Issuu

7-mo debt service burden at $8.2B

ROLLING OUT THE RED CARPET, RAISING THE RED FLAGS Workers put up lights near the Philippine International Convention

Center (PICC) in Pasay City, the main venue for the 49th Association of Southeast Asian Nations (Asean) Summit and Related Summits, scheduled for November 15 to 17, as women activists sweep paper bearing the image of US President Donald Trump during a protest near the US Embassy in Manila on Monday, November 9, ahead of his anticipated arrival. The Philippines is hosting the regional gathering as Asean chair for 2026, bringing together leaders of the 11-member bloc and dialogue partners to discuss regional economic, political and security concerns. Trump’s expected visit, his first to the Philippines since 2017, has drawn protests from groups including Gabriela, which opposes US foreign policy and the US-led Pax Silica initiative on semiconductor, critical mineral and artificial intelligence supply chains. AP/AARON FAVILA

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By Andrea E. San Juan

NTEREST payments drove the Philippines’s debt service burden upwards to $8.249 billion in the January to July 2026 period, data from the Bangko Sentral ng Pilipinas (BSP) showed. BSP data showed the debt service burden (DSB) increased to $8.249 billion in the seven-month period, or 5.19 percent higher than the $7.842 billion posted in the same period last year. DSB is the total principal and interest payments the country has to pay after the debt has been rescheduled. Broken down, $4.673 billion of

the external DSB for the sevenmonth period was allotted for interest payments while $3.576 billion was for principal. Principal payments climbed by 12.88 percent year-on-year from $3.168 billion, while interest payments declined by 0.043 percent from last year’s $4.675 billion. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), said the increase in the country’s debt service burden “signals and reflects wider budget deficits and more borrowings/debt especially since the Covid-10 pandemic, and some of them already matured.” Ricafort said external debt ser-

vicing also increased on the back of higher global and local interest rates in recent years especially in 2026, largely brought about by the conflict in the Middle East which led to sharp increase in global crude oil prices. He noted that elevated bond yields or long-term borrowing costs at “multiyear highs” also fueled interest payments on some foreign loans. However, Ricafort pointed out that with the country’s domestic debt occupying the bigger share of the debt pie, this helps prevent foreign-exchange risks. Meanwhile, the ratio of the country’s debt service burden to its export shipments plunged to 20.3 See “Debt,” A2

BusinessMirror A broader look at today’s business

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‘50-BPS RATE HIKE STILL NEEDED IN DECEMBER’ www.businessmirror.com.ph

Wednesday, November 11, 2026 Vol. 22 No. 35

P25.00 nationwide | 3 sections 30 pages | 7 DAYS A WEEK

By Andrea E. San Juan

FORMER deputy governor of the Bangko Sentral ng Pilipinas (BSP) warned against letting weak economic growth shape the path of monetary policy while inflation is heating up. In a message sent to the BusinessMirror on Tuesday, Former BSP Deputy Governor Diwa C. Guinigundo said he would maintain his call for another 50-basispoint increase in December despite the continued deceleration of the Philippine economy. “The answer cannot simply be to cut rates or refrain from tightening because growth is weak. That could risk allowing inflation expectations to become further unanchored,” Guinigundo told

this newspaper. The former central bank deputy governor said the 50-basis-point hike should “therefore be viewed not as an attempt to kill growth, but as an attempt to prevent today’s inflation shock from becoming tomorrow’s inflation expectation problem.” He explained further that lowering or holding rates too low cannot solve problems of agricultural productivity, food See “Rate hike,” A2

PRIVATE SECTOR ROLE IN PHL A.I. GOVERNANCE PUSHED By Justine Xyrah Garcia

HE government is looking to bring the private sector into efforts to shape how artificial intelligence (AI) is developed, regulated, and deployed in the Philippines. Undersecretary Rosemarie G. Edillon of the Department of Economy, Planning, and Development (DepDev) said the agency is proposing to include private-sector representatives in technical working groups (TWGs) that will help implement the country’s AI gover-

nance framework. The framework, which has been approved by the National Innovation Council, seeks to establish safeguards for the responsible development and use of AI while encouraging innovation. “Our proposal is to have a TWG for each of [the six] pillars, and that there will be a private sector [representative] for this,” Edillon told reporters in a chance interview. The proposed TWGs would cover areas, including riskbased regulation, research and See “AI,” A2

IMPEACHMENT WATCH, DAY 41 Engr. John Kenneth Enumerables, assessor of the Island Garden City of Samal, and Davao City Accountant Vingelin Bajan take their oaths before the Senate impeachment court on Tuesday, November 10, 2026, as the second and third witnesses, respectively, for the defense team of Vice President Sara Duterte on the 41st day of her impeachment trial. Enumerables is expected to testify on tax declarations and tax maps related to a property in Samal, and Bajan, payroll records and vouchers concerning Duterte’s compensation during her tenure as a Davao City official. ROY DOMINGO/SPPA POOL

A LITTLE FIGURE, A TIMELESS STORY With a reverent touch, a worker carefully arranges the image of the Baby Jesus in a Nativity display outside the Concepcion Municipal Government Center in Concepcion, Tarlac, as the municipality joins the 19th Belenismo sa Tarlac, the province-wide Christmas Belen-making competition. Launched in 2007, the annual tradition has grown into a showcase of faith, artistry and community collaboration, bringing together municipalities, churches, businesses and organizations in creative interpretations of the Nativity story. BERNARD TESTA

PBBM to ask Cabinet to tweak economic goals By Samuel P. Medenilla

S the economic growth shriveled to 2.1 percent during the third quarter of the year despite government efforts to boost spending, President Ferdinand Marcos Jr. called on members of the Development Budget Coordination Committee (DBCC) to hold a meeting next month to revise economic targets. DBCC had earlier downgraded its economic growth this year to 3.5 percent to 4.5 percent from 6 percent to 7 percent. On Tuesday, Malacañang announced that members of the DBCC will convene during the first part of December to “review macroeconomic assumptions and targets.”

“According to the DEPDev [Department of Economy, Planning, and Development], they will revise the targets for 2026 and 2027, including GDP (gross domestic product) growth, inflation, and the peso exchange rate,” Palace Press Officer Claire Castro said in Filipino in a press briefing. The DBCC meeting comes on the heels of the Philippine Statistics Authority (PSA) report that saw its latest round of economic indicators including inflation surging to 7.8 percent in October, the unemployment rate rising to 5.4 percent in September, and Gross Domestic Product (GDP) slowing down to 2.1 percent from July to September. Castro attributed the negative indicators to global economic headwinds caused by the Middle East

crisis as well as El Niño. To cushion the impact of the supply chain disruption caused by the Middle East conflict, she said the government continues the implementation of interventions to provide support to vulnerable sectors such as fuel subsidies and cash aids under its Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) programs.

El Niño declaration

THE Presidential Communications Office (PCO) undersecretary said government economic managers will tackle the additional economic impact of the ongoing strong El Niño, which is expected to persist until the first half of the 2027. “So, all of that will be dis-

cussed—and what else can be done to alleviate the [effects] of the strong El Niño that we are experiencing,” Castro said in Filipino in a press briefing on Tuesday. The Department of Agriculture (DA) said El Niño already caused P8.5 billion damage to agriculture, which prompted the Senate to call for a declaration of calamity to allow for timely intervention to sectors in dire need of support. Concerned over the impact of the weather disturbance on farmers and fisherfolks, 20 senators issued a resolution calling on Marcos to declare a state of calamity in response to the threat of El Niño. Castro, however, said Marcos is currently not keen on making the declaration since government See “PBBM,” A2

PESO EXCHANGE RATES n US 63.2550 n JAPAN 0.4006 n UK 85.0337 n HK 8.0664 n CHINA 9.4801 n SINGAPORE 49.4760 n AUSTRALIA 43.8104 n EU 70.9974 n KOREA 0.0472 n SAUDI ARABIA 16.8523 Source: BSP (November 10, 2026)

A2 Wednesday, November 11, 2026

News

BusinessMirror

Oil price dip, easing of war jitters cited as peso climbs By Andrea E. San Juan

On Tuesday, the peso closed at P62.91 against the dollar, data from the Bankers Association of the Philippines (BAP) showed. The rate was 40 centavos stronger than its P63.31 finish against the greenback on Monday.

Domini S. Velasquez, Group Chief Economist at China Banking Corporation (Chinabank), explained: “The peso’s appreciation today was supported by lower oil prices and improved risk sentiment following US President Donald Trump’s meeting

with Qatar, which helped ease concerns over geopolitical tensions in the Middle East.” Velasquez said the “positive” market reaction was “broad-based,” with the peso strengthening, the local bond market rallying amid strong demand at the latest government bond auction, and the Philippine Stock Exchange index (PSEi) posting gains. This, she said, reflects a “broader improvement” in investor appetite for Philippine assets amid easing external headwinds. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), attributed the strengthening of the local currency

Debt…

seven months of 2026. In terms of other ratios, that of DSB to current account receipts likewise stayed at 8.3 percent in the January to July 2026 period—also the same rate as last year’s. BSP’s DSB data consists of principal and interest payments on fixed medium- and long-term (MLT) credits, including International Monetary Fund (IMF) credits and New Money Facilities.

It also includes interest payments on fixed and revolving short-term liabilities of banks and non-banks, but excludes prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving short-term liabilities of banks and non-banks. As of end-June 2026, the country’s external debt reached $154.93 billion, up 4.1 percent from the $148.87 billion at end-June 2025.

OWER oil prices and easing concerns over geopolitical tensions helped the Philippine peso bounce back to the P62-per-dollar level.

Continued from A1

percent in January to July 2026 from 21 percent in the seven-month period in 2025. Data from the central bank showed the DSB to Exports of Goods, and Receipts from Services & Primary Income ratio stayed unchanged at 8.7 percent in the first

www.businessmirror.com.ph

AI…

Continued from A1

development, data, skills development, infrastructure, and wider adoption of AI. Through these groups, privatesector representatives could take part in discussions on how the framework’s policies and safeguards would be developed and put into practice. Under the risk-based policy toolkit, AI applications would be classified according to the potential harm they could cause. Applications whose errors could result in loss of life, for instance, would require more extensive testing and security measures, while lower-risk tools may only need labels identifying AI-generated content. The framework also seeks to strengthen the capacity of government institutions and regulators to assess AI-related risks, classify applications, and identify appropriate safeguards. On research and development, it proposes improving access to training datasets, including government data, while establishing protocols to protect privacy through anonymization. To build local expertise, the framework includes an AI literacy campaign and a basic competency

framework, alongside support for formal education, specialized training, and scholarships for undergraduate and postgraduate studies. It also calls for stronger infrastructure, including chips and data centers. “We also included there that our resource management plan on water, energy, and land will have to be revised to consider this AI ecosystem and to make sure that our principle of sustainable development will be met,” Edillon said. Another priority is to encourage local businesses, consumers, and educators to adopt AI technologies, rather than focusing solely on developing chips and models for use in other countries. Beyond their proposed participation in the TWGs, Edillon said the private sector would also be needed to develop AI-related standards and assurance mechanisms to help uphold the framework’s ethical principles. Separately, DepDev is proposing the creation of a National AI Council through an executive order (EO) to oversee the implementation of the framework and ensure that its policies and strategies are carried out coherently. A draft EO is already being studied by the Office of the President, Edillon said, adding that the government hopes to issue the order within the month.

to global crude oil prices’ “extended declines” after US President Donald Trump signaled “further strikes on Iran would not be necessary.” Ricafort said Brent crude oil price declined to “new two-month lows” at $90 per barrel levels. Within the trading session on Tuesday, the local currency’s strongest point was at P62.895 against the dollar while its weakest state was at P63.13 against the greenback. The P62.91 finish on Tuesday was the strongest level of the local currency in nearly a month or since the P62.87 finish against the greenback on October 14,2026.

PBBM to ask Cabinet to tweak… US hands PHL sea drones… Continued from A1

interventions including the deployment of solar-powered irrigation pumps, cloud seeding, and cash aid to assist those affected by El Niño are ongoing. “At present, the President is confident that the Department of Agriculture and all other agencies are taking action for the benefit of our fellow citizens,” she said. “However, this suggestion from the Senate is a welcome one, as it demonstrates support for our government and our President,” she added.

Rate hike… Continued from A1

supply, infrastructure bottlenecks, energy costs or governance. “So I would not frame the choice as inflation versus growth,” Guinigundo said, adding that the real issue is “whether we can bring inflation expectations back under control without unnecessarily damaging the economy’s productive capacity.” Guinigundo said that requires two things simultaneously: “BSP must do its job on price stability, while government must do its job on the supply side—food, energy, infrastructure, investment and governance.” He said the fact that growth is weak “does not automatically argue” against a 50-bp hike. “The objective is not to suppress growth. The objective is to prevent high inflation from becoming entrenched while the government addresses the structural causes of weak growth,” added Guinigundo. The former central bank deputy governor, however, expressed concern over the composition of third-quarter growth. Guinigundo explained: “Household consumption grew only 2.4 percent, while gross capital formation contracted by 0.2 percent. Agriculture contracted by 4.8 percent, and industry was essentially flat.”

Continued from A13

“The turnover of these unmanned surface vessels reflects the growing importance of emerging technologies in addressing the evolving demands of maritime security,” Curaming said. Just a day earlier, Japan announced a ¥4.3-billion security assistance package for the Philippines that includes a coastal radar system for the Philippine Navy and surveillance drones for the Philippine Air Force. The Japanese-funded systems are

expected to enhance the country’s maritime domain awareness and monitoring capabilities over critical sea lanes, including the West Philippine Sea and the Luzon Strait. Taken together, the new sea drones, aerial surveillance systems and coastal radar capabilities are expected to improve the Philippines’s ability to detect, track and document activities in disputed waters while supporting the AFP’s Comprehensive Archipelagic Defense Concept.

Explaining the difference between demand weakness and supply-side weakness, Guinigundo said much of the third-quarter slowdown appears to reflect weak investment, agriculture and supply constraints rather than simply an economy being restrained by high interest rates. “So this is not an economy overheating because of excessive demand. It is an economy suffering from supply constraints, weak investment and declining purchasing power while inflation is accelerating,” added the former BSP deputy governor. While that makes the policy response “more diﬃcult,” Guinigundo said it does not make inflation “less dangerous.” Emilio S. Neri Jr., the Lead Economist of Bank of the Philippine Islands (BPI), almost echoed the sentiment of the former BSP deputy governor, pointing out that additional rate hikes remain likely since economic recovery “may ultimately depend” on bringing inflation under control. “Higher interest rates cannot directly address supply-side constraints such as oil prices, but monetary tightening still plays an important role in inflation management and in anchoring inflation expectations,” added Neri. Neri explained that pausing too soon while inflation is trending higher could risk creating the perception that monetary policy is falling behind the curve, potentially allowing inflation to become “more entrenched.” “While additional rate hikes may weigh on GDP in the near term, restoring price stability with the help of monetary policy could support a faster and more sustainable recovery in economic growth,” added Neri.

monetary policy works with a lag, the central bank should therefore be looking ahead, “not simply reacting to the latest GDP number.” “If inflation expectations begin to adjust upward because inflation remains elevated for several months, restoring price stability later could require an even sharper and more painful tightening,” added the former central bank deputy governor.

Monetary policy works with a lag

GUINIGUNDO also explained that since

Quarter-point hike amid low demand

FOR his part, Ateneo De Manila University (ADMU) economist Leonardo A. Lanzona Jr. explained to this newspaper: “The BSP’s sole responsibility is inflation targeting, so weak GDP per se should not be its concern.” But, he said that because the current inflation is “cost-driven,” the policy rate works only through expectations, so the right size of hike depends on how much aggregate demand is falling. “With household consumption and investment both down, demand is already constraining expectations. Yet inflation remains high, so 25bps, on top of the 125bps of hikes this year, is enough and a jumbo isn’t warranted because of already existing low demand,” added Lanzona. He also noted that the 2.1-percent GDP print in the third quarter is “therefore not a reason for the BSP to hold back, and it is not a reason to expect a bigger move either.” Further, Lanzona said that with monetary policy having “limited” room in what it can do against a supply shock, it is now up to fiscal policy to adjust in light of this event. “The November [consumer price index] CPI and oil prices, not the GDP number, are what should drive the December decision,” added Lanzona. The Monetary Board, the highest policy-making body of the central bank, will hold its last monetary policy meeting for the year on December 17, 2026.

The Nation

www.businessmirror.com.ph

Samal assessor uncertain on disputed property in Duterte impeach trial

DEFENSE witness for Vice President Sara Z. Duterte failed to establish that a disputed Samal property was the same land declared in her asset statements, admitting during Tuesday’s impeachment trial that he was “not certain” despite discrepancies in its location, acquisition date and purchase price. Island Garden City of Samal Assessor John Kenneth Enumerables made the admission during crossexamination by private prosecutor Benjamin Tolosa Jr. on the 41st day of Duterte’s impeachment trial. “I’m not certain, sir,” Enumerables replied when Tolosa asked whether the property covered by Transfer Certificate of Title (TCT) 142-2019013134 was the same parcel listed in Duterte’s Statement of Assets, Liabilities and Net Worth (SALN). The property, registered under Duterte’s husband, lawyer Manases Carpio, was identified in the land title as located in barangay San Isidro, Kaputian. However, Duterte’s SALN listed the property under barangay Matanos. Enumerables said he linked the two records based on their matching assessed value of P346,960 and fair market value of P4,956,600. He admitted these were his only bases for concluding that they referred to the same property. Presiding Officer Sen. Francis Escudero pointed out that the documents did not contain matching title and assessment of real property numbers that could establish the property’s identity, although he acknowledged that SALNs do not require title numbers. Tolosa also questioned the acquisition details, noting that Duterte’s 2025 SALN listed 2013 as the acquisition year and P4.041 million as the acquisition cost. The deed of absolute sale, however, showed a purchase price of P3,453,849 and was executed on March 15, 2018. “You will admit that the purchase price indicated here is not P4 million. It’s P3,453,849. Correct, sir?” Tolosa asked. “Yes, correct, sir,” Enumerables answered, confirming that the deed was executed in 2018, not 2013. He also acknowledged that the land titles presented before the court contained no annotation of a contract to sell. During redirect examination, defense counsel Lindon Miguel

Bacquel clarified that the deed referred to an earlier title that was subsequently cancelled and replaced by the current title. Enumerables agreed that the previous title number matched the cancelled title. Senator-Judge Er win Tulfo also pressed the witness on the conflicting barangay descriptions and whether his office coordinated with the Register of Deeds to resolve inconsistencies. Enumerables said such discrepancies were common, explaining that some titles retained old barangay names. Asked whether the two offices communicated about these differences, Enumerables answered that they no longer did because matters concerning land registration were outside his office’s responsibilities. Tulfo reminded him that government officials should exercise due diligence to protect the public and prevent confusion among property buyers. Senator-Judge Francis Pangilinan, meanwhile, questioned the assessor’s finding that the 751-square-meter property had no improvements. Enumerables said his office relied on its records and Google Earth imagery because personnel could not enter the property without the owner’s permission, confirming that no actual physical inspection had been conducted. Senator-Judge Panfilo Lacson later urged the assessor to straighten out his office’s property records after senators spent considerable time examining the conflicting location descriptions. “Pakiayos iyong record ninyo,” Lacson told Enumerables, adding that the documents were confusing. The prosecution accepted the property descriptions and valuations appearing in Duterte’s 2019 to 2025 SALNs but maintained that these did not establish whether the specific parcel covered by the title was the same asset declared by the Vice President. The disputed Samal property forms part of the House prosecution’s evidence supporting its allegation that Duterte accumulated at least P817.87 million in undeclared assets and unexplained wealth from 2022 to 2025. The defense maintains that the property was declared, while prosecutors continue to challenge the documentary basis for identifying it as the same asset listed in her SALN. Jovee Marie N. dela Cruz

Dole leads Asean drive for safer workplaces By Mary Jade Jadormio

HE Department of Labor and Employment (DOLE) is pushing for stronger workplace safety standards and labor inspection across Southeast Asia, with new regional guidelines covering nearly 244 million informal workers and vulnerable fishers. Informal workers account for nearly 79 percent of Asean’s workforce aged 15 and above, many of whom have limited access to safety training, labor inspection and occupational health services. Labor Secretary Francis N. Tolentino led the launch of two Asean guidelines during the 15th Asean Labor Inspection Conference. One framework covers occupational safety and health in the informal sector, particularly agriculture, fisheries and mining, as well as home-based work, street trading and small enterprises.

Another sets out recommendations for labor inspection in the fishing sector, where isolated working conditions, long hours and unsafe vessels leave fishers vulnerable to forced labor, child labor and human trafficking. Both guidelines were adopted by the 29th Asean Labor Ministers Meeting, following consultations among Asean member states and regional partners. Tolentino said increasingly complex supply chains make it harder to identify workers facing exploitation and determine accountability for labor violations. “When work is spread across many tiers of contractors and subcontractors, it becomes harder to see who is working, under what conditions, and who is responsible when something goes wrong,” he said. See “Asean,” A4

Wednesday, November 11, 2026

Senate Impeachment Court to Sara witnesses: Don’t lie

By Butch Fernandez @butchfBM & Jovee Marie N. dela Cruz @joveemarie

HE Senate Impeachment Court on Tuesday warned witnesses in Vice President Sara Z. Duterte’s impeachment trial that they could face contempt sanctions and perjury charges, following concerns raised by senator-judges over the conduct and testimony of the defense’s first witness.

Senator-Judge Panfilo Lacson expressed disappointment over the demeanor of Davao City Assessor Jaime Adalin, who testified Monday on a property linked to Duterte and her husband, lawyer Manases Carpio. “Yesterday [Monday] was not a good day for the impeachment court, Mr. President, Mr. Presiding Officer, simply because we had a witness who smirked, who laughed, a lmost made a mocker y of the impeachment trial,” Lacson said. “And we don’t want to have a repeat of that kind of testimony,” he added, stressing that the Impeachment Court has the authority to cite individuals for contempt. Lacson cited Senate Impeachment Court Resolution 39, adopted in March 2011, which expressly grants the court the power to cite individuals for contempt and impose appropriate sanctions. “This is not an implied power of the impeachment court, Mr. Presiding Officer, but an express power granted by such resolution,” he said. His remarks followed SenatorJudge Vicente Sotto III’s request

for Presiding Officer Sen. Francis Escudero to remind witnesses and both legal panels of the penalties for lying under oath. “Is it not [that] we have penalties and sanctions against those who lie before the impeachment court?” Sotto asked, seeking clarification on the consequences of false testimony. Escudero confirmed that witnesses could be cited for contempt by the Impeachment Court and could also face separate perjury complaints before judicial authorities. “They may be subject to contempt by the court, your honor, and in addition to that, may be subjected to cases of perjury should one be filed against them before the proper prosecutor’s office or court of law or both,” Escudero said, emphasizing that all witness statements are made under oath. Meanwhile, Escudero gave Adalin until Wednesday to submit documents requested by senatorjudges, including a list of properties owned individually or jointly by Duterte and Carpio, as well as information on his January 2026 trip to China.

“We have not received such a report from Engineer Adalin,” Escudero said, referring to the requested property records. He also noted that the court had yet to receive the name or a copy of the travel agency requested by Senator-Judge Raffy Tulfo. Escudero directed the clerk of court to follow up with the witness and warned that the court could issue a compulsory process if he failed to comply or provide a sufficient explanation by the deadline. “If by tomorrow [Wednesday] the same is not yet complied with, unless sufficient cause or reason is given, the court will be forced to issue compulsory process on the same,” he said. Senator-Judge Anna Theresia “Risa” Hontiveros pointed out that Adalin had already committed to submitting the documents during Monday’s hearing. She said she had specifically requested the records and expected the witness to furnish them within the day. Adalin, the first witness presented by Duterte’s defense, faced intense questioning over a property in Matina Crossing, Davao City, registered under Carpio’s name, which the prosecution maintains was not properly declared in the Vice President’s Statements of Assets, Liabilities and Net Worth (SALNs). The defense presented Adalin to support its position that the property had been properly disclosed. He also faced questions about his China trip, including his itinerar y and travel arrangements, details of which he initially struggled to recall. The House of Representatives lead prosecutor, Batangas Rep. Gerville Luistro said the defense still had a wider financial case to address, despite focusing its first day of presentation on the disputed Davao property.

23 more witnesses

LUISTRO said the defense was expected to present 23 more witnesses, including the Samal City assessor, the Davao City accountant, the Matina barangay captain and 16 bank officials. Their testimonies are expected to cover property records, banking information and credit card transactions, including the Nike transaction. She also expressed hope that corporate counsel Suzette Balucanag-Punay would testify on Wednesday, although her earlier scheduled appearance had been postponed because of an MRI appointment. Lu ist ro m a i nt a i ned t h at the defense must address the broader financial evidence presented by prosecution forensic accounting witness A lexander C a bre r a , w ho e x a m i ne d t he alleged undeclared assets and unexplained wealth. “There’s a lot more to explain because the total undeclared, total unexplained is P817 million,” Luistro said, referring to the prosecution’s estimate of at least P817.87 million in alleged undeclared assets and unexplained wealth from 2022 to 2025. She clarified that the Matina Crossing property had been discussed in Cabrera’s report but was excluded from his computations, making its disputed purchase figures a separate matter for reconciliation. Luistro said she had expected the defense to present more substantial evidence after the lengthy break in the trial rather than what she described as piecemeal testimony. The Vice President is facing one remaining impeachment charge involving alleged unexplained wealth. The defense disputes the prosecution’s allegations.

AFP: Philippines defending rights, not fighting

HEArmed Forces (AFP) on Tuesday said that the government is not looking for conflict with China amid ongoing tensions in the West Philippine Sea (WPS). The military made the statement in response to Vice President Sara Duterte’s caution against provoking Beijing. Speaking at a press briefing, the AFP spokesperson for the WPS, retired Rear Adm. Roy Vincent Trinidad, endorsed Duterte’s call to avoid fighting, clarifying that the military is merely defending

the country’s sovereign rights and maritime entitlements. “We are not fighting with any country in the WPS. We are just standing up for our God-given rights, our maritime entitlements, our sovereignty and sovereign rights,” Trinidad said. Duterte had previously advised the administration to handle the maritime dispute through diplomatic ta l ks rather than heated online exchanges during a gathering with Filipino workers in Hong Kong on Sunday. She emphasized that bilateral relations

are complex and require careful handling by officials. While affirming that the Philippines can pursue diplomacy alongside a strong defense posture, Trinidad stressed that upholding the nation’s interest is a moral obligation for every Filipino, pointing to the 2016 Arbitral Tribunal ruling as a vital legal landmark. The Department of Foreign Affairs (DFA) also weighed in on Sunday, rebuking officials whose unaligned comments risk undermining diplomatic efforts.

Highlighting that the President is the chief architect of foreign policy under the Constitution, the DFA warned that public officials must carry institutional responsibilities and avoid unilateral approaches toward international partners. Concluding his remarks, Trinidad reiterated that the AFP and the Department of National Defense remain focused on their core mandate to secure national territory, protect sovereignty, and safeguard the Filipino people. Rex Anthony Naval

Leni-Raffy tandem leads Baste-Robin team in survey By Rizal Raoul Reyes @brownindio

HE hypothetical presidential and vice presidential tandem of for mer Vice President and Naga City Mayor Maria Leonor “Leni” Robredo and Sen. Rafael “Raffy” Tulfo is leading the proposed pairing of Davao City Mayor Sebastian “Baste” Duterte and Sen. Robinhood Padilla in the latest nationwide survey conducted by Octa Research. According to Octa’s thirdquarter 2026 Tugon ng Masa (TNM) survey released on Tuesday, 43 percent of adult Filipinos would vote for the RobredoTulfo tandem if the May 2028 elections were held during the

sur vey period, compared with 39 percent who preferred the Duterte-Padilla pairing. However, the 4-percentagepoint advantage is relatively narrow, with 18 percent of respondents say ing they would choose neither tandem or remain undecided. The survey, conducted from September 28 to October 4 through face-to-face interviews with 1,200 adult Filipinos, has a margin of error of plus or minus three percentage points at a 95-percent confidence level. Among the 1,170 respondents who identified themselves as registered voters, the results were virtually unchanged, with 43 percent favoring Robredo-Tulfo, 40

percent Duterte-Padilla and 17 percent remaining uncommitted. Octa said the findings represent its first measurement of the hypothetical matchup and should be treated as a baseline of voter preferences rather than a forecast of the outcome of the 2028 elections. The survey also manifested the geographical divide between the two hypothetical coalitions. Robredo and Tulfo enjoy a substantial advantage in Balance Luzon, where their tandem garnered 61 percent against 19 percent for Duterte and Padilla. In the National Capital Region, the Robredo-Tulfo pairing also leads with 49 percent compared with 32 percent for its rival. The Duterte-Padilla tandem,

meanwhile, dominates Mindanao, securing 81 percent of voter preference against only 4 percent for Robredo-Tulfo. The Visayas presents a more competitive political landscape, with Duterte-Padilla receiving 43 percent and Robredo-Tulfo obtaining 41 percent. North Luzon prov ided the strongest support to the Robredo-Tulfo tandem, where it received 69 percent, while the Duterte-Padilla pairing enjoys particularly strong backing in BARMM and Caraga, where it registered 90 percent each. The Duterte-Padilla tandem also obtained 86 percent in the See “Leni-Raffy,” A5

Wednesday, November 11, 2026

Economy

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House leaders warn govt vs delay in fund releases

By Jovee Marie N. dela Cruz

@joveemarie

EADERS of the House of Representives have warned that delays in government fund releases and public project implementation could cost communities jobs and economic opportunities, urging agencies to speed up disbursements and prioritize projects that can immediately stimulate local economies under the proposed P7.2-trillion 2027 national budget. Bataan Rep. Albert Garcia, senior vice chairman of the House Committee on Appropriations, said lawmakers were seeking to shift funds away from slow-moving programs toward priority projects ready for implementation, stressing that government spending plays a major role

in driving economic activity. “A large part of our economy depends on government spending,” Garcia said in a recent news conference, underscoring the need to ensure that public investments generate employment and deliver tangible benefits to communities.

Garcia said budget decisions should consider not only the number of projects funded but also their quality and potential impact on the people they serve. “It should not only be about the quantity but also the quality of projects,” he said, calling for closer cooperation among national and local governments, civil society organizations and the private sector. Surigao del Sur Rep. Romeo Momo Sr. of the Nacionalista Party urged government agencies to accelerate fund releases and disbursements to prevent delays in the implementation of approved projects. “We really need to speed up disbursements,” Momo said. Party-list Rep. Brian Poe of FPJ Panday Bayanihan said public construction projects immediately generate economic activity through employment and purchases of locally sourced materials, benefits that communities lose when implementation is delayed. “When a project proceeds, contractual workers are immediately hired. Local supplies are immediately purchased. That is money

$50-M in Marcopper funds sit as legal dispute threatens Marinduque cleanup

N environmental group based in Marinduque has urged Gov. Melecio Go to facilitate the implementation of the $100-million or approximately P6.24 billion Marcopper settlement, emphasizing the urgent need for environmental rehabilitation and the protection of communities affected by decades of mining-related damage. The Marinduque Council for Environmental Concerns (Macec) has urged, in the wake of a new controversy following Go’s November 9 flag raising ceremony remarks, questioning the legality of Provincial Ordinance 250, Series of 2025, which establishes the framework for the rehabilitation program and the utilization of the Marcopper settlement funds. Provincial Board Resolution 2048, enacted on May 30, 2025 establishes a Rehabilitation and Remediation Oversight Committee, a Project Management Office and mechanisms for the transparent utilization of settlement funds, with participation from government agencies, civil society and environmental experts. The development raises questions about the implementation of the rehabilitation program, particularly now that approximately $50.71 million in initial settlement proceeds has been deposited into

Asean. . . Continued from A3

For informal workers, the recommendations include stronger national policies, community-

the provincial government’s trust fund account. Macec said the settlement represents a major opportunity to address longstanding environmental risks and begin a comprehensive rehabilitation and remediation program for the province. Fr. Arvin J. Madla, chairman of Macec’s Board of Trustees, called on the provincial government to convene the rehabilitation oversight committee and initiate the preparation of a comprehensive rehabilitation master plan. “Thirty years is justice overdue. Our communities have suffered enough and continue to face environmental degradation that threatens their health, safety and livelihoods,” Madla said. “We appeal to the Governor to be part of the solution by convening the Provincial Rehabilitation and Remediation Oversight Committee. We must begin the necessary planning, environmental assessments and implementation of a rehabilitation master plan to ensure that the settlement funds are used effectively and responsibly,” he added. Madla identified the Maguilaguila and Makulapnit dams among the critical mining-related structures requiring urgent technical assessment, citing concerns over their structural integrity and potential danger to nearby communities.

“What is at stake is not merely the amount of the settlement or the political disagreements surrounding it. The more important issues are the safety of our communities and the long-term sustainability of Marinduque’s environment for future generations,” Madla said. The March 1996 Marcopper mining disaster caused extensive environmental damage to rivers, agricultural lands and surrounding communities. Following years of legal proceedings and negotiations, the province reached a $100-million settlement with Barrick Mining Corp., approved by the Court of Appeals in October 2025. The settlement is payable in installments over three years, with an initial payment of approximately $50.71 million deposited into the provincial government’s trust fund account in October 2026. Macec emphasized the need for clear rehabilitation priorities, implementation schedules and transparent fund utilization. “We urge the Governor and all concerned parties to work together to facilitate implementation. Every additional year of waiting is another year that affected communities remain exposed to environmental risks and deprived of opportunities for recovery,” Madla said.

based interventions and wider access to occupational safety and health services. In the fishing industry, inspectors are encouraged to check employment agreements, wages, rest periods, recruitment practices,

accommodation, food and water, medical care and social protection. The guidelines also call for closer coordination among labor, maritime, fisheries, immigration and law enforcement authorities, particularly when inspecting commercial fishing vessels operating across national jurisdictions. International Labor Organization (ILO) Country Director Khalid Hassan said workers should not have to suffer injuries or exploitation before authorities intervene. “Workers should not have to wait until they are injured or exploited before protection reaches them,” Hassan said. Tolentino also said labor inspection should be measured by its impact on workers, particularly whether they receive fair wages, work in safe conditions and enjoy protection against exploitation.

Jonathan L. Mayuga

Ejercito to explain the basis of its amendments ahead of bicameral deliberations, targeted to begin in the first week of December. Poe also urged civil society organizations and senators to scrutinize government programs with low spending rates and determine whether their allocations could be redirected to more urgent public needs. “We want to make sure that the sources of funding identified for critical projects are the right sources of funding,” he said. Momo clarified that the House did not automatically remove entire allocations from underperforming programs, say ing lawmakers considered agencies’ remaining funds and capacity to implement projects before determining possible realignments. T he proposed P7.2-tr il lion national budget, approved by the House on third reading on October 12, is now under Senate review before the two chambers reconcile their respective versions in the bicameral conference committee.

that goes straight back into the economy,” Poe said. He u rged a genc ies to ac t promptly once funding becomes available so construction and other activities could begin without unnecessary delays. Negros Oriental Rep. Janice Degamo of Lakas-CMD, likewise, stressed that faster implementation must be matched by proper execution to ensure that government spending translates into meaningful economic gains. “Programs and projects will truly translate into economic benefits if they are implemented quickly, especially if they are implemented properly,” Degamo said. She illustrated the importance of infrastructure investments by citing banana farmers in remote hinterland communities who depend on buyers traveling uphill to purchase their produce, often at low prices. Poor road cond it ions a l so m a k e t r a n s p or t i n g b a n a n a s d i f f ic u lt a nd r i sk d a m a g i ng the produce before it reaches

the market, limiting farmers’ potential earnings, she added. Dega mo sa id bet ter road s would allow farmers to transport their produce more efficiently, reach more buyers and negotiate better prices. “This is why the question is whether or not it translates into economic benefits. Yes, it does,” she said. Meanwhile, Garcia defended t he Hou se - approved a mendments to the proposed 2027 budget, maintaining that the changes were based on government agency requests and validated local needs. “The House maintains its position that there is no pork in the General Appropriations Act,” Garcia said, arguing that Congress exercises its budget review and amendment powers before enactment, while implementation remains the responsibility of the Executive branch. Garcia said the House had beg un coordinating w ith the chairmanof the Senate Finance committee, Sen. Joseph Victor

EU trade pact may shift Asean sourcing to PHL–survey

NDC implementation needs $250-B investments–CCC

By Bless Aubrey Ogerio

NE in five German-linked companies in the country plans to shift sourcing or production from other Southeast Asian markets to here once the European Union (EU)-Philippines Free Trade Agreement (FTA) takes effect, a business survey found. According to the Fall 2026 AHK World Business Outlook Survey, 20 percent of respondents expect to transfer sourcing or manufacturing activities from other Association of Southeast Asian Nations (Asean) countries to the Philippines following the agreement’s entry into force. The finding comes as 57 percent of surveyed companies expect to increase their investments in the country within three years after the trade pact takes effect. None expects to reduce investments. Companies a lso anticipate higher imports of European machinery and components, cited by 44 percent of respondents, while 37 percent expect investment to increase. This followed the EU and the Philippines announcing a substantial agreement on the FTA in September. In addition, the survey findings suggest that businesses see the pact as a factor in deciding where to source materials and locate production within the region, beyond its implications for tariffs. Companies, however, identified domestic bottlenecks that could limit the agreement’s benefits. Customs procedures and clearance times were cited by 45 percent of respondents, followed by inconsistent regulations across government agencies and local governments at 41 percent, and tax administration and audit practices at 40 percent. The survey also found that 53 percent of firms face increasing competition from Chinese companies. In response, 63 percent are pursuing product innovation and 47 percent are seeking new markets, while only 3 percent said they were withdrawing. The survey results come amid improving business conditions See “Trade,” A5

By Jonathan L. Mayuga @jonlmayuga

HE Philippines needs $250 billion in various climate adaptation and mitigation investments to meet its Nationally Determined Contribution (NDC), the Climate Change Commission (CCC) said. CCC Vice Chairman Robert Borje said the amount is needed to implement the country’s commitments under the Paris Agreement. Borje is currently attending the ongoing 31st United Nations Climate Change Conference (COP 31) and related meetings in Antalya, Türkiye, that will end on November 20, and recently led the formal opening of the Philippine Hub. NDCs are climate action plans that each of the 195 signatories of the Paris Agreement is required to submit to the United Nations

Framework Convention on Climate Change (UNFCCC) every five years. The Philippines maintained its commitment to reduce 75 percent of its emissions by 2035. Of these, only 7 percent of the emissions reduction target is “unconditional,” while the remaining 68 percent is the conditional target that will depend on international support. Four key sectors are involved in this emission reduction targets: agriculture, waste, industry, transport, and energy. The CCC said that the estimated amount is based on national documents and data, which became part of the assessment for the 2026 NDC. The CCC will update the NDC implementation plan and provide specifics on how to implement and achieve the country’s targets.

Senators call for urgent jobs action By Butch Fernandez @jonlmayuga

MID the continuing dismal numbers in the country’s jobs report and the volatility of employment figures, two senators are pushing for urgent action on both the rising joblessness and poor state of preparedness of workers. Sen. Joel Villanueva said such condition is a “cause for concern and a challenge to our economic development,” and pushed for full implementation of the Trabaho Para sa Bayan Act, which he principally authored and sponsored in 2023. That law was enacted to identify industries with job-generation potential. Similarly, the Enterprise-Based Education and Training Framework Act was enacted exactly two years ago to ensure that industrybased training translates into actual employment, Villanueva added. “ The roadmap, interagency mechanisms, and legal mandates are in place but the latest Philippine Statistics Authority [PSA] data shows unemployment rising to 5.4 percent in September from 3.8 percent a year ago. This means 2.86 million Filipinos are jobless, about 900,000 more than in Sep-

tember 2025. While the labor force grew by 1.63 million, only 721,000 jobs were added. The challenge is no longer legislation, but implementation,” the senator stressed. The Super El Niño will likely make this worse, he added. “Pagasa [Philippine Atmospheric, Geophysical and Astronomical Services Administration] expects it to persist into the first half of 2027, with drought spreading across much of the country. The PSA already reports that paddy rice growing and muscovado sugar production alone shed 880,000 jobs in September. The Department of Agriculture [DA] warns that in a worst case, 4.6 million of the country’s 10.4 million farmers and fisherfolk could be affected. A prolonged drought means more farm workers losing their livelihoods in the months ahead.” Those workers will need somewhere to go, and the jobs of the near future will increasingly call for skills in artificial intelligence and robotics. Training Filipinos to harness these technologies must be at the center of implementation, not an afterthought. The Enterprise-Based Education and Training Framework Act was designed to link training to actual jobs, and the agencies must now align their See “Jobs,” A5

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

The World

Rising fuel flows thru Hormuz may help ease strained market

HE volume of refined products being loaded within the Persian Gulf is rising, with most of that exiting the Strait of Hormuz and providing some relief to one of the tightest corners of the global oil market nine months into the Iran war. The region loaded about 3 million barrels a day of distillates including diesel, petrochemical feedstock naphtha and liquefied petroleum gas in October, according to data from ship-tracking and analytics firm Vortexa Ltd. While that’s still only about half of preconflict levels, that’s up from a trough in May of about 1 million barrels a day. Most of those shipments have or will soon exit through Hormuz, said Xavier Tang, senior market analyst for Vortexa, although exact volumes are hard to pin down due to transfers within the Gulf and methods of obfuscating flows such as vessels turning off their transponders. Still, the recovery in oil products is lagging that for crude, which at some points in prior months had neared earlyFebruary levels.

“Crude is going at about 80 percent to 85 percent of pre-war levels” including pipeline exports, while “products are at about 35 percent to 40 percent,” Fereidun Fesharaki, chairman emeritus of industry consultant FGE NexantECA, said last week, referring to Middle Eastern oil exports including through Hormuz. There’s been an overall pickup in vessel traffic across different commodities in the crucial waterway. Crude remains the most successful at exiting the embattled region, while flows of liquefied natural gas have risen to about a third of levels before the conflict. “Oil infrastructure such as refineries remains susceptible to drone strikes,” which has led the region’s producers to prioritize crude shipments, Tang said. Global refined markets remain tight, with some countries opting to prioritize local consumption despite attractive profits on exports. International shipments of diesel from major producer China, for example, may remain curbed as the country grapples with low domestic inventories. Bloomberg News

Saudi oil tanker firm crossing Hormuz with US coordination

AUDI Arabia’s main shipping firm is sending some tankers through the Strait of Hormuz in coordination with the US military, as the kingdom boosts oil supplies via the crucial waterway that’s helped drive exports close to prewar levels. The Saudis are working with the US on a government level to support the transits, Khalid Alhammad, president of Bahri Ship Management, said in at an event in Dubai Tuesday. The company sent through four vessels today, he said. A wave of crossings over the past couple of months has taken overall oil shipments from the Middle East close to the levels from before the conflict despite a ramp-up of Iranian attacks on tankers. Saudi Arabia has boosted exports through the troubled chokepoint as it looked to raise its market share in Asia and

Leni-Raffy. . . Continued from A3

Davao Region and 84 percent in Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City). Octa’s findings suggest that language and regional identity may be stronger dividing lines between the two hypothetical political coalitions than socioeconomic standing. As far as the Tagalog and Filipino respondents are concerned, Robredo-Tulfo leads with 54 percent against 24 percent for Duterte-Padilla. The advantage is even more pronounced among Ilocano respondents, with the former tandem receiving 80 percent compared with 8 percent for the latter. The result is evident among Cebuano and Bisaya respondents, where DutertePadilla commands 75 percent against only 10 percent for Robredo-Tulfo. Among Ilonggo respondents, the two tandems are closely matched, with Robredo-Tulfo receiving 42 percent and Duterte-Padilla 40 percent. The differences across socioeconomic classes are considerably narrower. Among Class D respondents, which account for approximately four-fifths of the adult population, both tandems registered identical support of 41 percent. Robredo-Tulfo leads among Classes ABC, with 53 percent against 29 percent for Duterte-Padilla, and Class E, with 48 percent against 37 percent. The survey also reveals a generational

an attack on an alternative pipeline in September closed that link to the Red Sea for a few days. Bahri, officially called the National Shipping Company of Saudi Arabia, has been instrumental in pushing state oil producer Aramco’s exports higher via Hormuz. Alhammad said the Gulf ’s national shipping companies like Bahri have no choice but to continue transiting the waterway. “We have to keep moving the energy,” he said. Several Bahri vessels were attacked during the third quarter, and two of the company’s mariners were killed in the incidents, Chief Executive Officer Ahmed Al Subaey said in an earnings statement last month. The regional war has contributed to “an exceptionally complex operating environment,” he said. Bloomberg News and gender divide in the hypothetical contest. Duterte-Padilla leads among younger voters, particularly those aged 25 to 34, with 48 percent against 30 percent for Robredo-Tulfo. The former also leads among respondents aged 35 to 44, with 52 percent against 35 percent. Robredo-Tulfo, however, enjoys stronger support among voters aged 45 and above. Among those aged 45 to 54, the tandem received 51 percent against 34 percent for Duterte-Padilla. The same pattern is evident among respondents aged 55 to 64, where RobredoTulfo leads 49 percent to 36 percent, and among those aged 65 to 74, with 48 percent against 29 percent. By gender, Robredo-Tulfo leads among women, receiving 47 percent against 36 percent for Duterte-Padilla. Among men, Duterte-Padilla is ahead with 43 percent against 39 percent. The survey further shows that RobredoTulfo per forms better among urban residents, with 48 percent against 36 percent, while Duterte-Padilla leads among rural respondents, with 43 percent against 36 percent. Octa noted that the two hypothetical tandems draw support from distinct voter coalitions. Robredo-Tulfo’s supporters are predominantly based in Luzon, older, more female and more urban, while DutertePadilla’s supporters are younger, more male and more rural, with a substantial concentration in Mindanao.

Wednesday, November 11, 2026

Gulf Arab States signal military integration in wake of Iran war By Ahmed Elimam

Bloomberg News

HE Gulf Cooperation Council (GCC), a bloc of US allies including Saudi Arabia and the United Arab Emirates, approved a joint forward-command center, signaling their desire to deepen military integration in the wake of the Iran war.

The Unified Military Command will be headquartered in Kuwait and forces will be allocated to it, GCC Secretary General Jasem AlBudaiwi said in a statement last Tuesday. The announcement followed a meeting of GCC defense ministers in Bahrain. The six GCC states, which also include Qatar and Oman, have been attacked thousands of times this year by Iranian drones and missiles, in retaliation for US-Israeli attacks. Tehran said its counterstrikes were aimed at US assets, including bases in the GCC, though many targeted

civilian sites such as ports and cities. The strikes from Iran—as well as from Tehran-backed militias in Iraq and Yemen—have given the Gulf Arab countries impetus to coordinate more closely to improve their security. It’s unclear if the new command center will integrate the air defense systems in the six countries, which many analysts have said is necessary to fend off any future strikes. AlBudaiwi criticized the “sinful Iranian attacks” and praised the level of cooperation among the armed forces of the GCC.

US gasoline prices drop below $4 a gallon after mos of pain

NITED STATES gasoline dropped below $4 a gallon for the first time since July, offering consumers some relief at the pump, although prices remain significantly elevated on a seasonal basis. The nationwide average retail price for regular gasoline slipped to $3.98 a gallon on Monday, according to the American Automobile Association, extending a decline that started in late September. It is the first time the average has fallen below the key psychological level since mid-July. US pump prices surged after the US and Israel launched military strikes on Iran in late February, triggering an energy shock as exports of crude and refined products were disrupted through the crucial Strait of Hormuz. President Donald Trump last week said it was

UNITED STATES pump prices dropped below $4 a gallon for the first time since July. DAVID PAUL MORRIS/BLOOMBERG

“largely true” that Republicans lost the midterm elections because of the war in the Middle East.

Other supply disruptions have added to the pressure. Escalating Ukrainian attacks on Russian re-

fineries, along with lower exports from China, have contributed to a tighter global fuel market. US gasoline prices typically fall heading into winter as driving demand declines, but prices remain about 19% above the seasonal average. There are some signs of relief. US gasoline stockpiles, which have been below seasonal levels since late April, have started to recover, while crude prices have tumbled on hopes for a faster resolution to the war. Gasoline futures have also slumped this month. Still, pump prices typically fall more slowly than they rise, and any renewed conflict between the US and Iran could send gasoline soaring again. The retail price of diesel remains above $6 a gallon after crossing that threshold for the first time in September. Bloomberg News

Brits snatch up hand sanitizer, canned food on stockpile alert

ALES of hand sanitizer, bottled water and canned food soared after the UK government urged households to stockpile for potential disruptions. Shoppers responded quickly to the “Be Ready” campaign last month, according to data from retail tracker Worldpanel by Numerator published Tuesday. In the 10 days after the advice was posted on October 22, sales of hand sanitizer jumped

Trade. . . Continued from A4

among German-Philippine companies, although confidence in the wider economy remains subdued. Some 61 percent of respondents rated their current business situation as good, up from 34 percent in the previous survey in Spring 2026. Meanwhile, 68 percent expect their businesses to improve over the next 12 months, more than double the share six months earlier. Only 2 percent expect conditions to worsen. Expectations for the domestic

Jobs. . . Continued from A4

programs with where the work is going, Villanueva added. Sen. Mark Villar, for his part, called for a comprehensive employment strategy anchored on skills development, industry-responsive training, and stronger worker protection to address unemployment and underemployment. He said the latest PSA data on employment and underemployment highlight the continuing

83 percent from a year earlier, with bottled water up 67 percent and canned goods 37 percent. The government wants households to keep enough supplies to be self-sufficient for three days in the event of a national emergency, including non-perishable food, water, flashlights and batteries. “Shoppers clearly took notice of the ‘Be Ready’ campaign, but this wasn’t panic buying,” said Fra-

ser McKevitt, head of retail and consumer insight at Worldpanel, adding that shoppers were adding items from the government advice to their weekly shop rather than “piling their trolleys high.” The number of people buying tinned meat each day after the campaign launch rose 43 percent, Worldpanel said, equivalent to an extra 400,000 shoppers a day. Food and drink manufacturer

Princes Group Plc, whose products include Branston baked beans and Napolina canned tomatoes, reported last Tuesday an increase in demand following the government’s campaign launch. Overall grocery inflation ticked higher to 2.6 percent in the four weeks ending November 1, though that was still slower than the UK’s overall inflation rate.

economy were less positive: 27 percent expect it to improve, while 24 percent foresee a deterioration. Investment plans also point to caution. Although the share of firms planning to cut investments dropped to 5 percent from 34 percent, 58 percent intend to maintain current spending levels. More than half, or 56 percent, expect their workforce to remain unchanged. Economic policy conditions emerged as the leading business risk, cited by 61 percent of respondents, up from 38 percent in Spring 2026. Energy prices followed at 56 percent, down from 65 percent, while exchange rates were cited by 42 percent.

Concern over legal certainty more than doubled to 39 percent, while financing conditions were cited by 34 percent, up from 22 percent. “The most telling result is the distance between how firms see their own prospects and how they see the economy around them,” German-Philippine Chamber of Commerce and Industry (GPCCI) Policy and Advocacy Committee Chairperson Marian Norbert Majer said. Ease of doing business was also identified by Majer as a priority, with economic policy conditions returning as the top business risk. For his part, GPCCI President

Christian Scheld said companies’ ability to turn stronger business prospects into investments would depend on consistent implementation of rules and timely government decisions. T he sur vey was conducted from October 5 to 23 among 59 companies engaged in GermanPhilippine business relations. Respondents came from services (49 percent), manufacturing and construction (29 percent), and trade (22 percent). T he findings for m part of the global AHK World Business Outlook survey, which gathered responses from nearly 3,500 companies.

need to create better-paying jobs and improve employment conditions. The Congressional Policy and Budget Research Department (CPBRD) had identified unemployment and underemployment as persistent challenges in the Philippine labor market, underscoring the need for policies that promote sustainable and inclusive employment, Villar said. He added that job creation should not be measured solely by the number of positions generated, but also by the quality of employ-

ment, including fair compensation, job security, and opportunities for career advancement. To help make employment more accessible, Villar earlier advanced legislative measures aimed at reducing barriers for job seekers and connecting workers with available opportunities. His proposed Kabalikat sa Hanapbuhay Act (Senate Bill 1272) seeks to ease the financial burden faced by indigent job seekers, while the Barangay Skilled Workers Registry Act (Senate Bill 1641) aims to facilitate the matching of skilled workers with

employment opportunities within their communities. Villar also highlighted the importance of preparing Filipino workers for technological advancements, particularly artificial intelligence and automation, which continue to transform industries and job requirements. His proposed Workers’ Protection and Skills Development on Digital Economy Job Disruption Act (Senate Bill 649) seeks to strengthen worker protection and promote skills development amid changes in the digital economy.

Bloomberg News

Wednesday, November 11, 2026

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Wednesday, November 11, 2026

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Wednesday, November 11, 2026

Trump says FBI reviewing Huang affair, cites call with Nvidia CEO By Skylar Woodhouse Bloomberg News

RESIDENT Donald Trump said the FBI is looking into Nvidia Corp. CEO Jensen Huang’s extramarital relationship with a suspected Chinese spy, and offered his support to the embattled chip magnate a day after the affair was disclosed. Despite the allegations, Trump said last Monday that he spoke to Huang earlier in the day to ask how he was doing, and praised Huang as a “very honorable man.” “I know the FBI is looking into it, in terms of something else, and I think that he’ll be in good shape,” the president said during an impromptu news conference at the White House. “I just know Jensen very well. I just think he’s a very honorable man, I mean, he built a great company, American company, and I think he’s a very honorable guy.” Spokespeople for the FBI didn’t immediately respond to a request for comment. Trump’s remarks last Monday marked the second day in a row that he has defended the Nvidia chief following Huang’s admission that he had cheated on his wife of four decades, a revelation that has plunged the chipmaker at the heart of the artificial intelligence boom into an unprecedented crisis. Days before Huang’s stunning disclosure on Sunday, a series of news reports revealed that the Nvidia CEO had a close relationship with a woman named Alice Huang—an executive of Singapore-based Megaspeed International who US officials suspected of acting on behalf of Chinese spy agencies. As Huang revealed his indiscretion, Nvidia’s board said it would conduct an investigation into whether Jensen Huang was the target of a foreign intelligence effort, though the company said it had no reason to believe that national security or “Nvidia secrets” were compromised. The revelations sent Nvidia’s shares plunging on Monday and threatened to reverberate across the artificial intelligence industry, leaving investors to assess the broader potential fallout. The episode threatens to add further strain to concerns on Wall Street that the AI buildout risks being slowed by political opposition to data centers. Last Monday, Trump said that Jensen Huang told him that he didn’t know that Alice Huang was a spy. “I asked him the question. ‘Did you have any idea that she was a spy?’,” Trump said. “He said, ‘I had no idea that she was a spy,’ and I really believe him.” The president added that he didn’t plan to raise the issue when he meets next week with his Chinese counterpart, Xi Jinping, during a summit in China, but added that it’s possible Xi would ask about it. China has objected to the allegations that it had spied on Huang, with a Foreign Ministry spokesperson calling the claims “unsubstantiated.” Asked when he first learned of the allegations regarding Jensen Huang’s affair, Trump said he wasn’t sure. “I’d certainly check with the intelligence people,” he said. “It could have been mentioned. Certainly, it didn’t make much of an impact on me.”

Singapore seizes cruise ship that stranded travelers in Cambodia By Tassia Sipahutar Bloomberg News

HE Villa Vie Odyssey, a residential cruise ship whose around-theworld voyage was thrown into doubt by soaring fuel costs and funding strains, has been detained in Singapore. The vessel was held under a Singapore court order on Nov. 8 and is anchored in the city-state’s port waters, information on the Singapore Courts website shows. There are no passengers aboard, while the crew are reported to be well and their welfare is being managed by the vessel’s creditors, the Maritime and Port Authority said in a statement. Court records list the ship as having been placed under “sheriff’s arrest” and name law firm Helmsman LLC as the solicitor responsible for the action, but don’t disclose who it represents or the reason for the move. Helmsman didn’t immediately respond to a request for comment from Bloomberg News. The seizure adds to the uncertainty facing hundreds of people who paid to live at sea, and puts fresh scrutiny on Villa Vie Residences’ model of selling longterm cabins for continuous travel. Some residents paid hundreds of thousands of dollars for rooms and thousands of dollars more each month, only to see the voyage stall as the company sought fresh funding. The latest setback follows a chaotic stretch in Cambodia, where about 200 residents were ordered to leave the Odyssey in Sihanoukville after Villa Vie said higher fuel costs made it harder to keep sailing. The company said it was considering a financial restructuring and looking for new funding. For some residents, the ship’s departure from Cambodia already felt like the end of their life aboard. Johan Bodin and Lanette Canen, a couple who had been living on the Odyssey and documenting their journey on social media, watched the vessel sail away.

www.businessmirror.com.ph

TheWorld

Australia to create AI safety regulator, mandatory rules By James Mayger Bloomberg News

USTR ALIA will create a new artificial-intelligence safety regulator that will have the power to impose “significant penalties” on companies that do the wrong thing, Prime Minister Anthony Albanese said Tuesday in Canberra. The government is in the process of writing AI-related legislation, with the new regulator to be included in those bills, Albanese said at a press conference. Firms will need to provide mandatory notifications of any security incidents to the government and allow independent evaluation of their models, he added. “Strong mandatory safety and security protections will be legislated through the AI Standards and apply to all frontier AI companies that wish to operate in Australia,” the government said in a statement. “These protections will be enforced by a new targeted regulator for AI safety, which will work with the Australian AI Safety Institute to provide technical expertise and oversight as global standards evolve.” The issue of AI safety came to the forefront in September when it was revealed that an OpenAI model had hacked an Australian government website. While the information accessed wasn’t sensitive personal data, the attack on a government website shone a spotlight on such risks. That followed a series of incidents in which OpenAI models broke into online resources of outside companies, most notably with the case of Hugging Face, a website hosting AI datasets. Australia established a review in response to the hacking. It recommended changes including reforming criminal laws so that the government can criminally

punish “egregious regulatory noncompliance” and create a “failure to prevent” offence where a company creates a model and doesn’t take reasonable steps to stop it from doing harm. The government will accept all of the review’s recommendations, Albanese said. “We’ve seen what happened in other parts of the world without guardrails or standards,” Albanese said. “Social licenses slip, while safety and security have been undermined.” The breakneck speed of AI development is forcing governments around the world to respond rapidly—both to try to capture the benefits and to try to control risks. The construction of data centers has been one of the bright spots in Australia’s economy this year, lifting growth and prices while also contributing to worker shortages in some areas. “AI offers Australia huge opportunities whether it’s boosting productivity, building economic resilience or revolutionizing healthcare,” the government said. However, “to seize these opportunities, we need to ensure social license for AI, safety for Australians and security for our national interest.” Similar to the US, there is increasing blowback against where data centers are built. A major development in suburban Sydney was canceled in recent weeks following community opposition; meanwhile, Firmus Grid Ltd. pulled its initial public offering and Nextdc Ltd. halted a data center expansion after protests delayed power supply to one of its major projects in Melbourne Deputy Prime Minister Richard Marles said last week that new data centers shouldn’t be built in suburbs, adding that they would also have to generate their own power and water and work to ensure they had support from the community.

Wednesday, November 11, 2026

Malaysia court clears ex-PM Najib for house arrest, Minister resigns By Kok Leong Chan & Danial Azhar

Bloomberg News

ALAYSIA’S former Prime Minister Najib Razak is set to leave prison for house arrest as soon as Tuesday after a court cleared the way for his release, a development that prompted the resignation of a senior minister and put fresh pressure on Prime Minister Anwar Ibrahim’s coalition. Najib, who was due to head home last Friday after the political party he once led—United Malays National Organisation—paid a 50 million ringgit ($12.3 million) fine, remained in prison after the Attorney General’s Chambers sought legal clarification over his transfer to house arrest. A court decision was needed to clear uncertainty over whether the payment meant the sentence had been fully served. Najib’s house arrest has created a new source of tension for Anwar’s coalition. Transport Minister Anthony Loke said Tuesday he was resigning with immediate effect as Najib prepares to leave prison and return home, following through on a pledge he made when the former premier was granted a conditional royal pardon in September. Loke is also chief of the Democratic Action Party, which holds the largest number of seats in parliament among parties in government. Tensions within the government were already elevated after Anwar’s Pakatan Harapan bloc suffered a

string of state election defeats to the UMNO-led Barisan Nasional. The two federal coalition partners will face off again in Saturday’s Malacca polls, where Barisan is cooperating with opposition group Perikatan Nasional, extending an alliance that delivered victories in Johor and Negeri Sembilan. There are currently no specific laws for home detention in Malaysia. The earlier order had created confusion by directing that Najib be released immediately upon payment of the fine while also requiring him to serve the remainder of his sentence under house arrest, raising questions over whether he remained under the custody of the nation’s Prisons Department. High Court Judge Aslam Zainuddin said last Tuesday the November 6 order releasing Najib upon payment of the fine had been revoked and replaced in its entirety by the new order. The former premier will begin serving the remainder of his jail term Tuesday at his home in Langgak Duta, an affluent enclave in

Kuala Lumpur, his lawyer Muhammad Shafee Abdullah told reporters. Najib will first return to Kajang Prison to complete formalities and be briefed on the conditions of his house arrest, Shafee said. The house arrest for Najib, which runs through August 2028, is his second royal reprieve after his sentence was reduced in 2024 by the country’s Pardons Board, chaired by the monarch. Under then King Sultan Abdullah Ahmad Shah, the

board halved Najib’s sentence to six years and cut his fine to 50 million ringgit. The royal pardon applies only to Najib’s sentence in his first corruption case. It doesn’t cover a separate 15-year prison term imposed in 2025 for abuse of power and money laundering in another trial linked to the 1MDB scandal, which he is appealing. He was fined 11.4 billion ringgit in the latest conviction.

A10 Wednesday, November 11, 2026

electric cooperative Passing the torch: Marcos tasks new Davao asked to account ₧1.2-B AFP generals to mold future leaders debt from WESM By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand Marcos Jr. urged the newly promoted generals and flag officers of the Armed Forces of the Philippines (AFP), led by Chief of Staff Gen. Antonio G. Nafarrete, to train the next generation of military leaders so they will be ready to face an increasingly “complex security environment.”

Marcos said. “As senior officers, you now have that privilege and responsibility of preparing the next generation of leaders,” he added. The AFP, the President said, is now facing constant challenges in securing the West Philippine Sea as China continues to encroach it. The latest of the said incident happened last Tuesday, when 29 Chinese vessels were spotted in several West Philippine Sea features. Marcos highlighted that the leaders currently have extensive experience in dealing with Chinese ships from the 2,600 surface patrol missions done by the Armed Forces from December 2025 to November 2026 primarily in the Kalayaan, Batanes, and Tawi-Tawi Island Groups. It also did 250 maritime air patrol missions cover ing the West Philippine Sea, Philippine Rise, and our country’s southern boundary. Marcos said AFP was also able to improve the security of the

country’s maritime territory by holding 17 bilateral and 15 multilateral maritime cooperative activities in the West Philippine Sea with the United States, Australia, Japan, Canada, New Zealand, France, and India. “ T hese op er at ion s re f le c t our continuing commitment to safeguarding our maritime interests while deepening our cooperation with other nations,” Marcos said. The President also noted that AFP is also experienced in freeing localities from insurgency and terror and providing support to disaster-hit areas. “Our country is navigating an increasingly complex security environment and we need leaders who can inspire confidence at every level of command,” Marcos said. “So, share the lessons of your experience. Develop the abilities of those under your command. Build an institution whose strength endures beyond the tenure of any leader,” he told the newly promoted AFP officials.

The Chief Executive made the appeal during the oath-taking ceremony of the said 34 officials in Malacañang last Tuesday. “As your responsibilities grow, so too must our commitment to the institution and, above all, to the men and women who serve in its ranks,” Marcos said. He stressed the importance for the said AFP officers in transfer-

ring their knowledge and their values so their organization can properly respond to emerging challenges. “A modern military requires leaders who serve with competence, integrity, and accountability. No matter how advanced our capabilities may become, we must never lose sight of the trust and confidence of the Filipino people,”

Clark welcomes delegates for JCI World Congress

JBC now accepting applicants, nominees for associate justice post vacated by CJ Zalameda

LARK FREEPORT — Clark is preparing to host more than 6,000 delegates from over 120 countries for the 2026 Junior Chamber International (JCI) World Congress on Nov. 11 to 15. The five-day congress will feature leadership development, networking, cultural exchanges and other activities, according to the event’s official website, which lists the expected attendance at more than 6,000 delegates from over 120 countries. The Clark Development Corporation (CDC) and JCI, on Nov. 9, unveiled the congress marker at the Clark Parade Grounds, ahead of the international gathering. CDC president and CEO Agnes VST Devanadera said the corporation completed the musical fountain at the Parade Grounds a month ahead of schedule as part of preparations to welcome delegates. “We want JCI and its delegates to experience the very best of Clark. That is why we completed the fountain a month ahead of schedule. Here in Clark, it will not only be our people, our trees and our lights welcoming you. Even the water will be dancing because JCI is here,” Devanadera said. The Tourism Promotions Board (TPB), in a Nov. 10 news report on its partnership with JCI Philippines, said more than 40% of the expected delegates would be visiting the Philippines for the first time. TPB chief operating officer Maria Margarita Montemayor Nograles said the congress would provide an opportunity to promote the country’s tourism destinations and Clark’s capacity to host major international gatherings. The partnership between TPB and JCI Philippines was formalized through a memorandum of agreement signed on Nov. 9 to support the country’s hosting of the congress. The event is also expected to generate opportunities for Clark’s hospitality, food, transport and tourism sectors as international visitors explore the Freeport and nearby destinations. The Philippines last hosted the JCI World Congress in 1998. The 2026 gathering in Clark marks the event’s return to the country after 28 years, according to JCI. Ashley J. Manabat

By Joel R. San Juan @jrsanjuan1573

HE Judicial and Bar Council has opened the nominat ion and appl icat ion to the Supreme Court associate justice post that was left vacant following the appointment of former Associate Justice Rodil Zalameda as Chief Justice (CJ) last November 6. In an announcement issued on Tuesday, the JBC, through its exofficio secretary and SC Clerk of Court, lawyer Marife LomibaoCuevas, said the deadline for submission of the application will be at 4:30 p.m. on December 28, 2026. Interested applicants are directed to visit the JBC’s official website (www.jbc.judiciary.gov. ph) for the complete details and guidelines on application requirements, access the JBC on-

line registration and application system (JBC O.R.A.S.) through the Philippine judiciary platform (w w w.por ta l.judiciar y.gov.ph) and accomplish the necessary requirements. The JBC is a constitutional body that accepts, screens and nominates appointments to the judiciary, Office of the Ombudsman and its deputies and the members of the Legal Education Board. The Constitution also mandates the JBC to submit to the Office of the President a shortlist of nominees for appointment to fill in vacancies in the judiciary. Under the Constitution, the President is mandated to make appointments in the judiciary within 90 days from the occurrence of the vacancy. Meanwhile, SC Associate Justice Amy C. Lazaro-Javier on Monday attended her final flag ceremony with SC officials and personnel

at the SC courtyard along Padre Faura Street in Manila. Lazaro-Javier is set to retire on November 16, 2026, upon reaching the mandatory retirement age of 70. The JBC has already forwarded to the Office of the President its short list of nominees for the post. Included in the short list are Court of Appeals (CA) Associate Justice Ramon M. Bato Jr.; Solicitor General Darlene Marie B. Berberabe; Commission on Audit Chairperson Gamaliel A. Cordoba; CA Associate Justices Ramon A. Cruz, Maria Elisa Sempio Diy, and Myra V. Garcia-Fernandez; CA Presiding Justice Fernanda Lampas Pera lta; Commission on Elections Commissioner Ernesto P. Maceda Jr.; CA Justices Ronaldo Roberto B. Martin and Walter S. Ong; and Court of Tax Appeals Associate Justice Maria Rowena M. San Pedro.

PHL rallies greater attention, support for vulnerable nations at COP31

HE Philippines has called for greater attention to implementation, climate finance, and support for vulnerable countries as the 31st Conference of the Parties (COP31) formally opened in Antalya, Türkiye on Monday. Heads of the delegation delivered national statements during the opening of the two-week meeting, which set the tone for two weeks of climate negotiations. Leading the Philippine delegation, Atty. Juan Miguel T. Cuna, Secretary of the Department of Environment and Natural Resources (DENR), emphasized that climate negotiations must remain responsive to the realities faced by countries already experiencing the impacts of a changing climate.

The DENR chief’s intervention reflected key priorities the Philippines has advanced ahead of the conference, particularly on climate finance, adaptation, and loss and damage. “For millions of Filipino families, climate change is not a distant policy debate. It is an everyday reality affecting their livelihoods, homes, and safety,” Cuna said. “As we head into COP31, the Philippines is working towards building constructive international partnerships that back ambitious climate pledges with predictable, accessible financial and technical support so that local communities receive the protection they urgently need.” COP31 happening from November 9 to 20 brings together Parties to the United Nations

Framework Convention on Climate Change, the Kyoto Protocol, and the Paris Agreement to discuss a broad range of issues, including adaptation, mitigation, climate finance, technology transfer, capacity-building, and loss and damage. In his statement, Cuna underscored the importance of carrying forward existing commitments and ensuring that outcomes under the Paris Agreement translate into practical support for developing countries. The Philippines maintained that while important progress has been achieved through the UN climate process, significant gaps remain between commitments and implementation, particularly for climate-vulnerable nations. Jonathan L. Mayuga

By Manuel T. Cayon @awimailbox

AVAO CITY—The energyfocused Davao Consumers Movement has asked the Northern Davao Electric Cooperative (Nordeco) to account its indebtedness reaching P1.2 billion from the electricity supply market, suspecting shady handling of the money that cooperative has been regularly collecting electricity bills from consumers. “With more than P1.2 billion in unpaid obligations, where did the money go, and why have these bills remained unsettled? Nordeco, what did you do with the bills we paid?,” the DCM said in a statement posted in the internet. It cited the data from the Independent Electricity Market Operator of the Philippines (IEMOP), published on November 5, which showed that the Nordeco had accumulated P1,211,528,557.54 in unpaid energy settlement obligations as of October 30, 2026, the highest among electric cooperatives in the country. “This raises serious questions about Nordeco’s financial management and its ability to meet its obligations to power suppliers. The cooperative continues to operate in Davao de Oro and collect payments from consumers,” it said. “For us at the Davao Consumer Movement, what is particularly alarming is how this financial situation could affect consumers,” it said. First, it said, there will be the risk of higher electricity costs. “If Nordeco fails to settle its obligations, consumers could eventually bear part of the cost. In fact, the law covering Davao Light’s expanded franchise allows an additional charge on consumers if the money set aside to pay Nordeco’s debts is not enough.” “This could mean that consumers will end up paying for debts accumulated before Davao Light takes over,” The DCM said.

The Davao Light and Power Co., an Aboitiz subsidiary, was granted the right to expand its franchise area to Davao del Norte and Davao de Oro, the jurisdiction previously granted to Nordeco, who also previously took over the debt-ridden Davao del Norte Electric Cooperative a decade earlier. Second, the DCM said, Nordeco’s unpaid obligations raise concerns about the reliability of electricity supply. “If power suppliers are not paid, this could affect their supply arrangements with the cooperative and potentially expose consumers to supply disruptions.” “We recognize that the law provides for the use of proceeds from the sale of Nordeco’s distribution assets to pay its outstanding debts. However, if that money is insufficient, consumers could be asked to shoulder an additional charge, including a provision for P0.20 per kilowatt-hour under certain circumstances,” it added. “We therefore demand that Nordeco explains how it manages the payments collected from consumers and provide a full accounting of its outstanding obligations. We also call on the National Electrification Administration [NEA] and the Energy Regulatory Commission [ERC] to disclose how much Nordeco owes, how much money has been set aside to pay these debts, and how consumers will be protected from additional charges,” it said. It said consumers paid their electricity bills “in good faith”. “They deserve to know why these obligations remain unpaid and, more importantly, why they could be made to shoulder the consequences.” “The people of Davao de Oro should not be left paying for a financial mess they did not create,” it said. The BusinessMirror sent a message on Tuesday to Nordeco on its Facebook social media account tt was yet to receive any reply.

Comelec confirms November 2028 BSKE after SC ruling

HE Commission on Elections (Comelec) affirmed that the next Barangay and Sangguniang Kabataan elections (BSKE) will be conducted in November 2028 after the Supreme Court upheld the constitutionality of the law extending barangay officials’ terms to five years. In a statement, Comelec said it would proceed with preparations for the village and youth council polls following the High Court’s ruling on Republic Act (RA) 12326, which also limits barangay officials to two consecutive terms. Comelec Chairman George Erwin M. Garcia thanked the Supreme Court for resolving the legal controversy surrounding the measure. “Although not unanimous, the Supreme Court decision is already a jurisprudence forming part of the law of the

land,” Garcia said. In Macalintal v. Office of the President, et al. (G.R. No. E-08557), the High Court ruled that RA 12326 establishes a fixed term of office rather than postponing elections, making the 2023 Macalintal guidelines inapplicable. It also held that the law does not violate the constitutional right to suffrage, noting that voting rights do not guarantee a specific election frequency or term length for barangay and Sangguniang Kabataan officials. The Comelec said the next BSKE would take place on Nov. 13, 2028, the second Monday of the month. With the legal questions settled, the commission will move forward with preparations for the polls alongside its preparations for the May 2028 national and local elections. Mary Jade Jadormio

Unified 911 boasts 96.64% efficiency rate in first 10 months of 2026

HE government’s Unified 911 emergenc y hot line handled more than 96,000 emergency calls in the first ten months of 2026, recording a 96.64% efficiency rate as the De-

partment of the Interior and Local Government (DILG) continues to strengthen emergency response services nationwide. From January 1 to October 31, 2026, the Emergency 911 Nation-

al Call Center handled a total of 96,447 emergency calls involving police assistance, fire suppression and prevention, medical emergencies, search and rescue operations, and immediate intervention in

cases of violence against women and children, the DILG said. Through the Unified 911 system, emergency assistance is facilitated within an average of three to five minutes, with some incidents

receiving assistance in as little as one to two minutes. Among these was an emergency in Goa, Camarines Sur, where a See “Unified,” A12

Wednesday, November 11, 2026 A11

Escudero shoots down defense bid to strike prosecutor’s manifestation By Claudeth Mocon-Ciriaco @claudethmc3

& Jovee Marie N. Dela Cruz @joveemarie

RGUING that the prosecutor was improperly testifying rather than making a “valid” legal objection, defense counsel Atty. Lindon Miguel Bacquel moved to strike off the record the remarks of House private prosecutor Atty. Benjamin “Jay” Tolosa Jr., as the defense team seeks to prove that accusations of non-disclosure were “malicious and false.” The debate occurred as the defense presented its witness, Island Garden City of Samal Assessor Engr. John Kenneth Enumerables, to prove that certain real properties were properly disclosed in Duterte’s Statement of Assets, Liabilities, and Net Worth (SALN). Bacquel asserted that the witness would demonstrate that the prosecution’s allegations of undisclosed properties in the SALN were “maliciously and falsely done,” to which Tolosa took strong exception to the characterization, stating that the prosecution could not “take that sitting down.” Tolosa argued that there were glaring discrepancies between the properties being presented and those previously discussed in Matina, Davao City, claiming the witness could at most prove they were within the same barangay. Bacquel then immediately objected to Tolosa’s explanation and asked the impeachment court to strike the remarks from the record, adding that Tolosa was already giving testimony on the merits of the properties instead of simply stating a procedural objection. “Your honor, can we just move strike the manifestation of the counsel for the prosecution it appears that he is testifying, your honor,” Bacquel said. Tolosa defended his remarks as an appropriate response to the defense’s phrasing, noting that the words “malicious” and “falsely made” originated from Bacquel’s own offer of testimony. “It is not improper because we want this honorable court to appreciate the testimony of this witness in that light, your honor, and we are stating the fact,” Bacquel argued. Presiding officer Francis “Chiz” Escudero denied the defense’s motion and allowed Tolosa’s statements to remain on record. Escudero also directed the defense to clearly prove that the properties identified in the land titles were the exact same properties declared in Duterte’s SALNs Instead, Escudero noted the objections, allowed the defense to proceed with direct examination, and kept Tolosa’s formal manifestation on the official record.

Possible conflict of interest

AN accounting firm co-founded by Vice President Sara Z. Duterte’s defense witness Vingelin Bajan, while she was a regular employee of the Davao City government, later became the external auditor of more than 10 businesses linked to the vice president and her husband, lawyer Manases Carpio, prompting questions about a possible conflict of interest. Private prosecutor Mae Divinagracia presented Securities and Exchange Commission (SEC) records identifying Elises and Ciudadano as the external auditor of several Duterte-Carpio-linked corporations, including GenCorp. Industries Inc., Metro Chow Food Corp. and Cale88, a banana chips exporter. Cale88, which was established by Carpio, received P776 million in foreign remittances from 2022 to 2025, including P319 million from China and Hong Kong, Divinagracia said. The revelations came during the cross-examination of Bajan, a Davao

City accountant, and the defense’s second witness in the impeachment trial. Bajan, however, said she was unaware that the accounting firm had audited businesses associated with the Duter te-Carpio couple, explaining that she left the par tnership in 2015. Divinagracia traced the firm’s origins to Ampil, Elises, Ciudadano and Co. CPAs, an accounting partnership established in 2003 with Bajan as one of its founding partners. Its Articles of Partnership were amended in 2015 to reflect the new name, Elises and Ciudadano, and a revised list of partners that no longer included Bajan. Senate President Sherwin Gatchalian separately questioned Bajan about her simultaneous employment with the Davao City government and membership in the private accounting partnership. Bajan said she joined the city government as a job order worker in 2001, became a permanent employee in 2004 and was promoted to acting city accountant in 2016. She acknowledged joining the accounting partnership in 2003 after being invited by her accounting teacher, Thelma Ciudadano, but described her participation as limited to attending meetings and consultations when called. Gatchalian questioned whether maintaining a private accounting partnership while serving as a regular city employee constituted a conflict of interest. “Were you not in a conflict of interest? You were already a permanent city government employee, yet you were also part of an accounting partnership,” Gatchalian asked. He cited SEC records showing that Elises and Ciudadano served as GenCorp’s external auditor beginning in 2019 and Metro Chow’s from 2020 onward. He also said the firm audited financial records involving Duterte and Carpio. These engagements, however, took place after Bajan had withdrawn from the partnership. Bajan denied knowing about any connection between her former accounting firm and the businesses linked to the vice president and her husband. She also said she was not a signatory to the firm’s transactions when asked about the possible conflict of interest. Senator-Judge Bam Aquino then questioned whether Bajan received compensation, allowances or other income from the accounting partnership during her years as a partner. After initially saying she could not remember, Bajan eventually acknowledged receiving payments, describing them as allowances. Aquino questioned why the witness struggled to answer what he considered a straightforward question, warning her that she was entering “dangerous territory.” He stressed that receiving compensation was not illegal but said her repeated failure to recall details raised concerns. Bajan’s reluctance to answer questions also drew repeated interventions from impeachment court presiding officer Sen. Francis Escudero and other senator-judges. Escudero pressed her to acknowledge her signatures on the partnership documents and reminded her that the court was not accusing her of wrongdoing but warned that his patience was wearing thin. Senator-Judge Raffy Tulfo also criticized her evasiveness, saying that if she could not answer questions about her own signature, it would be difficult for the court to obtain answers to more complicated questions. Senator-Judge Francis Pangilinan described her conduct as unacceptable, while Sen. Joel Villanueva urged her to cooperate. Bajan eventually acknowledged her withdrawal from the partnership after Villanueva read her August 1, 2015, affidavit citing personal reasons.

Solon: Aid to rural women, farming families must reach the household level By Jovee Marie Dela Cruz

@joveemarie

OVERNMENT assistance for rural women and farming families must go beyond agricultural production and reach the household level, where mothers play a critical role in food security and family income, the chairperson of the House Special Committee on Food Security said, pushing for stronger support for community-based livelihood initiatives. Albay 3rd District Rep. Raymond Adrian E. Salceda, chairperson of the House Special Committee on Food Security, cited the growing network of Empowering Rural Mothers and Nurturing Agriculture Sustainability, Inc. (ERMaNAS) in Ligao City as an example of how organized rural communities can help translate government agricultural and livelihood programs into tangible benefits for families. He said closer coordination between community organizations and government agencies could expand access to agricultural training, livelihood assistance, skills development and social protection, particularly for women who contribute to farm production while managing household responsibilities. “When we support mothers and

women in our rural communities, entire families benefit. They help put food on the table, contribute to farm production, and find ways to augment their family income. We want to make sure that they have access to the training, livelihood opportunities, and government support they need,” Salceda said. ERMaNAS has organized nearly 5,000 members from 52 of Ligao City’s 55 barangays, providing a community-based platform for agricultural development, livelihood generation and women’s participation in local economic activities. Salceda said the initiative supports the broader objective of strengthening food security by ensuring that farmers and rural households, particularly women, are included in government interventions.

AFP to secure ASEAN delegation chiefs By Rex Anthony Naval & Samuel P. Medenilla @sam_medenilla

HE Armed Forces of the Philippines (AFP) on Tuesday said that it will secure heads of delegation coming in to take part in this year’s ASEAN Summit and Related Summits which will run from Nov. 16 to 18. In a media briefing, AFP spokesperson Col. Francel Margareth Padilla said they will be doing this through the Presidential Security Command (PSC). “It is the mandate of the AFP through the Presidential Security Command. So, we will be securing each head of delegation as they are in the Philippines for the whole duration of their stay,” she added. The PSC, formerly known as the Philippine Security Group, is the primary agency concerned with providing close-in security and escort to the President of the Philippines, their immediate families, former presidents of the Philippines as well as visiting heads of state, and other VIPs. “And because they are in our country, we are responsible for their utmost security. So, we will not leave any stone unturned [in our] preparations, we will make sure that they are secured properly during their stay,” Padilla said.

Secure lasting economic gains

PRESIDENT Ferdinand Marcos Jr. will secure lasting economic gains for the country in its upcoming hosting of the 49th ASEAN Summit and related meetings, which will start this weekend, according to Malacañang. Palace Press Officer Claire Castro made the assurance as the Chief Executive led the final preparations for the upcoming international event to be held at the Philippine International Convention Center (PICC) from November 15 to 17. Marcos visited the ASEAN International Media Center at the World Trade Center in Pasay City last Tuesday. “President Ferdinand R. Marcos Jr. has assured the public that the Philippines’ chairmanship of the ASEAN Summit will open up numerous opportunities for the Filipino people,” she said in Filipino in a press briefing. “Specifically, the Summit is expected to

benefit the country’s business, trade, and investment sectors, as well as employment and the stable supply of food and energy,” she added. When asked if the Code of Conduct for the South China Sea will be discussed in the ASEAN Summit, Castro said the Department of Foreign Affairs (DFA) will issue a statement on the said matter. Last June, DFA said it is pushing for the completion of the said binding document by the end of 2026. At least 20 heads of states are expected to attend the upcoming ASEAN Summit and its related meetings including United States (US) President Donald Trump and Brazilian President Luiz Inacio Lula da Silva. During the weekend, the Executive Secretary and ASEAN National Organizing Council chairman said preparations for the ASEAN Summit are already 90 to 95 percent complete. The said preparations drew criticisms from some groups including the ACT Teachers partylist after its resulted in the temporary closure of eateries, food stalls, and other businesses near the venue, where the summit will be held. The Department of Social Welfare and Development (DSWD) provided a P10,000 cash aid to the 30 vendors, who were affected. Castro explained the necessary closure of the said businesses was necessary as part of the security measures at the site of the summit.” “This is a matter of security because nearly 20 heads of state will be visiting us, and this is part of the preparations for the security of our guests,” she said in Filipino. As for the planned protest by the Pagkakaisa ng mga Samahan ng Tsuper at Opereytor Nationwide (PISTON) on 16 November 2026, Castro urged the group to defer their scheduled transport strike after the ASEAN Summit. PISTON said it will hold a protest to reject Trump’s participation in the ASEAN Summit. “All we ask is that—since they have plenty of time to express whatever you wish to say to the government—for them not to schedule their protest to coincide with the arrival of our guests. Let us showcase the true, admirable character of the Filipino people,” Castro said. The Philippine National Police said it will deploy 19,000 personnel to ensure the security in venues for the ASEAN Summit.

“As Chairperson of the House Special Committee on Food Security, I believe food security must begin with the people who actually produce our food and sustain our households. We have to make sure that assistance reaches our farmers and rural women,” he said. ERMaNAS implements programs covering climate-smart agriculture and capacity building, livelihood and micro-enterprise development, household nutrition and food security, and women’s leadership and community participation. One of its beneficiaries, Virgie B. Pillarda Santillan, a sari-sari store vendor and mother from Barangay San Vicente, Ligao City, was able to establish an additional source of income through vegetable gardening after joining the organization. With support from ERMaNAS and the Third District congressional office, Santillan learned to grow vegetables that she could sell and use to supplement her family’s food supply. The experience illustrates how backyard and community gardening initiatives can complement existing livelihood programs by providing

households with additional income opportunities and access to fresh produce. ERMaNAS has also strengthened its institutional capacity after securing registration with the Securities and Exchange Commission on July 14, 2026. Fourteen barangay-based member groups have likewise registered with the Department of Labor and Employment as Rural Workers Associations. The organization has begun organizing women and mothers in Pio Duran, Albay, as part of its plan to extend agricultural training and livelihood opportunities to more communities in the province’s Third District. Salceda said his office would help facilitate ERMaNAS’ coordination with agencies responsible for agriculture, livelihood, skills training and social protection to support the expansion of its programs. He said strengthening communitybased organizations could help ensure that government resources reach intended beneficiaries and that rural women have greater opportunities to participate in economic and agricultural development .

A12 Wednesday, November 11, 2026

DOJ reverses dismissal of Hontiveros Taiwan think tank backs temporary cyberlibel complaint vs Topacio, five pork curbs, but urges supply monitoring other social media personalities

By Malou Talosig-Bartolome

term food security,” Chang told the BusinessMirror. However, she noted that national supply sufficiency does not automatically mean locally produced pork can meet the specific requirements of all market segments. “An adequate overall supply does not necessarily mean that domestic pork production alone can meet market demand,” she said. Chang explained that while pork may be available at the national level, shortages of certain cuts and raw materials used by processors could emerge, potentially increasing production costs for manufactured prod-

ucts such as ham and bacon. The resulting price pressures, she added, could affect household spending, consumer sentiment and foodservice revenues, especially during the Christmas season. To mitigate such risks, Chang urged authorities to establish a transparent and regularly updated supply-and-demand monitoring mechanism covering inventory levels, market arrivals and farmgate, wholesale and retail prices across pork categories. She also recommended clear implementation guidelines and a defined review schedule to allow policymakers to adjust the restrictions if verified supply shortages emerge. “The policy’s effectiveness should be measured by whether it improves farmers’ incomes, maintains reliable supplies for the food industry, and enables Filipino families to obtain the food they need at reasonable prices,” Chang said. Chang’s remarks come as the Philippine government imposed a 60-day ban on pork imports, including processed products such as hams, to help support local hog raisers amid falling farmgate prices. Agriculture officials have also indicated the restriction could be extended depending on market conditions. While acknowledging Manila’s efforts to protect its domestic hog sector, Chang said Taiwan expects any impact on its pork shipments to the

Philippines to remain limited. According to Chang, Taiwan currently exports about 450 metric tons of pork to the Philippines, a relatively small volume compared with the country’s overall pork consumption. She stressed that Taiwan does not view its exports as competing directly with Filipino hog farmers and instead hopes to strengthen commercial ties through food trade and cultural exchange. “Our focus is on cultural exchange and quality rather than quantity,” Chang said. Chang also highlighted Taiwan’s use of technology in protecting its swine industry from African Swine Fever (ASF), including requiring vehicles transporting live pigs to be equipped with GPS devices that allow authorities to trace farms and transport routes during disease investigations. “ Ta iw a n u s e s te c h nolo g y to strengthen animal disease prevention. Vehicles transporting live pigs are required to carry GPS devices, allowing authorities to monitor movements and trace related farms and transport routes when disease outbreaks are investigated,” she said. She added that Taiwan sees opportunities to expand food-industry partnerships in the Philippines, particularly through hotels, restaurants and other food-service operators interested in premium pork products.

a fellow resident suffering from a heart attack. A Bureau of Fire Protection (BFP) ambulance crew responded within one minute and transported the patient to a local urgent care facility. Meanwhile, in General Luna, Surigao del Norte, a motorcycle accident victim received assistance within two minutes and was immediately brought to the Siargao Island Medical Center for treatment.

The DILG said these incidents demonstrate the importance of a reliable and coordinated emergency response system, particularly in situations where every minute can mean the difference between life and death. Launched in September 2025, Unified 911 serves as the country’s single emergency hotline for incidents requiring immediate police, fire, medical, and rescue assistance.

The DILG continues to strengthen coordination among emergency response agencies and local government units to improve response times and ensure that emergency services reach Filipinos when they need them most. The DILG aims to make emergency assistance accessible to every Filipino, regardless of where they live, so that in times of danger or distress, help is just one call away. Jonathan L. Mayuga

TAIWANESE trade and research official said the Philippine government’s 60day pork import restriction could help ease pressure on local hog farmers, but cautioned that domestic production alone may not fully satisfy market demand, particularly for food manufacturers that rely on imported pork raw materials. Dr. Hwang-Jen Chang, vice president of Taiwan’s Commerce Development Research Institute (CDRI), said the temporary measure ref lects Manila’s effort to strengthen the local hog industry and improve longterm food security following years of challenges posed by African swine fever (ASF). “The Philippine government seeks to ease the financial pressures facing local hog farmers through short-term import restrictions and support a more resilient domestic agricultural sector. In my view, this is a pragmatic and temporary policy adjustment that may be necessary to safeguard long-

Unified. . . Continued from A10

caller sought medical assistance for his diabetic father who was experiencing severe stomach pain. A transport vehicle arrived within one minute and brought the patient to St. John Hospital for immediate medical attention. In Tanjay City, Negros Oriental, a concerned citizen reported

HE Department of Justice (DOJ) has recommended the filing of cyberlibel complaint against Partido Demokratiko Pilipino-Lakas ng Bayan (PDPLaban) spokesman Ferdinand Topacio and five other social media personalities for allegedly accusing Senator Risa Hontiveros of bribing witnesses to testify before Senate hearings against her political opponents. In a resolution dated October 29, 2026, the DOJ reversed the resolutions issued by the Office of the Secretary-Prosecution Staff on December 22, 2025 and March 16, 2026 dismissing Hontiveros’ complaint and her motion for reconsideration, respectively. The resolution signed by DOJ Undersecretary Majken Anika Gran-Ong, granted Hontiveros’ petition for review seeking to set aside the dismissal of her complaint. Thus, it directed the Office of the Secretary-Prosecution Staff to file an information an information for cyberlibel under Article 355 of the Revised Penal Code in relation to Section 4(c)(4) of Republic Act 10175 or the Cybercrime Prevention Act of 2012 against Topacio, Byron Cristobal, also known as “Banat By”; Jeffrey Celiz, alias “Ka Eric”; Krizette Chu, known as “Kiffy”; Jose Sonza, or “Jay Sonza”; and Alex Destor, also known as “Tio Moreno.” The DOJ noted that the accusations made by the respondent-appellees against Hontiveros on the social media platforms were not presented as mere suspicions or opinions based on undisputed facts. Their posts, according to the justice department, were directly stated that she had in fact bribed or coached witnesses, fabricated testimony and evidence, manipulated affidavits, orchestrated witnesses to falsely implicate other persons and testify against her opponents. These statements, according to the DOJ, damaged Hontiveros’ reputation as a lawmaker and undermined her authority,

competence and integrity as a senator. “The pressing issue before this Office is therefore not whether complainantappellant, as a public official, must tolerate criticism. She must. Neither is the issue whether Respondent-Appellees may disagree with her conduct of Senate investigations or publicly question her actions. They may. The real question is whether, in the exercise of such right the Respondent-Appellees crossed the line separating criticism and opinion from the public and malicious imputation of specific, discreditable acts,” the resolution stated. “After careful evaluation of the records of this case, this Office finds the petition meritorious,” it added. The DOJ did not give weight to the claim of the respondent-appellees that their posts were made in the exercise of their freedom of expression as guaranteed under the Constitution. “The Constitution certainly protects the right to criticize a public official but it does not confer unrestricted privilege to publicly attribute to that official the commission of crimes or acts of dishonesty without sufficient factual basis,” the DOJ pointed out. The complaint stemmed from the respondent-appellees’ social media posts in connection with the videos of former Michael Maurillo, a witness presented by Hontiveros in the Senate, that were disseminated online. In his first video, Maurillo claimed that he was paid by the senator to testify against Kingdom of Jesus Christ (KOJ) founder Pastor Apollo Quiboloy and the Dutertes. In his second video, Maurillo denied Hontiveros’ claimed that he was kidnapped by Quiboloy’s camp and being coerced to withdraw his testimony given before the Senate. Hontiveros has also filed a cyberliber complaint against Maurillo and maintained that the latter voluntarily testified before the Senate against Quiboloy. Joel R. San Juan

Cebu hospitals get new infant incubators under ₧5.8-B health push By Carmel Pedroza

EBU CITY — Cebu’s provincial government has begun distributing 14 new infant incubators to its government-run hospitals as part of a broader effort to upgrade healthcare facilities, improve medical services and expand access to essential care across the province. The first three units were delivered on Nov. 9, with Cebu Provincial Hospital (CPH)-Carcar receiving two incubators and Minglanilla District Hospital getting one, according to the Cebu Provincial Information Office (PIO). The remaining 11 units will be distributed once they arrive, with provincial hospitals, island hospitals in Bantayan and Camotes, and facilities being prepared for Level 1 hospital upgrading given priority. Capitol health consultant Dr. Nikki Baricuatro Catalan-Vizcayno, who was tasked by Gov. Pamela Baricuatro to supervise the modernization of the province’s 16 hospitals, said the equipment rollout forms part of efforts to match hospital capabilities with the level of healthcare services they are expected to deliver. “This is part of our ongoing work to equip our hospitals according to the level of care they provide, so more Cebuano families can get the care they need closer to home,” Catalan-Vizcayno said in a news release. The incubators are intended to provide premature and low-birth-weight infants with a controlled environment to help regulate their body temperature while allowing medical personnel to monitor and attend to their needs. The equipment acquisition is being complemented by the rehabilitation of aging hospital facilities, infrastructure improvements and efforts to increase the availability of medical equipment and personnel. The provincial government has proposed a P5.8-billion allocation for healthcare in its P14.6-billion annual budget for 2027, making the sector the

biggest recipient of the proposed spending. The investments come as the Baricuatro administration pushes to address longstanding gaps in the provincial healthcare system. At the 2026 Local Health Systems Awards organized by the Department of Health (DOH) Central Visayas Center for Health Development on Nov. 6, the province received multiple recognitions for its healthcare programs and hospital services. Baricuatro was named the 2026 Director’s Awardee, while the provincial government also received citations covering barangay health worker incentives, patient experience performance compliance, blood services, immunization, tuberculosis control, HIV testing, rabies prevention and health promotion. In her message during the awarding ceremony, Baricuatro recalled that her administration initially focused on addressing deficiencies in hospital facilities, medical equipment and staffing. “When we came in last year, our provincial health system was struggling. The Provincial Health Board hadn’t met in six years. Our hospitals were short on people and short on basic equipment,” she said. She added that the administration had since reactivated the Provincial Health Board and increased the number of doctors assigned to the 16 Capitol-run hospitals from 177 to 303 in less than a year. The governor also cited Executive Order 42, which ensures that patients do not have to make advance payments before receiving emergency medical care. More than 300 local government units, institutions, private-sector partners, national government agencies and media organizations were recognized during the DOH awards ceremony. Baricuatro said the provincial government would continue coordinating with local chief executives, health officers, the DOH and the Philippine Health Insurance Corp. to strengthen local health systems and make quality healthcare more accessible to communities.

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MAHARLIKA EYES SOVEREIGN WEALTH FUNDS FOR ENERGY By Reine Juvierre S. Alberto

HE Maharlika Investment Corp. (MIC) is seeking to attract other sovereign wealth funds to coinvest in the Philippines, particularly in energy infrastructure, as it builds partnerships with other Asean sovereign investors. Outgoing MIC President and Chief Executive Officer Rafael D. Consing Jr. said he hopes discussions at the inaugural Asean Investment Forum will eventually turn to collaboration and, ultimately, coinvestments. “Energy is an area which is commonly talked about amongst all of us. I think that is an area, to my mind, if an initial collaboration would occur, that we could invest in,” Consing told reporters on the sidelines of the forum. Energy transmission is particularly a promising area, as it has the highest multiplier effect in the power sector, Consing said. For MIC’s first five years, electricity access must be rolled out first, specifically in SPUG areas or remote islands and distant communities in the Philippines, he added. “We’re a very strong believer in power precedes progress. The most expensive power is no power. And we still have millions of Filipinos who still don’t have access to power.” MIC could work alongside the National Electrification Administration (NEA), the Department of Energy and other government agencies to bring electricity to areas

that remain underserved, Consing said. This November, MIC deferred its proposed deal in SGP, where it acquired a 20-percent stake in the National Grid Corporation of the Philippines and two board seats in the holding company and the grid operator. Another layer of infrastructure that could be added in these areas is telecommunications, Consing said, as they also lack reliable signal. “If you’re able to roll out both electricity and telecommunications in some form, then I think that’s extremely valuable for those living there. It’s going to be significantly enabling and catalytic.” MIC’s investments are beginning to contribute more significantly to its financial performance, accounting for 50 percent of its revenues in the third quarter this year, Consing noted. The sovereign wealth fund manager has deployed P18.773 billion in capital in the first nine months of the year, bringing its cumulative deployment to P24.689 billion since its institutional build-out in 2024. The forum, however, had yet to produce specific investment agreements or negotiations with participating sovereign wealth funds. Consing said its immediate objective is to establish dialogue and develop a shared understanding of potential areas for future collaboration. The AIF brought together sovereign investors across Asean to discuss perspectives on the evolution of sovereign wealth funds and their role in advancing national and regional investment priorities.

Wednesday, November 11, 2026 A13

Pax Silica still has a master agreement to settle–exec

By Bless Aubrey Ogerio

HE Philippines and the United States have yet to finalize the master agreement for the proposed Pax Silica hub, although negotiations remain on track for a possible yearend signing, a Department of Trade and Industry official said. According to Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino S. Rodolfo, discussions on the agreement were continuing, but he declined to identify which provisions remained under negotiation. “The master agreement itself, the whole thing,” Rodolfo told reporters on the sidelines of the Association of Southeast Asian Nations (Asean) Investment Forum in Makati on Tuesday, when asked what still needed to be finalized. No significant substantive issues that could prevent the agree-

ment from being signed were identified, with both governments “sharing a vision” for the proposed advanced manufacturing hub, he said. “So far, we’re hopeful because of the pace of the discussions and that there is really no significant substantive issue that would prevent us from signing,” the trade undersecretary said. “There is a clear convergence of what we would like to happen, what we envision for the advanced manufacturing hub,” he added. The agreement is expected to be concluded before the end of 2026,

although no target signing date or venue has been identified. Per Rodolfo, it would depend on the pace and outcome of negotiations between the two sides. The timeline is crucial, as the Bases Conversion and Development Authority (BCDA) previously targeted two years for development planning and preparations, with groundbreaking eyed within that period. The delay in announcing or signing the agreement during the Asean Leaders’ Summit next week was not attributed to a lack of stakeholder consultations, which Rodolfo said had been ongoing and remained part of the process. Instead, he said the government wanted to avoid competing with the diplomatic and regional initiatives lined up for the summit and give the Pax Silica agreement a separate occasion. “We do not want to distract attention or take away attention from the regional initiatives that Asean and the Philippines are promoting,” he explained. “We would like to give the project its own dedicated moment.” The US Embassy in Manila had

also clarified that no announcement on the proposed Pax Silica Economic Security Zone had been planned during or after the summit. In a statement on November 7, US Ambassador to the Philippines Lee Lipton said decisions on the initiative would be made in full consultation with the Philippine government and that discussions on its impact on stakeholders were expected to be rigorous. The proposed 1,600-hectare development in New Clark City is intended to host advanced manufacturing and supply-chain activities linked to strategic industries. In July, BCDA President and Chief Executive Officer Joshua M. Bingcang said that the Philippines was among the most advanced of the 35 countries in the US-backed Pax Silica coalition in negotiating the framework agreement. At the time, Bingcang said both sides were exchanging draft arrangements and expected to finalize them within two to three months. He also said the two governments were aiming to sign the agreement before the end of the year.

US hands PHL sea drones to boost WPS surveillance By Malou Talosig-Bartolome

A MUCH-NEEDED FUEL BREAK Motorists queue at a gasoline station along Commonwealth Avenue in Quezon City on Tuesday, November 10, 2026, as a major rollback in pump prices takes effect. Gasoline prices dropped by P16.80 per liter, while diesel and kerosene prices fell by P4.10 and P3.70 per liter, respectively, for the November 10-16 period, offering motorists some relief from elevated fuel costs. NONOY LACZA

TC nudged on 55% rice safeguard duty T

By Ada Pelonia

HE Philippine government should slap a 55-percent safeguard duty on all rice shipments to prevent the farmgate prices of palay from nosediving due to the influx of cheaper imports, according to farm groups. During a Tariff Commission (TC) hearing on the investigation of definitive safeguard measures against rice imports last Monday, petitioners Federation of Free Farmers (FFF) and Magsasaka Party-list arrived at a 55-percent “parity duty” or the tariff that would make the wholesale price of imported rice match that of local rice. They urged the TC to increase the current Most Favored Nation (MFN) tariff rate of 15 percent by

40 points and 20 points on top of the 35 percent Asean Trade in Good Agreement (Atiga) rate, resulting in 55-percent duty on either route. This, as the petitioners took into account that most of the Philippines’s rice imports are supplied by Asean nations, particularly Vietnam and Thailand. If only the MFN rate is raised to 55 percent, these Asean countries, they warned, would instead export rice under the Atiga, which provides for unlimited access to the Philippine market at 35-percent duty. To prevent this, FFF and Magsasaka Party-list said the 55-percent safeguard duty should also be applied to Asean nations. The resulting parity duty, however, hinges on the price of rice in the world market.

Their calculation assumed that imports cost $450 per metric ton (MT), using the investigation period’s average exchange rate of P57.11 per dollar. If this soars to $500 per MT, the duty falls to 40 percent. But if international prices dropped to $400 per MT, the rate should be further increased to 73 percent. Meanwhile, FFF national manager Raul Montemayor showed their simulations, indicating an annual surplus of rice shipments since importation of the staple grain was liberalized in 2019. “Consistently, every year, we have been over-importing,” Montemayor said. “Yes, we need to import. But do not flood our country with excessive imports because at this level, there is no way for paddy prices to go but

down. It will create a market glut.” The TC launched the investigation to determine the merits of a definitive safeguard measure on imported rice after the Department of Agriculture (DA) found a causal link between increased imports and serious injury to the domestic industry. Latest data from the Bureau of Plant Industry (BPI) showed that rice arrivals stood at 4.37 million metric tons (MMT) as of October 22. Of this volume, the Philippines purchased the majority of rice supplies from Vietnam at 2.8 MMT, followed by Thailand at 624,841 MT and Myanmar at 472,762 MT. The DA earlier noted that rice imports could surge to more than 5 MMT in 2026 as El Niño strains domestic production.

HE United States has transferred two advanced unmanned surface vessels worth more than US$8 million to the Armed Forces of the Philippines, bolstering Manila’s ability to conduct surveillance and reconnaissance missions in the West Philippine Sea amid continuing maritime tensions with China. The two Devil Ray T38 unmanned surface vessels were formally handed over on November 4 by US Ambassador Lee Lipton to Philippine Marine Corps Deputy Commandant Brig. Gen. Bayani V. Curaming during ceremonies in Subic Bay. Manufactured by US-based Maritime Tactical Systems Inc. (MARTAC), the Devil Ray T38 is an 11-meter unmanned surface vessel capable of speeds exceeding 60 knots while carrying payloads of up to 1,814 kilograms. The platform can be used for intelligence, surveillance and reconnaissance missions, mine countermeasures, and logistics support. The delivery expands the AFP’s existing autonomous maritime fleet under MARTAC platforms— one Devil Ray T38 and four allelectric MANTAS T12 unmanned vessels delivered in mid-2024. Also during the handover ceremony, MARTAC opened its Un-

manned Center of Excellence (CoE) in Subic Bay, which will provide system maintenance, stock spare parts and provide expert training to Philipine Marine personnel. “The CoE will also enable creation of local jobs and partnerships to build the Philippines’s capabilities for deploying a large USV fleet over the next several years,” MARTAC said in a press statement. The transfer comes as the Philippines accelerates efforts to strengthen maritime domain awareness across disputed waters, where Philippine vessels have repeatedly confronted Chinese Coast Guard and maritime militia ships. According to the US Embassy, the vessels will support the Philippines’s efforts to safeguard its sovereign rights and improve monitoring of its waters. The Embassy said the unmanned craft can conduct extended surveillance and reconnaissance patrols, deliver supplies, and operate remotely or autonomously. US Embassy Senior Defense Official and Joint US Military Assistance Group-Philippines Chief Col. Daniel Oh said the vessels would allow AFP personnel to carry out missions from a safe distance while expanding the military’s ability to monitor larger maritime areas for longer periods and at lower cost than crewed vessels. See “Drones,” A2

A T38 Devil Ray unmanned surface vessel attached to the US 5th Fleet’s Task Force 59 sails in the Persian Gulf in this October 26, 2023, file photo from the US Department of Defense.

A14 A16 November 11, 2026 Editor: Angel R. Calso Calso 26, ••Editor: Angel R. A10 Wednesday, A16 September 2, 2026 •• Editor: Angel R. Wednesday,August August 26,2026 2026 Editor: Angel R.Calso Calso

Opinion BusinessMirror

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editorial editorial

Unlocking Mindanao’ When disease hits thes Unlocking Inflated prices, untapped potential supply chain: Why egg untapped deflated prices couldfutures rise soon

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OR ORdecades, decades,Luzon Luzonwas wasthe theleading leadingcontributor contributorto to national nationaloutput outputas aseconomic economicactivity activitywas washeavily heavily concentrated one three major the concentrated in oneof ofthe the three majorislands islands inPhilthe HE latestin inflation data released by thein ILIPINO households purchase eggs, considered Philippines. Data released by the Philippine StatisPhilippines. Data released by the Philippine Statisippine Statistics Authority (PSA) does not the cheapest source of protein, asunchanged it does notlast costyear as tics (PSA) show that this was ticsAuthority Authority (PSA) show that this was unchanged last year bode welltoor for the country's efforts tocounproduce much as pork chicken. Whether itof isthe paired with as continued account for aachunk asLuzon Luzon continued to account for chunk of the counworkers who are ready for the age of artificial ricedomestic or eatenproduct as boiled,or are(See, filling and can stave try’ GDP. “Faster VisMin try’ssgross gross domestic product oreggs GDP. (See, “Faster VisMin intelligence (AI). Inflation hit 7.8 percent in October off hunger, which is why it is a popular food item in the Philgrowth growthstill stillcan’t can’tedge edgeLuzon Luzonadvantage,” advantage,”in inthe the BusinessBusinessfrom 7.2That percent September and percent a year ippines. is 24, why the recent pronouncement of poultry Mirror, April 2026). Mindanao, for instance, grew Mirror, April 24,in 2026). Mindanao, for1.7 instance, grew farmers and suppliers that eggs could become expensive due ago. "October inflation atbarely 7.8%:moved the peak, or risfaster than Luzon the faster(see than Luzonin in2025, 2025,but butthis this barely moved theneedle needle toterms disease is a cause for concern (See "Animal in ofofoutbreaks its to output. ing?," BusinessMirror, November 6, 2026). The figure in terms itscontribution contribution tonational national output. disease outbreaks to make eggs costlier—group," Busiwas the highest since February 2023, when it reached nessMirror, August 26,further 2026). Mindanao’s inability to increase its the 8.6 percent due to the supply disruptions triggered by Mindanao’s inability tofurther increase itsshare shareto to thecountry’s country’s GDP is lamentable, considering that it has the capacity to grow faster. GDPRussia-Ukraine is lamentable, considering the war. that it has the capacity to grow faster.

For one, industrial crops can grow all in thecertain coming Philippine (PEBA) warned that ForIn one, certainweeks, industrial cropsEgg canBoard growAssociation allyear yearround round inMindanao Mindanao as the island usually by unlike Luzon. retail of is eggs could go upstruck following spikes farmgate prices. The group as theprice island isnot not usually struck bystrong strongintyphoons, typhoons, unlike Luzon. While transportof was the top driver of inflation last month, food and nonThe Department and Development (DepDev) attributed this to poultry disease Planning, outbreaks, infectious laryngotracheThe Department ofEconomy, Economy, Planning,such andas Development (DepDev) alcoholic beverages was the number one contributor to the rate in October, itis (ILT), inclusion bodyaccounts hepatitis (IBH), andpercent low pathogenic avian influenza noted that Mindanao for 37.4 of country’s tonoted that Mindanao accounts forgas 37.4 percent of the the tofollowed by housing, water, electricity, and fuel. Food and country’s non-alcoholic (LPAI). These diseases, PEBA said, is compounding the production issues contal output from agriculture, forestry and fisheries. (See, “DepDev: tal output from agriculture, forestry and fisheries. (See, “DepDev: beverages accounted for a 30.2- percent share or 2.4 percentage points, based fronting themust layer industry. Mindanao move activities,” in Mindanao must movetoward toward high-value activities,” inthe theBusiBusion PSA data. The commodity grouphigh-value recorded a slower annual increase of 6.4 This development shows that animal diseases have now become a signifinessMirror, August 24, 2026). nessMirror, August 24,percent 2026).in September and a much lower 0.2 percent last month, from 6.8 cant contributor tonatural consumer prices and inflation. Apart from poultry diseases, The resources would certain industries percent aisland’s year ago. The island’s natural resources would allow allow certain industries the Philippines continues to grapple with African swine fever (ASF) which has particular concern is the continued annual increase in rubber—a rice prices, to flourish, given the of materials like toOf flourish, given the availability availability of raw raw materials like rubber—a killed thousands of hogs and made pork prices more expensive. Despite the which went upthat by 20.7 in October and by 20.3 percent in September. commodity can help Mindanao’s growth potential. The commodity that canpercent helpunlock unlock Mindanao’s growth potential. The disruptions caused by these diseases to the agricultural value chain and their Rice, the staple food of Filipinos, was the main driver ofdrawn food inflation for Philippine Rubber Industry Roadmap 2023-2028 up Philippine Rubber Industry Roadmap drawn up by by the the impact on the economy, the country is still far2023-2028 from finding viable solutions to the month. PSA data showed, however, that slower annual decreases were government pointed to government pointed tothe thefact factthat thatthe theisland islandisishome hometo to98 98percent percent stopping them on their tracks. observed in the indices of meat and other partsHowever, of slaughtered landrubberanimals of in the ofthe therubber rubberplantation plantation inthe the country. country. However, the top rubberThe inability of the Philippines minimize theprevious threat of thetop scourge that at 2.6 percent in October from 2.8 to percent in the month. producing regions in Mindanao are also some of the areas that reproducing regions in Mindanao are also some of the areas that reis What animalthese diseases should prompt policymakers to revisit their response and figures indicate is that Filipinos are consuming more rice and corded high poverty rates, including the Bangsamoro Autonomous corded high poverty rates, including the Bangsamoro Autonomous plug the gaps in the government's animal disease surveillance system. The are veering away from more expensive food items like pork, chicken or beef. Region in Mindanao (Barmm) and Zamboanga Peninsula. Region inMuslim Muslim Mindanao (Barmm) andthe Zamboanga Peninsula. government's plan may onof paper but fact that these outbreaks In a survey conducted bylook the good Bureau Agricultural Statistics (BAS), which To increase the contribution of the island’s natural resources to To increase the contribution of the island’s natural resources to continue to happen means there are deficiencies that mustthat be immediately adwas attached to the Department of Agriculture, revealed Filipinos, parits output, DepDev pointed out that Mindanao should move beits output, DepDev pointed out thatproves Mindanao should move bedressed. What is happening on the ground thatonthe plan not yielding ticularly those from low-income households, depend rice foristheir dietary energy supply and protein because it isthese affordable. yond just selling raw and to into products the results that thedietary government, thesimply private sector and consumers to see. yond just selling rawcommodities commodities and to turn turn these intowant products Unfortunately, despite the slowdown in theof prices of vegetables and Agrifish, Citing data the Bureau ofIn Animal Industry (BAI), the that will aahigher value. the rubber, the government that willfetch fetchfrom higher value. In thecase case of rubber, theFood government the foodthat items became expensive lastproduced month. Meat, with culture Organization ofmore theof United Nations (FAO) noted thatalong 65are barangays in found that only third of therubber rubber produced locally are usedvegby found only aathird the locally used by etables and fish and fruits, are crucial to a healthy diet required by growing 41 cities/municipalities of 20 provinces reported having active ASF cases as of aatire tiremanufacturer manufacturerand andexporters exportersin ineconomic economic zones. zones. The The rest rest are are children. Rice may give children and young adults energy the whole day but August 7. In Negros, new ASF cases were reported in Siaton, Amlan, Tanjay City, exported exportedto toAsian Asiancountries countrieslike likeJapan Japanand andMalaysia, Malaysia, which which means means itZamboanguita, will not be enough to help their brain function optimally. and Pamplona. In Mindanao, FAO a large number pig earningsby bythe the Philippines from rubber aresaid lower because was earnings Philippines from rubber are lower because ititofwas The government has been trying to remedy the limited access of young deaths have beenform. reported in villages such as San Roque, Tumaga, Culianan, shipped inraw raw form. shipped in Filipinos through its Vitali school-based feeding programs. Last September, the Manicahan, Curuan, and Capisan involving mostly backyard raisers. Themove move towards green mobility solutions presents opportunities The towards green mobility solutions presents opportunities Department of Education announced that it expanded its feeding program As for avian influenza, data available on the website of the attached agency onlyto to rubberproducers, producers, but also nickelminers, miners, in Mindanao. not only rubber but nickel in Mindanao. tonot nutritional support toshowed 4.6also million this year. The Deofprovide the Department of Agriculture that sixstudents barangays have ongoing bird Disruptions created by the United States-Iran war created the need Disruptions created by the United States-Iran war created the need partment of Social Welfare and Development also increased the number flu cases as of August 14. Chicken and ducks were affected by the outbreak of alternative oftransporting transporting goods and people, preferably offor children, agedmeans 2means to 5 years old, will be by its supplementary for alternative of goods and people, preferably bird flu subtype H5N1, which firstwho emerged incovered 1996. The World Health Orgafeeding program. those that will not use2020, fossil fuel, which which has become expensive in those that will not use fossil fuel, has become expensive in nization noted that since a variant of these viruses belonging to the H5 These feeding programs, however, are stop-gap measures that will evenrecent months. And Mindanao has some of the crucial components recent months. And Mindanao has some of the crucial components clade 2.3.4.4b has led to an unprecedented number of deaths in wild birds and tually fail to these achieve their goalsmodes of ending malnutrition andin making young for making these alternative modes of transportation in abundance. for making alternative transportation abundance. poultry in many countries in Africa, Asiaof and Europe. children healthy if they do not have access to nutritious food items in their (See, “Michelin: EV shiftto tois reshape PHL tireitindustry,” industry,” in the (See, EV shift reshape PHL tire At “Michelin: this point, the Philippines fortunate because has not hadin to the deal own homes. Beyond these feeding programs, the current administration and BusinessMirror, August 24, 2026). BusinessMirror, August 24, 2026). with price surges seen in the United States where the price of eggs peaked at succeeding governments must also double down on policies that will enable Building industries around Mindanao’s prime commodities, howmore than $6 per dozen, equivalent to more than P300, in March 2025. Building industries around Mindanao’s prime commodities, howFilipino households to afford a healthy diet. Policymakers must make a The seever, would require more than just rhetoric; it needs the strong resolve unprecedented increase in US egg prices was attributed to massive outbreaks ever, would require more than just rhetoric; it needs the strong resolve rious commitment to investing in a viable agrifood system—one that can bird in major-producing states. While US experience may seem farofboth bothflu the government and the private sector topopulation. create the condiof the government and the private to create the condiadequately support the nutritional needs ofthe a sector growing fetched for the Philippines, it would do well for stakeholders to remember that tions that will entice investors. The requirements of businesses are tions that will entice investors. The requirements of businesses are it takes just one anyway—start-up-friendly instance of mishandling sick animals for animal diseases to not mystery anyway—start-up-friendly regulations, predictable not aamystery regulations, predictable again devastate major livestock producers in the country. rules,better betterconnectivity connectivityin inthe theform formof ofreliable reliabletransportation transportation and and rules, internet service, and cheap power. internet service, and cheap power. Since2005 2005 Since

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Enhancing foodlandmark security New flood control Preserving one at a time measures Mark Villar

THE BUILDER

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ILIPINO families on food supply that isNational affordable and AST heavy monsoon brought the RESERVING ourdepend heritage is rains every Filipino’s responsibility. Our week’s heavy AST week’s Capital available atchurches, all times. a super El Niño threatening Region and the rest wooden ofWith Luzon to a standstill. old stone ancestral homes and quietfood historic and the Region production and supply, ourofcountry should be prepared because Many homes were theprotecting floods towns have stood the submerged test time,by and them means homes Many while our workwe are highly exposed the Pacific Ocean’s warming temperature. ers were forced to wade the floods. Some safeguarding the we will pass on to future generations. toidentity wadetothrough ers were forced chose to work because of of inaccessible roads and the difficulty to find from from home home because transportation. transportation. That’s why I am pushing for a bill The Philippine Atmospheric, to preserve our and historical landmarks. Geophysical Astronomical These landmarks tell the story who ofofrain, Some 201.7 millimeters millimeters Services Administration (Pagasa) Some 201.7 of we are—and we agency, it to the fell innext per the weather weather agency, confirmed that aowe “very strong El per the fell in just generation toone keep that orstory equivalent five hours in one day, Niño” event hasday, formed inalive. the five hours in or equivalent I see the the Cocoto about about 44renovation percent of of the rainfall tropical Pacific, which could peak to 44 percent of the rainfall nut Palace as a prime example of brought by Typhoon Ondoy over ahow 24by December. brought by Typhoon weRice honor our and26, heritage. 26, 2009. hour period onculture September harvests are already affecthour period on September 2009. The Coconut Palace reopened tocan the problem, Flooding isprices. perennial ed, and so areis I believe we Flooding aa perennial problem, public onin August 25, 2026, Manila andgiving other especially in Metro still protect our food supply, if we especially Metro Manila and other Filipinos and tourists the theIfcapital capital low-lying areasforeign outside act before areas shortages occur. a long low-lying outside the opportunity experience one of force region. Itsets is aato disruptive drought in, food will become region. It is disruptive force that the country’s best-known cultural causes damage towill property and scarcer and prices climb furcauses damage to property and architectural landmarks. deaths, in extreme extreme cases. ther, with the poorest households deaths, in The Coconut Palace reopened afFortunately, the suffering the most. Fortunately, the administration terPresident a P200-million renovation, just Marcos of President Ferdinand The warning signs are already of Ferdinand Marcos Jr. months the country hosts to control control is looking for solutions solutions here. Ricebefore production dropped 17.8a is looking for to major ASEAN meeting. the floods. percent in the third quarter of 2026 the floods. Ferdinand Marcos Jr. last week President Marcos from the sameMarcos period last year, persaid the President last week and government First Lady Lizais Araneta-Marcos the government isAuthority studying the Philippine Statistics (PSA). the studying ledData the reopening ceremony. Theharpalpossibility of digging digging underground showed that farmers possibility of ace, officially called Tahanang Piliwater-retention facilities beneath vested 3.08 million metric tons of water-retention facilities pino, will serve asspaces, one the venues existing public spaces, including palay, or unmilled rice,ofdown from existing public whenmillion thefields Philippines hosts the 49th open areas. The football fields and 3.75 MT in the same period football and open areas. The ASEAN Leaders’ Summit on defense Novemthe defense plan seeks tostrengthen strengthen last year. The PSA confirmed it was plan seeks to the ber 13 to 15, according Malacañang. increasingly of Metro Manila against the lowest output forto the July-Sepof Metro Manila against increasingly The building is located inside intense rainfall, such as the the onethe we tember period since 2019. intense rainfall, such as one we Cultural Center of the Philippines experienced last week. Part of thelast problem experienced week.is the decline complex in Pasay City and overlooks Thefacilities facilities seek to temporarily in production area. Farmers worked The seek to temporarily 755,370 hectares in the third quarter, down 17.6 percent from 916,770 hectares a year ago. That represents

Manila Bay. The Coconut Palthe smallest third-quarter harvest ace was built almost from area since 2019. Yieldentirely per hectare coconut trees and other materials and help tons ease barely moved, at 4.08 metric store excess rainwater found in the Philippines, of periods of heavy compared with 4.09 metricinstead tons last flooding during the concrete, steel fewer and glass used in Marcos reported year. This means fields prorainfall. President mostthe modern that government has identified duced rice thisbuildings. year mainly because The President lauded the restora30the potential sites for the proposed of extreme weather. tionThe work that returned palace facilities. The sites next few monthsthe could be underground to its original condition. He said the Rizal Memoworse. The forecasts palay proinclude RajaPSA Sulaiman, palace was first aDiwa. placequarter for the Bagong duction for thebuilt peakas fourth rial, and Camp government to host important foreign has sought the at 6.47 million MT, based on The government visitors, thatas he would be happy to from The Netherstanding crop of Oct. 1. That help of and experts bring guests stay there lands, a nation that hasagain. skillfully would be 5.5to percent lower than the President Marcos commended the averted flooding despite its below 6.85 million metric tons produced Government Serviceof Insurance sea-level location. The Dutch Sysexin the same period 2025. tem, the statepossible pension fund known locations here The Department of Agriculture perts studied as GSIS, for leading the production renovation also projects that water-retention rice where additional project. The Palace is aexistpropbe built under could fall byCoconut 700,000 metric tons capacity could ertyfacilities. owned by the GSIS. this year, equal to 3.5 percent of its ing Per GSIS President and General “Under existing facilities, such as annual target. Manager Jose Arnulfo Veloso, the football fields and open fields, Ordinary Filipinos alreadyareas feel reopening was an important step in can be excavated even if buildings this at the market and at the gas protecting Filipino are present,” says President pump. Perand thepromoting PSA, infMarcos. lation culture. This would make of the Conventional flood-control meaclimbed to 7.8 percent inone October, Conventional country’s famous landmarks couldmost no longer be relied upon, asures 44-month high, from 7.2 percent sures could no easier for the public visit, especially in times oftoheavier rainin September. In October lastwhile year, especially in keeping its role as a place for cultural falls associated with climate change. it was only 1.7 percent. Average infalls associated with climate change. events national to pride. The GSIS Theand proposed underground flation for January October this The proposed underground hopessettled to reopen the buildingare to the water-retention facilities no year at 5.6 percent. water-retention facilities are no While overall food inflation eased to 6.4 percent in October from 6.8 percent in September, the price

from water-impounding Part of the problem is the Cocodecline different from water-impounding Idifferent see the renovation of that the the countryside countryside needs needsto to dams that in production nut Palace as aarea. primeFarmers exampleThe agricultural farming. The sustain agricultural farming. worked 755,370 in the of how we honor our culture and Philippines faces hectares heavy rains after Philippines faces heavy rains after dry season. Unfortunately, we the dry season. Unfortunately, third quarter, down 17.6 percent heritage. The Coconut Palace we storethe theexcess excesswater waterto tohelp help cannot store from 916,770 hectares athe year reopened to the public August in farm irrigation due to toon the lack of of irrigation due lack impounding dams. The water merely ago. That represents the smallest impounding dams. The water merely 25, 2026, giving Filipinos and into rivers rivers and and the the open open sea, sea, flows into third-quarter harvest area since foreign tourists the opportunity deprivingour ourfarmers farmersof ofthe theresource resource depriving 2019. Yieldduring perone hectare to experience ofdry thebarely country’s need during the dry season. they need the season. lack ofcultural discipline is,architeclikewise, The lack of discipline is, likewise, moved, at 4.08 metric tons combest-known and contributing to to the the flooding flooding in in the the contributing paredlandmarks. with 4.09 metric last tural metropolis. We saw on television saw on tons television general public bythe early 2027, last week the trash andafter garfootage last week trash and garyear. This means fewer fields the ASEAN event. that clogged our waterways, bage that clogged our waterways, produced rice this year mainly I agree with Mr. Veloso when he eventually resulting in eventually resulting inthe theflooding. flooding. because of the extreme weather. said the reopening of the building We could probably solve half of could probably solve half of the the provides aproblem chanceifif for flooding we have the flooding problem weboth haveFilipinos thedisdisand foreign visitors to reconnect cipline to our trash properly. of the main staple moved at a wortodispose dispose our trash properly. with the country’s celebrate The government, the meanrying level. Becausehistory, ofin lower producgovernment, in the meanFilipino creativity and appreciate a time, is seeking a unified stand tion, rice prices rose 20.7 percent is seeking a unified stand to to style that continues address residual to prevent itit from of a architecture year ago.waste Corn also address residual waste toprices prevent to inspire people today. from ending up in increased 19.3 ending uppercent. in waterways waterways and and IThe hopedamage that visitors beMetro given polluting the environment. is notwill limited to polluting theall environment. Metro an opportunity to walk through Manila alone generates an estimated consumer prices. Per the Officethe of alone generates an estimated palace and see its unique design, de9,000 metric tons solid daily. Civil Defense, Elof has caused metric tons ofNiño solidwaste waste daily. tailed interiorthe work and cultural disRecycling waste into P6.8 billion in agricultural losses waste into energy energy plays that reflect different Filipino is one solution. Based on estimates as of October 109 arsolution.2026. BasedAbout on estimates traditions. The building will also of Department of Energy (DOE), easthe have declared aofstate of calamDepartment Energy (DOE), host cultural shows, official governthe current waste stream in ity. Thousands of farmers have lost current waste stream in the the ment school programs, tourmetropolis could support around their events, crops and income. metropolis could support around ismFood activities and events that 200 megawatts of waste-to-energy security means growing megawatts ofother waste-to-energy highlight Filipino art and (WTE) subject to the availenoughcapacity, food and making it capacity, subject toidentity. thesure availI agree that the reopening of the ability and suitability of reaches every Filipino household at suitability of feedstock feedstock palace fitstechnical into broader effort and other requirements a price people canits afford, especially other technical requirements to protect historic sites across Waste that can no longer be rein times crisis. Wasteofthat can no longer bethe recountry while giving the public more used or recycled, according to Energy I believe we should take several recycled, according to Energy chances visit learn aboutshould them. Secretary Sharon S. steps toto avert aand deeper crisis. First, Secretary Sharon S. Garin, Garin, should Coconut Palace was built in not simply end up landfills or weThe need better storage facilisimply endfood up in in landfills or 1978 on theinventory orders ofmanagement former First waterways. ties, tighter waterways. Lady Imeldareliable Marcos show off Filito strict environmental and“Subject more transportation “Subject to strictto environmental pino skill and craftsmanship, while safeguards, appropriate residual and distribution systems. These safeguards, appropriate residual proving that coconut trees could be waste can be converted into useful could can reduce the food into lostuseful after waste be converted harvest and keep supplies moving to where people need them. Second, we should help local

farmers food producers. They energy and contribute toour our power used asand a and serious building material. energy contribute to power need resources and support toarchikeep supply,” shesays. says. It was designed by renowned supply,” she working through extreme weather. The DOE stepping upthe the impletect Francisco “Bobby” Mañosa, who The DOE isisstepping up impleThird, authorities watch mentation ofthe itstitle WTE program folwas later given ofshould National Artmentation of its WTE program foltheforsituation This means lowing President Marcos’s renewed ist hisPresident work. Itclosely. was originally meant lowing Marcos’s renewed tracking climate forecasts, crop outcall toturn turn residual wasteinto into proto host important foreign guests, incall to residual waste aaproput, food stocks and market prices ductive resource, amid concerns cluding resource, Pope John Paul II concerns when he ductive and amid so we canPhilippines spot shortages before over garbage accumulating inwaterwatervisited the in 1981. over garbage accumulating in they arise. ways andcontributing contributing toflooding. flooding. Almost every part to of the cocoways and National agencies and local govMindanao, meanwhile, needs nutMindanao, tree was used somewhere in the meanwhile, needs ernmentwater-retention units should share data similar water-retention facilities building, including its wood, shells, similar facilities and coordinate better. then to assist farmers during drymatespell. roots andfarmers fibers. Other Filipino to assist during aaOnly dry spell. canItItwere they identify the communimaybe be the rainy season in Lurials also utilized such asin capiz may the rainy season Lushells, a type woven material called ties and most atofVisayas risk and deliverheavy help zon the where zon and the Visayas where heavy solihiya, Narra wood. on time. rains areand disrupting dailyactivities activities rains are disrupting daily palace once as the ofWe should alsoserved increase local andThe flooding communities. But other and flooding communities. But other ficial andIOffice of the Vice food residence production. filed Senate Bill parts of are parts of the thecountry country areexperiencexperiencPresident. On proposed June 23,conditions. 2023, the ing opposite weather No.the 422, the Integrated ing the opposite weather conditions. National Museum of the Heat indices the Urban tosouthern promote HeatAgriculture indices in inAct, thePhilippines southern declared thePhilippines building anreached important part the the foodof production in cities through part of the Philippines reached the cultural property, recognizing its weather “danger” category rooftop bureau’s gardens and vertical farmweather bureau’s “danger” category historical and architectural value. of 42°C to 51°C. Classes, in fact, were ing, which grows crops in stacked of 42°C to 51°C. Classes, in fact, were The recent renovations preserved suspended in of last layers to save space. These methsuspended inparts parts ofMindanao Mindanao last the heritage features while week—not flooding, but odspalace’s will notbecause replaceof our farms, but week—not because of flooding, improving itsheat facilities andsupply functiondue high that theyto can augment our and due to high heat indices indices that can can ality of heat the Leaders’ cause cramps, exhaustion and give ahead communities another source cause cramps, heatASEAN exhaustion and Summit. heat stroke. of fresh produce. heat stroke. IWeather believe the reopening of the CoWeather experts that The effects of Elexplain Niño could experts explain that conut Palace underscores the governMindanao does not have a distinct stretch intodoes 2027. need a comMindanao notWe have a distinct ment’s commitment to showcasing wet season. Thus, ififthe rainy season prehensive plan combines local wet season. Thus,that the rainy season our heritage and Filipino starts in and the Visayas, itit foodcultural production, stronger supply starts in Luzon Luzon and the Visayas, craftsmanship asthe wesame prepare weldoes not mean in Mindchains, price monitoring timely does not mean the sameand into Mindcome ASEAN leaders and delegates. anao. The Southwest Monsoon, or help for the most vulnerable. anao. The Southwest Monsoon, or IWhile hope does that private sector will Habagat, not affect Mindanao. we the cannot the Habagat, does not affectcontrol Mindanao. also join hands inthe protecting and But at end of day, discipline weather, we can and prepare But atthe the endmanage of the day, discipline preserving more cultural landmarks and novel approaches to solving the for it. If we store more move and novel approaches tofood, solving the that reflect our Filipino identity. flooding problem will ease the plight it efficiently, support ourthe farmers, flooding problem will ease plight Through aFilipinos stronger law and support of many during extreme watch prices closely and grow food of many Filipinos during extreme from private sector, we should weather. We just to in ourthe cities, we have can soften the imweather. We just have tobe becreative creative protect history thetime. next genand at the same pactmindful of our a long and mindful atdrought. thefor same time. eration appreciate. Foodtosecurity should remain a For e-mail national priority to protect every Forfeedback feedback e-mailtotosenatormarkvillar@ senatormarkvillar@ For feedback to senatormarkvillar@gmail. gmail.com ororhousehold. visit our site: Filipino gmail.com visite-mail ourweb web site:https://markvillar. https://markvillar. com or visit our web site: https://markvillar.com.ph com.ph com.ph For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar.com.ph

The The winners winners in in the the Directors’ Directors’ showcase are “Donor” showcase are “Donor” (2010), (2010), “Bisperas” “Bisperas” (2011), (2011), “Posas” “Posas” (2012), (2012), “Sana “Sana Dati” Dati” (2013), (2013), and and “Kasal” “Kasal” (2014). The New Breed winners (2014). this Theyear Newas Breed winners are are earlier the con“Halaw” (2010), “Ang Babae sa “Halaw” (2010), “Ang Babae sa SepSepCould these movements signal flict in the Middle East drove tic tic Tank” Tank” (2011), (2011), “Diablo” “Diablo” (2012), (2012), a“Transit” changing consciousness? They “Transit” (2013), and (2014). energy prices up and strained (2013), and“Bwaya” “Bwaya” (2014). The winners in the express desires for dignity, par-Full The winners insubsidy the Main Main Full the government’s bill. length competition are “Pamilength competition are “Pamiticipation andsay care. Butmuch anger Anwar didn’t how thecan lya lya Ordinaryo” Ordinaryo” (2016), (2016), “Respeto” “Respeto” (2017), “Kung Paano Hinihintay also nourish A compasreinstatement would cost the ang (2017), “Kungexclusion. Paano Hinihintay ang Dapithapon” (2018), “John Denver Dapithapon” (2018), “John Denver sionate world is a possibility we government, which is already Trending” Trending” (2019), (2019), “The “The Baseball Baseball must practice, not an inevitable bearing 40 billion ringgit ($9.9 Player” (2022), “Iti Mapukpukaw” Player” (2022), “Iti Mapukpukaw” (2023), “Tumandok” (2024), destination. (2023), “Tumandok” (2024), “Bloom billion) in subsidies for this “Bloom year Where You Are Planted” Where You Are Planted” (2025) (2025)and and under existing quotas. “Mag-iina” faces. “Mag-iina” (2026). (2026). bearing 40 billion ringgit ($9.9 bilThe early winners as Actor in In an October 30 strike TheItaly, early winners as Best Best Actor in lion) in subsidies for this year under the full length feature include Eddie brought students and include workersEddie into the full length feature existing quotas. Garcia for “ICU Bed (2005), “Althe streets over public services, Garcia for “ICUwages, Bed #7” #7” (2005), “AlMalaysia’s commonly used gasochris Galura for Batad” (2006), the living costs and spending. chris Galura for military Batad” (2006), the line sold at 1.99 ringgit per Barliter male ensemble of (2007), Most demonstrations were peaceful, maleis ensemble of“Tribu” “Tribu” (2007), Barunder the subsidized rate, nearly half on for (2008) and Lou although clashes occurred. Belgian on Geisler Geisler for “Jay” “Jay” (2008) and Lou the market price of 3.82 ringgit per Veloso for “Colorum” (2009). protests included opposition Veloso forhave “Colorum” (2009). liter for the week through Sept. 2. Best Actress awardees include to education costs. Albania’sinclude demBest Actress awardees Subsidized diesel is sold at 2.10 ringMeryll Soriano for “Room Boy” onstrations have challenged Meryll Soriano for “Roomalleged Boy” git per liter, also less than half of the (2005), for corruption andAquino demanded political (2005), Angel Angel Aquino for “Donsol” “Donsol” market Ina rate of 4.72 ringgit per liter. (2006), accountability. (2006), Ina Feleo Feleo for for “Endo” “Endo”(2007), (2007),

Mylene Mylene Dizon Dizon for for “100” “100” (2008), (2008), and Ina Feleo for “Sanglaan” and Ina Feleo for “Sanglaan”(2009). (2009). Best Best Actors Actors in in the the Directors’ Directors’ Anwar are also announced the showcase Geisler for “Doshowcase areBaron Baron Geisler formini“Domum threshold for mandatory enor” (2010), Bembol Roco for “Isda” nor” (2010), Bembol Roco for “Isda” invoicing for and small and medium en(2011), Eddie Garcia for “Bwakaw” In Spain Portugal, housing (2011), Eddie Garcia for “Bwakaw” terprises will be raised. Businesses (2012), Robert Arevalo for “Hari is a central concern. Thousands re(2012), Robert Arevalo for “Haring ng with annual sales of 3 million ringgit Tondo” (2014). There was no awardee turned Lisbon’s Rossio Square on Tondo”to (2014). There was no awardee will be subject to the mandate,rental from in October 31 against a proposed in 2013. 2013. 1law million ringgit currently. The issue Best Actors in the New Breed they feared worsen Best Actorswould in the NewaffordBreed around e-invoicing has been cited as are Arcilla “Halaw” (2010), ability. Portuguese prices have areJohn John Arcillafor forhouse “Halaw” (2010), one of the primary grouses of smaller Edgar Allan Guzman for “Ligo na Ü, more doubled since Edgarthan Allan Guzman for2017; “Ligorents na Ü, enterprises. Lapit na Me” Kristoffer King for new have nearly doubled. Lapit naleases Me”(2011), (2011), Kristoffer King premier had previously for “Oros” (2012), Juareza In earlier LisbonMimi demonstrations, forThe “Oros” (2012), Mimi Juarezafor for pledged toheld accelerate reforms and “Quick (2013), and Dante protesters keys aloft. A key is a “QuickChange” Change” (2013), and Dante his anti-corruption drive, seeking Rivero for (2014). small thing to Ko carry so much longRivero for“1st “1st KoSiSi3rd” 3rd” (2014). to shore up support among his own Best Actors in the Full-Length ing:Best a bedActors after work, a table around in the Full-Length coalition partners and voters frusFeatures include Tommy Abuel for which a family gathers, a doorAbuel through Features include Tommy for trated by the slow pace of change. “Dagsin” (2016), Noel Comia which children enterNoel without fearJr. of “Dagsin” (2016), Comia Jr. biggest component, the for “Kiko Boksingero” Edbeing turned away. Yet a(2017), key raised forPakatan’s “Kiko Boksingero” (2017), EdDemocratic Action Party, has pressed die Garcia for “ML” (2018), Jansen in unlock nothing. Redieprotest Garciamay for “ML” (2018), Jansen him to deliver long-promised legislaMagpusao for John Denver “Trendform must for help turnDenver that promise Magpusao John “Trendtive including a limit on a ing” (2019), Alejandrino for into a(2019), home.Tommy ing”changes, Tommy Alejandrino for prime minister’s tenure. Earlier this “The Baseball Player” (2022), Mikoy Germany’s October 31 demon“The Baseball Player” (2022), Mikoy month, the party better held aneducation, internal Morales “Tether” (2023), Enzo strations sought Moralesfor for “Tether” (2023), EnzoOsOsreferendum onHearing” whether to remain in orio (2024), Jojit affordable living, climate protection oriofor for“The “The Hearing” (2024), Jojit Anwar’s government, with members Lorenzo for “Habang Nilalamon ng and opposition to conscription. Many Lorenzo for “Habang Nilalamon ng ultimately voting to stay.(2025), and Hydra Kasaysayan” marched Hydraang angpeacefully. Kasaysayan”Frankfurt’s (2025), and See “Malaysia,”A17 A11 See See “Gorecho,” “Trillana,” A15 “Gorecho,” A17

The 22-year voyage of Cinemalaya’s Balanghai Malaysia raises subsidized fuel quotas as PM Anwar courts voters Europe’s unrest and the search for a better future The fuel quotas were lowered Dennis Gorecho Dennis Gorecho By Ram Anand

M A T

ALAYSIA will III restore subsidized fuel to previous By Pablo S. Trillana ticipants; thequotas CGT union claimed 1.6

Amicus Curiae

levels despite elevated energy prices,Most as Prime Minister million. marches were peaceAnwar Ibrahim pressures andThe ful,cost-of-living although clashes occurred. FATHER sends hisseeks to ease shore up support after trusting recent electoral setbacks. dispute had outgrown its schoolyard child to school, HE ancient ancient Philippine Philippine boat boat balangay balangay is is the the symbol HE symbol of of CineCinebeginnings. that someone will beFilm Festival malaya Independent “because it is the vessel that malaya Independent Film Festival “because it is the vessel that The discontent arises amid considthere to teach him. carries new filmmakers and their stories across rough seas.” Thecarries monthlynew quota for subsidized for his Pakatan Harapan coalition in filmmakers and their stories across rough seas.” erable wealth. World Bank figures put

gasoline willsuburb, be raised to 300 liters In a Paris Assane Seck, fafromofthe current 200-liter allocation ther a 15-year-old, told AFP that a from 1, while of that on diesel TheSept. core mission of Cinemalaya teacher in one subject or another was The core mission Cinemalaya will be increased to 400 liters from is to discover, nurture, and empower missing almost everyand day.empower Behind is to discover, nurture, 300 liters, Anwar said in athe speech on new cinematic voices the PhilipFrance’s student demonstrations new cinematic voices in Philipthe eve of the country’s 69th year of pines. stands that ordinary disappointpines. independence. Founded in 2005 by the Cultural ment: a childin ready learn, a parent Founded 2005toby the Cultural “This will 16 million MaCenter of thebenefit Philippines, it strives strives making sacrifices, a lesson that does Center of the Philippines, it laysians,” Anwar said of the gasoline to give voice to overlooked Filipino notgive happen. to voice to overlooked Filipino quota increase, adding that thedisaphighstories, promote artistic excellence, Across parts of Europe, such stories, promote artistic excellence, er diesel allocation will help 500,000 and revitalize Philippine indepenpointments have found oneindepenanother. and revitalize Philippine users. The demands event in the administradent cinema. France’s for teachers and dent cinema. tive capital ofto Putrajaya was moved From 2005 to 2009, there was only sound classrooms widened into proFrom 2005 2009, there was only indoors as Malaysia contends with one Full length film category. From tests overlength wages, livingcategory. costs andFrom pubone Full film the haze from Indonesia’s forest fires. 2010 to 2014, the competition was lic services. On the November 5, workers 2010 to 2014, competition was Anwarinto is seeking to regain modivided two: the Directors’ and students divided into marched two: thenationwide. Directors’ mentum after back-to-back defeats Showcase and the New575,000 Breed. Then Authorities estimated parShowcase and the New Breed. Then

state elections in Johor and Negeri the European Union’s 2025 economic Sembilan the at past two$47,000, months. output perover person about The setbacks have raised pressure on it reverted to one one Full length in 2015. against $14,000 in East Asia and the it reverted to Full length in 2015. the premier ahead of a general elecThe Directors’ Showcase was crePacific. These are averages, The Directors’ Showcasenot wassalacretion for that must held bydistribution early 2028. ated for veteran Filipino filmmakers ries; prices andbe income ated veteran Filipino filmmakers News reported on Aug. as aaBloomberg platform to push artistic bounddiffer. National wealth cannot tell as platform to push artistic bound27 that Anwar is considering delayaries and create independent works us whether a young worker can afaries and create independent works ing elections until the second half of free from mainstream mainstream commercial ford rent. free from commercial next year, weighing constraints. Thepreviously New Breed is The IMFafter projects growth of constraints. The New2026 Breed is for for the the calling one as soon as October. amateur/debut filmmakers. 1.1 percent in the euro area, against amateur/debut filmmakers. The fuel quotas Only short films competed in 3.1Only percent worldwide. Slowlowered growth short films were competed in earlier this year as the conflict in 2015, 2020 and 2021. makes opportunities 2015, 2020 and 2021.harder to extheThe Middle drove energy prices The earlyEast winning films in the Full pand. Meanwhile, slower inflation early winning films in the Full up and strained the government’s length category are “Pepot Artista” does not restore are yesterday’s grocery length category “Pepot Artista” subsidy bill. didn’t saywhen how (2005), “Tulad ng (2006), “Tribill: prices canAnwar keep rising even (2005), “Tulad ng Dati” Dati” (2006), “Trimuch the reinstatement would cost bu” (2007), “Jay” (2008), and “Last they rise less“Jay” quickly. bu” (2007), (2008), and “Last the government, which is already Supper No. 3” (2009). These Supper No.pressures 3” (2009).have different

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Escaping Myanmar, still stranded: The Rohingya in Malaysia By Maria Teresa Hernandez The Associated Press

UALA LUMPUR, Malaysia—Nur Sadek was once on track to become an Islamic scholar. His mother dreamed of raising a son who would serve as a faith leader in their western Myanmar village. Sadek’s family belongs to the Rohingya ethnic minority. The predominantly Muslim group shares an area in Myanmar’s Rakhine State with Buddhists and a smaller Hindu population. Ethnic and religious divisions have long shaped the region’s history. He fled alongside loved ones in 2017 after soldiers opened fire on his community and bullets struck the tin roof of his home. He ran with nothing but the clothes on his back and never returned. Around 700,000 Rohingya escaped a military crackdown that year and crossed into neighboring Bangladesh, according to the U.N. refugee agency, known as UNHCR. More have sought refuge in other countries across Asia, including India, Indonesia and Thailand. As of February 2026, about 126,000 Rohingya were registered with UNHCR in Malaysia, a Muslimmajority country where Sadek now studies law and advocates for Rohingya rights. The Southeast Asian nation does not legally recognize refugees, leaving them vulnerable to detention. But the challenges extend beyond immigration status. Many Rohingya struggle to practice their faith and find a sense of belonging. CSW, a religious freedom advocacy group, said in a statement to The Associated Press that Rohingya refugees in Malaysia cannot officially register their own places of worship. Most pray at local mosques, but some face discrimination or avoid them for fear of immigration detention. “Religious solidarity is often overtaken by social and cultural differences between the two groups,” CSW said.

Finding a place to pray is only the beginning of the struggle

NURUL Hakim was the first of 10 siblings to flee Myanmar, leaving in 2010. He arrived in Kuala Lumpur after days of traveling on foot, by car and by boat, passing through Thailand. His family was not directly attacked. Yet years of violence and discrimination had made life increasingly difficult for his community. Rohingya Muslims in Rakhine faced restrictions on religious gatherings, access to mosques and Islamic education for years. Authorities have closed mosques and imposed limits on communal prayer, according to reports by the United Nations and Amnesty International. Hakim can now pray freely and feels welcomed by local Muslim faith leaders. But he has heard from Rohingya elsewhere in Malaysia who have been barred from doing so. Rohingya Rights Response, an organization co-founded by Sadek that monitors issues affecting refugees in Malaysia, has also documented restrictions on religious practices.

Trillana. . .

continued from A14

night, however, brought looting and attacks. Authorities subsequently reported 54 arrests, more than 100 police officers injured, and seventeen shops damaged, five looted. These are Frankfurt figures, not national totals. Arrest is not proof of guilt. Switzerland also witnessed violent unauthorized demonstrations in Zurich and Basel. Some participants echoed movements elsewhere in Europe. Yet Swiss reporting records disagreement over whether political grievances or opportunistic violence best explain the events. Other Halloween disturbances should not au-

As of February 2026, about 126,000 Rohingya were registered with UNHCR in Malaysia, a Muslim-majority country where Sadek now studies law and advocates for Rohingya rights. Banners declaring that Rohingya are unwelcome have been displayed outside mosques in some neighborhoods. And even where they can pray freely, some aspects of their religious life remain difficult to recreate far from home. “Most of the Rohingya don’t have their own imam leading the prayers because the mosques are run by Malay imams,” Sadek said.

Missing home adds to the challenges of starting over

THERE is much Hakim misses about home: his days pulling a rickshaw, trading goods with his neighbors, learning about Islam alongside fellow Rohingya. “There is no difference in praying at a different mosque, but there are differences with who you are praying with,” Hakim said. “When I was back in Myanmar and I went to pray, I could pray with my neighbors, with my villagers, and I don’t have that here.” Others face a more immediate obstacle to practicing their faith: fear of detention over their lack of legal status. Mohammed Rafique said he now prays mostly at home and rarely visits a mosque because he worries about encountering immigration authorities. He fled Myanmar in 2009 with his wife and five children, but they stayed in Bangladesh while he continued to Malaysia. He has not seen them since. Living alone in a foreign land has been tough, Rafique said. He earns just 30 ringgit ($7.50) a day collecting scrap materials, barely enough to pay for needed medication. Yet the hardest moment he has faced was learning that his wife had died and he’d been unable to say goodbye. Sadek knows that pain, too. He lost his mother in Bangladesh and has yet to visit her grave. “I always wanted to do a lot of stuff, but now I just want to visit her cemetery and that has become like a dream for me,” he said.

Opinion BusinessMirror

Can President Marcos turn a maritime dispute into an energy breakthrough? By Rommel C. Banlaoi

RESIDENT Ferdinand Marcos Jr.’s most recent statement expressing openness to oil and gas cooperation with China may prove to be one of the most consequential policy signals of his presidency. His remarks touch on a strategic challenge that can no longer be ignored: the Philippines’ growing energy vulnerability.

For years, discussions about the South China Sea have focused almost exclusively on sovereignty, maritime rights, and security. These issues remain vital and nonnegotiable. Yet another critical dimension deserves equal attention: energy security. The Philippines is becoming increasingly dependent on imported energy. While the Marcos administration has taken important steps to extend the productive life of the Malampaya gas field, policymakers understand that Malampaya alone cannot carry the country’s energy future indefinitely. This is where Reed Bank, or Recto Bank, enters the picture. Located west of Palawan within the Philippines’ Exclusive Economic Zone under the United Nations Convention on the Law of the Sea (UNCLOS), Reed Bank is widely regarded as one of the country’s most promising offshore energy prospects. At the heart of Reed Bank is the Sampaguita gas field, long viewed by Philippine energy experts as a potential successor to Malampaya and a major source of domestically produced natural gas. Yet despite its enormous potential, Reed Bank remains undeveloped. The area has become entangled in the broader maritime dispute

between the Philippines and China. What should have been primarily an energy development issue has evolved into a complex legal, diplomatic, and geopolitical challenge. This reality gives the President’s statement particular significance. His willingness to explore cooperation with China should not be interpreted as a retreat from Philippine sovereignty or maritime entitlements. Rather, it reflects a pragmatic recognition that energy security and diplomacy are increasingly interconnected. The Philippines can continue defending its rights in the West Philippine Sea while simultaneously exploring mechanisms that could unlock resources essential to national development. In 2018, the Philippines and China signed a Memorandum of Understanding on oil and gas cooperation. Although subsequent negotiations failed to produce a final agreement, the initiative demonstrated that dialogue on energy development remained possible even amid unresolved maritime differences. Around the world, states with competing maritime claims have pursued joint development arrangements without requiring either side to abandon its legal position. Such mechanisms allow parties to set aside disputes temporarily while

The task now is to determine whether Manila and Beijing possess sufficient political will, strategic patience, and diplomatic creativity to transform the Reed Bank from a source of contention into an area of practical cooperation. If managed wisely, the development of the gas field could become more than an energy project. It could become a model for advancing mutual benefits while managing enduring differences in one of Asia’s most contested maritime regions.

sharing the economic benefits of resource development. Sovereignty issues are not resolved, but neither are they permitted to prevent mutually beneficial cooperation. Developing the Reed Bank’s Sampaguita gas field could strengthen the country’s energy security, reduce vulnerability to external supply disruptions, generate government revenues, create jobs, attract investments, and support longterm economic growth. However, any arrangement involving Reed Bank must comply with the Philippine Constitution and preserve the country’s sovereign rights and jurisdiction. It must withstand legal scrutiny and command social acceptability. Given strong public sentiments regarding the West Philippine Sea, any proposal involving Chinese participation will imme-

diately face intense examination. Trust is another obstacle. Years of maritime incidents have generated deep skepticism among many Filipinos regarding China’s intentions in the West Philippine Sea. Without meaningful confidencebuilding measures, even economically advantageous proposals may struggle to gain public acceptance. There is also the broader geopolitical environment to consider. Any decision concerning energy cooperation with China will be viewed through larger strategic lenses involving other major powers like the United States and Japan. But the Philippines cannot afford to leave valuable indigenous energy resources permanently undeveloped. Nor can it ignore the economic consequences of increasing dependence on imported energy. Reed Bank represents one of the few opportunities available to meet the country’s long-term energy security requirements. The task now is to determine whether Manila and Beijing possess sufficient political will, strategic patience, and diplomatic creativity to transform the Reed Bank from a source of contention into an area of practical cooperation. If managed wisely, the development of the gas field could become more than an energy project. It could become a model for advancing mutual benefits while managing enduring differences in one of Asia’s most contested maritime regions. Rommel C. Banlaoi, PhD, is Director of Philippines-China Studies Center at Diliman College and President of the Philippine Society for International Security Studies

Shutdown risks emerge as Democrats consider ways to end Iran war By Erik Wasson

ONGRESSIONAL Democrats are weighing whether to use a December 11 government shutdown deadline to try to pressure President Donald Trump to end the war in Iran.

SADEK’S organization advocates for changes that would improve the lives of his community in Malaysia. His main focus is safety. Beyond the risk of immigration detention, his team has documented harassment by social media content creators who mock and demean Rohingya refugees. He also pushes for fair wages, access to healthcare and education.

The approach to the looming funding cliff is the most important decision facing Democrats as the current Republican-controlled Congress begins its lame duck session this week. One option is to try to force the issue now, in order to try to quickly bring the war to a conclusion and ease pressure on prices, including on gasoline and diesel. The other would be to wait until next year, when the party’s landslide midterm victories take effect and flip both the House and Senate majorities in their favor. “Democrats will absolutely not fund Trump’s war of choice with Iran that has increased costs on American families and made us less safe,” said Rosa DeLauro, the top Democrat on the House Appropriations Committee. “The American people just voted overwhelmingly to put an end to this war, and we are going to look at every tool we have available to us to bring this disastrous war to an end,” top Senate spending panel Democrat Patty Murray said in an emailed

statement. The strategy under discussion would revive a tactic from the 1970s, when lawmakers used the appropriations process to force an end to the Vietnam War. Legislative language used then is being studied. If Democrats adopt a confrontational approach, it could trigger the fourth full or partial government shutdown of Trump’s second term. A funding impasse would pause non-essential operations of the government while workers deemed essential toil without pay. Adding to the challenge is that shutdowns, in recent years, rarely lead to the policy changes the impeding party wants to implement. Democrats’ 43-day blockade of must-pass spending bills in late 2025 stands as a recent example. While that shutdown was fought over the issue of extending expiring Obamacare premium subsidies, eventually government funding was restored without them. Likewise in 2013, a Republican-

tomatically be classified as political protest. Shared slogans do not establish identical causes. Social media carries demands across borders; it can also carry the spectacle and methods of destruction. Behind a broken shop window may stand an employee wondering whether tomorrow’s wages will come. Behind a uniform stands someone’s parent, partner or child. The student deserves a classroom that does not crumble. The shopkeeper deserves a livelihood that is not shattered. Everyone deserves to return home safely. Compassion must hold these hopes together. France has offered a response: clearer university-admission procedures in 2027, replacement of Par-

coursup in 2028, additional highereducation places, phased reductions in class sizes, and support for school and campus renovation. These are commitments with future deadlines. Funding, implementation and results remain the test. Serbia reminds us why accountability matters. On November 1, 2024, the canopy at Novi Sad railway station collapsed; 16 people eventually died. At this year’s commemoration, mourners observed 16 minutes of silence, beginning at 11:52 a.m., the time of the collapse—one minute for each life lost. Silence, too, can demand an answer. Four centuries ago, John Donne heard human connection in a funeral bell. “Any man’s death diminishes me,” he wrote, “because I am involved

in mankind.” The bell crosses the distance between a stranger’s loss and our protected room. Somewhere, a family has one fewer voice at supper. Somewhere, a child’s toys remain, but the child will never return. Donne asks us to hear that absence. Beneath Europe’s different struggles lies a shared question: if we study, work and do our share, can we build a decent life? Theanswersmustconnect.Schools need teachers and safe buildings. Housing must connect with transport and jobs. Public spending requires honest procurement, inspection and maintenance. Governments must explain what they can afford, who will act and when results should appear. Peaceful assembly deserves pro-

A new life brings hardships without erasing old losses

Wednesday, November 11, 2026 A15

If Democrats adopt a confrontational approach, it could trigger the fourth full or partial government shutdown of Trump’s second term. A funding impasse would pause non-essential operations of the government while workers deemed essential toil without pay. initiated 16-day shutdown that sought to defund the Obamacare law failed to limit funding. While Democratic leaders don’t want another shutdown, they’re facing pressure from progressives to act now. Senate Democratic leader Chuck Schumer told the New York Times in an interview that Democrats would seek to use the power of the purse to stop the war, but he didn’t elaborate. Key progressive Senator Chris Van Hollen has urged fellow Democrats to block funding for the war in the next spending package. “The Vietnam War ended only when Congress defunded it,” he said in an interview with The Lever. The party has other avenues to try to force Trump’s hand on the Iran war. Until the end of the year several items require the votes of at least tection. Violence requires fair investigation and individual accountability. Indiscriminate force can deepen resentment; destruction can bury legitimate demands beneath fear. Could these movements signal a changing consciousness? They express desires for dignity, participation and care. But anger can also nourish exclusion. A compassionate world is a possibility we must practice, not an inevitable destination. For the Philippines, rising national income must become a better daily life. A diploma should open opportunities; work should make a home attainable; the journey home should leave time for family. Our schools, bridges and flood defenses must serve people long after the ribbon is

some minority Senate Democrats to bypass the filibuster. A must-pass defense policy bill needs action in December and the administration has requested an emergency supplemental bill to fund Iran operations that has so far been ignored by the Republican Senate. Next year in the majority, Democrats could leverage the need to raise the debt ceiling as well if Republicans don’t use a special partisan budget process that cannot be filibustered this year to raise the limit. There has been talk of using this possible Pentagon budget bill to raise the nation’s $40 trillion debt ceiling to deprive Democrats of the ability to leverage the limit for concessions next year. Meanwhile, the Pentagon is demanding an additional at least $350 billion through a partisan budget process while Republicans still control Congress. Yet GOP leaders haven’t embraced the idea, and there’s little sign on Capitol Hill of the appetite needed to try such a maneuver. If Trump’s demands for more Pentagon money are left to be addressed by the Democratic Congress next year that could set up a negotiation over overall discretionary spending and the Iran war at that time. With assistance from Steven T. Dennis / Bloomberg

cut. Young people need a meaningful voice before disappointment hardens into distrust. Our bayanihan and malasakit give care familiar names. Honest, capable institutions can make that care dependable. The search for a better future finds its meaning in ordinary hopes fulfilled: a lesson taught, a safe journey, a key that opens a real home. And when the bell sounds for someone far away, may we be a people who listen with compassion—and answer with care. Dr. Pablo Trillana III is a lawyer, author, former Chairman of the National Historical Institute (now the National Historical Commission of the Philippines), and a lifelong student of Philippine history and Rizal studies.

Sports BusinessMirror

A16 Wednesday, November 11, 2026

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

CESAR SPARKLES WITH SILVER Olympic games for athletes aged 14 to 17 years old. “I worked so hard for this so I told myself I’m not going to come home in fourth place,” said Cesar after one of the day’s athletics final witnessed by a jampacked crowd at the Complexe Iba Mar Diop Stadium located in the

Naomi’s performance reinforces POC chief’s faith in youth squad

POC president Abraham Tolentino is delighted to see Naomi Cesar shine on the big stage. POC MEDIA POOL

By Josef T. Ramos

OUTH Olympics silver medalist Naomi Marjorie Cesar has the talent and potential to become a major force in Philippine athletics, with an eye toward bigger international competitions-including the 2032 Brisbane Summer Olympics, Philippine Olympic Committee (POC) President Abraham Tolentino said. Tolentino lauded the young runner’s remarkable progress over the past year, highlighted by podium

finishes at the Asian Youth Games in Bahrain, the 2025 Southeast Asian Games in Bangkok, and now the youth summer games in Senegal. “It is so inspiring to see Naomi Cesar’s performance. Philippine sports have a bright future, with many international competitions awaiting our athletes in the coming years, including the Brisbane Olympics in 2032,” Tolentino told the BusinessMirror on Tuesday. Cesar captured the silver medal in the 800 meters at the Youth Olympic Games on Monday, adding to her growing collection of international honors. The 16-year-old has now won three medals since last year, including silver at the Asian Youth Games in Bahrain last October and gold in the same event at the Southeast Asian Games in Bangkok. “We are very thankful to her for giving us a silver medal in this tough event. We believe she will win more medals for Team Philippines because she is not just a promising athlete with exciting potential, but also a great runner at such a young age,” Tolentino added. Cesar, 16, is the younger sister of national women’s football team member Malea, 22. She clocked 2:09.34 to finish second behind gold medalist Netsanet Selemon, who won in 2:04.43.

NAOMI CESAR delivers big for Team Philippines as Eliud Kipchoge (with camera), Chef de Mission Rocky Samson, cycling coach Mark John Lexer Galedo and POC Chief of Staff Shawn Hendrix Telebrico cheer on from the spectator stands. POC MEDIA POOL

By Jun Lomibao

AKAR—Naomi Marjorie Cesar just refused to be denied on the biggest sports stage for young athletes and with a lastgasp burst of speed ran away with the women’s 800 meters silver medal in the Dakar 2026 Youth Olympic Games (YOG) on Monday. Finishing fourth was never in Cesar’s plans in her lone event in the

heart of the Senegalese capital. The final was close to predictable with Ethiopia’s Netsanet Selemon and Cesar brandishing personal bests good for the top two places on the podium. But Cesar found herself looking at the backs of four runners for more than two and a half laps and had to summon all the strength from her 17-year-old legs in the last 150 meters to fulfill expectations after a string of successes the past two years. Selemon was unstoppable for the gold she won in two minutes and 4.43 seconds with Cesar crossing the finish in 2:09.34, some three seconds off her personal best. “I was kind of waiting for the end to just turn it on and go,” said Cesar, whose dad Ben cheered from the stands alongside members of the Philippine delegation and the country’s other bet in athletics, Pi Durden Forward Wangkay, who ran the men’s 200 Tuesday. “I just told myself that when I start running, no one can catch me, and I can catch whoever I set my eyes on,” said the gold medal winner in the Bangkok 2025 SEA Games who holds the national record in the event she set only last June in China. “So, I just trusted in myself.” Morroco’s Khadija Elmostaqim appeared to podium over Cesar, but couldn’t keep up and settled for bronze in 2:10.05. “Congratulations Naomi, ‘mabuhay ka!” said Philippine Olympic Committee

Foxies outlast High Speed Hitters in five-set thriller to gain third spot

ARM Fresh once again proved its resilience in five-set matches, rallying past PLDT, 20-25, 25-17, 23-25, 25-20, 17-15, in the Premier Volleyball League All Filipino Conference Siklab Series on Tuesday at the Araneta Coliseum. Trisha Tubu led the Foxies with a career-high 30 points, including five of the team’s final eight points, to help Farm Fresh overcome a determined PLDT side in the twohour, 19-minute encounter. Royse Tubino delivered the winning off-the-block hit to seal the

victory, which improved Farm Fresh’s record to 4-2 and moved the team to solo third in the standings. The Foxies fought back from a 1-2 set deficit to force a deciding fifth set, where they overcame another tough challenge after surrendering an early 6-3 lead. PLDT, led by Savi Davison, fought back to take an 11-8 advantage and twice moved within reach of victory. However, Tubu spearheaded Farm Fresh’s comeback, tying the score at 13 before helping the Foxies regain the lead.

Davison saved match point, but Tubu answered with another powerful attack before Tubino finished the match to end PLDT’s three-game winning streak. “Our mindset is that no matter what happens, whether we win in straight sets or go all the way to five, we have to work for every point. Coach Koji

UST turns back Ateneo to secure table tennis semis berth

NIVERSITY of Santo Tomas secured the first semifinal spot in the University Athletic Association of the Philippnes table tennis team event, beating Ateneo, 3-1, on Monday at the Gameville Central Park in Mandaluyong City. National team standout Eljay Tormis notched the decisive win, defeating Andree Garcia, 12–10, 11–9, 11–8. The Blue Eagles drew first blood as former Junior Tiger Paddler Jhiven Clamucha beat erstwhile undefeated Jebb

Datahan, 11-9, 5-11, 8-11, 11-5, 8-11. Joshua Manlapaz leveled the tie with an 11-9, 9-11, 11-8, 9-11, 11-9 victory over Kong Cabrido. Reigning MVP Abraham Antivo IV and Ruiz Marcelino then put the defending champions ahead, sweeping Carlos Docto and Zherdel Fresco, 116, 11-6, 11-9. Tormis earlier also helped UST take a 2-0 lead against Adamson University en route to its third consecutive 3-0 sweep, dispatching

Manuel Apura Jr., 11-9, 11-3, 11-9. Datahan cruised past Sharif Abirin, 11-7, 11-2, 11-6, before Dirk Atilano and Josh Canilin completed the sweep with a 10-12, 11-3, 11-7, 11-4 victory over Laurence Cuaycong and Leiandro Fresco. La Salle joined Ateneo at 3-1 after recording 3-1 victories over Far Eastern University and University of the East. Red Torres delivered both clinchers for the Green Paddlers after La Salle built 2–1 leads in both ties.

Ateneo coach Alas lesson stern warning

ABRAHAM ANTIVO and the Tiger Paddlers lead with a 4-0 record. UAAP

president Abraham Tolentino, who monitored the race in the wee hours Tuesday in Manila. “We are proud of you for bringing home the silver.” Cesar’s silver was only the country’s second credited medal in the YOG after Christian Tio’s in men’s IKA twin tip racing in kiteboarding in Buenos Aires in 2018—Luis Gabriel Moreno’s mixed national Olympic Committee gold medal with China’s Li Jiaman in archery also in 2018 didn’t officially count in the tally. “Big congratulations Naomi,” Philippine Sports Commission chairman Patrick Gregorio said from Manila. “Well done team Philippines!” Philippine Athletics Track and Field Association president Terry Capistrano also hailed Naomi for her accomplishment. “Congratulations Naomi and thank you for making the Filipinos proud and happy,” he said. The silver didn’t sink in early on Cesar. “It still doesn’t feel real,” she said. “When I crossed the line, I was like, ‘Oh my gosh, I just medaled at the Youth Olympics!” “It’s just so unreal, but I’m so happy and so proud of myself,” added Cesar, who got words of encouragement and inspiration from marathon legend and IOC Global Ambassador Eliud Kipchoge hours before her run. “He told me to go out there, compete, have fun, be proud of myself and remember how far I’ve come,” she said.

HERE we go again. The act of a basketball coach confronting a player making a shot when the game’s outcome was already beyond doubt has taken the spotlight anew. It’s been a never-ending sight. Barangay Ginebra coach Tim Cone has actually popularized it. He loves to complain when he sees an opposing player making a shot deemed already immaterial. Immaterial because the game was already in the bag anyway. I don’t know if it’s become a habit for Cone. Or is it by reflex? Ateneo coach Louie Alas has elevated the thing a little bit higher. On November 7, Alas confronted University of the Philippines’ Jacob Bayla following a Bayla dunk with less than a second left—and with UP already a clear winner. Alas aggravated the situation by entering the court—a no-no.

Worse, Alas cursed Bayla after the post-game handshake and next engaged UP assistant coach Christian Luanzon in a verbal exchange, ignoring attempts by UP coaches to calm him down. Because Alas had previously incurred a technical before the November 7 incident, he was suspended by the UAAP Commissioner’s Office for two games— against Adamson today, Wednesday, November 11, and University of Sto. Tomas on Sunday, November 15, both at Smart Araneta Coliseum.

[Tsuzurabara] always reminds us to focus on each rally and not think too much about whether we’re going to win or lose,” Tubu said. Tubino scored 14 points, Mylene Rezanova added 12 and Ces Molina contributed 11 for Farm Fresh, which held advantages in attacks, 70-65, and blocks, 10-9. Alohi Robins-Hardy tallied 23 excellent sets, while Maicah Larroza contributed 13 digs and 21 excellent receptions. Davison had 23 points, Jovie Prado added 13 and Kim Dy scored 10 for PLDT, which slid to 3-3 for joint fifth place with Akari. With two elimination-round games remaining against Capital1 and Creamline, Tubu said Farm Fresh still needs to improve its communication and on-court chemistry. “Communication is really important. There are times when we lose communication, especially when our opponents are ahead. That’s what we’re continuing to work on in training. We need to keep talking, help one another and improve together,” she said. ROYSE TUBINO and the Foxies score their fourth win in six matches. PVL

What I can’t understand is why coaches love to resent a player’s wish to score even if the game’s outcome is already settled. What’s wrong with making a shot when there’s still time to play, anyways? In the first place, there’s no rule against that. In the second place, it is every player’s right to make a shot, for as long as he is not violating any rule. Basketball inventor James Naismith must be turning in his grave. “There is not even an almanac preventing a player to score a shot at his own free will,” said Col. Sergio Austria (ret.), a keen observer of Philippine sports for the longest time. Let the Alas case stand as a stern reminder to anyone wishing to be a basketball coach. But, hey, when will Cone be canned himself for a similar offense? That’ll be the day. THAT’S IT Even as Alex Eala sort of ended her 2026 campaign on a sour note after dropping a 6-3, 6-0 decision to American Claire Liu in the Hong Kong Tennis Open finals on Sunday,

November 8 (Alex played injured in the title showdown, although she didn’t admit it as she’s too professional), she still took the loss on a positive note—in the process making herself steadily growing in a very mature way. At only 21, she’s indeed progressing in a very professional manner, taking things in stride as she seems pretty aware that one, even if oozing with talent, cannot win all of the time. Losing is part of every athlete’s growth and Alex, gladly, knows this by heart. Overall, Alex did well as she won twice in a season-leading 27 tournaments: in the Lexus Birmingham Open WTA 125 (grass) in England on June 7 in the finals against Czech Nikola Bartunkova, and in the Mubadala WTA 500 Open (hard court) in Washington DC, USA, in August against American hot shot Jessica Pegula. Not only did Alex emerge No. 1 in the most number of tournaments played in 2026, she was also No. 1 in the most number of matches played at 73, seven more than world No. 1 Elena Rybakina of Kazakhstan. And take this: From No. 51 in 2025, Alex ended year 2026 as No. 15. A leap of 36 notches. No mean feat, indeed. Cheers!

Editor: Jennifer A. Ng

Companies BusinessMirror

PHL SUPPLIERS, CHINESE FIRM SIGN FROZEN DURIAN DEALS

HE Philippines sealed a combined $27 million worth of deals with a Chinese firm for the shipment of frozen durian, according to the Department of Agriculture (DA). The two business agreements with Somago (Tianjin) Crossborder E-commerce Co. Ltd. were signed last Friday during the ninth China International Import Expo (CIIE) 2026. These cover strategic cooperation and frozen durian procurement, which the DA said bolsters commercial ties between Philippine suppliers and the Chinese market. The first agreement, signed by Eng Seng Food Products and Somago, establishes a strategic cooperation framework worth $17 million from November 2026 to November 2027. The second agreement, signed by Somago and Maylong Enterprises Corp., covers frozen durian shipments with a target of $10

million for November 1, 2026, to October 31, 2027. “This is what we came to CIIE for—to turn opportunities into actual business partnerships and open more markets for our Filipino agricultural products,” Agriculture Assistant Secretary Genevieve Velicaria-Guevarra said. “Beyond showcasing what the Philippines can offer, we want to see our farmers, fisherfolk, and agri-enterprises benefit from meaningful trade agreements and increased export opportunities.” For Agriculture Secretary Francisco Tiu Laurel Jr., stronger export opportunities could raise farmers’ incomes while addressing the country’s widening agricultural trade deficit. “By expanding overseas markets, we are not only strengthening the country’s agricultural trade position through higher export earnings but also encouraging much-needed investments in the agriculture sector.” Ada Pelonia

Wednesday, November 11, 2026

Jollibee 9-mo earnings slide as high costs dent demand

By VG Cabuag

@villygc

OLLLIBEE Foods Corp. (JFC), the local fastfood giant, on Tuesday said its attributable income for the nine months of the year declined by 6 percent to P8.12 billion from the previous year’s P8.65 billion. Systemwide sales rose more than 13 percent to P377.69 billion from the previous year’s P332.76 billion while revenues rose 11 percent to P250.2 billion from the previous P224.22 billion. For the third quarter alone, the company recorded an earnings growth of 7 percent to P3.25 billion from the previous P3.1 billion.

Systemwide sales jumped 15 percent year-on-year to P133.01 billion from last year’s P115.03 billion, while revenues expanded by 15 percent to P87.74 billion from P76.37 billion. “Our third-quarter results mark two important advances: accelerating growth and a near-even contribution from our Philippine and

international businesses to global systemwide sales,” Ernesto Tanmantiong, the company’s CEO, said. In the third quarter, the Philippines accounted for 50.9 percent of global systemwide sales and international markets contributed 49.1 percent. “We are building on these results through disciplined network expansion in markets with attractive long-term growth potential, while strengthening our brands’ relevance, accessibility and value. In the Philippines, we have identified 1,500 potential trade areas for 2027-2030, offering a long-term opportunity to reach more consumers and sustain growth,” Tanmantiong said. Systemwide sales for the Philippine business rose 12.5 percent during the third quarter, with Jollibee and Mang Inasal serving as key growth engines. International systemwide sales

Alternergy aims to double asset base

SEC sets Q3 report submission deadline

By Lenie Lectura @llectura

LTERNERGY Holdings Corp. is gearing up to double its asset base to P50 billion in two years with 230-megawatts (MW) more of new renewable energy (RE) capacities in the pipeline. “We’re going to double the company in two years. We’re P25 billion today (in) assets. So, P25 billion today, plus another P26 billion. So we’re doubling the company in two years to be a P50 billion- asset base,” said company chairman and former Energy Secretary Vince Perez said during the company’s stockholders’ meeting on Tuesday. The P26-billion worth of 320 MW of new projects are all part of the Green Energy Auction 4th round (GEA-4) held last year. These include the 140-MW solar on stilts in Central Luzon, 100 MW of combined solar and battery energy storage system (BESS) in Mindanao, and an 80-MW wind farm in Alegria, Cebu. “Adding all of them up, again, 320 megawatts will require P26 billion of total project cost. Of which, P20 billion will be project finance. We have four banks competing to finance that. So, P6 billion of equity. Bonds, the first tranche of P4 billion will easily finance that P6 billion,” said Perez. The company said its board approved a proposed shelf registration of up to P10 billion in fixed rate green bonds with an initial offering of up to P4 billion to fund its wind and solar projects. The proposed bonds will be registered with the Securities and Exchange Commission (SEC) for issuance in tranches over five years. The move follows the company’s successful maiden issuance of P2 billion in enrolled corporate notes in September. The initial offering will comprise a base offer of P3 billion and an over subscription option of up to P1 billion. The company is targeting a listing on the Philippine Dealing & Exchange Corp. (PDEx) in the first quarter of 2027. This will mark its maiden offering of SEC-registered green bonds. Continued on B2

grew 19.1 percent led by Highlands Coffee at 40.7 percent, Jollibee Vietnam at 50.6 percent, Jollibee North America at 18.9 percent, Yonghe King at 18.1 percent and Tim Ho Wan at 13.7 percent. Meanwhile, same-store sales inched up by 4.7 percent for the quarter, driven by a 6.7 percent hike in the Philippine business, while the international business recorded a 2.5-percent growth. Despite a challenging domestic and macroeconomic environment, Jollibee Philippines and Mang Inasal delivered strong same-store sales growth, supported by increases in both average checks and transaction counts. This performance underscored resilient consumer demand for the Jollibee’s leading brands and reinforced the Philippine business’ continued momentum, JFC said.

RESILIENT DEMAND

Taiwan Semiconductor Manufacturing Co. (TSMC) posted a 60-percent increase in monthly sales, reflecting the company’s central role in a global AI infrastructure build-out. The go-to chipmaker for Nvidia Corp. and Apple Inc. reported October revenue of NT$586.9 billion ($17.9 billion). That pace was up from around 51 percent for the September quarter. Analysts on average are projecting 63-percent growth for the year’s final three months. Taiwan’s largest company last month delivered a better-than-expected revenue outlook, sustaining a torrid pace of growth in the post-ChatGPT era. Yet investors continue to grapple with the longer-term outlook for AI demand, given the rising cost of financing expensive and resource-hungry data centers. TSMC’s shares have gyrated alongside the rest of the tech sector, buffeted by fears that the Democrats’ sweep of Congress in the US midterms may lead to tougher oversight of the artificial intelligence sector. TSMC — a key barometer for the industry because it makes chips for a broad swathe of tech players — is betting on a fundamental shift. Photo shows the TSMC factory in the Nanzih district in Kaohsiung, Taiwan. PHOTOGRAPHER: AN RONG XU/BLOOMBERG

GCash operator’s profit hits ₧16.45B M YNT Inc., the parent firm of e-wallet operator GCash, said its net income rose 17 percent to P16.45 billion in January to September from the previous year’s P14.01 billion. The newly listed fintech firm said its performance was driven by continued user growth, deeper payment penetration and sustained expansion in lending. For the period, the company said its revenues for the period went up by 12 percent to P67.1 billion, which does not include the cost of over the air prepaid loads. “We believe the success of our business is rooted in our vision of Finance for All. From the onset, we set out to solve everyday pain points that Filipinos experience - from streamlining payment transactions to providing access to fair lending.

The same vision has proven that there is good business in doing good. We see it not just in the everyday lives of Filipinos, but also in our strong revenue trajectory with sustainable profitability. While our business has scaled, there remain significant opportunities in both payments and lending,” Evelyn Ng, Mynt CFO, said. For the third quarter alone, the company reported an income of P24.08 billion, up by 16 percent from the previous year’s P20.68 billion. Revenues reached P5.62 billion, up 43 percent from the previous P3.92 billion. Mynt’s monthly active user base for the third quarter reached 42.1 million for the third quarter of 2026, 9 percent higher compared to the same period last year. The number of daily average transactions processed through

the GCash application reached 64.4 million in the first nine months of the year, up by 16 percent from the previous year. The company’s core businesses, payment solutions and credittech, continued to grow during the period. Payment solutions gross transaction value reached P15.1 trillion in the first nine months of the year, up by 23 percent for the period, owing to growing user base and deeper engagement per user. As of end-September, active borrowers under the CreditTech business reached 7.8 million while total loan portfolio expanded to P79.3 billion, up by 43 percent. “Mynt’s third-quarter results strengthen the case for examining GCash as a long-term growth business. It has a large and increasingly engaged user base, expanding finan-

cial services, strong lending growth, and a substantial earnings base,” Eric Jurado, hedge fund manager at SeA (Southeast Asia) Focus Portfolio, said. “But the investment case is not without questions. Payment monetization needs to improve, credit costs deserve attention, and operating cash flow must eventually reflect the profitability shown in the income statement,” Jurado said. “For shareholders, the ultimate test is not simply whether Mynt can grow revenue or net income. It is whether it can generate sustainable earnings and cash flows while maintaining attractive returns on capital,” he said, adding that the next challenge is converting that momentum into durable operating profitability and cash generation. VG Cabuag and Lorenz S. Marasigan

HE Securities and Exchange Commission (SEC) has adjusted the deadline for submission of financial statements for the third quarter due to the upcoming Asean Summit. The original deadline for the submission of the said report falls on November 14, which is a Saturday. The deadline is moved to the next working day which falls on November 19. However, in view of Proclamation No. 1447, declaring November 16 to 18, Monday to Wednesday, as special nonworking days in the National Capital Region in connection with the 49th Asean Summit, the next working day will be November 19. “Companies that have duly filed a notification of Inability to File (SEC Form 17-L) on or before 19 November 2026 shall be granted an additional five calendar days to submit their quarterly reports, extending the deadline to 24 November 2026 (Tuesday),” the SEC said. The said rule covers all publicly listed companies and other companies with registered securities under the supervision of the SEC’s Markets and Securities Regulation Department. In April 2024, the SEC announced that it will start imposing higher fines and penalties for the late and non-filing of reportorial requirements by corporations. The agency issued SEC Memorandum Circular (MC) 6, Series of 2024, providing for the Updated Fines and Penalties on the Late and Non-Submission of Unaudited Financial Statements, General Information Sheet (GIS), Non-Compliance with SEC Memorandum Circular 28, Series of 2020. The submission of reportorial requirements, such as the GIS and audited financial statements, is required under Republic Act 11232, or the Revised Corporation Code. VG Cabuag

Wednesday, November 11, 2026

Companies BusinessMirror

Globe net income declines as 9-month expenses rise

By Lorenz S. Marasigan

@lorenzmarasigan

LOBE Telecom Inc. said on Tuesday its net income after tax fell 7 percent to P16.5 billion in January to September from P17.7 billion a year earlier, as elevated depreciation and net interest expense weighed on earnings. The decline also reflected the absence of non-recurring gains that Globe booked last year from tower sales and the dilution of its stake in Mynt Inc. Core net income, which excludes one-time items, was P15.5 billion, broadly unchanged year-on-year. Consolidated gross service revenues reached a record P129 billion for January to September, up 6 percent from P121.7 billion a year earlier. The mobile business generated a record P91.4 billion in service revenues, 6 percent more than in

the same period last year. Mobile data revenues climbed 10 percent to P81.2 billion and made up 89 percent of mobile service revenues. Globe’s mobile subscriber base stood at around 66.9 million at the end of September. Of these, 39.8 million were mobile data users. Mobile data traffic rose to 5,705 petabytes from 4,846 petabytes a year earlier. Average monthly data usage per subscriber reached about 17 gigabytes (GB), up from 15 GB. Home broadband revenues un-

der Globe At Home rose 6 percent to P18.9 billion from P17.8 billion. Fiber made up about 93 percent of total home broadband revenues, compared with 91 percent a year earlier. Fiber subscribers grew 30 percent year-on-year. Subscribers of GFiber Prepaid reached 1.2 million as of end-September. Corporate data revenues climbed 10 percent to a record P16.5 billion, while non-telco revenues dropped 24 percent to P1.3 billion. The decline primarily reflected the deconsolidation of NCS Philippines, formerly Yondu. Excluding NCS Philippines’ prior-year contribution, non-telco revenues would have grown 19 percent. Total operating expenses and subsidy rose 6 percent to P61 billion. Globe cited higher utilities, supplies and administrative expenses, leaserelated costs, repairs and maintenance, interconnection charges, staff costs, and marketing and subsidy expenses. A 21-percent reduction in provisions partly offset the increase. Earnings before interest, taxes, depreciation and amortization (Ebit-

da) rose 6 percent to a record P68 billion from P64.2 billion. “These results reinforce our confidence that our focus on customer engagement, monetization, and disciplined investment is building a stronger foundation for long-term value creation,” Globe President and CEO Carl Raymond R. Cruz said. “As we enter the final quarter, we are mindful of the persistent inflationary pressures and tighter household budgets, which could weigh on consumer spending and Globe’s overall performance.” Globe spent P35.8 billion on capital expenditures (capex) in nine months, up 14 percent yearon-year. Capex equaled 28 percent of service revenues, with about 89 percent allocated to data-related requirements. The company kept its full-year capex guidance of below $1 billion. “Connectivity remains an essential household expenditure, and we are encouraged by the prospect of stronger seasonal demand in the fourth quarter, which could help mitigate these pressures and support our growth momentum,” Cruz said.

Alternergy aims to double asset base Continued from B1

Proceeds will fund the company’s upcoming wind and solar projects awarded under GEA-4. The proposed green bond issuance replaces the company’s earlier plan to issue perpetual preferred shares, which has been deferred indefinitely. “The P10 billion is just over five years. We’re not going to borrow P10 billion up front. That’s too much. I think we’re only going to draw P4 billion, and that will be to finance the three GEAP 4 projects two solar and one wind, just to get started. Concurrently with that, we already have advanced discussions with project lenders. We cannot name who they are, but there are four. Four banks competing to finance

three projects, project finance,” added Perez. During the company’s stockholders’ meeting, Alternergy President Gerry Magbanua outlined the company’s progress in translating its investments into operating assets while building the organization to support its ambition of One Gigawatt (1GW) by 2030. The 28-MW Balsik Solar Farm commenced commercial operations in February, followed by the 4.6-MW Dupinga Run-of-River Hydro Power Plant in March. More than a decade in the making, Dupinga’s completion marked the culmination of years of development work and perseverance through setbacks, adding another operating asset to Alternergy’s portfolio of wind, solar and run-of-river hydro projects.

MUTUAL FUNDS

November 10, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A202.49 0.12% 0.12% -3.06% -2.06% -5.42% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.1973 12.14% 15.89% 5.16% 4.77% 1.66% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.7079 0.05% -0.83% -3.92% -3.83%-5.02% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7479 6.57% 3.92% -0.33% N.A1.87% FIRST METRO CONSUMER FUND, INC. -A 0.4932 -8.46% -6.94% -9.51% N.A -11.31% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.1369 -0.98% -2.31% -4.83% -2.01% -5.39% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6035 -1.47% -3.03% -5.4% N.A-6.08% MBG EQUIT Y INVESTMENT FUND, INC. -A 64.98 -21.55% -8.28% -8.38% N.A -27.36% PAMI EQUIT Y INDEX FUND, INC. -A 39.4615 0.58% -1.34% -4.18% -1.82% -4.59% PHILAM STRATEGIC GROWTH FUND, INC. -A 424.36 -0.06% -0.3% -3.54% -1.84% -5.6% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.4852 2.57% 8.54% 2.4% 2.06% -4.87% PHILEQUIT Y FUND, INC. -A34.1284 4.25% 1.84% -1.67% -0.15% -0.88% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.8889 5.96% 2.57% -1.53% N.A 0.14% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.2887 1.37% -0.24% -3.15% -0.95% -4.05% PHILIPPINE STOCK INDEX FUND CORP. -A 705.12 1.06% -0.63% -3.45% -1.13% -4.06% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6858 5.46% 1.96% -2.4% -2.1% -2.32% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.9899 -2.55% -2.34% -4.77% -2.6% -6.84% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.7893 0.87% -1.07% -3.81% -1.42%-4.21% UNITED FUND, INC. -A3.515714% 5.43% 0.06% 0.97% 6.94% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 0.99 1.09% -0.72% N.A N.A -4.15% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0102 0.51% 0.52% N.A N.A -3.19% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8584 -3.04% -4.45% -6.3% N.A -9.1% PHILIPPINE STOCK INDEX FUND CORP. -A 851.09 1.08% -0.81% N.A N.A -3.99% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 96.2213 1.41% -0.45% -3.16% -0.74%-3.79% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.1015 7.63% 11.31% -1.23% 2.14% 7.52% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.2962 6.28% 14.45% 4% 8.38% 3.23% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUIT Y GLOBAL FUND, INC. -A 1.033 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1304 3.3% 0.32% -1.29% -0.59% -0.46% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6738 5.03% 5.28% -0.33% -0.19%2.29% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4431 1.86% 0.32% -2.24% -0.14% -0.77% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.224 1.4% 6.56% 1.96% N.A-3.41% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9231 -1.22% 0.77% -1.07% 0.56% -3.97% PAMI HORIZON FUND, INC. -A3.6069 -1.14% 1.78% -1.02% 0% -4.83% PHILAM FUND, INC. -A15.2315-2.07% 0.53% -2.17% -0.61% -4.86% SOLIDARITAS FUND, INC. -A2.032 -0.42% 0.91% -1.02% -0.02% -3.25% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.2813 -2.91% 0.02% -2.26% -0.92%-4.15% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8628 -3.69% 0.09% -2% -0.7% -5.26% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.7 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9777 1.4% 2.24% -0.42% N.A -0.11% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8261 2.01% 0.76% -2.89% N.A -1.87% 2.8% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7934 0.22% -3.5% N.A -2.19% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03168 -7.07% -0.07% -3.61% -1.18% -7.64% PAMI ASIA BALANCED FUND, INC. -B $1.0921 -10.75% 8.15% 0.34% 1.75% -9.74% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.4227 3.78% 10.89% 2.13% 5.54%1.58% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2071 3.36% 7.5% 0.18% 2.45%2% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 426.05 2% 3.21% 2.7% 2.61% 1.44% ATRAM CORPORATE BOND FUND, INC. -A 1.994 2.22% 1.68% 0.73% 0.41% 1.81% COCOLIFE FIXED INCOME FUND, INC. -A 3.6058 0.89% 3.14% 2.15% 3.1% 0.17% EKKLESIA MUTUAL FUND, INC. -A 2.4378 -0.44% 3.03% 1.68% 1.55% -0.6% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4874 -3.12% 1.05% 0.57% 1.13%-3.18% PHILAM BOND FUND, INC. -A4.4862 -2.77% 2.54% 0.42% 0.93% -2.69% PHILAM MANAGED INCOME FUND, INC. -A 1.5484 2.15% 4.45% 3.27% 2.95% 1.87% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3309 0.56% 3.02% 1.84% 2.14% 0.41% SOLDIVO BOND FUND, INC. -A1.1315 1.04% 2.84% 2.17% 1.98% 0.98% -3.53% 2.11% 1.6% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4415 2.36% -2.8% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.835 -2.85% 1.98% 1.27% 1.83% -2.62% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0083 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.97 1.21% 2.82% 1.75% 1.99% 0.74% ALFM EURO BOND FUND, INC. -A Є222.41 -0.58% 1.67% 0.21% 0.53% -0.61% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0468 -2.51% 1.14% -2.72% -0.68% -2.62% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0253 -4.53% 1.63% -0.54% 0.16%-4.53% PAMI GLOBAL BOND FUND, INC. -B $1.0503 -1.09% 8.05% 0.48% -0.38% -0.92% PHILAM DOLLAR BOND FUND, INC. -A $2.3829 -3.81% 3.1% -0.95% 0.64% -3.92% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0630578 -1.98% 1.28% 0.19% 1.07% -2.16% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.871 -2.24% 3.04% -1.98% -0.42%-2.1% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1937 2.77% N.A N.A N.A 2.34% ALFM MONEY MARKET FUND, INC. -A 153.85 4.03% 4.15% 3.28% 2.92% 3.35% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2329 3.44% 3.78% 3.14% N.A2.94% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5243 3.43% 3.63% 3.03% 2.79% 2.89% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.86 4.01% 4.28% N.A N.A 3.43% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.2009 2.48% 3.25% 2.53% N.A 2.09% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.0923 2.33% 4.54% N.A N.A 2.13% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.7931 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.4914 17.9% 22.58% 12.62% N.A14.81% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1481 3.89% 6.39% N.A N.A 2.9% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

www.businessmirror.com.ph

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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG GCASH LMG CORP MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

43.3 122 9.78 98.1 49.1 9.65 61.1 6.96 78.85 48.05 19.62 62.1 20.5 1.17 3.51 7.05 0.275 0.094 1.21 205.2 4,600 1.27

43.3 123.3 10 99 48.5 9.75 61.5 6.98 78.1 55 20.4 62.6 20.5 1.18 3.55 6.74 0.305 0.094 1.22 208 4,798 1.26

43.4 124.9 10.2 100 50 9.99 61.55 6.98 80 55 20.4 62.6 20.9 1.2 3.55 7.05 0.305 0.094 1.24 208 4,798 1.27

43.3 121.1 9.75 97.6 47.9 9.65 60.85 6.98 76.55 55 20.3 61.5 20.5 1.18 3.55 6.74 0.3 0.094 1.21 205.2 4,600 1.26

43.4 122 10.1 98.6 50 9.65 61.55 6.98 78.85 55 20.3 62.1 20.5 1.18 3.55 7.05 0.3 0.094 1.21 205.2 4,600 1.27

56,000 3,297,260 88,300 1,137,520 365,500 171,200 2,628,670 10,000 553,240 100 31,100 83,620 100,000 64,000 3,000 180,532,200 40,000 20,000 443,000 70 60 324,000

2,425,400 404,444,164 888,889 112,145,179 17,933,565 1,655,319 161,017,004 69,800 43,588,261 5,500 631,390 5,192,966 2,070,600 75,690 10,650 1,255,667,676 12,150 1,880 539,480 14,476 281,490 409,960

433,500 -22,334,673 -77,925 34,949,441 2,448,440 988,643 -8,788,742 -17,749,986 1,267,208 -20,680 -31,860 172,287,016 -7,320 -24,980 87,630

HOLDING & FRIMS

ABACORE CAPITAL 0.3 0.31 0.31 0.315 0.3 0.31 2,210,000 669,850 4,900 ASIABEST GROUP 21.4 21.5 22 22 21.05 21.5 149,000 3,190,755 -708,175 AYALA CORP 548.5 557 551.5 557.5 548 557 301,010 166,406,635 -20,370,745 ABOITIZ EQUITY 37.05 37.6 36.4 37.9 36.4 37.6 711,100 26,726,190 11,096,650 8.82 8.86 8.88 8.95 8.8 8.86 1,449,300 12,780,527 -11,904,121 ALLIANCE GLOBAL 15.72 15.82 16.06 16.06 15.8 15.82 27,400 433,720 -7,900 ANSCOR 1 1.02 0.98 1.04 0.98 1.02 201,000 206,400 -10,140 ANGLO PHIL HLDG 7.35 7.37 7.35 7.39 7.34 7.35 299,800 2,205,024 -541,340 COSCO CAPITAL 6.8 6.86 6.64 6.92 6.6 6.8 4,477,300 30,497,563 -5,554,430 DMCI HLDG 3.81 4.03 3.81 3.81 3.81 3.81 7,000 26,670 FILINVEST DEV FJ PRINCE A 2.51 2.94 2.51 2.51 2.51 2.51 2,025,000 5,082,750 2.25 2.85 2.24 2.24 2.24 2.24 46,000 103,040 FJ PRINCE B FORUM PACIFIC 0.28 0.285 0.28 0.28 0.28 0.28 20,000 5,600 GREENERGY 0.126 0.128 0.129 0.136 0.126 0.127 2,630,000 335,350 -238,320 446.8 455 460.2 460.2 445.4 455 58,230 26,315,830 -2,396,796 GT CAPITAL 17.32 17.4 17.18 17.4 17.08 17.4 968,800 16,709,730 258,798 JG SUMMIT 0.4 0.415 0.42 0.415 0.415 170,000 71,600 LODESTAR 0.425 LOPEZ HLDG 4.4 4.67 4.32 4.4 4.32 4.4 20,000 87,590 43,930 15.1 15 15 15.1 524,200 7,909,812 -1,654,742 LT GROUP 15.2 15.2 2 2.22 2.11 2.27 2 2 125,000 258,330 2,030 PACIFICA HLDG 0.8 0.83 0.86 0.86 0.8 0.8 204,000 167,770 PRIME MEDIA SOLID GROUP 1.11 1.18 1.11 1.17 1.11 1.17 316,000 367,960 18,720 572 551 551 578 356,620 203,454,185 79,393,075 SM INVESTMENTS 578 578 65.95 66 66 66.05 65.9 66 231,050 15,247,950 11,079,833 SAN MIGUEL CORP 53.05 54.95 53.05 53.05 53.05 53.05 200 10,610 TOP FRONTIER ZEUS HLDG 0.062 0.063 0.063 0.063 150,000 9,450 0.063 0.063 PROPERTY ARTHALAND CORP 0.42 0.425 0.42 0.425 0.42 0.425 40,000 16,900 8,500 AYALA LAND 15.28 15.28 15.26 14.9 14.78 15.28 6,174,500 92,647,656 -9,695,236 AYALA LAND LOG 1.05 1.09 1.09 1.09 1.05 1.09 119,000 126,460 -760 35.75 35.8 35.95 36.05 35.5 35.8 491,000 17,579,880 -5,669,785 AREIT RT 0.81 0.83 0.83 0.83 21,000 17,430 A BROWN 0.83 0.83 CITYLAND DEVT 0.5 0.51 0.51 0.51 0.5 0.5 64,000 32,630 CROWN EQUITIES 0.088 0.088 0.088 0.088 550,000 48,420 0.089 0.089 CEB LANDMASTERS 1.92 1.95 1.91 1.95 32,000 61,650 1.95 1.95 CENTURY PROP 0.64 0.65 0.64 0.66 672,000 439,210 -124,150 0.66 0.66 2.78 2.77 2.75 2.78 845,000 2,340,060 -511,830 CITICORE RT 2.79 2.79 12.82 12.84 12.76 12.9 12.76 12.84 328,100 4,203,488 592,758 DOUBLEDRAGON 1.03 1.03 1.03 1.04 480,000 498,790 DDMP RT 1.04 1.04 DM WENCESLAO 4.7 4.75 4.7 4.75 4.7 4.75 12,000 56,700 28,500 0.1 0.103 0.1 0.1 0.1 0.1 100,000 10,000 EMPIRE EAST FILINVEST RT 2.88 2.9 2.89 2.9 2.88 2.88 430,000 1,240,800 -322,570 0.68 0.68 0.68 0.7 304,000 212,230 20,300 FILINVEST LAND 0.7 0.7 0.62 0.66 0.62 0.62 0.61 0.62 341,000 211,220 GLOBAL ESTATE 1.85 1.78 2.17 1.78 2.14 195,000 394,500 JACKSTONES 2.13 KEPPEL PROP 2.41 2.54 2.4 2.4 2.4 2.4 1,000 2,400 PNB HLDG 1.2 1.2 1.18 1.2 65,551,000 78,427,130 477,160 1.21 1.21 2.25 2.3 2.3 2.25 2.25 8,790,000 19,930,460 -12,671,940 MEGAWORLD 2.26 0.61 0.62 0.6 0.62 1,910,000 1,182,400 MRC ALLIED 0.62 0.62 MREIT RT 13.48 13.5 13.52 13.52 13.46 13.5 469,800 6,339,100 191,686 0.105 0.111 0.105 0.105 0.105 0.105 100,000 10,500 OMICO CORP PRMIERE HORIZON 0.213 0.218 0.222 0.222 0.21 0.218 8,580,000 1,855,750 -106,720 0.89 0.9 0.89 0.9 88,000 79,170 900 PREMIERE RT 0.9 0.9 0.99 1.04 0.99 0.99 0.99 0.99 2,000 1,980 -990 PRIMEX CORP 6.08 6.09 6.15 6.2 6.07 6.09 7,740,200 47,229,782 -32,462,827 RL COMM RT 15.96 16 15.84 16.14 15.84 16 699,900 11,181,658 158,474 ROBINSONS LAND 2.55 2.6 2.6 2.6 2.6 1,000 2,600 ROCKWELL 2.58 SHANG PROP 2.8 2.83 2.78 2.85 2.78 2.8 127,000 357,650 28,300 1.73 1.74 1.74 1.74 1.73 1.73 3,000 5,200 STA LUCIA LAND SM PRIME HLDG 17 17.02 17.18 17.42 16.76 17 6,450,600 109,326,806 -18,939,458 SERVICES ABS CBN 2.49 2.5 2.5 2.5 2.48 2.5 29,000 72,360 GMA NETWORK 3.21 3.24 3.25 3.25 3.2 3.24 339,000 1,095,740 DITO CME HLDG 0.54 0.55 0.55 0.55 0.54 0.55 6,714,000 3,637,390 80,980 GLOBE TELECOM 1,458 1,459 1,476 1,480 1,454 1,459 62,075 90,788,950 -35,519,675 PLDT 159,130,600 1,122 1,123 1,120 1,129 1,108 1,122 142,305 43,361,245 APOLLO GLOBAL 0.0049 0.005 0.005 0.0052 0.005 0.005 92,000,000 462,000 80,000 CONVERGE 9.21 9.05 9.1 9.15 8.91 9.05 2,359,400 21,317,737 -1,154,738 DFNN INC 0.61 0.62 0.64 0.64 0.61 0.61 31,000 19,090 4,820 IMPERIAL 0.92 0.87 0.9 0.9 0.9 0.9 2,000 1,800 ISLAND INFO 0.133 0.135 0.137 0.137 0.132 0.133 980,000 130,220 0.38 0.38 NOW CORP 0.37 0.38 0.37 0.38 70,000 26,400 0.116 0.12 0.12 0.12 500,000 60,000 0.12 0.12 TRANSPACIFIC BR CHELSEA 1.06 1.08 1.09 1.06 1.06 14,000 14,870 1.09 CEBU AIR 24.7 25.1 25.2 25.3 24.5 24.7 52,200 1,299,485 -469,290 796 800 808 808.5 762 800 3,468,680 2,723,640,925 -486,443,830 INTL CONTAINER 9.47 9.79 9.79 9.8 300 2,939 LBC EXPRESS 9.8 9.8 LORENZO SHIPPNG 0.65 0.68 0.65 0.65 0.65 0.65 13,000 8,450 MACROASIA 3.3 3.3 3.33 3.3 3.3 702,000 2,316,720 112,200 3.34 0.54 0.58 0.58 0.58 2,000 1,160 METRO ALLIANCE 0.58 0.58 PAL HLDG 4.3 4.3 4.3 4.31 83,000 357,520 -38,990 4.32 4.32 1.49 1.5 1.5 1.54 1.5 1.5 525,000 792,980 -120,450 HARBOR STAR 0.028 0.029 0.029 0.03 0.028 0.029 7,900,000 225,600 -3,000 BOULEVARD HLDG 0.47 0.475 0.455 0.48 0.44 0.47 14,920,000 6,940,600 -32,100 PH RESORTS GRP 2.34 2.4 2.4 2.4 2.4 2.4 4,000 9,600 ROXAS AND CO CENTRO ESCOLAR 10.24 11 11.96 12 10 11 61,200 658,092 89,180 6.76 6.99 6.99 6.99 6.99 6.99 1,700 11,883 IPEOPLE 1.19 1.21 1.21 1.22 1.21 1.22 2,000 2,430 STI HLDG BELLE CORP 1.09 1.12 1.13 1.13 1.09 1.09 65,000 70,970 BLOOMBERRY 1.89 1.9 1.92 1.87 1.89 1,155,000 2,187,360 -227,790 1.91 5.88 5.9 6.3 6.3 5.8 5.9 8,514,100 254,742 DIGIPLUS 51,393,683 12.28 12.44 12.5 12.28 12.44 1,728,500 21,376,948 8,914,736 PHILWEB 12.44 1.05 1.09 1.06 1.11 1.05 1.1 465,000 507,030 -68,470 METRO RETAIL 39.05 39.65 39.65 38.8 39.25 217,200 8,506,180 -6,480,785 PUREGOLD 39.25 31.55 31.95 32 32 31.55 31.95 4,500 143,095 -61,025 PHIL SEVEN CORP 1.92 1.91 1.91 1.95 161,000 311,990 81,980 SSI GROUP 1.95 1.95 0.76 0.78 0.77 0.78 0.76 0.78 10,000 7,710 UPSON INTL CORP WILCON DEPOT 5.1 5.15 5.1 5.16 5.02 5.1 933,900 4,727,685 422,173 0.094 0.098 0.096 0.096 0.096 0.096 150,000 14,400 APC GROUP PAXYS 3.03 3.13 3.13 3.14 21,000 65,740 -62,600 3.14 3.14 MINING & OIL ATOK 1.74 2.04 2.05 2.05 2.05 2.05 1,000 2,050 APEX MINING 17.9 17.94 17.5 18 17.5 17.9 4,406,900 78,449,244 7,760,338 18.6 18.7 18 18.8 18 18.68 5,261,400 97,914,522 12,132,258 ATLAS MINING 5.95 6.19 5.9 5.9 12,100 71,912 -71,293 BENGUET 6.19 6.19 0.29 0.31 0.3 0.305 0.295 0.305 190,000 57,550 EC VULCAN FERRONICKEL 1.5 1.53 1.53 1.5 1.52 905,000 1,371,820 -653,550 1.52 0.079 0.08 0.079 0.077 0.077 210,000 16,250 GEOGRACE 0.079 LEPANTO A 0.234 0.235 0.23 0.239 0.226 0.234 28,750,000 6,661,530 LEPANTO B 0.225 0.225 0.225 0.234 360,000 81,910 4,780 0.234 0.234 0.0085 0.0086 0.0085 0.0085 0.0085 0.0085 14,000,000 119,000 MANILA MINING A MANILA MINING B 0.0081 0.0087 0.0081 0.0085 0.0081 0.0085 55,000,000 453,000 MARCVENTURES 0.72 0.75 0.75 0.75 102,000 76,500 -36,000 0.75 0.75 0.52 0.52 0.52 0.52 107,000 55,640 NIHAO 0.53 0.52 NICKEL ASIA 3.84 3.85 3.92 3.92 3.79 3.84 2,800,000 10,702,410 1,029,760 34.6 34.8 34.3 34.3 34.6 584,400 20,249,385 1,768,930 OCEANAGOLD 34.95 0.55 0.56 0.56 0.56 5,000 2,800 ORNTL PENINSULA 0.56 0.56 PX MINING 10.96 11 10.96 11.12 10.82 10.96 7,010,000 76,850,206 -22,417,068 3.11 3.18 3.11 3.17 3.11 3.17 3,000 9,450 -6,340 ENEX ENERGY 0.014 0.015 0.014 0.014 0.014 0.014 1,300,000 18,200 ORNTL PETROL A ORNTL PETROL B 0.014 0.015 0.014 0.014 0.014 0.014 2,600,000 36,400 PHILODRILL 0.01 0.011 0.01 0.01 0.01 0.01 3,000,000 30,000 PXP ENERGY 2.88 2.9 2.94 2.94 2.87 2.88 170,000 490,770 58,000 PREFFERED ACEN PREF A 1,000 1,012 1,000 1,000 1,000 1,000 1,050 1,050,000 ACEN PREF B 1,024 1,028 1,024 1,028 1,024 1,028 100 102,780 AC PREF B4R 1,935 1,956 1,935 1,935 1,935 1,935 5 9,675 ALCO PREF G 496 500 490.6 496 490.6 496 30 14,772 ALCO PREF H 512 515 515 515 515 515 30 15,450 BRN PREF B 100.5 103.8 100.5 101.9 100.5 101.9 420 42,238 2,038 BRN PREF C 101 102.5 102.5 102.5 102.5 102.5 550 56,375 29.5 29.5 CEB PREF 28.65 29.5 28.65 28.65 700 20,140 CLI PREF A1 951.5 970 951.5 951.5 951.5 951.5 10 9,515 CLI PREF A2 1,005 1,020 1,010 1,010 1,005 1,005 80 80,650 91.05 91.05 DD PREF 91 91 91 91.05 1,280 116,495 EEI PREF B 95.65 96.3 96 96.3 95.65 96.3 7,220 694,850 FDC PREF B 965 970 960 960 960 960 10 9,600 GLO PREF BNV 1,975 1,978 1,978 1,978 1,975 1,975 2,635 5,204,320 5,174,650 MWIDE PREF 6A 100 103.9 100 100 100 100 1,300 130,000 MWIDE PREF 6B 98.5 99 99 99 99 99 7,300 722,700 -722,700 MWIDE PREF 6C 100 105 102.1 102.1 100 100 210 21,168 -20,147 PCOR PREF 4E 985 987 985 985 985 985 530 522,050 SMC PREF 2L 76.05 78.3 76.05 78.3 76.05 78.3 1,600 123,930 SMC PREF 2N 75.3 76 75.1 76 75.1 76 4,360 327,463 SMC PREF 2O 77.4 77.7 77.45 77.8 77.45 77.7 12,850 996,437 -689,750 SMC PREF 2Q 74.5 75.5 74.5 74.5 74.5 74.5 10 745 SMC PREF 2S 74 74.5 74.5 74.5 74.5 74.5 4,890 364,305 SMC PREF 2T 73 75.3 74.5 75.3 73 75.3 89,500 6,595,081 SMC PREF 2U 74.6 75.8 75.85 75.85 75.85 75.85 10 759 SMC PREF 2V 76 76.1 76 76.1 76 76.1 1,200 91,300 SMC PREF 2X 77.5 78 78.45 78.45 77.5 77.5 1,790 139,285 8.43 9 9 9 9 9 600 5,400 TECH PREF B2C TOP PREF A1 99.9 100.5 100.5 100.5 100.5 100.5 180 18,090 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.25 2.32 2.3 2.42 2.3 2.42 4,000 9,440 3.05 3.12 3.08 3.12 3.08 3.12 16,000 49,380 1.04

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

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

43.4 122.1 10.1 98.6 50 9.69 61.55 6.98 79.9 51.4 20.3 62.25 20.9 1.18 3.55 7.06 0.3 0.101 1.23 207.4 4,794 1.28

INDUSTRIAL ACEN CORP 2.63 2.68 2.64 2.68 2.6 2.68 6,380,000 16,868,800 3,164,850 ALSONS CONS 0.88 0.9 0.92 0.94 0.88 0.88 1,656,000 1,473,530 0.66 0.66 ALTERNERGY HLDG 0.65 0.65 0.64 0.66 819,000 530,600 -40,950 ABOITIZ POWER 43.5 44.35 44.45 44.45 43.5 43.5 398,900 17,477,595 2,064,585 RASLAG 1.1 1.11 1.14 1.14 1.08 1.1 1,010,000 1,108,710 0.106 0.106 BASIC ENERGY 0.104 0.105 0.104 0.106 1,670,000 175,730 109,200 CITICORE RE 4.52 4.52 4.4 4.4 4.4 4.52 7,000 31,420 -22,500 FIRST GEN 19.54 19.8 19.98 20 19.46 19.8 98,400 1,925,782 -797,592 FIRST PHIL HLDG 80.95 81 81.5 81.5 80.95 81 29,400 2,381,670 -824,228 MERALCO 234,236,260 438.8 439 427.2 444 427.2 439 533,370 124,541,424 MANILA WATER 29 29.5 29.3 29.8 28.9 29 1,555,600 45,394,125 -12,285,845 MAYNILAD 17.06 16.92 17 16.98 16.84 17 2,566,300 43,577,618 14,067,262 PETRON 2.21 2.19 2.2 2.21 2.17 2.2 114,000 250,700 PETROENERGY 4.56 4.8 4.77 4.8 4.77 4.8 8,000 38,220 16.6 16.6 PRYCE CORP 16.4 16.6 16.4 16.4 1,500 24,720 SEMIRARA MINING 11.1 11.28 11 11.42 11 11.1 2,824,200 31,576,998 -4,975,984 SYNERGY GRID 22 22.2 21.55 22.25 21.15 22 2,682,500 57,553,330 -5,901,995 SHELL PILIPINAS 7.81 7.93 8 8 7.81 7.93 247,800 1,951,961 -88,060 SPC POWER 9 155,625 8.75 8.99 9 8.75 8.75 17,700 1.34 1.35 1.37 1.38 1.34 1.35 7,882,000 10,666,800 2,256,780 SP NEW ENERGY 1.71 1.72 1.71 1.73 1.71 1.73 424,000 732,520 -74,390 TOP LINE 2.68 2.75 2.75 2.75 2.75 1,000 2,750 AXELUM 2.73 CNTRL AZUCARERA 8.8 9.12 8.8 8.8 8.8 8.8 600 5,280 -2,640 28.35 28.5 28.3 28.8 28 28.5 695,900 19,805,530 -5,296,320 CENTURY FOOD 3.29 3.41 3.41 3.41 2,000 6,820 DEL MONTE 3.41 3.41 DNL INDUS 3.45 3.47 3.45 3.52 3.45 3.45 1,956,000 6,753,940 851,260 15.16 15.18 15.12 15.06 15.16 1,944,900 29,429,794 -194,318 15.18 EMPERADOR 47.85 47.9 47.8 48 47.5 47.9 171,600 8,217,495 -4,484,200 SMC FOODANDBEV 0.79 0.8 0.79 0.79 0.79 0.79 1,516,000 1,197,640 FIGARO GROUP ALLIANCE SELECT 0.54 0.56 0.57 0.59 0.53 0.56 632,000 355,310 -10 210 210 210.4 209 210 165,040 34,658,286 208,078 GINEBRA 210.2 147 144.1 143.9 147.5 419,920 61,248,059 -28,178,740 JOLLIBEE 147.5 147.5 1.8 1.84 1.82 1.85 1.77 1.84 2,473,000 4,506,750 237,930 KEEPERS HLDG 18.04 19.44 19.5 19.5 19.5 19.5 100 1,950 LIBERTY FLOUR MAXS GROUP 1.89 1.9 1.89 1.91 1.88 1.9 40,000 75,760 -1,900 6.22 6.25 6.4 6.45 6.22 6.22 19,360,900 121,665,623 53,870,151 MONDE NISSIN 5.2 5.03 5.03 5.2 3,200 16,498 9,614 SHAKEYS PIZZA 5.44 5.44 5.13 5.15 5.16 5.19 5.1 5.13 102,900 528,840 -207,597 RFM CORP 0.044 0.046 0.049 0.049 0.043 0.043 1,900,000 87,200 SWIFT FOODS UNIV ROBINA 61.65 61.9 62 62.4 61.05 61.65 1,453,910 89,895,413 -13,583,776 0.475 0.48 0.48 0.48 60,000 28,800 VITARICH 0.48 0.48 VICTORIAS 1.9 1.9 1.9 1.9 1.9 1,000 1,900 1,900 1.99 0.385 0.4 0.405 0.405 0.39 0.39 400,000 159,000 ATN HLDG CONCREAT HLDG 1.09 1.1 1.11 1.11 1.1 1.1 1,141,000 1,255,130 EEI CORP 1.78 1.83 1.8 1.8 1.8 1.8 34,000 61,200 MEGAWIDE 5.22 5.31 5.28 5.21 5.31 485,800 2,569,406 -137,835 5.32 14.02 14.46 14.02 14.02 14.02 14.02 500 7,010 PHINMA SUPERCITY 29.1 30.9 30.9 30.9 100 3,090 30.9 30.9 CROWN ASIA 1.78 1.83 1.85 1.85 1.77 1.83 615,000 1,124,290 EUROMED 1.3 1.34 1.33 1.34 207,000 277,320 1.34 1.34 CONCEPCION 10.5 10.8 10.52 10.5 10.8 14,500 154,496 10.84 INTEGRATED MICR 5.62 5.64 5.5 5.75 5.41 5.64 1,395,600 7,861,830 3,125,270 2.7 2.71 2.69 2.64 2.71 550,000 1,480,350 -213,360 IONICS 2.72 PANASONIC 7.23 7.2 7.2 7.2 7.2 7.2 5,800 41,760 CIRTEK HLDG 1.19 1.21 1.29 1.29 1.15 1.19 6,716,000 8,057,530 -43,120

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7751 -4.23% 0.64% -4.58% N.A -4.31% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. HAUS TALK ITALPINAS 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED XURPAS FUND, INC.) NEXGEN ENERGY “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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

November 10, 2026

1.31 0.57 0.235 2.51

1.1

1.38 0.61 0.236 2.6

1.37 0.61 0.224 2.59

1.38 0.62 0.24 2.6

1.37 0.61 0.224 2.59

1.38 0.61 0.237 2.6

60,000 24,000 920,000 5,000

82,640 14,730 216,240 12,970

EXHANGE TRADE FUNDS ATR FAMI ETF

96.4

-9,440 -

96.7 97 96.4 97 6,130 593,753 -193,006

Banking

Editor: Dennis Estopace

Wednesday, November 11, 2026

Yields dip on bets bond rates have peaked as oil prices fell

By Reine Juvierre S. Alberto

@reine_alberto

IELDS on the 4-year Treasury bonds dipped on Tuesday as investors rushed to lock in higher returns amid signs that rates may have peaked as global oil prices fell. The re-issued securities, with a tenor of three years and five months, fetched an average yield of 7.639 percent, slightly correcting lower from the highest recorded in more than eight years. The 4-year yield was down by 3.9 basis points from 7.678 percent in the previous auction for the same tenor last October 13. This was also 2.1 basis points lower than the benchmark yield of

7.660 percent for the 4-year government securities traded in the secondary market, based on the Philippine Bloomberg Valuation (PHP BVAL) Rates. Awarded yields by the Bureau of the Treasury ranged from a low of 7.525 percent to a high of 7.688 percent. Bids for the debt papers reached P77.759 billion, resulting in a bidto-cover ratio of 2.6 times the P30-

billion offer. Robust demand enabled the Treasury to award the securities in full and reject P47.759 billion in tenders. Investors are thinking that bond yields may have topped out, so they attempted to buy government bonds with still-high interest rates before yields decline further, said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. “With the sharp in global crude oil prices, some market hopes that the worst is over after the US midterm elections where more Democrats won as more US voters signaled opposition to the war on Iran/Middle East,” Ricafort said. Brent crude oil fell to $92 a barrel, extending its decline, after US President Donald Trump said further attacks on Iran wouldn’t be necessary, Bloomberg reported. Since the US midterm elections, expectations of the war ending

sooner have increased. Congressional Democrats are also considering using a December 11 government shutdown deadline to put pressure on Trump to stop the conflict. Declining oil prices, alongside a stronger peso, now at P62.91 versus the US dollar, could also ease inflationary pressures, Ricafort said. He added these factors could offset some risks tied to the looming super El Niño and minimum wage increases. Next week, the Treasury will offer 91-day, 182- day and 364-day Treasury bills and 5-year T-bonds in an auction. The government seeks to borrow a total of P2.733 trillion this year, of which P1.918 trillion will come from local lenders while P815.505 billion will be sourced externally. Gross borrowings of the government reached P2.393 trillion as of September, or 87.55 percent of its full-year financing program.

After 21 years, DOF files case on SALN filing irregularity

HE Department of Finance (DOF) announced it has filed an administrative complaint against an employee of the Bureau of Customs (BOC) for failing to file a “Sworn Statement of Assets, Liabilities and Net Worth” (SALN) in 2005. A statement issued by the DOF on Tuesday read that its anti-corruption arm—Revenue Integrity Protection Service (RIPS)—filed the case before the Civil Service Commission National Capital Region (CSC NCR). “Failure to file a SALN cannot be taken lightly. This requirement exists to safeguard against corruption and the unlawful acquisition of wealth,” DOF-RIPS Supervising Undersecretary Rolando Ligon Jr. was quoted as saying.

PNB adds two more funds in PERA portfolio offering

HE Philippine National Bank (PNB), through its Trust Banking Group, announced it has expanded its Personal Equity and Retirement Account (PERA) product lineup with the launch of two new products. A statement issued last Tuesday by the lender read that it expects its “PERA Money Market Fund” and “PERA High Dividend Fund” would “provide Filipinos with more retirement investment options suited to their financial goals and risk preferences.” According to the bank, the launch “strengthens” its PERA offering, which also includes the “PERA Bond Fund.” Together, PNB said the three funds provide investors “with a wider range of choices, from capital preservation and income generation to long-term growth, allowing them to build retirement portfolios that suit their individual needs and life stages.” PNB Trust Banking Group Head and Chief Trust Officer Senior Vice President Joy Jasmin R. Santos emphasized that retirement planning is one of the most important financial decisions a person can make, yet many Filipinos have yet to begin preparing for the retirement years. “By introducing these new PERA funds, we hope to give more Filipinos practical and accessible ways to start building their retirement savings while benefitting from a professionally managed investment program,” Santos was quoted as saying in the statement. Andrea E. San Juan

The DOF said the CSC NCR found sufficient evidence proving that the BOC employee failed to file his SALN for 2005. Official certifications and documentary evidence from the BOC, CSC and the Office of the Ombudsman confirmed that the required SALN was not in their records, the DOF added. The CSC ruled that the BOC employee violated Section 8 of Republic Act (RA) 6713, or the “Code of Conduct and Ethical Standards for Public Officials and Employees,” for failing to file his SALN. As a result, the employee was suspended by CSC for three months and one day, the prescribed penalty for a first offense under RA 6713 and applicable civil service rules.

The DOF clarified that the case was filed in 2015, before the Supreme Court’s ruling in the Carlos doctrine in 2023, which requires SALN violations to first undergo the “Review and Compliance Committee Mechanism.” The RCC evaluates the filled-up SALN forms submitted by employees and determines the timeliness of submission and the completeness of the Information required using the official form. It also resolves issues pertaining to compliance with the submission and filling of SALNs by all employees. The CSC said the SALN serves as a safeguard against the unlawful acquisition of wealth and curbs opportunities for corruption while upholding honesty in public service.

It is also the personal responsibility of public officials and employees to exercise due diligence in protecting their interests and fulfilling their legal obligations, the commission said. Unsubstantiated denials and claims of lost or mishandled records likewise cannot outweigh official certifications issued by authorized offices, the CSC added. The RIPS, created by Executive Order 259, investigates allegations of corruption in revenue collection in the DOF and its attached agencies. The DOF unit conducts lifestyle checks and fact-finding investigations to ensure officials and employees do not acquire wealth beyond what their lawful income. Reine Juvierre S. Alberto

ADB: SEA needs to bridge fund gap in investments By Justine Xyrah Garcia

OUTHEAST Asia, including the Philippines, needs to bridge an estimated $264 billion annual infrastructure financing gap through 2040 to meet the region’s growing investment requirements, according to the Asian Development Bank (ADB). In its latest brief released last Tuesday, the ADB estimated that the region would need a total of $7.1 trillion in infrastructure investments from 2026 to 2040, equivalent to an annual average of $476 billion or 8.7 percent of the region’s gross domestic product (GDP). However, based on current investment efforts, governments would finance only about 45 percent of these requirements, leaving a shortfall of more than 4.8 percent of regional GDP, or nearly $4 trillion over the 15-year period. According to the Manila-based lender, the growing investment needs reflect Southeast Asia’s economic transformation, as urbanization, rising incomes and the shift toward manufacturing and services increase demand for more reliable infrastructure. “Infrastructure remains fundamental to Asean’s next phase of development. Reliable energy, efficient transport and logistics, robust digital infrastructure, water and sanitation, and health systems connect firms to markets, lower transaction costs, raise productivity, and

broaden access to essential services,” the report said. Based on the ADB’s estimates, electricity and transport account for around 85 percent of Asean’s total infrastructure investment requirements, highlighting the scale of funding needed to expand power systems and improve regional connectivity. Electricity infrastructure would require $3.56 trillion in investments through 2040, accounting for half of the total. Transport would need another $2.5 trillion, or 35.3 percent. The region would also need $584 billion for digital infrastructure, $244 billion for water and sanitation, and $227 billion for health facilities. But financing these requirements has become more difficult as governments contend with higher borrowing costs, volatile financial markets and competing demands on public budgets. ADB noted that governments also need to rebuild fiscal buffers after successive economic shocks, limiting their ability to rely solely on public spending to finance infrastructure. Private investment has also remained limited.the ADB estimated that current public investment accounts for 3.9 percent of regional GDP, while private infrastructure participation contributes less than 0.4 percent, based on its Private Participation in Infrastructure database. The ADB said investors face high upfront construction costs and long

periods before projects generate returns. Uncertainty over tariffs, demand, permits and government support, along with higher interest rates, can also make infrastructure projects less attractive. “The implication is that the gap will not close by leaning harder on either source. It will narrow only if public money is used in ways that draw private capital in, and if the terms on which that capital enters become more predictable,” the report noted. To address this, the ADB called for “transparent procurement, stable regulation, stronger project preparation, and balanced risk allocation through guarantees, blended finance, and liquidity support.” The bank further urged governments to focus on five priorities: protecting high-value investment and existing infrastructure, accelerating projects with regional benefits, mobilizing private capital, building climate resilience, and strengthening project planning and implementation. “Used in this way, the infrastructure assessment becomes more than an estimate of investment requirements. It provides a framework for making choices: preserve what works, improve the productivity of existing networks, invest where economic and social returns are strongest, and build systems capable of supporting Asean’s growth and resilience through 2040,” the ADB said.

America voted for change By Zoilo P. Dejaresco III

OME old sage said: “Be careful with what you ask for; it may be given to you.” Pre-election US President Donald Trump told voters: “Vote as if my name is on the ballot.” And they voted, and they gave Trump a resounding rebuke in this November’s mid-term polls. It was both a scorecard and a confirmation of him being one of the most unpopular modern-day US presidents. As of the latest count, the Democrats gathered the biggest majority since 2008, winning 254 of 435 House seats, 54 of 100 Senate seats, and 28 of 52 state governors. And bipartisan opinion concluded the major causes of the electoral debacle: war, inflation, and corruption. The smashing victory delivered the message that change was in the air, and any change when one is at rock bottom is always welcome.

Changes expectation

A DEMOCR AT-CONTROLLED Congress can always rein in a warcentered budget and foreign policies that make enemies of almost everyone in sight. Iran, therefore, has reasons to hope the hawkish stance of Washington will be tempered by the doves in Congress. And the EU can take comfort in the fact that they and the US can once again be on the same page in helping Ukraine avoid falling into Russia’s vise-like grip. That the Brent crude oil price per barrel dipped materially after the Democrats’ win supports this hypothesis. Likewise, Trump’s brutal and unilateral rule of tariffs that had disrupted supply chains and upset global pricing will be rationalized more thoroughly. The huge Democratic majority will allow the House to now investigate and subpoena persons to effect greater accountability in governance. The incoming House Oversight chair, Rep. Robert Garcia, had said as much. The investigation will be on the illicit enrichment of Trump’s sons: one having his wedding paid for by a Russian oligarch, another receiving $2 billion from the Saudis after he left the White House, and the third one sitting on the board of one of the major Pentagon suppliers of war materials that benefited from both the Iran and Ukraine wars. And President Trump’s alleged enrichment by $1 billion through his cryptocurrency holdings. Stringent immigration issues will be straightened out, and an investigation will be conducted into ICE excesses. The Medicare program and the move to tax the idle assets of the rich will be rationalized. The whole world will certainly benefit from a saner global military and trade atmosphere. Included, likewise, is the investigation into the Jerry Epstein cases, where over 1,000 women were unjustly vexed by his sex trade doings, involving some high-ranking government officials. The Democrats, however, must be aware that, rather than retribution attacks against Republicans, they should spend the next two years exerting as much influence as possible to improve the economic welfare of the common American, badgered by extremely high prices. Otherwise, there will also be a price to pay in the next 2028 presidential elections.

A nother globa l ex istentia l threat is the unhampered rise of AI (artificial intelligence) under the Trump administration, known for cozying up to Silicon Valley magnates and being fearful of the threat of China’s powerful AI industry. That kept AI’s growth unbridled. That era has ended. One Thursday after the polls, the semiconductor industry (generally known as 30 percent of the stock market) was bludgeoned into a $2.5-trillion stock market valuation loss in one day, the biggest single-day loss since 2020. Currently, it has slightly recovered. But the days of unmitigated AI growth without stiff regulatory guardrails are definitely over. It is a good thing that, simultaneous to the midterm chastening, Trump has also taken steps to enhance his foreign policy by brokering peace talks between Ukraine and Russia and engineering a tripartite dialogue between Trump, Russia’s Vladimir Putin, and China’s Xi Jinping, which will necessarily touch on Iran, Ukraine, and possible Taiwan, all three powder kegs of bigger global conflagration.

Veto power and 2028

WITH his left hand, Trump gestures that he is willing to talk with Democrats as a result of his crushing poll defeat, but typically shows his other right hand that he will become “Mr. Veto.” Under U.S. law, any measure the House passes can be vetoed by the sitting President. Congress can overrule that veto- both Houses needing 290 (House) and 67 (Senate) to overrule the veto, a number which, even with the smashing victory, the Democrats do not have. Unless some Republicans, driven by statesmanship or fearful of an electoral backlash in 2028 and beyond, opt for a bipartisan stance to save their skin. For 2028, the leading presidential hopefuls are: (Democrats) the articulate California Governor Gavin Newsom, former VP Kamala Harris, and the charismatic darling of the youth, Alexandria OcasioCortez; (Republicans) VP JD Vance and Secretary of State Mario Rubio. How the Democrats will mend the US economy and improve global peace, and how the Republican candidates can wean themselves away from a faltering lame “Donald” duck, can determine their viability to inherit the throne in Washington. Meanwhile, the whole world hangs on to this potential beacon of hope that these historic US mid-term polls had offered to this dimly-hit, almost hapless global community, pummeled by military and economic flagellation. In a sense, in the eyes of the world, it was not so much a victory of the blues (Democrats) or the reds (Republicans) as it was a red-white-and-blue victory of America, the nation, whose leadership in effecting changes at home can always affect the world at large, more often than not. Zoilo P. Dejaresco III, a former banker, is a financial consultant and media practitioner. He is a Life and Media member of the Financial Executives Institute of the Philippines (Finex). His views here are personal and do not necessarily reflect those of the Finex and the BusinessMirror. Email bingo8dejaresco@gmail.com

Show BusinessMirror

Wednesday, November 11, 2026 • Editor: Gerard S. Ramos

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

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Leonardo DiCaprio, 52; Calista Flockhart, 62; Demi Moore, 64; Marc Summers, 75. HAPPY BIRTHDAY: Take the high road. Channel any pent-up energy you harbor into something constructive this year. Hostility will get you nowhere, and temptation and excess will set you back. Concentrate on what’s meaningful, what‚Äôs insightful and what can carry you forward with dignity and grace. Take the initiative to live a healthy lifestyle. Pay attention to how you look and feel, and stick to the rules and regulations to avoid penalties. Your numbers are 5, 19, 22, 27, 30, 33, 41.

ARIES (March 21-April 19): A change regarding money management or how you earn your living looks promising. Following your heart, adding to your credentials or heading into a position that gives you the chance to pursue something that makes you feel good about yourself and what you achieve is apparent. Don’t be afraid to try something new or to make a move. ★★★★★

PETER SAFRAN (left) and James Gunn

More ways to save their favorite Housemates in ‘PBB Collab 3.0’ via Maya NEW house, new Housemates, and more reasons to save. Maya (www.maya.ph, www.mayabank.ph) returns as the official voting partner of Pinoy Big Brother (PBB) Collab 3.0, giving subscribers the power to save their favorite Housemates while unlocking exclusive rewards and banking perks along the way. This season brings a fresh twist to Bahay ni Kuya, with Housemates from the Kapamilya and Kapuso networks competing individually for the coveted Big Winner title. With new personalities, unexpected alliances, and exciting challenges ahead, fans can count on Maya to help them support their favorites every step of the way. Representing the Kapamilya side are Robbie Jaworski, Nathan Garcia, Cianne Dominguez, Gehlee Dangca, Shea Valerio, Calix Esguerra, Jeo Ong, and Primo Alterado. Joining them from the Kapuso side are Anthony Constantino, Bela Arcal, Ethan Benares, Lans Nagal, Mikee Quintos, Nicole Fortuna, Raheel Bhyria, and Winwyn Marquez. And with Maya back as the show’s Official Voting Partner, supporting your favorite Housemate is just a few taps away. New Maya account holders who sign up and upgrade their account can enjoy 100 percent cashback on their first PBB vote, up to P50. That’s more reason to show some love for your favorite Housemate, whether you’re cheering for a familiar celebrity, rooting for a promising newcomer, or supporting the season’s next breakout star. Voting is easy. Simply open the Maya app, tap the PBB icon, choose your favorite Housemate, and cast your vote. Being a dedicated PBB fan doesn’t mean putting your own savings goals on hold. New users can instantly unlock 15 percent interest p.a. when they deposit P1,000 from their Maya Wallet to Maya Savings in their first month. In the months that follow, they can continue earning up to 15 percent p.a. by completing qualifying everyday transactions. From paying bills and shopping online to making everyday purchases, Maya helps turn regular spending into opportunities to earn more on your savings. Catch Pinoy Big Brother Collab 3.0 on GMA Network Monday to Friday at 9:35 pm, Saturdays at 6:15 pm, and Sundays at 4:55 pm. Fans can also stream the show on Kapuso Stream, ABS-CBN Entertainment’s YouTube channel, and iWant.

In another shake-up at DC Studios, Gunn and Safran get booted out

TAURUS (April 20-May 20): Keep a low profile. Take care of your responsibilities, and leave nothing unfinished. Too much of anything will leave you in a vulnerable position. Keep your life simple, your plans doable and your secrets to yourself. It’s OK to sit on the sidelines when there is too much at risk. Trust your instincts, do your research and avoid loss. ★★★

EW YORK—Superman, Batman and the rest of the DC heroes are getting a new boss, yet again. Skydance Motion Picture Group announced on Monday that James Gunn and Peter Safran are stepping down as co-chief executives after four years leading DC Studios. Although their first film leading the superhero factory, Superman, reached theaters only last year, their DC run has come to an abrupt end. Gunn and Safran initially survived Skydance’s acquisition of Warner Bros. Discovery. The studio’s merger with Paramount Pictures was finalized just as DC’s Clayface was released. However, it turns out Gunn and Safran aren’t surviving the merger. Instead, Skydance chairman and chief executive David Ellison is turning to Jeremy Latcham, a veteran of Marvel Studios, to steer DC. “James and Peter launched a new era for DC Studios and led it through a period of real transformation, resetting the foundation and building a slate we’re incredibly proud of,” Ellison said in a statement. “We’re grateful for their passion, contributions and commitment to this legendary brand.” Latcham was a leading executive for Marvel, including the first wave of the Marvel Cinematic Universe with Iron Man

and The Avengers. He also worked with Gunn and Safran on their Guardians of the Galaxy. The changeover will take effect December 1. But a long pipeline of projects already in production ensures that Gunn and Safran’s fingerprints will be on DC Studios for a while to come. Gunn is currently in postproduction on the Superman follow-up, Man of Tomorrow. Other upcoming releases include the series The People v. Gorilla Grodd and The Batman Part II. But the decade’s worth of planning that Gunn and Safran instituted will no longer come to fruition. Their reign has been characterized by more idiosyncratic comic book adaptations and genre gambles, like Clayface, which fused superhero with horror. (It’s grossed $109 million so far.) Earlier this year, Supergirl flopped, a major setback in just their second release. Latcham takes on the roles of president and chief creative officer of DC Studios. He will report to Dana Goldberg and Josh Greenstein, co-chairs of Skydance Motion Picture Group. “Jeremy brings a deep reverence for DC and its passionate fanbase, recognizing that they are the very foundation of this storied, multigenerational brand,” Goldberg and Greenstein said. AP the big pieces she buys for herself but the smaller ones she’s purchase to give away as gifts to friends and family. But the thing is that the stage mother isn’t a jeweler. She’s just someone who sources the jewelry from others. If, for example, you wanted to sell your jewelry, you could ask her to sell it for you. So to give her the benefit of the doubt, she might also have been scammed by the people she sourced her jewelry from.

NOT TALENTED IN A RELATIONSHIP

MANY people are not aware that one of the stars of a reality show has dated two of the most famous stars of two networks. One is a star known for having a bad attitude when cameras aren’t trained on her. She is also part of a loveteam. According to the grapevine, they are still very much together. He also dated another actress. Theirs wasn’t a serious relationship but they liked each other a lot. The actress is now seeing another guy. The reality show star is a very nice and intelligent guy, according to those who have worked with him. He actually seems to be serious with his career that he joined a reality show to become more popular even though he always has steady acting jobs. We wonder if his relationship with his rumored girlfriend will survive his reality show stint.

FAKES

THE stage mother and the family of a Filipino who’s famous globally were once very close. The stage mother would supply the famous Filipino’s wife with jewelry. But if you notice, they are no longer seen together when, in the past, they were very close. The rumor is that the wife discovered that some of the jewelry pieces being sold to her were fake. They aren’t

THE former reality show star is, to put it kindly, not very talented. Yet, he gets good assignments and even endorsements. He cannot even lipsync properly. He can’t memorize his lines. Even his lovelife is under question because his girlfriend is hated on. But he’s still considered a fast-rising star. That’s because his home studio is determined to make him a big star despite his lack of talent. He isn’t even trying, according to sources. The reality show has been through acting workshops and he has not improved. But he still gets the best assignments unlike his more talented contemporaries. This is mostly because the general audience can’t get past his looks. How long can he can get by with just those looks?

NO TO CONTROVERSIAL ROLE

THE actress was offered a role in a controversial movie but she refused because the project is potentially exploitative of a situation that most of us don’t know the truth about. The project also involves people she really does not want to work with. The role offered to her is also a character she doesn’t want to play, not because she refuses to play mother roles. It’s more of like her values do not align with that of the true-tolife role she was offered. It’s actually weird that the role was even offered to her because it was obvious that she would refuse it mostly because of her values and beliefs.

GEMINI (May 21-June 20): Concentrate on gathering information, formulating a plan and being secretive regarding your intentions. Once you have every detail in place, carry on with confidence. A change is likely to have underlying implications that require your attention. Patience will be necessary when dealing with people who are asking for too much. ★★★

CANCER (June 21-July 22): Aim to simplify your life, not to make things more convoluted. Think twice before you bring up issues that are none of your business. Distance yourself from responsibilities that don’t belong to you, and focus on pastimes you enjoy. Try to ease stress. Protect yourself from situations that put your physical well-being at risk. Choose peace over chaos. ★★★

LEO (July 23-Aug. 22): Physical activity will help you blow off steam. Keep busy, avoid confrontations and look for positive ways to express your talents. Be careful how you handle domestic situations. Not everyone will want what you do. Avoid overspending on personal upgrades or buying someone’s attention. Focus on how you look and feel, and take charge of your emotional well-being. ★★★★★

VIRGO (Aug. 23-Sept. 22): Direct your energy into fact-finding and assembling a plan. The less time you spend dealing with drama, the easier it will be to use common sense and do what’s best for you. Using intelligence and paying attention to detail are your fortes. Cover every angle of situations you encounter, and act accordingly. ★★

LIBRA (Sept. 23-Oct. 22): Don’t hesitate to change direction. Learning something new will be rejuvenating and spark your interest in something you find fascinating. Rethink your space and how you can make it work for you, and consider something new you want to pursue. Associating with people who share your beliefs will lead to peace of mind and potential partnerships. ★★★★

SCORPIO (Oct. 23-Nov. 21): Put your plan in place, and follow instructions mindfully. Turn what you enjoy doing most into something fruitful. Don’t allow anger to consume you when a positive attitude and spreading joy are the paths to victory. ★★★ SAGITTARIUS (Nov. 22-Dec. 21): Sidestep things that don’t interest you. Time is precious, and making sure you can pursue what accommodates your desires will set you on the right path. Personal gains and growth are within reach, and with a positive attitude and charming disposition, you will draw the attention and people you need to turn your dream into a reality. ★★★

CAPRICORN (Dec. 22-Jan. 19): Live up to your promises, and pursue your goals. Maintaining a stellar reputation will depend on who you associate with and how factual you are. Leave nothing to the imagination, be direct and take care of every matter personally. If you protect your interests and show your capabilities, you will gain ground. Avoid crowds; protect yourself from injury or illness. ★★★ AQUARIUS (Jan. 20-Feb. 18): Judging will come back to haunt you. Keep your thoughts to yourself, listen and take notes, and concentrate on home and self-improvements rather than dealing with others. Look for opportunities to find happiness. Focus on finding inner peace and spending time with loved ones, and you’ll find peace of mind. Romance is on the rise. ★★★★

PISCES (Feb. 19-March 20): Be careful not to let your emotions infiltrate your professional or financial affairs. Rely on your intelligence, go through the proper channels and remain calm. When in doubt, refrain from making a move. Your best recourse is to go over your documents and financial or health records carefully and let intelligence and common sense lead the way. ★★ BIRTHDAY BABY: You are demonstrative, optimistic and challenging. You are charismatic and domineering.

‘tidy sum’ BY FAREN ROTH

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Didn’t buy a vowel, maybe 5 One may be washed down with Mexican Coke 9 PWHL disks 14 Very 15 Country east of Yemen 16 Feels sore 17 Bakery crescent 19 With 60-Across, total separation ... and a theme hint 20 They’re longer than shorts (Note the last 4 letters in this answer + ...) 21 Musician’s disadvantage (... the first 4 letters in this answer) 23 Linguistic suffix 24 Roughhouse 26 Result of a bases-loaded walk: Abbr. 29 ___ faire 30 The boy with the bread, in “The Hunger Games” 31 Pretenses 32 Miso, e.g. (Last 3 letters + ...) 34 Make mad (... first 4 letters) 36 Donkeys 39 Delicious

40 Seaport in Italia (Last 4 letters + ...) 42 Removes layers (... first 4 letters) 45 Like six but not seven 46 Arrive at, as a solution 48 GPS lines 51 Pint-size 52 Monarch butterfly’s main color 54 Smelted stuff 55 Tyrant (Last 4 letters + ...) 58 Piano teacher’s offering (... first 4 letters) 60 See 19-Across 62 Wicked 64 Foil fencer’s target 65 North Carolina university 66 Bound 67 Less foolish 68 Like hair with skunk stripes 69 Place next to tens DOWN 1 Sport with nutmegging 2 Sentence part 3 Grand Slam event held in America 4 Dark film genre 5 50-50 scenarios 6 Reddit Q&A

7 Is behind a tall person, say 8 Not betting rationally 9 Runner’s stat 10 OutWrite’s West Coast sch. 11 Shirley Temple toppers 12 Mauna ___ 13 Tax ID 18 Use a beanbag chair 22 Close 25 Ready to go 27 Very dry, as Champagne 28 Game played with one’s “little eye” 31 “Unfortunately ...” 32 Grunt worker 33 Its “Z” is drawn with the index finger: Abbr. 35 “___ be an honor” 36 From square one 37 Rare outcome of a penalty kick 38 Street racers, usually 41 Chain with French toast 42 Grand 43 Bae 44 Stonehenge’s country 47 De-wrinkled 48 “Didn’t you just get here?”

49 Improv squad 50 They might be heightened 53 Suffix with “puppet” 56 Relieve 57 Heath bar alternative 59 Farm tower 60 “just FYI ...” 61 Nice king? 63 Tom, to Jerry

Solution to today’s puzzle:

Image BusinessMirror

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

Editor: Gerard S. Ramos • Wednesday, November 11, 2026

PHOTO BY TIM JAMIESON ON UNSPLASH

DE LA Salle-College of Saint Benilde (DLS-CSB) Multimedia Arts students Mathea Pauleen Mansibang and Serinna Ysabelle Panilag

Next-gen Filipino artists recognized in Young Kidlat Student Competition A ONE-MINUTE animated clip by De La SalleCollege of Saint Benilde (DLS-CSB) Multimedia Arts juniors Serinna Ysabelle Panilag and Mathea Pauleen Mansibang, Bear’s Second Mission was recognized with a Gold Standard at the recently concluded Young Kidlat Student Competition 2026. Their winning piece follows the journey of Agent Teddy Bear, who, after completing his assignment, returns to the Philippine Toy Bank Headquarters to undergo the preparations necessary for his next mission. Inspired by classic spy movie scenes where the protagonist suits up, the main sequence pictures Agent Teddy Bear being cleaned, repaired, and restored in preparation for his next adventure. Organized by the Creative Guild of the 4As Philippines, a community of leaders from some of the top advertising agencies in the country, the contest provided participants with the opportunity to get a glimpse of and experience the professional industry. Based on a real-life brief, it challenged the entrants to conceptualize an idea where the client, the toy drive and donation initiative Philippine Toy Bank, is more visible, relatable, and engaging to the public while staying true to its mission. Following the standards of the organizers, Bear’s Second Mission “answered the brief flawlessly, stood out from all other entries, and required no further improvement in either concept or craft.” Both lovers of arts and crafts, the duo—who went by their artist name The Oatmeal Girls alongside two other friends—depicted the story in 2D elements reminiscent of simple, cut-out paper crafts. “We put all our heart into the project since the brief perfectly fit our creative styles,” Panilag explained. The pair, who confessed some self-doubt and anxieties as graduation nears, expressed acing the competition was a comforting pat on the back that they were indeed on the right path. “This award is a giant glowing neon sign from the universe practically screaming to let me know that I am where I’m meant to be, and that it was right for me to continue pursuing this course,” Mansibang, who initially dreamt of pursuing Fine Arts, shared. The awarding ceremony was held during the Unprompted_Kidlat Creative Festival 2026 at The Grand Atrium of the PNB Financial Center in Pasay City. Panilag and Mansibang received a Gold Trophy, one iPad each, and a total of P30,000 in cash prize. Their winning entry was featured via video playback onstage and will soon be available on the social media pages of the Philippine Toy Bank.

Shorter days and dark afternoons can trigger depression. Here’s how to fight back

By Carla K. Johnson The Associated Press

S winter approaches and daylight hours grow shorter, people prone to seasonal depression can feel it in their bodies and brains. The millions of people estimated to have seasonal affective disorder, or SAD, typically have episodes of depression that begin in the fall and ease in the spring or summer. One trigger for SAD is when clocks revert to standard time, which happened Sunday across much of the US, bringing darker afternoons. A milder form, subsyndromal SAD, is recognized by medical experts, and there’s also a summer variety of seasonal depression, though less is known about it. In 1984, a team led by Dr. Norman Rosenthal, then a researcher at the National Institutes of Health (NIH), first described SAD and coined the term. “I believe that because it is easy to remember, the acronym has stuck,” he said.

SCIENTISTS ARE TRYING TO UNDERSTAND WHAT CAUSES SAD

NO single cause for seasonal affective disorder has been identified. The disorder affects many more women than men, according to the NIH. Symptoms can be similar to depression, and can include

persistent feelings of hopelessness or pessimism and difficulty concentrating, remembering, or making decisions. In one effort to better understand what’s going on, scientists are learning how specialized cells in our eyes turn the blue wavelength part of the light spectrum into neural signals affecting mood and alertness. Sunlight is loaded with the blue light, so when the cells absorb it, our brains’ alertness centers are activated and we feel more wakeful and possibly even happier. Researcher Kathryn Roecklein at the University of Pittsburgh tested people with and without SAD to see how their eyes reacted to blue light. As a group, people with SAD were less sensitive to blue light than others, especially during winter months. That suggests one possible cause for wintertime depression.

WHEN DAYS GET SHORTER, POWERFUL LIGHT CAN HELP

MANY people with SAD respond to light therapy, said Dr. Paul Desan of Yale University’s Winter Depression Research Clinic. The therapy can involve exposure to bright light for about a half hour in the morning, powered by devices that emit light about 20 times brighter than regular indoor light. Research supports using a light that’s about 10,000

lux, a measure of brightness. You need to use it for 30 minutes every morning, according to the research. Desan said this can help not only people with SAD but also those with less-severe winter blahs. Special lights run from $50 to more than $400. Some products marketed for SAD are too dim to do much good, Desan said. Yale has tested products and offers a list of recommendations, and the nonprofit Center for Environmental Therapeutics has a consumer guide to selecting a light. If your doctor diagnosed you with SAD, check with your insurance company to see if the cost of a light might be covered.

TALK THERAPY AND MEDICATION CAN ALSO HELP SOME WITH SAD

ANTIDEPRESSANT medications are a first-line treatment for SAD, along with light therapy. Doctors also recommend keeping a regular sleep schedule and walking outside, even on cloudy days. Light therapy’s benefits can fade when people stop using it. One type of talk therapy—cognitive behavioral therapy, or CBT—has been shown in studies to have more durable effects, University of Vermont researcher Kelly Rohan said. CBT involves working with a therapist to identify and modify unhelpful thoughts.

Bell’s palsy is more common than you think. Don’t ignore the signs ANGELINA JOLIE and George Clooney had something in common besides fame: Bell’s palsy. Even broadcast journalist Bernadette Sembrano, actresses Ai-Ai delas Alas and Angelu de Leon dealt with it. However, while their stories put the condition under the spotlight, many still know little about it. According to the country’s top hospital, Makati Medical Center (MakatiMed, www.makatimed.net.ph), Bell’s palsy is the most common cause of acute, one-sided facial paralysis. It is the result of an inflamed facial nerve, which weakens a portion of the face. “Bell’s palsy often comes without warning” explains Donnabelle M. Chu, MD, FPNA, a neurologist. “All of a sudden, a person can wake up unable to smile properly or close one eye.” According to the MakatiMed doctor, Bell’s palsy affects the seventh cranial nerve, which is the facial nerve that is responsible for controlling motor control, sensory input, and saliva production.

When this nerve becomes inflamed, it interrupts the signals between the brain and the facial muscles. Within the first 48 to 72 hours, individuals may experience facial drooping, difficulty blinking, headaches,

change in taste, and increased sensitivity to sound. Other symptoms include dry eyes or excessive production of tears on the affected side of the face. While there is no definite cause, Bell’s palsy is believed to be triggered by

dormant viruses that hide inside your body until it “wakes up” and often causes infections. Stress, lack of sleep, and a weak immune system are also said to contribute to the condition. “The condition can affect anyone, but certain individuals are more vulnerable to it,” says Chu. “Pregnant women, especially those in their third trimester or those who have recently given birth, as well people who are diabetic, have high blood pressure, diagnosed as obese, or have a family history of Bell’s palsy have higher susceptibility.” Since the symptoms are similar to those of a stroke, it is important to understand the difference. “A stroke, compared to Bell’s palsy, affects not just the person’s face,” the MakatiMed doctor points out. “Individuals experiencing a stroke may experience numbness in one arm or leg, slurred speech, or vision problems. Still, medical evaluation is crucial to properly identify which condition the person is

suffering from.” A physical examination, imaging tests or nerve studies are needed to diagnose Bell’s palsy and rule out stroke as well as other conditions. Fortunately, the condition is usually temporary and begins recovery within three weeks to six months. “Corticosteroids, used to reduce inflammation and suppress overactive immune system responses, are most effective when taken within the first 48 to 72 hours after symptoms,” says Chu. Recommended recovery practices that can be done include gentle facial exercises, eating slowly, maintaining oral hygiene, lubricating eye ointments, and protective eye patches. “The stories of these public figures tell us that Bell’s palsy can affect anyone. However, it is important not to panic, but not ignore the symptoms either,” reminds Chu. “Early consultation will help rule out stroke and provide immediate care for the best chance at complete recovery.”

Wednesday, November 11, 2026

EastWest Ageas supports Aeta community in Tarlac through employee-led outreach

DBP grants P5.39M budget E for Tarlac reforestation drive

tate-owned Development Bank of the Philippines (DBP) 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 and mitigate the risk of flooding in the area, a top official said. DBP President and Chief Executive Officer Michael O. de Jesus said the Bank’s assistance under its DBP Forest Program (DFP) 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. “This collaboration with the Tarlac Provincial Government is a manifestation of the tangible efforts of the Bank to promote initiatives that will protect the environment, prevent soil erosion, conserve water, and provide habitat to wildlife while generating income opportunities for our countrymen,” de Jesus said.

Shown in photo during the signing of the Memorandum of Agreement between DBP and the Tarlac Provincial Local Government Unit are DBP President and Chief Executive Officer Michael O. de Jesus and Tarlac Province Governor Christian Tell A. Yap (fourth and fifth from right, respectively). Also present in the photo are (from right): Executive Vice President Daniel M. Gonzales, Executive Vice President Romeo B. Carandang, Executive Vice President Soraya F. Adiong, and Acting Provincial Environment and Natural Resources Officer of Tarlac Merlyn Molina. DBP is the tenth largest bank in the country, providing credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development. Tarlac is a first-class landlocked province in Central Luzon with a population of more than 1.5 million people while the town of San Jose is the largest municipality in the province in terms of land area. De Jesus said the DFP is a flagship CSR program established in 2005 designed to protect the country’s critical forest areas, watersheds, and coastal areas, and provide income-generating opportunities for its host communities. As of end-September 2026, DBP has released P124.98 million covering 57 projects, with 6.74 million seedlings planted in 6,545 hectares in various provinces nationwide. He said this project would involve

planting native and fruit-bearing trees, such as Narra, Palosapis, Benguet Pine, Lauan, Tamarind and Duhat. “This initiative would not only help create a more resilient ecosystem that reduces flood risks in the province but also open up livelihood opportunities for around 100 upland residents of San Jose by providing agricultural resources to support their production, cultivation, and establishment of small-scale plant nurseries,” de Jesus said. He said that DBP eyes to build more meaningful collaborations with likeminded institutions and organizations to preserve our country’s rich biodiversity, in support of the Marcos administration’s goal of mitigating the ill-effects of climate change. “The Bank shall continue to uphold and strengthen programs for the environment for the sake of present and future generations of Filipinos,” de Jesus said.

ING Hubs Philippines launches Orange Future Program to strengthen public school literacy

Orange Future opening day with Principal Rhodona Tugna (center) and ING Hubs Philippines officers launch Orange Future at Dr. Artemio E. Natividad Elementary School (DANES) in Taguig City.

NG Hubs Philippines launched Orange Future this October, an employee-led program providing reading support for students and digital-skills training for teachers at long-term partner Dr. Artemio E. Natividad Elementary School (DANES) in Taguig City. Employees helped shape the program around the school’s needs and will deliver tutoring and practical training throughout the school year, building on the company’s Orange Learning Hubs initiative and its approach to supporting public schools. Orange Future is planned to expand to F. Benitez Elementary School in Makati in 2027. Around 200 employees expressed interest in becoming volunteer tutors, and 44 completed training to prepare them to work with schoolchildren. Some volunteers travel from Laguna and Cavite for Saturday sessions at Dr. Artemio E. Natividad Elementary School (DANES), while others make time around their workdays in Makati and Bonifacio Global City. For Ramon “Yong” Sarza, who leads ING Hubs Philippines’ COO Academy, the response reflects the sense of purpose employees can find in bringing their skills and interests beyond their day-to-day roles. “Management opens the doors for you,” Sarza says. “But it’s your own passion that makes it happen, and makes it meaningful.” That passion translates into practical support for both teachers and students. Employee volunteers will train 53 teachers in tools such as Excel grading sheets, PowerPoint presentations, and Office applications for lesson planning, alongside sessions on inclusive education and teacher wellbeing. The goal is to give educators practical skills they can continue applying in their classrooms. For students, volunteers are providing reading tutorials for students who need additional support at their grade level, with sessions continuing throughout the school year until 2027. The program starts with reading, a foundational skill that supports learning across subjects,

with Math and Filipino envisioned as the next areas of support. For Atty. Grace Torralba, Head of Legal at ING Hubs Philippines, creating meaningful opportunities to volunteer starts with giving employees the space to bring more of themselves into the workplace. “We encourage people to bring their whole selves to work,” Torralba says. “When they can do that, they’re better able to nurture themselves, and to nurture others.” That willingness to contribute extends across ING Hubs Philippines, with registration for volunteer activities often filling up within 10 to 15 minutes. Orange Future brings together employees with experience in community work, training, and education. They helped identify the school’s needs, design the program based on DepEd’s Academic Recovery and Accessible Learning (ARAL) Program, and donate English and Filipino books focused on values. Beyond Orange Future, employee-run communities give employees avenues to pursue interests ranging from sports to social causes, while employees can also propose initiatives of their own that align with the company’s strategy. ING Hubs Philippines further supports volunteerism by providing dedicated volunteerism leave, giving employees time to take part in causes and community activities that matter to them. “Iba pa rin ‘yung stakeholder na nagtatagal (A partner who stays is different),” says principal Rhodona Tugna. “They keep checking on our progress, so we hold ourselves accountable, too. Then they ask what else we need.” DANES, a public elementary school of more than 1,400 students from kindergarten to Grade 6, has counted ING Hubs Philippines as a partner for three years. During that time, the company built two handwashing facilities with help from its employees, set up an Orange Corner reading space, and kept returning to see whether the children were using what they built. Tugna’s word for the volunteers is “dedicated.” For Atty. Grace Torralba, the work at DANES shows what sustained support for one school can make possible and how the lessons learned can help shape ING Hubs Philippines’ work with other school communities. Rather than looking at individual activities in isolation, the focus is on building support that responds to what schools need and creates value over time. She has watched the organization’s community work grow from CSR into a broader ESG program, with education forming part of its wider focus on social impact and its contribution toward the UN Sustainable Development Goal on quality education. For Torralba, that impact is ultimately measured over the long term: more children using the school library, more students developing reading as a habit, and, over time, young people becoming more critical thinkers. What begins with one school and seemingly small steps, she believes, can contribute to something larger. For those looking to grow their careers while staying connected to what matters to them, there are opportunities to be part of that journey. Follow ING Hubs Philippines on LinkedIn or visit inghubsphilippines.com to explore available roles.

More than a livelihood: Creating new possibilities for young single mothers

ARIA stood before an unfamiliar task and wondered: What if I cannot do this? She tried anyway. First came milk tea, then iced coffee, laundry and housekeeping. With every new skill, she began to see more possibilities: returning to school, working abroad, or perhaps starting a business of her own. For Jen, the goal is to find stable work in the hospitality industry so she can provide for her children, including one who needs additional developmental support. With little work experience, she needed more than ambition. She needed a place to begin. Their experiences reflect a challenge faced by many young mothers: the distance between what they hope to achieve for their families and the opportunities available to help them get there. For young single mothers like Maria and Jen, being panatag means having the skills, resources and opportunities to provide for their children, navigate life’s uncertainties and work toward a more secure future. This is at the heart of Allianz PNB Life’s Panatag promise: to be a partner to Filipino families in protecting what matters today while helping them prepare for whatever life brings. Together with Bahay Tuluyan, Allianz PNB Life is bringing

this commitment to life through MoveNow: Empowering Young Single Moms, Shaping Futures, a two-year initiative supporting 30 single mothers aged 15 to 22. Participants will receive vocational and financial literacy training, followed by three months of onthe-job experience in food and beverage services, front desk operations and housekeeping. The initiative builds on MaPanatag, Allianz PNB Life’s socially inclusive proposition for single mothers, by extending support beyond protection to practical skills and livelihood opportunities. “This is not simply about helping young single mothers find a job. It is about equipping them with the knowledge and skills to become gainfully employed, make informed financial decisions, and build a more sustainable future for themselves and their children,” said Zanne Magararu, Chief Marketing Officer of Allianz PNB Life. “Young mothers do not lack potential; too often, they lack access to the support and opportunities that allow that potential to grow. We want participants to build practical skills, make informed choices, and open up more possibilities for what comes next,” said Catherine Scerri, Executive Director of Bahay Tuluyan. Recognizing that employment is only part of building a more secure life, participants will also receive assistance with

government identification, bank accounts, meals, transportation, childcare and accommodation, alongside job-application coaching, mock interviews and workplace-readiness sessions. Livelihood preparation is complemented by case management from a registered social worker, familyplanning and reproductive-health services, safety referrals and parenting workshops. Together, these interventions are designed to help young mothers build greater stability for themselves and their children. There is no single path toward a more secure future. For some, progress may begin with completing training or opening a bank account. For others, it could mean applying for a first job, earning a steady income or simply having more choices about what comes next. Each step brings to life what Panatag can mean for families: being better prepared for uncertainty, having more options when circumstances change, and being able to keep moving forward for the people who matter most. For Allianz PNB Life and Bahay Tuluyan, the goal is to help young single mothers like Maria and Jen turn possibility into progress, one practical step at a time. Whatever life brings, Panatag ka sa Allianz. Your partner in protecting your family and your future.

ASTWEST Ageas employees completed more than 12 million steps through the company’s PURPLE Walk Challenge, turning a workplace fitness initiative into community support for over 70 Aeta families in Sitio Tarukan, Tarlac. The initiative culminated in a community outreach activity that provided more than 100 Aeta children with school supplies, footwear, hygiene essentials, and nutrition supplements, alongside solar lights to help address the community’s needs. This activity encouraged employees to stay active while supporting a community cause. With a collective 12 million steps, the challenge encouraged employees to contribute to a shared goal. As part of the initiative, EastWest Ageas pledged P1 for every 200 steps recorded, with the proceeds going toward supporting the Aeta community of Sitio Tarukan. In partnership with GoBetter Sports, a local sports events management agency, more than 30 EastWest Ageas employees participated in the outreach mission to Sitio Tarukan. The group was led by Sjoerd Smeets, President and CEO, and Greg Martin, Chief Distribution and Marketing Officer. Through the initiative, EastWest Ageas aims to support the community’s access to essential resources,

particularly those that can help children pursue their education and work toward a better future. The activity also reflects the company’s commitment to putting its PURPLE philosophy of Purpose and People into action through initiatives that support Filipino communities. “Our company’s philosophy of ‘Purpose’ and ‘People’ has been brought to life today,” said Sjoerd Smeets, President and CEO of EastWest Ageas. “We are humbled and grateful to have the chance to uplift the people of Sitio Tarukan. Education is especially important for these children, as it can open doors to a brighter future and give them more opportunities to contribute to their community.”

The Medical City marks 59 Years with PHL’s #1 rankings in Cardiology, Oncology, and Global Smart Hospital Recognition

Three distinctions from Newsweek and Statista mark a new milestone as TMC begins its Road to 60.

HE Medical City (TMC) celebrates its 59th anniversary with three distinctions from Newsweek and Statista: No. 1 among Philippine hospitals in Cardiology in the Best Specialized Hospitals Asia Pacific 2026, No. 1 among Philippine hospitals in Oncology in the World’s Best Specialized Hospitals 2027, and recognition as the only Philippine hospital included in the World’s Best Smart Hospitals 2027 ranking. For patients and families, the distinctions highlight the availability of internationally recognized expertise close to home. For TMC, they reinforce a continuing responsibility to strengthen clinical care, advance the thoughtful use of technology, and support patients through every stage of their health journey. “These recognitions are meaningful because of the people behind them, our patients who place their trust in us, and our teams who work every day to earn that trust,” said Dr. Ruben G. Kasala, EVP and CEO of The Medical City Ortigas. “As we take the road to 60, we remain focused on what these achievements should mean for our patients: access to specialized expertise, care that responds to their needs, and a partner they can count on,” Dr. Kasala shared. The Cardiology and Oncology distinctions recognize TMC Ortigas’ standing in two major fields of specialized medicine. Its inclusion in the World’s Best Smart Hospitals ranking adds recognition for healthcare technology, underscoring the importance of combining clinical expertise with innovation. These achievements form part of a journey that began in 1967 with ABM Sison Hospital. Over nearly six decades, TMC has grown into a healthcare enterprise serving communities through its hospitals and outpatient clinics, guided by the philosophy, “Where Patients Are Partners.” As The Medical City approaches its 60th anniversary, Dr. Stuart Bennett, its President and Group CEO, emphasized that the milestone is not a time to slow down, but an opportunity to build on six decades of providing high-quality healthcare and accelerate the institution’s growth. “Turning 60 may signal retirement for some, but certainly not for The Medical City. For us, it represents six decades of providing high-quality care to our patients. We are not retiring, nor are we slowing down. If anything, we are accelerating toward an even greater future, and every TMCitizen has an important role to play

in that journey,” said Dr. Bennett. “By connecting our hospitals and clinics under one integrated network, we aim to bring specialized expertise and quality care closer to more communities,” Dr. Bennett added. Jose Xavier B. Gonzales, TMC’s Chairman of the Board, reflects on the institution’s history and its commitment to the community: “[From being] a general hospital, it stayed true to its word of trying to deliver the best to the local community around Ortigas, which was developing at that time.” Now on its Road to 60, Gonzales shared that the journey toward the institution’s 60th anniversary calls for greater unity across the enterprise and a shared commitment to patient-centered care. “To achieve this, we must come together as OneTMC, united by the same culture and commitment to patient affinity, empathy, compassion, and care. As we approach another milestone year, I hope every TMCitizen will embrace this mindset and carry it forward in everything we do,” said Mr. Gonzales. As part of its 59th anniversary celebration, TMC organized free health screenings and community outreach activities for its patients and partner communities. On October 23, TMC held its Health360 Free Health Screening at The Medical City Ortigas, offering patients a range of preventive health services, including blood sugar testing, heart and breast screenings, eye and ENT assessments, nutrition and weight management consultations, and other health assessments. The activity aimed to encourage early detection and help individuals take a more proactive role in managing their health. The following day, October 24, TMC brought its anniversary celebration to the community through a medical mission for senior citizens at the Doña Juana Covered Court in Brgy. Rosario, Pasig City, in partnership with the City Government of Pasig and the Sinag ng Rosario. The initiative provided free health screenings and educational sessions focused on diabetes awareness and prevention, fall risk awareness, and healthy aging. Together, the two activities reflect TMC’s belief that quality healthcare extends beyond hospital walls. By bringing preventive services and health education closer to the community, TMC continues to promote early intervention, informed health decisions, and healthier lives at every stage. As part of its anniversary celebration, TMC will present a five-chapter exhibit tracing the enterprise’s beginnings, expanding reach, advances in treatment, commitment to quality, and aspirations for the future. The exhibit connects institutional milestones with their meaning for patients and communities: care closer to home, new treatment options, and support through changing health needs. The celebration also invites patients, families, healthcare professionals, and employees to share their own TMC stories. Their experiences bring the institution’s history to life and give its next chapter meaning. To share your TMC story, visit tmcph.co/ ShareYourTMCStory.

BusinessMirror

Editor: Tet Andolong

Wednesday, November 11, 2026 B7

KPI ENTERS CONSTRUCTION EQUIPMENT BUSINESS, EYES INFRASTRUCTURE GROWTH

By Rizal Raoul S. Reyes

@brownindio

UBOTA Philippines Inc. (KPI), a subsidiary of manufacturing titan Kubota Corp., is entering the country’s construction equipment market, banking on growing demand for infrastructure development, and urbanization. Yoshito Kato, president of KPI, said the company’s decision to venture into construction machinery reflects the changing needs of Philippine communities as economic activities expand and infrastructure requirements become increasingly diverse. “This does not mean that we are moving away from agriculture. Agriculture will remain the foundation of Kubota Philippines,” Kato said during the official launch of the company’s construction machinery business in the Philippines. While agricultural machinery will continue to support food production and farmers’ livelihoods, he said construction equipment will allow the company to participate in infrastructure development, improve living environments and contribute to sustainable economic growth. Kato pointed out that Metro Manila continues to expand, while cities and provinces outside the National Capital Region are also experiencing economic development. These changes are generating greater demand for roads, drainage systems, public utilities, connectivity and other infrastructure needed to support growing communities. “As the needs of society change, Kubota Philippines must find new

ways to respond and create meaningful value. This is why Kubota Philippines is entering into the construction equipment business,” he said. He added that the company intends to build on its longstanding relationships with Filipino farmers, dealers and business partners as it enters a new market. Katsuhiko Yukawa, senior managing executive officer and general manager of the Construction Machinery Division of Kubota Corp., said the Philippines represents an important market for the company’s global construction machinery business. Yukawa said Kubota sold approximately 90,000 units of construction machinery worldwide in 2025, with North America and Oceania accounting for its largest share of sales, followed by Europe. Furthermore, Yukawa sees significant room for expansion as governments and communities invest in infrastructure and urban development. "With the growth potential in Asia, demand for construction machinery is expected to increase as governments and communities continue to invest in infrastructure and urban development," he said. He noted that Kubota has established a strong position in the

KUBOTA Philippines and its business partners perform the Kagami Biraki (“opening the mirror”) which breaks open the wooden lid of a large sake barrel using wooden mallets. Breaking the lid symbolizes harmony, fortune, and opening the door to good luck.

mini excavator segment, where it has maintained the world’s leading market share since 2002. KPI launched the U30-6S and U55-6S mini excavators in response to the growing demand for compact, efficient, and reliable machinery for infrastructure, urban construction, and community development projects. Available in three conditions, the models feature efficient hydraulic systems for smooth operations, Auto Idle technology to help reduce fuel consumption, and Roll-Over Protective Structure (ROPS) ahd Falling Object Protective Structure (FOPS) to sure operator safety. Under KPI’s vision, Kubota is developing solutions in three areas: enhancing food productivity and safety, promoting the sustainability of water resources and waste management, and improving urban living environments. Yukawa said the construction

FROM left: Fritz Carlo Arota, vice president for sales and marketing of KPI and KPI President Yoshito Kato

machinery business will play an important role in the third area through compact equipment and related services that support infrastructure development and better living conditions.

He cited aging infrastructure in developed countries and the increasing impact of natural disasters and extreme weather in other regions as challenges requiring more innovative solutions.

Kubota’s initial product offering in the Philippines centers on mini excavators, which are designed to perform excavation and other construction activities in areas where larger machinery may be difficult to deploy. Yukawa said the company sees potential applications in the Philippines in the installation of rainwater and sewer pipelines, construction of house foundations, residential development and projects supporting larger infrastructure undertakings. Shinsu ke K amada, genera l manager of the Sales and Marketing Department of Kubota Corp.'s Construction Machinery Division, said the company's machines are designed to provide compactness, power, versatility and productivity. He added that smaller civil engineering projects are expected to increasingly shift from manual labor to mechanized operations, creating opportunities for compact excavators. He urged dealers to maintain close relationships with customers, understand their operational challenges and provide feedback that would help Kubota improve its products and services. Fritz Carlo Arota, vice president for sales and marketing of KPI, said the company's history in the country dates back to the mid-1960s. It currently serves the agricultural machinery market through 112 dealer locations nationwide. He emphasized that Kubota Philippines intends to bring the same customer-oriented approach it developed in agriculture to its new business. “We know that a machine has to earn its keep,” Arota said, explaining that customers must be able to operate and maintain their investments properly to maximize productivity and returns.

Metro Manila office market: Headwinds and tailwinds Century Properties’ Phirst adds two new

HE Metro Manila office market enters the final stretch of 2026 facing a delicate balance between persistent headwinds and emerging tailwinds. Leasing activity remains subdued, but there are pockets of resilience that could provide the foundation for a more sustained recovery. From slower absorption to subdued launches and completion, Colliers Philippines is seeing shifts in the Metro Manila office market post-covid and at the middle of the Middle East conflict. But new demand drivers are emerging, from the rise of flexible workspace to potential demand from government agencies looking for newer office towers being offered at discounted leases, we believe that he existing dynamics present both opportunities and challenges for office landlords and tenants.

Understanding the headwinds

THE immediate challenge is weaker office demand. Metro Manila recorded about 500,000 square meters of office transactions in the first nine months of 2026, down 26 percent from 673,000 square meters a year earlier. Net take-up reached only 125,000 square meters as of the third quarter, prompting a reduction in the full-year forecast to 165,000 square meters from the initial 300,000 square meters. Overall vacancy remained elevated at 19.5 percent. A major headwind is uncertainty. Domestic political issues, including unresolved political and corruption concerns, may affect business confidence and corporate expansion decisions. Externally, geopolitical uncertainty, particularly around the US-Iran conflict, adds another layer of caution

for multinational firms. Peso depreciation is another risk, especially for companies exposed to imported equipment, technology and other dollar-denominated costs. Inflation and financing costs also remain important considerations. High borrowing costs can discourage traditional capital expenditure, particularly for companies facing uncertain growth prospects. However, this same pressure is creating one of the market's strongest tailwinds: flexible workspace. Flexible workspace transactions rose 48 percent year on year in the first nine months of 2026. Occupiers are increasingly attracted to lower upfront costs, all-in pricing and the ability to scale space without committing substantial capital.

Highlighting the tailwinds

ANOTHER potential tailwind is the continued expansion of global capability centers or GCCs. New entrants and expansions can generate substantial office requirements, although the pace must accelerate to materially reduce vacancies. Talent availability will be crucial, particularly as companies

increasingly look for workers with higher-value digital, financial, analytics and technology skills. The Philippines’ prospective transition toward upper-middle-income status could also strengthen its attractiveness as a destination for higher-value business functions. Supply conditions provide another important counterweight. Developers have deferred projects amid slower leasing, bringing expected 2026 completions down to about 247,000 square meters from an earlier estimate of 505,000 square meters. This supply discipline should prevent vacancy from deteriorating more sharply and allow existing stock more time to be absorbed. Ultimately, Metro Manila's office recovery will likely be gradual rather than dramatic. Traditional demand remains vulnerable to economic, political and geopolitical uncertainty, while high vacancies continue to favor tenants in lease negotiations. Yet flexible workspace growth, GCC expansion and restrained new construction offer credible tailwinds for the office segment of Philippine property.

communities in Laguna and Batangas

Brings More Communities Closer to the Region’s Industrial Zones

ENTURY Properties Group Inc. (CPGI), through its firsthome brand PHirst, has secured the licenses to sell for two new house-and-lot communities in the industry-heavy region of Luzon that is Calabarzon: PHirst Sights Calauan West in Calauan, Laguna, and PHirst Sights Batangas in Lipa. The two projects follow the launch of PHirst Sights Tayabas in Quezon earlier this year, bringing PHirst’s new launches in the region to three in 2026. They are part of CPGI’s progressive shift toward horizontal developments outside Metro Manila, where the company is building closer to the jobs and infrastructure that drive housing demand. Located in Brgy. Masit, Calauan, Laguna, PHirst Sights Calauan West covers six hectares and will have 682 homes, with estimated sales of P981.1 million. The community lies in Laguna’s southern suburban belt, around 30 to 40 minutes from the Calamba–Sto. Tomas manufacturing cluster, which includes Carmelray Industrial Parks I and II in Canlubang, Calamba Premiere International Park, and Light Industry & Science Park II. PHirst Sights Batangas, meanwhile, with 2,583 homes, sits on an expansive 30 hectares spanning Barangays Tangob, Padre Garcia and San Francisco, Lipa. The project has an estimated

sales value of P 5.37 billion. The site is 30 to 45 minutes from Light Industry & Science Park III and First Philippine Industrial Park in Sto. Tomas. Batangas is part of the Luzon Economic Corridor, where industry and port activity have grown steadily. Calabarzon is the only region in the country whose economy is mainly industrial. Its economy grew 5.6 percent in 2024 to P3.27 trillion, accounting for 14.7 percent of national output, according to the Philippine Statistics Authority. Laguna, Cavite and Batangas also posted the three largest shares of the country’s industry output. “We are opening our doors to the Laguna and Batangas workforce who want to own a home closer to their jobs,” said Marco Antonio, President and Chief Executive Officer of CPGI. “Having three communities in one region lets us serve them better and build more efficiently. That is how we intend to grow the horizontal business.” The launches are PHirst’s first since the Securities and Exchange Commission approved its merger into CPGI in September, which placed the first-home business directly under the listed parent. PHirst plans two more launches before the end of the year, in Central Luzon and the Davao Region, subject to regulatory approvals.

Wednesday, November 11, 2026

www.businessmirror.com.ph

‘Hundreds of Pinoys may still be trapped in Myanmar scam hubs’

By Ashley J. Manabat

UNDREDS of Filipinos may remain trapped inside clandestine scam compounds across Myanmar, despite official assertions that these unlawful operations have been fully dismantled, Winston Casio, the former spokesperson for the Presidential AntiOrganized Crime Commission (Paocc), said. Addressing the ongoing crisis, Casio urged President Marcos to establish a specialized, dedicated task force centered entirely on offshore gaming operations and overseas illicit scam hubs. Such an initiative, he argued, would effectively streamline and coordinate efforts to locate, extract, and repatriate Filipino nationals who continue to be held captive within these fortified compounds. In addition, Casio asked the government to bring this urgent transnational issue to the forefront of

discussions at the 49th Association of Southeast Asian Nations (Asean) Summit on November 15 to 17 at the Philippine International Convention Center located in Pasay City. “This is an Asean problem,” Casio stressed regarding the regional scale of human trafficking and cyber scam operations. Elaborating on ongoing distress repor ts, Casio revea led that 11 Filipinos had reached out directly to him for help through encrypted messaging applications Telegram and WhatsApp. Among them, seven individuals

reported suffering physical abuse and severe beatings after making failed attempts to escape. According to Casio, these victims are currently being held for ransom, with their captors demanding substantial monetary payments in exchange for their freedom. He also pointed to intelligence and reports suggesting that nearly 100 Filipinos could be locked inside a single compound, though this specific figure remains unverified independently. In addition, Casio noted that 34 Filipinos have been formally verified as enduring forced criminality situations, although he did not explicitly identify which specific agency or organization carried out the verification process. Drawing from broader intelligence estimates provided by civil society contacts operating in Myanmar and Thailand, Casio suggested that an estimated 900 to 1,500 Filipinos might still be ensnared in foreign scam hubs. He clarified, however, that this wide range represents an estimate relayed through his contacts and has not yet been independently established by official institutions. Highlighting the human cost of the crisis, Casio shared a video of a distressed woman making a

public plea for assistance to find her brother, who is believed to be languishing inside a Myanmar scam compound. Casio noted that the man’s family has been tirelessly searching for him for an entire year. Beyond the immediate plight of those held captive, Casio raised alarm bells regarding a troubling sociological trend involving young Filipinos being drawn into online fraud. “We are seeing a segment of Gen Zs and millennials whose only skill is scamming,” he stated, pointing to a shift in workforce capabilities toward illicit digital enterprises. Recounting a recent discussion with a contact from the Department of Migrant Workers (DMW), Casio shared that author ities have increasingly encountered young Filipinos who began participating in online scamming networks as early as their senior high school years. Despite the immense challenges surrounding transnational rescue operations, Casio affirmed his continued commitment to assisting in the coordination of efforts to track down and rescue Filipino citizens who remain trapped inside these overseas compounds.

CBAs increase by 2.42%, but cover fewer workers By Mary Jade Jadormio

H E n u m b e r o f ex i s t i n g collective bargaining agreements (CBAs) in the country increased by 2.42 percent year on year in the third quarter of 2026, but the number of workers covered fell by 6.83 percent, data from the Department of Labor and Employment’s Bureau of Labor Relations (Dole-BLR) showed. The bureau recorded 1,356 existing CBAs covering 311,868 workers, up from 1,324 agreements covering 334,750 workers in the third quarter of 2025. Meanwhile, existing CBAs also saw an increase from the second quarter of 2026 at 1,306, while covered workers rose from 304,459. The manufacturing industry was reported to have the most number of unions with 9,807 and most number of CBAs with 722 existing agreements. Registered labor organizations nationwide reached 168,213 in the third quarter, up 7.1 percent from 157,058 last year. Their combined reported membership climbed to 7.31 million from 6.76 million. Workers’ associations remained the largest group, with 147,121 organizations and 4.81 million members, compared with 136,153 organizations and 4.36 million members in the third quarter of 2025. Private-sector labor organizations increased to 18,942 from 18,821, while their reported membership rose to 1.73 million from 1.71 million. Enterprise-based unions accounted for most private-sector organizations, alongside federations, trade union centers and industry unions. Public-sector employees’ organizations also grew to 2,150 from 2,084, with membership increasing to 771,131 from 691,274. Local governments accounted for the largest number of publicsector organizations, followed by national government agencies, state universities and colleges, and government-owned and controlled corporations.

Tribe seeks NCIP mining probe By Jonathan L. Mayuga @jonlmayuga

EMBERS of the Balatoc Indigenous Cultural Community (ICC) have asked the National Commission on Indigenous Peoples–Cordillera Administrative Region (NCIP-CAR) to investigate a mining company for its alleged failure to fulfill its commitment to its host community. Specifically, they are referring to Makilala Mining Company Inc.’s (MMCI) commitments under an agreement governing the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project wherein the mining company was supposed to employ and provide livelihood opportunities, infrastructure development, health and wellness programs, royalties, financial benefits and other social development programs. In a demand letter dated September 21, 2026, and received by NCIP-CAR on November 5, a copy of which was obtained by the BusinessMirror, the community representatives sought the immediate creation of a Monitoring Team to validate the company’s compliance with its obligations under the Memorandum of Agreement. They stressed that a Memorandum of Agreement signed by the MMCI and the Balatoc ICC is a legally significant agreement guaranteeing the socio-economic rights and benefits of the Balatoc ICC, not merely a ceremonial document. The agreement was executed by MMCI, the Balatoc ICC, and the NCIP pursuant to Certification Precondition CP-CAR-2024-504, approved by the NCIP Commission en banc on September 4, 2024. Invoking Section 16 of the MOA, the representatives requested the urgent activation of a Monitoring Team to examine reported deficiencies and determine the project’s compliance status. They also asked the NCIP to establish whether the MCB project has been dormant or inactive for at least one year, citing Paragraph 28(d), Section 28 of the agreement. The letter further sought the activation, if warranted, of the Grievance Committee

under Section 17 to address outstanding concerns and ensure that the community’s contractual entitlements are not compromised. A major concern raised by the representatives is the reported corporate dispute involving MMCI and its implementing partners, including Celsius Resources, Sodor, PMR and Kiri Industries, over project control and management. The community expressed concern that the disagreement and resulting arbitration proceedings could create uncertainty over the project’s future and the delivery of benefits promised under the MOA. “While we are amazed and saddened by the escalating information regarding the ongoing legal dispute resulting to arbitration proceedings for project control and management between and amongst MMCI and its implementing partners...the Balatoc ICC should not necessarily suffer from this corporate squabble,” the demand letter stated. The representatives maintained that disagreements among corporate stakeholders should not prejudice the rights and benefits of the Indigenous community, which is not a party to those disputes. They called on the NCIP to intervene and establish “a concrete and reliable pathway” for fulfilling the company’s commitments, regardless of the outcome of the corporate disagreements. The requested investigation is intended to establish the facts, determine the extent of compliance and provide an official mechanism for addressing possible violations of the agreement. The representatives expressed confidence that NCIP-CAR would act promptly, citing its mandate to protect and advance the rights of Indigenous Cultural Communities and Indigenous Peoples. At the center of their appeal is the demand for accountability: corporate disputes over the MCB project must not leave the Balatoc ICC uncertain about the employment, livelihood, financial and community development benefits secured under its agreement.

Senator demands quick ASF compensation for hog raisers

EN. Anna Theresia “Risa” Hontiveros on Tuesday urged the Department of Agriculture to immediately release nearly P434 million in long-overdue compensation to hog raisers affected by African Swine Fever. Pointing out that some claims date back to 2023, Hontiveros emphasized that small farmers need these funds before Christmas to recover their lost capital, rebuild their livestock inventory, and help stabilize the tight domestic pork supply ahead of the holidays. Beyond settling pending payments through the Department of Budget and Management’s Quick Response Fund, Hontiveros said that relying on meat importation is only a temporary stop-gap rather than a lasting solution. She called on the DA to bolster local production by strengthening biosecurity measures, improving veterinary services, boosting local yellow corn production to lower feed costs, and empowering women hog raisers through cooperatives to ensure both consumers and local producers are protected. Hontiveros pointed out that under the DA’s ASF compensation program, hog raisers are entitled to payments for swine that had to be culled to prevent the disease from spreading. For many small farmers, losing their livestock also means losing their capital and primary source of income. “Before Christmas, our hog raisers should already receive their money, as they have lost their livelihood. They

need it to continue their operations. Let’s not keep them waiting any longer,” Hontiveros said. A DA report indicates that 7,516 hog raisers have yet to receive P393.776-million in compensation from 2023 to 2025, while another 816 hog raisers require P40-million for 2026. DA earlier said it has requested the Department of Budget and Management to get this amount from its Quick Response Fund (QRF). Hontiveros said it is important to settle these claims as soon as possible citing the tight domestic pork supply that continuesto drive prices up, and which prompted the government to rely on importation to meet demand ahead of the holidays. She added: “The DA and Department of Budget and Management [DBM] must immediately secure the estimated P40million needed to settle these pending claims, and set a firm deadline for payments.” In addition, Hontiveros urged the DA to boost local yellow corn production to bring down the rising cost of animal feeds. Yellow corn is a major ingredient in hog feeds, and its high price continues to drive up production costs for local hog raisers. “Hog raisers are already feeling the. The DA must strengthen local corn production and assist hog raisers in procuring more affordable feeds. If their production costs are lowered, they will be better able to increase their swine inventory and sell at more accessible prices,” Hontiveros said. Butch Fernandez

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Wednesday, November 11, 2026

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Wednesday, November 11, 2026

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Wednesday, November 11, 2026