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Next wave of inflation to be ‘broader, stickier’ By Andrea E. San Juan

NLIKE April’s fuel-driven spike, the second wave of inflation, which could start in September, is expected to be “broader and stickier”—driven by food, labor costs, and more, according to a bank economist. In a commentary on Thursday, Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr. said there may be “a potential double peak” in inflation, as he explained that headline inflation is seen to quicken to 6.9 percent in September. If realized, this would end four straight months of easing and

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mark the highest reading since April’s 7.2 percent peak, Neri said. “September’s rebound could mark the start of a second inflation peak, with inflation potentially breaching 7 percent in the coming months,” the BPI lead economist said. “Unlike April’s fuel-driven spike, the second wave is likely broader and stickier, driven by food, labor costs and more,” added Neri. This year, inflation peaked at 7.2 percent in April, but it started easing to 6.8 percent in May; 6.4 percent in June; 6.2 percent in July, and 6.1 percent in August. Neri said food likely drove much

of the increase in September as Habagat-driven monsoon rains and flooding disrupted the supply and transport of perishables, lifting prices of vegetables, fruits, and fish. “Rice prices also remained firm, while transport costs added to the pressure as fuel relief proved short-lived,” added the lead economist of BPI. Meanwhile, he explained that the “reprieve” from pump prices early in the month was offset by successive price hikes beginning in the second half of September, as renewed tensions in the Middle East pushed global oil prices higher.

However, he said utilities provided only a partial offset. Neri indicated that the “fuller impact” of the September 28 fare hikes may become apparent in the October inflation reading, while wage increases could “reinforce second-round price pressures.” He explained further that unlike fuel prices, fares and wages are less likely to “reverse,” making inflation “harder to unwind.”

Upside risks

UPSIDE risks, meanwhile, include a potential Super El Niño, volatile oil prices amid Middle East tensions, peso weakness, and the See “Inflation,” A2

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2027 GROWTH AT RISK FROM EL NIÑO–DBCC www.businessmirror.com.ph

Friday, October 2, 2026 Vol. 21 No. 353

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

By Justine Xyrah Garcia

HE Philippines’s expected economic growth recovery in 2027 could face another hurdle if El Niño intensifies as projected, according to the Development Budget Coordination Committee (DBCC). In its 2027 Fiscal Risks Statement, the DBCC identified intensified El Niño events among the downside risks to growth, noting that the weather phenomenon could be the strongest in 140 years and significantly affect agricultural productivity next year. The DBCC earlier trimmed its growth target for 2026 to a range of 3.5 percent to 4.5 percent, from the previous 5 percent to 6 percent. For 2027 to 2030, the government expects growth to recover to 5 percent to 6 percent, although

this is lower than its earlier targets of 5.5 percent to 6.5 percent for 2027 and 6 percent to 7 percent for 2028. “Growth may further weaken” if disruptions arising from strong El Niño events persist, alongside uncertainties over the fragile peace agreement between the US and Iran, and the lingering effects of recent corruption issues, the DBCC said. The interagency body also noted that the Philippine Atmospheric, Geophysical and Astronomical See “Growth,” A2

PALACE REVERTS MILE-LONG LOT TO PRIVATIZATION OFFICE By Samuel P. Medenilla

O expedite the privatization of the controversial Mile-Long Property, President Ferdinand Marcos Jr. reverted the administration of the 22,924-square meter land in Makati City to the Privatization and Management Office (PMO). Last Wednesday, the chief executive issued Administrative Order No. 50, which abolished AO No. 20 and ordered the Bases Conversion and Development Authority (BCDA) to return the property to PMO as the government prepares to sell the prop-

erty subject to the approval of the Privatization Council. “Upon reversion, the PMO is directed to undertake the expeditious disposition of the Mile-Long Property, including the preparation and implementation of a privatization plan, in accordance with EO [Executive Order] No. 323 [s. 2000] and other applicable laws, rules, and regulations,” Marcos said in AO 50. The President made the new issuance upon the recommendation of the Department of Finance (DOF) as part of the See “Mile-long,” A2

IMPEACHMENT WATCH, DAY 32 | DEEDS IN THE DETAILS Atty. Kathy Florence Baldonado, Register of Deeds IV of Davao City, and Atty. Marco Pineda, Deputy Register of Deeds III of the City of Samal, take the witness stand on Day 32 of the impeachment trial of Vice President Sara Duterte at the Senate in Pasay City on Thursday, October 1, 2026. The two officials testified as the House prosecution presented property records involving Duterte’s husband, Atty. Manases Carpio, in connection with allegations under Article II of the Articles of Impeachment. ROY DOMINGO-SPPA POOL

EL NIÑO WATCH | KEEPING THE DRUMS FULL Plastic containers are displayed for sale along Commonwealth Avenue in Quezon City on Thursday, October 1, 2026, as vendors report a recent increase in customers amid growing concerns over a possible El Niño and its potential impact on water supplies. (Inset) At the University of the Philippines Institute of Environmental Science and Meteorology in UP Diliman, assistant professor and UP Resilience Institute Education Division Director Bernard Alan B. Racoma, PhD, points to the projected position of El Niño and warns of a possible water shortage as the climate pattern develops. El Niño, marked by unusually warm sea-surface temperatures in the central and eastern tropical Pacific, can reduce rainfall in the Philippines and increase the risk of water shortages. Racoma said water replenished in dams by monsoon rains last month may account for much of the available supply unless a typhoon brings additional rainfall—a scenario he said is highly unlikely during El Niño. NONOY LACZA

PHL factories feel oil shock as PMI falls to 49.6 By Bless Aubrey Ogerio

HILIPPINE manufacturers faced a renewed contraction in September as weak demand and international competition weighed on production, even as rising oil prices translated into a relatively softer increase in overall input costs, Standard & Poor’s (S&P) Global Market Intelligence said. The Philippines Manufacturing Purchasing Managers’ Index (PMI) fell to 49.6 in September from 54.9 in August, marking the first deterioration in operating conditions in the goods-producing sector since April. 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. S&P Global said manufacturers reported weaker demand and intensified international competition during the month, while high oil prices added to operating pressures. New orders declined marginally at the end of the third quarter, reversing four consecutive months of growth. New export orders also fell, with surveyed firms citing higher prices and competition as

factors discouraging purchases. The weaker demand also prompted manufacturers to scale back input buying for the first time since May and reduce inventories, the firm said. Backlogs also fell at their fastest pace since April as lower orders eased pressure on production capacity. The slowdown spilled into employment, with manufacturers recording a fresh round of job cuts, although the decline in staffing was slight. Despite the increase in oil prices, input cost inflation eased in September. “Greater operating expenses were linked to unfavorable exchange rate movements against the US dollar and higher oil prices. The rate of input price inflation was historically muted and the slowest

for three months,” S&P Global said. Manufacturers, however, raised selling prices at a faster pace as they sought to pass higher costs on to customers. S&P said the increase remained below the survey’s long-run average. It also added that efforts to protect margins contributed to the sharper rise in selling prices. Higher oil prices were also cited as a factor behind worsening supplier performance, with transportation and logistics disruptions lengthening input delivery times sharply. The delays were among the most significant recorded in nearly two years, according to the report. For S&P, the combination of weaker demand and limited pricing power also weighed on manufacturers’ outlook. They remained See “PMI,” A2

PESO EXCHANGE RATES n US 62.6010 n JAPAN 0.3978 n UK 83.0778 n HK 7.9788 n CHINA 9.3344 n SINGAPORE 49.0296 n AUSTRALIA 43.4764 n EU 70.9395 n KOREA 0.0461 n SAUDI ARABIA 16.6732 Source: BSP (October 1, 2026)

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A2 Friday, October 2, 2026

Oct freight won’t be smooth sailing for PHL–Dimerco Continued from A9

They should also confirm equipment early and build additional time into delivery schedules. Dimerco is also monitoring possible changes to US Section 301 tariffs affecting Asia-Pacific trade, the extension of the US-China trade truce to January 10, 2027, post-Golden Week capacity reductions and Panama Canal water levels that could affect capacity in the first quarter of next year. For China-Europe shipments, the company said rail remains an alternative, with transit times of about 15 to 24 days, although truck restrictions during China’s National Day holiday could constrain first-mile capacity in early October.

Growth…

Continued from A1

Services Administration (Pagasa) put the probability of the El Niño condition intensifying in the latter months of 2026 at more than 60 percent, with the phenomenon potentially continuing until early 2027. The warming is expected to peak in the first quarter of 2027, according to the report.

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Metro Mla LGUs to resume NCAP enforcement Oct. 5

By Claudeth Mocon-Ciriaco

OME local government units (LGUs) in Metro Manila will be resuming the No Contact Apprehension Policy (NCAP) starting October 5.

The LGUs that will reimplement the NCAP are: Manila, Quezon City, Valenzuela City, Parañaque City, San Juan City and Muntinlupa City. The MMDA NCAP utilizes CCTV, digital cameras and/or other gadget or technology to capture videos and

images to apprehend vehicles violating traffic rules and regulations. In July, the Supreme Court dismissed for being moot the consolidated petitions assailing the constitutionality of the NCAP being implemented by local government

The DBCC said the weather phenomenon could bring below-normal rainfall, prolonged dry conditions and above-normal temperatures, potentially affecting agriculture, water, energy and health. It said the conditions could also contribute to heat-related illnesses, water shortages, lower agricultural productivity, and power supply constraints, requiring timely government intervention and additional resources. Beyond its impact on growth and

food supply, the DBCC said a severe El Niño could create broader fiscal pressures. “It will inevitably result in contraction in agricultural productivity, shrinking the tax base through direct production losses and indirect economic disruption,” the DBCC explained. The resulting increase in food inflation could also prompt the National Government to raise spending on emergency subsidies and social protection programs to stabilize

units in Metro Manila. In a 33-page decision penned by Associate Justice Rodil Zalameda, the Court en banc also lifted the temporary restraining order (TRO) it issued on August 30, 2022 enjoining the City of Manila, Quezon City, Valenzuela City, Paranaque City, Muntinlupa City, and the Land Transportation Office from implementing NCAP. The TRO was issued in response to the plea of petitioners Kilusan sa Pagbabago ng Industriya ng Transportasyon Inc. (Kapit), Pangkalahatang Sangguniang Manila and Suburbs Drivers Association Nationwide (Pasang-Masda),

Alliance of Transport Operators and Drivers Association of the Philippines (Altodap), and Alliance of Concerned Transport Organization (Acto) and lawyer Juman B. Paa. Implemented in 2016, NCAP was conceptualized to supplement the presence of MMDA Traffic Enforcers. Aside from the fact that there are still places not covered by CCTVs, the No Contact Traffic Apprehension was designed to catch moving violations, thus leaving the apprehension of administrative offenses to MMDA constables.

prices and support rural workers, potentially reducing the fiscal space available to respond to other shocks, it added. Beyond El Niño, the DBCC also flagged volatile global trade policies and geopolitical tensions as risks that could disrupt supply chains. Higher-than-expected wage hikes, transport fare increases, and utility rate adjustments could also raise business costs, it said. To limit the economic damage, the government plans to strengthen water and irrigation management and ensure a functioning flood-control system as

part of its response to El Niño. The Marcos administration should also strengthen disease surveillance and heat-health measures, preposition medical supplies, and intensify public information campaigns to address potential health and safety risks, the DBCC said. According to DBCC, the National Government will continue monitoring developments related to El Niño and coordinating with relevant agencies to ensure that sectoral interventions are aligned and that the government is prepared to respond.

Inflation…

structural reforms. “With growth increasingly constrained by supply-side factors, a stronger fiscal reform agenda is needed to lift potential output and reduce the burden on monetary policy,” Neri said. In a statement on Wednesday, the central bank signaled that inflation in September could accelerate to as fast as 7.4 percent. If realized, this would be the fastest rate in over three years or since March 2023 when it reached 7.6 percent. The BSP said it projects September 2026 inflation to settle within the range of 6.4 to 7.4 percent. Still, heading towards either side of the spectrum would indicate that the inflation downtrend has come to an end. If inflation settles at the lower end of the range of 6.4 percent, it would mark the fastest pace in four months or since May 2026 when inflation was at 6.8 percent. In its latest Monetary Policy report, the BSP said it expects inflation to peak in the fourth quarter of 2026, due largely to the impact of El Niño and base effects. (See: https://businessmirror.com. ph/2026/09/14/oil-may-causeearlier-peaking-of-inflation/)

Continued from A1

pending ERC decision on Meralco’s rate reset. Given these recent developments, Neri sees the Bangko Sentral ng Pilipinas (BSP) maintaining a hawkish stance due to the renewed inflation and peso pressures as the pass-through from fare and wage increases lies ahead. The Monetary Board, the highest policy-making body of BSP, raised the policy rate to 5 percent in August, its third consecutive 25-basis-point hike. “This strengthens the case for further or possibly more aggressive tightening to anchor inflation expectations and support the Peso,” added Neri. Neri explained that a “strong policy action” would reinforce the BSP’s commitment to price stability. Meanwhile, he underscored the importance of placing greater urgency on the fiscal side to speed up infrastructure execution, improve agricultural productivity, strengthen energy security, and advance governance and other

AMLC gets freeze order on assets tied to kickbacks By Andrea E. San Juan

@andreasanjuan

HE Anti-Money Laundering Council (AMLC) said it has obtained another Freeze Order covering assets linked to a “prominent” lawmaker, a corporation, and several associated individuals and entities in connection with alleged anomalies involving flood control projects and a “broader government budget kickback scheme.” In a statement issued on Thursday night, AMLC said the Court of Appeals (CA), in a Resolution dated September 21,2026, issued the Freeze Order after finding probable cause that the assets are related to plunder under Republic Act No. 7080. “Financial investigation revealed that the individuals involved had no apparent operating revenues to support the scale of their investments,” AMLC noted. Funds associated with these investments, it added, were also moved through “multiple layers” involving individual intermediaries, corporations, bank accounts, a money service business, and a virtual asset platform. According to AMLC, the use of multiple recipients and financial channels “complicated” the tracing of the funds and increased their transactional distance from their alleged source. “The AMLC traced these transactions to funds allegedly associated with corruption and plunder cases involving the lawmaker,” the Council said. AMLC explained that the Freeze Order covers 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets.

Fintech as a channel for illicit transactions

“THE investigation highlights the increasing use of financial technology in transactions involving suspected illicit funds,” AMLC noted. In this case, it said funds flowed through virtual asset service providers and multiple virtual asset wallets, illustrating how “emerging” financial channels can be used to add layers to transactions and make the movement of funds more difficult to trace. The AMLC said it will continue working closely with partner agencies and financial service providers to identify, trace, restrain, and recover suspected illicit assets, while preventing the misuse of both traditional and emerging financial channels for corruption, money laundering, and other unlawful activities.

Palace reverts Mile-Long… PHL factories feel oil shock as PMI falls to 49.6 Continued from A1

government efforts “to optimize the utilization of public assets, enhance fiscal space, and support priority development programs.” It tasked the Department of Budget and Management (DBM) to study how the proceeds from the privatization of property will be appropriated.

DOF earlier said it is targeting to sell the property by the end of the third quarter of the year for P10 billion. The Sunvar Realty Development Corp., which is owned by the Rufino and Prieto clans, occupied the Mile-Long property through a lease agreement from 1982 to 2002. However, after the agreement lapsed, Sunvar continued to occupy the property until a court ordered it to vacate the property in 2017. The PMO took over the property before it was directed to transfer it to the BCDA by former President Rodrigo R. Duterte in 2020 through AO No. 20. AO 50 will take effect immediately after it is published in the Official Gazette or in a newspaper of general circulation.

Continued from A1

optimistic on output increase over the next 12 months, but confidence dropped sharply from August’s 21-month high to its weakest since January. Manufacturers, per Jones, were becoming less certain about their ability to maintain margins while competing in international markets. “The viability of continuing to absorb hikes in costs will be an important consideration in the coming months in bids to drive customer demand.”

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Friday, October 2, 2026

Church leaders to public: Join anti-dynasty drive By Mary Jade Jadormio

OMAN Catholic Church leaders are urging Filipinos to take part in a people’s initiative online signature campaign seeking an anti-political dynasty law. Bishop Elias Ayuban Jr. of Cubao said the initiative is not aimed at any particular politician, family or political party but at preventing political power from becoming concentrated among a few families. “Public office must never become a family inheritance. It is a public trust entrusted to the people,” Ayuban said during the launching of the digital signature platform at the Obispado de Cubao in Quezon City. Dapat Isa Lang’s platform allows qualified voters to review the proposed Anti-Political Dynasty Act and submit their signatures and required documents online. The campaign comes after the Supreme Court ruled that Congress has a mandatory constitutional duty to enact a law prohibiting political dynasties, after 39 years of inaction on the constitutional provision. Under the proposed measure, relatives within the fourth civil degree of consanguinity or affinity would be prohibited from simultaneously or successively seeking or holding elective public office. Ayuban, who is concurrently the

apostolic administrator of the Diocese of Parañaque, said the Church’s role is not to tell voters whom to elect but to help form their conscience and encourage responsible participation in public affairs. “Political participation is part of our responsibility for the common good,” he said. Fr. Robert Reyes, convenor of Clergy for Good Governance, likewise framed the campaign as an issue involving the common good rather than a partisan political contest. “This is not a political fight. It is a moral fight, a fight for the good,” Reyes said, adding that public office should serve the people rather than remain concentrated among political families. The Catholic Bishops’ Conference of the Philippines endorsed the Dapat Isa Lang initiative in a pastoral statement, describing political dynasties as a moral and ethical concern. Dapat Isa Lang, which launched its campaign in May, is seeking at least seven million signatures, equivalent to 10 percent of the country’s registered voters, for the proposed people’s initiative. Ayuban said the campaign should help Filipinos recover the meaning of public service, where leadership is “not something to be inherited, but something to be entrusted.”

Dy calls on local govts to help prevent threats to school kids

PEAKER Faustino G. Dy III urged local governments to help prevent threats to children in classrooms and online, saying proposed safeguards on firearm storage and social media use must be backed by action in communities. Speaking at the 2026 League of Municipalities of the Philippines (LMP) Visayas Island Cluster Conference on Wednesday, Dy outlined proposed measures on responsible firearm ownership and children’s social media use. “This is the partnership we want between national and local governments. We make laws in the House, but it is in our municipalities and barangays that we see whether these are working,” Dy said. “We need our mayors, barangay officials, police, schools, social workers, and parents to make these laws real protection for our children,” he added. Dy said recent school shooting incidents highlighted the need for preventive action in communities and stronger safeguards against unauthorized access to firearms. He cited House Bill 11387, or the

proposed Responsible Firearm Ownership and Safe Storage Act, which he filed with Majority Leader Sandro Marcos. The measure seeks stricter safe-storage requirements, mandator y gun-safety training, and greater accountability when negligence allows a minor or another unauthorized person to obtain a firearm. “This is the principle behind the bill: responsible gun ownership must include responsible gun storage,” Dy said. The Speaker also discussed House Bill 9965, or the proposed Children’s Social Media Safety Act, which he filed with Senior Deputy Speaker Ferdinand Hernandez and Marcos. The proposal would prohibit social media accounts for children below 13 and require parental consent and supervision for those aged 13 to below 18. It would also require platforms to adopt age verification, parental controls, and safeguards against harmful content. See “Threats,” A4

DSWD girds for El Niño

HE Department of Social Welfare and Development (DSWD) is strengthening water access, food production and heat protection measures to help vulnerable communities prepare for the possible effects of a super El Niño. The preparations extend from community reser voirs and vegetable gardens to temperature monitoring in relief warehouses and planned heat insulation in evacuation centers, the DSWD spokesperson, Assistant Secretary Irene Dumlao, said during the agency’s media forum on Thursday. Dumlao said the agency is implementing its Risk Resilienc y Program–Climate Change Adaptation and Mitigation (RRPCCAM), including Project Local Adaptation to Water Access (Lawa) and Breaking Insufficiency through Nutritious Harvest for the Impoverished (Binhi). The initiatives aim to strengthen communities’ access to water and food before climate hazards disrupt their daily needs and livelihoods, she said. “We are focused on water access and sufficiency, and food security is also one of the concerns we are addressing. We do not act only when disasters occur. We also ensure that vulnerable sectors have the capacity to prepare and meet their needs when climate hazards affect their communities,” Dumlao said. Projec t Lawa and Binhi combine te c h n o l o g y w i t h co m m u n i t y- b a s e d

initiatives to help beneficiaries adapt to changing climate conditions and build long-term self-sufficiency. A s o f Th u r s d ay, t h e D S W D h a d established 5,311 Lawa sites consisting of farm reservoirs, irrigation facilities and rehabilitated waterways. Another 8,671 Binhi sites, including communal vegetable gardens and root crop farms, had been established nationwide. Th e a g e n c y i s a l s o i nt ro d u c i n g technologies to address water shortages in vulnerable areas. On Monday, Social Welfare Secretary Rexor Gatchalian inaugurated the first Atmospheric Water Generator (AWG) system with a hybrid power source under the Linking Arms Against Pover ty– Comprehensive and Integrated Delivery of Social Services (Kalahi-CIDSS) program. The system extracts moisture from humid air and converts it into potable water, providing a sustainable response to persistent water shortages in barangay Gilotongan, Cawayan, Masbate. Dumlao said the agency is also deploying water filtration trucks to help ensure access to safe drinking water in areas vulnerable to El Niño. “We are deploying water filtration trucks and introducing other technologies to ensure that safe drinking water is available in areas prone to the effects of El Niño,” she said. See “El Niño,” A4

Impeach court summons 14 bank, insurance, finance company execs By Jovee Marie N. dela Cruz

@joveemarie

HE Senate Impeachment Court on Thursday granted the House of Representatives prosecution panel’s request to subpoena representatives of seven banks and seven insurance and financial companies for Vice President Sara Z. Duterte’s impeachment trial.

For mer senator A nton io Trillanes IV will no longer testif y for the prosecution in the impeachment trial. Bank records and testimony will support the prosecution’s presentation under Article II, involving allegations of unexplained wealth and incomplete or inaccurate financial disclosures. The seven banks are Land Bank of the Philippines, Asia United Bank, Philippine Savings Bank, Metropolitan Bank and Trust Co., Bank of the Philippine Islands, Philippine National Bank, and BDO Unibank. The insurance and financial companies are Prudential Life, Allianz, Manufacturers Life, FWD Life, BPI-AIA Life, BDO Securities, and BDO Life. House lead prosecutor Batangas Rep. Ger v i l le Lu ist ro of Batangas also told the impeachment court that the prosecution had reached a final decision not to present Trillanes as a witness. She also asked for the court’s understanding over the delay in communicating its position. S he d id not e x pl a i n why Trillanes was removed from the witness list. Meanwhile, the bank representatives are scheduled to appear on

Tuesday, October 6, following the presentation of a Bureau of Internal Revenue witness on Monday. Presiding Officer Sen. Francis Escudero approved subpoenas requiring the witnesses to appear, testify, and bring the specified records. The orders cover the BIR and the identified banks, insurance companies, and financial institutions. The defense requested advance copies of summaries and other documents that the witnesses intend to identify during their testimony. Escudero granted the request and instructed the prosecution to provide the materials before their appearances. The prosecution previously announced that it would establish the subpoenaed bank records individually after the court rejected its request to compel Duterte to respond to a Request for Admission concerning those records. Anti-Money Laundering Council Secretariat Executive Director Ronel Buenaventura presented his testimony on Thursday afternoon. His appearance could continue on Friday if necessary. Prosecutors also presented official land records for two properties associated with Duterte’s husband,

lawyer Manases Carpio. Their combined acquisition prices amounted to approximately P9.45 million, raising questions about whether they were properly reflected in Duterte’s Statements of Assets, Liabilities and Net Worth, or SALNs. Davao City Register of Deeds Kathy Florence Baldonado testified that a 379-square-meter property in Matina, Davao City, was purchased on July 2, 2024, for P6 million. The title identifies Carpio as the registered owner and records his marriage to Duterte. An annotation on the title showed that Carpio and Duterte executed a real estate mortgage in favor of Philippine Savings Bank for P8 million. The mortgage was dated August 27, 2024, less than two months after the property’s purchase. House prosecutor Jonathan Keith Flores of Bukidnon highlighted the sequence of the transactions. Baldonado confirmed that the documents showed a P6-million purchase in July followed by an P8-million mortgage in August of the same year. When the records were compared with Duterte’s 2025 SALN, Baldonado said she could not identify an entry matching the property’s price and other documented details. Escudero noted that the SALN descriptions were insufficiently detailed to establish a direct correspondence with individual property titles. Defense counsel Lindon Miguel Bacquel maintained that the Matina property could correspond to an asset already listed in Duterte’s SALN. He explained that Matina Crossing is also known as Barangay 74A, and Escudero allowed the defense to pursue this explanation during cross-examination. The prosecution presented a second property in the Island Garden City of Samal, Davao

Gun owners mull contempt charges vs PNP over new vault requirement By Fernan Marasigan

Special to the BusinessMirror

EGAL gun owners are eyeing the filing of contempt charges against the Philippine National Police for trying to go around the original ruling of the Supreme Court that the police cannot enter or inspect the homes of gun owners and license applicants for storage compliance without a court-issued search warrant. On Wednesday, licensed gun owners were surprised when the PNP “silently” added “firearms vault” in the application and renewal of License to Own and Possess Firearms (Ltopf ) and firearms registration. “It’s too early to decide how it works and I am not yet too sure. But if it is what I think it is, then it’s actually a loophole and a shady way of forcing you to get the PNP to inspect your house without them having to get a search warrant,” said Charles Khalid Rico, a gun aficionado. Rico, who worked with the technical working group that drafted gun laws in Congress, said stakeholders were not consulted when the PNP clandestinely added the new requirement. “In reality, it’s a unilateral decision. And yes, it does include a house inspection. The very thing that the Supreme Court says, cannot be done without a search warrant,” he said. Rico was referring to Supreme Court ruling in 2019 when the gun group Peaceful and Responsible Owners of Guns (ProGUN) won in the Acosta v Ochoa (GR 211559). The SC ruled that while the state can regulate firearms ownership, the National Police cannot enter or inspect the homes of gun owners and license applicants for storage compliance without a court-issued search warrant. “The problem here is implementation

and cost. I suspect, what will be done for all [licensed] gun owners now is the same thing as they do for Type 4 and Type 5 license gun owners, which is, a requirement for a vault inspection certificate. To get one of those, you need to get the PNP to go to your house, take pictures of the vault and issue a certificate.” Another gun aficionado said the PNP’s action is violative of the spirit of the Constitution on sanctity of domicile because: “Once you were required to take photos of your house and hand it to them, it’s just like allowing them to enter your house.” While the process of application for applying or renewing an Ltopf or firearms registration, required the applicants to upload a photo of the firearms vault, there is a clause in the disclaimer at the gun holders’ online account which says “upon actual verification by authorized PNP personnel.” The disclaimer read: “I certify that the uploaded photo of my vault exists with my residence at [address of the applicant] and shall be the same when presented upon actual verification by authorized PNP personnel. I explicitly acknowledge and agree that if this photo is found to be fake, altered, falsified or inaccurate, it shall cause the immediate revocation of my license, without prejudice to any criminal, civil or administrative liabilities under existing Philippine laws and PNP rules and regulations.” Rico described the latest PNP’s action as a “set-up” to force gun owners to agree for a house search in order to get a certificate to get a license, and in effect agree to have their rights violated. “And then of course there is the issue of how much money will a vault inspection cost? I don’t know about you. But I'd like

our police to fight crime, not going around inspecting vaults,” Rico said. “And finally, I do not understand h o w re q u i r i n g p r i vate c i t i ze n g u n owners to have firearms vaults will do anything to prevent school shootings. Especially if those shootings were done with government-issued firearms, being used by poorly-raised kids against their classmates and teachers.” Gun enthusiasts led by Rico earlier assailed Interior Secretary Juanito Victor Remulla’s plan to have policemen visit their homes to check on the safekeeping of their weapons. Remulla floated the idea when asked by congressmen during the recent budget hearing of the proposed 2027 budget of the Department of the Interior and Local Government when asked for his response to school violence. The latest school shooting happened on September 16, 2026 at the Banga National High School in Banga, South Cotabato, where three students, including the shooter, were killed while eight others were wounded. The incident followed the fatal shooting at the Ateneo de Zamboanga University on August 18, where a student gunman killed a fellow student before taking his own life and reportedly livestreamed the attack. It came less than two months after three students were killed in the San Jose National High School shooting in Tacloban City and only weeks after a 13-year-old was fatally stabbed by a fellow student inside Las Piñas National High School. In the Ateneo and San Jose shootings, government-issued weapons were used while in the Banga incident, the owner of the gun used was an employee of the Department of Education.

del Norte, purchased in 2018 for P3,453,849. Acting Register of Deeds Marco Pineda testified that its title remained active and uncancelled and that the property was still registered to Carpio. After comparing the 2018 Deed of Absolute Sale with Duterte’s 2019 SALN using the acquisition year, location, and value, Pineda said he could not find a corresponding entry that perfectly matched the property. Flores emphasized that the amounts involved were substantial to ordinary citizens. Referring to the Matina property, he said “Some may say this is only a few million pesos, but for an ordinary Filipino, P6 million is already a substantial amount.” House prosecution adviser and spokesperson Robert Ace Barbers said the records should be examined alongside the relevant sworn declarations. “The P3.45 million is one story. The oath is the bigger story,” he said, emphasizing that the prosecution’s concern involved the completeness of the SALNs. House trial spokesperson Lanao del Sur Rep. Zia-ur Rahman Alonto Adiong similarly stressed the significance of signing a financial declaration under oath. “The SALN is an affirmation of your wealth under oath. When you sign it, you swear that your financial declaration is complete and truthful,” he said, in English translation. He argued that registration in a spouse’s name does not automatically remove a property from the disclosure issue. Prosecution spokespersons said proven discrepancies could support the allegations under Article II, while any separate criminal allegation, including perjury, would require proof of its own statutory elements.

Metro Manila water allocation from Angat down By Jonathan L. Mayuga @jonlmayuga

HE National Water Re sources Board (NWRB) has started to reduce water allocation for Metro Manila from 52 to 44 cubic meters per second in anticipation of the impact of the strong El Niño in the last quarter of the month. NWRB Executive Director Sevillo D. David Jr. said the reduced water allocation for Metro Manila will have no substantial effect on the supply of Maynilad Water Services, Inc. and Manila Water Corp. Inc., the two private water concessionaires of the Metropolitan Waterworks and Sewerage System (MWSS), pointing out that both companies have other sources of raw water, other than Angat. “The reduced water allocation started today, October 1, in anticipation of the strong El Niño,” David said. However, David said two cubic meters per second of water supply remains on standby and will be readily available in case the 44 CMS allocation does not suffice for Metro Manila’s over 12 million people. “ The regular allocation for MWSS is between 50 to 52. Now the reduced allocation to 44 CMS, which is lower than the regular allocation, to save and conserve See “Angat,” A4

Friday, October 2, 2026

www.businessmirror.com.ph

PHL eyes access to multi-billion global tropical forest fund

B y Jonathan L. Mayuga

@jonlmayuga

HE Philippines is positioning itself to be among the first nations to access performancebased climate financing under the newly established Tropical Forests Forever Facility (TFFF). The move aims to use performancebased financing to scale up national forest restoration and strengthen climate resilience, the Department of Environment and Natural Resources (DENR) announced during New York Climate Week.

Analiza Rebuelta-Teh, DENR Undersecretary for Finance, Information Systems, Climate Change, and Administration, highlighted the country’s readiness to join the TFFF Fast Track Program, an initiative led by the United Nations Development Program

Housing department targets licenses to sell for 200K units by year end By Justine Xyrah Garcia

HE Department of Human Settlements and Urban Development (DHSUD) expects to issue licenses to sell for more than 200,000 houses by the end of the year, which the agency said would be its highest level since 2022. Housing Secretary Jose Ramon P. Aliling said the projection was based on the current volume of applications and the agency’s denial rate following reforms in the processing of licenses to sell. As of September 28, applications covering about 197,000 housing units were being processed, with 117,000 units already qualifying after evaluation. Another 34,000 units were still under evaluation and within the agency’s 15-day review period, while applications covering 31,000 units were with developers that had been issued notices of deficiencies. Aliling said DHSUD had denied applications covering about 13,000 units, equivalent to a denial rate of 6.7 percent. “If you get the average and apply the denial rate, we are expecting to release until the end of the year more than 200,000 units equivalent of license to sell which will be the highest since 2022,” Aliling said during the DHSUD’s budget hearing at the Senate. The projection comes as DHSUD moves

El Niño. . . Continued from A3

Alongside community preparedness, the DSWD official said the agency is taking steps to protect prepositioned family food packs (FFPs) from spoilage as temperatures rise. Dumlao said the agency monitors warehouse temperatures against established parameters and is installing industrial ceiling fans to help manage heat inside its storage facilities. “We monitor temperatures in our warehouses and follow established parameters

to speed up the processing of licenses to sell, a mandatory authorization for developers before they can legally market or sell subdivision lots and condominium units. Aliling said DHSUD had recorded zero overdue regulator y applications across its regional offices for 15 consecutive weeks. The agency previously centralized the processing of licenses to sell but later decentralized the system after adjusting its guidelines and implementing a uniform basis for review. Meanwhile, construction of housing units under the government-backed Expanded 4PH Program is also expected to pick up as more private developers join the government’s housing initiatives. DHSUD said major developers including Megawide, Filinvest Land Inc., Ayala Land’s Amaia and Avida, and SM Development Corp. have signified support for the program. According to the agency, a total of 135,758 housing units have been delivered through various housing modalities under the Expanded 4PH since the new models were introduced last year. These include projects under the Social Housing Finance Corp.’s Enhanced Community Mortgage Program, modular shelter units for disaster-hit areas and the revival of housing projects covered by Presidential Proclamations. to ensure that our goods do not spoil while in storage. We are also installing industrial ceiling fans to help manage warehouse temperatures,” she said. She added that the department is coordinating with local government units (LGUs) on heat insulation in evacuation centers to protect internally displaced persons (IDPs) from soaring temperatures. “Recently, we have also been working on installing heat-insulated areas, particularly in evacuation centers. Our Joint Memorandum Circular, which incorporates these measures for evacuation centers, is currently being routed,” Dumlao said. Jovee Marie N. dela Cruz

(UNDP), World Wide Fund for Nature (WWF), and the Global Alliance of Territorial Communities (GATC), which seeks to assist frontrunner tropical forest countries in accessing longterm, results-based financing. Between 2001 and 2022, the Philippines lost 1.42 million hectares of tree cover owing to land conversion, urbanization, and climate pressures. At the same time, sustained national action has helped reverse trends, with forest cover increasing by about 6 percent from 6.8 million hectares in 2010 to 7.22 million hectares in 2022. Through the Enhanced National Greening Prog ra m (E -NGP) a nd Com mu n it y - B a s e d Forest M a n agement initiatives (CBFMI), Teh said the government continues to restore degraded watersheds and

The NSCR is a 147-kilometer electrified railway system that will connect Clark, Pampanga, Metro Manila and Calamba, Laguna. The railway system is planned to have 35 stations and is expected to improve connections among major population and economic centers in Luzon. Clark International Airport serves as a major gateway for Central and Northern Luzon, and the railway’s Clark station is expected to provide a direct rail connection to the airport. The railway is being developed as a major component of the Luzon Economic Corridor, with the government positioning improved transport connectivity as a way to support manufacturing, investment and other economic activity in the region. “It’s a major infrastructure in the Luzon Economic Corridor. We need to develop more manufacturing capabilities and we need to have higher value manufacturing,” Recto said.

her intervention. She explained that the facility’s flexible use of proceeds would allow the Philippines to reinvest standing forest revenues into scaling up national restoration programs. Teh explained that TFFF explicitly excludes monoculture plantations, ensuring payments reward high-integrity natural ecosystems while applying performance discounts for deforestation and fire degradation. With severe monsoons and floods adversely affecting 1.3 million Filipinos just last month, Teh emphasized that healthy forests serve as a front-line defense against climate disasters. Teh further highlighted the importance of indigenous peoples and local communities in sustaining forest landscapes, noting that the Philippines plans to allocate at least 20

percent of TFFF payments directly to Indigenous Peoples and local communities. “As the true stewards of our lands, local communities must hold direct governance and financial resources to sustain forest landscapes,” Teh added. The initiative aligns with the country’s updated 2026 Nationally Determined Contribution – which raises its unconditional emissions reduction target to 7 percent, driven by the Forestry and Land Use sector – and advances the national Voluntary Forest Carbon Market Roadmap. Reaffirming the country’s commitment, Teh declared that the Philippines stands ready as a frontrunner to establish proof of concept and show how results-based finance can transform forest landscapes.

Expedite OK of petroleum reserve system, solons told By Jovee Marie N. dela Cruz @joveemarie

AWMAKERS urged Congress on Thursday to promptly pass legislation establishing the Philippine Strategic Petroleum Reserve (PSPR) System, citing the need to shield consumers and businesses from fuel supply disruptions and steep price fluctuations. Camarines Sur Reps. Luigi Vincenzo Villafuerte and Rep. Miguel Luis Villafuerte, in a statement, also welcomed the Marcos administration’s efforts to develop the country’s first government-controlled strategic petroleum reserve amid continuing hostilities in the Middle East. The House Committee on Energy approved on August 11 a substitute bill creating the PSPR System. The measure consolidates several proposals, including Villafuertes’ House Bill 9367. “Despite its heavy reliance on imported petroleum products, our country lacks a comprehensive legal framework

establishing a government-controlled strategic petroleum reserve that will protect Filipinos and businesses from wild swings in the prices of diesel, gasoline and other petroleum products,” Luigi said. The lawmakers said the ongoing US-Iran conflict and disruptions in the Strait of Hormuz have underscored the Philippines’ vulnerability to global oil-market shocks. Dubai crude recently reached $116 per barrel, while three consecutive weekly domestic fuel price increases pushed pump prices beyond P100 per liter before the September 29 rollback. “The urgency for having buffer stocks to help stabilize domestic fuel prices has become more apparent amid the tit-for-tat attacks between the US and Iran for over half a year now, which have at times pushed oil prices beyond $100 per barrel,” Luigi added. Energy Secretary Sharon Garin said domestic pump prices could remain above pre-war levels through the end of December unless hostilities ease and the parties reach a peaceful agreement. Speaking in a

chance interview after a House hearing, she pointed to the continuing conflict’s impact on fuel prices. Miguel Luis noted that many countries maintain strategic petroleum reserves as part of their energy security policies, allowing them to release stocks during supply shortages and periods of extreme price volatility. “The Philippines has no comparable government-controlled strategic petroleum reserve to draw from during a major supply disruption and thus remains largely exposed to market volatility, relying instead on commercial inventories and external supply conditions,” he said. The bill would govern the acquisition, storage, maintenance, rotation, and emergency release of petroleum reserves. It would also allow the Department of Energy (DOE) to partner with private entities to finance, design, build, operate, and maintain reserve facilities and related infrastructure. The DOE previously estimated that about P30 billion would be needed to provide an additional 30

days of fuel supply during disruptions. Meanwhile, Maharlika Investment Corp. and the Philippine National Oil Co. (PNOC) have signed a memorandum of understanding to assess the development, financing, and operational structure of a strategic tank farm in Bataan. PNOC aims to open the facility by 2028, initially storing one million barrels and eventually expanding its capacity to 15 million barrels. “Congressional approval of this framework will further strengthen DOE-led efforts to fast-track our own fuel stockpiling initiatives,” Migz said. The lawmakers also welcomed international cooperation on the planned reserve. Garin said prospective Middle Eastern partners have expressed interest in the project, while Japan has offered support for feasibility studies and fuel-stockpiling capacity building. The Philippines is also participating in efforts to develop an Association of Southeast Asian Nations (Asean)-wide joint stockpiling mechanism to bolster regional energy security.

PHL pushes proactive climate mobility action at UNGA81

ESCRIBING climate mobility as the “true human face of the climate crisis,” Environment Secretary Juan Miguel Cuna has called for urgent, rights-based international action to address forced climate displacement. Speaking before world leaders, ministers, and international climate partners at Scandinavia House in New York City, Cuna highlighted the Philippine archipelago’s acute vulnerability, noting that climateinduced disaster events triggered 8.9 million internal displacements across the country in 2024 alone. With global emissions reduction targets remaining off track and extreme weather events escalating, he warned that the multilateral system designed to manage climate impacts is under increasing strain. To address these mounting risks, Cuna emphasized the critical value of the Global Principles for Addressing Climate Mobilit y—a voluntar y and

Recto: NSCR targets partial operation by 2027 LARK FREEPORT, Pampanga—The government is targeting partial operations of the North-South Commuter Railway by 2027 despite delays in the project’s execution, Executive Secretary Ralph Recto said. Recto made the statement during an inspection of the NSCR’s underground station at Clark International Airport, as government officials reviewed the progress of the railway project and its integration with the airport and other major infrastructure in the area. “We want to finish this on time. Pero by 2027 may partial operations na tayo. Iyon ang mahalaga,” Recto said. Under the government’s revised timeline, the first partial operation of the NSCR is targeted for December 2027 which covers the Valenzuela-Malolos segment. Partial operations of the Malolos-Clark segment are targeted for the fourth quarter of 2028, while full operations from Clark to Calamba are targeted for the third quarter of 2033.

protect vital ecosystems. However, Teh emphasized that local ambition alone cannot bridge global financial realities. Citing United Nation Environment Program’s (Unep) State of Finance for Forests report, Teh pointed out that annual global forest investment must surge from $84 billion to $300 billion by 2030, leaving a $216 billion annual gap. Officially launched at COP30 in Belém, Brazil, the TFFF addresses this shortfall by offering predictable payments of up to $4 per hectare for standing tropical forests, targeting a $10-billion capitalization goal by late 2026 with over $7.3 billion already mobilized. “For the Philippines, TFFF is not just a payment mechanism – it is a restoration engine,” Teh said during

He acknowledged that the project had experienced delays but said the government was addressing the issues affecting implementation. He also said funding should not be a constraint and that the government was prepared to provide the resources needed to accelerate completion. Recto’s visit to this free port also included a tour of the airport’s facilities and aviation operations, including its terminal building, enhanced overseas Filipino worker lounge, and 18-story air traffic control tower, described as the country’s tallest air traffic control tower. Recto was accompanied by Transportation Undersecretary Timothy Batan, Transportation Assistant Secretar y IC Calaguas, Public Works Secretary Vivencio Dizon, Pampanga Gov. Lilia Pineda, Bases Conversion and Development Authority President Joshua Bingcang and representatives of NSCR project contractor Acciona and airport operator Lipad Corp. Ashley J. Manabat

n o n - b i n d i n g f r a m e wo r k d e ve l o p e d following consultations with more than 130 countries and already endorsed by 57 member states. He outlined three decisive priorities for translating these principles into a concrete Climate Mobility Adaptation Agenda: preserving the “right to stay” by strengthening locally led adaptation and resilient infrastructure, establishing safe and dignified pathways for planned relocation when remaining in hazard-prone areas is no longer viable, and localizing climate finance alongside risk data. “We must align climate finance directly with local needs, scaling up funding for community-led adaptation and improving access to localized climate risk information,” Cuna said, noting that international support is essential to safeguard affected communities. “As we build momentum toward COP31, let these Global Principles move us from

Angat. . . Continued from A3

water that will last until the summer of next year,” he explained. David said that based on the latest advisory from the weather bureau, the very strong El Niño will be experienced in the last quarter of the month. The current water level at Angat, he said, is

Threats. . . Continued from A3

Such a measure is necessary, said the speaker, “because our responsibility to protect a child does not end when that child goes online.” “Whether they are walking into a classroom or logging onto a social media platform, our children deserve an environment designed with their safety in mind.”

reactive and fragmented crisis response to proactive, community-led pathways to climate mobility,” he added. Demonstrating concrete national commitment, the environment chief showcased the Philippines’ operationalization of these action pathways through the Climate Mobility Investment Plan (CMIP) for 2026–2035. Developed in partnership with the International Organization for Migration (IOM), the US$58-million portfolio targets five highly vulnerable climate hotspots across the archipelago. It integrates all six programming domains outlined in the United Nations Framework Convention on Climate Change (UNFCCC) technical guidelines to bridge gaps between anticipatory action, emergency disaster response, and durable solutions. Central to this national framework is the Philippines Climate Mobility Facility, a US$70-million pooled grant mechanism

designed to empower municipalities and barangays by providing direct, flexible financing for community-driven adaptation projects. The high-level gathering forms part of a sustained global consensus-building effort during UNGA High-Level Week, building on the outcomes of the Second Berlin Climate Mobility Forum and aligning international momentum ahead of the expected adoption of the UN Sea Level Rise Declaration, COP31 in Türkiye, and the 3rd Berlin Climate Mobility Forum in June 2027. Reaffirming the Philippines’ resolve to champion frontline communities, Secretary Cuna urged international financial institutions and global stakeholders to join hands with climate-vulnerable nations, ensuring that affected populations are provided with agency, dignity, and sustainable pathways in an era of accelerating climate change.

208 meters above sea level (ASL). This is below the end-of-year target of 212 meters. With this level, he said water supply will be enough to last until the rainy season begins to replenish Angat. “This is all part of the preparation for the very strong El Niño. Under this scenario, we will receive below-average rainfall,” he said. According to David, both Maynilad and Manila Water continue to draw raw water

supply from Laguna de Bay and deep wells that are being allowed for use by both private water concessionaires. In case of improvement or increase in supply of water at Angat, he said the NWRB will study the possibility of increasing water allocation for Metro Manila. Meanwhile, he appealed to the public to conserve water for the current supply to last until the rainy season next year.

Dy urged LGUs to work closely with barangays, police, school authorities, parents, and social welfare offices to prevent violence, address safety threats, and strengthen emergency response. “Genuine peace and order is not just about responding when an incident occurs. It is about acting early to prevent tragedy before it happens,” he said. D raw i n g o n h i s ex p e r i e n ce a s a former local chief executive, Dy said mayors provide a vital link between the national government and the people.

Their experience and recommendations also help lawmakers craft measures that respond to community needs. “As a former local chief executive, I know that mayors are not merely implementers of government programs. You are also an important bridge between the national government and our people,” Dy said. Dy added that national-local cooperation must ensure that laws, programs, and funding translate into services and protection in every municipality.

Jonathan L. Mayuga

Jovee Marie N. dela Cruz

Friday, October 2, 2026

DepEd integrates climate literacy into basic education curriculum By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Education (DepEd) is enhancing its operational protocols to help schools cope with rising temperatures while strengthening climate change instruction across basic education, amid the anticipation of the impact of El Niño and extreme weather conditions. Following directives from President Ferdinand R. Marcos Jr., DepEd revealed its preparedness strategy focuses on continuous risk assessments, updated contingency plans, and flexible learning options to protect learners and school personnel when heat indices spike. Alongside the operational measures, Education Secretary Juan Edgardo “Sonny” Angara directed the fast-tracking of the integration of climate change concepts into basic education learning competencies to align with the President’s environmental resilience agenda. “We are taking the marching orders of President Bongbong Marcos to heart. Climate literacy must start early, and it must start in our classrooms...If we teach our learners simple, actionable habits today, such as proper waste segregation and keeping our surroundings clean, we are equipping them with life skills that directly protect their communities tomorrow,” Angara said. To maintain safe and healthy learning spaces, schools have also been directed to prioritize heat and water security by setting up water, sanitation, and hygiene facilities, providing safe drinking water, fixing leaks, and improving classroom ventilation. School authorities are further authorized to adjust class schedules or shift to alternative learning modalities during periods of extreme heat. DepEd is also strengthening its school-level monitoring and reporting systems to track heat index levels, water availability, class suspensions, and health incidents in real time for targeted resource allocation. Angara emphasized that effective climate action requires coordination among schools, local

government units, and families to mitigate risks before extreme weather hits. “Disaster preparedness and climate change adaptation are matters of shared accountability. DepEd will do its part by embedding these realworld solutions into our curriculum so that every learner knows their role in safeguarding our environment,” Angara said. Under the updated basic education curriculum, climate concepts build progressively across grade levels. The curriculum transitions from nurturing basic environmental care and protection in Kindergarten to Grade 3, to evaluating environmental concerns like air quality and waste management in Grades 4 to 6, and exploring scientific drivers of global warming, mitigation strategies, and global advocacies in Junior High School (Grades 7 to 10). These competencies are embedded across four core learning areas. In Science for Grades 9 to 10, lessons focus on global warming evidence, greenhouse gases, biodiversity conservation during environmental crises, and local climate solutions, including renewable energy adoption. Good Manners and Right Conduct (GMRC) for Grades 1 to 3 and Values Education for Grades 7 to 10 emphasize family climate responses, resource conservation stewardship such as reducing food, water, and power consumption, and participation in local and global environmental advocacies. Physical Education and Health for Grade 6 addresses environmental concerns and climate impacts using the One Health concept. Meanwhile, Edukasyong Pantahanan at Pangkabuhayan (EPP) andTechnology and Livelihood Education (TLE) for Grades 4 to 10 teach practical mitigation skills, actionable solutions to lessen climate impacts, and adaptive farming practices through its agriculture component. To complement classroom lessons, DepEd is encouraging school-level activities through the Youth for Environment in Schools Organization (YES-O), where student clubs organize environmental activities such as campus waste segregation, local cleanups, and drainage maintenance to prevent trash from blocking waterways.

DOTr provides livelihood assistance to 198 families displaced by railway project By Lorenz S. Marasigan @lorenzmarasigan

TOTAL of 198 families affected by the construction of the North-South Commuter Railway (NSCR) in Bulacan have received P15,000 worth of sari-sari store packages each from the Department of Transportation (DOTr) to give them a supplementary source of income. A second batch of families will undergo training, bringing the total number of beneficiaries to 500. Each beneficiary received the“Ginhawa Pangkabuhayan Sari-Sari Store Package,”made up of assorted grocery items and seven 25-kilogram sacks of rice, to augment their existing stores. “The President’s order is to not neglect, and to ensure, the livelihood of those affected by government projects. We hope that what we gave them for business, such as the sari-sari store package and rice, will grow further so they will have additional income,” Transportation Secretary Giovanni Lopez said. DOTr Assistant Secretary for Right-of-Way

and Site Acquisition (ROWSA) Irish Calaguas said the livelihood package is among the agency’s priority programs for those affected by its railway projects. “The priority of the DOTr is not only to pay you for your houses, not only to provide a new relocation site, but of course to give you a means of earning a living,” Calaguas said. She also urged the beneficiaries to grow their sari-sari stores into profitable businesses. “The request of Secretary Banoy and the entire DOTr is that you take care of this, because it came from your taxes, and let us make it grow. I reaffirm our commitment that the Department of Transportation is your partner,” Calaguas added. Under the DOTr Livelihood Restoration and Improvement Program, beneficiaries receive merchandise for their preferred livelihood activities, such as grocery items, frozen goods and car wash materials, among others. The DOTr partnered with the Provincial Government of Bulacan, led by Governor Daniel Fernando, for the transfer of funds that facilitated livelihood for businesses and employment.

With ‘supersized’ El Niño, Senate must inquire seriously into govt readiness By Butch Fernandez

@butchfBM

ITH the weather bureau warning of a “supersized” El Niño that could batter the country until 2027, Senator Jinggoy Ejercito Estrada is pushing for urgent Senate action to ensure the government isn’t caught flat-footed. Estrada, principal author and sponsor of the landmark Republic Act No. 12287, or the Declaration of State of Imminent Disaster Act, has filed Senate Resolution No. 656, urging the appropriate Senate committees to determine the government’s readiness to confront the climate threat. “We cannot afford to be caught off guard. The warnings are already on the table — from our own weather bureau, from international experts. What we need now is to make sure our government is ready to respond, not just on paper, but on the ground,” Estrada said.

He added: “R A 12287 was desig ned prec i se ly for forec a sted hazards with severe impacts on the population. For moments like this, when science tells us disaster is imminent, we must act before devastation strikes. We cannot afford to wait for calamity to hit; we must, and should, prepare right away.” The law, shepherded by Estrada in the Senate, makes the Philippines the first in Asia — and possibly the world — to legislate anticipatory disaster action. It allows the government to declare a “State of Imminent Disaster” before a calamity strikes, enabling

to Marinduque to endorse the candidacy of Velasco for a congressional post and his father who was running for governor. Tupas said this claim was fabricated considering that he had never been to Marinduque and that he was out of the country during the Holy Week in April 2019. He, said he left the country for South Korean on April 18, 2019 and returned to the Philippines on April 22, 2019. To prove his claim, Tupas attached a copy of his passport records and airline ticket, as well as his social media posts while in Korea. Tupas said he was also out of the country on September 21, when Gracioso allegedly

preparations and emergency measures to be carried out ahead of time, along with the necessary appropriations to fund them. In filing the resolution, Estrada cited a September 6, 2026 advisory from the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), which noted that a moderate to strong El Niño is already present in the tropical Pacific and could intensify into a very strong event before peaking toward the end of the year. The phenomenon raises the risk of dry spells and drought in some parts of the country, while bringing above-normal rainfall conditions to others. The World Meteorological Organization (WMO) Secretary-General, Celeste Saulo said the phenomenon “has the potential to deliver a massive blow to communities and economies across the world,” adding: “This exceptional El Niño demands exceptional preparation and response.” One forecast even placed the odds at 75 percent - one that could be a historic event, exceeding the strength of any El Niño recorded since 1950. Estrada said the country is still recovering from the recent onslaught of the southwest monsoon and a string

of tropical cyclones. Citing a midSeptember 2026 report from the National Disaster Risk Reduction and Management Council (NDRRMC), Estrada said 9.61 million people across 39 provinces have been affected, with 188 cities and municipalities placed under a State of Calamity. Damage to agriculture has been estimated at P4.395 billion, while infrastructure damage has reached P14.311 billion. “If this is the damage we’re seeing even before the worst of El Niño hits, then the urgency of this inquiry should be clear to everyone,” Estrada said. With the looming El Niño threat, Estrada is likewise pushing the Senate to exercise its oversight powers to ensure that this and other existing disaster laws — including the Philippine Disaster Risk Reduction and Management Act and the Climate Change Act — are being properly implemented on the ground. “We already have the laws in place. What this resolution seeks to find out is whether our agencies are truly ready to use them — whether our contingency plans are real, whether our resources are sufficient, and whether the most vulnerable communities will be protected when this El Niño hits its peak,” Estrada said .

AFP chief joins Air Force flying drills in Pampanga BY REX ANTHONY NAVAL

IGHLIGHTING the importance of air power in defending the country, Armed Forces of the Philippines (AFP) chief Gen. Antonio Nafarrete joined the Philippine Air Force (PAF), through the Air Defense Command, in the conduct of the Air Planning Exercise and Training Flight, this Wednesday. In a statement on Thursday, the AFP said these drills took place at the Basa Air Base in Floridablanca, Pampanga and that Nafarrete

took part in the training sortie, which included a maritime domain awareness mission and showcased offensive counterair capabilities. “His firsthand participation provided direct appreciation of the planning, coordination, and execution involved in air operations, as well as the PAF’s contribution to the broader defense mission of the AFP,” it added. Following the sortie, the AFP chief was presented with a Mach 1+ Patch and Mach Buster Certificate in recognition of his participation in the flight and firsthand experience of supersonic

DOJ finalizing extradition plea vs Quiboloy By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) said it is in the final stages of preparation for the filing of a petition for the extradition of detained Kingdom of Jesus Christ (KOJC) Pastor Apollo Quiboloy to the United States. “Quiboloy... we’re in the final stages. We are just doing some legal scrubbing. We’re almost ready to file that petition,” Justice Secretary Fredderick Vida said during a press conference. Quiboloy is currently detained at the Pasig City Jail as trial proceedings for the qualified human trafficking and child abuse and exploitation cases filed against him are ongoing. The supposed extradition request stemmed from Quiboloy’s indictment by a California court in 2021 for allegedly conspiring to engage in sex trafficking by force, fraud, coercion and sex trafficking of children.

In March 2024, Central District of California Judge Terry Hatter Jr. ordered the unsealing of the arrest warrants against Quiboloy. The DOJ said the petition for Quiboloy’s extradition will be filed with a local court. Under the Rules on Extradition Proceedings issued by the Supreme Court in 2025, an extradition may be postponed in order for the extraditee to face criminal prosecution or serve a sentence in the Philippines for an offense other than the one for which extradition is requested. However, a temporary surrender of the extraditee may be granted by the court. It said that the Justice secretary may file a motion in the court where the criminal case is pending to request the temporary surrender of the extraditee to the requesting state. The DOJ earlier expressed confidence that the petition for extradition will be approved by the court.

VP Sara’s ex-aide denies receiving money from Gracioso ICE President Sara Duterte’s former information officer has denied the claim of dismissed policeman Rodulfo Gracioso that he received cash deliveries from House Speaker Lord Allan Velasco. In his sworn affidavit submitted to the National Bureau of Investigation (NBI), Jeffrey Tupas said he was not in the country on the dates Gracioso claimed to have delivered money for Duterte. Tupas was referring to Gracioso’s affidavit claiming that the cash deliveries were made during the Holy Week in April 2019 and on September 21, 2019. Gracioso said that Duterte and Tupas flew

delivered two suitcases of money which he received for Duterte in a hotel in Makati City. Duterte’s former aide said he left the country in the early morning of September 19 for Japan and returned on September 22. Tupas also attached copies of his passport, airline ticket and social media post to belie Gracioso’s allegations. Likewise, Tupas denied receiving three suitcases of money from Gracioso during the summer of 2020 in Busay, Cebu. He said it was impossible for them to be in Cebu City considering that a total lockdown was implemented during the period due to the COVID-19 pandemic.

Tupas pointed that Duterte, who was then the mayor of Davao City, issued Executive Order No. 13 which suspended domestic air travel to and from Davao City beginning March 19, 2020 to June 8, 2020. “During the entire summer period I was in Davao, as well as Mayor Sara Duterte,” Tupas said. Tupas was subpoenaed by the NBI to appear before the agency to provide evidence in connection with its investigation for alleged violation of Republic Act No. 7080 or the Anti Plunder Act; RA No. 3019 or the Anti-Graft and Corrupt Practices Act and RA 91660 or the Anti-Money Laundering Act. Joel R. San Juan

flight. “He also conducted a Talk to Troops, where he shared his guidance and insights and emphasized the importance of professionalism, preparedness, and mission readiness,” it added. The AFP said this activity underscored the PAF’s continuing commitment to strengthening operational readiness and maintaining a credible, agile, and responsive air force capable

of adapting to the evolving character of warfare and addressing national and regional security requirements. “Through sustained training and realistic exercises, the AFP continues to enhance the integration of its capabilities and maintain a high state of readiness in fulfilling its mandate to defend the nation and protect the Filipino people,” it added.

Friday, October 2, 2026

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Palestine Embassy lauds PHL for joining UN walkout during Netanyahu speech

By Malou Talosig-Bartolome

HE Embassy of the State of Palestine in Manila has expressed appreciation to the Philippine government for joining the walkout staged by dozens of countries during Israeli Prime Minister Benjamin Netanyahu’s address at the 81st Session of the United Nations General Assembly (UNGA). In a statement issued on September 28, the Palestinian Embassy thanked the Philippine government and the Department of Foreign Affairs (DFA) for what it described as a “principled position” demonstrated by the Philippine delegation during the UNGA session, including its participation in the walkout while Netanyahu delivered his speech. “The Embassy of the State of Palestine expresses its sincere appreciation to the Government of the Republic of the Philippines and the Department of Foreign Affairs for the principled position demonstrated by the Philippine delegation at the 81st Session of the United Nations General Assembly, including its participation in the walkout during the address of Israeli Prime Minister Benjamin Netanyahu,” the

statement read.

(See story: https://businessmirror. com.ph/2026/09/28/phl-joins-walkout-during-netanyahus-un-assemblyspeech/) The embassy also welcomed the Philippines’ expressed concern over the humanitarian situation in Gaza, the advancement of the E1 settlement plan and the continuing rise of settler violence in the occupied West Bank. According to the Palestinian mission, Manila’s position reflects its commitment to international law, peace and the rights of the Palestinian people, including their right to self-determination. The embassy also cited the Philippines’ continued support for a two-state solution to the Israeli-Palestinian conflict. “ The Embassy welcomes the

Philippines’ expressed concern over the grave humanitarian situation in Gaza, the advancement of the E1 settlement plan, and the continuing rise of settler violence in the West Bank,” the statement read. “This position reflects the Philippines’ commitment to international law, peace, and the legitimate rights of the Palestinian people, including their right to self-determination and its continued support for the two-State solution.” The statement came after Manila confirmed that its delegation joined the walkout during Netanyahu’s address before the General Assembly. The DFA earlier said the move was in line with Manila’s call for peace in the Middle East, support for a two-state solution, and concern over developments in Gaza and the West Bank. At the UNGA on Sunday, Foreign Affairs Secretary Maria Theresa Lazaro also reaffirmed the Philippines’ support for the Palestinian people’s right to self-determination and reiterated Manila’s backing for a negotiated settlement to the conflict. “The Philippines reaffirms its consistent and principled support for the inalienable right of the Palestinian people to self-determination. We firmly believe that the two-state solution remains the only viable path to lasting and durable peace, with Israel and Palestine living side by side in peace and security, and all others respecting their peaceful coexistence,” Lazaro said .

Prosecution: Case vs VP remains strong despite Trillanes withdrawal By Jovee Marie N. Dela Cruz @joveemarie

& Claudeth Mocon-Ciriaco @claudethmc3

ORMER senator Antonio “Sonny” Trillanes IV initiated his withdrawal from the prosecution’s witness list in Vice President Sara Z. Duterte’s impeachment trial, House lead prosecutor Gerville “Jinky Bitrics” Luistro said on Thursday. Luistro said the decision was final and would not weaken the prosecution’s case under Article II, which concerns Duterte’s alleged unexplained wealth. Speaking at a post-trial press briefing, the Batangas lawmaker said the prosecution team had been informed of Trillanes’ decision before she announced before the Senate impeachment court that he would no longer be presented as a witness. “It was intimated to the team, to the prosecution team, of the decision of the former senator to withdraw his name among the list of witnesses for the prosecution. That is all,” Luistro said. She declined to elaborate on his reasons, saying Trillanes was in the best position to explain the circumstances of his withdrawal. “It is a final decision,” she said. Luistro said the team had long discussed whether to present Trillanes, taking into account its remaining witnesses and the volume of documentary evidence it

intended to submit. “It was only finalized earlier today. So, if they were indeed surprised, perhaps they were surprised that a final decision had already been made,” she said. Trillanes had been named in the prosecution’s pre-trial brief and its request for subpoenas as a potential witness on Duterte’s alleged unexplained wealth. Asked whether his withdrawal would affect the strength of the prosecution’s case under Article II, Luistro said: “There is none.” “Because all our evidence is strong,” she added. In a statement, Trillanes confirmed he requested the withdrawal of his name from the prosecution’s witness list in Duterte’s impeachment trial to ease pressure on the House prosecution panel. “This way, the prosecution panel would be relieved from the pressure it is going through,” he said. Trillanes did not specify the nature of the pressure. He said he would hold a press conference on Friday to present everything he had intended to disclose during the impeachment trial.

Anti-Money Laundering Council docs

DEFENSE lead counsel Sheila Sison asked for more time to review approximately 24 boxes of subpoenaed Anti-Money Launder-

ing Council documents during Day 32 of Vice President Sara Duterte’s impeachment trial on Thursday. Sison argued that the summaries were provided too late to prepare for crossexamination. “We also just received copies of the summaries today which now involves an undertaking to review at least 23 to 24 boxes of documents. On the part of the defense, and without a review of that, we can’t imagine how we would be able to intelligently respond to the questioning of the prosecution to their intended witnesses should it come to that and raise the proper grounds without proper examination of the documents that we need to do to appreciate the so-called summaries here,” Sison said, adding that they received the summaries at 9:34 a.m. and forwarded at 11:28 a.m. Earlier, House prosecutor Rep. Jose Manuel “Chel” Diokno said the defense already has the same AMLC documents since September 2 and so has the time to review and prepare. He also said that the impeachment court had already settled the AMLC confidentiality issue in its July 20 ruling. However, Sison said the July ruling “had recognized that there is absolute confidentiality involving AMLC personnel.” She added that the witness the prosecution wants to present is AMLC Executive Director Ronel Buenaventura.

DILG trains eye on local criminal gang entrenched in NCR, 78 provinces

HE Department of the Interior and Local Government (DILG) Secretary Jonvic Remulla said on Thursday that members of the community-based criminal gang True Brown Style (TBS) have established a presence in all local government units (LGUs) in Metro Manila and in 78 of the country’s 83 provinces. Remulla said TBS originated in California, USA and reached the Philippines about 25 years ago as a small group before evolving into the criminal syndicate authorities are now moving to dismantle. “They are in every LGU in Metro Manila. Of the 83 provinces, I think they are already in 78 of them. Some are big, others are small. They mostly concentrate in urban centers,” Remulla said.

According to the DILG chief, TBS is a community-based criminal group composed largely of members in their late teens and early 20s. The group also recruits children as young as 14 to 15 years old and grooms them to engage in criminal activities. Remulla earlier described the cases involving the group as extremely alarming, prompting President Ferdinand Marcos Jr. to direct authorities to dismantle the organization. Following the President’s directive, Remulla said the Philippine National Police (PNP), together with other law enforcement units, is consolidating intelligence to identify and arrest TBS members and disrupt the group’s operations nationwide.

“All of us in the police force are holding a command conference right now. We are already gathering intelligence on who its members are, and we will get them,” he said. Remulla added that the group’s modus operandi includes teaching minors to steal from business establishments. He said initiation rites for new members may involve robbing convenience stores at gunpoint. “At 16 years old, they are already being taught how to steal,” he said. The DILG said law enforcement efforts against TBS will continue, with authorities focused on dismantling its network, apprehending its members, and preventing the recruitment and exploitation of more children. Jonathan L. Mayuga

The World BusinessMirror

A8 Friday, October 2, 2026

Heat deaths in 5 countries in W. Europe top 34,600 By Laura Millan & Olivia Rudgard

ORE than 34,600 people died in five Western European countries due to heat this summer as the region posted its hottest June, July and August on record, according to a Bloomberg compilation of mortality estimates from different agencies. Spain saw its deadliest summer since records began in 2015, with 5,805 excess deaths attributable to heat between May 15 and Sept. 30, according to data from the Instituto de Salud Carlos III that was made public on Thursday. In France, three heat waves led to an estimated 7,824 deaths, the highest toll since at least 2015, according to provisional figures from the national public health agency. Germany, the UK and Belgium also recorded elevated heat-related mortality. “Spain has recorded 61 heat wave days over the summer, with four heat waves, a fifth in September and extreme heat episodes in

May,” said Diana Gómez, head of the mortality monitoring system at ISCIII. “All of that has resulted in an increase of deaths attributable to heat.” Heat can exacerbate existing illnesses and is particularly dangerous for vulnerable people including young children, the elderly and workers exposed to high temperatures over long periods of time. Western Europe faced extraordinary heat throughout the summer, with average temperatures for the region 2.5C above the average between 1991 and 2020, according to the latest monthly report by Earth observation program Copernicus.

European data indicate temperatures over the summer were the highest since at least 1979 across virtually all of England, Wales and Belgium, as well as most of France, Spain, Italy, Switzerland and Austria. The previous record was set in 2003, when countries including the UK, France and Germany recorded tens of thousands of heat deaths and healthcare services struggled to cope with cases of heat stroke, forcing authorities to improve emergency responses and hot-weather services. In Spain, this summer’s heat deaths exceeded the previous record of 2022 by more than 1,000, the ISCIII found. The worst day was July 10, according to the public health research institute, which calculates excess mortality by comparing the daily total of deaths to average mortality rate in previous years and factoring in temperature thresholds for each of the country’s 50 provinces. “Thresholds have been surpassed in every province for many days,” Gómez said. “Ours is the only system that issues daily estimates and, since we have a lot of experience in this field, several European countries have been in touch with us over the past few days.” In Germany, deaths reached the highest level in at least a

decade, with about 16,000 heatrelated deaths between April 6 and Sept. 13, according to the Robert Koch Institute, the federal government agency responsible for disease control. About 9,600 people died as a result of the heat wave at the end of June, which was the worst on record for Western Europe. The country’s previous record was about 9,000 heat deaths in 2018. Preliminary data from Santé Publique France indicate heat deaths in France this summer hit the highest number since at least 2015 due to three major heat waves in June, July and August. The government agency is expected to publish a definitive mortality report early next year. That compares with 5,700 estimated deaths last year. In 2003, researchers at the University Paris 5 found that devastating temperatures that year led to 14,800 excess deaths in August alone. In the United Kingdom, heat waves caused an estimated 2,877 deaths in May and June this year, according to the UK Health Security Agency, which is due to release a final mortality report covering the whole season next year. In Belgium, 2,112 people died between June 18 and July 12, according to Sciensano, the country’s public health institute.

Jump in crop prices threatens to boost inflation

LOBAL agriculture prices notched their biggest quarterly jump since Russia’s invasion of Ukraine in early 2022 on

fresh tensions in the Black Sea region and extreme weather, in a potential headwind for central bank inflation targets.

The Bloomberg Agriculture Spot Index, which tracks 10 key crops from soybeans to coffee, jumped 13 percent in the three months through September, the most since March 2022. Intensifying fighting between Russia and Ukraine in recent months has choked crop flows from the Black Sea, a key global supplier of grains and oilseeds, tightening supplies and prompting import-dependent buyers in Asia and Africa to seek alternatives. Extreme weather has added to concerns, disrupting wheat and corn production in key growing regions from the United States to Europe. Global grain prices were also supported by continued Chinese purchases of US soybeans and optimism over bilateral trade ahead of the key summit between the countries’ leaders late last month. Following the meeting, the two sides announced that Beijing would cut tariffs on US crops including wheat and corn as part of a broader deal, while keeping additional duties on American soybeans. The combination of supply dis-

ruptions and shifting trade flows is keeping global buyers on alert, with attention focused on any RussiaUkraine peace talk prospects and more Chinese purchases. A sustained pickup in Chinese demand will be needed, however, to keep that optimism translating into stronger grain markets. On the weather front, a strengthening El Niño—on track to be one of the strongest ever—continues to threaten agriculture production across regions, crimping forecasts for crops including palm oil and cocoa. India just capped its weakest monsoon season in a decade, threatening harvests and raising food-price risks. An ample outlook for US supply, after the Department of Agriculture released its latest report on Wednesday, has tempered some of the bullish sentiment. Chicago grains prices plunged on Wednesday before paring some losses. In the past quarter, corn and wheat in Chicago both climbed 15 percent. Soybeans gained 13 percent. Bloomberg News

Editor: Jeniifer A. Ng | www.businessmirror.com.ph

Most Americans blame Trump for high prices—AP-NORC poll By Jill Colvin & Linley Sanders The Associated Press

ASHINGTON—Americans are deeply frustrated with President Donald Trump’s handling of the economy and rising prices, with most panning his performance and blaming his policies as higher costs threaten his party’s chances in November. A new poll from The Associated PressNORC Center for Public Affairs Research finds that only 17 percent of US adults approve of the Republican president’s handling of the cost of living. Just 26 percent approve of his handling of the economy overall, marking a new low. A majority, 65 percent, of U.S. adults now blame Trump’s policies for persistently high costs more than factors outside of his control, signaling growing weariness over his aggressive use of tariffs and continued unhappiness with the war with Iran. The dismal numbers come just weeks before midterm elections that will determine whether Republicans maintain control of Congress and while Trump is hitting the campaign trail with an aggressive schedule of rallies. But Trump—who has asked voters to pretend that he is on the ballot as he tries to bolster turnout—remains deeply unpopular, with even many Republicans faulting him for failing to deliver on promised relief. “I was hoping it would be better or different, but it’s not really good,” said Robert Gault, 66, a retired factory worker from Bradford, Pennsylvania, who describes himself as a Republican. “Our president, I thought, was going to help the country, and so far he has not really seemed to have done that with the economy or in general. He’s not really done what I was hoping he would,” said Gault. “He said, ‘Make America Great Again.’ And I have not seen him do that.”

Costs drag on Trump

OVER the last few months, Americans have grown more worried about being able to afford basics like groceries and gas. About half of US adults now say they are “extremely” or “very” concerned about being able to fill their tanks, up from 39 percent in July. About half are also highly concerned about being able to afford food. Prices are “extremely exorbitant. Just the cost of everything is going up as a result of fuel,” said Pedro Sanchez, 52, of Perris, California, who voted for Trump and works in law enforcement. “I used to have a lot more disposable income. I don’t have that any more. It’s gotten eaten up because of all these increases in the cost of everything.” Trump’s current approval on the economy is a 14 percentage point drop from March 2025, just after he took office for the second time. His struggles on the issue mark a significant departure from his first term, when the economy was often a point of strength. Trump spent much of the 2024 campaign hammering President Joe Biden and Vice President Kamala Harris, Democrats, on inflation and promising to lower prices. Now, there’s widespread disappointment with his performance.

About 7 in 10 Americans say Trump’s handling of the cost of living has been “worse than expected.” That includes roughly half of Republicans, who are also broadly concerned about being able to afford groceries and gas. “Groceries are just like kind of out of control. It seems like everything is going up,” said Bethany Lnenicka, 41, who operates a small farm in Fairfax, Iowa. “It’s just one thing and the next week it’s another thing. It’s just insane. And of course your income doesn’t go up.” A political independent who typically votes Republican and has voted for Trump three times, Lnenicka said she had hoped his second term would be more like his first. “I just do not feel like it has gotten a lot better,” she said. About 6 in 10 Republicans disapprove of Trump’s handling of the cost of living, according to the new poll, up from about half in April. “It definitely doesn’t feel like we have trended in the right direction,” agreed Kristen Slaven, 41, a mental health therapist who lives in Gluckstadt, Mississippi, and typically votes Republican. She said Trump is focused on the wrong things. “Obviously wars don’t help. When they’re necessary, I understand. But our focus on renaming bodies of water and pieces of land, that’s just stupid to me when people can’t feed their family,” she said. “I had hoped that it would be better,” Slaven added.

‘Cut Trump some slack’

DESPITE their frustration, most Republicans, 67 percent, say factors outside of Trump’s control are more to blame for high prices. “I think inflation is a very difficult thing to tackle,” said Fred Naumann, 51, a Republican and longtime Trump supporter who lives in Green Bay, Wisconsin. Though he would like to see interest rates come down, Naumann, who works in the automotive industry, supports tariffs and the war with Iran, believing it was necessary. Overall, however, most Americans, 69 percent, continue to say the war has not been worth fighting, up slightly from 64 percent in July. Only 28 percent approve of how Trump is handling Iran. Americans are also unhappy with Trump’s trade wars. Only about 3 in 10 US adults approve of how he is handling trade negotiations with other countries, down from about 4 in 10 in March. And 64 percent say he has “gone too far” on imposing new tariffs on other countries, up from 58 percent in January. Overall, the picture is not better. Only about 3 in 10 Americans approve of how Trump is handling his job as president. And about 6 in 10 say the country as a whole is “much” or “somewhat” worse off than when he began his second term. The issue on which Trump maintains relative strength is border security, with about half of Americans saying they approve of his performance. Trump’s low grade on the economy rivals Biden’s 28 percent approval rating in June 2022, when there was record-high inflation during the Covid-19 pandemic.

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‘SISIG’ WARS: U.S. PRODUCERS NIX PHL PORK JOWL DUTY HIKE By Ada Pelonia

HE proposal to raise duties levied on frozen pork jowl through a reclassification was bucked by the United States, one of the Philippines’s top suppliers of the key “sisig” ingredient. In a position paper submitted to the Tariff Commission (TC) dated September 28, the US National Pork Producers Council (NPPC) maintained that pork jowl should be classified as edible offal under HS code 0206. Earlier, the Department of Agriculture (DA) filed a petition to slap higher tariffs on imported pork jowl by reclassifying it a swine meat under HS code 0203. “A pork jowl is obtained from the cheek/head area of the pig. Removing the jowl from the head does not change its anatomical origin,” the NPPC said, citing the World Customs Organisation (WCO). “Treating the intact swine head as offal while treating a portion cut from that same head as conventional muscle meat would create a distinction based principally on where the product was separated, rather than what the product is,” it added. Furthermore, the NPCC pointed out the December 2025 US Customs and Border Protection (CBP)

ruling, which revoked a 1991 ruling that classified fresh and frozen pork jowls as swine meat based on its anatomical origin. The industry group said the ruling relied on the WCO Harmonized System Explanatory Notes, which specifically include “heads and cuts thereof” within edible offal under HS 0206, thus “directly relevant to any proposal to classify pork jowls under HS 0203.” Also, the NPPC cited the recent European Union (EU) customs wherein German customs classified frozen beef cheeks derived from the head or cheek area as edible offal and parts of heads. While the Binding Tariff Information (BTI) concerns cattle, the NPCC stressed that “it demonstrates the application of the same HS distinction to a comparable head-derived product.” “The EU interpretation did not treat removal of the cheek from the head as transforming it into conventional muscle meat,” it added. Under the DA’s petition lodged with the TC, frozen pork jowl should be classified as swine meat and levied 25 percent tariffs, from the current 10 percent rate. If this materializes, duties imposed on the commodity will be further raised to 40 percent for out-quota shipments when Executive Order (EO) 62 lapses in 2029.

Friday, October 2, 2026 A9

Oct freight won’t be smooth sailing for PHL—Dimerco

By Bless Aubrey Ogerio

HILIPPINE shippers should book freight early in October as typhoon-related disruptions, tighter air capacity and higher fuel surcharges could complicate cargo movements, while vessel schedules and freight rates remain volatile, logistics firm Dimerco Express Group said.

The warning comes as the Philippines Manufacturing Purchasing Managers’ Index (PMI) fell to 49.6 in September from 54.9 in August, signaling a renewed contraction in operating conditions. “October is still in the peak typhoon window, so flight disruption, flooding and vessel bunching at Manila and Luzon are likely,” Dimerco said in its October AsiaPacific freight report for the Philippines. “On air, rising fuel is lifting airline and trucking surcharges. On ocean, capacity is moderately tight,

rates firm and schedules volatile— book early,” it added. Dimerco expects Philippine airfreight capacity to remain soft in October, although rates are generally expected to stay stable. Capacity on routes to Europe and both the United States (US) East and West coasts is projected to improve, but freight rates on all three corridors are expected to increase. For ocean freight, Dimerco expects capacity to improve across Asia, Europe and both US coasts, while rates are forecast to rise across all major trade lanes.

The logistics firm advised shippers to secure space ahead of expected demand and disruptions. It recommends booking air freight early, particularly for cargo originating from Singapore, Thailand, Taiwan and South Korea, where available space is expected to remain tight. For ocean shipments, Dimerco recommends booking one to two weeks ahead for intra-Asia routes and two to three weeks for longhaul shipments.

Global freight pressure

ARTIFICIAL intelligence, semiconductor demand and year-end retail shipments will support global freight activity heading into the fourth quarter, Dimerco said. The Global Manufacturing PMI rose to 52.3 in August from 52.1 in July, reaching a three-month high and remaining above the 50-point threshold for a 13th consecutive month. However, the logistics outlook for October is being shaped by several competing pressures, including the release of previously delayed China-US cargo, ocean congestion and capacity reductions around China’s Golden Week.

In air freight, Dimerco Vice President for Global Sales and Marketing Kathy Liu said current booking levels may not reflect the pressure that could emerge once delayed cargo starts moving. “Bookings look quiet right now, but that’s the calm before the door opens. Once held-back China-US cargo releases and ocean congestion pushes shippers into air, the space will face some constraints,” Liu said. In ocean freight, Dimerco said carriers are keeping capacity tight even as the traditional peak season extends into the fourth quarter. “Everyone expected October to mark the start of the slowdown, but the cargo hasn’t stopped and the overflow is still rolling forward,” said Ted Chen, Dimerco’s director for Ocean Freight Global Sales and Marketing. “With carriers blanking sailings at short notice, the real risk isn’t port congestion; it’s space disappearing before you’ve booked it,” Chen added. Shippers were advised by the firm to prepare for blank sailings around October 1 to 7, which could increase the risk of cargo rollovers, and to keep alternative sailings available. See “Dimerco,” A2

PHL, China trade barbs over South China Sea at UNGA By Malou Talosig-Bartolome

T PH STANDS BY ARBITUAL AWARD Philippine Permanent Mission to the United Nations UNGA Plenary Expert Paolo Marco Mapula responds to China’s criticism of Manila’s position on the 2016 South China Sea Arbitral Award during a right of reply at the 81st UN General Assembly. Seated behind him is Minister Azela Arumpac-Marte, legal officer of the Philippine Mission in New York. In a separate right of reply, China’s Deputy Permanent Representative to the UN Sun Lei argues that the South China Sea dispute should be resolved through bilateral negotiations rather than arbitration or multilateral forums. SCREENGRABS VIA UN WEB TV

DBCC flags risk of pre-poll populist measures By Reine Juvierre S. Alberto

CONOMIC managers warned that the upcoming 2028 national elections could pressure lawmakers to approve tax breaks and higher spending—a move that would weaken the government’s revenue base. “There is a strong likelihood that populist revenue-eroding and expansionary spending measures, which include tax breaks, tax exemptions or deductions, will be passed,” said the Development Budget Coordination Committee (DBCC) in its latest fiscal risk statement. The “piecemeal” passage of the Department of Finance’s (DOF) proposed Progress Bill, specifically its income tax relief component, and the possible delay, non-passage or “watereddown” version of the revenuegenerating measures will further erode the tax base, the DBCC said. The tax relief proposes to exempt wage earners with annual

income of P350,000 and below and micro and small businesses from personal income tax and minimum corporate income tax. The tax relief, however, would result in an average revenue loss of P81.73 billion. To make up for the foregone revenues, the DOF is pushing to expand excise and wealth taxes, which are expected to raise an average of P129.68 billion. These include higher tax rates on sweetened beverages, distilled alcohol, e-cigarettes and automobiles, as well as a proposed tax on plastic products. Topping these risks is the protracted impact of the Middle East conf lict, which could have an enduring effect on the broader economy and exert additional pressure to enact measures that could undermine the tax base, the DBCC said. “Disruptions in remittances also reduce economic activity, which may impact tax collection, particularly consumption taxes given that the country is a consumption-led economy,” it

added. The government’s revenue projections for the medium term are expected to reach P4.81 trillion in 2026, P5.21 trillion in 2027, P5.52 trillion in 2028, P5.99 trillion in 2029 and reach P6.52 trillion in 2030. The DBCC said this would be driven by the full implementation of tax policy reforms, alongside continued strengthening of tax administration, digitalization and enforcement. At the same time, the government faces spending pressures from external shocks, as higher oil and food prices have increased the need for subsidies and social protection programs. This comes against a backdrop of weaker economic growth prospects, with the DBCC’s growth assumptions trimmed by 1.5 percentage points (pp) for 2026, 0.5 pp for 2027 and 1 pp for 2028 to 2030. The targets were revised to account for the adverse impact of geopolitical conf lict as its local implications were

“far-reaching,” and the government’s responses to cushion the impact by providing subsidies and other forms of support. “The domestic economic growth outlook is fragile in 2026 due to a slowdown in public infrastructure spending, a spillover of the corruption scandal in 2025,” the economic managers said. “This economic outlook is further exacerbated by heightened global uncertainty with the ongoing US/IsraelIran conf lict that began in February.” Nevertheless, the DBCC expects the enactment and implementation of the DOF’s priority measures to strengthen government revenues and help the state’s coffers better withstand and respond to shocks brought about by global uncertainties. These include the value-added tax on digital service providers, expected to raise P26.47 billion annually; the Capital Markets Efficiency Promotion Act, P4.90 billion; and the new Mining Fiscal Regime, P6.42 billion.

HE South China Sea dispute spilled onto the floor of the 81st United Nations General Assembly in New York as the Philippines and China traded diplomatic blows over the legality of the 2016 arbitral ruling, with Manila defending the award as legally binding and Beijing dismissing it as “illegal, null and void.” The exchange stemmed from the address of Foreign Affairs Secretary Ma. Theresa Lazaro, who used her speech before the General Debate to affirm Manila’s commitment to international law and the United Nations Convention on the Law of the Sea (Unclos). She noted that 2026 marks a decade since the issuance of the South China Sea arbitral award and described it as a “final and legally binding award” that demonstrates how international law can peacefully resolve disputes between states. “The Philippines stands firm in its conviction that disputes must be resolved through diplomacy and law, not violence and might,” Lazaro said. She also stressed that “open and secure seas, free from interference and coercion, are vital to our security, our economy, and our people.” China responded through Deputy Permanent Representative Sun Lei, who exercised Beijing’s right of reply, to reject the Philippine position and challenge the arbitral ruling. “The United Nations is not the appropriate forum to discuss the South China Sea issue,” Sun said, accusing Manila of raising the matter in a multilateral setting despite China’s preference for bilateral negotiations. Sun reiterated China’s longstanding position that the arbitration case filed by the Philippines violated fundamental principles of international law and that the tribunal exceeded its authority. “The award it rendered is illegal, null and void,” he said. “China

neither accepts nor recognizes the award, and opposes and will never accept any claim or action arising from it.” The Chinese envoy also criticized Manila’s efforts to highlight the ruling’s upcoming 10th anniversary. “The Philippine attempt to play up the 10th anniversary of the socalled award is utterly meaningless,” Sun said, arguing that the decision had failed to resolve maritime disputes and instead contributed to tensions in the South China Sea. The Philippines answered back through Paolo Marco Mapula, UNGA Plenary Expert at the Philippine Permanent Mission to the United Nations, who delivered Manila’s right of reply and defended the arbitral award against China’s criticism. Mapula said China was once again attempting to “rewrite history” and ignore a ruling issued under the dispute settlement mechanisms of Unclos. He maintained that the arbitral tribunal was lawfully constituted and that its award remains final and binding on both parties. The Philippine delegate argued that the ruling clarified maritime entitlements in the South China Sea and represented a victory not only for the Philippines but for the international rules-based order. China responded with another intervention, reiterating its position that territorial and maritime disputes should be settled through direct negotiations between the countries concerned rather than through arbitration or multilateral forums. The exchange highlighted the enduring divide between Manila and Beijing nearly a decade after the Hague-based tribunal invalidated the legal basis of China’s sweeping claims in the South China Sea. While the Philippines continues to treat the award as a cornerstone of its maritime policy, China maintains that the ruling is invalid and has no binding effect.

A10 Friday, October 2, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

How safe is the LPG tank in your kitchen?

HEN an LPG tank exploded in a Valenzuela City apartment last August 27, injuring three family members and reducing their home to rubble, the news cycle moved on within hours. In a recent column, Dr. Jesus Lim Arranza asks a question that demands we pause: Are we doing enough to ensure every LPG cylinder entering the Philippine market has been properly tested? The uncomfortable answer appears to be no. (Read the BusinessMirror article: “LPG safety: When standards become a matter of life and death,” September 30, 2026) The statistics are sobering. Between 2018 and 2021, the Bureau of Fire Protection recorded 286 LPG-related fire incidents nationwide. While the yearly numbers show a declining trend—from 104 fires in 2018 to 47 in 2021—each incident represents not just property damage, but families traumatized, lives permanently altered by burns, and communities shaken. Behind every cylinder is a mother cooking dinner, a father preparing breakfast, children waiting at the table. For them, safety standards are not abstract technical documents— they are matters of life and death. We have established rigorous standards. The Department of Trade and Industry’s Bureau of Philippine Standards has mandated certification requirements for steel LPG cylinders. These regulations recognize that an LPG cylinder is not an ordinary consumer product—it is a pressure vessel containing highly flammable substance, where internal defects invisible to the naked eye can mean the difference between a safe kitchen and a devastating explosion. This is where Radiographic Testing (RT) becomes critical. RT allows qualified technicians to examine the internal condition of welds, identifying cracks, porosity, lack of fusion, and incomplete penetration that visual inspection simply cannot detect. Yet here lies the systemic vulnerability: standards are only as effective as our capacity to implement them. Establishing RT facilities requires substantial investment—specialized equipment, radiation protection, qualified professionals, regulatory compliance, and ongoing accreditation. For small and medium-sized Philippine testing companies, this represents a significant financial commitment. The primary concern is not the financial capability of these laboratories to fund safety infrastructure, but the national cost of failing to do so. As the market increasingly relies on imported LPG cylinders, the pressure on our testing infrastructure intensifies. While imported products are subject to DTI-BPS certification requirements, a system is only as strong as its capacity to verify compliance. We cannot simply mandate sophisticated testing without ensuring sufficient laboratories, equipment, and qualified personnel exist to perform it. Dr. Arranza correctly identifies testing laboratories not merely as service providers, but as critical components of national safety infrastructure. When a Philippine laboratory invests in RT capability, trains engineers, pursues accreditation, and serves manufacturers, it strengthens the chain that protects consumers. Government and industry must recognize this role and provide support through clear technical guidance, efficient accreditation processes, capacity building, and recognition of competent local laboratories. The Valenzuela explosion should not be weaponized to assign blame prematurely. Rather, it should serve as a catalyst for urgent collaboration. We need research to determine exactly how many cylinders are imported versus locally produced, and whether valid testing was performed on each. We need government and industry working together—not against each other—to ensure every cylinder meets requirements before reaching the market. When it comes to LPG safety, the cost of prevention must always be measured against the value of a life. The Philippines has the standards. What we need now is the technical capacity to enforce them. We cannot afford to wait for the next explosion to ask whether we have done enough. The time to strengthen our testing infrastructure is now—before another family pays the price for our collective inaction.

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Dealmakers face fresh risks chasing $5 trillion-plus M&A record By Michelle F. Davis & Ryan Gould

EALMAKERS have ground to make up as they chase a record year of mergers and acquisitions, after a slower third quarter brought fresh challenges that cost Wall Street some momentum.

The value of announced deals in the three months through September dipped roughly 10 percent yearon-year, according to data compiled by Bloomberg. But with $3.8 trillion of transactions over the year to date, companies and their advisers could yet top the $5 trillion-plus record M&A haul of 2021. To do that they’ll need to manage a series of complications, including the prospect of a new rate-hiking cycle, rising levels of anxiety around the risks of artificial intelligence, and US midterm elections that could impact timetables for some larger deals. “I expect the momentum we saw in the first half of the year to continue, albeit at a more measured pace,” said Ben Wilson, co-head of North America M&A at JPMorgan Chase & Co. in New York. “The industrial logic behind many of the transactions that haven’t happened yet remains intact.” Dealmakers have grown accustomed to transacting in tricky periods in recent years, whether through conflicts in Europe and the Middle East that have disrupted global supply chains, or tariff spats that have upended established trading partnerships. Among the latest headaches is

the potential for aggressive central bank rate hiking to combat inflation spurred by the Iran war, which is entering its eighth month. The Federal Reserve in September raised rates for the first time in more than three years—a decision that could have knock-on effects in the financing market for deals and leveraged buyouts. Still, advisers including Jenny Hochenberg, global co-head of M&A at Freshfields, say there is still a strong desire in boardrooms to pursue large and complex mergers. “There’ve been so many disruptions but they don’t seem to stick,” said the New York-based lawyer. “People view this as the once in a lifetime opportunity to get certain deals done. They’re taking advantage of a regulatory environment that’s receptive to approving deals.” Among the largest transactions struck during the third quarter were Uber Technologies Inc.’s purchase of German food-delivery company Delivery Hero SE for about €13 billion ($14.7 billion) and Alimentation Couche-Tard Inc.’s takeover of Polish convenience store chain Zabka Group SA for almost 33 billion Polish zloty ($8.6 billion).

Elsewhere, Prologis Inc.’s £14 billion ($18.6 billion) buyout of Londonlisted real estate investment trust Segro Plc underscored the boom in UK takeovers that has taken hold this year, and a near-$10 billion sale of the NFL Super Bowl champion Seattle Seahawks was one of the highlights of an exceptionally active period for sports M&A. “It has been consistently busy,” said Hochenberg. “We are looking at a lot of very big-ticket deals and a lot of clients are willing to take more risk in terms of writing bigger checks.”

Election day

A LOOMING date in dealmakers’ diaries is November 3, when Americans vote in midterm elections. Republicans are expected to struggle to keep control of both houses of Congress in a potential rebuke of President Donald Trump’s administration. Some bankers have seen clients opt to postpone deal announcements until after the vote to avoid them being used as political footballs. Even with any pause, advisers say companies have time to take advantage of the current favorable regulatory environment before the next US presidential election in 2028. Jason Greenberg, global head of investment banking strategy at Jefferies Financial Group Inc., acknowledges the perception that a large number of deals that have been possible under Trump probably wouldn’t have been under Democrats. But he doesn’t see the outcome of the mid-

terms massively affecting deal activity through the remainder of this year and the Trump term. “Will the midterms change Congress? Probably,” said Greenberg. “Will they change the agencies that set regulatory policy? No.”

AI outcomes

SPEAKING on Bloomberg TV in August, Greenberg predicted more dealflow shifting toward AI enabled or agentic AI businesses. Soon after, Nvidia Corp. agreed to acquire AI startup Hugging Face for about $13 billion in another of the quarter’s standout deals. In the weeks since, markets have been digesting warnings from executives in the AI industry, including at some of its biggest companies, about existential risks from developing the technology too quickly and without proper oversight. Any move to slow AI spending could impact appetite for deals related to the technology, which has been one of the big drivers of the current M&A boom. Greenberg, who’s also executive chairman of technology, media and telecom investment banking at Jefferies, said AI presented the largest gap in potential outcomes that he’d seen in decades. “It feels a bit like 2000-2001: if the rate of investment change stops, the music stops, and that will have a huge impact on stock valuations,” he said. “On the upside, it could be enormous—we’re talking 5 percent to 6 percent GDP growth—but it could also cause a huge recession.” Bloomberg

Foreign money flees India again as oil spike undoes policy gains By Subhadip Sircar & Ashutosh Joshi

VERSEAS investors are turning sellers of Indian assets again as surging oil prices and rising global yields threaten to derail a recent revival in demand.

Global funds have sold $2.1 billion of local equities so far in September, following two straight months of purchases. Outflows from index-eligible sovereign bonds are also picking up, with foreigners selling $1.1 billion this month—on track for the biggest outflow since March—after record inflows in June. The rupee is among Asia’s worst performers this quarter despite robust inflows from a special dollar deposit program, while the 10-year government bond yield hit a two-year high this week. The renewed selling is snuffing out a nascent recovery in foreign demand following an unprecedented stretch of underperformance by Indian stocks against regional peers. Resurgent oil prices are weighing on the rupee and stoking inflation in an economy heavily reliant on imports, leaving policymakers with limited scope to cushion markets despite a series of earlier measures to attract

foreign capital. “Oil will be the biggest factor determining whether India sees renewed foreign outflows,” said Gautam Chhaochharia, head of global markets India at UBS Group AG. The bank expects Indian stocks to remain range-bound in the near term, with valuations, share supply and high oil prices likely to limit the scope for gains. On Wednesday, the benchmark NSE Nifty 50 Index closed at a sixmonth low as foreign outflows continued. Global funds sold a net 100 billion rupees ($1 billion) of shares on Tuesday, according to provisional data, which if confirmed would mark the biggest withdrawal since late May. The retreat by global funds isn’t confined to India, with markets from Korea to Taiwan also seeing outflows after attracting money in August. The reversal in the South

Asian nation follows an improvement in foreign demand earlier in the quarter. Despite September’s selling, overseas funds have bought a net $2.7 billion of Indian shares since July, putting the country on track for its first quarterly inflow since April-June last year. Policymakers have also taken steps to support the rupee. Banks garnered $133 billion from a special diaspora program. The dollars have been swapped with the Reserve Bank of India, which briefly pushed up reserves to a record $785.7 billion. Still, the central bank has been selling dollars to support the rupee as elevated energy prices weigh on the currency. “The recent foreign selling should be viewed primarily in the context of the broader global bond-market correction, rather than as a fundamental reassessment of India,” said Fesa Wibawa, investment manager of fixed income Asia at Aberdeen Investments. The pullback offers an opportunity to gradually increase exposure, he said. Even so, higher global yields are making it hard for India to attract overseas capital as investors pull away from most emerging markets.

Foreign funds have yanked more than $45 billion from Indian stocks since the end of 2024, partly as money flowed toward northern Asian markets with exposure to the artificial intelligence trade. The higher returns available on Treasuries are particularly relevant for India because US-based investors account for the largest pool of foreign portfolio equity assets. Rupee weakness and the cost of hedging against further declines also erode dollar returns on Indian assets. Meanwhile, rising bets on interest-rate hikes by the central bank are adding to unease over the growth outlook for both bond and stock investors. Equity valuations add to the challenge. MSCI Inc’s broader gauge of Indian equities still trades a premium to Asian equities despite heading for its worst year since 2011. Earnings for the 160-plus member gauge are expected to climb 13 percent in 2027, the slowest among major peers including China, South Korea and Taiwan. With developed-market yields elevated, investors are demanding stronger earnings growth to justify that premium. With assistance from Bhaskar Dutta and Pratigya Vajpayee /Bloomberg

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Israeli settlement boycotts risk triggering economic isolation By Galit Altstein & Ethan Bronner

HEY seem like minor and isolated events: Western nations withholding components for an Israeli submarine; Dutch customs agents searching passengers landing from Tel Aviv; a shipment for Israeli defense company Elbit Systems Ltd. held at a Malaysian port.

But as a dozen major countries, led by the UK, pledge a ban on goods from Israeli West Bank settlements amid international anger over Israeli policies there and in Gaza, sanctions experts say the nation as a whole may face growing economic isolation as foreign companies seek to protect themselves. “Markets get ahead of compliance and start to de-risk,” said Mark Dubowitz, chief executive officer of the Foundation for Defense of Democracies, who’s spent decades helping to build the sanctions regime against Iran and warns something similar may be applied to Israel. “Not every Iranian company was listed, but the perception is created that doing any business in Iran is risky, so the entire economy becomes a toxic asset.” The UK-led bloc, which includes France, Canada and Spain, announced planned sanctions against Israeli settlements in the West Bank earlier this month, saying they were seeking to protect the viability of a two-state solution. The settlements, which are considered illegal by the United Nations and International Court of Justice, have been expanding since Prime Minister Benjamin Netanyahu’s ruling coalition took power in 2022 and caused outbreaks of violence between Jewish Israelis and Palestinians. More than 100 settlers took part in an attack on a Palestinian town on Monday night, torching cars and buildings, the Israeli military said. On the face of it, commerce with West Bank settlements is a rounding error—$627 million out of Israel’s total exports of $55 billion, according to the country’s economy ministry. And less than a third of that goes to the 12-nation group that announced sanctions. But UK Foreign Secretary Ed Miliband said the measures will also include individuals and companies that provide services such as financing and construction to the settlements. The move has been condemned by Israel, which announced the closure of the British consulate in east Jerusalem. “Importers don’t always have the resources to conduct meticulous checks regarding origin of goods,” said Ofer Fohrer, deputy director of the Israeli economy ministry’s Foreign Trade Administration. “The sentiment could reduce importers’ appetite to get involved with Israeli products.” Fohrer was talking about the Netherlands, which has banned the import and sale of goods originating from Israeli settlements in the West Bank, East Jerusalem, and the Golan Heights, which lies along the border with Syria. It’s one of the toughest unilateral trade restrictions by a European Union member state and penalties range from the confiscation of goods to criminal prosecution. Last week, passengers landing in Amsterdam from Tel Aviv reported that their bags were searched for prohibited products, the Israeli foreign ministry said. “The concern is that foreign banks will cease providing correspondent services to their Israeli counterparts, effectively severing Israel’s ability to conduct international economic activity,” said Yair Avidan, former banking supervisor with the Bank of Israel. “This could push us toward a blow to GDP, unemployment, a decline in the standard of living and could even damage Israel’s national security,” he said. All of this is happening against a charged backdrop: Israel has been

The UK-led bloc, which includes France, Canada and Spain, announced planned sanctions against Israeli settlements in the West Bank earlier this month, saying they were seeking to protect the viability of a twostate solution. The settlements, which are considered illegal by the United Nations and International Court of Justice, have been expanding since Prime Minister Benjamin Netanyahu’s ruling coalition took power in 2022 and caused outbreaks of violence between Jewish Israelis and Palestinians. condemned globally for its conduct in the war against Hamas in Gaza, triggered when militants from the Iran-backed group attacked Israel in October 2023, killing 1,200 and abducting 250. The death toll in Gaza exceeds 70,000, according to its Hamas-run health ministry, and the vast majority of its 2 million inhabitants are living in unsanitary tents in ruined cityscapes. International sentiment against Israel has worsened due to surging violence in the West Bank, with the Netanyahu government overseeing an unprecedented expansion of settlements and outposts. Israel is holding an election on October 27, and an opposition win may prompt foreign governments to reconsider the boycotts and sanctions. But if Netanyahu’s right-wing religious coalition is reelected, that could turbocharge the move to isolate the country. The EU is Israel’s largest trading partner, accounting for about 29% of the country’s exports last year and a similar portion of imports. In 2025, overall trade volume including goods and services increased year-on-year to about $42 billion, excluding diamonds, yet data indicate that exports dropped 7 percent while imports surged by 8 percent. Dubowitz, the Iran sanctions expert, said he’s also got an eye on US policy, especially if the Democrats win the White House in 2028. Former President Joe Biden’s administration had started to sanction settlement figures and entities, but that process was reversed when Donald Trump returned to the Oval Office last year. So far, Israel’s tech industries are thriving, with foreign direct investment growing last year by 78 percent to a record $26.2 billion. In 2026, it’s increased again, already reaching $30.1 billion. Israeli defense companies are registering record-breaking foreign orders. But bans and boycotts are increasingly on the minds of Israelis who rely on foreign relations. International airlines have delayed restarting operations despite the pause in intense fighting in the US and Israeli war on Iran, hindered in part by aircrews’ reluctance to overnight in Israel. And last Saturday an unusual incident occurred when an Air Seychelles flight to Mauritius was denied landing. The Israeli tour operator, Spirit World Productions, said that “according to information provided to the company, the decision was based on diplomatic and political considerations.” The number of international carriers operating out of Israel has dropped 40 percent between August 2023 and August 2026, according to the Airport Authority, complicating travel for tech companies. Bloomberg

Opinion BusinessMirror

Friday, October 2, 2026 A11

Rural MAHA followers say Trump hasn’t improved health of their communities, an AP-KFF poll finds By Ali Swenson, Sarah Jane Tribble & Linley Sanders The Associated Press and KFF Health News

ASHINGTON—About half of rural voters identify with Make America Healthy Again, a sprawling political movement championed by the Trump administration, but most said President Donald Trump’s healthcare policies have not benefited their communities, according to a new poll from The Associated Press in partnership with KFF.

About 8 in 10 rural voters—an important voting bloc for Trump and fellow Republicans—said the Trump administration’s policies have had a negative effect or no impact on the health of people where they live. Most MAHA supporters, 68 percent, also feel this way, according to the national survey of more than 2,000 rural registered voters. The findings signal an apparent disconnect between the Trump administration’s MAHA-branded policy priorities and rural America’s perception of their reach and effectiveness. Iowa pastor Mike Jager, 58, is a registered Republican and considers himself part of the MAHA movement. The Trump administration’s health policies have had “minimal” impact on the health of his community, Jager said, but he added that Trump’s health secretary, Robert F. Kennedy Jr., is moving the needle “in the right direction.” “It’s a beginning,” Jager said. “It’s a big ship to try and turn around and course-correct.” Kennedy has used the MAHA label to support various agendas, including abandoning long-standing vaccine guidance, researching ultraprocessed foods and investing in regenerative agriculture. Jager lives in Sumner, Iowa, “less than a quarter mile from where the corn ends and the city begins.” He’s seen family members and neighbors develop diseases that he believes resulted in part from exposure to agricultural chemicals and consumption of unhealthy, processed foods. In the June Republican primary for governor, Jager voted for Zach Lahn, a businessman and farmer who ran on a MAHA platform and beat out Trump-backed US Rep. Randy Feenstra. He plans to vote for him again in November.

Many rural voters are prioritizing health issues

ABOUT two-thirds of rural voters who support MAHA said it’s “ex-

tremely” or “very” important to them to vote for a candidate who does, too, while only 4 in 10 rural voters overall said the same. Trump sought to seize on MAHA support during his campaign for another term two years ago. Now, amid tight midterm races, Kennedy has campaigned to galvanize the movement’s support. In May, he attended a MAHA bill signing with Iowa Republican Gov. Kim Reynolds, and in August, he went fishing with Lahn, posting about it on social media. Yet the survey indicates voters are noticing “this weird split in the Trump administration” between what Kennedy messages and what Trump says and does, said David Peterson, a political science professor at Iowa State University. In Iowa, concerns about what’s causing rising cancer rates are “a big deal,” he said. For many people who identify with MAHA, being healthy includes taking on corporate agriculture and pharmaceutical companies that they think cause cancer, he added. In the poll, views on healthcare access and costs largely diverged along party lines. Most Democratic and independent voters said the Trump administration’s healthcare policies have had a negative impact on their healthcare costs and the health and well-being of people in their communities. Republicans were likelier to say there hasn’t been an impact. Talking on the phone from her 200-acre farm in Carroll County, Iowa, 71-year-old Donna Klocke said that her husband had died from cancer and that she has neighbors who also have cancer. “It’s just very prevalent,” Klocke said. “We’re in a farming community. We use chemicals and pesticides and all kinds of things that aren’t necessarily good for us.” Klocke, a Democrat, said the MAHA movement is a good idea because she cares about being healthy, but she does not consider herself part

of it and will not be voting for a candidate who represents the movement. Kennedy, who was an anti-vaccine activist before entering politics and has sent mixed messages to Americans about getting the measles vaccine, scares her. “Measles are coming back and polio,” Klocke said. “It’s the measles that really gets me. It’s like, do you not understand how dangerous it is?”

Survey reflects angst over healthcare

NEARLY half of rural voters said their communities don’t have enough doctors or other healthcare providers, and even more said there aren’t enough mental health workers specifically. The share of rural voters who said their community does not have enough hospitals increased to 35 percent from 21 percent in a similar question asked in a KFF-Washington Post survey in 2017. And as with the general population, healthcare, gas and grocery costs are top pain points. At least 6 in 10 rural voters said they were worried about healthcare costs. The level of worry varied based on coverage, with rural voters enrolled in employer plans or Medicare less likely to be worried. The survey found that 80 percent of working-age rural voters on Medicaid were very or somewhat worried about healthcare costs. Last year, Republicans passed a tax and spending bill that cut over $900 billion in projected Medicaid spending over a decade and mandated new eligibility requirements. In the tiny community of Lipan, Texas, west of Dallas, Kim Solis and her husband have a handyman-andhome-remodel business and get their insurance on the marketplace. Since Trump returned to office, their premium payment jumped from zero to $166 a month. Their copays went up, and their deductibles each increased by $2,000. Solis, 62, said she worries what will happen if they get a big medical bill. “Certainly, we’d be in a world of hurt trying to take money out of savings or getting it out of our 401(k) just to be able to do something about it,” she said.

Most MAHA voters are also MAGA—but not all

LIKE the general population, rural voters said they trust their own doctors and healthcare providers

for health information over government agencies or officials, according to the poll. Trust in Kennedy and Trump fell largely along partisan lines. About 10 percent of rural Democratic voters reported having a “great deal” or “fair amount” of trust in Kennedy, compared with 74 percent of rural Republican voters. About 5 percent of rural Democrats and 69 percent of rural Republicans said they trust Trump a “great deal” or “fair amount” for reliable health information. While Make America Great Again and MAHA identities are “linked in a lot of ways,” the rising costs of healthcare and groceries pose a challenge for those committed to the MAHA principles that Kennedy promotes, said Peterson, the Iowa State professor. Buying healthy food “becomes, ‘I can’t afford to do that because of Trump’s policies,’” he said. In Stamping Ground, Kentucky, Alma Johnson, 65, works night security at a horse farm. Johnson voted for Trump in 2016, 2020 and 2024 and said she “pretty much” likes how Trump is running the country. But she said she is not a MAGA devotee, preferring to “think for myself.” MAHA, however, is an easy sell for Johnson because, she said, she doesn’t think people should be able to buy junk food in the Supplemental Nutrition Assistance Program, or SNAP. Still, she said she hasn’t seen much impact from the Trump administration’s healthcare policies, including the new food pyramid. “It takes a long time to change people, their habits, their thoughts or the things they do,” Johnson said. (The poll of 2,241 US adults registered to vote in rural areas of the country was conducted August 12-24, 2026, using a sample drawn from the probability-based SSRS Opinion Panel. The margin of sampling error for the full sample is plus or minus 3 percentage points. In collaboration with AP, KFF researchers worked to design the survey sample and questionnaire, analyze and report findings. This report is a collaboration between The Associated Press and KFF Health News. KFF Health News is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs at KFF—the independent source for health policy research, polling and journalism.)

Extreme volatility divergence exposes ‘fragile footing’ for S&P By Jessica Menton

TOCK-MARKET risks are everywhere. But you’d be hard pressed to tell anything was wrong by looking at the surface of major US equity gauges. The S&P 500 Index is about to end the third quarter exactly where it began. The Nasdaq 100 Index, after briefly plunging into a correction, has since shrugged off rising bond yields and risks to the artificial intelligence trade. The Cboe Volatility Index, or VIX, is well below the 20 level that often signals market stress. Chalk it up to a violent rotation in which rising and falling stocks and sectors are largely balancing each other out, keeping the broader market steady. This gap between indexwide calm and single-stock chaos is nothing new for traders, but lately it’s grown extreme, reaching the widest level since the height of the dotcom crash in 2000, data compiled by Macro Risk Advisors show. To Dean Curnutt, chief executive of the firm, the possibility of the broader market falling victim to a big macro shock is a risk hiding in plain sight—and one that Wall Street traders aren’t positioning for. A potential selloff in AI hyperscalers and chipmakers could fuel a rout, forcing the whole market to move together as one. “If a few hyperscalers pull back on AI spending tied to data-center

debt concerns as yields rise, that would be awful for the stock market already on fragile footing,” said Curnutt, who is urging clients to use of VIX calls and call spreads for protection against any drawdowns. “You don’t buy flood insurance rooting for your home to flood. You gotta play defense here.” As the calendar flips to October—historically the most volatile month for US stocks—Wall Street is grappling with a series of risks, from the durability of the artificialintelligence trade to the threat of higher interest rates amid sticky inflation. Optimism that the US and Iran are getting close to ending the war coupled with strong economic data at home have pushed traders to offload their hedges and load up on upside calls. A one-month, 25-delta put-tocall skew on the S&P 500 is sitting in the bottom-fifth percentile of observations, according to Mandy Xu, head of derivatives market intelligence at Cboe Global Markets Inc. The 500-member gauge opened 0.3 percent higher on Wednesday, while the Nasdaq 100 traded up 0.5 percent. The appetite for risk is equally pronounced on a single-stock level. Roughly 40 percent of the top 100 stocks in the S&P 500 are trading with an inverted call skew—a sign of extreme bullishness, Xu said. With JPMorgan Chase & Co. kicking off earnings season October 13, Xu sees

the scope for single stock volatility to rise even more relative to index volatility, particularly against a backdrop of higher rates, which have historically been a catalyst for more stock dispersion, she said. “Given how depressed index volatility is with the lack of hedging activity, it suggests a potential for a sharper pullback in the broader stock market in the coming weeks and months on any negative, unexpected headline or catalyst,” Xu said by phone. Bulls, for their part, are taking solace in the data showing economic growth remains resilient to geopolitical jitters, elevated bond yields and persistent inflationary pressures. When earnings season kicks off in about two weeks, S&P 500 companies will likely show a third consecutive quarter of profit expansion above 20 percent. That would be the first such instance since 2018, excluding the Covid-19 fueled rebound, Bloomberg Intelligence data show. Besides the upcoming reporting season, traders are bracing for a number of potentially market-moving events, from the jobs print on Friday, to the consumer price index report on October 14 and an interest-rate decision on October 28. That leaves stocks in a vulnerable position to any surprises, given that investors are betting on few fireworks in the next couple of days. Should that calculation misfire, the

return of volatility may interrupt the stock market’s streak of calm. The S&P 500 is projected to swing just 0.7 percent in either direction when the latest jobs report gets released on Friday, in line with the average realized move on labor-report days in the past 12 months, optionsmarket data compiled by Citigroup Inc. show. There’s also a growing divergence in volatility in the stock and bond markets. The VIX, which measures expected price swings in the S&P 500, is sitting around 16. Meanwhile, the ICE BofA MOVE Index, the bond market’s version of the VIX, spiked to as high as 104.58 last week, the highest level since the Middle East turmoil in late March. That’s signaling the bond market is bracing for volatility to stay elevated. As a result, the ratio between the two is hovering near the lowest level since late 2024. All of which means traders are staring anxiously at fixedincome markets for an early read on when volatility in the S&P 500 could resurface again. “Rates and stock valuations are appropriate for the level of growth in the economy,” said Scott Ladner, chief investment officer at Horizon Investments, whose firm is snapping up companies tied to AI infrastructure while dumping rate sensitive small-capitalization companies. “But all of this hinges on earnings growth continuing to deliver.” Bloomberg

A12 Friday, October 2, 2026 | mirror_sports@yahoo.com.ph

Sports BusinessMirror

Editor: Jun Lomibao

SILVER FOR TEEN JIN, EALA BAGS BRONZE N By Jun Lomibao

POC president Abraham “Bambol” Tolentino is confident EJ Obiena’s gold is not the last for the country in these Games. POC MEDIA POOL

POC chief Tolentino banking on wave of winners in final stretch

AGOYA—Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino remained steadfast that Team Philippines could win more than four gold medals in the Aichi-Nagoya 20th Asian Games. “We got three more Masses [Catholic] to attend before Sunday,” Tolentino said on Thursday. “Last three days, still hoping for more golds.” The Philippines has so far won three gold medals from Carlos Yulo in gymnastics’ floor exercise and vault and EJ Obiena in men’s pole vault, which he won in games record fashion. “Perhaps we could surpass those four golds,” said Tolentino, referring to the gold medals won at the Hangzhou Asian Games three years ago courtesy of Obiena, Meggie Ochoa and Annie Ramirez and the men’s 5x5 basketball team Gilas Pilipinas. Ochoa’s retired but Ramirez is in Nagoya and will open defense of the women’s jiu-jitsu -52 kgs gold medal against Thailand’s Nuchanat Singchalad on Friday, while Gilas Pilipinas was booted out of the pool stage. Tolentino acknowledged that while the delegation suffered unexpected early heartbreaks, most notably the

early exit of the Sibol Mobile Legends squad and MMA artist Jean Claude Saclag, other sports remain well in contention to step up. “That’s the way it is, you lose some and win some,” he said. “God willing, there’ll be other sources.” Outlining the sports where Team Philippines could potentially make a late surge, Tolentino pointed to key events in tennis, boxing, martial arts, beach volleyball, padel, golf and team sports. “Of course. Boxing, Carlo Paalam. Judo,” he said. “What else? Jiu-jitsu. Hopefully two, I don’t know the dynamics in softball and even padel had a chance,” he said. He also expressed confidence in the golf contingent, led by Bianca Pagdanganan and Rianne Malixi. With time running out before the games officially wrap up on Sunday, the POC chief called on the nation to rally behind the remaining Filipino athletes competing for podium finishes. “God willing. Out countrymen, let’s pray for our athletes and Team Philippines,” he said. The jumping event of equestrian will be the last competition before the closing ceremony of the games on Sunday. Jun Lomibao

AGOYA—Disappointment was all over Alex Eala’s face as she faced the media for a post-match interview following a 6-3, 3-6, 2-6 loss to a Chinese opponent many didn’t consider a formidable foe with a credential full of potential to frustrate the global tennis sensation. “Not the result that you wanted,” said Eala without the trademark smile after yielding to Wang Xiyu after two hours and 34 minutes at center court of the Higashimaya Park Tennis Center. “I think I had a couple ups and downs during the match and it’s something I have to talk with my team about and process.” “I mean you were up 5-0 in the first set and then she won 3-0,” added Eala, who played catch-up in the last two sets as Wang, 25, used every arsenal she’s got from multiple stints in Grand Slam tournaments that are more than what Eala has undergone. Although Eala’s currently the world No. 18, Wang, who’s ranked No. 40 this month by the Women’s Tennis Association, has gone deep into the four majors and packs credentials that make her a favorite for the gold for the Chinese juggernaut that’s unbeatable in the medals race. But before Eala’s loss, there were two missed gold medals in taekwondo and the women’s compound of archery on Thursday, only three days before the closing ceremony on Sunday. Taekwondo Igorot prodigy Juliana Mykhail Candelaria, only 18, finished second in women’s individual poomsae in her games debut and veteran archer Amaya Amparo Cojuangco engaged Indonesia’s Nurisa Dian Ashrifah in a thrilling gold medal duel but fell short, 137-139. Cojuangco’s silver bettered the compound archery bronze medal Paul Marton Dela Cruz clinched at the Incheon 2014 games. Hours after Candelaria’s accomplishment at the Toyohashi Gymnasium, Jeus Yape captured a bronze medal in men’s individual poomsae to add to the Team Philippines haul of three gold, five silver and 14 bronze medals at 18th place in the board dominated by the enormous 152 golds China already has in its possession. For Philippine Olympic Committee

ALEXANDRA EALA adds another Asian Games bronze to her two from Hangzhou. POC MEDIA POOL

JULIANA MYKHAIL CANDELARIA delivers the Philippines’ fifth silver medal. AP

Paalam ready to lay it all on the line for gold

AGOYA—Carlo Paalam shoots for the gold medal he’s been longing for outside of an Olympic title when he goes up against Japan’s Rui Yamaguchi in the men’s 55-kg final of boxing Friday in the Aichi-Nagoya 20th Asian Games at the Nishio Gymnasium. “I can’t exactly say what could happen but what’s sure is that I’ll give it my best shot,” said Paalam, who eliminated the top-seeded reigning world champion and previously unbeaten Makhmud Sabyrkhan of Kazakhstan, 3-2, in Wednesday’s semifinals. The 28-year-old Paalam has an Olympic silver medal from the Tokyo 2020 Olympics but has yet to make the Asian Games podium since his bronze in his 2018 debut in Jakarta. He previously fought as a flyweight but is now at 55 kgs, a division he and his coaches said he’s been more comfortable at. Paalam faces a different challenge in Yamaguchi, a 22-year-old carrying the boxing hopes of the host nation. A victory by Paalam in the 12:15 p.m. bout (Philippine time) would give the Philippines its first Asian Games boxing gold since Rey Saludar ruled the 52kg division at the 2010 Guangzhou Games. Yamaguchi switched from kickboxing to boxing during middle

school and developed into a highly regarded Japanese amateur. He won Japan’s national championship at 51 kgs in 2024, before moving up to 55 kgs with the 2028 Los Angeles Olympics in mind. Yamaguchi has already accumulated significant international experience despite his age, having fought in the 2025 World Boxing Championships and is the reigning 2026 Asian champion at 55kg. His run to the championship bout has been nothing short of spectacular, with victories Kyrgyzstan’s Zafarbek Shakirzhanovich, Jordan’s Huthaifa Eshish and Mongolia’s Bilguunsaikhan Kharkhuu, all coming via the 5-0 verdict. “Carlo’s Japanese opponent is currently ranked No. 2 in the world and has the height and reach advantage. Carlo is more experienced and

has the speed advantage,” Association of Boxing Alliances in the Philippines president Marcus Manalo said. “Just really depends on who will be able to execute the competition plan, but I’m sure Carlo will be up to the challenge,” he added. Jun Lomibao CARLO PAALAM, seen here taking on Zhang Jiamao of China, is determined to deliver for flag and country. POC MEDIA POOL

JEUS GABRIEL DERICK YAPE contributes bronze to the Philippine haul. AP

president Abraham Tolentino, though, surpassing the four gold medals won in Hangzhou three years ago remains an achievable goal. “Perhaps we could surpass those four golds,” said Tolentino, referring to the gold medals won at the Hangzhou Asian Games three years ago courtesy of Obiena, Meggie Ochoa and Annie Ramirez and the men’s 5x5 basketball team Gilas Pilipinas. “Of course. Boxing, Carlo Paalam. Judo,” he said. “What else? Jiu-jitsu. Hopefully two, I don’t know the dynamics in softball and even padel had a chance,” he said. Tolentino also noted that Team Philippines’s total medal haul of 22 in these games already overtook the harvest in Hangzhou which stood at 18 medals—adding two silvers and 12 bronze medals to the four golds. Candelaria scored 9.1300 to finish behind South Korea’s Jung Haeun, who took the gold with 9.3100 while Thailand’s Thitaree Kaewolanwasu claimed the bronze with 9.0400. “Amazing. I feel great about everything,” Candelaria said. “It’s such an amazing achievement for me. It’s my first Asian Games.” Her coach, Rani Ortega, credited the team’s collective effort for Candelaria’s podium finish. “Hard work really pays off, with the trust and teamwork of all of us…yes, we can,” Ortega said. Yape, meanwhile, got 9.0900 points to wind up third behind South Korea’s Yun Kyusung, who topped the field with a score of 9.3800, while Thailand’s Navin Pinthasute took silver with 9.2800. “I’m happy po with my performance,” Yape said. “I did my very best for this medal.” Coach Jeordan Dominguez credited Yape for overcoming the pressure that

comes with competing on the Asian stage. “I’m so happy for him,” Dominguez said. “I know the feeling because we were also in this competition before, and I’m very happy and proud of Jeus, together with Mika [Candelaria], because they conquered that fear [of pressure].” In jiu-jitsu, Marc Lim fell short in the men’s -69 kgs after losing to South Korea’s Seonghyeon Joo in the bronze medal match, while Kimberly Custodio bowed to UAE’s Balqees Abdulla in the women’s 49 kgs. The rugby team known as the Volcanoes split their rugby 7s matches on Thursday at the Paloma Mizuho Rugby Stadium—they fell to Sri Lanka, 22–14, and battled UAE to a 17–17 draw. Joe Fer Callado and Jason Baucas also exited in wrestling at the Nagoya City Inae Sports Center—Callado lost to Uzbekistan’s Alisher Ganiev, 9-0, in men’s Greco-Roman 60-kg category and Baucas fell to Indonesia’s Andika Sulaeman by the same score in the 77 kgs class. Carlo Paalam, meanwhile, shoots for the gold medal he’s been longing for outside of an Olympic title in the men’s 55 kgs final of boxing against Japan’s Rui Yamaguchi on Friday. 20TH ASIAN GAMES AICHI-NAGOYA 2026

MEDAL TALLY R

Country

People’s Republic of China

153

287

Japan

216

Republic of Korea

112 56

Uzbekistan

Islamic Republic of Iran

Thailand

Bahrain

India

Kazakhstan

Democratic People’s Republic of Korea

Malaysia

Hong Kong, China

Indonesia

United Arab Emirates

Kuwait

Chinese Taipei

Qatar

Philippines

Asian Beach Games queens too much for Alas

AGOYA—Khy Progella and Sofiah Pagara bowed to Thailand’s Taravadee Naraphonapat and Worapeerachayakorn Kongphopsarutawadee, 21-23, 18-21, in Thursday’s women’s beach volleyball semifinals to be relegated to the battle for the bronze medal in the Aichi-

Nagoya 20th Asian Games. “We were in that moment when we could get the win, but we just fell short in the end,” said Progella as they also failed to avenge the loss their Thai opponents inflicted on Sisi Rondina and Bernadeth Pons in the quarterfinals the other day. Progella and Pagara were poised to take the first set, 19-15, before the Thais countered to jump to set point at 20-19 and eventually go up a set in the match played at the Hekinan Ryokuchi Beach Court. In the second set, Progella and Pag-

ara were up, 14-12, but Naraphonapat and Kongphopsarutawadee, the Asian Beach Games champions who tower over the 5-foot-10 Filipinos, scored six straight points for an 18-14 lead the Thais never relinquished. Progella and Pagara take on China’s Cao Shuting and Dong Jie in Friday’s bronze medal match. “Our mindset for the bronze is to push ourselves,” Progella said. “It’s our last match here so we’ll go all out.” Jun Lomibao

Companies BusinessMirror

Editor: Jennifer A. Ng

Friday, October 2, 2026

ERC, NGCP ink pact to end tussle over regulatory fees

By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) and the National Grid Corporation of the Philippines (NGCP) have signed a compromise agreement, ending years of legal disputes over the payment of regulatory fees. Under the new agreement, NGCP officially recognizes the charges as valid regulatory fees and will no longer contest them in the covered cases. Furthermore, all past fees previously remitted by NGCP under protest will now be counted as fully satisfying its obligations for those specific cases.

The fees NGCP has already remitted, including those paid under protest, will be recognized as having satisfied its obligations for the cases covered by the settlement, the ERC said. The agreement was signed at the ERC office in Pasig City by ERC Chair-

man and CEO Francis Saturnino C. Juan and NGCP President and CEO Anthony L. Almeda, alongside a courtesy visit from NGCP leadership led by Henry T. Sy Jr. For years, the ERC imposed perproject permit fees and annual supervision and regulation (S&R) fees on NGCP under the Electric Power Industry Reform Act. NGCP paid these under protest and challenged them in the Court of Appeals and Supreme Court, arguing that its legislative franchise (Republic Act 9511) exempted it from all fees and charges. The ERC, for its part, maintained that these were administrative and regulatory fees, not taxes, and therefore did not fall under NGCP’s tax exemptions. Under the law, the ERC regulates the electric power industry, including the review and approval of transmis-

sion projects undertaken by NGCP, the country’s sole Transmission Network Provider under its legislative franchise. “Today’s signing reflects NGCP’s commitment to constructive engagement and cooperation with the ERC. Both parties have chosen a resolution through dialogue and agreement, allowing us to move forward with greater regulatory certainty and without the continued expenditure of public and private resources,” said Sy. He added that NGCP recognizes and respects the ERC’s regulatory mandate. “This agreement demonstrates that good faith, cooperation, and due regard for the responsibilities of both institutions ultimately best serve the interests of the consuming public. We look forward to continuing to work with the ERC in the same spirit of cooperation.”

Pryce drops pharma subsidiary P

RYCE Corp. announced that it entered into an agreement to divest its entire pharmaceutical business segment. “Pryce Corporation, in its effort to streamline its business operations, has entered into an agreement that will formally drop the pharmaceutical products segment from its core group of companies,” it said in a disclosure on Thursday. During a special board meeting last Wednesday, the company signed a material agreement to transfer and assign all of its shares in its subsidiary, Pryce Pharmaceuticals Inc. (PPhI), for P7.5 million, effectively dropping the pharmaceutical

product segment from its core corporate fold. “Resolved, as it hereby resolved, that the Corporation assigns, transfers, and conveys to PGI Retirement Fund Inc. 7,500,000 common shares of stock of Pryce Pharmaceuticals Inc., with a par value of P1 per share, registered in the name of the corporation, for and in consideration of 7,500,000, under the terms and conditions of a deed of assignment.” The divestment allows PPC to concentrate its full management capital and resources on its primary profit drivers which include the liquefied petroleum gas (LPG) distribution, industrial gases, and real estate. Last July, Pryce reported that

its consolidated revenues went up by 3.57 percent to P11.72 billion in the first half from last year’s P11.31 billion. Its net income was steady at P1.93 billion. The company’s performance during the period was driven by its core LPG business which recorded revenues of P10.65 billion, 8.71 percent higher than the P9.79 billion recorded a year ago. “This is backed by higher average contract price, with this year’s $662.75/metric ton (MT) compared to last year’s $606.17/MT, as well as stable LPG sales volume of 128,000 MT,” it said in a statement. While LPG sales volume in the months of April and May was ad-

versely affected by supply and pricing disruptions caused by the Middle East conflict, its sales volume returned to pre-conflict levels by the second half of June, with “strong growth” expected in the second half. As for its other business segments, Pryce said its industrial gas operations saw it revenues jump by 26.25 percent year-on-year to P690.56 million as sales rose by 21.19 percent to 1.87 million standard cylinders. “Real estate and memorial park operations grew by 8.14 percent... while pharmaceutical products stood at P24.03 million. Dividend and other income added P147.49 to the top line.” Lenie Lectura

PRODUCTION HUB IN THAILAND

German chipmaker Infineon Technologies AG sees the potential to eventually start making semiconductors in Thailand, following an investment of 48 billion baht ($1.44 billion) to expand its assembly and packaging footprint in the country. The expansion could be a first step toward setting up wafer fabrication, although such a move is unlikely in the next three years, Infineon Chief Operations Officer Alexander Gorski said in Bangkok Wednesday. Thailand has emerged as a key global exporter of electronic components for artificial intelligence and data centers, alongside Malaysia, Taiwan and South Korea, according to the International Monetary Fund’s annual World Economic Outlook report in July. The Thai government's semiconductor strategy targets at least 500 billion baht of investment in its first five years and 2.5 trillion baht by 2050. Photo shows an Infineon Technologies AG semiconductor board. Bloomberg

Govt to probe Coca-Cola imports T

HE Sugar Regulatory Administration (SRA) is verifying claims that a manufacturing plant fire warranted beverage giant Coca-Cola’s importation of finished Coke products from Indonesia. SRA Administrator Pablo Luis Azcona said the agency learned of the

Coca-Cola Europacific Aboitiz Philippines’ (CCEAP) increase in inbound shipments of finished Coke products from the Bureau of Customs (BOC) and the firm itself. He noted that the products used pure cane sugar, which were charged with value-added tax (VAT) and levied with a P6 per liter sugar-sweet-

ened beverage (SSB) tax. Azcona cited CCEAP’s claims that it imported finished products to plug the shortfall in production following a fire in its Misamis Oriental plant. “Their reason is they’re anticipating an increase in sales because their sales volumes are reportedly rising to a point where their local

plants might not be able to handle it since the mega plant being built in Tarlac is not yet online,” Azcona told reporters. He said the agency along with the Department of Agriculture would confirm if the CCEAP’s claims warranted the firm’s importation. Ada Pelonia

SMALL RETAIL, SERVICE FIRMS MAY SEEK EXEMPTION FROM MANDATED WAGE HIKE–DOLE By Mary Jade Jadormio

MALL businesses struggling to absorb recent wage increases may seek exemption from the mandated adjustment within 75 days from its effectivity, the Department of Labor and Employment (DOLE) said. Retail and service establishments with up to 10 workers may qualify for the exemption, along with businesses adversely affected by natural calamities or human-induced disasters, subject to existing requirements. DOLE said eligible establishments must file their applications with the concerned Regional Tripartite Wages and Productivity

Board within the 75-day period. Applicants must also submit the required forms and supporting documents for evaluation by the wage board. Meanwhile, duly registered Barangay Micro Business Enterprises do not need to apply because they are already excluded from coverage of the Minimum Wage Law. Businesses whose exemption applications are denied will have to implement the applicable wage increase retroactive to the effectivity of the Wage Order. They will also have to pay a 1-percent monthly interest on the resulting wage differential, in accordance with existing guidelines.

Pag-IBIG Fund, Megawide mark first topping-off milestone under Expanded 4PH partnership

AG-IBIG Fund and Megawide marked the first topping-off milestone under their partnership on Oct. 1, further advancing President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino Program as two residential buildings at JAB Residences in Dasmariñas City, Cavite completed their main structural works toward the development of nearly 4,000 housing units for Filipino workers and their families. The milestone comes as the country begins National Shelter Month this October, highlighting the continued progress of efforts to bring more affordable homes closer to Filipino workers. Through the topping-off of the two residential buildings, JAB Residences has completed its main structural works, marking another important step toward the completion of the development. Finishing works and other construction activities will continue before the homes are turned over to qualified buyers. The project consists of 17 five-story buildings, with each 27-square-meter unit priced at P1.5 million and available at low monthly payments through the Pag-IBIG Housing Loan. Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Board Chairman Jose Ramon P. Aliling said the topping-off adds to the continuing momentum of Expanded 4PH as the administration works with more partners to increase housing supply while keeping homeownership affordable. “We continue to heed the direction of President Marcos to make housing more accessible to more Filipino families. That is why we continue to address both sides of the housing equation. As we work with more partners to increase the supply of quality homes at prices our members can afford, we also make sure that financing terms remain within the means of Filipino workers. The progress we are seeing is made possible by the collective efforts of the national government, local governments, Pag-IBIG Fund and our private-sector partners, each contributing what it does best. This milestone is another step forward as we work to bring more homes within reach of more Filipino families,” Aliling said. The milestone follows President Marcos’ visit less than eight

months ago to Megawide Construction Corp.’s precast plant in Taytay, Rizal, where he saw how modern construction methods could help accelerate the delivery of quality and affordable homes under Expanded 4PH. The progress at JAB Residences now gives visible form to that push, with construction continuing toward thousands of new homes. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the thousands of homes being developed through the partnership show how Pag-IBIG Fund can use its financial strength to help increase housing supply while safeguarding and growing members’ savings. In 2025, Pag-IBIG Fund invested P10 billion in Megawide preferred shares to support the development of 7,143 housing units. The investment earns 9% annually, allowing members’ savings to generate returns while helping support the construction of homes they need. “Our members entrust us with their hard-earned savings. We have a responsibility to manage these prudently, grow their value and put them to work in ways that also help meet their housing needs. That responsibility extends to using PagIBIG Fund’s financial strength to help increase the supply of quality homes at prices our members can afford, while keeping our housing loan rates low so monthly payments remain within their means. For us, what matters most is when these efforts come together to help a member finally receive the key to a home of their own,” Acosta said. To help members afford the homes being built, qualified socialized housing borrowers under President Marcos’ Expanded 4PH may avail themselves of the Pag-IBIG Housing Loan at a subsidized rate of 3% per annum. Pag-IBIG Fund also offers promotional housing loan rates of 4.5% per annum for loans above the socialized housing ceiling up to P4.9 million and 5.75% per annum for loans above P4.9 million up to P10 million. Both promotional rates are fixed for the first three years and are available until Dec. 31, 2026. Aliling and Acosta led the topping-off ceremony with Cavite 4th District Rep. Jennifer Austria-Barzaga, Dasmarinas City Mayor Elpidio Barzaga III, and Megawide officials led by Chairman, President and Chief Executive Officer Edgar B. Saavedra.

Companies BusinessMirror

Friday, October 2, 2026

LTFRB to transport network firms: Explain fare scheme

By Lorenz S. Marasigan

@lorenzmarasigan

HE Land Transportation Franchising and Regulatory Board (LTFRB) is threatening to suspend or cancel the accreditations of at least 19 ride-hailing platforms that failed to implement the newly approved fare increase for Transport Network Vehicle Service (TNVS) units. In a show cause order (SCO), the agency directed the Transport Network Companies (TNCs) to explain in writing, within three working days of receipt, why their accreditations should not be suspended or cancelled for allegedly failing to adjust their fares. A hearing on the matter has been set for October 7. “The Respondent-TNCs are hereby directed to SHOW CAUSE in writing within three (3) working days from receipt hereof why their respec-

tive TNC Accreditations should not be SUSPENDED or CANCELLED for the alleged failure to adjust and implement the approved fare rates for TNVS,” the order, signed by LTFRB Legal Division Officer-in-Charge Ralph Aldrin Baguio, read. The 19 are Hirna Mobility Solutions Inc., My Taxi Ph. Inc., Ipara Technologies and Solutions Inc., E-Pick Me Up Inc., Cloud Panda, Joyride Ph Corp., Para Xpress Technology Services Inc., RL Soft Corp.

(inDrive), Peek Up Philippines Corp., Taxsee Philippines Inc., Get Express Global Corp., Gocab Corp., Unified Transport Operation Corp., Hail Transport Inc., Metrohills Transport Association Inc., Leggo Information Technology Solutions, Unla La Corp., Pureride Corp., and Lalamove Technology Philippines Inc. The order said the platforms’ failure to comply resulted in the continued charging of fares inconsistent with the adjustment authorized by the LTFRB, in violation of the agency’s rules and regulations. It also warned that “failure on the part of the respondent to appear before the Hearing Officer and file an Answer, shall be considered as a waiver on its part to be heard and shall cause the imposition of a penalty.” The LTFRB implemented the fare increase for public utility vehicles, including TNVS, on September 28. Under the new rates, the base fare for TNVS sedans rose to P65 from P45; for Asian utility vehicles (AUVs), to P75 from P55; for hatchbacks, to P55 from P35; and for premium TNVS, to P165 from P145.

The TNCs, however, reportedly kept charging the old rates. Acting LTFRB Chairman Greg G. Pua Jr. said the agency summoned the platforms immediately after monitoring complaints from ridehailing drivers about the effects of the non-implementation of the fare hike. He acknowledged that some commuters may question why the regulator is going after platforms that kept fares low. “Our fellow Filipinos may wonder why we need to summon these TNCs instead of simply being thankful that TNVS fares did not go up,” Pua said in Filipino. “For everyone’s information, it is the TNVS partner who shoulders the cost of gasoline and diesel, not the TNCs. So when the fare increase is not implemented for them, they are the ones affected, not the TNCs.” Pua said the platforms’ refusal to apply the new rates defeats the purpose of the fare adjustment, which was approved to assist all those in the public transport sector, including TNVS drivers.

NTC asked to detail basis for fines

HE country’s telecommunications operators said on Thursday the fines that the National Telecommunications Commission (NTC) imposed on them after its recent network performance validation were issued without due process, and they asked the regulator to disclose the technical basis of its findings. In a statement, the Philippine Chamber of Telecommunications Operators (PCTO) said fines were imposed as soon as operators received the Show Cause Orders (SCOs), before they had a chance to answer the charges. “Fines were imposed upon receipt of the Show Cause Orders, before operators were given adequate notice and a meaningful opportunity to be heard, respond to, and contest the NTC’s findings. This raises serious due process concerns,” the group said. PCTO members include the PLDT Inc., Smart Communications Inc., Globe Telecom Inc., Converge ICT Solutions Inc., and Dito Telecommunity Corp. The chamber also said the NTC had not adequately disclosed how

it determined that operators failed to comply. “The NTC has also not sufficiently disclosed the methodologies, metrics, parameters, testing conditions, and other technical bases used to determine non-compliance. Without this information, operators cannot properly verify or contest the results,” it said. The group cited Memorandum Circular (MC) 001-01-2026, which it said provides for annual performance audits. It added that the detailed methodologies and parameters for testing under the circular have not yet been set. “Operators should not be penalized under standards that have not been clearly defined and consistently applied,” the PCTO said. The chamber acknowledged that the law allows the NTC to investigate and take certain regulatory and compliance measures without a prior hearing. It argued, however, that this power “does not constitute a general exemption from administrative due process or a blanket authority to impose punitive penalties without notice and opportunity to be heard.” Lorenz S. Marasigan

MUTUAL FUNDS

October 1, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A199.08 -4.82% -1.23% -2.16% -2.94% -7.01% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2724 10.11% 16.05% 7.53% 4.89% 5.13% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.6762 -4.34% -2.04% -2.68% -4.67%-6.13% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7395 1.38% 2.83% -0.06% N.A0.72% FIRST METRO CONSUMER FUND, INC. -A 0.478 -15.62% -9.74% -9.16% N.A -14.04% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.0691 -6.14% -3.91% -4.16% -2.83% -6.95% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6055 -4.56% -3.97% -4.1% N.A-5.77% MBG EQUIT Y INVESTMENT FUND, INC. -A 64.41 -24.35% -9.55% -7.71% N.A -28% PAMI EQUIT Y INDEX FUND, INC. -A 39.5189 -2.76% -2.33% -2.87% -2.61% -4.45% PHILAM STRATEGIC GROWTH FUND, INC. -A 417.44 -4.92% -1.63% -2.65% -2.73% -7.14% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.5088 3.19% 8.74% 3.91% 1.52% -3.36% PHILEQUIT Y FUND, INC. -A33.7906 0.85% 0.68% -0.64% -0.95% -1.86% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.8955 5.01% 2.13% 0.13% N.A 0.88% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.287 -1.72% -1.25% -1.8% -1.76% -4.09% PHILIPPINE STOCK INDEX FUND CORP. -A 705.45 -2.2% -1.62% -2.13% -1.93% -4.02% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6763 -0.03% 0.67% -1% -2.94% -3.67% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.948 -8% -3.72% -4.06% -3.45% -8.15% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.79 -2.41% -2.06% -2.5% -2.2%-4.13% UNITED FUND, INC. -A3.45874.43% 4.17% 1.09% -0.01% 5.21% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 0.9911 -2.08% -1.66% N.A N.A -4.05% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 0.9939 -4.48% N.A N.A N.A -4.75% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8547 -7.39% -5.16% -4.82% N.A -9.49% PHILIPPINE STOCK INDEX FUND CORP. -A 851.69 -2.15% -1.8% N.A N.A -3.92% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 96.265 -1.9% -1.44% -1.82% -1.53%-3.75% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.2516 25.32% 16.28% 1.9% 3.18% 22.17% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4463 14.09% 17.54% 6.59% 8.84% 9.98% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) N.A N.A N.A N.A N.A PHILEQUIT Y GLOBAL FUND, INC. -A 1.0788 BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1143 0.36% -0.32% -0.92% -1.15% -1.21% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6775 4.6% 4.8% 0.01% -0.75%2.52% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.425 -0.55% -0.74% -1.72% -0.79% -1.5% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2227 -2.07% 5.2% 2.5% N.A-3.97% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9276 0.33% -0.09% -0.39% 0.09% -3.74% PAMI HORIZON FUND, INC. -A3.6153 -1.52% 1.33% -0.35% -0.55% -4.61% PHILAM FUND, INC. -A15.2728-3.31% 0.06% -1.5% -1.11% -4.6% SOLIDARITAS FUND, INC. -A2.0417 -0.98% 0.73% -0.19% -0.41% -2.79% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.2824 -4.03% -0.54% -1.68% -1.5%-4.12% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8609 -5.19% -0.86% -1.04% -1.29% -5.47% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.69 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9765 1.12% 1.77% -0.18% N.A -0.23% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8253 -0.12% -0.26% -1.84% N.A -1.96% -0.29% -0.8% -2.4% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7929 -2.26% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03314 -1.87% 1.4% -2.61% -0.83% -3.38% PAMI ASIA BALANCED FUND, INC. -B $1.1484 -4.94% 10.37% 1.55% 1.98% -5.09% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.6207 8.1% 12.72% 3.69% 5.71%5.29% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2054 3.3% 7.84% 0.6% 2.32%1.86% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.17 2.31% 3.23% 2.65% 2.52% 1.23% ATRAM CORPORATE BOND FUND, INC. -A 1.9907 2.31% 1.31% 0.65% 0.4% 1.64% COCOLIFE FIXED INCOME FUND, INC. -A 3.6104 1.56% 3.14% 2.18% 3.17% 0.3% EKKLESIA MUTUAL FUND, INC. -A 2.4397 0.34% 2.91% 1.59% 1.39% -0.53% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5034 -1.86% 1.16% 0.58% 1.13%-2.55% PHILAM BOND FUND, INC. -A4.5137 -1.2% 2.44% 0.29% 0.72% -2.09% PHILAM MANAGED INCOME FUND, INC. -A 1.5467 2.8% 4.52% 3.27% 2.95% 1.76% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3266 1.18% 2.88% 1.71% 1.91% 0.31% SOLDIVO BOND FUND, INC. -A1.1315 1.96% 2.89% 1.86% 1.7% 0.98% -2.36% 2.11% 1.5% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4468 2.02% -2.65% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8315 -2.05% 1.85% 1.02% 1.43% -2.81% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0177 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532 1.4% 2.82% 1.75% 1.9% 0.55% ALFM EURO BOND FUND, INC. -A Є221.39 -0.71% 1.6% 0.11% 0.42% -1.07% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0431 -3.36% 1.06% -2.64% -0.77% -2.97% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0251 -4.92% 1.36% -0.7% 0%-5.28% PAMI GLOBAL BOND FUND, INC. -B $1.0451 -1.95% 7.96% 0.29% -0.6% -1.41% PHILAM DOLLAR BOND FUND, INC. -A $2.3713 -3.97% 3.05% -0.95% 0.35% -4.38% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.062744 -2.32% 1.17% -0.03% 1% -2.64% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8654 -2.35% 3.46% -1.81% -0.69%-2.29% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1897 2.76% N.A N.A N.A 2% ALFM MONEY MARKET FUND, INC. -A 153.17 4.09% 4.11% 3.21% 2.88% 2.89% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.228 3.46% 3.79% 3.08% N.A2.53% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5187 3.47% 3.6% 2.99% 2.77% 2.51% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.34 4.04% 4.3% N.A N.A 2.97% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1975 2.48% 3.3% 2.49% N.A 1.8% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.9098 2.64% 3.74% N.A N.A 1.73% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8199 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5618 24.18% 23.53% 14.09% N.A18.05% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1761 7.11% 6.76% N.A N.A 5.41% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

47.45 110.3 10.56 94.45 50.05 10.1 60.9 6.92 14.68 75.2 49.05 21 61.9 21.5 0.5 1.49 0.48 3.66 2,600 1.2 204 4,800 1.35

47.85 113 10.48 93 50.7 10.1 61 7.01 14.68 76.4 51 21.55 63 21.7 0.5 1.5 0.52 3.72 2,600 1.23 208 4,850 1.37

48 113.1 10.56 94.7 50.8 10.16 61.55 7.01 14.68 76.4 51 21.55 63 21.8 0.5 1.55 0.52 3.72 2,600 1.23 208 5,000 1.37

47.45 110.3 10.02 92.9 50.05 10.02 60.7 6.92 14.68 74.4 49.05 21.5 61.85 21.5 0.5 1.49 0.495 3.71 2,600 1.19 204 4,800 1.35

47.5 110.3 10.56 94.5 50.2 10.14 60.95 6.92 14.68 75.45 49.5 21.55 62.5 21.5 0.5 1.53 0.495 3.71 2,600 1.21 204 5,000 1.35

25,100 3,222,070 48,000 2,386,120 211,020 98,100 2,369,040 1,200 4,000 226,430 3,650 22,500 18,310 2,200 112,000 45,000 52,000 2,000 25 381,000 12,740 150 1,042,000

1,198,210 357,880,997 501,818 223,922,487 10,609,332 993,826 144,379,646 8,322 58,720 17,046,855 180,959 484,265 1,134,950 47,730 56,000 68,530 25,790 7,430 65,000 460,690 2,608,722 721,500 1,412,260

-100,310 -129,767,299 1,764,398 -1,944,817 822,324 -34,029,401 6,920 58,720 -4,346,397 8,696 -447,705 -577,931 -2,150 54,000 8,940 65,000 2,469,400 648,000 -55,990

HOLDING & FRIMS

ABACORE CAPITAL 0.295 0.3 0.3 0.305 0.295 0.3 3,270,000 976,050 45,000 ASIABEST GROUP 32.65 33 41 42 29.9 33 897,200 30,686,945 -5,109,255 AYALA CORP 523 524 500 524 499.4 523 1,529,630 794,136,957 60,910,827 ABOITIZ EQUITY 37.6 37.7 38 38 37.5 37.6 598,600 22,524,980 -9,311,295 ALLIANCE GLOBAL 8.84 8.9 8.98 8.98 8.81 8.84 348,100 3,073,596 -59,022 ANSCOR 16.66 16.4 16.98 16.5 16.5 16.6 81,300 1,350,746 -934,626 ANGLO PHIL HLDG 1.12 1.15 1.12 1.23 1.12 1.15 406,000 466,590 23,680 COSCO CAPITAL 7.42 7.5 7.54 7.59 7.4 7.5 384,600 2,880,549 658,560 7.32 7.38 7.35 7.5 7.3 7.32 783,200 5,765,866 -3,223,084 DMCI HLDG 2.55 2.85 2.9 2.9 2.9 2.9 6,000 17,400 FJ PRINCE A GT CAPITAL 416 417 426 426 410.4 417 97,470 40,690,806 -12,544,050 4.91 5 5 5 5 5 462,000 2,310,000 2,260,000 HOUSE OF INV 18.2 18.38 18.3 18.34 18.2 18.2 736,000 13,414,194 -12,223,870 JG SUMMIT 4.79 4.9 5.03 5.03 4.6 4.9 795,900 3,829,443 -1,762,541 LOPEZ HLDG 15.2 15.22 15.26 15.28 14.96 15.2 1,526,200 23,121,278 6,410,186 LT GROUP PACIFICA HLDG 1.61 1.65 1.14 1.7 1.14 1.65 446,000 628,740 PRIME MEDIA 0.98 1.04 0.98 0.98 0.98 0.98 9,000 8,820 REPUBLIC GLASS 2.39 3.1 3 3 3 3 180,000 540,000 1.18 1.18 SOLID GROUP 1.15 1.18 1.18 1.18 3,000 3,540 SM INVESTMENTS 492 493 499.8 500 486.8 492 802,660 394,576,664 -287,550,062 SAN MIGUEL CORP 60.1 60.6 60.85 60.85 60.1 60.6 36,960 2,239,644 -1,324,206 TOP FRONTIER 51.5 52.8 52 52 51.5 51.5 410 21,120 PROPERTY ARTHALAND CORP 0.435 0.455 0.455 0.455 0.455 0.455 20,000 9,100 AYALA LAND 15.02 15.1 15.18 15.24 15.02 15.1 9,787,000 148,637,942 2,105,286 AYALA LAND LOG 1.11 1.12 1.14 1.15 1.12 1.12 259,000 292,010 83,280 ARANETA PROP 0.26 0.285 0.265 0.265 0.265 0.265 10,000 2,650 AREIT RT 35.7 36.65 37 37 35.7 35.7 2,531,800 91,373,280 -751,830 A BROWN 0.8 0.8 0.75 0.76 0.76 0.8 33,000 25,210 -30 CITYLAND DEVT 0.58 0.59 0.6 0.6 0.58 0.58 5,000 2,930 0.092 0.092 CROWN EQUITIES 0.089 0.092 0.091 0.091 40,000 3,650 1.97 1.99 1.97 1.99 50,000 98,920 31,650 1.99 1.99 CEB LANDMASTERS 0.59 0.6 0.59 0.6 3,989,000 2,388,720 17,090 CENTURY PROP 0.6 0.6 2.87 2.88 2.89 2.9 2.85 2.87 3,092,000 8,892,370 -5,079,930 CITICORE RT 11.46 11.58 11.66 11.48 11.48 348,600 4,021,710 34,740 DOUBLEDRAGON 11.66 1.03 1.04 1.03 1.03 1,434,000 1,478,310 DDMP RT 1.04 1.04 DM WENCESLAO 4.73 4.75 4.75 4.75 4.75 4.75 9,000 42,750 4,750 0.025 0.026 0.026 0.028 300,000 8,200 EVERWOODS 0.028 0.028 EMPIRE EAST 0.106 0.106 0.105 0.102 0.102 0.106 5,550,000 580,280 FILINVEST RT 2.73 2.77 2.8 2.85 2.7 2.77 1,563,000 4,321,850 -208,580 FILINVEST LAND 0.71 0.71 0.7 0.71 0.7 0.7 318,000 222,740 -8,400 GLOBAL ESTATE 0.65 0.68 0.69 0.69 0.69 0.69 7,000 4,830 2.73 2.73 KEPPEL PROP 2.54 2.53 2.52 2.73 24,000 60,840 PNB HLDG 1.19 1.2 1.2 1.22 1.19 1.2 99,633,000 119,548,250 -6,393,170 MEGAWORLD 13,653,810 2.12 2.13 2.17 2.17 2.1 2.12 6,448,000 -7,711,970 MRC ALLIED 0.7 0.71 0.72 0.72 0.7 0.71 60,362,000 43,111,820 -1,534,270 13.36 13.42 13.5 13.5 13.36 13.42 500,900 6,707,880 -924,050 MREIT RT 0.101 0.102 0.102 0.107 0.101 0.101 1,840,000 185,920 OMICO CORP PRMIERE HORIZON 0.15 0.158 0.16 0.16 0.15 0.15 1,470,000 225,620 19,760 5.02 5.4 5.59 5.59 5.4 5.4 500 2,719 PHIL RACING PREMIERE RT 1.01 1.02 1.01 1.01 14,000 14,250 -10,200 1.02 1.02 6.05 6.1 6.19 6.21 5.93 6.1 18,844,100 114,360,995 -34,926,235 RL COMM RT 16.28 16.3 16.94 16.94 16.3 16.3 1,241,800 20,547,144 -6,667,796 ROBINSONS LAND ROCKWELL 2.62 2.62 2.61 2.53 2.53 2.61 127,000 330,870 167,920 SHANG PROP 3.03 3.03 2.98 3.03 2.93 3.03 70,000 207,430 2,950 STA LUCIA LAND 1.74 1.79 1.8 1.8 1.8 1.8 1,000 1,800 SM PRIME HLDG 15.78 15.8 15.86 16.04 15.74 15.8 6,316,700 99,827,430 -53,039,112 SERVICES ABS CBN 2.6 2.62 2.6 2.6 2.57 2.6 142,000 368,130 GMA NETWORK 3.43 3.48 3.4 3.5 3.4 3.48 84,000 290,020 DITO CME HLDG 0.59 0.6 0.6 0.6 0.58 0.59 4,412,000 2,580,830 89,070 GLOBE TELECOM 1,530 1,535 1,501 1,562 1,500 1,535 63,070 96,494,715 5,455,190 PLDT 1,092 1,078 1,079 1,081 1,075 1,078 110,320 119,092,750 -44,425,125 APOLLO GLOBAL 0.0059 0.006 0.0058 0.006 0.0057 0.0059 116,000,000 685,800 59,000 CONVERGE 28,794,322 8.93 8.95 9.05 9.05 8.9 8.93 3,222,000 -7,432,241 DFNN INC 0.65 0.65 0.6 0.64 0.6 0.61 143,000 87,860 5,520 0.125 0.128 0.13 0.13 0.128 0.129 310,000 39,850 ISLAND INFO NOW CORP 0.365 0.375 0.38 0.38 0.365 0.375 680,000 250,900 3,600 0.115 0.117 0.115 0.115 0.115 0.115 240,000 27,600 TRANSPACIFIC BR CHELSEA 0.88 0.9 0.88 0.88 0.9 523,000 473,310 0.91 CEBU AIR 18.32 18.34 18.3 18.36 18.1 18.34 2,390,200 43,570,864 -19,827,424 867 869 880.5 890 858 867 2,194,700 1,912,888,455 -276,616,495 INTL CONTAINER 8.94 11 11.74 12.78 9 11 35,600 410,689 4,342 LBC EXPRESS LORENZO SHIPPNG 0.71 0.71 0.7 0.69 0.69 0.7 68,000 47,440 -6,210 MACROASIA 3.45 3.43 3.47 3.42 3.42 3.43 48,000 164,640 30,850 METRO ALLIANCE 0.55 0.59 0.59 0.6 0.51 0.6 49,000 27,270 PAL HLDG 3.33 3.36 3.3 3.41 3.3 3.36 394,000 1,323,990 499,970 HARBOR STAR 1.43 1.44 1.33 1.47 1.33 1.43 1,776,000 2,518,890 196,590 BOULEVARD HLDG 0.028 0.03 0.03 0.03 0.029 0.029 400,000 11,700 DISCOVERY WORLD 0.89 0.99 0.94 1 0.94 0.99 41,000 39,070 28,260 PH RESORTS GRP 0.175 0.178 0.182 0.182 0.173 0.178 1,580,000 278,370 7,120 14.62 14.94 14.94 14.94 200 2,988 CENTRO ESCOLAR 14.94 14.94 IPEOPLE 6.92 6.92 6.92 6.92 6.92 400 2,768 1,384 6.98 1.28 1.28 1.28 1.28 1,675,000 2,144,210 1,301,760 STI HLDG 1.29 1.29 1.09 1.1 1.09 1.09 1.09 1.09 267,000 291,030 BELLE CORP BLOOMBERRY 1.98 2 2.01 2.04 1.98 1.98 4,495,000 9,013,080 501,730 7.55 7.67 7.74 7.74 7.28 7.55 3,849,000 1,946,166 DIGIPLUS 28,895,830 14 14 14.16 13.8 14.08 1,583,200 22,183,378 2,614,340 PHILWEB 14.08 METRO RETAIL 1.07 1.07 1.04 1.04 1.03 1.07 349,000 361,830 159,920 PUREGOLD 39.85 39.7 39.3 40 39.3 39.7 2,286,300 90,914,840 42,485,260 PHIL SEVEN CORP 30.55 31 31 31.5 31 31 54,800 1,699,425 43,570 SSI GROUP 1.98 2 2.05 2.05 1.99 2 112,000 223,150 -215,020 UPSON INTL CORP 0.75 0.76 0.77 0.77 0.75 0.75 93,000 70,460 23,870 WILCON DEPOT 5.62 5.63 5.65 5.66 5.5 5.63 571,300 3,190,924 1,324,090 APC GROUP 0.103 0.103 0.101 0.103 0.103 0.103 30,000 3,090 -1,030 IPM HLDG 1.67 2.02 1.76 1.76 1.75 1.75 30,000 52,510 0.23 0.231 0.231 0.231 10,000 2,310 0.231 0.231 MEDILINES PAXYS 3.1 3.11 3.1 3.1 3.1 3.1 4,000 12,400 SBS PHIL CORP 2.97 3.06 3 3.05 2.98 3.05 11,000 32,910 MINING & OIL 1.96 ATOK 1.96 2 2.1 2.1 1.96 3,000 6,160 APEX MINING 16.92 17.06 17.26 17.26 16.84 16.92 543,600 9,229,030 -2,303,594 ATLAS MINING 18.26 18.28 17.76 18.3 17.68 18.28 1,440,200 26,145,490 1,914,590 BENGUET 6.79 6.53 6.8 6.8 6.79 6.79 105,800 719,433 EC VULCAN 0.305 0.33 0.31 0.325 0.305 0.325 310,000 94,800 12,200 FERRONICKEL 1.75 1.68 1.74 1.71 1.67 1.74 1,558,000 2,661,940 172,310 GEOGRACE 0.084 0.075 0.08 0.08 0.08 0.08 280,000 22,400 0.218 0.222 0.23 0.23 0.218 0.222 18,350,000 4,037,930 LEPANTO A LEPANTO B 0.22 0.223 0.221 0.239 920,000 203,820 2,230 0.239 0.239 0.0083 0.009 0.0084 0.0084 0.0084 0.0084 2,000,000 16,800 MANILA MINING A MARCVENTURES 0.78 0.79 0.78 0.79 218,000 171,060 0.79 0.79 NIHAO 0.5 0.5 0.5 0.54 39,000 20,140 0.54 0.54 NICKEL ASIA 3.94 3.97 3.99 4.03 3.81 3.94 2,933,000 11,567,160 -799,890 34.5 34.4 34.7 34.05 34.5 200,800 6,905,780 -627,530 OCEANAGOLD 34.65 ORNTL PENINSULA 0.58 0.58 0.55 0.55 0.55 0.58 83,000 46,590 PX MINING 11.12 11.14 11.44 11.5 11.1 11.12 4,089,000 45,957,012 -3,232,812 ENEX ENERGY 3.05 3.8 3.3 3.4 3.3 3.4 20,000 67,600 ORNTL PETROL A 0.015 0.016 0.014 0.015 0.014 0.015 11,000,000 164,600 ORNTL PETROL B 0.015 0.016 0.015 0.016 0.015 0.016 400,000 6,300 0.0099 PHILODRILL 0.0099 0.011 0.0097 0.0096 0.0099 24,000,000 233,600 68,300 PXP ENERGY 2.99 3.04 2.98 3.05 2.93 3.05 223,000 669,930 63,000 PREFFERED AC PREF AR 2,450 2,494 2,450 2,450 2,450 2,450 10 24,500 AC PREF B3R 1,840 1,940 1,851 1,851 1,821 1,821 50 91,975 AC PREF B4R 1,860 1,885 1,870 1,899 1,870 1,885 70 131,995 9,495 ALCO PREF D 483 490 490 490 490 490 110 53,900 ALCO PREF F 480 499.8 493 493 493 493 140 69,020 BRN PREF A 98 99.4 99.4 99.4 99.4 99.4 50 4,970 BRN PREF B 100.1 103.4 103.7 103.7 103.7 103.7 20 2,074 BRN PREF C 101.6 101.8 101.8 101.8 101.6 101.6 50 5,088 21.5 22 22.05 22.05 22 22 16,600 365,210 -110,000 CEB PREF 981 1,010 950 1,015 950 1,015 60 60,245 CLI PREF A2 CPG PREF B 98 99 99 99 98.5 98.5 2,490 245,510 DD PREF 93.2 93.15 93.1 93.2 7,650 718,313 93.95 93.95 GLO PREF ANV 1,930 1,943 1,944 1,944 1,944 1,944 5 9,720 9,720 1,950 1,978 1,979 1,979 1,979 1,979 10 19,790 GLO PREF BNV GTCAP PREF B 1,000 1,005 1,000 1,001 1,000 1,000 1,030 1,030,005 -1,000,005 MWIDE PREF 6A 98.1 99 99 98 98 1,120 110,050 MWIDE PREF 6B 98.5 100 100 100 100 100 200 20,000 -20,000 MWIDE PREF 7A 99 101.2 99 101.2 99 101.2 500 49,522 PCOR PREF 4E 968 987 987 987 987 987 40 39,480 SFI PREF 0.98 1.1 0.94 0.98 0.94 0.98 2,000 1,920 SMC PREF 2L 76.55 80.8 80.9 80.9 76.45 80.8 15,170 1,225,609 SMC PREF 2O 78.4 78.6 78.8 78.8 78.4 78.4 2,210 173,668 SMC PREF 2Q 72.25 75 75 75 75 75 230 17,250 72.15 76.5 76.5 76.5 76.5 76.5 110 8,415 SMC PREF 2R SMC PREF 2S 72 73.6 73.6 73.6 73.6 73.6 20,700 1,523,520 SMC PREF 2T 73.2 75.25 75.25 75.25 75.25 75.25 100 7,525 SMC PREF 2U 74.7 76 76 76 75 76 10,460 784,650 765,750 75.4 77.7 77.95 77.95 77.7 77.7 280 21,805 SMC PREF 2V SMC PREF 2W 78 79 78 78 78 78 110 8,580 SMC PREF 2X 78.1 78.9 77.9 79 77.9 78.1 28,570 2,250,767 2,082,486 TOP PREF A1 99.95 100 99.95 99.95 99.95 99.95 420 41,979 TOP PREF A2 100.5 100.6 100.4 100.6 100.3 100.6 170 17,073 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.33 2.46 2.46 2.46 2.46 2.46 2,000 4,920 3.21 3.93 1.05

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

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

47.5 110.8 10.7 94.5 50.2 10.14 60.95 6.98 14.7 75.45 49.5 21.5 62.5 21.8 0.52 1.53 0.52 4.09 2,650 1.21 208 5,000 1.38

INDUSTRIAL ACEN CORP 2.68 2.69 2.52 2.71 2.47 2.69 41,004,000 109,246,580 -50,696,330 ALSONS CONS 1.08 1.11 1.11 1.12 1.06 1.08 1,890,000 2,064,060 -344,800 ALTERNERGY HLDG 0.63 0.64 0.65 0.66 0.6 0.64 2,247,000 1,382,030 -1,160,230 ABOITIZ POWER 45.55 45.6 46.2 46.5 45.6 45.6 395,900 18,175,185 -581,120 RASLAG 1.07 1.06 1.09 1.11 1.05 1.07 1,037,000 1,135,830 23,310 BASIC ENERGY 0.106 0.107 0.107 0.108 0.105 0.107 290,000 30,650 CITICORE RE 4.55 4.66 4.53 4.62 4.53 4.62 16,000 72,840 36,240 FIRST GEN 17.62 17.74 18.02 18.1 17.3 17.62 1,318,800 23,218,572 -24,924 87 87.2 86.55 87.4 86 87 165,090 14,244,979 2,590,185 FIRST PHIL HLDG 417 417.2 417 424 416.4 417.2 179,220 75,175,748 -34,491,596 MERALCO 32.85 33 33.85 33.85 32.7 33 924,800 30,503,320 -11,725,530 MANILA WATER 16.2 16.54 16.54 16.12 16.2 1,314,900 21,341,502 -2,540,988 MAYNILAD 16.22 2.23 2.26 2.26 2.22 2.25 341,000 761,490 -82,900 PETRON 2.25 4.5 4.77 4.9 4.76 4.76 245,000 1,167,440 -347,490 PETROENERGY 4.76 17.82 18.84 17.4 19 17 18.88 70,300 1,247,350 28,800 PRYCE CORP REPOWER ENERGY 9.42 9.71 9.42 9.47 9.42 9.42 7,200 67,914 SEMIRARA MINING 14.1 14.18 13.9 14.44 13.72 14.1 1,400,800 19,756,728 2,964,244 SYNERGY GRID 21.2 21.25 21.8 21.8 21.05 21.25 608,500 13,042,210 -2,191,195 SHELL PILIPINAS 8 8.14 8.2 8.2 8 8 589,600 4,764,822 -1,974,937 SPC POWER 8.9 9.1 8.9 9.1 8.9 9.1 2,300 20,680 SP NEW ENERGY 1.15 1.16 1.15 1.16 1.14 1.16 9,052,000 10,417,560 -2,099,060 TOP LINE 1.65 1.66 1.7 1.7 1.65 1.66 2,649,000 4,418,450 -135,200 2.64 AXELUM 2.63 2.66 2.63 2.63 2.63 71,000 186,870 10,560 32.1 32.2 32.9 33 32.2 32.2 1,451,000 47,148,530 -1,578,685 CENTURY FOOD 3.23 3.42 3.47 3.47 3.2 3.42 11,000 36,700 -420 DEL MONTE 3.4 3.41 3.43 3.43 3.38 3.4 339,000 1,151,580 -264,560 DNL INDUS 15.38 15.5 15.56 15.32 15.38 134,800 2,072,828 -1,771,614 EMPERADOR 15.56 44.1 44 44 44.2 131,100 5,782,440 -1,649,160 SMC FOODANDBEV 44.2 44.2 0.62 0.64 0.65 0.65 0.63 0.63 997,000 628,930 189,620 FIGARO GROUP 0.48 0.51 0.475 0.51 0.47 0.51 1,340,000 655,600 100,000 ALLIANCE SELECT GINEBRA 215.8 215 215.6 215.8 212.2 215 58,840 12,579,142 -1,197,580 JOLLIBEE 140.5 139 139.5 140 138 139 411,270 57,059,519 -4,004,832 KEEPERS HLDG 1.84 1.84 1.83 1.84 1.8 1.84 1,464,000 2,671,490 1,646,600 LIBERTY FLOUR 21.55 22.65 22.7 22.7 21.55 22.65 2,600 57,265 -44,000 MAXS GROUP 1.96 1.99 1.93 2 1.93 1.96 9,000 17,830 MG HLDG 0.074 0.077 0.075 0.075 0.075 0.075 140,000 10,500 MONDE NISSIN 5.95 6 5.98 6.03 5.93 5.95 1,975,900 11,844,487 -9,029,026 SHAKEYS PIZZA 5.19 5.19 5.04 5.04 5.04 5.19 900 4,566 3,024 2.43 2.51 2.6 2.6 2.4 2.43 295,000 722,430 ROXAS AND CO RFM CORP 5.03 5.04 5 5.5 5 5.03 206,500 1,040,275 -427,327 0.051 0.051 0.051 0.052 50,000 2,590 SWIFT FOODS 0.052 0.052 UNIV ROBINA 57.5 57.7 57.2 57.5 5,897,910 339,911,058 -45,375,066 57.7 57.7 0.385 0.41 0.39 0.39 0.38 0.38 1,620,000 623,100 ATN HLDG A ATN HLDG B 0.38 0.39 0.39 0.39 0.385 0.385 400,000 154,500 CONCRETE 52.8 58.45 52.8 56 52.8 52.8 200 10,592 528 CONCREAT HLDG 1.17 1.17 1.14 1.13 1.13 1.17 692,000 792,140 44,070 EEI CORP 1.96 1.96 1.89 1.88 1.88 1.96 14,000 26,580 5.34 MEGAWIDE 5.3 5.32 5.32 5.2 5.32 1,347,000 7,107,587 -264,742 PHINMA 14 14.56 14.56 14.56 14.56 14.56 100 1,456 33.1 SUPERCITY 30.35 35 35 32 33.1 1,000 33,330 CROWN ASIA 1.86 1.88 1.9 1.9 1.86 1.86 416,000 781,850 1.21 EUROMED 1.18 1.2 1.21 1.18 1.2 10,000 11,920 10.8 10.8 CONCEPCION 10.7 10.62 10.62 10.8 27,600 295,328 -214,000 0.137 0.14 0.142 0.137 0.142 370,000 51,430 GREENERGY 0.142 INTEGRATED MICR 6.25 6.27 6.74 6.74 6.25 6.25 3,496,400 22,209,261 -4,286,331 3.69 3.78 3.78 3.57 3.72 1,861,000 6,821,940 -525,230 IONICS 3.72 7.08 7.26 7.27 7.27 7.27 200 1,454 PANASONIC 7.27 CIRTEK HLDG 1.45 1.48 1.42 1.51 1.42 1.45 9,108,000 13,439,210 361,920

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7803 -4.32% 0.86% -4.26% N.A CTS GLOBAL -3.67% HAUS TALK A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. ITALPINAS LFM PROP 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED FUND, INC.) MAKATI FINANCE XURPAS “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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

October 1, 2026

0.33 1.4 0.55 0.023 1.88 0.206

1.08

1.05

24,000

25,200

-2,100

0.35 1.42 0.56 0.025 2.13 0.213

0.335 1.4 0.56 0.026 1.88 0.208

0.335 1.42 0.58 0.026 1.88 0.213

0.33 1.4 0.53 0.026 1.88 0.206

0.33 1.42 0.56 0.026 1.88 0.213

250,000 88,000 13,000 100,000 26,000 70,000

82,750 124,500 7,350 2,600 48,880 14,570

16,750 -1,180 -

EXHANGE TRADE FUNDS ATR FAMI ETF

98.4

98.5

98.5 99 98 98.5 42,080 4,125,451 23,640

www.businessmirror.com.ph

Banking&Finance

Borrowings widen PHL’s Q2 net external liability

HE country’s net liability to the rest of the world widened in the second quarter of 2026, driven by borrowings by the national government, domestic banks and other sectors, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary data from the central bank showed the country’s international investment position (IIP) stood at a net external liability of $65.6 billion as of end-June 2026 which is equivalent to 13.4 percent of the country’s gross domestic product (GDP). This was wider than the $55 billion net liability recorded as of endMarch 2026 and the $63.93 billion posted as of end-June 2025. The IIP provides a “snapshot” of the country’s external financial position, covering its assets abroad and liabilities to the rest of the world. Based on the IIP report of the BSP for end-June 2026, external liabilities exceeded external assets, widening the gap from end-March. The report showed that total external financial assets slipped by 0.2 percent quarter-on-quarter to $259.3 billion at end-June 2026. Meanwhile, total external finan-

cial liabilities inched up by 3.1 percent quarter-on-quarter to $324.9 billion as of end-June 2026. According to the IIP report, higher net loan liabilities were the “primary driver” of the wider net external liability position during the period. “The increase reflected higher external borrowing by banks and other sectors, as well as additional financing secured by the general government from multilateral and bilateral creditors,” the IIP report noted. The central bank explained that intercompany borrowing also increased net direct investment-debt liabilities, while the general government’s global bond issuance in June 2026 raised net liabilities in debt securities. “A decline in reserve assets, together with reduced holdings of deposits abroad by banks, further widened the net external liability position,” the report pointed out. This was partly offset, however, by a “stronger” net direct investment—equity position, driven mainly by upward price revaluations of residents’ equity investments in foreign affiliates. Andrea E. San Juan

The conference is not the product: The member experience is

HAT if we stopped measuring a conference by the number of people who attended and started asking what changed because they did? This question stayed with me after my recent conversation with Megan Crum, general manager of the Professional Conference Organizers Association (PCOA), through the Philippine Council of Associations and Association Executives (PCAAE) “Association Matters” podcast. After being involved in more than a thousand events throughout her career, Megan has seen virtually every kind of conference. Her message was both simple and profound: the conference itself is not the product: member value is. This distinction could fundamentally change how associations think about their events. Megan observed that the fundamentals of a successful event remain the same: trust, collaboration and a shared commitment between an association and its event partners to deliver value. But being on the association side of the table has sharpened her appreciation of one thing: the event must ultimately be viewed through a member-value lens. For today’s associations, this is increasingly important. Technology has transformed access to information. Learning is no longer confined to the annual conference, while members have become increasingly protective of their most valuable resource: time. As Megan put it: “Information’s abundant. Time is scarce.” Consequently, members expect conferences to deliver something they cannot easily obtain online: meaningful human connection. Relevant content still matters, but the real gold is in the conversations, relationships, challenges to conventional thinking, problem solving, and inspiration that happen when people are physically together. “The conferences people remember aren’t the ones usually with the most slides,” Megan said. “It’s the ones where someone has met someone, they’re feeling challenged, they’ve had an assumption challenged, they’ve solved a problem, or they’ve left feeling inspired.” This is a powerful lesson for association leaders. A great conference should not merely fill seats; it should strengthen the association’s community.

Association World Octavio Peralta And then there is sustainability. Megan believes environmental practices such as reducing waste, going paperless, and making sensible resource decisions have become a baseline expectation. The bigger conversation now is about legacy. What happened after the conference? Did it create lasting professional relationships? Did it inspire people? Did it contribute to the host destination or industry? Did younger professionals find a pathway into the community? Did participants return to their organizations with renewed purpose or ideas they could actually implement? The PCOA even builds such questions into its post-conference evaluation, looking beyond attendance and financial results to assess longer-term impact. I particularly liked Megan’s example of universities bringing students into conferences. The students gain industry connections while the profession gains the perspectives and energy of a new generation. This is not simply event participation; it is community building and legacy creation. Perhaps this is where association conferences are heading: from events to experiences, from transactions to relationships, and from short-term outcomes to long-term impact. The challenge for association leaders, therefore, is not simply to organize better conferences. It is to ask a more important question: when the delegates have gone home, what will remain? Ultimately, the best association event is not the one that ends successfully. It is the one whose value continues long after the closing ceremony. Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026 at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror . E-mail: bobby@pcaae.org

BusinessMirror

Editor: Dennis D. Estopace • Friday, October 2, 2026

Brisk credit use spurs bank lending, M3 at fastest pace By Andrea E. San Juan

ANK lending and money supply grew at the fastest pace in three months as businesses and consumers continue to rely on the use of credit to finance investment, working capital and consumption. However, analysts flagged inflationary pressures such as the renewed spike in oil prices amid the uncertainty brewing due to the ongoing Middle East tensions, which they said could dampen the pace of lending and liquidity in the country in the coming months. They raised this after data from the Bangko Sentral ng Pilipinas (BSP) showed that loans from universal and commercial banks expanded by 11 percent year-on-year to P15.121 trillion as of end-August 2026, on the back of “sustained demand for bank credit, particularly from businesses.” This was also higher, by 0.93 percent, than the P14.981 trillion recorded at end-July 2026. Historical data from the central bank showed the 11-percent growth rate in August was the fastest pace of bank lending in three months or since May 2026 when bank lending grew by 12.1 percent. The central bank said outstanding loans to residents, which accounts for the bulk of total bank lending, rose by 11.3 percent year-on-year in August. Loans for business activities, meanwhile, grew by 10.6 percent, due to increased lending to key sectors: real estate; electricity, gas, steam, and air-conditioning supply; wholesale and retail trade, and repair of motor vehicles and motorcycles;

financial and insurance activities; manufacturing; information and communication; and transportation and storage. However, growth in consumer loans to residents eased due to slower expansion in credit card and motor vehicle loans, the BSP pointed out in its statement. Meanwhile, data from the BSP showed the amount of money circulating in the economy (M3) expanded by 11.2 percent year-on-year to P20.7 trillion in August. Historical data showed this is also the quickest growth pace of money supply in three months. M3 is a broad measure of money supply that includes currency in circulation, bank deposits, and other financial assets that are “readily” convertible to cash, the central bank noted. According to the BSP, borrowing by the private and public sectors continued to support the expansion in M3. “Banks sustained lending to businesses and households. National Government financing activities, including debt issuances and withdrawal of deposits from the BSP and banks, also contributed to liquidity growth,” BSP said.

‘Lifeblood’

WITH the latest data, Jonathan

L. Ravelas, senior adviser at Reyes Tacandong & Co. said banks continue to have “ample” liquidity, while businesses and consumers are “gradually” increasing their use of credit to finance investment, working capital, housing and consumption. “This is a positive signal because credit is the lifeblood of economic activity, supporting growth, employment, and spending in the months ahead,” added Ravelas. Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP), said the faster growth in both domestic liquidity and bank lending in August “suggests that credit creation remains supportive of economic activity despite a stillchallenging environment marked by elevated inflation, relatively high borrowing costs, and softer growth conditions.” Asuncion said loan demand appears to have been driven by “continued” business borrowing for expansion and working capital requirements, particularly in investment-related sectors, alongside “resilient” household credit activity. As such, he pointed out that the expansion in lending has provided support to money supply growth through the banking system. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., however, explained that the faster growth in bank lending and money supply in August could be attributed to frontloading of inventories and purchases of raw materials and finished goods as businesses anticipate higher borrowing costs in the coming months. “Bank loans and M3 grew faster than GDP growth amid some frontloading of purchases of inventories, raw materials, finished goods, and other products before prices go up

further,” Ricafort said, adding that this would require financing or credit to finance both local and imported purchases. Consistent with this, he pointed out, is the need to “hedge” borrowing requirements before global interest rates go up further “as a matter of prudence.” “Further Fed/BSP rate hikes, elevated U.S. Treasury/bond yields among 2-decade highs could make borrowings/loans more expensive, thereby could be a headwind for loan demand for the coming months, on top of slower global and local economic growth,” Ricafort said.

Risks

ANALYSTS have become vigilant anew on key risks to bank lending and domestic liquidity. “That said, the recent surge in oil prices and the uncertainty arising from ongoing Middle East tensions remain key risks,” Ravelas said, explaining further that high energy costs could “reignite” inflation pressures, squeeze household budgets and make businesses more cautious about expansion plans. “As a result, while we expect bank lending and domestic liquidity to remain on a growth trajectory, the pace could become more measured if inflationary pressures persist,” added Ravelas. Asuncion echoed Ravelas’ sentiment, saying: “Growth could become more uneven amid renewed oil price pressures and global uncertainties related to the Middle East conflict, which may weigh on business sentiment and consumer spending decisions.” The central bank said it will continue to ensure that domestic liquidity and bank lending conditions “remain consistent with its price and financial stability objectives.”

Philhealth, insurers to cut BIR updates rules for tax out-of-pocket patient cost credit, refund petitions By Reine Juvierre Alberto @reine_alberto

HE Philippine Health Insurance Corp. (PhilHealth) will shoulder covered primary care costs first under a new benefit complementation initiative with health maintenance organizations (HMOs) and private health insurers (PHIs) in its bid to prevent duplicate payments and reduce out-of-pocket patient costs. This after executives of the state health insurer and 13 HMOs and PHIs signed a memorandum of understanding (MOU) last Thursday to establish the “PhilHealth ‘Yakap’HMO/PHI Benefit Complementation initiative.” Under the arrangement, PhilHealth will serve as the first payer for covered primary and outpatient care through “Yakap,” while participating HMOs and PHIs will provide secondary coverage for expenses beyond PhilHealth’s benefit limits. The initiative covers consultations, 13 laboratory tests, selected outpatient medicines under the Gamot package and outpatient services for six cancer screening tests. Specialized outpatient benefits such as animal bite treatment, maternal care, Tuberculosis DOTS, HIV/AIDS management, and mental health services are also included, as applicable. PhilHealth Acting President and CEO Beverly Lorraine C. Ho said the arrangement will address the overlap faced by Filipinos who maintain both PhilHealth and private health insurance coverage. “Yakap and Gamot benefits go unused while insurance plans pay

for consultations and tests that PhilHealth now already covers,” Ho said. Private insurers may cover costs that exceed PhilHealth’s benefit limits or fall outside primary care coverage, such as specialized procedures, certain vaccinations and additional diagnostics. “As PhilHealth covers more of primary care, we will use that room to expand what our members receive in benefits---more specialist care, more diagnostics, more of what PhilHealth does not cover yet,” said Christian S. Argos, chairman of the Philippine Association of Health Maintenance Organization Companies. PhilHealth does not have a specific target for the number of insurers that should participate because the initiative is initially voluntary and will require adjustments to information technology systems and the migration of processes, Ho said. The agreement does not involve the transfer of funds between PhilHealth and participating HMOs or PHIs. The MOU is nonbinding, with detailed operational arrangements to be covered by separate agreements. The participating insurers include Maxicare Healthcare Corp., MediCard Philippines Inc., PhilhealthCare Inc., Health Plan Philippines Inc., United Coconut Planters Life Assurance Corp., Asalus Corp. (Intellicare), Medicare Plus Inc., Avega Managed Care Inc., Cooperative Health Management Federation, iCare HMO (Insular Health Care Inc.), Pacific Cross, The Manufacturers Life Insurance Co. (Phils.) and InLife Benefits Insurance Co. Inc.

HE Bureau of Internal Revenue (BIR) has updated its guidelines for taxpayers seeking refunds for excess withholding taxes or erroneously paid levies. Internal Revenue Commissioner Charlito Martin R. Mendoza recently issued two companion revenue memorandum circulars to update and streamline rules on tax credit and refund applications. For tax credits or refund claims of creditable withholding t a xes (C W T ) on income, ta xpayers must file BIR For m 1914, or the “Application for Tax Credits/ Refunds,” to either their registered Revenue District Office (RDO) or their respective Large Taxpayers Audit Division (LTAD) or Large Taxpayers Division (LTD). Excess income taxes shown on their Annual Income Tax Return (AITR) can be carried over and credited to succeeding quarterly tax liabilities. Once selected, their choice is irrevocable for that taxable period, blocking the application for tax credit or refund. However, taxpayers who selected the carryover option may still claim a cash refund if they permanently cease operations. Applications must be filed within two years from the AITR filing date, with the BIR’s 180-day processing period beginning only

upon submission of BIR Form No. 1914 and supporting documents. The BIR must decide on the application and issue a tax credit within two years from the date of dissolution or cessation of businesses that applied for the refund. Meanwhile, the BIR has also amended the rules on authorized processing offices for claims involving erroneously or illegally collected taxes, or penalties imposed without authority. Refund or credit claims for capital gains tax on the sale of real property classified as a capital asset, as well as associated docume nt a r y st a mp tax, must be filed directly with the R DO h av i ng jurisdiction over the physical location of the property. A l l ot her t a x ref u nd claims should be filed with the RDO, LTAD or LTD having jurisdiction over the taxpayer-claimant, the memo read. The BIR may credit or refund taxes that are erroneously or illegally paid, as well as excess payments and statutory relief or incentive. From January to September 2025, the BIR has released P23.67 billion in tax refunds, up by 90.6 percent from P12.42 billion in the same period last year. Refundable taxes include value-added taxes, withholding taxes, income tax, excise taxes and other internal revenue taxes. Reine Juvierre S. Alberto

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Friday, October 2, 2026 • Editor: Gerard S. Ramos

BusinessMirror

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

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Seann William Scott, 50; Neve Campbell, 53; Gwen Stefani, 57; Chubby Checker, 85. HAPPY BIRTHDAY: Focus on what’s important to your emotional and physical wellness this year. Maintaining a safe, secure and stable environment will help you gain confidence and encourage you to make subtle lifestyle changes that help you build connections through pastimes that make you feel and look your best. Make growth your objective. Your numbers are 3, 14, 22, 29, 36, 43, 47.

THE author enjoyed a classic wagyu burger, cheesy fries, and a matcha milkshake when she recently visited the newly opened Masajiro Burger branch at The Podium in Mandaluyong City. PHOTO BY STELLA ARNALDO

THE author’s new comfort food: Menchi Star Rice, a pork cutlet on a bed of soft-scrambled egg, served on steaming gohan rice. PHOTO FROM MASAJIRO BURGER

ARIES (March 21-April 19): Put effort and energy into helping a cause or someone in need. What you perceive when dealing with partners and organizations that are giving back will encourage you to take a greater interest in community, family and regulating how you spend your time. Refuse to let your ego or emotional drama interfere with progress. ★★

Love the Philippines? I’d rather have ‘More Fun’

TAURUS (April 20-May 20): Put an emphasis on honest conversations that resolve issues before they turn into arguments. Don’t let stubbornness lead you down a lonely path. Choose your words wisely, kindly, and with compassion and concern for a healthy outcome. Choose peace, love and being helpful over drama. A spending spree may elate you, but growing debt will deflate joy. ★★★★ GEMINI (May 21-June 20): Plan your schedule around the activities and people you enjoy. Conversations and challenges will offer unique alternatives to ponder over. A change is imminent; however, making the right decision will require thought, planning and courage to make it happen. Distance yourself from people who cause trouble or bait you into an argument. Stick to your agenda. ★★★

WHAT made “It’s More Fun in the Philippines” so successful was that it was quickly adopted by Filipinos themselves, who spread it by tailoring memes of common activities with iconic tourism sites. To this day, foreigners remember the slogan, with the public and local stakeholders preferring it to the current “Love the Philippines.” Sen. Erwin Tulfo has already filed a bill to keep the Philippine tourism slogan for at least 15 years before it is changed. PHOTO FROM THE DEPARTMENT OF TOURISM

CANCER (June 21-July 22): Entertainment will cost you more than anticipated. Joint ventures will cause a rift between you and your partner. Choose quiet moments, romance and activities that lead to personal growth. Refuse to let your emotions ascend into something you cannot control. Discipline is necessary if you want to avoid loss and regret. ★★★

LEO (July 23-Aug. 22): You can be forthright without being nasty. Your highest return will come from being honest and empathetic. Show how much you care and how sincere you are. Put your energy into finding solutions, not creating problems. Change comes with choice and directing your energy wisely. Keep your emotions and intentions to yourself. ★★★

ENATOR Erwin Tulfo raised valid points at a recent hearing on the budget of the Department of Tourism (DOT). He asked Tourism Secretary Dita AngaraMathay if it was time to create a law so the branding slogan or tagline to promote the Philippines should be kept in perpetuity. “We keep changing it. There’s ‘Wow Philippines,’ then ‘It’s More Fun in the Philippines,’ now ‘Love the Philippines.’ Want to bet in the next administration it will be ‘Come to the Philippines’? We don’t have a unique, unchanging brand like ‘Malaysia Truly Asia,’” said Tulfo in a mix of English and Filipino. The lawmaker has been tasked to defend the DOT budget in the upcoming Senate Plenary discussion on the proposed National Expenditure Program for 2027, and was preparing to do so by recently hearing the agency’s budget presentation. The good DOT Secretary agreed that perhaps it was time to legislate and keep the current tourism branding slogan. “Anyway, maganda naman ang ‘Love the Philippines’. The people are our best asset... our hospitality is unmatched. So if we can legislate and we use ‘Love the Philippines’, I’m all for it,” said Angara-Mathay. I must respectfully disagree with Secretary Angara-Mathay. “Love the Philippines” (LVP) is not, and has never been, a good slogan. She even had to tweak it to “Discover More to Love [about the Philippines],” to send a clearer message on the many other destinations tourists can explore, and the myriad activities they could enjoy in the country. To be honest, it was quite an admirable move, as the Secretary showed she could work with whatever limitations had been put in place by her predecessor. Unfortunately, Tulfo has already filed Senate Bill No. 2511 preventing the changing of tourism slogans. I thought it was hastily drawn up without the senator studying the facts around the slogan changes. Frankly, Mr. Senator, if we must legislate such a move, then government should go back to the successful and award-winning, “It’s More Fun in the Philippines.” To this day, foreigners remember it, and

VIRGO (Aug. 23-Sept. 22): If you mix business with pleasure, you’ll feel good about what you accomplish. If you use your charm and intelligence, you’ll motivate others to see things your way. Time spent making plans with someone you love will be rewarding and give you something to look forward to. Sharing intentions will lead to romance and commitment. ★★★★

LIBRA (Sept. 23-Oct. 22): Take time to sort through your thoughts and differences before revealing how you feel or what you plan to do next. Distance yourself from anyone showing aggressive or manipulative behavior. Turn your attention to new beginnings, and use innovative techniques that allow you to separate yourself from any competition you encounter. Don’t spend to impress. ★★

it encapsulates the lengths Filipinos go to welcome visitors and make sure the latter enjoy their stay in the country. Even our own local tourism stakeholders believe it’s a far better branding tagline than LVP. They had initially tried to convince the former Tourism Secretary, Christina Garcia Frasco, to keep “It’s More Fun”, to which she initially agreed because even lawmakers supported that. But it quickly became evident that she was deadset on changing the slogan, such that Frasco had convinced President Marcos Jr. to veto a proviso in the General Appropriations Act of 2023 that the agency should not use its budget to change the tourism branding slogan. (I guess she was trying to replicate her Cebu district’s “Live Love Liloan” tag, to see if it worked better on a national scale.) To his credit, even former President Duterte kept the “fun” slogan. The Tourism Secretary then, Berna Romulo-Puyat, had said Duterte didn’t mind that his administration continued using it, as this was what the tourism stakeholders wanted. LVP has got to be the weakest branding slogan the DOT has ever created. It received so much flak as soon as it was announced because it sounds like a command. And would you force anyone to love you, without spending some time with you first?

Besides, as many marketing analysts earlier averred, “Love” isn’t a unique proposition to the Philippines. For instance, personally, “I love London.” I also love Singapore, New York, and Tokyo. “Love the Philippines” doesn’t really say anything about our country and our people. So when a tourist asks, “Why should I visit the Philippines?” Are we to respond, “Because—Love the Philippines”? But replace that reply with “Because it’s more fun in the Philippines”, and you get a conversation going, with the tourist wanting to know more about the country. Perhaps that’s what a good tourism slogan should do—not tell people what to feel, but make them curious enough to come and experience it for themselves. So the DOT folks and lawmakers should keep this in mind before legislating a tourism slogan that will last forever, or in the case of Tulfo’s bill, at least 15 years.

MY MASAJIRO BURGER FIX

NOW, I love cheeseburgers. (There’s that word “love” again.) And there are only a few restaurants from which I regularly order this heart-plugging dish. After I got a taste of Masajiro Burger in Glorietta

SEE “PHILIPPINES,” B5

SCORPIO (Oct. 23-Nov. 21): Do your own thing, and enjoy pursuing your dreams. Educating yourself to ensure you head in the right direction will put your mind at ease and deter interference. Pay more attention to your needs and how you can take responsibility for your happiness. Love who you are, and do what makes you feel good about yourself. Romance is favored. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Take charge and make things happen. Declutter your space, visit surroundings you find inspiring and engage in pastimes that uplift you. A change of scenery, people and activities will offer insight into new possibilities. Avoid joint ventures or tenuous money connections. Adopting a minimalist lifestyle will ease stress and help you gain the freedom to follow your dreams. ★★★

CAPRICORN (Dec. 22-Jan. 19): It’s time to rein in what’s out of control. Distance yourself from poor influences, and cap your spending. Pay more attention to how you use your skills and experience, and you’ll discover how to make the most with what you can do. If you choose triumph over fantasy, you’ll gain respect. ★★★ AQUARIUS (Jan. 20-Feb. 18): Don’t let anger precede common sense. Choose kind words and get along. Gather information, and make moves that are smart, articulate and send a subtle message. Let your strength, resilience and courage carry you across the finish line with class, dignity and no malicious intent. Choose peace and kindness over anger and manipulation for the best results. ★★★

PISCES (Feb. 19-March 20): It’s how you handle yourself, others and your money that matter. Don’t offer to pay for someone else’s mistakes. Be a good listener and offer solutions, but don’t do the work for someone who needs to learn a lesson. Do something that makes you feel good about yourself. Attending social events will lead to love, personal gains or a healthier, happier outlook. ★★★★★ BIRTHDAY BABY: You are emotional, reflective and motivated. You are protective and captivating.

‘universal freestyle 242’ BY ADAM LEVAV

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Prima ballerina Pavlova 5 College honor roll 14 Former “Tonight Show” host Jack 15 “Yo, yo!” 16 Give off 17 Not in a studio 18 Note to ___ 19 Perilous structures 20 Life science facility, informally 22 Had brunch, perhaps 23 Extreme dislike 24 Takes a fat L 29 Request on social media 30 Band saw, e.g. 31 Assn. for the public good 32 Indiana WNBA team, or a high body temperature 33 Fertilization targets 34 Storied surfing spots? 37 ___ out (jukes) 39 When necessary 40 Pistons Hall of Famer Joe whose name ends with a planet

41 Tabloid journalism outlet 42 Changes (into) 43 GPTZero, for example 48 Spanish greeting 50 “My brain has stopped working” 51 Designer Cassini 52 Longtime “Real Housewives of Atlanta” star 53 Ready to be harvested 54 Online subforum for questions 55 Play parts DOWN 1 Humans and orangutans 2 Labels on lanyards 3 Identify something precisely 4 Craft 5 It becomes a different kind of star when its “D” and “N” are changed to “C” and “L” 6 American Civil Rights icon Baker 7 Loads and loads 8 Follow-up to “straight” in some bar orders 9 Break into tiny pieces

10 Allow to chill 11 Figure skater Malinin nicknamed the “Quad God” 12 High-volume, low-quality internet material 13 Loads and loads 15 Wannabe surfer 21 Comic book writer Stan 23 Barbera’s partner in animation 24 Didn’t just like 25 Is below zero, in a way 26 Bibliophile 27 Excuse for being late to an earlymorning event 28 One is full at the start of a meal 30 Fall Out Boy co-founder Wentz 32 Exhibited a symptom of ADHD 35 More tranquil 36 University of Washington locale 37 Dog coat 38 Symmetrically shaped Greek vase 40 Uncool types 42 Impressionist Claude 43 Hawaiian word for “land” hidden in

“main attraction” 44 Covers, as a cake 45 Unpleasantly damp 46 N’Djamena’s country 47 ___ torch 49 Gains life experience

Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Friday, October 2, 2026

Kobie Brown is headed for the big time FROM left: Vic del Rosario Jr., Ruru Madrid, Atty. Annette GozonValdez, and Joy Marcelo

GMANETWORK.COM STRENGTHENS DIGITAL LEADERSHIP; MIGUEL, RAYVER AND RURU RENEW CONTRACTS WITH GMA NETWORK

Miguel Tanfelix, Rayver Cruz, and Ruru Madrid remain loyal GMA artists. Beaming with pride and excitement, these young actors are looking forward to a new chapter in their entertainment journeys after renewing their contracts with GMA Network and Sparkle GMA Artist Center. Present at the contract-signings were senior vice president for programming, talent management, worldwide, and support group, and president and CEO of GMA Pictures Atty. Annette Gozon-Valdes; first vice president and head of Sparkle GMA Artist Center Joy C. Marcelo; officer in charge for entertainment group and vice president for drama Cheryl Ching-Sy; and assistant vice president for talent management Vic Del Rosario. Celebrating 20 years in the industry, Miguel Tanfelix’s humble beginnings go way back to Starstruck Kids. From there, Miguel has transitioned from the young Pagaspas to an established leading man. From drama, action and adventure, Miguel continues to deliver brilliant performances that earned him the recognition, including multiple awards such as The German Moreno Youth Achievement Award at the FAMAS, Best Actor at the Asian Academy Creative Awards, and TV Actor of the Year at the 11th Platinum Stallion National Media Awards. Marking his continued commitment with GMA and Sparkle, Miguel proves to be the actor who willingly explores and expands his craft. An actor, host and dancer, Rayver Cruz is one of the most sought-after performers in his generation, building a strong career across television and live performances. His commendable performances in top-rated teleseryes have established him as one of GMA’s finest leading men. Ruru Madrid has taken on a range of roles across genres, showcasing his versatility for his craft. Earned through a string of breakthrough performances, Ruru continues to take on new and challenging roles. His dedication has earned him high acclaim, including a Metro Manila Film Festival Best Supporting Actor win for Green Bones. Meanwhile, the official website of the country’s leading media company, GMANetwork.com continues its digital momentum, ranking as the No.1 Local News and Media Publisher in the Philippines based on Similarweb’s Top Websites (Country Rank) for August 2026. The GMA Network website placed No. 68 overall in the Philippines, far ahead of Inquirer.net (No. 72), ABS-CBN (No. 132), Philstar.com (No. 183), and Rappler (No. 267). Meanwhile, GMA Network retained the No. 17 spot in the Tubular Leadership Worldwide Ranking also for August 2026, based on data from Tubular Labs. The network’s latest performance reinforces its position as the top-ranking Philippine media company in Southeast Asia in the Media and Entertainment category of Tubular Labs. In August 2026, GMA Network’s official online platforms generated over 6.35 billion video views: 3.4 billion on Facebook; 1.0 billion on Instagram; 1.2 billion on TikTok; and 726.7 million on YouTube. By consistently delivering engaging, relevant content across its official online platforms, GMA Network continues to expand its reach and digital presence, and further strengthens its position in the global media landscape.

ROMISING Sparkle actor Kobie Brown is on a roll. He is currently in the thick of rehearsals for About Us But Not About Us, the much talked-about play that opens this weekend at the Power Mac Center Spotlight Blackbox Theater in Makati City. He is also part of the high-rating GMA afternoon drama series Born to Shine, which I heard has been extended indefinitely. About Us But Not About Us, written by Jun Lana and directed by Tuxqs Rutaquio, is a psychological drama that pivots on a highly-charged conversation between a university professor and his student that starts off as a casual lunch but quickly shifts into the untangling and unravelling of deep lies and even darker secrets. Brown takes on the role of Lancelot, a complicated literature student who gets caught up in a dark confrontation with his rumored lover-professor. “I auditioned for the role for this run and I will be alternating with Elijah Canlas, who originated the role [in the 2022 film of the same name that was also directed by Jun Lana]. I was so happy when I learned that I passed the auditions.” “I am so excited about being part of this play, and I’m feeling a lot of raw emotions inside me—I’m excited, eager, ecstatic, nervous,” Brown admitted when I spoke to him recently. “The rehearsal halls have become my new happy place, and I look forward to each rehearsal knowing that I am with the best there is and I am in good hands with our director and production team, and my amazing co-actors whose support for me is just simply overwhelming!” The 22-year-old gorgeous mestizo admitted that during his first year in the entertainment scene, it was quite a challenge for him to warm up and settle in. “You can say that I was a reluctant actor because it was totally an alien environment for me, and I had no clue or idea what Philippine show business is all about.” At the height of the worldwide Covid pandemic, Brown was prodded to submit an audition video to the Pinoy Big Brother (PBB) reality show, and he never expected that it would be the beginning of a career that he never wished for nor imagined himself to be part of. “All I knew was that I was just in the Philippines temporarily, and I’d be headed back to Manchester [in the UK] to continue my schooling and play football. Life certainly is full of surprises and I had to make a detour when I got into PBB.” Brown was the third placer in his batch and he

found himself cast into a world so different from what he knew. He slowly adjusted to this new life with every gig, every workshop and every show he was tossed into. “I was like a sponge that simply absorbed everything that came my way. I mean, not everything came easy or was good, pleasurable and satisfactory, but I guess it ignited the spark little by little until I got used to doing what I did. Until that time, in the middle of my very first musical Tabing Ilog a few years ago, when suddenly that spark turned into a blaze and I started to take this start-up career very seriously and passionately—always wanting to learn more, understand more, do more.” Brown is aware that the success of an actor is based on hard work, talent, passion and integrity. For one who is just starting to make a name in this already crowded business, he needs to be consistent in his unwavering commitment and the relentless pursuit of this passion. “This early, I realize that success is hard work. I have to be passionate about what I do. It is important that I stay focused, stay healthy, and be easy and pleasant to work with. Being disciplined will take me far. I have to come to the set on time and come prepared. I have to make time to study the script even if the script normally gets to me the night before the actual shoot day, and that’s quite a challenge for a newcomer like me since I have to always be on my toes. But there is such a thing as getting used to situations and common practices, and when my system has adjusted, then things become lighter.” Acting as a career is a profound, personal investment and Brown knows that he needs to stay healthy, keep fit, look fresh in order to keep up with the exacting expectations of the industry. “It is a very visual industry. What the public sees is what it perceives you to be. I have to admit that lately, because of shuttling between working on the TV series, and the rigid rehearsals of the play, I have not been regularly working out. I know it’s not an excuse but sometimes I get so tired that I just choose to reward myself with enough sleep hours to get me going the following day,” he admitted. Good thing that Brown has always been into sports. “Football is something that I was introduced to by my family when I was growing up in Manchester, and something that has stayed with me to this day. Football keeps my adrenaline in check, gives me the cardio and mental exercises I need. It gets me excited, toughens me, and from time to time it also serves as my outlet if I have pent-up energy and unreleased emotions. The football field has always been a happy place for me.” Up close and personal, this very promising actor strikes me as a very warm, grounded and happy young man. He tells it like it is and does not sugarcoat the truth. I sense that he is seriously working on becoming a better version of himself with every undertaking he commits to, and he knows that the more he puts into it, the more he will get out of it. There is no doubt that Kobie Brown is definitely headed for the big time.

Puregold’s CinePanalo plans wider audience reach after raising film grants By John Eiron R. Francisco FOLLOWING increased grants for filmmakers, Puregold’s CinePanalo Film Festival (CPFF) is setting its sights on expanding its audience in the coming years to bring Philippine cinema to a broader segment of moviegoers. CPFF director Chris Cahilig told the BusinessMirror on Wednesday, on the sidelines of the festival’s awarding night in Quezon City, that the festival has gained the support of filmmakers who continue to produce quality films, but now faces the challenge of reaching a wider audience. “Kinakailangan namin na mas ipalapit ang CinePanalo sa mas malaking audience. Hindi lang doon sa sinehan, ‘yung mga nanonood talaga ng pelikulang Pilipino at talagang mahal nila ang pelikulang Pilipino,” he said. [We need to bring CinePanalo closer to a larger audience. Not just those in cinemas who already watch and genuinely love Filipino films.] He said the festival also wants to reach ordinary Filipinos, including parents and workers, particularly those who find current cinema ticket prices expensive. This has prompted CPFF to lower ticket prices as part

of its efforts to make its films more accessible, including to people who do not regularly watch movies in theaters. “So we need a bigger audience for Philippine cinema,” Cahilig emphasized. Cahilig said CPFF drew a substantial number of moviegoers during its first two years, although he did not disclose ticket-sales figures. He noted, however, that last year’s ticket sales reached the previous year’s level within the festival’s first day. This year, he said, several screenings have sold out, particularly during the opening weekend, with the festival expecting strong attendance for its remaining screenings through October 4 at seven partner cinemas across Metro Manila. “Nakita namin na kapag nabigyan mo ng magandang content, ng magandang kwento ang mga kabataan, maglalabasan

sila,” Cahilig said. [We saw that when you give young people good content and good stories, they will come out.] Cahilig also cited value for money as an important consideration among younger moviegoers, particularly Gen Z. The festival’s promotional offers, including free grocery items, provide additional value to moviegoers paying P200 for a ticket. Despite the emphasis on attendance, Cahilig said ticket sales are not the festival’s primary objective. “It’s really never about the numbers. This is about advocacy,” he said. “The only number that matters to us is the foot traffic and net satisfaction of people.” CPFF’s current edition features seven full-length films and nine short films. The festival has also broadened

the range of genres represented in this year’s lineup, moving beyond the wholesome and inspirational stories that characterized some of its previous editions. The current selection includes comedy, dark satire, horror and suspense, fantasy, romance and drama, queer cinema, coming-of-age stories and films dealing with social realities. The expanded lineup follows an increase in the grants provided to participating filmmakers, with the allocation rising to P5 million this year from P2.5 million previously. Cahilig said the previous grant was challenging for filmmakers, noting that producing a ‘decent film’ can require at least P5 million, depending on its scale. He said the higher allocation has given filmmakers more room to develop their projects. “I’m just so happy because the additional budget has translated into the quality of the films that came out this year,” he said, partly in Filipino. Cahilig also said the retail chain is exploring theater-related initiatives to reach more young audiences and provide opportunities for emerging creatives interested in Filipino storytelling.

DERRICK MONASTERIO (left) and Shamaine CenteneraBuencamino

Philippines... Continued from B4 Makati last year, I was pleased that its owners decided to open a kiosk near the cinemas at The Podium (the second branch of Masajiro Burger is at Level 4, The Podium, 12 ADB Avenue, Ortigas Center, Mandaluyong City). While still quite a distance from where I live, The Podium branch welcomed me with the hypnotizing aromas of burgers gently sizzling on the grill, julliened potatoes gurgling in the deep fat fryer, and beads of rice slowly expanding and fluffing up in the cooker. A franchise of Masajiro Burger in Fukuoka, Japan, the burger patties in Manila are made from pure wagyu beef, an offshoot of the Joson Family’s main business of importing wagyu beef under its J-Gyu Corp. (The company supplies authentic Japanese wagyu beef to hotels and restaurants, and, lately, sells cuts online or through retail outlets like S&R.) The wagyu beef patties taste better as these are served in Masajiro’s trademark golden buns. These buns are kneaded by hand daily, using a unique flour mixture, which develops into a soft, pillowy, and chewy bite. Personally I enjoy the Classic Burger, with the golden bun schmeared with a honey mustard mayo. It holds a juicy patty, sitting on a bed of crisp lettuce and tomato. This time around I had the Cheesy Beast Fries, which was heaving under a slather of melted cheddar cheese with a plop of what seemed like a curry sauce. So it’s definitely a tasty treat with the salty-sweet flavors slowly giving in to a light spice. And of course, complementing my cheeseburger was the sweet and creamy Matcha Milkshake that was quite refreshing. The vanilla ice cream balances out the earthy and often bitter taste of the matcha powder, creating a more nuanced and pleasantly satisfying drink. Aside from the burgers (which diners can order stacked, fiery, or in fish and chicken varieties), Masajiro also offers delicious rice meals. (I am told that even the owner of the Fukuoka original is rethinking his menu and will likely add rice meals, too. I mean, come on, how can you beat hambagu with rice? Add a little gravy and you’re all set!) It turns out that my favorite among the rice meals is the Menchi Star Rice, which consists of a juicy breaded pork cutlet sitting on a bed of folded egg, and served on steaming gohan rice. It was filling and comforting, like I’ve been having it in my family home’s dining table for ages. And take heart, Quezon City folks! Masajiro Burger will open at SM North Edsa hopefully by December, just in time for the Christmas season. This just means my love affair with cheeseburgers is about to get a whole lot more convenient. For us who live in Quezon City, that’s probably the best kind of holiday news—although my cardiologist may feel differently.

Friday, October 2, 2026

SM expands waste diversion, circular economy ecosystem

Dongfeng Motors Philippines brings its latest vehicles closer to Manila motorists U

he new Dongfeng showroom along United Nations Avenue brings the brand’s latest electrified vehicles closer to Manila customers. Dongfeng Motors Philippines officially welcomed Superb Motors Corp. to its growing dealer network through a dealer appointment ceremony held at its newly opened showroom along United Nations Avenue in Paco, Manila. The appointment marks another step in Dongfeng Motors Philippines’ efforts to expand its presence in key areas and make its growing range of innovative and electrified vehicles more accessible to Filipino motorists. The dealer agreement was formally signed by Brennan Lim, Deputy CEO of Legado Motors Inc., the official distributor of Dongfeng Motors Philippines, and Willard Keng, President of Superb Motors Corp. The ceremony was also attended by key executives from both organizations, including Lotie Salvador, General Manager of Superb Motors Corp.; Giovanni Frias, Vice President for Sales and Operations of Legado Motors Inc.; Edman Rapin, General Manager for Sales of Superb Motors Corp.; Rollie Navarro, Sales Director of Legado Motors Inc.; Ely Eligado, Dealer Development Manager of Legado Motors Inc.; and Tin Uy, General Marketing Manager of Legado Motors Inc. With its established presence in the automotive industry, Superb Motors Corp. brings extensive experience in the light commercial vehicle and truck segment to its partnership with Dongfeng Motors Philippines. The company is recognized as one of the established dealers of light commercial vehicles and trucks in the country, bringing its industry experience and customer network to Dongfeng’s growing dealer network.

In the photo are, from left, Edman Rapin, Superb Motors Corp. General Manager for Sales; Lotie Salvador, Superb Motors Corp. General Manager; Willard Keng, Superb Motors Corp. President; Brennan Lim, Dongfeng Motors Philippines Deputy CEO; Giovanni Frias, Dongfeng Motors Philippines VP for Sales and Operations; Rollie Navarro, Dongfeng Motors Philippines Sales Director; Tin Uy, Dongfeng Motors Philippines General Marketing Manager; and Ely Eligado, Dongfeng Motors Philippines Dealer Development Manager The partnership between Dongfeng Motors Philippines and Superb Motors Corp. reflects a shared commitment to providing customers with dependable mobility solutions while introducing more advanced and electrified vehicle options to the Philippine market. “We are pleased to welcome Superb Motors Corp. to the Dongfeng Motors Philippines family,” said Brennan Lim, Deputy CEO of Legado Motors Inc. “Their presence in the United Nations Avenue area will help us reach more customers and give them the opportunity to experience Dongfeng’s latest vehicles firsthand. We look forward to building a strong and lasting partnership with the Superb Motors team.” For Superb Motors Corp., the new dealership provides customers in Manila and surrounding areas with a dedicated destination to discover Dongfeng’s expanding vehicle lineup. Its location along United Nations Avenue also provides convenient access for customers looking to explore the brand’s latest vehicles and electrified mobility offerings. Visitors to the new showroom can explore Dongfeng models designed to meet a range of driving needs. Among the vehicles on display are the Nammi EV, an all-electric five-seater urban subcompact hatchback designed for modern city driving, small families, and first-time EV owners, offering

an impressive 430-kilometer range on a single charge. Also available is the new Vigo EV, a fiveseater electric compact crossover with a 471-kilometer range on a single charge, making it well-suited for urban commuters and daily drivers, young families, and weekend campers. Both the Nammi EV and new Vigo EV are now covered by PROTECH, Dongfeng’s enhanced ownership and aftersales program. PROTECH includes scheduled servicing every 18 months or 15,000 kilometers, whichever comes first, a 10-Year Unlimited Mileage Battery Warranty, and a 5-Year Bumper-toBumper Vehicle Warranty. Dongfeng U.N. Avenue is open Monday to Saturday, from 8 am to 5 pm, giving customers ample opportunity to visit the showroom, explore the vehicles, and learn more about Dongfeng’s latest mobility solutions. With the addition of Superb Motors Corp., Dongfeng Motors Philippines continues to expand its dealer footprint and strengthen its presence in Metro Manila as it works toward making electrified mobility more accessible to Filipino customers. Customers are invited to visit Dongfeng U.N. Avenue at 1232 United Nations Ave., Paco, Manila, to explore the latest Dongfeng vehicles, learn more about PROTECH, and experience the brand’s growing lineup and aftersales support.

NDER the SM Green Movement, SM drives enhanced resource stewardship nationwide, pursuing waste circularity through reduction, segregation, and diversion. With its efforts and collaboration with industry experts, the mall operator has also diverted thousands of kilograms of recyclables from landfills and oceans yearly. “Because SM malls are high-traffic spaces, daily waste reduction and management habits of mall-going Filipinos can be positively influenced at scale,” said Engr. Liza B. Silerio, SM Supermalls Vice President for Corporate Compliance. Through the years, SM has pursued circularity with its application of various sustainable waste management solutions tailored according to different categories. With the help of industry partners, recyclable waste is managed or given a second life beyond initial use. With the SM Plastic Waste Collection Program, mallgoers can drop off clean, empty and dry plastic bottles, packaging, and other single-use items in any of the 15 designated drop-off sites in SM malls nationwide. In partnership with Friends of Hope, around 80,000 kilograms of consumer plastics have been diverted and processed since 2021. “The Plastic Waste Collection (PWC) Program provides convenient collection points where mallgoers, shoppers, and tenants can responsibly dispose of their plastic waste. Our aspiration is to build a strong and growing network of institutional plastic collection sites that makes responsible plastic disposal more accessible to communities and contributes to our goal of a future with no plastic waste in nature,” said Friends of Hope Program and Operations Officer Yusaira Maon To tackle the correct disposal and treatment of electronic waste (e-waste) SM’s Electronic Waste Collection (EWC) Program has been expanded through its partnership with PLDT & Smart. Special e-waste collection drop boxes are deployed in SM Cyberzone wings nationwide which have since collected an estimated 28,000 kilograms of waste from electrical and electronic equipment. Earlier this year, SM forged a new conversion pathway for PET bottles that will be disposed in its malls. With the launch of the SM Green Recycling Machine (GRM) program in partnership with Sparklo, mallgoers can deposit their empty PET bottles in the reverse vending

Holiday spending made smarter, simpler with BDO Pay

Mang Inasal partners with content creators to tell brand story, engage customers

Mang Inasal Digital Content and Community Relations Manager Dezza Alvarez-Jagolino (third from right) is joined by (from left) PRSP President Ana Pista, APR; Aboitiz InfraCapital’s Franz dela Fuente; session moderator Deivid Rioferio, APR; PROBE Managing Director Jen Aquino; Drag Performer Your Tita Baby; Philippine Information Agency Regional Director Emver Cortez; and 33rd National PR Congress Chair Ed Timbungco, APR

NFLUENCER marketing is evolving beyond product placements and sponsored posts. Today, brands can build meaningful partnerships with creators who bring brand stories to life in ways that resonate with their communities. This was the perspective shared by Dezza Alvarez-Jagolino, Digital Content and Community Relations Manager of Mang Inasal, during the recent 33rd National PR Congress held on September 17 to 18, 2026, at Solaire Resort North, where she joined industry leaders in discussing the evolving relationship between brands and content creators. For Mang Inasal, this approach is reflected in the Mang Inasal Creators’ Circle (MICC), a community of content creators who have become part of the brand’s approach to storytelling and consumer engagement. As Alvarez-Jagolino explained during the panel, brands naturally have something to say, but consumers today are also looking for voices they trust. “Hindi na enough kung si brand na lang yung magsasalita (It’s no longer enough for the brand to be the only one speaking),” she said, emphasizing how creators can help

brands connect with communities through voices that already have credibility and relevance. But the relationship goes beyond simply borrowing a creator’s platform. As the creator ecosystem matures, brands and creators are increasingly working together to shape stories that are authentic to the creator while still delivering the brand’s message. That is the thinking behind MICC. Rather than treating creators as media placements, Mang Inasal works to build relationships where creators can bring their own perspectives and storytelling styles to brand campaigns. The right creator is not necessarily the one with the biggest following. For Mang Inasal, creator selection also considers authenticity and relevance— whether a creator’s community aligns with the brand and whether the creator genuinely connects with what the brand represents. This means there can be a role for different levels of creators depending on the objective. Nano and micro creators can provide access to highly engaged niche communities, while larger creators can help deliver broader reach.

“It’s not just about the numbers,” AlvarezJagolino noted. “We look at their relevance, their authenticity.” For Mang Inasal, creator partnerships also extend beyond financial compensation. Creators value opportunities to connect with brands, gain access and experiences, develop their skills, and build longer-term relationships. This creates opportunities for brands to cultivate creator communities rather than relying solely on one-off collaborations. It also opens the door to working with creators beyond the usual food-focused categories. Brands can explore niche communities whose interests naturally intersect with their stories, from food and family to aspirations, culture, and other passions shared by Filipino consumers. This approach reflects Mang Inasal’s broader relationship with Filipino consumers. In April 2026, the brand was recognized as the 2025 Top Brand in the Philippines under the QSR Grilled Category by Influential Brands®, highlighting its strong connection with consumers and presence in their everyday dining and celebrations. For Mang Inasal, the recognition underscores that influence goes beyond reach. It is built through relevance, authenticity, and meaningful connections with the communities a brand serves. That same principle shapes the Mang Inasal Creators’ Circle (MICC). By working with creators who understand and are trusted by their communities, the brand can tell its stories in ways that feel more personal, relevant, and authentic. As influencer marketing continues to evolve, the opportunity is no longer simply to place products in content, but to co-create stories with the people who know their communities best. MICC reflects this shift, positioning creators not just as campaign partners, but as storytellers who help bring the Mang Inasal brand closer to Filipino consumers. Want more Mang Inasal exclusives NOW? Visit https://manginasal.ph for the latest news, https://manginasaldelivery.com.ph for delivery deals, and follow Mang Inasal on social media for more Ihaw-Sarap and UnliSaya updates!

machines that will be hauled by recycling partners such as Sentinel Plastic Manufacturing Corporation for reuse or upcycling. With a total of 40 machines now deployed nationwide, SM anticipates a collection of 1.5 million units of discarded PET bottles by the end of the year. “SM’s partnership with Sparklo and the deployment of Reverse Vending Machines is a great example of how collaboration can make waste recovery more accessible, measurable, and engaging. By scaling these programs across SM’s network and with more partners, we can significantly increase waste diversion and encourage more people to participate in building a more circular economy,” said Sparklo Country Manager Ellen Quilas. Additionally, through SM’s partnership with ChopValue Philippines at SM Aura, single-use chopsticks are upcycled into furniture and other practical materials such as phone stands. The partnership has collected around 130,000 units of chopsticks since June, equivalent to 6,272 kilograms of carbon dioxide avoidance. “I think pilot projects are important because they give private companies a chance to actually try circular solutions and see what works in the real world. It’s through these small initiatives that we learn, improve the process, and eventually find ways to scale them. For us, every pilot is an opportunity to show that waste can be treated as a resource and that circularity can be part of how businesses operate,” said ChopValue’s Community Manager Dave Pascual. “SM aims to build a cleaner, greener future one step at a time. With waste management initiatives guided by the SM Green Movement, we empower responsible waste disposal through simple, everyday action encouraged in SM malls nationwide,” said Silerio.

With BDO Pay, enjoy convenient, secure, and nofee transactions throughout the holidays—and beyond.

HE “BER” months mark the start of the country’s most anticipated holiday season. As families prepare for gift shopping and festive celebrations, making every peso count becomes important when planning meaningful reunions to create lasting memories. With expenses likely to pile up, BDO Pay helps Filipinos stretch their budget by offering free money transfers, seamless QR payments, and bill payments without extra charges. It’s your reliable and secure everyday payment app for all holiday transactions, from shopping, to settling bills, and even sending Aguinaldo. The season means more gatherings, more purchases, and more expenses. BDO Pay keeps transactions simple, secure and cost-efficient, so you can focus on celebrations instead of fees.

Pay instantly with no fees for all transactions. Scan any QRPh code to pay directly from your BDO account or Debit card, or choose Scan to Pay with your BDO Credit Card using the BDO Pay POS terminal. Send gifts without fees. Send Aguinaldo to inaanaks or split expenses with relatives at no cost. With BDO Pay’s Send Money feature, you can transfer funds to BDO accounts, other banks, and e-wallets for free using an account number, QR code, or mobile number. Stay on top of bills. Settle dues to over 2,200 billers, like electricity, transportation, water services, and telecommunications, all without fees. Amid the holiday rush, pay on time without lining up or juggling multiple apps, and enjoy BDO Pay’s all in one convenient platform. For those who have yet to discover BDO Pay, there’s never been a better time to start. Opening a Basic Account through the BDO Pay app is quick and hassle-free. Customers can open an account in just a few minutes using only one valid ID, such as a passport or driver’s license, with no initial deposit or maintaining balance required, making banking accessible to more Filipinos. BDO Pay also makes everyday transactions effortless and secure. Easily collect shared expenses with Request Money, access installment offers for big purchases, and stay protected with instant card lock for your BDO Credit and Debit Cards whenever needed. Holiday spending is in full swing, but managing your everyday payments can be hassle-free. With BDO Pay, you have everything you need in one easy-to-use app that lets you spend smart, enjoy the festivities, and make your every peso count. Download BDO Pay today from the App Store (iOS), Google Play Store (Android), or Huawei AppGallery (HarmonyOS).

Mat Pilates @ Sunshine Place

EARN and enjoy a gentle and mindful exercise class designed to help improve strength, flexibility, balance, and posture through controlled and lowimpact movements at Sunshine Place as it collaborates with Heidi Alemania for a course on Mat Pilates. Mat Pilates focuses on core stability, proper alignment, and body awareness, helping you move more comfortably and confidently. It is perfect for those who want to stay active, maintain mobility, and build strength while enjoying a safe and supportive approach to exercise. It is also a great way to keep the body moving and support better movement in everyday life. Heidi Alemania is a certified Pilates teacher since 2013. She trained under Romana’s Pilates currently teaches at Integrated Body Arts (IBA). She has experience working with clients of all ages and levels, particularly seniors. She continues to develop her skills by attending seminars and conferences both locally and abroad. Before Pilates, Heidi had a background as a TV dancer and competitive ballroom dancer in the Latin category, giving her a strong foundation in movement and coordination.

Her passion for Pilates comes from her belief that through the practice, she can help each person move with greater strength, balance, mobility, and confidence. The MAT Pilates course will be conducted every Friday, starting October 9, 2026 from 3 pm to 4 pm. To enroll and to know more, please contact M. (0917) 801 6440 or email hello@sunshineplaceph.com . Follow Sunshine Place online at http://www. sunshineplaceph.com/, FB @SunshinePlace56Jupiter, IG @sunshineplaceph, YT Sunshine Place: Senior Recreation Center, and hastag #SunshinePlace #ActiveAging #Healthy.

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Editor: Tet Andolong • Friday, October 2, 2026

XPENG’s grand Philippine debut brings full X9 and L03 lineup X

STO�Y & PHOTO BY RANDY S. PEREGRINO

PENG, the global Physical AI company, has formally entered the Philippine market with a grand launch that unveiled its complete lineup of the X9 luxury MPV and L03 SUV coupé. Held at the SM Mall of Asia Arena, the event marked the company’s first Southeast Asian subsidiary and a significant step in its expansion across the region. More than a vehicle showcase, the evening highlighted XPENG’s vision of mobility powered by artificial intelligence. With over 40 percent of its workforce dedicated to research and development in AI, robotics, software, and advanced mobility, XPENG continues to develop its technologies in-house—from driver assistance systems and intelligent operating platforms to powertrains and electronic architecture. The Philippine debut introduced six variants across the two models, broadening customer choices with premium electric and range-extended options. One of the evening’s defining moments was the formal introduction of actress, television host, and recording artist Anne Curtis as XPENG Philippines’ official brand ambassador. Her sophisticated style and enduring appeal across generations reflect the company’s premium, modern, and technologyled identity. The launch also offered glimpses of XPENG’s innovations beyond automobiles, with special displays of the X2 Flying Car and IRON Humanoid Robot—symbols of the company’s broader ambitions in Physical AI.

X9: FLAGSHIP ULTRA-INTELLIGENT MPV

THE X9 arrives as the brand’s flagship seven-seater MPV, offered in two Long

Range variants—the standard configuration priced at P3.858 million and the version with the Second-Row Premium Seat Package at P4.058 million. Both share the same frontwheel-drive electric system, producing 235 kW (315 hp) and 450 Nm of torque. Power comes from a 110-kWh battery, delivering up to 615 kilometers of driving range under WLTP standards. With a compatible DC fast charger, the X9 can replenish from 10 to 80 percent in approximately 12 minutes, underscoring its practicality for long-distance travel. Inside, the X9 emphasizes comfort and versatility. The Premium Seat Package elevates second-row luxury with four-way powered headrest adjustment and a 16-point massage function, creating a more individualized seating experience. The standard Long Range variant, meanwhile, features Zero-Gravity seats separated by a central aisle, allowing convenient access between the second and third rows. The cabin is further enhanced by intelligent storage solutions, including multiple compartments across all three rows, fold-flat powered thirdrow seats, and a spacious cargo area that adapts to family and business needs. The X9 also integrates an intelligent cabin system anchored by a 15.6-inch central touchscreen, a head-up display, and a digital instrument cluster. Voice interaction supports multilingual commands, whole-car conversations, and offline functionality, while Google-powered maps provide refreshed imagery and seamless routing integrated into XPENG’s in-house navigation. Passengers benefit from a premium audio system, ambient lighting, and climate control zones that adjust to individual preferences, reinforcing the X9’s role as a luxury MPV. Driving dynamics are equally advanced. Despite its size, the X9 maneuvers with surprising agility thanks to class-leading active

rear-wheel steering, reducing its turning radius to just 5.4 meters. Intelligent dual-chamber air suspension ensures a composed ride across varied road conditions, while traction and stability systems adapt to slippery surfaces and uneven terrain. The vehicle’s XPILOT suite brings together Assist Parking, Assist Driving, and Assist Safety features. Parking Assist supports unmarked spaces, reversing, and remote summon functions. Assist Driving handles complex urban scenarios, including narrow streets, faded lane markings, and dense traffic. Assist Safety adds 360-degree monitoring, blowout stability control, and agile steering responses, ensuring confidence behind the wheel. Safety credentials are reinforced by a highstrength steel cage body, seven airbags, and enhanced battery protection against thermal and collision risks. The X9 also carries dual fivestar certifications from C-NCAP and E-NCAP, underscoring its reliability. Exterior choices include Midnight Black, Arctic White, and Matte Gray, with Silver Frost available by special order. Interiors come in Meteorite Black, with Coffee available upon request.

L03: ELECTRIC SUV COUPÉ WITH RANGE-EXTENDED OPTION

THE L03 is offered in three distinct variants— the EV Long Range, EV Standard Range, and the REEV—each designed to balance performance, efficiency, and flexibility. The EV Standard Range is powered by a 58.3 kWh battery and delivers up to 445 kilometers of range under WLTP standards. The EV Long Range variant uses a larger 71.1 kWh battery and extends the range to 520 kilometers. Meanwhile, the REEV combines a 37.2 kWh battery with a range-extending engine. It offers 215 kilometers of pure electric driving, while its combined WLTP range stretches to 1,017

kilometers, giving customers the reassurance of long-distance capability without sacrificing the everyday EV experience. All three variants drive the rear wheels through an electric motor and can charge from 10 to 80 percent in approximately 20 minutes under optimal conditions. Inside, the L03 offers a five-seat cabin with 539 liters of luggage space, plus 37 storage solutions spread across the interior. These include a 102-liter front trunk, a 10-liter pull-out drawer beneath the second-row seats, pegboard hooks on the B-pillars, and threaded mounts on the seatbacks for added utility. The rear seats fold in a 40/20/40 split with a ski pass-through, creating a flat cargo floor when folded. A powered tailgate with a soft-close latch and anti-pinch sensors adds convenience, while fixed hooks provide versatility for outdoor use. The cabin is equally defined by its intelligence. A 15.6-inch central touchscreen anchors the dashboard, supported by an 8.88inch instrument cluster and a head-up display that projects essential driving information onto the windshield. XPENG’s intelligent cabin system enables multilingual voice interaction, whole-car conversations, multi-zone dialogue, and offline voice control, allowing drivers and passengers to interact naturally with the vehicle. Through its partnership with Google, the L03 integrates refreshed mapping imagery and routing into XPENG’s in-house navigation system for accurate, seamless guidance. Safety and driver assistance are delivered through XPENG’s XPILOT suite. Assist Parking provides flexible parking support for unmarked spaces, reversing assist, remote summon, and remote parking. Assist Driving is designed to handle narrow streets, unlit intersections, faded lane markings, dense traffic, and complex urban scenarios.

Assist Safety adds 360-degree active safety monitoring, blowout stability control, agile steering with a 10.5-meter turning circle, and traction modes for snow and slippery surfaces. Together, these systems create a confident, secure driving experience. The L03 lineup in the Philippines comes in four variants, each at a different price point. At the top is the EV RWD Long Range Ultra, priced at P2.058 million. The EV Long Range follows at P1.698 million, while the REEV variant is available at P1.598 million. Finally, the EV Standard Range serves as the most accessible option at P1.548 million. Exterior colors include Arctic White, Midnight Black, Rock Gray, Silver Frost, and Phantom Purple, paired with a Dark Gray interior.

OWNERSHIP SUPPORT

XPENG Philippines backs its lineup with comprehensive ownership packages: XPENG X9: Five years of free preventive maintenance, five years of roadside assistance, a five-year bumper-to-bumper warranty, an eight-year battery and motor warranty, plus a 7kW wall charger. XPENG L03: Two years of free preventive maintenance, five years of roadside assistance, a five-year bumper-to-bumper warranty, and an eight-year battery and motor warranty. EV variants include a 7kW wall charger, while the REEV comes with a 3.5kW portable charger. Reservations are available at P25,000 for the X9 and P10,000 for the L03 through @ xpengphilippines on Facebook or Instagram. Deliveries are expected to begin in the fourth quarter of this year. Availability will depend on model, variant, color, and dealer allocation. Dealerships include XPENG Greenhills, XPENG Makati, XPENG North EDSA, and XPENG Cebu, with more to follow as the network expands.

My buddy suggests extension for Lexus promo on price discounts etc. THERE is this opinion of extending for another month the discount perks offered by Lexus last September. A bright idea, if you ask me. “Always, any zero-interest financing offer is a big deal,” said a buddy of mine, who has become enamored with Lexus luxury rides after acquiring a Lexus NX a while back. “Extending the promo bonanza might yet yield handsome results for Lexus, sales-wise.” I can only agree with him. What’s one month if it’d redound to the benefit from both sides of the equation? I believe our friend Carlo Ablaza, the Lexus Manila president, will give it a serious thought? Here is Mary Natalie “Ally” Tiongco’s (natalie.tiongco@ lexus.com.ph) captivating profile of the Lexus lineup that were up for sale at huge discounts last month: “Lexus Philippines invites customers to discover a more rewarding path to luxury ownership through exclusive privileges on select models. Customers may enjoy various offers such as zero-percent interest financing, complimentary insurance, Preventive Maintenance Service packages, Lexus merchandise, a Lexus Modellista accessory kit, or Car Care Services. “The participating lineup includes LM 350h 7-seater, NX 350h Premier, NX 350h Executive, RX 500h F Sport, RX 350h Executive, GX Premier, and GX Overtrail. From sophisticated urban crossovers and spacious luxury movers to capable

SUVs built for adventure, the lineup offers a Lexus suited to different lifestyles and journeys. “For those seeking a luxury crossover that moves effortlessly with every part of their day, the NX brings together bold contemporary styling, a thoughtfully crafted interior, intuitive technology, and responsive electrified performance. “Whether navigating weekday traffic, heading out for a family getaway, or taking an unplanned weekend escape, the NX 350h Premier and NX 350h Executive offer the comfort, versatility, and confidence to make every journey feel special. With their refined road presence and seamless self-charging hybrid performance, both models turn everyday drives into experiences worth looking forward to.

“The RX offers two distinct expressions of the luxury SUV experience, each designed to make every journey more rewarding. The RX 350h Executive combines smooth self-charging hybrid performance with intuitive technology, a sophisticated cabin and exceptional ride comfort, creating an effortless experience for daily drives and longer escapes. For those who want more excitement behind the wheel, the RX 500h F Sport brings a high-performance hybrid powertrain together with athletic styling and responsive handling, delivering a dynamic drive without compromising the refinement and comfort expected from Lexus. “For journeys best enjoyed together, the LM 350h 7-seater transforms every trip into a first-class experience. Its spacious, exceptionally quiet and thoughtfully appointed cabin gives every passenger room to relax, whether traveling with family, hosting important guests or moving between engagements. “Complementing its refined interior is a smooth selfcharging hybrid powertrain that delivers quiet and effortless performance, making the LM 350h an elegant choice for both family travel and executive mobility. “For those drawn to adventure, the GX Premier and GX Overtrail bring Lexus luxury to journeys beyond the familiar. “The GX Premier combines authentic off-road capability with premium craftsmanship and everyday comfort, moving confidently from city streets to more challenging terrain. For customers seeking an even bolder expression of adventure,

the GX Overtrail adds rugged styling and enhanced capability while preserving the refinement that defines every Lexus journey. “These exclusive privileges reflect Lexus’ commitment to making every stage of ownership feel considered and rewarding. By offering customers a selection of benefits that can complement their needs and lifestyles, Lexus continues to deliver its signature experience from the first showroom visit to every journey that follows. To learn more, visit the Lexus Manila Gallery. You can also visit the Lexus website at www.lexus.com.ph or visit social media pages on Facebook and Instagram @lexusphilippines. To arrange a consultation with your personal sales consultant, visit the Lexus Remote page at fal.cn/3eSWW You may also download the MyLEXUS App available on both Android and iOS users to receive live updates and access other premium services.

PEE STOP Honda Motor has entered the final stage of

discussions to build a hybrid vehicle plant in the U.S. for between $1.8 billion to $2.5 billion, sources told Nikkei last week. The company is considering building the plant in Ohio. If negotiations with the state can be finalized, the company plans to begin operations in 2030. Nikkei said the move underscores the Japanese automaker's determination to regain momentum by focusing on hybrid vehicles after revising its electric vehicle strategy.

THE L03 SUV coupé and X9 luxury MPV

Friday, October 2, 2026

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‘No agreement with Indonesia violated over Veloso pardon’ Japan, FAO donate 5 refrigerated By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) on Thursday maintained that the government did not violate its agreement with Indonesia in granting absolute pardon to drug trafficking convict Mary Jane Veloso. At a press briefing, Justice Secretary Fredderick Vida stressed that under the Constitution and existing laws, the President has the prerogative to pardon a convict such as Veloso. “Under the letter of the law and our Constitution, the President has the option to do this,” Vida said. “We don’t see anything that will be contrary to what was agreed upon,” he added. Vida also noted the Philippine government was not obliged to coordinate or seek approval from the Indonesian government of its action on Veloso’s case. Despite this, Vida said the grant of pardon was duly communicated with Indonesian authorities. Nicholas Felix Ty, Justice Undersecretary-in-Charge of the Inter-Agency Council Against Trafficking (Iacat) explained that

the grant of pardon to Veloso falls within the agreement signed by representatives of the Indonesian and the Philippine governments for the turn-over of Veloso’s jurisdiction to the latter. He cited the portion of the agreement which states that the “continued enforcement of the sentence of Mary Jane Veloso in the Philippines shall be governed by the laws and procedures of the Philippines, including the authority to grant remission, amnesty, and any other form of clemency.” “So it is clear in the agreement of Mary Jane’s transfer in the county that it is up to the Philippines to decide what will happen on her service of sentence, including whether she may be granted any form of cemency,” Ty said. Ty also noted that the recommendation to grant Executive clemency for Veloso was anchored on the “non-punishment principle” under Section 17 of Republic Act 9208 or the AntiTrafficking in Persons Act of 2003. The said provision states: “Trafficked persons shall be recognized as victims of the act or acts of trafficking and as such shall not be penalized for crimes

directly related to the acts of trafficking enumerated in this Act or in obedience to the order made by the trafficker in relation thereto. In this regard, the consent of a trafficked person to the intended exploitation set forth in this Act shall be irrelevant.” “Under the non-punishment principle, victims of human trafficking, such as Mary Jane, should not be held criminally liable for acts they committed even if those acts were illegal,” Ty said. “In other words, they were forced, exploited or deceived into doing something—for example, carrying drugs, like what happened to Mary Jane— they should not be held criminally liable,” he pointed out. He added that the nonpunishment principle is generally being observed in various laws and by members of the Association of Southeast Asian Nations (Asean), including Indonesia. Veloso, who was present during the briefing, expressed his gratitude to President Marcos and other government officials who worked for her transfer to the country and her eventual pardon. She also advised Filipinos looking for jobs abroad to go

through the legal process to avoid getting into legal troubles. “There is nothing wrong with wanting to help our families get out of poverty. But for me, it is better we go through the legal process,” Veloso said. Velasco was recruited by her neighbors in Talavera, Nueva Ecija for employment as domestic helper in Malaysia. On April 21, 2010, Veloso left for Malaysia with her recruiter but upon arrival she was told that the promised job was no longer available. After a few days, the recruiter sent her to Indonesia for a supposed short holiday. The recruiter provided her with a plane ticket and a suitcase. On April 25, 2010, Veloso was arrested at the international airport in Yogyakarta, Indonesia, for carrying 2.6 kilograms of heroin in her luggage. She was eventually sentenced to death and scheduled to be executed by a firing squad in April 2015 but Indonesian President Joko Widodo granted a reprieve to allow Philippine authorities to pursue criminal charges against her alleged illegal recruiters. In 2024, Marcos announced that an agreement had been reached between the Philippines and Indonesia for the turn-over of Veloso’s jurisdiction to the Philippine government.

vans to Bangsamoro fishermen

AVAO CITY—Japan and the United Nations Food and Agriculture Organization (FAO) donated five refrigerated vans for fishermen in the Bangsamoro autonomous region, and officials expressed hopes that the donation would spur bigger fish catch and improve their income. The Bangsamoro Ministry of Agriculture, Fisheries, and Agrarian Reform (Mafar) received the donated vans and turned them over on September 24 to the fisherfolk organizations in the five provinces of the region. Each refrigerated van is a brand-new six-wheeled truck mounted with a 14-foot refrigerated container with a minimum payload capacity of three tons. The units are designed to keep aquatic and fishery products, including freshwater and multi-species finfish, as well as other frozen food products, at regulated temperatures during transport. They can also maintain temperatures ranging from -20° Celsius to +25° Celsius. Mafar Deputy Minister Aisah AbdullahSanggacala said the refrigerated vans will support the storage need of the aquatic and fishery products while in transport to the markets and to reduce post-harvest losses across the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). He said the donation will directly benefit 4,000 small-scale aquafarmers and fishermen from Maguindanao del Sur, Maguindanao del Norte, Basilan, TawiTawi, and Lanao del Sur. While a large part of central Mindanao provinces of Maguindanao del Norte and Maguindanao

del Sur are landlocked, their aquatic production rely mainly from the large catch basins of the Liguasan Marsh, Asia’s largest wetlands. Lanao del Sur is also landlocked but blessed with the presence of Lake Lanao, the country’s second largest inland body of water after Laguna de Bay. Sanggacala called on the recipients to ensure the proper use and management of the equipment. “To our provincial recipients, we entrust this resource to you with the expectation that this will be properly managed, maintained, and used fairly for the benefit of our fisherfolk,” he said. Sanggacala expressed her appreciation to the FAO, the project’s implementing partner, and the Government of Japan for their support in providing the refrigerated vans to improve infrastructure, capacity development, and value chain interventions in the Bangsamoro fisheries and marine sector. Sarah Lacson, assistant FAO representative for administration, said the investment “goes beyond providing transportation, as the equipment is intended to help improve the livelihoods of fisherfolk.” “This investment is much more than transportation. It is about helping reduce post-harvest losses, improve product quality, expand market opportunities, and ultimately enable fisherfolk and their families to earn more from their hard work. Behind every investment, every facility, and every piece of equipment, there is something even more important—the people,” Lacson said. Manuel T. Cayon