S. Alberto @reine_alberto THE Philippines faces a double blow as the flood control corruption scandal erodes investor confidence while the United States’ reciprocal tariffs begin biting into exports, according to BMI, a unit of Fitch Solutions.
In its latest outlook for the Philippines, BMI said foreign direct investment (FDI) inflows are
showing signs of “further deterioration,” as the corruption issue in
By Lorenz S. Marasigan
THE Philippine digital economy is expected to reach $36 billion in gross merchandise value (GMV) by the end of 2025, sustaining double-digit growth of 16 percent year-on-year, according to the latest e-Conomy SEA report published by Google, Temasek, and Bain & Co.
“The star of the Philippine digital economy has truly come a long way, but we’re only getting started,” Google Philippines Country Manager Prep Palacios said during a press conference on Tuesday.
E-commerce remains the largest contributor to the Philippine digital economy, accounting for more than 60 percent of overall GMV.
Video commerce has emerged as a major growth driver, with about 475,000 sellers and stores
The 10th edition of the annual report found that the country’s growth is being driven by a combination of innovative platforms, a supportive regulatory environment, and consumers who are increasingly adopting artificial intelligence tools.
PANGLAO, Bohol—The P500,000 cash transaction limit imposed by the Bangko Sentral ng Pilipinas (BSP) will not disrupt legitimate financial activities, as regulators work with banks to ensure smooth implementation and minimize disruption for cash-reliant customers.
Speaking to reporters on the sidelines of the Central Banking Symposium here on Monday night, BSP Deputy Governor Zeno Ronald R. Abenoja said the BSP is closely cooperating with banks to ensure the rule does not impede legitimate financial flows.
“[This is] to make sure that the legitimate transactions flow as
smooth as possible. They don’t want this to delay financial transactions,” Abenoja said. The deputy governor added that the banks are actively collecting feedback, especially because many Filipinos are cash-oriented.
“There was guidance on how to treat those clients. So they’re doing less disruption,” Abenoja said.
The BSP issued the regulation on large-value cash transactions in September 2025 to reduce money laundering risks and strengthen financial system integrity. Under the rule, cash transactions above P500,000—or its equivalent in foreign currency—
S the outlook for the country’s economic health turns bleak, sustainable longterm growth hinges on attracting private investments and improving the overall business environment.
“In Indonesia and the Philippines, recent public protests have weakened the respective currencies alongside lower interest rates, which have deterred capital inflows,” S&P Global Ratings said in a report.
S&P Global Ratings has revised downwards its gross domestic product (GDP) projection for the Philippines this year by 0.8 percent to 4.8 percent from 5.6 percent.
Vincent Conti, senior lead economist at S&P Global Ratings, said that the third-quarter growth was much lower than the pace at which the Philippines usually grows, and this naturally pulls down its forecast for the full year.
The Philippine economy grew by
4 percent in the third quarter of 2025—the weakest pace since the first quarter of 2021, when it contracted by 3.8 percent. This is below the government’s target range of 5.5 to 6.5 percent.
“Investment, especially by the public sector, has been the main driver of the slowdown. This has also been spilling over into consumer confidence,” Conti said.
Meanwhile, Asean+3 Macroeconomic Research Office (AMRO) said in its 2025 Annual Consultation Report (ACR) on the Philippines that the economy will continue to expand at a slower growth rate, as private investment and exports face headwinds from external uncertainties due to the US tariff policy.
“The US tariff impact on goods exports would be negative and more pronounced in 2026, while in 2025, it will be partly offset by front-loaded export orders,” AMRO
said, adding that public investments will also be dampened by flood control project controversies.
“The government should crowd in private investment to address persistent underinvestment and ensure sustainable long-term economic growth,” AMRO said.
According to AMRO staff estimates, about two-thirds of the decline in potential output is attributed to slow capital accumulation due to weak investment growth, driven by subdued private investment and foreign direct investment.
“Persistent underperformance in private investment could curtail innovation and quality job creation, while reinforcing structural bottlenecks in infrastructure and logistics. This weakness in investment may persist as the current administration’s term will end in 2028,” AMRO said.
AMRO cited recent data showing that private investment is grow-
ing more slowly relative to government-led construction and remains below prepandemic levels.
“This slower recovery in private investment reflects cautious investor sentiment amid ongoing economic uncertainties, as well as the expected slower economic recovery,” AMRO explained.
The structural barriers to investment that AMRO identified are underdeveloped infrastructure, regulatory barriers, and limited access to long-term financing.
Insufficient transport and logistics infrastructure increase operational costs and hinder connectivity, which reduces the country’s appeal to investors, AMRO added.
“Addressing these structural constraints through targeted reforms is essential to revitalizing private investment and unlocking the Philippines’ growth potential,” it added. Reine Juvierre S. Alberto
photo, from left: Seung Youn Lee, KOICA Country
LACZA
support for science-based responses to plastic pollution reflect the conviction that durable progress comes from cooperation, not from acting alone,” he said.
The President concluded by advocating that the work initiated at the forum be extended beyond the event itself—continuing in laboratories, manufacturing plants, coastal communities, and all policy spaces where science can make a difference.
ADB backs PHL Blue Economy
MEANWHILE , at the same forum, Asian Development Bank (ADB)
President Masato Kanda said the bank is planning a $1-billion program to support the development of a sustainable and resilient blue economy in the Philippines.
Complementing this initiative, he said the ADB is financing digital tools to model the movement of plastic pollution in the Pacific Ocean, aiming to guide efforts to restore and protect the region’s marine environment.
Kanda added that the bank is expanding collaboration with the IAEA across sectors, including food security and energy transition.
“We are using advanced technology to address the region’s most urgent development challenges,” he said, stressing that the economic and environmental costs of microplastics are already too high. He concluded: “We have the technology. We have the data. So let us now act with the urgency this indigenous region demands to protect our oceans, our communities, and our future,” Kanda concluded.
Group warns vs suspension of coco-biodiesel blend
By Lenie Lectura @llectura
APROPOSED
measure that seeks to suspend the mandated cocobiodiesel blend whenever blended diesel becomes at least 5 percent more expensive than pure diesel may discourage investors and result in long-term impact on motorists, farmers and public health.
“A suspension mechanism creates uncertainty that discourages investment, slows farm modernization, reduces rural income stability, and reverses gains in air quality and public health.
“It also weakens the long-term domestic demand needed to make the government’s ambitious coconut replanting and modernization programs viable,” the Philippine Biodiesel Association (TPBA) warned on Tuesday.
The group was referring to House Bill (HB) 4151 or the Murang Langis Act which is currently under deliberation. At present, there is a 3-percent biodiesel blend (B3) in all diesel fuel sold nationwide. This blend was supposed
to increase to 4 percent (B4) by October 1, 2025, and further to 5 (B5) percent by October 1, 2026. However, the National Biofuel Board (NBB), headed by the Energy Secretary, recommended the temporary suspension of B4 due to higher cost of coconut oil.
The TPBA pointed out that fuel efficiency could hit as high as 10 percent if B5 is implemented.
Moreover, the group said, 25 million Filipinos depend on the coconut oil industry, and the coco-biodiesel mandate has provided one of the most stable domestic markets for farmers.
“When you remove stability from the coconut market, you don’t just
affect companies—you affect families, entire communities, and 25 million Filipinos whose livelihoods depend on coconuts,” said Ramon Taniola, Executive Director of TPBA.
“The biodiesel mandate is the bridge between today’s rural incomes and tomorrow’s modern coconut economy. HB 4151 puts that bridge at risk,” Taniola said. The impact extends far beyond coconut-producing regions. TPBA stressed that coco-biodiesel is also seen to reduce soot emissions by up to 95 percent and help avoid P1.86 trillion to P2.2 trillion in annual health costs.
“Cleaner air is a national benefit, not an industry perk. The health savings alone outweigh any tem-
Funds…
flood control projects has compounded investor concerns about the global trade uncertainty.
FDI inflows plunged by 40.5 percent year-on-year to $494 million in August 2025, according to the latest data by the Bangko Sentral ng Pilipinas (BSP).
The graft scandal has also intensified the peso’s depreciation, with the local currency falling by 6.6 percent from its peak in May to P58.90 as of November 20.
“Further depreciatory pressures lie ahead as we expect the BSP to cut rates by 25 basis points in its December meeting following slower growth in the third quarter,” BMI said.
As such, BMI projects the peso will settle at P59.00 per dollar by end-2025 and P59.50 per dollar by end-2026, with the weaker peso providing only modest support to the trade balance in 2026.
BMI expects the current account deficit to narrow only slightly, from 3.4 percent of GDP in 2025 to 3.2 percent in 2026, still “significantly wider” than the prepandemic average.
The deficit had already narrowed to 3.1 percent of GDP on a seasonally adjusted basis in the first half of 2025, supported by resilient merchandise exports, which grew 13.1 percent year-onyear in the first three quarters.
However, the 19-percent reciprocal tariff imposed by the United
porary difference in pump price. This is bigger than fuel. This is about people—those who grow our coconuts, those who breathe our air, and those who will inherit the country we are building today. HB 4151 puts all of that at risk,” Taniola pointed out.
TPBA urged policymakers to recognize that biodiesel is a strategic national tool—one that strengthens rural livelihoods, protects public health, and supports the vision of the Department of Energy (DOE) for a cleaner, more secure, and more sustainable Philippine energy future.
“Protecting biodiesel means protecting people. And in the end, that is what national policy should always stand for,” Taniola said.
States, effective August 2025, has started to weigh on exports, BMI noted.
Shipments to the United States fell by 0.3 percent year-on-year in the third quarter, even as merchandise exports posted an average of 13.1 percent year-on-year growth in the first three quarters of this year.
While US President Donald Trump has exempted certain agricultural products from the tariff, sparing more than $1 billion of Philippine exports, BMI said the effective US tariff rate on Philippine goods has surged to 16.8 percent currently, from 1.3 percent in 2024.
“This leaves limited room for significant improvements in the goods trade balance. The services balance will remain in surplus, but the outlook for services exports remains challenging,” BMI added.
Remittance inflows, a key source of foreign exchange, are also not spared from the Trump administration, BMI said, as it faces “major headwinds” such as the tightened immigration policy and the new 1 percent remittance tax.
BMI cited an academic research, saying that each 1-percent increase in the cost of sending remittances reduces flows by around 1.6 percent.
Remittances growth, according to BMI, will slow in 2026, given that the US is the largest source of remittances and accounts for 40 percent of inflows.
more than P500,000 in cash, documents showing the legitimate purpose of the withdrawal must be presented. This includes deed of sale, hospital bills, among others.
must be conducted through traceable channels such as checks, online fund transfers, direct credit to deposit accounts or digital payments. The threshold can be reached either through a single transaction or a series of transactions within one banking day.
For withdrawals beyond this limit, BSP-Supervised Financial Institutions (BSFIs) must conduct enhanced due diligence, and, if warranted, file a suspicious transaction report.
If a customer has to take out
“The submission and review of said proof, nevertheless, should be straightforward and not unduly delay customers’ access to their funds as these are already part of the BSFIs existing customer due diligence or know-your-customer process,” the BSP said in a separate statement on Tuesday.
The circular it issued, the BSP clarified, is not intended to “burden” or “financially exclude” legitimate business or transactions entered into by customers or entities.
now using the format—a 90- percent increase from 2024—generating 1.2 billion transactions.
Fashion and accessories account for 28 percent of video commerce GMV, while beauty and personal care contribute 23 percent. The transport and food delivery sector grew by 20 percent year-on-year, making the Philippines and Vietnam the fastest-growing markets in the region for that category.
“Online transport and food delivery sector is booming—at a stunning 20 percent year-on-year growth, it’s fundamentally changing the daily lives of Filipinos,” Palacios said. Online travel contributed $4 billion in GMV, growing 14 percent year-onyear as the post-pandemic travel recovery continues. The online media sector also grew by 16 percent, tying with Indonesia and Vietnam as the fastest-growing in the region. The country recorded the secondfastest-growing digital payments sector in Southeast Asia at 20-percent growth, reaching $150 billion in gross transaction value and trailing only Indonesia. Digital wealth grew by 36 percent to reach $2 billion in assets under management, while digital insurance surged by 27 percent.
AI adoption accelerates THE Philippines is among five Southeast Asian markets that rank in the global top 20 for interest in multimodal AI— technology that processes information from text, images, audio, and video. About 78 percent of Filipino digital users said they use AI-powered tools to discover content and simplify tasks, with 43 percent citing time savings on research and comparisons as their main motivation. Meanwhile, 77 percent of Filipino workers have taken steps to learn how to use AI tools.
Enrollment in generative AI courses has grown 4.8 times, the second highest in the region after Vietnam. Apps marketing AI features have seen revenue surge by 79 percent, and 94 percent of Filipinos said they are willing to share data access with AI agents. However, despite the huge demand for AI, the Philippines is the second country with the least amount of AI companies registered at only 10. Singapore leads the region with 495 companies, Malaysia follows at 60, Indonesia at 45, Vietnam at 40, and Thailand at 20.
According to Aquino, the figures are not that accurate, given that some AI companies are registered in Singapore, while operating out of the Philippines. He noted, however, that increasing the number of AI companies in the Philippines will “definitely be a good sign given the interest levels” from Filipino AI users.
The Philippines, he noted, should improve ease of doing business, as this hinders homegrown startups from registering in the Philippines.
“We should hope for more AI-native companies in the Philippines because we have the raw ingredients for growth as AI companies. We are AI forward thinkers,” Aquino said. For the Philippines to sustain its growth, Palacios added the ecosystem needs to ensure trust and governance frameworks are in place, as well aas data readiness for training AI models, and continued investment in talent development.
Reaching targets THE findings come as the government seeks to reverse a decline in the digital economy’s contribution to gross domestic product, which dropped from a peak of 9.1 percent in 2021 to 8.4 percent in 2024. The Department of Information and Communications Technology (DICT) is targeting to grow the sector’s share to 12.5 percent by 2028.
“Through this reform, the BSP reinforces its current measures against the use of cash for illegal activities, strengthens financial system integrity, and promotes the use of traceable and efficient payment channels to safeguard the public and financial institutions,” it added. Reine Juvierre S. Alberto
DICT Secretary Henry Aguda has warned that the Philippines is “falling behind” regional neighbors in digital adoption, noting that Singapore’s digital economy accounts for 25 percent of GDP, Malaysia exceeds 20 percent, and Vietnam is climbing toward 18 percent. Aquino said the report’s findings should provide some optimism about the country’s trajectory.
“The Philippines has shown itself to be resilient—that’s the key message we’re really seeing for the Philippines and that keeps us optimistic,” Aquino said. “The fundamentals really are there—the citizens are AI-forward, they are curious.”
Co destabilizing govt to divert attention from misdeeds–solon
By Jovee Marie N. dela Cruz @joveemarie
HOUSE Majority Leader
Ferdinand Alexander “Sandro”
Marcos on Tuesday accused former Ako Bicol party-list Rep. Elizaldy Co of “attempting to destabilize the government,” dismissing the latter’s recent claims of alleged budget insertions as fabrications meant to divert attention from his own legal troubles.
In a statement, Marcos urged the public not to believe Co’s accusations, describing him as “a criminal evading justice” rather than a whistleblower.
“To my fellow Filipinos, Zaldy Co is not a journalist or a crusader for truth. He is a fugitive evading justice. Let us not be deceived by him. This is not a revelation— this is destabilization,” he added.
Marcos said anyone can “sit in front of a camera from abroad and spew lies,” adding that Co’s statements were “as fantastic as they are false.” He accused the former lawmaker of releasing videos to sow political chaos with the hope of escaping accountability.
“Evidently, the only path he sees for himself is one where he stirs political chaos in the hope of escaping his own legal troubles. He wants to bring down the current administration so he can be absolved of his crimes,” he added.
The majority leader further claimed that intelligence reports suggest Co has “struck a deal” with groups that stand to benefit from destabilizing the current administration.
Marcos said Co’s removal as chairman of the House Committee on Appropriations was a collective decision of lawmakers who purportedly uncovered “his insatiable greed and corruption,” and not due to the influence of any individual.
“The ‘sagasa’ that he orchestrated in certain districts such as Bulacan and other municipalities speak for themselves,” he added.
Marcos has repeatedly denied Co’s accusations, maintaining that the former lawmaker has “no credibility” and is merely attempting to drag others into his “selfcreated mess.”
Earlier in the day, Co uploaded his fifth short video on social media, alleging that Marcos made repeated insertions in the national budget from 2023 to 2025.
“Every year, as soon as we get to the bicam budget process, Congressman Sandro always has instructions to insert his projects,” Co claimed, accusing the majority leader of pushing at least P50 billion worth of insertions in the past three years.
Co further alleged that when the 2025 budget was being finalized, Marcos threatened to have him removed and to file cases against him because the lawmaker supposedly wanted P8 billion worth of additional projects included, allegedly after contractors had already paid him advances.
Sto. Niño de Tondo church is PHL’s 29th minor basilica
By Justine Xyrah Garcia
POPE Leo XIV has elevated the Archdiocesan Shrine and Parish of Santo Niño de Tondo in Manila to the rank of Minor Basilica, making it the 29th church in the country to receive the title. In a statement, the parish described the recognition as a “moment of grace and history” for the lay community.
“The decree was received with deep joy and gratitude by Rev. Msgr. Geronimo F. Reyes, JCD, Rector and Parish Priest, on behalf of the clergy, religious, and faithful of the parish. This meaningful moment marks the official transmission of the Holy Father’s decree an important step in the journey toward our new title as a Minor Basilica,” it said in a Facebook post.
The Catholic Bishops’ Conference of the Philippines (CBCP), the Tondo shrine holds deep historical roots.
DOJ offers ₧1 million reward for Ong’s capture; Roque’s fate up to Dutch govt
court of law,” Vida said.
TBy Joel R. San Juan @jrsanjuan1573
HE Department of Justice
(DOJ) is offering a P1 million reward for any person who will be able to provide information on the whereabouts of Cassandra Li Ong, who has been issued with an arrest warrant for a human trafficking case in connection with the illegal operations of Philippine Offshore Gaming Operator (Pogo) hub Lucky South 99.
The reward was announced by Justice acting Secretary Fredderick Vida a day after the Regional Trial Court in Pasig City ordered the cancellation of the passports of Ong along with her co-accused former presidential spokesperson, lawyer Harry Roque and three others.
“The Department of Justice is formally announcing that it is offering a P1 million reward for credible, actionable information that will directly lead to the lawful discovery, location, and subsequent arrest by authorized law enforcement agents of Cassandra Li Ong, who is presently the subject of an ongoing criminal proceedings before the regional trial
Vida said credible and actionable information refers to relevant and real-time information that would prompt immediate action by authorities to arrest Ong.
He confirmed that government authorities are having difficulties determining Ong’s location, thus, the offer of reward.
Not enough info
“DEFINITELY with the current information we have, we don’t have enough. That is why we are offering the reward. This is an effective tool, as in the past this is an effective tool for crowdsourcing,”
Vida said.
Vida noted that as of yesterday, the Bureau of Immigration (BI) has no record of Ong’s departure from the Philippines.
“But, her whereabouts are still unknown to authorities,” he added.
The RTC in Pasig has issued a hold departure against Ong and 27 others in connection with the violation of Section 4 (l) of Republic Act 11862 Expanded AntiTrafficking in Persons Act of 2003 case pending against them.
An Interpol red notice had also been issued against Ong, who was released from detention when the 19th Congress ended last January.
A red notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action
Meanwhile, the DOJ said the order to cancel Roque’s passport is immediately executory by the Department of Foreign Affairs (DFA).
Justice Undersecretary Nicholas Ty made the remark in response to Roque’s statement that he would avail of his right to file a motion for reconsideration of the court’s decision to cancel his passport.
Nothing can stop DFA from cancelling Roque’s passport
TY said a pending appeal would not stop the DFA from cancelling his passport.
“Our understanding of the passport law is that if there is a court order declaring a passport holder as a fugitive, the DFA can take action and implement the order,” Ty explains.
Ty also said Roque’s claim of a pending asylum petition in the
DA to crowdsource monitoring of farm-to-market road projects
TNetherlands and his invocation of the principle of non-refoulement would not prevent the government from pursuing him.
He said it would be up to the country where the is supposedly seeking asylum whether to respect the cancellation of Roque’s passport and the Interpol red notice.
The principle of non-refoulement “prohibits states from transferring or removing individuals from their jurisdiction or effective control when there are substantial grounds for believing that the person would be at risk of irreparable harm upon return, including persecution, torture, ill treatment or other serious human rights violations.”
Vida, on the other hand, acknowledged that Roque is entitled to raise all legal defenses to prevent the government from bringing him back to the country.
“What we are enforcing is a valid order of our court, so we want to ensure that he is taken into custody. Whatever the defense of an accused like Mr. Roque may put up, that is really up to him. We as a law enforcement agency, a legal agency and as a prosecutorial
arm, also have our means to obtain jurisdiction over him,” Vida explained.
Roque is accused of benefiting from the fruits of the trafficking in persons operations and other illegal activities of Lucky South 99 and Whirlwind.
Based on the complaint filed by National Police—Criminal Investigation and Detection Group (PNP-CIDG) and the Presidential Anti-Organized Crime Commission (PAOCC), Roque actively participated in the illegal activities of Pogo operator Lucky South 99. The complaint cited the claim of lawyer Jessa Mariz Fernandez, assistant president of Philippine Amusement and Gaming Corporation (Pagcor), that Roque and Ong went to the state gaming regulator’s office to have a meeting with Pagcor Chairman Alejandro Tengco regarding the arrears of Lucky South 99.
Fernandez further claimed that Roque made several follow-ups with her on the status of the application for the renewal of the online gaming permit of Lucky South 99.
See “Roque,” A9
PNP warns coddlers of accused in flood control fund scam cases
By Rex Anthony Naval
By Ada Pelonia @adapelonia
HE Department of Agriculture (DA) is set to launch an online platform that will enable the public to monitor the construction of farm-to-market roads (FMRs) and report possible issues.
Agriculture Secretary Francisco Tiu Laurel Jr. warned that inefficiencies and corruption in rural infrastructure continue to undermine food production and farmer incomes.
With this, he urged farmers, local governments, and ordinary citizens to help monitor the the construction of farm-to-market roads, noting that broad participation is crucial in preventing abuses.
“We need everyone’s help to monitor all of these road projects to do them properly at the fastest possible time,” Tiu Laurel said in a statement.
“These initiatives, we believe, will greatly help in keeping everyone honest and
ensure precious public funds do not end up in some unscrupulous individual’s pockets.”
As such, the DA said it is preparing to launch the “FMR Watch” platform, where the general public can upload photos, report progress, and flag issues directly from construction sites.
“We will do a number of things, like the FMR Watch website, wherein our netizens or ordinary citizens, or local government officials could help monitor projects and upload photos to that website so we at the DA could track their progress, or lack thereof,” Tiu Laurel said.
“We will also build a portal where they can see the exact location of the road projects so they can easily go there and inspect the farm-to-market roads,” he added.
Beginning in 2026, the responsibility for developing farm-to-market roads will return to the DA from the Department of Public Works and Highways (DPWH), which is beset with corruption allegations
involving hundreds of billions of pesos in substandard, incomplete, or non-existent flood-control projects.
The DA estimates the country needs around 131,000 kilometers of these roads. However, the agency noted that over 60,000 kilometers remain unbuilt.
The agency said this is a backlog that, at current funding levels, could take decades and multiple administrations to complete.
Currently, the DA said it is conducting an audit of some 5,000 kilometers of farm-to-market roads completed in recent years to verify whether they meet technical specifications and were finished as planned.
In a bid to strengthen transparency, the DA has submitted to the Senate a detailed list of FMR projects, complete with map coordinates, for inclusion in the 2026 General Appropriations Act (GAA).
The Senate recently approved the DA’s proposed P184.1-billion budget for 2026, which mirrored the appropriation earlier passed by the House of Representatives.
PERSONS who attempt to hide or harbor individuals accused in the flood control corruption cases will be meted out stiff sanctions, the acting National Police (PNP) Chief, Lt. Gen. Jose Melencio Nartatez Jr., warned on Tuesday.
In a statement, Nartatez issued the warning in the wake of President Ferdinand R. Marcos’ threat of dire penalties for those who help the accused hide and escape prosecution.
Nartatez said police units implementing the arrest warrants have been instructed to prepare and file criminal charges against those who would be confirmed to have coddled the accused who are in hiding.
“We understand the close ties among relatives and friends but accountability and the rule of law must always prevail. Let us allow justice to take its course and part of it is to let them face the cases filed against them in court,” Nartatez said.
He also called on communities to stand with the PNP by refusing to shield fugitives and instead helping authorities enforce accountability.
This, as Nartatez echoed the statement of the President that no special treatment will be extended to those implicated in the alleged anomalous flood control projects. Nartatez also encouraged the remaining suspects to surrender and face the charges against them.
At least eight individuals linked to the controversy are now under police custody. Arrest warrants were recently issued against former lawmaker Zaldy Co and 15 others, including Department of Public Works and Highways officials and directors of Sunwest Corporation, in connection with the allegedly anomalous P289-million flood control project in Oriental Mindoro. Nartatez underscored that the PNP will continue its operations until all individuals sought by the courts are accounted for, reaffirming the organization’s commitment to upholding the law without fear or favor.
ROPICAL Depression Verbena continued to batter parts of Luzon and the Visayas on Tuesday, the state weather bureau reported.
Signal 1 is hoisted over several areas, as Verbena, the 22nd severe weather condition to hit the country this year, and the third this month, moves toward Cuyo Islands. In its 2:00 p.m. Tropical Cyclone Bulletin, the Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) said Occidental Mindoro, Oriental Mindoro, Romblon, the northern and central portions of Palawan (Araceli, Taytay, El Nido, Dumaran, Roxas, San Vicente, Puerto Princesa City) including Calamian, Cuyo, and Cagayancillo Islands, and mainland Masbate (Balud, Mandaon, Milagros, Cawayan, Placer, Pio V. Corpuz, Esperanza, Uson, Dimasalang, City of Masbate, Mobo, Palanas, Aroroy, Cataingan, Baleno), all in Luzon are under Signal 1.
Signal 1 is also hoisted in Antique, Aklan, Capiz, Iloilo, Guimaras, and the western portion of Negros Occidental (City of Himamaylan, Binalbagan, Isabela, Hinigaran, Pontevedra,
La Carlota City, Moises Padilla, La Castellana, Valladolid, San Enrique, Bago City, Pulupandan, Bacolod City, City of Talisay, Silay City, Enrique B. Magalona, City of Victorias, Manapla, Murcia, Ilog, City of Kabankalan, Cauayan, City of Sipalay, Candoni, Hinoba-An) in the Visayas.
Aside from severe winds, Pagasa has also issued a heavy rainfall outlook for areas affected by the shear line and Verbena for the next 48 hours, particularly Cagayan, Isabela, Aurora, Quezon, Camarines Norte, and Apayao; Occidental Mindoro, Palawan, Romblon, Antique, Aklan, Capiz, Iloilo, and Guimaras.
According to Pagasa, 100 to 200 mm of rain is expected in these areas, possibly causing flooding, especially in areas that are urbanized, low-lying, or near rivers.
At the same time, rainfall-induced landslides are also possible in moderately to highy susceptible areas.
Verbena was spotted hovering over the coastal wters of Magsaysay, Palawan, moving westward at 35 kilometers per hour.
The storm is packing maximum sustained winds of 55 kph near the center with gustiness of up to 70 kph.
The National Disaster Risk Reduction and Management Council (NDRRMC) reported in its 6:00 a.m. situation report that a total
of 2,471 persons from Region 6, Region 7, Region 8, Caraga, and Negros Island were pre-emptively evacuated.
So far, a total of 15,363 families, or 46,923 individuals, in 44 barangays in six cities and towns have been affected.
Pagasa said 24 areas in Region 8 and Caraga Region were flooded as a result of the inclement weather.
It added that heavy rainfall and severe winds may still be experienced in localities outside the landfall point and the forecast confidence cone.
Verbena is forecast to exit the Philippine Area of Responsibility early morning on Thursday.
DOH on alert for Verbena
THE Department of Health (DOH) has placed its hospitals and other facilities under Code White alert to ensure the readiness of its facilities and personnel to respond to any potential health emergencies owing to Tropical Depression Verbena.
When Code White alert is declared, all medical personnel in government hospitals, particularly those assigned to emergency rooms and critical care units, are required to be on duty for a potential increase in patients.
Meanwhile, as Verbena continues its path across the Visayas and Mindanao, the Philippine Red Cross (PRC) moved quickly to reach families affected by rising floods and widespread disruption.
PRC teams have been working through the night and into the morning to provide humanitarian assistance in affected areas.
As weather conditions evolve, the PRC continues to coordinate closely with local authorities and remains ready to scale up assistance wherever the needs are greatest.
In Romblon and Negros Occidental, First Aid Stations were immediately set up to assist residents seeking medical attention.
PRC teams in Romblon helped monitor the vital signs of affected individuals, many of whom were anxious and exhausted after hours of rainfall.
In Negros Occidental, eight patients were treated for minor injuries and minor health concerns. Emergency responders in Negros Occidental also conducted rescue operations, transporting 44 individuals from high-risk zones to safer ground as floods rose.
To support possible medical emergencies, two PRC ambulances were dispatched: one stationed in Cebu and another in Negros
Occidental. PRC health teams also distributed doxycycline for those who had prolonged exposure to floodwaters, in order to prevent them from getting sick of leptospirosis.
In Romblon, 104 people received hot meals as volunteers continued to move from community to community to check on needs.
PRC’s Welfare Services also set up welfare desks to guide evacuees through available services.
In Negros Occidental, four individuals received psychological first aid to give the affected people space to process stress and fear as the storm continued.
Assessment teams from PRC’s Disaster Management Services have likewise been on the ground in areas such as Cebu and Bohol, gathering information that will shape the next phase of the response.
Early assessments showed that 36 evacuation centers are currently active— one in Bohol and thirty-five in Negros Occidental—sheltering a total of 1,718 families or 5,743
DOE issues TOR for GEA-5
TBy Lenie Lectura @llectura
WO ports are ready to support the construction and operation of offshore wind (OSW) power projects, the Department of Energy (DOE) said on Tuesday.
These are the Pambujan Port in Camarines Norte and the Sta. Clara Port in Batangas.
“These are two ports under the PPA [Philippine Ports Authority ]. There are private ports that can be utilized by potential bidders that they can include in their bids,” said Energy Undersecretary Myleen Capongcol via Viber.
On Tuesday, the department released the notice of auction (NOA) and terms of reference (TOR) for the country’s first ever OSW auction, which will offer 3,300 megawatts (MW) of capacity. These will be offered via the Fifth Round of
the Green Energy Auction (GEA5) for delivery between 2028 and 2030.
The TOR outlines the complete requirements, timelines, and evaluation procedures for participating developers.
“This auction pushes offshore wind from potential to reality. With clear rules, milestones, and dedicated infrastructure planning, developers can now move from early studies to bankable projects,” said Energy Secretary Sharon S. Garin.
Among the salient points of the TOR are:
n Fixed-bottom offshore wind only, consistent with current grid and port readiness.
n 20-year Supply Delivery Period, with green energy tariff (GET) payments starting at commissioning and WESM (Wholesale Electricity Spot
Market) registration.
n Strengthened OSW infrastructure plan, covering grid connection, port use, logistics, and milestones.
n Clear port access and queuing rules, including priority order, time-of-use, and delay penalties.
n Updated bid bond, performance bond, and GET entitlement rules, including adjustments for early or delayed commissioning.
n Provisions for Force Majeure and infrastructurerelated delays, subject to DOE validation.
n Defined lender step-in rights to support financing and project continuity.
Garin said GEA-5 adopts a coordinated milestone approach between developers and government agencies, tracking progress on grid studies, port readiness, permit -
ting, construction, and delivery timelines. This is the first auction round to formally align port and transmission preparation with project milestones.
More importantly, the TOR reflects close coordination with the National Grid Corporation of the Philippines (NGCP), National Transmission Corp., the PPA, and other agencies.
Winning bidders will be endorsed for priority processing of facility studies, Renewable Energy Payment Agreement (Repa) execution, grid connection agreements, and port scheduling.
With the NOA and TOR issued, developers are encouraged to prepare registration requirements, including wind resource assessments, infrastructure plans, and corporate documents.
The DOE will announce the pre-bid conference and registration period on its website.
‘Instability, global disrespect if corruption persists’
By Bless Aubrey Ogerio
THE Philippines will face continued instability and international disrespect if corruption, whether largescale or small, does not end, the Chamber of Commerce of the Philippine Islands (CCPI) said in a statement on Tuesday.
The chamber said collective accountability is necessary to restore trust in institutions and reverse long-term economic decline, noting that responsibility must extend to officials, businesses, civic organizations, and private citizens.
“Accountability must be shared by all Filipinos in government, institutions [businesses, media, academe, religious, and associations], and the private sector. Ethical conduct is both a personal and national duty,” the group said.
CCPI, founded in 1886 and recognized as the country’s oldest business organization, stated that persistent irregularities involving public funds have hindered growth and eroded national credibility.
It cited the country’s position in the 1960s as among Asia’s top economies in gross domestic product per capita, which is second only to Japan, compared with its relative standing today.
“Today, endemic and systemic corruption has pushed us near the bottom—resulting in loss of investments and jobs, weakened institutions, and eroded trust,” the chamber said.
It referenced allegations ranging from ghost projects and overpricing to substandard infrastructure, misuse of development funds, secrecy in statements of assets, liabilities, and net worth (SALN), slow oversight processes,
and delayed justice.
The chamber developed its own Economic Compass Pillars 5 (Ecomp-P5) initiative, which describes as a roadmap intended to guide policy direction and economic rebuilding.
Among the missions under Pillar 3: The Government, are proposals for enhanced vetting systems to ensure that what it calls “the best of citizens”—whether appointed or elected—can serve in public office, anchored on 12 identified traits of good governance.
CCPI said it plans to convene thought leaders from business, academe, government, and civil sectors at the Ecomp-P5 Synergy Conference on March 7 next year, which aims to align strategies and discuss mechanisms for the rollout of the program across institutions.
The government continues to
Regulations are dominating trade, security policies; compliance becomes a skill
IBy Henry J. Schumacher
T’S easy to say: Managers must ensure that they comply with the laws applicable to their companies—in principle, all around the world. But this “legality obligation” is becoming increasingly difficult to fulfill in today’s geopolitical disorder. It is becoming harder to determine what exactly foreign legal norms mean for the development and distribution of products and services. The reason is the global trend toward protecting national sovereignty through “public security” review mechanisms.
Regulation is increasingly being used as a continuation of trade and security policy.
In parallel, a cultural battle over ESG has begun. Value systems in the areas of Environment, Social, and Governance are becoming more and more regionalized— and the differing ideas are being fought out legally. Disputes over diversity programs or human rights protections in supply chains are increasingly ending up in court. From a legal perspective, four observations can help defuse these new legal conflicts:
I . International companies must decide—based on their business model, corporate culture, and stakeholders—to what extent they adapt their policies and compliance systems regionally.
This can even serve value creation by establishing regional ESG concepts under the umbrella of globally shared corporate values and linking management compensation variably to different ESG metrics.
II
If regulation is to be understood as a continuation of trade and security policy, then companies should not build their compliance organizations purely from a legal perspective. Public Affairs, Stakeholder Relations, and Risk Management must be involved. Where once a concrete legal norm produced clear conclusions, the task now is to make the best—and cost-efficient— forecast judgment. Compliance becomes an art.
III
The traditional view is outdated—that in any conflict, local law automatically takes precedence over foreign law.
Recent court decisions, such as those in favor of Volkswagen in the conflict between US data demands and German data-protection law, show a sense of realism. They require companies to first attempt to resolve the conflict— through intergovernmental procedures or individual regulatory exemptions. If that fails, management may have to decide not to comply with certain provisions of
Lawmaker seeks protection for freelance workers
By Jovee Marie N. dela Cruz @joveemarie
ALEGISLATOR on Tuesday urged Congress to finally enact a longdelayed measure that would safeguard the welfare of the country’s nearly 10 million freelance workers.
Parañaque Rep. Brian Raymund Yamsuan
noted that while several bills to protect and incentivize freelancers have been filed since the 17th Congress, none have made it past third reading in the House of Representatives.
Yamsuan stressed that the freelance sector has grown rapidly—from remote, work-from-home professionals to delivery riders, ride-hailing drivers, musicians, graphic artists, and other “no-work, nopay” workers—yet remains without basic legal protections.
“These workers lack financial safeguards, especially during emergencies, and are often victims of unfair labor practices and other forms of exploitation. Despite their substantial contributions to the economy, there is still no law that aims to safeguard their welfare,” said Yamsuan.
investigate into alleged multibillion-peso irregularities in floodcontrol projects expand across agencies.
On November 23, President Marcos announced that seven individuals with outstanding arrest warrants linked to the alleged anomalies are now in custody, including former Ako Bicol party-list representative Zaldy Co. (See: https://businessmirror. com.ph/2025/11/25/dy-backsombudsman-probe-of-floodcontrol-irregularities/)
Currently, charges have been filed against Co and several former officials of the Department of Public Works and Highways Region IV-B for alleged malversation of public funds through falsification of documents. (See: https://businessmirror.com.ph/2025/11/23/ barriers-to-accountability/)
either domestic or foreign law.
The decisive factor is the potential damage—considering criminal penalties, financial losses, or reputational harm.
IV
The risk of personal liability can be minimized.
Helpful measures include documenting forecast assessments and weighing of considerations, obtaining independent expert opinions, and involving the supervisory board and governmental bodies.
These steps make it harder for courts, in hindsight, to demand alternative actions or to find fault.
As the US, China, and the EU increasingly use legal regulations as instruments of trade and security policy, fulfilling legal obligations becomes more challenging.
Anyone who wants to respond correctly to lawfare and to new regulations should broaden their compliance organization—and in case of conflict, abandon the rigid principle that local law always takes precedence.
In conclusion, let me repeat: Regulations are dominating the trade and security policies today and compliance becomes a SKILL!
Please let me have your views; contact me at hjschumacher59@ gmail.com.
Yamsuan’s proposed Freelance Workers Protection Act—House Bill 3216— together with 16 related measures, is scheduled for deliberation by the House Committee on Labor and Employment on Wednesday.
Since a similar measure passed on third reading in the previous Congress, Yamsuan expressed hope that discussions will be expedited and that the Senate will act swiftly on its counterpart bill.
“I urge my colleagues to pass this measure so that it could be signed into law in this Congress. Granting freelance workers the benefits and incentives they long deserve is a major step towards a more inclusive labor policy—one that reflects the realities of the evolving workforce and affirms the dignity of all forms of work,” Yamsuan said.
“Our laws have yet to keep up with the realities faced by this fast-growing segment of our workforce. The challenges that freelancers have to deal with underscore the urgent need for legislation that provides both protection and incentives for them,” Yamsuan said.
He warned that existing laws have not kept pace with the realities facing this fast-growing segment of the workforce, underscoring the urgent need for legislation that ensures both protection and incentives.
Yamsuan cited freelance delivery riders who continue to work during calamities but receive no additional compensation or benefits. Many complain of unclear payment computations, vague insurance policies, and unregulated suspensions or terminations.
He also pointed to a Department of Science and Technology-National Research Council survey showing that freelance musicians often rely on non-music income sources just to meet daily needs.
According to available data, the country’s gig economy now includes 1.5 million freelancers engaged in remote jobs, while broader estimates from PSAbased reports place the total number of freelancers—including delivery and ridehailing workers—at around 9.9 million. HB 3216 mandates a written contract between freelancers and hiring parties, detailing work terms, compensation, duration, grounds for breach, and other essential conditions. It also protects freelancers from unfair labor practices, including requiring a downpayment of at least 30 percent of the agreed contract price. The bill entitles freelancers to night shift differential and hazard pay under certain conditions and makes it unlawful to hire without a written contract, delay or reduce payment, make unauthorized deductions, or retaliate against freelancers for exercising their rights. Violators face fines ranging from P50,000 to P500,000. The measure also grants tax relief to freelancers within thresholds under the National Internal Revenue Code and the Barangay Micro Business Enterprises Act (RA 9178).
NE hosts first dairy stock farm
THE National Dairy Authority (NDA) launched its first stock farm in General Tinio, Nueva Ecija as part of efforts to expand the country’s dairy herd and boost local milk output.
In a statement, the NDA said a stock farm will serve as a breeding, development, and acclimatization center for imported dairy animals.
These animals will then be distributed to Dairy Multiplier Farms (DMFs) and eventually to local farmers.
Agriculture Secretary Francisco Tiu Laurel Jr. said the project would address the shortage of productive dairy animals.
“We will no longer allow the country’s milk sufficiency to remain low. If we don’t increase our dairy herd, we will remain importers and opportunities for our farmers will continue to be lost,” Tiu Laurel was quoted in the statement as saying.
He said the stock farm would allow imported dairy animals to be systematically raised and adapted until they are suitable for the country’s climate.
“When they are ready, we will transfer them to our Dairy Multiplier Farms, and from there, our local farmers will benefit.”
The stock farm in General Tinio features a capacity of about 150 dairy cattle, modern
Sto. Niño. . .
Continued from A3
Built in 1572, it is recognized as the first parish church established in Luzon, serving early mission stations in Tambobong (Malabon), Caloocan, Betis in Pampanga, and Calumpit in Bulacan.
The church also houses the country’s second-oldest image of the Santo Niño, next only to the Santo Niño de Cebu.
The CBCP also explained that a basilica is a church specially designated by the Pope because of its historical, artistic, or pastoral importance.
misters, cow brushes, and a 15-hectare forage area to ensure proper nutrition and animal comfort, components essential to achieving high-quality milk production.
NDA said the stock farm’s completion in one year and six months reflects a swift project execution by the agency, delivered with strict compliance to the highest construction and operational quality requirements. For his part, NDA Administrator Marcus Antonius Andaya stressed the importance of the facility in transforming the country’s dairy value chain.
“This stock farm is more than just infrastructure, it is a long-term commitment to building a strong, reliable, and selfsustaining dairy sector,” Andaya said.
“The first step toward a stable dairy industry is a healthy and productive herd. This is where we will begin building a herd capable of higher production and a longer productive lifespan.”
The stock farm in General Tinio is the first of NDA’s five stock farms to reach the inauguration stage.
The NDA said facilities in Ubay (Bohol), Malaybalay (Bukidnon), Carmen (Cotabato), and Prosperidad (Agusan del Sur) are in their final phases toward full operationalization. Ada Pelonia
“A basilica is not required to be a cathedral—which derives from “cathedral,” the bishop’s chair—and most basilicas are not cathedrals, just as most cathedrals are not basilicas, though some churches hold both titles,” it added.
To date, there are 29 minor basilicas in the Philippines. 11 of them are located in the National Capital Region (NCR), five in Region IV-A, and four in Region III. As part of its new designation, the Santo Niño de Tondo will receive traditional basilica symbols, including the ombrellino – a yellow-and-red silk canopy—and the tintinnabulum, a bell mounted on a pole once used to signal papal visits. The new basilica will also gain the privilege of displaying the Vatican City coat of arms on its facade and the crossed keys of St. Peter on its furnishings and
A6 Wednesday, November 26, 2025
Editor: Angel R. Calso
Russia and Ukraine trade deadly blows amid ongoing US-brokered peace talks
By Isobel Koshiw & Konstantin Toropin The Associated Press
KYIV, Ukraine—Russia launched a wave of attacks on Ukraine on Tuesday, killing at least six people in overnight strikes that hit city buildings and energy infrastructure, while a Ukrainian attack in southern Russia killed three people and damaged homes, authorities said.
The large-scale attacks come during a renewed US push to end the war that has raged for nearly four years and talks about a US-brokered peace plan. Army Secretary Dan Driscoll
met with Russian officials for several hours in Abu Dhabi on Tuesday, a US official confirmed to The Associated Press.
Driscoll, who became part of the US negotiating team less than two weeks ago, is heading up the latest phase of talks involving the terms of a possible peace plan with Russia.
The US official, who spoke on condition of anonymity to discuss sensitive negotiations, would not offer details on how long the negotiations were expected to last or what topics were being discussed, but noted the Ukrainians were aware of the meeting and all sides have indicated they wanted to reach a deal to halt the fighting as quickly as possible.
Russia fired 22 missiles of various types and over 460 drones at Ukraine overnight, Ukrainian President Volodymyr Zelenskyy wrote on Telegram, noting that four drones flew into Romania and Moldova.
“What’s crucial now is for all partners to move toward diplomacy together, through joint efforts. Pressure on Russia must inevitably work,” Zelenskyy wrote.
Kyiv targeted in latest attack
THE Russian strikes knocked out water, electricity and heat in parts of Ukraine’s capital, Kyiv. Video footage posted to Telegram showed a large fire spreading in a nine-story residential building in Kyiv’s eastern Dniprovskyi district.
Mayor Vitalii Klitschko said two people were killed and five injured in Dniprovskyi and another residential building in the central Pecherskyi district was badly damaged.
Liubov Petrivna, a 90-year-old resident of a damaged building in the Dniprovskyi district, told the AP “absolutely everything” in her apartment was shattered by the strike and “glass rained down” on her.
Petrivna said she didn’t believe in the peace plan now under discussion: “No one will ever do anything about it. Putin won’t stop until he finishes us off.”
In a subsequent attack wave, four people were killed and three were injured in a strike on a nonresidential building in Kyiv’s western Sviatoshynyi district, accord -
ing to the head of Kyiv city administration, Tymur Tkachenko. Strikes hit energy infrastructure
UKRAINE’S energy ministry also said energy infrastructure had been hit, without describing the extent of the damage. Ukraine’s emergency services said six people, including two children, were injured in a Russian attack on energy and port infrastructure in Odesa region.
Three people were killed and eight more were wounded in a Ukrainian drone attack on Russia’s southern Rostov region overnight. The casualties occurred in the city of Taganrog not far from the border in Ukraine, Gov. Yuri Slyusar said in an online statement Tuesday.
Thai woman shocks temple staff by waking up in her coffin moments before cremation
BANGKOK—A woman in Thailand shocked temple staff when she started moving in her coffin after being brought in for cremation.
a
the
a video on its Facebook page, showing a woman lying in a white coffin in the back of a pickup truck, slightly moving her arms and head, leaving temple staff bewildered.
Pairat Soodthoop, the temple’s general and financial affairs manager, told The Associated Press on Monday that the 65-year-old woman’s brother drove her from the province of Phitsanulok to be cremated. He said they heard a faint knock coming from the coffin.
BOXES of humanitarian aid packages from Gaza Humanitarian Foundation wait to be picked up on the Palestinian side of the Kerem Shalom crossing in the Gaza Strip, Thursday, July 24, 2025, during a media tour organized by the Israeli army. AP/OHAD ZWIGENBERG
US-backed Gaza aid company ceases operations as Israel military chief and defense minister clash
By Julia Frankel & Natalie Melzer
The Associated Press
JERUSALEM—The US- and Israel-backed Gaza Humanitarian Foundation, set up to distribute aid to Gaza as an alternative to the United Nations but which Palestinians said endangered the lives of civilians as they tried to get food, said Monday it would shutter operations.
The foundation had already closed distribution sites after a US-brokered ceasefire took effect six weeks ago in Gaza. It announced Monday that it was permanently shutting down, claiming it had fulfilled its mission. “We have succeeded in our mission of showing there’s a better way to deliver aid to Gazans,” GHF director John Acree said in a statement.
The operations of the GHF were shrouded in secrecy during its short time in operation, and the group never revealed its sources of funding and said little about the armed contractors who operated the sites. It said its goal was to deliver aid to Gaza without it being diverted by Hamas.
Palestinians, aid workers and health officials have said the system forced aidseekers to risk their lives to reach the sites by passing Israeli troops who secured the locations. Soldiers often opened fire, killing hundreds, according to witnesses and videos posted to social media. The Israeli military says it only fired warning shots as a crowd-control measure or if its troops were in danger.
GHF said there was no violence in the aid sites themselves but acknowledged the potential dangers people faced when traveling to them on foot. However, contractors working at the sites, backed by video accounts, said the American security guards fired live ammunition and stun grenades as hungry Palestinians scrambled for food.
GHF shutters
ACREE said that GHF would hand off its work to the US-led center in Israel overseeing the Gaza ceasefire, called the Civil-Military Coordination Center.
“GHF has been in talks with CMCC and international organizations now for weeks about the way forward and it’s clear they will be adopting and expanding the model GHF piloted,” he said.
Tommy Pigott, a deputy spokesperson for the US State Department, said on social platform X that GHF had “shared valuable lessons learned with us and our partners.”
GHF began operating in late May, nearly three months after Israel had halted food deliveries to Gaza, pushing the population toward famine.
Israel intended for the private contractor group to replace the U.N. food distribution system, claiming Hamas was diverting large amounts of aid. The U.N. denied the claims.
The U.N. had opposed the creation of GHF, saying the system gave Israel control over food distribution and could force the displacement of Palestinians. Throughout the war, the U.N. led a massive humanitarian effort with other aid groups, distributing food, medicine, fuel and other supplies at hundreds of centers around Gaza.
In the release, GHF said it had delivered over 3 million food boxes to Gaza, totaling 187 million meals.
Israel’s military chief and defense minister in rare public clash
ON Monday, Israel’s defense minister clashed publicly with the military’s chief of staff over the army’s latest probes of its failures in the Oct. 7, 2023 attack on Israel by Palestinian militants that sparked the Israel-Hamas war.
Israeli Defense Minister Israel Katz had said earlier that he would order a re-examination of the military’s latest internal review into what happened Oct. 7, 2023, when Hamas-led militants killed around 1,200 people, mostly civilians, and abducted 251 people to Gaza. He also said he would be freezing new appointments in the army pending the conclusions of this new review. Israel’s government has long resisted the establishment of a state commission of inquiry into the Oct. 7 attack.
“I was a bit surprised, so I asked them to open the coffin, and everyone was startled,” he said. “I saw her opening her eyes slightly and knocking on the side of the coffin. She must have been knocking for quite some time.”
According to Pairat, the brother said his sister had been bedridden for about two years, when her health deteriorated and she became unresponsive, appearing to stop breathing two days ago. The brother then placed her in a coffin and made the 500-kilometer (300-mile) journey to a hospital in Bangkok, to which the woman had previously expressed a wish
to donate her organs.
The hospital refused to accept the brother’s offer as he didn’t have an official death certificate, Pairat said. His temple offers a free cremation service, which is why the brother approached them on Sunday, but was also refused due to the missing document.
The temple manager said that while he was explaining how to get a death certificate when they heard the knocking. They then assessed her and sent her to a nearby hospital.
The abbot said the temple would cover her medical expenses, according to Pairat.
USDA unveils new strategies to enhance food aid, support US farmers amid global shortages
TBy Troi Santos
HE US Department of Agriculture described new steps to move American-grown commodities to countries facing food shortages, saying the changes will speed deliveries, strengthen oversight, and provide steadier demand for American farmers.
Secretary of Agriculture Brooke L. Rollins, US Ambassador to the United Nations Mike Waltz, and Under Secretary for Trade Luke Lindberg briefed international reporters at the New York Foreign Press Center.
Rollins said placing the Food for Peace program under USDA allows the department to manage procurement and shipment directly. She pointed to USDA’s recent purchase of 417,000 metric tons of commodities as evidence that the department can respond quickly when needs are high. She also said tighter controls would help track deliveries more accurately.
Lindberg noted that the government expects countries receiving US food assistance to move into longterm commercial trade when possible. He cited Japan, which received American food support after World
Continued from A6
The attack damaged private houses and multistory residential blocks, unspecified social facilities, a warehouse and a paint shop, Slyusar said.
Russian air defenses destroyed 249 Ukrainian drones overnight above various Russian regions and the occupied Crimea, the Russian Defense Ministry said Tuesday, noting that 116 of the drones were shot down over the Black Sea.
Peace efforts going in ‘right direction’ THE attacks followed talks between US and Ukraine representatives in Geneva on Sunday about a US-Russia brokered peace plan.
Oleksandr Bevz, a delegate from the Ukrainian side, told The Associated Press the talks had been “very constructive” and the two sides were able to discuss most points.
Kremlin spokesperson, Dmitry Peskov, said Tuesday morning that Moscow has not received the updated peace plan.
French President Emmanuel
War II and is now a major buyer of US agricultural products.
Waltz said recent meetings with UN agencies focused on reducing delays in humanitarian operations and improving logistics so food reaches conflict zones faster. He said the United States remains the largest humanitarian donor and wants its assistance to be effective abroad while supporting domestic producers.
Officials gave regional updates. In Gaza, US food shipments are being used to stabilize the local
supply. In Ukraine, Waltz said the ability to use the Dnieper River and the port of Odesa for crop transport remains central to current negotiations.
Reporters asked about cattle imports from Mexico, agricultural tariffs involving Vietnam, and the recent expansion of US trade agreements in Africa. Rollins said cattle imports will not reopen until additional safety checks with Mexican authorities are complet
ed. Lindberg said agricultural discussions with Vietnam are part of
Macron said Tuesday that a USbrokered peace plan for Ukraine “goes in the right direction” but also cautioned it must not be “a capitulation” enabling Russia to later renew hostilities.
The French head of state said any peace deal with Moscow must include robust security guarantees for Ukraine and, more widely, for Europe and he insisted the size of Ukraine’s armed forces shouldn’t be restricted so it can defend the country in peacetime.
Macron was speaking to broadcaster RTL before a video conference meeting later Tuesday of countries, led by France and the UK, that could help police any ceasefire with Russia.
“We want peace but we don’t want a peace is that is, in fact, a capitulation. That is to say it puts Ukraine in an impossible position, that in the end gives Russia the freedom to keep going, to go further,” Macron said.
Peace proposals that Ukraine has been discussing with Trump administration envoys and European allies “goes in the right direction: peace” but parts of it need to be improved, he said.
“No one can replace the Ukrai -
nians in saying which territorial concessions they are prepared to make,” said the French leader, who sounded skeptical about the plan’s chances of success.
a broader trade package still being negotiated.
For the Philippines, the policies discussed in New York matter because the country depends heavily on American wheat, soy, and dairy. During severe typhoons, the Philippines also receives emergency shipments routed through UN channels. A more direct USDA role in Food for Peace could shorten delivery times during disasters and stabilize access to US grain throughout the year.
Philippine officials have followed US changes closely as the country faces rising food prices, periodic storm damage to crops, and the need to expand its storage and milling capacity. The United States remains one of its most reliable suppliers, and predictable trade conditions are central to keeping food costs manageable. The Foreign Press Center briefing offered a clear outline of how the government plans to manage food assistance and agricultural trade in the coming year. Officials emphasized reliable delivery, closer tracking of shipments, and continued support for American farmers whose crops underpin these programs.
“There’s only one person who doesn’t want peace: it’s Russia.” Toropin reported from Washington. John Leicester in Paris contributed.
Wat Rat Prakhong Tham,
Buddhist temple in the province of Nonthaburi on
outskirts of Bangkok, posted
IN this Sunday, Nov. 23, 2025, photo, an emergency rescue team transports an elderly woman, who was found to be alive after being presumed deceased, to a local hospital just before her scheduled cremation at Wat Rat Prakhong Tham temple, Nonthaburi province, Thailand. WAT RAT PRAKHONG
LEFT to right: Brooke L. Rollins, US Secretary of Agriculture; Ambassador Mike Waltz, US Representative to the United Nations; and Luke J. Lindberg, Under Secretary for Trade and Foreign Agricultural Affairs.
Trump says he will visit Beijing in April and host China’s Xi Jinping for a state visit later next year
WBy Seung Min Kim & Didi Tang The Associated Press
ASHINGTON—President
Donald Trump said Monday that he has accepted an invitation from Chinese leader Xi Jinping to visit Beijing in April and that he reciprocated by inviting Xi for a state visit to the US later next year.
Trump made the announcement after he spoke with Xi by phone nearly a month after the two leaders met in person in South Korea, saying they discussed issues including Ukraine, fentanyl and purchases of American soybeans.
“Our relationship with China is extremely strong!” Trump wrote in a Truth Social post.
Beijing, which announced the phone call first, said nothing about the state visits but noted that the two leaders discussed trade, Taiwan and Ukraine. Xi told Trump that Taiwan’s return to mainland China is “an integral part of the postwar international order,” the Chinese Foreign Ministry said—a crucial issue to Beijing that Trump did not mention in his post.
The omissions from each side signal that sticking points remain for the two superpowers even as they highlight common ground
Gaza. . .
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following a series of talks to ease a trade war that has threatened the global economy.
The conversation came as China-Japan relations have plunged to a new low following recent remarks from Japanese Prime Minister Sanae Takaichi. She said the military in Japan, a key US ally, could get involved if China were to take action against Taiwan, the self-governing island that Beijing says must come under its rule.
“My best guess is China is worried about the escalation (in tensions) with Japan. The reference to Taiwan and the post-World War II order directly points to the spat with Japan over Taiwan,” said Sun Yun, director of the China program at the Washington-based think tank Stimson Center. “They also talked about Ukraine. That is an issue China is interested in due to the new peace negotiation.”
In response, military Chief of Staff Lt. Gen. Eyal Zamir said in a sharply worded statement Monday that the defense minister’s move was “puzzling”
China’s relations with Japan sour BEIJING has denounced Takaichi’s remarks, with Chinese Foreign Minister Wang Yi saying over the weekend that Japan “crossed a red line that should not have been touched.”
Xi told Trump on Monday that China and the US should “jointly safeguard the victory of World War II” after they fought together against fascism. The US has taken no side on the sovereignty of the self-governed island but is opposed to the use of force to seize Taiwan. It is obligated by a domestic law to provide sufficient hardware to the island to deter any armed attack.
Trump has maintained strategic ambiguity about whether he would send US troops in case of a war in the Taiwan Strait. His administration has urged Taiwan to increase its defense budget.
Taiwan’s foreign ministry said it received official notification this month that the Trump administration approved $330 million in arms sales to Taiwan, including fighter jet parts. Beijing immediately protested, saying it “grossly violated” the so-called “One China” principle, by which Beijing considers Taiwan to be part of Chinese territory.
Trump said nothing publicly about Taiwan, whereas the Chinese statement said Trump told Xi that the US “understands how important the Taiwan question is to China.”
Talk of Ukraine
THE phone call coincided with the
and “not substantive.” He said that freezing appointments would harm the military’s “capabilities and its readiness for the upcoming challenges” and
latest push by the Trump administration to end the war in Ukraine.
Xi expressed hope for a “fair, lasting and binding peace agreement” in Ukraine and said the crisis should be resolved “at its root,” the Chinese Foreign Ministry said.
Xi stressed Beijing’s support for “all efforts that are conducive to peace,” according to the statement. However, Western governments have accused Beijing of enabling the war through its industrial support for Moscow.
Trump and Xi discussed trade TRUMP said on social media that he spoke with Xi about “Fentanyl, Soybeans and other Farm Products, etc.”
“We have done a good, and very important, deal for our Great Farmers—and it will only get better,” Trump wrote.
Since he met Xi in South Korea
claimed he would continue to “hold posting discussions as planned, in accordance with his authority.”
The army “is the only body in the country
in late October, “there has been significant progress on both sides in keeping our agreements current and accurate,” Trump said.
Since then, China has ordered nearly 2 million metric tons of US soybeans, ending a monthslong boycott, according to data by the US Department of Agriculture. That is still short of the 12 million metric tons that the White House said China has agreed to buy before next year.
Secretary of Agriculture Brooke Rollins said Monday on CNBC that “every sign is their commitment remains true that they will indeed buy or purchase 12 million metric tons.”
The White House also said China pledged to buy 25 million metric tons of soybeans in each of the next three years. China has yet to confirm such figures.
that has thoroughly investigated its own failures and taken responsibility for them,” wrote Zamir. “If any further examination is required to complete the picture, it must take the form of an external, objective and independent commission” that will also probe “the interface between the military echelon and the political echelon.”
Moments after Zamir put out the statement, Katz doubled down on his decision, releasing a statement saying he “respects” the military chief of staff, “who knows very well that he is subordinate to the prime minister, the defense minister and the government of Israel.” He added he “does not intend to argue in the media” and reasserted his authority to decide on military appointments.
Following the military’s latest review, Zamir sanctioned 13 army officials who were top commanders on Oct. 7, censuring some and forcing others into retirement.
The attack kick-started the war in Gaza, in which over 69,700 Palestinians have been killed and over 170,800 injured, according to Gaza’s Health Ministry.
The ministry does not distinguish between civilians and combatants but has
Beijing also placed export restrictions on 13 “drug-making” chemicals to the United States, Canada and Mexico, including those that are used to produce the synthetic opioid blamed for tens of thousands of overdose deaths in the US every year. In return, the Trump administration reduced tariffs on Chinese goods. In the call, Xi said ties with the US have “generally maintained a steady and positive trajectory” following the leaders’ summit and that the two sides should strive to make “more positive progress,” according to the Chinese Foreign Ministry.
With the trade dispute easing, Trump wrote, “Now we can set our sights on the big picture.”
The Associated Press writer Josh Funk in Omaha, Nebraska, contributed to the report.
said women and children make up a majority of those killed. The ministry, part of the Hamas-run government and staffed by medical professionals, maintains detailed records viewed as generally reliable by independent experts.
Israel says it kills wanted militant in West Bank IN the occupied West Bank, the Israeli military said it killed a militant wanted in a May 2024 car ramming attack that killed two Israeli soldiers in the northern city of Nablus.
The army said that the suspect, identified as Ala Raouf Shetiyya, was armed and barricaded himself inside a building before he was shot dead.
Israel has launched a military offensive in the West Bank since the Oct. 7 attacks in what it says is a crackdown against Palestinian militants. Tens of thousands of civilians have been displaced, and while many of the dead were militants, Palestinians and rights groups say scores of stone throwers and uninvolved civilians have been killed.
Melzer reported from Nahariya, Israel.
PRESIDENT Donald Trump left, and Chinese President Xi Jinping, shake hands before their US-China summit talk at Gimhae International Airport in Busan, South Korea, Thursday, Oct. 30, 2025. AP/MARK SCHIEFELBEIN
Pope Leo XIV’s visit rekindles hope in war- and crisis-battered Lebanon
By Kareem Chehayeb & Abby Sewell
BThe Associated Press
EIRUT—Mireille Khoury lit a candle next to a portrait of her late son, Elias, surrounded by images of Jesus and the Virgin Mary, just as she does every evening when she returns to her Beirut apartment after work. Elias was only 15 when he died in the August 2020 explosion at the Beirut port that blasted through surrounding neighborhoods in the Lebanese capital. Since then, Khoury has been among the families who have convened monthly protests calling for justice for the 218 people killed when hundreds of tons of improperly stored ammonium nitrate detonated. Their numbers have dwindled as the investigation has stalled and hopes of accountability have faded. But the upcoming visit of Pope Leo
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posted negative gender wage gaps. The largest were observed in Davao Region (–16.5 percent), Western Visayas (–11.7 percent) and NCR (–10.3 percent).
Top-, low-paying jobs
In specific occupations, aircraft pilots and related associate professionals in air transport industry registered the highest average monthly wage at P137,999. They were followed by air traffic safety electronics technicians
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discussion without being prepared for what the Philippine strategy is? Right?”
In moving up the value chain, he said the Philippines should get into the front-end semiconductor wafer technology which, he noted, is something “We don’t have... right now.”
Comparing the Philippines to its peers, he said Thailand will start putting up a wafer fab in 2027. “So we are being left behind, and yet we talk about the Philippines being an integral part of the Asean supply chain.”
He stressed anew that the country should not just rely on assembly, test and packaging.
“If you look at the technology
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sa Katatagan Recognition Awards a joint initiative of DENR, UNICEF, and Globe Telecom to honor individuals, organizations, and local governments who make outstanding contributions to climate action. The young awardees demonstrated excellence in areas like youth-driven climate advocacy, community-
XIV to Lebanon has rekindled a glimmer of hope for Khoury and many others in the small, crisisbattered country.
“We need a lot of prayers, and we need a miracle for this country to continue,” said Khoury, who is set to join the pontiff in a silent prayer at the site of the port explosion on the last day of his visit to Lebanon.
The visit set to begin on Sunday comes as part of Pope Leo’s first official foreign trip and as the fulfillment of a promise made by his predecessor, Pope Francis, to visit Lebanon, a Muslim-majority country where about a third of the population is Christian. Leo will also visit Turkey.
The fourth visit of a pope to Lebanon, it sends a powerful message of support at a time when regional instability and deepening internal crises have left the country in a precarious situation.
Since 2019, Lebanon has been battered by political unrest, the
in the same industry at P131,536, chemical engineers in the manufacture of coke and refined petroleum products at P101,996. Other high-earning occupations included mathematicians and actuaries (P99,154), applications programmers (P96,360), web and multimedia developers (P79,064), and application programmers (P73,804), across monitored industries. The data also showed mathematicians and actuaries received an average wage rate of P71,237; software developers at P66,180; and, industrial and production engineer at P65,806.
that’s going on, we are what you might call at the tail-end. All the billions of dollars that are being funneled to the United States for the CHIPS Act is working on advanced technology,” added Lachica.
Data from the Philippine Statistics Authority (PSA) showed electronic products remain the top export commodity of the Philippines.
From January to September 2025, electronics exports amounted to $33.52 billion, up 9.5 percent from the $30.60 billion outbound shipments in the 9-month period in 2024.
Data indicated that the export earnings from electronics shipments accounts for 53.19 percent of the country’s $63.02-billion export receipts in the nine-month period this year.
centered disaster resilience, faith-based climate advocacy, mangrove rehabilitation and ecosystem restoration, community-based hazard mapping, creative outreach, and climate education campaigns.
“The Kabataang Resilient Awards celebrates the creativity, resilience, and leadership of children and youth. Unicef supports them in exercising their right to climate leadership and decisionmaking,” Kim said.
Austria, today, November 25,” he posted.
collapse of its currency and banking system, the port explosion and, most recently, a war between Israel and the Hezbollah militant group. The war decimated large swaths of southern and eastern Lebanon, leaving more than 4,000 dead, including hundreds of civilians, and causing an estimated $11 billion worth of destruction.
To many Lebanese, it feels like divine intervention is the only solution for their country.
No visit to war-battered south IN the village of Dardghaya, a mixed community of Christians and Shiite Muslims in southern Lebanon, about a dozen worshippers gathered for Mass on a recent Sunday in a small basement room. Images of Jesus, the Virgin Mary and St. George—the church’s namesake— stared down from freshly painted white walls as a small girl swung an incense burner.
In terms of the lowest-paying occupations, PSA data showed that announcers on radio, television and other media in creative, arts and entertainment activities earned the lowest wage at P9,500, followed by photographers from the same industry at P10,300.
Bus drivers in travel agencies received P10,931, while inland and coastal waters fishery workers earned P11,010; market gardeners and crop growers, P11,139; forestry technicians, P11,268; and livestock farmers, P11,286.
The PSA said the 2024 OWS covered time-rated, full-time workers
Above them, the town’s century-old Greek Melkite church was still in ruins after being hit by an Israeli strike during last year’s Israel-Hezbollah war.
Despite a US brokered ceasefire that took effect in November 2024, Israel has continued to carry out near-daily strikes in southern Lebanon—and, occasionally, in the suburbs of the capital—that it says aim to stop Hezbollah from rebuilding. The precarious situation has dissuaded many former congregants from returning to Dardghaya.
The church’s priest, Father Maurice el Khoury, said he feels “a great hope” that Pope Leo’s visit “will bring about a radical change in Lebanon’s trajectory.”
“We don’t want to say that the pope’s visit is only for the Christians,” el Khoury said. “The pope’s visit is a blessing and salvation for all of Lebanon.”
Still, many in southern Lebanon
in formal establishments with at least 10 employees across “all major industry groups.”
The survey also specifically collected and monitored data on the employment and wage rates of two benchmark occupations namely: (1) general office clerks; and (2) elementary occupations (unskilled workers) in industries covered by the survey.
“The OWS aims to generate reliable wage statistics that serve as critical inputs for developing and implementing policies related to wage and salary administration,” it added.
were disappointed that the pontiff’s itinerary did not include a visit to their war-battered areas, similar to Pope Francis’ trip to the devastated city of Mosul when he visited Iraq in 2021.
Not arrested ROQUE, meanwhile, denied reports that authorities have arrested him in the Netherlands following the cancellation of his passport by a Philippine court.
In a Facebook post, Roque even showed what appears to be a plane ticket bound for Vienna, Austria from Amsterdam.
“There is no truth to the rumors that I have been arrested. I have a scheduled flight to Vienna,
DOJ spokesman, lawyer Polo Martinez, said Roque should not be able to travel without a valid passport.
“Immigration authorities at any country can detain him for travelling without proper travel documentation. This fact is certain,” Martinez said. Martinez added that the DOJ has not received any official communication regarding Roque’s supposed arrest or travel to Austria.
“All claims with respect to this remain unverified,” he added.
Georges Elia, a member of the Dardghaya congregation, said he will attend a meeting between the pontiff and youth groups at the Maronite Patriarchate in Bkerki, in northern Lebanon. But he is still holding out hope for a surprise papal visit to the south, a “sacred land, where Jesus Christ once walked,” he said. “The south is bleeding, and it’s in need of (the pope) to help us return and stand firm on our land.”
Sewell reported from Dardghaya, Lebanon.
Flood control scandal: DOJ cites lack of jurisdiction in Cadiz case; Atayde and Asistio deny wrongdoing
TBy Joel R. San Juan @jrsanjuan1573
HE Department of Justice
(DOJ) defended the continued tenure of Undersecretary Jose Cadiz on Thursday. This comes in response to allegations made by resigned Ako Bicol PartyList representative and former House appropriations committee head Zaldy Co, who accused Cadiz of receiving multi-billion peso kickbacks from government flood control and infrastructure projects for President Ferdinand “Bongbong” Marcos Jr.
At a press briefing, Acting Justice Secretary Fredderick Vida said Cadiz had gone on official leave on November 21 or a week after Co released his first video on his Facebook account on November 14 accusing Marcos of receiving kickbacks through Cadiz.
Vida said Cadiz is expected to report back to work on November 28.
However, Vida said the DOJ cannot take action against Cadiz in connection with the accusations against him for lack of jurisdiction.
He said it is the Ombudsman who has the mandate to investigate public officials’ alleged wrongdoings.
“[Undesecretary] Cadiz remains to be one of the undersecretaries of the department. He is on leave,” Vida said.
“We have no jurisdiction…The Ombudsman is the one who investigates, prosecutes and holds public officials accountable for committing irregularities,” he added.
Vida added that Cadiz’s presence at the DOJ would not affect the integrity and credibility of their ongoing investigation into the flood control mess.
He noted that Cadiz has not been involved in the flood control mess investigation from the beginning.
“If it will really affect? It won’t because definitely he has no in -
volvement. He is already on leave and definitely under my leadership he will not have any involvement considering the allegations proffered out in the public already,” the DOJ chief explained.
“We will maintain our independence. We will maintain our resolute conviction and belief that we need to bring this to the end that we must, in accordance with the President’s mandate, where the evidence will lead,” he added.
Atayde, Asistio deny involvement in flood control mess before ICI
MEANWHILE , Quezon City Rep. Juan Carlos “Arjo” Atayde and Caloocan City Rep. Dean Asistio appeared before the Independent Commission for Infrastructure (ICI) to shed light on allegations made by government contractors Pacifico “Curlee” Discaya and wife Sarah that they were among the solons who received kickbacks from flood control projects.
The ICI said Atayde and Asistio appeared before the commission together with their respective counsels and testified under oath in connection with its inquiry into the anomalous flood control projects of the government.
During the hearing, the ICI panel headed by retired Supreme Court Associate Justice Andres Reyes asked the two solons to submit additional documents to aid the body in the ongoing probe.
The ICI said Atayde was given until December 2, 2025 while Asistio was given until November 28, 2025 to submit the required documents.
Atayde said his appearance before the ICI was voluntary and that he relayed his intention to cooperate with the investigation through a letter he sent a week or two weeks ago.
“I’m sure everyone wants an answer as well, I told the people I’ll answer at the proper forum, at the
proper time and this is it,” Atayde told reports upon his arrival at the ICI headquarters.
Atayde added that he has a prepared affidavit to be submitted to the commission “ I’m ready to answer and I’ll lay the cards on the table, just facts. I don’t want to invalidate the feelings of the people towards the gravity of the situation if I deny it. So I gathered all the evidence…to prove my innocence,” Atayde said.
He also branded as pure “hearsay” the allegations linking him and his father in the flood control scandal.
“It’s all hearsay because until now, as I said, maybe it would be better to give me the evidence first before pointing fingers at me. They haven’t even given out anything against me and my father,” the solon said.
Asistio also said he voluntarily appeared before the ICI to help in its investigation and to clear his name.
ALAWMAKER is pushing for the passage of the bill seeking to grant all Filipino workers a threemonth national tax holiday on compensation income.
Kamanggagawa Partylist Rep. Elijah San Fernando has filed House Bill 6205, which aims to provide immediate economic relief to wage earners while responding to public outrage over widespread corruption in government spending, particularly in flood control and infrastructure projects.
San Fernando said the proposal is a matter of fairness and accountability in light of recent revelations of large-scale fund misuse.
“Taxation is a shared responsibility between the state and its citizens grounded in mutual trust. But recent investigations have shown that billions in public funds were misused: lost to corruption, to substandard or nonexistent projects, or to political dealmaking. At a time when our workers are already carrying so much, this breach of trust cannot be ignored,” he said.
Under the proposed ThreeMonth Tax Holiday Act of 2025, all income tax on compensation would be suspended for three payroll months once the measure is approved.
During this period, workers would take home their full compensation with
no income tax deductions, while employers would pause the withholding of income taxes. The tax holiday would be applied uniformly to all employees earning compensation income, regardless of their sector or salary grade. Mandatory contributions to SSS, GSIS, PhilHealth, and Pag-IBIG would still be collected to ensure that workers’ benefits remain uninterrupted. The tax holiday could only be granted once per taxable year and would not be transferable or carried over.
The bill also requires the Department of Finance and the Bureau of Internal Revenue to submit a transparency report within 60 days of implementation, detailing foregone revenues and the number of beneficiaries.
San Fernando said Filipino workers have been “burdened twice”—first by rising living costs and second by discovering that their taxes were mishandled.
“A responsive and meaningful intervention is necessary not only to provide immediate relief but also to acknowledge the burden unfairly placed on ordinary taxpayers,” he added.
He added that this intervention is uniquely insulated from corruption:
“Unlike traditional social protection programs that rely on multi-layered systems vulnerable to political discretion
and bureaucratic inefficiencies, this form of tax relief is direct, immediate, and far less susceptible to corruption.”
San Fernando underscored that the measure is also a moral acknowledgment from the government.
“It’s not just about the money. It’s about honesty. It’s about telling workers, ‘We hear you. You shouldn’t be the ones paying for the mistakes of corrupt politicians.’”
He also clarified that the bill is not meant to replace deeper reforms: “This tax holiday doesn’t erase the systemic problems we need to fix. But it gives workers breathing room now, while we continue pushing for structural reforms in public finance, procurement, and anti-corruption.”
The proposed national tax holiday, he said, is both a practical and symbolic response to a crisis of confidence in public institutions.
“It represents a concrete expression of the constitutional principles of equity and fairness in taxation and provides a means for the State to demonstrate good faith at a time when public trust must be actively restored,” the lawmaker said.
“Workers have carried the weight of this country long enough. When corruption drains the national budget, the very least the government can do is give back what workers should never have lost in the first place,” he added.
Gatchalian urges ARTA and Ombudsman to intensify campaign vs red tape in LGUs
SENATOR Win Gatchalian urged the Anti-Red Tape Authority (ARTA) and the Office of the Ombudsman to intensify their crackdown on bureaucratic red tape, particularly in local government units where delays often begin. Ang negosyo ay nag-uumpisa sa local government business permit, fire permit. Pero ang nagiging problema ngayon are the LGUs, bumaba na sa LGUs ang red tape. That is why
ARTA and the Ombudsman should look at the processes at the local level,” Gatchalian said during the plenary deliberations on the proposed 2026 budget of ARTA.
“Red tape is the issue that is discouraging investors from coming into the country, and it’s killing our existing industries and businesses. Alam naman natin na ang red tape at corruption, magkapatid ‘yan ,” he added. The Ombudsman and ARTA
Prior to the hearing, the two solons requested that their testimonies be made under an executive session which the ICI granted. Asistio justified his request for an executive session, explaining that this would prevent judgment by publicity and safeguard sensitive information.
The ICI granted the requests after finding that these had sufficient factual and legal basis, pursuant to the ICI Live Streaming Guidelines, which was published in the Official Gazette on November 22, 2025,” the ICI explained. In today’s hearing (Wednesday), the ICI summoned Representatives Reynante Arrogancia and Leody “Odie” Tarriela to appear before it.
The two solons were also tagged by the Discayas as among those who benefitted from anomalous flood control projects. Both representatives, according to the ICI, also requested for an executive session.
Porac quarry operators, haulers halt operations over tax dispute
SBy Ashley J. Manabat
OME 40 quarry operators and 850 haulers in Porac have suspended operations since November 21, protesting what they describe as unjust taxation and inconsistent policies imposed by the municipal government.
In a statement released on November 22, the Association of Porac Sand and Gravel Quarry Operators Inc. (APSGQO) said the municipality’s “continuous pressure” has made the industry unsustainable. APSGQO spokesperson Antonio Ayson estimated losses of P38.2 million for operators and P90 million for haulers over 15 days. He added that Porac moves 1,500 to 2,000 trucks of sand daily, accounting for about 50 percent of Pampanga’s total sand output.
“GustonamingipabatidsamgaPoraqueno naangpatuloiynapanggigipitngmunisipyo ay nagdudulot ng tuluyang pagbagsak ng insutriya ng buhangin sa Porac, sapagkat hindinanaminkayangipagpatuloyangaming kabuhayansaganitongsitwasyon,” Ayson said in a statement.
“Kusasilanghumintodahilsakadahilanang hindi nila makuha certification nila mula sa Mayoratyungtaxation nilasaecological, yun yung grievances nila,” he added.
The dispute stems from Porac’s adjustment to its ecological tax, previously P100 per truck, now set at P100 per 12-cubic-meter load. Operators argue the change was abrupt and amounts to “double taxation,” since the provincial government already collects a P150 sand tax, P250 administrative fee, and P30 weighing fee per truck as mandated under the Local Government Code.
Engr. Romeo Dungca Jr., head of quarry operations for the province, said Porac has not issued formal notice to the Capitol regarding the tax change. He confirmed the operators intend to file an administrative case against the Porac LGU. The halt is expected to reduce provincial revenues by about P40 million as the stoppage is expected to continue for two weeks, funds for which are used for health and social programs of the provincial government of Pampanga.
recently signed a memorandum of understanding (MOU) to strengthen their partnership in combating red tape and filing related cases. “We expect that they give more focus not just to corruption but also to red tape because red tape is a source of corruption. Kapag nadedelay ang mga papeles o dokumento, wala nang choice minsan ang mga negosyante kundi sumunod sa mga corrupt officials,” Gatchalian said.
Haulers have also begun sourcing sand from nearby Bacolor town, as observed in Barangay Dolores on November 24. Porac Mayor Jing Capil denied allegations of double taxation and any claim that the LGU ordered a halt to operations. Capil said he merely continued the system he inherited upon assuming office on July 1 and that “nearly all quarries remain active” according to municipal records.
“I assumed office on July 1, just five months ago. I simply continued the collection system that was already in place,” Capil said, noting that he inherited the existing procedure. Capil added that proposed fee revisions are still under review by the Sangguniang Bayan, and the LGU is maintaining the status quo pending the hearings. The provincial government is awaiting Porac’s
Sen. Bam hails historic ₧1.38-T ducation budget, says it will help address classroom backlog, boost student nutrition
SENATOR Bam Aquino welcomed the P1.38 trillion allocation for education in 2026—the largest in Philippine history—calling it a true education budget that can help address the country’s massive classroom backlog and boost student nutrition.
“Let me say that the work that the committee has put in the budget is really exemplary. Sa totoo lang po, matatawag talagang education budget itong budget natin,” Aquino said during the plenary deliberations on the Department of Education (DepEd) budget.
Ngayon lang tayo sa 4 to 6 percent na prescribed ng United Nations. Ibig sabihin po noon, nasa tamang paggastos tayo pagdating sa edukasyon,” he added, referring to the UN recommendation to increase the budget for education to 4 percent to 6 percent of the nation’s gross domestic product (GPD).
Aquino said the Senate allotted an additional P70 billion in its version of the 2026 national budget, raising classroom construction funding from P13.2 billion in the National Expenditure Program (NEP) to P65.9 billion, a P52.7billion increase. For student nutrition, the Senate is pushing to increase the school-based feeding program budget from P11.7 billion to P28.6 billion, a P16.9-billion jump.
“That’s really a huge amount. Ang ibig sabihin lang po niyan, seryoso talaga tayo sa pagtugon sa problemang ito,” Aquino said, referring to the 165,000-classroom backlog that could grow to more than 200,000 within three years if left unaddressed.
“Ito po’y dahil may mga condemned classrooms tayo, and every year that passes, there are more classrooms that are condemned because we have a rule that at 50 years, classrooms are condemned,” he added.
Aquino, chairperson of the Senate Committee on Basic Education, noted that classrooms also deteriorate due to earthquakes, typhoons, and other natural calamities, on top of the increasing number of students entering public schools each year.
“Every year, meron din tayong dagdag na mga estudyante na pumapasok sa ating mga eskuwelahan. Para tayong may timba na pinupunuan natin pero may butas iyong timba kaya iyong pakiramdam, hindi natin mapunuan itong problemang ito,” he pointed out.
He emphasized that the Senate version of the budget builds a strong case for addressing the backlog, which needs around P540 billion to fully resolve.
“I’m happy that for this year, we’re starting out with P65.9 billion. If in the next few years ganito kalaki at mas malaki pa iyong popondohan natin, kaya natin itong ma-address. And we put six years as a target,” he said.
The budget will be implemented through multiple modalities, including those under Aquino’s ClassroomBuilding Acceleration Program (CAP) Act, which allows DepEd to partner with local government units and civil society organizations in constructing or leasing classrooms and pursuing Public-Private Partnerships (PPP).
“Since this is the first year of our renewed push for classrooms, we can check every year which modality actually works the best. As the years go on, pinopondohan po natin iyong successful,” Aquino said.
He also urged DepEd Secretary Sonny Angara to set a price cap for classroom construction, including those undertaken by the Department of Public Works and Highways and PPP implementers.
“At the price of less than P2 million, we go from 23,000 to 32,000 [classrooms]. If we’re able to address the disparity, mas marami rin tayong magagawa,” he said.
On student nutrition, Aquino said the higher appropriation will allow the school-based feeding program to expand from 120 to 200 feeding days.
Lahat ng Kinder, lahat ng Grade 1, mayroon tayong pagkain para sa kanila for 200 days,” he said, noting it will benefit around 3.5 million students. For Grade 2 to Grade 6, the program will be targeted toward wasted and severely wasted learners.
“Ito pong budget na ito, ito po ang
simula. Hopefully, it can be a fresh start for our educational system. Basta pinagtutulungan natin para sa ating kabataan, I’m sure maaabot po natin iyong pangarap natin para sa kanila,” Aquino emphasized.
Education Secretary Juan Edgardo “Sonny” Angara noted that the 2026 budget, once enacted, will accelerate the wave of reform measures under its long-term roadmap for access, accountability, learning quality, and future-readiness.
“Every peso added to the budget is a vote of confidence in our direction... It signals that Congress and the people expect us to deliver— and we intend to meet that expectation with transparency, urgency, and integrity,” Angara said.
The budget for Basic Education Facilities jumped from P 28.06 billion (NEP 2026) to P85.41 billion. This will be used to fund 25,527 new classrooms, repairs for almost 11,886 rooms, and the completion of unfinished school buildings, among others, to relieve classroom shortages in years.
The significant budget increase, the DepEd noted, is set to advance key education reforms, reflecting confidence in Angara’s leadership and the commitment of the administration of President Ferdinand R. Marcos Jr. to improve learning outcomes.
Among the most significant increases are long-standing needs of public schools:
*Textbook and Learning Materials Fund doubled
FROM P 11.16 billion (NEP 2026), funding jumped to P 29.29 billion in the Senate version, enabling DepEd to produce more than 79 million learning resources, develop new titles, and expand supplementary reading materials for early grades.
*School-Based Feeding Program expansion
The program’s budget rose from P11.77 billion (NEP 2026) to PhP28.66 billion, allowing DepEd to serve 4.49 million learners—all Kinder to Grade 1 students and severely wasted or wasted Grade 2 to Grade 6 learners.
*Stronger disaster response and school safety systems
FROM P665 million (NEP 2026), the Disaster Preparedness and Response Program surged to P3.77 billion, covering emergency operations center, additional micro weather stations, clearing operations in more than 4,227 schools, and the construction of temporary learning spaces.
*Expanded school workforce and teacher benefits
DEPED’S 2026 budget also strengthens personnel support through funding for 323,916 new teaching items, 6,000 school principal items, 10,000 Administrative Officer II positions, 5,000 Project Development Officer I posts, expanded laptop provision for teachers, and increased allocations for personnel benefits, including relocation allowances.
*Full rollout of the ARAL learning recovery program
THE Senate version retains the entire budget for the nationwide ARAL program, ensuring compensation for 98,401 tutors.
Other key programs that gained higher allocations include the Last Mile Schools Program (P5.25 billion), Human Resource Development (P4.66 billion), Alternative Learning System (P897 million), and the Electrification of Schools under NEA (P3.67 billion), along with increased funding for inclusive education programs such as Indigenous Peoples Education (P154.44 million), Special Needs Education (P1.04 billion), and the Madrasah Education Program (P521.61 million).
DepEd added that the increased investments will be matched with stronger accountability measures, emphasizing transparent implementation as part of the agency’s 5-Point Reform Agenda.
“The expanded budget gives us the room to fix what needs fixing...It also reflects the confidence placed in the reforms we are pushing forward—and we intend to justify that confidence with clear results.” Claudeth Mocon-Ciriaco
Lawmakers seek to end mandatory PhilHealth payments for OFWs
By Jovee Marie N. Dela Cruz @joveemarie
LAWMAKERS have filed a bill seeking to amend Republic Act No. 11223, or the Universal Healthcare Act, to exempt overseas Filipino workers (OFWs) from mandatory PhilHealth premium payments.
Reps. Leila de Lima of Mamamayang Liberal Partylist, Arlene “Kaka” Bag-ao of Dinagat Islands, and Cielo Krisel Lagman of Albay filed House Bill No. 6355 to revise Section 4(f) of the UHC Law by removing “migrant workers” from the roster of “direct contributors,” thereby making PhilHealth contributions for
Election
OFWs voluntary rather than compulsory.
“Given their indispensable role in national development, OFWs deserve relief from redundant and excessive statutory burdens. Making PhilHealth contributions voluntary is therefore not only a matter of fairness but also of sound public policy and social
justice,” the bill’s explanatory said.
“Although PhilHealth coverage extends to their dependents, the same protection can be achieved through voluntary and flexible contribution schemes without imposing undue financial strain on our overseas worker,” it added.
They also noted that although PhilHealth benefits extend to OFWs’ dependents, similar protection can still be ensured through flexible and voluntary contribution schemes—without placing additional financial pressure on Filipinos working abroad.
Under Section 4(f) of the UHC Act, direct contributors are defined as “those who have the capacity to pay premiums, are gainfully employed and are bound by an employer-employee relationship, or are self-earning, professional practitioners,
migrant workers, including their qualified dependents, and lifetime members.”
Section 10 of the law further mandates a steady increase in PhilHealth premiums, rising from 2.75% of monthly basic salary in 2019 to 5% in 2025. While the intent was to promote universal coverage, lawmakers argue that the policy has placed unintended financial and administrative burdens on OFWs, many of whom are already covered by health insurance in their host countries.
De Lima added, “If we truly recognize the immense contribution of our OFWs to our society and economy, it is only just to provide them with incentives like this, while ensuring that the State delivers quality services to the families they leave behind.”
period for BARMM polls to begin January 29—Comelec
By Justine Xyrah Garcia
THE Commission on Elections (Comelec) confirmed that the election period for the Bangsamoro parliamentary polls will begin on January 29.
Under Resolution No. 11181, approved on November 19 and released on Tuesday, the election period will run until April 14, 2026, covering the 60day window before the March 30 polls and the 15 days after.
During this time, the Comelec will enforce the nationwide gun ban and require written approval for any candidate or public official seeking security escorts.
The commission will also restrict the transfer of civil service employees, the suspension of elected local officials, and the organization of “strike forces.”
Ahead of the election period, the filing of certificates of candidacy is scheduled from January 5 to 9, with the final list of candidates to be posted on February 2.
The official campaign period, meanwhile, will run from February 12 to March 28.
Throughout this window, candidates are prohibited from giving donations—whether personally or through their spouse, relatives up to the second degree, campaign manager, or representatives.
The Comelec also bans the use of special policemen or confidential agents; the hiring of new government personnel or creation of new positions; and the granting of promotions, salary adjustments, or additional benefits in any government office without its approval.
From March 20 to March 30, the poll body will enforce an absolute ban on the release of public funds, except for medical or burial assistance.
Final testing and sealing of automated counting machines is set for March 27.
The Bangsamoro’s first regular parliamentary elections will take place on March 30, electing district and regional political party representatives for the 80-member Bangsamoro parliament.
The Comelec earlier stressed that the Bangsamoro Transition Authority (BTA) must enact a
new redistricting law on or before November 30 for the automated parliamentary elections to proceed next year.
The reminder follows the Supreme Court’s decision suspending this year’s BARMM polls after it struck down
Bangsamoro Autonomy Act (BAA) 77, or the Bangsamoro Parliamentary Redistricting Act of 2025, and BAA 58, or the Bangsamoro Parliamentary Districts Act of 2024.
The Court ruled that both laws were unconstitutional for
violating the Bangsamoro Organic Law. In its ruling, the Court directed the BTA to pass a valid redistricting measure, which the Comelec needs as the legal basis to resume preparations for the 2026 parliamentary elections.
Abaca: Golden fiber with poverty problem in its home region
THE Philippines is considered the world’s leading supplier of abaca, meeting 90 percent of global demand. Abaca or Manila hemp is versatile and has a number of uses, according to a report from the Food and Agriculture Organization of the United Nations (FAO). The commodity has brought in export receipts of more than $90 million per year in recent years.
The FAO report noted that abaca has a high potential to substitute glass fibers in multiple automotive parts, and is currently well recognized as a material for paper products. It can also be used for making ropes, twines, fishing lines and nets, as well as coarse cloth for sacking. It noted that abaca is being used for “soft” applications in the automotive industry as a filling material for bolster and interior trim parts.
Most of the abaca fiber from the Philippines is pulped and processed into specialty papers, including tea and coffee bags, sausage casing paper and currency notes, cigarette filter papers, and vacuum bags. Based on official government data, the top producers of abaca are the Bicol Region, Eastern Visayas and the Davao Region. The abaca capital of the Philippines, Catanduanes, is in the Bicol Region. Given its status as the abaca hub of the Philippines, one would expect that the Bicol Region will do relatively well in terms of the income of its residents. However, this status has yet to benefit the people of Bicol, based on data from the Philippine Statistics Authority (PSA). According to figures from the PSA, the poverty incidence in the region was 27.5 percent in 2023, significantly higher than the national rate of 15.5 percent.
Although Catanduanes is known as the top producer of the world’s strongest natural fiber, it faces a high poverty incidence among its population. PSA data indicated that the percentage rose to 30.6 percent in 2023, an increase of 7 percentage points compared to 2021. The poverty rate was even higher than the 27.5 percent of the Bicol Region.
The government is hoping to address through various initiatives including the Philippine Fiber Industry Development Authority’s (PhilFida) benchmarking of the daily copra price monitoring system of the Philippine Coconut Authority (PCA). The agency noted that this is a “key step” in ensuring fairer pricing mechanisms and improving farmer income. (See, “PhilFida sets sights on ‘fair’ abaca pricing mechanisms,” BusinessMirror , October 22, 2025). The initiative was undertaken amid farmers’ growing concerns over the widening gap between farmgate prices of abaca and pulp producers’ selling prices.
Abaca farmers have long been complaining of the low buying price of fiber despite the huge demand of the international market for their product. Putting in place the necessary mechanisms to improve fiber prices will certainly entice farmers to prop up production and further boost export receipts from this commodity. Improving the incomes of abaca farmers particularly in poor provinces like Catanduanes will also help the government achieve its goal of reducing poverty incidence to a single digit by the time President Marcos steps down from office in 2028.
Remittances and government spending
HT. Anthony C. Cabangon Lourdes M. Fernandez
A. Ng Vittorio V. Vitug
Mark Villar
THE BUILDER
EAVY remittances at this time of the year and calculated government spending are serving as the Santa Claus of the Philippine economy.
The economy will likely see a rebound in the fourth quarter of 2025, led by steady growth in remittances from overseas Filipino workers (OFWs) and accelerated government expenditures.
The anticipated uptick follows a slower-than-expected 4-percent gross domestic product (GDP) growth rate in the third quarter, which was partially attributed to domestic challenges and persistent external headwinds.
Remittances remain an indispensable component of the economy, steadily contributing a substantial portion to the gross national income. Their impact is expected to be amplified in the final quarter by the traditional holiday season spending rush.
Such funds flow into household consumption, which accounts for a substantial share of the GDP. The influx of money leading up to the endof-year holidays naturally boosts spending on food, gifts, education and healthcare. The spending surge creates a powerful multiplier effect, stimulating demand across local businesses and services.
The steady flow of remittances
provides a crucial buffer against global economic volatility and domestic shocks, helping ensure that domestic demand remains robust even when other economic sectors face challenges.
Forecasts suggest that strong labor market conditions abroad, particularly in top remittance sources, will continue to support resilient and possibly accelerated growth in personal remittances for the final quarter.
Per the Bangko Sentral ng Pilipinas (BSP), cash remittances from OFWs increase 3.7 percent to $3.12 billion in September 2025. This figure is higher than the $3.01 billion reported in September of the previous year.
The increase is supported by stronger value of the dollar, which may have encouraged workers to remit more funds.
The increase was also driven by inflows from both land-based and seabased OFWs. Cash remittances from land-based workers accounted for the bulk of the amount at $2.49 billion, while sea-based OFWs contributed the balance of $631.43 million.
Per the BSP data, most of these remittances came from the United
By Ranjani Raghavan
HIGH-FREQUENCY trading firms have posted strong profit growth in India despite regulatory curbs, showcasing their agility in tapping opportunities across the country’s $5.4 trillion equity market.
Hudson River Trading LLC led the charge with a 156 percent surge in profit for the fiscal year that ended on March 31, according to filings.
Optiver Holding BV and homegrown firms AlphaGrep Securities Pvt and Graviton Research Capital LLP also reported robust growth for the year.
The performance highlights India’s growing appeal for market makers even as the Securities and Exchange Board of India tightens rules to temper retail speculation in derivatives. At the same time, regulators have taken steps to strengthen cash markets, expand ETFs, and deepen commodity derivatives.
The fiscal year for these firms
ended about five months after SEBI started imposing curbs on derivatives trading by limiting the number of weekly contracts to one index per exchange, charging upfront for options premiums, and increasing the contract size. The regulator also imposed a temporary ban on Jane Street Group in July, accusing it of manipulative transactions involving options and shares — allegations that the firm has denied. Jane Street and Citadel Securities LLC have yet to report their figures. Even with the curbs, futures and options trading “has been the largest segment for HFT firms given the large volumes,” said Sanchit Suneja,
States, followed by Singapore and Saudi Arabia.
Cumulative nine-month cash remittances reached $26.03 billion as of the end of September 2025, up 3.2 percent from $25.23 billion a year ago. Personal remittances, which include cash sent through both banks and informal channels, as well as in-kind remittances, also grew 3.8 percent to $3.46 billion in September. Remittances are typically expected to peak toward November and December amid the Christmas holiday-spending rush.
National government’s expenditures also play a significant role in providing the necessary fiscal stimulus to meet the fourth-quarter growth target. Following a directive to ensure prudent and effective use of the budget, substantial appropriations have been earmarked for key sectors.
A large portion of the programmed spending for end-2025 is typically allocated for social services, such as the Pantawid Pamilyang Pilipino Program and health assistance, and infrastructure projects.
Infrastructure spending, in particular, is vital as it directly generates employment and improves the country’s long-term productive capacity.
The effective deployment of funds for disaster relief and social protection programs is equally critical for supporting vulnerable populations and facilitating quick recovery from any weather-related disruptions, which in turn mitigates downside risks to overall economic growth.
The government has in fact unveiled a comprehensive “catch-up plan” to speed up economic growth in the fourth quarter by aligning
budget disbursements with national priorities.
Per the Department of Finance (DOF), the economy remains fundamentally strong, with stable foundations and intact investment opportunities.
The government plans to gradually bring down the budget deficit and national debt while concurrently working to create more jobs, increase income and lift more Filipinos out of poverty, according to the DOF. Former DOF Secretary Ralph Recto, who is now the Executive Secretary, noted that the economy is growing faster than the true cost of the debt.
I believe that with the twin pillars of remittance and government spending, we will achieve a growth above 5 percent in 2025 despite the external and internal uncertainties. This outlook is also bolstered by a low inflation environment and stable employment levels. Headline inflation averaged 1.7 percent as of October 2025—below the BSP’s 2 percent to 4 percent target—which is expected to boost consumer purchasing power. Employment levels are stable and higher than the previous year’s average.
The confluence of resilient remittances feeding private consumption and the public spending catch-up plan is expected to create a strong domestic demand environment, positioning the Philippines for a stronger economic performance in the final quarter of 2025.
For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph
chief strategy officer at India’s Motilal Oswal Financial Services Ltd.
He added that algorithmic trading accounts for more than 50 percent of the total trading volume in the equity derivatives segment by value on the National Stock Exchange. Hudson River reported a profit of about 22 billion rupees ($246 million), while its revenue from operations jumped 155 percent to 31.4 billion rupees, according to a filing to the Ministry of Corporate Affairs. Graviton, a significant player in cash equities, reported a 17 percent rise in profit to nearly 12 billion rupees. AlphaGrep saw its profit jump 77 percent to 4.74 billion rupees. Dutch firm Optiver reported a $44 million profit in its first full year in India, reversing losses in the first six months. The figures may not solely reflect income generated within India for the firms. Algorithmic traders are also profiting from market making on exchange traded funds, and cash-to-
futures arbitrage, Suneja said. Proprietary traders accounted for about 50 percent of the options turnover in the latest fiscal year, about 30 percent of cash equity trading and roughly 35 percent of futures, he said. Meanwhile, HFT firms are also adapting and looking into multifrequency strategies. Companies are also diversifying into other segments, while smaller retail investors are moving away from derivatives.
“There is a churn in users,” Ishan Bansal, the chief financial officer of digital broker Groww, said on an earnings call on Friday. The firm saw a 10 percent to 20 percent growth in average order value per user in the derivatives segment over the last few quarters, Bansal added. That’s because smaller participants are moving away from the futures and options segment, he said. With
Taiwan tycoon backs
$1.5 billion AI bet with private credit fund
By Ben Stupples & Pui Gwen Yeung
APATRIARCH for one of Asia’s biggest finance fortunes is joining other members of the global rich in bolstering artificial intelligence investments, defying fears of a bubble.
Andre Koo Sr. has committed at least $100 million to anchor two funds started this month that will allocate to AI infrastructure companies, including those partnering with chipmaking giant Nvidia Corp., according to documents seen by Bloomberg and a person with knowledge of the matter.
The funds, managed by the Koo dynasty’s asset-backed financing business Chailease Holding Co. and Jasper Lau’s Era, are seeking to raise $1.5 billion from other ultra-wealthy individuals and institutions, the person said, asking not to be identified as the details are private.
A spokesperson for Era declined to comment, while a representative for Koo confirmed the billionaire’s role as an anchor investor, without specifying his commitment. Split across two branches, the Koo family oversee one of the biggest fortunes in their native Taiwan, with a combined net worth of at least $7 billion, according to the Bloomberg Billionaires Index.
Koo Sr. is a fourth-generation member of the Koo dynasty and controls a stake worth more than $400 million in Chailease. He joins Gulf sovereign wealth funds, Silicon Valley giants and other billionaires in boosting bets on AI infrastructure such as data centers and graphics processing units.
Billionaire US investor Stanley Druckenmiller’s family office has increased its stake this year in Taiwan Semiconductor Manufacturing Co., the world’s most advanced chipmaker and the main supplier to Nvidia and Apple Inc., while the data-center boom has minted its own billionaire elite.
Almost all 335 leaders at investment firms for the world’s rich surveyed this year as part of Bank of America Corp. research released this
Trump talks to Xi, then Takaichi as US walks Taiwan tightrope
Dmonth say AI could enhance financial returns. Some ultra-wealthy individuals, including Peter Thiel, are curbing AI bets, however, amid concerns over booming valuations that have turned Nvidia into the world’s most valuable company.
The Koo dynasty’s business empire dates back to 1895 and has become one of the most influential in the region. The family made its fortune initially dealing in goods such as salt and sugar, before expanding into real estate, industrials and finance, including stakes in CTBC Financial Holding Co. and KGI Financial Holding Co. Koo Sr. is honorary chairman of Taipei-based Chailease, whose share price has climbed more than four-fold in the past two decades.
Chailease and Koo are committing at least $50 million each to the Chailease fund targeting private credit allocations to AI infrastructure companies, though the plans aren’t finalized and the tycoon may invest more, the person familiar said.
Koo has also committed $50 million to the Era fund, which will seek equity stakes in AI infrastructure companies in a deal arranged through the billionaire’s family office, the documents seen by Bloomberg show. That fund is overseen by Lau, a 30 year-old US-based investor who founded the company in 2022 after previously establishing another money manager backed by members of the world’s super-rich. Lau also helps oversee investments for Koo Sr., the person familiar said.
Target investments for the Era fund include companies that help to accelerate graphics processing and those built with technology from Nvidia, the documents show.
A spokesperson for Nvidia declined to comment. Bloomberg
Bitcoin traders see signs of selloff easing as token steadies
By Isabelle Lee & Suvashree Ghosh
THE intense selling pressure that has weighed on Bitcoin in recent weeks looks to be easing, raising hopes that the token’s brutal slide is nearing an end.
The original cryptocurrency hovered around $88,000 on Tuesday, recovering from a slump that consigned it to a seven-month low, triggered massive liquidations and erased more than $1 trillion in value from the broader digital-asset market.
The mood among traders remains cautious, highlighting the market’s fragile state. Bitcoin remains on track for its worst month since 2022, and exchange-traded funds investing in the token look likely to record their heaviest monthly outflows since launching. But after Bitcoin’s modest rebound, some see cause for optimism.
In the Bitcoin options market, the cost of purchasing downside protection has fallen sharply, with the premium for one-week puts over calls sliding to around 4.5 percent from a 2025 high of 11 percent reached on Friday, according to Caroline Mauron, co-founder of Orbit Markets.
“This indicates the level of stress has come down significantly, and investors expect we’ve seen the bottom for now,” she said.
Another metric drawing attention is Bitcoin’s 14-day relative strength index, now at 32 after a steep decline from early October. A reading of 30 or below typically signals an oversold asset while 70 or above indicates the opposite. Meanwhile, implied volatility on Bitcoin options—a gauge of expected future price movement—has
returned to April levels, when tariff news induced a wave of selling.
“This suggests traders are positioning for a breakout, which could of course be in either direction,” said Noelle Acheson, author of the Crypto is Macro Now newsletter. “But options skew shows that the bets on further drops are softening relative to those on a price increase from here.”
Global crypto exchange-traded products have seen more than $6 billion in outflows so far in November, the largest monthly withdrawal on record going back to 2018, according to data compiled by Bloomberg Intelligence. Even so, investors are largely staying put. The US Bitcoin ETFs’ combined redemptions of $3.7 billion in November represent about 3% of their $110 billion in assets.
For BlackRock Inc.’s Bitcoin fund (IBIT), short interest—measured by the dollar value of shares sold short— has plummeted, according to a report published by S3 Partners LLC.
BTC Markets Analyst Rachael Lucas noted that Bitcoin’s muted trading on Monday could also indicate that selling pressure is subsiding. She sees $80,000 as the near-term floor, with $90,000 to $95,000 forming the resistance band to any meaningful rebound.
Technology stocks drove an advance in global equities on Monday as traders kicked off a data-packed week. Investors have put the chances of a rate cut at the upcoming December meeting of the Federal Reserve at about 80 percent, up from 42 percent a week ago, according to futures contracts. Fed officials appear deeply divided over whether another reduction would be appropriate, following cuts in September and October. With assistance from Sidhartha Shukla/Bloomberg
By Josh Wingrove
ONALD TRUMP held back-to-back calls with the leaders of China and Japan, signaling the US president’s desire to balance ties with Asia’s top economies as tensions rise over Taiwan.
Trump’s hour-long conversation with President Xi Jinping marked their first direct contact since reaching a trade truce in South Korea, after both men skipped this weekend’s Group of 20 summit. Xi pressed his US counterpart on the issue of Taiwan, which didn’t arise in last month’s encounter, according to Chinese state media.
Xi framed his view of Taiwan’s status in stark historical terms, telling Trump the island’s return to China represented an essential element of the post-World War II international order. The Chinese leader invoked their countries’ wartime alliance against fascism, urging joint efforts to “safeguard the victory of WWII.”
Hours after that conversation wrapped, Trump spoke with Japanese Prime Minister Sanae Takaichi, who said the US leader reached out to reaffirm ties with Tokyo and update her on the situation with China, saying she could call him anytime.
The ongoing row between Japan and China over Taiwan—the selfruled island Beijing considers its territory—is injecting fresh uncertainty into the Trump-Xi relationship just weeks after leaders of the world’s largest economies reached a trade truce.
Trump’s decision to speak with both leaders underscores his determination to avoid getting sucked into a spat between a key American ally and his nation’s top supplier of rare earths. China has been pressuring countries to pick sides, writing a letter to the United Nations accusing Japan of violating international law by suggesting its armed forces could be drawn into a Taiwan conflict.
The flurry of diplomacy comes as the US and China’s trade teams hash out the final details of their truce.
Treasury Secretary Scott Bessent said earlier this month that a rare earths deal between the nations would “hopefully” be completed by Thanksgiving, though talks on key implementation details continue.
Trump characterized the call with Xi as “very good” and said they spoke about purchases of soybeans and other farm products as well as curbing shipments of illegal fentanyl. The US president said he agreed to visit Beijing in April, and had invited Xi for a state visit next year.
Beijing deliberately avoided raising Taiwan in South Korea to focus on trade and steadying ties, according to Rorry Daniels, managing director at the Asia Society Policy Institute. Takaichi’s subsequent
comments about potential military intervention in a Taiwan crisis “have now prompted the full court press,” Daniels said.
“China often wants Washington to handle its friction with US allies,” Daniels noted, adding that Beijing views allies as “subordinate to US direction.”
Any flare-up between the US and China could imperil a trade truce that saw Washington lower fentanyl-related tariffs on Chinese goods and Beijing agree to suspend certain restrictions on the export of rare earths.
Investors in Asia are already grappling with fresh uncertainty after China issued a travel advisory against Japan, suspended the screening of some Japanese films and banned the import of Japanese seafood. Both countries have stepped up military drills, with China announcing patrols in the East China Sea and Japan announcing plans to deploy missiles to an area near Taiwan.
Trump said in a Nov. 2 interview with CBS News’ 60 Minutes that Xi “understands the answer to that” when asked if US forces would come to the defense of Taiwan in the event of a Chinese attack.
Trump’s public statement on the Monday call with Xi sidestepped Taiwan, focusing on agricultural purchases and fentanyl cooperation.
“Our relationship with China is extremely strong!” the president wrote on social media.
Trump acknowledged China’s WWII contributions during the call
Trump team internally floats idea
of selling Nvidia H200 chips
By Mackenzie Hawkins & Jenny Leonard
US officials are having early discussions on whether to let Nvidia Corp. sell its H200 artificial intelligence chips to China, according to people familiar with the matter, a contentious potential move that would mark a major win for the world’s most valuable company.
President Donald Trump’s team has held internal talks about H200 chip shipments to the Asian country in recent days, said the people, who requested anonymity to discuss a highly sensitive matter. No final decision has been made, the people emphasized, and it’s entirely possible that the idea remains an internal debate and never results in actual license approvals, which are required under export controls that Washington first imposed in 2022.
Still, the fact that H200 shipments are being considered is a major departure from the Trump administration’s earlier public stances on semiconductor export controls. It would represent a concession to Beijing that would almost certainly draw widespread opposition from China hawks in Washington. It would also constitute a victory for Nvidia Chief Executive Officer Jensen Huang, who’s lobbied Trump’s team intensively for a reprieve from export controls that many within the administration consider crucial to US national security.
Nvidia shares climbed to a session high on the news Friday. They gained as much as 2 percent to $184.29 following earlier declines.
Nvidia said in a statement that the current regulatory landscape doesn’t allow it to offer a competitive data center product in China, “leaving that massive market to our rapidly growing foreign competitors.” Nvidia’s hardware is the industrial standard for AI development, making its chips the most coveted components for companies building facilities used to train and run AI models.
“Our foreclosure from the China data center compute market has no impact on our ability to supply customers in the USA,” the Santa Clara, California-based company added.
Nvidia has repeatedly empha-
sized that point this year, as it lobbies against legislation that would force the chipmaker to prioritize Americans over Chinese customers. The White House is urging lawmakers to reject that bill, which is in many ways a bipartisan attempt to safeguard against Trump green-lighting cutting-edge chip sales to the Asian country.
Representatives from the White House and the Commerce Department, which regulates exports, didn’t immediately respond to requests for comment about the H200 discussions.
If realized, the H200 move would constitute a significant easing of US trade restrictions designed to curtail China’s prowess in artificial intelligence. The H200 is more powerful than the H20 processor, a chip designed specifically for the China market that is the most advanced model Washington currently approves for export. But both socalled AI accelerators are based on the previous-generation Hopper technology—rather than the current Blackwell line that Nvidia sells in the US.
Trump had earlier floated the possibility of discussing Blackwell chip exports with Chinese leader Xi Jinping. The topic ultimately didn’t come up during recent talks, but his administration didn’t take exports of currently restricted AI chips completely off the table. Treasury Secretary Scott Bessent later said he could imagine exporting Blackwell chips to China once they are no longer the most advanced—possibly in a year or two.
In the weeks since the Trump-Xi meeting, administration officials have continued to hold quiet discussions on what chips the US could be comfortable selling—that China could also approve of its companies using—according to people with
and said the US “understands how important the Taiwan question is to China,” according to the Chinese readout.
Before the truce last month, Secretary of State Marco Rubio pushed back against concerns Trump would change US policy on Taiwan.
“If what people are worried about is we’re going to get some trade deal where we’re going to get favorable treatment on trade in exchange for walking away from Taiwan— no one is contemplating that,” he told reporters.
China wants Washington to officially declare it “opposes” Taiwan independence, rather than maintaining the stance that it “does not support” independence, Bloomberg previously reported citing people familiar with the discussions.
Rare earths negotiations remain a focus for Trump with China, as both sides aiming to finalize “general licenses” for China’s pledged exports of rare earths and critical minerals—materials crucial for high-tech electronics, automobiles, and robotics manufacturing.
Trump’s conversation with Xi also touched on Ukraine, with China’s leader expressing support for peace efforts and hoping parties would reach a “fair, lasting and binding” agreement. White House Press Secretary Karoline Leavitt characterized the discussion as focused primarily on trade relations moving “in a positive direction.” With assistance from Michelle Jamrisko, Foster Wong, Jing Li, Meghashyam Mali and Nectar Gan /Bloomberg
to China
Nvidia said in a statement that the current regulatory landscape doesn’t allow it to offer a competitive data center product in China, “leaving that massive market to our rapidly growing foreign competitors.” Nvidia’s hardware is the industrial standard for AI development, making its chips the most coveted components for companies building facilities used to train and run AI models.
knowledge of the talks. Beijing has repeatedly protested Washington’s curbs on both advanced chips and the tools used to make them, and major Chinese companies still broadly prefer Nvidia chips to inferior domestic alternatives. At the same time, though, the Chinese government wants the country to transition to homegrown AI hardware from companies like Huawei Technologies Co., which is working hard to catch up. Beijing has discouraged or outright forbidden firms from using the H20 chip and another China-focused Nvidia product.
Selling the H200 to China is seen by some in the Trump administration as a compromise, people familiar with the matter said. Shipments of the processor would be a less extreme move than offering Blackwell chips, something that’s widely opposed by senior staff.
Still, there are some proponents of giving China access to more upto-date processors, one of the people said, framing the debate as being a choice between the Blackwell and Hopper families of products. Many don’t want to see any additional Nvidia chips go to China at all, a view that’s shared by lawmakers on both sides of the aisle.
Just five months ago, Bessent told lawmakers that the Trump administration had “no intent” to increase China’s access to advanced semiconductors. He noted then that Trump’s team had even curbed access to the less-powerful H20 chips—an action considered but not taken by President Joe Biden’s administration.
Weeks later, the US approved shipments of H20 chips to China—in exchange for a 15 percent cut of the revenue, a legally dubious arrangement that hasn’t been formalized. The H20 export controls remain in place, meaning that sales of those chips to the Asian country still require US government permission.
Several senior officials said publicly at the time that the move was part of a trade deal to secure access to rare-earth minerals from China. But roughly a half-dozen people with knowledge of the terms of the accord struck in London said that there was no such agreement. China’s commerce ministry, for its part, said it had approved rare-earth licenses in accordance with the US lifting other recent export controls. It separately acknowledged Washington’s decision on H20 chips, which it described as proactive. Commerce Secretary Howard Lutnick justified exporting those accelerators on the grounds that they would get China “addicted” to American technology—hurting the Asian country’s competitiveness without selling China “our best stuff, not our second-best stuff, not even our third-best.” Beijing responded by encouraging companies not to buy those Nvidia chips, strengthening a position the Chinese government had held for at least a year.
But then in August, Trump floated the possibility of selling a less-advanced version of Nvidia’s top-ofthe-line Blackwell family of products —a prospect that alarmed China hawks in and outside of the administration and helped propel export control legislation on Capitol Hill. When Trump ultimately didn’t discuss Blackwell chip sales with Xi last month, many in Washington breathed a sigh of relief. But they’re also wary that things could change. A bipartisan group of senators is currently drafting legislation that would force the Commerce Department to deny license applications for all currently restricted chip exports to China, Bloomberg has reported. If that were to become law, it would render the Trump team’s H200 discussion a moot point. With assistance from Maggie Eastland/Bloomberg
Wednesday, November 26, 2025
PSA DATA: INDUSTRY WAGES SHOW 3-FOLD GAP IN 2024
By Justine Xyrah Garcia
THE 2024 Occupational Wages Survey showed a three-fold gap between the country’s highest- and lowest-paying industries, according to the Philippine Statistics Authority (PSA).
The PSA reported on Tuesday that workers in Information and Communications earned an average monthly wage of P43,676, while those in agriculture, forestry and fishing received P14,615—nearly three times less.
Nationwide, the average monthly wage of time-rated, full-time workers in 2024 stood at P21,544, consisting of an average basic pay of P20,309 and monthly allowances of P1,235.
Information and Communications also posted the highest average basic pay at P40,931 and one of the highest average monthly allowances at P2,745.
In contrast, agriculture, forestry and fishing recorded the lowest basic pay at P14,191 and the lowest allowance levels at P424.
Other industries with wages above the national average included professional, scientific and technical activities (P36,096) and electricity, gas, steam and air-conditioning sup -
ply (P35,188). Across regions, the National Capital Region (NCR) registered the highest average monthly wage at P29,310, followed by Region IV-A at P19,711 and Region III at P19,084.
The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded the lowest regional wage average at P11,495.
“The highest average monthly basic pay and allowance were both observed in the National Capital Region, with P27,318 and P1,992, respectively,” the agency noted.
The PSA also reported a negative gender wage gap at the national level.
“Gender wage gap measures the difference in average monthly wages between male and female time-rated workers employed on a full-time basis.
A positive value indicates that male workers earned more on average than female workers, while a negative value means female workers have higher average earnings,” PSA said. Female workers earned an average of P22,236, higher than the P21,009 recorded for male workers, resulting in a –5.8 percent wage gap.
Eleven out of 17 regions
BusinessMirror
‘Lack of semicons roadmap to hurt PHL’s top $ earner’
By Andrea E. San Juan @andreasanjuan
THEsemiconductor and electronics industry may lose its position as the top dollar-earning product of the Philippines if the government fails to roll out strategies that would help the industry move up the value chain, such as pursuing high-technology manufacturing.
In an interview with reporters, Semiconductor and Electronics Industries in the Philippines, Foundation Inc. (Seipi) President Danilo C. Lachica said he doubted if “our $50 billion exports and 3 million direct and indirect workers...will be sustainable.”
Asked if the industry may lose its position as the top commodity export of the country, Lachica said: “I think it’s at risk. That’s why I said, we will lose that position and our industry will be at risk.”
Lachica underscored that this risk may stem from the lack of high
technology manufacturing in the country.
“My concern is if we don’t do something drastic today, we’re just going to be falling worse and worse behind them [Asean neighbors]. And even Thailand has overtaken us. In 2027, they’re going to have their first wafer fab,” the Seipi chief pointed out.
He emphasized that if the local semiconductor and electronics industry just continues with its current strategy today, “There’s no chance of catching up with Vietnam or Malaysia.”
Study shows deep impact of climate woes on children
By Jonathan L. Mayuga
UNICEF Philippines and the Department of Envi-
ronment and Natural Resources (DENR) have called for coordinated and inclusive action to make child-focused social services resilient to climate impacts. This, following a joint report on the risks posed by climate shocks to children’s rights to health, nutrition, education, water, sanitation, protection and a safe environment.
The report, Climate Landscape Analysis for Children in the Philippines, also sheds light on the current initiatives by various agencies, identifies gaps in implementation, and reveals strategic opportunities for coordinated, data-driven child-centered climate action that institutionalizes child participation and prioritizes long-term adaptation.
“As stewards of our nation’s environment and natural resources, we at the Department of Environment and Natural Resources [DENR] recognize the urgent need to address the escalating impacts of climate change, particularly on the most vulnerable segment of our society: our children,” DENR Secretary Raphael
P.M. Lotilla said in a statement.
Climate Risk Index THE Unicef Children’s Climate Risk Index lists the Philippines as one of the most hazard-prone countries for children, exposing them to high risks that threaten their rights, as highlighted in the landscape analysis. By 2050, nearly all children will experience at least five annual heatwaves, raising the likelihood of heatstroke, dehydration, and preterm births. More typhoons and shifting rainfall will also increase outbreaks of diseases such as dengue and malaria. Up to 98 per cent of agricultural losses from climate shocks have cut food supplies, leading families to rely on unhealthy, processed foods and increasing both hunger and malnutrition. By 2040, up to 80 percent of the Philippines’ water supply may be at risk, making it one of the most water-stressed countries. Typhoons and other disasters damage water infrastructure, raising risks of disease outbreaks.
In the 2023-2024 school year, 32 school days or 18 percent of the duration were lost due to climate hazards. In the past decade, disasters
have impacted 9 out of 10 schools.
Climate change also raises risks of violence, exploitation, poverty, and overburdened social support systems, which may trap vulnerable households in ongoing hardship.
Children in vulnerable groups are especially affected. Areas like Palawan, Camarines Norte and Sur, Quezon, Maguindanao del Sur and Norte, Sulu, and the Special Geographic Areas of Bangsamoro Autonomous Region in Muslim Mindanao face frequent climate hazards and have weak infrastructure, increasing their vulnerability.
Child right crisis
WHILE the Philippines has strong national policies for climate and disaster risk reduction, children’s needs are not yet fully prioritized in climate action. Investing in climate-resilient social services will protect their rights.
“The climate crisis is, at its heart, a child rights crisis. We must rapidly increase investments in climateresilient health, education, water, nutrition, and protection services to make the Philippine National Adaptation Plan work for children. UNICEF stands ready to partner with the government and all stake -
holders to ensure a just, inclusive, and sustainable future for every child in this climate-changed planet,” said Unicef Philippines Representative Kyungsun Kim.
“The DENR acknowledges the importance of empowering children and youth to participate in climate action. We must ensure their voices are heard, and their perspectives are integrated into decisionmaking processes,” Lotilla, for his part, said.
The DENR and the Climate Change Commission are leading the localization of the National Adaptation Plan, which will provide clear pathways to unlock global and domestic climate financing through the investment portfolio for risk resilience. It will also strengthen collaboration among agencies to strengthen policies and align strategies for climate-resilient services.
Unicef Philippines is also supporting the government in strengthening child and youth participation in climate policy, planning, and implementation at all levels. The launch event featured the first-ever Kabataang Resilient Awards at DENR’s yearly Mga Kwentong KLIMA-likasan Tungo
Ten years ago, he said these Southeast Asian countries also did not have wafer fabrication plants in place. He pointed out that Vietnam did not even have electronics a decade ago.
“But look at them now, we’re chasing them,” the head of the local chips and electronics industry underscored.
The thing with technology, Lachica said, is you can’t sustain the economic development of a country without high-technology manufacturing.
By putting in place a “drastic” strategy, Lachica emphasized the importance of including the discussion on semiconductor and electronics in the agenda of the Association of Southeast Asian Nations (Asean) which the Philippines will chair next year.
However, he expressed frustration that the government-initiated Roadmap on the semiconductor and electronics industry has stalled and is yet to be published. This should have been part of the core strategy of the local industry’s agenda at the Asean summit.
ductor supply chain, if you include it in your investment strategy, what will you show? What are the details for the Philippines? At least I haven’t seen it. So I just hope that we have a strategy, we understand our internal strategy so we can present it intelligently at the Asean summit,” said Lachica. The leaders of Malaysia, Vietnam and Singapore have been nudging him, Lachica noted, about the strategy of the Philippines.
Asked what could be causing the delay in the publishing of the industry roadmap, Lachica said, speaking partly in Filipino, “I don’t know. Ask DTI. Because that’s already finished. I’ve grown tired of asking them. That should have been out in April. And part of that, we need to do advance ATP, IC design and advanced products.”
AT the Public-Private Sector Dialogue on the Philippines 2026 Priority Economic Deliverables, Lachica pointed out: “The DTI roadmap to upgrade the semiconductor and electronics industry hasn’t even been published after six months of completion by McKinsey. So how are we going to go into an Asean
Plastic pollution hits PHL devt blueprint
By John Eiron R. Francisco
PLASTIC pollution is no longer a looming crisis but a “daily reality” that continues to choke seas and strain coastal communities, Philippine officials said Tuesday, warning that its impact undermines the nation’s push to build smarter and safer communities.
Speaking at the International High-Level Forum on NUclear TEchnology for Controlling Plastic Pollution (NUTEC Plastic) in Pasay City, Science and Technology Secretary Renato U. Solidum Jr. said the Philippines generates about 2.7 million metric tons of plastic waste each year, making it the world’s third-largest contributor to marine plastic pollution.
“Plastic pollution is not a future threat. It is a daily reality for the health of our seas, our communities, and our economies,” Solidum said, adding that unmanaged waste hampers disaster preparedness and broader development goals. “Its impact is a serious blow in our quest to build smarter and safer communities.”
Globally, plastic pollution reaches roughly 20 million tons annually, the equivalent of 2,000 garbage trucks dumped into the environment every day, yet only 9 percent of the world’s plastic waste is recycled, according to International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi.
“We can see the dimension of this problem, which is not theoretical. It is affecting economies and communities, particularly coastal areas and fisheries,” Grossi said.
Solidum noted that for the Philippines, a nation largely shaped by its extensive coastlines and vulnerable communities, these threats require science-driven and scalable interventions.
“We have embraced building plastics not as a concept, but as a practical pathway to transform waste into value and data into action,” he said.
He added the country remains committed to the United Nations Sustainable Development Goals and is turning to nuclear science, technology, and innovation to help address plastic pollution, strengthen food security, and improve disas-
ter preparedness.
Nuclear solutions
PRESIDENT Ferdinand Marcos Jr. said the Philippines was honored to convene the high-level forum. In his keynote address, he said the government is advancing work with the Philippine Nuclear Research Institute and the Industrial Technology Development Institute, including the Post-Radiation Reactive Extrusion (PREx) Plastic Project. Under PREx, local researchers use radiation processing to strengthen low-value plastic waste and convert it into durable, upcycled products. One of its outputs, the PREx Prototype House, demonstrates how processed plastics can support housing and community infrastructure.
Marcos also noted the country is expanding its capacity to monitor microplastics in coastal waters through IAEA-supported laboratories using global testing methods to better track pollution.
“It shows how renewable technology can enhance polymer properties, reduce material degradation, create new industrial uses for plastics where they were not before,” Marcos said. “And this is how innovation can shape the sector, by converting what we once called waste into new value.”
During the forum, Marcos and the IAEA launched a new plastics investment and partnership program to scale up nuclear-based environmental solutions. The program aims to guide governments, industries, and research agencies in investing in sustainable practices and green industries.
“Science does not progress in isolation. It advances in networks of regulators, scientists, investors, community stakeholders, and the Philippines is committed to building such centers globally and across all borders,” Marcos said, adding that the program also supports green industry development. He emphasized that technological advances must align with human well-being, ethical standards, environmental protection, and sustainable growth.
“Our engagement with the IAEA and
Editor: Jennifer A. Ng
SM Prime invests ₧3 billion in upscale devt in Batangas
By VG Cabuag @villygc
SM Prime Holdings Inc., through its leisure resort residences developer Costa Del Hamilo Inc., on Tuesday said it is investing P3 billion in M Village, a flagship community at Hamilo Coast’s Marina Estates.
Located in Nasugbu, the 12-hectare M Village sits on the western seaboard of Batangas, facing the calmer side of the West Philippine Sea. The area is lined with deep, nat-
urally sheltered coves like Papaya Cove, which make docking and anchorage safer than exposed beaches.
“M Village is a unique property because it combines upscale coastal
living with seamless access to both nautical adventure and nature,” Shirley C. Ong, executive vice president and business unit head of SM Leisure Resort Residences, said.
More than 60 percent of the estate will remain as open space and natural systems, wherein over four hectares will house shared amenities including a clubhouse, bi-level pools, a rain garden, family parks, an esplanade, and a wide lawn for gatherings. The first phase offers over 170 residential lots which allow residents to station 4- to 6-meter boats and jet skis right at their doorstep.
M Village brings together the expertise of Wimberly Allison Tong & Goo (WATG) Singapore as concept
planner and Joel Luna Planning and Design as master planner.
WATG is the global design firm behind Regent Bali Canggu, Nobu Residences Los Cabos and several Four Seasons properties.
Their involvement positions M Village as community built to global standards, with a premium aesthetic that aligns it with the world’s most distinctive coastal destinations.
Ong said market reception has been strong, with buyers securing units well ahead of the scheduled turnover in late 2028.
The village is designed to deliver a complete marina lifestyle experience where waterways and green corridors are integral to daily life.
BENLC taps experts for OSW project
TBy Lenie Lectura @llectura
HE Buhawind Energy North-
ern Luzon Corp. (BENLC), a subsidiary of Yuchengco-led PetroGreen Energy Corp. (PGEC), has tapped experts to conduct feasibility studies (FS) for its planned offshore wind (OSW) project.
“By engaging third parties to conduct resource validation and environmental impact study of our offshore wind project, we are taking a responsible, deliberate, and transparent approach to development,” said BENLC Vice President for Op -
DITO CME’s Donald Lim elected new MAP prez
THE Management Association of the Philippines (MAP) has elected Donald L. Lim, the incumbent president of DITO CME Holdings Corp., as the organization’s President for 2026.
The business organization dubbed Lim as a “pioneering force” in shaping the Philippines’ digital economy, saying he “advanced” national initiatives on artificial intelligence, blockchain, cybersecurity, and ethical digital governance.
“Over the past two decades, he has distinguished himself through leadership roles across corporate management, entrepreneurship, national advocacy, education, and military service,” read MAP’s statement issued last Tuesday. Lim is the founding president of the Blockchain Council of the Philippines, the Cybersecurity Council of the Philippines, and the Global Al Council Philippines.
MAP said these organizations bring together government, industry, and academe to “champion responsible innovation and digital trust.” Meanwhile, the business group said Lim’s work has helped position the Philippines as an “emerging hub” for technology adoption, digital governance, and “future-ready” leadership.
“A respected educator and author, Lim has taught at leading universities and written several books—“Cybersecurity Unmasked,” “Blockchain Unlocked” and the upcoming “Al Unleashed”—which underscore his long-standing commitment to building a digitally empowered and ethically anchored. He also serves in the Philippine Air Force Reserve Command as a Group Commander with the rank of Lieutenant Colonel,” the MAP said. Andrea San Juan
Ovialand inks deal for Bulacan project
erations Maria Victoria M. Olivar. BENLC is a joint venture between PGEC and Copenhagen Energy of Denmark. The studies are meant for its 2,000-MW Northern Luzon offshore wind project. Equally important is the start of our workforce development program with Mapua (Mapúa University) and MMSU (Mariano Marcos State University), with the support of the GWEC (Global Wind Energy Council) and the Royal Embassy of Denmark, which symbolizes the power of international and cross-sectoral collaboration to foster knowledge-sharing that will benefit not only our project
but the entire region,” Olivar added. During the launch of multi-stakeholders collaboration for the feasibility studies of the Northern Luzon offshore wind power project, three key activities were kicked off during the ceremonial event. These are the commissioning of two scanning LiDAR (Light Detection and Ranging) units and a second meteorological mast to validate prior satellite and three-years of actual site wind measurement from a pre-existing met mast, the start of a comprehensive environmental and social impact study led by global firm ARUP for the project’s development ECC, and
formalization of academe-industry partnership for workforce development in Ilocos Norte, with Mapúa and MMSU.
“The DOE (Department of Energy) welcomes the feasibility milestones achieved by BENLC,” DOE Assistant Director Ruby de Guzman said. “These activities—wind resource validation, environmental and socio-economic studies, and capacity-building with academic institutions—reflect the careful, science-based, and communitycentered approach we expect from responsible offshore wind developers,” she added.
US stock futures dip after rally
US stock futures eased after a tech-fueled rally in the S&P 500, as traders look ahead to a slate of economic data to gauge whether optimism over a potential Federal Reserve interestrate cut can hold up. Contracts on the US benchmark were 0.2-percent lower after the biggest two-day advance since May.
Nasdaq 100 futures slipped 0.3 percent. Alphabet Inc. rose 2 percent in premarket trading after a report said the Google parent is stepping up efforts to challenge Nvidia Corp. in the AI chip market. Nvidia fell more than 3 percent. In Europe, the Stoxx 600 was little changed. Asia’s regional benchmark climbed 0.6 percent, buoyed by gains in Chinese shares after Presidents Donald Trump and Xi Jinping held their first talks since agreeing to a tariff truce last month. SoftBank Group shares
tumbled 10 percent on concern Alphabet’s Gemini AI model could boost competition for OpenAI, a key SoftBank investment.
Traders are watching US data ahead of the Thanksgiving holiday, including September retail sales and producer prices due later Tuesday. Though dated by the shutdown, the reports may still matter with little fresh data before the Fed meets next month.
“The market reaction could be larger than usual and may very well affect sentiment surrounding the FOMC December meeting,” Danske Bank A/S analysts wrote in a note.
US Treasuries eased ahead of the data, with the 10-year yield rising one basis point to 4.03 percent. Gold and the dollar slipped, while Bitcoin fell below $87,000.
Money markets are pricing in about a 75 percent chance of a Fed rate cut at the December meeting.
The odds have fluctuated in recent weeks, though climbed steadily after dovish remarks from policymakers signaling support for the labor market.
Markets are taking a breather Tuesday after a volatile stretch, amid growing concern that this year’s AI-fueled rally may be drifting into bubble territory. A lack of economic visibility due to the data blackout, along with widening divisions between Fed doves and hawks, have also kept traders guessing about the central bank’s next move.
“It’s really quite unique in the history of the Fed to have such a confrontation of hawkish and dovish narratives,” said Raphael Thuin, head of capital market strategies at Tikehau Capital. “The lack of visibility on the Fed’s next move could be a big risk this year and for 2026 too.” Bloomberg News
Xiaomi founder’s buy sparks stock rebound
XIAOMI Corp. founder Lei Jun’s purchase of about HK$100 million ($12.9 million) worth of company stock may help bolster sentiment in the smartphone maker after shares tumbled more than 30 percent from the July peak.
The announcement, disclosed late Monday, lifted Lei’s stake to 23.26 percent, and sent shares rallying 4.4 percent, the biggest oneday jump in two months. Analysts say the move, which is unusual as it involves the founder instead of just the company, underscores efforts to stabilize the stock and limit downside going forward.
“It’s hard to say whether this will be a concrete bottom, but I would say the signaling that a drop from
LEI JUN PHOTOGRAPHER: SHAWN KOH/BLOOMBERG
here is limited is strong,” said Jiang Liangqing, a fund manager at Zhuhai Greenbamboo Private Fund Management. Xiaomi has a history of welltimed buybacks, executing a num -
ber of repurchases since 2022 that ultimately resulted in market gains. In June, a new buyback program announcement and EV model launch helped fuel a rally over the following weeks. Lei’s buyback of 2.6 million shares is in addition to the 21.4-billion shares remaining in order to complete the June buyback program.
The relative cost of hedging against swings in Xiaomi shares has dropped from a high earlier this month, a sign investors may not see the need to pay up for protection. The spread of one-month implied volatility on the stock versus the Hang Seng Tech Index is now around 7.5 points, compared with an average of 11 over the past year. Bloomberg News
BOUTIQUE-property developer Ovialand Inc. announced last Tuesday it has launched
Anara project with Japan’s Takara Leben Co. Ltd., a firm specializing in condominium, real estate leasing and real estate distribution.
Anara is a 4.2-hectare development in Baliuag, Bulacan, featuring 275 units.
The project will bring Ovialand’s experience—offering premium finishes, efficient precast construction, and the HousEasy service commitment.
Takara Leben’s involvement adds value with its global expertise in quality standards, integrated operations and real estate innovation, Ovialand said.
Ovialand President and CEO Pammy Olivares-Vital and Takara Leben Director Hiroshi Iwamoto formally signed their third venture project last Monday.
“We don’t really serve foreign investors as end-users is our market. But what we did observe with the market is that everybody is more sigurista (cautious) compared to maybe five years to eight years ago,” Vital said.
“Before it was very, you know, people were very confident, they were very easy to decide if they were going to buy a house, But now, there’s
really a lot of double-checking, and there’s a lot of things to do before even a homebuyer decides to buy a house from us, they’ve already done all the research, checked out all the reviews and everything,” she added.
Vital said Ovialand’s strategy for the next five years is to focus on the emerging middle class Filipino family.
“And really to give them premium real estate. At P3 million to P5 million price points, we want to give them the best, you know, akin to luxury, without the luxury prices,” she said. Baliuag, which will have its own stop on the ongoing construction of North-South Commuter Railway, is emerging as a high-growth area as the city is experiencing a rise in major establishments including retail centers, which indicate strong purchasing power and residential demand. The said development is the first development under the Japan partnership in Central Luzon, following Savana South, and Sentro—both in Laguna—launched in 2024.
“In times like these, it becomes even more important for companies like Ovialand to persevere. To choose what is right. To build with integrity. To deliver our commitments with sincerity. Not just for ourselves, but for the future of our nation and its people,” Vital said. VG Cabuag
BUSINESSMIRROR FILE PHOTO
IT is painful to hear, although it is true, that our Philippine stock market is the worst performing among its peers in the Association of Southeast Asian Nations. But it is much more painful to know that the actions of a leading listed company (or of a person or of a business family) have maliciously contributed to blacken some more the poor reputation of our stock market.
I refer to the matter of Villar Land Holdings Corp., formerly Golden MV Holdings Inc. Last March, the company made a public disclosure, which stated that almost P1.0 trillion in net profit was recorded based on a P1.3-trillion land revaluation. This was questionable; publicly reported even before the company’s financial statements were audited by its external auditor.
“It is apparent,” the Securities and Exchange Commission (SEC) said, “that the 28 March 2025 current report sought to publicly make known substantial fair value gains and increase in total assets of the company due to value appreciation of certain properties” even if these values were not yet final or confirmed by external auditors. The SEC admonished: “This act or scheme could very well mislead the investing public, those transacting with the company, or the market in general.”
The SEC admonition is actually very restrained. Of course this premature public announcement of a spike in total assets is meant to mislead—which blatantly erodes investors’ trust in our stock market. Certainly, some people unduly benefited from the sudden rise in the company’s stock prices, by selling their stock holdings when the stock price peaked, before precipitously falling down when the SEC and the external auditor, P&A Grant Thornton, negatively reacted to the company’s misleading disclosure.
The external auditor refused to accept the bloated property revaluations made by E-Value Phils., the property appraiser, which was ultimately disaccredited for not observing the international appraisal standards. The company, after arguing with P&A, decided after all to accept a very much lower valuation of P8.6 billion, more aligned to acquisition cost. This was a deep reversal of property values.
The ping-pong arguments between the company and the external auditor caused a delay by the company in submitting its audited financial report to the Philippine Stock Exchange, (PSE) by the April 15, 2025 deadline. Consequently, PSE suspended trading of the company’s shares a month later.
The SEC’s Markets and Securities Regulation Department (MSRD), taking note of the matter, issued an order on August 18, 2025. Villar Land Holdings Corp. and its 12 directors and officers were fined P12.0 million or P1.0 million each, for late and misleading disclosures as regards the company’s 2024 financial reports. Those fined included: Cynthia J. Javerez, president; Manuel B. Villar, Jr., chairperson; Manuel Paolo A. Villar; Camille A. Villar and Mark A. Villar. Each person was also fined P2,000 per day starting July 1, 2025 until the overdue financial reports were submitted.
The SEC Order calls it misleading. I call it malevolent, irresponsible and deceitful, tainted with a heavy dose of mindless impunity. Trust in our capital market suffers and has been impaired. The penalties should be greater.
Banking&Finance
Businesses hail halted BIR field audits
By Andrea San Juan
THE Bureau of Internal Revenue’s (BIR) suspension of all field audits grants businesses, especially micro, small and medium enterprises (MSMEs), a “much-needed operational breathing room” to better focus on year-end priorities such as holiday season sales, according to the Philippine Chamber of Commerce and Industry (PCCI).
In a statement, PCCI, the largest business group in the Philippines lauded the “swift” implementation by the BIR under its new Commis-
By Reine Juvierre Alberto @reine_alberto
PANGLAO, BOHOL—The Bangko Sentral ng Pilipinas (BSP) is set to roll out 25 additional coin deposit machines (CoDMs) next year beyond Metro Manila as part of efforts to improve coin recirculation across the country.
On the sidelines of the Central Banking Symposium last Monday, BSP Deputy Governor Bernadette Romulo-Puyat said the machines will return in Metro Manila due to high demand, and eventually expand the program in Visayas and Mindanao.
The BSP has temporarily suspended the operation of CoDMs installed in select malls in the Greater Manila Area on June 17, 2025, to undergo a thorough review of how to better recirculate idle coins and serve Filipinos’ coin
By VG Cabuag @villygc
ASIANS live longer than ever but many still face challenges in achieving lasting financial resilience, according to the 2025 “Financial Resilience and Longevity Report” of the Manulife Wealth and Asset Management Corp.
The report, which focuses on Hong Kong, Malaysia, Indonesia and the Philippines, showed that most Asians prioritize quality of life over longevity itself.
Fewer than 1 in 10 respondents said they wanted to live longer regardless of circumstances, while half said they value living a meaningful life and over one-third expressed a desire not to be a burden on others.
When envisioning later life, people overwhelmingly said they hope to be financially independent, stay physically and mentally active, and age gracefully while maintaining their desired standard of living.
“Longevity is reshaping how people across Asia think about retirement. We’re seeing people rethink what retirement means—
By Mary Jade Gale Jadormio
sioner Charlito Martin R. Mendoza, through Revenue Memorandum Circular (RMC) 107-2025.
The measure orders the suspen-
exchange needs more efficiently.
Romulo-Puyat said the BSP is considering reassigning some of the existing 25 CoDMs to provinces such as Cebu in Visayas and key locations in Mindanao to spread them out and test the market.
The full deployment of all 50 CoDMs is expected by mid-2026, as the BSP is still completing procurement and preparing the new system, Romulo-Puyat said.
“There’s still a procurement, and then, apparently, the new system [is still being worked on.] It’s not ready yet. It’s not like you’re just going to buy it off the shelf,” she added.
Since their introduction in June 2023, CoDMs have processed nearly P1.5 billion worth of coins.
Fit coins deposited in the machines are issued to partner retailers to supplement their coin requirements for over-the-counter payment transactions.
Depositors may also have the
not simply living longer, but living better. Financial independence, health, and well-being now define success in this new era of longevity,” said Calvin Chiu, head of Asia retirement and CEO of Manulife Investment Management-Hong Kong.
These findings highlight a strong desire for autonomy and wellbeing, with many viewing health and financial stability as deeply connected.
Across all four markets, threequarters of respondents believe that their financial wellbeing affects their physical and mental health, while 85 percent said financial wellbeing influences their mental state during retirement.
“People across Asia want to enjoy their extended lifespans with dignity, purpose, and freedom,” Chiu said, adding that it requires a shift in mindset—from saving for retirement to planning for longevity.
Despite this awareness, less than half of respondents across Asia believe they will have enough funds to retire comfortably. Confi -
sion of all field audits and operations of the agency related to the issuance of Letters of Authority (LOAs) and Mission Orders (MOs). (See businessmirror.com.ph/2025/11/25/ bir-stops-field-audits-after-corruption-allegations/ )
The PCCI said this intervention “provides crucial and immediate relief to businesses, especially MSMEs, by granting them much-needed operational breathing room to better focus on year-end priorities such as strategic planning, inventory management and holiday season sales without the added pressure of a BIR audit.”
In RMC 107-2025, Mendoza wrote that “in line with the principles of control and supervision, as well as the standards of accountability, integrity and transparency mandated by Republic Act 6713, or the Code of Conduct and Ethical Standards for Public Officials and Employees and to allow the BIR to
value of their coins credited to ewallet accounts such as GCash and Maya, bank deposits through GoTyme or converted into shopping vouchers at SM Stores nationwide.
There is no minimum and maximum amount required for the conversion of deposited coins to SM shopping vouchers. For crediting to GCash, the minimum amount is P1.00, while the maximum amount depends on the GCash wallet limit of the depositor.
The public may still deposit fit coins in banks where they have an account. Persons with no bank accounts may exchange fit, unfit, and mutilated coins in banks and other financial institutions that have agreed to serve as currency exchange centers under the BSP Piso Caravan program.
Unfit coins may be presented for exchange at any bank as part of their duties to promptly remove unfit currency from circulation.
dence varies widely across markets, from just 48 percent in Hong Kong to 77 percent in Indonesia.
Mid-career individuals aged between 45 and 54 are the least optimistic about their preparedness, underscoring a need for more proactive financial planning.
Cash continues to dominate the average Asian portfolio, representing roughly half of non-property investments, reflecting ongoing caution toward risk.
Many respondents cited fear of capital loss and lack of investment knowledge as reasons for avoiding higher-yielding assets.
Property, once the cornerstone of Asian retirement planning, is losing its dominance. While most still regard it as important, only 3 in 10 now see it as less of a priority than before.
“Holding too much cash and relying solely on property can leave people vulnerable to inflation and income shortfalls,” Chiu said.
“Building financial resilience means diversifying across incomegenerating and inflation-protected assets—and doing so early,” he said.
address systemic issues, protect taxpayer rights and develop a transparent, standardized and modernized audit framework, all ongoing field audits and related field operations, such as issuing LOA, MO, examination and verification of taxpayers’ books of accounts, records and other related transactions, are hereby ordered suspended until the order is lifted by the Commissioner.”
Meanwhile, the PCCI also lauded the BIR’s establishment of a Technical Working Group (TWG) to review and update the Bureau’s existing policy frameworks on the issuance and implementation of Letters of Authority (LOA) and related audit procedures.
“The creation of the TWG to conduct a comprehensive review signals a concrete and meaningful step toward addressing long-standing concerns about clarity, consistency and proper oversight in audit processes,” PCCI said.
The business group sees this as an “important opportunity” to improve guidelines, strengthen internal controls and ensure that the audit system fully aligns with established rules and the principles of due process. As lead convenor of the Partnership with Multi-Sectoral Group (PMSG) created under a Memorandum of Agreement with the BIR, the PCCI said it welcomes this development and is ready to contribute technical input and practical insights to the TWG’s review.
“[The] PCCI stands ready to work with the Department of Finance (DOF) and the BIR in refining the LOA framework and related audit protocols,” the business group said.
“Our shared goal is to cultivate a tax system that protects compliant taxpayers, supports efficient and fair revenue collection and upholds the standards of accountability, integrity and transparency,” the association’s statement read.
BOC plans to accelerate its digitalization efforts
THE Bureau of Customs (BOC) is accelerating its digitalization efforts by introducing new systems and reviewing existing processes to strengthen the Philippines’ investment climate and streamline trade facilitation.
The agency revealed this plan after its officials met with representatives with the US-Asean Business Council Inc. (US-ABC) on November 18, and discussed about modernizing customs operations, enhancing efficiency and promoting good governance.
Among the key measures is the development of the Origin Management System (OMS) to ensure secure and efficient verification of product origin.
According to the BOC, its officials are also reviewing the electronic-tomobile (E2M) system to enhance its performance and support the “Super Green Lane” (SGL) program, which aims to fast-track clearance for certain trade shipments.
The statement explained that SGL processes are being evaluated to monitor delays and facilitate quicker trade transactions, while regulatory frameworks are being updated to ensure clarity, consistency, and fairness in customs operations.
“By addressing stakeholder concerns and modernizing our processes, the BOC is working to make trade faster, more efficient, and
predictable, supporting a businessfriendly environment in the Philippines,” Customs Commissioner Ariel F. Nepomuceno was quoted in the statement as saying.
In addition, the BOC said it is enhancing collaboration with industry partners through technical working groups, which aim to reconcile regulatory requirements for high-risk and regulated products. On the regulatory front, the BOC said it will continue reviewing and updating relevant frameworks and procedures to ensure clarity, consistency and fairness in customs operations.
Beyond these initiatives, the BOC’s digitalization roadmap includes the modernization of the Customs Payment System, automation of assessment processes, integration of X-ray scanning capabilities, upgrades to public-facing importer platforms and enhancements designed to improve real-time processing of transactions.
The BOC also plans to fully digitize import entry submissions, assessments and release processes to minimize tampering and improve transparency. This includes expanded use of scanning technologies, CCTV monitoring and surveillance. Full implementation is expected within 12 months to 18 months, according to the BOC. Reine Juvierre S. Alberto
Santiago F. Dumlao Jr.
IN UNION This November 18, 2025, photo courtesy of TransUnion Information Solutions Inc. (TransUnion PHL) shows key signatories who gathered at the 2025 “Financial Education Stakeholders’ Congress” of the Bangko Sentral ng Pilipinas for the signing of the memorandum of agreement between the BSP and TransUnion PHL. From left to right: TransUnion PHL Legal Counsel Natassia Fortea; TransUnion PHL President and CEO Peter Faulhaber; BSP Deputy Governor Bernadette Romulo-Puyat; and, BSP Managing Director Charina De Vera-Yap.
FORMER EMPLOYEES
Is it not odd that the celebrity and her minions have blacklisted her former employees and yet the same people are working for one of her closest friends? This person that her former employees are working for is someone who is instrumental in the celebrity’s current success. Without this person, the celebrity would not be where she is right now. If the former employees indeed committed fraud, why is this other person still paying for their services? The celebrity’s minions have implied so many times that the former employees’ departure was not voluntary and due to credit card fraud. If the celebrity’s accusations were true, why are people still trusting them? They’ve been in the industry for years and they’ve never been embroiled in any financial scandal.
DATING AGAIN
The young stars, one a female starlet and the other a singer, seem to be dating again. This is after reports that the female starlet is now single. She and her boyfriend, a handsome male starlet, are no longer a couple. Meanwhile, the senior has been single for a long time, and his fondness for the female starlet cannot be denied. They have always been close. In fact, they have already traveled together and this is a big deal because the female starlet’s parents are strict. So seeing them go out together so openly should mean something.
ENJOYING HER SUCCESS
There is no doubt that the young actress’ career has benefited from her rumored relationship with an A-list actor. Since the start of the rumors, the actress has gotten endorsements, brand deals, and influencer gigs. These are offers that she did not get before. The actress is beautiful, talented, and known to be a nice person so showbiz insiders say she deserves every bit of the success that she is enjoying right now.
NO LONGER TOGETHER
The lovely actress and her lover, a rich businessman, have reportedly split after being in a relationship for a few years. Couple has lasted longer than most people thought they would. At first, everyone thought that the actress was in it just for the money but as time went by, people saw her sincerity and genuine care for the businessman, who is so much older than her. According to rumors, the couple broke up because of differences. They didn’t really fight over anything major. They just drifted apart over time.
‘KPop Demon Hunters’ is officially eligible for the Oscars
KPop Demon Hunters is one step closer to another golden moment: The Oscars. The Netflix phenomenon is among 35 films features eligible for the animated feature film category at the 98th Academy Awards.
The Academy of Motion Picture Arts and Sciences released on Friday lists of all the films eligible for animated, documentary and international feature prizes at next year’s Oscars.
Though KPop Demon Hunters made its name on Netflix, it also received a qualifying theatrical run in New York, Los Angeles and San Francisco in June, which satisfied the film academy’s requirements for Oscar consideration. Its UK theatrical run was not enough to qualify for the BAFTAs, however. Other animated titles that qualified for the Oscars animated feature category were Neon’s Arco, Disney’s Elio and Zootopia 2, GKids’ Little Amélie or the Character of Rain, Netflix’s In Your Dreams and Crunchyroll/Sony’s Demon Slayer: Kimetsu no Yaiba Infinity Castle and Chainsaw Man – The Movie: Reze Arc. Notably, the Chinese blockbuster Ne Zha 2 was not among the 35 titles listed.
KPop Demon Hunters, which Netflix has said is its most watched film of all time, has amassed more than 541 million hours viewed worldwide. It’s the highest charting
soundtrack of 2025 with eight of its songs landing on the Billboard Hot 100. It also made a splash in theaters in August where it was estimated to have made around $18 million (which would have topped the charts if Netflix released theatrical earnings) and got a subsequent release over Halloween weekend. Netflix won their first animated feature Oscar in 2022 for Guillermo del Toro’s Pinocchio. There are also 201 documentaries and 86 international features eligible, including Sentimental Value (Norway), Sirât (Spain), The Secret Agent (Brazil), It Was Just an Accident (France), The Voice of Hind Rajab (Tunisia) and My Father’s Shadow (United Kingdom). 2000 Meters to Andriivka, a co-production between the AP and PBS Frontline, is eligible in both categories. Both documentary and international titles will be winnowed to a 10-film shortlist that will be revealed on December 16.
KPop Demon Hunters fans will have to wait for nomination morning on January 22 to hear whether or not they made the cut for animated feature. It’s largely expected to be a player in the original song category as well, where “Golden” is among the songs being submitted. The 98th Oscars will be aired on ABC March 15 at 7 pm ET. AP
San Diego Film Festival recognizes thesis film on struggles of young dreamers
ACOMING-OF-AGE thesis film which explores the human consciousness and the hidden power of dreams, Dream Town was recognized at the recently concluded San Diego Film Festival in California, USA.
Home of the largest curation and exhibition of global Filipino films in North America, the San Diego Film Festival acknowledged Dream Town as a “deeply moving” piece which “left a lasting impression” on the audience during the opening ceremony. It vied for the Best Live Action/Narrative Category. It likewise bagged the Special Mention Award. The short film, which runs for 19 minutes and one second, follows frustrated writer Maya in a quest to revisit and rediscover her forgotten dreams in the titular magical land. Together with Yumi, the little girl who runs the place, they
tackle the challenges between aspirations and reality.
A study on the interconnections and complexities of pangarap and panaginip—both of which translate to “dreams” in English—Dream Town was motivated by the overwhelming anxieties of young adults as they attempt to decipher the true essence of their existence.
Directed by Jhun Ablaza Monterde and written and co-directed by Rayshelle Lozada, they are both homegrown talents from the Film Program of the De La Salle-College of Saint Benilde (DLS-CSB) School of New Media Arts (SNMA). Fellow Benilde Film alum Darlene May Cantos likewise contributed to the writing and direction. “Dream Town reveals a world of wonders, nostalgia, and fears, along with the desire to see the world in a much simpler way,” Monterde explained.
“Following an adult and child’s conversations on how they
perceive the world is a reminder of all the things that could have been.”
The film, according to the young director, offered diverse perspectives as one continues to navigate the long road of adulthood in search for an answer.
Prior to its San Diego debut, Dream Town served as an Official Selection at the 2024 Dhaka International Festival in Bangldesh. It was screened at the Garel Fine Arts Gallery in Manhattan Beach, California, as part of the LGBTQIA+ Filmmaking Screening of Dispatches: To and From the Diaspora.
In the local scene, it has graced the lineup of the 2024 CineMINT Film Festival, the 2025 Montañosa Short Film Festival, the 2025 Screen & Scene Film Festival, and the 2025 Ateneo Video Open Film Festival. It recently garnered the Best Editing Award from the EdukSine Film Festival.
Eugenia Last
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LEO (July 23-Aug. 22): Let caution lead the way. If you act in haste or let spontaneity win over common sense, you’ll pay the price. Focus your energy on personal challenges, physical activities and cultivating meaningful relationships. Choose growth, learning and striving to be your best over emotional drama. HHH
fVIRGO (Aug. 23-Sept. 22): Communication will spare you grief. Ask direct questions, and make informed decisions based on facts. A change of environment will encourage you to visualize the possibilities and point you in a direction that offers hope for a brighter future. Personal improvements and growth will lead to unexpected gains and commitment. HHH
g LIBRA (Sept. 23-Oct. 22): Get out, mingle, challenge yourself and make personal growth your mission. Striving for perfection and interacting with people who challenge your thinking will motivate you to go above and beyond your initial plans. However, don’t lose sight of your budget, as you may find yourself in over your head. HHHHH
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SCORPIO (Oct. 23-Nov. 21): Refuse to labor over things you have no control over. Set aside your emotions, look inward and discover what truly brings you happiness. It’s time to open a new door that allows you the freedom to follow your heart and explore new territory. HH
iSAGITTARIUS (Nov. 22-Dec. 21): Pay attention to your overhead, and you’ll find a way to cut corners. Explore community programs or better interest rates, and consider refinancing to fit your budget. Dealing with institutions and government agencies can lead to valuable insights and results that put your mind at ease. HHHH
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CAPRICORN (Dec. 22-Jan. 19): Diversions are necessary to personal growth and choosing what’s best for you. Participating in events or activities that spark your imagination will also encourage you to make new acquaintances and broaden your interests. A warm and passionate approach to expressing yourself will attract someone of interest. HHH
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AQUARIUS (Jan. 20-Feb.
Revisiting cashmere for Autumn Winter 2025
FOR Autumn Winter 2025, global fashion brand COS revisits cashmere, where fine textures and refined details give form to cocooning silhouettes.
The collection explores the fiber across a spectrum of gauges and styles. Brushed cashmere wraps the body in warmth, while lighter merino-cashmere blends provide a delicate touch for versatile styling. Each yarn is hand-selected and meticulously spun, retaining its soft texture, reflecting COS’s dedication to quality.
The palette balances inky darks and soft neutrals, enriched with espresso brown, deep aubergine, and dark navy. Signature COS essentials—cardigans, crewnecks, high necks and waistcoats—are designed to move with ease and adapt across the season. Meanwhile, featherlight triangle scarves in cashmere offer customisable layers of warmth and comfort.
Made in accordance with the Good Cashmere Standard by Aid by Trade Foundation (AbTF), the collection reflects COS’s commitment to high-quality fibers and thoughtful design.
The Autumn Winter 2025 cashmere collection is available online at cos.com throughout the season and at the COS Store in SM Aura Premier.
Trade guilt for growth
CHOOSING yourself sounds simple. You rest when you need rest. You say no when your plate is already full. You walk away from situations that drain your spirit. Yet many people discover that the moment they put their wellbeing ahead of someone else’s expectations, they feel a familiar weight settle on their shoulders. It is guilt. It whispers that you are selfish. It questions whether you should have tried a little harder. It tells you that your needs matter less.
This guilt is common across ages and backgrounds. Parents feel it when they take a quiet hour away from family duties. Young professionals feel it when they turn down extra work in order to protect their mental health. Students feel it when they decide to rest instead of joining every activity. Even retirees feel it when they say no to obligations that pull them in too many directions.
The details differ but the emotion is the same.
The first step in navigating this guilt is recognizing that it comes from caring. You feel guilty because you want to meet expectations and you want to be someone others can rely on. This is not weakness but evidence of compassion. The challenge is that compassion can become tangled with fear. You may worry that people will think less
of you. You may fear disappointing someone you respect. You may also fear being seen as lazy or uncaring. Acknowledging these deeper thoughts helps loosen guilt’s grip.
A helpful approach is to pause and ask yourself a simple question. If someone you cared about had your exact situation and chose to rest or set a boundary, would you judge them as harshly as you judge yourself? Most people will realize that they would not. This small mental exercise reminds you that your standards for yourself are often much stricter than your standards for others.
Another practical strategy is to clearly communicate. For instance, if a colleague asks you to take on one more task even though you are already at full capacity, you can say that you want to help but doing so will compromise the quality of your current work. This answer is honest and respectful. It shows that choosing yourself does not mean abandoning responsibility. It simply means acknowledging your limits. You can also set small experiments. If you often say yes out of habit, pick one minor request this week and decline politely and notice what happens. In many cases the world keeps turning. People adjust. Relationships remain intact. This teaches your mind that choosing yourself does not lead to disaster. The more you practice, the more natural it becomes.
It also helps to create a simple self-check before you agree to anything. Ask yourself three things: Is this something I truly want to do? Do I have the energy and time to do it well? Will saying yes harm my physical or emotional well-being? If the answer to any of these questions is no, then choosing yourself is not selfish. In fact, it is responsible. You cannot pour from an empty cup and
Dr. James Rouse highlights role of daily habits in Filipinos’
By Pauline Joy M. Gutierrez
INTERNATIONAL wellness expert and awardwinning author Dr. James Rouse urged Filipinos to rethink their everyday habits, arguing that small, intentional choices can meaningfully “edit” one’s biology and improve long-term wellbeing. His message headlined a special public talk hosted by Healthy Options as the natural and organic products retailer marked its 30th anniversary in Manila.
Addressing an audience at the Edsa Shangri-La Hotel, Rouse said true longevity is defined not just by lifespan but by the years lived in good health.
“What you eat, how you move, and how you think—these are the three most powerful levers we have to transform our lives,” he said. “Wellness begins with awareness, and every small, better choice we make today is an investment in a more vibrant tomorrow.”
Much of his talk focused on simple changes proven to improve metabolic and emotional health. He pointed to growing evidence that higher-protein breakfasts help regulate hunger hormones and minimize cravings. “Eating protein in the morning or generally as your first meal of the day lessens one’s craving for the sweet and keeps you full throughout the day,” he said.
He warned that excess sugar weakens the body’s natural defences, describing immune cells as a
frontline force. “Think of it this way: the front line of your army is your natural killer cells,” he said. “If you have a lot of sugar in your diet, those soldiers are asleep, and viruses and bacteria can just run over you. So, it’s very important to reduce sugar.”
To strengthen the immune system against influenza-like illnesses (ILI), which have seen a spike in some parts of the country, Rouse recommended taking supplements such as vitamin C.
you cannot be present for others if you are constantly depleted.
For those who struggle with family-based expectations, try reframing your choices as investments. Resting strengthens your patience and setting boundaries protects your relationships from resentment. Choosing time for yourself often improves how you show up for others. When explained gently, many family members understand that caring for yourself makes you more capable of caring for them.
An example is a parent who wants one quiet hour each evening. Instead of apologizing, the parent can explain that this hour helps them recharge so they can be more attentive afterward. Or, consider a friend who always mediates conflicts in the group. Choosing to step back once in a while gives others a chance to take responsibility for their actions and prevents burnout.
Finally, remember that guilt is a feeling, not a verdict. Feelings pass and they soften with practice. Every time you choose yourself, you teach your mind that your needs have value. You show yourself that rest is not a reward but a requirement. Choosing yourself also models healthy behavior for others. You give permission for people around you to honor their own limits and this creates kinder and more sustainable relationships.
Navigating guilt when you choose yourself first is not a one-time task. It is a lifelong skill. The more you listen to what your body and mind are telling you, the more confident you become in your decisions. In time, that heavy backpack of guilt feels lighter. Eventually, you may set it down completely. And when you do, you will discover that putting yourself first does not diminish the care you give to others. It strengthens it.
long-term health
This comes with a caveat that while supplements can help fill nutritional gaps, they cannot replace the basics of a healthy diet. “Supplements come with great benefits, but these shouldn’t replace meals,” he said, noting that whole foods provide the most robust protection against disease. Throughout the session, Rouse emphasised that daily habits influence how genes behave, echoing findings in epigenetics. “Your genes are kind of like
your manuscript, but you get a chance to edit your manuscript,” he said. “You edit with the foods that you choose. You edit it with how long you stay in a hug. You probably know about the power of hugs— 20 seconds will change your oxytocin levels.” He encouraged attendees to strengthen social bonds as well. “Next time you’re with somebody, hide your phone. Oxytocin levels would go up.”
He also highlighted sleep as one of the most overlooked pillars of health. Studies have shown that even moderate sleep deprivation can sharply reduce immune activity, impair memory and slow metabolic function. “Sleep is the way we give our immune system a chance to fight back,” he said.
A naturopathic physician with 35 years of clinical practice, Rouse has built a global following for translating complex science into accessible routines. His work, including his latest book DIEM: The Art of Every Day, promotes mindful, purposedriven living anchored in daily practice rather than dramatic lifestyle overhauls.
Romy Sia, founder and managing director of Healthy Options, said the company’s 30-year mission aligns closely with the philosophy Rouse champions. “For 30 years, Healthy Options has championed the Filipino journey toward
Sia said. “This
nership with Dr.
ISWAN, DMW partner to strengthen welfare support for Filipino seafarers
The International Seafarers’ Welfare and Assistance Network (ISWAN) and the Department of Migrant Workers (DMW) have signed a Memorandum of Understanding (MOU) at the Office of the Secretary, Department of Migrant Workers, Blas F. Ople Building, Ortigas Avenue, Mandaluyong City, strengthening cooperation in providing welfare and assistance to Filipino seafarers and their families.
The MOU formalized the joint efforts in case handling, health and wellbeing initiatives, information dissemination, emergency assistance, and crisis response. The partnership reinforces both organizations’ commitment to safeguarding seafarers’ rights and welfare, including appropriate handling of personal data.
The agreement was signed by DMW Secretary Atty. Hans Leo J. Cacdac
and ISWAN Chief Executive Simon Grainge, witnessed by DMW Assistant Secretary for Sea-based OFW Concern Atty. Jerome T. Pampolina and Country Manager (ISWAN – Philippines) Marville Cullen Espago. They were also joined by ISWAN Projects and Relationships Manger Georgia Allen, ISWAN Chairman of the Board of Trustees, René Andersen, ISWAN Trustee Mike Esplago, and DMW Director for Sea-based Accreditation
“docu-therapy”
and
by
features
Mike Birbiglia, Nicole Byer, Gary Gulman, London Hughes, Tig Notaro, and Atsuko Okatsuka, who open up about their personal mental health journeys in intimate conversations. Their vulnerability serves a deep purpose: to encourage others to share their own stories and keep conversations going around mental well-being. The documentary comes at a crucial time for the Philippines. According to AXA’s 2025
Bureau Ogie B. San Diego III.
Under the partnership, DMW will facilitate support for seafarers referred by ISWAN and support welfare-related activities. ISWAN will continue to provide its 24/7 multilingual helpline, financial assistance through Seafarers’ Emergency Fund, and mental health resources, including participation in DMW’s Pre-Employment Orientation Seminars.
Mind Health Report, mental health continues to be a concern for Filipinos with more being affected by anxiety at severe and extremely severe levels and are suffering from depression and stress at even mild levels compared to the global population. The prevalence of mental health challenges is even higher among young people as 86 percent of Filipinos aged 18 to 24 experience at least mild forms of anxiety, stress, or depression.
On the other hand, Filipino youth are more likely to seek help or confide in friends and seek peer support compared to older adults, who tend to be more reserved in their trust and willingness to discuss their concerns. Additionally, young individuals are at the forefront of embracing digital tools for self-help resources.
“While the aid of professional therapy, medication, and workshops remain the most important, we recognize that community and connection are also vital for Filipino mental wellness,” said AXA Philippines’ chief executive officer, Ayman Kandil. “By normalizing these conversations, we can help break down barriers, reduce stigma, and encourage more people to seek the care and support they need.”
“Through sharing the stories of these actors and comedians, we aim to inspire meaningful conversations that foster understanding and compassion within our communities. Opening up about challenges can be a powerful step toward healing, and when we create safe spaces for dialogue, we remind people that they are not alone,” Kandil added.
This documentary is a co-production between AXA and renowned comedian Kevin Hart’s Hartbeat Productions, available for viewing at AXA Philippines’ YouTube page https://www.youtube.com/watch?v=l8CkyMUQTdA.
For more information about AXA Philippines’ commitment to holistic well-being for all, visit https://www.axa.com.ph.
Cup Class Victory, Podium Streak for Red Diwa at Inje with FIA
SINCE stepping up to international racing this year, Red Diwa has now secured his second Cup Class win in the 2025 TCR Asia Series, this time at Inje Speedium in South Korea. Making the achievement even more memorable, the event was held alongside the FIA TCR World Tour, resulting in a combined grid of 24 cars that included some of the world’s top touring car drivers. Having raced at the same 3.908 km circuit just a month ago, Red brought valuable experience into the weekend as he rejoined the grid in the #21 Hyundai Elantra N TCR run by Eurasia Motorsport. Qualifying on Saturday took place in wet conditions, once again mirroring the weather from the previous round. Red improved on his earlier performance in similar conditions, setting a personal best of 1:56.975. However, with such a competitive field, the time was only good enough for P21 on the grid.
The rain had stopped in time for Race 1, though the track remained damp. This forced the team to make a last-minute call to run a mixed tire setup, slicks on the front and wets at the rear, similar to other entries on the grid. Red gained a position at the start and spent most of the race battling South Korean driver Junesung Park for P20. Unfortunately, the chosen tire strategy didn’t yield the expected pace, and Red eventually crossed the line in 21st overall and 3rd in the Cup Class. Conditions improved for Sunday’s
Okada Manila’s Kiapo Celebrates Filipino Culinary Heritage with a Modern Touch
AT Okada Manila’s Kiapo, guests are welcomed into a dining experience that celebrates Filipino heritage with warmth and familiarity. Each dish is crafted as a heartfelt tribute to flavors many grew up with, reimagined with modern techniques that make every visit feel both comforting and new. Guided by Chef de Cuisine Jaime Reyes, Okada Manila’s signature Filipino restaurant creates memorable dining moments that invite guests to rediscover the soul of Filipino cuisine in a relaxed and welcoming setting.
Kiapo honors the heart of Filipino cooking while embracing culinary creativity. Chef Reyes and his team draw from timeless recipes, elevating them with contemporary methods that bring out deeper, brighter, and more expressive flavors. The goal is simple: to present Filipino cuisine in ways that resonate with today’s diners while staying true to the tastes that generations have cherished.
“We honor the Filipino traditions passed down through generations, but also embrace how our cuisine can evolve and thrive in the modern culinary landscape,” shares Chef Reyes. “Our hope is for every guest, local or international, to feel the soulful warmth and comfort that Filipino food naturally brings.”
Kiapo’s menu highlights the richness of Filipino ingredients, showcasing the country’s abundance of fresh seafood, tender meats, and aromatic herbs.
Among Kiapo’s standout offerings, the Lagat na Hito presents an elevated take on a well-loved dish. Hito is enriched with the aroma of alagaw leaves sourced from Bulacan, which soften the fish’s aftertaste and lend a clean, uplifting fragrance.
The Adobong Tadyang brings out the deep, savory character of adobo in a fresh yet familiar way. Pork cuts are seared until the edges turn perfectly crisp while the inside stays tender, resulting in a flavor-packed dish that feels both nostalgic and exciting.
Meanwhile, the Sizzling Bulalo delivers a hearty, indulgent experience. Its fall-off-the-bone beef shank is served with an umami-forward gravy, enveloping the palate with warmth and depth.
For guests seeking something lighter, the Sizzling Tofu offers a vibrant, plant-forward option. The tofu is cooked to achieve a delicate crispness, balanced by the gentle sweetness of fresh local mango. It’s a refreshing contrast that adds a modern spin to a Filipino favorite.
To encourage connection and shared moments, Kiapo offers Family Salo-Salo Sets, crafted for communal dining. These generous sets invite families and friends to gather, enjoy a hearty Filipino feast, and celebrate the joy of sharing food.
Each dish captures the perfect balance of sweet,
Look Confidently Radiant
At Okada Manila’s Kiapo, guests are welcomed into a dining experience that celebrates Filipino heritage with warmth and familiarity. salty, sour, and savory — the harmonious blend that Filipino cuisine is known and loved for. The result is a dining experience that is deeply rooted in tradition yet thoughtfully reimagined for today.
Kiapo goes beyond serving food; it brings guests into the warmth and richness of Filipino culture. Its casual, inviting atmosphere, thoughtful details, and attentive service create a space that feels genuinely welcoming. The environment reflects the very essence of Filipino hospitality, generous, heartfelt, and full of character. Whether guests are rediscovering the flavors of home or experiencing them for the first time, Kiapo offers a culinary journey that feels familiar, comforting, and true to its roots.
As part of Okada Manila, Kiapo continues to raise the standard for Filipino dining, delivering world-class service infused with the genuine warmth and generosity. Here, global excellence meets local heart — a combination that transforms every visit into a memorable culinary experience.
Every visit to Kiapo is an invitation to celebrate Filipino food, culture, and connection. Learn more about Kiapo’s menu and dining experience at https:// okadamanila.com/dine/
on and off the Runway with Cetaphil Bright Healthy Radiance
CONFIDENCE starts with bright, healthy skin. Between work, errands, family, friends, and the flurry of the upcoming holidays, our schedules are packed, yet our skin deserves to stay bright and radiant through it all. Because even on the busiest days, confidence shouldn’t take a back seat.
That’s why Cetaphil Bright Healthy Radiance partnered with SoFA Design Institute for its 2025 Graduation Show, where models, designers, and artists balanced packed schedules yet still took the runway with confidence and radiance.
TCR World Tour
Race 2, which was now run in the dry. Starting again from P21, Red moved up to P20 after first-lap chaos and was soon locked in a tight battle with teammate Wen-Yao Liang. A mid-race Safety Car bunched up the field, and on the restart, Red took full advantage, making two clean overtakes to finish 17th overall, 4th in TCR Asia, and 1st in the Cup Class. It marked his second Cup Class win in the TCR Asia Series, finishing ahead of points leader Benny Santoso. In Race 3, Red started from P19 and
showed solid pace once again. While he wasn’t able to make any overtakes, he maintained position throughout the race and crossed the line in 19th overall, taking 2nd in the Cup Class behind Santoso. With one round to go, Red has now secured four Cup Class podiums and two wins across three weekends. He was scheduled to return for the season finale at the Zhuzhou International Circuit in China, taking place from October 31 to November 2, 2025. His campaign was supported by Nanomoly and Toncars.
The collaboration celebrated creativity, courage, and individuality in full color, spotlighting the next visionaries of Filipino fashion while reminding us that confidence isn’t just about what we wear; it begins with the self, and with skin that looks and feels its healthiest.
As the runway came alive with personal stories and self-expression, Cetaphil Bright Healthy Radiance stood beside them, championing radiance that feels as good as it looks; not only under the spotlight, but in everyday life.
Whether you’re walking a runway or chasing your own goals, Cetaphil Bright Healthy Radiance works gently behind the scenes to keep skin bright, healthy, and radiant. With every step, anyone can take on life like it’s your runway. This is your radiance, your runway. Bright skin doesn’t need to come at the expense of sensitivity. Cetaphil Bright Healthy Radiance offers clinically proven brightening care that’s gentle on sensitive skin, proving that radiance can be kind, and confidence can be soft yet powerful.
At the center of this radiance movement is the Cetaphil Bright Healthy Radiance Perfecting Serum, powered by Niacinamide, Sea Daffodil, Vitamin C, and Advanced Peptides. With its 7 times Power for visible radiance, the serum delivers brighter, healthier-looking skin in as fast as two weeks, all while remaining kind to sensitive skin, even under daily stress.
“As a dermatologist, I remind my patients that lasting brightness doesn’t come from harsh treatments but from consistency and care. When skin is under stress, it becomes more vulnerable, so the gentler your approach, the stronger and more radiant your skin will be,” said Dr Gaile Robredo-Vitas. For all-around radiant skin, the Bright Healthy Radiance lineup keeps skin bright, hydrated, and protected: The Brightness Reveal Creamy Cleanser lifts impurities while maintaining the skin’s natural moisture barrier. The Brightness Refresh Toner delivers instant luminosity for brighter skin. The Brightening Day Protection Cream and Brightening Night Comfort Cream provide lasting hydration and strengthen the skin barrier for a more even,
in a
confidence and
that’s always runway-ready radiant complexion. The Brightness Reveal Bar and Brightening Lotion extend clinically proven brightening care beyond the face with gentle, non-drying formulas that reveal visibly more radiant, even-toned skin. At the event was Cetaphil Bright Healthy Radiance Brand Ambassador Catriona Gray, who shared her love for all the products, specifically the Perfecting Serum, thanks to its multi-action benefits of brightening and improving skin health. “This is a major step in my skin routine,” said Gray, fresh off the runway. “I use it every time to give a boost of radiance to my skin and also reduce the occasional dark spot. No matter what happens, I know my skin is taken care of, and that’s what makes me more confident when it’s time to face the camera.”
The SoFA Graduation Show graced us with individuality and the culmination of years of dedication — brought to life as artistic masterpieces on the runway. While the show celebrated creativity and confidence, Cetaphil Bright Healthy Radiance extends that message beyond fashion, into the everyday. Because when you feel good in your skin, you shine brighter. And when your skin is bright and healthy, every day becomes your
Catriona Gray stuns at the SoFA Graduate Fashion Show
REELIST8, a pioneering Philippine financial technology (fintech) company in the real estate and construction sector, and significantly backed by the Department of Science and Technology (DOST), has officially launched its highly anticipated AI-powered ecosystem.
This cutting-edge platform is strategically designed to combat the Philippines’ pervasive and severe housing affordability challenges, a national issue that has long hindered the progress and stability of c ountless families. By leveraging the power of Artificial Intelligence, Reelist8 is introducing a tangible path for qualified Filipinos to achieve homeownership with remarkably low entry points, featuring equity requirements as low as 0.5 percent.
The Urgent Need for Digital Disruption
d eals through organized property auctions. The AI is capable of analyzing vast, complex datasets—including historical transaction records, c urrent distressed asset indicators, geographical market trends, and economic forecasts.
tion costs and planning time. This e fficiency is a direct and powerful factor contributing to the development of more affordable housing u nits, as developers can execute projects with greater speed and cost certainty.
Democratizing Access to World-Class Tools
THE Philippine housing backlog remains one of the country’s most pressing socioeconomic concerns, often cited as exceeding 6 million units. The twin barriers of high property costs and inaccessible financing have pushed homeownership out of reach for the majority o f the working class. Reelist8’s approach is not just a technological u pgrade; it represents a fundamental shift in how housing liquidity is c reated and distributed.
profound operational efficiencies that directly translate into a crucial reduction of financial burdens for the prospective homebuyer. The aim is to dismantle the systemic inefficiencies that inflate property prices.
AI as the Engine for Housing Liquidity
Marianne Dela Cruz, Chief Executive Officer of Reelist8, captured t he mission succinctly: “Owning a home shouldn’t be a privilege for the lucky few; it’s a basic human right. We built Reelist8 as the intelligent path to make that right a reality.” She confirms that AI is the core engine driving this possibility, generating
THE new AI-driven ecosystem made its debut at the prestigious Philippine Startup Week event, aptly t hemed “Unlock Reelist8—Housing Liquidity in the Age of AI: Affordable Homeownership thru Technology.”
The core innovation lies in how AI is strategically leveraged to streamline and slash costs across the entire
PHL property starting to turn a corner
Conclusion
THIS is the continuation of Colliers Philippines’ perspectives on the recovery of Metro Manila office and residential markets, and what developers and office occupants should implement to take advantage of a rebounding market. The Philippine office market is entering a new phase of growth, with flexibility and asset-light strategies at its core. Building owners may unlock greater value through operating expense (opex) models over costly refurbishments and attract tenants with flexible lease terms. Occupiers, in turn, are investing in branded, experience-led spaces that deliver impact without heavy upfront costs. As the market evolves, one thing is clear: the future is flex, and adaptability will be key to long-term relevance.
Flex as part of business continuity
IN light of recent natural calamities in Davao and Cebu, business continuity planning (BCP) has become more critical for occupiers. Colliers encourages tenants to integrate flexible workspaces into their BCP frameworks, allowing them to quickly activate alternative sites during disruptions. Flexible
or
Landlords and
and
ery services.
Exchange
CBD, Camaro Square, SM North EDSA Tower 3 and GBF Center 2 in Quezon City, and SM Bicutan Towers 1 and 2. As of 9M 2025, a total of 347,100 sq metres (3.7 million sq feet) of new office space was completed. In 2025, we expect new supply to reach 399,000 sq metres (4.3 million sq feet), nearly a quarter down compared to our previous forecast of 525,500 sq metres (5.7 million sq feet), due to construction delays.
From 2025 to 2028, we expect the average annual delivery of 359,600 sq metres (3.9 million sq feet) of new office space, already lower than the 488,400 sq metres (5.3 million sq feet) completed annually from 2013 to 2015. We project Ortigas Fringe, Fort Bonifacio and Quezon City to account for nearly half of the new supply during the period.
Residential opportunities in Metro Manila peripheries
THE lack of developable land and soaring prices in central business districts (CBDs) are driving more developers and investors to consider condominium projects in Metro Manila fringe areas. Results of our Residential Survey showed that our respondents are considering to buy condominium units
in peripheral areas such as Makati Fringe as well as parts of Quezon City, and Pasig City. Colliers’ Q3 2025 data showed that condominium projects along the C5 Corridor are doing well, with projects priced from P10 million to P63 million (USD172,400 to USD1.1 million) enjoying take ups of between 40 percent and 100 percent. Meanwhile, condominium projects in the Katipunan, Quezon City area are priced from P2 million to PHP11 million (USD35,000 to USD190,000), enjoying an average take up of 85 percent.
Colliers encourages developers with residential units along fringe areas to highlight the overall living experience of their projects such as amenities, landscape features, retail options, and accessibility.
Residential vacancy to peak in 2025, before receding in 2026 METRO Manila’s secondary condominium market vacancy continues to increase. In Q3 2025, we recorded vacancy marginally rising to 25 percent from 24.5 percent a quarter ago. By end-2025, we expect vacancy to reach an all-time high of 26.5 percent. Colliers forecasts residential vacancy in the Bay Area to be above 50 percent given the still-substantial delivery of new projects and as the full impact of POGO exodus takes effect.
Colliers believes that vacancies in Rockwell Center, Makati CBD, Fort Bonifacio, and Ortigas Center will likely remain competitive over the next 12 months. With stifled completion of new units in Metro Manila and given a sustained or even rising absorption of units, we forecast Metro Manila-wide secondary market vacancy to hover between 23 percent and 25 percent in the next three years. With slower turn over, Colliers also sees lower vacancy during the period.
re al estate value chain—from identifying investment opportunities to c alculating construction costs. This comprehensive optimization effort is what successfully injects liquidity into the market, fundamentally m aking housing more accessible and affordable.
The ecosystem is built around two key integrated applications, both of which are heavily optimized by AI: Property Auctions (PropertyAuctions.ph). The platform utilizes s ophisticated AI algorithms to empower both individual buyers and i nvestors. Its primary function is the data-driven discovery and prioritization of below-market value
Topline Group
B y processing the information at speed and scale that is virtually impossible for a human analyst, the system quickly identifies and presents the most advantageous purchasing opportunities. This efficiency d ramatically lowers the barrier to entry for purchasing, democratizing access to profitable investment a nd ownership.
Buildin.com.ph functions as an all-in-one project management tool, with its most transformative feature being its AI-powered capability to instantly convert architectural floor plans into priced takeoffs (detailed material and labor cost estimates) for contractors and designers.
Automation of Complexity is the process of quantity surveying and cost estimation is complex, prone to human error, and intensely laborintensive, often leading to project delays and cost overruns.
By automating the crucial preconstruction phase, Buildin significantly reduces both pre-construc -
appoints
BORJ DE BORJA, Reelist8’s Chief Operations Officer, reinforced the company’s commitment to simplicity and accessibility. “Our goal with this new ecosystem is to keep it simple... Every Filipino deserves access to efficient and accessible world-class tools.” He said the seamless and intuitive integration of AI into these tools is what ultimately makes homeownership easier and more affordable. B y automating complex, costly, and time-consuming tasks inherent in the conventional property market and construction process, he said Reelist8 is effectively bridging the gap between desire and reality for countless Filipino families seeking a place to call their own. The launch event featured a celebrity fireside chat with panelists A nna Feo, Alma Concepcion, and Ynez Veneracion.
Leechiu Property for Bay Mall’s office space leasing
Bay Mall set to generate jobs as provincial office demand continues to rise
TOPLINE Equity Corporation
(Topline Group), the ultimate parent company of listed Top Line Business Development Corp., has recently signed an exclusive leasing agency agreement with Leechiu Property Consultants Inc., the country’s leading real estate advisory firm, for Bay Mall’s office spaces.
“Our collaboration with Leechiu Property Consultants marks another step forward in the Topline Group’s growth story in the real estate sector. We aim to attract a more diverse mix of tenants in Bay Mall to meet the evolving needs of the community and provide job security,” said Eugene Erik Lim, Chairman and CEO of the Topline Group.
Strategically located in the rapidly growing economic hub of Liloan, Northern Cebu, the 3-story Bay Mall offers modern office spaces on its second and third floors that can accommodate up to 1,000 seats. As a major thoroughfare with convenient commuter access, Bay Mall is ideal for business outsourcing processing (BPO) firms seeking to expand northward and tap into a broader talent pool. The facilities also feature high-speed fiber internet, backup power systems, a dedicated lobby with elevator access, and 24/7 security and maintenance.
“Leechiu Property Consultants is excited to be the leasing agent of Topline for their BPO space in Bay Mall,
Liloan, Cebu. Over the past three years, Cebu has consistently ranked as one of the top real estate markets for BPOs— a testament to the strength of the labor pool in the Visayas. Liloan offers BPOs a unique opportunity to recruit talent from across Cebu Province. We are excited to bring this opportunity to our clients,” said Phillip Anonuevo, Executive Dirctor of Leechiu Property Consultants Inc.
“While BPO companies are our primary
MARIANNE DELA CRUZ, Chief Executive Officer of Reelist8
BORJ DE BORJA, Reelist8’s Chief Operations Officer
RJ, QMB make Gilas final 12 for qualifiers
By Josef Ramos
RJ ABARRIENTOS will play the point and Quentin MilloriaBrown will roam the shade for head coach Tim Cone’s team to the International Basketball Federation (FIBA) 2027 World Cup Asia qualifiers against Guam.
“ We took a little different approach this time,” Cone said on Tuesday after announcing his final 12 for the first window of the qualifiers that start with an away game Wednesday and Friday next week at the University of Guam Calvo Field House.
We really pushed much harder than we normally do in the previous windows and we want to have an aggressive style, be more aggressive than we do offensively and defensively,” he added.
The usual suspects are in—Justin Brownlee, Scottie Thompson, Japeth Aguilar, June Mar Fajardo, Carl Tamayo, Chris Newsome, AJ Edu, CJ Perez, Dwight Ramos and Kevin Quiambao.
Out from the pool are Juan Gomez de Liaño, Troy Rosario and Jamie Malonzo.
“These guys are all ready to get down on both ends of the floor especially for the big guys like Japeth [Aguilar] and June Mar [Fajardo], but they have no complaints,” Cone said. “No excuses… and that is what I like in their character.” Gomez de Liaño was the latest addition to the pool and despite being cut, Cone said the Converge combo guard would definitely become part of Gilas Pilipinas in the future.
“He would be part of the team at some point,” he said. “It just happened that at this time, he’s still new to the system, but we laid the foundation for Juan in terms
of him learning the system.”
For Milloria-Brown, Cone said he needs the physicality of the 6-foot-10 former University of the Philippines bruiser as backup for Fajardo, Aguilar and, when he comes out of injury bay, 7-foot-3 Kai Sotto.
“He is a physical type of a player and I think that’s what we lack,” he said. The team flies to Guam on Wednesday evening and will be back for the second game against Guam on December 1 at the Ateneo Blue Eagle Gym.
We’ve been killing these guys, we’ve been practicing everyday since we got together,” Cone said. “I’m hoping they still have the legs when we arrive in Guam. We need them to rest and recover.”
After Guam, the Philippines resumes its Pool A campaign against Australia and New Zealand in February and March next year for the second window.
MMONSALVE made the most of a late opportunity to enter the International Container Terminal Services Inc.
The Country Club (TCC) Match Play Invitational and produced the most stunning result of the rain-hit round first round on Tuesday by eliminating top seed Sarah Ababa.
O riginally outside the elite 16-player roster, Monsalve made the field after Princess Superal and Chihiro Ikeda withdrew to compete in the Japan Q-School.
But once in, she took full advantage and went shot-for-shot and putt-for-putt against the newly-crowned Order of Merit
champion before seizing control at the backside of the demanding TCC layout.
From there, Monsalve never let Ababa recover and closed out a commanding 3&2 victory to barged into the quarterfinals of the P1.5-million season finale of the Ladies Philippine Golf Tour.
“Putting,” Monsalve said when asked what made the difference. “My game was steady today, and Sarah also had some bad breaks. She hit a couple of good shots that had bad bounces.”
Monsalve entered ranked No. 18 in the OOM with her best performance a tied-sixth finish at Apo.
“I honestly didn’t expect to win.
Sarah’s a very good player,” added Monsalve, who now moves on to face another formidable opponent, Daniella Uy, in the Last 8.
Uy, Florence Bisera and Tiffany Lee also advanced after posting dominant victories.
Uy, who narrowly missed wins at Pradera Verde and Bacolod, dispatched Gretchen Villacencio, 4&3, in the season-ending event organized by Pilipinas Golf Tournaments Inc.
“I’m very determined because I haven’t won this year,” said Uy, while noting she still needs to fine-tune all parts of her game. “It’s a whole package—driving, approach shots, short game and putting.”
Bisera, aiming not just to repeat but to complete a three-title sweep this season, including a breakthrough win in Thailand, cruised past Kayla Nocum, 5&4, to set up a duel with Martina Miñoza, who turned back Pamela Mariano, 3&1.
IT’S all systems go for Larga Pilipinas as the cycling race series flag off this weekend in Nueva Ecija, Tarlac and Pangasinan this Saturday and Sunday.
Some 3,000 cyclists will be competing in the event that features races in road bike and mountain bike.
There are seven categories in the races—Pro Elite and People’s Race consist-
Lee, meanwhile, overwhelmed Apple Fudolin for a 6&4 rout, showcasing the sharp putting and accurate driving that delivered her maiden pro win at Splendido Taal last year. But she set up an intriguing matchup against Mafy Singson, who edged Kim Seoyun in a nervy 1-up finish.
“I w as making a lot of birdie putts and my drives were really accurate, so that helped me a lot today,” said the 17-year-old Lee. “Conditions weren’t too tough, the air was just a little thick so some shots came up shorter, but overall it was okay.”
ing of MTB Men Open, Road Bike Boys 18U, Road Bike Boys 23U, Road bike Men 23U, MTB Amateur Boys 18U and Fix Gears.
L arga Pilipinas president and race director Gary Role told Tuesday’s Philippine Sportswriters Association Forum that they expect last-minute entries for the races that were postponed last August because of typhoon.
Filipina5 bow out of futsal worlds, but make historic goals
a dream come true,” Graversen said.” To do it on your homecourt makes it more exciting and crazy. The atmosphere was just wild.” Graversen took added pride in the fact that the Filipina5, despite relinquishing control with three successive goals from Nadia Laftah (10th), Siiham Tadlaoui (14th) and Jasmine Demraoui (17th), kept fighting. “We created a lot of opportunities and we gave it our all. That’s all you can ask, basically,” she said. “And we fought until the very last minute, even tried ‘power play’ [strategy] to try something different [in the last five minutes].”
RANDY GARALDE sizzled in the rain with shock 7&5 victory over third seed Fidel Concepcion to crash the party of the tournament favorites at the start of the International Container Terminal Services Inc. The Country Club Invitational in Santa Rosa City on Tuesday.
R anked 30th in the 32-man field, Garalde walked into the match with nothing to lose and everything to gain—he walked out as the day’s most stunning giant-killer.
P laying pressure-free amid relentless drizzle and rain at the demanding TCC layout, he produced one of the cleanest rounds of his career made up of three birdies, several clutch par saves and a flawless bogeyfree card through 13 holes.
“M y driving, short game and putting were all good. I also saved a
So far, the Pro Elite already has 105 entries, while the MTB Men Open registered the most number of participants with 845.
Larga Pilipinas operations and creative head Snow Badua also graced the Forum presented by San Miguel Corp., Philippine Sports Commission, Philippine Olympic Committee, Milo and ArenaPlus.
lot of pars, hit three birdies and no bogeys,” said Garalde, who bowed out in the very first round last year after falling to Jay Bayron.
“I ju st got lucky. Say TCC and what comes to our minds is it’s a tough course,” he said. “But I just played my game and enjoyed under the rain,” said Garalde. His clinical performance not only dismantled the fancied Concepcion— fresh from a breakthrough win at Apo and
Maroons the bonus of winning just once against the Tigers to advance.
A s I said, the complex nature in the chase for the fourth and final slot to the semifinals dramatically ends with La Salle beating Ateneo.
therwise, an Ateneo
with FEU’s triumph over UST would send La Salle, Ateneo and FEU to a triple tie at identical 7-7, win-loss marks, necessitating a stepladder to break the three-way deadlock. T he one with the best quotient among the three takes a bye,
THE Filipina5 celebrate one of the two goals in their 3-2 loss to Morocco. PFF PHOTO
