complaints since early 2026. BSP has been sounding the alarm on text hijacking, where crooks spoof bank numbers to steal your SIM and drain accounts, and even fake job offers promising overseas work but asking for “placement fees.”
So how do we spot these scams before we fall victim to them? First, tune into that gut feeling—if it sounds too good to be true, like doubling your money in a week or a loan
without income proof, it probably is; real deals from BSP-registered banks or SEC-approved investments never pressure you like that.
Unsolicited messages are huge red flags: legit banks like BDO or UnionBank won’t send SMS or Viber messages with your OTP, PIN, or CVV— ever—or demand that you click links to “fix” account issues. Hover over hyperlinks without clicking; if the URL doesn’t match the real site, close it fast. Urgency is another trap—“Act now or lose your prize!”—that’s pyramid scheme talk, banned by the SEC. Check for poor grammar, generic greetings like “Dear Customer” instead of your name. For loans, no upfront payments: Circular 1213 from BSP bans that. Always verify on official apps or websites, call customer service directly (using numbers from your card, not the message), and use tools like WhoCalled.ph for shady numbers. In this digital age, vigilance is our best shield. Verify before you wire, share only with trusted sources, and teach your older friends or relatives how to spot phishing.
The water concessionaire ended 2025 with consolidated net income rising 19 percent to P15.2 billion, up from P12.8 billion the previous year, fueled by stronger revenues and operating efficiency gains. In simple terms: profits are flowing freely—even where water is not.
nations for the service interruptions affecting several villages.
“To be honest, I am not satisfied with the answers,” Biazon said during a live Facebook broadcast with city officials and company representatives. “What our countrymen are asking for is simple: clear and reliable scheduling during water interruptions so families can prepare.” Residents have echoed the same demand—predictability. When will water stop? When will it return? But answers remain elusive.
At the meeting, Maynilad officials attributed the disruptions to raw water constraints from Laguna Lake, one of the company’s water sources. According to Greg Antonio, head of Water Production South, northeast monsoon winds stirred silt and contaminants in the lake, forcing the treatment plant to reduce production in order to protect its facilities and ensure water quality.
Another official, Alfred John Gallego, head of Maynilad’s Muntinlupa-
Las Piñas business area, added that the treatment plant was not designed to handle the pressure created by such conditions. “We need to protect our plant,” he said, explaining why water processing had to be reduced. In layman’s terms: the system could not cope with the weather. Yet even as nature was blamed, the explanations also revealed deeper structural problems.
Maynilad officials acknowledged that existing pipes cannot carry additional water volume, and that Angat Dam—the company’s primary water source—remains vulnerable to drought conditions such as El Niño. In other words, the problem is not just seasonal winds or stirred sediments. It is also infrastructure. And infrastructure is something companies are expected to invest in—especially when profits are rising. This is where the disconnect becomes impossible to ignore.
Maynilad celebrated operational gains and even highlighted awards for wastewater recovery, all while reporting P15.2 billion in net income in 2025. Yet in Muntinlupa, thousands of residents continue to ration water in their own homes. Which raises the question that many consumers are now quietly asking: If the company can post
why can it not spend more
Cabangon Chua
Atty. Jose Ferdinand M. Rojas II
Pest control, not machine guns: Proportional reform for Philippine tax administration
TDEBIT CREDIT
Conclusion
HE Bureau of Internal Revenue (BIR) cannot modernize because it cannot hire and retain the technical and professional talent it needs due to salary constraints.
This is one of the most compelling reasons used to justify the creation of a National Revenue Authority (NRA) to replace the Bureau of Customs (BOC) and BIR: This is not an excuse; it is a solvable structural constraint.
A modern tax administration (TA) competes with private-sector firms, both local and global, for Information technology professionals, Artificial Intelligence specialists, data analysts, process-improvement experts, forensic auditors, and lawyers.
If government compensation cannot compete, the modernization reform program of the TA stalls—and will continue to operate with the inefficiencies that confront the BIR and BOC today.
The core constraint is the Salary Standardization Law (SSL) or Republic Act (RA) 6758, that was enacted into law in 1989. The SSL established a unified compensation and position classification system across government, anchored on “equal pay for substantially equal work” with Department of Budget and Management-administered salary grades/steps. It also consolidates many allowances into standardized salary rates, allowing only enumerated exceptions.
Standardization has virtues: fairness, fiscal discipline, and protection against arbitrary pay. But it also creates an uncomfortable reality: in scarce-skill markets, standardized pay can underprice the very expertise needed to protect revenue and fight sophisticated tax evasion.
I remember the good old days when there was still no SSL and I was with the BIR from 1980 until the enactment of the SSL. At that time prior to the SSL, we were receiving salaries that were competitive with the private sector and better than most government agencies due to the recognition that revenue collection are paramount and requires such compensation to hire and retain competent personnel. After 1989 when the SSL, took effect, there was a decline in the attractiveness of the BIR as employer of choice among the Information Technology talents and other professionals. The salary constraint brought about by the SSL was one of the reasons why I left the BIR in 1996 for a better compensation work in a private professional firm. The proportional solution to the situation of the lack of competitive salaries is not to demolish BIR and BOC to escape the SSL. The solution is to legislate a narrow, skills-based exemption—limited to hard-tohire technical and professional positions—while keeping the bulk of personnel under SSL protections. A law is suggested to create a Revenue Administration Special Compensation System covering defined technical and professional roles. Philippine institutional design already provides a workable model: the New Central Bank Act or RA 7653 (as amended by RA 11211) which was passed into law in 1993. This law authorizes the Monetary Board to establish a competitive compensation structure for its personnel, exempting them from the SSL. This has resulted in the Bangko Sentral ng Pilipinas becoming widely recognized as a highly competent and top-performing government agency in the Philippines. The BSP is frequently noted for its professionalism, independence, and technical expertise. Following this BSP experience,
The Leni of my enemy is my …….?
Pseveral government agencies were given legislative authority to define their own compensation structure. These include Land Bank of the Philippines with RA 7907 in 1995, Social Security System with RA No. 8282 in 1997, Small Business Guarantee and Finance Corp. with RA 8289 in 1997, Government Service Insurance System with RA 8291 in 1997, Development Bank of the Philippines with RA 8523 in 1998, Home Guaranty Corp. with RA No. 8763 in 2000, Securities and Exchange Commission with RA 8799 in 2000, Philippine Deposit Insurance Corporation with RA 9302 in 2004, and Insurance Commission with RA 10607 in 2013.
If the BIR and BOC would be granted the same exemption from SSL of their employee compensation package, what would this look like if legislated into law?
One, define “critical technical positions” in the law—with a short, reviewable list—to prevent salary creep where SSL exemptions become general pay increases for all revenue personnel.
Two, require objective pay-setting: job evaluation and wage surveys, published pay structures, and an independent compensation committee, so the grant of higher pay is transparent and reasonable.
Three, create autonomous but audited funding sources. Pair the SSL pay exemption with a Modernization and Skills Fund—funded by tightly capped efficiency gains—with COA audit and transparent reporting of headcount and pay ranges, plus performance conditions (service-level improvements and analytics-driven compliance outcomes).
Four, allow fixed-term technical appointments, contracted service retention arrangements, and structured certification requirements— while enforcing conflict-of-interest rules, cooling-off periods, and integrity checks for sensitive roles.
When these elements are in place, the NRA argument—“only a new authority can hire talent”—loses force. The real issue is not the name of the agency; it is the capability of the BIR and BOC to deliver.
This is why the current interest in an NRA should be harnessed as a reform window. The public attention can be converted into an actionable package: (1) accelerate ADB-supported digitization with measurable service standards; (2) creation of a Taxpayer Advocate Office so trust becomes institutionalized; and (3) provide SSL exemption for the BIR and BOC to recruit and retain the people who can build, secure, and continuously improve their modernization thrusts.
Reform is surgery, not demolition. If NRA-like outcomes can be achieved including integrity, professionalism, taxpayer trust, curbing of corruption, and higher collections— through proportional reforms, then let’s keep the house standing while we eliminate the pests.
Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held various positions, including Dean of the University of the Philippines School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co., and SyCipGorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who ranked No. 1 in the CPA Board Examination of May 1979. He has his own tax and consultancy practice in JL2T Consulting and can be contacted at joeltantorres@yahoo.com.
Siegfred Bueno Mison, Esq.
THE PATRIOT
RESIDENT Bongbong Marcos Jr. was wearing pink socks during his visit to Naga City in Bicol region last month. The choice of color bespeaks both intention and reverence. Others might say disrespect since anything pink worn on the feet symbolizes inferiority or triviality. Either way, especially when the visuals coincided with the fresh announcement of VP Sara Duterte to pursue the presidential post in the 2028 national elections, the gesture was intentional. After all, a pair of socks in pink color is not a usual staple in a man’s wardrobe, except for me who loves pink and yellow (not political) ever since.
PBBM was therefore intentional in wearing pink socks—a reverent act as well with full recognition of his former political rival’s campaign color motif. Hence, PBBM said: “The only thing political in this meeting is me wearing these pink socks.”
When controversies hound each personality in a level playing field, imaginative discourse is “in the pink of health,” as healthy as any discussion could be in a democratic arena. This is the same Leni Robredo who vilified the same Bongbong Marcos in their 2016 vice presidential debate anent the purported ill-gotten wealth; the same lady who censured him as a political candidate for failing to show up during their 2022 Presidential debate. Yet again, the same Leni who succinctly verbalized that BBM is “sinungaling sa umpisa hanggang sa huli” (a liar from the beginning until the end).
Speaking of lies, it was the invariable BBM who responded to accusations and “commanded” to stop the tall tales being spread about him. Thus, too, the very same person countered Ms. Robredo’s attacks in 2016 re: ill-gotten wealth, with a statement that “I cannot give what
I do not have.”
When Naga City was one among the unfortunate locations in Camarines Sur inundated (almost sunken) by Typhoon Kristine in October of 2024, PBBM came to visit the city but with no media-hyped encounter with the lady mayor. It was still an early stretch to the 2028 national elections. Political alliances? Silent. Radical outreach? Noiseless.
Fast forward to February of 2026, and a day or so AFTER VP Sara publicly announced her bid for the next presidential elections, PBBM was seen meeting up with former VP and Presidential rival now Mayor Leni Robredo not only in the latter’s turf of Naga City but also in the halls of Malacanang.
Barely two years away from the 2028 national elections, the President should be very well aware that his once UNITEAM ally and now publicly-recognized “enemy” VP Sara has been leading the surveys for the Presidential post. A non-commissioned survey, conducted from Feb. 19 to 20, 2026, placed Duterte at the top of the presidential preference list with 43 percent support among 1,200 respondents nationwide. Ro -
bredo came second with 27 percent.
PBBM could now be setting up the foundation for an electoral tandem, readying his forces, gearing up for an upcoming battle. And what better way to prepare for competition and combat than to gather the opponents of your adversary.
As VP Sara is depicted as a mutual threat or a common enemy, the strategy against a common foe is in the horizon. Hence the PBBM moves bring Mayor Leni close, former Senator Manny Pacquiao nearer, and many other rivals of his rival closer, true to the ancient proverb “the enemy of my enemy is my friend.”
In the 2028 presidential polls, I heard that the tandem could be Leni-Manny for President and Vice President, respectively.
The philosophy of joining forces to fight a common enemy is not new.
I recently learned that the Sadducees and the Pharisees did not get along with each other ( Acts 22:30-3:10). Yet, they had a common enemy in Jesus Christ. This common hatred led to their becoming so-called friends. In order to avoid any veneration of Jesus as the Messiah, they attempted to arrest him.
American pastoral minister Dr. Thomas Clothier explains that Jesus’ enemies today “come from all walks of the political, social and religious strata.” They agree on their mutual hatred for Christ, the Gospel and Christians. Today, in the Philippine setting, various groups (religious or otherwise) join forces against such issues as corruption and political dynasties. This coalition may indeed be a noble and admirable unifying act amongst “adversaries.” But without a true transformation of the heart from every individual aligning his or her life with Jesus, no amount of striving or alliances with the enemies of one’s enemies will succeed.
To borrow Dr. Clothier’s apt observation: “While social problems remain an important issue, they will
not truly be solved unless there is a conversion of people unto faith in the person and work of Jesus Christ. Only when the heart and soul of the sinner is changed will the expressions of man’s sinful heart and soul be likewise changed and eliminated.”
Whether in beneficial alliances or adversarial conflicts, the individual’s transformation from within is the most material. And we cannot move the world positively, not even an inch of the neighboring space, be it occupied by a friend or foe, if our hearts and minds are not right with our Abba Father in the very first place. Two poignant Biblical instructions can help us better understand our mission here: Romans 12:2: “Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing and perfect will.” Psalm 51:10: “Create in me a clean heart, O God, and renew a right spirit within me.”
The next time we see pink socks, let us not be tickled pink. Right living goes way beyond merely wearing a pair. And in our fight against corruption, flood control scams, hypocrisy, temporary partnerships with enemies of one’s enemies, verbal vitriols, to name a few, may we not delay the issuance of a pink slip (termination notice). Decide now, or blush in pink with regret later.
Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.
Toxic pollution from Iran war will spread and last for decades
By Laura Millan & Aaron Clark
NEWS of black rain falling on Tehran felt all too familiar to Nejat Rahmanian as he scrolled through alerts on social media feeds and tried to contact relatives on March 8.
Israeli drone strikes hit giant oil depots and refineries on the outskirts of the Iranian capital a few hours earlier, setting fuel on fire and releasing columns of black smoke, which mixed with rain clouds that poured toxic chemicals onto the city later in the day.
The descriptions reminded the Iranian researcher of a similar event he experienced in the city 35 years ago. It was surreal, recalled Rahmanian, a professor of chemical and petroleum engineering at the UK’s University of Bradford. Clothes hanging out to dry got stained and the air felt heavy. No one knew why.
Later, they learned that around 1,290 kilometers (about 800 miles) away in Kuwait, Iraqi forces battling US and allied forces in the Gulf War had set hundreds of oil wells ablaze. Plumes of soot, hydrocarbons and sulfur dioxide blew over Iran, polluting everything in their path—and accelerating the melting of glaciers in the Himalayas, according to a 2018 study led by Jiamao Zhou at the Chinese Academy of Sciences.
The latest war in the region— which enters a third week on Saturday—is unleashing similar pollutants that will have an even greater impact on Tehran and its wider metro area, home to around 18.5 million people, because they were released so nearby, experts say.
Gagni. . . Continued from A10
of that money to strengthen treatment plants, upgrade pipes, or build redundancy in its water sources? After all, the residents of the West Zone are not just customers.
“We always see oil facilities being attacked in conflicts,” said Doug Weir, Chief Executive Officer at the Conflict and Environment Observatory, or CEOBS, “but it’s extremely rare for them to be close to a large city like Tehran.”
CEOBS, a UK-based nonprofit that aims to raise awareness on the environmental and humanitarian consequences of war, identified over 300 incidents entailing some environmental risk as a result of the ongoing hostilities, according to the latest available data.
Missiles and bombs contain heavy metals and other toxic pollutants, which are released into the air, soil and water when they explode and crash, lingering often for decades and posing health risks. Cleanup is difficult and expensive.
“A lot of people are exposed to pollution and will continue to be,” Weir said.
The Israeli strike that hit the oil depots outside Tehran has been this war’s single biggest pollution incident so far, he added.
Iranian authorities initially advised residents to stay indoors, warning that acidic rain could cause chemical burns to the skin and damage the lungs, according to the UN’s World Health Organization, which made the same recommendation.
Senior Iranian officials and state
They are also a captive market with no alternative provider. Water rationing is typically associated with remote towns lacking modern infrastructure. Yet it is now happening in Muntinlupa, a highly urbanized city bordered by major commercial districts, sprawling malls, and upscale residential villages.
television later urged people to go outdoors and join state-organized rallies including an annual proPalestine march in central Tehran on Friday.
“I would expect acute impacts on respiratory health,” said David J.X. González, an assistant professor at the University of California, Berkeley, who added that young children and pregnant women are especially vulnerable to the air pollutants.
An Iranian engineer, who asked not to be identified due to fear of repercussions, said his relatives were planning to remain in Tehran despite the bombing, but fled to the country’s north. While the military conflict was bearable, the poor air quality and the black rain weren’t.
Already before this war, Tehran was heavily polluted.
Researchers including Rahmanian have detected high levels of fine particulate matter and heavy metals like lead, cadmium, chromium and nickel in the city’s water and air. They have also found toxic substances that are released when fossil fuels and garbage are burnt, like sulfur dioxide.
A high number of car engines and heavy industries near the city were the main cause, according to Dimitris Kaskaoutis, a physicist at the National Observatory of Athens, who has studied air and dust pollution in the country for over a decade. Tehran lies at the base of the Alborz mountains. The range blocks air circulation and creates a thermal inversion that traps pollutants, leading to episodes of poor air quality that can last for weeks and even months.
The contradiction is striking. A modern metropolis. A profitable water concessionaire. And households are still waiting for the sound of water returning to their pipes.
Normally, rain washes the pollution away, but on March 8, it might have made things worse, Kaskaoutis said.
“The combination of the catastrophic oil fires with rainfall makes them much more unhealthy and toxic for human health,” he said. “These pollutants diluted in the water are much more toxic and can easily be absorbed in our bodies — the nervous system, the blood system, and might affect kidneys, liver and other organs.”
With phone and Internet communications in Iran cut since the US and Israel began their military campaign on February 28, and without sampling, it’s impossible to know the scale of the pollution.
For now, damage needs to documented, according to Nazanine Moshiri, an Iranian-born senior adviser on climate and peace at the Berghof Foundation in Berlin. “It’s necessary for accountability and cleanup when the conflict ends,” she said.
Kaskaoutis and Rahmanian said they’re keeping an eye out for further attacks in the region that is home to some of the world’s largest reserves of oil and gas, and is peppered with refineries, depots, processing plants, marine oil and gas platforms, as well as nuclear sites and desalination plants, as the repercussions could be catastrophic.
“It’s stressful,” said Rahmanian, who has relatives in Iran he hasn’t been able to reach for days. “We just don’t know what’s going to happen.” With assistance from Golnar Motevalli and Patrick Sykes/Bloomberg
For now, Maynilad says the disruptions occur only six to 10 percent of the year due to weather conditions. But for the residents who wake up to dry faucets, even a single day without water is already too long. And if Muntinlupa is the preview, many consumers may be asking where the West Zone water concessionaire is ultimately taking them. The answer, some fear, is running dry in their taps: a hollow, empty flow.
Joel L. Tan-Torres
Monday, March 16, 2026
2nd Front Page
BusinessMirror
CHONGQING–MANILA FLIGHTS LAUNCHED MAY 1 BY AIR CHINA
By Malou Talosig-Bartolome
AIR China will begin four weekly direct flights between Chongq ing and Manila on 1 May 2026, a move expected to deepen travel, trade and cultural links between western China and the Philippines.
The new service provides one‑stop ac cess from southwest China to Manila, pro viding easier onward connections to Philip pine leisure hubs such as Boracay and Cebu for Chinese tourists. For Filipino tourists, the route opens a di rect gateway to Chongqing’s famed “magi cal 8D city” and other attractions in western China.
Route and schedule
THE service operates on overnight, or red‑eye, rotations that maximize daytime connectivity at both ends: CA481 departs Chongqing at 21:00 and arrives Manila at
00:50+1, while CA482 leaves Manila at 01:50 and reaches Chongqing at 05:40.
The late‑night schedule is intended to offer convenient same‑day connections for onward domestic flights to leisure destinations such as Boracay and Cebu, but it also means pas sengers should plan for overnight travel and limited daytime ground time on arrival.
Operating days are: for CA481—Mon/ Wed/Fri/Sat; and for CA482—Tue/Thu/ Sat/Sun.
Chongqing is a dramatic, mountainous metropolis where steep streets, rivers and neon skylines combine into a distinctive urban tapestry. Highlights for Filipino visitors include: n Jiefangbei and the skyline—the city’s commercial heart with shopping, din ing and panoramic city views.
n Yangtze and Jialing river cruises— night cruises reveal layered lights and the confluence of two great rivers.
See “Flights,” A2
ADB warns of inflation spike in PHL on longer ME conflict
By Justine Xyrah Garcia
THEPhilippines could face another surge in inflation, similar to the spike seen during the RussiaUkraine war in 2022, if the Middle East conflict drags on and oil prices remain above $100 per barrel, according to economists from the Asian Development Bank (ADB).
ADB Lead Economist for Southeast Asia James Villafuerte noted that during the Russia-Ukraine invasion, when oil prices climbed to as high as $139 per barrel, inflation in the Philippines initially remained stable but later accelerated sharply.
By mid-2022, inflation had risen to nearly 6 percent before peaking at around 8 percent by December as global oil prices surged.
“I think that’s actually a good comparator if these conflicts become a bit prolonged and the price of oil stays above $100. I think that kind of impact on inflation might be felt by Filipinos,” Villafuerte told reporters in a side interview.
Latest data from the Philippine
Statistics Authority (PSA) showed that inflation in February rose to a 13-month high of 2.4 percent.
While this is still within the government’s 2- to 4-percent target range, the Department of Economy, Planning, and Development (DepDev) warned that inflation could breach the upper end of the target amid rising fuel prices and increases in other non-food and food commodities.
DepDev estimates show that if Dubai crude reaches $100 per barrel this month and stays above $80 until May, inflation could climb to between 4.5 percent and 5.1 percent in March and 4.5 percent to 4.8 percent in April, with full-year inflation settling
between 4 percent and 4.2 percent.
However, if Dubai crude surges to $140 per barrel this month and remains above $80 until September, inflation could jump to between 6.3 percent and 7.5 percent in March and 6.4 percent to 7.5 percent in April before easing to between 4.5 percent and 4.8 percent for the full year.
ADB Chief Economist Albert Park said that because energy accounts for a significant share of household spending across Southeast Asia, inflation could still rise even if the conflict were to end soon.
“I think we would see higher inflation this year by about half a percentage point relative to what it would have been without any conflict and as the war goes on longer, it will be greater, the positive effects on inflation,” Park said.
Park, however, said the increase would likely remain manageable for most countries in the region, as inflation was already easing and had returned to levels within the target ranges of many central banks before the latest geopolitical tensions emerged.
“We’re in a good baseline. I think we can manage some modest increase in inflation but again, the longer the conflict goes or expectations of the conflict go, I think you could see higher inflation,” he added.
For the Philippines, the ADB said
an added risk is the potential impact on remittances and tourism, which the country heavily relies on.
Villafuerte said about a fifth of Filipino migrants are based in the Middle East, meaning a prolonged conflict that affects overseas workers there could eventually weigh on remittance flows.
“Probably there will be a shortterm increase in some of the flows, but probably long run there could be some impact,” he said.
The lead economist added that tourism could also take a hit, noting that visitor arrivals in Southeast Asia were already facing pressure from stronger competition from destinations such as Japan and South Korea, as well as weaker global growth and slower Chinese travel demand.
Short-term supply shock WHEN asked if the Philippines could be entering a period of stagflation— especially as the economy continues to recover from a corruption scandal that slowed growth to 4.4 percent last year—the ADB said it is too early to say, noting that the Middle East conflict is currently causing only a shortterm supply shock.
Park said the Philippine economy has remained “resilient to many shocks,” supported by sound macroeconomic management.
DESPITE rising oil prices
linked to the ongoing Middle East crisis, the Department of Labor and Employment (DOLE) said the situation has not yet reached the level that would justify a minimum wage adjustment under the country’s wage-setting rules.
Executive Director Ma. Criselda R. Sy of the DOLE–National Wages and Productivity Commission (NWPC) said over the weekend that the agency continues to monitor key indicators such as inflation, unemployment, and the possible impact of geopolitical tensions on gross domestic product (GDP) growth. So far, she said, there has been no noticeable “spike” in these indicators.
Sy said that the regional tripartite wages and productivity boards (RTWPBs) are also assessing employers’ capacity to absorb potential wage increases, noting that businesses could also be af -
fected by higher labor costs.
“Based on the data collected, there has been no major spike in the indicators that we are monitoring,” she said, partly in Filipino.
Earlier, several economists and analysts already warned that inflation (See: https://businessmirror.com.ph/2026/03/13/ high-oil-prices-could-trigger4-inflation/) and unemployment (See: https://businessmirror.com.ph/2026/03/14/ jobless-rate-hits-5-8-highestsince-june-2022/) could rise if geopolitical tensions escalate further.
Even the Department of Economy, Planning, and Development (DepDev) said the Philippine economy could grow below 5 percent this year should the conflict persist. (See: https://businessmirror.com.ph/2026/03/11/ growth-could-slip-below-5-onlong-mideast-war-balisacan/).
Under the Omnibus Rules on Minimum Wage Determination, RTWPBs may issue a wage order only once a year. Within the 12-month period from the effectivity of a wage order, petitions for wage increases cannot be entertained unless a supervening event, or an extraordinary development that significantly affects economic conditions, occurs.
In previous years, the NWPC chief said a sharp increase in petroleum prices had been considered a supervening event, allowing wage boards to act even within the 12-month ban.
“Once the commission affirms the justification presented by the board, they may initiate the minimum wage-setting process,” she said.
Sy added that any move to adjust wages will depend on the monitoring being conducted by
A MONORAIL running through a building is one of the viral attractions that made Chongqing city in China one of most preferred destinations of GenZ travelers from southeast Asia. MAX ZHANG VIA UNSPLASH
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Companies
BusinessMirror
B1 Monday, March 16, 2026
MTerra Solar project goes live
By Lenie Lectura @llectura
TERRA Solar Philippines Inc. (MTerra Solar), an affiliate of Meralco PowerGen Corp. (MGen), has started delivering power to the Luzon grid.
Over the weekend, the power generation arm of Pangilinanled Meralco said it successfully energized Phase 1 of the MTerra Solar project, just 16 months after its groundbreaking. The project spans four municipalities across
Nueva Ecija and Bulacan. This phase is set to supply up to 85-megawatts (MW) of mid-merit power to the grid, supporting energy demand during peak daytime hours and marking the initial delivery to the Manila Electric Co. (Meralco).
“This is a defining moment for MTerra Solar. With the facility now operational, we have started a bigger journey--ramping up generation and steadily delivering capacity that strengthens energy security and advances the Philippines’s self-reliance. This milestone comes at a critical time as we continue to expand the country’s energy capacity,” said MGen President and CEO Emmanuel V. Rubio.
Following its energization as a generator, the project will continue to ramp up its output in the coming months in close coordination with the National Grid Corporation of the Philippines (NGCP), in line with its system impact study (SIS) and operational plan.
“We remain in close coordination with the NGCP to ensure that project is safely integrated into the grid,” said MTerra Solar President Dennis B. Jordan.
The energization of the project as a generator marks a significant step in strengthening the country’s energy security by adding domestic power capacity and supporting energy independence. Once fully completed, it is expected to generate 3,500 MW peak of solar photovoltaic, complemented by a 4,500-MW hour battery energy storage system (BESS).
The facility is projected to supply clean energy to approximately 2.4 million households while avoiding an estimated 4.3 million tons of carbon emissions annually—equivalent to taking more than 3 million gasoline-powered vehicles off the road.
With Phase 1 on track for completion this year and Phase 2 already under construction, MTerra Solar is expected to steadily increase its capacity—delivering clean and sustainable energy for Filipinos, while supporting the Philippines’s renewable energy targets of 35 percent by 2030 and 50 percent by 2040.
MTerra Solar is a joint investment between SP New Energy Corp. (SPNEC) and Actis.
MGen operates through key subsidiaries: Global Business Power Corp. (MGen Thermal), MGen Renewable Energy Inc. (MGen Renewables), and MGen Gas Energy Holdings Inc. (MGen Natural Gas). It also holds stakes in PacificLight Power (PLP) – an LNG facility in Singapore; SP New Energy Corp. (SPNEC), and a 40.2-percent interest in an integrated LNG facility in Batangas, Philippines.
As of January, MGen’s portfolio represents a combined net saleable capacity of 5,069.7 megawatts from both traditional and renewable sources.
More PLDT facilities will shift to RE—exec
By Lorenz S. Marasigan @lorenzmarasigan
PLDT Inc. said over the weekend that its years-long pivot away from fossil fuels is proving its worth, as oil prices climb and energy markets reel from the escalating unrest in the Gulf region.
Menardo Jimenez Jr., the company’s COO, said the telco group has been working since 2021 toward a 40-percent cut in operational emissions from fuel and electricity use by 2030, measured against a 2019 baseline.
The effort spans renewable energy sourcing, network modernization, and workforce upskilling toward a low-carbon economy.
He said this greening push has become central to its operational resilience at a particularly turbulent moment for global energy.
“Our strategic focus on greening and modernizing our network operations have been crucial in strengthening our readiness, especially at this time of global uncertainty. We remain steadfast in delivering stable and high-quality connectivity and in ensuring that our customers remain protected and prioritized,” Jimenez said.
On the ground, 27 major PLDT and Smart sites across the country have fully severed their dependence
on fossil fuels and now run entirely on clean energy. Five facilities in the Visayas have also installed solar rooftops, with the group continuing to pursue additional supply agreements to expand renewable energy’s share of its overall power mix.
Smart Communications Inc., the wireless subsidiary of PLDT, has deployed an artificial intelligence-powered green radio solution that automatically scales power consumption at network sites based on real-time demand--a move that trimmed energy use by more than 10,000 megawatt hours in a single year.
The group has also deployed over 100 Certified Energy Managers across more than 200 facilities nationwide, while tapping into the Retail Aggregation Program through MPower, which allows multiple PLDT and Smart facilities to pool their energy requirements, access renewable sources, and lock in more stable electricity pricing. Jiminez said these initiatives, along with the green loans that the group has taken, will help in “lessening their environmental footprint and keeping the country reliably connected during a global energy crisis.”
Despite closing 2025 with record service revenues, PLDT said it posted a 7-percent decline in net income due to lower non-core gains and higher non-recurring charges.
Megaworld’s Loleth So: On women empowerment, mentorship, and shaping the hospitality industry
By Francine M. Marquez
In the highly dynamic industry defined by service, experience, and constant change, leadership requires more than expertise—it demands vision, adaptability, and the ability to bring people together.
BusinessMirror’s digital show, “Freshly Brewed,” presents its Women’s Month special with host Justine Xyrah Garcia, BusinessMirror’s Macroeconomy reporter, engaging in a meaningful conversation with Loleth So, Group Commercial Director of Megaworld Hotels and Resorts (MHR) and President of the Hotel Sales and Marketing Association (HSMA).
With more than three decades in hospitality, So shares the story of how she built a career in sales and marketing, navigated an evolving industry, and continues to champion collaboration and mentorship within the tourism sector.
“Hospitality wasn’t in my roadmap when graduated from college. We’ve always been a family of lawyers. And I actually took pre-law, and really wanted to become a lawyer. And it’s still a dream until now,” related So.
First job
She finished Political Science, was an Octoberian and had to take a break since the entrance tests to law school were in a few months. So’s father told her she won’t be receiving any more allowance and had to work. And she did, finding work in Punta Baluarte Resort.
So, who was 18 at the time, started loving her work. Besides earning money for herself, she was also enjoying meeting different people--from the hotel guests, her co-workers, the managers, to the chefs.
“I was so amazed by how the interaction
was, with the engagement. And the rest was history,” she recalled. “The time came when I needed to take the law exam already. When my father asked, I said no, thank you. This is now my game, and my path. I stayed on. And that was like 32 years ago. But I still want to be a lawyer. You’ll never know.”
So’s journey is filled with both rewards and many realizations, which included an incident early in her career. Back then, she was a young manager for a prestigious property, and her success, she admitted, made her too proud.
“It went to my head because I wasn’t ready, and I wasn’t mature enough in terms of character development. I felt arrogant, and I felt I was above everyone else. I took a great fall because of that–management decided to let me go. And they said it’s not working out. You may have to move on,” she remembered.
Feeling grounded
Heartbroken by this development, So went to her dad, who advised her, “He said, it’s time I learn how to put my feet on the ground. In spite of how high I am flying, I always need to think of the people around me because they are there to support me. That was a turning point for me. His advice stuck in my heart and head to this day. His words continue to guide me as a leader.”
The experience has led her to be more mindful and active in encouraging and providing guidance to her team. “I considered
on
Macroeconomy reporter.
the experience as just a setback. I realized that it takes a lot to accept your faults and failures. But then, just pick up the pieces and move on.”
“That makes you a stronger leader because you know how to accept your failure. Everybody goes through failures, but the most important thing is how you’ll be able to pick yourself up. Learn from the experiences, no matter how painful they are,” she added.
Fast-forward to the present. So believes that there are still a lot of exciting things happening in the dynamic industry and, in particular, at MHR.
“We are a local Filipino chain, and when you’re up against the big chains, it’s already a huge challenge. What powers me about every day is the vision that Megaworld Hotels and Resorts will be a big brand, just like a Marriott or an Intercon.
“We may not be international yet, but at the end of the day, it’s the fire within us that really wants to keep growing as a brand. It’s challenges like this that make me want to always think of growing people, growing the brand, and growing our fair market share globally.”
Growing people So admits that being the Commercial Director is a tough job as it entails driving revenues and income for the company.
Megaworld Hotels & Resorts is the country’s largest operator of wholly Filipino homegrown hotel brands, with 13 properties in key destinations like Metro Manila, Boracay, Cebu, and Tagaytay. Among these key brands are Richmonde, Belmont, Savoy, Kingsford,
and Twin Lakes Hotel.
“That’s our major role, but that’s not our only role. Our biggest role actually is growing people. It’s making sure the culture of the company is imbued by everyone and with the rest of the community. Culture drives people to be happy where they are. In Megaworld, we have such a thing as Circle of Happiness, which is being able to appreciate people around you and being very mindful of those around you.”
The Circle of Happiness is the “employeecentric” philosophy of MHR. It focuses on five pillars: love for self, family, work, community, and God.
In this age of hustle, where companies are focused on profit as their north star, So underscored the importance of valuing people and culture as the core of MHR’s Circle of Happiness mindset.
“I’m very happy with MHR because we value people and the culture. Whatever the goals are, they may be the toughest goals, you don’t look at them as tough because you’re so happy where you are. You don’t mind putting a little extra at work because you’re happy with your job and you’re also happy with the company.”
Changing with the times
In a dynamic industry, the leadership mindset also changes with the times.
“There are a lot of qualities that a leader should have, such as resiliency. But I’d like to go beyond that. What’s really important, especially right now, when the market
landscape is so volatile, is when you’re able to populate yourself. You have to be able to mentor people, the young generation, because eventually we’re also going to go.
“We should be able to populate the human resources. We have so many talents, and I see so many young talents who will make great hoteliers eventually. The pandemic really did a lot to the industry, wherein resources have shrunk because a lot of young people have decided to go elsewhere.”
But no matter how much experience a leader has, the learning should never stop, said So. “I want to say that whatever generation you belong to, never stop learning. I’m still learning, because the times when I started in the industry are so different from today.
“If you’re able to keep up with the trends, with digitalization and the distribution of resources, then you become relevant. The reason why people leave the hospitality industry is that they don’t want to learn anymore.”
Work-life balance
Like any working mother, So believes that they face the most challenges, having to balance being a mom, wife, and having a career. But it can be done, she said: “I’ve learned to compartmentalize. When I am at work, I am at work. Full body, mind, and soul. When I am with my daughter, with my family, that means I am with them fully.”
“Sometimes, they collide, like when my daughter has a school project, and I have work. But my family has learned to adjust, and we have
“The
Banking&Finance
Campaign vs vape sellers yields ₧3.6M haul for govt
By Bless Aubrey Ogerio
AUTHORITIES seized P3.6million worth of illegal vape products in a joint enforcement sweep last Thursday that targeted retailers and distribution hubs suspected of selling non-compliant e-cigarette items.
During inspections of shops in Metro Manila and Calabarzon, personnel from the Department of Trade a nd Industry (DTI) and the Bureau of Internal Revenue (BIR) found multiple violations. The latter included the absence of required graphic and text health warnings on packaging and the lack of internal revenue fiscal markings or tax stamps.
Some products were also found using flavor descriptions such as fruit or candy flavors that could appeal to minors.
In addition, several items failed to comply with the country’s safety, quality and consistency requirements for regulated products.
Officials said these violations run afoul of the “Vaporized Nicotine and Non-Nicotine Products Regulation” law, which governs the manufacture, sale and marketing of vape products in the Philippines.
Under the law, violations related to packaging and health warning require -
ments may carry fines of up to P2 million a nd imprisonment of up to two years, with heavier penalties of up to P5 million in fines and six years’ imprisonment, as well as the possible revocation of licenses for more serious offenses.
Violations involving product communication, online sales and product standards may result in fines ranging from P100,000 to P400,000, imprisonment of up to three years and possible revocation of business permits.
Authorities said non-compliant entities may also face additional sanctions, including the recall, prohibition or seizure of illegal inventory. T he operation comes amid continuing concerns over the marketing and accessibility of vape products, particularly a mong young consumers.
Similarly, a 2024 report by the Johns Hopkins University Institute for Tobacco Control found that social media promotions by e-cigarette brands in the Philippines often employ marketing strategies that strongly appeal to c hildren and young people.
According to the study, many posts relied on tactics such as emoticons (70 percent), cartoons (19 percent), influencer and celebrity endorsements (9 percent) and imagery depicting parties or nightlife (4 percent).
Foreign investors’ exposure lifted external debt in 2025
By Andrea E. San Juan
FOREIGN investors’ increased exposure to Philippine debt securities pushed the country’s external debt to $147.65 billion as of the end of December 2025, according to the Bangko Sentral ng Pilipinas (BSP).
BSP data showed the country’s external debt, composed of borrowings owed by residents to non-residents, rose by 7.3 percent to $147.65 billion as of end-December 2025.
This level is higher than the $137.63 billion recorded in the same period in 2024.
According to the BSP, the increase was caused by new borrowings, which included bond is -
suances by the National Government amounting to $3.29 billion and external financing tapped by private sector banks amounting to $3.72 billion.
The central bank noted the increase also stemmed from net valuation adjustments of $1.34 billion, and net acquisition of Philippine debt securities by non-residents amounting to $1.23 billion.
Meanwhile, compared to the prior
BIR closes Cebu-based online seller of luxury goods
By Reine Juvierre Alberto @reine_alberto
THE Bureau of Internal Revenue (BIR) announced over the weekend it closed down a Cebu-based online luxury goods seller for failing to declare over P211 million in sales.
A statement issued by the BIR read that the business has a minimum tax liability of P40.4 million, inclusive of surcharges and penalties, based on records. Neither the statement nor the photograph accompanying it disclosed the establishment’s name.
The BIR also didn’t say why it didn’t disclose such information. This comes after business records seized during the operation showed that more than P211 million in gross sales were generated by the online seller.
The closure was implemented last March 12 under its “Oplan Kandado” program, a campaign by the BIR that shuts down non-compliant businesses.
Authorities received confidential
THE International Finance Corp. (IFC) announced last Friday it approved a loan package to CreditAccess Philippines Financing Co. Inc. (OnePuhunan) to improve access to finance and promote job creation especially in rural areas of the country. Through a statement, the primary private investment arm of the World Bank Group said that proceeds of the project will be exclusively used for microloans, focusing on womenowned or led microenterprises.
According to the IFC, the transaction with OnePuhunan was processed under the MSME Finance Platform. It consists of a three-year senior loan to OnePuhunan, comprising: an “A Loan” of up to $20 million and a mo-
PDIC
information about an online seller selling luxury goods through Facebook Live and other digital platforms without issuing official receipts and proper registration with the BIR. The BIR and National Bureau of Investigation (NBI) operatives
bilization of up to $40 million for on-lending exclusively to womenowned/led micro enterprises in the rural areas in the Philippines.
The $4-billion MSME Finance Platform, launched in 2024, aimed to boost financing dedicated to MSMEs through debt, guarantees, and risksharing facilities.
“We are happy to be working with IFC for the first time, as we expand to reach at least one million Filipinos by 2030,” Daniele Rovere, CEO and President of OnePuhunan, was quoted in the statement as saying.
“With this partnership, we aim to continuously improve our product offerings and services to better serve our clients, so they can focus on growing their businesses and sup -
conducted surveillance operations and tax compliance verification and found that the business was linked to locations in Jamestown and Mabini Street in Mandaue City and in Pahina Central in Cebu City. According to the BIR, the indi-
porting their families.”
OnePuhunan, one of the leading microfinance institutions in the Philippines, has a nationwide footprint covering 16 regions, with an extensive network in rural areas.
OnePuhunan plans to continue its branch expansion and digitalization initiatives, the statement read. The company remains committed to providing convenient financing for clients’ working capital and business growth needs, while developing new products to address the evolving needs of women micro entrepreneurs and their households, it added.
“MSMEs play a major role in creating jobs and boosting prosperity especially in underserved communities,” Amena Arief, IFC Country Man-
vidual behind the business has not been located yet and that the person did not respond to repeated notices.
The BIR said it is now preparing to issue formal tax assessments and file criminal charges under the Run After Tax Evaders (Rate) program.
“The BIR remains firm in ensuring that all businesses, whether operating in physical stores or on online platforms, comply with tax laws,” Internal Revenue Commissioner Charlito Martin R. Mendoza was quoted as saying in the statement.
“Honest taxpayers should never be placed at a disadvantage by those who evade their obligations. We will continue to enforce the law and protect the integrity of our tax system,” he added.
Under the BIR’s Rate program, 415 cases were filed before the DOJ from January to October 2025, with tax liabilities estimated at P26.65 billion.
During the same period, the BIR filed 22 cases before the Court of Tax Appeals, with total estimated liabilities of P9.15 billion.
ager for the Philippines, was qipted in. “By partnering with OnePuhunan, IFC is expanding access to finance for women entrepreneurs in rural Philippines—helping them grow businesses, create jobs, and build resilience where it is needed most.”
According to the IFC, MSMEs make up 99.6 percent of all registered businesses in the Philippines, with microenterprises accounting for over 90 percent.
“They play a vital role in employment, generating two -t hirds of total jobs, and contribute around 36 percent of gross domestic product, supporting household incomes and economic resilience in rural areas,” IFC’s statement read.
quarter, the country’s external debt fell 1 percent from $149.09 billion, as non-residents on a net basis sold $2.28-billion worth of Philippine debt securities.
Net valuation adjustments reflecting lower US dollar valuations of borrowings denominated in other currencies also reduced the debt stock by $659.38 million.
The external debt as a percentage of the gross domestic product, a key indicator of debt manageability, slightly improved to 30.3 percent from the 30.9 percent in the previous quarter.
The BSP said the country’s shortterm external debt based on the remaining maturity concept stood at $26.80 billion as of end-December 2025, up from $26.36 billion in the previous quarter.
Short-term debt is composed of loans with original maturities of one year or less plus amortizations on medium- and long-term accounts falling due within the next 12 months.
“The country’s gross international reserves of $110.83 billion also provided adequate buffers to absorb these near-term obligations, reflecting 4.14 times cover and indicating a strong reserve adequacy position relative to economic peers,” the BSP said.
Meanwhile, the debt service ratio improved to 8.3 percent from 11.5 percent a year earlier due to lower principal and interest payments during the period. The debt service ratio is another indicator of the capacity to service debt that compares the country’s loan payments with its income from exports and other inflows.
“A lower ratio is desirable as it means a smaller portion of XGSI [exchange-traded goods and services income] is used to repay external debt. This allows more resources to be allocated toward economic growth and improves the country’s FX buffers against external shocks,” the central bank explained.
‘BOP deficit due to soft financial account inflow’
THE country’s Balance of Payments (BOP) deficit in 2025 could be pinned on “softer” financial account inflows amid tighter financial conditions, continued current account shortfall, among others, according to the Bangko Sentral ng Pilipinas (BSP).
“The latest full-year BOP was due to softer financial account inflows amid tighter global financial conditions, narrowing of the current account deficit supported by improved trade performance, robust business process outsourcing receipts, and record-high overseas Filipino remittances,” the central bank explained in a statement.
The central bank said this after the country’s BOP registered a $5.7-billion deficit in 2025, a reversal from the $609-million surplus i n 2024. (See: https://businessmirror.com.ph/2026/01/21/bops wings-to-deficit-as-importsrise-in-2025/ )
The BSP explained further that net inflows in the financial account declined as residents increased their investments in foreign-issued debt securities, while foreign loan availments by domestic banks and net inflows of foreign direct investments a lso moderated.
According to the BSP, these factors “tempered” overall external financing and contributed to the weaker financial account position for the year.
T he central bank explained that the BOP consists of the current account, financial account, and capital account.
The current account covers trade in goods and services, as well as primary and secondary income, while t he financial account records investments and loans.
Primary income account reflects the flows for the use of labor and financial resources between resident and nonresident institutional units while secondary income account records current transfers, in cash or in k ind, for nothing in return, between
residents and nonresidents, e.g., overseas Filipino workers’ remittances, the BSP also noted.
The central bank said this was supported by an improved trade-ingoods balance on the back of “robust” export growth as well as higher income receipts from overseas Filipinos, consistent with record full-year cash remittances in 2025.
Remittances continued to shore up household consumption and provided a buffer against external headwinds, the BSP said.
The central bank noted the business process outsourcing sector remained a “reliable” source of services export earnings, with sustained industry expansion and firm global demand for digital and outsourcing services helping offset softer receipts in other services segments during the year.
The capital account, meanwhile, includes grants and other one-time transfers.
“The current account deficit narrowed from $18.6 billion (equivalent to 4 percent of gross domestic product, or GDP) in 2024 to $16.3 billion (equivalent to 3.3 percent of GDP) in 2025,” the BSP said. Under the country’s 2025 full-year current account, BSP data showed the country’s trade in goods deficit
Explainer
CHEAP DRONES, COSTLY DEFENSE:
Why the US is using million-dollar missiles against cheap Iranian
By Josh Funk And Ben Finley The Associated Press
THE Iran war quickly tested America’s ability to combat the swarms of cheap drones that have become a staple of the modern battlefield after Ukraine and Russia demonstrated how effective they could be.
The Islamic Republic launched so many drones across the region at once that some slipped through the defenses, including a strike that killed six US soldiers at an operations center in Kuwait.
Experts and defense leaders stress that the US military has been able to shoot down the majority of Iran’s drones and take out much of its drone capabilities. But critics said too often missiles that cost millions of dollars were used to down small drones that cost tens of thousands.
The US is bringing an anti-drone system to the Middle East that has been tested in Ukraine, which had proposed a deal with the US last year to offer its drone expertise. Such an agreement is yet to be made, and American forces are facing a steep learning curve as they scramble to deploy more cost-efficient defenses against Iran’s Shahed drones, which fly low and buzz like mopeds before smashing into their targets.
“We are crushing them—there’s no doubt about it—but if even one drone gets through our defenses and hurts an American, for me, that is enough to warrant fixing the problem,” said drone warfare expert Brett Velicovich, who operated Predator drones in the US Army and co-founded the Power.us drone manufacturing company.
Here’s what to know about Iran’s drones and efforts by the US to shoot them down: US says it’s attacking the source of Iran’s drones
GEN . Dan Caine, the chairman of the Joint Chiefs of Staff, said Tuesday that the number of drones launched by Iran had fallen 83% since the war began on Feb. 28. Iran launched more than 2,000 drones in the days after the initial U.S. and Israeli attacks, other top military officials said.
Caine told reporters that US forces were striking military and industrial targets in Iran “to deny them the ability to continue to generate those one-way attack drones.”
Hundreds—if not thousands—of Patriot missiles have been used by the US and its allies across the Middle East to defend against Iranian missiles and drones. But now the US seems to be relying more on attack helicopters and machine guns as a more cost-effective way to shoot down Iranian drones, experts say, and President Donald Trump suggested as much.
“Now we have low-cost interceptors effec -
drones
tively combating Iranian drones,” the Republican president said Monday.
The military also is bringing in an American anti-drone system proven to work in Ukraine against Russian drones, which are similar to Iran’s, The Associated Press has reported.
Known as Merops, the system flies drones against drones, fits in the back of a pickup truck and uses artificial intelligence to navigate when electronic communications are jammed.
Ukrainian President Volodymyr Zelenskyy told journalists on Tuesday that his country proposed a deal with the US last year to provide cutting-edge and battle-tested drone technology, including interceptor drones.
“I do not know whether they refused it. I’m not sure, but it was definitely postponed,” Zelenskyy said, adding that Ukraine still hopes to sign such a deal.
Experts say the US military has been slow to overhaul its arsenal and tactics to respond to the new threat from fleets of drones.
“This is going to be a big wake-up call for how the U.S. military defends its citizens and fights wars forever,” Velicovich said. “Because it’s sort of like we’re the best military on the planet, but stuff’s still getting by us.”
Travis Metz, the Pentagon’s drone dominance program manager, told senators last week that the Defense Department has committed $1.1 billion to buy drone systems over the next 18 months, including 30,000 small, one-way attack drones to be delivered to military units over the next five months.
US is leaning on knowledge from Ukraine PENTAGON officials have conceded in classified briefings to Congress that they initially struggled to stop the waves of Iranian drones, leaving US service members and Persian Gulf allies vulnerable. High-profile targets like a Dubai skyscraper and airports across the region have been struck.
Defense Secretary Pete Hegseth said last week that “thousands of Iranian missiles and drones have been intercepted and vaporized.”
But he conceded, “this does not mean we can stop everything.”
Available in big numbers, the Shahed drones have shown their capability to oversaturate
air defenses and inflict painful damage. And while the Shahed flies slowly at 180 kph (just over 110 mph), it can range as far as 2,000 kilometers (1,240 miles) and carry a relatively big load of 40 kilograms (88 pounds) of explosives.
The US military has typically operated complicated reusable drones that fire off missiles and return to base, such as the Predator. But Ukraine has shown that relying on large numbers of cheap drones, which carry their payloads directly into the target and become warheads themselves, can be extremely effective.
“There is going to be a learning curve, but the more that the Ukrainians can provide us
in terms of guidance and expertise I think the better off we all are,” said Brandon Blackburn, who is a former CIA targeting officer who conducted counterterrorism operations throughout the Middle East.
Ryan Brobst, a scholar focused on US defense strategy at the Foundation for Defense of Democracies, a hawkish Washington think tank, said social media posts by the US military and allies have indicated the use of relatively cheaper weapons like aircraft machine guns or laser-guided rockets to destroy drones in Iran.
He cited, for example, a video posted by the United Arab Emirates military, which showed an Apache helicopter shooting a Shahed with a large machine gun.
“The United States has made significant strides in counter-UAS warfare over the past few years,” Brobst said, referring to unmanned aerial systems. “But it’s also true that we can still learn more from Ukraine.”
Looking ahead to focusing on the ‘cheap stuff’
NORTHWESTERN University professor William Reno, who researches Ukraine’s military training for the Pentagon and visits the country regularly, noted that Ukraine has found cheap ways to shoot down drones with .50-caliber machine guns mounted in the back of a pickup or other fast-moving drones.
“The long-run effect will probably be that it’s going to focus minds wonderfully on thinking more seriously about cheap stuff that comes through the air,” Reno said.
For decades, US military strategy has counted on dominating the airspace above any conflict it got involved in, but the focus was primarily at higher altitudes where fighters and bombers fly. Now drones will force the military to think about what it does to control low-altitude airspace.
“Ukraine was the wake-up call,” Reno said. The US military already has some programs centered on inexpensive drones, according to Jerry McGinn, a former Defense Department official who was focused on manufacturing and industrial base policy and is now a scholar at the Center for Strategic and International Studies. One of those programs is the Low-cost Uncrewed Combat Attack System, or LUCAS, which American forces are using in Iran. The US military said in a post on X that the
Americanmade, one-way attack drones were “modeled after Iran’s Shahed drones.”
A UKRAINIAN soldier of the 48th separate brigade launches a reconnaissance drone for an action in Kharkiv region, Ukraine, March 4, 2026. AP/ANDRII MARIENKO
AN Iranian Shahed exploding drone launched by Russia flies through the sky seconds before it struck buildings in Kyiv, Ukraine, October 17, 2022. AP/EFREM LUKATSKY
AN instructor from the Ukrainian company General Cherry demonstrates the operation of an anti-air interceptor drone designed to destroy Russian attack drones in Kyiv region, Wednesday, March 11, 2026. AP/EFREM LUKATSKY
Leading with change: Robinsons Department Store empowers women and allies
WOMEN deserve to take up space and lead to bring positive change to every person they meet and the communities they serve. They are not just the light of our homes, but also the steadfast pillars of our society.
This is what Robinsons Department Store’s #Women2026: Ladies Who Lead Forum aimed to showcase. On March 7, 2026, Robinsons gathered women leaders from different sectors to open up conversations about how everyday practices and policies can excel and limit women’s opportunities. Moreover, it cited how allies, including men, could play a supportive role in creating a more inclusive environment for everyone.
The event was filled with inspiring lessons for women and allies.
Quezon City Mayor Joy Belmonte gave guests an overview of the status of women’s rights in the Philippines. While some progress has been made in pushing policies that provide a safe space and opportunities for women, there’s still a lot of work to do. “It’s not easy, but we will work hard to make these policies happen,” Belmonte said.
Likewise, Department of Justice Undersecretary Margarita Gutierrez highlighted the existing gaps in protecting women, emphasizing that societal reform is a joint effort. “If we want real change for women and girls, it will come when the government is serious about enforcement. The approach should be the whole nation working together, not individual efforts,” she said.
From improving daily life to enacting longterm policies, the message is clear: when women are empowered, they can empower everyone. This Women’s Month, Robinsons Department Store hopes to inspire Filipinos with the lessons from #Women2026: Ladies Who Lead Forum.
As a month-long treat, shoppers can enjoy up to 70-percent off on ladies’ apparel, accessories, and beauty products in all branches of Robinsons Department Store. On Women’s Wednesdays (all Wednesdays of March), Go Rewards members can get an additional 10-percent off with a minimum P2,000 purchase from 12 nn to 3 pm. Make the most of Women’s Month at Robinsons Department Store. Follow the store’s official pages on Facebook, Instagram, and TikTok for updates and the best offers. Shop online via official stores on Lazada, Shopee, and TikTok Shop.
Charina Carmen Cabading-Josol: A remarkable woman
AT the Huwarang Filipino Awards 2026, held on February 27 at the Music Museum in San Juan City, one of the outstanding women given honors was Charina Carmen Cabading-Josol. She is a businesswoman, recording artist, YouTuber, singer, composer, international runway model, a Mrs. Universe Philippines delegate, and Mrs. Grand Global Ambassador International 2025.
Hailing from Puerto Princesa City, where she was an early academic overachiever and Math Olympian, Charina graduated with a Bachelor of Science in Business Administration from University of the Philippines Diliman, later earning her Master’s Degree in Development Management from the Asian Institute of Management and completed an Advanced Business Management Program at EDS Business School.
Cited by “awards guru” Richard Hiñola for her entrepreneurial expertise, Charina is currently involved in real estate development in Puerto Princesa, where she buys, develops and resells properties. She also develops pocket subdivisions and sells them through her agents.
“Before moving to Manila, I ran several businesses in Puerto Princesa including a hotel, travel and tour agency, trading business, restaurant, and catering service. Eventually, I chose to focus on real estate so I could continue being entrepreneurial while having more time for my family,” referring to her husband, Capt. Gene Josol, a commercial pilot of Philippine Airlines, and their son, Gene Gerard C. Josol, who studies at PAREF Southridge School in Alabang.
“Being a wife and a hands-on mother is my most important role. No matter how busy life becomes, my family will always remain my priority,” says Charina, 51. In time for Women’s Month, the inspiring multihyphenate shares what makes her a remarkable woman:
■ MUSIC. “My love for music began when I was very young. While my parents worked, I often stayed with my Lola Carmen [my father’s Mama], who loved playing music at home. One of the songs she frequently played was ‘Light of My Life,’ which I memorized and later performed during our hometown fiesta in Mendoza Park when I was only four years old.
“My other grandmother [Mommy’s mother] encouraged my passion for music by buying me a
karaoke machine. From then on, I spent hours singing and recording myself, even covering songs by Madonna.
“I began performing in school programs, church choirs and weddings. I was the soloist of our CFC Singles for Christ Music Ministry, and sang as a Philippine Participating Youth Ambassadress to the Ship for Southeast Asian and Japanese Youth Program when I joined in 2004. “To develop my craft, I attended workshops at the Ryan Cayabyab Music School and songwriting workshops with Maestro Joey Ayala and H Music’s Voice Hub.
A major turning point in my music journey happened when I started my music YouTube channel, Charina CJ, as encouraged by my husband, where I share my cover songs.
“Then, I began working with H Music, headed
“Then, I began working with H Music, headed by the talented musician and composer Marie Jo Mandap, where I evolved into a recording artist and serious musician, when some of my original compositions, as well as, collaborations with Marie Jo were produced and shared with a wider audience through streaming platforms like Spotify, Apple Music and other 21 digital stores.
“The music video of my debut single ‘Carry On’ by H Music, directed by Marie Mandap, began streaming online on March 13 on Spotify, Apple Music and other digital platforms.”
■ PERSONAL STYLE. “Fashion has always been more than clothing—it is a language of selfexpression, confidence and identity. My personal style is being simple but classy, elegant, comfortable and modest. I prefer timeless pieces that feel refined yet effortless—structured silhouettes, soft neutral palettes, and subtle statement accessories. Comfort, confidence and authenticity make up the foundation of everything I wear.
Engaged in People Projects Foundation Inc., which works on the integral development of women who make a positive and sustained impact to family and society; and KALFI, or Kalinangan Youth Foundation, a women’s advocate NGO towards women empowerment.
“For me, charity is not only about giving resources but also about sharing time, encouragement and hope. I believe true empowerment begins with values and inner strength. When people understand their worth and purpose, they become capable of making a positive difference in society.”
“I enjoy supporting local brands that bring creativity and cultural identity into their designs, while international labels offer heritage and timeless craftsmanship. I love talented designers like Casa de Moda by James Paul, Jandy Roman, Lorienel Agawin, and Rochie Couture Finland.
creativity and cultural identity into their designs,
“Regardless of the brand, I always look for the same qualities: simplicity, elegance and comfort. I
“Regardless of the brand, I always look for the same qualities: simplicity, elegance and comfort. I prefer cotton fabrics that feel soft on my skin and allow me to move freely. I also prefer modest clothing rather than styles that show too much skin.
“The first designer who made me a dress is my close friend Liberty ‘Babang’ del Mundo back when I was in college.”
■ PHILANTHROPY. “Giving back has always been important to me. I founded the Circle of Hope and Care Organization, together with my close friends, to help communities and support humanitarian causes.
“I also support other organizations that help women, children, and underserved communities. Some are orphanages, like Bahay ni Nanay Starace; nonprofit organizations, like PEPPI, or People
Over 185 brands are featured at BeautyCon 2026
OVER 185 beauty brands in 9,000+ sqm of space sounds like every beauty enthusiast’s dream destination and that’s really the right description.
BeautyCon 2026: A World Of Beauty is happening from March 19 to 22, 2026 at the SMX Convention Center from 10 am to 9 pm.
So what can attendees expect? Fun, interactive booths delivering a shopping experience that will include exclusive gifts with purchase, discounts, offers and bundles, plus one-of-a-kind deals, exclusively for Watsons Club, SMAC, and LOOK List members.
To reduce the lines at the check-out counters, BeautyCon 2026 is using the Watsons app’s Click
& Collect feature. Members can skip the line by scanning products at participating booths, checking out via the Watsons app, and simply picking up their orders from the designated collection point. There will be more cashiers too. There will be 60 cashiers deployed across the venue, tripling last year’s capacity.
BeautyCon 2026 is celebrating beauty with no limits. This year is all about defining the beauty standard according to you. Beauty can and should be described through a thousand and more iterations, depending on your unique preferences and features.
Of course, everyone is waiting for the brand segments at centerstage. There are usually celebrities, makeup artists, and other resource persons for the brand segments. The Philippine Dermatological Society will also offer free skin and scalp consultations during the convention.
BeautyCon is bringing back some cornerstone elements from its last editions while elevating the experience into something that’s never been seen before.
■ UPCOMING PLANS. “This year will be very exciting. This end of March, I will be a guest of honor for graduating students in my hometown in Palawan. I will also be in a fashion runway show at Okada with designer Lorelie Agawin.
“This April in Subic will be a show with Casa de Moda by James Paul. In June or July, as the reigning Mrs. Grand Global Ambassador International 2025, I will travel to judge a national pageant in Nepal, and crown the next titleholder in Malaysia.
“I value my resilience, my curiosity, and my empathy. Resilience helps me navigate challenges, curiosity keeps me learning and growing, and empathy reminds me to connect with people in a genuine way.
“For me, success is not only about achievements but about using one’s gifts to inspire others and make a meaningful difference in the world. To God be all the glory!”
This year’s event also takes on added significance as it aligns with the 185th anniversary of AS Watson, the mother company of Watsons and one of the world’s longest-standing health and beauty retailers. Marking nearly two centuries since Alexander
Skirving Watson opened a small dispensary in Hong Kong, the milestone reflects the company’s enduring commitment to making health, beauty and wellness accessible to communities across the globe.
Gracing the convention is Dr. Malina Ngai, Group CEO of AS Watson, bringing with her the anniversary theme “Grow As One.” The theme celebrates the unity, customer love, and shared purpose that have fueled AS Watson’s growth for 185 years and continue to drive the brand forward today.
BeautyCon 2026 is a free and exclusive event to all SMAC holders, Watsons Club members, and LOOK List patrons. Simply present your physical and e-cards/QR codes upon entrance and join the fun for
So here are the brands I am excited to see in person at BeautyCon. I am usually busy and have no time for offline beauty shopping.
Lucky Beauty is known as actress Andrea Brillantes’ brand. They don’t have a physical store and I want to shade match their skin tints and concealers. I also want to check out Laneige’s new JuicePop Box Lip Tint, which is endorsed by girl group Katseye. I already have two but I want to see Jazzy Jam in person. I don’t need another skin tint but I do want to check out Skintific’s skin tints and cushion because they have amazing reviews online.
If there are any C-beauty brands at BeautyCon, I want to swatch the products, too.
Maestro Joey Ayala and H Music’s Voice Hub.
Charina Carmen Cabading-Josol, photographed by Gem Togade; hair by Dave Simon Pascua; makeup by Erick del Rosario; Jandy Roman as designer
ROBINSONS Department Store hosted the #Women2026: Ladies Who Lead forum, featuring (from left) Alexa Jocom, Halia CEO and founder; Cristalle Belo-Pitt, Belo Essentials managing director; Maica Teves, executive director of Spark! Philippines; Quezon City Mayor Joy Belmonte; Ma. Aurora “Boots” Garcia, chairman of Spark! Philippines; Carmina Quizon, Robinsons Department Store group general manager; Stanley Co, Robinsons Retail Holdings Inc. president and CEO; Billie Dumaliang, Masungi Georeserve director for advocacy and board trustee; and Justice Undersecretary Margarita Gutierrez.
MHR celebrates women leaders shaping the future of PHL hospitality
Walk into any Megaworld Hotels & Resorts property and you’ll notice something quietly powerful. Wherever a guest turns, at the front desk, in a boardroom, by the pool, inside a bustling café, or even in meeting rooms, there is someone you can relate to. Someone who understands your story. Someone who may have lived it.
As the Philippines’ largest homegrown hotel management company, with 15 properties, nine brands, and nearly 9,000 room keys nationwide, Megaworld Hotels & Resorts (MHR) operates in a business built on human touch. Human touch only works when the people behind it reflect the many lives, cultures, identities, ambitions, and journeys of the guests they serve.
In celebration of this year’s International Women’s Month, MHR shines a light on the women leaders helping shape its future. Within the organization, about 51 percent of executive leadership roles are held by women, including its top decision-making role, Managing Director. Across its regular associates, 42 percent are women, strengthening an ecosystem where representation is not a headline but daily reality.
Reinforcing this culture, 92 percent of employees shared in the 2025 Great Place to Work survey that they feel fairly treated regardless of gender.
At MHR, diversity is not a side initiative. It is operational reality.
For Managing Director Cleofe Albiso, empowerment is about momentum, not spotlight.
“Empowerment isn’t about putting one group above another. It’s about building systems where everyone moves forward. When women rise, when the LGBTQIA+ community feels seen, when persons with disabilities are supported, the whole organization becomes stronger.”
Cleofe adds, “Our Circle of Happiness reminds us that joy fuels performance. When people feel valued, they serve with heart. And when we grow together, we build something bigger than hotels. We build a Philippines that the world can trust to lead.”
It is within this forward motion that Leading Ladies Living Legacies takes shape, celebrating women who are stepping into new executive roles and shaping the next chapter of Philippine hospitality.
Patria “Pat” Puyat-Palanca
Group Director of Business Development
After decades of hospitality leadership across Southeast Asia, the Middle East, and Indochina, including becoming the first Asian and Filipina General Manager in Dubai, Pat Puyat made a deliberate decision to come home and invest her global expertise into Philippine growth.
Now leading business development for MHR’s expanding network of 15 properties, she focuses on disciplined expansion, long-term asset value, and strategic partnerships that strengthen the country’s hospitality footprint. Her work reinforces a powerful message. Filipino leaders are not only capable of managing global brands. They can elevate and
strategically grow them.
“The woman of today isn’t just asking for space. She’s building ecosystems. For me, returning to the Philippines was about proving that Filipino leadership belongs at the helm of international brands. We are not only known for taking care of guests. We know how to steward global brands, run complex operations, and position businesses for sustained growth.
Through MHR, I want the world to recognize that Philippine hospitality is not only heartfelt. It is strategic, disciplined, and globally competitive.”
For Pat, growth is not simply expansion. It is national positioning
Precision Meets Purpose
Joy Alonte
General Manager, Belmont Hotel Iloilo
Joy Alonte’s leadership is defined by operational clarity and belief in people. With over two decades of experience across internationally branded hotels, she has built highperforming teams and delivered consistent commercial success while nurturing strong workplace cultures.
She now steps into her new role as General Manager of Belmont Hotel Iloilo, located at the heart of Iloilo Business Park in the celebrated City of Love. One of three MHRoperated properties within the township, the hotel has 399 rooms, making it the largest hotel in terms of inventory in Iloilo City, the heart of Western Visayas.
Managing a property of this scale demands mastery in revenue optimization, inventory strategy, and people leadership, expertise Joy brings with confidence and steadiness.
“I stand on the belief of mentors who saw my potential long before I fully recognized it myself. Leadership means creating environments where people feel safe to contribute ideas, respectfully challenge norms, and grow into roles they may not have imagined. One of my biggest responsibilities is bridging generational differences and breaking down stereotypes that divide the workforce.”
Since 2019, 74 female associates within MHR have been promoted into managerial and executive roles, representing 19 percent of the total regular female employee base. Joy’s appointment reflects an organization where opportunity expands alongside growth.
For her, scale is not pressure. It is possibility. Stewardship with Strength
Emelyn “Ems” Rosales
General Manager, Savoy Hotel Boracay
With nearly three decades of hospitality leadership across local and international markets, Emelyn Rosales brings depth, composure, and operational discipline to every role she assumes. Her experience spans full hotel operations, financial stewardship, and commercial strategy, always grounded in strong team culture.
She now leads Savoy Hotel Boracay, one of three properties within Boracay Newcoast, located on the island’s eastern side within a 150-hectare master-planned township.
With its own front beach and powdery white sand, the property sits inside a secure and inclusive enclave designed for global travelers.
Boracay demands agility. It requires balancing dynamic occupancy cycles, diverse guest segments, and a young, creative workforce. Emelyn ensures that performance and people development move in sync.
“We are leading one of the youngest, most dynamic, and creative generations the industry has ever seen. The question is not whether they are ready. It’s whether we are ready to give them space. If we want them to believe in the future of Philippine hospitality, we must invite them into decisionmaking, innovation, and new ways of thinking. The future belongs to those who feel they are part of building it.”
For Emelyn, stewardship is about sustaining both place and potential
Reinvention and Relevance.
Gwendolyn Lanceta De La Cruz
General Manager, Mercure Mactan Cebu
With over three decades of leadership experience across Asia, including the Philippines, Malaysia, Singapore, the Maldives, and Hong Kong, Gwendolyn Lanceta Dela Cruz has built her career in some of the region’s most demanding hospitality environments. She has held senior executive roles spanning rooms leadership, resident management, and corporate-level oversight, working closely with top executives while managing large hotel operations.
Her exposure to global business leaders, international delegations, high-net-worth leisure travelers, and large-scale convention groups has sharpened her ability to lead with cultural intelligence and strategic foresight.
She now leads Mercure Mactan Cebu, formerly Belmont Hotel Mactan, MHR’s first property to transition into an international brand venture. Located within the 30-hectare Mactan Newtown township and directly across the Mactan Expo, the 550-room hotel plays a pivotal role in Mactan Cebu’s growing MICE and leisure market.
With expansive meeting facilities, multiple dining concepts, and direct access to Mactan Newtown Beach, the property reflects scale and global ambition.
“Resilience carried us through uncertainty, but reinvention keeps us relevant. The transition from Belmont to Mercure proves that our work ethic and craftsmanship deserve a global audience. As women leaders, we build for longevity. We create markets that are healthy and sustainable, where teams grow stronger, partners succeed, and success is shared across the entire ecosystem.”
For Gwen, reinvention is not recovery. It is readiness.
Shared Legacy As Megaworld Hotels & Resorts continues to grow, so does its presence across Megaworld’s 37 townships nationwide. The group looks ahead to upcoming properties such as The Kingsford Hotel Bacolod in The Upper East township, Savoy Hotel Capital Town Pampanga in San Fernando, and developments in Palawan including Savoy Hotel Palawan and Paragua Sands in San Vicente. In Metro Manila, projects like ArcoVia Hotel in Pasig further strengthen MHR’s urban footprint.
Guided by the Sampaguita, anchored on love, honor, dignity, and healing, MHR’s expansion reflects more than portfolio growth. It represents a commitment to Filipinization, championing Filipino-led management and service excellence as the group strengthens its presence locally and globally.
Through Leading Ladies Living Legacies, MHR affirms that true growth is measured not only in new properties, but in the wellbeing of its people, creating environments where individuals feel valued, supported, and inspired to thrive. When people flourish, hospitality becomes more than service. It becomes purpose.
HSMA inducts new leadership for 2026-2027 to advance PHL hospitality, tourism growth
THE Hotel Sales and Marketing Association (HSMA) Philippines formally inducted its 2026-2027 Board of Trustees during its first General Membership Meeting held on March 2, 2026 at Lanson Place Mall of Asia.
The induction signaled the start of a new leadership term for the organization, which brings together sales and marketing leaders from more than 130 hotels and resorts across the Philippines. As one of the country’s most active hospitality organizations, HSMA continues to champion collaboration across the industry while supporting tourism growth initiatives in partnership with the Department of Tourism.
Leading the organization for the 2026-2027 term is Loleth G. So, Group Commercial Director of Megaworld Hotels & Resorts, who was inducted as President. Joining her on the executive committee are Cielo O. Robredo, Vice President – Sales & Marketing of Okada Manila, serving as Vice-President; Kristine “Miles” S. Santos, Manager for Corporate Sales of Bayview Park Hotel Manila, as Secretary and Desiree Rose De Guzman-Padiernos, Global Marketing Director of Astoria Vacation and Leisure Club Inc. of Astoria Hotels and Resorts, as Treasurer.
The newly inducted Board of Trustees also includes Carmela Bocanegra, Vice-President – Sales & Marketing of Filinvest Hospitality, as Director of PR & Media Relations; Ma. Celeste B. Romualdo, General Manager of The Linden Suites, as Director of Membership; Amie C. Villena, Area Director of Sales &
Marketing for Boracay Newcoast hotels Savoy Hotel Boracay, Belmont Hotel Boracay, and Chancellor Hotel Boracay, as Director of Education; Marvin Kim Tan, Vice-President – Sales & Marketing of The Manila Hotel, as Director for Ways & Means; and Jennylyn G. Santillan, Director of Sales & Marketing of City of Dreams Manila, as Director for Programs. Serving as HSMA Chair is Margarita “Margie” Munsayac, Vice-President – Sales & Marketing of Bluewater
beside them as they work toward their Olympic dream and bring glory to the nation.”
SCG reinforces leadership in green innovation at WORLDBEX 2026
SCG, a regional and global leader in sustainable building materials, reinforced its commitment to green innovation under the theme “SCG Greenovation for Healthy Living Space” at WORLDBEX 2026 which took place from March 12 to 15, 2026, at the World Trade Center Manila.
At this year’s exhibition, SCG advanced beyond conventional durability with its next-generation engineering breakthrough—Firm & Flex™ Technology, integrated into SCG Smartboard Ultra. This innovation reflects SCG’s long-term strategy of delivering structural confidence, healthier indoor environments, and environmentally responsible manufacturing in one unified solution.
“SCG Greenovation represents our integrated approach to innovation—bringing together engineering excellence, environmental responsibility, and human wellbeing in one unified vision. Healthy Living Space reflects our belief that construction materials must go beyond structural performance to actively promote healthier indoor environments and long-term sustainability,” said Khun Chanon Sangkaew, Construction Value Creation Department Manager.
SCG Smartboard Ultra represents the core of SCG Greenovation, combining enhanced structural performance with built-in Anti-Mold Technology to support healthier living environments especially in tropical climates.
Powered by proprietary Firm & Flex™ Technology, the board delivers a precise balance of strength and adaptability: Firm – Superior structural rigidity, dimensional stability, and secure fastening performance throughout the building lifecycle.
Flex – Controlled flexibility that minimizes cracking during handling and installation, reduces material waste, and improves on-site efficiency.
Together, this engineered balance defines SCG’s standard of Ultra durability, purpose-built for demanding environments.
Recognizing the challenges of high humidity in the Philippines, Smartboard Ultra integrates AntiMold Technology directly into the board matrix during production. Through carefully selected anti-fungal additives and controlled autoclave curing, protection is embedded within the material, not surface-applied, ensuring long-term resistance to fungal growth.
Its performance is validated under recognized international testing standards, including ASTM certifications. Manufactured in Thailand under stringent quality and environmental standards, Smartboard Ultra incorporates premium pulp fiber reinforcement and enhanced moisture resistance, supporting both structural reliability and indoor well-being.
SCG Greenovation extends beyond product innovation. The company implements responsible raw material sourcing, low-carbon production processes, energy optimization systems, and waste reduction initiatives across its operations. Products are supported by internationally recognized environmental certifications such as Environmental Product Declaration (EPD), reinforcing transparency in lifecycle environmental impact.
“SCG firmly believes that the future of construction is rooted in responsible engineering. We are committed to working alongside architects, developers, and builders to elevate industry standards—advancing construction that is resilient, sustainable, and future-ready,” said Khun Bancha Chaiprom, ASEAN Regional Manager . This integrated approach strengthens SCG’s position not only as a manufacturer, but as a global leader in innovative green building solutions.
In 2026, SCG strengthens its brand presence in the Philippines with the introduction of the distinctive Red Edge side marking. Designed as a clear mark of authenticity, the Red Edge enables instant product recognition both on-site and in retail environments while enhancing brand visibility and reinforcing SCG’s premium positioning.
This initiative underscores SCG’s responsiveness to evolving customer behavior, where clear and visible brand identification has become increasingly important. By improving product recognizability and reinforcing user confidence, SCG elevates the overall customer experience at every stage of the application process. Beyond structural innovation, SCG broadens architectural possibilities with decorative fiber cement solutions that combine aesthetic sophistication with longterm durability. The SCG Wood Plank – Triple Tone Series replicates the richness of natural wood using advanced digital printing technology to create multi-dimensional textures with refined color depth. Available in Moss Grey, Ginger Brown, and Maple Pine, the series offers authentic woodlike aesthetics, resistance to mold and termites, and versatile application for interior and exterior
Global Vision Homecoming
Patria “Pat” Puyat - Group Director of Business Development, Megaworld Hotels & Resorts
Joy Alonte - General Manager, Belmont Hotel Iloilo
Emelyn “Ems” Rosales - General Manager, Savoy Hotel Boracay
Gwendolyn Lanceta De La Cruz - General Manager, Mercure Mactan Cebu
The HSMA Board was inducted by Tourism Undersecretary Shahlimar Tamano.
In the photo are, from left, Khun Chanon Sangkaew, Manager of the Construction Value Creation Department, and Mr. Rangsant Srimangkorn, Minister and Deputy Chief of Mission of the Royal Thai Embassy, unveil the SCG Greenovation Booth at Worldbex 2026.
LOVE, MARINA: WOMEN AND THE CONTINUITY OF SOFT POWER
IHAVE been writing about soft power for some time now, often thinking about where influence really begins. Not in institutions or policies, but much earlier. In private lives, habits, and in the small, repeated choices we make every day.
Political scientist Joseph S. Nye Jr. describes soft power as the ability to influence attraction rather than force (Nye, 2004). We usually apply that idea to nations and diplomacy. Yet the most durable forms of attraction are rarely manufactured at the state level. They are cultivated in families, in communities, and in the everyday shaping of taste and values.
That is why Love, Marina , published by FEU Publications, feels timely.
Written by Vicky VelosoBarrera, fashion designer and writer, the book is a tribute to pioneering Filipiniana designer Marina Reyes Antonio. Carefully edited by veteran journalist and lifestyle writer Thelma Sioson San Juan, it gathers family memories, archival photographs, and reflections from friends and clients who encountered Marina’s work across decades. What emerges is not simply the story of a designer. It is a portrait of a sensibility. Marina moved in worlds shaped by art, architecture, and craftsmanship. Her gowns reflected careful construction and delicate hand-crafted embellishments that distinguished a
KAPAMPANGAN CRAFTSMANSHIP WALKS THE RUNWAY AT ‘KARIKTAN’ DESIGN took on a new dimension as fashion and furniture shared the same stage in Kariktan, A Furniture Fashion Show, held at the Philippine International Furniture Show at the SMX Convention Center Manila on Saturday, March 7. M ore than a runway presentation, the event was a celebration of Kapampangan creativity where craftsmanship, heritage, and contemporary design converged in a striking display of artistry.
The showcase also placed Pampanga’s renowned designers and manufacturers at the forefront of the national design conversation. It, similarly, transformed the exhibition space into a living gallery of garments and furniture, all sharing a visual language of elegance and precision.
First Lady Liza Araneta-Mar -
cos joined Congresswoman and former President Gloria Macapagal-Arroyo; Nanay Partylist Representative Florabel Yatco; Governor Lilia “Nanay” Pineda; Board Member Fritzie David Dizon, Board Member Atty. Claire David Lim, and Clark Development Corporation Director Atty. Nicolette Henson. Together, they toured the exhibition and witnessed the presentation, demonstrating strong support for the province’s creative industries.
For Macapagal-Arroyo, the evening reflected a deeply rooted aspect of Kapampangan identity. “ [Kariktan] reminds us that Kapampangan creativity does not confine itself to one field. It thrives not only in food but in fashion and furniture, not only in cuisine but in textiles and wood, not only in flavors but in life and form,” she said during her speech.
S he added, “[Kariktan] is a celebration of the craftsmanship, attitude, and creativity that make Pampanga such a vibrant center of Filipino artisans and craftsmen.”
On the runway, the fashion segment featured the works of celebrated designers Mak Tumang,
generation of Filipiniana design. But what stayed with people was not a spectacle. It was discernment. A way of seeing what was worth keeping.
When I saw the gowns displayed during the Love, Marina book talk, and fashion presentation at Tesoro's Makati earlier this month, I was struck by their intricacy and durability. Some were more than four decades old, yet they simply did not seem dated. If anything, they looked ready to be worn again.
The book recounts a Lorenzo family gown created in 1957, worn again in 1993 and once more in 2018. Three generations wore the same design, not preserved behind glass but worn again in life.
Timelessness, I realized, is not about preservation. It is about continuity.
The fashion presentation accompanying the launch traced that continuity across four generations of designers. Beginning with Marina Reyes Antonio, the lineage continued through Malu Veloso, Vicky and Letlet Veloso,
Philip Torres, Ditta Sandico, Frederick Policarpio, Marlon Tuazon, Mich Viray, Adrian Sahagun, and Rhon Balagtas. Each collection revealed a distinct design voice while collectively reflecting the evolving language of Kapampangan couture, where intricate craftsmanship meets contemporary elegance.
Running parallel to the fashion presentation was a display of Pampanga’s thriving furniture industry. Companies such as JB Woodcraft Inc., Albero, Calfurn Manufacturing Philippines, Las Palmas Furniture, Philiana Design, Prizmic and Brill, A. Garcia Crafts, South Sea Veneer, and Venzon Lighting participated. Their pieces fused function with refined aesthetics, demonstrating the meticulous workmanship for which the province has long been known.
The concept behind Kariktan centers on dissolving boundaries between disciplines.
“This is where heritage meets modern expression. Craftsmanship becomes couture, and creativity flows seamlessly from furniture to fashion,” Erwin Tan, Overall Exhibit Chairman of the 2026 Philippine International
and Hannah Barrera. Each designer interpreted Filipiniana in her own voice, yet the thread of craftsmanship remained unmistakable.
This Women’s Month, the story feels timely. Today we often measure progress through visible markers: women in leadership, women in boardrooms, and women entering industries that once excluded them. These shifts matter. But long before formal inclusion, women were already shaping culture. They preserved language and rituals, guarded standards of taste and propriety, and passed along judgment as much as knowledge. Soft power has long been practiced at a close range.
In public relations, influence rests on authority, credibility, and trust. James E. Grunig reminds us that legitimacy grows through relationships rather than command (Grunig, 2002). More recent work on leadership communication likewise emphasizes credibility, transparency, and consistency as foundations
Furniture Show, said.
Philippine furniture in the modern age IN an era dominated by speed, automation, and artificial intelligence, Philippine furniture design quietly—but powerfully—asserts the enduring value of handcrafted work.
Speaking to adobo Magazine, Albero CEO and Co-Founder Lance Tan highlighted the event’s seamless fusion of concept and craft, as well as the role of craftsmanship in translating designers’ visions into tangible pieces. He also pointed to the revival of traditional techniques such as rattan weaving adapted with leather as an example of how heritage skills continue to evolve within modern design.
“We have a lot of techniques that we try to keep for this collection and revive them. For instance, we usually use rattan in our past designs, but clients don’t usually ask for it. So what we did was keep the craft, but we upscaled the material by using leather instead as a weaving material,” he said.
We really made sure to highlight details that are usually not
of public trust (Men & Bowen, 2017). These qualities are formed over time, often through examples.
Often, those examples were set by women.
What Vicky Veloso-Barrera does in Love, Marina is to give shape to that influence. As both designer and writer, she understands that aesthetics are never about appearance. They reflect judgment, discipline, and memory. Through the stories and photographs gathered in the book, what might have remained in family recollection becomes something larger: a record of how taste, values, and craft continue across generations.
As we celebrate Women’s Month, perhaps the more interesting question is not only how many women now sit at the table, but who shaped the table long before it became visible.
Soft power rarely begins with declarations. It grows through the standards people uphold and the practices they repeat.
Influence, after all, is first learned at home.
noticed. Once you explain and tell their story, we hope to educate people as well about the beauty of Philippine craftsmanship.”
T his innovative approach turns furniture into a storytelling medium, allowing each piece carry a narrative about culture, skill, and identity.
Meanwhile, the Philippine furniture industry faces the challenge of competing in a global market, where cost, speed, and technology often define success. Lance says exposure and collaboration are key to evolving and keeping pace with international standards.
A crucial part of this evolution involves cross-disciplinary work—going beyond the confines of interior design and furniture, and drawing inspiration from other creative fields.
“This year, we’re trying to move across disciplines. So we have the [Kariktan] because we think that to grow the Philippine design community, we have to work with other art fields as well.
To be inspired, it’s not just about interiors, furniture, and architecture. We have to look outside the box. So there’s art, there’s fash -
A PR Matter. Love, Marina may be ordered through the FEU Bookstore (tamsbookstore@feu.edu.ph).
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Rowena Capulong Reyes, PhD is the vice president for Corporate Affairs of Far Eastern University (FEU). She is an executive committee member of the Metro Manila Film Festival 2025 and heads its education committee. She was formerly the Dean of FEU Institute of Arts and Sciences and Colegio de San Juan de Letran. She is the immediate past president of the Philippine Association of Communication Educators (PACE), serving two terms.
We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.
ion, music, sound.” Ultimately, Lance believes that the value of handmade furniture is only becoming more significant. When asked why people should pay closer attention to Philippine furniture design today, in the midst of artificial intelligence, he cites human touch as an irreplaceable asset. Why do they prefer other countries? It’s because they can get their items cheaper and faster. But in the Philippines, even though we don’t have the technology other countries have, there’s beauty in keeping things made by hand. There’s beauty in seeing imperfections. There’s a beauty in seeing the rawness of things,” he said. To him, these imperfections and raw qualities are not flaws; they are markers of authenticity and humanity, telling the story of the hands that shaped the piece, the culture that informed the design, and the time invested in its creation. I think that’s the trend that’s going to become not a trend, but a timeless thing. They want to see [furniture and garments] made by hand and not items made by machines.”
VICKY VELOSO, author of Love Marina, dons a Marina Antonio designed gown. FOUR generations of Marina Antonio, from left: Malou Veloso, Letlet Veloso, Vicky Veloso-Barrera, and Hannah Barrera.
one of the country’s premier youth pickleball squads while securing another slot in the PCL Asia Grand Finals set in Hainan Island, China next month. Team Velaris topped Flight B in the elimination round by narrowly edging Dinkasaurs, 15-13, in total points to secure an automatic semifinal berth on its way to the finals of the centerpiece event capping the Pickle Fest 2026 organized by Kosmas Athletic Ventures Corp. and Sunrise Events Inc. I n Flight A, Cebu Pickle Warriors booked the other direct semifinals slot with 13 points, slipping past Archangel Pickleball Center, which pooled 10 points, for the outright entry.
Japan too much for PHL booters
TOKO KOGA headed in two goals as Japan routed Philippines, 7-0, on Sunday at the Accor Stadium in Sydney to advance to the Women’s Asian Cup semifinals and secure a spot in next year’s World Cup in Brazil.
With the loss, their second against one victory in Group A, the Philippines was relegated to play-ins for the last two World Cup slots—against Uzbekistan on Thursday at the Cbus Super Stadium at the suburbs of Robina in the Gold Coast.
“ The girls understood that they’re playing against one of the best teams in the world,” Filipinas coach Mark Torcaso said. “They were outstanding, with Nina Meollo and Jourdyn Curran starting for the first time in an international game.”
The Filipinas—supported by the Philippine Football Federation and the
TBig field vying in Southwoods Invitational tilt
TPhilippine Sports Commission—held their defensive line until the five-minute added time in the first half,with rookie goalie Meollo coming up with 10 saves. But the Japanese juggernaut couldn’t be denied.
A 2 0-year-old Tottenham defender, Koga scored in first-half stoppage time and again in the 76th minute as Japan improved its tally to 24 goals and none conceded so far in the 2026 championship. Japan will play 2022 runner-up South Korea on Wednesday for a spot in next weekend’s final.
Four years ago, Japan lost on penalties to eventual champion China in the semifinals, ending its title defense.
A ll the semifinalists in Australia qualify automatically for the 2027 Women’s World Cup while the losing quarterfinalists go into playoffs for two
more guaranteed places in Brazil.
Slow start, big finish
JAPAN dominated possession and field position but wasn’t able to score for 45 minutes against a determined Philippines defense anchored by goalkeeper Nina Meollo.
O nce the first goal went in— Mina Tanaka’s header from point-blank range after a scrappy scramble in the goalmouth—it started a flow for the top-ranked team in the tournament.
Th ree minutes later, Koga jumped to meet a corner from Honoko Hayashi and angled it into the back of the net to give Japan a 2-0 halftime lead.
Tagaytay ready for Asian track championships
Championships set from March 25 to 31 at the Tagaytay CT Velodrome. It’s the first time in 30 years that the Philippines is hosting the Asian track championships and we’ll put our best foot forward as we slingshot
Global Hoops back for Year 3
the return of track cycling in our country,” said PhilCycling president Abraham “Bambol” Tolentino as he made a regular inspection on the progress of preparations at the International Cycling Union (UCI)-standard 250-meter indoor track.
“ We expect the continent’s big guns to bring in their top cyclists in the prestigious competition that we’re hosting not only to promote track events, but also to help in the vigorous sports tourism campaign,” said Tolentino, also president of the Philippine Olympic Committee.
The Japanese scored twice in three minutes midway through the second half to lead 4-0, with Remina Chiba sliding in with a right-foot shot from the edge of the box in the 65th from Aoba Fujino’s long, floating cross and Manaka Matsukubo scoring in the 67th.
Toko Koga scored again with a close-range header to make it 5-0 before substitutes Momoko Tanikawa and Riko Ueki added further goals in the last four minutes of regulation. Japan, the 2014 and 2018 champion, scored a tournament-leading 17 goals in the group stage. China beat Taiwan, 2-0, in extra time in a Saturday quarterfinal set against geopolitical tensions to move into a semifinal against host Sam Kerr ‹s Australia, which beat North Korea, 2-1 on Friday night.
Mallie Ramirez and Malea Cesar sustained injured when action ended. AP and PSC Release
THE Philippines’s Jourdyn Curran (left) and Japan’s Remina Chiba commit to head the ball during their quarterfinal match in Sydney on Sunday. AP
Magsayo takes on Irish in Vegas
By Josef Ramos
Nineteen countries—with China and Hong Kong-China leading the pack with 50 athletes each, followed by India with 48 and South Korea 43—are vying in the championships backed by the Philippine Sports Commission, City of Tagaytay led by Mayor Brent Tolentino and the MVP Sports Foundation.
The Philippines last hosted the track championships in 1995 at the Amoranto Velodrome, which has since been demolished and transformed into a football pitch, leaving the Tagaytay CT Velodrome as the only world-class track facility in the country.
FORMER world champion Mark “Magnifico” Magsayo fights again after nine months against Ireland’s Feargal McCrory in a non-title 10-round lightweight bout organized by Zuffa boxing at the UFC Apex in Las Vegas, Nevada, on April 5. International matchmaker Sean Gibbons told the BusinessMirror on Sunday that the former World Boxing Council (WBC) featherweight champion is debuting as a lightweight against his solid Irish opponent. This fight is a sign of new beginning for Mark Magsayo, it’s going to be an amazing fight,” Gibbons said. “He’s fighting a former world title challenger… double tough, very rough.”
Trainer Marvin Somodio and Gibbons decided to explore the lightweight ranks for opportunities for the 30-year-old pride of Tagbilaran City to become world champion anew.
“ I see him to come up and get this opportunity so he can move on to finalizing a world title fight soon,” said Gibbons of Magsayo, who’s now signed up with new promotion partner Zuffa Boxing. McCrory, 33, lost a world title opportunity on June 28, 2024, against reigning World Boxing Association (WBA) super featherweight champion Lamont Roach of the US via an eighth round technical knockout decision in Washington DC.
(PBA). Hoopsters to look out for this year include New Zealand’s 6-foot-7 Jordan Amos, Agar Torres and Miguel Martinez. AUBA Australia top picks include Anthony Flores, Lee Edwards and Jeorge Saleh from the U16 team; U16 girls Amarah Sabben, Olivia Waycott and Bianca Aiken; Boys’ U14 Peter Muthiya, Sam Manalang and Mackenzie Morris; and the U12’s Blake Waycott-Alalid, Victor Muyna and Malik Whitton. B atang Europa touts Aldrian Manalo, Colin Austria and Kurt Cabotaje with their U16 counterparts Tristan Sagum, Carl Rodriguez and Raphael Solomon cited as top prospects. B ayanihan Elite UK has Max Maurice, Gabriel Toolworthy and Charles Auger for the U19 and Yohan Batugal, Josh O’Donnell and
ROSE BACARON raises her arms in celebration with Velaris teammates (from left) Alva Bual, Jean Indagacan and Sun Lacida. PCL PHOTO
AGAYTAY City rolls out the red carpet for
PHILCYCLING president Abraham “Bambol” Tolentino checks on the progress of preparations at the Tagaytay CT Velodrome. PHILCYCLING PHOTO
