hounding global trade brought by tariff showdowns, Asia will record the fastest merchandise export volume growth this year, owing to exports of AI-related products, according to the latest forecast of the World Trade Organization (WTO).
According to WTO’s report on G20 Trade Measures, “If current assumptions hold, Asia should record the fastest merchandise export volume growth of any region in 2025 [5.3 percent].”
It is worth noting that WTO revised its original forecast in April 2025 as well as its estimates in August 2025 after the world saw a “stronger-than-expected trade growth” in the first half of the year.
By Reine Juvierre S. Alberto @reine_alberto
country’s external debt service burden (DSB) dipped to $8.427 billion in the first eight months of the year, according to the Bangko Sentral ng Pilipinas (BSP).
By Ada Pelonia @adapelonia
Mbased on Bureau of Animal Industry (BAI) data.
Pork shipments held the lion’s share of imports in the reference period, growing by 22.23 percent to 632,991 metric tons (MT) from 517,860 MT last year. The bulk of the imports consisted of pork cuts and offal, at 260,726 MT and 208,516 MT, respectively.
“The Report arrives against the backdrop of an unprecedented rise in trade policy uncertainty and sharply higher tariffs imposed by one of the WTO’s most important Members. The changed trade policy environment since the start of the year prompted WTO economists to adjust their forecasting methodology, adopting a dual approach that blends conventional econometric estimates with policy simulations to account for the impact of tariffs,” WTO noted. As for the merchandise trade volume growth, the global trade body revised upwards its forecast for Asia to 5.3 percent growth Latest data from the BSP showed the DSB declined by 3.42 percent to $8.427 billion from January to August 2025 from $8.726 billion in the
EAT import arrivals rose by 13.8 percent to over 1.1 million metric tons (MMT) as of September on the back of higher pork and chicken purchases abroad, based on the latest government data. The country imported a total of 1.18 MMT during the January to September period, from the 1.04 MMT recorded volume during the same period of 2024,
BAI data showed that chicken purchases abroad grew by 6.42 percent to 368,079 MT as
STEEL manufacturers are encouraged by the government’s crackdown efforts on substandard steel and other construction materials, according to Philippine Iron and Steel Institute (PISI).
PISI, an iron and steel industry group, said this in a statement over the weekend, after PISI president Ronald Magsajo received a letter from the Department of Trade and Industry-Fair Trade Enforcement Bureau (DTI-FTEB) acting director Marimel Porciuncula saying the bureau would file cases against Flores Commercial
and Wan Chiong Steel, which were found to have sold non-compliant deformed bars based on FTEB testing.
“We continue to support the government’s drive to ensure public safety by removing substandard steel from the market and penalize retailers and manufacturers found to be non-compliant with Fair Trade Laws,” Magsajo said. The copy of the letter, which was obtained by the BusinessMirror from Magsajo, divulged the evaluation of results of “alleged erring retailers” of
Amal, George Clooney
unveil legal project for…
Clooney shared that he and Amal held a “productive conversation” on Friday with President Ferdinand Marcos Jr., centered on the importance of press freedom and ensuring that journalists have a platform to speak freely. Amal also appealed directly to President Marcos Jr. to create a safer environment for journalists, underscoring that a free press is essential to any functioning democracy. She closed the discussion with a message of solidarity to Ressa: “We look forward to returning and celebrating your freedom.”
The Clooneys expressed eagerness to return to the Philippines, describing their visit as “productive and accommodating” to their advocacies. Their session left a powerful message: Journalists deserve the same protections afforded to business leaders, lawyers, and public officials. They should not face imprisonment for crimes they did not commit, nor should journalism ever be treated as a crime.
The keynote marked a compelling and impactful opening to the Social Good Summit 2025, setting the tone for a conversation on justice, technology, and safeguarding democratic freedoms.
LRMC management asking Chair MVP not to sell stake
By VG Cabuag
THEmanagement of Light Rail Manila Corp., the private sector operator of LRT1, said it will persuade its chairman Manuel V. Pangilinan not to sell its stake in the company after the government failed to fulfill its part of the agreement by allowing them to increase the rates.
LRMC president and CEO Enrico Benipayo, in a briefing with reporters, said the company is not “in a good financial position at the moment,” partly as a result of the deficit it incurred for the upgrades and Cavite extension.
“So as part of management, obviously we’ve had a lot of difficulties during the past 10 years,” Benipayo said.
“Despite the challenges that LRMC has been encountering for the past 10 years, primarily due to some obligations of the government that they were not able to fulfill, then definitely we’re not in a good financial position at the moment. But we’re about to turn the corner,” Benipayo said.
“I hope I’ll be able to convince our chairman [Pangilinan]. We’re meeting him, I think, next week. As we did with our other shareholders like Ayala and Sumitomo, I think both of them have bought in the plan to turn the corner for LRMC, not only to be, you know, in Tagalog, ‘Para sa bayan’ [For the country]. So it makes more sense for our shareholders,” he said.
LRMC said a fare increase was necessary to address an accumulated fare deficit of about P2.17 billion and to finance ongoing upgrades and the Cavite extension.
The government denied its plea, stating that the upgrades and the
12-kilometer Cavite extension are a contractual obligation under the public-private partnership.
Manuel V. Pangilinan, chairman of LRMC and also of holding firm Metro Pacific Investments Corp., hinted he may just sell its stake in the company if it keeps losing money and the government does not want to fulfill its part of the deal.
“The basic tenet of PPP is you’re asking for other people’s money to build a particular project. So it is not government money. When you borrow other people’s money, that money was given to that particular proponent by its owners, and its owners expect a return from that because they borrowed the money themselves,” he said.
“When you borrow people’s money, you have to pay for the use of that money. It’s as simple as that. If you’re not willing to, then use your own money. Then you don’t have to worry about these returns and calculations about tariffs and everything else,” Pan-
gilinan said.
“If you can’t put your mind around that concept, the very heart of PPP, then you should undertake it by yourself. Because when you use your own money, nobody questions it,” he said.
The fare hike has been opposed by leftist labor groups, including Bayan Muna and the Trade Union Congress of the Philippines. They argued it adds a significant burden on low-income commuters on rising commodity prices.
LRMC is a joint venture company of MPIC through Metro Pacific Light Rail Corp., AC Infrastructure Holdings Corp., Sumitomo Corporation, the Philippine Investment Alliance for Infrastructure’s Macquarie Investments Holdings (Philippines) PTE Ltd. and Japan International Cooperation Agency.
It assumed operations and maintenance of LRT-1 in September 2015 through a P65-billion, 32-year concession agreement.
Weeks ahead of COP30, the region basked in the global spotlight after the Asean Summit in Malaysia was attended by both President Lula and US President Trump— whose failure to send a US delegation to the global climate talks for the first time in 30 years has been the subject of a major outcry.
“The biggest historical emitter, the United States, is absent here at COP, despite showing up at the Asean Summit in Malaysia,” noted De Torres.
“Asean must show zero tolerance for climate obstruction. We should not be pressured to be locked in long-term deals for US liquefied natural gas, using tariff threats as leverage. And our governments should not allow Global North countries to derail their responsibility to phase out fossils and act urgently on the climate crisis.”
End climate justice obstructions FILIPINO groups in the panel also called for an end to obstructions to climate justice and action, even from within the region, as the Philippines, the new Chair of Asean, is currently confronted with a major government corruption scandal.
“Across Southeast Asia, anticorruption and pro-democracy protests are spreading like wildfire. In my own country, billions of pesos meant for flood control, money meant to save lives, are being siphoned off. Our governments cannot stand in these halls claiming to defend climatevulnerable peoples and ecosystems while stealing from them at home,” said De Torres.
Just days prior, a former member of the Philippine Congress—ex-House Appropriations Committee chairman Zaldy Co—publicly admitted personal involvement in flood control corruption, while pointing to Philippine President Bongbong Marcos himself as prime author for congressional insertions of P100 billion to the national budget. He claimed the President allegedly received a P25-billion “cut” that he and his aides delivered to the President and former House Speaker Martin Romualdez. Graft and corruption scandal JUST before COP30, the Philippines experienced twin typhoons that claimed the lives of hundreds and wiped out entire communities. This was a stark and painful reminder that we need to ramp up
climate action in the area of adaptation and resilience-building— but that very area instead became an opportunity for our officials to make money by plundering the national treasury. These funds are from national loans—the Philippines is slated to be indebted by up to P20 trillion by the end of President Marcos’s term, and from the hard-earned taxes of our people,” decried Luke Espiritu, President of the Bukluran ng Manggagawang Pilipino (Solidarity of Filipino Workers).
The Department of Environment and Natural Resources (DENR) said that only 23 percent of over 5,300 flood-control projects implemented from 2021 to 2024 have effectively protected communities from flooding. Geospatial analysis also revealed structures that only worsened flooding, merely diverted rather than eradicated flood risk, or simply did not function as intended.
“In the face of an intensifying climate crisis, the Philippines is operating in a business-as-usual approach characterized by corruption. It is also in this context that our country’s oligarchs are allowed to continue expanding our coal and fossil gas fleet as a lucrative way of accumulating wealth.”
Moratorium no more?
RECENTLY, President Marcos even adopted a law promoting more use of gas, and directed the energy ministry to issue an advisory that essentially overturns the country’s moratorium on new coal. “We remind the Philippine government that it needs to honor its international commitments—and its duty to the Filipino people—of reducing greenhouse gas emissions, advancing climate action, and doing away with dirty fossils,” Espiritu said.
“Acting otherwise will come at a heavy cost—compromising our energy security, undermining our region’s climate ambitions, and condemning our people to climate chaos,” said De Torres.
The groups expressed solidarity with calls for ambitious outcomes at COP30, including the institutionalization of a just energy transition through a Belem Action Mechanism (BAM) under the Just Transition Work Programme (JTWP) and for a roadmap for the Transition Away From Fossil Fuels (TAFF), as has been championed by COP30 presidency Brazil.
“A just energy transition is imperative to achieve decarbonization while ensuring equity, protecting workers, and empowering vulnerable groups,” added Nesadurai.
From January to June 2025, the country’s debt service ratio, another indicator of capacity to service debt that compares the country’s loan payments with its income from exports and other inflows, improved to 2.9 percent from 3.2 percent a year earlier. As a percentage of the country’s gross national income (GNI), this reached 2.5 percent, also slightly lower than the 2.9 percent in the same period in 2024. In terms of other ratios, that of DSB to export shipments dropped to 19.8 percent in the eight-month period from 23.1 percent a year ago. DSB ratio to exports of goods, and receipts from services and primary income stood at 8.1 percent in January to August 2025, lower than the 8.9 percent last year. Despite the lower debt servicing, the country’s external debt rose by 14.35 percent year-on-year to $148.873 billion as of end-June, up from $130.182 billion. The bulk of the external debt was accounted for by the public sector. Public external debt jumped by 18.76 percent to $94.801 billion as of end-June 2025 from $79.825 billion in the same period a year ago. Private external debt, meanwhile, grew 7.37 percent year-on-year to $54.072 billion from $50.357 billion. BSP’s DSB data consists of principal and interest payments on fixed medium- and long-term (MLT) credits, including International Monetary Fund (IMF) credits, loans covered by the Paris Club. It also includes interest payments on fixed and revolving short-term (ST) liabilities of banks and nonbanks, but excludes prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving short-term liabilities of banks and non-banks. of September from 345,860 MT in 2024. A chunk of the imports were mechanically deboned meat (MDM) at 199,655 MT, followed by chicken leg quarters at 106,765 MT. Beef shipments expanded by 4.25 percent to 150,150 MT in the reference period from the 144,023 MT recorded in the previous year. Most of these consisted of beef cuts at 95,371 MT, based on BAI data. Meanwhile, upticks were also posted in year-on-year imports of buffalo, duck, and lamb. Of all meat categories, only turkey shipments declined. Brazil remains the country’s top supplier of beef (60,696 MT), chicken (165,899 MT), and pork (236,632 MT) imports in the reference period, based on BAI data.
According to the Meat Importers and Traders Association (Mita), importers were bringing in meat at a “record high volume,” since nearly all types of meat shipments recorded increases.
“Processors and restaurants are using imported meat, and now perhaps consumers are acquiring an appreciation as well,” Mita President Emeritus Jesus Cham said. He noted that high prices of local pork urged the entry of more imports, adding that improvements in domestic output of the protein source remain scarce.
“There is a lack of positive news about increased [pork] production,” Cham said. “As such, importers apparently do not expect local prices to come down, especially in the run-up to Christmas.”
“The devaluation of the peso [possibly due to] the corruption scandal may further dent the slim margins of the importers, but the retail sectors are still doing well,” he added.
Cham also noted that the successive calamities that hit the country “depressed consumption and prices.”
“Hopefully, we have seen the last of major typhoons for the year, and the consumers can recover somewhat in time to celebrate Christmas.”
www.businessmirror.com.ph
Protest but stay alert: Civil society joins Catholic, evangelical leaders
By Rizal Raoul Reyes @brownindio
IN a powerful display of unified opposition, the civil society Coalition Roundtable for Inclusive Development (RFID) on Sunday joined forces with Catholic and Evangelical bishops nationwide to defend democratic ideals and demand immediate action against the widespread plunder committed by government officials.
“We share in their message of caution for our people as selfish interests continue to tap into heightened public anger to advance political agendas that have little regard for the plight of families and communities, especially those hit by the recent spate of natural calamities, some made worse by man-made risks and government inaction,” the group said in a press statement.
The Catholic Bishops Conference of the Philippines (CBCP), led by Cardinal Pablo Virgilio David—an RFID convenor— and Archbishop Jose Advincula had issued separate pastoral statements at the weekend urging the faithful to be vigilant and discerning, in a veiled word of caution against joining protest rallies that may have partisan color and are not really for transparency or accountability.
A similar, separate call was made by the Philippine Council of Evangelical Churches (PCEC).
In its statement, RFID said, “We laud the Independent Commission on Infrastructure that, despite its many limitations, has actually been doing our country invaluable service. It has been gathering data, receiving and vetting voluminous testimonies, and tapping government, private, and civil society resources [including countless hours of voluntary services] to make key recommendations that address the public’s burning questions: who are liable, who are responsible, and who should go to jail.”
It urged Congress to accelerate the passage of legislation creating a truly independent and credible Independent People’s Commission—one that can conduct impartial inquiries free from political interference. It expressed support for President Marcos’s affirmation of his commitment to address corruption by certifying this as urgent.
RFID also demanded that former Representative Elizaldy Co return to the country and formalize his statements through a judicial affidavit so that the proper legal processes may take their course. An Independent People’s Commission will ensure that his and all other involved parties’ statements will be met with a fair and thorough investigation, and that all found liable are then held to account, the group said.
It added: “We further ask Congress to enact the following longoverdue reforms that promote transparency, accountability, and meaningful participation, and excise the long-standing structural challenges posed by patronage politics that are at the root of the wanton systematic plunder of the nation’s coffers:
n The ban on political dynasties,
n The budget transparency act,
n The freedom of information act,
n Party development reforms,
n A comprehensive review of the flawed party list system, and
n A comprehensive review of the Local Government Code to strengthen genuine people’s participation, including sectoral representation.”
RFID also welcomed AFP Chief of Staff General Romeo Brawner Jr’s recent statement and commended his commitment to democracy and Filipinos, recognizing the vital role of the Armed Forces of the Philippines in safeguarding peace, protecting the Constitution, and defending democratic institutions. In times of uncertainty, the armed services’ professionalism and adherence to constitutional order are essential to preserving national stability and public trust.
RFID urged the people to transcend personalities and focus on the deeper moral imperative of ensuring genuine accountability in public office. It said the pursuit of truth must never be weaponized to weaken institutions or create instability.
“As Filipinos after the common good, we underscore the importance of reforms that strengthen our democracy and guard against forces that may seek to exploit moments of national uncertainty for their own gain,” it said.
Members of RFID include Cardinal Pablo Virgilio David, business leader Ramon del Rosario, Jr, former senator Franklin Drilon, Archbishop Socrates Villegas, De La Salle University president Bro. Bernard Oca, former ambassador to the United States Jose Cuisia, Jr. and Father Karel San Juan, among others.
AFP conducts 8TH MMCA with Japan, US counterparts in WPS
By Rex Anthony Naval
NAVAL and air units from the Philippines, Japan and the United States conducted from Nov. 14 to 15 another iteration of the so-called “multilateral maritime cooperative activity” (MMCA) in the West Philippine Sea (WPS), the Armed Forces of the Philippines (AFP) said on Sunday.
Various units from the AFP, along with the Japan Maritime Self-Defense Force (JMSDF), and the US Indo-Pacific Command (USIndopacam) took part in these
drills which highlighted growing regional unity and cooperation.
“This marks the eighth MMCA this year and the 13th overall since its inception,” it added.
The AFP deployed guided missile frigates BRP Jose Rizal (FF150), BRP Antonio Luna (FF-151) and an AW-159 “Wildcat” antisubmarine helicopter.
The USIndopacom participated through the Nimitz Carrier Strike Group, composed of the aircraft USS Nimitz (CVN-68), and guided missile destroyers USS Wayne Meyer (DDG-108), USS Gridley (DDG-101), and USS Lenah Sutcliffe Higbee (DDG-123).
Meanwhile, the JMSDF joined with the JS Akebono (DD-108) and an SH-60K “Seahawk” helicopter.
The operation was further supported by the Philippine Coast Guard’s BRP Melchora Aquino (MRRV-9702) and BRP Cape San Agustin (MRRV-4408), which played a key role in enhancing maritime domain awareness in the WPS.
The AFP said the MMCA featured a series of coordinated maritime and aerial operations,
PNP-ACG cyberspace patrols to help ensure peaceful rallies
ACTING Philippine National Police (PNP) chief Lt. Gen. Jose Melencio Nartatez Jr. on Sunday ordered the Anti-Cybercrime Group (ACG) to step up cyber-patrolling against online content creators who may take advantage of the three-day assemblies to posts and spread fabricated claims intended to agitate and encourage the people to violate the law.
And while the PNP fully respects the freedom of speech and the freedom to air grievances, Nartatez said those freedoms have limitations and that include posting fake news and fabricated claims to mislead and misinform the public.
“The presence of your PNP will not only be in the assembly areas and on the roads, but also in cyber -
space in order to run after those who would dare to take advantage of this situation to mislead the public through fake news and fabricated claims,” he added.
In line with this, Nartatez said he already tasked the PNP-ACG to monitor all of these and take the necessary legal action against parties who post fabricated or fake claims or contents in the various social media.
“We respect the freedom of speech and the freedom to air grievances but these do not include false claims and fake contents,” he stressed.
Nartatez also emphasized that while the situation on the ground remains calm, the PNP has detected several posts circulating across
social platforms falsely claiming a supposed crowd build-up or imminent disorder in Mendiola.
He warned that certain online actors appear to be deliberately sowing tension ahead of the protest.
“Our monitoring indicates that some of these accounts are intentionally exaggerating the situation to create unnecessary fear,” Nartatez said.
He also disclosed that the PNP is observing accounts with a pattern of spreading unverified rally-related alerts.
And to prevent misinformation from fueling unnecessary tensions, Nartatez appealed to the public to practice responsible sharing. Rex Anthony Naval
Economic security, good governance, sustainable growth at Stratbase gab
IN response to rising global and domestic economic challenges, the think tank Stratbase Group is convening top government officials, business leaders, diplomats, and decision makers at the 10th Pilipinas Conference to strategize on achieving stronger economic security, inclusive governance, and sustainable growth.
To be held on November 20–21, 2025, the annual flagship event has established itself as one of the country’s leading platforms for policy dialogue and reform advocacy, bringing together key players from government, the diplomatic corps, business, and civil society.
On the first day of the Pilipinas Conference 2025, a forum titled, “Enhancing Cyber Resilience: Approaches, Responses, and Practical Actions” will open the high-level session aiming to tackle the rapidly evolving cybersecurity landscape in the Indo-Pacific, exploring the strategic, legal, political, and technical dimensions of safeguarding critical infrastructure.
Discussions will center on cross-border cyber threats, policy and coordination challenges, and the need for stronger public-private collaboration and regional partnerships to enhance collective resilience.
The second day of the confer -
ence, themed “Strengthening Economic Security and Resilience through Inclusive Governance,” will spotlight how public-private partnerships can shape policies that protect the economy, empower citizens, and position the Philippines for long-term prosperity.
Among the invited speakers are Ombudsman Jesus Crispin Remulla, Budget Secretary Amenah Pangandaman, Public Works and Highways Secretary Vivencio Dizon, Energy Secretary Sharon Garin, and Environment Secretary Raphael Lotilla. They will be joined by leading executives from the infrastructure, energy, and business sectors.
“Economic security is now central to national security,” said Prof. Victor Andres Manhit, President of Stratbase Group. “We need strong governance, transparent institutions, and an empowered private sector to ensure that growth is not only sustainable but also inclusive.”
This year’s conference comes at a pivotal moment—after the midterm elections and the opening of the 20th Congress—creating new opportunities for legislation that will bolster economic resilience and attract high-value investments.
“The Philippines is navigating a rapidly changing global
including rendezvous time, communication check exercise, maritime domain awareness contact reporting, resupply at sea approach, anti-submarine warfare exercise, cross-deck landing exercise, division tactics/officer of the watch maneuver with photo exercise, and final exercise.
“The AFP emphasized that the continuing MMCA series reflects its commitment to safeguarding the nation’s sovereign rights and advancing collective defense readiness alongside trusted partners,” it added.
The AFP said these engagements highlight not only the Philippines’ steadfast resolve to defend its maritime domains but also its shared commitment with partners to strengthen deterrence, enhance interoperability, and uphold freedom of navigation under a rules-based international order in the Indo-Pacific.
New chiefs named in Zamboanga, Davao police regional commands
By Manuel T. Cayon @awimailbox
AVAO CITY—
DThe Zamboanga and Davao police regional commands have new regional directors, including a returning general for Davao. The Police Regional Office (PRO) 9 formally welcomed Brigadier General Edwin A. Quilates as its 40th director in the turnover of command on Friday, replacing Brig. Gen. Eleazar P Matta. The turnover at Camp Col. Romeo A. Abendan, Mercedes in Zamboanga City was presided over by Camp Crame’s Deputy Chief PNP for Operations, Lieutenant General Edgar Alan O. Okubo.
environment. By aligning domestic reforms with international trends, we can create an economy that is more competitive, more connected, and more capable of withstanding external shocks,” Manhit shared.
Key sessions will tackle economic security and governance reforms that strengthen transparency and accountability in public financial management, and strategic investments in infrastructure and their impact on local industries and job creation.
The economic outlook at the midpoint of the Marcos Jr. administration, the private sector’s role in driving innovation and sustainability; and energy transition and initiatives to secure affordable, clean, and reliable power for Filipinos will also be discussed.
“The Pilipinas Conference continues to serve as a meeting ground for ideas that shape national policy,” Manhit said. “By bringing together decision-makers and reform advocates, we can move from discussion to action, and from resilience to real, inclusive progress.”
Now in its 10th year, the Pilipinas Conference is touted as a forum for advancing transparency, accountability, and collaboration. Rizal Raoul Reyes
Quilates was former chief of the Drug Enforcement Group who vowed to intensify efforts against illegal drugs, terrorism, loose firearms, and smuggling.
Matta expressed full confidence in Quilates to guide the region forward as he urged PRO 9 personnel to remain united, disciplined, and committed to public service.
Matta is now assigned to the Directorate for Information and Communication Technology Management.
Also on Friday last week, Brig. Gen. Leon Victor Rosete was back in Davao City as Acting Regional Director of the Police Regional Office (PRO) XI, assuming the office from Brig. Gen Joseph Arguelles, who also previously replaced Rosete in June this year. Rosete was installed regional director in September last year when he replaced Brig. Gen Nicolas Torre
Govt.
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deformed steel bars.
The findings showed that Wan Chiong Steel Corporation’s steel bars went through confirmatory testing at the Bureau of Philippine Standards’ (BPS) Testing Laboratory in Cavite.
“Sample Nos. 1, 4 and 5 did not conform with the requirements of Clause 6.2 [Mass variation],” the remarks of the Test Report for Wan Chiong Steel Corporation noted.
With this, the DTI-FTEB, the Philippine government’s arm that enforces fair trade and consumer protection laws, said it “will be proceeding with the available legal action to ensure compliance with related Fair Trade laws and issuances.”
In its letter to Magsajo, DTI said: “Periodic updates will be sent to you as regards the remaining firms in your report.”
In its statement, PISI said the government has confiscated over P3.5 million worth of substandard steel products since the start of the year.
This can be translated to over 23,000 pieces of deformed rebars which were seized in Central Luzon and Calabarzon, based on the separate reports shared by FTED with the PISI.
“These products—sold by over 200 firms—were discovered in inspections the FTEB conducted in Nueva Ecija, Tarlac, Bataan, Pampanga, Bulacan, Cavite, Laguna, Batangas, and Rizal,” PISI noted.
The iron and steel industry group said many of the confiscated rebars failed to meet minimum mechanical and dimensional requirements, including tensile strength, elongation and proper manufacturer markings.
“Substandard steel can deform or break under load, increasing the risk of structural failure in homes, high-rise buildings, bridges and other infrastructure, especially during earthquakes, strong winds or heavy usage,” PISI emphasized.
Andrea E. San Juan
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ICI begins inspecting flood projects IN a related development, the Independent Commission for Infrastructure announced that it has started its inspection of flood control projects in the province of Cebu where more than 200 people died due to flash floods brought about by Typhoon Tino.
The ICI, which was created by President Ferdinand “Bongbong” Marcos Jr., said the inspection is being conducted in coordination with Department of Public Works and Highways (DPWH) Undersecretary Arthur Bisnar.
The investigating body is focusing its probe on flood control projects situated in key areas such Mandaue City, the Municipality of Liloan, Talisay City, and Cebu City.
Joel R. San Juan
PHL, South Korea forge accord to protect Pinoy farm workers
TBy Ada Pelonia @adapelonia
HE Philippines and South Korea have signed an agreement for a program aimed at protecting and empowering Filipino farm workers abroad.
In a statement, the Department of Agriculture (DA), along with other government agencies, signed a new joint memorandum for the implementation of Korea’s Seasonal Workers Program (SWP).
Other government agencies included were the Department of Migrant Workers (DMW), Department of Foreign Affairs (DFA), Department of the Interior and Local Government (DILG), Department of Justice (DOJ), and the Bureau of Immigration (BI).
The agency said the agreement would unite national and local efforts in deploying Filipino seasonal workers to South Korea. It would also guarantee fair labor practices, legal protection, and proper welfare, while promoting ethical recruitment and agricultural cooperation between the two nations.
Under the deal, the DA will initiate agricultural training,
livelihood programs, and reintegration support for returning workers.
The agency will also work closely with local governments and the DMW to ensure deployments match the country’s agricultural priorities and global standards.
The memorandum also called for an integrated support system to bolster monitoring, welfare assistance, and coordination with Korean local governments. This would ensure Filipino workers receive the care and protection they deserve, the agency said.
“This partnership ensures that our seasonal workers are protected, empowered, and equipped to contribute to both nations’ agricultural growth,” the DA said.
“The deal stands as a clear commitment: the Philippines is building global partnerships to uplift its farmers and secure better opportunities for Filipino workers abroad.”
Boost aquaculture
IN May, the DA said it will receive a $16- million grant from the Korea International Cooperation Agency (Koica) to advance local aquacul -
ture development and communitybased agribusiness.
Agriculture Secretary Francisco Tiu Laurel Jr. and Koica Country Director Jung Youngsun signed the Records of Discussions (RDs) to bankroll two separate grant assistance projects.
The $10-million grant would fund the project aimed at helping local fishermen boost their income by enhancing aquaculture production and strengthening the value chain, which will run for seven years.
The remaining $6-million funding would diversify income sources and strengthen the agricultural activities of marginal farmers in the region through the establishment of an Agribusiness Incubation Center in Zambales and the enhancement of the existing DA Technology Business Incubation facility in Tarlac.
Koica previously provided $20.78 million worth of grants to the Philippine government, which includes three other projects on agri-mechanization development, smart agriculture, and dairy herd improvement currently being implemented by the DA.
House leader: Six regions could see new wage hikes by yearend
OUSE Minority Leader and 4Ps
Hparty-list Rep. Marcelino Libanan expects six regions to order new wage hikes before yearend.
In a statement, Libanan urged the wage boards to “act with urgency” in adjusting pay rates, adding that minimum wage earners were already feeling the pinch of sustained consumer price increases.
He noted that “faster action” is necessary to help private sector workers cope with the persistent rise in the cost of living.
“We are counting on the six remaining regional wage boards to promptly raise pay rates and give workers the immediate relief they deserve amid the continuing surge in the cost of living,” Libanan said.
“Every week of delay means further erosion of workers’ purchasing power. Our
Coordinate
Sregional wage boards must move decisively,” he added.
Citing the National Wages and Productivity Commission (NWPC), Libanan noted that of the country’s 17 regional wage boards, 11 have already issued new wage increase orders this year as of November 3. This leaves only six regional wage boards that have yet to implement new wage adjustments.
This includes the Cordillera Administrative Region (CAR), MIMAROPA, Eastern Visayas, Zamboanga Peninsula, Northern Mindanao, and Caraga.
Labanan noted that the recent wage increase order came from the Western Visayas wage board, which approved a P40 adjustment on October 23, raising the region’s minimum wage to P550, effective
November 19.
Under the Labor Code, regional boards may review and increase minimum wages motu proprio, even without a pending petition, but they may issue only one wage order every 12 months.
Libanan then stressed that higher wages are not only a matter of fairness but are also critical to economic recovery.
“The country urgently needs wage adjustments to revive household consumption spending, which has been weakened by months of wage erosion caused by sustained price hikes,” he said.
“Boosting household spending is essential if we want to strengthen demand for goods and services, accelerate economic growth, and spur job creation in the months ahead,” he added. Ada Pelonia
infra projects with LGUs to curb corruption–senator to DPWH
EN. Sherwin Gatchalian has urged the Department of Public Works and Highways to ensure that all infrastructure projects are coordinated with local government units concerned to help combat corruption and ensure such projects respond to the needs of constituents.
The chair of the Senate Committee on Finance, Gatchalian emphasized that all project proposals for funding in the 2027 budget must be properly vetted and coordinated with LGUs.
“Maraming cases ngayon na ‘yung mga projects bigla na lang sumusulpot sa kanilang lugar pero hindi alam ng mga LGUs [There are many cases where projects suddenly surface in a place but the LGUs don’t know about them],” the senator pointed out, citing a multibillion peso-flood control projects in Oriental Mindoro that local executives were kept unaware of.
He said LGUs should be consulted even before a project is included in the National
was driven by importers accelerating purchases in anticipation of higher tariffs, and by surging demand for AI-related products linked to structural investments in digital infrastructure.
“Precautionary frontloading of imports was particularly pronounced in North America in Q1, although it showed signs of unwinding in Q2,” WTO noted.
“Trade in AI-related products was strong in both periods, particularly in Asia and North America, although it was also ‘evident’ in other regions,” WTO said.
This category, which includes a variety of goods from integrated circuits to telecommunications equipment, saw its trade volume rise more than 20 percent year-on-year while non-AI related trade grew less than 4 percent.
“Although AI-related products account for less than one-sixth of world merchandise trade, they contributed nearly half of trade growth in the first half of 2025,” WTO
Palace fends off call for PBBM to resign
MALACAÑANG warned on Sunday that a change in leadership may only whitewash the investigation into the flood control mess.
Palace Press officer Claire Castro issued a statement amid calls by certain groups for President Ferdinand R. Marcos Jr. to resign if he won’t be able to address the allegations that he caused the insertion of P100 billion worth of projects into the national budget during the bicameral conference committee.
“If there is a change in leadership, the investigation might be derailed and the corrupt will walk free,” Castro said, mostly in Filipino.
“Those who want him (President Marcos) out are people and supporters of those being hit by this investigation. The evidence is coming out, so let’s not allow these to be blurred again by Team Itim, which is spreading darkness in government and wants to stop the efforts to hold accountable those involved,” added Castro.
She issued this statement after the United People’s Initiative (UPI) penned a statement on Sunday, saying if President Ferdinand R. Marcos Jr. “cannot satisfactorily address the allegations with honesty, transparency, and verifiable accountability within a reasonable and clearly defined period, then he must resign.”
In its statement, UPI underscored that the recent revelations by former House Appropriations Chair Rep. Zaldy Co through two video statements “have shaken the already fragile trust in the national leadership.”
“These allegations strike at the heart of governance: the integrity of the national budget, the exercise of public office, and the moral responsibility of the President to safeguard the public coffers,” UPI said. The group pointed out that amid “economic uncertainty”—marked by “a weakening peso, a volatile stock market, and declining investor confidence”—the country’s institutions cannot afford “ambiguity, silence, or evasions.”
“The Filipino people deserve clarity, transparency, and truth. Public trust is the foundation of national stability. When that trust is weakened, every sector of society feels the tremors,” UPI noted. As such, the group called on the president to take “immediate and decisive” steps to bring back confidence in the Office of the President immediately. The group is demanding a “full, independent, and transparent”investigation into the corruption issues raised by Co.
“The President must order the immediate release of all documents, communications, and records related to budget allocations, insertions, and fund flows,” UPI emphasized. Marcos, it added, must allow investigators and the public “unrestricted access to the truth.”
In line with the group’s call for Marcos to resign if he cannot address these allegations with transparency, UPI explained: “When the integrity of the presidency is questioned at this scale, the stability of the nation is placed at risk.” Andrea E. San Juan
he said in a statement.
“That is not what we are trained for—and that is not who we are as proud members of the PNP,” he added.
company executives have testified under oath in hearings by the Senate and a fact-finding commission that members of Congress and officials at the Department of Public Works and Highways(DPWH) took kickbacks from construction companies to help them win lucrative contracts and avoid accountability. Most denied the allegations.
The police, backed by the military, went on full alert and deployed thousands of personnel to secure the weekend rallies, although the government expects them to be peaceful, according to a confidential security assessment seen by The Associated Press.
At the People Power monument in Edsa, former AFP chief Hermogenes Esperon and former PSG commandant Damian Carlos attended a “rally for accountability, honesty and justice” and urged corrupt officials to resign.
Esperon, a former national security adviser of Duterte and AFP chief of staff of President Gloria Macapagal-Arroyo, said sweeping changes are needed.
Expenditure Program (NEP), the executive branch’s detailed spending plan.
He noted that projects endorsed by regional development councils (RDCs) under the Department of Economic Planning and Development (DepDev) account for only about 35 percent of projects included in the NEP.
“We have to avoid uncoordinated projects; the best scenario is that these projects are approved by the RDCs,” Gatchalian added. Butch Fernandez
underscored.
WTO said bulk of the expansion in AI-related trade came from Asia, which accounted for nearly two-thirds of global AI-related trade growth in the first half of 2025.
“East Asia remained the supply engine, with the Republic of Korea, Japan and Chinese Taipei, continuing to provide high-value semiconductors and advanced telecom equipment,” WTO said.
At the same time, Southeast Asian economies, such as Vietnam and Thailand, “strengthened” their role, backed by both rising investment and supply-chain diversification.
“China’s exports to regional partners and to Mexico increased sharply, even as its aggregate AI-related exports showed moderate growth, underscoring that China remains embedded in global AI supply chains,” the global trade body also noted.
PDP Laban officials Alfonso Cusi, Jimmy Bondoc, Michael Defensor and other retired officers were also on Edsa. It was Defensor who referred former Marine and security consultant, Orlando Guteza, to Sen. Rodante Marcoleta, who in turn sprang him as an unscheduled witness in the Blue Ribbon hearings. Guteza had claimed he delivered millions to an address associated with former Speaker Martin Romualdez, who denied the claim.
Security lockdown, ‘maximum tolerance’
DURING a Sept. 21 anti-corruption demonstration, a few hundred black-clad protesters threw rocks, bottles and firebombs at policemen near the presidential palace in Manila, injuring more than 100 officers. Criminal complaints have been filed against 97 protesters.
Malacanang Palace went on security lockdown over the weekend, with major access roads barricaded by anti-riot police forces, cargo containers and barbed wires.
National police chief Lt. Gen. Jose Melencio Nartatez Jr. ordered law enforcement to exercise “maximum tolerance” in Sunday’s rallies.
“As your Acting Chief of the Philippine National Police, I expect each and every police officer on the ground to exercise maximum tolerance and only use the necessary and appropriate force as a last resort—and only against those who have a twisted concept that violence is part of the freedom of expression,”
Deadly floods
FLOOD control is an especially sensitive issue in the Philippines, one of the Asian countries most prone to deadly typhoons, flooding and extreme weather. Typhoons “Tino” and “Uwan” left at least 259 dead this month, mostly from flash floods and landslides, as millions of others were forced to evacuate.
President Ferdinand Marcos Jr. has been trying to quell public outrage and street protests sparked by the scandal, saying on Thursday that many of the powerful senators, members of Congress and wealthy businesspeople implicated in the scandal would be in jail by Christmas.
Marcos said the Independent Commission on Infrastructure (ICI) that he created has already filed criminal complaints for graft and corruption and plunder against 37 suspects. Criminal complaints have also been filed against 86 construction company executives and nine government officials for allegedly evading nearly P9 billion p ($152 million) in taxes.
Among those accused are lawmakers opposed to and allied with Marcos, including former House of Representatives Speaker Romualdez, the President’s cousin and a key ally; and former Senate President Chiz Escudero. Both have denied any wrongdoing.
Sen. Bong Go, a key ally of former President Rodrigo Duterte, has also been accused of involvement in corruption in flood control and other infrastructure projects. He has denied the allegations.
Duterte, a harsh Marcos critic, was detained by the International Criminal Court in the Netherlands in March for alleged crimes against humanity over his brutal anti-drugs crackdowns.
His daughter, Vice President Sara Duterte, said Marcos should also be held accountable and jailed for approving the 2025 national budget, which appropriated billions for flood control projects.
There have been isolated calls, including by some pro-Duterte supporters, for the military to withdraw support from Marcos, but Armed Forces of the Philippines chief of staff Gen. Romeo Brawner Jr. has repeatedly rejected those calls.
“With full conviction, I assure the public that the armed forces will not engage in any action that violates the Constitution,” Brawner said. “Not today, not tomorrow and certainly not under my watch.” Associated Press, with reports by Rex Anthony Naval, Nonie Reyes, Andrea E. San Juan
The World BusinessMirror
Editor: Angel R. Calso | Monday, November 17, 2025 A5
Global protesters march in Belem, urging action and humanized decisions at COP30
By Melina Walling & Teresa De Miguel
The Associated Press
BELEM, Brazil—Some wore black dresses to signify a funeral for fossil fuels. Hundreds wore red shirts, symbolizing the blood of colleagues fighting to protect the environment. And others chanted, waved huge flags or held up signs Saturday in what’s traditionally the biggest day of protest at the halfway point of annual United Nations climate talks.
Organizers with booming sound systems on trucks with raised platforms directed protesters from a wide range of environmental and social movements. Marisol Garcia, a Kichwa woman from Peru marching at the head of one group, said protesters are there to put pressure on world leaders to make “more humanized decisions.”
The demonstrators walked about 4 kilometers (about 2.5 miles) on a route that took them near the main venue for the talks, known as COP30. Protesters earlier this week twice disrupted the talks by surrounding the venue, including an incident Tuesday where two security guards suffered minor injuries. A full day of sessions was planned at the venue, including talks on how to move forward with $300 billion a year in annual climate financial aid that rich countries agreed last year to give to poor nations to help wean themselves off fossil fuels, adapt to a nastier, warmer world and compensate for extreme weather damage.
Many of the protesters reveled in the freedom to demonstrate more openly than at recent climate talks held in more authoritarian countries, including Azerbaijan, the United Arab Emirates and Egypt. Thousands of people joined in a procession that sprawled across most of the march’s route.
Youth leader Ana Heloisa Alves, 27, said it
was the biggest climate march she has been part of. “This is incredible,” she said. “You can’t ignore all these people.”
Alves was at the march to fight for the Tapajos River, which the Brazilian government wants to develop commercially. “The river is for the people,” her group’s signs read.
Pablo Neri, coordinator in the Brazilian state of Para for the Movimento dos Trabajadores Rurais Sem Terra, an organization for rural workers, said organizers of the talks should involve more people to reflect a climate movement that is shifting toward popular participation.
The United States, where President Donald Trump has ridiculed climate change as a scam and withdrawn from the landmark 2015 Paris Agreement that sought to limit Earth’s warming, is skipping the talks.
Demonstrator Flavio Pinto, of Para state, took aim at the US. Wearing a brown suit and an oversized American flag top hat, he shifted his weight back and forth on stilts and fanned himself with fake hundred-dollar bills with Trump’s face on them. “Imperialism produces wars and environmental crises,” his sign read.
Vitoria Balbina, a regional coordinator for the Interstate Movement of Coconut Breakers of Babaçu, marched with a group of mostly women wearing domed hats made with fronds of the Babaçu palm. They were calling for more access to the trees on private property that provide not only their livelihoods but also a deep cultural significance. She said marching is not only about fighting and resistance on a climate and environment front, but also about “a way of life.”
The marchers formed a sea of red, white and green flags as they progressed up a hill. A crowd of onlookers gathered outside a corner supermarket to watch them approach, leaning over a railing and taking cellphone photos. “Beautiful,” said a man passing by, carrying grocery bags.
China warns students in Japan of safety risks as tensions rise
By Bloomberg News
CHINA warned students planning to study in Japan of heightened risks for Chinese citizens in the country as a diplomatic spat sparked by Japanese Prime Minister Sanae Takaichi’s comments on Taiwan shows no sign of easing. Chinese students already in Japan and those planning to go there should closely monitor the local security situation, state broadcaster CCTV reported Sunday citing the Education Ministry. The move came as four armed Chinese Coast Guard vessels sailed through disputed waters controlled by Japan before leaving. Both countries lay claim to the cluster of uninhabited islands administered by Japan in the East China Sea, and it has become more common to spot Chinese vessels in the waters. Tensions between the neighbors have risen since Takaichi said last week that military force used in any Taiwan conflict could be considered a “survival-threatening situation”—a classification that would provide a legal justification for Japan to intervene. China considers Taiwan part of its territory and has vowed to reclaim the self-ruled island of 23
million people someday—by force, if necessary. Tokyo does not have formal diplomatic ties with Taipei but has spoken out against any attempts to change the status quo unilaterally, and has said cross-strait issues must be resolved peacefully.
Takaichi didn’t say that Japan would deploy its military in a scenario regarding Taiwan, but her acknowledgment of an existential risk provides more clarity than previous administrations of how Tokyo would view any Chinese invasion.
Beijing accused Takaichi of meddling in its internal affairs and demanded a retraction of the comment, but Tokyo has defended its stance.
Japanese Foreign Minister Toshimitsu Motegi said Friday the country’s position is in line with international and domestic law.
Tokyo has sought to calm tensions, saying that its position on Taiwan remains unchanged and continued dialogue with China is necessary. Japan’s Chief Cabinet Secretary Minoru Kihara was quoted by Kyodo on Saturday as saying China’s recent action doesn’t align with the “broader direction our leaders agreed on to advance a mutually beneficial strategic relationship.” With assistance from Takashi Umekawa and Tian Ying / Bloomberg
CLIMATE activists protest with coffins that read coal, oil and gas during the COP30 UN Climate Summit, Saturday, Nov. 15, 2025, in Belem, Brazil. AP PHOTO/ANDRE PENNER
Zelenskyy says Ukraine is working on prisoner exchange with Russia
KYIV, Ukraine—Ukraine is working to resume prisoner exchanges with Russia that could bring home 1,200 Ukrainian prisoners, President Volodymyr Zelenskyy said Sunday, a day after his national security chief announced progress in negotiations.
“We are ... counting on the resumption of POW exchanges,” Zelenskyy wrote on X. “Many meetings, negotiations and calls are currently taking place to ensure this.”
Rustem Umerov, Secretary of Ukraine’s National Security and Defense Council, said Saturday he held consultations mediated by Turkey and the United Arab Emirates on resuming exchanges.
He said the parties agreed to activate prisoner exchange agreements brokered in Istanbul to release 1,200
Ukrainians. Moscow did not immediately comment on the claim.
The Istanbul agreements refer to prisoner-exchange protocols established with Turkish mediation in 2022 that set rules for large, coordinated swaps. Since then, Russia and Ukraine have traded thousands of prisoners, though exchanges have been sporadic.
Umerov said technical consultations would be held soon to finalize procedural and organizational details, expressing hope that returning Ukrainians could “celebrate the
New
Finland’s president urges continued European support for Ukraine, warns of delayed ceasefire
By Emma Burrows
AP European Security Correspondent
HALVALA, Finland—A ceasefire in Ukraine is unlikely before the spring and European allies need to keep up support despite a corruption scandal which has engulfed Kyiv, President Alexander Stubb of Finland told The Associated Press. Europe, meanwhile will require ‘’sisu’’—a Finnish word meaning endurance, resilience and grit—to get through the winter months, he said, as Russia continues its hybrid attacks and information war across the continent.
Stubb also needs that quality as one of the key European interlocutors between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy. As the leader of one of Europe’s smaller countries, but one that shares a 1,340-kilometer (830-mile) border with Russia, he is well aware of what’s at stake.
In the 1940s, after two wars with Russia, Finland lost about 10% of its territory to Moscow and agreed to become militarily neutral, a stance
only reversed after Russia’s full-scale invasion of Ukraine, when the Finns joined NATO. Stubb leverages his good relationship with Trump—the two men have played golf together and speak regularly—to argue the case for Ukraine.
“I can explain to President Trump what Finland went through or how I see the situation on the battlefield, or how do you deal with (Russian President Vladimir) Putin? And then, you know, if he accepts one out of 10 ideas, that’s good,” he said.
Stubb spoke to AP Saturday at a military base north of the capital Helsinki where he observed Finnish volunteers take part in defense training. Wearing a jacket with the word “sisu” emblazoned across the back, he watched as volunteers practiced evacuating wounded soldiers from a conflict zone in freezing temperatures.
Stubb told AP that Zelenskyy must deal quickly with allegations of kickbacks and embezzlement, saying the scandal plays into the hands of Russia. Nonetheless, he urged European leaders to look at boosting financial and military support for Kyiv which is also facing creeping gains by Russia
FINLAND’S President Alexander Stubb speaks during an interview with The Associated Press in Halvala, Finland, Saturday, Nov. 15, 2025. AP PHOTO/SERGEI GRITS
on the battlefield.
“I’m not very optimistic about achieving a ceasefire or the beginning of peace negotiations, at least this year,” Stubb said, adding it would be good to “get something going” by March.
The three big questions on the road to a ceasefire are security guarantees for Ukraine, rebuilding its economy and coming to some sort of understanding about territorial claims, he said.
To bring peace to Ukraine, Stubb said, Trump and European leaders need to maximize pressure on Russia and on Putin in order to change his strategic thinking. Putin “basically wants to deny the independence, sovereignty and territorial integrity of Ukraine,” aims that have not altered since the war began nearly four years ago, Stubb said.
To do this, he suggested using tools such as the hundreds of billions of dol -
lars in frozen Russian assets held in Europe as collateral to fund Ukraine, as well as increasing military pressure on Moscow.
Stubb praised Trump for sanctioning the major Russian energy companies Lukoil and Rosneft in October, saying he did “an excellent job,” but argued more must be done to give Ukraine the capacity to hit Russia’s “military or defense industry.”
Last month Trump denied a Ukrainian request for long-range Tomahawk missiles which would theoretically allow Ukraine to strike deeper into Russia – although Kyiv does not currently have any launchers or platforms from which to fire them.
Ukraine is still negotiating with the US for more firepower, Stubb indicated.
Trump’s swings on Ukraine IN mid-October the White House announced Trump would meet Putin in Budapest before abruptly canceling the meeting less than a week later.
The decision came after a call between Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov where Rubio probably realized that “the Russians haven’t moved an inch,” Stubb said, and there was “no point in taking President Trump into a situation whereby he doesn’t get a deal or anything.”
The cancellation was “another example of a strategic mistake by the Russians. They had an opportunity and they blew it,” Stubb said.
Trump has swung back and forth between seeking rapprochement with Putin and applying pressure to him, and has done the same with Zelenskyy. Stubb said he deals with any shifts by being “quite patient” and living with “reality.”
“You can’t have illusions about things that you would like to see happening,” the Finnish president said. “I’ve tried personally to focus on things such as: We need security guarantees for Ukraine. How to build those? We need a ceasefire. How can we get that?
“It’s been a bit of a grind. I guess you need ‘sisu’ in these types of negotiations as well.”
But, he said, the work is paying off and the military options for guaranteeing Ukraine’s security once a ceasefire or peace negotiation is reached are now “clear,” with various countries having committed resources — although he declined to give more details, citing confidential military planning.
Despite some of Ukraine’s missteps, Stubb is unstinting in his praise for Zelenskyy. “I admire a lot of the things that he’s doing because to lead a country in a war ... is existential. You learn a lot from other human beings in that situation,” he said.
Stubb has Trump’s ear WHEN it comes to dealing with Donald Trump, Stubb is in a better position than many European leaders. In his youth, he studied in the United States
on a golf scholarship, and in March the two spent about seven hours playing a round at Mar-a-Lago. Golf was a “door-opener,” and helped him create a bond with the US president, he suggested. While Trump and Zelenskyy have a notoriously tempestuous relationship, Stubb said he and other European leaders can help act as a bridge between them.
“We interpret President Trump to President Zelenskyy and vice versa,” he said.
But when it comes to Putin, only one person should negotiate directly and publicly with him and that’s Trump, Stubb indicated, suggesting the European Union is unlikely to open a direct channel of communication with the Russian leader any time soon. Russian attacks in Europe AT the same time Trump is leading negotiations with Putin, multiple European countries have faced incursions from Russian drones—suspected or confirmed—as well as fighter jets and an alleged widespread Russian sabotage campaign.
Russia is not only conducting a kinetic war in Ukraine but also a hybrid war in Europe, Stubb told AP. “The line between war and peace has been blurred,” Stubb said. Russia, he said, is trying to destabilize Europe and “cause havoc and panic,” with attacks including arson, vandalism and propaganda. The way to deal with those threats is to “be Finnish,” Stubb said.
CIVILIANS practice military skills on a training ground in Kharkiv region, Ukraine, Saturday, Nov. 15, 2025. AP PHOTO/ANDRII MARIENKO
Like Biden before him, Trump struggles to fix inflation as voter patience wanes
Josh Boak
The Associated Press
ASHINGTON—Presi -
Wdent Donald Trump’s problems with fixing the high cost of living might be giving voters a feeling of déjà vu.
Just like the president who came before him, Trump is trying to sell the country on his plans to create factory jobs. The Republican wants to lower prescription drug costs, as did Democratic President Joe Biden. Both tried to shame companies for price increases.
Trump is even leaning on a message that echoes Biden’s claims in 2021 that elevated inflation is simply a “transitory” problem that will soon vanish.
“We’re going to be hitting 1.5% pretty soon,” Trump told reporters Monday. “It’s all coming down.” Even as Trump keeps saying an economic boom is around the corner, there are signs that he has already exhausted voters’ patience as his campaign promises to fix inflation instantly have gone unfulfilled.
Voters are growing frustrated with Trump on inflation VOTERS in this month’s elections swung hard to Democrats over concerns about affordability. That has left Trump, who dismisses his weak polling on the economy as fake, floating half-formed ideas to ease financial pressures.
He is promising a $2,000 rebate on his tariffs and said he may stretch the 30-year mortgage to 50 years to reduce the size of monthly payments. On Friday, Trump scrapped his tariffs on beef, coffee, tea, fruit juice, cocoa, spices, bananas, oranges, tomatoes and certain fertilizers, saying they “may, in some cases” have contributed to higher prices.
But those are largely “gimmicky” moves unlikely to move the needle much on inflation, said Bharat Ramamurti, a former deputy director of Biden’s National Economic Council.
“They’re in this very tough position where they’ve developed a reputation for not caring enough about costs, where the tools they have available to them are unlikely to be able to help people in the short term,” Ramamurti said. Ramamurti said the Biden administration learned the hard way that voters are not appeased by a president saying his policies would ultimately cause their incomes to rise.
“That argument does not resonate,” he said. “Take it from me.” How inflation hit Biden’s presidency BIDEN inherited an economy trying to rebound from the coronavirus pandemic, which had shut down schools and offices, causing mass layoffs and historic levels of government borrowing. In March 2021, he signed into law a $1.9 trillion relief package. Critics said that was excessive and could cause prices to rise.
As the economy reopened, there were shortages of computer chips, kitchen appliances, autos and even furniture. Cargo ships were stuck
Russia’s economy stalls as VAT hike targets citizens amid military spending constraints
By David Mchugh The Associated Press
AFTER two years of robust growth fueled by military spending on the war in Ukraine, Russia’s economy is slowing. Oil revenues are down, the budget deficit is up and defense spending has leveled off.
The Kremlin needs money to keep its finances steady—and it’s clear where President Vladimir Putin intends to get it: at the cash register, from ordinary people and small businesses.
waiting to dock at ports, creating supply chain issues. Russia’s invasion of Ukraine in early 2022 pushed up energy and food costs, and the increase in consumer prices hit a four-decade high that June. The Federal Reserve raised its benchmark interest rates to cool inflation.
Biden tried to convince Americans that the economy was strong.
“Bidenomics is working,” Biden said in a 2023 speech. “Today, the US has had the highest economic growth rate, leading the world economies since the pandemic.”
His arguments did little to sway voters as only 36% of US adults in August 2023 approved of his handling of the economy, according to a poll at the time by The Associated Press-NORC Center for Public Affairs Research.
Trump might be his own worst enemy on inflation
REPUBLICANS made the case that Biden’s policies made inflation worse. Democrats are using that same framing against Trump today.
Here is their argument: Trump’s tariffs are getting passed along to consumers in the form of higher prices; his cancellation of clean energy projects means there will be fewer new sources of electricity as utility bills climb; his mass deportations made it costlier for the immigrant-heavy construction sector to build houses.
Biden administration officials note that Trump came into office with strong growth, a solid job market and inflation declining close to historic levels, only for him to reverse those trends.
“It’s striking how many Americans are aware of his trade policy and rightly blame the turnaround in prices on that erratic policy,” said Gene Sperling, a senior Biden adviser who also led the National Economic Council in the Obama and Clinton administrations.
“He is in a tough trap of his own doing — and it’s not likely to get easier,” Sperling said.
Consumer prices had been increasing at an annual rate of 2.3% in April when Trump launched his tariffs, and that rate accelerated to 3% in September.
The inflationary surge has been less than what voters endured under Biden, but the political fallout so far appears to be similar: 67% of US adults disapprove of Trump’s performance, according to November polling data from AP-NORC.
“In both instances, the president caused a non-trivial share of the inflation,” said Michael Strain, director of economic policy studies at the American Enterprise Institute, a center-right think tank. “I think President Biden didn’t take this concern seriously enough in his first few months in office and President Trump isn’t taking this concern seriously enough right now.”
Strain noted that the two presidents have even responded to the dilemma in “weirdly, eerily similar ways” by playing down inflation as a problem, pointing to other economic indicators and looking to address concerns by issuing government checks.
See “like,” A8
An increase in value-added tax to 22% from 20% is expected to add as much as 1 trillion rubles, or about $12.3 billion, to the state budget. The increase is contained in legislation already making its way through Russia’s compliant parliament and would take effect from Jan. 1.
More tax and fee increases are on the way
ON top of the rate increase, the legislation lowers the threshold for requiring businesses to collect VAT to a mere 10 million rubles (about $123,000) in annual sales revenue, in stages by 2028. That’s down from 60 million rubles, or $739,000. That change is aimed in part at tax avoidance schemes in which companies split their operations to skirt the threshold.
But it also will hit previously exempt businesses like corner convenience stores and beauty salons.
The government also has proposed increasing taxes on spirits, wine, beer, cigarettes and vapes. For instance, the tax on stronger spirits such as vodka would go up by 84 rubles per liter of pure alcohol, which works out to 17 rubles or about 20 US cents for a half-liter bottle, or about 5% of the minimum price of 349 rubles ($4.31). Fees for renewing driver’s licenses or getting an international license also are going up, and a key tax break on imported cars is being axed. The government is weighing a tech tax on digital equipment including smartphones and notebooks of up to 5,000 rubles ($61.50) for the highest priced items, the Kommersant news site reported.
The economic slowdown and tax increases are signs that Putin and ordinary Russians will face harder choices in the months ahead between guns and butter—that is, between military spending and consumer welfare after 3 1/2 years of war against Ukraine.
Tax increases bring dismay and shrugs
MUSCOVITES interviewed on a main street in the Russian capital by The Associated Press expressed dismay mingled with resignation, saying the higher food prices would be widely felt, especially in poorer regions and among those with low incomes.
Pensioner Svetlana Martynova said making small businesses collect VAT would backfire.
“I think that small and medium businesses will fold,” she said. “The budget will get less, not more.”
On top of VAT, registering a car will cost more
THE VAT increase comes on top of changes in the recycling fee paid for registering cars, a step that mostly hits high-priced imports. From Dec. 1 individuals can no longer get a concessionary rate of 3,400 rubles ($42) on cars with more than 160 horsepower, but must pay the commercial rate, which can be hundreds of thousands of rubles, or thousands of dollars, per car.
The step, however, was unlikely to boost investment in domestic manufacturing, given high central bank interest rates and the smaller size of the Russian market compared with neighboring China, now the source of most imported cars. That’s according to Andrei Olkhovsky, general director of Avtodom, a major auto dealer group. As for customers, sales “will decline in the short term, but will recover to current levels within six months,” he said in an answer to emailed questions.
“Increased taxes and fees will influence prices for the end consumer,” he
said. “Consumers in turn will factor this into their lifestyle and demand higher wages from their employers. This will increase the cost of everything around us.”
Slower economic growth pushes up the budget deficit
RUSSIA’S economy shrank at the start of 2025 and is on course for growth this year of only around 1%, according to government estimates, after growing more than 4% in 2023 and 2024. Growth has suffered from high central bank interest rates, currently at 16.5%, aimed at controlling inflation of 8% fueled by massive military spending. Oil revenues are down about 20% this year mainly due to lower global prices, according to the Kyiv School of Economics Institute. Western sanctions imposed over the war against Ukraine have been an ongoing drag on growth by
increasing costs and deterring investment that could expand the economy’s productive capacity.
As a result, this year’s budget deficit has been revised upward from 0.5% to 2.6%, up from 1.7% last year. That doesn’t seem huge in comparison with other countries—but unlike them, Russia can’t borrow on international bond markets and must rely on domestic banks for credit.
Finance Minister Anton Siluanov said raising revenue was preferable to increasing borrowing, saying excessive borrowing “would lead to a speeding up of inflation, and as a result, to an increase in the key rate” from the central bank that would hurt investment and growth.
The VAT increase could boost inflation at first as merchants change their price lists. But over the longer term, it
could lower price pressures by dampening demand for goods—and help the central bank in its battle to keep inflation in check.
The Kremlin won’t run out of money but faces hard choices THE tax and fee increases are a step back from Russia’s wartime economy of the two previous years that put more money in people’s pockets. Then-higher prices for oil exports filled state coffers, while vast increases in military spending boosted hiring, and paychecks for factory workers kept pace with inflation. Along with that, military recruitment and death bonuses pumped cash into poorer regions. Putin won’t run out of money in the short term, said Alexandra Prokopenko, fellow at the Carnegie Russia Eurasia Center in Berlin.
PRESIDENT Joe Biden speaks about the economy at Prince George’s Community College, Center for the Performing Arts, Sept. 14, 2023, in Largo, Md. AP PHOTO/ALEX BRANDON
THE Kremlin and the Grand Kremlin Palace, center right, are seen along the Moscow River in Moscow, Russia, on March 14, 2025. AP PHOTO/DMITRY SEREBRYAKOV
Pope Leo XIV returns 62 artifacts to Indigenous peoples in Canada
By Nicole Winfield
The Associated Press
VATICAN CITY—The Vatican on Saturday returned 62 artifacts from its vast ethnographic collection to Indigenous peoples from Canada, as part of the Catholic Church’s reckoning with its role in helping suppress Indigenous culture in the Americas.
Pope Leo XIV gave the artifacts, including an iconic Inuit kayak, and supporting documentation to the Canadian Conference of Catholic Bishops, which said it would return the items to Indigenous communities “as soon as possible.” A joint statement from the Vatican and Canadian church described the pieces as a “gift” and a “concrete sign of dialogue, respect and fraternity.”
The artifacts are expected to land in Montreal on Dec. 6 and be taken first to the Canadian Museum of History in Ottawa, which will arrange for them to be “reunited with their originating communities,” said Pomeline Martinoski, director of communications for the Canadian bishops conference.
For a century, the items were part of the Vatican Museum’s ethnographic collection, known today as the Anima Mundi Museum. The collection has been a source of controversy for the Vatican amid the broader museum debate over the restitution of cultural goods taken from Indigenous peoples during colonial periods.
Most of the items in the Vatican collection were sent to Rome by Catholic missionaries for a 1925 exhibition in the Vatican gardens. The Vatican insists the items were “gifts” to Pope Pius XI, who wanted to celebrate the church’s global reach, its missionaries and the lives of the Indigenous peoples they evangelized.
But historians, Indigenous groups and experts have long questioned whether the items could really have been offered freely, given the power imbalances at play in Catholic missions at the time. In those years, Catholic religious orders were helping to enforce the Canadian government’s forced assimilation policy of eliminating Indigenous traditions, which Canada’s Truth and Reconciliation Commission has called “cul -
tural genocide.”
That policy included confiscating items used in Indigenous spiritual and traditional rituals, such as the 1885 potlatch ban that prohibited the integral First Nations ceremony. Those confiscated items ended up in museums in Canada, the US and Europe, as well as private collections.
The Canadian Foreign Ministry welcomed the return of the items.
“This is an important step that honors the diverse cultural heritage of Indigenous peoples and supports ongoing efforts toward truth, justice, and reconciliation,” Foreign Minister Anita Anand posted on social media.
Negotiations accelerate on returning items
NEGOTIATIONS on returning the Vatican items accelerated after Pope Francis in 2022 met with Indigenous leaders who had traveled to the Vatican to receive his apology for the church’s role in running Canada’s disastrous residential schools. During their visit, they were shown some objects in the collection, including the Inuit kayak, wampum belts, war clubs and masks, and asked for them to be returned.
Francis later said he was in favor of returning the items and others in the Vatican collection on a caseby-case basis, saying: “In the case where you can return things, where it’s necessary to make a gesture, better to do it.”
The Vatican said Saturday the
items were intentionally being given back during the Holy Year, exactly 100 years after the 1925 exhibition.
“This is an act of ecclesial sharing, with which the Successor of Peter entrusts to the Church in Canada these artifacts, which bear witness to the history of the encounter between faith and the cultures of the Indigenous peoples,” said the joint statement from the Vatican and Canadian church.
The “church-to-church” model used to return the items was similar to one used by the Holy See in 2023, when it gave its Parthenon Marbles to the Orthodox Christian Church in Greece. The three fragments were described by the Vatican then as a “donation” to the Orthodox church, not a state-to-state repatriation to the Greek government.
Describing the restitution of the 62 Indigenous artifacts as a “gift” irked some historians, who have not only questioned how the items arrived in the Vatican but demanded a much fuller accounting of what remains in its museum vaults. By some estimates, the original 1925 exhibition included 100,000 items from Indigenous groups around the world, of which 40,000 remain.
Leo “should know and acknowledge that these Indigenous ancestors were not gifted and the papal narrative needs correction,” said Gloria Bell, associate professor of art history at McGill University who has conducted extensive research on the 1925 exhibit and concluded that
the Indigenous items were hardly given over freely.
“We need to remember that thousands of Indigenous ancestors remain in the Vatican Museums that need to be returned home and brought back into Indigenous care and Indigenous hands,” said Bell, who is of Metis ancestry and wrote about the 1925 exhibit in “Eternal Sovereigns: Indigenous Artists, Activists, and Travelers Reframing Rome.”
The Inuvialuit Regional Corporation, the region where the kayak originated, is arranging the transportation of the artifacts to Canada. If any are of uncertain origin, the Canadian Museum of History will hold them in trust while research led by Indigenous experts is conducted to establish their provenance, said Martinoski of the Canadian bishops conference.
The Canadian bishops said the return was an important milestone in their efforts at reconciliation. It “represents the church’s ongoing friendship with Indigenous as well as our desire to support Indigenous communities in accompanying younger generations in passing on and valuing their heritage,” the conference president, Bishop Pierre Goudreault, said in a statement.
A process of reckoning with abuses
AS part of its broader reckoning with the Catholic Church’s colonial past, the Vatican in 2023 formally repudiated the “Doctrine of Discovery,” the theories backed by 15th-century “papal bulls” that legitimized the colonial-era seizure of Native lands that form the basis of some property laws today.
The statement marked a historic recognition of the Vatican’s own complicity in colonial-era abuses committed by European powers, even though it didn’t address Indigenous demands that the Vatican formally rescind the papal bulls themselves.
The Vatican on Saturday cited the 2023 repudiation and said Leo’s return of the artifacts concludes the “journey” of dialogue initiated by Francis.
Associated Press writer Rob Gillies in Toronto contributed.
Flooding hits Gaza’s tent city as UN weighs stabilization force
By Wafaa Shurafa The Associated Press
EIR AL-BALAH, Gaza Strip—Win -
Dter’s first strong rainfall sent water cascading through parts of Gaza’s sprawling Muwasi tent camp on Saturday, as the territory struggles to cope with flooding and devastated infrastructure after two years of war. Residents attempted to dig trenches to keep the water from flooding their tents, as intermittent rain that began on Friday dripped through tears in tarpaulins and makeshift shelters. The bursts-soaked families’ scant belongings. Strong winds can also topple tents and hamper attempts to gather scarce food and supplies.
Two weeks ago, Bassil Naggar bought a new tent on the black market for the equivalent of about $712, because the summer sun had worn his old tent thin. Still, rainwater was leaking through.
“I spent all (Friday) pushing water out of my tent,” Naggar said, adding that his neighbors’ tents and belongings were wrecked. “Water puddles are inches high, and there is no proper drainage.”
Barefoot children splashed in puddles as women made tea outside under dark clouds. Some people tried to shelter in destroyed buildings, even those at risk of collapse, with gaping holes covered by pieces of plastic.
According to the United Nations, Muwasi was sheltering up to 425,000 displaced Palestinians earlier this year, the vast majority in makeshift temporary
tents, after Israel’s war with Hamas displaced most of Gaza’s population of over 2 million people.
Muwasi had largely been undeveloped sand dunes before the Israeli military designated it a humanitarian zone early in the war.
The Israeli defense body in charge of humanitarian aid in Gaza has said it is allowing in winterization materials including blankets and heavy tarps, but aid organizations warn the efforts are far from sufficient when winter temperatures plummet and the wind whips off the Mediterranean.
UN vote expected Monday
THE first stage of the ceasefire agreement is nearing its end. The next and even more challenging stage calls for the implementation of a governing body for Gaza and the deployment of an international stabilization force. It is not clear where either stands. Another looming question is the proposed disarming of Hamas.
The U.N. Security Council on Monday is expected to vote on a US proposal for a U.N. mandate for a stabilization force in Gaza despite opposition from Russia, China and some Arab countries. The war broke out on Oct. 7, 2023, when Hamas-led militants attacked southern Israel, killing some 1,200 people, mostly civilians, and abducting 251 hostages. They still hold the remains of three hostages, which Israel is demanding before progressing to the second
stage of the current ceasefire that took effect on Oct. 10.
Hamas has said the territory’s devastation is complicating efforts to find the remains, but Israel has accused the militant group of dragging its feet.
“We made it through this long journey and we have a little bit left, just a little bit more,” former hostage Maksym Harkin told the weekly rally in Tel Aviv, Israel, seeking the return of everyone. Israel has been returning the remains of 15 Palestinians for the remains of each Israeli hostage. Gaza’s Health Ministry on Saturday said Israel had returned 330 remains, and only 97 had been identified upon their return. Health officials in Gaza
Naturalized US citizens thought they were safe; Trump’s immigration policies shake that belief
By Deepti Hajela The Associated Press
EW
NYORK—When he first came to the United States after escaping civil war in Sierra Leone and spending almost a decade in a refugee camp, Dauda Sesay had no idea he could become a citizen. But he was told that if he followed the rules and stayed out of trouble, after some years he could apply. As a US citizen, he would have protection.
It’s what made him decide to apply: the premise—and the promise—that when he became a naturalized American citizen, it would create a bond between him and his new home. He would have rights as well as responsibilities, like voting, that, as he was making a commitment to the country, the country was making one to him.
“When I raised my hand and took the oath of allegiance, I did believe that moment the promise that I belonged,” said Sesay, 48, who first arrived in Louisiana more than 15 years ago and now works as an advocate for refugees and their integration into American society.
But in recent months, as President Donald Trump reshapes immigration and the country’s relationship with immigrants, that belief has been shaken for Sesay and other naturalized citizens. There’s now fear that the push to drastically increase deportations and shift who can claim America as home, through things like trying to end birthright citizenship, is having a ripple effect.
What they thought was the bedrock protection of naturalization now feels more like quicksand.
What happens if they leave?
SOME are worried that if they leave the country, they will have difficulties when trying to return, fearful because of accounts of naturalized citizens being questioned or detained by US border agents. They wonder: Do they need to lock down their phones to protect their privacy? Others are hesitant about moving around within the country, after stories like that of a US citizen accused of being here illegally and detained even after his mother produced his birth certificate.
There has been no evidence of an uptick in denaturalizations so far in this Trump administration. Yet that hasn’t assuaged some. Sesay said he doesn’t travel domestically anymore without his passport, despite having a REAL ID with its federally mandated, stringent identity requirements.
Immigration enforcement roundups, often conducted by masked, unidentifiable federal agents in places including Chicago and New York City, have at times included American citizens in their dragnets. One US citizen who says he was detained by immigration agents twice has filed a federal lawsuit.
Adding to the worries, the Justice Department issued a memo this summer saying it would ramp up efforts to denaturalize immigrants who’ve committed crimes or are deemed to present a national security risk. At one point during the summer, Trump threatened the citizenship of Zohran Mamdani, the 34-year-old democratic socialist mayor-
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elect of New York City, who naturalized as a young adult.
The atmosphere makes some worried to speak about it publicly, for fear of drawing negative attention to themselves. Requests for comment through several community organizations and other connections found no takers willing to go on the record other than Sesay. In New Mexico, state Sen. Cindy Nava says she’s familiar with the fear, having grown up undocumented before getting DACA—Deferred Action for Childhood Arrivals, the Obama-era program that protected people brought to the US as children from being deported—and gaining citizenship through her marriage. But she hadn’t expected to see so much fear among naturalized citizens.
“I had never seen those folks be afraid ... now the folks that I know that were not afraid before, now they are uncertain of what their status holds in terms of a safety net for them,” Nava said. What citizenship has meant, and who was included, has expanded and contracted over the course of American history, said Stephen Kantrowitz, professor of history at the University of WisconsinMadison. He said while the word “citizen” is in the original Constitution, it is not defined.
“When the Constitution is written, nobody knows what citizenship means,” he said. “It’s a term of art, it comes out of the French revolutionary tradition. It sort of suggests an equality of the members of a political community, and it has some implications for the right to be a member of that political community. But it is ... so undefined.”
American immigration and its obstacles
THE first naturalization law passed in 1790 by the new country’s Congress said citizenship was for any “free white person” of good character. Those of African descent or nativity were added as a specific category to federal immigration law after the ravages of the Civil War in the 19th century, which was also when the 14th Amendment was added to the Constitution to establish birthright citizenship. In the last years of the 19th century and into the 20th century, laws were put on the books limiting immigration and, by extension, naturalization. The Immigration Act of 1924 effectively barred people from Asia because they were ineligible for naturalization, being neither white nor Black. That didn’t change until 1952, when an immigration law removed racial restrictions on who could be naturalized. The 1965 Immigration and Naturalization Act replaced the previous immigration system with one that portioned out visas equally among nations.
American history also includes times when those who had citizenship had it taken away, like after the 1923 Supreme Court ruling in US vs. Bhagat Singh Thind. That ruling said that Indians couldn’t be naturalized because they did not qualify as white and led to several dozen denaturalizations. At other times, it was ignored, as in World War II, when Japanese Americans were forced into internment camps.
on
say identifications are complicated by a lack of DNA testing kits.
Israel’s military campaign in Gaza has killed 69,100 Palestinians, including many women and children, according to the Gaza Health Ministry, which does not distinguish between civilians and combatants in its figures. The ministry, part of the Hamas-run government and staffed by medical professionals, maintains detailed records viewed as generally reliable by independent experts. Associated Press writer Melanie Lidman in Tel Aviv, Israel, and Edith M. Lederer at
White House bets its policies can tame inflation TRUMP officials have made the case that their mix of income tax cuts, foreign investment frameworks tied to tariffs and changes in enforcing regulations will lead to more factories and jobs. All of that, they say, could increase the supply of goods and services and reduce the forces driving inflation.
“The policies that we’re pursuing right now are increasing supply,” Kevin Hassett, director of Trump’s National Economic Council, told the Economic Club of Washington on Wednesday.
The Fed has cut its benchmark interest rates, which could increase the supply of money in the economy for investment. But the central bank has done so because of a weakening job market despite inflation being above its 2% target, and there are concerns that rate cuts of the size Trump wants could fuel more inflation.
Council of Economic Advisers. His read of the University of Michigan’s index of consumer sentiment is that the effects of the post pandemic rise in inflation are no longer a driving factor. These days, voters are frustrated because Trump had primed them to believe he could lower grocery prices and other expenses, but has failed to deliver.
“When it comes to structural affordability issues—housing, child care, education, and health care—Trump has pushed in the wrong direction in each one,” said Cummings, who is now chief of staff at the Stanford Institute for
Time might not be on Trump’s side IT takes time for consumer sentiment to improve after the inflation rate drops, according to research done by Ryan Cummings, an economist who
POPE Leo XIV blesses a child at the end of a Mass for the Jubilee of Migrants and Missionaries in St. Peter’s Square at the Vatican, Oct. 5, 2025. AP PHOTO/ALESSANDRA TARANTINO
MUHANNAD ABU MUHARIB, 27, reinforces his tent after it was damaged by a storm at a temporary camp on the beach in Deir al-Balah, in the central Gaza Strip, Saturday, Nov. 15, 2025. AP PHOTO/ABDEL KAREEM HANA
NFA slashes auction floor price for aging rice
TBy Ada Pelonia @adapelonia
HE National Food Authority (NFA) has lowered the floor price of aging rice stocks by at least P2 per kilo in its bid to attract more bidders in its December auction.
NFA Administrator Larry Lacson expressed the hope that the reduced floor price would entice more buyers for the agency’s aging rice stocks during its second tender on December 5. “The first auction in October failed because not many participants joined. It wasn’t that attractive for them. So, we slightly adjusted the prices,” Lacson told reporters in a recent press briefing.
He also said the food agency
will conduct an auction every month to free up its warehouses of aging rice stocks.
Under the revised scheme, the NFA will sell 1.16 million 50-kilo bags or 57,920 metric tons (MT) of aging rice with a total transaction value (TTV) of P1.44 billion.
Broken down, the bulk of the volume consisted of stocks aged more than three months to six months at 578,340 50-kilo bags (28,917 MT). This was followed by rice stored for over six months to
Asia farm sector bears brunt of natural disasters–report
ASIAN countries, including the Philippines, accounted for the largest share of global agricultural losses due to disasters in the past 33 years, according to the latest report from the Food and Agriculture Organization of the United Nations (FAO).
In a report it released last Friday, FAO said disasters have inflicted an estimated $3.26 trillion in agricultural losses worldwide in more than three decades, or an average of $99 billion annually.
The FAO study, titled “The Impact of Disasters on Agriculture and Food Security 2025,” also highlighted how digital technologies are transforming how farmers, governments and communities can monitor risks, anticipate impacts and protect livelihoods.
Between 1991 and 2023, the report noted that disasters wiped out 4.6 billion tons of cereals, 2.8 billion tons of fruits and vegetables, and 900 million tons of meat and dairy. These losses translate to a daily per capita reduction of 320 kilocalories--13 percent to 16 percent of average energy needs.
“Asia accounts for the largest share of global losses of 47 percent, totaling $1.53 trillion, reflecting both the scale of agricultural production and the region’s high exposure to floods, storms and droughts.”
FAO said the Americas represent 22 percent of global losses or $713 billion, driven by recurrent droughts, hurricanes, and extreme temperature events that heavily impact large commodity crop systems.
“Africa, while recording lower absolute losses of $611 billion, suffers the highest proportional impacts, losing 7.4 percent of agricultural GDP to disasters – the largest relative burden of any region.
In economies where agriculture accounts for a significant share of employment and income, these losses have had severe consequences for food security and rural stability.”
The report also noted that Small Island Developing States (SIDS) remain among the world’s most vulnerable to disasters such as cyclones, floods, and sea-level rise. Despite relatively small
nine months at 457,340 50-kilo bags (22,867 MT). Meanwhile, the minimum acceptable price (MAP) for rice
stocks stored in warehouses for more than three months to six months is P25.16 per kilo; for more than six months to nine
months, P24.63 per kilo; over nine months to 12 months, P23.84 per kilo.
For rice stocks aged over 12 months to 15 months, the MAP stands at P23.31 per kilo, while those aged more than 15 months to 18 months, and over 18 months, the floor price is P22.52 per kilo.
For the initial auction, the NFA introduced a graduated pricing scheme, with floor prices ranging from P27.96 to P25.01 per kilo depending on how long the rice has been stored.
Under current rules, the grains agency’s rice stocks are considered “aging” starting from the third month after milling.
The second auction is open to interested farmers’ organizations, cooperatives, or groups and private individuals or entities engaged in the grains business, including processing, wholesaling, and retailing.
“We’re hoping the auction
in December will be more successful because of the current import ban, and there won’t be enough stocks,” Lacson said. “It’s also included in the country’s buffer stock, so we should release it to help tame rice prices.”
Last month, the NFA said it is seeking about P3 billion in additional funds to rent private warehouses and buy more unmilled rice following the damage caused by typhoons. Lacson said NFA warehouses are already “almost full,” making it difficult to expand procurement without additional government support.
“Right now, to be honest, we don’t have funds for renting warehouses because the NFA as a [government-owned or -controlled corporation] relies only on rice sales to cover expenses. And our expenses are bigger than the money coming in.”
‘Lechon’ from accredited stores safe for consumption–BAI
Tagricultural output, disasterrelated losses represent a disproportionately high share of agricultural GDP.
“Marine heatwaves caused $6.6 billion in losses between 1985 and 2022, affecting 15 percent of global fisheries. Yet, losses in fisheries and aquaculture remain largely invisible in disaster assessments, despite supporting the livelihoods of 500 million people.”
FAO’s report identified digital transformation as a gamechanger for agricultural disaster risk reduction. Emerging tools such as artificial intelligence (AI), remote sensing, mobile connectivity, drones and sensors are now enabling hyperlocal, real-time insights that improve early warning, advisory services, risk transfer mechanisms and anticipatory action.
“Digital technologies are already revolutionizing how we monitor risks, deliver early warnings and support farmers’ decision-making.
From the 9.1 million farmers now accessing parametric insurance through digital platforms to the communities using our early warning systems to evacuate 90 percent of at-risk populations before disasters strike, we are witnessing a fundamental shift from reactive response to proactive risk reduction,” said FAO Director-General Qu Dongyu in the foreword to the report.
However, FAO noted that over 2.6 billion people remain offline, many in rural areas, most exposed to disaster risks. While digital solutions are expanding rapidly, the report warns that their full potential can only be realized through human-centered design.
The report called on governments, international partners and the private sector to advance digital innovation to enhance efficient and effective disaster risk reduction in agriculture and food security.
It also highlighted the need for integration of these digital solutions into national agricultural policies and strategies and calls for increased investments to support agrifood system transformation.
HE Bureau of Animal Industry (BAI) has assured the public that the consumption of lechon (roasted pig), a favorite holiday dish of Filipinos, is still safe, following the discovery of African swine fever (ASF) in pigs from stores in Quezon City.
The attached agency of the Department of Agriculture (DA) said it continues to closely coordinate with the local government unit (LGU) and provide technical support in monitoring and prevention measures in line with national guidelines and protocols.
“ASF is a highly contagious viral disease affecting domestic pigs. While it poses no risk to human health, it can severely impact farmers’ livelihoods and our country’s pork supply,” BAI
said in a statement.
“The purchase and consumption of pork and lechon products from properly inspected and approved establishments remains safe.”
BAI, however, asked consumers to buy pork and its products from accredited establishments and follow standard food safety practices.
With this, the agency urged LGUs, hog raisers, traders, slaughterhouses, retailers, and the public to impose strict biosecurity measures.
It also prohibited feeding swill containing pork products, disinfecting vehicles and equipment, and immediately reporting any unusual pig deaths.
“BAI remains committed to safeguarding the Philippine hog industry, protecting our farmers’
livelihoods, and ensuring the supply of safe pork products.”
Data from BAI showed that nine provinces and 11 cities or municipalities have active ASF cases as of October 17.
The Philippines continues to grapple with the lingering effects of ASF, which slashed hog inventory and crimped pork output since it struck local farms in 2019.
Tight supply then pushed retail prices of pork to as high as P400 per kilo, which prompted the government to issue a raft of interventions in its bid to ease prices of the Filipinos’ favorite protein source.
Such measures included the imposition of a maximum suggested retail price (MSRP) for pork and its ongoing swine repopulation program.
The current pork situation was compounded by growers recently lamenting the drop in farmgate price of hogs. Producers warned that farmgate prices had plummeted between P150 and P180 per kilo, which they said was barely enough to cover production costs for backyard and commercial raisers. As such, the DA and local producers recently agreed to set a minimum farmgate price for live hogs at P210 per kilo as the liveweight price plunged to the break-even point. Earlier, the agency also said it would recommend reinstating the tariffs levied on pork to 40 percent from the current 25 percent, citing cheaper foreign shipments as among the factors behind the swine industry’s predicament. Ada Pelonia
Trump cuts food tariffs on beef, coffee as prices vex voters
PRESIDENT Donald Trump issued an order on Friday reducing tariffs on beef, tomatoes, coffee and bananas, a move aimed at lowering costs on groceries as the administration faces pressure from voters to cut prices on everyday goods.
The exemptions would reduce trade levies on the commodities, which the White House said can’t be produced in the United States in sufficient quantity to meet domestic demand. Hundreds of food products, including coconuts, nuts, avocados and pineapples were among the products listed by the administration for exemption from tariffs. The tariff breaks are backdated to take effect at 12:01 a.m. New York time on November 13.
The move comes as Trump has pivoted to focusing on affordability measures as voters are growing increasingly wary of the economy under his leadership. It is also a tacit acknowledgment
that the president’s tariff policies have added to price pressures on US consumers.
A White House official, who requested anonymity to speak about the executive order, said earlier Friday that the president is following through on his pledge to negotiate trade deals and then adjust levies as needed.
US Trade Representative Jamieson Greer teased the plan Friday, saying that it fits in with Trump’s broader strategy to create tariff exemptions for key goods and sectors.
“Now is the right time to, you know, to release some of these items the president said he was going to release,” Greer said. “This is a natural outgrowth of exactly what the present signaled, and that’s what he’s doing today.”
Trump and senior US officials have pushed back on criticism that his trade policies have increased the cost of living but acknowledge the need to do
more to reduce high prices that have frustrated voters for years.
Trump has regularly praised the merits of tariffs, saying he believes the import taxes are offset in part by sellers’ price reductions, blunting the effect on consumers. Candidates from Trump’s Republican party last week lost several high-profile state and local races where rivals stressed policies aimed at addressing affordability concerns.
Beef prices
THE reprieve on beef comes after Trump said the US would boost purchases from Argentina, sparking backlash from ranchers and farm-state Republicans.
Consumer prices have soared to records amid a shrinking domestic cattle herd. Resilient demand, though, keeps the country increasingly reliant on foreign shipments to fill the gap.
Coffee prices have skyrocketed too, with the futures market recently hitting a fresh record after US tariffs on Brazil stalled the trade in those goods between the two countries. American purchases of Brazilian beans dropped more than 50 percent from August to October with the levies in effect, according to Brazilian industry group Cecafé. Domestic coffee production is negligible, and the few US growers had also expressed concerns that high prices could dampen demand for their products.
Since July, Brazilian exports have faced the prospect of 50 percent tariffs, comprised of a 10-percent reciprocal tariff and additional 40 percent levy intended to punish the country over the prosecution of former Brazilian president and Trump ally Jair Bolsonaro. Friday’s changes only impact the 10 percent tariff, meaning that agricultural products from Brazil will still face that additional 40 percent rate, according to a White House official who spoke on condition of anonymity. That leaves substantial levies in place on coffee and beef exports. Trump’s tariffs on the South American agricultural power have exacerbated ongoing shortages in both markets that pushed consumer prices to records. Also included in the exemptions are cocoa and frozen orange juice, alongside some nuts and tropical fruits. The list also covers many types of fertilizer, spices and seeds. The US has been importing more tropical products that can’t be grown domestically, widening the country’s farm trade deficit. Shipments of those goods are forecast to reach $39.4 billion this year, 18 percent of total US farm trade imports. Coffee alone accounts for a third of that value, according to the US Department of Agriculture. Bloomberg News
FRESHLY harvested rice in the Philippines is shown in this file photo. BLOOMBERG
Turning the tide against an old foe: PHL’s renewed fight to end TB
DESPITE decades of medical advances, tuberculosis (TB) remains one of the country’s most stubborn public health challenges. The grim statistics tell the story: more than half a million new TB cases were recorded in 2021, and by 2023, there were 643 cases for every 100,000 Filipinos—placing the Philippines among the top five nations in the world most burdened by the disease. Behind these numbers are lives disrupted by illness and communities caught in the cycle of poverty and infection.
The rise in TB incidence is not merely a medical concern—it is a social and developmental one. Overcrowded housing, poor nutrition, delayed access to healthcare, and lingering stigma continue to fuel transmission.
But amid these sobering realities, there is hope. The Department of Health’s ambitious plan to screen 12 million Filipinos by 2026 marks a significant turning point. Backed by strong political will—President Marcos’ directive and the doubling of the DOH’s TB budget from P2.6 billion in 2025 to P4.2 billion in 2026—the government is signaling that TB elimination is not a distant dream, but a national priority. (Read the BusinessMirror story: “DOH targets 12 million TB screenings by 2026 with new elimination plan,” November 13, 2025).
The second phase of the Philippine Strategic TB Elimination Plan (PhilSTEP2 2025–2030) represents a forward-looking approach that combines technology, innovation, and inclusive governance. Ultra-portable AI-powered chest X-rays and WHO-approved molecular diagnostics are modernizing case detection. The adoption of a shorter, all-oral regimen for drug-resistant TB—cutting treatment time from two years to six months—is revolutionary, not only for its efficacy but also for its compassion. For many patients, it means fewer side effects, less stigma, and renewed dignity.
Equally promising is the emphasis on prevention. The use of shorter Tuberculosis Preventive Treatment (TPT) and aggressive contact tracing have already led to a significant rise in enrollment, particularly among high-risk groups. The fact that children with non-severe TB can now complete treatment in four months instead of six underscores the DOH’s adaptability in addressing community needs.
Crucially, these medical interventions are being paired with social and behavioral change initiatives. Through grassroots campaigns like TPTodo and health education caravans, the message reaches the smallest barangays: TB is curable, early detection saves lives, and no one should suffer in silence. Such efforts recognize that community engagement is the bedrock of sustainable public health. The challenge, however, lies in sustaining momentum. Budget allocations must translate into tangible improvements at the local level—functional health centers, well-trained community workers, timely drug supply, and robust data systems. LGUs must be empowered to lead, while private and civil society partners should continue to complement government efforts through outreach, education, and care delivery.
The World Health Organization’s continued partnership and the example of provinces like Guimaras, aspiring to become the country’s first TB-free island, show what is possible when policy, innovation, and community converge. Tuberculosis may be centuries old, but its persistence in 21st-century Philippines is unacceptable. The numbers are daunting, but the tools to reverse them are finally within reach.
If the Philippines succeeds in turning this corner—not just reducing but eliminating TB—it will stand as proof that even the oldest public health enemies can be defeated when science, leadership, and society unite for a common purpose.
Eliminating tuberculosis by 2030 is not just a health target; it is a moral imperative and a promise of equity, life, and hope for every Filipino.
Opinion BusinessMirror
Small voices, big business
MRISING SUN
ICRO-INFLUENCERS, who used to speak to a small group of fans and followers, now hold the keys to a new business frontier here in our country. Imagine a start-up skincare brand partnering with a local vlogger who shares her morning routine, or a neighborhood bakery getting its signature Spanish bread featured in a father’s family breakfast post. The result? Customers streaming in, product mentions lighting up group chats, and a buzz that traditional advertising often struggles to replicate.
Business owners are catching on quickly. Where celebrity endorsers were once too expensive for small shops and SMEs, micro-influencers are making effective marketing accessible to even small businesses. Partnership fees are modest, but what these influencers bring to the table is priceless: trust, authentic engagement, and real conversion. Their followers consider recommendations as friendly advice, not hard-sell cor-
porate pitches—and the difference in impact can be profound. Plus, customer response is not only measurable, but also immediate. Product launches and promos can now be tested and fine-tuned quickly based on feedback coming from real people. Success, however, requires more than just sending out free samples or promo codes. The most impactful partnerships are built on genuine value alignment and continuous con-
versation. Filipino brands are achieving better results from long-term collaborations, where influencers help brainstorm new products, host online tutorials, or facilitate liveselling events. These stories matter more than polished visuals; the messy, heartfelt moments—a mom trying a new product with her kids, a student unboxing a tech gadget— make content feel real and relatable.
For workers, influencer marketing isn’t just for a chosen few. Freelance writers, artists, and other creators who identify with local culture are becoming micro-influencers themselves, sharing their expertise and insights, and building side businesses from home. Many report earning more from their partnerships than from any day job. The creative process is a two-way street: influencers refine their storytelling skills while SMEs develop a more human brand voice.
Recent research shows that engagement rates for micro-influencers often outshine those of celebrity endorsers, and as of 2025, Filipino brands spend up to half their marketing budgets on influencer partner-
ships. TikTok, Instagram, and Facebook remain the top playgrounds, and nano-influencers—those with just a few thousand followers—are especially in demand for their tight connections and community trust. According to industry forecasts, Filipino brands are expected to spend over P7 billion—more than $125 million—on influencer advertising in 2025 alone, with the market growing at double-digit rates each year. Micro-influencers make up nearly half the campaigns now running in the country. Around 70 percent of Filipino consumers have admitted to purchasing a product based on a micro-influencer’s recommendation, and the ease of connecting through platforms like TikTok, Instagram, and Facebook explains why social media has become the virtual marketplace for almost everything. But more than the numbers, it’s the stories that reveal the heart of the movement. In the Philippines, it looks like influencer marketing powered by micro-collaborations won’t be a mere trend. It’s a revolution that enables businesses, workers, and communities to thrive together.
From challenger to national digital utility: Converge’s quiet strength and vision for the Philippines
WLITO GAGNI
HEN Converge co-founder Dennis Anthony Uy speaks of building a “Digital Philippines” anchored on a sovereign cloud and nationwide fiber infrastructure, he is not speaking in metaphors. He is articulating a long-term architecture for a country whose competitiveness now depends on data, speed, and secure connectivity.
later DOTC Secretary under the presidency of Benigno Aquino Jr., and the financial acumen of former BSP Governor Amando Tetangco.
www.businessmirror.com.ph
Converge today is no longer just a challenger telco. It is fast becoming a national-scale digital utility whose fundamentals point to quiet but formidable strength. In fact, it is earning plaudits for its way of doing business and its financials reveal that it is hitting its KPIs, key performance indicators that show its institutional leadership. Its financial results for the first nine months of 2025 reinforce this trajectory. Converge posted P32.9 billion in revenues, up 10 percent, driven by a resilient residential subscriber base and a 16-percent jump in enterprise clients. Its EBITDA surged to P20.2 billion, with a margin of 61 percent—one of the highest across Asean telecoms. Net income reached P8.9 billion, mirroring strong cost discipline and
operating efficiency.
The company’s fresh Five Golden Arrow award from the Asean Corporate Governance Scorecard is a milestone rarely achieved by a five-year-old publicly listed corporation. This recognition places Converge among the Philippines’ best-governed companies—and signals to both local and foreign investors that the telco’s governance architecture is not superficial but structural.
Converge’s success can be attributed not just to Uy’s tech savvy but to having put in his board two figures whose public service footprints are etched into the country’s developmental history: Management whiz Jose “Ping” de Jesus, who was DPWH Secretary under President Cory Aquino and
I remember feasting on lechon early in the night with legendary construction magnate F. F. Cruz together with Ping de Jesus and a few others during the concrete pouring for the Ortigas Interchange. Ping’s foresight in building secondary roads ahead of the said infra prevented the paralyzing traffic that would have crippled the capital. And Governor Tetangco Jr., as steward of the central bank, reversed the image of the country as a net borrower to that of a net lender. Tetangco achieved macroeconomic credibility so solid that we became an IMF lender of $1 billion—a symbolic turning point for national stability. With directors of this caliber providing guidance, Converge’s governance success is no accident. It is engineered. This, in essence, is what provides insights into the listed company’s push for Digital Philippines, a launchpad for the future of the country’s success as a magnet for capital. Both De Jesus and Tetangco have solid credentials in securing foreign investments for the company’s expansion program that includes undersea cable infra.
We understand that Converge is set to activate next month the
Bifrost Cable System and the Southeast Asia Hainan-Hong Kong Express Cable System (SEA H2X) that would link the country to connection points in the Asia-Pacific region. Bifrost spans a 20,000-kilometer subsea cable system with a capacity of up to 15 terabits per second (Tbps).
The company also maintains one of the healthiest balance sheets in Philippine corporate circles. Net debt-to-EBITDA stands at only 0.4x, gross debt decreased by 14 percent, and its debt service coverage ratio of 3.4x far exceeds covenant requirements. These figures give Converge wide strategic room—allowing expansion into underserved regions, enabling investments in data centers, and opening the path toward a sovereign cloud infrastructure that could one day secure the nation’s digital assets.
A sovereign cloud is not just a technological upgrade. It is an act of digital independence: ensuring that government databases, citizen records, and critical national systems remain under Philippine jurisdiction. In a world of cyberattacks and data espionage, this is not optional. It is foundational. Converge today stands at the intersection of governance, discipline, innovation, and national relevance. It is one of the rare Filipino
See “Gagni,”
Antonio L. Cabangon Chua
Atty. Jose Ferdinand M. Rojas II
Leapfrogging the lag: Strategic imperatives for the Philippines
By Henry Go
THE Philippines continues to fall behind its Asean neighbors in income and competitiveness. Emilio S. Neri Jr., Lead Economist at the Bank of the Philippine Islands (BPI), estimates that at current growth rates it would take two years to catch Vietnam’s GDP per capita, four years for Indonesia, 14 years for Thailand, 26 years for Malaysia, and 70 years for Singapore—and only if those countries stop growing (BusinessWorld, 2025). Beyond the headline, these gaps reflect deeper structural challenges in state capacity, economic strategy, and institutional resilience.
Governance and political will GOOD governance—not geography, culture, or resources—is the most reliable engine of long-term development. Former Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno explained that institutional improvement “was a product of a long list of structural reforms that started way back in the 1990s. It did not happen overnight” (BSP, 2019). The challenge in the Philippines is not only leadership change but the underlying governance system, which is prone to political interference, weak checks and balances, and short-term decisionmaking. A well-designed system ensures policy continuity and institutional resilience without relying on a single individual or party. Key elements include professionalized bureaucracy, strategic planning embedded in law, independent oversight institutions, transparent budgetary processes, and active civil society participation. This structure balances stability with democratic accountability, enabling reforms to take root while preventing authoritarian concentration of power.
Political dynasties: A deep-seated constraint POLITICAL dynasties are persistent structural barriers. Research by Mendoza, Beja, Venida, and Yap (2016) shows provinces dominated by dynastic clans tend to have higher poverty and weaker governance. Concentrated power undermines competition, neutral bureaucracy, and strategic policy-making. With many legislators drawn from dynastic families, the constitutional mandate for an anti-dynasty law remains unfulfilled. Without structural political reform, policymaking will continue skewed toward narrow interests, not national development.
Corruption: Mitigating the double penalty
CORRUPTION is widespread globally—but the Philippines faces a double penalty: corruption layered over weak institutions, dynastic politics, and unstable policy regimes. Although over two-thirds of countries score below 50/100 on Transparency International’s Corruption Perceptions Index (2024), many still progress by sustaining professional bureaucracies and consistent policy frameworks (World Bank 2024; ADB 2022–2024).
Countries such as Vietnam, Indonesia, and Malaysia advanced by reinforcing institutional effectiveness, regulatory quality, and industrial strategy. In contrast, the Philippines’ institutional weaknesses translate into higher transaction costs, regulatory uncertainty, and dampened investor confidence. Business surveys once again cite corruption as a major deterrent to investment (World Economic Forum 2024; UNCTAD 2023). These governance risks undermine competitiveness and deter foreign capital, despite the Philippines’ young workforce and large domestic market. Strengthening institutional capacity and regulatory coherence is therefore essential—to reduce economic drag and rebuild trust.
Industrialization: Escaping the low-productivity trap
DESPITE decades of growth, the Philippine economy remains consumptiondriven, remittance dependent, and service-heavy, with manufacturing’s share of GDP stagnating. This prevents full integration into higher-value global supply chains.
Vietnam offers a compelling contrast: in 2024, its electronics exports reached $72.56 billion—roughly 30 percent of total exports (Vietnam News, 2024)—thanks to clear priorities, targeted incentives, and consistent execution. As Socio-Economic Planning Secretary Arsenio Balisacan emphasizes, innovation must be both digital and industrial: “It is about transforming systems, improving lives, and ensuring every community can participate meaningfully in
Coming home
Ithe economy.”
For the Philippines, industrialization is critical to move beyond low-wage, low-productivity sectors and close the regional gap.
Digital and fiscal transparency: The fastest path to reform momentum
DIGITALIZATION is the most immediately achievable reform. Initiatives such as PhilSys, the eGov PH Super App, and BSP’s Digital Payments Transformation Roadmap have already improved service delivery, reduced transaction friction, and contributed P2.25 trillion (8.5% of GDP) in 2024. By limiting manual processes and face-to-face interactions, digital systems also reduce opportunities for corruption while expanding market access and productivity. Their technical readiness, broad social support, and low political resistance make them the ideal starting point for accelerating broader reforms.
Complementing digitalization, the proposed CADENA Act would place the national budget on an immutable blockchain ledger. DBM pilots ( FintechAlliance.ph, 2024) demonstrate real-time tracking of public funds is feasible. Once legislated, CADENA would make all allocations, amendments, and insertions visible and traceable to individual legislators, strengthening accountability without replacing existing oversight systems and building public trust in a political environment often dominated by opacity.
Together, digitalization and CADENA create immediate, tangible reform wins, building public confidence and institutional discipline. This foundation enables more complex reforms— bureaucratic modernization, industrial development, and eventually, structural political reform—to be implemented effectively.
Strategic reform prioritization
THIS ranking reflects strategic feasibility, not empirical measurement, based on political realities, institutional capacity, and potential impact:
1. Digitalization of government— Most feasible; immediate impact; minimal political resistance.
2. Blockchain transparency/CADENA—Technically viable; strengthens accountability; moderate political pushback.
3. Governance and bureaucratic modernization—Requires sustained leadership; essential for long-term institutional capacity.
4. Industrialization strategy—High developmental payoff; dependent on stable policy, infrastructure, and strong institutions.
5. Anti-dynasty reform—High potential impact but least feasible under current political realities. Prioritizing reforms that are achievable today generates momentum, strengthens institutions, and lays the groundwork for long-term economic transformation. Strategic sequencing—starting with digitalization and CADENA—ensures that later, more complex reforms can succeed, enabling the Philippines to gradually close the gap with its Asean neighbors.
Conclusion: Leapfrogging the lag THE Philippines cannot rely on external alliances or geopolitical alignments to drive economic progress. Its ability to leapfrog Asean peers depends primarily on domestic reforms—strengthening governance, professionalizing bureaucracy, industrialization, digitalization, and transparent budget execution through initiatives like the CADENA Act. While strategic alliances provide stability, they cannot substitute for structural economic transformation. Leapfrogging is possible, but it requires political courage, institutional strength, and reforms that outlast political cycles. Only by focusing on these internal levers can the Philippines shift from reactive development to sustained national progress.
Siegfred Bueno Mison, Esq.
THE PATRIOT
RECENTLY had the privilege of visiting my alma mater together with my three adult children. They were in awe by the vastness of the historic grounds and by the scenic grandeur of my rock bound highland home in West Point, New York. The century-old infrastructure remained intact throughout the years due to the superior workmanship or regular maintenance funded by the US Army. Monuments, revered by cadets, are kept pristine. Cadet barracks constructed many years ago still stood, sturdy and solid.
Founded in 1802, the United States Military Academy was built on a large rock overlooking the Hudson River to stand guard against British ships during the Revolution. My children and I were particularly impressed with Washington Hall where 5,000 cadets eat three meals a day like clockwork, all at the same time! Athletic facilities in Arvin Hall have been renovated and upgraded quite a few times to keep them abreast with the physical conditioning requirements of the Army. And of course, Michie Stadium, which hosted football games opposite the Lusk Reservoir, is undergoing a multi-year renovation project to modernize the East Stands and celebrate the stadium’s 100-year history.
This was my home for four years, from 1983 to 1987. I am simply amazed at how West Point has remained majestic throughout the
years. Unfortunately, I cannot proudly say the same for my home since birth, the Republic of the Philippines. After working briefly in the United States and considering immigration, I returned to my homeland with a clear understanding of the challenges facing developing countries. Due to poor governance mechanisms, corruption has proliferated in almost all Philippine institutions. Powerful political dynasties have drained national resources through various schemes, the most notable of which comes by way of budget insertions. Worse, this budget conspiracy has circled back to the President himself.
As a result of these kickbacks, roads, bridges, and schools have been constructed very poorly. Some are substandard but most are badly maintained to the detriment of others who call the Philippines their
home. Resiliency has its limits. Fortunately, hope in God has none, at least for believers. This dark period in Philippine history has a divine purpose, according to my pastor and Bible study friends. I agree. Knowing that God has full and total control, I submit that there will be something greater that will come out of these anomalous events.
These are all done by government leaders with little or no fear of the Lord. The wrath of Almighty God comes to those who do not fear Him. These corrupt people may evade justice from the law of the land but never from the Law of the Lord unless they truly repent and follow His command. So for believers like me, let’s keep the faith and encourage others to do the same.
Home is where the heart is. Our hearts and minds should be with the Lord according to His reminders in the Bible. “Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing and perfect will.” (Romans 12:2).
Years ago, after I served with an ounce of fulfillment combined with a pound of frustration in the Bureau, I was already losing hope for the country. Efforts to curb corruption evidently went for naught. Erstwhile powerful Congressman Zaldy Co already implicated no less than the President in this flood control corruption scandal. Conspiracy theories will be in earnest these coming days as Filipinos expect persons to be in jail.
Greed in public service has been tolerated for so long and practically “legalized” by some unscrupulous lawmakers and public servants. It makes me wonder whether their eternal home would be a penthouse with a perpetual ocean view or a basement with no heat during the winter or no air conditioning during the summer. Much as I want to have a home in heaven, I wish the same for those who will relentlessly fight corruption, while they can. I have witnessed prominent politicians publicly pronounce their faith in the Almighty God. Yet, they seemingly fail to live and practice what they preach. There must be genuine repentance if we are to follow our Lord and Master in heaven. Corrupt leaders must understand that they are accountable not only to the people and to the ultimate Homeowner of Heaven. Let’s keep praying for our leaders in this country to enjoy their Final Homecoming, wherever it will be.
Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations such as the Philippine Army, Integrated Bar of the Philippines, Malcolm Law Offices, a US based software development company called Infogix Inc., University of the East, Bureau of Immigration, Philippine Airlines and SM Prime Holdings. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. He has delivered leadership and management talks in government agencies. Siegfred is a former soldier and a lawyer by profession, a teacher by passion, and a writer with a mission.
One recipe, one kitchen: Coordinating flood control probes
TDEBIT CREDIT
Part eight
ODAY, technology amplifies the citizen oversight of government public works projects. Smartphone cameras, geo-tagging apps, and open-data portals allow faster and more transparent monitoring. The idea is simple: what the public can see, it can also safeguard.
Emerging now are new digital tools—from publicly accessible databases that provide information on public infrastructure contracts to blockchain-based integrity tracking platforms—that will define the next phase of citizen oversight. These systems will make information accessible, verifiable, and shareable across agencies and communities.
These tools transform the way we detect corruption. Citizens no longer need to wait for official investigations; they can report anomalies in real time. A resident near a flood control construction can photograph a half-finished dike, upload it with location tags, and trigger an automated verification process linking the image to a specific project ID in the DPWH database. This is accountability at digital speed—enabling what used to take months of paperwork to happen in hours.
Three of the most promising platforms are InfraWatch, Integrity Chain—both private-sector-led initiatives—and FundsChain, which is a World Bank (WB) blockchain platform installed in the Department of Public Works and Highways (DPWH) and the Metro Manila Development Authority (MMDA).
InfraWatch is a transparency and monitoring tool developed in 2025 by 1Sambayan to promote transparency and accountability in public infrastructure projects
across the Philippines. It empowers citizens, community organizations, and watchdog groups to document and verify the progress of roads, bridges, flood control systems, and other governmentfunded construction projects. This tool is an open-access database of contractors, projects, and procurement details. Citizens can track which firms are awarded floodcontrol and infrastructure contracts, how much they are paid, and whether they have been previously sanctioned. Its portal allows public feedback and serves as an unofficial “report card” for contractors ( https://infrawatchph.org/ ). Meanwhile, Integrity Chain is a multi-stakeholder blockchain ledger being rolled out with the DPWH and the Blockchain Council of the Philippines (BCP). The two signed a Memorandum of Agreement last September 2025. It aims to put key project events—allocation, contract award, milestones, inspections, variation orders, billings, and payments—on a tamper-evident blockchain technology record that’s queryable by the government and the public.
BCP is committed to a one-year complimentary subscription with technical support, training, and cybersecurity to jump-start the pilot. Subsequently, the Integrity Chain will be funded by a “blind trust”
where funding will come from different private corporations.
I was quite surprised that the Philippines was among the first adopters of the WB FundsChain blockchain technology tool in October 2024. The FundsChain tool is a platform that records contracts, invoices, disbursements, and related project documents on an immutable, shared ledger so every stakeholder participant—borrower agencies, auditors, contractors, the Bank—sees the same tamper-proof trail end-toend. The WB held a three-day launch workshop from October 7 to 9, 2024, with over 30 representatives from MMDA and DPWH. ( https://ebizprd. worldbank.org/wfa/funds_chain_ doc.html?pageAccess=ph&utm_ source=chatgpt.com). It has been over a year since the start of this initiative, and I still don’t see any major positive improvements in curbing irregularities in the infrastructure projects of DPWH and MMDA and the monitoring of the implementation of these.
Technology alone cannot clean up a broken system—but when used with clarity, discipline, and political will, it can transform the way we safeguard public funds. The Philippines is no longer starting from zero. As early as October 2024, we already had access to the World Bank’s FundsChain. By September 2025, we also adopted new domestic systems such as Integrity Chain and citizen-driven platforms like InfraWatch. We now have the tools to build a future where every contract, inspection report, disbursement, and progress billing leaves a permanent, tamper-proof trail. What used to take months of oversight can now take hours, even instantaneously.
The real challenge is not technology—it is commitment. These systems will only matter if government agencies actually use them, publish their data, and allow citizens and watchdogs to participate in the process. The failure of oversight in the continuing flood-control mess is not due to the absence of digital
tools; it stems from the absence of accountable governance, coordinated leadership, and transparent implementation. If embraced properly, blockchain transparency, open procurement portals, and citizen-reporting apps can finally convert public frustration into institutional control. These tools can create a government ecosystem where padded bids are instantly visible, ghost projects are exposed by geo-tagged photos, and questionable payments cannot be hidden or backdated.
But if ignored—or worse, manipulated to justify new layers of unnecessary procurement—technology becomes just another excuse for delay and another opportunity for corruption. The Philippines does not need more “pilots” or rebranded systems. It needs one recipe and one kitchen: a unified, interoperable transparency framework that aligns InfraWatch, Integrity Chain, FundsChain, Commission on Audit audit trails, and citizen participation into a single, public-facing integrity system. The tools exist. The capability exists. The only question is whether the government will finally use technology not as decoration, but as a transformative force for honesty, efficiency, and justice in infrastructure works. And whether civil society and other concerned stakeholders shall earnestly take up the challenge of compelling the government to pursue their mandates.
To be continued
Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held various positions, including Dean of the University of the Philippines School of Business, Chairman of the Professional Regulatory Board of
Joel L. Tan-Torres
Monday, November 17, 2025
2nd Front
BusinessMirror
AMAL, GEORGE CLOONEY UNVEIL LEGAL AID PROJECT FOR PINOYS
By Eunice A.Reyes Special to the BusinessMirror
NTERNATIONAL human
Irights lawyer Amal Clooney and actor-director George Clooney headlined this year’s Rappler Social Good Summit, where Amal announced the upcoming launch of a Philippine initiative aimed at giving Filipino women and journalists greater access to legal aid and counsel.
In her keynote speech, Amal emphasized how Artificial Intelligence (AI) can be used to expand access to justice, noting the need for a more “laymanized” and community-centered legal system. The project will form part of a global program spearheaded by the Clooney Foundation for Justice and the Oxford Institute of Technology and Justice.
“We hope to launch a similar partnership with the University of the Philippines College of Law so we can make sure that any journalist facing criminal charges does not do so in the shadows,” Amal said. “The eyes and ears of the world should be in court, and pro bono legal support must be available to the journalists who need it.”
Beyond the announcement of the legal-aid program, Amal highlighted the role of the youth, saying she draws hope from young people who are unafraid to call out injustice and use their voices for good. She stressed that this makes it all the more urgent to protect the rights of those who speak up.
In a conversation with Rappler CEO Maria Ressa, George
TENSof thousands gathered Sunday for the start of a threeday rally organized by the Iglesia ni Cristo to demand accountability over a flood-control corruption scandal that has implicated powerful members of Congress and top government officials.
Police estimated about 130,000 members of the INC gathered in Manila’s Rizal Park by mid-afternoon ahead of the rally, many wearing white and carrying anti-corruption placards. The number rose to 650,000 by 6pm. Other groups were scheduled to hold a separate anticorruption protest later Sunday at the “People Power” monument in Quezon City.
Earlier advisories on the 3-day rallies had indicated that other church groups were joining, but the Catholic hierarchy and the Philippine Council of Evangelical Churches (PCEC) issued separate statements at the weekend urging their members to be vigilant against anti-corruption outrage of protests being hijacked by partisan groups.
The Catholic Bishops Conference
of the Philippines (CBCP) through its president Pablo Virgilio Cardinal David said in a statement that while the fresh allegations by former congressman Zaldy Co are serious enough to be investigated, people must be wary of the “political exploitation of these allegations, especially when released at sensitive moments that may inflame public sentiments opr be used to influence political outcomes.”
Manila Archbishop Jose Cardinal Advincula issued a pastoral statement read during masses at the weekend, also exhorting Catholics to be very discerning amid all the political noise.
The PCEC urged the public to avoid any activity that seeks to “disrupt government stability or provoke unrest” even amid the recent develop-
ments on the flood control mess.
The evangelical group said it will not participate in the November 16 to 18 rallies.
PCEC also pointed out that it is against any attempt to unseat President Ferdinand R. Marcos Jr. despite him being recently tagged to be involved in the flood control corruption scandal.
“We uphold the importance of constitutional order and do not endorse any attempt to forcibly remove the elected President,” PCEC said in its statement.
On Friday, Former House Committee on Appropriations chairperson and Ako Bicol Representative Co claimed that President Ferdinand Marcos Jr. was behind the insertion of P100 billion worth of projects into the national budget during the bicameral conference committee.
“As followers of Christ, we dedicate ourselves to seeking truth and promoting the welfare of all. We hope that leaders are endowed with wisdom and that our nation finds healing and unity,” the PCEC said.
PCEC encouraged individuals possessing “relevant information” or claims, including whistleblowers, to come forward with “clear and verifiable” evidence so that all allegations may be subject to due process and appropriate examination.
Groups back push for RE in Southeast Asia Thousands gather for 3-day rally vs flood corruption mess
By Jonathan L. Mayuga
CIVIL society groups have endorsed the call for the urgent decarbonization of the energy sector in Southeast Asia, a region known for its cultural richness and mega-biodiversity, but is also currently characterized by a heavy reliance on coal and gas.
“Countries like the Philippines, Indonesia, Vietnam, and Myanmar are frequently listed in the top 10 most vulnerable to natural disasters and climate change. Asia is heating up at twice the global average rate. And on top of heatwaves, there are typhoons, floods, and rising seas/that are already displacing communities, destroying habitats, and undermining the food and water security of millions,” Avril De Torres, Deputy Executive Director of Philippines-based Center for Energy, Ecology, and Development (CEED) said.
Last bastion of coal “DESPITE this vulnerability, Southeast Asia remains the last bastion of coal and an emerging hub for gas and LNG,” De Torres said.
Torres said “We have 43 GW of coal and 136 GW of gas still planned for expansion. Many of these projects sit inside or dangerously close to protected areas, conservation zones, and critical habitats.”
For the Association of Southeast Asian Nations (Asean) as a whole, fossil fuels form 79 percent of the energy mix, he said.
The energy sector, as a result, is also its largest source of greenhouse gas emissions.
RE commitment, emission reduction promise
WHILE countries say that they are committed to increasing renewable energy and reducing emissions, they are also increasing, at the same time, the production and use of fossil fuels.
“Nine countries in Southeast Asia have declared net-zero emission targets; seven of them by 2050. If they want to get to that target, they have to phase out fossil fuels,”
said Nithi Nesadurai, Coordinator of Climate Action Network-Southeast Asia.
The groups also raised alarm over the role of Global North nations—including Japan and the United States—in pushing Southeast Asian and other climate-vulnerable nations to continue relying on fossil fuels through bankrolling the industry or economic pressures.
Japan: Delaying energy transition?
AS a Global North country, Japan has a deep responsibility to lead climate action. But what it is doing is the exact opposite: delaying the energy transition across the world, especially in Southeast Asia.”
Since 2016, the Japanese government, through the Japan Bank for International Cooperation (JBIC), has been providing financial support to 26 gas projects across 15 countries, the group noted.
JBIC also provided a staggering 18.6 billion USD to fossil gas projects since 2016—an amount four times larger than Japan’s cumulative contribution to the Green Climate Fund.
False solutions
THROUGH the Asia Zero Emission Community [AZEC], Japan is also promoting false solutions like liquefied natural gas, ammonia co-firing with coal, and carbon capture and storage—technologies that are expensive, unestablished, and, most importantly, do not contribute to emissions reduction. Japan is actively promoting these by intentionally incorporating them into the drafting of energy transition plans of Southeast Asian countries,” said Hiroki Osada, Campaigner from Friends of the Earth Japan.
“We have to emphasize that Asean is a renewables-rich region and it can transition to 100-percent renewable energy with just energy transition, without having gas as a transition fuel—which is the current narrative—and without going into dangerous distractions,” added Nesadurai.
The fiery exchanges among politicians before the rallies had indicated the possibility that supporters of former President Rodrigo Duterte and his daughter Sara, the vice president and estranged ally of President Ferdinand Marcos Jr., might ride on the wave of anger that has spread since revelations that billions in flood-control project funds had been stolen.
At one point, INC leaders near Quirino Grandstand in Manila asked one group of Duterte supporters, carrying streamers of “BBM resign!” to stay away as they did not want their rally for peace and accountability to have a political color.
Iglesia is an influential group that votes as a bloc and is courted by political candidates during elections. The November 16-18 rallies are the latest show of outrage over accusations of widespread corruption in flood-control projects in one of the world’s most typhoon-prone countries. Various groups have protested in recent months following the discovery that thousands of flood defense projects across the country were substandard, incomplete or simply did not exist.
Government engineers, public works officials and construction
26 special courts tagged to handle cases of corruption
ATOTAL of 26 regional trial courts have been designated as special courts to handle corruption-related cases in relation to the ongoing investigation into the multibillion anomalous flood control and infrastructure projects of the government. The designation is pursuant to Republic Act No. 10660, an act strengthening the functional and structural organization of the Sandiganbayan.
Under RA 106660, the RTC has exclusive original jurisdiction when the graft case does not involve damage to the government or any bribery; or when it involves damage to the government or bribery arising from transactions not exceeding P1 million. On the other hand, jurisdiction over graft cases involving public officers occupying positions lower than Salary Grade 27 belong to the RTC, Metropolitan Trial Court, Municipal Trial Court, and Municipal Circuit Trial Court in accordance with Batas Pambansa Blg. 129 or the Judiciary Reorganization Act.
“This is just the first batch. All regions will have designated anti-graft courts,” the SC said. The SC said five courts were designated as special courts for corruption-related cases; five in Regional III (Central Luzon; four in Region IV-A (Calabarzon), four in Region V (Bicol Region); four in Region VII (Central Visaya); and four in Region XI (Davao Region). The SC did not name the specific courts and judges for security purposes.
The designated judges will undergo training from the Philippine Judicial Academy, with lectures led by Sandiganbayan associate justices. The training will cover substantive and procedural laws such as Republic Act 7080 or the Law on Plunder, RA 3019 or the Anti-Graft and Corrupt Practices Act, rules on bail in plunder cases, evidentiary rules in antigraft cases, the rule on cyber warrants, and rules on forensic evidence, among others.
See “Corruption,” A4 See “RE,” A2
Editor: Jennifer A. Ng
STOCK-MARKET OUTLOOK
Companies
BusinessMirror
Last week SHARE prices sank to a five-year low, closing at the 5,500-point level, as investors were spooked by allegations that President Ferdinand R. Marcos Jr. and his cousin, former Speaker of the House of Representatives Martin Romualdez, were involved in the flood control mess.
The benchmark Philippine Stock Exchange index shed 175.02 points to close at 5,584.35 points.
“The local market is still on a decline as negative developments sustain the bearish sentiment. The bourse is now trading at levels last touched during the pandemic,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.
The main index was down at the start of the week, but has regained a chunk of it by mid-week. However, it fell again on Friday after resigned Representative Elizaldy Co implicated the President and his cousin in the flood control mess.
Average value of trade reached P5.93 billion. Foreign investors, who cornered 51 percent of the trades, were net buyers at P273.68 million.
Most of the sub-indices ended in the red, led by the All Shares index which plunged the most at 254.31 points, or 7 percent, to close at 3,260.26 points. The Financials lost 116.18 to 1,807.51, the Industrial index shed 69.21 to 8,328.62, the Holding Firms index retreated 217.62 to 4,391.54, the Property index fell 74.35 to 2,003.11, the Services index gained 34.14 to 2,331.46 and the Mining and Oil index surged 345.40 to 13,036.78.
For the week, losers outnumbered gainers 133 to 82 and 34 shares were unchanged. Top gainers were Xurpas Inc., United Paragon Mining Corp., A Brown Co. Inc., Top Line Business Development Corp., VistaREIT Inc., PetroEnergy Resources Corp., Raslag Corp. and AllDay Marts Inc. Top losers, meanwhile, were Golden MV Holdings Inc., Lorenzo Shipping Corp., Bright Kindle Resources and Investments Inc. LFM Properties Corp., Atok-Big Wedge Co. Inc., Acesite (Phils.) Hotel Corp., LMG Corp. and Bloomberry Resorts Corp.
This week SHARE prices may further decline this week as investors will continue to weigh the negative issues surrounding the flood control projects.
“The bourse could move down further as investors continue to contend with the lingering corruption issues here in the Philippines. Offshore concerns including AI overvaluation worries and waning Fed rate cut hopes may also add to the pessimism,” Tantiangco said. He said these are on top of the already low confidence in the economy following the “dismal” thirdquarter economic figures and foreign investments data.
“A strong positive catalyst is deemed needed to reverse the market’s current direction.” Broker 2TradeAsia said the peso’s plunge to all-time lows underscores this decoupling with global events, amplifying volatility amid sticky inflation prints from key economies, such as the US and Eurozone.
“Looking to 2026, the BSP’s [Bangko Sentral ng Pilipinas] recent 25-basis point cut to 4.75 percent, with more easing likely to stimulate capital formation, pairs with Fed projections for two additional 25bps trims to 3- to 3.25 percent by mid-year,” it said.
“The corruption overhang tempers near-term momentum, but recent BSP dovishness offers a policy backstop. With the PSE having breached 5,500 points, funds may wisely pause until a firmer base emerges, yet this dip rewards patient allocators eyeing 2026 disentanglement,” it said, adding to expect See “Stock Market,” B2
‘MPIC tollway unit explores options to wipe out debts’
By VG Cabuag
METRO
Pacific Tollways Corp. (MPTC), the operator of North Luzon Expressways and other tollways in Luzon, Vietnam and in Indonesia, is planning more fundraising activities to eliminate its debts.
Metro Pacific Investment Corp. (MPIC) Chairman Man -
uel V. Pangilinan said there are “a few things to fix in the company,” mainly related to its debts that have reached some P200 billion, before it can hold “serious” talks with San Miguel Corp.’s tollways group.
“So, for now, our main focus is managing the tollways better and strengthening balance the tollways [unit] is not in a position to expand in Indonesia or in Vietnam,” he said.
“We are already big in Indonesia. It’s bigger than… I think it’s twice as big as the
Philippines. And we are not afraid of that,” he said, adding that they would need to fix the problem before they can even consider listing the company on the Philippine Stock Exchange.
Gilbert Gabriel F. Santa Maria, president and CEO of MPTC, said its Indonesian operation is “already profitable” and the company is “happy” with the acquisition.
The company may have to make a private placement to be able to retire some of its debts so it could continue investing in Indonesia. “Now, because we acquired TransJa -
va, we have a large amount of debt sitting in both the parent and in the Indonesian entity that we will have to digest.”
“To build any of these tollways, you’ll have to spend tens of billions of pesos And so, however, once the tollway is built, the cash generation from the tollway allows us to cover it. The problem is if you pile all of these short-term debts up, one on top of another,” he said.
“At the same time, you’ll create a situation where the maturities could put stress on us and on our parent companies. That’s one of the reasons why we’re doing the bond [offer].”
Santa Maria said, however, the financial situation of the firm “is not a debt disaster scenario at all by far.”
At the MPIC level, MPTC’s debt would reach about P80 billion. Including its Indonesian venture, the figure could go as high as P200 billion.
Chaye Cabal-Revilla, MPIC chief finance, risk, and sustainability officer, said the company is still selling as much as 30 percent of stake in
MPTC to a strategic partner.
“There’s two levels of private placement that we’re actually looking at,” Revilla said, referring to a placement for the Indonesian unit PT Metro Pacific Tollways Indonesia and another at the domestic MPTC level. New investors could acquire some stakes in each of the two units, Revilla said. She said the final figure would depend on the valuation. There is also a need for MPIC to partner with “likeminded organizations in terms of ‘fit-and-click’ to the group.”
Revilla said the company’s initial attempts to sell a minority stake of MPTC to a foreign strategic investor was shelved due to geopolitical issues. The prospective investor, Japan’s Mitsui and Co. of Japan, was named by Pangilinan in April, when he stated the company hoped to raise P30 billion to P50 billion from the placement.
“So, we are still going to continue to do that. It’s the same process, same terms,” Revilla said.
JA Philippines’ Krishna Alejandrino: Micro-credentials
are reshaping today’s
By Vincent Peter Rivera
The working landscape is rapidly changing—driven by evolving skill requirements, shifting work experiences, and the rise of Artificial Intelligence (AI)—making it increasingly difficult to land one’s dream job. Fortunately, organizations like Junior Achievement (JA) Philippines are stepping up to meet this challenge by preparing students early for the workforce.
Established in 1969, JA Philippines is a non-profit organization under JA Worldwide that runs programs focused on financial literacy, entrepreneurship, and work readiness. These initiatives equip young people with the skills and experience they need before entering the professional world.
“Based on the data alone from the Philippine Statistics Authority, this is the group of people with a high unemployment rate. It is also in the news that this group also has the highest numbers in terms of skills gaps,” shared JA Philippines Executive Director Krishna C. Alejandrino in a recent episode of BusinessMirror’s Freshly Brewed, hosted by Multimedia Content Producer John Eiron Francisco.
Growing its reach WITH this purpose in mind, JA Philippines has steadily grown its reach to serve more beneficiaries
nationwide.
“So during my time, there was only one program in place and that is what we called the ‘Miniature Corporation,’ which had about 100 students,” he recalled, noting that he was once a JA participant himself.
In 2008, Alejandrino was appointed Executive Director, giving him the opportunity to directly contribute to the organization’s growth. “Now, we have 16,000 school beneficiaries and more than 500,000 students have benefited from our programs,” he said. He also emphasized the crucial role of external support and mentorship, noting that students are personally guided by the organization’s multinational and local partners.
“That is a huge factor because you can learn accounting, you can learn marketing in school, but if the student sees the mentoring program of JA, they will be inspired by an
education for tomorrow’s workforce
adult mentor,” he added, noting that they also train teachers to strengthen school curricula.
Programs Offered
OVER the years, JA Philippines has partnered with the Department of Education (DepEd), the Commission on Higher Education (CHED), and other agencies to integrate its programs into the national curriculum.
One example is the Business Skills Pass Program, offered in partnership with DepEd and private school associations. The program links high school coursework directly to real-world experience.
It begins with business planning in Grade 11 and continues with actual implementation in Grade 12. So far, approximately 6,000 students are enrolled, supported by various corporate sponsors.
JA Philippines’ financial literacy initiatives have reached even more students through the globally recognized Cha-Ching Financial Literacy Curriculum, implemented in partnership with DepEd. Supported by the Prudence Foundation in the United Kingdom, the program now reaches about 400,000 students
annually and has fully saturated entire regions such as Bicol. Their long-term vision is to make this program available nationwide.
At the college level, one of their flagship offerings is the Registered Marketing Professional (RMP) certification, designed for fourthyear students seeking to formally validate their marketing and business skills before entering the job market.
Recognizing that educators are vital to sustainable development, JA Philippines also offers the Faculty Immersion Program and the Faculty Development Program, both provided free of charge to help teachers enhance their school’s curriculum.
Micro-Credentialing Program
TO further bridge the gap between academic training and industry needs, JA Philippines is preparing to roll out a new Micro-Credentialing Program. This initiative follows a recently issued CHED Memorandum encouraging universities and colleges to implement micro-credential certifications.
Alejandrino described the program as a “granularized education program
that’s very specific,” ensuring clear and measurable outcomes. Unlike traditional degree programs, he noted, “It not it embraces the concept of what we call an outcome within the four corners of the classroom.”
Micro-credentialing offers a streamlined pathway to certification by removing the time and cost barriers of a full degree. While a college program typically takes around four years to complete, micro-credential courses may require only 15 to 510 hours, depending on CHED guidelines.
“The promise of the microcredentialing program, especially for senior high school, is exciting because even if they don’t go to college, at least our countrymen, especially those in the margins, will have the opportunity to have a decent life,” he emphasized.
A NotComplement, a Disruption
ALEJANDRINO stressed that micro-credentials are designed to complement, not replace, traditional education. CHED recognizes micro-credentials as added credentials for Senior High School and college students.
This is enabled through a stackable pathway, which allows students to accumulate microcredential hours and certificates that may be credited as one or two subjects and reflected in their transcript. He believes this will reshape higher education, as universities move toward outcomes-based education. “In the past, students often finished a class wondering what practical knowledge they had actually gained. With the new setup, you can specify what you can do after the training program,” he said.
Future-Proofing
Filipino Youth LOOKING ahead, Alejandrino revealed a pending partnership with the Analytics and Artificial Intelligence Association of the Philippines. “We will come up with micro-credentials for data analytics and artificial intelligence,” he shared. These programs, starting at the Senior High School level, aim to strengthen the K–12 program by equipping graduates with jobready skills. “Once they complete the program, we will refer them to our partner companies for possible employment,” he added. JA Philippines is also expanding its international scholarship initiatives, with programs already running in Australia and Canada. Recently, they signed a Memorandum of Agreement with a university in Hong Kong to provide a two-year scholarship grant for Bachelor of Science in Education students covering tuition, boarding, and lodging, totaling $180,000. To participate in any of these micro-credential and skill-building programs, individuals may apply directly or coordinate through their school administrators. Further details are available at www. japhilippines.org.
• Watch the full episode on BusinessMirror’s YouTube channel. Catch new episodes of “Freshly Brewed”everyMondayat10a.m.on YouTube,Facebook,andX.
Krishna Alejandrino, Executive Director of JA Philippines
John Eiron Francisco, BusinessMirror's Multimedia Content Producer
Krishna Alejandrino, Executive Director of JA Philippines, talks about micro credentialing and how it is reshaping learning for tomorrow's workforce with John Eiron Francisco, BusinessMirror's Multimedia Content Producer.
Exec: Globe within striking distance of earnings target
By Lorenz S. Marasigan
GLOBE
Telecom Inc. remains on track to meet its full-year revenue guidance of low to mid-single digit growth, buoyed by improving quarterly momentum across all business segments, its president said last week.
Carl Cruz, the president and CEO of Globe, told reporters that the company is sticking to its guidance, citing strong performance across operational metrics.
“I think the good thing with our results—all our ‘controllables,’ whether it’s revenue or cost, they are in a very good space at least sequentially,” he said. “So, I’m very optimistic.”
For the nine months, ending September, Globe reported consolidated gross service revenues of P121.7 billion, slightly below the P124 billion posted in the same period last year.
Globe’s net income dropped by 14 percent to P17.7 billion, while core net income stood at P15.5 billion compared to P17.6 billion in the same period last year.
However, the consecutive quarterly improvements have bolstered management’s confidence in meeting the full-year target.
Globe posted its fastest sequential revenue growth in 13 quarters, with third-quarter consolidated gross service revenues reaching P41.5 billion—a 3-percent increase from the second quarter’s P40.3 billion.
“The momentum is building from quarter two to quarter three,” Cruz said. “From a revenue lens, all businesses, all segments are growing. Quarter three would be the fastest sequential growth, quarter on quarter basis, in the last 13 quarters.”
All major business segments contributed to the third-quarter uptick. Mobile service revenues increased 1 percent quarter-on-quarter to P29.1 billion. Home broadband revenues climbed 4 percent to P6.1 billion, and corporate data surged 13 percent to P5.4 billion.
“We’re hoping that we will really end the year on a very strong footing,
Stock Market…
Continued from B1
range-bound trading while the index finds a stronger identity.
Immediate support for the main index is at 5,400 points while resistance is at 5,800 points.
which is quarter four,” Cruz said. Looking ahead, Cruz confirmed that Globe will maintain capital expenditures (capex) below $1 billion for 2026, continuing the disciplined spending approach adopted this year.
“About less than a billion dollars in cash capex—that’s the guidance,” Cruz said. “This is reviewed on a regular basis. If there’s a need to actually increase, the shareholders are always willing to have a conversation about that.”
The 2026 target is a continuation of Globe’s capital optimization strategy aimed at strengthening free cash flow generation while maintaining essential network investments.
For January to September, cash capex reached P31.4 billion, down 23 percent from P41 billion in the same period last year.
“We have to make sure that both the P&L and the balance sheet are in a very good space,” Cruz said. “If we need to actually put that down, we do that ourselves.”
Stock picks
MAYBANK Securities gave a buy rating on PLDT Inc. for yield and positive cash flow.
It said PLDT’s recent earnings were in line with its estimates, implying that operating results of telco business remains quite stable.
“In light of stable operating results, improving Maya Digital Bank operations and very attractive yield, we think the current share price is a good entry point for PLDT,” it said.
FP Island, Agrabah forge farming pact
LOPEZ-LED microgrid operator FP Island Energy Corp. (FP Island)
signed a memorandum of understanding (MOU) with agri-tech startup Agrabah Ventures, Inc. (Agrabah) to support the capability-building and technical assistance of local seaweed farmers in several off-grid islands in Caramoan and Garchitorena towns in Camarines Sur.
The collaboration will focus primarily on boosting the productivity and competitiveness of farmers, fisherfolk and people’s organizations in areas being served by FP Island. FP Island, a sister company of First Gen Corp. (First Gen), operates microgrids in the off-grid islands of Lahuy, Haponan, and Quinalasag in Camarines Sur. Both FP Island and First Gen are subsidiaries of First Philippine Holdings Corp. (FPH). Under the MOU, FP Island and Agrabah will aim to im -
“Upside to our revised target price of P2,000 per share— down 3 percent remains substantial and PLDT has a healthy dividend yield of around 9 percent in 2026.” PLDT’s share price closed last week at P1,260 apiece.
prove and strengthen the agri-aquacultural value chain of FP Island-assisted people’s organizations by enhancing their production capacity and quality, and by providing improved financing, market access and linkages to the same people’s organizations.
FP Island will provide funding support or in-kind resources while Agrabah will provide technical guidance on production and post-harvest practices, as well as share market insights and pricing trends to help communities align their products with market needs.
It said the MOU with Agrabah represents another step to improve living conditions in the off-grid Camarines Sur islands. Before FP Island opened in 2021 its microgrids—or small and localized electricity networks—the islands either suffered from long hours of blackouts or from the total absence of electricity service. Lenie Lectura
Meanwhile, it gave a buy rating on Enrique Razon’s International Container Terminal Services Inc. (ICTSI) after it delivered another strong quarter with firm throughput, healthy tariff growth and rising ancillary revenues. The broker raised its volume growth assumptions and lift its target price to P650 that implies 10.4 times of its earnings before interest, depreciation and amortization.
“We expect momentum to remain supported by trade shifts toward emerging markets and upcoming capacity additions.” ICTSI’s shares closed last week at P543 apiece. VG Cabuag
Banking&Finance
Congress urged to return funds to PhilHealth in ’26
MORE than 60 organizations of healthcare worker are urging Congress to include all previously diverted and unappropriated funds to the 2026 budget of the Philippine Health Insurance Corp. (PhilHealth), estimated to be at least P147 billion.
A statement signed by leaders of these organizations read that congressmen’s actions over the past three years “betrayed” the intent of the Universal Health Care (UHC) Act and the Sin Tax Reform law. Saturday’s statement further claims these actions have undermined Filipinos’ right to equitable, reliable and publicly funded health care.
“These actions weaken our health system, perpetuate political patronage, and endanger millions of Filipino lives,” the groups said.
The healthcare workers are specifically calling for the return of the P60 billion taken from PhilHealth’s reserve funds in 2024, as well as the P255 billion in unappropriated national subsidies since 2023.
According to the organizations, Congress has repeatedly failed to allocate mandated subsidies to PhilHealth despite the availability of earmarked revenues from sin taxes and remittances from the Philippine Amusement and Gaming Corporation and the Philippine Charity Sweepstakes Office.
They also noted that PhilHealth was even given a zero budget for 2025, a decision that they said was approved during a closed-door bicameral conference committee meeting.
“Based on actuarial estimates, these deliberate violations of the UHC Act and the Sin Tax Law threat-
Ex-Fed
Fen to cripple the government’s ability to provide adequate funds for health care in the near future,” the groups said.
This should be on top of the at least P147-billion PhilHealth budget for 2026, which represents the minimum amount needed to cover all indirect contributors, they noted.
“Universal Health Care should be the people’s right. It should not be converted into currency for political self-interests,” they said.
The groups also called for the transfer of discretionary medical funds, such as the Medical Assistance for Financially-Incapacitated Patients (Maifip), to PhilHealth for funding of zero balance benefits for indigent patients. According to the healthcare workers, the Maifip not only duplicates PhilHealth’s function but also allows politicians to disburse assistance at their discretion.
“This revives the pork-barrel system under a new name and weakens PhilHealth, the agency designated by the UHC Act as the major payer for individual-based healthcare services in the country,” they said through the statement.
Further, they pressed to reject legislative measures proposing to lower taxes on vapor products and suspend annual tax increases that will increase the number of smokers and vapers and reduce health revenues.
“This is clear evidence of legislators being influenced by strong market forces,” they said, adding that these measures will only reduce revenues for health programs and benefit the industry’s interests over public welfare. Reine Juvierre S. Alberto
Gov quit after
ORMER Federal Reserve Gov -
ernor Adriana Kugler, whose abrupt resignation allowed President Donald Trump to install an ally at the US central bank, violated Fed ethics rules and was subject to an internal probe when she stepped down in August, documents released Saturday showed.
In her final weeks at the Fed, Kugler sought to address a problem with her financial holdings, but Chair Jerome Powell denied her request for a necessary waiver ahead of the central bank’s July 29 to July 30 policy meeting, according to a Fed official. She skipped the meeting and announced her resignation days later.
The Office of Government Ethics on Saturday released Kugler’s latest financial disclosures, which included previously undisclosed trading in multiple individual stocks in 2024— some of which occurred during the Fed’s blackout period—in violation of the agency’s ethics rules.
Fed ethics officials referred the matter to the agency’s inspector general earlier this year, the form showed. They also declined to certify the disclosures, which Kugler filed about a month after her resignation. An IG spokesperson said Saturday that an investigation is ongoing.
Kugler’s resignation gave Trump an earlier-than-expected opportunity to fill a slot on the Fed’s board in the midst of his intense pressure campaign urging policymakers to drastically lower interest rates. The opening ultimately went to Trump adviser Stephen Miran, who took an unpaid leave of absence from his post as chair of the White House Council of Economic Advisers and has called repeatedly for rapid rate cuts. Kugler, who was appointed to the Fed in September 2023 by President Joe Biden, declined to comment.
The former Fed governor announced on Aug. 1 that she would step down effective August 8—nearly six months before her term was set to end—without citing a reason and after she missed the central bank’s July meeting. At the time, the Fed said her absence was due to a “personal matter.”
Insurers told to make claims easier, faster for plan holders
By Reine Juvierre Alberto @reine_alberto
THROUGH Circular Letter 202521, the Insurance Commission told all insurers and health maintenance organizations (HMOs) to fast-track claim processing and relax documentation requirements to speed up post-disaster recovery.
“To facilitate the prompt and efficient processing of claims filed by the affected policyholders and ensure that the affected individuals and families receive the necessary support, there is a need to promulgate rules on expedited claims process-
ing,” the circular read. Whenever a state of calamity is declared, whether national or local, all insurance and reinsurance companies, mutual benefit associations, pre-need companies and HMOs must expedite the processing, approval
and payment of claims for disasterrelated damage to life and property.
Insurers and HMOs must also extend the deadlines for submitting claim notices and required documents for a reasonable period after the disaster, as well as provide the necessary support to claimants for the processing of claims.
They must also ensure that damage assessments are properly recorded to facilitate the immediate settlement of claims.
In addition, they should coordinate with local governments and other agencies involved in relief and rehabilitation efforts to ensure affected policyholders receive necessary assistance.
The IC said it will closely monitor compliance and may require companies to submit periodic reports on the status of disaster-related claims.
It also pledged to act promptly on
complaints or issues escalated to the Commission.
“This Commission recognizes that the damage and/or loss to life and property resulting from the calamity may give rise to claims against insurance and reinsurance companies, MBAs, pre-need companies, and/or HMOs regulated by this Commission, and the urgent need to provide expedited financial relief to the victims,” according to the IC.
President Ferdinand R. Marcos Jr. officially declared a State of National Calamity for one year, following the widespread destruction caused by Typhoon Tino. The declaration will accelerate the government’s and the private sector’s rescue, recovery, relief and rehabilitation efforts, and will also facilitate the use of calamity funds in affected areas.
GSIS rolls out digital system to track members’ claims
THE Government Service Insurance System (GSIS) announced the roll out of a digital system that it claims would allow members to file and track retirement and life insurance claims.
A statement issued by the state pension fund manager read the system is part of its “digital transformation push to streamline government transactions.”
The statement further read that with the “upgraded” GSIS Touch app,
violating trading rules
Ahead of that meeting, Kugler sought permission to conduct transactions to address what the Fed official described as impermissible financial holdings. It wasn’t immediately clear which holdings were involved in that request.
According to the official, Kugler asked for a waiver to rules requiring top Fed officials to obtain clearance before conducting certain financial transactions and prohibiting them from trading during so-called blackout periods that straddle their policy meetings. Powell denied the request.
Prohibited trades
IT wasn’t the first time Kugler had run afoul of the Fed’s ethics rules. She acknowledged in disclosures last year that she violated prohibitions on trading when her husband executed several stock trades.
Kugler said at the time that her spouse made the purchases without her knowledge. The shares were later divested and Kugler was deemed in compliance with applicable laws and regulations, according to the disclosures.
The newly released documents showed previously undisclosed trading in 2024 in individual stocks— which is prohibited for Fed officials and their immediate family members—including Materialise NV, Southwest Airlines, Cava Group, Apple Inc. and Caterpillar. Some of the trades were also executed during blackout periods, when transactions are prohibited. That included the purchase of Cava shares on March 13, 2024, days ahead of a March 19-20 meeting and the sale of Southwest shares on April 29, 2024, on the eve of the Fed’s April 30-May 1 gathering. The disclosure also lists several fund transactions that fell within blackout periods.
A footnote connected to the January 2, 2024, sale of Materialise NV shares read: “Consistent with her September 15, 2024, disclosure, certain trading activity was carried out by Dr. Kugler’s spouse, without Dr. Kugler’s knowledge and she affirms that her spouse did not intend to violate any rules or policies.”
Financial disclosure
THE disclosure covered calendar years 2024 and 2025 through her resignation. Top Fed officials are required to submit disclosures annually and after leaving the central bank, and to report periodic financial transactions.
A spokesman for the Fed’s Office of Inspector General on Saturday confirmed the office received a referral from the board’s ethics section related to Kugler’s filing.
“We have opened an investigation and, consistent with our practice, we are unable to comment further until our investigation is closed,” the person said.
Powell introduced tougher restrictions on investing and trading for policymakers and senior staff at the central bank in 2022. That followed revelations of unusual trading activity during 2020 by several senior officials.
Boston Fed President Eric Rosengren and Dallas Fed chief Robert Kaplan each announced their early retirement after the revelations, with Rosengren citing ill health. The Fed’s internal watchdog ultimately cleared the pair of legal wrongdoing, but chastised them for undermining public confidence in the central bank.
The new rules, which the Fed said at the time were aimed at supporting the public’s confidence in the impartiality and integrity of policymakers, boosted financial disclosure requirements, among other measures.
Senator Elizabeth Warren, a Democrat from Massachusetts who has long called for stricter ethics rules at the central bank, released a statement Saturday calling for bipartisan legislation “to make the Fed more transparent and accountable.”
The latest scandal “makes clear that the Fed still doesn’t have the guardrails or culture of accountability the American people expect,” Senate Banking Committee Chair Tim Scott said in a statement.
“The next Fed Chair must restore integrity, strengthen transparency, and end the pattern of insiders playing by their own rules,” he added.
Bloomberg News
inactive members can file retirement, separation and life insurance claims using secure facial authentication. The app also displays tentative benefit computation and provides real-time status of their applications through the Transaction Monitoring System.
Under Memorandum Circular 068 (series of 2025), government agencies must now electronically submit the service record, retirement date and leave without pay certifications of employees due to retire at least 20 working days ahead of their retirement date.
GSIS President and General Manager Jose Arnulfo A. Veloso
Members will be notified via SMS or email notification once their records are reconciled and cleared for filing. After the approval, benefit payments are deposited directly into their bank accounts. The digital filing facility is only available to retiring members.
was quoted in the statement as saying that the new system eliminates manual paperwork and speeds up benefit processing.
“We want our retiring members to experience a smooth and worry-free transition. By shifting pre-processing to a digital and agency-driven workflow, GSIS can validate records earlier and retirees no longer need to submit paper documents,” Veloso said through the statement.
AI debt explosion has traders searching for cover
AS tech companies gear up to borrow hundreds of billions of dollars to fuel investments in artificial intelligence, lenders and investors are increasingly looking to protect themselves against it all going wrong.
Banks and money managers are trading more derivatives that offer payouts if individual tech companies, known as hyperscalers, default on their debt. Demand for credit protection has more than doubled the cost of credit derivatives on Oracle Corp.’s bonds since September. Meanwhile, trading volume for credit default swaps tied to the company jumped to about $4.2 billion over the six weeks ended Nov. 7, according to Barclays Plc credit strategist Jigar Patel. That’s up from less than $200 million in the same period last year.
“We’re seeing renewed interest from clients in single-name CDS discussions, which had waned in recent years,” said John Servidea, global cohead of investment-grade finance at JPMorgan Chase & Co. “Hyperscalers are highly rated, but they’ve really grown as borrowers and people have more exposure, so naturally there is more client dialogue on hedging.”
A representative for Oracle declined to comment.
Trading activity is still small compared with the amount of debt that is expected to flood the market, traders said. But the growing demand for hedging is a sign of how tech companies are coming to dominate capital markets as they look to reshape the world economy with artificial intelligence.
Investment-grade companies could sell around $1.5 trillion of bonds in the coming years, according to JPMorgan strategists. A series of big bond sales tied to AI have hit the market in recent weeks, including Meta Platforms Inc. selling $30 billion of notes in late October, the biggest corporate issue of the year in the US, and Oracle offering $18 billion in September.
Tech companies, utilities, and other borrowers tied to AI are now the biggest part of the investmentgrade market, a report last month
from JPMorgan shows. They’ve displaced banks, which were long the biggest portion. Junk bonds and other major debt markets will see a wave of borrowing too, as firms build thousands of data centers globally.
Some of the biggest buyers of single-name credit default swaps on tech companies now are banks, which have seen their exposure to tech companies surge in recent months, traders said.
Another source of demand for the derivatives: equity investors looking for a relatively cheap hedge against the shares dropping. Buying protection on Friday against Oracle defaulting within the next five years cost about 1.03 percentage point, according to data provider ICE Data Services, or around $103,000 a year for every $10 million of bond principal protected. In contrast, buying a put on Oracle’s shares falling almost 20 percent by the end of next year might cost about $2,196 per 100 shares as of Friday, amounting to about 9.9 percent of the value of the shares protected.
There is good reason for money managers and lenders to at least look at cutting exposure now: An MIT initiative this year released a report indicating that 95 percent of organizations are getting zero return from generative AI projects. While some of the biggest borrowers now are companies with high cash
flow, the technology industry has long been fast changing. Firms that were once big players, such as Digital Equipment Corp., can fade into obsolescence. Bonds that seem safe now may prove to be considerably riskier over time or even default, if profits from data centers fall short of companies’ current expectations, for example.
Credit default swaps tied to Meta Platforms Inc. began actively trading for the first time late last month, after its jumbo bond sale. Derivatives tied to CoreWeave have also started trading more actively. Its shares tumbled on Monday after the provider of AI computing power lowered its annual revenue forecast due to a delay in fulfilling a customer contract. In the years before the financial crisis, the high-grade single-name credit derivatives market saw more volume than today, as proprietary traders at banks, hedge funds, bank loan book managers, and others used the products to cut or boost their risk. After the demise of Lehman, trading volume in single-name credit derivatives dropped, and market participants say it’s unlikely it will return to pre-financial levels. There are more hedging instruments now—including corporate bond exchange-traded funds—plus credit markets themselves have become more liquid as more bonds trade electronically.
Reine Juvierre S. Alberto
EDITING UNDER FIRE:
In Trump-dominated media world, editing video takes on new significance–as BBC uproar shows
By David Bauder AP Media Writer
IN the space of a few months, a journalistic skill that might seem straightforward to many viewers—editing tape for broadcast—has been behind a $16-million legal settlement, a network’s change in how it offers interviews on a news show and, now, the resignation of two top leaders at the BBC.
The other common denominator:
President Donald Trump.
Britain’s BBC is reeling this week following the resignations of its director-general, Tim Davie, and news chief Deborah Turness amid accusations of bias in the editing of last year’s documentary, “Trump: A Second Chance.” The BBC admitted filmmakers spliced together quotes from different sections of the speech Trump made before the Jan. 6, 2021, storming of the US Capitol to make it seem like he was directly urging violence.
Trump sued CBS’ parent company over a “60 Minutes” edit of Kamala Harris’ interview, resulting in this summer’s settlement, and the complaints of his Homeland Security secretary, Kristi Noem, about her “Face the Nation” interview in August caused a policy change.
In a different time, the BBC episode would likely have led to a quick admission of a mistake, a correction, apology and everyone would have moved on, said Mark Lukasiewicz, a former NBC News executive and now
dean of Hofstra University’s School of Communication.
“But in an era where every editing decision taken in a newsroom is now under a microscope and can be weaponized for political purposes,” he said, “it’s got to be something that is causing real caution in newsrooms all over the world now.”
Editing decisions were once largely behind the scenes
QUESTIONING edits is another tool for the president to strike back at journalists who displease him. He has restricted access by The Associated Press after its decision not to follow his lead in renaming the Gulf of Mexico, sued outlets like The New York Times and Wall Street Journal and stripped funding for public broadcasting because he doesn’t like its news coverage.
Much like print reporters who search through notebooks for the perfect quote, video editors often labor to identify footage that will advance a story.
Sometimes the perfect image does
not exist, or a quote isn’t as succinct or sharp as a medium under constant time constraints demands. That can lead to the temptation to rearrange or even manipulate.
NBC News got in trouble more than a decade ago for a story about George Zimmerman—who fatally shot Trayvon Martin, a young man who was in his Florida gated community. It quoted Zimmerman talking to a police dispatcher about Martin, saying “this guy looks like he’s up to no good. He looks Black.”
In reality, Zimmerman’s description of Martin’s activities last longer, and his speculation about Martin’s race was a direct response to a police dispatcher’s question about it. Zimmerman sued NBC News for libel, a case later thrown out by a judge. NBC apologized to its viewers.
Katie Couric apologized in 2016 when an editor for her “Under the Gun” documentary inserted an eightsecond pause after footage of Couric questioning guns-rights activists about background checks. The activists actually responded right away.
Quotes artificially compressed in BBC documentary IN the BBC edit, different parts of Trump’s 2021 Capitol speech are edited to appear as a single quote: “We’re going to walk down to the Capitol and I’ll be there with you. And we fight. We fight like hell.”
But the second two sentences of that quote were actually said nearly an hour later than the first sentence, and part of his speech where he said he wanted supporters to demonstrate peacefully was omitted.
In an interview that aired Tuesday on Fox News, Trump said, “I guess I have to” sue the BBC. “Because I think they defrauded the public and they’ve admitted it.”
In teaching video editing to students at Syracuse University, Jamie Hoskins said she repeatedly emphasizes the need not to be misleading. She’s a former news producer who worked in New York City, Washington, D.C. and Buffalo, New York.
“I talk about that in every class at every level,” she said. “You don’t want to mischaracterize what people are saying or change their meaning by piecing things together.”
The proliferation of video—ever shorter, ever snappier—on TikTok and Instagram adds to pressure placed on journalists. The ability of AI to manufacture completely false video is yet another complication. Fake, racist video of Black food assistance recipients complaining about missing benefits due to the govern -
ment shutdown spread online; a Fox News digital story linked to some of the videos earlier this month and had to be corrected.
“We live in a world now where people can get content from everywhere,” Hoskins said. “There is a difference between content and journalism.”
A new way to protect against complaints
AT the root of Trump’s complaint about “60 Minutes” was an exchange between correspondent Bill Whitaker and Kamala Harris, the president’s opponent in last year’s election. CBS aired two different reports—on “60 Minutes” and “Face the Nation”—depicting Harris giving two different answers to a Whitaker question about the war in the Mideast.
CBS News said both responses were part of Harris’s long-winded answer to the same question. But to people who saw both broadcasts, the effect was jarring; other news
outlets say they have a strict policy, when they show an interviewer posing a question, that the immediate, direct response is aired.
CBS News defended it as routine editing. But it gave Trump an opening to charge that it was done to benefit Harris’s campaign.
“I don’t think the practices and standards are worse today than they were a few years ago,” Lukasiewicz said. “I think the consequences of mistakes are more serious than perhaps they used to be,” he said, because of the ability and willingness of politicians to seize on them.
In Noem’s pretaped talk with “Face the Nation” moderator Margaret Brennan this summer, the Homeland Security secretary complained CBS News had “shamefully edited the interview to whitewash the truth.” The network had shortened the interview, removing some accusations Noem had made about Kilmar Abrego Garcia, the immigrant deported by the Trump administration. In response, the network said that it would only air interviews on “Face the Nation” that were conducted live or, if taped in advance, would have to air in full.
More often, networks are defusing potential editing controversies by posting online full, unedited transcripts of key interviews, Lukasiewicz said. CBS News did that immediately when it aired a pre-taped edited interview with Trump on Nov. 2, along with video. The network didn’t release a transcript of its Harris interview for more than three months—not until Trump had sued and the FCC launched an investigation of the news division.
PRESIDENT Donald Trump speaks at a rally on January 6, 2021, in front of the White House in Washington. AP/JACQUELYN MARTIN
A VIEW of BBC Broadcasting House in London, Tuesday, November 11, 2025. AP/KIRSTY WIGGLESWORTH
Pre-Collection Spring/Summer 2026 from Italian fashion giant
IGNITING new memories as muses, the social butterflies of a future emerge as protagonists of the Fendi Pre-Collection SS 2026 designed by Silvia Venturini Fendi. Work and play, freedom and discipline, day and night, the Fendi woman channels her self-expression: to dress, to dance, creating tension between control and nonchalance, sharp lines and relaxed attitude. Flashbacks of mythical Jackie O in Rome and Studio 54 in New York fused with sartorial sportswear creating sensual friction—a glint of 1980s hedonism imbues the collection with a girl’s sense of frivolity, tempered by the Roman sensibility of an ultrafeminine sartoria.
Like moths to the flame, the season’s irreverent palette is drawn from the last days of disco, as turquoise and mandarin, slate blue and blush pink mingle with dappled shades of coffee, burgundy, black and white. Dark and light, masculine and feminine, Fendi creates the art of being composed and undone. For men, Silvia Venturini Fendi extends the party with relaxed jewel-toned layers and boyish silhouettes imbued with subtle craft. Velvet tuxedos with detached satin lapels impart a casual evening flair, as moth print shirts and jacquard denim jeans add painterly textures to classic fits. From a denim cashmere caban to silicone-bonded patent leather parkas and garment-dyed corduroy trucker jackets, Fendi’s masterful materiality abounds, in a conscious calland-repeat with the women’s collection that yields daring combinations.
Fendi Pre-Collection SS 2026 women’s accessories riff on the season’s abstract variety of Falena pattern, with butterfly wing-embroidered or sequined Baguette styles, shaved shearling and intarsia Peekaboo versions, and speckled peppered moth prints appearing on the soft Fendi Spy bag. In smooth calfskin, the new “keep-all” tote slides on adjustable shoulder straps finished with FF logo hardware, and the Baguette appears as a slim FF buckle clutch.
For men, accessories echo the season’s palette from burnished burgundy lug-soled lace-ups to flat FF buckled loafers, a Falena print Fendi Lui duffel bag and the wearable Baguette bag in soft calfskin leather, and the Peekaboo in an upcycled patchwork of Cuoio Romano leather. The collection is available in Fendi boutiques and on fendi. com from November 6, 2025.
Watsons giving smiles, improving lives
DARAGA, Albay—On the 12th anniversary of its partnership with Operation Smile (OS) Philippines, health and beauty brand Watsons went to this charming municipality to bring smiles to children with cleft lip and cleft palate. The medical mission is a collaborative effort with the Daraga Doctors Hospital “for kids to have a brighter future.”
Cleft lip and cleft palate, two of the most common birth defects, can occur on their own or together.
According to the Mayo Clinic, “sometimes a syndrome may cause these birth defects. But the cause is often not known. They are openings or splits in the upper lip, the roof of the mouth [palate] or both. Cleft lip and cleft palate occur when an unborn baby’s face and mouth are developing and the upper lip and palate don’t close fully.”
A series of surgeries and treatments can correct this defect, and the lips and palate work like they should and the baby looks much better, with only slight scarring occurring.
“This is our third mission for the year with Operation Smile. The first two missions were in Tagum City in Davao, and in Quezon Province earlier this year. We have a total of 125 beneficiaries for the year,” said Sharon Decapia, the SAVP for marketing, PR and sustainability of Watsons.
“When we look back, even before naging buzzword in sustainability, back then in 2013, meron na kaming program na ito as part of our corporate social responsibility. Kasi noon, ‘yun na ‘yung programa namin
One of our purposes is to really bring smiles to our customers’ faces,” added Decapia. “When we had that discussion with Operation Smile, and their mission also is to transform the lives of these children so that they are able to once again smile literally and figuratively and have a better chance at life, sabi namin talagang nagma-match. Naka-match ‘yung we have a common goal. We have a common mission.”
FROM BENEFICIARY TO COORDINATOR FROM then on, Watsons made sure that it is committed to helping transform the lives of these beneficiaries by providing free surgeries for children with cleft lip and cleft palate conditions. Since 2013, there have been 2,500 beneficiaries.
One such beneficiary is Ramon Solas Jr., the program and center coordinator of Operation Smile Philippines who was a former patient and is now giving back so that less fortunate people like him can have that opportunity also to get operated.
“[The partnership with Watsons] is not only for surgery, but also nutrition, dental, psycho-social, and speech therapy. So, comprehensive care. That’s why we are very much thankful to Watsons for supporting us. As a former patient, I am very happy and proud na naging part ako ng Operation Smile. That I am able to help and inspire people,” a grateful Solas said.
“There are times na, after surgery, may mga nanay na lumalapit sa akin: ‘Ramon, I am so proud of you. Sana ‘yung anak ko, maging katulad mo din someday na hindi na nahihiya. Hindi natatakot sa mga tao,’” shared Solas. “So, I encourage parents to do the psycho-social support. We want to empower the patients and also their families.”
Celebrating self-care through music
HEALTH and beauty retailer Watsons continues to promote good health through various means as part of the brand’s purpose to “Look Good, Do Good, Feel Great.” On November 29, Watsons Playlist 2025: All of the Feels Concert brings together two of OPM’s biggest names—Rico Blanco and Ben&Ben—for their first-ever exclusive collaboration. The concert at the
Smart Araneta Coliseum will also feature exclusive performances from Zack Tabudlo, Earl Agustin, the Juans, and Hey June! Watsons sees self-care going beyond skincare and supplements. It can be about tuning in to your emotions through music, which is seen as a universal language.
Through Watsons Playlist 2025, the brand celebrates personal care and emotional care. The Watsons Playlist concert series originated as an exclusive event for Watsons Club members in the Philippines in 2023.
Watsons Playlist 2025: All The Feels Concert is supported by Stresstabs, Maybelline, Barenbliss, BYS, Luxe Organix, Fresh, Silk Secrets, Pretty Secret, Nivea, Bioten, Bloom, Safeguard, Watsons Brand, Collagen by Watsons, Dermaction Plus by Watsons, Hair System by Watsons, Naturals by Watsons, Target Pro by Watsons, Body Treats, Glam Works, Hair Treats, Watsons Generics, Kiss Hair, Enervon Z,
wholeheartedly accepted this mission to give smiles. The hospital made sure to provide the best care to our beneficiaries. We were able to buy new beds and assigned dedicated nurses to help during the mission. We deeply appreciate Watsons and Operation Smile for this initiative because they not only help families but also overcome financial barriers for life-changing operations making genuine transformation possible,”
OSP’s Cleft Surgeon Team Lead Dr. Gerard Ocampo underscored, “This mission holds deep personal significance for our Operation Smile team. It truly feels like coming home. Our connection here dates back to 1982, when Operation Smile’s founders, an American doctor-couple, started.”
UNIVERSAL SMILE
THE inspiring mission, even with the looming threat of Supertyphoon Uwan on November 7 and 8, attracted employees from both the head office and local stores to actively volunteer, assisting with missions, patient education, and extending care to families. Volunteers from Superdrug, the UK’s health, beauty, and wellness retail brand under the AS Watson Group, also flew to Daraga, via the Bicol International Airport, to assist. One beautiful volunteer was Miss Universe Asia 2024 Chelsea Ann Manalo, who shared:
“Music and self-care really go hand in hand,” said Rico Blanco. “Ibang klaseng experience kapag kasama mong nanonood ng concert ’yung mga barkada, mga loved ones mo. It gives you a different level of warmth and love.”
“Sobrang excited namin sa show na ‘to! We have lots of surprises prepared for this show, too, na dapat talagang abangan and we can’t wait to share all the feels with our Liwanag family,” said Miguel of Ben&Ben. “I’m so excited to perform live and be part of something that connects music and self-care in such a real way,” said Zach Tabudlo.
should really help.
“I felt happy seeing the kids because I knew that these children, they’re going to change. They really have smiles. I think that’s the mission of Watsons, giving smiles to these children.”
BUILDING LIFETIME CONFIDENCE
DECAPIO further explained: “It doesn’t end with surgery. Kailangan may psycho-social support so that the confidence level, of course, hindi maaalis, di ba? If you have that condition, as we have witnessed with a lot of patients, nagkakaroon din sila ng inferiority, naiiyak sila. Sometimes, they experience getting bullied in school or with their peers. So, iyon ‘yung mga nakakalungkot na reality.
“But because it’s a full program, bibigyan natin ang chance na magkaroon sila ng confidence kung mag-rejoin society as a contributing member of it. So, ‘yun din ‘yung isa sa mga reasons bakit Watsons is really supportive of this program because more than just providing health and beauty products to our customers, we feel that it goes beyond that.
“We really want to help uplift the overall wellness of Filipinos, uplift their lives because we feel that if you help an individual, you help the community, you help the family, and then it uplifts the quality of living of everyone.”
The Juans, known for the song “Hindi Tayo Pwede,” is excited to perform at Watsons Playlist for the first time. “Sa totoo lang, music talaga helps us process our emotions—whether masaya or may pinagdadaanan,” said Carl of The Juans. Score tickets via the Watsons app. VIP Seated tickets are free for a minimum purchase of P6,500 while VIP Standing seats come free for every P6,300 spent. Patron tickets are free for every P5,500 checkout, Lower Box Premium tickets for every P5,000, and Lower Box Regular tickets for
SureServ’s ‘Gamot Now, Pay Later’ Service Now Available at Mercury Drug Nationwide
SureServ, the pioneer of the “Gamot Now, Pay Later (GNPL)” service, has officially partnered with Mercury Drug, one of the Philippines’ leading and most trusted drugstore chains. This collaboration is set to make healthcare access significantly more convenient and affordable for the working Filipino population.
The partnership enables employees of SureServ’s partner companies to immediately avail of medicines and vital health essentials from Mercury Drug stores nationwide and pay later through a simple salary adjustment. This innovation addresses a critical financial barrier, ensuring millions of Filipino workers can prioritize urgent medical needs without upfront cash worries.
“SureServ was built on the idea that no Filipino should have to choose between their health and their financial stability,” said Johnny Bondoc, Founder and CEO of SureServ. “By partnering with a trusted name like Mercury Drug, we are effectively bridging the gap between urgent medical needs and affordability, empowering employees to access care immediately.”
NUSTAR launches special promo for Cebu Pacific passengers flying to Cebu
NUSTAR Resort Cebu and Cebu Pacific have partnered to offer exclusive perks for travelers flying to Cebu from October to December. Starting October 25 until December 31, 2025, passengers who present their Cebu Pacific boarding passes can enjoy special freebies and services at NUSTAR, the first and only integrated resort in Visayas and Mindanao.
Travelers arriving in Cebu can indulge in Fili Hotel’s signature ensaymada at the Fili Lobby Lounge or claim a tourist kit gift coupon at the concierge of The Mall | NUSTAR to make their visit even better. Additionally, a complimentary guest shuttle service will be available to transport guests from the airport to NUSTAR, ensuring a smooth and hasslefree arrival.
To redeem these offers, passengers must present a Cebu Pacific boarding pass, which is valid within 30 days from the flight date, along with a government-issued ID. Guests can also take advantage of the free shuttle service between NUSTAR and Mactan-Cebu International Airport (Terminals 1 and 2), available every hour from 7 am to 3 am daily.
SureServ currently serves thousands of members across vital industries, including manufacturing and manpower services, and continues to rapidly expand its reach to more employers nationwide.
Bondoc emphasized the partnership’s role in promoting financial inclusion within the healthcare sector. “For companies, GNPL is an innovative and hassle-free way to enhance employee wellness and retention programs; for workers, it simply means peace of mind for when the unexpected happens,” he concluded.
PR leader champions ethical AI communication at Global Alliance event
AS artificial intelligence continues to redefine global communication, Filipina public relations leader Ana Pista is calling for a more ethical and human-centered approach to technology use in storytelling.
Pista, who serves as Director of the Global Alliance for Public Relations and Communication Management (GA)and Chair for Student and Young Practitioners (SYP) Month 2025, led the worldwide celebration under the banner of #NextInLine, a monthlong initiative empowering students and young professionals to explore AI, trust, and strategic storytelling in modern communication.
Themed “Communication Can Change the World,” this year’s SYP Month brought together emerging communicators, educators, and global thought leaders through a series of webinars, forums, and competitions across GA’s six regions, all focused on promoting responsible innovation and purpose-driven communication.
The Philippines was well represented throughout the SYP Month activities, with
Mang
MFilipino communication leaders joining peers from around the world to tackle practical challenges of AI in storytelling, as well as in shaping conversations around ethics, technology, and the future of professional communication.
During the Rocket Forums, Pista delivered a keynote address on “Responsible Communication in AI” to students in South Africa, emphasizing integrity, empathy, and accountability in the age of digital transformation.
Other Filipino practitioners also made their mark at the #NextInLine Hero Web Conference 2025, the flagship event of SYP Month. Norman Agatep, APR, President and CEO of Grupo Agatep and PRSP Vice President–External Affairs; Steve Dailisan, Spokesperson and Country Head of Communications and Corporate Affairs at AirAsia; and Patricia Malay, now based in Singapore, joined a global panel of respected experts including Adrian Cropley (Australia), Alex Sévigny, PhD, APR (Canada), Bonnie Caver (USA), and others.
Speakers underscored that even as
technology transforms communication, the profession remains deeply humancentered. They pointed out that AI should be seen not as a replacement for empathy and ethics but as a tool for collaboration and social good. “AI gives us speed and scale, but it’s empathy and ethics that give communication its soul,” said Pista. “Young practitioners must learn to balance both.”
The Global Alliance also launched the #NextInLine Changemakers’ Recognition, an international essay competition inviting students and young practitioners to showcase how ethical, AI-driven communication can help build a more inclusive and sustainable future.
Sixty emerging leaders, ten from each of GA’s six regions, will be honored with a Global Alliance Certificate of Distinction for their creativity, leadership, and social impact.
Entries are open until November 28, 2025, for essays (250 to 650 words) on the theme: “How Can AI-Driven Communication Transform the World? From Information to Impact: Reimagining the Future of Ethical, Purpose-Driven Communication.” Full details are available at bit. ly/2025ChangemakersRecognition.
By convening communicators from across continents, SYP Month 2025 reaffirmed the Global Alliance’s mission to equip the next generation with the ethical foundations and digital fluency needed to navigate the AI era responsibly.
Through initiatives like these, Pista and her fellow Filipino communicators continue to elevate the Philippines’ voice on the global stage, championing a future where innovation and integrity go hand in hand. “Technology can amplify stories,” Pista said, “but it’s values that make those stories worth telling.”
For more information on SYP Month 2025 and to watch the recording of the webinars, please visit: globalalliancepr.org/ student-young-practitioner-month.
“This partnership demonstrates NUSTAR’s commitment to enriching the travel experience of passengers arriving in Cebu via Cebu Pacific, a fellow masterbrand from the Gokongwei Group,” said Katrina Mae de Jesus, Assistant Vice President for Business Development at NUSTAR. “We look forward to welcoming guests to Cebu and to NUSTAR with our signature Filipino hospitality and special treats that will make their visit truly memorable.”
Cebu Pacific currently operates flights to Cebu from 25 domestic destinations across its major hubs in Manila, Clark, Iloilo, and Davao, as well as from seven international destinations, making it a convenient gateway to explore the Philippines. This extensive connectivity allows more travelers, both local and international, to easily visit and experience NUSTAR, supporting its goal of becoming a premier leisure and entertainment destination in the region. The promo runs from October 25 to December 31, 2025. Terms and conditions apply. For more information, visit www. nustar.ph or call (032) 888 8282.
THE Cybercrime Investigation and Coordinating Center (CICC) and leading fintech platform JuanHand, under the FinVolution Group, have officially signed a Memorandum of Agreement (MOA) to collaborate on advancing cybercrime prevention, promoting online safety, and enhancing responsible financial practices among Filipino consumers. Held at the JuanHand office, the ceremony formalized a shared vision between the public and private sectors, ensuring that innovation in digital finance goes hand in hand with cybersecurity, consumer protection, and public education.
The partnership outlines several key areas of collaboration, including: Development of cybercrime prevention policies and programs; Mutual assistance and coordination with relevant agencies on investigations and reporting of online financial crimes; Joint training, capacity building, and intelligence sharing on cyber fraud and fintech-related offenses; and Public awareness campaigns promoting online safety and responsible digital financial behavior.
“This partnership is a step forward in protecting Filipino consumers in the digital space,” said Undersecretary Atty. Aboy Paraiso of CICC. “Together with responsible fintech players like JuanHand, we are not only combating cyber threats but also empowering citizens to use technology confidently and safely.”
Inasal marketing enters a bold new era under Mari Aldecoa
ANG Inasal has long been more than a restaurant; it is a cultural touchstone. And with Mari Aldecoa stepping in as Head of Marketing and Business Channels, the brand is entering a new era where heritage meets bold innovation, promising to expand its reach, sharpen its identity, and set fresh benchmarks in the industry. Aldecoa brings over 15 years of experience revitalizing powerhouse brands across quickservice restaurants and consumer goods. Before joining Mang Inasal, he led Red Ribbon Bakeshop to consistent growth, proving his ability to strengthen market presence while keeping brands relevant in a fast-moving industry.
For Aldecoa, the excitement lies not just in leading a successful brand but in deepening its connection with customers and exploring new frontiers for growth.
“What excites me most about leading
Marketing and Business Channels for Mang Inasal is the opportunity to build on an already powerful brand, one that is deeply loved and performing at its strongest. My role is to take that momentum and elevate it even further, ensuring that Mang Inasal remains both iconic and ever-evolving for the next generation of consumers,” he says.
He emphasizes the importance of collaboration and discovery. “I am genuinely excited to work alongside the team that has brought Mang Inasal to where it is today, a team that clearly understands the brand’s DNA and its customers. Together, we can strengthen the core while exploring new occasions where the brand can continue to excel and remain accessible,” Aldecoa adds.
Under Aldecoa’s leadership, Mang Inasal is not just innovating, it is setting new benchmarks in the Philippine QSR landscape. The Brand Finance 2025 report recognized Mang Inasal as the strongest
QSR brand in the country and ranked it 7th among the nation’s strongest brands, a testament to its impressive sales growth, enduring customer trust, and unwavering loyalty. The report also placed Mang Inasal as the 25th most valuable brand in the Philippines.
Adding to this string of accomplishments, the brand holds the distinction of being the most awarded QSR in the country today. For Aldecoa, these honors are more than milestones, they are the launchpad for the next chapter of Mang Inasal’s growth and continued success. Aldecoa’s approach is grounded in core values that guide both him and the brand. He leads with excellence, setting high standards and ensuring decisive execution. He fosters a collaborative spirit, encouraging the team to innovate and work cohesively. He leads with empathy, balancing ambition with care for teams and partners, and
embraces courage, taking bold steps to explore new opportunities and drive the brand forward.
Since joining Mang Inasal, Aldecoa has focused on identifying untapped opportunities and crafting strategies that extend the brand’s reach and relevance. From experimenting with new marketing channels to exploring different customer touchpoints, he is determined to ensure that Mang Inasal continues to resonate with a wide audience while remaining true to its identity. With Aldecoa at the helm, Mang Inasal is poised not only to strengthen its position as a market leader but also to set new benchmarks in the industry. Its signature grilled offerings are reaching more communities, and its marketing initiatives are evolving, reflecting a brand that is confident, forward-looking, and bold.
For the latest Mang Inasal updates, visit manginasal.ph or follow its social media channels.
JuanHand, operated by WeFund Lending Corp., is one of the Philippines’ top fintech platforms offering fast, secure, and transparent loan services. Its parent company, FinVolution Group, is among the world’s leading fintech innovators with a strong regional presence and commitment to responsible digital finance.
“At JuanHand, we believe that financial empowerment must always come with accountability and protection,” said Coco Mauricio, CEO of JuanHand. “Through this partnership with CICC, we’re doubling down on user safety, data privacy, and education — ensuring that every Ka-Juan can access financial help in a secure, transparent, and responsible way.”
“The Philippines is a key market for FinVolution,” added Tim Li, CEO of FinVolution Group. “We’re
In the photo are, from left, Alvin Navarro, Director of CICC; Atty. Aboy Paraiso, Undersecretary of CICC; Francisco “Coco” Mauricio, President and CEO of WeFund Lending Corp.; and Tiezheng “Tim” Li, Chief Executive Officer, FinVolution.
The official poster of Student and Young Practitioners Month 2025
How communicators can be better leaders
AFTER two decades of coaching leaders and developing himself in the process, Marcel Schwantes has learned a key lesson: Leadership isn’t a destination. It is an ever-evolving process of learning and growing.
“The best leaders never stop evolving,” he says in an article in Fast Company.
You prove your leadership “when your patience is tested, your humility is questioned, and your self-awareness is the difference between escalating a conflict and or inspiring a breakthrough.”
As communicators, these are valuable lessons for us. Here, he shares with us four lessons every great leader eventually learns in Want to be a better leader? Master These Skills.
1.Humility is a strength WHILE humility is often mistaken for weakness, groundbreaking research tells another story. Bradley Owens and David Hekman found that humble leaders don’t assume that success is guaranteed. Instead, they test their progress, revise plans, and seek feedback. They empower others to take initiative and celebrate team wins over personal credit. Far from soft, humility gives leaders flexibility and strength,
n AI TAKES CENTER STAGE IN STRENGTHENING NATIONAL ANTI-FRAUD EFFORTS
MANILA, PHILIPPINES – Digital technology connects us to others and keeps us informed and entertained—but it also enables scammers to wreak havoc online. From phishing emails to fake websites and money mulling, online scams are rising, and with AI, they are becoming increasingly sophisticated.
The scale of the issue is alarming. DICT, BSP, and the NBI regularly advise Filipinos to exercise caution against fraudulent schemes amid the rapid growth of digital technology.
According to the Cybercrime Investigation and Coordinating Center (CICC), cybercrime complaints in the Philippines rose to over 10,000 in 2024—three times higher than the 3,317 cases recorded in 2023—causing losses nearing ₱198 million. The Securities and Exchange Commission (SEC) has warned the public against “money mulling,” where individuals lend or sell their bank or
says Schwantes. They avoid reacting from ego or abusing power, and instead lead from integrity, self-control, and emotional intelligence.
2.Great leaders learn from others STRONG leaders know they don’t know it all,” says Schwantes. “They constantly seek wisdom from others and expand their perspective beyond their own experience.” They remain lifelong students. Remember the saying: If you’re the smartest person in the room, you’re in the wrong room.
3.Patience gives you an edge RESEARCH shows that patient people make more progress to -
e-wallet accounts for illegal activities, now punishable under law. Financial institutions are increasingly leveraging AI and machine learning to counter money mulling and related illicit activities.
The money mulling challenge Money mules pose a growing threat to the financial system. Fraudsters exploit synthetic identities, deepfakes, and fake accounts to misuse savings and investments for illegal transactions. These threats are not isolated—they are part of a complex problem challenging the entire financial ecosystem. With rising regulatory pressure and increasingly sophisticated money mule networks, Philippine banks and fintechs are adopting stronger measures to safeguard customers and their institutions.
AI-driven finance
Trusting Social Philippines (TSPH) is an AI-driven fintech that uses alternative data and AI to provide credit scoring, risk assessment, and financial insights. It offers AI-powered solutions for credit risk assessment, identity verification, and customer acquisition to serve millions of underbanked Filipinos.
Trusting Social partners with banks and financial institu -
tions to expand credit access for underserved consumers. By collaborating with regulators and fintechs, the company contributes significantly to national fraud prevention initiatives.
A unified ecosystem response
On its seventh anniversary, Trusting Social highlighted its mission to combat financial fraud. The company emphasized that its credit risk and fraud prevention services make financial inclusion accessible, safe, and fraud-free. The celebration featured a fireside chat, “The Frontline Defense: Combating Money Mulling and Fostering a Secure Financial Ecosystem,” gathering key stakeholders from banking and fintech sectors to discuss collaboration for a secure financial system.
“Financial inclusion isn’t abstract; it fuels economic progress,” said Johnny Escaler, CEO of Trusting Social Philippines. “Our mission is to tackle one of the most fundamental problems of finance—powering inclusion with AI. The work we do has never been more critical.”
Trusting Social welcomed partners to a new AI-driven era of financial inclusion covering security, customer onboarding, KYC, fraud pre -
ward tough goals, feel more satisfied when they achieve them. They also experience less stress and depression.
“Humility is one of leadership’s most underrated strengths,” says Schwantes. He notes that impatient leaders tend to jump to conclusions and act impulsively. Patient leaders, by contrast, are steady and rational. In conflict, they listen first, respond calmly, and diffuse tension. That kind of presence builds trust and teams and resilience in teams.
4.Self-awareness is nonnegotiable
IN a study reported by Harvard Business Review, teams with less aware team members made
vention, KYB, credit scoring, and trust.
Trust insights
Trusting Social unveiled Trusting Insights 2.0, enhancing the company’s credit risk intelligence services. Through expanded partnerships with telcos like Globe and Smart, and e-wallets like GCash and Maya, Trust Insights 2.0 can score up to 95 percent of adult Filipinos.
The company is introducing SelfieScore, a KYC service with real-time biometrics, addressing deepfake threats that steal consumer identities. These innovations reaffirm Trusting Social’s commitment to proactively fighting financial fraud and money mulling.
“If fraudsters are organized, we need to be organized. If money mulling is rising, better AI models are needed. If OTP verification fails, we need biometrics,” said Jaideep Lakshminarayanan, CFO of Trusting Social. “Traditional methods will change; the market and fraudsters are evolving— we must evolve too.”
Inclusive digital finance “Fraud is integral to financial inclusion,” Lakshminarayanan noted. “Through expanded partnerships, we scale trust to score 95% of the adult population. Inclusion without secu -
worse decisions, coordinated poorly, and struggled with conflict compared with teams led by self-aware individuals.
Self-awareness, after all, is the foundation of emotional intelligence. Leaders who cultivate it see the bigger picture, regulate emotions, and empathize with others.
As emotional intelligence expert Daniel Goleman put it:
“If your emotional abilities aren’t in hand, if you don’t have self-awareness, if you are not able to manage your distressing emotions, if you can’t have empathy, have effective relationships, then no matter how smart you are, you are not going very far.”
In short, “keep climbing. Keep
rity is just a costly risk profile. Trust Vision ensures that doesn’t happen.”
Building trust AI is vital in combating online scams. It provides proactive, real-time, adaptive defenses, processing vast data to identify evolving threats beyond traditional security systems.
AI builds trust in financial institutions, from banks to fintechs.
Law enforcement, policymakers, and security agencies must understand criminal adoption of AI to counter threats effectively. Globally, regulators aim to encourage AI innovation while mitigating abuse by illicit actors. Businesses, public interest groups, and the government must collaborate in this escalating AI arms race. Sharing insights and best practices strengthens collective defenses against online crime, particularly money mulling scams.
n GOLDILOCKS BRINGS JOY TO MORE CELEBRATIONS WITH THE OPENING OF ITS 1,000TH STORE
MANILA, PHILIPPINES— Goldilocks, the country’s beloved bakeshop, is stronger than ever as it celebrates a major milestone—the opening of its 1,000th store at SM City La Union.
growing. The best leaders aren’t identified by the peak they’ve reached, but by their willingness to take the next step.”
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair.
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From its humble beginnings in 1966, when sisters Milagros Leelin-Yee, Clarita LeelinGo, and Doris Wilson Leelin opened the first Goldilocks store along Pasong Tamo in Makati, the brand has grown into a true Filipino icon. What started as a modest shop, flourished into the largest bakeshop chain in the Philippines.
Today, Goldilocks is present in all eighteen regions of the Philippines—from Aparri in the North to General Santos in the South—making it the most widely accessible bakeshop brand in the country.
“This milestone is a testament to the trust our customers have placed in us over the years,” said Jerson Go Uy, Chief Operating Officer of Goldilocks. “We’re honored to be part of so many celebrations, and now that we’re 1000 stores strong, we’re even more committed to deliver great products, heartfelt service and the joy that only Goldilocks can bring across the country.”
As Goldilocks continues to expand, it also evolves—with elevated products, a refreshed store look, and the same warm service that has made it a staple in Filipino celebrations. The opening of the La Union store marks the beginning of even more exciting times ahead.
Jeering and all, Curry does job with a flourish
SAN ANTONIO—Golden State Warriors star Stephen Curry stood at the free-throw line with six seconds remaining and the chance to make history, clinch a come-from-behind victory and silence the deafening roars of the opposing fans. Curry could not stop smiling. This was his element and he loved it. The 37-year-old point guard drained two free throws to cap a late rally and Golden State outdueled Victor Wembanyama and the San Antonio Spurs, 109-108, on Friday. Curry scored 31 of his season-high 49 points in the second half as Golden State improved to 1-1 in the National Basketball Association (NBA) Cup. Wembanyama had 26 points, 12 rebounds, four assists and three blocks in 38 minutes, but San Antonio fell to 1-1 in West Group C.
Wembanyama used his 8-foot wingspan to implore the Jackals, the fan group he created, and the sellout crowd to raise the volume in the Frost Bank Center as Curry prepared to take his first free throw with the Spurs leading 108107. Curry welcomed the jeering.
“Absolutely,” Curry said. “It just keeps you engaged. I’m aware of everything, so it’s pretty fun. I like the free throws at the end of the game. You’ve got to find something to take the nerves out and for me, that’s just embracing the moment, smiling and having a good time. When he started that, especially with their fan, whatever you call them, fanatics, they got up there in the stands right behind the basket. I kind of wanted to acknowledge it, not that it surprised me, so I played into it.
Thankfully, I made them.”
One day after announcing an end to his 13-year business partnership with Under Armour, Curry continued to trample his opponents under foot.
Curry donned a pair of Kobe Bryant’s “Mambacita” Nike Kobe 6 shoes during warmups before changing into his own Curry Brand for the second of a twogame set in San Antonio.
“I thought about Kobe a lot and that specific pair, I think it speaks for itself what it means,” Curry said of the shoes that honor the late Kobe and his daughter Gigi Bryant. “Other than that, just something I wanted to take advantage of in that moment and pay tribute. I think it gave me some good energy.”
Saying the business split with Under Armour was “in the best interest of both parties,” Curry entered free agency with his shoe and apparel brand. He demonstrated he is still a wise investment.
Curry tied Michael Jordan’s record for the most games with 40-plus points after turning 30 years old at 44.
Curry had 46 points in leading Golden State to a 125-120 victory over San Antonio on Wednesday.
“That’s pretty cool,” Curry said of the record. “Just from an individual acknowledgement, perspective, just to be able to be in that type of company. Longevity is something I pride myself on, so that was pretty cool.”
Playing in his third game since missing three games with a lingering illness, Curry played the entire third quarter Friday against the Spurs. He had 17 points in the quarter, going 4 for 8 on 3-pointers.
“It’s good to see him out there
Alas men in Taiwan training camp for Thai SEA Games; women’s team?
with his normal run, his normal jog, his normal bounce, his normal rhythm,”
Warriors guard Gary Payton II said. “He’s not sick anymore. Once he gets it going, we just try to find him, try to get him the ball to make it easy for us.”
It wasn’t that easy for Curry as he traded baskets with Wembanyama.
Warriors coach Steve Kerr received a technical foul after Jimmy Butler was whistled for pushing Wembanyama out of bounds on a loose ball. Wembanyama made all three free throws to give the Spurs a 92-82 lead with 7:25 remaining.
Curry then scored 14 points in the final 7:12 to rally Golden State in the fourth quarter for the second consecutive game in San Antonio.
“We didn’t take away what we should have,” Wembanyama said of Curry’s stellar shooting. AP
Pilipinas women’s squad has yet to train together with the Thailand SEA Games only three weeks away. The same
men’s team that made history in the FIVB Volleyball Men’s World Championship last September are in the Kaohsiung training camp that includes six friendly matches against powerhouse Taiwanese squads.
“We’re going to prepare well for the SEA Games and we really need to train together since we came from a long break, too,” added Espejo who contributed strongly in the worlds where the Philippines finish in 19th place among 32 teams. Training camp for Alas Pilipinas women’s squad couldn’t go full throttle with only Team captain Jia de Guzman, Eya Laure, Vanessa Gandler, Dawn Macandili-Catindig and Jen Nierva religiously attending training under Brazilian coach Jorge Edson Souza de Brito at the Gameville in Mandaluyong. The Philippine National Volleyball Federation (PNVF) hoped for at least a three-week training for a 20-member pool from the professional women’s league and top collegiate schools but the commercial clubs still had to heed the call. Also on the men’s team coached by Italian coach Angiolino Frigoni, according to Philippine National Volleyball Federation are Owa Retamar, Leo Ordiales, Josh Ybañez,
Lumbia Raptors Project
ARELATIVELY big field made up of sports officials and scribes gather for some competition and a lot of camaraderie on Monday when the Philippine Sportswriters Association (PSA) Golf Cup gets off the ground at the Legends course of the Manila Southwoods in Camona, Cavite.
“We look forward to this day each year,” Inquirer sports editor Francis Ochoa, serving his first term as PSA president, said. “It’s a day of fun and competition and a day for the reporters and the officials we cover to know each other better and vice versa.”
From former Samahang Basketbol ng Pilipinas and Philippine Football Federation presidents Al Panlilio and Mariano “Nonong” Araneta to some of the youngest reporters just starting to take up the game, the 18-hole tournament is a day for everyone to get to know each other while they battle for three division titles.
Kim Malabunga, Peng Taguibolos, Louie Ramirez, Lloyd Josafat, Buds Buddin, Vince Lorenzo, Eco Adajar and Jade Disquitado.
PNVF president Ramon “Tats” Suzara said that also on the team are two young guns from University of Santo Tomas—Al-Bukarie Sali and JJ Macam—and Lucca Mamone.
“I’m super happy and grateful for this opportunity. I used to just dream of being part of Alas, and now it finally happened,” said Sali, a 6-foot-5 opposite spiker. “I’m really excited because I used to join their training before. The intensity is so high and it’s a big help for me.”
Team captain Bryan Bagunas remains in Japan as where he’s playing for the Osaka Bluteon in the ongoing SV.League.
USA-based David Palasigue.
“I fell in love with football while working for the Don Bosco Boys Home in Cebu when I was 18 years old,” recounted Jack. “We had a British priest, Fr. Leonard McManus, who was football mad.”
“I wanted to be a Salesian priest when I was younger that was why I entered the Don Bosco Missionary Seminary in Lawaan, Talisay, Cebu, a minor seminary. But fate did not turn out my way, and I instead studied Mass Communications at the University of San Jose-Recoletos.”
I struck up a friendship with Jack and we finally met face-to-face in London eight years later in 2014 while on a two-week vacation. A few years later, Jack returned to Cagayan de Oro where he established a youth football club at Sitio Red Island.
“I started this project to spread the Gospel of football in the rural barangay of Lumbia, Cagayan de Oro City, Misamis Oriental, in 2014,” Biantan said. “It’s a club for boys and girls between the age of 8-18 from the Lumbia Market area as well as from Xavier Echo Village, a relocation site built by the Jesuits of Xavier University to house the survivors of the deadly Typhoon Sendong.”
Biantan watched news of the catastrophic typhoon that laid waste to Mindanao December 17, 2011, and killed thousands of residents along the Cagayan River.
“I was still working in London during that time, and I was
Manila Southwoods will play host to the event for the fourth straight time, and with the help of the Philippine Sports Commission, Premier Volleyball League, International Container Terminal Services Inc. and former Azkals team manager Jeff Cheng, the tournament will go on for yet another year.
The Philippine Amateur Track and Field Association, Polylite, San Miguel Corp., Athletic Events Sports Managements Inc. Nonong Araneta, Pagss, Philippine Basketball Association, Best Center and MacBeth are also sponsoring the event.
Jerome Delariarte, the ex-The Country Club champion, will not be around to defend the overall championship this year because of duties with Manila Southwoods as the club’s assistant general manager. Champions in Classes A and B for the PSA members and a friends division winner will also be crowned.
National U gals unbeatable in Preseason Unity Cup
NATIONAL University (NU) allayed fears of diminished competitiveness from key departures and a sudden coaching shakeup with a dominating conquest of the 2025 Shakey’s Super League (SSL) Preseason Unity Cup.
Seasoned holdovers Vange Alinsug, Chams Maaya, playmaker Lams Lamina and defense specialist Shaira Jardio displayed solid leadership in proving that the rebuilding Lady Bulldogs pack the same powerful bite to complete a four-peat.
NU overcame the challenge of a strong field, punctuated by a nail-biting 22-25, 25-22, 25-27, 25-23, 15-10, escape over gritty University of Santo Tomas in Game 2 of the best-of-three
finals on Saturday for an impressive 10game sweep of the league’s centerpiece tournament backed by Shakey’s Pizza Parlor, Peri-Peri Charcoal Chicken, Potato Corner and R and B Milk Tea.
The Lady Bulldogs also completed a season sweep for the second straight year after ruling the National Invitationals Davao Leg last August—a clear proof that they remain as one of the country’s top college women’s volleyball programs, if not the best. NU passed the preseason test with flying colors, ushering in the dawn of a new breed of Lady Bulldogs following the exit of three-time University Athletic Association of the Philippines Most Valuable Player Bella Belen, Alyssa Solomon, Sheena Toring and Erin Pangilinan after
gutted by the devastation,” Biantan explained as he relived the hurt all over again (he hails from CDO). What made me decide to help were the pleas of football-loving kids from Lumbia whom I met online.
During a vacation during the Holiday Season of 2014, Jack saw first-hand the kids’ football pitch with bamboo used for goal posts.”
I met the kids and their leaders, J-Boy Legaspi and Kenneth Ilajas. I donated shoes and jerseys that I collected from my colleagues at my workplace, the North Middlesex University Hospital, in Edmonton, Enfield, London, United Kingdom”
That was the start of the “Raptors Project” that Biantan named after the American stealth fighter jet, the F-22 Raptor. Today, Lumbia is the site of an airport that is the headquarters of the Philippine Air Force. It will be the future site of an American Air Base once the staff housing is finished.
“I then adopted the motto ‘Aim for the Sky” that means ‘in every work we do on and off the pitch or in all our lives, we aim for no less than to be the best.’”
Aside from the basic football and futsal skills, just as important and part of their curriculum is etiquette, a good attitude, to study and work hard, and to respect their parents, teachers, and their elders.
“We also teach them how to pray and to go to Church, and to respect other religions,” added Jack.
The Lumbia Raptors Club does not charge a single centavo from the kids with all coaches and trainers working as volunteers.
“We receive funding from my friends and sponsors who share my vision to give these kids better lives and a better future,” explained Jack.
