THEPhilippines recorded its widest yearto-date Balance of Payments (BOP) deficit in nearly three years, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).
The BSP data showed the country’s BOP deficit reached $5.516 billion in the January to April 2025 period, the widest since the $7.263-billion deficit recorded in the full year of 2022.
The central bank said the trade in goods deficit was the main culprit for the wider BOP deficit in the first five months of the year—something that some economists consider a cause for concern.
“Of course it is [a cause for concern].
With cheap imports from China due to Trump tariffs, local producers are disadvantaged, while the trade deficit will continue to bloat,” University of Asia and the Pacific economist Victor A. Abola told BusinessMirror on Monday.
According to Abola, given the new trade policy of the United States, the Philippines’s trade deficit could continue to swell, leading to an even wider BOP deficit in the coming months.
However, what could be beneficial to the Philippines, Abola said, is a weaker peso. He expects the peso to start depreciating starting in June, after the elections.
Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told BusinessMirror that a “little depreciation” in the Philippine peso can reduce the BOP deficit by making exports cheaper and more competitive globally.
This, in turn, will cause the country’s imports to be more expensive. With import prices higher, Ravelas said there could be a decline in import volumes.
What is important, Ravelas said, is for the country to manage currency volatility. Nonetheless, the wider BOP deficit as of April 2025 could be a cause for concern.
“It may indicate underlying economic issues such as increased imports, reduced exports, or capital outflows. Not to mention the potential secondary effects of inflation and currency volatility arising from Trump’s Tariff,” Ravelas told BusinessMirror
By Reine Juvierre S.
the P9 trillion in budget submis-
sions received by the DBM for this year’s national budget and 1.6 times higher than next year’s projected expenditure program worth P6.793 trillion.
Libiran said the higher budget requests were driven by the 200to 300-percent increase in agencies’ budget submissions.
of the Open Government Week 2025 opening ceremony on Monday, Undersecretary Goddes Hope Libiran told reporters that the estimated overall budget submissions of government agencies, including Tier 1 and Tier 2, amounted to P11 trillion. This is P2 trillion more than
“There are a lot of agencies that want to do a lot,” Libiran said, noting that not all proposals will be approved due to the tight fiscal space.
The total proposed budget is structured under the government’s two-tier budgeting process, where Tier 1 covers ongoing expenses while Tier 2 is for the agencies’ new or expanded pro -
grams, activities and projects. Tier 2 budget proposals will only be funded by the available fiscal space that is the projected expenditure program, excluding the budget for Tier 1 and the financial impact of the Mandanas ruling and the full devolution of functions to local government units.
The Mandanas ruling refers to the landmark Supreme Court ruling requiring the national government to increase the revenue share of local government units.
According to budget documents, the Cabinet-level Development Budget and Coordination Committee (DBCC) has set the Tier 1 budget ceiling to
WHILE the Philippines may benefit from Washington’s new trade policy, it is not “fully shielded” from the effects of higher tariffs, according to the Hongkong and Shanghai Banking Corporation (HSBC) Limited.
In a report on Philippine electronics, HSBC said the country can benefit from the “China+1+1” strategy that investors could adopt to bring down their costs in light of Trump tariffs. However, HSBC cautioned that high uncertainty and the
risk of higher tariffs on semiconductors would not guarantee the country’s success under the new trade regime.
“The archipelago is not fully shielded from the broader cascading effect of tariffs. However, we see opportunities and think all eyes will be on how the Philippines can maximize them,” HSBC said.
According to the report, other factors complicate the Philippines’s chances in taking advantage of its lower tariffs on products shipped to the US.
PHL slams actions that hit supply chains, raise costs
By Andrea E. San Juan
THEPhilippines remains concerned with actions that “jeopardize” global supply chains, raise trade costs, and “erode” confidence in the multilateral system, according to the Department of Trade and Industry (DTI).
As she represented the Philippines at the 2025 Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting on May 15 in Jeju, South Korea, Trade and Industry Secretary Cristina A. Roque underscored that the Philippines is committed to strengthening the multilateral
Continued from A1
“However, it’s essential to consider the broader economic context, in-
trading system, among others.
“The Philippines stands firm in promoting an open, rules-based multilateral trading system that upholds fairness, transparency, and inclusivity—crucial to building resilient and inclusive economies,” Roque said. “We remain concerned with ac-
cluding factors like global economic conditions, domestic economic policies, and potential one-off events that may have influenced the deficit,” he also said.
Meanwhile, the BOP deficit in the January to April 2025 period has al-
tions that jeopardize global supply chains, raise trade costs, and erode confidence in the multilateral system,” the Philippines’s Trade chief underscored.
During the discussions on the multilateral trading system, Roque “reaffirmed” the country’s commitment to a “fair, stable, and inclusive” global trading system.
She emphasized the significance of reforming the WTO dispute settlement mechanism and advancing negotiations in agriculture and fisheries subsidies.
“The WTO must remain responsive to evolving global trade realities,” she stressed.
She further urged the Apec economies to sustain momentum in prioritizing the alignment of trade policies with environmental protection and social well-being.
“It is crucial to engage with a wide range of stakeholders, including businesses, civil society, and the scientific community, to ensure that trade policies are informed by the latest knowledge and
ready breached the BSP’s target for the year and in 2026. In March, the BSP said the BOP deficit may widen to $4 billion in 2025 and $4.3 billion in 2026. The BSP earlier said the BOP may post a deficit this year, a reversal of
best practices,” said Roque. In their Joint Statement issued over the weekend, the APEC Ministers Responsible for Trade (MRT) recognized that the WTO has challenges and needs “meaningful, necessary, and comprehensive reform” to improve all its functions through “innovative approaches” to be more relevant and responsive in light of today’s realities.
“We commend the efforts to deepen discussions in the WTO on contemporary trade issues. We intend to work collaboratively through Apec’s role as an incubator of ideas and support Members working together to deliver a successful Fourteenth WTO Ministerial Conference [MC14] in March 2026 in Cameroon,” the Joint Statement of the Apec ministers noted.
its pronouncement in December when it projected a surplus for 2025. In December 2024, the BSP projected a $2.1-billion surplus for 2025.
BSP attributed the weaker BOP projection for 2025 and 2026 to “slower global trade and subdued investor confidence linked to increased uncertainty in global trade policy and geopolitical developments.” (See: https://businessmirror.com. ph/2025/03/26/bsp-sees-bopdeficit-due-to-trade-jitters/).
In April 2025, the BSP noted that the country’s BOP position posted a deficit of $2.6 billion, higher than the $639-million BOP deficit recorded in April 2024.
BSP noted that this reflected the national government’s drawdown on foreign currency deposits with the central bank.
These drawdowns were needed to meet the country’s external debt obligations and pay for expenditures. The deficit also reflected the BSP’s net foreign exchange operations in April.
With this, the country’s final gross international reserves (GIR) was brought down to $105.3 billion as of end-April 2025, from $106.7 billion as of end-March 2025.
This latest GIR level provides a robust external liquidity buffer, equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income.
However, Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said in an economic note that this is one of the lowest in nearly three years.
“The GIR is equivalent to 7.3 months’ worth of imports, among the lowest in more than two years or since 2022 and down from an immediate high of 8.1 months in September 2024,” Ricafort said.
The BSP said the preliminary data from the Philippine Statistics Authority (PSA) showed the trade deficit for January-March 2025 reaching $12.7 billion, up from the $11.3-billion deficit posted in January-March 2024.
It also noted that the latest GIR level ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans.
These include high electricity costs which are crucial given that semiconductor production is an energy-intensive industry. HSBC noted that coal is the largest source of electricity generation in the country, making it the largest coal importer in the region.
HSBC also noted that while more than half of the country’s exports are composed of electronic products and 75 percent of these are semiconductors, the level of sophistication in the manufacture of these products have not risen to levels comparable to that of China, Malaysia, and Vietnam.
“The global tech supply chain is quite complicated and inter-linked. The 90-day tariff pause will end soon, but the outcome of it remains uncertain,” HSBC also said.
“There is also a risk of higher tariffs on semiconductor imports to the US. This has the potential to hit the entire tech supply chain of the region hard,” added. The report also stated that “global supply chains are being overhauled” and more are turning to nearshoring and reshoring of portions of the supply chain.
Nonetheless, the Philippines could be a friendshoring destination for the United States because of the lower tariffs pegged at 17 percent and the country’s demographics.
HSBC noted that the country’s infrastructure is also ready for industrial investments.
Friendly ties with the United States may be ssen by global investors as advantageous for their business, it added.
“The boost from within and grow-
ing trade and investment ties globally should also help the Philippines anchor its position in the global tech supply chain, while gradually shifting to more high-valued exports,” HSBC said.
“It would also nudge the government to ramp up infrastructure development and may even have a crowding-in effect on both public and private investment,” it added.
Earlier, Philippine economic officials said talks with Washington over tariff negotiations “went very well,” as the interests of Philippine industries were at the center of discussions.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick D. Go, who led the Philippine delegation, said the Philippine delegation is hopeful that these discussions “mark the beginning of a process toward arrangements from both sides that will not only strengthen US-Philippines trade ties but also help diversify our country’s export markets.”
The “comprehensive” dialogue took place after Washington imposed a 17-percent additional tariff on Philippine goods being shipped to the US, currently the second lowest in Southeast Asia.
Go said the Philippine team’s goal for the meeting in Washington is to forge a partnership that benefits both sides and at the same time supports the growth of the Philippine industries.
For her part, Trade and Industry Secretary Cristina A. Roque said the Philippine side was able to “clearly convey” to the US Trade Representative the local industries’ wishes and concerns. (See: https://businessmirror.com.ph/2025/05/05/ cabinet-officials-in-us-tarifftalks-say-meetings-went-well/).
Cai U. Ordinario
smugglers.
He acknowledged the concerns of the Sin Tax Coalition that the committee, in tackling HB 11360, might be used as an entry point for reducing tax rates on tobacco.
nicotine salt and conventional freebase or classic nicotine. Both categories are based on their liquid contents and quantities.
Currently, nicotine salt vape products are levied at P57.33 per milliliter and will increase by 5 percent every year.
Meanwhile, the excise tax on conventional freebase or classic nicotine vape products amounts to P66.15 per 10 milliliters and will also increase by 5 percent yearly.
Gatchalian also proposed to enhance the enforcement of vape product regulations under Republic Act No. 11900 or the Vape Law, to regulate the product.
To strengthen the regulation of vape products, Gatchalian proposed to enhance the enforcement of vape product regulations, as well as implement the flavor ban to discourage consumption among the youth.
The lawmaker also pushed the Department of Trade and Industry (DTI) to conduct a market analysis to determine the extent of non-compliance with regulations, such as unlicensed and unregistered vapor products, misdeclaration on types of nicotine and non-compliance with the flavor ban.
The creation of an inter-agency task force against the illicit trade of excisable products is also eyed.
Gatchalian’s vow
AT the start of the hearing, Gatchalian sought to clear the air amid strong concerns from public health and fiscal advocates that his hearings may provide a platform for those industry quarters seeking to reduce the tax rates on tobacco and vape products, as a supposed solution to the rising problem of illicit trade.
Gatchalian said “the solution to curb illicit trade,” as seen in the last three hearings, “won’t come from a reduction of taxes, [but from] law enforcement... and from winning cases” filed against
with 7 days of food while waiting for longer-term, formal programs to be implemented.
The program reached 162,000 households or approximately 810,000 individuals in 44 barangays in NCR and contiguous
Gatchalian explained that “as a matter of procedure, we will tackle this bill from the House” because the Constitution mandates that all tax measures must emanate from the House.
On Sunday, the Coalition urged Senator Gatchalian to reject in its entirety HB 11360 or the Sin Tax Sabotage Bill, and expressed concern over the move to set a hearing even while the Senate is still in recess. This signals, said the coalition, that champions of the bill will expedite HB 11360’s flow through the Senate, despite the limited two-week window of the chamber before adjourning to give way to the 20th Senate. They recalled that HB 11360 was railroaded in the House in January. But according to Gatchalian, he is interested only in the bill’s provisions on vape products’ tax rates.
The coalition said, however, that if that were so, and Gatchalian wants to protect the health of Filipinos, he should simply file a separate bill that focuses only on increasing the tax rates for vape and heated tobacco products.
Gatchalian explained on Monday that, as the Constitution requires all tax bills to emanate from the House, he cannot do this.
The coalition said that by calling for a hearing on HB 11360, Gatchalian “is providing a platform” for a bill that will certainly derail the hard campaign to promote public health by curbing tobacco use and the number of smokers. The tobacco industry, the coalition said, will be given a chance to “hijack the process of lawmaking and insert provisions that favor their business.” Filomeno Sta Ana III of the Action for Economic Reforms (AER), a key coalition member, had earlier refuted the claim of the bill’s House sponsors that HB 11360 would help curb illicit trade. Sta. Ana also noted “there is no substantial evidence” that the bill will help recover revenues that government loses from the illicit tobacco trade.
barangays in Region 4A or Calabarzon.
This covered around 2.57 percent of the 1,710 barangays in NCR and 6 percent of the 2020 NCR population which was around 13.48 million.
Bayan Bayanihan program was designed to provide households
Govt response in place to mitigate effect of partial closure of San Juanico Bridge
By Jovee Marie N. dela Cruz @joveemarie Samuel P. Medenilla @sam_medenilla & Rex Anthony Naval
TO prevent regional paralysis, lawmakers on Monday said that a comprehensive government response is underway to mitigate the impact of the partial closure of the San Juanico Bridge, a crucial link for mobility and commerce between Leyte and Samar in Eastern Visayas.
Tingog party-list group, in a statement, said a recent meeting brought together more than 30 national government agencies—including the Department of Public Works and Highways, Maritime Industry Authority, Philippine Ports Authority, Land Transportation Franchising and Regulatory Board, Department of Social Welfare and Development, Department of Economy, Planning and Development, Office of the Civil Defense, and others—to formulate a swift and unified response following the imposition of a three-ton weight limit on the bridge by the Department of Public Works and Highways (DPWH) on May 15 owing to structural concerns.
To protect public safety, ease transport disruptions, and restore connectivity across the San Juanico Strait, several interventions have been launched.
Agencies have identified and begun preparing alternative routes and ports, including the Amandayehan Port in Basey, Samar, for roll-on-roll-off (Ro-Ro) operations.
Currently, the LCT Aldain Dowey, operated by Sta. Clara Shipping Corporation, is serving the San Juanico Strait to help decongest the area and accommodate heavy vehicles affected by the bridge’s weight limit.
Permits have been issued for additional Sta. Clara vessels, with ongoing coordination between PPA and Marina to finalize docking and routing logistics. Furthermore, agencies have initiated a round-the-clock free transport service for commuters adversely affected by the partial bridge closure.
Also, emergency shelters, basic services, and support stations have been established on both ends of the bridge through the collaborative efforts of DSWD, OCD, AFP, PNP, DICT, and local CSWDOs.
P1.7 billion rehab
TINGOG Rep. Jude Acidre expressed strong support for DPWH’s proposed P1.7 billion rehabilitation budget for the San Juanico Bridge, that was completed in 1973 as part of Japan funded projects during the incumbency of President Ferdinand E. Marcos.
“This proposal reflects the scale and urgency of work required to strengthen and future-proof this critical structure,” said Acidre.
“We remain optimistic that full transport connectivity will be restored soon,” added Acidre.
Meanwhile, House Minority Leader Marcelino Libanan echoed the call for stronger coordination among national agencies and local governments to mitigate disruptions caused by the bridge restrictions.
A native of Eastern Samar who previously served as the province’s lone congressional representative, Libanan emphasized the San Juanico Bridge’s strategic importance.
He called on DPWH, the Department of Transportation (DOTr), the Office of Civil Defense, and local government units to improve planning, communication, and contingency measures.
“Given the significance of the San Juanico Bridge as a critical link between Samar and Leyte, it is vital that all concerned agencies work together seamlessly to
By Reine Juvierre S. Alberto @reine_alberto
STATE gaming regulator
Philippine Amusement and Gaming Corporation (Pagcor) on Monday sounded the alarm over fraudulent gaming certifications linked to Lucky 7 Bingo Corporation, allegedly luring individuals into bogus offshore betting agreements.
In a statement on Monday, Pagcor warned the public against Lucky 7 Bingo Corporation, a company operating a legitimate electronic games (e-games) venue license.
The gaming regulator said the company’s scheme is through engaging in contract agreements with individuals, claiming to help them earn up to P50,000 through the “Lucky 7 Bet Lottery Platform” by asking bettors
to make an upfront initial cash deposit of P3,000. Since all offshore gaming operations have been officially banned in the Philippines since December 31, 2024, Pagcor said the license referenced in these agreements is a fake offshore gaming license.
The head of Pagcor’s Offshore Gaming and Licensing Department, lawyer Jessa Fernandez, said that while Lucky 7 Bingo Corporation is a legitimate licensee for e-Games venue operations, as of April 30, 2025, it does not hold any valid offshore gaming license.
“The license presented in said agreements is fake, and any engagement based on it is fraudulent,” Fernandez said.
“We strongly advise the public to exercise due diligence when engaging with entities claim -
ensure that contingency measures are well-planned and effectively communicated,” Libanan, the nominee of 4Ps party-list group said in a statement.
“We encourage the DPWH, DOTr, OCD, and local governments to strengthen their coordination and communication strategies to minimize the impact on the public,” Libanan said. “We’ve seen local officials and civil society stepping up in response to the situation—it’s essential that they receive the full support of national agencies.”
Libanan expressed confidence that with improved cooperation, necessary repairs can move forward without unduly paralyzing the region.
OCD to head task group
THE national government has established the San Juanico Task Group (SJTG) to coordinate security, traffic flow and safety protocols following concerns over the structural integrity of the San Juanico Bridge, which connects the islands of Samar and Leyte.
The formation of the task group comes in response to President Marcos’ directive to prioritize infrastructure safety amid an ongoing reassessment of the iconic bridge’s condition.
A three-ton weight limit was imposed on the structure after engineers raised red flags about its load-bearing capacity.
The Office of Civil Defense (OCD) will lead the SJTG, overseeing the implementation of safety protocols in collaboration with other government agencies.
The move is aimed at preventing congestion, facilitating emergency response, and maintaining the smooth transit of goods and people between the two provinces.
Construction of the bridge started in 1969 and completed in 1973 during the administration of President Ferdinand E. Marcos Sr., the San Juanico Bridge spans 2.16 kilometers and remains a vital economic and transport artery in the Eastern Visayas.
Under the new setup, all public assistance desks around the bridge will be consolidated at a single mega tent facility that will also serve as a command post and central information hub.
A mobile command center from the Department of Social Welfare
ing to be Pagcor-accredited,” she added.
Fernandez said official inquiries about Pagcor licenses should be made only through the agency’s website (www.pagcor.ph) or through trunkline numbers +632 8521-1542 / +632 8522-0299.
“We urge the public to remain vigilant and always verify the legitimacy of a Pagcor-licensed gaming entity before entering into any agreements or making any form of payment,” she said.
In February, Pagcor warned that a fake website was issuing gaming licenses.
There have also been several complaints about fraudulent messages sent via Viber, claiming to be Pagcor Chairman Alejandro H. Tengco and President and Chief Operating Officer Wilma Eisma, and deceiving individuals and businesses.
and Development (DSWD), along with the Department of Information and Communications Technology’s GECS-MOVE (Government Emergency Communications System-Mobile Operations Vehicle for Emergency), will also be stationed nearby.
The Department of Public Works and Highways will continue operating its vehicle weighing station.
Obstructions around the bridge approach roads are being cleared to improve traffic flow while security forces will maintain a 24-hour presence to enforce compliance and deter violations.
To accommodate commuters, two temporary passenger terminals will open—one in Tacloban City, Leyte, in front of Orly’s Restaurant; and another in Sta. Rita, Samar, near a food stop.
A one-stop shop on-site will assist with transport franchise and permit applications.
Meanwhile, heavy vehicles will be rerouted via alternate roads, with checkpoints to be established in Leyte (Sogod, Ormoc, Palo, Tacloban and Sta. Fe) and in Samar (Catbalogan, Taft, Basey and Sta. Rita). The detours are intended to reduce stress on the bridge and ensure safety.
Starting Sunday, pedestrian crossings are prohibited. Instead, passengers will be transported via coasters and light vehicles.
“We ask everyone to understand and work with us. Our top priority is the safety of travelers and residents,” Defense Undersecretary Ariel Nepomuceno, OCD administrator said in a statement.
“We will lift these restrictions only when we are fully confident that the bridge’s structural integrity is secure.”
He said the President has emphasized that the safety and resilience of the roads and bridges are non-negotiable.
“We are committed to prevent tragedies like the collapse of the Isabela Bridge from happening again,” he added, referring to a portion of the Cabagan–Santa Maria Bridge that collapsed in February.
Blue alert remains in effect across Eastern Visayas, reflecting heightened preparedness for possible disruptions.
The alert level allows for faster inter-agency coordination and response to any escalation in the bridge’s condition. With PNA
Incoming
SAYING, “this isn’t about weakening standards—it’s about removing senseless burdens. Professionals should focus on their work, not on chasing certificates and receipts every three years,”an incoming lawmaker is seeking to overhaul the professional licensing system through a new bill aimed at extending license validity periods and easing compliance burdens for professionals.
Incoming Albay Rep. Raymond Adrian Salceda announced that the proposed piece of legislation, along with supporting economic impact studies, has already been finalized and is ready for formal filing as soon as the next Congress convenes.
The proposed law, titled the Professional License Rationalization and Continuing Professional Development (CPD) Access Act, would amend the current system administered by the Professional Regulation Commission (PRC) by extending the validity of professional licenses
AKEY member of the impeachment team against Vice President Sara Duterte on Monday rejected Duterte’s characterization of her looming Senate trial as a “bloodbath.”
House Deputy Majority Leader Lorenz Defensor said the impeachment process is not about political spectacle or hostility—it is about truth, accountability, and due process.
Defensor, who represents Iloilo, emphasized the need for both the prosecution and the defense to be fully prepared to argue their case when the Senate convenes as an impeachment court with the opening of the 20th Congress.
He noted that a fair and transparent trial would make it easier for the public to accept the result, whether it ends in Duterte’s acquittal or conviction.
“It’s better to say this impeachment trial is a ‘winner-takes-all’ process. It doesn’t have to be a bloodbath. What we want is for both the prosecution and defense to clearly present their evidence,” Defensor said.
“I want to see the Vice President ready—so that if she were acquitted, the public and the 215 House members who signed the complaint can accept it. Hopefully, the Supreme Court will stay out of this. Impeachment is purely a political process,” he said.
As for the pending petition filed by Duterte’s camp before the Supreme Court to stop the trial, Defensor maintained that the high tribunal should steer clear of the impeachment process unless there is a clear abuse of discretion by Congress.
“This is a political question that should be answered by elected senators and congressmen—not by the Supreme Court,” he stressed.
“Unless there is grave abuse of discretion by either the House or the Senate, I am confident that the Supreme Court will respect the principle of separation of powers,” he added.
Now that the House has transmitted
the Articles of Impeachment to the Senate, Defensor said the process must move forward without delay. There is no legal basis for a motion to dismiss or for the complaint to be withdrawn at this stage.
Addressing rumors that some lawmakers might attempt to withdraw their support or reverse course, Defensor dismissed such moves as unlikely and damaging.
“Some might try, but I don’t see Congress or the Senate allowing it. It would be like turning your back on your own complaint. It would undermine the entire process,” he said. Responding to Duterte’s claim that the prosecution lacks solid evidence, Defensor said the House panel is confident in the strength of its case.
“We’re confident, which is why I say, instead of a bloodbath, we want a clear and decisive outcome. Winner takes all,” he said.
Defensor pointed out that impeachment trials don’t require the same evidentiary standards as criminal or civil courts. Senatorjudges will decide based on the merits and their own judgment and conscience. Ultimately, Defensor said allowing the impeachment trial to proceed is the only way to resolve the issue and bring closure.
“It’s better for the country to let this process play out and end with a decision. If the Senate acquits the Vice President, Congress and her critics can accept that. But if she’s found liable, then we must also accept the result,” Defensor said.
In February, before adjourning, the House of Representatives overwhelmingly approved the Articles of Impeachment against Duterte.
The complaint accuses her of culpable violation of the Constitution and betrayal of public trust, citing allegations of misuse of confidential funds during her concurrent roles as vice president and education secretary, defiance of congressional oversight, and failure to uphold civilian supremacy over the military and police. Jovee Marie N. dela Cruz
Oil firms announce spike in pump prices
OIL prices will go up by more than P1 per liter, oil companies announced Monday.
In separate announcements, oil companies said that gasoline prices will increase by P1.20 per liter, diesel by P1.70 per liter, and kerosene by P1.20 per liter. Petron, Shell, Caltex, Unioil, Total, Jetti, PTT, Phoenix said the price increase will take effect at 6:00 a.m. of Tuesday, May 20. World oil prices affect local petroleum products. This week’s price adjustment,
from three years to either five or 10 years, depending on the nature of the profession.
Under the bill, professions will be categorized into two groups: dynamic professions, such as those in healthcare and information technology, will require license renewal every five years, and established professions, such as teaching, librarianship, and criminology, will only need renewal every 10 years.
“We’re targeting unnecessary red tape. The law should distinguish between fast-changing professions and those with long-established practices. A blanket three-year renewal cycle is wasteful and unfair,” Salceda said.
The bill also seeks to make CPD programs free or subsidized for public service professionals, including public school teachers, governmentemployed nurses, and uniformed personnel like members of the National Police (PNP).
“But we can’t keep solving this piecemeal. We need structural reform.
according to the Department of Energy (DOE), was caused by the sanctions imposed by the United States on several companies involved in Iran’s international oil trade; US and China agreement to slash reciprocal tariffs on most imported good during a 90-day pause; and expectation of Organization of Petroleum Exporting Countries (Opec) on slower 2025 oil supply growth. Last week, oil companies slashed
That’s what this bill does.” Salceda underscored the financial burden the current system places on professionals, especially those in the public sector, who can spend up to P15,000 over 10 years on renewal fees and CPD requirements. The proposed reform could slash those costs to below P2,000.
Salceda cited examples from Canada, where aircraft maintenance engineers hold 10-year licenses; New Zealand, which offers teachers extended certification validity; and Germany, where physicians are licensed for life with strict CPD and ethics systems in place.
The bill also mandates a five-year ethical review to ensure accountability across the board.
“We’ve benchmarked this against global systems. We also ran economic modeling. The numbers show this reform is a win-win: professionals save money and time, and the government can focus on real regulation,” Salceda said. Jovee Marie N. dela Cruz
₧20-per-kilo rice prompts NFA to review auction of aging stocks
buffer stock,” Laurel said.
Twww.businessmirror.com.ph
Educated Filipinos–the backbone of the economy
By Henry J. Schumacher
By Ada Pelonia @adapelonia
HE National Food Authority (NFA) will reevaluate the need to auction off its aging rice stocks amid the sale of the P20-per-kilo rice program.
Agriculture Secretary Francisco Tiu Laurel Jr. said the grains agency would only trade NFA rice stocks that were already spoiled.
Pinapalakas namin iyong quality control ng NFA para nga ang ipapa-bid na lang natin na tinatawag is iyong mga bulok lang talaga,” Laurel said during a news conference on Monday.
“Ang sinasabi ko naman dati pa
na walang 100 percent na walang mabubulok—mayroon. Kaya lang ano ba iyong acceptable na parameters. So, sa akin 1 to 2 percent is acceptable—industry standard iyan. Iyon lang ang dapat nating ipa- bid.”
However, NFA Administrator Larry Lacson said the grains agency would reassess the measure following the launch of the P20-per-kilo rice program, which
is expected to free up the grains agency’s warehouses.
“With that pronouncement [of Secretary Laurel], we will reevaluate. Kung makakalabas na ang stocks naman under the P20 [rice program], there’s no need na talaga for auction,” Lacson told the BusinessMirror on Monday.
Buffer stock
LAUREL noted that restoring some of the NFA’s powers, such as intervening in the market, would allow it to procure more palay for its rice buffer stocking mandate.
“The budget technically is not enough per se to get 15 days but kung mabago natin iyong batas at maibalik nang kaunti iyong functions ng NFA na puwedeng magbenta nang binili sa farmers at mapaikot iyan then we can exponentially use the same amount of money to buy more rice to serve as
No chicken meat shortage despite ban
By Samuel P. Medenilla @sam_medenilla
THE Department of Agriculture (DA) said it expects the import ban on pountry products from Brazil, which is currently dealing with a bird flu outbreak, will have minimal impact on the country’s chicken meat supply and prices.
In a press briefing in Malacañang on Monday, Agriculture
Secretary Francisco Tiu Laurel Jr. said he is confident local
gasoline by P0.30 per liter, diesel by P0.90 per liter, and kerosene by P1.25 per liter. Meanwhile, the DOE said it welcomes the issuance of Memorandum Circular (MC) 2025-047 by the Department of the Interior and Local Government (DILG), which provides comprehensive guidelines for the implementation of Republic Act 11285, or the Energy Efficiency and Conservation (EEC) Act.
The circular strengthens the government’s push for sustainable energy use at the local level. Lenie Lectura
importers will be able to source poultry from other countries.
“Of course, Brazil is not the only [country] supplying to the Philippines. Many people supply frozen chicken to the Philippines. So, they will just divert to another market,” Laurel said in Filipino.
Brazil accounts for 35 percent of global poultry trade making it the top exporter of the said agricultural product.
Laurel, however, said the transition for local importers
He also stressed the challenges faced by the NFA concerning its warehouses.
Ang main problem namin sa NFA is kulang kami ng warehouse o kaya iyong warehouses namin over the years marami nang dilapidated,” he said.
Despite this, Laurel said the agency is improving and expanding the NFA’s warehouses to increase its storage capacity, which could be completed by the first quarter of 2026.
Currently, the NFA has an inventory of eight million 50kilo bags of rice, half of which was bought during the first four months of 2025.
This year, the grains agency aims to procure as much as 880,000 metric tons (MT) of palay to meet its new buffer stock requirement under the amended Rice Tarrification Law (RTL).
on Brazilian poultry, says DA
to look for other poultry suppliers can lead to temporary supply disruptions and minor price adjustments.
“Maybe there is only a brief supply gap of maybe one or two weeks, because they have to change origins,” he said.
“So, maybe we can just buy more—those importers or processors—that are a little more expensive, but, I think the price difference is only a few percentages,” he added.
Based on the price monitoring
of the DA in markets in Metro Manila, the price for whole chicken as of May 17 ranged from P170 to P230 per kilo.
The Philippine Statistics Authority (PSA) reported that the country’s local poultry sector expanded by 9.4 percent during the first quarter of the year.
“But in general, I don’t see any issue [poultry supply], because even our local poultry industry is pretty good in production. So, I don’t see any issue,” Laurel said.
DepEd grateful for teachers’ additional poll allowance
THE Department of Education (DepEd) has expressed gratitude for the additional P1,000 across-the-board election honoraria for teachers and poll workers who served in the May elections.
Budget Secretary Amenah Pangandaman said the increase was ordered by President Marcos to ensure fair compensation for election frontliners, on top of the previously approved P2,000 increase in their compensation under the 2025 General Appropriations Act.
“We thank President Marcos and Budget Secretary Pangandaman for their swift action to recognize the dedication of our
teachers who served as poll workers. Every hour they spent at the precincts, many working past midnight, is a testament to their public service,” said Education Secretary Juan Edgardo Angara.
Angara noted the significance of the additional P1,000 to thousands of public school teachers and staff who served long hours to safeguard the country’s electoral process.
“More than a financial relief, this additional allowance is symbolic of the country’s respect for teachers as guardians of democracy,” he added.
The DBM approved the release of P758.459 million to cover the P1,000 additional allowance for poll workers.
The Commission on Elections (Comelec) said a total of 758,549 poll workers—the majority of whom are public school teachers—served during the polls.
The Comelec said that the full election compensation, including the newly approved increases, will be received by workers within 10 days after election day.
Angara also highlighted that the preparations of the teachers and personnel contributed to the record-breaking voter turnout in this year’s elections.
“With an 81.65 percent voter turnout, the highest in Comelec history, we know our teachers and staff played a vital role in ensuring the credibility, order, and success of the polls,” he said. Claudeth Mocon-Ciriaco
WE have to realize that billions of US dollars annually are largely generated by three groups of professional Filipinos:
1. Overseas Filipino workers —there is hardly any country where we will not find them, as they provide professional services;
2. Filipino professionals working for the IT and Business Process Outsourcing industry; and
3. Filipino freelancers in the ‘gig economy.’
At least these three groups deserve the full support of government and the private sector!!
Let me start with the question: Are there Gigs in the Philippines???
Of course!!! This is a major group already and will continue to grow fast.
The young and digitally adept Philippine freelance market encompasses around 4 million Filipinos!
The Philippines, with its large number of creatives (web and graphic designers, game developers, animation artists, etc.), IT and Tech people, would seem like an ideal setting for the gig economy to flourish despite the global anxiety created by Trump!
According to experts, the Philippines has one of the highest freelancers per capita of the 22 countries surveyed. The country’s young demographics also plays a part in this, with around 75 percent of freelancers 24 to 39 years old, according to the report (amazingly, this group also positively influenced the just concluded elections)!
Flexible working hours and the ability to be their own boss are the main draws for the Gigs.
Who are these people? They are artists and designers; writers, editors and translators, animators, videographers, and sound professionals; programmers, and Q&A experts; providers of office services and career advice. These people are our friends, and our kids.
It is good that lawmakers are calling for the swift approval of a measure that aims to safeguard the rights of freelance workers, whose number are expected to grow exponentially as the country transitions to a
digital and AI-driven economy!
The IT and Business Process Association of the Philippines (Ibpap) employs about 2.1 million Filipino professionals today and expects to provide another 2.1 million new jobs by 2028. Ibpap is well managed and in close cooperation with the government to provide the Filipino professionals and the BPO industry with the support it needs to reach the new targets. Dr. Donald Lim , the founder president of the Global AI Council Philippines, wrote an article two months ago with the topic: “The end of BPO as we know it.” He said that experts estimate that 20–40 percent of voice-based, non-complex customer support roles could be automated within the next five years. But we all know that the industry is upskilling Ultimately, the question is not whether AI will disrupt the BPO industry, but how the industry enhances skills and moving up the value chain.
The Overseas Filipino Workers (OFWs)—about 10 million professionals working around the world and sending money home —need to be supported in their education before they leave the country. There is no doubt that we have to change this industry from OFWs to OFPs— Overseas Filipino Professionals.
Gigs, BPO professionals and OFPs will move up the value chain and will form an essential part of data management professionals. Allow me to add an important fact: All three Filipino professional groups will not succeed without being able to effectively communicate in English. DepEd needs to convince sceptics of its commitment to English competence. Comments are more than welcome—contact me at hjschumacher59@gmail.com.
Group hits more funding for Kaliwa Dam Project
THE National Economic Development Authority (Neda) has approved an additional P3.1 billion funding for the New Centennial Water Source – Kaliwa Dam Project in the Southern Sierra Madre Mountain Range, raising its total cost to P15.3 billion.
The Stop Kaliwa Dam Network (SKDN), a coalition of various local and national
organizations, institutions, sectors, and tribal groups, slammed the decision and blamed the Marcos administration and Neda.
In a statement, the SDKN said the Metropolitan Waterworks and Sewerage System (MWSS) failed to comply with the requirements of the project’s Environmental Compliance Certificate (ECC).
The group said the construction continues without fulfilling conditions meant to safeguard the environment, tribal or indigenous peoples (IPs), and local communities.
Marcelino Tena, tribal leader from the group Sagibin-LN said the project has not secured its Free, Prior and Informed Consent (FPIC), a requirement underscored by the National Commission on Indigenous Peoples (NCIP), and highlights the government’s alleged disregard of the climate crisis.
The group said the FPIC process—a vital safeguard for indigenous rights—was grossly violated, maintaining that the consent was secured “through manipulated processes riddled with irregularities, ignoring the genuine concerns and opposition of Dumagat-Remontado communities,” added Ma. Clara Dullas, president of K-GAT, a women’s organization in the Sierra Madre.
The group said that despite glaring legal and ethical violations, no updated environmental study has been released that reflects the grave ecological and social impacts of the project. No genuine public consultations have been conducted.
“We also raise alarm over the anomalous
disbursement of the so-called P160 million ‘disturbance fee.’ The process lacked transparency, bypassed community consultation, and fueled division among IP organizations—a clear tactic to weaken legitimate resistance,” SDKN said. It added that the government’s financial irresponsibility is also under scrutiny.
“The project is symptomatic of a pattern of bloated dam costs and unsustainable foreign debt,” it said.
Conrad Vargas of Picopi cited global studies: “Tama ang binabanggit sa pagaaral ng World Commission on Dams... Tumataas ng halos 100 porsiyento o 200 porsiyentoanggastosmulasaorihinal.” He warned: “BawatPilipinoaymagpapasansa pagbabayadngutangnaito...Kuwestiyunin natin sa Korte Suprema ang legalidad ng mga desisyong ito.”
“We call on President Marcos to cancel the Kaliwa Dam Project immediately, halt all construction activities, and initiate genuine dialogue with affected communities. Our forests, rivers, cultures, and lives are not for sale. We demand sustainable, communitycentered solutions to Metro Manila’s water needs—not destructive projects that violate human rights and ancestral domain,” the group also said. Jonathan L. Mayuga
Editor: Angel R. Calso
May 20, 2025
Desperation in Gaza: Humanitarian workers sound alarm over rising starvation amid ongoing blockade
By Sarah El Deeb The Associated Press
BEIRUT—Two cases pushed nutritionist Rana Soboh to wits’ end. First, a woman was rushed to a Gaza emergency room after fainting while she breastfed her newborn. She told Soboh she hadn’t eaten in days.
The next day at another medical facility, Soboh found a severely malnourished 1-year-old boy weighing 5 kilograms (11 pounds), less than half what’s normal. He hadn’t grown any teeth. He was too weak to cry. The mother was also malnourished, “a skeleton, covered in skin.”
When the mother asked for food, Soboh started crying uncontrollably.
A feeling of powerlessness has overwhelmed her. Soboh said sometimes she gives a little money or a bit of her own food. But now she, too, is struggling.
“This is the worst feeling, wanting to help but knowing you can’t. I wished the earth would crack open and swallow me,” she said. “What more cruel scenes does the world need to see?”
After months of trying to raise alarm, humanitarian workers are overflowing with anger, frustration and horror over Israel’s nearly three-month blockade. The Associated Press spoke to over a dozen aid workers, some with years of experience in emergencies around the world and Palestinians who have worked through this and other wars.
They say what is happening in Gaza is a catastrophe, among the worst they have ever seen. It’s more painful, they say, because it’s man-made, caused by Israel cutting off all food, fuel, medicine and other supplies to the territory nearly 11 weeks ago.
The world’s top authority on food crises last week warned of famine unless the blockade ends. Almost the entire population of around 2.3 million is acutely malnourished, and one in five Palestinians are on the brink of starvation, it said.
Israel late Sunday said it would allow a “basic” amount of food into Gaza, saying it didn’t want a hunger crisis to jeopardize its new military offensive. It was not immediately clear how much would be allowed in, or when, or how.
Israel says it imposed the blockade to force Hamas to release hostages, a decision that rights groups call a “starvation tactic” and a violation of international law.
Aid workers are also wrestling with moves by Israel and the US to impose a new aid system, despite their objections. The system would limit distribution to a few locations and put it under armed private contractors—to prevent theft by Hamas, Israel says. Humanitarian workers say it won’t meet Gaza’s needs and violates humanitarian principles. The UN denies that significant aid diversion takes place.
The workers say they should be allowed to do their jobs. Some 170,000 metric tons of aid, including food, sits in trucks a few miles away, just inside Israel.
“The humanitarian community is well-experienced and well-versed in terms of treating malnutrition,” said Rachel Cummings, emergency coordinator for Save the Children in Gaza. But “we need food into Gaza and to stop this, by design, at -
most, distributed its last food stocks weeks ago.
One of Soboh’s colleagues, Fady Abed, said desperate adults in his neighborhood ask him for the nutty-butter bars used to treat severely malnourished children to slake their own hunger.
“You feel like you let them down” refusing them, Abed said. He struggles to feed his own family.
“Fear of famine,” he said, “is in every home.”
Pumping air for 72 hours
tack on the children across the whole of Gaza.”
Last lifelines are closing COMMUNITY kitchens are the last lifeline for most people, but more than 60% have shut down as supplies run out. Those still working can only produce 260,000 meals a day.
At his kitchen in Khan Younis, Nihad Abu Kush and 10 cooks prepare enough meals for about 1,000 people a day. More than 2,000 show up every morning, he said.
There are no lines, just a sea of people terrified of being among the half who will miss out. They push and shove, waving pots for portions from the vats of lentils, beans or peas in tomato sauce.
“I feel so helpless because the numbers grow every day,” Abu Kush said. “I look at their faces and I am unable to do anything.”
On a recent day, he gave up his own portion after he locked eyes with a child with an empty pot. “I was among the 1,000 who didn’t get any,” Abu Kush said.
A breaking point
SOBOH , a nutritionist with MedGlobal, said her team stretches supplies of malnutrition treatments. Each can of baby formula is divided among several mothers. Therapy food portions are reduced by half. They give supplements only to children up to a year old, no longer up to 2. But their fixes get overwhelmed in the rising need.
Staff try to dissuade mothers too weak to breastfeed from giving newborns sugar water, which can cause deadly diarrhea and infections, Soboh said.
But it’s the mothers’ only alternative. Flour sold in the markets is rotten, full of insects, devoid of nutrition and enormously expensive. Still, if they find the cash, parents take risky trips to get it just to fill their children’s stomachs, she said.
Aid groups distributing water have reduced daily allowances to 5 liters a day per person, a third of the minimum in emergency conditions. Families must choose between using water to drink, wash hands or to cook, risking infection.
Mahmoud al-Saqqa, Oxfam’s food security sector coordinator, said parents tell him their kids are dizzy from lack of food. They search through garbage for scraps.
“We see the hunger in their eyes,” he said. His group, like
MEDICAL workers improvise alternatives as supplies run out and machines break down.
Al-Awda Hospital in northern Gaza lacks fuel and oxygen cylinders, so staff use hand-pumped respirators to keep patients breathing, said hospital director Mohammed Salha.
Staff took turns hand-pumping air for one patient for 72 hours straight. The patient still died.
“People are dying...because we simply don’t have the basics,” he said.
At Nasser Hospital in southern Gaza, doctors don’t have drills, sealant or titanium plates to treat the many skull fractures from bombardment.
They use expired gelatins to stop bleeding, but that doesn’t stop spinal fluid from leaking, which can be deadly, said a foreign doctor volunteering with the aid group Medical Aid for Palestinians.
Sometimes, there’s nothing he can do. He has child patients whose cochlear implants are defective, but there’s no way to replace them. Without them, “they will never be able to develop normal speech,” he said.
The doctor spoke on condition of anonymity in line with regulations from his organization to avoid reprisals from Israeli authorities.
Israel has cut in half the number of foreign doctors allowed into Gaza since March.
New aid system
ISRAEL imposed the blockade and resumed its military campaign in March, breaking a twomonth ceasefire with Hamas. COGAT, the Israeli military body in charge of overseeing aid, did not comment to the AP. Israeli officials have said they track the calories in Gaza and assert that there is enough aid after an influx during the ceasefire. Israel and the United States are pressing the UN and aid groups to join the planned new distribution system. The UN and most aid groups say they can’t join because it enables Israel to use aid as a weapon for its political and military goals.
In particular, it would depopulate much of Gaza by forcing Palestinians to move to planned distribution hubs.
“In the end, this is using food to humiliate, control and direct people,” said al-Saqqa of Oxfam. “Every human being has the right to food.”
Pope Leo XIV, JD Vance meet ahead of US-led diplomatic flurry to reach ceasefire in Ukraine
By Nicole Winfield
ROME—Twohigh-profile Catholics, Pope Leo XIV and US Vice President JD Vance, met Monday ahead of a flurry of US-led diplomatic efforts to make progress on a ceasefire in Russia’s war in Ukraine.
Vance’s motorcade was seen entering Vatican City just after 7:30 a.m. Vance, a Catholic convert, had led the US delegation to the formal Mass opening the pontificate of the first American pope.
Joining Vance at the Vatican was Secretary of State Marco Rubio, also a Catholic, Vance spokesperson Luke Schroeder said.
The Vatican listed Vance’s delegation as the first of several private audiences Leo was having Monday with people who had come to Rome for his inaugural Mass, including other Christian leaders and a group of faithful from his old diocese in Chiclayo, Peru.
The Vatican, which was largely sidelined during the first three years of Russia’s war, has offered to host any peace talks while continuing humanitarian efforts to facilitate prisoner swaps and reunite Ukrainian children taken by Russia.
After greeting Leo briefly at the end of Sunday’s Mass, Vance spent the rest of the day in separate meetings with
ian missionary who spent the bulk of his ministry in Chiclayo, a commercial city of around 800,000 on Peru’s northern Pacific coast. In the days since his May 8 election, Leo has vowed “every effort” to help bring peace to Ukraine. He also has emphasized his continuity with Pope Francis, who made caring for migrants and the poor a priority of his pontificate.
Before his election, Prevost shared news articles on X that were critical of the Trump administration’s plans for mass deportations of migrants. Vance was one of the last foreign officials to meet with Francis before the Argentine pope’s April 21 death. The two had tangled over migration, with Francis publicly rebuking the Trump administration’s deportation plan and correcting Vance’s theological justification for it. AP
www.businessmirror.com.ph
House Republicans advance Trump’s tax cuts amid conservative resistance
By Kevin Freking, Lisa Mascaro & Leah Askarinam Associated Press
WASHINGTON— House Republicans narrowly advanced President Donald Trump’s big tax cuts package out of a key committee during a rare Sunday night vote, but just barely, as conservative holdouts are demanding quicker cuts to Medicaid and green energy programs before giving their full support.
Speaker Mike Johnson met with Republican lawmakers shortly before the meeting and acknowledged to reporters that there are still details to “iron out.” He said some changes were being made, but declined to provide details.
It’s all setting up a difficult week ahead for the GOP leadership racing toward a Memorial Day deadline, a week away, to pass the package from the House. The Budget Committee, which just days ago failed to advance the package when four conservative Republicans objected, was able to do so Sunday on a vote of 17-16, with the four hold-outs voting “present” to allow it to move ahead, as talks continue.
“The bill does not yet meet the moment,” said Rep. Chip Roy, R-Texas, a leader of the House Freedom Caucus, in a social media post immediately after the late-night session. “We can and must do better before we pass the final product.”
The path ahead for Johnson is unclear as he tries to hold his narrow House majority together to pass the president’s top domestic priority of extending the tax breaks while pumping in money for border security and deportations—all while cutting spending.
Republicans criticizing the measure argued that the bill’s new spending and the tax cuts are front-loaded in the bill, while the measures to offset the cost are back-loaded. In particular, they are looking to speed up the
new work requirements that Republicans want to enact for ablebodied participants in Medicaid. Johnson indicated he wants to impose the work requirements “as soon as possible” but acknowledged it may take states longer to change their systems. Those requirements would not kick in until 2029 under the current bill.
“There will be more details to iron out and several more to take care of,” Johnson, R-La., said outside the hearing room.
“But I’m looking forward to very thoughtful discussions, very productive discussions over the next few days, and I’m absolutely convinced we’re going to get this in final form and pass it.”
More talks are ahead, but Johnson is looking to put the bill on the House floor before the end of the week.
Democrats have decried the cuts Republicans are proposing to Medicaid and food stamps to offset the costs of the tax breaks.
“This spending bill is terrible, and I think the American people know that,” Rep. Jim Clyburn, D-S.C., told CNN’s “State of the Union” on Sunday. “There is nothing wrong with us bringing the government in balance. But there is a problem when that balance comes on the back of working men and women. And that’s what is happening here.”
The first time that Republicans tried advancing the bill out of the House Budget Committee last week, the deficit hawks joined with Democratic lawmakers in voting against reporting the measure to the full House.
Those same four Republicans—Roy and Reps. Ralph Norman of South Carolina, Josh Brecheen of Oklahoma and Rep. Andrew Clyde of Georgia—cast their “present” votes Sunday.
Norman pointed to a recent downgrade of the nation’s credit rating in making his arguments for steeper reductions.
“We’ve got a lot more work to do,” Norman said. “We’re excited about what we did. We want to move the bill forward.”
At its core, the sprawling legislative package permanently extends the existing income tax cuts that were approved during Trump’s first term in 2017 and adds temporary new ones that the president campaigned on in 2024, including no taxes on tips, overtime pay and auto loan interest payments. The measure also proposes big spending increases for border security and defense.
The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group, estimates that the House bill is shaping up to add roughly $3.3 trillion to the debt over the next decade.
Johnson is not just having to address the concerns of the deficit hawks in his party. He’s also facing pressure from centrists who will be warily eyeing the proposed changes to Medicaid, food assistance programs and the rolling back of clean energy tax credits. Republican lawmakers from New York and elsewhere are also demanding a much larger state and local tax deduction.
As it stands, the bill proposes tripling what’s currently a $10,000 cap on the state and local tax deduction, increasing it to $30,000 for joint filers with incomes up to $400,000 a year.
Rep. Nick LaLota, one of the New York lawmakers leading the effort to lift the cap, said they have proposed a deduction of $62,000 for single filers and $124,000 for joint filers.
Rep. Jodey Arrington, the chairman of the House Budget Committee, said the bill remained under negotiation.
“Deliberations continue at this very moment,” Arrington said. “They will continue on into the week, and I suspect right up until the time we put this big, beautiful bill on the floor of the House.”
If the bill passes the House this week, it would then move to the Senate, where Republican lawmakers are also eyeing changes that could make final passage in the House more difficult.
Former President Biden diagnosed with aggressive prostate cancer, treatment options under review
By Josh Boak The Associated Press
WASHINGTON—Former President Joe Biden has been diagnosed with prostate cancer, his office said Sunday.
The finding came after the 82-year-old reported urinary symptoms, which led doctors to discover a nodule on his prostate. He was diagnosed with prostate cancer on Friday, with the cancer cells having spread to the bone.
“While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management,” his office said. “The President and his family are reviewing treatment options with his physicians.”
Prostate cancers are graded for aggressiveness using what’s known as a Gleason score. The scores range from 6 to 10, with 8, 9 and 10 prostate cancers behaving more aggressively. Biden’s office said his score was 9, suggesting his cancer is among the most aggressive.
However, when prostate cancers need hormones to grow, as in Biden’s case, they can be susceptible to treatment that deprives the tumors of hormones.
Outcomes have improved in recent decades and patients can expect to live with metastatic prostate cancer for four or five years, said Dr. Matthew Smith of Massachusetts General Brigham Cancer Center.
“It’s very treatable, but not curable,” Smith said. “Most men in this situation would be treated with drugs and would not be advised to have either surgery or radiation therapy.”
Many political leaders sent Biden their wishes for his recovery.
President Donald Trump, a longtime political opponent, posted on social media that he was saddened by the news and “we wish Joe a fast and successful recovery.”
Biden’s vice president, Kamala Harris, said on social media that she was keeping him in her family’s “hearts and prayers during this time.”
When prostate cancer spreads to other parts of the body, it often spreads to the bones. Metastasized cancer is much harder to treat than localized cancer because it can be hard for drugs to reach all the tumors and completely root out the disease.
“Joe is a fighter—and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership,” Harris wrote.
Former President Barack Obama said his thoughts and prayers were with Biden, his former vice president, lauding his toughness. “Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace,” Obama wrote on social media. The health of Biden was a dominant concern among voters during his time as president. After a calamitous debate performance in June while seeking reelection, Biden abandoned his bid for a second term. Harris became the nominee and lost to Trump, a Republican who returned to the White House after a four-year hiatus.
But in recent days, Biden rejected concerns about his age despite reporting in the new book
“Original Sin” by Jake Tapper and Alex Thompson that aides had shielded the public from the
See “Biden,” A12
New pro-European president in Romania puts it back on
Western course, but fault lines remain
By Justin Spike & Stephen Mcgrath The Associated Press
BUCHAREST, Romania—An upset presidential election victory in Romania on Sunday by a pro-European Union centrist over a hard-right nationalist eased fears among many in the Balkan nation that their political future was being swept up in the tide of right-wing populism spreading across Europe.
Final results from the presidential race showed Nicusor Dan winning 53.6% of the vote, ahead of the hard-right candidate George Simion, who during the campaign portrayed his movement as championing conservative values like patriotism, sovereignty and the family, and who styled himself as the Romanian analogue to US President Donald Trump.
Sunday’s victory for the pro-EU candidate marked a significant comeback in a tense election that many viewed as a geopolitical choice for the former Eastern Bloc country between East or West.
But as Dan, a 55-year-old mathematician, pro-Western reformist and mayor of Bucharest, takes over Romania’s presidency, fault lines remain in the country where endemic corruption, inequality and an erosion of trust in traditional institutions and parties have fueled a broad rejection of the political establishment.
A tense election
DAN’S decisive win on Sunday was a major turnaround from the first round of elections on May 4, where Simion—a nationalist who has advocated for uniting Romania with neighboring Moldova and is banned from entering Ukraine—had nearly double Dan’s share of votes to become the clear front-runner for the second round.
Simion’s surge to prominence came after Romania’s first attempt to hold the presidential election late last year in which far-right outsider Calin Georgescu topped first-round polls. The country’s political landscape was upended after a top court voided the ballot, alleging electoral violations and Russian interference.
Capitalizing on the furor over the annulment of that election, Simion allied with Georgescu, who was banned in March
from running in the election redo, and promised to appoint him prime minister if Simion secured the presidency.
While Simion was considered the favorite for the second round, a high voter turnout of 64.7% in Sunday’s ballot—more than in any Romanian election of the past quarter-century—is thought to have benefited Dan.
Adding to the high turnout were approximately 1.6 million votes from members of Romania’s large diaspora, which is primarily concentrated in Western Europe. Estimates suggest that between 4 and 5 million Romanians live abroad— nearly a quarter of the country’s population. Most emigrated after Romania joined the EU in 2007, seeking relief from high unemployment and low wages.
Fault lines remain AFTER Dan is sworn in as president in the coming days, he will face the challenge of nominating a prime minister who can garner the support necessary to form a government—a tall order in a country where anger with establishment politicians led to the emergence of figures like Georgescu and Simion.
Yet Dan himself, who rose to prominence as a civic activist fighting against illegal real estate projects and ran independently on a pro-EU ticket to support Ukraine and reaffirm Western ties, is among the critics of Romania’s entrenched political elite, and has argued for fiscal reforms and a crackdown on corruption.
Speaking to ecstatic supporters in the early hours of Monday following his victory, he struck a reformist tone, saying Romania was beginning “a new chapter, and it needs every one of you.”
“It needs experts to get involved in various public policies, it needs people in civil society, it needs new people in politics,” he said.
Cristian Andrei, a Bucharest-based political consultant, says Dan will face a string of immediate challenges, including putting together a new government in what is now a “totally new political landscape.”
“He will have to push and show reforms while meeting resistance in the state
See “Romania,” A13
UK and the EU to seal new deals and renew ties 5 years after Brexit
By Pan Pylas & Jill Lawless The Associated Press
LONDON—The
United Kingdom and the European Union are expected to seal new deals on fishing rights and defense as officials meet in London on Monday to discuss closer ties in their first official summit since Brexit.
British Prime Minister Keir
Starmer is to hold talks with EU officials, including European Commission President Ursula von der Leyen. British media reported Monday that officials were set to announce an agreement on fishing access for EU boats in UK waters, as well as details on a defense and security partnership.
There is hope that the agreements could improve the British economy, which has been hit by a drop in EU trade caused by increased costs and red tape after the United Kingdom left the bloc in 2020.
Resetting relations
SINCE becoming prime minister in July, Starmer has sought to reset relations with the EU, following years of tensions in the wake of the UK’s Brexit referendum on June 23, 2016.
Post-Brexit relations have been governed by a trade agreement negotiated by then Prime Minister Boris Johnson. Starmer thinks that can be improved in a way that boosts trade and bolsters security.
Starmer said Sunday that there would be a deal, without providing details, following trade agreements that the UK struck in recent weeks with India and the United States.
“Tomorrow, we take another step forwards, with yet more benefits for the United Kingdom as the result of a strengthened partnership with the European Union,” he said. “It will be good for our jobs, good for our bills and good for our borders.”
Seeking a better deal
SINCE the Labour Party returned to power after 14 years of Conservative government, a period that was largely marked by the time leading up to the Brexit vote and its aftermath, both sides have sought to improve relations.
That’s been most evident in the more coordinated response to Russia’s full-scale invasion of Ukraine in the wake of a change of approach by Washington following the return of US President Donald Trump.
Starmer, who campaigned for
the UK to remain within the EU in the referendum and subsequently sought a second vote, has said that he wants a better deal with the 27-nation bloc that will smooth trade between the two sides and bolster security cooperation, including on defense procurement.
Non-tariff barriers
THOUGH no tariffs are slapped on the export of goods between both sides, an array of non-tariff barriers, including more onerous border checks and laborious paperwork, have made trade more difficult.
Post-Brexit visa restrictions have also hobbled the cross-border activities of service professionals, such as bankers or lawyers, as well as cultural exchanges, including touring bands and school trips.
Before the summit—the first in what are planned to be annual events—Starmer said that good progress had been made in negotiations, while insisting that the UK won’t breach his red lines. In its election manifesto last year, Labour said that it wouldn’t rejoin the EU’s frictionless single market and customs union, nor agree to the free movement of people between the UK and the EU.
Security, defense and youth mobility
TALKS on strengthening ties have focused largely on security and defense, and on a youth mobility plan that would allow young Britons and Europeans to live and work temporarily in each other’s territory.
That remains a politically touchy issue in the UK, seen by some Brexiteers as inching back towards free movement— though the UK already has youth mobility arrangements with countries including Australia and Canada.
Cabinet Office minister Nick Thomas-Symonds, who is leading negotiations, said that talks with the EU were going down “to the wire.”
The issue of fishing THE summit is expected to lead to more intense discussions on an array of issues, including aligning standards on the sale of agricultural products that could eliminate costly checks on food products exported across the English Channel, closer energy ties and a new fishing pact.
While he wouldn’t provide details, Thomas-Symonds said that he was confident that trade could be improved for food imports and exports.
“We know we’ve had lorries waiting for 16 hours, fresh food in the back not able to be exported, because frankly it’s just going off, red tape, all the certifications that are required, we absolutely want to reduce that,” he told the BBC.
Disagreements reportedly remain over fishing, an economically minor but symbolically large issue for the UK and EU member states such as France. Disputes over the issue nearly derailed a Brexit deal back in 2020.
Starmer’s plummeting popularity
SOME of the trade-offs may prove difficult, especially for Starmer, whose popularity has plummeted in recent months.
Earlier this month, the antiimmigration and pro-Brexit Reform UK won big in local elections. Starmer knows that he will face likely accusations of “betraying Brexit,” whatever the outcome of the talks. The ever-unpredictable Trump, who has backed Brexit, could also be a potential headache for Starmer.
“The reset could still be blown off course by disagreements over how to consolidate existing areas of cooperation like fisheries and/ or external factors, such as a negative reaction from the US to the UK seeking closer ties with the EU,” said Jannike Wachowiak, research associate at the UK in a Changing Europe think tank.
extent of his decline while serving as president.
In February 2023, Biden had a skin lesion removed from his chest that was a basal cell carcinoma, a common form of skin cancer. And in November 2021, he had a polyp removed from his colon that was a benign, but potentially pre-cancerous lesion.
In 2022, Biden made a “cancer moonshot” one of his administration’s priorities with the goal
of halving the cancer death rate over the next 25 years. The initiative was a continuation of his work as vice president to address a disease that had killed his older son, Beau, who died from brain cancer in 2015.
His father, when announcing the goal to halve the cancer death rate, said this could be an “American moment to prove to ourselves and, quite frankly, the world that we can do really big things.”
The Associated Press writer Jon Fahey in New York contributed to this report.
URSULA VON DER LEYEN, President of the European Commission, left, and Keir Starmer, Prime Minister of the United Kingdom greet each other, ahead of their bilateral meeting at the 6th European Political Community summit Friday, May 16, 2025, in Tirana, Albania. LEON NEAL/POOL VIA AP
www.businessmirror.com.ph
GOP lawmakers target the courts’ ability to hold Trump administration in contempt
By Nicholas Riccardi The Associated Press
DENVER—Tucked deep in the thousand-plus pages of the multitrillion-dollar budget bill making its way through the Republican-controlled US House is a paragraph curtailing a court’s greatest tool for forcing the government to obey its rulings: the power to enforce contempt findings.
It’s unclear whether the bill can pass the House in its current form—it failed in a committee vote Friday—whether the US Senate would preserve the contempt provision or whether courts would uphold it. But the fact that GOP lawmakers are including it shows how much those in power in the nation’s capital are thinking about the consequences of defying judges as the battle between the Trump administration and the courts escalates.
Republican President Donald Trump raised the stakes again Friday when he attacked the US Supreme Court for its ruling barring his administration from quickly resuming deportations under an 18th-century wartime law: “THE SUPREME COURT WON’T ALLOW US TO GET CRIMINALS OUT OF OUR COUNTRY!” Trump posted on his social media network, Truth Social.
Trump vs. the district courts
THE most intense skirmishes have come in the lower courts.
One federal judge has found that members of the administration may be liable for contempt after ignoring his order to turn around planes deporting people under the Alien Enemies Act of 1798. Trump’s administration has scoffed at another judge’s ruling that it “facilitate” the return of a man wrongly deported to El Salvador, even though the Supreme Court upheld that decision.
In other cases, the administration has removed immigrants against court orders or had judges find that the administration is not complying with their directives. Dan Bongino, now Trump’s deputy director of the FBI, called on the president to “ignore” a judge’s order in one of Bongino’s final appearances on his talk radio show in February.
“Who’s going to arrest him? The marshals?” Bongino asked, naming the agency that enforces federal judges’ criminal contempt orders. “You guys know who the US Marshals work for? Department of Justice.”
Romania. . .
Continued from A12
apparatus and being opposed by the new populist parties that now won 5 million votes,” Andrei said. “He will be under pressure to deliver change to an exasperated Romania while trying to unify a divided country.”
Romania in the EU and NATO AS a member of the EU and one of the easternmost members of the NATO military alliance, Romania plays a pivotal role in Western security infrastructure—especially since Russia’s full-scale invasion of neighboring Ukraine in February 2022. After that invasion, NATO bolstered
Administration walking ‘close to the line’
THE rhetoric obscures the fact that the administration has complied with the vast majority of court rulings against it, many of them related to Trump’s executive orders. Trump has said multiple times he will comply with orders, even as he attacks by name judges who rule against him.
While skirmishes over whether the federal government is complying with court orders are not unusual, it’s the intensity of the Trump administration’s pushback that is, legal experts say.
“It seems to me they are walking as close to the line as they can, and even stepping over it, in an effort to see how much they can get away with,” said Steve Vladeck, a Georgetown law professor. “It’s what you would expect from a very clever and mischievous child.”
Mike Davis, whose Article III Project pushes for pro-Trump judicial appointments, predicted that Trump will prevail over what he sees as hostile judges.
“The more they do this, the more it’s going to anger the American people, and the chief justice is going to follow the politics on this like he always does,” Davis said.
The clash was the subtext of an unusual Supreme Court session Thursday, the day before the ruling that angered the president. His administration was seeking to stop lower courts from issuing nationwide injunctions barring its initiatives. Previous administrations have also chafed against national orders, and multiple Supreme Court justices have expressed concern that they are overused.
Still, at one point, Justice Amy Coney Barrett pressed Solicitor General D. John Sauer over his assertion that the administration would not necessarily obey a ruling from an appeals court.
“Really?” asked Barrett, who was nominated to the court by Trump.
Sauer contended that was standard Department of Justice policy and he assured the nation’s highest court the administration would honor its rulings.
‘He’s NOT coming back’ SOME justices have expressed alarm about whether the administration respects the rule of law.
Justices Sonia Sotomayor and Ketanji Brown-Jackson, both nominated by Democratic presidents, have warned about government disobedience of
its presence on Europe’s eastern flank by sending additional multinational battlegroups to Romania, Hungary, Bulgaria and Slovakia, and Bucharest has played an increasingly prominent role in the alliance, donating a Patriot missile system to Ukraine and opening an international training hub for F-16 jet pilots from allied countries.
Many observers saw Sunday’s vote as crucial to maintaining Romania’s place within the network of Western alliances—especially amid fears that the Trump administration is reconsidering its security commitments to the United States’ European partners. Siegfried Muresan, a Romanian member of the European Parliament, told The Associated Press on Monday that the election result was a relief
court orders and threats toward judges. Chief Justice John Roberts, nominated by a Republican president, George W. Bush, issued a statement condemning Trump’s push to impeach James E. Boasberg, the federal judge who found probable cause that the administration committed contempt by ignoring his order on deportations.
Even after the Supreme Court upheld a Maryland judge’s ruling directing the administration to “facilitate” the return of Kilmar Abrego Garcia, the White House account on X said in a post: “he’s NOT coming back.”
Legal experts said the Abrego Garcia case may be heading toward contempt.
US District Court Judge Paula Xinis has complained of “bad faith” from the administration as she orders reports on what, if anything, it’s doing to comply with her order. But contempt processes are slow and deliberative, and, when the government’s involved, there’s usually a resolution before penalties kick in.
What is contempt of court?
COURTS can hold parties to civil litigation or criminal cases in contempt for disobeying their orders. The penalty can take the form of fines or other civil punishments, or even prosecution and jail time, if pursued criminally.
The provision in the Republican budget bill would prohibit courts from enforcing contempt citations for violations of injunctions or temporary restraining orders—the two main types of rulings used to rein in the Trump administration—unless the plaintiffs have paid a bond. That rarely happens when someone sues the government.
In an extensive review of contempt cases involving the government, Yale law professor Nick Parrillo identified only 67 where someone was ultimately found in contempt. That was out of more than 650 cases where contempt was considered against the government. Appellate courts reliably overturned the penalties.
But the higher courts always left open the possibility that the next contempt penalties could stick.
“The courts, for their part, don’t want to find out how far their authority goes,” said David Noll, a Rutgers law professor, “and the executive doesn’t really want to undermine the legal order because the economy and their ability to just get stuff done depends on the law.”
for many in Brussels, the EU’s defacto capital, and that Romania is now expected to play an active role in the bloc particularly in security and defense.
“There was an erosion of Romania’s credibility in the last year,” Muresan said. “That is partly restored now through the clear victory of the proEuropean candidate.” Muresan added that Romanians will expect Dan to deliver on promised reforms, but that his clear victory marks a setback for hard-right nationalism.
“People really rallied behind Europe…and understood the risks which extremists pose,” he said. “So much lies now with the new president, who is a unifier, who has campaigned on the basis of facts.”
‘It’s truly uncharted territory’ LEGAL experts are gaming out whether judges could appoint independent prosecutors or be forced to rely on Trump’s Department of Justice. Then there’s the question of whether US marshals would arrest anyone convicted of the offense.
“If you get to the point of asking the marshals to arrest a contemnor, it’s truly uncharted territory,” Noll said.
There’s a second form of contempt that could not be blocked by the Department of Justice— civil contempt, leading to fines. This may be a more potent tool for judges because it doesn’t rely on federal prosecution and cannot be expunged with a presidential pardon, said Justin Levitt, a department official in the Obama administration who also advised Democratic President Joe Biden.
“Should the courts want, they have the tools to make individuals who plan on defying the courts miserable,” Levitt said, noting that lawyers representing the administration and those taking specific actions to violate orders would be the most at risk.
There are other deterrents courts have outside of contempt. Judges can stop treating the Justice Department like a trustworthy agency, making it harder for the government to win cases. There were indications in Friday’s Supreme Court order that the majority didn’t trust the administration’s handling of the deportations. And defying courts is deeply unpopular: A recent Pew Research Center poll found that about 8 in 10 Americans say that if a federal court rules a Trump administration action is illegal, the government has to follow the court’s decision and stop its action.
Tuesday, May 20, 2025
Massive protest in The Hague demands Dutch action on Gaza
By Molly Quell The Associated Press
THE HAGUE, Netherlands—Tens of thousands of red-clad protesters marched through the Dutch capital on Sunday to demand their government do more to halt Israel’s campaign in Gaza, in what organizers called the country’s biggest demonstration in two decades.
Human rights groups and aid agencies—including Amnesty International, Save the Children and Doctors Without Borders—estimated the peaceful crowd at more than 100,000 people, and the streets of The Hague were packed with the old, young and even some babies on their first protest.
“We hope this is a wake-up call for the government,” said teacher Roos Lingbeek, attending the march with her husband and their 12-week-old daughter, Dido, who slept in a carrier as her parents brandished a sign simply reading: “STOP.”
The march took the young family past the Peace Palace, headquarters of the United Nations’ International Court of Justice, where last year judges ordered Israel to do all it can to prevent death, destruction and any acts of genocide in Gaza.
As the protest wound its way past the court, canals and the seat of the Netherlands’ right-wing government, Israeli forces continued to pound northern Gaza, where they have launched new ground operations.
Airstrikes in the offensive killed at least 103 people, including dozens of children, overnight and into Sunday, hospitals and medics said, and forced northern Gaza’s main hospital to close.
An Israeli blockade on food, medicine and other supplies is now in its third month, with global food security experts warning of famine across the territory of more than 2 million people.
David Prins, whose yarmulke was
printed with the image of a watermelon—which shares the colors of the Palestinian flag—told The Associated Press he was attending the protest “to speak out against the atrocities.” The 64-year-old was standing across the street from the synagogue he attended growing up, which overlooks the field where the demonstration began.
Protesters walked a 3-mile (5-kilometer) loop around the city center of The Hague, to symbolically create the red line they say the government has failed to set.
“We are calling on the Dutch government: stop political, economic and military support to Israel as long as it blocks access to aid supplies and while it is guilty of genocide, war crimes and structural human rights violations in Gaza and the Occupied Palestinian Territories,” Marjon Rozema, of Amnesty International, told the AP.
Israel strongly denies that it is committing genocide or violating international law in Gaza.
Some unable to make the trek through the city sat along the route to cheer on the marchers. “It’s beyond time for the government to act,” Aletha Steijns told the AP, while holding crutches for a knee injury. She was joined by several friends in camping chairs on the sidewalk.
Dutch policy toward Israel is just one of many issues causing splits in the Netherlands’ fragile coalition government. Hard-right leader Geert Wilders is staunchly pro-Israel and his antiimmigrant Party for Freedom holds the largest number of seats in the country’s parliament.
Last week, however, foreign affairs minister Caspar Veldkamp of the minority center-right VVD party urged the European Union to review a trade agreement with Israel, arguing that its blockade of humanitarian aid violated international law. Wilders hit back, denouncing the call as an “affront to cabinet policy.”
Indonesia and Thailand forge strategic partnership to boost trade and security on historic state visit
By Jintamas Saksornchai
The Associated Press
BANGKOK—Indonesia and Thailand agreed Monday to elevate their relationship to a strategic partnership, during the first state visit by an Indonesian president in 20 years and agreed to push for greater trade and investment.
President Prabowo Subianto, who took power last year, was welcomed by Thai Prime Minister Paetongtarn Shinawatra in intermittent rain at Government House in Bangkok. As is traditional, the two leaders reviewed an honor guard before heading inside to hold bilateral talks on the future shape of their relationship.
Subianto’s visit also coincided with the 75th anniversary of the establishment of diplomatic relations between the two countries.
Paetongtarn said that the two countries agreed to boost cooperation in various fields including trade and investment, tourism, and food security. The decision to elevate the two countries’ relations to strategic partnership “reflects our shared commitment to strengthen cooperation in several aspects on issues of mutual interest to the people of both countries,” Paetongtarn said in a statement.
They also discussed defense and security issues, which include “enhancing maritime security collaboration, strengthening counterterrorism efforts, bolstering cybersecurity cooperation, increasing joint military exercises and fostering defense industry partnerships,” Subianto said in his speech.
Paetongtarn said Thai and Indonesian police will strengthen cooperation in suppressing transnational crimes,
especially online scams, human trafficking and drug trafficking.
Dozens of Indonesians earlier this year were freed from scam centers in Myanmar and repatriated through Thailand, in part of a large-scale regional crackdown effort. Hundreds of thousands of people are believed to have been lured to work in the region to commit global scams through false romances, bogus investment pitches and illegal gambling schemes. Many of the workers were recruited under false pretenses, only to find themselves trapped in virtual slavery.
Ministers from both countries also signed a memorandum of understanding on health cooperation in a number of fields including prevention and control of communicable diseases and medical tourism.
They also discussed the ongoing crisis in Myanmar, and Subianto praised Thailand’s constructive role, especially in engaging neighboring countries to seek a peaceful solution in Myanmar and facilitating dialogue between all parties.
“We emphasized the importance of an inclusive national dialogue that can achieve peace and stability in Myanmar,” Subianto said, “We also emphasized the importance of maintaining the unity and centrality of Asean.”
The crisis in Myanmar has emerged as one of the bloc’s biggest challenges since a military coup ousted an elected civilian government in February 2021, plunging the country into conflict. It has sparked an armed resistance movement, with rebel forces now controlling large parts of the country. The war has killed tens of thousands of people, and displaced millions.
The Associated Press journalists Jerry Harmer in Bangkok and Niniek
Karmini in Jakarta, Indonesia, contributed to this report.
NLNC naval units raises flag in ‘Talampas ng Pilipinas’ 8th
anniversary commemoration
By Rex Anthony Naval
THE Northern Luzon Naval Command (NLNC) on Monday announced that its units have conducted a flag-raising ceremony at the eighth “Talampas ng Pilipinas” (formerly known as Philippine Rise) commemoration last May 18.
“The NLNC headed Commodore Edward Ike De Sagon, under the operational command of Northern Luzon Command [Nolcom], conducted a flag-raising ceremony at Talampas ng Pilipinas, previously known as Philippine Rise, on May 18, 2025,” it added.
The NLNC said the Navy’s offshore patrol vessel, the BRP Emilio Jacinto (PS-35), was the naval asset that conducted the ceremonies.
“The ceremony commemorates the renaming of the underwater feature, Philippine Rise, formerly the Benham Rise, in 2017. Boosting national pride and public morale, two FA-50 fighter jets of the Philippine Air Force performed a fly-by during the ceremony,” the NLNC said.
This event, it added, underscores the steadfast commitment of the Nolcom and NLNC to promoting national pride and unity.
Bataan Rep. Roman to file bill regulating social media and combating disinformation
By Lorenz S. Marasigan @lorenzmarasigan
BATAAN Representative Geraldine
Roman on Monday said she will file a bill in two weeks that aims to regulate social media platforms and curb the spread of disinformation and online scams in the Philippines.
Initially being called the Digital Accountability and Services Act (DASA), Roman said that the measure does not intend to suppress free expression but rather impose accountability on platforms that have largely operated with minimal regulation.
She said the country needs a regulatory model where the gatekeeping responsibilities lie with the platforms, guided by standards set by credible and independent organizations.
The bill will be backed by a newly formed multi-organization alliance called the Digital Media Standards Coalition, a private sector-led group that seeks to establish a common code of ethics for digital media players and support real-time fact-checking efforts across social platforms.
“Do we regulate social media content creation? We don’t because that would be censorship. But what we can regulate are social media platforms to act as gatekeepers,” Roman said.
She noted that the proposed law would require social media platforms to establish a legal presence in the Philippines, maintain a registry of social media accounts, and adhere to the findings and recommendations of the coalition.
Platforms will also be expected to implement disciplinary mechanisms against accounts that repeatedly propagate falsehoods.
Roman explained that the bill will empower the coalition to flag suspected fake news in real time. The process, she said, would allow the suspension of questionable content pending verification — a function that becomes critical in cases of online scams, reputational attacks, and fast-spreading disinformation.
She emphasized that while the bill may not be passed immediately, the time to start addressing these problems is now.
Mapapasabaito? Of course not — not
right away. But we need to start the ball rolling,” she said.
The Digital Media Standards Coalition is led by content policy advocate Anton Mauricio. He said the group is currently composed of around ten organizations, including associations of social media broadcasters and content creators, with plans to expand further.
By June 2, the coalition will submit its finalized Code of Ethics, which is being benchmarked against international standards and aims to balance innovation with accountability.
Mauricio said the coalition is not envisioned to be a membership group for individual content creators, but rather a convening body for organizations representing various sectors of the digital media landscape.
When asked if there are similar efforts that have been implemented in other countries, Mauricio said he believes the Philippines will be the first country to regulate social media platforms.
He said that it is important for the Philippines to implement this, given that the country is known to be the “social media capital of the world.”
He noted that the group’s work centers on three key objectives: “expanding the organization to be as inclusive as possible; have a very good code of ethics that protects the interest of everyone in the ecosystem, and to support the DASA bill as a sustainable policy solution.”
Roman added that the proposed law also aims to close regulatory loopholes by ensuring that all platforms operating in the country are subject to a common accountability framework.
She lamented that it is problematic that many global platforms do not maintain a legal presence in the Philippines and thus avoid consequences for the spread of fake news or harmful content.
Through DASA, she hopes to impose obligations that reflect both the responsibilities of platforms and the rights of Filipino users to accurate, trustworthy digital spaces.
“There is no direct state intervention here because that reeks of censorship,” Roman said. “Instead, it will be a wholeof-digital-ecosystem approach.”
BI to file deportation cases vs 9 foreign nationals for holding undeclared ₧440 million at MCIA
TPost-election shift: Marcos open to Duterte reconciliation, promises stricter governance
FBy Samuel P. Medenilla @sam_medenilla
OLLOWING the outcome of the 2025 National and Local Elections (NLE), which resulted in only half of the administration-backed senators getting elected, President Ferdinand Marcos said he is willing to reconcile with the Duterte family and revamp government priorities in the second half of his administration.
He also said he will now be stricter with his Cabinet members by filing charges against those who are engaged in corrupt practices.
In a 28-minute video blog interview posted in his social media page last Monday, the Chief Executive said the results of the 2025 NLE that the people are already fed up with politics and that the people are not “feeling” the benefits of government projects.
“I don’t want trouble. I want to get along with everyone. It’s better. I already have a lot of enemies and I don’t need enemies. need friends,” he said in Filipino, when asked by broadcaster Anthony Taberna if he is willing to reconcile with the Dutertes.
“As much as possible, what I’m after is stability, peace so we can do our work. That’s why I’m always open to that,” he added.
Duterte relations
WHILE joining the Alyansa Para sa Bagong Pilipinas (APBP) senatorial bets during their campaign, the President criticized the previous administration for its bloody campaign against criminality, irregularities
in the pandemic response, and tolerating China’s attempts to take over the country’s maritime territories.
Out of the 12 senators endorsed by the administration-backed APBP, only ACT-CIS partylist representative Erwin Tulfo; former senator Panfilo Lacson; former senate President Vicente “Tito” Sotto III; Senator Pia Cayetano; Las Piñas representative Camille Villar; and Sen. Lito Lapid made it to the “Magic 12.” Sen. Imelda “Imee” Marcos, the President’s sister, was also part of the original APBP senatorial slate, but she later decided to leave the alliance after the arrest of former President Rodrigo R. Duterte.
The arrest also led to the deterioration of the friendly relations of Marcos with Vice President Sara Duterte, her former running mate.
Despite his openness of reconciling with the Duterte’s, the President said he will not intervene in the upcoming impeachment trial against Vice President Duterte.
“Well, the impeachment, well, that’s in the Senate. Let’s leave them alone. There’s a process for that. Let’s leave the process alone,” Marcos said.
“As for me, I’m thinking, the election is over, and it’s time to go back to work,” he added.
APBP campaign manager and Navotas City Rep. Toby Tiangco said the impeachment of complaint against the Vice President negatively affected the performance of the five other APBP senatorial bets.
Lessons learned MARCOS said another lesson he learned
from the recently concluded elections was the growing public dissatisfaction on government projects, which he admitted are too focused on “long-term” gains.
“People are disappointed with government services. They don’t feel it and the pace of building projects that they haven’t felt yet is too slow. But, I really realized that we haven’t given enough attention to the smaller things the things that make people’s daily lives more comfortable--the queues on the train, the traffic, those kinds of things, make people’s lives more comfortable,” he said.
Prior to the 12 May 2025 polls, the President registered a decline in his trust and performance ratings from Pulse Asia and the OCTA research.
Marcos vowed to address the said dissatisfaction during the remaining three years of his term, particularly on food security, with the full implementation of the P20 rice program of the Department of Agriculture (DA).
Improving internet access, improving the experience of daily commuters and reducing incidents of criminality through improved police visibility will also be part of his priorities.
Performance review TO help in the achievement of his administration’s goals, Marcos said he will continue to conduct performance reviews for members of his Cabinet to remove those who have shown poor performance or involved in corrupt practices.
He admitted that in the past three
years, he removed Cabinet members who have validated reports of engaged in corrupt practices.
“There are many. There are really many…But we don’t talk about it anymore because it will lead to trouble. Just leave. If you don’t, we’ll charge you. I’ll lock you up. Just leave. There are many, many more,” Marcos said.
Among those who left the Marcos administration were former Executive Secretary Victor Rodriguez, Department of Transportation (DOTr) Secretary Jaime J. Bautista, Department of Trade and Industry Secretary Alfredo E. Pascual, and Department of Information and Communications Technology (DICT) Secretary Ivan John E. Uy.
Several PCO secretaries also left the Cabinet, including Cesar B. Chavez, Cheloy V. Garafil, and former Office of the Press Secretary Beatrix “Trixie” Cruz-Angeles. Marcos, however, said he is now reconsidering his approach in dealing with his problematic Cabinet members in his succeeding performance review and will now consider filing charges against them.
“If there is really something lacking or corrupt, if their sin is really serious, we will file charges,” he said.
He hopes it will help change his image of being too “nice” to instill fear among his problematic Cabinet members.
“But you know, maybe it should be more brutal because there is nothing – it really needs to be more efficient – it should arrive faster. That’s probably part of our lesson here in the last election,” Marcos said.
Comelec proclaims Akbayan, 51 other party-lists
By Justine Xyrah Garcia
HE Commission on Elections
T(Comelec) on Monday proclaimed Akbayan Citizens’ Action Party (Akbayan) and 51 other party-list groups as the duly elected members of the House of Representatives for the 20th Congress.
Comelec Chairman George Erwin M. Garcia said a total of 63 seats—or 20 percent of the composition of the lower House—are reserved for the 54 winning party-lists, in accordance with the Constitution.
However, only 52 of these groups were proclaimed as the Duterte Youth and Bagong Henerasyon’s proclamation was suspended due to their pending cases before the poll body.
This seat allocation follows the Comelec en banc’s decision, sitting as the National Board of Canvassers, not to round off the result in the final seat computation.
“The correct computation, if we are not mistaken, is 63.5. But of course, there’s no such thing as half a person. So we cannot round off and count that fraction. The Board decided to base the allocation strictly on 63,” Garcia said in a press briefing.
Akbayan leads the race
TOPPING the party-list race was Akbayan, which secured 2.78 million votes or 6.63
percent of the total, giving it the maximum of three seats.
The group will be represented by its first three nominees: veteran human rights lawyer Chel Diokno, reelected Rep. Perci Cendaña, and women’s rights advocate Dadah Kiram Ismula.
Other party-lists that also secured three seats are Tingog Sinirangan (Tingog) and the Duty to Energize the Republic through the Enlightenment of the Youth Sectoral Party-list Organization (Duterte Youth), although the latter has yet to be proclaimed. Tingog will be represented by Andrew Julian Romualdez, Jude Acidre, and Marie Josephine Calatrava.
Duterte Youth, once proclaimed, will be represented by Drixie Mae Cardema, Berlin Lingwa, and Ron Godfrey Bawalan.
Three groups secured two seats each: Pagtibayin at Palaguin ang Pangkabuhayang Pilipino (4Ps), Anti-Crime and Terrorism Community Involvement and Support Inc. (ACT-CIS), and Ako Bicol.
4Ps and ACT-CIS will continue to be represented by Reps. Marcelino Libanan and Jonathan Abalos II, and Reps. Edvic Go Yap and Jocelyn Pua Tulfo, respectively.
In the 2022 polls, ACT-CIS led the partylist race with 2.11 million votes, securing the sole three-seat allocation that year. Ako Bicol, meanwhile, will be repre -
sented by Rep. Elizaldy Co and Legazpi City Mayor Alfredo Garbin.
The Comelec used the “Carpio formula” based on the 2009 Supreme Court ruling in Banat vs. Comelec. Under this system, the top six groups which obtained at least 2 percent of the total voter turnout are granted additional seats, while the rest—up to the 54th place—receive one seat each to fill the remaining slots.
Among the reelected groups are Uswag Ilonggo (to be represented by James Ang Jr.), CIBAC (Eduardo Villanueva), Malasakit@Bayanihan (Girlie Veloso), Senior Citizens (Rodolfo Ordanes), Coop-Natcco (Felimon Espares), AGAP (Nicanor Briones), ACT Teachers (Antonio Tinio), Kabataan (Renee Co), and Bagong Henerasyon (Roberto Nazal Jr.).
Newcomers who secured seats include Mamamayang Liberal (to be represented by Leila de Lima), FPJ Panday Bayanihan (Brian Llamanzares), and Trabaho (Johanne Bautista).
A sweet victory
IN an interview, Akbayan Rep.-elect Diokno said they did not expect to lead the party-list race and expressed gratitude to volunteers, artists, and supporters who campaigned for the group.
“This is your victory. This is a win for ordinary Filipinos. What we want is to represent the voices of sectors that remain unheard in Congress,” Diokno told reporters.
Akbayan nearly lost its place in the 2022 elections after failing to win a seat for two consecutive terms, which made it vulnerable to delisting. Its return was made possible after the cancellation of An-Waray’s registration in September last year, which opened up a vacated seat.
As a multisectoral party, Diokno said Akbayan’s focus will be on urgent public concerns.
“We’re looking at the rising cost of living, the education crisis, unemployment, and our issues in the West Philippine Sea,” he said.
Asked if he was eyeing a committee chairmanship, Diokno said Akbayan’s priority is to plan how it can effectively push its legislative agenda in the 20th Congress. Akbayan first entered the party-list race in 1998 and maintained a presence in the lower House until it lost in 2019. Its win this year marks its strongest showing in recent history.
The last time it secured three seats was in 2004 after garnering over 852,000 votes, or 6.70 percent of the total.
By Joel R. San Juan @jrsanjuan1573
HE Bureau of Immigration
(BI) Monday said it would subject to deportation proceedings the nine foreign nationals recently arrested at the Mactan-Cebu International Airport by the Philippine National Police Aviation Security Group (PNPAVSEGROUP) while attempting to transport P440 million in undeclared cash.
BI Commissioner Joel Anthony Viado said deportation cases will be filed against the suspects for being undesirable aliens aside from possible criminal and anti-money laundering charges that the group will face in local courts.
Immigration laws prohibit foreigners from engaging in activities that pose risks to national security, Viado said. “Once they face their criminal
charges, these individuals will be deported and blacklisted from reentering the Philippines,” he added.
The group is made up of seven Chinese, one Indonesian, and one Kazakhstani national.
The BI is also coordinating with the Philippine National Police to verify records and process necessary documentation.
The agency said their officers are in close coordination with law enforcement agencies to monitor and arrest foreign nationals whose presence might be detrimental to the country’s interests.
Airport security personnel arrested the suspects after they detected large sums of cash inside the trolley bags they were carrying during X-ray screening.
Based on initial inventory, investigators said the trolley bags contained P441,922,542, as well as $168,730 and 1,000 Hong Kong dollars.
SBy Butch Fernandez @butchfBM
ENATOR-elect Panfilo‘’Ping’’Lacson’s top legislative agenda in the 20th Congress is to integrate all forms of ‘’ayuda’’ or government aid under the Pantawid Pamilyang Pilipino Program (4Ps) program.
In a statement Monday, Lacson noted that this is part of his “push for good governance, along with an intensified scrutiny of the national budget bill, upon his return to the Senate.”
“This early, I have instructed my prospective legislative staff to draft an amendment to Republic Act 11310, the law on the 4Ps program, to expand it and address the sectors covered by the other forms of ayuda that have become confusing and have become a political tool used by some politicians for their campaigns, both during and outside of the campaign period,” Lacson said in Filipino, in a radio interview.
“Expanding the 4Ps will be better because the 4Ps has a data-driven list of beneficiaries; unlike other ayuda programs that are indiscrimi-
nate and are prone to duplication like TUPAD, AKAP, AICS and MAIP,” he explained.
Lacson also noted the 4Ps and its implementation involves studies by the Department of Social Welfare and Development and Department of Labor and Employment, and other concerned implementing agencies.
He lamented some lawmakers even got involved in the distribution of at least one ayuda program, the Ayuda sa Kapos ang Kita Program (AKAP), with the bicameral conference committee allocating P21 billion for the House and P5 billion for the Senate - even if they are not the implementing agencies.
Also, Lacson said he will intensify his scrutiny of the national budget, including reviewing the implementation of the 2025 budget, which he described as “one of the most corrupt national budgets”he had seen in his 18 years in the Senate.
“I will intensify my scrutiny of the budget after a three-year absence. I want to study the pattern of how the national budgets of the last three years were passed,” he said.
“I will prioritize scrutinizing the national
budget, which is the lifeline of our economy. Without the budget, we cannot move,” he added.
Likewise topping Lacson’s legislative agenda is the support for local government units (LGUs) by giving them a possible onepercent rebate on their Value Added Tax (VAT) remittances to the national government. Lacson indicated the rebates will be used for infrastructure and livelihood programs - thus becoming an incentive and motivation for further economic growth resulting in better tax collection, both at the national and local levels.
At the same time, Lacson reiterated he will draw inspiration from his parents in doing his job both as a lawmaker and as a senator-judge in the possible impeachment trial of Vice President Sara Duterte.
During his proclamation last Saturday, Lacson thanked his mother Maxima for being a disciplinarian and teaching him and his siblings the value of integrity and not to take what is not theirs.
Lacson narrated how his mother, upon
learning that one of his brothers found a onecentavo coin at school, sternly told him to spare no effort to find and return the money to its owner the following morning.
“That was my mother who reminded us to never take what is not ours,” he said. Also, he thanked his father Buenaventura for his advice that he carried throughout his more than 50 years in public service: “Angtama ay ipaglaban, ang mali ay labanan (What is right must be kept right, what is wrong must be set right).”
“My parents are my inspiration and motivation in public service. My mother was very strict and honest. I learned to be a disciplinarian because of her. Same with my father,” Lacson said. Lacson also supported President Ferdinand “Bongbong” Marcos Jr.’s call to end politics now that the election is over, and to concentrate on nation building.
“He is right because the campaign period is over. We must now turn our focus to nation building, and how to improve our economy,” he said.
Unbearable heat: A climate crisis in our classrooms
THE alarm bells are ringing loud and clear. A new global report by Save the Children and Vrije Universiteit Brussel paints a grim picture: extreme heat is not only endangering the health of Filipino children but also fundamentally impairing their ability to learn. With temperatures rising, the Philippines faces a future where millions of children will suffer unprecedented lifetime exposure to heatwaves, threatening their development, education, and well-being. (Read the BusinessMirror story, “With relentless heat, can kids truly learn?,” May 18, 2025).
The data is striking and thought-provoking. If global warming reaches the worst-case scenario of 3.5 degrees Celsius by the end of the century, nearly 94 percent of Filipino children born today—roughly 1.4 million— will endure relentless heat stress throughout their lives. The immediate consequences are visible even now: young children are forced to stay indoors, deprived of outdoor play, while sweating, dizzy, and restless. These are not just childhood discomforts but warning signs of serious health risks like dehydration and heatstroke.
The impact extends beyond physical health. Learning under extreme heat is a formidable challenge. Schools without proper ventilation, cooling systems, or even running water become harsh environments where concentration falters and attendance drops. The educational setbacks could hobble an entire generation’s potential, exacerbating existing inequalities, especially in low-income communities that are most vulnerable to climate change.
This crisis underscores the urgency of the Paris Agreement’s goal to limit global warming to 1.5 degrees Celsius. The difference between 1.5 and 3.5 degrees is not merely a statistic; it is a lifeline separating manageable risk from catastrophic harm. Achieving this target could halve the number of Filipino children exposed to extreme heat, a crucial reprieve for millions.
Efforts by Save the Children Philippines to implement child-focused climate adaptation programs are commendable. Equipping children and communities with knowledge and skills to build resilience is essential. However, adaptation alone is not enough. The government, private sector, and international community must urgently accelerate emissions reductions and invest in climate-resilient infrastructure, especially in schools and health facilities.
The Department of Education’s proactive measures—adjusting schedules, improving ventilation, encouraging hydration, and safeguarding learners— reflect a necessary response to an evolving threat. Yet, these are stopgap solutions. The reality is that climate change is rapidly outpacing the capacity of existing systems to protect vulnerable children. Health authorities’ updated guidelines and establishment of cooling centers and hydration stations provide vital support during heatwaves. But the fundamental solution lies in systemic change: aggressive climate action, sustainable urban planning, and prioritizing children’s rights in environmental policies.
Children did not create the climate crisis, yet they are paying the highest price. Protecting their health, safety, and education must be a national and global priority. The window to prevent a future where learning is “too hot” is closing fast. It is time to act with the urgency this crisis demands—not just for the children of today, but for the generations to come.
Opinion
DJohn Mangun
OUTSIDE THE BOX
ONALD TRUMP, back at the White House with the subtlety of a sledgehammer, has unleashed a global offensive. His gaze landed first on Europe—call it the “Cooperate or Else” tour—demanding Nato members hit the two percent of gross domestic product defense spending target and offset America’s aid to Ukraine. His blunt message to Brussels: no more free lunches—finance your security.
He dangles the prospect of reducing the roughly 90,000 US troops stationed in Europe, urging the EU to bolster its defenses or watch bases like Ramstein Air Base, estimated to employ 6,200 German workers in the 240,000-strong Kaiserslautern region, face closure, sparking economic turmoil from Bavaria to Andalusia.
Trump’s grievances extend beyond military matters. He accuses the EU of exploiting US markets, claiming a $1.9 trillion trade imbalance over decades, certainly an exaggeration. But the EU’s prohibition on chlorine-washed US poultry —citing health concerns—and rigid pharmaceutical approval processes fuel Trump’s ire.
His response? A 20 percent tariff on EU imports, imposed April 2, 2025, suspended April 9 after Wall Street’s panic meltdown, suspended until July 8, 2025. Should trade negotiations collapse by July, the
T. Anthony C. Cabangon Lourdes M. Fernandez
A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos
B. Resurreccion, Dennis D. Estopace
R. Calso, Dionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
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20 percent tariff will return with a stinging bite.
This is quintessential Trump— merging trade, defense, and economic pressure into a single, audacious gambit.
Europe’s response is a jumbled fiasco. Poland and the Baltic states, hiking defense budgets by 4 percent in April 2025, heed Trump’s demands, while Germany delivers promises as empty as a beer hall on Easter Sunday.
The EU approved €18 billion in retaliatory tariffs, but paused until July 14, 2025, wary of the Mar-a-Lago magnate. Desperate to hedge, European leaders pursue Mercosur and Asean trade deals, leaving one to wonder if Brussels will muster a coherent strategy or keep whining about America’s assertiveness.
The clock is ticking to July 8, 2025, when the EU must deliver a trade deal or brace for impact. Will Europe finally get its house in order, or just
crumble before the MAGA maestro?
Time will tell.
Trump’s Middle East jaunt, a “Show Me the Money” deal-making frenzy, shuns diplomacy. Saudi Arabia pledged $600 billion for US energy and defense while increasing oil output despite Riyadh’s fiscal jitters. A $142 billion arms deal —pending final terms—was hailed as the “largest defense cooperation agreement” ever.
In Riyadh, Trump met Syria’s purported new leader, Ahmed alSharaa, a former al-Qaeda affiliate turned “young, attractive, tough guy.” Trump is lifting all US sanctions on Syria and pushing him toward the Abraham Accords, ignoring Israel’s airstrikes. Qatar’s $200 billion Boeing jet deal and alleged $400 million Boeing 747-8 gift stirred ethics debates, while its pressure on Iran sparked and may yield a nuclear deal offer: no weapons, no enriched uranium, capped enrichment, and inspections—if US sanctions vanish. Israel’s Benjamin Netanyahu was not part of any conversation.
Poised to swivel his attention to East Asia, it might be a campaign of “Who’s the Boss?” This will be a bareknuckled bid to curb China’s regional clout. Trump may demand Japan, South Korea, and Taiwan fund the roughly 82,000 US troops in the region, though Taiwan hosts no permanent bases. His trade agenda screams deficit reduction, with bilateral deals to boost US exports and a threatened 25 percent tariff on Chinese goods to accelerate economic decoupling.
Trump’s playbook may include
flexing naval might in the Pacific with more joint military drills and “encouraging” Asean members to snub China’s Belt and Road Initiative for US-aligned trade pacts. Maybe a trip to see his old buddy North Korea’s Kim Jong-un. Japan and South Korea, tethered to US security, will grudgingly hike defense budgets. Japan is targeting two percent of GDP by 2027, and South Korea, eyeing $60 billion in potential upgrades. Vietnam stung by potential tariffs, may import more US goods. China will likely tighten even more its trade with Russia. Beijing’s $816 billion in US Treasury holdings, down from 2024 peaks, could be a bargaining chip. Asean members will hedge their bets, balancing US demands with China’s economic largesse to preserve stability. The Philippines, cozying up to Washington, may be asked to host more US assets, while Malaysia and Indonesia play coy to avoid Trump’s wrath.
Trump’s East Asia strategy banks on tariffs and military swagger to tilt the region’s balance. His blunt approach risks inflaming tensions by misjudging China’s resolve. Markets brace for volatility as the Pacific becomes a high-stakes arena. Will Trump’s bold bets reshape Asia’s power dynamic? The financial world watches, and the stakes could not be higher.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
‘Sell America’ is back as Moody’s pushes 30-year yield
By Cormac Mullen
LONGER-DATED Treasury yields briefly rose to the psychological 5 percent level and S&P 500 Index futures slid with the dollar as Moody’s Ratings debt downgrade increased concerns over US debt.
Moody’s announced Friday evening it was stripping the American government of its top credit rating, dropping the country to Aa1 from Aaa. The company, which trailed rivals, blamed successive presidents and congressional lawmakers for a ballooning budget deficit it said showed little sign of narrowing.
The downgrade risks reinforcing Wall Street’s growing worries over the US sovereign bond market as Capitol Hill debates even more unfunded tax cuts and the economy looks set to slow as President Donald Trump upends long-established commercial partnerships and renegotiate trade deals.
On Monday, 10-year Treasury yields climbed three basis points to 4.50 percent and their 30-year equivalents briefly rose about six basis points to 5.00 percent before the
gains pared. A move through 5 percent for the longer-dated benchmark would put levels last seen in 2023 in play—they peaked that year at 5.18 percent, the highest since 2007.
“A Treasury downgrade is unsurprising amid unrelenting unfunded fiscal largesse that’s only set to accelerate,” said Max Gokhman, deputy chief investment officer at Franklin Templeton Investment Solutions.
“Debt servicing costs will continue creeping higher as large investors, both sovereign and institutional, start gradually swapping Treasuries for other safe haven assets. This, unfortunately, can create a dangerous bear steepener spiral for US yields, further downward pressure on the greenback, and reduce the attractiveness of US equities.”
Michael Schumacher and Angelo Manolatos, strategists at Wells
Fargo & Co., told clients in a report that they expect “10 year and 30 year Treasury yields to rise another 5-10 basis points in response to the Moody’s downgrade.”
While rising yields typically boost a currency, the debt worries may add to skepticism over the dollar. A Bloomberg index of the greenback is already close to its April lows and sentiment among options traders is the most negative in five years.
In April, US markets across the board came under pressure after Trump’s tariff pledges forced a reappraisal of their place at the core of many investor portfolios. The selloff reversed in parts after the US president paused tariffs on China, but investor focus in the bond market quickly shifted to America’s fiscal trajectory.
“Higher for longer yields will add to the government’s net interest cost and deficits,” wrote Societe Generale strategist Subadra Rajappa in a note to clients. “Over the longer run, the erosion of the safe haven status of Treasuries has implications for the dollar and foreign demand for Treasuries and other US assets.”
to 5%
S&P 500 futures were down more than 1 percent as of 1:30 pm in Hong Kong on Monday, while contracts on the Nasdaq 100 fell a little more. On Friday, an exchange-traded fund tracking the US stock benchmark fell about 1 percent after the close of regular trading in response to Moody’s move.
‘Loss of confidence’ EUROPEAN Central Bank President Christine Lagarde told La Tribune Dimanche in an interview published on Saturday that the dollar’s recent decline against the euro is counterintuitive but reflects “the uncertainty and loss of confidence in US policies among certain segments of the financial markets.”
Rising Treasury yields would also complicate the government’s ability to cut back by running up its interest payments, while also threatening to weaken the economy by forcing up rates on loans such as mortgages and credit cards.
US Treasury Secretary Scott Bessent downplayed concerns over the US’s government debt and the infla-
China gave Pakistan satellite support, Indian defense group says
By Sudhi Ranjan Sen & Dan Strumpf
CHINA provided Pakistan with air defense and satellite support during its clash with India this month, according to a research group under India’s Ministry of Defence, suggesting that Beijing was more directly involved in the conflict than was previously disclosed.
China helped Pakistan reorganize its radar and air defense systems to more effectively detect India’s deployments of troops and weaponry, Ashok Kumar, director general at the New Delhi-based Centre For Joint Warfare Studies, said in an interview.
China also helped Pakistan adjust its satellite coverage over India during the 15-day interval between an April 22 massacre that killed 26 mostly Indian tourists and the start of hostilities between the two nations, he said.
“It helped them to redeploy their air defense radar so that any actions which we do from the aerial route is known to them,” Kumar said at the group’s headquarters in New Delhi.
India’s government hasn’t publicly detailed China’s involvement in the conflict. While Pakistan has said it used Chinese-supplied weapons, Kumar’s assessment—if correct—indicates that China’s involvement went even further, offering logistical and intelligence support to Islamabad.
The Centre for Joint Warfare Studies describes itself as an autonomous think tank focused on integration and transformation of India’s armed forces. Its advisory board includes Defense Minister Rajnath Singh as well as India’s top military commander and the heads of the army, air force and navy.
China’s Foreign Ministry and Defense Ministry didn’t respond to requests for comment placed over the weekend. Representatives for India’s Foreign Ministry, Defense Ministry, armed forces and Prime Minister Narendra Modi’s office didn’t respond to requests for comment. Pakistan’s Foreign Ministry and Information Ministry also didn’t respond to emailed queries on Sunday.
The clash was the worst between the nuclear-armed neighbors in half a century, with both sides trading air, drone and missile strikes, as well as
tionary impact of tariffs, saying the Trump administration is determined to lower federal spending and grow the economy.
Asked about the Moody’s Ratings downgrade of the country’s credit rating Friday during an interview on NBC’s Meet the Press with Kristen Welker, Bessent said, “Moody’s is a lagging indicator—that’s what everyone thinks of credit agencies.”
In a move that may help temper some of the negative market sentiment, President Trump said over the weekend he’ll have a phone call with Russian President Vladimir Putin on Monday morning to discuss how to stop the war in Ukraine.
Moody’s move was anticipated by many given it came when the federal budget deficit is running near $2 trillion a year, or more than 6 percent of gross domestic product. The US government is also on track to surpass record debt levels set after World War II, reaching 107 percent of GDP by 2029, the Congressional Budget Office warned in January.
Moody’s said it expects “federal deficits to widen, reaching nearly 9 percent of GDP by 2035, up from 6.4 percent in 2024, driven mainly by increased interest payments on debt, rising entitlement spending, and relatively low revenue generation.”
Despite such sums, lawmakers will likely continue work on a massive tax-and-spending bill that’s expected to add trillions to the federal debt over the coming years. The Joint Committee on Taxation had pegged
Opinion
BusinessMirror
Revised guidelines on the requirements for tax exemption of retirement benefits
Uartillery and small arms fire along their shared border. It was triggered by the bloodshed on April 22, which India has called an act of terrorism orchestrated by Pakistan. Leaders in Islamabad have denied involvement.
The conflict drew in world powers, with President Donald Trump taking credit for helping to mediate a ceasefire that started May 10—an assertion that generated anger in India, which said the truce was negotiated bilaterally. On Thursday, Pakistan’s deputy prime minister said the ceasefire would be extended to Sunday, while the Indian Army has said it would continue to work on confidence-building measures with Pakistan.
Kumar said China used the conflict as a testing ground for its weapons. The performance of the Chinese defense systems were below average and “failed miserably” in some instances, Kumar said, citing an Indian military assessment. He didn’t provide specifics.
India’s defense systems reacted well to Pakistan’s use of hundreds of drones in the conflict, Kumar said, adding that India’s integrated network of censors gave it an edge. He didn’t comment on China’s J-10C fighter or Pakistan’s claims that it downed Indian warplanes.
Prime Minister Shehbaz Sharif on Friday said Pakistan shot down six Indian fighter jets, an assertion that hasn’t been independently verified. India’s government hasn’t commented on whether it lost aircraft in the fighting. Chinese weapons like the J-10C fighter and the PL-15 air-to-air missile had never seen documented live fighting before, and their use has raised concerns among Beijing’s rivals across the region, including in Taiwan. China’s government hasn’t commented on the use of its equipment, and Pakistan hasn’t presented evidence to back up its claims. With assistance from Tian Ying, Khalid Qayum and Colum Murphy/Bloomberg
the total cost of the bill at $3.8 trillion over the next decade, though other independent analysts have said it could cost much more if temporary provisions in the bill are extended.
Analysts at Barclays Plc said in a report that they did not expect the Moody’s downgrade to change votes in Congress, trigger forced selling of Treasuries or have much impact on money markets. Treasuries have often rallied after similar actions in the past.
“Credit downgrades of the US government have lost political significance after S&P downgraded the US in 2011, and there were limited, if any, repercussions,” said Michael McLean, Anshul Pradhan and Samuel Earl of Barclays.
Around the same time Moody’s was announcing its decision, the US Treasury was reporting China had reduced its holdings of Treasuries in March. While that may further encourage speculation the world’s second largest economy is lowering its exposure to US debt and the dollar, Brad Setser, a former Treasury official, said on X that the data suggested “a move to reduce duration than any real move out of the dollar.”
Despite the recent trade tensions and worries over fiscal profligacy, the Treasury statistics suggested foreign demand for US government securities remained strong in March, indicating no signs of a revolt against American debt.
Still, traders will be hard at work early again on Monday, just a week since they had to react quickly to weekend news of an improvement in trade relations between the US and China. Bloomberg
Atty. Rodel C. Unciano
TAX LAW FOR BUSINESS
NDER Section 32 of the Tax Code, retirement benefits received by officials and employees of private firms, in accordance with a reasonable private benefit plan maintained by the employer shall be exempt from income tax, subject only to compliance with certain conditions among which are: 1) the retiring official or employee has been in the service of the same employer for at least 10 years; 2) the retiring official or employee should not be less than 50 years of age at the time of his retirement; and 3) the tax exempt benefits shall be availed of by the retiring official or employee only once.
In relation thereto, pursuant to Section 60 of the Tax Code, the earnings of the fund may likewise be exempt from income tax provided that: 1) the contributions are made to the trust by the employer, or employees, or both; 2) such contributions are made for the purpose of distributing to such employees the earnings and principal of the fund accumulated by the trust in accordance with such plan; and 3) under the trust instrument it is impossible for any part of the corpus or income to be used for, or diverted to, purposes other than for the exclusive benefit of the employees.
Thus, as summarized under Revenue Regulations 15-2025, a retirement plan which is duly approved by the Bureau of Internal Revenue (BIR) and was issued a certificate of tax qualification for tax exemption is entitled to the exemption from income tax and withholding tax on the retirement benefits received by
officials and employees on account of their retirement. Also, trust income from various investments made by the trustees of an employee’s trust shall be exempt from income tax and, consequently, from withholding tax.
To be considered a reasonable retirement benefit plan, a retirement plan must have a written program setting forth all provisions essential for qualification. It must be a permanent and continuing program unless sooner terminated by virtue of a valid business reason. Also, it must cover at least 70 percent of all officials and employees. If the plan provides eligibility requirements and at least 70 percent of all officials and employees meet the eligibility requirements, at least 80 percent of those eligible must be covered.
With respect to investments which may be made, the fund may be used by the trustees to purchase any investments permitted by the trust agreement. However, the exemption of
Pursuant to Revenue Regulations 15-2025, the employer shall apply with the BIR, through the Legal and Legislative Division at the National Office, for the issuance of a certificate of qualification for tax exemption of the employee retirement benefit plan within 30 days from the date of the effectivity of the retirement benefit plan. The issued certificate of qualification shall retroact to the date of the effectivity of the Retirement Plan and shall be valid until revoked by the BIR.
the trust income may be denied if the trust: 1) lends any part of its income or corpus without adequate security and a reasonable rate of interest; 2) pays any compensation in excess of a reasonable allowance for salaries or other compensation for personal services actually rendered; 3) makes any part of its services available on a preferential basis; 4) makes any substantial purchase of securities or any other property for more than adequate consideration in money or money’s worth; 5) sells any substantial part of its securities or other property, for less than an adequate consideration in money or money’s worth; or 6) engages in any other transaction which results in a substantial diversion of its income or corpus.
The Retirement Fund shall not be used to invest/deposit in any of the employer’s business ventures to maintain the separation of the employee’s trust fund from that of the employer’s trust.
Pursuant to Revenue Regulations
15-2025, the employer shall apply with the BIR, through the Legal and Legislative Division at the National Office, for the issuance of a certificate of qualification for tax exemption of the employee retirement benefit plan within 30 days from the date of the effectivity of the retirement benefit plan. The issued certificate of qualification shall retroact to the date of the effectivity of the Retirement Plan and shall be valid until revoked by the BIR.
However, should the application of the employer be denied by the BIR, the employer/trust shall be directly and solely liable for any deficiency income taxes due. Also, during the period that the Retirement Plan is in operation, amendments thereto that may be introduced should also be submitted to the BIR for certification that the amendment/s do not affect the qualification of the Retirement Plan. If found to be beneficial to the employee-members of the Retirement Plan, an amendatory certification of qualification shall be issued by the BIR. Compliance with the requisites is a must in order to avail with the tax exemption privileges provided under the law.
The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph). The article is for general information only and is not intended, nor should be construed as a substitute
Dubai’s red-hot real estate is starting to attract big name backers
By Zainab Fattah
DUBAI’S real estate market—where property values have surged 70 percemt in the last four years - is starting to entice a slew of new Wall Street investors.
Brookfield Corp. is weighing plans to develop a mixed-use community in the Dubai Hills neighborhood, which would be its first residential real estate bet in the region, according to people familiar with the matter. A property manager owned by Singapore’s Temasek Holdings Pte. is also currently out scouting for investments in the city, some of the people said.
They’d be joining the likes of Goldman Sachs Group Inc. and the Asia-based asset manager Hillhouse Investment, which have both recently plowed millions into the emirate’s real estate.
They’ve all been drawn by the surge in activity taking place across Dubai. In the last 24 months, the city recorded eight office buildings sales—more than the previous 10 years combined. The same goes for hotel transactions, where 15 deals took place in the past 30 months, according to the real estate consultancy Knight Frank.
“The past two years have been busier for us than the whole previous decade on the capital market side,” said Andrew Love, head of capital markets and commercial agency at Knight Frank. “Demand is growing from overseas buyers who are coming in search of better returns and lower taxes.”
It’s a far cry from the years following the financial crisis, when the image of hundreds of luxury cars left abandoned at Dubai International Airport by expats who couldn’t keep up with their debts was etched into the minds of institutional investors around the world. It had been a visceral reminder of the boom-and-bust nature of the real estate market in the city, where the population is still dominated by foreigners to this day.
Newfound enthusiasm
DUBAI’S turnaround started in the aftermath of the pandemic when the
city reopened earlier than others, drawing scores of wealthy tourists and investors to its sunny shores. The government’s introduction of more liberal visa policies poured more fuel on that rally.
After Russia’s invasion of Ukraine, many of the country’s wealthy moved some of their cash to the city in an effort to shield their assets from sanctions and tighter capital controls at home. They were soon joined by loads of newly-minted crypto millionaires and hedge fund managers who were lured to Dubai by the emirate’s lowtax regime and a time zone that allows workers to trade across Asian, European and US hours.
Taken together, the moves have sparked an unprecedented surge in residential and commercial real estate values. In the first quarter of this year, before US President Donald Trump’s trade war weighed on investor sentiment and contributed to a plunge in oil prices, Dubai notched record sales of homes valued above $10 million.
Brookfield began furthering its foray into Dubai’s real estate market in 2020.
Back then, the asset manageralong with its partner Investment Corp. of Dubai—opened ICD Brookfield Place, Dubai’s largest office tower. The building quickly filled up and now commands the city’s highest commercial rents; last year, Brookfield was able to offload a 49% stake in the tower in a deal valuing the property at $1.5 billion.
Now, the Canadian firm is weighing plans to build residential towers alongside offices and retail space that it would make available to rent in Dubai Hills, an area known for its luxury villas.
Then there’s Mapletree Investments Pte, a property manager owned by Singapore’s sovereign wealth fund Temasek. The firm’s
Dubai’s turnaround started in the aftermath of the pandemic when the city reopened earlier than others, drawing scores of wealthy tourists and investors to its sunny shores. The government’s introduction of more liberal visa policies poured more fuel on that rally.
hoping to deploy about $2 billion in the Gulf region after opening an office in Abu Dhabi last year, other people familiar with the matter said.
Inside Blackstone Inc., executives have also held preliminary discussions across the Middle East region about commercial real estate investments, the people familiar with the matter said.
They’d be in the company of a bevy of other big name backers that have invested across the city.
In April, Goldman’s asset management arm plowed $25 million into the UAE’s Sunset Hospitality Group to allow the hotelier to expand its portfolio of resorts in the region. Hillhouse this month made its debut investment in the region when its unit Rava Partners acquired the real estate of Hartland International School in Dubai, in a deal valuing the property at $100 million.
In nearby Abu Dhabi, Aldar Properties—the city’s biggest listed developer—raised $500 million from Apollo Global Management Inc. in January in one of the region’s largest-ever corporate hybrid private placements. The deal meant Apollo has led investments totaling $1.9 billion in Aldar across four transactions since 2022.
The latest investment underscores Apollo’s “commitment to serving as a leading capital provider to the broader Abu Dhabi ecosystem,” Jamshid Ehsani, a partner at Apollo, said in a statement announcing the news. Representatives for Mapletree, Brookfield and Blackstone declined to comment.
Lack of supply ONE major problem remains for
the overseas asset managers, insurers and pension funds looking to invest in the city’s real estate: finding revenue-generating assets that they are actually able to purchase.
To this day, many of the city’s buildings are owned by wealthy Emirati families or government entities, who are keen to hold onto the lucrative assets. That’s forcing many funds and investors to consider investing in new developments.
“The institutional money wants to be here and is starting to arrive, but the challenge is stock to sell,” Knight Frank’s Love said. “Most of the offices have been built by government and semi-government entities,” he said, adding that means there is a “lack of Grade A buildings to acquire, which means there is lack of market depth, which an institution requires to make it worth their while to enter the market.”
Getting traction
SO far, that risk hasn’t hindered Martin Linder, who’s Global Partners Limited has raised over $350 million for its second fund after securing investments from American family offices, two German pension fund and a prominent Singaporean institution.
For Linder, it’s a stark reversal from when he was raising Global Partner’s first fund, when he spent six months in Boston trying to convince a myriad of investors of Dubai’s potential. At the time, few were swayed by a market they knew little about, he said. Linder ultimately did raise more than $200 million that first go around and used it to construct two residential buildings on Dubai’s Water Canal. After that first fund started paying out investors over time, conversations with backers got easier.
“We get cold calls from high profile family offices from the United States,” Linder said. “They’ve heard from other offices. Their
tions are also getting bigger.”
Tuesday, May 20, 2025
BusinessMirror
BIR wants higher vape tax; no tobacco excise cut eyed
By Reine Juvierre S. Alberto and Butch Fernandez
THEBureau of Internal Revenue
(BIR) wants an even higher tax on vape products while remaining firm on taxing cigarettes and heated tobacco products at the same rate to plug excise tax leakages and contain smuggling.
During the fourth Senate hearing of the Committee on Ways and Means headed by Senator Sherwin Gatchalian on Monday, BIR Assistant Commissioner Jethro Sabariaga said that cigarette products and heated tobacco products should be taxed at the same rate.
However, Sabariaga said that the BIR shares the same observation with the Department of Finance (DOF) that the tax on vape products should not be lower than traditional tobacco.
“In fact, we propose that it should be higher because one vapor product is not the same as the consumption of one pack of cigarettes,” Sabariaga said.
To illustrate, Sabariaga said one pack of cigarettes can be consumed in 300 puffs, while the lowest number
of puffs that can be consumed in one vape product is 600 puffs. “There’s non-parity.”
Under Republic Act No. 11467, a pack of cigarettes is taxed P66.15, while a pack of heated tobacco products is imposed P35.83 in excise tax. As for vape products, those with nicotine salt liquid are levied at P57.33 per milliliter, while the excise tax containing conventional freebase or classic nicotine vape amounts to P66.15 per 10 milliliters.
The tax rates on cigarettes, HTPs and vape products will all increase by 5 percent every year.
“From a revenue perspective, the government will be losing a lot based on the consumption of these products
Comelec suspends proclamation of Duterte Youth, BH party-lists
By Justine Xyrah Garcia
THE Commission on Elections has suspended the proclamation of two winning party-list groups due to their pending cases before the poll body.
Comelec Chairman George Erwin M. Garcia announced on Monday, during the proclamation of party-list groups, that the Duty to Energize the Republic through the Enlightenment of the Youth Sectoral Party-list Organization (Duterte Youth) and Bagong Henerasyon (BH) will not yet be proclaimed despite having secured seats in the party-list race.
In a press briefing before the proclamation, Garcia explained that there are “serious allegations” against the two groups, and it would be “unfair” to proclaim them immediately while the merits of the cases are still being reviewed. He added that the commissioners handling and reviewing the cases should not be rushed.
“The National Board of Canvassers suspended their proclamation because of the pending cases—not because of any filed motion, manifestation, or whatever to halt it. This was based on the NBOC’s own determination, along with the divisions handling the cases,” Garcia said.
Duterte Youth, which ranked second in the party-list race, is set to receive three seats in the House of Representatives after garnering 2.34 million votes, or 5.57 percent of total party-list votes. Its nominees include Drixie Mae Cardema, Berlin Lingwa, and Ron Godfrey Bawala.
The group is facing two petitions for cancellation of registration, one of which dates back to 2019.
The complaint centers on allegations that the group does not legitimately represent the youth sector as its former first nominee, Ronald Cardema, misrepresented himself by filing as a youth representative despite being over the age limit.
In March, the youth-led election watchdog Kabataan Tayo ang Pag-asa urged the Comelec to revive the case. Under the Party-List System Act,
nominees representing the youth must be between 25 and 30 years old on election day.
Cardema was 34 when he filed his certificate of nomination and acceptance, prompting the Comelec to declare him ineligible to sit in Congress. While the initial case was resolved, the second petition seeking to cancel the group’s registration has remained pending for over five years.
Meanwhile, the proclamation of the BH party-list was also suspended due to a nominee’s violation of Section 261(i) of the Omnibus Election Code, which prohibits civil service employees, barangay selfdefense units, and members of the armed forces or police from engaging in partisan political activity or election campaigning.
BH secured one seat in the 2025 polls after receiving 319,803 votes, or 0.76 percent of total party-list votes.
Garcia confirmed that both Duterte Youth’s and BH’s cases remain unresolved at the division level.
He said the commission has until June 29 to issue a decision on the petitions.
‘Not automatically cancelled’
GARCIA also clarified that the suspension of their proclamation does not automatically mean the cancellation of Duterte Youth’s and BH’s registrations.
He explained that the Comelec may still proclaim the two groups later on, should the cases be resolved in their favor or dismissed entirely.
“This does not mean they cannot be proclaimed in the future. The proclamation was deferred as a way of respecting due process,” Garcia said.
When asked what will happen to the party-list order if Duterte Youth and BH are eventually disqualified, Garcia declined to comment.
He said it is too early to speculate since nothing has been decided yet.
On Monday, the Comelec proclaimed 52 party-list groups that will occupy 63 seats in the House of Representatives.
Akbayan Citizens’ Action Party topped the race with 2.78 million votes, or 6.63 percent of the total party-list vote.
because these will be consumed at a longer time than one cigarette product,” Sabariaga added.
The BIR and the DOF’s recommendation to increase the tax on vape products comes after a series of hearings to determine if the tobacco excise tax rates should be reduced as proposed under House Bill No. 11360.
Instead of the annual 5-percent increase in excise tax rates on tobacco, the measure proposes that the rates for cigarettes and vapor products be increased by 2 percent every even-numbered year starting January 1, 2026, and by 4 percent every odd-numbered year from January 1, 2027, until December 31, 2035.
The bill follows concerns over illicit tobacco trade, which has resulted in revenue losses for the government.
According to the BIR, this has led to a P54.4-billion revenue loss in 2024.
Excise tax collections from tobacco also fell to P134 billion in 2024 from P176 billion in 2021, according to the DOF, with estimates of annual revenue losses amounting to P52 billion due to illicit trade alone.
The rampant illicit tobacco trade and misdeclaration of vapor products are also projected to cost the government a combined P240.3 billion in excise
tax leakages over the next three years, based on the estimates of the OSSTG Ways and Means Committee.
Single tax rate on vape
TO address this issue, Gatchalian proposed having a single tax rate on all vape products instead of lowering the excise tax rates on tobacco.
The DOF also supported the recommendation of a unitary specific tax rate for all vape products “to improve efficiency in tax collections and to encourage increased tax compliance,” Policy, Research and Liaison Office Director IV Maria Karla L. Espinosa said during the hearing.
However, the DOF deferred to Congress on the specific excise tax rate.
“The Department is ready to provide data needed to arrive at this specific excise tax rate for vape products,” Espinosa said.
“I believe that this will increase revenue for the country because we will eliminate technical smuggling. The dual achievement of the health aspect and revenue aspect can be achieved with this increasing parity for freebase and for nicotine salt,” Gatchalian said.
Under Republic Act No. 11467, vape products are taxed into two categories:
By Cai U. Ordinario @caiordinario
THE Asian Development Bank (ADB) said that if more households had received food packs under its Bayan Bayanihan (BB) program in Metro Manila at the height of the pandemic, this could have reduced mobility by 23 percent during the period.
In an ADB Economic Working Paper Series, the food relief program was deemed successful after distributing food packs to 162,000 households in the National Capital Region and nearby provinces.
Households who received food packs decreased their mobility levels by 2.3 percent on average. However, if the number of households were doubled, mobility would have been reduced by 23 percent.
“Doubling the number of households receiving food packs could potentially lower mobility by 23 percent for the duration of the program. This suggests that what potentially influences barangay mobility more is the extent of coverage of households receiving aid within each barangay, rather than the timing or expected duration of food packs,” the paper stated.
ADB said reducing mobility
was crucial in slowing down the spread of Covid-19. However, poor households who were less likely to engage in work from home arrangements, had high mobility during the lockdowns.
The paper said the BB program was able to lead to a decrease in all inward-, outward-, and within-barangay mobility when the food pack delivery continued beyond the 7-day duration. Apart from addressing food insecurity, the findings also indicated that food transfer programs can “generate multiple dividends by helping families stay home and reducing the spread of Covid-19.”
“The context of the Covid-19 pandemic, BB was a muchneeded program implemented to target the most vulnerable sectors—those with lower socioeconomic status, those with innately higher mobility, those who cannot afford to stay at home, and therefore, those who are at higher risk of being exposed to the virus,” ADB said.
“Delivering necessities directly to households could keep people at home, decrease mobility, and hence, control Covid-19 transmission,” it added.
The Rapid Emergency Supplies Provision Project or the
Sugar
By Ada Pelonia
THE Sugar Regulatory Administration (SRA) adjusted upwards the country’s projected sugar output this crop year to 1.84 million metric tons (MMT).
This, after the current raw sugar production of 1.82 MMT as of May 4 breached the regulatory agency’s initial forecast of 1.78 MMT, which was earlier pronounced considering the devastation suffered by sugarcane plantations due to El Niño last year. The crop year 2024-2025 will end on August 31.
SRA Administrator Pablo Luis Azcona attributed the output growth to the increase in sugarcane
tonnage per hectare planted, which offset the low sugar content produced per ton of cane.
Data from the SRA showed that as of May 4, sugarcane production reached 22.46 MMT, 5 percent higher than the 21.45 MMT recorded in the previous year.
Yield for sugarcane shrank by 9 percent to an average of 1.63 LKGTC (50-kilo bag per ton of cane) from 1.80 LKGTC a year earlier, based on SRA data.
“We are ending on a positive note and we can attribute this to the effort of this administration to prioritize research through development and propagation of new SRA sugarcane varieties, improving soil condition, irrigation,
and even changing the sugarcane cropping calendar to better suit the climate are now paying off,” Azcona said in a statement.
The agency noted that Visayas accounted for the biggest share of sugar produced at 71 percent, with the Negros Island at 63 percent of the total output in the region, Panay at 6.3 percent, and the remaining from the Cebu and Leyte plantations. Mindanao, which is touted to be the next frontier for the sugar industry, is estimated to end the crop year with almost 24 percent of the country’s produce.
Luzon contributed almost 5 percent of the total production, according to the SRA.
approaches the midpoint of its term, agencies are ramping up their projects to deliver solid results reflecting the government’s promises.
“Fair farmgate prices encouraged farmers to risk replanting their El Niño damaged canes, using new SRA varieties as they were hopeful that prices would eventually make up for the very high cost of production,” he added. The agency noted that Mindanao recorded the highest average LKGTC at 1.74, Negros is averaging 1.65, while Panay and Luzon at 1.54. URC La Carlota Sugar Mill ended their milling season, while the Binalbagan-Isabela Sugar Company (Biscom) and URC Sonedco are expected to close this week. “We hope next milling we will get huger tonnage and most importantly, more sugar per ton of cane [LKGTC],” Azcona said.
P3.664 trillion for next year.
“It is the DBM’s job to determine which ones are really aligned to our medium-term fiscal framework, to the Philippine Development Plan, to the priorities of the administration, and which ones are implementation-ready,” Libiran said.
Libiran said most agencies have
submitted their Tier 2 proposals, with the DBM’s Budget Preparation and Execution Group (BPEG) now reviewing all submissions.
“The direction, of course, depends on the available fiscal space. We will determine how much we can allocate per agency,” Libiran added. As the Marcos administration
“We need to get things done. People need to see that their taxes are going somewhere. They’re proposing several projects that would make the people feel that the government listens,” Libiran added.
After the Tier 2 deliberations, the budget proposal will be presented to the President and the
Cabinet. Once confirmed and finalized, the proposed budget will be submitted by the President to Congress within 30 days from the opening of the regular session to undergo House and Senate deliberations. The bicameral version of the budget proposal will then be submitted to the President, who will sign it into law by December. Next year’s budget, projected
See “ADB,” A2
See “BIR,” A2
CLEARING THE AIR Senator Sherwin “Win” Gatchalian, chairperson of the Senate Committee on Ways and Means, leads a public hearing on House Bill No. 11360, which proposes higher excise taxes on tobacco and vapor products. At the hearing on Monday, Gatchalian directs questions to Robe Principe, president of Aerogin Consumer Electronics Trading Corp., as stakeholders weigh in on the bill’s public health and economic impact. ROY DOMINGO
Editor: Jennifer A. Ng
B1 Tuesday, May 20, 2025
Auto makers upbeat on 2025 prospects as 4-mo sales rise
By Andrea E. San Juan @andreasanjuan
VEHICLES sold in the Philippines rose slightly in January to April, boosting the optimism of the Chamber of Automotive Manufacturers Association of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) that the auto industry will end 2025 on a positive note.
Data from the two groups indicated that they sold a combined 150,654 units in the first four months of the year, 2.5 percent higher than the 146,920 units sold in the last year. For April alone, however, sales of the local auto industry fell by 10
percent to 33,580 units from 37,314 recorded a year ago.
“While the overall market trajectory remains positive, the recent slowdown may be attributed to seasonal factors, economic conditions, or evolving consumer demands,”
Campi said in a statement.
Sales in April were also 16.7 percent lower than the 40,306 units sold in March, according to a joint report from Campi and TMA.
“Industry leaders continue to monitor market trends and expect further developments in the months ahead.”
While vehicle sales in the fourmonth period recorded an increase, the volume of passenger cars sold fell by 19.5 percent to 30,830 units from last year’s 38,280 units.
Commercial vehicles (CV) sold in the country, meanwhile, went up by 10.3 percent to 119,824 units from the 108,667 units sold last year.
This brings the market share of CVs to 73.96 percent while the passenger car segment accounted for 26.05 percent of sales.
Among the categories in the CV segment, only the medium-duty
trucks and buses posted a decline in the four-month period this year as it contracted by 5.9 percent.
In the CV segment, heavy-duty trucks and buses was the top performer as sales surged by 69.3 percent, followed by Light-Duty Trucks and Buses, 16.6 percent; light commercial vehicle, 12.3 percent and Asian utility vehicle, 3.7 percent.
Across brands, Toyota Motor Philippines Corp. continued to dominate the market as it sold 71,927 units in the January to April, which is equivalent to 47.74 percent of the market. This was followed by Mitsubishi Motors Philippines Corp. which sold 29,770 units or a 19.76-percent market share; Nissan Philippines Inc., with 8,182 units or a 5.43- percent share; Suzuki Philippines Inc. with 7,002 units or a 4.65-percent share; and Ford Motor Co. Phils. Inc. with 6,728 units or a 4.47-percent share.
Shang Properties buys RE from ACEN
ABy Lenie Lectura @llectura
CEN Renewable Energy Solu-
tions (ACEN RES), the retail electricity supplier of ACEN Corp., has been tapped to supply the energy requirements of The St. Francis Shangri-La Place, a luxury development of Shang Properties Inc.
ACEN RES said it will power the building with renewable energy (RE) from ACEN’s portfolio of solar, wind and geothermal power plants.
This collaboration, it added, un-
derscores the building’s commitment to reducing its carbon footprint and promoting a cleaner, more sustainable future for its residents.
“We are proud to partner with ACEN RES in this important initiative. This transition to renewable energy for our common areas aligns with our commitment to providing our residents with a sustainable and environmentally responsible living environment,” said Joseph Salting, head for property management of Shang Property Management Services.
Under the Green Energy Option Program (GEOP) of the Department of Energy (DOE), consumers can choose to source renewable energy from their preferred renewable energy supplier.
“ACEN RES is dedicated to empowering organizations to make the switch to renewable energy to help them achieve their business and sustainability aspirations.
We commend The St. Francis Shangri-La Place for setting an example for other businesses in embracing renewable energy as a means
of contributing to the country’s goal of increasing the share of renewables in the energy mix,” ACEN Vice President for Legal John Henry Liquete. By transitioning to renewable energy, the St. Francis Shangri-La Place avoids the emissions of around 2,200 tons of carbon dioxide equivalents into the atmosphere annually. This is equivalent to the carbon emissions generated by a gasoline-powered car travelling 8,824,570 kilometers or the amount of carbon dioxide absorbed by 101,000 full grown trees in a year.
Nvidia opens AI ecosystem to rival chipmakers to aid global push
NVIDIA Corp. Chief Executive Officer Jensen Huang outlined plans to let customers deploy rivals’ chips in data centers built around its technology, a move that acknowledges the growth of in-house semiconductor development by major clients from Microsoft Corp. to Amazon.com Inc. Huang on Monday kicked off Computex in Taiwan, Asia’s biggest electronics forum, dedicating much of his nearly two-hour presentation to celebrating the work of local supply chain partners. But his key announcement was a new NVLink Fusion system that allows the building of more customized artificial intelligence infrastructure, combining Nvidia’s high-speed links with semiconductors from other providers for the first time.
To date, Nvidia has only offered complete computer systems built with its own components. This opening-up gives data center customers more flexibility and allows a measure of competition, while still keeping Nvidia technology at the center. NVLink Fusion products will give customers the option to use their own central processing units with Nvidia’s AI chips, or twin Nvidia silicon with another company’s AI accelerator.
Santa Clara, California-based Nvidia is keen to shore up its place at the heart of the AI boom, at a time investors and some executives express uncertainty whether spending on datacenters is sustainable. The tech industry is also confronting profound questions about how the Trump
administration’s tariffs regime will shake up global demand and manufacturing.
“It gives an opportunity for hyperscalers to build custom silicon with NVLink built in. Whether they do or not will depend on if the hyperscaler believes Nvidia will be here forever and be the keystone,” said Ian Cutress, chief analyst at research firm More Than Moore. “I can see others shun it so they don’t fall into the Nvidia ecosystem any harder than they have to.”
Apart from the data center opening, Huang on Monday touched on a series of product enhancements from faster software to chipset setups intended to speed up AI services. That’s a contrast with the 2024 edition, when the Nvidia CEO unveiled next-generation Rubin and Blackwell platforms, energizing a tech sector then searching for ways to ride the post-ChatGPT AI boom. Nvidia slid more than 3% in pre-market trading, mirroring a broader tech selloff.
On Monday, shares in the company’s two most important Asian partners, Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co., fell more than 1 percent in a reflection of broader market weakness.
Huang opened Computex with an update on timing for Nvidia’s next-generation GB300 systems, which he said are coming in the third quarter of this year. They’ll mark an upgrade on the current top-of-the-line Grace Blackwell systems, which are now being installed by cloud service providers.
At Computex, Huang also in -
troduced a new RTX Pro Server system, which he said offered four times better performance than Nvidia’s former flagship H100 AI system with DeepSeek workloads. The RTX Pro Server is also 1.7 times as good with some of Meta Platforms Inc.’s Llama model jobs. That new product is in volume production now, Huang said.
On Monday, he made sure to thank the scores of suppliers from TSMC to Foxconn that help build and distribute Nvidia’s tech around the world. Nvidia will partner with them and the Taiwanese government to build an AI supercomputer for the island, Huang said. It’s also going to build a large new office complex in Taipei.
“When new markets have to be created, they have to be created starting here, at the center of the computer ecosystem,” Huang, 62, said about his native island.
While Nvidia remains the clear leader in the most advanced AI chips, competitors and partners alike are racing to develop their own comparable semiconductors, whether to gain market share or widen the range of prospective suppliers for these pricey, high-margin components. Major customers such as Microsoft and Amazon are trying to design their own bespoke parts, and that risks making Nvidia less essential to data centers.
The move to open up the Nvidia AI server ecosystem comes with several partners already signed up. MediaTek Inc., Marvell Technology Inc. and Alchip Technologies Ltd. will create custom AI chips that work with Nvidia pro -
By VG Cabuag @villygc
DOUBLEDRAGON Corp. on Monday said its income more than tripled to P2.04 billion in the first three months of the year from the previous year’s P592.91 million.
The company said the increase was mainly a result of unrealized gains arising from changes in the fair values of investment properties during the period. Gross revenues doubled to P4.45 billion in the first quarter from the previous year’s P2.05 billion. It booked unrealized gains from changes in fair values of investment property of P1.9 billion due to the completion of projects during the period.
Rental revenues went up by 5 percent to P964.04 million from the previous year’s P919.27 million due to increase in occupancy and rental contributions from new properties.
cessor-based gear, Huang said. Qualcomm Inc. and Fujitsu Ltd. plan to make custom processors that will work with Nvidia accelerators in the computers.
Nvidia’s smaller-scale computers—the DGX Spark and DGX Station, which were announced this year—are going to be offered by a broader range of suppliers. Local partners Acer Inc., Gigabyte Technology Co. and others are joining the list of companies offering the portable and desktop devices starting this summer, Nvidia said. That group already includes Dell Technologies Inc. and HP Inc.
The company also discussed new software for robots that would help more rapidly train them simulation scenarios. Huang talked up the potential and rapid growth of humanoid robots, which he sees as potentially the most exciting avenue for so-called physical AI.
Nvidia said it’s offering detailed blueprints that will help accelerate the process of building “AI factories” by corporations. It will provide a service to allow companies that don’t have inhouse expertise in the multistep process of building their own AI data centers to do so.
The company also introduced a new piece of software called DGX Cloud Lepton. This will act as a service to help cloud computing providers, such as CoreWeave Inc. and SoftBank Group Corp., automate the process of hooking up AI developers with the computers they need to create and run their services. Bloomberg News
Real estate sales, meanwhile, grew by 69 percent to P417.35 million from P247.13 million last year due to additional sales from Hotel101 and residential projects of the group especially real estate sales from Hotel101-Madrid and Hotel101-Niseko.
Hotel revenues inched up by 12 percent to P221.23 million from last year’s P197.34 million due to the increase in the occupancy rate of hotel properties.
Other income rose 30 percent to
P872.5 million from P670.8 million on the back of foreign exchange gains during the period.
The company has also exceeded 1.4 million gross floor area of completed recurring revenue asset portfolio from its string of hard assets spread out in prime locations in Luzon, Visayas and Mindanao. The company also holds assets overseas through its subsidiary Hotel101 Global.
Hotel101 Global is set to complete its first ever Hotel101 project overseas located in Madrid, Spain.
The Hotel101 Global Group is currently on the ramp up towards planting its Hotel101 developments towards its near-term goal to be in 25 countries in the next three years and towards its long-term goal of 1 million Hotel101 rooms in 100 countries globally.
Broker Regina Capital Development Corp. gave a hold recommendation on the stock due to high vacancy rates in the Bay Area where the company’s properties were located. The company had a high exposure to Philippine offshore gaming operators.
“Considering the persistently high vacancy rates in the Bay Area, first quarter weaker than expected GDP rate, operating and development costs associated with the upcoming launch of Hotel101-Madrid, and the decline in unrealized gains, it may take a while for the firm’s revenue streams to offset these challenges.”
FEDERAL Express Corp. (FedEx), one of the world’s largest express transportation companies, has launched an “intelligent” solution aimed at enhancing control and visibility of shipments for customers in the Philippines.
Dubbed FedEx Surround, the company said it is available for customers in Australia, Japan, Malaysia, New Zealand, Singapore, Taiwan and Hong Kong, and will soon be rolled out in other Asia-Pacific (APAC) markets.
The logistics firm said the FedEx Surround monitoring and intervention tools integrate “seamlessly” with the company’s existing transportation network, enhancing its suite of shipping and tracking solutions.
“With three levels of service for customers to choose from that comprise of Select, Preferred and Premium, the tools support a wide range of industries including healthcare, aerospace, high-tech, providing
critical updates and interventions that ensure the integrity and timely delivery of sensitive shipments,” the company said in a statement on Monday.
It listed the three key benefits of the FedEx Surround monitoring and intervention suite. Among these are flexibility and control, with the Surround dashboard seen providing “near real-time” global visibility and predictive analytics using AI and SenseAwareID. The firm said customers would also benefit from the special handling code which it noted “enhances operational capability, enabling prioritized boarding and handling, cold chain support and in- and out-of-network intervention.”
FedEx said 24/7 expert support “ensures proactive monitoring and intervention with dedicated teams at hubs, ramps, and stations, including customized reporting for customers.” Andrea E. San Juan
AN artist’s rendering of the Hotel101-Madrid.
Banking&Finance
High demand for T-bills on investors’ rate cut bets
By Reine Juvierre Alberto @reine_alberto
THE Bureau of the Treasury’s (BTr) auction committee fully awarded its programmed P25 billion amid increased demand for Treasury bills (T-bills) as investors locked in higher yields before expected reductions in key policy rates.
Total bids for T-bills during Monday’s auction reached P78.388 billion, making the auction more than thrice oversubscribed.
Monday’s tender also saw average yields across the three tenors of Tbills moving in different directions, falling by as much as 3.8 basis points to rising by 4.7 basis points from last week’s averages.
The average yield for the 91-day Tbill declined to 5.515 percent, down by 3.1 basis points from last week’s 5.546 percent. Yields ranged from a low of 5.508 percent to as high as 5.522 percent.
Demands for the 91-day tenor amounted to P24.100 billion, with the auction committee awarding the full P8 billion.
Reset, recharge, and regain control
BEFORE we reach the middle of the year, this is the perfect moment to pause and review your financial situation. Just like in sports, there is half-time—the ideal moment to reset, recharge, and regain control of your money.
The first step in your financial halftime check is a comprehensive review of the past months. Review your income and expenses from January to April. Were there unexpected costs? Did you manage to save regularly? Reflect honestly on how your financial plans were dealt with. This exercise will help identify patterns rather than focus on shortcomings with the goal of improving some areas that need rectifications. Once you’ve reviewed your spending and saving habits, the next step is to reassess your goal. It’s natural for goals to change, making your initial ones possibly outdated. You may have initially planned to pay off debt, but now there is an urgent need to ramp up your emergency fund. Maybe there are new opportunities that have come up, such as an investment option or educational course. Adjust your goals from time to time while ensuring they remain SMART.
After reviewing your goals, take a close look at your budget. A budget must not be static but rather flexible to suit your needs with the intention of improving your financial well-being. During this time, adjust your allocations based on the expenses that were actually incurred. Identify the areas where you spent beyond your budget, like dining out or entertainment, and reallocate these towards savings or debt repayment if possible. Making these minor adjustments now can result in significant improvements by the end of the year. Management of debt is another important area to review at this point. Mid-year provides a glimpse about your progress in paying down debts. Choose the debts with the highest interests and create a targeted plan to reduce these first. Addressing debts with high interests, such as credit cards, can immediately lower your financial stress. Additionally, managing debts may involve negotiating with lenders if the conditions are favorable to your end.
If you receive bonuses, incentives, or extra income during this period, it is critical to allocate these funds wisely. Many individuals see a bonus as an opportunity for spending; however, wise use of extra income can significantly
The 182-day T-bill fetched an average rate of 5.612 percent, lower by 3.8 basis points from the previous auction’s 5.650 percent. The yield settled between 5.599 percent and 5.622 percent.
Total tenders for the tenor reached P34.328 billion, 4.2 times oversubscribed the P8 billion offering, which the auction committee fully awarded.
Yields swing
THE average yield of 364-day T-bills rose to 5.702 percent, up by 4.7 basis points, from last week’s 5.655 percent. Rates ranged from 5.650 percent to 5.712 percent.
Compared to the Philippine Bloomberg Valuation (PHP BVAL) rates, the average yields of the 91day and 364-day T-bills are higher than the three-month and one-year benchmarks.
The PHP BVAL reference rates are 5.5126 percent for the threemonth tenor, 5.6257 percent for the
By Cai U. Ordinario @caiordinario
ANEW report released by the Malaysia-based Islamic Financial Services Board (IFSB) showed a double-digit growth in total global Islamic finance assets last year.
The Islamic Financial Services Industry (IFSI) Stability Report showed total global Islamic Finance assets reached $3.88 trillion in 2024, representing a 14.9 percent increase year-on-year.
improve your financial position. A reasonable approach could be dividing the extra funds into portions: one for debt repayment, another for savings, and a modest amount for rewarding yourself. This balanced method ensures you enjoy your bonus while making sure that your finances still remain intact.
Moreover, consider reviewing your insurance coverage at this point in the year. Often overlooked, insurance protection is a critical component of financial stability. Check if your current insurance coverage is sufficient. Has anything changed in your life that warrants updating your health, life, or asset insurance? To save you from significant financial headaches later, it would be better to ensure that you have sufficient insurance coverage.
Furthermore, a mid-year check is not complete without examining your investment portfolio, if applicable. Markets fluctuate, economic conditions shift, and personal risk tolerance may change. This half-time financial moment is ideal for rebalancing your investments, selling underperforming assets, and possibly diversifying your portfolio to manage risk better.
Lastly, this half-time financial check-up must include a mental reset. Personal finance is also about mindset and behavior, not just about numbers. Remember the reasons you made these financial plans in the first place. To avoid getting overwhelmed, focus on small but attainable steps. Celebrate even small victories, such as consistent savings or successful debt repayments, as these may help sustain the financial discipline.
In conclusion, taking a proactive approach in the middle of the year can significantly enhance your financial health. By reviewing your past months, reassessing goals, adjusting budgets, strategically managing debt and bonuses, updating insurance, and rebalancing investments, you empower yourself to achieve financial stability and growth. Remember, the goal is progress, not perfection. Use this financial half-time to reset, recharge, and regain control of your financial future.
Clyde Gamolo
The report also noted the growth across Islamic banking, sukūk, and Islamic insurance. IFSB said this signals deeper market participation, “growing global relevance, and broadening geographical reach” of Islamic Finance.
“This acceleration in asset growth outpaced the average rates of recent years. The growth momentum reflected accommodative global financial conditions in 2024 driven by lower interest rate expectations and easing inflation, which revived market sentiment and capital flows, alongside sustained demand for Islamic financial services, and increased market participation across key Islamic finance jurisdictions,” the report stated.
Psix-month tenor and 5.6996 percent for the one-year tenor as of May 19. Meanwhile, the 91-day and 182day T-bill yields continued to decline after increased demand at P78.345 billion as investors lock in higher yields before the Bangko Sentral ng Pilipinas (BSP) cut rates by 25 basis points as early as June 19.
Moody’s downgrade
MONDAY’S auction of the shortterm debt papers was also marked by mixed asking rates; pinned on Moody’s downgrade of credit rating for the United States.
Moody’s move prompted the average yield of the 364-day T-bill to undergo slight correction to the upside week-on-week, according to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort.
Moody’s lowered the US credit score to “Aa1” from “Aaa” last Friday, noting that the country’s
IFSB said Islamic Finance remains significant in traditional markets but is also expanding in non-traditional markets. In 2024 the Gulf Cooperation Council (GCC) region accounted for 53.1 percent of total global IFSI assets.
However, the East Asia and Pacific (EAP) region which includes the Philippines, followed by accounting for 21.9 percent of IFSI assets. The IFSB said this was driven by Malaysia and Indonesia’s well-established Islamic finance ecosystems.
The report noted that Middle East and North Africa (MENA, excluding GCC) contributed 16.9 percent while other regions such as Europe and Central Asia, South Asia and Sub-Saharan Africa posted small shares, but represented emerging growth frontiers.
“Africa and Central Asia posted the highest growth rates globally, representing important opportunities to deepen local financial markets and expanding the industry’s global footprint,” IFSB said in a statement.
Amid the growth in assets and expansion of reach of Islamic Finance services, the report underscored the need to address long-standing structural imbalances.
These include the underdevelopment of capital markets and insur-
By Andrea San Juan
URCHASE of products sold by sari-sari (micro-convenience) stores hit the lowest in two years at P689 in 2024 even as inflationary pressures eased, revealed a study by a startup firm
This was one data culled by ThePack Solutions Inc. (DBA Packworks), a company that provides business-to-business (B2B) platform for sari-sari store owners, from its database.
The findings expressed in the company’s statement issued last Monday showed that Filipinos’ average basket size has dwindled since Packworks started gathering data in 2022 through its mobile sari-sari store app and business intelligence tool called “Sari IQ.”
In 2022, the average basket size was P800, which decreased to P781 in 2023 and reached its lowest point last year, according to the company. This was despite the country hitting a 3.2 percent average inflation rate in 2024, the lowest in four years.
Packworks’ data, however, showed that while Filipinos on average spent less, they visited sarisari stores more frequently.
Last year, its network of stores recorded an average of 18 monthly transactions nationwide compared to only around 15 transactions in 2023.
Explaining the trend in Filipinos’ spending behavior, Packworks Chief Data Officer Andres J. Montiel said their data underscored a “trending shift” in the “tingi” type of buying behavior, which sees “more frequent, smaller purchases,” as a way for Filipinos to manage their purchasing power.
“The combination of Filipinos’ smaller basket sizes and more frequent visits to sarisari stores points to a preference for buying in smaller,more affordable portions—the essence of the ‘tingi’ economy,” Montiel was quoted in the statement as saying.
“significant” economic and financial strengths can “no longer fully counterbalance the decline in fiscal metrics.”
Ricafort said the downgrade made investors demand higher returns on US government bonds, such as the 10-year Treasury, which rose to its highest in three months to 4.52 percent.
He added that this “could lead to higher borrowing/financing costs around the world since other government and corporate bonds and other forms of borrowings are priced at a spread above the comparable US Treasury yield benchmarks.”
At the same time, Ricafort said inflation expectations in the United States have recently gone up amid concerns that President Donald Trump’s proposed tariffs could make goods more expensive. However, recent US inflation is still relatively low compared to the last four years under then-President Joe Biden.
ance sectors. The IFSB said these can limit the industry’s scalability and constrain “its ability to fully support investment, funding, and liquidity needs across sectors.”
The report also noted that there is a need to deepen the sukūk markets which is crucial in strengthening financial intermediation and supporting macro-financial stability.
The IFSB said structural limitations remain in the sukūk markets, including underdeveloped market infrastructure, complex sukūk structures and limited local-currency sovereign issuances, investor concentration, and low trading volumes, among other factors.
“If unaddressed, these structural limitations may constrain the IFSI’s long-term growth and pose broader financial stability risks, while also affecting other segments of the industry that depend on capital markets to manage their funding, investment portfolios, and liquidity positions,” IFSB said.
The also outlines a forward-looking set of policy priorities to address these limitations and unlock the potential growth of Islamic finance. It called for coordinated action among regulators, policymakers, and industry stakeholders to address
The startup firm’s data officer said this behavior “likely stems from consumers needing to stretch their budget further, even in a lower inflation environment.”
“They might be opting to buy only what they immediately need, rather than larger quantities less frequently to stock-up,” Montiel added. Among the regions, Regions IV-A (Calabarzon) and IV-B (Mimaropa) spent the most on sari-sari stores with monthly basket sizes at P1,027 and P1,237, respectively.
Packworks said these figures can be attributed to the “improved economies” in the regions, with Calabarzon accelerating by 5.6 percent and Mimaropa by 4.4 percent.
In contrast, Region I (Ilocos Region) experienced the largest decrease at -31 percent, resulting in a P570 monthly average basket, despite the region recording the lowest average inflation rate in 2024 at 2.1 percent.
The National Capital Region (NCR) followed with a 28-percent decline, leading to a P702 monthly average basket size. Region VIII (Eastern Visayas) showed a 25-percent decline and a P508 monthly average basket value.
According to Packworks, its business intelligence tool found that aside from declining sin products (cigarettes and liquor), seasoning and recipe mix items, detergent, powdered drinks, and hygiene products (shampoo and conditioner) were the most common goods that make up the typical baskets of a regular Filipino sari-sari store.
The company said it used Sari IQ to look at over 1 million monthly sales transactions from the firm’s network of over 300,000 sari-sari stores across the Philippines.
According to the company, its data shows how Filipinos “have adapted to economic realities from a macro to micro barangay level.” It added that the data provides a “crucial finding that can help in crafting measures in helping economic eases trickle down to the grassroots level.”
NG targets
THE Treasury targets to raise as much as P260 billion in May from the combined tender of T-bills and Treasury bonds. A total of P100 billion is programmed to be generated from the sale of 91-, 182- and 364-day T-bills every Monday this May. So far, the government has borrowed P745.142 billion in the first quarter, about 29 percent of this year’s borrowing program worth P2.545 trillion. This year’s borrowing program will follow an 80:20 borrowing mix in favor of domestic sources, wherein P2.037 trillion will be raised domestically while P507.408 billion will come from external sources.
Outstanding debt of the national government reached a new high of P16.632 trillion as of end-February, 9.57 percent higher year-on-year from P15.178 trillion.
these challenges, to ensure the sound development of the Islamic financial services industry. First published in 2010, the IFSI Stability Report has become a key reference for global stakeholders, regulators, and market participants. It offers in-depth insights into industry trends, vulnerabilities, and evolving policy priorities shaping the future of Islamic finance. In February, a central bank official expects monetary authorities would issue the country’s first digital Islamic bank license, leading to an expansion of financing activities that comply with Sharia. Financial Supervision Sector Deputy Governor Chuchi G. Fonacier said over the weekend that two Islamic banks showed intent to apply for a digital banking license after the Bangko Sentral ng Pilipinas lifted the moratorium on new licenses beginning this year.
One bank already has a presence here in the Philippines and is eyeing to venture into digital banking, while the second lender has no existence in the country yet but is a major player in Malaysia, Fonacier said. (See: https://businessmirror.com. ph/2025/02/03/bsp-official-seesislamic-digital-banking-boom/).
Bank
announced entering into
partnership for a two-way
program with
Philippines
(DBA Ninja Van). A statement issued by the lender read that Security Bank has agreed to direct its clients to Ninja Van for end-to-end logistics solutions while the latter would refer high-potential shippers to the publicly-listed firm for business banking offerings.
According to the statement,
David Yap was quoted as saying in the statement. “Together with Ninja Van, we’ll ensure MSMEs have access to seamless logistics services, enabling them to focus on what they do best—growing their businesses.”
Security Bank’s clients will be referred to Ninja Van’s last-mile delivery of e-commerce parcels and bulky packages, warehousing, distribution, inventory restocking and direct-to-store delivery.
Referred Ninja Van shippers can get access to financing options such as loans for operational needs, for property acquisition or expansion and for short-term, revolving credit. These loan products, the statement read, are designed for growing businesses, offering competitive rates, flexible terms, and a simplified application process. Ninja Van shippers can also explore Security Bank business deposit products, business insurance, payment solutions, and more by booking an appointment with dedicated Security Bank client engagement officers. Cai U. Ordinario
RIGHT WHERE SHE’S SUPPOSED TO BE:
Mistakes wash Lara Latosa ashore in ‘Bayside’
❶ TENDERNESS Lara Latosa, 2025, acrylic on canvas with gold leaf, 48”x36” (In times where it’s easy to feel disconnected, I turn to painting to feel grounded...)
❷ SILENT Hope, Lara Latosa, 2025, acrylic on canvas, 48”x36” (Lately, the world feels a little heavier—with so much noise, loss and change. Art has been my quiet rebellion, a way to reclaim beauty when everything feels uncertain...)
“mistakes” that led her to become the multihyphenate she is today. In 2020, for one, Latosa curated a show for Conrad Manila’s “Of Art and Wine” exhibition series, alongside its lead, Nes Jardin, consultant of SM Hotels and Conventions. The humble artist recounts that in all media coverages of the show, she was labeled an environmentalist.
“At first, I was embarrassed, because I knew nothing on how to be one or how to act like one,” she said. Latosa took it upon herself to live up to the billing, finding networks to collaborate with environmental organizations. Her search connected her with the Marine Science Institute University of the Philippines Diliman and Oceana Philippines. Since then, she has dedicated her shows to
environmental causes.
The same thing happened last year, when Latosa curated another show for the exhibition series at Conrad Manila’s Gallery C. This time, she was introduced as a master diver, only she wasn’t—at least not yet. “So, after a month,” she said, “I went to Batangas to have my certification in freediving. There, I met a group of people where we did several projects like coral rehabilitation programs. We also continued to get more people to experience the ocean in a different way.”
Latosa—who’s also a full-time business analyst aside from being a bona fide environmentalist, master diver, and visual artist—was delivering her opening remarks at Conrad Manila’s Gallery C, this time as the featured solo artist. Her show, titled Bayside, serves as the 35th installment of the “Of Art and Wine” series. Given the track record of her titles in these programs, Latosa said in jest that she was “a bit anxious about what they would label me prior to this speech.”
She added that, in a way, she was looking forward to what she’ll be committing to next.
The passionate artist then shifted to a more serious tone. Latosa believes that those honest misidentifications, those “mistakes,” have led her to this moment, shaping her identity, her art, her story.
“What seems like a mistake can sometimes be God’s way of leading us into who we are meant to be,” she said. “[In this exhibition], I’m honored to be sharing with you a years’ worth of love and passion I have for the ocean. I encourage you to take this chance to really get to know me through my works. Take a sneak peek into my world.”
Latosa describes Bayside as her love letter to the sea—“a reminder of the profound connection we share with nature.” Presented are 20 abstractions inspired by the magnificent poetry of the ocean, with vibrant waves twisting and turning within and across borders. Narratives, too, define the pieces as each one carries a story of Latosa’s relationship with the sea.
One 3 x 3 ft acrylic painting, for example, titled Passion, tells the artist’s first foray into freediving. The note reads: “The first time I tried freediving, it was mostly to clear my mind and strip me of my anxieties. I fell in love with how nature has helped me inwards and so I would love to be able to give back
CONTINUED ON B5
Catch these blockbuster reboots, sequels at Shang’s Red Carpet Cinemas
GET ready for summer’s most anticipated cinematic events at Shangri-La Plaza as the Red Carpet Cinemas bring the biggest reboots and sequels of the season to the big screen. From childhood favorites to a classic action film, here are the must-see flicks to round out the season.
Tom Cruise returns as agent Ethan Hunt as he once again wows with highstakes stunts—including him hanging off a plane at 8,000 feet—in the latest Mission: Impossible–The Final Reckoning now in Philippine cinemas. Directed by Christopher McQuarrie, the eighth installment of the classic American spy film is a direct sequel to Mission: Impossible–Dead Reckoning Part One, which follows Ethan retrieving the sentient AI known as “the Entity” from enemy hands. This surefire hit also stars Hayley Atwell, Ving Rhames, Simon Pegg,
Esai Morales, and Academy Award nominee Angela Bassett.
The live-action reimagining of Disney’s 2002 animated classic Lilo & Stitch is hitting the cinemas on May 21. Directed by Dean Fleischer Camp, the Oscar-nominated filmmaker behind the heartwarming acclaimed animated feature film Marcel the Shell with Shoes On, this wildly funny and touching story of a lonely Hawaiian girl and her fugitive alien friend will remind us why “Ohana means family, and family means nobody gets left behind.”
Another beloved franchise is showing in cinemas soon. Catch the stunning liveaction version of How to Train Your Dragon helmed by Golden Globe winner Dean DeBlois at the Red Carpet Cinemas on June 11. Revisit the wonder that is the rugged isle of Berk where Vikings and dragons have
been bitter enemies for generations, and follow the epic adventures of Hiccup and his Night Fury dragon Toothless as they discover the true meaning of friendship, courage and destiny.
Make sure to make the most out of your experience at the Red Carpet Cinemas by joining Shang’s E-See Club that offers exclusive rewards, awesome discounts, and all the perks. Sign up now and get to book seats conveniently over the phone or online, pay using the E-See Club Load Wallet, and skip the queues with the fasttrack E-See Club Lane. Rack up points with every ticket (earn double points on Wednesdays) and score free movie passes (get a free ticket for every three regular priced tickets
on Tuesdays) and Cinebar snacks (enjoy 10-percent off on a la carte food items). Get your application forms at the Red Carpet ticket booth and make every date at the cinema a VIP experience with E-See Club.
More information can be found at www. facebook.com/shangrilaplazaofficial and on Instagram (@shangrilaplazaofficial).
By Eugenia Last
VIRGO (Aug. 23-Sept. 22): Simplify matters by refusing to overload your plate to please others. Rethink your lifestyle and how it represents your needs, and revamp your routine to ensure you refuel. Ultimately, you’ll discover that you have more energy to appease yourself and those you love and gain the respect you deserve. ★★
LIBRA (Sept. 23-Oct. 22): Sift through information; recollect experiences and learn from them. Broaden your horizons and set your sights on what matters to you. A cause will heighten your awareness and motivate you to do something that makes you feel good about yourself and your achievements. ★★★★
SCORPIO (Oct. 23-Nov. 21): Decipher how to have the most impact and put your plan in action. Emotions will surface due to events that unfold between you and someone close to you. Direct communication is the best route forward. Redefine the rules to suit your needs and whatever situations you encounter. Don’t lose sight of your long-term goals. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Hold on to your morals, beliefs and money. Refuse to give anyone the right to take advantage of you or tempt you with nonsense or false prospects. It’s your turn to stand up for your beliefs. Opportunity begins with you. ★★★
CAPRICORN (Dec. 22-Jan. 19): Review your budget and put a financial plan in place that will help you achieve your objective. Life is too short to take risks for someone else. Use your intelligence and moxie to ensure the prospects will benefit you. An innovative approach laced
Show BusinessMirror
Michael Sager gets ready for the big shift
DESTINY does play a huge part in every showbiz hopeful who comes out of the Big Brother’s house.
There were previous grand winners who just drifted to anonymity while others played their cards very well and became big stars. This new batch of celebrity rookies who are part of this edition of Pinoy Big Brother is well aware that their lives will change after this season is over.
One of the brightest names that has already come out of the Big Brother’s house is Michael Sager, from the Sparkle camp of GMA Network. A young dreamer from Vancouver who packed his bags and came back to Manila to pursue his dreams of being in the limelight.
“I decided to explore all possibilities that the Philippines can offer while I am still young and able. I’ve been bitten by the acting bug and trusted both Sparkle and Cornerstone to help chart my path in show business, and see where it will lead me to,” he told us when he was still an aspiring newbie.
Not many are aware that Sager tried to audition for Pinoy Big Brother twice when he was living in Canada, but was always shortlisted and never made it to the final cut.
“I have always been a determined kind of a person. And I am also very accepting. I have to admit that growing up, being a celebrity was never in my spectrum of ambitions. It was my older sister who was more ‘showbiz-inclined’ as she was very active and is the performer in family events and extra curricular activities in school.”
He added, “But life brought me to the Philippines, and a few doors were opened so I hopped in right away, armed only with my determination to give it a try and get ready to take on new discoveries and opportunities.”
Sager had a few internal conflicts before he finally decided to take a long break after graduating from high school to try his luck in Manila.
“I come from a small family unit and back in Vancouver, it was only my parents, my sister and I day in and day out. I’ve seen how my parents worked really hard to give us a good life and then our only strength comes from being there for each other. Then I had to leave them in Canada while pursuing my dreams here in the Philippines. Being away from them was a really hard decision to make.”
He is glad that his aunt in Manila took him in and treated him like his own son.
GMA NETWORK LEADS ELEKSYON 2025 COVERAGE ON-AIR, ONLINE MEDIA giant GMA Network reaffirmed its position as the country’s leading news authority with Eleksyon 2025: The GMA Integrated News Coverage being the most watched on-air and online.
Based on Nielsen Philippines’ TV Audience
Measurement data for May 12 to 13, the coverage aired on GMA and GTV logged a combined people rating of 4.2 percent in Urban Philippines.
This was way ahead of the combined ratings of counterparts on TV5/RPTV (Bilang Pilipino 2025) and on A2Z/Kapamilya Channel (Halalan 2025), which only got a combined people rating of 0.8 percent and 0.3 percent, respectively. The Eleksyon 2025: The GMA Integrated News Coverage tallied a combined (GMA, GTV) reach of 23.5 million viewers in Total Philippines.
Further, GMA dominated primetime on May 12 (Election Day) with its flagship newscast 24 Oras recording a combined (GMA and GTV) people rating of 12.9 percent in Urban Philippines. In contrast, TV Patrol (A2Z, Kapamilya Channel) only managed 2.7 percent; Frontline Pilipinas (TV5/ RPTV) posted 2.0 percent; Bilang Pilipino 2025 registered 2.6 percent (TV5, 7:23 pm to 8:01 pm airing) and 0.4 percent (TV5, 10:02 pm to 1:59 pm airing); and Halalan 2025 only logged 0.3 percent (A2Z, 10:22 pm to 12:43 am) and 0.1 percent (Kapamilya Channel, 10:22 pm to 2:00 am). Combined TV5/ A2Z/Kapamilya Channel ratings of other programs like FPJ’s Batang Quiapo (8.6 percent), Incognito (6.6 percent), and Saving Grace (3.2 percent) also trailed behind.
Online, GMA Integrated News’ “Eleksyon 2025” was the preferred source of news and information by netizens. According to global video measurement and analytics platform Tubular Labs, the Eleksyon 2025: The GMA Integrated News Coverage livestream amassed a total of 112 million views across online platforms: 58.4 million on Facebook, 22.4 million on YouTube, and 31.2 million on TikTok. This placed GMA ahead of ABS-CBN News’ 97.3 million and News 5’s 72 million views.
Global Pinoys were provided with live updates from GMA’s international channels—GMA Pinoy TV, GMA Life TV, and GMA News TV.
Mistakes wash
through my art. I hope that people would remember me not just for my art but for the passion I have.” Meanwhile, Stripped Palette aims to capture imaginations and raise awareness on the harms of coral bleaching. “This piece portrays what coral bleaching leaves behind—an aching absence of life’s palette. The grays tell a story not of endings, but of urgent beginnings. Reimagine a future where the sea breathes in color again.”
Bayside runs from May 13 to July 12 at Gallery C, presented by Conrad Manila, in cooperation with Art Lounge Manila.
“Given Conrad Manila’s iconic location along Manila Bay, it is especially exciting to host Bayside,” said Fabio Berto, general manager of Conrad Manila. “This remarkable collection resonates deeply with our guests, mirroring our shared commitment to promote awareness and responsibility for marine ecosystems.”
Meanwhile, Susanne Tiausas, managing director of Art Lounge Manila, noted that the exhibit runs through World Ocean Day on June 8.
She also lauded how “Lara’s immersive journey beneath the waves beautifully translated into this collection,” opening “an evocative visual dialogue that invites us to see the ocean not just as a scenic backdrop, but as a vital living force that sustains life on our planet.” n
Sager surprised everyone in the family when he bought a new house recently. “I am working hard because they worked hard for me too. This early, I have learned to invest properly, save, save, save, but also invest in things that have value.”
Sager has long prepared himself for this big shift. He is aware that his life has already changed the minute he got out of the Big Brother house, and he told us that he is more than ready to embrace this change.
“I love my aunt and I owe her a lot. She and her family will always be a part of wherever this journey will bring me to.”
“Being successful and being happy require lot of factors—faith, because we are never in control of everything; hard work because in this business, longevity is a product of one’s hard work combined with skills we learn from every experience and project we take on; self love, because we cannot give and express and share without it, and self love also includes taking care of yourself physically and mentally, too.”
And we won’t be surprised if destiny leads Michael Sager to everywhere his good heart wants to be. n
Led by GMA Integrated News anchors Mel Tiangco, Vicky Morales, Arnold Clavio, and Howie Severino, together with Emil Sumangil, Pia Arcangel, Ivan Mayrina, Atom Araullo, Kara David, Susan Enriquez, Connie Sison, Raffy Tima, Mariz Umali, Sandra Aguinaldo, Maki Pulido, and the full roster of GMAIN reporters nationwide, the “Eleksyon 2025: The GMA Integrated News Coverage” delivered the most in-depth coverage of the midterm elections.
More of the latest updates on #Eleksyon2025 can be found at www.eleksyon2025.ph.
‘FINAL DESTINATION: BLOODLINES’ IS TOPS AT THE TILLS WHILE THE WEEKND’S MOVIE FALTERS
DEATH is not looming for the Final Destination franchise at the box office. Its sixth installment, Final Destination: Bloodlines drew big crowds to movie theaters this weekend and easily topped the domestic charts with $51 million in ticket sales, according to studio estimates on Sunday. The movie earned the same internationally, adding up to a $102 million global debut. The same enthusiasm did not meet Abel “The Weeknd” Tesfaye’s experimental thriller Hurry Up Tomorrow, which opened outside of the top five with an estimated $3.3 million.
“It was always going to have a tough time coming up against Final Destination: Bloodlines,” said Paul Dergarabedian, the senior media analyst for Comscore. “There was a lot of buzz.”
Final Destination: Bloodlines opened in 3,523 locations riding in on a wave of strong reviews (93 percent on Rotten Tomatoes) and viral marketing
tactics, including a picture of logs on the back of trucks—a callback to one of the more infamous “Final Destination” death traps. Final Destination’s win effectively revives a 25-yearold franchise that hasn’t had a new film since 2011. It also continues a hot streak for Warner Bros., which has had near back-to-back hits in Ryan Coogler’s Sinners and A Minecraft Movie. All three were in the top five this weekend.
Disney’s Thunderbolts landed in second with $16.5 million, pushing its global total to over $325 million. Sinners placed third with $15.4 million, bringing its global total to $316.8 million. A Minecraft Movie, which has made $928.6 million globally, added $5.9 million. Amazon MGM Studios’ The Accountant 2 rounded out the top five.
Hurry Up Tomorrow opened in sixth place. The film, which Tesfaye co-wrote and Trey Edward Shults directed, is a kind of companion piece to his album and tour. He plays a fictionalized version of himself as an insomniac musician. Jenna Ortega and Barry Keoghan also star.
Neither critics nor audiences greeted it kindly: It carries a 13 percent on Rotten Tomatoes and was slapped with a “C-” CinemaScore. AP music writer Maria Sherman wrote that it’s “an exciting vanity project with surrealist imagination but stiff writing, no stakes, limited emotional weight and an unclear narrative.”
Lionsgate only handled the release of the R-rated film, which opened on over 2,000 screens and its $3.3 million was enough to make it a
deal for
Editor: Gerard S. Ramos
OWEN PATRICK in a scene from Final Destination: Bloodlines, which topped the North American box office on its opening weekend.
DoubleDragon unveils its newest Hotel101 project in Metro Manila
On May 14, 2025;
DoubleDragon announced Hotel101Roxas Boulevard, its latest development project located in a prime 1,790 square meters commercial land at Roxas Boulevard, Pasay City, Metro Manila, to have a total of 34 floors and building height of about 129 meters from ground to the helipad.
This upcoming Hotel101-Roxas Boulevard with 700 rooms is set to become the largest hotel in the entire stretch of Roxas Boulevard and is envisioned to become the most vibrant landmark hotel in the area. The project includes relevant amenities such as function and convention facilities, swimming pool, co-working/business center area, gym, all-day dining restaurant at the 34th floor with stunning views of Manila Bay.
The 700-Room Hotel101-Roxas Boulevard is expected to generate P5.25 billion in unit sales revenues. The project is set to begin construction in the second half this year 2025, and target completion set in the second half of 2028. The project will form part of the long term goal of Hotel101 Global to build a portfolio of 50,000 operating rooms in the Philippines, as part of the overall vision of one million operating Hotel101 rooms worldwide spread across 100 countries globally. Hotel101 adopts dynamic pricing on its room rates similar to airline tickets where its prices move up and down depending on the real time supply and demand on the chosen date of booking.
The Asset Light Hotel101 concept allows DoubleDragon to generate revenue and income twice, first from the pre-selling of the Hotel101 Happy Rooms, secondly after the project is constructed it generates longterm recurring revenue from hotel operations.
DoubleDragon happens to be one of the very few companies that has not only positioned its diversified portfolio of hard assets spread out across the Philippines, but it also happens to be one of the very few companies that has organically developed a novel asset-light concept and highly unique business model in Hotel101 (HBnB) that is exportable to other continents globally. The global expansion of Hotel101 is expected to eventually become one of the major US Dollar inflow generators to the Philippine economy.
The DoubleDragon team is committed to put in the necessary hard work, entrepreneurial grit and perseverance towards this vision and eventually aims to make Hotel101 a truly global brand operating in various jurisdictions worldwide and eventually bring a pinch of pride and honor to our fellow Filipino countrymen. An
In support of the SM Foundation’s College Scholarship Program, ten outstanding STEM students have been named scholars for the 2025–2026 academic year. Their scholarships are sponsored by Mastercard through The SM Store’s
SM Group, Mastercard name Ten Outstanding STEM Students
TEN outstanding STEM students (TOSS) have been officially selected for the 2025–2026 academic year, through a joint initiative between SM Retail’s Shop & Share program and Mastercard, in support of the SM Foundation’s College Scholarship Program.
The scholars were selected through a comprehensive three-stage process, which included application screening, online examinations, portfolio assessments, essay submissions, and final panel interviews held at the SM Retail Headquarters in Pasay City. The selection was led by a panel of evaluators from SM Foundation, SM Retail, SM Store, and Mastercard.
From a competitive pool of applicants, 20 finalists were shortlisted for the final round. Ultimately, the top ten students — John Vincent Adame, Cazandra Mae Bolo, Cris Dela Cruz, Harvey Julian Ermitanio,
Julia Jaen, Yasmin Lardizabal, Alison Manimtim, Odessa Jean Meria, Khritz Junien Leigh Nacua, and Jocelyn Villahermosa — were chosen based on their academic excellence, achievements in STEM-related co-curricular activities, and performance during the interviews. Each of the ten awardees will receive a full college scholarship grant, professional mentorship, participation in enrichment activities, potential career opportunities within the SM Group and Mastercard, and brand-new laptops to support their academic journey.
The TOSS program reflects the strong and continuing collaboration between the SM Group and Mastercard. It underscores their shared commitment to promoting education, empowering youth, and nurturing the next generation of leaders in the field of STEM.
Megaworld Lifestyle Malls Bags Six Wins at the 2025
Asia-Pacific Stevie Awards
afternoon of
the diverse ways families express love,” said Patria Puyat, Cluster General Manager of both properties. “Partnering with the Autism Society Philippines allows us to give back meaningfully while highlighting the talents of individuals like Andrei Solmirano, who exemplify the power of art in connecting people.”
The painting session was designed to foster creativity, bonding, and awareness, as participants created personal masterpieces under the guidance of Andrei Solmirano. The event concluded with lunch buffet at Seven Corners and a showcase of the artworks created during the session. Original masterpieces by Andrei Solmirano are now on exhibit and available for purchase at The Gallery Bar, Crowne Plaza Manila Galleria, until June 30, 2025.
This activity is part of IHG’s “Journey to Tomorrow” sustainability commitment, which emphasizes community engagement and building a more inclusive world. For more details on how to get involved or support the initiative, please visit the official Crowne Plaza & Holiday Inn & Suites Manila Galleria websites or follow their social media channels for the latest updates. www.crowneplaza.com/ galleriamanila and www.holidayinn.com/ higalleria
FOUNDEVER®, a global leader in the customer experience (CX) industry, highlighted the vital role of women in the workplace and community. Through empowering activities, the company reaffirmed its commitment to inclusivity and recognized the strength, impact, and contributions of women across all levels.
The celebration, titled “We Win With Women: Leaders’ Summit,” included a variety of activities such as curated markets featuring handcrafted items and pre-loved fashion, spotlighting sustainability and supporting women entrepreneurs within the company.
Foundever also addressed the Prevention of Sexual Harassment (POSH) through an open, solutiondriven discussion. Led by Vida Haboc and Cora Pangan-Pia (Director for Operations) and joined by Shalymar Bartolome (HR Director for Employee Relations) and Marianne Bernardo (Legal Director), the dialogue reinforced the firm’s stance on zero tolerance for harassment and
Coates, First Vice President and Head of Megaworld Lifestyle Malls. In addition, Megaworld Foundation, Inc., the corporate social responsibility arm of Megaworld Corporation, earned two Gold Stevies for Innovation in Non-Profit Organizations or NGOs – 100 or More Employees and Innovation in Corporate Social Responsibility (CSR) Videos for their heartfelt video featuring alumni scholars sharing how Megaworld’s scholarship grants transformed their lives. The Asia-Pacific Stevie Awards is a prestigious program renowned for recognizing excellence and innovation in business across the region. Megaworld Lifestyle Malls is the Philippines’ premier lifestyle mall operator with over 20 properties across the country, each boasting diverse retail options, delectable dining destinations, and world-class entertainment and experiences.
For updates, visit megaworld-lifestylemalls.com or call (02) 8462-8888.
its ongoing commitment to fostering safe and inclusive workplaces for all.
Foundever has been at the forefront of equality and empowerment, with women making up 56 percent of its associates in the Philippines. Women also hold 60% of site leadership roles and represent 46 percent of all management and higher positions.
Additionally, in just the past two years, more than 1,200 women have earned promotions—making up over half of all internal advancements. These numbers reflect more than inclusion; they demonstrate the active commitment of Foundever to developing and championing women leaders at every level of the organization.
By fostering a culture of equality, empowering women across all levels, and creating safe spaces for all, the company continues to lead by example. With every initiative, conversation, and promotion, Foundever reaffirms its belief that when women thrive, everyone moves forward.
artist’s perspective of the new Hotel101-Roxas Boulevard to constructed along Roxa Boulevard in Pasay City.
Chandre
Crowne Plaza Manila Galleria and Holiday Inn & Suites Manila Galleria celebrate Mother’s Day with the
Society of the Philippines.
KEY ECONOMIC REPORTS SET TO REVEAL GLOBAL IMPACT OF TRUMP’S TARIFF POLICIES
AMID ONGOING UNCERTAINTY
By Craig Stirling
REPORTS in the coming week may give the fullest reading to date of how major economies are faring with trade disruptions, halfway through President Donald Trump’s 90-day hiatus on so-called reciprocal tariffs.
Chinese consumer and industry data on Monday will be followed by purchasing manager indexes on Thursday from around the world, pointing to the growth impact from the policy of widespread US levies— unveiled by Trump on April 2, then put on hold on April 9.
A collective view of the fallout could emerge from Group of Seven finance ministers, depending on whether they can agree on a communique when they meet in Canada starting on Tuesday.
The European Commission, meanwhile, will release economic forecasts on Monday, while an appraisal of the impact on financial stability will come from the European Central Bank two days later.
With PMI numbers for April already pointing to a slowdown in global growth to a 17-month low, the combined picture of the week’s events and reports will showcase the extent of nervous shock still reverberating from Trump’s attempt to rewire the global trading system.
While the Chinese data are for April, S&P Global’s PMI numbers are for May, offering an initial take on activity in economies including Australia, Japan, the euro zone, the UK and the US. The collection timetable for those surveys means they’ll capture the tariff de-escalation between Washington and Beijing agreed after talks in Switzerland.
“The international trading environment clearly remains highly uncertain amid worries over the impact of the surviving tariffs levied by the US and mainland China, which are widely expected to dampen global growth and raise inflation,” Chris Williamson and Jingyi Pan, economists at S&P Global, said in a report.
“April import prices suggest the US side is continuing to pay most of the cost of tariffs so far. While we don’t know much about how trade patterns shifted in April, import-price indexes that exclude the cost of tariffs have been little changed since the start of the year. This suggests US importers are paying essentially the same price they would have paid in the absence of tariffs, plus the tariff,” said Bloomberg economists Chris G. Collins and Anna Wong.
With commercial relationships around the world still in flux as the US conducts negotiations to set
tariff levels, there’s already evidence of distortions that even the anticipation of Trump’s trade onslaught inflicted on businesses.
Data on Friday, for example, revealed that European Union exports to America shot up by almost 60 percent in March from a year earlier in frontloading of shipments before his tariff announcement.
Elsewhere, housing data in the US, inflation releases from Japan to the UK to Canada, a likely interest-rate cut in Australia and minutes of the ECB’s April decision are among the highlights.
A wrap of what’s coming up in the global economy.
US and Canada
THE US economic calendar lightens up considerably. On Thursday, in addition to weekly jobless claims data, S&P Global will issue its preliminary May survey of manufacturing and service providers. Based on economists’ projections, industrial weakness probably continued while growth in services activity may have picked up slightly.
Also Thursday, National Association of Realtors data are expected to show a modest increase in sales of previously owned homes, based on closings. The following day, a government report is projected to show a decline in contract signings for new homes, adding to evidence the housing market is struggling for traction.
Investors will monitor a number of speeches by Federal Reserve policymakers as they look for clues on whether officials are any closer to lowering rates after the latest tame inflation figures. Philip Jefferson, John Williams, Alberto Musalem and Beth Hammack are among US central bankers scheduled to speak.
Turning north, aside from the G-7 meeting in Banff, the Bank of Canada expects April inflation on Tuesday to have slowed to 1.5 percent amid lower oil prices and the end of the consumer carbon tax. While that’s below its 2 percent target, the central bank stepped to the sidelines last month amid US trade uncertainty, and remains worried about tariffs reigniting price pressures.
Weak economic data have still spurred traders in overnight swaps to boost bets on a June rate cut to nearly 70 percent.
Retail sales for March may reflect consumers rushing to buy cars before auto tariffs took hold, while the flash estimate for April may show a spending pullback.
Asia
ASIA has a packed calendar, headlined by a wave of data from China and Japan, as well as a closely-watched rate decision in Australia.
The week begins with readings on the health of China’s economy, with retail sales seen stronger in April, industrial production likely slowing after what had briefly been triple-digit tariffs, and the unemployment rate staying pat. Property investment is expected to have declined again in April as a real estate rebound proves elusive. Beijing is also expected to cut its benchmark one- and five-year loan prime rates later in the week.
Australia takes center stage on Tuesday with the Reserve Bank’s rate decision. Markets anticipate a 25 basis-point cut, bringing the cash rate to 3.85 percent, as inflation continues to ease and trade risks recede following the US-China tariff truce. Traders will also parse the accompanying statement for shifts in the growth and labor market outlook.
Japan releases a slew of major indicators from across the economy, beginning midweek with exports and imports, machine orders, and PMI—all of which will provide a steer on the global effects of Trump’s trade war. Friday brings national consumer prices, which are set to remain elevated at 3.5 percent, and department store sales, which declined in the prior month.
A number of countries report trade figures that will provide a look at how Asia started to adjust in April after Trump first announced his “Liberation Day” tariffs.
They include Malaysia on Tuesday, and Taiwan with export orders on Tuesday plus industrial production later in the week. Thailand, which reports gross domestic product Monday, is expected to release their trade data at some point from Wednesday.
Elsewhere, India’s PMI is due on Thursday, and Singapore is set to report largely unchanged
April consumer prices and slightly weaker GDP growth later in the week.
Europe, Middle East, Africa UK inflation on Wednesday will be a highlight. All economists surveyed by Bloomberg reckon annual consumer-price growth accelerated in April, with the median forecast at 3.3 percent, the fastest in more than a year, after an increase in regulated energy costs.
Services inflation, watched closely by the Bank of England for signs of domestic price pressures, is set to remain stubbornly high at close to 5 percent, keeping monetary policy on track for only a cautious easing.
Meanwhile, retail sales data are due on Friday, pointing to the health of the consumer after an unexpected first quarter growth spurt partly driven by services.
In the euro zone, aside from the EU Commission’s rescheduled forecasts on Monday and PMI numbers on Thursday, consumer confidence on Tuesday and a euro-area indicator of negotiated wages on Friday may be the highlights.
The ECB will release its latest financial stability review on Wednesday and its account of the April 17 rate decision the following day. Among several appearances by officials, chief economist Philip Lane is
“The international trading environment clearly remains highly uncertain amid worries over the impact of the surviving tariffs levied by the US and mainland China, which are widely expected to dampen global growth and raise inflation,” Chris Williamson and Jingyi Pan, economists at S&P Global, said in a report.
scheduled to speak a couple of times. Elsewhere, Swiss National Bank President Martin Schlegel will make remarks in Lucerne on Monday.
Italy may draw attention at the end of the week, when both Moody’s Ratings and Scope Ratings are scheduled for potential updates, and could join other credit assessors in improving their views of the country’s borrowing status.
South African Finance Minister Enoch Godongwana will make a third attempt to pass a budget in Cape Town on Wednesday. Previous iterations failed because of coalition disagreements, and investors will watch to determine whether tensions within the ruling alliance persist, and if Godongwana holds the line on fiscal consolidation.
Some central bank decisions are on the calendar:
Nigerian policymakers will likely keep the key rate at 27.5 percent for a second consecutive meeting on Tuesday. They’re awaiting clarity on the direction of inflation after an overhaul of the consumer price index muddied their view.
A day later, Angola is also expected to leave its benchmark rate unchanged, at 19.5 percent, to quell inflation that remains in double digits.
Iceland’s central bank also sets policy on Wednesday. Its survey of market expectations points to a likely quarter-point cut in the key rate to 7.5 percent.
Egypt is poised to continue lowering borrowing costs on Thursday after the central bank kicked off its first easing cycle since the height of the pandemic. Policymakers were encouraged by a recent slowdown in inflation and projections that it will keep trending lower. The rate is expected to be cut to 23 percent from 25 percent.
Zambian officials will probably maintain their key rate at 14.5 percent on Friday as they assess whether their expectations of weakening inflation materialize.
Latin America CHILE posts its first-quarter output report on Monday, the third economy among the region’s big six to do so. Growth all but certainly slowed from OctoberDecember’s 4 percent reading.
Brazil’s March economic activity may show a slight loss in momentum from February’s 4.1 percent year-on-year and 0.44 percent month-on-month readings as the central bank’s aggressive tightening campaign begins to cool Latin America’s biggest economy.
Beyond the weekly market readout of economists published by Brazil’s central bank on Monday, Banco Central de Chile’s survey of traders and Citi’s survey of economists in Mexico are also on tap.
Wednesday’s March GDPproxy data from Argentina may show the first month-onmonth decline since last April as consumer confidence wobbled. Even so, South America’s No. 2 economy is widely forecast to be the growth leader among the region’s big economies this year and next.
The central banks of Uruguay and Paraguay both hold rate meetings. The former may take a pause after three straight quarter-point hikes, while the latter isn’t expected to change rates in 2025.
Mexico delivers its midmonth consumer prices report, March retail sales and final first-quarter GDP, which will fill in a lot of blanks from the flash report posted in late April. Analysts have pushed up their one-year recession probability forecast to the highest since m id-2020.
Inflation has been running just under the 4 percent ceiling of the central bank’s target range since late December, and the early consensus has early May readings remaining in the tolerance range yet again. With assistance from Brendan
IDLE gantry cranes at the Port of Long Beach in Long Beach, California, on May 12. TIM RUE/BLOOMBERG
NBA semifinals set: Parity reigns again
By Tim Reynolds
The Associated Press
THE parity era continues in the National Basketball Association (NBA).
The New York Knicks haven’t won an NBA championship since 1973. The Indiana Pacers won their most recent title that year—in the ABA (American Basketball Association). The Oklahoma City Thunder franchise has one title in its history, that coming in 1979 when the team called Seattle home. And the Minnesota Timberwolves have never even been to the NBA Finals.
Meet the NBA’s final four.
W hen Commissioner Adam Silver hands one of those teams the Larry O›Brien Trophy next month, it›ll mark a league first—seven championship franchises in a sevenyear span.
T here hasn’t been a back-to-back NBA champion since Golden State in 2017 and 2018. From there, the list of champions goes like this: Toronto in 2019, the Los Angeles Lakers in 2020, Milwaukee in 2021, Golden State in 2022, Denver in 2023 and Boston last season.
It’s the longest such run of different champions in NBA history—Major League Baseball, the National Hockey League and the National Football League have all had longer ones, and not too long ago, either.
But for the NBA, this is different. The league wanted unpredictability, especially after four consecutive Cleveland-vs.-Golden State title matchups from 2015 through 2018.
A nd things have been highly unpredictable since. No matter what the Finals matchup is this year, the NBA will be seeing 11 conferencechampion franchises in the span of seven seasons.
“We’ve still got eight more wins to
achieve our ultimate goal,” Minnesota coach Chris Finch said. “We’ve still got two more series. We’re only halfway there.”
T he season is over for 26 of the NBA’s 30 clubs. But the fun stuff is just starting.
Conference finals start Tuesday
THE Western Conference finals— No. 6 seed Minnesota vs. No. 1 seed Oklahoma City—begin Tuesday night in Oklahoma. The Eastern Conference finals—No. 4 seed Indiana vs. No. 3 seed New York—begin Wednesday night in Manhattan.
T he Wolves lost the West finals last year, the Pacers lost the East finals a year ago.
You’ve got to have big dreams,” Pacers coach Rick Carlisle said. “You don’t know how often you’re going to be in this position.”
Indeed, the championship window for teams doesn’t seem to be staying open as long as it did in the past.
Boston was a huge favorite to win its second straight title—the Celtics didn’t get out of Round 2, in part because they couldn’t hold onto big leads and in part because Jayson Tatum ruptured his right Achilles tendon in that series with the Knicks.
“U pset or not, whatever it is, we beat a great team,” Knicks guard Jalen Brunson said. “They obviously lost a huge piece...but they’re still a great team.”
Damian Lillard tore an Achilles tendon in Round 1, ending Milwaukee’s hopes. Cleveland, the top seed in the East, bowed out in Round 2 against Indiana after a slew of Cavs were dealing with health issues.
Stephen Curry strained his hamstring and that was all it took to doom Golden State’s chances in Round 2 against Minnesota.
“He’s our sun,” Golden State coach Steve Kerr said. “This is a solar system. He’s our sun.”
A nd now, the NBA solar system is about to see new star holding the trophy.
Who will the next Finals MVP?
THERE is nobody left in these playoffs who has been an NBA Finals MVP. Not even close.
In fact, there are only seven players left—Indiana’s Pascal Siakam, Aaron Nesmith and Thomas Bryant; Knicks teammates PJ Tucker, Cam Payne and Mikal Bridges; and Oklahoma City’s Alex Caruso— who have appeared in a Finals game. And most of those appearances didn’t add up to much—Siakam is the only player left in these playoffs with more than 100 Finals points.
S o, who will the next Finals MVP be? Maybe Shai Gilgeous-Alexander, the Canadian guard and likely MVP from the Thunder?
The “Mr. Clutch” award winner, Brunson from the Knicks? Anthony Edwards, the presumed next face of the league from the Timberwolves?
Tyrese Haliburton, the dazzling guard and Olympic gold medalist who keeps getting overlooked by everyone outside of Indiana?
World champs lead jiu-jitsu organization’s honor roll
By Josef Ramos
SIXTEEN world champions led a long list of honorees as DEFTAC—Southeast Asia’s pioneering Brazilian Jiu-Jitsu and elite mixed martial arts organization—celebrated its 30th anniversary recently at the Hilton.
“Thir ty years on, we are not just celebrating our past—we are igniting the future,” DEFTAC founder Alvin Aguilar said. “From humble beginnings to world-class achievements, we have stood together—disciplining bodies, sharpening minds and building the strongest bonds of brotherhood.”
Honored were world champions include Brielle Bartolome, Thiago Bartolome, Claudia Lepiten, Cheska Lepiten, Tessa Joson, Ali Joson, Tomas Joson, Ethan Ramos, Uno Ordona, Julian Santos, Franco del Pilar, Aielle Aguilar, Basti Dela Cruz,
Althea Brion, Princess Reuma and Yani Lopez.
They were joined by Asian champions include Alex Lee, Fierre Afan, Andrea Ocampo, Charlie Ratcliff, Annie Parungao, Lucas Aguilar, Miguel Gutierrez, Lucas Holganza, Joaquin Marte, Ella Olaso and Abby Balisme.
The organization also honored its founding members, dedicated coaches and outstanding chapters led by Alvin Lee, Joel Yaptinchay, Pichon Garcia, Joel Lepiten, Jerome Lepiten, Richard Lasprilla and Aguilar himself.
Eight members, meanwhile, were inducted into the organization’s Hall of Fame—Lasprilla, Marcus Valda, Maybelline Masuda, Fierre Afan, Aisa Ratcliff, Aielle Aguilar, Annie Parungao and Chris Hofmann.
SPARK Awards (Trailblazers) were given to Ceriola brothers Justin, Anton, Gabriel and Enzo (Kids Program), Aguilar brothers Liam, Lucas and Lucho (Junior Grappling Team-DEFTAC HQ Coaches), Del Rosario brothers Gabriel and King (Junior Grappling Team), Fierre Afan, Joaquin Marte and David Zaldariaga.
A lso also recognized were DEFTAC chapters in Alabang, Antipolo, BF Homes, Cavite, Cebu, La Union, Makati, Deftac HQ and Taguig.
The Most Valuable Coaches awardees were Mike Tabamo, Lester del Rosario, Joaquin Marte, Garrick Nayo, Alvin Lee, Bart Bartolome, Kyle Torente, Rommel Alejo and Jimmy Angana.
Since its founding in 1995 by Alvin Aguilar, DEFTAC has grown into Asia’s largest jiu-jitsu team with more than 52 gyms and 221 satellite training centers nationwide.
THE Founding Fathers (from left) Jerome Lepiten, Alvin Lee, Joel Yaptinchay, Alvin Aguilar and Richard Lasprilla—are honored.
PSA Forum on Batang Pinoy Nationals, facilities repair
OFFICIALS of the Philippine Sports Commission (PSC) will bare details of this year’s Batang Pinoy National Championships in the Philippine Sportswriters Association Forum on Tuesday at the Conference Hall of the Rizal Memorial Sports Complex. They will also give updates on the refurbishment of the Rizal Memorial Football Field and Mindanao Civic Center in the forum—presented by San Miguel Corp., PSC, Philippine Olympic Committee, Milo, Smart/PLDT and the country’s 24/7 app ArenaPlus—that starts at 10:30 a.m.
Brock Purdy extension
The second part of the session, meanwhile, will be about the repairs being done by E-Sports International on sports facilities such as the Rizal Memorial Football Field and Mindanao Civic Center.
PSC Chairman Richard Bachmann and newly-elected Lanao Del Norte 1st District Rep. Imelda Dimaporo are expected to join the public sports program.
L ivestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation the session is also aired on a delayed basis over Radyo Pilipinas 2 and shared on its official Facebook page Radyo Pilipinas 2 sports.
BROCK PURDY’S extension was $265 million over five years, bonestly, I’m not completely sold on Mr. Irrelevant yet.
I think he needs to be a dual threat quarterback like Lamar Jackson because of his limited arm strength and struggles against man-to-man coverage.
In other words, he needs to develop speed and explosiveness in his running—but don’t get me wrong, he’s accomplished and achieved a lot in only three years in the league for one of the winningest franchises in league history. Brock Purdy’s strengths are his game management skills, ability to work through progressions and his poise in the pocket. He’s known for his accuracy and timing, especially against zone coverages.
His weaknesses include a limited arm strength which I already mentioned, a more moderate throwing style and occasional struggles against man-to-man coverage which
B8 Tuesday, May 20, 2025
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
Champion schools, top athletes feted as UAAP lowers curtain on Season 87
THE University Athletic Association of the Philippines (UAAP) lowers the curtain on Season 87 with a grand closing ceremony Tuesday at the SM Mall of Asia Arena to be highlighted by the awarding of the season’s General Champions and Athletes of the Year. The festivities kick off at 3 p.m. with the Streetdance Competition and will be marked with the official turnover of season hosting duties from the University of the Philippines (UP) to the University of Santo Tomas (UST).
Season 87 was cinematic—it opened last September with an electrifying performance from the legendary Eraserheads and concluded with a historic men’s volleyball finale last Saturday where a record-breaking crowd of 14,517 witnessed National University complete a “five-peat” over Far Eastern University.
T he Bulldogs also secured their second straight golden double in volleyball and in basketball, the UP Fighting Maroons regained the men’s crown and the Lady Bulldogs
SIENA, Italy—Isaac del Toro became the first Mexican cyclist to take the overall lead of the Giro d’Italia but the 21-year-old was beaten on the line by Wout van Aert in a tough and dusty ninth stage on Sunday that shook up the general classification.
Van Aert edged out Del Toro in a sprint at the end of the 181-kilometer route from Gubbio to Siena, that included a mini Strade Bianche on the white, gravel roads of Tuscany.
Giulio Ciccone was third, 58 seconds behind, on a disastrous day for pre-race favorite Primoz Roglic.
It was Van Aert’s first win of the season after the 30-year-old Belgian struggled with form following an injuryhit campaign last year and was also his first stage win in his Giro debut—he has
means he needs to move faster to escape and get away from man to man coverage.
At 6-foot-1 and 212 lbs, he may have a problem seeing the field over longer and taller offensive linemen which will necessitate better communication with the men whose very job is to provide him pass protection and to quell any and all attempts to sack him.
According to the NFL.com: “The Niners struck gold when they picked Purdy out of Iowa State with pick No. 262 of the 2022 NFL Draft. Purdy was the final selection of the draft, known as Mr. Irrelevant. He has already emerged as the most successful Mr. Irrelevant
completed their redemption arc in the women’s division.
Historic moments were aplenty in the juniors division as well. University of the East ended a 39-year basketball title drought in the junior high school boys division, while UST broke a 24-year dry spell with the Tiger Cubs finally winning the boys championship. UST also halted FEU-Diliman’s dominance in boys’ football. Boys’ football saw a major development this season with the inclusion of guest schools for the first time as Southridge and Claret joined the competition, adding more depth and excitement to the tournament. In g irls volleyball, the Lady Bullpups regained the throne, but the Junior Golden Spikers continued their reign in the boys division—preventing NU from sweeping all four volleyball titles this season.
On the sand court, it was a showcase of NU and UST supremacy. NU’s women’s and girls’ beach volleyball teams captured their firstever titles, while UST’s men’s and boys’ squads came out on top in their respective divisions.
won nine stages at the Tour de France and three at the Spanish Vuelta.
“It’s easy to say this victory means a lot to me, I almost cannot explain it,” Van Aert said.
“It had to be here I believe because this place is where my road career started back in 2018 and to win this stage after a long period without delivering, finally again, it feels so good.” The stage exploded into life in the first two of the five gravel sectors, with the dust and grit kicked up by the cyclists—and the race cars—swirling all around.
Most of the six breakaway riders from the first half of the stage were caught on the first sector, with the rest swept up on the second, where Roglic was caught up in a crash. AP
WOUT VAN AERT rules a tough and dusty stage. AP
THE Thunder’s Shai GilgeousAlexander celebrate as fans cheer late in the second half of Game 7 of their Western Conference semifinals which they convincingly won, 12593, over the Denver Nuggets, Sunday in Oklahoma City. AP
Great Scottie! Scottie Scheffler—with wife Meredith and son Bennett—pose with the PGA Championship trophy at the Quail Hollow Club on Sunday in Charlotte, North Carolina. Scheffler turns a tense Sunday into another runaway—a closing even-par 71 for a five-shot victory and his third major title—that is all expected, even predictable until the celebration. AP
