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Defense, DA , make up for slow infra spend By Reine Juvierre S. Alberto

HE decline in the government’s infrastructure spending eased to a single digit in July, as spending on defense, agriculture and railways offset weaker disbursements by the Department of Public Works and Highways (DPWH). Infrastructure and other capital outlays dropped by 4 percent to P89.6 billion in July from P93.3 billion in the same month last year, latest data from the Department of Budget and Management (DBM) showed. The “marginal decline” in July was tempered by the implementation of various capital outlay projects of the Department of National Defense’s (DND) Revised Armed Forces of the Philippines Modern-

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ization Program, the Department of Agriculture’s (DA) Philippine Rural Development Projects and rail transport projects of the Department of Transportation (DOTr). These projects helped cushion the impact of lower disbursements by the DPWH, which accounted for much of the weakness in infrastructure spending during the month, the DBM said. The single-digit decline, however, is not a redeeming development. “The base is much lower [than last July 2025 spending], so the decline this year was from an even lower base. There is nothing good about it,” said Leonardo A. Lanzona, economist at the Ateneo De Manila University, to the BusinessMirror. “It seems that government cannot keep its promise to start in-

creasing its infrastructure spending in the second half of the year,” Lanzona added. Despite the narrower contraction during the month, infrastructure spending still fell sharply by 36 percent to P457 billion from January to July 2026, down from P713.5 billion in the same period a year ago. The DBM attributed the yearto-date decline to lower DPWH disbursements amid strengthened procurement compliance, closer monitoring of ongoing projects and the review and validation of payment claims and contractor documentation. The budget department said these processes are intended to ensure that government payments are supported by properly verified and documented infrastructure works.

“These processes are intended to ensure that payments are supported by properly verified and documented infrastructure works,” the DBM said. “Infrastructure implementation nevertheless continued across other key sectors, including defense modernization, rail and mass transport, school facilities, and agricultural infrastructure,” the agency added. Budget Secretary Kim Robert C. De Leon said earlier that the DBM will not suggest any relaxation of existing safeguards in order to ramp up the government’s spending for infrastructure. De Leon said the DBM is closely coordinating with DPWH to proceed with the awarding and procurement to start the projects in the pipeline. See “Infra spend,” A2

BusinessMirror A broader look at today’s business

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Q4 INFLATION SEEN EVEN FASTER; NOV PEAK FEARED www.businessmirror.com.ph

Monday, October 5, 2026 Vol. 21 No. 356

P25.00 nationwide | 2 sections 18 pages | 7 DAYS A WEEK

By Andrea E. San Juan

NFLATION is likely to accelerate further in the fourth quarter of 2026 and could peak in November as the full impact of transport fare hikes approved last week has yet to be reflected in the data, while El Niñotriggered supply disruptions are likely to add further pressure to food prices in the coming months, according to analysts. In separate commentaries, economists’ September inflation forecasts point to the end of the four-month disinflation trend and the start of another wave of inflation with the entry of new pressures—higher transport costs due to renewed spike in oil prices, wage increases and the “Very Strong” El

Niño anticipated between September and December 2026.

From Habagat to El Niño

DOMINI S. VELASQUEZ, Group Chief Economist at China Banking Corporation (Chinabank), said: “Headline inflation likely accelerated See “Inflation,” A2

‘ALL HANDS ON DECK’ NEEDED TO BOOST ‘UBE’ SUPPLY CHAIN By Ada Pelonia

MULTISECTORAL response across the purple yam (ube) supply chain would sustain the industry’s growth trajectory, according to a unit of the University of Asia and the Pacific (UA&P). Ube has long been a staple in Philippine cuisine, and it has also gained traction in international markets, contributing to its rise in the global food scene. Joy Kristel Orzales, Senior Agribusiness Specialist for the UA&P Center for Food and Agribusiness (CFA), said the market’s expansion unveiled a “fundamental imbalance,” wherein demand grows faster than production.

The bottlenecks in production, however, are scattered across the supply chain, thus choking off domestic output. “The industry’s difficulties extend beyond the production shortfall itself,” Orzales said. “Constraints are present across the supply chain, from the availability of planting materials and farm productivity to postharvest handling, quality standards and market coordination.” Aside from limited availability of quality planting materials as well as low and inconsistent productivity at the farm level, she also pointed out that inconsistent quality could stunt the industry’s growth. “Inconsistent quality can affect the competitiveness of Philippine ube in export See “Ube,” A2

BusinessMirror

»B8

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WHEN THE BODY’S COMMAND CENTER NEEDS HELP

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A REGIONAL WARNING People surround a barge stranded on the dry riverbed of the Kapuas River amid drought in Sekadau, West Kalimantan, Indonesia, on September 11, 2026. The scene

illustrates how prolonged dry conditions can affect water supplies, livelihoods and communities in the region. In the Philippines, PAGASA is forecasting below-normal rainfall in parts of the country and drier conditions later in the year as a strong El Niño develops in the Pacific. The potential impacts include tighter water supplies, greater heat stress and pressure on agriculture and household budgets, particularly during the expected dry months from December through May. AP/TATAN SYUFLANA

$300-M quake-proofing work delayed By Justine Xyrah Garcia

REPARATIONS for the “Big One” are running behind schedule, with the World Bank extending by 17 months a $300-million project to earthquake-proof public buildings in Metro Manila. The latest extension, the project’s second, moves its closing date to May 2028 from December 2026 after delays pushed back key activities. The first was an interim six-month extension that allowed the government to complete its internal review of the restructuring request. The World Bank said none of the planned civil works had been completed, prompting the lender to rate the project “moderately unsatisfactory.” The project originally sought to retrofit around 425 public build-

ings in Metro Manila, benefiting an estimated 290,000 occupants, while also equipping and training the Department of Public Works and Highways (DPWH) to respond to and support recovery after a major earthquake. The World Bank attributed the delays to problems with project administration, funding, and design approvals. It explained that the DPWH transferred responsibility for the project to a new implementing unit in July 2022, which needed time to build its capacity to carry out the work. The project also received no budget during its first year, while funding from 2022 to 2024 was “inadequate and sporadic,” delaying the hiring of design consultants and implementation of civil works. The design approval process also took more than a year for the first

67 buildings because of lengthy procedures, limited manpower, and a lack of clear guidelines for retrofitting existing structures, the bank said. These delays have also led to a scaled-down retrofitting target. The World Bank will reduce the number of buildings to be retrofitted to 234 from 425, citing higher average costs due to larger buildings, expanded scope of improvements, and inflation and higher fuel prices. The number of beneficiaries will fall to 250,000 from 290,000, although detailed engineering designs will still be prepared for all 425 buildings. The $300-million loan became effective in October 2021 and is complemented by $9.5 million in Philippine government counterpart funding, bringing total project costs to $309.5 million.

As of the restructuring, $69.6 million, or 23.2 percent of the World Bank loan, had been disbursed. Despite the delay, the lender said the project’s objective remains achievable within the extended period given that the “implementing agencies’ performance has substantially improved over the past six months.” The World Bank said the contracts for the first 67 buildings were awarded in May 2026, while the remaining packages are being bid out. All civil works contracts must be awarded by February 2027 to meet the May 2028 completion deadline, it added. The World Bank said Metro Manila remains at risk of the “Big One,” or a magnitude 7.2 earthquake, which it estimates could cause 48,000 fatalities and $48 billion in economic losses.

PESO EXCHANGE RATES n US 62.7480 n JAPAN 0.3969 n UK 82.8023 n HK 7.9972 n CHINA 9.3563 n SINGAPORE 49.0219 n AUSTRALIA 43.4781 n EU 70.5413 n KOREA 0.0461 n SAUDI ARABIA 16.7136 Source: BSP (October 2, 2026)

News

BusinessMirror

A2 Monday, October 5, 2026

Ube…

Continued from A1

markets and may undermine consumer confidence, particularly as the product gains wider international recognition,” Orzales said. With this, she added that the industry should have clearer quality standards and “more consistent practices” from production through processing and handling. Furthermore, Orzales flagged “weaknesses” in coordination and market development that beset the industry. She cited the Department of Agriculture identifying fragmented supply chains, inconsistent quality standards, and the absence of a unified national marketing strategy as major bottlenecks. Orzales added that regional competition also exists, as Philippine ube should compete with producers in neighboring Asean nations. “These challenges highlight the need for a more coordinated approach to strengthen production, improve quality, and position Philippine ube to capture the opportunities created by growing domestic and global demand.” Moving forward, Orzales said strengthening the domestic ube industry will require interventions across the supply chain. This includes improving the availability of quality planting materials; strengthening farm productivity and production systems; enhancing postharvest and processing systems; and improving industry coordination and market development. “The way forward, therefore, is not simply to produce more ube. The industry needs to build the capacity to produce sufficient planting materials, raise farm productivity, maintain consistent quality, add value through processing, and coordinate the supply chain from farmers to international markets,” Orzales said. “Moving beyond the current purple craze will depend on whether the Philippines can capitalize on the growing global demand and build a stronger and more sustainable domestic ube industry.”

www.businessmirror.com.ph

Human capital investments, more R&D sought by DepDev By Justine Xyrah Garcia

ecosystem, particularly in R&D, human capital, infrastructure, and innovation financing. These will be critical in enhancing competitiveness and achieving the country’s long-term innovation agenda,” Balisacan said in a recent statement. The 2026 GII, released by the World Intellectual Property Organization last month, showed that the Philippines continued to perform better on innovation outputs, ranking 49th, unchanged from last year. Its Knowledge and Technology Outputs ranking improved to 37th from 38th, while Creative Outputs rose to 55th from 61st. The country also ranked fourth in high-tech exports, sixth in high-tech imports, and 12th in utility models by origin. DepDev said the results point to areas where the country can further build its innovation capacity,

particularly by increasing R&D investments, expanding its pool of researchers and innovators, and strengthening links among universities, businesses, and international partners. “Addressing these gaps will help create an enabling environment for entrepreneurs and businesses to develop, scale, and commercialize innovative solutions that contribute to economic growth and national development,” it said. As secretariat of the National Innovation Council, DepDev said it has initiated studies on policy reforms aimed at streamlining business processes for startups and innovative enterprises, reducing regulatory burdens, improving access to innovation infrastructure, and expanding financing through intellectual property.

The agency is also coordinating with government agencies and international data custodians to validate and improve the data used to measure the Philippines’s innovation performance in global benchmarks such as the GII. Despite slipping in the overall ranking, the Philippines retained its status as an innovation overperformer for the eighth consecutive year, meaning its innovation performance exceeds what would be expected based on its level of development. The country ranked 59th in 2022 and remains seven places above that baseline. Under the Philippine Development Plan 2023-2028, the government aims to bring the Philippines into the top third of economies, or around 43rd place, by 2028.

Chinese Embassy hits ‘smear’…

The dispute comes amid strained relations between Manila and Beijing over tensions in the South China Sea and growing scrutiny by Philippine authorities of organizations with links to the Chinese state. It has also highlighted competing views over Chinese-language education in the Philippines, with Chinese community groups emphasizing its educational value and critics calling for greater transparency regarding ties between educational institutions and organizations associated with the Chinese government. The Department of Foreign Affairs has refused to comment on this matter. Analyn Ratonel, DFA acting spokesperson, said media queries should be directed to the Bureau of Immigration instead.

Infra spend…

HE Department of Economy, Planning, and Development (DepDev) is pushing stronger investments in research and development (R&D) and human capital as the Philippines seeks to improve its global innovation performance. DepDev Secretary Arsenio M. Balisacan said the country needs to strengthen these areas to regain momentum and improve its competitiveness. The push follows the Philippines’s 52nd-place ranking among 139 economies in the 2026 Global Innovation Index (GII), down two places from 50th in 2025. Its score, however, edged up to 33.8 from 33.6. “This calls for the need to regain momentum and strengthen the foundations of our innovation

Continued from A7

communities. “Chinese-Filipinos ought not be exploited as instruments of Beijing’s foreign policy. Their identities, loyalties and politics are their own,” it said. For its part, the Chinese Embassy maintained that Chinese-language teachers have played a positive role in the Philippines for decades. “For decades, Chinese-language teachers com-

ing from China to the Philippines have helped the Filipino people understand the language and Chinese culture, serving as a bridge between China and the Philippines,” the embassy said. The embassy also urged Philippine authorities to ensure the safety and legitimate rights of Chinese nationals and warned against rhetoric that could discourage educational and cultural exchanges between the two countries.

Inflation… Continued from A1

to 7 percent in September from 6.1 percent in August, driven primarily by higher fuel prices and a broadbased increase in food prices.” “Vegetable prices rose amid unfavorable weather conditions, while flooding disrupted the delivery of agricultural products from farms to markets,” said Velasquez. Looking ahead, she said inflation is likely to accelerate further in the fourth quarter of 2026 and could peak in November. “The full impact of the transport fare hikes approved this week has yet to be reflected in the inflation data, although some of the upside pressure could be cushioned by the suspension of excise taxes on LPG and kerosene,” she added. Velasquez said core inflation also likely accelerated to 4.7 percent in September from 4.1 percent in August, indicating that “underlying price pressures also strengthened during the month.” Meanwhile, another weather disturbance is seen to add further pressure to food prices in the coming months. ANZ Research said in its commentary over the weekend that the Philippine economy is entering the current El Niño episode from a “position of relative weakness.” “While the direct impact of lower agricultural output on overall growth may be limited, the effects on inflation and the external account are likely to be more significant,” added ANZ Research. The Australia-based research institution said supply disruptions associated with El Niño are “likely to add further pressure to food prices in the coming months.” ANZ Research expects headline inflation of the Philippines to have accelerated to 7 percent year-on-year in September. “Transport inflation has likely accelerated over the month due to a renewed surge in global crude oil prices. Food inflation is also likely to remain elevated primarily due to high rice prices,” ANZ

Continued from A1

“We hope they will be able to start implementing the projects this August and September so that we can see better figures by the third quarter,” he added. The government has cut its infrastructure spending to P1.272 trillion for this year, equivalent to 4.2 percent of the gross domestic product (GDP), and P1.340 trillion, or 4 percent of GDP, for 2027. Meanwhile, overall government spending continued to rise, reaching P3.763 trillion in the first seven months

Research noted.

Start of second inflation peak

EMILIO S. NERI JR., Lead Economist at Bank of the Philippine Islands (BPI), said in a commentary that headline inflation is seen accelerating to 6.9 percent in September. If realized, this would end four consecutive months of easing and mark the highest reading since April’s 7.2 percent peak. “September’s rebound could mark the start of a second inflation peak, with inflation potentially breaching 7 percent in the coming months. Unlike April’s fuel-driven spike, the second wave is likely broader and stickier, driven by food, labor costs and more,” Neri had said.. The BPI’s lead economist explained that the September 28 fare hikes will have a “fuller impact” from October, while wage increases could reinforce secondround price pressures. “Unlike fuel prices, fares and wages are less likely to reverse, making inflation harder to unwind. Upside risks include a potential Super El Niño, volatile oil prices amid Middle East tensions, Peso weakness, and the pending ERC decision on Meralco’s rate reset,” Neri explained.

One-off or start of a more persistent trend?

MEANWHILE, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said he expects inflation to edge higher to 6.7 percent in September from August’s 6.1 percent, driven mainly by elevated food prices, particularly rice, along with higher fuel costs and lingering supply-side pressures. Ravelas explained what this could mean for Filipinos, saying consumers “will continue to feel the pinch, especially on essentials.” “Inflation’s move to 6.7 percent is a reminder that the battle against rising prices isn’t over yet. While the increase is concerning, the key question is whether this is a one-off supply-driven spike or the start of a more persistent trend. For now, vigilance—not panic—is the right response,” Ravelas said. Michael L. Ricafort, chief economist at Rizal Commercial Bank-

Tieza seeks transition period… Continued from A7

Per Tieza data, peak collection of travel taxes was in January 2026 at some P440 million, up 20.5 percent from the same month last year. But from a 7.9 percent yoy increase to P856.8 million in April, travel taxes paid slowed down to July, incurring yoy drops in May to P762 million (-4 percent), April to P671.4 million (-7.7 percent), and July to P623.7 million (-20.1 percent). Tieza earlier projected travel tax collections to reach P9 billion this year. In 2025, the government firm collected P8.7 billion. Under the law, 50 percent of the collections go to Tieza, with the rest going to the Commission on Higher Education (40 percent), and the National Commission on Culture and the Arts (10 percent).

of the year. This increased by 7 percent year-on-year from P3.516 trillion. Spending for personnel services accounted for the bulk of disbursements during the period at P937.5 billion, 9 percent higher than P860.2 billion a year earlier. Maintenance and other operating expenses also increased by 17.3 percent year-on-year to P769.3 billion, while allotment to local government units rose by 19.2 percent to P627.1 billion. The government also disbursed P620.9 billion for interest payments, up by 19.2 percent from a year earlier, as well as P204.9 billion in capital transfers to LGUs, higher by 42.8 percent than last year’s.

ing Corp. (RCBC), also pegged inflation for the month of September at 6.7 percent. “Average inflation for 2026 would still be around 5 to 6 percent levels amid risk of El Niño drought from June 2026 to early 2027, especially with a risk of a strong El Niño from September 2026/October 2026 [could be the strongest in more than 75 years or since 1950], with global rough rice already among 2-year highs recently or since July 2024,” Ricafort said. The chief economist of RCBC explained that reduced rainfall could reduce food production in the country and in other parts of Asia, on top of still higher fertilizer prices largely due to the war in the Middle East. This, he said, could increase food production costs and could also reduce food production, which could lead to higher food prices and overall inflation. In its latest MktsFocUs, Union Bank of the Philippines (UBP) said it expects inflation in September to accelerate to 6.5 percent “due to resurgent oils trading for much of the month around $90/bbl to $100/bbl, and amplified by a weaker PHP versus USD probing 63.” In a statement last week, the Bangko Sentral ng Pilipinas (BSP) said it projects September 2026 inflation to settle within the range of 6.4 to 7.4 percent. “Upward price pressures for the month are likely to be driven by weather-related increases in the prices of vegetables, fish, rice, and fruits,” added the central bank. Increased domestic petroleum prices and depreciation of the peso, the BSP said, could likewise contribute to higher inflation. It was in late-August to earlySeptember when the Philippine peso hit successive fresh record lows— breaching the P62-per-dollar level. These pressures, however, could be “partially offset” by lower prices of meat and electricity rates, the central bank said. Should inflation in September hit the upper end of the central bank’s forecast range at 7.4 percent, this would be the fastest pace of increase in the prices of goods and services since March 2023 when it reached 7.6 percent. (See: https://businessmirror.com.ph/2026/10/01/ september-inflation-could-mark3-year-high-bsp/)

The Nation

www.businessmirror.com.ph

Comelec: Nov. 2 BSKE no longer possible By Mary Jade Jadormio

HE Commission on Elec tions (Comelec) may no longer have enough time to hold the barangay and Sangguniang Kabataan elections (BSKE) on November 2 if the Supreme Court issues a temporary restraining order (TRO) against the law postponing the polls. Comelec Chairman George Garcia said preparations for the elections have already been terminated following the effectivity of the law moving the BSKE to November 13, 2028, leaving the poll body with a tight timetable if ordered to resume preparations. “I’ll be very honest...we may not be able to make it on November 2 if that happens,”

Garcia said. A TRO would require Comelec to restart preparations, including the filing of certificates of candidacy (COCs), after the commission had already stopped election activities following the effectivity of the postponement law. Garcia said Comelec could not continue spending for preparations after the law took effect because there would no longer be legal authority for such expenditures. The postponement law has since been challenged before the Supreme Court, which has required Comelec to submit its comment on the petition. See “BSKE,” A4

Comelec wants more overseas Pinoys to vote By Mary Jade Jadormio

HE Commission on Elections (Comelec) is pushing for more accessible overseas voter registration and wider use of internet voting as it seeks to raise participation among millions of Filipinos abroad. Comelec Chairman George Erwin M. Garcia said an estimated 12 million Filipinos are living overseas, but fewer than two million are registered as overseas voters. Overseas voter turnout has remained low, particularly during midterm elections, when participation was around 18 percent, according to Garcia. Participation reached its highest level at 40.59 percent during the 2022 elections, but Garcia said Comelec still wants to increase both registration and actual voter turnout. One major hurdle is the requirement for Filipinos abroad to personally appear for

registration, prompting Comelec to push for legislation that would allow online registration. “Number two, you know that our registration is still something you have to personally go to. That is why we are pushing for a law that would allow what is called online registration,” Garcia said. Physical registration remains necessary because Comelec needs to capture voters’ biometric information, including fingerprints, photographs and signatures. “If you are in for example in Quezon City, and the embassy or consulate is in Paranaque. Then you have to make a special trip just to register,” Garcia said, pointing to the distance that overseas Filipinos may have to travel to complete registration. See “Vote,” A4

Monday, October 5, 2026

Impeach prosecutors to continue scrutiny of Sara financial records

By Jovee Marie N. dela Cruz

@joveemarie

OUSE of Representatives impeachment prosecutors will seek to establish whether Vice President Sara Z. Duterte and her husband’s declared wealth is consistent with their financial records as the Senate impeachment court hears testimony this week from anti-money laundering, banking, insurance and tax officials. The presentation will bring together transaction reports, bank documents, insurance and investment records, and tax information involving Duterte, her husband, lawyer Manases Carpio, and companies associated with them. Prosecutors intend to compare those records with asset disclosures and other documents already presented under Article II of the impeachment complaint, which covers allegations of unexplained wealth and incomplete disclosure of assets. The court is scheduled to hold full-day hearings from October 5 to 9, beginning with the testimony of Anti-Money Laundering Council

Secretariat Executive Director Ronel Buenaventura on Monday. “First, the AMLC executive director will finally take the stand regarding the transactions of the DuterteCarpio couple and their companies,” House prosecutor and Party-list Rep. Terry Ridon of Bicol Saro said during a news forum. Buenaventura’s appearance was postponed last October 1 after the defense requested additional time to examine the financial records and prepare for cross-examination. Ridon said prosecutors expect to finish Buenaventura’s direct examination, the defense’s cross-examination and questions from senator-judges

during Monday’s hearing. House lead prosecutor and Batangas Rep. Gerville Luistro earlier told the court that Buenaventura would testify on summaries of covered and suspicious transaction reports involving Duterte, Carpio and 15 juridical entities. The testimony is also expected to cover inward remittances to Cale88 Foods Corp. and insurance, investment and other financial transactions involving the couple. Buenaventura previously testified before the House Committee on Justice in April, when AMLC records showed 663 covered and suspicious transactions involving Duterte and Carpio with a combined value of about P6.77 billion. The figure represents the aggregate value of recorded transactions. It does not, by itself, establish that the amount constitutes unexplained wealth or was illegally acquired. Ridon said additional information could emerge when Buenaventura appears before the Senate Impeachment Court. “On Monday, let us see. There may be new details beyond those presented during the House Committee on Justice proceedings,” he said. He dec l i ned to ident i f y possible d i sc losu res, c it i ng t he cou r t ’s sub jud ice r u le rest r ic t i ng publ ic

st atement s t h at cou ld a f fec t t he mer it s of t he c a se. After Buenaventura, representatives of seven banks and seven insurance and financial firms have been ordered to appear beginning Tuesday to testify and produce documents. The 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. Also summoned are representatives of Prudential Life, Allianz, Manufacturers Life, FWD Life, BPI-AIA Life, BDO Securities and BDO Life. A witness from the BIR is expected to provide income and tax records that prosecutors will use alongside the other financial documents. “Finally, the BIR will allow us to examine the Duterte-Carpio couple’s income, net of taxes, so we can have the most complete picture of the supposed wealth of the Vice President and her husband,” Ridon said. A r t ic le II accuses Duter te of amassing unexplained wealth, failing to fully and truthfully disclose her and her spouse’s assets, liabilities and net worth, and continuing business interests while serving as Vice President. See “Impeach,” A4

Economy

Monday, October 5, 2026

Senators unearth ₧590-M wastage in vaccine program

By Butch Fernandez

@butchfBM

ORE than P590 million spent for the government’s vaccination program was wasted in 2025, indicating that problems unearthed in recent years continue to persist.

The wastage was flagged by Senate President Sherwin Gatchalian at the recent Senate Committee on Finance’s

hearing on the proposed 2027 budget of the Department of Health (DOH) and its attached agencies.

Citing data from the Second Congressional Commission on Education (Edcom II), Gatchalian noted that 62.41 percemt, or P4.93 billion, of the P7.9 billion allotted for the National Immunization Program (NIP) in 2025, was for the seven vaccines needed in the first 1,000 days of a child’s life. The wastage rate of these vaccines for children’s first 1,000 days has a corresponding value of approximately P590.3 million for fiscal year 2025. That same year, however, immunization coverage reached only 65 percent. “Kung naibigay sana natin ang mga bakuna na may halagang kalahating bilyon sa mga bata, baka 70 o 80 percent na sa kanila ang nabakunahan natin [If

only those vaccines worth half a billion pesos had been given to children, perhaps we would have achieved a vaccination rate of 70 or 80 percent],” Gatchalian said. In reply, newly installed Secretary of Health Edwin Mercado assured the Senate finance panel that they will be utilizing the Yaman ng Kalusugan Program (Yakap) clinics of the Philippine Health Insurance Corp. (PhilHealth) to increase the vaccination rate. Before being named DOH chief, Mercado had headed PhilHealth and was created with much of the difficult reforms that the state insurer underwent the past few years to make it more responsive to the needs of universal health care (UHC).

Key forestry policies in place for high-integrity carbon market

HE Philippines has established the regulatory foundations of a credible forest carbon market through two major policy instruments designed to directly address private sector expectations for clear rules, credible safeguards, and transparent project pathways, an official of the Department of Natural Resources (DENR) said. Speaking at the High-Level Roundtable convened on the sidelines of the 81st United Nations General Assembly in New York, lawyer Daniel Darius M. Nicer, DENR Assistant Secretary for Integrated Management System and Information Systems, said the regulatory milestones position the country to attract high-integrity private investments in nature-based carbon projects. Addressing international ministers, climate envoys, and business executives at the session titled “Shaping High-Integrity Carbon Markets,” Nicer emphasized that

Impeach. . . Continued from A3

The prosecution has already presented evidence concerning Statements of Assets, Liabilities and Net Worth, corporate interests, real properties and firearms. The remaining witnesses are expected to identify and explain financial records that prosecutors want the court to assess against those disclosures. The defense has raised confidentiality concerns over the AMLC documents, with lead counsel Sheila Sison citing Section 8-A of the Anti-Money Laundering Act during Thursday’s hearing. Sison said the defense may object on the basis of what she described as the records’ “absolute confidentiality.” Presiding officer Sen. Francis Escudero granted the defense more preparation time and said senator-judges would review the relevant confidentiality provisions before addressing the matter. Prosecution legal spokesperson and counsel Benjamin Tolosa Jr. said the defense could renew its objections during Buenaventura’s testimony and when the records are formally offered as evidence. “Even when we formally offer the documents themselves, they will object

Vote. . . Continued from A3

For now, Comelec is bringing satellite registration activities to places where large numbers of Filipinos gather, particularly on Saturdays and Sundays. The poll body is also banking on internet voting to make participation more convenient for overseas Filipinos, particularly those who cannot easily leave work or spend their rest days traveling to polling or registration sites. Garcia said the Comelec has already rolled out and pilot-tested internet voting, which could allow overseas voters to cast their ballots through mobile phones, laptops or tablets. “This time, we are increasing the campaign because we have already rolled it out and conducted a pilot test. Perhaps

corporate buyers require predictability and environmental rigor before deploying capital at scale. During the meeting convened by the Coalition to Grow Carbon Markets and the World Business Council for Sustainable Development at Climate Week NYC, Nicer said the first policy instrument is the adoption of the Philippines’ Readiness in the Voluntary Forest Carbon Market Roadmap (2026–2030). The strategic framework sets out national direction for policy development, measurement, reporting, and verification (MRV) systems, data management, and registry readiness—key elements corporate investors evaluate when assessing market reliability. The second instrument establishes national guidelines for the establishment, registration, and monitoring of voluntary

again. We cannot prevent them from doing that,” Tolosa said during a news forum. Tolosa cited the Impeachment Court’s July 20 ruling, which held that Section 8-A regulates unauthorized disclosures by AMLC personnel but does not nullify the Senate Impeachment Court’s lawful subpoena powers. He said prosecutors would rely on that ruling without anticipating how the court would resolve further objections. House prosecutor and San Juan Rep. Ysabel Maria Zamora said Sunday that official witnesses would authenticate the documents needed to connect the prosecution’s financial evidence. “This will take time and will be very tedious, but we have to remember that these are official documents, and they have to be shown to the public through the witnesses,” Zamora said. “They will identify and authenticate them.” Zamora said the defense’s refusal to stipulate to the vice president’s bank records would require prosecutors to present the documents individually through the appropriate officials. She also said the prosecution has enough witnesses to explain its case despite no longer planning to call former Sen. Antonio Trillanes IV.

forest carbon credit projects. These rules enforce environmental integrity, Free, Prior, and Informed Consent (FPIC) compliance, and guaranteed community benefit-sharing, while mandating transparent project registration to significantly reduce reputational and delivery risks for corporate buyers. “For the Philippines, carbon markets— both voluntary and compliance pathways— are central to our strategy for accelerating mitigation and unlocking climate finance,” Nicer noted. “But for markets to function, the private sector needs clarity, predictability, and confidence that the credits they purchase are real, additional, and backed by strong governance.” Beyond forestry, Nicer highlighted broader national carbon governance efforts, including the Department of Energy’s guidelines for renewable energy projects, the overarching Philippine Carbon Market

Jonathan L. Mayuga

PHL, Germany advance climate reporting system By Jonathan L. Mayuga @jonlmayuga

HE Philippines, through the Climate Change Commission, in collaboration with the German government, led the second workshop on Monitoring, Evaluation, Accountability, and Learning (MEAL) and Measurement, Reporting, and Verification (MRV) to strengthen climate action through improved climate reporting and tracking systems. Held last month, the workshop advanced the gains of an earlier workshop held in August by validating and refining the proposed roadmap for a more integrated national reporting system that can provide better information on climate progress and help guide evidence-based decisions and actions. The first workshop examined gaps in the country’s existing climate reporting systems and identified areas for improvement. In a statement, CCC Vice Chairperson and Executive Director Robert E.A. Borje said the initiative helped identify persistent challenges that must be addressed to strengthen the countr y ’s climate reporting system. “The work undertaken through this initiative has also highlighted persistent structural challenges we face—including differences in data availability and methodologies, fragmented institutional processes, and gaps in technical and institutional capacity,” Borje said. The workshops focused on improving how government agencies track and report progress on climate action. A stronger reporting system can help the government better understand what is working, identify gaps, and use reliable climate data and evidence to guide policies, programs, and investments. The system brings together t wo impor tant func tions: Measurement, R e p o r t i n g, a n d Ve r i f i c at i o n ( M R V ) , which tracks and verifies progress in

reducing greenhouse gas emissions, and Monitoring, Evaluation, Accountability, and Learning (MEAL), which tracks and assesses progress in climate adaptation and uses lessons from implementation to improve future action. Discussions also focused on the proposed roadmap and gathered stakeholder input on its strategic areas, governance arrangements, actions, responsible agencies, timelines, and the enabling conditions needed to implement. Through the workshop, national government agencies and partners worked to improve existing indicators and agree on how climate action can be tracked more consistently across sectors. Nicole Kranz, head of Climate Action and Disaster Resilience at the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH of Germany, underscored their continued support for the Philippines in strengthening its national climate reporting capacities. “Throughout the years, Germany and the Philippines have been working together to make sense and advance the system nationally for the Philippines. Also, this stands, of course, in the context of other German support into developing capacity on MRV monitoring and related issues,” Kranz said. The event was organized under the Philippines-Germany Transformative Actions for Climate and Ecological Protection and Development (Transcend) project, implemented by GIZ and co-facilitated by experts from WSP, Clean Air Asia and Manila Observatory, as part of the CBIT Philippines Project. It brought together representatives from national government agencies, development and technical partners, and other stakeholders involved in climate transparency and reporting. The CCC will continue to work with national government agencies and development partners to strengthen science-based systems for tracking climate progress and informing policies and actions that respond to the country’s climate risks.

Erwin Tulfo calls on govt to brace for ‘Super El Niño’

ITH P6.87 billion in agricultural losses, and still counting, affecting 223,214 farmers as of September 26, 2026, there’s no time left to waste in mitigating potential harm from what scientists have described a “Super El Niño.” That was the warning of Sen. Erwin Tulfo, Senate Committee on Social Justice, Welfare and Rural Development chairman, as he stressed that severe dry spells, skyrocketing prices of basic goods, and declining livelihoods can be mitigated through early planning and dedicated funding.

Citing Depar tment of Agriculture (DA) data on P6.87 billion in agricultural losses affecting 223,214 farmers as of September 26, Tulfo said that there’s no time left to waste in mitigating potential harm. “Let us not wait for our fields to turn to ash, our taps to run dry, and our people to collapse from the heat before we scramble for solutions. We have the science. We have the warnings. It is time to stop managing disasters after they happen, and start executing a decisive, proactive survival strategy,” he said.

While acknowledging the administration’s El Niño Task Force, Tulfo noted that government foc us must extend beyond farmer protection and land irrigation. “A task force must be more than a coordinating body. It must have a clear plan, clear responsibilities, and, most importantly, the resources to act before the crisis paralyzes our communities,” he said. With this, Tulfo formally brought the concern to the Senate Floor, where it was referred to the Reinvigorate Investment and Sustainable Economic Growth (RISE)

PHLPost to host Asean business meeting

HE Philippine Postal Corporation (PHLPost) will host postal leaders and representatives from the Association of Southeast Asian Nations and partner countries for the 32nd Asean Postal Business Meeting (APBM) and AseanPOST++ Meeting on October 5–7, 2026, at the Manila Marriott Hotel. The three-day gathering will bring

BSKE. . . Continued from A3

this time there will be more interest among our countrymen because they can use only their cellphones, laptops or iPads to vote,” Garcia said. The system is also intended to reduce the time and inconvenience involved in voting overseas. “They do not need to leave work or postpone their rest on Sunday or Saturday. And voting takes less than five minutes,” Garcia said. Garcia, however, acknowledged that accessibility is not the only challenge facing overseas voters, citing Filipinos who may be hesitant to register because of concerns over foreign citizenship applications as well as undocumented workers with expired passports. Comelec is encouraging Filipinos in the country to urge their relatives abroad to register as it seeks to expand the overseas electorate and improve participation in future elections.

Policy Framework, and the rollout of the Philippine National Carbon Registry to ensure full accounting traceability and prevent double counting. Nicer added that domestic policies are aligned with Article 6 of the Paris Agreement through bilateral partnerships, such as the Implementation Agreement with Singapore and the Joint Crediting Mechanism with Japan. Looking ahead to the COP31 climate summit, he called for stronger global guidance on market infrastructure and supplyside integrity for forest and blue carbon ecosystems. “High-integrity markets should not only accelerate global ambition, but also deliver real, measurable mitigation outcomes that directly benefit and reach the communities, ecosystems, and sectors that need them most,” Nicer concluded.

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Garcia stressed that the Court’s order for Comelec to comment does not mean that the possibility of a TRO has been ruled out. “Again, it means there is still a possibility,” Garcia said. If a TRO were issued, Comelec would have to resume preparations and reopen the COC filing process, further compressing the period available before Nov. 2. Garcia said the commission was already preparing for that possibility but acknowledged that the remaining time could be insufficient. He also said Comelec will submit its comment to the Court. Garcia stressed that a possible TRO and the eventual ruling on the petition are separate matters, with different implications for the commission. “What we are waiting for is whether there will be a TRO or none. Number two,

Ad Hoc Committee. That special panel was created by the Upper Chamber to address the Philippines’ economic slowdown, rising living costs, and weakening purchasing power. Tulfo highlighted that his intent is not to spread fear, but to ensure a a concrete roadmap is in place so that every Filipino is prepared for the worst. “We cannot let our countrymen fend for themselves when crisis strikes. They deserve a government they can rely on—especially since they pay taxes for services that they are rightfully entitled to,” he added. Butch Fernandez

together postal organizations from Asean and postal partners from Australia, China, Hong Kong, India, Japan, and Korea, to advance business initiatives and regional technical projects focused on crossborder e-commerce, logistics, operational improvement, and revenue growth. Key discussions will cover ongoing AseanPost initiatives and opportunities

for closer cooperation in e-commerce and logistics. These include potential joint services combining customs clearance and last-mile delivery across participating postal networks, as well as, ways to make cross-border returns more efficient and convenient for merchants and consumers. Participants will also explore how postal facilities and infrastructure across

the region can support logistics and microfulfillment operations, enabling postal organizations to make greater use of their networks and physical assets. Technology, innovation, and sustainability will also be part of the discussions. Te c h n o l o g y a n d i n n ovat i o n a n d sustainability initiatives will also figure prominently in the discussions.

if there is no TRO, the next question is, will the decision favor the petitioner or will the petition be dismissed? These are different things, with different implications and different effects,” Garcia said.

for barangay and Sangguniang Kabataan (SK) officials and schedules the next barangay and SK elections for November 13, 2028, giving local leaders a longer period to implement community programs and address their constituents’ needs. Dy said barangay officials play an important role in LegisHear because their close ties to communities give them firsthand knowledge of problems that national legislation should address. Bringing Congress closer to communities, he said, allows lawmakers to hear directly from local leaders and residents instead of relying solely on discussions at the House of Representatives. Dy said this was the idea behind LegisHear, which began in his home province of Isabela before holding consultations in Butuan, Dumaguete, South Cotabato, and Negros Occidental. “We want to bring Congress closer to you so we can identify the issues we truly need to discuss and further improve the bills being advanced in the 20th Congress,” he said.

Dy said the consultations give barangay officials an opportunity to raise community concerns directly with national lawmakers, particularly those involving public safety and the welfare of families and children. He cited children’s safety as an issue requiring cooperation among Congress, barangay officials, parents, and communities. “We need to work together,” Dy said while discussing congressional efforts to strengthen measures preventing children from accessing firearms kept in homes. “It is everyone’s responsibility to keep our children safe—inside their homes, outside, and in their classrooms,” he added. Dy encouraged barangay officials and other LegisHear participants to identify gaps in existing policies and recommend practical solutions based on their experiences in their communities. He said these local perspectives can help Congress craft laws that better reflect the conditions and needs of Filipinos in their barangays. Jovee Marie N. dela Cruz

Improve service

SPEAKER Faustino G. Dy III, meanwhile, urged barangay officials to use the stability provided by their fixed term to improve governance, protect their communities, and address the everyday concerns of their constituents. Speaking at the recent fifth LegisHear consultation in Victorias City, Negros Occidental, Dy cited the law establishing a fixed term for barangay officials and moving the next barangay elections to November 2028. “Your fixed term has been settled, with your elections moved to November 2028,” Dy told the officials. “There is still so much we need to address so you can better protect our barangays, especially to make them safe.” Republic Act 12326 sets a five-year term

Monday, October 5, 2026

SRA: Sugar refining license to include output By Ada Pelonia

@adapelonia

HE Sugar Regulatory Administration (SRA) has introduced a new system to tighten its oversight of the country’s refined sugar production in its bid to get a clearer picture of the Philippines’ supply situation. SRA Administrator Pablo Luis Azcona said the agency ordered refiners to stipulate in their respective licenses the minimum volume of refined sugar they can produce in a given crop year. “It is also a first in SRA’s history that their refining license indicates the minimum volume [for refined sugar and bottlers’ grade] to be produced,” Azcona told reporters in a

recent interview. “We need to know how much they can produce, so we can anticipate whether we will import or not. Or determine what is lacking, [if] they couldn’t meet their projection. That’s the most important thing.” Azcona said the agency would verify refiners’ projected output on standard refined sugar and premium refined or bottlers’ grade

PHL banking on solar pump irrigation systems By Samuel P. Medenilla @sam_medenilla

ALACAÑANG said the National Irrigation Administration (NIA) has installed solar-powered pump irrigation systems in over 4,000 sites nationwide before El Niño hits its peak by yearend. NIA currently operates 4,036 sites with the said systems in place across 43 provinces. Of the said sites, 2,147 are in Luzon, 1,102 are in the Visayas and 787 are in Mindanao. The attached agency of the Office of the President is targeting to more than double the number of sites with solar-power pump irrigation systems to 10,000 by 2030 based on its latest roadmap. Once fully implemented, the program is expected to benefit 2 million farmers and irrigate an additional 100,000 hectares of agricultural land with the use of renewable energy. Executive Secretary Ralph G. Recto said the initiative is based on the directive of President Ferdinand Marcos to NIA to boost the resilience of farmers to extreme weather. “President Bongbong’s directive is to ensure that farmers have access to reliable irrigation without their earnings being consumed by irrigation costs. As the effects of climate change intensify, we will build systems that

are drought-resilient, disaster-resistant, and will truly strengthen the livelihoods of our farmers,” he said in Filipino in a statement he issued last Sunday. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) projected that El Niño will intensify until the end of the year and persist in the first quarter of 2027. Recto said the said system will reduce the dependence of farmers on diesel, which has become more expensive because of the ongoing Middle East crisis. Solar-powered pumps, which provide six to eight hours of irrigation daily, also require significantly lower operating and maintenance expenses compared to its diesel-powered counterpart. To boost the efficiency of its solarpowered pumps, NIA is planning to use an artificial intelligence-based monitoring system that will use real-time data to track water availability, soil conditions and irrigation requirements. “This is a long-term investment in food security. Every peso farmers save on diesel can instead be used for seeds, fertilizer, equipment and other needs that directly improve their productivity and income,” Recto said. “We want to move from traditional irrigation to smart, digital and climate-resilient water management.”

Global food prices extend gain to highest since end of 2022

LOBAL food prices extended gains in September, reaching the highest since November 2022 as mounting geopolitical and weather disruptions roil the farm sector. The United Nations’ index of foodcommodity prices climbed 1.5 percent from August, led by grains and sugar, according to a report from the Food and Agriculture Organization (FAO) on Friday. A combination of extreme weather, trade disruptions and input price spikes has battered farmers this year. That’s creating uncertainty as critical harvesting and planting periods commence for many crops. Poor harvests in Europe are poised to tilt the global food trade balance, as renewed tensions in the Black Sea make it more difficult and expensive to ship cargoes from the agricultural powerhouses of Ukraine and Russia. United States-China agricultural trade also remains murky, with no clear sign yet that Beijing’s planned tariff cuts will translate into more purchases of American corn and wheat. The FAO index tracks internationally traded commodities, meaning price moves can take time to reach supermarket

shelves. But extreme weather—amplified by El Niño—is already having an impact, leaving global food markets vulnerable to inflationary shocks. The index was driven higher by 5.1 percent month-on-month increase in grain prices in September, with world wheat prices rising 6.3 percent to their highest level since August 2023. Sugar climbed 6.1 percent from August, while meat and dairy prices eased slightly. Overall, the index is still well below its March 2022 peak, but is up 5.8 percent from a year earlier. “We are seeing a persistent and increasingly broad based build up in global commodity prices,” said FAO Chief Economist Maximo Torero. “If sustained, these pressures will soon pass through to consumer food prices.” Another measure of global crop prices is flashing the same warning. The Bloomberg Agriculture Spot Index, which tracks 10 major products ranging from wheat to coffee, saw its sharpest quarterly gain since 2022 this week. Corn and wheat in Chicago both climbed 15 percent, while soybeans gained 13 percent. The rally risks stoking inflation at a time of high energy prices. Bloomberg News

sugar on a monthly basis starting this October. “Ever y month, we’ l l check whether their [production matches their estimates or not]. This will actually ease our data, since our biggest question mark every year is we don’t know the volume of sugar they will refine.” At present, the SRA chief said refiners committed to producing as much as 670,000 metric tons (MT) of refined sugar in the current crop year following their recent meeting in Cebu. The country’s demand for refined sugar averages around 1 million metric tons (MMT). The estimated output, however, hinges on two factors: price and availability of raw sugar. “If the price of raw sugar increases too much, it is not financially viable for the refiners to refine. They are private companies; they also need to earn. The second is the availability of raw sugar,” Azcona said. The SRA had projected raw sugar

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output in crop year (CY) 2026-2027 to decline to 1.662 MMT, the lowest level in more than two decades. Azcona attributed the expected drop in local raw sugar production to the impact of red-striped soft scale insects (RSSI) on sugarcane fields, citing “early estimate” from its research department. The latest time the country’s

sugar output reached the SRA’s projected level for CY 2026-2027 was in CY 1999-2000, when it hit 1.619 MMT.

New import rules

LAST July, Agriculture Secretary Francisco Tiu Laurel Jr. said the Philippines will import refined sugar next year under a new system

to plug the shortfall in domestic output without denting millgate prices. He noted that the government will allow the importation of refined sugar in 2027 on the back of lackluster output, particularly for bottlers’ grade, typically used by beverage makers. “For next year, let’s accept the fact that we don’t have enough bottlers’ grade sugar based on our production, so we still need to import,” he said in a recent meeting with sugar industry stakeholders. ”But our new strategy is that we will reduce the projected volume needed to import by 20 percent... we will only add more if the allowed quantity is still not enough.” The agri chief, who chairs the SRA Board, said this would deviate from previous sugar import programs where importation covered the entire estimated volume of shipments, which “slightly affected” millgate prices due to an uptick in local production.

‘Pest, drought hinder PHL from filling US sugar quota’

HE Philippines will have to forego the export of sugar to the United States under the tariff-rate quota (TRQ) system for now as cane farms are grappling with pest infestation and dry spells due to El Niño. Industry stakeholders agreed to allocate the entire sugar output for domestic use in crop year (CY) 2026-2027. Heads of sugar federations, millers, refiners and traders recently came together in a hybrid meeting hosted by the Philippine Sugar Millers Association (PSMA) where they agreed to classify their output this crop year as “B” or for domestic use. Producers arrived at the decision after the SRA said it expects raw sugar production to slide to 1.662 million metric tons (MMT) in crop year 2026-2027, the lowest level in two decades. SRA Administrator Pablo Luis Azcona said it has been “a long time” since all stakeholders of the sugar industry gathered in one room to discuss and arrive at a common goal. “I hope we can make this a regular process of consulting each other. After all, we all want what’s best for our industry.” The consultative meeting was held after some sugar groups and traders pitched the idea of classifying 4 percent to 10 percent of production as “A” or for US sugar quota. Washington slaps a lower tariff on sugar exported by the Philippines to the US under the TRQ scheme. Azcona said he received a request from the US Department of Agriculture (USDA) to fill the US quota with 147,000 metric tons (MT). However, given the projected “scarcity” of sugar this crop year due to the compounding effects of the red-striped soft scale insect

(RSSI) infestation and El Niño, the agency noted that majority of the stakeholders said exporting sugar to the US under tight supply might be hard to explain to their constituents. Azcona is keen on a second meeting in November to reassess whether sugar prices will improve and to validate the industry’s output projection.

Priority bill

TO protect sugarcane farmers, the House of Representatives has vowed to prioritize the proposed Tunay na Ugnayan, Buhay, at Oportunidad sa Asukal (TUBO) Act. House Speaker Faustino G. Dy III expressed support for House Bill 9088, saying the measure addresses key challenges confronting sugar farmers and the country’s sugar industry. Speaking during the recent LegisHear public consultation in Victorias City, Dy said the discussion allowed lawmakers to hear directly from farmers and industry stakeholders and strengthen the proposed legislation based on their experiences. “This is a very important bill because it seeks to protect our sugarcane farmers here in Negros,” Dy said, adding that the measure could also benefit sugar farmers in other parts of the country. The proposed TUBO Act, authored by Negros Occidental 3rd District Rep. and Assistant Majority Leader Javier Miguel L. Benitez, seeks to establish permanent safeguards for the sugar industry through reforms in industry funding, sugar import policies, price support, mill accountability, and government transparency. Benitez said the consultation was intentionally held in Negros Occidental, where farmers and industry stakeholders

have firsthand experience of the challenges affecting sugar production. “Congress could have held this discussion in Manila. We held it here, near the mills and the cane fields, because this is where people understand sugar best,” Benitez said. He said the province plays a central role in the country’s sugar sector, with six out of every 10 hectares planted to sugarcane located in Negros Occidental. Benitez said the measure aims to address the concerns of approximately 88,000 sugarcane farmers nationwide, 84 percent of whom cultivate less than five hectares. He added that around 700,000 workers and five to six million dependents rely on the sugar industry. Under the bill, government funding for the sugar industry would increase to P5 billion from P2 billion annually beginning in 2027. Thirty percent of the allocation would be dedicated to farm-to-mill roads and irrigation, while 20 percent would support climate adaptation and resilience programs. “The fund for our industry will increase from two billion to five billion pesos annually starting in 2027, and the bill specifies where the funds should go so that they cannot simply be transferred without proper justification,” Benitez said. The bill seeks to regulate sugar importation by imposing an 18-month suspension of commercial imports upon its effectivity, except in cases of verified shortages. After the suspension period, imports would only be allowed based on supply data and would be prohibited during the first three months of the milling season. Benitez said the measure is intended to ensure that import decisions are based

on accurate industry data and include the voices of farmers. “We want this rule written into law so that changing it would require an act of Congress,” he said. He cited concerns over previous sugar importation decisions, including Sugar Order No. 8, which he said resulted in the authorization of 424,000 metric tons of imports despite an earlier industry consultation recommending only 150,000 metric tons. “When an import decision is made through an order, without proper data and without consulting the people who grow the cane, the farmers bear the cost,” Benitez said. The proposed TUBO Act would also establish a price-support mechanism allowing government intervention when millgate prices fall below the certified cost of production. Under the proposal, the government may purchase sugar at a support price and maintain reserve stocks, with priority given to small farmers and agrarian reform beneficiaries. The measure further proposes random and unannounced audits of sugar mill laboratories, public disclosure of sugar orders within 15 days, and a public dashboard tracking industry fund allocations and beneficiaries. It also requires regular consultations among farmers, workers, agrarian reform beneficiaries, millers, and refiners to ensure continued participation from industry stakeholders. Other proposed interventions include block farming, socialized credit programs, discounts of up to 30 percent on fertilizer and machinery, emergency assistance during pest outbreaks and calamities, and temporary relief from loan penalties. Ada Pelonia & Jovee Marie N. Dela Cruz

Concerted effort on agri, education pushed in budget talks By Butch Fernandez @butchfBM

ORE than political wars, leaders and policymakers must find ways to make farming profitable, especially as farmers’ children are reluctant to enter a livelihood that offers little income, and the country is increasingly reliant on imported rice and other farm products. Minority Leader Alan Peter Cayetano pointed this out in a recent Facebook live post, saying: “Mga anak nila (farmers) ayaw na sa agriculture because walang pera doon [The farmers’ children no longer wish to be in agriculture because there;s no money there]. So, we have to find what it is in agriculture that can make it work, that can make it profitable.”

He also voiced concern for drivers and small businesses struggling with fuel costs and weak demand, as well as for Filipinos who must leave their families to find work abroad. The Senate Minority Leader called on all Filipinos to work together on “more important things” beyond politics as Congress deliberates on the country’s national budget for next year. Speaking in a Facebook livestream on October 2, Cayetano stressed the need to refocus the country’s attention to the problems that directly affect Filipino families, particularly education, agriculture, and the struggles of small businesses. “These are the issues that deserve our attention and concerted effort,” he said. He

was apparently referring to his continued word war with Sen. Panfilo Lacson, who has exposed alleged wrongdoing in reclamation and flood-control projects in the Cayetanos’ home turf in Taguig City. He urged everyone, from ordinary citizens to fellow leaders, to do their part in solving the country’s problems, starting with a change in priorities and anchoring their moral standards in God. Cayetano compared society to a puzzle in which every person has a role. “‘Pag isa po sa atin ay hindi ginawa ang kanyang purpose, para po iyong puzzle na kulang.” On education, he called for the restoration of full-day classes, warning that shortened school days leave public school students at a disadvantage.

“Until we bring back the school na whole day, 7 a.m. to 3 p.m. or 8 a.m. to 4 p.m., hindi tayo makakapag-compete sa Vietnam, Japan, Korea, at ibang mga bansa who give their children the full benefit ng pag-aaral. Sa private school po walang ganyang problema. So, ano po ang mangyayari niyan? Ang mayayaman, lalong yayaman. Ang mahirap, lalong hihirap.” Cayetano also affirmed his commitment to fairness and loyalty to Filipinos, whether in investigations or in shaping the national budget. “Ang trabaho ng isang Kristiyanong leader is to fight evil and to promote what is good,” he said. “I’m not antiadminstration, I’m not anti-US, I’m not anti-China. I am proPhilippines.”

A6 Monday, October 5, 2026

The World BusinessMirror

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

Chalmers: US-Iran war an economic ‘disaster’ By Matthew Brockett

Bloomberg News

AUSTRALIAN Treasurer Jim Chalmers HILARY WARDHAUGH/BLOOMBERG

USTRALIAN Treasurer Jim Chalmers said the United States’ war with Iran has been an economic disaster, blaming the conflict for higher inflation and borrowing costs worldwide and warning it’s also damping global growth. “Whatever the reasons were for going in, from an economic point of view the war in the Middle East has been a disaster,” Chalmers told the Insiders program on ABC News on Sunday. “It’s been disastrous from

a cost-of-living point of view, for Australians and indeed for people right around the world. The war in the Middle East is putting very substantial upward pressure on inflation. That’s why we’re seeing inter-

est rates go up around the world.” Asked if Donald Trump should end the war now, Chalmers said he didn’t want to give the US president advice, but an end to the war “can’t come soon enough.”

“The longer this thing drags out, the bigger the impact on the global economy and on the Australian economy,” he said. Chalmers was facing questions about the role government spend-

ing has played in fueling above-target inflation after the central bank raised interest rates to a 15-year high to curb price growth, citing both elevated energy prices due to the Middle East conflict and domestic capacity pressures. He said government spending growth has slowed and “budget settings are not the primary driver of prices in our economy.” The government is working on a savings package to be announced in the midyear budget update, he said, and cautioned that rising global bond yields will also drive up the cost of servicing public debt by “some billions of dollars.” “There is very, very substantial and intensifying pressure, not just on our budget but on budgets right around the world,” Chalmers said. “Now we will have a savings package in the mid-year budget update. How that all nets out with all of the intensifying pressures, including from this increase in bond yields and bor-

rowing costs, remains to be seen.” Chalmers said the US-Iran war was also impacting the global expansion. “We’re not anticipating a recession here” but “certainly it is weighing on global growth, and we’re not immune from that,” he said. Separately, Chalmers announced he will travel to Japan later Sunday to meet with Japanese Finance Minister Satsuki Katayama as well as business leaders and investors. “While we share many opportunities, we also face many similar challenges as a result of global uncertainty, whether it’s higher energy prices driving up inflation or higher bond yields that are putting pressure on our budgets,” he said in a statement. “This is all about boosting investment, bolstering fuel security and resilience, and bringing Australia and Japan closer together in uncertain times.”

Trump announces $90 payments for seniors on Medicare Cornell president calls alleged By Melissa Goldin The Associated Press

RESIDENT Donald Trump is promising more payments to voters just ahead of the Nov. 3 midterm elections—this time, to more than 20 million seniors, giving them $90 each to help pay for Medicare premiums. The announcement, made late Friday night by Trump on social media, comes after the president last month said about 1 million people would get rebate checks of $500 for Affordable Care Act premiums. He has also promised on the campaign trail to send every American adult $5,000 if Republicans retain control of the House and Senate in the midterm elections. That pledge—which would require approval from Congress—

would likely cost more than $1 trillion, adding to the deficit and worsening inflation. Trump highlighted his $5,000 promise at a rally in Vandalia, Ohio, on Saturday night, and told supporters that 70,000 families in the state would receive the ACA rebates “within the next couple of days.” He also reminded voters about the $1,776 payments to military members, announced in December — though he mused that they should have been timed better. “Maybe I should have waited a year,” he said. “To be honest, I said that. Should I wait for before the election?” Polls show Americans increasingly blame Trump for the high cost of gasoline and groceries with just 17 percent approving of his handling of inflation. Trump has sought to

shrug off concerns about affordability, saying the economy is booming. The White House said the $90 payments for seniors will come from the Medicare Improvement Fund, established by Congress in 2008 as flexible funding to improve program operations and payments to health care providers. Medicare Part B enrollees can expect to receive a one-time payment in October, either through direct deposit or by check, the White House said. Total monthly costs for the program—which covers costs like doctor’s visits, ambulance services and lab tests—start around $200 and vary with income. To be eligible, seniors must be living in the US and not be already receiving premium assistance from Medicaid or paying adjusted monthly premiums based on income, ac-

cording to the Centers for Medicare and Medicaid Services. Seniors enrolled in Medicare Advantage, a private plan alternative to traditional Medicare coverage, are not eligible for the payment. More than half of eligible Medicare beneficiaries have Medicare Advantage, according to healthcare research nonprofit KFF. Previous administrations have not used the Medicare Improvement Fund in this way, although Congress has periodically taken out money from the fund to pay for other priorities, said Larry Levitt, KFF’s executive vice president for health policy. For example, $20.74 billion was used for the creation of the Affordable Care Act in 2010. “ The Medicare Improvement Fund language is quite broad and gives substantial discretion to the administration,” Levitt said.

FlyDubai co-pilot had been flagged over extremism concerns By Samy Magdy, Sam Mednick & Cara Anna The Associated Press

HE co-pilot accused of attacking the captain of an Israel-bound f light with an ax and trying to seize the controls was an Omani national who had been barred from flying on his country’s airline because of concerns about extremist views, officials said Saturday. The co-pilot has been identified as Hamam al-Hammami, according to three people with knowledge of the situation, including a Gulf and a Western diplomat, who spoke on condition of anonymity because they were not authorized to speak to the media. The United Arab Emirates, which is leading the investigation, said the co-pilot attacked with the cockpit’s crash ax and tried to take control of the plummeting plane in a “terrorist attack” Wednesday. His actions nearly crashed the flight with 182 people on board before passengers and others rushed in and subdued him. The new details raised questions about how thoroughly FlyDubai vets potential employees, and how the copilot’s presence on a flight filled with Israeli passengers got past Israel’s strict security protocols. Israel has said it has agreements with foreign carriers to keep pilots of nations without diplomatic ties from flying there. Israel and Oman don’t have formal diplomatic relations. The UAE government has earned a reputation for effective measures against extremist activities but has bristled in the past over criticism of security lapses. The incident occurred at a sensitive time for Israel, a week before the anniversary of the Hamas-led

attack on Oct. 7, 2023, that sparked the war in Gaza. It also came weeks before a highly contentious election in which security, and Oct. 7 security failures, have been central issues.

Oman Air barred him SEPARATELY, a regional official and a person familiar with the matter said the co-pilot had been barred from flying by Oman over concerns that he had adopted extremist views. The official said he was moved to an administrative job at Oman Air. Both spoke on condition of anonymity to discuss the ongoing investigation. They gave no details about the alleged extremist views. The co-pilot was later hired by UAE-based airline FlyDubai, the person said. It wasn’t immediately clear to what extent the co-pilot was vetted. The Gulf diplomat said he had undergone standard security checks before being hired, but it appears that the checks focused on whether he had been convicted of criminal charges and didn’t go deeper into examining his background for potential signs of radicalization. The regional official also said security agencies from four regional countries were working to establish the co-pilot’s motives, aided by the United States and other Western governments. The Gulf diplomat said the investigation, which hasn’t concluded, hasn’t found any connections with militant groups, suggesting that the co-pilot acted on his own. The regional official said the co-pilot was born in the UAE and his mother is Syrian. He obtained Omani nationality from his father, also an Omani national. The regional official also said the co-pilot had traveled to Syria, with no details. Israeli Prime Minister Benja-

min Netanyahu on Friday said the co-pilot had undergone “Islamist radicalization,” but provided no evidence. There was no immediate comment Saturday from Israel’s government.

itself, obviously we want to have as robust background checks as possible. But there are huge limitations on doing background checks in any case, especially in cross-border checks,” he said.

Deleted social media account

Drama on board

A FLYDUBAI spokesperson said in an email that the airline could not comment beyond its official statements and acknowledged “there are many questions at this stage.” There was no immediate comment from Oman Air, and Oman’s government has said nothing publicly in response to repeated questions since the incident. In a statement to The Associated Press, Royal Air Maroc, Morocco’s national carrier, said the co-pilot “completed a three-month theoretical training period with the airline in 2025, as part of the pre-employment process. At the end of this training period, his application was not selected for employment.” There were no details. Keith Coles, a spokesperson for Buckinghamshire New University in England, told the AP that alHammami previously completed a distance-learning course in aviation management there but “did not undertake any pilot training.” There were no details on the timing. Little else was immediately known about the co-pilot’s background. His Instagram account was active until the day of the flight and then deleted. Philip Baum, a visiting professor of aviation security at Coventry University in England who wrote a book about aircraft hijackings and bombings, said background check systems differ from country to country and there are limits on what types of information can be shared. “In terms of aviation security

AIRLINES are generally required to carry crash axes in the cockpit that could be used in an emergency to break open a window to escape or break open a panel to access a fire. The captain, who was badly wounded, has said he used his remaining energy while being attacked to unlock the cockpit door, allowing people who had noticed alarming sounds to come in, tackle the copilot and stabilize the flight while passengers screamed. In a phone call with Israel’s Prime Minister Benjamin Netanyahu on Saturday, the flight’s captain, Smit Machchhar, said that before the attack, the co-pilot wanted to pray, and that he turned away out of respect. He said he felt a blow to the back of his head a few minutes later, and then the blows kept coming. Netanyahu told Machchhar that he was amazed at his courage and his ability to stay cool under impossible conditions. “You saved so many souls. ... You saved the spirit of the world,” he said. The plane made an emergency landing in Saudi Arabia after a descent so extreme that part of the rudder was torn away, and aviation experts have marveled that it didn’t crash. FlyDubai has said crew traveling on the plane helped to stabilize it and land. They haven’t been publicly identified. The captain and co-pilot were later taken to the UAE. The passengers, most of them Israeli, flew home later Wednesday on a separate plane, to cheers.

gang rape ‘deeply disturbing’ By Leah Willingham The Associated Press

ORNELL’S president called the alleged gang rape of a student at a fraternity house in 2024 “deeply disturbing” Saturday, said it would weigh on the university for years to come and pledged greater transparency amid mounting outrage over the school’s handling of the case. In an eight-minute video message to the Cornell community, Michael Kotlikoff described the past week as one of the most difficult in the university’s history and acknowledged troubling questions about the investigations that followed the allegations. “My heart aches when I think of what she experienced,” Kotlikoff said. “It raises heartbreaking and troubling issues about sexual assault, dehumanization and aspects of party culture, alcohol and drug use.” Kotlikoff reaffirmed his commitment to supporting an independent review of Cornell’s handling of the case called for by New York Gov. Kathy Hochul and said the school’s Board of Trustees would announce details next week. He also expressed support for Hochul’s decision to turn the criminal investigation over to the state attorney general. “I want to acknowledge something that can be difficult for an institution to say,” Kotlikoff said. “We don’t have all the answers, but we are committed to investigating and finding the answers our community deserves.” Scrutiny has mounted in recent days over Cornell’s response to allegations that the woman was sexually assaulted by multiple fraternity members in 2024. The woman, identified in court documents as Jane Doe, has sued the university and seven former students. During a student assembly hearing Thursday that gave students an opportunity to voice concerns and discuss pro-

posals to improve Cornell’s response to sexual assault, several speakers called for Kotlikoff ’s resignation. Hochul, asked at a news conference Friday whether she believed Kotlikoff should resign over the university’s handling of the case, declined to take a position, saying she did not yet have enough information. Kotlikoff acknowledged frustration that Cornell has not communicated enough, saying that has led to distrust. While citing “real legal and privacy limits” on what the university can disclose, he pledged greater transparency and more opportunities for students, parents and others to engage with university leaders. He also committed Cornell’s support to legislative efforts to change New York’s sexual assault laws. The case has renewed scrutiny of a state law that makes it difficult to prosecute sexual assaults involving people who voluntarily consume alcohol or drugs, even if they became too intoxicated to consent. Tompkins County District Attorney Matthew Van Houten cited the law in defending his initial decision not to pursue charges, saying the woman’s original statement to police described voluntary drug use and sexual activity. Critics have long sought to close what they call the “voluntary intoxication loophole,” which distinguishes between people incapacitated by drugs administered without their consent and those who voluntarily became intoxicated. Hochul has pledged to push for changes to the law. Kotlikoff also called for a “serious look at the role of fraternities and sororities in campus life,” saying Cornell would engage students, alumni and others in examining how to preserve the benefits of Greek life while strengthening accountability and transparency. “Being part of a group can never diminish individual responsibility for our own actions, for how we treat others or for speaking up when someone may be at risk,” he said.

‘OPEC+ set to keep quotas steady in Nov’ By Salma El Wardany & Grant Smith Bloomberg News

AJOR OPEC+ nations have an agreement in principle to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group’s output. A sub-group of seven countries led by Saudi Arabia and Russia is set to keep targets steady in November, in line with an existing road map, delegates said ahead of a video conference on Sunday at which the agreement would be finalized. The plans come as oil futures creep back up to the $100-a-barrel mark and diesel hits records at the pump amid ongoing conflict in the Middle East, spurring Group of Seven nations to release emergency stocks. The Organization of the Petroleum Exporting Countries and its allies had already signaled

that they would pause production quota hikes through the end of this year, after agreeing a series of modest increases in the six months through August. Those increases, largely symbolic because of the impact the Iran war has had on Persian Gulf output, theoretically unwound cutbacks made in 2023 and may give the group’s Gulf members greater scope to boost output when the conflict abates. The Iran war has blunted the impact of any decisions the group has made because production in leading OPEC members such as Saudi Arabia, Iraq and Kuwait remains significantly below levels pumped before the conflict. The alliance’s next decision will be whether to restore another layer of halted output taken offline in 2022, a complicated process likely to be shaped by the outcome of an ongoing audit of members’ production capacity. Policy for next year will be settled at a full ministerial meeting on November 29.

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GLOBE RESTORES SERVICES AS SUBSEA CABLE REPAIR FINISHED

By Lorenz S. Marasigan

LOBE Telecom Inc. said on Sunday it has fully restored Internet services hit by a disruption along an international subsea cable segment linking the Philippines and Singapore. Mobile and broadband customers who experienced intermittent connectivity and slower browsing should now see their services back to normal. The company said traffic across the affected segment resumed after the cable landing station in the Philippines successfully reactivated the system and normalized fiber connections. Globe said it is still working with its international network partners to determine the exact nature and location of the fault. The disruption had reduced available international bandwidth, leading to slower Internet speeds and lag when customers browsed or accessed some international

online services. To keep services running during the outage, Globe rerouted its data traffic through redundancies and other international links to continue serving its corporate and individual customers. Globe had initially said that repairs to the subsea fiber were expected to take the next few weeks. The company also said its primary information technology (IT) systems remained normal and operational throughout the disruption. An earlier issue affecting access to some applications, particularly during login on Android phones, was quickly resolved. Globe thanked its customers for their patience and understanding, adding that it continues to monitor network performance following the restoration and remains focused on maintaining reliable connectivity and minimizing the impact of network disruptions on customers.

Monday, October 5, 2026 A7

Tieza seeks transition period before travel tax abolition

By Ma. Stella F. Arnaldo Special to the BusinessMirror

HE Tourism Infrastructure and Enterprise Zone Authority (Tieza) collected P4.74 billion in travel taxes in the seven months to July this year, up a slight 1.4 percent, year on year (yoy).

Tieza Chief Operating Officer Dr. Mark T. Lapid noted the deceleration in the amount of travel taxes starting April this year, with the Middle East crisis possibly impacting on outbound travel. Tieza is a government-owned and -conrolled corporation (GOCC) attached to the Department of Tourism (DOT). As this developed, the Tieza chief asked lawmakers to give the government firm a “transition period” while the national government lacks funds to replace the travel tax being proposed for removal under pending legislation. Speaking at the recent hearing of the DOT’s 2027 budget at Senate Finance Subcommittee “H,” Senator JV Ejercito, chair of the Senate

Committee on Finance, asked the Tieza chief if there were “concrete revenue alternatives presented” to keep tourism infrastructure projects going if the travel tax is abolished. To which Lapid revealed that, “As early as March, we already submitted our proposed budget to DBM [Department of Budget and Management], since there’s already a pending abolition of the travel tax, but in June, we received a letter from DBM, stating that they gave us zero budget allocation [for 2027].”

Affected projects

PROJECTS in the pipeline that will be affected by the removal of the

travel tax, he noted, include the clean water projects in El Nido and Coron in Palawan, the Burnham Park rehabilitation in Baguio City, airport terminal rehabilitation projects, the operation of several hotels and golf courses owned and managed by Tieza, the provision of hyperbaric chambers, to name a few. While Tieza doesn’t object to the abolition of the travel tax, Lapid asked policymakers to provide for a “transition period” and allow the GOCC to continue collecting the travel tax. “With the current fiscal situation, it will be difficult for our agency and also the tourism industry, when it comes to infrastructure support. Since we don’t have a budget for 2027, how will we continue and sustain our current projects plus the other projects in the pipeline?” Senator Erwin Tulfo, who chairs the subcommittee, vented his ire on the DBM for not sending a representative to attend the budget hearing. He also promised Lapid that his committee will look into the issue and sit down with the DBM to find a solution. “We understand where you’re coming from. You’re correct Mr. Chair [Ejercito], if the project

is already in the pipeline, it will no longer be funded?” he asked. President Ferdinand R. Marcos Jr. earlier ordered the removal of the travel tax to supposedly ease the burden of the public to travel abroad. The Senate has yet to pass the proposed abolition bill, even as the House of Representatives has already approved its version.

Declining collections

DESPITE the travel tax, the number of Filipinos traveling abroad increased to some 4.16 million in the first half of the year, with Japan surpassing Hong Kong as the top destination. (See, “Pinoy outbound travel up 9.5% in 1H, Japan is top destination,” in the BusinessMirror, July 13, 2026.) The travel tax, which starts at P1,620 for the economy class, is paid by all departing travelers, except for overseas Filipino workers, foreign tourists who stayed less than a year in the Philippines, foreign diplomats and visiting officials from foreign governments and international agencies, governmentrecognized scholars, and staff of multinational firms with regional headquarters in the Philippines. See “Tieza,” A2

Visayas power woes: failure in planning? Chinese Embassy hits ‘smear’ drive as 100 Mandarin tutors exit By Malou Talosig-Bartolome

POWER WOES Members of the House Committees on Energy, Visayas Development, and Legislative Franchises meet in Bacolod City on Saturday, October 3, to tackle the recurring outages that are threatening the economy of one of the fastest-growing regions. Deputy Speaker and Bacolod City lone district Rep. Albee Benitez said consumers and businesses could not afford years of uncertainty. “The bigger question is, does Visayas have the energy foundation to sustain the growth and economic potential of our region?” he asked.

LECTRICITY shortages threaten to undermine the Visayas’ economic growth, prompting a House leader to support granting emergency powers for President Ferdinand Marcos Jr., while the region waits for permanent power supply solutions expected no earlier than 2028. House Deputy Speaker and Bacolod City lone district Rep. Albee Benitez said consumers and businesses could not afford years of uncertainty as recurring outages expose the vulnerabilities of a region dependent on electricity transferred from Luzon and Mindanao. “We’re seeing the consequences. The issue before us today is not simply whether [or not] we have enough electricity. The bigger question is, does Visayas have the energy foundation to sustain the growth and economic potential of our region?” he said. He raised the concern during the joint hearing Saturday, October 3, of the House committees on Energy, Visayas Development, and Legislative Franchises in Bacolod City. Data presented at the hearing showed the Visayas had about 2,575 megawatts (MW) of available supply against afternoon demand of 2,624 MW—a shortfall of 49 MW. The gap becomes wider at night, increasing the region’s reliance on electricity from neighboring grids. Benitez said the situation reflected an imbalance in the distribution of generation capacity. “In practice, much of this investment and generation capacity has become concentrated in Luzon and Mindanao while the Visayas has faced limitations in local supply and genera-

tion capacity. Today, Visayas is a net importer of power,” he said. In the October 3 hearing, Energy Secretary Sharon Garin acknowledged that emergency powers could accelerate the construction of power plants and transmission lines. The DOE admitted that the Visayas lacks sufficient baseload generation to meet growing electricity demand, prompting recurring power alerts and exposing the region’s vulnerability to the loss of even a single major power plant. Energy Secretary Sharon Garin made the admission as lawmakers pressed the DOE and energy sector stakeholders on the recurring power crisis in the Visayas. “If we look at Visayas on island assessment...may kulang talagang baseload sa Visayas,” Garin told lawmakers. Garin explained that while Negros can produce excess electricity during the day, much of the excess comes from solar generation. Demand, however, peaks in the evening when solar output declines. “So, where does the energy to fill the nighttime shortfall come from?” Garin asked aloud, partly in Filipino, pointing to the Visayas’ dependence on generation from other islands and on interconnection. “Negros alone cannot survive because there is not enough baseload,” she said. Garin also warned that an outage in Panay could immediately affect Negros because of the islands’ dependence on interconnection. “We’ve been trying to assess how do we make it independent [before the] alerts [were

made],” she said. She cited, meanwhile, Cebu’s rapidly growing electricity demand, which continues to outpace the delivery of new generation projects. “Cebu is growing exponentially and projects are not keeping up with the demand. We have to catch up. We still have time to catch up,” Garin said.

Generation shortfall until 2028?

LAWMAKERS were told the government needs additional generation capacity to address the supply gap, with the current situation potentially persisting until 2028. Garin warned that the Visayas could trigger another grid alert whenever a major power plant goes offline. The lawmakers then questioned why the government did not seem to anticipate the generation shortfall despite years of projected demand growth.

Transmission grid functioning

HOUSE Committee on Energy Chair Rep. Jose Alvarez asked why the Visayas continues to experience power alerts despite the interconnection of the Luzon, Visayas, and Mindanao grids. “All of the Visayas grid is connected, the grid connecting from Mindanao and Luzon to Visayas is also okay,” Alvarez said, partly in Filipino. He pointed to the simultaneous shutdown of several power plants as a major factor behind the crisis. Alvarez wanted to know why the Visayas could not immediately receive excess electric-

ity from Luzon and Mindanao whenever available. Garin explained that the transmission grid continues to function, but Mindanao also faced generation problems during the period and entered Red Alert. “The grid is functioning naman,” Garin said. She explained that the problem arose when several power plants in different areas simultaneously became unavailable, limiting the amount of generation available to the Visayas despite the existing interconnection. Rep. Ferdinand Hernandez then pointed to the return of several generating units as evidence of the critical role of generation availability in preventing grid alerts. “Kaya walang grid alerts kasi nakabalik na ang mga power plants, meaning [there is] supply,” Hernandez said. “Malinaw na hindi [It’s clear that] transmission [is not the] issue. May demand ka, may supply,” he added.

Emergency powers?

ASKED during the daylong hearing whether emergency powers could help resolve the region’s power problems, Garin said these could speed up critical infrastructure. “To hasten the construction of the generation companies, and to hasten the construction of the transmission lines, yes, Mr. Chair,” Garin told the joint panel. Benitez said Congress should act on the DOE’s position, subject to the details of the proposed authority. Jovee Marie N. dela Cruz

HE Chinese Embassy in Manila denounced what it called a “malicious smear campaign” against educational exchanges between China and the Philippines after reports that more than 100 Chinese nationals teaching Mandarin in Philippine Chinese schools had left the country. In a statement, Chinese Embassy spokesperson Ji Lingpeng rejected allegations linking Chinese-language education programs to national security concerns and called on Philippine authorities to protect the rights and interests of Chinese nationals in the country. “We firmly reject the baseless accusations and strongly denounce the malicious smear campaigns targeting educational and peopleto-people exchanges between China and the Philippines, including Chinese-language education in the Philippines,” Ji said. The embassy’s statement came after the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) and the Philippine Chinese Education Research Center (PCERC) disclosed that more than 100 Mandarin teachers from China had returned home amid growing concerns among teachers and their families. (See related story: https://businessmirror. com.ph/2026/10/02/fearing-for-safetyover-100-chinese-teachers-leave-phl/) Lizabeth Wang, executive director of the PCERC, said the organization has been operating in the Philippines since 1991 and has helped schools address the shortage of qualified Mandarin-language instructors. “Our mission is to help the Philippines,” Wang told the BusinessMirror. Wang said interest in learning Mandarin extends beyond the Filipino-Chinese community, with many Filipino parents seeing the language as an advantage for their children’s future careers. “Many parents, not just Filipino-Chinese but also pure Filipinos, want to learn Mandarin because they want their children to be globally competitive,” she said. “It’s really difficult to get teachers here in the Philippines to teach Mandarin.” She said the departure of Chinese teachers has affected schools that rely on them for language instruction and cultural exchange. Wang also pushed back against suspicions surrounding the teachers, saying they were employed to teach Mandarin and nothing else. “Have you heard Chinese teachers teaching other than Mandarin?” she asked. To illustrate the impact on students, Wang

recalled an incident at a Chinese school in Mindanao where children became emotional after learning their teachers would be leaving. “When the school announced that the teachers would go home, many children were crying,” she said. According to Wang, many parents of Chinese teachers became alarmed by reports and public statements that appeared to associate Chineselanguage schools and educators with Beijing’s political and influence activities. The groups specifically cited reports by USbased maritime transparency advocate Raymond Powell and the SeaLight initiative, as well as remarks by Defense Secretary Gilberto Teodoro Jr., as contributing to an atmosphere that made some Chinese teachers uncomfortable about remaining in the Philippines. SeaLight, however, defended its work and rejected accusations that it was targeting Chinese-language teachers or Chinese-Filipino communities. “SeaLight stands by its reporting, which is fact-based, exhaustively sourced and available for researchers, journalists and the public to read and reach their own conclusions,” the organization said in a statement. The group said it has no objection to Chineselanguage education or legitimate people-topeople exchanges, but argued that programs linked to foreign governments should be transparent about those ties. SeaLight challenged the Chinese Embassy to explain its role in implementing Article 38 of the Chinese Communist Party’s Regulations on United Front Work, which directs overseas Chinese affairs work to cultivate overseas Chinese resources and advance China’s national objectives abroad. The organization also questioned the embassy’s assertion that teachers were leaving because of concerns about their personal safety, noting that the claim appeared in a question included in the embassy’s own statement. According to SeaLight, its investigation found that a Chinese university involved in training teachers assigned to Philippine Chinese schools had also published materials depicting the Philippines’s Batanes province as Chinese territory and described itself as having been jointly developed with support from the Chinese Communist Party’s United Front Work Department. “Schools and parents deserve to know that,” SeaLight said. The organization further argued that scrutiny of foreign influence programs should not be confused with hostility toward ethnic Chinese See “‘Smear,’” A2

Monday, October 5, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

The warning signs at the factory gate

HE September manufacturing data from S&P Global Market Intelligence serves as a stark reminder that economic recoveries are rarely linear. When the country’s Manufacturing Purchasing Managers’ Index (PMI) plummeted to 49.6 from August’s robust 54.9, it did not merely cross the critical 50.0 threshold that separates expansion from contraction—it crashed through it with concerning velocity. This marks the first deterioration in operating conditions since April, and the breadth of the decline suggests structural pressures that extend beyond temporary market fluctuations. (Read the BusinessMirror story: “PHL factories feel oil shock as PMI falls to 49.6,” October 2, 2026).

The headline figure tells only part of the story. Beneath it lies a troubling constellation of negative indicators: output, new orders, and employment all simultaneously contracted for the first time in months. When manufacturers scale back production at the fastest pace since November 2025, reduce input buying for the first time since May, and actively run down inventories, they are sending an unambiguous signal. These are not the actions of an industry anticipating near-term demand recovery. These are the defensive maneuvers of a sector bracing for sustained turbulence. The dual pressures of weak domestic demand and intensified international competition reveal the uncomfortable position our manufacturers now occupy. On the home front, new orders reversed four consecutive months of growth, suggesting that consumer and business confidence may be fraying at the edges. Internationally, the story is equally concerning. Export orders declined as higher prices rendered Philippine goods less competitive on the global stage. The oil price factor adds a layer of complexity to this narrative. While rising energy costs have historically triggered sharp input price inflation, September saw only a muted increase in overall input costs. Yet this silver lining comes with a dark cloud: manufacturers responded by raising selling prices at a faster pace to protect margins, inadvertently exacerbating the demand problem. It is a classic economic Catch-22—absorb costs and watch margins evaporate, or pass them to consumers and watch orders decline. Our manufacturers chose the latter, and the market responded accordingly. Perhaps most concerning is the employment data. The fresh round of job cuts, even if slight, represents a dangerous inflection point. Manufacturing employment had shown resilience through previous headwinds; its deterioration now suggests that firms no longer view current conditions as temporary. When manufacturers begin shedding workers, they are making long-term calculations about demand prospects. These decisions create ripple effects throughout the economy—less consumer spending power, reduced tax revenues, and diminished economic confidence. Supplier performance metrics add another warning flag. The sharpest lengthening of input delivery times in nearly two years, driven by transportation and logistics disruptions, indicates that supply chain fragility remains unresolved. In an interconnected manufacturing ecosystem, these delays create cascading inefficiencies that compound existing demand weaknesses. The collapse in business confidence—from a 21-month high in August to the weakest reading since January—may be the most telling indicator of all. Optimism about the next 12 months persists, but barely. Manufacturers are becoming “less certain about their ability to maintain margins while competing in international markets,” according to S&P’s Siân Jones. This uncertainty will inevitably translate into delayed capital expenditures, reduced training investments, and further hiring freezes. For policymakers, the September PMI should trigger serious reflection. The manufacturing sector cannot indefinitely absorb cost hikes while simultaneously competing on price. Without targeted support—such as exchange rate management, lower energy costs, or trade facilitation—the industry will keep losing its global competitive edge.

Useful tips for the long dry season Atty. Jose Ferdinand M. Rojas II

RISING SUN

N September 23, PAGASA announced that a strong El Niño is already active in the Pacific and will likely become “very strong” before the year ends, lasting through the first half of 2027. The US agency NOAA puts the odds of a very strong event above 90 percent, with a real chance that it will rank among the strongest since 1950.

That sounds alarming. Realistically, it means less rain than usual for most of the country, warmer days, and a dry season that may start earlier and bite harder. PAGASA expects below-normal rain over Luzon this October and drier conditions nationwide by January. Typhoons tend to be fewer during El Niño, but not zero, and some can still be powerful. So it’s still wise to keep your typhoon kit.

The pinch will likely be felt most from December to around May, when summer heat is most intense. The Department of Agriculture names Ilocos Region, Cagayan Valley, Central Luzon, Western Mindoro and Central Mindanao as the most vulnerable farm areas, and warns that rice output could drop by up to 700,000 tons, about 3.5 percent of the target. The good news is that this year’s

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habagat refilled Angat Dam from a record low near 150 meters in July to roughly 204 meters by early September. Since the last El Niño in 2023–2024, Maynilad and Manila Water have added treatment plants, deep wells, and Laguna Lake supply. So what can ordinary Filipino families do? Save water now. That means fix the leaking faucet and the running toilet. Start using tabo and timba instead of a running hose. Catch the remaining rains in clean, covered containers, and scrub them weekly, because stored water breeds mosquitoes, and dengue doesn’t rest in the hot months. Plan for heat. Learn the signs of heat exhaustion: dizziness, heavy sweating, nausea. Check on our seniors at home, and our kids and babies. Move errands and outdoor work to early morning or late afternoon, and keep oral rehydration salts at home. Protect your budget. Vegetable and rice prices may climb in early 2027. A small vegetable patch wa-

LITO GAGNI

HERE are conglomerates that grow by collecting businesses. Then there are those that try to build an ecosystem. The difference can be easy to miss. A collection of businesses may share an owner and a balance sheet but little else. An ecosystem is different. Its parts must be capable of standing independently while creating additional value when they operate beside one another. That distinction offers an interesting way of looking at SM Investments Corporation. Its three core businesses—retail, property and banking—hardly need introductions. Each operates at a scale that would make it a substantial enterprise on its own. But the more interesting question for investors may not be how large each business has become. It is what happens between them. Consider a mall. On the surface, it is a property business. Space is developed, tenants come in, customers arrive and rental income follows. But those customers also buy groceries, clothing, appliances and medicines. Merchants need banking services, payment systems and working capital. Families visiting the mall may eventually become homeowners, borrowers, depositors or investors. The same customer can therefore

enter one part of the SM ecosystem and encounter several others without anybody having to invent the market from scratch. This does not mean that one SM business exists merely to feed another. Quite the opposite. SM Retail, SM Prime, BDO and Chinabank must succeed in their respective markets against formidable competitors. Their economics must work independently. That independence is important because it prevents the ecosystem from becoming a chain in which the weakness of one business automatically compromises everything else. The latest numbers help illustrate the point. In the first half of 2026, SM Investments reported consolidated net income of P45.9 billion, 8 percent higher than a year earlier, while consolidated revenues rose 6 percent to P339.2 billion. SM Prime reported first-half

Henry Sy began with a shoe store. The remarkable part of the story may not simply be how many businesses eventually grew from it. It is that decades later, the customer walking through the door can still be the beginning of the next business. revenues of P71.7 billion, 5 percent higher year on year, while net income remained at P24.5 billion as higher costs absorbed the revenue growth. That is a useful perspective because ecosystems should not be confused with immunity from business cycles or operating pressures. In a sense, a retailer sees what households are buying. A mall operator sees where people are gathering and where commercial activity is moving. A bank sees the financial requirements of households and enterprises. Together, those businesses provide different windows into essentially the same economy. That can matter when deciding where to expand next. When SM enters a growing provincial center, for instance, the decision need not end with opening another store or mall. Property development can create a commercial destination. Retail provides goods and services. Banking extends the financial infrastructure that businesses and households require. SM has explicitly identified expansion into such areas as part of its growth strategy. There lies another

tered with reused kitchen water helps. Do not panic-buy rice, because hoarding is what turns tight supply into shortage. If you farm, visit your Municipal Agriculture Office this month, not in March. Ask about early-maturing and drought-tolerant seeds, crop insurance, and adjusted planting calendars. PAGASA’s free CliMap and agri-weather bulletins now go down to the municipal level. Mind the grass and the grid. Never burn trash in dry fields, and unplug idle appliances. Follow PAGASA, not other viral posts. Old drought maps and exaggerated “super El Niño” claims circulate every cycle. The bureau’s monthly advisories are your best guide. We have been here before: 1997, 2015, 2023. Each time, we came through and learned something. What’s different now is that we were warned months ahead. Remember that climate information is only useful if we act on it before the crisis arrives.

dimension of the model. A new market does not always have to be found. Sometimes it can be developed. That is where the SM story becomes relevant beyond the size of the conglomerate. The old investment question asks: How fast can each company grow? The ecosystem question asks something slightly different: Can the growth of one business enlarge the opportunity available to another? A mall can create foot traffic for retailers. Retail activity can strengthen the commercial attractiveness of a property. Banks can finance consumers and enterprises participating in that economy. And a growing community can eventually support more property, more retail and more financial activity. So the circle begins again. None of this guarantees returns. Size can produce bureaucracy as readily as efficiency, and diversification can destroy value when capital is allocated poorly. Investors should therefore continue examining each business on its own merits. But that may also be precisely why the SM structure deserves attention. Its businesses do not have to wait for the others to make them viable. In 2025, SM Investments earned P90.5 billion, 10 percent above the previous year. In the first half of 2026, earnings continued growing despite economic pressures that tested Filipino consumers. The businesses were already producing. What the ecosystem potentially adds is another layer: each See “Gagni,” A9

www.news.businessmirror@gmail.com

Opinion

Destined to be a tax man

Class, sass, and all that jazz

BusinessMirror

Siegfred Bueno Mison, Esq.

Joel L. Tan-Torres

DEBIT CREDIT Part one

N invitation from a former professor helped determine the direction of my professional life. In 1980, Deputy Commissioner Victor A. Deoferio Jr., who had taught me two taxation courses in my Bachelor of Science in Business Administration and Accountancy program, invited me to join the Bureau of Internal Revenue (BIR). Commissioner Efren I. Plana was bringing young talent into his staff, and I was offered the opportunity to become part of that group.

I had topped the 1979 Certified Public Accountant (CPA) Board Examination. Offers from major multinational companies and leading auditing firms made the private sector an attractive starting point. There were several promising paths before me. I chose the BIR because Mr. Deoferio, a teacher I respected, invited me and would become my mentor in the Bureau. His confidence in me helped me recognize that taxation and public service could become my career direction. Looking back, I sometimes wonder whether I was destined to be a tax man. At the time, however, it began with a choice—and with a mentor who opened a door. I joined the technical staff of the Commissioner of Internal Revenue, working with a brilliant group of certified public accountants and lawyers. For a young professional, it was an extraordinary place to learn. We were exposed to tax policy, legal interpretation, and administration; participated in research and studies; and joined meetings at the highest levels of the Bureau. Taxation quickly became much more than a classroom subject. I saw how a proposed rule could affect businesses, how an administrative procedure could influence compliance, and how a decision at the national office could reach revenue officers and taxpayers throughout the country. Technical competence mattered, but so did judgment, communication, and an understanding of how institutions work. My early assignments also opened opportunities for foreign travel, visits to tax administrations, and participation in regional conferences and meetings, including the Study Group on Asian Tax Administration and Research, now known as the Study Group on Asia-Pacific Tax Administration and Research, and the Committee on Finance and Banking of the Association of Southeast Asian Nations. These engagements introduced me to different approaches to common problems. They encouraged me to ask what the Philippines could learn from other countries and what experience we could contribute in return. Education remained a continuing part of the journey. As a government scholar under a program supported by the United States Agency for International Development, I was sent to Harvard Law School for a year of study in its International Tax Program, which I completed in 1988. My thesis dwelled on the value-added tax (VAT) administration in the Philippines, with VAT to be implemented for the first time that year pursuant to Executive Order 273. The experience helped connect my practical exposure in the BIR with a broader understanding of tax systems and their administration. In the 1990s, I also pursued special studies in the master’s program in taxation at the University of the Philippines College of Law. Returning to study while building a career

Gagni. . .

Continued from A8

enterprise possesses relationships, locations, customers and information that may lower the distance the others must travel to find their next

Taxation quickly became much more than a classroom subject. I saw how a proposed rule could affect businesses, how an administrative procedure could influence compliance, and how a decision at the national office could reach revenue officers and taxpayers throughout the country. Technical competence mattered, but so did judgment, communication, and an understanding of how institutions work. reinforced a habit that has stayed with me: experience raises questions that further learning can help answer. Teaching taxation became another enduring part of my career. I taught taxation courses at the University of the Philippines Diliman College of Business Administration, De La Salle University, the Asian Institute of Management, Ateneo de Manila University, and the University of Asia and the Pacific, beginning in 1980 to the present. The classroom allowed me to bring practical experience into discussions of tax law, policy, and administration. Students’ questions also challenged me to explain difficult concepts clearly and revisit assumptions formed in practice. Sometime in the mid-1990s, I established AEON Review and Professional Training Center, a CPA review school, where I taught taxation review. Helping aspiring accountants prepare for the licensure examination extended the influence of my own teachers and mentors. I wanted students to understand the reasoning behind tax rules and develop the discipline to apply them carefully. Teaching and review work became a way of passing on knowledge while continuing to deepen my own. In my various stints as Tax Partner in SyCip Gorres & Velayo and Reyes Tacandong & Co., I engaged with clients from small and medium enterprises to the largest of corporate conglomerates, assisting and guiding them through their various tax concerns and plans. I also organized several tax seminars focused on imparting tax developments and practical approaches to dealing with the BIR and other tax enforcement government offices. My tax journey continues in the coming articles that I will write in this column. To be continued Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax practice with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

opportunity. Henry Sy began with a shoe store. The remarkable part of the story may not simply be how many businesses eventually grew from it. It is that decades later, the customer walking through the door can still be the beginning of the next business.

THE PATRIOT

HAVE been a teacher for more than three decades. I taught intelligence operatives while in the Army and later taught law students in various law schools. Experience has taught me to look closely at the demeanor of students. The way they answer questions often reveals the extent of their preparation and confidence. No accent, hand gesture, facial expression, or theatrical delivery can completely conceal mastery or the lack of it. We often say, “substance over form.” That is generally correct. Yet in oral communication, form or delivery can affect how substance is understood. Inflection, tone, facial expressions, and nonverbal gestures can change the way words are received. This is why testimony in court can be far more significant than an affidavit on paper. The same applies to lawyers. In the ongoing impeachment trial, we have seen lawyers ask questions with calmness and composure. We have seen others elicit answers with arrogance or obvious discomfort. We have likewise seen senator-judges who ask difficult questions with class and courtesy. Others have chosen a crasser approach, sometimes bordering on insult. One lawyer recently stood out because of what some perceived as a flirtatious or theatrical style of questioning. When criticized online, House prosecutor Bel Zamora brushed aside her critics. The House Committee on Women and Gender Equality defended Zamora and urged the public to focus political discourse on issues rather than a woman’s appearance, voice,

gender, or mannerisms. That is fair. A lawyer’s questioning style should never become a substitute for evaluating the substance of an argument. Yet style is not completely irrelevant in a courtroom. How a question is asked can affect how it is received, how a witness responds, and ultimately whether the question advances or damages the examination. In my modest years of litigation experience, I ask questions not merely to elicit an answer but to understand what the witness knows, what the witness does not know, and sometimes what the witness is trying not to say. Not every question helps an examination. Some questions can actually destroy what has already been carefully built. Disparaging remarks have little place in litigation, even when directed at a hostile witness. Sass can be entertaining, but it has limits. It works best when the person on the other side is willing to play along. We saw an example of that in the verbal exchange between Senator Risa Hontiveros and former Chief Justice Artemio Panganiban. There

Monday, October 5, 2026

The lawyer’s tongue can destroy relationships or persuade people toward truth. The same is true of teachers and public officials. A teacher can embarrass a student into silence or challenge a student into learning. A public official can inflame an audience or calm a nation. Class, therefore, is not weakness. Sometimes the strongest person in the room is the one who knows exactly what to say—and equally knows when not to say it. was an unmistakable element of friendly banter. Both appeared to understand the wavelength of the exchange. But not every courtroom exchange has that chemistry. Once words are heard, people form opinions and conclusions. Unfortunately, those conclusions can also be taken out of context. The meaning of a message may become inseparable from the manner in which it was delivered. The Bible has something timeless to say about this: “A gentle answer turns away wrath, but a harsh word stirs up anger.” (Proverbs 15:1) There is wisdom in restraint. During one exchange, Rep. Zamora playfully posed a question to a witness from the PNP Firearms and Explosives Office. The witness smirked, paused, and, fortunately, did not answer the question. The presiding officer correctly ruled the question speculative. Sometimes, the wisest answer to a foolish question is no answer at all. Proverbs 26:4-5 presents an apparent paradox: “Do not answer fools according to their folly, or you yourself will be a fool. Answer fools according to their folly, or they will be wise in their own eyes.”

These verses remind us that wisdom sometimes means knowing when to respond and when to walk away. A foolish or mocking question does not always deserve the dignity of an answer. When the manner of questioning appears deliberately provocative, getting angry may simply make us part of the provocation. There are, however, moments when responding is necessary, not merely to answer foolishness but to correct it and hopefully influence the person responsible for it. That was evident when Atty. Michael Poa responded to Atty. Paulo Panelo’s assertion that the defense team of Vice President Sara Duterte, including Poa himself, considered the impeachment proceedings a farce or sham. Poa did not simply allow the characterization to stand. He responded because silence, in that instance, could have been mistaken for acquiescence. Words are weapons. Lawyers know this better than most. A lawyer can use words to dismantle a witness’s credibility, expose contradictions, establish facts, and build a case. That is advocacy. But lawyers can also use words recklessly, unnecessarily humiliating the person on the other side simply because they can. The lawyer’s tongue can destroy relationships or persuade people toward truth. The same is true of teachers and public officials. A teacher can embarrass a student into silence or challenge a student into learning. A public official can inflame an audience or calm a nation. Class, therefore, is not weakness. Sometimes the strongest person in the room is the one who knows exactly what to say—and equally knows when not to say it. There is enough sass, crass, and all that jazz in the world already. What we need is a little more class.

Marcos administration advances comprehensive agenda across six key sectors

RESIDENT Ferdinand R. Marcos Jr. highlighted the administration’s comprehensive programs spanning health, poverty alleviation, employment, education, business support, and ASEAN leadership during the final week of September and early October.

On September 27, as part of his birthday celebrations, the President emphasized the government’s expanded zero-balance billing program and other health assistance initiatives for Filipinos. His schedule included official trips to Ilocos and India, alongside declarations of special non-working days in several municipalities across Isabela, Cebu, Palawan, Nueva Vizcaya, and Davao del Sur to enable residents to participate in local festivities. The following day, President Marcos ordered a review of financial support for Filipino athletes competing in the 20th Asian Games in AichiNagoya, Japan, following complaints about inadequate assistance. The government pledged to investigate whether sports officials had been negligent or mishandled funds intended for competitors. Simultaneously, he directed the Department of Labor and Employment (DOLE) to release guidelines for the SAGIP Trabaho Program, which provides additional wage support to workers in Small and Medium Enterprises (SMEs) affected by the PhP60 wage increase in the National Capital Region, ensuring workers retain their employment. Addressing school safety concerns, the administration committed to hiring 10,000 school counselor associates for the current school year to create positive learning environments and provide students with greater access to guidance and support. In a significant development, the government extended comprehensive financial, livelihood, and reintegration assistance to Mary Jane Veloso following her absolute pardon, with various agencies supporting both her and her family. President Marcos reaffirmed that

education remains the administration’s highest priority, noting that the 2025 education budget reached its highest level in Philippine history. He highlighted the country’s improved performance in the 2025 Programme for International Student Assessment (PISA), citing gains in reading, science, and mathematics as evidence of ongoing educational reforms. On September 29, at the 4th ASEAN Women Leaders’ Summit in Mandaluyong City, President Marcos called on member-states to expand women’s participation in leadership and decision-making, emphasizing that women must drive the region’s security, resilience, and inclusive prosperity under the ASEAN Community Vision 2045. He stressed that women should be active policy shapers rather than mere development beneficiaries. He noted that over 60 million micro, small, and medium enterprises (MSMEs) across ASEAN are womenowned or managed, making them crucial to regional economies. He also urged stronger ASEAN action against gender-based violence in online spaces as digital connectivity expands. During the same period, the National Disaster Risk Reduction and Management Council (NDRRMC) released implementing rules for Republic Act No. 12287, the Declaration of State of Imminent Disaster Act signed on September 12. This legislation institutionalizes anticipatory action, allowing the government to declare imminent disaster states before calamities strike based on scientific forecasts. To enhance transparency, President Marcos institutionalized the COMPASS Portal (Centralized Open Monitoring Platform for

Appropriations and Spending Statistics) through Executive Order No. 126, creating a unified, publicly accessible digital platform for government budget, expenditure, procurement, and program performance data. At the 2026 Metrobank Foundation Outstanding Filipinos awarding ceremony, President Marcos honored ten recipients—including teachers, military personnel, and police officers—for their public service contributions. He encouraged them to continue inspiring community service and recognized their role as frontliners in nation-building. On September 30, the President urged teachers to prepare students as analytical, discerning decisionmakers while remaining considerate of others. He promised continued improvements in school safety and teacher professional development. He also issued Administrative Order 49, reconstituting the inter-agency governing board for the Local Governance Reform Project to strengthen property valuation, improve local tax administration, and build assessor capacity. Additional special non-working days were declared in seven municipalities and two provinces including Laguna, Samar, Oriental Mindoro, Surigao del Norte, Biliran, Cotabato, Mountain Province, and Negros Oriental. The administration intensified preparations for an anticipated “Super El Niño,” coordinating with local government units, health offices, schools, and workplaces to protect the public from extreme heat and prevent water shortages. President Marcos directed agencies to implement necessary drought mitigation measures. Malacañang affirmed that the Maharlika Investment Fund (MIF) remains effective in fulfilling its mandate, distinct from government financial institutions’ developmental financing functions. The Bureau of Immigration continues modern-

izing border management systems to improve passenger processing while ensuring security. The government encouraged investment in Retail Treasury Bonds (RTBs) for as low as P5,000, allowing Filipinos to earn fixed interest while financing education, healthcare, business support, and job generation programs. President Marcos also signed Administrative Order No. 50, returning the Mile-Long Property in Makati City to the Privatization and Management Office for optimized asset disposition. On October 2, the President directed agencies to assist the agriculture sector with El Niño effects and high fuel prices. Approximately 300,000 farmers, fisherfolk, and agricultural transport drivers will receive P3 billion in fuel subsidies distributed by the Department of Agriculture under the Unified Package for Livelihoods, Industry, Food and Transport framework initiated in March. The President graced the mass oath-taking of 4,125 newly promoted and hired Department of Education personnel in Cagayan Valley, emphasizing career advancement opportunities for educators. He visited Patul Elementary School in Santiago City, Isabela, to inspect the Home-Grown School Feeding modality under the School-Based Feeding Program, thanking parents for their contributions to education and receiving appreciation from the School Parent-Teacher Association for government safety and wellness initiatives. On October 1, President Marcos received credentials from French Ambassador Donatienne Hissard. The government also marked Communications Month, underscoring communication’s vital role in informing citizens about policies and services. The Department of Trade and Industry intensified consumer rights awareness campaigns following presidential directives on safe product choices. PND

Sports BusinessMirror

A10 Monday, October 5, 2026

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

BIG STAGE AWAITS, ALL EYES ON LA28 By Jun Lomibao

AGOYA—With the Asian Games over, it’s now the time to focus on the biggest event—the 2028 Summer Olympics in Los Angeles. “They’re just around the corner,” said Abraham Tolentino on Sunday when Aichi and Nagoya lowered the curtain on the 20th edition of the Asian Games that were tremendously dominated by China, with the Philippine winning four gold medals. Four golds, enough to match the output in Hangzhou three years ago, but more than adequate an indication that Filipino athletes are getting locked in on LA. “Are we happy with the result?” Tolentino asked of the campaign that also netted nine silvers and 16 bronzes. “Yes. Because of our record-breaking performances, and because almost all of our medals came from Olympic sports.” Carlos Yulo made Nagoya look like Paris with his gold medals in floor exercise and vault, while EJ Obiena’s Asian Games record leap at 6.91 meters makes him a medal potential in LA— both athletes will be attempting to compete in their third Summer Games. The fourth gold came from another Olympic sport, taekwondo, on Jeus Yape’s victory in the mixed virtual event that’s only been introduced in Nagoya.

EUMIR MARCIAL skips the Asian but vows to pour it all in the AIMAG.

Marcial shifts focus to AIMAG, world title next

THE Philippines improves on its medal haul from four years ago but couldn’t surpass its gold target. AP

TEAM PHILIPPINES HONOR ROLL GOLD - 4 • Carlos Yulo - Gymnastics - Men’s floor - Sept 24 • Carlos Yulo - Gymnastics - Men’s vault - Sept 25 - his 2nd gold of the Games, 14.599 to beat Iran’s Mahdi Olfati • EJ Obiena - Athletics - Men’s pole vault - Sept 29 - set a Games Record 5.91m • Jeus Yape - Taekwondo - Mixed virtual taekwondo - Oct 2 - also won bronze in poomsae Yulo won the country’s first gold in men’s floor exercise with 14.666 SILVER - 9 • Jean Claude Saclag - Mixed Martial Arts - Men’s traditional 65kg • Kacey dela Rosa, Amyah Espanol, Kennan Ka, Maria Victoria Pasilang - 3x3 Basketball - Women’s tournament - Gilas Pilipinas Women 3x3 • Nelly Jay Salon, Abegail Sinogbuhan, Jean Marie Sucalit - Sepak takraw - Women’s doubles • Amaya Amparo Cojuangco - Archery - Women’s individual compound - lost to Indonesia in the final 139-137 • Juliana Candelaria - Taekwondo - Women’s individual poomsae - also reported as winning silver with 9.1300 in final • Carlo Paalam - Boxing - Men’s 55kg • Tachiana Mangin - Taekwondo - Women’s –49 kg - silver after losing to China in final • Kurt Bryan Barbosa - Taekwondo - Men’s –58 kg - silver after losing to Kazakhstan • Alex Enriquez - Ju-jitsu - Women’s –63 kg - lost to Thailand’s Orapa Senatham in gold medal contest BRONZE - 16 • Princess Catindig, Bien Zoleta, Hilary Paas, Shyryn Salazar, Christy Sañosa Soft tennis - Women’s team - Sept 20 - Philippines’ first medal of the Games, semifinalists • Carlos Alvarez - Mixed martial arts - Men’s traditional 77kg • Ysabielle Arrogante, Ricca Torres-Foronda, Sam Vegullas - Karate - Women’s team kata • Marie June Adriano - Karate - Women’s kumite 50kg • Eldrew Yulo - Gymnastics - Men’s horizontal bar - younger brother of Carlos, bronze in Asiad debut • Albert Delos Santos - Weightlifting - Men’s 70kg - also opening ceremony flagbearer • SIBOL - Rence Gatmaitan, David Lance, Ducke Leoncio, Robert Mempin, Michael Ocio, Kim Rey Salazar - Esports - Pokémon Unite • John Cabang - Athletics - Men’s 110m hurdles • SIBOL - Dragon Dajao, Golden Dajao, Charles Esguerra, Chammy Nazarrea, Justine Tan, Jhon Tungol - Esports - Honor of Kings • Reynaldo Asilum Jr., Ronsited Gabayeron, Jason Huerte, Glindel Phori, Jom Lerry Rafael Sepak takraw - Men’s regu • Jayuard Alciso - Surfing - Men’s shortboard • Victoria Bossong - Athletics - Women’s 800 metres • Alexandra Eala - Tennis - Women’s singles - bronze after semifinal loss to China’s Wang Xiyu • Jeus Yape - Taekwondo - Men’s individual poomsae • Sofiah Pagara & Khylem Progella - Beach Volleyball - Women’s tournament • Kaila Napolis - Ju-jitsu - Women’s 52kg Double medalists: Carlos Yulo with 2 golds and Jeus Yape with 1 gold + 1 bronze.

Tolentino said the silvers and bronzes were from mostly Olympic sports, too— basketball, archery and taekwondo; the bronze gymnastics, weightlifting, athletics, tennis and beach volleyball. “That means our direction heading into LA 2028 is squarely focused on Olympic disciplines,” said Tolentino, who’s veered the conversation to the POC urging the Philippine Sports Commission (PSC) to also zero in on LA 2028. “Funding, joining every available qualifying tournament—let’s not cut corners—hiring foreign coaches, and maximizing international exposure,” Tolentino said, impressing the importance of selecting who are the best bets capable of qualifying for LA.

Gregorio: Best Asiad performance ever

PHILIPPINE Sports Commission (PSC) chairman Patrick “Pato” Gregorio described the Nagoya campaign as the coun20TH ASIAN GAMES AICHI-NAGOYA 2026

MEDAL TALLY R

Country

People’s Republic of China

169

341

Japan

269

Republic of Korea

150

India

Uzbekistan

Islamic Republic of Iran

Thailand

Kazakhstan

Hong Kong, China

Bahrain

Malaysia

Democratic People’s Republic of Korea

United Arab Emirates

Qatar

Chinese Taipei

Indonesia

Philippines

try’s best showing in the Asian Games. “This is the best performance of the Philippines in 64 years and when we say 64 years, the last time was in 1962 in Jakarta,” Gregorio said. “This is the most number of medals that we have won in the games. The performance in Nagoya bettered the two silver and 12 bronzes in Hangzhou and the two silver and 15 bronzes in Jakarta 2018 and more importantly, there were medal milestones in beach volleyball, sepak takraw, karatedo, archery and athletics. Gregorio revealed that Malacanang has already been informed of the breakthrough accomplishment in the Asian Games through Presidential Communications Secretary Dave Gomez, adding that the Palace is elated over success.

Male athletes deliver this time

POC president Abraham Tolentino said it was the turn of the men to shine in Nagoya, unlike in Palembang when the four golds won were from female athletes. “What’s even more significant is that in the 2018 Palembang Asian Games, all four of our golds came from female athletes; this time in Nagoya, all four golds were won by our male athletes, which shows our men’s division is recovering strongly.” Jiu-jitsu’s Meggie Ochoa and Annie Ramirez, skateboarding’s Margielyn Didal and golf’s Yuka Saso, Bianca Pagdanganan and Loise Kaye Go accounted for the gold medals in Jakarta and Palembang. Tolentino also stressed that many of the silver medals were decided by the slimmest of margins—the last-arrow heartbreak of archer Amaya Cojuangco, Victoria Bossong in the women’s 800 meters and Jean Claude Saclag in mixed martial arts.

Alex Eala: Love for flag and country ALEX EALA may not have won the gold she wanted so much in the Asian Games and had to settle for the bronze medal, but her love for flag and country was undeniable. She chose the Asian Games over the

Statement win for Abra in East Asia Super League

By Josef T. Ramos

EBU CITY—Abra Weavers made it clear in their East Asia Super League debut that they are more than just a replacement team. The reigning Maharlika Pilipinas Basketball League champion opened its Group C campaign with a 79-72 victory over the Hong Kong Eastern Long Lions on Saturday at the newly built 16,000seat SM Seaside Arena Cebu. Sean Dave Ildefonso led the charge as Abra made a winning impression on the international stage. “I guess this first game is a character win for us. If you look at our lineup, there are a bunch of players who want to prove

themselves and show that they really belong at this level,” Ildefonso said. “They really wanted to show that they can play and win at the international level.” Ildefonso, the youngest son of PBA great Danny Ildefonso, was last season’s MPBL Most Valuable Player after averaging 17.5 points, 6.9 rebounds, 3.8 assists and 1.6 steals. He finished with nine points and four rebounds against Hong Kong Eastern. But Ildefonso knows Abra will face a tougher challenge in its next two games against regional powerhouses Ryukyu Golden Kings of Japan’s B. League and Taoyuan Pauian Pilots of Taiwan’s P. League+.

“After this win, we know that we are going to meet more competitive teams here, but this win is the first step in the right direction. We really belong here,” Ildefonso said. “We’re thankful that we got the win tonight because it is great to prepare for our MPBL campaign coming off a win.” Abra also got significant contributions from Jordanian guard Freddie Ibrahim, who had 14 points, four rebounds and three assists, while former Rain or Shine import Jaylen Johnson also scored 14. Team captain DJ Fenner added 13 points, five rebounds, three assists and three steals, while 6-foot-11 center Michael Eric contributed 10 points.

DAVE ILDEFONSO and the Weavers prove their worth in the regional pro league. JOSEF T. RAMOS

Beijing Open and stand the risk of being fined by the WTA and although she got the door after losing to an upset-hungry Chinese, Eala poised herself to a bronze medal—on and off the court. “Aside from all those medals, the best lesson of this Asian Games is Alex Eala’s decision to play for the country,” Tolentino said. “She gave up so much to be here, and she didn’t mind the cost—whether facing tour penalties, fines, or zero financial gain.”

Naturalized athletes coming aplenty

ABRAHAM TOLENTINO said the sports landscape bordering on naturalization of athletes is now showing all over. Nations like Bahrain won all 11 of its gold medals using naturalized athletes from Ethiopia, Kenya, Chechnya and Russia. “It’s high time we don’t rely solely on homegrown talent alone, because in some events, the gap after our top stars like EJ Obiena is wide,” Tolentino said. “We can develop our local grassroots and pursue naturalization simultaneously, paired 100 percent with foreign coaches, so the level of competition rises together.” He added: “Almost all martial arts teams in Asia have naturalized athletes now—that is the trend, or else we will be left behind. In fact, in wrestling, we already have a naturalized athlete who is ranked No. 1 in the US, and we are just waiting for the US federation to release him. Ayaw siyang payagan pa,” he said.

UMIR MARCIAL is targeting a world title after extending his unbeaten professional record to 8-0 with five knockouts. The 30-year-old Marcial, an Olympic bronze medalist, stopped Omar Huerta in the third round in a non-title middlweight bout in California last month and is targeting a potential world title shot next year. Marcial, from Lunzuran, Zamboanga City, had earlier mentioned eyeing the World Boxing Council title held by the Dominican Republic’s Carlos Adames (25-1-1). The 5-foot-11 Marcial said he is grateful for the support from sports officials—he skipped the Asian Games after the match against Huerta—and other backers. Marcial vowed to focus on the Asian Indoor and Martial Arts Games in Riyadh after missing the Asiad, before turning his attention back to his professional career. “First of all, I’m truly honored and grateful that [PAGCORlicensed sportsbook] SportsPlus PH believed in me and did not hesitate to support me. They made me feel that I can become a world champion someday as a professional boxer,” Marcial said, adding that he hopes the partnership continues until he wins a world title. “They are there to help and support me as I take every step in my career. From the 50th Anniversary of Thrilla in Manila to my fight against Huerta, they have been there, backing me and supporting me every step of the way.” “It also supports the grassroots program that I’m building right now. Every time I need support, they are there. They believe Filipino athletes deserve recognition not only in the Philippines, but around the world,” Marcial said.

Kim earns military exemption with gold in Asian Games golf

AGOYA, Japan—South Korean golfer Tom Kim got what he came for by winning the men’s singles on Saturday at the Asian Games: a gold medal and an exemption from military service back home. He shot a 6-under 64 in Saturday’s final round for a four-day total of 18-under 262. Three golfers were three back and faced a playoff with Kazuki Higa of Japan taking silver and Thailand’s Sadom Kaewkanjana earning bronze. Tom Kim made a special effort to win in Japan, flying across the Pacific when the Presidents Cup competition ended last weekend. Asked about the exemption, he took the gold-medal approach. “Despite that, I’m more proud that I’m able to bring a medal for my country,” he said. He did acknowledge pressure—the flight, the expectations, the gold medal and more. “I tried not to think about it,” he said. “I just tried to play [the] best for my country. It’s a big stepping stone. I think the pressure that I felt this week, I’ll be able to implement it in my upcoming seasons.” Most able-bodied men in South Korea must serve about 18 months in uniform, but a medal of any color at the Olympics—or gold in the Asian Games—provides an out. However, South Korea failed to win the team

competition. That means that S.H. Kim, who played on the team with Tom Kim, did not get the exemption. He closed with a 73 and the third team member, 35-year-old Mun Do-yeob, shot 70. Mun had already served and did not need the exemption. Kim Joo-hyung goes by Tom Kim when he plays on the PGA Tour, and Kim Seong-hyeon goes by S.H. Kim when he plays abroad. China won the team event with silver for South Korea and bronze for Japan. The military exemption in South Korea also applies to classical and traditional musicians, dancers and other artists who are viewed as enhancing national pride. AP

TOM KIM, who honed his skills in the Philippines, Australia and Thailand, seizes the spotlight at Kasugai Country Club. AP

Companies BusinessMirror

Editor: Jennifer A. Ng

STOCK-MARKET OUTLOOK LAST WEEK SHARE prices declined and sent the main index to the 5,600-point level due to poor investor sentiment amid lingering macroeconomic headwinds and the lack of positive catalysts. The benchmark Philippine Stock Exchange index slumped 196.94 points to close at 5,629.03 points. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the market was in the negative territory for five straight trading days. Average volume of trade reached a value of P5.95 billion. Foreign investors, who cornered 55 percent of the trades, were net sellers at P4.56 billion. All other sub-indices closed in the red, led by the All Shares index that closed 93.82 points lower to 3,152.39 points, the Financials index shed 52 to 1,759.39, the Industrial index declined 262.75 to 7,334.99, the Holding Firms index fell 58.56 to 4,084.45, the Property index was down 25.01 to 1,735.36, the Services index retreated 176.88 to 3,015.53 and the Mining and Oil index plunged 1,268.59 to 19,332.20. For the week, losers edged gainers 163 to 58 and 19 shares were unchanged. Top gainers were LBC Express Holdings Inc., Alliance Select Foods International Inc., Pacifica Holdings Inc., Pryce Corp., Global Estate Resorts Inc., F and J Prince Holdings Corp. A shares and Keppel Philippines Properties Inc. Top losers, meanwhile, were Asiabest Group International Inc., Roxas and Co. Inc., Anglo Philippine Holdings Corp., Manila Bulletin Publishing Corp., Supercity Realty Development Corp., Oriental Petroleum and Minerals Corp. A and Global Ferronickel Holdings Inc.

THIS WEEK SHARE prices may rise this week, but mainly on technical bounce backed by bargain hunting. Tantiangco said the overall trend could remain bearish. “Oil prices remain elevated. Local and global yields remain high. And the peso remains weak. All partly traced to the uncertainties between the United States and Iran and its effects on the global oil, inflation, and interest rate scenario. The said factors are currently weighing on the local equities market.” He said confidence towards the local economy continues to wane, following growth forecast downgrades from institutions such as the S&P Global Philippines Manufacturing PMI, which reflected a contraction in the local manufacturing sector last September. Meanwhile, Tantiangco said the September inflation rate is expected to take center stage for investors this week.

Continued on B2

Monday, October 5, 2026

Prime Infra optimistic about doubling revenues, income

By Lenie Lectua

@llectura

AZON-LED Prime Infrastructure Capital Inc. said its existing portfolio and strong lineup of projects will enable the company to double its revenues and earnings over the short- to medium-term. “We are positioned to double both revenue and earnings. Growth will be driven by our existing portfolio, acquisitions, and the commercial operations of our 2-gigawatt [GW] pumped storage hydroelectric projects in Laguna and Rizal,” Prime Infra Treasurer and CFO Sandy Alipio said. Approaching its 10th year, Prime Infra said it achieved several key milestones by “balancing opportunistic agility with strict capital discipline through high-impact assets.” Prime Infra president and CEO

Guillaume Lucci said the company is cementing its role in advancing sustainability and energy goals. “The next decade will build on the foundations on the first. This means scaling existing platforms, expanding geographically, and deepening operational capabilities. The same principles that guided our first 10 years will define the next phase of growth.” The Malampaya Phase 4 project, for instance, delivered two new development wells, successfully extending the operating life

of the field by approximately six years. The addition of gas-fired power plants under Prime CoreGen strengthens the company’s position across the natural gas value chain and supports the country’s transition to cleaner energy. In parallel, Prime Infra secured funding worth P273.47 billion for pumped storage hydroelectric portfolio. The company completed the construction of the Upper Wawa Dam project a year ahead of schedule. Essentially, the project integrates with the Upper Wawa Dam to provide 6,000 megawatt-hours (MWh) of daily energy storage capacity, intended to supply mid-merit and peak power to the Luzon grid, reduce reliance on fossil-fuel generation, and improve grid flexibility. Pumped storage hydro absorbs energy at times of low demand and releases it when demand is high. It stands as a significant player in the energy landscape by enabling the continued dispatch of variable renewable energy as it stores excess capacity when there’s an oversupply

and dispatching the same when the supply goes back down. This project is part of Prime Infra’s 2-GW pumped storage portfolio. Another subsidiary, Ahunan Power Inc., is currently constructing the 1,400MW Pakil pumped storage in Laguna. Further, the company said the integration of WawaJVCo Inc. into Manila Water unlocked “significant” operational efficiencies and revenue gains. Also, the company’s acquisition of SierraCol Energy establishes its presence in a highly profitable upstream market. Boosted by strong global oil prices, the company expects to fully recoup its investment ahead of schedule. ”As we approach our 10th year, our focus remains fixed on operational efficiency, financial discipline, and delivering stable, long-term returns. We continue to strengthen governance and build institutional capabilities across finance, operations, and project execution, supported by transparent and data-driven reporting,” added Alipio.

Toshiba keen on scaling up operations

First Gen, Cebu firm seal solar power deal

OSHIBA Corp.’s planned expansion of its hard disk drive manufacturing operations in the Philippines could create 3,000 additional jobs and further strengthen the country’s role in the global data storage supply chain, according to Executive Secretary Ralph G. Recto. Recto said in a statement that he discussed the expansion with Toshiba Senior Executive Vice President Koji Ikeya during a meeting at the Malacañang last Thursday, October 1. “We are rooting for you. We are glad to hear that your investments in the Philippines are doing very well. Your success here gives us more reason to push this expansion forward,” Recto told Toshiba executives. He said Ikeya underscored the strategic importance of the Philippines to Toshiba’s global operations and signaled the company’s strong interest in further expanding its manufacturing footprint in the country. Recto hailed Toshiba’s move as a “vote of confidence for the Philippines,” more so that it is made by a global manufacturing powerhouse. He assured that the government is prepared to work with Toshiba and other major investors to turn expansion plans into new factories, more investments, and better-paying jobs for Filipinos. He said attracting high-technology manufacturing is central to President Ferdinand R. Marcos Jr.’s push to position the Philippines as a competitive hub for artificial intelligence, advanced manufacturing, and other industries of the future. “This is exactly the kind of investment we want—one that brings technology, expands our manufacturing base, strengthens our role in global supply chains, and, most importantly, creates thousands of jobs for Filipinos.” Recto said the government wants the Philippines to capture more of this growth, citing the Luzon Economic Corridor as a key platform for attracting advanced manufacturing and technology investments.

EBU-BASED property developer Oakridge Realty Development Corp. (ORDC) has expanded its partnership with the First Gen Group (First Gen) by signing an agreement to install rooftop solar power facilities at two locations in Mandaue City. Under their agreement, First Gen will install a 648-kilowatt-peak (kWp) rooftop solar facility in the recently opened Mantlewood Town Center and a 405-kWp solar power plant atop ORDC’s flagship Oakridge Business Park, both located in Mandaue City. ORDC President Anne Liu said the expansion is part of the company’s long-term commitment to integrating sustainable, clean energy solutions into its growing property portfolio. Additionally, ORDC is one of the first developers in Cebu to utilize the government’s Retail Competition Open Access (RCOA) program to source power directly from renewable energy producers. “Our transition to renewable energy [RE] at Oakridge Business Park was an important step in reducing the environmental impact of our operations. The addition of on-site solar allows us to take this commitment further, and extending it to Mantlewood Town Center is part of how we want to develop our properties moving forward. As our developments grow, we want to continue finding practical ways to reduce our carbon footprint and integrate cleaner energy solutions into how we operate,” said Liu. Its flagship Oakridge Business Park is the first mixed-use property in Cebu to be 100 percent powered by renewable energy (RE), through its partnership with First Gen. It also pioneered installations of electric vehicle charging stations as well as solar-powered charging stations for mobile devices. Over the years, ORDC has continued to partner with First Gen, combining RE supply with solutions such as energy audits and remote energy monitoring systems, which help optimize electricity use and improve cost savings. Lenie Lectura

VENEZUELA GAS FIELD

Eni SpA and Repsol SA are considering bringing in outside investors into the giant Perla natural gas field off Venezuela’s coast, as the Trump administration pushes to unlock the South American country’s energy reserves. The two partners, which each own 50 percent of the offshore venture, are evaluating whether to sell a portion of their stakes to bring in more funds, according to people familiar with the matter who asked not to be identified discussing confidential information. The capital would be used to help develop the field. Eni and Repsol declined to comment. Venezuela, which holds vast oil reserves, also has very large gas deposits. But the nation doesn’t export it. Last month, Venezuela and the United States announced partnerships with major oil companies including Chevron Corp., GE Vernova Inc. and Eni aimed at boosting crude production. Photo shows offshore gas rigs silhouetted against the setting sun on May 10, 2024, near Fort Morgan, Alabama. PHOTOGRAPHER: J. DAVID AKE/GETTY IMAGES NORTH AMERICA/BLOOMBERG

‘ERC order benefits SPUG areas’

HE National Power Corp. (Napocor) said the muchanticipated Omnibus Order of the Energy Regulatory Commission (ERC), which effectively restored a total of P23.52 billion in previously disallowed Napocor costs, will help keep the lights on in isolated areas. The pivotal resolution of 26 rate filings for calendar years (CYs) 2012 to 2022 concluded a long wait spanning from 2013 to 2024. The approved overall adjustment from the 26 petitions will be reflected through an incremental Universal Charge for Missionary Electrification (UC-ME) rate of P0.0634 per kilowatt hour (kWh) from the current P0.2763 per kWh. or a total of P0.3397 per kWh. The recovery period will be three years beginning October 2026. “This Omnibus Order finally brings closure to the pending rate filings in the past decade. Conse-

quently, this financial relief brings a new beginning to our mission of keeping the lights on in isolated communities and remote islands. As mandated by ERC, the 12 percent Return on Rate Base (RORB) from CYs 2012 to 2022 reinforces our established plans and programs in the transition toward a cleaner and more efficient energy solutions,” Napocor President and CEO Jericho Jonas Nograles said. The order settles a decade of pending cases (2013–2024), covering Basic UC-ME petitions, UC-ME True-Up petitions, and the 10th to 14th Generation Rate Adjustment Mechanism (GRAM) and Incremental Currency Exchange Rate Adjustment (ICERA) applications. The 12 percent Return on Rate Base (RORB) is designed to gradually decrease the UC-ME, ultimately lowering costs for end-users over time. The ERC order stated that P16.54 billion is strictly earmarked for capi-

tal expenditures to improve missionary electrification, including retiring old plants, hybridizing existing plants, and deploying battery storage. The remaining approved recoveries will sustain current Small Power Utilities Group (SPUG) operations. “While the RORB will support investments for the green transition, the remaining recoveries that the ERC approved will sustain the current operations of our SPUG facilities, New Power Providers (NPPs), Qualified Third Parties (QTPs) and Microgrid Service Providers (MGSPs) and ensure that electricity service remains uninterrupted for over one million households we cover,” Nograles added. Napocor said it remains committed to its mission of bringing and sustaining power in unserved and underserved areas in the country. The approved regulatory support will help the state firm maintain its

operations without financial uncertainty, undertake capital projects to reduce fuel costs, and improve service reliability for off-grid communities. “Some of these cases were first filed in 2013, and the uncertainty was not serving anyone, least of all the consumers in our island and offgrid communities,” said ERC Chairman and CEO Francis Saturnino C. Juan. “The commission had to act to ensure the continued viability of NPC’s operations and to support the regulatory framework for the missionary areas, which depends on NPC and private providers being paid what the law and the supporting documents allow, on time. At the same time, we have made sure that the return we restored goes back into lowering the cost of serving these areas. Every peso of RORB must work toward a reduced UC-ME over the long term,” he added. Lenie Lectura

Companies BusinessMirror

Monday, October 5, 2026

Globe ready to support PHL bid to establish tech corridor

By Lorenz S. Marasigan

@lorenzmarasigan

LOBE Telecom Inc. is positioning its fiber, connectivity and data center businesses to support the Philippines’s bid to participate in Pax Silica, as its top executive called on the private sector to take an active role in shaping the country’s place in the global technology economy. Globe President and CEO Carl Cruz said these three areas are where the telecommunications company could support the evolving ecosystem, noting that artificial intelligence (AI), cloud computing, advanced manufacturing, and other technology-intensive industries depend on reliable and resilient digital infrastructure. “Our role is to make sure that, where connectivity is needed, we are ready to support,” Cruz said. “This is a broader national effort, and each industry will have something differ-

ent to contribute. What is important at this stage is that the private sector is engaged in the conversation and looking at where it can meaningfully help.” Cruz said the collaboration between the government and business will be important as the Philippines explores where it can participate across emerging technology industries and global supply chains. “We see Pax Silica as an important conversation for the country, and the private sector should be part of it,” he said. “Philippine companies already bring different capabilities to the

table, and there is value in looking at how these can complement the government’s efforts as the opportunities become clearer.” His remarks echo Ayala Corp. Chairman Jaime Augusto Zobel de Ayala’s recent call for Philippine businesses to begin identifying where their existing strengths could contribute to opportunities emerging from Pax Silica. Rather than waiting for all the details to be defined, Zobel de Ayala urged the private sector to start its own conversations and pinpoint areas where it could participate. The government has begun laying out the possibilities for Philippine participation. Trade Undersecretary Ceferino Rodolfo has outlined a proposed Philippine Technology Corridor with potential nodes covering advanced manufacturing in New Clark City, integrated circuit design and innovation in Metro Manila, AI compute and cloud infrastructure in Batangas, a Pacific-facing connectivity gateway in Aurora, critical minerals in Mindanao, and a potential semiconductor fabrication hub in Bulacan. Rodolfo said these areas build

on industries and capabilities the country has already been developing, rather than opportunities pursued solely because of Pax Silica. The initiative, he said, could provide another avenue to strengthen these efforts and link the Philippines more closely with a wider international technology ecosystem. Globe earlier welcomed the opportunities presented by Pax Silica, while recognizing that its implementation will require careful consideration of environmental, resource, geopolitical, and other factors. Government officials have likewise stressed that projects pursued under the initiative would remain subject to Philippine laws, labor standards, environmental requirements, and national priorities. Cruz said sustained dialogue among government, businesses, academe, and other stakeholders can help identify where Philippine capabilities are best positioned to contribute. For the private sector, Cruz said, this means staying engaged, understanding where opportunities are emerging, and being ready to bring relevant expertise to the table.

occupancy,” it said. Megawide’s shares closed last week at P5.15 apiece. Meanwhile, it advised to trade the range on the stock of Ayala Corp. as it recovered from recent weakness and moving back toward the P503 resistance.

“With momentum improving but the broader trend still lacking strength, the stock remains suited for range-bound trading,” it said. Ayala shares closed last week at P515 apiece. VG Cabuag

STOCK-MARKET OUTLOOK Continued from B1 “Expectations are that (the) September inflation would be faster than the prior month’s 6.1 percent. If inflation comes in significantly faster, it may further drag the local market.” Broker 2TradeAsia said the Bangko Sentral ng Pilipinas has projected that inflation could range from 6.4 percent to 7.4 percent, well past the 6.5-percent cap that the broker flagged last week as its “hawkish trigger.” “While we agree with the range, a more conservative point estimate sits in its lower half at 6.6 percent to 7 percent. This is in line with where our July-August tracking pointed, which makes August’s 6.1 percent more the aberration.” Monsoon rains and multiple typhoons did over P4 billion in estimated farm damage, plus pump prices rose three times in September, all on top of the peso sliding toward P63, it added.

“We thus expect upside surprises from vegetables, fish and rice, with meat and electricity as the potential offsets.” Chartwise, the market is already trading in a new range which is from 5,600 points as its support to 5,800 points as its resistance, Tantiangco said. “Investors are advised to remain cautious.”

STOCK PICKS BROKER Regina Capital Development Corp. maintained its buy rating on Megawide Construction Corp. and upgraded its target price on the stock to P7.50 per share. The broker said this reflects the company’s order book momentum toward the P60 billion to P70 billion yearend target, real estate’s growing contribution to profitability, and a deleveraging-driven shift toward a more consistent dividend payer from 2027. “Key risks include slower order. book conversion, margin dilution from a rising 4PH mix and softer landport

MUTUAL FUNDS

October 2, 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. -A198.25 -6.34% -1.13% -2.24% -2.98% -7.4% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2244 7.05% 15.2% 7.08% 4.66% 2.91% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.6547 -6.38% -2.13% -2.84% -4.75%-6.89% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7365 0.52% 2.84% -0.14% N.A0.31% FIRST METRO CONSUMER FUND, INC. -A 0.4769 -15.88% -9.28% -9.2% N.A -14.24% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.0439 -7.72% -3.85% -4.28% -2.89% -7.52% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6003 -6.48% -3.92% -4.27% N.A-6.58% MBG EQUIT Y INVESTMENT FUND, INC. -A 63.79 -25.05% -9.88% -7.89% N.A -28.69% PAMI EQUIT Y INDEX FUND, INC. -A 39.1659 -4.8% -2.29% -3.05% -2.69% -5.3% PHILAM STRATEGIC GROWTH FUND, INC. -A 415.68 -6.45% -1.54% -2.73% -2.77% -7.53% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.4967 0.73% 8.68% 3.74% 1.44% -4.14% PHILEQUIT Y FUND, INC. -A33.5543 -1.12% 0.66% -0.78% -1.02% -2.55% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.8845 2.09% 1.93% -0.11% N.A -0.36% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.2509 -3.7% -1.21% -1.97% -1.84% -4.89% PHILIPPINE STOCK INDEX FUND CORP. -A 699.31 -4.21% -1.58% -2.3% -2.02% -4.85% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6713 -1.81% 0.62% -1.14% -3.01% -4.39% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.9314 -9.77% -3.64% -4.17% -3.51% -8.66% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.7831 -4.42% -2.02% -2.68% -2.28%-4.96% UNITED FUND, INC. -A3.44943.15% 4.42% 1.03% -0.03% 4.92% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 0.9826 -4.07% -1.61% N.A N.A -4.87% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 0.9871 -5.56% N.A N.A N.A -5.4% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8459 -9.8% -5.73% -5.02% N.A -10.42% PHILIPPINE STOCK INDEX FUND CORP. -A 844.3 -4.15% -1.76% N.A N.A -4.76% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 95.4257 -3.92% -1.39% -1.99% -1.62%-4.58% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.2413 24.14% 15.92% 1.73% 3.1% 21.16% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4517 14.46% 17.59% 6.64% 8.86% 10.22% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUIT Y GLOBAL FUND, INC. -A 1.0805 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1049 -0.7% -0.23% -1.01% -1.19% -1.65% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6776 4.26% 5.17% 0.02% -0.75%2.52% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4151 -1.6% -0.73% -1.8% -0.83% -1.9% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2218 -3.27% 5.22% 2.42% N.A-4.36% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9197 -0.7% -0.03% -0.47% 0.05% -4.13% PAMI HORIZON FUND, INC. -A3.5991 -2.58% 1.29% -0.44% -0.59% -5.04% PHILAM FUND, INC. -A15.2086 -4.27% 0.02% -1.59% -1.15% -5.01% SOLIDARITAS FUND, INC. -A2.0306 -2.15% 0.64% -0.3% -0.46% -3.32% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.2671 -5.19% -0.55% -1.78% -1.55%-4.57% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8578 -6.23% -0.85% -1.12% -1.33% -5.81% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.68 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9766 0.93% 1.87% -0.18% N.A -0.22% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8254 -0.92% -0.01% -1.84% N.A -1.95% -1.2% -0.55% -2.4% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.793 -2.24% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03309 -2.25% 1.36% -2.64% -0.84% -3.53% PAMI ASIA BALANCED FUND, INC. -B $1.1478 -5.27% 10.44% 1.54% 1.98% -5.14% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.6277 8.28% 12.76% 3.72% 5.72%5.42% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2054 3.29% 7.86% 0.6% 2.32%1.86% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.27 2.32% 3.23% 2.65% 2.52% 1.26% ATRAM CORPORATE BOND FUND, INC. -A 1.9907 2.3% 1.3% 0.65% 0.4% 1.64% COCOLIFE FIXED INCOME FUND, INC. -A 3.609 1.53% 3.13% 2.17% 3.17% 0.26% EKKLESIA MUTUAL FUND, INC. -A 2.439 0.31% 2.9% 1.59% 1.39% -0.55% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5016 -1.92% 1.12% 0.57% 1.12%-2.62% PHILAM BOND FUND, INC. -A4.514 -1.19% 2.42% 0.29% 0.73% -2.08% PHILAM MANAGED INCOME FUND, INC. -A 1.5463 2.78% 4.49% 3.26% 2.94% 1.73% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3281 1.2% 2.92% 1.72% 1.91% 0.35% SOLDIVO BOND FUND, INC. -A1.132 1.98% 2.89% 1.87% 1.7% 1.03% -2.38% 2.1% 1.49% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4461 2.02% -2.67% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8318 -2.03% 1.85% 1.02% 1.43% -2.79% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0179 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $531.84 1.37% 2.8% 1.74% 1.9% 0.52% ALFM EURO BOND FUND, INC. -A Є221.33 -0.73% 1.6% 0.1% 0.42% -1.09% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.043 -3.37% 1.25% -2.65% -0.77% -2.98% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0249 -5.68% 1.09% -0.86% -0.08%-6.04% PAMI GLOBAL BOND FUND, INC. -B $1.0443 -2.02% 8.02% 0.27% -0.6% -1.48% PHILAM DOLLAR BOND FUND, INC. -A $2.3623 -4.3% 2.86% -1.03% 0.31% -4.75% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0626683 -2.42% 1.12% -0.06% 0.99% -2.76% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8655 -2.28% 3.43% -1.81% -0.69%-2.29% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1898 2.75% N.A N.A N.A 2.01% ALFM MONEY MARKET FUND, INC. -A 153.19 4.1% 4.13% 3.22% 2.88% 2.9% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2281 3.45% 3.79% 3.08% N.A2.54% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5189 3.49% 3.6% 2.99% 2.77% 2.52% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.35 4.04% 4.3% N.A N.A 2.98% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1976 2.48% 3.3% 2.49% N.A 1.81% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.6526 2.1% 3.8% N.A N.A 1.18% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8219 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5775 25.26% 23.85% 14.23% N.A18.77% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1813 7.71% 7.31% N.A N.A 5.88% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

PSE STOCK QUOTATIONS

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October 2, 2026

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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG FILIPINO FUND NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

47 110.4 10.46 93.9 50 10.04 61.1 6.92 75 49.5 21 61.1 21.15 0.51 1.5 3.66 7.69 1.18 204.4 4,800 1.33

47.2 110.6 10.64 94 50.1 10.06 61.15 6.98 75.15 51.8 21.4 61.8 21.4 0.53 1.57 4.09 7.78 1.2 207.8 5,000 1.38

47.3 110.5 10.4 94.5 50.2 10.14 60.95 6.92 75.3 49.5 21.4 62.5 21.5 0.5 1.53 3.66 7.69 1.23 210 4,800 1.35

47.3 111.1 10.64 94.5 50.2 10.14 61.1 6.92 75.3 49.5 21.4 62.5 21.8 0.52 1.59 3.66 7.69 1.23 210 4,800 1.37

47 109.5 10.4 93.4 49.55 10.04 60.7 6.92 72 49.5 21 61.1 21.1 0.5 1.49 3.66 7.69 1.18 208.8 4,800 1.33

47 110.6 10.64 94 50.1 10.06 61.1 6.92 75 49.5 21 61.1 21.1 0.52 1.5 3.66 7.69 1.18 208.8 4,800 1.37

59,900 2,873,870 71,500 1,112,700 563,870 17,700 1,311,500 5,000 474,370 1,600 23,100 126,830 27,400 59,000 436,000 17,000 600 589,000 70 95 498,000

2,827,450 317,404,064 753,830 104,660,681 28,256,840 178,154 80,016,820 34,600 35,371,700 79,200 486,620 7,832,635 585,530 30,660 667,320 62,220 4,614 705,380 14,656 456,000 666,700

762,060 -111,303,291 102,900 -3,034,746 -3,032,408 -39,250 -24,647,428 34,600 2,995,544 -442,400 -5,080,160 112,265 57,110 -98,770 -2,110 432,000 41,850

INDUSTRIAL ACEN CORP 2.62 2.66 2.69 2.69 2.61 2.62 5,080,000 13,399,740 106,740 1.04 1.05 1.08 1.08 1.03 1.05 3,014,000 3,169,840 889,930 ALSONS CONS ALTERNERGY HLDG 0.65 0.66 0.64 0.65 0.63 0.65 1,116,000 719,160 45.55 45.75 45.6 45.95 45.25 45.55 529,200 24,134,515 5,348,955 ABOITIZ POWER RASLAG 1.09 1.09 1.08 1.07 1.07 1.09 83,000 89,790 0.106 0.107 0.106 0.108 0.106 0.108 110,000 11,760 BASIC ENERGY 4.56 4.62 4.62 4.62 20,000 92,400 CITICORE RE 4.62 4.62 FIRST GEN 17.88 18 17.64 18.42 17.64 17.88 203,200 3,674,340 92,964 87 88 87 88.7 87 87 64,950 5,654,689 -15,774 FIRST PHIL HLDG MERALCO 136,820,532 416 422 417.4 435 416 416 325,430 25,978,744 32.55 32.85 33 33 32.55 32.55 1,035,800 33,911,215 -13,095,125 MANILA WATER 16.16 16.2 16.2 16.06 16.2 1,148,400 18,557,598 5,202,978 MAYNILAD 16.28 PETRON 2.26 2.22 2.24 2.25 2.22 2.22 376,000 839,480 -133,110 4.74 4.76 4.75 4.76 204,000 970,740 PETROENERGY 4.76 4.76 PRYCE CORP 17.8 18 18.84 18.84 17.8 17.8 58,200 1,037,106 9.5 9.71 9.48 9.5 9.42 9.5 3,300 31,255 -3,800 REPOWER ENERGY 13.4 13.48 14.12 14.2 13.3 13.4 3,104,800 42,102,768 -17,706,152 SEMIRARA MINING SYNERGY GRID 21 21.65 21.25 22 20.1 21 2,009,200 42,135,125 8,703,260 7.91 8.04 8 8.2 7.91 7.91 615,300 4,948,636 -687,101 SHELL PILIPINAS SPC POWER 9 9.09 9.1 9.1 9 9.1 5,000 45,400 1.15 1.16 1.16 1.16 1.14 1.16 1,143,000 1,315,440 -75,330 SP NEW ENERGY 1.63 1.64 1.66 1.66 1.62 1.64 1,023,000 1,672,440 -89,100 TOP LINE AXELUM 2.64 2.64 2.66 2.63 2.63 2.64 66,000 173,590 0.28 0.295 0.285 0.29 0.285 0.29 40,000 11,450 -50 BALAI FRUITAS CENTURY FOOD 33 33 32.2 32.55 32.2 33 492,900 16,233,915 -4,772,750 3.3 3.42 3.42 3.42 5,000 17,100 -6,840 DEL MONTE 3.42 3.42 3.38 3.41 3.38 3.38 280,000 950,220 -356,500 DNL INDUS 3.41 3.41 EMPERADOR 15.54 15.54 15.36 15.38 15.32 15.54 394,900 6,094,598 -429,986 44.1 44.2 44.2 44.3 43.95 44.2 197,000 8,708,255 -7,302,610 SMC FOODANDBEV FIGARO GROUP 0.63 0.64 0.64 0.65 0.63 0.63 2,429,000 1,537,240 -133,410 0.49 0.52 0.5 0.49 0.52 2,478,000 50,000 ALLIANCE SELECT 0.6 1,268,310 0.65 0.66 0.64 0.65 0.64 0.65 69,000 44,750 FRUITAS HLDG GINEBRA 222.8 217 218.4 215 214.8 217 35,330 7,695,810 798,248 140.3 139 138.4 142 207,880 29,298,396 -700,999 JOLLIBEE 142 142 KEEPERS HLDG 1.81 1.82 1.83 1.83 1.81 1.81 70,000 127,920 -20,020 21.55 22.6 22.6 22.65 22.6 22.65 1,000 22,605 -15,820 LIBERTY FLOUR 1.94 1.98 1.93 1.93 1.93 1.93 2,000 3,860 MAXS GROUP MG HLDG 0.075 0.075 0.073 0.075 0.074 0.074 80,000 5,940 6.18 6.2 6 6.3 5.95 6.2 3,375,800 20,896,562 -3,832,058 MONDE NISSIN SHAKEYS PIZZA 5.01 5.14 5.19 5.2 5.02 5.02 113,200 580,431 492,036 2.3 2.38 2.48 2.48 2.3 2.38 235,000 559,100 ROXAS AND CO 4.99 5 5.04 5.04 5 5 198,800 996,304 -257,616 RFM CORP SWIFT FOODS 0.052 0.052 0.05 0.052 0.052 0.052 40,000 2,080 56.7 56.9 57.5 57.5 56.5 56.9 4,830,410 274,560,781 -100,824,864 UNIV ROBINA VITARICH 0.49 0.485 0.5 0.49 0.49 0.49 20,000 9,800 0.38 0.385 0.39 0.39 0.38 0.385 2,950,000 1,132,000 ATN HLDG A 0.38 0.385 0.39 0.39 0.385 0.385 1,800,000 693,500 115,500 ATN HLDG B CONCRETE 52.85 52.9 58.4 52.9 52.85 52.9 50 2,643 1.16 1.2 1.16 1.23 1.16 1.16 2,110,000 2,523,420 260,600 CONCREAT HLDG EEI CORP 1.95 1.95 1.86 1.95 1.95 1.95 5,000 9,750 5.14 5.15 5.32 5.38 5.15 5.15 791,400 4,139,423 -272,374 MEGAWIDE PHINMA 14.58 14.02 14.56 14.56 14.56 14.56 100 1,456 29.1 30.4 30 30.8 30 30.7 500 15,290 SUPERCITY 1.87 1.87 1.87 1.89 28,000 52,410 1.89 1.89 CROWN ASIA EUROMED 1.25 1.2 1.2 1.21 1.2 1.21 7,000 8,410 5.2 5.2 5.2 5.24 3,800 19,876 5.24 5.24 MABUHAY VINYL CONCEPCION 10.78 10.78 10.68 10.78 10.7 10.76 2,900 31,168 0.139 0.137 0.139 0.14 0.136 0.139 180,000 24,730 GREENERGY 6.12 6.16 6.3 6.3 5.9 6.12 3,506,800 21,343,622 -1,360,608 INTEGRATED MICR IONICS 13,296,690 3.86 3.89 3.72 3.91 3.66 3.86 3,485,000 3,260,980 7.02 7.27 7.27 7.27 7.27 1,200 8,724 PANASONIC 7.25 CIRTEK HLDG 1.46 1.47 1.46 1.49 1.43 1.47 1,698,000 2,474,680 -218,490 STENIEL 1.95 1.95 1.9 1.95 1.95 1.95 24,000 46,800

HOLDING & FRIMS

ABACORE CAPITAL 0.295 0.3 0.3 0.305 0.295 0.305 1,490,000 446,500 -45,750 27.6 27.9 33 35.45 27.6 27.9 351,700 10,645,020 -5,370,825 ASIABEST GROUP AYALA CORP 515 515.5 523 523 512 515 692,870 355,953,870 -270,983,055 37.25 37.6 37.1 37.75 643,600 24,175,630 7,191,405 ABOITIZ EQUITY 37.75 37.75 ALLIANCE GLOBAL 8.97 8.98 8.84 8.99 8.83 8.98 1,610,100 14,333,062 656,808 16.52 17 17 16.96 16.96 800 13,576 ANSCOR 16.96 1.12 1.13 1.15 1.15 1.11 1.13 101,000 113,430 -7,910 ANGLO PHIL HLDG COSCO CAPITAL 7.4 7.48 7.5 7.59 7.32 7.4 33,900 252,225 -85,153 7.26 7.39 7.32 7.45 7.17 7.39 8,630,300 62,937,769 -169,368 DMCI HLDG FILINVEST DEV 4.15 4.15 3.93 3.95 3.95 4.15 273,000 1,128,790 1,070,860 419.8 420 417 426 417 419.8 19,900 8,366,324 -2,011,982 GT CAPITAL 4.7 4.98 5 5 4.98 4.98 800 3,996 HOUSE OF INV JG SUMMIT 18.08 18.12 18.3 18.3 18.06 18.12 940,800 17,037,006 -6,430,242 4.87 4.9 4.7 4.87 4.7 4.87 76,000 359,130 -33,020 LOPEZ HLDG LT GROUP 15.12 15.16 15.2 15.2 15.02 15.12 1,128,300 17,045,944 -505,734 1.35 1.49 1.63 1.63 1.35 1.35 48,000 75,160 PACIFICA HLDG 0.98 1.03 0.98 0.98 0.98 0.98 6,000 5,880 PRIME MEDIA SM INVESTMENTS 494.6 495 493 496.8 486.2 495 825,800 407,517,864 -300,735,622 58.7 58.75 60.6 60.75 55 58.75 178,200 10,515,543 -5,445,011 SAN MIGUEL CORP TOP FRONTIER 51.5 52.85 51.5 51.5 51.5 51.5 210 10,815 0.062 0.076 0.076 0.076 10,000 760 0.076 0.076 ZEUS HLDG PROPERTY AYALA LAND 15.12 15.14 15.1 15.2 14.92 15.14 10,650,100 161,091,734 -14,048,428 1.11 1.15 1.13 1.13 1.11 1.13 174,000 194,760 60,660 AYALA LAND LOG ALTUS PROP 11.2 11.2 10.86 11.2 11.2 11.2 300 3,360 0.265 0.28 0.285 0.29 0.28 0.28 30,000 8,550 ARANETA PROP AREIT RT 37.4 37.4 36.55 36.3 35.8 37.4 1,506,800 55,338,630 21,799,820 0.75 0.8 0.79 0.79 0.77 0.77 4,000 3,130 A BROWN 0.59 0.58 0.56 0.6 273,000 153,910 -60 CITYLAND DEVT 0.6 0.6 CROWN EQUITIES 0.091 0.091 0.089 0.091 0.091 0.091 30,000 2,730 -2,730 1.98 1.97 1.97 1.99 69,000 136,360 CEB LANDMASTERS 2 2 CENTURY PROP 0.6 0.6 0.59 0.6 0.59 0.6 3,887,000 2,326,400 47,400 2.89 2.9 2.88 2.91 2.86 2.9 2,063,000 5,971,340 388,160 CITICORE RT 11.06 11.1 11.48 11.02 11.1 39,900 451,708 -71,828 DOUBLEDRAGON 11.48 DDMP RT 1.04 1.04 1.03 1.04 1.03 1.03 1,333,000 1,374,670 -12,430 4.72 5 4.73 4.73 4.72 4.72 4,000 18,900 DM WENCESLAO EVERWOODS 0.028 0.025 0.026 0.025 0.025 0.026 6,400,000 161,100 -2,500 0.105 0.106 0.105 0.106 710,000 75,150 EMPIRE EAST 0.106 0.106 2.72 2.73 2.79 2.79 2.73 2.73 1,320,000 3,619,900 FILINVEST RT FILINVEST LAND 0.7 0.71 0.7 0.7 0.7 0.7 232,000 162,400 -16,800 0.65 0.66 0.65 0.66 110,000 72,100 GLOBAL ESTATE 0.66 0.66 PNB HLDG 1.2 1.21 1.2 1.2 1.17 1.2 241,693,000 288,431,560 -10,307,830 2.1 2.12 2.1 2.1 6,128,000 12,936,320 -5,917,100 MEGAWORLD 2.13 2.13 0.69 0.7 0.71 0.71 0.68 0.7 13,010,000 8,980,750 -689,310 MRC ALLIED MREIT RT 13.4 13.42 13.42 13.44 13.34 13.4 706,000 9,446,104 -1,267,942 0.101 0.102 0.101 0.101 0.101 0.101 210,000 21,210 -1,010 OMICO CORP PRMIERE HORIZON 0.15 0.157 0.15 0.15 0.15 0.15 820,000 123,000 0.39 0.4 0.4 0.405 0.4 0.405 30,000 12,050 PHIL ESTATES 1 1.01 1 1 32,000 32,290 PREMIERE RT 1.01 1.01 RL COMM RT 6.09 6.1 6.11 6.22 6.04 6.1 12,708,400 77,877,770 20,951,930 15.82 15.9 16.3 16.5 15.8 15.9 3,392,500 54,317,082 -4,541,768 ROBINSONS LAND ROCKWELL 2.66 2.65 2.61 2.75 2.61 2.65 1,157,000 3,086,780 225,980 2.93 3 2.94 3.02 2.92 3 9,300,000 27,161,060 -30,100 SHANG PROP 1.72 1.86 1.79 1.86 1.79 1.86 18,000 32,290 1,790 STA LUCIA LAND SM PRIME HLDG 15.8 15.86 15.8 16 15.7 15.86 11,700,800 185,201,360 -14,040,078 SERVICES ABS CBN 2.57 2.6 2.6 2.6 2.58 2.6 53,000 137,740 3.37 3.4 3.48 3.5 3.37 3.39 210,000 717,550 GMA NETWORK MANILA BULLETIN 0.149 0.174 0.147 0.147 0.147 0.147 10,000 1,470 0.56 0.57 0.59 0.6 0.56 0.57 9,139,000 5,274,680 -3,587,170 DITO CME HLDG GLOBE TELECOM 1,551 1,554 1,535 1,555 1,515 1,554 142,930 219,638,200 4,647,145 1,088 1,089 1,078 1,090 1,073 1,088 70,505 76,280,500 15,126,125 PLDT 0.0059 0.006 0.0058 0.0061 0.0058 0.006 134,000,000 803,400 60,000 APOLLO GLOBAL CONVERGE 30,604,224 8.8 8.81 9 9 8.8 8.8 3,467,400 -10,959,632 0.65 0.67 0.65 0.67 0.65 0.67 9,000 5,920 -5,250 DFNN INC ISLAND INFO 0.125 0.127 0.123 0.125 0.123 0.125 880,000 109,660 0.37 0.375 0.375 0.38 0.375 0.38 120,000 45,300 -33,950 NOW CORP 0.116 0.117 0.116 0.116 0.116 0.116 500,000 58,000 TRANSPACIFIC BR CHELSEA 0.89 0.86 0.9 0.9 0.86 0.86 19,000 16,850 19.58 19.6 18.38 19.58 18.38 19.58 491,500 9,391,138 479,406 CEBU AIR INTL CONTAINER 860 862 878 884 840 860 1,869,380 1,610,771,095 -235,464,470 9.5 9.99 10.98 10.98 9.98 10 3,100 32,098 LBC EXPRESS 0.64 0.69 0.7 0.7 0.69 0.69 21,000 14,670 LORENZO SHIPPNG MACROASIA 3.43 3.4 3.42 3.43 3.4 3.4 630,000 2,154,660 -105,870 0.49 0.58 0.59 0.59 0.55 0.57 39,000 22,220 METRO ALLIANCE PAL HLDG 3.33 3.34 3.35 3.37 3.31 3.34 342,000 1,144,210 364,480 1.39 1.4 1.44 1.45 1.36 1.39 1,961,000 2,733,150 -169,030 HARBOR STAR 0.029 0.03 0.03 0.03 0.029 0.03 15,100,000 443,000 BOULEVARD HLDG DISCOVERY WORLD 0.99 0.99 0.86 0.99 0.99 0.99 1,000 990 0.175 0.177 0.175 0.18 0.175 0.177 1,370,000 239,990 17,630 PH RESORTS GRP CENTRO ESCOLAR 14.52 14.94 14.9 14.9 14.9 14.9 1,100 16,390 -13,410 751.5 799.5 751 751.5 751 751.5 100 75,120 FAR EASTERN U 6.93 7 6.98 6.98 6.98 900 6,282 -6,282 IPEOPLE 6.98 STI HLDG 1.28 1.29 1.28 1.28 1.28 1.28 427,000 546,560 538,880 1.08 1.09 1.13 1.13 1.09 1.09 115,000 125,550 -119,900 BELLE CORP BLOOMBERRY 2 2.01 1.98 2.04 1.97 2 3,923,000 7,901,730 -887,970 1.52 1.55 1.57 1.57 1.55 1.55 69,000 107,280 29,640 PACIFIC ONLINE 7.94 8 7.64 7.6 8 3,628,900 29,058,479 4,621,798 DIGIPLUS 8.25 14.08 PHILWEB 14.06 14.1 14.2 13.98 14.06 1,784,700 25,187,664 8,642,094 1.04 1.06 1.07 1.07 1.07 1.07 10,000 10,700 METRO RETAIL PUREGOLD 39.75 39.9 39.7 40 39.7 39.9 3,102,900 123,746,060 298,325 29.5 30 31.5 32.4 30 30 833,900 25,842,310 -193,075 PHIL SEVEN CORP 1.93 2.05 2 2.05 1.91 2.05 222,000 445,160 142,820 SSI GROUP UPSON INTL CORP 0.75 0.78 0.77 0.78 0.77 0.78 39,000 30,320 5.5 5.52 5.63 5.69 5.5 5.5 898,800 5,011,942 -1,611,777 WILCON DEPOT APC GROUP 0.103 0.103 0.101 0.103 0.103 0.103 20,000 2,060 1.69 1.98 2 2 1.98 1.98 10,000 19,830 IPM HLDG 0.226 0.231 0.221 0.221 0.221 20,000 4,420 MEDILINES 0.221 PAXYS 3.4 3.1 3.1 3.1 3.1 3.1 1,000 3,100 3 3.08 2.97 3.07 2.95 3.07 21,000 62,780 -100 SBS PHIL CORP MINING & OIL APEX MINING 17.26 17.28 16.96 17.36 16.52 17.26 1,939,000 33,002,374 -2,594,476 ATLAS MINING 17.8 17.92 18.22 18.22 17.5 17.8 1,182,300 21,039,848 -4,900,882 6.51 6.78 6.55 6.51 6.51 45,000 292,970 BENGUET 6.55 FERRONICKEL 1.72 1.67 1.71 1.7 1.6 1.71 2,191,000 3,621,760 588,790 0.079 0.08 0.08 0.08 0.076 0.079 170,000 13,440 GEOGRACE 0.22 0.222 0.22 0.224 0.217 0.22 11,030,000 2,417,100 LEPANTO A LEPANTO B 0.22 0.237 0.221 0.221 0.221 0.221 190,000 41,990 0.0083 0.0087 0.0084 0.0084 0.008 0.0084 42,000,000 341,600 MANILA MINING A MARCVENTURES 0.77 0.76 0.78 0.78 0.75 0.76 2,407,000 1,840,460 -40,560 0.5 0.53 0.54 0.54 0.54 12,000 6,480 NIHAO 0.54 3.82 3.88 3.9 3.9 3.72 3.82 2,745,000 10,512,800 -3,345,840 NICKEL ASIA OCEANAGOLD 34.05 34.7 34.8 34.5 34.7 34.7 151,400 5,223,155 -362,700 0.56 0.58 0.55 0.58 35,000 19,910 ORNTL PENINSULA 0.58 0.58 PX MINING 11.5 11.54 10.8 11.54 10.62 11.54 9,108,600 100,962,096 -6,514,964 0.0084 0.0088 0.0085 0.0085 0.0084 0.0084 43,000,000 362,700 UNITED PARAGON 0.014 0.015 0.015 0.015 0.014 0.014 600,000 8,900 ORNTL PETROL A ORNTL PETROL B 0.015 0.016 0.016 0.016 0.016 0.016 300,000 4,800 0.0097 0.0098 0.0098 0.0098 0.0098 14,000,000 137,400 0.0099 PHILODRILL PXP ENERGY 2.96 2.98 3.08 3.08 2.95 2.96 566,000 1,690,160 -104,520 PREFFERED ACEN PREF A 985 1,000 985 985 980 980 4,100 4,022,050 2,312 2,460 2,450 2,460 2,440 2,460 1,085 2,653,600 AC PREF AR AC PREF B4R 1,888 1,899 1,899 1,900 1,888 1,890 2,030 3,856,560 483 495 490 490 490 490 160 78,400 ALCO PREF D BRN PREF B 100.1 102.9 100.1 100.1 100.1 100.1 20 2,002 101.8 102 101.8 101.8 101.6 101.8 150 15,268 BRN PREF C 22.2 27.6 22 28 22 27.6 73,700 1,708,860 -457,600 CEB PREF CLI PREF A1 980 985.5 980 980 980 980 240 235,200 981 1,005 1,010 1,010 1,009 1,009 10 10,095 CLI PREF A2 CPG PREF B 98.5 99 99 99 99 99 410 40,590 93.2 93.9 93.2 93.5 93.15 93.15 5,010 467,149 DD PREF 94 95.5 95 95 95 95 1,000 95,000 EEI PREF B FDC PREF B 951 991 991 991 991 991 110 109,010 1,930 1,945 1,944 1,944 1,944 1,944 10 19,440 GLO PREF ANV GLO PREF BNV 1,940 1,979 1,950 1,950 1,950 1,950 170 331,500 104 105 104 104 104 104 12,040 1,252,160 MWIDE PREF 6C 99.9 102 99.9 99.9 99.9 99.9 50 4,995 MWIDE PREF 7B PCOR PREF 4A 962 990 975 975 961 961 90 87,610 960 985 975 975 950 950 1,000 950,750 921,500 PCOR PREF 4D PCOR PREF 4E 970 987 986 987 986 987 190 187,360 -78,890 76.55 80.8 80.8 80.8 80.8 80.8 10,000 808,000 -644,784 SMC PREF 2L 77.05 78 78.5 78.5 78.5 78.5 140 10,990 SMC PREF 2N SMC PREF 2O 78 78.6 78 78.6 78 78.6 1,180 92,268 72.25 74.5 72.25 74.6 72.25 74.6 6,100 454,863 SMC PREF 2Q SMC PREF 2S 72.1 73.6 73.55 73.6 73.55 73.6 13,260 975,928 75.5 76 76 76 76 76 20 1,520 SMC PREF 2U 75.4 77 77.7 77.7 75.4 75.4 2,610 197,535 SMC PREF 2V SMC PREF 2W 78 79 78 79 78 79 440 34,620 78.6 78.75 78.1 78.6 78.1 78.6 18,810 1,476,867 1,177,500 SMC PREF 2X TECH PREF B2D 6.21 7 7 7 7 7 100 700 99.9 100.5 99.9 99.9 99.9 99.9 230 22,977 TOP PREF A1 100.5 100.6 100.6 101 100.6 100.6 2,430 244,951 -125,875 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.32 3.3 2.32 2.32 2.32 2.32 4,000 9,280 3.25 3.89 1.06

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

CTS GLOBAL ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7744 -5.13% 0.61% -4.4% N.A HAUS TALK -4.4% ITALPINAS A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. KEPWEALTH 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED XURPAS FUND, INC.) NEXGEN ENERGY “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.

www.businessmirror.com.ph

0.325 1.39 0.53 1.38 0.206 2.72

1.1

1.05

5,000

5,250

-1,050

0.34 1.42 0.57 1.48 0.214 2.75

0.33 1.4 0.58 1.37 0.214 2.75

0.33 1.42 0.58 1.37 0.215 2.75

0.33 1.39 0.57 1.37 0.208 2.75

0.33 1.42 0.57 1.37 0.208 2.75

60,000 322,000 19,000 1,000 80,000 2,000

19,800 449,690 10,840 1,370 16,980 5,500

19,800 -48,650 -580 -6,450 -

EXHANGE TRADE FUNDS ATR FAMI ETF

97.5

98.5 98.5 97 97 57,610 5,602,625 -188,017

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Banking&Finance BusinessMirror

Governing AI in an era of autonomy

S organizations introduce AI, and increasingly agentic AI, they must not only safeguard the data that feeds into AI systems, but the behavior of the artificial intelligence agents themselves. This means ensuring that AI models are fair and ethical, but also robust and resilient against threat actors—who are applying innovative, AI-enabled automation to improve their attack efficacy. Across sectors and regions, there are evolving regulations over AI use, putting pressure on Chief Information Security Officers (CISOs) to demonstrate appropriate governance over their systems’ integrity and reliability. However, AI systems operate at speeds and scales that today’s security practices struggle to match. This includes automated cyberattacks orchestrated by hundreds or thousands of agents working independently. As attackers innovate with automation, AI and AI agents, organizations require new approaches to monitoring and control.

Managing AI

AI agents are gaining greater privileges, accessing vast amounts of data, collaborating, coding, and acting autonomously at an unprecedented pace. However, they can also behave like black boxes, making it difficult for organizations to trust what they cannot see. To gain greater confidence over agent activity, CISOs must ensure that information sources are reliable, that agents have clear boundaries of authority, and that data is used appropriately. This means validating that an AI agent is not manipulated or corrupted by ‘bad actors’ and distinguishing whether past decisions were taken by humans or agents. Some AI agents are sourced directly from third-party suppliers or embedded in products—including enterprise resource planning (ERP) software. This increases accessibility but also introduces new risks. To reduce the risk of bias, or security breaches, organizations should perform continuous red-teaming and remediation exercises. AI-embedded products should be securely configured and tested before deployment. To foster trust in AI systems, CISOs should be aware of third-party AI and apply AI governance, including formal third-party contracts on AI usage, with security clauses and accountability for any breaches.

Building trust in AI

UNDERSTANDABLY, given their significant investment in AI, organizations want employees to use this technology safely and routinely. This can only happen if there is faith that the model has been trained on trustworthy data—and that the training process and the data is visible. In a recent global study of almost 50,000 people from 47 countries, carried out by KPMG and the University of Melbourne, over half (54 percent) say they are wary about trusting AI. CISOs have a key role to play in helping communicate the AI value proposition, but also the risks of regulatory penalties. In the worst case, organizations might have to shut down an agent process or even an entire AI system if it proves untrustworthy, or if it does not match regulatory expectations. With responsibility for continuity and disaster recovery planning, CISOs are critical to avoiding business interruption, and maintaining trust in systems. To communicate the importance of AI security to the board, CISOs need to speak the language of risk, by showing the business impact of breaches or model bias, and positioning security as an essential business enabler that drives operational continuity and resilience.

Technological evolution is nothing new, but what makes this moment so unique is the speed of change, which gives organizations little option but to adopt AI at pace. As threat actors are enabled by AI, security teams are under pressure to innovate, using AI to detect threats earlier, manage permissions and access, and practice strict governance over the use of AI agents. By giving people the skills and understanding to work with AI, CISOs can strengthen trust in AI and data.

Philippine context

AS AI systems become increasingly capable of operating with greater autonomy, developments in the Philippines point to a growing emphasis on controls and human oversight to manage AI behavior and associated risks. In the public sector, this is reflected in emerging policies that require AI use to remain human-centered, with safeguards around data privacy, security, accountability and the potential risks associated with AIgenerated outputs. The Supreme Court, for example, issued a framework in 2026 for the responsible use of AI in the Judiciary, requiring users to disclose the extent of AI involvement and human oversight, while holding users accountable for the outputs and consequences of AI tools. The framework also calls for risk assessments before AI tools are used, including consideration of threats such as data poisoning, model leakage and attacks that could alter data or system behavior. Similar principles are emerging in the private sector. As Philippine organizations manage increasingly autonomous AI systems, humanin-the-loop models are being used to provide oversight, particularly where AI systems interact with multiple platforms, handle sensitive information or make decisions with real-world consequences. In the local BPO sector, for instance, human specialists are positioned to review exceptions, assess AI outputs and intervene when an agent’s reasoning goes off course. According to Frits Gerald M. Enriquez, deputy head of technology consulting and cybersecurity of R.G. Manabat & Co., “trust in AI will depend not only on the resilience of the technology, but on how effectively organizations govern its behavior. CISOs must ensure that increasing autonomy is matched by appropriate controls, accountability and human oversight.” As AI agents gain greater access to data, systems and decision-making processes, confidence in their use will depend not only on the technology itself, but on the controls surrounding it. Clear boundaries of authority, continuous monitoring and meaningful human intervention will be critical to ensuring that AI systems remain secure, accountable and worthy of trust. This article draws on insights from the KPMG Thought Leadership publication “Cybersecrurity considerations 2026: Building trust and enabling innovation in a dynamic world.” © 2026 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent KPMG International, R.G. Manabat & Co. or the BusinessMirror. For more information, you may reach out through ph-kpmgmla@kpmg.com, social media or visit www.home.kpmg/ph.

Editor: Dennis D. Estopace • Monday, October 5, 2026

‘Inflation, high rates risking bad loans to hit stress levels’ By Andrea E. San Juan

AD loans may remain manageable in the near term but persistent inflation and the possibility of higher-for-longer interest rates could weigh on borrowers’ repayment capacity. Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP), raised the warning after data from the Bangko Sentral ng Pilipinas (BSP) showed that the gross non-performing loans (NPLs) ratio stood at 3.35 percent in August 2026—the same level as the previous month. However, the value of bad loans climbed to P596.299 billion, up 8.4 percent from the P550.095 billion recorded in end-August last year. The banking industry’s loan portfolio amounted to P17.783 trillion as of end-August 2026, up 13.2 percent than the P15.709 trillion at

end-August 2025. NPLs, also known as “bad” or “soured” loans, are credit accommodations that have not been paid for 90 days or more after the due date. The NPL ratio measures the proportion of bad loans to total loans. Asuncion explained that the banking sector’s “steady” 3.35 percent NPL ratio suggests that asset quality “remains broadly stable despite a challenging operating environment.” While gross NPLs increased by 8.4 percent year-on-year, the banking industry’s loan portfolio expanded at a faster 13.2 percent pace, “indi-

cating that credit growth continues to outpace the buildup in problem loans,” he said. Asuncion noted that the lower NPL ratio compared to 3.50 percent a year ago also points to an improvement in asset quality relative to the size of the loan book. Looking ahead, he said NPLs are likely to remain manageable in the near term, supported by banks’ strong capital and provisioning buffers. “However, the outlook warrants caution as persistent inflation, the possibility of higher-for-longer interest rates, and signs of moderating economic activity could weigh on borrowers’ repayment capacity and lead to some deterioration in asset quality,” Asuncion said. While current indicators suggest that the banking system remains resilient, the chief economist of UBP pointed out that risks to the NPL outlook appear “tilted slightly to the upside.”

Climbing, easing

THE NPL ratio of universal and commercial bank group climbed to 3.09 percent with the peso value of

bad loans amounting to P506.26 billion, as of end-August. The bad loans ratio in August this year was higher than the 3.08 percent in July but lower than the 3.22 percent in August last year. For thrift or savings banks, the NPL ratio eased to 6.07 percent, with bad loans amounting to P65.95 billion, as of end-August 2026, with the ratio lower than the 6.16 percent in July and 6.33 percent level in August 2025. The asset quality of digital banks also improved with their NPL ratio easing to 4.51 percent, or P6.197 billion, as of end-August 2026 from 4.53 percent at end-July. This was also lower compared to the 9.23 percent NPL ratio in August last year. Meanwhile, past due loans reached P769.89 billion as of end-August, up by 3.72 percent from P742.266 billion a month ago; and higher by 11.08 percent from P693.084 billion at endAugust 2025. The past due loans ratio climbed to 4.33 percent of banks’ total loan portfolio, higher than the 4.24 percent in July 2026 but lower than the 4.41 percent in August 2025.

Weak peso, oil valuation and prices boost BOC take By Reine Juvierre Alberto @reine_alberto

HE Bureau of Customs (BOC) collected P754.406 billion as of end-September, surpassing its nine-month target as revenues rose year-on-year driven by a weak peso and oil-related metrics. The second-largest revenue-generating agency reported last Sunday that its collection grew by 7.9 percent from January to September 2026 from P701.671 billion in the same

period a year ago. It also exceeded its P748.494-billion target for the period by P8.913 billion or 1.2 percent, latest BOC data showed. The BOC said its nine-month collection marked the bureau’s highest January-to-September collection to date. For the month of September alone, the BOC likewise surpassed its monthly target, reaching P93.339 billion against the P89.184-billion goal, or 4.7 percent higher.

PHL to be given disaster risk insurance coverage

HE Philippines is set to secure a disaster-risk insurance policy that would provide the government with a pre-arranged source of funds after major natural disasters, the Department of Finance (DOF) announced recently. The insurance policy from the Southeast Asia Disaster Risk Insurance Facility (Seadrif) will be signed in the coming months and will give the government quick liquidity when floods, typhoons or earthquakes strike the country. This comes after Finance Secretary Frederick D. Go and National Treasurer Sharon P. Almanza met with Seadrif CEO Benedikt Signer and Philippines Implementation Lead Shannen Nicole Chua to talk about the country’s disaster-risk financing program. The discussion focused on ongoing efforts to bolster the country’s financial resilience against natural hazards through innovative disaster-risk financing mechanisms, according to the DOF. The Seadrif is a regional platform providing climate and disaster risk financing solutions to member-countries of the Association of Southeast Asian Nations (Asean). The DOF is currently leading the Seadrif Sovereign Asset and Fiscal Empowerment (Seadrif-Safe) facility, which embeds parametric insurance directly into development projects, with the Ministry of Finance of Japan under the Asean+3 framework. The Philippines has consistently ranked first as the most at-risk country due to high exposure to natural

hazards, particularly flooding, and significant vulnerability, based on the World Risk Index. According to the Philippine Catastrophe Risk Assessment and Modeling done in 2017, the country is projected to suffer P177 billion in losses to public and private assets per year due to typhoons and earthquakes. In 2025 alone, the total cost of damages due to tropical cyclones reached P42.21 billion, of which Typhoons Dino and Uwan accounted for P14.33 billion. The DOF developed the Philippines Disaster Risk Financing and Insurance (DRFI) Strategy in 2015 in its bid to maintain sound fiscal health, develop sustainable financing mechanisms and reduce the impact on the poorest and most vulnerable and shield the near-poor. In pursuit of the DRFI strategy, the government has allotted P39.82 billion for the National Disaster Risk Reduction and Management Fund and P15.33 billion for the disaster rehabilitation and reconstruction assistance program for local government units (LGUs). The Government Service Insurance System has also approved the creation of a voluntary city-level parametric insurance scheme to provide LGUs rapid access to earlyrecovery financing. The Philippine Insurers and Reinsurers’ Association and the National Reinsurance Corp. of the Philippines have also established the Philippine Catastrophe Insurance Facility, which enables non-life insurers to cede their catastrophe risks to this insurance pool. Reine Juvierre S. Alberto

September collections were up by 16.3 percent from the P80.283 billion recorded in the same month last year, representing a P13.056billion increase. The bureau attributed the sustained growth in collections to a strong US dollar vis-à-vis the peso, higher valuations of non-oil imports and favorable global oil prices. Strengthened monitoring and collection measures, improved valuation and assessment, intensified enforcement against smuggling and

other forms of revenue leakage and continued modernization of customs processes have also benefited the BOC and pushed up its collection in the past months. After capping the first three quarters of the year on a high note, the agency said it remains focused on sustaining the momentum to hit its full-year P1-trillion revenue goal. The P1-trillion goal “is ambitious, but our performance shows that we are on the right track,” said Customs Commissioner Ariel F. Nepomuceno.

Third-party debt collectors must secure accreditation By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) is imposing accreditation standards among third-party collection agencies, or TPCA, to enhance borrowers’ protection against abusive lending practices. In its draft rules, the SEC said it aims to establish a regulatory framework that will bring debt collectors under the SEC’s direct supervision and set uniform standards of conduct for debt collection to better protect borrowers from abusive collection practices. A TPCA refers to stock corporations registered with the SEC engaged by financing and lending companies to perform debt collection services. Under the draft rules, only SEC-accredited TPCAs, in addition to internal collection agents of financing and lending companies, may engage in debt collection activities. To secure accreditation, TPCAs should file an application with the SEC online system. Such accreditation will be valid for three years. The agency will be included in the SEC’s registry of accredited TPCAs published and regularly updated on the online SEC database. An accredited TPCA may apply for renewal at least 30 days before the expiration of their existing accreditation. Otherwise, it will be subjected to monetary fines. A TPCA may also be delisted from the registry if an order is issued by the SEC Financing

and Lending Companies Department finding the TPCA liable for unfair debt collection practices. Final decision or resolution of administrative or criminal cases against a TPCA and other material, serious, repeated or willful violations of this circular, related SEC issuances and applicable laws, rules and regulations are further grounds for delisting. TPCAs may likewise request for their voluntary delisting from the registry. Under the draft rules, TPCAs may also face a penalty for late filing of accreditation renewal. Further, TPCAs found to be involved in unfair debt collection practices, including unlawful house visits and use of systemgenerated and automated messages, may face fines ranging from P60,000 up to P200,000. They may face delisting and revocation of their accreditation upon fourth offense. The SEC may also blacklist the directors and officers of TPCAs delisted for unfair debt collection practices or a material misrepresentation. Financing and lending companies will also be subjected to fines for fraudulently engaging with non-accredited or non-disclosed TPCAs of up to P2 million. Fourth violation will result in the suspension or revocation of their certificate of authority and in exceptional cases, revocation of its articles of incorporation. The public may submit their comments to the SEC until October 15.

Explainer BusinessMirror

B4 Monday, October 5, 2026

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AVIATION’S INSIDER THREAT In-flight attack on FlyDubai pilot puts aviation security measures under fresh scrutiny By Sam Metz, Rio Yamat & Philip Marcelo

suaded Saudi authorities to allow the plane to set down at Prince Sultan bin Abdulaziz International Airport in the city of Tabuk. International aviation standards call for countries to give aircraft facing hijacking or other “unlawful interference” maximum assistance and priority. But the underlying 1944 treaty, the Convention on International Civil Aviation, only requires a country to provide assistance “as it may find practicable,” making it a “relatively soft obligation,” said Vincent Correia, co-director of McGill University’s Institute of Air and Space Law. Standard practice in a serious emergency is to get an aircraft on the ground as quickly as possible at the nearest suitable runway, “regardless of nationality, flight plan or politics,” said John Gradek, who manages McGill’s Aviation Management Program. Gradek stressed it’s still not clear why the FlyDubai plane took a 180-degree turn as it crossed into Jordanian airspace before heading southwest to Tabuk. It’s not unusual for flight crews to bypass the nearest airport in favor of one better-equipped to meet a plane’s needs, he said.

The Associated Press

SRAEL has some of the world’s most stringent air travel security measures. The United Arab Emirates proudly adheres to international aviation safety standards. Yet those safeguards failed to prevent a flight between the countries from taking a dangerous plunge during an alleged attack in the cockpit. The copilot allegedly stabbed the captain in the cockpit before passengers intervened aboard FlyDubai Flight FZ1073 after taking off from Dubai, UAE, with 182 people including eight crew members flying to Tel Aviv, Israel, on Wednesday. The airplane made a safe emergency landing in Saudi Arabia on Wednesday and the incident is under investigation by Saudi, Emirati and Israeli authorities, with the United States and Oman assisting efforts to determine a motive. “Until this event, the possibility of a threat originating from a pilot or crew member was not considered a likely scenario. Security efforts have traditionally focused much more heavily on passengers and their luggage,” said Eyal Hulata, Israel’s former national security adviser. “That will probably change now and crew members will be subject to heavier screening.” Israel’s security protocols focus heavily on Israeli airlines and departing flights from Ben-Gurion International Airport. A potential Achilles’ heel lies overseas, where procedures for Israel-bound f lights vary and are harder for Israeli authorities to oversee. Dubai International Airport, the world’s busiest airport for international passenger traffic, has built some of its appeal around a reputation for safety in a volatile region, said Philip Baum, a visiting professor of aviation security at Coventry University in England. “They are very conscious of the fact, a little bit like Israel in many respects, that they cannot afford to have a terrorist attack happening on a flight out of there,” he said.

Pilot vetting and preflight screening aren’t uniform worldwide INVESTIGATORS have not publicly identified the object used to stab the flight’s captain or said whether it was carried onto the plane or came from

inside the aircraft. Preflight screening of flight crews should generally “mirror very closely what a passenger goes through,” although security procedures vary around the world, said Dave Komendat, a senior security adviser at risk management firm International SOS and former chief security officer for Boeing. Prime Minister Benjamin Netanyahu said Thursday that Israel has long-standing agreements with foreign carriers to keep pilots from flying into the country if they are citizens of nations that don’t maintain diplomatic relations with Israel. Israeli authorities have described the FlyDubai copilot as Omani. Israel and Oman do not have formal diplomatic relations, raising questions about how the suspect ended up on the Tel Aviv-bound flight. “Obviously, there was a loophole here. And we’re taking care of that,” Netanyahu said Thursday during an interview with Fox News Channel’s “Fox and Friends.” Israel will increase security precautions on flights coming into the country whether or not they are operated by Israel. Pilots flying into Israel will be vetted and Israel will know their identities, prime minister’s office spokesperson Doron Spielman told The Associated Press. There were no Israeli air marshals on the FlyDubai flight and the people who helped were civilians, Spielman added. The International Civil Aviation Organization sets baseline pilot-vetting and licensing standards, while national regulators and airlines can impose additional requirements. Aviation security expert Menachem Bachrach said Israel relies largely on foreign governments and airlines to vet their own crew members, and Wednesday’s incident may point to a compliance lapse rather than a flaw in the procedures. “Before we’re jumping to tighten security, I would just say it’s likely

Locked cockpits have been central to flight security for 25 years

A FLYDUBAI plane carrying Israeli passengers who had earlier been aboard another FlyDubai aircraft that made an emergency landing in Saudi Arabia approaches Ben Gurion International Airport near Tel Aviv, Israel, Wednesday, Sept. 30, 2026. AP/ARIEL SCHALIT that somebody didn’t follow the protocols,” Bachrach said.

Investigators to look for red flags and review distress call handling ISRAELI flag carrier El Al periodically assesses its pilots’ fitness to fly, while other airlines may do so less often, said Arik Arad, chairman of the aviation cybersecurity consultancy CYVIATION and El Al’s former head

of security at Ben Gurion Airport. Investigators will want to know whether colleagues previously reported concerns about the copilot and, if so, how the airline responded, Komendat said. Investigators in the UAE and Israel also are likely to review responses to the distress signals that came from the FlyDubai plane after a steep drop in altitude.

A person who heard the FlyDubai flight’s air traffic control communications said a crew member reported a hijacking and requested ambulances. Authorities in Saudi Arabia and Jordan initially refused to clear the aircraft for landing, said the person, who spoke on condition of anonymity because they were not authorized to speak to the media. The crew member eventually per-

NETANYAHU said the flight’s injured captain saved the aircraft and everyone on it by resisting the copilot’s attacks long enough to open the 737’s cockpit door, enabling passengers to subdue the suspect and other FlyDubai crew members to take the controls and land the plane. Cockpit doors worldwide were reinforced and locked after the Sept. 11, 2001, attacks to keep intruders out. The FlyDubai incident, and past crashes caused by pilots who wanted to take their own lives, highlight the risk when a threat comes from inside the cockpit. “The industry itself needs to recognize that flight deck door—whilst installed for very understandable reasons to prevent a suicidal hijacking by a passenger—has also created a fortress into which the good guys cannot gain access to a rogue individual, be it a hijacker or a rogue crew member,” Baum said. A irline personnel k now more about aviation security weaknesses and can gain the trust of security workers they regularly encounter, Osprey Flight Solutions Chief Intelligence Officer Matthew Borie, whose company advises airlines on flight threats, said. “Unfortunately, if an insider with nefarious intent wants to carry out something like this, they may actually be best placed to know where the most vulnerable points are and how to breach them,” Borie said.

‘I was fighting for my life’: Indian pilot hailed as hero recalls FlyDubai cockpit attack By Sheikh Saaliq The Associated Press

E W DELHI—T he I nd i a n airline captain who helped thwart an apparent attempt to crash a FlyDubai flight described Friday how he fought for his life in the minutes after his co-pilot stabb ed him and the plane began a steep descent. Capt. Smit Machchhar, recovering in an Abu Dhabi hospital, told Indian Prime Minister Narendra Modi in a televised video call that he knew he had to get back on his feet to save his passengers. “I had so many wounds. I had fallen down,” he said from the hospital, his head bandaged and tubes in his nose,

before breaking down as he recalled the attack. “I was fighting for my life. At one point, I realized that if I didn’t get up…then passengers would lose their lives,” he told Modi. Machchhar, who is from Mumbai, was seriously injured in Wednesday’s attack but managed to open the cockpit door, allowing passengers to enter and restrain the attacker as the Boeing 737 descended sharply, witnesses and Israeli authorities said. He has been hailed as a hero, with world leaders saying he helped avert a disaster. The flight, carrying 182 people from Dubai to Tel Aviv, was diverted to Tabuk in northwestern Saudi Arabia for an emergency landing. Fly-

THIS undated photo released on Israel’s Foreign Ministry social media shows Indian Capt. Smit Machchhar in the cockpit of a plane in an unknown location. Machchhar was at the controls of a FlyDubai flight that was diverted to Tabuk in northwestern Saudi Arabia for an emergency landing on Wednesday, Sept. 30, 2026. ISRAEL’S FOREIGN MINISTRY VIA AP

Dubai said Wednesday that the jet was secured by on-duty crew members “who diverted and landed the aircraft safely.” A regional official said the crew members were pilots in training. Israeli Prime Minister Benjamin Netanyahu said the attacker, an Omani national, was arrested in Saudi Arabia and was undergoing interrogation there. The motive for the attack was not immediately clear. Modi told Machchhar his “courage, patience, and presence of mind” saved many lives. Machchhar said his f lying experience allowed him to sense the plane’s steep descent even after he was knocked down by the attacker. “I have been flying planes for 17

years and serving as a captain for the last 11 years. I can sense exactly what is happening with the aircraft even with my eyes closed. When I was down, I could feel that the aircraft was plummeting,” he said. Machchhar said that during those difficult moments, he recited the Hanuman Chalisa, a Hindu devotional hymn dedicated to Lord Hanuman, the monkey god, and traditionally recited as a prayer for strength and courage. “Lord Hanuman gave me courage,” he told Modi. Machchhar, who is married and has two children, has worked for FlyDubai for about four years, according to his LinkedIn profile. Before joining the airline, he spent 11 years with Spice-

Jet, an Indian low-cost carrier, where he served as a senior commander and line training captain. He logged more than 9,750 flying hours with SpiceJet. Philip Kean, CEO of Mainland Air, the New Zealand flight school where Machchhar trained, said pilots are taught how to take over if a fellow crew member becomes incapacitated. But the training does not typically prepare them for a stabbing attack by a colleague, he told The Associated Press on Friday. “I don’t think there’s much in the handbook for being stabbed,” Kean said. “You’re friends and you’re flying together,” he said. “Nobody would expect…a person to have a go at you like that.”

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Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, October 5, 2026

Edwin Ao’s new visual language AO-SOME COLLECTION

AVAILABLE in five shades, the new Careline Color Correcting Powder is designed to help balance the look of the complexion while complementing different skin tones

Edwin Ao and models wearing his blockbuster “Chlorophyll Hexagons: The Body in Impermanence” collection. PHOTOS

FRESH P-BEAUTY TAKE ON COLOR CORRECTION WITH NEW CARELINE COLOR CORRECTING POWDER

COLOR correction just got easier—and a lot more fun—with Careline’s new Color Correcting Powder. The collection features lightweight complexion powders in five targeted shades, namely Banana, Peach, Translucent, Green, and Lavender. Each has been developed to address a specific complexion concern while setting makeup for a smooth, fresh finish. Color correcting relies on a simple principle of color theory: contrasting tones can visually neutralize unwanted ones in the complexion. Green counters redness, peach balances discoloration, and so on. It’s a technique makeup artists have used for years, but figuring out which color goes where can feel complicated for everyday users. “When we looked around local beauty shelves, most color corrector formats were heavy creams and liquids,” says Careline brand manager Carmen Torralba. “But if you wanted a weightless finish that balances your tone, options were limited. That’s why we launched Color Correcting Powder in five variants, each targeting a specific, commonly experienced skin concern.” Careline simplifies it into three easy steps: pick a shade based on your concern, then correct, blur, and set. The brand folds targeted color correction into the ease of a finishing powder, with no extra layer required underneath the foundation.

FIVE SHADES, FIVE SOLUTIONS

■ Banana is a soft yellow-toned powder that brightens dull areas and neutralizes purple undertones. ■ Peach counteracts blue-toned discoloration for tiredlooking under-eyes. ■ Translucent, the collection’s most universal shade, sets and blurs without adding visible color—an easy starting point for anyone unsure they need color correction at all. ■ Green balances visible redness. ■ Lavender’s pastel tone counters yellow undertones and sallowness for a fresher look. Users can choose a single shade for their main concern or mix shades across different areas of the face for a fully customized finish. “This product was always high on the team’s development wishlist,” Torralba shares. “We put so much love and effort into formulating it, so seeing it go from an internal concept to actually being available on shelves is incredibly rewarding. We’re beyond proud to finally share it with everyone.”

A NEW GENERATION OF P-BEAUTY

THE launch reflects a new generation of P-beauty, where the goal isn’t simply to follow global trends but to solve Filipino consumers’ everyday concerns in ways that are innovative, accessible, and exciting. By building color correction directly into a finishing powder, Careline removes the guesswork and the extra step, making a professional makeup-artist technique usable in seconds. “Careline Color Correcting Powder goes beyond fixing discoloration,” Torralba explains. “It locks down shine for a weightless, fresh-all-day finish built for our tropical weather. That’s what makes this a game-changer. It’s formulated for how Filipinas actually live and sweat through their day, not just how they look in a photo.” With this launch, Careline shows that beauty can be bold and trend-forward without being intimidating to try. It’s a first for Filipino beauty: Careline’s Color Correcting Powder combines high-quality formulations with sleek, compact packaging designed for everyday use. The Careline Color Correcting Powder is available at major department stores and select Watsons stores nationwide, and through Careline’s official flagship stores on TikTok Shop, Shopee, and Lazada.

COURTESY OF BENCH.

S an educator, Edwin Ao edifies fashion. As a cerebral designer, he is celebrated for his “uncompromising structural precision.” Edwin, a member of the Fashion and Design Council of the Philippines, is an instructor at the Product Design Program of the University of the Philippines (UP) Cebu College of Communication, Art and Design, How does being a painter and a designer complement and contradict each other? “I feel it’s both complementary and contradicting. As an artist, the artistic training deeply refines your understanding of color theory, composition, texture and form, while as a designer you focus on usability and maybe the technical aspects of construction,” explained Edwin, who is an accomplished painter. And, how does being an instructor heighten or hamper your designer instincts? “To me, it helped a lot. I get to interact with the new generation so I begin to understand what’s going on. Somehow, it makes me reflect about certain directions when I design,” added the “master architect” of local fashion, who has a degree in Advertising Arts from the University of San Carlos. On what he considers one of his career highlights, Edwin delivered a compelling showcase at Bench Fashion Week Holiday 2026, at Space at One Ayala, Makati City, on September 26. Here, the brilliant Cebuano shared his mind-boggling design methods:

IMPERMANENCE

“THE collection is called ‘Chlorophyll Hexagons: The Body in Impermanence.’ I want to explore the relationship between nature, transformation and the human form. It reflects the idea that personal evolution often requires letting go of old identities and memories and perceptions to create space for possibilities to emerge. Through the process of tailoring, fragmentation, layering and recompositing, images are gathered from my smartphones taken in from street photography. “I deconstructed and reassembled it into a new visual framework. Now, these fractured compositions transform familiar visual fragments into a new visual language, suggesting that identity is never fixed but continually reconstructed through experience and memory and time. “The collection also investigates the relationship between nature and life, through the exploration of solar printing as both a conceptual and material process. Utilizing sunlight and chlorophyll-based imagery, the garments became living records of exposure, time and organic transformation. “One of the things we advocate is the exploration of materiality, looking at materials not simply as something we use but something that can evolve. So, I wanted to bring this idea to the collection. That’s to propose a contemporary expression of renewal that celebrates the body in impermanence.”

EXPLORATION

“COMING from the UP Cebu Design Program, we always advocate for the exploration of materiality,

looking at material not just something we use but something that can evolve. So, I wanted to bring this idea to the collection. The collection was to bring personal evolution and experience to the clothes. “I have unearthed photos taken from my phone. photos of street art, graffiti and even my paintings. I fractured those images and assembled and printed them to the garments. I’ve incorporated solar printing, nature and metal. It leaves its memory to the fabric, rust stains become prints to the menswear. “It took me around seven days to assemble the skirt pieces. One by one, they were assembled and draped to form a skeletal lantern skirt. I used motherboard and personal computer components as part of the conversation of materiality in the collection. “I was able to use some prints by Cebuano contemporary artist Mark Copino, He gifted me a print featuring his son Elias. I feel the [resulting garments] really complemented both our works.”

ORIGINS

“IT was really a dream to become a designer. When I was young, that’s what I wanted to be. I never had formal fashion training, because there were no fashion schools in Cebu at that time. We had to enroll in some vocational courses just to learn the basics in sewing and pattern making. “All the rest are learned from experience, then I ended up joining competitions, and I was fortunate enough to represent the country in some international competitions during the late 1990s.

“I was really exposed to tailoring ever since. I feel there’s so many things to be discovered and rediscovered in tailoring and my love affair with menswear. I specialize in tailored pieces and menswear. “I always look at art as inspiration. In a painting, the artist’s brushstrokes guide your eyes to a focal point. In fashion, you can translate those visual pathways into design lines. Bringing an artistic mindset to design allows you to inject soul, storytelling, and empathy into the garment. “A struggle or challenge of being a designer based in Cebu is the aging workforce. The younger generation no longer wants to inherit the skills. “I have a small workforce, and I feel I can only handle as much as I can. I’m happy with what I have now.”

BENCHMARK

“MY wish for the local fashion industry is for designers to have more access in terms of materials, a bigger avenue for technology to reach every city and become a manufacturing country so there will be more workforce. I feel the workforce is aging. “I had to say yes to Bench and Ben Chan. I feel now is the right moment for me to do a show in Manila, because the last time was in 2017. I miss the backstage chaos and especially working with the brilliant creatives like stylist Noel Manapat, director Robby Carmona and the people from Saga Events and Bench.”

Marie France continues advocating for healthy weight management

THESE days you can lose 10 pounds in one week, but Marie France believes that access to the right information gives its clients the opportunities to manage their weight through safe and healthy choices. As Marie France launched its Go Lose Pounds program at The Conservatory of the Peninsula Manila, it introduced four women and a man who have chosen to reach their body and weight goals under the program. Mikkie Bradshaw-Volante, theater actress, has been going to Marie France for nearly 10 years. She said her body does

not respond well to crash diets and slimming protocols so she has lost pounds and gained them back again. Since she decided to be on Marie France’s Go Lose Pounds program, her body composition analysis showed she lost weight, improved her muscle mass, and gained overall metabolic recomposition. She now runs when she used to shun physical activities. Actress Bernadette Allyson also opened up about her weight loss journey. With the guidance of a medical doctor, she hopped on a current trend but during filming for a project, her blood pressure hit alarmingly high levels. This is why she came back to Marie France to help recover the amount of muscle mass she lost. She is happy that the center has managed her muscle mass effectively. Roan Evangelista, a registered pharmacist, went to Marie France because her problem is skin sagging due to rapid weight loss. Her must-have treatments at Marie France also help her to deal with perimenopause gracefully. Ira Schadewald does not want to be on a rapid weight loss regimen; she is training for her first marathon and wants to start her self-care era strongly. Even with pre-existing health conditions, her goal is to have a strong and healthy body. She swears by Marie France’s healthy weight management

programs, which are focused on visceral fat in her body, building her muscles, and the recovery she needs after physical training. Gino Quillamor, host and entrepreneur, could not achieve his desired weight with yo-yo dieting but now, several months into the Go Lose Pounds program, he has shed seven kilos. He goes for Marie France because he realized that rapid weight loss will only result in him gaining it all back. His goal is to lose weight without sacrificing muscle mass and suffering from gauntness and sagging. At his age, Gino looks forward to enjoying the outdoors and playing with his future grandchildren. Go Lose Pounds program is anchored on Marie France’s pillars of experts that include medical doctors, nutritionists, knowledgeable consultants, behavioral mentors and therapists. During the launch, Dr. Erick Mendoza, a respected endocrinologist with specializations in diabetes and metabolism, gave a talk on how to shape one’s health and body. He discussed the truth about weight gain. He said it is not a simple failure of willpower but a complex combination of many factors such as biology and genetics, hormones and appetite, sleep and stress, medications, and

BERNADETTE ALLYSON, Mikkie Bradshaw-Volante, Roan Evangelista, Ira Schadewald, and Gino Quillamor at the launch of Marie France’s Go Lose Pounds program. PHOTO FROM MARIE FRANCE

underlying medical conditions. “No matter the trends, Marie France will always be about what is safe and healthy. That is our truth,” said Marie France COO Jacqueline Siy-Share.

Monday, October 5, 2026

Robinsons Hotels and Resorts launches Its 1st Travel Fair at Robinsons Galleria

obinsons Hotels and Resorts (RHR), the hospitality arm of Robinsons Land Corporation, is bringing together its diverse portfolio of hotel brands under one roof for the first Robinsons Hotels and Resorts Travel Fair, happening from October 16 to 18, 2026 at the Main Atrium of Robinsons Galleria. As the Philippines’ largest and most diversified hospitality group, RHR operates 10 brands and 30 properties across 20 cities and municipalities nationwide, offering a wide range of hospitality experiences, from ultra-luxury and upscale hotels to full-service and essential-value accommodations. Guided by the theme “Reasons to Travel,” the three-day event gives travelers the opportunity to discover great destinations, enjoy exclusive deals, and explore RHR’s diverse collection of hotel brands suited for every travel style and budget. Participating are NUSTAR Cebu, Fili at NUSTAR Cebu, Grand Summit General Santos, Summit Hotels and Resorts, Go Hotels, and Go Hotels Plus, alongside international brands Crowne Plaza Manila Galleria, Holiday Inn & Suites Manila Galleria, The Westin Manila, and Dusit Thani Mactan Cebu. Complementing the hotels are travel and lifestyle partners from the broader Gokongwei ecosystem, including Cebu Pacific, GoTyme Bank, and Go Rewards, as well as Union Bank -- creating a convenient one-stop destination for travel planning. What visitors can look forward to: Exclusive room and dining vouchers at special Travel Fair rates

Dusit Thani Mactan Cebu – a stunning beachfront retreat Travel Fair-only wedding, meeting, and event offers Additional privilege for UnionBank cardholders A Go Rewards promotion that will allow members to redeem points at 50% fewer points required Go Rewards points earning opportunities through GoTyme Bank Exciting giveaways and purchase incentives and perks Signature baked creations and premium coffee offerings An Events section highlighting ballrooms and function venues across participating hotel brands “This Travel Fair is designed not only to offer great value but also to inspire more Filipinos to explore the country,” says Barun Jolly, Senior Vice President and Business Unit General Manager of Robinsons Hotels and Resorts. “Beyond familiar destinations, the Philippines is home to many remarkable experiences -- from the majestic waterfalls of Iligan and the surf spots of Tacloban to the pristine sandbars of Kalanggaman Island and the natural wonders of Callao Cave in Cagayan. “Through our portfolio of hotels, we hope to encourage travelers to discover new places and experience more of what the country has to offer. And together with our partners, we aim to provide a more convenient and rewarding way to plan travel, from flights and accommodations to banking and loyalty rewards — all in one place,” he explains.

Guests will also be able to enjoy samples of signature baked creations sold at special prices from Café Summit, the signature dining outlet of Grand Summit and Summit Hotels and Resorts; as well as from The Westin Manila and Crowne Plaza Manila Galleria. R Coffee, Robinsons Hotels and Resorts’ signature coffee brand, will also be featured. Jolly adds, “Food is an important part of every travel experience, and the Travel Fair gives guests a taste of the culinary offerings they can look forward to across our hotels. From artisanal pastries and baked specialties to our signature R Coffee, we want visitors to experience the flavors and hospitality that define our brands.” In addition, the fair will feature an Events section, where guests can explore wedding, social, and corporate event venues from across the portfolio. From grand ballrooms to versatile function spaces, attendees can discover various options from multiple hotel brands in one visit and access special event packages available during the travel fair. Whether planning a family getaway, business trip, dream wedding, special celebration, or simply looking for the best travel deals, visitors will find plenty of reasons to attend the Robinsons Hotels and Resorts “Reasons to Travel” Travel Fair on October 16-18, 2026 at Robinsons Galleria’s Main Atrium.

Las Piñas explores AI to improve public services with PLDT, Smart AI-in-a-Box

Las Piñas Mayor April Aguilar; PLDT, SMART AVP and Head of Stakeholder Engagement Stephanie Orlino

AS Piñas is turning to artificial intelligence (AI) to explore new ways of managing information, developing projects, and delivering public services, with PLDT and Smart’s AI-in-a-Box. “AI-in-a-Box helps us bring all our data together, from green card programs to services for women, the youth, and TUPAD beneficiaries,” said Las Piñas Mayor April Aguilar. “This way, we know exactly who we’ve helped and who still needs support. In the end, it’s about making sure our services reach the people who need them most.” AI-in-a-Box is the PLDT Group’s initiative to make AI more accessible to communities. The program combines digital tools, connectivity, training, and mentorship to help local government units turn emerging technologies into practical solutions to enhance public service delivery. “Through AI-in-a-Box, we want to give city personnel not just access to technology, but the confidence to explore how AI can address the needs of their own communities,” said Stephanie V. Orlino, AVP and Head of Stakeholder Engagement at PLDT and Smart. “When LGUs are equipped to make better use of their own information, they can begin finding new ways to make public services more responsive and accessible.” Supported by PLDT-Smart Foundation and partners Microsoft and HP Philippines, PLDT and Smart provided the Las Piñas City government with an AI access kit, which includes an HP laptop, a SmartBro 5G Max Turbo WiFi unit, a smartphone, a premium AI tool subscription, and Smart prepaid load cards.

“Across the Philippines, we are seeing tremendous momentum in AI adoption.“ said Ida Ong-Co, HP Philippines Managing Director, “At HP, we believe the next phase of AI is about helping organizations create smarter workflows that deliver sustainable results.It’s about bringing together the right technology, security, visibility, and workforce experiences to enable AI adoption that is secure, scalable, and measurable.“ And to help the city kick off its AI journey, PLDT and Smart also conducted an AI training to provide LGU employees handson experience in identifying where AI could be useful in their own work. Conducted by social innovation agency Limitless Lab, selected LGU personnel were trained in ‘vibe coding’, which uses natural-language prompts, rather than manually written code, to build and refine software prototypes. The approach allows people without formal programming or IT backgrounds to turn ideas into working concepts more quickly. Staff from the City Social Welfare Development Office (CSWDO) used the training to develop a platform that will consolidate beneficiary data, aiming to prevent duplicate entries and ensure aid reaches the right beneficiaries. “Our team was able to create a simple wireframe for an internal database that could help one of our sections with profiling and encoding,” said Paul Cristian B. Bautista, CSWDO Media/IT staff. “What made the exercise useful was that we were working on an actual need within our office and could see how a possible solution might look. The output is not yet a fully developed system, but it gives our team a starting point to visualize and explain the system we may want to develop further. This can make the planning and development process more practical and easier to understand.” Other office personnel who are in the frontline of providing public services developed wireframes for an AI-powered chatbot that could answer frequently asked questions to cut down wait times for simple queries and free up staff for more complex tasks. PLDT and Smart have extended AI-in-a-Box to other local government units across the Philippines, combining technology, connectivity and capability-building to bring AI closer to communities beyond major urban centers. Through the initiative, PLDT and Smart provide participating communities with access to digital tools, training, and mentorship as they build solutions designed to address local concerns. AIin-a-Box supports the PLDT Group’s much broader efforts to expand digital inclusion and encourage innovation in line with the UNSDG 9 on Industry, Innovation, and Infrastructure.

Flavors Restaurant, Textures by Tamayo’s culinary collaboration celebrates modern Filipino cuisine

LAVORS Restaurant at Holiday Inn & Suites Makati has partnered with Textures by Tamayo’s for “Beyond the Filipino Table: A Modern Culinary Showcase,” an exclusive collaboration highlighting contemporary Filipino cuisine, sustainable sourcing, and culinary innovation. The initiative culminates in the Flavors x Textures Culinary Buffet Showcase running for a limited time only, from October 5 to 11, 2026. Ahead of the buffet showcase, Flavors Restaurant hosted a media preview on September 28, 2026, offering a first look at the collaboration through an exclusive tasting experience of the upcoming special buffet offering. At the heart of the showcase was the coming together of two chefs driven by a shared passion for showcasing Filipino cuisine through modern expression. Chef Christopher Tamayo of Textures by Tamayo’s brought his signature focus on flavor, texture, balance, and presentation, while Chef Dexter Sagales, Executive Sous Chef of Holiday Inn & Suites Makati, infused the menu with Flavors Restaurant’s Modern Comfort philosophy. Their combined expertise resulted in a dining experience that celebrated Filipino ingredients and traditions through refined techniques, thoughtful storytelling, and a commitment to locally sourced produce. “This collaboration reflects our commitment to creating memorable dining experiences by bringing together diverse culinary perspectives and fresh ideas. We are excited to work with Chef Christopher Tamayo and the team behind Textures by Tamayo’s to showcase a contemporary interpretation of Filipino cuisine that celebrates both innovation and authenticity,” said Andy Belmonte, General Manager of Holiday Inn & Suites Makati Further emphasizing the vision behind the initiative, Director of Food & Beverage of Holiday Inn and Suites Makati, Danner Barbasa explained that the partnership stemmed from a desire to explore how Chef Tamayo’s philosophy could complement Flavors Restaurant’s Modern Comfort dining concept. More than a guest chef feature, the collaboration serves as a platform for exchanging ideas, broadening culinary perspectives, and continuously evolving the restaurant’s offerings through meaningful partnerships. A highlight of the evening was a six-course tasting menu featuring Beets and Citrus, Wild Mushroom, California Roasted Chicken, Salmon, Lamb Shoulder, and Dragonfruit Pavlova. Guided by Chef Chris Tamayo, each dish showcased his approach to layering flavor, texture, and balance, that celebrates locally sourced ingredients through creativity and craftsmanship, resulting in dishes that are both refined and approachable. The evening concluded with an engaging discussion

with the culinary team, where guests gained deeper insight into the inspiration, techniques, and stories behind the menu. “We are incredibly grateful to everyone who contributed to the success of this collaboration, from our culinary teams and partners to the members of the media who joined us for the experience. This collaboration exemplifies the kind of creative storytelling and culinary innovation we hope to continue championing, and we are excited for what’s ahead for Flavors Restaurant,” said Jehan Balbanero, Director of Marketing Communications, Holiday Inn & Suites Makati. Building on the success of the media preview, Flavors Restaurant will present the Flavors x Textures Culinary Buffet Showcase, available from October 5 to 11, 2026 only. Featuring signature dishes by Chef Christopher Tamayo alongside specially curated creations by Chef Dexter Sagales, the limited-time offering celebrates the meeting of two culinary philosophies. Together, the buffet presents a distinctive dining experience that celebrates the individuality, craftsmanship, and culinary vision of both chefs. The buffet at Flavors Restaurant is available daily. The buffet is priced at PHP 2,300 net per person for Monday to Thursday lunch, PHP 2,500 net per person for Monday to Thursday dinner and Sunday dinner, and PHP 2,800 net per person for Friday and Saturday lunch and dinner, including Sunday lunch. Guests can enjoy up to 40% savings on the lunch and dinner buffet by becoming an IHG One Rewards member. Sign up today through IHG One Rewards and start enjoying exclusive perks and rewards. For table reservations, contact Flavors Restaurant via Viber at +63 919 071 9322 or book via TableCheck at https://www. tablecheck.com/en/holiday-inn-and-suites-makati-flavors/ reserve. For more information on the offers and promotions, visit www.ihg.com/holidayinn/makati.com or follow @ holidayinnmakati on Facebook, Instagram, and TikTok.

Content creators share lessons on balancing passion, purpose, financial security at creator camp

HAT does it take to turn creativity into a sustainable career? For Filipino content creators Baus Rufo, Carlo Ople, and Jaz Reyes, the answer goes beyond views and followers. It starts with taking the first step, showing up consistently, and making intentional decisions that support both creative growth and financial well-being. During Sun Life Philippines’ first-ever creator camp, entitled “One Day to Day One,” the three creators shared lessons from their own journeys, offering emerging content creators practical advice on building meaningful content, overcoming self-doubt, and creating opportunities that last. For comedian, content creator, and event producer Baus Rufo, pursuing a creative career did not happen overnight. During his talk, he reflected on a career journey that took him from advertising leadership roles to building a life centered on comedy, content creation, and performance. Rather than waiting for the perfect opportunity, Rufo encouraged aspiring creators to take small, calculated steps toward their goals. He shared that meaningful change is often the result of constant learning, reinvention, and a willingness to “fail forward.” One of his most resonant reminders: “Done is better than good.” Rufo also spoke candidly about the realities of freelancing and creative work, from embracing uncertainty to continuously investing in oneself and nurturing trusted relationships. These lessons, he said, helped him build a career that allows him to be creative while achieving financial freedom. For former sports broadcaster, host, and content creator Jaz Reyes, confidence is often misunderstood as a prerequisite to creating. In reality, she shared, most creators experience the same doubts before publishing their work. “We doubt ourselves. We overthink. We wonder if anyone will care. We still hit ‘Post’ anyway,” Reyes explained in her presentation about the messy process behind every piece of content. Drawing from her own experiences as a radio DJ, host, and creator, she encouraged aspiring influencers to focus less on

perfection and more on progress. Among her key lessons were simple but powerful reminders: curiosity beats perfection, action creates momentum, and consistency beats confidence. Reyes emphasized that confidence is built through action, not waiting for the perfect moment or the perfect idea. As she put it, “Confidence comes from doing, not waiting to feel ready.” During a fireside chat, entrepreneur and content creator Carlo Ople joined Sun Life financial advisor and content creator Jacklord Esguerra to discuss how creators can build both influence and financial stability. For Esguerra, content creation started with a simple mission: making financial concepts easier to understand. Despite being told that insurance content wouldn’t gain traction, he chose to focus on educating rather than selling. “People don’t like being sold to. They want to be informed, inspired, and educated,” Esguerra shared. His early posts gained little attention, but he stayed consistent. Over time, audiences began discovering his content, sharing it with others, and reaching out for guidance. Today, content has become one of his most effective ways to educate and serve more Filipinos on their financial journey. Ople echoed the value of thinking long term. What started as a gaming blog while he was working in corporate eventually grew into multiple businesses built around content. Rather than immediately leaving his corporate career, Ople spent more than 17 years balancing work and content creation, proving that passion projects and financial security can grow side by side. “The more sources of revenue, the more sources of income, the better,” he said. Together, their message was clear: start small, create value consistently, and trust that meaningful opportunities often begin long before anyone notices. Despite their different backgrounds and creative paths, the speakers shared a remarkably similar message: success rarely begins with certainty. It begins with action. Whether it’s publishing a first video, pursuing a long-held passion project, experimenting with a new format, or making smarter decisions for the future, creators don’t need to wait until everything is perfect to begin. Through the lessons shared by Baus Rufo, Jaz Reyes, and Carlo Ople, attendees were reminded that meaningful careers are built one step at a time. The journey from “One Day” to “Day One” starts not with confidence or perfection, but with a willingness to start anyway. If you’re ready to start today, visit sunlife.co/LiveBrightNow to know more.

Singapore Airlines enhances in-flight dining experience with new dishes, beverages, service ware

INGAPORE Airlines (SIA) is enhancing its in-flight dining experience with new and refreshed menus, refined beverage offerings, custom-designed service ware, and distinctive presentation and service touches for selected dishes in Suites and First Class. This is one pillar of SIA’s broader investment in its end-to-end travel experience, alongside nextgeneration cabin products and KrisWorld in-flight entertainment system, new amenities, high-speed connectivity, and on-ground services. This elevated travel experience will be unveiled in Singapore in November 2026. Yeoh Phee Teik, Senior Vice President Customer

Experience, Singapore Airlines, said: “At Singapore Airlines, in-flight dining is about much more than the meal itself. Guided by customer feedback, evolving preferences and emerging dining trends, we have reviewed every aspect of the experience – from menu design, seasonal ingredients, and cooking techniques to beverage selection, presentation, and cabin crew service. The result is a combination of thoughtfully crafted dishes, carefully curated beverages, elegant serviceware, and thoughtful touches that make dining on board more memorable for our customers.” The enhanced experience includes more than 100 new and refreshed appetisers, main courses, and

desserts that are being introduced across all cabin classes under SIA Chefs’ Selection. This is a new inflight menu category developed by the Airline’s in-house and guest chefs, in collaboration with its catering partners, and it brings together comforting and familiar flavours, regional favourites, reimagined classics, and new culinary creations. SIA is also introducing new wine labels for Suites, First Class, and Business Class, and new spirits options across all cabin classes, giving customers greater choice. In Suites, First Class, and Business Class, meals will be served on new custom-designed service

ware, created in collaboration with Christofle, the French luxury tableware maison. The service ware incorporates a subtle interpretation of SIA’s signature batik motif. SIA’s cabin crew complement these enhancements with their knowledge, attentiveness, and warm service, bringing greater finesse and personalisation to the dining experience. In Suites and First Class, selected dishes may be presented with distinctive touches, while cabin crew may also offer beverage recommendations to complement customers’ meal selections. The airline has begun to progressively roll

First class dining out the new dishes, while the remaining dining enhancements, including new beverages, service ware, and onboard service touches, will be introduced from November 2026.

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The stories we keep forgetting

FROM MANILA TO THE WORLD: RIA OCAMPO NAMED D&AD’S 2026 CREATIVE DIRECTOR OF THE YEAR

SOME awards recognize a campaign, while others describe the creative force behind the work. For VML London Associate Creative Director Ria Ocampo, the latter applies. Ria has been named D&AD Creative Director of the Year, adding one of advertising’s most closely watched individual distinctions to a career that has moved from Manila to Singapore and, most recently, London. The recognition arrives after a defining run of work, including “Vaseline Verified,” the Ogilvy Singapore-led platform that turned the internet’s chaotic beauty-hack culture into a system of scientific verification and earned Southeast Asia’s first Titanium Lion at Cannes Lions 2025. In a LinkedIn post, Ria described the D&AD recognition as “pretty special,” admitting that it was difficult for her to believe she was receiving her own D&AD

amid “so many outstanding creative leaders.” “I feel incredibly lucky to receive one of the creative industry’s greatest honours,” she wrote, thanking the teams at Ogilvy Singapore and VML London, as well as Unilever, for allowing her to be part of their creative ambitions. It’s an apt recognition of a creative leader whose career has consistently been about more than making advertising look good. Her work operates at the intersection of craft, culture, technology, brand purpose, and human behavior, finding ways for creative ideas to move beyond the brief and become part of the world around them. Perhaps, this is what makes the D&AD moment particularly resonant. D&AD exists to celebrate and encourage excellence in design and commercial creativity, with its Awards historically serving as one of the industry’s most exacting benchmarks for creative craft and ideas. Its coveted Pencils are not simply markers of visibility. They recognize work that demonstrates a level of conceptual clarity, execution, originality, and creative ambition that can stand up to some of the strongest work produced globally.

A creative education built across markets

RIA’S creative trajectory began in Manila.

After graduating from the University of Asia and the Pacific in 2007, she joined Ogilvy Manila as a junior art director. Within a year, she was promoted to art director, working on beauty and wellness campaigns for global names like Vaseline, and other Unilever brands. She later moved to Publicis Manila as senior art director, where her work expanded across major household names including Nestlé and Procter & Gamble. Ria then moved to JWT Singapore, before returning to the Ogilvy network in Singapore. Over the next nine years, she progressed from senior art director to head of art and associate creative director, building a body of work across increasingly complex briefs and markets. The movement between cities became part of her creative education. “Creativity grows when you step out of your comfort zone,” Ria told adobo Magazine in a previous interview. “Moving between places is challenging, but it makes you more adaptable, curious, and intentional in how you connect with people. The more you understand experiences and connections beyond your own world, the more it can fuel creative thinking,” she added. It is a philosophy thatc traces back to

but across the world. More importantly, it demonstrates that stories rooted deeply in our culture can resonate far beyond it. For those of us in communications, there is a lesson there worth remembering. In a world saturated with content, attention is increasingly difficult to sustain and trust is increasingly difficult to earn. Organizations that stand out will not necessarily be those with the biggest campaigns or the loudest voices. They will be those that understand who they are, what they stand for, and why their stories matter. The most powerful stories are often closer than we think. They already exist in our communities, our institutions, our traditions, and our shared experiences. Our responsibility as communicators is not always to invent something new. More often, it is to recognize the value of what is already there and ensure that stories worth telling are not the ones that eventually get forgotten.

PHOTO: GOOGLE

RECENTLY watched Forgotten Island with my school-aged nieces and nephews. Like most children, they were completely immersed in the story. They laughed at the funny scenes, held their breath during the suspenseful moments, and talked animatedly about their favorite characters long after the credits rolled. What caught my attention, however, had less to do with the film itself and more to do with how naturally they received it. They did not find it remarkable that the characters were Filipino. They did not pause to consider that the story drew heavily from Filipino folklore, family traditions, and cultural references. To them, it was simply a good movie. I realized that for their generation, seeing themselves reflected on screen may become an ordinary experience. For many of us who grew up decades earlier, it was not. Like many Filipinos, I was introduced to Greek mythology, Western fairy tales, and faraway legends long before I became familiar with many stories from our own culture. Most of the heroes we admired came from somewhere else. The stories we consumed were largely told through perspectives that were not our own. There was nothing wrong with that, of course, but it meant that seeing Filipino stories presented on a global stage often felt like an exception rather than the norm. That is what makes Forgotten Island noteworthy. It is not simply a DreamWorks film with a few Filipino references woven into the plot. It is unmistakably Filipino in its storytelling, mythology, humor, values,

and sense of family. Rather than treating these elements as decorative details, the film places them at the center and trusts that they are strong enough to carry a story that audiences anywhere can appreciate. As I watched my nieces and nephews react to scenes that felt familiar to us as Filipinos, I found myself thinking about something that applies as much to communications as it does to filmmaking. People are more likely to connect with stories in which they see a part of themselves. That observation may sound obvious, yet it is often overlooked by organizations that spend enormous effort competing for attention. In communications, we have become very good at measuring visibility. We track reach, engagement, impressions, sentiment, and share of voice. We know how many people saw the message, clicked on the content, or reacted to the campaign. What those metrics do not always tell us is whether people actually felt connected to what they were seeing. Being visible is not the same as being meaningful. The organizations that people trust most are often those that demonstrate a genuine understanding of their audiences. They reflect real concerns, real aspirations, and real experiences. They tell stories that feel grounded in something recognizable instead of relying solely on polished messaging and familiar buzzwords. Unfortunately, much of today's communication has become remarkably similar. Every company wants to be known for innovation, transformation, sustainability, agility, and purpose. These are all worthwhile aspirations, but repeated often enough they begin to lose distinction. The result is a landscape filled with messages that sound increasingly alike. What people respond to, on the other hand, is authenticity. That, perhaps, is the real strength of Forgotten Island. It does not try to make itself more universally appealing by softening its cultural identity. It embraces it fully. In doing so, it demonstrates a truth that communicators sometimes forget: authenticity is not a limitation. More often

than not, it is the very thing that creates relevance. Over the years, I have come to believe that the most effective communicators are not those who can create the most compelling narratives from scratch. They are the ones who can identify what is already true and communicate it with clarity, consistency, and credibility. Trust is built when stories align with reality, when values are evident in actions, and when people feel they are hearing something genuine rather than something carefully manufactured. The film also left me with a sense of optimism. Watching it with my pamangkins, I was reminded that a younger generation may grow up never questioning whether Filipino stories belong on the world's biggest screens. They

may simply assume they do, and perhaps that confidence is one of the film’s most important contributions. I also hope Filipinos around the world embrace Forgotten Island in the same way they rallied behind Alex Eala when she captured international attention. One of the strengths of the Filipino diaspora has always been its ability to unite behind achievements that reflect the best of who we are. Whether in sports, music, business, or the arts, Filipinos have consistently shown up to support one another. I hope families from Toronto to Dubai, Sydney to London, make time to watch this film together. Beyond helping its box-office performance, that support sends an important message to global studios and content creators: Filipino stories have an audience not only in the Philippines

her work. Rather than treating cultural understanding as a layer added after the idea, Ria has approached it as part of the strategic and creative process itself. For her, connection is not simply a communications objective; it is where the idea starts. “We can get people to resonate with what we want to say through universal truths, while also celebrating what makes us different,” she said.

Nonetheless, her own creative mantra remains remarkably direct. “You have to trust that all your experiences have prepared you to be where you are. Pursue the way you believe it can be done—not by simply following others.” At D&AD, where creative excellence is measured against work from across the world, Ria’s latest recognition places that philosophy in a new frame. The Pencil is the visible artifact, but behind it is the harder-to-measure body of work including years of craft, the courage to move markets, the patience to build ideas over time, the ability to turn cultural observation into creative strategy, and the leadership required to drive others the ambition.

Beyond the trophy

RIA’S latest chapter began with a move to VML London, a transition she had previously described as an opportunity to take on a new creative challenge. “If I could try to replicate the same success and keep going at it, as long as it stays fun, with a win or without. Just keep doing good, creative work I’ll be proud of.” That sentiment now reads differently with a D&AD Creative Director of the Year recognition attached to it because the most interesting part of Ria’s story is not simply the accumulation of trophies. It is the creative trajectory behind them, such as how a junior art director from Manila who kept moving, learning, collaborating, and pushing the scale of her ambitions until her work began making history on the global stage.

A Filipino perspective in global creativity

THE evolution of Ria’s career is also a sequential outline of what it means to be a creative. Her early years were grounded in the fundamentals of art direction: composition, visual storytelling, craft, and the ability to translate a strategy into something people can see and feel. As her remit expanded, so did the nature of her work. Creative direction demands the ability to hold multiple layers of a brief at

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premier association for senior professionals around the world. Red R. Samar is a communications professional and former journalist with extensive experience in media, public relations, and corporate communications. He currently serves as a PR Consultant at Robinsons Retail Holdings, Inc. (RRHI), one of the Philippines’ leading multi-format retail companies. RRHI operates a diverse portfolio of supermarkets, drugstores, department stores, DIY and home improvement stores, convenience stores, and specialty retail brands. The company is committed to enriching the Filipino shopping experience by providing quality products, trusted brands, and customer-focused retail solutions. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com. For more insights and updates on public relations, follow PR Matters by IPRA Philippines on Tiktok, Youtube, Instagram and Facebook.

once, such as the brand problem, the cultural context, the consumer behavior, the business ambition, the craft, and the people responsible for bringing the idea to life. Ria’s work suggests a creative philosophy built around that intersection. Her definition of connection extends beyond audiences. It includes clients, strategists, creators, scientists, makers, and the creative teams themselves. “Surround yourself with the right people—the ones who share your drive and passion for craft,” she said in a previous interview. “If you want to create meaningful work that stands out, being on a team without that same ambition will only hold you back. No one does this alone.” Moreover, Ria’s journey from Manila to Singapore and now London has also meant carrying a distinctly Southeast Asian perspective into increasingly global creative rooms. She has previously spoken about how her Filipino background informs the way she thinks, even unconsciously. “Us Pinoys, we know struggle, we’re great problem solvers, and we’re very good at bringing out emotions. We’re very empathetic and we also love our sense of humor. These are natural traits that just come out.”

Monday, October 5, 2026

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Senator pushes ‘people-centered housing’ Cebu deploys metal detectors in schools By Butch Fernandez

SENATOR is pushing amendments to the Urban Development and Housing Act of 1992 (Republic Act 7279) to institutionalize a people-centered housing program that prioritizes safe, affordable, and humane homes within or near the communities where squatter or informal-settler families live and earn their livelihood. Sen. Francis Pangilinan said the proposed reforms should draw from the housing approach pioneered by the late Jesse Robredo, who championed on-site and in-city relocation during his tenure as mayor of Naga City and later as Secretary of the Department of the Interior and Local Government. “When Jesse Robredo was secretary of DILG, what he died to address the

urban housing shortage was remarkable,” he said, partly in Filipino, in his co-sponsorship speech for Senate Bill 2505, or “An Act Establishing an OnSite, In-City, Near-City, or Off-City Local Government Resettlement Program for Informal Settler Families in Accordance with a People’s Plan.” The measure will amend the Urban Development and Housing Act of 1992. “In collaboration with the informal settlers, and some partner-nongovernment organizations, they had an onsite, in-city housing project. In this project, those living in high-risk areas like those near railways, on riverbanks and landfills, were not relocated to very remote places,” Pangilinan explained. He recalled that Robredo signed a department order approving a five-year P50-billion funding for the project. “Because of this, thousands of informal settlers now live in decent homes,”

he pointed out, still in Filipino. The bill seeks to institutionalize “the revolutionary concept of people participation” that the late former Interior chief used in his housing project. A new section—Section 23-A—will mandate the creation of a People’s Plan within six months to one year from the receipt of a notice for a proposed resettlement or relocation. The implementing local government or project proponent agency, civil society organizations, the Department of Human Settlements and Urban Development (DHSUD), the National AntiPoverty Commission, the Presidential Commission for the Urban Poor, the local social welfare and development office concerned, and other government agencies will draft the plan. It will include, among others, the following: a site development plan that incorporates community health,

sanitation, and security; non-physical development interventions (housing cooperatives, livelihood interventions); a system of allocation of socialized housing units; and a relocation and resettlement action plan (RRAP). The RRAP must be drafted in consultation with the affected informal settlers to ensure that their housing needs, livelihood sources, and other relevant circumstances are protected. The measure aims to address informal settlers’ concerns about their livelihoods after relocation, with the bill prioritizing in-city resettlement before considering near-city resettlement. “Off-city resettlement shall only be resorted to when near-city resettlement is not feasible, as determined in accordance with the RRAP, and shall be subject to adequate and responsive consultation prior to relocation,” the bill said.

Subic truck importer opens ₧50 million expansion yard

UBIC BAY FREEPORT–A major truck importer has opened a P50-million expansion yard at the Tipo Hightech Eco Park (THEP) here, reflecting the robust growth of the used vehicle industry in Subic which provides cost-effective transport solutions to entrepreneurs and logistics companies across the Philippines. The New Asahi Group Subic Trading Corp. said its new 5,231-sqm facility

will allow the consolidation of business operations in sourcing and reconditioning vehicles and industrial equipment and providing after-sales support to its growing customer base. The company, which established its Subic operations in August 2014, directly imports surplus trucks and heavy machinery from Japan and trades them under the Apex Trucks brand.

It's most popular products are wing vans, dump trucks, and specialized commercial units that local businessmen find affordable. New Asahi Group Chairman Ahamed Mohamed Mohamed Hussain said the new facility was completed only last August. He said it will handle importation, exportation, transshipment, warehousing, rebuilding, and trading of trucks and heavy equipment and will generate 25

additional jobs. SBMA Chairman and Administrator Eduardo Jose L. Aliño said the expansion project signals a strong vote of confidence in both the Freeport and the favorable business climate that the SBMA diligently maintains. “A Freeport’s strength lies in the enterprises that choose to invest, expand, and remain within its borders,” Aliño said. Henry Empeño

EBU CITY—The Cebu provincial government is stepping up security in public high schools across the province with the deployment of 600 metal detectors, as it mobilizes law enforcement, education officials and communities under a province-wide campaign against school violence. Gov. Pamela Baricuatro led the ceremonial turnover of the equipment to the Department of Education (DepEd)-Cebu for distribution to public high schools during the Unified Action Against School Violence held at the Capitol Social Hall late last week. The activity brought together about 200 representatives from government agencies, schools, parents and community stakeholders as the province moved to strengthen preventive and emergency measures in learning institutions. The metal detectors will provide schools with an additional security layer for screening weapons and other dangerous objects entering campuses. The provincial government, however, said the equipment is part of a broader system that includes threat identification, police coordination, emergency preparedness, access control and community participation. This initiative is anchored on Executive Order 35 issued by Baricuatro on June 25, which established the Cebu Safe Schools Program to prevent school violence and bullying, improve emergency preparedness and provide mental health and psychosocial support to learners. It also complements the Department of

the Interior and Local Government’s Safer School Zones program, which calls for local governments, schools, barangays, law enforcement agencies and communities to address security, traffic, fire, disaster and other risks in and around school areas. “As governor, it is my responsibility to prepare Cebu for risks before they become emergencies. But as a mother, it is much simpler. I want our children to be safe. I want them to walk into school thinking about their lessons, their friends, their dreams, and what they want to become someday—not whether something bad might happen to them,” Baricuatro said. Cebu Province Schools Division Superintendent Senen Paulin welcomed the provincial government’s support, saying the measure would help protect learners as well as teachers, school heads and non-teaching personnel. “We are very blessed that in Cebu province, we have a leadership who truly cares for every Cebuano, especially our young Cebuanos,” Paulin said. The gathering also featured the signing of a Pledge of Commitment among participating agencies and stakeholders, reinforcing their shared responsibility for school safety. Among the participating agencies were DepEd, the Cebu Police Provincial Office (CPPO), Provincial Disaster Risk Reduction and Management Office, Armed Forces of the Philippines, Philippine Drug Enforcement Agency, Bureau of Jail Management and Penology, Philippine Coast Guard, Bureau of Fire Protection and DILG. Carmel Pedroza

Dr. Ibet Sih of St. Luke’s: “In neurological care, better to overask your doctor than ignore symptoms”

By Francine M. Marquez

rain and spine health is important because the brain and spinal cord make up the central nervous system which serves as the body’s command center.

Yet the complexity of the nervous system can make proper care less familiar to the general public. In a recent episode of “Freshly Brewed,” BusinessMirror’s weekly podcast, Dr. Ibet Sih, neurosurgeon at St. Luke’s Medical Center Quezon City, joined Anne Ruth Dela Cruz, BusinessMirror’s Health and Fitness editor, for a conversation on caring for the brain and spine and how technology is changing the treatment of complex neurological conditions. “Neurosurgery involves brain and spine surgery, but it isn’t just limited to surgical conditions. Neurosurgery includes the medical aspects of managing neurological conditions,” she said. Differentiating neurosurgery from neurology, Dr. Sih explained that neurologists generally manage neurological conditions through non-surgical means, while neurosurgeons are trained to determine when a condition may require surgery. To illustrate the distinction, Dr. Sih cited brain hemorrhage as an example. A small hemorrhage may sometimes be managed through nonsurgical treatment, including medication to control intracranial pressure. “However, if the bleeding is extensive, such that the intracranial pressure increases,

then that may warrant treatment by a neurosurgeon,” she explained. Even when the volume of bleeding is relatively small, surgery may sometimes be considered depending on its location and its effect on critical areas of the brain. “It is not to diminish or decrease the size or the volume of the hematoma. But we are saving the brain,” she clarified.

Neurosurgical care

NEUROSURGERY encompasses several subspecialties. In spine care, patients may be treated by either orthopedic surgeons or neurosurgeons, depending on the condition and the expertise required. Neurosurgeons may treat complex spinal conditions, including degenerative spine disorders, herniated discs, and cervical and lumbar disc problems. Nerve conditions such as carpal tunnel syndrome, which are also commonly managed by orthopedic surgeons, may likewise be treated by neurosurgeons with appropriate training. Other areas of neurosurgical practice include peripheral nerve surgery, vascular conditions of the brain and spine, and radiosurgery, a highly focused form of radiation treatment used for

Dr. Ibet Sih, neurosurgeon at St. Luke's Medical Center Quezon City, talks about the neurosurgery and when patients should seek specialized care with Anne Ruth Dela Cruz, BusinessMirror's Health and Fitness Editor. selected neurological conditions.

nerve root compression,” she noted.

When surgery becomes necessary

Minimally invasive treatments

NONSURGICAL treatment may be appropriate for many neurological conditions. However, when a condition affects the brain, spinal cord, or nerves and threatens critical functions, surgery may become necessary. According to Dr. Sih, a significant increase in the volume of a brain hemorrhage, for instance, may warrant neurosurgical intervention. Another consideration is whether the hematoma involves an eloquent area of the brain—the regions responsible for important functions such as movement, sensation, and language. Dr. Sih emphasized the importance of timely intervention, noting that “time is brain.” “If you want reversible deficits even though the volume is not quite sizeable and if you want the return of function, then surgical indication may be an option also,” she said.

Recognizing spine symptoms

Dr. Ibet Sih, neurosurgeon at St. Luke's Medical Center Quezon City

Anne Ruth Dela Cruz, BusinessMirror's Health and Fitness Editor.

SOME of the common spine conditions treated by neurosurgeons are degenerative disorders, including cervical disc disease, cervical spinal stenosis, lumbar disc herniation, and, in more severe cases, degenerative scoliosis. Symptoms suggesting nerve or spinal cord involvement may include muscle weakness and numbness in specific areas of the body. “If it’s the arms, then it may be cervical affectation. Or, the common term is sciatica,” Dr. Sih said. “If you have low back pain and it radiates down one leg, that is the usual description that we give to sciatica. Then it’s possible that there is

THE thought of undergoing spine surgery can understandably be unsettling for many patients. Minimally invasive techniques, however, may reduce the physical trauma associated with conventional open surgery. “With the minimally invasive techniques and procedures, we are able to do fusion surgeries, which are big surgeries with just small incisions and percutaneous placement of the instrumentation, such as the screws,” Dr. Sih explained. “From the outside, you just have small incisions, and then you can do extensive surgeries within the body.” These techniques can potentially reduce pain because of less tissue manipulation and may also result in less blood loss, shorter hospital stays, and faster recovery in appropriate patients.

Treating complex conditions

BRAIN tumors and aneurysms are among the complex conditions requiring specialized neurological care. Metastatic brain tumors occur when cancer cells spread from other parts of the body to the brain. Primary brain tumors, meanwhile, originate in the brain and may be benign or malignant. “Primary tumors, on the other hand, could be benign conditions. But nevertheless, if you say tumor, this can potentially compress the brain and affect the function of the person,” Dr. Sih said. Treatment depends on several factors, including the type and size of the tumor, its location, the patient’s age and overall condition, and whether it is causing symptoms. “We can offer a lot of treatment options—

from monitoring or observing, let’s say, if you have a small-sized meningioma that is one centimeter in size, and in a 75-year-old patient, then we might not opt to do any treatment and just monitor the tumor,” she said. Aneurysms are another serious neurological condition because a ruptured aneurysm can cause bleeding in the brain and significant complications. “If you’re diagnosed with an aneurysm, the treatment is varied and includes open surgery to clip the aneurysm, to obliterate its communication with the circulation, and to decrease the risk of rebleeding,” Dr. Sih said. Another option is endovascular treatment, a minimally invasive approach in which a neurosurgeon accesses the aneurysm through the blood vessels and places coils inside the aneurysm sac to prevent blood from flowing into it. For tumors located in critical or eloquent areas of the brain, neurosurgeons may use MRI-based tractography to map important white matter pathways and plan the safest surgical approach. “In the past, the shortest route from the surface to the tumor was the best. But it is not actually true. We may now take a longer route but a safer route,” Dr. Sih said. “This means that we need to check if there are eloquent areas near the tumor. So we actually do the planning with a pre-operative MRI.” During surgery, technologies such as intraoperative ultrasound and highmagnification surgical microscopes may also help guide the procedure.

Eyes wide open

AWAKE surgery may be an option for patients with tumors located near areas of the brain responsible for critical functions, particularly speech and movement.

By keeping the patient awake during selected portions of the procedure, doctors can test and monitor neurological functions in real time while removing the tumor. “If the tumor is in the speech area, for instance, and during crucial parts of the surgery, the anesthesiologist will have to awaken the patient and talk to the patient while doing surgery,” Dr. Sih explained. “So it’s not that the patient is entirely awake during the entire surgery.” Technological advances have enhanced the precision and safety of neurosurgical procedures. At St. Luke’s, patients who may be candidates for non-open treatment also have access to stereotactic radiosurgery, a highly focused form of radiation therapy used to treat selected metastatic and benign brain tumors. The hospital has also recently acquired advanced CT scanning technology to support diagnosis and treatment planning.

Timely care

Dr. Sih cautioned against ignoring persistent symptoms or relying solely on self-medication. Persistent or unexplained neurological symptoms should prompt a medical evaluation. “Seek the neurosurgeon’s opinion if the symptoms persist,” she advised. “It pays to overask than ignore symptoms.” “I’ve seen patients who try to take medicines for symptom relief, but after a month, when they come back for consultation, the tumor is much bigger, and they’re in a much worse condition.” Despite advances in technology and treatment, misconceptions about neurosurgery remain. One is the belief that seeing a neurosurgeon automatically means a patient has a serious condition that requires surgery. “There are many, many conditions that neurosurgeons treat surgically and even nonsurgically. We have to erase that misconception that neurosurgeons just deal with serious conditions,” Dr. Sih said. “If you say neurosurgery, it is not just surgical treatment. The option of treatment is not only surgical. There can be medical options also,” she concluded. For patients experiencing persistent or unexplained symptoms involving the head, neck, back, or limbs, timely medical evaluation can help determine the appropriate course of care. As Dr. Sih emphasized, asking questions and seeking professional advice may be better than simply ignoring symptoms. • Watch the full interview on BusinessMirror’s YouTube channel. Catch new episodes of Freshly Brewed every Monday at 10 a.m. on BusinessMirror’s YouTube channel, Facebook page, and website