Issuu

’26 merchandise exports at $108B? By Bless Aubrey Ogerio

T BM JOURNALISTS HONORED AS EJAP SPOTLIGHTS TRUST IN NEWS Two BusinessMirror reporters were among the major winners at the 35th Economic Journalists Association of the Philippines (EJAP)-Ayala Business Journalism Awards held Friday night at Fairmont Hotel Makati. Lorenz S. Marasigan, who covers transportation and telecommunications, took home the Feature Story of the Year award; while VG Cabuag, who has covered the stock market, the Securities and Exchange Commission and major publicly listed companies for decades, won in the Capital Markets category. In his keynote address, Ayala Corp. Chairman Jaime Augusto Zobel de Ayala stressed that rebuilding public trust is a shared responsibility of journalists and businesses, citing a Reuters Institute report showing that only 28 percent of Philippine respondents trusted the news most of the time, while 51 percent avoided it if they could. EJAP President John Ted Cordero, however, struck a hopeful note, citing the National Momentum Survey, which found that journalists working for news organizations remain the most trusted source of news and information among Filipinos, at 76.5 percent. “In this era of democratized content creation and artificial intelligence, journalism still matters,” he said. Ayala Chief Social Infrastructure Officer Paolo Borromeo thanked EJAP for its partnership and led a toast “to journalism that builds trust and deepens understanding.”

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

HE country’s merchandise exports may scale a new high of $108 billion this year, based on the latest estimate of Philippine Exporters Confederation Inc. (Philexport). According to Philexport President Sergio R. Ortiz-Luis Jr., the group’s computation remains unofficial and could still change depending on developments in the global trading environment. “I think our computation is $108 billion or something like that. But that’s unofficial. We’re just guessing. It depends on what day [United States Pres-

ident Donald] Trump wakes up,” OrtizLuis told reporters on the sidelines of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) event in Parañaque last week. The projection marks an increase from the organization’s earlier $100-billion estimate, which OrtizLuis said could be achieved through sustained growth in electronics and minerals exports. Merchandise exports hit a record $84.48 billion in 2025, up 15.3 percent from $73.27 billion in 2024, according to the Philippine Statistics Authority (PSA). Reaching $108 billion would require an additional $23.52 billion in

export earnings from last year’s level. Electronics, which accounted for $45.89 billion or 54.3 percent of total merchandise exports in 2025, remains the country’s biggest export sector. For Ortiz-Luis, the industry is growing, while the minerals sector could provide another source of export gains. However, he cautioned that the country was still falling behind neighboring economies in attracting investments, despite an increase in local investment activity. He cited investments entering Philippine Economic Zone Authority (Peza) areas but said major investors remained in a wait-and-see mode. See “Exports,” A2

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

END-OCT GIR DOWN TO 4-YEAR-LOW OF $97.4B www.businessmirror.com.ph

Monday, November 9, 2026 Vol. 22 No. 33

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

A BLOOM WITH A VIEW A bumblebee makes a beeline for a cosmos flower at Wilmis-Tuvillo Farm, a mountain campsite in Barangay Cuyambay, Tanay, Rizal, where nature and scenic vistas come together. The Tanay Wind Farm can be seen in the distance, while the Sierra Madre mountain range stretches across the horizon. Beyond its appeal as an outdoor retreat, the upland property reflects the growing role of nature-based tourism in supporting local livelihoods and economic activity in Tanay, as visitors seek destinations that offer outdoor recreation, cool mountain air and scenic landscapes. The farm’s natural surroundings also provide a glimpse of the biodiversity that sustains local ecosystems. BERNARD TESTA By Andrea E. San Juan

HE country’s dollar reserves, its buffer against external shocks, sank to its lowest level in nearly four years, leading one economist to stress how sustaining remittances, exports, tourism and investment inflows has become more critical than ever. Data from the Bangko Sentral ng Pilipinas (BSP) showed Gross International Reserves (GIR) plunged to $97.4 billion as of end-October 2026. Historical data from the central bank showed this was the lowest level in nearly four years or since December 2022. In a statement, the central bank explained that the decrease was “mainly driven” by the fol-

lowing: BSP’s net foreign exchange operations; Downward valuation adjustments, primarily of gold, due to lower global prices; and National government’s net foreign currency withdrawals from its deposits with the BSP for external debt servicing and other funding requirements. The $97.4 billion level of dollar reserves as of See “GIR,” A2

BusinessMirror

»B8

BM Freshly Brewed

November 2, 2026 | 10 AM JO-ANN TACORDA Cebuana Lhuillier First Vice President and Chief Administrative Officer

WHEN WORK BECOMES MORE THAN A CAREER

JUSTINE XYRAH GARCIA BusinessMirror Macroeconomy Reporter

ERC EYES SECONDARY PRICE CAP IN WESM RESERVE MART

By Lenie Lectura

N a bid to shield consumers from excessively high electricity reserve prices, the Energy Regulatory Commission (ERC) has proposed to establish a secondary price cap (SPC) in the Reserve Market (RM) of the Wholesale Electricity Spot Market (WESM). The RM is where the System Operator (SO), in this case the National Grid Corporation of the Philippines, procures standby capacities or reserves not covered by Ancillary Service Procurement Agreements (ASPA) it executes with AS providers. These reserves can be called on quickly to keep supply and demand in balance and to respond when a plant or line trips. The SO’s AS cost is passed on to consumers through their electricity bills. “Reserves are necessary to keep the grid secure, but consumers should not pay excessive prices for them. We are putting this safeguard on the table now so that it is ready before

the reserve market resumes,” ERC Chairperson and CEO Atty. Francis Saturnino C. Juan said. The ERC proposed a cap of P14.115 per kilowatt hour (kWh) for “Regulating Up” reserve if and when the RM price hits P15.816/kWh. For “Regulating Down” reserve, when the price hits P16.105/kWh, the automatic imposition of an SPC at P14.548/kWh will take effect. For contingency and dispatchable reserves, the ERC has set an SPC of P5.187/kWh and P3.216/ kWh, respectively, when the average electricity price exceeds P8.940/kWh and P7.830/kWh, respectively. These caps, the ERC proposed, would be triggered separately for each grid and each reserve type. The ERC is soliciting public comments on its draft resolution establishing the SPC in the RM until November 13, with public consultation scheduled on November 27. The RM began full commercial operations in January 2024. By See “ERC,” A8

PHL seeks to revive UK tourism market By Ma. Stella F. Arnaldo Special to the BusinessMirror

HE United Kingdom remains among the most important source markets of tourists for the Philippines. This was underscored by the Ambassador to the UK Teodoro L. Locsin Jr., as he opened on November 5 the Philippines Pavilion at the World Travel Market (WTM), where he also highlighted the 80 years of diplomatic relations between both countries. “The United Kingdom remains one of the most important European tourism markets of the Philippines...Eight decades of friendship have brought our peoples closer in many ways. Tourism adds another bridge between us—one built not only by governments, but by travelers, tour operators, airlines, hotels and resorts, and the countless people whose profession is hospitality,” he said. “Our presence at the World Travel Market is an invitation to widen and strengthen that bridge—with new partnerships, more bookable and richer experiences, and improved connectivity so as to turn interest into actual journeys that benefit both our countries,” he added.

18% visitors drop from UK

ARRIVALS from the UK slipped by 17.44 percent to 153,000 in January to October this year, even as the number of holidaying Britons have climbed back to prepandemic levels. According to Abta (formerly the Association of British Travel Agents), 88 percent

of Britons took a vacation this year, of whom about 62 percent went to foreign destinations. “We are an archipelago scattered across the sea, as though nature had taken a handful of emeralds and cast them upon blue silk. But the islands are more than beaches and mountains, reefs and rivers, or sunsets that seem reluctant to surrender the day. They are home to people whose warmth is as memorable as the landscapes they inhabit, whose cultures carry the memory of generations, and whose hospitality makes a stranger feel less like a visitor than someone whose arrival had long been expected,” said Locsin, describing the Philippines. He also pointed to the economic gains in the Philippines from tourism, spreading opportunities to the widest segments of the population as possible. “A visitor’s journey can sustain a family business, support a local guide, preserve a craft, create employment, and give a community reason to protect the heritage that makes it special. The success of our tourism industry must therefore be measured not only by the number of arrivals, but by the lives improved and the places preserved,” he noted.

MOU with Etihad

THE Department of Tourism (DOT) and Etihad Airways then signed a memorandum of understanding (MOU) to jointly promote Philippine destinations across the carrier’s network, develop joint marketing initiatives, and explore programs See “Market,” A2

PESO EXCHANGE RATES n US 63.1430 n JAPAN 0.4005 n UK 84.9400 n HK 8.0528 n CHINA 9.4696 n SINGAPORE 49.4270 n AUSTRALIA 43.7518 n EU 70.8464 n KOREA 0.0465 n SAUDI ARABIA 16.8238 Source: BSP (November 6, 2026)

News

BusinessMirror

A2 Monday, November 9, 2026

Huey…

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easiest environment to work in, but the perspectives and images made every flight worthwhile. Took my first ride in 2009 from the PAF Tactical Operation Group 10 out of Lumbia, in Cagayan de Oro City and feel in love with the feeling and the new perspective it offered photojournalists like me. The most adrenalin pumping and frightening experience was when we suddenly descended to the ground for an emergency landing in a village in Laguindingan, Misamis Oriental, all wet after a heavy rain during our flight from Marawi back to Lumbia, Cagayan de Oro in 2010. It was instrumental in sharing the imagines I took of the devastation that wreaked havoc on Cagayan de Oro and Iligan City’s after the onslaught of Tropical Storm Sendong in 2011. It helped me capture the best perspective on the devastation brought by mining in Surigao del Norte and del Sur during a trip with the Army’s 4th Infantry Division commander in 2015, and during the mining inspection trip to Dinagat Island in 2017 with Department of Environment and Natural Resources (DENR) secretary Regina Lopez. It is not simply about an aircraft being retired. It is about saying goodbye to a familiar platform that became part of our professional journeys and the way we documented history. The photographs remain. So do the memories of those flights, the landscapes viewed from above and the stories witnessed through those open doors. They will continue to live in our personal archives, reminders of the moments when the Huey brought us closer to the people and places whose stories needed to be told. For 57 years, the Huey carried soldiers into operations, brought relief to disaster-stricken communities and helped save lives. For us behind the cameras, it also carried stories that might otherwise have remained unseen. It might be an end of my era. But my photos will remain, a reminder of how we captured the moments with the Huey.

www.businessmirror.com.ph

PHL bans pork imports for 60 days; hams included T

By Ada Pelonia

HE Philippines has officially slapped an import ban on several pork products for 60 days, after a government probe found that the influx of cheaper shipments squeezed the margins of local raisers. Meat processors flagged the temporary ban, saying this would affect their operations due to a stockout of raw materials, raising retail costs of processed meat products for Filipino consumers in the holiday season. Agriculture Secretary Francisco Tiu Laurel Jr. signed Department Order (DO) 33, which authorized the temporary import restriction on certain pork products for 60 days, acting under Republic Act (RA) 8800 or the Safeguard Measures Act. Among the shipments covered by the ban are

GIR…

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end-October of this year was nearly 12 percent lower than the $110.25 billion level seen in October 2025. The October level dollar reserves was also lower, by 2.11 percent than the $99.5 billion at end-September 2026. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the decline in GIR “bears watching,” but at this level, he said the Philippines still maintains a “comfortable external buffer.”

Inflationary pressure

fresh, chilled, and frozen swine meat, such as carcasses and half-carcasses; hams, shoulders, and cuts thereof, with bone in; and others. Fresh, chilled, and frozen edible pork offals are also included, according to the Department of Agriculture (DA). It will be effective from the date of the issuance of an order by the Bureau of Customs (BOC) or 15 days after the publication of DO 33 in two newspapers of general circulation, whichever comes first. The move comes after the DA initiated in midOctober a preliminary safeguard measures investigation to determine if imports of pork is causing serious injury to the domestic industry. The period covers shipments from 2021 to August 2026. The DA said imports posted a cumulative increase of 41.8 percent from 2023 to 2025; while

the ratio of imports to domestic pork production increased to 61 percent in 2025 from 39 percent in 2021, and further to 65 percent in the first semester of 2026. It added that the domestic hog industry has suffered serious injury caused by increased imports during the period based on plunging self-sufficiency ratio of pork; rise in imports’ market share; oversupply of frozen pork inventory; depressed farmgate prices; and the P27.9 billion gross losses incurred by farmers from January to July 2026. Should the low farmgate price level continue until yearend, the DA stressed, fullyear losses could balloon to P55.8 billion or go as high as P100 billion in 2026 alone. “Any delay in intervention would cause irreparable damage.”

FOR the Philippine Association of Meat Processors Inc. (Pampi), the temporary ban has repercussions across their industry, which would affect Filipino consumers. Pampi Director Jet Ambalada told the BusinessMirror that this could cause inflation to further accelerate, as bone-in pork cuts included in the ban are typically sold in wet markets and supermarkets. He added that meat processors are also affected by the inclusion of HS code 0203.29 or other frozen swine meat, since these are key ingredients for the manufacture of processed meat goods like hams and bacon. “We’re part of those who won’t have raw materials. There won’t be tocino, hotdogs, hams, and bacon [...] the price of the Noche Buena package will soar,” he told this newspaper.

He pointed out that reserve adequacy “becomes a bigger concern if GIR falls below about six months of imports or if the decline reflects persistent external financing pressures.” “For now, it’s more of a yellow light than a red light, but sustaining remittances, exports, tourism, and investment inflows remains critical,” Ravelas said. Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP), said “more important than the absolute level is the pace and persistence of the drawdown, particularly if accompanied by sustained peso pressure.” For now, Asuncion said the external buffer remains “adequate,” but continued reserve losses “could grad-

ually reduce the BSP’s room to manage external shocks and excessive FX volatility.” The chief economist of UBP said peso weakness is “partly behind” the GIR decline as the central bank manages excessive FX volatility. Notwithstanding the decline, the central bank said the latest GIR level “remains an adequate external liquidity buffer, providing sufficient foreign currency to meet the country’s import needs and service its external debt obligations.” According to the BSP, the level of dollar reserves as of end-October 2026 is equivalent

to 6.1 months’ worth of imports of goods and payments for services and primary income. “It can likewise cover about 3.1 times the country’s short-term external debt based on residual maturity,” added the central bank. The GIR consists of eligible foreign assets, including securities, currency and deposits, reserve position in the fund, gold, special drawing rights, and other reserve assets, held by the central bank. The 6.1-month import cover level as of end-October 2026 was the lowest since the 5.9-month import cover level seen at endOctober 2008.

Market…

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to encourage more visitors to discover what the country offers. “These connections are more than lines on a route map. They are invitations with comfortable conveyances; so the journey is as gratifying as the destination is sure to be,” said Locsin in his remarks at the signing ceremony. “For tourism is not simply the business of bringing people to beautiful places. It is the business of making those places accessible, of turning curiosity into doable journeys, and journeys into experiences that are a joy in themselves as to be worth repeating,” he added. Etihad flies 14 times a week from Abu Dhabi to the Philippines, connecting Manila to over 60 global cities. The carrier operates more than 1,000 flights each week to over 120 destinations worldwide. “Opportunities lie in the Middle East, the Mediterranean, and Europe—markets whose travelers may come seeking our beaches and natural wonders, but who may leave having discovered something far more enjoyable: the warmth of our people and the richness of our culture,” said Locsin. The MOU was signed by DOT Director for

Exports…

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The country’s growth in percentage terms has not been enough to close the gap with its regional competitors, he added. Ortiz-Luis also questioned the weight

Markle…

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child-exploitation statutes.

Philippines link

INVESTIGATORS said additional evidence pointed to possible links with the Philippines. According to the complaint, agents reviewing digitized images observed furnishings and objects in the background of certain photographs, including a pillow bearing an emblem identified as “Anahaw Lodge.” The affidavit said investigators later located a 2016 Philippine newspaper article describing Anahaw Lodge as part of a hotel and motel chain established by businessman Angelo King. Information provided by witnesses also led authorities to a second California storage unit allegedly used by Markle. On November 4, federal agents executed another search warrant and seized 51 additional items containing suspected child sexual abuse material, according to court records. Investigators also recovered personal documents, including official mail addressed to Markle and an international driver’s permit bearing his photograph, name and date of birth. In total, prosecutors said authorities recovered approximately 78 items containing suspected child sexual abuse material from the two storage facilities.

Arrest in Florida

MARKLE, 82, was arrested Friday at a senior care facility in Florida, according to The Associated Press. The wire service reported that he was later transported under federal custody and appeared before a federal court in Tampa. Following the hearing, a federal magistrate judge ordered Markle released to a senior care facility under electronic monitoring and directed that he undergo a psychiatric evaluation to determine whether he is capable of understanding the proceedings and assisting in his defense. The case is expected to be transferred to California, where the criminal complaint was filed. First Assistant US Attorney Bill Essayli said the allegations against Markle were “extremely serious” and that federal prosecutors intended to pursue the case vigorously. Essayli also told AP that investigators had not identified any victims in the United States based on material recovered thus far, although the investigation remains ongoing.

Discovery in Cebu

PHILIPPINE Ambassador to the United Kingdom Teodoro L. Locsin Jr. urged more British tourists to visit and discover more what the Philippines offers.

Market Development Zeny Pallugna and Etihad Vice President Commerical Enablement and Engagement Aysha Saeed Al Kaabi. The WTM was held from November 3 to 5 at the ExCeL London. The Philippine delegation was composed of 28 tourism sellers, which included 23 destination management companies/tour operators, five hotels and resorts, and a local government unit. The delegation was led by the Tourism Promotions Board, the marketing arm of the DOT.

placed on the peso-dollar exchange rate as a driver of export competitiveness, noting that the electronics industry relies heavily on imported raw materials. “The biggest export we have is electronics. That’s what’s growing now. Electronics and semiconductors, they import 70 percent of the raw materials. So, when they import, they lose. It’s expensive. But when they export, they lose,” Ortiz-Luis explained. Other Southeast Asian currencies, he noted, were also depreciating, limiting the Philippines’s relative advantage from peso weakness. “We put too much weight on the exchange rate in exports versus tourism. The reality is all our neighbors are depreciating. If you don’t depreciate, you’ll be left behind....It’s like they’re leveling the playing field,” he said.

THE federal complaint’s account closely parallels reports published earlier by British tabloid The Sun, which reported that Markle’s son, Thomas Markle Jr., discovered child sexual abuse images while clearing belongings from his father’s former residence in Cebu City. According to the report, the alleged discovery was reported to Philippine authorities and later brought to the attention of the FBI. Court records do not identify the witness by name, referring to the individual only as “Witness 1.” The affidavit states that information provided by that witness helped direct investigators to the California storage facilities. Markle had reportedly been living in the Philippines before suffering a stroke and undergoing the amputation of his left leg, circumstances that led to his return to the United States earlier this year.

Meghan’s estrangement

THE case has attracted international attention because Markle is the estranged father of Meghan, Duchess of Sussex. Meghan, an American actress who married Prince Harry in 2018, has been publicly estranged from her father for several years. According to AP, she recently said she was “deeply distressed” by allegations that child sexual abuse material had been found among her father’s possessions and said her decision to distance herself from him was intended to protect her family. Neither Meghan’s representatives nor Buckingham Palace immediately commented following Markle’s arrest, AP reported. US Magistrate Judge Rozella A. Oliver signed the criminal complaint on November 5, finding probable cause to support the federal charge against Markle.

NGCP…

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of the country’s broader energy supply system as technology develops and the grid becomes more flexible. Project Airbag can provide the storage and system flexibility needed to integrate these increasingly diverse and dispersed sources more effectively and reliably. Over the longer term, greater use of domestic and renewable energy resources can also help reduce the country’s exposure to volatile imported fuel prices and strengthen national energy security. NGCP reiterated that battery storage is intended to support—not replace—the development of additional dependable generation needed to meet the country’s growing electricity requirements.

The Nation

Monday, November 9, 2026

www.businessmirror.com.ph

Sara’s chance to turn tables on accusers Nationwide security set

By Jovee Marie N. dela Cruz

@joveemarie

ICE President Sara Z. Duterte faces a crucial test on Monday, as her defense team begins presenting evidence before the Senate Impeachment Court to answer allegations of at least P817.87 million in unexplained wealth, undeclared assets and questionable financial transactions. The House prosecution rested its case after presenting bank records, tax documents, land titles, corporate filings and forensic accounting findings that it said showed discrepancies between Duterte’s declared wealth and the financial holdings of her family. Forensic accounting expert Alexander Cabrera identified at least P817.87 million in alleged undeclared assets and unexplained wealth from 2022 to 2025, with the broader computation potentially reaching P1.5 billion before liabilities. House impeachment prosecutor Party-list Rep. Terry Ridon of Bicol Saro said the Vice President must directly address the financial findings, particularly the allegations involving more than P800 million in unexplained wealth. “What is your explanation for the allegation of more than P800 million in unexplained wealth computed by our financial analyst, Atty. Alex Cabrera?” Ridon said during a news forum on Saturday. Among the prosecution’s evidence are land titles for two properties registered under the name of Duterte’s husband, lawyer Manases Carpio, which prosecutors alleged were not reflected in her Statements of Assets, Liabilities and Net Worth (SALNs). These include a 379-square-meter property in Huna Subdivision, Davao City, acquired for P6 million in 2024, and another property in Kembali Coast on Samal Island valued at approximately P3.45 million.

Erwin Tulfo files bill protecting workers from AI

EN. Erwin Tulfo has filed a bill aimed at shielding workers from the adverse impacts of artificial intelligence amid growing concerns over massive layoffs as major companies pivot toward automation. In filing Senate Bill 2563, Tulfo stressed that the government must actively guarantee job security for Filipinos as AI rapidly assumes core operational roles across various industries. “As companies adopt AI, employees whose jobs become redundant risk losing not only their employment but also their means of supporting their families,” Tulfo said in the bill’s explanatory note. “Technological progress is inevitable, but Filipino workers should not be left behind or made to bear its costs alone.” SB 2563 proposes adding a brand-new article to the Labor Code, establishing strict legal conditions governing employee termination resulting from the installation or implementation of AI technologies. Under the proposed measure, such terminations require a bona fide introduction of AI systems undertaken strictly in good faith, with valid economic justifications such as cost-saving or operational See “AI,” A5

The National Bureau of Investigation (NBI) also identified properties allegedly linked to the Duterte family, including mansions featuring swimming pools, a helipad and internal roads. Ridon challenged local government officials expected to testify for the defense to explain the ownership and details of these properties. Duterte has denied owning some of the properties identified by the NBI, while her lawyers have maintained that the disputed titled properties were declared in her SALNs. Beyond the property allegations, the prosecution presented records of approximately P424 million in financial transactions during Duterte’s vice presidency, including P41 million in cash withdrawals made within 73 minutes on August 6, 2024. It also questioned why her 2023 SALN reflected a net worth below P80 million when bank deposits, insurance policies and investments allegedly linked to the couple exceeded P100 million. Corporate filings involving Metro City Chow Foods Corp., GenCorp Industries Inc. and Cale88 Foods Corp. also formed part of the prosecution’s allegations concerning Duterte’s business interests and asset declarations. T he S e n ate I mp e ac h me nt Court, in its November 5 order, admitted key financial records, land titles and much of Cabrera’s forensic accounting report, while excluding certain corporate docu-

ments and related computations. The court stressed that admitting evidence does not establish the truth of the allegations, which remain subject to the defense’s challenge. P rose c ut ion leg a l s pok es person and private prosecutor Benjamin Tolosa Jr. said prosecutors are prepared to crossexamine any witness presented by Duterte’s camp, including the vice president herself. “We will welcome it even if they finally call to the stand the vice president herself. We will, of course, welcome that,” Tolosa said. “If that is their defense, denial, then of course we are also prepared to cross-examine her about that,” Tolosa added. Tolosa also questioned the defense’s proposed witness list, saying some witnesses appeared to have no clearly stated purpose for their testimonies. Among those named were Quezon City Prosecutor Vimar Barcellano, bank representatives and local government officials from Davao City and the Island Garden City of Samal. The defense initially submitted 25 prospective witnesses, while its first intended witness, former law school dean Ralph Sarmiento, later declined to testify to preserve his independence as a constitutional law professor and legal analyst. Meanwhile, Tolosa urged the defense to concentrate on Article II, the sole remaining impeachment charge involving alleged unexplained wealth, instead of pursuing issues concerning the three articles withdrawn by the prosecution in October. “We are hoping that when the hearings resume this Monday, there will be no more peripheral matters that could cause delays in the proceedings,” he said. The prosecution maintained t hat t he impeac hment cour t had already ruled against allowing evidence on the withdrawn charges, arguing that doing so would serve no adjudicative purpose and could unnecessarily prolong the trial. It also wants the defense’s original 30-day presentation period

shortened because only one impeachment article remains. Ridon, meanwhile, dismissed the significance of public opinion surveys showing greater satisfaction with the defense’s handling of the case than with the prosecution, stressing that the impeachment proceedings should be decided on the strength of the evidence rather than popularity. “This is not Miss Universe. This is not a beauty contest. This is not about popularity,” Ridon said, referring to a Social Weather Stations survey conducted from September 21 to 27 that found 47 percent of respondents were satisfied with the defense’s handling of the case, compared with 30 percent for the prosecution. The survey was conducted before the prosecution withdrew three of the four impeachment articles. Tolosa also questioned the survey’s relevance, describing it as potentially outdated because it was conducted before the prosecution completed presenting its evidence on unexplained wealth. He said the Senate Impeachment Court should ultimately determine the case based on the evidence submitted by both sides. R idon also expressed doubt that a conviction would trigger widespread street protests, citing the same sur vey, which found that 51 percent of Filip i no s b e l ie v e d t he S e n at e ’s decision should be respected whether Duterte is convicted or acquitted. He said the prosecution would remain focused on establishing its allegations regardless of public opinion. Article II, involving alleged unexplained wealth, undeclared assets and prohibited business interests, is the only remaining charge after the House prosecution withdrew the articles concerning confidential funds misuse, grave threats and bribery on October 13. Duterte has denied wrongdoing, and her defense is scheduled to begin presenting its evidence when the Senate impeachment trial resumes at 10 a.m. Monday, with further hearings scheduled through November 23.

Senators return from recess By Butch Fernandez @jonlmayuga

NDING a month-long recess, the Senate will resume plenary sessions on Monday, with a tough schedule that juggles the continuing impeachment trial of Vice President Sara Duterte and the expectedly rough deliberations on the P7.2-trillion national budget for 2027. The resumption is in accordance with Senate Concurrent Resolution 13, adopted on August 3, 2026, which sets November 9 as the resumption of sessions for the second regular session of the 20th Congress. The impeachment trial of Vice President Duterte is also set to resume on Monday. The Impeachment Court Presiding Officer, Sen. Francis Escu-

dero, had outlined the schedule for Duterte’s trial in October. The impeachment court will hold proceedings throughout November, with full-day hearings scheduled from 10 a.m. to 6:30 p.m. on November 10, 12, 13, 19 and 20. The November 9 trial proceedings will be suspended at 3:00 p.m. to give way for the Senate plenary session before resuming afterward. The same arrangement may be applied on November 11, if necessary. On the other hand, a shorter hearing is scheduled on November 23, from 10 a.m. to 2:00 p.m. The trial calendar covers November 9 to 13 and November 19, 20, and 23. The trial will be suspended on November 30, a nonworking holiday, in observance of the Bonifacio Day.

Escudero noted that the impeachment court stands to lose eight available trial days this month, owing to the three-week recess, budget hearings, the Association of Southeast Asian Nations Summit-related break, and other scheduling constraints. Meanwhile, the Senate’s budget calendar scheduled interpellations on the general principles of the proposed 2027 national budget from November 23 to December 1. The chamber is scheduled to approve the budget on second reading on December 3 and on third reading on December 7. Bicameral conference committee deliberations are set for December 10 to 12, followed by the signing of the bicameral conference committee report on December 21 and its ratification on December 22.

‘Natl security demands 3-day household survival plans’

FORMER lawmaker has urged the government to make 72-hour household emergency preparedness a national security priority, saying Filipino families must be capable of surviving at least three days without immediate government assistance during major disasters or national security disruptions. Former Surigao del Norte Rep.

Ace Barbers said the country’s vulnerability to natural calamities, geopolitical tensions and threats to critical infrastructure calls for a more comprehensive approach to national security that includes preparing ordinary citizens for emergencies. He pointed to growing efforts by European and Asian governments to strengthen civilian emergency

preparedness, saying the Philippines should take similar steps amid escalating tensions in the Indo-Pacific, continuing maritime confrontations in the West Philippine Sea and uncertainties surrounding the Taiwan Strait. “National security is not just about having modern warships, See “Security,” A5

for 49th Asean Summit

HE National Capital Region Police Office (NCRPO) has placed its entire force on high alert ahead of the 49th Association of Southeast Asian Nations Summit and Related Summits, scheduled for November 16 to 18. The NCRPO officer-in-charge, Brig. Gen. Christopher Abrahano, ordered personnel to strictly enforce security protocols while balancing public safety with courtesy and respect for human rights. The security blueprint includes stringent identification checks, vehicle credential verification, and close coordination with venue security teams and local governments. Strict exclusion zones are designated around the Philippine International Convention Center (PICC)—the primary venue for the international event—where access will be tightly regulated through mandatory screening. Authorities are also monitoring potential protests flagged by the Asean National Organizing Council, alongside heightened security postures across satellite venues in Clark Field, Pampanga, and Subic, Zambales. Law enforcement authorities urged the public to cooperate with checkpoints and report unattended items or suspicious activities. “We cannot afford gaps in our security arrangements,” Abrahano said, emphasizing that operations aim to secure delegates while allowing normal daily activities to continue safely. There will be also security deployment

outside of Metro Manila as the country gears up to welcome global leaders for the Asean summit, the organizing council said on Sunday. Retired Maj. Gen. Potenciano Camba, Asean National Organizing Council deputy director general for operations, said some guests could arrive in Clark Field, Pampanga and Subic, Zambales. “We have a very significant security deployment all over Metro Manila and outside Metro Manila. Sa paghahanda natin, ang main arrival ay Manila, pero may mga alternate tayo na arrival area lalo na ang Clark at Subic,” Camba said in a radio interview. The organizing council also said that it has monitored possible protests during the summit. “We have information that—you know our country is a democracy—there are reports of protests. But under the guidelines of the National Police [PNP]...they are capable of addressing them.” As part of security measures, there will be exclusion zones at the Philippine International Convention Center—the venue for the international event—where entry is subject to screening. “At the Philippine International Convention Center in Pasay, we will have an exclusion zone. So vehicle entry will be restricted, and unauthorized individuals will not be allowed to enter there,” Camba said in Filipino. Rex Anthony Naval

Marking Yolanda anniversary with science-based resilience By Jonathan L. Mayuga @jonlmayuga

NTERNATIONALLY named Haiyan, super Typhoon Yolanda made landfall on November 8, 2013, unleashing catastrophic winds reaching 305 to 314 kilometers per hour (190 to 195 miles per hour) alongside a devastating storm surge exceeding six meters that inundated vulnerable coastal communities across Eastern Visayas. As the killer storm traversed the Visayas island group, it made several subsequent landfalls in Tolosa, Leyte; Daanbantayan and Bantayan Island in Cebu; Concepcion, Iloilo; and Busuanga Island in Palawan, leaving Tacloban City, Leyte, as the worst affected and most devastated urban center. The historic calamity resulted in 6,300 reported deaths, 28,689 injuries, and 1,061 missing persons, while displacing over four million individuals and completely destroying or damaging more than 1.1 million homes. Total economic losses hit an estimated P571 billion, accounting for roughly 4 percent of the nation’s annual gross domestic product. Commemorating the 13th anniversary of super Typhoon Yolanda, the Climate Change Commission (CCC) has renewed its urgent call for global climate justice and anticipatory resilience, pressing for a decisive shift away from traditional reactive disaster management toward proactive, science-backed climate action. The CCC noted that more than a decade after the tragedy, the Philippines continues to be relentlessly tested by extreme weather events—ranging from heavy monsoon rains and destructive flooding experienced across parts of Luzon in recent months to the anticipated impacts of the current El Niño phenomenon, which threatens dry spells and severe droughts in localized areas. “Yolanda left an indelible mark on our nation, but it also reshaped how we understand resilience,” CCC Vice Chairperson and Executive Director Robert E.A. Borje declared. “We cannot afford another tragedy of that magnitude. Resilience must no longer be measured by how quickly we rebuild, but by how effectively we prevent loss and protect lives. Our hope must be firmly grounded on science-based and data-driven policy recommendations.” In response to these ongoing vulnerabilities, the Philippines has adopted a coherent national framework for resilience anchored on the National Adaptation Plan (NAP 2023–2050), the Philippine Development Plan, and the National Disaster Risk Reduction and Management Plan, all of

which are informed by scientific data and implemented through coordinated governance systems, the CCC stressed. At the local government level, 91 percent of local governments have successfully submitted their Local Climate Change Action Plans (LCCAPs), marking a major milestone in mainstreaming grassroots climate action. In addition, the People’s Survival Fund (PSF) has committed over P1.4 billion to vital adaptation projects across 24 LGUs, with its initial P1 billion allocation fully committed and replenished in 2025 for the first time in the fund’s history. The CCC is also strengthening Climate Change Expenditure Tagging (CCET) alongside the Department of Budget and Management to guarantee that climate initiatives remain prioritized and measurable within national budgets. The Commission highlighted that the most consequential reform lies not merely in how the nation rebuilds its infrastructure, but in how leadership decides before a natural hazard ever strikes—embodying the core principles of predictive governance as championed by President Marcos. To sustain this momentum, the CCC is actively pushing for the deeper integration of climate projections, risk assessments, and scenario-based planning into local development agendas and sectoral adaptations. These cover critical fronts such as water conservation, supply contingency planning, climate-informed agricultural decisions, early warning dissemination, and public health preparedness. Emphasizing that risk-informed investments must prioritize climate-sensitive sectors like water security, food production, livelihoods, and public health, the CCC ensures that actionable climate information reaches vulnerable and marginalized communities directly. As the nation solemnly remembers the victims of Yolanda, the agency called on all sectors of society to honor their memory by turning collective remembrance into sustained, systemic action—shifting the country permanently away from a culture of reaction toward a framework of reform, and accelerating the transition toward a resilient, low-carbon future. “Climate change is the governance challenge of our generation,” Borje concluded. “Every generation has its trials, but we are the answer our country needs. We must work together: government, communities, the private sector, and the youth, to build a climate-resilient and sustainable Philippines.”

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Senate enhances budget transparency measures By Butch Fernandez @butchfBM

HE Senate is stepping up its budget transparency measures this year by pushing for the continuous livestreaming and public release of official transcripts for all bicameral conference committee proceedings on the proposed 2027 national budget, Sen. Panfilo Lacson said. In a radio interview on Sunday, Lacson said that the introduction of comprehensive transcripts will finally allow lawmakers and the general public to precisely identify who initiates amendments and tracks who pushes for specific realignments of budget items. He noted that the budget bill remains the sole legislative measure whose bicameral proceedings traditionally lack a transcript, leaving a major blind spot in tracing modifications. “There should be a transcript containing the minutes so it will be clear who initiated amendments and who pushed for realignments,” Lacson said, adding that these initiatives will build upon the transparency frameworks implemented during last year’s deliberations for the 2026 budget, which included publicly publishing proposed senator amendments and hosting proceedings online. To further safeguard the process, the Senate plans to invite

budget advocacy groups such as the People’s Budget Coalition directly into the bicameral sessions to act as vigilant oversight watchdogs. Lacson encouraged these groups to actively hold lawmakers accountable against questionable realignments. Lacson also warned against the illicit practice of making project insertions across multiple stages of the budget process—a maneuver he characterized as a “double kill”—where insertions appear first within the National Expenditure Program and resurface after transmission to the House of Representatives and the Senate. He previously f lagged suspicious coordinates in the proposed 2027 budget that pointed toward deliberate alterations rather than simple typographical errors. To address systemic tracking issues, the Senate intends to strictly adhere to the guidelines and stringent documentation requirements set by newly appointed Public Works Secretary Giovanni Lopez, including mandatory programs of work, feasibility studies, and geotagging. Lacson added that the Unif ied Account Code Str ucture must be maintained consistently throughout the entire legislative process to prevent project tracking codes from being lost as the budget measure moves between chambers.

Philippines, UNDP eye strategic approach to climate loss actions By Jonathan L. Mayuga @jonlmayuga

HE Philippines—acting through the Department of Environment and Natural Resources (DENR) and the Climate Change Commission (CCC), alongside United Nations Development Program (UNDP) Philippines – is advancing a strategic and coordinated approach to address climaterelated loss and damage. The government recently convened the inaugural meeting of the Development Partners Coordination Group on Climate-related Loss and Damage (L&D-DPCG), bringing together key government agencies, bilateral and multilateral development partners, United Nations agencies, and international organizations. Co-chaired by the DENR, the CCC, and UNDP Philippines, the group is designed to align technical assistance, financing, capacity development, analytics, and institutional support behind Philippine priorities. It aims to reduce institutional fragmentation, identify critical gaps and collaboration opportunities, and mobilize resources for vulnerable communities. Environment Secretary Juan M i g ue l T. Cu n a e mph a si z e d that the Philippines is actively strengthening its leadership in shaping both global and national responses to loss and damage. “Building on its role as host of the Board of the Fund for responding to Loss and Damage [FRLD], the country is working to translate international momentum into concrete actions that help communities address the compounding and cascading climate impacts,” Cuna said. He described loss and damage as fundamentally a critical development issue. “Where climate impacts exceed the limits of adaptation, they can erase years of development gains, deepen poverty

and inequality, and cause noneconomic losses, from cultural heritage and ecosystems to community ties, that are difficult to measure and impossible to fully recover,” he noted. Cuna explained that the initiative arrives at a crucial time, as millions of Filipinos experience extreme weather events each year, ranging from homes damaged by typhoons and floods to livelihoods disrupted by prolonged droughts and shifting weather patterns. While communities continue to adapt, he pointed out that many impacts can no longer be avoided, severely affecting lives, culture, health, local economies, and livelihoods. In response, the Philippines is currently developing a comprehensive national Climate-related Loss and Damage Framework and Strategy to guide how government bodies, development partners, and stakeholders collaborate to support affected populations. The strategy seeks to strengthen coordination, improve access to financing, enhance knowledge and data systems, and ensure timely assistance reaches those most vulnerable. UNDP actively supports governments in integrating loss and damage into development planning, risk management, and public finance systems, building robust data and evidence to guide action, and connecting national priorities with emerging international finance, including the FRLD. That extensive experience is now being leveraged to support a nationally led approach within the Philippines. Cuna concluded that effectively addressing loss and damage requires stronger national and local capacities to document climaterelated losses, develop appropriate interventions, and ensure that financing directly responds to the specific circumstances of affected communities.

Monday, November 9, 2026

Dole boosts interventions as number of jobless rises

By Mary Jade Jadormio’

HE Department of Labor and Employment (Dole) is expanding its employment and livelihood interventions following a significant climb in unemployment, which reached 2.86 million in September— marking an increase of 909,000 from the previous year.

Labor Secretary Francis N. Tolentino underscored the urgent need to bring employment opportunities closer to grassroots communities, strengthen Public Employment Service Offices (Peso), and equip the workforce with skills aligned with current market demands. In a statement, Dole affirmed its commitment to collaborate closely with private employers, local governments (LGUs), and partner agencies to enhance jobmatching efficienc y, broaden livelihood options, and champion

decent, productive employment. Data from the Philippine Statistics Authority (PSA) reveals that despite an influx of 721,000 newly employed Filipinos—raising total employment to 50.32 million from 49.6 million in September 2025— overall job creation failed to keep pace with the rapidly expanding labor force. Consequently, the national unemployment rate climbed to 5.4 percent from 3.8 percent a year earlier, while the employment rate dipped from 96.2 percent to

94.6 percent. The pressure on the labor market was fueled by a larger wave of Filipinos entering the workforce, swelling its total size to 53.19 million from 51.56 million, though the labor force participation rate remained steady at 64.5 percent. To bridge the gap and improve job access, Dole mounted nationwide Trabaho Agad job fairs on September 14, drawing 1,352 employers in 86 locations to offer a combined 157,097 job vacancies. Out of the 28,795 jobseekers who participated in the simultaneous events, 2,467 applicants secured immediate, on-the-spot hiring. Parallel to these recruitment efforts, Dole disbursed P386.6 million in emergency employment and livelihood assistance to 49,879 workers affected by the southwest monsoon in Central Luzon through the Tulong Panghanapbuhay sa Ating Disadvantaged Workers (Tupad) and other localized livelihood programs. To ensure long-ter m resilience, the agency introduced new frameworks including SkillPass, alongside the Trabahong-Dagat

and Blue Enterprise Development pathways, designed to transform temporary relief work into sustainable skills training and permanent livelihoods. Sectoral data indicates that employment gains remained heavily concentrated in the services sector, which generated an additional 869,000 workers year-on-year, while agriculture added 86,000. Conversely, the industry sector shed 234,000 workers, heavily dragged down by a downturn in construction. Among specific sub-sectors, accommodation and food service activities led the gains with an impressive 834,000 new workers, followed by transportation and storage with 254,000, and other service activities with 174,000. Meanwhile, the construction industry suffered the steepest losses, shedding 271,000 jobs. Young Filipinos, likewise, encountered mounting hurdles in the labor market, with youth unemployment among individuals aged 15 to 24 surging to 15.3 percent from 11.6 percent a year ago, even as the number of employed youth grew by 606,000.

Govt pours billions into Cebu recovery By Carmel Pedroza

EBU CITY—Cebu has secured P1.365 billion in national government assistance for the rehabilitation of infrastructure damaged by the 2025 magnitude 6.9 earthquake and Typhoon Tino, with another P777 million approved for reconstruction projects under the Department of Public Works and Highways (DPWH). The allocations are expected to support the province’s recover y efforts, particularly the rebuilding of damaged roads, bridges, public buildings, and other local facilities, as well as proposed projects in health, agriculture, and resettlement. Gov. Pamela Baricuatro led the Cebu delegation during the ceremonial distribution of funds

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fighter jets, missiles and military personnel. It is also about ensuring that our people can survive when a crisis disrupts the basic services they depend on. A country cannot claim to be resilient if its citizens are completely unprepared for emergencies,” Barbers said. He warned that a major regional security crisis, even without direct military confrontation on Philippine territory, could disrupt shipping routes, fuel and food supplies, telecommunications, financial transactions and other essential services. He also emphasized the importance of protecting undersea communications cables, power facilities, transportation networks and government information systems against cyberattacks and other forms of disruption. “Look at our geographical position. We are situated in a strategically important part of the Indo-Pacific, close to the Taiwan Strait and at the center of continuing maritime tensions. We cannot simply assume that conflicts elsewhere will have no

under the Disaster Rehabilitation and Reconstruction Assistance Program (DRRAP), presided over by President Marcos at Malacañan on November 5. Cebu’s P1.365-billion allocation accounts for 15.87 percent of the P8.6 billion approved under the DRRAP for 306 local governments (LGU) nationwide affected by disasters between 2024 and 2026. Baricuatro said the funding would help the provincial government complete its recovery program, particularly the reconstruction of bridges damaged by the disasters. “ This would really help us complete our recovery program, so ito gagamitin namin for the reconstruction of some bridges,” she said, stressing that the funds must be spent according to their

intended purposes. “What is intended for the disaster projects should go to the projects. There’s no room for corruption,” she added. The P1.365 billion in DRRAP assistance is separate from the P777 million in additional funding approved for DPWH Region 7 to support its ongoing rehabilitation and reconstruction work related to the earthquake and Typhoon Tino. The national government determined the allocations for LGUs based on damage assessment reports submitted to the Office of Civil Defense. The funding will benefit the Cebu Provincial Government, 21 towns, and the highly urbanized cities of Cebu and Mandaue. Projects covered by the assistance include the repair and reconstruction of damaged public

consequences for the Philippines. We must prepare for the possibility of disruptions without creating unnecessary fear or suggesting that war is inevitable,” he said. Barbers, who also serves as adviser and spokesman of the House impeachment prosecution panel, said the country faces equally serious domestic threats from earthquakes, typhoons, flooding, volcanic eruptions and other natural disasters. He cited the Office of Civil Defense-National Capital Region’s October 2025 warning that households should be capable of surviving at least 72 hours following a major earthquake, recognizing that rescue operations and government assistance may not immediately reach all affected communities. He said this underscores the need to make emergency preparedness a permanent responsibility of every household and community. “We do not have to wait for a war, earthquake or super typhoon before taking action. Every family should have drinking water, food, medicines, first-aid supplies, flashlights, radios, power banks, emergency cash and important documents ready. Three days of self-sufficiency could save lives while government

responders are mobilizing,” Barbers said. He urged the Office of Civil Defense, the National Disaster Risk Reduction and Management Council, the Armed Forces of the Philippines, local government units and barangay officials to strengthen coordinated contingency planning, conduct regular community drills and establish reliable emergency communication systems. He also called for alternative arrangements to ensure the continued delivery of essential public services during prolonged disruptions, as well as stronger protection of critical infrastructure and public education against misinformation during emergencies. “Preparedness must be part of our national defense strategy. We must protect our territory, secure our critical infrastructure and, equally important, prepare our people. The Philippines must never be caught flat-footed by a crisis that we could have anticipated and prepared for,” Barbers said. “The strength of our defense is not enough if our people are not prepared. National security begins with a prepared nation,” he added. Jovee Marie N. dela Cruz

infrastructure and facilities. Bogo City received the largest allocation among the beneficiaries at P180 million, followed by Liloan with P115 million. The Cebu Provincial Government, San Remigio and Cebu City each received P100 million, while Danao City was allocated P75 million. Ten other tow ns—Borbon, Sogod, Catmon, Daanbantayan, Compostela, Consolacion, Toledo, Medel l in, Tabogon and Tabuelan—and the cities of Mandaue and Talisay were each allocated P50 million. San Francisco received P25 m i l l ion , wh i le A st u r i a s a nd Balamban were allocated P20 million each. The island municipalities of Tudela, Pilar, and Poro received P10 million apiece.

AI. . . Continued from A4

efficiency. Furthermore, employers must prove that no other viable alternatives exist aside from introducing AI and executing subsequent layoffs, while utilizing fair and reasonable criteria for selecting affected personnel. The bill, likewise, mandates that terminated employees receive separation pay equivalent to at least two months’ salary or at least two months’ pay for every year of service, whichever is higher. Additionally, employers planning terminations must notify the Department of Labor and Employment (Dole) at least six months in advance. In addition, the legislation requires employers to prioritize upskilling and reskilling current workforce members before resorting to termination when integrating AI systems. “There must be a proactive effort to keep workers away from termination just because AI comes in. We are not only talking about careers here, we are concerned with livelihood and lives of the employees’ families,” Tulfo added. Butch Fernandez

Editor: Jennifer A. Ng • www.businessmirror.com.ph

Monday, November 9, 2026

NFA adjusts unmilled rice procurement limit By Ada Pelonia

@adapelonia

HE National Food Authority (NFA) has more than doubled the volume of palay it can purchase from farmers as part of efforts to beef up the government’s stockpiles ahead of a potentially strong El Niño. Aside from raising the buying price of paddy rice to P30 per kilo across the majority of its branches nationwide, the grains agency also increased the volume it can purchase from each farmer to 500 bags per cropping season, from the previous 200 bags. The NFA said it adopted a procurement limit based on the average palay yield in a province mul-

tiplied by the farmer’s cultivated area, subject to a maximum of five hectares. Under the revised arrangement, those cultivating 3 hectares can sell volumes equivalent to three times the prevailing provincial average yield, while those tilling 5 hectares can potentially sell 500 bags or more if local productivity is higher.

Protein craze fuels an investment boom in livestock health

NIMAL health companies are tapping into the protein craze, investing billions of dollars to build up businesses focused on making cattle, pigs and poultry healthier for human consumption. A growing global population and changing consumer habits have boosted protein consumption, with accelerated US demand driven by weight-loss drugs and renewed government emphasis on meat in their diets. That has opened up opportunities for pharmaceutical firms and investors to pursue technologies to make livestock healthier and improve efficiencies on the farm. “In the next 24 months, we’re going to see a lot of activity in this space,” Roddy O’Neil, who helms the healthcare group at investment bank Lincoln International LLC, said in an interview. “It’s happening right now. The protein intake, the price of protein — we’ve never seen anything like this.” The animal health industry is responsible for ensuring the world’s food supply continues without major disruptions. Vaccinations against poultry diseases, for example, keep producers from culling entire flocks. Wound treatments and parasiticides for beef cattle prevent infestations of ticks and parasites like New World screwworm, which can be deadly to livestock if untreated. The industry has also embraced monitoring tools to know when animals need treatments. A number of high-profile deals have occurred this year. Merck & Co.’s animal health unit in June agreed to acquire poultry technology company Targan Inc., while advancing its $895 million expansion at a Kansas animal health manufacturing facility. In May Elanco Animal Health Inc. bought AHV International, a Dutch firm focused on dairy cow health. Zoetis Inc. agreed in March to acquire Neogen Corp.’s animal genomics business for $160 million. “There’s a tremendous amount of demand for protein and the industry is trying to meet that demand,” said Abhay Nayak, president of US operations at Zoetis. “There’s a lot of desire to ensure that they’re using the tools at their disposal to maintain the health of these animals.” Elanco Chief Executive Officer Jeff Simmons said he sees the farm segment as the core of the animal health industry for at least the rest of the decade, forecasting 4 percent to 7 percent annual growth in the livestock category in that period. Global ruminants — a category that’s largely cattle — remains the firm’s fastest-growing species, with 12 percent revenue growth this year, according to its Friday earnings statement. “The health of an animal — every percentage, half percentage of productivity — just means so much,” he said in an interview. Livestock health has long been the stable but lower-margin segment of the animal health industry, compared to the higher margins for developing drugs for cats and dogs. Livestock medications have to be safe for both the animals and humans consuming them — which means a longer timeline for innovation and more complicated regulations than in the pet market, according to Phibro Animal Health Corp. CEO Dani Bendheim. That means the margins in the end are also slimmer. “You can’t sell a one-time $1,000 product like you could do for a pet,” said Bendheim, whose company produces vaccines, medicated feed and other products for all major animal proteins. A dog or a cat is “a member of the family, and you will spend any amount of money on a member of a family. No one’s ever going to treat a cow for cancer.” That hasn’t deterred investors. Venture capital firms spent a record $470 million in global livestock management this year, according to PitchBook data to Nov. 3. About $88 million of that is tied directly to animal health, an all-time high for that category. Those investments are increasingly expanding beyond traditional medications to include genetics testing and other advanced surveillance tools, said Joe Crotty, a managing director at Chicago-based mid-market investment bank Livingstone Partners LLC. “Buyers aren’t just acquiring animal health products anymore,” he said. “They’re acquiring technologies that improve the economics of raising animals.” He points to Merck’s Targan takeover as one example of “interest beyond traditional pharmaceuticals.” The company’s products include an automated way of identifying and sorting chicks by gender to create more uniform flocks for processing, and a high-speed spray technology to quickly administer vaccines to day-old hatchlings. Merck has accelerated its investments in animal health technologies in the past decade, according to Rick DeLuca, who oversees the business. The firm is currently developing a slate of monitoring tools to help producers. Merck has a beef cattle monitoring system that’s expected to be commercially available in Australian feedlots in mid-2027, he said. A US pilot project planned for next year aims to monitor pigs through their life cycle to determine the optimal time to send them to market. “Nutritional elements have become a big focus in the world — I don’t think that will ever go away,” DeLuca said. “And so we believe that we need to be there to help make these producers more productive.” Bloomberg News

Agriculture Secretary Francisco Tiu Laurel Jr. said the twin measu res wou ld ensu re t hat farmers receive better returns while encouraging them to continue planting despite mounting weather risks. “We want our farmers to earn more from their labor and have greater confidence that there is a reliable market for their harvest,” he said. “Even with a strong El Niño looming, we want to encourage them to keep planting because the country will need every kilogram of rice they can produce.” NFA Administrator Larry Lacson said the grains agency is targeting to procure 790,000 metric tons (MT) of palay in 2027, the same volume goal it set for this year. Data obtained by BusinessMirror showed that the NFA has procured only 144,390 MT of palay as of October 23, less than a fifth or

A FARMER sells his palay to the National Food Authority (NFA) in Zamboanga del Sur in THIS NFA FILE PHOTO.

18.28 percent of its target for 2026 Meanwhile, reaching farmers in remote production areas remains a challenge, the NFA said. At present, the grains agency added that it procured 150 custom-

ized mobile procurement trucks to bring its buying operations closer to farming communities, but noted that the units are still being fabricated. Some deliveries are expected by December or early

next year. The DA chief has earmarked an additional P10 billion that the NFA can tap, if deemed necessary, to finance further palay purchases. Lacson urged farmers still harvesting to sell to the NFA, saying the program gives growers a competitive market while helping the government secure rice supplies for consumers and vulnerable communities. The DA said last month that the country’s rice imports could jump to more than 5 million metric tons (MMT) by yearend as El Niño could hamper domestic production. Agriculture Assistant Secretary Arnel de Mesa made the pronouncement as government data showed that rice arrivals climbed to 3.98 MMT as of September 24. The DA said El Niño could slash some 700,000 metric tons MT from this year’s projected rice output.

High costs make PHL flour less competitive, govt told

OCAL flour millers warned that lifting the anti-dumping duties on Turkish flour would “open the floodgates” for cheaper imports and again cause injury to the domestic industry already grappling with surging input costs. The Tariff Commission (TC) recently held a public hearing for an expiry review of the anti-dumping duty slapped against wheat flour shipments from the Republic of Türkiye. This, after the Department of Agriculture (DA) recommended and endorsed the Philippine Association of Flour Millers Inc.’s (Pafmil) request for an expiry review of the trade measure set to end in 2027. The group accounts for nearly 84 percent of the domestic wheat flour industry. In a letter to the DA obtained by

BusinessMirror, Pafmil’s lawyers said Turkey continued to export wheat flour into the Philippines despite the current anti-dumping duty in effect. Citing government data, they said Turkey shipped more than 1.21 million metric tons (MMT) of wheat f lour to the Philippines from 2006 to 2025. Data from Pafmil showed that exports from Turkey reached 36,000 metric tons (MT) in the first quarter of 2026. Despite this, they noted that the trade measure “discouraged” several Turkish flour millers from dumping their flour into the Philippine market. The domestic industry also saw an improvement in domestic sales, they added. “However, the improvement in the market performance of the domestic industry is only indicative of the effectiveness of the dumping

duty which allowed the domestic industry valuable breathing room to survive and regain its lost market share from dumped Turkish wheat flour.” They said the Philippines is also beset with “severely discouraging prospects” this year due to the United States-Iran war and the continued weakening of the peso, which jacked up raw material costs and reduced consumers’ purchasing power. “A l l t he foregoi ng fac tors together with the continuous export of wheat f lour from Turkey, therefore, warrants the extension of the imposition of the anti-dumping duties on Turkish wheat f lour.” With Turkey losing much of its market in several nations, they noted that the country would have to look for other markets where it could divert its wheat flour output.

The Philippines is a likely target market for Turkey, they added, as wheat flour exporters have demonstrated their interest in exporting to the country. ”Hence, we have reason to believe that the removal of antidumping duties will lead to an increase in flour exports that will again threaten injury to the Philippine milling industry.” Anti-dumping allows a country to slap additional duties on products that are being exported at a price that is lower than the prevailing market price in the country of origin. In 2023, the TC issued an order extending the anti-dumping duties on Turkish wheat flour until 2026. This marked the second extension of the trade remedy by the Philippines following an extension in 2020 and the initial imposition in 2015. Ada Pelonia

D&L upbeat about business outlook after US elections By VG Cabuag

@Villygc

HEMICAL manufacturer D&L Industries Inc. is now more optimistic about its prospects for next year after the recent midterm elections in the United States. “The good news, it looks like, after the blue tsunami during the US midterm elections, there’s finally light at the end of the tunnel (since the US war) with Iran (started),” company president Alvin Lao said. The price of Brent crude oil has fallen by around 20 percent last week while the peso has also firmed up to about P63 to $1, he said “So, a lot of reason to be optimistic about next year,” Lao said. “But you never know. We can’t re-

lax yet. The reality is, even if the war ends, for a lot of raw materials, a lot of these manufacturing plants in the Middle East were destroyed. Those plants will take years to rebuild.” These raw materials include ethylene, helium, aluminum and urea, which are used in making fertilizer. Supply of other raw materials from Ukraine also remain affected by its ongoing war with Russia. Lao also noted that the El Niño phenomenon is supposed to be the strongest in a century and will peak towards first or second quarter next year. Latest forecast the rains may only come in by July next year. On the domestic front, the pres-

idential elections in 2028 is also seen as a positive factor because the election-related spending will probably start in the second half of next year. He said, however, that the Philippine political situation is a cause for concern. “Our political situation could get a lot worse (if the conflict between Marcos and Duterte groups intensifies). So, there is a lot of reasons to think that things will hopefully get better. But you never know. This is the Philippines,” Lao said. As for the company’s performance, he said it is still too early to make projections on its financial results despite posting strong profit growth in the third quarter amid a challenging business envi-

ronment. Lao said the company continues to invest in research and development to come out with new highmargin products that will attract new customers. It is also ramping up efforts to attract new customers overseas to boost exports and utilize additional capacity from its new Batangas plant. The company is now back on track for a double-digit profit growth this year. It posted a 15 percent increase in net income to P2.24 billion in January to September from last year’s P1.95 billion. Earnings for the third quarter alone jumped 32 percent to P735 million from the previous P554 million.

FTI gets DA nod to use Quezon property for food hub

HE Department of Agriculture (DA) has granted state-owned Food Terminal Inc. (FTI) a 25-year usufruct over 30 hectares in Quezon for the construction of a mega food hub aimed at easing logistics and market access for farm goods. The DA said the arrangement covers part of a 49-hectare government property administered by the Bureau of Plant Industry (BPI) and currently used in part by its Quezon Agricultural Research and Experiment Station for research, demonstration, and other agricultural functions. It added that ownership of the 30-hectare Tiaong property remains with the DA, while FTI will possess and operate the mega food hub project site under the usufruct.

Agriculture Secretary Francisco Tiu Laurel Jr. said the arrangement puts an underutilized government property in the area to work for food security without transferring ownership to FTI. “More importantly, it will accelerate the development of the mega food hub as a place where farmers, fisherfolk, suppliers, traders and consumers can connect, move food more efficiently, and meet their needs,” he added. The DA noted that the Tiaong facility will include cold storage for vegetables, fruits, aquatic commodities, meat, and other agri-fishery products, as well as wholesale trading, processing, logistics, and distribution facilities. This would help reduce post-harvest losses,

extend product shelf life, and bolster access to markets. The agency said farmers and fisherfolk will benefit from better storage and wider market access, reducing pressure to sell immediately after harvest when prices are weakest. Consumers, meanwhile, will gain from a more reliable supply chain and less wastage, helping moderate price pressures. Under the law, FTI should help stabilize prices of basic commodities and ensure continuous food supply through the procurement, processing, and distribution of farm and marine products. Its strategic plan calls for regional food terminals and mega food hubs to bolster the farm-to-market chain.

As consideration for the usufruct, the DA said FTI will provide BPI with an annual institutional support commitment worth P12 million, either in cash or approved infrastructure, equipment, technical services, and other support. The 25-year arrangement may be renewed, subject to government evaluation and legal limits. Also, FTI will shoulder development, maintenance, utilities, permits, and other costs associated with the food hub, the DA said. “The project forms part of the government’s broader push to strengthen food security by investing not only in production, but also in the infrastructure needed to move food from farms and fishing communities to consumers more efficiently.” Ada Pelonia

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

AI slump forces investors to rethink Asia playbook By Abhishek Vishnoi & Winnie Hsu Bloomberg

HE unraveling of the AI trade after the US midterm elections is forcing investors to rethink their Asia playbook, reviving demand for out-of-favor Chinese and Indian stocks as well as companies poised to benefit from easing inflation and trade tensions. Aberdeen Investments favors markets powered by stronger domestic growth, including India and Vietnam, and sees upside in Chinese technology firms. Hedge fund Lotus Asset Management is long Hong Kong equity futures, while Allianz Global Investors is looking at healthcare and consumer companies. Asia has been among the hardest hit by the market fallout from the Democrats’ sweep of Congress. Many of the region’s biggest stocks—from Samsung Electronics Co. and SK Hynix Inc. to Taiwan Semiconductor Manufacturing Co.—are critical suppliers to the global AI build-out, leaving local markets especially exposed as investors brace for greater scrutiny of the industry and question whether massive spending on computing infrastructure will generate sufficient returns. Grim Milestones Emerge in Asian AI Stocks After Midterms | Japan’s Nikkei 225, Taiwan’s Taiex Enter Bear Market Territory “I expect investors to diversify more broadly and reduce their concentration in the AI trade,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management SA. “This should be supportive of China and other markets where valuations are less demanding.” India could also benefit, although its dependence on imported energy remains a headwind, he added.

China and India as hedges

HAO Hong, chief investment officer at Lotus, said he is betting against oil and petrochemical firms and going long precious metals and Hong Kong equity futures. A Hong Kong gauge tracking mainland companies gained 5.2 percent last week, its best performance since March 2025. Meanwhile, some global investors are interested in using China’s onshore market exposure as a diversifier to their AI-heavy portfolio, according to Jason Lui, head of Asia-Pacific equity and derivatives strategy at BNP Paribas SA. India’s appeal, meanwhile, has grown as oil prices declined on expectations of an earlier end to the Iran war, easing a key pressure point for the energy-importing economy. The market’s lack of AI exposure is also now seen as an advantage.

LOGOS Asset Management’s chief investment officer Charlie Hong said he sold his shares in SK Hynix Inc., Samsung Electronics Co., Intel Corp. and Lumentum Holdings Inc. last month and has since boosted his Indian holdings with shares of new-age tech companies, financial firms and contract drug manufacturers. India’s benchmark Nifty 50 gained 8.6 percent last week. registering its best week since 2021, as overseas investors returned in force. Foreign funds poured a net $1.9 billion into local shares last week through Wednesday. The sudden shift has kept market participants busy. Utkarsh Singh, a Mumbai-based senior manager at SBI-SG Global Securities Pvt., started taking calls from clients in Singapore as early as 6:30 a.m. Friday and continued fielding queries late into the day as Indian stocks rallied. “Foreign investors are suddenly pouring in,” Singh said. “I have taken more calls from foreign funds this week than I have all year,” he said. “I think we will see more inflows.” Before the latest gains, key benchmarks in India and China had ranked among the world’s worst-performing stock indexes this year through October.

Going beyond AI

BEYOND China and India, investors are also taking a fresh look at previously overlooked corners of Asian markets that offer value and less exposure to the AI boom. While defence and financial stocks could underperform, healthcare and consumer staples firms may get a boost, Allianz Global Investors’ chief investment officer for public markets Michael Krautzberger and strategist Liam Wash wrote in a recent note. In Korea, Fidelity’s long-only portfolio manager Dale Nicholls said he sees early signs of rotation beyond the semiconductor heavyweights, particularly among domestic pension funds. “Consumption-related areas stand out, spanning sectors from wellness through to some of the K-pop entertainment agencies” and Korea’s beauty and cosmetics industry, he said. At hedge fund ACG Management Pte., managing director Hui Ling Loh said Korea’s consumer stocks including retailers, cosmetics, food and beverage are benefiting from the perception that they are largely domestically oriented and face limited tariff and policy risks from the US. Phillip Wool, head of portfolio management at Rayliant Global Advisors, said he sees opportunity in Korea and Taiwan, “but it’s going to be beyond the highest-profile chip stocks that have run up so much and are now subject to so much unease.”

The World BusinessMirror

AI backlash spreads as data center protests continue By Jennifer Duggan, Kati Pohjanpalo & Amy Thomson

Bloomberg

ANDIDATES who favor stricter oversight of artificial intelligence racked up wins in key congressional races, aided by a pro-regulation political funding group backed in part by Anthropic PBC at a time when Americans are increasingly uneasy over the rapidly developing technology. Public First, funded by Anthropic cofounder Dario Amodei and other AI safety advocates, poured more than $63 million into the midterms to promote candidates aligned with its goal of stricter regulation, according to the group’s numbers. The architects of two of the country’s most sweeping state-level AI laws—Colorado’s Manny Rutinel and California’s Scott Wiener—will be among the incoming US House members elected with help from Public First, bringing energy and expertise to Congress. Ten of the 17 congressional candidates the group backed were elected. Brad Carson, co-founder of Public First, celebrated what he called “a crushing blow to the AI industry’s anti-regulatory efforts.” A rival funding network pursuing the opposite cause—light-touch federal regulation offering the industry more leeway to develop AI—also claimed successes. Leading the Future, backed by billionaire venture capitalist Marc Andreessen and other tech titans, spent at least $54 million, spreading its largess more widely,

including to plenty of candidates in safe seats, many without much of a record on AI issues. Forty-one of the 48 candidates it backed were elected to Congress. Two of those races, including the tight contest for Senate in Mississippi where Leading the Future backed Republican Senator Cindy Hyde-Smith, have not yet been called. Its highest-profile achievement may have been contributing $8 million toward the defeat of the architect of New York’s state AI regulation law, Alex Bores, in an upper Manhattan Democratic congressional primary in June. Pro-AI safety Public First was on the other side of that fight, spending $15 million on behalf of Bores. The anti-regulation funding network also faced big setbacks, including devoting more than $4.1 million to South Carolina Republican Senate candidate Darline Graham, whose loss in a heavily GOP state was one of the biggest surprises this year. The AI political groups’ spending didn’t come close to the more than $445 million that Elon Musk poured into the election or the vast sums tech billionaires have put toward courting favor with President Donald Trump. Still, the two funding alliances, which despite their difference on regulatory policies are both unabashed promoters of AI largely backed by tech money, were among the top single-issue outside groups in this year’s election. The crypto industry’s Fairshake, the top corporate-backed federal super political action committee,

Bloomberg

ROTESTS against data centers continued across Europe on Saturday as citizens took to the streets to voice their concerns about the impact on society and the environment.

Some 2,000 people marched in Dublin, according to broadcaster RTE, and about 1,300 gathered in Helsinki, with demonstrations also held in several smaller towns in Finland, YLE television said. Representatives from Stop Dirty Data Centres, a coalition of local democracy and climate protest groups, said they aimed to “halt the unchecked ex pansion of A I data centers and prevent our democracy being taken hostage by big tech industry interests.” Campaign groups from Scotland to Spain and France to Denmark joined the action calling for a moratorium to pause construction “until we, the people, have democratically decided what is needed to ensure AI and data centers serve people and the planet, not private greed.” Saturday’s protests followed a demonstration in Amsterdam on Friday, when hundreds of protesters clashed with police at a Microsoft Corp. data center, resulting in one arrest. The global data center buildout has accelerated as technology companies spend hundreds of billions of dollars on infrastructure to run and train artificial intelligence. The speed of the expansion has alarmed communities concerned about demand for

Artificial Intelligence safety advocates make gains after $110M midterm fight By Emily Birnbaum

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spent $166 million. Americans’ concerns over AI compounded over the course of the year amid a backlash against data center construction and a series of AI-enabled cyber hacks. By Election Day, two-thirds of voters said AI will harm society more than it will help, according to the NBC Exit Poll. Fortythree cities voted to restrict data center development in their communities, and dozens of Democrats were elected after running on anti-tech platforms. That blunts the impact of the flood of anti-regulation tech money, said Alex Jacquez, a former adviser to President Joe Biden and senior vice president of policy at the progressive advocacy group Groundwork Collective. “Members are going to be much more frightened of being on the wrong side of voters on this issue than of pro-AI spending,” Jacquez said. “Voters right now are very much on the side of the more safeguards and more regulation.” Election debate around AI expanded beyond data centers to include the technology’s impact on wealth inequality and broad dangers to society, both themes that some candidates touched on in their victory speeches on Tuesday night. “Tech titans build bunkers while warning the artificial intelligence they’re creating risks human extinction,” said Democratic Georgia Senator Jon Ossoff, who won his race decisively and has been floated as a potential 2028 presidential contender.

land and electricity, rising energy costs and whether they’ll see any economic benefits. Ireland has drawn massive investment by US technology giants including Microsoft, Amazon.com Inc. and Alphabet Inc.’s Google that turned the country into a major data center hub, one of Europe’s biggest. Data centers accounted for 23% of Ireland’s total metered electricity consumption in 2025, according to the official statistics agency. On Saturday, demonstrators marched to Google’s offices and to the parliament in Helsinki city center, YLE reported. Google in September announced its biggest-ever European investment worth €13 billion ($14.5 billion) in Finland, expanding an existing data center and build-

DEMONSTRATORS during a protest by the Stop Dirty Data Centres campaign group at a Microsoft data center near Koge, Denmark, on Saturday, November 7, 2026. BLOOMBERG

ing two new ones. About €80 billion worth of server farms are in various stages of planning and construction in Finland, according to the Confederation of Finnish Industries. Citizens in the Nordic country are increasingly souring on data centers after revelations that Google representatives had cleared woodland, stripped topsoil and built roads at one of the sites before an environmental impact assessment

had been completed. The company building the site is facing a criminal inquiry and the government is rolling out legislation to rein in the AI expansion. The backlash in Europe echoes a growing outcry in the US, where the proliferation of data centers became a key factor in this week’s midterm elections. Voters in several states picked local officials who pledged to stop or pause construction.

Monday, November 9, 2026

The World BusinessMirror

Paraguay President charged with crimes after ouster By Ken Parks Bloomberg

ARAGUAY’S former President Santiago Peña was charged last Saturday over his alleged role in the collapse of a major bank that set off widespread protests, a day after he was removed from office by the Senate.

The Public Prosecutor’s Office filed charges against Peña for breach of trust and self-enrichment in the administration of assets, according to a statement on the office’s website. He was placed in pretrial detention. Former central bank chairman Carlos Carvallo was charged with breach of trust, falsifying documents and enrichment. All 44 senators present voted in favor of Peña’s ouster last Friday after the lower house of Congress unanimously backed his impeachment. A key ally of US President Donald Trump, Peña had offered to resign amid pressure over his ties to Ueno Bank SA, a commercial bank that shut down this week. Peña owned a stake in the bank’s parent company, Grupo Vázquez, before divesting last year. Investigations indicated that Peña“intervened in decisions concerning the placement, renewal,

and retention of public and social security funds at Ueno Bank,” prosecutors said. Evidence includes “meetings held with officials from the Social Security Institute in the context of decisions regarding investments in financial instruments issued by the bank.” By voting to remove Peña instead of accepting his resignation, lawmakers denied him a lifetime non-voting Senate seat that the constitution grants former presidents—a status that would have afforded him broad immunity from prosecution. Vice President Pedro Alliana was sworn in as the nation’s new leader on Friday. Alliana, who survived an impeachment vote last Thursday, will serve out the rest of Peña’s term, which ends in August 2028. “We look forward to working with President Alliana and his government,” US Assistant Secretary of State for Western Hemisphere

Affairs Juan Pablo Segura said in a post on X. “Paraguay is a strategic partner, friend, and alley of the United States.” Brazil, Chile, Peru and other countries also wished A lliana success.

Political crisis

THE Ueno Bank saga erupted into Paraguay’s biggest political crisis since Congress removed former President Fernando Lugo in 2012 following a deadly confrontation between police and landless peasants. Regulators seized Ueno Bank early last Tuesday, freezing the savings of millions of Paraguayans, including pensioners. That sparked protests in a country where roughly 1 in 3 people held deposits at the lender, even as the central bank begins to reimburse savers from the deposit insurance fund. Some people demonstrated outside Peña’s on Friday. Government deposits in the lender surged from zero when Peña took office in 2023 to more than $800 million earlier this year. Peña also handpicked a former Ueno executive to lead the nation’s central bank, prompting public scrutiny over cozy ties and lax oversight as the lender’s surging growth went unchecked. The central bank chief, Carlos Carvallo, resigned this week, while Miguel Vázquez, who owned Ueno Bank, was arrested. The government has already made payments of 996 trillion

guaranies ($155 million) on almost 1.2 million accounts held in Ueno Bank, Alliana said in a post on X Saturday. He also guaranteed all retirement payments and bonuses after money held by the Social Security Institute was caught up in the collapsed bank.

Peña’s downfall

PEÑA’S removal will likely end a political career marked by shifting party allegiances and a meteoric rise fueled by his alliance with former President Horacio Cartes, the chairman of the ruling Colorado Party and one of Paraguay’s wealthiest businessmen. Peña joined the party while serving as finance minister under Cartes, who governed from 2013 to 2018. After losing the party’s presidential primary in 2017, he secured its nomination five years later and won election in 2023. Peña made scores of trips abroad to meet foreign leaders and court investors. The Trump administration forged close ties with his business-friendly government, and the US president praised him as a “young, handsome guy” at a February summit in Washington. Critics often alleged that Peña was a puppet of Cartes. But he broke with the former president in recent months, further splintering the Colorado Party. Cartes publicly called for his ouster last Thursday, setting in motion a swift impeachment process that led to Peña’s downfall.

Poland’s deadliest shooting in years fans already tense political standoff By Piotr Skolimowski & Zosia Wanat Bloomberg

OLAND’S deadliest shooting in decades left the country shaken and searching for answers among its deepening political divisions. The usually bustling old town square in Krakow, Poland’s secondlargest city, was empty and under heavy police presence last Sunday. A day earlier a 24-year-old Polish national, whom the authorities described as a far-right radical, killed six people and injured 16 in a shooting rampage from his car. A later search by police of the suspect’s home in Ostrowiec Swietokrzyski, a two hour drive north-east of Krakow, found three more bodies, which state prosecutors said were his parents and sister. After a shootout with police, the suspect is hospitalized in critical condition. The shooting, which took place despite Poland’s relatively strict gun laws, happened during a tense political standoff between the ruling proEuropean Union government of Prime Minister Donald Tusk and the nationalist opposition backed by President Karol Nawrocki. The prime minister sought to temper emotions as the country announced two days of national mourning to reckon with the fallout. Authorities are searching for the motives of the shooter, who is believed to have acted alone. “My deepest condolences go out to the families and loved ones of the victims of the tragic attack,” Tusk wrote on X social media service. “And I make an urgent appeal to politicians of all stripes: do not exploit this tragedy. We will uncover all the circumstances surrounding this crime.” There was no indication from the authorities that the shooter was a supporter of any of Poland’s political parties. Preliminary findings suggested the suspect had been influenced by far-right ideology and held ultra-

Aramco’s Riyadh office suffers limited damage after attack By Christine Burke & Sara Gharaibeh Bloomberg

AUDI Aramco offices in Riyadh came under attack last Sunday as the kingdom confronts a fresh wave of strikes from the Iran-backed Houthis in Yemen. An administrative building of the Saudi Arabian state oil behemoth suffered limited damages due to falling shrapnel, according to the Ministry of Energy and state-backed Saudi Press Agency. There were no injuries or deaths, they said. Aramco’s main office in the Saudi capital is in King Abdullah Financial District, which has been under remote work orders for about a month. Sunday’s incident adds to a series of strikes on Aramco infrastructure in recent weeks, including on its headquarters in Dhahran and the Shaybah oil field in the Eastern Province. It’s also perhaps the most significant targeting of Riyadh since the Houthi militants struck the main airport there last month,

By Jim Wyss Bloomberg

AITIAN officials said they had killed a major gang leader in the capital as private mercenaries and at least 2,000 El Salvadoran troops join the fight to regain control of the troubled Caribbean nation. In a joint operation with other forces, Haiti’s National Police said they had attacked a gang stronghold in Cité Soleil and fatally wounded the leader of the “Boston” gang, Mathias Saintil, who died at a local hospital. “One less gang leader,” Interim Prime Minister Alix Didier Fils-Aimé wrote on X. “The gangs won t be getting any sleep.” Haiti’s gang crisis has drawn an array of international support, including the UN-backed Gang Suppression Force and a private military company run by Erik Prince, a former US Navy SEAL and founder of Blackwater. Prince suggested it was his contractors, known as the Task Force, and who work as a di-

Continued from A1

the previous nationalist administration, sparked demonstrations in the center of Warsaw as right-wing and conservative parties closed ranks to protest together. An annual march led by nationalist forces scheduled to take place on the country’s Independence Day on Wednesday was set to become the next flashpoint in the conflict before the Krakow shooting. President Nawrocki had said he will lead the march, which each year includes white-power advocates and other extremist groups, as a show of strength against government actions at the Constitutional Tribunal. Police said the Krakow suspect, dressed in military gear and a bulletproof vest, used a rifle resembling an AR-15 rifle and was carrying additional weapons and ammunition in his vehicle. As the incident unfolded Saturday afternoon, witnesses described people running for cover in nearby restaurants and cafés as gunshots rang through the historic streets. A passing tram was also hit but no passengers were injured.

The attacker subsequently left the Main Square, crashed into another vehicle and opened fire on responding police officers. The police returned fire, wounding and arresting him. Two police officers were among those injured, one suffering multiple gunshot wounds and remaining in very serious condition. One of the casualties was a UK national and five of the wounded were foreigners.

Swift police action DEFENSE Minister Władysław Kosiniak-Kamysz rejected suggestions that the attacker had military connections, saying he had never served in the Polish armed forces. Police confirmed that the suspect held a firearms license and had no known criminal record. Investigators are examining his background, access to weapons and possible connections to other individuals. On Saturday evening, Tusk praised the swift police action - the shots were fired toward the suspect within three minutes of first reports of the shooting.

killing more than a dozen people, injuring hundreds and snarling air traffic into and out of the kingdom. The weekend’s developments threaten to heap further pressure on Saudi Crown Prince Mohammed bin Salman as he works to keep his multi-trillion dollar economic diversification plan on track while grappling with the fallout of neardaily Houthi attacks. Saudi-led forces said last Sunday they intercepted ballistic and cruise missiles launched toward Riyadh and thwarted attacks in the south and east. The events come with speculation mounting in the Middle East over the next developments in the US-Iran war and elections in Israel. Washington and Tehran are moving closer to a potential breakthrough in efforts to end the conflict after a monthslong stalemate, Bloomberg has reported. In Israel, election challenger Gadi Eisenkot moved a step closer to ending Prime Minister Benjamin Netanyahu’s tenure after getting the chance to form a new government.

Haiti kills major gang chief as El Salvador adds pressure

ERC…

BLACK flags at half mast in Krakow on Sunday, November 8, 2026. OMAR MARQUES/GETTY IMAGES nationalist views, Interior Minister Marcin Kierwiński said. State prosecutors have started a terrorism probe into the shooting. The attack took place seven years after an on-stage stabbing of Gdansk mayor Paweł Adamowicz at a charity event prompted national mourning, but quickly descended into a political blame game. More recently, Poland has suffered from a wave of knife crimes at schools and the NATO-alliance member also remains a target of Russian hybrid warfare. The country’s politics have grown increasingly febrile as Poland heads into a general election late next year. Support for far-right fringe parties has increased in opinion polls with a growing chance they could play the kingmaker role if the current ruling coalition falls short of a majority. A decision by the Tusk government to send police to the Constitutional Tribunal a week ago opened a fresh chapter in the struggle that has defined the last decade of Poland’s politics. The suspension of the chief justice and his deputy, appointees of

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WESM market design, scheduling of energy and reserves is co-optimized, so the grid always has enough reserve capacities available at the least cost. In December 2024, the ERC set an interim limit on reserve offers of up to P25 per kWh. Reserve prices have nonetheless stayed high, particularly in the Visayas and Mindanao. While WESM energy prices fell from 2024 to 2025, regulating reserve prices went up. The ERC’s review found that in 2025, reserves bought from the spot market added an estimated P1.29/kWh to Visayas rates. Reserves bought under long-term ASPAs added only P0.02/kWh. Last October 12, the ERC suspended the commercial dispatch and settlement of the RM until further notice. It cited reserve prices that remained high compared with both WESM energy prices and approved ASPA rates.

vision within the national police, or HNP, that were responsible for the gang leader’s death. “Hail to the HNP Task Force,” he wrote on X in response to the Prime Minister’s message. “Nice shot.” Haiti’s powerful gangs—which at some points have controlled more than 90% of the capital and forced more than 1.5 million people to flee their homes—are coming under increased pressure. Last month, after four El Salvadoran soldiers disappeared in Haiti and were presumed kidnapped, President Nayib Bukele began sending thousands of troops to the country and has vowed to crush the “wicked” gangs. On Wednesday he posted videos of El Salvadoran soldiers patrolling largely empty streets in Haiti. “It looks like the gangs don’t want to fight us,” he wrote on X. Also last week, one of Haiti’s largest and most notorious gang leaders, Wilson Joseph of the 400 Marozo group, asked for the United Nations to establish peace talks.

Existing ASPA contracts continue to supply the grid’s reserve needs in the meantime, augmented by additional plants that the NGCP designates as must-run plants. The ERC is awaiting the submissions it directed under the suspension order. “At the same time, we are awaiting the submissions directed under our suspension order, which may lead to broader revisions of the ancillary services policy and regulatory framework,” said Juan. Meanwhile, several stakeholders have proposed that the RM resume with safeguards against sustained high prices, including a separate SCP. The RM has had no such cap until now. The cap that applies to the WESM energy market expressly excludes reserves. The ERC explained that the proposed SPC works like a circuit breaker. Independent Electricity Market Operator of the Philippines (IEMOP), the market operator, would track the rolling average price of each type of reserve over the 72 hours.

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2nd Front Page BusinessMirror

PHL TIP LED TO MARKLE PROBE BY FBI, COURT RECORDS SHOW

By Malou Talosig-Bartolome

EDERAL investigators traced evidence from the Philippines to two California storage units in building a criminal case against Thomas Wayne Markle, the estranged father of Meghan, Duchess of Sussex, according to a federal complaint filed in California. Federal court records show that information originating from the Philippines helped trigger an FBI investigation that culminated in the arrest of Thomas Wayne Markle Sr. on federal charges alleging possession of child sexual abuse material. A 13-page affidavit submitted by a special agent assigned to the Federal Bureau of Investigation’s Violent Crimes Against Children unit in Los Angeles detailed how authorities launched an inquiry in October 2026 after receiving information from multiple witnesses. One witness reported discovering suspected child sexual abuse material among Markle’s belongings in the Philippines, according to the affidavit filed in the US District Court for the Central District of California. The affidavit was used to support a criminal complaint charging Markle with possession of child pornography under US federal law. Court records reviewed by BusinessMirror show investigators subsequently linked the Philippine lead to two commercial storage facilities in California that Markle had leased for years. According to the affidavit, subpoenaed records revealed Markle had rented a storage

unit in the Central District of California since approximately July 2008 and continued making payments through October 2026. On Oct. 30, 2026, FBI agents executed a search warrant at the facility and seized approximately 27 items containing suspected child sexual abuse material, including 35mm film negatives, slides and books. Investigators also recovered boxes labeled with Markle’s name. Federal forensic specialists later digitized the film negatives using specialized scanning equipment. Investigators alleged that the resulting images depicted pre-pubescent children being sexually abused.

Witnesses, forensic evidence

THE affidavit states that investigators sought to establish Markle’s connection to the materials through witness interviews and forensic analysis. On November 5, agents interviewed a witness who told investigators that he had known Markle since the 1970s. After reviewing redacted images showing only the adult male depicted in the photographs, the witness identified the individual as Markle, according to the affidavit. Federal investigators also examined markings on the edges of several film strips recovered during the search. The affidavit states that manufacturer markings identified the film as Kodak stock produced in New York. Investigators cited the finding as evidence supporting the interstatecommerce element required under federal See “Markle,” A2

El Niño’s early impact on jobs felt: biggest declines in farms

By Justine Xyrah Garcia

HE early effects of El Niño may already be emerging in the country’s labor market, with the agriculture sector posting one of the largest employment declines in September. Preliminary data from the September Labor Force Survey (LFS) showed that agriculture and forestry shed 269,000 workers from August, bringing the sector’s employment count to 9.26 million. National Statistician Claire Dennis S. Mapa said during a briefing last week that the decline was largely driven by fewer workers engaged in paddy rice production, which shed 573,000 workers, and sugarcane growing which fell by 307,000. Mapa noted that the decline in employment in palay production

was directly linked to lower farm output in the third quarter. “So the impact of El Niño, we already have an evidence that it really has an impact on production; and of course it means that fewer workers will be hired,” the country’s chief statistician said. Separate PSA data showed that agriculture and fisheries output fell by 5 percent to P389.42 billion in the third quarter, amid declines in the crops and fisheries subsectors. This was the lowest quarterly level since 1991.

Closing a chapter in Philippine history, the end of the Huey era

Crop production, which accounted for more than half of total agriculture and fisheries output, declined by 9.3 percent to P197.71 billion from P217.995 billion a year earlier. The contraction was largely driven by palay and corn, whose production volumes fell by 17.8 percent and 17.4 percent, respectively. University of Asia and the Pacific economist Marco C. Agonia said the decline in palay-related employment may also be linked to severe weather disruptions during the month. He warned, however, that agricultural job losses could persist in the coming months, particularly as the effects of El Niño are expected to persist until mid-2027. “Moving forward, agricultural job losses may be substantial in light of the aggressive El Niño season,” he added. Ateneo de Manila University economist Ser K. Peña-Reyes likewise expects employment in agriculture to remain under pressure. He said the combination of cli-

FOR 57 years, the Philippine Air Force’s UH-1H Hueys carried soldiers into military operations, delivered aid to disaster-stricken communities and gave photojournalists a unique vantage point from the air. These flights brought them closer to stories across Mindanao, from military exercises and coastal patrols to the environmental impact of mining in Dinagat Islands. The PAF retired the helicopters on November 5, 2026, marking the end of an era in Philippine aviation history. ERWIN M. MASCARIÑAS

relief supplies, medical personnel and rescue teams into communities affected by typhoons, floods and other calamities. In many instances, it served as a lifeline for communities isolated by disaster, bringing assistance to places that could otherwise be difficult to reach. But beyond its military and humanitarian roles, the Huey held a different significance for photojournalists and broadcast videographers across the country. For us, it was more than just a military helicopter. It was an aerial window into the stories unfolding below, a flying newsroom that offered perspectives rarely accessible from the ground. For those covering disasters, military operations and humanitarian missions, the aircraft became an important part of the storytelling process. It brought us closer to places that were

difficult to reach and allowed us to understand the scale of events from a wider perspective. I have lost count how many photos and video clips I’ve made while inside the Huey, and I am reminded of the many opportunities these aircraft gave us to document stories from above. For years, the Huey served as a platform that allowed photojournalists like myself to capture images that helped explain what was happening beyond the limits of ground-level reporting. Getting a spot aboard was not always easy. We often had to compete for space beside the door gunner, securing a position near the open doors where we could get that much-needed aerial perspective. From above, the landscape unfolded differently. Communities, mountains, rivers, coastlines, illegal logging or mining operations and disaster-stricken areas revealed

details and dimensions that were often difficult to appreciate from the ground and in most cases hidden by the terrain in most hard to reach areas especially in Mindanao. Reading about the decommissioning sent a rush of memories of how I photographed from the Huey’s open doors, capturing images that helped tell stories beyond what could be seen from the surface. Each flight offered a different vantage point, sometimes revealing the extent of destruction, the isolation of communities or the difficult conditions faced by people waiting for assistance. The thunder of its rotor blades, the vibration of the aircraft, the wind and sometimes torrential rain rushing through the open doors and the constant effort to keep a camera steady were all part of the experience. It was never the See “Huey,” A2

mate-related disruptions, reduced harvested areas and weaker crop production could further weigh on employment in the sector. “Strengthening irrigation, providing timely agricultural assistance, and improving climateresilient farming practices will be essential to protecting both agricultural livelihoods and food production,” Peña-Reyes also said. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said a “very strong El Niño” has officially formed in the tropical Pacific and is expected to peak by the end of the year. As of October 13, a total of 109 cities and municipalities had declared a state of calamity due to the phenomenon, according to the National Disaster Risk Reduction and Management Council (NDRRMC). Cagayan Valley accounted for the largest number of affected areas, with 66 cities and municipalities declaring a state of calamity, followed by Caraga with 23, and Bicol with 12.

NGCP unveils Project Airbag to ease grid strain, ready for El Niño

HE National Grid Corporation of the Philippines (NGCP is advancing Project Airbag, a transmission-side battery energy storage initiative aimed at providing additional flexibility to the power grid amid tight supply conditions. It is also envisioned to make the country ready for possible generation constraints associated with the 2027 El Niño. Project Airbag will deploy battery energy storage systems that can store available electricity and release it when the grid is under greater pressure, giving NGCP an additional fast-response tool during short-duration shortages and system disturbances. The initiative comes as the Visayas continues to experience tight supply conditions aggravated by simultaneous generator outages. While new generation capacity remains the fundamental long-term requirement, battery storage can be deployed more quickly and can help reduce immediate system vulnerability while additional power plants and other infrastructure are being developed. “Project Airbag is not being presented as the overall solution to generation adequacy,” NGCP said. “Batteries do not create electricity and cannot substitute for sufficient dependable generation over prolonged periods. They can, however, provide the grid with greater flexibility while the country develops the additional generation capacity it needs.”

Preparing for El Niño

FTER 57 years of service to the country, the Philippine Air Force (PAF) officially retired its UH-1H Iroquois helicopters, popularly known as the Huey, on November 5, 2026, during a decommissioning ceremony at Brig. Gen. Benito N. Ebuen Air Base in Lapu-Lapu City, Cebu. The retirement marked the end of a significant chapter in Philippine aviation history that began on March 29, 1969, when the first four UH-1H helicopters arrived at Villamor Air Base. For nearly six decades, these aircraft served generations of Filipino pilots, aircrew and maintenance personnel, transporting soldiers in support of military operations and becoming a backbone of humanitarian missions and disaster response across the archipelago. Over the years, the Huey became a familiar sight in different parts of the country. It carried

Monday, November 9, 2026 A9

NGCP said the planned battery rollout is not limited to the Visayas. The company is also looking at the wider Philippine grid as the power sector prepares for the possible effects of El Niño in 2027, particularly reduced hydroelectric output in areas dependent on rainfall and reservoir levels. Battery systems can capture electricity available during periods of higher supply, including daytime solar production, and release it during evening peaks, periods of reduced hydro output,

or other tight system conditions. NGCP said early deployment of storage is intended to strengthen the grid before supply conditions deteriorate rather than respond only after shortages occur.

Long-term grid capability

NGCP stressed that the value of battery storage extends beyond the current Visayas situation or a single El Niño cycle. As electricity demand increases and the country’s generation mix becomes more diverse and variable, the transmission system will require greater flexibility to balance supply and demand and accommodate changing patterns of generation. Strategically located battery storage can provide fast-response support during disturbances, improve the utilization of existing transmission infrastructure, and help shift available energy from periods of high production to periods of greater demand. Battery storage can therefore form part of the country’s longer-term transmission infrastructure and grid resilience strategy, subject to the appropriate regulatory processes.

Widening access to energy sources

PROJECT Airbag is also intended to support a transmission system capable of accommodating energy from a wider range of sources, regardless of scale, location, or configuration. These can include large-scale generating facilities, embedded generation, distributed energy resources, net-metered facilities, rooftop solar, and other emerging sources. NGCP said the objective is not to concentrate participation in the energy sector, but to widen the pool of available energy by enabling more participants and more sources to contribute where technically and commercially feasible. Households, businesses, distribution utilities, communities, agricultural users and other qualified participants can increasingly become part See “NGCP,” A2

A10 Monday, November 9, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

No jobs, no growth: How to squander our demographic dividend

HE September labor force survey constitutes an indictment: 2.86 million Filipinos without work. An unemployment rate of 5.4 percent, up from 3.8 percent a year ago. A nine-month average of 5.2 percent—already past the ceiling of the administration’s own 4 to 5 percent target. The government has missed its own benchmark, and it missed it in the plainest way possible: by failing to create enough jobs for the people who showed up looking. (Read the BusinessMirror story: “Jobless rate rises as industries struggle to create jobs,” November 7, 2026).

Look at the arithmetic. The labor force grew by 1.63 million. Employment grew by 721,000. The gap is 909,000 more unemployed persons in a single year. Nearly a million young Filipinos aged 15 to 24 entered the labor force; only 606,000 of them found work. This is what a demographic dividend looks like when nobody bothers to cash it in. Ateneo de Manila University economist Ser Percival K. Peña-Reyes says the data should not be read as a permanent weakening of the economy’s jobgenerating capacity. Fair enough. But careful language should not obscure the political fact: growth is not reaching the people who need it, and the state’s own decisions are a large part of the reason. The construction numbers are the smoking gun. The sector shed 271,000 workers year-on-year and 416,000 between August and September alone. Building construction accounted for 329,000 of those month-on-month losses. The reasons are entirely fixable: right-of-way acquisition that drags on for years, procurement that stalls, disbursement scrutiny that has curdled into paralysis, monsoon rains that arrive on schedule every year as though nobody had checked a calendar, and building materials priced beyond reach. University of Asia and the Pacific economist Marco C. Agonia warns of multiplier effects, and he is right. Construction is the economy’s most generous employer by proxy—every halted road, every deferred condominium, every stalled flood control project pulls down haulers, suppliers, hardware stores, and canteens. A 13.9 percent contraction in the sector in the second quarter, driven by a 32.4 percent collapse in general government construction, is the administration’s own signature on the jobs report. Note also the shape of the gains. The jobs added are concentrated in accommodation and food service, transportation and storage, and other services— sectors that are labor-intensive but frequently informal, seasonal, and lowpaid. The jobs lost are in construction and in information and communication, which pay better and build more durable capacity. The country is not merely creating too few jobs. It is trading good jobs for worse ones. There is a temptation to blame the young. They lack experience, the argument goes; they need to be “job-ready.” But 988,000 new entrants is not a problem—it is the country’s greatest asset, and the labor market’s failure to absorb them is a failure of investment, not of youth. Accommodation and food services added 834,000 positions, which proves the economy can still generate work where demand exists. It is simply not generating enough where it matters. The solution is straightforward. Release the disbursements. Cut the right-ofway delays. Reform procurement so projects move instead of waiting. Sequence public works around the wet season rather than pretending it will not come. Drive the infrastructure program through the last quarter instead of letting it suffocate in bottlenecks and budget inertia. Tighter scrutiny of spending was sold as good governance, and it is—but scrutiny that stops the spending altogether is just a slower way of wasting the year. The government has spent much of 2026 announcing targets. September’s numbers suggest it has spent rather less time hitting them. The 2.86 million jobless Filipinos are not waiting for a survey to tell them so. They already know.

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The vanishing peso Atty. Jose Ferdinand M. Rojas II

RISING SUN

N October 2025, a kilo of local regular milled rice cost P40.16 on average. In October 2026, it cost P49.87. That is nearly P10 more for the same kilo, and in a household that cooks rice twice a day, that difference matters. The Philippine Statistics Authority (PSA) reported on Thursday that inflation rose to 7.8 percent in October, up from 7.2 percent in September. It is the fastest pace since February 2023. A year ago, the figure stood at 1.7 percent. But rice is only part of the issue. Transport costs rose 20.1 percent from a year earlier. Core inflation, which leaves out volatile food and energy prices, climbed to 5.4 percent, the highest since September 2023. When core prices move this fast, higher costs have already spread from the gas pump to the rest of the household budget: the restaurant

bill, electric bill, and the fare going home. This burden is not shared equally. For the poorest 30 percent of households, inflation reached 9.5 percent, and food accounted for nearly half of it. Families who spend most of their income on what they eat have the least room to cut back. Outside Metro Manila, inflation hit 8.2 percent, well above the capital’s 5.9 percent. And then there is the peso. It closed on Friday at P63.055 to the dollar, after sinking to P64.17 on October 27, its 33rd record low this year. A weaker peso means that ev-

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erything we import is more expensive, and the PSA noted that importdriven inflation rose last month. On the other hand, a weak peso also has winners: the homes of OFW families. In mid-June, one US dollar bought about P60.27. On Friday, it bought P63.055. A $500

remittance that converted to about P30,100 then is now at around P31,500. And with the Christmas remittance sending season about to begin, that extra P1,400 sounds good. But due to inflation, it is smaller than it looks. The coming weeks offer little relief. The Department of Trade and Industry has secured a pledge from manufacturers to keep prices of 204 basic goods unchanged until December 31; however, this commitment does not cover Noche Buena items. Today, the PSA is scheduled to release third-quarter growth figures, and some economists expect this to be at just 2.7 percent. Goldman Sachs expects the Bangko Sentral to keep raising interest rates despite the slowdown. Higher rates may help steady the peso, but they also make it costlier for a sari-sari store owner to restock on credit. This is not news to most of us. These numbers simply put a figure on what we’ve been feeling at the counter for months. While the economists debate decimal points, most Filipino families look at the real measure of this economy in how many kilos of rice their budget can still buy.

Surviving the headwinds: What Ayala Land’s recent moves mean for the property sector

✝ Ambassador Antonio L. Cabangon Chua Publisher

The coming weeks offer little relief. The Department of Trade and Industry has secured a pledge from manufacturers to keep prices of 204 basic goods unchanged until December 31; however, this commitment does not cover Noche Buena items. Today, the PSA is scheduled to release third-quarter growth figures, and some economists expect this to be at just 2.7 percent. Goldman Sachs expects the Bangko Sentral to keep raising interest rates despite the slowdown. Higher rates may help steady the peso, but they also make it costlier for a sari-sari store owner to restock on credit.

ITH the economic headwinds buffeting the country, there is a lesson that one can learn from the way top property firm Ayala Land is navigating the new normal: excessive condo inventory, less disposable income for buyers, monetizing assets and debt issues. ALI’s third-quarter financial results provide valuable insight into how companies are evolving their strategic mindsets. For the first nine months of 2026, ALI’s leasing and hospitality revenues rose 8 percent to P37.8 billion, with hospitality spending alone registering a 20-percent increase to P8.9 billion. What is more revealing is the rise in the contribution of recurring-income businesses to the company’s earnings, which is up from 44 percent to 55 percent. This changing earnings composition illustrates how the country’s leading property developer is adjusting to an increasingly difficult economic environment. But perhaps the more significant development is ALI’s decision to monetize some of its established assets, such as its 50-percent stake in Alabang Commercial Corporation, associated with

the landmark Alabang Town Center. This is particularly important when the residential property business is encountering considerable difficulty. ALI’s nine-month net income declined 18 percent to P17.5 billion, while property development revenues fell to P57.6 billion from P75.9 billion a year earlier. The company is therefore confronting two contrasting realities: growing income from its leasing and hospitality operations and weaker contributions from its traditional residential development business. The response is becoming visible not only in its financial statements but also in the manner its condominium units are being marketed. I recently encountered an interesting

Alongside its aggressive inventory marketing, ALI reduced its capital expenditures by 19 percent to P53.1 billion in the first nine months of the year, while shifting a larger share of its spending toward its leasing businesses.

selling proposition while at SM Grand Central from a sales consultant of Alveo Land, ALI’s residential development subsidiary. The consultant was offering a condominium unit at Sentrove Tower, with a floor area of approximately 55 square meters and a quoted list price of P12.1 million. What caught my attention was the substantial price concession presented almost immediately. The unit was being offered for P8.5 million, a reduction of P3.6 million from the quoted list price. That translates into an effective discount of nearly 30 percent. Substantial discounts can accelerate sales, improve liquidity and reduce the financial burden of carrying unsold units. But they can also compress margins and potentially influence the perceived value of other units within the same development. Extended payment arrangements can attract buyers, but they may also delay cash collections and expose developers to collection risks. Alongside its aggressive inventory marketing, ALI reduced its capital expenditures by 19 percent to P53.1

billion in the first nine months of the year, while shifting a larger share of its spending toward its leasing businesses. The company also used excess cash to cut total debt by P8.4 billion during the third quarter. These steps reflect a prudent effort to protect the balance sheet and adapt to a tougher business environment. And the economic backdrop explains why such adjustments have become necessary. Inflation has accelerated to 7.8 percent, while elevated crude oil prices continue to exert pressure on transportation, construction and household expenses. Higher energy costs eventually find their way into the prices of building materials, distribution services and other components of property development. This is why the sales proposition I encountered from Alveo deserves attention. A nearly 30-percent reduction from the quoted list price is not merely a marketing detail. It raises an important question about the relationship between advertised property values and the prices at which buyers are actually willing to transact. These adjustments may help preserve financial strength during a difficult economic cycle. But they also point to a larger reality. The Philippine property industry’s next measure of success may no longer be the number of condominium towers launched or the billions of pesos repSee “Gagni,” A11

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The wheels of injustice: When to flip tables? Why wrongful accusations trap the innocent long Siegfred Bueno Mison, Esq. after acquittal THE PATRIOT By Dionisio L. Pelayo

T all started on a day I was away from work. My reliever put a story on my page—which featured my name at the top as editor— that should not have been there. It was an article about alleged land-grabbing in a province, whereas my page was strictly devoted to national news.

The story drew the ire of a provincial bigwig. After months of reflection, she finally decided to file a libel suit against me, the correspondent, the source, and other journalists who had published the same story. This came slightly more than two years after the article was published in August 2016. We were summoned for investigation by the assistant city prosecutor. I filed a counter-affidavit stating, among other things, that I was not involved in the preparation of that issue. My reliever also submitted an affidavit admitting that she was the one who prepared the page for that date. Because the complaint was filed more than two years after publication, the assistant prosecutor dismissed the case outright due to “prescription”—it had been filed out of time, as the prescription period for simple libel was only one year. The assistant city prosecutor then transmitted the case folder to the city prosecutor for final approval. Lo and behold! The city prosecutor overruled his assistant. Obviously without reading the contents of the case folder, he filed the case in court—this time as cyberlibel, which also carries a one-year prescription period. Had he even peeked inside the folder, he would have known that my reliever, not I, was the person involved. In addition to that, the city prosecutor obviously did now know the prescription period for libel cases. When the case reached the court, the judge, who also obviously is oblivious of the prescription period for libel, immediately issued an arrest warrant for all respondents, including me. I had to suffer the indignity of having to go to a photo studio to get mugshots taken with all the people there staring at me asking themselves what heinous crime I must have committed, then went to the court with my lawyer to post bail. After posting bail, the court staff instructed my lawyer to hand over the original receipt for my cash bond so it could form part of the case records. From that moment on, the court “owned” me and I had to secure court permission every time I wanted to travel abroad. Furthermore, my name appeared on police and National Bureau of Investigation (NBI) watchlists for individuals with pending cases and arrest warrants. Copies of the warrant were distributed across multiple police units—from the National Police (PNP) general headquarters at Camp Rafael T. Crame in Quezon City, to the stations near my office and residence. The legal battle dragged on for almost four years. Early on, my lawyer filed a demurrer to evidence, and we waited for the court’s ruling. Under the Rules of Court, a demurrer to evi-

Gagni. . .

Continued from A10

resented by projected sales. It may be how efficiently developers convert their existing assets into cash while keeping housing within the financial reach of prospective buyers. For years, property companies built their fortunes by developing land and selling the structures erected upon it. Now, they are discovering that sustaining those fortunes may require something more demanding: knowing when to monetize mature assets, when

Once the final order of acquittal was issued, another battle began. My lawyer’s paralegal had to visit the police stations near my office and home to serve the final order. I personally went to the National Police general headquarters at Camp General Rafael T. Crame in Quezon City to clear my record. dence should be resolved within 30 days. In my case, it took more than three years for the court to finally rule on it. Although the Demurrer to Evidence was granted and I was acquitted, there was nothing in it that said it should have been dismissed for prescription, nonetheless the case was dismissed for lack of merit and sufficiency of evidence. I was acquitted, but the ordeal was far from over. I had to wait several more months for the acquittal to become final in case the complainant appealed. And, by the way, the case was filed with the prosecutor’s office in the second semester of 2018, the Demurrer to Evidence was filed on May 10, 2021 and the Order dismissing the case was issued on July 22, 2024. Once the final order of acquittal was issued, another battle began. My lawyer’s paralegal had to visit the police stations near my office and home to serve the final order. I personally went to the National Police general headquarters at Camp General Rafael T. Crame in Quezon City to clear my record. While the court spent no time notifying the police and the NBI of the warrant of arrest, it did not bother to tell the law enforcement agencies that the warrant has been lifted. As for my bail? I have yet to recover it more than two years after the dismissal of the case. The court personnel—the very ones who demanded submission of the original receipt—have been giving my lawyer the runaround ever since. My lawyer or her paralegal went to the court numerous times but were always met with the same reasons for inaction—the criminal case staff was not there, come back as the records have to be reviewed first, the case records were now stored elsewhere, and to put icing on the otherwise stale cake, in the last visit they said they were still awaiting the Finality of the decision in order to release the bond—but at that time the case had been resolved for more than one year already. Now, what is the recourse of people who had the misfortune of being wrongly accused? What will the Court Administrator and the Secretary of Justice or Prosecutor General do in this case? And how about other people who are similarly situated? to restrain construction and when to adjust prices to meet the market. But perhaps the more significant development is its decision to monetize some of its established assets. Now, they are discovering that sustaining those fortunes may require something more demanding: knowing when to monetize mature assets, when to restrain construction and when to adjust prices to meet the market. The real test is not whether developers can continue building condominiums. It is whether they can sell what they have already built at prices buyers can actually afford.

N the United States, political analysts have described the results of the 2026 midterm elections as a “blue wave,” with Democratic candidates (Blue) scoring surprising victories over Republicans (Red), even in traditionally conservative states. Democrats made significant gains in states such as Texas and Kansas, overturning established voting patterns. The elections also produced several historic firsts: Michigan elected its first Muslim senator, New Mexico its first Native American woman governor, Georgia its first Black woman governor, and New Hampshire its first openly gay male senator. Among these developments, what struck me most was the fate of candidates endorsed by US President Donald Trump. Many of his preferred candidates suffered electoral defeats despite substantial financial support from donors. Some observers attributed this reversal to Trump’s declining popularity. Whatever the real reasons, US voters demonstrated that even deeply entrenched political loyalties and historical biases can be overturned. Applying this phenomenon to the Philippine setting, perhaps millions of Marcos voters and of Duterte supporters in 2022 may switch their allegiance and support someone else other than the candidate endorsed by either of them. Unlike the United States, we do not have Red or Blue states. Philippine elections remain largely anchored on personality rather than political ideology. Nevertheless, I have observed a growing number of voters becoming more conscious of national issues, particularly corruption, inflation, and unemployment. Church leaders have also become increasingly vocal in denouncing corruption from their pulpits.

We have had Grace Padaca in Isabela and Ed Panlilio in Pampanga, who offered themselves as alternatives to well-entrenched political families years ago. They won despite having meager resources. Unfortunately, their victories were short-lived. Both suffered crushing defeats in their reelection bids and eventually became footnotes in our electoral history. For meaningful changes in our electoral system, we need to prohibit political dynasties once and for all. We need to closely monitor campaign contributions and expenditures. These reforms would level the playing field and allow ordinary Filipinos such as Padaca and Panlilio, without political machinery or enormous campaign war chests, to challenge traditional politicians. Coupled with growing public awareness of corruption, a political flip may happen sooner than expected. But the process begins with awareness! In my personal experience, I have always placed a premium on training people to think outside the box. It is not necessarily about reinventing the wheel but encouraging my team to

Monday, November 9, 2026 A11

Ultimately, flipping the tables requires righteous anger from all well-meaning Filipinos. We must be angry at all corrupt practices. We must be outraged by the relentless abuse of public funds. We must be indignant toward an electoral system that allows the concentration of dynastic power in the hands of a few. introduce improvements and leave things a little better than they found them. Reforms can be introduced anytime, but for them to endure, they must first be embraced and internalized by the people expected to implement them. In the biblical setting, Jesus Himself challenged established religious traditions and the doctrines espoused by the Pharisees. He preached against retaliation, instructing His followers to turn the other cheek rather than repay evil with evil (Matthew 5:38-39). He also warned that no one could serve both God and money (Matthew 6:24). Jesus even literally flipped the tables in the temple, driving out the merchants and their animals. He declared, “Stop turning my Father’s house into a market!” (John 2:16). That display of righteous anger must have startled those who witnessed it. More importantly, it challenged people to question practices they had long accepted as normal. It takes a radical approach to shake things up when society has become accustomed to accepting wrongdoing as normal. The extrajudicial killings during the Duterte administration may not, by themselves, trigger a radical change at the ballot box in 2028. The continued selfish budget insertions during the Marcos administration, which I call legislated corruption, may likewise fail to agitate the silent majority.

But taken together, and amplified by growing public awareness and the voices of Church leaders, these abuses could trigger a political awakening. There is no need for another revolution in the streets, coup plots, or bloodshed. What this country needs is a sincere belief that God remains sovereign and is in charge of all things. Perhaps we had to endure successive administrations that struggled to manage our economy before realizing the need for better leaders. Perhaps we needed to experience the flood control anomalies firsthand before learning to vote more wisely. Ultimately, flipping the tables requires righteous anger from all well-meaning Filipinos. We must be angry at all corrupt practices. We must be outraged by the relentless abuse of public funds. We must be indignant toward an electoral system that allows the concentration of dynastic power in the hands of a few. I dare not ask for a wave identical to what happened in the United States. I do not want a political flip from Red (Marcos) to Green (Duterte) or Pink (Robredo) in 2028. Changing political colors accomplishes very little. What this country needs is an angry wave against the tide of corrupt political dynasties, not just in 2028 but in the elections that follow. Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.

E-invoicing: Where will our tax data reside? Joel L. Tan-Torres

DEBIT CREDIT

N electronic invoice records more than a sale. It can reveal a business’s customers, prices, transactions, and commercial relationships. As the Bureau of Internal Revenue (BIR) expands electronic invoicing, taxpayers should ask how this information will be protected, who may access it, and where it will be stored.

BIR launched its enhanced Electronic Invoicing and Sales Reporting System (EIS) on October 27, 2026. The BIR’s announcement reiterated the December 31, 2026 electronic invoicing deadline for covered taxpayers. The objectives include easier compliance, less paperwork, and more reliable transaction records. These are reforms worth supporting. My involvement with this direction goes back to 2017 and 2018, when electronic invoicing and sales reporting provisions entered our Tax Code. I then chaired the Professional Regulatory Board of Accountancy and served as the Philippine representative to the United Nations Trade and Development Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting. Conferences abroad exposed me to countries moving toward digital transaction reporting. Even as early then, I recognized its potential for the Philippines. Better information could support more focused BIR audits, improve business records, and reduce opportunities for fictitious transactions. But collecting more information also creates a greater responsibility to protect it. One distinction remains important. Issuing an electronic invoice to a customer and transmitting sales information to BIR are separate obligations. Revenue Memorandum

Circular (RMC) 98-2026 recognizes this distinction and makes electronic sales reporting subject to the applicable implementing guidelines. Another distinction concerns data sovereignty and data residency. In simple terms, sovereignty concerns legal authority and control over information. Residency concerns where the computers holding that information are physically located. A cloud service still uses physical servers somewhere. The relevant issuance is Executive Order No. 119, dated July 13, 2026, which establishes a government data classification and residency framework. Under Sections 1 and 2, the framework covers government data, including information stored or processed by private providers on the government’s behalf. It does not impose domestic storage on every private commercial record merely because it originated in the Philippines. Section 7 requires Top Secret data to remain within Philippine territory or other places under Philippine sovereignty or jurisdiction. Confidential data generally follows that rule, with overseas storage or processing subject to prior approval and safeguards. Restricted data may use secured clouds. Other government data, including open-access information, may use secure clouds regardless of location. Government data remains subject to Philippine laws wherever stored. Section 15

provides phased implementation over three years. Local storage matters for several reasons. Keeping sensitive records within the country can make inspection, investigation, recovery, and enforcement more practical. It can reduce complications when authorities need information urgently or when the various stakeholders become involved in a dispute abroad. However, a Philippine address does not guarantee security. A locally hosted database can still be compromised through weak passwords, excessive access privileges, poor maintenance, or dishonest insiders. Overseas hosting likewise requires careful examination of applicable laws, contracts, access arrangements, and recovery capabilities. Furthermore, Section 21 of the Data Privacy Act recognizes the measures for domestic and international processing. The organization controlling personal information remains accountable and must use contractual or other reasonable means to provide comparable protection when third parties process it. Sending information elsewhere does not transfer away that responsibility. For EIS, BIR should explain how the relevant datasets are classified. Taxpayers should know where primary records and backups reside, whether overseas personnel can access them, and how records can be recovered or transferred if a provider fails. These arrangements should be documented and tested. Provider accreditation is therefore important. RMC 110-2026 requires assessments covering technical capability, cybersecurity, interoperability, and operational readiness. Compliance involves more than submitting documents. It requires evidence that a solution can operate reliably and protect the information entrusted to it. This creates opportunities for accounting and technology consulting

firms with cybersecurity expertise. Their work can connect tax compliance with invoice reconciliation, access controls, cloud contracts, data location, backup restoration, and incident response. Clients need assurance that records are accurate, available, and appropriately protected. I suggest that BIR publish clear guidance on these matters, along with information on accredited solutions and tested system performance. Businesses need enough clarity to choose providers responsibly and prepare their personnel for the implementation requirements. My support for e-invoicing remains strong. Its success, however, will depend on dependable operations and accountable handling of taxpayer information. Every invoice collected adds to the responsibility of government and its service providers. Public trust will grow when taxpayers can see how that responsibility is being fulfilled. The BIR mandates that taxpayers now prepare for the EIS. The BIR must also be equally prepared to account for every e-invoicing record entrusted to its digital systems— where it is stored, who can access it, and how it will be protected and recovered. The BIR should demonstrate these safeguards before compliance becomes compulsory. Taxpayers should not bear the consequences of weaknesses they cannot control. The true measure of e-invoicing reform will be whether the BIR can collect the right taxes while earning—and keeping—the public’s trust. Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax practice with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

Sports BusinessMirror

A12 Monday, November 9,2026

Editor: Jun Lomibao

PALLES SHOWS PROMISE IN YOUTH OLYMPICS STINT By Jun Lomibao

Palles started gymnastics at the iconic Club Gymnastica made famous by gymnastics and taekwondo icon Bea Lucero Lhuillier and displayed championship skills in the Palaro. He was spotted by the Gymnastics Association of the Philippines and is now under Capellan and Yulo’s former mentor, Munehiro Kugimiya. “I trained two weeks

AKAR—Hilarion Palles III won’t be in the final of the men’s all-around at the Dakar 2026 YOG, but showed strong potential for a bright future in gymnastics. “I had the best exposure I could ever get from these games and I got to meet some of the best gymnasts in the world my age, many of them even became my friends,” said Palles after the qualification rounds on Saturday at the Dakar Exhibition Center in Diamniadio. The experience he gained was enormous as he starts carving a career in a sport that the Philippines is now famous for globally. Palles is one of only two Filipino gymnasts—the other is Tchelzy Maayo who vied in the women’s qualification on Sunday afternoon— on Team Philippines sent here by the Philippine Olympic Committee and supported by the Philippine Sports Commission. Palles and Maayo could only compete in one of only two medal events of gymnastics here because the Philippines doesn’t have the numbers to vie in the team event, but

the 16-year-old multi-winner in the Palarong Pambansa showed potential worthy of following in the footsteps of double Olympic and Asian Games gold medalist Carlos Yulo and Asian Games bronze medalist Eldrew Yulo. “He’s only trained seriously on the elite level the past nine months, and he already showed major improvements,” said Reyland Capellan, who’s coaching the two young athletes here alongside Japanese Kazutaka Hakamada, of Palles, who’s competing out of Pasig City.

under Coach Mune in Japan before I got here and I learned a lot,” Palles said. “He’s very strict, very disciplined, but I learned and am learning a lot.” Palles’s scores in the six apparatus in the all-around were 12.266 in vault, 9.666 in the parallel bars, 11.566 in the horizontal bar, 11.733 in floor exercise, 10.266 in pommel horse and 10.166 in the rings. “I was able to apply what I learned in training and got the results I expected,” said Palles, whose specialties are the vault, high bar and parallel bars where he raised his difficulties. Palles ranked 49th among 60 athletes with 65.633 points. Uzair Chowdhury of Great Britain was the only athlete to pass 80 points with 80.798, followed by Landin Yang (79.897) of China and Naoto Shiroiwa (79.265) to advance to Monday’s final. Also competing on Sunday afternoon was Naomi Cesar in the women’s 800 meters of athletics and Maritanya Krog in women’s road race of cycling. China now leads the games with 10 gold, three silver and two bronze medals, followed by Japan which is now second with 8-3-4 (goldsilver-bronze) and Russian Federation with 4-2-0.

MARITANYA KROG lines up for the women’s road race— eight laps over an 8.50-km circuit—at the Corniche course in Dakar on Sunday morning. POC MEDIA POOL

Hilarion Palles III delivers a strong performance but falls just short. POC MEDIA POOL

TONY LASCUÑA (right), Aging Gabo (second from left) and Gil Aunzo are joined on center stage by PSPGTO president Mars Pucay (left). PSPGTO

Lascuña, Gabo, Aunzo share spotlight in Seniors Pro-Am at Club Intramuros

ONY LASCUÑA added another seniors title to his growing collection, but this time he had to share the spotlight with Aging Gabo and Gil Aunzo in the Pilipinas Senior Pro Golf Tour Organization (PSPGTO) Charity Senior Golf Pro-Am tournament at Club Intramuros last Tuesday. Unlike his victory in the Pasay City Mayor Emi Cup at Villamor last month, the 55-year-old Lascuña found himself in a three-way tie for the top honors in the 50-59 age division after the trio carded identical 39-point totals under the Stableford scoring system. Ronald Pactolerin came close to joining the leaders, finishing just a point behind with 38, while Sonny Almazan settled for fifth with 37 points in the centerpiece division of the

one-day tournament organized PSPGTO, headed by president and Philippine Golf Tour mainstay Mars Pucay. The 60-69 division likewise produced a tie at the top, with Roger Linde and former Philippine Open champion Mario Manubay matching 37 points to share the crown. Leonardo Estrera placed third with 35, followed by many-time Masters winner and former Philippine Open champion Robert Pactolerin with 34 and Doming Umadhay with 33. Orlan Sumcad and Jun Marasigan ruled the pro-am division with a combined 90 points, narrowly turning back Alden Bait and Boggie Pascual,

who finished with 89. Gerome Malaga and Lin Pan took third place with 87. Danny Fortusa topped the 70-andabove category with 33 points, while Beloy Tiamzon and Mario Ramones placed second and third with 31 and 29 points, respectively. The amateur competitions also produced impressive scores, led by James Cruz, who captured the Class A title with 55 points. Mitsuharo Kitaura took runner-up honors with 43, edging Allan Maligaya on countback. Pan claimed the Class B crown with 54 points, just one ahead of Pascual, who posted 53 to finish second, also edging Marasigan on countback. Rizza Kiongson provided another highlight, dominating the women’s amateur division with 49 points. Jazziel Lorenzo finished second with 42, while Teresa Lasala placed third with 38.

By Josef T. Ramos

I PEDRO TADURAN improves his record to 21 wins, four losses and a draw while Brandon Moreno is now 16-1. JHAY OTAMIAS

World No. 102 Liu drops Eala in HK final

LEX EALA settled for a runner-up finish after absorbing a 3-6, 0-6 defeat to American Claire Liu in the final of the Women’s Tennis Association (WTA) 250 Prudential Hong Kong Tennis Open on Sunday at the Victoria Park Centre Court in Causeway Bay. Eala, 21, struggled to find her rhythm against Liu after a tough semifinal victory over WTA No. 35 Maria Sakkari of Greece, 7-5, 3-6, 6-4.

Those unwritten rules THE Unwritten Rules came up again in the aftermath of the Ateneo-UP match when a player from the latter dunked the ball right before the final buzzer after which the coach of the former confronted the opposing staff about a breach of these unwritten rules. Before we get to that, I don’t think the UP player meant any disrespect; it is just one of those things where excitement got the better of him. I don’t think the UP coaches ask their players to be disrespectful either. Not at all. I don’t even blame Ateneo’s coach for confronting. It is what it is. The Unwritten Rules have pros and cons. More on that later. I was amused when reading comments about the incident when people disparage or say who needs unwritten rules when they aren’t written anyway? Or “asar talo.” The Unwritten Rules exist in every aspect of life all over the world – whether in a community, culture, workplace, and especially in sports. They are implicit expectations that govern social interactions and maintain harmony and

Taduran hands Moreno first loss, keeps IBF crown

structure and help in avoiding conflict. While one may not be penalized for breaking them, there is pushback from social norms and well, social media. Although it works both ways. There are simple everyday things such as saying “thank you” or even throwing in a “please” when making a request. There’s allowing people to step out of a lift or elevator or public transportation before going in. There’s not using your mobile phone when in a meeting. And so on. In sports, it exists everywhere. While not a written rule, these unwritten rules are guides for sportsmanship, tradition, and respect. In baseball, one does not excessively celebrate or admire a home run or even stare

The Filipina kept pace with Liu early in the opening set, reaching a 3-3 tie before the American took control with a solid service game and aggressive baseline attacks. Ranked No. 102 in the WTA standings, Liu pulled off a huge upset, denying world No. 17 Eala a win her final tournament of the season. Liu is expected to climb from No. 102 to No. 69 in the world rankings next week, while Eala is

down at the opposing pitcher. The same applies to pitchers. And that’s just a few. In 2019, while coaching Leeds United against Aston Villa in the EFL Championship, the latter’s goalkeeper went down injured. Leeds players ignored Aston Villa players calling for fair play—to send the ball out of bounds with a man down. Instead, the Leeds players pushed forward and scored a goal. In a stunning reversal, Leeds manager Marcelo Bielsa instructed his players to stand aside and allow Aston Villa to equalize. The match finished at 1-1. The incident divided fans and football analysts with some saying it was a moment of sporting integrity while others believe that players should play on to the final whistle. We have seen this also in tennis matches of Alex Eala where new fans to the sport brought a noisy and basketball-like atmosphere to the games where they cheered errors by opponents and were downright rowdy. This too saw debate between traditionalists and the new jack fans. Further on the home front, during a PBA match in 2024, San Miguel Beerman Terrence Romeo threw up a three-point shot with his team leading 114-107 with 3.7 seconds left.

NTERNATIONAL Boxing Federation (IBF) minimum weight champion Pedro Taduran defended the title for the fourth time, earning a unanimous decision win over Brandon Moreno on Sunday at the Kiva Auditorium in Albuquerque, New Mexico. Exuding confidence in his second fight in the US, the 29-year-old warrior from Libon, Albay chased the 33-yearold challenger from the opening bell. “I scouted him in one of his short clips that he does not engage. He punches a little and run most of the time, and that’s

projected to rise to a career-high No. 15. “I want to congratulate Claire on an amazing tournament, a great week and a great match,” said Eala, the tournament’s second seed. “This season has changed my life for the better. I am incredibly proud of the work we have put in this year. This is only the beginning.” Liu, whoe defeated Alexandra Shubladze in the semifinals, Zeynep Sönmez in the quarterfinals, Katie Boulter in the round of 16, and Tatiana Prozorova in the opening round, bagged $37,390. Eala earned $22,125. Josef T. Ramos

This left Rain or Shine head coach Yeng Guiao fuming and he called out Romeo for being disrespectful. In hoops—yes, I know there are quotient systems, win-over-the-other stipulations, and so on (not to mention clauses in contracts about individual statistics etc.)—it is generally observed that if the result is a foregone conclusion, the winning team should just dribble out the game clock. Or not call timeouts with the game already decided. Remember the group stage of the men’s basketball competition of the 2023 SEA Games where Cambodia captured a historic 79-68 win? With 20 seconds left and Cambodia leading by 11 points, their coaching staff called a timeout. That sparked a confrontation between the Filipino and Cambodian coaches. The Philippines got their revenge in the gold medal match by defeating Cambodia (on their home soil) 80-69. As for taking last second shots, in a similar incident, Ginebra head coach Tim Cone also called out Converge following a breach of sportsmanship (in spite of the quotient system) after Juan Gomez de Liaño hit a late garbage

JOSE PLEÑOS helps lift UP to the top of the standings. UAAP

Late Pleños goal powers Maroons over Falcons

OSE PLEÑOS scored in the 84th minute to lift the University of the Philippines past erstwhile leader Adamson University, 1-0, and into first place in the University Athletic Association of the Philippines football tournament at the UP Diliman Football Stadium. Pleños, a rookie from Claret School of Quezon City, struck off a long throw-in by Jian Caraig. It was a big win for the Fighting Maroons, who fell to the Soaring Falcons, 1-2, in their first-round match. Adamson’s Cameroonian forward Dany Golike’s long-range attempt in the eighth narrowly missed. Joshua Garces had a chance to put UP ahead in the 27th minute but his header was handled by Adamson goalkeeper CJ Lauron. First-choice keeper Fonzy Gonzales was out due to illness, but Will Oberes did well as between the posts and recorded his first clean sheet of the season. UP leads with 17 points, while Adamson slid to second with 16. UP will enjoy a week-long break before returning to action against Far Eastern University on Nov. 15 at 2:00 p.m. Adamson will look to bounce back when it faces FEU on Thursday at 4:30 p.m. what he does,” Taduran, currently the lone Filipino world boxing champion, told BusinessMirror after the fight. “I cut and chased him in all rounds. He was a good boxer, so I kept pressuring him and kept cautious.” As the fight progressed, Moreno became increasingly defensive, relying more on his jabs than engaging Taduran in exchanges. But the Filipino continued to press the action, unleashing nonstop combinations and digging to the body in the later rounds. Despite Moreno’s increasingly cautious approach, two judges scored the fight a close 115-113, while the third had it a lopsided 120-108. “We were surprised by the two scores but that’s okay. What important was we won the fight,” said trainer Joven Jimenez, who, along with former world champion Jerwin Ancajas, helped prepare Taduran in the absence of his regular trainer, Carl Peñalosa, who missed the trip because of visa issues. The defeat was Moreno’s first in 17 professional fights, five of which he won by knockout. Taduran improved his record to 21 wins, four losses and one draw, with 14 knockouts. He fought in the US last April in Pechanga, California, where he stopped Mexican Gustavo Perez Alvarez in the seventh round to retain his IBF title.

time three pointer. The player and Converge’s head coach said it was the instruction of the coaching staff. Again, there’s right and wrong. And I leave everyone with this. In 2012, right before the UAAP tournament, Ateneo—under Norman Black—was in preparations for a historic five-peat. During a summer tournament, National University with a super team they were building, defeated the Blue Eagles. With the game all but decided, the NU gallery began chanting “Uwi na kayo. Uwi na kayo.” Some players were even egging on the crowd. And that earned the ire of Black and his team. Almost immediately as the chants began, then-NU coach Eric Altamirano leapt to his feet and vociferously waved to their supporters to stop. Altamirano, even before the final buzzer crossed over to the Ateneo side to apologize to which Black accepted. Come UAAP, Ateneo crushed NU in both rounds en route to the five-peat. Look, these unwritten rules will always be a point of contention. Having said that, I will always side on the classy move. There is always more to gain from that.

Companies BusinessMirror

Editor: Jennifer A. Ng

STOCK-MARKET OUTLOOK LAST WEEK SHARE prices rose went up, mainly due to the victory of the Democrats in the midterm elections in the United States, which supported expectations that a possible solution to the Middle East conflict started by the US will soon be found. The benchmark Philippine Stock Exchange index gained 81.60 points to close at 5,761.95 points. The October inflation print climbed to 7.8 percent from 7.2 percent in September, following the 20-percent jump in transport costs. This reinforced expectations for a potential tightening from the local central bank on its December 17 meeting, broker 2TradeAsia said. Average value of trade during the four-day trading week reached P5.59 billion. Foreign investors, who cornered 57 percent of the trades, were net buyers at P1.77 billion. Sub-indices were up, with the exception of the Services index that fell 66.10 points to close at 2,894.53 points. The broader All Shares index rose 39.89 to 3,218.31, the Financials index gained 71.40 to 1,858.29, the Industrial index climbed 111.61 to 7,429.78, the Holding Firms index increased 125.25 to 4,362.48, the Property index was up 18.80 to 1,814.60 and the Mining and Oil index jumped 436.50 to 18,627.93. Gainers narrowly led losers, 114 to 100 and 30 shares were unchanged. Top gainers were Premiere Horizon Alliance Corp., Chelsea Logistics and Infrastructure Holdings Corp., Republic Glass Holdings Corp., Apex Mining Co. Inc., Pacifica Holdings Inc., Oriental Peninsula Resources Group Inc. and Steniel Manufacturing Corp. Top losers, meanwhile, were LMG Corp., Lodestar Investment Holdings Corp., Synergy Grid and Development Phils. Inc., Jolliville Holdings Corp., Jackstones Inc., Liberty Flour Mills Inc. and Manila Mining Corp. B shares.

THIS WEEK SHARE prices may continue to go down this week as tensions in the Middle East continue. 2TradeAsia said the investors’ focus will be on public infrastructure spend in the GDP data that the government will release on November 9. “Eyes are set on fiscal spending trend for third quarter, specifically for public infra projects, from negative 34.6 percent in Jan-Aug,” it said. “Our (GDP) estimate is at 2.3 percent to 2.7 percent, and a miss at or below 2.3 percent could strengthen the case for 50 basis point rate hike (of the Bangko Sentral ng Pilipinas or BSP) in December.” Overseas, priority measures from a Democrat-led US chambers will take the spotlight, especially on the Middle East conflict. Risk aversion in US AI-related shares due to regulation fears might spark a comeback on emerging market Asia assets, it said. “We keep last week’s stance of trimming or avoiding names with rising leverage, near-term refinancing needs or large capex commitments. With GDP out Monday morning, we would not add into the print and would use any strength to raise cash, as this week’s rally was narrow and led by a few banks,” the broker said. “Support for the main index is at 5,700 points, but with a GDP miss, (it would) likely test 5,500-5,600, and a break there keeps us defensive through the December BSP meeting.”

Continued on B2

Monday, November 9, 2026

Gas auction implementing rules get ERC green light

By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) has approved the rules that will set the price ceiling for the mid-merit natural gas capacity auction of the Department of Energy (DOE). The approved Gas Auction Implementing Rules (GAIR) will cover the price ceiling for the Gas Auction Threshold (GAT) price bids; the monthly checking, certification and audit of fuel costs; payment of winning bidders through the Wholesale Electricity Spot Market (WESM) prices; and reporting, inspections and penalties. The DOE conducts the auction and sets the operating hours, while the ERC regulates the financial guardrails to protect consumers. “In approving these rules, the Commission is discharging the mandate entrusted to it as rate regulator under the Epira [Electric Power Industry Reform Act], and providing the necessary regulatory support to the policies and programs of the DOE.

The DOE runs the auction. The ERC makes sure the price ceiling is fair, that fuel costs are checked against market benchmarks, and that the plants are paid only for power they actually deliver,” said ERC Chairman Francis Saturnino C. Juan. The rules define the GAT price as the absolute maximum price ceiling that a bidder can offer. Bids exceeding this ceiling are automatically disqualified. The GAT Price is calculated based on plant capacity assumptions from the DOE’s terms of reference and at least 24 months of historical dispatch data from existing gas plants. Earlier, Juan said his office was looking at a GAT price of above P10 per kWh for the said auction. A total of 10 firms, with com-

Ayala: Firms must allow journalists’ scrutiny

Tough environment ZOBEL acknowledged that journalists face a tougher environment. He cited the Reuters Institute Digital News Report, which found that only 28 percent of Philippine respondents trusted news most of the time. The same report found that 51 percent avoid the news if they can. Lorenz S. Marasigan

bined 14 bid offers, have successfully prequalified for the auction. Lopez-led First NatGas Power Corp., First Gen Ecopower Solutions, Inc., First Gas Power Corp., and FGP Corp. nominated their 420-megawatt (MW) San Gabriel combined cycle power plant, 600-MW Santa Rita Maria natural-gas fired combined cycle power plant, 1,000-MW Sta. Rita natural gas-fired combined cycle power plant, and 500-MW San Lorenzo natural gas-fired combined cycle power plant, respectively. Excellent Energy Resources Inc. (EERI), which is jointly owned by Meralco PowerGen Corp., Therma NatGas Power Inc., and San Miguel Global Power Holdings Corp., has offered the capacities of EERI Visayas plant, Iloilo combined cycle power plant, and Batangas combined cycle power plant-Phase 2. Cordova Power Generation Corp. submitted three bid offers involving its Panay gas plant, Cebu gas plant, and Luzon gas plant. The other pre-qualified bidders include Panasia Energy Inc., for its Bataan combined cycle power plant; Therma Cebu Gas-To-Power Inc., for its Toledo gas-fired power project; Quezon Power Inc. for its combined cycle gas-fired turbine San Francisco power plant; and Vires Energy, for its Vires natural gas power project.

SEIZURES

Russia has moved to take control of more Russian assets of Japan Tobacco Inc., broadening the seizures that sent the company’s share price tumbling on Friday. President Vladimir Putin transferred three additional local units from Japan Tobacco International to the temporary management of a Russian company, JSC Industrial Assets, according to a decree published late Friday. The units affected by the latest move include a holding company with a stake in one of the tobacco plants seized earlier, a tobacco sales and distribution business, and a company that imports and distributes items including heated-tobacco products. On Thursday, Putin transferred JTI’s main production assets to the same company, including cigarette factories in St. Petersburg and Rostov-onDon, and tobacco-processing facilities in the Lipetsk and Leningrad regions. The maker of Winston and Camel cigarettes has operated in Russia since 1999 and is the market leader in sales volumes, according to its website. JTI, which employs 4,000 people in Russia, became the latest in a series of international companies hit by similar expropriations, which also impacted assets owned by Swiss food giant Nestle SA and the French supermarket chain Auchan. Photo shows packs of Winston cigarettes, one of JTI's international brands. PHOTOGRAPHER: KIYOSHI OTA/BLOOMBERG

YALA Corp. Chairman Jaime Augusto Zobel de Ayala said economic journalists play a vital role in helping Filipinos understand the economy and in holding institutions, including big business, to account. Speaking at the awards night of the Economic Journalists Association of the Philippines (EJAP) on Friday, he also called on the private sector to open itself up to scrutiny and to work more closely with the press. Zobel saluted “the hard and honorable work that economic journalists, as well as those from other beats, do every day.” He said company decisions affect thousands of employees, customers, investors, and communities, which makes independent reporting essential. “Independent journalism helps people understand the thinking behind these choices, assess their consequences, and keep institutions, including us in business, in check,” Zobel said. He said economic reporting explains how inflation affects household budgets, how interest rates affect housing and monetary flows, and how investments create jobs and transform communities. “Filipinos need authentic channels where these pieces of information are presented in a way that are easy to understand and guide their decisionmaking,” he said.

‘Globe a high-value tech holding firm’ By Lorenz S. Marasigan @lorenzmarasigan

LOBE Telecom Inc. should be “re-rated from a legacy utility to a high-value technology” holding company, an analyst said, as the listed telco puts its weight behind NCS Philippines, its joint venture with a unit of Singapore’s Singtel Group. “Re-rate Globe from a legacy utility to a high-value technology holding company,” said Joel De la Pena of H.E. Bennett Securities Inc. De la Pena said Globe is “further becoming a prized telecom investment through its unique position to ride on the coming inevitable digital tidal wave as a high-value technology company.” NCS Philippines is a partnership between Globe and NCS, a Singtel subsidiary. NCS holds 51 percent

of the new company and brings a regional workforce of 14,000 working across 56 technology disciplines. Globe owns the remaining 49 percent and has folded its tech subsidiary Yondu, which has more than 20 years of local market experience, into the unified entity along with NCS’s Philippine operations. De la Pena said the minority stake gives Globe a way to grow without heavy spending. “Rather than funding costly crossborder scaling through heavy capital expenditures, Globe utilizes a minority equity strategy,” he said. The venture has an enterprise baseline value of about P1.87 billion. He said the structure lets Globe take regional technology deployment costs off its own books while keeping “meaningful balance sheet exposure to high-growth tech verticals” and a proportional share of the venture’s

future earnings, dividends and longterm value. “Most importantly, this deal gives Globe a capital-efficient way to grow its ICT exposure as it takes a share in future earnings and growth while leveraging NCS’s resources,” he said. NCS Philippines builds and runs secure digital systems for large companies and government agencies. It does not make consumer products or provide home internet. Its Core IT Services portfolio handles system and network integration, custom applications for sectors such as banking and healthcare, cloud migration, and cybersecurity, including defense hubs that protect consumer databases and block malware. Its “NEXT” Digital Solutions portfolio covers artificial intelligence (AI), predictive data analytics, robotic process automation, and smart city systems such as traffic tracking

and emergency services technology. It also offers 5G enterprise networks for heavy industry and private networks inside warehouses for robotics and edge computing. De la Pena said the second line fills a gap in the local market. He cited Digital in Asia data showing that 92 percent of Philippine organizations have adopted some form of AI, but 65 percent remain in pilot mode. “Enterprises and the government will need the expertise of NCS to get to that next step of AI-leveraged growth,” he said. De la Pena said the digital ventures add to, rather than replace, Globe’s telecommunications business, which generates the cash behind its continuous dividend payouts. He described ventures like NCS Philippines as “digital boosters” that complement the core business and offer room for future earnings growth.

Under the terms of reference (TOR), the gas auction will cover the capacity of new, expanded or upgraded, and existing uncontracted natural gas fired facilities capable of supplying mid-merit capacity and the corresponding electricity generation to the grid using indigenous, blended, and/or non-indigenous natural gas as fuel. The auction seeks to secure a total of 3,840 MW for delivery between 2026 and 2031. For existing facilities, the capacity requirement for the Luzon auction is set at 1,400 MW for 2026 and 500 MW by 2027, with an awarded supply delivery period of 5 years to 10 years. For new-build facilities, the installation target for Luzon is 1,000 MW. For Cebu and Panay, the DOE has set an installation target of 440 MW for delivery in 2028 and 500 MW for delivery in 2031. The planned auction for new builds will begin in 2028 with 440 MW of liquified natural gas (LNG) mid-merit plants in the Visayas, specifically in Cebu and Panay. This will be followed in 2031 by 1,000 MW of new build gas plants in Luzon and an additional 500 MW in Cebu. For these new-build natural gas facilities, the supply delivery period is fixed at 20 years.

Subic firm taps solar energy for shoe plants

UBIC Bay Freeport—Datian Subic Shoes Inc., the Philippine manufacturing arm of Taiwan’s Datian Shoes, expects to reduce its electricity costs by 40 percent by installing a 3.06-megawatt-peak (MWp) rooftop solar system across its two facilities here. Berde Renewables, an energy developer backed by I Squared Capital, said it undertook the project with no upfront capital investment from Datian under a 20-year Build-OwnOperate-Transfer (BOOT) power purchase agreement. Berde financed, designed, and built the solar systems and will own, operate, and maintain them throughout the contract term. The system is one of the largest rooftop solar installations in the Subic Bay Freeport, with 2.063 MWp at Factory 1 and 1 MWp at Factory 2, using 4,834 bifacial solar modules and 17 inverters. Berde said the system was built to local and international standards, with top-tier equipment for modules and inverters, mounting systems, and rapid shutdown technology. The solar rooftops are expected to generate about 4 GWh in the first year and over 80 GWh over the 20-year contract, avoiding about 3,232 tons of carbon dioxide a year, equivalent to planting roughly 122,000 trees annually. For Datian, which employs more than 5,000 workers in the country, the shift addresses three pressures facing Philippine exporters: energy costs, customer emissions requirements and power reliability. By generating a significant share of its daytime power on site, Datian can reduce its reliance on the grid during operating hours and protect its equipment from grid fluctuations that have previously caused damage at its plants. Henry Empeño

Companies BusinessMirror

Monday, November 9, 2026

Bataan local govt pursues VinFast’s EV investment

By Bless Aubrey Ogerio

@blessogerio

ATAAN’S provincial government is seeking to attract Vietnamese electric vehicle (EV) maker VinFast Auto Ltd. to put up a manufacturing facility in the province, citing its electric public transport shift and infrastructure being developed for electric public utility vehicles. Speaking on the sidelines of a Confederation of Asia-Pacific Chambers of Commerce and Industry event in Parañaque last week, Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino S. Rodolfo said the agency helps the company assess potential sites based on access to supply chains, proximity to ports and other logistical considerations.

The company, however, has yet to select a site, with the final location depending on its preference. According to the DTI, Bataan could build on its province-wide shift to electric vehicles and the infrastructure being developed for electric public utility vehicles. Furthermore, the province’s permitting process was expected to be

STOCK-MARKET OUTLOOK

more straightforward, given the governor’s authority over local approvals. VinFast is also looking at other locations, including Batangas, while established automotive hubs in Calabarzon offer access to existing suppliers. However, available industrial space in parts of the region has become limited, Rodolfo said. Bataan has already been pursuing investments tied to electric transport. In May, the provincial government signed an agreement with V-Green covering the deployment of 600 electric vehicle charging stations and 1,200 battery-swapping stations in the province. Also, the site search comes as Vietnamese conglomerate Vingroup plans to invest $500 million in an electric vehicle assembly plant in the Philippines. The trade department said construction is targeted to begin in the first quarter of 2027, with initial annual production capacity set at 200,000 vehicles. No final location for the planned facility has been announced.

MUTUAL FUNDS

In a Bloomberg report last July the Vietnamese electric vehicle maker said it is on track to break even in its home market by 2027 and “shortly” after that globally. The company’s new low-cost VF 2 model, which sells for 188 million dong ($7,139), including the battery, is expected to drive more local sales after garnering about 29,000 orders in three days after its early July launch, said Anne Pham, the company’s deputy chief executive officer of investment. VinFast continues to face challenges as it strives to become a global brand and compete with giants including China’s BYD. VinFast reported wider losses in the first quarter as global expansion costs rise. The company, which has opened factories in India and Indonesia, is at risk of losing permission to build a delayed and downsized plant in North Carolina. The state filed a lawsuit in May alleging the company breached agreements tied to a planned manufacturing complex and seeks to reclaim the project site.

November 6, 2026

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

Continued on B2

STOCK PICKS BROKER Regina Capital Development Corp. gave a buy on pullback on the stock of BDO Unibank Inc. as its shares were trading at P122.90 on a volume of 2.56 million shares. It said momentum agrees with this buying bias but it is approaching the overbought territory. It gave a weekly target on the stock at P128 per share. BDO closed last week at P125 per share. Meanwhile, the broker gave a trade-the-range advice on the stock of Ayala Corp. as its shares were trading at P541.50 on a volume of 647,000 shares. “The +DI at 21.68 is higher than the -DI at 17.08, but the ADX of 19.74 is below 20, which confirms there is no clear trend. The MACD line of 4.66 is below its signal line of 6.85, and the histogram of -2.18 shows momentum is slowing, which does not match the mild buying bias in the DMI. The RSI of 56.32 is neutral and far from overbought levels.” It gave a target price on the stock at P550 per share. Ayala shares closed last week at P555 apiece. VG Cabuag

ALFM GROWTH FUND, INC. -A206.46 0.79% 1.88% -2.03% -1.93% -3.56% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2326 13.79% 16.75% 5.99% 5.08% 3.29% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.7632 0.98% 0.93% -2.86% -3.68%-3.08% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7532 6.32% 4.51% -0.01% N.A2.59% FIRST METRO CONSUMER FUND, INC. -A 0.5033 -7.7% -5.79% -8.68% N.A -9.49% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.2184 0.02% -0.77% -3.88% -1.87% -3.53% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6141 -0.76% -1.43% -4.46% N.A-4.44% MBG EQUITY INVESTMENT FUND, INC. -A 66.22 -20.31% -7.88% -7.75% N.A -25.98% PAMI EQUITY INDEX FUND, INC. -A 40.1794 1.34% 0.35% -3.21% -1.72% -2.85% PHILAM STRATEGIC GROWTH FUND, INC. -A 432.24 0.48% 1.43% -2.54% -1.71% -3.84% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5009 3.34% 9.4% 3.06% 2.16% -3.87% PHILEQUITY FUND, INC. -A34.6768 4.82% 3.38% -0.71% -0.03% 0.71% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9061 7.03% 4.58% -0.41% N.A 2.07% PHILEQUITY PSE INDEX FUND, INC. -A 4.3675 2.14% 1.45% -2.16% -0.83% -2.28% PHILIPPINE STOCK INDEX FUND CORP. -A 717.51 1.8% 1.03% -2.48% -1.01% -2.37% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6994 6.68% 3.64% -1.29% -1.95% -0.38% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.0448 -2.09% -0.67% -3.87% -2.46%-5.13% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8034 1.62% 0.6% -2.84% -1.31%-2.5% UNITED FUND, INC. -A3.604916.25% 7.16% 1.12% 1.15% 9.65% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0075 1.85% 0.92% N.A N.A -2.46% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0229 0.56% 0.93% N.A N.A -1.97% PHILEQUITY ALPHA ONE FUND, INC. -A 0.8744 -2.15% -3.04% -5.41% N.A -7.4% PHILIPPINE STOCK INDEX FUND CORP. -A 866.03 1.82% 0.83% N.A N.A -2.31% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,1 97.9224 2.14% 1.22% -2.19% -0.62%-2.09% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.1399 10.7% 14.28% -0.45% 2.63% 11.26% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.382 9.55% 16.6% 5.02% 8.85% 7.09% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A 1.0165 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1543 4.01% 1.48% -0.79% -0.49% 0.65% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6914 5.9% 6.26% 0.02% -0.13%3.37% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4684 2.26% 1.24% -1.64% -0.1%0.26% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2264 1.84% 7.45% 2.5% N.A -2.37% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9402 -0.79% 1.63% -0.59% 0.61% -3.11% PAMI HORIZON FUND, INC. -A3.6356 -0.9% 2.79% -0.5% 0.04% -4.07% PHILAM FUND, INC. -A15.3574-1.86% 1.47% -1.65% -0.57% -4.08% SOLIDARITAS FUND, INC. -A2.0521 0.06% 1.88% -0.43% 0.04% -2.29% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.3121 -2.3% 1.03% -1.73% -0.86%-3.25% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8701 -3.17% 1.24% -1.42% -0.63% -4.46% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.68 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9775 1.25% 2.83% -0.15% N.A -0.13% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8259 1.29% 1.62% -2.39% N.A -1.89% 1.99% 1.1% -2.97% N.A SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7933 -2.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03241 -5.23% 0.93% -3.08% -0.96% -5.51% PAMI ASIA BALANCED FUND, INC. -B $1.1159 -8.82% 10.22% 0.85% 2% -7.78% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.5489 5.84% 12.37% 2.8% 5.85% 3.95% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.207 3.25% 8.01% 0.35% 2.48%1.99% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.68 1.99% 3.22% 2.68% 2.6% 1.35% ATRAM CORPORATE BOND FUND, INC. -A 1.9935 2.22% 1.7% 0.71% 0.45% 1.79% COCOLIFE FIXED INCOME FUND, INC. -A 3.5986 0.79% 3.16% 2.11% 3.08% -0.03% EKKLESIA MUTUAL FUND, INC. -A 2.4326 -0.53% 3.08% 1.64% 1.52% -0.82% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4808 -3.28% 1.12% 0.49% 1.1%-3.43% PHILAM BOND FUND, INC. -A4.4678 -2.98% 2.59% 0.29% 0.87% -3.08% PHILAM MANAGED INCOME FUND, INC. -A 1.5463 2.11% 4.47% 3.25% 2.94% 1.73% PHILEQUITY PESO BOND FUND, INC. -A 4.3269 0.54% 3.06% 1.79% 2.17% 0.32% SOLDIVO BOND FUND, INC. -A1.1293 1.03% 2.85% 2.18% 1.93% 0.79% -3.46% 2.28% 1.52% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4364 2.31% -2.94% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8345 -2.66% 2.18% 1.21% 1.79% -2.65% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0074 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.89 1.21% 2.86% 1.76% 1.99% 0.72% ALFM EURO BOND FUND, INC. -A Є222.3 -0.62% 1.69% 0.22% 0.51% -0.66% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0456 -2.86% 1.53% -2.68% -0.69% -2.73% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0254 -4.15% 1.91% -0.47% 0.2%-4.15% PAMI GLOBAL BOND FUND, INC. -B $1.0494 -1.2% 8.32% 0.54% -0.41% -1% PHILAM DOLLAR BOND FUND, INC. -A $2.3845 -3.86% 3.4% -0.85% 0.63% -3.85% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0630746 -1.99% 1.29% 0.2% 1.07% -2.13% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8706 -2.47% 3.47% -1.87% -0.44%-2.11% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1933 2.75% N.A N.A N.A 2.31% ALFM MONEY MARKET FUND, INC. -A 153.74 4% 4.15% 3.27% 2.91% 3.27% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2321 3.4% 3.78% 3.12% N.A2.87% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5238 3.43% 3.63% 3.03% 2.78% 2.86% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.78 3.98% 4.28% N.A N.A 3.36% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.2005 2.46% 3.26% 2.52% N.A 2.06% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.8984 2.15% 4.31% N.A N.A 1.71% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8077 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5554 20.37% 24.07% 13.24% N.A17.75% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1698 6.21% 7.28% N.A N.A 4.85% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

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

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

43 124.7 9.8 98.8 48.3 9.8 61.2 6.95 14.64 80.45 49.5 19.64 63.45 20.7 0.48 1.17 3.5 6.77 2,736 1.23 205 4,802 1.23

43.1 121.8 9.8 96.9 48.3 9.66 60.8 6.97 14.8 83 50.5 19.6 62.95 20.5 0.49 1.17 3.5 6.8 2,750 1.22 205.2 4,898 1.23

43.1 125.2 9.9 99.8 48.9 9.99 61.65 6.97 14.8 83 50.5 19.6 63.5 20.85 0.495 1.18 3.5 6.82 2,750 1.24 206 4,900 1.26

43 121.6 9.68 95.65 48.3 9.66 60.45 6.97 14.8 79.4 48.5 19.6 62.95 20.5 0.485 1.16 3.5 6.74 2,750 1.22 205 4,802 1.23

43 125 9.9 98.9 48.6 9.94 61.2 6.97 14.8 80.75 50.05 19.6 63.45 20.8 0.485 1.18 3.5 6.77 2,750 1.23 205 4,900 1.26

36,500 6,142,890 11,900 3,350,820 270,400 264,500 2,909,090 800 1,000 289,360 5,880 100 90,340 15,700 160,000 78,000 4,000 20,360,700 40 336,000 16,040 55 63,000

1,571,585 763,387,393 116,168 331,199,426 13,158,215 2,630,470 177,837,232 5,576 14,800 23,291,870 287,341 1,960 5,714,274 324,005 78,900 91,490 14,000 138,111,403 110,000 413,830 3,288,236 268,970 78,980

462,692,974 125,973,091 7,643,140 332,381 35,019,823 -1,886,934 109,321 1,400,447 -145,550 -9,800 -13,116,494 3,247,200 -171,490 -

HOLDING & FRIMS

ABACORE CAPITAL 0.31 0.32 0.31 0.325 0.305 0.32 5,160,000 1,636,300 -89,450 ASIABEST GROUP 21.2 21.45 23.35 23.35 21.2 21.45 492,300 10,699,375 -3,246,740 552.5 555 534 558.5 534 555 796,770 440,276,300 293,552,810 AYALA CORP ABOITIZ EQUITY 37.55 38 37.85 38.75 37.5 38 2,195,700 83,549,605 9,744,530 8.89 8.9 8.99 8.99 8.88 8.89 522,800 4,650,966 -1,819,218 ALLIANCE GLOBAL ANGLO PHIL HLDG 1 1.02 1.02 1.02 0.99 1 14,000 14,040 -3,000 7.22 7.35 7.32 7.39 7.22 7.22 52,400 381,391 -62,449 COSCO CAPITAL DMCI HLDG 6.65 6.67 6.48 6.65 6.4 6.65 5,516,000 36,496,628 7,442,883 4 4.09 4 4 4 4 51,000 204,000 FILINVEST DEV GT CAPITAL 456 457.4 458 458.6 446 456 112,280 51,080,462 25,362,294 HOUSE OF INV 4.7 4.96 4.88 4.88 4.88 4.88 5,000 24,400 17.3 17.48 17.38 17.5 16.9 17.3 1,402,500 24,060,784 14,101,752 JG SUMMIT LODESTAR 0.415 0.395 0.415 0.42 0.385 0.415 1,270,000 503,600 -400 4.41 4.55 4.32 4.4 4.32 4.4 2,000 8,720 -4,400 LOPEZ HLDG LT GROUP 15.42 15.42 15.14 15.14 15.08 15.42 1,874,300 28,588,406 11,799,332 2.18 2.31 2.25 2.35 2.18 2.32 15,000 33,640 -4,450 PACIFICA HLDG PRIME MEDIA 0.84 0.85 0.8 1.18 0.8 0.85 890,000 811,130 1.1 1.14 1.1 1.14 1.1 1.14 71,000 79,460 SOLID GROUP SM INVESTMENTS 561 566 569 571.5 560 561 239,130 135,251,560 20,899,785 66 66.2 66 66.05 65.9 66 231,560 15,281,371 13,850,596 SAN MIGUEL CORP 53.05 54.95 53.05 53.05 53.05 53.05 190 10,080 TOP FRONTIER ZEUS HLDG 0.065 0.07 0.067 0.069 0.067 0.069 230,000 15,470 PROPERTY AYALA LAND 15.22 15.28 15.5 15.6 15.22 15.22 3,430,300 52,552,848 -15,463,066 AYALA LAND LOG 1.06 1.08 1.09 1.09 1.06 1.09 19,000 20,650 30 11 11.3 11 11 11 11 5,400 59,400 8,800 ALTUS PROP ARANETA PROP 0.249 0.249 0.236 0.249 0.249 0.249 10,000 2,490 36 36.05 36.5 36.5 35.8 36 759,600 27,320,870 -11,520,310 AREIT RT A BROWN 0.83 0.83 0.8 0.83 0.8 0.83 101,000 80,920 0.5 0.51 0.51 0.52 0.5 0.51 55,000 28,000 500 CITYLAND DEVT CROWN EQUITIES 0.086 0.088 0.089 0.089 0.089 0.089 20,000 1,780 1.91 1.91 1.91 1.94 37,000 71,420 -7,640 1.94 1.94 CEB LANDMASTERS CENTURY PROP 0.66 0.66 0.64 0.65 0.64 0.66 1,771,000 1,150,730 -114,500 CITICORE RT 2.71 2.76 2.79 2.79 2.71 2.71 2,548,000 6,984,760 -5,713,610 12.46 12.48 12.22 12.48 12.22 12.46 229,600 2,859,062 129,064 DOUBLEDRAGON DDMP RT 1.04 1.04 1.03 1.03 1.02 1.04 3,270,000 3,379,250 4.65 4.75 4.7 4.7 4.68 4.68 9,000 42,240 DM WENCESLAO EVERWOODS 0.025 0.025 0.022 0.025 0.025 0.025 300,000 7,500 0.1 0.1 0.1 0.101 270,000 27,260 0.101 0.101 EMPIRE EAST FILINVEST RT 2.89 2.9 2.91 2.91 2.89 2.9 229,000 665,220 -63,780 0.69 0.69 0.69 0.69 72,000 49,710 -3,450 FILINVEST LAND 0.7 0.7 GLOBAL ESTATE 0.62 0.66 0.62 0.62 0.62 0.62 1,000 620 1.17 1.19 1.19 1.2 1.17 1.17 46,985,000 55,555,260 -8,065,930 PNB HLDG 2.3 2.32 2.33 2.29 2.3 9,464,000 21,748,240 -9,337,110 MEGAWORLD 2.33 MRC ALLIED 0.62 0.62 0.61 0.61 0.61 0.62 9,453,000 5,844,760 13.76 13.78 13.8 13.8 13.74 13.78 511,500 7,046,562 -336,674 MREIT RT PRMIERE HORIZON 0.21 0.214 0.21 0.223 0.204 0.214 9,460,000 2,020,000 -78,070 0.405 0.41 0.41 0.455 140,000 62,050 -17,900 PHIL ESTATES 0.455 0.455 PREMIERE RT 0.9 0.92 0.9 0.9 0.9 0.9 46,000 41,400 1,800 6.15 6.16 6.13 6.16 6.02 6.15 7,772,700 47,565,038 -7,998,778 RL COMM RT ROBINSONS LAND 16.06 16.18 16.22 16.22 15.92 16.18 499,500 8,031,524 -2,061,838 2.55 2.54 2.52 2.69 108,000 282,320 ROCKWELL 2.69 2.69 SHANG PROP 2.78 2.83 2.82 2.82 2.78 2.8 231,000 646,200 14,000 STA LUCIA LAND 1.67 1.74 1.74 1.74 1.74 1.74 12,000 20,880 17.8 17.88 17.82 18.18 17.7 17.8 2,350,700 41,973,572 15,082,412 SM PRIME HLDG SERVICES ABS CBN 2.44 2.49 2.4 2.47 2.4 2.45 14,000 34,330 GMA NETWORK 3.2 3.31 3.3 3.32 3.2 3.31 482,000 1,553,950 4.81 4.9 5.01 5.01 4.7 4.7 58,700 286,169 MLA BRDCASTING DITO CME HLDG 0.55 0.56 0.56 0.56 0.54 0.55 11,513,000 6,341,250 -468,910 1,477 1,478 1,499 1,499 1,475 1,478 97,705 144,792,575 -59,158,115 GLOBE TELECOM PLDT 1,150 1,126 1,129 1,139 1,118 1,129 55,940 62,987,110 -25,409,440 0.0047 0.0048 0.0048 0.005 0.0048 0.0048 46,000,000 222,100 APOLLO GLOBAL CONVERGE 20,881,208 9.13 9.27 9.25 9.38 9.1 9.13 2,280,100 -3,334,421 0.62 0.65 0.63 0.64 0.62 0.64 23,000 14,380 -60 DFNN INC IMPERIAL 0.92 0.86 0.9 0.9 0.9 0.9 1,000 900 ISLAND INFO 0.134 0.135 0.143 0.143 0.132 0.135 4,380,000 602,600 13,900 0.38 0.385 0.38 0.38 790,000 302,350 -7,700 NOW CORP 0.385 0.385 TRANSPACIFIC BR 0.121 0.121 0.12 0.12 0.12 0.121 510,000 61,220 -42,000 1.1 1.12 1.15 1.1 1.1 81,000 91,210 CHELSEA 1.15 CEBU AIR 25.55 25.8 25.85 26 25 25.55 135,000 3,475,535 -984,485 817 819.5 820 829 811.5 817 1,434,250 1,174,239,845 -60,111,125 INTL CONTAINER LBC EXPRESS 9.8 9.98 9.98 9.98 9.98 9.98 500 4,990 0.65 0.68 0.66 0.66 0.65 0.65 17,000 11,110 LORENZO SHIPPNG MACROASIA 3.37 3.31 3.4 3.5 3.3 3.37 30,000 103,390 -10,500 0.55 0.58 0.59 0.59 0.58 0.58 23,000 13,400 METRO ALLIANCE PAL HLDG 4.3 4.3 4.29 4.32 72,000 309,470 -51,670 4.32 4.32 HARBOR STAR 1.48 1.49 1.5 1.52 1.47 1.49 987,000 1,463,730 198,530 0.029 0.03 0.029 0.029 0.029 0.029 23,500,000 681,500 BOULEVARD HLDG DISCOVERY WORLD 0.9 0.97 0.99 0.99 0.99 0.99 3,000 2,970 5 5.03 5.03 5.03 300 1,509 5.03 5.03 GRAND PLAZA PH RESORTS GRP 0.47 0.475 0.475 0.49 0.475 0.475 5,100,000 2,451,650 9,750 0.45 0.51 0.44 0.5 0.44 0.5 93,000 45,900 WATERFRONT CENTRO ESCOLAR 12 12.34 12.5 12.5 11.98 11.98 7,900 95,560 756 790 790 790 790 790 30 23,700 FAR EASTERN U IPEOPLE 6.74 7.08 6.73 6.73 6.73 200 1,346 6.73 STI HLDG 1.18 1.19 1.19 1.19 1.18 1.18 1,258,000 1,484,840 3,570 1.09 1.13 1.14 1.14 1.08 1.08 14,000 15,450 BELLE CORP BLOOMBERRY 1.95 1.92 1.93 1.93 1.84 1.92 3,656,000 7,024,080 -1,315,740 1.6 1.68 1.61 1.69 1.61 1.68 22,000 36,900 PACIFIC ONLINE DIGIPLUS 6.61 6.4 6.5 6.31 6.13 6.4 2,837,400 18,172,108 4,453,725 13.16 13.3 13.5 13 13.3 2,007,900 26,541,428 8,272,166 PHILWEB 13.54 BERJAYA 7.7 7.4 8 7.7 7.7 7.7 100 770 1.03 1.05 1.06 1.06 1.05 1.05 12,000 12,640 METRO RETAIL PUREGOLD 39.1 39.75 39.65 40.1 39.1 39.1 1,764,900 69,957,305 14,681,070 PHIL SEVEN CORP 31.9 32 32 32 31.8 31.95 101,900 3,259,975 -815,180 0.76 0.79 0.78 0.79 0.78 0.79 36,000 28,140 19,530 UPSON INTL CORP WILCON DEPOT 5.2 5.24 5.24 5.25 5.15 5.24 405,200 2,118,621 -313,544 0.094 0.096 0.096 0.096 80,000 7,680 APC GROUP 0.096 0.096 MEDILINES 0.243 0.24 0.24 0.24 0.24 0.24 10,000 2,400 2.81 2.9 2.74 2.74 2.81 3,000 8,290 2.81 PAXYS MINING & OIL ATOK 1.92 2.04 2.05 2.05 2.05 2.05 1,000 2,050 16.74 16.76 16.8 16.8 16.56 16.74 1,683,500 28,104,348 7,731,748 APEX MINING ATLAS MINING 17.5 17.6 17.8 17.9 17.5 17.5 5,245,400 92,344,908 2,961,480 6 6.19 6.01 6.01 6 6 17,000 102,010 BENGUET CENTURY PEAK 1.76 1.88 1.89 1.89 1.82 1.88 221,000 410,100 32,940 0.29 0.305 0.31 0.31 0.305 0.305 50,000 15,450 EC VULCAN FERRONICKEL 2,378,000 -859,840 1.52 1.54 1.56 1.57 1.52 1.54 3,683,370 0.078 0.079 0.079 0.079 20,000 1,580 GEOGRACE 0.079 0.079 LEPANTO A 0.217 0.218 0.215 0.219 0.212 0.218 7,300,000 1,571,850 MANILA MINING A 0.0082 0.0084 0.0084 0.0084 0.0084 0.0084 6,000,000 50,400 0.008 0.0082 0.008 0.008 0.008 0.008 1,000,000 8,000 MANILA MINING B MARCVENTURES 0.75 0.73 0.76 0.75 0.74 0.74 367,000 273,490 -38,250 0.52 0.52 0.52 0.52 173,000 89,960 NIHAO 0.53 0.52 NICKEL ASIA 3.85 3.89 3.96 3.96 3.82 3.85 2,959,000 11,465,070 -5,600,740 33.55 33.6 33.7 33.7 33.3 33.6 447,500 -5,053,350 OCEANAGOLD 15,046,915 ORNTL PENINSULA 0.56 0.56 0.54 0.54 0.54 0.56 42,000 22,820 10.6 10.62 10.4 10.66 10.2 10.6 4,009,800 42,178,808 17,118,524 PX MINING ENEX ENERGY 3.06 3.13 3.1 3.1 3.1 3.1 6,000 18,600 0.014 0.015 0.015 0.015 0.014 0.015 78,100,000 1,095,400 ORNTL PETROL A ORNTL PETROL B 0.014 0.015 0.014 0.014 0.014 0.014 47,500,000 665,000 PXP ENERGY 2.93 2.88 2.92 2.93 2.87 2.92 34,000 98,750 -35,160 PREFFERED ACEN PREF A 1,000 1,005 1,000 1,000 1,000 1,000 4,000 4,000,000 -4,000,000 ACEN PREF B 1,025 1,028 1,025 1,025 1,025 1,025 710 727,750 2,450 2,480 2,454 2,454 2,430 2,452 310 759,620 AC PREF AR AC PREF B3R 1,920 1,935 1,920 1,941 1,920 1,920 800 1,546,500 1,920 1,935 1,925 1,925 1,925 1,925 775 1,491,875 AC PREF B4R ALCO PREF H 512 513.5 513.5 513.5 513.5 513.5 400 205,400 28.6 30 29.8 30 60,100 1,802,875 30 30 CEB PREF CLI PREF A1 955 970 951 951 951 951 10 9,510 992 1,014 992 992 992 992 400 396,800 CLI PREF A2 DD PREF 90 91.4 90.3 90.3 89.9 90 27,610 2,485,100 EEI PREF B 95.65 96 96 96 96 96 9,200 883,200 1,975 1,978 1,955 1,975 1,955 1,975 495 969,625 187,625 GLO PREF BNV MWIDE PREF 6A 100 100 100 100 100 350 35,000 98.5 99 99 99 99 99 13,250 1,311,750 -1,014,750 MWIDE PREF 6B PCOR PREF 4A 994 995 994 994 994 994 15,150 15,059,100 968.5 986 968.5 986 968.5 986 910 892,010 PCOR PREF 4D PCOR PREF 4E 985 987 987 987 985 985 600 591,200 77.95 79 77.85 77.95 77.85 77.95 213,410 16,615,309 SMC PREF 2L SMC PREF 2N 76.45 77 76.5 76.5 76.5 76.5 10 765 77.2 77.45 77.2 77.45 77.2 77.45 30,470 2,353,638 SMC PREF 2O SMC PREF 2P 73 74.2 74.2 74.2 74.2 74.2 30 2,226 SMC PREF 2U 74.6 75 74.5 74.5 74.5 74.5 6,700 499,150 76 76.1 76.1 76.1 76 76.1 70,530 5,360,403 SMC PREF 2V SMC PREF 2W 76.7 77 76.5 76.7 76.5 76.7 1,900 145,702 78.05 78.5 78 78.5 77.6 78.05 10,350 808,833 SMC PREF 2X TECH PREF B2C 8.44 9 8.44 8.44 8.44 8.44 600 5,064 6.36 7.39 6.38 6.38 6.38 6.38 200 1,276 TECH PREF B2D TOP PREF A1 99.7 100.5 100.5 100.5 100.5 100.5 50 5,025 101.5 101.9 101.5 101.5 101.5 101.5 30 3,045 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

2.29 2.6 2.29 2.29 2.29 2.29 3,000 6,870 3.1 3.2 3.15 3.15 3.09 3.09 29,000 90,810

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7761 -4.21% 0.72% -4.56% N.A AGI WARRANT 1.04 -4.19% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL 0.32 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED HAUS TALK 1.32 FUND, INC.) 0.019 LFM PROP NEXGEN ENERGY 2.51 “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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

43.1 125 9.9 98.9 48.6 9.94 61.3 6.97 14.8 80.75 50.05 20.45 63.5 20.8 0.495 1.18 3.99 6.78 2,750 1.24 206 4,900 1.27

INDUSTRIAL ACEN CORP 2.64 2.66 2.7 2.7 2.64 2.64 1,724,000 4,571,810 580,200 ALSONS CONS 0.92 0.92 0.9 0.9 0.88 0.92 722,000 649,690 9,890 0.65 0.66 0.67 0.67 0.61 0.65 340,000 218,430 ALTERNERGY HLDG ABOITIZ POWER 44.1 44.7 45 45 43.9 44.7 2,970,800 131,440,930 -8,673,485 1.11 1.09 1.11 1.08 1.11 186,000 204,870 RASLAG 1.13 BASIC ENERGY 0.106 0.106 0.105 0.106 0.104 0.105 310,000 32,510 4.5 4.52 4.49 4.5 4.35 4.5 39,000 175,010 -8,980 CITICORE RE FIRST GEN 19.9 19.96 19.8 19.98 19.74 19.96 106,400 2,114,456 894,252 82 82.1 83 83.1 82 82 62,370 5,131,284 -2,641,958 FIRST PHIL HLDG MERALCO 441 446 449 449 436 446 261,000 115,729,602 33,751,938 MANILA WATER 29.6 29.65 30.35 30.4 29.05 29.65 3,355,700 99,548,830 -48,973,020 16.86 16.98 17.06 16.86 16.88 488,300 8,257,648 1,950,120 MAYNILAD 16.88 PETRON 2.23 2.15 2.2 2.2 2.15 2.2 1,119,000 2,416,660 479,140 16.28 16.58 16.56 16.56 16.56 16.56 15,500 256,680 -246,744 PRYCE CORP REPOWER ENERGY 9.7 9.7 9.58 9.7 9.7 9.7 1,500 14,550 10.82 10.98 11.14 11.14 10.72 10.82 2,650,000 28,786,216 -12,380,304 SEMIRARA MINING SYNERGY GRID 22.75 22.95 23.35 24.05 22.05 22.95 1,857,300 42,547,925 6,547,485 7.99 7.98 7.78 8 683,100 5,394,396 -682,560 SHELL PILIPINAS 8 8 SPC POWER 8.75 8.8 8.9 9.04 8.7 8.75 29,300 255,630 2,630 1.34 1.35 1.35 1.36 1.33 1.35 311,608,000 420,607,050 -399,138,900 SP NEW ENERGY 1.69 1.69 1.69 1.7 302,000 512,110 TOP LINE 1.7 1.7 AXELUM 2.77 2.77 2.79 2.64 2.63 2.77 75,000 204,790 83,090 8.75 9.14 8.75 8.75 8.75 8.75 600 5,250 CNTRL AZUCARERA CENTURY FOOD 29 29 28.5 29 28.4 28.5 1,153,900 33,230,670 2,828,210 3.34 3.38 3.34 3.34 3.34 3.34 6,000 20,040 DEL MONTE DNL INDUS 3.57 3.57 3.54 3.5 3.45 3.57 2,229,000 7,842,680 1,331,880 15.14 15.22 15.12 15.24 15.1 15.14 260,300 3,940,886 51,882 EMPERADOR SMC FOODANDBEV 47.5 48 47.4 48.05 46.65 47.5 181,600 8,646,425 -1,951,175 0.79 0.79 0.79 0.79 1,767,000 1,396,970 FIGARO GROUP 0.8 0.8 ALLIANCE SELECT 0.58 0.59 0.57 0.59 115,000 66,040 0.59 0.59 FRUITAS HLDG 0.65 0.67 0.67 0.67 0.67 0.67 4,000 2,680 209.8 210 211 207.4 209.8 31,010 6,507,244 773,490 207.8 GINEBRA JOLLIBEE 149.2 149 149.8 149.9 146 149 318,060 47,370,690 15,337,162 1.82 1.83 1.85 1.88 1.82 1.83 402,000 736,080 -204,810 KEEPERS HLDG LIBERTY FLOUR 18.98 19 19.26 19.26 18.5 18.98 9,400 179,258 6.38 6.4 6.21 6.45 6.21 6.4 11,427,500 72,695,889 33,575,073 MONDE NISSIN SHAKEYS PIZZA 5.46 5.55 5.45 5.5 5.45 5.46 2,400 13,120 5.15 5.12 5.12 5.15 168,000 864,336 -34,097 5.16 5.16 RFM CORP UNIV ROBINA 61.05 61.65 61.3 61.75 60.55 61.65 312,960 19,139,775 -3,304,230 VITARICH 0.48 0.48 0.475 0.48 0.48 0.48 80,000 38,400 0.39 0.405 0.395 0.395 300,000 120,000 0.405 0.405 ATN HLDG CONCRETE 57.85 52 58 58 58 58 30 1,740 1.14 1.11 1.1 1.15 1,769,000 1,996,280 1.15 1.15 CONCREAT HLDG EEI CORP 1.78 1.83 1.8 1.8 1.8 1.8 225,000 405,000 5.22 5.25 5.3 5.22 5.29 382,700 2,021,846 -160,156 5.29 MEGAWIDE PHINMA 14.5 14.5 14.06 14.5 14.02 14.02 200 2,852 1,402 28.6 29.1 28.6 28.6 1,000 28,850 SUPERCITY 29.1 29.1 CROWN ASIA 1.89 1.89 1.84 1.84 1.83 1.89 30,000 55,930 1.27 1.26 1.26 1.25 1.26 149,000 186,500 -3,750 1.28 EUROMED 4.96 5.19 5.19 5.19 400 2,076 MABUHAY VINYL 5.19 5.19 CONCEPCION 10.78 10.78 10.5 10.78 10.78 10.78 500 5,390 0.13 0.131 0.131 0.135 910,000 121,070 0.135 0.135 GREENERGY INTEGRATED MICR 5.49 5.5 5.3 5.55 5 5.5 6,991,400 37,321,880 5,718,426 2.66 2.6 2.74 2.44 2.73 3,502,000 9,191,700 -628,520 IONICS 2.73 CIRTEK HLDG 1.3 1.31 1.33 1.35 1.27 1.3 3,924,000 5,141,590 46,980

WARRANTS

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 6, 2026

1.1

1.04

1,000

1,040

0.335 1.37 0.02 2.6

0.34 1.36 0.02 2.6

0.34 1.37 0.02 2.65

0.32 1.36 0.02 2.6

0.32 1.37 0.02 2.65

590,000 100,000 900,000 3,000

190,500 136,050 18,000 7,900

32,500 -5,250

EXHANGE TRADE FUNDS ATR FAMI ETF

97.1

97.1 97.1 97 97.1 1,230 119,420 4,855

www.businessmirror.com.ph

Banking&Finance

BOC asks for comments on deconsolidator rules

HE Bureau of Customs (BOC) is encouraging “interested” private and public stakeholders to submit position papers as the agency prepares to wrap up the set of rules concerning registration of deconsolidators as well as how balikbayan boxes should be handled. In an advisory, the BOC said it is “requesting position papers from all interested private and public stakeholders in preparation for the finalization of the draft Customs Administrative Order (CAO) on the “Rules and Regulations on the Registration of Sea Cargo Deconsolidators as Third Parties and the Conduct of their Business with the Bureau.” According to Maersk, deconsolidators are entities that break down a large shipment into smaller units. (https://tinyurl.com/ yhycn43z) According to the BOC, it is accepting position papers from November 6 to 13,2026, closing exactly at midnight, Philippine standard time, a deadline that will be “strictly enforced” by the agency. The BOC said stakeholders are invited to attend the online public consultation to be held on November 13 at 1:00 p.m. onwards. The agency attached to the Department of Finance (DOF) explained the CAO covers the registration of Philippine-accredited Deconsolidators handling sea cargoes in relation to the “Amended Rules on Consolidated Shipment of Balikbayan Boxes” and on the “Registration of Third Parties dealing with the Bureau,” in relation to CAO 7-2022 on “Accreditation of Importers,” as amended.

Balikbayan boxes

THE draft order noted that registration of forwarders for cross border shipments under e-commerce shall be governed by another regulation. The BOC said the CAO aims to provide the rules and regulations for the registration of deconsolidators with the Bureau. Moreover, this Order aims to identify the obligations and liabilities of deconsolidators and their counterpart consolidators on the handling of consolidated shipments, including balikbayan boxes for the protection of the public, the Bureau said. On top of these, the CAO for deconsolidators aims to “provide the grounds for the suspension, cancellation, or revocation of the registration of deconsolidators with the Bureau.” The BOC said deconsolidator shall refer to “a local freight forwarder doing business in the Philippines and acting as subsidiary, parent company or a branch office of the Consolidator, that provides services to ungroup or deconsolidate shipments, orders, goods, etc. to facilitate distribution.” “Deconsolidator, as used in this

CAO shall refer to Deconsolidators of balikbayan boxes, loose cargoes, breakbulk shipments, etc., by sea,” added the Bureau. The BOC emphasized that deconsolidators shall be subject to the “supervision, regulation, and monitoring of the Bureau in relation to the importation, movement, storage, and clearance of goods, for and on behalf of another person.”

Other requirements

THE Bureau also noted that deconsolidators handling balikbayan boxes shall be required, as a condition for registration and operation, to maintain an “affiliate consolidator” in the country of origin where such balikbayan boxes are collected. An “affiliate” shall refer to: a subsidiary of the deconsolidator duly organized in the country of origin; a parent company of the deconsolidator duly-organized in the country of origin; a company duly organized in the country of origin that is directly or indirectly controlled by the same person or entity that directly or indirectly owns or controls the deconsolidator; and, a branch office of the deconsolidator established and registered in the country of origin. Further, the CAO also noted that deconsolidators shall pay a registration fee in the amount of P10,000 upon submission of its application. Deconsolidators registered with the Bureau shall be issued a “Certificate of Registration” signed by the Commissioner of Customs, the BOC said. “The certificate of registration shall be valid for a period of three years from the date of its issuance, unless sooner revoked or cancelled,” the Bureau also noted.

Conduct of business

THE Bureau said penalties shall be imposed for specific violations. If a deconsolidator is found conducting business without registration with the Bureau or other relevant government agency, a first-time offender shall be slapped with a P300,000 penalty while second-offense warrants blacklisting. Failure to maintain an affiliate consolidator in the country of origin, meanwhile, merits “preventive suspension of operations in the concerned country/ies of origin.” Failure to report loss, termination, or material alteration of affiliation to the Bureau within ten calendar days from occurrence thereof, and failure to maintain the same, warrants “warning to suspension up to 30 days” for first offense. For second offense, this would merit suspension from one month and one day to six months. For third offense, this warrants revocation, the draft CAO noted. Andrea E. San Juan

BusinessMirror

@villygc

STUDY by the country’s first comprehensive private credit reference agency showed credit perception either held or improved in Luzon, Visayas and Mindanao, suggesting that broad-based progress is being observed across the country rather than concentrated in specific regions. According to the 2026 credit perception index by TransUnion Information Solutions Inc., Mindanao posed the biggest gain in perception to 77 out of 100 up by 3 points from the previous score, while Luzon including Metro Manila, increased by 1 point to 74. Visayas, meanwhile, was flat at 75 points. Mindanao’s improvement was driven by gains across six out of seven score factors, including prod-

uct knowledge (+7 points), favorability (+6 points), stigmas (+5 points), product trust (+4 points), as well as credit messaging and reservations (both +3 points). The Philippines scored an alltime-high of 75 out of 100, 2 points higher than last year. Similar patterns were observed in Luzon and Visayas, where most score factors improved or remained stable. In Luzon, five of seven score factors improved, while in Visayas, softer credit messaging and reservations were offset by gains in product trust and knowledge. “It’s encouraging to see credit perception improved across the country this year. Every island group held or improved its score, which tells us that consumer confidence and knowledge in credit is building broadly — not only in and around the capital.

‘Govt package of response needed to quell inflation’

By Andrea E. San Juan

HILE a central bank official expects a more aggressive policy stance to contain second-round effects of inflation, he believes a follow-up action on the cumulative 125-basis-point rate increase this year should be backed by a “package of response” from the government.

Speaking at the “Philippine Economic and Investment Briefing” in Iloilo last Friday, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Zeno Ronald R. Abenoja noted that the central bank’s policy intent in the past eight months “is to have an influence on second-round effects and also on inflation expectations.” “The BSP has moved interest rates four times since April—three times 25 [basis points] bps each and then 50bps two weeks ago,” Abenoja said. “But that may not be enough. We need to do more.” And here, according to him, is where “the entire package of response” is important. “So we have the national government addressing directly some of the impact of this inflation,” Abenoja said noting that some government measures “are meant to mitigate the impact, like direct transfers to the vulnerable sector [while] some measures are really to provide supply to some of these

commodities.” The latter, he added, ensures “that we have enough inventory coming from abroad like oil or some food commodities to try to mitigate the impact of these shocks to various components of inflation.” “And that is maybe what it takes in the next few months to make sure that the initial impact will be more manageable,” Abenoja pointed out further.

Aiming for 2028

ABENOJA expressed hope that in the next two to three years, the central bank will be able to bring back inflation, the rise in the prices of goods and services, back to the 3-percent target. “Right now, our thinking is 6 percent this year, averaged for inflation. Next year, it might still be 6 percent partly because of the impact of [the] El Niño,” he said. “It will be probably by 2028 that we will have inflation nationally close to our target. Our

target is 3 percent average and it may take until 2028.” Looking at this trajectory, the central bank official emphasized the need to “do the actions right now to make sure that we have that path of inflation coming back to target within the next two years.”

Strategic focus

ABENOJA, meanwhile, said that in terms of weight, the BSP’s priority is “tilted towards inflation.” Explaining the main role of the central bank in the country’s package of response, he said that the main contribution of monetary authorities “is to make sure that inflation is influenced to go back to target within the next one to two years.” “We will do it gradually so that, in a sense, we can help the adjustment of the economy,” he said. Not leaving economic growth behind, he assured the public that “the growth rate will be managed as we try to rein in on inflation.” “Because if we are not able to influence inflation early enough, what that means is that in the future, we may need more drastic actions in terms of monetary policy. And that could be more disruptive and even more painful at the adjustment,” the BSP deputy governor explained further. As such, he said the central bank is trying to avoid such an occurrence by “acting early, acting on time” to make sure that inflation ease. “That will be our contribution. And then it will be complemented by the more direct measures to address growth, to address employment, to address help to those adversely affected by the increase in inflation,” Abenoja emphasized.

Jump, drop

IN a separate commentary, Japanbased Nomura Global Markets Research said the central bank will likely raise the key interest rate by another 50 basis points at its December rate-setting meeting after the sharp pickup in core inflation in October. “The sharp pickup in core inflation does not only validate BSP’s more aggressive tightening in October, but it could also be a bigger worry for BSP, as it is likely to view the outturn as a sign of intensifying second-round effects from the energy price shock, which is being exacerbated by a likely El Niñodriven increase in food prices,” Nomura said in a commentary over the weekend. 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. Nomura said the “significant” drop in Brent crude oil following the US midterm elections may provide some “reprieve,” but core inflation could continue to rise, warranting more BSP monetary tightening. “We therefore still forecast another 50bp hike to 6 percent at BSP’s next monetary board meeting in December, followed by a 25bp hike in Q1 [first quarter] 2027,” added Nomura. For this year, headline inflation has so far peaked at 7.8 percent in October. This was the fastest in nearly four years or since February 2023 when it reached 8.6 percent. (See: https://businessmirror. com.ph/2026/11/06/3-yr-highcore-inf lation-merits-50-bpsrate-hike/)

Binance’s CFO leaves firm in wake of $6B crypto heist By Muyao Shen & Colin Keatinge

SSC MEMBER

This November 6, 2026, photo courtesy of the Social Security System shows Finance Secretary and Social Security Commission Chairman Frederick D. Go today, administering the oathtaking of Emmanuel De Leon Samson as the new Member of the SSC, the policy-making body of the Social Security System at the DOF Central Office in Roxas Boulevard, Manila. In January, he was designated Special Envoy of the President of the Republic of the Philippines to the Kingdom of Thailand. SOCIAL SECURITY SYSTEM

Credit perception seen improving across Philippines By VG Cabuag

Editor: Dennis D. Estopace • Monday, November 9, 2026

That kind of nationwide progress is a strong and positive signal toward greater financial inclusion,” Peter Faulhaber, president and CEO of TransUnion Philippines, said. Some two years ago, TransUnion’s Credit Perception Index, an annual survey, found Filipinos outside the capital lagged behind how they view credit. This year, however, the first regional view shows credit perception holding or improving in Luzon, Visayas and Mindanao alike. Filipinos in different parts of the country engage with credit, digital tools and financial information in their own ways, and meeting them where they are is how that progress becomes lasting financial inclusion. “There is no one-size-fits-all approach to advancing financial inclusion. Understanding local needs and

behaviors through more granular insights can help stakeholders develop solutions, education initiatives and engagement strategies that resonate best with communities – which is how broad progress becomes genuine, inclusive participation,” Faulhaber said. In the Philippines, TransUnion works alongside financial institutions, government and industry partners to expand access to financial services and support broader financial inclusion. Introduced in 2023, the study examines Filipinos’ knowledge, trust, and favorability toward credit and other financial products, including the factors that influence their attitudes, behaviors and financial decisions, with the goal of supporting broader financial inclusion in the Philippines.

AISER Ng, the chief financial officer at Binance Holdings Ltd., the world’s largest crypto exchange, is leaving, the company announced just days after hackers stole more than $6 billion in cryptocurrency from the platform. “Kaiser Ng has decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last six months,” Binance co-Chief Executive Officer Yi He said in a statement. “We wish him the best in his next chapter.” Justin Yek will become the firm’s new CFO, she said. Hackers stole $6.3 billion from Binance last week in the biggest heist in cryptocurrency’s history. It came as the industry leapfrogs into the mainstream at a time when the ascent of artificial intelligence presents ever-increasing cybersecurity challenges.

Crypto exchanges Bitget, Bybit and other platforms have also suffered major hacks. The FBI said on October 31 that North Korea was responsible for the Binance attack. The exchange subsequently said it had covered about 90% of the $6.3 billion, making progress on its pledge to fully reimburse customers. Ng joined the firm in January 2022, according to his LinkedIn profile. Before Binance, he was at Kraken, another crypto exchange, for about five years. Ng did not immediately respond to a request for comment via Linkedin. Yek was most recently at payments platform Airwallex as vice-president of finance. “I am thrilled to step into the role of CFO at Binance,” Yek said in the statement. “I look forward to leading our finance organization as we continue to scale responsibly and deliver on our mission globally.” Bloomberg

briefs

➔ AI firm, fintech ink deal TRUSTING Social AI Philippines Inc. it has been tapped by Dark Knight Lending Inc. (Datung) allowing the latter to integrated its AI-powered telco credit score into the underwriting engine of Datung. The integration lets Datung approve loans for Filipino micro-entrepreneurs who have no borrowing history to show a bank. According to Trusting Social, Datung’s integration with its system “covers unsecured personal loans and microfinance.” Applicants are assessed through alternative credit scoring rather than financial statements, which most micro-enterprises do not keep, a statement read. Instead of financial statements, Trusting Social’s alternative credit scoring models read behavioral signals: how consistently a person pays, how stable their activity is, and the patterns they have built over years. The models return a score in seconds, which Datung’s engine uses to make the loan decision.

➔ DBP backs Tarlac reforestation THE state-owned Development Bank of the Philippines (DBP) announced it has formalized a P5.39-million assistance under its corporate social responsibility (CSR) program for the environment to the Provincial Government of Tarlac to jumpstart reforestation activities in the town of San Jose, DBP President and CEO Michael O. de Jesus said in a statement. He added that the bank’s assistance would enable the local government to plant 22,440 native and fruit-bearing trees in at least 100 hectares of open and degraded grass and forest lands. As of end-September, DBP has released P124.98 million covering 57 projects, with 6.74 million seedlings planted in 6,545 hectares in various provinces nationwide.

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CLIMATE OF URGENCY: Guterres makes final appeal to world leaders as climate fight reaches ‘moment of truth’

UNITED Nations Secretary-General António Guterres urges the world to take climate change seriously, warning that it poses an “existential threat” to humanity. “The first thing we need to fight is for our own lives,” he says in his final appeal for stronger climate action. Guterres speaks at UN headquarters on October 30, 2026. AP/YUKI IWAMURA

By Seth Borenstein

change, who often didn’t cause the problem. “Fossil fuel companies are making huge profits and obviously those windfall profits should be taxed and those taxes should be applied in supporting the countries that are having the more dramatic impacts of climate change,” Guterres said. Talking earlier this month with a science team on a drifting platform in the middle of the Arctic Ocean, Guterres mentioned that his trip to Mount Everest and chats with researchers changed him. He said the conversations created “a sense of fury in relation to those who go on, if not denying, at least refusing to take the measures that are necessary to stop this madness.”

The Associated Press

S United Nations climate talks kick off in Turkey on Monday, Secretary-General António Guterres has an urgent message for world leaders: “This is a moment of truth.”

He’s delivered variations of this ominous war ning about c limate change, caused by the burning of fossil fuels like oil and gas, in the past decade, often with increasingly hyperbolic language. Three years ago, he even said, “the era of global boiling has arrived, “ referring to rising temperatures and increasing extreme weather, both results of climate change. But this time, it will be his last global warming sermon as head of the United Nations as his second and last term expires at the end of the year. And the sense of urgency is palpable in a world with worsening killer heat waves, storms, floods and droughts amid ever higher temperatures and, on top of all of it, El Niño, a naturally occurring climate pattern that scrambles weather systems around the globe. “This is a moment of truths. We can no longer wait, we can no longer have endless discussions in which everybody tries to push the responsibility to someone else. Everybody must do more, everybody must do more now,” Guterres said he will tell leaders of the U.N. climate conference, known as COP31, scheduled Nov. 9-20. The “moment of truth” message weighs so heavily that the SecretaryGeneral used the phrase three times in 20 minutes during a recent exclusive interview with The Associated Press from his 38th floor conference room at U.N. headquarters. He discussed his one last push in the fight against climate change and a ten-year tenure where he became one of the most visible advocates urging often recalcitrant countries to do more to reduce their emissions of heat-trapping gases.

also weighs heavily as he recalled his personal climate moment of truth. It was, he said, “one of the most difficult days of my life.” It came last year when he consulted with scientists before a major speech on climate. As he had for nine years, Guterres was going to insist that the 2015 Paris Agreement’s main goal — limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) since pre-industrial times—was still alive. He was going to say the world needs to do far more to keep below that threshold, and that it was doable. “Scientists told me you cannot say that because that’s no longer true,” said Guterres, an engineer before his political career. Too much carbon dioxide and other greenhouse gases, the result of burning fossil fuels, had been released into the atmosphere. “That was an enormous shock for me,” he said. Now the U.N. is trying to limit how much past that threshold the world heads. It felt like a failure, Guterres said. “But it’s not the world that’s failed, it’s the political leadership that’s

One of the most difficult days

HOUSES damaged by recent flash floods stand amid thick layers of sludge, mud and debris in Nepal’s Nuwakot district, Tuesday, September 8, 2026. AP/DAR YASIN

THE gravity of global warming reality

Praised as a climate champion despite limitations

A RESIDENT fills their container with clean water as others wait for their turn from a tanker truck amid a drought in Sanggau, West Kalimantan, Indonesia, September 11, 2026. AP/TATAN SYUFLANA failed,” Guterres said. Protecting the planet, he said, requires a long-term strategic view. Yet in many political systems “there is no strategic view. And policies change frequently, not allowing the kind of constant determined investment that is necessary,” Guterres said. He pointed to his tenure as Portugal’s prime minister in the late 1990s to show it’s possible to invest long term in a greener future. He added that a worldwide boom in wind and solar power as cheaper alternatives to fossil fuels gives him hope. With wars raging in Ukraine and Iran and worries about artificial intel-

ligence — which he also tried to rally world leaders around — there are a lot of threats out there, Guterres said. “The problem is that all these things are getting combined,” Guterres said, noting the huge electricity and water consumption and carbon emissions of AI. War-related energy shocks show that relying on fossil fuels is a fundamental security problem, he said.

Warning of a disaster that then came THREE years ago, Guterres toured the highest peaks of Nepal, warning of a future with swollen glacier-fed lakes

bursting and devastating floods and landslides. “I am here today to cry out from the rooftop of the world: Stop the madness,” Guterres said in 2023. “The glaciers are retreating, but we cannot,” he said. “We must end the fossil fuel age.” “Unfortunately they came sooner than what I expected,” he recalled in the interview. Floods in August killed more than 1,400 people with another 5,600 missing. Scientists said climate change played a role in the disasters. Guterres said someone needs to pay to help the victims of climate

PEOPLE wade through floodwaters after heavy rain in Bangkok, Thailand, Sunday, September 27, 2026. AP/SAKCHAI LALIT

“ANTÓNIO GUTERRES has consistently been eloquent, forceful and right on target in all of his many statements and initiatives to address the climate crisis,” former U.S. Vice President Al Gore said. “He’s been so active on this issue because he understands clearly that it is the greatest challenge facing humanity.” European Climate Foundation CEO Laurence Tubiana, who presided over the negotiations that resulted in the Paris Agreement, said Guterres “has done what he could, even pushing the ball much, much farther than any other SG, to the point that he may have been represented in a very adversarial context.” Because nations don’t have to do what the U.N. or its leaders ask and superpowers have veto authority, Guterres said his position as secretary-general “ has no real power. We have not much money you know. But there is one thing we have: A voice.” That’s why he simply has three words of advice to whoever succeeds him: “Tell the truth.” The UN Security Council is still deciding on who will be the next secretary-general. The one message Guterres said he wants the public to remember on climate change: “Take it seriously because it is an existential threat. And the first thing we need to fight is for our own lives.”

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Style

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Editor: Gerard S. Ramos • Monday, November 9, 2026

Stride into the holidays in style

P-BEAUTY’S BREAKOUT YEAR: 5 FILIPINO BEAUTY LAUNCHES THAT DEFINED 2026

FROM customizable makeup and creator collaborations to innovative skincare, 2026 has been an exciting year for Philippine beauty. For years, Filipino consumers have looked to K-beauty, J-beauty, and Western brands for the latest cosmetics and skincare innovations. But Philippine beauty, or P-beauty, is increasingly carving out its own identity. Homegrown brands are moving beyond simply offering local alternatives to international favorites. They’re experimenting with new formats, collaborating with creative talents, and developing products that reflect the evolving needs and preferences of Filipino consumers. As 2026 approaches its end, here are five standout P-beauty launches that caught our attention. n EVER BILENA COQUETTE COLLECTION: A celebration of femininity. Ever Bilena embraced romantic, feminine aesthetics with its Coquette Collection, a 25-piece makeup lineup inspired by delicate bows, soft pinks, and vintage boudoir glamour. Launched in August, the collection features five product categories, including Le Petit Palette, Rococo Lipstick, Chiffon Blur Dip, Bisou Juicy Tint, and Soirée Liquid Blush. Beyond the products themselves, what makes Coquette noteworthy is its cohesive storytelling. From its thoughtfully designed packaging to complementary shades and textures, the collection creates a distinct beauty experience. n VICE COSMETICS X LIERGE: WHEN CREATORS BECOME COLLABORATORS. Vice Cosmetics partnered with beauty creator Lierge Perey for V x Lierge, a limited-edition collection launched in October. Its standout feature is the Three Strikes magnetic palette system, allowing consumers to customize their makeup kits by combining eyeshadows, blushes, and contour products. The collection also includes lipsticks and lip liners. The collaboration highlights the growing influence of content creators beyond traditional endorsements. n SUNNIES FACE X JELLY EUGENIO: BRINGING PROFESSIONAL ARTISTRY TO EVERYDAY MAKEUP. Sunnies Face collaborated with renowned Filipino makeup artist Jelly Eugenio to launch Skin So Good, a complexion-focused collection designed to simplify achieving a flawless-looking base. Introduced in September, the collection features color correctors, long-wear foundation, blurring powder, and setting spray, alongside complementary makeup tools. Its RealSkin Longwear Foundation also incorporates skincare ingredients such as niacinamide, hyaluronic acid, and ceramides. By translating professional makeup artistry into an approachable routine, Skin So Good reflects the growing sophistication of Filipino consumers and their expectations of local beauty products. n 4. CARELINE STACK & GO: CUSTOMIZATION MEETS CONVENIENCE. Careline took a different approach to makeup innovation with Stack & Go, a customizable collection featuring 40 product options across complexion, cheek, lip, and skincare essentials. Launched in September, its defining feature is a modular stacking system that allows users to mix, match, and assemble their own portable makeup kits. Designed for consumers constantly on the move, Stack & Go combines practicality with creative self-expression. n HELLO GLOW ANTI-POLLUTION TINTED SUNSCREEN: SMARTER EVERYDAY SUN PROTECTION, Hello Glow introduced an upgraded version of its Anti-Pollution Tinted Sunscreen in October, featuring an improved formula, refreshed packaging, and a larger 50g format. Offering SPF 50+ PA++++ protection, the sunscreen combines a tone-adapting tint with skincare ingredients such as niacinamide, hyaluronic acid, and vitamin E. It also features Pollustop Technology, designed to help protect the skin against environmental pollutants. In a tropical country like the Philippines, multifunctional products that combine sun protection, skincare, and light cosmetic coverage are particularly relevant. Together, these five launches reveal an encouraging shift in the Philippine beauty landscape. Ever Bilena demonstrates the power of branding and storytelling. Vice Cosmetics showcases creator-led product development. Sunnies Face brings professional expertise to everyday makeup. Careline explores customization and convenience, while Hello Glow focuses on functional skincare improvements. Although each approaches innovation differently, all of them offer consumers something beyond another conventional beauty product. The future of P-beauty isn’t simply about keeping up with global trends. It’s about creating products, experiences, and innovations that are distinctly Filipino and truly worth celebrating.

TRIDE confidently into this hectic holiday season. With these sensational footwear selections, you get the style and the stamina: n Clarks launches Cloudsteppers. From England, Clarks has been at the forefront of innovative shoemaking since its foundation in 1825 by brothers James and Cyrus Clark when they made a slipper from sheepskin cutoffs. This year, the brand introduces Cloudsteppers, with its signature “cloudlike comfort” or “walk-on-air feel,” to the Philippines. Cloudsteppers products combine lightweight comfort, dependable quality and exceptional everyday value, and come in ultra-light sneakers to easygoing sandals, bringing effortless comfort and style to everyday moments perfectly suited to the warm climate and on-the-go lifestyle of Filipinos. Clarks is exclusively distributed by Stores Specialists Inc. (SSI), the Philippines’ largest specialty retailer. n Melissa celebrates 45 years. With 400 exclusive stores in Brazil and 189 retail locations worldwide, Melissa has collaborated with renowned fashion icons such as Jean Paul Gaultier, Marc Jacobs, Comme des Garçons, Karl Lagerfeld, and Vivienne Westwood. Launched in 1979 by the Grendene group, Melissa was created with the goal of connecting fashion, art and design. The brand’s first model, the Melissa Aranha, was inspired by the fisherman’s shoes from the French Riviera. Melissa, the jelly-shoe pioneer, uses Melflex, “an original vegan formula, the brand combines fashion with sustainability, reaffirming its commitment to a sustainable journey.” This year, the brand launches the Jelly Collection, and the Fall/Winter 2026 Collection called Delirium. The brand said in a statement: “Together, the Jelly and Delirium collections embody the two defining pillars of Melissa’s identity: honoring the innovation that established the brand as the original jelly shoe pioneer, while continually reimagining what its signature material can become.” n Shoe Avenue opens at Spatio in Opus Mall. Marikina’s fabled footwear brands find a curated space, called Shoe Avenue, at the Spatio department store at Opus Mall in Bridgetowne, Quezon City. It is organized by Unyx Santa Ana, the founder of footwear design hub Zapateria, who invited seven other Marikina-based brands to gather in one retail area. The lineup includes Alunsinag, which is renowned for the Pya Mules; Hayo, with its comfy and functional flip-flops; Bucroe, a bespoke house making custom-fit leather dress shoes; newcomer Charis, with woven and leather mules; Posh Pocket, with foldable flats and ballerina

shoes; Bida Loca, with its signature colorful Bobbles and daily leather essentials; Wumwum, with footwear for toddlers and its Rascal sneakers. Shoe Avenue honors the actual Shoe Avenue in Marikina, which propelled the city’s reputation as the “Shoe Capital of the Philippines.” The established and emerging brands found at Spatio hopes to continue this legacy. n On ignites movement at BGC. Born in the Swiss Alps in 2010, On vowed to ignite the human spirit through movement—a mission that still guides the brand today. It has grown from a runningfocused label into a global sportswear brand spanning running, training, outdoor, tennis, and lifestyle On November 7, On opened its first dedicated store in the country in partnership with SSI. It is located at Central Square, Bonifacio Global City, in Taguig, a very active lifestyle district. On also launched the On Run Club, extending the store experience beyond its walls and onto BGC’s running routes. It brought runners together for a community run, guided by partner-run clubs across designated pace groups. With its award-winning CloudTec and LightSpray innovation, purposeful design and groundbreaking strides, On continues “to inspire people to explore, discover and Dream On.” A standout design, LightSpray “represents a revolutionary manufacturing approach, crafting an ultra-lightweight, seamless upper in a single

automated step, new approach to footwear construction, creating an ultra-lightweight, seamless upper designed to deliver a close, distraction-free fit.” The laceless upper, as featured in the LightSpray Cloudmonster 3 Hyper, is paired with CloudTec cushioning and Helion HF hyper foam to deliver lightweight comfort, cushioning, and responsive energy return for demanding training sessions. Another sensational shoe which brings an energetic feel to everyday running is the Cloudmonster 3. It has a triple-layer CloudTec cushioning system, which is engineered to absorb impact and deliver a responsive, forward-rolling ride, making it a compelling option for runners building consistency across their weekly miles. “We are excited to introduce On to the Philippines and bring its unique combination of Swiss innovation, performance, and design to Filipino consumers. On has redefined the running experience and established itself as one of the most exciting brands in the global sportswear industry,” said Anton Huang, president and CEO of SSI Group Inc. “With the opening of its first dedicated store and the launch of On Run Club, our ambition is to go beyond retail: to build a vibrant community, inspire more Filipinos to embrace movement, and establish On as a leading performance sportswear brand in the country.”

Shopping for practical holiday gifts FOR the holidays, since you need to give gifts to a lot of people, I assume you are working within a reasonable budget. That means, it isn’t that easy to shop for your gift list unless you have a lot of money. Personally, I like choosing gifts that are practical. I give things that my family and friends can use. The 2027 Starbucks Traditions Travel Case with Towel, a white hard case with a luggage finish, can store makeup brushes and vitamins and medication. There has been criticism about the way the case has been designed but the way I see it, you put it down on a dresser to access your stuff instead of carrying it around. You can also place it inside a bag. The case comes with a small towel that you can use to wipe surfaces or bottles and jars with when you travel, or wrap fragile beauty stuff in. For 19 e-stickers from Starbucks, it’s not an inexpensive gift but if you drink coffee everyday, it’s worth it for someone special in your life. FEMTECH Lab is the haircare line of Target Pro by Watsons so you know it’s good. Products under this premium line are developed through scientific and dermatological studies by Japanese experts. You’ll see Target Pro by Watsons and FEMTECH Lab products at Watsons stores in upscale locations such as Power Plant Mall in Makati. Hair products are always good gift items especially since they’re so expensive these days. FEMTECH Lab has the Anti-Hair Fall Root Balance Scalp Serum (₱1,199), the Anti-Hair

Fall Root Renew Scalp Serum (₱1,199), the Anti-Hair Fall and Clarifying Shampoo (₱899), and the AntiHair Breakage and Shining Conditioner (₱899). The products address dry scalp, oily scalp, thinning-prone scalp, and sensitive scalp. I recently visited LOOK At Me in SM Mall of Asia, which celebrated its 6th anniversary and picked up a tube of NYX Butter Gloss, easily my favorite lip gloss. This would make a great gift for your younger sister or Gen Z workmate, who likes glossy lips more than fullon color. This lip gloss is favored for its smooth, nonsticky texture and sweet scent. It’s also comfortable to wear and really moisturizes lips. I never realized until lately that so many people suffer from skin conditions. I am late to the CeraVe party but I can no longer survive without their Moisturizing Cream. This cream contains ceramides

to provide lasting hydration and help maintain the skin barrier to soothe itchy, dry skin on the face and body. I use it on my face and body. I usually get mine from LOOK At Me (₱1,400+) because they always have it in stock. Even the brand’s online channels can’t keep this in stock, so I am sure there are those on your gift list who will appreciate a tub of this. This is not beauty-related but coffee lovers would appreciate a box of Oatside’s Coffee Latte (₱39 per bottle) which balances the flavor of expertly roasted coffee and Oatside’s signature, creamy roasted oat milk in a single 240mL serving, sealed for freshness (great for when you’re on-the-go). “We wanted to make a good oat milk coffee fit seamlessly into everyday life—from the morning commute to that afternoon pick-me-up. Oatside Coffee Latte brings that café-style experience wherever your day takes you,” said Mario Dagdag, country head of Oatside Philippines. Best of all, Oatside Coffee Latte is still plant-based, trans fat-free, and lactose-free. A tube of hand cream is also a gift that (almost) anyone would welcome. While I love L’Occitane, I also use Trader Joe’s Ultra Moisturizing Hand Cream. I got my first tube from my mom but I bought a second one from LOOK At Me. Whenever I buy gifts, I always ask myself: Would I want to receive this? If I answer yes, then that’s most probably a good one.

FAB FOOTWEAR Clarks, On, Shoe Avenue, Melissa

Monday, November 9, 2026

This Christmas, give the gift of a Philippine getaway

ooking for a Christmas gift that’s a little different this year? How about giving someone a trip to look forward to? From beach escapes and mountain retreats to relaxing city stays, a Philippine getaway could be just the gift for family, friends, or even yourself. The Department of Tourism’s (DOT) Discover More to Love campaign, in partnership with the Hotel Sales and Marketing Association (HSMA) Philippines, makes it easier to plan that next escape with special offers from 68 participating hotels and resorts nationwide. All participating properties are HSMA members and DOT-accredited establishments. Travelers can enjoy discounts of up to 50 to 70 percent on accommodations, with choices ranging from Metro Manila and nearby destinations such as Tagaytay, Batangas, Clark, and Baguio to popular island destinations including Boracay, Cebu, Bohol, Iloilo, and Palawan, as well as Davao. Among the featured offers are Boracay stays at Savoy Hotel starting at P3,800 per night, Four Points by Sheraton Boracay at P5,500, and Feliz Hotel at P4,488. In Makati, Dusit Thani offers up to 32 percent off, while Diamond Hotel offers 40 percent off room rates. Those heading to Tagaytay can enjoy stays at Taal Vista Hotel starting at P6,300, while Sotogrande

PhilHealth warns against unauthorized solicitations, impersonation of head

Hotel in Baguio has rates starting at P4,299. A particularly timely feature of the promotion is HSMA’s Book & Buy voucher program, which allows guests to purchase their hotel stays in advance and schedule their actual trips for later, subject to individual property terms and validity. The vouchers also make thoughtful Christmas gifts, offering loved ones the promise of a future weekend away, a family holiday, or a well-deserved break from the everyday routine. With destinations and accommodations to

suit different budgets and travel preferences, Discover More to Love encourages Filipinos to explore more of the country while enjoying great value on their next stay. Browse participating hotels and their offers at deals.hsma.org.ph, or visit HSMA Philippines on Facebook (@HSMAPH) and Instagram (@hsmaphilippines) for individual property promotions. Give the gift of travel this Christmas. Purchase your HSMA Book & Buy voucher before November 30, 2026, and start planning your next Philippine getaway.

HE Philippine Health Insurance Corporation (PhilHealth) warns the public, healthcare providers, partners, and stakeholders against unauthorized individuals or entities posing as Acting President and CEO Dr. Beverly Lorraine Ho to solicit money, donations, sponsorship, or unauthorized financial transactions. PhilHealth strictly clarifies that neither Dr. Ho nor any official or employee of PhilHealth is authorized to solicit funds, donations, or personal bank transfers from the public or our partners. Any message, call, email, or social media account requesting payments or financial aid under the name of PhilHealth, its officers and employees are fraudulent and part of an illegal scam. PhilHealth reminds the public that all legitimate transactions and inquiries must be routed through our PhilHealth Regional

Offices (PROs) or Local Health Insurance Offices (LHIOs). In addition, the public is strongly advised to obtain information solely from PhilHealth’s official communication platforms: Official Website: www.philhealth.gov.ph 24/7 Corporate Action Center Hotline: (02) 86622588 Mobile Hotlines: Smart: 0998-857-2957 | 0968-865-4670 Globe: 0917-127-5987 | 0917-110-9812 Email: actioncenter@philhealth.gov.ph Facebook: PhilHealth Official (@ PhilHealthOfficial) X: @teamphilhealth Anyone who encounters suspicious activities, messages, or calls claiming to represent APCEO Beverly Lorraine Ho or any PhilHealth officer is urged to refrain from engaging and to report the incident immediately to the PhilHealth Corporate Action Center or the nearest PhilHealth Regional or Local Health Insurance Office.

NutriAsia partners with Dairy Plus to bring Dutch Mill ChocoPRO to Pinoy families

At the official NutriAsia and Dairy Plus Distribution Partnership Signing Ceremony were, from left, Amparo “Ampy” C. Rio, General Manager, NutriAsia, Inc. who looks on as Disny John, Head of International Business, Dairy Plus Co. Ltd., shakes hands with Mario B. Mendoza Jr., Head of New Business Development and International Business, NutriAsia, Inc., immediately after formalizing the strategic agreement to bring Dutch Mill ChocoPRO to Filipino children nationwide.

UTRIASIA, Inc., makers of the Philippines’ best condiments, sauces, dips and beverages, has signed a strategic distribution partnership with regional dairy leader Dairy Plus Co., Ltd. (Dutch Mill Group) to bring Dutch Mill ChocoPRO to Filipino families nationwide. The agreement, signed last October 20, 2026, combines NutriAsia’s extensive distribution network with Dutch Mill Group’s expertise in dairy innovation. The partnership aims to make ChocoPRO part of the daily routine of Filipino children as a nutritious option for school baon and everyday snacks. Formulated with ProQ+, a blend of 12

essential vitamins and minerals, Dutch Mill ChocoPRO is designed to help support the nutritional needs of growing children. Combining the delicious chocolate taste kids love with essential nutrients that may help support strength, energy, and normal immune function, ChocoPRO is crafted to complement children’s active lifestyles— helping them stay ready for everyday demands. Highlighting the milestone, Ampy C. Rio, General Manager of NutriAsia, Inc., stated, “Our mission has always been to create Masarap, Masaya moments with our portfolio of world-class and high-quality products. Partnering with Dairy Plus to

distribute ChocoPRO allows us to extend this commitment beyond our usual offerings. Leveraging our nationwide commercial strength, we are excited to ensure that every Filipino child has access to nutritious, delicious chocolate milk that powers their potential every day.” Following the signing, Dutch Mill ChocoPRO is now rolling out across major supermarkets, groceries, sari-sari stores, and regional retail outlets, making it easily accessible to families nationwide. It is also available for online purchase via NutriAsia’s e-commerce platforms. Mario B. Mendoza Jr., Head of New Business Development and International Business at NutriAsia, Inc., emphasized the strategic importance of the collaboration: “Expanding into adjacent high-growth categories like readyto-drink dairy is a key strategic priority for NutriAsia. By bringing Dutch Mill ChocoPRO into our nationwide distribution fold, we are unlocking significant synergies between global dairy excellence and hyper-local commercial execution. We look forward to scaling this partnership to reach households in every corner of the archipelago.” Disny John, Head of International Business at Dairy Plus Co., Ltd., expressed enthusiasm for the rollout: “We are delighted to collaborate with NutriAsia, a trusted household name in the Philippines. This collaboration reflects our shared commitment to bringing delicious, nutritious, and highquality dairy products closer to Filipino families, making quality nutrition more accessible to children across the country.” The nationwide rollout positions Dutch Mill ChocoPRO as the go-to choice for school baon and daily snacks, with 90ml single-serve packs now widely available wherever parents shop for their children’s beverages.

Latest Photo of 680-room Hotel101-Madrid in Valdebebas, Madrid, Spain

Hotel101-Madrid posts record P209M monthly revenue in October

OTEL101-MADRID, the first Hotel101-branded property outside the Philippines, generated a record P209 million in hotel revenues in October 2026, equivalent to €2.93 million, supported by an average occupancy rate of 97.41 percent. In a disclosure dated November 2, 2026, DoubleDragon Corporation said the 680-room property recorded its strongest monthly performance since opening in March 2026, with an average of about 660 rooms occupied daily throughout October. The company said the results demonstrate strong demand for Hotel101Madrid and support its asset-light, technology-enabled hospitality business model, which combines revenue from the sale of standardized hotel units with recurring income from hotel operations. Hotel101-Madrid serves as the global prototype of the Hotel101 concept. Located in Valdebebas, Madrid, the property is near Adolfo Suárez Madrid-Barajas International Airport, IFEMA convention and exhibition center, Real Madrid Sports City and the Formula 1 Spanish Grand Prix circuit. The hotel has also attracted international guests, receiving a 9.1 rating described as “Exceptional” based on more than 9,700

Manulife Philippines, iCare HMO partner to advance holistic health, financial wellness

ANULIFE Philippines, the local arm of leading international financial services provider Manulife, and iCare HMO, one of the country’s top health maintenance organizations, have entered into a strategic partnership to help companies offer employees more integrated health and financial protection. Through this partnership, Manulife’s group life insurance benefit will be available to select iCare HMO group customers. The annually renewable coverage sits alongside employees’ existing healthcare benefits, giving corporate clients another option for building a more holistic employee benefits package that addresses both medical needs and financial protection. The partnership builds on insights from Manulife’s Asia Care Survey, which found that consumers across the region are placing greater emphasis on holistic well-being. In the Philippines, people are increasingly proactive about their health, prioritizing preventive care and healthier

lifestyles. The survey also revealed that 88 percent of respondents view independence and financial freedom as the legacy they want to leave their loved ones, highlighting demand for solutions that support both healthier and more financially secure futures. “Filipinos are increasingly looking for practical ways to protect their health while strengthening their financial resilience,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines. “Through this partnership, we can complement iCare HMO’s healthcare solutions with life insurance protection for group clients, while exploring new ways to make relevant solutions more accessible. This supports our commitment to help more Filipinos live better for longer.” “Employers and individuals benefit when healthcare and financial protection work together,” said Geronimo V. Francisco, President and Chief Executive Officer, iCare. “Our partnership with Manulife allows us to expand the range of

protection options available to our group clients and explore convenient new channels for broader protection. We look forward to developing solutions that respond to the evolving needs of Filipino employees and families.” Manulife and iCare HMO are co-developing integrated employee benefits solutions that bring their products into complementary offerings, including embedding group life insurance into iCare HMO’s prepaid cards starting November 2026. A two-way distribution framework will also enable each organization to reach customers through the other’s authorized channels and corporate relationships, while longer-term plans will explore coordinated group life, group medical, and broader employee benefits propositions for businesses in the Philippines. As customers’ needs evolve, Manulife Philippines and iCare remain committed to building solutions that help more Filipinos take charge of their health and live more financially secure lives.

reviews across major online travel agencies as of October 31, 2026. Since opening, the property has welcomed more than 95,500 arrivals from over 100 nationalities. Guests from Spain accounted for 39 percent of arrivals, followed by the United States at seven percent, Portugal at four percent, and China and Mexico at three percent each. Europe accounted for 63.3 percent of total arrivals, followed by Latin America at 16.1 percent, North America at 8.5 percent and Asia at 6.2 percent. Hotel101-Madrid’s performance is expected to support the company’s international expansion through joint ventures and, eventually, licensing agreements. DoubleDragon’s next international property, Hotel101-Niseko in Hokkaido, Japan, is scheduled to open in December 2026. The company said the development is expected to become the largest hotel in terms of room count in the KutchanNiseko area. Hotel101 Global aims to develop one million standardized hotel rooms across 100 countries, positioning the Filipinodeveloped hospitality brand for further expansion in international markets.

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Monday, November 9, 2026 B7

Conversations with Gen Alpha

n Ohio WITH apologies to the state itself, Gen Alpha kids “have adopted the word Ohio as slang for anything that’s weird or cringeworthy” says Kleinman. He traces this to a series of inter-

CANVA TO LAY OFF 1,271 EMPLOYEES IN MAJOR GLOBAL RESTRUCTURING CANVA is set to undergo a major organisational restructuring, with 1,271 employees, or approximately 22 percent of its global workforce, affected by the changes as the design platform prepares for its next chapter. In a message to employees, Canva Co-Founder and CEO Melanie Perkins described the decision as the hardest moment in the company’s 13year history, acknowledging the impact on employees, their families, and colleagues. “This is without doubt the hardest moment in our thirteen-year history. Behind every decision is someone we care deeply about, and I know the consequences will be very real for those directly affected, their families, friends and

teammates,” Melanie said. The restructuring comes amid rapid technological changes reshaping how people create and interact with digital products. Melanie also acknowledged that Canva had experienced its most challenging year yet, with growth slowing for the first time in a decade. She also underscored that the company had explored several alternatives before deciding that more substantial organizational changes were necessary.

A shift toward smaller, more empowered teams ACCORDING to Melanie, the changes will focus on three major areas: simplifying team structures, reducing specialization, and increasing in-person collaboration. First, Canva will bring its Product, Growth, and Platform teams together under a single Product Organization. The move is intended to streamline decision-making, strengthen ownership, and reduce the coordination

STUDIOROMAN | CANVA

N a previous column, we spoke of how brands and companies can reach out to Gen Z by understanding the way they speak. We also listed some terms that define them, and what we as communicators can do to connect with them. But wait, Gen Alpha is slowly emerging and that’s something to look out for. Generation Alpha includes anyone born between 2010 and 2024.In an article in Word Smarts, Bennett Kleinman says “they have coined certain words that have found widespread use in society.” This happens with every generation, he says: new kids on the block develop their own words, leaving folks born in each generation to scratch their heads and wonder what these unfamiliar terms mean. But you don’t have to wonder anymore. Whether “you’re a teacher looking for a better way to understand your students, a grandparent who wants to bond with their grandkids, or just someone who loves language and follow the tends, it’s worth keeping up with the newest Gen Alpha slang.” Here he shares with us in his article Gen Alpha Words Confusing Everyone Over 30

net memes in the late 2010s that joked about “weird things that only happen in Ohio”. Today, this can be used either on its own—as weird in response to seeing something unusual or as part of a sentence, “That’s so Ohio” n Mog THE slang term “mog” refers to someone who outclasses the rest, especially in regard to a person’s physical. It is said to be around since 2016, derived from the abbreviation “AMOG,” meaning “Alpha Male of the Group”. Today, heightmogging can refer to one who’s taller than another, while someone with long and luscious hair could be called a hairmogger. n Unc A SHORTENED form of the word “uncle” to suggest that something is outdated or uncool. First gaining popularity in 2021, it can be used to call an order

required to develop and improve its products. “We want to get back to spending more time building, and less time navigating how work gets done,” Melanie said. Second, the company plans to reduce subspecialization and organizational layers by consolidating overlapping responsibilities and incorporating narrower specializations into broader roles. This approach aims to give teams greater responsibility for projects from beginning to end. The third change involves bringing closely connected teams together through increased in-person collaboration. While Canva will continue investing in its global workforce, Sydney will become the primary base for more of its product teams and selected roles across other specialities. Beginning in January 2027, most hybrid employees are expected to spend approximately two to three days in the office each week, depending on local circumstances.

gentleman for doing something outdated. Or as Kleinman says, “you may refer to yourself as having reached unc status as you age and start to feel old.” n 41 THIS is said to be a new version of what kids used to say “67”— pronounced six seven. Kleinman says it is derived from bit of nonsensical slang from the “41 Song” by the rapper Blizzi Boi. The term gained popularity in late 2025 and is devoid of any deeper meaning. n Maxxing THIS applies when you’re going above and beyond to achieve your desired goal. Think “looksmaxxing” which refers to people who want to enhance their appearance through good skin care and cosmetic surgery. Likewise, there is also “sleepmaxxing “when you want to get more rest, and “moneymaxxing” to get richer.

Support for affected employees DESPITE the scale of the restructuring, Canva outlined a range of financial, career, and wellbeing provisions for employees leaving the company. These include at least six months of salary, inclusive of statutory entitlements, regardless of location; the removal of the one-year vesting cliff for employees who joined within the past year; and 12 months of continued healthcare coverage in countries where the company currently provides it. Departing employees will also receive 12 months of access to Canva Care, the company’s employee assistance program, including coverage for family members. Additional career support will include individual coaching, interview preparation, and one year of LinkedIn Premium. Canva will also establish an opt-in alumni talent directory to connect former employees with opportunities through its

n Blep IF you’ve seen animals blep —a cute puppy or a cat with its tongue partially sticking out— this is a term typically used affectionately and positively. It’s likely based on the sound humans make to stick out their tongues to imitate a cute animal. n Fanum Tax WHILE most people over 30 aren’t familiar with the internet gaming streamer Fanum, Gen Alpha is. During his videos, Fanum often playfully grabs a bite off someone’s plate and calls it a tax. This gave rise to the slang term Fanum Tax, which has come to refer to stealing someone else’s food or feeling entitled to a portion of it. n Glaze WE all know glaze as a glossy coating in pottery or icing donuts. But to Gen Alpha, this slang means to “shower someone with excessive praise” often to the

investors, partners, and wider industry network. Employees leaving the company will be allowed to keep their Canvaissued MacBooks. Another initiative is the Canva Collective Fund, which will provide USD 10,000 grants to departing employees interested in launching their own ventures or pursuing projects that support their local communities. The company said it will not take ownership or equity in the initiatives funded through the programme. “While nothing can make this news easier, we’ve tried to reflect those different needs in the financial, career and wellbeing support we’re providing to everyone affected,” Melanie ensured, addressing the support measures.

Preparing for Canva’s next chapter THE restructuring will affect employees across Canva’s global operations in 37 countries, with the timing and process of

point it becomes annoying. To this generation, glaze is often said with a disapproving tone – for example “stop glazing me”, you won’t get a better grade”—implying the praise is unwarranted. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com. For more insights and updates on public relations, follow PR Matters by IPRA Philippines on Tiktok, Youtube, Instagram and Facebook.

individual consultations varying according to local requirements. The company is also preparing to discuss the changes with its remaining workforce through a companywide meeting scheduled for November 10, followed by organizational town halls beginning November 11. Moreover, Melanie emphasized that the restructuring should not be interpreted as a reflection of the contributions or capabilities of those affected. She also expressed gratitude to those who helped build the platform, recognizing their contributions to making Canva accessible to hundreds of millions of people worldwide. “Please know these decisions do not diminish your talent, the value of your contributions, or the difference you’ve made here. We will do everything we can to support you in what comes next, and I hope the work we do from here will be worthy of what you’ve helped build.”

Monday, November 9, 2026

www.businessmirror.com.ph

DENR raises wildfire alert

By Jonathan L. Mayuga

@jonlmayuga

HE Department of Environment and Natural Resources (DENR) has placed wildfire prevention on maximum alert as extreme heat and drying vegetation significantly increase fire risks across grasslands and forests ahead of a forecast “very strong” El Niño phenomenon. Environmental authorities noted that wildfires during the dry season severely devastate forests and damage critical watersheds, undermining their natural capacity to store water and prevent catastrophic landslides and flash floods during the rainy season. In response, Environment Secretary Juan Miguel Cuna announced that regional offices nationwide are actively deploying forest protection personnel, training forest officers, constructing firelines, strictly enforcing bans on open burning, and temporarily closing high-risk protected areas.

“Our decision to deploy dedicated Bantay Gubat patrols and build firelines in high-priority areas reflects our commitment to prevent wildfires. We call on all citizens, farmers, and local leaders to observe strict bans on open burning and kaingin,” Cuna stated. Regional implementations are already underway across the country. In Northern Luzon, DENR Region I has mobilized Bantay Gubat Forest Protection Officers and park rangers for continuous foot patrols across Forest Conservation Areas, National Greening Program plantations, and protected areas. The region maintains firebreaks and 10 ranger stations

equipped with lookout towers while coordinating with the government weather bureau and local disaster risk reduction offices through a Red Flag Alert System for early wildfire warning. In the Bicol region, DENR Region V is actively preparing firefighting equipment, training park rangers and barangay officials in basic fire response, integrating El Niño preparedness into local information campaigns, conducting patrols twice a week, and coordinating with the Bureau of Fire Protection (BFP) for backup support. Specifically in Masbate, the Provincial Environment and Natural Resources Office (Penro) implemented robust fire control measures spanning 298 hectares of forestland. Field crews established a 5,000-meter-long, five-meterwide fireline in Biga-a and Parina, alongside an additional 5,000-meter fireline network in Alas, Mandaon. The office is aggressively enforcing bans on kaingin and open refuse burning while pre-positioning firefighting tools, backpack sprayers, and water drums at strategic response points in Milagros, Uson, and Palanas with Cenro Mobo. In Mindanao, DENR Region XI ordered the temporary closure of the Mt. Apo Natural Park to all

trekking and recreational activities to mitigate human-caused fire ignitions during the peak dry period and allow ecosystem recovery. The region has also intensified anti-illegal logging patrols, detected fire risks in NGP plantations, and conducted joint rapid fire suppression drills alongside the BFP, local government units, and indigenous mountain guides. Meanwhile, in urban centers, Environmental Management Bureau Region IX in Zamboanga and Region X in Cagayan de Oro cleared dry leaf hazards, removed combustible vegetation surrounding government compounds, and conducted rigorous facility fire safety inspections in coordination with local fire marshals. Secretary Cuna added that select DENR personnel have completed specialized training on forest fire prevention, suppression, and management in France and Indonesia, ensuring that DENR Quick Response Teams remain on 24/7 standby across all regional offices to support local fire authorities in suppressing wildland fires. “Protecting our forests from fire is a shared national duty,” Cuna emphasized, urging the public to exercise heightened caution in all fire-prone zones.

PCG completes cleanup of Bataan oil spill

HE Coast Guard (PCG) has officially shifted from active containment to routine monitoring operations following a rapid and successful cleanup effort in the coastal waters of Mariveles, Bataan. Over the weekend, authorities reported that a total of 1,660 kilograms of oil-contaminated debris, safely packed into 83 heavy-duty sacks, had been successfully transferred to a local facility in Mariveles for temporary storage. The recovered materials are now awaiting proper handover to an accredited oily waste collector and a certified treatment, storage, and disposal facility to ensure safe environmental processing. The swift intervention began following reports of an oil spill affecting roughly 500 square meters of coastal waters in sitio Naswe, located within barangay Ipag. Response teams quickly located and managed approximately 25 liters of used oil spilled at the site. Subsequent rigorous checks by the PCG response team, alongside the Mariveles Municipal Disaster Risk Reduction and Management Office, brought reassuring news. During a comprehensive joint inspection of the surrounding waters, officials confirmed that no further oil sheen or visible contamination remained, signaling that the local marine environment is well on its way to a full recovery. Rex Anthony Naval

Cebuana Lhuillier’s Jo-ann Tacorda on empowering employees through learning, inclusivity, and volunteerism

them into actual programs. It also allows us to do not just big programs but even small programs impacting our employees, students that we support as scholars, our partners in the foundation,” she noted. Volunteerism also plays an important role in strengthening employee engagement and giving their work a greater sense of purpose. Through the company’s corporate social responsibility initiatives, employees are encouraged to share their skills, work with colleagues, and make a difference in the communities they serve. Through its foundation, for instance, the organization trains employees and student scholars to conduct financial inclusion and literacy sessions, extending its educational outreach to communities across the country, from Tawi-Tawi to Batanes.

By Francine M. Marquez

fulfilling career goes beyond opportunities for professional growth. It is also about finding purpose in what you do and knowing that your work makes a positive difference in the lives of others.

In the latest episode of BusinessMirror’s weekly podcast, “Freshly Brewed,” Jo-ann Tacorda, First Vice President and Chief Administrative Officer of Cebuana Lhuillier, sits down with host and BusinessMirror macroeconomy reporter Justine Xyrah Garcia to discuss her career journey, the importance of a people-first workplace culture, and how the company empowers its employees to grow and thrive. “It’s been an interesting ride over the last nine years being with Cebuana Lhuillier,” said Tacorda, who oversees human resources and security services while also serving as Executive Director of the Cebuana Lhuillier Foundation. She attributes her decision to stay with the company to the opportunities it has provided for continuous learning and professional development. “It’s not about the title or how much you get. It’s really about how you learn over time and how you aggregate those learnings into what you are currently,” she noted. For Tacorda, when personal values and organizational purpose are aligned, work becomes more than fulfilling responsibilities. It becomes an opportunity to make a meaningful contribution to the organization.

Growth mindset

A CULTURE that encourages continuous learning has played an important role in Tacorda’s professional growth.

Jo-Ann Tacorda, First Vice President and Chief Administrative Officer of Cebuana Lhuillier

“I’m very lucky that it’s the support and tone from the top that set the pace. The CEO himself, Jean Henri Lhuillier, is very much into learning. And I’m not exaggerating when I say almost every day, I learn something from him.” This commitment to learning and education also led Lhuillier to establish The Cebuana Lhuillier Academy, a four-hectare corporate training and development hub in Antipolo City, Rizal. Set amid lush green spaces, the campus features classrooms, a training hall, gemstone appraisal laboratories, lodging facilities, and a swimming pool, providing an environment conducive to both learning and relaxation. With a capacity of up to 120 learners at a time, the academy offers employees various development programs, ranging from skills and technical operations training to leadership and sales development. It has also expanded its reach through hybrid learning via the Lhuillier Academy Online (CLAO), making training and development more accessible to employees. Beyond technical and professional competencies, the academy has broadened its leadership seminars to include character building, employee engagement, and business growth. “It stands on the framework of how you lead yourself and how you can better lead others. If you lead others effectively, then you can lead effectively in the business. It’s very simple, but it ensures the

Justine Xyrah Garcia, Macroeconomy reporter of BusinessMirror

Facing challenges

Jo-Ann Tacorda, First Vice President and Chief Administrative Officer of Cebuana Lhuillier, talks about her career journey, what has kept her with the organization, and how the company empowers its people to grow, make an impact and be part of something bigger with Justine Xyrah Garcia, Macroeconomy reporter of BusinessMirror. development of the business and that the development and growth of our employees are ongoing,” said Tacorda.

Upholding financial inclusion

AT the heart of Cebuana Lhuillier’s business strategy is financial inclusion, with a focus on empowering communities and clients to improve their lives. According to Tacorda, its newest campaign, “Tatak Cebuana, Proud Ka-Cebuana: Work That Impacts Lives,” brings this commitment closer to clients by helping them understand the financial products and services available to them. The campaign aims to educate customers and help them identify solutions that best suit their needs, from loans and banking to investments, all of which form part of Cebuana Lhuillier’s portfolio. To broaden its reach, the Cebuana Lhuillier Foundation also aims to provide financial literacy programs to marginalized sectors. “We’ve visited towns from Tawi-Tawi to Batanes to be able to bring the modules on financial education and literacy down to our clients’ level,” she said. Tacorda emphasized that financial inclusion also means listening to customers, understanding their circumstances, and providing access to solutions that can improve their lives. For the company, its role goes beyond offering financial services; it is also about building relationships and earning customers’ trust. This customer-centric approach is reflected in the daily operations of Cebuana Lhuillier pawnshops, where employees are encouraged to provide attentive and personalized service. “We know how precious a piece of jewelry is for someone. It’s meaningful and probably came from their mothers or fathers, and they know that as we ask them about the story, they know we will take care of whatever is precious to them. So that’s how critical it is to actually make sure that we take care of our clients that way,” she observed.

Wellness, diversity, and inclusivity

Another component is Feedback 360, a performance assessment that gathers input from multiple sources, including employees themselves, their colleagues, immediate supervisors, and direct reports. “Being deeply rooted in feedback from others, staying attuned to what you want to achieve, and being able to articulate that to your manager is really key,” Tacorda added. While employee turnover is inevitable, the company takes mentoring seriously, recognizing its importance in developing future leaders and ensuring organizational continuity. Alongside its leadership development programs, it has a mentoring initiative that brings together management committee members and mentees, allowing both to learn and grow through the experience. The company’s commitment to recognizing employee contributions is also evident in the Cebuana Lhuillier Brillo Awards, an annual gathering that honors outstanding employees, or Ka-Cebuanas, and branches across the organization. “Brillo is very close to every Ka-Cebuana’s heart. When you mention the word Brillo, everyone gets so excited,” Tacorda said. “I cannot imagine Cebuana Lhuillier without the Brillo Awards because that’s really who we are. We recognize the brilliance of every employee.”

Developing next-generation leadership

Empowering Ka-Cebuanas

WITH around 87 percent of its workforce belonging to the millennial and Generation Z generations, Cebuana Lhuillier recognizes the importance of understanding what matters to its younger employees. “This is the generation that really attaches itself closely to purpose in life. For us, a lot of it is really listening and making sure that we understand their needs,” Tacorda commented. This emphasis on listening is reflected in the company’s wellness initiatives, including a program launched during the pandemic. The initiative was envisioned by its CEO to address not only employees’ physical well-being but also their mental health. Diversity and inclusion are likewise embedded in the organization’s culture. These are reflected in its hiring practices, equal opportunities for all genders, and efforts to encourage employees to embrace their identities. The company’s commitment to inclusivity also extends to its investigation and ethics committee, which includes representation from LGBTQ+ members. Recently, Cebuana Lhuillier’s people-first approach earned it a Platinum accreditation from Investors in People (IiP), the global standard for people management excellence and its highest level of recognition.

BEYOND regular skills training, Cebuana Lhuillier invests in developing future leaders through its Officership Development Program, which prepares employees transitioning into supervisory and management positions. The company’s performance management process also provides opportunities for employees to discuss their professional goals and readiness for career advancement. These conversations begin at the start of the year and are revisited periodically.

FOR Cebuana Lhuillier, meaningful transformation also means giving employees the opportunity to contribute ideas and become active participants in organizational improvement. Through We-Nnovate, a company-wide campaign, employees are encouraged to think creatively and suggest ways to improve work processes, enhance organizational practices, and deliver better customer experiences. “We-Nnovate anchors back to our focus on excellence. Whatever we do, we have to exceed expectations and excel as a business. It lets us capture ideas and translate

AS Cebuana Lhuillier approaches four decades in business, Tacorda said the organization continues to embrace technological change, pursue innovation, and strengthen its strategies to respond to the evolving needs of its customers. For the company, continuous reinvention is essential to sustaining growth. One of its key challenges, she noted, is ensuring that employees find meaning in their work and remain engaged throughout their careers. “We must check their needs to be able to bring our employees to the drawing board, ask for what they think, because that’s the only way that our company will continue to be relevant not just to our clients but even to the employees who are part of the organization,” she said. She added that these initiatives help employees remain connected with their respective branches, areas, and regions, and, more importantly, with the organization as a whole. Beyond professional development and workplace initiatives, Cebuana Lhuillier also recognizes the importance of camaraderie. Interest groups, hobby clubs, and gatherings during milestone celebrations and seasonal occasions give employees opportunities to connect and build relationships outside their daily work responsibilities. For young Filipinos still deciding where to build their careers, Tacorda offered a reminder to look beyond compensation and job titles when choosing an organization. “I think it’s very important for our young professionals out there to know what they value most,” she said. “Take your time, discern properly, and ensure that when you do sign up, you know that this is something that you can enjoy and also find fulfillment in,” she concluded. As Tacorda’s experience illustrates, a fulfilling career is built on more than a paycheck or professional advancement. It also comes from continuous learning, meaningful relationships, a workplace that values people, and opportunities to make a positive difference in the lives of others. • Watch the full interview on BusinessMirror’s YouTube channel. Catch new episodes of “Freshly Brewed” every Monday at 10 a.m. on BusinessMirror’s YouTube channel, Facebook page, and website