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Fuel costs, inflation, peso dampen biz mood–BES

HISTORY IN THE BREAKING A professional surfer executes a roundhouse cutback, carving back toward the breaking section of a wave and sending a dramatic spray of water into the air, as another surfer drops in behind him during a practice session at Cloud 9 in General Luna, Siargao Island, Surigao del Norte, on October 29, 2026. The session precedes the Philippine Pro, the firstever World Surf League (WSL) Championship Tour event in the country, running from October 31 to November 10. The historic competition brings around 40 of the world’s elite surfers from 11 countries and territories to Siargao, marking the island’s debut on surfing’s premier professional circuit. The event also coincides with the 30th anniversary of Siargao’s international surfing competition and the WSL’s 50th year of the World Tour, underscoring the island’s evolution into a global surfing destination. Related story in A12 Sports, “Tokong, Lopez make waves in Siargao.” ERWIN MASCARIÑAS

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USINESS sentiment in the Philippines became less pessimistic in September 2026, but firms flagged continued concerns over elevated fuel costs, rising inflation, and peso depreciation, among others, based on the results of the latest Business Expectations Survey (BES) of the Bangko Sentral ng Pilipinas (BSP). Based on the report, the overall Business Confidence Index (CI) improved to -8.4 percent in September 2026, from the -10.9 percent in August 2026. A negative CI means that more respondents are pessimistic than optimistic about the economy. The central bank explained, however, that firms attributed their pessimism mainly to elevated fuel and

energy costs and rising prices. Other concerns included Middle East tensions, peso depreciation, and weather-related disruptions. Respondent firms noted that financial condition was less tight in September compared to August as the confidence index, albeit still negative, improved to -19.8 percent from the -24.9 percent in August. Financial condition, the central bank said, refers to the firm’s general cash position considering the level of cash and other cash items and repayment terms on loans. Meanwhile, the report noted that firms’ access to credit remained tight in September, with the index staying at the -7.2 percent level seen in August, still worse than the -7 percent in July.

At least 73.5 percent of the firms in industry and construction were more optimistic about average capacity utilization in September, higher than the 69 percent in August.

Outlook

DESPITE their pessimism in September, the firms had an optimistic outlook over the 3- and 12-month horizons. According to the BSP, optimism three months from now was driven by the expected higher business activity during the holidays and the rice harvest seasons. Based on the report, however, fewer firms were optimistic for both time frames. The percentage of firms which expressed optimism in the next three months declined to

20.9 percent in September from the 24.6 percent in August. Likewise, the percentage of businesses which expressed positive outlook in the next 12 months fell to 26.5 percent in September, from the 36.4 percent in August. Year-ahead optimism, the central bank explained, reflected growth opportunities in selected sectors, particularly health care, education, tourism, financial services, real estate development, and trade-related activities. The central bank also noted that employment outlook 12 months ahead remained positive but was less favorable than in the previous survey round. More industry firms also planned to expand operations, the BSP noted. See “Fuel,” A2

BusinessMirror A broader look at today’s business

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INFLATION MAY BREACH 8% IN NOV-DEC–EXPERTS www.businessmirror.com.ph

Monday, November 2, 2026 Vol. 22 No. 26

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FISHING FOR RESILIENCE Fish cages used for milkfish (bangus) production dot the waters off Punta Dumalag in Matina Aplaya, Davao City, where mariculture provides livelihood for local fisherfolk and contributes to the city’s fish supply. The fish-farming community faces potential challenges from a strong to very strong El Niño, which the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) expects to persist into the first quarter of 2027, with its effects possibly extending through the first half of the year. The House of Representatives has assured the public that the proposed P7.2-trillion national budget for 2027 includes measures to help farmers and fisherfolk cope with the weather phenomenon. The House-approved spending plan includes P10 billion in assistance for farmers and fisherfolk and P4.96 billion for farm-to-market roads. NONIE REYES By Andrea E. San Juan

RICE pressures from higher public transport fares, electricity rates, and wage increases which are expected to become broader, alongside stubbornly high global oil prices and the threat of El Niño on food supply, could drive the inflation rate beyond the 8-percent level in the last two months of the year, bank economists warned.

In separate commentaries, bank economists warned that inflation likely accelerated further in October on the back of higher public transport

fares taking full effect, among others, but pointed out that the peak is yet to come as current price See “Inflation,” A2

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FACTORY EXPANSIONS ON HOLD FOR ’27 AS PESO WEAKENS–FPI By Ada Pelonia

A N U FAC T U R E R S will put expansion plans on hold in 2027, as the continued weakening of the peso jacks up operating costs and further squeezes their margins, according to the Federation of Philippine Industries (FPI). While manufacturers would do their best to retain their workers next year, FPI chairman Elizabeth Lee said they would postpone expansion plans due to surging operating costs. “We want to hold onto our workers as much as possible, because there’s so much equity already put in the workers,” Lee recently told reporters. “But in terms of expansion, that will be on the shelf for now.” At present, she noted that manufacturers are already using the P65:$1 assumption when purchasing imported inputs to beef up their inventories. The peso recently hit a new record low of P64 per dollar.

Higher import costs, however, would not instantly translate to increased prices for Filipinos. Manufacturers would absorb added costs so as to avoid further demand destruction on cashstrapped consumers. “Manufacturers also cannot just push that whole increase in cost down the line, because we already have demand destruction,” Lee said. “If the prices go up too high, then who’s going to be buying the products down the line? For manufacturers, you actually have to have a balancing act.” Other factors also add pressure to manufacturers, such as the costs of logistics and electricity necessary to efficiently run factories. “But the other thing that we can also fix is the ports,” Lee said, pointing to congestion due to empty containers stuck in maritime gateways. “It’s because we do not export enough, but we import so much that the empties are now stuck [at ports] and that’s actually not See “Peso,” A2

NGCP urges DOE: Take back 2 circulars

By Lenie Lectura

HE National Grid Corporation of the Philippines (NGCP) has strongly urged the Department of Energy (DOE) to withdraw two circulars that effectively allow other entities to build transmission facilities, arguing that allowing transmission projects outside the official transmission grid plan disrupts network coordination and design. Furthermore, the grid operator maintained that allowing other entities to build grid facilities would not resolve regulatory, permitting and right-of-way constraints affecting transmission projects. This was the position sent by the NGCP to the DOE. DOE circular no. 2026-01-0001 allows power generation companies (gencos) to finance and/or construct associated transmission projects while DOE circular no. 2026-02-0007 allows the National Transmission Corp. (TransCo) to finance and/or construct transmission lines and facilities critical to the country’s energy transition.

Citing the February 2025 arbitral award, the NGCP said it has the exclusive responsibility to prepare the Transmission Development Plan (TDP) during the concession period which is set to end in 2034. The ruling distinguished NGCP’s planning role from the government’s regulatory authority: the DOE reviews and approves the overall plan, while the Energy Regulatory Commission (ERC) approves or disapproves individual projects. The TDP should align with the wider Philippine Energy Plan and Power Development Plan. TransCo retains a right to be consulted, rather than a right of prior approval, the NGCP claimed. “The ruling could be seen as supporting a unified approach to planning and development, with clear responsibilities and government oversight. From a project-delivery standpoint, adding overlapping planning and review layers could prove counterproductive, potentially multiplying coordination requirements, complicating accountability See “NGCP,” A2

PESO EXCHANGE RATES n US 63.8520 n JAPAN 0.4050 n UK 85.4404 n HK 8.1384 n CHINA 9.5857 n SINGAPORE 49.9038 n AUSTRALIA 44.8752 n EU 71.3865 n KOREA 0.0477 n SAUDI ARABIA 17.0150 Source: BSP (October 30, 2026)

News

BusinessMirror

A2 Monday, November 2, 2026

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ang flight.” @iamusermabi blamed the flight cancellations on poor government management. “I understand that the Asean Summit is important and security is a priority. But cancelling flights, rerouting transportation, and disrupting people’s work and travel is also a big deal. What about the people who lose their vacation days, salary, hotel bookings, or other expenses because of these changes? Who takes responsibility for those losses? If the government is hosting a major international event, I think there should also be better planning and consideration for ordinary people who are affected by it.”

DOE-DENR order on… Continued from A9

offered for development and production coal operating contracts (DP COCs) under the Philippine Conventional Energy Contracting Program (PCEP). It was met with heavy resistance stemming from legal, technical, financial concerns. Garin clarified that the rules are uniform for all participants and are not targeting or excluding any specific company. “Anyone who qualifies under the established rules will be considered because it’s the same rules for everyone. Everyone is given a chance,” she said.

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FBI alerted after Markle Sr. ‘Manila Nites’ tapes found

By Malou Talosig-Bartolome

OURNALISTS from the British tabloid The Daily Mail have discovered suspected child sexual abuse materials in an abandoned storage unit in Rosarito, Mexico, belonging to Thomas Markle Sr., the estranged father of Meghan, Duchess of Sussex. Among the items kept in the Mexican storage unit were videotapes labeled “Manila Nites,” compounding an ongoing criminal investigation by the Philippine National Police (PNP) into Markle Sr. In their exclusive report, The Daily Mail journalists said they gained access to Markle’s storage locker, which had two years of unpaid rent. Aside from the “Manila Nites” videotapes, reporters uncovered a stash containing magazines depicting child sexual abuse, books on pedophilia, multiple hard drives, and explicit photographs. The Daily Mail said they subsequently notified the US Federal Bureau of Investigation (FBI) about the

contents. These findings mirror an active police probe in the Philippines, following disclosures by Markle’s son, Thomas Markle Jr., who had lived with him in Cebu for the past few years. Thomas Jr. claimed he was cleaning out his father’s former residence in Cebu City when he discovered the suspected child pornographic materials. He turned over four boxes of evidence, including cellphones and dismantled hard drives. The PNP has since been issued a warrant to conduct an intensive forensic examination of the digital devices. Based on the submitted evidence, Philippine Interior Secretary

Jonvic Remulla said the findings point to a potential sex offender of the “grossest kind.”

Responses from Markle Sr., Meghan

THE 82-year-old Markle Sr., who is currently recovering from a leg amputation in a Florida rehabilitation center, has vehemently denied the child abuse allegations, the international media quoted him as saying. While he admitted to paying

Peso…

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helping with the business.” The Philippines Manufacturing Purchasing Managers’ Index (PMI) fell to 49.6 in September from 54.9 in August, Standard & Poor’s (S&P) Global Market Intelligence said. This marked the first deterioration in operating conditions in the goodsproducing sector since April.

Fuel…

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The BSP said it continues to monitor developments in the Middle East and their potential effects on business and consumer sentiment, spending, and investment. “These indicators are among those considered in the BSP’s

Inflation… Continued from A1

pressures are seen to broaden in the coming months, with El Niño’s impact on food supply so far merely creeping in. ANZ Research, the research division of Australia-based ANZ Banking Group Limited sees October inflation for the Philippines surging to 8.4 percent, adding that it expects inflation to remain above the 8-percent level in the last quarter of 2026 due to higher rice and oil prices. While ANZ Research was the only analyst which pegged inflation beyond 8 percent for October, majority of local bank economists expect inflation to come close to 8 percent. “Inflation is expected to have accelerated for the second straight month in October in the Philippines, reaching 8.4 percent year-onyear. Crude oil prices had risen to six-month highs by the end of October, which will maintain domestic fuel prices at elevated levels,” the research division of the Australia-based bank noted. ANZ Research said rice price growth has also accelerated, adding further upward pressure to food prices. “The weaker PHP has added another layer of risk to the food inflation outlook as the Philippines is a net food importer,” added the research division of the Australia-based bank. Meanwhile, based on her “October 2026 Inflation Nowcast,” Lead Economist for BDO Wealth Research Office Alyssa Nuñez said: “October is shaping up to be an expensive month. The latest nowcast has inflation close to 8 percent, up from 7.2 percent in September. That would be the highest reading since early 2023.” Nuñez said the pressure likely came from: “Commuting, after the fare increase took full effect, cooking gas, with LPG up by as much as P18 per kilo, rice and vegetables, with El Niño threatening supply and imports with the peso at a record low near P63.5.” Singapore-based United Overseas Bank Limited (UOB), in its Weekly Outlook, said it expects inflation in the Philippines for October to reach 7.9 percent year-on-year. Chinabank Group Chief Economist Domini S. Velasquez, for her part, said inflation is expected to accelerate to 7.8 percent in October from 7.2 percent in September, driven mainly by higher non-food prices. “Transport fares for buses, jeepneys, taxis, and TNVS increased following adjustments approved in late September, while higher electricity rates, particularly in Meralco-serviced areas, added to price pressures. Gaso-

for sex with prostitutes during his time in the Philippines, he insisted to reporters, “I have never had sex with anyone under the age of 18.” Meanwhile, his daughter, Meghan, Duchess of Sussex, who has been estranged from her father since 2018, recently released a statement explaining that her choice to permanently distance him from her children was a protective measure in light of these long-standing suspicions. The downturn was partly driven by a renewed contraction in production, which fell for the first time in nine months and at the fastest pace since November 2025, according to the report. “Output, new orders and employment all dropped into contractionary territory. Firms also signaled moves into retrenchment mode via a fresh decline in input buying and a running down of inventories,” S&P Global Market Intelligence principal economist Siân Jones said. monetary policy decisions,” the central bank also said in its statement over the weekend. BSP said the September 2026 BES was conducted from September 4 to 30, 2026. There were 515 firms surveyed nationwide, consisting of 193 companies in the National Capital Region (NCR) and 322 firms in areas outside the NCR, covering all 18 regions across the country. Andrea E. San Juan line and kerosene prices also rose, although diesel prices declined,” added Velasquez. In contrast, however, the group chief economist of Chinabank said food inflation eased month on month, with lower prices for rice, vegetables, meat, fish, eggs, and sugar offsetting higher fruit prices. Meanwhile, Velasquez said core inflation is projected to pick up to 5.4 percent from 4.7 percent, suggesting that “underlying price pressures continue to broaden.” “Inflation is expected to accelerate further and peak in November as El Niño adds to food price pressures,” added Velasquez. Union Bank of the Philippines (UBP), for its part, expects inflation in October to accelerate further to 7.8 percent. “October inflation reflects a combination of US$100 per barrel of oil, peso depreciation past 63 and recently past 64 versus USD, higher electricity costs, faster pass-through of import prices into core inflation, and mounting food pressures, led by sustained double-digit rice inflation,” added UBP. For his part, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said he sees October inflation rising to 7.8 percent, “driven mainly by higher global oil prices that are pushing up energy, food, and logistics costs.” This, he said, suggests inflation pressures remain “broad-based” and could keep BSP “on guard.” “If inflation breaches 8 percent over the next two months, the case for another 50-basis-point rate hike in December becomes much stronger. Markets should watch incoming inflation data closely,” added Ravelas. Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr. said headline inflation likely accelerated further to 7.7 percent in October. If realized, he said this would mark the fastest pace of increase in consumer prices since February 2023. “Notably, the acceleration comes despite relief in food and fuel, pointing to price pressures that are becoming broader and more entrenched,” Neri said in his commentary. Neri explained that food prices offered some “relief” as the Habagat season faded in October, easing supply disruptions for “major items” such as rice, meat, fish and vegetables. Some rollbacks in pump prices also provided a “partial reprieve” on transport costs, he added. However, he emphasized that these were “more than offset” by broadening secondround effects as earlier price shocks spread to fares and wages. According to the BPI lead economist, October captured the first full month of the P1-2

NGCP…

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and introducing further delays rather than accelerating construction,” the NGCP said. Further, the NGCP raised this point: “Allowing projects to proceed outside the Transmission Development Plan raises questions about how their timing, design and integration would be coordinated with other network investments.” It also pointed out that regulatory rules prevent NGCP from proactively building infrastructure for uncertain power projects that lack system impact studies. This leaves transmission planning dependent on the readiness and location of proposed power plants, as well as the approvals needed to develop the infrastructure serving them. As such, the NGCP said power developers must synchronize their timelines with the availability of transmission infrastructure, just as grid expansion relies on power plant progress and approvals. The NGCP argued that the DOE circular oversteps by expanding a genco’s reach beyond basic plant connections into general grid infrastructure, including new or expanded transmission lines, substations and other facilities. NGCP is concerned that associated transmission projects are allowed to move forward even if they fall completely outside the official TDP. This, NGCP claimed, effectively forces it to share technical data and modify its existing facilities, such as control rooms and switchyards, to accommodate third-party equipment. “In seeking the withdrawal of both circulars, NGCP proposed addressing transmission development concerns through coordination with the company and the ERC under the existing planning and regulatory process. It also reserved its right to pursue legal remedies,” the NGCP said. public transport fare hikes, effective September 28. Meanwhile, the P60 NCR minimum wage hike under Wage Order NCR-28, effective September 26, adds to labor costs and pass-through risk in labor-intensive services. On the demand side, the increase in takehome pay could lend some support to household spending, potentially adding some demand-side pressure to services inflation, he also noted. Meanwhile, imported cost pressures added to the upside. “The wider depreciation of the Peso raised the cost of fuel, food imports, and USD-denominated power supply contracts. Electricity costs also climbed, with Meralco raising its overall rate by about 2.2 percent MoM after two months of cuts,” said Neri.

Inflation peak yet to come

LOOKING ahead, Neri emphasized: “We have yet to see the peak in inflation this year.” “We expect it to come in November, when inflation could exceed 8 percent if current price pressures persist. Unlike the fuel-driven spike in April, the current upswing rests on stickier drivers,” added Neri. Explaining how price pressures could broaden further, he said fare and wage increases rarely reverse, and higher labor costs could feed into broader price-setting through second-round effects, a risk which he said is already “visible” in core inflation, which climbed to a three-year high in September. “Additional upside risks include further Peso weakness, Meralco’s higher distribution charges under the newly approved rate reset, the potential impact of a Super El Niño on food and power supply, and volatile oil prices amid Middle East tensions,” added Neri. For his part, Rizal Commercial Banking Corp. (RCBC) chief economist Michael L. Ricafort said he expects inflation for October to have accelerated further to 7.6 percent. “Major catalysts for inflation in October 2026: Higher global crude oil prices; new record high US dollar/peso exchange rate that could lead to higher importation costs; higher minimum wages in Metro Manila and in other regions that could lead to higher prices of affected goods and services; though offset by the series of rollback in local fuel pump prices, better weather conditions compare to previous months that could help stabilize food/ agricultural prices,” added Ricafort. Ricafort also emphasized that inflation could remain at 7 to 8 percent levels for the rest of 2026 and even up to around February 2027. Philippine National Bank (PNB) Chief Economist Alvin Arogo said the bank forecasts inflation to have inched up to 7.4 percent in October. “Our baseline view is for inflation to peak at 7.6 percent in February 2027 and a sub-4.0 percent level could be achieved by August,” added Arogo.

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Monday, November 2, 2026

Paocc busts Iligan House impeach panel offers VP illegal gaming site trial evidence to OMB, BIR A HE House impeachment

U T HOR I T IE S a r rested 13 individuals and seized some P12 million worth of high-tech betting and broadcasting equipment in a raid on an illegal offshore gaming operation in barangay Hinapolan, Iligan City. The operation was conducted by a composite team of law enforcement agencies and the Presidential Anti-Organized Crime Commission (Paocc) as part of the government’s ongoing, aggressive nationwide crackdown on online scams and illicit operations operating similarly to banned Philippine Offshore Gaming Operators (Pogo). Paocc Executive Director Benjamin C. Acorda Jr. said the raid was executed after intelligence units confirmed reports of an active, unauthorized offshore gaming hub in the area. Armed with a search warrant, raiding teams swooped down on the premises, catching the operators in the act. The Paocc revealed that the

raided facility was far from a simple guerrilla setup. The raid yielded P12 million worth of sophisticated equipment, including commercial-grade computer processing units, monitors, professional cameras, recording devices, tablets, digital card scanners, specialized gaming tables, card decks, studio lighting gear, and other broadcast accessories used to livestream table games. Those taken into custody include two operations managers and 11 dealers in livestreamed table games. Acorda confirmed that all 13 suspects are currently in police custody. They face formal criminal charges, including violations of Republic Act 12312, also known as the Anti-Pogo Act of 2025, which strictly prohibits and penalizes illegal offshore gaming activities and associated scam networks within Philippine territory. Rex Anthony Naval

Senate majority rallies to cleanse ’27 budget

HE Senate majority bloc has united behind efforts to strip questionable and corruption-prone allocations from the proposed 2027 national budget, aiming to restore full transparency to the legislative appropriations process, Sen. Panfilo Lacson said on Sunday. “The majority of senators are rallying behind Senate Finance Committee Chairman JV [Joseph Victor] Ejercito’s efforts to cleanse the 2027 budget of unwarranted, whimsical, and corruption-prone items. -ALL MEANS ALL!” Lacson said in a statement. The commitment comes amid heightened scrutiny of the Housetransmitted version of the General Appropriations bill (GAB). Ejercito previously raised alarm over the reported realignment of approximately P206 billion within the proposed P7.2-trillion national budget by the House of Representatives. Among the significant reductions flagged by Ejercito were cuts to critical government operations, including flood mitigation initiatives, calamity funds, foreignassisted projects, right-of-way acquisitions, health promotion, child immunization, and local health facility programs. A key focal point of the Senate’s review is the sudden surge in infrastructure allocations. Senate findings revealed that the number of Department of Public Works and

Highways (DPWH) projects expanded dramatically from 11,420 items under the executive branch’s original National Expenditure Program (NEP) to 16,244 items in the House-approved GAB. Lacson pointed out that 6,271 of these new DPWH projects were inserted directly by lawmakers without undergoing initial vetting or technical evaluation by the Executive branch. To address these unvetted additions, Ejercito secured a commitment from the DPWH to drop all infrastructure projects lacking complete documentation from the House-approved GAB before plenary debates commence, should the agency fail to submit the required paperwork by November 3. In addition, Lacson affirmed that the Senate will systematically review every increase inserted into the DPWH allocation. This includes examining high-profile line items such as the budget for the First District of Ilocos Norte – represented by the President’s son Rep. Ferdinand Alexander Marcos – which recorded the single largest net increase among congressional districts. Congress is set to resume plenary sessions on November 9, with Ejercito anticipating that formal floor debates on the 2027 budget bill will start on November 23 as senators work to finalize a clean fiscal plan before the end of the year. Butch Fernandez

By Jovee Marie N. dela Cruz

@joveemarie

prosecution panel is prepared to turn over documents and other evidence gathered during the impeachment proceedings to the Office of the Ombudsman (OMB) and the Bureau of Internal Revenue (BIR) to assist separate investigations into allegations involving Vice President Sara Z. Duterte, her husband and officials of government agencies. Lanao del Sur Rep. Zia-ur Rahman Alonto Adiong, House prosecution spokesperson, said the panel was willing to cooperate with both agencies, which are examining allegations involving the alleged misuse of confidential funds, bribery and possible tax violations involving companies linked to Duterte and her husband, lawyer Manases Carpio. Adiong said the prosecution’s evidence, much of which was presented during congressional hearings and the Senate impeachment trial, could be made available to authorities upon request. “We are focused on the impeachment trial, but if the BIR requests the documents we already have, the prosecution panel is more than willing to provide them

because these are public records,” Adiong said. The offer comes as the Office of the Ombudsman continues investigating allegations involving confidential funds allocated to the Office of the Vice President (OVP) and the Department of Education (DepEd). Lead prosecutor Batangas Rep. Gerville Luistro said the Ombudsman had been investigating the confidential funds and bribery allegations involving officials of the two agencies since 2024. That same year, the House Committee on Good Government and Public Accountability investigated P612.5 million in confidential funds allocated to the OVP and DepEd during Duterte’s tenure. The committee examined

questions involving liquidation records, ack nowledg ment receipts and the disbursement of public funds before transmitting its findings to the Ombudsman for further investigation. Luistro said the withdrawal of three impeachment articles covering confidential funds, bribery and grave threats did not terminate separate investigations or prevent the filing of possible criminal or civil cases. “We are prepared to submit the pieces of evidence in our possession in response to Ombudsman Remulla’s interest in examining the prosecution’s evidence. These may be used in investigations or preliminary investigations that could lead to criminal or civil cases,” Luistro said. The prosecution’s offer also extends to financial records involving three companies associated with Duterte and Carpio: Metro City Chow Inc., Cale88 Foods Corp. and Gencorp. Adiong said the financial analysis presented during the impeachment proceedings identified an alleged P1.41-billion discrepancy between the companies’ bank inflows and declared revenues from 2022 to 2025. He also disclosed that the BIR had issued a letter of authority for a tax examination of Cale88 Foods Corp., although there was no confirmation that similar audit authorizations had been issued for the other two companies. “We are talking about not just one company, but three companies,” Adiong said, identifying

SC frees battered woman T

HE Supreme Court (SC) has acquitted a housewife of parricide after invoking Battered Woman Syndrome (BWS) as her defense for shooting her abusive police officer husband in 2011, ordering her immediate release from detention. In a decision written by Senior Associate Justice Marvic M.V.F. Leonen, the Court reversed and set aside the August 9, 2023 ruling of the Court of Appeals (CA) and the lower trial court, which had both found the wife guilty and sentenced her to reclusion perpetua or 20 to 40 years imprisonment. The wife admitted to shooting her husband with his service firearm on February 8, 2011, following a violent confrontation where he threw their youngest child onto a chair, beat her, and slammed her

head against a wall while threatening that she would not leave the house alive. Court records showed she suffered systemic physical and emotional abuse over more than two years, including an incident on September 16, 2010, where her husband restrained her while his mistress assaulted her in a hotel room. She refrained from seeking police aid because her husband was a law enforcer. While the Office of the Solicitor General (OSG) argued that parricide was proven beyond reasonable doubt and lacked sufficient evidence of BWS, the Court held that the woman experienced at least two complete cycles of battering. A court-appointed government psychiatrist diagnosed her with major depressive disorder

resulting from cumulative abuse. The SC emphasized that Section 26 of Republic Act 9262 (Anti-Violence Against Women and Their Children Act of 2004) exempts victims suffering from BWS from criminal and civil liability—even in the absence of traditional selfdefense elements like unlawful aggression. “The violence fundamentally altered the wife’s state of mind and caused her to have learned helplessness that led her to believe that only killing her husband would free her,” the SC ruled. “To deny the accused the protection of Section 26 of RA 9262 simply because her abuse was not perfectly documented would be to impose upon battered women a burden the law itself never intended.” Joel R. San Juan

DepEd tightens controls against voucher scams By Claudeth Mocon-Ciriaco

DUCATION Secretary Juan Edgardo A ngara warned fraudsters that the Department of Education (DepEd) is bolstering its anti-fraud measures and legal prosecution to eliminate non-existent beneficiaries and ensure public funds reach deserving learners. Angara said that the department has intensified its crackdown on fraudulent subsidy claims while rolling out major reforms under DepEd Order 11, series of 2026, which updated the Enhanced Government Assistance to Students and Teachers in Private Education (E-Gastpe) framework. “We are closing the systemic loopholes t hat u nscr upu lous

individuals have taken advantage of in the past,” A ngara said. “Intentional fraud against our voucher program is a crime against Filipino families. To anyone trying to cheat the system, DepEd will not hesitate to prosecute you.” The crackdown has already produced legal results. In July, a Regional Trial Court (RTC) in Metro Manila convicted a scammer and sentenced the perpetrator to over 14 years in prison along with a P100,000 fine for submitting fake billing statements. DepEd affirmed that it continues to pursue criminal cases and formal complaints against erring private school administrators and former personnel involved in fraudulent claims.

Under the newly ratified Basic Education Voucher Assistance measure, filing false voucher claims will be criminally prosecuted as estafa under the Revised Penal Code, carrying mandatory fund restitution and fines of up to P500,000. To catch non-existent beneficiaries and invalid billings before funds are released, DepEd is enforcing a rigorous five-layer billing validation process. DepEd Order 11, s. 2026, fortified operational safeguards across the Senior High School Voucher Program to prevent, detect, and address invalid claims throughout the entire program cycle. T h r o u g h t h e s e t i g ht e n e d cont rols, DepEd successf u l ly w it h he ld over P 23 8 m i l l ion

in suspic ious bi l l ings du r ing S c hool Ye a r 2025 –2026 a nd r e c o v e r e d P 7 9. 1 m i l l i o n i n ref u nd s f rom non- compl i a nt sc hools. Angara emphasized that these structural reforms directly fulfill President Marcos’ directive to ease financial burdens on Filipino families while broadening access to quality education. “Our mandate from President Marcos is to ensure ever y peso of government assistance delivers real value to our people,” Angara added. “By cleaning up ou r reg ist r ies a nd st reng t hening our va lidation, we are protecting the integrity of the voucher program so that support reaches the learners and families who rely on it.”

Once enacted, the Basic Education Voucher Assistance bill will extend tuition assistance beyond lower-income brackets to include middle-middle-income families. The program will also expand coverage to elementary learners (Kindergarten to Grade 6) starting in School Year 2027–2028. This initial expansion targets over 292,000 elementary learners and nearly 18,000 private school teachers, backed by an initial proposed allocation of P4.34 billion across 2,632 participating private schools. To maintain strong long-term oversight over participating private educational institutions, the expanded voucher framework also establishes a dedicated Bureau of Private Education within DepEd.

Metro City Chow, Cale88 and Gencorp. The lawmaker said the financial discrepancies warranted examination by tax authorities, which have the means to obtain and evaluate the necessary corporate and banking records. However, he stressed that the BIR would have to independently determine whether the questioned bank deposits represented taxable income or legitimate transactions such as loans and fund transfers. Adiong said government agencies could coordinate in sharing information and documents when necessary to protect the interests of the state and support appropriate investigations. Meanwhile, the Senate impeachment trial is scheduled to resume on November 9, with Duterte’s defense set to present evidence on the remaining Article II charge involving alleged unexplained wealth. The defense had originally requested 30 trial days to present its evidence covering all four impeachment articles. Luistro said she expects the defense’s requested time to be substantially reduced to 10 full trial days following the withdrawal of three of the four articles. She said the trial could conclude before the end of November if the defense limits its presentation to 10 days. However, she cautioned that the proceedings could extend into December if the defense requires additional time to present its witnesses and documentary evidence.

PNP probes use of recovered vehicles by cops

HE National Police (PNP) has o rd e re d a n a cco u nt i n g o f recovered stolen vehicles in its custody and started an investigation into reports that some policemen have been using those vehicles. Gen. Jose Melencio C. Nartatez Jr., National Police chief, directed the Highway Patrol Group (HPG) to establish the current status of all impounded vehicles and investigate any unauthorized use following allegations raised by Sen. Raffy Tulfo during a Senate hearing. “Recovered and impounded vehicles are not personal property of any police officer. They are under police custody for a specific legal purpose and must be handled with strict accountability,” Nartatez said in a statement on Friday, Oct. 30. Tulfo raised the concerns during a Senate Committee on Public Services hearing on Wednesday, Oct. 28, where he confronted the PNP-HPG over reports that recovered stolen vehicles were being kept at the PNP National Headquarters in Camp Crame and allegedly used by personnel for personal errands. The senator noted that while some recovered stolen vehicles remained impounded for weeks or months, their release documents were reportedly processed within a single day after complaints reached his office. Brig. Gen. Joyce Patrick Sangalang, acting Highway Patrol commander, maintained that personnel are strictly prohibited from using impounded vehicles without authorization. However, Tulfo insisted that some officers were doing so without the knowledge of their superiors. He subsequently gave the HPG one week See “Recover,” A4

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Monday, November 2, 2026

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Mining chamber raises concerns over DOE-DENR joint framework M

Dole pushes heat protection for riders By Mary Jade Jadormio

By Jonathan L. Mayuga

@jonlmayuga

HE Chamber of Mines of the Philippines (COMP) is seeking official confirmation that mineral agreements are excluded from the newly issued National Interest Evaluation Framework, citing concerns over regulatory uncertainty and added investment risks.

In an October 22 letter to Environment and Natural Resources Secretary Juan Miguel T. Cuna, COMP President and Chairman Michael T. Toledo raised alarm over several provisions in Department of Energy-Department of Environment and Natural Resources Joint Administrative Order 2026-01. The mining group said industry concerns stem from three major provisions in the joint order: n Asset Surrender Requirements: A rule obligating incumbent opera-

tors to inventory covered assets for surrender upon contract expiry in order to bid, even when such assets remain privately owned under the law. n Disadvantageous Bidding Terms: Rules that disadvantage existing operators by factoring closure liabilities and recovered asset costs into the evaluation of their financial offers. n Evaluation Criteria: Criteria that assign no weight to proven technical expertise, operational

track record, or environmental performance when ranking competitive bids. Toledo specifically requested written confirmation regarding Section 4.2 (b) of the order, which excludes from its coverage “contracts governed by laws prescribing a specific procedure for their evaluation and award.” He argued that Republic Act 7942, or the Philippine Mining Act of 1995, is precisely such a law. Citing Sections 24, 26, and 29 alongside its Implementing Rules and Regulations, Toledo noted that RA 7942 establishes a specific qualification and priority-of-filing procedure for evaluating Mineral Production Sharing Agreements (MPSAs), Financial or Technical Assistance Agreements (FTAAs), and exploration permits. “Competitive bidding under the Mining Act is the exception, generally reserved for declared mineral reservations,” Toledo, a lawyer, wrote. “A joint administrative order, being subordinate rule-making, cannot displace that statutory procedure.” COMP requested the DENR

to confirm that mineral agreements, FTAAs, and exploration permits governed by RA 7942 fall under Section 4.2 (b)’s exclusion clause, and that the presumption of coverage under Section 4.3 does not apply to non-energy mineral projects. Toledo emphasized that such an exclusion aligns with statements made during an August 27, 2026 consultation by Energy Undersecretary Alessandro Sales, who stated that existing projects with established reserves should not be covered. It is also consistent with clarifications from Natural Resources Assistant Secretary Michael Cabalda, who indicated that the DENR would likely issue a separate administrative order specifically tailored for non-energy mineral projects. Reiterating the industry’s commitment to government partnership, Toledo added that COMP member companies continue to support DENR initiatives to strengthen environmental protection, streamline permitting processes, and make responsible mining a stronger pillar of national development.

CCC calls for sustainable urban housing

N observance of World Cities Day 2026, the Climate Change Commission (CCC) called on local governments (LGU) and urban stakeholders to integrate climate resilience into housing and urban development strategies. Highlighting this year’s theme, “Regenerating the City: Adequate Housing for All,” the CCC underscored the critical role of cities in fighting global warming. With urban areas driving a significant share of global carbon dioxide emissions, transforming towns into low-carbon economies remains vital to achieving the goals

of the Paris Agreement and Sustainable Development Goal 11. “Urban regeneration is not just about building new structures; it is about rethinking how our cities function in a changing climate,” said CCC Vice Chairperson and Executive Director Robert E.A. Borje. “Every housing unit, every drainage system, and every transport network must be designed with climate risk in mind.” To drive localized action, the Commission is accelerating efforts to integrate the long-term National Adaptation Plan (NAP) 2023–2050 into local planning,

prioritizing sustainable land use and urban management. Collaborative initiatives are already underway across the country. Earlier this year, the CCC partnered with the Metropolitan Manila Development Authority (MMDA) to align Metro Manila’s infrastructure programs with national climate policies, tackling severe risks like extreme flooding, sea-level rise, and urban heat. The agency also highlighted Quezon City’s leadership as the sole Philippine member of the international C40 Cities Climate Leadership Group, describing it as

a benchmark for leveraging global support for local adaptation. Emphasizing that urban development and climate defense must go hand in hand, the CCC urged multi-sectoral cooperation across national agencies, local governments, private stakeholders, and communities. “The cities we regenerate today will determine the resilience of our communities for decades to come,” Borje noted. “We must build forward better, ensuring that adequate housing and urban development go hand in hand with climate adaptation and mitigation.” Jonathan L, Mayuga

BCCP sees no need for Manila-London FTA, for now By Ada Pelonia @adapelonia

HE British Chamber of Commerce P h i l i p p i n e s ( B CC P) s e e s n o immediate need for a separate free trade agreement (FTA) between Manila and London. Chris Nelson, BCCP vice chairman, made the pronouncement amid the Philippines’ potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Nelson noted that FTAs take around three years to negotiate owing to their technical requirements and limited negotiating resources.

Recover. . . Continued from A3

to submit a comprehensive inventory of all recovered carnapped vehicles under its custody. Nartatez affirmed that concerned units were ordered to determine the status of the vehicles, look into possible unauthorized use, and hold accountable any personnel found violating police regulations. “No one is above our policies, and no position or assignment gives any personnel the privilege to misuse property entrusted to the PNP. We must protect the integrity of evidence, uphold the law, and earn the public’s trust through discipline and transparency,” Nartatez said. The PNP chief warned that personnel found using seized vehicles without proper authority will face both administrative and criminal charges, as warranted. “We will account for every seized vehicle in our custody and ensure that each one is handled in accordance with the law. These

“FTAs take a long time to negotiate because it’s very technical and you have to cover a lot of different areas,” Nelson recently told reporters. The Philippines should instead focus on existing mechanisms, such as the CPTPP, UKPhilippines Joint Economic and Trade Committee (Jerco), and Regional Comprehensive Economic Partnership (RCEP). “But if you pass further legislation, that then encourages companies to come,” Nelson said. The BCCP urged the government for the passage of Cybersecurity Act, Digital Payments Act, Open Finance Act, and Blue Economy Act. “There’ll be cybersecurity companies

who wish to do business here. If you pass the Open Finance Act, that will boost your consumer market,” he said. “I don’t think we’ll go to FTA. But I think CPTPP, as long as it’s done properly, will certainly help in terms of trade with UK.” Earlier, the Philippines is looking beyond its current tariff preferences with the UK, seeing its application to join the CPTPP as a potential route to deeper access to the British market. (See: https://businessmirror.com. ph/2026/09/24/phl-sees-uk-tiesrunning-through-trans-pacific-bloc/) Trade Undersecretary Allan Gepty said the country is not currently negotiating a bilateral free-trade agreement with the

UK, but its CPTPP application could provide preferential access to the British market if the country’s accession bid succeeds. “If you will note, the joining of the United Kingdom in the CPTPP is one primary reason by which the Philippines also decided to join the CPTPP,” Gepty said. The UK joined the CPTPP in 2024, while the Philippines formally applied for membership in August 2025 and entered preparator y discussions with CPTPP members in June this year. The CPTPP would give Philippine exporters a trade agreement with markets such as the UK, Mexico and Peru, where the country does not currently have a bilateral free trade agreement.

vehicles must be safeguarded until they can be returned to their rightful owners or lawfully used as evidence,” Nartatez said. “Any personnel found abusing their authority will be held accountable under the law. Public trust depends on our ability to enforce the rules fairly, including within our own ranks,” he added. The Philippine National Police (PNP) ordered an accounting of all seized vehicles under its custody and a probe into reports that some police officers have been using recovered carnapped vehicles for personal errands. PNP Chief Police Gen. Jose Melencio C. Nartatez Jr. directed the HIghway Patrol Group (HPG) to establish the status of impounded vehicles and investigate any unauthorized use following allegations raised by Sen. Raffy Tulfo during a Senate hearing. “Recovered and impounded vehicles are not personal property of any police officer. They are under police custody for a specific legal purpose and must be handled with strict accountability,” Nartatez said in a

statement on Friday, Oct. 30. Tulfo raised the concerns during a Senate Committee on Public Services hearing on Wednesday, Oct. 28, where he confronted the PNP-HPG over reports that recovered stolen vehicles were being kept at PNP National Headquarters, Camp Crame and allegedly used by personnel for personal errands. Tulfo said some carnapped vehicles remained impounded for weeks or months but their release documents were reportedly processed within a day after complaints reached his office. HPG Acting Director Police Brig. Gen. Joyce Patrick Sangalang maintained that personnel were prohibited from using impounded vehicles without authorization. However, Tulfo insisted that some officers were doing so without the knowledge of their superiors. He then gave the HPG one week to submit a comprehensive inventory of all recovered carnapped vehicles under its custody. Nartatez said the concerned units were ordered to determine the status of the

vehicles, look into possible unauthorized use, and hold accountable personnel found violating police regulations. “No one is above our policies, and no position or assignment gives any personnel the privilege to misuse property entrusted to the PNP. We must protect the integrity of evidence, uphold the law, and earn the public’s trust through discipline and transparency,” he said. The PNP chief warned that personnel found using seized vehicles without authority would face administrative and criminal charges, as warranted. “We will account for every seized vehicle under our custody and ensure that each one is handled in accordance with the law. These vehicles must be safeguarded until they can be returned to their rightful owners or lawfully used as evidence,” Nartatez said. “Any personnel found abusing their authority will be held accountable under the law. Public trust depends on our ability to enforce the rules fairly, including within our own ranks,” he added. Jane Magturo

ALLS and gasoline stations may soon open their doors as designated rest stops for delivery riders under a new initiative by the Department of Labor and Employment (Dole) to protect platform-based workers from extreme heat. Under the proposed arrangement, riders will gain access to shaded areas, shelter, and basic amenities while waiting for bookings or taking breaks during their shifts. The plan expands on Dole’s existing heat-protection guidelines outlined in Labor Advisory 20, which mandates that employers provide drinking water, rest areas, and cooling facilities scaled to local heat-index levels. Under that advisory, extreme heat conditions require employers to adjust work schedules, shorten outdoors exposure, or suspend and relocate activities if thermal risks cannot be adequately controlled. However, because delivery riders work on the road rather than in conventional offices or factories, their access to rest facilities relies heavily on voluntary partnerships with

external commercial establishments. To formalize these measures, Labor Secretary Francis N. Tolentino met with mall operators, fuel retailers, and digital platform companies to discuss opening commercial welfare facilities to riders between deliveries. “To give you a proper perspective, the reason why we are having this shared dialogue is because of a previous meeting,” Tolentino explained during the consultation, noting that platform companies had specifically requested the inclusion of mall operators and fuel retailers to get their perspective on the proposed framework. “This is a weather disturbance not of our own making, but we hope to prepare you and the employees as well and the general public,” Tolentino added. Tolentino instructed participating commercial establishments to submit their formal position papers by November 3, ahead of Dole;s planned release of the advisory next week. The effort reflects Dole’s broader push to extend comprehensive occupational safety and heat-protection measures to gig economy workers who spend prolonged hours outdoors.

PHL, Germany forge major climate deal

HE Philippines and Germany have forged a major partnership to advance climate resilience, biodiversity conservation, and low-carbon development across the country under the Transformative Actions for Climate and Ecological Protection and Development (Transcend) Project. The agreement was signed by Climate Change Commission (CCC) Vice Chairperson and Executive Director Robert E.A. Borje, Environment and Natural Resources (DENR) Undersecretary Analiza Rebuelta-Teh, German Development Cooperation (GIZ) Country Director Immanuel Gebhardt, and Transcend Program Manager Johanna Sibbert, alongside other key officials and partners. Borje emphasized the project’s strategic value in connecting ground-level activities with the country’s broader climate commitments. He stressed that climate considerations must be fully integrated into decisions involving public investment, infrastructure, enterprise, local planning, and livelihoods rather than treated as a separate concern. “Transcend does not carry these national commitments on its own. Its contribution is focused: work in selected landscapes and sectors that connects local activity with national priorities,” Borje said. “The point is not to add a climate label to work already under way. It is to make climate risk, ecosystem condition, and emissions part of how development choices are made.” Sibbert highlighted Transcend’s integrated approach to climate action, emphasizing how the project brings together adaptation, emissions mitigation, and biodiversity conservation while supporting government efforts at both the national and local levels. She also underscored the importance of working with development partners to advance the Philippines’ climate and biodiversity goals. “The unique selling point of Transcend is that it works across adaptation, mitigation, and biodiversity conservation,”Sibbert said. “It

also supports the government at the national and subnational levels, working with development partners to advance the country’s climate and biodiversity commitments.” Transcend operates across three key Philippine landscapes—Luzon, Panay, and Northern Mindanao. Its targeted interventions include ecosystem conservation and restoration, urban ecosystem-based adaptation, energy efficiency for selected micro, small, and medium enterprises (MSMEs), transport, and climate governance. These interventions aim to embed climate and environmental factors directly into development planning and implementation while strengthening coordination among sectors and partners working toward sustainable development. Gebhardt underscored the significance of the initiative to bilateral relations, describing it as a landmark undertaking. He noted that the project’s broad scope reflects the need for coordinated, multi-sectoral action to tackle climate change and biodiversity loss. “That is the most important project for Filipino-German cooperation and for GIZ. Transcend is the biggest program of its kind, bringing together multiple sectors and partners to address climate change and biodiversity loss,” Gebhardt said. The initiative supports the Philippines’ overarching climate frameworks, including the Philippine Development Plan 2023–2028, the National Adaptation Plan (NAP) 2023–2050, and the country’s Nationally Determined Contribution (NDC). Under its 2026 NDC, the Philippines aims to reduce or avoid 75 percent of projected greenhouse gas emissions from 2025 to 2035. Supported by €32.702 million in funding from Germany’s International Climate Initiative (IKI), the project is implemented through GIZ in close collaboration with Philippine government agencies and a consortium of implementing partners. Jonathan L. Mayuga

Erwin Tulfo pushes for strategic oil hub by 2027

N a bid to strengthen national energy security, the Senate Energy committee chairman, Sen, Erwin Tulfo, is pushing for a strategic partnership with the United Arab Emirates (UAE) and state-owned Abu Dhabi National Oil Company (ADNOC) to develop a massive oil storage facility that could position the Philippines as a regional oil hub. During recent bilateral discussions in the UAE, a Philippine delegation led by Tulfo—with Philippine Ambassador to the UAE Alfonso A. Ver and Special Envoy for Trade and Investment Kathryna YuPimentel—emphasized that a combination of government-to-government cooperation and private sector engagement can bring the project to fruition. “We have been pushing for this strategic oil hub as we see how beneficial it will be for Filipinos who are currently experiencing price shocks brought by high oil prices, because we lack access to it,” Tulfo told the UAE delegation. The UAE delegation, led by Adnoc Chairman Sultan Ahmed Al-Jaber, expressed

strong interest in expanding cooperation. Adnoc currently supplies the Philippines’ Petron Corp. with approximately 40,000 barrels of oil per day, and UAE officials noted that a dedicated hub would significantly boost supply volumes. To move the initiative forward, the UAE team proposed sharing an existing storage contract framework for Philippine review. Both parties established a target rollout for the second quarter of 2027, subject to final agreements on site selection, infrastructure development, commercial terms, and execution schedules. Beyond oil storage, the proposed hub is envisioned to anchor a broader, long-term energy partnership encompassing crude supply, refinery investments, fuel retail networks, renewable energy, and gas-topower developments. While formal agreements have yet to be finalized, Senator Tulfo vowed to actively shepherd upcoming bilateral talks to finalize the deal and help achieve a self-sufficient energy landscape for the Philippines. Butch Fernandez

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Report: PHL milk output to surpass ‘25 record By Ada Pelonia

@adapelonia

HE Philippines’ milk production may again hit record high this year due to the expansion of the local dairy herd and the implementation of government programs that aim to improve productivity, according to an international report. Local milk output could rise to 46,000 metric tons (MT) in 2026, from the record 43,300 MT posted in the previous year, the United States Department of AgricultureForeign Agricultural Service (USDA-FAS Manila) said. Next year, USDA-FAS Manila said production could rise by 4.3 percent to 48,000 MT, owing to the expansion of the country’s dairy herd and the active implementation of various government-funded program. USDA-FAS Manila cited the National Dairy Authority’s (NDA)

initiative to expand local dairy herd by importing 1,600 Holstein Jersey cows this year. Of this, the first batch of 800 arrived in August, while another 150 came in last month. It also cited the NDA’s establishment of dairy stock farms across the country, having so far built five with plans to expand to 11 to cover most of the regions nationwide. The stock farms serve as breeding, development, and acclimatization hubs for imported dairy cattle before distributing their calves to local farmers.

El Niño heightens risk of Rift Valley fever outbreaks—FAO

HE Food and Agriculture Organization of the United Nations (FAO) and the Intergovernmental Authority on Development (IGAD) are urging countries across Eastern Africa to strengthen preparedness and surveillance measures as heavy rainfall and flooding associated with El Niño increase the risk of Rift Valley fever (RVF) outbreaks. RVF is an acute viral disease that affects livestock, including sheep, goats, cattle, buffaloes and camels, and can also infect humans. The virus is transmitted mainly by mosquitoes, while the movement of infected animals can contribute to its geographical spread. Humans can also become infected through direct contact with infected animals or animal products. Heavy rainfall and f looding linked to El Niño, which is approaching record strength, encourage the spread of RVF by expanding mosquito breeding sites and potentially disrupting veterinary services. Current El Niño conditions are comparable to those observed in 1997-98, when one of the largest recorded RVF epidemics and epizootics affected Eastern Africa. The countries currently assessed as facing the highest risk are Ethiopia, Kenya, Somalia, South Sudan, Tanzania and Uganda. Risk is also increasing in Burundi and Rwanda, while lower but growing risks exist in the Comoros, northern Madagascar, the Department of Mayotte, south-western Saudi Arabia and western Yemen. In their latest alert, FAO and IGAD are calling on affected countries to strengthen risk-based surveillance, pre-position vaccines and essential supplies, and enhance coordination across sectors and borders through a One Health approach. The alert is delivered through the world’s largest Global early warning and prevention system for animal health (FAO-EMPRES). For more than 30 years, through continuous disease monitoring, risk assessment, forecasting and timely risk communication, EMPRES has helped Members antici-

pate animal disease threats and take appropriate prevention and preparedness measures. Above-average rainfall and flooding are expected across most of Eastern Africa. The heaviest rainfall is forecast for southern Ethiopia, Kenya, and central and southern Somalia, where there is a greater than 90 percent probability of receiving more than 400 mm of rainfall. Burundi, Rwanda, South Sudan, Uganda and Tanzania are also expected to experience wetter-than-normal conditions. The western Indian Ocean islands and parts of the Arabian Peninsula, particularly western Saudi Arabia, face increased flood risk. Drier-than-normal conditions are expected in southern Sudan and across Southern Africa. Warmer than average temperatures are forecast for much of the Greater Horn of Africa. Based on the October 2026 forecast of the FAO RVF Early Warning Decision Support Tool (RVF DST), conditions suitable for RVF transmission are expected to increase across much of Eastern Africa between October 2026 and January 2027. Following a long period of rainfall deficits, rainfall has picked up in recent weeks in parts of southern Sudan, western South Sudan, eastern Ethiopia, southern Somalia and coastal Kenya, with heavy rains and a rising flood risk in Ethiopia and Somalia. According to the RVF DST, Tanzania currently has the largest area classified as suitable for RVF transmission, followed by Ethiopia, Kenya, South Sudan and southern Sudan. New suitable areas have also emerged in southern Somalia, Rwanda and Burundi. With heavy rains forecast for the rest of the season, suitable areas are expected to expand further, including in Uganda. These conditions are likely to create ideal mosquito breeding habitats. Combined with livestock movements, they could increase the risk of outbreaks and make surveillance and response more challenging.

PHOTO FROM WWW.DA.GOV.PH

In September, the agency attached to the Department of Agriculture also forged a partnership with Central Philippines State University to develop a 50-hectare dairy stock farm and feed center in Kabankalan City, Negros Occidental as part of efforts to expand milk output in the region. Despite this, USDA-FAS Manila

said El Niño could pose a threat to milk production during the last quarter of 2026 and in 2027. “This weather event is expected to cause a shortage in the feed ingredients necessary for dairy cattle to produce milk, particularly due to: reduced crop yield leading to shortages in corn silage, forages and grass, higher feed prices

directly caused by lower yield overall; water scarcity as a result of prolonged drought impacting both cattle consumption and dairy plants in their processing capacity; and heat stress as high temperatures impact dairy cattle and decrease their milk yield.” At present, the highest concentration of milk production in the

Philippines is in the Luzon region, particularly in Laguna, Bulacan, and Batangas. Further, it added that Davao and Bukidnon in the Mindanao region also host major milk producers in the country “Smallholders dominate production overall in the Philippines, supplemented by medium to large operations at a much smaller scale.” In 2025, local milk production reached a record 43.4 million liters, raising national milk sufficiency to 2.22 percent from around 1 percent over the past three decades. The country’s dairy imports in 2025 slid by 3 percent to over 3.38 million metric tons in liquid milk equivalent (MMT-LME), according to the NDA. The latest NDA report showed t hat d a ir y impor ts last year reached 3.388 MMT-LME, down from the 3.5 MMT-LME posted in 2024. Of all products, skim milk powder (SMP) was the most imported dairy product in 2025, accounting for almost 40 percent of the total imported volume. Despite this, SMP imports fell by 2.54 percent to 1.35 MMT-LME from the 1.39 MMT-LME recorded in 2024.

‘Tonner bags for rice can cut handling time and costs’

HE National Food Authority (NFA) said using 1-metric ton (MT) bags for its palay purchases slashed handling time and costs, providing additional procurement funds. NFA Administrator Larry Lacson said a pilot test on the toner bag system at their warehouse in Davao del Sur showed a 75-percent reduction in handling time and a 50 percent cut in handling costs. “Work that used to take an hour can now be completed in just 15 minutes, while handling costs are halved. Using tonner bags also allows us to make better use of warehouse space,” he added. For Agriculture Secretary Fran-

cisco Tiu Laurel Jr., who chairs the NFA Council, the potential savings could benefit farmers by allowing the grains agency to stretch its procurement budget and buy more palay from them. “For our rice farmers, this means we can potentially procure more palay with the same resources. If we can lower handling costs and use our warehouses more efficiently, more of the NFA’s resources can go toward buying palay at a fair market price from our farmers.” Launched in October 2025, the pilot uses tonner bags in three NFA branches in Nueva Ecija, Occidental Mindoro, and Davao del Sur. The Davao del Sur trial covers

receiving, weighing, handling, and stacking, but excludes milling and distribution, it added. Each bag is made of woven polypropylene designed to resist moisture and dust. Reinforced lifting loops allow forklifts to move the bags, reducing manual lifting, sack sewing, and stacking, according to the NFA. “This is part of our efforts to ensure that our stocks are foodsafe and to make NFA operations more efficient and modern,” Lacson said. He added that the agency aims to set warehousing standards that the private sector can emulate. The pilot also found that moisture levels remained within safe

limits and spillage was minimal during the observation period. Pest infestation ranged from light to moderate and remained manageable. The trial, however, identified operational gaps that should be addressed before wider adoption. These include standardizing fumigation procedures for bulk stacks, testing bag compression and structural strength to establish safe stacking limits, and developing pest-control protocols suited to bulk storage. The NFA said it would continue monitoring the system and refining its procedures before considering broader implementation. Ada Pelonia

From Italy to Croatia, a warming climate threatens prized white truffles The Associated Press

LBA, Italy – Guided by the beam of a flashlight, Tino Marolo follows his dog Stella through the darkness of a Piedmont woodland, searching for one of Italy’s most prized culinary treasures hidden beneath the soil. In the hills around Alba, home to the world’s most famous white truffles, hunters known as “trifolau” traditionally begin their season on October 1. But increasingly, they are confronting a challenge above ground: climate change. Months of heat and drought have raised concerns about the future of the prized white truffle, a fungus that depends on cool, moist soils and a delicate relationship with tree roots. “The entire month of October was affected by the lack of rain in July and August and the high temperatures, so it was characterized by poor production and poor truffle shelf life,” said Antonio Degiacomi, president of Italy’s National Centre for Truffle Studies. According to Degiacomi, dry and compacted soils have also produced smaller truffles this season. The difficult harvest comes as Alba and the surrounding Langhe hills welcome visitors for the International White Truffle Fair, one of Italy’s best-known food events, which opened on October 10 and runs until December 6.

A changing harvest

FOR Axel Iberti, president of the fair, the season began slowly, with smaller truffles

emerging after a hot, dry summer. More recent rains have improved conditions, helping larger specimens appear. Despite tighter supplies, demand remains strong. Prices at Alba’s truffle market are running about 20 percent to 30 percent higher than last year, Iberti said, while hotels and other accommodations have largely sold out during the fair period. The concerns extend beyond this year’s crop. “This year certainly stands out from a trend we all know has been going on for five or six years now,” Degiacomi said, citing hotter summers and increasingly erratic rainfall patterns. Back in the woods, Marolo says uncertainty has always been part of the hunt. “You certainly come home empty-handed more often than you do with a truffle,” he said. “It’s really the thrill of saying: I don’t know what I’m going to find.”

The same warning signs

SIMILAR concerns are emerging elsewhere in Europe’s truffle-producing regions, suggesting a challenge extending beyond any single forest or region. Across the Adriatic in Croatia, truffle hunters and scientists describe many of the same challenges, from shrinking harvests to declining habitat suitability. In oak forests outside Zagreb, truffle hunter Petar Alebic says years of drought have made the prized fungi harder to find. “Each year for the past seven or eight years has been worse than the last,” Alebic said. “Due to the drought, unfortunately, truffles are becoming

smaller and scarcer.” Alebic estimates this year’s harvest is about 30 percent below normal and increasingly supplements his income with truffle-hunting tours for tourists. Scientists studying truffles in Croatia report similar findings. Croatia is home to about a dozen truffle species, according to mycologist Armin Mesic of the Rudjer Boskovic Institute. The most prized, the white truffle, can fetch as much as 4,000 euros ($4,500) per kilogram. “Drought, a lack of rainfall and high temperatures have a significant impact on both the quantity and quality of truffles,” Mesic said. “Quantities are declining, as is the geographical area where white truffles grow,” he added.

Part of the solution

YET experts in Piedmont reject the idea that the white truffle is doomed. “I don’t think we’re facing extinction; we’re facing a challenge,” Degiacomi said. Researchers are studying ways to help truffle habitats adapt, including improved forest management and experimental irrigation during prolonged droughts. “We’re trying to do what nature does, and do it artificially,” Degiacomi said. In Alba, the response increasingly centers on restoring and protecting forests. Iberti has expanded the fair’s focus beyond tourism to include environmental education and conservation efforts. “The truffle is the sum, but it’s also the vector,” Iberti said. “People come to Alba and the Langhe to discover everything the

territory has to offer.” Working with municipalities, truffle hunters and landowners, communities have begun creating new public truffle grounds and planting trees that could eventually support truffle growth. “The forest is an act of love and faith for the next two or three generations,” Iberti said. Advocates say reforestation can help lower soil temperatures, retain moisture and reduce erosion, although it can take more than a decade before newly planted trees become suitable hosts for truffles.

Science looks underground

RESEARCHERS are also investigating the role of soil microorganisms and looking for tree varieties better suited to hotter and drier conditions. Attempts to cultivate the prized white truffle continue, but reliable commercial production remains elusive. Unlike black truffles, which can be cultivated, white truffles have largely resisted large-scale production. As autumn progresses, the size of this year’s harvest will become clearer, along with its effect on prices and supplies reaching restaurants and markets. For now, however, the ancient partnership between hunters, dogs and forests endures. One evening in the woods, Stella eventually stops and begins to dig. The dog has found a truffle. Whether future generations will continue to enjoy such moments may depend on a mix of science, conservation and adaptation to a warmer climate.

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German protests turn violent as activists clash with police By Alexey Anishchuk, Michael Nienaber & Jenni Thier

Bloomberg

ASS demonstrations in Germany that passed largely peacefully last Saturday turned violent as night fell and rioters faced off against police in Frankfurt, Cologne, Hamburg and Berlin. Authorities blocked off Frankfurt’s main shopping street Die Zeil and arrested more than 30 people after demonstrators smashed shop windows and made off with streetwear and other goods. Officers arrested one person suspected of breaking into a gun store and stealing two weapons, which they retrieved. Police used water cannons to break up the crowds as protestors threw Molotov cocktails and set off fireworks. By early Sunday, the streets had emptied, while police maintained a visible presence. The protests were organized by a group known as “Gen Z regelt”— loosely translated as “Gen Z sorts things out”—which had stressed in the run-up to Saturday’s mass gatherings that it wouldn’t tolerate any form of violence against people or property. The crowds fell short of the more than 150,000 protesters initially expected across more than 30 cities. The group said it plans another nationwide protest on November 14. “We are young people who no longer want to watch decisions being made about our future without us,” it said in a post on its website, calling on people to join the demonstration “for education, health, climate protection and an affordable life.” Authorities had feared a repeat of the violence that swept through France last month, where blockades and marches morphed into nationwide cost of living protests that drew more than half a million people and de-

scended into riots, arson and looting. “I have repeatedly signaled that we must expect left-wing extremists with a potential for violence to infiltrate this demonstration, and that is exactly what has happened,” ARD television’s Tagesschau cited the interior minister for the state of Hesse, Roman Poseck, as saying. In Berlin, a mass gathering at Brandenburg Gate proceeded with little incident, but police made almost 60 arrests in other parts of the city for property damage, assault, resisting

law enforcement and violations of the Weapons and Explosives Act. The unrest in France has emboldened activists in other cities, including Zurich, where several hundred people, masked and dressed in black, gathered around Langstrasse and Helvetiaplatz in the city center for an unauthorized protest on Saturday night. Participants erected barricades using rubbish containers and other objects, setting some of them on fire. A car was set alight in nearby Zwinglistrasse. Police used water cannons and rubber bullets to disperse the crowds. Youth-driven protests have erupted across Europe in recent weeks, from Belgium and Portugal in the west to Serbia and Albania in the east. Although grievances are slightly different in each country, the prevailing sentiment is one of anger over affordability, crumbling infrastructure and inequality. Students in France began to demonstrate in mid-September to denounce overcrowded classrooms, teacher shortages and outdated buildings.

After the violent unrest in France, authorities rolled out tougher security measures and pledged aid for businesses and shop owners that suffered damages. In Italy, Premier Giorgia Meloni’s government passed new security measures aimed at stemming violent protests, including tougher penalties on minors after a series of incidents across the country. More than 300,000 people joined a fresh protest wave in France on Saturday, which also sparked pockets of violence. Paris deployed about 70,000 law enforcement officers, similar to the force used during demonstrations last weekend. Police arrested 565 people, and five officers were injured in Paris, according to the interior ministry and Paris police. Images circulated by the National Gendarmerie showed one officer being hit by a Molotov cocktail. Student unions called for blockades at high schools and universities this week and urged students to join a major cross-sector strike scheduled for Nov. 5, in France.

RIOT police respond after a demonstration organized by a group calling itself “Gen Z Regelt” in Frankfurt, on Saturday, October 31, 2026. ALEX KRAUS/BLOOMBERG

India’s protest movements unite in fresh headache for Modi By Asmi Bhatia & Atul Dev Bloomberg

ROTESTERS began gathering in New Delhi for a major opposition rally over voter rolls that has drawn increasingly sharp criticism from India’s Prime Minister Narendra Modi. Supporters of the India bloc headed toward Ramlila Maidan—a sprawling ground in the heart of the capital that has hosted some of the nation’s biggest political demonstrations—waving flags and chanting slogans. Organizers of the “Save the Vote, Save the Country” protest are targeting a turnout of one million in the mass rally intended to mount one of the stiffest challenges to Modi in his decade-plus tenure in office. A day earlier, Modi accused the opposition of conspiring to divide the country and obstruct its development, underscoring the political tensions surrounding the weeks-long dispute. It centers around a sweeping voterroll revision that critics allege is disenfranchising legitimate voters after millions of names were excluded from draft lists. The Election Commission denies any wrongdoing. “It is our misfortune that, at this time, the opposition in the country has abandoned its duty and has transformed from an opposition party into an obstructionist party,” Modi said in a speech in Gujarat. “In their frustration and despair, these people are creating obstacles in the path of the country’s development.”

Police barricades TENS of thousands of opposition

supporters poured into central Delhi on Sunday, turning streets into a sea of party flags, banners and chanting crowds. Many of them were walking through the capital as traffic came to a standstill. Police barricades lined major roads and junctions as security personnel sought to manage the crowds. Opposition party workers traveled from states across India to assemble at Ramlila Maidan. Members of the Students’ Federation of India, a left-wing student organization, marched toward the venue, while Congress party youth workers turned up in white outfits to represent voters they say have been erased from electoral rolls. An opposition leaders’ procession through central Delhi is expected to culminate at the venue in the early afternoon. Rahul Gandhi, who is spearheading the protests and seeking the ouster of Chief Election Commissioner Gyanesh Kumar, said the issue has caused “huge anger, huge emotional pain.” “Millions of people are being disenfranchised. Their vote is being stolen from them,” Gandhi, leader of the opposition in the lower house, said ahead of the planned demonstration. “We are defending the vote, which is the expression of all Indians.” The rally will bring together two strands of the agitation that had largely operated separately. The youth-led, satirical movement Cockroach Janta Party, which organized some of the largest demonstrations against Kumar last month, has formally backed the rally. The group said the poll body’s chief has lost the trust required to oversee free and fair elections and repeated its demand for his resignation.

The Election Commission has said the roll revisions were intended to remove duplicate, deceased and ineligible voters. The Cockroach party’s earlier campaign over exam irregularities drew tens of thousands onto the streets and ended with the rare resignation of a senior minister, demonstrating the potential for public pressure to extract concessions from the government. Members of the India bloc staged a symbolic public impeachment of the election chief Saturday and stepped up demands for his removal. “The voter is the focal point of the entire electoral process,” Meira Kumar, a former speaker of the lower house, said during the proceedings. “If even a single voter is denied the right to cast their vote, it strikes a blow to the very soul of our democracy.” Modi’s Bharatiya Janata Party has pushed back against the opposition’s accusations, defending the voter-roll review and accusing Gandhi and his allies of undermining constitutional institutions. The BJP has also taken its campaign to the streets and criticized the opposition for holding Sunday’s protest on the 42nd anniversary of the deadly 1984 anti-Sikh riots. “They have made this their core politics, and they are busy tearing apart the dignity and boundaries of the Constitution,” Modi said on Saturday. “These forces are continuously engaged in conspiracies to divide the country.” For Sunday’s gathering, the police have granted permission provided nobody marches anywhere, and it wraps up by 5 p.m.

Even as it allowed the stationary protest to proceed, Modi’s administration has more broadly tightened controls on demonstrators. On Oct. 10, his administration undertook mass detentions to prevent the Cockroach group from gathering at Jantar Mantar, a location closer to parliament, sharpening a debate over the space for dissent in the world’s largest democracy. Ramlila Maidan has long served as a staging ground for movements that reshaped Indian politics. In 2011, an anti-corruption campaign drew tens of thousands to the venue, cementing public discontent that culminated in the defeat of the Congress-led government in 2014. Decades earlier, a 1975 rally led by Jayaprakash Narayan catalyzed the resistance to Indira Gandhi’s Emergency rule. While Modi has remained India’s most popular national politician through much of his time in power, several major street agitations have challenged his administration. They include deadly protests against the Citizenship Amendment Act—which fast-tracked citizenship for non-Muslim immigrants—and the year-long farmers’ strike. There are “extensive police personnel and camera coverage arrangements” for the Sunday rally, according to Deputy Commissioner of Police Rohit Rajbir. “The sensitivity is enhanced in a way that we have to keep a check on some nefarious elements who may try and come and disrupt the whole rally,” he said. “We’re very sure that we can carry out a peaceful event.”

Monday, November 2, 2026 A7

El Niño storms bring flooding and golf-ball hail to US Southwest By Lauren Rosenthal & Cedric Sam Bloomberg

HE latest in an unrelenting run of severe rainstorms is pushing its way into the US Southwest this weekend, following deadly floods that have transformed some neighborhoods into hazmat zones requiring costly cleanups. Traditionally, the heaviest rains associated with an El Niño phenomenon arrive in the US during the winter months. But warming oceans and an ongoing parade of tropical storms and hurricanes enhanced by El Niño have sent moisture pouring into the Southwest since September. Monthly rainfall records have been threatened in parts of Arizona and New Mexico. Starting late Saturday, a severe “atmospheric river” storm packing tropical moisture may drop more than 4 inches (10.2 centimeters) in some areas. “Our main concern is just how saturated soils are already,” said Joshua Schank, lead forecaster for the National Weather Service office serving Flagstaff, Arizona. “It can’t hold the moisture it’s already had to contend with over the last three to four weeks.” The rainfall has been especially intense in the Four Corners, the area where Arizona, Utah, Colorado and New Mexico meet. A spate of storms that kicked off Oct. 20 caused catastrophic flooding along the San Juan River that weaves through the region. Raw sewage washed into the waterway, which overtopped its banks and inundated communities on the Navajo Nation reservation and rural parts of New Mexico. At least two people were found dead after the rains receded. A week later, some residents were still unable to return home. “With current hazmat concerns and potential for more rainfall soon, re-entry remains hazardous,” officials in San Juan County, New Mexico, said in a safety bulletin Friday. There has been little time for rivers and streams to bounce back between storms. The Southwest may see a brief reprieve from rain early next week, Schank said, but chances will build again heading into next weekend. Though destructive and deadly, the storms have also brought much-needed snow at higher elevations—a foundation for the Southwest’s snowpack and water supplies in the months ahead. El Niño is expected to further boost the odds of wet weather as it

peaks in strength later this winter. Drought forecasters have cautioned that a single, extra-snowy winter would not be enough to fully restore the region’s reservoirs. But extra rain and snow may help soften the contours of the intense, multiyear drought that’s settled over the Southwest, said New Mexico State Climatologist Dave DuBois. Dry conditions have imperiled the Rio Grande River and the Colorado River, which is a source of water for more than 40 million people in seven states and the engine behind roughly $1 trillion in economic activity. “It all benefits the environment and ecosystem, but in terms of water use for agriculture, it really helps to have a good, wet fall,” DuBois said. He added, “but not too much.” Storms have unleashed havoc in floodprone communities. Since September, emergency crews have conducted hundreds of water rescues in neighborhoods cut off by floodwaters. Some towns have launched intensive cleanup efforts. Infrastructure— from drainage and sidewalks to roads and bridges—will need repairs. In New Mexico alone, officials have said recovery costs may exceed $200 million. “Our road crews cleared debris around the clock, and our counties and tribal nations spent money they don’t have to keep people safe,” Democratic Governor Michelle Lujan Grisham said in a statement Thursday, adding that the state planned to seek funding from “federal partners” to defray costs. While the Federal Emergency Management Agency, or FEMA, can help reimburse some expenses, larger outlays require a major disaster declaration from President Donald Trump. So far, Trump has only approved limited aid to put toward emergency response in New Mexico. Other southwestern states have yet to publicly request aid. White House spokesperson Lauren Bis said FEMA and other federal agencies have been “on the ground in affected areas” to provide water, technical assistance and support with incident management, infrastructure site assessments and communications, among other needs. In the meantime, unstable storm systems continue to pour in from the Pacific. Some have dropped golf-ball sized hail, DuBois said. Rare tornadoes have touched down in Arizona and western New Mexico, including the mostly arid city of Santa Fe. “Moisture doesn’t usually go as far west,” DuBois said. “It’s pretty extraordinary.”

WSJ wins dismissal of Trump’s $10-billion defamation suit By Erik Larson Bloomberg

FEDERAL judge threw out Donald Trump’s renewed $10-billion defamation lawsuit against the Wall Street Journal (WSJ) and ruled that it can’t be filed again, marking another setback for the president’s legal fights with the press. Judge Darrin Gayles in Miami last Saturday granted the Journal’s request to dismiss the suit. The newspaper was accused in the complaint of defaming Trump in an article saying that Trump once sent a suggestive birthday letter to the disgraced financier Jeffrey Epstein. Gayles first tossed the suit in April for lacking evidence, but he gave Trump a chance to file a new one with beefed-up claims. Trump in May filed the new version, which the Journal argued was not an improvement. The judge, an appointee of former President Barack Obama, said Trump was “grasping at straws” by arguing that the Journal failed to properly investigate the story, citing the journalists’ extensive reporting. Gayles also rejected Trump’s argument that the Journal shouldn’t have published the letter after he denied that he wrote the birthday note to Epstein. “Indeed, were that the law, any time a public figure or his team denies an accusation, journalists would be immediately blocked from publishing negative or contradictory press—a result that flies in the face” of the First Amendment, the judge wrote. “Moreover, the article did not ignore or minimize President Trump’s denial. Rather, it informed readers that President Trump decried the Letter as a fake and denied writing

it,” the judge added. The decision is a major win for the Journal, parent company News Corp. and Chairman Emeritus Rupert Murdoch—all defendants in the suit. They argued in their request to dismiss the case that the article was accurate and that Trump filed the suit to try to chill criticism of him in the media. “We’re pleased with the court’s decision,” a spokesperson for Dow Jones & Co. Inc., which owns the Wall Street Journal, said in a statement. A spokesman for Trump’s legal team signaled the president will appeal the ruling. “President Trump will continue to press forward in his powerhouse lawsuit against the Wall Street Journal and all of the other defendants,” the spokesman said. The case is part of a series of lawsuits that Trump or his business interests have filed since he retook the White House last year, including multibillion-dollar complaints against the New York Times and the British Broadcasting Corp. Several of the suits have hit snags recently. A judge on July 2 dismissed a $3.8-billion defamation case that was filed against the Washington Post by Trump’s social media company. The judge ruled that as with his first lawsuit, Trump had failed to show the Journal acted with “actual malice,” the legal standard for public figures prove defamation. The standard, established by the US Supreme Court decades ago to protect press freedom, requires that public figures show the publication knew that a disputed statement was false or recklessly disregarded the possibility it might be untrue.

Monday, November 2, 2026

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seen to stick Saudi economy’s contraction OPEC+ with plan for quotas slowed before Houthi strikes By Salma El Wardany & Nayla Razzouk Bloomberg

By Mirette Magdy

AJOR OPEC+ nations are set to stick with plans to keep oil production quotas unchanged in December, two delegates said, as conflict in the Middle East continues to curb swaths of the group’s output. A subgroup of seven countries led by Saudi Arabia and Russia has an agreement in principle to maintain current targets, the delegates said before a video conference on Sunday where the deal is expected to be finalized. It’s in keeping with a roadmap outlined earlier this year. Oil futures rallied to $118 a barrel in London last week as traders priced in the risk of renewed escalation in the Middle East around Israel’s election and the US midterms. At the same time, physical markets are flashing signs of weakness, with prices for

Bloomberg

AUDI Arabia’s economy contracted again, albeit at a slower pace, putting the kingdom on track for one of its worst economic performances in years even before a recent escalation in the kingdom’s conflict with the Houthis. Gross domestic product shrank 3.8 percent year-on-year in the third quarter, according to preliminary data from the General Authority for Statistics on Sunday. That’s an improvement from the 4.7-percent contraction in the second quarter but still the first time the economy has seen two straight periods of shrinkage since 2023. The data reflects a 1.9-percent growth in the non-oil sector, which authorities have long said is their main focus as they work to transform the roughly $1.4 trillion economy. Oil activities fell by 20.4 percent, compared with a drop of 24.8 percent in the second quarter. The figures underline the nearly unprecedented turbulence faced by

PEDESTRIANS in the Business Bay financial district of Dubai, United Arab Emirates, on Wednesday, March 4, 2026. WALAA ALSHAER/BLOOMBERG the Arab world ’s largest economy as it wrestles with the fallout of the US-Iran war that began eight months ago and Saudi Arabia’s own conf lict w ith the Tehran-backed Houthis in Yemen. Retaliation by the Islamic Republic and its proxies against US allies across the Persian Gulf has included strikes on Saudi energy facilities, disrupting pumping and exports. It has also stymied traffic through the Strait of Hormuz — although the world’s largest crude exporter has offset that impact by redirecting flows via a pipeline to a Red Sea port. The data captures the temporary halt of that pipeline in September after a wave of attacks and predates the

more recent return of Saudi oil exports to wartime highs. The economic snapshot also predates the latest soaring of tensions between the Saudis and Houthis. A series of deadly aerial strikes by the Yemeni rebels in October curbed air travel to and from Riyadh, delayed showpiece events and effectively shut Riyadh’s main financial district. While economists and investors see the Saudi oil industry as continuing to demonstrate resilience, with Brent currently trading above $115 a barrel, the worry has shifted to the rest of the economy. The International Monetary Fund said last month that Saudi Arabia’s fiscal buffers and backup oil-export

facilities are helping curb the damage to its economy from the Iran war. The lender still sees the kingdom as better placed than its Gulf peers to ride out the upheaval, even after the escalation in the Houthi fighting. The conflict with the Iran-backed group intensified significantly in early October after Saudi-led forces launched an all-out military campaign to reclaim Houthi-held areas in Yemen. Before that escalation, the Saudi government raised its projected 2026 budget deficit to 4.9 percent of gross domestic product and said the economy will probably contract 3.6 percent, similar to the height of the Covid-19 pandemic in 2020.

Credit card rates emerge as bipartisan midterms issue By Aidan Williams Bloomberg

ITH control of Congress hanging on a number of razor-thin races, both Democrats and Republicans are seizing on voters’ frustrations with rising credit card debt to win over inflation-weary Americans. Credit card interest rates are now over 20 percent on average—nearly double what they were a decade ago—compounding the burden of monthly payments. The mix of high rates, a pickup in inflation and rising costs across the broader economy has helped drive the credit card delinquency rate toward its highest level since 2011. On the campaign trail, Democrats like Texas Senate candidate James Talarico and Florida’s Angie Nixon have championed capping the rates set by credit card companies. President Donald Trump praised Kansas Senator Roger Marshall for fighting the same “predatory” lenders, and Republican House incumbent Anna Paulina Luna has pushed for bipartisan legislation that would cap credit card rates at 10 percent. Support for such policies, widely condemned by the nation’s largest banks, underlines the vital role cost-of-living concerns are expected to play in next week’s midterm elections. Those worries are particularly acute for the voters who can’t pay off their monthly credit card bills. More than 40 percent of adults are carrying debt from month to month on their credit cards, according to an analysis by the Century Foundation earlier this year. About one-third of Americans worry about their debt almost every day, according to a survey by Pew Research Center. “Rising credit card debt is one tentacle of this octopus of affordability that so many voters feel wrapped around them,” said Republican strategist Mark Weaver. Trump pitched voters on a 10 percent credit card rate cap in the final stretch of the 2024 presidential race, a time when affordability was also top of mind for Americans.

He revived the idea at the start of 2026, also taking aim at the fees businesses must pay to use credit cards at checkout. Major banks sharply criticized the proposals, arguing a cap would require them to significantly reduce access to credit for Americans who need it most. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called the proposal an “economic disaster.” While the White House has backed away from the idea of a cap, there’s broad-based voter support for the idea—at least temporarily. A May survey showed 72 percent of respondents approve of capping credit card interest rates at 10 percent for one year. That included similar shares of Democrats and Republicans, according to the Harvard CAPS/Harris Poll. One of those people is Dakota Bradley, 36, a voice actor in Pensacola, Florida. Between high rates and rising costs, the independent voter said he’s accumulated more than $12,000 in credit card debt over the past eight months. “It comes down to a choice of putting food on the table or covering the credit card payment,” Bradley said. “With these interest rates, it’s unsustainable.” For the first time, he voted down-ballot for Democratic candidates. Bradley said he now places more trust in Democrats to address his affordability concerns than Republicans. Florida’s Nixon has called for a cap of 8 percent, below the 10 percent endorsed by progressive stalwarts Alexandria OcasioCortez and Bernie Sanders. Bipartisan groups of lawmakers have introduced bills in both chambers to codify such caps as well as legislation designed to increase competition and lower swipe fees. While inflation has cooled from the pandemic-era peaks, the Iran war has sparked a new wave of price increases. Larger-thanusual tax refunds earlier this year helped cushion the blow from rising gasoline costs, but those funds have since run dry. When adjusted for inflation, wages have declined for six straight months. “In 2022, it’s likely that Americans still had

that Covid buffer, all the cash built up from stimulus payments and other ways that they were able to cover the rise in prices,” Mattie Duppler, a spokesperson for the Ledger Project, which focuses on financial services issues, said on Bloomberg Television. The personal saving rate—or the share of disposable income that Americans are putting toward savings—fell in September to the lowest since 2022.

Alternative financing

LOW-INCOME borrowers are increasingly relying on alternative financing options with looser lending standards, said Breno Braga, a senior fellow at the Urban Institute. Chief among these offerings are interest-free BuyNow, Pay-Later loans, which have gained popularity. Subprime borrowers are also turning toward personal loans, which typically have lower interest rates than credit cards, according to Rikard Bandebo, chief economist at the credit scoring firm VantageScore. But personal loan delinquencies were up 7.8 percent in September from a year ago, the steepest rise since 2024, according to the company’s internal data. A bipartisan push, helped by Trump, could lead to meaningful changes in credit card terms. Without legislation, there’s little relief for consumers on the horizon. Prices continue to rise, and the Federal Reserve has begun to raise its benchmark interest rate again—a move that could ultimately push credit card rates up. Cuts to federal support for food and healthcare, part of Republicans’ signature One Big Beautiful Bill Act, could put further pressure on debtstrained households. After years of dealing with credit card debt and economic hardship under both major parties, Ashton McDermott, 29, of Allentown, Pennsylvania said he’s not sure either party will be able to truly help. “Even if Democrats do get into office, nothing changes,” he said. “I’m picking Democrats not because I like them, but because they’re the less sharp edge of the sword.”

Briefs... UN ends political mission in Somalia

THE United Nations completed a two-year transition of its political mission in Somalia, formally ending more than three decades of direct political engagement in the country as responsibility for peacebuilding, governance and reconciliation increasingly shifts to Somali institutions, the mission said on its website. The mission’s departure marks the end of a political presence that began with the UN Political Office for Somalia in 1995. It continued through the UN Assistance Mission in Somalia starting in 2013, and entered its final phase under the UN Transitional Assistance Mission in Somalia in 2024. The UN said it would maintain its commitment to the Horn of Africa nation through its agencies and development programs, supporting country-led efforts to advance peace, stability and sustainable development. Bloomberg

Nigeria’s suspected Ebola cases negative—NCDC

TWO suspected cases of Ebola in the Nigeria’s north-east region were a false alarm, the nation’s disease control agency said. “Samples turned out NEGATIVE for Ebola virus after two rounds of testing” the Nigeria Centre for Disease Control and Prevention said in a post on X on Sunday. The two individuals, located in Adamawa State in Nigeria’s north-east, had been isolated and contact identification initiated after they came down with suspected symptoms of the disease, the NCDC said last Saturday. The number of confirmed Ebola cases in Congo has surpassed 10,000, with the death toll at 4,887 through October 25, Congo’s National Institute for Public Health said. Bloomberg

real-world barrels falling as crude shipments through the Strait of Hormuz recover to around prewar levels despite the conflict. The Organization of the Petroleum Exporting Countries and its allies previously signaled that they would pause quota hikes through the end of this year, after agreeing on a series of modest increases in the six months through August. Those increases, largely symbolic because of the impact of the Iran war on Persian Gulf output, theoretically unwound cutbacks made in 2023 and may give the group’s Gulf members greater scope to boost volumes when the conflict abates. OPEC+’s next major decision will be whether to restore another layer of halted output taken offline in 2022, a complicated process likely to be shaped by the outcome of an ongoing audit of members’ production capacity. Policy for next year will be settled at a full ministerial meeting on November 29.

South Korea exports extend robust growth on chip boom By Heesu Lee Bloomberg

OUTH Korea’s exports maintained strong growth in October, highlighting the strength of an artificial intelligence-driven boom that has powered the economy, even as a recent selloff in technology stocks raised questions about the durability of the global AI trade. Exports adjusted for working-day differences climbed 76.1 percent from a year earlier, according to the Ministry of Trade, Industry and Resources data released Sunday. The value of shipments reached $115.3 billion, following the previous month’s record $121.1 billion. On an unadjusted basis, exports rose 93.7 percent, while imports climbed 36 percent, resulting in a trade surplus of $42.5 billion. That compared with a revised 83.7 percent export increase in September. The robust figures come in the wake of a sharp global selloff in technology stocks, fueled by disappointing earnings and outlooks from major US companies including Amazon.com Inc. and Intel Corp. that have reignited concerns over the sustainability of the AI investment boom. Investors have grown increasingly wary about whether the massive spending on data centers and other AI infrastructure will generate sufficient returns. The concerns spilled over into Asian markets Friday, with a Bloomberg gauge of regional chipmakers dropping as much as 4.8 percent. South Korea’s Kospi index, widely seen as a barometer of the AI trade, fell 3.5 percent, with SK Hynix Inc. and Samsung Electronics Co. sliding 7 percent and 3 percent, respectively. The market turbulence followed solid earnings announcements and spending plans from South Korea’s biggest chipmakers earlier in the week. SK Hynix reported a sevenfold surge in quarterly profit, while Samsung outlined its intention to boost capital spending by more than 60 percent this year as demand for advanced chips continues to outstrip supply. Semiconductors continued to be the main driver of the gains in the country’s trade figures, with chip exports surging 259 percent from a year earlier to $56.4 billion. Shipments of computers rose 497 percent, while petroleum products and automobiles gained 80 percent and 18 percent, respectively. Calendar effects may have complicated the comparisons. The Chuseok holidays fell in September this year and October last year, making working day-adjusted figures a useful gauge of underlying trade momentum.

Rate outlook THE continued strength adds to the case for the Bank of Korea to raise interest rates this month after policymakers stood pat in October to assess the impact of consecutive increases in July and August. Inflation data due Tuesday will provide another key input before the BOK’s November 26 decision. The export boom is also putting South Korea on course to exceed $1 trillion in annual shipments for the first time this year, BOK Governor Shin Hyun Song said. That would make it the fourth economy to reach the milestone after the US, China and Germany, according to the trade ministry. The figures suggest South Korea’s export engine remained strong at the start of the fourth quarter, even as the benefits of the chip boom have yet to spread evenly across the trade-reliant economy. That divergence complicates the BOK’s task as it weighs strong growth and above-target inflation against weak household demand. The economy expanded 1 percent in the third quarter from the previous three months, beating economists’ forecasts for a 0.8 percent gain. Facility investment jumped 4.1 percent, but private consumption fell 0.2 percent, underscoring the uneven benefits of the semiconductor boom. The BOK expects growth this year and next to substantially exceed its August projections of 3.3 percent and 2.9 percent, respectively. It has pointed to continued strength in semiconductor exports and investment, while expecting improving incomes to gradually support a broader consumption recovery. Governor Shin said monetary policy will remain restrictive until officials are confident inflation will converge to the bank’s 2 percent target. The BOK will also release updated growth and inflation forecasts with its November rate decision. Inflation remains a constraint on policymakers even as household demand struggles. Consumer prices rose 2.9 percent in September from a year earlier, while core inflation excluding food and energy registered 2.8 percent. Both eased from August but remained well above the BOK’s target. The won’s appreciation has helped curb imported inflation. Continued export strength and large trade surpluses could support further currency gains, although the pace of any appreciation will also depend on capital flows and global market conditions. The country’s exports to China increased about 134 percent, while to the US they rose 186 percent. Shipments to the European Union and India climbed 56.4 percent and 84 percent, respectively.

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UK BUCKS PHL’S PROPOSED WAYS TO CURB CHEAP PORK IMPORTS By Ada Pelonia

HE United Kingdom is opposing the government’s proposed measures to curb the influx of cheaper pork imports in its bid to arrest the slide in farmgate prices of hogs, citing inflationary pressures. The British Chamber of Commerce of the Philippines (BCCP) opposed a slew of measures raised by the Department of Agriculture (DA). This includes reverting the tariff rate on certain pork shipments, reclassifying pork jowls as swine meat to be levied with higher duties, initiating a safeguard measures investigation, and imposing a two-month import ban. Chris Nelson, executive vice chairman of the BCCP, said the government would be hard-pressed to contain inflation should the proposed interventions push through, leaving Filipino consumers grappling with costlier pork prices. “At this moment, the key concern of the government is inflation,” Nelson recently told reporters, noting that food pressures compound surging oil prices-driven inflation. With the country’s self-sufficiency rate of pork down to 54 percent, “you need to maintain imports to keep that supply and [be] food secure.” The Philippines remains the second-largest UK pork export market next to China, according to BCCP. Meanwhile, Nelson also pressed the government to scrap the allocation system of the minimum access volume (MAV) for pork under the revised guidelines to ease the uptake for stakeholders. “It should be as the old system—people put in an application and they have to utilize

it,” he said. “When they made those changes, as far as we’re aware, the importers couldn’t get it [ . . . .] if you’re going to do a change, don’t make it complex because then it’s up to the importers, processors to bring those goods in.” In April, the government revised the rules for implementing the MAV mechanism, citing the need for transparency and “equitable stakeholder participation in the agricultural sector.” (See: https://businessmirror.com.ph/2026/04/27/govttweaks-mav-scheme-as-war-raisescost-of-inputs/) In Joint Department Circular 1 signed by six agencies, the revised guidelines also outlined a different allocation structure for pork shipments under MAV. Under the circular, 50 percent of MAV for pork would be allocated to meat importer processors (MIPs) with verified local processing facilities, 30 percent to other qualified MAV licensees, and 20 percent to state trading enterprises (STEs) to enhance food security and stabilize prices. The following month, President Ferdinand Marcos Jr. issued Executive Order (EO) 116, increasing the MAV for pork to 204,210 metric tons (MT) for 2026 from the current 54,210 MT. The EO stipulated that 30,000 MT should be given to processors while 120,000 MT was earmarked for the Food Terminal Inc. (FTI) or the Kadiwa program. The DA stressed that it has not triggered the additional MAV for pork. Pork imported via the MAV scheme enjoys a lower tariff of 15 percent for shipments falling under the in-quota allocation while the out-quota allocation is slapped a tariff of 25 percent.

Monday, November 2, 2026 A9

DOE-DENR order on assets worries Japanese investors

By Lenie Lectura

HE Japanese Chamber of Commerce and Industry of the Philippines Inc. (JCCIPI) has expressed concern over Joint Administrative Order (JAO) No. 202601 of the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR), particularly a provision that requires existing operators to turn over assets upon contract expiration. In a letter sent to the DOE last week, the business group said Japanese businesses want to expand their investments in the Philippines, but they require a predictable investment environment across all sectors. “This raises questions regarding the legal basis for the requirement, its consistency with existing contractual arrangements, and its implications for private asset ownership and investor confidence.

JCCIPI believes that clarification of these provisions would help ensure that the implementation of the JAO supports the government’s resource-development objectives while maintaining a predictable environment for existing and prospective investors,” it said. It pointed out that the financial recovery, amortization, or depreciation of an asset does not automatically transfer its legal ownership to

the government. Forcing operators to surrender privately owned assets threatens their financial standing and reduces their asset value. “The scope and legal basis of the turnover requirement therefore require clarification, particularly where assets were acquired using private capital and remain privately owned,” it said. “JCCIPI is concerned that unclear requirements could discourage qualified operators from participating in future auctions and affect the decisions of prospective investors considering the Philippine mining industry.” It recommended that the DOE and the DENR clarify and ensure fairness regarding asset ownership and bidding procedures. “JCCIPI respectfully requests that the DOE and DENR: 1. Clarify the scope and legal basis of Section 6.10, particularly whether existing operators participating in contract renewal or re-award proceedings are subject to these asset turnover mandates. 2. Clarify the legal basis for asset transfers, including whether the recovery, amortization, or depreciation of an asset’s cost may be used as a basis for transferring ownership to the government.

3. Ensure fair and consistent bidding procedures, with clear rules that apply equally to qualified participants and respect applicable laws and existing contractual rights.” The DOE, for its part, said it will restart the bidding process this month. “Bidders will be given at least one month to prepare documents, with evaluation scheduled around November or December,” Garin said. Semirara Mining and Power Corp. (SMPC) currently holds coal operating contract (COC) No. 5, which is among the coal blocks on Semirara Island that will be auctioned by the DOE. The COC is valid until July 14, 2027. The previous bidding for coal mining areas has been canceled to implement a new bidding process under updated rules, following the conclusion of the second public consultation. The DOE said this was meant to reassess the parameters of awarding coal operating contracts so that the next round can be conducted under this new set of rules. The coal bid round covered three pre-determined areas in Antique, Cagayan, and Isabela, See “DOE-DENR,” A2

PAL, too, forced to cancel trips on Asean Summit requirements By Ma. Stella F. Arnaldo Special to the BusinessMirror

LOVE THAT LIVES ON The towering Transfiguration of Jesus Christ, a landmark sculpture by National Artist for Sculpture Napoleon V. Abueva, stands watch as families visit the graves of their

departed loved ones at Eternal Gardens along Baesa Road in Caloocan City on Sunday, November 1, 2026, to observe All Saints’ Day. Beneath the monument, families lay flowers, light candles and offer prayers, keeping cherished memories alive through a tradition passed down generations. The observance continues on November 2, All Souls’ Day, when Filipinos traditionally remember and pray for the souls of the departed. NONOY LACZA

Duterte to skip last ICC pre-trial hearing By Malou Talosig-Bartolome

ORMER President Rodrigo Duterte has waived his right to attend a key pre-trial hearing before the International Criminal Court on November 2, allowing his lawyers to represent him as judges finalize arrangements for his crimes-against-humanity trial set to open later this month. In a filing dated October 30, Duterte’s defense team informed Trial Chamber III that he had signed a waiver declining to attend the fifth status conference. The chamber approved the request on October 29 and directed the defense to place the signed waiver on the record. The defense said Duterte had authorized his lawyers to address all procedural matters on the hearing agenda, as well as any other issues that

may arise during the proceedings. The November 2 status conference, scheduled from 5 p.m. to 6:30 p.m. Philippine time, with a possible second session from 7 p.m. to 8:30 p.m., is one of the final hearings before the start of trial on November 30. Judges are expected to discuss the daily hearing schedule, arrangements for testimony through audio-visual links, rights of audience before the court, the prosecution’s witness list, the number of hours allotted for the presentation of evidence, potentially exculpatory evidence, agreed facts, witness calling order, Rule 68(3) applications, in-court protective measures, and security arrangements for defense missions. Duterte attended the previous two status conferences on September 16 and October 13. His September appearance marked his first in-person attendance before the ICC since he was surren-

dered to the tribunal in March 2025. The hearing comes less than a month before Trial Chamber III formally opens the case against Duterte on November 30. During the opening session, judges are expected to confirm that Duterte understands the charges against him and ask whether he pleads guilty or not guilty. The chamber will then hear opening statements from prosecutors and lawyers representing victims, while the defense may also be invited to present an opening statement. The prosecution has been allotted six hours for its opening presentation, while victims’ representatives have been granted three hours. The court has indicated that the prosecution’s first witness is expected to testify after opening statements conclude. Duterte faces three counts of crimes against

humanity stemming from alleged killings linked to anti-drug operations and vigilante-style killings carried out between 2011 and 2019. Prosecutors allege the crimes were committed as part of a widespread and systematic attack against civilians. The charges cover alleged killings in Davao City during Duterte’s term as mayor, killings of socalled “high-value targets” during his presidency, and killings and attempted killings during antidrug “barangay clearance operations” between 2016 and 2018. Trial Chamber III ruled on October 8 that Duterte is fit to stand trial. Proceedings will be streamed on the ICC’s website, Facebook page and YouTube channel with a 30-minute delay. See related story: https://businessmirror. com.ph/2026/10/29/speed-vs-due-processfirst-key-battle-in-duterte-icc-trial/

ORE bakasyonistas during the so-called Asean Summit “holiday” have been affected by, this time, flight adjustments of flagcarrier Philippine Airlines (PAL). PAL Vice President for Corporate Affairs Salvador “Bud” Britanico told the BusinessMirror the carrier canceled 152 domestic flights and six international flights from November 14 to 18. “The passengers have been given options consistent with the Air Passenger Bill of Rights [APBR]. Most, if not all, domestic flights affected have other alternative frequencies for the same day, allowing passengers to choose other schedules within the day,” he said. For the international flights, passengers were also given alternative options consistent with APBR, he added, such that passengers may rebook, refund, or convert their canceled flights to a travel fund, and are free of charge. Passengers were notified of the flight adjustments via email and SMS on October 30. The Asean Summit and Related Meetings are scheduled from November 16 to 18, 2026 at the Philippine International Convention Center. Malacañang earlier declared these days as holidays for the National Capital Region, giving its residents a five-day break as Nov. 14 and 15 is a Saturday and Sunday, respectively. AirAsia Philippines has yet to announce any Asean-related flight adjustments.

Still waiting on NOC

BRITANICO explained that PAL’s flight readjustments were made “in coordination with government agencies and other stakeholders” such as the Civil Aeronautics Board, the Civil Aviation Authority of the Philippines (CAAP), airport operators, and other agencies. A source from the New Naia Infrastructure Corp. (NNIC) said slots for flights during Asean have not yet been finalized. So what PAL

did, “looks like in anticipation [of the final flight slot schedules]. We’re still waiting, along with CAAP, for the National Organizing Committee [NOC] for the final schedule [of leaders from Asean and other countries],” said the source. The NOC is headed by the Department of Foreign Affairs. As of last week, government agencies had only received the flight schedule of the United States delegation, led by President Donald J. Trump. NNIC is the operator of the Ninoy Aquino International Airport (Naia). On October 23, Cebu Pacific Airways (CEB) emailed its passengers announcing flight adjustments due to parking issues at the Naia passenger terminal 3, from where the carrier operates. Aircraft of foreign dignitaries attending the summit will be parked around Naia-3, thus necessitating the removal of the carrier’s planes from the terminal. (See, “Pinoys’ holiday plans disrupted by Asean Summit ‘parking’,” in the BusinessMirror, Oct. 27, 2026.) CEB Director for Corporate Affairs Carmina Romero on Sunday said: “We’ve already reaccommodated all our affected passengers to the next available flights.”

Poor gov’t coordination?

MEANWHILE, the PAL readjustments cover select flights on major domestic destinations such as Manila to Cebu, Bacolod, Iloilo, Davao, Zamboanga, Puerto Princesa, General Santos City, to name a few, as well as international flights like Manila to Riyadh, Jinjiang, Xiamen, Hong Kong, Singapore, Sydney, and Denpasar (Bali). The list of flight cancellations can be found here: https://tinyurl.com/4sh7t2d3 The public appeared more understanding of the PAL flight cancellations, coming perhaps from the recent CEB and government announcements of disruptions caused by the Asean Summit. Still, @akosirobipals said of PAL, “Nag-seat sale sila pero cancelled See “PAL,” A2

Monday, October 26, 2026 • Editor: Angel R. Calso

A10 A16 Monday, 2, 2026 August26, 26, 2026•••Editor: Editor:Angel AngelR.R.Calso Calso A8 Wednesday, Monday,November October

editorial editorial editorial The bill deposit lesson:

Opinion Opinion BusinessMirror BusinessMirror

www.news.businessmirror@gmail.com www.businessmirror.com.ph www.news.businessmirror@gmail.com

Unlocking Mindanao’ The bill deposit lesson: The sidewalk test A need for clearer rules,s untapped A needcommunication forpotential clearer rules, better Bbetter communication

T F

HE most damning detail in BusinessMirror's investigation of Metro Manila's transport future ismatter, not the 58.61 percent OR decades, Luzon was thelistening leadingtocompletion contributor torate ILL deposits but so does customers. Meralconational proved the second half of that equation when public comon the subway, nor the MRT 7 project that will output as economic activity was heavily overold unexpectedly bloated October 2026 bills dominatconcentrated in one of the three major islands inMeraltheIt turn plaints 26 years before it carries a single passenger. ILLmedia—and deposits matter, but soresponded does listening to customers. ed social the utility by deferring collection Data released byyear, theand Philippine Statisis a flooded path between Trinoma the MRT 3 stacoPhilippines. proved the half of that when public comof the reimposed billsecond deposits until nextequation rather than letting the tics Authority (PSA) show that this was unchanged last year plaints unexpectedly bloated October 2026 bills dominattion, commuters wade through rainwater because chargewhere land onover households still reeling from the sticker shock. That as continued toTransportation account a chunk of the counedLuzon social media—and the utility responded by deferring collection was the right call, andofit’s evidence offor a company willing to bend the Department had no budget tothe fix of the reimposed bill deposits next year, rather than letting try’ s gross domestic product or GDP. (See, “Faster VisMin when customers push back. Butuntil the harder work starts now: explainit—until a private paved and roofed it as charge land households still from theinsticker shock. That ing the policy before itconcessionaire shows upreeling on a bill. growth stillon can’t edge Luzon advantage,” the Businesswas the rightsocial call, and it’s evidence of a(Read company willing to bend corporate the BUSINESSMirror, April 24,responsibility. 2026). Mindanao, for instance, grew when customers push back. But the harder work starts now: explainMIRROR story: How long till we get a decent comfaster Luzon init 2025, but this barely moved theopened needle ing thethan policy before shows upthan on aeight bill. Roughly 20,000 of Meralco’s more million customers their muting experience?, October 29, 2026). in terms of its found contribution to national output. October bills and a charge they had not ordered. Within hours, the bill

deposit was no longer an accounting entry. It was a grievance with a hashtag. Roughly 20,000 of Meralco’s more than eight million customers opened their The charge is neither new nor irregular. Under thesubway. Magna Carta for ResiThe government can borrow ¥104.53 billion for It cannot pour Mindanao’s inability to further its ashare to the country’s October bills and found a charge they increase had not ordered. hours, the bill dential Electricity Consumers, a deposit is refunded onceWithin a customer pays on concrete on a walkway itanalready owns. GDP is lamentable, that itofhas thecredit towith grow faster. deposit was longerconsidering accounting entry. It was acapacity grievance a hashtag. time for two no consecutive years. Fall out good standing—miss due That the whole storynew of Philippine transport inthe oneMagna image,in and itfor should For one,is certain industrial crops can grow all year Mindanao The charge neither nor irregular. Under Carta Residates—and theisutility may require it again. The ERC’sround Atty. Corazon Gines shape how this country judges the next decade. Then-Transport Secretary dential Electricity a deposit is notice refunded once ainto customer pays on as theonisland is notConsumers, usually bythe strong typhoons, unlike Luzon. went air to explain this, andstruck showed inserted affected bills. Giovanni Lopez—before his transfer to the DPWH—described the budget as time for two consecutive years. Fall out of good credit standing—miss due SomeDepartment customers missed it. OthersPlanning, saw it and and refused to pay, because nothing The of Economy, Development (DepDev) aexplained chicken-and-egg problem. Regin who helped write the ASEAN dates—and the utility mayJose require it Regidor, again. The ERC’s Atty. Corazon Gines why. noted that Mindanao accounts for 37.4 percent of the country’s tolow-carbon vision aand decade ago, is right to reject that framing. Absorpwent on airtransport to explain this, showed the notice inserted into affected bills. The case for deposits is sound. Electricity is consumed before it is paid for. tal output from agriculture, forestry andrefused fisheries. (See, “DepDev: tive capacity, not appropriations, is saw the binding the proof is Some customers missed it. Others it and to pay, because nothing Every month, a utility extends credit to millions ofconstraint—and households, then waits. The Mindanao must move toward high-value activities,” in the Busithat the department can push 67 million passengers through a busway median explained why. the obvious risk: what happens when a customer defaults, or deposit answers nessMirror, August 2026). lane while leaving escalators broken and pedestrians in itfloodwater. The case for deposits is 24, sound. Electricity is It consumed before is apaid for. vacates an address without settling a final bill. is ankle-deep the same logic as rental Every month, a utility extends credit to millions of households, then waits. The The record deserves to be stated plainly. A child born in 2005, year this The island’s industries security deposit. natural resources would allow certain the deposit answers the obvious risk: whatwhen happens whenroadmap a customer defaults, or newspaper began publishing, was nine the materials 2030 was approved The stakes exceed Meralco’s balance sheet. Utilities must to buy to flourish, given the availability of raw likecollect rubber—a vacates an address without settling a final bill. It is the same logic as a rental and 17 when the subway loan was signed. That child turns 21 this year and will power, maintain and invest. For smaller electric cooperatives commodity thatnetworks, can help unlock Mindanao’s growth potential. The security deposit. be 25 when the roadmap's target year arrives2023-2028 with nosqueezes finished network. The running on thin margins, a pileRoadmap of uncollected bills the ability to Philippine Rubber Industry drawn up by the The stakes exceed Meralco’s balance sheet. must collect to buy trains were promised that child's parents. They Utilities will arrive, if schedules hold, purchase power. Andtodefaults tend to resurface in the rates everyone else government pointed to theand factinvest. that the island is home to cooperatives 98 percent power, maintain networks, smaller electric pays. A child's properly administered deposit is,For in that sense, fairness tobillion those for that children. Meanwhile, congestion cost Metro Manila P3.5 of the rubber plantation in the country. However, the top rubberrunning on thin a pile of uncollected squeezes thebillion abilityby to pay. awho daydo in 2018, and amargins, JICA official warned the figurebills would reach P5.4 producing regions in Mindanao also some of the areas repurchase power. And defaults tend to resurface in while the rates everyone else Sowithout the policy defensible. The rollout was not. A charge thatthat appears 2035 newwas infrastructure. Theare bills compound the digging waits. pays. Aexperts properly administered deposit is, that sense, fairness tohousethose corded high poverty rates, theinnot Bangsamoro Autonomous with little advance notice, indiagnosis: fine print, during a month whenor Both converge onburied theincluding real a shortage of money ideas, who do pay. holds areinalready counting everyadministration peso, was always going toprevious generate friction. Region Muslim Mindanao (Barmm) andshelves Zamboanga Peninsula. but a shortage of continuity. Each the one's lowSo the policy was defensible. The rollout was not. A charge that appears TheTo telling detail is that theown. regulator’s explanation came on television, after increase contribution of the island’s natural resources to hanging fruit andthe plants its Regidor's expectation that this will continue is with little advance notice, buried in fineAprint, during a month when housethe bills had gone out rather than before. good rule handled badly just feels pessimistic and correct. The remedy he proposes—a single integrated transport its output, DepDev pointed out that move beholds arerule already counting every was Mindanao always going should to generate friction. like a bad to the person on thepeso, receiving end. by and land-use agency on the Japanese model, staffed people the department yond just selling raw commodities and to turn these into products The telling detail is that the regulator’s explanation came on television, after Meralco’s decision to suspend collection until next year was therefore not hires, trains, and thethan least glamorous and most consequential reform that will fetch akeeps—is higher value. In the case of rubber, the government the bills had gone out rather before. A good rule handled badly just feels aavailable. retreat from compliance. It was compliance with an unwritten rule: how a Santiago's ison the same: no transport outperforms the like a firm bad rule to the person the receiving end. system found that only aversion third the locally aretoused by utility should treat the of people itrubber serves.produced Crediting the deposit the next that governtoit.suspend collection until next year was therefore not Meralco’s decision ainstitutions tire manufacturer and exporters in economic zones. The are bill of those who already paid, at least, spares prompt customers therest penalty Until then, the government's money is going where theunwritten politics are. Farehow dis-a retreat from compliance. It was compliance with an rule: ofa their own punctuality. exported to Asian countries like Japan and Malaysia, which means counts, fuel subsidies, andthe free ridesitare compassionate, anddeposit Santiago's warnutility should treat people serves. Crediting the to the next But afirm deferral is not a fix, and responsiveness must not quietly harden into earnings by the Philippines from rubber are lower because it was ing is precise: they help riders this year at the cost of the systems those riders' bill of those who already paid, at least, spares prompt customers the penalty policy-by-clamor. Three things need to happen before next year. shipped in raw form. children depend on. issue Regidor's word for them isrules "stopgaps," stresses ofFirst, their will own punctuality. the ERC should staggered-payment quicklyand andheuniformThe move towards green mobility solutions presents opportunities the word. A P12-per-liter subsidy is a grain crop. A functioning busway is a tree. But a deferral is not a fix, and responsiveness must not quietly harden into ly. Chairman Francis Saturnino Juan’s three-month plan is a fair starting not only to rubber producers, but also nickel miners, in Mindanao. policy-by-clamor. Three things need to happen before next year. The Edsa Busway is the strongest argument in the entire record, and its lespoint; Meralco’s six-month counter-proposal deserves a hearing. Regulatheunderused. ERC issue staggered-payment quickly andthe uniformson isvagueness being Lopez concedes it the isrules the only public transport Disruptions created thehimself United States-Iran war created need toryFirst, is should whereby disputes breed. Second, information campaign ly. Chairman Francis Saturnino Juan’s three-month plan is a fair starting on the highway where commuters beat private cars. Sixty-seven million riders for alternative means transporting goods social and people, preferably must run for months, notof weeks—text advisories, media explainers in point; Meralco’s six-month counter-proposal deserves hearing. Regulais not a that pilot. It is anot mandate—one the department should beaextending Filipino, a working hotline. The customer’s question is not what the aggresMagna those will use fossil fuel, which has become expensive in tory vagueness is from where disputes Second, the information sively and funding the general appropriations, not from goodwill, Carta says, but why this is on the breed. bill and whether itcrucial can be paid campaign in rather parts. recent months. And Mindanao has some of the components must run for months, not weeks—text advisories, social media explainers in than renaming it in a budget document. Third, the timing must respect the household calendar. A deposit collected for making these alternative modes of transportation in abundance. Filipino, a working hotline. The customer’s question is not what the Magna So here is the test for the government, and it is deliberately modest. Publish in October, ahead of holiday and enrollment spending, lands harder than (See, “Michelin: EV shift reshape PHL tire inparts. the Carta says, but this isprogram onto the bill and whether it industry,” can be Fund paid the in collected insafe-crossing awhy lighter month. aone sidewalk and with a named budget line. busThird, the timing must respect the household calendar. A deposit collected BusinessMirror, August 24, 2026). The lesson outlives thisAvenue charge.and Rules without explanation breed resentway's extension to Quezon Ortigas before the subway's demonstrainBuilding October, aheadwithout of holiday and enrollment spending, lands harder than around Mindanao’s prime commodities, howment; explanation rules breeds chaos. Consumers are owed not the tion run. Stopindustries letting station access depend on San Miguel's generosity. Then one collected in a lighter month. ever, would require more than just it needs the strong resolve abolition of the deposit, but notice, arhetoric; reason, and anever schedule that respects measure success in minutes saved by commuters who board a train at all. The lesson outlives thisearns. charge. Rules has without explanation breed resentwhat a household actually Meralco taken the first back. The of both the government and the private sector toneed create the condiRegidor is right that next-generation transport does not tostep wait for 2032. ment; explanation without rules breeds chaos. Consumers are owed not the ERC and power consumers now have a window to take the next—before the It can begin at the curb. The generation born with this newspaper deserves bettions thatofwill entice investors. The requirements of businesses are abolition the deposit, but notice, a reason, and a schedule that respects same restarts. ter than a world-class airport gate and a muddy path tothe thefirst platform—and it not aargument anyway—start-up-friendly regulations, predictable what amystery household actually earns. Meralco has taken step back. The deserves it before it turns 25. rules, better connectivity in the form of reliable and ERC and power consumers now have a2005 window to taketransportation the next—before the Since same argument restarts. internet service, and cheap power.

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Faith, fear, and the Filipino Gen Z a young Filipino what keeps Christmas in a dry season Askthem New control Faith,flood fear, and the measures Filipino Gen Zyou might going, and Atty. Jose Ferdinand M. Rojas II

RISING SUN EW research from The HarrisTHE PollRISING findsBUILDER that Gen ZSUN is now the most religious generation in the United States. A third Atty. Jose Ferdinand Mark M. Rojas II Villar

N C LN

call themselves religious. According to Harris, young people EW research from The Harris that Genstack” Z isCapital now HRISTMAS this country does notfinds waitthe for December. The AST week’s heavy monsoon rains brought National are trying to regain ainsense of control byPoll building a “faith that the most religious generation in the United States. A third carols start playing in the malls once the “ber” months arrive, Region and the rest of Luzon to a standstill. mixes church with manifestation and even tarot. callbythemselves religious. According Harris, young and now thewere parols are up onby most gates. From here on, the Many homes submerged theto floods while ourpeople workarewere trying togets regain a sense of control by building achose “faith season only the reunions, the parties, houses fullthat of ers forced tobigger: wade through the floods. Somethe tostack” work mixes church with manifestation and even relatives, the kitchens never to close. from home because ofthat inaccessible roads andtarot. the difficulty If that is news in America, it is seem That same generationto is find also retransportation. ordinary in the Philippines. When thinking its relationship with techthe international Footprints surIfpolled that isyoung news in America, it is year, though, theinlongest veyThis people eight ordinary in the Philippines. When Christmas in the world will run Some 201.7 millimeters of rain, countries in late 2023, 89 percent the international Footprints surright into onerespondents of the worstfell dry spells per weather agency, in just of itsthe Filipino said they vey hours polled people in study eight we’ve seen inyoung a long time. PAGASA five in one day, orsame equivalent believe in God. Yet the countries late 2023, 89 percent has warned that a very strong El to about 44in ofofthe rainfall found that 64percent percent young Filiof its Filipino respondents said they Niño will stay with us into the brought by Typhoon Ondoy over afirst 24pino Catholics do not consider atbelieve in God. Yetthe theDepartment same study half of 2027, hour period onand September 2009. tending Mass necessary to26, being a found that 64 percent of young Filiof Science and Technology says evFlooding is a perennial problem, good Christian. Sociologist Jayeel pino Catholics do“creative notinconsider atery province could be drought by especially in Metro Manila and other Cornelio calls this Catholitending Mass necessary to being March. When the dams run low, our low-lying areas outside the capital cism”: faith that is personal, practi-a good Christian. Sociologist taps are the to feelinstitutions. it. region. Itchoosy is afirst disruptive forceJayeel that cal, and about Cornelio calls this “creative So wedamage have toabandoning find waysCatholito celcauses to property and Our young are not belief. cism”:are faith that is cases. personal, practideaths, inrenegotiating extreme They its terms. cal,Fortunately, and choosythe about institutions. administration Our young areFerdinand not abandoning belief. of President Marcos Jr. are renegotiating isThey looking for solutionsitstoterms. control the floods. President Marcos last week said the government is studying the possibility of digging underground water-retention facilities beneath existing public spaces, including football fields and open areas. The plan seeks to strengthen the defense of Metro Manila against increasingly intense rainfall, such as the one we experienced last week. The facilities seek to temporarily

nology, and on this front the mood That same generation is also for reebrate that don’t leave us paying is much less certain. thinking its relationship with techit, in pesos and in water, well into store excess rainwater and help ease Harris also found that 38 percent nology, on this front the mood 2027. It and can start inbelieve the bathroom, flooding during periods ofthey heavy of American Gen Z are is muchato less where full house uses the most rainfall. President reported likelier diecertain. fromMarcos artificial intelHarris also found percent water. houseguests tomore take that theAsking government has identified ligence than from oldthat age.38 Yet of American Gen Z believe they are shorter showers is awkward, so 30 potential sites for the proposed than half of young people saymake they likelier to die from artificial intelit a family rule rather than a personal underground facilities. The sites could not easily return to life withligence than from old age. Yet request. A pail-and-tabo bath ismore still include Sulaiman, Rizal Memoout it. Raja half of young people say they athan perfectly respectable bath. And rial, and Camp Bagong Diwa. Filipinos live that contradiction could not easily return tosought life withthat faucet everyone has The government the on a dripping larger scale. Ahas Sprout Soluout it. learned to ignore wastes more than help of experts from The Nethertions survey found that 78 percent Filipinos live that contradiction you’d think, so it’s worth it lands, a nation has getting skillfully of Filipino workers already use AI on a larger scale. A Sprout Soluaverted despite its in their flooding daily work, even as below many tions survey found The that 78 percent sea-level location. Dutch exof Filipino workers use AI perts studied possiblealready locations here in theiradditional daily work, even as many where water-retention capacity could be built under existing facilities. “Under existing facilities, such as football fields and open fields, areas can be excavated even if buildings are present,” says President Marcos. Conventional flood-control measures could no longer be relied upon, especially in times of heavier rainfalls associated with climate change. The proposed underground water-retention facilities are no

hear about church, awhat forecast or Ask ayear, young Filipino keeps different from water-impounding This the longest Christmas prediction, orand a new skillneeds theyto dams the countryside them going, youAIright might in thethat world will run into sustain agricultural farming. The picked up on YouTube. What we hearofabout church, a forecast or one the worst dry spells we’ve Philippines faces heavy rains after should thinkorabout isAIhow prediction, a new skilllittle theywe the dry season. Unfortunately, seen in a long time. PAGASA has we have done to make sure their picked up on YouTube. What cannot store the excess water towe help warned thatsomewhere. a very Ellackare effort They in farmleads irrigation due to the of should think about isstrong how little holding up their end. Are we? impounding dams. The water merely Niño will stay with us into the we have done to make sure their flows into rivers and the open sea, first of 2027, andofthe De- are efforthalf leads somewhere. They depriving our the resource worry that it farmers is dulling rather than holding end. Areseason. we? partment oftheir Science and Tech-The they needup during thethinking. dry sharpening their The lack discipline is, likewise, International Labor Organization nology saysofevery province could worry that it to is dulling ratherinthan contributing the flooding the (ILO), meanwhile, estimates that be in million drought bysaw March. When sharpening their thinking. metropolis. We on television 12.7 Filipino jobs areThe exInternational Labor Organization footage week theour trash the dams run low, tapsandaregarposed tolast generative AI. (ILO), meanwhile, estimates bage that clogged waterways, The ILO is careful to add that that the first toresulting feel it. our 12.7 million Filipino jobs are the exeventually in the flooding. only 3.6 percent of jobs fall into posed to generative AI. repaired before the visitors arrive. We could probably solve half of the highest-risk category, and that most The ILO is careful to add that Washing up takes ahave little flooding problem if we themore dischange will mean tasks reshaped only 3.6 of jobs fall into thea discipline. Dishes for 30But guests can cipline topercent dispose our trash properly. rather than jobs erased. it flags highest-risk category, and that most be washed in basins oflikely unThe government, in more the meandanger: young peopleinstead are change will mean tasks reshaped der a running faucet, and the rinse time, isthe seeking a sales, unified stand to to hold service, and clerical rather than jobs erased. But itbeflags water can gorisk to the plants or used address residual waste to prevent ita jobs most at of displacement, the danger: young people are more likely for flushing. The old Filipino ways from ending up in waterways and very roles where many fresh graduto hold thetoo. service, sales, clerical can help, Lining theand table with polluting the environment. Metro ates begin. jobsWhat most at risk of displacement, banana leaves for a boodle-fight Manila alone generates an estimated does all of this mean the for very roles where graduspread, or using dahon ng saging 9,000 metric tons many of solidfresh waste daily. our country? ates begin. as plates, leaves far youthful fewer dishes Recycling the waste into energy First, whether our popWhat doesoff all of this mean for is one solution. Based on estimates ulation pays now depends on our country? of the Department of Energy (DOE), whether ourstream youthful theFirst, current waste inpopthe ulation payscould off now depends on metropolis support around 200 megawatts of waste-to-energy (WTE) capacity, subject to the availability and suitability of feedstock and other technical requirements Waste that can no longer be reused or recycled, to Energy As aSALN net importer of petroleum, The is not according simply another Secretary Sharon S. Garin, should the Philippines is particularly government form that officials not simply end up in landfills or fill and is oil-price a constiexposed toisfile international Theout SALN notaway. simplyItanother waterways. tutional instrument of account“Subject toform environmental government that officials movements. Astrict weaker peso safeguards, appropriate residual ability, designed to allow fill outthe anddomestic file away.cost It isofathe constiraises dollarwaste can be converted into useful public to examine whether those

AI. According to official 2020 data, roughly 31 million Filipinos are between 15 and 30 years old. They are to after a big handaan. A big AI. According to official data, energy and contribute to our power ourwash greatest asset, but if 2020 entry-level roughly 31 million Filipinos are bewater jug on the table and one cup supply,” she says. jobs dry up, they become our greatest tween 15 and years old. They are per guest, labeled withrung masking tape The DOE is 30 stepping up the implerisk, since the lowest of the caour but if entry-level and a name, means fewer glasses mentation ofasset, its WTE program folreergreatest ladder is exactly where machines jobs drysink up, they become ourrenewed greatest at and no plastic bottles lowing President Marcos’s arethe improving fastest. risk, the rung of the cain the trash. call tosince turn residual waste into a proSecond, thelowest anchors that young reer ladder is exactly where machines The kitchen is where a lot of the ductive resource, and amid concerns people reach for matter. A generaare fastest. waste hides. Noche Buena and Meover garbage accumulating watertionimproving that prays, gathers andin believes Second, the anchors that young dia Noche can be potlucks, with ways and contributing to flooding. carries reserves of meaning and repeople reach formeanwhile, matter. Asupplies. generaeach family one dish. That Mindanao, needs silience thatbringing no algorithm tion that prays, gathers and believes means fewer pots to wash and less similar water-retention facilities But faith cannot stand in for skills, carries reserves ofduring meaning and refood spoiling the 27th, to assist farmers aespecially dry spell. training, andonsafety nets. That is silience that no algorithm supplies. if everyone agrees on aseason plan forinleftItjob may the rainy Luthe ofbeemployers, schools, and But faith cannot stand in for skills, overs before the first plate is served. zon and the Visayas where heavy government. training, and safety nets. That is Even gift-giving should be rains are disrupting daily activities Third, institutions must done meet the job of employers, schools, and mindfully. A big water jug, a sturdy and flooding communities. But other our youth where they are. Filipino government. tumbler, or acountry rain barrel may notAI. be parts of the are experiencworkers have already embraced Third, institutions must meet the most exciting present, but the ing the opposite weather conditions. What they lack is guidance on using our youth where they are. Filipino person who gets one remember indices in will the southern it toHeat think better, not less, and a clear workers have already embraced AI. you April. part of the Philippines reached the pathin forward when their jobs change. What they lack is guidance on using None of thisFilipino makes thecategory season weather “danger” Ask abureau’s young what keeps it to think better, not less, and a clear less merry. Our lolos and lolas alof 42°C to 51°C. Classes, in fact, were them going, and you might hear path forward when their jobs change. ready knew most of it. They kept a suspended in parts of Mindanao last about church, a forecast or predicAsk a young Filipino what keeps drum under the alulod to catch the week—not because of flooding, but tion, or a new AI skill they picked up them going, andplants you might hear rain, watered the with the wadue to high What heat indices that can on YouTube. we should think about church, a forecast or predicter from washing rice, and stretched cause cramps, heat exhaustion and about is how little we have done to tion, orsure a new AI three skill they picked up one ham across days and still heat stroke. make their effort leads someon YouTube. What we explain should called itThey a feast. Weather experts that where. are holding upthink their about is how little havea distinct done to Mindanao does notwehave end. Are we? make sure their effort leads somewet season. Thus, if the rainy season where.inThey areand holding up their starts Luzon the Visayas, it end. Are does notwe? mean the same in Mindanao. The Southwest Monsoon, or Habagat, does not affect Mindanao. But at the end of the day, discipline and novel approaches to solving the flooding problem will ease the plight ing fromhave the shrinking financial bufof many Filipinos extreme terests raised during questions about fers of retail borrowers amid higher weather. We just have to be creative whether her declarations accurately inflation.” and mindful at the and same time. cirreflected her assets financial terests have raised questions about A consumer-heavy loan portfolio cumstances. whether here-mail declarations accurately canFor become more sensitive to profeedback to senatormarkvillar@ Duterte’s lawyers and political alreflected her assets andhttps://markvillar. financial cirlonged inflation, weaker employgmail.com or visit our web site: lies have challenged the accusations, cumstances. ment conditions, and reductions in com.ph arguing that the proceedings are poDuterte’s lawyers and political alhousehold purchasing Highlitically motivated andpower. intended to lies have challenged thealso accusations, er interest may increase weaken herrates prospects for the presiarguing that thecosts proceedings are podebt-servicing forthat borrowers dency. They maintain properlitically motivated and intended or to with variable-rate obligations ties questioned by her accusers were weaken her prospects for the debts. presithose refinancing existing covered by her declarations, that the dency. They maintain that properThe consequences not(2008), appear Mylene Dizon forneed “100” amounts cited from financial transties questioned by her accusers were immediately. and Ina Feleo for “Sanglaan” (2009). action records represent cumulative covered by her declarations, that the In a sense, UBP’s profBest Actors inexceptional therather Directors’ movements of funds than amounts cited from financial transitability may remain unchanged. showcase arenot Baron Geisler for “Dohidden wealth, and that differences action records represent cumulative The bank’s 6.9-percent net interest nor” (2010), Bembol for “Isda” in disclosure forms Roco and reporting movements ofGarcia funds rather than margin reflects the earnings power (2011), Eddie for “Bwakaw” requirements may explain some of hidden wealth, and that differences of its lending model. Whether (2012), Robert Arevalo for “Hari ng the apparent discrepancies. that in disclosure andnoreporting advantage canforms be sustained will Tondo” (2014). There was awardee These defenses deserve to debe requirements may explain some of pend partly on the capacity of its borin 2013. heard and tested. But they cannot the apparent discrepancies. rowers withstand a more difficult BesttoActors the New Breed substitute for ain complete accountThese defenses deserve(2010), to be economic environment. are John Arcilla for “Halaw” ing of the underlying records. If heard and tested. But they cannot thatwere brings usfor to a“Ligo larger Edgar Allan Guzman nalesÜ, theAnd assets properly declared, substitute for a complete son about financial risk. accountMoody’s Lapit na Me” (2011), Kristoffer King the corresponding SALNs should ing of the underlying records. If ratings said while the bank’s probfor “Oros” (2012), Mimi Juareza for establish that fact. If the financial the assets were properly declared, lem loans formation improved in “Quick Change” (2013), and Dante transactions were legitimate, the the corresponding SALNs should 2025 following the bank’s tighter Rivero for “1st Ko Sishould 3rd” (2014). supporting records help exestablish that fact. Ifslower the financial credit underwriting, growth Best Actors in the Full-Length plain their sources and purposes. If transactions were legitimate, the and limitsinclude on new-to-credit lending, Features Tommy Abuel for the discrepancies arose from differsupporting records should help UBP’s problem loans ratio (stageex3 “Dagsin” (2016), Noel Comia Jr. encestheir in reporting requirements, the plain sources and purposes. If loans as a percentage ofclarify gross loans) for “Kiko Boksingero” (2017), Edapplicable rules should them. the discrepancies arose from differremained “elevated” atnot 7.2 percent. die Garcia for “ML” Jansen The question is(2018), whether ences in reporting requirements, the In The Black Swan, Nassim NichoMagpusao for John Denver “TrendDuterte’s rules political adversaries are applicable should clarify them. las Taleb examined how rare, conseing” (2019), Tommy Alejandrino for without fault. Nor is it whether other The question not whether quential events canisoverturn expec“The Player” (2022), Mikoy publicBaseball officials may have committed Duterte’s political adversaries are tations and expose the limitations of Morales for “Tether” (2023), Enzo Osgreater fault. offenses. The question is without Nor is it whether other conventional risk assessments. The orio for “The Hearing” (2024), Jojit See “Gagni,” A9 public may have committed presentofficials geopolitical tensions are not Lorenzo for “Habang Nilalamon ng greater offenses. The question is entirelyang unforeseeable. are Hydra Kasaysayan” Neither (2025), and See “Gagni,” A9 See “Gagni,” A11 See “Gorecho,” A17

Thedifferent perfect storm: How a weakening peso No standard: Corona, Sereno, and sticky inflation testCorona, the financial sector No different standard: Sereno, the question facing Sara Duterte and the question facing Sara Duterte

tutionalimports, instrument accountLITO GAGNI entrusted priced whileofgeopolitical with government ability, designed to allow the disruptions involving Iran and the power have acquired wealth conpublic to examine whether those WO Chief Justices of the Supreme Court lost their positions HE Philippine peso’s slide toward P64 against the US dollar LITO GAGNI wider Middle East can intensify sistent withwith their lawful sources in controversies involving their Statements of Assets, Liabilientrusted government The 22-year voyage of Cinemalaya’s Balanghai comes at a difficult time for an economy already struggling

T T

ties NetJustices Worth (SALNs). One was convicted bypositions the arising Senate with slowing growth, rising inflation, and uncertainties WOand Chief of the Supreme Court lost their sitting as an impeachment court. The other was removed through from geopolitical tensions in the Middle East. in controversies involving their Statements of Assets, Liabili-a Supreme Court ruling on a quo warranto petition. ties and Net Worth (SALNs). One was convicted by the Senate sitting as an impeachment court. The other was removed through a Supreme rulingtoon7.2a quo petition. Denniswhose Gorecho InflationCourt accelerated per- warranto ticularly institutions profit-

false declarations can raise questions Their departures came six years cent inunder September, while economic ability consumer apart, different administrathat godepends beyondheavily clericalonnegligence. growth slowed to just 2.3 percent lending. Consider UnionBank of the tions and through different legal proThey may call into question the inTheir departures came six years false declarations can raise questions in the second quarter of 2026. The Philippines, which has built one of cesses. But both left behind a lesson tegrity of the official making the thatindustry’s go beyond clerical negligence. apart, under different administraInternational Monetary Fund has the most profitable lendthat now bears directly on the condeclaration. They may callsymbol into question the intions and different legal HEthrough ancient Philippine boat isisthe of Cineprojected full-year growth of pro3.4 balangay ing franchises, supported by its subtroversy confronting Vice President That why the allegations involvcesses. But both left behind a lesson tegrity of the official making the malaya Independent Film Festival “because it is the vessel that percent, reflecting the increasingly stantial exposure to examination consumer loans, Sara Duterte: the higher the public ing Duterte deserve bedeclaration. that now bearsnew directly on the concarries filmmakers and their stories acrossnoise rough seas.” difficult environment confronting which generally command higher office, the greater the obligation to yond the political surrounding That is whythan the allegations involvtroversy confronting Vice Philippine andPresident houseinterest rates traditional corher impeachment. Consider what account for businesses one’s Sara Duterte: thewealth. higher the public ing Duterte deserve examination beholds. The peso’s depreciation adds porate lending. happened to CJ Renato Corona. In The the SALN is notthe simply another office, greater obligation to yond the political noise surrounding another layer of pressure. Its financial performance illusThe core mission of Cinemalaya it reverted to one Full length in 2015. May 2012, the SenateConsider convictedwhat the government formwealth. that officials fill account forimporter one’s herThe impeachment. a net of petroleum, trates the attraction of this stratis toAs discover, nurture, and empower Directors’ Showcase was creChief Justice for culpable violation out and file away. It is a constituhappened tothe CJFilipino Renato Corona. In The SALN isvoices notparticularly simply the Philippines is exegy. During first nine months new cinematic in theanother Philipated for veteran filmmakers of the Constitution and betrayal of tional instrument ofthat accountability, government form officials fill May 2012, the Senate convicted the posed to tointernational oil-price of UnionBank earned P9.9 pines. as a2026, platform to pushfrom artistic boundpublic trust arising his failure designed allow the public to exoutFounded and file away. Itbyis a constituChiefand Justice forindependent culpable violation movements. A weaker peso raises billion, a 53-percent increase from in 2005 the Cultural aries create works amine whether those entrusted with to fullyConstitution disclose substantial bank of the andcommercial betrayal of tional instrument accountability, the domestic cost of ofhave dollar-priced the comparable period last year. Center of the power Philippines, itacquired strives free frominmainstream government deposits his SALN. public trust arising from his failure designed to allow the public to eximports, while geopolitical disrupNet interest income rose 9 percent to give voice to overlooked constraints. The New Breed the wealth consistent with theirFilipino lawful The wereis for politiamineinvolving whether those entrusted with toP51.9 fully proceedings disclose substantial bank tions Iran and the wider to billion, while its net interstories, promote artistic excellence, amateur/debut filmmakers. cally charged, but the decisive issue sources of income. deposits inimproved his SALN. government power have the acquired Middle East can intensify presest margin tocompeted 6.9 percent, and Philippine indepenshort films in wasOnly whether the country’s highest Itrevitalize requires public officials to The proceedings were politiwealth consistent with their lawful sure on fuel, electricity, transportaamong the highest in the Philippine dent cinema. 2015, 2020 and 2021. judicial officerbut had complied with disclose their assets, liabilities and sources of income. cally charged, the decisive tion, and2005 food banking industry. From toprices. 2009, there wasomisonly The early winning films inimposed theissue Full the disclosure obligations financial interests. Material was whether thearecountry’s highest It requires public officials to These developments have impliBut the equation changes when inone Full length film category. From length category “Pepot Artista” sions, unexplained discrepancies and on publicofficer servants. Corona lostwith his judicial complied disclose their the assets, and cations wellliabilities beyond was the flation accelerates, economic growth 2010 to extending 2014, competition (2005), “Tulad nghad Dati” (2006), “Trifinancialinto interests. Material the (2007), disclosure obligations foreign-exchange Theyomiscan weakens compounded by and aimposed decline divided two:market. the Directors’ bu” “Jay” (2008), “Last on public servants. Corona lost his sions, unexplained discrepancies and also affect the banking system, parin the peso value that equates more Showcase and the New Breed. Then Supper No. 3” (2009).

Amicus Curiae

the pressure on fuel, electricity, of income. power have acquired wealth conThe winners in the Directors’ sistent with theirand lawful transportation, foodsources prices. showcase are “Donor” (2010), position. of income. “Bisperas” “Posas” (2012), Six years(2011), later, Chief Justice Ma-

spending on food, transportation, “Sana Dati” (2013), and a“Kasal” ria Lourdes Sereno suffered similar position. electricity, other necessities that (2014). Theand New Breed winners are fate, although through a different Six years later,“Ang Chief Justice Maimpacts the disposable income avail“Halaw” (2010), Babae sa Seplegal route. In 2018, the Supreme ria Lourdes Sereno suffered a (2012), similar able forgranted debt repayments. tic Tank” (2011), “Diablo” Court a quo warranto petifate, although through a different Inchallenging a BusinessMirror report last “Transit” (2013), and “Bwaya” (2014). tion the validity of Serelegal route. Insaid 2018, the Supreme April, Moody’s that Union Bank The winners in the Main Full no’s appointment, with her failure Court granted ato quo warranto petiis more exposed risks arising from length competition are “Pamito submit the required SALNs from tion challenging the validity of Sere“shrinking” buffers of retail lya Ordinaryo” (2016), “Respeto” portions of financial her earlier government no’s appointment, with her failure borrowers amid higher inflation. It (2017), “Kung Paano Hinihintay ang service forming a central part of the to submit the(2018), required SALNs from said that UBP had the“John largest share Dapithapon” Denver controversy. portions of (2019), her earlier of retail loans itsgovernment rated PhilTrending” “The Baseball Sereno wasamong not convicted in an service forming a“Iti central part of the ippine banks at around 60 percent Player” (2022), Mapukpukaw” impeachment trial. Nor did the rulcontroversy. of its total loans, while unsecured (2023), “Tumandok” (2024), “Bloom ing establish that possessed unSereno was notshe convicted inand an retail loans accounted for around 40 Where You Are Planted” (2025) explained wealth. The Court instead impeachment trial. Nor did the rulpercentthat of its total loans.in her com“Mag-iina” (2026). found deficiencies ingThe establish thatlatter sheaspossessed un“We view the as a Actor relative early winners Best in pliance with the SALN requirements explained wealth. The Court instead weakness because this assetfor class the full length feature include Eddie affected her qualifications apfound that deficiencies in her comhas underperformed to Garcia for “ICU Bed lost #7”compared (2005), “Alpointment. She, too, her position. pliance with the SALN requirements corporate loans,” said Moody’s Ratchris Galura for Batad” (2006), the Now comes the controversy inaffected her qualifications forApril apings. That report was made in male ensemble of “Tribu” (2007), Barvolving Vice President Duterte. The pointment. She,“Jay” too,atlost her when the peso was P60 toposition. the dolon Geisler for (2008) and Lou allegations concerning her SALNs, Now comes the controversy inlar. Now, the peso is near the P64 Veloso for “Colorum” (2009). reported financial transactions and volving Vice President Duterte. The mark andActress at the time this paper reBest awardees include possible undisclosed business inallegations concerning her SALNs, ported the Moody’s it Meryll Soriano for assessment, “Room Boy” reported financial transactions and said thatAngel “on aAquino consolidated basis, (2005), for “Donsol” possible undisclosed business in(UBP) isIna more exposed to risks aris(2006), Feleo for “Endo” (2007),

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E-invoicing: Readiness One angry inspector ce use tear gas, water Get rid of double speak E-invoicing: From promise to performance before deadlines disperse protesters www.news.businessmirror@gmail.com

gan & Benoit Berthelot

The movement still has majority support among the public, according to a Cluster 17 poll of 3,000 adults nd a water cannon to disperse crowds in for L’Opinion out October sands of people marched largely peaceJoelcarried L. Tan-Torres 19 to 22, although it’s backing has otest the high cost of living and insuffifallen by 4 points, to 53 percent. At the same time, 59 percent of those interviewed want it to end quickly, Part 2up 6 points, as worries increase about mirAbout 410,000 demonstrators Part one citthe economic and social fallout. took toHE therenewed streets across France, push for electronic Surveys invoicingshow in 2026 brings has aux. the violence HAVE followed theconcern: initiative with both anincluding some 110,000 inPhilippine the cane-invoicing back a familiar taxpayers, technology providers, ked benefited far-right candidate Marine ticipation and concern. My involvement goes back to 2017, when capital,and the the Interior Ministry said, Revenue(BIR) Bureau of Internal move for together at ked Le Pen, frontrunner April’s presiprovisions onturnout electronic invoices and electronic sales reporting the required pace? , acdential election. She convened supindicating lower than the entered our Tax Code. Nearly nine years later, the question remains ome porters in Orléans on Saturday for previous weekend. The French whether this translates a sound legislative direction into a dependg to her National Rally party’s congress, government had said it planned able service for taxpayers. I supported the direction of this rez. while thousands of her opponents, I submit that BIR should publish to deploy security form when70,000 it entered our Taxofficials, Code in tors leftist and union leaders, aincluding readiness dashboard 2017. My doubts today arise from the including elite anti-terror forces, , inheld a protest march incovering the reportcentral At that time, I was chairman of of a transaction to business distance between policy ital, French city.solutions, accredited testing capacto avoid a repeatan ofambitious nationwide the Professional Regulatory Board ing and tax compliance. Government and the practical arrangements needed catA n Ip so s BVA C é s i É cole violence and looting a week ago of make Accountancy under the system’s Profescould obtain better information, ity, outstanding issues, andParisien supto it work. The earlier ous d’ingénieurs poll for Le sionalcaught Regulation Commission whilearrangements. businesses could reduce repetithat law enforcement difficulties should make us moreand deport Demonstrated ment published on Saturday showed that the Philippine representative to the tive encoding and paper handling. flat-footed. manding about readiness. 000 while Le Pen is still firmly in the readiness should guide impleUnited Nations Conference on Trade These international experiences Revenue Regulations 26-2025 exlite lead, the far-left France Unbowed and Development’s Intergovernmeninformed my interestWhere and involvementation decisions. more tended the compliance deadline for had covpeat from where the demonstration leader Jean-Luc Mélenchon has also tal Working Group of Experts on Inment as the Philippines introduced ered taxpayers toplanned December 31, 2026. time is justified, transitional relief ting previously been to kick off. received a boost from the unrest and ternational Standards ofe-commerce Accounting the reform. These include specified rceShops in Paris, including many stands in second place, ahead of varishould be announced early and and Reporting, or UNCTAD ISAR. Republic Act 10963, the TRAIN businesses, Large Taxpayers Service luxury boutiques, boarded up winous competitors. The survey My participation in conferences Law,centrist was signed in December 2017 accompanied bywas clear milestones. taxpayers, large taxpayers under the Nudows and hired additional security of 1,500 adults taken online on abroad exposed me to the emerging and took effect in January 2018. Ease of Paying Taxes classification, and evepersonnel, and some shutting enOctober 21 and 22. discussion and implementation of It amended Section 237 and introspecified accounting andattractions— invoicing softties, clean customer information, map that tirely. Three popular e-invoicing. duced Section 237-A. The provisions ware users. Coverage must be assessed tax treatments, test invoices, train Fiscal fears electronic e to theILouvre, Musee d’Orsay and the saw its relevance to ournot country. contemplated invoicing carefully; the deadline does apply personnel, and rehearse recovery proTHE unrest has increased fears about umPicasso Museum—were closed on Accounting information could move and sales reporting for specified indiscriminately to every enterprise. cedures. Delays at one stage can affect public finances. While France dodged do Saturday, and a from scheduled football more efficiently the recording taxpayers, including exporters, eRevenue Memorandum Circular entire chain.by Moody’s Ratings athedowngrade hes match between Paris Saint-Germain (RMC) 98-2026,Lyonnais dated September 22, submit that BIR shouldto publish lateI Friday, it’s struggling reducea and Olympique in Paris was distinguishes issuing electronic inreadiness covering the budgetdashboard deficit ahead of theaccred2027 lags postponed. voices to customers from operating electronically ited solutions, testing capacity, outelection. olice Parts of Paris were as reportingonsales data tothough. BIR. The latter standing issues, and support A closely watched gauge arrangeof bond on’s normal Saturday, obligation requires the applicable implements. Demonstrated readiness risk rose to levels last seenshould durand A “Hail Mary” event was held by menting A PermitFootball to Issue guidethe implementation decisions. ing euro-area debt crisis:Where The more the city directions. and the National is distinctalong from existing computerized more time is justified, transitional relief spread between 10-year yields in ernLeague the Seine River by accounting system authority, EIS should be announced early andregion’s accomFrance and Germany, the and Notre-Dame cathedral aheadand of Suncertification must follow within six panied by clear milestones. safe asset, reached 178 basis points ces. day’s New Orleans-Pittsburgh game. months thattour permit. For accounting firms,with this just transion Thursday, compared 85 d in Fans onof river boats sailed past, ThisBy distinction should be explained tion presents substantial opportuniopposition Andreina Itriago basis pointscampaign. at the start of September. aris, waving gold pompoms over their The leader barred consistently in taxpayer briefings. ties.Private-sector Theopposition starting point is was a readiness economic activring heads and wearing black jerseys,Conthe from running in that campaign but her ENEZUELAN opposition leader fusion can lead businesses to buy unsuitassessment connecting legal coverage, ity also shrank this month, with and uniform colors of both teams. The stand-in candidate woninvoice by a landslide, María Corina Machadonecessary arrived in able solutions or postpone accounting processes, requirethe Composite Purchasing Managlice. city’s iconic Eiffel Tower was also according to a parallel vote count conCaracas Sunday night, capping a work because they believe the entire iniments, system capability, and internal ers’ Index compiled by S&P Global nce, open forjourney business. ducted by the opposition. Authorities daylong through five states that tiative is still awaiting implementation. controls. Clients need advice that leads dropping to 48.4 in October from stop Soldiers were helping to guard instead declared Maduro the winner, an drew crowds of supporters and raised Then came 110-2026, dated to an executable implementation plan. 51.1 lastwidely month. That’s under the tion sensitive buildings. Helicopters and outcome rejected by the internaexpectations forRMC a return to democracy. October 12, establishing theCentaurs accrediFirms withseparating cybersecurity services tional community as fraudulent. Machado emerged through the sun50 threshold expansion armored vehicles known as went intosecurity hiding review, shortly roof of an made SUV, waving to throngs of tation framework for Electronic IncanMachado add source-code from contraction. emwere also available. Some citafter the vote, saying she feared for her people who had gathered since the afvoicing Service Providers, or ESPs. BIR authorized penetration testing, accessHints at the impact continue to alf a ies, including Lyon, banned protests life as Maduro’s government targeted opternoon as her caravan passed the toll announced an application window of control assessment, incident preparadevelop. On Saturday, the chief exnt as on Saturday and extended curfews. position leaders. She left Venezuela late plaza into Caracas, marking her return October 16 toafter 30.Thursday That is only 15 caltion,year andofficer recovery Their advanecutive oftesting. Breitling said the and Macron acknowllast in a clandestine operation to to the capital on nearly a year in exile. endar days, counting both dates, with tage is understanding both the protecSwiss luxury watch brand was bractry, edged “planning failings and elcollect her Nobel Peace Prize in Norway. While she didn’t deliver formal reroughly two thereafter before tionFor of information and its accounting many investors, Machado’s remarks, she expected to speak publicly ing for a hit to holiday-season sales olice ements ofis months surprise” behind last the deadline. turn offers another sign that latertaxpayer this week. AndThe theFrench scenes leader, offered andtourists tax consequences. as stay away fromVenezuela’s Paris. weekend’s events. political transition is moving forward, clear evidence that Machado—the counThe circular requires Recurring engagements can cover France isn’t the only European rces who’s postponed a tourdocumentary across West though analysts differed on how much try’sfinancial most popular political leader—can and review, technical demonreconciliation of electronic invoices country dealing with popular unmely Africa planned for next week, blamed further that could lift the country’s disstill mobilize herassessments, followers despite strations, security and op-a with Clashes sales ledgers, receivables, collecrest. broke out in Tirana on aid. ultra-left groups for what he called tressed debt. lengthy absence. erational testing. demandtions, and VAT returns.development Exceptions Saturday protesters demanding w enseditious acts.andParticularly “This is as an unexpected Her arrival reception also added ing is proof that, for each of the precedsuchshould as missing duplicate enAlbanian Prime Minister Edi Rama’s were There indications on social and raiseinvoices, assessments of the urgency towere questions about what role ing threethat years, an applicant operated or tries, unusual adjustments, and failed probability that a transition isset underMachado willhooligans play in a political resignation threw stones and fires venmedia plan to tranconway,” said Guillermo Guerrero, head of sition on that’s largelycapable advanced without supported systems of handling interfaces can be investigated while police responded withpromptly. tear gas, e no verge France’s capital next week research EMFIand Group. Machado’s reherleast sincefive US million commandos captured auat transactions and Forcannons aatmultidisciplinary practice, water rubber bullets. ngs, as well, according to Paris Mayor turn would have been unlikely without thoritarian Maduro at the 1,000 activeruler userNicolás or customer accounts partnership a capable technology Italy, with police tear gasand in Emmanuel Grégoire. theIn consent of bothused Washington start of the year. He was replaced by his annually. It also calls for source-code reprovider may offer a sensible route. OpTurin after demonstrators threw een “We’re preparing for a long-term Venezuela’s government, he said, adddeputy, who has since given US interests view, vulnerability assessment and erating invoicing platform requires a paving stones andtoward bottles, exsituation, over several weeks,”chunk hepentold ing thatan progress a according transition effective control over a sizable of etration testing, and specified security sustained technology business. Providcould support bond bywere encouragVenezuela’s industry. estimating to newswire Ansa.prices There also nifiLe Parisienoilnewspaper, certifications or equivalent assurance. ing oil investment and strengthening tax, controls, and security expertise Machado’s return “absolutely adds confrontations with police in Rome that the cost to city hall could reach the ahead of an eventual debt pressure to define an electoral timeline The deserve secan economy create value without immediately and Bologna. Satinto thepractical tens ofobjections millions of euros. restructuring. and move toward elections,” said Risa rious consideration. How can providers assuming thatwhere entire protests operation.degenIn Milan, astBacked by a disparate group Alejandro Arreaza, an economist at Grais-Targow, Latinsecurity Americaassurance director without Professional responsibility must erated into looting week,Machaaccess orte of socialcompleted mediaStill, figures, students, Barclays, was more last cautious. at Eurasia Group. she expects both obtain it, remedy findings, prepare docremain central. Management should to the central Piazza del Duomo nes, unions and left-wing parties, Saturdo’s return supports the prospect was of a Machado and acting President Delcy Roumentation, anda submit awere complete apretain itsoff decisions and accountability, blocked bynecessary authorities. Even so, utes day’s demonstrations framed transition—a condition for dríguez to take “non-confrontational plication within a short window? A audit firms assessrecovery—but applicable awhile sustainable economic approach,” at least initially, because both 10,000 demonstrators gathered inin as an “Acte II,”such or second round, of markets already appear to bereported. pricing in needprotest US backing. deadline canmovement. accelerate preparation, but dependence restrictions. Testing should Milan, Corriere della Sera rlier the Much of the an optimistic scenario, he said. That dynamic could encourage it cannot compress every independent produce evidence and remediation, Protests also took place in Bele de anger is targeted at Macron, whose A more durable transition could ulMachado tointo support transition talks evaluation aslumped few days. rather than promises thatSamy a system is With assistance from Adghirni gium. lace popularity has six months timately help Venezuela secure a lower brokered by President Donald Trump’s The historical experience threshold immune from attack. 789, before the end of his second term. /Bloomberg exit yield in a debt restructuring, Arreaza administration while giving Rodríguez also raises atocompetition issue. Three My asrequired a regulator and said. Butexperience the resources to rebuild an incentive avoid confrontation with years of qualifyingsaid. operations cannot practitioner meaccumulated that lasting the economyhas andtaught address her, Grais-Targow be created through additional effort bereform dependscould on trust, capability, and social demands also mean creditors Machado’s physical presence, howhave to accept a larger haircut. ever,October shouldn’t underestimated, acfore 30.be A competent emerging consistent execution. E-invoicing can The opposition leader first appeared cording to Steven Levitsky, director of Philippine developer may have secure improve compliance and public revenue Sunday at a church in Barquisimeto, in Harvard’s David Rockefeller Centerbut for technology and adequate resources while making business processes easier. a Garip &Latin Fabiola ZerpaStudies. “You’re going ment lack of where maintenance as westernand Venezuela, supporters American lack that history. nowmembers has the surrounded opportunity to US sanctions squeezed the nation’s andBIR party her, to see quite a bit of popular mobilizaBIR should explain why these demonstrate that it has learned from economy. From factory floors to ng company is on the cusp of partialholding phones aloft to record the motion behind María Corina,” he said. “It’s thresholds are necessary andofbeen how they the earlier experience. Taxpayers and ment and reaching out to embrace her. going topower reshape the balance power in city streets, blackouts are stoking e Venezuelan plant that’s Some cried and shouted people are favor tothe theopposition.” risks of different service the profession should “Your help that mounting frustration. Themake Venezua crucialrelate stepoftoward fixing the nation’s here” as acount. visibly moved Machado made The opposition who had been in models. It should leader, consider proportionlearning elan Observatory of Social Conflict herIway through thethat crowd, stopping Panama nearly four months, entered ate entryfor arrangements, while preservsincerely hope theover EIS will intoa documented 531 protests power hug supporters. Venezuela by land from Colombia over the ing essential security and reliability matter of time result in another transfailures September alone, uptoward more Fromin there, she traveled east weekend, according to two people with safeguards. participation could formative of the tax ecosystem ring since earthquakes ravaged than 20-fold from a year earlier. Caracas in aphase slow-moving caravan. Peoknowledge ofWider her travel plans,the whoregion asked improve choice andbecause affordability. in the Philippines. egain June. Meanwhile, the they factweren’t that a On paper, the her nation hasalong enough ple rushed toward convoy the not to be identified These are substantive concerns route, chanting “Freedom!” “Yes, authorized to discuss them publicly. t the Beijing-controlled company is undergenerating capacity to and produce we can!” as37,000 Machado waved through the It remains unclear adabout implementation design.the They Joel L. Tan-Torres was the former Dean of thewith , actaking the repairs is awhether reminder that roughly megawatts, window, reached out through open ministration of President Abelardo de la should discussed openly with providUniversityhalf of the Philippines Virata School of an Business. the China be remains active in Venezuela about coming from hydroelectric door andheat emergedofthrough the Espriella playedprofessional any role in her return. ers, organizaPreviously, wastimes the Commissioner the Bureau of ntieventaxpayers, as the Trump administration has dams, according to BloombergNEF. sunroof to embrace children lifted up to The Colombian president didn’t address tions, and cybersecurity specialists. BIR Internal Revenue, the Chairman of the Professional Regblic. vowed to reduce its influence. But many plants are in serious disher by supporters. the matter in a televised address Sunday should publish responses practical ulatory Board of Accountancy, and a partner of Reyes lant Venezuela’s Information Minrepair. Parts from some units have Traffic slowed or stopped on stretches night, and officials from histooffice and objections so that compliance does not Tacandong & Co. and the SyCip Gorres and Velayo & Co. the istry and China Machinery Engibeen cannibalized to fix others. One of the country’s main highways as people the Foreign Ministry didn’t respond to depend informal interpretations. tried toonly catch a Accountant glimpse of her, with no requests for comment. He isthe a Certified Public who garnered No. 1 vez. neeringon didn’t respond to requests of places in Venezuela that reported intervention by 1979. authorities. Machado’s arrival the capital uncertainty alsoinconcerns sein the CPA Board Examination May He isfrom now fosforMy comment. doesn’t regularly go ofdark, aside The government has yet to capped of impromptu quencing. Businesses needgatherings timehas to back toVenezuelan his tax practice with hisis firm, JL2T Consulting. He ease Thehours Venezuelan power grid occasional flickers, Caracas. that recalled the months before Venezupublicly react to her return. With assisselect providers, agreeof onunderinvestresponsibilican be contacted atthe joeltantorres@yahoo.com. ned suffered from years Keeping lights on is especially ela’s disputed 2024 presidential election,

DEBIT CREDIT

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Machado’s return to Venezuela fuels hope for shift to democracy

membership, while seven countries commerce businesses, and those requiredBueno it for business-to-business under the Large Taxpayers Service Siegfred Mison, Esq. supplies and five for business-toof the Bureau of Internal Revenue consumer supplies. These are dated (BIR), with implementation linked comparative figures, not a count of to the establishment of the necesmandates in force today. The differsary system. remind usrecently that implementation The Philippines was following URING a supposedly inspection, reinPOKESPERSONS play asurprise criticalences role in helping leaders communeeds careful definition. a pathnicate already explored elsewhere. stalled Transportation Vince Dizon lambasted key their messages andSecretary making their constituents understand implementation Chile is widely recognized as the pio- Bus Inc.Our officials of Victory Liner afterown discovering thatofficial the retheir positions. They may follow a script or adhere to an Koreanwater. government support neer of the modern toilets in one of itstax-administrabus terminals hadceived no running In another stand on particular issues. They must remember that they speak not through the Korea International tion model of electronic invoicing, inspection, while a manager was attempting to explain his side,job Di-is for themselves, but for and on behalf of their principals. Their Cooperation KOICA. launched in 2003. Its taxloudly authority zon hurled expletives, interrupting the poorAgency, fellow. Iorundernot to advance personal positions butThe to articulate the views of the original development contracrecords a pilot beginning in August stand Dizon’s frustration. The commuting public deserves better people or institutions they represent. tor was identified as the Douzone 2002 and broader availability in service, and government agencies must demand accountability from Consortium. Douzone’s corporate September 2003. This distinction the entities they regulate. history records its receipt of the matters: electronic commercial exDuring my almost years in Of the manytaxqualities requiredprojPhilippine e-government changes existed earlier,five so identifythe Bureau of Immigration, four ableof aaspokesperson, mymy wife, ect fromstaple KOICA December ingHowever, the first country requires speciare order regular of in teaching. while several bodiedthe officers served asdiscussed. thefacilities agency’s 2019.The Electronic Invoicing/ fying model being Pia Morato, who has served They ensure that students come to across the country experience simimouthpieces. Not by design, subsebut all Receipting and Ifor Sales Reporting The e-invoicing initiative as spokesperson Quezon class prepared. sometimes joke lar problems, not all shortcomings were women, all were graduates of System, EIS, entered pilot imquently spread attributable across continents. that theyor areJoy myBelmonte way of distinguishare necessarily to negCity Mayor since the University of the Philippines plementation withfrom 100 identified An April analysis Some published ing good students very ligence or 2025 incompetence. may (UP), and all had academic distinc2020, considers empathy in- good large taxpayers in July 2022. The by the Inter-American Center of ones. When I was with the Bureau of have legitimate and even excusable tions. Tonette Mangrobang, Maan ambition was substantial. Yet the Tax Administrations reported that dispensable. A spokesperson Immigration, I adopted a similar apexplanations. What I find difficult Pedro, 90 Elaine Tan, and Dana Sandoexpected transition to wider implenearly countries were rolling out must faithfully communicate proach. I visited offices and ports of to rationalize is Dizon’s apparent val were empowered communicators mentation encountered serious ope-invoicing. It also recorded Interentry and exit without prior notice to penchant for publicly shaming the a principal’s position, but, acwho consistently aligned their stateerational difficulties. American Development Bank asdetermine whether very entities hisinterviews agency regulates, ments and media with the cording toown Pia, advisory mustimmigration alsoacknowllook ofBIR’s sistance for implementation in 17 ficers were actually doing what they whether inofhis previous capacity in positions their principals. after the principal’s interests. edged technical in These creatcountries. These figures describe reported to the challenges main office. Public Works or now in TransportaSince 1987, the offices of the ing and maintaining an electronic different of adoption, rather inspections and audits usually ended tion. Withstages television cameras rollOf the many qualities required of presidential spokesperson and press inventory system. It initially prothan 90 identical nationwide comwith detailed discussions of what had ing, his inspections often turn into a spokesperson, my wife, Pia Morato, secretary have often been confused vided relief from late-submission pulsory systems.in which people are been observed, what needed improvepublic spectacles who has served as data spokesperson for with one another. Presidents from penalties for sales transmitted The OECD’s Consumption Tax ment, and how deficiencies could be berated and humiliated. Some have Quezon City Mayor Joy Belmonte Cory Aquino to Ferdinand Marcos by affectedNo taxpayers fromNo NovemTrends 2024 provides another useaddressed. expletives. public described him as areorganized, disruptor. His since9,2020, considers empathy indisJr. perspective. have dissolved, or ber 2023 until an advisory on ful It reported that e-inshaming. There is a difference bemanagement style, however, appears pensable. A spokesperson must faithrevived these supposedly distinct normal operation. This was clear voicing was permitted throughout its tween demanding accountability and to rely heavily public shaming fully communicate a principal’s posioffices. Under on thea Marcos adminhumiliating people. The former an campaign, a practice that tion, but, according to Pia, mustisalso istration, the Office of thebecame Presiexercise of the leadership; the latter can more inwas government look after principal’s interests. dentialconspicuous Spokesperson dissolved easily an abuse ofand authority. during thean administration of former Whenbecome controversies arise official through executive order, placExpectedly, Bible readers will President Rodrigo Duterte. positions remain unclear, empathy ing the spokesperson under the remember the occasion when Jesus To be fair, inspections, particuBy Atty. OfLaurence R. Rogero becomes particularly important. It Presidential Communications Christ angry in the temple. larly unannounced are effective helps abecame spokesperson anticipate the fice (PCO), which,ones, incidentally, has He drove out the changers management tools. They CASH in itskeep first week It listed onamoney October 20 and consequences of statement had six heads inis the past fourorganiyears.of trading. and those had turned His zations prepared, andofficials focusedand closed protect thewho interests of the person or Amongalert, many PCO atthe P6.60, touched P6.76, where it started; the nextFather’s house into arepresented. His on the services they to at P6.56; institution being under Marcos, Atty.are Claire Castro day it closed atsupposed P6.59, then on Friday itmarketplace. held near Some anger was not an uncontrolled deliver. At the military academy, we closed words, if left unsaid, can harm anoutorperhaps stands out most. After P6.50 through thethe morning and at P6.27. Those who bought burst born of personal frustration. experienced all kinds of inspections in ganization. when said submitting herapp courtesy resignation through the ask me two things: whether theOther pricewords, they see is bewas ato response tobackfire. thenow. desecration our barracks, night, toofkeep us andIt unnecessarily, Consefollowing theday appointment a new ing held up by aand stabilizing agent, what look can out for The of what was sacred. His indignation on our toes. After all, once deployed in quently, that some obPCO chief, nevertheless retained answer toshe both starts with a rule on page 351 aofstatement a 682-page prospecwas directed at the wrongdoing may and combat soldiers be ready servers dismiss as doublespeak her position. Newly appointed PCO tus andareas, ends with moment. a must few filings and a few dates. the exploitation taking place, not to fight at Lino any given be viewed by others as an exercise in Secretary Cayetano reportedly at the pursuit of personaloften revenge In law her school, surprise because quizzes empathy. The distinction lies described as a “treasure” traded UBS need neverthe start, and Theability rule belongs to an arrangement in thesince. intention behind words of her to communicate the adit may stop at any time. in which they the market calls positions a greenshoe. The bank and the circumstances ministration’s effectively. conditions narrow the worry withsells investors moreknow shares Atty. than the base areThe spoken. Many Filipinos Claire out dissolving it. For the buyer, P6.60 is a offer contains, and the extra shares give In biblical terms, Jesus Christ for her candor and frequent use ceiling on the agent’s hand, not a floor unit something to buy back if the price falls. offers an extraordinary of of what critics describeprivate-equias doubleder the stock. But a hand thatexample absorbs sellSeven selling shareholders, effective He used speak. communication, ers at P6.59communication. leaves fewer of them to meet ty fundsIn andpolitical an Ant affiliate, granted UBS By Kevin Crowley, Mitchell & Francois de Beaupuy relatable parables toand make profound doublespeak is language designed to Ferman other buyers at P6.60, the prospectus AG Singapore Branch an option to buy up acknowledges the effect: stabilization may to 1,204,111,400 of their sharesunpleasat P6.60, spiritual truths understandable to obscure the truth or soften prevent a decline and leave price higher or 15realities. percent ofVague, the base offer.after UBS istheir the WASH in cash quarterly earnings ordinary people. He the asked quesant ambiguous, or third-highest than it would been. stabilizing the bank appointed to onagent, record, theleave world’s largest oil companies are have uncharactions that otherwise encouraged reflection misleading expressions listenOn October 20 the stock’s low was steady the price in the first weeks. The teristically waryisabout how toP6.60, spend it. merely demanding rather than pasers uncertain what actually so no stabilizing purchase could SEC approved itabout on September 8. sive acceptance. importantly, being Claire has have occurred; theMost flat close was the Thesaid. stockAtty. exchange’s owndemonrecord Jesus knew HisOctober audience. spoke strated considerable skillshows in defendmarket’s. From 21, He when the of the first day’s trades nine despite surging profits. “We’re not goCorp. and first P6.59 printed, purchases became block atHoldings P6.60, which are to Pharisees differently from the ingExxonMobil thecrosses administration’s positions ing overextend during temporary Chevron Corp. are stockpiling possible. On October 22fisherfolk. theatrading data large pre-arranged totalling waytoHe addressed He and attempting totransfers, smooth overthe its pointed to them. Of 574 million shares 7,626,039,100 the 6,421,927,700 market disruption.” cash, BP Plc isshares: paying down debt and knew when to challenge His followcommunication blunders. traded, nine in from 10 were hitting shares the existing and holders soldPlc plusand evDisruption thesellers US war with other liabilities, Shell standing bids, and broker-level data ery option share; the new shares Mynt Iran has pushed oil prices above $100 TotalEnergies SE promise they’ll be showed UBS’s Philippine brokerage buyitself issued needed no cross. All of the during much ofas 2026. That, along with cautious about investments. serve reminders thatof even ing 530instead million shares, 92 percent the option, then, wasfuture sold on October 20, a global squeeze on refining capacity, It all points to an industry that has the at highest officials cannot place day, an average of P6.58. How much which is how P53.0 billion became the has boosted oil company and suffered the of illthe effects of overspendwas thefinancial agent’s own handearnings is a question P60.9 billion headlines. their disclosures beyond Continued from A8 for its filings. The cost is another matter. option sharesbooms—and leave UBS owstock prices. BP has rallied 45 percent ingThose during previous a examination. ing 1.2 billion shares to the sellers. It thisThe year,Constitution ExxonMobil isdeclares up 56 percent feeling that high prices may whether hercurrent own declarations comthat can settle the debt by buying shares in Who pays foris55the cushion and Chevron percent. not last much longer. plied with the law. That distinction public office a public trust. It dethe market and handing them back, or THE optionthree UBS holds is a call,shares a right Those companies’ “We will bebecause disciplined—we will is important the political mands accountability, integrity and by paying the sellers P6.60 a share. The to buy at a fixed price. When the stock failed tofrom keep pace with the 2.4 not allow the surplus toraised burn a defense has increasingly invoked her honesty who exercise P7.95 billion the optioncash shares is falls, buying inthose the market becomesgovthe percent gain in oil prices on Friday, hole through our pockets,” Shell Chief the stabilization fund the Exchange’s electoral mandate. ernmental authority. cheaper way to obtain theThat sharesdeclarait owes. and one reason was theget lack of addiExecutive Officer Sawanare said on rules require. TheWael purchases conTo that extent sellers stock back, The precedents involving Chief tion applies tothe a municipal employee, strained, fund is finite, and the autional buybacks. But there are signs aJustices call withthe analysts. “That is the flaw and its market risk, in place of cash. The Corona and Sereno should a Cabinet secretary, a Chief Justice thority ends noseen laterhistorically than November 18, cushion is theirs to pay for. investors like that approach. The that we have in our serve neither as automatic grounds and a Vice President alike. or 30 calendar dayscompany. from and including receives none of it.carry Of theabout headfiveMynt supermajors now sector and in our this for Duterte’s removal nor asAnd instruWhether Duterte violated her listing day. That is the window. line size, only the P10.6 billion from $276 billionobligations of debt combined, altime, learnedher ourguilt. lesson.” mentswe forhave prejudging They disclosure remains the new shares Mynt itself sold is fresha most 30 percent less than at the end The five Western oil majors spent money for the company. A handon that cannot lead of 2020, according to data compiled heavily megaprojects during previTwo features matter. First, it exists PAGE 351 of the prospectus sets out the by Bloomberg. ous periods of high crude prices only by rule: the Exchange’s listing rules prebuying conditions. UBS may purchase scribe a stabilization fund of 15looking percent “only if the market price the Common “Discipline is what we’re to be caught out when oilofsubsequently of thesaid baseMarcus offer forMcGregor, secondary offerings Shares Offer Price.” Its for,” managfell, andfalls theybelow wrotethe down about $180 above P25 billion, so its presence alone first stabilizing purchase mustto be2020. below ing director of commodities research billion assets from 2010 more than 2,500 megawatts, which vital forinthe oil sector, the backbone tells buyers nothing about the sellers’ P6.60. Later purchases are capped by its at Conning, which manages Executives areeconomy. rarely ableCrude to correctly is more than the output of twoabout large of Venezuela’s operaconfidence. own first price and by what others have $191 billion in assets. “Just stay the call top rely or bottom thethe notorinuclear reactors. tionsthe there heavilyofon grid, course—don’t be too reactionary and ously oil business, China Machinery Engineering, even asboom-and-bust new legislation requires comreally just protect the balance sheet.” and thetocurrent cropown is pledging to which has had a contract to work at panies install their generators. ‘Real accountability’ Chevron reduced its have buyback in giveSeveral up even the plantsaid since about 2010, is restartoiltrying. companies, including GARCIA Democrats a twothe third quarter towhich $2.5 billion, the “We’re going toCorp. ride the ing unitgoal number 6, will bring Repsol SA,not Chevron andwave the pronged of releasing more files and Continued from A12 low end of its guided range, despite of the cycle,” ExxonMobil Chief Fiabout 25 percent ofof thethose complex’s forPentagon’s partner, North Ameriinvestigating some named in posting the fourth-highest profits nancial Officer HansenInc., saidare in ments had beenNeil previously released. previously disclosed documents. mer capacity back online. Once opcan Blue Energy Partners in its history. Even Shell, which inan interviewreleases after the company said Subsequent were messy, in“There has be real accountability erational, theto generator will use fuel conducting repairs to power infracluding redact Trump’s own creased itsthere buyback 65be percent, only it choseefforts not to to raise share buybacks there. And has to real investioil supplied by state-owned Petroleos structure to ensure they have reliable name from files. gation,” he said.SA, “This one of the most de Venezuela theispeople said. access to electricity, the people said. As the controversy dragged85 on Trump bipartisan issues in the country. People US President Donald Trump and Planta Centro, about miles bristled at continued questions from reare interested inadministration this topic, peoplehave ask teract, how long they persist, and members of his (135 kilometers) west of Caracas in about it all the time.” porters about Epstein. how deeply their combined effects been making the case for reducing Carabobo state, was first developed While current House Oversight Trump, who shared a friendship with penetrate household finances. A Chinese leverage in Venezuela since about 50 years ago and once supplied continued from A10 Chairman James Comer, a Republican, Epstein in the 1990s and early 2000s, bank mayafter continue reporting strong shortly US forces captured Caracas. It has been largely shut since has investigated the Epstein case to a has repeatedly said depreciation, he cut ties with inflation, currency or earningsPresident even as the economic asformer Nicolás Maduro 2021 because of equipment failures, degree, including through subpoenas him almost two decades ago before his slowermachinery, economic growth. sumptions supporting its business in January. aging fuel shortages and and depositions, Democrats say he hasn’t crimes came to attention. Epstein was What may prove difficult to anmodel begin toobtain change. “For the to first time in 20 years, other factors. done enough testimony under arrested in 2019 If on fully federaloperational, charges that ticipate is how thesecould pressures inA family that once we are having serious conversations the six-unit complex crank out oath from key figures. comfortably

THE PATRIOT

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tance from Mie Dahl, Eric Martin, Nicolle Yapur, Katherine Pennacchio, Carolina Gonzalez and Patricia Garip/Bloomberg

A9 Monday, November 2, 2026 A11 Tuesday, October 27, 2026 A13

Dizon and other government ofers, confront His critics, and offer ficials must be careful about their compassion to those who needed it. Whether addressing Jews, Romans, propensity to tongue-lash people evidence that businesses could not or Gentiles, He communicated with simply be expected toPublic comply withduring inspections. shampurpose, without compromising the out regard to government system ing may produce immediate truth of His message. performance. would do well to follow compliance, as people scramble IBelievers watched this initiative fall short His example. As Scripture declares, of the dependable, broader impleto avoid another embarrassing we are “Christ’s ambassadors” (2 mentation that I had hoped would Corinthians 5:20), entrusted with appearance on television. Shame follow the legislation. That is the the ministry of reconciliation. Wea failure that concerns me. However, can compel people to obey, but it are called to invite others to turn fair assessment must recognize that cannot inspire them to genuinely away from sin and restore their regovernment development reporting lationship with God through Jesus become better. Lasting improverecorded about 270.9 million invoices Christ. Our words and actions can transmitted issued by 63 pilot ments comeand/or from sustained either advance or undermine that large taxpayers through November mission. wesystem profess God’s love but accountability and a had culture that 4, 2024. If The produced treat others with contempt, our conmeasurable activity. encourages people to do whatIfiswe duct contradicts our message. Operational setbacks and delayed right when nobut cameras are speakeven of compassion act without expansion warrant scrutiny. These empathy, wethemselves, weaken our testimony. watching. do not, by establish

Jesusevery did not merely preach and that component failedlove or that against those involved. compassion; He demonstrated them Douzone alone caused the problems. Righteous anger is not an excuse through His actions. Accountability requires an for In losing self-control. It indepenis anger public service, doublespeak dent examination of system design, directed toward correcting is may sometimesmaintenance, be defendedwhat asintepoinfrastructure, wrong and restoring what is right. It litical strategy institutional damgration, projectormanagement, and does not nurture bitterness or settle age control.testing. But believers must hold acceptance personal scores. Most importantly, themselves to aalater higher standard. There isanger also chapter. An enrighteous leads to godly Empathy should guide how weaction comhanced EIS was formally turned over rather thannot personal gratification. municate, become an excuse on July 7, 2026 following a 14-month Government do well to conceal theleaders truth. would Choosing our KOICA post-management support to heedcarefully James 1:19-20: “Everyone words is wisdom; deliberproject implemented through JNH should be quick others to listen, slow to ately misleading iswas dishonesConsulting Co., Ltd. This a sepspeak and slow to become angry, bety. Hence, government leaders need arate support engagement from the cause human anger does not produce to exercise restraint and wisdom in original development work. the righteousness thatthey God desires.” their words whenever speak of IThe welcome to correct earprocessefforts of making things betrelationships with other countries lier weaknesses. But a turnoverwhat certer understanding andbegins other with people. works and what does not. of Whether we speak for aMuch governthat canofficial, be obtained mentinformation agency, a public or our from the faith, very people who deliver Christian we must remember the services. Leaders must learn that our words carry the weight to of listen. When listening coupled the support hasislimits. The theSecond, institutions and values we repwith empathy, it produces dividends. cornerstone investors, the large funds resent. As my pastor-mentor Albert whose early were anBy listening patiently humbly, taught me, commitments wheneverand a message nounced before the offer opened, bought without prejudgment and with the purportedly coming from God is P36.5 billion of the shares, about twogenuine intention of understandambiguous, always turn to Scripture thirds of the base offer, and their shares ing, leaders encourage theircan people for guidance. Human carry no lock-up at all: nowords promise toconhold to become more open and transparfuse, manipulate, deceive. God’s for any period. The and prospectus has said ent. They become more willing to so since September Ifstandard the holders Word must remain 22. our for decide to sell, UBS cannot make them identify problems, offer solutions, discerning the truth. In the end, a sell to it; it can only be bidjudged in the market. and accept responsibility. Proverbs spokesperson may by how Againstreminds P36.5 billion ofone cornerstone 17:27 us:protect “The who has effectively words a principal. stock free to be sold stands a fund of knowledge uses words with restraint, A Jesus follower, however, P7.95 billion, available to buymust fromalso any be judged by whether those words seller. The harder question is what its buying doestruth. to the price as a signal of honor the

Dancing on one green shoe

and whoever has understanding is even-tempered.” Leaders like Dizon can be firm emony every question withoutcannot beinganswer insulting or demeanabout operational readiness. ing and decisive without abandonshould They disclose what went ingBIR restraint. must learn to wrong, what was corrected, and exercise anger only when it serves how the improvements a righteous purpose. Forperformed those who under transaction wish torealistic understand how tovolumes. exercise Taxpayers deserve evidence on look relirighteous anger, they need not ability, recovery capability, security, further than Jesus Christ. His exand support. ample in the temple teaches us that Having promiseobject, of eanger mustseen havethe a proper invoicing abroad and followed its a justifiable purpose, and a moral difficult Philippine journey, I remain foundation. supportive of the reform. My support Dizon and other government ofcomes that inficials with mustan beexpectation careful about their stitutional will be visible in propensitylearning to tongue-lash people its implementation. during inspections. Public shaming Inproduce the second part ofcompliance, my column may immediate for publication next week, will exas people scramble to avoidIanother amine the 2026 compliance timetaembarrassing appearance on teleble, accreditation and vision. Shame canrequirements, compel people to opportunities for the accountancy obey, but it cannot inspire them to profession. genuinely become better. Lasting improvements come from sustained To beand continued accountability a culture that encourages people to do what is right Joelwhen L. Tan-Torres was the former of the even no cameras are Dean watching. University of the Philippines Virata School of Busi-by Leadership is never measured ness. Previously, he was the Commissioner of the how loudly one can berate suborBureau of Internal Revenue, the Chairman of the dinates. It is measured by how efProfessional Boardout of Accountancy, fectivelyRegulatory one brings the bestandin aothers partner ofwhile Reyes Tacandong & Co. and the SyCip holding them accountGorres and Velayo & Co. He is a Certified Public able. After all, the objective of an inAccountant who garnered No. 1 in the CPA Board spection should be to improve public Examination of May 1979. He is now back to his tax service, not to manufacture a public practice with his firm, JL2T Consulting. He can be spectacle at someone else’s expense. contacted at joeltantorres@yahoo.com. Media ought to help by not sensationalizing these “angry inspectors.” Siegfred has a diversified set of education and experiences which has made him a game changer and servant leader in organizations. Hison profesfor aowning the shares depends what sional degrees came theand Unitedhow Statesmuch Military the business canfrom earn of it reaches shareholders. Academy at West Point in New York, Ateneo Law Forand buyers, then, this isCalifornia, what toLos look School, University of Southern out for. The first item is already running: Angeles, USA. His corporate experiences include UBS’s filings, which will say what the stints as general for thepaid country’s cushion costcounsel and who forflag it.carThe rier, a food exporter with10, manufacturing plantsown next is November when Mynt’s in Davao and Laguna, and a sports distributor briefing oninits nine-month results offers the firstSiegfred scheduled look at its company. is a former soldier andearnings a lawyer since listing, inside window. Look by profession, a teacher andthe inspirational speaker beyond of the by passion,the and growth a book author and aloan writerbook with ato the profit left after credit losses, and mission.

beyond the number of GCash users to what their activity earns. Then November 18, the last day UBS may act. It may stop sooner, or run out sooner. By Friday’s close, UBS’s brokerage had bought some 787 million shares since listing, close to two-thirds of the 1.2 billion the agent may buy; on Friday agement, which oversees aboutwhile $33 afternoon it bought little GCASH billion in assets. still buying other stocks, and the price lastIftime ExxonMobil and fellThe to P6.27. the filings show that buying was the agent’s, aboutthis a third the Chevron made profits highofwas capacity remains, and theannounced Exchange’s in 2022. A year later, both rules require worth Mynt to disclose once acquisitions about $60at billion if it is used up. The effect of earlier purapiece, for Pioneer Natural Resources chases need not vanish when the buyCo. and Hess Corp. respectively. But ing ends: the shares it bought go back Chevron CEOareMike Wirth tosseda to sellers who locked up, absent cold water waiver, untilFriday April. on the notion his Then mid-April 2027.ofLock-ups company is on the verge another cover about 58 billion shares, nearly megadeal. nine-tenths of thebooks company. Thefull chief “The history aren’t of financial officer has said that the major great deals that were done at $100 shareholders are not exiting. That intenoil,” he said. tion may hold; the ownership disclosures TotalEnergies CEO Patrick Pouyafter April will show whether it did. anné had bought similaratsentiments, emIf you P6.60, you own shares whose a bank phasizing heprice prefers to may buy cushion during for a few weeks by buying below the offer downturns and that the French oil price. That guarantees price. major has asupport plethora of bolt-onno growth Watch the filings and the dates, and do opportunities. not read the daily price as a verdict. By “We will procycliNovember 18 not at thebecome latest, the bank’s cal because have more mandate to suddenly steady thewe price expires. What remains cash,” he said.beneath the price is the betThe you made at P6.60: that the growth windfall was probably more you paid for in advance willof arrive. important to BP than any its peers.

Big oil is grappling with how to spend its windfall profits

Gagni. . .

to restart a crucial power plant with China’s help

when she crisscrossed the country drawing crowds to rallies in support of the

Monday, October 26, 2026

Epstein. . . Gagni. . .

he engaged in sex trafficking of minors. He died in jail by suicide, according to authorities.

“People are angry,” Garcia said. “The president made promises, and he went

what the market really thinks. Siegfred has a diversified set of education and What the window hides experiences which has made him a game changer and STABILIZATION is the market’s polite a servant leader in organizations. His professional word for a bank buying a newly listed degreesfive came from the Military Academy The Western oilStates majors spent stock to keep it United from falling too fast. at West Point in New York, Ateneo Law School, and Georgetown Professor Reena Aggarwal’s heavily on megaprojects during University of Southern California,offerings Los Angeles, USA. His 2000 study of American found previous periods ofstints high crude corporate experiences include as general counsel that underwriters supported prices by quietly buying extra shares they for the country’s flag carrier, a food exporter with prices only toback be the caught out when had sold rather byand posting a visible manufacturing plantsthan in Davao in Laguna, and oil subsequently fell,byand theyP6.59 bid. A buyer reassured a steady a sports distributor company. Siegfred is a former while UBS is buying there is reading a wrote $180 billion soldier anddown a lawyer about by profession, a teacher and in-in scale with a thumb pressing on it: the spirational speaker by passion, and a book author and numberfrom is real, but ittois2020. not theExecuweight. assets 2010 a writer with a mission. Whether UBS is buying, and how tives ableinto correctly much,are willrarely come out filings on dates the SEC’s approval fixes. UBS has made call the top or bottom of the the first, afor listing-day notice that stated question the proper institutions notoriously oilBut thedetermine ceiling on boom-and-bust itson purchases and nothing to the evidence. more.standard It must report weekly tocrop thequesregubusiness, and thewhich currentthat is the by lators, announce what it bought and at tion must once begive answered not pledging up evenshould trying. what price to it exercises the option depend on her popularity, poor the window closes, and file aher closing litical prospects or the identity of report by about December 3. Whether did so within a strict investment her accusers. the shares were worth P6.60 is for the framework thatJustices requires the company’s numbers and a calendar. Two Chief havecomal-

pany distribute a fixed percentage readytolearned how consequential of cash flow to shareholders. What to look out for the SALN can become. The Vice AT “We P6.60,manage the paid about 25in times our business dePresident is buyer entitled to every proMynt’s not 2025quarters,” earnings Chevron for a company cades, CFO tection of due process. She is not whose net income grew 7.3 interview. percent in Eimear Bonner said in an entitled to aofdifferent of the first half 2026, on astandard market that “We certainly don’t change our capital accountability. trades near 10 times. That is a growth allocation or financial priorities on price. The prospectus allocates 60 perthe a volatile quarter.” centback of netofprimary proceeds to lending one to three years. Mynt’s onlystark diviover The conservatism is in dend on record, billion, wasis declared contrast to BigP5.0 Tech, which being to the pre-IPO holders on 17, the punished by investors forJune a debt-fuday the board authorized the IPO filing. eled artificial spending about erodingintelligence and states, eliminating The prospectus also “We do the not frenzy that has yet to yield in Iranian presence, the Chinese influhave a fixed dividend policy.” much The case the way cash returns. some ence, theof Russian presenceBut as well,” investors believe energy companies US Secretary of State Marco Rubio run the riskaofJan. not28 investing enough back on them.” said during Senate Foreign in the future. A House Oversight Committee Relations Committee hearing. spokeswoman said every witness the “We would like to see them do The work at Planta Centro isinpart panel’s investigation was required to something that would be a little bit of a broader series of repairs under“verbally acknowledge that they undermoreon additive to long-term growth,” way Venezuela’s electricity instand their obligation tell themarket truth.” said Brian Mulberry, frastructure, which to is chief all owned by In a statement, the spokeswoman strategist at Zacks Manthe national powerInvestment company, Corpotouted the committee’s work, which she ración Eléctrica Nacional SA. said included 19 witness interviews and GE Vernova Inc. signed a prelimidepositions, releasing serviced its loans mayapproximately discover that nary agreement with Venezuela in 65,000 pages of documents and uncoverrising living costs have altered the June to help repair the grid. Proging allegations of sexual misconduct that arithmetic of itshas monthly budget.by ress, however, been slowed were referred to the Department of Justice. And an economy that appears canegotiations and equipment Garcia has called previouslydelays, for Atpable of absorbing one external shock the people said. GE Vernova said in a torney General Todd Blanche to testify. may find itself confronting several at statement that it’s working to finalWhen asked about a potential subpoena, once. The statements may ize contracts to begin work as table. soon Garcia said financial all options were on the still show healthy margins,served improvBloomberg as possible. Blanche, who previously as Trump’s personal attorney, handled the initial release of files and met with Ghis-

Still reeling from writing off many Laurence Rogero is an infrastructure lawyer of its cleanR. energy investments, and with amore 30-yearthan career working on local and the $60 billion inintercosts national projects. He holds a Fulbright LL.M. from it incurred catastrophic Georgetown and afrom BS and athe JD from UP. He is lead 2010 Deepwater Horizon independent director of a listed companyoil andspill, lecthe company is squarely focused on tures at the Ateneo de Manila University. Any views strengthening expressed here are hisits own.balance sheet, according to Meg O’Neill, who was appointed CEO earlier this year. “It’s very easy towas get caught upfor in laine Maxwell, who convicted high prices and think that’sand angirls ophelping Epstein traffic women for sex. Democrats strongly opposed his portunity to distribute cash,” she confirmation, among other matsaid on a call citing with reporters Friday. ters his handling of the debt Epstein BP still carries “more andmatter. more A Justice Department leverage than we reallyspokesperson can afford referred inquiries to Blanche’s previous in a low-price scenario.” Bloomberg remarks and said the attorney general will follow the law. “we made ingBlanche profits, acknowledged and adequate capital. mistakes and I’ve owned up those But somewhere beyondto those mistakes,” such as failing to properly figures, the household budgets on redact documents, in a recent interview which consumer lending ultimately with the “Pod Force One” podcast. But depends are being rewritten. The he said those actions had been corrected, question is how much of that rewritand defended Trump. ing“Iwill its way into caneventually tell you thatfind President Trump, the banks’ own ledgers. from Day One, said ‘Release as many of the files, I want everything released,” Blanche said. Bloomberg

Sports BusinessMirror

A12 Monday, November 2, 2026

By Jun Lomibao

IAMNIADIO, Senegal—Angel Polo ranked third in the preliminaries of women’s Taijishan of wushu as the Philippines got off to a potential start in the Dakar 4th Youth Olympic Games on Sunday. Polo momentarily seized the lead with 9.223 points, but eventually wound up third behind former world youth championships gold medalist Ng Zhe Nin of Singapore and Chu Yu En of Chinese-Taipei. A favorite in the event, Ng garnered 9.300 points with Chu matching Polo’s score in the first of two events—the Taijiquan preliminaries are set Monday with the top eight on combined scores advancing to the final on Tuesday. “I had an error, I didn’t keep my grip on the fan properly causing me to lose my balance a bit,” said Polo,

With timely ace, Bisera tops LPGT

TIMELY hole-in-one saved Yvon Bisera’s season, pulling off one of the narrowest victories in Ladies Philippine Golf Tour Order of Merit history. Angelo Que relied on consistency to top the men’s earnings race for the second straight season. Both fashioned out two victories to seize early control of their respective OOM races, but neither had an easy ride to the coveted season-ending title. The women’s race came down to a mere P4,550. While Que built a comfortable cushion through a series of strong finishes in the closing legs, Bisera saw her once-commanding position come under serious threat, setting up a dramatic showdown with Harmie Constantino in the final stop at Apo. Bisera had seen her bid for a third leg victory fall short by just one stroke to Chanelle Avaricio at Summit Point. She came up two shots short of Tiffany Lee at Pueblo de Oro, then struggled to make a bigger impression at home at South Pacific, settling for fourth. Still, she led the standings entering the finale at Apo, with Constantino closing in. And when Bisera opened with a 74 and followed it up with a 73 in the second round, the door swung wide open for Constantino, top player in 2024 who came up with a huge finish this season. Constantino won the Apo title by two strokes. At one point, Bisera faced the prospect of finishing sixth and losing the season-long race by a mere P2,000 in earnings. Then came the shot that changed everything. Bisera aced the 17th hole, turning a potentially costly finish into a joint thirdplace effort with Avaricio and Princess Superal. It was a timely breakthrough that kept her in the money and, ultimately, preserved her place atop the rankings. Her P83,750 share of the combined third- to fifth-place purse of P251,250 lifted her season earnings to P704,150, just enough to edge Constantino, whose P162,500 prize at Apo brought her total to P699,600. “Going into Apo, I wasn’t really thinking about the OOM title. But looking back, that hole-in-one on the final day was probably the biggest turning point and the main reason I was able to secure the OOM crown this year,” said Bisera.

YVON BISERA comes out on top after a tight finish to the season. NONIE REYES

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

POLO RUNNING THIRD IN WUSHU AT YOG 15, and a bronze medalist in last March’s world juniors championship in Tanjin, China.

Once in a lifetime YOG experience

JAMESR AY MISHAEL AJIDO and Riannah Chantelle Coleman and wushu athlete Angel Polo cherished every moment in their first and only experience parading the country’s colors in the Opening Ceremony of the 4th Youth Olympic Games (YOG) on Saturday (Sunday dawn in Manila) at the Abdoulaye Wade Stadium in Diamniadio. Ajido proudly waved the Philippine colors with Coleman hoisting the Philippines label mighty and high with Polo and Chef de Mission Rocky Samson waving flaglets during the ceremony that host Dakar and Senegal and the entire African continent displaying to the world its unique culture, dances and music. “Very proud, and it’s a very unique experience,” said Ajido, who on Sunday morning here plunged into action in the men’s 100 meters butterfly where his personal best of 55.01 seconds ranked third-best for a potential podium finish. Similarly ecstatic were Coleman, who’s swimming in the women’s 200 meters breastroke on Monday, and Polo, who competed in the first of her two events, women’s Taijishian, on Sunday morning at the Diamniadio Expo Centre. A total of 2,655 athletes aged 14 to 17 from 204 national Olympic committees plus the Refugee Olympic Team are seeing action in 25 medal sports and 10 engagement sports. Philippine Olympic Committee president Abraham Tolentino reiterated the difficulty for the nine Filipino athletes here making the podium because of an obvious physical advantage possessed by athletes from Europe and the Americas, but was steadfast in his

ANGEL POLO (left), Riannah Chantelle Coleman and Jamesray Mishael Ajido revel in the festive atmosphere. Performers spell out YOG at Abdoulaye Wade Stadium. POC MEDIA POOL/AP

Tokong, Lopez make waves in Siargao

ILIPINO surfer John Mark “Marama” Tokong defeated world No. 11 Samuel Pupo of Brazil to reach Round 2 of the World Surf League (WSL) Championship Tour Philippines Pro at Cloud 9 on Sunday in Siargao. Tokong scored 16.60 points on waves of 8.60 and 8.00, beating Pupo’s 11.00 in their opening-round heat. “It’s crazy and amazing. There was a lot of pressure, but I just told myself to relax, keep things simple and enjoy the waves,” Tokaong. The Philippines Pro is presented by the Philippine Sports Commission, with support from various national and local government agencies. The champion will receive US$80,000

Kiatipis wowed by Filipinos’ passion for basketball

LOPEZ

(around P5.1 million). Opening-round losers will each earn US$13,000 (around P830,000). The competition is livestreamed on One Sports’ YouTube channel and Cignal Play.

Big outing for Lopez

MEANWHILE, 15-year-old national surfing champion Mara Lopez of La Union came up with a fine performance in a tough match against world No. 1 Molly Picklum. PSC Chairman Patrick “Pato” Gregorio said Lopez’s parents could not travel to Siargao because they could not afford the expenses. The WSL and PSC had hoped to bring them to watch their daughter compete but learned of their situation too late.

MATT KIATIPIS is delighted to finally meet some of his Filipino followers. SP

The drive home IT was on the news again, about how after a game, inside the family car, the father offered a critique about his son’s performance. When the father later watched the video that his other son discreetly took, he cringed and wished he could take back what he said. Two decades ago, when my eldest son took up football, and five years later, my youngest son, basketball, I chose not to sit behind the players’ bench or even say anything on the ride home. I wondered at times how I could balance being “a father-coach” who dissected the game with their kids and their performance and just being supportive. To this day, I wondered if I should have pushed my kids more or just be glad that I supported them. I played varsity sports during my school days. I was good but I could have been better had I had the right environment to grow into. I was inconsistent with my academic performance and that created all sorts of problems about reliability. Furthermore, my parents were vociferous in being against my playing sports (I should just concentrate on my schooling). There were several incidents that helped me formulate that cool and not being

confidence with the Filipino bets. Also competing here are Pi Durden Wangkay (men’s 200m) and Naomi Marjorie Caesar (women’s 800m) in athletics, Maritanya Krog (women’s road and individual time trial) in cycling, Tchelzy Maayo and Hillarion Palles III in artistic gymnastics and Jade Justine Justiniane in windsurfing. Hillarion and Palles were due here on Sunday while Krog and Justiniane are arriving November 5 with their coaches. Athletes overall will compete in 153 medal events across 25 sports. Singapore hosted the first summer Youth Games in 2010. Dakar was initially due to host in 2022 but the coronavirus pandemic delayed the Games. International Olympic Committee president Kirsty Coventry praised

Dakar, Senegal and the whole of Africa in her Opening Ceremony speech. “This is a historic moment for Senegal, for Africa and for our entire Olympic family” said Coventry, an Olympic swimming gold medalist from Zimbabwe and the first African head of the IOC. Conspicuous at the Opening Ceremong was Russia and its 13 athletes who are competing under its national flag for the first time since its suspension for invading Ukraine in 2022. The refugee team, meanwhile, consists of six athletes based in Kenya and Uganda athletics, judo and taekwondo. Singapore hosted the first YOG in 2010, followed by Nanjing in 2018, Buenos Aires in 2018 and Dakar was supposed to host the YOG in 2022 but was postponed because of the pandemic. Polo will again compete in the women’s Taijiquann preliminaries on Monday, the same day Coleman debuts in the pool in the women’s 200 meters breaststroke heats.

overbearing approach. First was while watching a football match, a batchmate of mine who was a multi-sport star in school, was constantly yelling at his son during the football match. At half-time, the son didn’t immediately join the team huddle but straight to his father. The coach and the other teammates— including all parents—were looking. My batchmate proceeded to scold him in front of everyone. His team won the championship, but following the match, the way the kid trudged off the field, it was like they lost. That remains an indelible memory to this day. Another was this kid who was a star in high school but found it hard to play meaningful minutes or even put up stellar statistics with the college squad. Perhaps, the father thought his son would go to the Philippine Basketball Association and with every poor game, that

ILIPINO basketball fans got to witness high level one-on-one basketball as social media hooper Matt “MK” Kiatipis faced off with local basketball personalities recently in Mandaluyong City. The event at Gameville Ball Park drew hundreds of fans as Kiatipis took on Maharlika Pilipinas Basketball League Slam Dunk champion Joe Gomez de Liaño, among others. Kiatipis, known for his aggressive playing style, said he was impressed by the passion Filipino fans have for the sport. “I was not expecting this many people to show up, this many people to be excited, this culture to be so deep; it is an amazing surprise. So much passion and so much skill,” Kiatipis said. After playing Division II basketball in the National Collegiate Athletic Association, Kiatipis has built a

ambition or dream, was slipping away. It was the same thing. He would ride his son until the latter “gave up.” The son landed a spot in a Mythical Selection for a postseason tournament, and it was surmised he would finally see extended minutes and even be the star for the next season. He surprised everyone when he forewent his final playing year. When my youngest son was playing, I knew it bugged him and his teammates that they were ordered to pass the ball to the team’s star who was already being recruited to transfer to another high school team playing in the top league in the country. I always tell my sons to follow their coaches. When you do something, and you do it right, and you worked doubly, triply hard so hopefully, the coach could—and emphasis on could—cut you slack and give you the opportunity. Just don’t ask for it. There will always be someone else watching to maybe even give you that break. My youngest is pretty good. In high school, he was close to six-feet tall (he is about 6’2” now), could block shots, rebound, and hit the outside shot. In fact, even if he didn’t play for a big program, he was offered two scholarships to the Team B of two big programs. And that proved my point. Of course, that will not happen to everyone, but still, I believe you are forming a foundation and giving them backbone to help them for the rest of their life.

following of more than 9 million on social media, and was impressed by the reception during his tour of Asia. “Every place is electric, but I was very surprised by Asia. We have been to Singapore, Indonesia, Malaysia, and now the Philippines, all of them. Asia is just so passionate about basketball. They love it,” said Kiatipis Gomez de Liaño also welcomed the gathering, saying events like these help bring basketball fans together and strengthen the local community. “It was very nice putting the community together; it is good for the crowd, they loved watching it,” he said. The event was organized by SportsPlus, a sportsbook licensed by the Philippine Amusement and Gaming Corp., as part of its efforts to stage live sports-related events and engage Filipino basketball fans. The company said it plans to hold more activities in the coming years.

This formed the foundation of my working with high school and college student-athletes either as a mentor or their consultant/manager. I always encouraged my children and the kids I worked with but always put them in terms they could understand. The decision on what to do was always dependent on them. Now, they might have not been mature enough to understand or even make decisions at that time, I doubly made sure they and their parents understood the situation while planning for worst case scenarios. Again, I wondered if I should have pushed the way other parents who were stars during their school days. I guess there is nothing wrong with that. It worked out for others, some, not. My answer to that was the love for the game should always win out. A desire to get better no matter the odds. That drive home was also a huge lesson for me to rein in my thoughts and my mouth when emotions were raw. It taught me that timing is everything, and sometimes, a fatherly hug and pat on the shoulder, then good food will go a long way in soothing nerves. That is why to this day, my kids and I can talk about music, pop culture, and even social concerns because I never needled them. And yes, we still take that drive home together.

Editor: Jennifer A. Ng

Companies BusinessMirror

STOCK-MARKET OUTLOOK LAST WEEK SHARE prices declined, with the main index returning to the 5,600-point level, as the Philippine peso continued to weaken against the dollar due to the volatile geopolitical environment. The benchmark Philippine Stock Exchange index (PSEi) shed 48.28 points to close at 5,680.35 points. Trading was volatile during the entire week even after the United States Federal Reserve kept its rates steady, which was expected by the market. Trading volume was high, reaching an average value of P7.33 billion. Foreign investors, who cornered 42 percent of the trades, were net sellers at P323.93 million. Sub-indices were down, except for the Industrial index that gained 24.96 points to close at 7,318.17 points. The broader All Shares index fell 14.87 to 3,178.42, the Financials index declined 12.69 to 1,786.89, the Holding Firms index retreated 22.32 to 4,237.23, the Property index was down 1.20 to 1,795.80, the Services index shed 55.52 to 2,960.63 and the Mining and Oil index plunged 369.29 to 18,191.43. For the week, decliners edged losers 127 to 75 and 39 shares were unchanged. Top gainers were Pacifica Holdings Inc., Waterfront Philippines Inc., Alliance Select Foods International Inc., Premiere Horizon Alliance Corp., PH Resorts Group Holdings Inc., Paxys Inc. and Cirtek Holdings Philippines Corp. Top losers, meanwhile, were Jolliville Holdings Corp., Supercity Realty Development Corp., Anglo Philippine Holdings Corp., NiHAO Mineral Resources International Inc., DMCI Holdings Inc., ENEX Energy Corp. and Rockwell Land Corp.

THIS WEEK SHARE prices may still decline this week, still on the dual risk of rising oil prices and the weakening peso. It will be a four-day trading week as Monday, November 2 was declared an additional special non-working day for All Souls’ Day. “We stay in sit-out mode, continuing our preference towards dollar earners and well-capitalized names, and to avoid rate-sensitive and budget-exposed plays,” broker 2TradeAsia said. It added that the decision of the US Fed to keep its rate steady gives the Bangko Sentral ng Pilipinas (BSP) a little breathing room, with the spread not further widening, although the relief may be brief. The Fed again declined to give clear guidance, and nothing in the statement takes a December hike off the table, the broker noted. “We still expect the Fed to tighten on December 9, which keeps the double-tightening scenario in play; recall that the BSP is expected to have its last 2026 hike on December 17, which should limit any rally in rate-sensitive names before year-end.” Outlook on oil prices is getting worse heading into the holidays with US President Trump recently warning against possible strikes on Iran after the US midterm elections. “The strikes themselves may never happen, but the market does not need them to as the talk alone is enough to keep a risk premium in crude; we thus expect oil to stay elevated through the holidays,” it said. That is bad timing for Philippine consumer confidence in fourth quarter which usually supports retail, food and transport, it added. “Watch the guidance beats. With most of the market reporting over the next two weeks, we caution that the forward commentary will matter more than the third quarter prints,” the broker said. “We would treat a break below 5,600 (points of the PSEi) as a signal to cut exposure further and would add only on a close above 5,800 that holds after the Fed decision is out.”

Monday, November 2, 2026

Govt to conduct more telco service quality tests—NTC

By Lorenz S. Marasigan

@lorenzmarasigan

EARLY nine in 10 mobile broadband tests conducted by the National Telecommunications Commission (NTC) at Metro Manila’s major bus terminals posted download speeds of at least 50 megabits per second (Mbps), but Smart Communications Inc. failed to meet the regulator’s standard for dropped calls. Of the 128 test campaigns the NTC completed, 114, or nearly 90 percent, recorded download speeds of at least 50 Mbps, the regulator said. “Reliable mobile connectivity is essential in transport terminals, par-

ticularly during periods when large numbers of Filipinos travel to reunite with their families,” NTC Deputy Commissioner Andy Castelar said. Smart, however, registered a call drop ratio of 5.26 percent, well above

the prescribed standard of less than 2 percent. Dito Telecommunity Corp. (Dito) and Globe Telecom Inc. both recorded an average call drop ratio of zero percent, meeting the standard. On speed, Dito posted the highest recorded download speed at 851 Mbps at the Parañaque Integrated Terminal Exchange (PITX). Smart followed with 456 Mbps, also at PITX. Globe’s fastest recorded speed was 330 Mbps, logged at the Raymond Transportation terminal in Quezon City. All three mobile network operators (MNOs) achieved an average short message service (SMS) success ratio of 100 percent, surpassing the prescribed standard of more than 99 percent. “The Commission commends our MNOs’ readiness to heed the public’s reliance on mobile telecommunica-

tions services to communicate with their families, coordinate their trips and access essential information throughout their journey this Undas 2026,” Castelar noted. The NTC called on all MNOs to take note of the results and give their utmost attention to improving the service. The regulator said it will continue its monitoring and validation activities nationwide and will pursue appropriate regulatory action, as may be warranted, to keep telecommunications services reliable and responsive to the public. The tests covered 12 terminals: Victory Liner Cubao, Superlines Cubao, Baliwag Transit Cubao, Five Star Bus Cubao, HM Transport Inc., Raymond Transportation, Bicol Isarog, Florida Bus Terminal Cubao, Araneta Bus Terminal, PITX, and the Victory Liner and Florida Bus terminals in Sampaloc, Manila.

STOCK PICKS BROKER Regina Capital Development Corp. gave a trade-the-range rating on the stock of International Container Terminal Services Inc. (ICTSI) as price of the stock remained in consolidation mode. “The stock held its floor, with buyers stepping in early and keeping control through the close,” it said, “Momentum indicators have turned slightly positive, with a small green histogram suggesting selling pressure is easing. Directional indicators still favor sellers, and ADX at 28.30 points to a moderate trend rather than a decisive one, consistent with a stock that is consolidating.” ICTSI shares closed last week at P839 apiece. Meanwhile, the broker gave the same advise on the stock of Bank of the Philippine Islands after it share price staged a modest bounce off support while remaining below key moving averages. “Although price action continues to trade below key moving averages, the support level appears to be holding, making range-trading strategies viable near current levels,” it said. Support price on the stock is seen at P96.50 and resistance at P97. BPI shares closed last week at P94 apiece. VG Cabuag

NTPC profit jumps as heat drives India power demand

TPC Ltd., India’s biggest power producer, reported a 14-percent jump in second-quarter profit as El Niñoinduced hotter and drier weather boosted electricity demand for cooling and irrigation. Net i ncome for t he t h ree months through September rose to 53.2 billion rupees ($560 million), from 46.5 billion rupees a year earlier, the state-run utility said in a stock exchange filing Saturday. That surpassed a 49.42 billion rupees average of analyst estimates compiled by Bloomberg. Ind ia received its wea kest monsoon rainfall in more than a decade this year, as the El Niño climate phenomenon prolonged hot-weather conditions and increased demand for power. Lower hydropower and wind generation further boosted reliance on coal-fired plants, the backbone of NTPC’s operations. Bloomberg News

ANTHROPIC CHALLENGER

DeepSeek has released a prototype of a more autonomous coding agent as it seeks to challenge Anthropic PBC’s popular Claude Code. The new opensource offering, dubbed “Super-Agent,” can proactively monitor group chats among developers for feedback on coding issues and suggest solutions without being summoned, the DeepSeek Harness team said in a post on WeChat on Saturday. The new agent aims to “take as little human attention as possible, and give as much value as possible,” DeepSeek said in a user manual on GitHub. Earlier this year, DeepSeek created the Harness team to focus on helping build AI agents that can take on coding services offered by leading US labs including Anthropic. The term harness refers to the software scaffolding that wraps around a large language model which enables AI agents to manage more complex tasks. PHOTO SHOWS THE LOGO OF THE DEEPSEEK ARTIFICIAL INTELLIGENCE MOBILE APP ARRANGED IN RIGA, LATVIA, ON MONDAY, JANUARY 27, 2025. BLOOMBERG

of Evolution ties up with Casino Plus Shares Air Canada

WEDISH live casino supplier Evolution has picked Casino Plus for its first-ever offline collaboration in the Philippines, giving the local operator’s players an exclusive preview of its newest live casino game show ahead of its commercial release. The deal takes the partnership between the two companies, built online over nearly five years, into a live setting for the first time. “This is a historic first for Casino Plus and for the Philippine market,” Casino Plus CEO Evan Spytma said. “Evolution’s decision to bring its first-ever offline collaboration in the country to Casino Plus reflects years of consistent work under Pagcor’s regulatory framework.” Casino Plus players were the first in the country to see Game Night, which adapts the format of a classic games’ night into a live casino game show. The game is built around a 54-segment money wheel with multipliers on every spin and five bonus games: Connect 4, Battleship, Hungry Hungry Hippos, Snakes and Ladders, and Rock Paper Scissors. Evolution said it plans, where

possible, to give Casino Plus players early access to selected new Evolution games, alongside continued joint online and offline campaigns in the Philippines. Both companies described the event as the start of a longer-term partnership, with plans to keep developing new gaming experiences for Filipino players. “A historic first only matters if it leads somewhere. Game Night is the first chapter, not the last,” Spytma said. “It shows global suppliers that licensed local operators are ready to build world-class experiences with them.” Gionata La Torre, Evolution CEO for Asia, called Casino Plus the company’s “trusted partner in the regulated Philippine market” and “the natural choice” for its first offline engagement in the country. “We value their reliability, how they run their platform, and their commitment to responsible gaming and the player experience,” La Torre said. “Our biggest goal is to keep building our relationship over time and create experiences that matter to Filipino players.” Lorenz S. Marasigan

sink due to costly oil

ir Canada’s stock price tumbled the most in more than a month after the airline slashed its full-year guidance for the second quarter in a row on higherthan-expected jet fuel prices. The Montreal-based carrier, which is Canada’s largest, said it now anticipates adjusted earnings before interest, tax, depreciation and amortization to land between C$2.4 billion ($1.7 billion) and C$2.7 billion for the year. In August, it expected adjusted Ebitda of as much as C$3.2 billion. Shares were down 7.9 percent to C$20.14 at 1:40 p.m. Friday in Toronto. The airline suspended guidance in April after the outbreak of war in Iran, before reinstating it at lower levels in August. Thursday’s third-quarter earnings release cut that outlook again, citing a C$906 million year-over-year increase in fuel expenses. Bloomberg News

Monday, November 2, 2026

Companies BusinessMirror

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Transcom grows footprint in PHL via new QC office

By VG Cabuag

@villygc

RANSCOM Worldwide (Philippines) Inc. opened its first site in Quezon City, marking a new chapter in the company’s Philippine operations and expanding its presence in Metro Manila.

Located on the twelfth floor of the Giga Tower in Bridgetowne, the new BPO site, the company’s seventh, brings Transcom into one of Metro Manila’s major business districts. Transcom is partnering with the Quezon City government, particularly in areas such as employment opportunities, access to local talent and potential business initiatives that can contribute to economic activity in the city. Beyond business growth, Transcom said it is committed to enriching the local community through Transcom Cares, its corporate social responsibility program focused on environmental sustainability and social support. The opening was attended by Transcom executives, government representatives, business partners and clients, including Anna Ferry, Ambassador of Sweden to the Philippines; Maria Margarita Mejia of the Quezon City government and JP Balboa, deputy general manager of Robinsons Land Corp. The site was formally opened by Travis Coates, CEO for the Ameri-

cas and Asia Pacific at Transcom, together with Philippine operations head Kristine Bondoc. In his inaugural speech, Transcom AAPAC CEO Travis Coates said the opening is not simply about adding another workplace. “Above all, this site is about our people. A building is just a building until people bring it to life. What gives a workplace meaning is what happens inside it: strong teams, great work, new ideas, and the chance for every person to grow,” Coates said. Complete with child care services, a cafe, and an in-house pharmacy, it is envisioned as a second home for employees, a platform for stronger client partnerships, and a base from which it can continue to grow its business in the Philippines. Transcom employs approximately 10,000 people in the Philippines across its operations in Metro Manila, Bacolod, Iloilo and Davao. With the opening of Giga, the company now adds Quezon City to its Philippine footprint and begins a new relationship with the local community.

Banking

Editor: Dennis Estopace

Monday, November 2, 2026

BOC cargo inspection extended to decongest ports

By Reine Juvierre S. Alberto

@reine_alberto

HE Bureau of Customs (BOC) has extended the physical cargo examination until 12 midnight at several ports in Manila to ease congestion during the Christmas season. Customs Commissioner Ariel F. Nepomuceno issued a memorandum, signed October 30, implementing extended cargo examination schedules at designated examination areas (DEAs) ahead of the heightened volume of cargo in the coming weeks. From the standard 8 a.m. to 5

p.m. window, physical cargo examinations at DEAs will run continuously until 12:00 midnight daily to expedite inspection and release of import shipments. The directive applies to the Port of Manila, Manila International Container Port and all other con-

cerned collection districts experiencing port congestion, according to the memo. District Collectors were also instructed to implement the required operational arrangements to ensure “continuous and efficient” processing of cargo examinations and prevent delays. They must also coordinate with regulatory agencies, including the Bureau of Animal Industry, Bureau of Plant Industry, Philippine Drug Enforcement Agency and others, to be available during extended examination hours, specifically for containerized goods requiring physical inspection prior to release. For personnel who will render services beyond their regular work-

ing hours, the memo authorizes overtime pay and other additional compensation. All overtime pay must comply with existing laws, administrative rules and government regulations, and remains subject to the availability of agency funds and compliance with applicable requirements. To address congestion in the country’s major ports, the government has drafted a joint administrative order that will appoint the BOC as lead agency to manage the entire port congestion issue. Once signed, the BOC will have the authority to standardize the destination and local charges imposed on importers, including the price caps when warranted. The BOC would also be empow-

AI in insurance: Turning adoption into business value differentiation, the survey indicates that insurers may be moving somewhat slower. Most say they are only in the early stages of implementing AI into their policy servicing function. Progress in underwriting is building, they say.

Outpacing value ACROSS the globe, insurers are moving fast on artificial intelligence (AI). Everyone is busy trying to set up pilots, scale use cases, and build agents. Significantinvestmentsarebeingmade,andincremental gains are being achieved. Yet few insurers seem to be translating all that activity into real transformational ambition and outcomes. Opportunity is everywhere, and the marketplace is evolving quickly. Fast-moving competitors are already using AI to disrupt the competitive landscape and develop new differentiators and advantages. They are responding to pressure from policyholders and brokers to make their lives easier, to speed up their routine interactions, and to bring them new ideas and insights based on their unique situations. And they recognize that new competitors could rapidly disintermediate them from key interactions if they don’t move quickly to respond. Inthisenvironment,transformationisanabsolute necessity. Yet the path from investment and action to real transformation is not being successfully managed by most insurance executives.

Evolution underway

INSURERS report making strong progress integrating AIintotheirkeybusinessfunctions.Buttheresultssuggest they are only achieving incremental outcomes. When it comes to core processes and areas of

THE problem is that, while insurers are actively investing in AI and pursuing a range of initiatives, our survey finds that few are yet using these efforts to drive the transformation required to compete effectively in an AI-enabled marketplace. According to the KPMG 2026 report on “Unlocking AI Value in Insurance,” the vast majority today or 71 percentofinsuranceleaderssaytheyprimarilyuseAIto assist with content generation or to automate routine tasks (thereby gaining pace but not changing much), with 50 percent of AI budget going to operational and back-office efficiency, versus only 5 to 10 percent to new products or revenue-generating opportunities. Similarly, 57 percent say they have created agents or decision-support engines for underwriting (codifying their knowledge but still not transforming how things get done). Just 29 percent say they are running front-to-back processes through AI agents or automation.

Process, not design

THEREFORE, a gap is emerging between ambition and reality.Insuranceleadershaveclaimedstrongprogress adopting AI in claims management. Yet just 3 percent of respondents say they are even in the process of functionally redesigning their claims management. The vast majority say they are still embedding AI into their day-to-day workflows. Ultimately, insurers have proven they can launch

AI use cases. The harder question is whether they can use it to change how the business works, not just how busy it looks.

Philippine context

LOCAL insurers are increasingly exploring and deploying AI across customer service, claims management, distributionsupportandselectedoperationalprocesses to improve efficiency, strengthen risk management and enhance policyholder experiences. Applications include AI-enabled claims assessment and fraud detection tools that help identify potentially ineligible or suspicious claims, as well as digital solutions that support insurance advisers in customer engagement. These developments reflect a gradual shift from using AI solely to automate routine tasks towards levering it to enhance decision-making, customer engagement and operational effectiveness. Implementation is progressing across several functions, although adoption levels vary significantly across insurers. AI is being used to support claims assessment, streamline customer interactions and train insurance advisers through simulated customer conversations and real-time feedback. Insurers are also increasing investments in technology across underwriting,distributionchannelsandinternaloperations. However, these applications do not necessarily indicate that AI has been integrated across entire business processes. The broader challenge is to move beyond individual use cases and assess how AI can reshape operating models, improve decision-making and deliver measurable business outcomes. “For insurers in the Philippines, realizing AI’s value requires more than deploying technology across individual functions. It calls for a deliber-

ate approach to integrating AI into core processes, supported by effective governance, appropriate risk controls and skilled professionals. By combining technological capabilities with human judgment and a clear focus on policyholder needs, insurers can translate AI investments into sustainable business value and stronger customer relationships,” said Aline A. Novilla, Risk Consulting Partner and Financial Services Sector Head of R.G. Manabat & Co. (KPMG in the Philippines). Ultimately,theopportunityforPhilippineinsurers liesinturningAIadoptionintomeaningfuloperational change powering smarter and more responsive solutions to evolving customer needs. The real measure of AI’s value is not the volume of activity it generates, but the extent to which it improves business performance, enhances customer outcomes and creates sustainable competitive advantage. This excerpt was taken from the KPMG Thought Leadership publication “Unlocking AI value in insurance: A leader’s guide to AI-enabled transformation.” © 2026 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent KPMG International, R.G. Manabat & Co. or the BusinessMirror. For more information, you may reach out through ph-kpmgmla@kpmg.com, social media or visit www.home.kpmg/ph.

ered to impose penalties on shipping lines, importers or truck operators who fail to comply with designated return schedules or locations, and to dispose of seized or abandoned containers immediately. However, the draft order is still being circulated among agencies

involved for additional comments. These are the Departments of Transportation, Trade and Industry, the Bureau of Internal Revenue, BOC, as well as the Maritime Industry Authority, the Philippine Competition Commission and the Philippine Ports Authority.

B4 Monday, November 2, 2026

Explainer BusinessMirror

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CRYPTO CRIME

DENNIZN VIA DREAMSTIME

What to know about the $6.3B hack on Binance, likely the biggest-ever crypto theft

By Kaitlyn Huamani & Chan Ho-Him

The Associated Press

INANCE, the world’s biggest cryptocurrency exchange, said Friday that hackers stole more than $6 billion in what appears to be the largest cryptocurrency heist on record. Blockchain firms have pointed to the attack coming from a North Korean hacking unit. The company said it has reserved more than $6.34 billion of company funds to cover the stolen assets and was beginning to recover assets for users. Binance worked with blockchain partners to freeze roughly $3 billion in affected assets. The cryptocurrency exchange has promised to cover all losses, and it has been sharing regular updates on its social media channels as it uncovers more information about the hack. “We are working nonstop to resolve this,” Binance’s co-CEO Richard Teng said Friday in a video posted to X. In an exchange Friday with reporters at the White House,

President Donald Trump said US officials were investigating the Binance hack. Asked whether North Korea was involved, Trump said: “We’re looking at that.” Here’s what we know about the hack, possible North Korean involvement and Binance’s investigation.

North Korean hackers are suspected in the attack BINANCE said on X that an initial investigation suggested the incident may have involved a compromised laptop, but that a subsequent investigation uncovered additional “points of breach.” US-based blockchain intelligence firm TRM, in a post on its

website late Thursday, attributed the attack to TraderTraitor, which it described as North Korea’s elite hacking unit. “We make this judgment with high confidence,” the firm said. “An attacker moved approximately USD 6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes,” TRM said. “Several features of this attack match earlier North Korealinked heists.” Blockchain analysis company Chainalysis also believed the Binance hack was likely carried out by TraderTraitor, its co-founder and CEO Jonathan Levin wrote on X. Asked about the potential ties to North Korea, a Binance spokesperson said only that the company is “working closely with our law enforcement partners to confirm the identity of the criminals and bring them to justice.” Experts have said that North Korea turned to crypto hacking and other illicit cyber activities in recent years as a source of badly needed foreign currency to support its troubled economy and fund its nuclear program in the wake of tough UN sanctions and other difficulties. In December 2022, South Korea’s spy agency said North Korean hackers had stolen an estimated 1.5 trillion won ($1.1 billion) in

cryptocurrency and other virtual assets over the past five years, more than half of it in 2022 alone. It said North Korea’s capacity to steal digital assets was considered among the world’s best.

Many are calling this the biggest crypto theft on record WHILE about half of the stolen assets were frozen, there is evidence that the hackers already are transferring and converting some of what wasn’t recovered, said Garrick Hileman, an independent cryptocurrency analyst. “Like in money laundering, you bring in the stolen goods and launder those through a mixer or tumbler,” he said. “You mix it in with other cryptos, and it’s harder to track.” How long it will take the hackers to turn that into something usable isn’t clear, he said. “The bottom line is there are places in the world where you can take your bitcoin and get that converted,” Hileman said. TRM and several other crypto firms and experts have said the hack represents the largest cryptocurrency theft on record. In February of last year, another cryptocurrency exchange, Bybit, suffered a $1.5 billion hit when it was hacked. The FBI said North Korea and TraderTraitor were responsible for the hack. TRM listed

the Bybit hack when it referenced similarities between the Binance hack and previous attacks linked to TraderTraitor. Binance’s founder, Changpeng Zhao, wrote on X that while Binance’s hack might be the largest in terms of its dollar value, previous attacks on other companies like the crypto exchange Mt. Gox have had a more substantial impact in terms of the bitcoin amount affected, he said. Experts warn this scale of hacking could become more commonplace. “A cyber attack of this level is a matter of when, not if, particularly alongside the rise of AI,” said Andy Ward, a senior vice president at Absolute Security. “Cyber threats are becoming more sophisticated and widespread as ever, and it is likely only a matter of time before an even larger hack, with even greater financial fallout, makes headlines.”

Where experts—and Binance— say things went wrong THE hack has raised questions about why stronger approval controls were not in place, said Kok Tin Gan, co-founder and CEO of cybersecurity firm NyxLab. “This looks like one signature that gave the attacker a neverexpiring, full-access token to a Binance hot wallet,” he said, re-

ferring to cryptocurrency wallets that hold users’ “private keys,” or unique authorizations, digitally and that are connected to the internet. Teng, Binance’s co-CEO, confirmed in a nearly five-minute video posted on X Friday that Binance’s own hot wallet was affected. “User assets are held under Binance’s established security architecture,” he said. “The vast majority sits in cold wallets”—which are offline and used for secure storage—“and are only moved into a hot wallet when a user makes withdrawal.” Teng said Binance’s tech and security teams are “still deep” in investigating the hack. He said it was not carried out by one person and that the attackers used complex tactics, including a “selfdestruct mechanism” that is making the incident more difficult to investigate. “We are working with law enforcement, blockchain intelligence firms, token issuers and other exchanges to trace and recover stolen funds,” Teng said. “We will do everything within our power to make sure that these bad actors will be held accountable.” Binance has said deposits were unaffected, while withdrawals have been suspended and are expected to resume in the next day or two.

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Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, November 2, 2026

Binibinis Sasha Lacuna, Katrina Johnson to compete in Phuket, Tokyo WATSONS brings top board-certified dermatologists to the Skin Solutions event PHOTO BY JULIANA MAXINE VASQUEZ

T PRACTICAL SKINCARE TIPS FROM BOARD-CERTIFIED DERMATOLOGISTS

I ATTENDED Watsons’ Skin Solutions event, which was held in partnership with the Philippine Dermatological Society at the SM Mall of Asia from October 20 to 25. Events like these allow me the privilege of hearing what board-certified dermatologists have to say about skin care and what kind of ingredients and practices could be beneficial or potentially irritating to my skin. For three consecutive years, Watsons has made accessible derma-backed skincare more accessible through its Derm Skin campaign. This time, Watsons is marking the second year of its partnership with the Philippine Dermatological Society. During the event, Dr. Kristine Josephine Busa talked about TikTok trends and which ones are fact or fiction. Medicated pimple patches, for instance, can get rid of pimples overnight but they only protect those with a head or have already been extracted. Busa also talked about slugging, a trend wherein people sleep with their faces slathered in petroleum jelly. She said this could work on people with extremely dry faces but slugging could also potentially clog pores, especially those with acne-prone skin. She advised that a thin layer of petroleum jelly can be applied over the dry areas of the skin only. Another trend that Busa talked about is the 10-step Korean skincare routine. “Your skin is not a 10-course set menu. While hydration will give you the dewy look you want, more products could also irritate your skin. A regimen that includes a gentle cleanser, a moisturizer, and a sunscreen of SPF 30 or higher is the best way to go,” said Busa. It-burns-so-it-works is also another skincare trend fiction, she said, as it signals that the skin is irritated. She also advises skipping sunscreen when makeup already has SPF. This is because we don’t apply enough makeup to protect our skin. Dr. Isabel Belizario tackled the subject of skin damage sustained from the sun and even indoor lights. “Majority of those who get melasma are females but even males can get it,” she said. Melasma manifests on the skin with dark brown, tan, or grayish patches of hyperpigmentation. It mostly affects women as they get older. Hydroquinone, said Belizario, is considered the gold standard in treating melasma. It’s effective because it inhibits melanin or pigment production. Meanwhile, she said the “friendlier” topicals we can use are retinoids, ascorbic acid or vitamin C, glycolic acid, and tranexamic acid. “However, when using lightening agents, always use them with caution. Make sure you get the proper medical advice on how to use these products,” said Belizario. “The treatment for melasma is a marathon; it’s not a race.” Dr. Kirk Llew Quijote discussed practical skincare tips such as what product combinations are right and wrong. “The cornerstone of skincare is the combination of cleanser, moisturizer, and sunscreen. But we might need some actives or even products that require prescription by board-certified dermatologists,” he said. “Our skin needs a strategy, not a shopping spree. We don’t want to spend a lot to achieve glowing skin,” he added. Before buying anything, Quijote said the most important thing is to determine one’s skin type. He advised using a blue blotting sheet on the T-zone (forehead, nose, and skin). If it becomes saturated with oil, your skin is oily. If it doesn’t your skin is dry. Dry skin types need a non-foaming cleanser, preferably fragrance-free. For moisturizers, check out those that contain ceramides, dimethicone, and urea. For combination skin types, he said you can use different products for different areas. Quijote’s practical tip is to apply moisturizer to skin that’s still damp. “Always check the active ingredients before buying anything. For example, brightening products will always include niacinamide, alpha arbutin, vitamin C, or an exfoliating acid like glycolic acid. But some of these have the same mechanisms of action so they may be redundant,” he said. Another tip that Quijote shared is that ingredients of skincare products above 1 percent are listed in decreasing order so those with higher concentrations are listed first. “Don’t mistake claims for clinical evidence. Some products might say they are dermatologically-tested but testing does not mean recommendation. You need to ask a board-certified dermatologist for evidence regarding the efficacy, safety, and adverse effects of these products,” he said.

HIS November marks the start of the most frenetic season for pageantry. Binibining Pilipinas International 2025 Katrina Anne Johnson and Binibining Pilipinas Globe 2026 Sasha-Juli Belle Lacuna lead the onslaught, as the country’s other beautiful flag-bearers will soon compete at Miss Universe, Miss Earth, MGI All Stars, Miss Charm and Miss Cosmo. All in quick succession. Sasha, from Tarlac Province, is currently competing in The Miss Globe, with the finals set on November 6 in Phuket, Thailand. She is in the Top 12 in the Head-to-Head Challenge and Top 25 in Talent. She is aiming for a better placement than our Anabelle Mae McDonnell, who finished in the Top 11 in 2025, won by Thailand’s Chayathanus Saradatta. Katrina, from Davao, is set to compete at Miss International, with the finals set on November 25 in Tokyo, Japan. She is aiming to surpass the placement of Myrna Esguerra, who placed fourth runner-up in 2025, won by Colombia’s Catalina Duque.

cultural backgrounds and communities.”

SASHA-JULI BELLE PENULIAR LACUNA FOR THE MISS GLOBE 2026

KATRINA ANNE CASTAÑEDA JOHNSON FOR MISS INTERNATIONAL 2026

SASHA aims to be the third Filipina to win The Miss Globe, after Ann Colis in 2015 and Maureen Montagne in 2021. Upon her arrival in Phuket, she posted: “Representing the country I call home is something I will never take for granted. I know this is only the beginning, but my heart is already so full. I hope to make proud every person who believes in me, every Filipino cheering me on, and to give this journey everything I have. Pilipinas, this one is for you. Mabuhay!” In her introductory video, the model and information technology student talked about her advocacy: “In high school, I struggled with anxiety and depression and had to navigate much of it on my own. I don’t want other students to go through what I did, which is why I work with Project Calm and hope to create personalized mental health kits that make support more accessible. “My passion for mental health aligns with what Miss Globe and its organization stand for, using a global platform to create meaningful impact while celebrating the diversity that connects us. At Miss Globe, I hope to champion mental health awareness and education, celebrate our diversity, and show how our differences can bring us closer together.” During her sendoff on October 16 at Wolfgang’s Premiere Lounge, Gateway Mall 2 in Cubao, Sasha assured that she has what it takes to win our third The Miss Globe crown: “I have the asset of a global perspective. I easily connect with people of different cultures, of different

THERE were no Miss International editions in 2020 and 2021. When Hannah Arnold was crowned Binibining Pilipinas International in 2021, she had to wait a year to compete as MI resumed its pageant only in 2022. That ripple effect continued. So even though Katrina won locally in 2025, she had to also bide her time. She also took her sweet time competing again at Binibining Pilipinas, after placing first runner-up in 2023. In 2025, the pharmacist was named “Asia’s Icon of Influence in Beauty and Advocacy.” She said of the accolade: “At the heart of everything I do is a commitment to serve, [which makes this recognition especially meaningful], as it reflects the power of living with intention and passion. I have always believed that true beauty reveals itself in moments of courage and vulnerability, as well as in the heartfelt desire to bring hope and light into the lives of others. “Advocacy means going beyond just having a platform; it demands you to wield your influence— not for personal gain, but to amplify the voices that are often unheard, and frequently overlooked. It’s about transforming your passion into tangible progress, and sparking change that truly endures. “This award is my promise to keep pushing boundaries, nurturing hope, and spotlighting stories that need to be seen and heard.” As part of her farewell speech, Katrina posted on her socials: “Three years and four editions later...I think it’s safe to say your #IndayTisay has officially graduated from Binibining Pilipinas. Ten years

ago, @rodnivarquez, @philipmondido and I sat at home with my parents, kilig over a dream that felt impossibly far away. We kept saying, ‘puhon.’ Maybe one day... “Maybe one day we’d get to join Binibining Pilipinas. Maybe one day, if we were really lucky, I’d have the honor of representing the Philippines at @missinternationalofficial. Now 10 years later, I’m lucky that I get to close this chapter with those same people by my side. To @bbpilipinasofficial, thank you for giving this dream a home. You gave me a place to grow, and a chapter of my life that I will always look back on with so much love. “Thank you all for growing with me, for rooting for me, and for staying patient through the long wait. In a few months, I’ll have the privilege of carrying 117 million Filipino smiles, stories, and dreams to Japan. I only hope I can make every single one of you proud. Katrina’s trip to Tokyo coincides with the 70th year of our normalization of diplomatic relations with Japan. On October 14, she paid a courtesy call to Japanese Ambassador Kitagawa Katsuro. The Japanese Embassy noted: “As part of Ms. Johnson’s preparations for her upcoming journey to Japan, Ambassador and Madame Kitagawa discussed exciting insights on Japan’s vibrant culture and timeless traditions. As Japan and the Philippines are celebrating 70 years of friendship, Ambassador Kitagawa shared that Ms. Johnson’s unique role will continue to foster deeper appreciation and connections between the two countries. Ambassador Kitagawa also conveyed his hopes that Ms. Johnson will take ‘these wonderful experiences back home as pasalubong, sharing the beauty and charm of Japan with the Filipino people.’”

L:A Bruket prepares for the holiday season with its winter collection IN Swedish folklore, tomtar are magical creatures that protect and help you— watchful, kind, but always mischievous. In winter, as the cold grips and snow falls beyond the window, these cheerful figures return to our houses like happy memories. Snow Dream, or Snödröm in Swedish, is L:A Bruket’s seasonal gifting collection shaped by joy, warmth and childlike wonder. Made up of five kits, each one is a limitededition ritual offering a calming journey through scent, texture and time to oneself. Made to be given to you or your loved ones, like the tomtar, these kits help you embrace the beauty of winter. Each kit is housed in a box, illustrated with a watercolor of tomtar by artist Alex Simpson, crafted using FSC card. Simpson’s hand-drawn images echo the nostalgia of old storybooks and childhood winter games—the relaxation, comfort and celebration of seasonal festivities. Alongside the Snow Dream kits, these exclusive watercolors adorn the boxes of our iconic candle and room diffusers in two of the most loved scents: Coriander and Hinoki. n ICY TRAILS. Lip Balm + Hand Cream (Sage/Rosemary/Lavender) 30ml. P2,550. Fortifying and soothing duo for all-day cold

weather protection. n SNOWBALL FUN. Lip Balm + Hand Cream (Lemongrass) 30ml. P2,550. Energizing and moisturising duo to revitalize through the winter months. n LITTLE TRAVELER. Lip Balm +

Goodnight Lip Balm + Lip Balm Holder. P2,850. Dusk until dawn, hydrate lips and relax your mind on-the-go. n SOFT GUARD. Hand Cream (Elder) 30ml + Hand Cream (Bergamot Patchouli) 30ml + Hand Cream Key. P2,750. Deeply

nourish, boost and rejuvenate hands wherever you are. n ALONG FOR THE RIDE. Hand & Body Wash 240ml + Body Lotion 240ml (Sage/ Rosemary/Lavender). P4,550. Cleanse and deeply nourish winter skin with a muchloved duo. Meanwhile, after the success of the brand’s seasonal Winter Pine launch last year, L:A Bruket welcomes back the scent for 2026 in new boxes printed with a wintery fog water color of a Nordic evergreen tree by artist Alex Simpson. Limited-edition Winter Pine captures the soul of a Nordic forest in winter, immense, ice-cold and powerful in its silence. The green resin of fir and galbanum blends with cooling mint. Grounded by earthy patchouli and dry cedarwood, the composition recreates the draw of the woods: fresh, resinous and endlessly renewing. n Winter Pine Candle 260g. P4,950 n Winter Pine Room Diffuser 200ml. P5,750 n Winter Pine Fragrance Tag. P2,200 L:A Bruket is available Rustans Makati, Shangri-La, Alabang, Gateway, and Cebu, or online at www.rustans.com.

BINIBINING Pilipinas International 2025 Katrina Anne Johnson and Binibining Pilipinas Globe 2026 SashaJuli Belle Lacuna PHOTOGRAPHED BY MAGANAP ADRIAN GRATUITO

Monday, November 2, 2026

PBBM leads delivery of YAKAP health services to 1,600 Sulu learners

total of 1,600 learners from Kawmpang Elementary School benefited from free medical, dental, vision, and mental health services through the YAKAP Health and Kalinga Caravan, bringing essential healthcare directly to students to one of the country’s geographically isolated communities. Held during President Ferdinand R. Marcos Jr.’s visit to Sulu on October 20, 2026, the health caravan highlighted the government’s ongoing commitment to keeping students healthy, engaged, and ready to learn. The initiative was led by Secretary of Education Sonny Angara, PhilHealth Regional Office BARMM (PRO BARMM) Acting Regional Vice President Atty. Dagoroan A. Macarambon II, and the Department of Health (DOH) which aimed to eliminate healthcare barriers for school children and their families. Through the YAKAP program, students received comprehensive health assessments, including primary care consultations, dental checkups, vision screenings, and mental health evaluations. These preventive services

Ronald McDonald and the Gang is joined by Alden Richards to celebrate all Filipino teachers at DepEd’s culminating activity to cap National Teachers Month.

McDonald’s Philippines thanks teachers through feel-good celebrations, year-round programs

T enabled health professionals to identify and address health conditions that may interfere with learning and overall wellbeing of the school children. The vision screenings helped detect eye conditions that can affect academic performance, while dental consultations tackled common oral health issues. Additionally, mental health evaluations helped identify students needing psychosocial support and early intervention. Beyond healthcare services for students, PRO BARMM also st up a PhilHealth service

desk at the venue to assist parents and guardians with membership registration, profile updating, and enrollment in their preferred YAKAP clinics. The onsite assistance enabled families to access PhilHealth services without the need to travel long distances to access healthcare assistance. The caravan’s school-based approach allowed health professionals to identify and address medical concerns early, helping prevent conditions that could adversely affect students’ attendance, participation, and academic achievement.

Vista Manors’ 4Rs of resort living: Relaxation, recreation, relationships, readiness in vertical villages

Vista Manors elevates resort living through resort-inspired vertical villages nationwide. Positioned as an entry point into real estate, it offers ownership opportunities for new and seasoned investors and appeals to overseas Filipinos with long-term financial goals.

RIVEN by strong leisure demand, Philippine domestic tourism spending rose to P3.26 trillion in 2025. Vista Manors addresses this market driver by integrating resort-inspired living directly into daily household routines. Instead of waiting for weekend getaways, residents find relaxation within their development, a framework that transforms basic condominiums into assets that support wellness, active lifestyles, and long-term financial growth. Resort living begins with relaxation because rest becomes richer when residents can spend time together. Swimming pools offer a change of pace: a morning dip can start the day, while an afternoon swim can be a family activity. Game rooms extend enjoyment indoors with group pursuits that give residents reasons to laugh and linger. Play parks give children space to imagine and interact. By embedding leisure infrastructure directly into developments, Vista Manors

integrates recreation into daily schedules and builds stronger community ties at home. Fitness facilities turn wellness into a lifestyle. Gyms provide spaces for conditioning and structured exercise, helping residents effortlessly balance physical training with demanding professional or academic schedules. Beyond high-impact training, roof decks and landscaped pocket gardens provide spaces for low-impact recreation, walking, and mindful cooldowns. Integrating this diverse wellness infrastructure directly into the vertical community reduces friction in the commute. It accommodates all fitness levels—nurturing the health and resilience required for both personal and professional excellence. Clubhouses and function halls serve as central venues for milestone celebrations, complemented by intimate lounges designed for quieter neighborly interactions. Here, shared amenities cultivate closeness, comfort, and collective identity—turning pleasantries into meaningful personal networks and deepening residents’ attachment to their surroundings beyond private sanctuaries. Dedicated amenities give residents the structure they need to balance personal goals with professional execution. On-site study halls offer students distraction-free environments, while versatile social rooms easily transition into collaborative co-working spaces for professionals. By setting clear boundaries, these condominiums keep private units relaxing sanctuaries while specialized communal zones provide the focus needed for sustained productivity. Resort residences reach their fullest value when relaxation and recreation thrive within secure surroundings. Controlled entry points, monitored common areas, and efficient property management deliver protection across the vertical village. This security safeguards residents and gives families, students, and professionals peace of mind. Vista Manors transforms resort living into a daily lifestyle rhythm designed for longterm growth. Integrated safety and recreation allow residents to reset and connect deeply. What begins as leisure quickly evolves into greater personal capability, ensuring richer living today and resilient progress tomorrow. Learn more about Vista Manors vertical villages nationwide. Visit www.vistamanors. com.ph and follow @VistaManorsOfficial.

VinFast VF 3 is the best selling BEV model in the PHL

INFAST VF 3, the best-selling electric mini-SUV of VinFast Philippines, has claimed the top spot in the local BEV segment after recording 2,906 units sold from January to August 2026 according to the CAMPI report. Dubbed as the “Tiny Titan,” the VF 3 asserted its popularity among first-time Filipino EV owners looking for compact and practical vehicles. Already gaining strong traction before recent oil price hikes, the VF 3 saw demand surge during the global energy uncertainty as volatile domestic fuel prices pushed Filipino motorists towards cost-efficient mobility options. Beyond the impressive specifications of the VF 3, the model’s market dominance is credited to VinFast’s comprehensive Ownership System that helps address key barriers to EV adoption. The number one BEV brand’s first-of-its-kind initiatives such as the Battery Subscription Policy, which lowers upfront costs, and the Residual Value Guarantee Program, which protects long-term asset value, continue to appeal to Filipinos looking for practical mobility solutions. Coupled with its free charging program until March 31, 2029, the brand’s expanding charging networks in the country builds a strong total cost of ownership case for VF 3,

attracting Filipinos to make the EV shift amidst fuel price volatility. Antonio “Toti” Zara III, CEO of VinFast Philippines, said: “We are deeply grateful and incredibly proud of the warm reception that VF 3 received in the Philippines. Achieving the number one spot is a milestone that demonstrates Filipino drivers’ readiness to embrace electric mobility when backed by an ecosystem that supports their entire journey. The incredible reception of the VF 3 proves that eliminating traditional barriers through our comprehensive Ownership System makes going electric a seamless, practical choice.

But the Tiny Titan leading the charts is only the beginning of our mission in the country, as we vow to continuously expand and evolve this ecosystem to ensure sustainable EV ownership remains accessible, effortless, and dependable for every Filipino motorist.” The VF 3’s success in the Philippine market reflects consumer reception and the model’s suitability for local mobility needs. To continue meeting consumer needs and enhancing the ownership experience, VinFast is steadily expanding its vehicle lineup and further developing its comprehensive ownership system, encompassing growing dealership networks across the Philippines, the Battery Subscription and the Residual Value Guarantee programs, the V-Green network, and dedicated aftersales support. VinFast continues to remove barriers to EV ownership and make electric driving a practical, seamless choice for Filipinos. VinFast is expected to sustain this momentum by continuing to expand its charging network and dealership footprint across the country. To experience the country’s best-selling electric mini-SUV firsthand, customers are invited to book a test drive or visit any authorized VinFast dealership nationwide.

EACHERS play a vital role in shaping the next generation. Through every lesson they prepare and every dream they encourage, teachers shape not only individual futures but also the future of the nation. Recognizing this, McDonald’s Philippines believes that supporting teachers means more than celebrating them on a special occasion. As part of the nationwide celebration of National Teachers’ Month, McDonald’s Philippines did more than just join the millions of Filipinos who said “thank you” to their teachers; it also enabled meaningful moments of connection, while also implementing initiatives that support schools and their communities. To kick off National Teachers Month, McDonald’s Philippines turned over 50 ReClassified chairs to East Central Elementary School in Cagayan de Oro City, in partnership with the Department of Education (DepEd) and DepEd Secretary Sonny Angara. Through ReClassified, decommissioned McDonald’s store furniture is transformed into durable, purpose-designed classroom furniture for public schools in need. By giving these materials a new purpose, the initiative helps improve learning spaces while making responsible use of existing resources. The initiative underscores an important idea: recognizing teachers means not only thanking them for their dedication but also helping address the practical challenges they face and providing resources that support their work. Aside from improving classrooms, teachers deserve moments to pause, recharge, and feel valued amid the demands of their profession. From October 3 to 6, 2026, teachers from more than 1,600 schools nationwide received free coffee from the McDonald’s store nearest to them. That same spirit extended to McDonald’s support for DepEd’s National Teachers’ Month activities from September 5 to October 5. The company shared as many as 8,000 meals with educators attending celebrations and gatherings nationwide and supported various recognition programs for both currently serving and retired teachers, and even outstanding teachers from regions implementing the DepEd Indigenous Peoples Education Program. Ronald McDonald and the Gang also brought fun and entertainment to educators, creating

feel-good moments that allowed teachers to relax and share laughter with colleagues and their students, past and present. Through its employee volunteer initiative Good Trip, McDonald’s shared feel-good moments with the teachers of Andres Bonifacio Elementary School in Tondo, Manila through a celebration themed “Teacher, Ikaw Naman!” (Teacher, It’s Your Turn!) featuring games, surprises, and memorable experiences dedicated to educators. One of the educators who joined the celebration was Josephine Espiritu, a retired teacher-librarian who devoted 39 years to public school service. Throughout her career, she taught different grade levels while managing library responsibilities and accepting additional teaching assignments. Reflecting on the importance of the profession, she shared, “Iba ang teacher talaga. Walang engineer, walang doctor ... kung walang teacher. It’s the noblest profession.” (Teachers are truly in a unique position—there will be no engineers, no doctors, without teachers. It is a noble profession.) The appreciation shown during National Teachers’ Month is part of McDonald’s Philippines’ broader commitment to education, carried forward throughout the year in partnership with its charity of choice, Ronald McDonald House. McDonald’s Philippines and Ronald McDonald House partner with local government units to establish Ronald McDonald Bahay Bulilit Daycare Centers, which provide preschool children with safe spaces to learn, play, and socialize. Today, 60 Bahay Bulilit daycare centers operate across the country, supporting early childhood care and development. Employee volunteers also participate in DepEd’s Brigada Eskwela each year, helping clean and repaint classrooms in preparation for the opening of classes. To date, McDonald’s Philippines’ education programs have reached at least 13.2 million students, 14,500 schools, and 30,000 teachers, reflecting a sustained effort to strengthen learning environments and expand educational opportunities. The impact of education is built on countless moments of care. McDonald’s Philippines believes in making room for these feel-good moments beyond the classroom and beyond National Teachers’ Month.

Hakuhodo International PHL supports connections between Japanese sports groups, PHL companies

HE Japan-Philippines Sports Business Networking Day 2026, held as part of a project commissioned by Japan’s Ministry of Economy, Trade and Industry (METI), brought together key players from Japan’s professional sports industry and the Philippine business community to explore new opportunities for partnership and collaboration at Dusit Thani Manila. Organized by METI, with event management by Hakuhodo Japan and local support from Hakuhodo International Philippines (HIP), the event gathered approximately 80 representatives from Japanese sports organizations, Philippine companies, government agencies, and other industry stakeholders. With its strong sports culture, engaged fan communities, growing consumer market, and close ties with Japan, the Philippines offers opportunities for Japanese sports organizations looking to expand in Southeast Asia. The growing presence of Filipino athletes in Japanese professional leagues further strengthens the connection between the two countries. The event brought this relationship into the business space, highlighting how sports can create opportunities beyond competition. Nine Japanese sports leagues, professional clubs, and sports-related organizations participated, representing football, basketball, baseball, and other fields. These included B.LEAGUE, Levanga Hokkaido, Gunma Crane Thunders, Tokyo Sunrockers, Utsunomiya Brex, Chiba Jets, DeNA Sports Group, Gamba Osaka, and Vissel Kobe.

They were joined by Philippine companies and organizations from travel and tourism, hospitality, transportation and logistics, banking and financial services, technology, media and entertainment, real estate, sports, and lifestyle. Following METI’s opening remarks and presentations from participating Japanese organizations, attendees took part in one-on-one business matching sessions based on mutual interests, followed by open networking. Discussions highlighted potential collaboration opportunities in areas such as brand sponsorships, athlete partnerships and endorsements, tourism and VIP sports experiences, youth and grassroots programs, licensing and e-commerce, content and media partnerships, CSR and sustainability initiatives, and sports-led events and activations. Hakuhodo Japan handled overall event management and engagement with participating Japanese sports organizations, while HIP led Philippine-side development, using its local market knowledge and relationships to engage relevant businesses and stakeholders. Together, their efforts created a platform for crossborder conversations and potential business relationships between Japan and the Philippines. The Japan-Philippines Sports Business Networking Day 2026 demonstrated how sports can serve as a starting point for stronger connections, new conversations, and potential partnerships across industries and local communities.

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Ten unconventional soft skills for communicators to hone from Forbes

1. Adaptability and Flexibility. This is the ability to pivot quickly in a fast-paced environment, platforms, and shifting demanding client needs. “A versatile skill set and eagerness to learn to do things you weren’t hired for is key to successfully navigating the fluid communications landscape,” says Nhu Khue Ngo, of OSK New York, Inc.

2. Proactive Motivation and Drive. This is a passionate, proactive approach to seizing opportunities, going beyond the basic job description to secure results. After all, as Ayelet Noff of Sliced Brand observes, “PR isn’t a rocket science, but it is. You need to have the determination to constantly learn what

BPI CELEBRATES 175 YEARS OF HELPING BUILD A BETTER PHILIPPINES THE Bank of the Philippine Islands (BPI) marked its 175th anniversary on August 1, 2026, celebrating nearly two centuries of banking excellence, earning the trust of generations of Filipinos, and helping build a better Philippines through inclusive and sustainable banking. “For 175 years, BPI has stood alongside generations of Filipinos through every milestone, challenge, and opportunity,” said TG Limcaoco, President and CEO of BPI. “Our history is defined not only by being first, but by continuously serving our customers and contributing to the country’s progress. As we look ahead, we remain

committed to empowering more Filipinos through innovation, financial inclusion, and sustainable growth.” Established on August 1, 1851 as Banco Español-Filipino de Isabel II, BPI is the first bank in the Philippines and the oldest in Southeast Asia. It was renamed Banco Español-Filipino in 1869 before becoming the Bank of the Philippine Islands in 1912. BPI has remained at the forefront of the country’s economic development, withstanding crises such as revolutions, market disruptions, and natural disasters, while supporting the nation’s recovery; and continuously evolving to meet the changing needs of Filipino individuals, businesses, and communities.

Doing more by leading the way FROM introducing the Philippines’ first banknotes in 1855 to launching the country’s first 24-hour automated teller machine (ATM) in 1982, and online banking at the

AKKI JOHN | CANVA

S communicators, we never stop learning. Based on Forbes Agency Council insights, the most essential skills for public relations that professionals focus on are a mix of proactive “soft” skills and digital adaptability. While hard skills—which involve technical training that’s important in this age of AI, soft skills also have their place. These are interpersonal “people skills” that shape how you interact with others, manage tasks and fit into a work culture. Here, Forbes lists top 10 skills for professionals, reflecting the evolving landscape. It also lists advice from members from members of the Forbes Agency Council, who know that PR is all about building genuine relationships.

works with media and be proactive in seizing opportunities when they appear.”

3. Strategic Thinking and Systems Thinking. “PR can be a powerful tool when used strategically,” says Valerie Chan of Platform PR. It’s not about tactics it’s about asking “What are we trying to achieve.” At the same time, Systems Thinking is also crucial. Beyond traditional PR skills, this enables one to “identify potential issues early, as well as create holistic strategies, and build crossfunctional relationships to drive integrated solutions” says Kathleen Lucent of Red Fan.

4. Emotional Intelligence (EQ) and Empathy. The ability to read the room, understand audience emotions, and build meaningful, empathetic relationships is invaluable, says Anthony Chiaravallo of Vallo Media. Likewise, Empathy is highly valued as a soft skill today. Cristena Garduno of Media Culture says one can emphasize this expertise by showing how they ef-

start of the millennium, BPI has consistently led the transformation of Philippine banking. Most recently, it became the first private universal bank in the country to permanently waive both InstaPay and PESONet transfer fees for interbank fund transfers, helping accelerate digital payment adoption and make banking more accessible for millions of Filipinos. BPI is also the first universal bank to run a barcode-based cash deposit transaction in a retail store, bringing banking services even closer to communities through its expanding Agency Banking network. Today, BPI continues to build on this legacy of innovation and leadership. For the first half of 2026, the Bank posted P32.8 billion in net income while growing its total assets to P3.7 trillion, loan portfolio to P2.7 trillion, deposits to P2.8 trillion, and total equity to P482.6 billion, underscoring the strength of its fran-

fectively negotiated delicate circumstances or created messages that connected profoundly with a certain audience.”

5. Perseverance and Resilience. Maintaining “grit” and creative persistence in a noisy media landscape may initially not always succeed. These are vital, yet often overlooked soft skills. “We value those who stay committed, creatively adapt their strategies and demonstrate true grit,” says Susan Thomas of 10Fold Communications.

6. Audience-Focused Communications. Tailoring messaging to specific audiences helps build trust and ensure the message resonates profoundly. We would talk differently, for example to boomers and GenZs, and that makes all the difference.

7. Decisiveness and ProblemSolving Agility. Things can be unpredictable for PR pros as they navigate their daily work. That’s why it’s important to confidently make decisions to

chise and the continued trust of its customers.

Doing more for the Philippines BPI serves millions of Filipinos through 1,242 branches, 2,219 ATMs and 377 cash accept machines, and an expanding digital ecosystem that includes the BPI App, VYBE by BPI, BPI Trade, BPI Wealth, BizLink, BizKo, and BanKo Mobile App. Complementing its physical and digital channels is the Bank’s growing Agency Banking network, which extends access to financial services through more than 7,000 retail partner stores nationwide. These partner stores enable Filipinos to conveniently open accounts and apply for BPI products in places they already frequent, such as grocery stores, pharmacies, and gas stations. Today, 1,369 partner stores also offer cash deposit and withdrawal services, bringing essential banking transactions closer to communities.

manage crises, seize opportunities, and solve problems without constant oversight. “Confident decisions drive momentum and manage crises before they escalate ensuring timely results,” says David Racine of Punch PR. “It can be the difference between earning a headline and missing an opportunity.” Likewise, Stefan Pollack of the Pollack Group believes that aspiring PR Pros should “highlight and demonstrate a learning mindset, intellectual curiosity, and the ability to ask insightful questions to showcase their alignment with values of continuous growth and support.”

8. Digital Literacy and Technological Savvy. Yes, this matters. Proficiency in navigating new digital tools, platforms and AI enhance productivity and strategy is essential for communicators.

9. Curiosity and Lifelong Learning. It’s important to never stop learning. A commitment to continuous learning allows

Doing more for sustainability SUSTAINABILITY remains central to BPI’s long-term strategy. The Bank recently reached a significant environmental milestone with 100 branches now fully powered by 100% clean energy, reinforcing its commitment to reducing its operational carbon footprint and embedding sustainability into its day-to-day operations. Beyond its own footprint, BPI continues to mobilize capital toward projects that generate positive environmental and social impact through programs such as Sustainable Development Finance (SDF) as well as Micro, Small, and Medium Enterprise (MSME) lending. BPI SDF is known as the first and only sustainable finance solution in the Philippines to offer free technical and financial evaluation from IFC-trained and accredited consultants. Meanwhile, BPI’s MSME loan portfolio has been growing exponentially, as aided by phygi-

one to stay updated with media trends and new technologies.

10. Relationship Building and Maintenance. Fostering long-term connections, including old-fashioned relationship building skills like personalized follow-ups, remembering birthdays make one stand out. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com. For more insights and updates on public relations, follow PR Matters by IPRA Philippines on Tiktok, Youtube, Instagram and Facebook.

tal banking solutions. For decades, BPI has also extended its impact beyond banking through BPI Foundation, its social development arm. The Foundation advances inclusive and sustainable development through programs in financial wellness, education, and social entrepreneurship. To date, it has empowered more than 5.6 million beneficiaries nationwide, collaborated with seven partners, and conducted financial education programs reaching over 5 million Filipinos. As BPI celebrates its 175th anniversary, it remains steadfast in its purpose of helping build a better Philippines—one family, one community at a time. Anchored by a legacy of trust and innovation, and guided by its commitment to sustainability and inclusive growth, the Bank looks ahead with renewed purpose, continuing to empower Filipinos, support businesses, and create lasting value for generations to come.

Monday, November 2, 2026

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Cebu MSMEs harness AI for growth

By Carmel Pedroza

EBU CITY—Cebu-based micro, small, and medium enterprises (MSMEs) are increasingly turning to artificial intelligence (AI) and data analytics to optimize customer service, streamline daily operations, and gain a competitive edge in a rapidly evolving market. The push toward AI integration was highlighted during the Grab Asenso Digital Diskarte Caravan held last week at Baseline Citadines. The initiative, led by Grab Philippines, aims to equip local entrepreneurs with practical digital tools, ranging from product photography and digital marketing to AI-powered analytics. Local business leaders shared how data insights are shifting operations from simple online presence to high-efficiency decisionmaking. For Patrick Henry Corpuz, man-

aging director and partner of Abaca Group, integrating fragmented customer data remains a primary operational hurdle. Operating 50 branches in 12 districts since partnering with Grab in 2020, Abaca currently collects feedback in messaging platforms, Google reviews, and the Grab app through manual processes. “We have a manual intervention gathering all of that data,” Corpuz said, noting that the group is exploring API solutions and integrated dashboards to centralize customer sentiment.

Grab’s proposed Merchant AI system aims to automate this process by generating consolidated performance reports directly from merchant data, allowing restaurant operators to track store-level accountability and focus on core operational decisions. Corpuz added that platform data has directly shaped product strategies, leading to the creation of virtual brands under Abaca Eats and menu adjustments optimized for delivery durability. “The Grab app is probably the most efficient way of communicating the feelings of our guests,” Corpuz stated.

Innovation, quality control

WHILE AI promises speed and efficiency, local merchants emphasize a measured approach to tech adoption. Rachel Yang Lim, owner of Cebu’s Dessert Factory, welcomed AI tools but stressed the importance of protecting product standards and customer experience. “I think it will help us substantially... But of course, with AI, we also need to be cautious about it because it’s not yet perfect,” Lim said. “AI is the next frontier for every business, and we are excited

to learn how these tools can help us serve our customers better without ever compromising on quality.” Dessert Factory, a Grab partner since 2019, used digital delivery tools to maintain revenue during pandemic restrictions while expanding its customer base for signature offerings like its Red Velvet Cake, New Yorkstyle cheesecake, and healthconscious sugar-free selections. The Cebu event forms part of a broader nationwide push. Grab Asenso learning caravans and merchant masterclasses have reached 10 cities, including Bacolod, Iloilo, Cagayan de Oro, Baguio, and Puerto Princesa, with plans to expand to Pampanga and other key provinces. Cebu City Mayor Nestor Archival endorsed the program, noting that enhanced digital access helps local entrepreneurs expand their market reach, bolster the local economy, and generate sustainable jobs. Beyond traditional food delivery, Grab is expanding merchant services to physical storefronts by rolling out dine-out promotions, exclusive in-store deals, and tap-and-scan digital payment integrations.

Culinary Capital steps onto world stage By Ashley J. Manabat

LARK FIELD, Pampanga—Long celebrated as the undisputed Culinary Capital of the Philippines, Pampanga has officially cemented its place on the global gastronomic map. Four of the province’s beloved dining spots have earned coveted honors in the inaugural Michelin Guide Philippines, proving that local flavors can capture the hearts—and palates—of international food critics. During a glittering ceremony in Manila late last week, the Michelin Guide unveiled its 2027 selection, featuring 127 standout establishments across Metro Manila, Cavite, Pampanga, and Cebu. Among them, Pampanga’s dining institutions shone brightly.

Good food, great value

LEADING the local contingent are Apag Marangle in Guagua and Tito Boy in the Clark Freeport Zone, both awarded the prestigious Bib Gourmand distinction—an honor reserved for restaurants serving high-quality cuisine at exceptional value. For Apag Marangle, known for its immersive farm-to-table Capampangan dining experience, and Tito Boy, celebrated for its modern, flavorful take on local comfort food, the award highlights a shared commitment: delivering soul-satisfying meals without compromising on accessibility. Adding to the celebration, Tito Boy’s service team took center stage as Clyde Joshua Zafra received the Michelin Guide Service Award, recognizing outstanding hospitality

and dedication to the guest experience.

Celebrating local heritage

ROUNDING out Pampanga’s honorees are Souq in the City of San Fernando and the legendary Mila’s Tokwa’t Baboy in Angeles City, both officially named as Michelin Selected establishments. The recognition for Mila’s—famous for pioneering the iconic sizzling sisig and crispy tokwa’t baboy—underscores how humble, time-tested heritage cooking stands shoulderto-shoulder with modern culinary concepts like Souq’s artfully curated comfort dishes.

Milestone

THE nationwide guide marks a monumental moment for Philippine dining, featuring one two-star restaurant (Helm), nine single-star establishments (including Toyo Eatery, Gallery by Chele, and Asador Alfonso), 31 Bib Gourmand spots, and 86 Michelin Selected venues. Special honors were also bestowed on Francis Lacson of Digámo (Young Chef Award) and Rob Job Sanchez (Exceptional Cocktail Award). First published in France in 1900, the Michelin Guide relies on anonymous inspectors to assess dining establishments worldwide. While Michelin Stars represent peak culinary precision, the Bib Gourmand and Selected categories celebrate authenticity, consistency, and passion. For Pampanga, this international recognition is more than a list of awards—it is a testament to generations of culinary craft, drawing global food enthusiasts to experience the rich flavors of the province.

Protecting skinAnti-scam and the law BSP’sMagwai: Elmore Capule on AFASA: Freshly encourages people to trust the banking system Earth through reef-safe personal care Brewed

C F

By Francine M. Marquez

By Francine Medina

ARING for ourselves need not inancially challenging times call for measures to come at the expense of the Freshly Brewed protect hard-earned funds or at least keepplanet. cash safe Asbank. consumers become more in the However, times like these also come with unscrupulous of entities to exploit people throughof conscious theseeking environmental impact illegal means. The Anti-Financial Account Scamming Act their purchases, brands are finding ways (AFASA) was enacted to combat fraud and scams. to make sustainability part of everyday routines, including personal care. It was signed into law as Republic AFASA began before the Covid-19

Act No. 12010 on July 28, 2024, to combat the misuse of financial For Filipino brand Magwai,scams. this meansThe developing accounts in online law products that protect both theinstitutions skin and the environmandates financial to ment, while encouraging consumers to make simple, implement safeguards. practical changes in their habits. Recently, the daily law’s implementing In a recent episode of “Freshly Busirules and regulations wereBrewed,” finalized, nessMirror’s podcast, Denise marketwith the weekly Bangko Sentral ngSze, Pilipinas ing manager of Magwai, shared how therole brandinis (BSP) playing a significant making marine-friendly personal care more accestheir implementation. sible and sustainability must go hand inlaw, hand Towhy understand this with product quality. Banking and Finance BusinessMirror Magwai,Dennis or Magwayen Organics Inc.,sat is a Philippine editor Estopace down personal care brand foundedGovernor in 2016 by CzarElmore Carbonel with BSP Deputy O. Maffy Capule to discuss features and Tamayo. It launchedthe its first productsofin AFASA. 2017, followed by its reef-safe sunscreen in 2018. is a longtime TheCapule brand was conceived with the goal oflawyer helping of BSP. head of the Office reduce plasticHe andwas chemical pollution entering the of the General Counsel and Legal oceans. It began with reef-safe sunscreen and eventuServices 2013 ally expanded itsinproduct line toand include became plastic-free DeputyandGovernor 2016. packagshampoo conditioner ininbiodegradable He led bill ing, towels madethe frompush recycledto PEThave bottles,the and soap approved. Estopace dishes crafted fromWhen upcycled plastic waste. asked how law came about, Capule “All ofthe our products are designed to encourage explained that the move to have an

pandemic. The original bill, the Financial Accounts Circulation easy, simple switches thatby youthe can make in your Act, was proposed Bankers’ daily routines,” Sze Association ofsaid. the Philippines. “Social engineering scams Protecting marine biodiversity existed at that time, but it wasn’t WHEN Magwai was conceptualized a decade too rampant then. nearly However, ago, reef-safe sunscreen unheardtoof the bankers had was thepractically foresight in the Philippines. Although the subsequently product was already draft a bill that was gaining recognition the United and in masubmitted to inthe BSP States for review. rine-protected destinations as Hawaii and Palau, We decided that itsuch was important the founders saw an opportunity to introduce an enviand emerging,” he recalled. ronmentally to the local market. “In conscious the alternative banking world, The Philippines’ tropicalfast. climate, everything moves It where was sun a minor but we decided it protectionconcern, is an everyday necessity, also presented was time to act. ThenMore we importantly, had the a viable business opportunity. pandemic.” the country is at the heart of the Coral Triangle, a The disruption hastened marine region known for its rich diversity ofthe coral digital Payment species, fish,transformation. and other marine wildlife. apps and online banking “We believe Filipinos feel a personal became passion or a the normal, he related. sensenew of stewardship to protect what we have and to “The levelof our ofcoral the magnitude maintain the colors reefs,” Sze observed. of However, payments developing increased. a sunscreen that isOur both electronic payments in retail comes are effective and environmentally responsible 55 percent now. Can you imagine

Denise Sze, Marketing Manager of MAGWAI

Justine Xyrah Garcia, BusinessMirror’s BusinessMirror's Banking and Finance Macroeconomy reporter

BSP Deputy Governor Elmore O. Capule

editor Dennis Estopace

Denise Sze, Marketing Manager of MAGWAI, talks about the brand that started with reef-safe sunscreen with Justine Xyrah Garcia, BusinessMirror’s Macroeconomy reporter.

BSPchallenges. Deputy Governor Elmore O. Capule talks about guarding against financial scams with BusinessMirror's Banking andconsumers, Finance with The brand also emphasizes product performance. To address this, the brand encourages editor Dennis Estopace. Unlike the lightweight, watery formulations popIts reef-safe sunscreen is described as lightweight, through its product labels, website, and social media ular among consumers, particularly those influenced non-greasy, and dermatologically tested, while its platforms, to return clean and empty tubes to partner that is?”and hesocial observed, gathered all these at will not able to get including the cash byhow Koreanbig beauty brands media trends, shampoo bar is formulated to matchinsights the hair’s natural recycling andbe upcycling facilities, Theback Plastic Along with in BSP and included them in the due to(The the secrecy law. The reef-safe sunscreens tend tothe have agrowth thicker consispH without stripping or drying it out. Flamingo Plaf)bank and Green Antz Builders. electronic proposed bill.isThat’s how AFASA money has have been tency and may leavetransactions, a more noticeable whiteonline cast. “The main point not sustainability. It’s the Partnerships alsotransferred enabled Magwaitotothat reach scams and digital fraud the have also transformed into is now.” scammer’s Sze acknowledged that improving product’s bonus. It’s the cherry on what top. It’sitwhat makes wider audiences account and supportalready.” organizations involved increased, he added: “Scammers As cleanups a former BSP wildlife lawyer, Capule formulation had been an important part of the people feel good about using the product after in coastal and marine recovery. follow the money. Kung naasan explained that are theMarine law Wildlife needsWatch to Adapting torealize thethattimes brand’s development. they have tried it and it’s good quality Among its partners . (They The Philippine bank secrecy law be relevant to the times. He said, yung pera, nandoon sila “We took that to heart. We went back to the lab. that they expect, perhaps even better than what of the Philippines, People and the Sea, based in are drawn to the (RA already 1405)currently was using,” enacted in 1955 “The lawCebu, is aandliving It The product team worked hard tomoney). reformulate itsItsun-is they’re Sze noted. Malapascua, Haribonorganism. Foundation. The likeso that highway robbery. and also recognizes known that as the Secrecy has to isgrow adapt changing screen it applies much better. And so,Where thanks This is approach consumers may company also a and member of theto global organizaarmored car passes by,andthe of Bank Deposits stipulates circumstances. initially be attracted by a Law. product’sItenvironmental tothe the consumers who pushed us to be better to tion 1% for the Planet. If a law signed in highway robbers are there.” that all bank deposits and certain the isn’t relevant benefits, but its quality and effectiveness ultimately prove that sustainability can coincide with good qualSze1960s considers collaboration essentialanymore, to advancing BSP advocates online investments confidential. It why keep initiatives, it? It should revised influence whether theyare will buy it again. ity andThe effective products,” she said. environmental particularlybe among organibanking andout electronic transactions prohibits disclosure or examination through thesimilar proper legislative and The brand also places importance on consumer She also pointed that sunscreen is not the leadzations that share objectives. it coralpromotes inclusion, by anyAccording person government judicial channels. Orabout else, education. to Sze,or Magwai’s social media ingbecause contributor to bleaching. Climate change, “What I find really amazing this people social imCapule stated. “But if scams abound, official except when the depositor will lose trust in the banking analytics show that its educational posts generate harmful fishing practices, and plastic pollution remain pact network or community is that unlike more trahowthreats cantowe encourage provides a written or system. We will behind.” strong engagement, indicatingpermission that audiences are major marine ecosystems.people to go ditional industries, we’rebe not left so overrun or motivated online if they are being scammed? by court order. law provides interested in learning moreThe about sustainability. by competitiveness. We have this mindset that if you The problem is escalating. So, the penalties foralso itsshares violation. Scams to avoid Making sustainability appealing The company content from orgasucceed, we succeed as a whole,” she said. original bill evolved into AFASA.” Although it is meant to protect Capule cites three main scams FOR Magwai, promoting an environmental cause nizations and other brands advocating similar was the equation. BSP General the depositor, bank secrecy law that AFASA aims to mitigate. is onlyWhen one part he of the business Getting causes, believing thatthe greater awareness benefits Measuring environmental impact Counsel, Capule has itssustainability downside, too, observed Committing a consumers to actually purchaseconvened and consistentlywith use the wider community. BEYOND developing these sustainablescams products,isMagall the alternatives main Central Bank approach. general Capule. “When a person is the criminal and theshould the sustainable requires a different wai also seeksact, to measure environmental counsels thefocuses region. They traded victim of scamming and reports the accused convicted, penalties Sze said thein brand on three key considerThe value of partnerships benefits of itsbe initiatives. notes about efficacy, lessons learned and incident the police, that person range fines to imprisonment. ations: sustainability, and accessibility. ONE of the to challenges facing businesses that Citing from supporting research, Sze noted that a single best is directed to report the matter Social This Ratherpractices. than expecting consumers to seek out enwant to adopt sustainable practices is the costto of drop of oxybenzone,engineering. a chemical UV filter associated “We discussed how they were their bank.”friendly packaging. For Magwai, scheme vironmentally friendly products, Magwai makes an environmentally with harm to involves coral reefs, candeceiving contaminate anand area helping theirwhere citizens what “Theystill willcomes be asked the an bank, manipulating a victim effort to meet them they shop and and introduce its sunscreen in plasticattubes, area equivalent to 6.5 Olympic-sized swimmingto pools.get legal tools were using to ‘Howit continues did you get ways scammed?’ control the person’s andof alternatives that can fitthey easily into their routines. where to explore to improve. ‘I Magwaiof estimates that everypersonal 60-gram tube combat scams and fraud. We divulged my PIN.’ The complainant financial information. The victim

its sunscreen can help protect approximately 18,000 receives text message informing square meters ofacoral cover. them that money in a Its shampoo barsthey also offerwon an alternative to convenrandom raffle While draw. To receive the tional plastic packaging. a 100-milliliter shampoo cash prize, is one required bottle typically laststhe 20 tovictim 22 washes, Magwai to deposit cashup to into a disclosed shampoo bar can provide 80 washes, potentially account. The victim is asked to replacing four plastic bottles. provide personal information such The brand shares these figures through an annual as bank PINs. initiative calledaccount the Magwainumbers Wrap, whichand presents its “Before theenvironmental victim realizes it, sales data and estimated contributions, there is no toprize the thieves allowing consumers see howand their purchases support have accessed its sustainability goals. the former’s bank funds,” Capule With a presence in 400warned. stores nationwide, as well Money muling. An extension as online and in resorts and sustainability stores, of social engineering schemes, the Magwai sees growing opportunities for sustainable victim to deposit money in personal careisinasked the Philippines. another account. A Sze observedperson’s that eco-consciousness hasmoney become mule misleads victims into more prominent since thefraud brand was established. Its depositing the moneywith into their business-to-business partnerships five-star reaccounts. sorts and leading retailers, which use its products as Economic sabotage. “If amenities, also reflect increasing interest in sustainsocialwithin engineering scheme ablethe alternatives the hospitality sector. involves three or morecreate victims, Government initiatives are helping a more then that is considered economic supportive environment for sustainable businesses. and isof Trade non-bailable,” Shesabotage cited the Department and Industry’s Capule MSME Hub, clarified. which showcases local and socially “The lawand sounds complicated, responsible brands, the Extended Producer Rebut when you study it is sponsibility Act, which requires coveredit,enterprises actually simple. But, ofwaste. course, to recover and divert plastic packaging we give it some legal wording,” he stated. Small steps, bigger impact assured the practices public AS moreHe Filipinosalso adopt simple environmental that the reusable BSP shopping is vigilant about such as bringing bags and carrying implementing AFASA their own water bottles, Sze encouragesregulations consumers to hasin reducing mandated financial takeand further steps waste. institutions tois implement advanced One practical action proper waste segregation, parfraud prevention and materisk ticularly separating recyclablesmeasures from biodegradable systems. Financial rials.management Consumers can also clean and collect plastic bottles institutions fail facilities. to apply before bringing them tothat nearby collection requisite risk that management systems She emphasized recycling initiatives do willthan bereduce heldwaste. accountable for fraud more They also support livelilosses. By Juneinvolved 2026,inSMS, email, hoods in communities collecting, proand and OTPs for high-risk cessing, repurposing discardedtransactions materials. will phased waynext to “Whobe knows, maybeout if youtodo give take these more methods such asa multisteps, yoursecure trash might end up becoming Magwai factorSze authentication, “no password” product,” quipped. logins, and biometrics. For Magwai, sustainability is not about making dras• changes Watch outconsumers for Part 2 of tic lifestyle or asking to compromise onDennis the products Estopace's they use. It is aboutconversation introducing practiGovernor calwith alternativesBSP that makeDeputy responsible choices easier to Elmore O. Capulethattoday 10 embrace—and demonstrating caring forat personal a.m. on BM's FB YT channel. well-being and protecting theand environment can be part For the fullroutine. conversation, watch of the same everyday the episode on Business Mirror’s YouTube channel. Catch s YouTube fresh ● Watch the full interview on BusinessMirror’ episodes “Freshly Brewed” channel. Catch newof episodes of “Freshly Brewed” every every 10 a.m. on channel, BM’s Monday at 10Monday, a.m. on BusinessMirror’s YouTube website and other social media Facebook page, and website. platforms.