the competitiveness of Philippine goods in the global market.
At the sidelines of a forum cohosted by the the Philippine Institute for Development Studies and the Bangko Sentral ng Pilipinas (BSP) on Monday, Philexport President Sergio R. Ortiz-Luis Jr. told BusinessMirror that Trump’s tariffs and a strong currency are placing exporters at a disadvantage. While there is a 90-day pause of the full implementation of higher tariffs on US imports, a 10-percent tariff has been imposed on most of these commodities. This is happening at a time when the
By Ada Pelonia @adapelonia
The Department of Agriculture (DA) will recommend the retention of the 15-percent tariff rate for imported rice to keep prices stable, especially during the lean months, which will start in July.
Agriculture Secretary Francisco Tiu Laurel Jr. said retaining the duties levied on rice imports in the upcoming review of Executive Order (EO) 62 coincides with the end of harvest in exporting countries, which recently saw a rise in prices of the staple grain.
“I will not increase it for now because our harvest season and that of exporting countries have already ended,” Laurel told reporters on the sidelines of an open discussion with farmers here.
Vietnamese rice prices rebounded to three-month highs in April, driven by the winterspring harvest approaching its end, according to the Food and Agriculture Organization of the United Nations (FAO). Vietnam
By Samuel P. Medenilla @sam_medenilla
RESIDENT Ferdinand Mar-
Pcos Jr. has called for a united Association of Southeast Asian Nations (Asean) response to geopolitical tensions, unexpected trade barriers, and the unprecedented impact of climate change, which are threatening sustainable economic growth in the regional bloc.
By working together, strengthening our institutions, and building the resilience and capacities of our people, we can better navigate
this increasingly uncertain future and turn challenges into opportunities for shared growth and stability, the chief executive said in his intervention during the 46th ASEAN Summit Plenary in Kuala Lumpur, Malaysia. He said ASEAN has already shown how cooperation among its members has resulted to concrete measures to address transnational crimes with the completion of the ASEAN Declaration to Prevent and Combat Trafficking in Persons Caused by the Abuse of Technology as well as its united position not to impose retaliatory mea-
sures against the reciprocal tariffs from the United States (US).
Also on Monday at the summit, President Marcos backed the mainstreaming of Artificial Intelligence (AI) and reducing trade barriers within the Asean to boost the regional bloc’s economic competitiveness and become a “global trade and investment hub.”
The chief executive made the remarks during the meeting between Asean Leaders’ Interface with Representatives of the Asean Business Advisory Council (BAC) in Kuala Lumpur, Malaysia.
In April, US President Donald
Trump imposed additional reciprocal tariffs on imports, which aims to correct the alleged “unfair trading practices” by some countries. Some countries like Canada and China have opted to retaliate against such measure by imposing additional tariffs on US goods. Asean opted to continue dialogues with the US to address the matter.
“This measured and unified approach upholds Asean’s commitment to dialogue, diplomacy, and a rules-based multilateral trading system,” Marcos said.
peso is appreciating to the dollar and trading at the P55 to the dollar level.
“It’s really a double whammy, that’s why we’re really trying to see, we’re now analyzing why this is so,” Ortiz-Luis told this newspaper, speaking partly in Filipino.
“Unfortunately, the situation is very erratic. It changes every week, depending on how Trump wakes up.”
Ortiz-Luis said exporters, economists, and other experts from institutions like PIDS and the
is the Philippines’s top supplier of imported rice.
Vietnamese rice quotations for the 5 percent broken rice variety stood at $396 per metric ton (MT) last month, based on FAO data. This figure was the highest level since the $416 per MT recorded in January.
“If we do raise the tariffs, it could be during the harvest season of exporting countries, so it won’t impact us that much,” Laurel said.
For his part, DA Assistant Secretary Arnel de Mesa said the 15 percent rice tariffs would tame prices of the staple grain amid the lean months or when rice production dwindles to its lowest.
“If you increase the tariffs [during lean season] when there’s limited supply and harvest, retail rice prices will shoot up. That’s what we want to prevent,” De Mesa said. Laurel earlier floated the recommendation to gradually increase rice tariffs, since reinstating it immediately would jolt the market. However, the percentage-point increase is yet
By Lorenz S. Marasigan
THE long-anticipated overhaul of Edsa is set to begin on June 13, with the Department of Public Works and Highways (DPWH) and the Department of Transportation (DOTr) promising to implement measures to minimize disruption and maintain traffic flow along Metro Manila’s busiest thoroughfare. Public Works Secretary Manuel Bonoan said the first phase of the Edsa Rebuild will cover both the southbound and northbound sections from
to be determined.
“Our general direction is we will be recommending a slight increase,” the DA chief said during a previous interview.
“What I think shouldn’t happen is [for rice tariffs to go] from 15 percent going back to 35 percent in one go—it’s dangerous. That will cause a shock in the market. That is my personal recommendation.”
Last year, President Marcos Jr. issued EO 62, which slashed rice tariffs to 15 percent from 35 percent until 2028. It took effect in July 2024. Under EO 62, the tariff scheme is subject to a periodic review every four months from its effectivity. It is set for review again in July, which marks a year after the tariff cut on the staple grain came into force.
Indians allowed to visit PHL for 15 or 30 days sans visa
By Malou Talosig-Bartolome
INa bid to boost tourism, the Department of Foreign Affairs is now allowing Indian nationals to visit the Philippines without visas for a maximum of either 14 days or 30 days.
Foreign Affairs Secretary Enrique Manalo issued on May 19, 2025 two Foreign Service circulars that outline the rules for granting visa-free access for Indian passport holders.
country. This is about protecting the public, supporting legitimate businesses, and ensuring a level playing field in the market,” Rubio said.
The BOC, through its IPRD, pledges to collaborate closely with brand owners, e-commerce platforms and enforcement partners in combatting counterfeiting and safeguarding consumer protection across the country.
Last year, counterfeit goods topped the BOC’s list of seized commodities in terms of estimated value at P34.698 billion.
The first one, Foreign Service Circular 2025-019, allows Indians a maximum stay of only 14 days to the Philippines without visas “strictly” for the purpose of tourism.
The second memo, Foreign Service Circular 2025-020, meanwhile, allows a maximum of 30 days for Indian passport holders with valid visas or permanent residence permits from one of the so-called AJACSSUK countries—America, Japan, Canada, Schengen, Singapore, or United Kingdom.
This changes the Philippine Immigration Act of 1940 which earlier allowed Indian nationals with AJAC-
SSUK visas to enter the country visafree for 14 days, extendable up to 21 days only.
Both circulars took effect “immediately.”
Indians may avail themselves of the visa-free entry privileges at any international airport in the Philippines, as well as seaports for passenger or cruise vessels.
The DFA bans the Bureau of Immigration from extending the stay of Indians who availed themselves of the 14-day visa-free entry, as well as convert them to other visa categories.
Transiting Indian passengers are not allowed visa-free entry, they will be required to apply for transit visas.
The DFA said Indians who will be allowed to enter without visas in the Philippines should not have a derogatory record with the Bureau of Immi-
gration. Their passports should be valid for at least six months beyond their contemplated stay, and they will be required to show confirmed return or onward tickets to their next destination.
Indian tourists who enter without visas for 14 days are also required to present more documents at the airport or seaport:
• Confirmed hotel accommodation booking; and Proof of financial capacity such as bank statement or certificate of employment
Asked what prompted the DFA to allow Indians visa-free entry to the Philippines, Secretary Mana-
lo said, “To attract more tourists.”
Manalo’s circulars say that these were issued in “compliance with the Presidential Directive to enhance tourism arrivals from India.”
Last year, there were 79,000 Indian tourists who visited the Philippines, making India the 13th top visitor market of the country. India is one of the fastestgrowing foreign markets for tourism. Its 80 million passport holders, and the demand has gone up among their young travelers after the pandemic.
The outbound tourism market of India is projected to reach US$55 billion in 2034.
P322.209 billion, trailed by the Department of Education with P223.178 billion. Government-owned and controlled corporations (GOCCs) were also handed over P45.394 billion as budgetary support, lower by 8.75 percent year-on-year from P49.749 billion. About 98 percent or P44.280 billion of the NCAs released was utilized by GOCCs.
Meanwhile, allocations to local government units (LGUs) reached P385.778 billion—up by 12.49 percent from P342.927 billion last year—while P383.896 billion of this was used.
State agencies and LGUs still have a total of P132.405 billion in unused NCAs during the period. The DBM has released a total of P5.663 trillion of the P6.326-trillion overall budget for 2025 as of endApril.
For next year, the national budget is projected to reach P6.793 trillion, higher by 7.38 percent from the current year’s expenditure program.
BSP are currently in discussions on the exchange rate, saying that the P55 to the dollar level is too strong for many exporters.
This discussion is timely, OrtizLuis said, given what he called a rapid appreciation in the Philippine peso. Based on data from the Bankers Association of the Philippines, the peso appreciated to P55.84 in April 30.
Since May 2, the first day of trading for the month, the peso has steadily appreciated against the greenback. Last Friday, the peso closed at P55.25 to the US dollar, the strongest since July 2023.
The central bank must really balance the exchange rate, he said. Nearest to the market level at least to protect the OFWs [Overseas Filipino Workers],” Ortiz-Luis told reporters.
“We’re having discussions now, we’re having a quiet forum on the side, trying to determine ano yung talagang [what is the real] exchange rate [now] and what should we recommend to the Bangko Sentral,” he added.
Support to industries
MEANWHILE, PIDS Emeritus Research Fellow Rafaelita M. Aldaba agreed that the higher tariffs and the strong peso are not only harmful for exporters but must also prompt the national government to give all its support to Philippine industries.
Aldaba told BusinessMirror that the government has a significant role to play in helping exporters combat challenges and take advantage of opportunities through effective collaboration.
“Yeah, definitely [double whammy]. Of course, if our currency is strong, that will have an effect on our competitiveness. And so, the support that we need to give, we really need [to give] it all,” Aldaba told the BusinessMirror
Aldaba said the government through the Department of Trade and Industry (DTI) was able to support exporters before, but given the dire straits they face with Trump tariffs and now the strong peso, this calls for intensified support and greater collaboration.
Efforts, she explained, must be more directed or targeted especially in consideration of the current developments. The reciprocal tariffs, once these take effect, will “have really a big impact.”
“They [government and private sector] really need to work closely together as to how we could position our industries and maximize the opportunities arising from the trade diversion that would happen as a result of Trump tariffs,” Aldaba said.
“[There is] trade fragmentation [in] our global trade environment, and hence it’s really important for us to focus our policies, integrate our trade and our industrial policy. I think that’s the only way by which we could really maximize the opportunities,” she added.
Aldaba earlier said the Philip-
pines must improve its logistics and customs efficiency, strengthen its export base, and upskill its workforce if it wants to “fully leverage” its tariff advantage amid shifting global supply chains. (See: https://businessmirror.com. ph/2025/04/23/to-leveragetariff-edge-phl-needs-betterlogistics-labor/).
In her latest study, she underscored how the Philippines, compared to its regional peers, benefits from a “relatively lower” reciprocal tariff rate, which she noted offers a “strategic opening” to enhance its export competitiveness and attract “reconfigured” global supply chains, among others.
Trade shocks ‘more damaging’ MEANWHILE, in his speech, BSP Monetary and Economics Sector Deputy Governor Zeno Ronald R. Abenoja said trade shocks such as the increase in tariffs can also erode a country’s economic gains. Abenoja, quoting BSP Governor Eli M. Remolona Jr. who recently spoke in Washington, D.C., said that in fact, “trade shocks are more damaging than supply shocks” for economies. Supply shocks happen when there is low supply of certain commodities due to production, logistics, or other similar issues that may affect commodity flow in a country or countries.
“Unlike your usual supply shocks, which tend to be transitory, trade shocks have deeper, more persistent effects. In particular, trade shocks affect the capital stock of developing economies. Left unchecked, they can slow growth trajectories and erode decades of hard-won progress,” Abenoja said on Monday.
The newly-minted Deputy Governor of the central bank also admitted that should these shocks persist, no amount of monetary policy will be enough to keep the repercussions of these disruptions at bay. These ill effects include spiraling commodity prices.
Nonetheless, Abenoja said, it is fortunate that the Philippines’s inflation rate has eased to 1.4 percent April 2025. This, he said, is well within the BSP’s forecast range of 1.3 to 2.1 percent.
“This gives us extra degrees of freedom to ease monetary policy which in turn can support growth. The BSP stands ready to do what is necessary to keep inflation steady and maintain the country’s macroeconomic stability,” Abenoja said.
Earlier, Remolona said the BSP is considering two more 25-basis-point cuts in key policy rates this year given the slowdown in inflation and rise in global uncertainties.
He said in a briefing on Friday that the recent slowdown in inflation has given the Monetary Board more room to introduce reductions in the policy rate.
The next meeting of the Monetary Board is slated for June 19 where, Remolona said, a rate cut is on the table. However, Remolona said this may not necessarily be consecutive cuts.
group Move As One Coalition held a community walk on May 26 calling on the government to put pedestrians “at the top of the road user hierarchy” as mandated in the Philippine Development Plan 2023–2028.
“The government must transform Edsa into a walkable, happy place where Filipinos of all ages and abilities can move in safety and dignity,” Mary Abigail Modales, the coalition’s Active Transport Lead, said.
The group lamented that existing pedestrian infrastructure are substandard, citing narrow sidewalks, steep ramps, and poorly designed footbridges like the P10-million “Mt. Kamuning,” billed as such because of its steep incline. The group also raised concerns about the disproportionately wide road space allocated to private vehicles, which account for only 6 percent of road users.
Dizon agreed, noting that he has inspected a portion of Edsa Busway’s Philam Station in Quezon City and saw that the state of its concrete barriers could be hazardous for both motor vehicles and pedestrians. He vowed to implement programs to address these concerns. “Hopefully, there will be a real pedestrian walkway,” Dizon said. Modales said the government ought to align the Edsa Rebuild with inclusive, people-first mobility design.
until reaching the outer lanes.
NCAP implementation
MEANWHILE , almost 600 violators of the no-contact apprehension policy (NCAP) of the Metropolitan Manila Development Authority (MMDA) were recorded on Monday, after the Supreme Court ordered the partial lifting the temporary restraining order issued August 30, 2022. The MMDA said that from 6 a.m. to 4 p.m., a total of 582 violators were apprehended.
Earlier this month, the MMDA submitted a Motion for Reconsideration to the SC, through the Office of the Solicitor General, asking it to lift the TRO so they can more effectively address traffic congestion on Metro Manila’s major thoroughfares and “to safeguard the welfare and safety of all road users.”
With the scheduled rehabilitation of Edsa, the MMDA expects heavier traffic.
The MMDA sees the reinstatement of as boosting its traffic management along Edsa and other major thoroughfares, utilizing closed-circuit television cameras, digital cameras, and other technology to capture videos and images of traffic violators, record traffic violations, and issue citations.
“As the implementation of NCAP resumes, we hope to instill road discipline among motorists. Rest assured that the single ticketing system and new NCAP guidelines have addressed concerns raised in the petition,” the MMDA said.
DOJ asks court to cancel passport of Roque, 4 others
By Joel R. San Juan @jrsanjuan1573 & Ashley J. Manabat
JUSTICE Secretary Jesus Crispin
Remulla on Wednesday confirmed that Department of Justice (DOJ) prosecutors have already sought before the court the cancellation of the passport of former presidential spokesperson Harry Roque in a bid to compel him to return to the country and face the human trafficking charges filed against him.
In addition, the DOJ sought the cancellation of the passports of Cassandra Ong, Dennis Cunanan, Ronelyn Baterna, and Mercides Macabasa who are Roque’s coaccused in the case that stemmed from their alleged invoment in illegal Philippine offshore gaming operations (Pogo) in Porac, Pampanga.
Ong, Cunanan, Baterna and Macabasa, the DOJ said, were flight risks.
In an ambush interview, Remulla told reporters that the move to cancel Roque’s passport was intended to prevent Roque, who is currently in the Netherlands to seek political asylum, from moving from one country to another.
Man cracks bomb joke in airplane, gets arrested
By Nonie Reyes
48-YEAR-OLDS departing passenger
Abound for Cebu was arrested by the National Police-Aviation Security Group (PNP-Avsegroup) after making fun of a bomb joke on Sunday afternoon on board a Cebu Pacific flight at the Ninoy Aquino International Airport Terminal 3.
Police said the incident occurred during boarding procedures on Sunday late afternoon when the passenger reportedly made a comment suggesting the presence of a grenade inside his bag as it was being stowed in the overhead bin.
A cabin attendant heard what the passenger said and immediately notified the pilot, who reported the matter to airline management and airport security personnel.
In response, the Avsegroup, Explosive Ordnance Disposal Teams (EODT) with bomb sniffing dogs, and fire medical personnel applied the standard operating procedure. After over two hours of searching, passengers were allowed to board the aircraft after authorities found no explosive or incendiary materials and allowed it to depart for Cebu.
The suspect is now in the custody of the Ninoy Aquino International Airport Police Station 3 (NPS3), for further legal proceedings.
“Your words carry what may seem like a harmless joke that can trigger panic, disrupt operations, and endanger lives. Bomb threats, even as jokes, are punishable under Presidential Decree 1727, the Anti-Bomb Joke Law,” said Brig. Gen. Christopher M Abecia, PNP Avsegroup commander.
‘Military
A“It would limit his options. I think he holds two or three passports, someone told me about it. What is important is to make him accountable for his wrongdoings here…,” Remulla said.
The DOJ made the move following the issuance of an arrest warrant by the Regional Trial Court (RTC) in Angeles City in connection with the human trafficking case filed against Roque and several others by the DOJ last month for their alleged involvement in the illegal activities of Lucky South 99, a Philippine Offshore Gaming Operator (POGO) firm in Porac, Pampanga.
Remulla said Roque is expected to be deported back to the Philippines in the event that his application for political asylum were denied.
“He hasn’t even started defending himself, and yet he’s already trying to escape accountability. In our laws, flight is an indication of guilt,” Remulla pointed out.
Remulla expressed optimism that Roque’s political asylum bid would be denied considering the Netherlands’ hard stance against human trafficking.
“The purpose of the HDO is clear. Those accused must answer to the court. The right to travel is not absolute when legal obligations remain unfulfilled,” Remulla added.
Roque was accused of benefiting from the fruits of the trafficking in persons operations and other illegal activities of Pogos Lucky South 99 and Whirlwind base on the complaint filed by the National Police-Criminal Investigation and Detection Group (PNP-CIDG) and the Presidential Anti-Organized Crime Commission (Paocc).
Roque earlier said the filing of the criminal case against him is part of the ongoing political persecution launched by the administration of President Marcos against former President Rodrigo Duterte, his family and allies.
Judge Rene Estrada Reyes of Branch 1118 of the Regional Trial Court in Angeles City issued related orders during a hearing on Monday.
“In today’s hearing, the DOJ initiated the process of cancellation of the passports of accused Katherine Cassandra Ong, Herminio Harry Roque, Dennis Lacson Cunanan, Ronelyn Baterna,
and Mercides Macabaa,” DOJ prosecutor Marielle Herrera said.
“The court also directed the prosecution to comply with the requirements of OCA [Office of the Court Administrator] Circular 39-97, as reiterated in subsequent OCA Circulars regarding the issuance of HDOs, within 15 days,” she added.
Meanwhile, siblings Raymond and Randell Galleon Co, who are included on the list of accused individuals, filed a verified motion for reconsideration. The prosecution has been given 15 calendar days to respond.
The trial of another accused, Marlon Funcion, who was arrested on May 22, will begin following his arraignment and pre-trial conference scheduled for June 2.
Roque, who fled the country in September 2024 after being cited in contempt by the House of Representatives for refusing to testify on Pogo-related inquiries, is seeking political asylum in the Netherlands.
Last week, the RTC in Angeles City ordered the arrest of Roque, Ong, and others in connection with the qualified human trafficking case linked to Lucky South 99.
Marcos has picked next Natl Police chief
By Rex Anthony Naval
PRESIDENT Marcos has chosen the replacement of Gen.
Rommel Francisco Marbil, National Police (PNP) chief, who will retire on June 7.
Interior Secretary Juanito Victor Remulla said on Monday that he and the Chief Executive have already discussed the matter.
“We already talked about that, he has already picked someone, but we better wait for his official announcement,”
Remulla said in Filipino during a media briefing at Camp Maj. Gen. Tomas B. Karingal in Quezon City on Monday.
And while not giving away the identity of this police official, Remulla said the subject officer is “very qualified and has a good track record.”
Marbil was originally scheduled to retire on February 7 but Marcos extended his term by another four months owing to security preparation for the May 12 elections.
Marbil, 56, was appointed PNP chief on April 1, 2024.
Police visibility AS this developed, one of the candidates for Marbil’s post launched a police visibility program in Metro Manila in the company of ranking government and law enforcement officials.
needed in volatile BARMM
By Rizal Raoul Reyes @brownindio
N independent nongovernment organization on Sunday called on Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) authorities to coordinate with the Armed Forces (AFP) and other security agencies to ensure ample deployment in volatile areas—owing to the fragile post-election period now compounded by widespread flooding and displacement.
“In this time of calamity,” the Climater Conflict Action said that “cooperation be -
Present during the launch were Remulla and the Metro Manila police commander, Maj. Gen. Anthony Aberin.
During the event, Remulla reaffirmed the government’s direction to establish familiarity and security between law enforcers and the public.
Remulla also echoed the President’s message that “people should see police officers walking around regularly. Over time, they get to know them, and that familiarity brings a sense of safety.”
After the launching of the police visibility program, the two officials also inspected police stations all over Metro Manila.
Remulla justified the police visibility operations by citing a “disconnect” between public perception and the PNP crime statistics.
He added that the public should feel that their safety is being prioritized by the government and its law enforcement agencies.
He also said the PNP and local government units must cooperate to achieve this.
Remulla said that in the next few months or weeks he will meet the newly elected local officials in order to craft a cohesive plan of action and response scenario for everyone.
A total of 21,532 personnel from the five police districts, the regional mobile force battalion,
areas’ the only response. A purely militarized approach risks deepening public distrust and may fail to address the root causes of instability,” said CCA in a statement.
tween civilian and military autorities would be useful.” It said the collaboration between the two sectors will help strengthen community-based early response by combining logistical capacity with local knowledge.
“Joint efforts can ensure timely evacuations and improved security in high-risk areas. This partnership also fosters trust and coordination across sectors, making disaster response more effective and inclusive,” the CCA said.
“Security forces play an important role in preventing flare-ups of violence, particularly in hotspots where political rivalries remain tense. However, this must not be
The National Disaster Risk Reduction and Management Council (NDRRMC) reported that 192,000 people or 38,689 families have been affected as of May 20, with at least 890 individuals or 178 families sheltered in evacuation centers while 191,115 persons or 38,511 families have sought refuge in other locations.
CCA said the effort must be “accompanied by immediate and equitable relief distribution, conflict-sensitive governance, and the activation of early response mechanisms at the community level, as we stated in our call to action in the statement.” It
Escudero to MMDA: Ensure fair, fast, transparent implementation of Ncap
By Butch Fernandez @butchfBM
SENATE President Francis Escudero on Monday called on the Metropolitan Manila Development Authority (MMDA) for a fair, fast and transparent implementation of the No-Contact Apprehension Policy or Ncap to ease concerns over the program’s enforcement.
The Supreme Court has lifted the temporary restraining order on Ncap, and reactions to its resumption have not been encouraging, Escudero lamented, with several motorists raising the issue of fairness in apprehensions and anxiously wondering if due process will be followed.
One of the issues raised was the speed in which the notices of violations (NOVs) could be delivered.
Based on the information provided by MMDA, Escudero noted that “this will take time and as such there are potential problems that will come up.”
According to a fact sheet released by the MMDA, there will be an initial review of the flagged violations, after which the registration of the vehicles will be verified with the Land Transportation Office.
Once all the information has been entered into the Ncap system, the NOVs will be printed out and sent to the registered address of the vehicle owner via PhilPost.
It is only when the NOVs are received by the concerned motorists that they can start the appeals
and the regional headquarters were deployed all over Metro Manila.
This comprehensive deployment included 12,539 officers assigned to beat patrols, 2,944 on mobile patrols—comprising 1,993 personnel on four-wheeled vehicles, 931 on motorcycles, and 20 on bicycles—and 293 officers stationed at train facilities.
In addition, 629 personnel were posted at checkpoints, 344 manned border control points, while 1,794 were assigned to fixed visibility posts and outposts, and 2,989 personnel were deployed under administrative patrol duties.
Reinforcing this effort were 240 force multipliers, composed of trained community volunteers and partner stakeholders, who supported frontline operations by serving as eyes and ears on the ground.
“The National Capital Region Police Office responds decisively to the call of the President and the SILG [Secretary of the Interior and Local Government] for a more proactive, intensified, and strategic police visibility. We will deliver to the public a police force that can be seen, heard and felt, not only to deter crime but more importantly, to instill the feeling of safety and security in Metro Manila,” Aberin said.
added ensuring peace and stability in this moment requires not just control, but care.
“The ability of the BARMM to act quickly, fairly, and visibly will shape public trust moving forward,” the CCA said.
The CCA said BARMM must ensure that there would be an equitable distribution of aid and free from political bias by using transparent beneficiary lists and involving grassroots monitors to reduce tensions.
The CCA said the BARMM should release municipal calamity funds and barangay Quick Response Funds immediately, and activate BARMM resources like READi and Project Tabang for urgent relief. “It should also strengthen community-based early response by engaging local leaders and utilizing realtime monitoring systems such as CEMS-ERN.
process if they wish to challenge the basis of the apprehensions.
“Lumalabas na matagal ang buong proseso at via snail mail p a ang pagpapadala ng NOVs. Maaaring pag dumating na ang NOV ay hindi na matandaan ng motorista ang umanong violation. Ang dapat dito ay araw lang ang bilang—mas mabilis mas maganda [It turns out now that the entire process takes long and even uses snail mail in sending the NOVs. It may be that by the time an NOV is received, the motorist no lon ger has c good memory of what happened. This notification should take place within days days only—the faster, the better],” he said.
Penalties for non-payment of fines could also accumulate if the NOVs are lost in the mail for one reason or another.
He said MMDA should also utilize emails for motorists if these are available in their system in order to expedite the process.
Escudero added that the MMDA should also immediately address the problematic lane markings, traffic lights and signages since these will be the basis for many of the violations and apprehensions. “Evidence should be clear and as much as possible, indisputable. Enforcement of traffic rules should be consistent. It must be applied to all, no exceptions. This is how programs such as the Ncap will be justified and later on, accepted by all,” he said.
Makabayan bloc at House seeks probe of AES
By Jovee Marie N. dela Cruz @joveemarie
THE Makabayan bloc on Monday filed a resolution urging the House of Representatives to investigate alleged anomalies in the automated election system (AES) and other electionrelated alleged irregularities during the 2025 elections.
The call for an investigation, through House Resolution 2291, stems from reports by independent electoral watchdogs and advocates, including Kontra-Daya, VoteReportPH, National Movement for Free Elections (Namfrel), and the Computer Professionals Union.
The bloc said these groups reportedly flagged a total of 1,593 election violations during the recent elections, including 98 cases involving issues with the Automated Counting Machines (ACMs), 200 cases related to illegal campaigning, 144 cases concerning voter disfranchisement, and 451 other significant election violations encompassing non-compliance by Board of Election Inspectors, red-tagging, election-related violence and harassment, votebuying and -selling, tampering of ballots, and disinformation.
The bloc highlighted concerns regarding the Online Voting and Counting System (OVCS) used for overseas voting.
It asserted that it lacked a Voter Verified Paper Audit Trail (VVPAT), potentially violating Section 6(e)
The Critical Events Monitoring System (CEMS) is an SMS- and high frequency radio-based reporting system that captures conflict incidents and tensions in communities in real-time.
It is used by the Early Response Network (ERN), an independent group of men and women in various localities in the Bangsamoro, who share real-time information and work with local governments, key agencies, the security sector, and religious and traditional leaders in coordinating quick and context-specific responses to tensions, violent conflicts, disasters, and displacement, as they happen.
of the Automated Election System law. This alleged deficiency may have disfranchised voters unable to verify their votes, contributing to historically low voter turnout in some overseas regions.
“Beyond technical issues and voter disfranchisement on election day itself, there have been other election-related issues before, during, and after the elections that have marred the integrity and credibility of the election results,” the resolution said.
The lawmakers also pointed to a discrepancy in the software version used, as they noted that the v3.4.0 version was certified by Pro V&V, Inc., while the v3.5.0 version was reportedly installed on ACMs on election day.
They also cited an initial five million duplicate votes that affected 15,000 precincts and the rankings of more than 7,600 candidates. The Commission on Elections (Comelec) later corrected these by manually providing corrected files hours after transmission began.
Kabataan Party-list group said that all individuals or agencies found complicit should be held accountable for allegedly disenfranchising and invalidating the votes and democratic aspirations of millions of Filipino voters.
Makabayan bloc lawmakers include House Deputy Minority Leader France Castro, House Assistant Minority Leader Arlene Brosas and Kabataan Rep. Raoul Manuel.
The CEMS is now managed by CCA, formerly International Alert Philippines, a local organization focused on understanding the drivers of conflict and its interaction with climate risks for policy formulation, community strategies, and peacebuilding. To mitigate the spread of violence in BARMM, the CCA urged implementation of firearms registration to ensure accountability, especially in areas with hotspots of shooting incidents.”Pushing for firearms registration will allow authorities to identify offenders involved in gun violence and provide faster justice for victims,” the CCA said. In fact, as of 2025, there are more than 545,000 loose firearms due to
₧2.6 billion Owwa emergency funds used to buy ₧1.4-B lot
By Samuel P. Medenilla @sam_medenilla
ATOTAL of P2.6 billion of emergency repatriation funds of the Overseas Workers Welfare Administration (OWWA) were converted to capital outlay funds to help fund the allegedly anomalous P1.4-billion land acquisition of the said agency,the Department of Migrant Workers (DMW) said.
In a post in his Facebook page on Monday, Migrant Workers Secretary Hans J. Cacdac disclosed the said conversion should have been approved by the Owwa Board of Trustees, which he chairs.
Owwa is an attached agency of the DMW.
Arnaldo “Arnel” A. Ignacio and deputy administrator Emma V. Sinclair, are currently under investigation and may face charges for “serious procedural and substantive lapses” for their involvement in the said land deal.
Owing to the said deal, President Marcos dismissed Ignacio and Sinclair.
“In due time, administrative and criminal cases will be filed against responsible Owwa officers who participated in the anomalous transactions,” Cacdac said.
vide more decent and professionalized accommodation services,” Cacdac said.
He said that Owwa was also still not able to obtain full possession of the property despite already completing the payment for it.
Mining groups welcome Lotilla’s posting to DENR
By Jonathan L. Mayuga @jonlmayuga
THE Chamber of Mines of the Philippines (COMP) and the Philippine Nickel Industry Association (PNIA) on Monday welcomed the appointment of former Energy Secretary Raphael Lotilla as Environment and Natural Resources secretary.
“The appointment of Mr. Raphael Lotilla as Environment and Natural Resources secretary is a testament to his competence and dedication to public service,” COMP Chairman Michael Toledo said.
and governance performance of mining contractors such as what our members are doing through the Chamber of Mines’ Towards Sustainable Mining (TSM) program. We take this opportunity to thank Secretary Yulo-Loyzaga and to wish her the very best in her new endeavors. We look forward to a productive and mutually beneficial relationship that we had this time under Sec. Lotilla’s guidance,” he said. Similarly, the Philippine Nickel Industry Association (PNIA) welcomed the appointment of Lotilla to lead the DENR.
Former Owwa officials including its previous administrator,
“The Owwa Board of Trustees passes upon and approves the Owwa budget that is sourced from the Trust Fund, alongside the proposed national government allocation submitted to the DBM [Department of Budget and Management] and the President for inclusion in the GAA [General Appropriations Act] pursuant to Section 22, paragraph [e] of the Owwa Charter,” he said.
The Board, he said, would have disapproved the procurement of the land, which will be used as the site for a halfway house for returning overseas Filipino workers, if it had been informed about the procurement.
“The Board could have advised the former Administrator pursuant to its authority under Section 22, paragraph [c] of Republic Act 10801, otherwise known as the Owwa Charter, on the impracticality and cost inefficiency of having such a facility when the private sector could very well pro -
Other irregularities in the said deal include the non-disclosure of lease contracts in the Deed of Absolute Sale, which allowed the representative of former owner of the land to continue collecting P1.4-million worth of post-sale lease rentals as well as Owwa’s reimbursement of paid P36 million transfer tax to the seller even if the agency was exempted from such tax, Cacdac said.
He added that the Owwa Board of Trustees was not informed about the demolition of the building on the procured lot, which formed part of its purchase price.
In a telephone call, Ignacio said he is ready to answer the allegations against him on the said land deal at the proper venue. As of Monday, he said he has yet to receive any notice to explain or court summons related to the said issue.
NFA seeks imposition of palay floor price
CToledo said COMP, which represents the big players in the mining industry, is confident that Lotilla’s extensive experience as a professor, lawyer, chief executive officer, legislative liaison, and Energy secretary will be invaluable in this new role.
“We are particularly excited to see under Secretary Lotilla’s leadership is the fruition of President Ferdinand R. Marcos Jr.’s vision for maximizing the full potential of the Philippine minerals development industry in improving the lives of present and future generations of Filipinos without compromising the integrity of the environment,” Toledo said.
COMP hopes that the new DENR chief will continue the programs of his predecessor, Secretary Ma. Antonia YuloLoyzaga specifically in the establishment of an enabling environment for mining, including the reduction of the mining and exploration permitting process, as well as other investment-friendly initiatives.
“His deep experience in public policy, sustainable development, and regulatory governance positions him well to continue advancing responsible mining practices and to reinforce the role of the minerals sector in inclusive national growth,” Dante Bravo, president of PNIA said.
He is confident that Lotilla’s appointment brings to the DENR a legacy of policy leadership grounded in law, sustainability, and public service.
By Ada Pelonia @adapelonia
ITY OF MALOLOS, Bu -
lacan—The Department of Agriculture (DA) is looking for legal remedies that will allow it to implement a floor price for palay and shield farmers from “unreasonable” buying prices.
Agriculture Secretary Francisco Tiu Laurel Jr. said other countries like India already impose a floor price for paddy rice that helps prop up farmers and prevent them from incurring losses.
“The DA is seriously studying this, and we’re looking for legal avenues that would help us implement this measure if possible,”
Laurel told reporters on the sidelines of an open discussion with farmers here.
However, the DA chief noted that restoring some of the National Food Authority’s (NFA) regulatory functions would help the agency enforce the measure.
“Even if we have a floor price set, there’s no registry of traders. The NFA’s regulatory powers are really crucial,” Laurel said.
Such functions include the need for retailers and traders to register with the NFA by law, since the agency is “blind” to who they are, according to the DA chief.
“So it’s like a cat and mouse game because by law it’s no longer required.”
Earlier, Laurel hinted at implementing a floor price for palay that would protect local farmers from being underpaid.
This, following reports of some traders allegedly purchasing palay at unreasonably low prices.
“The goal of the floor price is to ensure that farmers are not at risk of losing money. If they are not losing money, they can break even and be encouraged to plant again,” Laurel said in a previous interview.
According to the DA chief, the agency has already determined 32 areas where such practices occur in Luzon and has begun probing the traders involved.
“We have a list of areas where traders buy rice at very low prices,
as low as P13, P14, and P15 per kilo,” Laurel said.
“We are investigating these traders and will send our mobile marketing and procurement teams to these areas during the next harvest season to ensure that farmers are paid fair prices.”
The grains agency buys clean and dry palay at P23 to P30 per kilo, while the price of fresh and wet palay ranges from P17 to P23 per kilo.
This price scheme changes weekly per province under the NFA Council-approved Price Range Scheme (Pricers) for palay procurement activity.
The NFA is targeting to procure as much as 880,000 metric tons of palay this 2025.
Cojuangco hacienda farmers awaiting installation in CARP-awarded lands
MORE than 500 farmers trooped to the provincial and regional offices of the Department of Agrarian Reform (DAR) in Bacolod City to demand their installation in landholdings formerly owned by the late Eduardo Cojuangco Jr. The farmer-beneficiaries belong to 11 Cojuangco haciendas who complained of being landowners “only on paper” but remain landless and powerless in real life, said Task Force Mapalad, citing the experience of Marianito Jusilva, one of the certificate of land ownership award (Cloa) holders of Hacienda Balatong. Balatong is among the 11 haciendas covering 4,654 hectares that the Cojuangco family supposedly gave up for the Comprehensive Agrarian Reform Program
(CARP) in 1997 in favor of 1,756 farmerbeneficiaries. The other 10 haciendas are Adelina, Araal, Bonifacia, Cainaman, Candelaria-Caridad, Candaguit, Fe, Nieva, San Antonio, and Soledad. The landholdings are found in the cities of Bago and La Carlota and the towns of La Castellana, Isabela, Hinigaran, Murcia, San Enrique, Himamaylan, and Pontevedra. Instead of land distribution, a joint venture agreement (JVA) between the Cojuangcos and the farmers was forged, under which the farmers could use the land as equity, representing a 30-percent share in the joint venture, while the Cojuangcos and other investors would provide 70 percent of the equity via capital infusion. The scheme was backed and legalized by
the Estrada administration through DAR Secretary Horacio “Boy” Morales’ issuance in 1999 of DAR Administrative Order 2 or the Joint Economic Enterprise Program which aims to “hasten the transformation of ARBs into farmer-entrepreneurs” and “promote food security and enable local agriculture to be globally competitive.”
“We still remember what Boss Danding promised to us. That through the JVA, we, the CARP beneficiaries of his landholdings, would become rich like him, that we would be called don and donya, that our children and our grandchildren would be living in comfort, that we would no longer endure poverty,” 60-year-old Cloa holder Johnny Ruel said in a statement.
Ruel had been working working in Hacienda Candelaria in the town of San Enrique since he was 13.
Deaths, diseases
RUEL said the promise never came. Instead, he said the JVA made them poorer.
“Our wages became smaller as we no longer had regular work because the management hired casual low-salaried farmworkers, who were not CARP beneficiaries. Thus, our work days were reduced to just 14 to 18 days a month,” he said.
“There were many times when my takehome pay for 15 days only amounted to P150, sometimes just P60, as I had to purchase my family’s food supplies via credit from the joint venture’s cooperative,” Ruel lamented.
Besides poverty, diseases and deaths struck the CLOA holders.
As of 2022, 90 CARP beneficiaries of the haciendas, many in their 70s and 80s, have
already died.
Among the younger ones who perished was 46-year-old Reymando Villanueva of Hacienda Balatong. He passed away in 2014 after suffering from kidney, liver, and lung complications.
“Already weak and sick, my husband continued to work in the hacienda so we could have money to buy food for our four children. The farm administrator knew about his illness, but he was still ordered to report for work and got no medical assistance,” said Luz Villanueva, wife of the deceased CARP beneficiary.
“He was guarding the rice fields in the hacienda during the night when he slipped through the levees. His illness worsened because of the accident, but he still chose to work until he could no longer walk and died in pain,” she added.
Expired JVA
TASK Force Mapalad in a statement said nothing is stopping the DAR from individually distributing the Cojuangco haciendas to farmer-beneficiariess and installing them on their lands now because the JVA expired on December 16, 2024.
TFM said the DAR, through a huge loan from the World Bank, has embarked on splitting up mother titles or Cloas named under cooperatives so that CARPed lands can be individually and directly distributed to FBs as the CARP Law mandates.
The group complained that the government has perpetuated land monopoly in the Cojuangco haciendas by not commencing the parcelization of the landholdings despite the mandate to do so. Jonathan L. Mayuga
“We offer Secretary Lotilla our full support and cooperation as we work together to achieve common goals for the benefit of our host communities and our country as a whole. We are eager to partner with Sec. Lotilla in programs that would enhance the environmental, social,
“His decades-long engagement in energy, environmental reform, and institutional development across government, academia, and the private sector reflects a broad and principled approach to navigating complex national priorities. We view his appointment as an opportunity to sustain and deepen the momentum toward a more predictable, science-informed, and investment-ready regulatory environment,” he said. The PNIA, he said, looks forward to working with Lotilla in aligning environmental stewardship with the goals of industrial transformation and competitiveness. We remain committed to our shared vision of a modern, accountable, and globally competitive mining industry that generates long-term value for the environment, communities, and the Philippine economy.
COMMON GOALS–success will be achieved when everyone pulls in the same direction
By Henry J. Schumacher
ANYONE who follows world events with open eyes and ears knows that real dialogues, where differing opinions are exchanged, rarely happen anymore.
Most discussions are now just about confrontation.
The boundaries of good taste are constantly being crossed.
Language has become so radical and exclusionary fake news is the order of the day.
And when independent judges try to put a stop to this arbitrariness, the judiciary is seen as the actual problem—especially in countries where the rule of law is weak and there are no stabilizing institutions. A small elite may achieve power and wealth, but the majority of the population is excluded from upward mobility.
I am convinced that this is, first and foremost, a danger to liberal democracy—and therefore to the economy. And the dangerous compromises some are willing to make will not lead a country back to the desired strength.
Last year, the Nobel Prize in Economics was awarded to three US researchers who studied prosperity. They concluded that democratic countries with strong institutions provide the best foundation for long-term prosperity and positive change.
I believe politicians could learn a lot from what is practiced daily in businesses. Every family business owner, every CEO knows: a company is only successful when everyone pulls in the same direction.
In most companies, people work together who have very different political views and come from a wide range of nationalities. They belong to different religions—or none at all. They are by no means always of the same opinion. But they are united by a common goal:
the projects they work on and the products they produce. These bring them together, especially in times of crisis. After all, the success of the company means not only keeping one’s job, but also maintaining the prosperity of the entire country.
Many companies make clear which values they stand for. They emphasize commonalities instead of highlighting differences.
And in doing so, they set an example of how society as a whole could function better.
We must not allow it to be undermined—just because some people hope for short-term success and more personal power. By the time you read this column, the elections are over—and thankfully, so is the campaign. It is hoped, the new political teams now find the courage to take steps to set the course for a new democratic, economic direction. It’s worth fighting for.
Allow me to add something that fits to my views:
Pope Leo XIV said in his homily at his inauguration: “In our time, we will experience too much discord, too many wounds, caused by hatred, violence, prejudice, fear of the other and by an economic model that exploits the earth’s resources and marginalizes the poorest.”
I certainly look forward to your comments; email me at hjschumacher59@gmail.com.
Romualdez urges Asean lawmakers to unite on key issues, uphold international order
By Jovee Marie Dela Cruz @joveemarie
THE leader of the House of Rep -
resentatives on Monday urged Southeast Asian lawmakers to form a united legislative front by upholding the rules-based international order through the passage of laws that strengthen the rights of workers, farmers, and fishermen, protect maritime resources, and integrate their digital economies.
Speaker Ferdinand Martin G. Romualdez made these remarks at the 14th ASEAN Leaders Interface with Representatives of the ASEAN Inter-Parliamentary Assembly (AIPA) in Kuala Lumpur, Malaysia.
“We must move as one — translating ASEAN’s collective aspirations into concrete policies that empower our workers, farmers, and fisherfolk; protect our seas; connect our digital economies; and defend the rulesbased international order,” said Romualdez. He specifically highlighted the impor -
tance of upholding the 1982 United Nations Convention on the Law of the Sea (UNCLOS), which he stated “guarantees peace, security, and sovereignty for all.”
The Speaker underscored that regional peace and prosperity depend on strict adherence to international law, especially given increasing global polarization and external threats to maritime integrity.
Romualdez noted that under President Marcos’ leadership, the Philippines is building a “Bagong Pilipinas” centered on unity,
innovation, and inclusivity. He stated this national agenda closely aligns with ASEAN’s own objectives.
He reiterated the Philippine Congress’ full commitment to championing regional priorities through legislation that strengthens food security, renewable energy, digital infrastructure, cyber defense, and green, inclusive growth.
“We believe the role of AIPA is not only to support ASEAN’s vision but to shape it — boldly and bravely,” he declared.
Comelec welcomes questions on PL seat allocation as losing group
By Justine Xyrah Garcia
THE
Commission on Elections
(Comelec) on Monday said it is open to any legal challenge that could clarify or improve the existing guidelines on party-list seat allocation, as a losing group questioned its current formula before the Supreme Court.
In a text message to reporters, Comelec spokesperson Atty. John Rex Laudiangco said the petition offers an opportunity to revisit unresolved legal questions surrounding the party-list system.
“Comelec welcomes any development on enriching jurisprudence on the Party-List System of Representation in the absence of any amendments to RA 7941 on these issues as of date,” Laudiangco said.
The spokesperson’s comment came after One Filipinos Worldwide (OFW) party-list filed a petition before the High Court, seek -
By Claudeth Mocon-Ciriaco
A@claudethmc3
MAKATI City official on Monday
reminded Mayor-elect Nancy Binay would be violating the Civil Service Code if she pursue her plan to have all department heads tender their courtesy resignations upon her assumption to office on July.
“We respect the prerogative of the incoming Mayor to ask for the courtesy resignations of the city’s department heads,” Makati City Administrator Claro Certeza in a statement after Binay on Thursday announced her intention to ask city department heads to submit their courtesy resignations during the “Kapihan sa Senado” news forum, citing President Ferdinand
ing a temporary restraining order to halt the proclamation of winning party-list groups.
OFW, which ranked 59th in the official canvassing results, questioned the formula used by the poll body, saying it favors groups with “more resources and machinery.”
“It only benefits the powerful, those with machinery and money. This is not aligned with the Constitution,” OFW partylist President Marissa Del Mar Magsino said in an ambush interview.
“What we are fighting for is genuine representation. We should not elect someone who pretends to represent a sector, when in reality, they do not,” she added.
To recall, Comelec allocated a total of 63 seats to be occupied by 54 winning party-list groups.
Based on the Carpio formula from the 2009 BANAT vs. Comelec ruling, Akbayan, Duterte Youth, and Tingog each received three seats.
Marcos Jr.’s recent move to revamp his Cabinet.
Unlike Cabinet members who are political appointees of the President, city department heads hold a permanent position under the Civil Service Code.
“However, we respectfully wish to remind the incoming Mayor that the position of department head is considered a permanent position under the Civil Service Code. HindiposilagayangCabinet members na political appointees ngisangPresidente,” Certeza said. He stressed that department heads are career officials
“At hindi po tulad ng Presidente, wala po sa kapangyarihan ng isang Alkalde na iutos ang pagbibitiw ng mga department heads,” Certeza said.
4Ps, ACT-CIS, and Ako Bicol secured two seats each, while the remaining 48 groups were granted one seat each.
Magsino proposed that once a group secures a guaranteed seat by reaching two percent of the vote, that two percent should be deducted before computing additional seats.
Under this method, she said, more groups would have a chance to gain representation.
According to OFW’s recalculation, Akbayan would still receive three seats, but Duterte Youth and Tingog should only get two each.
4Ps, ACT-CIS, and Ako Bicol, meanwhile, should be entitled to just one seat each.
The group also argued that the poll body made a mistake in limiting the number of seats to 63, insisting that the correct figure should be 64.
“We filed this petition because the party-list seats should be 64, but they are
He also said that since his position as City Administrator is a co-terminus position, there is no need to ask for his courtesy resignation since his term will end on June 30.
“The same applies for other co-terminus and casual employees of City Hall,” he said.
Certeza underscored that the appointments of the city’s department heads have been reviewed and approved by the Civil Service Commission based on criteria set by law.
“Most of our department heads have been with the city government for decades, even as far back as the administration of former Mayor and Vice President Jejomar Binay,” he said.
“They rose from the ranks based on merit, professionalism and performance. Their permanent appointments were also
seeks SC relief
only allocating 63. That additional seat would allow more marginalized groups to have representation in Congress and be a voice for those on the fringes of society,” Magsino added.
However, Laudiangco emphasized that the Commission’s actions are rooted in existing Supreme Court rulings.
He said the poll body continues to follow the guidelines set by the 2009 BANAT vs. Comelec decision, which remains the prevailing legal basis for party-list seat allocation.
“The latest pronouncement of the Supreme Court on the issue, laid down in BANAT vs. Comelec, had provided the basis not just for the computation of the allocation and distribution of available party-list seats but also operationalized the Constitutional precepts on the composition of the House of Representatives,” Laudiangco added.
ratified by the Sangguniang Panlungsod as required by the City Charter,” he stressed. Certeza also noted that the names of several personalities have been mentioned as replacements for tenured department heads and other key offices of the city.
“As expected, this situation has created an atmosphere of fear and uncertainty in city hall. Resolving these concerns with the incoming Mayor’s transition team is of utmost importance to ensure the continuation of services to our Makatizens,” he added.
However, citing his position, as City Administrator, Certeza said, is a co-terminus position and that there is no need to ask for his courtesy resignation since his term will end on June 30.
The same applies for other co-terminus and casual employees of City Hall.
Remains of 4 OFWs repatriated after Myanmar earthquake; DMW promises support for families
THE remains of the four overseas Filipino workers (OFW), who died in the magnitude 7.7 earthquake in Myanmar, have been repatriated during the weekend, according to the Department of Migrant Workers (DMW).
Overseas Workers Welfare Administration (OWWA) Administrator Patricia Yvonne Caunan assured they will provide aid to the families of the said OFWs, including financial assistance from the DMW AKSYON Fund and reintegration services.
“Rest assured that, upon instructions of President Ferdinand R. Marcos Jr. and Secretary Hans Leo J. Cacdac, we will provide all the necessary assistance and support to the bereaved families during this time of grief and their utmost need,” Caunan said in a statement issued by DMW last Monday. Caunan and DMW Assistant Secretary Regina Galias helped the said families in receiving the remains of their loved ones.
The four OFWs were among the fatalities following the collapse of the Sky Villa building
in Mandalay, Myanmar, when it was hit by the 7.7 magnitude quake on 28 March 2025.
The earthquake killed over 3,000 people and prompted other countries to deploy rescue and recovery teams in the disaster-hit areas in Myanmar.
DMW also reported it also helped eight OFWs from Lebanon, who arrived safely at the Ninoy Aquino International Airport (NAIA) Terminal 1 in Pasay City on 24 May 2025.
“The repatriates will be provided with reintegration support from the DMW’s National
Reintegration Center for OFWs (NRCO) for their productive and sustainable reintegration back in their communities,” the agency said in a separate statement.
They were among those, who availed of voluntary repatriation from the government when the Israel-Hamas conflict erupted in 2023.
Last February, DMW reported the government was already able to bring home 1,569 OFWs and 68 of their dependents.
Samuel P. Medenilla
Marcos expands hospital bed capacity with new laws, boosting PHL healthcare
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand Marcos has signed three new laws expanding the bed capacity of the Philippine General Hospital (PGH) and two other hospitals.
Under Republic Act (RA) No. 12210, the bed capacity of PGH, the country’s national government referral center and largest training hospital, will be increased from 1,334 to 2,200. The President also signed RA No. 12212, which raised the bed capacity of the Wao District Hospital in the province of Lanao Del Sur from 50 to 100 and RA No. 12213, which also increased the bed capacity of the Southern Tagalog Regional Hospital in Bacoor City, Cavite from 100 to 300. The existing hospital facilities and health care services of the three hospitals will be upgraded to accommodate its ad -
ditional patients.
The additional budget needed for the expanded bed capacity for PGH and the Southern Tagalog Regional Hospital will come from the General Appropriations Act.
In the case of the Wao District Hospital, its expansion will be funded by the Bangsamoro Autonomous Government.
In a related development, Marcos also signed RA No. 12211 establishing the Lucena City Hospital (LCH) in Quezon.
The 100-bed capacity medical facility will be under the supervision of the Department of Health RA 12211 noted that the Provincial government of Quezon will help in the formulation and the implementation of the development plan for the LCH.
The four new laws were signed by Marcos on 21 May 2025. They will take effect 15 days after their publication in the Official Gazette or in a newspaper of general circulation.
Dynasty dominance: Political families’ grip on power undermines democracy
erode democratic checks and balances.
Romualdez urged ASEAN lawmakers to embrace their role not only as policymakers but also as bridge-builders across cultures and generations.
“As parliamentarians, we are not just lawmakers; we are bridge-builders across nations, generations, and ideologies. And it is our duty to ensure that this region remains a bastion of peace, prosperity, and shared progress.”
The meeting marked a milestone in ASEAN–AIPA cooperation, as the Phil -
ippines prepares to assume the AIPA Presidency in 2026. This coincides with the 50th anniversary of the Treaty of Amity and Cooperation—a symbolic moment for deepening legislative collaboration across Southeast Asia.
“I commit to a leadership that is principled, progressive, and deeply collaborative,” Romualdez said. “We will work closely with Malaysia and all AIPA members to ensure a smooth transition and a legacy of momentum, not inertia.”
‘Atin Ito’ arrives in El Nido, prepares for sunset musical send-off before heading to WPS
EL NIDO, PALAWAN—Volunteers from “Atin Ito,” a broad civil society coalition, arrived Monday in El Nido to launch the third civilian-led mission to the West Philippine Sea (WPS), which will culminate in a historic “Sea Concert for Solidarity and Peace” near Pag-asa Island.
Aboard the iconic M/V Kapitan Felix Oca, participants underscored that the initiative seeks to promote peace, unity, and cultural solidarity in the West Philippine Sea through the universal language of music. More than 150 people are on board the ship, comprised of volunteers, artists and their crew, media people and boat staff.
“This continues our people-powered assertion of the Philippines’ sovereign rights and territorial integrity through peaceful, participatory actions that uplift the voices of our fisherfolk and coastal communities,” said Atin Ito Co-Convenor Rafaela “Paeng” David, who also serves as President of Akbayan Party.
“We are showing the world that our commitment to the West Philippine Sea is not rooted in militarism or warmongering, but in compassion, community, and culture.
Atin Ito’s historic sea concert is a love song to our seas and to the people who protect them,” David added.
Running from May 26 to 30, the mission will feature a vibrant line-up of activities, including a sunset musical send-off in El Nido, community dialogues, and cultural exchanges aboard the ship. The highlight will be a concert performance within Philippine territorial waters off Pag-asa Island.
Filipino artists Noel Cabangon, Ebe Dancel, all-women rock band Rouge, rap collective Morobeats, and P-pop group HORI7ON will take center stage alongside
United. . .
Continued from A1
The President hopes similar cooperation will help in the peaceful resolution of the maritime-related issues in the South China Sea (SCS), where China and members of the regional bloc, including the Philippines, have territorial claims.
He pushed for the completion of Asean’s pending talks with China for the adoption of the Code of Conduct in the SCS “to safeguard maritime rights, promote stability, and prevent miscalculations at sea.”
A united Asean, he said, can also help mitigate the effects of climate change to its member countries by ensuring the affected communities have funds for their adaptation measures.
“We urge Asean’s partners to scale up predictable, accessible, and adequate climate finance to enable Asean to realize its climate ambitions and safeguard the future of our communities,” Marcos said.
He committed that the Philippines, as host of the Board of the Fund for Responding to Loss and Damage from the United Nations (UN), “will continue to advocate for scientific and evidence-based, investment-led, and transformative solutions to the climate crisis.”
Why AI?
MEANWHILE , when he made the pitch for AI at the Leaders’ Interface with the Asean Business Advisory Council (BAC), Marcos said: “By fostering collaboration of responsible and inclusive AI, it ensures that technological advancements benefit all segments of society.”
TBy Rizal Raoul Reyes
Guzman said the May 2025
In the 19th Congress, over half (142) of the District Representatives seeking re-election belong to political dynasties.
Further, it’s estimated that over 80% of district seats in the House of Representatives are occupied by members of political dynasties.
De Guzman said it has far-reaching and largely negative impacts on governance, economy, and social equity in the country. He added political dynasties, particularly “fat dynasties” where multiple family members hold various positions simultaneously can
international performers such as Japanese singer Fumi, Malaysian and Indonesian artists Viona and Kai Mata, and South Korean K-pop girl group I:Mond.
“We are using music as a bridge,” said Atin Ito Co-Convenor and Philippine Rural Reconstruction Movement (PRRM) President Edicio dela Torre. “It connects communities divided by distance but united by shared seas. What we are building here is not just a movement for sovereignty, but a region-wide community of peace rooted in mutual respect, cooperation, and solidarity.”
For Kiko Aquino Dee of the Ninoy and Cory Aquino Foundation (NCAF), the West Philippine Sea is more than a geopolitical flashpoint—it is a cradle of life, livelihood, and liberty for thousands of Filipinos. “By mobilizing people power at sea, we are continuing the legacy of active citizenship. We are sending a message to the world: the Filipino people will always stand up, peacefully but resolutely, for what is rightfully ours.”
Formed in 2023, Atin Ito is a diverse coalition composed of groups such as the Philippine Rural Reconstruction Movement (PRRM), Akbayan Party, PAKISAMA, the New Masinloc Fishermen Association, PKSK, Akbayan Youth, and the Student Council Alliance of the Philippines (SCAP), among others. It is widely lauded for organizing two historic and successful civilian supply missions to the West Philippine Sea—first in December 2023 near Ayungin Shoal, and again in May 2024 near Panatag Shoal—making it the only civil society initiative to directly sail and resupply Filipino fisherfolk and frontliners in the said waters.
removing existing tariff and non-tariff barriers.
“While regulations are certainly necessary, we must ensure that they do not become trade barriers. At the same time, Asean can begin looking into strategic trade management to equally ensure secure trade in our region,” he said.
“By ensuring that trade remains both open and secure, we aim to foster a more trusted and resilient economic environment within the region and beyond,” he added.
To help in the integration of the Asean market through a digital economy, Marcos stressed the important role of the private sector and the academic institutions to make sure that the necessary infrastructure and workforce are available for its implementation.
“Investments in digital infrastructure, in innovation, human capital will be key to building a digital Asean. Above all, we must continue to invest in our people. A digitally literate, adaptable workforce is the foundation for any progress we hope to achieve, he said.
He said the implementation of the Unique Business Identification Number (UBIN) roadmap in Asean is a welcome step in helping enterprises, particularly micro, small, and medium enterprises (MSME) to thrive beyond the countries, where they are based.
Youth potential AT the Asean Leaders’ Interface with Representatives of the Asean Youth, Marcos stressed the importance of preparing the youth so they can cope with the rapidly changing world work, which is being driven by new technology and advancements.
Marcos said he supports the creation an Asean Center of Excellence for AI to help facilitate innovation as well as ethical standards and transparency in the use of the new technology.
De Guzman said accountability can be compromised when blood relations trump the public’s demand for scrutiny among officials. He pointed out that dynastic families control political power depriving qualified individuals to enter public service, reducing political competition.
By perpetuating patronage politics, de Guzman said dynasties are believed to use their clout to amass and protect their wealth.
“Such a center can lead in shaping an AI ecosystem that empowers our people, safeguards our values and contributes to sustainable development throughout our region,” Marcos said.
Updated ATIGA
THE President also pushed for updating the Asean Trade and Goods Agreement implementation (Atiga), which aims to promote trade within the regional bloc by further
“Opportunities as ever are accompanied by a darker side. And in the technological space, this includes online scams, cyber bullying, misinformation, disinformation and the potential for abuse and misuse of artificial intelligence,” Marcos said.
“We must therefore equip our youth with digital resilience—that will enable them to navigate online spaces with a critical lens and to use technology to amplify their voices and contributions to Asean’s regional growth,” he added.
He highlighted the crucial role of the youth in addressing the cause and effects of climate change, which was demonstrated in the Asean Youth Climate Action and Disaster Resilience Conference earlier this year.
A6 Tuesday, May 27, 2025
Editor: Angel R. Calso
Israeli strikes kill 52 in Gaza, including 36 in school-turned shelter, medics say
By Wafaa Shurafa & Samy Magdy The Associated Press
DEIR AL-BALAH, Gaza Strip—
Israeli strikes killed at least 52 people in the Gaza Strip on Monday, including 36 in a schoolturned-shelter that was struck as people slept, setting their belongings ablaze, according to local health officials. The military said it targeted militants operating from the school.
Israel renewed its offensive in March after ending a ceasefire with Hamas. It has vowed to seize control of Gaza and keep fighting until Hamas is destroyed or disarmed, and until it returns the remaining 58 hostages, a third of them believed to be alive, from the October 7, 2023, attack that ignited the war.
Israel began allowing a trickle of humanitarian aid into Gaza last week after blocking all food, medicine, fuel or other goods from entering for 2 1/2 months.
ternational community. Hamas warned Palestinians on Monday not to cooperate with the new aid system, saying it is aimed at furthering those objectives.
Israel’s military campaign has destroyed vast areas of Gaza and internally displaced some 90% of its population. Many have fled multiple times.
Rescuers recover charred remains
THE strike on the school in the Daraj neighborhood of Gaza City also wounded dozens of people, said Fahmy Awad, head of the ministry’s emergency service. He said a father and his five children were among the dead. The Shifa and al-Ahli hospitals in Gaza City confirmed the overall toll.
humanitarian assistance. They also say there is no evidence of systematic diversion of aid by militants.
A new aid system supported by Israel and the United States but rejected by U.N. agencies and aid groups is expected to begin operations as soon as Monday, despite the resignation of the American leading the effort, who said it would not be able to operate independently.
Israel says it plans to seize full control of Gaza and facilitate what it describes as the voluntary migration of its over 2 million population, a plan rejected by Palestinians and much of the in -
Aid groups have warned of famine and say the aid that has come in is nowhere near enough to meeting mounting needs.
Awad said the school was hit three times while people slept, setting fire to their belongings. Footage circulating online showed rescuers struggling to extinguish fires and recovering charred remains.
The military said it targeted a militant command and control center inside the school that Hamas and Islamic Jihad used to gather intelligence for attacks. Israel blames civilian deaths on Hamas because it operates in residential areas.
A separate strike on a home in Jabalya in northern Gaza
killed 16 members of the same family, including five women and two children, according to Shifa Hospital, which received the bodies.
Palestinian militants meanwhile fired three projectiles from Gaza, two of which fell short within the territory and a third that was intercepted, according to the Israeli military.
Plans to control aid hit another obstacle
ISRAEL plans to roll out a new aid distribution system run by a group known as the Gaza Humanitarian Foundation, made up of former humanitarian, government and military officials,
that would set up distribution points guarded by private security firms.
Israel accuses Hamas of siphoning off assistance, without providing evidence. The foundation said in a statement that it would begin delivering aid Monday and would reach a million Palestinians—around half of Gaza’s population—by the end of the week.
UN agencies and major aid groups have refused to cooperate with the planned US-backed system, saying it would force even more displacement, fail to meet local needs and violate humanitarian principles that prohibit a warring party from controlling
Jake Wood, the American heading the foundation, unexpectedly resigned Sunday, saying it had become clear that the foundation would not be allowed to operate independently. It’s not clear who is funding the group. Hamas-led militants killed some 1,200 people, mostly civilians, and abducted 251 people in the 2023 attack. More than half the hostages have been returned in ceasefire agreements or other deals, eight have been rescued, and Israeli forces have recovered the remains of dozens more. The offensive has destroyed vast areas of Gaza, rendering entire neighborhoods uninhabitable. Hundreds of thousands of people have been forced to shelter in schools and squalid tent camps for well over a year. Israel’s retaliatory offensive has killed around 54,000 Palestinians, according to the Gaza Health Ministry. It says more than half the dead are women and children but does not distinguish between civilians and combatants in its count.
Magdy reported from Cairo. Associated Press writer Tia Goldenberg in Tel Aviv, Israel, contributed.
Russia and Ukraine engage in major prisoner swap amid escalating aerial assaults in Kyiv
By Samya Kullab & Oleksii Yeroshenko The Associated Press
KYIV, Ukraine—Russia and Ukraine swapped hundreds more prisoners Sunday in the third and last part of a major exchange that was a rare moment of cooperation in otherwise failed efforts to reach a ceasefire in the more than three years of war. Hours earlier, the Ukrainian capital, Kyiv, and other regions came under a massive Russian drone-and-missile attack that killed at least 12 people and injured dozens. Ukrainian officials described it as the largest aerial assault since Russia’s full-scale invasion of Ukraine in February 2022.
Late Sunday, Ukrainian cities came under attack for a third straight night with Kyiv Mayor Vitali Klitschko reporting that air defense forces were working in the capital against enemy drones. Oleh Syniehubov, the head of the Kharkiv military administration, said Kharkiv and its suburbs were also under attack by drones.
Information about victims was being clarified, Syniehubov said, urging residents to “stay safe places until the end of the alarm.” Earlier, Russia’s Defense Ministry said each side exchanged 303 soldiers, following the release of 307 combatants and civilians each on Saturday, and 390 on Friday—the biggest total swap of the war.
Ukraine’s President Volodymyr Zelenskyy confirmed Sunday’s exchange, saying on X that “303 Ukrainian defenders are home.” He noted that the troops returning to Ukraine were members of the “Armed Forces, the National Guard, the State Border Guard Service, and the State Special Transport Service.”
Nataliya Borovyk, the sister of released Ukrainian soldier Ihor Ulesov, was overwhelmed when she learned of her brother’s return.
“My uncle had to calm me down and put me in a taxi so I could get here,” she told The Associated Press. “A moment like that stays with you forever.”
Borovyk said the family had been waiting anxiously for news, and that she had hoped her brother might be released in the first part of the exchange on Friday.
“We were worried about all the guys. He wasn’t there on Friday, but I was here—I at least greeted them, I stood there until the very end and waited, (hoping) maybe he would appear after all.”
In talks held in Istanbul earlier this month—the first time the two sides met face to face for peace talks—Kyiv and Moscow agreed to swap 1,000 prisoners of war and civilian detainees each. The exchange has been the only tangible outcome from the talks.
Largest aerial attack of the war THE scale of the onslaught was stunning—
Russia hit Ukraine with 367 drones and missiles, the largest single aerial attack of the war, according to Yuriy Ihnat, a spokesperson for Ukraine’s Air Force.
In all, Russia used 69 missiles of various types and 298 drones, including Iraniandesigned Shahed drones, he told The Associated Press.
There was no immediate comment from Moscow on the strikes.
For Kyiv, the day was particularly somber as the city observed Kyiv Day, a national holiday that falls on the last Sunday in May, commemorating its founding in the 5th century.
Zelenskyy said Russian missiles and drones hit more than 30 cities and villages, and urged Western partners to ramp up sanctions on Russia—a longstanding demand of the Ukrainian leader but one that despite warnings to Moscow by the United States and Europe has not materialized in ways to deter Russia.
“These were deliberate strikes on ordinary cities,” Zelenskyy wrote on X, adding that Sunday’s targets included Kyiv, Zhytomyr, Khmelnytskyi, Ternopil, Chernihiv, Sumy, Odesa, Poltava, Dnipro, Mykolaiv, Kharkiv and Cherkasy regions.
“America’s silence, the silence of others in the world, only encourages” Russian President Vladimir Putin, he said. “Without truly strong pressure on the Russian leadership, this brutality cannot be stopped. Sanctions will certainly help.”
US President Donald Trump made it clear he is losing patience with Putin, leveling some of his sharpest criticism at him on Sunday night.
“I’ve always had a very good relationship with Vladimir Putin of Russia, but something has happened to him. He has gone absolutely CRAZY!”Trump wrote in a social media post. He said Putin is “needlessly killing a lot of people” by firing missiles and drones into Ukrainian cities “for no reason whatsoever.”
But Trump expressed frustration with Zelenskyy as well, saying that he is “doing his Country no favors by talking the way he does.”
Keith Kellogg, Washington’s special envoy to Ukraine, condemned the Russian attacks on X, calling it “a clear violation” of the Geneva Protocols. “These attacks are shameful. Stop the killing. Ceasefire now.”
Russia’s Defense Ministry, meanwhile, said its air defenses shot down 110 Ukrainian drones overnight.
‘Sleepless night’
SOUNDS of explosions boomed throughout the night in Kyiv and the surrounding area as Ukrainian air defense persisted for hours in efforts to shoot down Russian drones and missiles. At least four people were killed and 16 were injured in the capital itself, according to the security service.
“A difficult Sunday morning in Ukraine after a sleepless night,” Ukrainian Foreign Minister Andrii Sybiha said on X, adding that the assault “lasted all night.”
Fires broke out in homes and businesses, set off by falling drone debris.
In Zhytomyr region, west of Kyiv, the emergency service said three children were killed, aged 8, 12 and 17. Twelve people were injured in the attacks, it said. At least four people were killed in the Khmelnytskyi
region, in western Ukraine. One man was killed in Mykolaiv region, in southern Ukraine. Kyiv Mayor Klitschko said a student dormitory in Holosiivskyi district was hit by a drone and one of the building’s walls was on fire. In Dniprovskyi district, a private house was destroyed and in Shevchenkivskyi district, windows in a residential building were smashed.
The scale of Russia’s use of aerial weapons aside, the attacks over the past 48 hours have been among the most intense strikes on Ukraine since the February 2022 invasion.
A village engulfed in smoke and rubble
IN Markhalivka, just outside Kyiv where several village homes were burned down, the Fedorenkos watched their ruined home in tears.
“The street looks like Bakhmut, like Mariupol, it’s just terrible,” said 76-year-old Liubov Fedorenko, comparing their village to some of Ukraine’s most devastated cities. She told the AP she was grateful her daughter and grandchildren hadn’t joined them for the weekend.
“I was trying to persuade my daughter to come to us,” Fedorenko said, adding that she told her daughter, “After all, you live on the eighth floor in Kyiv, and here it’s the ground floor.’”
“She said, ‘No, mum, I’m not coming.’ And thank God she didn’t come, because the rocket hit (the house) on the side where the children’s rooms were,” Fedorenko said.
No halt in fighting
THE POW exchange was the latest of scores of swaps since the war began but also the biggest
involving Ukrainian civilians.
Still, it has not halted the fighting. Battles have continued along the roughly 1,000-kilometer (620-mile) front line, where tens of thousands of soldiers have been killed, and neither country has relented in its deep strikes.
Russia’s Defense Ministry quoted Yaroslav Yakimkin of the “North” group of Russian forces as saying Sunday that Ukrainian troops have been pushed back from the border in the Kursk region, which Putin visited days ago.
“The troops continue to advance forward every day,” Yakimkin said, adding that Russian forces have taken Marine and Loknya in Ukraine’s northeastern Sumy region, which borders Kursk, over the past week, and were advancing in the Kharkiv region around the largely destroyed town of Vovchansk. Speaking on Russian state TV on Sunday, a Russian serviceman said that Putin was reportedly flying over the Kursk region in a helicopter when the area came under intense Ukrainian drone attack during his visit. Putin’s helicopter was “virtually at the epicenter of repelling a large-scale attack by the enemy’s drones,” said Yuri Dashkin, described as commander of a Russian air defense division. He added that Russian air defense units shot down 46 drones during the incident.
Yeroshenko reported from Markhalivka, Ukraine. Associated Press writers Elise Morton in London, Ali Swenson in Bridgewater, New Jersey, and Volodymyr Yurchuk in Kyiv, Ukraine, contributed to this report.
AN Israeli bombardment in the Gaza Strip is seen from southern Israel, Monday, May 26, 2025. AP/ARIEL SCHALIT
European shares gain after Trump delays planned 50% tariffs on EU
By Jiang Junzhe The Associated Press
HONG KONG—European shares have opened higher and US futures also surged after US President Donald Trump said he would delay a threatened 50% tariff on goods from the European Union to July 9. Oil prices rose while Asian shares were mostly lower.
Trump announced the decision to push back the higher import duties after a call Sunday with Ursula von der Leyen, the president of the European Commission, who said she “wants to get down to serious negotiations,” according to the US president’s retelling.
Last week, Trump said on social media that trade talks with the European Union “were going nowhere” and that “straight 50%” tariffs could go into effect on June 1.
The future for the S&P 500 gained 1.3% while that for the Dow Jones Industrial Average advanced 1.1%.
Germany’s DAX added 1.7% to 24,020.48 and the CAC 40 in Paris was 1.3% higher to 7,830.99. Markets were closed in Britain for a holiday.
In Asian trading, Tokyo’s Nikkei 225 climbed 1% to 37,531.53, while the Kospi in Seoul picked up 2% to 2,644.40. But most other regional markets declined.
Hong Kong’s Hang Seng lost 1.4% to 23,282.33 and the Shanghai Composite Index fell 0.1% to 3,346.84.
Australia’s S&P/ASX 200 was nearly unchanged at 8,361.00.
Taiwan’s Taiex fell 0.5% and the Sensex in India gained 0.5%.
On Friday, US stocks fell as traders weighed whether Trump’s latest threats were just negotiating tactics.
The S&P 500 lost 0.7% to end its worst week in the last seven. The Dow Jones Industrial Average dropped 0.6% and the Nasdaq composite sank 1%.
Apple dropped 3% and was the heaviest weight on the S&P 500 after Trump said he’s been pushing Apple CEO Tim Cook to move production of iPhones to the United States. He warned a tariff “of at least 25% must be paid by Apple to the US” if it doesn’t.
Trump later clarified his post to say that all smart phones made abroad would be taxed and the tariffs could
be coming as soon as the end of June.
“It would be also Samsung and anybody that makes that product,” Trump said. “Otherwise, it wouldn’t be fair.”
Trump has been criticizing companies individually when he’s frustrated with how they’re acting because of his tariffs and because of the uncertainty his trade war has created. He earlier told Walmart it should “eat the tariffs,” along with China, after the retailer said it would likely have to raise prices to cover the increased cost of imports.
Deckers Outdoor, the company behind the Hoka and Uggs brands, became one of the latest companies to say all the uncertainty around the economy means it won’t offer financial forecasts for the full upcoming year.
Its stock shed 19.9%, even though the company reported a stronger profit and revenue for the latest quarter than expected.
Ross Stores fell 9.8% after it pulled its financial forecasts for the full year, citing how more than half the goods it sells originate in China.
On the winning side of Wall Street was Intuit, which rose 8.1% after the company behind TurboTax and Credit Karma reported a stronger profit for the latest quarter than analysts expected.
Stocks in the nuclear industry also rallied after Trump signed executive orders to speed up nuclear licensing decisions, among other measures meant to charge up the industry. Oklo, which is developing fast fission power plants, jumped 23%.
Trump’s latest tariff threats stirred up Wall Street after it had recovered most of the losses it had earlier taken because of the trade war. The S&P 500 dropped roughly 20% below its record at one point last month, when worries were at their height about whether Trump’s stiff tariffs would cause a global recession. The index then climbed back within 3% of its all-time high after Trump paused his tariffs on many countries, most notably China.
In other trading early Monday, US benchmark crude oil gained 43 cents to $61.96 per barrel. Brent crude, the international standard, added 40 cents to $64.61 per barrel.
The US dollar advanced to 142.81 Japanese yen from 142.48 yen. The euro edged higher, to $1.1388 from $1.1367.
Homeplus deal controversy risks shaking investor confidence in South Korea’s private
MICHAEL BYUNGJU KIM one of Asia’s most prominent private equity tycoons, built his MBK Partners Ltd. into a regional powerhouse with marquee deals and tens of billions in assets under management.
Now, a controversial bet on Homeplus, once the nation’s second-largest supermarket chain, has returned to haunt him.
Prosecutors are probing whether Kim’s firm misled investors by issuing short-term debt for Homeplus despite knowing the retailer was veering toward a credit downgrade. MBKP has denied any wrongdoing.
MBKP’s share of the Homeplus acquisition was about 600 billion won ($435 million). The value of the investment has been written down significantly, a spokesperson for the private equity firm said.
The once-celebrated financier is barred from leaving the country by the Ministry of Justice, and finds himself at the center of a controversy that could upend his legacy and shake investor confidence in Korea’s private equity landscape.
equity sector
Despite MBKP’s assurances, the mood never quite stabilized. Over the years, Homeplus had to adapt to the rapid shift toward online retail and the changing habits of Korean consumers. Then came the Covid-19 pandemic—and with it, a collapse in foot traffic and consumer spending. Earnings plummeted, and Homeplus began to hemorrhage cash, losing more than a billion dollars in the last five years.
For one of private equity’s richest tycoons, the financial hit looks manageable. Kim’s own net worth is estimated at $9.2 billion according to the Bloomberg Billionaires Index, and MBKP has more than $30 billion under management. More damaging, perhaps, is the mounting reputational hit from the deal.
“Michael Kim’s image as a disruptor of the traditional system in Korea is now at risk”
IN late February, Homeplus, through Shinyoung Securities Co., issued asset-backed shortterm bonds to shore up its liquidity. The move raised immediate questions among investors and analysts, many of whom were already concerned about the chain’s deteriorating financials. Within days, credit rating agencies downgraded Homeplus, citing its worsening balance sheet and dwindling cash reserves. On the heels of the downgrade, Homeplus entered into court receivership, a form of corporate rehabilitation that skirts a bankruptcy filing but confirms financial
“The Homeplus case is significant because it involves a consumer-facing, labor-intensive business,” said Munseob Lee, director of the KoreaPacific Program at the University of California San Diego. “Which puts Michael Kim and MBK Partners in the public spotlight in a way previous B2B or financial deals did not.’’ In 2015, MBKP made headlines when it led a group that bought Homeplus from Tesco PLC in a deal valued at around $6 billion at the time, marking the largest leveraged buyout in Asia until then. The consortium included Canada Pension Plan Investment Board and Singapore stateowned investor Temasek Holdings. The deal was framed as a bold move by MBKP, betting on Korea’s consumption economy and the supermarket chain’s potential for revival. But even at the time, the acquisition raised eyebrows. Labor unions and civil society groups accused MBKP of planning mass layoffs to boost profits, and protests erupted.
“Homeplus,” A8
Pope Leo XIV declares ‘I am Roman!’ as he officially takes up role as Bishop of Rome during Holy Year ceremonies
By Nicole Winfield
RThe Associated Press
OME—Pope Leo XIV declared himself a Roman on Sunday as he completed the final ceremonial steps cementing his role as the bishop of Rome.
The first American pope formally took possession of the St. John Lateran Basilica, which is Rome’s cathedral and seat of the diocese, with an evening Mass attended by Roman priests and faithful. He then took the popemobile for a visit to St. Mary Major, where he prayed before Pope Francis’ tomb and an icon of the Virgin Mary
distress, while the firm tries to shore up its finances.
S outh Korea’s Financial Supervisory Service (FSS) launched an investigation in March. By April, the case had been escalated to the prosecutors’ office, prompting an emergency government briefing to reassure investors.
Prosecutors searched the homes and offices of several MBKP and Homeplus executives, including Kim’s, seizing documents and digital devices.
T he Seoul Central District Prosecutor’s Office told Bloomberg that an investigation of fraudulent bond sales was in progress, without saying who or what might be the target of their investigation. “If charges are confirmed, an indictment will be made, if not, the investigation will be dismissed,” a spokesperson said.
beloved to many Roman faithful. In his homily, Leo said he wanted to listen to them “in order to learn, understand and decide things together.”
One of the many titles that Leo assumed when he was elected May 8 was bishop of Rome. Given his responsibilities running the 1.4-billion strong universal Catholic Church, popes delegate the dayto-day governance of running of the diocese of Roman to a vicar.
Sunday’s ceremonies at the St. John Lateran and a stop at St. Mary Major basilicas follow Leo’s visit last week to the St. Paul Outside the Walls Basilica. Together
A spok esperson for MBKP denied any wrongdoing. “The allegations made by the FSS are completely not true,” Seikyu Hong, the firm’s head of communications, told Bloomberg. “Homeplus and MBK Partners did not anticipate the downgrade of Homeplus’s credit rating, nor did they make any prior preparations for rehabilitation proceedings.”
“The core issue ultimately comes down to whether MBKP decided to file for Homeplus’s court receivership before issuing the assetbacked commercial paper (ABCP),” Sanghyun Park, an analyst at Clepsydra Capital, said, adding it was the only part that could be subject to legal scrutiny.
“Michael Kim’s image as a disruptor of the traditional system in Korea is now at risk,” said Lee, who is an associate professor at the University of California San Diego. “And the Homeplus case comes with huge risk factor for private equity in general. Especially because for PE business in Korea, reputation matters.”
For Kim, the events are a dramatic reversal. Born in South Korea and educated at Harvard University, he founded MBKP in 2005 after a successful career at Carlyle Group. Over two decades, he built MBKP into one of Asia’s largest homegrown private equity funds, winning deals across China, Japan, and Korea.
Based in Seoul but often traveling between Hong Kong and the US, he has maintained a low profile since the launch of the investigation. Meanwhile South Korea’s government, aiming to stave off a wider crisis of confidence, has signaled it may tighten oversight of private equity activity.
H omeplus, for many Koreans, is a
familiar name with affordable stores in neighborhoods across the country. Its struggles are seen not just as a corporate failure, but as a reflection of what can go wrong when global capital meets local consumer infrastructure.
“The corporate rehabilitation of Homeplus debacle is a big deal,” said Douglas Kim, analyst at Douglas Research Advisory. “Many investors—including hundreds of local investors in Korea—could lose significant amounts of money on their investments in corporate bonds and commercial paper of Homeplus.”
As financial pressures mount, the human toll is playing out just steps from MBKP’s front door. Ahn Soo-yong, head of the Homeplus labor union, has been on hunger strike since early May to protest what she calls MBKP’s mismanagement. Camped outside the firm’s Seoul headquarters with a dozen fellow protesters, she holds daily demonstrations.
“They haven’t hired to fill the gaps in the workforce despite the shortage of people due to reasons including retirement or sick leave,” she said in an interview.
For its part, Homeplus said that unlike its rivals, it hasn’t restructured despite falling sales. Its job losses reflect the broader shift to online shopping—and are the smallest among Korea’s top three discount chains, it said.
Last year, MBKP waded into one of Korea’s most contentious corporate battles, taking on the powerful family behind Korea Zinc Co., the world’s top producer of refined zinc. Partnering with majority shareholder Young Poong Corp., MBKP spent about $660 million in a takeover bid that lifted their combined stake to about 40%.
T he firm sought a board seat to push for better corporate governance—a goal Korea Zinc dismissed as “absurd.” At a heated shareholder meeting in March, Chairman Yun B. Choi r etained control after a lastminute maneuver blocked Young Poong from voting its shares. The standoff has since cooled, but MBKP and Young Poong say they’re weighing their next move.
Now that deal, too, could be at risk, according to Kim, the analyst at Douglas Research Advisory. The issues with MBKP’s troubled Homeplus investment, one of its largest ever, could shake investor confidence in its ability to manage Korea Zinc, he said. Still, some remain optimistic. “From the viewpoint of MBKP’s LPs, the fact that the firm chose court receivership as an exit option—rather than just staying indefinitely with a struggling portfolio company—might be seen as a bold and even positive move,” said Park of Clepsydra. With assistance from Denny Thomas/Bloomberg
with St. Peter’s Basilica in the Vatican, the four papal basilicas are the most important basilicas in the West.
Rome’s Mayor Roberto Gualtieri welcomed Leo first at the steps to City Hall, noting that his May 8 election fell during a Holy Year, an event occurring every 25 years to invite pilgrims to Rome. The city underwent two years of traffic-clogging public works projects to prepare and expects to welcome upward of 30 million people in 2025.
Leo said he felt the “serious but passionate responsibility” to serve all Romans during the Holy Year and beyond.
Wearing his formal red papal cape and brocaded stole, Leo recalled the words he had uttered from the loggia of St. Peter’s Basilica on the night of his election. The Augustinian pope quoted St. Augustine in saying: “With you I am Christian, and for you, bishop.”
“By special title, today I can say that for you and with you I am Roman!” Leo said. The former Robert Prevost succeeded Pope Francis, the first Latin American pope. Francis died April 21 and is buried at St. Mary Major, near the icon of the Madonna known as the Salus Populi Romani.
Tens of thousands flock to see Spanish saint’s remains more than 440 years after her death
By Suman Naishadham & Alicia Leon
The Associated Press
ALBA DE TORMES, Spain—They lined up to see her, silent and wonderstruck: Inside an open silver coffin was Saint Teresa of Ávila, more than 440 years after her death.
Catholic worshippers have been flocking to Alba de Tormes, a town ringed by rolling pastures in western Spain where the remains of the Spanish saint, mystic and 16th-century religious reformer were on display this month.
“It gave me a feeling of fulfillment, of joy, and of sadness,” said Guiomar Sánchez, who traveled from Madrid with her two daughters on Sunday, the last full day of the exhibit.
Inspired by her mother’s belief in the Carmelite nun, Sánchez praised the mystic’s writings as being ahead of her time. Sánchez said she also came in part to honor her mother.
“Seeing her was an inexplicable experience,” Sánchez added.
On Monday morning, the coffin of the saint who died in 1582 was resealed and
carried through the town streets, with pilgrims following the procession. It is unclear how many years—or decades—will pass before the church once again makes St. Teresa’s remains visible to the public.
Teresa was last displayed in 1914, when devotees had a single day to see the saint. This time, the display drew almost 100,000 visitors over two weeks, said Miguel Ángel González, the prior of the Discalced Carmelites of Salamanca. The coffin that holds the saint’s remains is barely 1.3 meters (4 feet) long. What is visible is a skull dressed in a habit with vestments covering other parts of the body, not all of which is intact. The saint’s heart is kept in another part of the church, officials said. Other body parts are kept as relics—fingers, a hand and a jaw—in churches across Europe. Teresa is a towering figure from Spain’s Golden Age and 16th-century CounterReformation. Her explorations of the inner life and meditations on her relationship with God were controversial, yet they have been held up over the centuries as
POPE Leo XIV appears at the central balcony of the Arch Basilica of St. John Lateran after presiding over a Mass and takes possession of the Roman Cathedra, formalizing his role as Bishop of Rome, in Rome, Sunday, May 25, 2025. AP/ANDREW MEDICHINI
See “Saint,” A9
Debt-stricken Sri Lanka and New Zealand discuss ways to deepen bilateral trade and investment ties
By Bharatha Mallawarachi
The Associated Press
COLOMBO, Sri Lanka—Debt-
stricken Sri Lanka hosted one of New Zealand’s top ministers to discuss ways to deepen bilateral ties in areas such as trade, tourism and agriculture.
Winston Peters, New Zealand’s deputy prime minister and foreign affairs minister, met Sri Lanka Foreign Affairs Minister Vijitha Herath in the capital Colombo on Monday. The five-day visit by Peters is scheduled to continue until Wednesday
The visit comes as Sri Lanka struggles to emerge from its worst economic crisis, which began in the Indian Ocean island-nation three years ago.
The countries have improved relations in recent years, establishing a New Zealand embassy in Colombo in 2021 and a Sri Lankan embassy in Wellington this year.
The discussion Monday focused on advancing ties in trade, investment, agriculture, education and tourism, Herath said.
“We also explored expanding trade links in high-potential sectors such as diary, processed food, fresh produce and discussed improving market access for Sri Lankan products,” Herath told reporters.
He commended New Zealand’s support in developing Sri Lanka’s dairy industry, saying it had a “transformational impact on rural livelihood.”
Sri Lanka has embarked on an effort to expand and modernize its domestic diary industry in recent years, but still produces only about 40% of the country’s demand for milk and dairy products, while the balance is imported.
New Zealand is a key supplier
of those dairy products, especially milk powder. In 2024, New Zealand exported $335 million in goods to Sri Lanka, with dairy products forming the bulk.
Trade balance between the nations favors New Zealand, which in 2024 imported goods worth $64 million from Sri Lanka including tea, coffee, apparel and rubber products.
The discussion included reducing red tape at the border and how to “increase Sri Lanka’s market access capabilities,” Peters said.
“We discussed the growing number of New Zealand companies working with and investing in Sri Lanka or looking to work with Sri Lankan partners,” said Peters, adding that those collaborations will benefit Sri Lanka’s tourism, agriculture and healthcare sectors.
Sri Lanka declared bankruptcy in April 2022 with more than $83 billion in debt, more than half to foreign creditors. It sought the help of the International Monetary Fund, which approved a $2.9 billion, four-year bailout package in 2023 under which Sri Lanka was required to restructure its debt.
In September last year, Sri Lanka said it had concluded the debt restructuring process after reaching agreements with bilateral and multilateral creditors and private bondholders. Sri Lanka is seeking to obtain $17 billion in debt service relief.
Sri Lanka’s crisis was largely the result of economic mismanagement combined with fallout from the Covid-19 pandemic, along with 2019 terrorism attacks that devastated its important tourism industry. The pandemic also disrupted the flow of remittances from Sri Lankans working abroad.
a “profound treatise on spirituality,” said José Calvo, a professor of theology at the Pontifical University of Salamanca who specializes in Medieval history.
France’s Macron on a visit to Vietnam urges for greater cooperation in defense and trade
By Aniruddha Ghosal The Associated Press
HANOI,
Vietnam—French
President Emmanuel Macron called on Monday for closer cooperation between Vietnam and France in an increasingly unstable global landscape as he visited Hanoi as part of a Southeast Asia tour focused on strengthening regional ties.
Macron emphasized the need for “an order based on law” at a time of “both great imbalance and a return to power-driven rhetoric and intimidation.” He next heads to Indonesia and Singapore.
The visit comes amid trade tensions, with the US threatening steep tariffs on goods from Europe. Vietnamese imports to the United States were hit with 46% tariffs—among the highest rates applied to any country—in April.
Macron signed more than a dozen agreements on defense, nuclear power and trade, including one with the Vietnamese budget air -
line company VietJet and Airbus to buy 20 A330-900 planes. He paid tribute at a Hanoi war memorial to those who fought the French colonial rulers and met with his counterpart Luong Cuong, as well as Communist Party general secretary To Lam.
Macron also visited the 11th century Temple of Literature in the heart of the Vietnamese capital.
France and Vietnam’s “sovereignty partnership” could be the central axis of France’s approach in the Indo-Pacific, Macron said.
France has demonstrated its
“desire to defend international maritime law” when it deployed the French carrier strike group in the South China Sea in early 2025, Macron said.
China and Vietnam have long had a maritime agreement governing the Gulf of Tonkin, but have been locked in competing claims in the South China Sea over the Spratly and Paracel Islands and maritime areas.
Macron said France would also support Vietnam in key sectors, including critical minerals, highspeed rail, civil nuclear energy and aerospace, and focus on partnering with the Asian nation to help it transition away from dirty coal power while adding new capacity in renewable energy and civil nuclear power. This is Macron’s first trip to Vietnam since he took office in 2017. France and Vietnam share a comprehensive strategic partnership, Vietnam’s highest diplomatic status, also held with Russia, China, and the US.
Taiwan hosts Guam governor amid rising China tensions: A strategic diplomatic visit
AIPEI, Taiwan—Taiwan
Tthis week is hosting the governor of Guam, the US Pacific territory that would almost certainly be a key player in any Chinese military moves against Taiwan.
Lourdes A. Leon Guerrero is making her first trip to the selfgoverning island democracy since taking office in 2019. In that time China has significantly boosted its threat to invade Taiwan with new ships, missiles and warplanes. Military planners usually include Guam in their war gaming due to the large number of US troops and hardware it hosts.
Though Taiwan and the US have no military treaties or even diplomatic ties, Washington is expected to respond to any Chinese attack and use Guam as a staging point for many of those operations. The island hosts about 9,700 members of all main branches of the US military.
Guam is located east of the Philippines, about 4,750 kilometers (3,000 miles) from the Chinese mainland, putting it within range of Chinese ballistic
Many have worshipped her. Former Spanish dictator Gen. Francisco Franco is believed to have kept a relic of the saint’s hand next to his bed. Last September, the newly elected Pope Leo XIV visited the saint’s birthplace in Avila, an hour’s drive from Alba de Tormes. Teresa’s remains have also spawned memes online about the macabre nature of crowding around her centuries-old skull. In Alba de Tormes, church officials and experts downplayed such reactions, saying the display was nothing out of the ordinary for how Catholics have revered their saints for centuries.
“It was just something people always did when they thought somebody might be a saint,” said Cathleen Medwick, who wrote the book “Teresa of Avila, The Progress of a Soul.”
“And the fact that her body hadn’t decayed very much was also considered a sign of her sanctity,” Medwick added.
Some worshippers this month were visibly moved. On Sunday, a group of nuns from India wiped away tears as they stood
missiles, including those fired from submarines. Previous crises involving China and the US over Taiwan, which China claims as its own territory, have sparked minor panics on Guam, with many people wondering whether the island would become a target for Chinese missiles.
Guam has been an important military outpost since World War II, dominated by Andersen Air Force Base and its many outlying installations. There also is a robust naval and marine presence with about 30% of the territory’s land occupied by US military installations.
Guerrero arrived in Taiwan on Sunday and is due to stay through Saturday. She is scheduled to meet with President Lai Ching-te and Foreign Minister Lin Chia-lung, visit the Ministry of Transportation and Communications and meet with several local mayors, the Ministry of Foreign Affairs said.
Tourism, health care and fisheries also will be on her agenda, according to the Foreign Ministry.
Residents of Guam are US citi
by the side of the coffin and looked at the saint’s remains behind a glass case.
Gregoria Martín López, 75, climbed to an elevated part of the church behind the altar, hoping to get a better view from above of the diminutive saint’s skull.
“The saint for me is a thing of great strength. If they close her, I can say that saw her,” Martín said and with tears in her eyes, blew a kiss down to Teresa’s relic as organ music filled the space.
FRENCH President Emmanuel Macron, right, attends a luncheon with Vietnam’s Communist Party General Secretary To Lam at Van Mieu, in Hanoi, Vietnam, Monday May 26, 2025. CHALINEE THIRASUPA/POOL VIA AP
WINSTON PETERS, New Zealand’s Deputy Prime Minister and Foreign Affairs Minister, left, shakes hands with Sri Lanka Foreign Affairs Minister Vijitha Herath in Colombo, Sri Lanka, Monday, May 26, 2025. AP
Urgent action needed to address healthcare workforce shortages
THE country’s ambitious pursuit of Universal Health Care (UHC), enshrined in law in 2019, faces a grim reality: a healthcare workforce ill-equipped and insufficient to meet the demands of a truly accessible and equitable system. A recent study by Ateneo de Manila University throws into sharp relief the systemic shortcomings that are undermining the nation’s UHC goals. While the vision of affordable, quality healthcare for all Filipinos remains a worthy aspiration, the path to achieving it is riddled with challenges that demand urgent and comprehensive action. (Read the BusinessMirror story: “Chronic workforce woes stall UHC rollout—study,” May 24, 2025).
The study’s findings are deeply concerning. Despite producing a seemingly adequate number of doctors and nurses, the medical education system remains focused on hospital-based care, neglecting the crucial principles of public health and community-based medicine that form the bedrock of UHC. This disconnect leaves graduates ill-prepared to effectively serve in the very communities where their expertise is most needed. The lack of robust onboarding programs further exacerbates this gap, leaving newly minted healthcare professionals struggling to navigate the complexities of a UHC-oriented system.
The Covid-19 pandemic, as the study notes, exposed pre-existing weaknesses in the health system, but the workforce issues highlighted are not new. The lure of better pay and opportunities abroad continues to drain the country of its skilled healthcare professionals, exacerbating existing shortages. The World Health Organization’s data paints a grim picture, revealing a physician-to-population ratio significantly below the ideal, and a nursing shortage that stretches into the hundreds of thousands, particularly impacting private hospitals.
For those who remain, structural constraints within the public sector further compound the problem. Overburdened and under-resourced, nurses are often forced to juggle multiple roles to meet staffing standards, stretching their capacity to the breaking point. This not only compromises the quality of care but also contributes to burnout and further attrition.
The Ateneo study offers a roadmap for addressing these critical workforce challenges. The recommendations, ranging from curriculum reform and educational incentives to revisions of the Local Government Code and fairer labor agreements, are comprehensive and well-reasoned. The call for better coordination between schools and health facilities, along with broader access to specialist training in underserved areas, is particularly crucial. Moreover, mandatory UHC training for all health workers is essential to ensure a shared understanding and commitment to the principles of universal healthcare.
As World Bank Senior Economist Wei Han pointed out last year, the policies are largely in place. The real challenge lies in effective implementation and robust monitoring. The Philippines must move beyond policy pronouncements and translate these recommendations into concrete actions on the ground. This requires a concerted effort from government agencies, educational institutions, and healthcare providers, all working in tandem to create a supportive and sustainable environment for healthcare professionals.
The vision of UHC in the country is achievable, but it demands a significant change in priorities and a long-term commitment to investing in and empowering the healthcare workforce. Without addressing the systemic issues that plague the sector, the Philippines risks falling further behind in its quest to provide affordable, quality healthcare for all its citizens.
Opinion
China’s dam problem
CDennis D. Estopace
Angel R. Calso, Dionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan
John Mangun
OUTSIDE THE BOX
HINA’S dam empire is crumbling—literally and figuratively.
In 1949, the People’s Republic had a handful of major dams. By 2025, Water Resources Minister Li Guoying boasted of nearly 95,000 dams. But here is the kicker: that number is down several thousand since 2020. Why the decrease? Are floods washing them away, or is Beijing sweeping failures under the rug? Old Chinese saying perhaps: “The truth is murkier than the Yangtze.”
China dominates the global dam game, owning nearly half the worldwide total. Yet, new builds—likely under 100—cannot mask the decline. Most of these dams, built before 1979, many pre-1969, are aging relics, creaking under time’s weight. Designed to tame floods, power cities, and irrigate fields, they are failing spectacularly. Floods rage, collapses pile up, and the hype of China’s dam-driven progress feels more like hollow propaganda than a working system.
Just how bad is the dam problem? The numbers are brutal. Since 1954, open-source data from Chinese hydrology specialists says 3,558 dams have collapsed—about 52 a year. That is a failure rate of 5.3 per 10,000,
five times the global standard. The 1975 Huaihe River disaster during Typhoon Nina killed thousands in a cascading collapse, history’s worst dam failure. In 1993, Gouhou dams on the Tibetan Plateau crumbled, claiming 320 lives. A 2010 massive mudslide in Gannan Tibetan Prefecture, linked to dam reservoirs, killed 1,557.
These are not accidents; they are systemic flops. When Li Guoying admitted the dam count drop at the 2025 National People’s Congress, it was a rare truth bomb from a government that thrives on secrets.
These dams fail at a rate that shames global standards. Why do they fail? Shoddy construction is a start. Many dams rely on cheap
China dominates the global dam game, owning nearly half the worldwide total. Yet, new builds—likely under 100—cannot mask the decline. Most of these dams, built before 1979, many pre-1969, are aging relics, creaking under time’s weight. Designed to tame floods, power cities, and irrigate fields, they are failing spectacularly.
directional blasting, piling dirt and rocks that dissolve in floods. A 2017 official admitted as much. Worse, a 2021 report revealed old dams often skip safety checks, practically daring disaster.
China boasts of massive dams, with six of the world’s eleven tallest dams. In 2024, a rare Xi Jinping-backed directive slammed sky-high, sloppy dams. But many perch on the Tibetan Plateau, a dicey spot for quakes and landslides, ready to unleash fresh-water tsunamis. The area is prone to frequent geological disasters such as earthquakes, landslides, rockfalls, and mudslides, posing major safety concerns.
Yet China keeps building, like the $137-billion Motuo super-dam, approved in 2024, sitting in a particularly seismic hotspot, threatening India and Bangladesh downstream.
Still, why the drop in the overall count? That drop of several thousand dams since 2020 raises serious questions. A 2021 report said China was considering decommissioning small, useless dams—some in dead riverbeds, others barely generating power. Recent floods, like the 2020 Guangxi collapse, hit hard, fueled by heavy rains. The 2020 Shazixi crisis went unreported locally, proving censorship clouds the truth. Shaky dams in quake-prone spots are disasters waiting to strike. Public safety is on a tightrope, and Beijing is not telling the whole story. Decommissioning obsolete and useless dams makes sense. But unreported failures and seismic risks in places like the Tibetan Plateau keep the public in the dark. Mix a tangled mess of ambition, old wrecks, and Mother Nature’s fury form a toxic mix. Xi Jinping’s rare 2024 directive slamming “skyhigh, sloppy dams” was a fleeting moment of candor. But the dam obsession continues. Decommissioning makes sense, but unreported collapses and seismic risks scream trouble. China’s dam gamble is a house of cards— when it falls, the people pay the price.
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.
Europe’s shipping bottlenecks expected to persist into July
By Brendan Murray
PORT congestion is worsening at key gateways in northern Europe and other hubs, according to a new report which suggests trade wars could spread maritime disruptions to Asia and the US and push up shipping rates.
Waiting times for berth space jumped 77 percent in Bremerhaven, Germany, between late March and mid-May, according to the report Friday from Drewry, a maritime consultancy in London. The delays rose 37 percent in Antwerp and 49 percent in Hamburg over the same stretch, with Rotterdam and the UK’s Felixstowe also showing longer waits.
Labor shortages and low water levels on the Rhine River are the main culprits, hindering barge traffic to and from inland locations. Compounding the constraints is US President Donald Trump’s temporary rollback on 145 percent tariffs on Chinese imports, which has pulled forward shipping demand between the world’s largest economies.
“Port delays are stretching transit times, disrupting inventory planning and pushing shippers to carry extra stock,” Drewry said. “Adding to the pressure, the transpacific eastbound trade is showing signs of an early peak season, fueled by a 90-day pause in US–China tariffs, set to expire on August 14.”
Similar patterns are emerging in Shenzhen, China, as well as Los Angeles and New York, “where the number of container ships awaiting berth has been increasing since” late-April, it said. Rolf Habben Jansen, chief executive officer of Hamburg-based Hapag-Lloyd AG, said on a webinar last week that, although he’s seen recent signs of improvement at European ports, he expects it will take “another six to eight weeks before we have that under control.”
Still, Torsten Slok, Apollo Management’s chief economist, pointed out in a note on Sunday that the USChina tariff truce reached almost two weeks ago hasn’t yet unleashed a surge in ships across the Pacific.
“This raises the question: Are 30 percent tariffs on China still too high? Or are US companies simply waiting to see if tariffs will drop further before ramping up shipments?” Slok wrote.
EU-US dispute
US tariffs—combined with sudden threats and truces—make it difficult
Waiting times for berth space jumped 77 percent in Bremerhaven, Germany, between late March and mid-May, according to the report Friday from Drewry, a maritime consultancy in London.
for importers and exporters to calibrate their orders, causing unseasonal swings in demand. For shipping lines, those translate into delays and higher costs requiring freight rate hikes. The latest blow to visibility came Friday, when Trump threatened to hit the European Union with a 50 percent tariff on June 1, a move that could roil transatlantic trade.
“The additional policy uncertainty will be a deadweight cost to global activity by adding risks to decisions on expenditures,” Oxford Economics said in a research note on Saturday. Germany, Ireland, Italy, Belgium and the Netherlands are the most vulnerable given their ratios of US exports to GDP, it said.
Bloomberg Economics said in a research note Friday that “additional tariffs of 50 percent would likely reduce EU exports to the US for all products facing reciprocal duties to near zero—cutting total EU exports to the US by more than half.”
Mounting uncertainty about whether Trump would follow through on such a big trade threat or postpone
it like he did with China is adding to shipping pressures.
Carriers including MSC Mediterranean Shipping Co., the world’s largest container line, had already announced general rate increases and peak season surcharges, starting in June, for cargo from Asia.
In the weeks ahead, those are likely to boost spot rates for seaborne freight, the cost of which is still underpinned by geopolitical turmoil. Cargo ships are still largely avoiding the Red Sea, where Yemen-based Houthis started attacking vessels in late 2023, and sailing around southern Africa to ferry goods on routes that connect Asia, Europe and the US.
Avoiding ‘massive congestion’ ON the webinar, Habben Jansen said it’s still not safe to traverse the Red Sea and indicated that any eventual restoration of regular journeys through the Suez Canal would have to be gradual, perhaps taking several months, to avoid flooding ports with vessel traffic.
“If we would from one day to another shift those ships back through Suez, we would create massive congestion in many of the ports,” Habben Jansen said. “So our approach would be that if we can do it, that we do it over a longer period of time so that the ports do not collapse, because that’s in nobody’s interest.” Bloomberg
Romania’s new math whiz president faces tough budget arithmetic
By Irina Vilcu & Andra Timu
THE ballot numbers added up for Romania’s Nicusor Dan, the one-time math prodigy who defeated a formidable far-right challenger to win the Black Sea nation’s presidency this month.
But Dan, the Bucharest mayor who will be sworn in as the country’s head of state on Monday, will confront a wholly different set of numbers as he seeks to narrow what has become the European Union’s widest budget deficit.
The election triumph capped six months of political upheaval in Romania, which has been buffeted by a surge in support for the far right. The highest turnout in a quarter of a century in the May 18 runoff showed that many voters were unsettled by the risk of scrapping decades of European integration, lifting Dan into the top job.
The 55-year-old former activist, who achieved teenage fame in the 1980s by winning gold twice at the International Mathematical Olympiad with perfect scores, now has his work cut out for him. Dan has met almost daily with Finance Ministry officials since his win. His crash course in Romania’s budget minutiae has involved him pressing officials with questions for hours, indicating a data-driven approach to fiscal policy, according people familiar with the exchanges who asked not to be named discussing private talks.
“It’s a major responsibility,” he said on election night, pointing to the fiscal fallout as the issue that would make him nervous as the new head of state.
A new government
THE challenge will be to accede to EU demands and win back investor confidence while maintaining economic stability, ultimately preventing social divisions that fueled support for extremist candidates. One of Dan’s first steps was to acknowledge that Romania will miss a target to narrow the deficit to 7 percent of economic output this year.
The Romanian president’s powers are limited, but Dan, who will represent the country at NATO and EU summits, has the power to appoint the prime minister. He said he’ll hold talks on Tuesday with pro-European parties in parliament to help set up a governing majority to succeed the interim government, a necessary step for tackling the budget.
Dan has said he favors thorough coalition negotiations that would lay out concrete fiscal measures as a way to prevent infighting at a later state. That could break a cycle of fragile coalition majorities that have dominated Romania’s postcommunist history.
Any deviation from Romania’s current commitments would need to be approved by the European Commission, the EU’s executive arm. Brussels is already scrutinizing the country’s failure to present a clear plan for narrowing the deficit over the next seven years.
The commission is expected to call out the Balkan nation in a review due June 4, with potential sanctions under discussion, according to a person familiar with the deliberations. Romanian officials have signaled that they’re getting the message.
“At this stage, Romania needs to respect its commitments for a fiscal reform before asking the commission to renegotiate the deficit reduction path,” EU Funds Minister Marcel Bolos said in Bucharest. “It would be extremely un-serious to request that revision without first making the necessary move toward implementing the fiscal reform.”
Opinion
Celebrating excellence: 40 years of commitment and leadership at Fortune Life Insurance Company
Speech delivered by Insurance Commissioner Reynaldo Regalado at the Fortune Life Insurance Company’s 40th Annual Awards on May 21, 2025 at Makati Diamond Residences
Ladies and gentlemen, esteemed guests, and distinguished colleagues. Good evening!
The challenge will be to accede to EU demands and win back investor confidence while maintaining economic stability, ultimately preventing social divisions that fueled support for extremist candidates. One of Dan’s first steps was to acknowledge that Romania will miss a target to narrow the deficit to 7 percent of economic output this year.
Investors cheered the election result, and piled back into Romanian bonds after dumping them following the first round. But with 10-year yields stuck at around 7.5 percent, the country still pays the highest borrowing costs in the EU and any major funding relief depends on a credible plan to fix state finances.
Dan has demonstrated that he shouldn’t be underestimated. His victory with 54 percent of the vote over far-right party leader George Simion came as a surprise to many after Simion secured a resounding win in the first round of the presidential ballot on May 4. The margin was enough for Simion— who had made unsubstantiated claims of large-scale voting irregularities—to concede early the following day.
On Sunday, Dan was in Poland to stump for Warsaw Mayor Rafal Trzaskowski, who polls show is in a tight race with nationalist candidate Karol Nawrocki ahead of a runoff there on June 1. “Last week Romania, won, Poland is going to win next week,” the Romanian told a crowd in Polish.
Despite a toned-down presence compared with the charismatic bombast of his opponent Simion, Dan projected an image of a levelheaded leader, warning that a victory for the far right would isolate Romania in a dangerous world. He campaigned on a pledge to champion institutional reform, battle corruption and remain a steadfast EU and NATO member.
As Bucharest mayor, Dan oversaw the replacement of 300 kilometers (186 miles) of heating pipes—almost a third of the total in the city of 1.7 million and more than any recent city chief.
Relative calm
THE new president will at least be able to take advantage of a measure of calm that’s settled. This month’s election was a repeat of a ballot held last year, in which a fringe nationalist, Calin Georgescu, stunned the establishment with a first-round victory. In an interview earlier this year, Dan called the moment a “change of paradigm for all of us.”
Georgescu’s sudden emergence prompted charges of interference from Russia and the high court’s annulment of the vote before the second round, triggering waves of protest, particularly from the far right. Simion’s ultranationalist Alliance for the Unity of Romanians will remain a challenge to Dan in parliament, as the body’s secondbiggest party.
Dan has signaled that his leadership will be a break from the drama. Asked about a rainbow that appeared over Bucharest on the evening of the election— a much-repeated meme on social media taken as a prophetic symbol—the mathematician responded dryly.
“It’s an atmospheric phenomenon, let’s not read too much into it,” Dan said. With assistance from Peter Laca/Bloomberg
IT is both an honor and a pleasure to join you tonight in celebrating the 40th Annual Awards Night of Fortune Life Insurance Company. My warmest greetings and heartfelt congratulations to Fortune Life for successfully hosting this prestigious event. This occasion is not only a celebration of achievements but also a reflection of the values and dedication that Fortune Life embodies.
I would also like to extend my sincerest congratulations to Mr. D. Arnold Cabangon, President and CEO of Fortune Life. Your leadership and vision have been instrumental in guiding this company to new heights.
Tonight, we gather to honor and recognize the outstanding financial advisors, sales team, and officers for their hard work, resilience, and commitment to excellence. Your efforts contribute to the success of this company and have profoundly impacted the lives of countless individuals and families across the Philippines.
Keep in mind that insurance is not merely a product but a promise of security and peace of mind. In an ever-changing economic landscape, the insurance sector stands as a pillar of financial protection and stability for families and businesses alike.
Insurance empowers individuals to secure their future and foster a culture of preparedness and resilience. By providing comprehensive and reliable insurance products, we ensure that families can navigate life’s uncertainties with confidence, knowing they have a safety net in place.
Looking ahead, I could say that the future of the insurance industry is both promising and challenging. Emerging technologies are reshaping our industry, presenting us with opportunities to reach wider audience and educate more individuals about the importance of insurance. By harnessing these technologies, we can tap the uninsured population and close the protection gap, ultimately increasing the insurance penetration rate in our country. However, we must remain vigilant. The rise of
technology also brings threats such as online attacks and cybercrime. It is crucial that we implement robust cybersecurity measures to protect sensitive data and prevent fraudulent activities. Our commitment to safeguarding the interests of our clients must remain steadfast as we embrace digital transformation. On the same note, the Insurance Commission is dedicated to creating an environment where the insurance industry can thrive. We support companies like Fortune Life in upholding high standards of service, integrity, and innovation. Together, we must continue to promote financial literacy and strive to make insurance
accessible to all, especially the underserved communities that need our support the most. To all the awardees, may this recognition serve as a source of inspiration for you to excel further in your profession. Your dedication and passion are vital to the progress of our industry and the well-being of our nation. Thank you for your unwavering commitment and for being a source of hope for many. Let us continue to work together to elevate our industry and serve our communities with excellence.
Once again, congratulations to Fortune Life Insurance Company and to all our esteemed awardees!
US risks losing ‘reliable investment’ status
By Alastair Marsh
INSIDE one of Europe’s biggest asset managers, there’s growing concern that Republican efforts to gut legislation supporting key industries such as clean energy may result in the US losing its status as a destination for investor capital.
“For investors, the message is clear: The US may no longer offer the reliable investment runway it did just months ago,” said Alex Bibani, a London-based senior portfolio manager at Allianz Global Investors, which oversees some $650 billion in assets.
The decision by House Republicans to pass a tax bill that would do away with many of the incentives contained in the 2022 Inflation Reduction Act threatens to upend investment strategies premised on the clean energy-transition. Even if the Senate votes to block some of the House proposals, European asset managers still have to contend with a new level of uncertainty and volatility that may ultimately force them to turn elsewhere, Bibani said.
“Project economics, supply-chain commitments, and capital flows may now pivot toward more stable jurisdictions like Canada or the EU, unless clarity is quickly restored,” he said. It’s the latest wedge dividing Europe, where emissions reductions are anchored in law, and the US, where the Trump administration has mounted a full-throated attack on net zero policies. The bill agreed by House Republicans is even “worse than feared” for investors committed to energy transition strategies, according to equity analysts at Jefferies.
If passed by the Senate, a repeal of the IRA “would mark a sharp reversal in US clean-tech policy,” Bibani said. That would inject “significant regulatory and political risk into the
market, undermining the policy certainty and financial predictability that made the US the world’s leading destination for clean tech capital post-IRA.”
The S&P 500 Index fell last week, while the yield on 30-year US Treasuries rose as high as 5.1 percent as markets digested news of the Republican bill, amid estimates it will add trillions of dollars to the deficit. President Donald Trump then ended the week by injecting further uncertainty into markets as he escalated the tariff war with the European Union, even declaring he’s “not looking for a deal.” The dollar fell. US hostility toward energy-transition policies has already sent a chill through European investing circles, where such strategies are a major driver of flows. Amundi SA, Europe’s largest asset manager, said last month it was seeing evidence that clients had “massively repositioned” to avoid the US market, amid concerns over everything from a lack of stewardship to a degradation of key
climate policies. UBS Group AG also said it was aware of sizeable flows out of US equity exchange-traded funds. Tyler Christie, who previously invested in climate and the energy transition at BlackRock Inc. as part of its Decarbonization Partners venture with Temasek Holdings Pte, said the concern now is that “extreme volatility in US policy is creating uncertainty that’s rippling through the financial system.” At the same time, “European policy is arguably more aligned and predictable than ever” as it tackles “existential challenges around energy, security and resources.”
The upshot is that asset managers, both in Europe and the US, “are starting to direct more capital into European projects where they can see policy is more consistent and reinforced by fundamental demand,” he said. The “sledgehammer” that House Republicans have taken to the IRA “is just one more example of the new volatility and uncertainty in US policy,” Christie said. Bloomberg
Japan seeks strategic contributions to secure tariff deal with US
By Yoshiaki Nohara
may offer financial and technical contributions ranging from investment in an Alaskan LNG pipeline project to shipbuilding expertise as it seeks to smooth the path toward a tariff deal with the US by mid-June.
Japan will tout its prowess in building ice-breakers, a growing area of need as security concerns in the Arctic region mount, while also offering to help repair US battleships that patrol the Asia-Pacific, Prime Minister Shigeru Ishiba said Sunday, as his hand-picked trade negotiator Ryosei Akazawa returned to Tokyo following a third-round of discussions with US counterparts in Washington.
Akazawa said he hopes to reach an agreement in time for a planned bilateral meeting between Ishiba and Donald Trump on the sidelines of the Group of Seven summit in Canada next month.
“There were concrete discussions on trade expansion, non-tariff measures, and economic security cooperation,”
Ishiba said Sunday regarding the latest meeting between Akazawa and his counterparts. “Progress was made in those areas. We plan to press ahead with discussions with the G-7 summit in mind.”
Ishiba’s comments reflect rising momentum in the negotiations as the US tariffs threaten to drag Japan’s economy into a technical recession ahead of a July
upper house election. Prior to Akazawa’s latest visit to Washington, Trump initiated a phone call with Ishiba pledging to meet in Canada. Akazawa is expected to visit Washington again later this week to meet Treasury Secretary Scott Bessent, who was absent from meetings last week.
Akazawa on Monday reiterated his aim to achieve a deal as a single package rather than as a series of multiple agreements. The Ishiba administration has said it won’t accept a deal that doesn’t address the 25 percent tariff on cars.
“Ultimately, what matters is whether a final agreement is reached as a package,” he said in parliament. “If only part of it is separated out and discussed domestically before the agreement is finalized, this could lead to misjudgments about the prospects for negotiations.”
The tariffs are having “a major impact on the economy,” said Akazawa, who earlier Monday met with the governor of Gunma prefecture, where Subaru Corp. makes cars that are shipped to the US. The carmaker faces a $2.5 billion tariff hit unless it takes measures to mitigate
the impact.
Still, Akazawa voiced caution over fixating on the June deadline.
“In negotiations, if one group intends to wrap it up by a certain date, they may consider making concessions and find themselves in a weak position,” he said. “We will keep certain milestones in mind, but we will negotiate without compromising our national interests.”
Japan continues to emphasize its investment contributions to the US economy as he seeks a reprieve from additional US tariffs. Local media reported that Japan may offer cooperation on an Alaska natural gas project as part of the trade talks, although the Yomiuri newspaper reported that some doubts remain about the estimated $44 billion costs of the project.
SoftBank founder Masayoshi Son has separately proposed a US-Japan sovereign wealth fund for investments in technology and infrastructure, the Financial Times reported.
Trump stunned the financial market by endorsing a partnership between United States Steel Corp. and Japan’s Nippon Steel Corp., with details remaining sketchy as to whether this would result in the takeover long sought by Nippon Steel or merely a minority share investment. Akazawa declined to comment on how a major corporate deal
might affect the tariff talks, but analysts said it might help.
“This is very, very positive news for the atmosphere of the negotiations, for the level of trust between the two sides. But it still comes down to a game of chicken over the automobiles tariffs,” Kurt Tong, a former senior US diplomat in Asia who’s now a managing partner at the Asia Group, said on Bloomberg TV Monday. The proposal for setting a timeline by the G-7 could work to Japan’s advantage in the negotiations as long as Tokyo wins some manner of reprieve on auto tariffs, among its top priorities. “There
INSURANCE Commissioner Reynaldo Regalado
Tuesday, May 27, 2025
BusinessMirror
BOC seizes ₧15.8B worth of fake goods in Divisoria
By Reine Juvierre S. Alberto @reine_alberto
THEBureau of Customs (BOC) seized about P15.8 billion worth of fake bags, clothes and accessories stored in warehouses in a commercial complex in Divisoria, a shopping hub in Tondo, Manila.
Over 1.727 million pieces of counterfeit products illegally using the trademarks of luxury brands, including Guess, Michael Kors, Coach, Louis Vuitton and Tory Burch were uncovered.
This comes after the BOC Customs Intelligence and Investigation Service—Intellectual Property Rights Division (CIIS-IPRD), together with representatives from the American clothing company Guess, revisited warehouses in a commercial complex in Divisoria on May 23.
The recent operation’s target had been on Guess’s internal watchlist and likewise had been flagged by the Intellectual Property Office of the
Philippines, according to Atty. Kristian Nico Acosta, the legal head of Guess Group.
The brand’s internal investigations also confirmed that the counterfeiters were distributing fake products through both physical stores and online platforms.
“I’ve been doing enforcement, especially with the Bureau of Customs, for more than a decade, and under the leadership of Commissioner Rubio, we saw dynamic developments, which involve the utilization of technological tools in pinpointing and tracking counterfeiters, in collaborating with brand owners, and most importantly, a simplified process in
prosecuting counterfeiters and illegal importers of counterfeit goods,” Acosta said.
Consumers were also told to avoid buying fake items, as, Acosta said, these undermine legitimate businesses and distort fair competition in the market.
“The BOC-IPRD’s efficient, techdriven processes and collaborative spirit with brand owners like Guess
show how government and private sector can work hand-in-hand to protect consumers and promote fair competition,” Acosta said.
Meanwhile, Customs Commissioner Bienvenido Y. Rubio affirmed BOC’s stance on protecting intellectual property and consumer safety.
“We are serious about our mission to keep counterfeit goods out of the
SMART CITIES MUST GROW FROM THE GROUND UP, SAYS DOST CHIEF
By Bless Aubrey Ogerio @blessogerio
CAUAYAN CITY—Rather than imposing high-tech solutions from the top down, the head of the science agency called for locally grounded innovations to shape the future of smart communities.
At the third International Smart City Exposition and Networking Engagement (iSCENE) in Cauayan City, Isabela—which is regarded as one of the country’s pioneers in “smart governance”—Department of Science and Technology (DOST) Secretary Renato Solidum Jr. underscored that communities must not be passive recipients of technology.
“What truly defines iSCENE is not simply the cutting-edge technologies on display—it is the culture of co-creation we are nurturing,” Solidum said virtually in his keynote speech.
“Here, we are not merely showcasing innovation, but actively engaging local communities as co-designers of their own futures,” he added.
Launched in 2023, iSCENE serves as a platform where DOST brings together the government, academia, industry, and international partners to collaborate on building “smart and sustainable communities” across the country.
This year’s theme, “Innovation in Action: Empowering Smart and Sustainable Communities Through Government-Academe-Industry Collaboration,” spotlights technologies that seemed theoretical, such as artificial intelligence (AI) in governance, robotics for agriculture, smart textiles and renewable energy systems for climateresilient infrastructure.
“This year’s theme serves as a reminder that the future we envision will not materialize on its own—we must build it together,” Solidum reiterated. The science secretary also acknowledged the growing number of local government units (LGUs) adopting smart governance models, some of whom trace their initial foray into innovation back to early participation in iSCENE.
At the heart of iSCENE is the Smart and Sustainable Communities Program (SSCP), a DOST initiative that guides LGUs in leveraging technology and collaboration
By Claudeth Mocon-Ciriaco
@claudethmc3
TO alleviate the anticipated heavy traffic flow during the rebuilding of Epifanio Delos Santos Avenue (Edsa) set on June 13, the Metropolitan Manila Development Authority (MMDA) in Monday announced a set of traffic mitigation measures to avoid “carmageddon.”
MMDA Chairman Romando Artes unveiled the traffic mitigating easures following the directive of President Ferdinand R. Marcos Jr. to manage traffic and implement mitigating measures during the Edsa Rebuild project, not just along the major thoroughfare but also on other identified alternate routes, including Mabuhay lanes.
Number one on the list, Artes said, is the implementation of the odd-even scheme 24/7 which is limited to Edsa only starting June 16 (dry run). Under the odd-even scheme, vehicles with license plates ending in odd numbers (1,3,5,7,9) are not allowed to use Edsa during Mondays, Wednesdays, and Fridays. Meanwhile, vehicles with license plates ending in even numbers (2,4,6,8,0) are prohibited from Edsa on Tuesdays, Thursdays, and Saturdays.
“With the enforcement of the odd-even scheme, we [expect] a 40-percent reduction of vehicles along Edsa,” said Artes in a press briefing attended also by Public Works and Highways Secretary Manuel Bonoan, and Transportation Secretary Vince Dizon, at the MMDA Communications and Command Center.
Number coding scheme
THE number coding scheme shall still be implemented on other thoroughfares in Metro Manila. Another traffic-mitigating measure is the banning of provincial buses and trucks carrying perishable goods, garbage trucks, and aviation fuel delivery trucks along Edsa.
“They are only allowed to traverse Edsa during the 10 pm to 5 am window period. From 5 am to 10 pm, they are prohibited from traversing along Edsa,” said Artes. Concerned agencies have also agreed to remove the bike lane separators along Edsa. Artes said they plan to meet with stakeholders, including cycling groups, motorcycle groups and motorcycle ride-hailing app firms to discuss possible sharing of bicycle lanes.
Also eyed are exclusive motorcycle lanes along Edsa “as riders will be prohibited from using flyovers and underpasses.”
Moreover, identified alternate routes will also be cleared of illegally parked vehicles and other obstructions.
Edsa Bus Carousel system
DIZON listed other measures to be implemented by DOTr: adding units to the Edsa Bus Carousel system to encourage more people to take public utility buses; adding more trains to MRT 3; and waiving toll fees on certain sections of the Skyway Stage 3, in coordination with the Toll Regulatory Board and San Miguel Corporation.
The two-year Edsa Rebuild, part of President Marcos Jr.’s ‘Build Better More,’ is a major infrastructure project envisioned as a long-term solution to the dilemma of pothole patching and damaged road pavements by using reinforced concrete to strengthen road integrity against high vehicular volume.
Bonoan said the concept of the Edsa Rebuild is to change the pavement into a new sturdy one.
Preparatory works for the project will begin on June 13. DPWH will employ several contractors all at the same time to hasten the project.
Repair and upgrade will be segmentized and will be done per lane with each portion expected to be completed every two months. The road works will start on the bus lane or innermost lane in both directions
By Reine Juvierre S. Alberto @reine_alberto
WHILE the pace of cash allocation disbursements and state agencies’ spending quickened as of the end of April, the cash utilization rate slightly slipped to 92 percent.
Latest data from the Department of Budget and Management (DBM) revealed that notices of cash allocation (NCAs) released rose by 16.3 percent to P1.626 trillion as of endApril from P1.398 trillion in the same period a year ago. NCAs are cash authorities issued
by the DBM to central, regional and provincial offices and operating units to cover the cash requirements of the government agencies.
About P1.493 trillion in NCAs were utilized, 14.84 percent higher compared to last year’s P1.3 trillion.
Given this, state agencies recorded a utilization rate of 92 percent, slightly lower than 93 percent in the same period last year and down from 99 percent a month ago. The NCA utilization rate reflects the efficiency of line agencies in disbursing their allocated funds and implementing their programs
and projects. A low utilization rate may indicate underspending and delays. The DBM expects spending will temporarily slow down in April due to the election ban that might impede the implementation of some programs and projects of the government. However, disbursements are seen to pick up strongly towards the end of May to June once the election ban is lifted. Data further showed that line departments were given the bulk, or 73.43 percent of the NCAs released, amounting to P1.194 trillion. This is an 18.80-percent increase from last year’s P1.005
Editor: Jennifer A. Ng
B1 Tuesday, May 27, 2025
PCC clears Nordic Aviation sale to Dubai Aerospace
By Ada Pelonia @adapelonia
THE Philippine Competition Commission (PCC) has allowed Dubai Aerospace Enterprise Ltd. (Dubai Aerospace) to acquire Nordic Aviation Capital Designated Activity Co. (Nordic Aviation) from NAC Holdings Ltd.
In its decision dated April 22, the PCC noted that the transaction would not “substantially reduce” competition in the Philippines.
Furthermore, the MAO also noted the dynamic nature of the global aircraft leasing market, which makes it “attractive” for additional players to enter.
Under the rules, the PCA stipulates that the PCC review mergers and acquisitions to ensure these deals do not substantially lessen competition in relevant markets or harm consumer welfare.
Dubai Aerospace is owned by the Investment Corporation of Dubai, the principal investment arm of the Government of Dubai.
lion for the size of transaction (SOT) starting March 1.
In a statement, the PCC said the new thresholds replaced the previous SOP of P7.8 billion and SOT of P3.2 billion, which were in effect from March 1, 2024 to February 28, 2025.
The agency added that notifications filed before March 1, 2025, ongoing mergers and acquisitions (M&As) reviews, and transactions already decided by the commission will not be affected.
PNOC seeks bidders for contract on SPUG hybridization studies
TBy Lenie Lectura @llectura
HE Philippine National Oil Co. (PNOC) is bidding out a P3.5-million contract to conduct feasibility studies for the hybridization of seven diesel power plants of the National Power Corporation-Small Power Utilities Group (NPC-SPUG).
erates 281 SPUG plants in the farthest islands and communities in the archipelago and manages the transmission systems of island provinces such as Palawan, Catanduanes, Masbate, Marinduque and Mindoro.
The PCC Mergers and Acquisitions Office (MAO) initiated a Phase 1 review of the deal last March 20. This preliminary assessment gauged whether the transaction poses competition concerns under the Philippine Competition Act (PCA) that could trigger a more in-depth Phase 2 review.
However, following the review of submissions from the merger parties and third-party feedback, the MAO concluded that Dubai Aerospace’s acquisition of Nordic Aviation is “unlikely to harm competition, due to their minimal market shares and the presence of other competitors in the industry.”
Meanwhile, Irish-based lessor Nordic Aviation is owned by NAC Holdings, a holding company backed by insurance firms, asset managers, and other financial institutions. Both companies are involved in the global dry leasing of aircraft.
Merger threshold
THE PCC raised the merger notification thresholds to P8.5 billion for the size of party (SOP) and P3.5 bil-
“As the Philippines’s antitrust authority, the PCC reviews M&As to prevent deals that could substantially lessen competition in the relevant market,” the agency said.
“Even if a transaction falls below the notification thresholds, the PCC may still initiate a review motu proprio, or on its own initiative, if it has reasonable grounds to suspect that the transaction could significantly harm competition or preliminary findings suggest it already has.”
SEC halts operations of online lenders
By VG Cabuag @villygc
THE Securities and Exchange Commission (SEC) has issued a cease-and-desist order against Hupan Lending Technology Inc. for operating an unrecorded online lending platform, Magic Peso.
In an order dated May 13, the SEC Financing and Lending Companies
AirAsia names new president
BUDGET carrier AirAsia Philippines on Monday announced a change in leadership as the airline gears up for its next phase of growth, with longtime president and general manager Ricky Isla stepping down after six years.
The company has named aviation veteran Suresh Bangah as his successor.
Isla, who steered the airline through the pandemic and its recovery, will remain onboard as chief advisor during the leadership transition. Under his tenure, the airline stabilized its operations, rebuilt passenger confidence, and carried nearly 7 million guests in 2024.
According to AirAsia Aviation Group Ltd. (AAAGL) CEO Bo Lingam, Suresh brings with him close to three decades of industry experience, having most recently served the company’s group director of flight operations. Suresh joined AirAsia in 2003 and has since held senior roles across both AirAsia X and AAAGL, including Chief Pilot and Director of Flight Operations.
“With extensive management and industry experience—particularly in upholding the gold standard in safety and operational excellence, and a deep commitment to guestcentricity and Allstar values, Captain Suresh is well placed to build on the strong foundations laid by his predecessor, Ricky Isla,” Lingam said.
Suresh said he is committed to leading the airline into a new era of sustainable and profitable growth, while working closely with the Philippine team and stakeholders. Lorenz S. Marasigan
Department directed Hupan Lending to cease and desist from operating Magic Peso and its declared OLPs, Cashme, Sukiloan, Pesopoly and Loan Tayo.
The continuous operation of Magic Peso violates the ongoing moratorium on new OLPs. The SEC views the issuance of CDO as necessary to prevent fraud, injury, or harm to the public and financial consumers who
are using Magic Peso. The commission has also cancelled the lending license of Hi-Fin Lending Inc., which operates online lending platforms, Peso Wallet and Credit Cash, for its failure to disclose WeWill Tech Corp. as one of its thirdparty service providers.
In an order, the SEC’s Financing and Lending Companies Department found that Hi-Fin Lending failed to
comply with the order dated June 8, 2023, which requires all financing and lending companies to submit a list of their third-party service provider as required under Republic Act 11765, or the Financial Products and Services Consumer Protection Act. Accordingly, the SEC revoked HiFin Lending Inc.’s certificate of authority to operate as a lending company and its primary registration.
‘Tariffs dent orders for PHL electronics’
By Andrea E. San Juan @andreasanjuan
MANUFACTURERS of semiconductors and electronics have received fewer orders from the United States--the top destination of their products-after Washington announced its new trade policy last April, according to an official of the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi).
Cristjan Dave Bael, Seipi’s associate business lead for external affairs said, however, that the group could not yet say the exact amount their members lost as they are still awaiting the April exports data from the Philippine Statistics Authority (PSA).
“Definitely, when (US President) Trump announced the tariffs, we already heard from our member organizations that orders decreased from the US,” Bael said during the forum titled “Seizing the Shift: Navigating Trump’s Reciprocal Tariffs” organized by the Bangko Sentral ng Pilipinas (BSP) and the Philippine Institute for Development Studies (Pids) on Monday.
“So, in terms of value we have yet to see once PSA released the April 2025 data, so that we could compare March 2025 to April 2025 and hopefully when June 2025 data comes in, we could see a trend to validate these claims.”
Bael gave an overview of the situation of the Philippine semiconductor and electronics industry after Washington’s announcement of additional tariffs on local goods.
“There’s a lot of dimensions to it, if I may add, there’s reduction, recalibrations, or reduction of orders and recalibration in terms of supply chain, especially with the highlights about the ‘China Plus One’ strategy.”
Citing industry data, Bael said that as of March, the industry recorded an uptick of 2 percent. “So, it became $3.96 billion of our total exports, and 15.4 percent of this $3.96 billion goes to the US.”
Preliminary data from the PSA showed that the country’s exports of electronic products amounted to $10.54 billion in the first quarter of 2025, up 0.4 percent from the $10.50 billion in the three-month period in 2024.
Meanwhile, Earl Lawrence Qua, vice president for business development at Ionics-EMS Inc. told the BusinessMirror that it is still difficult to pinpoint the culprit behind the decline in the orders for the country’s top commodity export.
“It’s hard to gauge if it’s directly due to the tariffs or other economic factors. Although it’s a mixed bag, some accounts are growing while others have declined,” Qua told this paper in a Viber message.
During the same forum, Rafaelita M. Aldaba, Pisd emeritus research fellow and former undersecretary of the Department of Trade and Industry, said the Philippines’s top exports are electronics like semiconductor media, storage devices, ICT parts, as well as coconut oil and printing machines.
Aldaba said the Philippines’s export products which are “more resilient and likely to be shielded from immediate disruption” or from tariff shocks are electronic integrated circuits ICs, processors and controllers, automatic data processing machines and parts, solid-state non-volatile storage devices and other semiconductor media.
Philippine products which face potential “cost pressures, competitive disadvantage, or trade reallocation risks” in the US market, are electrical components, coconut oil, wires, printing machines, and rubber tires, she added.
“PNOC hereby engages the services of a qualified consultant or organization with demonstrated expertise in techno-economic modeling, renewable energy systems integration and off-grid electrification studies,” it said.
The hybridization project of NPC is meant to lower the cost of energy and, at the same time, generate savings from fuel costs.
The NPC, under Republic Act 9136 or the Electric Power Industry Reform Act of 2001, is mandated to bring electricity and associated power delivery systems to areas and communities not connected to the main grid. Currently, it op -
“The winning bidders will prepare feasibility studies for the seven identified sites of PNOC, which is is collaborating with the NPC-SPUG to provide the locations for installation and will assist throughout the project implementation phase. The objective is to establish sustainable and reliable electricity generation in remote areas, reducing dependency on imported fuels and enhancing energy access for underserved communities,” according to PNOC’s bid documents.
Three of the 7 NPC-SPUG diesel power plants (DPP) are in Eastern Visayas. These are the Habag DPP, Inapulangan DPP, and Cagusu-an DPP. The four other DPPs are the Hinotanan and Gaus in Central Visayas, Limasawa in South Leyte, and Caluya in Western Visayas.
THIS BusinessMirror file photo shows workers at a semiconductor factory in Laguna.
Banking&Finance
Digital payments users, volume on upswing
By Cai U. Ordinario @caiordinario
THE number of Filipinos and the amounts they sent online doubled in April compared to last year and posted double-digit growth in the first four months of the year, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).
million transactions from
Money and meaning: 5 financial reflections for a purposeful life
HERE are moments in life
Tthat invite us to slow down, reflect, and realign with what truly matters. Regardless of where we are on our journey, taking time to pause brings clarity—not just to our personal lives, but also to our financial lives. With the social media around us, it is easy to get distracted and to compare your life season with others. Have you experienced being down just because you think that you are not progressing in life?
Over the years as a financial planner, I’ve seen how closely our values and finances are intertwined. Stewardship isn’t just about money—it’s about how we manage everything entrusted to us: our time, energy, relationships, and resources. Here are five simple but powerful principles that continue to guide me personally and professionally. May they serve as gentle reminders as you navigate your own financial journey:
1. Everything is entrusted, not owned. When we see ourselves as stewards rather than owners, our financial decisions take on deeper meaning. Money becomes less about accumulation and more about purpose. We begin asking better questions: How can I make this count? Who can I help? What kind of impact can I create?
2. Less is often more. Simplifying isn’t about depriving ourselves, it’s about being intentional. Instead of chasing more, we focus on better: spending less on fleeting wants and more on what truly adds value to our lives, like meaningful experiences, lifelong learning, and giving back.
3. Plan wisely, but trust the journey. Financial planning is an act of responsibility, budgeting, saving, and investing are important. But it’s equally important to release what we can’t control. True balance lies in preparing for the future while remaining fully present today, trusting the process as we do our part.
4. Give, even when it’s inconve -
PERSONAL FINANCE
nient. Generosity shines brightest when it costs us something. Whether it’s sharing resources with someone in need, supporting a cause, or offering time and talent, giving stretches and strengthens both the giver and the receiver.
5. Let your values lead. Take a moment to reflect, are your financial habits aligned with the life you want to build? A values-driven approach ensures that money becomes a tool—not just for success, but for building a meaningful legacy for yourself and others.
Wherever you are right now, I invite you to see your finances not as a source of stress, but as a powerful instrument for living a life of purpose, peace, and impact. Remember, the journey to financial freedom is not just about reaching milestones, it’s about becoming the kind of person who can steward blessings with wisdom and grace. Walk your financial journey with meaning, and you’ll find that wealth is not just measured by numbers, but by the life you build along the way.
Start small, stay consistent, excel over time. Success rarely comes from one big leap—it’s usually the result of small, steady steps taken with excellence. Start with what you have, where you are. Master the basics, show up every day with discipline and focus.
Improve by just 1 percent each time. The small wins will stack up, and eventually, they become breakthroughs.
Karlo Biglang-Awa is a Registered Financial Planner of RFP Philippines. To learn more about financial planning, attend the 111th RFP program this May 2025. For more information on how to join, please e-mail info@rfp.ph. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror
the 130.04 million in April 2024. In terms of value, these transactions increased 116.7 percent to P1.85 trillion in April 2025 from P855 billion in April 2024.
In the January to April period, the volume of transactions grew 99.13 percent to 837.12 million in 2025 from P420.39 million in 2024. In terms of value, these transactions reached P7.15 trillion in 2025, a 36.76 percent growth from the P5.22 trillion posted in the same period last year.
The bulk of the volume of transactions was accounted for by Instapay while the bulk of the value was sent via Pesonet.
It can be noted that Instapay is a real-time low-value electronic fund
transfer (EFT) credit push payment scheme for transaction amounts up to P50,000 while Pesonet is a more inclusive platform for EFTs which allows business-to-business (B2B), and person-to-business (P2B) payments more practical.
In April 2025, the volume of transactions done via Instapay grew 189.64 percent to 297.67 million from 102.77 million in April last year while Pesonet transactions grew 7.49 percent to 8.96 million this year from 8.33 million last year.
The BSP data showed Pesonet saw an 18.32 percent growth in the value of transactions to P1.01 trillion in April 2025 from P855 billion in April 2024. Instapay, meanwhile, saw a
50.84 percent growth in transaction value to P841.1 billion in April 2025 from P557.6 billion in April 2024.
In the January to April period, Instapay posted a 105.91 percent growth in transaction volume to 799.97 million in 2025 while Pesonet saw its transaction volume grow by 16.46 percent to 37.15 million in 2025 from 31.9 million in 2024.
In terms of value, Instapay transactions amounted to P3.13 trillion in the January to April period this year, a 516.46 percent higher than the P507.8 billion posted in the same period last year.
Pesonet transactions, meanwhile, amounted to P4.01 trillion in the first four months of the year, a 28.56 per-
cent growth from the P3.12 trillion posted in the same period last year. The BSP said Instapay was launched on 23 April 2018 and was designed to facilitate small value payments that will be especially useful for the purchase of retail goods, paying toll fees and tickets, as well as for e-commerce, which shall enable, among others, micro, small and medium enterprises.
Pesonet, BSP said, is the firstAutomated Clearing House under the National Retail Payment System and was launched on 08 November 2017. It is a batch EFT credit payment scheme, which can be considered an electronic alternative to the paperbased check system.
Treasury revs up T-bill offer on falling interest rates
By Reine Juvierre Alberto @reine_alberto
THE Bureau of the Treasury (BTr) raised P28.6 billion, upsizing the amount of Treasury bills (T-bills) it awarded on Monday to take advantage of interest rates falling across all tenors.
On its last auction for the month, the Treasury decided to increase the volume of T-bills awarded from the P25 billion initially programmed.
This was due to the auction being 3.4 times oversubscribed, attracting P84.255 billion in total tenders, the Treasury said.
As such, the Treasury was prompted to double the accepted noncompetitive bids for the 364-day T-bills to P7.2 billion. This brought the amount raised to P12.6 billion from the P9 billion planned offering.
Yields for the 364-day T-bill averaged 5.694 percent, down by 0.8 basis points from the previous auction’s 5.702 percent. Yields ranged from a low of 5.650 percent to a high of 5.704 percent.
Bids for the security reached P28.415 billion, equivalent to more than thrice the P9-billion offer.
Meanwhile, the 91-day debt paper fetched an average yield of 5.468 per-
THE Philippine Deposit Insurance Corp. (PDIC) announced it will be selling 50 agricultural and residential lots in Luzon and the Visayas through electronic public bidding.
A statement issued by the PDIC last Monday read that the bulk of these properties consist of vacant agricultural lots followed by 12 vacant residential lots; six residential lots with improvements; four mixed residential/agricultural lots with improvements; and one agricultural lot with improvements.
The lots, ranging from 200 square meters to 55,905 square meters, are located in Aklan, Antique, Benguet, Isabela, La Union, Leyte and Pangasinan. The e-bidding is slated for June 25 and 26.
“As the statutory receiver of closed banks, the PDIC liquidates the remaining assets of closed banks to
cent, 4.7 basis points lower than the 5.515 percent yield last week. The lowest yield for the tenor was 5.444 percent, while the highest was set at 5.497 percent.
Tenders amounted to P25.565 billion, 3.19 times oversubscribed, with the Treasury granting the full P8 billion program.
For the 182-day T-bills, the average rate settled at 5.551 percent. This is lower by 6.1 basis points from 5.612 percent previously. The government IOUs fetched tenders amounting to P30.275 billion, 3.78 times the initial P8-billion planned offering, which was fully awarded.
Yields of the 182-day and 364day T-bills are lower than the comparable Philippine Bloomberg Valuation (PHP BVAL) benchmarks, except for the 91-day tenor. The PHP BVAL reference rates are 5.4557 percent for the three-month tenor, 5.6098 percent for the six-month tenor and 5.7398 percent for the one-year tenor.
According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), the T-bill average auction yields declined after signals from the Bangko Sentral ng Pilipinas (BSP) of two more reductions in the key policy rate this year.
maximize recovery and help pay claims of closed bank creditors, including depositors with uninsured deposits,” PDIC said.
“Proceeds from the sale of closed bank-owned properties go directly to a fund that the corporation manages for these closed banks to settle creditors’ claims,” it added.
The PDIC is encouraging interested buyers to visit the catalog of properties in the e-bidding portal, where the complete list and description of the properties, requirements, e-bidding process, and Conditions of the Bid are posted.
Prospective bidders are also enjoined to conduct their due diligence on the properties by reviewing and understanding the terms and conditions outlined by the PDIC.
Further, the PDIC said prospective buyers are likewise reminded of their responsibility to determine the
BSP Governor Eli M. Remolona Jr. said the Monetary Board can lower the key policy two more times this year, delivering a 25-basis point cut at a time given the uncertainties in the global economy. (See: https://businessmirror.com.ph/2025/05/24/ jitters-widen-elbow-room-forrate-cuts/).
“The hard part is we don’t know, because this is new territory for us; it’s new territory for most central banks. That’s the most uncomfortable part,” Remolona said.
The key policy rate was reduced by 25 basis points, bringing the target reverse repurchase rate to 5.50 percent. The interest rates on the overnight deposit and lending facilities were also reduced to 5 percent and 6 percent, respectively.
The next rate-setting meeting of the Monetary Board, the BSP’s highest policy-making body, will be on June 19.
Ricafort added that the Philippine peso’s appreciation to its strongest level in nearly two years, as well as the continued decline in global crude oil prices, which are now among their lowest since April 2021, could help reduce import costs and overall inflation, providing room for the BSP to cut rates further.
actual condition, status, ownership, and other circumstances of the properties they wish to acquire.
Winning bidders of agricultural properties are required to submit, within 15 days after the e-bidding, a Certification issued by the Provincial Agrarian Reform Officer (PARO) of the Department of Agrarian Reform where the property is located.
The certification should stat that the agricultural lot subject of the bid is not covered by the Comprehensive Agrarian Reform Program (CARP) and that no Emancipation Patent or Certificate of Land Ownership Awards has been issued for the said property.
“Winning bidders are also required to submit an Affidavit of Aggregate Landholdings within the same period, which states that the person’s collective landholdings, including the property/ies to be ac-
For this month, the Treasury raised a total of P103.6 billion, slightly higher than the P100 billion programmed for the sale of 91-, 82and 364-day T-bills every Monday. In June, the Treasury is set to borrow a total of P100 billion via T-bills from the local debt market. It will also attempt to raise P130 billion through Treasury bonds. As of the first quarter, gross borrowings of the national government reached P745.142 billion, accounting for 29.27 percent of this year’s borrowing program worth P2.545 trillion set by the Development Budget Coordination Committee. The government will follow an 80:20 borrowing mix to lessen its exposure to foreign exchange risks, where P2.037 trillion will be raised domestically while P507.408 billion will come from external sources. The government borrows to finance its spending requirements as well as to cover its budget deficit. The budget deficit widened by 75.62 percent to P478.8 billion in the first quarter. Outstanding debt of the national government hit a fresh record level of P16.683 trillion as of the first quarter, due to higher domestic and external borrowings.
Pagcor chief vows continuing support to help military cope with challenges PDIC to sell 50 agricultural, residential properties
CAPAS, Tarlac–Philippine Amusement and Gaming Corp. (Pagcor) Chairman Alejandro H. Tengco said the state gaming firm will continue supporting infrastructure projects for the Armed Forces of the Philippines to help the military cope with emerging challenges. Tengco made the promise over the weekend when he graced the traditional “Rites of Passage” ceremony of the Philippine Army Officer Candidate School (OCS) at Camp O’Donnell here. In his keynote address, Tengco commended the Officer Candidate Corps for its dedication and sacrifice, and noted that, “when we invest in the Armed Forces, we invest in peace, democracy, and national resilience.” Addressing the graduating “Nagdilaab”
Class 62-2025 and the incoming seniors of “Bumannawag” Class 63-2025, Tengco noted the similarities between Pagcor’s mandate and the mission of the AFP to serve the Filipino people.
“Pagcor and the Officer Candidate Corps are kindred in mission,” he said. “Though we operate in different spheres, we are united by a shared duty to serve the Filipinos with integrity, courage, and dedication.”
Tengco also underscored the state gaming agency’s support for uniformed personnel—from funding classrooms to building hospitals and other life-changing programs that benefit soldiers and their loved ones.
The Pagcor chief also noted that the ceremony marks not only a symbolic transfer of leadership in the Army OCS but also a re -
newed sense of responsibility and purpose in serving the country.
“Today is not just about the passing of the torch; it is also handing over purpose and trust along with the sacred oath to serve our nation with honor, courage and integrity,” Tengco said.
OCS Commandant Col. Harold M. Cabunoc for his part thanked the Pagcor chief for attending the ceremony and for Tengco’s commitment to support their priority projects. While details of Pagcor’s support has yet to be finalized, Cabunoc said they need more facilities because the implementation of the Army’s “One Training Factory” concept means officer candidates from all over the country are flocking to Camp O’Donnell.
“OCS now produces 650 to 700 officer
candidates per year, surpassing even the graduates of the Philippine Military Academy,” he said. “However, the school’s infrastructure has yet to keep pace. Our barracks were built for 400 students but are now housing 600, and some rooms meant for four are occupied by six.”
“The influx of trainees highlights our urgent need for more facilities to keep up with the requirements of the Philippine Army,” Cabunoc said. “But through bayanihan spirit and collaboration with agencies like Pagcor, we believe we can address these needs.”
Among the projects proposed by OCS for Pagcor’s support are the construction of an auditorium, a fitness gym and two new barracks that can accommodate an additional 400 cadets.
quired during the bidding, do not exceed the 5-hectare limit set by law,” the PDIC said.
Participants bidding on behalf of another individual or an organization can download the Pro-forma Special Power of Attorney and Secretary’s Certificate, respectively, from the e-bidding portal.
In April, the PDIC announced that 76 corporate and closed bank properties will be sold through electronic public bidding (e-bidding) from May 28 to May 29, 2025. To be sold on an as-is-where-is basis are 25 vacant agricultural lots, 24 vacant residential lots, 13 residential lots with improvements, six mixed residential/agricultural lots with improvements, four agricultural lots with improvements, two mixed vacant residential/agricultural lots, and two commercial lots with improvements. Cai U. Ordinario
Karlo Biglang-Awa
YOU’VE never seen Tokyo like this before.
Tokyo Before/After, a traveling photography exhibit, comes Manila at the third floor East Wing of Estancia Mall at Capitol Commons. It can be viewed until July 31.
Curated by photography critic Kotaro Iizawa, the free exhibit features approximately 80 works that capture life in Tokyo from the 1930s to 1940s, juxtaposed with images taken after 2010.
The comparison of these two distinct periods
Japan through time and the lens: ‘Tokyo Before/ A�ter’ exhibit comes to Estancia Mall
brings Tokyo to life in the past, present and future lenses.
Tokyo Before/After portrays Japan’s capital as a living, evolving organism. From the city’s early beginnings as a modern metropolis to the Tokyo that we know now, the exhibit is a photographic journey of significant moments and never-before-seen imagery of two specific time periods.
“The aim of the exhibition, through the works of Japanese photographers and their specific context, is to encourage a deeper understanding of Tokyo as a vast city of many, different faces. We hope that this exhibition will be enjoyed by both photography enthusiasts and non-enthusiasts alike,” said Ben Suzuki, director of The Japan Foundation, Manila The Before section shows Tokyo’s formative years during the wartime period of the 1930s to 1940s. Photographers from this era used emerging means of photographic expression to capture vibrant images of urban space, where tradition and modernity come together.
This section includes shots from photography magazine KOGA, the NIPPON photobook, and Kineo Kuwabara’s snapshots of downtown Tokyo.
In the After section, photos of the 2010s show Tokyo’s transformation until the 2020 Olympic Games. The photographers of this time emphasized their individual perspectives while incorporating elements of rapid digitization.
Featured here are works by celebrated Japanese photographers Nobuyoshi Araki, Mika Ninagawa, Natsumi Hayashi and Shinya Arimoto, among many others.
Additionally, Ortigas Malls has made the exhibit more rewarding with the special TOKYO B/A Day Pass, given every time visitors drop by. Inspired by Tokyo’s subway day passes, this allows exhibit visitors to avail of freebies and promos from participating Estancia merchants within the day.
Tokyo Before/After can be viewed during Estancia Mall’s business from 10 am to 9 pm from Monday to Thursday; 10 am to 10 pm from Friday to Sunday. ■
NOTIFIED BOOKS LOANED TO AFRICAN AMERICAN MUSEUM MAY BE RETURNED AMID REVIEW
WASHINGTON—A veteran activist of the Civil Rights Movement said he was notified by the Smithsonian Institution that items he loaned to the National Museum of African American History and Culture may be returned, amid a potential review of the museum’s collections ordered by President Donald Trump.
Rev. Amos C. Brown, pastor of Third Baptist Church in San Francisco, loaned two books to the Smithsonian, which have been displayed since the museum opened nearly a decade ago. One of his items is an edition of The History of the Negro Race in America by George Washington Williams, which was written in 1880 and is among the first books to document Black American history and racism in the US. The other is a Bible that Brown carried during protests alongside the Rev. Martin Luther King Jr. The reasons given for the items’ return initially raised alarms that the Trump administration had begun to make visible changes to a museum considered to be a crown jewel of Black American culture.
Recent reports that the museum has already removed exhibits documenting the civil rights struggle are false, the Smithsonian said. The
White House had no comment for this story.
However, the threat of changes to the African American museum has prompted strong responses from Democratic lawmakers, historians, civil rights leaders and education advocates, many of whom planned to demonstrate in support of the museum in the nation’s capital on Saturday. Brown, who counts former Vice President Kamala Harris among his parishioners, received an email last month from a Smithsonian official telling him that his items would be returned over concerns about their preservation due to museum lighting. Brown told The Associated Press he found the claim “a flimsy excuse for a museum.”
After the initial e-mail to Brown, a different Smithsonian official reached out to him to express regret that the initial reason had caused a “misunderstanding,” Brown said. Instead, according to Brown, the official said Smithsonian archivists will defer to “a panel that will reconsider whether or not my artifacts should be there.” He said he was told this would be done for a wide range of historical artifacts.
Smithsonian officials did not
respond to questions about whether such a panel has been formed.
After that interaction, Brown said a third Smithsonian official later reached out to him and scheduled a video conference meeting for Friday afternoon. He said he was not given the names of who would join the call, but was told it would include senior Smithsonian leadership.
The Smithsonian “routinely returns loaned artifacts per applicable loan agreements and rotates objects on display in accordance with the Smithsonian’s high standards of care and preservation and as part of our regular museum turnover,” according to a statement the institution sent to the AP.
“Recent claims that objects have been removed for reasons other than adherence to standard loan agreements or museum practices are false,” the statement reads.
Concerns over potential reforms at the Smithsonian have arisen since Trump signed a March 27 executive order titled “Restoring Truth and Sanity to American History.”
The order argued that the Smithsonian had in recent years “come under the influence of a divisive, race-centered ideology” and said the
institution has “promoted narratives that portray American and Western values as inherently harmful and oppressive.”
The order cites several national parks and Smithsonian museums as displaying potentially objectionable content, including the African American museum.
The Smithsonian is governed by a Board of Regents that is chaired by Supreme Court Chief Justice John Roberts and includes American Vice President JD Vance, members of Congress from both parties and major business executives and philanthropists. The board’s next meeting is scheduled for June 9.
Lawmakers, academics and activists fear the order could eventually influence the Smithsonian to remove artifacts, exhibits or research that do not conform to the Trump administration’s understanding of history.
House Minority Leader Hakeem Jeffries sent a letter to Roberts warning that the order “seeks to whitewash our history” and “is cowardly and unpatriotic.” He compared the proclamation to efforts in “twentiethcentury regimes like those in the Soviet Union and 1930s Germany.” AP
By Eugenia Last
What you choose to do has to come from the heart. A partnership that isn’t in sync needs to be reevaluated; you will find either common ground or the wherewithal to walk away. ★★★★
VIRGO (Aug. 23-Sept. 22): Deep breath in; exhale. Nothing will be as it appears. Question, dig deep and wade through your findings with scrutiny. What you discover will help you decide what’s best for you. Participating in something for the wrong reason or to please someone else will put you in a vulnerable position. ★★
LIBRA (Sept. 23-Oct. 22): Travel, education and communication are worthwhile. Talk to experts and people with shared interests; the feedback will help point you in the right direction. Personal gain, partnerships and turning your passion into a lucrative endeavor are worth looking into. Refuse to let fear stand in your way. ★★★★★
SCORPIO (Oct. 23-Nov. 21): Be careful what you wish for. Aggressive behavior, snap decisions and pressure tactics will send the wrong message. Take your time, observe and let the chips fall where they may. Your strength is your ability to outmaneuver using your intellect, not your brawn. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): You’ve got the moves and the stars on your side. Opportunities are apparent if you open your eyes and visualize what you want to achieve. Refuse to sit back when you are best to engage and enthusiastically push forward. Fix up your surroundings, make a move and set a goal that excites you. ★★★
CAPRICORN (Dec. 22-Jan. 19): You may relish change, but it’s best to weigh the pros and cons before you step into something iffy or over budget. Temptation and emotions will steer you in the wrong direction. When doubt kicks in, take a pass. Information you receive may be tainted with bias, ulterior motives or jealousy. ★★★
AQUARIUS (Jan. 20-Feb. 18): Jump into action and keep the momentum flowing. Push forward and fix up your surroundings. Make changes at home that support family fun and romance or put you in your comfort zone. Pay attention to joint ventures, investments and personal partnerships. Clarity is essential; you’ll tend to overspend and overanalyze situations.
TOKYO Innocence by Mika Ninagawa, 2015
www.businessmirror.com.ph
ACTIVITIES AND TREATS FOR ‘LILO & STITCH’ AUDIENCES AT AYALA
MALLS CINEMAS
THE perfect family movie experience awaits in Ayala Malls Cinemas as they bring the Ohana spirit in theaters with Lilo & Stitch. There’s more to enjoy when watching in Ayala Malls Cinemas, as parents can take their kids for a fun-filled day of activities with Lilo & Stitch, now showing in theaters. Moviegoers who purchase two tickets to Lilo & Stitch at participating branches will be eligible to participate in the “Ohana Fun Station” activities, which includes arts and crafts and Lilo & Stitch-themed activity sheets. Patrons can also take photobooth pictures as souvenirs.
Lilo & Stitch is the live-action reimagining of the beloved animated movie of the same name. A lonely Hawaiian girl, Lilo (Maia Kealoha), crosses paths with Experiment 626, an alien on the run. Naming him Stitch, Lilo takes her unlikely companion out for a life on the island, while being pursued by aliens and visited by social workers.
Set off on an island adventure withLilo & Stitch and Ayala Malls Cinemas. Get to see the film in different, fully immersive, ways with Ayala Malls Specialty Cinemas, which includes A-Giant, 4DX, ATMOS, and A-Luxe cinemas. Patrons are in for a viewing experience like no other as crystal clear screens are paired with luxurious seating and state-of-the-art sound systems. Delicious snacks and drinks are also available at The Movie Snackbar, for moviegoers craving for a treat with their film. Tickets can be reserved at www.sureseats.
MAKES NETFLIX GLOBAL PREMIERE
THE romantic comedy film produced by GMA Pictures, CreaZion Studios, and Glimmer Studio Philippines, Everything About My Wife makes its worldwide Netflix debut on May 29. Starring Jennylyn Mercado, Dennis Trillo and Sam Milby, Everything About My Wife tells the story of Dom (Dennis), an unhappily married man who struggles to end his marriage to his wife, Imo (Jennylyn).
In a moment of desperation, Dom calls on Miguel (Sam), a notorious womanizer, to seduce his wife. The plan succeeds, as Miguel and Imo grow closer, but things take an unexpected turn when Miguel unexpectedly falls in love with her. As Dom realizes he’s made the biggest mistake of his life, Imo discovers his scheme. Heartbroken and betrayed, she resolves to give him what he wants and end their marriage. Will Imo ever find it in her heart to forgive Dom?
Besides standout performances from Jennylyn, Dennis, and Sam—three of the biggest stars in Philippine entertainment – the movie also features a stellar cast of seasoned artists, including Carmi Martin, Nova Villa, Isay Alvarez, Polo Laurel, Alex Agustin, Joyang, and Karlo Aranza. Directed by Real S. Florido, Everything About My Wife will stream on Netflix in the Philippines and in most territories worldwide beginning on May 29.
Meanwhile, viewers in the US, Guam, Saipan, Singapore, Malaysia, Brunei, Cambodia, Taiwan, Hong Kong, the United Kingdom (Great Britain), France, Italy, Spain, Finland, Australia, New Zealand and the Middle East can catch it starting on July 28. More information can be found at www.gmanetwork.com.
By Andrew Dalton The Associated Press
98 Degrees comes full circle
THE first and last time 98 Degrees performed to a sold-out audience in Manila was in 1999, and this month’s end, the popular all male vocals group will regale their Filipino fans once more with a two-night show at the SM Mall Of Asia Arena.
In fact, Nick Lachey, Justin Jeffre, Jeff Timmons and Drew Lachey are already here in Manila and they’ve made time to meet with a select group of media at the Solaire Resort & Casino in Parañaque.
“We didn’t have as much time to go around 25 years ago so we are trying to catch up this time. The Philippines holds a very special place in our hearts because when we were just a start-up group, you embraced us and made us feel truly special,” said Nick. Those were the years when the likes of N’Sync, Backstreet Boys, and Take That were making their marks on the global music charts and international performance venues. And when 98 Degrees joined the fray, the world, specifically Filipino music lovers, took notice.
“What a lot of people don’t know is that we hadn’t necessarily had a ton of success when we first came out in the United States. We ended up going up to Canada and tasted some success there,” Jeff volunteered, adding “But really, the first time we really got a resounding, you know, excitement from an audience was when we stepped foot in Manila for the first time. So we absolutely love the fan base that has stuck with us all these years, so we feel like we owe it to our fans here in the Philippines to include you in our Asian tour.”
That’s why as early as 2020, there were plans of bringing the group back to Manila but Covid-19 struck, causing a temporary pause for everything in
the performing arts.
For his part, Nick said that he will never forget the time when the group wrapped up the show. “We were leaving the concert venue in a van and the fan were like literally rocking the van back and forth. I mean such passion of the Filipino people for music in general and for our group, it was just overwhelming, it’s been really so overwhelming and so we’ve been excited about returning to the Philippines for a long time now, and we are more than glad to be back!”
Nick added, “You just get such a sense of love and warmth when you’re in the Philippines, and your people’s love for music, the love for artistry, and the love and passion that everyone has for singing. It’s contagious to us, you know. As a performer, it makes you want to perform much better because you know your fans, the audience, the crowd here that you’re singing for, truly appreciate what you’re doing.”
Justin said that the Philippines has just been one of the most unforgettable tours the group has experienced.
“And when we witnessed for ourselves how music has been the soundtrack to many Filipinos’ lives all
Christopher McQuarrie in the director’s chair for the fourth time in the franchise was the top global earner with $127 million. Cruise has been a relentless global promoter of his movies, and he’s been the industry’s loudest cheerleader for going to theaters. This film, like its predecessor in the series, premiered at the Cannes Film Festival. “The spectacle of what Tom and McQ put on the screen, it screams theatrical,” said Chris Aronson, Paramount’s president of domestic distribution. “The product they put out just screams, ‘This has to be in theaters.’” The previous film, 2023’s Mission: Impossible–Dead
these years, I knew that the group should come back to Manila and that’s why we are so excited to be here at this time.”
Justin also shared that his older brother Dan was actually born in the Philippines on the day American astronauts first landed on the moon in 1969. “That is why I feel an extra connection to your country,” he mused. The members get together when there are projects like concerts, but they have also explored other pathways on their own. Jeff has been going solo and has produced shows for television, while Justin has also performed solo and become a mayor. Nick has also gone solo and is doing reality TV show hosting. Drew was lured by musical theater and television, and he also once danced his way to the grand prize on Dancing with the Stars Part of the reason why 98 Degrees is here in Manila is to promote its Full Circle album. It comes after a decade since the 2017 Christmas album Let It Snow. For this two-night concert, we expect the group to include their signature hits “I Do [Cherish You],”
“Give Me Just One Night [Una Noche],” “Thank God I Found You,” the popular collaboration with Mariah Carey, “Because of You,” “Invisible Man,” and “My Everything.”
Tracks and videos from Full Circle are also available online including one very special rerecording of “I Do [Cherish You].” This version is where Filipina songstress Katrina Velarde lent her powerful vocals for this special collaboration. Velarde will also be a special guest at the concert on May 30 and 31. Like wine, the four men of 98 Degrees have certainly redefined ageing, and they still look as hot as ever when we interviewed them recently. Being back is indeed a full circle with their Filipino fans. n
Reckoning Part One launched with a franchise-best
$80 million over five days in a July opening, though it came in shy of industry expectations with a $56.2 million haul over a three-day weekend.
This weekend as a whole blasted past last year, when the Memorial Day box office saw just $132 million for all films in the Friday-through-Monday span. And it appears that it will top 2013 as the best Memorial Day the industry has had, with an estimated overall total of $325 million.
Critics were wearying of Disney’s live action and CGI remakes of its animated classics. Mark Kennedy of The Associated Press called this “utterly unnecessary.” There were signs audiences were agreeing. Snow White opened to a sleepy $43 million in March, and several similar releases were tepid. But this film tapped into a latent love for oddball pairing. It also furthered a trend that includes A Minecraft Movie of PG-rated films outpacing the PG-13 movies that usually dominate, made all the more impressive by the lower kids’ ticket prices the more familyoriented films bring. Dergarabedian credits a strong lead-up of films that have put people in theaters and remain the box office top 10, including Minecraft, Sinners, Thunderbolts and Final Destination: Bloodlines.
“I can’t think of a better
SM Store’s Shop & Share Program Wins Gold at 2025 Asia Pacific Stevie® Awards
Hedcor remits over P6-M community shares in Benguet
Hedcor, the run-ofriver hydropower arm of Aboitiz Power Corporation (AboitizPower), turned over more than P6 million in community shares to its host municipalities and barangays in Benguet, which are expected to help improve local infrastructure, enhance public services, and support livelihood programs.
Broken down, the Municipality of Sablan received over P2 million, while three of its barangays received a combined P1.3 million. Meanwhile, the Municipality of La Trinidad, together with three of its barangays, also received a total of P1.3 million. Rounding out the rest are community shares to the Municipalities of Tuba and Itogon, and the Province of Benguet. These represent the actual shares from the generation of Hedcor’s hydro power plants for the full year 2024.
Part of the Energy Regulation (ER) 1-94 program of the Department of Energy, community shares are funds received by host communities accounting for one centavo for every kilowatt-hour (P0.01/ kWh) generated by a residing power plant. Over the years, the community shares from Hedcor have contributed to rural electrification, disaster response, educational support, and communitybased medical missions.
“As the fruit basket of Benguet, our priority is agriculture. We aim to establish Sablan as a recognized agricultural hub. These funds will directly support our farmers and help ensure food security for our community,” said Sablan Mayor Alfredo Dacumos Jr., noting their need for improved mobility, expanded access to markets, and support for agricultural development.
In La Trinidad, the local government plans to use its community shares to expand
rural electrification across 16 barangays, focusing on far-flung and mountainous areas that have long struggled with little to no access to electricity.
“Many of our remote communities still live without electricity. This affects children the most, as they are forced to study and live in darkness,” explained La Trinidad Mayor Romeo Salda. “With Hedcor’s support, we’re powering up these barangays and national highway communities.”
“A portion of the funds will also go to scholarship programs for underprivileged youth who cannot afford to attend school,” he added.
Meanwhile, the Municipality of Tuba intends to allocate its community shares to enhance local water systems, ensuring access to clean and reliable drinking water for its residents. The local government also plans to implement infrastructure improvements that address flood-
krema! The event featured a live culinary showcase by Chef JR Lamaton Royol, a Bicolano and Igorot chef best known for celebrating native ingredients and regional flavors. Chef JR is the first Pinoy Masterchef winner and host of GTV’s “Farm to Table,”
prone areas and strengthen road safety, particularly during extreme weather events.
“These community shares do more than just provide financial support. They directly impact thousands of lives, strengthening local economies, improving public services, and helping communities become more resilient,” said Noreen Vicencio, Hedcor’s General Manager for Hydro Operations. “By investing in our host communities, Hedcor is not only delivering renewable energy, it is also ensuring that sustainability translates into real, long-term progress for the people of Benguet.”
Hedcor operates 22 run-of-river hydropower facilities and multiple solar power plants across the Philippines, nine of which are located in Benguet. Companies within the Hedcor Group are whollyowned subsidiaries of AboitizPower through Aboitiz Renewables, Inc.
Wilcon Depot Joins PHILBEX Davao 2025
WILCON Depot, the country’s top home improvement and construction supply retailer, returned to PHILBEX Davao 2025, reaffirming its strong and lasting partnership with Mindanao’s leading building and construction trade show.
As the Philippines’ biggest and most comprehensive trade show in the industry, PHILBEX continues to draw thousands of professionals, developers, homeowners, and enthusiasts under one roof—and for years, Wilcon Depot has consistently been taking center stage.
This annual participation reflects Wilcon Depot’s commitment to bring world-class home improvement and construction solutions to every Filipino, especially in the thriving southern regions of the country. As PHILBEX Davao rapidly expands in scale and influence, Wilcon’s presence cements its continued support for innovation, collaboration, and the local building industry.
At the event, attendees exploref Wilcon Depot’s curated showcase of top-of-theline products across categories such as plumbing, sanitaryware, furniture, home interior, building materials, hardware, electrical, appliances, and other essential DIY items. These offerings aim to inspire and empower builders, designers, and homeowners to achieve their dream spaces efficiently and creatively.
With the theme of “Beyond Sustainnovation,” this year’s participation also strengthened Wilcon Depot’s direction to expand its footprint across the Philippines, promoting sustainable products in the market. As Wilcon Depot stays committed to innovation, sustainability, and accessibility in the building industry, events like PHILBEX Davao serve as vital platforms to connect, collaborate, and contribute. With two branches in Davao, Wilcon Depot seizes this opportunity to showcase its wide-ranging capabilities and reaffirm its dedication to serving the local community. For more information about Wilcon, visit www.wilcon.com.ph or follow their social media accounts on Facebook, Instagram, and TikTok, or subscribe and connect with them on Viber Community, LinkedIn, and YouTube. Or you may contact Wilcon Depot Hotline at 88-WILCON (88-945266) for inquiries.
SM Store scored a major win at the prestigious 2025 Asia Pacific Stevie® Awards, taking home two honors for its flagship corporate social responsibility (CSR) program, Shop & Share movement. Held on May 13, 2025, in Seoul, South Korea, the event celebrated excellence in innovation and community impact across the region.
Shop & Share won the Gold Stevie® Award for Community Relations or Public Service and the Bronze Stevie® Award for Innovative Corporate Social Responsibility (CSR)
SM Store is the only retail company in the Asia Pacific region to be awarded gold in the Community Relations category, highlighting its leadership and commitment to uplifting lives through purpose-driven programs.
Shop & Share is the corporate social responsibility program of SM Store that aims to bridge access to communities in need through partnerships with global and local non-government organizations, LGUs, and schools across the Philippines.
Since 2023, Shop & Share has made impactful contributions to thousands of Filipino youth, women, farmers, and teachers through its advocacy programs. These programs include Shop & Share for Sustainable Livelihood, Shop & Share for Education, Shop & Share a Toy, Shop & Share for Women, Share Shoes, and Shop &
Aries Pineda of SM Store receiving the award on behalf of the company.
Share for Tech Education. The Stevie® Awards are recognized as the world’s premier business accolades, honoring innovation and excellence among organizations and professionals across the globe. The Asia Pacific Stevie Awards alone draw thousands of entries from 22 countries each year.
THE SM Mall of Asia Arena was filled with joy, purpose, and unity as thousands of advocates, families, and individuals on the autism spectrum came together on May 18, 2025 for the culminating leg of ASP Angels Walk for Autism 2025.
Organized and led by the Autism Society Philippines (ASP) in partnership with SM Cares, the event marked the largest gathering of its kind this year, celebrating acceptance, accommodation, and appreciation of persons on the autism spectrum. ASP Angels Walk for Autism 2025 made stops at multiple SM malls nationwide, uniting communities across the Philippines in support of an inclusive future. The MOA Arena leg served as the grand finale—bringing together the movement’s heartwarming momentum in one powerful gathering. This year’s walk also marked a meaningful milestone as it coincided with SM Supermalls’ 40th anniversary—celebrating four decades of commitment to inclusion and community empowerment. Participants were treated to meaningful performances and appearances by individuals on the autism spectrum, advocacy leaders, and special
guests who champion the call for a more accessible and accepting society. From inspiring stories to vibrant crowd energy, the event embodied the spirit of inclusion in every sense.
“ASP Angels Walk for Autism reminds us that inclusion is not just an advocacy—it’s a commitment we must live every day,” said Steven Tan, SM Supermalls President.
“This year’s walk showed how far we’ve come and how much stronger we are when we walk together,” added Dang Koe, Autism Society Philippines Chair Emerita.
The walk also featured highlights from previous legs across the country, showcasing how local communities have embraced and empowered individuals with autism in their own unique ways. With the success of this year’s event, SM Cares and ASP reaffirm their ongoing commitment to supporting inclusive programs year-round—not only during Autism Acceptance Month, but every single day. Share your stories and memories from Angels Walk using the hashtags: #AngelsWalk2025 | #AutismOKPH | #SMCares | #EmpoweringCommunities
In the photo are, from left, Municipal Councilors Jonie S. Puroc and Bartolome L. Baldas Jr.; Vice Mayor Roderick C. Awingan; Hedcor Group External Relations Manager Geraldine Ronquillo; Hedcor Group External Relations AVP John Michael Rico; Municipal Treasurer Norman D. Antero; Mayor Romeo K. Salda; and Municipal Councilors Henry M. Kipas and Richard D. Wacnisen.
How Britain’s stats geeks lost track of the economy
By Tom Rees and Isobel Finkel
JUSTbefore midday on May 9, employees of the Office for National Statistics were summoned to an urgent call.
It had been a bruising few months for the agency that produces the UK’s official economic figures. Senior staff had quit, others had voted to extend industrial action, the government had launched an inquiry into its data and several indicators were to be cut amid a funding squeeze.
Now they were being told that the head of the ONS, National Statistician Ian Diamond, was stepping down for health reasons, leaving midway through his efforts to restore the reputation of the UK’s economic stats.
While each day billions of pounds are made and lost in trades in the City of London, the fate of those bets is determined 140 miles (225 kilometers) west of the capital, in the outskirts of a small Welsh city.
Sandwiched between a semiconductor fab and the M4 motorway, the ONS headquarters has been the epicenter of a damaging crisis in UK data after its most important stakeholders declared its jobs numbers broken. Bank of England rate-setters and government ministers warn they are struggling to calibrate policy interventions correctly, risking mistakes that could cost the economy billions of pounds.
The problems emerged inconspicuously, at first, when one day the monthly Labour Force Survey or LFS was delayed, and then quietly delayed again. But nearly two years on from those first glimmers of crisis, policymakers are still in the dark over a fundamental aspect of the world’s sixth-largest economy.
Although the LFS was eventually reinstated, it remains plagued by the same accuracy concerns that prompted its suspension, and a modernized replacement that was supposed to be launched last year now won’t be ready before late into next. In the meantime BOE officials are growing concerned that more of the metrics they rely on to set policy will turn out to be skewed, according to two people familiar with their discussions.
The confusion may already be hurting the value of pounddenominated assets, say traders trying to pick their way through the murk. In a more forgiving economic environment, “these data issues wouldn’t be so important,” said Matt Amis, a fund manager at Aberdeen. But with risk appetite round the world already tempered by a trade war, “The ONS needs to be
faultless.”
Interviews with more than 20 people familiar with the situation reveal how an agency once internationally regarded for the quality of its data has veered wide off that mark.
“We are working hard to address pressing issues and are developing an improvement plan for both business and household survey collection to ensure they are fit for the future,” said an ONS spokesperson.
Diamond sparkles DIAMOND won plaudits for leading the pivot to track a raft of new health statistics once coronavirus hit Britain.
“The ONS had a very good pandemic,” says Charlie Bean, a former deputy governor of the BOE whose name has long been synonymous with ONS modernization.
Over lockdown the agency’s work became unusually visible, with its infection data beamed into British homes as part of nightly prime ministerial broadcasts. One person familiar with operations over that time spoke of the ONS as buoyed by a clarity of purpose, as it found its efforts central to policy targeted at tracking and alleviating the pandemic’s disruptions.
Quietly, in the background, the collapse in its employment statistics was already underway.
That data is on a par with inflation figures in terms of guiding the work of the BOE’s Monetary Policy Committee.
Inflation shows what has already happened in the economy. The labor market shows what is brewing.
Without accurate jobs data, rate-setters “are really flying blind,” added Sushil Wadhwani, a former member of that committee.
In common with so many developed countries, response rates to ONS surveys fell steadily over the 2010s. Less standard is that the questionnaire which forms the basis of its LFS takes 45 minutes to complete. A 39% pre-pandemic response rate had dipped to 21% by the time restrictions on movement fully lifted.
During 2023 the number crashed below 15%. For comparison: in the US, a response rate of just under 70% had statisticians alarmed. Among the blind spots that caused most concern internally was how the LFS reached very few young people, particularly men.
An internal agency presentation seen by Bloomberg warned that the results for the
16-24 age group were “behaving distinctly odd” and warping the headline figure. The jobs data showed a sudden burst of economic inactivity among the demographic that statisticians found it hard to account for.
Those gyrations were out of sync with the neutral trend shown by the real-time tax data that’s now more closely watched by economists as a proxy for what’s going on in the labor market. But substitutes “are usually very partial,” Wadhwani added.
The job of national statistics agencies has become much harder in recent years, as privacy concerns and Ring cameras conspire to make their methods obsolete. But in the UK, that challenge has been compounded by a series of unforced errors.
Quizzing Diamond in front of Parliament’s Treasury Select Committee more than a year after problems at the ONS edged into view, one lawmaker asked a question that had been troubling so many observers of UK employment statistics: Why was the alarm raised so late?
Rose-tinted view
THE ONS’s then-leader testified that, while he had been aware survey response rates were low, he was only told of the data’s total collapse by his relevant deputy around the same time it became public. That late disclosure was indicative of a workplace where problems were either dismissed or not tackled urgently enough, according to stats office insiders who spoke with Bloomberg.
The ONS’s internal culture will be a focus of a Cabinet Office and UK Statistics Authority review due to be published this summer. Feedback sessions taking place as part of its early investigations aired accusations of bullying, according to people familiar with its workings.
“The ONS strives for an open and honest culture and takes allegations of bullying extremely seriously,” a spokesperson said.
That rancor was particularly pervasive in the division responsible for employee wellbeing, according to people familiar with the issue.
The atmosphere meant a rose-tinted view of operations got passed up the chain of command, according to current and former employees— contributing to delays that have set back not only the jobs numbers but also long-awaited changes to inflation data.
Minutes from a UK Statistics Authority board meeting last year echoed the sentiment, warning of an “anxiety amongst colleagues to raise issues” and “the perception that positive messaging was needed at a senior level.”
The organization’s former leadership described the workplace very differently. “I start most of our team meetings with, “It is speak-up day, speakup week and speak-up month,” Diamond told lawmakers at his February hearing.
Fresh challenges
IF there was an optimism bias inside the ONS, it may have contaminated how and when it communicated with the outside world. At around 11pm the day before it first announced a oneweek delay to its main labor data, internal emails revealed by a freedom of information request shows then-deputy chief economist Richard Heys expressing concerns that implied
a much longer postponement could be needed.
Heys wrote to colleagues that the LFS was “becoming increasingly less valuable as a data source.” He added that he had “just seen one of their statistics move by 30% because the sample size for the industry in the LFS survey has collapsed to only five individuals.”
This year, the ONS revealed it’s looking at problems in areas other than employment, like those affecting producer prices and trade figures. The challenges may not end there. Bloomberg previously reported that the regulator is investigating drops in responses to the living costs and food survey that’s used to work out GDP and inflation figures. Now, it’s concerned about biases creeping into business surveys too, according to two people familiar with the matter.
Back to Newport
IN addition to roughly 800 metrics on the UK, the ONS also tracks data on itself.
Internal employee surveys seen by Bloomberg point to a dropoff in morale. Almost 60% of people felt positively about the agency’s leadership in 2022, but two years later the share had dropped closer to 40%.
Underneath that lay specific concerns. By last year, only 19% of employees responded positively to the statement “When changes are made in my organization they are usually for the better.”
A big source of employee
dissatisfaction was the end of pandemic-era work-fromhome policies, which derailed the Wales-headquartered agency more than most. The ONS had moved its head office and statistical functions from London to Newport in 2007, as part of the Blair government’s bid to boost regional economic growth—and to help it meet cost-savings targets. But it had been a painful transition.
Ninety percent of Londonbased staff opted to quit instead of relocate, and almost a decade later the Bean review deemed the loss of expertise to have left a permanent mark on the quality of the UK’s official data. Meanwhile, a Centre for Cities report concluded of the move that it had “done little” to aid the local economy.
The ONS transitioned to home working in 2020, and that remained the norm after lockdown restrictions were lifted. New hires say they were told they did not have to base themselves in the office, allowing permanent staff to be recruited from as far away as Northern Ireland. Then, only a few weeks after the stats office first sounded the alarm on the accuracy of its data, a new diktat came from the top.
In November 2023 employees were suddenly ordered to return to the office for 40% of their time. In the run-up to that decision they had been offered assurances that flexible working would be protected, according to people who attended those online meetings. Even officials
In common with so many developed countries, response rates to ONS surveys fell steadily over the 2010s. Less standard is that the questionnaire which forms the basis of its LFS takes 45 minutes to complete. A 39% prepandemic response rate had dipped to 21% by the time restrictions on movement fully lifted. During 2023 the number crashed below 15%. For comparison: in the US, a response rate of just under 70% had statisticians alarmed. Among the blind spots that caused most concern internally was how the LFS reached very few young people, particularly men.
charged with implementing the new policy told Bloomberg it came as a shock, since they were using flexibility as a recruitment tactic.
The switch prompted the Public and Commercial Services union to ballot members on taking industrial action. They voted in favor of ignoring the new guidelines, and against working out of hours.
PCS General Secretary Fran Heathcote called the dispute symptomatic of the agency’s wider issues, describing its management as “erratic and absolutist.”
The change “led to widespread distrust towards ONS senior leaders,” she told Bloomberg.
No leader
THE curbing of homeworking flexibilities also put a spotlight on pay, which is lower than in many Whitehall departments similarly reliant on expertise sought by the private sector.
Employee attrition rates are slightly higher than the Whitehall average, data shows. But attrition at the top is what has ONS stakeholders most concerned. After Diamond and two senior officials in charge o f economic statistics departed in quick succession, an agency whose staff were already skeptical about how change is handled now has no leader at a time of great upheaval.
The role Diamond vacated may stay empty for a while longer, according to two people familiar with the matter, amid deliberations over whether to separate its managerial and technical functions.
The ONS recently managed to get the Treasury to relax constraints around how it uses its budget, giving it flexibility at a time when it’s phasing in a new job-market survey and has yet to ditch the old. Response rates to the old questionnaire have been ticking up ever so slightly. That’s partly because, under Diamond’s leadership, the agency increased its sample size to garner more responses, and has experimented with new ways to force engagement—like paying people £50 ($67) to take part, rather than the old £10. Yet the reallocation of resources carries with it fresh cause for concern, according to Labour Party MP Yuan Yang, who sits on the Treasury Committee that quizzed Diamond: “It’s important that we don’t get into a situation where staff are moved from one section to another, leaving behind problems yet to be unearthed.” With assistance from Greg Ritchie/Bloomberg
Big 4 reunite as French Open honors Nadal
PARIS—Rafael Nadal stepped out into Court Philippe-Chatrier on Sunday to the sort of unending adulation, thunderous applause and chants of his nickname, “Rafa,” that greeted him for years as he accumulated a record 14 French Open championships, only this time he was being honored at a farewell ceremony. Thousands of spectators gave Nadal, who retired last year, a standing ovation as he strode through the doorway that leads from the locker room to the playing surface he ruled like no one ever has in the history of tennis. Instead of that familiar headband or the tape on his fingers or the capri pants he made famous early in his career, Nadal was wearing a dark suit and dark dress shirt. He smiled broadly and waved at the crowd, which seemed to occupy just about every seat in the 15,000-capacity venue.
Nadal sheds tears during his French Open tribute THIS all came 20 years to the day since Nadal made his debut in Chatrier at age 18 with a second-round victory. A s a highlight video began playing on the screens Sunday—showing those lefty bullwhip forehands, those pumped fists accompanying shouts of “Vamos!” and the relentless racing to every inch of the court—Nadal bit his lower lip and appeared on the verge of tears, which did flow eventually. His voice cracked and he sniffled while delivering a speech in French, then English, and then his native Spanish. “This
Pagadian junior tennis tournament gets going
NEARLY 200 of the country’s most promising junior tennis players are set to battle for supremacy and ranking points as the Governor’s Cup National Tennis Championships kicks off Tuesday at the DAO Sports Complex in Pagadian City, Zamboanga del Sur.
Spearheading the action in the boys’ 18-and-under division— expected to be one of the most hotly contested categories—are top guns Sean Esick and Paul Albano, with strong opposition coming from the likes of Charles Galio, Al Rashid Arasad, Lance Fuentes, Armin Golilat III, Kennedy Gumera and Adrian Alabata. O ver in the boys’ 16-and-U draw, focus will be on Vincent Nadal, the early favorite in a loaded 32-player field. Challengers looking to foil him include Prince Centino, Laurence Revil, Juhnn Batilo, Ian Morrison, Charles Gallo, Kennedy Gumera and Paul Albano, who’s eyeing a strong run in two divisions. Centino, meanwhile, is also among the top contenders in the boys’ 14-and-U class, joined by Tyronne Caro, Jacob Buhat, Jayson Pañares, Jared Sy, El-Jay Tangub, John Lomoljo and Batilo—a crew of young guns ready to make a name for themselves in the Group 2 tournament, part of the nationwide junior tennis talent-search initiated by Palawan Pawnshop president/CEO Bobby Castro. In the 12-and-U group, Caro is again in the spotlight, but he’ll face stiff resistance from rising talents like Duncan Navidad, Jacob Buhat, Zakari Obenza, Marc Gozalo, Ezekiel Liquit, Francis Dadan and Xian Tan. Dadan and Navidad also top-bill the 10-and-U unisex division, which includes a fresh wave of hopefuls, led by Nigel Lumayag, Karrlozz Cortes, John Labrador, Edrhean Sumalpong, Mark Abanto and Jian Cruz. With multi-division standout Kathlyn Bugna opting to rest after a dominant stretch across the tour, the girls’ competition is wide open and brimming with new possibilities. In th e girls’ 18-and-U category, expect fireworks from contenders Sanschena Francisco, Anna Ragpala, Izabelle Camcam and Klaire Tenepre. Camcam also headlines the 16-and-U draw, alongside Justine Gumbao, Giann Bulado and Princess Hilot.
C hasing a rare three-title sweep, Camcam enters the girls’ 14-and-U field as the top seed, with Gumbao, Hilot and dark horse Frances Rigodon adding intrigue to the draw. Rigodon, for her part, is the favorite in the 12-and-U group, bolstered by the participation of Aizelle Libonfacil and sisters Bless and Grace Labadisos, all ready to shake up the rankings.
SGA
HE is this year’s Most Valuable Player. Shai Gilgeous-Alexander isn’t done yet though, currently leading the Oklahoma City Thunder to a 2-1 series lead over the Anthony Edwards led Minnesota Timberwolves. The Thunder are two wins away from a place in the NBA Finals which will only be the second in franchise history if they pull through against Minnesota. A t 6’6”, he’s a point guard that’s got length, athleticism, and a basketball IQ that is off the charts. Watching his highlights, he doesn’t use a lot of his athleticism because his mid-range game is so high level he doesn’t need to dunk over anyone or jump over anybody. He is only the second Canadian to win the league’s highest individual award after Steve Nash won it in successive years in 2004 and 2005. He can drive left or right. He can finish at the rim with either hand. His game is so much predicated on his mid-range that people have called him, “Master of the Mid-Range.” Basketball aficionados and enthusiasts compare his mid-range to another master, the iconic and arguably the GOAT ever, Michael Jordan.
Sports
B8 Tuesday, May 27, 2025
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
Early exit for Eala
ALEXANDRA
EALA fell at the first hurdle in the French Open, bowing to Colombia’s Emiliana Arango, 6-0, 2-6, 6-3, on Sunday in Paris. The 24-year-old Arango, winner of the 2018 Copa Colsanitas in Bogota on the Women’s Tennis Association Tour, now has a 2-0 record against Eala. The world No. 85 defeated Eala in the 2024 Miami Open qualifying. After Arango swept through the opening set, rain disrupted the match in the second set with the 20-year-old Eala leading 3-2.
Eala’s debut in a Grand Slam tournament, on Court 6 of Roland Garros, lasted one hour and fifty minutes. Arango arranged a second-round match with eighth-seeded Chinese star Zheng Qinwen, who defeated former French Open runner-up Anastasia Pavlyuchenkova, 6-4, 6-3.
Canada’s Victoria Mboko, 18, scored her first Grand Slam match win, beating 2024 Wimbledon quarterfinalist Lulu Sun of New Zealand, 6-1, 7-6 (4).
Top-seeded Aryna Sabalenka of Belarus eased past Kamilla Rakhimova of Russia, 6-1, 6-0. Jasmine Paolini, French Open and Wimbledon runnerup, overcame Yuan Yue of China, 6-1, 4-6, 6-3.
Obiena
heads 15-member PHL squad in Asian tilt
By Josef T. Ramos
EJ OBIENA and 14 other Filipino athletes are seeing action in the 26th Asian Athletics Championships starting on Tuesday in
day two-time Olympian Obiena, Asian champion in 2019 in Doha and 2023 in Bangkok, sees
Alas Pilipinas set for battle vs elite teams
Shai Gilgeous-Alexander’s (SGA) mid-range game is frequently compared to Michael Jordan’s, and some find similarities in their scoring profiles and clutch abilities. While SGA’s mid-range game is impressive, it’s unlikely he’ll ever reach Jordan’s legendary status. I beg to disagree because you’ll never know. If the young man works hard on his game with the same dedication and work ethic as Jordan, then sky’s the limit for him. In the regular season, he led the league in scoring with per game averages of 32.7 points with 6.4 dimes and 5.0 pulls leading the Thunder to a league best and a franchise record 68 wins. SGA is without a doubt the leader of the young Thunder and is one of the reasons they are in title contention and championship conversation. He is dedicated and committed to bringing a title to Oklahoma City unlike Thunder legends that came before him like Kevin Durant, Russell Westbrook, and James Harden. At 6’6” he can see the floor well over shorter point guards. He can also play the shooting guard position and sometimes maybe even small forward depending on the match-ups. According to givemesport.com, he “Converts
Australia, and Kazakhstan, with the host country being bracketed in Pool A with Indonesia and Thailand and South Korea, Vietnam and New Zealand grouped in Pool C.
The AVC Men’s Nations Cup will be held after the Philippine National Volleyball Federation (PNVF) holds the Alas Pilipinas Invitationals—a preparation for the 2025 FIVB Men’s World Championship that the Philippines is hosting from September 12 to 28—from June 10 to 12 at the Smart Araneta Coliseum.
The draw were held during the AVC Board of Administration Meeting which AVC and PNVF president Ramon “Tats” Suzara hosted last Sunday the Edsa Shangri-La Hotel.
“I t was a remarkable draw for the AVC’s competitions, and we’re incredibly happy to announce that volleyball is very much alive in Asia,” Suzara said. “We’re aiming for excellent quality of the competitions.”
But before the Men go overseas, the Alas
Women will have their hands full in Pool B—with Iran, Indonesia, Mongolia and New Zealand—in the AVC Women’s Cup from June 7 to 14 in Hanoi, Vietnam.
Pool A in the Hanoi tournament is composed of host Vietnam, Australia, Indonesia, Chinese-Taipei and Hong Kong.
The younger Alas Women squad will also fly to Amman in Jordan for the AVC Women’s Under-16 Championship from July 20 to 27— they are bracketed in Pool B with Japan, Iran and Saudi Arabi—Pool A has Jordan, Lebanon, Uzbekistan and Hong Kong, Pool C has China, Qatar, South Korea and Kazakhstan and Pool D is made up of Chinese-Taipei, Thailand, Australia and India.
A lso drawn were the groupings for the AVC Men’s Under-16 Championship in Nakhon Pathom in Thailand from July 12 to 19. The Philippines is not fielding a team in Nakhon Pathom.
