‘P1.3-T Q4 budget may save growth goals’
By Samuel P. Medenilla @sam_medenilla
RESIDENT Ferdinand Mar-
Pcos Jr. remains optimistic the country can still reach its economic targets for 2025 with increased government spending as well as the projected rise in consumption during the holidays and exports during the last quarter of the year, according to Malacañang.
Th is, even if the Department of Economy, Planning, and Development (DEPDev) already said it will be “very challenging” for the country to achieve even the lower range of its gross domestic product target this year of 5.5 percent, due to dis-
appointing economic growth in the third quarter of the year.
It noted the economy must grow by 6.9 percent in the last quarter to achieve at least the 5.5 percent GDP target this year.
L ast week, the Philippine Statistics Authority (PSA) reported that GDP from July to September was only at 4 percent—the slowest pace since 2021.
Palace Press Officer Claire Castro said Marcos still has not ruled out achieving 5.5 percent to 6.5 percent annual GDP growth this year, despite the impact of the anticorruption probe as well as the series of natural disasters, which hit the country in previous weeks.
The belief is still there. The belief is still there, so we can do it,” she said in Filipino in a press briefing in Malacañang last Tuesday.
C iting the projection from the Department of Budget and Management (DBM), she said they expect economic growth to pick up as the government spends its P1.31trillion programmed budget from October to December.
Th e funds will be used for priority initiatives of the Marcos administration including health, education, and infrastructures.
“ The President’s order is to use the 1.307 trillion program budget correctly so that business sectors can see that the government is spend-
ing correctly and this will boost the economy and consumption and investment,” Castro said. Holiday spending and increase in exports, she said, will also help propel the country’s economic growth during the last quarter of the year.
DEPDev said the ongoing investigation on anomalous flood control projects, which started last August, has resulted in a slowdown in the progress in public works. In October, DBM reported that capital outlays dropped P112.9 billion, which is 10 percent lower compared to the same period last year. It attributed the downturn to ongoing validation of public works by concerned government agencies.
TBy Reine Juvierre S. Alberto
HE Bangko Sentral ng Pilipinas (BSP) has urged payment system stakeholders to establish a 24/7 real-time gross settlement (RTGS) system to support round-the-clock financial transactions and cross-border payments.
I n the 2025 Peso RTGS Forum, BSP Senior Assistant Governor Edna C. Villa encouraged stakeholders from banks, nonbank financial institutions and clearing operators to collaborate in developing a continuous RTGS framework.
“Are we ready for a 24/7 RTGS?
I encourage us to design that future together,” Villa said to about 350 participants in the forum. A n RTGS system provides instant settlement of payments, transfer instructions or other obligations
See “BSP,” A2
ORMER United Nations
Secretary-General Ban
“I JUST wanted to break his neck.” F
Ki-Moon recalled that the 2015 Paris Climate Agreement nearly collapsed due to the last-minute objection of a single country.
After years of negotiation, one small country almost broke the deal,” Ban said at the opening of the Asian Forum on Enterprise for Society (AFES) in Makati City.
The former South Korean foreign minister did not identify the country but hinted that
it is a Catholic country. We had to call the Pope. He wasn’t answering. It was a true crisis,” he recalled. Ban used the anecdote to underscore the fragility of global consensus—and the urgent need for solidarity, courage, and action across sectors. His message comes as COP30 opens in Belém, Brazil, and as the Philippines reels from back-to-back typhoons and deadly earthquakes that expose the rising toll of climate inaction.
See “Ban Ki-moon,” A2
By Malou Talosig-Bartolome @maloutalosig
FORMER Philippine Ambassador to the United States Jose Cuisia Jr. has criticized the recent trade deal between the Philippines and the US, calling it “disappointing” and “unfair” to Filipino exporters.
Cu isia, who served as ambassador from July 2011 to June 2016 under President Benigno Aquino III, said the deal—negotiated during the meeting between President Ferdinand Marcos Jr. and US President Donald Trump in Washington D.C.—resulted in higher tariffs for Philippine goods, while other countries like Vietnam secured better terms.
Vietnam, a former enemy, saw its tariffs drop from 46 percent to 20 percent. Ours went up to 19 per-
cent. How can we say we got a good deal?” Cuisia told BusinessMirror in an interview at the sidelines of the Asian Forum on Enterprise for Society (AFES) Tuesday. (See related news: https://businessmirror.com.ph/2025/07/10/u-sto-slap-20-tariff-on-philippinegoods-effective-august-1-2025/)
Tariff hike hurts PHL exporters
CUISIA warned that the increased tariffs are already hurting Philippine exporters. Local businesses are losing contracts to competitors from countries with lower tariffs, and some may be forced to shut down.
Exporters are very concerned. They’re losing contracts and may eventually close,” he said.
Missed Oopportunity to Leverage EDCA Sites
THE former ambassador believes
Philippine negotiators missed a key opportunity to use the country’s strategic value in talks. The Philippines currently hosts nine Enhanced Defense Cooperation Agreement (Edca) sites used by the US military.
“ We should have used the Edca sites as leverage. That’s a missed opportunity,” Cuisia said. (See related story: https://businessmirror.com.ph/2025/08/11/phlgains-least-in-asean-in-us-tariffdeal-pids-study/)
Cu isia speculated that the cancellation of a $5.5-billion deal to purchase F-16 fighter jets may have affected the outcome of the trade negotiations.
While I was ambassador, we were offered a squadron of F-16s.
The Armed Forces declined due to high maintenance costs. Later, they planned to buy new jets—
then canceled. That may have had an impact,” he said.
Military Aid vs. Economic Impact
ALTHOUGH the US provided $500 million in military assistance to the Philippines, Cuisia emphasized that economic support is lacking.
“We appreciate the defense aid, but the tariffs are damaging our economy,” he said. (See related story: https://businessmirror.com. ph/2025/02/05/trump-keeps500-m-military-assistance-commitment-to-phl/)
Cu isia also questioned the strength of the US’s “ironclad” commitment to defend the Philippines under the Mutual Defense Treaty.
“ That remains to be seen. US foreign policy is unpredictable,” he said.
Q3 gaming revenues dip as reforms dent e-games’ take
By Reine Juvierre S. Alberto
THE Philippine gaming sector’s revenues slipped to P94.51 billion in the third quarter of 2025, as stricter e-wallet controls and online reforms tempered electronic games’ share of the industry’s earnings.
According to the Philippine Amusement and Gaming Corporation (Pagcor), the country’s gross gaming revenues (GGR) fell 0.10 percent to P94.51 billion from July to September 2025 from the P94.61 billion in the same period last year.
The delinking of e-wallets resulted in a short-term decline in activity toward the latter part of the quarter,” Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco said. “However, these measures are vital to protect players and ensure secure, transparent transactions.”
Pagcor data showed that licensed casinos accounted for the bulk of gaming revenues, contrib -
uting P45.56 billion or 48.20 percent of the total GGR.
However, this dropped by 10.2 percent from P50.72 billion in the third quarter of 2024. Before, the electronic games (e-games) sector—consisting of e-bingo, e-casino, sports betting and online poker, among others— made up more than half of the total GGR due to its accessibility.
Despite the stricter regulations imposed on the industry, revenues from the e-games still rose by 17.4 percent year-on-year to P41.95 billion from P35.71 billion. E-games now contributed 44.4 percent of the total GGR in the third quarter of 2025.
Tengco said the growth in the
sector was mainly due to strong July 2025 figures, as revenues in August and September declined following the mandatory delinking of e-wallets from legitimate gaming platforms.
“ The figures reflect an industry that is adjusting to necessary safeguards,” Tengco noted.
Meanwhile, Pagcor-operated casinos saw an 11.6-percent decline in revenues, down to P3.22 billion in the third quarter this year from P3.64 billion a year ago. This makes up 3.4 percent of the GGR pie.
individually on a transaction-bytransaction basis.
The PhilPaSSplus, the country’s lone Peso RTGS system, is currently owned and operated by the BSP. The system operates only during weekdays from 9am to 5:45 pm.
The BSP said expanding its operations to a 24-hour schedule would enable real-time settlement beyond banking hours and interlink with foreign payment systems and further economic activities.
Such transactions include 24/7 remittances, cross-border e-commerce flows and bond trading.
The BSP explained that in ecommerce, a resident online seller can receive payment from a foreign buyer late at night, while the cash leg can be settled on the same day instead of next business day in bond trading.
Likewise, revenues from bingo operations slipped by 6.2 percent year-on-year to P3.79 billion from P4.52 billion, accounting for 4 percent of the GRR during the quarter in review.
A lthough some gaming segments posted a downward trend and adjustments in the online digital payment ecosystem take place, Tengco remains optimistic that the industry will regain momentum. Th is, as players adapt to new e-wallet protocols and authorities strengthen enforcement measures against illegal gambling portals.
During the forum, participants discussed refinements to PhilPaSSplus operating procedures on holidays and work suspensions, along with the progress on the ISO 20022 Standard Harmonization Project.
The 2025 customer satisfaction survey, updates on the implementation of penalties on erring Peso RTGS participants, as well as the system’s operational enhancements, were also tackled.
T hese improvements include the automated debiting of proceeds in the Intraday Settlement Facility, which may provide Peso RTGS participants with liquidity to fund their queued or expected payments in PhilPaSSplus; and Liquidity Saving Mechanisms that
support more efficient settlement flows, the BSP said.
Industry representatives from BancNet, SWIFT and the Philippine Clearing House Corporation joined BSP officials in discussing ways to strengthen the country’s payment infrastructure and align it with global standards.
Remolona: Digital payment key to economic integration MEANWHILE , BSP Governor Eli M. Remolona Jr. stressed the transformative role of digital payment systems in advancing regional economic integration in a panel session at the 61st South East Asian Central Banks (SEACEN) Governors’ Conference.
“Digital payments connectivity is not merely a technological advancement but a strategic enabler of economic efficiency, financial inclusion, and systemic resilience. It lays the foundation for deeper trade, investment, financial and capital market integration across economies,” Remolona said.
R emolona chaired the session titled, “Empowering Economic Integration through Digital Payment Connectivity” in the conference. Here, a panel of experts discussed the potential of digital payment integration, implementation challenges and potential outlooks.
T he session concluded with a collective call to promote interoperability and standardization of payment systems to support seamless cross-border transactions in the region.
our hands together.”
W hat is the Paris Climate Agreement?
Adopted in 2015 by 196 countries, the Paris Agreement is the world’s most ambitious climate treaty. It aims to limit global warming to well below 2°C—and ideally 1.5°C—above pre-industrial levels. Countries submit their own climate action plans, known as nationally determined contributions (NDCs), and are expected to scale up ambition every five years.
B ut the world is not on track. Global emissions continue to rise, and the planet is now projected to warm by up to 2.8°C by the end of the century.
“Climate change does not care where you live,” Ban said. “It attacks all countries, all people. We must walk together.”
Typhoons in the Philippines highlight urgency BAN’S message hit home in the Philippines, where Typhoon Tino (Kalmaegi) and Super Typhoon
Nando (Ragasa) recently displaced thousands and exposed gaps in disaster preparedness. He emphasized that climate justice must be applied globally, especially in vulnerable nations like the Philippines. These are not abstract goals—they are the blueprint for survival,” Ban said, citing six priority areas from the UN’s 2030 report: food systems, energy, digital transformation, education, jobs and social protection, and climate and biodiversity.
Business must lead: “Join all our hands together”
BAN called on business leaders to take a more strategic role in advancing the Sustainable Development Goals (SDGs), especially through tri-sector partnerships involving government, enterprise, and civil society. No country can do it alone— not the United States, not Europe,” he said. “We must join all
He praised the UN Global Compact for aligning corporate practices with sustainability, labor rights, environmental protection, and anti-corruption. “This compact is not optional—it is essential.”
Legarda: Walk our talk—climate justice must be local IN an interview with BusinessMirror , Senator Loren Legarda echoed Ban’s call for urgent, ground-level action.
“All these good policies will be for naught if we don’t work with people on the ground,” she said. “We must reduce and eliminate the loss of lives and livelihoods.”
L egarda pointed to the recent typhoons as proof that climate impacts are worsening. “Areas that never flooded before are now underwater. It’s multifaceted—solid waste, forest loss, marine degradation. It’s all connected.”
She emphasized that governance must begin at the barangay level. “Let’s not wait for top-down solutions. Climate justice is not just about demanding accountability from polluters—it’s about saving our own lives and livelihoods.” Malou Talosig-Bartolome
New int’l routes to Cebu OTHER top visitor markets were: Taiwan at 168,092 (-8.21 percent); the United Kingdom 138,074 (+7.32 percent); Singapore 127,690 (+3.05 percent); Malaysia 78,775 (-3.96 percent); India 74,941 (+12.5 percent); and Germany 64,780 (+3.05 percent). Meanwhile, Frasco trumpeted
“While some partners have opted to defer activities in light of recent events, the DOT is assisting with rebooking and itinerary adjustments where needed,” said Frasco.
Cebu’s accessibility to many parts of the globe through “sustained partnerships and market-development initiatives,” such as joint promotional campaigns with leading carriers, familiarization trips for foreign travel agencies and media, roadshows in priority source countries, and active participation in major global tourism exhibitions. She listed new and returning routes offered in the last two months of the year by foreign and local carriers such as Firely, Jetstar, Vietnam Airlines, VietJet, AirAsia, and Philippine Airlines from Kuala Lumpur, Brisbane, Hanoi, Saigon, Macau, and Guam.
“Enforcement is a struggle because we have manpower problems and at the same time there’s a lot of small cases,” the PCC chief said. Citing instances, Aguinaldo there are competition cases among water refilling stations. He divulged that they have an association and they agree on prices. “ So [that’s] price fixing. So we called them out on that but we don’t penalize them anymore because these are micro or small industries. These are mom and pop shops for the most part. So we just tell them ‘Just know that you can’t do that and you know, hopefully change your behavior that way’, “ added Aguinaldo.
He said some driving schools in Cebu agreed to set a fixed price. “ There are some clinics, they agreed that they should have the same price for vaccines, and these are written agreements,” Aguinaldo said, partly in Filipino, adding that many people are not yet aware of the concept of competition in the country.
A s such, the PCC chief noted: “People have been doing this and they don’t know that it’s prohibited. So we temper it also with some kind of compassion. We don’t want to drive people out of business. That’s the bottom line.” Andrea E. San Juan
Senate panel set to summon Romualdez, Co, 17 others
ENATE President Pro
STempore Panfilo Lacson on Tuesday said the Senate Blue-Ribbon committee would summon former Speaker Martin Romualdez, resigned Ako Bicol party-list Rep. Zaldy Co and 17 other members of the House Representatives in the resumption of its investigation into alleged irregularities in flood control projects.
Lacson, who was reelected as Blue-Ribbon committee chairperson, when the Senate resumed sessions after recess, said the panel is scheduled to resume its hearings on November 14, and will send invitations through the leadership of the House of Representatives.
“After the election this afternoon, we’ll buckle down to work. And then kasama doon ang pagpapadala ng invitation through the Office of the Speaker of the House of Representatives plus iyong 17 congressmen mentioned by the Discaya couple, including Congressman Eric Yap [And that will include sending the invitations through the Office of the Speaker of the House of Representatives, along with the 17 congressmen mentioned by the Discaya couple, including Congressman Eric Yap],” Lacson said in an interview.
The senator said the committee would extend an invitation to Co, who may attend the next hearing via video conference.
“Si Zaldy Co, we’re extending our invitation kung pupwede siyang mag -participate via Zoom. Of course, kung nasa abroad siya…hindi magiging
valid ang kanyang testimony unless nandoon siya sa premises ng Philippine Embassy doon sa lugar na kinaroroonan niya [We’re extending our invitation to Zaldy Co if he can participate via Zoom. Of course, if he is abroad, his testimony will not be valid unless he is inside the premises of a Philippine embassy in that country],” Lacson said.
He explained that Co’s testimony may later be affirmed through a Philippine consul.
“If not, pwede naman siyang mag -testify and then, pwedeng after the testimony, ipa -affirm iyong nilalaman ng kanyang salaysay sa isang consul kung nasaan siya naroroon [If not, he can testify first and later affirm his statement before a consul in the country where he is],” he added.
Lacson clarified that he has not personally communicated with Co, and that the invitation would be sent through formal channels.
The upcoming hearing follows the September testimony of contractors Cezarah Rowena and Curlee Discaya, who identified several lawmakers, congressional staff and Department of Public Works and Highways officials allegedly involved in the supposed flood control anomalies.
Lacson said he coordinated with Senate President Vicente Sotto III to request the finance committee chairperson Sen. Sherwin Gatchalian, to vacate the Friday schedule to allow the committee to proceed. Butch Fernandez with PNA
Economy ICI seeks stronger mandate
By Jovee Marie N. dela Cruz @joveemarie
THE Independent Commission for Infrastructure (ICI) on Tuesday pressed lawmakers to reinforce its mandate through the proposed Independent Commission Against Infrastructure Corruption (Icaic), saying expanded authority is necessary to hold accountable those behind anomalous public works and to recover public funds lost to corruption.
During a hearing of the House Committee on Government Reorganization, ICI Executive Director Brian Keith Hosaka said the commission welcomes discussions on House Bills 4453 and 5699.
Among the proposed revisions is expanding the pool of eligible chairpersons to include retired justices from the Court of Appeals and Court of Tax Appeals. The ICI also recommended allowing architects, in addition to licensed civil engineers, to serve as members and including individuals with extensive backgrounds in law and nongovernment organizations specializing in disaster risk and management.
Hosaka stressed the importance of asset preservation measures and the authority to sequester ill-gotten wealth. “We believe that this authority is very, very important,” he said.
He, likewise, underscored the
need to shield Icaic from legal obstruction. “No criminal and civil action shall lie against the commission or any member thereof for anything done or omitted in the discharge of the task,” he said, adding that only the Supreme Court should have authority to issue injunctions or restraining orders against Icaic actions, similar to existing provisions in law.
The commission further proposed granting Icaic full access to records across government agencies, including the Anti-Money Laundering Council, Bureau of Internal Revenue, Bureau of Customs, and others, to speed up investigations.
It also recommended empowering Icaic to “issue closure or revocation of registration of establishments that are found to be responsible for anomalous infrastructure projects” and to seek automatic cancellation of licenses
of professionals involved in fraudulent projects.
Hosaka called for the inclusion of a transition clause to ensure continuity in operations. “This clause would ensure the continuity of the investigatory work of the Commission and provide security of tenure to its existing employees who will be absorbed by the newly created ICAIC,” he said.
“Our shared goal is clear—to ensure that the Commission is fully empowered to deliver its mandate and ultimately to recover what was taken from the Filipino people.”
For her part, House Deputy Minority Leader Leila M. de Lima on Tuesday called on her colleagues to immediately approve a proposed measure seeking to establish an Icaic, warning that massive corruption in flood control projects has contributed to the devastation recently brought by Typhoons Tino and Super Typhoon Uwan.
Sponsoring House Bill 4453, which she authored along with 12 other lawmakers, de Lima said the recent disasters have exposed “not only our vulnerability to climate events, but also the devastating consequences of corruption.”
“Once again, our nation finds itself drowning—both literally and figuratively,” she said during a committee hearing. She noted that billions of pesos in public funds meant to protect communities have been lost “not to the forces of nature, but to the ravages of greed.”
Citing the statement of Finance Secretary Ralph Recto during a Senate budget briefing on September 2, De Lima said the Philippine economy may have lost “between
P42.3 billion and P118.5 billion in just the past two years due to corruption in flood control projects.”
“We are facing the biggest corruption scandal in the history of our country,” she said. “We are in a moral crisis, one that is literally costing lives.”
De Lima stressed that the proposed ICAIC would be empowered to “conduct independent and comprehensive investigations into anomalies in infrastructure spending,” “recommend prosecution and file cases—both administrative and criminal—against erring officials and private entities,” and “propose systemic reforms in procurement, auditing, and project monitoring.”
While she acknowledged ongoing inquiries under the Independent Commission for Infrastructure (ICI) created by Executive Order 94, De Lima said the body lacks the capacity necessary to address large-scale corruption. De Lima appealed to the House to fast-track the bill and urged Malacañang to certify it as urgent.
Meanwhile, Bulacan Rep. Salvador Pleyto, chairman of the House Committee on Government Reorganization, confirmed that the House leadership has ordered the fast-tracking of the measure. He said Speaker Faustino Dy III wants the bill creating the Icaic) approved on third and final reading by November 17. The committee is expected to adopt a consolidated version of related proposals by November 11. Passage on second reading is targeted for November 12, paving the way for final approval the following week.
MMSU, PNRI partner for nuclear research
THE Philippine Nuclear Research Institute (PNRI) and Mariano Marcos State University (MMSU) have signed a memorandum of understanding to collaborate on research and development in nuclear and radiation technology.
The agreement covers joint research projects, technology transfer and the exchange of data and expertise among scientists, engineers, students and trainees. Workshops, fellowships and other collaborative activities are also included.
Watchdog to govt, private sector: Future proof power, transport, ICT
ABy Rizal Raoul Reyes
WATCHDOG on Tuesday urged the national government and the private sector to future-proof, undertake and adopt a unified national framework that integrates power, transport, and telecommunications resilience towards a proactive program to face the challenges from future disasters and calamities.
CitizenWatch cited the experiences of Japan, Taiwan, and New Zealand as clear examples of how coordinated infrastructure systems can prevent the paralyzing blackouts and communication breakdowns that typically follow major disasters.
After Japan’s 2011 Great East Japan Earthquake, telecom operators NTT, KDDI, and SoftBank implemented crossnetwork resource pooling and backup power sharing, restoring emergency communication lines within hours. Taiwan, learning from repeated cable disruptions caused by typhoons, built a multi-layered network linking terrestrial, undersea, and satellite systems nationwide to maintain connectivity even when submarine cables are cut. New Zealand, following the
Christchurch and Kaikōura earthquakes, institutionalized joint planning between power utilities and telecom providers, reinforcing undersea cables and establishing joint repair corridors to minimize downtime.
“These countries show that resilience is not about rebuilding after every calamity—it’s about designing systems that never go completely dark,” said Orlando O. Oxales, Lead Convener of CitizenWatch Philippines. “When grid power and transport networks fail, the communications network becomes the bridge between life and recovery.”
Moreover, CitizenWatch proposed the renovation of power, telecommunications, and transportation infrastructure into an integrated network of protected underground conduits through “dig once, build together” Public Private partnerships (PPPs).
Oxales reiterated CitizenWatch’s call to classify digital infrastructure as “lifeline utility” aligning with global best practices. Such a measure, he said, would mandate minimum power and communications backup standards, infrastructure co-location, and investments in mobile cell units for emergency deployment.
“Building back better cannot just
mean rebuilding the same vulnerable systems,” Oxales stressed.
“Resilience means ensuring that when the next typhoon hits, communication lines remain open, relief flows unhampered, and power stays on.”
CitizenWatch also encouraged the government to expand public-private partnership (PPP) models for integrated resilience clusters—linking telecom towers, power substations, and logistics hubs through pre-cleared emergency transport corridors.
“These investments are lifesaving assets,” Oxales said. “Every peso spent on resilience saves four pesos in recovery and avoids immeasurable human suffering.”
He added that the devastation caused by Typhoon Uwan should serve as an important lesson for policy makers and legislators on how the Philippines should protect its lifelines. “This is the moment to move from patchwork recovery to long-term resilience,” Oxales said. “If we align our energy, transport, and digital infrastructure under one resilience agenda, we don’t just survive the next typhoon—we ensure that every community stays connected, every rescue can be made, and every Filipino can count on a nation that works even in crisis.”
TThe partnership further aims to eventually incorporate nuclear science and engineering into select MMSU degree programs. Moreover, research will focus on nuclear science and engineering and the applications of atomic technology in agriculture, health and medicine, industry and food processing.
PNRI serves both as promoter and regulator of nuclear science in the Philippines, while MMSU seeks to strengthen its academic and research capabilities through the collaboration.
Illicit tobacco trade threatens livelihood of 2.2-M farmers
By Ada Pelonia
HE National Tobacco Administration (NTA) warned on Tuesday that the illicit tobacco trade threatens the livelihood of 2.2 million Filipinos.
In a statement, the NTA noted that smuggled and illegally manufactured cigarettes, sold at a cheaper price, are undercutting the demand for legally produced, taxpaid brands.
The agency estimates that over 430,000 tobacco farmers, farm workers, and their families are directly affected by the entry of untaxed products.
For NTA Administrator and Chief Executive Officer Belinda Sanchez, the illicit tobacco trade is a significant challenge that impacts government revenues, public health, national security, and the livelihood of Filipino farmers.
“The illicit trade in tobacco is a growing concern, undermining our efforts and threatening the livelihoods of countless individuals,” Sanchez said.
The NTA chief also noted that a stick of cigarettes “funds more than just a vice, as it fuels
crime, drains public coffers, and endangers the livelihoods of over two million Filipinos who depend on the legitimate tobacco industry.”
Furthermore, the Philippine Tobacco Growers Association (PTGA) projected that local farmers stand to lose nearly P1 billion in income this year alone due to lackluster demand for locally grown tobacco leaves.
The group estimates a total loss of P978.44 million in 2025, equivalent to around P17,000 per farmer among its 59,000 members.
‘Beyond farmlands’ THE NTA said the impact of the illicit tobacco trade ripples beyond plantations.
Citing a statement from the Philippine Tobacco Institute (PTI), the agency reported that the supply chain—including retailers, vendors, and sari-sari store owners— struggles to compete with blackmarket alternatives that can sell as low as P2 per stick, compared to the P7 for legal brands. As such, the PTI raised a caveat that many small businesses could
Bless Aubrey Ogerio
Wednesday, November 12, 2025
Watchdog urges Comelec to investigate Marcoleta’s poll
contributions, expenses
By Justine Xyrah Garcia
NDEPENDENT election watch-
Idog Kontra Daya has urged the Commission on Elections (Comelec) to investigate Sen. Rodante D. Marcoleta for allegedly submitting a false Statement of Contributions and Expenditures (Soce).
The group flagged a major discrepancy between Marcoleta’s declared assets and his campaign spending.
His 2025 Statement of Assets, Liabilities, and Net Worth (SALN) showed only P51.9 million, yet his Soce indicated he spent P112.8 million during the May 2025 midterm elections, Kontra Daya said. Because Marcoleta declared receiving no campaign contributions, the entire P112.8 million would have come from his own funds—an amount that exceeds his declared wealth, the watchdog added.
His Soce also showed that most of his expenses went to radio and television advertisements.
The senator later admitted in a television interview that he deliberately omitted his campaign donors’ names to honor their request to stay anonymous.
But Kontra Daya convener Danilo A. Arao said this justification violates the law requiring candidates to fully declare all
contributions and expenditures.
“To say that his ‘friends’ prefer to remain anonymous is just a convenient excuse not to be transparent. As a lawyer, he should know better. As an elected senator, he should know what accountability means,” Arao said.
“Right now, it is proper for the likes of him to be investigated and to be penalized for what he has done.”
Arao added that Marcoleta personally certified his Soce, signing the section stating that he prepared the document himself and that “all information contained herein are true and correct.”
He also said both the Comelec and the Senate Electoral Tribunal must initiate an investigation.
“The poll body should take this seriously as the COMELEC SOCE form appears to have been not truthfully filled out, based on Marcoleta’s own statement,” he added.
When asked if Kontra Daya plans to file an election case against the senator, Arao said the group will “consider all options.”
Reached for comment, Comelec Chairman George Erwin M. Garcia said in a text message that he will first review Marcoleta’s Soce.
Asked whether anonymous campaign donors may be exempted from disclosure, Garcia replied: “everything should be declared.”
False fire alarm delays flights
ABy Nonie Reyes
TOTAL of 59 commercial and cargo flights were delayed by an average of 45 minutes before being cleared for take-off or landing, including seven arriving flights, were affected after a false fire alarm at the Air Traffic Management (ATM) Center of the Civil Aviation Authority of the Philippines (Caap) in Pasay City on early Tuesday.
Caap spokesman Eric Apolonio said the ATM center resumed operations resumed following a false fire alarm that briefly disrupted the operation starting around 1:24 a.m. prompting the activation of contingency plans and safety protocols and a temporary hold on take-off and arriving flights.
Normal operations resumed by 2:50 a.m., with all restrictions lifted at 3:16 a.m after the
investigation and all contingency plans were observed and swiftly executed.
Apolonio said that Caap Director General Raul del Rosario commended the air traffic controllers for their professionalism and quick response, which ensured that flight safety was never compromised and that operations returned to normal immediately.
“This incident underscores our continued commitment in maintaining the highest standards of aviation safety and readiness,” del Rosario said in a statement.
“Caap will conduct an internal investigation to prevent similar occurrences and remains committed to upholding the highest standards of aviation safety, in accordance with the directives of President Marcos and Acting Transportation Secretary Giovanni Lopez,” del Rosario added.
DOJ studies options on possible ICC arrest warrant vs dela Rosa
Court’s new rules on extradition.
TBy Joel R. San Juan @jrsanjuan1573
HE Department of Justice (DOJ) on Tuesday indicated than an extradition proceedings may not be available in the case of Sen. Ronald dela Rosa considering that the International Criminal Court (ICC) cannot be considered as a “state” as defined under the Supreme Court’s new Rules on Extradition Proceedings.
DOJ officials led by Chief State Prosecutor Richard Anthony Fadullon and Chief State Counsel Dennis Chan in the press briefing said that aside from extradition, surrender is another option available for the government under Republic Act 9851 or the Philippine Act on Crimes Against International Humanitarian Law, Genocide, and other Crimes Against Humanity.
The new SC Rules on Extradition Proceedings released on October 27 defines extradition as the removal of the extraditee from the Philippines (the Requested State) to place them at the disposal of foreign authorities (the Requesting State) to hold them in connection with a criminal investigation directed against them or for the execution of a penalty under the penal or criminal law of the Requesting State.
Chan disclosed that it was the DOJ that actually requested for the SC to come up with uniform guidelines on how to resolve requests for extradition.
The request, he said, was relayed to the Court sometime in the first or second quarter of 2023 which resulted in several meetings of a technical working group to come up with the final draft of these rules on extradition.
When asked if dela Rosa’s extradition is possible considering that the ICC is not a state, Chan said: “ICC is not a state that will fall under the definition of a ‘requested state’ under our extradition law. So now, the question is, if they come up with a request for extradition, we don’t have a treaty
Duterte still hot copy, survey shows
By Claudeth Mocon-Ciriaco @claudethmc3
SEVENTY FIVE percent of
have followed
months after his arrest and his transfer to the International Criminal Court (ICC) in The Hague, the Netherlands, the Pahayag 2025 Third Quarter (PQ3-2025) Survey showed. News about Duterte remains
high as his case before ICC continues to unfold with three in four Filipinos (75 percent) say they have followed news about Duterte’s ICC case—underscoring his lasting grip on public consciousness several years after his presidency.
The narratives most remembered by Filipinos center on Duterte’s declining health (81 percent), family members visiting him at The Hague (53 percent), and the three counts of murder filed against him (50 percent).
Nearly half or 47 percent of respondents consider the charges against Duterte as crimes against humanity, a view most prevalent in Luzon with 59 percent in the National Capital Region, 53 percent in NorthCentral Luzon, and 58 percent in South Luzon.
In contrast, only 37 percent in the Visayas and 28 percent in
See “Duterte,” A5
to begin with ICC to process that.”
“So to close the door on one option and just focus entirely on extradition is limiting the state’s discretion under Section 17 of RA 9851,” Chan explained.
Chan pointed out that surrender would be a faster approach as compared to extradition which would have to go through lengthy administrative and court proceedings.
“Theoretically speaking, the faster approach would be surrender. Because if we go through the extradition route, there will be a request for extradition coming in through the Department of Foreign Affairs. It will be transmitted to the DOJ for evaluation. We will file it with the proper trial court. There will be a pseudo-hearing to determine whether or not the request is compliant with the extradition treaty and the extradition law of the Philippines. After which, that is where the person will be extradited,” Chan explained.
It may be recalled that the government took the same route when it surrendered former President Rodrigo Duterte to the ICC last March to face trial for his blood anti-illegal drug war campaign.
Duterte has since been detained at the ICC headquarters in The Hague, the Netherlands, awaiting the confirmation of charges against him for alleged crimes against humanity.
The DOJ’s position is contrary to Ombudsman Crispin Remulla’s statement that the government is left with no other option but to allow dela Rosa to undergo extradition proceedings in line with the
The new Rules, according to Remulla, requires the filing of an extradition request before the DOJ by the ICC.
It was Remulla who announced last Saturday that the ICC has issued an arrest warrant against the senator in relation to the crimes against humanity charges filed against him and several others.
However, Chan said the DOJ has not seen nor received any copy of the supposed ICC arrest warrant.
Fadullon, on the other hand, said the DOJ is likely to wait for the final ruling of the SC on the petitions assailing the constitutionality of Duterte’s surrender to the ICC before coming up with a definitive action on dela Rosa’s case.
One of these petitions was filed b y dela Rosa himself a day after Duterte was flown to The Hague by Philippine authorities and turnedover to the ICC.
“What we are simply saying is that as far as the department is concerned, we would opt to have that resolution from the Supreme Court so that once and for all, at least it could be decided whether the first course of action undertaken by the government when the arrest of the former president was undertaken in March would be the correct course of action or if there is any other option,” Fadullon said.
Petition
IN his petition, dela Rosa asked the Court to enjoin the Palace and other government agencies from enforcing any arrest warrant issued by the ICC in connection with its investigation on the drug-related killings during the Duterte administration.
It also sought the issuance of a temporary restraining order (TRO) enjoining the respondents from cooperating with the ICC and providing assistance with the International Police Organization (Interpol) in the execution of ICCissued warrants, red notices, summons, or other actions.
Dela Rosa named Executive Secretary Lucas Bersamin, then Justice Secretary Jesus Crispin Remulla, Interior and Local Government Secretary Juan Victor Remulla, then National Police (PNP) chief Gen. Rommel Francisco Marbil, then PNP-Criminal Investigation and Detection
Group Director Maj. Gen. Nicolas Torre III, Solicitor General Menardo Guevarra, Foreign Affairs Secretary Enrique Manalo, Armed Forces Chief of Staff Gen. Romeo S. Brawner and the Bureau of Immigration (BI).
The petition asked the Court to declare as unconstitutional the Philippine government’s cooperation with the ICC and to affirm that the Philippine government’s withdrawal from the Rome Statute on March 17, 2019 effectively terminated all jurisdiction of the ICC over the country and its nationals.
The petition also cited the principle of complementarity, which bars the ICC from exercising jurisdiction over the Philippines because the country has a functioning legal system capable of investigating and prosecuting crimes under its national laws.
Dela Rosa also maintained that the government has no legal obligation to enforce an ICC-requested Interpol red notice.
Duterte’s three children— Davao Mayor Sebastian, Davao First District Rep. Paolo, and Veronica—have also filed separate petitions before the SC for the issuance of a writ of habeas corpus, raising similar arguments.
Fadullon said the DOJ would want to be more careful with its action on dela Rosa’s case considering that there are still pending petitions before the SC unlike when Duterte was arrested and handed over to the ICC.
“So obviously, this time, we want to be more careful because the circumstances then and the circumstances now are quite different. At that time, there was no petition yet which was raised or filed before the Supreme Court,” Fadullon said.
“Now, courtesy to the Supreme Court, we would probably have to await or we would prefer to await the resolution of the Supreme Court on the pending petitions before we can come up with a more definitive action,” he added. Lacson offers advice to dela Rosa SENATE President Pro Tempore Panfilo Lacson on Tuesday said dela Rosa cannot indefinitely use the Senate as a sanctuary if the ICC orders his arrest, stressing that any such protection is “limited” under the Constitution.
House bloc seeks investigation of ‘corruption, overpricing’ in farm to market road projects
THE Makabayan bloc in the House of Representatives has filed a resolution calling on the chamber to look into what its members described as “systemic corruption and overpricing” in the implementation of farm-to-market road projects by the Department of Agriculture (DA) and the Department of Public Works and Highways (DPWH).
In House Resolution 421, ACT Teachers Rep. Antonio Tinio, Kabataan Rep. Renee Louise Co, and Gabriela Women’s Party Rep. Sarah Jane Elago directed the House Committees on Public Accounts and on Agriculture and Food to conduct an “immediate and comprehensive investigation in aid of legislation” into the matter.
The lawmakers said the investigation aims to ensure accountability and transparency in the
multi-billion peso farm-to-market roads program, which forms part of the Marcos administration’s National Farm-to-Market Roads Network Plan (NFMRNP) 2023-2028.
Citing the Department of Agriculture’s own data, the resolution pointed out that the estimated national average cost of a typical farm to market road is P9.486 million per kilometer, yet the DA’s proposed base budget cost for the same project has ballooned to P15.91 million per kilometer, including an additional P1 million for “better connectivity and street design.” This represents a price difference of P6.4 million per kilometer.
The NFMRNP, finalized in June 2023 while President Marcos was still serving as agriculture secretary, was jointly prepared by the DA, DPWH, the Department of the Interior and
Local Government (DILG), the Department of Trade and Industry (DTI), and the Department of Tourism (DOT). The plan aims to concretize 64,155 kilometers and maintain another 67,255 kilometers of existing farm-to-market roads from 2023 to 2028. However, the resolution noted several “alarming” cases of alleged overpricing and potential fraud in FMR projects. It cited findings by the Office of Sen. Sherwin Gatchalian showing extreme price discrepancies in projects such as the Concreting of Barangay San Roque Farm to Market Road Phase 2 in Tacloban City, Leyte, which reportedly cost P100 million for only 0.287 kilometers, or P348,432 per meter. Similar anomalies were flagged in Camarines Sur, Bulacan,
Filipinos
news about the case of former President Rodrigo R. Duterte, eight
DOJ. . .
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“Limited. Kasi ang Constitution is very clear on the matter. First, kung less than six years ang penalty, may immunity from arrest when Congress is in session. Iyon ang mga limitations [Limited. Because the Constitution is very clear on the matter. First, if the penalty is less than six years, there is immunity from arrest when Congress is in session. That’s the limitation],” Lacson told reporters in an interview.
He said the majority supports the position of Senate President Vicente Sotto III that law enforcement agencies should exercise courtesy by refraining from serving an arrest warrant within Senate premises.
“Well, if it comes to that, we’ll have to tackle it and probably kanya pa ring call iyon. But he can’t stay in the Senate premises forever kasi something has to give way din and ang Constitution, being the fundamental law of the land, will prevail [Well, if it comes to that, we’ll have to tackle it and it will probably still be his call. But he can’t stay in the Senate forever because something has to give way, and the Constitution will prevail],” he said.
Lacson clarified that, as of Tuesday, there has been no confirmation of an arrest warrant from ICC.
He said he had tried to contact Dela Rosa several days ago to offer moral support as a former colleague and fellow police officer, but the call was not answered.
“I hope we can talk so I can give him some advice, not para magtago kundi how to go about facing criminal charges… within the bounds of the law and rules of the International Criminal Court [I hope we can talk so I can give him some advice, not to hide but on how to face criminal charges within the bounds of the law and ICC rules],” he added.
Dela Rosa served as PNP chief and implemented the Duterte administration’s anti-drugs campaign, which remains under ICC investigation.
Remulla insists: ICC warrant out
OMBUDSMAN Jesus Crispin Remulla on Tuesday maintained that an arrest warrant has already been issued by the ICC against dela Rosa.
At a press briefing, Remulla said he has a copy of the arrest warrant in his cellphone but admitted that this cannot be considered as an official copy.
Remulla said he was leaving it up to the Executive departments to talk about the arrest warrant since it is no longer within the Ombudsman’s jurisdiction.
“I can no longer talk about that because it’s an Executive function already. did that as a function of being a journalist also for
Corruption. . .
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Eastern Samar, and Daraga, Albay, under the 2024 General Appropriations Act.
The resolution also quoted Agriculture Secretary Francis Tiu Laurel’s statement before Congress admitting that the P15-million-perkilometer cost was set by the DPWH, not the DA, and that “it’s too high.” Laurel reportedly added that the cost could be reduced to P10 million per kilometer “if the 30 percent is removed”—a remark the lawmakers said suggests the presence of kickbacks.
a day, for Saturday because it was a scoop, I saw it,” Remulla explained. “That is confirmed, it’s in my cell phone but it’s not an official copy. It will go through proper channels for implementation,” he added.
It may be recalled that Remulla disclosed about the issuance of an arrest warrant by the ICC against dela Rosa in a radio program over dzRH which he co-anchors.
SC asked: Revisit dela Rosa ruling
HIGH school teacher John Barry Tayam urged the Supreme Court to revisit its decision issued on May 20, 2025 which dismissed his petition filed last March 27, 2025 seeking to prevent dela Rosa from using the Senate as safe haven in case the ICC issued a warrant for his arrest.
The SC dismissed Tayam’s petition for failure to present an actual case or controversy.
In a 16-page motion for leave to file and to admit supplemental pleading for amendments with motion for reconsideration, Tayam insisted that a justiciable controversy now exists amid reports of the ICC arrest warrant against the senator.
“It is the Court’s duty to decide this matter accordingly, ensuring that its decision is supported by expressed facts and applicable laws as mandated by the Constitution,” Tayam said. Tayam cited two key developments, first, Remulla’s confirmation an ICC arrest warrant for dela Rosa had been issued and second, the pronouncement of Senate President Vicente “Tito” Sotto III that no senator can be arrested within the Senate premises, which was essentially an assurance of protection for its member.
“This confluence of events establishes the ripeness and transcendental importance of the matter,” Tayam said in his submission.
He insists that the Senate President’s position mirrors that of the previous leadership and is the very reason his initial petition was filed.
Likewise, Tayam also urged the SC to clarify the legal status of an ICC request following the Philippines’ withdrawal from the Rome Statute in 2019 and in light of the Court’s issuance of the new Rules on Extradition Proceedings.
Tayam argued that an ICC arrest warrant falls under the concept of “surrender,” applicable to international tribunals, as provided for in the Philippine Act on Crimes Against International Humanitarian Law (RA No. 9851), and not “extradition,” which applies exclusively to transfers to another state.
He stressed the need for judicial clarity particularly concerning the application of the newly effective SC Rules on Extradition Proceedings, which came into force only on November 11, 2025.
With Butch Fernandez and PNA
The resolution further underscored the agriculture department’s admission that poor logistics and inadequate farm infrastructure cause up to 15 percent losses in rice production and 30 percent in vegetable output annually.
Tobacco.
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soon be forced to close shop or cease operations.
Full restoration of typhoon-damaged power lines may take 1 month–DOE
TBy Lenie Lectura @llectura
HE Department of Energy (DOE) said the full restoration of downed power lines may take one month, saying the damage is “massive,” but industry stakeholders’ prompt and positive response to five million affected households could shorten the restoration time.
Energy Secretary Sharon Garin said in a news briefing on Tuesday afternoon that she has directed the National Grid Corporation of the Philippines (NGCP), National Electrification Administration (NEA), National Power Corporation (NPC), and the private distribution utility (DU) firms to “normalize” electricity service “not more than one month.”
“It should be done by one month. I know that is long but the extent of damage is massive. We will work hard. You saw the progress report. They’ve been progressing very fast, faster than expected, and hopefully we can keep this up for the next few days and weeks. Hopefully it will be shorter. But the rough estimate is one month,” said Garin.
According to NEA, the estimated cost of electric cooperatives’ (EC) infrastructure damage attributed
to tropical cyclones Tino and Uwan is estimated at almost P79 million. NEA oversees the operation of 121 ECs nationwide.
As of November 11, there are 60 ECs affected by Typhoon Uwan. Restoration efforts are ongoing for 3,388,716 consumer connections while initial estimated damage cost has reached P4,417,041.83.
For typhoon Tino, restoration efforts are ongoing for the remaining 522,086 consumer connections. The damage cost has reached P74,489,986.04.
Private DUs informed the DOE that approximately less than 90,000 customers remain without power.
For the Manila Electric Company (Meralco), it is working to safely bring back power to the remaining 14,995 affected customers—less than 1 percent of the distribution utility’s 8.2 million total customers. The remaining customers are mostly in Cavite and Bulacan, of which 917 are still in flooded areas.
To help customers who are recovering from the impact of the typhoon and in compliance with the directive of the Energy Regulatory Commission (ERC), Meralco suspended disconnection activities for dues covering the billing periods from November 4 to December 31, 2025, alongside provision of flex-
ible payment options to qualified customers.
For the transmission service, there are 108 transmissions lines affected by Typhoon Uwan. Of which, 83 have already been restored. Meanwhile, all 55 affected transmission lines from Typhoon Tino were restored last November 8.
The National Power Corporation—Small Power Utilities Group (NPC-SPUG) said ongoing restoration of diesel power plants that incurred damages are still ongoing.
“Right after the storm, when we started reporting and receiving reports, it was a very overwhelming…It resulted to about five million households without electricity and that translates to…25 million Filipinos without electricity, which means it’s about a fourth or even more probably 30% of Filipinos without electricity.
This was a massive typhoon. It affected so many of our electric cooperatives and many of the structures of NGCP and, in fact, even our generation companies. But we’re pleased to report today that there has also been a massive improvement because of the 24-hour work of all the agencies and all the private entities, namely NGCP, Napocor, NEA, DOE, and all the private distribution utilities.
“I would like to give credit to all the men and women on the ground who worked hard despite the fact that it is difficult to fix the poles since some areas are still flooded, but they’ve accomplished so much in the last 24 hours,” said Garin. For the downstream oil industry, key industry players agreed to defer increases in diesel and gasoline prices in typhoon-stricken areas. In line with this, the DOE issued a public advisory outlining the implementation of a price freeze on petroleum products in selected provinces and municipalities from November 11 to 17, pursuant to Presidential Proclamation No. 1077, which placed areas affected by Typhoon Tino under a State of National Calamity and authorized temporary price control measures. As per Proclamation 1077, a price freeze on kerosene is in effect nationwide. For gasoline and diesel, price increases will be deferred in selected areas, as determined by individual oil companies.
The DOE’s guidance to the Task Force on Energy Resiliency (TFER) members is to prioritize restoration of energy to critical facilities such as hospitals, evacuation centers, telecom and water utilities, government emergency operation centers, and vital oil depots.
House to prioritize ICI, anti-dynasty bills
By Jovee Marie N. dela Cruz @joveemarie
THE leader of the House of Representatives on Tuesday vowed to prioritize two key reform measures—the Independent Commission Against Infrastructure Corruption (ICI) Bill and the Anti-Dynasty Bill—aimed at combating corruption and restoring public trust in the government.
Addressing the resumption of the House session, Speaker Faustino Dy III described corruption as a “longstanding wound” that undermines governance, delays development, and erodes public confidence.
He said the House will move swiftly to pass the Independent Commission Against Infrastructure Corruption (Icaic) bill, which will create an autonomous body empowered
to investigate and prosecute irregularities in infrastructure` projects, particularly in flood control programs.
“There is a persistent challenge that continues to hinder progress, a long-standing wound in our society—corruption. It is the rust that slowly eats away at the people’s trust in government. It is the real culprit behind unfinished projects, stalled `public services, and promises that were never fulfilled,” Dy said.
Dy also announced that the House will take up the Anti-Dynasty bill, noting that it is time to fulfill the Constitution’s mandate to define and regulate political dynasties. He said the goal is to promote fairness and expand opportunities for more Filipinos to participate in governance.
“It is time to finally address another issue that has long been recognized in our
Constitution: the enforcement of the law against political dynasties,” he said.
“The goal is not to bar anyone but to broaden opportunities so that more Filipinos can serve and take part in government,” he added.
The Speaker emphasized that these twin reforms demonstrate the House’s commitment to act decisively, not merely declare intentions.
In the same speech, Dy also rallied lawmakers to stand with communities affected by Typhoons Uwan and Tino, saying true leadership is measured by compassion and action in times of crisis.
He acknowledged that some lawmakers are still in their districts overseeing relief and recovery efforts, saying their presence on the ground reflects genuine public service.
(UHC) program, which depends on tobacco tax revenues to sustain hospital services, medicines, and PhilHealth coverage for low-income families.
With a backlog of 36,000 kilometers of farm-to-market roads and billions of pesos allocated for these projects, Congress must act decisively to unearth the truth behind these alleged overpricing schemes, said the lawmakers.
Tinio, Co, and Elago stressed that the inquiry seeks not only to uncover corruption but also to ensure that public funds genuinely serve Filipino farmers.
“In light of the widespread and systemic corruption in government, it is imperative for Congress to expose and hold accountable all those involved,” the resolution said, warning that it is “unconscionable that billions of people’s money are lost to corruption instead of being used for the benefit of the Filipino people.” Jovee Marie N. dela Cruz
With this, the NTA and the Department of Agriculture (DA) urged for “tougher” enforcement measures, adding that proceeds from illegal tobacco sales tend to be linked to organized criminal networks, which pose a risk to national security.
“With billions in tax revenue at stake and millions of livelihoods at risk, industry groups are urging the government to act decisively,” the NTA said. “They recommend tighter border controls, improved tracing mechanisms, and stronger coordination among law enforcement, customs, and local government units to dismantle smuggling networks.”
DAR distributes CLOAS, e-titles, condones agrarian debts of ARBs in Calabarzon
By Jonathan L. Mayuga @jonlmayuga
THE Department of Agrarian Reform (DAR) has distributed 1,907
Certificates of Condonation with Release of Mortgage (COCROMs), Collective Land Ownership Awards (CLOAs), and electronic land titles (e-Titles) to 1,663 agrarian reform beneficiaries (ARBs).
The DAR said the distribution of the condonation certificates and awarding of land titles held in Calamba City recently boosted the livelihood prospects of farmers across Calabarzon.
DAR Field Operations Office
Undersecretary Kazel Celeste, who led the distribution, emphasized in a statement that land ownership empowers farmers, increases productivity, and contributes directly to the nation’s food security.
“This is not just DAR’s triumph—it is the triumph of every farmer and every Filipino family,” she said.
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Mindanao share this sentiment, reflecting a stark regional divide.
“These findings suggest that Duterte
Of the total certificates distributed, 286 were e-Titles issued under Project SPLIT (Support to Parcelization of Lands for Individual Titling)—a government initiative that aims to subdivide previously awarded collective CLOAs into individual land titles. This grants each ARB a clear and legally recognized ownership of the land they cultivate, and the ability to develop their farms independently, leading to higher income.
The remaining certificates included COCROMs and CLOAs, which relieve farmers of mortgage obligations and formalize their ownership, enabling them to invest confidently in their land and improve productivity.
Laguna recorded the highest number of distributed certificates with 563, followed by Rizal (559), Quezon II (390), Batangas (301), and both Cavite and Quezon I (47 each).
Undersecretary Celeste stressed that the distribution reaffirmed the government’s
remains a polarizing yet dominant political figure, with his ICC case continuing to shape national discourse and public perception,” the survey added. PQ3-2025 is an independent, noncommissioned nationwide purposive sampling survey conducted from September
commitment to agrarian justice and sustainable rural development, ensuring farmers gain land, strengthen their livelihood, and uplift their families’ quality of life.
“This is not just the triumph of the DAR—it is the triumph of every farmer, every ARB, and every Filipino family,” she said.
“Among all our people, farmers are the ones we cannot afford to lose—because every Filipino family depends on them, three times a day, seven days a week,” she added.
DAR Calabarzon continues to support ARBs through land distribution, condonation assistance, and capacity-building programs to help farmers secure lasting prosperity and dignity in agriculture
The ceremony also gathered Assistant Secretary McDonald Galit, Regional Director Cupido Gerry Asuncion, and Assistant Regional Director Atty. Rexie Maristela, Provincial Agrarian Reform Program Officer, Rommel Bote, and local government partners.
27 to 30, 2025. It comprises 1,500 respondents who are registered Filipino voters, randomly selected from the market research panef PureSpectrum, a US-based panel marketplace with global operations and a regional office in Singapore.
“In every crisis, we are reminded that public service is not only about crafting laws but also about showing compassion, taking action, and offering hope,” the House chief said. He added that the House continues to coordinate with national agencies and local officials to ensure that relief, rehabilitation, and preparedness efforts are implemented efficiently and equitably.
According to the National Disaster Risk Reduction and Management Council (NDRRMC), the back-to-back typhoons displaced thousands across Northern Luzon and the Visayas, causing flash floods, landslides, property damage, crop losses, and road closures. Authorities continue to assess the full extent of the damage.
Dy assured families affected by the storms that Congress is working closely with local officials and national agencies to deliver aid and support rehabilitation.
PNP to continue with law enforcement mandate despite Uwan damage
THE Philippine National Police (PNP) will not falter in its law enforcement mandate despite damage sustained by some of its facilities due to the onslaught of Super Typhoon “Uwan” which pummeled the country over the weekend. In a statement on Tuesday, acting PNP chief Lt. Gen. Jose Melencio Nartatez Jr. said that they will continue with their public safety and non-stop law enforcement services.
Based on police records, Uwan damaged a total of 24 police stations and two headquarters across Cagayan Valley, Bicol, Western Visayas, and Eastern Visayas. Two police vehicles were also damaged, while 27 uniformed personnel and one nonuniformed personnel were affected by the storm, with some losing personal property.
“There were temporary disruptions in some areas especially in regions hard hit by Typhoon Uwan but we immediately restored communication lines and operational control. Our command centers remained functional,” Nartatez said.
“Even if a number of our police stations and offices were damaged and some of our personnel were also affected, your police continued their duties. Some even operated from temporary posts just to ensure public safety and continuous coordination with local responders,” he added.
To address the impacts of the typhoon, the PNP conducted rapid damage assessments of all affected police stations and headquarters, and activated temporary command posts and relocation centers for units unable to operate in their regular facilities.
SC affirms constitutionality of RA 12232: law postponing the December BSKE
THE Supreme Court (SC) has affirmed the constitutionality of Republic Act 12232, the law postponing the December 1, 2025 Barangay and Sangguniang Kabataan Elections (BSKE) to November 2026.
In a ruling penned by Associate Justice Jhosep Lopez, the Court en banc junked the four consolidated petitions questioning the constitutionality of R.A. 12232, which effectively sets the term of office of barangay and SK officials to four years.
Under the law, the next BSK elections will be held on the first Monday of November 2026 and every four years thereafter.
Accordingly, the elections set for December 1, 2025, have been rescheduled to November 2026, thus, incumbent officials shall remain in office until their successors are elected.
The petitioners, led by election lawyer Romulo Macalintal, argued that the postponement is a violation of the people’s right to suffrage and a violation of their right to information.
The petitions also branded the law as “deceptive” as it “unwarrantedly imposes” a new election date without explicitly mentioning the
See “BSKE,” A8
PHL Sustainability Movement marks 10 years, aims for wider adoption of sustainable practices
THE Philippine Sustainability Movement is looking at helping more organizations in the local hotel, restaurant, and catering (HORECA) sector adopt responsible and traceable food systems.
Celebrating its 10th anniversary, the movement focused on advancing organic practices, promoting certified responsibility, and strengthening traceability
across the entire value chain. It brought together leaders from the hospitality, retail, and advocacy sectors to set the direction for the next decade of responsible and traceable food systems.
“Over the past ten years, the movement has grown into a collaborative platform for businesses, NGOs, and government agencies committed
to environmental stewardship, ethical sourcing, and transparency in food systems,” Christian Schmidradner, founder of Pristine Solutions and initiator of the Philippine Sustainability Movement, said.
“Our goal for the next decade is to make sustainability more achievable for all by helping more organizations adopt responsible practices, so that we may continue to create tangible impact for our communities, people, and the planet,” he added. The event featured a series of discussions on organic transformation, plastic reduction, animal welfare, and ESG (environmental, social, and governance) integration in the hospitality and retail industries.
Malacañang confirms AFP probe into alleged destabilization plot
By Samuel P. Medenilla
@sam_medenilla
MALACAÑANG said the Armed Forces of the Philippines (AFP) is now looking into the alleged involvement of some government officials and former uniformed personnel in destabilization efforts.
In a press briefing last Tuesday, Palace Press Officer Claire Castro confirmed the claims made by former columnist Ramon T. Tulfo, Jr. that Vice President Sara Duterte, Davao City 1st District Representa-
tive Paolo Duterte, and former Ilocos Sur governor Luis “Chavit” Singson were being monitored by the government for their supposed involvement in destabilization efforts.
The Presidential Communications Office (PCO) undersecretary said AFP is also keeping close tabs on Retired Air Force Maj. Gen. Romeo Poquiz, Retired Brigadier General Orland De Leon, and even Baguio City Mayor and former chief the Criminal Investigation and Detection Group, as well as former AFP Security and Protection Group Raymund Dante La -
chica for the same reason.
Some of those included in the said list like Paolo Duterte and Magalong have denied their supposed involvement in the said destabilization plot.
The vice president also noted last month that she has not made any calls to destabilize the government.
Castro said AFP already mobilized its intelligence units to validate the said posts.
“According to the AFP, these kinds of statements, although they are on social media, are also being given to their intelligence community, monitored, and the truth is be -
ing ascertained,” Castro said.
She noted President Ferdinand Marcos will take the necessary actions if AFP will find proof of the said claims.
“If they see something that really deserves attention, our President will not let it go to waste,” Castro said.
As early as September, there were already reports of supposed destabilization efforts after the government intensified its investigations on alleged anomalies in flood control projects of the Department of Public Works and Highways.
Sen. Bam: Corruption and greed to blame for deaths, destruction from twin typhoons
CBy Butch Fernandez @butchfBM
ORRUPTION and greed kills, and reforms to prevent them from hijacking beneficial projects must be pursued in earnest. Senator Bam Aquino asserted this on Tuesday as he expressed disgust over reports that hundreds of people died, and many more missing, as Typhoons “Tino” and “Uwan” wrought massive destruction in various parts of the country.
Aquino issued the statement following reports that more than 200 people perished in the twin typhoons.
Nakamamatay ang katiwalian at
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previously scheduled December 1, 2025 poll. They argued that the law is invalid for failing to comply with the guidelines in postponing elections set in the 2023 case of Macalintal v. COMELEC.
Additionally, they claimed that the law violates the public’s right to vote and unduly favors BSK officials.
kasakiman.Itoangdapatsisihinsapagkawala ngnapakaramingbuhay,pagkawasakngariarian,atpagkawalangkabuhayanngmarami natingmgakababayan [Corruption and greed kills. This should be blamed for the loss of many lives, destruction of property and loss of livelihood for many people],” Aquino said.
The senator cited the reported billions of pesos allotted for flood control projects in Cebu province that failed to protect residents from severe flooding, raising suspicions of substandard construction and misuse of funds.
“If only these projects had been done correctly, they could have surely provided the much needed protection for our people in Cebu. But it seems personal interest of corrupt officials
In upholding the law, the SC ruled that Article X, Section 8 of the Constitution grants Congress the authority to set the term duration of barangay officials.
“ These officials are not bound by the general three-year term limit that applies to other elective local officials,” the SC ruled.
“ This legislative power is not merely permissive; it makes Congress the sole body empowered to define the term of office of barangay officials. Further, under the doctrine of necessary implication, this authority to
was put above everything else,” the senator added, speaking mostly in Filipino.
The Independent Commission on Infrastructure (ICI) has been investigating the irregularities attending hundreds of flood control projects nationwide, a scandal that has engulfed officials of both the Executive and Congress. Lawmakers were blamed for inserting billions in flood-control funds in the 2025 budget, amid revelations that just over a dozen select contractors had cornered most of the major projects, while giving kickbacks to members of Congress.
Meanwhile, Aquino also pointed to unchecked greed that has led to the destruction of forest areas that could have served as natural
define the term of office of barangay officials necessarily includes the power to decide when the new term begins, provided that the period is reasonable and not unduly long from the law’s enactment,” it added.
The SC also ruled that the law does not violate the public’s right to vote, as it neither abolishes nor indefinitely suspends the BSK elections.
“It simply changes the interval from three to four years. Elections remain regular, periodic, and certain. Voters know when
protection against floods.
Moreover, the senator called for accountability and long-term reforms to prevent similar tragedies in the future.
“It is important to lay down sustainable solutions to the frequent flooding to prevent a repeat of what happened in Cebu and elsewhere,” Aquino emphasized.
He demanded accountability for “those behind the anomalous and substandard and ineffective flood control projects. The blood of those who perished is on their hands because of their greed and perfidy.”
In July, Aquino filed a resolution calling on the Senate to investigate the government’s flood control projects.
the next election will take place, can hold officials accountable at fixed intervals, and retain full democratic control over barangay governance,” the SC pointed out.
Likewise, they also dismissed the petitioners’ claim that the RA 12232 is discriminatory, stressing that barangays are distinct from other local government units.
“A law treating barangay officials differently does not amount to undue favor or discrimination when such treatment is expressly allowed by the Constitution,” the Court said. Joel R. San Juan
Marcos orders prioritized repatriation of over 340 OFWs victimized in Myanmar scam hubs
OVER 340 overseas Filipino workers (OFW), who fell victims to scam hubs in Myanmar, are set to be repatriated on Wednesday by the Department of Migrant Workers (DMW) and other concerned government agencies.
President Ferdinand Marcos ordered the said agencies to prioritize bringing home the said distressed OFWs to help them recover from their ordeal in Myanmar.
The said OFWs were among those, who were rescued by law enforcement authorities in scam hubs compounds in Myanmar last month.
This is in line with President Ferdinand R. Marcos Jr.’s directive to prioritize the repatriation of OFWs, including their health and welfare upon their arrival in the Philippines,” Palace Press Officer Clair Castro said in a press briefing last Tuesday. Upon the arriv al of the said OFWs, they will receive assistance from DMW,
Department of Foreign Affairs, Overseas Workers Welfare Administration, Department of Social Welfare and Development, and the Department of Health.
Citing DMW Secretary Hans J.
Red Cross intensifies relief efforts after Typhoon ‘Uwan’ displaces over a million
By Claudeth Mocon-Ciriaco @claudethmc3
THE Philippine Red Cross (PRC) is intensifying its efforts to provide relief to families and communities severely affected by Super Typhoon “Uwan,” which exited the Philippine Area of Responsibility early Tuesday morning.
The Philippine Red Cross (PRC) is ramping up its efforts to provide relief for families and communities heavily affected by the typhoon after Super Typhoon “Uwan” left the Philippine Area of Responsibility early morning of Tuesday.
PRC’s Safety Services established 46 first aid stations spread across affected provinces, taking the vital signs of 692 individuals, treating 21 injured patients, transporting 4 patients to hospitals, and deploying 8 ambulances for medical transport, as of 8 a.m. of November 11.
PRC’s Emergency Response Units (ERU) have assisted a total of 247 individuals in Batangas and Negros Occidental, taking them from atrisk areas to nearby evacuation centers. Further reports from PRC’s Operation Center stated that they have finished 2 clearing operations in Nueva Ecija and Nueva Vizcaya.
PRC’s Disaster Management Services (DMS) have provided 65 shelter strengthening kits to families in Isabela and Quirino. They have also supported evacuations and preparedness efforts in Olongapo, Aurora, Masbate, Abra, Cagayan, and Kalinga. OpCen reports also stated that DMS has given out food rations across Tarlac.
Lastly, DMS conducted 22 rapid damage assessment and needs analysis in areas such as Camarines Sur and Catanduanes.
PRC’s Welfare Services set up 41 welfare desks across evacuation centers from different affected provinces. They have provided psychological first aid for 1,234 individuals and reached 2,700 children with their childfriendly spaces.
As of current reports, 21 food trucks have been mobilized, serving 24,124 hot meals for individuals and families in need. Aside from this,
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Among the event’s highlights was the launch of PYC Foods and One World Deli’s ESG and Sustainability Framework, which aims to integrate environmental and social accountability into everyday food operations.
“Trust and traceability are now at the heart of how we build food businesses,” Roscila Anne Baylon, Head of Nutrition and Wellness at PYC Foods, said.
2,399 bread donations were also distributed. PRC’s Health Services have also been very active during operations for Typhoon Uwan. 7 doctors and 31 nurses have provided medical consultations and distributed medicine to 284 individuals. Likewise, PRC Health teams also conducted disease prevention sessions, reaching 6,388 individuals across multiple provinces.
As a means to prevent leptospirosis cases, 1,248 individuals received doxycycline prophylaxis. 1,613 face masks were also distributed in Pasay, Pangasinan, Laguna, Rizal, and Kalinga.
PRC’s National Blood Services deployed 223 blood units across La Union, Quirino, Cagayan, and Nueva Vizcaya for augmentation. It’s Water, Sanitation, and Hygiene (WASH) unit provided 754 bottles of water for Ilocos Sur and Pangasinan and over 300 hygiene kits across Ilocos Norte, Pangasinan, and Tarlac.
Furthermore, they have also conducted hygiene promotion activities, reaching 1,915 individuals. PRC’s WASH unit has also started water distribution in affected communities, starting with 692 liters in Valenzuela.
As of today, 949 volunteers have been mobilized to support ongoing operations. Communication lines through different PRC Chapters remain open through 18 radios operating without Wi-Fi or data, supported by satellite phones and Starlink units to ensure coordination even in remote areas.
Throughout the operations, PRC teams are continuing to monitor potential river overflows and shelter damages, especially in priority areas like coastal communities.
PRC Chairman and CEO Richard Gordon reminded everyone that while Typhoon Uwan has left the Philippine Area of Responsibility, there is still much work to be done.
“The typhoon may have left PAR but there are still many parts of the country reeling from its effects. PRC’s work isn’t done until the affected are fully safe and are capable of standing back up again on their own two feet,” he said.
“Through our ESG program, we’re ensuring that what we serve is not only safe and nutritious, but also responsibly sourced and transparently produced, because consumers deserve to know where their food comes from.” Over the past decade, the Philippine Sustainability Movement said it has gathered businesses, hotels and restaurants, NGOs, and government agencies to bolster environmental stewardship and responsible food production through collaboration and education. It added that the movement has helped raise awareness and adoption of sustainable practices in the country’s hospitality and food sectors, moving supply chains toward more environmentally responsible practices. L ooking forward, the Philippine Sustainability Movement said it aims to build more resilient and responsible food systems rooted in accountability, transparency, and a shared commitment. Ada Pelonia
Editor: Angel R. Calso
Suicide bombing at Islamabad court kills 12, wounds dozens
By Munir Ahmed & Ishtiaq Mahsud
The Associated Press
Car explosion near New Delhi’s Red Fort sparks anti-terror probe as toll rises to 8
INVESTIGATORS examine the site of Monday’s car explosion near the historic Red Fort, in New Delhi, India, Tuesday, Nov. 11, 2025. AP
By Sheikh Saaliq & Rajesh Roy The
NEW DELHI—Indian police were investigating a deadly car explosion in New Delhi under an anti-terrorism law, officials said Tuesday, as forensic experts worked to determine the cause of the blast.
The explosion occurred near the historic Red Fort late Monday, killing at least eight people and injuring several others.
Senior police officials told The Associated Press that a case was registered under the Unlawful Activities (Prevention) Act, India’s main anti-terrorism law, which allows broader powers to investigating agencies to detain suspects. The officials spoke on condition of anonymity because of the sensitivity of the case.
Prime Minister Narendra Modi, who was on a scheduled visit to Bhutan on Tuesday, said investigators would “get to the bottom of this conspiracy.
“The conspirators won’t be spared and all those responsible will be brought to justice,” Modi said.
Police said the explosion was believed to have originated from a Hyundai i20 car that had stopped at a traffic signal. Nearby vehicles were badly damaged, and photos showed shattered windows, twisted metal and flames engulfing several cars.
Police were attempting to trace the car’s owner. There was no immediate information about the occupants, who were believed to have been killed.
No arrests had been made Tuesday but investigators were “probing all possible angles, including a terror attack, an accidental blast or any kind of failure in car,” Delhi police spokesman Sanjay Tyagi told the AP.
“Teams are working on leads available so far. Final shape of the investigation will be decided after the forensic team gives a final report on use of any explosives,”
Bombing. . .
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Interior Minister Mohsin Naqvi told reporters.
The minister refrained from blaming any militant group but added that authorities are “looking into all aspects” of the attack.
Naqvi said police investigators also confirmed the blast was caused by a suicide bomber.
No group immediately claimed responsibility for the explosion but Pakistan has struggled with militant attacks across the country and a resurgent Pakistani Taliban.
Thailand threatens to suspend truce with Cambodia after land mine injures troops
By Jintamas Saksornchai Associated Press
ANGKOK—Thailand threat -
Bened Monday to suspend a US-brokered ceasefire with Cambodia after a land mine explosion along their volatile border injured four Thai soldiers.
Thailand and Cambodia signed the truce agreement last month after territorial disputes between the Southeast Asian neighbors led to five days of combat in late July that killed dozens of soldiers and civilians.
Tensions have simmered and other land mine explosions before and after the clashes have also caused injuries.
The Royal Thai Army said late Monday the explosion earlier in the day injured four soldiers. A sergeant lost his right foot after stepping on a land mine while on patrol along the border in Sisaket province, while the other three suffered minor injuries from shrapnel or the impact of the blast.
It also said Thai troops regularly patrol the area and accused Cambodia of laying new land mines in violation of the truce.
he said.
Senior police officials said they also were probing possible links to the recovery of arms and material used to make explosives in a separate incident in neighboring Haryana state on Monday.
Police recovered 360 kilograms (793 pounds) of ammonium nitrate, a chemical used to make explosives, and an assault rifle and a pistol in Faridabad city, which borders the Indian capital. The recovery was made before the car explosion.
Home Minister Amit Shah said Monday that “all angles” were being investigated and that security agencies would reach a conclusion soon. He said footage from cameras in the area would play a key role in the investigation.
Major train stations, including in Mumbai and in Uttar Pradesh state, which borders New Delhi, were put on security alert. The security force responsible for guarding key installations in the capital, including New Delhi’s international airport, metro system and major government buildings, said its personnel had also been placed on security alert.
A former imperial palace, the Red Fort is a sprawling Mughalera complex and a major tourist attraction in the Old Delhi section of the city. Located about 6 kilometers (3.7 miles) from Parliament, the 17th-century monument is a symbolic location where Indian prime ministers deliver Independence Day speeches on Aug. 15 each year.
The area around Red Fort is typically crowded, serving as a main route to the bustling bazaars of the old city.
According to media reports, the casualties were mostly passersby or those who had arrived for court appointments. Islamabad police did not immediately issue statements about the attack but said they were still investigating.
Earlier Tuesday, Pakistani security forces said they foiled an attempt by militants to take cadets hostage at an army-run college overnight, when a suicide car bomber and five other Pakistani Taliban targeted the facility in a northwestern province.
The attack started on Monday evening, when a bomber tried to storm the cadet college in Wana, a city in Khyber Pakhtunkhwa
Thai Prime Minister Anutin Charnvirakul said Monday’s land mine explosion showed that “the hostility towards our national security has not decreased as we thought it would,” adding that all actions to be carried out under the truce agreement will be halted until Thailand’s demands are met. He did not elaborate on Thailand’s demands.
The Cambodian Ministry of Foreign Affairs denied the allegations, saying most mines along the border are old mines that have not been cleared. “Cambodia remains committed to implementing the Joint Declaration, which was signed amidst much applaud from the international community,” it said.
Under the terms of the agreement, Thailand is to release 18 Cambodian soldiers held prisoner and both sides are to begin removing heavy weapons and land mines from the border area. Thai Defense Minister Natthaphon Narkphanit said Thailand will postpone the release of the captured Cambodian soldiers, initially scheduled for later this week. The two sides said there has been some progress on arms removal, but Thailand accuses Cambodia of obstructing the mine clearance process. Cambodia says it’s committed to all terms in the agreement, including demining, and urged Thailand to release its soldiers as soon as possible. The ceasefire was initially mediated by Malaysia, and US President Donald Trump later threatened to withhold trade privileges unless both Cambodia and Thailand agreed on a truce. The deal was signed during the Association of Southeast Asian Nations summit in October.
The Associated Press writer Sopheng Cheang contributed from Phnom Penh, Cambodia.
Syria’s national museum in Damascus hit by thieves, ancient statues stolen
By Ghaith Alsayed & Bassem Mroue The Associated Press
DAMASCUS, Syria—Thieves broke into the national museum in the Syrian capital and stole several ancient statues dating back to the Roman era, officials said on Tuesday. The National Museum of Damascus was temporarily closed after the heist was discovered early Monday. The museum reopened in January as the country is reeling from the 14-year civil war and the fall of the 54-year Assad family rule last year.
province near the Afghan border. The area had until recent years served as a base for the Pakistani Taliban, al-Qaida and other foreign militants. According to Alamgir Mahsud, the local police chief, two of the militants were quickly killed by troops while three militants managed to enter the compound before being cornered in an administrative block. The army’s commandoes were among the forces conducting a clearance operation and an intermittent exchange of fire went on into Tuesday, Mahsud said.
The administrative block is away from the building housing
An official from Syria’s DirectorateGeneral for Antiquities and Museums told The Associated Press that six marble statues were stolen, adding that an investigation is ongoing.
Another official told AP that the theft occurred Sunday night and was discovered early Monday, when one of the doors at the classical department was found broken and several statues dating back to the Roman era were missing. The official refused to give an exact number. Both officials spoke on condition
The museum in central Damascus, the country’s largest, houses invaluable antiquities dating back to Syria’s long history. After the war started, security was boosted with metal gates and surveillance cameras.
“Syria,” A11
hundreds of cadets and other staff. The Pakistani Taliban, or TTP, which is separate from but allied with Afghanistan’s Taliban, denied involvement in the college attack. The group has been emboldened since the Taliban seized power in Kabul in 2021, and many of its leaders and fighters are believed to have taken refuge in Afghanistan.
Pakistan has seen a surge in militant attacks in recent years. The deadliest assault on a school occurred in 2014 when Taliban gunmen killed 154 people, mostly children, at an army-run
Associated Press
IN this photo released by the Syrian official news agency SANA, people attend the reopening ceremony for Syria’s National Museum, in Damascus, Syria, Oct. 28, 2018. SANA VIA AP
Trump threatens $1 billion lawsuit against BBC over edited Jan. 6 speech; top executives resign
By Jill Lawless The Associated Press
LONDON—US President Donald Trump has threatened legal action against the BBC over the way a speech he made was edited in a documentary aired by Britain’s national broadcaster.
BBC chairman Samir Shah on Monday apologized for the “error of judgment,” which triggered the resignations of the BBC’s top executive and its head of news.
Director-General Tim Davie and news chief Deborah Turness quit Sunday over accusations of bias and misleading editing of a speech Trump delivered on Jan. 6, 2021, before a crowd of his supporters stormed the Capitol in Washington.
The hourlong documentary—titled “Trump: A Second Chance?”—was broadcast as part of the BBC’s “Panorama” series days before the 2024 US presidential election. It spliced together three quotes from two sections of the 2021 speech, delivered almost an hour apart, into what appeared to be one quote in which Trump urged supporters to march with
him and “fight like hell.” Among the parts cut out was a section where Trump said he wanted supporters to demonstrate peacefully. Shah said the broadcaster accepted “that the way the speech was edited did give the impression of a direct call for violent action.”
A letter from Trump attorney Alejandro Brito demands the BBC “retract the false, defamatory, disparaging, and inflammatory statements,” apologize and “appropriately compensate President Trump for the harm caused,” or face legal action for $1 billion in damages. The BBC said it would review the letter “and respond directly in due course.”
Top executives quit TRUMP had earlier welcomed the resignations of the two BBC executives. He posted a link to a
Daily Telegraph story about the speech-editing on his Truth Social network, thanking the newspaper “for exposing these Corrupt ‘Journalists.’ These are very dishonest people who tried to step on the scales of a Presidential Election.”
He called that “a terrible thing for Democracy!”
In a resignation letter to staff, Davie said: “There have been some mistakes made and as directorgeneral I have to take ultimate responsibility.”
Turness said the controversy was damaging the BBC, and she quit “because the buck stops with me.” She defended the organization’s journalists against allegations of bias.
“Our journalists are hardworking people who strive for impartiality, and I will stand by their journalism,” she said Monday. “There is no institutional bias. Mistakes are made, but there’s no institutional bias.”
Trump speech edited PRESSURE on the broadcaster’s top executives has been growing since the right-leaning Daily Telegraph published parts of a dossier compiled by Michael Prescott, who had been hired to advise the BBC on standards and guidelines.
As well as the Trump edit, it criticized the BBC’s coverage of transgender issues and raised
concerns of anti-Israel bias in the BBC’s Arabic service.
The “Panorama” episode showed an edited clip from the January 2021 speech in which Trump claimed the 2020 presidential election had been rigged. Trump is shown saying: “We’re going to walk down to the Capitol and I’ll be there with you. And we fight. We fight like hell.”
According to video and a transcript from Trump’s comments that day, he said: “I’ll be there with you, we’re going to walk down, we’re going to walk down. Anyone you want, but I think right here, we’re going to walk down to the Capitol, and we’re going to cheer on our brave senators and congressmen and women, and we’re probably not going to be cheering so much for some of them.
“Because you’ll never take back our country with weakness. You have to show strength and you have to be strong. We have come to demand that Congress do the right thing and only count the electors who have been lawfully slated, lawfully slated.
“I know that everyone here will soon be marching over to the Capitol building to peacefully and patriotically make your voices heard.”
Trump used the “fight like hell” phrase toward the end of the speech, but without referencing
the Capitol.
“We fight like hell. And if you don’t fight like hell, you’re not going to have a country anymore,” Trump said.
In a letter to Parliament’s Culture, Media and Sport Committee, Shah said the purpose of editing Trump’s words had been “to convey the message of the speech” so that viewers could understand how it had been received by Trump’s supporters and what was happening on the ground.
He said the program had not attracted “significant audience feedback” when it first aired but had drawn more than 500 complaints since Prescott’s dossier was made public.
Shah acknowledged in a BBC interview that “it would have been better to have acted earlier. But we didn’t.”
A national institution
THE 103-year-old BBC faces greater scrutiny than other broadcasters—and criticism from its commercial rivals—because of its status as a national institution funded through an annual license fee of 174.50 pounds ($230) paid by all households who watch live TV or any BBC content.
The broadcaster is bound by the terms of its charter to be impartial, and critics are quick to point out when they think it has failed.
It’s frequently a political football, with conservatives seeing a leftist slant in its news output and some liberals accusing it of having a conservative bias.
It has also been criticized from all angles over its coverage of the Israel-Hamas war in Gaza. In February, the BBC removed a documentary about Gaza from its streaming service after it emerged that the child narrator was the son of an official in the Hamasled government.
Governments of both left and right have long been accused of meddling with the broadcaster, which is overseen by a board that includes both BBC nominees and government appointees. Some defenders of the BBC allege that members of the board appointed under previous Conservative governments have been undermining the corporation from within.
Prime Minister Keir Starmer’s spokesman, Tom Wells, said the center-left Labour Party government supports “a strong, independent BBC” and doesn’t think the broadcaster is biased.
“But it is important that the BBC acts to maintain trust and corrects mistakes quickly when they occur,” he said.
The Associated Press writer Seung Min Kim contributed from Washington.
Senate passes bill to reopen govt, ending record 41-day shutdown
By Mary Clare Jalonick, Lisa Mascaro & Kevin Freking
The Associated Press
ASHINGTON—TheSen-
Wate passed legislation Monday to reopen the government, bringing the longest shutdown in history closer to an end as a small group of Democrats ratified a deal with Republicans despite searing criticism from within their party.
The 41-day shutdown could last a few more days as members of the House, which has been on recess since mid-September, return to Washington to vote on the legislation. President Donald Trump has signaled support for the bill, saying Monday that “we’re going to be opening up our country very quickly.”
The final Senate vote, 60-40, broke a grueling stalemate that lasted more than six weeks as Democrats demanded that Republicans negotiate with them to extend health care tax credits that expire Jan. 1. The Republicans never did, and five moderate Democrats eventually switched their votes as federal food aid was delayed, airport delays worsened and hundreds of
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school in Peshawar. According to the military, the assailants wanted to repeat Monday what happened during the 2014 attack in Peshawar.
thousands of federal workers continued to go unpaid.
House Speaker Mike Johnson urged lawmakers to start returning to Washington “right now” given shutdown-related travel delays, but an official notice issued after the Senate vote said the earliest the House will vote is Wednesday afternoon.
“It appears our long national nightmare is finally coming to an end,” said Johnson, who has kept the House out of session since mid-September, when the House passed a bill to continue government funding.
How the stalemate ended AFTER weeks of negotiations, A group of three former governors— New Hampshire Sen. Jeanne Shaheen, New Hampshire Sen. Maggie Hassan and Independent Sen. Angus King of Maine—agreed to vote to advance three bipartisan annual spending bills and extend the rest of government funding until late January. Republicans promised to hold a vote to extend the health care subsidies by mid-December, but there was no guarantee of success. Shaheen said Monday that “this was the option on the table” after Republicans had refused to budge.
Tensions between Pakistan and Afghanistan have risen in recent months. Kabul blamed Islamabad for drone strikes on Oct. 9 that killed several people in the Afghan capital and vowed retaliation. The ensuing cross-border fighting killed dozens of soldiers, civilians and militants before Qatar brokered a ceasefire on Oct. 19, which remains in place. Since then, two rounds of peace talks have been held in Istanbul— the latest on Thursday—but ended without agreement after Kabul refused to provide a written assurance that the TTP and other militant groups would not use Afghan territory against Pakistan. An earlier, brief ceasefire between Pakistan and the TTP, brokered by Kabul in 2022, collapsed later after the group accused Islamabad of violating it.
“We had reached a point where I think a number of us believed that the shutdown had been very effective in raising the concern about health care,” she said, and the promise for a future vote “gives us an opportunity to continue to address that going forward.”
The legislation includes a reversal of the mass firings of federal workers by the Trump administration since the shutdown began on Oct. 1. It also protects federal workers against further layoffs through January and guarantees they are paid once the shutdown is over.
In addition to Shaheen, King and Hassan, Democratic Sen. Tim Kaine of Virginia, home to tens of thousands of federal workers, also voted Sunday in favor of moving forward on the agreement. Illinois Sen. Dick Durbin, the No. 2 Democrat, Pennsylvania Sen. John Fetterman and Nevada Sens. Catherine Cortez Masto and Jacky Rosen also voted yes. All other Democrats, including Senate Democratic leader Chuck Schumer of New York, voted against it.
The moderates had expected a larger number of Democrats to vote with them as 10 to 12 Democratic senators had been part of the ne -
gotiations. But in the end, only five switched their votes—the exact number that Republicans needed. King, Cortez Masto and Fetterman had already been voting to open the government since Oct. 1.
Many Democrats call the vote a “mistake”
SCHUMER , who received blowback from his party in March when he voted to keep the government open, said he could not “in good faith” support it after meeting with his caucus for more than two hours on Sunday.
“We will not give up the fight,” Schumer said, adding that Democrats have now “sounded the alarm” on health care.
Independent Sen. Bernie Sanders of Vermont, who caucuses with the Democrats, said giving up the fight was a “horrific mistake.” Sen. Chris Murphy, D-Conn., agreed, saying that voters who overwhelmingly supported Democrats in last week’s elections were urging them to “hold firm.”
House Democrats swiftly criticized the Senate.
Texas Rep. Greg Casar, the chairman of the Congressional Progressive Caucus, said a deal that doesn’t reduce health care costs is a “betray-
al” of millions of Americans who are counting on Democrats to fight.
Others gave Schumer a nod of support. House Democratic leader Hakeem Jeffries had criticized Schumer in March after his vote to keep the government open. But he praised the Senate Democratic leader on Monday and expressed support for his leadership throughout the shutdown.
“The American people know we are on the right side of this fight,” Jeffries said Monday, pointing to Tuesday’s election results.
Health care debate ahead
IT’S unclear whether the two parties would be able to find any common ground on the health care subsidies before a promised December vote in the Senate. House Speaker Mike Johnson, R-La., has said he will not commit to bringing it up in his chamber.
On Monday, Johnson said House Republicans have always been open to voting to reform what he called the “unaffordable care act” but again did not say if they would vote on the subsidies.
Some Republicans have said they are open to extending the Covid-19-era tax credits as premi-
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On Tuesday morning, an AP journalist tried to enter the museum and was told by security guards that it was closed. They refused to answer questions about the theft. The section of the museum where the statues were reported stolen is “a
ums could skyrocket for millions of people, but they also want new limits on who can receive the subsidies. Some argue that the tax dollars for the plans should be routed through individuals.
Senate Appropriations Committee Chairwoman Susan Collins said Monday that she’s supportive of extending the tax credits with changes, like new income caps. Some Democrats have signaled they could be open to that idea.
“We do need to act by the end of the year, and that is exactly what the majority leader has promised,” Collins said.
Other Republicans, including Trump, have used the debate to renew their yearslong criticism of the law and called for it to be scrapped or overhauled.
In a possible preview, the Senate voted 47-53 along party lines Monday not to extend the subsidies for a year. Majority Republicans allowed the vote as part of a separate deal with Democrats to speed up votes and send the legislation to the House.
The Associated Press writers Seung Min Kim, Michelle Price and Stephen Groves contributed to this report.
PSA data reveals pockets of food self-sufficiency
THE latest data from the Philippine Statistics Authority (PSA) on the self-sufficiency ratio (SSR) of food commodities usually consumed in the Philippines showed pockets of hope for the agriculture sector. Based on PSA’s report, the country is selfsufficient in certain fruits and vegetables—eggplant, ampalaya (bitter gourd), cabbage, cassava, sweet potato, pomelo and tomato. The SSR of the fruits usually exported by the Philippines exceeded 100 percent—banana (136.7 percent), pineapple (130.5 percent), and mango (101.3) percent.
According to the PSA, SSR indicates the magnitude of production in relation to domestic utilization. It shows the extent to which a country relies on its own production resources i.e., the higher the ratio the greater the self-sufficiency. A ratio of less than 100 percent indicates inadequacy of food production to cope with the demand of the population; equal to 100 percent indicates that food production capacity of the sector is just enough to support the food needs of the population; and a ratio of greater than 100 percent indicates that domestic production is more than enough to support the domestic requirements.
What is concerning, based on the PSA report, is that the SSR of other staple items and food commodities that Filipinos eat frequently is below 100 percent. Among the widely-consumed items that the Philippines continues to import because domestic production is not enough to fill domestic demand are rice, pork, poultry, and roundscad ( galunggong). The SSR of rice, for instance, is at 71.7 percent, which means that almost 30 percent of the food staple requirements of the country is sourced from other parts of the world.
These figures not only reflect the progress that the Philippines has made in terms of increasing the production of essential food items but also depict the difficulties that policymakers must deal with in shielding the country from price volatility. Because these food items are also widely consumed in other countries, the Philippines is at the mercy of traders and foreign producers. If the Philippines does not resort to importing these food items, inflation would be difficult to control, a development that could lead to a reduction in consumption and ultimately affect the country’s economic growth.
While the twin executive orders issued by the president may be considered as additional tools to shield local farmers from agricultural volatility, the Philippines will continue to grapple with the whims of the international market and pay foreign food producers to close supply gaps in essential food items. EO 100 imposed a floor price for rice, while EO 101 directed all national and local government agencies to fully implement Republic Act 11321 or the Sagip Saka Act. (See, “EOs aim to shield farmers from agri volatility,” BusinessMirror , October 27, 2025).
These policies will be ineffective if they are not implemented properly and are not complemented by other initiatives, such as the construction of more farm-to-market roads, the provision of extension services and the establishment of first border inspection facilities. An extension system should enable farmers to improve their productivity and produce more of the food items frequently consumed by the Filipinos, while farm-to-market roads will allow them to deliver agricultural goods to potential buyers. First border inspection facilities, meanwhile, will help the government keep animal diseases at bay.
China opens state-dominated sectors wider to private investments
CHINA is further opening up several major state-dominated industries to private capital by raising the ownership limit and removing some investment barriers.
China’s cabinet— the State Council—has unveiled a package of 13 measures to promote private investment, in an effort to revive a sector that’s struggled against the backdrop of sluggish demand at home and rising tensions over foreign trade.
The body called for carrying out feasibility studies of private sector participation in areas ranging from railways to oil pipelines when the projects are submitted for national government approval, provided they offer a reasonable return on investment. For qualified projects, private companies can now hold stakes exceeding 10 percent, it said late Monday.
The package marks one of the most concrete steps yet taken by Beijing to support private businesses that, until now, faced stricter limits for investing than state-owned firms. It follows a yearslong pullback in spending by international companies, with inbound new foreign direct investment down more than 10 percent in the first nine months of the year.
The goals are to stimulate “the vitality of private investment and
promote the sector’s development,” the National Development and Reform Commission, or NDRC, said in a statement about the policy announcement.
Previously, private participation was “relatively low” in industries such as those mentioned in the new measures, the Economic Information Daily reported Tuesday, citing Wu Youhong, a researcher with the NDRC, the country’s top economicplanning agency. It was only in August 2024 that the government for the first time allowed private firms to raise their stakes in five nuclear power projects to 10 percent from 2 percent, according to Wu.
Private companies have been more reluctant to commit money as their earnings outlook dimmed during the longest deflationary streak in decades and as foreign governments erected barriers against Chinese goods.
Weakness in the non-state sector has profound implications for the economy, considering it contributes to more than 50 percent of tax in-
The package marks one of the most concrete steps yet taken by Beijing to support private businesses that, until now, faced stricter limits for investing than state-owned firms. It follows a yearslong pullback in spending by international companies, with inbound new foreign direct investment down more than 10 percent in the first nine months of the year.
come, 60 percent of national gross domestic product and 80 percent of urban employment.
Under the document, private capital is encouraged to help build and operate new local urban infrastructure projects that are relatively small in scale and have the potential to become profitable.
The government will allow for the “orderly participation” of private companies in the so-called low-altitude economy—which covers airborne activities occurring less than 1,000 meters (3,280 feet) above ground—promising the sector will be treated “equally” to other investors during the licensing of commercial space frequencies and
Syrian leader wins more sanctions relief after meeting Trump BusinessMirror
By Josh Wingrove & Kate Sullivan
SYRIAN President Ahmed al-Sharaa secured additional sanctions relief and pledged to join a US-led coalition to defeat the Islamic State as he met with US President Donald Trump at the White House.
Secretary of State Marco Rubio suspended comprehensive sanctions on Syria for 180 days as of Monday, according to a multi-agency statement. Earlier, a US official confirmed that Syria had agreed to join the fight against the Islamic State, detailing plans on condition of anonymity ahead of a formal announcement.
Sharaa’s visit capped a remarkable diplomatic transformation for a former jihadist who just one year ago had a $10 million US bounty on his head. It also marked the first time a Syrian president has visited the White House since the country’s independence in 1946.
“We want to see Syria be successful along with the rest of the Middle East,” Trump told reporters at the White House later on Monday. He called Sharaa a “very strong leader” who comes from a “tough place” and said “I have confidence he’ll be able
to do the job.”
Trump said further announcements regarding Syria were forthcoming, without providing details.
Sharaa’s rapid rehabilitation from designated terrorist to White House guest reflects the Trump administration’s strategic pivot toward engaging with the new government in Damascus and Sharaa’s efforts to court international support as he looks to rebuild a country shattered by a brutal civil war.
Rubio’s move bolsters US efforts to stabilize the new government in Syria as it looks to rebuild the wartorn nation. The six-month relief from sanctions under the Caesar Syria Civilian Protection Act, however, is only a temporary measure. The law, which targets the country’s energy, construction and finance sectors, can only be repealed by Congress, with efforts to do so on Capitol Hill underway.
Additional moves to bolster ties between the two countries could face obstacles, including over violence against the country’s religious minorities.
Ahead of the meeting, dozens of faith leaders from the US wrote to Trump, urging him to “address directly the massacre of Christians, Kurds, Druze, and Alawites in Syria” who they said are facing “violence, death, displacement, starvation, and water and medical deprivation.”
The letter follows efforts by Trump to pressure the government of Nigeria into doing more to protect Christians there. Trump has threatened military action against Islamist militants in the West African country. Nonetheless, the sanctions relief and counter-terrorism cooperation herald improving ties between Washington and Damascus. The US sees its support for Sharaa as essential to reducing Iran’s influence in the country and preventing the Islamic State from reorganizing, according to Tom Barrack, Washington’s special envoy for Syria.
Trump also is pressuring Syria and other nations in the region to
launch approvals, according to the State Council. Market access policies will also be “optimized” for private investment in satellite communication services, and firms deemed qualified will be supported to take the lead on major national technology research programs. It will be “strictly prohibited” to attach extra conditions for private investors when bidding for projects, according to the statement. Targeting private companies with requirements on historical performance or qualifications should be “firmly removed.” The authorities will also ramp up support on government procurement for small and medium-sized companies. For qualified projects worth more than 4 million yuan ($561,660), at least 40 percent of the total budget should be reserved for these firms.
Government buyers are also encouraged to raise the size of advance payments for private enterprises to more than 30 percent of the contract value.
China’s new policy financing tool, which is worth 500 billion yuan, will be tapped to help private investors beef up equity capital in qualified projects in key areas. Bloomberg
sign onto his first-term Abraham Accords, which helped normalize relations between Israel and several other countries. Those efforts—a diplomatic priority for Trump— had been set back by the IsraelHamas war. Syrian and Israeli officials have held talks in Paris in recent months to defuse tensions, though there’s little sign the countries are close to an agreement to defuse tensions.
The agreement to join the antiIslamic State coalition builds on Sharaa’s vision outlined in his United Nations address in September to transform Damascus from an “exporter of crisis to an opportunity for peace for Syria and the region.”
The Wall Street Journal first reported on Syria joining the coalition. Syria’s interior ministry said on Saturday it carried out a campaign targeting “terrorist” cells affiliated with the Islamic State in a number of provinces, according to the Syrian Arab News Agency. Two days later, security forces arrested three people linked to the Islamic State and seized an ammunition depot in Hama province, the state-run Sana reported. See “Syrian,” A13
First Brands’ new CEO says managers admitted firm faked invoices
By Steven Church & Jonathan Randles
FIRST Brands Group founder Patrick James ordered members of the finance department to transfer hundreds of millions of dollars of corporate cash to his personal bank account, a family trust and various businesses he controlled, the company’s new chief executive said during testimony in federal court Monday.
Charles Moore also testified that within weeks of arriving at First Brands, he uncovered evidence of massive financial fraud at the autoparts company, from fake invoices to using the same assets to win loans from different lenders, a process known as double pledging collateral. Moore told US Bankruptcy Judge Christopher Lopez, who is overseeing the insolvency case, that he talked to three members of management who admitted to him that the company doctored invoices used to secure financing.
Lopez held an unusual hearing in Houston to decide whether he should unfreeze personal accounts and assets under James’ control. The company’s new managers, including Moore, argue that money should remain out of James’ reach as First Brands builds a legal case to claw it back and turn it over to creditors owed billions of dollars.
James is fighting to overturn the freeze, which only allows him to spend money on personal expenses, like rent, transportation and food. He has denied the allegations of fraud.
First Brands lawyers showed a 2022 message from one member of the company’s finance department to another, in which an employee suggests they may have to make “dummy invoices” to secure additional financing. In a subsequent message, a top member of the finance department doesn’t express any concerns about falsifying invoices, Moore testified. That surprised Moore, he said. “I would think that if the notion of creating a dummy invoice was new or not happening, there would be some reaction to that,” Moore said on the witness stand.
James resigned as CEO in Oc-
Courting support
MONDAY’S visit highlights how the Syrian leader has sought to build international support to help rebuild his country. Sharaa once led an affiliate of al-Qaeda and was designated a terrorist by the US in 2013. He renounced his allegiance to al-Qaeda in 2016. Sharaa seized power from Bashar al-Assad in December 2024, ending more than 50 years of rule by the Syrian strongman’s family. Trump first met Sharaa in Saudi Arabia in May, describing him at the time as “tough guy” with a “strong past.” The US president during his trip to the Middle East this year said he would lift sanctions on Syria, claiming he wanted to give the coun-
First Brands Group founder Patrick James ordered members of the finance department to transfer hundreds of millions of dollars of corporate cash to his personal bank account, a family trust and various businesses he controlled, the company’s new chief executive said during testimony in federal court Monday.
tober. Lenders who were offering to save the company from shutting down refused to give First Brands rescue financing if James didn’t depart, Moore testified Monday.
“Mr. James has always conducted himself ethically and is committed to doing everything he can to support First Brands’ stakeholders during the restructuring process,” his spokesperson said in an email. James’ lawyer was cross examining Moore late Monday.
His lawyers argue that the restrictions are so broad and hit so many potential assets that legitimate, operating businesses could be crippled if the temporary restraining order is not rescinded or rewritten. They also say the freeze does not meet the legal standard to impose such financial controls.
Lopez is overseeing First Brands bankruptcy case and a related lawsuit is designed to recover money for the company’s creditors. Restructuring advisers brought in to run First Brands claim that James siphoned about $700 million from the business before it filed for bankruptcy in September with just $12 million in its accounts.
First Brands says the temporary restraining order is necessary to block James from moving assets further away from creditors. Bloomberg
try “a chance at greatness.” In June, Trump signed an executive order dismantling sanctions against Damascus and the Treasury Department removed 518 Syrian individuals and entities from its sanctions list.
The UN Security Council voted last week to lift sanctions on both Sharaa and the country’s interior minister, following a US push. Both men were under terrorism-related sanctions for their affiliation with al-Qaeda and the Islamic State of Iraq and the Levant.
The State Department on Friday — just days before Sharaa’s Washington visit—also removed the Syrian leader from its terrorist blacklist “in recognition of the progress demonstrated by the Syrian leadership after the departure of Bashar al-Assad.” With assistance from Eric Martin, Sherif Tarek and Ben Holland/Bloomberg
Dollar carry trades set to trounce world’s booming stock markets
By Ruth Carson, Masaki Kondo & Anya Andrianova
THE dollar is regaining its crown as one of the world’s most appealing assets, defying talk of a “Sell America” trade that had raised troubling questions about the outlook for the global reserve currency.
A simple strategy of borrowing in low-yielding currencies like the Japanese yen or the Swiss franc and putting your money in dollars looks set to beat the implied returns on markets such as European stocks and Chinese government bonds once the volatility of these assets is taken into account, according to Bloomberg calculations.
That suggests the dollar will maintain its critical position in global portfolios, despite worries about its future this year as President Donald Trump shook up the global economic order. A Bloomberg gauge of the dollar is down almost 7 percent this year—its worst performance in eight years—but it has bounced back around 3 percent from a September low, in part because of the so-called carry trade.
“The dollar will end up being one of the highest carry currencies again,” said Yuxuan Tang, a strategist at JPMorgan Private Bank in Hong Kong. “Whether it’s from a directional or carry perspective, it’s still going to be about a strong dollar,” she said.
The implications of the dollar’s renewed appeal for investors can’t be overstated for global markets.
Carry trades can drive massive capital flows, reshaping asset values and influencing sentiment from New
York to Singapore. When investors borrow cheaply to chase higher returns elsewhere, liquidity is often amplified—fueling rallies in risky assets that can just as quickly unravel when volatility spikes.
The appeal of dollar carry has been helped by a sharp drop in the greenback’s volatility, in part because a prolonged government shutdown dampened price swings in the $9.6 trillion-a-day global foreign exchange market. That reduces the risk for foreign traders loading up on dollar assets without hedging their currency exposure.
To make the calculations, Bloomberg used earnings yields as a proxy for equity returns; the gap between borrowing rates in yen and Swiss francs and similar-maturity investment yields in dollars to estimate the carry; and bond indexes that capture a range of maturities for yields on government debt. Volatility was calculated for the next month, with option-implied measures used for the currencies and stocks and swaptions for bonds. The exception was in China and emerging-market debt, where realized volatility was used.
Stock market fears THE rising appeal of the carry trade comes as investors worry that an artificial intelligence-fueled rally in
global stock markets will come to an end. The S&P 500 Index has jumped more than a third from its April lows, while indexes in Europe and China have also soared.
The US equity risk premium, measured as the difference between the S&P 500’s earnings yield and the 10-year Treasury yield, has turned negative. US stocks now offer investors no return whatsoever on a riskadjusted basis, presuming investors fund their bets by short-term borrowing and pocket a return in line with the earnings yield, the Bloomberg calculations show.
The math is similar—albeit not as extreme—for other markets. Investors buying Chinese stocks and holding for the next month are likely to get returns of just 0.23 percent per percentage point of volatility on an annualized basis, according to the calculations, versus the 0.54 percent per percentage point of volatility they could pocket through the low-risk carry trade. Those holding Japanese stocks look set to do even worse.
The Bloomberg dollar gauge rose around 0.1 percent during Asian trading hours on Tuesday, while stocks across the region edged lower despite signs that the US government shutdown is finally close to an end.
To be sure, the bullish dollar carry trade is not without risks. A sudden drop in short-term rates would erode its advantage dramatically. That could happen if the Fed signals faster rate cuts than markets currently expect, hardly a black swan event given the uncertainty over economic data.
“As the Fed may still cautiously reduce policy rates in the near term,
Thailand’s central bank chief breaks tradition with a simple ‘Hello’
By Suttinee Yuvejwattana
‘JUST popping in to say hello.”
Late one Tuesday night, Bank of Thailand Governor Vitai Ratanakorn surprised more than a hundred journalists in the bank’s media group chat with a direct message—the first time a sitting governor had reached out to reporters so personally.
The simple, almost casual message to the media marked a striking shift in tone for Thailand’s traditionally reserved central bank.
Within weeks of taking office, Vitai has made it clear he brings a new style. The 55-year-old chief has traded the institution’s buttoned-up image for a more open, press-friendly persona, moving to build bridges after years of difficult relations with the government.
“I’ll leave in a moment,” he wrote. “But if you have any problem or need anything, feel free to let me know directly.”
With that, Vitai effectively handed out his personal contact details, bypassing the bank’s communications team and signaling a new era of accessibility at one of Thailand’s most powerful institutions. The approach echoes the Bangko Sentral ng Pilipinas, where journalists can message the governor directly through
apps such as Viber. In most countries, top monetary policymakers are far more distant.
“It’s generally a welcome thing for the new governor, or any central bank head around the world for that matter, to be a bit more front-facing, given how big of an impact their decisions could have and how technical monetary policy making is,” said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics.
The governor commented Tuesday after this story’s publication.
“We should all work to boost the economy while maintaining stability because that will help lift up a lot of people,” he wrote in a chat message to Bloomberg.
‘Positive signals’ THE governor’s not just being friendly with the media, but also reaching out to the private sector. Last month,
Vitai and the bank’s top executives met with the country’s largest group of manufacturers that has been struggling with the baht’s appreciation and US tariffs. The shift in tone comes at a critical time. With limited room to cut rates and inflation still below target, communication may be one of the central bank’s most powerful tools. The Thai economy is expected to expand about 2 percent this year—roughly half the pace of regional peers Vietnam and Indonesia.
Seen as a rate-cut advocate before becoming the governor, Vitai said last month that there’s room to lower borrowing costs further if needed. During the October rate meeting, two of seven policymakers voted for a reduction, while the other five favored preserving policy space. Vitai has declined to say how he voted.
Vitai’s appointment earlier this year drew scrutiny from the start. His close ties with the government raised questions about whether the central bank’s independence could be compromised. Before taking the helm, he ran the Government Savings Bank, where he oversaw postCovid relief programs for small businesses and households and backed
China complains to European Parliament over Taiwan VP’s speech
CHINA said it complained to Europe’s legislature over a speech Taiwanese Vice President Hsiao Bi-khim gave to a group of its members, a spat that comes with tensions already heightened over trade and other issues.
“China has lodged serious protests with the European Parliament on the Taiwan independence politician’s activities in the building of the European Parliament,” Foreign Ministry spokesman Lin Jian said at a regular press briefing in Beijing on Monday. Lin said Hsiao’s call for greater support and international recognition for the self-ruled archipelago would “only reveal the despicable attempt to advance separatist activities,” which
would “never change the inevitability of China’s reunification.” Hsiao made the rare speech Friday in the European Parliament in Brussels as part of the InterParliamentary Alliance on China’s annual summit. In it she called Taiwan and its 23 million people “a victim of coercion” by China. Beijing views Taiwan as part of its territory and has repeatedly vowed to bring the archipelago under its control someday, by force if neces -
sary—a stance the government in Taipei rejects.
Hsiao’s remarks come amid European Union concern about China’s restrictive trade measures and as it tries to defend its industries from a wave of competition from the Asian nation. Beijing has also been restricting shipments of rare-earth magnets used in everything from electric vehicle batteries to defense manufacturing—requiring companies to obtain import permits.
The EU is also frustrated with China’s economic and diplomatic backing of Russia since the full invasion of Ukraine in 2022, though Beijing counters that is not a party to the fighting and has worked to -
Hsiao made the rare speech Friday in the European Parliament in Brussels as part of the InterParliamentary Alliance on China’s annual summit. In it she called Taiwan and its 23 million people “a victim of coercion” by China. Beijing views Taiwan as part of its territory and has repeatedly vowed to bring the archipelago under its control someday, by force if necessary — a stance the government in Taipei rejects.
ward peace.
The bloc, like the US, has a oneChina policy and no formal diplo -
the dollar could remain an attractive carry asset,” said Jacky Tang, Deutsche Bank AG’s chief investment officer for emerging markets and head of discretionary portfolio management. “However, there’s uncertainty next year as the Fed may change its pace of rate cuts with the new Fed chair.”
“With yield differentials still wide and funding trades profitable, the carry trade is back in favor,” said Bloomberg strategist Nour Al Ali. Investors could also get equity returns wildly at odds with earnings yields, which are calculated by dividing earnings per share by the stock price. Although research has found that earnings yields have predictive value for stock returns, short-term market moves can be chaotic—something that few investors need telling after such an unpredictable year.
Still, there’s plenty of hope for dollar bulls looking to ramp up longdollar carry strategies into 2026. US inflation of 3 percent in September, well above the Fed’s 2 percent target, remains a sticking point for some officials. Fed official Austan Goolsbee recently expressed nerves about inflation, adding that he wants to see more data before deciding how to vote at the Fed’s December meeting. If strong data continues, a slower pace of easing could protect carry returns into next year.
“Dollar carry trades may remain attractive as long as the macro and financial market backdrop remains resilient,” said Aroop Chatterjee, strategist at Wells Fargo in New York. Bloomberg
several government-led initiatives. Under his leadership, the BOT may seek closer coordination with the Ministry of Finance, ending years of friction between the two institutions. Vitai is known to have a longstanding friendship with recently appointed Finance Minister Ekniti Nitithanprapas.
“Vitai appears to be forging a good working relationship with the Ministry of Finance,” said Erica Tay, an economist at Maybank Securities. “His appearance at public events together with Ekniti signals that both the central bank and finance ministry are singing from the same song sheet. This alignment sends positive signals to the market.”
The governor’s predecessor, Sethaput Suthiwartnarueput, and the last two Pheu Thai Party-led governments frequently clashed, leading to concerns the government was undermining the bank’s autonomy.
“BOT must be independent in its operations but ready to work with other agencies to help support the economy. Our ultimate goal is to take care of people and society,” Vitai said on October 10 in his first media session as governor. “We will be closer to both.” Bloomberg
matic ties with the government in Taipei. The EU does work closely with Taiwan on issues like democracy and human rights.
An EU spokesperson said the bloc is still committed to its one-China policy, adding: “At the same time, we have an interest in maintaining close relations with Taiwan, which is a like-minded democracy and an important economic and high-tech partner in the region.” Beijing campaigns to isolate Taiwan on the global stage, pressuring other nations to sever formal relations with it. The administration of President Lai Ching-te has tried to counter that by developing ties with other democracies, a push also pursued by his predecessor, Tsai Ing-wen. On Sunday, Tsai arrived in Berlin, where she will make a speech at the Berlin Freedom Conference. The event’s website says it gathers figures from a range of sectors to “push democracies to act with greater clarity, purpose and confidence” in an increasingly multipolar world. In the press briefing on Monday, Lin called on Germany to “oppose Taiwan independence moves, avoid sending any wrong message to Taiwan independence separatist forces and take concrete actions to uphold overall bilateral relations.” With assistance from Andrea Palasciano/ Bloomberg
Wednesday, November 12, 2025
SHAIKHA AL NOWAIS IS NEW SECRETARY-GENERAL OF UN TOURISM, TO BECOME FIRST WOMAN LEADER OF 2026
By Edwin P. Sallan
RIYADH, Saudi Ara -
bia—The United Na
tions General Assembly has confirmed the appointment of Shaikha Al Nowais as the new Secretary-General of UN Tourism on Friday, November 9, 2025.
In the historic ratification of her nomination, Al Nowais will become the first woman to lead the United Nations specialized agency for tourism in its 50-year history when she begins her term in 2026.
H ighly regarded as a distinguished leader in global tourism and hospitality, she is currently Corporate Vice President of Owner Relationship Management at Rotana Hotels. She chairs the Abu Dhabi Chamber’s Tourism Working Group and serves on the boards of the Abu Dhabi Businesswomen Council and Les Roches Hospitality Academy.
A l Nowais’ experience and expertise also include corporate governance, audit, sustainability, and economic development.
This is a triumph for all of us. It is a shared moment that reflects our collective vision for a stronger, more connected, and more compassionate world of tourism. Together, we represent the hopes of millions whose lives are touched by this sector. Together, we carry the belief that tourism, at its best, can uplift nations and unite humanity,” she said in addressing the General Assembly.
In revealing her priorities as she looks forward to her mandate, Al Nowais points to “responsible tourism, capacity building, technology for good, innovative financing, and smart governance as she works to make the tourism sector more inclusive, resilient, and human.”
A l Nowais likewise paid tribute to the incumbent Secretary-General Zurab Pololikashvili for his “vision, commitment, and role in strengthening UN Tourism’s voice and global presence.”
The UN Tourism’s Executive Council nominated the new Secretary-General last May. Following protocol, her nomination was put before the 160 Member States at the 26th General Assembly for their confirmation.
The appointment of the new Secretary-General for the term 2026-2030 was the highlight of the first day of the UN Tourism General Assembly in Riyadh. Over the course of the Assembly, delegates will participate in four plenary sessions and numerous meetings of seven specialized committees.
Th e start of the General Assembly came directly after the conclusion of the 124th session of the UN Tourism Executive Council—the organization’s highest executive body—which provided members with an update on the shared Programme of Work, “built on the pillars of boosting investments, supporting innovation, and widening education and opportunity in the sector.”
‘Fix local economy before courting foreign investments’
By Andrea E. San Juan @andreasanjuan
AFTER government spending slowed the growth of the Philippine economy in the third quarter this year, a business leader called on the government to “fix the domestic economy” first instead of being fixated on securing foreign investments.
“ The slowdown in spending [accounted for the] 4 percent. Government spending, especially infrastructure, has a huge impact on GDP. So in terms of overall investment climate and so on and so forth, we’ve been saying for years that you can make it about foreign investment but fix the domestic economy first,” Rafael Alfonso Salvador Garcia Ongpin, Makati Business Club Executive Director, told reporters on the sidelines of the forum billed, “Competition Law in a Digital Economy” organized by MBC on
Tuesday in Makati City. Ongpin said the business community is dealing with “a lot” of issues on ease of doing business. “ Ease of doing business is just a code for corruption. We have to deal with the [Bureau of Internal Revenue] BIR, we have to deal with the [Bureau of Customs] BOC. These are issues that are not going away,” Ongpin pointed out.
D ata from the Philippine Statistics Authority (PSA) noted that gross capital formation (GCF) contracted by 2.8 percent in the third quarter of
2025. This was a reversal from the 12.8-percent growth in the same period of 2024.
C onstruction declined by 0.5 percent in the third quarter of 2025, attributed to the contraction of General government with 26.2 percent.
PSA Undersecretary Claire Dennis S. Mapa said this 26.2-percent contraction on General government is the slowest since the 22.5-percent decline in the third quarter of 2011.
E xplaining the abrupt decline in public construction, Department of Economy, Planning, and Development in the Philippines (DEPDev) Arsenio M. Balisacan attributed this to the “stricter validation measures for [Department of Public Works and Highways] DPWH’s civil works, as well as the implementation of stricter requirements that delayed billings and disbursements for government projects.” (See: https://businessmirror.com. ph/2025/11/08/infra-fiascosimpact-q3-growth-a-mere-4/)
In an earlier statement, the MBC official underscored that the “significantly” lower third quarter GDP growth result of 4 percent “illustrates how the corruption scandal has begun to affect our macroeconomic performance.”
O ngpin said the corruption scandal slowed government spending, as many programmed infrastructure projects are on hold or even in limbo while the DPWH and the Independent Commission for Infrastructure (ICI) investigate these projects.
A fter the PSA announced on Friday that the economy grew by only 4 percent in the third quarter this year, Balisacan explained that the GDP is also about expectations and confidence. It’s not just an infrastructure issue, but any noises or disturbances, shocks as we call them in economics that shape people’s perception of the future, can impact on your GDP. So confidence is key to that,” Balisacan underscored.
Moving forward, Ongpin said the Philippines may not hit the government’s growth targets because of the slowdown in the third quarter.
DOT to international visitors: Keep visiting Cebu
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
THE Department of Tourism (DOT) made a special appeal to international travelers to continue with their trips to Cebu, despite recent typhoons also impacting other tourist destinations in the Philippines.
I n a news statement on Tuesday, Tourism Secretary Christina Garcia Frasco stressed that Cebu remains open to tourists: “We invite our partners to proceed with planned visits and inaugural flights to Cebu. We acknowledge that a few groups have chosen to defer travel, and we stand ready to help them rebook and adjust itineraries.”
S he added: “Our foremost commitment is safety; our message is confidence. Cebu is moving forward, our gateways and
core tourism areas are open, and together we will turn recovery into renewed growth.”
Cebu was a direct hit from Typhoon Tino (Kalmaegi) on November 4 and was earlier struck by a magnitude 6.9 earthquake. On November 9-10, however, Supertyphoon Uwan hit the province of Aurora, one of the popular surfing areas in the country; the Bicol Region, the site of Mayon Volcano and the Survivor-series location Caramoan Islands, with Catanduanes and its beaches the hardest hit; Metro Manila, the primary international gateway to the Philippines, among others. Frasco is from Cebu and recently received flak for being in London with her husband, Cebu 5th District Rep. Duke Frasco, as Tino barreled through the Philippines. The DOT chief represented the Philippines at a Ministers Summit on November 4 during the
World Travel Market in London.
(See, “PHL touts PPPs at London Summit to boost tourism,” in the BusinessMirror, Nov. 11, 2025.)
Arrivals slip to 4.77M as of October
IT was not immediately known what Frasco’s husband, and nine other Cebu local officials including her brother-in-law, Liloan Mayor Aljew Frasco, were doing in the United Kingdom. The Department of Interior and Local Government is currently investigating the travel of these Cebu local executives, but did not include Rep. Frasco on its probe list.
DOT data showed foreign visitor arrivals in Cebu reached 380,599 last year, 70 percent more than the 223,805 who visited in 2023. Similarly, tourists in Cebu City grew by 30.7 percent to 524,514. Overall, the Philippines received just 5.95 million foreign
tourists last year, just slightly higher than the 5.45 million who arrived in 2023. In the 10 months to October this year, the Philippines received some 4.77 million inbound tourists, 2.3 percent less than the same period in 2024. Of the total inbound tourists, about 4.4 million were foreign nationals, 3.26 percent less than the same period in 2024. Overseas Filipinos, or Philippine passport holders permanently residing abroad, increased by 8.8 percent to 428,405 for the 10-month period this year.
Visitors from South Korea continued to slip, by 20.6 percent this time, to 1.05 million; followed by the United States at 815,745 (+6.76 percent); Japan 373,790 (+16.12 percent); Australia 243,423 (+16.62 percent); China 228,151 (-18.6 percent); and Canada 207,161 (+16.66 percent).
See “DOT,” A2
FRAGMENTED data is preventing the country’s competition watchdog from fully implementing its mandate of ensuring a level-playing field among businesses as well as protecting consumers from price fixing and other anti-competitive practices, according to the Philippine Competition Commission (PCC).
At a forum on Tuesday titled, “Competition Law in a Digital Economy,” PCC Chairperson Michael Aguinaldo said: “Our difficulty usually is getting data. Because, really, government doesn’t do a good job in keeping data. The data that they do have we also have to raise our eyebrow at it sometimes...how is it connected to begin with?”
Citing an example, Aguinaldo said the competition watchdog has no idea “how many eggs are being produced in this country,” adding “there’s no really big player when it comes to egg production.”
In one of the recent transactions handled by PCC, he said “I think we’re limited to sari-sari stores.”
During the same forum, Aguinaldo underscored that the Philippines is “pretty advanced” in terms of Merger review compared to its counterparts in Asean. However, he pointed out that the Philippines’s competition body is struggling in terms of enforcement because of manpower problems. For example, Malaysia doesn’t have merger review as of now. Secondly, some of them have actually come to us for training for benchmarking. The Cambodia Competition Authority has been here for a week and a half. The Malaysian Authority was here and the Hong Kong Authority as well because they only have merger review for telcos. That’s it,” Aguinaldo explained.
See “Sloppy,” A2
Editor: Jennifer A. Ng
PLDT aims for steeper cut in capex budget for 2026
By Lorenz S. Marasigan @lorenzmarasigan
PLDT Inc. will further reduce capital expenditures (capex) in 2026, aiming for a steeper decline than this year’s nearly 25-percent drop, as the telecommunications giant focuses on sustaining positive free cash flow while maintaining network quality and its investment-grade credit ratings.
PLDT Chairman and CEO Manuel V. Pangilinan said capex will “definitely go down” next year, adding that the company hopes spending will decline by a “higher percentage” than the reduction seen in 2025.
“Capex is really too high,” Pangilinan said during a briefing on Tuesday. The company has reduced its fullyear 2025 capex guidance to approximately P60 billion from an original range of P68 billion to P73 billion, citing favorable vendor pricing and negotiated terms. This represents a nearly 25-percent reduction from the P78 billion capex in 2024. Danny Yu, the company’s CFO, said capex intensity is likely to end at 28 percent this year versus 38 percent last year, and will decline further in
2026, though final figures have yet to be finalized.
Capital spending in January to September reached P43 billion, down from P52.3 billion last year, bringing capex intensity down to 27 percent. PLDT achieved positive free cash flows as of September 2025, ahead of its 2026 target.
For the remainder of the year, the company’s capex will be used to continue investments in new cell sites, 4G and 5G upgrades, home fiber ports, artificial intelligence (AI) infrastructure, its AI-ready data center, submarine cable investments, and network modernization.
PLDT reported a net income attributable to equity holders of P25.1 billion for the nine months ending September 30, down 11 percent from P28.1 billion in the same period last year, as higher expenses offset revenue growth.
Consolidated gross service revenues rose 3 percent to P158.9 billion from P155 billion year-on-year. Total
revenues reached P163.3 billion, up 1 percent from P160.9 billion.
Consolidated expenses climbed 4 percent to P123.4 billion from P119.1 billion.
Telco core income declined 5 percent to P25.3 billion from P26.6 billion. Overall core income, which includes PLDT’s equity share in fintech unit Maya’s earnings, remained steady at P25.8 billion.
Yu said the company expects telco core income to “be slightly lower” between “4 percent and 5 percent” for the full year, while overall core income is likely to remain “flat” compared to last year, supported by contributions from Maya.
Last February, PLDT reported that its net income rose by 21 percent year-on-year to P32.2 billion in 2024. Core net income, which excludes oneoff items, stood at P35.1 billion, up 2 percent from the 2023 level.
Consolidated service revenues grew by 2 percent to P194.7 billion with data and broadband contributing 83 percent.
Hydro, LNG lift First Gen income
By Lenie Lectura
@llectura
FIRST Gen Corp. reported a
3-percent increase in attrib -
utable recurring net income
to $212 million at end-September this year from $205 million in the same period a year ago, mainly due to the strong performance of its hydro and liquefied natural gas (LNG) operations.
The Lopez-led firm presents its financial report in US dollars because most of the business transactions are paid in the US currency.
“The company’s hydro portfolio delivered a jump in earnings as it
THE overall transmission rate this month went up by almost 8 percent to P1.5105 per kilowatt hour (kWh) up from the P1.3998/kWh, due to higher charges from ancillary services (AS), the National Grid Corporation of the Philippines (NGCP) said Tuesday. Transmission rates make up of ancillary service (AS) and transmission wheeling rates. Transmission wheeling rates refer to what the NGCP charges for its core service of delivering electricity, while AS rates cover the pass-through costs of services sourced from the Reserve Market (RM) and from providers with bilateral contracts with NGCP to stabilize the grid during power supply-demand imbalances.
For the October supply month, NGCP Assistant Vice President and Regulatory Management
Head Julius Ryan Datingaling said power consumers will see a slight increase in transmission rates in their November 2025 bills due to higher AS rates, which rose by P0.0997/kWh, from P0.6546/kWh in September to P0.7542/kWh in October, representing a 15.23-percent increase. Lenie Lectura
Higher operating expenses fail to dent PAL profit
PAL Holdings Inc., the operator of flag carrier Philippine Airlines (PAL), reported a net income of P9.88 billion for the nine months of 2025, marking a 22-percent increase from the P8.08 billion recorded in the same period last year, according to its quarterly financial report.
The company registered total comprehensive income of P10.14 billion, up 18 percent from P8.61 billion in January to September of 2024.
Consolidated revenues reached P136.01 billion, a 3-percent increase from P132.45 billion recorded a year ago.
creased 4 percent to P124.85 billion from P120.09 billion. Flying operations expenses decreased slightly to P64.01 billion from P64.69 billion, mainly due to lower fuel and oil costs reflecting reduced average fuel prices. This was partially offset by higher flight depreciation from capitalized major engine and aircraft repairs.
generated higher volumes of power this year, while FGEN LNG Corp. (FGEN LNG) was likewise profitable from its operations,” it said in a statement.
Revenues from January to September this year stood at $1.79 billion, down 3 percent year-onyear from $1.85 billion. This was brought about lower electricity sales from its 420-megawatt (MW) San Gabriel gas power plant since the deal with its off-taker expired in February 2024. Moreover, FGen’s geothermal unit, Energy Development Corp. (EDC), suffered from lower revenues due to a reduction in spot market prices.
By VG Cabuag @villygc
THE board of boutique developer Italpinas Development Corp. (IDC) has appointed Giuseppe Garofalo as the company’s new chief executive officer.
The Italian engineer has been a key member of the company’s leadership team, serving as chief operating officer for several years.
“His technical background as an engineer and his extensive experience in construction and operations management have been central to IDC’s record of delivering highquality, environmentally responsive developments,” the company said.
His appointment reflects the company’s commitment to operational excellence, innovation, and continuity in leadership.
Outgoing CEO Romolo V. Nati, IDC’s co-founder and the visionary behind its award-winning architectural and environmental design philosophy, will remain as chairman and assume the title of chief of design office.
Nati said he will focus on guiding the company’s long-term strategy, business development and architectural vision.
“As we enter this new phase where we need execution capability more than ever, I’m proud to pass the operational leadership to Giuseppe, whose deep expertise, proven imple-
The natural gas business of First Gen contributed 65 percent of consolidated revenues, while 31 percent came from units Energy Development Corp. (EDC). The balance comes from FGen’s hydroelectric power plants.
Recurring earnings from its gas plants slightly declined to $138 million from $149 million while FGEN LNG contributed $31 million in recurring earnings, marking a profitable year for its operations.
Meanwhile, EDC’s recurring income dropped 36 percent to $38 million due to weak spot market prices and higher financing costs.
The hydro business reported a
65-percent surge in recurring income to $23 million.
Last June, First Gen said it will channel its capital from its core gas business to renewables and infrastructure, a move that will help achieve its 13-gigawatt (GW) renewables target by 2030. This after the company agreed to sell 60 percent of its gas business to Razon-led Prime Infrastructure Capital Inc. for at least P50 billion.
A chunk of First Gen investments is allotted for expanding its renewable energy (RE) portfolio. In 2024, its total assets consisted of 28 percent gas investments while RE accounted for 72 percent.
mentation capabilities, and dedication have helped shape IDC’s success,” Nati said.
“In my new role, I will continue to guide our design philosophy and long-term strategy, ensuring that our developments remain thoughtful, resilient, and responsive to the evolving needs of our communities.”
IDC President and Co-Founder
Jojo Leviste said the new appointment “marks a natural and welldeserved progression.”
“His deep operational knowledge, strong leadership, established community relationships, and engineering expertise make him the ideal person to lead IDC into its next phase of growth,” Leviste.
Garofalo expressed his apprecia-
tion for the trust placed in him by the Board of Directors and reaffirmed his commitment to IDC’s mission.
“I am honored to take on this responsibility. IDC’s success is built on a unique blend of sustainability, innovation, and teamwork. I look forward to leading our talented team as we continue to grow responsibly, create value for our shareholders, for the environment and for the communities and deliver thoughtfully designed certified green developments to our clients.”
The company said it remains focused on its long-term vision of promoting sustainable development, architectural excellence, and community resilience across different markets in the country.
Passenger revenues, which account for the bulk of the company’s income, was flattish at P116.56 billion, driven by Mabuhay Milesrelated revenues and higher ticket sales volume.
Cargo revenues rose 4 percent to P6.71 billion from P6.47 billion, driven by increased cargo volume during the period.
The strongest growth came from ancillary revenues, which jumped 24 percent to P12.67 billion from P10.24 billion, primarily due to prior period revenue adjustments and higher demand for seat upgrades.
Total operating expenses in -
SHELL Pilipinas Corp. saw its income improve by 3 percent to P1.3 billion from January to September from P983 million in the same period a year ago, citing growth across business segments.
“We continue to maintain growth across key segments through September,” said Lorelie Quiambao Osial, President and CEO of Shell Pilipinas. “Our stronger cash generation, higher earnings, and sustained improvement in gearing versus the prior year reflect a business that continues to deliver quality results even in a hyper-competitive environment.”
In a filing, the company said its core earnings stood at P2.5 billion, up 10 percent year-on-year. Free cash flow remained strong at a P5-billion surplus.
Fuels volumes were mostly stable versus the prior year, reaffirming the oil company’s position as the country’s second-largest downstream player. While focus has been maintained across all product types, premium product penetration delivered strong results in third quarter, contributing to improved earnings alongside continued growth from business-to-business and commercial accounts.
Its fleet solution business, which supplies fuel to transport and logistics companies, saw a 13-percent
Aircraft and traffic servicing expenses surged 20 percent to P16.58 billion from P13.87 billion. The increase was primarily driven by landing and take-off fees, which rose from P4.13 billion to P5.77 billion, reflecting rate adjustments implemented by the New Naia Infrastructure Cop. (NNIC). Passenger service expenses grew 11 percent to P10.74 billion from P9.65 billion, driven by higher cabin crew costs and increased spending on passenger meals due to rising passenger volume.
Reservations and sales expenses went up by 10 percent to P10.89 billion from P9.90 billion, reflecting higher system charges, credit card fees, and agent commissions. Currently, PAL has a fleet of 88 planes, but only 79 of them are in operation. Lorenz S. Marasigan
increase in volume, driven by new corporate clients and stronger usage among existing partners. Sales of commercial fuels also grew by 1 percent. Meanwhile, its non-fuels businesses remained a strong pillar of diversification and cash generation. Lubricants delivered six-percent volume growth with stable earnings, supported by a sharper routeto-market, deeper distributor penetration, and upselling to premium products.
Shell also said it signed an agreement with the Yanson Group of Bus Companies as exclusive lubricant solutions provider.
Last March, Shell reported that its net income rose by 5.75 percent year-on-year to P1.25 billion in 2024, mainly due to “significant operational efficiencies.”
Revenues went down to P243.56 billion from P253.31 billion while expenses declined to P237.50 billion from P248.27 billion. These resulted in an operating income of P6.05 billion last year, up from P5 billion in 2023. The oil firm said it recorded P900 million in operating expense savings, higher by almost half a billion pesos versus the target. The savings primarily resulted from supply efficiencies, structural cost reduction across the organization, and interest avoidance. Lenie Lectura
PHOTO FROM WWW.PHILIPPINEAIRLINES.COM
GIUSEPPE Garofalo FROM THE FACEBOOK PAGE OF IDC
Banking&Finance
Banks’ 9-mo income rose to ₧300.418B
By Reine Juvierre Alberto @reine_alberto
THE Bureau of Internal Revenue’s (BIR) Run After Fake Transactions, or “Raft,” program buttressed the agency’s collections, netting P7.01 billion as of September while combating fraudulent transactions and improving tax compliance.
Briefing lawmakers last Tuesday, Internal Revenue Commissioner Romeo D. Lumagui Jr. said that for the first nine months, the BIR has filed with the Department of Justice (DOJ) a total of 46 cases, or an average of five cases a month. Six of the total cases were against fake receipt sellers while 40 cases were against fake receipt buyers, Lumagui told members of the House Committee on Ways and Means.
He explained that the BIR’s fraud detection model are currently enhanced and modified by interns from the Math Department of the Ateneo de Manila University (ADMU). The tax collector’s partnership with the ADMU, which began in April last year, involved work on a proprietary system to systematically discover sellers and buyers of ghost receipts.
Lumagui said BIR personnel and ADMU interns use advanced mathematical models. He explained that the system is continuously fed with data from the BIR and the Securities and Exchange Commission to see if the previous ghost corporations using ghost receipts have the same characteristics as existing corporations using their income, reportorial data and financial statements.
Meanwhile, asked how the BIR manages to nearly meet its revenue targets despite an underperforming economy, Lumagui pointed to the bureau’s “aggressive” stance on illicit trade, the “Raft” program and the “Run After Tax Evaders, or “Rate,” program.
“We are able to see an increase in collections of value-added tax (VAT) since we started the ‘Raft’ program,” he added. “I’ve talked to a lot of business groups and they stopped using these ‘ghost receipts’ ever since we launched that program. And we’ve seen a successful implementation in the sense that we’ve seen a drastic increase in our VAT collections.”
Meanwhile, under the BIR’s “Rate” program, the number of cases filed before the DOJ from January to October this year has hit 415, with tax liabilities estimated at P26.65 billion. During the same period, the BIR filed 22 cases before the Court of Tax Appeals, with total estimated liabilities of P9.15 billion.
On October 8, seven criminal cases were filed against Pacifico and Cezarah Discaya, as well as a corporate officer of Saint Gerrard Construction Gen. Contractor & Development Corp., covering a combined tax liability of P7.18 billion.
The BIR also reportedly filed on November 6 criminal cases involving total tax liabilities of P1.68 billion against former officials of the Department of Public Works and Highways, namely, Brice Ericson D. Hernandez, Henry C. Alcantara and Jaypee D. Mendoza.
As of end-September this year, the BIR has collected P2.322 trillion, which is 10.88-percent higher than the P2.094 trillion collected in the same period last year. However, this was short of 2.55 percent or P60.666 billion from the BIR’s collection goal of P2.383 trillion during the nine-month period.
The BIR’s full-year revenue collection target is set at P3.219 trillion by the Development Budget Coordination Committee.
Reine Juvierre S. Alberto
THE net income of the Philippine banking system grew nearly four percent in the first nine months of the year, according to the Bangko Sentral ng Pilipinas (BSP).
Latest BSP data showed that the local banking industry recorded a 3.57-percent increase in its net income, rising to P300.418 billion as of September 2025 from P290.055 billion in the same period in 2024.
THE Bureau of the Treasury (BTr) sold the full offer of P22-billion worth of Treasury bills as rates across all tenors dropped amid slower economic growth, boosting market bets on dovish monetary stance.
Average rates across all tenors fell when compared to the previous auction results as well as secondary benchmark rates.
Total bids submitted by investors amounted to P98.311 billion, making the auction 4.46 times oversubscribed.
According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), the T-bill yields declined after the slower-thanexpected economic growth in the second quarter amid relatively benign inflation.
“[This could] support possible future Bangko Sentral ng Pilipinas (BSP) rate cuts and other monetary easing measures that prioritize policies that help spur greater economic/GDP growth and development that is more inclusive,”
Total operating income of local banks grew by 10.39 percent, reaching P1.036 trillion during the ninemonth period from P938.982 billion a year earlier.
Net interest income of the bank-
Ricafort added.
The RCBC executive said another 25-basis points rate cut is possible at the December 11 rate-setting meeting, likely matching rate decisions by the US Federal Reserve to maintain healthy interest rate differentials.
Ricafort added that the softer local stock market also led investors to shift funds into safer assets, such as government securities, which pulled T-bill yields lower.
During Tuesday’s auction, the 91day T-bills’ rate averaged 4.821 percent, down by 5.3 basis points from the previous auction’s 4.874 percent. Rates ranged from a low of 4.813 percent to a high of 4.843 percent.
Tenders for the security amounted to P32.930 billion, nearly five times the P7-billion offering.
Meanwhile, the 182-day T-bills posted an average rate of 4.981 percent, dropping by 4.5 basis points from 5.026 percent last week. Rates ranged between 4.963 percent and 5.022 percent.
MBy Ada Pelonia
ORE than 32,000 farmers from nine regions are set to receive indemnification checks worth P251 million from the Philippine Crop Insurance Corp. (PCIC) as compensation for damage brought by typhoon Tino.
A statement issued by the PCIC quoted its president, Jovy C. Bernabe, as saying that the state insurer’s rapid assessment conducted from November 4 to November 7 covered insured farms in nine regions. The regions include Calabarzon, Mimaropa, Bicol, Western Visayas, Negros Island Region, Central Visayas, Eastern Visayas, Zamboanga Peninsula and Northern Mindanao. The assessment revealed that 32,247 insured farmers were affected by the typhoon, read the PCIC’s statement.
Of this number, nearly a third of the affected farmers, or 10,352 individuals, came from the Eastern Visayas region.
TThe farmers are in the provinces of Biliran, Leyte, Eastern Samar, Northern Samar, Samar, and Southern Leyte.
According to Bernabe, the total estimated insurance payment amounts to about P250.6 million. He also noted that damages were valued at P56.7 million for rice, P42.3 million for corn and P74.3 million for high-value crops.
The majority of the insured damages worth P169.9 million were assessed in Central Visayas, Negros Island Region, and Eastern Visayas.
Bernabe added he told his staff to continue assisting affected farmers and to fast-track the processing of damage claims.
Meanwhile, Agriculture Secretary Francisco Pe Tiu Laurel Jr. said the PCIC’s rapid assessment formed part of the Department of Agriculture’s (DA) broader recovery efforts, which include the provision of inputs such as seeds, fingerlings, and feeds to help farmers quickly recover.
Tiu Laurel was quoted in a state-
ing industry rose by 11 percent year-on-year to P851.472 billion as of the third quarter this year from P767.039 billion. In terms of non-interest income, Philippine banks saw a 7.64-percent growth to P185.080 billion as of September 2025 from the P171.942 billion recorded in the same period a year ago.
Breaking it down by bank type, universal and commercial banks (UKBs) posted a net profit of P283.155 billion as of September 2025, a 4.20-percent increase from the P271.725 billion recorded as of September 2024.
Thrift banks, meanwhile, saw their net profit rise to P15.896
billion as of the third quarter this year, up by 2.69 percent from the P15.479 billion in the same period a year ago.
Digital banks still recorded a net loss of P3.970 billion as of September 2025, narrower by 31.37 percent from the P5.785-billion net loss as of September 2024.
Furthermore, total assets of the Philippine banking system reached P28.755 trillion as of the third quarter of 2025, a 7.54-percent increase from the P26.737 trillion posted in the same period last year.
Local banks’ assets consisted of net total loan portfolio amounting to P15.757 trillion, including interbank loans receivable and total reverse repurchase (RRP).
Bids for the government IOUs stood at P33.060 billion, about 4.4 times the P7.5-billion offering.
As for the 364-day T-bills, the average rate capped at 5.054 percent, also contracting by 4.5 basis points from 5.099 percent a week ago. Yields were as low as 5.043 percent and as high as 5.063 percent.
The security attracted P32.321 billion in tenders, or 4.3 times the P7.5billion programmed borrowing.
This November, the Treasury will raise a total of P158 billion from local lenders, of which P88 billion will come from T-bills and P70 billion from Treasury bonds.
The government’s full-year borrowing program amounts to P2.6 trillion to plug its projected budget deficit of P1.561 trillion this year.
Outstanding debt of the national government reached P17.455 trillion as of end-September of 2025, down by 0.07 percent from P17.468 trillion as of end-August. Reine Juvierre S. Alberto
ment as saying the government “is doing everything to ease the burden of Tino’s victims, especially our farmers and fisherfolk.”
According to the DA, it has also activated its quick response fund and survival and recovery loan program to support further affected farmers and fishermen.
In its latest bulletin report, the DA noted that the losses incurred by 5,982 farmers and fishers from Typhoon Tino have reached P159.14 million, representing 6,578 metric tons (MT) of goods produced.
Rice sustained the majority of the damage at 5,542 MT. High-value crops, corn, and cassava also sustained damage at 679 MT, 320 MT, and 37 MT, respectively.
The report said the production losses are equivalent to P125.53 million for rice, P21.25 million for high-value crops, P10.23 million for corn, P1.26 million for cassava, and P452,960 for livestock and poultry.
Upholding the Constitutional Mandate of Transparency
TInstitute of the Philippines (Finex) joined three other leading business organizations in calling out the secret decision of former Ombudsman
Samuel R. Martires reversing the 2016 order of then Ombudsman Conchita Carpio-Morales against Senator Joel Villanueva over his alleged misuse of the Priority Development Assistance Fund when he was still a congressman.
The Finex’s joint statement with the Judicial Review Initiative, the Makati Business Club and the Management Association of the Philippines commended current Ombudsman Jesus Crispin C. Remulla for disclosing Martires’s unpublicized reversal, which contravenes the constitutional mandate of transparency as well as the Office of the Ombudsman’s own rules of procedure.
Martires proved to be the Trojan horse of the Duterte administration by entering public life under the banner of integrity yet dismantling transparency from within. His restrictive orders on the disclosure of government officials’ Statement of Assets, Liabilities and Net Worth (SALN) effectively shielded the powerful from scrutiny and weakened one of the country’s last bastions of accountability.
But just as the nation begins to grapple with this breach of trust, another kind of Trojan horse seems to be approaching the gates—this time through the pulpit and not the courtrooms. The upcoming November 16 to November 18 “prayer rally” of the Iglesia ni Cristo, the Kingdom of Jesus Christ and the Jesus is Lord churches has drawn both curiosity and concern.
cians served with Ombudsman subpoenas; contractors exposed for substandard or ghost flood control projects; and bureaucrats flagged by the Department of Justice. The planned massive rally is their insurance policy— an attempt to cloak fear in faith. At last, the machinery of justice is grinding. Aside from the Ombudsman, other government agencies have unearthed paper trails that lead to offices long considered untouchable. The corrupt are using their vast resources in funding social media campaigns to cloud the issue and portray themselves as victims. It is a spectacle designed to preempt, confuse and delegitimize the ongoing probes closing in on them. Their goal is not faith but diversion; not renewal but survival—while seeking to turn investigators into villains.
Parallelisms with Martires’s maneuver are striking. Restriction of public access to SALNs was justified as protecting privacy, whereas the religious gatherings next week are supposedly exercises of faith. Both operate under the cover of legitimacy and exploit the moral capital of trust. And if unchecked, both will corrode the institutional and ethical foundations of democracy.
By Lorenz S. Marasigan @lorenzmarasigan
HE OneLot Financing Corp., which operates a financing platform serving the Philippines’s “fragmented” used car dealership market, announced having closed a $3.3-million seed round—the country’s largest of 2025—as it seeks to address a critical credit gap in the nation’s $15 billion automotive resale sector. The round was co-led by Accion Ventures (Accion Impact Management LLC) and 468 Capital II GmbH & Co., with participation from Everywhere Ventures LLC and Seedstars (Kabosy SA and Seedstars Ltd.). According to the company, it continues to receive support from existing backers Crestone Venture Capital LLC and Kaya Founders One to Ten Fund L.P. Notable angel investors include Georg Steiger of BillEase (First Digital Finance Corp.) and Elmer M. Malolos of Paymongo Philippines Inc.
The startup targets independent, family-owned used car dealerships— businesses that comprise the backbone of the Philippines’ automotive resale market but remain largely underserved by traditional financial institutions.
According to the company, nearly 90 percent of used car dealers in the Philippines operate without reliable bank financing, a reflection of broader credit constraints in a country where only 12 percent of the population has access to formal loans, per the 2025 World Bank Global Findex report.
“With this new funding round, we’re doubling down on our mission to become the leading financing platform for used car dealers,” said Harm-Julian Schumacher, CEO and Co-Founder of OneLot.
OneLot’s platform combines AIdriven credit decisioning with physical vehicle appraisals to issue secured inventory loans within hours. The technology evaluates vehicles, determines market pricing, and makes real-time lending decisions—a process that traditionally
could take days or weeks through conventional banking channels.
Since launching operations 18 months ago, OneLot has deployed more than $7 million in loans across a network of over 150 dealers. The company plans to use the fresh capital to expand its dealer base, increase credit lines to existing partners, and develop additional software tools for inventory management and retail financing.
“We’re thrilled to welcome Accion Ventures on board—bringing deep global expertise in fintech and lending that will help us scale smarter and faster. Together with 468 Capital and the continued support of both new and existing investors, this is a strong vote of confidence in our vision, our momentum, and the opportunity ahead,” Schumacher said.
The company is building what it describes as an end-to-end platform that extends beyond inventory financing to include vehicle sourcing, sales management, and retail customer financing solutions.
Organizers frame it as a spiritual gathering and a unifying act of faith amid national uncertainty. Yet its timing, coordination and political resonance have led some to wonder whether it also signals the launch of a new alliance—one where religion becomes the vessel for temporal ambitions. Beneath that choir of righteousness moves a different rhythm that is both partisan and well-funded. For this is not a vigil for truth: it is a Trojan horse for power. Behind the pious slogans lies calculation; not as a crusade but an expensive show of force meant to weaken the institutions enforcing the law. Its objective, whispered in backrooms, is to cripple the Marcos Jr. administration’s anti-corruption drive and pave the way for a successor more sympathetic to those under investigation.
It seems that the invisible financiers are not the church members but the same networks now facing prosecution: politi-
This is the Trojan strategy—to portray the corrupt as the persecuted and justice as oppression. But justice cannot be shouted down. The institutions that stand for law must not bend to mere theatrics. When transparency is compromised in government and discernment is suspended in faith, citizens become vulnerable to manipulation from all sides. Trojan horses succeed because those guarding the gates fall asleep—believing that the gift outside is harmless. As the Filipino nation stands once again at the intersection of faith and politics, the challenge is to keep both sacred and civic institutions vigilant. Justice must never be bartered for loyalty and religion should not be conscripted for power. In the end, it is not the invaders outside the walls who destroy republics, but the trusted figures within— those with smiling conviction who open the gates.
Joseph Gamboa is chairman of the Finex Media Affairs Sub-Committee on Publications and director of Noble Asia Industrial Corp. The views expressed herein
Joseph Araneta Gamboa
Show
CRAZY IN LOVE
THE actress is about to make a comeback after being on hiatus for years but this might be derailed by her lovelife. The actress is involved with a non-showbiz guy who recently ghosted his ex. The problem is that the guy owes his ex a lot of money and she is not being quiet about it. The ex also revealed that the guy is basically a deadbeat and she had to spend for everything while they were in a relationship. Another problem that people close to the actress are bringing up is the fact that she is broke. Her new boyfriend might think she has money but she does not. They’re afraid that he might think she is still loaded. She is very broke and living on funds from sales of her properties (there aren’t any left) and charity from family members.
FAIRYTALE MARRIAGE?
SO the company of a tech “mogul,” husband of a celebrity, is now nearly worthless. Does this mean the celebrity is the breadwinner? Is that why they moved to a smaller place? Will she still think her husband is worth all the trouble she went through to be with him? Observers have many questions about this controversial couple. The husband was in a relationship when he met the celebrity, which allegedly ended because of her. They later lived together and married. Public opinion on her isn’t favorable, but with help from troll farms, she’s managed to keep her image. People even joke that she believes her own fairytale
OLD HABITS DIE HARD
THE young actor is back to his old ways. Just when people thought he had changed, reports say he’s been sending private messages to other women despite being in a relationship. His current non-showbiz girlfriend seems unaware of his reputation. He was previously caught doing the same thing while in another relationship. Though one of the best actors of his generation, he’s known for messaging women he doesn’t even know. Many are offended by his behavior, thinking his fame gives him a free pass. It would be a shame if his girlfriend found out, as she’s known to be lovely, intelligent, and kind.
NO RECONCILIATION
THE actor has been trying to win back the heart of his former girlfriend while she is averse to it. She’s also an intelligent girl who is trying to balance what is best for her and what she wants. Aside from that, she’s also seeing another guy and she seems to be happy with him. After a high-profile relationship with the actor, the former girlfriend has realized that she can be in love and still be able to pursue her dreams. She believes that she is too young to settle down and have kids, which is what the actor wants. At the same time, she loves the feeling of being in love. For now, she and the actor remain exes except that he is determined for them to end up together.
LGBTQ+ representation on primetime TV grows
thanks to
shows like ‘Abbott
Elementary’, ‘Hacks’
EW YORK—TV shows, like Abbott
NElementary, Hacks, Heartstopper, The Last of Us and Yellowjackets helped increase the ranks of LGBTQ+ characters on primetime by 4 percent over the previous season, according to a new study by the advocacy group GLAAD.
This year’s “Where We Are on TV” study, released Thursday, counted 489 LGBTQ characters across scripted primetime broadcast, cable and streaming shows—up 21 additional characters. It marks a boost after two years of decline, but remains far below the 2021-2022 record high of 637 characters.
Sarah Kate Ellis, president and CEO of the group, warned that those numbers could still decrease soon: more than 200 of the LGBTQ+ characters counted this year—in shows, like Heartstopper, Harlem and Elite—will not be returning due to a flurry of series cancellations, endings or because they were limited series.
“Storytelling brings us together and this current cultural and political climate calls on creatives and executives to double down on fair and accurate stories of LGBTQ people,” Ellis writes in the report.
GLAAD added that the number of transgender characters on TV has slightly increased from last year to reach 33—24 trans women, seven trans men, and two nonbinary characters—but only four trans characters appear on series that have been officially renewed.
The report is the 20th edition of the annual tracking by GLAAD and charts a remarkable leap
from just 47 LGBTQ+ characters in the first study. It arrives as President Donald Trump has targeted transgender and nonbinary people with a series of executive orders—including one declaring the existence of two unchangeable sexes — stripping government websites of “gender ideology” and reinstituting a ban on transgender service members in the military.
A recent Gallup poll found 9.3 percent of US adults identified as lesbian, gay, bisexual, transgender or something other than straight or heterosexual. The percentage has more than doubled since Gallup first measured LGBTQ+ identification in 2012.
The GLAAD study found that representation on broadcast and cable have continually declined, while streaming programming saw an increase of LGBTQ+ characters. ABC last season had the largest percentage of network LGBTQ+ series regulars—with 12.9 percent—while Netflix had the most LGBTQ+ characters on streaming, with 177. It found that the eight major streamers added 45 characters from the 327 in the previous period.
GLAAD noted LGBTQ+ characters in such network shows as NBC’s Brilliant Minds, which has a gay lead, CBS dramas Matlock and Watson, both of which feature supporting queer women, and ensemble characters on comedies, like Fox’s Going Dutch and NBC’s St. Denis Medical. On streaming, GLAAD cited Netflix’s The Four Seasons, Arcane and Kaos, and Amazon’s Clean Slate, Harlem and The Wheel of Time. Hulu, meanwhile, had Mid-Century Modern, Big Boys and Wreck AP
Redefining live concert experience with Cayabyab’s MaestroClass Concert Series
A NEW era of live performances in the Philippines is set to unfold as the newly-opened Proscenium Theater at Rockwell stages its inaugural concert, the MaestroClass Concert Series featuring the timeless songs of National Artist for Music Ryan Cayabyab and the celebrated voices of Martin Nievera, Lani Misalucha, and the Ryan Cayabyab Singers (RCS). Praised for its state-of-the-art acoustic technology, the Proscenium Theater is a premier concert hall and the first theater in the country to house Steinway B and D pianos. With such prestige that Mr. C himself describes as “worthy of the world stage,” this concert venue is set to redefine the live concert experience for Filipino audiences and global artists alike.
The concert series is a three-night spectacular event happening at the Proscenium Theater from November 14 to 16. It is a celebration of Cayabyab’s artistry, which has profoundly shaped Original Pilipino Music (OPM) for decades.
Rockwell has been part of the National Artist’s story and creative journey since he held his first art exhibit at the Rockwell Power Plant Mall back in 2023. In his Rockwell return this November, he takes center stage at the Proscenium Theater to debut his own concert series.
“I am beyond excited to perform in such a modern and meticulously designed concert venue. The Proscenium Theater is an acoustic dream for any artist, and I think this will inspire even international artists to come and perform here,” Cayabyab shared.
Martin Nievera comes full circle when it comes to performing with the National Artist. He reminisces about the time he was so intimidated by Cayabyab when his sister brought Nievera to him for advice.
“I had zero music experience; I was just a guy who sang in the shower and got discovered by my wrestling coach,” he recalled.
Lani Misalucha echoed the sentiment, reflecting on how the National Artist’s music has always been part of Filipinos’ lives. She added, “To sing Ryan Cayabyab’s songs in a venue as beautiful as the Proscenium Theater makes the experience even more meaningful. It’s a night to celebrate OPM and the people who keep it alive.”
Beyond the music, Mr. C hopes the MaestroClass Concert Series inspires and rekindles Filipinos’ love for OPM.
“We creatives don’t stop,” he said.
“You strive to be the best—not to compete with others, but to reach the heights of your own craft. Because when you do, it’s not only you who benefit, it’s your family, your community, your country.”
Don’t miss this rare gathering of musical greats and a night that celebrates the timeless soul of Filipino music. Tickets to the concert series are now available via TicketWorld, priced from P7,000 to P12,000.
By Eugenia Last
23-Aug. 22): Use words, not actions, and you’ll make progress. Reach out to the source instead of complaining to the go-betweens. Follow through with your promises, and dedicate more time to nurturing relationships with those who can help you reach your goals. Only change what’s necessary, and distance yourself from those heading in a different direction. ★★★
VIRGO (Aug. 23-Sept. 22): Put a plan in place before making a move or trying to change the impossible. Detail and precision will play a role in what you achieve and how others perceive you. Let your actions be your voice, and you’ll prove your point. A budgetfriendly plan and an innovative approach will help you maintain credibility. ★★★
LIBRA (Sept. 23-Oct. 22): Be careful who you share your ideas with. Someone is likely to take advantage of you if you aren’t cautious. Put a financial plan on paper, and draw up contracts where necessary. Look out for your interests, and be vocal and aggressive when it comes to negotiations. ★★★★
SCORPIO (Oct. 23-Nov. 21): Critique yourself before criticizing others. Updating your look, attitude or technology may be what you need to help you veer in a new direction. Progress helps maintain your equilibrium mentally, physically and financially. Observe what your cohorts are doing, and it will help you decide what’s next and best for you.
SAGITTARIUS (Nov. 22-Dec. 21): Speak up, and you’ll find out where you stand and what’s possible. A trip, reunion or learning experience will be informative and offer insight into how you can and should move forward. Refuse to jeopardize what you have for something intangible. ★★★★★
CAPRICORN (Dec. 22-Jan. 19): Add a splash of ingenuity to whatever you do, and you’ll gain interest and a platform to share your plans. Networking and socializing, along with charm and confidence, will help you gain respect and the response you require to reach your goal. ★★★
AQUARIUS (Jan. 20-Feb. 18): Learn from experience that too much of anything will lead to trouble. Slow down, take inventory and see what’s left. Your strength, knowledge and skills will lead to bigger and better opportunities. Don’t sell yourself short, and don’t let anyone bully you into a deal that doesn’t deliver what’s necessary for you to fulfill your promises. ★★★
PISCES (Feb. 19-March 20): Set a budget and a timeline, and get moving. You can achieve what you set out to do if you avoid outside influences stepping in and trying to take over. Trust in your abilities and discipline to help you see matters through to the end. ★★★
BIRTHDAY BABY: You are sensitive, insightful and caring. You are uncertain and stubborn.
ZACHARY QUINTO (left) and Teddy Sears in an episode of the first season of the much talked-about primetime NBC series Brilliant Minds.
THERAPEUTIC TOUCH OR TROUBLE? WHEN MASSAGES MIGHT DO MORE HARM THAN GOOD
WHAT’S not to love about a massage? It’s calming, relaxes your muscles, stimulates the lymphatic system (which keeps our body’s fluid level in check and protects us against infection), and improves circulation and skin tone, among other health benefits. Whether you prefer yours amid the flicker of candles and the scent of fruits and flowers in a highend spa, or in the comforts of your own home from your suking masahista, a massage can help make you feel better in minutes.
Or it can make things worse. A vigorous or deep tissue massage can result in bruising and pain in areas where there wasn’t any, or more serious conditions like the loss of sensation in the arm or leg, or even a full-on fracture. While rare, rhabdomyolysis is still a possibility: The breakdown of muscle tissue due to pressure from an intense massage releases protein and electrolytes into the blood, which can affect severely the heart and kidneys.
“Massages are generally safe,” says Ma. Elena Lourdes R. Tan, MD, from the Department of Physical Medicine and Rehabilitation of the country’s leading hospital Makati Medical Center (MakatiMed, www. makatimed.net.ph). “Problems can arise during the application of excessive pressure in the wrong spots and for prolonged periods. This could reduce circulation or affect nerves, resulting in temporary or permanent damage.”
On the other hand, clients could also inadvertently turn a harmless session into a health risk for their therapist. “If you have a skin infection or a contagious respiratory illness like a cold, flu, tuberculosis, or Covid-19, you could easily infect others with close contact,” warns the doctor.
Still, you can make your next massage a pleasant and safe one when you observe these practical reminders from MakatiMed.
Tan shares that it’s a must to choose a reputable establishment that puts the comfort and boundaries of their clients first and foremost. “Ideally, you should get a massage in a place with properly trained therapists, as they are trained to adhere to professional standards,” Tan points out. “Of course, you have to check if the place is well-maintained, clean, and tidy at all times.”
The doctor also underlines disclosing any health conditions before you begin the session. “Are you pregnant? Do you have a fracture or think you do?
Are you currently treating rashes or an open wound?
Do you have an underlying health condition? If you do, then it’s not advisable for you to get a massage until cleared by a physician,” says Tan. “Feeling ill is also an indication to skip a massage and stay home.”
Spas and wellness centers often aim for ultimate relaxation with their quiet ambiance, dim lighting, and soothing music. However, your active participation is key to a truly beneficial massage. Tan encourages, “Communicate what you want. Tell your therapist how light or strong you want the pressure and stretching, and where you don’t want to be touched. Speak up when you feel uncomfortable or develop any pain.”
If your pains and discomfort are related to sports or an injury, the expert suggests consulting a physiatrist, then a physiotherapist. “In this case, a healthcare professional with a background in human anatomy might be a better choice than a massage therapist,” shares Tan. “In addition to helping you manage pain through exercise and manual therapy, a physiotherapist can improve your mobility.”
As wonderful as massages make you feel, they are, at best, a complementary treatment to either conventional medicine, physical therapy, or both. “A massage doesn’t cure diseases or injuries,” explains Tan. “If your pain prevails or returns even after a massage, please see a doctor immediately.”
Image BusinessMirror
Little stops
that go a long way
LIFE today often feels like a long race with no finish line. Many people try to power through their to-do lists from morning to night without stopping, believing that doing something all the time is the secret to success. Yet the opposite is often true. The small pauses we take between tasks can make all the difference. Micro breaks are short moments of rest that help you reset. They can be as simple as stretching your arms, closing your eyes for one minute, or stepping away from your screen to breathe. While they may seem insignificant, these tiny breaks can help shape the rest of your day. The body is not designed to focus endlessly. When you sit at a desk for hours or move nonstop from chore to chore, your energy drains and your ability to think clearly fades. A micro break interrupts this cycle. For example, pausing every hour to drink water or look away from your screen helps reduce tension in your neck and eyes. These simple acts refresh your mind so you return to your task with more focus. It is like hitting a reset button that clears out brain fog. Micro breaks also help calm your emotions.
When you feel stressed or overwhelmed, taking a short pause gives your brain a chance to settle. A few slow breaths can ease tightness in your chest, soften frustration, and help you feel more grounded. Imagine you are irritated while stuck in traffic. Instead of gripping the wheel tighter, loosen your shoulders and breathe in and out slowly. This quiet moment helps you respond with patience rather than reacting with anger.
Another benefit of micro breaks is that they support creativity. When you step away from a task, your mind continues to process ideas in the background. Many people find that fresh solutions appear when they take a moment to stretch or take a short walk.
For example, if you feel stuck on a report, stand up and water your plants or look out the window. When you return, the idea you needed may come more easily. These small resets help you think more freely instead of getting trapped in frustration.
Micro breaks are simple to weave into routine. You can set a reminder on your phone to pause every hour. When the alarm goes off, take a brief moment to stretch, look around, or sip water. If you work in a busy environment, you can take a mental pause by focusing on a single deep breath. If you are at home, step outside for a moment of sunlight. Even washing your hands slowly can be a small pause that helps you return with a clearer mind.
They are also helpful for physical health. When sitting for long hours, your muscles tighten and your posture suffers. A short pause to roll your shoulders or stand up can prevent discomfort later. Some people like to set a rule. Every time they finish a meeting or complete a small task, they take a brief break. These
small habits add up and help keep the body relaxed throughout the day.
Micro breaks can strengthen relationships too. When you feel drained, it is easy to speak harshly without meaning to. Taking a moment to pause before responding gives you space to choose kind words. For example, if a coworker asks a question while you are busy, pause to breathe before answering. This small moment helps you reply with patience rather than irritation. These tiny pauses create more thoughtful connections.
The beauty of micro breaks is that they fit into any lifestyle. You do not need special equipment or extra time. You only need awareness. If you are a student, pause between subjects to stretch or listen to a calming sound.
If you are a parent, take a moment to close your eyes before helping with homework. If you are retired, pause during chores to enjoy a sip of tea. These tiny breaths of rest make each task feel lighter.
In a world that praises constant productivity, it is easy to feel guilty when you pause. Yet rest is not a sign of laziness. It is a smart way to care for your mind and body. Micro breaks protect your energy so you can move through your day with clarity. They help you focus on what matters most, rather than simply rushing from one task to another.
The next time you feel tired or stuck, try a simple pause. Place your feet on the ground. Breathe slowly. Stretch your arms. Look away from your screen. Let your thoughts settle. When you return to your task,
Solaire Resort North shines bright with Hyun Bin for Yuletide season
MERRIMENT and magic begin at Solaire Resort North marked by the brilliant lights that shone during its recent Christmas Tree Lighting Ceremony. Laughter and cheer echoed through the Atrium Lobby as residents of Quezon City and beyond gathered for this special celebration.
Guests of honor who graced the event were Quezon City Mayor Joy Belmonte, Philippine Amusement and Gaming Corp. (Pagcor) Chairman and CEO Alejandro Tengco, Department of Tourism-National Capital Region assistant regional director Ivan Agote, Bloomberry Resorts Corp. vice chairman for construction and regulatory affairs Donato Almeda, and Solaire Resort North’s very own chief operating officer Damian Quayle.
Hosted by Carla Guevara Laforteza, the ceremony encapsulated the
of Christmas with performances by the country’s
Globe Platinum’s Gastronome Series: Metiz reimagines Filipino cuisine, fights child stunting
Small restaurants often make the biggest statements. At the highly acclaimed Metiz in Makati City, Chef Stephan Duhesme leads a youthful brigade that not only serves innovative yet soulful dishes rooted in local ingredients but also helps prevent child stunting.
Armed with recognition from Asia’s 50 Best Restaurants, Metiz enters the second run of Globe Platinum’s Gastronome Giving Series in partnership with Facebook community Fine Dining Club Philippines, which launched this month and will run until November 30, 2025.
Gastronome Giving is a program under The Hapag Movement through “Globe of Good,” which works toward a sustainable future by driving programs that create positive social impact.
Every order from Metiz’s specially curated menu automatically supports The Hapag Movement, helping fight involuntary hunger and address growth stunting that affects thousands of Filipino children.
The Hapag Movement leverages technology to raise funds to fight the high rate of child stunting in the country through sustainable feeding and nutrition education programs, in collaboration with implementing partners that include the Ayala Foundation and the UN World Food Programme.
“Through the Hapag Movement, we are easing the burden of hunger in a sustainable way. Gastronome Giving strengthens this effort by showing how something as personal as dining can also open doors for children to have a
better chance in life,” said Yoly Crisanto, Globe Chief Sustainability and Corporate Communications Officer.
Chef Stephan has made Metiz a celebrated destination where flavor and principle thrive together, saying: “For me, creativity in the kitchen must go hand in hand with sustainability, community, and a culture of well-being.”
Metiz carefully crafts its menu, relying on local, seasonal plant-based biodiversity, and experimenting with old methods of preservation such as buro (fermenting), tuyo (drying), and kinilaw (pickling).
The Metiz 2.0 Gastronome Giving menu showcases this approach through dishes that simultaneously honor tradition and shatter expectations.
At P6,500 exclusive of service charge and subject to produce availability, each course challenges preconceptions. Ensalada + Kalabasa opens with eggplant, mangga, bagoong, gata, and dikay alongside kalabasa, kasoy, and smoked salinas, paired
with Kalihim.
Off cuts include maskara tart with pipino, caramelized ubod, and tartare; sourdough lumpia containing lettuce, beef offal, fermented carrots, spiced sauce, and sayote; plus the Ensaymada 2.0 elevated with Malagos cheese and Batangas honey.
The main course reveals a harmonious spread of tuna with fermented tomato, tamarillo, salted oyster hollandaise, and pork jus; sabaw of native chicken with kundol and labong; refreshing gulay bowl; and salted pampano rice with mushrooms, all paired with Katutubo.
Sweets provide a satisfying conclusion through malagkit rice with coco jam ice cream, pandan, banana caramel, cascara milk, toasted sesame, and dayap, paired with Extra Rice! because even dessert celebrates Filipino staples. Globe customers are treated to a complimentary drink to top off this sweet offer.
Metiz is joined by other exceptional establishments to support the Hapag Movement: Chef Jessie Rockwell Club and Restaurant Idalia in Makati City; Finestra in Solaire Entertainment Resort in Parañaque and Quezon City; Sauma Farm, Bar & Kitchen in Hinigaran, Negros Occidental; and Benjarong in Dusit Thani Residences Davao.
“We want our customers to savor a thoughtfully crafted meal with the assurance that their choice is helping another family in need,” said Mark Pasaylo, Head of Globe Platinum.
“This partnership with Fine Dining Club Philippines brings together the joy of food and the spirit of compassion at the same table,” he added.
Secure a seat at Metiz by contacting its reservation hotline via Viber or WhatsApp: 0917 700 4109. Mention “GlobeFDC” when booking to unlock special amenities for Globe customers and Fine Dining Club members. Globe Platinum customers can also enjoy seamless bookings through THEA, their 24/7 digital assistant.
To learn more about Globe, visit www. globe.com.ph.
Eurotel’s Trick or Treat Year 3: A Spooktacular Celebration of Family Fun, Filipino Hospitality
TFrom Eurotel Las Piñas, Makati, North Edsa, to Vivaldi-Cubao, each branch was transformed into a lively Halloween wonderland filled with color, candy,
delighted both kids and adults alike.
More than 300 kids participated in this year’s celebration, arriving in their most creative costumes, from tiny superheroes and princesses to spooky ghosts and adorable monsters, ready
for an unforgettable treat-hunt adventure. The day was packed with fun-filled activities such as:
• Candy Buffet and Cotton Candy Booths for endless sweets and smiles
• Popcorn and Ice Cream Corners for cool and tasty delights
• Magic Shows and Fun Games that brought laughter to all ages
• Art Kits, Face Painting, and Pumpkin Loot Bags to inspire creativity and joy
Tickets for the event were quickly sold out, with affordable packages, ₱999 for one kid and one guardian, ₱499 for additional adults, and bundled promos for families, making it accessible for everyone to join the Halloween fun.
Beyond the treats and festivities, Eurotel’s Trick or Treat Year 3 highlighted the brand’s ongoing commitment to meaningful family experiences and genuine Filipino hospitality. Each smile, laugh, and shared moment reflected Eurotel’s mission to create spaces that go beyond accommodation—places that feel like home.
What made this year’s celebration even more special was seeing familiar faces return. Three years ago, when Eurotel first launched its Trick or Treat event, many of the children who joined were still toddlers—and now, they’ve grown into cheerful school-aged kids. Seeing them come back each year with their families has been a touching reminder of how Eurotel has become part of their joyful childhood memories.
“Eurotel’s Trick or Treat has become one of our most anticipated family traditions. It’s more than a fun event; it’s an expression of our commitment to creating joyful and memorable experiences for families & children. Through celebrations like this, we remind families that Eurotel is not just a hotel, but a home where service, comfort, and happiness meet,” said Emman Bona, Marketing Head, Eurotel Hotels
The overwhelming turnout and positive feedback from guests once again proved that Eurotel’s Trick or Treat isn’t just an event; it’s a celebration of togetherness and the Filipino spirit of fun, creativity, and care.
Eurotel Hotels extends its heartfelt gratitude to all the families, children, and staff who made this year’s celebration a truly spooktacular success.
Okada Manila, OCD-NCR partner to host 4th Quarter Nationwide Earthquake Drill 2025
OKADA Manila once again stood at the forefront of safety and community partnership as the official and first private institution to host the 4th Quarter Nationwide Simultaneous Earthquake Drill (NSED) 2025, held on November 6, 2025, in observance of World Tsunami Awareness Day.
In collaboration with the Office of Civil Defense –National Capital Region (OCD-NCR), and the Parañaque City Disaster Risk Reduction and Management Office (DRRMO), the integrated resort served as one of the key venues for the nationwide initiative, reaffirming its steadfast commitment to emergency readiness and public safety.
The large-scale exercise simulated a magnitude 8.3 earthquake generated by the Manila Trench followed by a tsunami alert, testing the coordination and agility of Okada Manila’s emergency response teams across multiple operational areas. Okada Manila team members and security team swiftly carried out evacuation procedures, established command posts, emergency communication system activation and managed simulated medical and fire response with precision and professionalism. Beyond compliance, Okada Manila’s participation demonstrated its deep-rooted culture of preparedness, one that values collaboration, accountability, and genuine care for people. By integrating safety into every aspect of its operations, the resort continues to raise the bar for disaster resilience within the hospitality industry. Aligned with Okada Green Heart’s Talent and Community pillar, this initiative reinforces the resort’s commitment to nurturing capable, safety-conscious team members and strengthening partnerships that benefit the wider community. “Exercises like this remind us that preparedness is not a one-time effort. It’s a continuous commitment,” said Patrick Henry Villacorte, Chief Security and Safety Officer at Okada Manila. “Every drill helps us strengthen our coordination, refine our response, and most importantly, ensure the safety of our team members and guests. It’s about readiness, responsibility, and resilience.” Through continuous training, coordination, and engagement, Okada Manila remains a leader in building a culture of safety, ensuring that every
and
more information about
Yamaha unveils Mio Gravis ‘The Sensible Station’ at LRT Monumento
Rcarries consequences that affects not just yourself but everyone around you. This is why making sensible choices every day isn’t just important, it’s essential.
Building on the momentum of the Mio Gravis The Sensible Choice campaign launched last May 2025, Yamaha Motor Philippines continues to champion a culture of smart and responsible riding through its ongoing safety riding activities, innovative campaigns, and community-driven initiatives, further amplifying the efforts to raise awareness and encourage safer riding habits across the country.
Part of the development is by utilizing the longestablished partnership with the Light Rail Manila Corporation (LRMC) through PHAR Philippines, Inc., to transform the Yamaha Monumento Station into “The Sensible Station,” a vibrant and interactive hub designed to engage not only the motorcycle riders but also thousands of daily LRT commuters. This initiative expands Yamaha’s reach, fostering road safety awareness both on and off the road, as well as highlighting both Yamaha and LRMC’s commitment to driving positive change for the Filipino community.
The Yamaha Monumento station has been reimagined with eye-catching safety reminders and witty, yet thought-provoking messages inspired by the Mio Gravis campaign. The visuals humorously call out the reckless behaviors of commuters on the train, synonymous to the kamote behaviors on the road, such
as not following proper train etiquettes by cutting lines, crowding the other passengers’ space, and not being mindful of safety trails and signages, while encouraging a shift toward more responsible and harmonious riding. This new dress up aims to spark conversations and raise awareness among the commuters, while also making them allies in promoting road safety.
On October 30, 2025, The Sensible Station was officially unveiled through a bold guerilla marketing activation. Kamote mascots appeared along both northbound and southbound lanes, holding placards with reminders to not tolerate their behaviors. QR codes placed throughout the station led commuters to an interactive game: The Sensible Meter.
In this gamified experience, players navigate roads while avoiding kamotes and other hazards. Along the way, they answer safety-related questions, making smart, sensible choices to progress. Participants are rewarded with exclusive freebies, making learning about road safety both fun and impactful. Through this creative rebranding, Yamaha aims to inspire a wider culture of road safety, not just among motorcycle riders, but across the entire riding community. Whether you’re on two wheels or a commuter riding the train, every choice matters. And every decision you make should be anchored on responsible and sensible choices every day for a safer and more harmonious road environment. Visit The Sensible Station until November 21 at the Yamaha Monumento Station. Be immersed, experience the activation firsthand,
Chef Stephan Duhesme
Editor: Tet Andolong
BusinessMirror
Mid-income market fuels Philippine property’s strongest rebound in nine quarters
By Rizal Raoul S. Reyes
THE Philippine residential property market has staged a vigorous and decisive rebound, achieving its strongest quarterly performance in over two years, thanks almost entirely to the resilience and buying power of the affordable and mid-income segments.
According to the latest data from leading property management firm
Colliers Philippines, the third quarter of 2025 marked a crucial turning point, proving that the market’s core strength lies with its middleclass buyers.
“The trend shows that the middle market can still create a major impact in the market,” confirmed Joey Roi Bondoc, Research Director of Colliers, speaking to reporters on the sidelines of the firm's recent Q3 2025 briefing held in Bonifacio Global City. He added that the growing confidence among homebuyers, signaled by a substantial surge in sales and a noticeable decline in buyer cancellations, indicates a positive and sustainable trajectory for the sector.
A decisive surge in take-up
THE numbers for Q3 2025 tell a powerful story of recovery. Residential take-up, the critical gauge of market
health, more than doubled, soaring by a remarkable 108 percent to reach 5,900 units. This substantial jump from the 2,800 units recorded in the second quarter makes Q3 2025 the strongest quarterly take-up seen in nine quarters.
The catalysts for this explosive growth are the affordable and midincome segments—defined by units typically priced between P2.5 million and P12 million. Colliers’ data confirms their undeniable dominance, revealing that these accessible price points accounted for over 90 percent of pre-selling projects for the first nine months of 2025.
Bondoc was quick to point out that this trend underscores the sustained, inherent demand from the Filipino housing market's backbone: the resilient Overseas Filipino Workers (OFWs) and the burgeoning class of mid-level employees who view these segments as the most attainable path to homeownership.
Improved commitment and buyer confidence
THE positive shift extends beyond mere volume; it reflects improved buyer commitment and a newfound sense of market stability.
A significant indicator highlighted by Bondoc is the dramatic drop in backout rates, where buyers cancel their purchases. Cancellations declined for the second consecutive quarter, falling by 26 percent from 3,600 units in Q2 to 2,700 units in Q3. This consistent decrease in buyer attrition signals a greater conviction in purchase decisions and suggests a healthier financing environment supporting these commitments.
To complement the rise in demand and capitalize on this buyer confidence, developers are aggressively implementing strategies that have essentially created a more accessible
SMDC launches new residential segment focused on nature-centric living
By Vincent Peter Rivera
SM Development Corp. (SMDC) of -
ficially unveiled SMDC Nature, a new residential development and an addition to its mid-rise category dedicated to integrating sustainability and a nature-centric lifestyle into modern urban living.
With the tagline, “Where life grows with you,” the SMDC Nature portfolio incorporates carefully curated green elements into its homes, along with ample walkable paths, gardens, and open spaces that are touted as being “thoughtfully designed to blend greenery, convenience, and comfort.”
“With Nature, we really found that there’s an opportunity for us to test the boundaries of sustainability and the market acceptance of sustainability,” Jessica Bianca T. Sy, SM Prime and SMDC VicePresident and Head of Design, Innovation, and Strategy, told reporters during the launching event.
She further explained that the Nature segment is being developed to cater to both “human nature” and the organization’s broader “sustainable and ecological nature” commitment.
Echoing this statement, Kristina Bacud, Senior Assistant Vice President President (AVP)–Project Development and Management, SMDC Nature, shared that the new development was built based on the idea of “how city living can feel lighter, greener, and more human.”
“Think of wide open spaces you can breathe and move in, of places where families can grow with, of communities built close to, and even in the midst of nature without giving up the convenience of the city,” Bacud elaborated.
Key Features
A KEY highlight of SMDC Nature’s launch -
ing event was the presentation of its features built on a foundation of environmental responsibility, including the
designs made to significantly reduce its ecological footprint.
The communities incorporate solar energy systems and motion-sensor lighting in common areas (including hallways, shared spaces, and building systems that serve the residences everyday) which are projected to reduce power consumption by up to 35 percent.
This is equivalent to preventing over 250 metric tons of CO₂ emissions annually per project—the same positive environmental impact as planting more than 10,000 trees.
“By the end of 2025 to the first quarter of 2026, the solar energy systems will be fully operational in projects such as Style, South, Spring, and Vine Residences,” shared Pamela De Guzman, AVP of Project Development and Management, SMDC Nature—highlighting the extension of the organization’s commitment to sustainability.
In a push for water conservation, the developments implement rainwater harvesting for irrigation, as seen at Vine Residences, and install dual-flush and lowflow plumbing fixtures across all units to make saving water an everyday habit.
De Guzman added: “We designed open, walkable spaces that encourage movement, cycling, and social connection,
promoting active healthy lifestyles for our residents.”
Complementing this is the intentional planting of native and fruit-bearing trees that require minimal maintenance to provide shade and a cooler environment aside from the purpose of harvesting natural crops.
Future innovations
LOOKING forward, SMDC Nature’s future developments plan to introduce even more progressive features. Responding to the growing trend of pet ownership, new communities will include pet-friendly spaces, parks, and trails.
Unit layouts are being designed to incorporate assisted living features to support seniors and individuals with mobility challenges, ensuring comfort, safety, and independence for all residents.
Embracing cleaner mobility, future properties will include dedicated EV parking and charging stations.
As the launching event is about to conclude, SMDC formally signed a Memorandum of Agreement with Buskowitz Energy Inc.(a solar and renewable energy solutions company), represented by President James Carlos P. Buskowitz, to collaborate on achieving net-zero gas emissions by 2040.
market. Bondoc noted that developers are rolling out incentives rarely seen in previous years, including innovative payment schemes such as extended down payment terms (some stretching up to 84 months) and attractive rent-to-own options.
“These measures significantly lower the financial barrier, particularly for first-time buyers,” he said, connecting the developers’ proactive moves directly to the macro environment. A generally positive macroeconomic climate, characterized by easing inflation and a robust, consumerdriven economy, continues to bolster consumer confidence and spending power, reinforcing the capacity of buyers to commit long-term.
Decentralization and the lingering challenge
BONDOC observed that the market
is also becoming increasingly decentralized. Developers are prioritizing and finding strong success in thriving localities outside Metro Manila.
Key secondary cities like Cebu, Davao, and Iloilo are recording robust takeup rates, driven by decentralization efforts and infrastructure improvements that make regional properties more desirable.
Despite this strong take-up, the market still grapples with the lingering challenge of a substantial unsold inventory. As of the third quarter, Metro Manila grapples with approximately 30,400 unsold units.
“Colliers estimates that the time needed to fully absorb this inventory is about five times longer than in the pre-pandemic period, highlighting the need for developers to sustain this strong sales momentum,” he explained.
Interestingly, the composition of this unsold stock reveals a specific focus area for developers. While the affordable segment accounts for about 35 percent of the remaining ready-for-occupancy (RFO) units, the mid-income segment makes up a larger share at 47 percent. Bondoc advises developers to maintain creative and competitive pricing, especially for completed units, to quickly absorb this stock and prevent it from becoming a drag on new launches.
Ultimately, the market’s health depends on these segments. Bondoc concluded that the mid-income and affordable units play a pivotal role, because they are “the segments, of course, that can somehow be achieved or can be acquired by, say, a mid-level employee, and this should bode well for the Philippine property.”
Bamberton Center integrates QuakeSafe seismic isolation technology for greater earthquake resilience
THROUGH advanced engineering, the building is designed to withstand seismic activity while supporting Metro Manila’s booming urban skyline.
As conversations about earthquake preparedness grow louder, attention is turning to how the local buildings can better respond to the country’s natural conditions. For many in the property sector, resilience has become a marker of progress that supports both safety and long-term investment value. In Taguig City’s Arca South, one new development is bringing that principle into practice through innovation beneath its foundations.
The Bamberton Center, an 18-storey office and commercial development with four basement levels, is being constructed using base-isolation technology that absorbs and reduces ground motion during earthquakes. The project is led by Maxblocks Construction Corp., a company that partners with engineers and industry experts with over 30 years of experience to deliver high-quality projects built for safety and durability.
This initiative is led by Dioceldo Sy, known for founding Ever Bilena, one of the Philippines’ leading local
beauty brands. Having successfully built a nationwide enterprise, Sy has since diversified into real estate and development. His latest venture, QuakeSafe Phils. Inc., which is the company behind the system used in Bamberton Center, brings together technical partnerships and local expertise to promote earthquakeresilient design in the country.
QuakeSafe Phils. Inc. is a one-stop solutions provider that promotes the use of seismic base isolation in local construction—from design and consulting to supply and project management. Its system for Bamberton Center uses 42 sets of High-Damping Rubber (HDR) bearings supplied by Bridgestone Japan, designed to dissipate seismic energy before it travels upward through the structure. Complementary components, including flexible pipe connections and seismic gap covers, help maintain the building’s functionality even during strong ground motion.
Sy views the property as a practical example of preparedness in development that balances business foresight with public safety.
On the importance of resilience, Mr. Sy said, “building with resilience means planning for the unexpected.
Our goal is to create spaces that are safe and resilient, where occupants feel secure and businesses can operate with confidence. By focusing on long-term durability, we help ensure that the investments people make today remain valuable tomorrow.” He adds that beyond protecting occupants, resilient buildings reduce potential repair costs and operational disruptions, enhancing long-term returns.
The Bamberton Center’s integration of QuakeSafe technology illustrates how the property industry can respond to a growing public concern through innovation and initiative. As urban centers continue to expand, projects that prioritize resilience may help define the next phase of responsible growth in Metro Manila. In doing so, developments like Bamberton Center show that progress in real estate is no longer just about reaching new heights, but ensuring the strength to stand firm when the ground itself begins to shift. As resilience becomes a defining value, projects built with such purpose are not only shaping safer skylines but also reinforcing investor confidence in a more future-ready Philippine property market.
BAMBERTON Center in Arca South, Taguig City
AVIDA Land is the mid-market real-estate brand of Ayala Land offering condo and house and lot properties in the Philippines.
INSTALLATION of High-Damping Rubber (HDR) Seismic Isolation System completed at Bamberton Center
High hopes for Alas girls in U17 worlds
HE Alas Pilipinas Under-16
Tgirls squad has seven months to prepare for the 2026 FIVB Volleyball Girls’ U17 World Championship in Chile the program of which includes possible overseas training and an expanded player pool.
From having just two weeks to prepare and put the 12 high school players coming from different players on the same page, the youngest national volleyball team became the country’s first squad to qualify for a world championship without needing an automatic berth from hosting.
The Alas girls finished fifth place in the 2nd Asian Volleyball Confederation (AVC) Asian Women’s U16 Volleyball Championship following a 25-23, 2520, 19-25, 25-22 win over Thailand on Saturday at the Prince Hamzah Sports Hall in Amman to snatch the last Asian ticket for the worlds.
“This is big for Philippine volleyball and we’re looking at the future,” said Philippine National Volleyball Federation president Ramon “Tats” Suzara, who as AVC president followed the girls’ campaign entirely in Jordan. China qualified as defending world champion even before reaching the Final Four of the Amman competition, while the other qualified Asian teams are newly-crowned AVC U16 champion
12, wins in tough conditions.
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South Korea, runner-up Chinese Taipei and fourth placer Japan. The world championship in the capital Santiago are set August 5 to 16.
After proving what these girls can do despite the short preparation, Alas U16 coach Edwin Leyva will make the most of the seven-month preparation with the AVC and Suzara supporting their training—including an overseas camp.
“This time, hopefully we can prepare better,” Leyva said. “As Mr. Tats Suzara mentioned, we’ll have more time to get ready probably around six to seven months before the tournament in Chile.”
“There’s also a possibility that we’ll train abroad so we can learn and adopt the systems used in Japan, Korea or Chinese Taipei,” he added. Leyva also seeks to add players to his 12-member, history-making squad, led by team captain Xyz Rayco.
“Hopefully, we can expand the training pool to make it a bit bigger.
That way, we can pull players from the remaining pool when needed. We can’t just keep things the same. We either have to strengthen the lineup or maintain it, depending on the team’s unity and camaraderie,” he said.
The 14-yearold Rayco was a top five scorer
in the tournament with a total of 112 points from 92 kills, 14 blocks and six aces. She was also a top six spiker.
The opposite spiker from Nasipit believes the best is yet to come for her and the team.
“I’m really inspired because I’m still young, yet we’ve already come this far,” Rayco said. “There’s still a higher level ahead of us, and I’m so happy that at my age, I was able to achieve this.”
Nadeth Herbon, the Alas’ other goto scorer, won’t waste this chance.
“ We’ll train harder when we get home,” Herbon said.
Middle Blocker Madele Gale also shone as No.2 in blocking with 20 kill blocks including her career-best seven in a five-set loss to Thailand in the Final Eight.
Resty Jane Olaguir and Frances Ramos were No.6 in the Best Setters and Best Diggers, respectively.
All 12 players are still eligible for next year’s World Championship as they were all born either in 2010 or 2011.
For Leyva, this historic moment was proof that the Philippines’ volleyball future is bright. It’s all about starting it as early as possible and the program’s continuity up to the higher age groups.
“ We wanted this group to set the standard for our mass-based program,” he said. “With just two weeks of preparation, the team has already achieved a lot.”
BusinessMirror
By Josef Ramos
WITH Calvin Abueva doing what he does best—as the “Beast”—Titan Sultra has the logistics to create significant separation from the low-tiered teams in the Philippine Basketball Association Philippine Cup. “I just have to do what I must do every game,” said the 37-year-old workhorse who’s now a journeyman in the 50-yearold league for having plied his aggressive trade with at least three four teams. “I just play my game and be myself.”
Still sweating from team practice at the Victoria Sports Club along EDSA on Tuesday, Abueva told BusinessMirror that he’s goal-bound to do better for the Giant Risers—in six games, he averaged a doubledouble of 22.4 points and 10.2 rebounds. Abueva and Titan Ultra undergo another tough test against San Miguel
APOWERHOUSE field, led by world championship standout Mervin Santiago and Nicole Andaya— are seeing action in the inaugural 5150 Freeport Area of Bataan (FAB) Triathlon set to light up the scenic coastal hub of Mariveles this Sunday. Santiago, a consistent podium finisher for all Filipinos in the Ironman World Championship, and Andaya, winner of the historic 5150 Dapitan last year, headline a deep roster of elite and age-group contenders eager to test their mettle on a challenging new
course that blends competition, beauty and endurance in equal measure.
Joining him are fellow stalwarts Paulo Sauler, also an Ironman 70.3 World Championship finisher; Claudine Mendiola; Reujen Lista, the Rockstar coach known for producing champions; and Vanessa Agdon, a multi-time Ironman World Championship qualifier who remains one of the country’s most consistent endurance athletes.
The 5150 FAB features a classic Olympic-distance format—1.5-km swim, 40-km bike and 10-km
Her name is Laila Amaria Ali, whose mother was Veronica Porche.
L aila made Ali proud by accomplishing an unbeaten record of 24 wins, 21 by knockout. As good looking as Muhammad, Laila had held world crowns in super middleweight and light heavyweight divisions from 1999 to 2007 in alphabet organizations World Boxing Council, Women’s International Boxing Association, International Women’s Boxing Federation and International Boxing Association.
A li fought in the first “Thrilla in Manila” on October 1, 1975, defeating Joe Frazier by a 14th-round technical knockout when Frazier failed to answer the bell signaling the start of the 14th round. Both Ali and Frazier had passed on, but not after producing the most brutal heavyweight bout in history, earning for the fight the distinction as the “Fight of the Century.” Ali described it best by saying, “This fight was next to death.” It was the fight’s grotesque brutality that helped trigger the call to reduce boxing matches from 15 rounds to 12 rounds. Closer to home, the late Caloy Loyzaga, dubbed Asia’s best basketball player ever, had two sons inheriting his prowess: Chito and Ernesto (Ruso).
Beer, which started the all-Filipino at 0-2 but won four straight—at the resumption of action at 7:30 p.m. at the Ynares Center in Montalban.
The Giant Risers are hoping to follow up on their 97-86 victory—their second in six outings last November 5 that put them at solo seventh in the 10-team league—and in the process halt the steamrollering Beermen.
“Motivation? Even when I was in Alaska, Phoenix [Super LPG], NorthPort and Magnolia, I’ve always been motivated and inspired especially by my family,” he said. “We just really need to work harder, do our job as players.”
“The coaches … they just let me do my thing,” added Abueva, who had 23 points, 14 rebounds and six assists against the Bosing.
Also rising to the occasion for the Giant Risers in the Blackwater game were Joshua Munzon and Fran Yu—Munzon and Yu provided the spark and finished with 18 and 14 points, respectively.
We must change our attitude especially in the second half. We must
NICOLE ANDAYA headlines a deep roster of elite and age-group contenders. SRI PHOTO
run across a freshly-mapped championship course that promises to test even the most seasoned athletes. For details, visit www.ironman.com/races/5150-fab or e-mail sai.mayol@ironman.com
Organized by Sunrise Events Inc. in partnership with the Freeport Area of Bataan, the 5150 FAB marks a major milestone in the province’s growing reputation as a rising triathlon and endurance sports hub.
The action begins Saturday with the FABoulous Run at 5 p.m., a festive prelude event looping around Luzon Avenue within the Freeport, before triathletes dive into the crystal-clear waters of Camaya Coast the following morning.
E ven Robert Jaworski himself, the country’s most popular cager, produced Dudut, who would team up with his father and become the first father-and-son tandem in the Philippine Basketball Association.
Most recently—on October 29 to be exact—Manny Pacquiao’s son from another woman suddenly appeared to wow boxing fans at the “Thrilla in Manila 2” at the Araneta Coliseum, the venue of the original “Thrilla in Manila.” Pacquiao’s son, Emmanuel Joseph “Eman” Bacosa Pacquiao, 21, easily disposed of Nico Salado in six rounds of a lightweight duel, winning by unanimous decision on scores of 58-55 from two judges and a 60-53 nod from the third judge. Eman, born January 2, 2004, has a built-in height advantage as his 5’10” frame is tall by lightweight standards (his father is 5’5”), not to mention the younger Pacquiao has a 74-inch reach. It shows in his 7-0-1, win-loss-draw record, with four knockouts.
There is drama in Eman’s life.
He is a love-child, who grew up partly in Japan under the care of a stepfather who treated him like his own child. Eman finally met his biological father recently after 10 years, and their meeting proved fruitful—and cordial.
keep pushing the ball and play defense,” Titan Ultra coach Johnedel Cardel said.
“There’s no room for error when you face a team like San Miguel Beer.” Don Trollano—the former Adamson University star--meanwhile said they must keep on pushing if they want to snatch a fifth straight victory and move closer to clinching a spot in the quarterfinals.
“It will be another tough game after Magnolia,” Trollano said. “The teams are improving every game and I’m happy to contribute in every way I can.” Trollano, who recovered from back pains after their Dubai game against Ginebra, posted 29 points in a narrow 9492 win over Magnolia last Friday that sent the Beermen to a 4-2 win-loss record. San Miguel Beer also beat one after the other Rain or Shine (111-93), Ginebra (83-81) and Converge (96-90). Phoenix and Terrafirma, on the other hand, fight for survival—they’re noth 1-5 won-lost—when they square off in in the first game at 5:15 pm. Both teams are coming off four-game losing streaks.
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Mommy Dionisia, Pacquiao’s mother, was also thrilled meeting Eman for the first time.
“ You look like your father,” said Mommy D of Eman. “Pogi.” Jinkee, Pacquiao’s lawfully wedded wife, has reportedly accepted Eman with open arms. In a viral video, Pacquiao was seen advising his son. Just two things,” he said to Eman. “First, you must have discipline at all times. Second, stay focused—leaving everything in
CAILEY GONZALES,
TEAM captain Xyz Rayco (right) and (from left) Cristina Gale, Resty Olaguir, Frances Ramos and their teammates accomplish a first for Philippine volleyball. PNVF PHOTO