Issuu

3-yr-high core inflation merits ‘50-bps rate hike’ By Andrea E. San Juan

HE “more persistent” price pressures, exposed by the three-year-high core inflation in October, should prompt a “stronger move” by the central bank at its December rate-setting meeting, according to a former deputy governor of the Bangko Sentral ng Pilipinas (BSP). Given the latest 7.8-percent headline inflation and 5.4-percent core inflation, former BSP Deputy Governor Diwa C. Guinigundo told the BusinessMirror: “I would lean toward a 50-bps [basis points] increase.” Data from the Philippine Statistics Authority (PSA) showed the 5.4-percent core inflation in October was the fastest in three years or since September 2023 when it reached 5.9 percent.

WORLD » A10

FRANCE FACES FRESH PROTESTS WITH BUDGET IMPASSE DEEPENING

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The 7.8-percent headline inflation in October, meanwhile, was the fastest in nearly four years or since February 2023 when it reached 8.6 percent. Guinigundo emphasized to this newspaper: “This is no longer simply a supply-side inflation story.” “The acceleration in core inflation suggests that price pressures are becoming broader and more persistent. A stronger move would help prevent inflation expectations from becoming unanchored and reinforce the BSP’s credibility,” the former central bank deputy governor added. Opting for a 25-bps hike, he said, may be seen as “too cautious” at this point, especially when inflation is already “well above” the target range. Of course, monetary policy cannot produce

more food or energy. As such, Guinigundo said supply-side measures by the government remain “essential.” “But the BSP must ensure that temporary supply shocks do not become entrenched inflation,” Guinigundo also noted. In a recent interview with reporters, BSP Governor Eli M. Remolona Jr. said the central bank is closely watching core inflation as this metric will determine if the Monetary Board would still have to tighten monetary policy. “We are really tracking core inflation since there’s nothing we can do about volatility; so if the core looks fine, headed for the target, so we won’t have to tighten,” Remolona said.

Growth or inflation?

WITH the official third-quarter 2026 Gross

Domestic Product (GDP) scheduled to be released on November 9 by the Philippine Statistics Authority (PSA), Guinigundo said the central bank “should certainly” consider this data point in its policy decision, “particularly if it shows continued weakness in domestic demand.” However, with inflation at 7.8 percent and core inflation at 5.4 percent, the former BSP deputy governor said: “Price stability has to take priority for now.” Further, he said this is not a choice between inflation and growth in the long run. “Persistently high inflation itself undermines real incomes, consumer confidence, investment and ultimately growth,” Guinigundo asserted. See “Rate Hike,” A2

BusinessMirror A broader look at today’s business

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OCT INFLATION AT 7.8%: THE PEAK, OR RISING? www.businessmirror.com.ph

Friday, November 6, 2026 Vol. 22 No. 30

P25.00 nationwide | 3 sections 40 pages | 7 DAYS A WEEK

By Justine Xyrah Garcia

HE Philippines faces another test in its fight against rising prices as inflation hit a nearly four-year high in October, with economists split on whether the surge has peaked or still has room to climb. On Thursday, the Philippine Statistics Authority (PSA) reported that headline inflation jumped to 7.8 percent in October from 7.2 percent a month earlier. The latest figure marked the highest inflation rate since February 2023, when it reached 8.6 percent amid supply disruptions triggered by the Russia-Ukraine war, which drove up global oil and food prices.

Unlike the 2022 to 2023 inflation surge, which coincided with the economy’s recovery as businesses reopened after the Covid-19 pandemic, Ateneo de Manila University (ADMU) economist Leonardo A. Lanzona Jr. said the current episode presents a different challenge as rising prices are now accompanied by weak economic growth. See “Inflation,” A2

D.A. ROLLING OUT P1-B MOBILE SOLAR IRRIGATION SYSTEMS By Ada Pelonia

HE Department of Agriculture (DA) will roll out P1 billion worth of mobile solar irrigation systems as early as December to cushion the impact of El Niño-driven drought on crop production. Agriculture Assistant Secretary Arnel de Mesa said the agency is targeting to launch the system by December, with the majority of the units released in January when the dry spell is expected to reach its peak. “These mobile solar irrigation systems can be used for vegetable plantations and not just in rice

fields. After all, rice is not our only problem,” he told reporters. “Even for livestock and aquaculture, this is also important.” The mobile systems will be set up in areas most affected by El Niño, provided there is a sustainable source of water, either groundwater or open water source. “The good thing about this is that it can be used for flooding [fields] or as a sprinkler or even drip irrigation, so it can be used for other commodities,” de Mesa said. Most of the farmers use the traditional method of transplanting seedlings into puddled fields. He said the DA requested P3 billion See “Solar,” A2

MASSIVE FIRE GUTS SUBIC FREEPORT FACTORIES Thick smoke continues to

billow from factories gutted by a massive fire at Subic Gateway Park in the Subic Bay Freeport Zone on Thursday morning, November 5, hours after the blaze broke out Wednesday night. Firefighters battled the fire until morning, with no casualties reported as of Thursday. Story on A4 Economy. TYRONE ELIZALDE

DUCK, COVER AND BE READY Workers and senior citizens at Quezon City Hall take cover during the “Duck, Cover, and Hold” exercise as they participate in the fourth-quarter Nationwide Simultaneous Earthquake Drill (NSED) on Thursday, November 5, 2026. Led by the Office of Civil Defense (OCD) in coordination with the National Disaster Risk Reduction and Management Council (NDRRMC) and local government units, the nationwide exercise sought to test the country’s preparedness and response capabilities in the event of a major earthquake. This quarter’s drill featured a simulated magnitude 8.5 earthquake followed by a tsunami, with Santa Ana, Cagayan, serving as the main exercise site. The nationwide activity also coincided with World Tsunami Awareness Day, highlighting the importance of public awareness, early warning systems and community preparedness against earthquake and tsunami hazards. NONOY LACZA

PHL tourist numbers seen up with Asean Summit By Ma. Stella F. Arnaldo Special to the BusinessMirror

HE Philippines’s hosting of the 49th Association of Southeast Asian Nations (Asean) Summit and Related Meetings will help lift the country’s tourist arrivals. In a news briefing on Wednesday, Acting Tourism Secretary Ma. Bernardita Angara-Mathay, said they are projecting “about 10,000 [delegates], so that will certainly come out in the final figures, [and] will help us [increase visitor arrivals]. The Asean Summit is from November 16 to 18, 2026, and will be held at the Philippine International Convention Center (PICC). The Summit participants include 21 foreign leaders from Asean member-states and those attending the Quadrilateral Security Dialogue such as US President Donald J. Trump, and officials of Australia, India, and Japan. Each memberstate is projected to bring some 500 people, she added.

The DOT is targeting the arrival of 6.7 million foreign visitors this year, compared to the 6.4 million who arrived in 2025. The agency is neck-deep in preparations for the Summit, with Angara-Mathay being vice chair of the National Organizing Committee. (See, “DOT preps teams to charm Asean Summit delegates,” in the BusinessMirror, Oct. 26, 2026.) This developed as the DOT chief announced free jeepney rides in select parts of Metro Manila in preparation for the Summit. The modern jeepneys will be wrapped in images of iconic Philippine tourist attractions, festivals, and experiences as a way to promote the country, she said.

DOT, DOTr, LTFRB partnership

THE service was formalized through an agreement signed on Wednesday between the Department of Tourism (DOT), Department of Transportation (DOTr), and the Land Transportation Franchising and Regulatory Board (LTFRB).

LTFRB-accredited jeepney groups will be driving the 30 vehicles that will offer roundtrip services from SM Fairview to Buendia (North Route), and from Sucat to Baclaran (South Route), until November 14. The service, available from 4 a.m. to 10 p.m., began on November 5. Speaking in Filipino, Angara-Mathay said: “The President’s directive is that the Philippines’s chairship [of the Asean] should not merely be seen or watched on the news. Every Filipino should feel the tangible benefits it brings.” She added: “That is why we continue working closely with our partner government agencies to develop initiatives that showcase the best of the Philippines while creating meaningful experiences for our visitors, delegates, and stakeholders.” For his part, DOTr Undersecretary for Road Transport and Infrastructure Mark Steven C. Pastor highlighted the importance of a whole-of-government approach in mounting programs that will ben-

efit Filipinos during the country’s hosting of the Asean Summit. “This is a reflection of our commitment that we are collaborating with different agencies, in particular the DOT, for spearheading this initiative. We, at the agency, fully support the DOT because we are not just showcasing our country, we are showcasing our culture, and our tourism,” he said.

PHL themed postcards, stamps

ALSO on Wednesday, the DOT signed an agreement with the Philippine Postal Corp. (Philpost) for the latter to offer postal services in the International Media Center at the World Trade Center in Pasay, from November 11 to 17. The service will allow delegates to the Asean Summit to buy and send Philippine-themed postcards and Asean commerative stamps at the IMC. Delegates can choose from 25 postcards “showcasing the country’s tangible and intangible cultural heritage” that were produced by the DOT. See “Asean,” A2

PESO EXCHANGE RATES n US 63.4880 n JAPAN 0.4007 n UK 85.5310 n HK 8.0925 n CHINA 9.5106 n SINGAPORE 49.6621 n AUSTRALIA 44.4670 n EU 71.2970 n KOREA 0.0474 n SAUDI ARABIA 16.9211 Source: BSP (November 5, 2026)

News

BusinessMirror

A2 Friday, November 6, 2026

Solar…

Continued from A1

for irrigation projects from the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) program. Of this, P1 billion was earmarked for mobile solar irrigation, while the remaining P2 billion was allocated for regular solar irrigation projects. Earlier, the DA requested P6.2 billion from the UPLIFT program to the Department of Budget and Management (DBM). This would provide farmers and fisherfolk with fertilizer and fuel assistance in preparation for the impact of the dry spell on the farm sector. Latest development indicated that the initial assistance will cover 310,968 farmers and fisherfolk under the UPLIFT. The DA has allocated P2.2 billion for fertilizer assistance and P1 billion for cash assistance under the initial package. Meanwhile, the continued weakening of the peso to a recent low of P64 per dollar also compounds worries brought by El Niño. De Mesa previously said the peso’s depreciation would ripple across costs of imported goods, pushing up prices of commodities like fertilizers and rice. He also pointed to the volatility of freight costs due to prices of petroleum products. Despite this, he allayed concerns that retail prices would breach the P60 per kilo mark, pointing to cheaper global quotations for rice due to ample supply as an offsetting factor. The prevailing price of imported wellmilled and regular milled rice stood at P48 and P45.5 per kilo, based on the latest government monitoring report. Local well-milled and regular milled retailed P49 and P48 per kilo, respectively.

www.businessmirror.com.ph

Oct rice stocks slip by 8.3%, but corn stockpile up 17.7% T

By Ada Pelonia

HE country’s rice stocks fell by 8.3 percent in October on the back of smaller inventories from households and the National Food Authority (NFA), according to the Philippine Statistics Authority (PSA). Data from the PSA showed that rice inventory slid to 2.16 million metric tons (MMT) as of October 1, from the 2.35 MMT recorded last year. Last month’s stock inventory, however, posted a 13.2-percent increment from the 1.91 MMT posted in

Asean…

Continued from A1

The stamp collections include the Philippines’s Asean Chairship 2026 stamp, a commemorative stamp

Rate hike… Continued from A1

The BSP therefore has to “restore inflation credibility while the government addresses the supply constraints and governance issues that are holding

September. The PSA said 49.8 percent or 1.08 MMT was held by commercial entities while 37.3 percent or some 806,120 metric tons (MT) was stored by households. It added that rice stocks in the NFA warehouses in the reference month reached 277,490 MT, accounting for nearly 13 percent of total inventory. “This month’s rice stocks inventories registered annual decreases from the NFA depositories by 38.0 percent and from the households by 15.3 percent. On the other hand, an annual increase was noted from the commercial sector by 12.6 percent,” the PSA said. “In comparison to the September 2026 rice

stocks levels, increments were noted from the commercial sector by 31.7 percent and in the households by 0.3 percent. Meanwhile, rice stocks inventory from the NFA depositories decreased by 3.2 percent.” In the same report, the PSA said total corn stockpile as of October 1 rose by 17.7 percent to 996,810 MT from 846,810 MT in the same period last year. Likewise, the latest total corn inventory also jumped by 22.1 percent on a monthly basis from the 816,460 MT posted in September. “From the same month of the previous

year’s level, corn stocks inventory as of 01 October 2026 recorded annual increases from the commercial sector by 20.5 percent and from the households by 7.9 percent.” “Relative to the inventory level in September 2026, the volume of corn stocks from households increased by 144.2 percent and from the commercial sector by 8.5 percent.“ PSA data showed that corn stocks from the commercial sector accounted for almost 80 percent to 796,520 MT, while those in households made up 20.1 percent of the inventory at 200,290 MT.

marking the 50th anniversary of the Treaty of Amity and Cooperation in Southeast Asia, and the Asean Fruits series, among others. “These postcards and stamps are our invitation to the world. We hope to share not only the beauty of our destinations but also the stories, tra-

ditions, and cultural identity that make the Philippines truly loved by many,” said Angara-Mathay. For Philpost, the initiative is a chance to reintroduce the relevance of postal services in an increasingly digital world. “Postcards and stamps tell sto-

ries, capture experiences, and connect people, places, and cultures. More importantly, they give our international guests something tangible to remember their time in the Philippines,” said Postmaster General and CEO Maximo C. Sta. Maria III.

back growth,” he also noted. According to Guinigundo, the “important point” is that monetary policy “should not be asked to carry the entire burden of supporting growth when the economy is simultaneously facing an inflation problem.” “Fiscal, structural and supply-side policies must do their part,” the former central bank deputy governor said.

BSP might scale back to quarter-point hike in December

Angelo B. Taningco said the BSP can do a “modest 25 basis point hike” at its next Monetary Board meeting in December following the 50-basis-point hike in October. “So why a moderate hike and not another jumbo hike, given that the inflation print in October was more than expected? Because the outlook right now...given what’s happening externally...is that it might taper inflation expectations,” added Taningco. “Given what’s happening in the US, Democrats sweep on the midterm elections. And they now realize that the Iran war is one of the biggest reasons why the Republicans failed in outnumbering the Democrats in the election. So they lost, primarily because of that,” Taningco explained. Further, the chief economist of Security Bank said the chance of having a ceasefire may increase. And if that materializes, he said: “Then you have in the rest of the world...inflation expectations potentially going down.”

Inflation…

Former Socioeconomic Planning Secretary Dante B. Canlas, however, sees room for inflation to moderate in the remaining months of the year, citing recent geopolitical developments that could ease pressure on global oil prices. Canlas said the possibility of easing tensions in the Middle East, potentially following the US midterm elections, could help temper the oil crisis. He also noted that the weakening of the US dollar after the elections could support the peso against the greenback. “The last interest-rate hike by the [Bangko Sentral ng Pilipinas] of 50 basis points may start ushering in its anti-inflationary effects,” he also noted.

MEANWHILE, two banks believe the central bank may opt for a less aggressive move at its December rate-settting meeting following the US mid-term elections, coupled with a weaker US Dollar and lower oil prices—as these events could taper inflation expectations. Dutch multinational banking firm ING said it expects the BSP to “scale back” to a 25bp hike in December. “Looking ahead, developments around Iran following the US mid-term elections, coupled with a weaker USD and lower oil prices, suggest the BSP may prefer to assess the cumulative impact of past tightening before moving aggressively again,” ING said. If oil prices continue to ease and thirdquarter GDP growth next week “prints weak,” ING said: “We think the case for another jumbo hike is limited.” Security Bank Corporation chief economist

Continued from A1

Economic growth slowed to a five-year quarterly low of 2.3 percent in the second quarter, marking four consecutive quarters of deceleration. “This episode is also worse than 2022-23 in one respect: prices are rising while growth is weak and the peso is near record lows. That is stagflation, not a reopening boom,” Lanzona told the BusinessMirror. He said inflation could climb further as the effects of recent public transportation fare increases, ranging from P1 to P35 depending on the vehicle type, are expected to persist through December. However, the pace of price increases would largely depend on global oil prices and the peso’s performance, after the currency hit a new record low of P64.17 against the US dollar last October 27. Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera also said inflation surpassing the peak recorded during the Russia-Ukraine remains possible if energy prices stay elevated, the peso weakens further, and higher production and transport costs spread to other goods and services. “Like the 2022–2023 episode, current inflationary pressure has a significant external component,” Rivera told this newspaper. Of concern, he added, “is the combination of energy shocks, currency depreciation, existing domestic supply constraints, which could make inflation more persistent.” PSA data showed that transport costs were the biggest driver of October inflation, with the commodity group’s inflation rate accelerating to 20.1 percent from 14.6 percent in September. Within the group, inflation in other passenger transport by road, which includes jeepney and tricycle fares, reached 11.6 percent. Gasoline prices rose by 51.1 percent, while bus fares increased by 10.2 percent. Other major contributors to inflation were housing, water, electricity, gas and other fuels, whose inflation rate rose to 9.3 percent from 8.4 percent, and restaurants and accommodation services, which accelerated to 7.7 percent from 7 percent.

Oil shock spills

ECONOMISTS also pointed out that rising oil prices are no longer the only factor driving inflation, as external shocks increasingly feed into domestic prices. With core inflation—which excludes selected volatile food and energy items—climbing to 5.4 percent in October, Lanzona said price pressures had spread to transport fares, utilities, restaurants and imported goods. “Inflation also re-accelerated after cooling through July as the conflict waned, which points to domestic factors and the weak peso,” he added. Rivera likewise said the impact of higher oil prices was spreading through transportation, electricity, food production and distribution costs. Domestic supply constraints, logistical inefficiencies, and weather-related disruptions were further intensifying price pressures. PSA data showed that six of the 10 remaining commodity groups monitored by the agency posted faster annual inflation in October. These were alcoholic beverages and tobacco, at 6.6 percent; clothing and footwear, at 3.4 percent; furnishings, household equipment and routine household maintenance, at 5 percent; health, at 5.9 percent; recreation, sport and culture, at 5.4 percent; and personal care and miscellaneous goods and services, at 4.3 percent. Food and non-alcoholic beverages was the only commodity group among the 10 to record slower inflation, easing to 6.1 percent from 6.7 percent in September. The remaining three groups maintained their previous inflation rates.

Zalameda… Continued from A13

on the Use of Human-Centered Augmented Intelligence in the Judiciary and an AI-powered voice-to-text transcription system called Scriptix; and the introduction of the Judiciary Electronic Payment Solution (JEPS) to modernize the payment of court fees through secure digital transactions. Also during his term, the SC approved the Rule on Family Mediation, expanding the use of mediation to include international child abduction cases and cross-border disputes involving child support, custody, visitation, and other child-related matters between Filipinos and citizens of other Asean countries. Under the SPJI, the Office of the Regional Court Managers was also established to ease trial court judges’ administrative and fiscal workloads as well as the operationalization of the Office Judiciary Marshals. Gesmundo noted that the initiatives introduced and implemented over the years reflected the Judiciary’s readiness to learn, embrace change, and keep pace with the demands of the times. While conceding that much work remains, Gesmundo expressed confidence he will leave behind a Judiciary prepared to build on the foundations he has laid and ready to face future challenges with courage, competence, and compassion. Gesmundo was a graduate of Ateneo de Manila University and passed the Bar examinations in 1984. He began his legal career at the Office of the Solicitor General, where he rose through the ranks and became an Assistant Solicitor General. He had also served as Commissioner of the PCGG and Consultant to the Commission on Elections Office of the Chairperson. On October 15, 2005, he was appointed Associate Justice of the Sandiganbayan. He later joined the Supreme Court as an Associate Justice in 2017 and was appointed Chief Justice in 2021.

Broader, more predictable support

THE impact of rising prices was more pronounced among low-income households, with inflation for the bottom 30 percent of income households accelerating to 9.5 percent in October from 9 percent in the previous month. Lanzona said this underscores the need to pair interest-rate hikes with “broader and more predictable” assistance for poorer households. He said existing government aid was insufficient, citing its limited coverage and one-off nature, as well as the government’s decision not to suspend fuel excise taxes and value added tax. Canlas likewise called for targeted commodity subsidies and cash transfers to help low-income families cope with higher prices. He also warned that El Niño could hurt agricultural production and drive up prices across the economy, stressing the need for government investments in small-scale irrigation and water impounding systems to mitigate its impact. Rivera, meanwhile, said the government should assess whether its interventions are reaching vulnerable households in a timely manner and whether the assistance is adequate. “Targeted assistance must be complemented by measures that improve food supply and reduce production and distribution costs. Effectiveness should be measured by how much these interventions protect household purchasing power not by the number of programs implemented,” he also said.

DepDev: Measures in place

SOCIOECONOMIC Planning Secretary Arsenio M. Balisacan said the government will continue strengthening targeted interventions to support producers, improve supply, and provide relief to vulnerable sectors amid rising prices. “By improving agricultural productivity and logistics and addressing constraints in food and energy supply, we can ease price pressures, protect purchasing power, and build greater resilience against external shocks,” Balisacan said in a statement. As part of these efforts, the Marcos administration is expanding agricultural support through the Rice Competitiveness Enhancement Fund and Kadiwa outlets, with the Department of Agriculture releasing P11 billion in assistance to farmers and fisherfolk as of October 21. The government is also rolling out P3 billion in fuel subsidies for around 300,000 farmers, fisherfolk and agricultural delivery-truck drivers, while implementing measures to ensure adequate power supply and curb electricity costs.

The Nation

www.businessmirror.com.ph

Friday, November 6, 2026

Focus on Sara’s wealth, not technicalities: Prosecution to Duterte’s defense counsel J

Blogger retracts Romualdez jail ‘sneak out’ claim

By Jovee Marie N. dela Cruz

@joveemarie

HE House of Representatives impeachment prosecution panel on Thursday welcomed the withdrawal of Vice President Sara Z. Duterte’s first defense witness, Dean Ralph Sarmiento of the De La Salle College of Law, insisting that the trial needs to drop the general legal lectures and zero in on the massive unexplained wealth allegations.

“It was only right for Dean Ralph Sarmiento to withdraw from appearing in the trial,” said House prosecutor and Party-list Rep. Terry Ridon of Bicol Saro. He emphasized that the defense panel has to directly tackle the serious financial allegations outlined in Article II—the sole remaining impeachment charge against the Vice President. Ridon argued that bringing in testimony on broad legal and constitutional theory was completely beside the point. Instead, he stressed, the spotlight must stay firmly on explaining the Vice President’s allegedly unaccounted riches. Specifically, the prosecution

wants answers regarding the alleged P800 million to P1.5 billion in unexplained wealth, over P100 million in bank accounts allegedly left off Duterte’s Statements of Assets, Liabilities and Net Worth (SALNs), and credit card tabs topping P200,000 for dining out and shoe shopping. Sarmiento, a constitutional law professor and legal analyst, opted out of taking the stand for either side to safeguard his professional neutrality. Just a day earlier on Wednesday, the defense had requested the Senate Impeachment Court to subpoena Sarmiento as their opening witness to speak on constitutional principles tied to Article II.

“I cannot testify as a witness for either side. My independence as a constitutional law professor and legal analyst is important to me,” Sarmiento said. His exit comes right before proceedings resume on November 9, when Duterte’s legal team is scheduled to begin laying out its defense. Meanwhile, House impeachm e nt a d v i s e r a n d p r o s e c u tion spokesperson Ace Barbers brushed off the defense team’s stream of objections to their evidence, calling it “an expected tactic given how damaging the financial trail is.” See “Sara,” A4

PHL to acquire more BrahMos missiles T

HE Philippines is doubling down on its modern defense structure, clearing the way to acquire an additional fleet of Indian-made BrahMos supersonic cruise missiles to reinforce its maritime defense footprint. Speaking via video link at the Third Delhi Defense Dialogue on Wednesday, Defense

Secretary Gilberto Teodoro Jr. revealed that Manila has submitted a customized request list to New Delhi. The tailored specifications aim to fine-tune the formidable Mach 2.8-capable anti-ship missiles for maximum operational impact across the Philippines’ unique archipelago terrain and coastal environments.

Teodoro lauded the deepening strategic partnership between the two nations, noting that Manila’s status as the inaugural export customer for the lethal weapon system reflects deep mutual confidence. Beyond the tactical edge, he framed the acquisition as a major stamp of confidence in the country’s modern military standards,

calling the milestone a “seal of good housekeeping” for the defense sector. The move comes as Manila continues a multiyear effort to modernize its armed forces, placing fast, precision strike capabilities front and center to guard crucial sea lines of communication and protect sovereign territorial waters. In January 2022, the Philippines became

the first export customer of the BrahMos shorebased supersonic anti-ship missile system, deploying the missiles in coastal defense configuration. The BrahMos missiles of the Philippines were acquired under the Horizon 2 phase of the 15-year Modernization Program of the Armed Forces (AFP). Rex Anthony Naval

AIL officials and defense counsel on Thursday addressed allegations before the Sandiganbayan on the detention conditions of former Speaker Ferdinand Martin G. Romualdez, as broadcaster Ramon Tulfo publicly retracted his claims that the legislator was secretly leaving the facility. During the hearing before the Sandiganbayan Third Division, Quezon City Jail Superintendent Maria Lourdes Pacion denied reports that Romualdez was allowed to leave his cell, confirming that he remains inside the facility, only moving to the sunning area or the courtroom for hearings. However, Pacion admitted that a personal staff member was permitted to stay with Romualdez at all times inside his cell for human consideration, citing his mental state as per their assessment and the jail’s inability to assign personnel to attend to his daily personal needs. Pacion noted that such arrangements are left to the jail warden’s prerogative and determined on a case-to-case basis. Despite Pacion’s assurances, the antigraft court ordered the Bureau of Jail Management and Penology (BJMP) to review all closed-circuit television (CCTV) footage covering the period from Romualdez’s commitment up to November 4, submit a notarized report on his movements, and provide status reports on the CCTV system and his health. Officials from BJMP were ordered to appear anew before the court on November See “Romualdez,” A4

Economy

Friday, November 6, 2026

www.businessmirror.com.ph

Bureaucrats, typos, missing billions: House steps up budget heat on DA

By Jovee Marie N. dela Cruz

@joveemarie

EADERS of the House of Representatives are turning up the heat on Executive agencies over questionable budget submissions and delayed disaster funds, insisting that bureaucrats—not lawmakers— must take the fall for sloppy paperwork. Speaking to reporters on Thursday, Speaker Faustino Dy III issued a blunt warning against sloppy budget submissions while calling for sweeping transparency in the national spending plan. “The public must know where their money goes, who proposed the projects, why they are necessary, and who will benefit from them,” Dy said, backing proposals to open bicameral conference proceedings to public view and disclose supporting project documents. Dy pushed back against the narrative that all congressional budget realignments stem from pork-bar rel politics, f raming amendments as a duty to local constituents—provided the projects are legitimate. “There should be

nothing to hide if nothing wrong has been done,” he added.

Coordinates, ‘fat finger’ errors

THE Speaker’s call for accountability comes as the House Committee on Agriculture and Food uncovered a series of glaring errors in executive branch proposals. The committee chairman, Quezon Rep. Mark Enverga, called out the Department of Agriculture (DA) after discovering errant geographical coordinates in eight farm-to-market road (FMR) projects listed in the proposed 2027 National Expenditure Program (NEP). Agriculture Assistant Secretary for Operations U-Nichols Manalo admitted the blunders were “encoding errors’—simple

typos involving mistyped digits before the budget even reached Congress. But Enverga was not buying the excuse that lawmakers should catch these glitches during deliberations. “It would be extremely difficult for us to check thousands of coordinates one by one,” Enverga said, noting that missing or wrong coordinates could freeze allocations, render projects unimplementable, and leave critical rural infrastructure stranded. Similar coordinate discrepancies involving roughly P17 billion in Department of Public Works and Highways (DPWH) projects were also raised by Camarines Sur Rep. Arnie Fuentebella. To keep civil works on track, Enverga proposed a special budget provision allowing agencies to correct minor technical entries, provided the actual scope and locations remain unchanged. Agriculture Secretary Francisco Tiu Laurel Jr. has since launched an internal investigation alongside civil society groups.

P14-B drought fund stuck in red tape

THE administrative missteps extend far beyond map coordinates. Enverga revea led that P14 billion meant for El Niño prepa rat ions rem a ins t rapped at the Department of Budget and

Ma n agement (DBM) — si mply because the DA has failed to submit complete documentary requirements. The unreleased P14 billion is the remaining balance of this year’s P61.99-billion El Niño action plan. DBM assured lawmakers the funds are ready for release the moment the DA completes its paperwork. “The funding is already available and being implemented, but preparations must happen now— not when the drought is already hitting us,” Enverga stressed, urging the DA to clear the administrative bottleneck immediately. The funding delay comes at a perilous time for the country’s agricultural sector. Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) Climate Monitoring Chief Ana Liza Solis warned law makers that an ongoing, severe El Niño pattern will persist through the first quarter of 2027. Rainfall reductions exceeding 60 percent are projected across broad swaths of the country. With climate pressures compounding economic risks, lawmakers are insisting that the Executive branch tighten its paperwork before administrative delays turn into full-blown supply chain shocks.

FIRE trucks and emergency vehicles respond at the site of a massive factory fire in the Subic Bay Freeport on Wednesday, November 4. SUBIC SUN

Massive blaze destroys Subic freeport factories By Henry Empeño

UBIC BAY FREEPORT—A massive fire broke out at a manufacturing complex here on Wednesday night, gutting several factories located side by side at the Subic Gateway Park and keeping responding firefighters battling the blaze until the following morning. The fire started around 10:45 p.m. at the factory of bag producer Philippines Jinboway Technology Ltd. Corp. and rapidly spread to neighboring facilities, sending night-shift workers scampering out for safety, witnesses said. Firefighters from the Subic Bay Metropolitan Authority (SBMA), Olongapo City and Subic, Zambales, fought to put out the fire but were stymied for hours by the rapid spread of the blaze, said SBMA Corporate Communications Manager Armie Llamas. “As of 2:35 a.m. on November 5, the fire at Jinboway had grown more intense, spreading to the row of buildings on the opposite side. Thick black smoke blanketed the area,” Llamas reported. “The factory’s textile supplies and plastic materials may have largely contributed to the rapid spread of the flames,” she added.

Former Olongapo vice mayor Jong Cortez said the fire was still burning at 4:41 a.m., even as firefighters and volunteer fire brigades tried their best to control it. By 5:00 a.m. of Thursday, the SBMA Fire Department had not yet officially declared the fire out. Drone footage uploaded on social media on Thursday morning still showed thick gray smoke coming from the burned factories. SBMA’s Llamas said no casualties have been reported so far. The factor y fire came barely two months after Jinboway announced a $5-million expansion program to build four “smart” factories to increase production after seven years of operation in a 28,234-square meter facility at Phase II of the Subic Gateway Park. Jinboway Chief Executive Officer Vicky Wei said the new facilities to be built on a 4.5-hectare property will focus on manufacturing sports and athletic goods, as well as electronic equipment. The company started as a small cut-andsew bag manufacturer in Subic in 2019 and soon grew to employ 3,000 workers. The company’s expansion program is expected to increase its workforce by another 1,000 workers.

(BIR), the Securities and Exchange Commission (SEC), and t he A nt i - Mone y L au nde r i ng Council (AMLC). These official records—paired with Duterte’s own sworn SALNs and tax returns—will be tough for the defense to shake, Barbers added, since they originate from government regulators or were submitted under oath by the Vice President herself. The prosecution previously presented findings from forensic accounting expert Alexander Cabrera, who uncovered at least

P817.87 million in allegedly undeclared assets linked to Duterte and her husband, lawyer Manases Carpio, between 2022 and 2025. Looking ahead, Barbers anticipates seeing far fewer defense witnesses than the 90 originally slated during pretrial prep, given that three of the four original charges have already been trimmed away. He shared his hope that the Senate trial will wrap up before year’s end, letting the nation finally turn the page regardless of whether the verdict lands on conviction or acquittal.

recording the movements. Tulfo has since retracted the statement, admitting he relied on unverified, incorrect information from a source and describing the experience as humiliating. Romualdez’s legal counsel, Ade Fajardo of Solis Medina Fajardo Malilong, welcomed the retraction following a formal demand letter sent to Tulfo on November 4 requiring him to cease, remove, and correct the post under threat of legal action. Fajardo emphasized that Tulfo’s admission aligned with Superintendent Pacion’s testimony and noted that the false claims were highly damaging and had a tendency

to inflame the public. Invoking the Supreme Court ruling in Tulfo v. People, Fajardo underscored the responsibility of journalists to verify source details, present both sides, and correct errors promptly to prevent false allegations from gaining unearned credibility. Fajardo distanced himself from the issue of Romualdez’s 24/7 personal staff, stating he had no personal knowledge of the arrangement. Romualdez is currently undergoing trial for a P7.4-billion plunder charge over allegations of receiving kickbacks and commissions from government flood control and infrastructure projects.

Calls grow to lift limits on number of MC taxi riders S

OMMUTER advocac y groups and lawmakers are mounting joint pressure on transport regulators to scrap outdated pre-pandemic supply caps on motorcycle taxis, calling for a transition to demand-based policies. Backing a proposal from Transportation Secretary Vivencio Dizon to review rider limits, both the Coalition of Filipino Commuters (CFC) and members of the House of Representatives argue that rigid restrictions exacerbate Metro Manila’s public transport shortage, strand commuters, and threaten rider livelihoods. The unified push comes on the heels of a P555.75-million fine imposed by the Land Transportation Franchising and Regulatory Board (LTFRB) against platform

provider Move It for allegedly exceeding rider limits. The regulator reported 73,321 active Move It riders as of May 2026—significantly higher than its assigned cap of 17,746 across Metro Manila, Cebu City, and Cagayan de Oro. Move It has appealed. Ira Panganiban, chairman of the CFC, said that with Metro Manila generating an estimated 16 million trips daily based on Japan International Cooperation Agency (Jica) transport studies, motorcycle taxis have become an essential lifeline rather than an alternative option. Panganiban warned that arbitrary caps fail to address underlying transit shortages, leading to longer wait times and stranded passengers. While stressing that

safety, rider accountability, and insurance must remain non-negotiable, Panganiban urged regulators to adopt transparent, evidence-based rules modeled after Southeast Asian neighbors that regulate safety without restricting market supply. Echoing these concerns, lawmakers point to the necessity of long-term legislative reform. House Deputy Majority Leader Ramon Rodrigo Gutierrez, nominee of 1-Rider party-list group and Parañaque City Rep. Brian Yamsuan underscored the urgency of replacing obsolete limits with policies grounded in actual ridership data. Gutierrez noted that his refiled House Bill 4416, or the Motorcycles-for-Hire Act, seeks to institutionalize motorcycle taxi

PHL revamps Asean tracking for results

HE Philippines is calling on its neighbors to turn big promises into real progress. At the 41st Asean SocioCultural Community (Soca) Senior Officials Meeting in Pasay City, the Department of Social Welfare and Development (DSWD) urged member nations to step up accountability and ensure regional pacts deliver actual results for their people. “The agenda before us invites us to look back on our collective work, take note of key decisions...and follow through,” said Social Welfare Undersecretary Adonis Sulit, who chairs the Soca committee. Sulit emphasized that steady teamwork is key to keeping the momentum going across the bloc’s cultural and social goals. A major milestone lands on November 6 with the official kickoff of the 36th ASCC Council Meeting and the

launch of the new Planning, Monitoring, Evaluation and Learning System (Pmels). An upgrade to the current Asean Database for Monitoring and Evaluation (Adme), this digital portal gives the 11-member bloc a sharper, data-driven tool to track regional projects, pool research, and guide policy. The timing is critical: Asean is wrapping up its Blueprint 2025 and shifting gears toward its Strategic Plan under the Asean Community Vision 2045. Sectoral bodies cover everything from healthcare and youth empowerment to disaster response and environmental protection. Sulit called the transition a prime opportunity to learn from the past and adapt to evolving needs. Under the theme “Navigating Our Future, Together,” the Philippines’ 2026 chairmanship has championed its signature

“RISE” agenda: n Resilient and empowered families n Inclusive development n Smart youth and innovation n Environmentally sustainable and food-secure future During the Pasay gathering, officials reviewed progress on RISE deliverables and prepared key documents for the coming 49th Asean Summit. As the country prepares to pass the chairmanship to Singapore, Sulit credited member states and the Asean Secretariat for making the RISE goals a reality. “While the chairship may change, our shared commitment to Asean cooperation and the wellbeing of our peoples remains constant,” he noted, pledging full support for Singapore’s incoming leadership. Jovee Marie N. dela Cruz

services, establish a permanent regulatory framework under the Department of Transportation (DOTr) and Land Transportation Franchising and Regulatory Board (LTFRB), and secure social protections for riders. Dizon confirmed that the DOTr will convene meetings with key operators—Move It, JoyRide, and Angkas—to re-evaluate supply allocations against real consumer demand. Concurrently, the House Committee on Transportation plans to conduct inquiries into platform operations and safety compliance—including background checks, motorcycle roadworthiness, and app safety features—to ensure increased caps go hand in hand with commuter protection.

Jovee Marie N. dela Cruz & Lorenz S. Marasigan

Sara. . . Continued from A3

Barbers noted that the defense has tried to block nearly every piece of documentary evidence put forward, a trend he expects to continue during the formal offer of evidence stage. However, he remained confident, pointing out that the prosecution’s paper trail comes directly from heav y-hitting official sources like banks, the Bu re au of I nter n a l R e venue

Romualdez. . . Continued from A3

9 to submit these reports. Medical Officer Henry N. Fabro of the New Quezon City Jail Male Dormitory was also summoned alongside Pacion to clarify the matter. The court order follows viral claims made by Tulfo in a November 3 Facebook post, where he alleged that Romualdez secretly exited the jail via a backdoor staircase to a waiting ambulance while Pacion turned off the facility’s electricity to prevent security cameras from

Friday, November 6, 2026

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House opens public consultations on party-list system reforms By Jovee Marie N. Dela Cruz @joveemarie

HE House of Representatives is moving to tighten rules governing the party-list system, with lawmakers opening public consultations on proposed reforms aimed at preventing political interests from undermining the representation of marginalized and underrepresented sectors. The House Committee on Suffrage and Electora l Refor ms, chaired by Lanao del Sur Rep. Zia Alonto Adiong, launched its first public consultation on Thursday at Caraga State University in Butuan City on the proposed New PartyList System Act. Adiong said nearly three decades of implementing the partylist system have raised fundamental questions about who should qualify to represent marginalized sectors and whether congressional

seats are still serving their original purpose. “Nearly three decades after the first party-list elections, we must confront difficult but necessary questions. Who truly speaks for the people? Who deserves to occupy the seats intended to give them representation? And how do we ensure that the party-list system remains an instrument of democracy rather than merely another avenue to political power?” Adiong said.

He cited gaps in existing laws, conf licting interpretations and questions over the qualifications of party-list representatives as issues that need to be addressed to protect the integrity of the system. “These uncertainties cannot remain unresolved. For every ambiguity in the law, there is a risk that the very people the system was designed to empower will be left without a genuine voice,” he said. The measure seeks to establish clearer standards for sectoral representation, strengthen accountability among party-list organizations, promote internal democratic participation and improve transparency in the allocation of congressional seats. Adiong stressed that the reforms should restore the connection between party-list representatives and the communities they are supposed to serve, warning that a congressional seat should not become a political privilege. “Our purpose is to restore and reinforce the connection between the people and those who claim to represent them,” he said. “A seat in Congress must never be reduced to a political privilege.

It is a public trust, carrying the responsibility to speak for communities, defend their interests, and ensure that their aspirations are reflected in the laws of our nation,” he added. The committee said the consultation is part of efforts to gather recommendations from stakeholders and the public before refining the proposed legislation. Adiong said the public must have a meaningful role in shaping reforms to a system specifically designed to give underrepresented Filipinos a voice in Congress. “And because these reforms concern the people’s representation, it is only right that the people themselves have a meaningful role in shaping them,” he said. He said the success of the proposed law would ultimately depend on whether it could strengthen public confidence in democratic institutions and ensure that partylist representation remains faithful to its constitutional purpose. “The true measure of our work will be whether that law makes our democracy more representative, more accountable, and more worthy of the people’s trust,” Adiong said.

Manila archdiocese orders safety checks of churches and schools By Mary Jade Jadormio

HE Archdiocese of Manila has directed parishes and Church-run institutions to conduct immediate safety inspections of their facilities amid concerns over potential hazards that could endanger clergy, employees and the public. A circular issued on Nov. 3 instructed parish priests and heads of Church institutions to examine

buildings, electrical installations and fixtures for possible structural and safety risks. The inspection covers religious images, crucifixes and statues, as well as chandeliers, lighting fixtures, speakers and ceiling fans, which must be checked for secure mounting and stability. Church officials must also look for cracks, corrosion, deterioration and other signs of damage in ceilings, walls and structural supports.

The directive also called for precautions against overloaded electrical circuits and the proper placement of candles, decorations and other combustible materials away from heat sources. Facilities found to have potentially dangerous fixtures or structures must be cordoned off immediately while qualified professionals assess the risks and carry out the necessary repairs. Church personnel were cautioned

a ga i n st u nder t a k i ng re pa i rs themselves without the required technical expertise and safety equipment. Parishes and institutions were likewise instructed to record inspection findings and document the measures taken to address identified hazards. These reports must be submitted to the archdiocese’s Engineering Department for further evaluation and appropriate action.

21 outstanding lupons honored for excellence in barangay justice By Jonathan L. Mayuga @jonlmayuga

HE Department of the Interior and Local Government (DILG) recognized on Thursday the country’s outstanding barangays for their excellence in the implementation of the Katarungang Pambarangay system. In a National Awards Committee (NAC) Resolution No. 202606, the awardees were honored for their effectiveness in resolving disputes at the barangay level and promoting peaceful communities. The recognition was held during the 2026 Lupong Tagapamayapa Incentives Award (LTIA) held at Camp Crame, Quezon City. Barangay Plainview (Mandaluyong City), Barangay Cataggaman Nuevo (Tuguegarao City, Cagayan),

Barangay Andres Bonifacio (Diffun, Quirino), Barangay Pangil (Amadeo, Cavite), Barangay Bacnor East (Burgos, Isabela), Barangay Bool West (Culaba, Biliran), and Barangay Poblacion, (Padre Burgos, Southern Leyte) were named as national winners for the highly-urbanized cities (HUC), independent component cities/ component cities (ICC/CC), and 1st class to 5th class municipalities categories, respectively. Declared as first runners-up were Barangay Tibungco (Davao City), Barangay Upper Katungal (Tacurong City, Sultan Kudarat), Barangay Mahabangkahoy Lejos (Indang, Cavite), Barangay Omboy (Abucay, Bataan), Barangay Cubay (President Roxas, Capiz), Barangay Sinian (Baliangao, Misamis Occidental), and Barangay Laniton (San Lorenzo Ruiz, Camarines Norte).

Meanwhile, the second runners-up are Brgy. Balulang (Cagayan de Oro City), Barangay Cupang Proper (Balanga City, Bataan), Barangay Buenavista (Calatrava, Negros Occidental), Barangay Talas (Sulop, Davao del Sur), Barangay Poblacion District II (Babatngon, Leyte), Barangay Santa Lucia (Magarao, Camarines Sur), and Barangay Manan-ao (Enrique Villanueva, Siquijor). Each national winner received a P500,000 cash prize cum development grant and a presidential trophy; 1st runners-up got P400,000 and a plaque of commendation; and 2nd runners-up bagged P300,000 and a plaque of commendation. In 2024, President Ferdinand Marcos Jr. issued Executive Order No. 68, strengthening the LTIA

system and reorganizing the NAC, making it a more competitive, transparent, and performancebased reward structure for local community dispute resolution. The LTIA is a response to the Local Government Code of 1991 which mandates the DILG to implement a program recognizing exemplary Lupons for their work in grassroots justice, saving the government billions of funds annually for litigation costs as lupons amicably settle conflicts among community members. Lupong Tagapamayapa is composed of punong barangay as chair and lupon members. They are the people behind the Katarungang Pambarangay (KP) which provides alternative, community-based dispute resolution across the 42,000 barangays nationwide.

DepEd integrates El Niño preparedness into YES-O activities, strengthens school gardens By Claudeth Mocon-Ciriaco @claudethmc3

O address the threat of Super El Niño, the Department of Education (DepEd) is integrating El Niño preparedness campaigns into the activities of more than 35,000 Youth for Environment in Schools Organizations (YES-O) and strengthening the Gulayan sa Paaralan Program (GPP) in public schools nationwide. DepEd said that this approach enhances school-level environmental efforts through water conservation and drought preparedness, complementing ongoing YES-O activities like tree planting and cleanup drives.

“Following the directive of President Bongbong Marcos to build a climate-resilient Bagong Pilipinas, we are empowering our youth to be at the forefront of environmental action,” said Education Secretary Juan Edgardo “Sonny” Angara, emphasizing the need for sustained behavioral change among learners. Angara earlier issued comprehensive anticipatory action guidelines and protective measures under DepEd Memorandum No. 64 s. 2026 to safeguard school environments throughout the 2026–2027 Super El Niño dry spell. Through the strengthened GPP, learners will prioritize

short-cycle and droughttolerant crops such as munggo, okra, malunggay, saluyot, alugbati, and kamote to ensure school gardens remain functional and continue supporting the School-Based Feeding Program (SBFP). To conserve water, learners will help set up rainwater harvesting systems, adopt simple drip irrigation techniques and mulching, and schedule garden watering to minimize evaporation. DepEd is rolling out a nationwide synchronized tree planting program focused on drought-resistant native tree species and mangroves, emphasizing seedling survival

and maintenance rather than simple planting. This builds on successful programs such as the Capiz Schools Division Office’s Project Tanom Paglaum, where learners have already planted over 16,700 trees and mangroves. Student leaders will also conduct peer briefings during flag ceremonies on waste segregation and disaster readiness. DepEd is closely coordinating with the Department of Environment and Natural Resources (DENR), local government units (LGUs), andnon-governmental organizations to ensure schools remain safe and sustainable learning spaces.

Naia beats Undas passenger forecast as traffic rises 4.4% to 1.29 million By Lorenz S. Marasigan @lorenzmarasigan

HE Ninoy Aquino International Airport (Naia) handled more passengers than expected during the Undas travel period, with traffic rising 4.4 percent to 1.29 million from 1.24 million the year prior. New Naia Infra Corp. (NNIC) said the volume, logged during the nine-day travel period from October 27 to November 4, came in 3.4 percent above its projection of 1.25 million passengers. The operator had initially forecast a conser vative 1-perce nt i nc re a se i n pa sse nger traffic from the same period in 2025. International passenger traffic grew 3.94 percent to 649,691 from 625,056 a year ago. Domestic traffic climbed at a faster pace, rising 4.86 percent to 642,194 from 612,419. October 30 was the busiest day of the period. That day, 153,901 passengers passed through the

gateway, above the 149,216 that NNIC had projected for the day. To prepare for the rush, NNIC said it stepped up coordination with airlines, ground handlers, transport providers, and government agencies. It also deployed round-theclock operational monitoring, additional personnel, heightened security, and passenger assistance services. A 24-hour Command Center at Terminal 2 coordinated airport operations and incident response. Additional screening personnel, immig rat ion counters, and security patrols supported passenger movement during peak periods. Public Assistance Desks at Terminals 1, 2, and 3 provided information and help to travelers. Traffic management teams worked with transport providers and road authorities to manage vehicle movement around the airport. Inter-terminal shuttle services handled passenger transfers.

CIDG arrests San Simon municipal engineer over alleged extortion By Ashley J. Manabat

LARK FREEPORT, Pampanga—A municipal engineer in San Simon was arrested in an entrapment operation after allegedly demanding P50,000 in exchange for two Certificates of NonCoverage (CNCs) for a resident’s warehouse and apartment project, authorities said. Engr. Benigno Bonus, the town’s municipal engineer, was arrested at around 3:45 p.m. on Nov. 4 inside the municipal engineering office, according to the Philippine National Police (PNP) Criminal Investigation and Detection Group (CIDG). CIDG Region 3 chief Col. Grant Gollod, in an interview with CLTV36, said the operation stemmed from a resident’s complaint over the additional amount allegedly demanded for the certificates. “ Naaresto natin ang engineer matapos ang entrapment operation sa loob mismo ng municipal engineering office ,” Gollod said. According to the CIDG, the complainant had initially paid Bonus P80,000 under an alleged arrangement covering the processing of a building permit and CNCs. The engineer allegedly demanded an additional P50,000, or P25,000 for each certificate. The complaint led to an entrapment operation involving the CIDG, with assistance from the Anti-Red Tape Authority (ARTA) Region 3 and police units. Gollod said authorities were preparing to file a robbery-extortion case against Bonus. He added that other individuals had expressed their intention to approach the CIDG with possible complaints.

“ May mga inaantay pa tayong complainants na darating. May nagsabi na pupunta sila sa ating opisina ,” Gollod said. In a statement, the San Simon municipal government confirmed the entrapment operation involving Bonus and condemned corruption, extortion and abuse of authority, stressing that no public official is above the law. “The use of public office for personal gain has no place in government and will never be tolerated,” the municipality said. It also pledged full cooperation with authorities and vowed to uphold integrity, accountability and the rule of law while respecting due process and the presumption of innocence. A CNC is issued by the Department of Environment and Natural Resources’ Environmental Management Bureau (DENR-EMB) to certify that a project is not covered by the environmental impact assessment system and does not require an Environmental Compliance Certificate. The CIDG cited P1,240 as the standard processing fee for a CNC, significantly lower than the additional amount allegedly demanded from the complainant. The case involves alleged violations of Republic Act 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, and provisions of the Revised Penal Code, CIDG said. Bonus is currently undergoing inquest proceedings following the arrest. Authorities urged individuals who may have experienced similar demands in government transactions to report them to the CIDG or ARTA.

NTF-ELCAC welcomes reported FBI scrutiny of Americans linked to CPP-NPA

HE National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) on Thursday said it welcomes reports claiming that United States federal law enforcement authorities are scrutinizing the possible involvement of American citizens and organizations supporting the communist insurgency in the Philippines. The task force issued the statement after National Democratic Front of the Philippines (NDFP) released reports claiming alleged Federal Bureau of Investigation (FBI) inquiries involving the family of an American activist detained in the Philippines. According to the NDFP, Gabe Pasion, an Anakbayan activist, claimed during a press conference in Baltimore organized by the

International Coalition for Human Rights in the Philippines (ICHRP) that his family had received repeated calls, home visits, and workplace inquiries from FBI personnel and the US Embassy in Manila. Pasion’s sister, Christina, was taken into custody in July following a raid on a suspected communist safehouse in Laguna. “This should come as no surprise to communist front organizations in the United States. When American citizens become involved with a foreign terrorist organization like the Communist Party of the Philippines-New People’s Army [CPP-NPA], they should expect scrutiny from federal authorities,” NTF-ELCAC spokesperson Liza See “NTF-ELCAC,” A9

Friday, November 6, 2026

El Niño already affects 6,205 Davao Region farmers by June By Manuel T. Cayon @awimailbox

AVAO CITY - More than 6,000 farmers in the Davao Region were already affected by the pre-onset of El Niño in June, whose dry weather was already felt across the region, the Philippine Information Agency (PIA) said, citing the disclosure of the regional Department of Agriculture here. It said that the DA has disclosed that as of June this year, “Davao Region has already felt the impact of El Niño, and the Department of Agriculture Region XI [DA-XI] reported that 6,205 farmers were affected and damages reached P584 million.” Agriculture Regional Director Macario Gonzaga said that the country’s weather agency has said the El Niño was already prevailing by June although the agency has said that the El Niño was officially present by the last quarter of this year and to spill over to next year. This means that the number of affected farmers is expected to be higher by multiple times as of November. He said the 6,205 farmers affected “are on top of the statistics for moisture stress, or a condition when plants lose more water than they absorb.” Citing DA-XI data, the PIA report said that “moisture stress conditions affected 4,447 farmers and 4,790 hectares of farmland, with damages amounting to P444 million.” Based on data from those most affected by moisture stress, Gonzaga said they were monitoring Davao del Sur, Davao del Norte, Davao de Oro, and Davao City. “In Davao del Sur, the towns of Matanao and Bansalan were among the localities that were reported as the worst affected by the lack of water. And high-value crops, including bananas and other fruits, were reported as being affected by the calamity,” Gonzaga said. He said that vigilant monitoring was to be conducted on rice fields relying on rains and farms without irrigation. He said plantations of high-value crops which need water and localities with limited water sources for livestock were also being checked. “The right way to identify hotspots must be based on PAGASA outlook, situation of dams and irrigation, standing crops reports, and actual field validation,” Gonzaga said. He said the offices of the Municipal Agriculturist and their agricultural technicians were assigned to validate and check conditions in their localities. Reporting is done every 15 days. “To hasten the process, we are strengthening the coordination with LGUs in using standard reporting forms, photos of location and damages, information on the crop state, size of the farm, and the estimated damages,” Gonzaga said. He urged farmers to report any changes or damages immediately to the Municipal Agriculturist Office and not wait until the crops have already died or wilted before they ask for help. The intervention of the DA-XI hinges on three strategies: continuing production in unaffected or least affected areas, saving production of affected areas, and preparing the farming sector for a much worse condition. “We must prepare because it is not just now; a much worse El Niño is coming,” Gonzaga said. He said the national government has allocated P729-million for the El Niño Action Plan for preparation and mitigation. A large chunk of the budget amounting to P678 million is for improving crop production in the least vulnerable areas, P40 million for preparatory activities, and P9.9 million to save the production of the heavily affected areas The number of farmers is miniscule though, compared to the total number of farms or agriculture operations across the Davao Region, The PSA 2022 Census of Agriculture and Fisheries shows that there were 484,125 total farm operations, or agricultural holdings/operators, in the Davao Region. Although Davao del Sur has the biggest number of farms, at 128,841, Davao de Oro (137,281 hectares), Davao Oriental (93,244hectares), and Davao del Norte (86,766 hectares) were the top three provinces with the highest farm area.

‘Port clearing must translate into lasting logistics gains’ By Bless Aubrey Ogerio

HE government’s efforts to clear Manila ports must be sustained to prevent shipment delays and additional costs for exporters, particularly as cargo volumes rise ahead of the Christmas peak season, the Philippine Exporters Confederation Inc. (Philexport) said.

This was following a series of measures to ease congestion at the Port of Manila and the Manila International Container Port (MICP), including the Bureau of Customs’ (BOC) directive to extend cargo examinations at

designated areas in these ports and other affected collection districts. “Every day of delay can mean additional costs, missed shipping schedules, and potential disruption of delivery commitments

to international buyers,” Philexport President Sergio Ortiz-Luis Jr. said in a statement released Wednesday. For Ortiz-Luis, congestion becomes more pressing during the holiday shipping peak, when higher cargo volumes and tighter vessel schedules put additional pressure on ports, container yards and trucking operations. Philexport, however, said the immediate clearing measures would have limited impact if they were not consistently carried out across the logistics chain. Exporters need reliable access to containers and predictable cargo movement and shipping schedules, Ortiz-Luis said. Given this, the group urged government agencies and industry players to continue coordinating the evacuation of empty containers, the transfer of eli-

gible overstaying cargo and the use of available port and off-dock facilities. Recently, stakeholders committed to removing 1,000 aging containers from Manila ports within two weeks, on top of regular daily container movements. Empty containers will also be transferred to Subic and Batangas, where sweeper vessels can collect them and free up space in Manila’s port facilities. Further, Philexport also called for reforms that address the recurring nature of port congestion, rather than relying on clearing operations whenever shipment volumes peak. “We need to move beyond managing congestion every peak season. The objective should be a more efficient, predictable, and resilient port and logistics system,” OrtizLuis said.

Marcos vows full force of law vs corrupt DRRAP beneficiaries By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand Marcos Jr. has vowed to use the full force of the law against local government units (LGU) beneficiaries that will misuse the P8.6billion Disaster Rehabilitation and Reconstruction Assistance Program (DRRAP) to prevent it from ending up like the multi-billion flood control projects anomalies, which were exposed last year. He also assured that the program will implemented fairly for all qualified LGUs regardless of their political affiliations. The Chief Executive made the said commitments during the ceremonial turnover of the DRRAP to 306 disaster-hit LGU in Malacañang last Thursday. Marcos said he will not tolerate any “ghost” or non-existent, corruption-riddled and substandard rehabilitation projects for the said program. “Anyone who tries to profit from

the suffering of our fellow Filipinos will face the full force of the law,” he said. “So, to our LGUs, I enjoin you, use these funds wisely and serve our people with the honesty, the diligence that they deserve,” he added. This was echoed by Executive Ralph G. Recto, who stressed that all requests for the DRRAP will go through a stringent vetting process. “Proposed projects will be carefully vetted to ensure they are shovel ready. We will weed out projects that duplicate existing funding involving new construction outside the program’s mandate or fall outside approval of local rehabilitation plans,” Recto said. “This is not a blank check nor is it a general purpose infrastructure fund. It is a fund earmarked for specific purposes, measurable outcomes and measurable results,” he added. Sourced from funds of the Office of Civil Defense (OCD), the

DRRAP aims to plug the gaps in the rehabilitation and recovery efforts of calamity-stricken LGUs by streamlining the processing of their requests. DRRAP allocations, which can range from P5 million to P100 million, can be used for the construction of shelters, resettlement; roads, bridges, public buildings, and evacuation facilities; education and health services; to support farms, livestock, and fisheries; and social protection. “That is why we streamlined the process. What used to take eight to 11 months will now take only four to six months, depending on the intervention,” Marcos said. Marcos also maintained that the implementation of the program will be based on need and not on “political color” of applicants. “The first batch of more than 6 billion pesos has been released, while the second batch, consisting of more than 2.5 billion pesos, has already been approved, and we are downloading it to the LGUs as we

speak,” Marcos said. Naga City Mayor Maria Leonor “Leni” Robredo personally attested to the impartial implementation of the program based on those who were given DRRAP funding last Thursday came from different political parties. The former Vice President, who ran against Marcos in the 2022 presidential polls, was among the beneficiaries of the DRRAP funding. “I actually asked earlier why some mayors were absent [in the event]—and the explanation given was that it was based on the OCD’s reports regarding damage from both recent and past calamities. So, the data came from the OCD,” Robredo said. She said she received P20 million under DRRAP, which will to enhance the drainage system of Naga City. “The P20 million is a big help [for our city]. Based on my computations, it will probably be enough to cover 4 to 5 drainage projects,” Robredo said.

Govt workers may soon get up to ₧30,000 CNA incentive By Reine Juvierre S. Alberto @reine_alberto

UALIFIED government employees may soon receive their collective negotiation agreement (CNA) incentive, capped at P30,000, if their offices meet key performance targets and generate operational savings. The Department of Budget and Management (DBM) issued Budget Circular No. 2026-1, which provides guidelines for granting this year’s CNA incentive. A CNA incentive is a one-time monetary reward to management and rank-and-file government personnel for meeting performance targets through cost-cutting measures and systems improvements. It covers civilian personnel

holding regular, contractual or casual positions on a full-time or part-time basis across national government agencies, state universities and colleges, government-owned and -controlled corporations, local water districts and local government units. The incentive will be released no earlier than December 15, 2026 and no later than December 31, 2026. To qualify for the incentive, government agencies must have a valid CNA, which includes a provision on cost-cutting measures to be undertaken collectively by the agency and its personnel. Agencies must also achieve an average accomplishment rate of at least 75 percent across all organizational and performance targets

as of September 30, 2026. Funding for the incentive must be sourced solely from the available balances in selected allowable Maintenance and Other Operating Expenses, such as travel, training, supplies, representation, utilities and subscriptions—generated through documented cost-reduction efforts. Except for Constitutional Offices, funding must be net of the actual savings offered by the agency under National Budget Circular No. 602. The DBM barred agencies from using personnel services, capital outlay or savings from abandoned projects to cover the incentive. Agencies are required to submit a consolidated report on the grant of the incentive to the DBM

CHED unveils PNER 2030 to strengthen nursing education nationwide By Claudeth Mocon-Ciriaco @claudethmc3

O set a national direction for strengthening nursing education and preparing future nurses to respond to the countr y’s evolving healthcare needs, the Commission on Higher Education (CHED) launched the Philippine Nursing Education Roadmap (PNER) 2030 on Thursday. During its National Directorate Meeting, CHED revealed the roadmap developed by its Technical Panel for Nursing in collabora-

tion with the University of Santo Tomas (UST). The roadmap identified priority reforms in nursing curricula, clinical training, faculty development, student well-being, and nursing research. CHED Chairperson Shirley C. Agrupis emphasized that nursing education must go beyond preparing graduates to pass licensure examinations. She said that it must equip future nurses with the knowledge, clinical competencies, critical thinking, and compassion needed to deliver quality patient care in increasingly complex health-

care environments. Aligned with CHED’s ACHIEVE Agenda 2030, the roadmap will guide efforts to modernize nursing education, strengthen partnerships between higher education institutions and healthcare providers, and better align nursing competencies with the needs of the country’s health system. Through PNER 2030, CHED aims to develop competent, compassionate, and globally competitive Filipino nurses while strengthening the country’s capacity to deliver quality healthcare to communities nationwide.

by January 31, 2027. Agency heads who release unauthorized payments face administrative, civil, or criminal liabilities and non-eligible recipients will be required to return excess amounts.

NTF-ELCAC. . . Continued from A8

Fidelis Cañada said. The CPP-NPA has been designated a Foreign Terrorist Organization by the United States since Aug. 9, 2002, while the Philippine Anti-Terrorism Council separately designated the CPP-NPA in 2020 and the NDF in 2021 under Republic Act No. 11479. Under Section 2339B of Title 18 of the United States Code, knowingly providing material support or resources to a designated Foreign Terrorist Organization constitutes a federal offense carrying serious criminal penalties. The law also provides for US jurisdiction under specified circumstances. These legal provisions underscore the importance of a thorough, evidence-based investigation by American authorities into credible allegations of unlawful recruitment, financing, or operational support for the CPP-NPA, while fully respecting constitutionally protected political expression, peaceful advocacy, and due process. “The allegations reported by the NDFP reinforce the need to investigate whether organizations operating under the banner of human rights and social justice are being exploited as recruitment and support networks for the CPP-NPA,” she said. The reported FBI inquiries come months after the U.S. Embassy issued a security advisory in May warning American citizens against NPA recruitment and involvement in armed insurgency activities. Cañada cited several cases underscoring concerns over the involvement of American citizens in the Philippine communist insurgency. In January, Filipino-American Chantal Anicoche of Maryland was recovered near an armed encounter in Abra de Ilog, Occidental Mindoro. She subsequently acknowledged traveling to the Philippines intending to join the NPA and staying in an insurgent camp before her repatriation. Christina Pasion, who had traveled with Anicoche, remained with the communist movement for several more months before being apprehended alongside a wanted NPA member in July. In April, American activists Lyle Prijoles and Kai Dana-Rene Sorem, both linked to Anakbayan-USA, were among those killed during an armed encounter in Negros Occidental. “These cases raise serious questions. Who recruited these young Americans? Who financed and facilitated their travel? What networks connected them with armed insurgents and ultimately placed their lives in danger?” Cañada asked. She said these incidents underscore the need for closer cooperation between Philippine and American authorities in investigating possible recruitment, financing, and logistical support networks operating across borders. “The Philippine government stands ready to cooperate and share relevant intelligence with the FBI and other competent American authorities,” she added. Rex Anthony Naval

TheWorld

A10 Friday, November 6, 2026

Editor: Dennis Estopace • www.businessmirror.com.ph

France faces fresh protests with budget impasse deepening By Ania Nussbaum Bloomberg News

RANCE is bracing for a day of strikes and demonstrations over the cost of living, extending more than a month of protests, as parliamentary talks over next year’s budget remain deadlocked.

The country’s main unions from the public and private sectors have called for a nationwide mobilization, bringing together disparate sources of anger, including the grassroots Yellow Vest movement, which emerged in 2018, and students who began protesting in September against overcrowded classrooms, teacher shortages and deteriorating school buildings. The political backdrop is hardly

conducive to compromise: With just six months to go before the presidential election, President Emmanuel Macron’s critics are seeking to showcase their agendas and channel public anger to bolster their political platforms. “We want to live decently off our jobs,” Marylise Leon, general secretary of the CFDT union, said on BFM TV. “We have a purchasing power issue, an issue making ends

meet, and that’s the message that will be sent to the government and to employers.” More than half a million people took part in marches across France in mid-October, with violence and looting disrupting demonstrations and damaging public buildings and stores. Some sporadic action early in the day included a handful of young adults at the corner of the main throughways of Saint Michel and Saint Germain boulevards in Paris, throwing bikes and trash cans in front of cars stopped at red lights during the morning rush hour. W hile Macron’s government has said that it wasn’t prepared for the scale of protests on October 17 and the accompanying violence, shar ply increased policing since then and requirements that marches take place outside of c it y centers h ave a l lowed for l a rge ly peacef u l demonstrations and reined in late-day violence since then. At

DEMONSTRATORS during cost of living protests in Paris, on October 17. WAYAN BARRE/BLOOMBERG

the same time, unrest has also emerged elsewhere in Europe, inc lud ing Ger m a ny, Belg iu m and Portugal. The train operator SNCF said traffic would be disrupted on regional lines including in the Paris region, and 1 out 10 high-speed

Translated fiction is a booming business in the UK By Andrew Dickson Bloomberg

HEN Stefa n Tobler set up a not-for-profit publishing house in the UK with friends in 2010, it was a gamble. With little in the way of seed capital, they put in grant applications and sent out a call for subscribers to help them get off the ground. Given that they wanted to produce literary fiction, much of it in translation, making money was the last thing on anyone’s mind. The name they chose, And Other Stories, was a declaration that they intended to swim outside the mainstream. Sixteen years on, they have had the kind of trajectory that makes

more conventional publishers look on in envy. The first title they published, Down the Rabbit Hole by Mexican author Juan Pablo Villalobos, became the first translation to be shortlisted for the Guardian First Book Award and sold out of its first run. A few years later, the publishing house picked up another Spanishlanguage title, Yuri Herrera’s Signs Preceding the End of the World, after it had been rejected as “untranslatable” and made it into a mass-market hit, selling over 120,000 copies. This spring, And Other Stories became the first publisher to have back-to-back titles win the ultra-prestigious International Booker Prize. “It’s another world now,” says

Tobler. “It’s actually quite hard to believe.” And Other Stories is far from alone: Translated fiction is booming in the UK. While overall fiction sales have plateaued, according to data from publishing analysts NielsenIQ, novels and short stories in translation are surging, up 36 percent in three years.

Tiny independents

THE delectable crime thriller “Butter” by the Japanese writer Asako Yuzuki became last year’s surprise hit in Britain, displacing celebrity memoirs and cookbooks from the bestseller lists. After the experimental South Korean novelist Han Kang won the International Booker Prize in 2016, sales of Korean

fiction translations leaped 400 percent in the UK, and surged even further after she won the Nobel prize for literature in 2024. The raw Nielsen data says it all: In 2001 fiction in translation accounted for an estimated 1.2 million copies sold in the UK. Last year, it was 3.7 million copies, a nearly fourfold increase, and perhaps 6 percent of overall fiction sales. Tiny independents are leading the charge. In an environment where half the books in Britain are produced by the so-called Big Four, the fact that small publishers are dominating this niche suggests that the power balance in UK publishing is shifting. See “UK,” A12

trains would be canceled. The Paris police prefecture has closed at least 25 metro stations in the capital, according to the public transport operator RATP, and traffic is disrupted on some lines. Dockworkers have also called a strike, and 2.2 percent of high schools were,

closed according to Agence FrancePresse, citing the prime minister’s office. Far-right candidate Marine Le Pen has emphasized the law-andorder component of her program, while Mélenchon has focused on social issues and police violence. Macron, meanwhile, has largely blamed surging energy prices, social media and the “ultra-left” of fueling violence. Some 70,000 police agents will be mobilized, as many as last Saturday, Interior Minister Laurent Nunez said. The political and fiscal uncertainty has spilled into financial markets. The spread between French and German 10-year government bond yields—a closely watched gauge of perceived risk, with German debt serving as the euro area’s benchmark—reached 178 basis points last month, up from 85 at the beginning of September. Such levels hadn’t been approached since the euro-area debt crisis in 2011.

Italy exit tax plans risk upending years spent courting rich, expats By Alessandra Migliaccio & Sonia Sirletti Bloomberg News

OR about a decade, Italy has been on a drive to attract the global rich and bring back Italian expats with huge tax exemptions. Now it’s sending mixed messages. The country, which has seen an influx of well-heeled financiers and investors into Milan, is working on an exit tax featuring a 26 percent levy on unrealized capital gains when people with over €800,000 ($900,680) in financial assets move their residence abroad. The law, which is still making its way through parliament, will impact Italians and long-term residents while likely sparing the ultra-rich foreigners who came in recent years. Still, such an abrupt move could be interpreted as evidence that rules and attitudes toward wealth can change swiftly, undermining what millionaires and billionaires often prize most: political stability and certainty over taxation. “As it is currently drafted, it looks a lot like a convoluted form of wealth tax and gives the impression that the country is becoming a golden prison for the rich,” Francesco Guelfi, a partner at A&O Shearman in Milan, said in an interview. Italy has attracted a number of wealthy individuals in recent years under a flat-tax regime, as well as an impatriation scheme offering generous income-tax breaks to professionals moving or returning to the country after living abroad. It is among the biggest winners from the UK hiking taxes on its well-heeled residents, with its location in central Europe also appealing to many ultra-wealthy individuals. Among them there are Dutch native Bart Becht, a former Reckitt Benckiser Group Plc executive, and Nassef Sawiris, Egypt’s second-richest person, who are both building new lives in Italy after relocating from the UK. The flat tax allows individuals to pay a fixed annual levy of €300,000 on foreignsourced income. Because they typically keep their financial assets outside Italy, those holdings would generally fall outside the

scope of the proposed exit tax. The new tax currently being discussed would target unrealized capital gains of wealthy individuals who have lived in Italy for at least six of the previous ten years. The government estimates it will raise just €3.4 million next year from the new tax scheme. That increases to €6.7 million per year in the next four years and falls again to €3.4 million in the long run. While that’s a small amount for a budget worth €26 billion, Prime Minister Giorgia Meloni, who faces general elections next year, is targeting the rich at a time when average Italians are dealing with 5.6 percent inflation and stagnating salaries. Concern about the rising cost of living culminated in a series of protests across the country recently. Neighboring France has a similar exit tax on shares and securities worth more than €800,000, while Spain has one on investments worth more than €4 million. A US levy affects people worth more than $2 million if they chose to give up citizenship or permanent residency. The Italian proposal would also affect people who used impatriation schemes allowing qualified workers who move their tax residence to Italy after living abroad to have part of their salary tax exempt for up to 10 years. “This punitive proposal changes the rules of the game for people who decided to move to Italy years ago,” said Giovanni Raffa, head of capital raising at Mistral Capital Ltd who moved to Milan at the end of 2021 after 16 years in London. “I would have made the move anyway, because I was motivated by considerations beyond the tax incentives, but uncertainty over the rules is clearly a negative and could discourage others from making the same choice in the future,” he said. There are loopholes. Individuals moving to a European Union country or a state that has an accord with Italy could opt for a deferral of their payment. They would pay 50 percent up front and, if they haven’t sold their holdings within between five to ten years depending on the country, the advance would be refunded.

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TheWorld

Friday, November 6, 2026 A11

European airlines face second wave of aircraft bomb threats By Kate Duffy

PEDESTRIANS on Wall Street near the New York Stock Exchange in New York, on Wednesday, November 4, 2026. BLOOMBERG

$6-billion hack puts crypto’s Wall Street rebellion on trial By Muyao Shen Bloomberg News

OR years, the digital-asset industry has sought to shake up finance by stripping away the intermediaries, delays and controls that govern the movement of money on Wall Street. The pitch: faster transactions, final settlement and fewer middlemen with the power to intervene. But the largest crypto heist on record has exposed the dangers—and limits—of that pitch. A system built to move money without restraint offers few ways to stop it when it is stolen, threatening to cement the Wild West reputation the industry has spent years trying to escape. Tokens stolen in the $6.3 billion Binance hack could be tracked across public blockchains in real time, but billions of dollars remained beyond the reach of those trying to recover them. Tether and Circle, issuers of the two largest stablecoins, were able to freeze some of the stolen tokens because they retained a form of centralized control that much of crypto was designed to eliminate. Now, as crypto seeks a larger place in American finance, the scale of the theft is stirring unease among market participants over whether the industry has been too quick to discard the checks and delays common in traditional finance. In one corner of crypto, the response is already taking shape. Decentralized-finance provider, Unit, has introduced delays on deposits and withdrawals to give it more time to identify potentially stolen assets. “I don’t want T+1 but maybe T+1 hour,” said Tian Zeng, chief executive officer of crypto hedge fund Third Eye, referring to TradFi’s practice of settling trades one day after execution. “The idea is to make settlements longer, with more layers, so that hackers can’t take money out this quickly.” On Wall Street, banks, payment networks and clearinghouses provide opportunities to scrutinize suspicious transfers and, in some circumstances, intervene before funds move beyond reach. Those arrangements are neither foolproof nor always reversible. But they embody a principle that crypto has repeatedly blasted: the ability to interrupt the movement of money can be as important as the ability to move it. Crypto has learned some of Wall Street’s lessons the hard way. The collapse of exchange FTX accelerated demand for third-party custody and arrangements that allow traders to keep collateral away from exchanges. Until then, combining trading, custody and other functions on a single platform had been a familiar feature of the industry. This latest reassessment also comes as the industry is courting institutions whose expectations of financial infrastructure were shaped in traditional markets. “The original ethos of crypto was instant, irreversible transfers onchain, and both centralized and DeFi venues respected that retail-user expectation,” said Joshua Lim, co-head of markets at FalconX. “But crypto’s customer base is changing as more institutions are coming in.” Some of those institutions are less willing to accept the risks that come with irreversible transactions, particularly after a series of exchange hacks over the past year. For them, the ability to stop or reverse a transaction can be as important as the speed at which it settles. Shiliang Tang, managing partner of Monarq Asset Management, sees a distinction between where crypto’s speed is most useful and where traditional safeguards may still have an advantage. Blockchain technology may be well suited to cross-border payments and settlement, he said, while trading could be safer when conducted through traditional financial infrastructure. “Large institutions need to feel their capital cannot be hacked and that things can be rolled back,” he said. All told, the hack is changing how some decentralized finance developers think about security. Systems built around code that execute transactions automatically are increasingly incorporating restrictions that allow operators more time to respond when something goes wrong. Community members of Aave are now asking for flow limits on the largest lending project in DeFi after the Binance hack. “Security issues have made DeFi more complex, with less fully immutable code and more stopgap safeguards like withdrawal limits that could be regarded as somewhat permissioned,” said Tarun Chitra, chief executive officer of crypto risk modeling firm Gauntlet. Chitra argues that advances in artificial intelligence are adding to the pressure for such controls by making cyberattacks more difficult to contain. Yet restoring oversight and delays is no guarantee of safety. Traditional financial institutions face security weaknesses of their own, and their operating schedules can make it harder to respond outside normal market hours. “Traditional finance’s aging codebases, AI’s ability to reverse-engineer closed-source code, and their inherent lack of 24/7 response has made them vulnerable to hacks as well,” said Chitra, who worked as a quantitative researcher previously. At the same time, AI security is also “pushing towards more 24/7 systems in traditional finance.”

Bloomberg News

UROPEAN airlines suffered a second wave of bomb threats on Thursday that indiscriminately targeted companies from low-cost operator Wizz Air Holdings Plc to Finnish flag carrier Finnair Oyj, throwing air travel into disarray across a region already grappling with a series of security scares. Among the flights affected was Aer Lingus Flight EI402 headed from Dublin to Rome, which was forced to make an emergency diversion to a military airfield in northern France. Finnair said two flights headed from Helsinki to Rome and Vienna got similar threats that turned out to be false. Other carriers targeted included LOT Polish Airlines and Wizz, which was already at the receiving end of several threats earlier in the week. In the Czech Republic, police said they received bomb threats about four planes headed

to Prague, and that the aircraft were searched after they touched down. Vienna’s main airport also received a warning about four flights, public broadcaster OFR reported. Three Ryanair Holdings Plc flights headed to Sofia in Bulgaria from Madrid, Copenhagen and London were also targeted, a spokesperson for the Bulgarian ministry of transport said. Bulgarian MiG-29 fighter jets escorted the aircraft over Bulgaria’s airspace, the defense ministry said in a statement, and one of the flights

was diverted to the city of Plovdiv. Ryanair didn’t immediately respond to a request for comment. “To have this in a coordinated way, I don’t think we’ve seen this before,” Ben Smith, the chief executive officer of Air France-KLM, said on a call with journalists to discuss third-quarter earnings. “It’s unfortunate and we hope it won’t give our consumers any reason to slow down or reduce their travel plan.” No pattern has emerged around the spate of threats this week, either with the carriers drawn in or the routes that were affected. Bomb threats are rare events and almost always end up being hoaxes or the act of copycats. On average, there are more than 30,000 flights a day in Europe’s skies. But the unusual rise in bomb threats comes at a time of heightened geopolitical tension and freak disruptions in Europe, including repeat hacking attacks on supermarket refrigeration systems and drone incursions into the territory. Getting any illegal items on board is extremely difficult given how airports are ring-fenced and passenger screenings on the ground have become ever-more sophisticated. As a result aircraft disasters involving a bomb are exceedingly

rare. Notable incidents include Pan Am Flight 103 that exploded over Lockerbie in Scotland, killing all 259 people on board, in 1988, and a Russian passenger plane that was brought down by a an explosive device on board in Egypt’s Sinai peninsula in 2015, killing all 224 people on board. Eurocontrol, the European coordinator of air traffic across the region, said it’s monitoring the situation and working closely with airlines, airports, air navigation service providers. In Romania, authorities at Bucharest Otopeni Airport searched Wizz Flight WMT3064 after it landed from Milan with 182 passengers on board. The airport said it’s putting its safety protocol into practice, though other flights are still operating as usual. At least seven flights were disrupted by bomb threats between Monday and Tuesday, leading to hundreds of passengers being diverted and fighter jets escorting some aircraft to airports. No explosives were found and the UK government called the incidents “malicious hoax threats.“ Wizz said last Tuesday that authorities were first notified about the threats and passed on the alert to the airline, which then followed protocol.

Crypto firms scrap crime-fighting alliance as hackers circle By Ryan Weeks Bloomberg News

N initiative set up by some of crypto’s largest companies to curb illicit activity has quietly been dissolved, at a time when crime involving digital assets continues to surge. The organization behind the Tron blockchain partnered with stablecoin issuer Tether and analytics firm TRM Labs to establish the T3 Financial Crime Unit in September 2024, pledging to create a “safer and more secure” crypto industry. A year later, digital assets exchange Binance joined its ranks and the group said it had frozen a total of $250 million in illicit assets globally, working alongside law enforcement agencies. More recently, however, the alliance had broken down and was subsequently terminated, according to people familiar with the matter, who asked not to be identified because the decision to end T3 had not been made public. Over the past year, the initiative was

stymied by slow response times and a lack of coordination among members, said one of the people. Another said T3 was disbanded in late August. “While the very successful T3 program has concluded, Tron remains committed to working to help stop illicit activities on the blockchain, in partnership with law enforcement,” said a Tron DAO spokesperson. “More on our new initiative will be coming soon.” Tron was founded by crypto billionaire Justin Sun. Tether will “continue to work with TRM to disrupt and interdict illicit funds,” a company spokesperson said, adding that the company has been participating in the Beacon Network, a real-time intelligence sharing initiative founded by TRM last year. “ T3 achieved extraordinary things,” said Ari Redbord, TRM’s global head of policy and government affairs. “Beacon Network builds on that work.” Binance declined to comment. The dismantling of T3 comes

amid a series of major cryptocurrency thefts and an increase in funds received by illicit addresses. The surge was punctuated by last week’s record heist through which hackers drained $6.3 billion from Binance, the world’s biggest crypto exchange. Crypto firms have endured a string of breaches in recent months. Even hardware wallets— long considered the safest place to store cryptocurrency—have suffered exploits. Hackers stole more than $100 million in Bitcoin from wallets secured by Coinkite Inc. devices in August, and later drained millions from similar products made by Ledger. Crypto crime more generally has soared within T3’s lifespan. In 2025, illicit addresses received at least $154 billion, a 162% increase on the previous year, according to a report by analytics firm Chainalysis. That was primarily driven by a 694% jump in the value taken in by sanctioned entities. The sector has responded by ramping up fund-freezing efforts. Tether, issuer of the world’s biggest

stablecoin USDT, has blacklisted a total of $5 billion to date, according to its website. Shortly after the Binance hack, Tether froze about $1.5 billion of USDT, contributing to an industry wide effort that immobilized about half of the loot. That left the Binance hackers, who have been linked by the US Federal Bureau of Investigation to North Korea, with more than $3 billion to launder. “Most of the laundering so far has run through Tron, although activity there has been quiet since around 05:00 UTC on November 1,” Elliptic said in a statement earlier this week. A spokesman for Tron DAO said the blockchain it is associated with is an “agnostic technology provider” without the means to monitor every transaction, nor the ability to block users. Alongside Beacon, Tether is also working on an initiative called the Financial Access and Systemic Empowerment (FASE) Foundation, which was unveiled in October, the company spokesperson said.

OpenAI to change how it handles data center efforts after outcry By Dina Bass

Bloomberg News

PENAI said it will avoid nond i s c lo s u re a g re e ments when it negotiates data center deals and ensure residents don’t pay for the electricity to power those projects, part of a framework the company believes should be adopted into laws governing the expansion of artificial intelligence. The series of commitments was released Thursday, just two days after voters across the US backed candidates at all levels of government who support curbs on data centers and greater oversight of AI. In a so-called National Community Compact, the company pledges to provide clear data about the potential community impacts

of issues including noise, water and energy use. OpenAI also promised to reduce power usage during peak times, send electricity back to the grid and set local hiring goals, assuming the local workforce allows for it. The AI lab will also publicly report on its progress toward keeping these commitments. OpenAI said it had planned the announcement prior to the election returns and has been working on it for months. It combines some measures the AI research lab has already announced in its data center projects in areas such as Georgia and adds others that stem from conversations with residents and officials in Georgia, Ohio, Texas and other states, said Chris Lehane, OpenAI’s chief global affairs officer. “Certainly a number of them are

places that have been particularly impacted by the globalization of the last 20, 30 years, and for a lot of really good reasons these folks have been really burned by companies and others in the past,” Lehane said. Voters across the US gave the data center boom a clear thumbs down Tuesday night. Gina Hinojosa, elected on Tuesday as the first Democratic governor in Texas in more than three decades, has called for an immediate moratorium on data center development. Other Democratic gubernatorial victories from Georgia to Ohio and Pennsylvania could leave half of proposed AI data center additions across the US vulnerable to stricter local scrutiny and pushback. At least 45 projects valued at $88 billion were disrupted in some fashion by local opposition

in the second quarter of 2026, according to Data Center Watch, a research group. With data centers becoming increasingly politically unpopular, it’s possible some OpenAI projects will be delayed, Lehane said. “The scale that we are building at there’s just going to be a lot of types of things, questions at different levels, state level, local level, that you have to address,” he said. “People are certainly going to be mindful of how voters express themselves.” Open AI has been speaking with candidates—incumbents and challengers—over the past few months to share many of its ideas about how to make data centers beneficial to residents, Lehane said, while declining to specify which candidates.

TheWorld

A12 Friday, November 6, 2026

Asia banks hit as funding costs, credit charges crimp profit By Adam Haigh & Chanyaporn Chanjaroen

Bloomberg News

IGHER interest rates aren’t playing out as expected for lenders across Asia Pacific.

From National Australia Bank Ltd. to DBS Group Holdings Ltd., lenders are missing analysts’ expectations. They are grappling with higher funding costs and bigger outlays for credit losses that have eroded profitability, even as they await the boost to their lending income. In Australia, banks are setting aside more money to cover potential bad debts and defaults as household and business budgets get increasingly stretched. In Singapore, net interest margins are shrinking with funding costs rising at a faster clip than their loans can reprice. This is setting up a grim backdrop for the rest of major bank earnings that are coming, from ANZ Group

Holdings Ltd to Commonwealth Bank of Australia that’s giving a trading update, to Japan’s socalled megabanks. The banks’ leaders are warning of a tougher road ahead given the geopolitical risks and higher energy prices. Investors have also tempered their exuberance that had driven some of the stocks to record levels earlier in the year. Shares of both NAB and United Overseas Bank Ltd. fell more than 5% after their results. “I’ve said it many times - the operating environment has become more complex and continues to be more complex,” UOB’s CEO Wee Ee Cheong said in an earnings briefing this week.

T he Singapore-based bank saw earnings hit by a drop in trading and investment income, together with narrowing interest margins as rivals compete intensely for deposits. It’s tr ying to boost its wealth business as well as divest non-core assets to boost growth. At larger rival DBS, that announced a change to its long-time chairman, the lender suffered a tumble in markets trading income and CEO Tan Su Shan cautioned that the outlook has become more uncertain. While the bank has boosted its deposits, Tan said Thursday the global market is getting tighter for such funding. Hyperscalers and data centers also continue to suck up a lot of liquidity, she added. Melbourne-based NAB, which reported an increase in credit impairment charges, is cutting up to 2,500 roles as it navigates the sluggish economy and rising interest rates. CEO Andrew Irvine said the firm needed to simplify how it operates to sustain perfor-

mance, with the job cuts cutting duplication and speeding up decision making. “During the year we made a number of changes to better position NAB for risks and opportunities in an evolving environment,” said Irvine. “The actions we’ve taken reflect our expectation of a tough year ahead.” Westpac Banking Corp. said its impairment charges more than doubled in the year, reflecting a more severe downside scenario at the Australian bank and was a key factor impacting the dip in its net profit. The lender is also shedding jobs. The disappointment in Asia bank earnings was already felt earlier with HSBC Holdings Plc. investors expecting a more bullish outlook. “In a high interest rate environment, there’s sometimes a market expectation that we upgrade guidances or we change our targets,” its CFO Pam Kaur said on an earnings call last week. The bank’s shares fell when that didn’t happen.

China crackdown pushes wealthy to gold, lifting HK jewelry sales

ONG KONG ’S jewel r y a nd watc h sa les have surged to their highest level since 2019 despite China’s broader luxury slowdown, as the rich turn to gold and gemstones to preserve wealth amid Beijing’s tightening grip over their offshore investments. Sales of jewelry, watches, clocks and valuable gifts jumped 22 percent year-on-year to HK$45.8 billion ($5.8 billion) in the first nine months, far outpacing overall retail growth, according to latest government data. The sector accounted for about 15 percent of Hong Kong’s total retail sales. Hong Kong jewelry sales maintained double-digit growth in the latest quarter even as luxury spending plunged over 10 percent in mainland China, as Beijing intensified its tax scrutiny of wealthy residents’ overseas assets. That’s helped soften the blow for global giants from Hermès International SCA to Cie Financiere Richemont SA, which generate substantial sales from the AsiaPacific region. The shopping spree in Hong Kong underscores how Chinese consumers are now prioritizing wealth preservation over growth. Gold and precious stones have emerged as rare safe havens, as Beijing’s crackdown on capital outflows has made it harder for mainland residents to use traditional channels to invest and park wealth overseas, while physical gold is widely viewed as a reliable store of value and is less vulnerable to regulatory shifts. Meanwhile, a strong yuan and Hong Kong’s tax-free status have added to the city’s appeal to Chinese shoppers, contributing to a strong tourism recovery. Sales of jewelry, watches, clocks and valuable gifts jumped 22 percent year-on-year to HK$45.8 billion ($5.8 billion) in the first nine months, far outpacing overall retail growth, according to latest government data. Adding to the pressure, last year’s AI-driven stock market rally has soured, while a protracted property downturn continues to trap a large share of household savings. “People have a surging interest in pursuing certainties, as they

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Singapore to end most haze mitigation measures on Sat. By Ishika Mookerjee Bloomberg News

OST Singapore government agencies will cease haze mitigation measures on Saturday, as the country’s air quality improves after weeks of dense smog. The distribution of N95 and equivalent masks through vending machines and at community clubs will end at 6 p.m. on November 7, the National Environment Agency said in a statement. Air-conditioned rooms at select centers that have been designated as shelters will also close then, while haze-related measures for outdoor workers will also end on Saturday. “The haze situation for Singapore has improved with the establishment of inter-monsoon conditions and more showers,” the agency said. Meanwhile, the Public Health Preparedness Clinic Scheme and Haze Subsidy Scheme will be deactivated by the health ministry on November 12, according to the statement. The inter-agency Haze Task Force will also be stood down. The decision comes after Singapore has enjoyed more benign readings for its pollution standards index in recent days, following weeks of “unhealthy” or “very unhealthy” air quality due to a severe wildfire season in Indonesia. The country toughened its law on cross-border haze last Wednesday, which now includes restrictions and fines for businesses dealing with entities or individuals suspected to have engaged in conduct leading to the blazes.

UK. . . Continued from A10

Small publishers also appear to have reached an elusive demographic: Gen Z and younger millennials. According to surveys by NielsenIQ and the Booker Foundation, the people who buy translated fiction skew significantly younger than average reader and seem to be getting younger. Whereas general fiction buyers are predominantly over 60, the largest percentage of purchasers of fiction in translation last year were age 25 to 34.

Books-as-furniture

Sales of jewelry, watches, clocks and valuable gifts jumped 22 percent year-on-year to HK$45.8 billion ($5.8 billion) in the first nine months, far outpacing overall retail growth, according to latest government data. BLOOMBERG

are concerned about the recent tax policy changes,” said Manna Wang, an insurance sales agent in Hong Kong. “They want to be 100 percent sure that their wealth won’t change drastically in the future. High returns are no longer the priority.” Over the past several months, authorities in Beijing have restricted mainland firms from listing in Hong Kong, tightened controls on offshore stock trading and ramped up scrutiny of foreign trusts and insurance products. While Wang’s mainland Chinese clients used to consult her on high-return insurance policies, they are now asking her to take them shopping for gold jewelry. They are also switching to fixedincome insurance products that come with lower returns but carry fewer tax obligations, Wang said. Wang’s clients spent as much as $15,000 per person buying gold from jewelers including China’s Laopu Gold Co. — one of their favorite destinations, she said. The main draw is a strong yuan, making exchange rates more favorable, as well as Hong Kong’s tax-free status, Wang said. As a result, jewelry prices in the city could be more than 5 percent lower than in the mainland, she added. Jewelry has become a bright

spot for global luxury brands, while sales of clothes and handbags disappointed due to sluggish demand in China. LVMH Moët Hennessy Louis Vuitton SE reported an 8 percent organic growth in the sector in the first nine months, the fastest among all divisions. At Kering SA, jewelry sales jumped 17 percent during the same period, compared with a 2 percent decline in fashion and leather goods. Shares of Hong Kong-listed jewelers jumped on Thursday, tracking a rally in gold prices after the US midterm elections. Laopu shares rose more than 8 percent, the most in almost three months, and Luk Fook Holdings International Ltd. stock gained 5 percent. Part of the reason for the surge in jewelry sales is the rise in gold prices, which climbed to a record high earlier this year. That rally has boosted the value of gold jewelry, said Alexis Bonhomme, chief executive officer of luxury consultancy Trinity Asia. Sales growth in Hong Kong has remained strong even as gold prices have retreated in recent months, indicating demand is resilient. A sustained tourism rebound is helping drive the retail surge. Visitor arrivals rose 12 percent in the first nine months with the majority from mainland China.

That’s returned to 87 percent of the level in 2018 before the city became battered by years of political turmoil and Covid closure, marking the strongest post-pandemic recovery yet. The tourism and retail boom have also sparked a wave of expansions among Chinese and global brands. Luxury Swiss watchmaker Audemars Piguet is set to open one of its largest Asian flagship stores and a separate experience-driven space in Hong Kong’s Central business district. Italian goldsmith FOPE debuted its first boutique in Greater China in core shopping district Tsim Sha Tsui last month. LVMH’s Tiffany & Co. opened its latest boutique in tourist hotspot Causeway Bay in May, featuring its signature cafe. Richemont’s Van Cleef & Arpels relaunched its flagship in Central in June after an expansion and upgrade, while Laopu further expanded its network in the city. “High jewelry and gold offer reassurance and longevity,” said Bonhomme of Trinity Asia. “Wealthy clients are prioritizing items with intrinsic, lasting value. They’re pulling back on seasonal fashion at home, but when they travel, they’re comfortable allocating serious budget to high jewelry and gold as tangible assets.” Bloomberg News

WHILE evidence suggesting that these readers are more ethnically diverse and urban than the average reader is perhaps not surprising, what stands out is that they are also now more likely to be male—conspicuous in an era when most fiction is bought by women and there are anxieties that men are abandoning books altogether. “It’s very encouraging,” says Gaby Wood, chief executive of the Booker Prize Foundation. “Whenever you see a younger group of people doing something, you can convince yourself it’s the future.” Not too long ago, Wood argues, the expectation was that translation was a barrier, something that was “difficult” or offered a second-rate reading experience. “Now there are some amazing translators; they’re almost producing whole new books. It’s seen as a collaboration.” Nonetheless, no one can quite put their finger on what’s really behind the trend. New research by the publishing consultant Laura Di Giuseppe highlights the effect of social media, especially TikTok and Instagram, which have driven surprise spurts in sales for titles as varied as “Butter” and Fyodor Dostoevsky’s “White Nights,” which became a #BookTok sensation in 2024. The minimalist design and chic branding of presses like And Other Stories (elegant cream covers, artfully text-heavy) and Fitzcarraldo (deliciously collectable Yves Klein blue) have won many fans, drawing comparison w ith too-cool-for-school film studios such as Mubi and A24.

“They publish with such intentionality and focus,” Bea Carvalho, head of fiction at the bookstore chain Waterstones, says of Fitzcarraldo. “And they’re brilliant at books-as-furniture.”

Cultural forces

THE spotlight shone by awards such as the International Booker, whose rules were adjusted in 2016 to reward both the original authors and their translators, has added luster and led to increased sales during the last decade. Some wonder whether there are deeper cultural forces at work, too. Noting that 2016 was also the year Britons voted to leave the European Union, a decision where older voters tipped the balance, Wood speculates that people in their 20s and 30s are yearning for international connection. “I think you have a generation of people wanting to look beyond their own borders,” she says. “They want to know what else there is.” Tobler says the enthusiasm goes far beyond Europe, pointing out that fiction from East Asia is especially popular, perhaps linked to the fanbase for Korean K-drama and Japanese manga. “I think there is just a real thirst for cultures other than our own,” he says.

‘Complete lottery’

FOR all that, fiction in translation is very far from a majority pursuit, and it shows no signs of dominating the industry. Hiring a translator remains a substantial cost, and inflation is hitting small presses especially hard. Even larger publishers struggle to make money on translations or more niche genres. “Publishing literary titles is a complete lottery, really,” says Tobler. While artificial intelligence is upending the world of languages, especially in technical publishing, the effects on literary fiction remain to be seen.“We’re quite a way away from the sensitivity that a human can give a translation,” says Wood. Even so, some are anxious that translators will lose out. But many feel that, now that they have taste for it, English readers will not lose their appetite for tales from elsewhere. “Most customers coming into our bookshops aren’t really thinking about whether a book is translated or not,” says Carvalho. “They just want a good story.”

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PHL TO ADD 13-M CONSUMERS TO SPENDING CLASS BY 2030 By Bless Aubrey Ogerio

HE Philippines is projected to add 13 million consumers to its consuming class by 2030, even as weak wage growth and rising household debt weigh on consumer spending across Southeast Asia, according to a recent report by a consulting firm. Bain & Company-NielsenIQ (NIQ) said that the country’s consuming class is expected to expand from 58 million people in 2026 to 71 million by 2030. This accounts for more than a quarter of the 50 million to 60 million additional consumers projected across six Southeast Asian markets. Consuming class is defined by the report as people spending more than $13.20 daily, based on 2021 purchasing power parity, or about $4,745 annually. In terms of regional economic growth, the Philippines, alongside Vietnam, is projected to lead, with Southeast Asia’s gross domestic product expected to expand by nearly 5 percent annually through 2035. However, the projected increase in consumers does not necessarily translate into stronger household spending. Domestic consumption across the region, Bain and NIQ said, remains constrained by slower real wage growth and rising household debt, despite support from exports and

investments. According to the report, about one-third of Southeast Asian consumers considered themselves financially worse off than a year earlier. Further, roughly eight in 10 said they were buying less to manage expenses, while nearly half were willing to switch brands immediately if their preferred product was unavailable. In the Philippines, traditional retail channels still accounted for 41 percent of retail sales in the first half of 2026, reflecting the continued role of neighborhood stores and other small retailers in the market. However, traditional trade is losing ground across the region to minimarkets and online channels, while business-to-business wholesale and hard-discount formats are adding pressure on retailers’ margins. Bain and NIQ also identified premiumization as a potential growth area, although premiumplus packaged food accounts for only 18 percent to 24 percent of the market in the Philippines, Indonesia and Vietnam, compared with 45 percent in Singapore. The report said companies will need to identify which product categories have room to attract new buyers and which can grow by persuading existing consumers to purchase higher-priced products.

Friday, November 6, 2026 A13

Gesmundo, court reformist, bows out; Zalameda is CJ By Samuel P. Medenilla & Joel R. San Juan

ESPITE drawing criticism for authoring court rulings favoring the Marcos family, Justice Rodil V. Zalameda was named by President Ferdinand Marcos Jr. as the new chief justice, recognizing his 30 years of experience in public service. On Thursday, Presidential Communications Office chief Lino S. Cayetano announced Zalameda will replace outgoing Supreme Court Chief Justice Alexander G. Gesmundo, who will reach the mandatory retirement age of 70 on November 5, 2026. Gesmundo bows out of office on Friday, November 6, after steering the judiciary through some of its most challenging periods, including the pandemic, and pushing reforms meant to widen access to courts and court services through, among others, digitalization. According to Cayetano, Marcos picked Zalameda for his vast experience which spanned multiple administrations—former presidents Fidel V. Ramos, Gloria MacapagalArroyo, Benigno C. Aquino III. Zalameda was also appointed Associate Justice by former President

Rodrigo R. Duterte in 2019. The 63-year-old top magistrate obtained his Bachelor of Laws Degree from the Ateneo de Manila University in 1987 and passed the bar exam in 1988. “Justice Zalameda brings more than three decades of distinguished service to our justice system,” Cayetano said in a press briefing. “So this wide, broad experience makes him extremely qualified for the job...We believe in [his] impartiality, and we look forward to working with the new Chief Justice,” he added. The PCO chief made the statement after some individuals, including former presidential spokesperson Harry Roque, questioned Zalameda’s independence if he becomes top magistrate after he penned decisions which favored the Marcos family. Among these decisions was the 50-page ruling which reversed the conviction of the President’s mother, former First Lady Imelda R. Marcos, for seven counts of grafts, as well as the 2023 ruling affirming the dismissal of the ill-gotten wealth case filed by the Presidential Commission on Good Government (PCGG) against the Marcos family. Zalameda was on the list of five

associate justices who applied and were included in the shortlist submitted by Judicial and Bar Council to the President last week. Cayetano stressed that Marcos conducted a stringent review of the credentials of the applicants since he considers appointing the right chief justice “extremely consequential” for the country’s democracy to continue to thrive. “The Chief Justice leads an institution fundamental to our democracy, one entrusted with upholding the Constitution, protecting the rights of our citizens, and ensuring that justice is administered fairly and impartially,” Cayetano said. “The President expresses his confidence that Justice Zalameda will discharge the responsibilities of Chief Justice with integrity, impartiality, and an unwavering commitment to the rule of law,” Cayetano said.

Gesmundo bows out

IN his farewell message to the Supreme Court officials and employees at his final flag ceremony on Wednesday, Gesmundo recognized the collective efforts of court personnel in pursuing various initiatives to modernize the courts and make them more efficient and re-

sponsive to the needs of the public. Gesmundo, who was appointed on April 5, 2021 also recalled the challenges that the Judiciary faced during his term, including the Covid-19 pandemic which altered the country’s judicial landscape. “I know that none of these have been easy. Many of us need to adopt, make sacrifices, and persevere despite the uncertainty. Those times tested us, not only as individuals but also as an institution. Yet, despite all these, we carried on,” Gesmundo said. During his five-year term, Gesmundo spearheaded the development of the Strategic Plan for Judicial Innovations 2022–2027 (SPJI), the SC’s five-year blueprint for institutional reforms and modernization, anchored on an overarching goal of providing accessible, responsive, and real-time justice. Among his achievements under the SPJI include the use of videoconferencing nationwide and in authorized overseas venues; the launch of a unified platform or eCourt PH for electronic filing, case management, and other court core functions; integration of artificial intelligence in court processes such as the Governance Framework See “Zalameda,” A2

Senators prod Japan for zero tariffs on New investments face PHL heated tobacco, fruits, farm items tougher scrutiny as firms turn cautious By Bless Aubrey Ogerio

PHL SENATORS PUSH FOR ZERO TARIFFS IN JAPAN Senate President Sherwin Gatchalian, Senate Majority Leader Juan Miguel Zubiri, and Senators Joseph Victor Ejercito, Francis Pangilinan, Manuel Lapid and Erwin Tulfo meet with Japanese officials during an official parliamentary visit to Tokyo, Japan, on Thursday, November 5, 2026. The Philippine delegation is seeking the removal of Japanese tariffs on Philippine-made heated tobacco products (HTPs), fruits and other agricultural exports to expand market access and strengthen bilateral trade relations. The proposal was advanced by Tulfo and Pangilinan as part of efforts to enhance the Philippines-Japan Economic Partnership Agreement. The visit coincides with the 70th anniversary of diplomatic relations between the Philippines and Japan. By Butch Fernandez

HILIPPINE senators have proposed to the Japanese government the removal of tariffs on Philippine-made Heated Tobacco Products (HTPs), fruits, and other agricultural products to strengthen bilateral economic relations between the two countries. On first day of an official visit, the delegation—including Senate Foreign Relations Committee Vice-Chairperson Sen. Erwin Tulfo and Agriculture panel chief Senator Francis “Kiko” Pangilinan— notched up significant meetings to push their advocacy, among others. These included courtesy visits to Prime Minister Takaichi Sanae, former Japanese Prime Minister Kishida Fumio, Japanese Senate

President Sekiguchi Masakazu, and other Japanese senators, as well as House of Representatives Speaker Mori Eisuke. Tulfo made the proposal during the Philippine senators’ parliamentary visit to the Japanese Senate as part of the celebration of the 70th anniversary of Philippines-Japan Friendship. “With the emergence of new products from the Philippine tobacco industry and the increasing demand for them in Japan, we are respectfully asking the Japanese government to consider our proposal to exempt Philippinemade HTPs from tariffs,” Tulfo said. The appeal for zero tariffs aims to further strengthen the Philippines-Japan Economic Partnership Agreement (PJEPA), which

was signed in 2008 to eliminate or reduce tariffs on more than 90 percent of goods traded between the two Asian nations. Since HTPs and other agricultural products were not yet contemplated when the trade agreement was negotiated in 2008, Tulfo appealed to the Japanese government to impose zero tariffs on Philippine-made HTPs, thereby leveling the playing field with similar products from the European Union. “This will not only ensure a steady supply to our Asian neighbors but will also strengthen the Philippine manufacturing, agriculture, and export industries, ultimately boosting the country’s economy and generate jobs,” the senator said. Also part of the Philippine Senate’s parliamentary visit to the

Japanese Senate were Senate President Sherwin Gatchalian, Majority Leader Juan Miguel Zubiri, and Senators Manuel “Lito” Lapid, Raffy Tulfo, Joseph Victor “JV” Ejercito, and Francis “Kiko” Pangilinan. The official visit also includes meetings with the Sasakawa Peace Foundation, which Tulfo thanked for its unending support to the Philippines, especially during calamities, the Japan-Asean InterParliamentary Exchange Group, the Japan International Cooperation Agency, and the Japan-Philippines Parliamentary Friendship League. Prior to this trip, Japanese senators led by Senate Vice President Fukuyama Tetsuro visited their Filipino counterparts at the Philippine Senate in Pasay City on September 16, 2026.

HILIPPINE businesses are becoming more cautious with expansion and capital spending, with companies likely to prioritize investments in productivity and cost efficiency over projects that require larger outlays and additional hiring, business groups said. Management Association of the Philippines (MAP) President Donald Patrick L. Lim told the BusinessMirror that firms were becoming more selective about where they put their money, favoring operational efficiency, profitability and cash flow over aggressive expansion. The caution comes even as business sentiment improved in September. The Bangko Sentral ng Pilipinas’ (BSP) latest Business Expectations Survey showed the overall Business Confidence Index rising to -8.4 percent from -10.9 percent in August, indicating that pessimism among businesses had eased. (See: htt ps:// businessmirror.com. ph/2026/11/02/fuel-costs-inflation-peso-dampen-biz-moodbes/) However, Lim said higher costs and weaker consumer spending continued to make companies hesitant to expand. Uncertainty over governance and the credibility of the proposed 2027 national budget was also affecting investment decisions, he added. “This is understandable given our current economic environment,” Lim said in a message. With companies weighing these pressures, major capital expenditures could be deferred until conditions improve, while investments that help raise productivity, support digital transformation and automate operations may take precedence. For the MAP head, restoring business confidence would require more than lower interest rates or a stable peso. Further, companies also need stronger consumer demand, predictable government policies, transparent budget spending and renewed public trust in institutions. “Investors can manage risks,

but uncertainty is much harder to manage,” he said. “Ultimately, business confidence is not measured by what companies say in surveys, but by the capital they are willing to commit.” The more cautious approach is also evident among supply chain operators, which are focusing on keeping goods moving while containing operating costs, the Supply Chain Management Association of the Philippines (SCMAP) told the BusinessMirror. SCMAP Marketing and Communications Director Henrik Batallones said that some companies are securing raw materials in advance, while others are adjusting their product lines and production volumes to protect margins without compromising customer demand. “Many certainly have looked at internal savings and efficiencies,” Batallones said in an email, adding that passing on higher costs to consumers remains a last resort, particularly for goods whose prices are monitored. Peso depreciation, higher interest rates and continuing domestic and international uncertainty were cited by Batallones as factors raising the cost of capital expenditures and prompting companies to reassess new investments. For firms that continue to spend, he said, potential long-term savings are becoming an important consideration. This includes investments in electric vehicles, which have become more attractive to logistics operators looking to reduce energy costs. “But we believe supply chain capacity next year will still depend on customer demand, whether through brick-and-mortar stores or online,” the SCMAP director said. “Getting internal efficiencies will again play a significant factor.” Despite companies’ cautious spending plans, the central bank’s survey showed a more optimistic outlook over the three- and 12-month periods, with respondents expecting business activity to pick up during the holiday season and rice harvest periods.

A14 Friday, November 6, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The Edsa Busway is for passengers, not private cars

HE Management Association of the Philippines is right about the Edsa Busway, and right for reasons that have almost nothing to do with students. (Read the BusinessMirror story: Private cars on busway? MAP objects, November 3, 2026). On November 2 the government lifted the barrier on a southbound stretch of the busway, Nepa Q-Mart to Boni Avenue, and let private cars in. The window is about two weeks—long enough for asphalt to cure under a P4-billion Phase 2 rehabilitation project, and short enough that everyone can call it temporary. Transportation Secretary Vince Dizon says the lane reverts to buses once paving ends and the concrete barriers go back. Fine. That is a lane closure with a detour, not a policy shift. So why does it feel like one? Because the reason offered to the public was Undas. Students and workers were returning from the provinces, traffic would be unbearable, so the lane opened. MAP’s retort—“students are not adequate reasons for this exemption”—lands because students are the wrong variable. Students are seasonal. Undas comes every year. The paving is the real reason, and the government led with the one that makes motorists feel good. That matters, because a lane opened for paving and closed for paving teaches the wrong lesson: that the busway is spare capacity, road space the state holds in reserve for cars and lends out when convenient. MAP puts it better. “The policy should be to move passengers, not vehicles.” Consider what the busway moves. Since June 1, 2020, it has carried 341,307,847 passengers as of December 2025—roughly three times the country’s population. Its single-day peak, 454,649 riders on December 27, 2023, is a mid-sized city moved along one median lane in a day. Now consider what the state has done for it. The Department of Budget and Management zeroed out the P1.756-billion allocation for 2027, along with the service contracting program and the fuel subsidy that keep operators whole. The excuse was tightening fiscal space. The same fiscal space that funds insertions, apparently, is too tight for the one mass transit line that already works. Hence MAP’s sharpest line: buses on the busway “have been dwindling in numbers due to the lack of government support.” Fewer buses mean longer waits. Longer waits push riders back to jeepneys, to tricycles, to a car if they can afford one. A system that loses riders for want of vehicles then looks underused—and an underused busway becomes an easy mark for the next proposal to open it to cars. That is the trap. It is already sprung, and the two-week detour is the noise it leaves behind. The remedy is unglamorous and correct: shorter headways, more buses, and the stations promised and never built—Roosevelt, Cubao, Rockwell, Ayala, Magallanes, Malibay, Pasay. The most valuable missing stops sit in the richest business districts, exactly where a commuter with a choice decides whether the Carousel is worth leaving the car for. Twenty-four stations is not a network. It is a route with holes in it. MAP leaves room for four-passenger carpools, school buses and point-topoint units, but only “if regulators can adequately enforce it.” That qualifier is doing heavy lifting—the moment a carpool lane exists, someone will sell three seats in a hatchback. Still, the exceptions are the right shape. A fourpassenger car is a bus that happens to be badly built. If the barriers come back on schedule, the government will have proven it can run a busway when it wants to. If they quietly stay, and Congress returns the 2027 budget with a zero still in it, the busway was never a priority—only a lane that got lucky for a while. A dedicated lane is only as dedicated as the money behind it. Right now, the money is zero. It makes no sense to sacrifice a working transit route. Let’s restore the P1.756-billion allocation first, then address the car-centric debates.

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UP holds the most UAAP badminton championship titles Dennis Gorecho

Kuwentong Peyups

HE University of the Philippines (UP) Fighting Maroons hold the most badminton championship titles among the University Athletic Association of the Philippines (UAAP) schools.

UP captured the UAAP Season 89 overall championship in women’s badminton after the conclusion of the tournament on November 3, 2026 at the Gameville Central Park in Mandaluyong City. The Fighting Maroons extended their record to 11 overall titles after edging out Ateneo de Manila University and National University (NU) with 20.875 points, highlighted by their championship-clinching gold in the women’s doubles. With the recent gold podium finish of the UP Women’s team, UP is now champion in the UAAP badminton tournament 16 times: 11 in women’s and five in men’s. The championship titles of the Women’s team are in Seasons 58 - 63 (1995 to 2001), 77-79 (2014-17), 87 (2024–25) and 89 (2026-27). The Men’s team became champions in Seasons 60 to 63 (1997–2001) and 65 (2002–03). UP owns the longest streak for consecutive titles in the Women’s

Division at six for Seasons 58 to 63 (1995 to 2001). UP also won a “double crown” (winning both Men’s and Women’s) for four consecutive years in Seasons 60 to 63 (1997–2001). UP Women’s team was 1st runner in Seasons 80 to 81 (2017–19), 85-86 (2022–24). UP Men’s team was 1st runner in Seasons 64 (2001–02), 80 -81 (2017– 19) and 88 (2025-26). Badminton became a UAAP sport in Season 58 (1995-96) when UP Women’s emerged as champion. Ateneo was the champion in Men’s. Following UP as overall champion is Ateneo with 14 titles (six in Men’s and 8 in Women’s), while NU has 10, all in Men’s; De La Salle University has six (one in Men’s and five in Women’s), Far Eastern University has seven (three in Men’s, four in Women’s), University of Santo Tomas has five (four in Men’s, one in Women’s), and University of the East has two (one each for Men’s and Women’s).

UP Women’s team won the gold for Season 89 in the doubles with Kimberly Lao and Susmita Ramos. Brys Fuggan is silver medalist in singles, Anthea Gonzalez is bronze medalist in singles. UP, which settled for bronze in the Men’s team event, completed the overall podium with 17.25 points. Shan Clar secured a bronze in the Men’s singles, while the tandem of Arjay Lazareto and Ryan Mendoza also took bronze in the doubles. “There were some upsets over the past few days, but we just hit the reset button. We’ve restarted and refocused—whatever else we can do, let’s do it. Let’s give it our all; just stay tough,” UP’s graduating captain Ramos said. Four women Fighting Maroons will be graduating: Ramos, Lao, Gonzalez, and Pat De Leon. Under the league’s scoring system, teams receive points based on their finishes in the team event, with the gold medalist earning 15 points, the silver medalist collecting 12, and the bronze medalist getting 10. The fourth-place finisher receive eight points, while the remaining two teams in the six-team field earn six and four points, respectively. The individual events—singles and doubles—followed a separate scoring system, with 10 points awarded to the gold medalists, six to the runners-up, four to the semifinalists, two to the quarterfinalists, and one point to all other participants. For the overall standings, each

Key conclusions from Trump GOP’s midterm election wipeout By Gregory Korte

S voters handed Democrats control of Congress in midterm elections on Tuesday, delivering a stunning repudiation of President Donald Trump.

Democrats flipped long-held Republican seats in North Carolina and South Carolina, Texas and Kansas, among other places. They captured governor’s offices in Texas and Georgia. In Iowa, which Trump won by 13 points in 2024, Democrat Josh Turek won handily. Republicans barely eked out victories in races that had been expected to be blowouts. Of all the races called so far, Democrats suffered no losses where they were expected to win. In a closely watched Ohio House race where they were down, NBC now projects the Democratic incumbent, Marcy Kaptur, will be reelected. The results mark an extraordinary reversal from just a few months ago, when the Senate was considered out of reach for Democrats. As the night progressed, the predicted blue

wave became a tsunami, with Democrats winning or ahead in 25 House races that had leaned Republican. As of Wednesday morning, Democrats had won at least 228 House seats, well above the 218 needed for a majority. Republicans won in 139 districts, with 68 still to be called. NBC News projected Democrats could wind up with 258 seats to Republicans 177, an 81-seat majority, and well above the 214 seats they hold in the current House. In the Senate, the Democrats will now hold at least 54 seats, with just Alaska and Mississippi still unresolved. Currently, Democrats have 47 Senate seats, including two independents who caucus with the party. Trump vented his frustration as he watched the returns from the East Wing of the White House, saying on

Trump vented his frustration as he watched the returns from the East Wing of the White House, saying on social media he would have won “IN A LANDSLIDE” and casting blame for the rout. He later indicated in an interview on Fox News early Wednesday that he was willing to work with Democrats but on his own terms.

social media he would have won “IN A LANDSLIDE” and casting blame for the rout. He later indicated in an interview on Fox News early Wednesday that he was willing to work with Democrats but on his own terms. As the news came in, markets began to slide. But futures for the S&P 500 on Wednesday erased early losses to gain 1.1 percent. Nasdaq 100 contracts also swung sharply. Among the concerns from investors were that potential Democratic policy changes could slow the development of artificial intelligence. The dollar fell by the most in two months, retreating

team’s results in the individual events were combined, with a maximum of two singles and two doubles results counted. These points were then added to the team’s score in the team event to determine the overall champions. Aside from badminton, varsity teams from the UAAP universities compete annually in the league’s multiple sports categories to vie for the overall championship title, namely, 3x3 basketball, athletics, badminton, baseball, basketball, beach volleyball, standard and blitz chess, fencing, football, judo, softball, swimming, table tennis, taekwondo kyorugi and poomsae, tennis, and volleyball. UP earlier hosted UAAP 12 times for seasons 13 (1949–50),16 (1953– 54), 20 (1957–58), 26 (1963–64), 31 (1968–69), 36 (1973–74), 42 (1979– 80), 46 (1983–84), 54 (1991–92), 62 (1999–2000), 71 (2008–09) 78 (2015–16) and 87 (2024-25). A campus anecdote was that the varsity teams were once known as the UP Parrots. It was replaced with a new moniker that revived the old (circa 1920s) name Maroons, along with the adjective “fighting” to describe the sportsmanship attitude that the UP varsity teams must possess during the games. Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@ sapalovelez.com, or call 0908-8665786.

against all major peers. Below is a list of some of the biggest and most stunning results of the night.

Seven Senate flips so far

DEMOCRATS needed to flip four seats to take control of the Senate, and some predictions suggested the nation wouldn’t know who had control of the chamber for days because of how long it takes for Alaska to count. But the drama was over before midnight. The first shocker of the night was in South Carolina, a state that had been seen as one of the less plausible ones for a Democratic win, with voters turning away from Darline Graham, the sister of the late Lindsey Graham, who died in office. She fell to Annie Andrews, a pediatrician, who focused her campaign on high costs of living. Texas was the bigger earthquake. The state had not had a Democratic senator since 1993 but James Talarico won easily over Ken Paxton as See “Key,” A15

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China keeps faith in Trump even as ‘total defeat’ adds new risks

S Chinese netizens pored over the wreckage of the Republican losses in the midterm US elections, the hashtag “Trump Total Defeat” went viral on microblogging platform Weibo, garnering more than 70 million views by Wednesday evening.

Officials in Beijing, however, quickly signaled business as usual. Mao Ning, a spokesperson for China’s Foreign Ministry, described the elections as a US “domestic affair” during a regular briefing, while showing faith in advancing “understandings reached by the two heads of state,” Donald Trump and Xi Jinping, whose third summit of the year unfolds in two weeks’ time. China will “expand cooperation, and build a China-US relationship based on mutual respect, peaceful coexistence and mutually beneficial cooperation,” Mao said. After Trump’s return to the White House, Beijing endured a sweeping trade war in 2025 that took tariff rates to triple digits. Since then, however, China has stabilized its relationship with the US, ushering in a mutual period of strategic stability that’s seen Washington show restraint on chip curbs and on its support for Taiwan. As Trump enters the lame-duck stage of his presidency, foreign policy will remain one of the key levers under his control, sowing risk of renewed turbulence should he aim to set new agendas. Even so, prominent voices in China expect the bilateral calm to last. “The overall stability is sustainable at least ’till the end of this term,” said Da Wei, director of the Center for International Security and Strategy at Tsinghua University. “But within this framework of stability, I expect more noise and more pressure from Congress.” On China’s X-like Weibo, users were less restrained as the scale of the electoral rout became clear. “Trump’s total defeat demonstrates that relying on the incitement of emotions and the creation of division is not a sustainable path to governance,” a Weibo commentator with 4 million followers wrote. “Once ‘Make America Great Again’ was reduced to an empty slogan, all that remained was a fractured society and a tarnished international reputation.” Two years after Trump swept to victory determined to ratchet up economic confrontation with Beijing, the US president is now acting as a restraint on lawmakers with far more hawkish views on China. A series of bills pending in Congress would tighten US export curbs. The Match Act, for example, would direct the administration to identify chip equipment and Chinese manufacturing facilities that should be restricted, while pressing allies to adopt controls just as stringent as those faced by US companies.

‘New equilibrium’

BUT after a bruising standoff over almost 10 years of trade wars led

Key. . .

continued from A14

Republican voters turned away from the attorney general amid allegations of corruption, extramarital affairs and deep unpopularity. Iowa fell later in the night, as did Kansas and Ohio.

Massive voter shifts

EXIT polls showed huge numbers of Black and Hispanic voters returning to the Democratic fold after moving sharply in Trump’s favor in 2024. The Voter Poll, a comprehensive exit poll conducted for The Associated Press and major television networks, found only 9 percent of Black voters and 35 percent of Hispanic voters supporting Republicans. Comparable exit polls in 2024

to a state of “mutually assured disruption” between the world’s two biggest economies, pragmatism in foreign policy will likely prevail, said Henry Huiyao Wang, founder of the Center for China and Globalization think tank in Beijing “This new equilibrium will force both sides to work together,” he said. “Any sanctions or unilateral behavior would do damage on both sides and lead to a lose-lose situation.” An extension to the trade truce at Xi’s summit with Trump in September—the second of potentially four meetings between the two leaders this year—bought them more time even as a sharp divide remains over issues like Taiwan and AI development. The Trump administration has held up a $14 billion arms package for Taiwan, after already approving record weapons sales to Taipei in December last year. Beijing has repeatedly urged Washington to halt arms sales to the island, saying they violate the one-China principle and agreements governing US-China relations. The Taiwan Relations Act, however, requires Washington to make defensive weapons available to Taiwan in quantities necessary for it to maintain sufficient selfdefense capabilities. Hu Xijin, the former editorin-chief of the Global Times, a state-run nationalist tabloid, said he believed Trump would seek to maintain a stable relationship with China. “The current equilibrium in USChina relations is the result of a contest of strength, and over the past two years, Trump’s respect for China’s national power has gradually grown,” Hu wrote in a Weibo post. “While the midterm elections may shift the balance of power within the United States, an intensification of internal American political strife will not provide Washington with any additional tools to exert coercion against China.” Trump’s weakened grip over Congress could inadvertently help the newly stabilized relationship between the US and China. Since the president will hold less sway with lawmakers, he’ll wield fewer bargaining chips in negotiations with Beijing, according to Feng Chucheng, founding partner of Beijing-based Hutong Research. “Trump retains considerable discretion to negotiate with Xi, but his ability to deliver on certain promises to Beijing will be more constrained,” he said. “This makes the boundaries of any potential US-China deal clearer, even if it narrows the scope for bargaining.” With assistance from Qianwei Zhang and Rebecca Choong Wilkins/Bloomberg

found Trump got the support of 13 percent of Black voters and 46 percent of Latinos. Republicans also lost vote share among white voters, from 57 percent in 2024 to 51 percent in 2026. Democratic turnout also played a role. Nationally, voters for Kamala Harris exceeded Trump voters by three percentage points in the midterm elections—even though she lost the presidential election by 1.5 points. But independents—and even some Trump voters—also played a part, according to exit polls published by CNN. About 7 percent of Trump voters said they voted for a Democrat for Congress, while only 2 percent of Harris voters said they voted Republican. And independents broke for Democrats by 17 percentage points.

Opinion BusinessMirror

Friday, November 6, 2026 A15

From fax to AI: Manila’s place in Asean’s digital journey By Joel C. Paredes

S leaders of the Association of Southeast Asian Nations (Asean) prepare to gather in the Philippines this November, digital cooperation is back in focus. Issues shaping the region’s future include cybersecurity, artificial intelligence, cross-border digital trade and efforts to curb the spread of false or misleading information online, often called “fake news.”

The stakes are high. According to Asean, the region’s digital economy could reach US$2 trillion by 2030 with the successful implementation of the Asean Digital Economy Framework Agreement. The push for a more connected Southeast Asia, however, also has an earlier chapter in Manila. At the turn of the millennium, two meetings in 1999 and 2000 helped information officers explore new ways to share the region’s stories and explain regional cooperation to the public.

Taking public information online

IN late November 1999, the internet was still a new frontier for many government offices. Public information relied heavily on fax machines, printed press releases and radio broadcasts. In Manila, the Philippine Information Agency (PIA) organized an Asean workshop to help information officers across the region move online. The Asean Training Workshop on Internet: Multimedia for Asean Regional Homepages focused on the practical work of developing websites and using multimedia to share information. Participants worked on web pages intended to improve information sharing across member countries. The tools were basic by today’s standards, but the purpose was familiar: make regional information easier to find and use.

Bringing the message to communities

BUILDING on that technical groundwork, attention shifted in September 2000 from technical training to communication planning. The SeminarWorkshop on Implementing the National Communication Plans to Promote Asean brought information officers and policymakers together in Makati. Jerry M. Reyes, then Asean’s program coordinator for culture and information, put it this way: “One way to gauge the effectiveness of ASEAN is, first of all, to imagine a region without Asean. What would Southeast Asia be without Asean?” Without ASEAN, Reyes said, the countries would likely operate individually, without meaningful working links. As a group, they could carry more weight in international economic and political affairs. Reyes also pointed to strong economic growth in Asean countries, citing rates of 5 to 7 percent, with some countries reaching 9 percent. Ambassador Sonia C. Brady, then an assistant secretary at the Philippine Department of Foreign Affairs, also noted that Asean had strengthened cooperation among its member countries over more than three decades. Brady said Asean had helped defuse regional tensions and keep potentially explosive situations

manageable, contributing to peace, security and stability. She also noted that the concept of security had expanded beyond political and military concerns. “After all, in today’s increasingly globalizing world made more compact by advances in technology, it is getting more and more difficult to separate political from the economic and/or the social realms,” Brady said. “Asean must therefore be ready to face these challenges in order for the Association itself to remain cohesive, dynamic and relevant to its member-countries, and responsive to the needs of their peoples.” The communication planning discussed in Makati went beyond building websites. It aimed to sustain public information efforts and explain how regional initiatives affect lives and livelihoods. The PIA’s grassroots communication experience brought a local perspective to this development communication effort. At the regional and national levels, ASEAN communication plans aimed to unlock the potential of the region and its member states. United Nations information officer Ofelia Valdecanas, who presented organizing and networking strategies, emphasized that communication for social mobilization should create opportunities for dialogue, interaction and participation. Building the skills needed for this work was also essential. Asean senior officer Victor Lactaoen said the aim of drawing on Asean’s cultural strength and the power of modern technology was “to tell the story of Asean to its own peoples and to the world—so that it may gain their goodwill and support.” In October 2000, the month after the Makati seminar-workshop,

Asean information ministers met in Hanoi and adopted a memorandum of understanding to support national plans promoting Asean awareness and understanding. They also called for improvements to the Asean culture and information website and wider use of the internet to reach the public.

New tools, the same public mission

TWENTY-SEVEN years after the 1999 workshop, the digital agenda is far broader. Data privacy, digital trade, cybersecurity and online disinformation now demand cooperation across borders. ASEAN has also moved beyond its Socio-Cultural Community Blueprint 2025 to a new strategic plan guided by its Community Vision 2045. That continuing public mission gives this history personal meaning for me. As director general of the PIA and chair of the National Subcommittee for the ASEAN Committee on Culture and Information at the time, I worked alongside the late communication specialist Dr. Josefina Patron, archivist Bel Capul and others involved in these early efforts to strengthen regional information sharing. Looking back, I see those Manila meetings as part of a larger story: finding new ways to bring Asean closer to the public. The tools have changed, from early web pages to artificial intelligence, but the purpose remains the same—to help people across a diverse region understand what cooperation means for their daily lives. Joel Paredes, BusinessMirror senior special correspondent, is a veteran journalist with over four decades of experience. He once served as Director General of the Philippine Information Agency (PIA).

Prabowo wiretap arrest spills top Indonesia rivalry into public By Chandra Asmara & Claire Jiao

HE mobilization of thousands of military personnel to Jakarta this week has intensified speculation about a widening rift between Indonesian President Prabowo Subianto and his predecessor, Joko Widodo, while exposing long-running tensions between the country’s military and police. The unusual development followed the arrest of a Widodo-appointed former national police chief on suspicion that he and other senior officers had illegally wiretapped Prabowo, conduct the president’s administration said could amount to treason or an attempt to overthrow the government. Despite that dramatic claim, there was no indication of an imminent security threat in the capital on Thursday. Business activity appeared normal, and there was little evidence of a heavy military presence downtown. The stock market closed 2.2% higher, while the rupiah strengthened against the greenback to 18,082 per dollar from 18,165. “There is little to suggest a credible threat to Prabowo’s presidency, given his strong backing from the military and the ruling coalition,” said Dedi Dinarto, associate director at strategic advisory firm FGS Global. “The large-scale military deployment could be a precautionary move to prevent tensions within the security establishment from escalating,” Dinarto said, citing the former police leader’s longstanding influence within the police.

The militar y mobilized nearly 21,000 Navy personnel for security in Jakarta, deploying 7,840 and placing another 13,140 on standby. Analysts said it was unusual for such a detailed operational plan to become public, including the units involved, troop movements and transport arrangements. The military, which has said the mobilization is related both to national security and planned military drills, also said its alert status remained at its lowest level. It has been raised in the past during episodes of public unrest, including protests. “Without further evidence, I would be hesitant to attribute a specific political motivation to the deployment,” said Joseph Kristanto, a maritime security researcher at Singapore’s S. Rajaratnam School of International Studies. But the sequence of events puts fresh strain on the tenuous political pact Prabowo forged with Widodo, also known as Jokowi, that helped Prabowo win the 2024 presidency. He elevated several Jokowi allies to prominent government positions, including Jokowi’s eldest son, Gibran Rakabuming Raka,

The defection of Trump voters to Democrats may have been an even bigger factor in marquee Senate races, with 11 percent of Trump’s 2024 supporters voting for Andrews in South Carolina and for Talarico in Texas.

flawed and far more vulnerable than incumbent John Cornyn. The victory marked the first real check on Trump’s power since he returned to the White House. Rising voter discontent over the economy, the war in Iran and the administration’s heavy-handed immigration crackdown, which sometimes turned deadly, were among the reasons for the wipeout. Gubernatorial contests were similarly decisive. In the biggest such upset of the night, Democrat Gina Hinojosa won in Texas. Keisha Lance Bottoms won in Georgia and Amy Acton beat Vivek Ramaswamy in Ohio after he aired an ad that featured her estranged mother. Republicans outspent Democrats $2.1 billion to $1.8 billion across all contests. But even races that went the GOP’s way, including Byron Donalds

Repudiation of Trump

TRUMP had told voters over the course of the elections to vote as if he was on the ballot. And, by and large, they did, sending a message of deep distrust and disappointment to a president whose approval ratings are now in the 30s. It wasn’t just that: the results showed that voters rejected Trump’s handpicked candidates, some of whom he backed despite protests from within his own party. Those included Darline Graham, along with Paxton in Texas, who was viewed as

as vice president. Gibran’s political future is now unclear amid an ongoing investigation into his educational credentials that could affect his ability to remain in office. The wiretapping development could give Prabowo “an opportunity to further consolidate his political authority and weaken figures associated with Jokowi,” Dinarto said. The Government Communication Agency didn’t comment on the state of Prabowo-Jokowi ties. It said the troop deployment was part of the military’s “readiness to carry out state duties, protect the Indonesian people and safeguard national unity.” The episode also highlights the ongoing rivalry between the military, where Prabowo was a former general and has strong ties and loyalties, and the police, where Jokowi built a strong base of support during his presidency. “There are two levels of conflict here,” said Yanuar Nugroho, a former deputy chief of staff to Jokowi and now a visiting senior fellow at ISEAS in Singapore. “Prabowo and Jokowi, and the military versus the police.” The arrest of the former police chief encapsulates that dual dynamic. Listyo Sigit Prabowo, a Jokowi ally, was initially retained by Prabowo. But Prabowo’s decision last month to shift him from national police chief to presidential chief of staff had already raised questions about Listyo’s standing and the durability of Prabowo’s accommo-

dation with Jokowi. (Despite sharing a name, Listyo and the president are not related.) “Listyo’s ties to former president Jokowi add a political dimension to the case,” Olga Letticia at Eurasia Group wrote in a note. The ex-police chief is “seen as one of Jokowi’s most influential allies. The investigation could therefore fuel speculation about whether the case reflects a breakdown in relations between Prabowo and Jokowi.” The October reshuffle also moved Pratikno, Jokowi’s former state secretary, out of Prabowo’s cabinet and into an advisory role. The upheaval comes as Prabowo’s once-high popularity fades and the economic jeopardy to his presidency worsens as the country’s stock market risks being downgraded by global index provider MSCI Inc. That step could trigger an outflow of tens of billions of dollars from the country and send the currency spiraling downward. Prabowo’s approval rating last month fell to its lowest since he took office, in October 2024, on rising living costs and perceptions of worsening corruption, according to a survey by Saiful Mujani Research and Consulting. Polling by the same firm found the share of Indonesians who say the country is moving in the right direction has fallen by about 35 percentage points since Prabowo’s inauguration.

for Florida governor, were tighter than forecast. By the end of the night there was some finger-pointing among Democrats that the blue wave wasn’t even bigger. The Democratic candidate for Senate in Florida, Angie Nixon, was out-raised by Republican candidate Ashley Moody, who was expected to win by more than 10 points. She ended up winning by about three points.

Republicans who had been expected to put up a fight conceded quickly. Paxton congratulated Talarico. Trump, too, appeared chastened. He had urged supporters to make the election outcome “too big to rig”—but it was Democrats, not Republicans, who took the message to heart. “I am absolutely willing to accept those results,” Trump said in an interview with the New York Times. “We’ll work with the Democrats, and we’ll, you know, look forward to working with them. We’ll probably work something out.” There is plenty of time, however. The elections still must be certified. The Justice Department, which has largely done Trump’s bidding by filing cases in Alaska and California, may challenge the counts in numerous elections. Bloomberg

Fears of violence unrealized

BEFORE the vote, some political analysts feared turmoil, even the possibility that the military might seize polling boxes or violence might break out at voter locations. While there were problems reported with machines at some polling places, generally the voting went off without any problems.

With assistance from Rosalind Mathieson and Norman Harsono/Bloomberg

Sports BusinessMirror

A16 Friday, November 6, 2026

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

JAMESRAY MISHAEL AJIDO is the only Southeast Asian in the final of 50-meter butterfly, an event that had 42 athletes spread out in six heats. POC MEDIA POOL

TEAM PHL SHIFTS INTO HIGH GEAR D By Jun Lomibao

AKAR—The Philippines plays catch up to three of its Southeast Asian neighbors which have already medaled in the Dakar 4th Youth Olympic Games that has been dominated so far by Japan, China and the Russian Federation. Friday will be a day off for Filipino athletes with the campaign shifting to gymnastics on Saturday and goes full swing on Sunday. Hillarion Palles III will be first up in the men’s qualification for the individual all-around, the only event he’s entered because the Philippines doesn’t have a complete team in the games, same with Tchelzy Maayo. Maayo takes her turn in the women’s qualification at the Dakar Exhibition Center in Diamiando on Sunday, the same day action in athletics, cycling and windsurfing get going in separate venues. Three Southeast Asian teams are so far in the medal tally with Singapore winning gold in women’s taijiquan combined, where Angel Polo finished fifth, and Indonesia bagging silver in

men’s Changquan also of wushu and in women’s -63 kgs of judo and Vietnam a bronze in men’s Taijiquan combined. “Just like in the Summer Olympics [regular], competition here is tough and our three neighbors have medaled in a sport that’s not in the Olympic program, except for judo,” Philippine Olympic Committee president Abraham Tolentino said on Thursday. “But we have four more shots at a medal,” said Tolentino, who’s joined by POC secretary-general Atty. Wharton Chan in the small Philippine Secretariat alongside Chef de Mission Rocky Samson and Shawn Hendrix Telebrico. Jamesray Mishael Ajido wound up his campaign in swimming on Wednesday, finishing fifth in the 50 meters butterfly final in swimming where his rivals were much taller than his 5-foot-2 frame. “I didn’t execute the swim that I wanted to,” said Ajido, winner of a bronze in the Bahrain 2025 Asian Youth Games, a gold medalist in the Southeast Asian age-group championships and multiple champion in the Palarong Pambansa. “I thank everyone for the support for my campaign and I will not only cherish this YOG experience but learn

MARITANYA “EMS” KROG (center) and coaches Mark John Lexer Galido and coach Marita Lucas gear up for the trip from NAIA Terminal 3 to Senegal via Istanbul. POC MEDIA POOL

Special Olympics Pilipinas gets lift from SportsPlus

Foxies squeak past Thunderbelles to stay in contention for semifinals

PECIAL Olympics Pilipinas received sports equipment to support the training of Filipino athletes with disabilities in Sta. Elena, Marikina, recently. The donation from SportsPlus Foundation included equipment for basketball, football and badminton, among other sports. Special Olympics Pilipinas Sports Manager Zoren Alfonso said the equipment would help athletes improve their skills and train with quality gear. “We are a non-government organization, and our funding comes from grants, including from SportsPlus, which is huge,” Alfonso said. “We are grateful to SportsPlus Foundation because this donation was not just sports equipment, but a path for athletes to improve in their sport. This will help them develop their skills and experience using quality sports equipment,” he added. SportsPlus Head of Brand Marketing Paul Macalindong said the donation was part of the foundation’s efforts to make sports more accessible. “It is our privilege to turn over this equipment to Special Olympics Pilipinas as part of SportsPlus Foundation’s efforts to promote inclusive sports and expand opportunities for Filipino athletes of all abilities,” Macalindong said.

SPECIAL Olympics Pilipinas, part of the global Special Olympics movement, gets a shot in the arm. SP

a lot from it,” said Ajido, one of only two Filipino swimmers here—Riannah Chantelle Coleman swam her last event, the 50 meters breastroke, on Thursday morning at the Dakar Olympic Pool. Cyclist Maritanya Krog, windsurfer Jade Justine Justiniane and trackster Pi Durden Wangkay were expected to arrive early evening Thursday with their coaches from a 30-hour flight from Manila via Istanbul. Krog competes in women’s individual time trial in Corniche, Naomi Marjorie Caesar in the women’s 800 meters semifinals at the Complexe Iba Mar Diop Stadium and on Justiniane a the Saly Beach West all on the Saturday. The men’s 200 meters semifinals where Wankay is entered are set Tuesday. Japan leads the gold medal race with five in swimming and one in table tennis on top of one silver and three bronzes, followed by China with a 4-3-1 tally (two golds in rowing and one each in swimming and wushu) and the Russian Federation—whose flag is being raised for the first time since 2022 in an International Olympic Committee event—with 3-2-0 (golds in swimming).

CES MOLINA and the Foxies make it three wins in five matches. PVL

ARM Fresh beat ZUS Coffee, 25-21, 16-25, 21-25, 25-19, 15-10, on Thursday to remain in the semifinal race in the Premier Volleyball League AllFilipino Conference Siklab Series at the Philsports Arena in Pasig City. The Foxies took control in the decider, winning eight of the first 11 points behind Royse Tubino’s attack. ZUS Coffee fought back from an eight-point deficit, scoring four straight points to cut the gap to 6-14. But Farm Fresh challenged a ball-in, ball-out call on Ces Molina’s attack, and video review confirmed the ball landed inside the baseline to end the two-hour, 10-minute match. Tubino had 20 points, Molina added 18, while Trisha Tubu chipped in 17. The victory raised Farm Fresh’s

record to 3-2, tying it with Choco Mucho in the semifinal race. ZUS Coffee remained winless in five matches. “This win was harder than our previous ones because our pride was on the line, and we knew ZUS Coffee gave everything it had,” Molina said. “We knew how important this game was as we look ahead to our next matches. The challenges will only get tougher, so we really needed this win,” she added. Farm Fresh held a 67-59 advantage in attacks, while ZUS Coffee led in blocks, 18-16. The Foxies committed 21 errors against 16 by the Thunderbelles. AC Miner paced ZUS Coffee with 21 points, followed by Jolina dela Cruz with 17 and Zam Nolasco with 16. Kate Santiago and Jovelyn Gonzaga contributed nine points each.

KL revisited: Half a century of glory; Aiming to reclaim the crown WHEN the Philippines first joined the Southeast Asian Games in 1977 in Kuala Lumpur, Filipino archers pulled off an auspicious debut to promply announce themselves as the new archery power in the region. Jocelyn Guerrero led the inexorable charge by winning four gold medals to earn the sobriquet as the region’s “Queen of Archery” and Carlos Santos added two as the Filipinos claimed half of the 12 gold medals at stake in the biennial meet. Archery became an instant instrument of national pride. But history does not win medals. And when the country returns to Kuala Lumpur after 50 years, it must bring more than memories of a golden past in mankind’s oldest and most enduring skills. For indeed, it was an extraordinary introduction, the kind that makes sporting history and raises expectations for the next generations of homegrown archers. After the tandem of Guerrero and Santos came the Chan sisters. Joanne and Jennifer kept the Philippine flag flying, building a family dynasty in a discipline where nerves are as important as technique and one misplaced arrow can undo a day’s hard work. They gave the country champions, consistency and something even more valuable: an enduring tradition worth defending at all costs. Today, Amaya Paz Cojuangco carries that tradition on her shoulders. And she has given us reason to believe in the Filipino spirit and courage. Her silver medal in the women’s individual

compound event at the 2026 Asian Games in Nagoya was no lucky escape or sentimental victory. Ranked only 28th in qualification, she fought her way through a formidable field, knocking out China’s Wei Fangyao and Vietnam’s Le Pham Ngoc Anh before producing a commanding 146-135 quarterfinal victory over Iran’s Bita Asheghzadeh Oskouei. Then came South Korea’s Park Jungyoon, a formidable opponent from the world’s most decorated archery nation. Cojuangco refused to be intimidated. In a nerve-shredding semifinal, the Filipino veteran found the precision and composure that had eluded her in qualification. Every arrow carried the weight of an Asian Games final berth. When the last scores were tallied, Cojuangco had prevailed, 142-141. One point. One extraordinary breakthrough. A Filipino archer had just knocked out a highly favored

Korean to earn a shot at continental gold. But the featured final encounter against Indonesia’s 20-year-old Nurisa Dian Ashrifah was a different kind of battle. The two opened the championship round at 28all, trading arrows without surrendering an inch. Ashrifah edged ahead in the second end, and Cojuangco found herself trailing by a single point, 84-83, after three. But the Filipino bounced back in the fourth, shooting 27 against her rival’s 26 to level the match at 110-all. Fifteen arrows had brought them to a dead heat. Three more would decide each other’s fate in a thrilling buildup to the finish. Then came the cruelest of margins. With the gold hanging in the balance, Ashrifah delivered a 29 in the final end, including back-to-back 10s. Cojuangco could manage only three nines for 27. The scoreboard read 139-137. Gold for Indonesia, silver for the Philippines. Two points separated victory from defeat, but Cojuangco had already made history for the unfancied Philippine team in the continent’s version of the Olympics. It was the country’s first Asian Games silver medal in archery and its best finish ever in the discipline. But one archer cannot carry an entire program. That is the hard lesson of the 2025 SEA Games in Thailand, where Indonesia dominated the archery

Gin Kings seek knockout blow vs Beermen

By Josef T. Ramos

ARANGAY Ginebra looks to regain its winning touch and seal a semifinals berth as it faces San Miguel Beer in Game Four of their best-of-five quarterfinal series in the Philippine Basketball Association (PBA) Governors’ Cup on Friday at the Araneta Coliseum. Ginebra coach Tim Cone said San Miguel’s victory to avoid a sweep came as no surprise, given the Beermen’s strength, but stressed that his team must bounce back and prevent the series from going the distance. The Gin Kings lead 2-1 and hope to finish off the Beermen after a frustrating Game 3 in Dasmariñas, Cavite, where their late rally from a double-digit deficit fell short in a 101-98 loss. “We knew from the beginning of the series that we would have the toughest team to play, and that did not change despite getting out to a 2-0 lead,” Cone told the BusinessMirror. Ginebra import Jordan Murphy is averaging 26.3 points, 12.7 rebounds, 4.7 assists and 2.3 blocks in the series. He managed just 17 points in Game 3 but grabbed 17 rebounds and blocked three shots. San Miguel import George King Jr. scored 21 points and grabbed 12 rebounds, while June Mar Fajardo added 18 points and 13 boards to keep the Beermen alive. “Now it is 2-1 and we still know how tough SMB is and we know it will take everything we have to win this series,” Cone said. San Miguel coach Leo Austria, meanwhile, hopes to force a deciding Game 5. “My players knew that our backs were against the wall, so they stepped up because they do not like to have an early vacation,” Austria said. “We must keep playing defense and do our best to stop them along the way.” Meanwhile, Converge, also leading 2-1, seeks its first semifinals appearance when it faces Rain or Shine in Game 4 at 7:15 p.m.

competition with six gold medals while the Philippines failed to make the podium. Thailand, Malaysia, Vietnam and Singapore also showed that the region’s competitive landscape has grown considerably tougher. Nostalgia will not close that gap. Indonesia, in particular, has become a formidable measuring power. Ashrifah’s Asian Games triumph confirmed that its young archers are not merely regional contenders. Malaysia, playing at home in 2027, will have every incentive to exploit, familiarity, crowd support and its own depth. The Philippines must build a complete team, not a one-woman show. Paul Marton dela Cruz, Vanesa Caparas, Michiko Brianna Gonzales and the country’s emerging talents must be given sustained preparation, international exposure and competitive opportunities. There is a simple truth about archery: champions are not made on the firing line alone. They are made through thousands of arrows, disciplined coaching, proper equipment, sports science and the opportunity to compete against the best. World-level tournaments, Asian championships and quality invitationals cannot be occasional luxuries. They must become part of the program. Half a century ago after Guerrero and Santos conquered the Kuala Lumpur targets, the Philippines has another date with destiny in the same city. We once owned this range. It is time to prove that we still know how to hit the bull’s-eye.

Editor: Jennifer A. Ng

Companies BusinessMirror

FILIPINO VIRTUAL ASSISTANTS MUST HAVE AI SKILLS—STUDY By Justine Xyrah Garcia

NOWLEDGE of artificial intelligence (AI) is becoming a more common requirement for Filipino workers seeking virtual assistant (VA) jobs abroad, with employers increasingly looking for skills beyond traditional administrative support. A new study released by global recruitment agency VA Masters showed that 23.9 percent required AI capabilities. Another 10.2 percent specifically named an AI platform in their job descriptions. AI skills were most frequently required in analytics and software engineering and technology and development jobs, accounting for 44 percent of openings in each category. Writing and content creation followed at 43.3 percent, while design and creative work and social media management posted

shares of 36.7 percent and 35.6 percent, respectively. By comparison, only 21.8 percent of administrative and operations support positions required AI skills. Finance and accounting had the lowest share at 5.3 percent. VA Masters founder and CEO Alon Pearl said the data showed that employers still value human judgment in tasks involving complex decisions. “What stood out to us is where the demand sits. The roles asking for AI are the ones built on judgment. Employers want someone who can run the tool and knows when its answer is wrong,” Pearl said. “The moment the work needs judgment, context or catching an edge case the AI misses, a human pulls ahead fast. In our experience, the tipping point isn’t task volume, it’s task ambiguity. The messier the decision, the more you need a human.”

Friday, November 6, 2026

ALI 9-mo income, revenues fall as property sales slide

By VG Cabuag

@villygc

EAL estate developer Ayala Land Inc. (ALI) on Thursday said its income and revenues in January to September declined due to the weak sales of its residential and office businesses. The company said its income during the period fell 18 percent to P17.5 billion from the previous year’s P21.4 billion. Revenues for the period slid at a narrower rate of 10 percent to P109.2 billion from the previous year’s P121.8 billion. “Despite headwinds, Ayala Land achieved steady income in the third

quarter of 2026. Our continuous goal is to build a more resilient ALI with more diversified revenue streams, focusing on our recurring income base,” Anna Ma. Margarita Bautista-Dy, the company’s president and CEO, said. “We remain committed in executing our strategies of further growing our leasing business, staying disciplined in the residential segment,

and strengthening the balance sheet while sustaining returns.” For the third quarter alone, its income dropped by 1 percent to P6 billion from the previous year’s P6.1 billion, while revenues fell 9 percent to P34.2 billion from the previous P37.5 billion. Residential sales for the nine months plunged 24 percent to P57.6 billion from the previous P63.1 billion, while office for sale declined to P2.3 billion from last year’s P3 billion. Total sales reservations stood at P77.7 billion equivalent to monthly sales of P8.6 billion, buoyed by steady third-quarter contributions from premium residential and commercial and industrial lot offerings. Ayala Land launched horizontal residential developments namely, sequel phases of Sereneo in Nuvali and South Palm Grove in Lipa,

MDPPA: Motorcycle sales rise in July-Sept

MOA now a running venue— SM Prime

By Bless Aubrey Ogerio

HE SM Mall of Asia (MOA) complex in Pasay hosted 39 marathons and fun runs, drawing a combined 425,000 participants, that variety has become part of the running experience during the nine months of the year. The calendar ranged from competitive long-distance races to wellness events, night runs, advocacy runs and family-friendly races built around popular characters and entertainment franchises. Events such as the historic Galaxy Manila Marathon and the Santé Barley Trilogy Run Asia gave more experienced runners a chance to push their limits, with distances reaching 21K, 32K and 42K. The HOKA Midnight Run offered a different take on the sport, with runners taking to the roads after dark. At the other end of the spectrum, shorter-distance events such as the DailyFix Power Run, Home Credit Takbo Para sa Life and Watsons x Unilab Share the Alaga Run made running more accessible to beginners, families and casual runners. The MOA complex also became a platform for advocacy, with runs supporting charity, nationalism, sustainability, mental health, diversity and inclusion, giving participants a chance to move for causes they care about. Jeffrey C. Lim, president of SM Prime Holdings Inc., diversity and integration are central to what makes the complex work as a running venue. “We work closely with brands and race organizers to create opportunities for people of different ages, interests and fitness levels to participate,” Lim said. “Just as important is providing runners with a safe and enjoyable environment before, during and after the event, whether they are here to compete, spend time with family and friends, or simply enjoy being active.” That experience can continue well past the finish line. Runners can refuel at one of the many restaurants and cafés, browse IKEA, visit Museo del Galeón, catch a film at ScreenX, or head to the Wellness Zone or a salon for some post-run care. VG Cabuag

Batangas, are receiving good interest from buyers. Leasing and hospitality businesses delivered topline growth of 8 percent to P37.8 billion from P35.1 billion, mainly as a result of the better performance of the shopping malls that grew 4 percent to P18.2 billion from the previous P17.4 billion. The company’s year-to-date capital expenditures (capex) reached P53.1 billion, 19 percent lower yearon-year. As the company scales its recurring income businesses to make up for lost ground in weakening sales, leasing capex now represents 36 percent of total spend, up from 28 percent in the previous year. In the third quarter, total debt was reduced by P8.4 billion enabled by excess cash. Net gearing ratio improved to 0.78 times with a healthy interest coverage ratio of 4.3 times.

@blessogerio

BELOW EXPECTATIONS

AP Moller-Maersk A/S shares slumped after a guidance upgrade and third-quarter earnings from the world’s second-largest shipping line fell short of analyst estimates. Maersk stock dropped as much as 11.6 percent, the most since April 2025, at 9:12 a.m. in Copenhagen. Shares are still up about 36 percent this year. Maersk now expects 2026 underlying earnings before interest and tax to be in a range of $8 billion to $8.5 billion, according to a statement on Thursday. The full range is below the average analyst estimate of $8.66 billion compiled by Bloomberg. Third-quarter Ebit, while up 155 percent from a year earlier at $3.27 billion, missed the $3.61 billion estimate. Revenue and Ebitda also came below estimates. Still, Maersk’s new guidance compares with the Copenhagenbased company’s previous forecast range of $4.5 billion to $6.5 billion and is the second upgrade in just three months as a global rollout of artificial intelligence infrastructure boosts the demand and rates for shipping services. Photo shows a truck transporting a Maersk branded container at the Port of Rotterdam in the Netherlands. PHOTOGRAPHER: PETER BOER/BLOOMBERG

Malampaya project delivers first gas By Lenie Lectura @llectura

HE $893-million Malampaya Phase 4 (MP4) project has achieved its first gas milestone, bringing natural gas from two new wells into the Malampaya production system to extend the life of the Malampaya gas field. MP4 involved drilling Malampaya East-1 and Camago-3 wells and installing subsea infrastructure to connect them to the existing Malampaya production platform. The project added an estimated 222 billion cubic feet (Bcf) of recoverable natural gas reserves, capable of generating approximately 31.46 billion kilowatthours of electricity—enough to power 13.11 million Filipino households for one year. Initial well tests indicate that two new wells will extend the productive lifespan of the Malampaya gas field by roughly six years, with the exact timeline dependent on future gas demand. Following the initial extraction of “first gas,” crews will gradually integrate and ramp up these new wells

into the active production grid over the next few months. Consistent, long-term production levels will be firmly established as real-time operating data becomes available, Prime Energy said in a statement. President Ferdinand R. Marcos Jr., together with Department of Energy (DOE) officials and Service Contract (SC) 38 joint venture partners, witnessed the ceremonial first flow of gas at the Malampaya Onshore Gas Plant in Batangas City on November 5. “From offshore Palawan, this indigenous natural gas will flow through the Malampaya gas transmission infrastructure to Batangas, and ultimately to the gas-fired power plants serving the Luzon grid,” Marcos said in a statement issued by Prime Energy. Aside from Prime Energy, other members of the SC 38 consortium are Prime Oil and Gas Inc., UC38 LLC, and PNOC Exploration Corp. Prime Energy, which holds a combined 90 percent operating interest in the consortium, is the upstream natural gas exploration and development company of Prime

Infra, the infrastructure arm of Filipino businessman Enrique K. Razon Jr. “For 25 years, Malampaya has demonstrated the value of developing our own energy resources. It has powered millions of Filipino households and businesses, supported economic growth, and generated more than $14 billion in government revenues. But Malampaya’s resources are finite. Sustaining production requires continued investment and the technical expertise to develop reserves that are increasingly challenging to access. That is what Malampaya Phase 4 represents,” Razon said. Prime Energy said it actively pursues a long-term reserves replacement and value chain expansion strategy across strategic oil and gas acreage and emerging energy markets. MP4 was completed in 27 months after final investment decision, approximately five months ahead of its original schedule, and five months ahead of the industry benchmark. It also marked the Philippines’ first offshore drilling campaign in

more than a decade. Its execution drew on an international supply chain spanning 17 countries, including Germany, the United Kingdom, Norway, the Netherlands, the United States, Japan, South Korea, Australia, Singapore, Malaysia and the Philippines. Malampaya natural gas currently supplies gas-fired power plants in Batangas that serve the Luzon grid. Additional indigenous gas from the new wells is expected to help sustain domestic fuel supply for the power generation sector and support the country’s growing electricity requirements. Over the past decade, domestic Malampaya gas has maintained a price advantage over imported spot liquefied natural gas (LNG), with the difference exceeding $4 per million British thermal units (mmBtu) at various points. This price advantage can help power generators manage fuel costs, although electricity rates remain subject to several factors, including generation costs, plant operations, market conditions and applicable supply agreements.

OTORCYCLE sales in the countr y grew in the third quarter after registering a decline in April to June on the brisk demand for automatic bikes. The Motorcycle Development Program Participants Association (MDPPA) reported that its members sold 1,464,388 units from January to September, up 5.1 percent from 1,392,744 units in the same period last year. For the third quarter alone, the association reported sales of 524,860 units from July to September, an 8.1 percent increase from 485,690 units a year ago. The quarterly figures show an uneven pace of sales for the year. Motorcycle sales grew 11.6 percent in the first quarter before contracting 4.2 percent in the second quarter, then recovering in the succeeding three months. Also, September was the strongest sales month recorded so far this year, according to the MDPPA, which attributed the third-quarter improvement partly to successive gains in August and September. Automatic motorc yc les accounted for approximately 73.6 percent of all units sold by MDPPA members during the third quarter, making them the largest segment of the market covered by the association. According to MDPPA President Erwin D. Estrada, the third-quarter rebound was an “encouraging development,” particularly with the stronger performance recorded in August and September. “This renewed momentum gives us confidence as we enter the final quarter, and we remain optimistic that the industry is on track to reach its sales targets by the end of 2026,” Estrada said in a statement accompanying the sales figures. The association also said the nine-month growth and thirdquarter recovery point to sustained demand for motorcycles as the industry approaches the end of the year.

Companies BusinessMirror

Friday, November 6, 2026

Maynilad 9-mo profit up by 10% despite higher costs

By VG Cabuag @villygc & Jonathan L. Mayuga @jonlmayuga

AYNILAD Water Services Inc.’s net income rose 10 percent to P12.6 billion in January to September from P11.4 billion a year ago, primarily due to lower interest expense and higher interest income, which more than offset the increase in operating expenses. The private water concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the West Zone said its unaudited consolidated revenues for the period went up by 3 percent to P28.6 billion from P27.7 billion in the same period last year. Billed volume inched up by 2.8 percent to 423.3 million cubic meters, while billed connections grew to 1.59 million. “While water supply risks and elevated inflation continue to shape the operating environment, we remain focused on strengthening our water supply resilience and improving network reliability. Our sustained investments in infrastructure and operational

efficiency are intended to support growing demand, improve service delivery, and create longterm value for our customers and stakeholders,” Maynilad President and CEO Ramoncito S. Fernandez said. Earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 5.1 percent to P20.1 billion despite higher oil prices. EBITDA margin improved to 70.3 percent from 69.2 percent a year ago, which the company attributed to lower non-revenue water (NRW) levels and cost-efficiency initiatives. The company said its network efficiency continued to improve, with NRW declining to 29.3 percent as

Amihan aims to produce more Pinoy FDEs

ECHNOLOGY company A mihan Global Strategies will spend about $1 million on its new Forward Deployed Engineer (FDE) Academy as it seeks to build a pool of as much as 2,000 FDEs in the Philippines and position the country as a global supplier of artificial intelligence (AI) talent. FDEs are engineers who work inside enterprises and turn frontier AI into systems that run in production. “About a million dollars we will allocate,” Amihan Chairman Winston Damarillo told reporters at the academy’s launch in Makati.

He said the budget will go beyond producing course materials. Much of it covers the time Amihan’s engineers will spend building, since the company’s trainers are also practitioners. “The investment is almost like building software for us. We’re going to invest R&D [research and development] on the training, not just for our use, but make sure it’s propagated.” Amihan currently has about 22 prompt engineers and about 50 engineers who are trained and certified. Damarillo said the company aims to reach about “100 by the end of the year.” Lorenz S. Marasigan

of end-September 2026 from 32.8 percent as of end-September 2025.

New chief exec

THE company announced that Ramon B. Alikpala, former chairman of MWSS, will become its president and CEO starting January 1 next year. Alikpala will succeed Ramoncito S. Fernandez, who was chief of southeast Asia’s biggest water concessionaire for 11 years since January 2016. Fernandez declined to share what will be his next role in the MVP Group, or those companies led by Manuel V. Pangilinan, but said he will be always supportive of the group. “I am 71 years old and already have 9 grandchildren. And I have been with the MVP Group for three decades,” Fernandez said at the sidelines of the company’s third quarter financial presentation. Before joining Maynilad, Fernandez held leadership roles across First Pacific Group’s packaging, telecommunications, tollways, infrastructure, and water businesses, spanning the period from 1997. Among the significant milestones achieved during Fernandez’s tenure were the execution of the Revised Concession Agreement, which placed the company’s operations and investment program on a renewed longterm footing, the grant of a 25-year legislative franchise to the company

MUTUAL FUNDS

effective January 22, 2022, and the company’s initial public offering in November last year. Alikpala, meanwhile, brings extensive experience in the water sector and the MWSS concession framework having been the executive director of the National Water Resources Board. “As I prepare to assume this role on January 1, my immediate priority is to work closely with Ramon (Fernandez) and the management team to better understand Maynilad’s operations and proposals,” Alikpala said. “I also want to help sustain the progress being made through the company’s ongoing investments in service improvement programs. I also hope to bring the perspective and experience I have gained throughout my career to help identify opportunities for further improvement, innovation, and long-term development.” Alikpala holds a Bachelor of Science degree in Business Economics from the University of the Philippines, and a Master’s in Business Administration in Finance at Fordham University, New York, USA. He also completed Certifications in Public Policy Analysis from the London School of Economics and Integrated Water Resource Management from the World Bank Institute in Zaragoza, Spain. November 5, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A203.32 -1.54% 1.43% -2.33% -2.08% -5.03% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2025 12.45% 16.35% 5.7% 4.94% 1.9% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.7091 -1.38% 0.32% -3.24% -3.87%-4.98% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7476 4.63% 4.23% -0.16% N.A1.83% FIRST METRO CONSUMER FUND, INC. -A 0.4893 -10.99% -6.61% -9.19% N.A -12.01% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.1377 -2.5% -1.35% -4.25% -2.06% -5.38% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6056 -2.93% -1.81% -4.73% N.A-5.76% MBG EQUIT Y INVESTMENT FUND, INC. -A 65.72 -20.86% -8.25% -7.89% N.A -26.54% PAMI EQUIT Y INDEX FUND, INC. -A 39.591 -0.99% -0.06% -3.49% -1.87% -4.28% PHILAM STRATEGIC GROWTH FUND, INC. -A 425.8 -1.81% 0.99% -2.83% -1.85% -5.28% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.4868 1.99% 9.34% 2.86% 2.06% -4.77% PHILEQUIT Y FUND, INC. -A34.2453 2.79% 3.07% -0.95% -0.15% -0.54% N.A PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.8976 5.33% 4.38% -0.6% 1.12% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.3033 -0.2% 1.03% -2.45% -0.98% -3.72% PHILIPPINE STOCK INDEX FUND CORP. -A 707.25 -0.49% 0.63% -2.76% -1.16% -3.77% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6847 4.25% 3.04% -1.71% -2.16% -2.48% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.9917 -4.41% -1.18% -4.21% -2.63%-6.79% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.7919 -0.66% 0.2% -3.12% -1.45%-3.9% UNITED FUND, INC. -A3.567213.58% 6.95% 0.9% 1.04% 8.51% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 0.9934 -0.39% 0.53% N.A N.A -3.82% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0125 -0.99% 0.55% N.A N.A -2.97% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8617 -4.81% -3.44% -5.69% N.A -8.75% PHILIPPINE STOCK INDEX FUND CORP. -A 853.72 -0.46% 0.44% N.A N.A -3.69% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 96.5197 -0.17% 0.82% -2.47% -0.77%-3.49% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.1312 8.04% 13.91% -0.6% 2.55% 10.41% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.3563 7.36% 17.41% 4.79% 8.73% 5.93% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A 1.052 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1276 2.47% 1.26% -1.03% -0.62% -0.59% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6814 5.19% 6.35% -0.09% -0.19%2.76% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4417 0.79% 0.9% -1.85% -0.21%-0.82% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2237 0.4% 7.1% 2.25% N.A-3.54% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9243 -1.97% 1.4% -0.75% 0.53% -3.91% PAMI HORIZON FUND, INC. -A3.6046 -2.14% 2.54% -0.67% -0.05% -4.89% PHILAM FUND, INC. -A15.2302-3.1% 1.25% -1.82% -0.65% -4.87% SOLIDARITAS FUND, INC. -A2.034 -1.13% 1.62% -0.61% -0.04% -3.16% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.2835 -3.43% 0.78% -1.9% -0.95% -4.09% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8615 -4.45% 0.8% -1.61% -0.73% -5.4% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.71 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9775 1.11% 2.85% -0.15% N.A -0.13% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8259 0.65% 1.69% -2.39% N.A -1.89% 1.19% -2.97% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7933 1.28% -2.21% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03232 -6.1% 1.26% -3.13% -0.98% -5.77% PAMI ASIA BALANCED FUND, INC. -B $1.1138 -9.72% 9.99% 0.81% 1.98% -7.95% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.505 4.32% 13.03% 2.64% 5.76%3.12% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.207 2.89% 8.69% 0.35% 2.48%1.99% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.36 1.92% 3.2% 2.67% 2.59% 1.28% ATRAM CORPORATE BOND FUND, INC. -A 1.9934 2.2% 1.73% 0.7% 0.45% 1.78% COCOLIFE FIXED INCOME FUND, INC. -A 3.5942 0.68% 3.12% 2.08% 3.07% -0.15% EKKLESIA MUTUAL FUND, INC. -A 2.428 -0.7% 3.03% 1.6% 1.5% -1% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4756 -3.53% 1.06% 0.45% 1.08%-3.64% PHILAM BOND FUND, INC. -A4.4581 -3.15% 2.54% 0.25% 0.85% -3.3% PHILAM MANAGED INCOME FUND, INC. -A 1.5439 1.96% 4.43% 3.22% 2.92% 1.57% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3219 0.36% 3.03% 1.77% 2.16% 0.2% SOLDIVO BOND FUND, INC. -A1.127 0.82% 2.79% 2.14% 1.91% 0.58% -3.68% 2.22% 1.47% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.428 2.28% -3.18% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8345 -2.65% 2.19% 1.21% 1.79% -2.65% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0072 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.78 1.21% 2.88% 1.76% 1.99% 0.7% ALFM EURO BOND FUND, INC. -A Є222.14 -0.69% 1.69% 0.21% 0.5% -0.73% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0456 -2.87% 1.7% -2.68% -0.69% -2.73% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0253 -4.53% 1.77% -0.54% 0.16%-4.53% PAMI GLOBAL BOND FUND, INC. -B $1.0489 -1.23% 8.34% 0.53% -0.41% -1.05% PHILAM DOLLAR BOND FUND, INC. -A $2.3799 -3.98% 3.82% -0.89% 0.61% -4.04% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0630148 -2.07% 1.27% 0.18% 1.06% -2.22% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8705 -2.49% 4.22% -1.87% -0.44%-2.12% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1932 2.75% N.A N.A N.A 2.3% ALFM MONEY MARKET FUND, INC. -A 153.71 3.99% 4.15% 3.26% 2.91% 3.25% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2314 3.35% 3.77% 3.11% 2.81% N.A SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5236 3.44% 3.64% 3.03% 2.78% 2.84% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.75 3.96% 4.29% N.A N.A 3.33% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.2004 2.46% 3.27% 2.52% N.A 2.05% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.5239 4.06% 5.34% N.A N.A 3.07% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.806 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5426 19.55% 24.77% 13.13% N.A17.17% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1673 6.41% 7.65% N.A N.A 4.62% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) 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 BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG GCASH LMG CORP MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

43.1 122.5 9.61 97.6 47.2 9.72 61 6.94 14.64 82.55 50.5 19.6 62.9 20.5 0.48 1.17 3.5 6.84 0.28 0.094 2,736 1.21 205.2 5,000 1.25

43.05 121.9 9.6 98.2 48 9.55 62.4 6.94 14.64 82.25 50.25 20.45 63.15 21.1 0.485 1.2 3.51 6.7 0.3 0.094 2,750 1.22 204.6 5,000 1.25

43.4 123 9.78 98.9 49 9.99 62.8 6.94 14.64 83.9 51.8 20.45 63.5 21.1 0.485 1.2 3.51 6.88 0.325 0.094 2,750 1.25 205 5,060 1.27

42.8 121.5 9.58 96.5 47.2 9.5 60.9 6.94 14.64 81.8 50.2 19.6 62.85 20.3 0.48 1.17 3.5 6.68 0.3 0.094 2,736 1.21 204.6 5,000 1.24

43.1 122.9 9.78 97.6 47.2 9.99 61 6.94 14.64 83 50.95 19.6 62.9 20.5 0.48 1.17 3.5 6.85 0.315 0.094 2,736 1.22 205 5,060 1.27

12,600 2,564,420 50,600 1,995,790 631,800 555,800 6,387,330 3,300 2,500 379,230 5,320 32,800 77,310 310,000 100,000 255,000 3,000 61,125,400 50,000 80,000 30 750,000 340 10 20,000

541,870 314,304,801 487,290 195,069,285 30,359,520 5,416,538 391,700,430 22,902 36,600 31,491,222 268,228 656,105 4,872,304 6,400,170 48,050 299,290 10,510 417,442,304 15,700 7,520 82,430 919,740 69,568 50,300 24,970

8,580 203,012,598 -52,924 47,018,281 -1,447,685 2,317,343 58,047,285 -9,022 -11,607,362 -2,083,503 764,255 -6,379,142 80,600 16,372 25,000 -

HOLDING & FRIMS

ABACORE CAPITAL 0.305 0.31 0.295 0.31 0.29 0.31 8,210,000 2,465,100 1,032,800 22.7 23 23.15 24 22.5 23 448,900 10,342,625 1,830,235 ASIABEST GROUP AYALA CORP 541.5 544 534 549 530 541.5 647,030 351,121,650 -10,100,650 37.85 38.45 38.15 38.65 37.85 37.85 708,500 27,102,945 6,983,835 ABOITIZ EQUITY ALLIANCE GLOBAL 8.95 8.96 8.94 9.02 8.94 8.96 643,600 5,774,745 -2,229,738 ANGLO PHIL HLDG 1 1.02 0.99 1.02 0.99 1.02 112,000 111,820 -15,960 7.21 7.21 7.18 7.21 75,900 549,461 -69,270 COSCO CAPITAL 7.32 7.32 DMCI HLDG 6.44 6.45 6.4 6.52 6.34 6.44 5,871,800 37,828,739 6,431,764 3.95 3.98 3.9 3.95 3.9 3.95 146,000 576,650 572,750 FILINVEST DEV 458.6 459 464.6 472.4 454.2 459 51,770 24,007,978 426,068 GT CAPITAL JG SUMMIT 17.42 17.62 16.6 17.94 16.6 17.42 4,460,000 78,296,320 13,809,978 0.405 0.42 0.42 0.45 0.42 980,000 392,100 LODESTAR 0.375 LT GROUP 15.14 15.2 15.1 15.22 15.04 15.14 2,084,800 31,589,596 5,805,630 PACIFICA HLDG 2.36 2.38 2.21 2.24 2.19 2.21 60,000 135,720 0.8 0.83 0.81 0.81 0.8 0.8 25,000 20,180 PRIME MEDIA REPUBLIC GLASS 3.26 3.26 2.52 3.26 3.26 3.26 15,000 48,900 1.09 1.1 1.07 1.07 23,000 24,790 1.1 1.1 SOLID GROUP 573.5 574 541 577.5 541 574 547,740 312,481,900 88,216,405 SM INVESTMENTS SAN MIGUEL CORP 65.95 66 66 66.45 65.9 66 232,300 15,332,373 14,342,898 2.2 2.31 2.2 2.2 2.2 2.2 33,000 72,600 SEAFRONT RES TOP FRONTIER 53.05 54.9 53.05 53.05 53.05 53.05 1,130 59,947 PROPERTY AYALA LAND 15.6 15.66 15.3 15.78 15.3 15.6 7,749,000 121,216,948 -7,259,328 1.06 1.09 1.09 1.09 1.09 1.09 13,000 14,170 AYALA LAND LOG ALTUS PROP 11 11.3 10.88 11 10.86 11 1,300 14,134 0.235 0.232 0.232 0.249 180,000 42,650 0.249 0.249 ARANETA PROP AREIT RT 36.05 36.55 36.15 36.7 36.05 36.05 396,100 14,361,915 358,950 A BROWN 0.84 0.84 0.81 0.81 0.81 0.84 17,000 13,880 0.5 0.51 0.52 0.52 0.5 0.5 20,000 10,110 1,000 CITYLAND DEVT CROWN EQUITIES 0.089 0.089 0.086 0.089 0.089 0.089 10,000 890 1.91 1.92 1.94 1.94 1.91 1.92 106,000 204,120 -40,840 CEB LANDMASTERS 0.65 0.65 0.63 0.66 4,219,000 2,748,960 111,570 CENTURY PROP 0.66 0.66 CITICORE RT 2.72 2.73 2.7 2.78 2.7 2.73 3,518,000 9,662,040 -3,351,140 12.32 12.18 12.48 12.18 12.34 215,100 2,669,922 18,378 DOUBLEDRAGON 12.34 DDMP RT 1.03 1.03 1.02 1.02 1.02 1.02 1,694,000 1,729,310 17,480 DM WENCESLAO 4.68 4.75 4.7 4.7 4.68 4.68 5,000 23,480 0.024 0.022 0.022 0.025 9,200,000 212,200 0.025 0.025 EVERWOODS EMPIRE EAST 0.101 0.101 0.1 0.101 0.101 0.101 150,000 15,150 2.88 2.89 2.89 2.9 2.83 2.88 349,000 999,480 -106,160 FILINVEST RT 0.68 0.69 0.69 0.69 0.68 0.68 117,000 80,280 -4,800 FILINVEST LAND GLOBAL ESTATE 0.62 0.66 0.62 0.62 0.61 0.62 328,000 203,350 1.64 1.76 1.63 1.63 1.63 1,000 1,630 1,630 1.63 JACKSTONES PNB HLDG 1.21 1.21 1.2 1.19 1.19 1.2 80,987,000 96,887,420 -10,160,470 MEGAWORLD 10,926,880 2.31 2.32 2.31 2.34 2.3 2.31 4,714,000 1,980,840 0.61 0.62 0.61 0.62 5,892,000 3,599,210 164,700 MRC ALLIED 0.62 0.62 MREIT RT 13.8 13.8 13.78 13.72 13.72 13.78 316,100 4,355,360 760,134 0.106 0.111 0.106 0.106 0.106 0.106 50,000 5,300 OMICO CORP 0.202 0.208 0.194 0.202 0.185 0.202 8,220,000 1,593,200 59,520 PRMIERE HORIZON PHIL ESTATES 0.415 0.415 0.385 0.385 0.375 0.415 380,000 147,300 -11,950 5 5.4 5 5 5 5 700 3,500 PHIL RACING PREMIERE RT 0.9 0.92 0.9 0.93 0.9 0.9 58,000 52,320 -930 RL COMM RT 6.06 6.14 6.01 6.18 6.01 6.06 6,416,800 38,988,549 -2,855,190 16.22 16.36 16.02 16.34 15.94 16.22 3,965,500 63,705,672 -3,668,848 ROBINSONS LAND PHIL REALTY 0.102 0.104 0.104 0.105 0.102 0.105 340,000 35,000 4,200 2.59 2.6 2.65 2.6 2.6 22,000 57,420 5,220 ROCKWELL 2.65 2.82 2.86 2.81 2.88 2.8 2.8 42,000 117,970 SHANG PROP STA LUCIA LAND 1.68 1.73 1.74 1.74 1.74 1.74 1,000 1,740 17.84 18 17.3 18.5 17.3 17.84 13,670,900 246,951,128 66,784,050 SM PRIME HLDG SERVICES ABS CBN 2.4 2.44 2.49 2.49 2.38 2.4 104,000 250,920 3.28 3.3 3.29 3.35 3.26 3.3 81,000 266,760 GMA NETWORK MANILA BULLETIN 0.168 0.171 0.166 0.169 0.166 0.168 160,000 26,850 5.01 5.48 5.01 5.01 5.01 5.01 100 501 MLA BRDCASTING DITO CME HLDG 0.56 0.57 0.57 0.57 0.55 0.57 4,823,000 2,706,020 17,330 GLOBE TELECOM 1,499 1,500 1,500 1,521 1,499 1,499 122,395 184,278,860 -69,986,080 1,139 1,139 1,150 1,132 1,139 33,620 38,332,505 -8,649,280 PLDT 1,140 APOLLO GLOBAL 0.0049 0.0049 0.0048 0.0047 0.0047 0.0049 53,000,000 255,400 18,800 9.23 9.24 9.25 9.5 9 9.23 1,458,400 13,498,191 1,599,721 CONVERGE 0.63 0.65 0.65 0.65 1,000 650 DFNN INC 0.65 0.65 IMPERIAL 0.91 0.86 0.92 0.91 0.91 0.91 1,000 910 0.14 0.143 0.15 0.152 0.14 0.143 10,230,000 1,466,730 ISLAND INFO NOW CORP 0.38 0.38 0.37 0.38 0.37 0.38 250,000 94,000 0.119 0.12 0.119 0.119 0.119 0.119 230,000 27,370 TRANSPACIFIC BR 1.03 1.04 1.03 1.13 977,000 1,081,250 22,880 1.13 1.13 CHELSEA CEBU AIR 26 26 25.5 23.4 23.4 26 329,600 8,416,500 -760,600 829.5 830 826 839 824 830 1,382,850 1,146,528,130 1,588,800 INTL CONTAINER 9.8 9.98 10 10 9.98 9.98 1,200 11,982 LBC EXPRESS LORENZO SHIPPNG 0.65 0.68 0.66 0.66 0.66 0.66 11,000 7,260 1,320 3.28 3.3 3.29 3.26 3.3 44,000 145,790 MACROASIA 3.33 METRO ALLIANCE 0.58 0.58 0.53 0.53 0.53 0.58 3,000 1,640 4.32 4.32 4.3 4.3 4.25 4.3 137,000 588,250 -129,210 PAL HLDG 1.46 1.5 1.48 1.53 1.46 1.5 792,000 1,190,080 31,160 HARBOR STAR BOULEVARD HLDG 0.03 0.03 0.029 0.03 0.029 0.029 48,900,000 1,418,300 0.99 1 0.88 0.99 0.88 0.99 2,000 1,870 -110 DISCOVERY WORLD 0.485 0.49 0.455 0.49 0.445 0.49 11,510,000 5,448,000 134,250 PH RESORTS GRP WATERFRONT 0.475 0.51 0.55 0.55 0.495 0.51 90,000 46,400 12.3 12.48 12 12.48 12 12.48 10,100 122,160 CENTRO ESCOLAR FAR EASTERN U 756 790 790 790 790 790 10 7,900 -7,900 STI HLDG 1.19 1.2 1.19 1.19 1.19 1.19 59,000 70,210 30,940 1.09 1.14 1.09 1.08 1.14 125,000 142,350 BELLE CORP 1.14 BLOOMBERRY 11,870,230 1.89 1.9 1.83 1.95 1.83 1.9 6,235,000 3,832,470 1.69 1.72 1.61 1.7 1.61 1.7 40,000 67,410 8,050 PACIFIC ONLINE 6.3 6.33 6.13 6.45 6.13 6.3 6,664,800 -336,985 DIGIPLUS 42,203,590 PHILWEB 13.54 13.56 13.4 13.86 13.4 13.54 1,767,800 24,031,588 -4,213,852 7.3 7.59 7.59 7.7 200 1,529 -759 BERJAYA 7.7 7.7 METRO RETAIL 1.06 1.06 1.04 1.05 1.03 1.06 41,000 43,050 3,150 PUREGOLD 39.65 39.55 39.2 39.8 39 39.55 904,900 35,752,840 -17,117,415 31.85 32 33 33 31.5 32 71,600 2,336,230 -2,186,530 PHIL SEVEN CORP SSI GROUP 1.98 1.98 1.95 1.95 1.94 1.98 56,000 110,690 49,500 0.76 0.79 0.79 0.8 0.75 0.79 64,000 49,080 3,970 UPSON INTL CORP 5.19 5.2 5.1 5.25 200,300 1,042,378 -204,843 WILCON DEPOT 5.25 5.25 APC GROUP 0.094 0.096 0.098 0.098 0.096 0.096 60,000 5,780 0.24 0.241 0.241 0.24 0.24 100,000 24,030 0.243 MEDILINES PHILCOMSAT 1.64 1.62 1.62 1.62 1.62 1.62 5,000 8,100 MINING & OIL ATOK 1.87 2.04 2.05 2.05 2.05 2.05 1,000 2,050 APEX MINING 17 17.02 16.86 17.1 16.8 17 4,227,000 71,804,376 8,564,830 18.14 18.18 18.28 18.46 17.98 18.14 3,783,000 68,868,862 145,460 ATLAS MINING BENGUET 6.18 6.01 6.15 6.09 6.01 6.01 10,700 64,408 1.88 1.88 1.81 1.82 1.8 1.88 104,000 190,310 2,200 CENTURY PEAK 0.29 0.31 0.31 0.31 10,000 3,100 -3,100 EC VULCAN 0.31 0.31 FERRONICKEL 1.58 1.56 1.61 1.61 1.54 1.56 2,321,000 3,635,560 -1,499,230 0.078 0.078 0.078 0.078 90,000 7,040 GEOGRACE 0.079 0.079 0.215 0.217 0.211 0.218 0.211 0.215 20,230,000 4,339,320 LEPANTO A LEPANTO B 0.215 0.215 0.21 0.214 0.206 0.215 970,000 207,460 -117,700 0.0083 0.0084 0.0084 0.0084 0.0083 0.0084 15,000,000 125,200 MANILA MINING A MANILA MINING B 0.008 0.0082 0.008 0.0081 0.008 0.0081 32,000,000 257,000 0.76 0.76 0.75 0.76 0.75 0.75 128,000 96,070 MARCVENTURES 0.52 0.52 0.52 0.52 437,000 227,540 115,960 0.53 0.53 NIHAO NICKEL ASIA 3.9 3.95 3.8 3.9 3.78 3.9 6,109,000 23,701,970 -13,702,260 33.75 34.2 34.3 35.1 33.75 33.75 1,010,900 34,643,350 -3,975,940 OCEANAGOLD 0.54 0.56 0.56 0.56 24,000 13,440 ORNTL PENINSULA 0.56 0.56 PX MINING 10.54 10.72 10.2 10.76 10.12 10.54 9,897,200 104,309,142 24,633,166 0.0087 0.009 0.0085 0.0087 0.0084 0.0087 8,000,000 67,900 UNITED PARAGON ENEX ENERGY 3.04 3.12 3.15 3.15 3.1 3.1 24,000 74,510 3,110 ORNTL PETROL A 0.014 0.015 0.015 0.015 0.015 0.015 19,000,000 285,000 0.014 0.015 0.014 0.014 0.014 0.014 11,100,000 155,400 ORNTL PETROL B PHILODRILL 0.0099 0.0098 0.0098 0.0098 0.0098 0.0098 6,000,000 58,800 2.93 2.95 2.91 3 2.85 2.93 389,000 1,131,110 44,400 PXP ENERGY PREFFERED ACEN PREF A 1,000 1,003 999 1,000 999 1,000 380 379,910 -60,000 1,026 1,028 1,025 1,029 1,025 1,028 1,235 1,269,235 -359,490 ACEN PREF B AC PREF AR 2,454 2,480 2,452 2,474 2,452 2,454 150 368,380 -343,840 1,920 1,943 1,920 1,920 1,920 1,920 30 57,600 AC PREF B3R AC PREF B4R 1,912 1,929 1,934 1,936 1,912 1,912 545 1,044,835 38,710 ALCO PREF G 490.2 503 502 503 502 503 2,060 1,035,815 -10,050 512 513.5 513 513 513 513 1,800 923,400 ALCO PREF H BRN PREF B 100.1 101.9 102 102 102 102 1,020 104,040 102,000 28.5 30.1 28.15 30 28.15 30 61,100 1,829,540 CEB PREF 995 1,010 998 1,019 992 1,000 225 224,655 CLI PREF A2 CPG PREF B 97.1 100.5 100.8 100.8 100.8 100.8 10 1,008 89.95 90 90.75 92 89.7 90 41,260 3,731,151 78,200 DD PREF EEI PREF B 95.65 96 96 96 96 96 6,100 585,600 1,950 1,975 1,975 1,975 1,975 1,975 5,000 9,875,000 9,875,000 GLO PREF BNV 98.5 99 99 99 99 99 40 3,960 -3,960 MWIDE PREF 6B MWIDE PREF 6C 102.1 105 103 103 103 103 330 33,990 21,630 99.5 100.8 99.5 99.7 99.5 99.7 110 10,947 MWIDE PREF 7A 966 992 966 966 966 966 600 579,600 PCOR PREF 4B PCOR PREF 4C 980 989 989 989 989 989 10 9,890 968.5 986 968 985 968 985 20 19,530 PCOR PREF 4D PCOR PREF 4E 985 987 985 985 985 985 790 778,150 77.7 79.4 77.7 79.4 77.7 79.4 1,120 88,724 70,076 SMC PREF 2L 76.5 77.3 76.5 76.5 76.5 76.5 20 1,530 SMC PREF 2N SMC PREF 2O 77.2 77.4 77 77.2 76.8 77.2 14,530 1,118,625 -931,115 73 74.2 74.2 74.2 74.2 74.2 10 742 SMC PREF 2P 74.5 75.3 75.2 75.2 75.2 75.2 10,750 808,400 SMC PREF 2T SMC PREF 2V 76 76.1 76.1 76.1 76 76.1 11,050 839,905 78 78.5 78.5 78.5 78 78 7,870 617,724 SMC PREF 2X TECH PREF B2D 6.38 7.39 6.38 6.38 6.38 6.38 3,500 22,330 100 100.5 100 100.5 100 100.5 500 50,220 TOP PREF A1 101 101.9 101 101.5 101 101.5 430 43,540 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.32 2.6 2.25 2.25 2.25 2.25 1,000 2,250 3.07 3.23 3.24 3.25 3.24 3.25 4,000 12,970

1.04

SM A L L, M ED I U M & EM E R G IN G

CTS GLOBAL HAUS TALK ITALPINAS LFM PROP XURPAS NEXGEN ENERGY

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

43.35 122.9 9.78 97.65 48.45 9.99 61.05 6.97 14.8 83 50.95 20.4 63 20.85 0.49 1.18 3.59 6.85 0.315 0.098 2,740 1.23 208 5,060 1.27

INDUSTRIAL ACEN CORP 2.66 2.7 2.68 2.73 2.66 2.66 5,424,000 14,535,900 3,241,470 0.91 0.94 0.88 0.96 0.88 0.91 2,392,000 2,231,150 -8,790 ALSONS CONS ALTERNERGY HLDG 0.66 0.67 0.65 0.67 0.65 0.67 232,000 153,320 45.05 45.3 44.85 45.2 44.2 45.05 407,700 18,337,680 -13,174,130 ABOITIZ POWER RASLAG 1.14 1.11 1.14 1.14 1.13 1.13 37,000 41,820 -30,510 BASIC ENERGY 0.106 0.106 0.105 0.104 0.104 0.106 780,000 82,270 4.38 4.35 4.35 4.49 13,000 56,690 13,050 4.49 4.49 CITICORE RE FIRST GEN 19.76 19.8 19.54 20 19.52 19.8 324,900 6,409,912 708,386 82.6 83.9 83 84.05 82.5 82.6 50,770 4,192,522 44,387 FIRST PHIL HLDG 447 449 434 452 433 449 335,000 62,932,320 MERALCO 149,297,714 MANILA WATER 30.25 30.35 30.5 31 29.8 30.35 1,447,300 44,185,255 -1,988,670 16.9 17.1 17 17.2 16.9 16.9 2,744,800 37,395,866 MAYNILAD 46,469,458 PETRON 2.19 2.2 2.19 2.22 2.18 2.2 268,000 587,640 -22,200 PETROENERGY 4.77 4.57 4.76 4.77 4.77 4.77 20,000 95,400 16.28 16.56 16.58 16.58 16.56 16.56 3,200 53,022 PRYCE CORP SEMIRARA MINING 11.04 11.14 11 11.16 10.96 11.04 2,174,900 24,080,292 -9,089,582 23.3 23.65 24.5 24.6 23.3 23.3 2,124,400 50,759,695 -16,366,420 SYNERGY GRID 7.82 7.84 7.73 7.98 499,500 3,920,429 331,897 SHELL PILIPINAS 7.98 7.98 SPC POWER 8.71 8.9 8.7 8.95 8.7 8.9 11,800 105,010 1.36 1.37 1.35 1.37 1.34 1.36 11,420,000 15,492,540 214,480 SP NEW ENERGY TOP LINE 1.69 1.69 1.68 1.69 1.68 1.69 357,000 602,980 2.79 2.7 2.8 2.8 2.7 2.79 7,000 19,090 AXELUM 8.67 8.99 8.99 8.99 200 1,798 -1,798 8.99 8.99 CNTRL AZUCARERA CENTURY FOOD 29 29.2 27.65 29.4 27.65 29 1,088,100 31,559,970 17,218,770 3.31 3.35 3.34 3.34 3.34 3.34 1,000 3,340 -3,340 DEL MONTE 3.45 3.49 3.37 3.5 3.37 3.49 1,235,000 4,263,960 1,940,950 DNL INDUS EMPERADOR 15.26 15.12 15.18 15.12 15.12 15.12 2,182,400 33,002,332 535,346 47.4 47.95 46 47.95 46 47.4 272,800 12,915,900 158,040 SMC FOODANDBEV FIGARO GROUP 0.79 0.8 0.78 0.79 0.78 0.79 4,033,000 3,183,720 0.57 0.59 0.61 0.61 0.56 0.59 467,000 267,680 -27,930 ALLIANCE SELECT 0.64 0.67 0.66 0.66 0.66 0.66 616,000 406,560 FRUITAS HLDG GINEBRA 207.8 207.8 207.4 206.4 200.2 207.4 134,670 27,323,012 9,916,758 150.3 140 151.9 140 150.5 1,975,090 293,998,106 32,729,851 JOLLIBEE 150.5 1.85 1.86 1.82 1.88 1.82 1.86 1,095,000 2,041,570 1,445,340 KEEPERS HLDG LIBERTY FLOUR 17.62 19.3 20 20 17.6 19.3 16,200 296,764 3,694 1.9 1.94 1.9 1.9 1.9 1.9 4,000 7,600 MAXS GROUP MG HLDG 0.074 0.074 0.073 0.073 0.073 0.074 150,000 10,970 6.21 6.28 6.11 6.3 6.11 6.21 17,584,200 109,894,255 26,454,730 MONDE NISSIN 5.4 5.45 5.4 5.45 5 5.45 20,900 109,840 33,500 SHAKEYS PIZZA ROXAS AND CO 2.35 2.47 2.49 2.49 2.35 2.47 7,000 16,830 5.12 5.14 5.11 5.17 5.1 5.12 154,600 795,713 -237,058 RFM CORP 0.048 0.05 0.049 0.049 0.049 0.049 500,000 24,500 SWIFT FOODS UNIV ROBINA 61.95 62.2 61.9 62.4 61 61.95 1,358,450 84,205,937 32,707,841 0.48 0.49 0.48 0.48 0.48 300,000 144,000 38,400 VITARICH 0.48 ATN HLDG 0.405 0.405 0.395 0.405 0.4 0.4 200,000 80,500 58 58 52 52 52 58 60 3,336 CONCRETE 1.08 1.08 1.08 1.09 1,000,000 1,096,400 1.11 1.11 CONCREAT HLDG EEI CORP 1.78 1.82 1.8 1.8 1.8 1.8 1,224,000 2,203,200 -43,200 5.25 5.21 5.32 5.21 5.29 623,200 3,297,079 40,586 MEGAWIDE 5.29 14.02 14.52 14.52 14.52 100 1,452 PHINMA 14.52 14.52 SUPERCITY 30.9 29.1 29.1 29.1 29.1 29.1 100 2,910 1.83 1.88 1.81 1.89 191,000 353,330 74,400 1.89 1.89 CROWN ASIA EUROMED 1.28 1.26 1.3 1.3 1.26 1.26 121,000 153,860 -10,240 10.84 CONCEPCION 10.5 10.78 10.84 10.84 10.84 500 5,420 0.13 0.132 0.13 0.127 0.132 570,000 74,220 0.133 GREENERGY INTEGRATED MICR 5.6 5.65 6.1 6.13 5.53 5.6 6,740,600 39,188,995 -3,214,722 2.78 2.8 2.9 2.95 2.76 2.78 1,681,000 4,772,350 -180,730 IONICS 7.06 7.19 7.22 7.19 7.19 2,000 14,419 7.22 PANASONIC CIRTEK HLDG 1.35 1.36 1.43 1.43 1.33 1.35 3,477,000 4,762,700 -184,700 1.81 1.8 1.8 1.99 67,000 132,000 STENIEL 1.99 1.99

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7795 -3.79% 1.8% -4.47% N.A -3.77% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED FUND, INC.) “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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 5, 2026

0.325 1.34 0.6 0.019 0.225 2.51

1.1

1.04

187,000

194,480

-194,480

0.34 1.37 0.61 0.02 0.233 2.6

0.34 1.36 0.59 0.02 0.233 2.69

0.34 1.37 0.62 0.02 0.233 2.69

0.34 1.34 0.58 0.019 0.233 2.55

0.34 1.37 0.62 0.019 0.233 2.6

10,000 123,000 16,000 3,000,000 170,000 19,000

3,400 167,320 9,530 57,400 39,610 48,650

-3,400 2,560

EXHANGE TRADE FUNDS ATR FAMI ETF

97.05

97.1

97.1 97.1 97 97.1 3,070 297,837 -95,061

www.businessmirror.com.ph

Banking&Finance

OFWs, exporters seen to gain from weak peso By Justine Xyrah Garcia

ESPITE concerns over the economic fallout of a weaker peso, an economist said the currency’s depreciation could benefit the Philippine economy. University of Asia and the Pacific (UA&P) Economist Victor A. Abola expects the peso to weaken further to P66:$1 next year, but said the country could benefit from the currency’s depreciation given its large overseas Filipino worker (OFW) population and its growing export sector. “That (negative effect) is from the view of many countries, but not for the Philippines. We have big OFWs, and also our export sector, it has a lot of potential,” Abola told reporters in a recent interview. According to him, a weaker peso would translate to higher peso proceeds for OFW families receiving dollar remittances, potentially boosting their purchasing power and supporting domestic consumption. Money sent home by OFWs remained resilient, although moderated, in the first eight months of the year. 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. Personal remittances, which include money sent through banks, informal channels and in kind, also increased to $26.098 billion from $25.513 billion in the same period a year earlier.

Beyond remittances, Abola said exporters could also benefit from the weaker peso as their dollar earnings would translate into higher peso revenues. Philippine exports reached $73.95 billion in the first nine months of 2026, according to the Philippine Statistics Authority. Electronic products remained the country’s top export commodity, with shipments valued at $44.06 billion during the period, followed by other mineral products at $3.22 billion, and machinery and transport equipment at $3.42 billion. Abola said the weaker currency could also encourage businesses to develop new products and services for overseas markets, expanding the country’s export potential. Domestic producers could likewise benefit as imported goods become more expensive, potentially making locally manufactured products more competitive in the domestic market, he added. Abola attributed the peso’s expected depreciation partly to foreign investors trading in the offshore non-deliverable forward (NDF) market, which allows foreign investors to take positions on exchange rate movements without physically exchanging currencies. He said these offshore transactions allow investors to speculate on the peso’s future value, with settlements based on the difference between the agreed exchange rate and the actual rate when the contract matures. “The foreigners are the ones driving it, not the locals,” he emphasized.

BusinessMirror

Editor: Dennis D. Estopace • Friday, November 6, 2026

Maharlika fund manager cites investment returns, big deals

By Reine Juvierre Alberto

@reine_alberto

HE Maharlika Investment Corp. (MIC) delivered P1.52 billion in total portfolio returns from deployed investments through the third quarter, with two to three more transactions expected before the year ends.

MIC President and CEO Rafael Jose D. Consing Jr. announced in a news briefing last Thursday that the country’s sovereign wealth fund manager posted a net income of P2.18 billion, up by 24 percent from P1.76 billion in the same period a year ago. “What matters here, apart from the numbers, equally important, is where it’s coming from,” Consing said, noting that P756.5 million of MIC’s revenue for the nine-month period came from active investments. In third quarter alone, half, or P515 million, of MIC’s P1.026billion revenue was from active investments. About P288 million was generated from its share in the earnings of Asian Terminals, Inc. (ATI), while P227 million represented interest income from its loan to Petron Corp.

The remaining P511 million came from Treasury income. Year-to-date, investments contributed P757 million to revenues, while the rest, or P1.654 billion, came from interest income earned on funds awaiting deployment and placed in government financial institutions. These funds remain accessible as MIC evaluates investment opportunities. “Capital deployment is now beginning to accelerate,” Consing said. “Now, 2026 is really about execution.” In the first nine months of the year, the MIC deployed P18.773 billion in capital, bringing its cumulative deployment to P24.689 billion since its institutional build-out in 2024. The P15-billion working capital loan to Petron contributed P343.4 million in interest income

THIS November 5, 2026, photo shows Maharlika Investment Corp. President and CEO Rafael Jose D. Consing Jr. speaking during a news briefing on the accomplishments of the Philippines’s sovereign wealth fund manager. REINE JUVIERRE S. ALBERTO

for the nine-month period, while the MIC’s 11.94-percent stake in ATI yielded P292.7 million in net income share and P368 million in cash dividends. The MIC also gained P19.7 million from its $10-million bridge loan to Makilala Mining Co. Inc., as well as a related realized foreign exchange gain of about P37 million. Data provided by the MIC showed that Synergy Grid and Development Philippines Inc., likewise, contributed P70.7 million in dividend income and had a closing fair value of P2.22 billion as of September 30. With only two months left in the year, Consing said the MIC will announce two to three more investments in utilities and infrastructure, industrials and agriculture. Should all three transactions close, this would add another P2.5

billion to P4 billion to MIC’s cumulative capital deployment, Consing said. “They’ve not been approved yet by the board, so we’re currently doing due diligence,” Consing noted. The MIC has reviewed 247 potential transactions and so far committed to four investments, he added. “It just demonstrates and conveys how [it’s] not easy to look for opportunities that meet both objectives of generating intergenerational return or delivering intergenerational returns, and at the same time, achieving national development impact,” Consing said. The MIC is still awaiting the P50 billion in initial capital due from the national government and remains an “important funding consideration” for its planned investment deployment.

The SUSI Awards: Celebrating Peso gains ground after Dems win, oil dips associations that make a difference By Andrea E. San Juan

HAT if the organizations quietly transforming industries, empowering people, and uplifting communities receive the recognition they deserve? This is why the Philippine Council of Associations and Association Executives (PCAAE) launched the “Ang Susi Awards” as a celebration, not simply of achievements, but of the power of associations to make a difference in people’s lives and contribute to national sustainable development. Affectionately called the “Susi Awards” (susi meaning “key” in Filipino), the awards symbolize the contributions of associations and their leaders to national growth. The acronym captures this mission: “Associations Nurture National Growth through Social Unity and Sustainability Innovations.” For me, these awards serve two equally important purposes: to recognize organizations and individuals whose work deserves to be celebrated, and to inspire others to do more. After all, recognition is most meaningful when it encourages others to follow, improve, and innovate. The institutional awards recognize outstanding projects and programs of PCAAE memberassociations and other membership organizations. They cover six areas: environmental impact; people empowerment; community service; industry development; technology innovation; and, change catalyst. The breadth of these categories reflects the many ways associations contribute to society. Some protect the environment and promote responsible practices. Others strengthen the professional capabilities of their members, improve livelihoods in local communities, or help industries raise their standards. Still others embrace technology to deliver better services or transform their governance,

Association World Octavio Peralta leadership, operations, and advocacy. What makes an outstanding project worthy of recognition, however, goes beyond good intentions. It must advance the association’s mission, demonstrate specific and measurable results, introduce an innovative approach, make a meaningful difference in people’s lives, and offer a model that other associations can replicate or adapt. This last criterion is particularly important. An initiative becomes even more valuable when its lessons can travel beyond the organization that developed it. The “Susi Awards” encourage associations not only to achieve results but also to share practices that can benefit the wider community. The awards also recognize the people behind successful associations through two individual honors: “Association Executive of the Year” and “Association Board Member of the Year.” The first recognizes an executive whose career demonstrates outstanding leadership, professional excellence, ethical conduct, and significant contributions to advancing association management. Importantly, the emphasis is on sustained achievement, rather than performance in a single year. Community involvement and service to professional organizations also matter, reflecting the expectation that exemplary association leaders contribute beyond their immediate responsibilities. The second honors a board member who demonstrates outstanding service, commit-

ment to good governance, and support for the association community. It recognizes the often-unsung work of volunteer leaders who give their time, talent, and resources to help their organizations fulfill their missions. Consistent participation in board meetings, committee work, association activities, and PCAAE’s governance advocacy are among the considerations. Together, these individual awards affirm a fundamental truth: strong associations need both competent professional executives and committed volunteer leaders. Their partnership, grounded in trust, accountability, and a shared purpose, is essential to organizational success and sustainability. The “Susi Awards,” which will be presented during the 14th PCAAE Associations Summit on November 24, 2026, at the Asian Institute of Management, is more than a ceremony or a collection of trophies. It provides an opportunity for the association community to reflect on what meaningful achievement looks like, learn from outstanding examples, and renew its commitment to serving members and society. Ultimately, the key question for every association is this: how are we making our members, our communities, our industries, and our country better? The “Susi Awards” celebrates those who are already answering that question through action and encourage the rest of us to do the same. Because when associations thrive, societies rise. Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026 at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E-mail: bobby@pcaae.org.

HE Philippine peso gained ground as it moved back to the P62-perdollar level on Thursday—supported by lower global oil prices and a weaker US dollar after markets bet that a Democratic sweep in the US midterm elections could fast-track efforts to end the conflict in the Middle East. Data from the Bankers Association of the Philippines (BAP) showed that the peso closed at P62.97 against the dollar last Thursday, or 56.5-centavos stronger than its P63.535 finish the previous day, November 4. This was the strongest finish of the local currency in nearly a month or since October 14,2026 when the peso closed at P62.87 against the dollar. Domini S. Velasquez, Group Chief

Economist at China Banking Corp. (Chinabank), said that the peso’s recent gains “have been supported by a weaker US dollar amid favorable external developments.” Velasquez added that the Federal Reserve’s decision to keep interest rates unchanged, renewed diplomatic efforts to ease US-Iran tensions, and Democrats’ “gains” in the US midterm elections have all contributed to a “more favorable external environment.” “The Democratic sweep of both chambers of Congress has further weighed on the greenback, as markets anticipate greater political gridlock that could constrain the Trump administration’s spending and policy agenda,” she added. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), echoed that sentiment.

“Markets bet that a Democratic sweep in the US midterm elections could accelerate efforts to end the war on Iran,” Ricafort said. He also attributed the strengthening of the peso to “sharply lower global crude oil prices recently.” Brent crude oil price declined to new 2-month lows or since September 4,2026, at $95 levels, sharply lower versus $103 levels in the previous trading day, Ricafort added. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., meanwhile, noted that the “’Blue tsunami; and hopes from the peace talks in the Middle East pushed oil prices lower, also causing the greenback to weaken.” He added there are expectations that the peso-to-the-dollar exchange to range within the P62.900 to P63.500 levels.

Bank lending expands as opex costs surge

ANK lending continued to expand on the back of corporate workingcapital and household financing needs, including financing higher operating costs, according to a bank economist. However, the amount of money circulating in the economy or M3 grew at its slowest pace in eight months, partly due to the decline in net foreign assets (NFAs). Ruben Carlo O. Asuncion, chief economist at the Union Bank of the Philippines (UBP), said that the September data suggests that “credit demand remains resilient even as overall liquidity growth moderates.” Data from the Bangko Sentral ng Pilipinas (BSP) showed that loans from universal and commercial banks grew by 11.4 percent year-on-year (Y-o-Y) in September—the fastest in four months or since May 2026. In peso value, data from the central bank showed loans outstanding for production and consumer loans amounted to P15.265 trillion as of September 2026, 0.95 percent higher than the P15.121 trillion as of August 2026. Asuncion explained that bank lending “likely continues to benefit from corporate working-capital and household financing needs, including financing higher operating costs.” In its statement, the BSP said loans for business activities of resident enterprises grew by 11 percent in September due to increased lending to key sectors:

electricity, gas, steam, and airconditioning supply; manufacturing; real estate activities; transportation and storage; wholesale and retail trade, and repair of motor vehicles and motorcycles; and financial and insurance activities. Meanwhile, consumer loans to residents also jumped by 16.2 percent in September due in part to the sustained expansion in credit card and motor vehicle loans. With this, Asuncion said he expects lending “to remain in double digits in the near term, but high inflation, elevated borrowing costs and weaker growth should eventually temper credit demand.”

Liquidity

THE BSP data showed that the amount of money circulating in the economy (M3), grew by 9.3 percent Y-o-Y to P20.7 trillion in September. Historical data from BSP showed this is the slowest growth of M3 in eight months or since January. M3 is a broad measure of money supply that includes currency in circulation, bank deposits, and other financial assets that are “readily” convertible to cash, the central bank noted. According to THE BSP, borrowing by the private and public sectors grew by 12 percent, supporting the expansion in money supply, also known as domestic liquidity or M3. The National Government’s financ-

ing activities, including debt issuances and withdrawal of deposits from the BSP and banks, also contributed to liquidity growth. “The National Government’s issuance of securities and withdrawal of deposits fall under ‘net claims on central government,’ which increased by 14.2 percent in September from 16.2 percent in August,” the central bank explained in its statement. By contrast, the BSP said these drivers were “partly offset” by the contraction in net foreign assets (NFA), which refer to the difference between the foreign assets held by the BSP and banks, also known as claims on nonresidents and their liabilities to nonresidents. Compared to the same period a year ago, the BSP’s NFA declined by 2.3 percent. BSP noted banks’ NFA also fell, mainly reflecting the decline in their holdings of foreign debt securities. Asuncion said slower M3 growth “may increasingly reflect tighter monetary conditions and softer domestic activity.” He also expects liquidity growth to “remain adequate but moderate further.” The BSP said it monitors bank lending as it serves as a “key monetary policy transmission channel.” Looking ahead, the central bank said it will continue to ensure that bank lending and domestic liquidity conditions remain consistent with its price and financial stability objectives. Andrea E. San Juan

Relationships

Friday, November 6, 2026 • Editor: Gerard S. Ramos

THE stars of the Michelin Guide Philippines 2027, with the Michelin Man Bibendum: winners are led by Two-Star Helm (Josh Boutwood); and nine One-Star restaurants, namely, Flow (Kevin Jonathan Uy), Asador Alfonso (Rodriguez Andres Osorio), Celera (Nicco Santos), Gallery by Chele (Chele Gonzalez), Hapag (John Kevin Navoa/Thirdy Dolatre), Inatô (JP Cruz), Kása Palma (Aaron Isip), Linamnam (Don Baldosano), and Toyo Eatery (Jordy Navarra). PHOTO BY MICHELIN GUIDE

BusinessMirror

businessmirror.lifestyle@gmail.com • www.businessmirror.com.ph

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Emma Stone, 38; Kelly Rutherford, 58; Maria Shriver, 71; Sally Field, 80. HAPPY BIRTHDAY: Make plans, set goals and put a budget in place. Consider changes this year that further your agenda. Network, learn and share your vision with people who can offer insight into what you want to pursue. Too much too fast will be your downfall. Start small and build momentum. Trust your instincts, research and stick to your budget. Look for tax cuts, incentives and anything else that helps you reach your goal. Your numbers are 9, 14, 22, 26, 33, 41, 48.

ARIES (March 21-April 19): Evaluate your relationships with others. Size up what and who you have time for, and adjust your plans to suit you. An investment or financial change you implement will pay off. Physical improvements will be costly but effective. Put your energy into contributing to something meaningful. How you present yourself and your expertise will lead to greater opportunities. ★★★

TAURUS (April 20-May 20): Simplify your plans and budget. Living within your means and taking care of responsibilities will encourage you to avoid temptation and those who pressure you to indulge in something that benefits them more than it does you. Be smart, say no and do what makes you feel comfortable. ★★★

MICHELIN GUIDE PH:

Stars, snubs, and sour notes

T was a night full of stars once more as the prestigious Michelin Guide recognized local restaurants in Manila and surrounding areas, and Cebu for their excellent cuisine and exceptional service on October 29. I was extremely pleased that a number of my favorite restaurants were again honored, and glad that many of their chefs and owners dedicated their awards to their kitchen and and wait staff, who make dining in their establishments truly a pleasure. But just like last year’s awards, a number of us were again left scratching our heads why certain restaurants got their stars, or why some didn’t, or that establishments, where it costs P2,000-P3,000 a person to dine in, landed a Bib Gourmand place. And while it’s true that the Guide has handed out stars to establishments operating for barely a year, perhaps its inspectors should well be advised that the restaurant industry here is far more challenging. A restaurant can just disappear in a year, despite its initial success, due to several factors: a change in the cooking staff, investors who pull out when faced with high operating costs, or just plain bad luck. Like last year’s awards, for instance, the Guide still included a restaurant that was no longer operating, while another one had closed, then reopened with a new concept, so the writeup in the Guide was no longer applicable to it. Then again, there was that restaurant, which frankly should be on the Bib Gourmand list but made it to the Selected list instead, even as its closest competitor (because the two basically serve the same dishes) was just on the Bib Gourmand, when the latter’s dishes are arguably way tastier. Did the inspectors detest the longer queus at the latter that they gave it a Bib instead? But congratulations finally to the Pampanga community for their inclusion in this year’s awards! They were surprisingly sidelined last year, despite having a slew of amazing restaurants. (Were the inspectors too lazy to travel beyond the airconditioned comforts of Manila?) There are also no restaurants from Western

Visayas and Mindanao this year, when the Department of Tourism (DOT) earlier said they would be. As one foodie-tourism stakeholder told me, “Cliquish na ang dating ng Michelin Guide [It looks like a clique of winners].” I tend to agree, considering how many restaurants there are across Metro Manila and Cebu alone. Perhaps, it all boils down to the locals, who draw up the restaurant list for the foreign inspectors. They are all anonymous, but judging from the way the establishments have been chosen, it seems to be very a tight-knit group of local foodies who recommend the restaurants to be rated. Many of the Star establishments are located mainly in Makati (although one each is in Taguig and Parañaque), which speaks to the highly exclusive backgrounds of these local “recommenders” or “inspectors”. And if so, honestly they need to widen their eating horizon. I can’t believe there’s only good restaurant in San Juan that deserves a place on the Guide. Meanwhile, the harsh truth is that there are times when regular folk eat at these much-raved about establishments listed in the Red Bible, but can leave disappointed, beffuddled with a totally opposite experience. In one restaurant, the only dish my friends and I actually relished was its bread. A couple I know, who often eat out, asked that their dish at this one-Michelin restaurant be replaced as the fish wasn’t fresh. The staff insisted that it was. Unfortunately, the well-known chef of this establishment wasn’t around or else he would have immediately rectified this, instead of arguing with the customer. But this is where consistency comes in. To my mind, a Michelin Guide awardee, one with a star at that, should always be able to serve a 100-percent great meal at all times, for every day they operate. In fact, this is what popular Italian-Irish Chef Angela Hartnett related recently in her podcast Dish: she once wrote the Michelin Guide asking why her restaurant did not get a star, considering the quality of her dishes. An inspector apparently came in and narrated what happened during the many times he went in. Hartnett was surprised that those times the inspector came in, there had been issues with a supplier, or the sous chef was not in, among others. She accepted the inspector’s review, which taught her to pay closer attention to the restaurant operations. A year later, her restaurant earned a star. (This is an older, now closed restaurant, not her current Murano.) In the case of the Philippines, just how often can its foreign inspectors visit the Philippines to validate,

and re-validate their findings? At some point, they will have to rely on the local inspectors, whoever they may be. (If you’re a Filipino Michelin Guide inspector, this space is open to publish your thoughts, and listen to the way you draw up your recommendations and inspections to the Guide. I promise to keep your identity anonymous.) At the end of the day, one must ask: How important is it really to be on the Michelin Guide? The DOT believes it is vital enough that they paid good money to the Guide to rate local restaurants for four to five years. This has cost taxpayers a rumored P350 million. The DOT has refused to show its contract with the Guide, despite our frequent requests, with officials citing “confidentiality” as a reason. So we are basing the P350 million from chefs who were consulted before this project was mounted, and on the agency’s annual budget allocation from the national government under the heading “Culinary Guide Selection and Activation for the Philippines’ Emergence as a Global Gastronomy Destination.” Of course, I get why the DOT sought out the Guide. The agency believes this can boost the Philippines’ standing on the global gastronomy map. It craves foreign validation for our amazing cuisine and restaurants (for now just in Metro Manila and nearby areas, and Cebu). But frankly, there are oh-so-many things government needs to do to get tourists to come in. (See “PBBM banks on Filipino cuisine to boost

tourism,” BusinessMirror, October 30, 2026.)

And I’m sure all these restaurants, despite their Stars and mentions in the Guide, will appreciate it more if government can do something to lower the cost of their food ingredients, have a more reliable supply of high-quality local produce, and reduce fuel costs and electricity rates. Many tourism stakeholders have also told me that sizeable amount paid to the Guide funds would have been better used by tourism attaches abroad to undertake their more important visitor activations. They need more money to implement projects to convince the citizens of their host countries to come and explore the Philippines. At the end of the day, even Hartnett now says that Michelin stars are largely “irrelevant.” A restaurant doesn’t need a Star to thrive and be profitable. And it’s probably important mostly for “young cooks coming through” in the restaurant industry, who just want to earn one as a personal goal. So for the restaurants and cooks/chefs who didn’t make the Guide, just keep cooking. As long as your diners keep coming and paying for the food you sincerely prepare everyday, it’s all good. We probably don’t need a “Red Bible” to find you and eat well.

GEMINI (May 21-June 20): Live, learn and prosper. Take your attributes, beef up your qualifications and apply for positions that pay you to do something you enjoy. Put some muscle behind home-improvement projects that make you feel good about yourself and your surroundings. Share your intentions and feelings with someone special. Get in shape, exercise and rejuvenate. ★★★★★

CANCER (June 21-July 22): Think before you act. Problems will arise if you don’t fact-check. Don’t assume everyone is on the same page as you. Someone will take advantage of you if you believe everything you hear. Pay attention to detail, advocate on your own behalf and refuse to let anyone use emotional manipulation to outmaneuver you. ★★

LEO (July 23-Aug. 22): Choose your words wisely and make a difference. Anger solves little, but common sense, healthy alternatives and a positive attitude will improve the outcome. Kind gestures, selfimprovement, romance and giving back to those who have supported your efforts will improve your day. ★★★★

VIRGO (Aug. 23-Sept. 22): Estimate the cost involved before you commit to invest, donate or participate in a joint venture. Having an open discussion with someone will shed light on potential losses. Don’t give in to someone trying to convince you to join in by embellishing the potential outcome. You’re better off doing your own thing and maintaining control of your money and success. ★★★

LIBRA (Sept. 23-Oct. 22): Let your emotions guide you and your conscience help you make the right decision. Discipline, ingenuity and creativity will help you bring about positive changes at home or through educational pursuits. Expanding your qualifications will encourage you to pursue your dreams. ★★★

SCORPIO (Oct. 23-Nov. 21): Satisfy your needs first. Don’t bend to the demands of those who dictate instead of doing for themselves. Size up situations, know what you want and put your plans in motion. Focus on your priorities, and make self-help your target. Dedication and desire will help you discover your true potential. If you leave nothing to chance, you won’t be disappointed. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Create breathing room and a space to learn, grow and find your bliss. It’s time to expand your mind, to let go of the past and to explore new possibilities. Take the time to redesign your space to fit your needs and to put your energy toward goals that make you feel good about yourself. Pursue happiness and peace. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Take control instead of being controlled. Problems will arise if you give someone carte blanche to make decisions for you. Reiterate what you want, and get agreements in writing. Don’t rush jobs that require precision and detail. Look for bargains to ease your budget. Adopt a healthier lifestyle. ★★

AQUARIUS (Jan. 20-Feb. 18): Change requires time, energy and forethought. Don’t veer off track trying to please others when it’s you who needs to be comfortable with what unfolds. Meet-and-greet events are in your best interest and will help you meet someone special. A joint venture looks lucrative, and legal incentives will encourage you to let go of the past. ★★★★★

PISCES (Feb. 19-March 20): Check expiration dates, sign documents, renew contracts and tend to medical issues. Being on top of personal and financial matters will put your mind at rest. Take time to have heart-to-heart conversations and to share your long-term plans. An opportunity to use your physical skills to get ahead or get in shape will result in compliments and romantic interests. ★★★ BIRTHDAY BABY: You are bold, valiant and talented. You are outspoken and proud.

‘elementary building blocks’ BY MATTHEW STOCK

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson/Aidan Deshong ACROSS 1 Yoga pose named for a snake 6 Some top contacts, for short 10 Establishment with saunas 13 To no ___ (in vain) 14 Far from well-done 15 Enlightened shouts 16 Not-as-bad option spelled using the letters in “silver” 18 To-do list entry 19 Not busy 20 “To what do I ___ the pleasure?” 21 ___ on (occurs to) 23 Energetic play 25 Liquid with a nice smell 27 Opposite of max. 30 Dentist’s tool spelled using the letters in “thorium” 32 Nice smell 34 Scarf named for a snake 35 Loyal Japanese breed 36 Despising 38 ___ Fields cookies 40 Apt name for a French teacher? 41 Kitchen pests

42 Poem with a dedicatee 44 Clear media holder 47 “American Idol” judge spelled using the letters in “chlorine” 50 Loquacious 51 We the people 55 Garden statues 57 Place for a roller derby pad 58 Abbr. aptly hidden in “Toronto” 59 Real estate unit 60 Dutch craze spelled using the letters in “platinum” 63 Family name in “The Incredibles” 64 Sit right next to 65 ___-eyed (tearing up) 66 Utters 67 Sleep stage, briefly 68 March-April sign DOWN 1 Its muscles are worked by a heel raise 2 More than 3 Bottom of a mountain 4 Choir singer’s spot 5 6-Down drink

6 Where draft picks are made? 7 Top pick, casually 8 Two days before Sun. 9 Hardly ever 10 Fictional Tibetan utopia 11 Communicate in English class, perhaps? 12 Pose a question 15 Doing one’s job 17 Former NFL QB Tony 22 Actress Shawkat 24 Muscat’s country 25 Fish that can aptly be blackened 26 Wipe clean 27 Taj ___ 28 Then : Persian :: Now : ___ 29 “It’s all good!” 31 “My Cousin Vinny” star Marisa 33 Greenland (mostly ice) and Iceland (mostly green), for two 37 Sticker accompanying an A+ 39 Lug along 43 Parched 45 Predicament 46 Corp. head

48 Before, quaintly 49 “Not another word!” 52 “Despacito” singer Luis 53 Bring together 54 Hangs around 55 Openings 56 Sports org. shaped by Title IX 57 TV host Heidi 61 Purple boba flavor 62 Word before “bag” or “bubble” Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Friday, November 6, 2026

Eula Valdez’s transformative talent transcends time CARMELLE SETS HER SIGHTS ON CHAMPIONING OPM IN EUROVISION SONG CONTEST ASIA 2026 By Patrick Villanueva AFTER winning the Philippine Selection Night, ABS-CBN Star Music’s Carmelle is set to champion OPM at the upcoming Eurovision Song Contest Asia with a grander production of her original song “Sobra-Sobra.” In her send-off program at ABS-CBN, attended by friends, family, and the media, the former Pinoy Big Brother housemate is on her new quest to spread the heart of OPM to a global audience, hoping to secure the title for the Philippines. She will be up against 10 contenders from different countries, with representatives coming from Bangladesh, Bhutan, Cambodia, Laos, Malaysia, Mongolia, Nepal, South Korea, Thailand, and Vietnam. Carmelle says that representing the Philippines in such a grand competition can put a lot of pressure. However, she reiterated that she feels privileged to champion the country in the competition. “It’s such a privilege since it’s the first time that we have Eurovision Asia, with the Philippines joining,” Carmelle said, adding that the performances of her co-finalists were great. Her goal for this competition remains to put OPM on the map, adding that she wants other nationalities to relate to our songs. “My goal is to leave them with a deep sense of connection. I want them to understand that Filipino music is universally relatable. That’s what I want to leave them with,” she said. Meanwhile, ABS-CBN production head Jessamae Samson hopes that other nationalities will be convinced to vote for her, especially given Eurovision Asia’s voting policy. “We hope that Carmelle will be able to deliver and convince them to vote for her because you cannot vote for your own country. That’s the uniqueness of Eurovision Asia,” she said. “I’m so sure she will give it her all.” Eurovision Song Contest Asia 2026 is set to commence in Bangkok, Thailand, on November 14, with Filipino audiences able to watch on iWant, ALLTV2, A2Z, Kapamilya Channel, and Kapamilya Online Live.

POPE LEO (right) and Bob Dylan meet at the Vatican.

EING an actor remains a career that does not succumb to time constraints. A-list actor Eula Valdez is one of the our few veteran performing artists who consistently injects her unique blend of genuineness and insight into her characters that make them interesting and incomparable. In recent years, she has evolved into the actor who defies the traditional standards of the acting industry, proving that captivating, honest and impeccable portrayals transcend age boundaries. As the landscape of the performing arts evolves and progresses, the call for diversity and inclusion in the industry also grows louder. Valdez actively seeks out diverse roles so that she stays relevant and interesting. “Now that they have categorized me as a ‘veteran’ in the industry, I tend to be drawn to characters I have not played before, especially those that challenge societal norms. And I have also come to realize that these roles need not be complicated because sometimes the most profound impact can come from the most simple and ordinary characters.” Best known for her iconic television character Amor Powers and her timeless, powerful portrayal of Zsazsa Zaturnnah on the musical stage, Valdez is making a comeback on the theater stage to remind everyone of the premium actor that she is. That first big outing of Valdez onstage was exactly 20 years ago, when she gave heart, soul, beauty, power and life to the titular character of the flamboyant, fierce and red-haired heroine when Zsazsa Zaturnnah Ze Musikal was staged at the Cultural Center of the Philippines and became one of the biggest and most successful original local musicals of the time. For the musical, Valdez worked with Tuxqs Rutaquio, who essayed the role of the gay salon owner Ada, the alter ego of the show’s main heroine. So when Rutaquio’s call came offering Valdez to take on one of the two lead roles for the Philippine adaptation of Sophocole’s Greek tragedy Oedipus Rex, Valdez’s heart skipped a bit faster than normal, and her intuition was loud and clear, telling her to take on the offer. The play, with Sparkle artist Martin del Rosario sharing stellar billing with Valdez, runs from November 12 to 22 at the Power Mac Spotlight Blackbox Theater. It weaves a narrative about a powerful family caught in the aftermath of a devastating flood, and swims into recent in-yourface topics about political dynasties, flood control schemes, ghost public infrastructure and complex relationships. Perhaps actors like Valdez return to the stage because theater offers an unfiltered connection to a live audience, and that connection is immediate,

unlike movies or TV shows where a team of creative and technical experts shape the final output. Theater allows actors to be part of a shared human experience that film and television will never replicate. Valdez admitted that she misses acting for the theater. “Whenever I chance upon actor-friends posting about their theater projects, I try to make time to catch their performances. I’m always so happy to see them enjoy and excel, and it almost always crosses my mind that when the right offer to do theater work again, I will make time for it.” As an actor who is not afraid to work on different platforms, Valdez shared that it is important that she gets to collaborate with the right people to produce amazing results. “Collaboration is made up of a lot of things: teamwork, effective communication, willingness to compromise for the greater good of the project. The team I’d like to collaborate with should be one that is on the same page as I am and everyone else for that matter. We should like each other and understand that everyone has the same goal and desired output—that of a well-produced and well-performed production. Each should know his or her place and keep those not-so-pleasant attitudes, if ever there are

any, out of the workplace so we can all have a happy work environment.” I reckon that Valdez’s illustrious career is deeply rooted to the core of her humanity. She possesses a treasure trove of many life-enriching encounters, viewpoints and feelings that she brings to her art. Her professional and well-seasoned demeanor enables her to access these profound reservoirs of truthful emotions that lead to intricate, sincere and genuine portrayals, imbuing these roles with a unique depth that younger actors may not possess. All these years that Valdez has illuminated this business with her presence prove that sustaining longevity has become an art form itself. She fully understands that it requires a delicate balance of dedication, commitment, adaptability, and, to a certain extent, some sprinkling of stardust. Eula Valdez shines brighter than ever because she understands the art of reinvention, possesses a timeless charismatic appeal, and moves from playing her characters without clinging to past archetypes, She continues to embrace the adventure, revel in the vast array of roles that fall on her lap, and dazzle us in her awesome acting journey that truly transcends time.

Bob Dylan comes knockin’ on pope’s door as Leo welcomes legend to Vatican

GMA Network lauded for Child-Friendly Content; fans urged to vote for faves

VATICAN CITY—Bob Dylan came knockin’ on Pope Leo XIV’s door Wednesday, as the American singer-songwriter and poet visited with the American pope at the Vatican during a break between concert dates in Italy. The Vatican said the encounter was brief, with Leo giving Dylan a rosary and Dylan presenting the pope with a copy of his autobiography, Chronicles: Volume One. Leo had quoted from an unpublished protest song Dylan penned in 1963, “Go Away You Bomb,” in his 2026 book Disarmed and Disarming: Peace Is a Gift. Leo was warning against the race to rearm and the recourse to nuclear weapons and quoted the lyric, addressed to a hypothetical atomic bomb: “I hate you cause yer manmade and man-owned, an’ man-handled.” Two Vatican officials accompanied Dylan: the Rev. Antonio Spadaro, a Vatican culture ministry official who also accompanied Patti Smith to a July audience with Leo; and Andrea Monda, the editor of the Vatican newspaper, L’Osservatore Romano. Spadaro said Dylan had wanted to speak with Leo, and the two met in private for a few minutes. In an essay in L’Osservatore Romano, he recalled that the former Robert Prevost, who was born in Chicago in 1955, grew up familiar with Dylan’s music. He also noted that Dylan was very familiar with St. Augustine of Hippo, the inspiration of Leo’s spirituality and Augustinian religious order, penning “I Dreamed I Saw St. Augustine” for the 1967 album John Wesley Harding. Dylan, who won the Nobel Prize for Literature in 2016, wore a black hoodie and a loose tie. Vatican photos of the encounter showed him with the hood over his head. It wasn’t Dylan’s first papal encounter: He played for Pope John Paul II, and thousands of other people, in 1997 during a concert capping a religious congress in Bologna, Italy. AP

STRENGTHENING its reputation for outstanding children’s programming, GMA Network received multiple honors from the National Council for Children’s Television (NCCT) for its dedication to delivering responsible and enriching content for young audiences. At the inaugural Child-Friendly Content Awards on October 27, GMA Network and GTV emerged as Child-Friendly Television (CFTV) Compliance Award recipients in honor of the network’s commitment to creating inspiring, educational, and ageappropriate media. The event was part of the Philippine Conference on Children and Media (PCCM), hosted by NCCT from October 25 to 28 at Novotel Manila, Quezon City. The four-day gathering brought together stakeholders across media, government and education to build a safer, more responsible, and child-friendly media landscape for Filipino children. Top-rated GMA infotainment shows and their respective hosts took home various awards. For leading their respective child-friendly programs, Chris Tiu, Doc Ferds Recio, and Atom Araullo were recognized as CFTV Champions. Infotainment show iBilib, hosted by Tiu, earned an Honorable Mention for its

educational, engaging science narratives. Legacy wildlife program Born to be Wild, hosted by Doc Ferds and Doc Nielsen Donato, also received an Honorable Mention for championing wildlife and the environment. For its compelling storytelling on nature, animal kingdoms, and the wonders of wildlife, the infotainment program Amazing Earth, hosted by Dingdong Dantes, earned an Honorable Mention. The travel and food documentary show and GTV’s 2025 Top Program Pinas Sarap secured an Honorable Mention for showcasing different culinary destinations in the country. The ceremony also highlighted programs produced under the Special Grants Fund (SGF) for Children’s Television (CTV) and Child-Friendly Television (CFTV) program. NCCT recognizes the time, effort, passion and creativity invested in developing meaningful, age-appropriate content for Filipino children. Planet XP, the highly rated magazine infotainment special hosted by Miguel Tanfelix, was recognized as a 2024 grantee, with NCCT proudly announcing that Planet XP Season 2 is among the approved grant recipients of 2026 grant. Adding to the network’s 2026 grantees is GMA Public Affairs’ Animal Code, an

experiential educational documentary and adventure series that explores natural science and outdoor adventure. The program features the fascinating lives and behaviors of animals and how these can teach young viewers valuable lessons in character, responsibility, and good citizenship. These accolades from NCCT affirm GMA Network’s vital role in the continuing conversation on how television and other forms of media can contribute to the development, protection, participation, and well-being of Filipino children. Meanwhile, following the success of its inaugural run in 2025, the GMANetwork. com Awards is back for its second year, giving fans across the globe the chance to vote for their favorite artists and programs. Through GMA Entertainment interactive polls, the GMANetwork.com Awards 2026 invites fans to celebrate the talent, artistry, and performance of their favorite stars and programs that have captured their hearts. This year’s awards feature the following categories: Rising Kapuso Male and Female Star of the Year, Kapuso Male and Female Teen Star of the Year, Kapuso Couple of the Year, Kapuso Love Team of the Year, Kapuso Daytime Series of the Year, Kapuso Primetime Series of the Year, Kontrabida of the Year, Comedian of the Year.

Adding more excitement is the addition of the new category: Kapuso Host of the Year. Fans can cast their vote by visiting www. gmanetwork.com/polls from October 28 to December 28, 2026. Winners of the GMANetwork.com Awards 2026 will be announced at the 2027 Kapuso New Year Countdown Special on December 31.

FROM left: Doc Ferds Recio, Chris Tiu and Atom Araullo were among the awards recipients.

Friday, November 6, 2026

Experience more ease, convenience with next-gen myToyota Connect

DBP feted in AsPac tilt for key projects

tate-owned Development Bank of the Philippines (DBP) bagged three awards from an international group of financial institutions for its projects that expand access to education, widen financial inclusion, and support local economic development, a top official said. DBP President and Chief Executive Officer Michael O. de Jesus said the Bank was named winner at the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Awards 2026 in the Corporate Social Responsibility (CSR) category for its flagship CSR program for education and earned two merit awards for its financial inclusion and countryside development initiatives. “We are deeply honored for these recognitions which serve as an affirmation of DBP’s efforts to advance national development and inspire us to remain steadfast in our mandate of supporting initiatives that promote inclusive and sustainable growth in the country,” de Jesus said. DBP is the 10th largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small, and medium enterprises; environment; social services and community development. ADFIAP is a regional body founded in Manila in 1976, consisting of development banks and financial institutions operating in Asia-Pacific. Its annual awards program held in Colombo, Sri Lanka recognized outstanding projects of members that advance sustainable economic, environmental, and social development. De Jesus said the DBP Integrated Scholastic Program for Inclusive and Sustainable Education (DBP INSPIRE) was cited as top CSR program by the ADFIAP for pioneering a ladderized framework that integrates continuous education for students across primary,

Photo shows DBP officials receiving awards in recognition of the Bank’s various initiatives during the ADFIAP Development Awards 2026 in Colombo, Sri Lanka. Top left: DBP Senior Vice President Ronaldo U. Tepora and Brenda G. Brizo receive the Merit Award for Financial Inclusion. Top right: DBP Senior Assistant Vice President Regin C. Soliman (second from right) receives the Merit Award for Local Economic Development from Development Bank in Sultanate of Oman Chief Executive Officer Mr. Hussain Al Lawati. Bottom left: Trophies conferred on DBP during the awarding ceremony. Bottom right: DBP First Vice President Zandro Carlos Sison (second from right) receives the Most Outstanding Development Project award for Corporate Social Responsibility. Also present in the photos are DBP First Vice President Micaela V. Masigan (bottom right, leftmost) and Development Finance Corporation of Ceylon Chief Executive Officer Thimal Perera (bottom right, rightmost). secondary, and tertiary levels. He said DBP INSPIRE offers scholarship grants, covering endowment for tuition fees and other school-related expenses, to indigent high school graduates who wish to pursue higher education and extends support to primary and secondary public school students through outreach programs, such as the Brigada Eskwela and Adopt-a-School Program of the Department of Education. “With total allocation of P510-million for five years, DBP INSPIRE represents a significant investment of the Bank and more importantly, addresses the call of President Ferdinand R. Marcos, Jr. to ramp up government support to the education sector,” he added. DBP also earned a Merit Award in the Local Economic Development category for its credit assistance to the local government of Calumpit, Bulacan for the improvement of its public market, financed under the

Bank’s Assistance for Economic and Social Development for Local Government Units (ASENSO) that benefitted more than 120,000 residents in the area and from neighboring municipalities. De Jesus said ADFIAP cited DBP’s financial inclusion initiatives, particularly the opening of branch-lite units in Talakag, Bukidnon and Viga, Catanduanes, which helped bring essential financial services to far-flung areas and unbanked communities in Luzon and Mindanao. He said these recognitions reflect DBP’s commitment to advancing initiatives that make financial services more accessible to our countrymen, especially in underserved areas. “Rest assured that DBP will continue to serve as a catalyst for growth and support initiatives that redound to the benefit of our ultimate stakeholder—the Filipino people,” de Jesus said.

Haus Talk expands beyond Rizal, Laguna with new Batangas projects

AUS Talk, Inc. (HTI) is expanding its presence in Southern Luzon, with proposed acquisitions of two properties in Batangas set to add approximately 16 hectares and more than 1,500 homes to its development pipeline. The move builds on the company’s strategy of reaching more homebuyers through attainable housing in areas with potential for sustained residential growth. The properties are located in San Roque, Sto. Tomas, and San Rafael, Malvar, extending HTI’s presence beyond its established markets in Rizal and Laguna. The 9.93-hectare Sto. Tomas site is planned for economic housing under B.P. 220 and the nearly sixhectare Malvar property will cater to the mid-market segment under P.D. 957. Construction for the projects is targeted to begin over the next three to five years. These projects form part of HTI’s broader pipeline, which is designed to support the Company’s growth over the next five years and beyond. As HTI expands into new locations and larger development sites, it remains focused on serving Filipino families through master-planned communities, thoughtful design, and

attainable pricing. “Our expansion is guided by a clear understanding of the market we serve and the homes Filipino families need,” said Francis Madlambayan, Head for Corporate Planning and

Investor Relations. “We build on our experience in developing well-planned communities, with practical designs and attainable pricing. Each new project extends our reach and strengthens our capacity to serve more homebuyers in the years ahead.” HTI’s development strategy centers on bringing acquired properties into development within three to five years of purchase, rather than holding land for extended periods. This allows the Company to build its portfolio around defined development plans and housing opportunities in its target markets. Its growth is supported by both existing projects and a pipeline of new developments, as the Company continues to serve demand across the economic and mid-market segments. With the proposed Batangas acquisitions, HTI is broadening its geographic reach and adding projects to its medium- and long-term pipeline. As it enters this next phase of expansion, HTI remains focused on disciplined growth, timely project development, and creating residential communities that meet homebuyers’ needs while building long-term value for shareholders.

Why Michelin-starred chefs are obsessed with your go-to Taco Bell order

F you have always loved Taco Bell for its bold flavors and undeniable craveability, you are in excellent company. While you might see your favorite order as the ultimate, unpretentious comfort food to cap off a long day, some of the world’s most elite, Michelin-starred culinary minds view it as an absolute masterpiece of food engineering! According to a recently published Wall Street Journal article titled “Top Chefs Have a Confession: They Love Taco Bell,” top high-end restaurant chefs in the US are openly confessing their deep obsession with the brand. These culinary masters praise the Taco Bell’s menu for achieving what they call the elusive “perfect bite”, a precise, scientific harmony of contrasting textures and temperatures that even luxury, finedining establishments struggle to execute consistently!

The article further highlights how these elite chefs rave about the clever balance between hot, seasoned beef and crisp, cool toppings, meaning that great food design doesn’t have to be complicated. These food experts have effectively validated what Filipino foodies have been championing all along, that choosing Taco Bell is an appreciation for comfort food that simply hits the spot every single time! The good thing is you know where to go whenever you’re in the mood for your go-to Tex-Mex fare! With Taco Bell’s strong, highly accessible footprint across Metro Manila’s premier commercial and lifestyle hubs, satisfying your cravings is easy! You can find your flavor fix at on-the-go branches located in Gateway Mall and Cyberpark Tower in Araneta City, Cubao; Trinoma and SM Fairview in Northern Quezon City; SM Megamall in Mandaluyong City; Alabang Town Center in Muntinlupa City; Venice Grand Canal in Taguig City; and Ayala Circuit and One Ayala in Makati City. You can visit these branches anytime to experience an entire lineup of bold, crave-worthy products that hit those exact same high-level flavor profiles. Aside from the beloved Crunchwrap Supreme, you can dive into their other flavorful offerings like the pillowy, golden-fried Chalupa and the tender, ultra-meaty Gordita, among many others. So, the next time you place your order at Taco Bell, hold your up head high because you are eating exactly like the world’s best foodies! Visit your nearest Taco Bell store for dine-in and take-out orders, or have your favorites delivered straight to your doorstep via the 8911-1111 hotline, Taco Bell Philippines’ official website at tacobell.com.ph, or through official delivery partners Grabfood, foodpanda, and Pickaroo (prices may vary). Don’t miss the latest updates, offers, and deals from Taco Bell by following and giving the brand a like on Facebook, Instagram, and TikTok.

ROM preparing a comfortably cool cabin before getting onboard, checking whether the doors are safely locked, or simply finding where they parked their car are small conveniences which make a big difference for any car owner. Toyota brings these everyday conveniences to eligible AllNew Hilux owners through Next-Gen mTC featuring Toyota Remote, with connected features that support vehicle convenience, security, and care. Returning to your pickup after an afternoon outdoors? With remote air-conditioning control, eligible All-New Hilux owners can switch the A/C on or off through Toyota Remote to help prepare a comfortable cabin temperature before stepping inside. Whether wrapping up a family outing or preparing for the drive home, owners can start cooling the cabin before returning to their vehicle for a more comfortable journey. Next-Gen myToyota Connect makes it easier to check on the vehicle once it is parked. Through their phone, owners can view the status of the doors, windows, and lights, helping them spot anything that may need attention. When “Did I lock the car?” comes to mind after settling into a restaurant or arriving at the office, a quick check provides reassurance, while remote locking lets them secure the doors without walking back to the parking area. Owners can also unlock the doors remotely when needed. Finding the vehicle in a busy parking area is easier with GPS-based Find My Car, while activating the horn or flashing the hazard lights can help owners spot their Toyota when nearby. Geofence alerts notify owners when the vehicle travels outside a designated area, and anti-theft notifications can alert them to unauthorized entry. In the event of suspected theft, customers can contact support for assistance with stolen vehicle tracking and remote immobilization, subject to applicable service conditions. Immobilization is an assistance-supported feature, not a function for stopping a moving vehicle through the app. Through e-Care, vehicle health warnings help owners stay informed when their Toyota may need attention, giving them a prompt to seek advice and address concerns. Whether preparing for the daily commute or heading out on a longer drive, having this information within reach makes it easier to keep vehicle care part of the routine. Access to 24/7 customer assistance also gives owners a way to ask for support, while 24/7 roadside assistance helps them seek help when an unexpected concern or breakdown interrupts a journey. For customers planning their next stop, the charging and fuel station map helps locate places to recharge or refuel, depending on vehicle applicability. This can be particularly useful when traveling through an unfamiliar area or preparing for a longer trip, allowing owners to identify possible stops along the route and plan around their vehicle’s needs. Connected ownership can bring opportunities to save through CTI, a Pay-How-You-Drive insurance offering that considers how a vehicle is driven and how far it travels. Through Connected Toyota Insure (CTI), driving habits and mileage can contribute to potential insurance renewal savings, subject to applicable terms. The vehicle’s built-in connected device monitors mileage and driving behavior, including harsh braking, harsh acceleration and harsh cornering. Driving data is used to calculate a personalized Driving Score. This score, together with mileage, helps determine potential savings at insurance renewal, giving customers a reason to understand the habits behind their everyday journeys. CTI will soon be available through participating Toyota Insure partners, giving customers an opportunity to earn insurance renewal premium savings based on their driving habits. Customers may qualify for savings up to 25% on the driving-

related perils portion of their insurance premium only, based on their Driving Score and mileage over an eight-month driving period, subject to terms and conditions. While actual savings may vary, the maximum is not guaranteed. Customers may consult their preferred Toyota dealership about CTI eligibility and the conditions that apply to their policy. Connected services extend to other eligible Toyota models through Basic myToyota Connect, which includes features such as Find My Car, geofence alerts and Trip Recorder, depending on model applicability. Owners of the earlier Hilux models, Corolla Altis, Corolla Cross, Camry, Zenix, Hiace, Fortuner, Alphard, earlier RAV4 models, Land Cruiser Prado, and Land Cruiser can ask their dealership which services their vehicle supports. These basic features are distinct from the Next-Gen mTC and Toyota Remote features highlighted for eligible All-New Hilux customers. “We want our customers to feel supported long after they drive home their Toyota. Next-Gen mTC featuring Toyota Remote helps eligible All-New Hilux owners prepare for a drive, check on their vehicle, and access assistance through their phone,” said Elijah Sue Marcial, Toyota Motor Philippines First Vice President for Vehicle Operations. “We encourage customers to download the myToyota App and Toyota Remote App and consult their preferred Toyota dealership about eligibility and available services.” To get started, download the myToyota App and Toyota Remote App from the App Store or Google Play to access applicable features. Toyota Remote is accessible through myToyota Connect in the myToyota App. Customer registration and log-in information for Toyota Remote is processed through the myToyota App. For guidance on setting up these services, watch Toyota’s step-by-step activation at https://www.youtube.com/ watch?v=UflRv5mTGwk The walkthrough covers downloading the apps, creating a myToyota App account, activating Next-Gen mTC and setting up Toyota Remote. It introduces the features available in Toyota Remote to help customers become familiar with the services they can use. Whether you already own a Toyota or are considering the All-New Hilux, visit or contact your preferred Toyota dealership to confirm model and variant eligibility, get guidance on activation requirements and subscription terms, and explore the connected services and CTI options available to you. For latest updates on Toyota products, services, and promos, follow Toyota Motor Philippines on Facebook, Instagram and X, and join the ToyotaPH community on Viber.

Dagok ng stroke sa Pilipino: Press conference on the burden of stroke on Filipino patients, families

HEAD of World Stroke Day, the APAC Stroke Policy Alliance (ASPA) and the German-Philippine Chamber of Commerce and Industry (GPCCI), with the support of Boehringer Ingelheim Philippines, conducted a press briefing to highlight the real-life impact of stroke on Filipino patients, families, and livelihoods. Joining the conversation are representatives from the World Stroke Organization (WSO), Stroke Society of the Philippines (SSP), and Beyond Stroke PH of the Philippine Alliance of Patient Organizations (PAPO), and ANGELS Initiative of Boehringer Ingelheim, bringing perspectives from the global stroke community, healthcare professionals, patient advocates, and health system partners working to strengthen stroke care. A stroke occurs when blood flow to part of the brain is interrupted, either by a blocked blood vessel (ischemic stroke) or a bleed in the brain (hemorrhagic stroke). When this happens, brain cells can become damaged, making a stroke a medical emergency that requires immediate attention. Stroke can cause sudden changes in how a person moves, speaks, sees, or maintains balance. Recognizing the warning signs and seeking emergency care quickly can make a critical difference. Know the signs of stroke or B.E.F.A.S.T.: B (Balance) – Sudden loss of balance or coordination E (Eyes) – Sudden changes in vision F (Fast) – One side of the face may doop or feel numb A (Arm) – Sudden weakness or numbness especially on one side S (Speech) – Sudden slurred speech or difficulty speaking or understanding T (Time) – Every minute counts. Seek emergency medical care Stroke remains a significant health burden in the Philippines, affecting thousands of patients and families each year. #3 leading causes of death in the Philippines. Cerebrovascular diseases ranked third among the country’s leading causes of death in both 2024 and 2025. 156,000+ new stroke cases in the Philippines each year 1.2 million+ Filipinos living with the effects of stroke 72,000+ stroke-related deaths in 2023, based on Global Burden of Disease estimates But the burden of stroke does not end with the number of cases or deaths. Its effects can continue long after a patient leaves the hospital. Stroke can create a financial burden that extends well beyond the initial hospital stay. An unpublished study on the cost of illness analysis of acute ischemic stroke (AIS) in the Philippines estimates the disease’s 15-year economic burden at approximately P416.52 billion.

The burden can continue to grow when stroke results in disability. The annual management cost of stroke is estimated at approximately P240,400 for independent survivors and P739,000 for dependent survivors requiring caregiver support, with both estimates inclusive of rehabilitation costs. These costs reflect not only healthcare needs, but also the time and income that patients and families may lose as they adapt to life after stroke. For some patients with acute ischemic stroke, a treatment called thrombolysis can help restore blood flow by breaking up a blood clot blocking blood flow to the brain. Because it must be given within a limited time window, timely access is critical. The analysis estimated that expanding timely access to thrombolysis among eligible patients could generate around P687.58 million in potential savings over 15 years, largely by reducing long-term disability and productivity losses. This highlights how timely treatment can affect not only health outcomes, but also the long-term financial burden on patients, families, and society. The National Policy Framework on the Prevention, Control and Management of Acute Stroke in the Philippines, established through Department of Health Administrative Order No. 2020-0059, provides a national framework for strengthening stroke prevention, diagnosis, treatment, and care. It calls for standardized stroke protocols, stronger referral pathways, trained healthcare workers, Acute Stroke Ready Hospitals (ASRH), and collaboration across sectors. Its priorities can be understood in practical terms: Stronger stroke systems of care = A more coordinated journey from stroke onset to treatment and recovery Timely access to care = Less time lost between recognizing symptoms and receiving appropriate treatment Stronger referral pathways = Faster transfer to facilities equipped to provide appropriate stroke care Stroke-ready hospitals = Greater capacity to assess and manage stroke, including access to appropriate emergency treatment Multisector collaboration = Government, healthcare professionals, hospitals, communities, and other partners working together to strengthen stroke care Ultimately, the policy becomes meaningful when it helps more patients reach appropriate stroke care faster and supports better outcomes for patients and families. Stroke is a medical emergency. The longer blood flow to the brain is disrupted, the greater the risk of brain damage and lasting disability. From recognizing the warning signs and seeking emergency care to reaching an appropriate facility and receiving treatment, every step can affect outcomes.

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Editor: Tet Andolong • Friday, November 6, 2026

On track with the Suzuki e Vitara S

Story & photo by Randy S. Peregrino

FRESH units of the all-new Suzuki e Vitara line up for a track experience at Batangas Racing Circuit

UZUKI Philippines Inc. (SPH) has finally entered the EV race with the arrival of the all-new e Vitara, the Japanese brand’s first battery electric vehicle. The EV’s arrival is a significant step for a brand long associated with practical, reliable small cars, hatchbacks, MPVs, and compact SUVs. The e Vitara now carries the task of introducing Suzuki buyers to an entirely new form of mobility. To give the motoring media an initial taste of what the model can do, SPH recently organized a track activity at Batangas Racing Circuit. Rather than the usual road drive, the event allowed participants to experience the vehicle in a controlled environment. It was admittedly a brief session of only a few laps, but it offered an early glimpse of how Suzuki approached its first EV.

SHARP SUIT, FAMILIAR SHAPE

THE e Vitara takes on a more assertive look than previous Suzuki crossovers. Its proportions are defined by a long wheelbase, large wheels, and a stance that gives it a stronger SUV presence. Suzuki describes it as having a unique silhouette designed to create a muscular and dynamic character. At the front is a distinctive hexagonal face intersected by a horizontal through-line that stretches across the fascia. The design element is repeated at the rear, creating visual continuity from one end of the vehicle to the other. A set of three-point signature lighting elements further distinguishes the model. Connecting light strips link the front and rear lamps, giving the crossover a modern look without feeling overly futuristic. The 18-inch machined alloy wheels feature a wide-spoke design with aerodynamic considerations in mind. Suzuki says the wheels use resin garnishes to help reduce drag while enhancing the vehicle’s appearance. The e Vitara also features a rear spoiler, LED lighting all around, and a glass roof with a retractable sunshade. Dimension-wise, the e Vitara measures 4,275 mm long, 1,800 mm wide and 1,635 mm tall, riding on a 2,700-mm wheelbase. Ground clearance is listed at 180 mm, maintaining the practical crossover credentials expected from the Vitara name.

A CABIN READY OR THE ELECTRIC ERA

INSIDE, Suzuki took a cleaner and more contemporary approach. The dashboard is dominated by what the company calls its Integrated Display System, combining a 10.25inch digital instrument display and a 10.1-inch center touchscreen. The setup allows access to vehicle settings, charging schedules, EV

information, climate controls, and connectivity functions. Apple CarPlay and Android Auto are both available in wired and wireless forms. The cabin layout revolves around a floating center console that houses the shift-by-wire selector and storage areas. A wireless charging pad sits below, while multiple USB ports are distributed throughout the cabin. The cabin also includes ambient lighting with 12 color selections. Seat comfort appears to have received considerable attention. The driver gets a 10-way power-adjustable seat, while the front seats are shaped to provide firm support. Rear occupants get reclining, sliding seats with a 4:2:4 splitfolding configuration, helping maximize cargo flexibility. Luggage capacity ranges from 238 liters to 310 liters with the rear seats positioned forward, expanding further to 562 liters when folded. Other convenience features include a smart automatic climate control system, front center armrest, rear armrest with cup holders, rear USB charging ports, door mirror heaters, and an Infinity premium audio system.

THE HEART OF SUZUKI’S FIRST EV

POWER comes from a front-mounted eAxle electric drive unit producing 128 kW (171 hp) and 193 Nm of torque. A single-speed electric transmission sends power to the front wheels. The motor draws energy from a 61-kWh lithium iron phosphate battery pack. Driving range is listed at up to 475 kilometers based on the NEDC cycle. For charging, the e Vitara comes with a 7-kW onboard charger and supports both Type 2 AC and CCS2 DC charging standards. Suzuki claims DC fast charging can replenish the battery from 10 percent to 80 percent in approximately 45 minutes under ideal conditions. Drivers can choose from Eco, Normal, and

Sport modes. Snow mode is also available, along with Easy Pedal operation that increases regenerative deceleration and allows greater one-pedal driving capability. Suzuki’s dedicated HEARTECT-e platform underpins the vehicle. The battery pack sits beneath the floor, lowering the center of gravity and improving handling stability. High-tensile materials are used extensively to improve rigidity while managing weight.

SAFETY TAKES CENTER STAGE

SAFETY equipment is generous. The e Vitara comes with seven airbags, including dual front, side, curtain and knee airbags. It also features ABS with Electronic Brakeforce Distribution, Electronic Stability Program, Electric Parking Brake, Brake Hold, Hill Hold Control and an Acoustic Vehicle Alerting System. Suzuki also engineered the structure to protect the high-voltage components in a collision through an impact-absorbing body design. The front bumper, hood and surrounding structures are likewise designed to reduce injury severity during pedestrian impacts. Security features include an immobilizer, alarm system, child safety locks, impactsensing door unlock system, and ISOFIX anchors for child seats.

EYES AND EARS ON THE ROAD

THE e Vitara introduces one of Suzuki’s most comprehensive ADAS packages in the Philippines through Suzuki Safety Support. Available technologies include Dual Sensor Brake Support II, Multiple Collision Braking, Lane Keep Assist, Lane Departure Prevention, Adaptive Cruise Control, Adaptive High Beam System, Blind Spot Monitor, and Rear Cross Traffic Alert. A 360-degree camera system further

aids maneuvering and parking by providing surround-view, bird’s-eye and eye-level perspectives. Front and rear parking sensors are likewise standard. Taken together, the package puts the e Vitara on par with many modern EVs in active safety and driver-assistance technology.

TWO LAPS, PLENTY OF ANSWERS

THE track session at Batangas Racing Circuit was brief. Two laps are hardly enough to deliver a complete evaluation, particularly for an EV loaded with technology and various drive settings. Still, the short drive revealed several encouraging characteristics. The most immediate impression came from acceleration. Like most EVs, the e Vitara responds instantly to throttle inputs. No waiting for revs to build. The vehicle moves with a smooth, predictable surge, making it easy to carry speed onto the straights. More impressive, however, was the steering. It felt accurate and reasonably well weighted for a compact crossover. Through the tighter sections of the circuit, the front end pointed where it was asked without hesitation. Entering corners, clipping the apex and getting back on power exiting the turn felt natural and convincing. Part of that behavior can be credited to the platform layout. With the battery pack mounted underneath the floor, weight is concentrated lower and closer to the center of the vehicle. Unlike a conventional internal combustion crossover, there is no heavy engine block sitting ahead of the front axle. The result is a more balanced feel during direction changes and less sensation of the front pushing wide through corners. Regenerative braking also proved useful around the circuit. Beyond recovering energy, the deceleration helped smooth weight transfer

into corners. In several sections, lifting off the accelerator already produced enough slowing effect before brake application. That characteristic can make the vehicle feel more settled as you prepare for turn-in. The run was tightly controlled, so there was little opportunity to explore the e Vitara’s limits or fully assess ride comfort, efficiency, ADAS performance and cabin refinement under normal driving conditions. Those observations will have to wait for a longer road test. Even so, the early signs are positive. The e Vitara appears well suited to urban use where instant torque, smooth operation, regenerative braking and charging convenience can be appreciated daily. It also offers a specification list that checks most of the boxes expected from a modern electric crossover.

THE PRICE OF GOING ELECTRIC

THE P2.02-million price tag may not immediately grab attention considering the aggressive pricing now seen across the electrified vehicle landscape. Yet Suzuki still has a compelling argument. Reliability has long been one of the brand’s strongest calling cards, and for buyers looking to transition to electric mobility with a familiar, established name, the e Vitara offers a credible and promising starting point. The e Vitara arrives in a segment that has become increasingly crowded with entrants from China and other established brands. That means it needs more than just an electric motor to stand out. Suzuki is banking on a familiar nameplate, proven engineering philosophy, and a design package that leans toward practicality rather than excess. So, the question is straightforward: can the e Vitara carry the Vitara name into the electric era without losing the traits that made Suzuki a trusted household brand in the first place?

TGR exits with a big bang, bares major twin tweaks in 2027 THE Toyota Gazoo Racing (TGR) Philippine Cup does not cease creating innovations. Thirteen years after its inception in 2014 under then president Mitsonobu Sugata of Toyota Motor Philippines (TMP), the event’s 2027 edition will unfurl two major changes that should further excite racing buffs. As announced by TMP president Masando Hashimoto at the Clark International Speedway in Mabalacat, Pampanga, during the fourth and final Weekend Race of the TGR on Oct. 24, next year’s races will see the debut of the GR 86 circuit and the Rookie Garage Academy. The revelation further stamped Toyota’s lofty position as the country’s premiere motorsports advocate, installing the car brand as the undisputed racing frontrunner that has become increasingly hard to surpass, let alone equal, in prestige. I can’t wait for the next season to blast off. Meanwhile, I gladly give Allana Faith Rufo the floor once more for the blow-by-blow account of the concluding Weekend Race 4 at the Clark International Speedway, whose spic-and-span condition, by the way, is a result of San Miguel Corporation’s meticulous adherence to details--thanks to SMC chieftain Ramon S. Ang. It is worth mentioning here that I enjoyed every minute of my “safari-like” tour of the Clark circuit on Oct. 24, whose 18 corners are well-placed in the 4.8-kilometer track. Once more, here is Allana Faith Rufo, TMP’s ever reliable motorsports writer under the wings of Jade Sison-Mendoza and Mixie Flavier: “The 2026 season of the Toyota Gazoo Racing Philippine Cup has come to a thrilling close. “Alain Gabriel Alzona from Toyota General Santos–Davao Racing, Bern Zaragoza from Resultado Racing, and Iñigo Anton frm Obengers Racing have emerged champions in their respective classes after four grueling and heated weekends, with the fourth and final race weekend happening last October 24 at the Clark International Speedway in Mabalacat, Pampanga.

“Ison, however, was later relegated to third place due to a time penalty for exceeding track limits.

GR 86 OMR

“Vios one-make race cars [OMR] battled it out in the Super Sporting, Sporting and Legacy Classes, while the Tamaraw OMRs went wheel-to-wheel in the Tamaraw Class.

SUPER SPORTING CLASS

“THE penultimate sprint race, which awarded double points, saw intense action in the Super Sporting Class, as Joaquin Garrido, who started at P2, was able to secure the lead as early as the first turn. “A few laps later, Red Diwa was sent careening off course into the grass with an errant collision in the rear from Garrido but made a miraculous recovery by driving back into the track, regaining his position. “Garrido later encountered trouble and had to regroup at the pit, managing to reenter later in the race at the bottom position.

TAMARAW CLASS

“MEANWHILE, the penultimate Tamaraw Class race was tight, except for a climactic incident in the final lap, where Raymond Cudala veered off course at a corner while battling Oliver Aquino. “That made him give up the lead he was protecting throughout the whole race, resulting in David Enzo Ison crossing the finish line first.

“BEYOND the sprint races, huge moments were unfurled such as the unveiling of the GR 86 OMR through a track showcase for the public, and the announcement of the GR 86 Class for the 2027 season. TMP President Masando Hashimoto also revealed the Rookie Racing Garage Manila, a home for people who love cars. Said Hashimoto: “Despite the challenges we faced this year, we continued to race with a purpose. Throughout the 2026 season, we learned, tested, improved and pushed ourselves forward. As always, we use motorsports as a platform to help shape a better future for mobility. While this season may be ending, our journey is entering an exciting new chapter. We look forward to welcoming a new generation of drivers and enthusiasts as we expand our racing platform to three one-make race classes: the Vios, the Tamaraw, and now, the GR86.” “Aside from the track activities, fans tried their hand at the sim racing rigs, drove remote control cars in a miniature offroad track, checked out official Gazoo Racing merchandise, and purchased car parts and accessories for their rides at the sponsors’ booths. “Coming off the heels of a successful 2026 season, TMP continues to push the limits of innovation for the better—and this year’s edition would not have been possible without the unwavering dedication of the racers, their teams, partners and the fervent support of the fans. For Race Weekend 4, the Legacy Class podium in Sprint Race 7 was Paolo Ang in first, Oliver Estrella in second, and Gabie Desales in third. In Sprint Race 8, Ang finished first, Angelo Gabriel Matias second, and Estrella third. In Sprint Race 10, Alain Gabriel Alzona, Red Diwa, and Joaquin Garrido placed first, second, and third in the Super Sporting Class. Bern Zaragoza, Julia De Los Angeles, and Mike Santos took the same positions in the Sporting Class,

while Iñigo Anton, Oliver Aquino, and Jesse Garcia completed the Tamaraw Class podium. In Sprint Race 11, Alzona finished first, Diwa second, and Michael Bryan Co third in Super Sporting. Joshua David Marquez won Sporting, followed by Santos and Luigi Co. Aquino topped Tamaraw, ahead of Anton and David Enzo Ison. In Sprint Race 12, Maila Alivia won Super Sporting, followed by Diwa and Alzona. Zaragoza finished first in Sporting, with Bong Garbes second and Santos third. Anton won Tamaraw, followed by Raymond Cudala and Aquino. For the 2026 season, Alzona was the Super Sporting champion, followed by Diwa and Joaquin Garrido. Zaragoza topped Sporting, ahead of Santos and Marquez. Anton led Tamaraw, followed by Aquino and Cudala. In the 2026 Team Championship, Toyota Isabela— Resultado finished first, Toyota San Fernando—Gen San second, and Obengers Racing third. The Toyota Gazoo Racing Philippine Cup was brought to you by Official Tire Partner GT Radial, Official Engine Oils Partner Petron RevX and Petron Blaze Racing, Official Partner Toyota Gazoo Racing Academy and Premier Race Partner Denso. In cooperation with MOMO Italy, PIAA, Sparco Philippines, Toyota Financial Services Philippines, Autoplus, Rota, and Varta. This event is also supported by 3M, AVT, Quad, myToyota Wallet, OMP, Tuason Racing Sports Unlimited, Brakes by AutoPerformance, GENCHEM, Toyota Tsusho, and Toyota Aisin. Contributing sponsors are Aguila Auto Glass, Kinto One, AutoQuix, HKR Philippine Inc., Technol Eight Philippines, and Sun Logistics Technology Inc.

PEE STOP With the GR86 race happening in 2027, I

suddenly remember my 86, which I traded for an Innova-V only a while back. No regrets, though. I did it for the family— the Innova being family-friendly...Arianne Colene Jalalon reports that Robert McAllister is the new country head of Inchcape Philippines. Cheers!

Friday, November 6, 2026

Mayon rumble won’t stop Naga plebiscite By May Jade Jadormio

ESPITE Mount Mayon putting on a show with 17 volcanic earthquakes and a visible crater glow in 24 hours, the Commission on Elections (Comelec) assured voters that the coming November 21 plebiscite to decide whether Naga City becomes a Highly Urbanized City (HUC) is proceeding as scheduled. Comelec Chairman George Erwin M. Garcia brushed off concerns that the volcanic activity—currently at Alert Level 3—would disrupt the vote, pointing out a simple geographic buffer: distance. “Camarines Sur is relatively far from the area; in fact, it is almost three hours [by land transportation] from Legazpi [City], and therefore, there is no threat or danger,” Garcia said. The poll body will still run a routine check during its command conference from November 9 to 11 to assess overall security. The vote comes with a P50 million price tag, but the poll body is stepping up to cover the bulk of the bill. While local governments proposing a plebiscite typically foot the entire tab, Naga City’s coffers fell short. Comelec scraped together P30 million in budget savings to plug the P20 million gap provided by the city. “The one that really shoulders the expenses is the proponent...but they really do not have the sufficient budget,” Garcia explained. “We are very much willing to help, as long as we can source savings from our budget, and we found some.” To keep the voter rolls clean and avoid any confusion on polling day, the Comelec has officially frozen voter registration in Naga City until a week after the November 21 poll. The pause ensures only voters listed on the finalized registry can cast their ballots on whether to elevate the city’s status—a move that Garcia noted faces strong local debate and opposition.

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Cebu overhauls flood controls after typhoon

By Carmel Pedroza

EBU CITY—One year to the day after Typhoon Tino unleashed deadly floodwaters across Cebu, the provincial government is pushing a multi-billion-peso recovery and resilience agenda—fast-tracking major river dams, integrating naturebased solutions, and bolstering hospital manpower to mitigate future climate disasters.

The sweeping push comes as the province commemorates the victims of last year’s catastrophe, which left 143 dead, 45 missing, and 5,079 injured across 28 localities. The storm crippled key infrastructure, damaging 22 bridges and 28 roads, leaving an estimated P11 billion rehabilitation bill for damaged transport networks, slope protection, health centers, and schools. Speaking at a Capitol press briefing on Wednesday, Assistant Provincial Administrator Aldwin Empaces revealed that Gov. Pamela Baricuatro is prioritizing long-overdue flood-

control infrastructure, starting with updated feasibility studies for proposed dams along four major Metro Cebu river systems: Mahiga, Butuanon, Cotcot, and Mananga. “Governor Pam said this is long overdue, so ato na lang gyud ning seryosohon kay problem naman gyud ni ang flooding for Cebu [we really need to take this seriously because flooding is a persistent problem for Cebu],” Empaces told reporters, noting that the existing feasibility studies date back to 2017 and require immediate revision to reflect current environmental shifts. The infrastructure push builds directly on recommendations from the Capitol’s Climate Action Summit in March, which brought together scientists, academia, local officials, and civil society. Provincial Disaster Risk Reduction and Management Office (PDRRMO) Chief Dennis

Pastor emphasized that effective flood mitigation requires managing entire river systems—slowing upstream flow, retaining middle reaches via dams, and controlling downstream discharge—rather than relying solely on coastal or downstream barriers. In addition, the province plans to blend heavy civil engineering with green infrastructure. “Advocate kaayo si Governor sa nature-based solutions because the grey infrastructure, if dovetailed with nature-based solutions, will be more effective in addressing flooding,” Pastor explained. To complement engineering works, the Capitol is upskilling local leaders. The PDRRMO recently concluded a fiveday Climate Disaster Risk Assessment seminar to teach local government planning and disaster officers how to pinpoint localized hazards. Pastor warned that without accurate risk data, municipal officials cannot properly design climate action or landuse blueprints. Recognizing that environmental crises trigger health emergencies, the provincial government is simultaneously upgrading its healthcare infrastructure. Beyond augmenting medical supplies and funding across 16 provincial hospitals, the Capitol is aggressively hiring doctors, nurses, and support staff while offering stable employment terms to veteran healthcare personnel. “We have increased our manpower aron naa tay matawag if naay disasters [so we have responders to call on during disasters,” said

Provincial Health Officer Dr. Sheila Faciol. Faciol noted that proactive measures after Typhoon Tino—specifically distributing mass doxycycline treatments—prevented widespread leptospirosis outbreaks. Out of more than 500 suspected cases monitored post-disaster, swift intervention capped confirmed cases at just 24. As long-term plans take shape, direct disaster relief and reconstruction efforts remain ongoing across hardhit towns: n Direct Financial Aid: P142.25 million disbursed to 14,238 families with damaged homes (P10,000 per household). n Emergency Relief: P64.8 million deployed for food packs, solar lamps, and potable water in Liloan, Talisay, Balamban, Compostela, Asturias, and Tuburan. n Medical Emergency Response: P11.15 million spent on medicines, healthcare supplies, and water purification tablets. n Infrastructure Works: P100 million earmarked for Tabogon roads, alongside P206.6 million for critical road and bridge repairs in Compostela and Balamban. n Livelihood Protection: P10.6 million paid in insurance premiums to cover 32,831 farmers and 8,000 fishing banca operators as of September 30. The Capitol marked the anniversary on Nov. 4 with a Eucharistic Celebration and candle-lighting ceremony, honoring the lives lost while reinforcing support for communities still rebuilding from the tragedy.

DILG chief hails barangay peacemakers By Jonathan L. Mayuga

@jonlmayuga

NTERIOR and Local Government Secretary Juanito Victor C. Remulla has underscored the vital role of local peace councils and their officers in delivering swift, impartial justice at the grassroots level, calling local peacemaking the bed-rock of national stability and public trust. Speaking at the 2026 Lupong Tagapamayapa Incentive Awards (LTIA) National Awarding Ceremony, the DILG chief emphasized that peaceful communities and public confidence begin with a justice system that works for ordinary Filipinos, stressing that fairness is essential to making justice accessible in every neighborhood. “That is our job. We have to bring justice. We have to bring fairness. There must be trust in you. If there is no trust, would people even go to the Lupong Tagapamayapa?” Remulla told awardees and officials gathered for the event. The DILG chief noted that peace at the barangay level serves as the true foundation for meaningful economic and social development, adding that local mediators play a critical role in resolving conflicts before they escalate,

simultaneously easing the heavy burden on the nation’s formal court system. “Your work relieves the justice system because, at the barangay level alone, you already resolve things in one or two days. And often, they come out happy with the outcome,” he explained. The Lupong Tagapamayapa is a barangay-based mediation body tasked with settling local disputes amicably through consensus among opposing parties. Acknowledging the complex nature of local diplomacy, Remulla pointed out that maintaining community harmony relies on the unheralded, everyday work of resolving friction between neighbors. He warned that left unchecked, even seemingly minor personal disagreements can cause long-term division within communities. “It is incredibly difficult to mediate a dispute between neighbors. It is incredibly difficult to collect debt on behalf of a neighbor… These small things add up to making a peaceful barangay,” Remulla remarked. He commended the award-winning lupons for demonstrating how effective justice can be delivered at the smallest unit of governance, emphasizing that their

localized, consensus-driven approach offers valuable blueprints for the country’s broader peace and order strategy. “We need peacemakers like you. We need a justice system that works at the smallest level like yours. If only the country works as well as the barangays, this country would be a more peaceful one,” the Secretary added. Closing his address, Remulla reaffirmed the Marcos administration’s commitment to restore order nationwide, noting that President Marcos has embraced the responsibility of addressing systemic challenges to leave a legacy of security. “Our President is not shying away,” Remulla assured. “He will make sure… that we have restored peace and order to each and every region and province. Let that be the hallmark of this administration—that finally there is peace, that finally there is order.” The DILG chief concluded that the daily work of barangay peacemakers remains essential to achieving this national goal, as every dispute resolved fairly and promptly brings local communities closer to lasting stability while bolstering public faith in government institutions.

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