BusinessMirror November 04, 2026 by BusinessMirror

‘Oil prices, weak spending to dent Q3 growth’ By Justine Xyrah Garcia

HE Philippine economy may be in for another dismal quarter, with economists from the University of Asia and the Pacific (UA&P) expecting third quarter expansion to hover around 2 percent. In its latest The Market Call report released Tuesday, UA&P economists attributed the sluggish outlook for the July-to-September period to “sticky oil prices and slow National Government spending.” If realized, growth of around 2 percent would mark the country’s weakest positive quarterly expansion since the pandemicinduced contraction of 3.8 percent in the first quarter of 2021. Excluding the pandemic period, this would

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be the slowest quarterly expansion since the fourth quarter of 2009, when the economy grew by 1.8 percent. The projection would also extend the country’s streak of decelerating economic growth to five consecutive quarters, dating back to the third quarter of 2025, when gross domestic product (GDP) growth slowed to 3.9 percent. Despite the weak third quarter outlook, UA&P sees prospects for a recovery in the final quarter, citing the country’s “robust structural fundamentals.” “Resilient overseas remittance inflows continue to provide strong support for the peso, while steady household spending and monetary management lay a firm foundation for inflation to normalize, positioning the market for an accelerated growth recovery moving

forward,” the report said. Overseas Filipino Workers (OFWs) continued to send more money home in the first eight months of the year, providing support for household spending despite softer growth in remittances. Data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances increased by 2.2 percent to $23.424 billion in January to August, from $22.909 billion in the same period last year. The report also identified faster year-end infrastructure spending, favorable weather conditions, and targeted Pag-IBIG Fund housing loan allocations as potential drivers of fourth-quarter growth. Data from the Department of Budget and Management (DBM) showed that infrastruc-

ture and other capital outlays declined by 34.6 percent to P522 billion from P798.4 billion in the same period last year. Despite the contraction, the DBM earlier expressed confidence that public infrastructure and construction spending would increase by around 20 percent in the second half of 2026, providing a boost to GDP growth toward the end of the year.

Inflation remains a threat

UA&P cautioned that accelerating inflation could undermine the anticipated economic recovery, with average price increases expected to approach 8 percent in the fourth quarter. Official data showed that headline inflation accelerated to 7.2 percent in September from See “Growth,” A2

BusinessMirror A broader look at today’s business

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Wednesday, November 4, 2026 Vol. 22 No. 28

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SUNSET’S SILVER LINING Sunlight breaks through the clouds over Loyola Memorial Park in Tanauan City, Batangas, at around 6 p.m. on November 2, 2026, creating dramatic crepuscular rays, commonly known as “God rays” or “Jacob’s ladder.” The latter name evokes the biblical account in Genesis

28:12, in which Jacob dreams of a stairway reaching from earth to heaven, with angels ascending and descending on it. The sunbeams appear to echo this celestial image as sunlight passes through gaps in the clouds, while surrounding clouds cast shadows that create alternating bands of light and darkness. As the solemn observance of Undas gives way to the anticipation of the Christmas season, the spectacle offers a fitting image of hope and renewal. Yet, as Filipino families turn from remembrance to holiday preparations and celebrations, rising prices of everyday essentials remain a challenge to household budgets. ROY DOMINGO

By Andrea E. San Juan @andreasanjuan

HE Monetary Board will less likely raise the key interest rate at its last rate-setting meeting for the year if the output gap, following the third-quarter growth data release, turned out to be “too negative,” according to the central bank governor.

“[The] tightening or easing kasi it takes account of both inflation and growth. There is what is called an output gap, that’s the difference between our actual growth rate and potential growth rate. So if that is too negative, we are less likely to tighten,” BSP Governor Eli M. Remolona Jr., said, partly in Filipino. The chairman of the Monetary Board, spoke to reporters on the sidelines of the ECCP Luncheon Meeting with the central bank governor on Tuesday. Remolona also said the growth rate of the economy will be “taken into account” in upcoming monetary policy decisions. The BSP governor said he expects growth to recover by the fourth quarter of this year or by the first

quarter of next year. “Our expectation is that recovery can start in Q4 or Q1 next year. So the government is trying very hard to accelerate spending,” Remolona said. Asked if he expects third-quarter (gross domestic product) GDP to be slower than the growth rate in the second quarter of the year, the central bank governor told reporters: “Hindi naman. Nagre-recover na [Not really. Recovery is ongoing].” The Philippine Statistics Authority (PSA) reported that the second quarter growth slowed further to 2.3 percent from the 2.8 percent in the first quarter and was significantly below the 5.4-percent expansion recorded a year earlier. See “Rate setting,” A2

TARIFFS, QUOTAS RAISE PINOYS’ FOOD EXPENDITURES–OECD By Ada Pelonia

@adapelonia

ARIFFS and non-tariff measures in the form of quotas, as well as support prices, raise the food expenditures of Filipino consumers, according to the Organisation for Economic Co-operation and Development (OECD). In its latest report, the OECD said support to farmers in the Philippines averaged 22 percent of gross farm receipts in 202325, which showed that slightly more than a fifth of farmers’ gross receipts were generated by support policies. The organization noted that support to farmers remains dominated by market price support (MPS), which generates transfers to farmers from consumers when domestic prices are higher than border reference prices, particularly for sugar, rice, corn, and livestock products.

It explained that MPS mainly reflects border measures, such as tariffs and tariff rate quotas, while rice producers also benefit from public procurement at set prices and market interventions by the National Food Authority (NFA). “These policies are closely linked to longstanding objectives of food security and greater self-sufficiency, especially for rice, but imply that much of the cost of support is borne by consumers and other first-level buyers,” the OECD said. As such, it added that average domestic producer prices were 29 percent higher than border reference prices in 2023-25. The organization also noted that budgetary support has gradually gained importance over time, mainly targeting farm inputs like seeds and fertilizer as well as investment in agricultural equipment, facilities, See “OECD,” A2

‘Food, energy-related items to drive inflation’ By Andrea E. San Juan

@andreasanjuan

OOD and some energy-related items could drive inflation above 8 percent as inflation is expected to peak “a few more months,” according to top Bangko Sentral ng Pilipinas’ (BSP) top officials. Asked, in an interview with reporters on Tuesday, when he thinks the rise in the prices of goods and services could post the fastest rate or could reach its peak, BSP Governor Eli M. Remolona Jr. said: “A few more months, we think it will peak.” In a separate interview at the same event, BSP Deputy Governor Zeno Ronald R. Abenoja responded: “We are looking at it very closely. There may be some months where we can see inflation continue to be elevated.” Basing on actual data alone, with inflation averaging at 5.4 percent in the first nine months of 2026 and with the BSP seeing average inflation hitting 6.1 percent this year, Abenoja said: “Which means, there will still be a few months where we

can see elevated inflation.” Asked if by elevated inflation he meant the rate could move beyond the 8-percent level, Abenoja said: “There’s a chance. We’re looking at those possibilities.” Abenoja said inflation in the coming months could be driven by “similar to what we have seen in the past few months,” such as “food and some energy-related items.”

Bank economists’ projections

BASED on recent inflation commentaries, some bank economists expect inflation to breach the 8-percent level in the coming months. ANZ Research, the research division of Australia-based ANZ Banking Group Limited, sees October inflation for the Philippines surging to 8.4 percent. It also expects inflation to remain above the 8-percent level in the last quarter of 2026 due to higher rice and oil prices. “Inflation is expected to have accelerated for the second straight See “Inflation,” A2

PESO EXCHANGE RATES n US 63.6720 n JAPAN 0.4032 n UK 85.3714 n HK 8.1147 n CHINA 9.5774 n SINGAPORE 49.7904 n AUSTRALIA 44.5449 n EU 71.2426 n KOREA 0.0473 n SAUDI ARABIA 16.9711 Source: BSP (November 3, 2026)

News

BusinessMirror

A2 Wednesday, November 4, 2026

As Pinoys rapidly use AI, PHL digital… Continued from A13

to $110 million in annual premium equivalent and gross written premiums. That ties the Philippines with Vietnam for the fastest-growing digital insurance sector in the region. “The Philippines’s digital economy continues to show remarkable resilience and momentum as it proves its unstoppable growth once again this year,” Palacios said. “As user confidence deepens and local AI use cases expand, strong policy support and collaborative ecosystem development will be key to unlocking the full potential of the Philippine digital economy.” Aquino said the Philippines is “well positioned” to move from occasional to everyday AI use, with the National AI Center for Research and Innovation rolling out this year and NPC frameworks supporting responsible adoption. “Doing so can cement the country’s place among SEA’s fastest-growing AI markets,” he said.

OECD…

Continued from A1

and concessional credit. Meanwhile, the OECD said budgetary transfers to consumers take

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Coco products revenue falls to $2.58B in Jan-Sept period

By Ada Pelonia

EVENUE from coconut-based products fell as of the third quarter, pulled down by lower coconut oil earnings, according to the Philippine Statistics Authority (PSA). Coconut-based exports from January to September slipped by 2.7 percent to $2.58 billion from the $2.65 billion posted in the same period last year. Receipts showed that shipments of coconut oil—the country’s top farm export—generated $2.09 billion in revenues during the reference period, down by 2.9 percent from the previous year’s $2.15 billion. This, despite quotations for coco-

nut oil in the world market averaging $2,083 per metric ton (MT) in September, according to the World Bank. This was higher than the $1,981 per MT in the previous month and $1,924 per MT in July. PSA data indicated that exports of desiccated coconut also dropped by 13.1 percent year-on-year to $327.39 million as of end-September, from $376.62 million.

the form of targeted food assistance programs, aimed at enhancing food access for vulnerable households. This includes school feeding initiatives, the Supplemental feeding programme, and the Walang Gutom food stamp program introduced in 2023.

The OECD noted, however, that transfers from consumers to farmers from MPS policies are greater than these budgetary transfers, “meaning, that consumers are net contributors overall.” “On average, policies increase consumers’ food expenditures [mea-

Despite this, earnings from outbound shipments of copra meal or cake continued to surge on an annual basis, up by 45.1 percent to $49.56 million, from $34.16 million in the same period last year. Revenues from other coconut products also rose by almost 28 percent in the reference period to $114.03 million from $89.32 million. Earlier, United Coconut Association of the Philippines (Ucap) Chairman Marco Reyes told the BusinessMirror that the impact of El Niño on plantations would be felt towards the second half of 2027. He noted that the dry spell would affect the flowering, with the actual lower nut harvest being less than 12 months after that. MEANWHILE, PSA data also

showed that exports of fruits and vegetables as of end-September inched up by 5.2 percent to $2.22 billion from the previous year’s same period of $2.11 billion. Banana shipments, which led the product group, grew by 11.4 percent to $1.3 billion from the $1.17 billion recorded in the same period last year. Outbound shipments of certain pineapple products, however, posted a year-on-year decline. Canned pineapple exports slid by 5 percent to $148.34 million, from $156.22 million. Shipments of pineapple juice also plunged by 23.5 percent to $80.06 million, from $104.69 million. Despite this, exports of pineapple concentrates rose by 16.8 percent to $17.13 million from last year’s same period of $14.66 million.

sured at farmgate prices] by about 20 percent,” it added. Roehlano Briones, senior research fellow of the Philippine Institute for Development Stud-

ies (PIDS), told the BusinessMirror that “the reason MPS transfers resources to farmers away from consumers is [because] it raises both retail and farmgate prices.”

Growth…

The economists also expect rising price pressures to prompt the Bangko Sentral ng Pilipinas (BSP) to raise its policy rate by another 25 basis points in December. For 2026, the Development Budget Coordination Committee (DBCC) expects inflation to average between 6 percent and 7 percent, before easing to 4 percent to 5 percent in 2027. Meanwhile, the DBCC has lowered its GDP growth target for this year to 3.5 percent to 4.5 percent. It expects economic growth to recover to 5 percent to 6 percent annually from 2027 to 2030.

Fruits, vegetables

Continued from A1

6.1 percent in August, ending four consecutive months of easing. “Monetary policy and targeted government supply measures remain key to limiting secondary price effects and bringing inflation back toward the 3 percent midpoint, especially as the aggressive El Niño season threatens another round of faster inflation into 2027,” the report stated.

Rate setting… Continued from A1

The latest reading was the slowest since the first quarter of 2021, when the economy contracted by 3.8 percent. Excluding the pandemic period, it was the weakest growth recorded since the fourth quarter of 2009, when gross domestic product (GDP) expanded by 1.8 percent. (See: https://businessmirror.com.ph/2026/08/08/growth-at-23-in-q2-recovery-dims-in-2026/) The PSA is scheduled to release the official third-quarter 2026 GDP data on November 9,2026 while the BSP’s Monetary Board will hold its last monetary policy meeting for the year on December 17,2026.

Negative output gap

BASED on the central bank’s August 2026 Monetary Policy Report, the negative output gap is projected to widen in 2026 “due mainly to subdued private consumption and lower investment.” “Adverse economic sentiment is expected to weigh further on investment. Household consumption is likewise seen to remain muted in the near term, reflecting weaker income growth and elevated inflation,” the report noted. Meanwhile, the central bank’s report explained that government consumption could provide some relief in the second half of 2026, given the planned catch-up in infrastructure spending. “The output gap is thus seen to narrow in 2027,as investment and trade recover, and household consumption improve,” the Monetary Policy Report noted.

In the report, the central bank explained that the output gap is a “summary indicator” of the relative demand and supply conditions in the economy. “The output gap is inherently difficult to measure. Nonetheless, the BSP monitors this indicator to assess the degree of demandbased inflation pressure,” the report noted. Similarly, if actual output falls below potential output over time, reflecting “economic slack,” the BSP said prices will begin to fall in response to weak demand relative to supply. In a recent commentary, former BSP Deputy Governor Diwa C. Guinigundo said the negative output gap does not eliminate the need to tighten. “It does, however, argue for careful calibration,” he pointed out. (See: https:// businessmirror.com.ph/2026/10/22/ bsp-cannot-afford-to-wait-til-riskshave-materialized/)

Still in tightening cycle

STILL, Remolona emphasized that the central bank remains in tightening mode, as inflation rate “doesn’t adjust so quickly.” “Easing? Not yet, we are still in tightening [mode] so we don’t know,” Remolona responded, when was asked on when the next easing cycle may start. Remolona explained that the BSP is adopting a “forward-looking” policy. “So tinatantsa namin kung tama na, tuloytuloy na yung pagbaba ng inflation, so hindi na kami magta-tighten. [So we are estimating if it’s enough, if inflation will steadily go down, so we won’t have to tighten,” he added. In 2026, inflation peaked at 7.2 percent in April before easing to 6.8 percent in May, 6.4 percent in June, 6.2 percent in July and 6.1 percent in August. However, it peaked again in September—matching the 7.2 percent rate in April. The MB has raised the key interest rate by a total of 125 basis points since the start of the conflict in the Middle East on February 28, delivering three separate quarterpoint rate hikes at the Monetary Board’s rate-setting meetings held on April 23, June 18, and August 27; and a separate half-point rate hike on October 22.

OSAEC…

Continued from A13

Such reporting allows survivors to retain their dignity while ensuring that the broader public understands the urgency of the issue.

Responsibility beyond the training

THE lessons from the Cebu gathering extend beyond the three days of lectures, discussions and exchanges. For journalists working in provincial communities, where victims, their families and even suspected offenders may be known to one another, the risk of inadvertently identifying a child can be particularly serious. In smaller communities, a single photograph or location detail may be enough for others to recognize a survivor. The challenge becomes even greater as news organizations increasingly rely on social media platforms, where stories and images can circulate rapidly, often without the context or safeguards included in the original report. For photographers and videographers, the training raises a fundamental question: Just because an image can be captured, does it mean it should be published? For reporters and editors, it demands equal scrutiny of the language, sources and details used to tell a story. And for the wider media industry, it reinforces the need to treat child protection not as an occasional ethical consideration but as a continuing responsibility. The fight against online child sexual exploitation cannot be carried by law enforcement agencies, social workers or advocacy organizations alone. Public understanding, community reporting and institutional accountability also depend on accurate and responsible journalism. The journalists who gathered in Cebu were reminded that their work can influence whether communities remain silent or begin to recognize and confront abuse. But the real measure of the training will come after participants return to their newsrooms and field assignments, when they must decide what to photograph, whom to interview, what information to publish and what details to leave out. For Patricia and other survivors, those decisions are not simply matters of editorial judgment. They can affect whether a child feels safe enough to seek help, whether a survivor can continue rebuilding a life and whether a community learns to respond with protection rather than stigma. “Every story has power,” Patricia told the journalists. The challenge now is ensuring that the power of journalism is used not to exploit suffering, but to protect children, strengthen accountability and give survivors the dignity they deserve.

Inflation… Continued from A1

month in October in the Philippines, reaching 8.4 percent year-on-year. Crude oil prices had risen to sixmonth highs by the end of October, which will maintain domestic fuel prices at elevated levels,” the research division of the Australiabased bank noted. Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr. said: “We have yet to see the peak in inflation this year.” “We expect it to come in November, when inflation could exceed 8 percent if current price pressures persist. Unlike the fuel-driven spike in April, the current upswing rests on stickier drivers,” added Neri. Explaining how price pressures could broaden further, he said fare and wage increases rarely reverse, and higher labor costs could feed into broader price-setting through second-round effects, a risk which he said is already “visible” in core inflation, which climbed to a three-year high in September. “Additional upside risks include further Peso weakness, Meralco’s higher distribution charges under the newly approved rate reset, the potential impact of a Super El Niño on food and power supply, and volatile oil prices amid Middle East tensions,” added Neri. For his part, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), emphasized that inflation could remain at 7 to 8 percent levels for the rest of 2026 and even up to around February 2027. (See: https://businessmirror.com. ph/2026/11/02/inf lation-maybreach-8-in-nov-dec-experts/) In 2026, inflation peaked at 7.2 percent in April before easing to 6.8 percent in May, 6.4 percent in June, 6.2 percent in July and 6.1 percent in August. However, it peaked again in September—matching the 7.2 percent rate in April.

The Nation

www.businessmirror.com.ph

Wednesday, November 4, 2026

Sara defense seeks total wipeout of prosecution evidence

By Jovee Marie N. dela Cruz

@joveemarie

N what the prosecution calls a desperate attempt to leave the Senate trial with “no evidence left,” the House of Representatives impeachment team has lashed out at Vice President Sara Z. Duterte’s defense counsel for filing blanket objections against every single financial document submitted in her ongoing impeachment trial.

The objections target the core of Article II of the impeachment complaint—which accuses VP Duter te of hoa rd ing une xplained wealth and failing to properly declare her assets. Speaking to reporters on Tuesday, House impeachment prosecutor and Party-list Rep. Terry Ridon of Bicol Saro expressed disbelief after the defense moved to throw out the prosecution’s entire body of evidence, including the Vice President’s own official

Statements of Assets, Liabilities and Net Worth (SALNs). “In other words, all the documents, all the SALNs, all the bank records, all the insurance documents, BIR [Bureau of Internal Revenue] records, and A MLC [Anti-Money Laundering Council] documents are being denied and objected to by the defense,” Ridon said. “The defense’s formal offer of evidence objections cover every piece of evidence submitted by the prosecution for consideration by

the Senate impeachment court.”

Total wipeout

THE sweeping move comes after the prosecution formally wrapped up its presentation of witnesses and paper trails on October 21. Among the centerpiece evidence presented was forensic accounting expert Alexander Cabrera’s bombshell testimony: an analysis uncovering a staggering P817.87 million in allegedly unexplained wealth under conservative estimates—a figure that could swell to P1.5 billion under broader computations. The trial ’s paper trail also links financial records directly to Duterte and her husband, lawyer Manases Carpio, alongside land inspection reports from the National Bureau of Investigation (NBI) cross-checked with the Land Registration Authority. Ridon fired back at the legal strategy, noting that defense lawyers actively participated in crossexamining every witness and financial regulator who verified the documents. “All the evidence we presented had been subjected to cross-examination,” Ridon pointed out, adding that it makes little sense for the de-

fense to object to documents that, in some instances, overlap with their own exhibits.

Ball in Senate court’s hands

DESPITE the aggressive pushback from Duterte’s legal team, prosecution allies remain confident that the Senate impeachment court will not let the evidence be completely erased. “I do not think the Senate Impeachment Court will grant their blanket objection because that would mean there would be no evidence left to be used in the trial,” Ridon remarked. “I do not think that is something the court would allow.” With the defense expected to submit its official witness list within the week, the prosecution is preparing to turn the tables when the trial reconvenes. Ridon vowed that House prosecutors will grill defense witnesses and demand clear answers for every property, bank account, and document flagged during the proceedings. The high-stakes Senate impeachment trial is set to resume on November 9, with follow-up hearings scheduled for November 19, 20, and a final trial date on November 23.

Lacson on dela Rosa: Due process means facing ICC By Butch Fernandez

and security forces across the country. Speculation over dela Rosa’s whereabouts reached a fever pitch following reports that armed groups in Mindanao might be harboring him. However, the Moro National Liberation Front (MNLF) issued a formal statement earlier Tuesday flatly denying allegations that it was coddling the fugitive senator. Dela Rosa, a long-time loyalist of former President Rodrigo Duterte, possesses an extensive network of active and retired uniformed personnel as well as armed supporters in the southern Philippines. The former police chief went into hiding late last year after learning that the ICC had issued a warrant for his arrest. The charges stem from his role as the chief architect and executor of the Duterte administration’s controversial

“war on drugs” from 2016 to 2018, during which thousands of operational killings were recorded. Dela Rosa’s months in hiding were briefly interrupted by a dramatic, unexpected appearance at the Senate on May 11, where he cast his vote for Sen. Alan Peter Cayetano during the Senate presidency race. His brief return to public life ended abruptly two days later on May 13, when a chaotic shooting incident erupted inside the Senate prem ises— prompt ing dela Rosa to slip away under the cover of confusion and vanish back into hiding. As authorities intensify their efforts and the P50-million reward hangs in the air, Lacson urged all parties to prioritize a peaceful surrender over a bloody confrontation, maintaining that dela Rosa must ultimately answer the charges in The Hague.

XTENDING due process to fugitive Sen. Ronald dela Rosa does not mean granting him immunity or shielding him from the International Criminal Court (ICC)—it means ensuring he faces trial without sparking bloodshed. That was the stern reminder issued on Tuesday by Sen. Panfilo Lacson as the high-stakes manhunt for the fugitive lawmaker takes an increasingly perilous turn, complete with a multi-million peso bounty and warnings of potential violence. Lacson clarified his position regarding his fellow Philippine Military Academy (PMA) alumnus, stressing that basic human rights apply to everyone—even those facing international tribunal warrants. However, he rejected

the notion that due process should allow Dela Rosa to permanently evade accountability. “To me, due process means allowing Senator dela Rosa to face trial before the ICC rather than risk violence and worse, tragedy,” Lacson said on Tuesday. The statement comes amid heightened tension following the government’s announcement of a P50-million bounty for information leading to dela Rosa’s arrest. The high price tag on the former top cop was accompanied by a grim warning from the Interior Secretary, who previously hinted that arresting the senator could turn into a high-risk operation resulting in multiple casualties. Dela Rosa, who served under Lacson during their years in the Philippine National Police (PNP) and the Presidential Anti-Organized Crime Task Force (Paoctf), has deep ties to law enforcement

SND to biz groups: Tell China to stand by truth instead

No imminent threat but household emergency reserves needed–Teodoro

@butchfBM

ECRETARY of National Defense Secretary Gilberto Teodoro Jr. on Tuesday pushed back against calls from major business groups for Manila to tone down its public exchanges with Beijing over maritime disputes, insisting the government will not back down from telling the truth in the West Philippine Sea. Teodoro urged commercial organizations to direct their appeals for restraint to China rather than asking the Philippine government to stay silent while defending its sovereign rights. “Who should they be telling that to? We are only standing by the truth and transparency,” Teodoro said in a radio interview. The defense chief called out the business sector’s selective silence, questioning why these organizations failed to voice similar concerns during previous controversies involving Chinese interests in the country—such as illegal Philippine offshore gaming operators (Pogos), the influx of substandard steel, and foreign-run scam hubs. “Why did we not hear these statements before when Pogos became widespread here, when substandard steel was brought into the country, and when scam hubs emerged?” Teodoro asked, challenging the groups to clarify if their intent was to stop the nation from standing up for itself. See “SND,” A4

By Rex Anthony Naval

E F E N S E S e c re t a r y G i l b e r to Teodoro Jr. on Tuesday encouraged households to maintain basic emergency provisions as a standard business-as-usual practice, while explicitly reassuring the public that there is no imminent security threat driving the advice. Teodoro emphasized that keeping reserve food, clean water, and power essentials on hand is simply a matter of prudent risk management and good housekeeping that every family should routinely practice. “This is standard operating procedure. It is really a matter of good housekeeping to always have a reserve of food and necessities, including batteries, just as we prepare for storms or floods by keeping supplies at home,” Teodoro said during a radio interview. His remarks follow heightened global attention on government-led emergency readiness campaigns in countries such as Japan, the United Kingdom, and the United States, where citizens have been urged to stockpile provisions against potential supply chain and utility disruptions. When asked if the Philippines should formally adopt a similar nationwide campaign advising families to maintain at least three days’ worth of emergency

food, Teodoro noted that the national government already mandates local governments (LGU)—particularly at the barangay level—to prepare for localized disruptions based on specific community risk profiles. “Different areas have different needs. Some places need water, others need food, while some may need batteries and radios because electricity can be intermittent,” he explained. Teodoro cited past domestic preparedness models, including the household emergency kit and whistle initiative previously championed by former senator Richard Gordon. Addressing consumer behavior and inventory management, Teodoro advised families to systematically rotate their household stockpiles to prevent spoilage and avoid triggering market panic. “Three days is not a hard-and-fast rule. We can wait for an advisory to avoid panic buying, but what I am saying is that this is something we should really do whether or not there is an emergency. You should rotate your supplies because they can spoil,” Teodoro noted. While advocating for early household preparation, Teodoro clarified that the guidance is not tied to any heightened national security risk or imminent crisis. “The earlier, the better. But this does not

mean that we see anything coming, apart from the needs arising from the super El Niño,” he clarified. The Department of National Defense exercises administrative oversight over the Office of Civil Defense (OCD), the primary government agency responsible for coordinating national disaster risk reduction, relief operations, and LGU preparedness. Maintaining emergency reserves at home remains a foundational element of disaster resilience strategies, particularly across regions frequently impacted by natural hazards such as severe typhoons, flash flooding, and earthquakes. Having immediate access to critical supplies ensures household self-reliance during the initial critical hours or days of a disaster while public relief operations and logistics are mobilized. Teodoro underscored that individual self-sufficiency is vital, as first responders and healthcare workers face unavoidable operational delays during major disaster events. “At the end of the day, every household needs its own reserves. It is like having a first-aid kit. Help, ambulances, or medical personnel may not arrive immediately, so people must have the capacity to take care of themselves at the bare minimum. This is standard good practice,” Teodoro stressed.

Evidence supports betrayal of public trust–prosecution

HE House of Representatives impeachment prosecution is confident that financial records and other documentary evidence presented against Vice President Sara Z. Duterte will be admitted by the Senate Impeachment Court despite objections from the defense involving bank secrecy and the admissibility of documents. House private prosecutor and trial spokesperson Benjamin Tolosa Jr. said the prosecution sees no major legal obstacle to admitting the evidence, citing the exception under the Bank Secrecy Law for impeachment proceedings and the procedures followed in obtaining the records. “The court has repeatedly ruled that impeachment proceedings are exempt from the Bank Secrecy Law. Its rulings on this matter have been consistent,” Tolosa said. He clarified that the prosecution was referring specifically to the documentary evidence and expressed confidence that the records would withstand the defense’s legal challenges, although the final decision rests with the senator-judges. “The SALNs and BIR records came directly from the Vice President herself. These are notarized documents,” Tolosa said, referring to Duterte’s Statements of Assets, Liabilities and Net Worth (SALNs) and tax records. The prosecution also submitted official records from the Anti-Money Laundering Council (AMLC), whose executive director testified on the financial findings, as well as banking documents obtained through subpoenas issued by the impeachment court. “These AMLC records are official documents, and they were explained by the executive director,” Tolosa said, adding that the prosecution believes the defense’s bank secrecy objections would not prevent their admission. Tolosa expressed hope that the Senate Impeachment Court would resolve the objections to the documentary evidence by November 9, when Duterte’s defense is scheduled to begin presenting its case. Meanwhile, Tolosa said the impeachment proceedings ultimately concern whether Duterte remains worthy of the public trust required of the country’s second-highest official. He said Filipinos should assess whether the financial records and other evidence presented during the trial establish a serious constitutional violation or betrayal of public trust. “Did she betray the people’s trust? Did she commit a serious violation of the Constitution?” Tolosa asked. The prosecution has alleged that Duterte failed to fully disclose substantial assets and financial interests in her sworn declarations. Forensic accounting expert Alexander Cabrera identified at least P817.87 million in alleged undeclared assets and unexplained wealth covering 2022 to 2025. Tolosa said the senator-judges must decide the remaining Article II charge based on clear and convincing evidence rather than mere suspicion or political considerations. “The decision must be based on clear and convincing evidence,” he said, adding that the prosecution believes its case is supported by official records, including SALNs, tax filings and financial documents obtained from banks and government agencies. For his part, Lanao del Sur Rep. Zia-ur Rahman Alonto Adiong, House trial spokesman, defended the Senate Impeachment Court’s handling of the proceedings despite a Social Weather Stations (SWS) survey showing limited public trust in its ability to deliver a fair verdict. The survey found that 28 percent of Filipinos had much trust in the Senate’s ability to decide the case fairly, while 35 percent expressed little trust and 32 percent were undecided. However, 50 percent believed the court was giving both sides proper consideration, while 51 percent said its final decision should be accepted whether Duterte is convicted or acquitted. “I believe the way the impeachment court is handling the trial has been fair,” Alonto Adiong said, adding that the House prosecution panel had consistently respected and complied with the court’s directives. He acknowledged the challenges facing the presiding officer and senator-judges, who must balance the legal and political dimensions of impeachment proceedings while continuing their legislative responsibilities. He also said the prosecution’s decision to withdraw the three other articles involving confidential funds, bribery and grave threats was intended to avoid unnecessarily prolonging the trial and burdening the Senate and the public. “That is why we decided not to burden the Senate and the public with a lengthy trial,” Alonto Adiong said, maintaining that the impeachment court was handling the remaining proceedings efficiently and should ultimately decide the case based on the evidence and established legal procedures. Jovee Marie N. dela Cruz

80 Chinese ships detected at WPS in October

N October, only 80 Chinese warships and coast guard vessels were detected in four key features of the West Philippine Sea (WPS) much lower than the 101 monitored in September, the Armed Forces (AFP) said on Tuesday. “In the WPS, the Navy [PN] monitored a total of 80 People’s Liberation Army Nav y [PLAN] and China Coast Guard [CCG] vessels across four key maritime features:Ayungin Shoal—24 vessels [13 PLAN, 11 CCG], Bajo de Masinloc—41 ve s s e l s [ 1 1 P L A N , 3 0 CCG ] , E s co d a Shoal—11 vessels [eight PLAN, three CCG], and Pag-asa Islands—four ships [1 PLAN, 3 CCG],” the AFP spokesperson for the WPS, retired Rear Adm. Roy Vincent Trinidad said in a message to reporters. He added that these figures showcased China’s continued conduct of “illegal, coercive, aggressive and deceptive” (Icad)

which strongly undermines the rulesbased international order and challenges the Philippines’ sovereign rights and jurisdiction within its maritime domain. Trinidad stressed such actions contribute to regional tensions and highlight the importance of continued vigilance and adherence to international law. And despite these developments, Trinidad said the AFP as a whole remains steadfast in fulfilling its mandate to safeguard the nation’s maritime interests. “ Th ro u g h s u s t a i n e d o p e rat i o n a l presence, enhanced maritime domain awareness, strengthened inter-agency coordination, and continued capability development, your AFP remains committed to protec ting national sovereignt y, upholding maritime security, and promoting peace, stability, and the rule of law in the WPS,”he added.Rex Anthony Naval

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No rival bid for Maynilad-K-Water’s New Clark proposal

By Bless Aubrey Ogerio

HE Bases Conversion and Development Authority (BCDA) is set to award its P14.8-billion New Clark City water and wastewater project to the Maynilad Water Services Inc.-Korea Water Resources Corp. (K-Water) consortium after no rival proposal emerged in the Swiss challenge.

At a Shareholders’ Association of the Philippines event in Makati on Tuesday, BCDA President and Chief Executive Officer Joshua M. Bingcang told reporters the agency plans to proceed with the award as soon as possible, even before the 90-day challenge period expires. Some companies attended the

project’s pre-bid activities but did not submit competing proposals, he said, declining to identify them. The absence of competing offers clears the way for the consortium, which earlier secured original proponent status, to proceed to the next stage of the public-private partnership process.

The formal award, however, remains subject to the completion of the required procedures. The project, initially proposed by K-water in February, will develop bulk water supply and wastewater infrastructure for New Clark City in Tarlac. The system is expected to have a capacity of 150 million to 200 million liters per day, with surplus water also intended to be shared. The proposed joint venture carries a 25-year term, with an option to extend for another 25 years.

Foreign aerospace players

MEANWHILE, a European maintenance, repair and overhaul (MRO) company is planning to establish a facility at Clark International Airport, Bingcang said. BCDA withheld the company’s name, pending authorization to disclose it. The proposed site covers about 40 hectares beside the airport’s Federa l E x press Cor porat ion (FedEx) facility. The BCDA head

clarified that the $40 million would cover construction of the facility, while the company itself would provide the equipment and other contents. BCDA would build the hangar according to the company’s requirements, while the facility would be operated with a local partner that would also serve as its developer, he said. In addition, Bingcang said he discussed the partnership and financing arrangements during a recent trip to Paris, but no agreement had been signed as of writing. Separately, an American aerospace manufacturer is also looking to establish a production operation in Clark, Bingcang said. He, however, did not disclose the company’s name, the proposed investment amount, expected employment or project timeline. The project is still subject to further discussions, with United States government approval also among the factors that could affect its progress.

grads land Philippines leads Asean push SHS work, but face for green economy framework career barriers By Jonathan L. Mayuga @jonlmayuga

HE Philippines is taking the driver’s seat in steering Southeast Asia toward a low-carbon future, with the Climate Change Commission (CCC) spearheading regional efforts to advance the landmark Asean Green Economy Framework Agreement (Gefa). Under Philippine leadership, the CCC chaired a virtual intersessional meeting of the Asean Task Force on Carbon Neutrality (ATF-CN) to drive discussions on the feasibility of Gefa. The proposed agreement aims to significantly solidify regional cooperation on green economic growth and sustainable industrial transition. The ongoing Gefa feasibility study is zeroing in on high-impact areas for interstate cooperation, including sustainable finance, trade-related climate measures, environmental goods, and strategic economic and technical collaboration. Emphasizing the commercial and social balance needed across the bloc, CCC Vice Chairperson and Executive Director Robert E.A. Borje stressed the

necessity of an inclusive framework that respects the distinct economic realities and development priorities of individual Asean Member States. “This study must help us identify opportunities for cooperation that deliver shared benefits while recognizing the different circumstances and capacities of Asean Member States,” Borje said in a statement. “As we work toward a low-carbon economy region, we must ensure that the proposed framework is responsive to our diverse priorities and supports a transition that benefits the entire region,” he added. For the Philippines and fellow developing Asean member nations, the framework opens vital avenues to structure regional cooperation tailored to varying national capacities, institutional readiness, and economic agendas. Key targets for joint action include targeted capacity-building, technical assistance, and the scaling of sustainable finance mechanisms to help countries evaluate and execute their respective green economy initiatives. Importantly, the feasibility study is tasked with defining how GEFA will deliver distinct value-add without duplicating existing regional programs.

PhilHealth warns vs fake solicitations

HE Philippine Health Insurance Corporation (PhilHealth) issued a public warning on Tuesday against scammers impersonating its Acting President and Chief Executive Officer, Beverly Lorraine Ho, to solicit money, donations, and sponsorships. In a formal advisory, the state health insurer urged healthcare providers, partners, and the general public to remain vigilant against fraudulent messages, phone calls, emails, and social media accounts exploiting Ho’s identity. “PhilHealth strictly clarifies that neither Dr. Beverly Lorraine Ho nor any official or employee of PhilHealth is authorized to solicit funds, donations, or personal bank transfers

from the public or our partners,” the agency stated, emphasizing that any request for payments or financial aid under its name or that of its officers is an illegal scam. PhilHealth advised anyone targeted by suspicious communications to refrain from engaging and to report the incidents immediately to the PhilHealth Corporate Action Center, nearest regional office, or local health insurance office. The agency reiterated that all official transactions and inquiries should be conducted strictly through its regional and local offices. For verified updates, the public is directed to consult only its official communication channels.

From a national strategic standpoint, regional cooperation under GEFA is poised to directly bolster the Philippines’ climate commitments under its Nationally Determined Contribution (NDC). It offers a blueprint to accelerate low-carbon development, build competitive green industries, and mobilize sustainable finance streams. By synchronizing regional policies, Asean member states can establish complementary approaches to cutting greenhouse gas emissions without sacrificing their broader economic growth and industrial targets. During this initial ATF-CN Intersessional Meeting, delegates thoroughly reviewed the draft Inception Report of the GEFA Feasibility Study, evaluating its scope and methodology for mapping concrete regional opportunities. Reaffirming Manila’s leadership role, the CCC—in its capacity as chairman of the ATF-CN—reiterated its commitment to push regional carbon neutrality forward through an inclusive, evidencebased process that honors the varied economic capacities and circumstances of Asean nations.

SND. . . Continued from A3

His remarks came a day after a coalition of 22 prominent business, labor, agriculture, and educational organizations—including the Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc.—issued a joint statement calling on the government to adopt measured diplomacy and tone down public rhetoric to prevent economic damage. The business coalition warned that escalating tensions could undermine trade, foreign investment, infrastructure, energy, and the livelihoods of overseas Filipino workers in mainland China, Hong Kong, and Macao. Rejecting the idea that economic fears should weaken national defense, Teodoro asserted that Manila’s policy of public transparency exposes Beijing’s unlawful actions within the Philippines’ exclusive economic zone (EEZ) under the United Nations Convention on the Law of the Sea (Unclos) and the landmark 2016 arbitral ruling. Rather than bowing to economic pressure, Teodoro urged the business community to use the geopolitical tension as a catalyst to build domestic strength and reduce external reliance. “This should strengthen our supply chain resilience, diversify our supply chains, and strengthen our industries so they can serve as bridges to genuine prosperity for the country and capital formation, instead of merely producing consumer goods,” Teodoro said, advocating for robust local manufacturing that supports micro, small, and medium enterprises.

By Mary Jade Adormio

MPLOYMENT among Senior High School (SHS) graduates more than doubled over a six-year period, but a significant portion continues to land in lowpaying, entry-level positions with limited mobility, a recent report by the Department of Labor and Employment’s Institute for Labor Studies (Dole-ILS) indicate. Data from the research institute reveals that the employment rate for SHS graduates jumped from 18 percent in 2018 to 38 percent in 2024. While the figures signal growing market acceptance of the K-to-12 program’s upper track, structural challenges in job placement and career progression remain. Despite the quantitative gains, the study highlights critical qualitative shortcomings. Most employed graduates are concentrated in elementary occupations, basic administrative support, and front-line customer service roles—positions characterized by minimal opportunities for upward mobility. A major contributor to this trend is job-skills mismatch. The report noted that a substantial number of graduates work in fields unrelated to their high school academic or technical specializations. Instead of domain-specific technical skills, many rely on foundational competencies—such as oral communication, critical problemsolving, and workplace confidence—to secure entry-level roles. “Overall, our findings show that SHS can improve graduates’ employability. But its value in the labor market still depends on how their skills match available jobs and what employers are looking for,” the ILS said in its findings. “The issue is not only about improving the skills of SHS graduates. We also need to look at how education connects with workplace exposure, employer expectations, and actual opportunities for employment and career growth.” From the demand side, employers express growing hesitation regarding workplace stability and long-term retention. Speaking on the qualitative interviews conducted for the study, ILS researcher Jun Karlo Laroza emphasized that workplace commitment often outweighs initial technical readiness for many hiring managers. Employers reported recurring instances where companies invested resources to train SHS hires, only for the workers to resign within six months. “Although technical skills are important, what matters most for employers is that graduates stay long enough for companies to fully utilize and build upon those skills,” Laroza explained. The findings underscore an urgent need for multi-sectoral alignment among educational institutions, government labor agencies, and private industry leaders to bridge the gap between classroom tracks, hands-on workplace training, and sustainable career paths.

PMI: Factories stock up as recovery remains elusive

ANUFACTURERS are building up inventories in anticipation of stronger production, even as weak demand continues to pull down output and new orders, with factory activity contracting for a second straight month in October. The Philippines Manufacturing Purchasing Managers’ Index (PMI), compiled by Standard & Poor’s (S&P) Global Market Intelligence, slipped to 49.1 in October from 49.6 in September. A reading below 50 indicates a deterioration in operating conditions. The latest decline marked the third monthly contraction in the sector this year. S&P said manufacturers faced subdued demand at home and abroad, prompting them to cut production and purchasing activity. Output and new orders both declined, although the fall in production eased slightly from September. The contraction in new orders, meanwhile, deepened, with companies reporting weaker demand from both domestic and foreign customers. “Some firms cited that weak demand and the current hot weather, linked by some panellists to El Niño, weighed on the two main contributors to the headline PMI index,” S&P said. The weakness in orders also prompted manufacturers to scale back purchases of materials and other inputs. Buying activity fell at its fastest pace in 11 months, even as the decline in new export orders eased and remained modest. According to S&P Principal Economist Siân Jones, the sharper drop in purchasing activity and continued job losses showed that manufacturers remained cautious amid subdued demand. But supply conditions offered little relief. Although the deterioration in supplier performance eased slightly in October, delivery times still lengthened

for an 11th consecutive month. Material shortages at suppliers were reported by some companies, resulting in delayed deliveries and changes to production schedules, S&P said. Against this backdrop, manufacturers kept pre-production inventories broadly unchanged after reducing them in September. Stocks of finished goods, however, rose marginally for the first time in four months, as some firms anticipated a pickup in production. That optimism was also reflected in business confidence, which rebounded to a near two-year high. Firms expected new projects and customers to support production growth over the next 12 months, Jones said. But expectations have yet to translate into stronger orders or hiring. S&P repor ted that employment continued to decline, while manufacturers’ operating expenses and selling prices rose only modestly, largely because of higher material costs passed on to customers. For his par t, R izal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the expected El Niño conditions through early 2027 could add pressure on manufacturers, particularly through lower agricultural output and higher food and raw material prices. He said record exports in recent months, driven by stronger demand for artificial intelligence-related electronics and products, could provide support for some local manufacturers and the broader economy. On the other hand, Jones also warned that the Bangko Sentral ng Pilipinas’ latest 50-basis-point rate increase, which brought the policy rate to 5.5 percent, could weigh on demand and investment by raising borrowing costs. Bless Aubrey Ogerio

House bill boosts creative sector

HE booming creative sector—which employed a staggering 8.71 million Filipinos and generated P2.12 trillion, or 7.8 percent of the country’s gross domestic product last year—is poised to become an even stronger engine of national economic growth through a major overhaul of arts education in secondary schools, a lawmaker declared on Tuesday. Parañaque Rep. Brian Yamsuan highlighted that the country’s creative industries hold immense potential for global expansion. Digital platforms, in particular, allow local creative businesses to tap into international markets with minimal overhead costs while generating vital employment and export revenues for the nation. To unlock this potential, Yamsuan filed House Bill 7864, a measure designed to strengthen and modernize the Department of Education’s (DepEd) Special Program for the Creative Arts (SPCA). The bill introduces an expanded curriculum covering architecture and allied arts, cinema, design, digital fabrication, and new media. These cutting-edge disciplines will complement existing core subjects in creative writing, visual arts, media arts, music, dance, and theater arts. “We have many highly skilled animators, designers, filmmakers, musicians, and others in the creative industries. Certainly, there are also many talented young Filipinos who are aspiring to be part of our creative sector,” Yamsuan noted. “Strengthening arts education in our secondary schools will harness their potential and help us build a sustainable pipeline of skilled and industry-ready creatives who can compete globally while telling distinctly Filipino stories,” he added. Yamsuan emphasized that cultivating world-class Filipino artists and creative workers is central to supporting the country’s ambitious goal of becoming Asia’s premier creative hub by 2030. Highlighting the sector’s

current economic footprint, he noted that creative industries employed 8.71 million Filipinos last year, generated P2.12 trillion (7.8 percent of GDP at constant prices), and drove exports of creative goods and services to P747 billion in 2025. “We can turn this sunrise industry into a major economic growth driver. But we must start by developing our future creative workers into a workforce that can stand shoulder to shoulder with the best in the world,”Yamsuan stressed. Beyond updating classroom subjects, HB 7864 embeds practical business tools directly into the SPCA curriculum by integrating financial literacy, entrepreneurship, and basic intellectual property rights education. To ensure the educational program stays ahead of rapidly changing industry trends, the bill establishes a dedicated SPCA Council under DepEd’s administrative supervision. The proposed seven-member council will be chaired by the Education Secretary and feature key representatives from the National Commission for Culture and the Arts, the Department of Trade and Industry, the Cultural Center of the Philippines, the Commission on Higher Education, the Philippine Creative Industries Development Council, and the Creative Economy Council of the Philippines. This council will bridge the gap between academia and commerce by connecting schools directly with industry players through mentorships, work immersions, scholarships, and employment pathways. In addition, HB 7864 authorizes the hiring of special instructors and industry experts, encourages active private-sector training partnerships, and provides crucial financial incentives—including tax exemptions for donations and grants given to the program, as well as tax breaks on imported creativeindustry equipment and materials that are unavailable from local manufacturers. Jovee Marie N. dela Cruz

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TheWorld

Energy CEOs say they must plan for disruption to be new normal By Salma El Wardany & Mitchell Ferman Bloomberg News

NERGY companies need to plan for disruption to be a permanent feature of their businesses, building backup capacity, diversifying supply routes and refocusing investment on security, top executives said at the industry’s largest conference in the Middle East. “Disruption is no more the black swan,” said Alessandro Puliti, chief executive officer of Saipem SpA, which provides services to major energy producers. “It’s something that we need to build into our planning.” At the Adipec conference in Abu Dhabi, executives described the scale of the challenges they have faced as a result of the USIran war—ranging from vessels stranded outside ports to searches for alternative suppliers of key equipment. Logistics problems of the kind that previously would have rarely reached a CEO’s desk have now become the biggest concern, Puliti said. The need to boost security of supply is becoming a bigger driver of energy infrastructure spending, executives said. For Baker Hughes Co. CEO Lorenzo Simonelli, the response to the current situation requires a broader expansion of the energy system, including additional inventories to cushion future shocks.

He expects further challenges going into 2027 and 2028, including rising energy demand from artificial intelligence, that will require a larger and more resilient system that draws on all energy sources and makes greater use of regional resources, he said. “We are going to need not just in time, but just in case,” Simonelli said. Companies and governments mu st m a ke su re t hey don’t lose their commitment to prepa red ness once t he imme d iate d isr uption passes. “L et ’s not forget, a nd let ’s use t he cr isis,” Simonel l i sa id. Baker Hughes is continually testing supply-chain vulnerabilities and identifying alternative suppliers to reduce dependence on choke points, he said. It has also delegated more authority to regional teams and rewarded employees for making decisions during the disruption. “Sometimes the worst thing you can do is not make a decision,” he said. Scenario planning alone cannot prepare for every crisis, companies also need to be willing to invest, said Fatema Al Nuaimi, CEO of Adnoc’s natural gas division. “The future is for those who are not just predicting every possible scenario,” Al Nuaimi said. “It’s for those who build within their system enough f lexibility that enables them to mitigate whatever situations they are faced with.”

IEA warns natural gas market tightness to extend into 2027

TRANSFER pipes for fuel oils at the Exolum Corp SA facility in the port of Barcelona, Spain, on Thursday, April 30, 2026. ANGEL GARCIA/BLOOMBERG By Elena Mazneva Bloomberg News

IGHTNESS in the world ’s natural gas market could e x tend we l l i nto ne x t yea r as Eu rope r isk s end ing this winter with record-low fuel inventories and will need to replenish them, according to the International Energ y Agency. Low gas storage levels across the European Union, coupled with continued supply disruptions in the Middle East, mean that the region will drain its reserves heavily over the cold months, the IEA said in a report Tuesday. “EU storage sites could close the 2026/27 heating season with record low inventories,” it said. That would “substantially increase the need for injections through summer 2027, potentially extending market tightness into the following year.” Europe’s economies have struggled with gas prices near their highest levels since the energy crisis erupted four years ago. Even though the continent is just starting its peak-demand winter season, next year’s risks are already spreading into 2027 futures contracts as traders hedge against further price increases. Europe’s next May contracts have been trading above those for November 2027 as the market

weighs risks to supply, including continued hostilities in the Middle East and potential delays to new gas projects. The spread reached a record high in recent days. The IEA’s simulations show that EU gas storage levels could drop below 10 percent of working capacity—a record low—by the end of March, “assuming a worst case” of continued disruption to LNG flows via the crucial Strait of Hormuz and colder weather. This would leave the European market exposed to late cold spells, the IEA said, meaning even more price volatility by the end of the heating season. The Paris-based agency expects the market to remain tight even though new LNG capacities are coming online next year and global demand for the fuel is expected to drop in 2026, including by 3 percent in Europe. The continent’s factories are forecast to cut gas consumption by 5 percent given elevated price levels—in addition to the continued expansion of renewables across Europe. The IEA report estimates that trade f lows through the Strait of Hormuz will remain largely disrupted, at least until the end of the year. Under this assumption, global LNG supply is projected to decline by 3 percent this year, the steepest annual decline on record.

Wednesday, November 4, 2026

Ship strikes in Hormuz leave both sides with economic pain By Gerry Doyle

Bloomberg News

S US President Donald Trump threatens renewed attacks against Iran, Tehran’s intermittent strikes on commercial vessels have left the two sides locked in a painful economic standoff. For Iran, the US blockade of its oil exports has snuffed out a key part of its military funding and severely hobbled the $300 billion economy, with only a tiny fraction of the prewar 2 million barrels per day are leaving the country via land routes. And for the US, the rising cost of shipping oil through the Strait of Hormuz—even though US Central Command (Centcom) says almost all Iranian attacks there fail or are intercepted—has kept fuel prices high, stirring a political backlash at home with the midterm elections fast approaching. Iran doesn’t even need a high tempo of attacks to keep oil prices elevated; although shipments through the strait are at about 80 percent of prewar levels, the associated risk has inflated insurance costs. It was more expensive in early October to hire a supertanker in some parts of the world than it was to send a rocket into space. But even significant economic pain isn’t likely to change Iran’s ability to keep up “harassing fire” in the strait, said Jim Lamson, a visiting research fellow in the Department of War Studies at King’s College London and former CIA analyst focused on Iran and the Middle East. A stockpile of missile components means Tehran can continue to assemble anti-

ship weapons, even though US airstrikes have severely degraded its ability to manufacture them at scale, he said. “They have been planning for a long-term asymmetric conflict with the US for decades,” Lamson said. “Things like building in resilience, building in redundancy, building in stockpiling—these have been part of their military culture.” Although there were a record of at least 28 open-source reports of damage to shipping in the strait in October, Iran has not increased its volume of attacks, according to a US official with direct knowledge of the matter. Instead, more serious damage has led to more incidents being flagged, with a quarter of the reports in the first two weeks of October involving strikes on ships’ engine rooms, which can take vessels out of service. US forces reportedly struck Iranian positions on Qeshm Island near the Strait of Hormuz overnight. Trump, meanwhile, has expressed hope for negotiations. The continued attacks by Iran leave a few options—none of them with a guaranteed favorable outcome. Trump may order the resumption of airstrikes after the election, even though these only go so far to completely shut down Iran’s ability to lob missiles into

the strait—typically unsophisticated weapons that attack any ship in a target area. That leaves making the economic cost of Iranian ship attacks impossible to bear, said John Miller, a retired US Navy vice admiral and former head of the Navy element of Centcom. “As long as they want to have a blockade in place, they can continue to attack ships in the Strait of Hormuz,” Miller said of Iran. “This has always been the case: You can either make them unwilling or unable.” The tanker industry is continuing to send oil out of the Middle East for now at near prewar levels, and it’s not clear what sort of escalation it would take to halt that. Transits through the waterway are earning owners of supertankers tens of millions of dollars, and the vessels’ crews several months’ pay for a few days of dangerous navigation. For now that’s proving sufficient to keep trade running. The International Maritime Organization estimates that there have been 121 incidents in Hormuz and the wider region since the war began, including 24 confirmed seafarer fatalities. No ship has struck a floating mine while transiting the strait, the US official said, although Iran said as recently as late October that a mine damaged a tanker, and on Friday the UKMTO, which monitors shipping security, reported a tanker was damaged by explosives placed on its hull. Iran is using both traditional cruise missiles and drones to attack shipping, the official said, and US forces are both organizing ship transits and protecting them, largely with aircraft overhead. Centcom has said about 95 percent of ships transit the strait without incident. The US works directly with the

shipping industry, sharing information and discussing timing, routes and numbers for vessels that want to pass through the strait in either direction, the US official said. US forces then formulate a plan for doing so safely, including what assets will be used to keep tabs on the journey and shoot down threats if necessary. Miller said much of Iran’s ability to track anything beyond visual range of its shores had been all but destroyed over the last eight months. As a result, the weapons it uses are often fired blind, or at the general area where Iranian strike planners think ships might be. Once the missiles arrive, radar or infrared seekers guide them to whatever is nearby. Aircraft armed with cheap munitions such as the APKWS missile, which costs about $20,000 for a BAE Systems Plc guidance kit, handle those sorts of attacks. The expensive and advanced airdefense interceptors on US Navy ships, such as the Raytheon SM-6 and SM-3 Block IIA, are then reserved for ballistic missile threats. Trump has previewed in recent days plans for renewed attacks on Iran after the midterm elections on Nov. 3. But it’s not clear that airstrikes—especially against an adversary that has planned for decades to keep key capabilities safe against such attacks—will change the situation in the strait, said Emma Salisbury, a non-resident senior fellow at the Foreign Policy Research Institute and an associate fellow at the Royal Navy Strategic Studies Centre. A surge in fighting could push oil prices into the $120-$130 ra nge, accord ing to a na lysis by Bloomberg Economics chief emerging markets economist Ziad Daoud. Both sides “may prefer a brief conflict to improve their negotiating power,” he wrote.

Mideast oil prices dip as crude keeps flowing through Hormuz By Yongchang Chin Bloomberg News

IDDLE East oil market metrics are indicating near-term supply is outpacing demand for the first time since July, when global prices plummeted after a temporary ceasefire between the US and Iran allowed tankers to exit the Persian Gulf through the Strait of Hormuz. The nearest timespread for the regional Dubai benchmark, which helps set pricing for nearly all the crude exported from the region, was in a bearish contango structure at the start of the week. The November contract was last at a discount of about $2

a barrel to December, according to traders and brokers, who asked not to be named discussing commercial information. The Middle East’s Arab oil producing nations are shipping crude at about the same rate as before the war started in February, while Iranian exports remain effectively halted, according to data compiled by Bloomberg. Combined exports from Saudi Arabia, the United Arab Emirates, Iraq and Kuwait climbed by 10% to just over 15 million barrels a day last month. While flows have risen, “we are not at the same point of a mini-glut back in end-June because at that time, there was a huge volume of oil that was sitting on very large crude carriers, and exited,” said June Goh, senior

oil market analyst at Sparta Commodities SA. “This time, the increase is more gradual.” Transactions on a key trading window run by S&P Global Energy were also done at weaker levels, in another sign of potential oversupply. So-called partials, which can be converted into physical barrels, traded at near-parity to the underlying Dubai derivatives benchmark. They typically command a premium to the corresponding financial marker. The increased supply, as well as the possibility of renewed talks to pursue a peace deal between the US and Iran, has helped cool global oil prices after they hit a six-month high in October. Brent crude and US marker West Texas Intermediate both fell by around 7% on Monday.

“Energy markets saw an aggressive pullback yesterday,” Warren Patterson, head of commodities strategy for ING Groep NV, said in a note. “The move comes amid new hopes for potential US-Iran talks. While we’ve seen this before with nothing materializing, positive signals appear to be coming from both the US and Iran.” Elsewhere, North Sea oil cargoes— which help set the price of the world’s most important physical oil benchmark, Dated Brent—have also tumbled in recent days. One shipment for delivery in the middle of the month was offered at a discount to Brent and didn’t find any buyers. About a month ago, such shipments were trading at significant premiums.

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Investors split on earnings season job cuts tied to AI, costs By Rose Henderson

Bloomberg News

OMPANIES have confronted investors with news of thousands of job cuts this earnings season as CEOs react to the rise of AI and the need to reduce costs. Mentions of job cuts, firings and layoffs are trending again in news reports, with references in October the highest since May, an analysis by Bloomberg shows. In Europe, even governments are adding to the number of jobs in jeopardy. Among the latest developments, Walt Disney Co. is moving toward thousands of job cuts, Bloomberg News reported ahead of the entertainment giant’s results due later this month. German auto supplier Schaeffler AG said last Tuesday it will eliminate 3,460 roles in Europe, pushing its shares slightly lower. Market reaction to announced cuts has seemingly depended on whether investors perceive companies to be adjusting their workforce to get ahead of changing conditions, or taking urgent action in response to a threat. PayPal Holdings Inc. and Microsoft Corp. rose slightly after announcing their plans. Volvo Car AB, on the other hand, plunged after saying it would deepen job cuts in response to a vanishing market in China. “The share price reaction very much depends on whether the market thinks it’s coming from a position of strength, or whether, as was the case with Volvo, where they’re coming from a position where they’re under a lot of pressure,” said Chris Armstrong, stock strategist at Berenberg. Many of the numbers signal significant reductions: Microsoft is offering buyouts to 60,000 workers, or a quarter of its staff, while Netflix Inc. is reducing numbers by 6 percent. Barclays Plc is cutting 5,000 jobs to reduce costs through the use of artificial intelligence. Volvo Car’s further moves affect 2,500 workers. “Investors should ask one thing: is this a company cutting to grow, or cutting to stay afloat?” said Violeta Todorova, senior research analyst at Leverage Shares. “A profitable business trimming management layers and putting the savings into technology can be good news over time. Cuts that fill a hole left by falling demand are a warning sign, not a fix.” Governments, too, are embracing the idea that their workforce could be slimmed down through greater use of AI. The Netherlands plans to cut 25,000 civil servant jobs over the coming years, targeting annual savings of €3.5 billion ($3.9 billion) in an AIdriven efficiency drive. For Joachim Klement, strategist at Panmure Liberum, the corporate job cuts are among indications that a cycle of rapid revenue and earnings growth since the end of the Covid pandemic and the high-inflation period of 2022 is coming to an end. Earnings growth is likely to be more subdued in 2027 and 2028. “The low-hanging fruit have been picked and costs are harder to cut going forward,” Klement said. “The hope is that productivity gains from AI will enable companies to increase profits even as revenue growth slows down. But we have no evidence that AI is increasing productivity outside the technology sector yet.” PayPal rose after saying its headcount has been reduced by more than 2,000, with management roles reduced by more than a quarter. In contrast, OPmobility, a French auto parts supplier, plunged the most in three years after it reduced its full-year earnings forecast and announced plans to cut 770 jobs. The number of S&P 500 companies unveiling broader restructurings this earnings season is on course to rise by around 20 percent from a year earlier, according to data compiled by Bloomberg. In Europe, such announcements are running at a similar pace to 12 months ago. With around 70 percent of the S&P 500 having reported, 147 companies have announced restructuring charges, compared with 178 over the entire third-quarter earnings season in 2025, data compiled by Bloomberg shows. Companies in the MSCI Europe index look on track to match the 60 reported a year earlier. “In most cases, job cuts are a signal that companies are getting leaner and more productive,” said Rajeev De Mello, chief investment officer at Gama Asset Management SA. “However, some sectors are suffering for a variety of reasons: competition in the auto industry, interest-sensitive sectors. Investors are scrutinizing companies to focus on those that are able to increase productivity by assimilating AI.”

Wednesday, November 4, 2026 A11

Motorcycle taxi platform appeals LTFRB ruling, disputes how riders are counted By Lorenz S. Marasigan @lorenzmarasigan

DepEd to deploy 172,654 MacBook Makati welcomes ASEAN Neo laptops with first-ever 5-year and EU Partners to Human Rights Cities Forum warranty, GuroXL training

& Justine Xyrah Garcia

OTORCYCLE taxi platform Move It has formally asked the Land Transportation Franchising and Regulatory Board (LTFRB) to reconsider a ruling that penalized it for onboarding riders beyond its government-authorized cap. Reportedly, Move It was asked to pay P555.75 million in fines, as it allegedly on boarded riders beyond its allocation. Move It said it had filed the motion “after thoroughly reviewing the decision and its implications for the industry” and is “engaging the Board through the proper process as it is reviewed.” “We respect the Board’s authority, and we remain committed to working toward a sustainable and adaptive regulatory framework for motorcycle taxis,” the company said. At the center of the dispute is how riders should be counted. Move It said it “views rider allocation as a dynamic measure of live, on-demand supply,” noting that riders go online and offline throughout the day on their own schedules. “Because of this natural fluidity, maintaining continuous supply for commuters means monitoring the number of riders who are actively online and ready to accept trips at any given moment, especially during peak rush hours,” the company said. Meanwhile, the LTFRB said that its decision is not yet final because of the pending motion for reconsideration. “What the agency is focused on is addressing the plight of the thousands of overboarded riders who invested their own resources to earn a decent living—and whose only fault was that they acted in good faith and trusted that they were allowed to operate under the existing rules and regulations,” the LTFRB said. The LTFRB added that it is “currently crafting measures in dealing with this sensitive issue in relation to the affected riders, while ensuring that the online boarding system of ride-hailing services is strictly complying with the government’s regulations.” Meanwhile, Department of Labor and Employment (Dole) is looking into ways to assist motorcycle taxi riders who could lose their livelihoods following the LTFRB sanctions against ride-hailing platform Move It. Labor Secretary Francis N. Tolentino said the agency is encouraging other motorcycle taxi operators to absorb riders who may be displaced, as it explores possible interventions for affected workers. “We are organizing them into an association…Perhaps after that, as we move forward, we can look at how they can be absorbed by other operators,”Tolentino said, mostly in Filipino, on Tuesday. The LTFRB recently ordered Move It to pay a P555.7 million fine for accepting riders beyond the government-approved cap. As of May, the platform had 73,321 active riders across Metro Manila, Cebu and Cagayan de Oro, exceeding its authorized allocation of 17,746. The sanctions have raised concerns about the possible displacement of thousands of riders, particularly if Move It decides to suspend or stop its operations. Riders group Kapatiran sa Dalawang Gulong (Kagulong) Secretary General Don Pangan warned that the fine could prompt Move It to cease operations, putting the livelihoods of its riders at risk. “Our concern stems from the possibility that, given the enormous amount of the fine, the company might decide to shut down altogether. What will happen to the 73,000 riders whose current livelihood depends on working as motorcycle taxi riders under Move It?”Pangan said in a separate statement. Even if the company continues operating and complies with the LTFRB ruling, Pangan said 55,575 riders would have no assurance of retaining their work because the platform’s authorized allocation remains at 17,746. Tolentino said Dole is also working to organize motorcycle taxi riders into an association, which could help the agency coordinate with them and address their concerns across different platforms. “This is a work in progress because they do not yet have a strong organization…The rules vary across platforms and service providers, so we are trying to bring these riders together even though they compete with one another. There are many of them, and new ride-hailing apps continue to emerge,” Tolentino said.

By Claudeth Mocon-Ciriaco @claudethmc3

OLLOWING a competitive bidding process under its computerization program, the Department of Education (DepEd) procured 172,654 Apple MacBook Neo laptops for public school teachers and administrative staff nationwide. Under the DepEd Computerization Program, the Department has so far awarded contracts for 231,725 laptops for teachers nationwide, comprising 169,008 MacBook Neo units and 62,717 Windows-based units. The procurement also includes 3,646 MacBook Neo laptops for administrative officers. Deployment of all 172,654 MacBook Neo units is scheduled from November 2026 through March 2027. DepEd said that they were able to secured the MacBook Neo package “at a discounted price,” at approximately P43,000 per unit, about P6,900 below the base model’s Philippine suggested retail price of P49,900. The procurement also includes a five-year warrant y, a first for DepEd ’s laptop procurement, compared with the standard one-year retail warranty, giving the government

longer coverage at a lower purchase price. The package includes builtin productivity tools, delivery and logistics, and professional development for recipients. “For the longest time, our teachers have carried the heavy personal burden of buying their own laptops or maintaining outdated equipment just to keep up with lesson plans. Under the vision of President Marcos, we are changing the narrative,” said Education Secretary Juan Edgardo “Sonny” Angara, who emphasized that providing high-end, reliable technology directly addresses long-standing systemic burdens while honoring the daily dedication of Filipino educators. He said: “We welcome Apple’s participation in this procurement to bring MacBook Neo to our teachers. It isn’t just about handing out world-class hardware with five-year warranties;

it’s about giving our educators the best tools, backed by robust training so they can focus on what matters most: teaching our children.” During Apple’s Financial Results Conference Call for 4th Quarter 2026 on Tuesday morning (Manila time), Apple Chief Executive Officer John Ternus highlighted the deal with DepEd, calling it Apple’s biggest education deal ever for Mac. “I’m feeling great about the opportunities ahead for Apple, from our product roadmap and broad range of services to promising areas like health, emerging markets, enterprise, and education... As one example, we recently secured our biggest education deal ever for Mac, with the Department of Education in the Philippines. They’re going to deploy 170,000 MacBook Neos to teachers and staff,” said Ternus. To seamlessly integrate technology into daily classroom teaching, DepEd is collaborating with Apple to launch GuroXL, a co-designed comprehensive training framework. In coordination with the National Educators Academy of the Philippines (NEAP), the training pathway will guide educators toward Apple Teacher Certifications and specialized tech leadership credentials. DepEd and Apple are slated to roll out a series of cluster and mega-cluster launches across Luzon, Visayas, and Mindanao, starting this November. These distributions will feature interactive teacher unboxing sessions to celebrate a transformative moment for Philippine basic education .

Marcos signs EO 130: Suspended classes no longer mean disrupted learning By Samuel P. Medenilla @sam_medenilla

OVERNMENT suspension of inperson classes, which now has three new categories, will no longer automatically disrupt the learning of affected students under Executive Order (EO) No. 130, issued by President Ferdinand Marcos Jr. last Tuesday, which aims to end public confusion over such declarations. Under the new five-page issuance dated 28 October 2026, but was only released to the public last Tuesday, the chief executive said educational institutions and learning centers must implement learning continuity measures consistent with the policies of the concerned government agencies. “The specific learning continuity measures, delivery modalities, institutional planning requirements, funding consideration, and the grounds or criteria for the implementation of alternative learning continuity measures shall be prescribed in the guidelines issued pursuant to this Order,” EO 130 stated. The new issuance repealed the provisions of EO No. 66 (s. 2012) in the suspension of in-person classes and activities and onsite work in education institutions and learning centers. EO 130 created a new framework, which divided the suspension and resumption of in-person classes and activities and onsite work into the following three categories: automatic suspension, localized suspension, and granular suspension. It stated that individuals, agencies, and institutions, which have the power to suspend, or cancel in-person classes and onsite work also have the power to reinstate the said activities upon their determination that conditions are safe for the return of learners and personnel. EO 130 also stressed it does limit the authority of the President to suspend or resume in-person classes, activities and onsite work. Automatic suspension and resumption are based on prescribed technical thresholds and will take effect without further declarations based on the warning advisories of the Philippine Atmospheric, Geophysical,

and Astronomical Service Administration (PAGASA), Philippine Institute of Volcanology and Seismology (Phivolcs), Department of Environment and Natural ResourcesEnvironment Management Bureau (DENREMB). Local chief executives may issue localized suspensions and resumption based on local risk assessment and prevailing conditions in case there is no automatic suspension. This declaration will contain specific areas it covers and the period of the suspension. Educational institutions and learning centers may issue granular suspension and resumption based on documented sitespecific assessment subject to the guidelines for the implementation of EO 130 if there is no automatic and localized suspension. “There is a need to rationalize and harmonize the rules governing suspension and resumption of classes and activities, and onsite work in educational institutions and learning centers due to natural or human-induced hazards, while ensuring the uninterrupted delivery of quality education through risk-informed, science-based, locally responsive policies that support learning continuity,” EO 130 stated. The Depar tment of Education (DepEd) in coordination with concerned government agencies was tasked to issue the implementing guidelines of EO 130 within 30 days after it was published in the Official Gazette on 3 November 2026. The Department of the Interior and Local Government (DILG) was required to ensure local government units facilitate and expedite the processing and issuance of building permits and safety clearances required by schools and coordinate and monitor the implementation of EO 130. As for the Department of the Public Works and Highways, it was mandated to conduct site-specific assessments and mobilize its regional offices to assess affected educational facilities and related infrastructure following disasters and other hazards.

Disruption

WITH climate disruptions intensifying, ranging from severe typhoons to extreme heat driven by phenomena like Super El

Niño, school disruption has become an increasingly pressing challenge, making this standardized framework critical for protecting instructional time while safeguarding learners and school personnel. To reopen cleared campuses safely without waiting for broader declarations, President Ferdinand Marcos Jr. has authorized granular resumptions alongside localized suspensions by school heads and local executives, following the signing of EO No. 130. The EO establishes a national framework for class suspensions and resumptions in schools and learning centers to curb instructional loss. Proposed by DepEd and other agency partners to amend EO No. 66 (s. 2012) regarding the suspension of in-person classes, educational activities, and onsite work in educational institutions and learning centers, the policy was developed following extensive consultations with school leaders, teachers, parents, learners, private school organizations, local government units (LGUs), and government partners. EO No. 66 continues to govern the suspension of work in other government offices. The measure, titled Establishing a Framework for the Suspension and Resumption of Classes and Activities, and Onsite Work in Educational Institutions and Learning Centers, shifts from broad cancellations to targeted, evidence-based suspensions and resumptions of in-person classes, educational activities, and onsite work in all public and private learning institutions to balance learner safety with learning continuity. Executive Secretar y Ralph Rec to facilitated crucial inter-agency meetings to align departments, streamline the policy framework, and fast-track the issuance of the measure. The signing of the EO comes at an extremely opportune time as the country faces severe heat disruptions and extreme weather conditions brought about by El Niño. Under the refined policy, localized and site-specific decision-making replaces blanket cancellations through three distinct mechanisms: automatic, localized, and granular.

AYOR Nancy Binay welcomed ASEAN and EU partners to Makati Tuesday as the city opened the 2nd Regional Forum on Human Rights Cities in ASEAN at Dusit Thani Manila. At the opening program, the Mayor delivered welcome remarks alongside H.E. Usec. Georgina Ann Hernandez Yang, Philippine Representative to the ASEAN Intergovernmental Commission on Human Rights (AICHR) and AICHR Chair; H.E. Asst. Prof. Dr. Bhanubhatra Jittiang, Thailand’s Representative to AICHR; Dr. Bernadia Irawati Tjandradewi, Secretary-General of the United Cities and Local Governments Asia Pacific (UCLG ASPAC) and ASEAN Governors and Mayors Forum (AGMF) Secretariat; and H.E. Mr. Massimo Santoro, Ambassador of the European Union to

the Philippines. H.E. Ms. Phasporn Sangasubana, Executive Director of the ASEAN Centre for Sustainable Development Studies and Dialogue, spoke online. Undersecretary Leo M. Herrera-Lim, Philippine ASEAN Senior Officials’ Meeting (SOM) Leader and Chair, gave the officiating remarks. “A declaration can announce a Human Rights City. Only daily life can prove it,” Mayor Binay said. She shared how Makati’s 2027 investment program links 354 programs and 979 projects to the Sustainable Development Goals. She also urged delegates to build a lasting community of practice among ASEAN cities. Delegates will visit the Makati Youth Home, the Teen Center at Makati High School, and Estero de Tripa de Gallina in Barangay San Isidro.

A12 Wednesday, November 4, 2026

Marcos ready to veto ‘pork’ items in ₧7.2-T ‘27 budget, Palace warns T

DOLE launches 24/7 labor hotline 1530, replaces 1349

By Samuel P. Medenilla

@sam_medenilla

ALACAÑANG said that the proposed P7.2-trillion 2027 budget will face rigorous scrutiny from President Ferdinand Marcos Jr., who remains prepared to veto questionable line items after watchdogs claimed the bill contains P1 trillion in suspected discretionary or “pork” funds. However, Palace Press Officer Claire Castro stressed the Chief Executive will not interfere with Congress as it prepares the 2027 General Appropriations Bill. In a press briefing last Tuesday, she said all of the line items under the Bill are still subject to change until it is signed by Marcos.

“The budget is yet to be finalized; it will be thoroughly scrutinized, as the Senate has promised. It will still go through the bicameral conference committee and be reviewed by the President’s economic team before it is signed,” she said in Filipino. “Therefore, please do not prematurely claim that there are

anomalies or that the administration is at fault. I hope the narrative is not spun in that direction by others,” she added. The House of Representatives already passed its version of the 2027 General Appropriations Bill, House Bill No. 10858, while the Senate is targeting to finalize its counterpart of the said piece of legislation after the resumption of its sessions on 9 November 2026. The People’s Budget Coalition has flagged P1 trillion of House Bill No. 10858, which it suspected as pork barrel or government funds used by politicians for pet projects that aim to please voters. Castro assured that the Chief Executive will not allow any “baseless” budget amendments. “The President will not allow any budget amendments that lack sufficient documentation, proper descriptions, or concrete projects. The President will not permit that,” she said. The Presidential Communications Office undersecretary said

that Marcos will veto such anomalous provisions of the proposed budget as he did in the 2024, 2025 and 2026 General Appropriations Act (GAA). In a related development, Castro said the Office of the Solicitor General (OSG) will file its appeal on the Supreme Court ruling declaring unconstitutional the 2024 and 2025 national budget as well as some provisions of the 2026 GAA on Wednesday. The OSG earlier said that the High Court may have committed judicial overreach when it imposed stricter guardrails than was set by Congress, which has the power of the purse, on unprogrammed appropriations, which may hamper government budget utilization. Solicitor General Darlene Marie B. Berberabe said they hope the Supreme Court will promptly address their motion for reconsideration. Castro said they will announce how new ruling affect the implementation of government programs this year.

HE Department of Labor and Employment (Dole) has launched a new 24/7 nationwide hotline that will serve as a channel for workers and employers to raise labor-related concerns. Accessible by dialing 1530, Hotline 15/30 replaces the agency’s former 1349 service. Labor Secretary Francis N. Tolentino said the hotline will receive concerns involving workplace conditions, including inadequate ventilation and water supply, violations of labor standards, and employers’ failure to comply with labor advisories on El Niño. The hotline is also open to employers, not just employees, who may need assistance on labor-related matters. Dole initially deployed 20 personnel to answer calls around the clock, including during the graveyard shift.

Tolentino appealed to the public to refrain from making prank calls, warning that these could tie up the hotline and prevent people with legitimate concerns from reaching the agency. The agency is still working to improve the speed of its response to concerns received through the hotline. Tolentino said some referrals to other agencies may take until the next working day. Dole is also developing a referral mechanism with the Technical Education and Skills Development Authority (Tesda) to direct concerns within the latter’s mandate to the appropriate office. Hotline 15/30 takes its name from the 15th and 30th days of the month, which traditionally serve as paydays for Filipino workers. Justine Xyrah Garcia

PNP finds explicit files involving foreign minors in initial probe on Markle Sr. PHOTO BY ALEJANDRO ECHAVEZ,DOLE-IPS

By Carmel Pedroza

EBU CITY—Initial findings of the Philippine National Police (PNP) investigation into digital devices surrendered by Thomas Markle Jr. showed media files depicting minors engaged in sexual ac t iv it ies, w it h prel i m i n a r y examinations indicating the materials did not originate in the Philippines, a senior police official said. In a media briefing on Tuesday, Nov. 3, 2026, Police Major Gen. Wilson Asueta, acting director for investigation and detective management, said the PNP AntiCybercrime Group (ACG) through its Regional Anti Cybercrime Unit in Central Visayas (RACU7) had identified the files during its initial forensic examination, but further analysis is needed to establish their contents, origins and possible links to individuals under investigation. “Initially, those materials, the video, the recording that were examined initially, we can say that based on [the initial report], they were just not from here,” Asueta said, referring to the Philippines. He added that the initial examination indicated the materials involved foreign minors, including Asian and Caucasian individuals, with no Filipino victims identified so far.

The findings is part of a coordinated investigation into several boxes of digital devices, physical media and printing materials that Markle Jr. turned over to authorities last month. The materials were allegedly connected to child sexual abuse and exploitation. Asueta said the PNP had secured a court-issued warrant to examine computer data, allowing investigators to proceed with the forensic examination of the seized or surrendered digital devices. These include nine mobile phones, three SD cards, five hard drives and one camera, along with another non-digital device. A joint investigation team composed of the PNP Women’s and Children’s Protection Center, Criminal Investigation and Detection Group, Anti-Cybercrime Group, Intelligence Group and Police Regional Office 7 was organized to pursue the case. Investigators are examining the digital evidence while field personnel work to validate information gathered during the inquiry. Asueta said the investigation remains ongoing and that authorities have yet to complete their assessment of the files. The PNP has not established whether T homas Mark le Sr., whose son reportedly attributed

the materials to him, appears in any of the recordings. Asueta said the digital forensic examiner had yet to submit a complete report. Authorities are also still verifying ownership of the devices and have not independently established whether the equipment belonged to Markle Sr. A sked whether Mark le Jr. voluntarily surrendered the materials, Asueta said the initial information indicated that the younger Markle turned them over to the regional office of the Inter-Agency Council Against Trafficking (IACAT) in Central Visayas. Police have yet to determine what prompted the turnover, which remains part of the investigation. Asueta also said no complaint had been filed against Markle Sr. at the time of the briefing. The official declined to provide details about any possible involvement of other individuals, saying investigators were still conducting further verification and analysis. The case is being pursued in coordination with United States authorities. Asueta said the Federal Bureau of Investigation and other US agencies were conducting their own investigation and collaborating with the PNP on investigative matters.

PRO 7 has also created a task force to investigate the case. Asueta said the PNP would pursue charges under the laws covering online sexual abuse and exploitation of children and child sexual abuse or exploitation materials if the evidence warrants prosecution. “We are doing our best so that we can find evidence. If there is evidence, then we will file a case,” he said. He assured the public that the investigation would be conducted thoroughly, impartially and objectively. Asueta did not confirm reports about a storage unit in Mexico allegedly containing a tape titled “Manila Nites,” saying the matter had not been relayed to him by the investigators. The PNP said its findings remain preliminary as forensic examination and field investigation continue. Authorities have yet to issue a final determination on the ownership of the materials, the identities of the individuals involved and whether the evidence will support the filing of criminal charges. PNP officials led by Police Gen. Jose Melencia Nartatez Jr. and Interior Secretary Juanito Victor “Jonvic” Remulla was in Cebu on Tuesday and held a closed-door command conference on this investigation.

DOLE WELCOMES NEW UNDERSECRETARY

EPA RTMENT of Labor and Employment (Dole) Secretar y Francis N. Tolentino led the oath-taking of Atty. Cinderella Filipina S. Benitez-Jaro, who steps in as the new DOLE Undersecretary to oversee the Department’s operations. The oath-taking took place at the Department’s weekly flag-raising ceremony at the DOLE Central

Office in Intramuros, Manila. Before her appointment, Undersecretary Benitez-Jaro served as Executive Director of the Commission on Higher Education (CHED). Highlighting DOLE’s core mission, she stressed the Department’s critical mandate to empower the Filipino workforce by creating strong pathways for graduates of higher education and technical-vocational programs.

Palace challenges PNP chief to arrest Sen. Bato Dela Rosa

ALACAÑANG challenged the Philippine National Police (PNP) chief Jose C. Nartatez Jr. and to other law enforcers to prove their “uncompromised integrity” by finally arresting former police chief and now Senator Ronald “Bato” M. Dela Rosa, who has been at large in the last six months. Palace Press Officer Claire Castro issued the statement after Secretary Juanito Victor “Jonvic” Remulla, Jr. said that Dela Rosa’s connection as a retired police chief and alumnus of Philippine Military Academy (PMA) is making it more difficult for the lawmaker to be arrested. Dela Rosa graduated from PMA in 1982 and was part of the Sinagtala class. Castro reminded Nartatez, who is a PMA alumni and a member of Tanglaw-Diwa class of 1992, and other members of the PNP of their mandate under the Constitution to enforce the law. “There is a valid warrant of arrest, so it is

not up to you to decide whether or not to arrest Senator Bato dela Rosa—not even on the grounds that he was your former chief,” Castro said in Filipino in a press briefing last Tuesday. The Presidential Communications Office undersecretary is confident Nartatez will rise to the occasion and perform his duty. “We personally know General Nartatez Jr., and we are aware that he is guided first and foremost by his obligations—not by any friendships or alliances he may have with those who are subject to arrest,” she said. “So, once again, we have faith in the competence of our police force, and we are confident that they will fulfill the mandate entrusted to them,” she added. Dela Rosa has been on the run from law since the International Criminal Court (ICC) unsealed the arrest warrant against him last May for his role in the bloody war of the Duterte administration, which claimed the lives of at least 6,000 suspects. Samuel P. Medenilla

www.businessmirror.com.ph

2nd Front Page BusinessMirror

PHL PREPS FOR ASEAN INCLUDE POSSIBLE ATTENDANCE BY XI By Samuel P. Medenilla

ITH only a few days before Manila hosts the 49th Association of Southeast Asian Nations (Asean) Summit and related summits, Malacañang said its preparations for the international event includes the possible attendance of Chinese President Xi Jinping to help address regional issues. Palace Press Officer Claire Castro made the statement in a press briefing on Tuesday after Beijing accused Manila of “erecting multiple obstacles” to stop its officials from participating in the Asean Defense Ministers’ Meeting-Plus last week in Cebu. Castro said they are still hopeful Xi will attend the upcoming Asean Summit instead of Chinese Premier Li Qiang, who usually represents Beijing in the regional event. “It would be better if China’s leadership were to attend, as it would provide a good opportunity to discuss any existing friction and potentially resolve it. After all, the very purpose of this summit is to address and settle any issues within the region,” Castro said in Filipino. In an interview with reporters in Malaysia last year, President Ferdinand Marcos said he will invite Xi for the signing of the South China Sea Code of Conduct between Asean and Beijing.

The Department of Foreign Affairs (DFA) earlier said it is optimistic the Code of Conduct, which is expected to prevent more untoward incidents in the West Philippines Sea, the part of the South China Sea within the Philippines’s Exclusive Economic Zone, will be finalized this year. China continues to claim most parts of the South China Sea even after these were invalidated by the 2016 ruling of the Arbitral Tribunal. This has resulted in clashes between the Philippine Coast Guard and the Chinese Coast Guard. Castro also denied the claims made by China that there was an attempt to hinder its officials from attending the Asean Defense Ministers’ Meeting-Plus. “And we know...China also participated through a senior captain—the Chinese Defense Attaché to the Philippines, Senior Captain Yang Lei—so there were opportunities for China to offer comments or convey messages during the defense meeting,” she said in Filipino. This was echoed by Defense Secretary Gilberto C. Teodoro Jr. who also denied claims that several Asean countries had opposed the Philippines’s handling of China’s participation in the said meeting. Castro gave assurances that the Philippines will not use its chairmanship of the Asean this year to take advantage of any country.

Wednesday, November 4, 2026 A13

As Pinoys rapidly use AI, PHL digital economy seen at $42B By Lorenz S. Marasigan

HE Philippines’s digital economy is expected to grow 15 percent to $42 billion in gross merchandise value (GMV) this year, from $36 billion in 2025, as Filipinos rapidly adopt artificial intelligence (AI) and shift more of their spending to digital payments. The figures come from the 11th e-Conomy SEA report by Google, Temasek and Bain & Co, released on Tuesday. The report also projects that the country’s digital economy could reach as much as $157 billion by 2035. This year’s edition, titled “Building the Intelligent Economy,” found that AI adoption is becoming a growth lever for the local digital economy. The report said the longterm outlook stays optimistic despite geopolitical and macroeconomic headwinds. It cited policy support behind that outlook, including the launch this year of the National AI Center for Research and Innovation, new National Privacy Commission (NPC) frameworks, and the Internet Transactions Act. It also pointed to changes in how Filipinos behave online.

‘Embracing AI quickly’

THE report found that generative AI (GenAI) has reached mass-market scale in the Philippines, with 53 percent of the working population actively using standalone GenAI platforms. Some 42 million Filipinos now use GenAI and generate 55 billion AI queries a year. The number of monthly AI users rises to around 65 million when embedded AI is included. One in four Filipino AI users interact with AI tools every day. Trust in the technology is also climbing. One in two users said they trust AI more than they did a year ago, and seven in 10 said they are willing to let AI insights guide their purchase decisions. For the first time, the report measures AI usage in tokens, which it treats as the AI equivalent of GMV. “Filipinos are embracing AI quickly, with 53 percent of the working population already using GenAI. But we are still early in the journey, and there is significant headroom for growth,” said Bennett Aquino, a partner at Bain & Co. “The next chapter is about depth, turning what is occasional use today into everyday workflows that will truly benefit Filipino in-

dividuals and businesses.”

Room to deepen engagement

STILL, the report said there is a lot of room for Filipinos to use AI more often. Around 33 percent of consumer journeys in the Philippines begin with AI, but users average only about 1.87 AI sessions a week and 13 million consumer tokens per GenAI user. Most Filipinos prefer to talk to AI in English, which the report linked to the country’s strong English proficiency. Local-language prompts make up 21 percent of conversations. Filipinos stand out in Southeast Asia for creative and professional uses of AI. Gemini prompts for customer support content in the Philippines are nearly three times the regional average. Study, work, health, online shopping and entertainment are the top five uses of AI in the country, in that order. Consumer applications account for around 80 percent of AI usage. “What is especially exciting is the rapidly growing trust and adoption of AI among Filipinos—with over half of the working population actively using AI tools to streamline work and daily life,” said Prep Palacios, country manager of Google Philippines.

E-commerce still leads, payments fastest-growing in region

E-COMMERCE, online travel and online media drove the growth in GMV. E-commerce grew 15 percent year-on-year to $28 billion in 2026. Online travel grew faster this year, up 14 percent to $3 billion from 9 percent growth the year before. Online media grew 26 percent to $6 billion, compared with 23 percent previously. Mobility and food delivery grew 2 percent to $4 billion. The segment is projected to reach $7 billion by 2030 and $11 billion by 2035. Digital payments posted the fastest growth in Southeast Asia, with gross transaction value up 23 percent year-on-year to US$194 billion in 2026. The report credited this growth to the expansion of the national digital ID, InstaPay for Business, and the merger of BancNet and the Philippine Clearing House Corp. (PCHC), which is meant to make payment interoperability smoother. Digital lending grew 17 percent to a loan book balance of $7 billion from $6 billion in 2025, and is projected to reach $31 billion by 2035. Digital insurance grew 16 percent See “AI,” A2

Building trust through journalism: How media helps vanquish OSAEC By Erwin Mascarinas

BEYOND THE SRP A shopper selects canned goods at a supermarket in Quezon City on Tuesday, November 3, 2026, as retailers report upward price adjustments on basic and prime commodities,

particularly specialty canned goods and premium product variants not covered by suggested retail price (SRP) guidelines. Philippine Amalgamated Supermarkets Association Executive Director Steven Cua warned that prices of less-regulated items are rising, noting that government price monitoring and controls are focused on specific standard stock-keeping units (SKUs). The developments underscore the pressure on household budgets as consumers contend with higher grocery costs. NONOY LACZA

Private cars on busway? MAP objects By Lorenz S. Marasigan

HE Management Association of the Philippines (MAP) said on Tuesday the government should field more buses and build the system’s missing stations instead of opening the dedicated lane to private vehicles, adding that students are not an adequate reason for such an exemption. “The Management Association of the Philippines opposes the opening of the Edsa Busway to private cars. Students are not adequate reasons for this exemption,” the group said in a statement. The statement came a day after the government let private vehi-

cles into a portion of the busway. The southbound stretch from the Nepa Q-Mart bus station in Quezon City to Boni Avenue in Mandaluyong opened to private motor vehicles at 5 a.m. on November 2, a move meant to prevent gridlock as students and workers returned from the provinces after the Undas break. MAP noted that buses on the busway “have been dwindling in numbers due to the lack of government support.” It called for shorter headways between buses and the construction of the remaining stations to encourage more commuters to use the system. “There are still many missing sta-

tions, such as in Roosevelt, Cubao, Rockwell, Ayala, Magallanes, Malibay, Pasay to PITX, that need to be built,” MAP said. The group also urged lawmakers to act on the system’s funding. “We call on the House and the Senate to restore the 2027 budget for the Edsa Busway System,” it said. MAP cited ridership figures to show the busway’s reach. Since it began operating on June 1, 2020, the system had carried a total of 341,307,847 passengers as of December 2025. Its single-day peak was 454,649 passengers, recorded on December 27, 2023. While rejecting a broad opening to private cars, the group left

room for limited exceptions. It said carpools with at least four passengers may be allowed during certain hours that coincide with school hours, but only “if regulators can adequately enforce it.” Other high-volume vehicles, such as school buses and point-topoint (P2P) buses, may also be permitted, MAP said. The group stressed that the busway was built on a specific premise. “Dedicated bus roadway and only regulated buses with high-volume capacity are the design imperatives for the Busway,” it said. “The policy should be to move passengers, not vehicles. Private vehicles on the roads should be reduced,” MAP added.

Conclusion

HE relentless evil of OSAEC despite years of national and international efforts prompted the organization, the International Justice Mission (IJM) Philippines, to strengthen its engagement with local communities, according to Evelyn G. Pingul, IJM Philippines’s director of community engagement. She said many survivors remain reluctant to report abuse because they fear exposure, stigma or retaliation, while others have little confidence that the justice system will protect them. For these children, the decision to speak up can depend on whether they believe their identities will remain confidential and their experiences will be treated with respect. “This training is part of a broader effort to help normalize reporting of online sexual abuse or exploitation of children. And that begins with trust,” Pingul said. She emphasized that journalists play a critical role in shaping public attitudes and influencing how communities respond to suspected abuse. “News coverage, can help families recognize warning signs, encourage reporting and demonstrate that justice is possible. But irresponsible reporting can produce the opposite effect,” said Pingul. Adding that when survivors see their experiences sensationalized or their privacy compromised, it may reinforce the fear that speaking out will only bring more suffering. “Responsible, informed, and survivor-centered reporting can make the difference between silence and action,” Pingul said. She urged journalists to regard survivors not merely as sources of information but as partners in creating safer communities.

From awareness to newsroom action

FOR Atty. Maria Jane Paredes, coordinator of STET Women in Cebu Media, the training represented another step in a continuing effort to strengthen the media’s understanding of child protection. The Cebu-based organization, composed largely of women journalists who have retired from full-time newsroom work, has been involved in initiatives addressing gender inclusion, online safety, mental health, artificial intelligence and investigative journalism. Its collaboration with IJM expanded into OSAEC reporting through earlier sessions involving journalists from Luzon, the Visayas and Mindanao. Paredes said the latest gathering was intended to move beyond simply recognizing the problem toward making concrete changes in reporting

practices. “Today, we move from awareness to action, which means editorial choices, safeguards, and media plans,” she said. For working journalists, those choices can determine how an OSAEC story is developed from the initial interview to the final published report. They include deciding whether an interview with a survivor is necessary, how to protect identifying details, what photographs or footage should be withheld, and whether a story provides information that can help communities respond to abuse. The same responsibility extends to editors, photographers, videographers, producers and social media teams. A carefully written article can still cause harm if accompanied by an identifying photograph, an inappropriate video thumbnail or a sensational headline designed to generate online engagement. Responsible journalism therefore requires safeguards throughout the editorial process, not merely the removal of a survivor’s name before publication.

Given a voice, dignity intact

ONE of the distinguishing features of the Cebu training was the participation of survivor leaders, whose lived experiences offered journalists perspectives that cannot be obtained through police reports, court records or official statistics alone. Through the Philippine Survivor Network (PSN), survivors are involved in leadership development and advocacy efforts aimed at strengthening child protection and community awareness. Their participation also challenges a common tendency in crime reporting to portray survivors only through the violence committed against them. Patricia and other survivors present during the training offered journalists a different narrative, one of continuing education, personal growth and a new profound insight into a perspective from those who have lived through their ordeal and managed to turn their lives around. She spoke not only about the consequences of abuse but also about the ability of survivors to rebuild their lives and contribute to society. “When stories are told with care, survivors feel respected and seen as human beings,” she said. Her words challenged journalists to rethink the way survivors are represented in news coverage. A responsible story does not need graphic descriptions of abuse or emotionally intrusive photographs to communicate the seriousness of a crime. It can instead examine how exploitation occurs, why prevention systems fail, how survivors receive support and what communities can do to protect children. See “OSAEC,” A2

A14 Wednesday, November 4, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Navigating food security and inflation amid global crises

HE government is currently in a bind when it comes to managing local food costs and increasing agricultural output. For one, the surge in the prices of fuel products, particularly diesel, and farm inputs such as fertilizer has led to high commodity prices. Prior to the war in the Middle East, animal diseases made it difficult to keep food prices steady, which led to the decision of the government to cut the tariffs on imported pork. (See, “Palace cuts pork tariff over solons’ objections,” in the BusinessMirror, April 8, 2021).

The fight against African swine fever (ASF) was compounded by the war in Eastern Europe, which started in February 2022 after Russia attacked Ukraine. Commodity prices shot up to unprecedented levels as Russia and Ukraine are the world’s major wheat suppliers. The war in Eastern Europe also resulted in higher fuel and fertilizer prices. Even before local industries could fully adjust to the impact of the Russia-Ukraine conflict, the United States and Israel started a war with Iran in late February. Based on the latest pronouncements of the leaders of these nations, the battle is far from over. The ongoing political tensions in Eastern Europe and the Middle East are exacting a heavy toll on the Philippines, which relies on imported fuel and certain imported items like meat and rice. It is against this backdrop that the government is struggling to find the balance between preventing runaway inflation by importing food and helping local producers stay afloat. Nowhere is this dilemma more apparent than in the hog sector where raisers have reportedly been exiting the industry due to mounting losses. (See, “Co-ops tell govt to rethink food security policy,” in the BusinessMirror, October 28, 2026). Importation as a way to keep food prices stable has become a painful strategy to pursue due to the continuous depreciation of the peso in recent months. A temporary ban on food imports like meat products, as pushed by certain quarters, however, would be more disastrous given the sporadic outbreaks of animal diseases like ASF. While halting the entry of imported food products may be ideal for local producers, doing so at this time will be more disastrous to a country that has long relied on foreign sources to keep prices in check. The government should consider other options, such as tariff tweaks, which could also limit imports. And while the tariff wall is in place, the government must be able to apprehend traders who hoard products and resort to price fixing so they can increase their profits. The state should also step up its antismuggling campaign as high prices serve as an incentive to turn to illicit trade. While a higher cost of living is a problem that is not unique to the Philippines, the government should help ease the burden of workers by foiling the attempts of some economic sectors to profit from geopolitical tensions and natural disasters. The long-term goal should always be to make local food producers more competitive by plugging the loopholes in the value chain and making the farm sector climate resilient. A strong agriculture sector—one that can produce food at affordable prices—is the best shield against uncertainties created by wars thousands of miles away from the Philippines and animal diseases that managed to slip through its borders. Since 2005

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The Global Minimum Tax Atty. Jomel N. Manaig

TAX LAW FOR BUSINESS

HE ball is finally and officially rolling for the Philippine adoption of the Global Minimum Tax. The Philippines is planning to introduce the Qualified Domestic Minimum Top-up Tax (QDMTT), one of the core charging mechanisms comprising of the Global Minimum Tax initiative. Under House Bill (HB) No. 11114, the Philippines would be adopting the QDMTT for in-scope multinational entities or those multinational groups with consolidated revenue exceeding EUR 750 million in at least two of the four immediately preceding fiscal years. Under the QDMTT, a jurisdiction where low-taxed profits are generated may collect the top-up tax first before other jurisdictions (where its ultimate or intermediate parent entities) can collect the same. Essentially, the revenue is taxed in the country where it was generated rather than letting another country tax it. The rate of the top-up tax is the difference between the 15 percent minimum and the effective tax rate of the in-scope multinational entities in the Philippines. To set everyone’s expectations, it should be noted that our QDMTT is designed to be consistent with, and to meet the requirements of, a qualified domestic minimum top-up tax under the OECD Global Anti-Base Erosion (GloBE) Rules. It means that the way we compute our QDMTT should follow how the GloBE Rules computes the same. This is very important because if we will divert from the GloBE Rules, our domestic top-up tax would not be considered as “qualified.” If our domestic top-up tax is not qualified,

then other countries would be free to impose their own top-up tax on the low-taxed income generated in the Philippines. This would result in the multinational group being subjected to a top-up tax twice: once in the Philippines (where the low-taxed revenue was generated) and once in the country where the ultimate/intermediate parent entity is located. In order to really understand how the QDMTT is to be computed, we have to take a look at the GloBE Rules. Unfortunately, our article is too short to discuss that so let’s shelve that for future discussions. Aside from that, HB No. 11114 laid down three important compliance requirements: registration, the QDMTT Return, and the GloBE Information Return. In-scope multinational groups are required to register for purposes of imposing the QDMTT within six months from effectivity of the law (or within six months from the end of the taxable year in which such multinational group becomes in-scope). If the multinational group has more

than one covered entity (referred to as a constituent entity), then the multinational group may appoint a designated filing entity (DFE) that shall be responsible for registration, compliance, filing of tax returns, and payment of the top-up tax. Constituent entities (or their DFE) shall be required to file the QDMTT Return and pay the corresponding top-up tax on or before the 18th month following the close of the taxable year for the initial year of implementation. For succeeding years, the filing and payment period is shortened to 15 months from the close of the taxable year. Just like other internal revenue tax returns, the filing of the QDMTT Return shall be mandatory for the constituent entities or their DFE even if there is no top-up tax due. It is likewise not a replacement for the other internal revenue tax returns. In other words, the QDMTT Return is a new filing obligation for in-scope entities and it must be complied with whether there is a top-up tax due or not. Lastly, constituent entities or their DFE shall be required to file the GloBE Information Return (GIR). Unlike the QDMTT Return, the GlR is a standardized annual reporting template developed by the OECD to support global minimum tax compliance. It allows multinational groups to demonstrate compliance with GloBE rules and provides tax authorities with the data needed to verify top-up tax calculations. The GIR has three parts: the multinational group information; jurisdictional safe harbors and exclusions; and the GloBE computations. Similar to the QDMTT Return, it is also to be filed on or before the 15th month following the close of the taxable year.

In adopting the QDMTT, the inscope multinational entities are faced with harsh realities. Aside from being slapped with a top-up tax on lowtaxed revenues, some of the fiscal incentives enjoyed by these in-scope multinational entities would have reduced effectiveness. Specifically, the Income Tax Holiday and the 5 percent Special Corporate Income Tax would no longer have the same effectiveness as an investment offering. To offset this, the government is planning on shifting its focus to non-fiscal incentives such as improving ease on doing business, lower energy costs, better infrastructure/logistics, and a more competent workforce. Direct non-fiscal incentives are also on the table in the form of reimbursements for certain expenditures, industry competitive support, as well as subsidies and guarantees. Because of the nuances and technical skills needed to implement the QDMTT, a designated office/ division/unit shall be established by the BIR. While the filing of HB No. 11114 may be considered as a success, the road to full implementation is still long and winding. With Taxable Year 2027 as the target initial implementation period, the race is officially on to enact a QDMTT law. The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 140.

Wall Street escalates FinTwit crackdown as AI copycat fears grow By Emily Forgash

OR years, Neil Sethi routinely posted Wall Street research to build an audience on X, spotlighting charts and stock tips to his nearly 30,000 followers. It was, he believed, a quid-pro-quo arrangement. His brand grew, while the banks got more exposure from likes and retweets. All that changed this summer, when his account, @neilksethi, was suspended after Bank of America Corp. accused him of publishing its data without permission. Though Sethi, who runs a small investment firm from Upper Arlington, Ohio, offered to never use the research again, he hasn’t regained access to his account, which he cultivated over the past decade. “It increased my visibility to people who I wouldn’t have had any relationship with,” Sethi, 54, said. “To have that yanked out from under you without any opportunity to figure out what is going on or to fix it is frustrating.” Sethi’s predicament is playing out

across the vast online ecosystem colloquially known as FinTwit—short for Financial Twitter, a reference to X’s former name. And many observers say it reflects a new, and surprisingly draconian, response by some of Wall Street’s biggest names to protect their business models by clamping down on who gets to see their research. Over the past two decades, strict regulations on how banks charge for research combined with the rise of index-tracking funds have gutted research departments at firms big and small. Now, staggering breakthroughs in artificial intelligence threaten to commodify their proprietary

analysis as soon as it’s posted online. “Piracy has been around for decades, it just has gotten more popular with how easily you can find those papers with an AI agent or social media,” said Ben Mok, vice president of brand and content protection at Corsearch, the firm that Bank of America used to file the complaints. He declined to discuss the bank’s specific complaints. “Now, cybersecurity teams are starting to pay attention,ß” he said. In particular, web-scraping models will incorporate posts containing the banks’ research to enhance the quality of their answers, often without attribution. The fear is that AI chatbots and agents will synthesize so much research into their responses that it will render the banks’ reports obsolete, or at least drastically undercut the fees they can charge for insights from their analysts. The banks themselves have been tight-lipped. Bank of America declined

to comment on its clampdown, as did Morgan Stanley, which has also taken action against FinTwit accounts on X. Goldman Sachs Group Inc. said that it doesn’t allow external parties to post research reports on social media, according to spokesperson Nick Carcaterra, but declined to discuss whether it has taken any steps to enforce the ban. Other Wall Street firms, including JPMorgan Chase & Co., Citigroup Inc. and Toronto-Dominion Bank, meanwhile, declined to say whether they have taken any such actions. Royal Bank of Canada and X didn’t respond to requests for comment. At least a dozen FinTw it accounts, from those with a few hundred to tens of thousands of followers, have received notices from Bank of America or Morgan Stanley citing violations of the Digital Millennium Copyright Act, according to complaints seen by Bloomberg.

See “Wall Street,” A15

www.news.businessmirror@gmail.com

Saudi business model built on corporate commuters challenged by war

Opinion BusinessMirror

The letters and the long game: Notes from an 84-year-old on the Huaren

By Omar El Chmouri, Laura Gardner Cuesta & Christine Burke

OON after Houthi attacks forced Saudi Arabia to shutter its capital’s main airport, one consultant drove for hours to get to Riyadh from Oman. The executive left two weeks later and plans to return soon, this time via Doha, betting that showing up will offer an edge over rivals who’re staying away.

Dr. Jesus Lim Arranza

MAKE SENSE

S a child, I watched in quiet bewilderment as my father tucked cash into handwritten letters before sealing the envelopes. I could only guess who they were meant for until I learned the truth: those letters were lifelines sent across the sea to his relatives in China, arriving as the Mainland still struggled to pick up the pieces after the civil war.

Another professional who canceled a trip over security concerns faced questions from a Saudi client for failing to appear in person. While many companies in Riyadh have shifted to remote work, some local entities expect international advisers to be available for in-person meetings, people familiar with the matter said. That underscores the unique challenges confronting global firms operating in Saudi Arabia. The Public Investment Fund has long said that it will hold off working with companies not headquartered in the kingdom and officials have tried to lure them with lucrative deals, but many professionals continue to fly in. The nation still lags the United Arab Emirates, which has become a magnet for hedge funds, Wall Street giants and major corporations alike. Regular commuters now face a choice between traveling into the kingdom as attacks continue, or risk losing out to competitors who may be more willing to do so. The need to demonstrate commitment has become more acute as the war escalated, some people familiar with the matter said. Indeed, government officials have continued to strike a defiant tone, even as major events, such as the flagship Future Investment Initiative at which top global financiers convene every year, have been canceled or delayed. “To everyone who has traveled to Riyadh, thank you,” Saudi Energy Minister Abdulaziz bin Salman said at the World Petroleum Congress last month. “Your presence matters. When circumstances become more difficult, dialogue becomes more important.” The Houthis, part of Iran’s socalled “axis of resistance,” have been in conflict with Riyadh since well before the US-Israeli war began in February. They stepped up their attacks in October after Saudi-backed Yemeni forces launched an offensive to recapture Houthi-held areas. Since then, strikes on airports including Riyadh have killed over 20 people. Travel guidance from countries including the US and Britain has led some firms to curb visits in recent weeks. Executives who are able to enter the kingdom are now making arrangements for longer-term stays to minimize security risks, some of the people said. One Abu Dhabi-based executive whose firm was already struggling to win Saudi business has continued flying in to Bahrain and driving onward to meetings in Khobar and Riyadh to avoid losing out. To be sure, the security situation across the region remains uncertain. President Donald Trump has repeatedly threatened a new round of strikes on Iran after the US midterm elections on November 3, which would escalate risks not just for Saudi Arabia but the broader region that’s already reeling from the impact of Iranian attacks earlier this year. The fourth quarter is especially important for neighboring countries

like the UAE, which is due to host the Formula One Grand Prix as well as other major finance and cultural events. For now, financial executives have continued to show up in Abu Dhabi and while two energy firms canceled plans to attend the city’s annual oil conference, OpenAI boss Sam Altman made an appearance. But despite the current risks and while some executives have privately complained about Riyadh’s ability to deploy capital as freely as its neighbors, Saudi Arabia remains attractive. The Arab world’s biggest economy is in the midst of a multitrillion dollar economic revamp that continues to throw up multiple opportunities for international firms in non-oil sectors from tourism, to artificial intelligence and technology, to manufacturing and infrastructure. “I expect this to push serious firms toward more people based in-country and fewer weekly commuters,” said Linus Bauer, founder of Dubai-based BAA & Partners. “That’s what Riyadh has wanted through its regional HQ policy and the attacks may accelerate it rather than reverse it.” Nonetheless, Riyadh has so far been unable to convince a large number of professionals moving to the region to be based there. Many still prefer to live in Dubai, making the short flight between the two hubs one of the busiest travel routes globally prior to the war. The Saudi capital has fewer housing and schooling options and a less familiar lifestyle for western expatriate families, although that is slowly changing: late last year, the kingdom froze rents for five years to boost affordability and started allowing high-earning residents to buy alcohol. Now, the commuting arrangement could become harder to sustain as attacks disrupt air travel and companies reassess the risks of sending staff. “The bigger test in my view is the next three months,” Bauer said. “If Riyadh airport stays open and the air defense gaps are closed, confidence comes back quickly. Another successful strike would be a different story. Then you’d see foreign airlines and multinationals reprice Saudi exposure for the long term.” The kingdom’s size and extensive transport links offer alternatives to flying into Riyadh, but the capital’s main airport is also slowly reopening. Daily life has continued as normal across much of Saudi Arabia despite the latest escalation, and thousands attended a concert by Lebanese singer Fadel Chaker last month. “Saudis are getting on with their lives and their work, offices are open and meetings are happening,” said Rana Maristani, CEO of UK-based R Consultancy Group, which supports firms expanding in Saudi Arabia. “For consultants, it’s also a time when clients want you close. They value people who pick up the phone, keep things moving and stand with them.” Bloomberg

Municipalities from Nevada to Georgia are giving residents an opportunity to vote for policies that would tax, regulate or even ban artificial intelligence infrastructure. That potentially puts hundreds of billions of dollars of investment at stake and could create headaches for so-called hyperscalers like Meta Platforms Inc. and developers such as Applied Digital Corp. A Bloomberg analysis of Ballotpedia data shows there will be more than 40 data center-related measures to vote on in the midterm elections on November 3. Voters will be considering the proposals as opposition to new data centers surges across the US, highlighting how AI has emerged as a key issue in the midterm election. A Quinnipiac poll in September found that 72 percent of voters would oppose a new data center in their community, up from 65 percent when the question was posed in a March poll. While data centers power ubiquitous AI tools like ChatGPT or Claude, people who learn that one is coming to their neighborhood often fret about air and noise pollution and higher utility bills. They also worry about local officials offering tax incentives to developers and signing nondisclosure agreements to speak with private interests, leaving their constituents in the dark. But in some cases, activists have suc-

Wall Street. . .

LinkedIn after posting bank research there as well. “There’s more content out there in electronic format now, and Gen AI is better at finding things than the average human,” said Michael Eastwood, director of Americas equity research at Jefferies LLC. “Now banks are more exposed.” The phenomenon extends well beyond Wall Street. Industries ranging from digital media to e-commerce are scrambling to protect their content from bots, which now account for 65 percent of all web traffic, according to cybersecurity company Cloudflare Inc.

In one high-profile case, the New York Times and Chicago Tribune late last year sued Perplexity AI Inc., saying the startup copied and distributed their content without authorization. Research departments at banks have reasons to be particularly wary, following a decade that has seen their prestige fade and client spending dry up. Regulations such as MiFID II forced banks to unbundle research and trading costs, causing research budgets to shrink. The proliferation of ETFs has fueled passive investing and made it easier to trade broader market themes, taking the spotlight away from stock-

continued from A14

Ryan Detrick, chief market strategist at Carson Group Holdings LLC, received his first one on September 2 from Morgan Stanley, temporarily locking him out of his X account, which is followed by over 225,000. Mike Zaccardi, a financial writer with over 80,000 followers, said he started receiving DMCA notices on behalf of Bank of America around a year ago, but the barrage has picked up in recent months. Zaccardi and Sethi also received DMCA complaints from

Wednesday, November 4, 2026 A15

For my father, it was a vital way to help sustain the families of relatives he had left behind, a quiet act of survival shared by countless others. Several Huaren—people of Chinese ethnicity who migrated to countries like the Philippines and its Southeast Asian neighbors—also kept sending money to their relatives in the Mainland. In their own small, unglamorous way, they were propping up the Chinese economy at a point in history when China was still being called the Sleeping Giant. Nobody called it diaspora diplomacy then. It was just family, and family happened to move money across borders. Remember that the Chinese came to our country long before the Spaniards, the Americans, and the Japanese set foot on our land and conquered our nation. Since then, and up to the time the Chinese civil war ended in 1949, many of the Chinese who came to the Philippines decided to stay and raise their families here. This is why many Huaren were born here and will die here. Unlike the other nationalities that came to conquer us, these people with Chinese blood came to do business and to live peacefully, side by side with

Filipinos. That has continued up to the present. In fact, many of them today have organized themselves and formed the Huaren Society in the country. They are businessmen, executives, politicians, and professionals from different sectors who are still quietly doing their share to promote peace and prosperity. They managed to integrate themselves into Philippine society and assimilate our culture; they are unquestionably Filipinos in mind, heart, and deeds. But there is more they can do, and it is worth naming plainly, because a role left unnamed is a role left unfilled. Economically, the Huaren sit on networks, capital, and market intelligence that no government trade mission can replicate. Chambers of commerce built on decades of trust can bring provincial investors into joint ventures in agribusiness, manufacturing, logistics, and e-commerce; they can walk a Chinese buyer through the paperwork of a Philippine supplier and walk a Filipino cooperative through the expectations of a Guangdong importer. Sister-province and sistercity arrangements, trade fairs, and

business councils are unglamorous machinery, but they are the machinery that actually moves goods. Culturally, they can fund language instruction, scholarships, museum and heritage work, film, and academic exchange—not as propaganda, but as literacy. A Filipino who reads Mandarin and a Chinese who understands the Philippine sense of grievance are both harder to lie to, and easier to negotiate with. Socially, they can build peopleto-people channels that survive bad news cycles: disaster relief after every typhoon, medical missions, alumni networks, diaspora-to-diaspora ties between Manila and Jakarta and Bangkok and Kuala Lumpur. When governments stop talking, these links keep humming. And politically—carefully, quietly—they can serve as Track II diplomats. Back channels during incidents at sea, confidence-building in ASEAN-China dialogues, plainlanguage explanation of each side to the other. Not negotiating for the Republic, but preparing the ground so that those who do negotiate arrive with fewer illusions and more options. Their other goal, of course, is to foster good relations between Beijing and ASEAN governments amid the tensions being created by the South China Sea dispute, among other issues. This is why the Huaren Society here has begun contacting Huaren organizations across Southeast Asia and other parts of Asia, with a view to scheduling a trip to Beijing in the hope of serving as ambassadors of peace for the neighboring nations —opening more economic and diplomatic channels between the peoples of China and the rest of Asia, and creating new opportunities for cooperation in many fields. I decided to write about the Hua-

ren Society to make people aware of what they have been doing, although their leaders would prefer to keep pursuing their advocacies away from the spotlight. That preference is understandable, and it is also a mistake. Quiet work earns trust; invisible work earns suspicion, and suspicion is what fills the vacuum when nobody explains. At 84 years old, I can still picture my father so clearly—sliding paper bills into handwritten letters and sealing the envelopes with care. My point is simple: Chinese nationals who fled to the Philippines, Malaysia, and other neighboring countries during China’s civil war found refuge and hospitality. Welcomed by their host nations, they built new livelihoods and sent vital remittances back home, supporting both their families and China’s national economy. In short, they helped sustain a struggling China during its time of need. Today, their descendants are fully integrated into their adopted homelands. In the Philippines, for instance, the Federation of FilipinoChinese Chambers of Commerce and Industry—an umbrella organization for Filipino-Chinese entrepreneurs—actively gives back by donating thousands of school buildings, playing a vital role in national development. Ultimately, it is my sincere hope that Beijing recognizes this enduring history of goodwill. May China, the Philippines, and ASEAN member states successfully bridge their differences, deepen collaboration, and foster an Asia defined by lasting peace and prosperity. Dr. Jesus Lim Arranza is the Chairman Emeritus of the Federation of Philippine Industries and concurrent Chairman of the Anti-Smuggling and AntiIllicit Trade Committee.

Data center restrictions make the ballot in dozens of US cities By Miquéla V Thornton

OTERS in dozens of US counties and cities will soon have the chance to help enact policies that would slow down the development of data centers. cessfully blocked data center construction. At least 45 projects worth $68 billion were disrupted by local opposition in the second quarter, according to a report from Data Center Watch. Now, the AI-related referenda gives voters a new way to express their opposition. “Local ballot measures are a tool that people can access and use at a time when people are feeling helpless about some of these broader forces shaping our futures,” said Megan Mullin, an environmental political scientist at the University of California at Los Angeles.

Bans and recalls

SOME measures threaten to ban data centers outright. That’s possible in Alhambra, a Los Angeles suburb that could follow in the footsteps of neighboring Monterey Park. In Ohio, about a dozen communities will vote on a ban, with most measures focused on larger facilities. One of those places is Piqua, where Meta is trying to build a data center. Voters there will also decide whether to recall the mayor and two city commissioners, who have supported AI infrastructure being built in the roughly 20,000-person city. Another recall effort is in Yukon, Oklahoma, where residents will deterpicking analysts. Meanwhile, once-reliable customers like hedge funds have built up their own in-house research teams. In fact, client spending on equity research has fallen by 50 percent since 2018, data from Substantive Research show. Rebecca Tushnet, a professor of First Amendment law at Harvard Law School, said that while there’s no copyright protection for facts such as market data, it does apply to the way they are packaged and presented. “If you just straight copy it, then yes, there’s a plausible case for copyright infringement,” she said.

mine the fate of Mayor Brian Pillmore. Some of his constituents want him to resign because he supports a proposed $1 billion Beltline Energy data center along Route 66. Pillmore said he welcomes engagement on matters of local development, but he sees the project as a rare source of long-term investment for the small city, estimating that it could boost revenue by as much as 75 percent. “Cities like Yukon have to consider every card that they play,” he said. Yukon is one of many small towns across the US looking for an economic boost. Data centers could be the answer, delivering investment and high-wage jobs that don’t require a college degree, according to Dan Diorio, executive vice president of state policy & government affairs at the Data Center Coalition, a group that advocates for the industry. The facilities generate “significant” tax revenue that helps fund schools, transportation and public safety, Diorio said. “Ballot measures to restrict or prohibit data center development would send a signal that the area is closed for business” and “deprive local communities of the opportunity to compete for investment and jobs.”

after Harwood’s mayor signed a NDA with Applied Digital, which is building a facility nearby. Residents raised a plethora of concerns when plans for the massive 280-megawatt project became public in September 2025, but construction began less than a month later. “A $3 billion decision coming into a community of 800 people shouldn’t have took three weeks to do,” Swartz said in an interview. The goal of his Article X, as the measure is called, is to require disclosure, independent review and public participation for large projects. Similar measures could give residents in other localities more sway. Grove City, Ohio’s electorate could amend its charter to require a referendum on developments that exceed certain thresholds for size, water and energy use. If passed, a ballot initiative in Janesville, Wisconsin will give citizens a vote on projects with costs exceeding $450 million at a longabandoned General Motors site. The proliferation of such measures is “a sign that Americans recognize they’ve been shut out from negotiations in many communities that have a real impact on their futures,” UCLA’s Mullin said.

Community input

Zoning rules

For his part, Sethi concedes that he didn’t originally ask Bank of America for permission to use its research, which he received thanks to an account he maintains with the firm’s wealth management arm. He assumed, like many on FinTwit, that he had the banks’ tacit approval. So did Zaccardi, who discounted the complaints partly because he saw Bank of America’s research pretty much everywhere on X. “Even today, I see accounts that are still putting out Bank of America stuff all the time, and those accounts are certainly way bigger than mine,” he said.

Despite the warnings and potential consequences, Sethi and Zaccardi still routinely post research from banks, often including notes from Bank of America. Somewhat predictably, in this age of artificial intelligence, both admitted to using AI to alter the charts so they look different from the originals. The threat of suspension looms as a constant. Yet Sethi rationalizes his decision this way: the 9,300 or so users who follow his new X account remain a fraction of what he amassed with his old one. “It’s very difficult,” he said, “to get those relationships back.” Bloomberg

SOME communities aren’t necessarily against data centers, but they do want a bigger say in the planning process. In Harwood, North Dakota, the revelation that a $3 billion project was underway drove resident Michael Swartz to try to overhaul how the city handles industrial development. He drafted a charter amendment that pushes for more transparency and community input in decision-making

ANOTHER set of measures has the power to restrict where data centers are built. In Wilmington, Ohio, voters will weigh in on the rezoning of land around a proposed Amazon.com Inc. data center. However, a situation in Boulder City, Nevada, shows the limits of such initiatives. Earlier this year, activists successfully fought a proposal for a $3 billion data center that would have been built on a city-owned tortoise preserve. Bloomberg

A16 Wednesday, November 4, 2026

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

DAKAR HEAT FORCES PINAY OUT OF HEATS D By Jun Lomibao

AKAR—The heat took another toll on Riannah Chantelle Coleman as she experienced difficulty breathing and withdrew from the women’s 100-meter breaststroke heats on Tuesday. “It was decided that Riannah would be better off resting for at least two days rather than take the risk in the 100,” said Team Philippines swimming

CLARENCE VILLAFLOR claims the men’s singles title. UAAP PHOTO

NU reigns supreme; UP wins by a hair

coach Ramil Ilustre. “She’ll have two days to recover for her last event.” The 100 breaststroke was Coleman’s second of three events in the 4th Youth Olympic Games (YOG). Coleman hyperventilated after the 200m breastroke heats on Monday and had to be attended to by the YOG Medical Team and was eventually given the green light for the final on the same day, finishing seventh among eight swimmers at the Dakar Olympic Pool. “It’s the heat,” said Coleman, whose last event will be the 50 meters breastroke on Friday. Three other swimmers were treated for hyperventilation on Monday. There is no air-conditioning in any of the rooms at the Youth Olympic Village (YOV) and athletes have been

assigned one electric fan each to battle the heat and humidity. “Riannah’s really bothered by the heat, in fact she’s requested to have four electric fans to be directed on her bed,” said Chef de Mission Rocky Samson. “It’s the same condition for everyone in the village, all countries.” Philippine Olympic Committee president Abraham Tolentino agreed with Coleman’s withdrawal from the 100 breaststroke, saying her health and safety are a priority. “We cannot risk Riannah’s health and safety, she’s young and she has a whole swimming career ahead of her,” said Tolentino of the 17-year-old Coleman. A room at the YOV has four beds each and male and female toilets are

ATIONAL University completed its dominant campaign in the University Athletic Association badminton competition, capturing its recordextending 10th men’s overall championship, while University of the Philippines prevailed in a tight women’s race to claim its 11th crown. The Bulldogs finished with 25.875 points, capping their campaign with a near-sweep of the gold medals in the team event, a 1-2 finish in singles, and a silvermedal in doubles at Gameville Central Park in Mandaluyong City. Clarence Villaflor sealed NU’s championship campaign with a 24-22, 21-12 victory over teammate and graduating captain Lanz Zafra in an all-Bulldogs men’s singles final. Villaflor was subsequently named Season MVP. “Winning the overall championship makes this even more special for us. Our victory in the team event really helped us a lot,” Zafra said. Zafra is graduating, while the rest of the squad will return next season. “I hope the legacy I’m leaving at NU gives the team momentum to keep winning championships. I’m confident they can do it again next year and continue to get better,” he added. Ateneo finished second overall with 20.7 points, highlighted by its first-ever men’s doubles championship. Last season’s MVP Lyrden Laborte and co-captain Robby Ramos defeated NU’s Ben Dictado and John Benedict Gam, 21-13, 21-15, to prevent a Bulldogs sweep. UP completed the men’s podium with 17.25 points after finishing third in the team event. Shan Clar claimed bronze in singles, while Arjay Lazareto and Ryan Mendoza added another bronze in doubles. In women’s play, UP secured its record 11th overall championship with 20.875 points, edging Ateneo (20.8) and NU (20.7) in a tightly contested race. The Fighting Maroons clinched the title through the women’s doubles victory of graduating players Kimberly Lao and Susmita Ramos, who rallied past Adamson University’s Mary Untal and Jasmine Reformina, 19-21, 21-9, 21-17. Ramos said the team regrouped after several setbacks during the tournament and remained focused on finishing the season strongly. “There were some upsets over the past few days, but we just had to reset and refocus on what else we could do. We gave it everything we had and stayed tough,” said Ramos. “I’m just really happy because this is my last season. It makes it even more special that we didn’t just settle for bronze but managed to win the overall championship,” she added.

common—one for athletes and another for coaches or officials. Jamesryan Mishael Ajido was focused in training on Tuesday for his two events on Wednesday—the 50 meters freestyle and 50 meters butterfly which are separated only by three other heats. Gymnasts Tchelzy Maayo and Hillarion Palles III already checked in at the village on Monday along with their coaches Reyland Capellan and Japanese Kazutaka Hakamada. Capellan, a former national gymnast who retired after the SEA Games at home in 2019, said training started in earnest for Maayo and Palles on Tuesday. “It was a long flight and our athletes need to be ready for the competition while shedding off jetlag,” Capellan said. The gymnasts’ flight took longer than the 30 hours for the first batch of athletes—they had a 19-hour layover in Istanbul, almost a day long, but still pales in comparison with the 40-hour record route Team Australia took to get to the Senegalese capital. The gymnastics competitions start Saturday at the Dakar Exhibition Center in Diamniado. With only two athletes, Team Philippines—supported by the Philippine Sports Commission—isn’t eligible for the team event and will only vie in the men and individual allaround, according to Capellan.

JAKE DAVE of South Africa holds off a tackle from Sacha Leroy of France during the Rugby Sevens gold medal match at the Youth Olympics in Dakar on Monday. France won, 26-19. AP

DLSZ routs Ateneo, books Final Four return in UAAP 16U

RIANNAH CHANTELLE COLEMAN will have two days to prepare for the 50-m breaststroke. POC MEDIA POOL

E LA SALLE Zobel secured its return to the Final Four with an emphatic 84-55 rout of rival Ateneo in the University Athletic Association of the Philippines Season 89 High School Boys’ 16-and-under Basketball Tournament on Tuesday at the Ninoy Aquino Stadium. Already assured of a semifinal berth following University of Santo Tomas’ loss to University of the East earlier in the day, the Junior Archers improved to 9-3, completing a remarkable turnaround from

a winless Season 88 campaign. DLSZ also remained in contention for a twice-to-beat advantage in the semifinals. “We feel great knowing that we have the Final Four secured. But we still have a chance to see how the standings will play out, so we have to take care of these last games,” head coach Hyram Bagatsing said. The Junior Archers set the tone early, limiting Ateneo to just six first-quarter points, 24-6. The Blue Eagles cut the deficit to 14

at halftime, but DLSZ pulled away in the third quarter, outscoring Ateneo to take a commanding 73-42 advantage heading into the final period. James Enriquez led the Junior Archers with 17 points, seven rebounds, and three steals, while Rye Villaruz added 16 points and eight rebounds. Mikko Noel contributed 11 points. DLSZ will face UST on November 8 as it continues its push for a top-two finish. Ateneo, already out of semifinal

JAMES ENRIQUEZ shines as the Junior Archers notch their ninth win in 12 outings. UAAP PHOTO

Asian volley chief Suzara welcomes FIVB recognition of new PNVF leadership

SIAN Volleyball Confederation (AVC) president Ramon Suzara expressed comfort over the International Volleyball Federation’s (FIVB) official recognition of the new leadership at the Philippine National Volleyball Federation (PNVF). “As president of the AVC, I now feel comfort that finally, the FIVB has recognized the new leadership of the PNVF,” Suzara said on Tuesday. “The confederation always wants a healthy and harmonious operation of all its member national federations.”

“Philippine volleyball can now move on and operate hitch-free of the FIVB recognition,” added Suzara as the AVC congratulated PNVF president Frank Lao. “On behalf of the AVC, I extend my most heartfelt and enthusiastic congratulations to you on your recent election as President of the Philippine National Volleyball Federation,” Suzara said. “This is a tremendous achievement and a true testament to the trust and confidence the volleyball community has in your leadership.” “We celebrate this momentous milestone with you. Your passion and

dedication to the sport make you the ideal leader to guide the federation into a bright new era. We at the AVC are incredibly excited about the future of Philippine volleyball under your capable guidance. “The AVC looks forward to building a strong, dynamic, and collaborative partnership with you and your administration. We are absolutely confident that your visionary leadership will inspire the Philippine National Volleyball Federation to reach unprecedented heights, foster innovation, and achieve outstanding

Alex Eala in her final event of the year AS I write this, Alex Eala was set to face Alycia Parks on Tuesday, November 3, in the first round of the WTA (Women’s Tennis Association) 250 Prudential Hong Kong Open. I had to do this in obedience to deadline tyranny. Thus, this has to be completed hours before Tuesday’s 6:30 p.m. match between Eala and Parks at the Victoria Park Tennis Stadium in the former British Crown Colony. No cause for worry if we go by statistics. Eala should blow by Parks as Alex is seeded No. 2 in Hong Kong behind No. 1 Sorana Cirstea of Romania. In world rankings, Sorana is No. 16—just a notch higher than No. 17 Eala. Parks, who turns 26 on December 31, 2026, won’t be a tough customer for Eala even as the American bet from Atlanta, Georgia, boasts of a 0-6, 6-3, 6-2 beating of Eala in their first meeting last January in the 2026 Australian Open.

Eala had since recovered from that stigma—a result of rookie jitters in the year’s traditional first major—as she had avenged that defeat 6-1, 4-6, 6-2 in the Toronto Open in Canada last August. Parks, a towering 6-foot-1 from Atlanta, Georgia, had her highest ranking of No. 40 in 2023. A win by Eala over No. 65 Parks would push Alex to a second-round match against either Xinran Sun or Tereza Valentova.

new victories for the sport.” The FIVB officially informed Lao of its recognition on his election in a letter dated Tuesday, November 2. “Reference is made to the election process at the Philippine National Volleyball Federation in which Mr. Frank Lao was elected President,” the FIVB said. “The FIVB Legal Department reviewed the documentation submitted by your National Federation in accordance with Article 1.6 of the FIVB General Regulations.”

Sun is a Chinese teenager ranked No. 405 and Valentova from Czechia is No. 87 in the world. But seedings and rankings can be deceiving, if not tricky, as players become seemingly on equal footing once they begin play. Eala reached the Round of 16 of the 2025 Hong Kong Open, failing to advance after losing to Canada’s Victoria Mboko 6-3, 3-6, 4-6. The Hong Kong Open is the culmination of Eala’s gruelling 2026 campaign that brought her to high-level battles in the Middle East, Europe, America and Asia, icing her dizzying odyssey with her breakthrough win in the Mubadala WTA 500 Open in Washington DC last August. Eala was doing well in Tokyo last week, but pitifully bowed to Diana Shnaider in the quarterfinal after a brutal three-setter lasting two hours and 52 minutes. It was, indeed, a shame that Eala, 21, would waste a convincing 6-2 first-set win, losing grip of a possible victory when she forced a 5-all tie in the second-set tiebreak from 3-5 down. But in a ghastly blunder, Eala double-faulted, yielding a 6-5 lead to the 22-year-old Shnaider.

A smashing ace gave Shnaider a 7-5 win to force the deciding third set. With momentum on her side, Shnaider quickly sped to a 3-1 lead in the final set, clinching a routine 6-4 win to wrap up the match as Eala just couldn’t arrest a faulty serve that saw her commit seven double faults against only one by the super steady Russian. With many of the game’s heavyweights absent in Hong Kong, will Eala finally deliver and win the title worth $37,390? Only time will tell. THAT’S IT Yaxel Lendeborg, a 24-year-old rookie of American-Dominican descent, bears watching in the 2026 NBA (National Basketball Association) season. He scored 37 points on Monday to power the Golden State Warriors to a 124-112 win over the Los Angeles Clippers. His heroics came as Warriors star Steph Curry watched from the bench nursing a knee injury. Said Warrior coach Steve Kerr of Lendeborg: “…he’s so skilled and so talented that he’s making all kinds of plays out there.” A star in the making? We’ll see.

Companies BusinessMirror

Editor: Jennifer A. Ng

Wednesday, November 4, 2026

Petron: Profit plummets 44% GOLDEN ARCHES TOP PHL FIRM ON FORTUNE on war, higher crude prices BEST COMPANIES LIST

By Lenie Lectura

@llectura

ETRON Corp. posted a net income of P5.4 billion at end-September, down 44 percent yearon-year due to rising crude costs and geopolitical and economic headwinds caused by the war in the Middle East. Revenues rose 56 percent to P928.2 billion, driven by higher oil prices and increased sales volume. However, margins remained under pressure from rising crude costs, import premiums, and freight amid escalating tensions in the Middle East. This was further compounded by the reduction in refining margins

in Malaysia, reflecting refinery operational constraints resulting from the continued unavailability of the Port Dickson’s product jetty. As a result, Petron’s operating income declined 28 percent year-on-year to P19.1 billion. Dubai crude rebounded sharply from an average of $77 per barrel in

July to $114 in September, bringing its average price from January to September this year to $92 per barrel, up 29 percent year-on-year. Consolidated sales volume stood at 103.5 million barrels, up 3 percent, supported by a 33-percent increase from its Singapore trading arm. The combined sales volume in the Philippines and Malaysia declined 3 percent to 82 million barrels, attributable to reduced refinery production. “Our diversified portfolio, financial discipline, and robust risk management equip us with the resilience needed to navigate these challenging times, while still keeping our business viable and competitive. Despite external pressures, our commitment to help ensure fuel security, meet the needs of our customers, and fulfill our responsibil-

ity as the nation’s energy backbone remains strong and unwavering,” Petron Chairman and CEO Ramon S. Ang said in a statement. The company said it remains focused on driving sustainable growth through its strategic retail expansion, aggressive customer acquisition, and the continued optimization of its refining, storage, and distribution facilities. Petron recently opened its fourth Treats convenience store at the Ninoy Aquino International Airport in line with the consistent expansion of its non-fuel business. Across the company, these growth efforts are met with equally deliberate initiatives to increase operational efficiency, reinforce sustainability, and mitigate business risks amid a particularly precarious industry environment.

Alternergy energizes wind farm in Quezon

LTERNERGY Holdings Corp. has successfully energized its P6.7-billion Alabat wind farm in Quezon Province. The 64-megawatt (MW) wind power facility is one of the first wind developments awarded under the Department of Energy’s (DOE) second Green Energy Auction Program (GEAP 2) to achieve transmission line energization. The project features the Philippines’ first 1.4-kilometer (km) overhead sea-crossing transmission link built for a wind farm, connecting Alabat Island to the mainland. The power is transmitted via a newly completed 37km, 69-kilovolt (kV) transmission line connected directly with the National Grid Corporation of the Philippines’ (NGCP) Gumaca-Lopez line. Continued on B2

OUTLOOK TURNS GLOOMY

Hugo Boss AG slashed its outlook for sales and profit citing weaker consumer demand, market uncertainty and higher AI and technology expenses. The German fashion house, controlled by Britain’s Frasers Group Plc, now expects earnings before interest of €250 million to €300 million ($336 million), it said Tuesday. This compares with a previous range of as much as €350 million. The shares fell 1.7 percent in early Frankfurt trading. The stock was up 7.3 percent since the start of the year through Monday’s close. Known for its pricey suits and underwear, Hugo Boss is in the midst of a second turnaround effort under Chief Executive Officer Daniel Grieder. He’s seeking to revive growth after the company was saddled with challenges including US trade tariffs, soft demand in China and persistent weakness in womenswear. The new targets reflect a “more realistic assessment of the market environment,” Grieder said, but added he remains committed to his reset plan, which includes streamlining the retailer’s ranges, closing some stores, and pushing full-price sales while sharpening its distribution to wholesale partners. Photo shows Hugo Boss AG store in Belgrade. BLOOMBERG

Accor to expand PHL portfolio By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

NTERNATIONAL hospitality chain Accor remains committed to the Philippines and is moving to manage properties and offer franchising opportunities in emerging destinations. In an email, Etienne de Villiers, Accor Director of PR & Communications-Asia for the Premium, Midscale & Economy Division told the BusinessMirror that more properties will open in Batangas, Bohol, Caloocan, and Mactan between 2027 and 2030. “The Philippines remains an important market within Accor’s growth strategy in Asia. Accor continues to see strong long-term potential in the country, supported by growing tourism demand, improving connectivity and increasing interest in high-quality hospitality offerings,” he said. “More broadly, Accor’s development strategy in Asia focuses on bringing the right brands to the right destinations, offering both management and franchise options to owners. As part of this approach, the Group sees opportunities not only in gateway cities but also in emerging tourism des-

tinations. In the Philippines, Cebu, Boracay and Bohol are among the destinations that reflect this trend, supported by increasing demand and improved connectivity.” The company’s pipeline in the country specifically “includes a resort in Batangas and ibis Styles Bohol Alona Beach, scheduled to open in 2027 and 2029 respectively, as well as ibis Manila Caloocan and ibis Styles Mactan Cebu, both targeted to open in 2030,” said De Villiers. As of 2026, Accor manages more than 4,700 keys across 13 hotels and eight brands in the Philippines. This includes the 1,530-key Mövenpick Manila Bay Westside, owned by the Andrew Tan-led Megaworld Group. Slated to formally rebrand in December, it will also be the largest Mövenpick hotel in the world. Other Accor-managed hotels in the country include: Raffles and Fairmont in Makati, Mövenpick Resort & Spa Boracay, Novotel Suites Manila at Acqua, Admiral Hotel Manila-M Gallery, Novotel and ibis Styles Manila in Cubao, ibis Styles Subic, Swissotel Clark Philippines, Mercure Mactan and Mövenpick Cebu, and South Palms Resort and Spa Panglao-M Gallery.

Asian expansion speeds up

IN a statement, Accor said it is

accelerating its expansion in Asia with 30 new hotel signings as of September 30, 2026, representing 7,698 keys across all segments. Contributing significantly to Accor’s property developments this year, at 49 of keys signed, is the midscale segment. This represents 16 hotels with over 3,600 keys from brands, such as TRIBE, Mercure, Novotel and Handwritten Collection. The premium segment accounted for seven hotels and 2,200-plus keys in Asia, led by Mövenpick, while the economy segment has delivered five hotels and 1,200 keys, led by ibis Styles. Luxury and lifestyle segments, which includes Raffles, Fairmont, Sofitel, Emblems and MGallery as well as Ennismore brands such as Delano, SLS, 25hours and Rixos, contributed two hotels representing 583 keys. Accor also introduced “greet” this year, a new lifestyle-led economy brand in Asia. greet is Accor’s response to changing expectations among value-conscious travelers, while giving developers greater choice and flexibity. Its first property opened in Bangkok. The hospitality firm also plans to introduce JO&JOE, a redefined hostel experience brand, in the future.

‘Powerful hospitality platform’

A NDR EW L A NGDON, Accor’s Chief Development Officer for Asia, said: “2026 is shaping up to be another record year for Accor’s development in Asia, with our signings on track to deliver a fourth consecutive year of record growth in the region. More owners are recognizing the value of joining a powerful hospitality platform that combines internationally recognized brands, global distribution and ALL Accor to drive revenue and support the long-term performance of their assets.” According to the Paris-based hospitality firm, Indonesia led the market for development signings in the region with 13 hotels and 2,800-plus keys, followed by Vietnam with six hotels and 2,600plus keys. Franchising also continues to gain traction as owners seek greater flexibility and access to the strength and scale of an international hospitality platform. Hotel owners are likewise tapping Mercure, Handwritten Collection, ibis Styles, and Mövenpick to convert existing properties, while allowing them to benefit from Accor’s global network and booking and loyalty platform.

By VG Cabuag @villygc

OLDEN Arches Development Corp., the George Yang-led owner of the master franchise to operate McDonald’s in the Philippines, was the top Philippine firm on this year’s Fortune magazine’s 100 Best Companies to Work For Southeast Asia. The list came from a survey of 1.3 million employees “at every role and level about credibility, respect, fairness, pride and camaraderie, and these 100 organizations scored highest,” Fortune said. Golden Arches was ranked seventh in the region. Meanwhile, Andrew Tan-led property developer Megaworld Corp. said it solidified its standing as a leading employer in the region after becoming the only Philippine real estate company to secure a place in the list for the second consecutive year. Making a big leap to 22nd this year from 90th in the previous year, Megaworld said its rise underscores the strength of its people-first culture and its sustained commitment to creating a workplace for its employees across the country. “Being recognized once again among Fortune’s 100 Best Companies to Work For-Southeast Asia is a huge honor, but more importantly, it reinforces our responsibility to achieve more for our people,” Lourdes T. GutierrezAlfonso, the company’s president and CEO, said. “This latest milestone inspires

us to keep raising the bar in creating a workplace where every Megaworld employee—wherever they may be across the country— feels valued, empowered, and given the opportunity to grow and succeed. When our people thrive, we all move forward, and so do the communities and lives we help build.” Developed in partnership with Great Place to Work, Fortune’s list recognizes organizations that foster high-trust workplace cultures where employees take pride in what they do, feel valued and respected, and build strong, meaningful relationships with their colleagues. Also on the list were Balibago Waterworks System Inc., ranked at 19th. Established on May 20, 1958, the company has grown from a local water provider in Angeles City and Mabalacat, Pampanga into one of the largest and most efficiently operated privately owned waterworks systems in the Philippines. Cebu-based software company Arcanys Inc. was ranked 34th; BPO firms Genpact Services LLC -Philippine branch, 35th; Capital One Philippines Support Services Corp., 36th; Synchrony Global Services Philippines Inc., 41st and Carelon Global Solutions Philippines Inc., 47th. Gokongwei-led Universal Robina Corp.’s branches in Malaysia and Indonesia was ranked 82nd, while General Motors Philippines was at 85th. Cardinal Health Inc. was ranked 89th; Lingaro (Philippines) Inc., 92nd; Hammerjack Pty Ltd., 94th; Altius Inspiro, 96th and Atlassian Inc., 100th.

Wednesday, November 4, 2026

Companies BusinessMirror

DigiPlus 9-month earnings fall as revenues plunge 31%

By VG Cabuag

@villygc

NLINE gaming firm DigiPlus Interactive Corp. on Tuesday said its income in January to September declined by 12 percent to P8.85 billion from the previous year’s P10.11 billion. For the third quarter alone, the company said it booked a net loss of P947.54 million. “Our first nine months performance reflects the progress we are making in strengthening operating efficiency while building our user base,” DigiPlus President Ping Chen

said. “We remain focused on sustainable growth through self-development of compelling content, stronger user acquisitions and retention, and disciplined spending on A&P and investments. Our average monthly active bettor and depositor continues to grow and our user retention

cohort continues to improve.” Revenues for the nine months of the year fell 31 percent to P45.75 billion from the previous P66.82 billion. For the July to September quarter, revenues dropped by close to a third to P12.89 billion from the previous P19.05 billion. In January to September, net gaming revenue (NGR) after tax went down by 17 percent year-onyear to P16.2 billion. The company said its NGR after-tax margin, measured against gross gaming revenues (GGR) expanded 5 percentage points quarter-on-quarter to 40 percent. DigiPlus began reporting NGR after tax in the second quarter. The metric deducts regulatory share and fees, game provider fees, marketing and promotional expenses, payment channel fees, other direct

Alternergy energizes MUTUAL FUNDS wind farm in Quezon

gaming costs, and applicable taxes from gaming revenues. The company said the NGR after tax provides a clearer measure of the revenue retained after direct gaming costs and taxes, complementing GGR as an indicator of operating performance. In January to September, DigiPlus paid P13.9 billion in taxes and regulatory fees, contributing to government revenues that support public services, infrastructure, and national development. Average monthly active users increased 3 percent quarter-on-quarter to 5.9 million, while monthly active bettors and depositors rose 5 percent to 4.9 million. DigiPlus ended the third quarter with P11.7 billion in cash and cash equivalents, up 11 percent from the previous quarter.

November 3, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES)

Continued from B1

“With the Alabat Wind Farm now energized and generating electricity, our focus is on completing the remaining testing and commissioning activities needed to bring Alabat into commercial operations,” said Alternergy President Gerry Magbanua. “This milestone brings us closer to transforming our investment in the project into operating capacity, recurring revenue, and additional clean energy for the Luzon grid.” The wind farm features 8-MW wind turbines, the largest wind turbines ever installed in Southeast

Asia outside of China. Once fully operational, the facility is expected to generate approximately 202 gigawatthours (GWh) of renewable electricity annually, enough to power around 218,500 households while avoiding an estimated 150,541 metric tons of carbon emissions each year. “We thank NGCP, our government and community partners, our contractors, our lenders, and our project partner, ABC Energy, for helping us achieve this important milestone. Their continued support and collaboration will be vital as we complete the remaining work toward commercial operations,” Magbanua added. Lenie Lectura

ALFM GROWTH FUND, INC. -A202.98 -3.17% 1.11% -2.27% -2.42% -5.19% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2198 11.28% 16.57% 6.04% 4.82% 2.7% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.7108 -2.78% 0.15% -3.14% -4.21%-4.92% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7465 3.42% 4.01% -0.09% N.A1.68% FIRST METRO CONSUMER FUND, INC. -A 0.4915 -11.87% -6.86% -9.19% N.A -11.62% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.1388 -3.94% -1.6% -4.19% -2.34% -5.35% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6069 -4.23% -1.99% -4.58% N.A-5.56% MBG EQUITY INVESTMENT FUND, INC. -A 64.04 -23.49% -9.17% -8.63% N.A -28.41% PAMI EQUITY INDEX FUND, INC. -A 39.6772 -2.36% -0.24% -3.34% -2.22% -4.07% PHILAM STRATEGIC GROWTH FUND, INC. -A 425.07 -3.43% 0.67% -2.77% -2.24% -5.44% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5005 1.16% 9.37% 3.18% 1.82% -3.89% PHILEQUITY FUND, INC. -A34.2433 1.33% 2.8% -0.85% -0.49% -0.54% N.A PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8964 3.68% 4.07% -0.54% 0.98% PHILEQUITY PSE INDEX FUND, INC. -A 4.3096 -1.61% 0.82% -2.31% -1.35% -3.58% PHILIPPINE STOCK INDEX FUND CORP. -A 708.68 -1.84% 0.44% -2.6% -1.52% -3.58% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6851 2.36% 2.91% -1.56% -2.51% -2.42% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 2.9914 -6.26% -1.43% -4.1% -2.99% -6.8% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.7935 -2.01% 0.01% -2.97% -1.81%-3.7% UNITED FUND, INC. -A3.564412.81% 6.77% 1.02% 0.67% 8.42% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 0.9955 -1.7% 0.37% N.A N.A -3.62% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0066 -2.37% 0.35% N.A N.A -3.54% PHILEQUITY ALPHA ONE FUND, INC. -A 0.8628 -6.4% -3.6% -5.48% N.A -8.63% PHILIPPINE STOCK INDEX FUND CORP. -A 855.45 -1.79% 0.25% N.A N.A -3.5% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,1 96.7116 -1.52% 0.63% -2.31% -1.13%-3.3% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.1707 12.06% 15% -0.07% 2.69% 14.27% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4183 9.61% 18.07% 5.62% 8.85% 8.72% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A 1.062 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1293 1.58% 1.08% -0.94% -0.83% -0.51% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.696 4.98% 6.34% 0.12% -0.36%3.65% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4434 0.09% 0.72% -1.8% -0.39% -0.76% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2239 -0.8% 6.92% 2.34% N.A-3.45% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9247 -2.69% 1.26% -0.68% 0.32% -3.89% PAMI HORIZON FUND, INC. -A3.6009 -2.79% 2.33% -0.64% -0.32% -4.99% PHILAM FUND, INC. -A15.2094 -3.81% 1.03% -1.8% -0.9% -5% SOLIDARITAS FUND, INC. -A2.0343 -1.84% 1.5% -0.56% -0.23% -3.14% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.2823 -4.32% 0.59% -1.85% -1.16%-4.12% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8609 -5.34% 0.62% -1.44% -0.97% -5.47% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.72 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9774 0.86% 2.57% -0.09% N.A -0.14% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8259 -0.3% 1.49% -2.28% N.A -1.89% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7933 0.97% -2.86% N.A -0.14% -2.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03277 -5.75% 1.85% -2.82% -0.88% -4.46% PAMI ASIA BALANCED FUND, INC. -B $1.1298 -8.56% 10.46% 0.84% 1.99% -6.63% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.5905 5.24% 13.43% 3.12% 5.8%4.72% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2066 1.98% 8.65% 0.39% 2.37%1.96% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.1 1.94% 3.18% 2.67% 2.57% 1.22% ATRAM CORPORATE BOND FUND, INC. -A 1.9929 2.19% 1.71% 0.69% 0.41% 1.76% COCOLIFE FIXED INCOME FUND, INC. -A 3.5919 0.7% 3.06% 2.07% 3.07% -0.22% EKKLESIA MUTUAL FUND, INC. -A 2.4274 -0.6% 2.98% 1.62% 1.48% -1.03% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.478 -3.29% 1.01% 0.45% 1.08%-3.54% PHILAM BOND FUND, INC. -A4.4549 -3.03% 2.45% 0.21% 0.76% -3.36% PHILAM MANAGED INCOME FUND, INC. -A 1.5422 1.95% 4.41% 3.2% 2.91% 1.46% PHILEQUITY PESO BOND FUND, INC. -A 4.3211 0.45% 2.99% 1.77% 2.23% 0.19% SOLDIVO BOND FUND, INC. -A1.126 0.81% 2.75% 1.89% 1.82% 0.49% -3.57% 2.12% 1.44% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4256 2.29% -3.25% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8341 -2.56% 2.12% 1.16% 1.79% -2.67% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0061 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.58 1.18% 2.9% 1.75% 1.97% 0.66% ALFM EURO BOND FUND, INC. -A Є222.03 -0.81% 1.72% 0.19% 0.48% -0.78% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0431 -3.25% 1.5% -2.72% -0.74% -2.97% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0252 -5.26% 1.78% -0.62% 0.08%-4.91% PAMI GLOBAL BOND FUND, INC. -B $1.0478 -1.74% 8.25% 0.54% -0.45% -1.15% PHILAM DOLLAR BOND FUND, INC. -A $2.3754 -4.53% 3.83% -0.92% 0.52% -4.22% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.062944 -2.26% 1.24% 0.15% 1.05% -2.33% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8695 -3.31% 4.39% -1.9% -0.51% -2.15% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1926 2.75% N.A N.A N.A 2.25% ALFM MONEY MARKET FUND, INC. -A 153.6 3.98% 4.14% 3.25% 2.89% 3.18% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2307 3.36% 3.77% 3.1% N.A 2.76% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5227 3.44% 3.62% 3.02% 2.78% 2.78% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.66 3.95% 4.28% N.A N.A 3.26% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1999 2.46% 3.27% 2.51% N.A 2.01% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.1186 3.41% 5.5% N.A N.A 4.35% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.836 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.6041 21.23% 25.04% 13.8% N.A20% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1914 6.72% 8.04% N.A N.A 6.78% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

Net Foreign Bid Ask Open High Low Close Volume Value Trade (Peso) Stocks Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL GCASH MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

43.3 119 9.81 92.65 47.75 9.4 60.35 6.77 14.66 82.1 49.2 20 62 20.85 1.16 6.69 0.094 2,724 1.23 206.2 5,000 1.22

43.75 119 9.99 94.5 48 9.6 61.3 6.98 14.68 80 49.25 20 62.35 20.8 1.17 6.61 0.098 2,724 1.24 208 5,000 1.21

43.75 119.8 10.1 95.15 48.75 9.74 61.3 6.98 14.74 83 50.3 20.05 62.6 20.85 1.2 6.72 0.098 2,750 1.24 208 5,100 1.27

43.5 118.1 9.89 92.65 47.8 9.4 60.35 6.97 14.68 80 49.25 20 61.8 20.8 1.17 6.61 0.098 2,724 1.22 207 5,000 1.21

43.5 119.2 9.92 92.65 47.8 9.4 60.35 6.97 14.74 82.4 50.25 20 62 20.85 1.18 6.7 0.098 2,724 1.23 208 5,080 1.27

2,400 3,146,660 12,800 2,344,000 134,500 544,900 1,974,920 300 10,200 332,620 1,100 46,700 127,750 3,400 46,000 27,940,000 10,000 320 53,000 30,100 95 58,000

104,635 374,901,174 126,926 218,577,161 6,445,610 5,205,773 120,118,826 2,093 149,996 27,304,622 55,010 935,500 7,953,928 70,770 53,950 186,673,764 980 871,940 65,600 6,258,300 477,400 70,460

8,720 121,417,749 -80,189,905 -714,030 2,837,626 42,601,019 7,974,157 -35,210 -3,398,981 15,969,081 136,200 6,229,180 350,000 -

HOLDING & FRIMS

ABACORE CAPITAL 0.295 0.3 0.295 0.3 0.29 0.3 550,000 162,450 -2,900 22.35 22.5 22.65 23.5 21.6 22.5 193,600 4,284,640 -672,630 ASIABEST GROUP AYALA CORP 528 530 535 539 521 528 407,840 215,380,485 -56,502,535 37.95 38.1 38 38.5 37 38.1 1,313,200 49,940,780 22,759,125 ABOITIZ EQUITY ALLIANCE GLOBAL 8.87 8.88 8.87 8.9 8.8 8.88 36,100 319,481 -7,942 16.06 16.08 16.02 16.78 16.02 16.08 7,200 116,364 ANSCOR 1 1.01 1 1 0.96 1 32,000 31,220 -8,930 ANGLO PHIL HLDG COSCO CAPITAL 7.2 7.25 7.32 7.32 7.2 7.2 171,300 1,237,860 247,095 6.54 6.57 6.5 6.6 6.42 6.54 2,149,300 14,052,635 -3,380,589 DMCI HLDG FJ PRINCE A 2.51 2.95 2.6 2.6 2.51 2.51 2,000 5,110 0.28 0.31 0.275 0.275 0.275 0.275 130,000 35,750 FORUM PACIFIC GT CAPITAL 442.6 449 454.6 455 444.6 449 54,190 24,323,818 6,219,210 HOUSE OF INV 4.66 4.97 4.97 4.97 4.97 4.97 1,000 4,970 16.66 16.7 16.8 17.2 16.54 16.7 1,104,600 18,561,802 5,259,708 JG SUMMIT LODESTAR 0.43 0.475 0.47 0.485 0.47 0.47 120,000 57,300 4.35 4.63 4.4 4.4 4.35 4.35 58,000 252,470 147,900 LOPEZ HLDG LT GROUP 14.92 14.94 14.94 15 14.9 14.94 917,400 13,709,810 -2,549,094 0.134 0.159 0.142 0.142 0.142 0.142 10,000 1,420 MABUHAY HLDG 1.94 2.06 2.15 2.15 1.98 1.98 75,000 151,400 8,120 PACIFICA HLDG PRIME MEDIA 0.82 0.87 0.87 0.87 0.82 0.82 24,000 20,480 1.07 1.12 1.07 1.12 1.07 1.07 42,000 45,440 13,910 SOLID GROUP SM INVESTMENTS 540.5 545 539 555 539 545 314,700 171,557,365 33,785,545 65.5 66 64.95 66 64.8 66 232,700 15,332,614 12,036,796 SAN MIGUEL CORP TOP FRONTIER 53.05 54.95 53.05 53.05 53.05 53.05 210 11,141 0.063 0.069 0.069 0.069 0.069 0.069 30,000 2,070 ZEUS HLDG PROPERTY ARTHALAND CORP 0.425 0.45 0.43 0.44 0.43 0.44 30,000 13,050 15.4 15.44 15.36 15.5 15.14 15.4 6,660,200 102,211,128 -55,275,550 AYALA LAND AYALA LAND LOG 1.05 1.09 1.08 1.09 1.05 1.09 69,000 74,300 9,640 11 11.3 11 11 11 11 4,100 45,100 5,500 ALTUS PROP AREIT RT 35.95 36.1 35.95 36.3 35.95 35.95 256,600 9,246,345 -2,133,705 0.81 0.85 0.8 0.86 0.8 0.85 423,000 358,530 -14,280 A BROWN 0.51 0.52 0.53 0.53 0.5 0.51 635,000 319,840 3,540 CITYLAND DEVT CROWN EQUITIES 0.088 0.089 0.087 0.089 0.087 0.089 3,230,000 282,390 1.91 1.95 1.95 1.95 1.91 1.95 30,000 58,010 CEB LANDMASTERS CENTURY PROP 0.63 0.64 0.63 0.64 0.62 0.64 1,085,000 687,890 -156,240 2.67 2.68 2.73 2.75 2.68 2.68 3,355,000 9,074,420 -6,156,780 CITICORE RT DOUBLEDRAGON 12.36 12.38 12.12 12.42 12.12 12.36 482,000 5,940,634 848,986 DDMP RT 1.02 1.03 1.03 1.03 1.02 1.03 4,451,000 4,546,200 206,000 4.65 4.7 4.7 4.7 4.68 4.68 13,000 60,920 -42,200 DM WENCESLAO EVERWOODS 0.023 0.025 0.026 0.026 0.026 0.026 100,000 2,600 0.1 0.101 0.1 0.101 0.1 0.101 2,980,000 298,110 -284,000 EMPIRE EAST FILINVEST RT 2.85 2.88 2.84 2.9 2.84 2.88 135,000 387,860 -17,250 0.68 0.69 0.69 0.7 0.68 0.68 1,877,000 1,281,210 1,380 FILINVEST LAND 0.62 0.65 0.62 0.66 0.62 0.65 14,000 9,170 -1,950 GLOBAL ESTATE PNB HLDG 1.2 1.21 1.2 1.21 1.19 1.2 51,590,000 61,763,550 -6,975,760 2.3 2.31 2.26 2.31 2.26 2.3 9,452,000 21,706,150 1,487,940 MEGAWORLD MRC ALLIED 0.61 0.62 0.63 0.63 0.61 0.62 41,673,000 25,625,000 -253,750 13.62 13.7 13.64 13.7 13.62 13.62 334,900 4,581,088 -415,856 MREIT RT OMICO CORP 0.108 0.111 0.105 0.108 0.105 0.108 130,000 14,010 0.197 0.198 0.176 0.2 0.165 0.198 8,570,000 1,586,900 -110,720 PRMIERE HORIZON 0.9 0.92 0.9 0.91 0.9 0.9 132,000 118,930 1,800 PREMIERE RT PRIMEX CORP 0.97 1.08 0.97 1.08 0.97 1.08 2,000 2,050 5.96 5.98 6.01 6.01 5.96 5.96 6,085,300 36,463,214 -16,793,327 RL COMM RT ROBINSONS LAND 16 16.02 15.94 16.12 15.92 16.02 396,000 6,352,476 -2,003,250 2.53 2.57 2.52 2.58 2.52 2.53 35,000 88,810 7,740 ROCKWELL 2.8 2.85 2.85 2.86 2.8 2.8 136,000 383,300 2,850 SHANG PROP STA LUCIA LAND 1.67 1.73 1.74 1.74 1.69 1.73 3,000 5,160 17.28 17.3 17.5 17.6 17.3 17.3 3,342,800 58,098,220 8,773,544 SM PRIME HLDG SUNTRUST RESORT 0.385 0.415 0.415 0.415 0.415 0.415 70,000 29,050 -12,450 0.28 0.32 0.315 0.315 0.315 0.315 20,000 6,300 WELLEX INDUS SERVICES ABS CBN 2.38 2.5 2.47 2.5 2.38 2.38 332,000 792,180 3.25 3.34 3.35 3.35 3.25 3.25 374,000 1,241,260 GMA NETWORK MANILA BULLETIN 0.157 0.16 0.16 0.16 0.16 0.16 20,000 3,200 0.54 0.55 0.57 0.57 0.54 0.55 12,861,000 7,050,810 236,050 DITO CME HLDG GLOBE TELECOM 1,530 1,532 1,529 1,540 1,522 1,530 28,265 43,275,390 -15,321,365 1,120 1,130 1,130 1,145 1,120 1,120 49,465 55,878,730 2,468,955 PLDT 0.0047 0.0049 0.0048 0.0049 0.0047 0.0048 63,000,000 304,400 APOLLO GLOBAL CONVERGE 9.27 9.28 9.31 9.31 9.24 9.27 399,500 3,701,976 478,109 0.63 0.65 0.65 0.65 0.65 0.65 8,000 5,200 DFNN INC IMPERIAL 0.87 0.91 0.91 0.91 0.91 0.91 1,000 910 0.138 0.139 0.131 0.138 0.13 0.138 11,810,000 1,602,860 ISLAND INFO NOW CORP 0.365 0.38 0.37 0.38 0.37 0.38 680,000 253,850 -7,600 TRANSPACIFIC BR 0.115 0.12 0.12 0.12 0.119 0.119 520,000 61,900 -2,400 1.01 1.03 1.02 1.02 1.01 1.01 77,000 78,340 CHELSEA CEBU AIR 23.9 24.4 24.05 24.2 23.2 23.9 56,200 1,340,720 -898,760 811.5 819 847 847 811.5 811.5 2,343,120 1,937,970,775 -230,118,285 INTL CONTAINER LBC EXPRESS 9.8 10 10 10 10 10 1,600 16,000 0.65 0.69 0.7 0.7 0.7 0.7 3,000 2,100 LORENZO SHIPPNG 3.26 3.29 3.25 3.29 3.25 3.29 529,000 1,720,000 97,500 MACROASIA METRO ALLIANCE 0.52 0.59 0.59 0.59 0.59 0.59 5,000 2,950 4 4.05 4.05 4.05 3.98 3.98 56,000 225,590 -153,500 PAL HLDG HARBOR STAR 1.56 1.59 1.55 1.61 1.55 1.59 651,000 1,024,450 47,970 1.29 1.38 1.31 1.31 1.29 1.29 13,000 16,900 1,310 ACESITE HOTEL BOULEVARD HLDG 0.029 0.03 0.03 0.03 0.029 0.03 57,300,000 1,663,700 -100 DISCOVERY WORLD 0.92 1.01 0.91 1.01 0.91 1.01 6,000 5,950 4,950 3.55 5.03 5.03 5.03 5.03 5.03 100 503 GRAND PLAZA PH RESORTS GRP 0.455 0.47 0.48 0.485 0.455 0.47 7,820,000 3,673,250 46,850 0.5 0.51 0.51 0.51 0.5 0.5 404,000 204,970 WATERFRONT CENTRO ESCOLAR 11.92 12 12.2 12.4 12 12 12,400 149,992 -16,800 755 790 790 790 790 790 200 158,000 -94,800 FAR EASTERN U 6.73 7.1 7.1 7.1 7.1 7.1 100 710 IPEOPLE STI HLDG 1.18 1.19 1.19 1.2 1.18 1.19 3,260,000 3,869,480 273,980 1.06 1.1 1.11 1.17 1.03 1.03 1,413,000 1,549,440 1,190,200 BELLE CORP BLOOMBERRY 1.82 1.84 1.82 1.84 1.81 1.82 1,693,000 3,085,360 -1,294,170 1.65 1.69 1.7 1.7 1.66 1.69 160,000 268,490 -69,290 PACIFIC ONLINE DIGIPLUS 6.55 6.58 7 7 6.52 6.58 6,327,100 42,312,008 8,082,199 PHILWEB 13.72 13.82 13.88 13.94 13.74 13.82 1,647,400 22,766,436 -7,153,422 7.28 8.19 8.19 8.19 8.19 8.19 200 1,638 BERJAYA METRO RETAIL 1.02 1.05 1.02 1.05 1.02 1.05 15,000 15,680 1,050 38.7 39.65 40 40 38.7 38.7 1,480,100 58,209,630 -8,641,530 PUREGOLD PHIL SEVEN CORP 31.7 32.9 31.55 32.95 31.5 31.7 120,200 3,799,875 397,360 1.93 1.97 1.97 1.97 1.92 1.97 120,000 234,830 91,950 SSI GROUP 0.75 0.78 0.75 0.78 0.75 0.78 82,000 63,900 31,200 UPSON INTL CORP WILCON DEPOT 5.11 5.19 5.19 5.2 5.11 5.11 445,200 2,296,135 -386,917 0.093 0.103 0.103 0.104 0.09 0.103 2,690,000 246,850 920 APC GROUP MEDILINES 0.241 0.243 0.241 0.241 0.241 0.241 10,000 2,410 2.71 3.14 3.02 3.02 3.02 3.02 1,000 3,020 PAXYS MINING & OIL ATOK 1.89 2.05 2.05 2.05 2.05 2.05 6,000 12,300 -6,150 APEX MINING 15.4 15.7 15.4 15.74 15.2 15.7 1,682,900 25,765,796 -2,409,314 18 18.18 18.28 18.44 17.94 18.18 2,364,500 42,744,896 -1,039,272 ATLAS MINING BENGUET 6 6.1 6.08 6.1 6 6 300,900 1,807,720 59,994 3.25 3.78 3.25 3.25 3.25 3.25 1,000 3,250 DIZON MINES 1.53 1.55 1.56 1.56 1.51 1.55 302,000 461,080 -107,310 FERRONICKEL GEOGRACE 0.078 0.079 0.077 0.079 0.077 0.079 230,000 18,050 0.202 0.206 0.216 0.217 0.201 0.202 41,770,000 8,632,010 LEPANTO A LEPANTO B 0.211 0.213 0.215 0.215 0.213 0.213 270,000 57,920 0.0082 0.0084 0.0082 0.0083 0.0082 0.0083 11,000,000 91,200 MANILA MINING A MANILA MINING B 0.0082 0.0088 0.0082 0.0082 0.0082 0.0082 1,000,000 8,200 0.73 0.75 0.74 0.75 0.72 0.73 263,000 192,100 MARCVENTURES 0.52 0.54 0.52 0.52 0.51 0.52 279,000 143,180 NIHAO NICKEL ASIA 3.8 3.82 3.81 3.9 3.8 3.82 858,000 3,273,020 -1,557,710 32.7 32.75 32.95 32.95 32.05 32.75 1,271,500 41,390,875 -10,107,965 OCEANAGOLD ORNTL PENINSULA 0.53 0.54 0.52 0.54 0.52 0.54 24,000 12,900 9.41 9.48 9.91 9.91 9.38 9.41 8,519,600 81,074,193 -17,800,066 PX MINING 0.0086 0.0091 0.0089 0.0092 0.0087 0.0087 104,000,000 935,600 UNITED PARAGON ENEX ENERGY 3.04 3.29 3.2 3.29 3 3.29 25,000 76,770 -540 0.015 0.016 0.016 0.016 0.015 0.015 7,200,000 108,600 ORNTL PETROL A ORNTL PETROL B 0.014 0.015 0.015 0.015 0.014 0.014 700,000 10,000 0.0098 0.01 0.01 0.01 0.0098 0.01 20,100,000 197,510 -107,900 PHILODRILL PXP ENERGY 2.89 2.95 2.98 2.99 2.88 2.95 270,000 789,160 PREFFERED ACEN PREF A 990 998.5 991 991 991 991 600 594,600 1,026 1,029 1,029 1,029 1,027 1,027 5,500 5,656,500 ACEN PREF B AC PREF B3R 1,901 1,918 1,872 1,919 1,872 1,919 775 1,474,295 1,912 1,934 1,912 1,912 1,912 1,912 295 564,040 AC PREF B4R ALCO PREF F 485 495 499 499 495 495 540 267,380 -9,900 510 512.5 513 513 513 513 20 10,260 ALCO PREF H 101.5 102.9 101.5 101.9 101.5 101.9 150 15,245 BRN PREF B BRN PREF C 102 103.5 103.5 103.5 103.5 103.5 610 63,135 28.55 28.6 28.55 28.6 28.55 28.6 5,600 159,885 CEB PREF CLI PREF A1 955 970 960 960 960 960 100 96,000 988 1,000 998 998 988 988 380 377,460 29,640 CLI PREF A2 CPG PREF B 96.5 100.7 100.8 100.8 100.8 100.8 30 3,024 90.5 91 89.8 90.5 89.75 90.5 17,030 1,534,987 -89,800 DD PREF 95.65 96 96 96 96 96 50 4,800 EEI PREF B FDC PREF B 933 990 875 931 875 931 290 268,850 1,975 1,977 1,975 1,975 1,933 1,975 915 1,786,125 809,750 GLO PREF BNV MWIDE PREF 6B 98.6 99 99 99 99 99 270 26,730 -26,730 103 103.4 103.4 103.4 103.4 103.4 2,510 259,534 MWIDE PREF 6C 99 100.8 100.8 100.8 100.8 100.8 110 11,088 MWIDE PREF 7A MWIDE PREF 7B 99 101.9 101.9 101.9 101.9 101.9 110 11,209 976 994 976 994 976 994 110 107,540 PCOR PREF 4A PCOR PREF 4C 975 990 980 980 980 980 60 58,800 980 985 980 980 980 980 500 490,000 PCOR PREF 4E SFI PREF 1.02 1.1 1.02 1.02 1.02 1.02 1,000 1,020 76 77 77.3 77.3 77 77 750 57,765 SMC PREF 2N 75.85 77.65 77.8 77.8 75.65 77.75 78,350 5,965,793 -4,929,067 SMC PREF 2O SMC PREF 2S 74 74.5 74.5 74.5 74.5 74.5 380 28,310 74.5 75.9 76 76 75.95 75.95 20 1,520 SMC PREF 2U SMC PREF 2V 76 76.1 76 76 76 76 1,120 85,120 76.5 77 76.5 77 76.5 76.5 7,660 586,640 -100,100 SMC PREF 2W 78.2 78.5 78 78.8 78 78.2 9,150 715,195 SMC PREF 2X TECH PREF B2D 6.37 7.39 7.03 7.03 6.36 6.36 200 1,339 99.7 100.9 100.9 100.9 99.7 99.7 530 52,911 TOP PREF A1 TOP PREF A2 101 101.5 101.5 101.5 101.5 101.5 180 18,270 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

pifa.com.ph to see the latest NAVPS/NAVPU.”

43.5 119.2 9.92 93.25 47.8 9.69 60.8 6.97 14.74 82.4 50.25 20.55 62.4 21.4 1.18 6.7 0.098 2,750 1.24 208 5,060 1.27

INDUSTRIAL ACEN CORP 2.61 2.64 2.62 2.66 2.61 2.61 2,470,000 6,483,960 1,460,970 0.88 0.91 0.91 0.91 0.87 0.91 2,182,000 1,922,210 560,440 ALSONS CONS ALTERNERGY HLDG 0.64 0.65 0.64 0.66 0.64 0.65 406,000 263,140 43.7 43.8 44.3 44.95 43 43.8 768,500 33,627,675 9,043,265 ABOITIZ POWER RASLAG 1.14 1.15 1.12 1.15 1.12 1.15 351,000 400,810 0.105 0.107 0.107 0.107 0.105 0.107 190,000 20,190 BASIC ENERGY 4.35 4.48 4.49 4.49 4.33 4.33 6,000 26,620 -8,980 CITICORE RE FIRST GEN 19.56 19.64 19.62 19.68 19.54 19.6 66,800 1,309,316 123,994 82.85 84.95 85.2 87 81 82.85 116,830 9,666,486 751,333 FIRST PHIL HLDG MERALCO 426.6 426.8 424.8 430 421.8 426.8 212,400 90,725,986 1,763,454 30.05 30.3 30.9 30.9 30.05 30.05 1,928,200 58,361,010 -31,240,435 MANILA WATER MAYNILAD 16.52 16.72 17 17 16.52 16.52 1,324,300 22,077,666 -553,910 PETRON 2.21 2.23 2.21 2.23 2.21 2.23 94,000 208,480 70,820 4.57 4.78 4.78 4.78 4.78 4.78 2,000 9,560 PETROENERGY PRYCE CORP 16.24 16.58 16.3 16.6 16.22 16.58 16,700 275,210 -79,274 9.55 9.7 9.7 9.7 9.5 9.7 1,300 12,430 REPOWER ENERGY SEMIRARA MINING 10.86 10.9 10.78 11.16 10.62 10.86 1,385,200 15,064,648 -4,969,644 24.8 25 25.85 25.85 23.5 25 4,828,000 118,591,160 -15,685,335 SYNERGY GRID 7.84 7.85 7.71 7.84 7.71 7.84 67,000 521,932 -76,860 SHELL PILIPINAS SPC POWER 8.67 8.68 8.7 8.8 8.66 8.68 17,500 152,088 4,340 1.33 1.34 1.33 1.35 1.31 1.34 5,359,000 7,151,310 -249,540 SP NEW ENERGY TOP LINE 1.69 1.71 1.69 1.7 1.69 1.7 293,000 496,840 17,000 2.67 2.76 2.66 2.69 2.66 2.67 33,000 88,600 56,490 AXELUM BALAI FRUITAS 0.285 0.305 0.29 0.29 0.29 0.29 60,000 17,400 8.65 9.14 8.65 8.65 8.65 8.65 100 865 CNTRL AZUCARERA 27.45 27.6 28.2 28.2 27.3 27.5 602,500 16,601,080 -4,017,795 CENTURY FOOD DEL MONTE 3.27 3.41 3.43 3.43 3.26 3.26 7,000 23,630 3,280 3.34 3.36 3.38 3.38 3.34 3.34 2,184,000 7,322,790 -2,163,070 DNL INDUS EMPERADOR 15.18 15.2 15.22 15.22 15.08 15.18 2,040,400 30,968,704 180,220 44.55 44.6 44.45 44.8 44.45 44.6 106,200 4,727,535 -3,519,345 SMC FOODANDBEV 0.78 0.79 0.79 0.79 0.78 0.79 3,103,000 2,420,830 FIGARO GROUP ALLIANCE SELECT 0.57 0.61 0.62 0.65 0.57 0.61 643,000 392,470 0.65 0.66 0.66 0.67 0.66 0.66 11,000 7,280 FRUITAS HLDG GINEBRA 213.4 214.4 216.2 217.8 212.2 213.4 24,110 5,148,522 -1,909,470 141.5 142 143.7 143.7 140.2 141.5 447,960 63,548,131 2,453,133 JOLLIBEE KEEPERS HLDG 1.83 1.84 1.88 1.89 1.83 1.84 1,660,000 3,098,300 849,290 MAXS GROUP 1.85 1.86 1.86 1.86 1.85 1.86 427,000 794,110 -295,740 0.073 0.077 0.077 0.077 0.077 0.077 30,000 2,310 MG HLDG MONDE NISSIN 5.94 5.95 5.97 6 5.9 5.95 8,025,500 47,728,625 -6,493,629 5.3 5.35 5.35 5.35 5.35 5.35 1,929,200 10,321,220 -10,208,870 SHAKEYS PIZZA ROXAS AND CO 2.38 2.41 2.37 2.41 2.35 2.41 5,000 11,910 5.36 5.37 5.37 5.39 5.34 5.37 576,500 3,093,327 -847,093 RFM CORP 58.95 59.1 59.2 59.25 58.55 59.1 673,680 39,728,924 1,343,547 UNIV ROBINA VITARICH 0.485 0.49 0.49 0.49 0.49 0.49 10,000 4,900 0.39 0.4 0.405 0.405 0.395 0.395 300,000 120,000 ATN HLDG CONCRETE 52.05 55.95 55.95 55.95 55.95 55.95 10 560 1.09 1.11 1.1 1.11 1.08 1.09 2,320,000 2,525,640 -42,180 CONCREAT HLDG EEI CORP 1.82 1.84 1.83 1.84 1.83 1.84 14,000 25,750 -22,070 MEGAWIDE 5.24 5.26 5.27 5.31 5.21 5.26 319,800 1,691,813 155,188 14.06 14.52 14.5 14.5 14.5 14.5 7,000 101,500 PHINMA SUPERCITY 28.65 30.9 28.1 30.9 28.1 30.9 1,000 28,945 2,860 1.88 1.89 1.88 1.9 1.88 1.89 125,000 235,310 CROWN ASIA EUROMED 1.24 1.25 1.24 1.24 1.22 1.24 84,000 104,060 -2,460 5 5.19 5 5.19 5 5.19 900 4,633 MABUHAY VINYL 10.46 10.62 10.76 10.76 10.46 10.5 6,800 71,436 CONCEPCION GREENERGY 0.127 0.128 0.131 0.131 0.127 0.128 780,000 99,500 5.4 5.47 5.33 5.5 5.25 5.47 1,321,500 7,118,200 1,238,798 INTEGRATED MICR IONICS 2.63 2.64 2.6 2.67 2.56 2.64 1,629,000 4,286,910 1,185,430 7.06 7.1 7.2 7.25 7.2 7.24 1,800 13,042 PANASONIC CIRTEK HLDG 1.32 1.34 1.32 1.35 1.24 1.32 2,751,000 3,580,300 494,980 STENIEL 1.88 1.97 1.85 1.92 1.85 1.92 2,000 3,770

2.25 2.62 3.09 3.2 3.11 3.2 3.08 3.2 12,000 37,830

1.04

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7853 -4.6% 1.92% -4.33% N.A -3.05% SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL 0.33 A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1.34 HAUS TALK ITALPINAS 0.59 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED 1.27 KEPWEALTH FUND, INC.) LFM PROP 0.02 0.223 XURPAS “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no 2.51 NEXGEN ENERGY

warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

November 3, 2026

1.05

78,000

81,900

0.345 1.38 0.6 1.41 0.021 0.233 2.55

0.34 1.39 0.6 1.4 0.02 0.223 2.54

0.34 1.39 0.6 1.4 0.02 0.233 2.69

0.34 1.34 0.6 1.4 0.02 0.223 2.4

0.34 1.39 0.6 1.4 0.02 0.233 2.55

10,000 88,000 11,000 1,000 600,000 80,000 74,000

3,400 121,350 6,600 1,400 12,000 17,940 180,530

-3,400 -1,400 -2,790

EXHANGE TRADE FUNDS ATR FAMI ETF

97.05

97.1

97.2 97.2 97.05 97.1 2,190 212,788 32,076

www.businessmirror.com.ph • Editor: Vittorio V. Vitug

Wednesday, November 4, 2026

Surfer’s symphony: Jay-Ar Domantay and art of surfboard manufacturing By Rizal Raoul Reyes

@brownindi

AY-AR DOMANTAY never imagined that his passion for music would eventually lead him to become a leading surfboard manufacturer. Originally a Computer Science student at De La Salle UniversityDasmariñas, Domantay had initially wanted to study at the Conservatory of Music of the University of Santo Tomas. After four years in college, however, he decided to leave school and pursue his first love—music. Nonetheless, the decision to shift careers surprised his family, particularly his father. Still, all’s well that ends well: Domantay received his blessing to pursue surfboard manufacturing. That blessing became the inspiration for the name of his company, Electric Century Surfboads, a tribute to his late father, who worked for Meralco. Before going full time with surfboard manufacturing, Domantay was a professional musician with Kultura playing classic rock, and performing at weddings, birthdays, anniversaries and other events. He also supplemented his income by teaching basic guitar and bass guitar lessons. For several years, music was his livelihood. But a trip to La Union in 2008 changed the direction of his life. Musician friends, including his best friend and owner of Elegee Custom Guitars Jon dela Cruz, invited him to try surfing. Domantay quickly became fascinated with the sport. As he traveled to different surfing destinations around the Philippines, however, he noticed a problem that went beyond his own experience as a beginner. Quality surfboards were difficult to find and expensive, particularly for aspiring young Filipino surfers.

In his provincial tours, he saw children in surfing communities improvising equipment, sometimes using cooler lids or even banana-tree trunks because they could not afford proper boards. One incident stayed with him: a child crying after his surfboard broke because there was no one available to repair it. For Domantay, the experience became a turning point. He began exploring how surfboards were made and eventually decided to build them himself. Without formal training, he started with a DIY approach, learning through experimentation and sourcing materials locally. What started as an experiment eventually became a business. Domantay continued to improve his techniques, learning

from mentors and seeking training opportunities abroad. His work eventually caught the attention of an American surfboard manufacturer, opening the door for him to undergo specialized training in the United States. He trained in sur f board manufactur ing in areas know n for their strong sur f ing cu ltures, including San Diego and Huntington Beach. The experience exposed him to manufacturing techniques, machinery, materials and qualitycontrol practices that he later applied to his Philippine operations. Electric Century Surf boards has since evolved from a oneman operation into a full-fledged manufacturing business based in Muntinlupa, complete with a showroom and a team of about 10 employees. Domantay now produces surfboards and works with fiberglass, carbon fiber and other materials and components sourced both locally and overseas. But for him, manufacturing is not simply about producing a product. He has also become involved in training and mentoring, sharing

JAY-AR shares a light moment with Kelly Slater at the Surf Expo in the Orlando Convention Center 2025 Slater is an American professional surfer and widely regarded as the greatest surfer of all time with a 11 world championship titles.

what he has learned with aspiring surfboard makers and others interested in the craft. His business has gained recognition among Filipino surfers, including athletes who have represented the Philippines in international competitions. In 2018, Electric Century surfboards were used by members of the Philippine team that won gold medals in Vietnam. The brand has also reached Filipino surfers and customers overseas, including communities in the United States, Hong Kong and Japan. Domantay’s entrepreneurial journey has not been without challenges. Building a manufacturing business required him to continuously improve his skills, invest in machinery and tools, and learn how to make decisions beyond the technical aspects of surfboard making. His background as a musician and teacher, however, helped shape his approach. While traveling across the Philippines, he witnessed local kids passionate about surfing who couldn’t afford equipment—often resorting to using cooler lids or banana tree trunks. A crying child whose broken board couldn’t be repaired inspired him to solve this problem. For Domantay, learning never stops. Whether it is music, art, surfing or manufacturing, he believes that mastery comes from continuously improving one’s craft. His story also reflects a distinctly Filipino entrepreneurial journey—starting with limited resources, learning by doing, finding mentors, and gradually building a business around a problem he encountered firsthand. From playing guitars at weekend functions to shaping surfboards for athletes, Domantay has found an unlikely second act. Electric Century, meanwhile, continues to grow organically, driven by his belief that Filipino surfers should have access to locally made, high-quality equipment.

Antique ARBs bank on peanut processing to boost income By Jonathan L. Mayuga @jonlmayuga

GRARIAN reform beneficiaries (ARBs) in Sibalom town, Antique Province are learning to turn peanuts into a potential source of extra income through food processing. Members of the BILI Agrarian Reform Cooperative (BILI ARCoop) are learning new skills and technology as the Department of Agrarian Reform (DAR) Antique led a skills training in partnership with the Department of Trade and Industry (DTI) Antique in Sitio Bontol.

The training introduced cooperative members to preparing five peanut-based products: peanut polvoron, peanut brittle, spicy garlic peanuts, honey-glazed peanuts, and peanut butter. By learning to process their harvest into marketable goods, ARBs can explore opportunities to earn beyond selling raw peanuts, supporting DAR Secretary Conrado M. Estrella III’s push to strengthen beneficiaries’ livelihoods and develop agrarian reform beneficiaries organizations (ARBOs) into sustainable enterprises.

Food technologist Ma. Leah G. Danasco guided the participants through the preparation of the products with DTI Antique personnel Clark Iven R. Esparaguera and Olive Mae A. Tumugdan of Negosyo Center Sibalom facilitating the activity. For BILI ARCoop, the skills offer a starting point for exploring value-added products that could attract buyers and generate additional income for its members. Turning raw peanuts into processed goods may also help the cooperative make better use of its agricultural produce.

Henry Dungganon of the Provincial Agrarian Reform Coordinating Committee (PARCCOM) in Sibalom and Samuel Cordero of PARCCOM-San Remegio encouraged cooperative members to keep developing their skills and working together to strengthen the organization. Through its partnership with DTI, DAR continues to help ARBs explore ways to turn agricultural produce into potential livelihood enterprises, giving cooperatives practical skills they can build on as they pursue more sustainable sources of income.

WHAT HAPPENS AFTER THE SALE?

HAT happens after the customer signs the agreement, issues the purchase order, or makes the payment? The customer begins to discover whether your promise can be trusted. Closing the sale completes the transaction, but what happens afterward determines the relationship. Here are five ways to turn one successful transaction into lasting customer value.

Get feedback before it is too late

DO not assume that delivery automatically means satisfaction. Ask for feedback while the experience is still fresh and there is time to correct what may have gone wrong. Look beyond polite responses and listen for concerns, disappointments, or unmet expectations. Silence does not always mean satisfaction; sometimes it means the customer has already decided not to return. Timely feedback gives you the opportunity to recover trust, improve the experience, and protect the next sale.

Honor every commitment made

REVIEW every promise made during the sales conversation and ensure that it is fulfilled. Document commitments involving delivery, installation, training, pricing, technical support, and follow-through—especially when several departments are responsible for delivering them. Clarify who owns each commitment, when it must be completed, and how progress will be communicated to the customer. If circumstances prevent you from delivering as promised, inform the customer early and offer a responsible alternative. Trust is built when your promises survive beyond the closing conversation.

Earn the next sale

THE next sale begins with the customer’s positive experience of the first one. Continue learning about their changing needs, goals, challenges, and future plans. Check whether the current solution is producing the intended result, then identify the next commercial opportunity where your organization can create genuine value. Present another recommendation only when it is relevant to the customer—not merely because you need to reach another target. Repeat business is not automatically given; it must be earned.

Ask for the referral—at the right time

SATISFIED customers can open doors that cold calls often cannot, but do not ask for a referral before they have experienced enough value to recommend you credibly. Look for evidence of satisfaction, successful product use, positive results, or a clearly resolved concern. Then ask whether they know others who may benefit from the same solution, and describe the type of customer you are best equipped to serve. Express appreciation for every introduction and handle the referred prospect with care. The trust behind a referral must never be taken for granted.

Keep adding value

DO not disappear between purchases and return only when you are ready to sell again. Continue sharing useful information, offering relevant guidance, anticipating concerns, and helping customers maximize what they have already purchased—even when no immediate sale is expected. Look for ways to make their work easier, improve their results, or prevent future problems. Added value does not always require giving something away; sometimes it comes through insight, responsiveness, and genuine attention. When customers know that your interest extends beyond the next transaction, you begin to earn their trust as a long-term partner. Remember, the first sale gives you a customer; what you do afterward determines whether you keep that customer—and gain others. Close the transaction, but keep earning the relationship. God bless!

Alexey “Coach Lex” Rola Cajilig is the President and CEO of ARCWAY Consultancy Inc., a recognized Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, and Human Ecologist. As the author of The Effective Seller and Solving the Sales Puzzle, Coach Lex empowers leaders and sales professionals to turn knowledge into action, and action into measurable results. He is also the creator of ARCH Styles, a cutting-edge behavioral discovery tool that helps individuals and teams unlock their true potential and perform at their peak. Connect and collaborate with Coach Lex at arcway.ph.

QC backs small biz with ₧1.47B in livelihood support; women lead beneficiaries

OR thousands of Quezon City residents, a small business means a way to put food on the table, send children to school, and build a more secure future. The city government has committed more than P1.47 billion to help residents turn their skills and business ideas into lasting sources of income. In her recent State of the City Address, Mayor Joy Belmonte highlighted the role of small entrepreneurs in strengthening both the local economy and women’s financial independence. “Ang tunay na puso ng ating lokal na ekonomiya ay ang ating maliliit

na negosyante,” Belmonte said. More than 70 percent of entrepreneurs supported through the city’s micro-enterprise programs are women, including solo parents, stay-at-home mothers, victim-survivors of violence and abuse, and mothers of children with disabilities. The programs also support persons with disabilities, overseas Filipino workers and their fami lies, for mer persons deprived of liberty, and members of the LGBTQIA+ community— helping more residents gain opportunities to earn and provide for their households.

Through the Small Business and Cooperatives Development and Promotions Office, the city has allocated P1.26 billion for capital assistance, training, mentorship, market access, and help with business registration. The support goes beyond opening a business: it helps entrepreneurs manage their operations, find customers, and keep earning. Under Pangkabuhayang QC (PBQC), almost 73,000 residents received capital assistance from 2019 to 2025. Approved beneficiaries received P10,000 to P20,000 based on their business plans, alongside training and opportuni-

ties to connect with government and private-sector partners. Across the program’s implementation phases, 89 percent of monitored businesses remained active—a sign that sustained support can help small enterprises stay in operation. For residents running modest neighborhood businesses, the Small Income Generating A ssistance Prog ram prov ides P5,000 to approved beneficiaries, including sari-sari store o w ne r s , to he lp s t re n g t he n their daily earnings. Managed by the Social Ser vices Development Department, the program

has provided P150 million in capital assistance to more than 3 0,0 0 0 m ic ro - e nt re pre neu rs since 2019. Qualified solo parents can also receive support through the Tindahan Showcase, which provides a P10,000 package of essential grocery products to help them start a sari-sari store. Since 2019, the program has served 6,933 beneficiaries, with P58.2 million in support. Participants also receive guidance on sustaining their businesses and introductions to digital livelihood services. To help entrepreneurs reach more buyers, the city organizes

trade fairs and bazaars in major commercial hubs, including Araneta City and Eastwood, as well as neighboring Metro Manila cities. These venues give small businesses opportunities to showcase their products and build a wider customer base. By combining capital with practical guidance and opportunities to sell, Quezon City is helping residents build businesses that can support their families for the long term. For women and other sectors facing barriers to employment, that support can also mean greater control over their income and their future.

Banking&Finance BusinessMirror

Wednesday, November 4, 2026 • Editor: Dennis D. Estopace

Transparency urged as PHL 3rd-largest SEA bond issuer T

By Reine Juvierre Alberto

@reine_alberto

pend on issuers’ ability to demonstrate strong governance, transparency and clearly defined use-of-proceeds commitments, it noted. “As financing needs broaden, investors are likely to place greater emphasis on governance, transparency and the credibility of use-of-proceeds commitments, emphasizing the role of robust sustainable finance frameworks that can strengthen market alignment and investor confidence,” Moody’s said. For issuers, robust sustainable finance frameworks will be increasingly important given the Philippines’ elevated credit exposure to environmental and social risks. The country’s relatively low income levels also constrain its capacity to respond to environmental and social shocks, Moody’s said. Aside from the government, nine local banks have issued sustainable bonds, with the banking sector accounting for 54 percent of cumulative thematic issuance over the past decade. These issuances have financed

NVESTORS are pivoting their focus toward governance, demanding allocation tracking and credible impact reporting, as the Philippines’ sustainable bond market ranked third-largest in Southeast Asia with $23 billion in issuance. In its sector in-depth report, Moody’s Ratings said the Philippine sustainable debt market trailed Singapore and Thailand, accounting for 17 percent of regional volumes from 2017 through the third quarter of 2026. “Sustaining this role as financing needs grow will depend in part on transparent reporting and effective governance that demonstrate how proceeds contribute to these priorities over time,” the credit

rater said. The sovereign is the largest issuer, having raised about $7.5 billion to finance climate adaptation and resilience projects, metro rail networks, electrification initiatives and public investment programs. With the Philippines ranking first globally on the World Risk Index 2026, rising adaptation and resilience needs are creating new financing opportunities, Moody’s said. However, expansion would de-

projects involving renewable energy, green buildings, water infrastructure and financial inclusion. “As fiscal space has become more constrained amid sizable infrastructure funding needs, sustainable financing can help financial institutions access private capital and support national social and economic development objectives,” Moody’s said. The five largest domestic banks have mobilized P1.9 trillion in sustainable finance-related lending through 2025, led by BDO Unibank Inc. with a portfolio of P1.2 trillion, while the other four ranged from P140 billion to P376 billion. “As banks expand their sustainable financing activities and regulatory frameworks provide greater clarity around eligible activities, financial institutions are likely to remain an important channel for directing private capital toward infrastructure projects in the Philippines, meeting both resilience and energy-transition needs,” according to Moody’s.

PhilHealth CEO impersonated by scammers, agency warns

HE Philippine Health Insurance Corp. (PhilHealth) cautioned the public against fraudulent solicitations from scammers impersonating its top official. The PhilHealth is warning the public, healthcare providers, partners and stakeholders against individuals or entities posing as Acting President and CEO Beverly Lorraine Ho. “PhilHealth strictly clarifies that neither Dr. Ho nor any official or employee of PhilHealth is authorized to solicit funds, donations, or personal bank transfers from the public or our partners,” the state-run health insurer said in a statement it issued last Tuesday. “Any message, call, e-mail, or so-

cial media account requesting payments or financial aid under the name of PhilHealth, its officers and employees is fraudulent and part of an illegal scam,” it added. The PhilHealth advised the public to transact only through its regional offices and local health insurance offices and to obtain information through its official communication channels. Those who encounter suspicious messages or calls claiming to represent Ho or other PhilHealth officials were urged not to engage with the senders. The PhilHealth also said to report the incidents to the agency’s Corporate Action Center or the nearest PhilHealth office. Reine Juvierre S. Alberto

T-bill yields near 8-year highs on inflation bets

REASURY bill (T-bill) yields extended their ascent on Tuesday, approaching eightyear highs, as inflation could end up faster in October—an added pressure from the central bank’s latest interest rate hike. Monetary authorities sees inflation settling between 7.1 and 8.1 percent in October, driven by higher prices of domestic fuel, electricity and transport fares. The latest inflation data will be released on November 5, Thursday. After global crude oil prices plunged after developments in peace talks between the United States and Iran, prices rose again as an Iranian official said the two are still a long way from reaching an agreement, Bloomberg reported. The risk of a super El Niño drought until early 2027 also adds to inflationary pressures and raises concerns about stagflation, or a combination of high inflation and weak economic growth, said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. The increase in T-bill yields also comes after the Bangko Sentral ng Pilipinas raised its benchmark interest rate by 50 basis points to 5.50 percent. Elevated global bond yields and expectations of another US Federal Reserve rate hike could also keep borrowing costs high, Ricafort added. The T-bills auction drew P95.33 billion in total demand, with the bidto-cover ratio at 1.7. Average yield on the 91-day debt papers rose by 17.4 basis points to 6.438 percent from 6.264 percent in the previous auction last week. The Treasury awarded yields ranging from a low of 6.299 percent to a high of 6.517 percent.

Investors’ asking yields for the 182-day securities also climbed to 6.646 percent, up by 21.6 basis points from last week’s 6.430 percent. The tenor fetched yields ranging from 6.5 percent to 6.798 percent. The 364-day T-bills capped at an average yield of 6.756 percent, 17.3 basis points higher than the 6.583 percent recorded in the previous week. Accepted rates were from 6.584 percent to 6.950 percent. The T-bill auction results ended mixed, after the Treasury awarded a total of P42.8 billion, consisting of P20 billion for the 91-day tenor, P15 billion for the 182-day securities and P7.8 billion for the 364-day T-bills. “The award for the 364-day tenor fell short of the programmed amount due to insufficient competitive bids,” the Treasury said. Meanwhile, the Treasury also offered 35-day cash management bills (CMBs), which were fully awarded at P10 billion as tenders reached P11.3 billion. Rates accepted were from 5.5 percent to 5.850 percent, averaging 5.607 percent. In total, the Treasury raised a total of P52.8 billion, comprising P42.8 billion from T-bills and P10 billion from the CMBs. This Wednesday, the Treasury will auction re-issued 7-year Treasury bonds, bearing a coupon rate of 6.625 percent, to raise P30 billion. This is part of the government’s full-year financing program of P2.733 trillion, of which P1.918 trillion will be sourced from domestic lenders while P815.505 billion will come from external sources. The government has already borrowed 87.55 percent, or P2.393 trillion, of this year’s borrowing program. Reine Juvierre S. Alberto

‘Mahiya naman kayo!’

W PHILHEALTH Acting President and CEO Beverly Lorraine Ho. REINE JUVIERRE S. ALBERTO

DOF eyes uniform annual contribution cap for PERA HE Department of Finance (DOF) is considering a uniform annual contribution ceiling for the Personal Equity and Retirement Account (Pera) purportedly to enable contributors to save more for their golden years. A statement issued last Tuesday read that the DOF is studying possible improvements to the voluntary retirement savings and investment program. In particular, the DOF is looking at imposing a single annual contribution ceiling for both regular contributors and overseas Filipino workers (OFWs). Currently, regular employees may set aside up to P200,000 annually, while OFWs may contribute twice as

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much, or P400,000 per year. The review of the current annual contribution limits will factor in changes in income levels, financial needs of Filipinos and prevailing economic conditions to allow contributors set aside more money for retirement, the DOF said. Other policy and regulatory improvements to address barriers to participation, raise public awareness of the program and improve its overall effectiveness will likewise be taken into consideration. Stakeholders from the financial and investment sectors, employers, labor groups, retirement and pension institutions and other relevant organizations are encouraged to submit their

recommendations on how to make Pera more accessible and attractive to Filipino workers, OFWs, and other eligible contributors. The DOF said the proposed improvements remain under study as it evaluates stakeholder recommendations and potential policy adjustments to the Pera framework. The Pera is designed to supplement retirement benefits from the Social Security System, Government Service Insurance System and other programs. Earnings, as well as withdrawals at 55 years and above, are tax-free. Employers who contribute to their employees’ Pera can also get a 150-percent tax deduction.

Total contributions to Pera reached P757.55 million as of end-June, 45.5 percent higher than the P521.36 million recorded a year earlier. The number of Pera contributors likewise increased to 30,055 contributors in the first half from 6,193 contributors in the same period last year. “Our goal is to make Pera a more effective tool for helping Filipinos prepare for retirement. We welcome stakeholder recommendations on how to improve the program, strengthen its incentives, and encourage more people to build long-term savings,” Finance Secretary Frederick D. Go was quoted as saying in the statement. Reine Juvierre S. Alberto

ITH pachydermal insensitivity and wicked impunity, the House of Representatives continues to bloat the national budget with more than P180 billion in insertions in the budget for the Department of Public Works and Highways (DPWH). “Many appear as lump sums for multi-purpose buildings and access and by-pass roads, without published project lists or named proponents,” decry our business organizations. “These additions were reportedly funded in part by cutting about P130 billion from foreign-assisted projects, P9.5 Billion from calamity funds, and P4.9 billion from health programs.” There also was no funding for the very helpful carousel bus system at Edsa. All members of Congress are complicit. The vote was 281-13 to approve the General Appropriations Bill on third reading at the House. We hope the Senate, still going

FINEX FREE ENTERPRISE Santiago F. Dumlao Jr. through its budget scrutiny, can reverse or stop this legislative rampage of wrongdoing. And, finally, we might still hope (?) that the President will exercise his veto power. Mahiya naman kayo! Makinig naman kayo! Maawa naman kayo sa bayan! Santiago F. Dumlao Jr. is the Secretary General of the Association of Credit Rating Agencies in Asia, chairman of the market governance board and market policy committee of the Philippine Dealing & Exchange Corp. and former Finex president. His views do not necessarily reflect those of the Financial Executives Institute of the Philippines and the BusinessMirror.

Banks are using SRTs even as terms worsen

BANK BACKS HOUSING China Bank Savings Inc. Consumer Lending Group Head Kristine Michele C. Broadhurst (left) and Housing Loans Division Head Mary Joy L. Mariano (center) share a light moment with Ciudades Development Corp. President Vince Herbert Siy after the signing of a partnership agreement to expand financing for home-seekers. CHINA BANK SAVINGS INC.

IGNIFICANT risk transfers (SRTs) are on track for a sixth consecutive year of record sales, with banks using the instruments to hedge a wider array of exposures even as investors demand better terms. SRT sales hit $28.2 billion in the first nine months, according to data compiled by Crescent Capital Group LP, a firm that invests in the deals. That activity keeps the market on track to surpass the previous annual record of $41 billion reached in 2025, even if the pace of new deals slows during the fourth quarter. “We are confident based on the current pipeline that issuance is likely to exceed 2025 record levels,” said Juan Grana, head of bank capital solutions at Crescent Capital, which estimates SRT issuance this year will reach about $45 billion. “We have, however, seen some

moderate spread widening in 4Q given strong supply and broader credit market volatility.” Lenders use the high-yield, highrisk securitizations typically to insure a first loss or junior tranche of a package of loans, offloading default risk on anywhere between 5 percent and 15 percent of the portfolio’s value and freeing up regulatory capital in the process. In return, investors often earn coupons in excess of 10 percent. The market is dominated by banks in Europe and North America seeking to hedge risk on corporate credit but other types of collateral are taking a bigger share, with particularly rapid growth seen in SRTs linked to finance for projects, infrastructure and data centers. SRT dealmaking has historically been concentrated in the fourth quarter as banks look to optimize

capital ratios, and it has held up this year despite the strain on credit markets from rising interest rates and concerns about the debt-fueled boom in spending on artificial intelligence. Still, banks have been having to pay more to offload risk. “So far we have seen a 25-50 basis point widening in deals pricing 4Q versus earlier in the year,” said Grana, a former Credit Suisse banker who joined Crescent from Chorus Capital last year. However, “the overall cost for banks remains attractive and we don’t envisage this impacting issuance activity,” he added. BNP Paribas SA has been working on an SRT linked to about €16 billion ($17.9 billion) of corporate loans in what could be one of the largest deals ever. Societe Generale SA has been discussing an SRT backed by about €3 billion

of lending to small and mid-size enterprises in France, while Bank of Nova Scotia is talking to investors about a transaction tied to around $2 billion of loans. Loans to large companies remain the most popular type of portfolio hedged via SRTs, but their share of overall collateral declined to 49 percent from 59 percent at the end of June as banks pushed ahead with diversification. Small and mid-sized enterprise loans accounted for 19 percent, up from 15 percent, while project finance and data center lending saw much bigger increases in their shares from a small base. There is growing recognition that SRT issuance is a “cost-effective tool for bank management to deliver shareholder value and capital optimization,” said Grana. Bloomberg

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Twenty-four, unless? By Atty. Anushka Kapahi & Gabrielle Tañada THE Constitution does not say that 16 senators are required to convict an impeached official. Article XI, Section 3(6) of the 1987 Constitution instead provides that “[n]o person shall be convicted without the concurrence of two-thirds of all the Members of the Senate.” Article VI, Section 2, meanwhile, provides that the Senate “shall be composed of 24 Senators.” The arithmetic appears straightforward: two-thirds of 24 is 16. Yet the present impeachment proceedings raise a question that arithmetic alone cannot answer: Who counts as part of “all the Members of the Senate”? The Senate Impeachment Court invited four retired Supreme Court magistrates as amici curiae on the issue. Retired Chief Justices Artemio Panganiban, Reynato Puno, and Hilario Davide Jr., through differing approaches, took the position that the number required for conviction need not invariably remain sixteen. Retired Associate Justice Adolfo Azcuna maintained that all twenty-four incumbent senators constitute the denominator. Significantly, Davide and Azcuna were both members of the 1986 Constitutional Commission, yet interpreted the same language differently. A fixed denominator treats membership as legal status: a senator remains part of “all the Members” even when unable to participate. Its strength is certainty; its weakness is that a senator incapable of voting would still count toward the 24-member denominator. A variable denominator instead prioritizes the institution’s capacity to function. Its difficulty is determining where the exception ends. Should death, vacancy, physical incapacity, legal disability, recusal, voluntary absence, and deliberate non-participation have the same constitutional consequence? Who decides—and by what standard? There is a useful parallel in corporate law. Sections 13 and 37 of the Revised Corporation Code illustrate that a corporation’s legally constituted capital structure does not simply change because the circumstances of an individual stockholder change; altering authorized capital requires a process prescribed by law. The analogy is imperfect, but its underlying distinction matters: a change in the status of a person within an institution does not necessarily change the legal structure of the institution itself. The same distinction should inform the Senate. Article VI does not say that the Senate consists of however many senators are presently capable of voting. It prescribes 24. Read alongside Article XI’s requirement of two-thirds of “all the Members,” 24—not the number capable of participating on a particular day—is therefore the stronger constitutional starting point. Incapacity need not be irrelevant. But if it can alter the denominator, the law must distinguish among different forms of incapacity and determine who may be excluded, for what reason, through what process, and under whose authority. Otherwise, a constitutional threshold risks becoming a situational one. For lawyers, this concerns constitutional interpretation and institutional authority. For development practitioners, it concerns predictability, representation, and confidence in the rules of political accountability. The Constitution chose not to constitutionalize the number 16; it constitutionalized a fraction—two-thirds of all the Members—against a Senate constitutionally composed of 24. The next impeachment may involve different incapacities, personalities, and political interests. Whatever rule governs today must therefore remain intelligible when those circumstances change. Rather than focusing on whether a rule resolves the circumstances of this occasion, the better test of constitutional interpretation is whether it remains a rule when the occasion changes.

ABOUT THE AUTHORS

n Atty. Anushka D. Kapahi is a Philippine lawyer engaged in private legal practice, with work spanning corporate and commercial law, regulatory compliance, dispute resolution, and litigation. Alongside her legal practice, she serves as a Part-Time Faculty member under the School of Diplomacy and Governance of De La Salle-College of Saint Benilde (DLS-CSB), with academic and professional interests in public international law, international affairs, security, and governance. She earned her Juris Doctor from the De La Salle University Tañada-Diokno School of Law and holds a Master of Arts in International Affairs from The George Washington University’s Elliott School of International Affairs in Washington, D.C., where her graduate capstone examined counterterrorism strategies in the Philippines and Thailand and their implications for US support and cooperation. She also holds a Graduate Certificate in Defense and Strategic Studies from Missouri State University and received her Bachelor of Arts in Consular and Diplomatic Affairs from De La Salle-College of Saint Benilde (DLS-CSB). n Gabrielle M. Tañada is a development professional, currently working as a Part-Time Faculty member under the De La Salle-College of Saint Benilde (DLS-CSB) School of Diplomacy and Governance, which she juggles with consulting various brands on their strategic marketing plans. Her true passion lies with development work, specializing in communication, M&E, and displacement—which she demonstrated in her 7+ years of experience supporting development programs with government agencies, international organizations, and civil society groups across Southeast Asia. She received her Bachelor of Arts in Consular and Diplomatic Affairs from De La Salle-College of Saint Benilde, and recently attained her Master’s degree in Development Studies from the International Institute for Social Studies-Erasmus University Rotterdam, where she was also awarded the Dr. Jos Mooij Award for Best Research Paper in Public Policy and Development Management for her research on Internal Displacement in the Philippines.

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Editor: Gerard S. Ramos • Wednesday, November 4, 2026

What to consider if a company that made AI-related job cuts wants you back

By Cathy Bussewitz The Associated Press

EW YORK—Companies around the world are increasingly citing artificial intelligence when slashing jobs, fueling anxiety that a lot more workers may lose their livelihoods to machines. Microsoft, Barclays Bank and supermarket chain Kroger are among the latest entries on a growing list of companies that have announced AI-related workforce reductions this year, including the elimination of jobs deemed redundant or shed to free up money for investing in the technology. But the job cuts of the AI era, which are affecting tens of thousands of people, occasionally have an epilogue. Some companies, after discovering that AI models, applications and agents don’t perform as well as expected, end up rehiring laid-off workers to fill eliminated positions. It’s unclear how common such reversals are, but they are happening often enough to acquire a nickname: the “AI boomerang.” “Two years ago, we said, ‘Would this happen?’ and now we’re saying, ‘Yes, it is happening in real time,’” said Lucy Beaumont, a global senior vice president at SHL, a UK-based technology company that develops employment-related tests and tools. Hiring managers in fields including finance, marketing, law and health reported earlier this year that their companies had eliminated positions primarily because of AI or automation, only to hire again for the same or similar roles, according to recruitment and staffing firm Robert Half. The most frequently cited reasons for restoring dropped jobs included the technology needing more human oversight than anticipated and its inability to replicate institutional knowledge, the firm said. “When you need critical thinking, collaboration, creativity, institutional knowledge, those are things that AI just can’t replicate,” said Bill Driscoll, a senior district president at Robert Half. “And I think that’s where companies are starting to realize, ‘Wow, we really do need people to do these jobs.’” Klarna, the Swedish provider of buy now, pay later services, began recruiting human customer service representatives again last year. CEO Sebastian Siemiatkowski acknowledged in an interview with Bloomberg News that the company’s reliance on an AI chatbot to cut costs had gone too far. In June, Ford said it had hired or promoted 350 veteran engineers after AI tools the automaker deployed to do quality control work did not perform at the expected level. “AI utilization has been an important part of our quality gains and that—along with deep technical expertise of our teams—is a powerful combination,” a Ford spokesperson told The Associated Press. However, companies don’t always broadcast their U-turns on shifting resources or responsibilities from employees to AI systems, Beaumont said. “Maybe their shareholders love that they did this right-sizing motion...and then they have to turn around and quietly, with their tail between their legs, admit that they weren’t ready for that or they shouldn’t have done that,” she said. Management experts offered employment advice for workers as companies make greater use of AI tools and consider—or reconsider—their staffing needs while assessing the technology’s capabilities.

REHIRING SUGGESTS THE INVISIBLE WORK OF HUMANS IS NOT EASILY REPLACED

WHEN companies use AI to perform tasks previously done by people, they often miss the invisible work employees do beyond their formal job descriptions, said Betsy Summers, a principal analyst on the Future

of Work team at market research and advisory firm Forrester. That might include sensing emotions and moods, holding impromptu meetings and putting in extra effort when feeling inspired or otherwise motivated, Summers said. “We don’t know all the work that’s required to do things well within the organization,” she said. “The citizenship behaviors of team cohesion and team building and making sure that you have trust within your team, none of that is accounted for. So when you rip out humans who are doing that work and then expect agents to be able to then deliver exactly what humans have delivered, they are frequently mistaken.” Another factor that complicates assigning more work to AI-powered tools is that company procedures for tasks such as data processing and bookkeeping are not always well documented, experts said. “Organizations are not spending enough time doing the up-front work to really truly understand workflows and where humans add value in the process,” said Brooks Holtom, a professor of management at Georgetown University’s McDonough School of Business. In roles such as customer service, AI agents and chatbots frequently need to refer questions and complaints to a worker who can recognize emotions, assess the severity or complexity of a problem and respond creatively within established policies, Holtom said. “It’s that combination of creativity but staying in the guardrail that’s really hard for a machine to figure out,” he said.

FIGURE OUT WHAT GIVES YOU A COMPETITIVE EDGE AS A HUMAN

AS companies redirect resources toward AI, current employees and those asked to come back might want to emphasize skills that complement the technology, such as emotional intelligence and sound judgment, Holtom said. “Really try to be able to articulate what’s your value proposition as a human,” Holtom said. “Don’t be afraid to lean into the technology as well, and understand how to differentiate yourself from what

machines do well. Embrace that, understand that, and you can become uniquely qualified to help with implementation.” Empathy is a human quality that technology has not fully mastered, Beaumont said. “Think about an angry customer. They want to be listened to, they want to be heard, they really want a human on the other end of the line,” Beaumont said. “Can an AI replace that right now in a way that feels meaningful to individuals? Perhaps not.”

PHOTO BY SAULO MOHANA ON UNSPLASH

KNOW YOUR LEVERAGE AND USE CAUTION IF YOU’RE ASKED BACK

MANY people are understandably reluctant to return to a company that laid them off as part of a reorganization around artificial intelligence, according to Beaumont. “To come back to a business where you’ve been let go, replaced by AI, to be asked back to that business, your trust is gone, your psychological safety there, your relationship with the employer, and that’s very, very difficult to build back,” she said. Workers offered their old jobs back are asking for more money and to know how AI might impact future staffing, Beaumont said. Requesting additional training and a clear explanation of your opportunities for advancement could be part of the discussion, she said. Communicate ways you would contribute value as a returning employee, outlining a new job description “that leverages the technology but also your expertise,” Holtom said. You could end up in a higher-ranking position that pays more than the one you left, he said. Before accepting an offer, seek a commitment such as a one-year renewable contract that includes a buyout clause if the job is terminated in less than a year, Holtom suggested. Don’t discount the distinctly human values of motivation and curiosity, which make people efficient and effective, Summers said. “Within our societies, work serves a broader purpose than just creating value for shareholders or customers or constituents,” she added. “Work serves a human purpose as well. It’s the manifestation of our search for meaning and purpose. We want to contribute to our communities as human beings.”

MAKATIMED, COLEGIO DE STA. ROSA-MAKATI PARTNER TO SUPPORT STUDENTS’ DEVELOPMENTAL AND MENTAL HEALTH NEEDS MAKATI Medical Center (MakatiMed, www. makatimed.net.ph) and Colegio de Sta. Rosa-Makati (CSR-Makati) formalized a partnership to strengthen access to professional assessment, consultation, and intervention for students with developmental, behavioral, emotional, psychological, or psychiatric concerns. Through a Memorandum of Understanding (MOU), the two institutions established a coordinated referral pathway that will allow students who may benefit from specialized care to be referred to appropriate MakatiMed professionals, including Developmental Pediatricians, Psychiatrists, Psychologists, and other relevant specialists. Under the agreement, CSR-Makati may identify students who may benefit from professional evaluation through established school-based processes and observations. With the consent of their parents or legal

guardians, the school may provide relevant background information and documentation to support the referral. A designated school representative, such as a guidance counselor or administrator, will also serve as the liaison with MakatiMed for referral coordination.

MakatiMed, in turn, will facilitate professional services in accordance with medical, ethical and legal standards. Subject to existing hospital policies and capacity, students officially referred by the school will also be given priority consideration, particularly in scheduling

initial consultations or assessments. Clinical and medical decisions will remain under the professional judgment and responsibility of MakatiMed practitioners. Colegio de Sta. Rosa-Makati directress and principal Sr. Corazon D.S. Manuel, OP, shared her message during the signing. “As we celebrate mental health awareness month, we are reminded that our children should never feel that they are alone in their struggles. Through this partnership, we can provide them with timely professional support, guidance, and compassionate care. We are truly grateful to Makati Medical Center for walking with us in this important mission.” For MakatiMed, the partnership reinforces its commitment to making specialized healthcare more accessible to young patients while fostering collaboration with schools in addressing students’ health and well-being needs.

MOU signing with CSR-Makati directress and principal Sr. Corazon D.S. Manuel, OP; CSR-Makati assistant principal for formation and community extension Sr. Elsie A. Bagaypo, OP; MakatiMed creative, communications and sales services senior vice president and division head Arlyn L. Songco; and CSR-Makati guidance facilitator and officer in charge Marvin Joyce Eijansantos.

Wednesday, November 4, 2026

ICTC opens new Laguna facility, expands PHL role in global electronics manufacturing

rom one engineer in 2015 to a manufacturing team of more than 100 employees, Interconnect Cable Technologies Corporation (ICTC) has steadily built its Philippine operations. On October 23, 2026, the US-founded electronics manufacturer inaugurated its new home at Laguna Technopark Phase 7 in Biñan, Laguna, opening more room for production, technology and new business. Founded in Brooksville, Florida, in 1988, ICTC began with cable and wire harness assemblies before expanding into printed circuit board assemblies (PCBAs), electronic box builds and turnkey manufacturing. Its operations now span the United States, China and the Philippines. The Philippine facility forms part of that international network, drawing on the country’s skilled electronics workforce and established supply chain while supporting customers with varying production requirements. The new building adds capacity for cable assemblies, PCBAs and electronic box builds. Its flexible production layout is designed to accommodate different product configurations and smaller manufacturing runs, allowing ICTC to respond to changing customer needs. “We’ve added more capacity, more space, more capabilities for us here in the Philippines to continue to support our valued customers and to bring on new projects,” said Shaun Majumdar, General Manager of ICTC. The Philippine team transferred operations to the new facility in June 2026, months before its formal inauguration. According to Shaun Majumdar, the move was completed without disrupting production, following extensive preparation and coordination. ICTC’s local manufacturing capabilities include surface-mount technology (SMT) assembly, supported by quality inspection and testing systems. The company first secured ISO 9001:2015 qualitymanagement certification for its Philippine

Anna Liza Vergara, Managing Director of Megaworld Global Hotels & Resorts, with associates from Richmonde Hotel Iloilo plant sampaguita at Plaza Jaro in Iloilo City.

Of stays, sampaguita, and social action

operation in 2018. It has also invested in IPC-based training, with in-house certified trainers helping employees meet industry standards for electronics assembly and workmanship. For ICTC Global CEO Sareet Majumdar, the expansion is about bringing advanced manufacturing opportunities closer to Filipino workers. “I believe one of the great opportunities for the Philippines is to bring more of those opportunities home. And in our own small way, that is what ICTC is trying to do here in Laguna.” That ambition, he emphasized, depends on the dedication and abilities of the people behind the company’s operations. “But we cannot buy dedication, pride, loyalty, or the determination to succeed. Those qualities come from our people. And when Filipinos are given those opportunities, remarkable things happen.” The company began its Philippine venture with a single Filipino engineer before establishing independent manufacturing operations in 2017. Its workforce has since grown to more than 100 employees. The expansion was welcomed by the local government, with Biñan City Mayor Angelo “Gel” Alonte, highlighting the opportunities

that new investments can bring to residents. “It’s an opportunity to create jobs, open doors for our people, nurture local talent, and build a better future for our families,” Alonte said. Myrna Alvarez, Operations Director of ICTC Philippines, credited employees and international counterparts for bringing the facility into operation despite tight schedules and unexpected challenges. “We have faced challenges, tight schedules, countless preparations, and moments when things did not go exactly as planned. But through teamwork, determination, and perseverance, we made it happen,” Alvarez said. Held under the theme SINAYA: Where New Beginnings Shape the Future, the inauguration also highlighted ICTC’s priorities for the next three to five years, including greater automation, digital production tools and stronger product traceability. The company is also pursuing opportunities in medical devices, highend consumer electronics, and commercial and industrial applications, while helping customers localize their regional supply chains. These efforts position the Laguna operation to take on increasingly complex manufacturing work.

VinFast opens O2O delivery center in the PHL

INFAST has officially opened its Online-to-Offline (O2O) Delivery Center in the Philippines, offering customers in Metro Manila and nearby cities and provinces a more convenient way to purchase a VinFast electric vehicle. Located at 43 Ortigas Avenue Extension, Rosario, Pasig City, Metro Manila, the center complements VinFast’s growing dealership networks in the country by allowing Filipinos to order and book test drives through its online touchpoints. VinFast’s Delivery Center in the Philippines is a dedicated physical O2O delivery facility supporting its Philippine operations. The 548-square-meter facility is designed primarily for vehicle preparation and scheduled customer handovers. Customers can request home test drives through the O2O team or visit an authorized VinFast dealership to view and experience vehicles. The O2O experience begins with customers exploring VinFast models online. They can then connect with a dedicated O2O consultant for personalized guidance, arrange a home test drive or visit an authorized dealership to experience their preferred vehicle, and confirm their chosen model and payment options. Once the vehicle is prepared for delivery, customers within the initial service coverage can receive their VinFast through a scheduled handover at the Delivery Center, with any alternative handover arrangements subject to operational confirmation. Antonio “Toti” Zara, CEO of VinFast Philippines, said: “The Philippines is an important market for VinFast, and introducing this physical O2O Delivery Center reflects our confidence in the country’s potential for electric mobility. As demand for electric vehicles continues to grow, our O2O model complements our existing dealership network, creating another convenient purchasing channel for customers in Metro Manila and nearby areas.” The O2O Delivery Center marks another step in VinFast’s growing presence in the Philippines, expanding its local footprint and strengthening its ability to serve customers within its initial Metro Manila and neighboring-area coverage. As VinFast continues to bring its electric vehicles closer to more Filipinos, it remains committed to making EV ownership more accessible and supporting the country’s shift to electric mobility.

EGAWORLD Global Hotels & Resorts (MGHR) is fortifying its efforts to make social responsibility an integral part of its hospitality commitment, creating more opportunities for travelers to support local communities, celebrate Filipino culture and contribute to meaningful causes throughout their stays. As MGHR marks the third anniversary of its Sampaguita advocacy, the hotel group recognizes the growing community of guests, volunteers and partners helping restore the national flower’s cultural relevance and sustain its presence for future generations. “Travelers are becoming more conscious of what their choices support, and hospitality must respond. For us, mindful travel is no longer optional. We want every guest, in every hotel, to have the opportunity to participate in something meaningful. Sustainability must become a standard mindset across how we conceptualize and execute our operations, not simply an occasional activity. Our responsibility is to make it easier for people to care and act on that concern,” said Socrates “Sonny” Alvaro, Managing Director of Megaworld Global Hotels & Resorts. The movement reflects changing travel preferences. According to Booking.com’s 2025 Travel & Sustainability Report, 73 percent of surveyed travelers want their spending to benefit local communities, 69% hope to leave destinations better than they found them, and 77 percent seek authentic experiences representative of local culture. Once central to a flourishing trade and generations of Filipino traditions, the sampaguita has long been woven into religious offerings, welcome garlands, celebrations and everyday expressions of affection and respect. Yet declining cultivation, changing land use and evolving lifestyles have challenged the livelihood and traditions surrounding the country’s national flower. For MGHR, the opportunity is to restore the sampaguita’s relevance by giving it greater visibility, new applications and a meaningful place in contemporary Filipino life. Launched in August 2023 in support of the Department of Tourism’s Filipinization efforts, the advocacy aims to champion the sampaguita as a recognizable Philippine icon of hospitality, celebrating the values of love, honor, dignity and healing. Its cultural relevance continues to find fresh expressions, including Filipina tennis sensation Alex Eala’s sampaguita-inspired Nike apparel and accessories, which have brought the familiar flower onto the international sporting stage.

MGHR’s Sampaguita Room Package has generated a total of 4,878 room nights in the past three years. In 2026, the packaged has generated 1,582 room nights, a 25 percent increase in room production compared with 2025, reflecting interest in culturally inspired stays connected to a larger purpose. Beyond hotel stays, more than 40 Sampaguita planting activities have mobilized hundreds of volunteers, contributing thousands of minutes of collective service toward bringing the national flower closer to communities. From Boracay and Cebu to Iloilo, Cavite, Batangas, Boracay, Bulacan and Laguna, the advocacy has united local government units, tourism stakeholders, residents, educators, students, hospitality professionals and civic organizations. Collaborations have included the University of the Philippines Asian Institute of Tourism, GlobalEstate Resorts, Inc. Rotary Club of Biñan, LGU of Lapu Lapu, and so much more demonstrating how the initiative reaches across generations, professions and communities. Together, these efforts have helped plant over 7,000 Sampaguita seedlings, an encouraging expression of how people from different walks of life can rally around a shared cultural purpose. Among the advocacy’s milestones is the establishment of the 4,300-square-meter Sampaguita Park in Southwoods City, Biñan, Laguna, creating space for cultural preservation, cultivation and potential livelihood opportunities. Through its partnership with Dwellbeing, MGHR has also helped provide more than 10,000 meals to the beneficiaries of non-government organization Project PEARLS, extending its commitment to communities beyond hospitality.

Inviting more people into the movement

As the advocacy enters its fourth year, MGHR continues to welcome participation through Sampaguita-inspired stays, seedling sponsorships, community planting engagements and partnerships with schools and educational institutions. For MGHR, the milestone celebrates a growing willingness among people to contribute their time, resources and attention to a purpose beyond any single brand. The next chapter belongs just as much to the guests choosing meaningful stays, the communities nurturing the seedlings and the students discovering new reasons to take pride in their heritage. Because a hotel stay may last only a few nights, but the good it inspires can continue long after checkout.

PHL hosts two-day Asia-Pacific Chambers Conference in Manila

Dr. Enunina V. Mangio, PCCI President Emeritus

HE Philippines is set to convene business leaders and policymakers across Asia Pacific for the 40th Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) Conference, coinciding with the CACCI’s 60th anniversary, to be held from November 4 to 5, 2026, in Okada Manila. Anchored on the theme “CACCI at 60: Achieving Greater Regional Integration in the next Decade,” this year’s conference is co-organized by the Philippine Chamber of Commerce and Industry and chaired by Dr. Enunina V. Mangio, PCCI President Emeritus, who has taken the challenge of bringing together business leaders, policymakers, and key stakeholders from across the Asia Pacific region to strengthen cooperation and advance the role of the private sector in economic development. “I am deeply honored by the trust

entrusted to me. This conference is more than a gathering of business leaders across Asia but a meaningful celebration of CACCI’s six decades of fostering collaboration, driving positive change, and advancing inclusive and sustainable growth across the region,” Mangio said. Mangio emphasized that the event will serve as a platform for government and business leaders to shape a collaborative agenda focused on forward looking strategies that promotes inclusive growth, supports women and youth-led enterprises, advances green transformation, and strengthens human capital development. “We have prepared a dynamic and interesting two-day plenary sessions and invited distinguished speakers to share their experiences and insights in driving economic growth in the region,” she added. Mangio formerly served as president of PCCI. A licensed chemical engineer by profession, she owns several large businesses including the SamgyeopMasarap chain of restaurants and engaged in several businesses including Servcare International Corporation, an international holding company with subsidiaries in the US, Asia, and Dubai, where she sits as President. She is also the Chairman of the Board of Mawell Chemical Corporation, a triple-A electromechanical contractor, and Choosers Choice Food & Development Corporation, a chain of casual dining restaurants serving Korean and Japanese cuisines with a total of 56 branches all over the Philippines. Mangio graduated from the Mapua Institute of Technology, holding a double degree in mechanical and chemical engineering. She also earned her master’s degree in business management from the Ateneo Graduate School of Business.

BusinessMirror

Editor: Tet Andolong

Wednesday, November 4, 2026 B7

PHL construction sector resists escalation into crisis By Rizal Raoul S. Reyes

@brownindio

ISING inflation, a weakening peso, and global geopolitical instability are combining to apply significant cost pressures on the Philippine construction industry. Des pite t hese compou nde d economic headwinds, construction consultancy Hearn & Hearn notes that the situation has not yet reached crisis levels, leaving the sector navigating a tight but manageable financial landscape. “The industry is under real pressure, but I would not call it a crisis. Inflation at 7.2 percent in September, the peso having fallen to record lows beyond P63 to the dollar, and oil back above $100 a barrel have made almost every construction material more expensive,” Michael Hearn, executive director of Hearn & Hearn, said in an email interview with the BusinessMirror. “What concerns me more than the price is the volatility. When costs move week to week, contractors price at risk, developers defer decisions, and projects that made financial sense earlier in the year have to be repriced and reconsidered,” he added. Hearn said the first half of the year was marked largely by a fuel shock, as the conflict in the Middle East drove oil prices higher, initially affecting freight, hauling and

energy-intensive materials such as cement. Dem a nd , howe ver, rem a i ns weak. Construction output contracted by 14.8 percent in the second quarter, while government infrastructure spending fell 36 percent year-to-date as of July, he said. “While weaker demand may limit contractors’ ability to pass on costs, it is unlikely to offset the escalation in input prices,” Hearn said. By the third quarter, cost pressures had broadened, with petroleum-based products registering double-digit price increases and the peso’s depreciation raising the cost of imported steel, capital equipment and finishing materials. Asphalt recorded the steepest price movement, with wholesale prices increasing by 12.7 percent year-on-year in August before easing to 6.8 percent in September. The increases have hit road construction and external works particularly hard, Hearn said. For buildings, more significant increases were recorded in concrete products, sand and gravel, which rose by around 5 percent, and struc-

BONIFACIO Global City

MICHAEL HEARN

KEVIN JARA

tural steel, which increased by 3 percent to 4 percent. These materials account for substantial portions of construction costs and are particularly sensitive to fuel prices because of their energy-intensive production and transportation requirements. Materials typically account for

about half of a building’s construction cost. Based on the movements in these material prices alone, overall project costs could increase by roughly 1.5 percent to 2 percent, Hearn said. The depreciation of the peso has also made imported building-services equipment, including chillers,

elevators, switchgear and generators, more expensive. Hearn said the National Capital Region (NCR) wholesale materials index rose by 3.4 percent year-onyear, with the biggest increases recorded in paints, fuels and lubricants, asphalt, sand and gravel, and concrete products. “At Hearn & Hearn Consulting, much of our work right now is helping clients re-baseline their budgets against current market pricing and decide, based on the numbers, which projects to accelerate, re-scope or hold,” he said. The consultancy expects wholesale material inflation to remain between 3 percent and 4 percent through the end of the year, although several risks could alter the outlook. Looking ahead, Hearn expects construction costs to continue ris-

ing in the fourth quarter of 2026 and into 2027. The pace of increases will largely depend on oil prices, further peso depreciation and the Bangko Sentral ng Pilipinas’ interest-rate decisions. “The record-low peso added pressure to the cost of imported materials. We expect construction costs to continue rising through the fourth quarter of 2026,” he said. Meanwhile, Kevin Jara, Colliers Philippines director of the office services division, said geopolitical uncertainty, operating construction costs, and financing conditions made the local market more cautious. “And we expect that caution mostly to last towards the end of the year,” said Jara during the company’s Q3 Philippine Property Report. Jara said the bright spot is the flexible office space market where the net take-up is 7,600 seats. He noted that flexible office space appeals to locators due to streamlined, all-in pricing—which bundles rent, utilities, and facilities management—making risk management far easier. Moreover, it gives office landlords greater predictability in managing variable costs, profits, losses, and general overhead.Jara said the trend will become more relevant to long-term office demand. Hopefully, he said the flexible office sector can help mitigate the capital risk which will help the whole office segment. “But unfortunately, we need more institutional reforms and improvements in the geopolitical landscapes to further support and enable the office space demand,” Jara emphasized.

ANFLOCOR strengthens Panabo City’s role as Mindanao’s trade and investment gateway

A N A B O C it y, Dav ao de l Norte—As the Philippines continues to expand its trade and industrial capabilities, regional economic hubs are playing an increasingly important role in supporting business growth and access to international markets. Among them, Panabo City in Davao del Norte is strengthening its position as an industrial and logistics hub, supported by investments from homegrown conglomerate ANFLOCOR Group of Companies that complement established trade gateways across Luzon and the Visayas. Strategically located along the Davao Gulf growth corridor, Panabo combines an established export economy with port connectivity and growing industrial infrastructure. These advantages position the city to support businesses seeking to strengthen their supply chains and establish operations outside traditional economic centers. “Strengthening the country’s trade competitiveness requires continued investment in industrial and logistics infrastructure across the regions,” said Ricardo Floirendo Lagdameo, President of Damosa Land Inc. (DLI), the property development and management arm of ANFLOCOR Group. “Mindanao has the resources, talent, and infrastructure to play a greater role in Philippine trade, and developments in Panabo City demonstrate how regional industrial hubs can support business expansion while contributing to more balanced economic growth.”

Building on Mindanao’s export strength PANABO’S investment potential is supported by Davao Region's expanding trade activity. According to the Philippine Statistics Authority, the region recorded USD 1.98 billion in total external trade in the

THE Davao International Container Terminal serves as a key maritime gateway for Mindanao’s agricultural and industrial trade. Located just 300 meters from the port, Anflo Industrial Estate (visible in the upper right of the photo) and nearby Philcement’s manufacturing facility complete a strategic growth corridor that integrates port connectivity, industrial development, and manufacturing to strengthen Panabo City’s position as a gateway to domestic and global markets.

ANFLO Industrial Estate in Panabo City, Davao del Norte, is a PEZA-registered industrial hub supporting Mindanao’s trade and investment growth, backed by strategic connectivity and the region’s rich agricultural resources.

fourth quarter of 2025, an increase of 19.18 percent year-on-year. Export earnings reached USD 1.01 billion, growing 37.67 percent over the same period. While agricultural commodities remain a major contributor, the region's trade activity underscores the importance of infrastructure that

connects production centers, manufacturers, and international markets. Supporting this connectivity is the Davao International Container Terminal (DICT), part of the ANFLOCOR Group, which handles an average of 350,000 twenty-foot equivalent units annually, with major shipping lines such as CMA

CGM, SITC, Wan Hai, and ONE connecting the port to major ports and transshipment hubs in China, Taiwan, South Korea, Singapore, and Indonesia. These established international shipping connections underscore DICT’s vital role in facilitating Mindanao’s participation in global trade and strengthening the

region’s position as a competitive export and import hub. Approximately 300 meters from DICT is Anf lo Industrial Estate (AIE), a 63-hectare, Philippine Economic Zone Authority (PEZA)registered industrial development by DLI. Its proximity to the port provides businesses with access to maritime logistics infrastructure, potentially reducing inland transport requirements and improving operational efficiency. Now marking its tenth year, AIE and its locators have attracted an estimated P8.5 billion in combined capital investments. The estate accommodates manufacturing, processing, warehousing, and exportoriented businesses, supported by industrial facilities and infrastructure designed for long-term operations. Investment activity at AIE continues in 2026, with the addition of GMAC Logitech Refrigeration Corporation’s cold storage facility and the anticipated launch of another international manufacturing operation that will tap into Mindanao’s agricultural resources toward the end of the year. These developments reinforce Panabo City's expanding industrial ecosystem, supporting both the logistics infrastructure and value-added manufacturing capabilities needed to connect Mindanao's industries with domestic and international markets.

Strengthening regional investment opportunities BEYOND AIE, ANFLOCOR is expanding its contribution to Panabo's industrial growth through its partnership with PHINMA’s Philcement Corporation. The joint venture involves the development of a cement manufacturing facility with a planned annual capacity of 2 million metric tons, alongside dedicated

bulk cargo handling infrastructure near DICT. The project is expected to strengthen the region's construction materials supply chain and support Mindanao’s infrastructure development. Together, these investments demonstrate how ANFLOCOR’s interconnected businesses are helping create opportunities for employment, local enterprise development, and greater participation in regional and global value chains. Mindanao’s agricultural strengths further reinforce these opportunities, with abundant production of bananas, coconuts, and other high-value crops supporting export activity. As businesses explore opportunities for growth across the Philippines, regional industrial hubs such as Panabo offer a strategic location for expansion while building on Mindanao's existing economic strengths. Continued investment in industrial facilities, transport connectivity, and workforce development will be critical to sustaining this momentum. “Strengthening Philippine trade competitiveness means creating opportunities for businesses to grow beyond traditional economic centers. Through AIE, we want to demonstrate how strategically planned industrial developments can attract investments, support local industries, and contribute to Mindanao's long-term economic progress,” Lagdameo concluded. With ANFLOCOR’s continued investments in industrial facilities, port connectivity, and strategic partnerships, Panabo City is wellpositioned to complement the country’s established trade gateways and contribute to a more connected and competitive Philippine economy. Discover how AIE contributes to Mindanao’s growth. Visit https://anfloindustrialestate.com/ to learn more.

Wednesday, November 4, 2026

www.businessmirror.com.ph

Ombudsman files graft charges against DILG escalates battle six DPWH officials over RROW scam vs child malnutrition

HE Office of the Ombudsman has indicted six former officials of the Department of Public Works and Highways (DPWH) and seven private individuals before the Sandiganbayan over their alleged involvement in a massive P491.9million “Road Right-of-Way (RROW)” scam in Mindanao. In an official statement released on Tuesday, state prosecutors announced the filing of 18 counts of violation of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act and another 18 counts of malversation of public funds through falsification of public documents under Articles 217

and 171 of the Revised Penal Code. Named as primary respondents are former DPWH Region XII Regional Director Subair Saro Diron, former Assistant Regional Director Laureano B. Suan Jr., alongside four other agency personnel. “The office found prima facie evidence with reasonable certainty

of conviction against former DPWH Region X II Regional Director Subair Saro Diron, former Assistant Regional Director Laureano B. Suan Jr., and four other DPWH personnel,” t he Ombud sm a n said, noting that seven private individuals acted in collusion with the public officials to pull off the scheme. The criminal indictments stem from three separate investigation reports submitted by the National Bureau of Investigation (NBI) between 2018 and 2019. The investigation focused on government payouts intended to compensate landowners for 18 parcels of land purportedly affected by the construction of the Digos-Makar National Road in Lagao, General Santos City. Key details of the syndicate’s operations were previously exposed by whistleblower Roberto S. Catapang Jr., who admitted his

own participation in a 2017 sworn affidavit. “The group…in collusion with respondent public officers, collected money from the government purportedly as payments for the acquisitions, by fabricating and submitting fake documents,” Catapang said in his testimony cited by the Ombudsman. Investigators revealed that the DPWH Region XII Technical Working Group (TWG) approved the disbursement of a total of P491,931,120.20 to claimants who presented fraudulent land titles and supporting documents. In addition, state investigators discovered that compensation claims were heavily inflated through the unlawful application of a 2009 appraisal rate of P3,500 per square meter to assess property values for land actually acquired by the government decades earlier in the 1990s. Joel R. San Juan

Metro prosecutors back Zalameda for CJ By Joel R. San Juan @jrsanjuan1573

IFTEEN Metro Manila chief prosecutors have endorsed the bid of Supreme Court Associate Justice Rodil V. Zalameda as the next Chief Justice. In Resolution 03, Series of 2026, the NCR Chief Prosecutors Association Inc. said Zalameda was the most qualified candidate to succeed Chief Justice Alexander G. Gesmundo, who is set to retire on November 6. They cited Zalameda’s legal expertise, leadership skills and record of public service as his advantage over other nominees included on the shortlist submitted by the Judicial and Bar Council (JBC) to President Marcos. The resolution was signed by Chief Prosecutors Ma. Aileen D. Guño of Caloocan City, Marylin Cynthia Fatima Madamba-Luang of Las Piñas City, Dindo G. Venturanza of Makati City, Rennet D. Evangelista of Malabon City and Elinore Concepcion R. AquinoLaluces of Mandaluyong City. Other signatories were Chief Prosecutors Giovanne T. Lim of Manila, Laurence Joel M. Taliping of Marikina City, Aileen Marie

S. Gutierrez of Muntinlupa City, Armando H. Cavalida of Navotas City and Benjamin S. Vermug Jr. of Parañaque City. Also signing were Chief Prosecutors Elmer Cris L. Rillo of Pasay City, Rey Camilo B. Dumlao II of Pasig City, Vimar M. Barcellano of Quezon City, Vincent M. Villena of Taguig City and Lemuel B. Nobleza of Valenzuela City. Zalameda began his career as a public prosecutor in Mandaluyong City in 1995 and rose through the ranks to become city prosecutor in 2002. He later served as a Court of Appeals justice for 11 years before joining the Supreme Court in 2019, becoming the first former city prosecutor to sit on the High Tribunal. The association said Zalameda’s extensive experience in prosecution and the judiciary made him well-suited to lead the country’s highest court. “Supreme Court Associate Justice Rodil V. Zalameda’s years of law practice attests to his unyielding pursuit of justice, effective leadership skills and administrative acumen,” it said. The group also cited Zalameda’s “academic excellence and impeccable record of public service” in

declaring him the most qualified candidate for the position. It stressed that the next chief justice must possess “outstanding legal credentials with exceptional moral, administrative and leadership traits.” Aside from Zalameda, also included on the JBC’s shortlist are SC Senior Associate Justice Marvic M.V.F. Leonen and Associate Justices Alfredo Benjamin S. Caguioa, Japar B. Dimaampao, and Jose Midas P. Marquez. Former Vice President and now Naga City Mayor Maria Leonor G. Robredo has endorsed the bid of Leonen to get the top post in the Judiciary. Robredo noted that Leonen is the most senior among all the justices of the Court and has proven his “competence, independence, probity, and integrity.” She also pointed out that Leonen has written thousands of decisions and separate opinions which show his awareness on various issues. On the other hand, Marquez was nominated by the Association of Retired Regional Trial Court Judges of the Philippines and former SC Associate Justice Arturo Brion for the post.

They cited Marquez’ contribution in improving court operations during his stint as Court Administrator. Marquez served as Court Administrator for 11 years or from January 2010 until his appointment as associate justice on November 16, 2021. He also served as spokesperson of at least four chief justices. As Court Administrator, Marquez initiated the E-warrant and e-subpoena, implemented The Hague Service Convention and spearheaded the creation of Office of Judiciary Marshals by petitioning Congress. As an associate justice, Marquez is the working chairman of Judiciary Budget Committee and advocated online appearances of overseas Filipino workers abroad before the courts in real time through videoconferencing. Dimaampao, on the other hand, was endorsed by the National Commission on Muslim Filipinos and the Bangsamoro Transition Authority Parliament. Under Article VIII, Section 4 (1), the President is mandated to make appointments in the judiciary within 90 days from the occurrence of the vacancy.

By Jonathan Mayuga @jonlmayuga

N a bid to rescue millions of young Filipinos from the lingering grips of child hunger and stunting, the Department of the Interior and Local Government (DILG) is placing local governments (LGUs) at the frontlines of a nationwide battle for child nutrition. A new directive issued through Memorandum Circular 2026-053 by the DILG ordered provincial governors, city and municipal mayors, barangay captains (punong barangay), and local nutrition action officers to immediately step up their local feeding initiatives so that no child is robbed of proper nourishment during their crucial early development years. The directive directly operationalizes Republic Act 11037, or the Masustansiyang Pagkain Para sa Batang Pilipino Act, a cornerstone law designed to eradicate malnutrition among Filipino children through sustained, community-level dietary interventions. At the core of this effort is the Supplementary Feeding Program (SFP), led by the Department of Social Welfare and Development (DSW D) in close partnership with LGUs. The program targets vulnerable toddlers and children aged 2 to 5 years old enrolled in LGU-run Child Development Centers (CDCs). Under the expanded guidelines, enrolled children will receive free, highly nutritious hot meals alongside fresh milk or milk-based food products for over two months. Beyond filling empty stomachs, the initiative is intentionally structured to boost local economies by creating direct opportunities for local farmers and dairy producers to supply the food and milk used in the program. However, local officials are being instructed to look beyond the dining table. The DILG emphasized that the feeding initiative must serve as a gateway to comprehensive healthcare. Local health

SC rules law protects male abuse victims

T Nov. 5 earthquake drill to simulate mag 8.5 scenario A

NATIONWIDE simultaneous earthquake drill set on November 5 will test the preparedness of various stakeholders, including government agencies, local governments (LGU), emergency responders, and communities for major earthquakes and tsunamis through a simulated disaster scenario in Santa Ana, Cagayan, the Office of Civil Defense (OCD) said. The earthquake and tsunami scenario will highlight the Fourth Quarter Nationwide Simultaneous Earthquake Drill (Nsed) led by the OCD in coordination with member agencies of the National Disaster Risk R e duc t ion a nd M a n a ge me nt Council (NDRRMC) and local governments. The Nsed program will begin at 8:00 a.m., followed by the ceremonial pressing of the button at 9:00 a.m. to signal the start of the “Duck, Cover, and Hold” procedure

and evacuation drill. A full-scale exercise based on the earthquake-tsunami scenario of a magnitude 8.5 earthquake with an epicenter located 180 kilometers southeast of Santa Ana, Cagayan, triggered by movement along the East Luzon Trough will follow to assess and strengthen Santa Ana, Cagayan’s disaster preparedness and response mechanisms, particularly its Contingency Plan for Earthquake and Tsunami and the implementation of the Regional Disaster Response Plan (RDRP) of the Cagayan Valley Regional Disaster Risk Reduction and Management Council (RDRRMC). The simulation will test the capabilities of participating government agencies, emergency responders, and local government s in carrying out and coordinating the following emergency response operations: n Early Warning System (EWS) Activation

n Community Evacuation n Emergency

Telecommunications n Incident Management Teams (IMTs) Activation n Alternate Emergency Operations Centers (EOC) Activation n Logistics Coordination and Management n Mass Casualty Incident (MCI) Management n Search, Rescue, and Retrieval (SRR) n Camp Coordination and Camp Management (CCCM) and Internally Displaced Persons (IDP) Protection n Water Search and Rescue (WaSAR) n Management of the Dead and Missing (MDM) n Law and Order n Chemical, Biological, Radiological, and Nuclear (CBRN) Hazards and Oil Spill Response

In addition to the main exercise in Santa Ana, Cagayan, earthquake drills and related exercises will also be conducted in various parts of the country, led by the OCD Regional Offices. The Fourth Quarter Nsed will also coincide with the observance of World Tsunami Awareness Day (Wtad) 2026, which carries the theme “Resilience Starts with You.” The observance underscores the importance of public awa re ness a nd ind iv idu a l prepa redness in reducing tsunami r isks and mit igat ing t heir potent ia l impacts. As part of the Nsed and Wtad observance, the OCD will also hold the “Over Coffee Dialogues: Earthquake and Tsunami Preparedness.” The forum will bring together government experts and international disaster risk reduction and management (DRRM) practitioners. Jonathan L. Mayuga

offices are mandated to conduct regular nutritional assessments and ensure every child receives critical health intervention – including full medical examinations, deworming, routine vaccinations, a nd essent i a l m ic ronut r ient supplementation. These parallel health checks will allow LGUs to meticulously track each child’s growth and intervene swiftly if severe malnutrition persists. To remove bureaucratic roadblocks and accelerate implementation, the DILG ordered LGUs to immediately coordinate with Department of Social Welfare and Development Field Offices to finalize Memoranda of Agreement (MOA). These agreements will fast-track the release of funds and streamline the distribution of daily feeding activities straight to barangay centers. Crucially, the DILG made it clear that disaster or climate emergencies will no longer be an excuse for interrupted feeding schedules. When typhoons or calamities strike, LGUs are required to maintain continuous food assistance by either delivering hot meals directly to children’s homes or activating emergency community kitchens. This aggressive anti-hunger drive aligns directly with President Marcos’ overarching mandate to prioritize early childhood nutrition and holistic human development. During recent Senate budget hearings, the DILG further reaffirmed its commitment to accelerate the implementation of Republic Act 12199, or the Early Childhood Care and Development (ECCD) System Act, by integ rating stand ard ized, ready-to-eat meals into feeding programs for children five years old and below. Underscoring that the fight against stunting and chronic hunger cannot be won by national agencies alone, the DILG reiterated that LGUs hold the ultimate key to giv ing ever y Filipino child a healthy, strong start in life.

HE Supreme Court has affirmed that males and individuals of all gender identities are protected as victims of sexual violence under the law. In a decision written by Senior Associate Justice Marvic M.V.F. Leonen, the High Tribunal stated that sexual violence applies regardless of a victim’s gender. “Sexual violence can be equally devastating regardless of a victim’s gender,” the Court stated, noting that predatory behavior must never be minimized simply because the victim is male. The ruling stems from a September 7, 2018 incident involving a minor boy who was subjected to sexual acts by his paternal aunt while visiting relatives. The matter reached authorities after a relative confronted the victim regarding a group chat discussion, leading to the child’s disclosure of the incident. Medical and psychological eva luations later d iag nosed him with Post-Traumatic Stress

Disorder (PTSD), requiring intensive psychotherapy. The accused denied the charges, citing the child’s initial lack of resistance and claiming the allegations arose from a family custody dispute. The Regional Trial Court in Manila rejected the defense’s arguments and found the aunt guilty of acts of lasciviousness under Republic Act 7610, or the Special Protection of Children Against Child Abuse, Exploitation and Discrimination Act. The Court of Appeals affirmed the conviction on August 30, 2024. The Supreme Court affirmed the conviction, sentencing the perpetrator to nine to 16 years of imprisonment and ordering the payment of P250,000 in civil indemnity and moral damages. The Supreme Court, in this case, established a legal precedent: trauma manifests differently in everyone, and the law will no longer turn a blind eye to male victims. Joel R. San Juan