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Headwinds to keep Sept inflation above 6% By Justine Xyrah Garcia

HE country’s September inflation is expected to remain above 6 percent as external and domestic headwinds continue to weigh on the economy, according to Moody’s Analytics. In its Asia Pacific Economic Preview released on Monday, Moody’s Analytics said the re-escalation of the Middle East conflict is expected to further push up energy prices and add to inflationary pressures in the country. “In the Philippines, we expect headline inflation to accelerate to 6.5 percent. This will be the sixth straight print above 6 percent,”

IMPEACHMENT WATCH, DAY 33 Anti-Money Laundering Council (AMLC) Secretariat

Executive Director Atty. Ronel U. Buenaventura takes the witness stand during Day 33 of the impeachment trial of Vice President Sara Duterte at the Senate of the Philippines in Pasay City on Monday, October 5, 2026. Buenaventura was presented by the House prosecution panel to testify about financial records, including covered and suspicious transaction reports, in connection with the prosecution’s Article II allegations concerning unexplained wealth. ROY DOMINGO-SPPA POOL

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the firm noted. If realized, the forecast would mark a reversal of the country’s recent disinflation trend, with inflation having eased from 7.2 percent in April to 6.8 percent in May, 6.2 percent in June, and 6.1 percent in August. Several economists and think tanks have likewise warned that the easing path may have run its course, with consumer prices facing renewed pressure in the fourth quarter from higher transport costs amid the recent oil-price spike, wage increases and the “Very Strong” El Niño expected toward the end of the year. This newspaper has also previously reported that inflation could

peak by November, when the impact of the recent fare increases is expected to be more fully reflected in consumer price data. (Related: https://businessmirror.com. ph/2026/10/05/q4-inf lationseen-even-faster-nov-peakfeared/). Beyond energy costs, Moody’s Analytics said the depreciating peso is also contributing to higher import costs, adding to broader price pressures. A weaker peso raises the localcurrency cost of imported fuel, food, and other goods, potentially increasing costs for businesses that rely on imported inputs. This could add to inflationary pressures if businesses pass high-

er input costs on to consumers, Moody’s Analytics said. The Philippine peso has hit multiple record lows against the US dollar in recent months, with its latest record-low close of P62.86:$1 recorded on September 14. The potential impact comes as the country continues to rely heavily on imports, with the cumulative import bill reaching $105.60 billion in the first eight months of 2026, up 19.1 percent from $88.69 billion a year earlier. Official data showed electronic products accounted for the largest share at $32.97 billion, followed by mineral fuels at $14.93 billion, and cereals and cereal preparations at $3.92 billion.

BusinessMirror A broader look at today’s business Tuesday, October 6, 2026 Vol. 21 No. 357

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AMRO CUTS PHL GROWTH FORECAST IN 2026 TO 3.3% www.businessmirror.com.ph

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By Justine Xyrah Garcia

HE Philippines is expected to post the fourth-weakest economic growth in Southeast Asia this year, as the Asean+3 Macroeconomic Research Office (Amro) slashed its 2026 growth forecast for the country to 3.3 percent. Amro on Monday lowered its forecast from 4.1 percent previously, putting the Philippines ahead of only Myanmar at 2.5 percent, Thailand at 2.4 percent, and Brunei at 1.9 percent.

The Philippine forecast is also well below the 4.9-percent growth projected for Asean this year. Amro likewise trimmed its 2027 growth forecast for the See “Amro,” A2

BAN ON EXPORTS OF PLANTING MATERIALS FOR ‘UBE’ TILL 2028 By Mary Jade Jadormio

HE Department of Agriculture (DA) will keep a ban on exports of fresh purple yam (ube) planting materials until 2028 as it seeks to build domestic supply amid surging global demand for the crop. Agriculture Secretary Francisco P. Tiu Laurel Jr. said the restriction will give local producers more time to expand cultivation before planting materials are allowed to leave the country. “We severely lack planting material ourselves,” Tiu Laurel said, warning that Philippine ube varieties could be used by

other countries to compete with local growers. The Bureau of Plant Industry (BPI) initially imposed the ban of exports of fresh ube and its propagative planting materials in August, covering shipments intended for consumption, planting or research. (See: https://businessmirror.com.ph/2026/09/11/ phl-bans-exports-of-purpleyam-as-global-demand-soars/) BPI also stopped issuing phytosanitary certificates for affected shipments as the government worked on formally placing fresh purple yam under export restrictions. See “Ube,” A2

PAWS AND REFLECT Pets wait to attend a service marking the feast day of St. Francis of Assisi, the patron saint of animals and ecology, at Malate Church in Manila, on Sunday, October 4, 2026. The feast honors the 13th-century Italian friar known for his deep reverence for animals and nature and is traditionally observed with the blessing of animals. St. Francis’s connection with the natural world has also made his feast day an occasion to reflect on humanity’s responsibility to care for creation. Similar pet blessings and services are held in Catholic communities around the world. AP/JOEAL CALUPITAN

DTI: A one-off export boom won’t do By Bless Aubrey Ogerio

CAMERA WATCH Vehicles pass a camera-based traffic enforcement and no-contact

apprehension reminder in Manila on Monday, October 5, 2026, as the No Contact Apprehension Policy (NCAP) resumes in parts of Metro Manila. NCAP implementation resumed in Manila, Quezon City, Parañaque, Muntinlupa and San Juan following the Supreme Court’s lifting of the temporary restraining order against the traffic enforcement system. NONIE REYES

HE country’s August record merchandise exports should translate into actual sales, repeat orders and longerterm buyer relationships, the Department of Trade and Industry (DTI) said, as the country seeks to turn strong export growth into sustained market gains. This was following the Philippine merchandise exports’ 35year high of $9.11 billion in August, up 27.8 percent from $7.13 billion a year earlier and marking the 20th consecutive month of year-on-year growth. “Trade promotion must lead to real sales, repeat orders and long-term partnerships for our exporters,” Trade Secretary Ma. Cristina A. Roque said following the release of the August trade

data. “Filipino exporters continue to demonstrate their capability to compete and succeed globally. This 35-year high builds on the sustained export growth we have achieved since last year, proving that the international market is ready and eager for Philippine products,” she added. From January to August, merchandise exports reached $64.04 billion, 14.8 percent higher than the $55.80 billion recorded in the same period last year. The August surge also narrowed the country’s trade gap, with exports growing faster than imports. Imports rose 16.6 percent year on year to $12.96 billion in August, bringing the eightmonth import bill to $105.60 billion, up 19.1 percent from $88.69 billion a year earlier.

“Trade promotion must lead to real sales, repeat orders and long-term partnerships for our exporters,”–Trade Secretary Ma. Cristina A. Roque

Electronics remained the main driver of exports, gaining $2.32 billion from a year earlier in August. The sector accounted for $6.20 billion, or 68.1 percent of total exports, amid sustained

global demand linked to artificial intelligence and data centers. Manufactured goods comprised the largest commodity group, accounting for $7.69 billion, or 84.4 percent of total exports. The United States remained the country’s largest export market, taking in $2.17 billion worth of Philippine goods, equivalent to 23.8 percent of August exports. The strong overall performance, however, has not been uniform across sectors, per DTI. It reported that some agricultural and agro-processed exporters continue to face supply and logistics constraints. Still, the agency’s Export Marketing Bureau said it continues overseas promotion activities to help exporters find buyers and diversify their markets.

PESO EXCHANGE RATES n US 62.6470 n JAPAN 0.3971 n UK 82.9947 n HK 7.9839 n CHINA 9.3412 n SINGAPORE 48.9583 n AUSTRALIA 43.5334 n EU 70.5468 n KOREA 0.0467 n SAUDI ARABIA 16.6872 Source: BSP (October 5, 2026)

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A2 Tuesday, October 6, 2026

Ube…

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Tiu Laurel said the restriction is focused on planting material, not processed ube, allowing exporters to continue shipping products such as powder, halaya, paste and other value-added forms. “If the planting material of ube... [gets] out of the country, to our neighbors who don’t have ube or do not have the variety natin ng ube, then they become our competitors,” Tiu Laurel said. Ube has emerged as a high-value agricultural commodity as demand grows in overseas markets, but supply remains a major constraint for the Philippine industry. Production rose nearly 17 percent to 5,658 metric tons in the first half of 2026 from 4,838 MT a year earlier, marking the highest first-half output in two years, according to Philippine Statistics Authority. Despite the increase, the industry continues to face limited planting materials, fragmented supply chains and inconsistent quality standards, which have constrained efforts to scale up production. The policy comes as the government tries to turn rising international interest in ube into a larger export opportunity without allowing the domestic supply base to fall behind demand. The Agriculture chief said the department’s approach is to increase planting-material availability first, with farmers retaining part of their harvest for propagation while directing more production toward processing and exports.

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ERC extends to end-’26 halt in electric service cutoffs

By Lenie Lectura

HE Energy Regulatory Commission (ERC) will extend the suspension of electricity service disconnections for non-payment of electricity bills of residential customers until end of this year. However, only residential consumers with a monthly consumption of 200 kilowatt hours (kWh) and below will qualify for the extension. “Regarding the no-disconnection policy, we will release the details within the month as well, since it was supposed to end in October; the Commission has already discussed extending it, though with a more limited scope,” said ERC chairperson Francis Saturnino Juan. “It is limited to residential customers with a consumption of 200 kilowatt-hours or less.” Juan said there were requests from smaller power distribution firms and electric cooperatives that are facing financial difficulties because customer payments are being delayed, yet they still have to make advance payments to suppliers and power generators. “We have received many requests from utilities—including electric co-

operatives—noting that because the policy applied to all their customers, including large commercial and industrial ones, bill payments were often delayed. “Yet, they themselves need to make timely payments to their suppliers and the NGCP. Consequently, their cash flow is suffering; their operations are under financial strain, and they are facing difficulties. “As for the residential no-disconnection policy, we are able to maintain the protection we want to extend to our more vulnerable customers— the residential ones—because we understand the current difficult situation, especially with power rates still on the rise,” the ERC chief explained. He also recognized the plight of smaller power distribution firms. Many electric cooperatives are facing financial difficulties—specifically

cash flow issues—because customer payments are being delayed, yet they still have to make advance payments to suppliers and power generators, placing a strain on these utilities. “We have received many requests from utilities, including electric cooperatives, noting that because the policy applied to all their customers, including large commercial and industrial ones, bill payments were often delayed. “Yet, they themselves need to make timely payments to their suppliers and the NGCP. Consequently, their cash flow is suffering; their operations are under financial strain, and they are facing difficulties. “As for the residential no-dis-

connection policy, we are able to maintain the protection we want to extend to our more vulnerable customers—the residential ones—because we understand the current difficult situation, especially with power rates still on the rise,” Juan said. The ERC earlier ordered the extension of the disconnection moratorium for non-payment of electricity bills covering the period August to October 2026. Juan said the impending order on extension will take effect for the months of November and December this year. “It runs until the end of the year. Then, we will assess the situation from there to determine the next steps,” he said.

Amro…

Official data showed gross capital formation, a measure of investment, contracted by 9.2 percent in the second quarter of 2926, marking its fourth consecutive quarterly decline. Fixed investment also contracted by 13.7 percent during the period, widening from the 2.5-percent decline in the first quarter. Construction likewise contracted by 14.8 percent, compared with a 4.3 percent contraction in the previous quarter. But even as public investment remains key to the recovery, the chief economist warned that elevated inflation could further weigh on growth by eroding household purchasing power— which has already been reflected in the weak 2.8 percent growth in household consumption, its slowest pace outside the pandemic in more than a decade. “High inflation eats into the real purchasing power of households. So without putting inflation under control, growth will be affected in any case,” He said. He added that the Bangko Sentral ng Pilipinas (BSP) should “stick to its framework” in taking a forward-looking perspective and “have a good reading of inflationary developments for them to take the appropriate policy action.” Amro trimmed its inflation forecast for the Philippines to 5.6 percent from 5.7 percent earlier, but raised its 2027 forecast to 4.6 percent from 4.1 percent. Both forecasts remain within the government’s inflation targets of 6 to 7 percent for 2026 and 4 to 5 percent for 2027.

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country to 4.6 percent from 5.5 percent. If realized, the forecasts would mean the Philippine economy would miss the government’s growth targets of 3.5 to 4.5 percent in 2026 and 5 to 6 percent in 2027, extending the Marcos administration’s record of missed growth targets since 2023. According to Amro Chief Economist Dong He, the country’s growth outlook will depend heavily on how quickly public investment and construction activity recover, particularly after issues surrounding flood-control projects slowed public investment. “The growth outlook is very dependent on how fast public investment and construction related activities can pick up,” He said at a media briefing. He said the Philippines still has important buffers to support the recovery including its strong monetary and fiscal policy frameworks, robust remittance flows, and a resilient Information Techonology and Business Process Management (IT-BPM) sector, with services exports remaining a bright spot. He urged the Philippine government to build on these strengths by accelerating well-governed public investment and keeping government projects on track, which he said would be crucial for bringing the economy back to its potential growth path.

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by 6.6 percent, and from the households by 3.8 percent.”

Corn inventory surges

IN the same report, the PSA said total corn inventory as of September 1 surged by 47 percent to 816,460 MT from 555,400 MT in the same period last year. Despite this, the latest total corn inventory slipped by 1.5 percent on a monthly basis from the 829,300 MT registered in August. “From the same month of the

Tourism… Continued from A9

“At the same time, international travelers are expected to continue to seek value for money and travel either closer to home or domestically, again in response to elevated prices and uncertainty,” said the report.

previous year’s level, corn stocks inventory as of 01 September 2026 recorded annual increases from the households by 55.8 percent and from the commercial sector by 46.1 percent.” “Relative to the inventory level in August 2026, decrease was noted in the volume of corn stocks from the households by 28.7 percent. Meanwhile, corn stocks inventory from the commercial sector increased by 2.8 percent.” PSA data showed that corn stocks held by the commercial sector accounted for 90 percent of 734,430 MT, while those in households made up 10 percent of the inventory at 82,040 MT.

By region, Africa (+4 percent) and Europe (+3 percent) saw the strongest performance in the first half of 2026. International arrivals in the Americas grew by 2 percent the same period in 2025, while Asia and Pacific saw a 1 percent increase. In the Middle East, arrivals declined by 22 percent in this first half of the year impacted by the conflict in the region.

Chinese Embassy rejects claims tying China to Duterte funding By Malou Talosig-Bartolome

HE Chinese Embassy in Manila dismissed allegations that China provided funds to organizations linked to Vice President Sara Duterte and her husband, lawyer Manases Carpio, calling the accusations a “false narrative” fabricated and spread by certain Philippine politicians. In a statement issued by embassy spokesperson Ji Lingpeng, the Chinese Embassy said it had taken note of recent claims alleging that China had funneled funds to a particular political faction in the Philippines and that the embassy’s website had been maliciously linked as a redirect destination. “The Chinese Embassy in the Philippines has noted that recently certain Philippine politicians fabricated and spread a false narrative” alleging Chinese involvement in Philippine domestic politics, the statement said. The embassy’s statement came after former senator Antonio Trillanes IV claimed that a foundation linked to Duterte received P150 million from the Embassy of the People’s Republic of China, while a company associated with Carpio allegedly received P319 million from the Chinese government. China denied the allegations and condemned what it described as malicious rhetoric aimed at dragging China-Philippines relations into domestic political disputes. “We urge the relevant individuals in the Philippines to stop political manipulation and not to drag China-Philippines relations into Philippine domestic politics,” the embassy said. The embassy added that attempts to gain political advantage by “smearing and discrediting China” and harming its interests and image were “doomed to fail” and would ultimately undermine the interests of the Philippines and its people. China also vowed to protect its interests and reputation. “The Chinese Embassy will take all necessary measures to safeguard its legitimate interests and dignity,” the statement said. The embassy’s statement did not directly address the specific amounts cited by Trillanes.

VP Sara’s camp expects perjury charges against ex-cop Gracioso

ICE President Sara Duterte said they expect a case to be filed by the National Bureau of Investigation (NBI) against former police corporal Rodulfo Gracioso Jr., who alleged that he had delivered suitcases containing millions of pesos in cash to her and other family members between 2018 and 2021. Gracioso, who also claimed to be a former security aide or staff member of then- House Speaker Lord Allan Velasco, filed an NBI affidavit stating that he delivered cash from P10 million to P100 million per instance, allegedly sourced from political figures and contractors. In a statement on Monday night, Duterte said that she expects the NBI to file the perjury charges against Gracioso “once the agency completes its investigation and the evidence is fully evaluated.” “NBI Director Melvin Matibag noted that a perjury case may be possible if the allegations are proven false,” Duterte recalled. She also confirmed that they already received a copy of the affidavit from the NBI, together with identification documents, but no other attachments. Based on their count, Duterte said, that Gracioso made 29 statements concerning her which they deem false. “Among several other pieces of my evidence, Jefry Tupas and I were nowhere near Marinduque during Mahal na Araw in 2019, nor were we in Manila on September 21, 2019,” Duterte clarified. The NBI and the Department of Justice are continuing to validate Gracioso’s claims. Claudeth Mocon-Ciriaco

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Tuesday, October 6, 2026 A3

Senate junks Sara plea to exclude AMLC official from witness list PNP reports 29.75% drop T in focus crimes By Jovee Marie N. Dela Cruz @joveemarie

HE Senate Impeachment Court on Monday rejected Vice President Sara Z. Duterte’s bid to exclude Anti-Money Laundering Council (AMLC) Secretariat Executive Director Ronel U. Buenaventura as a prosecution witness, clearing the way for testimony on P319 million in remittances from mainland China and Hong Kong to a company allegedly partly owned by her husband, alongside billions of pesos in reported transactions involving the couple and several corporations. Presiding Officer Sen. Francis Escudero ruled that AMLC confidentiality requirements do not provide absolute protection against compulsory court processes. “The AMLC witness may therefore identify, authenticate and explain the reports specified in the subpoena,” he said. Private prosecutor Mae S. Divina-

Silica…

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BCDA and the National Water Resources Board have said local water sources are sufficient. Stakeholders on several sides have called for published environmental assessments and clear resettlement and compensation plans as the project moves forward. The hub also sits alongside the government’s wider push on AI. In September, the Department of Information and Communications Technology launched the Philippines AI+ Infrastructure Masterplan 2026–2033, a $34.4 billion roadmap that aims to grow the country’s AI data-center capacity from about 50 megawatts to 1.5 gigawatts by 2033 and to reskill 1.3 million workers in the IT-BPM sector. Jose E.B. Antonio serves as the Philippines’ Ambassador-at-Large for Trade Relations. He previously served as Special Envoy to China in 2005 and as Special Trade Envoy to the United States in 2016, and is the founder of Century Properties Group.

Unlicensed… Continued from A4

“Our responsibility does not end with monitoring. When meat products are undocumented or have not undergone the required inspection, we must act within the law to protect consumers and uphold the integrity of the meat supply chain,” Tiu Laurel said. However, DA clarified that the single operation should not be taken as evidence that illegal meat trading is widespread, saying it instead highlights the importance of sustained monitoring and coordination among enforcement agencies. T he c o n f i s c at e d me at w a s transpor ted to Supima Cold Storage in Meycauayan, Bulacan, an NMIS-accredited facility, where it will remain secured pending the disposition as ordered by the court. Meat found unfit for human consumption will be disposed of in accordance with existing rules and procedures. NMIS urged consumers to buy meat only from legitimate sources and check for proper inspection marks, labels and documentation. Mary Jade Jadormio

gracia offered Buenaventura’s testimony to support Article II of the Articles of Impeachment, which accuses Duterte of amassing ill-gotten wealth and making untruthful declarations in her Statements of Assets, Liabilities and Net Worth (SALNs). The prosecution outlined 11 subjects before the witness’ direct examination. In his testimony at the Senate

Impeachment Court, Buenaventura said the AMLC has 666 unique covered transaction reports involving Vice President Sara Z. Duterte and her husband, lawyer Manases Carpio. Buenaventura said the agency’s summary contained 373 covered transaction reports (CTRs) involving Duterte and 363 involving Carpio from 2007 to 2025. Seventy reports appeared in both sets and were counted only once in the combined total. “Based on this summary, there are 373, Your Honor,” Buenaventura said when asked about reports involving the Vice President. For Carpio, he answered: “The number is 363, based on the record, Your Honor.” Buenaventura explained that a CTR does not, by itself, establish that a transaction is suspicious or illegal. Banks and other covered institutions submit CTRs for transactions meeting the statutory reporting threshold. Suspicious transaction reports follow separate indicators and may be filed regardless of the amount involved. During the examination of individual records, Buenaventura also identified two transactions with a combined peso value of P18,895,389.35 involving a Bank of the Philippine Islands account jointly owned by Duterte and her father, former President Rodrigo Duterte. “This account is owned by former President Rodrigo Duterte and Vice President Sara Duterte,” he told the court. One report recorded an over-thecounter withdrawal on April 8, 2013,

through BPI’s J. Vargas branch, with a peso value of P9,109,644.80 and a corresponding foreign exchange amount of US$221,322.76. Buenaventura clarified that the peso and dollar figures represented the same transaction and should not be added together. Although the record listed USD as the foreign exchange code, it did not specify the currency actually withdrawn. “But I cannot say, Your Honor, whether this was withdrawn over the counter in pesos or in dollars. It does not appear in the record,” he said. The second transaction, dated March 9, 2011, had a peso value of P9,785,744.55 and a corresponding foreign exchange amount of US$225,581.94. It was coded as a debit memo, but Buenaventura said the AMLC record did not establish what the entry specifically represented. The prosecution presented the records under Article II of the impeachment case, which alleges that Duterte accumulated unexplained wealth disproportionate to her lawful income and failed to fully and truthfully disclose her and her husband’s assets, liabilities and net worth. Escudero overruled a defense objection concerning the relevance of older transactions, explaining that the subpoenaed documents were intended partly to establish Duterte’s financial baseline. “This is part of the subpoenaed documents which, when the court

issued the subpoena, said is part of establishing the baseline of the respondent’s net worth,” Escudero said. He added that Buenaventura’s testimony would address Duterte’s actual net worth and the “presence or absence of ill-gotten wealth.” The defense also challenged the admissibility, relevance and public disclosure of certain AMLC documents, including records marked “strictly confidential.” It objected to the presentation of foreign currency-related information, citing confidentiality protections for foreign currency deposits. Divinagracia responded that the prosecution was examining covered transaction reports rather than directly inquiring into foreign currency deposits. She maintained that mandatory reporting of covered and suspicious transactions falls within exceptions to confidentiality restrictions. The prosecution is seeking to compare Duterte’s financial activity with her declared assets and net worth. The defense disputes the allegations and maintains that the records must be presented and verified in accordance with banking and confidentiality laws. Buenaventura’s testimony was continuing as the impeachment court examined the records and heard arguments over their use as evidence. Meanwhile, the Senate impeachment court allowed prosecutors to use pre-2022 financial records to establish an alleged pattern of nondisclosure by Duterte.

Police commanders ordered to beef up intel ops vs Pogos

By Rex Anthony Naval

HE National Police (PNP) on Monday ordered all commanders to intensify intelligence operations in their respective areas to prevent illegal online gambling and scams from operating in the country. Related story on page B8 Gen.JoseMelencioNartatezJr.,NationalPolice chief, issued the order after police personnel and other law enforcement agencies raided two areas hosting clandestine Philippine Offshore Gaming Operators (Pogos) in Zamboanga Sibugay despite the nationwide ban. The operations in Siay and Alicia towns resulted in the arrest of at least 244 foreigners. “The directive to us is clear: Do not allow the resurgence of Pogos in our country. We are firmly committed to enforce the nationwide ban, with our specialized units on the lookout for clandestine hubs to prevent not only the reemergence of Pogos but also other

forms of online scams,” Nartatez said. He also tasked the Criminal Investigation and Detection Group (CIDG) and the Anti-Cybercrime Group (ACG) to conduct a thorough follow-up investigation into the recent raid in Zamboanga Sibugay. Nartatez said the investigation aims to establish the full extent of the illegal operations and determine whether the syndicates have established similar hubs in other parts of the country. At least 244 foreigners were arrested during the operation on October 2, in what was described as the “largest” Pogo bust in Zamboanga Sibugay. Most of those arrested were Chinese nationals while others came from Malaysia, Indonesia, and Myanmar. Technical devices reportedly used for online scams were also seized during the raid. Authorities are looking into possible links between the illegal

operations, human trafficking, and other human-rights violations. “We are conducting a thorough, follow-up investigation into the raided Pogo in Zamboanga Sibugay to determine the extent of their operations, as syndicates may have been operating in other provinces as well. We are not discounting the possibility that they are linked to cross-border syndicates,” Nartatez said. The PNP is also monitoring the emergence of so-called guerilla-style Pogos, which may operate through smaller, concealed facilities to evade authorities and sustain their illegal activities despite the prohibition. “We have heightened our surveillance and intelligence-gathering against guerillastyle Pogos, as well as other trends attempting to resume operations of these illegal hubs that are linked to other crimes,” he said. The intensified intelligence also covers reports that former Pogo workers may have shifted to love scams and other fraudulent

Ex-MILF combatants, kin receive scholarship money By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—Families of former Moro guerrillas have started receiving their scholarship allowance for their continuing college education after the Moro Islamic Liberation Front agreed to a final peace settlement. The educational assistance was granted to the next-of-kin and dependents of the decommissioned combatants of the MILF who applied for government assistance for their education, when government opened the program in 2024, ten years after the peace agreement. The Office of the Presidential Adviser on Peace, Reconciliation and Unity said the government-MILF Task Force for Decommissioned Combatants and their Communities (TFDCC) has announced it began distributing the allowances starting on the last week of September. Out of the 1,028 approved grantees in the program’s first batch, 303 have already received their full P50,000 grant. The grant covers tuition, books, allowances, and other academic expenses for one academic year of two semesters.

The remaining 725 grantees will receive their full P50,000 grant in two equal tranches of P25,000 each. The Mindanao State UniversityMarawi City is currently reprocessing the initial P25,000 tranche for crediting to the grantees. The second tranche of P25,000 will follow once the first has cleared. Grantees will be directly notified once the release schedule is finalized. Opapru and the TFDCC were reviewing beneficiary account mechanisms to prevent banking bottlenecks in future distribution cycles. The Education Assistance Program has been providing financial aid to support the formal education of former Moro guerrillas and decommissioned combatants, including members of the MILF, as part of the socio-economic component of the Normalization Track of the Comprehensive Agreement on the Bangsamoro. The EAP is being implemented through the TFDCC, together with the Department of Social Welfare and Development and its partner institutions, which include the MSU campuses in Marawi City and General Santos City. Under the Normalization Track, decommissioned MILF combatants

and their families are being provided with various socioeconomic assistance to help them make the transition as peaceful and productive civilians. The Presidential Peace Adviser and concurrent government Peace Implementing Panel chairperson, Secretary Mel Senen S. Sarmiento, assured the remaining grantees that they will receive the assistance due to them. “The national government remains unwavering in its commitment to support the education of our decommissioned MILF combatants and their next-of-kin. We believe that this will be the key in building a better and brighter future for them and their families,” Sarmiento said. “Rest assured that we are doing everything possible to ensure that all our EAP grantees will get the financial support they rightfully deserve. They do not have anything to worry about. There are just some technical concerns that need to be addressed,” he said. “Education is one of the most lasting dividends of peace. Supporting the learning of those who chose peace, and of the next generation, is central to our commitments under the CAB.”

activities following the arrest of 120 suspects in Makati City for their alleged modus of luring victims into online relationships before eventually asking them for money. Authorities said the operation followed a scheme similar to those previously employed by Pogos. The development raised concerns over the possible movement of former Pogo workers into other forms of online fraud. “We will not allow illegal operations to simply change their form and continue victimizing our people. We will trace the networks behind these activities, verify their links to former Pogo operations, and hold those responsible accountable under the law,” the PNP chief said. Likewise, Nartatez said the PNP would work closely with other law enforcement agencies to dismantle the groups behind the fraudulent activities and ensure that those responsible are held accountable under the law.

HE National Police (PNP) on Monday announced that a decrease of 29.75 percent was recorded in the eight focus crimes recorded from July to September this year compared to the same period in 2025. “From July to September 2026, we recorded 7,233 cases—a decrease of 3,063 cases from the 10,296 recorded during the same period last year, or 29.75 percent lower. In September alone, cases fell to 2,063, from 3,226 last year, a decrease of 1,163 cases or 36.05 percent,” Gen. Jose Melencio Nartatez Jr., PNP chief, said. Despite this development, Nartatez said the PNP is not letting its guard down, adding that the decline in crime must be matched by sustained action against those who continue to threaten public safety. This, the PNP chief said, was evident in their recent operations against organized criminal groups and repeat offenders. “In September, operations in Central Luzon and Calabarzon [Cavite, Laguna, Batangas, Rizal and Quezon] led to the arrest of 28 individuals, with 14 arrested in each region, including two group leaders linked to robbery groups such as the Mamaril Criminal Gang, emerging Gonzales Criminal Gang, Tolding Crime Group or Termite Gang, Gun-for-Hire Group, and Fernandez Robbery Group,” he added. The PNP chief also said that investigations have so far linked some of these groups or their members to previous robbery and motorcycle theft incidents, as well as other criminal activities. Follow-up operations and intelligence development also helped identify other members. A total of 20 firearms, 52 live ammunition, and seven hand grenades were recovered during the operations. “These efforts build on our successful operations last August in Central Luzon, which resulted in the dismantling of two criminal or robbery groups and the arrest of six members. And just recently, on October 2, another robbery group was dismantled with the arrest of five members,” Nartatez said. Rex Anthony Naval

QC legislator wants home for seniors in every locality

ONTHLY financial assistance cannot give abandoned senior citizens what they urgently need—a safe home and someone to care for them, a lawmaker said. Quezon City Rep. Patrick Michael Vargas is seeking to address that gap through House Bill 2273, or the Homes for Abandoned Seniors Act, which would require state-funded residential care homes for homeless and abandoned older people in every city and town. The proposal comes as severe economic hardship strains families’ ability to care for elderly relatives, exposing the limits of a system that relies heavily on family support and a small number of shelters. “As we celebrate families, we must not forget our grandparents who have nowhere to live or have been left behind because of extreme poverty. When families can no longer provide care, they should be able to rely on the government,” Vargas said. Under the bill, local governments would provide land and build the facilities, while the Department of Social Welfare and Development would manage and operate them.

Vargas said existing social pensions and community assistance programs cannot fully meet the needs of seniors who lack shelter and daily care. Available residential facilities remain limited and are largely run by private or religious organizations in selected urban areas. “Monthly assistance is not enough if our senior citizens have no safe place to live when they are neglected. Every local government should have a permanent facility where they can receive care and be treated with dignity,” he said. The proposed homes would provide accommodation, health and medical consultations, counseling, literacy and productivity programs, and outreach to families to explore possible reconciliation. The measure would make residential care a public responsibility, giving vulnerable seniors a place to turn when family support is no longer available. “Our country’s progress was built on the sacrifices of our senior citizens. After devoting their strength to their families and the nation, they deserve care in their later years,” Vargas said. Jovee Marie N. dela Cruz

Economy BusinessMirror

A4 Tuesday, October 6, 2026

www.businessmirror.com.ph

Forced-labor rules A raise compliance stakes for exporters

Almost 10k fishermen get fuel subsidy this week

By Bless Aubrey Ogerio

NEW push by the United States (US), Mexico and Argentina to keep forced-labor goods out of global supply chains could raise compliance demands for Philippine exporters, particularly as Manila works to address the issue behind a new percent US tariff. The three countries’ trade ministers agreed on October 1 to a joint statement calling for stronger domestic measures and international cooperation to prevent goods produced wholly or partly with forced labor from entering global markets. The statement calls on countries to adopt or maintain and effectively enforce import prohibitions or market bans on goods made with forced labor, while encouraging World Trade Organization members to

exchange information on at-risk supply chains and enforcement measures. For Philippine exporters, the development comes as the country faces heightened scrutiny over its own forced-labor safeguards. The US imposed an additional 12.5-percent tariff on Philippine goods in July after the US Trade Representative found that Manila had failed to impose and effectively enforce a prohibition on imports

produced with forced labor. Since then, the country sought relief from the tariff and remains in discussions with Washington. Manilahasalsomovedtostrengthen its domestic enforcement. In July, the Department of Trade and Industry (DTI), Department of Labor and Employment (Dole) and Department of Finance (DOF) signed a Joint Administrative Order creating (JAO) an interagency mechanism to investigate complaints involving imported goods suspected of being produced through forced labor. The committee, chaired by the DTI, includes the Dole, DOF, Bureau of Customs (BOC), Board of Investments and Philippine Economic Zone Authority (Peza). The BOC is tasked with acting on findings and recommendations to prohibit imports determined to have been produced wholly or partly through forced labor. The policy shift matters as the US remains the country’s largest export market, per the statistics agency. Philippine merchandise exports to the US reached $13.46 billion in

2025, equivalent to 15.9 percent of the country’s total exports, the Philippine Statistics Authority (PSA) showed. Trade with Mexico and Argentina is considerably smaller but provides additional market links for Philippine exporters. A 2023 government data showed that Philippine exports to Mexico reached about $1.1 billion since 2020. Argentina, for its part, is a smaller destination for Philippine goods, with bilateral trade also covering agricultural and food products, among other goods. On the other hand, the US, Mexico and Argentina said forced labor creates an artificial price advantage for companies that rely on exploitative labor, distorting competition against firms that comply with labor standards. The joint statement cited the International Labor Organization’s latest estimate of 28 million people in forced labor globally in 2021, about 10 percent higher than five years earlier.

Training–learning path to higher PRODUCTIVITY

By Henry J. Schumacher

SPECIALLY at these trying times, it is obvious that we need good employees to keep things going, to comply with rules and regulations, and get ready to take advantage of opportunities rather than seeing problems only. With widening AI use across enterprises, CIOs will need to develop a broader view of where the technology is deployed, how it’s tied to business outcomes and what overall cost look like. More often, CIOs need to play the role of a chief integration officer by setting the architecture and controls. Helping the business scale what works and making sure cost can be connected back to value, rather than managed as a collection of disconnected projects. CIOs need pressure to successfully adopt AI and deliver ROI–61 percent of tech leaders fear they will lose their jobs if they fail to lead their organization through the AI transition to PROSPERITY. Enterprises continue to fuel AI investments in pursuit of productivity gains, as the technology evolves, without clear indications how the return on investment will look like.

Questions

MANAGEMENT will have to ask questions about training programs, including: • Is the training provided online or inperson (or both), and what is the company’s rationale for its choice? • How has the company measured the

said their codes lacked practical guidance. AI’s transformational effect on the workplace has led employees to call for greater support from their employers, a role that conduct codes could help fulfill. The report also comes out amid findings that workplace misconduct has grown in recent years. So, let’s consider several ways to track that training: effectiveness of the training? • Have employees been tested on what they have learned? • How has the company addressed employees who fail all or a portion of the testing? There are no right or wrong answers to those questions, but HR and training officers do need to be able to provide answers. And in one way or another, answering the above questions depends on how well you can track employee training. But take note that fewer than 1 in 10 organizational codes of conduct explicitly address AI or technology ethics, meaning their rules may fail to account for emerging risks faced by employees. In a recent report I read, nearly all of the 2,000 full-time employees said their employers require them to certify or acknowledge a conduct code, but a declining share had actually used their code as a resource. The report noted that conduct codes generally lack effective design, while nearly 1 in 5 employees

Metrics to Track Employee Participation

YOU may want to follow metrics such as: • Completion rates: How many employees do actually complete the training courses you send to them? (This could be how many people complete online training courses, or how many show up to in-person classes.) • Time to completion: How much time elapses between you telling the employee to take training (“Please take this online course within two weeks,” or “Please register for one of our upcoming sessions”) and when the employee actually does finish that training? • Success rates: How many employees actually pass whatever test your training includes at the end?

Metrics to Track Employee Engagement

ASIDE from those more practical issues about delivering training, HR and training officers have another concern: whether the training actually changes employee behavior. Several other metrics can help

answer that question: • Changes in internal reporting: If you launch new training, do you see changes in what employees report up through internal reporting channels? • Changes in how people use your Code of Conduct: If your company has an interactive Code of Conduct, or uses an app or intranet to let employees search corporate policies—do you see changes in what they’re searching for? • Changes in employee surveys: Surveys of corporate culture, or employees’ observation of misconduct, should be a regular part of compliance program operations. If your training is achieving its objectives, that should lead to new employee perceptions and attitudes about the company’s culture of compliance.

The Importance of Data in Employee Training

THESE six metrics also call out another point: HR and training officers need a system to track all this data and then study it to understand what the data tells you about your training program. Challenges are always opportunities and especially at these trying times, it is obvious that we need good employees to keep things going, to comply with rules and regulations, and get ready to take advantage of opportunities rather than seeing problems only. Let’s not forget that training is the learning path to higher PRODUCTIVITY. Feedback is more than welcome; contact me at hjschumacher59@gmail.com

First Balfour earns Triple-ISO Certification for 24th consecutive year

IRST Balfour Inc., the Lopez Group’s engineering and construction arm, has hurdled the rigorous recertification and surveillance audits that a Germany-based independent certification body conducted to check First Balfour’s conformance with standards under the International Organization for Standardization (ISO). TÜV SÜD through its Philippine branch issued a triple certification to First Balfour after TÜV SÜD’s audit last August confirmed conformance of First Balfour’s standards with requirements under ISO 9001 (Quality Management System), ISO 14001 (Environmental Management System) and ISO 45001 (Occupational Health and Safety (OH&S) Management System). It marked the 24th consecutive year that First Balfour has earned

and sustained a triple certification of its standards—a feat which attests to its long-standing commitment to operational excellence, environmental stewardship and workplace safety. Based in Geneva, ISO operates as an independent, nongovernment international organization with a membership of national standards bodies from over 160 countries. It sets uniform, world-class specifications to ensure that products, services, and systems are safe, reliable and of high quality. A trusted partner of choice for safety and sustainability solutions, TÜ V SÜD is a leading testing, inspection and certification services provider with global operations in more than 1,000 locations. See “Balfour,” A6

By Mary Jade Jadormio

T least 9,350 registered fishermen will receive fuel subsidies this week under the government’s P6.2-billion assistance package. Aid for nearly 196,000 farmers is set to follow in October and November. The Department of Agriculture (DA) said the initial assistance will cover 310,968 farmers and fisherfolk under the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT). DA has allocated P2.2 billion for fertilizer assistance and P1 billion for cash assistance under the initial package. Agriculture Secretary Francisco P. Tiu Laurel Jr. said the government is closely monitoring the situation as El Niño threatens to affect agricultural production and the livelihoods of farmers and fisherfolk. “We are watching things very closely, actually on a day-to-day basis,” Laurel said. He said the weather conditions could affect not only farmers and fishermen but also the livestock sector, particularly if prolonged dry conditions disrupt production. “This really affects our productivity, our

farmers, our fishermen, even our livestock sector,” Tiu Laurel said. Tiu Laurel said the government’s initial P6.2-billion allocation is only part of a broader assistance program, with the DA potentially receiving as much as P45 billion over the next 10 years for interventions. “The initial [amount] is P6.2 billion, but technically for us, it is up to P45 billion that could possibly be given to the Department of Agriculture for the next 10 years or so,” he said. For the current rollout, fishermen will receive their fuel assistance first, while DA is cleaning up and validating the list of farmerbeneficiaries for succeeding releases. Tiu-Laurel said assistance for farmers is targeted for release in October or November, with the department also preparing support for mechanized farmers affected by drought. Meanwhile, assistance through fuel subsidies will continue until the end of December. The department has been coordinating with other agencies as it prepares for possible disruptions to food production, with the initial UPLIFT assistance intended to help farmers and fisherfolk absorb some of the costs arising from the weather and other production pressures.

Envoy urges one-stop shop for Pax Silica investors By Rizal Raoul Reyes

MBASSADOR-AT-LARGE Jose E.B. Antonio recently said foreign investors must be given a single, organized place to entice them to seriously invest in the Pax Silica project. At the recent Luzon Economic Corridor forum held in Bonifacio Global City, Antonio described Pax Silica as a platform where foreign direct investment can be heard and properly organized. “We will match the available funds to opportunities in several industries, including the digital space, artificial intelligence, and all priority industries,” he said. Antonio tied that to a long-standing push of his own for a one-stop shop for investors. “You don’t have to fly all over the Philippines to find out what’s available,” Antonio, whose family is involved in the property development business, said adding that such an office would point investors to priority areas and the right contacts. He cited Vietnam as a useful comparison, noting that the main difference so far is that investors there deal with a single point of contact, which is one reason many welcome it. Antonio said the project’s biggest benefit is the capital it can bring. “Bringing capital will provide jobs, taxes, opportunities for a lot of people, and the downline industries,” he said. He stressed t hat t he op p or t u n it y go e s b e yond f ac to ries. “You’re not only talking of semiconductors, which is physical,

you’re talking of programmers, the AI space,” he said. “We are in the best position because we have the grey matter. The Philippines is very creative.” Antonio also pointed to the country’s growing population as a long-term draw for investors, saying a young and expanding consumer base will need more products and services, including housing. “I think it’s a welcome, significant move to invest in the Philippines,” he said, adding that the country’s many promising industries “just have to be communicated.” The Philippines joined the Pax Silica initiative in April 2026. The project centers on a planned hub of about 1,620 hectares (roughly 4,000 acres) in New Clark City, Tarlac, under the Bases Conversion and Development Authority (BCDA). Government officials have cited potential investment of $40 billion to $70 billion and up to 190,000 jobs once the hub is fully developed. Foreign investors may be able to lease land in the hub for up to 99 years under Republic Act 12252, the amended Investors’ Lease Act. Officials have described key details as still a work in progress, and the framework agreement has not yet been signed. The project is also hotly debated. Environmental groups, scientists, farmers’ organizations, and some legislators have raised concerns about water and power demand and the possible displacement of indigenous and farming communities. See “Silica,” A3

Unlicensed cold storage warehouse yields P5.19-M worth of hot meat

HE Department of Agriculture (DA) a nd Nat iona l Meat Inspection Service (NMIS), in coordination with the National Bureau of Investigation (NBI), seized 11.5 metric tons of undocumented imported meat products worth around P5.19 million in Pasay City. T he joint operat ion was conducted on September 22 and 23 at a property along C.A. Lucban Street following NBI surveillance and verification by NMIS. Among the recovered products were Peking duck, whole pigeon, lamb, yellow chicken, black chicken and other frozen meat products. The enforcement action came after NMIS confirmed that LCCI Food Condiments Trading and Sitphin Sari-Sari Store were neither acc red ited by t he agenc y nor registered with the concerned local government as meat cold-storage warehouses or meat depots. NBI subsequently secured search warrants from the Regional Trial

Court in Pasay City before conducting the operation. NMIS personnel assisted in the inspection, identif ication, documentation and inventory of the recovered meat products. Tw o C h i n e s e n a t i o n a l s , identified as Wu Dun Han and Cai Huarong, were arrested during the operation and taken before the Pasay City Prosecutor’s Office for inquest proceedings. The case involves an alleged violation of the Meat Inspection Code of the Philippines, as amended by Republic Act 10536, which covers the sale, transport or distribution of meat products that have not undergone the required inspection. Agriculture Secretary Francisco P. Tiu Laurel Jr. said the operation s h o w e d t h e g o v e r n m e n t ’s continued enforcement against undocumented and uninspected meat entering the market. See “Unlicensed,” A3

Tuesday, October 6, 2026

AMLC witness reports ₧4.4B in covered, suspicious transactions involving VP Sara, husband By Jovee Marie Dela Cruz @joveemarie

PPROXIMATELY P4.4 billion in covered and suspicious transactions involving Vice President Sara Z. Duterte and her husband, lawyer Manases “Mans” Carpio, from 2007 to 2025, were reported by an Anti-Money Laundering Council (AMLC) witness before the Senate impeachment court on Monday. AMLC Secretariat Executive Director Ronel Buenaventura presented the figures during questioning by prosecution counsel Mae Divinagracia. The amount encompasses both covered transaction reports (CTRs) and suspicious transaction reports (STRs), rather than suspicious transactions alone. Reading from a tabular summary submitted to the court, Buenaventura said Duterte had 373 CTRs and 34 STRs involving P3,732,047,162.46. Carpio had 363 CTRs and 30 STRs involving P749,921,267.64. Reported inf lows totaled P1,410,325,513.08 for Duterte and P220,026,094.60 for C a r pio, or P1,630,351,607.68 combined. Outflows amounted to P1,058,134,730.68 for Duterte and P249,988,796 for Carpio, totaling P1,308,123,526.68. Another P1,263,586,918.70 for Duterte and P279,906,376.94 for Carpio were categorized as undetermined in direction. Explaining the classifications, Buenaventura described inflows as “anything that entered the accounts of the individuals listed here” and outflows as “anything that left the account.” Buenaventura acknowledged that an earlier report submitted during House hearings placed the transactions at approximately P6.7 billion.

“The scope was different, the years were different, and corrections were made to 13 CTRs,” he said, attributing the revised figure to differences in coverage and corrections by one reporting institution. The prosecution presented the records under Article II of the impeachment case, which accuses Duterte of amassing unexplained wealth disproportionate to her lawful income and failing to fully and truthfully disclose her and her husband’s assets, liabilities and net worth. Divinagracia said selected records would be compared with Duterte’s Statements of Assets, Liabilities and Net Worth (SALNs) to establish an alleged pattern of nondisclosure. A mong the records examined were seven inter-account transfers dated March 28, 2014, totaling P173,705,615.88. They included P55,131,747.32, P41,721,035.62 and four transfers of exactly P20 million. Buenaventura identified the first two entries as involving joint accounts bearing former President Rodrigo Duterte’s and Sara Duterte’s names. “C T R I A mea n s i nter - accou nt transfer. So this is a movement of funds from one account to another client’s account within the same bank, Your Honor,” Buenaventura

Diesel down ₧1.30, gas up ₧1.90 per liter this week By Lenie Lectura @llectura

IL firms are implementing a mixed fuel price adjustment this week. Shell announced on Monday that gasoline and kerosene are going up while diesel price will go down. Effective 6 a.m. on October 6, diesel price will be reduced by P1.30 per liter. Gasoline and kerosene will increase by P1.90 per liter and P3.30 per liter. Seaoil, for its part, will increase the price of gasoline products by P1.93 per liter and P3.30 per liter for kerosene. A liter of diesel will be reduced by P1.30. Other oil firms are expected to follow suit. Oil companies adjust their prices every week to reflect movements in the world oil market.

On late Monday, the Department of Energy (DOE) said the maximum increase for gasoline is P1.93 per liter, while the maximum increase for kerosene is P3.30 per liter. For diesel, there will be a minimum rollback of at least P1.30 per liter. The price movements were influenced by developments in the international oil market. Gasoline prices increased due to a combination of regional supply constraints, refinery operating conditions, and sustained demand in key consuming countries. In particular, Chinese gasoline exports were expected to decline during the October 1–7 Golden Week holiday due to the late release of export quotas, while South Korea was expected to reduce gasoline output for four to five days. See “Diesel” A6

Comelec sets Batanes special polls on Nov. 28 By Mary Jade Jadormio

H E Commission on Elec tions (Comelec) has set Nov. 28 as the special election for Batanes’ lone congressional district, moving up the previously proposed December schedule for the vote. Comelec Resolution No. 11276, promulgated on Sept. 25, sets the calendar of activities for the special election for a member of the House of Representatives representing the province’s lone legislative district. Candidates may file their certificates of candidacy (COCs) from Oct. 14 to 16, while the election period will run from Oct. 29 to Dec. 13. The campaign period is scheduled from Oct. 29 to Nov. 26, leaving candidates two days before election day for the campaign period to end. Comelec earlier estimated P8.57 million for the Batanes special election, with Chair-

man George Erwin M. Garcia previously saying the poll body could temporarily use election supplies already delivered for the Barangay and Sangguniang Kabataan Elections (BSKE). “What is also good about this is that if the Barangay and SK Elections do not push through, supplies have already been delivered to us, such as indelible ink, ballpens and thumbprint tape,” Garcia said. “We can borrow those first. We can use them here in Batanes. If the Comelec’s budget is insufficient, we can borrow them temporarily so that we have something to use,” he added. Using existing supplies would help limit Comelec’s additional expenses, with teachers’ honoraria, mobilization of election personnel, ballot printing and other election paraphernalia still expected to account for a large part of the special poll’s requirements. See “Comelec” A6

explained. Presiding Officer Senator Francis “Chiz” Escudero questioned whether the entries represented separate movements or counted the same funds upon leaving one account and entering another. “I would say no, Your Honor, based on the code that was used, Your Honor, and separate transaction reference numbers,” Buenaventura answered when asked whether the entries were double-booked. However, he declined to determine whether aggregating them was appropriate, saying: “I cannot say, Your Honor. I cannot say if it is proper or not, Your Honor.” Escudero allowed the aggregate figure to remain, stating: “These are mere transfers from one account to another. But these are unique transactions.” The transfer records alone do not establish that the combined P173.7 million represented income or retained wealth. Earlier records included a March 9, 2011, debit memo from BPI–Julia Vargas amounting to $225,581.94, or approximately P9.785 million at the exchange rate cited during the presentation. An April 8, 2013, cash withdrawal amounted to $221,322.76, equivalent to approximately P9.109 million. Buenaventura identified the account as jointly owned by Rodrigo Duterte and Sara Duterte. T he prose c ut ion a l so e x a m ined Philippine Savings Bank–Wilson records dated December 26, 2018, involving P1,945,265.88 and P1,981,263.25, described as a time deposit placement and termination, respectively. For December 26, 2019, prosecutors presented paired time deposit entries of approximately P1.981 million each. Further PSBank records showed paired debit and credit memo entries of P2,005,340.22 on December 28, 2020, and P2,013,498.18 on December 23, 2021, followed by entries involving P2,020,879.39 on September 22, 2022. Divinagracia alleged that the time deposits were not disclosed in Duterte’s SALNs for 2019 through

2022. The defense objected to the assertion as improper; Escudero allowed it to remain but cautioned the prosecutor against similar statements. For December 2024, Buenaventura identified three transactions involving Duterte totaling P10.04 million: a P2.371-million over-the-counter withdrawal from Land Bank–San Pedro on December 5, a P5.969-million over-the-counter withdrawal from BDO–Davao Rizal on December 20, and a P1.7-million check encashment from Metrobank–Davao/Ecoland on December 20. Divinagracia noted that the December 20 transactions, totaling P7.669 million, occurred 11 days before the December 31 cutoff for Duterte’s 2024 SALN. Prosecutors contrasted the transactions with her declarations of zero cash on hand and in banks from 2019 to 2024. Escudero clarified that December 31 was the reporting cutoff, rather than the filing deadline. Buenaventura separately identified six transactions involving Carpio totaling P41 million on August 6, 2024. These consisted of two overthe-counter check encashments of P15 million and P8 million, and four over-the-counter withdrawals of P5 million, P5 million, P3 million and P5 million. He confirmed that all six involved Carpio’s accounts. The defense challenged records predating Duterte’s vice presidency and sought to exclude testimony on Carpio’s 2014 transactions. “Considering that Atty Manases Carpio is not an impeachable officer, and this is a transaction in 2014, we are objecting precisely on the basis of relevance, Your Honor,” defense counsel Mark Vinluan said. Divinagracia countered that earlier records could establish a pattern and that Carpio’s finances were relevant to Duterte’s required disclosures and covered by the court’s subpoena. Escudero overruled the objection, allowing Buenaventura to identify seven March 28, 2014, inter-account

transfer reports involving Carpio from BPI–J. Vargas. With the defense maintaining a continuing objection, Escudero emphasized: “Pattern is important, but again, this is on unexplained and/or ill-gotten wealth pertaining to the period that she was or is vice president.” The approximately P4.4-billion figure represents reported transaction activity, rather than an established amount of unexplained wealth. The prosecution has yet to complete its presentation connecting the records to Duterte’s SALNs, while the transaction reports alone do not establish unlawful funds, concealed assets or the couple’s net worth.

Transaction reports MEANWHILE, two suspicious transaction reports involving Duterte cited “graft and corrupt practices” and the DPWH f lood-control controversy, Buenaventura said. The reports concerned premium payments to Mercantile Insurance Company Inc. dated July 4 and November 15, 2019. They were among 34 STRs involving Duterte in the AMLC summary covering 2007 to 2025, which also listed 30 STRs involving Carpio. Buenaventura said both entries cited news reports identifying individuals and corporations allegedly involved in the flood-control issue as the basis for reporting the transactions. Defense counsel Vinluan objected to the presentation of the 2019 transactions and argued that the narratives did not establish a link between the premium payments and the corporations mentioned in the news reports. Divinagracia said the entries were presented to establish a financial pattern. The court noted the defense’s continuing objection and allowed the testimony, with Escudero saying the matter could be examined during cross-examination. An STR does not, by itself, establish illegality or wrongdoing. No specific DPWH project, contractor or contract

amount was identified in this portion of the testimony, and the court made no finding linking the payments to a flood-control contractor or project. The reports’ basis and evidentiary weight remain subject to cross-examination and supporting records.

Absolute prohibition VINLUAN on Monday objected to the testimony of l Buenaventura during the 33rd day of the impeachment trial of Vice President Sara Duterte, citing Section 8-A of the AMLA, arguing it imposes an absolute prohibition on disclosing confidential financial information. Vinluan also stressed that allowing the presentation and public flashing of financial documents and transaction records amounts to a breach of statutory confidentiality. “ Walang tinatago ang Bise Presidente, ngunit ang mga datos ay dapat dumaan sa tamang proseso ng pagberipika nang naaayon sa batas at hindi dapat ibalandra ang mga ito sa publiko sa pamamaraang mali, malisyoso, at ang tanging layon ay pamumulitika lamang ,” Vinluan said after private prosecutor Divinagracia moved to present Buenaventura. The prosecution is presenting Buenaventura to testify on financial evidence and documents regarding the alleged unexplained wealth of the vice president and her husband, lawyer Manases “Mans” Carpio. He also stated that the proceedings are a court trial and not a “press conference.” “The Defense, therefore, respectfully submits that allowing this witness to testify will breach confidentiality, violate the law, and disregard the explicit warning by the AMLC, all in violation of the respondent-accused’s rights. We therefore put on record that the Defense is not and will not be complicit in breaking the law,” he said, adding that they reserved the right to pursue all available legal remedies against all those who will violate the law and the rights of Duterte.

With Claudeth Mocon-Ciriaco

El Niño affects over 388,000 people across four regions–NDRRMC By Jonathan L. Mayuga @jonlmayuga

TOTAL of 104,140 families, or 388,375 persons, in 893 barangays in 4 regions were affected by El Niño, the National Disaster Risk Reduction and Management Council (NDRRMC) said. Those affected include 47,587 persons in Region 2; 191 in Calabarzon; 49,216 persons

in Region 5; and 291,381 persons in the CARAGA Region. Meanwhile, the NDRRMC said 39 El Niñolinked fire incidents in the CARAGA Region, where 4 water interruption incidents sere also reported, the NDRRMC said. Also in CARAGA, because of El Niño, 33 cities and municipalities have been affected. According to the NDRRMC, a total of 106 cities and municipalities have been placed under a

state of calamity. Based on reports from various local NDRRMCs, a total of 201,332 farmers and fisherfolks were affected, as extreme heat and lack of irrigation affected 233,497 hectares, damaging crops amounting to P5.56 billion. The weather bureau had warned of El Niño through its advisory on June 9. According to the NDRRMC, El Niño increases the likelihood of below-normal

rainfall conditions, which may result in adverse impacts such as dry spells and droughts in some areas of the country. The NDRRMC, citing a PAGASA advisory, warned that despite El Niño, the monsoon season may also affect the western part of the country. On September 23, the DOST-PAGASA warned that very strong El Niño may affect the country between September and December and may last until the first half of next year.

Taguig LGU rejects Lacson’s video on ‘illegal reclamation’ By Claudeth Mocon-Ciriaco @claudethmc3

HE city government of Taguig categorically rejected what it claimed as “misleading” narrative of a video posted by Senator Panfilo “Ping” Lacson on the alleged joint government inspection showing supposed illegal reclamation activities being undertaken by the city. The said video posted over the weekend, showed the alleged inspection conducted by the Office of the Ombudsman, Philippine Reclamation Authority, Land Registration Authority, and Department of Public Works and Highways. “Let us stand united in the fight against graft and corruption. Let us pursue the truth, uphold the rule of law, and hold accountable those who may have committed wrongdoing,” the statement of the city government read. The video shown involves a parcel of land claimed by several private individuals and a neighborhood association. Taguig said it did not issue any permit or authority in favor of any of the alleged private owners. Taguig challenged Lacson that

the pursuit of truth must be grounded in “facts, verified evidence, and the actual record.” “We must not allow unsubstantiated claims, misleading narratives, or innuendo to undermine the very cause we seek to advance. The fight against corruption must always be a fight for truth—not a contest of accusations,” the statement said. Taguig said that the curated footage is presented to the public alongside sweeping conclusions about “illegal reclamation” and “impunity” by “someone who believes himself to be above the law.” “Contrary to what Senator Lacson wants the public to believe, the area shown in the peddled video does not involve any land presently possessed and used by the City of Taguig,” it added. Taguig also urged the public to exercise caution and discernment in the face of such latest claim, saying the said video is factually inaccurate, misleading, and unsupported by the actual record. “Taguig remains committed to the fight against graft and corruption—and to ensuring that this fight is pursued with fairness, integrity, and respect for the truth.”

Tuesday, October 6, 2026

SC reinstates arrest order vs E-Sports tycoon in ₧1.88-B shabu importation By Joel R. San Juan @jrsanjuan1573

HE Supreme Court (SC) has revived the order issued by the Regional Trial Court (RTC) of Manila in 2021 which found probable cause to issue a warrant of arrest against e-sports businessman Bernard Lu Chong, whose family also owns the local sports wear brand World Balance in connection with P1.88 billion importation of illegal drug case.

In a 15-page ruling penned by Associate Justice Jhosep Lopez, the Court’s Second Division granted the petition filed by the Office of the Solicitor General seeking

the reversal of the April 13, 2023 decision and December 5, 2024 resolution issued by the Court of Appeals (CA) which ordered the dismissal of the case and invali-

dating the trial court’s warrant of arrest for Chong. The SC also ordered that the case be remanded to Branch 53 of the Manila RTC for further proceedings, and to resolve the case immediately. It held that the CA erred in finding that the Manila RTC committed grave abuse of discretion in finding probable cause of Chong’s arrest. The arrest warrant stemmed from the operation conducted by joint operatives of the government headed by the Philippine Drug Enforcement Agency (PDEA) at the freight division of the Manila International Container Port, which resulted in the seizure of 276,344.82 grams of methamphetamine hydrochloride or shabu, with an estimated value of P1.88 billion. Based on the various importation documents provided by the Bureau of Customs (BOC) and SITC Container Lines Phils, Inc. (SITC),

several persons involved with Fortuneyield cargo Services Corporation (Fortuneyield) and Wealth Lotus Empire Corporation (Wealth Lotus) were charged with illegal importation of prohibited drugs under Republic Act No. 9165 being the consignees of the shipment. The two companies’ were indicted after they separately wrote SITC, asking that their authorized representatives be allowed to take and transfer the shipment. Chong was included by the Department of Justice (DOJ) as one of the accused and co-conspirators for the importation of dangerous drugs being one of the alleged owners of Fortuneyield. The DOJ did not give weight to the documents submitted by Chong’s showing that by the time the subject shipment was seized, he and the other incorporators of Fortuneyield had assigned their shares to a new group. Subsequently, the trial court is-

Bangsamoro groups urge Marcos to complete MILF peace process, sign exit agreement By Joel R. San Juan @jrsanjuan1573

ARIOUS Bangsamoro civil society groups have urged President Ferdinand Marcos Jr. to complete the remaining commitments under the government’s peace process with the Moro Islamic Liberation Front (MILF), including the decommissioning of its more than 10,000 former combatants In a manifesto, the groups also asked Marcos Jr. to meet with MILF Chairman Ahod Balawag “Al Haj Murad” Ebrahim before the newly elected Bangsamoro Parliament convenes on October 30 to choose the region’s first elected chief minister.

Diesel. . . Continued from A5

Diesel prices in the region were affected by changing supply and shipping conditions. Asian diesel prices remained generally high but were volatile as shipping costs stayed elevated and price differences bet ween reg iona l

Comelec. . . Continued from A5

The poll body had initially considered Dec. 19 for the special election, a date Garcia said was chosen partly because it fell on a Saturday and could allow more voters to participate without regular work or school schedules.

Balfour. . . Continued from A4

TÜV SÜD Philippines conducted the audit from August 10 to 11, 2026, at First Balfour’s Upper Mahiao Road and Pad Development Project in Leyte and later from Aug. 26 to 27 at First Balfour’s head office in Manila. The audit evaluated and confirmed First Balfour’s alignment of its integrated management system with international standards. Leaders across First Balfour’s core management disciplines shared their insights on the audit outcome.

The meeting, according to the groups, should discuss about signing of the Exit Agreement, as well as the decommissioning of the 14,000 remaining former combatants. The groups described the Exit Agreement as the final document of the peace process which should be signed by the government and the MILF on December 23, 2026, in time for the 50th anniversary of the Tripoli Agreement signed during the term of the late President Ferdinand Marcos Sr. The 1976 Tripoli Agreement was an early major agreement in the government’s efforts to address the Bangsamoro conflict, which later led to subsequent peace agreements between the government and Moro groups.

The groups said completing the peace process would provide a clearer path toward lasting peace and stability in the Bangsamoro region. “Our combatants agreed to lay down their arms because the government gave its word. Every month of delay tests that trust. Complete decommissioning and sign the Exit Agreement on time, with honor, and for good,” the manifesto read. It noted that in 2025, deferred the final phase of decommission after the promised socioeconomic packages from the government had not yet reached former combatants. Last September 2026, the government and MILF peace panels met in Kuala Lumpur and assured the

decommissioning of the remaining former MILF fighters. The groups also asked the President not to support or endorse a candidate for Chief Minister and let the parliament to choose its leader. Among the groups that signed the manifesto were Pananadum Women’s Organization, Bae a Kazalimbago, Pariya Youth Organization, Ranao Watch for Empowerment Network, Inc., Ma’had Abulfida Lita Leem Al Quran Wassunnah, Alumni Association of Dar Uthman Bin Affan, Al-Fitiato Al-Mubtasimum, Rabitatul Khutana Fil Filiben, Pacalundo United Livelihood Association and Pagalongan A Ladiawan.

markets changed. “These developments contributed to the decrease in diesel prices during the monitoring period,” the DOE said. Meanwhile, for LPG, the DOE has prescribed a maximum price adjustment of P17.33 per kilogram, equivalent to P190.60 per 11-kilogram cylinder for October 2026.

The LPG price adjustment was inf luenced by developments in the international LPG market, including stronger demand from Chinese petrochemical producers, increased LPG purchases in the APAC region, emerging seasonal demand ahead of winter, and continued supply and shipping constraints due to limited tanker movement through the

Strait of Hormuz. Mea nwh i le, t he DOE continues to implement the fuel subsidy program for qualified beneficiaries. As of October 1 , a total of P884.97 million in fuel subsidies has been availed by 105,755 PU V beneficiaries. The program has also recorded successful transactions in 3,765 gasoline stations.

“December 19 is a Saturday. And although there is no work on that day, at least there is a chance that all of the voters can cast their votes,” Garcia said. Comelec has now formalized the Nov. 28 schedule through Resolution No. 11276, which also sets Nov. 3 as the deadline for the Election Registration Board, Citizens’ Arm and civic organizations

to verify, certify and seal the list of voters. The computerized voters’ list must be posted by Nov. 6, while election day voting will run from 7 a.m. to 3 p.m., with early voting scheduled from 5 a.m. to 7 a.m. Counting of votes, canvassing of election returns and proclamation of the winning candidate will follow immediately after the polls close.

As of June 1, Batanes had 13,138 registered voters who were expected to be eligible for the special election, based on Comelec’s earlier estimate. Candidates will have until Dec. 28 to submit their Statements of Contributions and Expenditures (SOCE), completing the post-election reporting requirement for the special poll.

“External audit is not simply a compliance activity but an opportunity to demonstrate our commitment to quality, customer satisfaction, continual improvement and operational excellence. This achievement reflects our collective dedication to the highest standards of quality, safety, and sustainability in everything we do,” said Gilbert Rosales, quality manager. “Our successful TÜV SÜD audit for ISO 9001 recertification, and surveillance audit for ISO 14001, and ISO 45001 reflects the hard work and commitment of everyone at First Balfour. For more than 20 years, quality, safety, and sustain-

ability have remained at the heart of everything we do,” Emil Estrabo, head of occupational safety and health, added. “Our triple ISO certifications provide a clear and solid framework for managing how we deliver infrastructure projects and operate in our head office. Ongoing for 24 years and counting, our ISO journey is a part of our culture in First Balfour. Consistent daily repetition is what makes culture last,” said Vicente “Macky” De Lima, head of corporate sustainability. As a construction and engineering company, First Balfour holds the highest license classification—a “Quadruple A” li-

cense—awarded by the Philippine Contractors Accreditation Board. Since its establishment in 1969, First Balfour has been building critical infrastructure and delivering landmark projects across power and energy, transport, water infrastructure, and specialized buildings. It is a subsidiary of Lopez-led conglomerate First Philippine Holdings Corporation. It marked the 24th consecutive year that First Balfour has earned and sustained a triple certification of its standards—a feat which attests to its long-standing commitment to operational excellence, environmental stewardship, and workplace safety.

sued an order finding probable cause to issue warrants of arrest against the respondents including Chong. Chong filed a motion to quash or recall the warrant of arrest which the trial court denied. The businessman’s motion for reconsideration of the court’s order was also denied by the trial court, prompting Chong to elevate the case before the CA. He argued that the trial court committed grave abuse of discretion when it refused to quash the warrant of arrest and to dismiss the criminal charge against him, despite evidence that he was no longer a director or an officer of Fortuneyield at the time the alleged crime was committed. In its decision, the CA granted Chong’s petition and gave credence to the documents he submitted to prove his replacement as president of the company. The SC, in reversing the CA ruling, held that Chong failed to

dispute his involvement in Fortuneyield as its general manager at the time of the subject shipment. It gave weight to the Client Profile Registration Form submitted by the prosecution as evidence to prove the involvement of Fortuneyield in the shipment. The Client Profile Registration Form is a reportorial requirement for all importers, customs brokers, and other stakeholders transacting with the BOC. “The RTC, therefore, had sufficient reason to accord weight to the Client Profile Registration Form, which identified respondent as the general manager whose area of responsibility was the ‘overall operation’ of the company,” the SC pointed out. “We note in this case that respondent has not alleged that the responsible officers of Fortuneyield had been updated. Neither did he submit documents to prove the same,” the SC declared .

Asian Eye offers discounts to mark 25 yrs of eye care excellence, innovation

SIAN Eye Institute (AEI), a pioneer in multi-specialty eye care in the Philippines, is opening its doors wider to the community as it celebrates its 25th anniversary with initiatives aimed at making quality eye care more accessible. As a gesture of appreciation to its patients and stakeholders, AEI will offer discounts of up to 25% on selected diagnostic and surgical procedures at all AEI facilities from Oct. 1 to 15, 2026. The institute has also reaffirmed its support for First Lady Liza Araneta-Marcos’ LAB for ALL (Laboratoryo, Konsulta, at Gamot Para sa Lahat), providing comprehensive eye examinations, free eyeglasses, medicines, and protective goggles to underserved communities.

From an idea over dinner to a center of excellence

AEI has gone a long way since its inception began as a conversation over dinner in 1999 between Oscar M. Lopez, then chairman and CEO of the First Philippine Holdings Corporation (FPH) Group, and Dr. Felipe Tolentino, his Harvardaffiliated physician. At that time Lopez—known to FPH colleagues and employees as OML— was undergoing glaucoma treatment in Boston. Their conversation eventually led to the establishment of what is now AEI: a state-of-the-art, multispecialty eye care institution that provides Filipinos access to worldclass expertise and technology— without the need to travel abroad. AEI began with its pioneering clinic in Rockwell, Makati City, with support from seven Harvardtrained doctors. Today, it operates five internationally certified locations, including Trinoma, Alabang, Power Plant Mall, and St. Francis Cabrini Hospital in Sto. Tomas, Batangas, with a team of 19 internationally trained specialists. “Asian Eye Institute really began with my father’s own experience as a patient, and his realization of how difficult it was for many Filipinos to access the kind of expertise and technology available overseas,” said Federico “Piki” Lopez, now the chairman and chief executive officer of FPH and a son of OML. Piki Lopez recalled that, during AEI’s inauguration, his father described the institute as “a business with a social commitment.” “Twenty-five years later, that remains a true description of what it was meant to be—and what it is today,” Piki Lopez said.

“As we look to the years ahead, our responsibility is not simply to preserve what was built, but to keep building on it—embracing new technologies, reaching more communities, and continuing to raise the standards of eye care so that more Filipinos can see life clearly,” Piki Lopez added. Over the past 25 years, AEI has restored and protected the sights of more than 300,000 patients through advanced diagnostics, consultations, surgical procedures including cataract removal, LASIK, and cosmetic operations.

Driving the future of ophthalmology

AS a training and research institution, AEI also focuses on advancing the science and practice of ophthalmology and optometry in Asia. It has introduced several technological and clinical breakthroughs in the country. In 2005, for instance, it acquired optical coherence tomography, a non-invasive imaging technology, used in the diagnosis and monitoring of conditions affecting glaucoma and retina. In 2011, AEI offered the country’s first laser-based presbyopia treatment using Supracor, an advanced laser eye treatment for aging eyes. In 2013, it introduced the Victus Femtosecond Laser, a precision-guided technology for cataract procedures. Recently in April 2026, AEI participated in the completion of the world’s first fully robot-assisted cataract surgery performed on a human patient, by ForSight Robotics, using JASPER, an execution and workspace platform powered by artificial intelligence. The milestone has opened the door to dramatically expand access to sight-restoring surgery for millions around the world.

Bringing world-class eye care to underserved communities

AEI continues to expand its social impact initiatives as part of its 25th-anniversary celebration. Aside from the discounts for patients and support for the First Lady’s LAB for ALL, AEI is lining up other social impact activities including medical missions and charity activities for vulnerable sectors. Through these efforts, AEI aims to extend its commitment beyond its clinics and help make quality eye care more accessible to Filipinos who need it most. For more information on AEI’s 25th anniversary programs and services, visit https://asianeyeinstitute.com/.

TheWorld Global oil supply buffer running ‘scarily thin,’ Aramco CEO says By Anthony Di Paola, Grant Smith & Charles Gorrivan The Bloomberg News

HE oil stockpiles that cushion the world from supply shocks have become “scarily thin,” putting markets at risk of worsening unless the Strait of Hormuz reopens, according to the head of Saudi Arabia’s state producer. He was speaking just days after governments in the world’s biggest economies announced plans to release as much as 100 million barrels of emergency oil and diesel stocks to ease rising fuel costs. “Until Hormuz fully re-opens and confidence returns, the crude reality is that pressure at both ends of the barrel will intensify,” Amin Nasser, chief executive of Saudi Aramco, said at the Energy Intelligence Forum in London on Monday. “While the squeeze on crude is serious, refined fuel prices have risen even more sharply.” Releasing stockpiles will buy economies some time but won’t fix the imbalances between supply and demand, Nasser said. Even after the vital shipping chokepoint at Hormuz reopens, it may take as long as two years for energy-consuming countries to replenish their stockpiles, he said. Gulf producers are working to ramp up production and exports and have succeeded in boosting crude flows to near pre-war levels. Saudi Arabia and neighbors like the United Arab Emirates and Kuwait have

been using their own tankers to ship crude through Hormuz, which has been at least partly obstructed since the United States and Israel attacked Iran at the end of February, kicking off a regional war. The higher flows have provided scant relief for oil markets, which are still pricing in security risks to supply in the Persian Gulf and Red Sea. Brent crude, the international benchmark, has traded around $100 a barrel over the past month, even as more tankers transited Hormuz. Saudi Arabia has been a key part of that increase as Aramco over the past month boosted crude shipments from its main export terminal at Ras Tanura in the Persian Gulf. The company reacted quickly to a temporary halt to its main cross-country pipeline after an attack last month. The company has since brought flows on the EastWest pipeline back to about 80 percent of capacity, meaning it also has more oil to ship from the Red Sea. Aramco’s oil supplies have proved resilient through the conflict by relying on international storage and working to quickly repair damaged infrastructure, Nasser said. He didn’t mention reports of recent attacks on the kingdom in his speech. Aramco is looking for alternative crude export routes and additional international storage facilities to avoid relying too much on any single method of reaching global buyers, he said.

Bloomberg News

NDIA is taking a more direct role in efforts to end the conflict between Russia and Ukraine, engaging both sides on issues including shipping and reducing hostilities, External Affairs Minister S. Jaishankar said. Speaking at a security conference over the weekend, Jaishankar said India in recent months has become “a little bit more involved beyond advocacy.” The comments point to a more active role for New Delhi after years of taking a cautious approach to the war, in part because of its longstanding ties with Russia. “We have conversations with both Russia and Ukraine in this regard. We are trying to be helpful, starting with the Black Sea safety of shipping issue,” he said, adding that talks have also covered energy shipments and “non-attack possibilities.” India has called for a halt to the fighting but has been reluctant to criticize the Kremlin, abstaining from United Nations votes condemning the war. Prime Minister Narendra Modi called on Russian President Vladimir Putin to end the conflict during a meeting on the sidelines of the Shanghai Cooperation Organization summit in Kyrgyzstan in late August. Ukrainian Foreign Minister Andrii Sybiha last week acknowledged India’s growing role in trying to broker a truce. Speaking to reporters, he said India was one of four countries

that had put forth proposals to end the war, each of which called for a mutual halt on strikes against energy targets as well as the reopening of the Black Sea. New Delhi’s proposal was the “most comprehensive,” he said, without elaborating on its specific points. “For the first time, India has offered to play a role,” Sybiha said. He also said diplomatic contact between Kyiv and New Delhi has been stable. The other three countries to put forth peace proposals are Turkey, Egypt and the US, he said. Jaishankar over the weekend said dialogue and diplomacy are essential to ending the war. He added that India’s relationship with Russia has evolved over the years and now spans energy, space and trade. W hen Modi met Putin on the sidelines of the BRICS summit in September, the two pledged to deepen ties, underscoring their close relationship even as Washington pressed New Delhi to distance itself from Moscow. The United States has sought to use its position as India’s top trading partner to pressure New Delhi to stop buying Russian oil. India’s purchases initially declined before picking up again during the Middle East war. Russia is also a major supplier of weapons to New Delhi. The Indian military has hundreds of Russian-made fighter jets, as well as several S-400 air-defense systems that were used during the four-day conflict with Pakistan in May 2025.

Iran-backed Houthis seize another town in Yemen

By Ahmed Al-Haj & Samy Magdy Associated Press

DEN, Yemen—The Iran-backed Houthi rebels captured more territory in southwestern Yemen, taking a key town in a blow to the Saudi-backed government forces as they advanced Monday toward a strategic provincial capital in the region. The fall of the town of Turbah came on Sunday, shortly before the internationally recognized government announced a major military operation against the Houthis. The escalation between Saudi Arabia and the Houthis has revived Yemen’s civil war after a four-year ceasefire. Turbah sits on a main road linking the provincial capital of Taiz with the port city of Aden, which serves as an interim seat of the internationally recognized government. Over the years, the town was a major post for the

government forces defending Taiz against the Houthis. Earlier, the Houthis seized several villages and areas on Taiz’s outskirts in a series of advances, paving the way for the rebels to encircle Taiz, Yemen’s third largest city. The Iranian-backed rebels made a swift push on the country’s western coast on the Red Sea in early September. They captured the strategic city of Mokha and several Red Sea islands, gains that enabled them to control the Yemeni side of the

Bab al-Mandab Strait, a crucial chokepoint through which 12 percent of global trade transits. In their weekend announcement Sunday, the Saudi-backed government said it was mobilizing troops across government-held areas. Rashad al-Alimi, head of the ruling Presidential Leadership Council, said in a televised speech that the operations were aiming at “recovering the remaining territories” controlled by the Houthis. He called for the international community to provide support to his government. Hours after al-Alimi’s declaration, a Saudi military spokesperson, Maj. Gen. Turki al-Malki, vowed “full operational support” to the Yemeni government forces, until the Houthis are “eliminated.” Al-Malki also stressed Saudi Arabia’s right to take all necessary measures to deter the rebels who continued to fire missiles and drones at the kingdom as part of the nearly three-month escalation that revived Yemen’s civil war.

India seeks bigger role in effort to end Russia-Ukraine conflict By Jon Herskovitz

Tuesday, October 6, 2026

A MAN walks inside a damaged sponge factory in Sanaa, Yemen, Sunday, October 4, 2026. AP/OSAMAH ABDULRAHMAN

The latest flare-up began in mid-July, when the Houthis accused Saudi Arabia of bombing the airport in Sanaa, Yemen’s rebel-controlled capital, to prevent the landing of an unauthorized Iranian flight. The rebels responded with missile and drone attacks against Saudi Arabia and the Yemeni government forces in the country. They also announced a blockade on Saudi shipping in the Red Sea and attacked several Saudi-linked vessels. Then in September, they intensified their campaign, storming down the Red Sea coast in their biggest land grab in years. The rebels’ taking of Turbah “will likely severely constrain Yemeni government-aligned forces’ ability to reinforce and resupply front-line positions” across Taiz province and the provincial capital of Taiz, according to the Institute for the Study of War, a Washingtonbased think tank. “Disrupting resupply has military value, of course, but controlling all the roads in and out of areas to the north of Turbah also prevents government forces from retreating out of the city,” the think tank wrote in a Sunday analysis. The escalation has revived Yemen’s civil war that began in 2014 when the Houthis descended from their northern stronghold, capturing Sanaa and forcing the government to flee into exile in Saudi Arabia. The war created one of the world’s worst humanitarian disasters and killed more than 150,000 people. The latest bout of violence has killed more than 800 people and wounded over 3,600 others, the United Nations has said. The flare-up forced over 145,000 people to flee their homes inside Yemen, according to the U.N. migration agency. More than 3,000 others fled across the waters into Djibouti, the agency reported.

House Democrats reaching to flip Trump districts By Lisa Mascaro

The Associated Press

ASHINGTON— House Democratic leader Hakeem Jeffries said Sunday his party is on track to win back control of the House, confident Democrats can overcome a fundraising disadvantage and reach deep into conservative areas to flip congressional districts won by President Donald Trump just two years ago. In a conference call with reporters, Jeffries, who is in line to become House speaker if Democrats seize the majority, compared this midterm election to 2018, when Democrats swept to power during Trump’s first term in the White House. “House Democrats are poised to take back the majority,” he said. Jeffries, who is from

New York, said that when Democrats took control of the House in 2018, most of the seats they flipped were in districts where Trump won in 2016. “In 2026, we’re poised to do the same thing,” he said. His comments were the latest display of confidence from Democrats with a month to go until the midterm elections on November 3. The party is working to expand the map by going on offense in Republican-held districts, while Trump hits the trail in a red-state sprint to boost voter enthusiasm and shore up support from his base. Republicans have a sizable cash advantage as House Speaker Mike Johnson steers the party closer to Trump to try to keep the majority. Trump is promising voters $5,000 cash dividends if the Republicans win, though it’s not at all certain that Congress

would unleash the estimated $1 trillion-plus for such an outlay. Over the weekend, Trump announced $90 payments to seniors to help pay Medicare premiums. Jeffries said Republicans are “failing and flailing.” “The American people are not buying what MAGA Republicans are trying to sell,” he said. With the House narrowly split, just a few seats could determine which party holds the gavel. Early voting is underway. Republicans are under pressure because of high gas prices stemming from the war with Iran. Jeffries said a Trump-led redistricting effort to draw more favorable Republican districts in Texas, Florida and other states backfired in some places. At the same time, the House Democrats’ campaign arm announced late last week it was adding eight districts

to its map of districts in play, including those in Kansas, Oklahoma, Virginia and Washington state. “The Republican gerrymandering scheme has failed,” Jeffries said. Jeffries cautioned, however, that “anything and everything” is possible, and urged Democrats to remain focused. “We can’t afford to take anything for granted,” he said. Johnson, the Republican speaker, has been crisscrossing the country and insisted Republicans will be able to protect their majority. He stumped for Republicans in California last week and he is scheduled to be in more than 40 districts across some 20 states in the final weeks before November. Jeffries, who was also in Western states over the weekend, said he too will be traveling in the weeks ahead.

TheWorld

Tuesday, October 6, 2026

Brazil’s Bolsonaro, Lula head to a runoff in presidential election By Mauricio Savarese, Elenore Hughes & Anna-Catherine Brigida

The Associated Press

RASILIA, Brazil—Sen. Flávio Bolsonaro, an ally of United States President Donald Trump, and Brazil’s incumbent President Luiz Inácio Lula da Silva will face off in a runoff October 25 for the top job of Latin America’s powerhouse economy after neither won a majority in Sunday’s vote. The country’s electoral court in Brasilia said neither the 80-year-old incumbent, seeking his fourth nonconsecutive term, nor the 45-yearold son of former President Jair Bolsonaro would garner the majority vote needed for an outright win. The court had Bolsonaro with just over 56 million votes to Lula’s 53.7 million, with 99.8 percent of the vote reported. The next presidential term is set to begin January 5. The winner will be in charge of Latin America’s biggest economy and a population of 214 million. A win for Bolsonaro would increase US influence in Latin America. If Lula wins, Brazil will keep its distance from Washington and continue to deepen its relationship with China.

‘Tough battle’

FLÁVIO BOLSONARO addressed the press and a small group of supporters, including some wearing green and yellow Brazil jerseys and

one woman wrapped in the Israeli flag, outside his Brasilia house. “Brazil wants change, that’s the reading of what happened today,” Bolsonaro said. “It’s the end of the Workers’ Party era,” he added, in a reference to Lula’s party. Lula, seeking to be encouraging ahead of an uphill battle to beat Bolsonaro in the runoff, said the result was “unexpected” as he had thought he could win in the first round. “Tomorrow, we start a new campaign,” Lula said. “I am very good in the knockout stage. We will see who has the best plan.” Both Lula and Bolsonaro will have three weeks to reach moderate voters who did not support them in the first round. Augusto Cury, a writer who finished in third place with 3.4 million votes, said he would not endorse either in the runoff. Ronaldo Caiado and Renan Santos, two candidates who garnered about 5.3 million votes combined Sunday, have previously said the same.

FBI arrests a woman accused of spying on Taiwan leader’s family By Huizhong Wu

The Associated Press

ANGKOK – The Federal Bureau of Investigation (FBI) arrested a woman at Los Angeles International Airport as she was leaving the country and accused her of spying on the Taiwan president’s family for China. Wanying Zhang, also known as Heather, surveilled the Taiwanese president’s son and his family for the Chinese government while in the United States, according to the FBI. Zhang, 34, was arrested on charges for working for China as an unregistered agent, Assistant U.S. State Attorney Bill Essayli announced on social media. Zhang took photos and videos of her targets and sent license plate information to Chinese officials, he said.

Zhang was arrested as she was departing for a flight to China. Her nationality was not clear, and an attorney who represents her could not be determined. She was due to appear Monday in federal court in Los Angeles. Taiwan’s Presidential Office confirmed President Lai Ching-te’s relatives were the targets, without specifying if it was the president’s son, saying that “this is a classic case of transnational repression.” “Taiwan condemns in the strongest terms such barbaric acts—which disregard human rights and national sovereignty and aim to suppress, threaten, or even harm individuals advocating for freedom and democracy or their families—as such behavior should not be tolerated in the civilized world,” spokesperson Karen Kuo said in a statement.

In the campaign ahead, Lula is expected to try to capitalize on the popularity of his social policies and his rival’s many legal woes.

Image problems

WHILE the once widely popular Lula saw his approval ratings plummet during his third term, standing up to the US gave him a boost. And he still enjoys a strong base of supporters who credit his social policies for improving millions of Brazilians’ lives. But the incumbent faces a tough battle because of an affordability crisis and a corruption scandal that ensnared the same justice who led the investigation into Bolsonaro. Bolsonaro will likely lean into his messaging on affordability and link the president to corruption scandals. He has promised to crack down on Brazilian criminal groups and insisted that Brazil needs to strike better deals with the Trump administration, including in the rare minerals economy, second only to China. Bolsonaro also has campaigned on releasing his father and bringing him back to politics. Both candidates face image problems: Roughly half of Brazil’s population disapproves of the Bolsonaro family, and roughly half disapprove of Lula’s Workers’ Party, according to multiple polls. Four years ago, Lula beat then incumbent Jair Bolsonaro by about 2.1 million votes. While it was a successful night for Bolsonaro, nothing is won yet, said Mayra Goulart, a political scientist from the Federal University of Rio de Janeiro. Lula should “look at the votes for Augusto Cury and

Ronaldo Caiado and try to reduce abstention,” she said.

Choices

REACTING to the result, Alvaro Senra, 65, a history professor and Lula supporter in Rio de Janeiro said he felt “calm but very sad.” He watched the count with friends at a bar. “I think this is the result of conservatives working under the radar, including by neo-Pentecostal churches. But I think Lula can still win,” he said. Earlier in the day, Maria Ribeiro, a 50-year-old cellphone vendor from Brasilia, said she voted for Bolsonaro’s eldest son because she wants freedom to express her evangelical religion. She hopes he follows in his father’s footsteps. “I voted for his father, and I don’t regret it,” she said. The proximity to his father was what worried Lorena Zschaber, a 40-year-old photographer, who watched the results roll in at an LGBTQ+-friendly bar in downtown Rio de Janeiro. During his father’s presidency, “people felt more at ease to discriminate,” she said. “I’m an LGBTQ+ woman, I can’t think of anything worse happening than Flávio Bolsonaro being elected,” she added. Rosângela Resende da Rocha, a 69-year-old who was previously a stay-at-home mom, said she supported Lula’s social policies that help the “less fortunate” and how he stands up to Trump. “That crazy guy wants to come in here to buy our country, so that our country will be like it is over there,” she said at a voting center in Brasilia. “He won’t succeed if Lula wins.”

www.businessmirror.com.ph

Malaysian palm oil stockpiles rise to record on output surge By Anuradha Raghu Bloomberg News

ALM oil inventories in Malaysia likely swelled to a record last month, buffering supplies of the world’s most-used vegetable oil as an intensifying El Niño threatens to disrupt production in the coming year. The burgeoning supplies could deepen a recent slump in prices, as traders also await a ramp-up in exports to major markets like India that would help draw down the massive stockpiles. Though production typically peaks in September and October, higher-t han- e x pected out put growth has elevated inventories, meaning prices will likely stay under pressure at 4,300 ringgit ($1,052) to 4,500 ringgit a ton, said Jacquelyn Yow, regional head of plantation research at CGS International. “It’s a shock to the market that stockpiles would grow so suddenly,” she said. Benchmark futures in Kuala Lumpur slid from their September peak of 5,049 ringgit and were trading near 4,535 ringgit on Monday. The Malaysian Palm Oil Board is set to release monthly supply and demand data on October 12. Stockpiles likely jumped about 22 percent to 3.45 million tons in September from a month earlier, according to the median of ten estimates in a Bloomberg survey of plantation executives, traders and analysts. That would surpass the previous record of 3.22 million tons in December 2018, and mark a nearly 50 percent increase since inventories began climbing in April. Output surged 16 percent to 2.11 million tons, the highest ever for the month of September. Meanwhile, exports fell around 12 percent to a four-month low of 1.13 million tons, the survey showed. The Southeast Asian nation

has lost export share in the recent months because of a wide premium over Indonesian supplies, while near-record edible oil stockpiles in key importing markets have also dampened demand, according to Aditya Jeripotula, head of South Asia at agricultural commodities research firm DNext Intelligence SA. Palm stockpiles w ill likely peak in October before easing toward the year’s end as production slows and festive demand boosts exports, he said. India, for instance, has stepped up purchases ahead of Diwali and following cuts to import duties, buying more than 200,000 tons in recent days. But reserves “will very likely remain high near record levels through the first half of 2027,” Jeripotula added. Palm production in Malaysia had initially been expected to be curbed by volatile weather, including floods in key-growing regions of Borneo earlier this year, followed by below-normal rainfall and dryness amid the onset of the El Niño weather phenomenon. T he outlook for the 2025 26 year has improved, however, thanks to better plantation management and improving labor availability, the US Department of Agriculture said in a October 1 report, when it raised its fullyear production forecast to 20.2 million tons. “September’s production was supported by favorable weather and we may even see full-year production surpassing last year’s record, although that would depend on weather conditions in the OctoberDecember months,” Jeripotula said. “El Niño is the key here.” Still, the record reserves offer some slack to the global palm market, which is expected to tighten going forward due to a delayed impact on yields from the El Niño and as Indonesia’s expanding biofuel mandate absorbs more supplies.

Julia Gillard: Extreme heat threatens pregnancies By Jason Gale Bloomberg News

XTREME heat is already harming pregnant women and babies, but health systems aren’t preparing maternity workers for rising risks, former Australian Prime Minister Julia Gillard warned as governments met in Fiji ahead of next month’s COP31 climate summit. Countries should explicitly protect pregnant women and newborns in their climate-adaptation plans and ensure health workers have guidelines and training to respond to heat, said Gillard, chair of Wellcome, a London-based health research foundation. “This isn’t a future thing,” Gillard said in an interview Monday, pointing to a new five-country survey of maternity health workers. “They are already seeing women,

children who have been impacted by extreme heat and they haven’t been given the tools and help that they need to deal with these new challenges.” Almost three-quarters of 1,000 health professionals sur veyed across India, Australia, Brazil, the UK and Zimbabwe said they had seen an increase in heat-related cases or complications affecting pregnant women over the past five years. Some 76% reported an increase affecting fetuses or newborns. The sur vey was commissioned by Wellcome and conduc ted online by Censuswide from September 17 to October 1, with 200 maternal health professionals in each country.

Heat strain

S C I E N T I S T S a re a l s o b e g i n n i n g t o understand what heat does to pregnancy. An analysis combining results from 27

previous studies published in April in The Lancet Planetar y Health found consistent evidence of physiological stress in pregnant women and fetuses exposed to heat. The pooled results showed heat exposure raised maternal core temperature by about 0.5C (0.9F) and fetal heart rate by about 13 beats a minute. Pregnancy changes the body’s ability to handle heat. The fetus is about 0.5C warmer than the mother’s core temperature late in pregnancy and relies heavily on blood flow through the placenta to shed heat. Pregnancy also increases metabolic demands and alters the body’s ability to dissipate heat. “The evidence is now really strong,” Alan Dangour, Wellcome’s director of climate and health, said in the interview. “We have the scientific evidence which says this is what we see from the data and we now have the lived experience.” Evidence from women exposed to heat in everyday life points in the same direc tion. Researchers following 92 pregnant subsistence farmers in The Gambia found fetal heart rates rose from an average 125 beats a minute at rest to 147 while the women worked. Signs of fetal strain were recorded during about a third of monitored work periods. Each 1C increase in one measure of heat stress was associated with a 17-percent increase in the

odds of fetal strain. The findings suggest the fetus can respond to environmental heat even without a large rise in the mother’s body temperature. One possible explanation is that more blood is diverted to the mother’s skin to help her cool down, potentially reducing blood flow to the placenta, though that mechanism hasn’t been established. Some protective measures needn’t require costly infrastructure, Dangour said. Drinking water, finding shade, using umbrellas or wide-brimmed hats and taking breaks from outdoor work can reduce heat exposure, while health workers need clinical guidelines for identifying women at particular risk. Health is among the priority themes for the 31st United Nations Climate Change Conference in Antalya, Turkey, next month, and the summit will hold a dedicated Health Day on November 9. Officials meeting in Fiji this week are discussing how health systems can adapt to rising temperatures and other climate threats. Gillard said her priority for COP31 would be getting protections for pregnant women and newborns into national plans, alongside clinical guidelines and training for health workers. “If it’s not in the plan, it’s not going to get done,” she said.

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PALACE EXPECTS DELAYS IN CONGRESS OK OF ’27 BUDGET

Rice stocks slide in Sept; DA says import curbs not needed

By Ada Pelonia & Samuel P. Medenilla

HE country’s rice stocks slid by 8 percent in September, pulled down by smaller inventories from the National Food Authority (NFA), based on latest government data. PRESIDENT Ferdinand Marcos Jr.

By Samuel P. Medenilla

FTER the late passage of the previous national budget, Malacañang expects possible delays from Congress in its target to finalize the P7.2-trillion 2027 General Appropriations Act (GAA) within the year. President Ferdinand Marcos Jr. signed the 2026 GAA on January 5, 2026, which was later than Congress’ original target to pass the said piece of legislation before the end of 2025. Palace Press Officer Claire Castro said the Office of the President completed its review of the 2026 national budget in the first week of January since it was transmitted by Congress to the agency close to the end of 2026. She said she is not ruling out a similar

incident to happen this year. “So, I won’t provide a timeline right now since there might be things which can change it. But it [should be passed] at the appropriate schedule,” Castro said when asked if she was confident the 2027 GAA will be passed on time. The Presidential Communications Office (PCO) undersecretary, however, said President Marcos is open to providing support to Congress in expediting the passage of the 2027 GAA if it is requested by lawmakers. “Once the request arrives, we will look into what action the President can take,” Castro said. “As of now, there is no such request [from Congress],” she added. The House of Representatives is targeting to approve the proposed 2027 national budget on third and final reading by Friday.

Tuesday, October 6, 2026 A9

Data from the Philippine Statistics Authority (PSA) showed that rice inventory dropped to 1.91 million metric tons (MMT) as of September 1, from the 2.07 MMT recorded last year. Meanwhile, the Department of Agriculture (DA) said it will urge rice traders to calibrate their imports during the start of the harvest season to help stabilize farmgate prices of the food staple in that period. This after DA Secretary Francisco Tiu P. Laurel Jr. reported they expect a possible shift in the price of palay (unhusked rice) as farmers start harvesting their crops. “The price of palay is holding. Although it’s not as good to last the harvest season,” he said in Filipino in a press briefing in Malacañang on Monday.

Based on DA’s price monitoring, the lowest price for wet unhusked rice is P16.50 per kilo, while the highest is P20 per kilo. “So, in general, [the price of unhusked rice] is okay. So there is no reason to restrict importation,” Laurel said. Last year, President Ferdinand Marcos Jr. approved a temporary import ban on rice upon DA’s recommendation due to the plunge in the farm-gate price for the staple, to a low of P8 per kilo. DA wants to keep the price of palay stable as it ordered its attached agency, the National Food Authority (NFA), to exhaust its available funds to continue buying from farmers. This way, it can refill its warehouses, which are now 40 percent filled, as it prepares for the

“strong” El Niño. Currently, he said the government has sufficient food supply based on their national food inventory. This, even after the DA reported that dry spells caused by El Niño have already reached P6.8 billion. The DA chief said the country has sufficient supply of rice to meet local demand for 75 days. For corn, it is 90 days; chicken, it is 125 days; and pork for 170 days. “So, if we just maintain—if we are able to maintain this [supply], there’s no reason to panic [when it comes to food supply] actually,” Laurel said. President Ferdinand Marcos Jr. met with the heads of DA, Department of Environment and Natural Resources, Department of Health, Department of Science and Technology, Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), and the Office of the Civil Defense (OCD) in Malacañang last Monday to get updates on government preparations for El Niño. The OCD reported that 106 cities and municipalities as well as the provinces of Isabela, Cagayan, Camarines Norte, Dinagat Island, and Agusan del Sur have declared state of calamity because of the effects of El Niño. According to Pagasa, the ongoing weather phenomenon, which is ex-

pected to intensify until December, will persist until the next half of next year.

12.4% contraction in Sept inventory

ON the rice inventory, meanwhile, the PSA noted that last month’s stock inventory also posted a 12.4-percent contraction from the 2.18 MMT recorded in August. Of the rice stocks, the PSA said 42.8 percent or 816,440 metric tons (MT) was held by commercial entities while 42.2 percent or some 803,690 MT was stored by commercial entities. The agency added that rice stocks in the NFA warehouses as of September 1 reached 286,580 MT, accounting for 15 percent of total inventory during the reference month. “This month’s rice stocks inventories registered annual decreases from the NFA depositories by 36.1 percent and from the households by 0.6 percent. On the other hand, an annual increase was noted from the commercial sector by 0.1 percent,” the PSA said. “In comparison to the August 2026 rice stocks levels, decrements were noted from the commercial sector by 21.0 percent, from the NFA depositories See “Rice,” A2

Global tourism growth slows to 0.4% in H1 amid Mideast crisis By Ma. Stella F. Arnaldo

BACKING THE TEACHERS President Ferdinand Marcos Jr. poses with officials during the Department of Education’s National Teachers’ Day celebration themed “Teacher, Ikaw Naman” at the Smart Araneta Coliseum in Quezon City on Monday, October 5, 2026. Marcos reiterated his administration’s commitment to making education a priority, citing increased funding for the sector, a strengthened non-teaching workforce and measures to reduce teachers’ administrative workload. Joining the President are DepEd Secretary Sonny Angara, House Speaker Faustino “Bojie” Dy III, Metro Manila Council President Francis Zamora and former Senator Mar Roxas. NONOY LACZA

ADB bats for more research funding By Justine Xyrah Garcia

SIAN Development Bank (ADB) President Masato Kanda is pushing for continued support for scientific research across the region even when its commercial applications are not immediately clear, saying major discoveries can emerge from fundamental questions whose economic value takes time to materialize. “Let us fund the curiosity that unlocks the breakthroughs of tomorrow,” Kanda said. “Let us build the grids and the digital highways that connect our divided world. And let us summon the ambition

to turn frontier science and AI into human progress.” Kanda said sustained investment in curiosity-driven research is needed as countries confront rapid technological change, rising energy demand, resource competition, and geopolitical uncertainty. He also stressed that research must be matched by infrastructure capable of putting scientific advances to use, pointing to power grids and digital networks as key requirements for the wider adoption of new technologies. The need for stronger infrastructure is becoming more pronounced as electricity demand rises across

Asia and the Pacific, partly due to advanced computing and data centers supporting artificial intelligence (AI), the ADB said. Technological advances have reduced the cost of solar and wind power generation by 80 percent to 90 percent over the past decade, but the region continues to face bottlenecks in transmission networks, energy storage and critical minerals, according to the bank. Kanda cited the ADB’s $50-billion Pan-Asia Power Grid Initiative and $20-billion Asia-Pacific Digital Highway as examples of infrastructure investment needed alongside advances in science and technology.

The power-grid initiative finances regional power systems and cross-border connections to move electricity from areas with abundant resources to major centers of demand. The digital highway initiative, meanwhile, is designed to expand AI-ready connectivity and skills. Kanda also warned of risks from rapidly advancing AI and called for strong human control to ensure the technology serves people’s well-being. He said public trust would also be important to sustaining scientific progress, urging scientists and institutions to engage openly with society and demonstrate integrity.

Special to the BusinessMirror

NTERNATIONAL tourism slowed down to a 0.4-percent increase in the first half of 2026 due to the ongoing crisis in the Middle East, which sped up the rise in jet fuel costs and other travel-related consumer expenses. The latest United Nations World Tourism Organization’s (UN Tourism) World Tourism Barometer showed an estimated 690 million tourists traveled internationally between January and June 2026, some 3 million more than the same period last year, and 19 million more than the same period in prepandemic 2019. “While global arrivals increased by 2 percent in the first quarter 2026, they then slipped by 1 percent in the second quarter, following a 3-percent decline in April due to the calendar effect of Easter starting in March this year and the wider consequences of the Middle East conflict,” said the report. In the first half of 2025, some 690 million tourists likewise traveled internationally, but this was 33 million more or 5 percent higher than the previous year’s record. Due to the ongoing geopolitical tensions and taking into consideration the latest performance in global travel, UN Tourism predicts international tourist arrivals to rise between 1 and 2 percent this year, lower than the 3 to 4 percent growth it projected in January. “This will depend on the conflict’s actual duration and its effect on oil prices and overall inflation,” said the organization.

Rise in PHL arrivals

OVERALL, in the first six months of the year, Southeast Asia received 125.39 million international travelers, 1 percent less than the same period in 2025. The Philippines, however, welcomed some 3.41 million tourists during the reference period this year, or 3 percent more, year on year. This year’s arrivals in the Philippines was 17.43 percent

lower than the first half of 2019. International arrivals dropped by 3 percent in June, driven by a 6-percent decline in Western Europe “partly due to a heatwave in some destinations.” Southeast Asian destinations recorded 5 percent fewer arrivals in June as a result of weaker demand from Asian markets, geopolitical tensions, air travel disruptions through the Middle East, and increased travel costs. Some destinations in Oceania, which dipped by 6 percent overall in June, were also impacted by Typhoon Sinlaku in the second quarter of the year. In a news statement, UN Tourism Secretary-General Shaikha Al Nuwais said: “The latest data shows a sector absorbing real pressure and finding a way forward. Tourism has not stopped growing, but that growth is fragile. The Middle East situation has touched destinations far beyond the region itself and serves as a clear reminder that, in such a connected world, resilience needs to be built everywhere and not just when a crisis begins.” The report showed that international air traffic has grown gradually especially after “ceasefires” were announced in May and early June, which encouraged air routes to reopen amid an “uneven rebound in consumer sentiment.”

Cautious optimism

IN its latest survey, UN Tourism’s Panel of Experts were cautiously optimistic about the prospects of international tourism for the rest of year. They believe the two main challenges facing international tourism for the rest of year are volatile oil prices, inflation or weak output, as well as high transport and. accommodation costs. “Some 45 percent of the experts indicated better [41 percent] or much better [4 percent] expected performance in September-December 2026, while 34 percent foresee similar performance than in the same period of 2025. Some 21 percent expect tourism performance to be worse or much worse,” said the World Tourism Barometer. See “Tourism,” A2

A10 Tuesday, October 6, 2026 • Editor: Angel R. Calso

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editorial

Visayas power crisis: Two years of darkness unless leaders act now

WARNING from National Grid Corp. of the Philippines official Amado Otarra III must serve as a wake-up call to policymakers, investors, and the public. Without immediate, decisive intervention, the Visayas faces at least two more years of power shortages and rotational brownouts—a crisis that threatens both the region’s economic momentum and the daily lives of millions. (Read the BusinessMirror story: “2 more years of outages for Visayas,” September 30, 2026). The numbers tell a sobering story. With Cebu alone consuming nearly half of the Visayas’ electricity and peak demand hitting an all-time high of 2,770 MW in May, the region’s power infrastructure is stretched to its breaking point. The fact that the most recent base-load plant addition was in 2016 reveals a dangerous complacency in energy planning. While condominiums, malls, and street lighting proliferate across the region, the power plants needed to sustain them have not materialized. The structural nature of this crisis cannot be overstated. The region currently cannot meet its electricity requirements from its own generation fleet, forcing dependence on power imports from Luzon and Mindanao. This dependency is precarious at best. When multiple large plants suffered forced outages in July and August, the region teetered on the edge of widespread brownouts. The return of some facilities and increased interconnection capacity has provided temporary relief, but as Otarra correctly notes, this should not be mistaken for a permanent solution. Perhaps most troubling is the mismatch between renewable energy capacity and actual demand. The proliferation of solar facilities has created a generation profile that peaks during daylight hours but vanishes precisely when evening demand surges. Without adequate base-load capacity to fill this gap, the grid becomes vulnerable precisely when families return home from work and businesses operate at full capacity. The resulting rotational brownouts— often lasting 30 minutes to an hour—disrupt economic activity, damage sensitive equipment, and erode public confidence in the region’s infrastructure. Short-term measures, while necessary, are insufficient. Expediting repairs to offline plants and deploying a 200-MW power barge can provide breathing room, but these are stopgap solutions. Power barges running on diesel may prevent brownouts, but they will not lower electricity costs—a burden already borne by consumers and businesses alike. Public and private stakeholders must look beyond temporary fixes and prioritize long-term infrastructure. The path forward requires a multi-pronged approach. First, the Department of Energy must streamline permitting and incentivize investment in new base-load generation facilities. The location of these plants matters critically; building capacity far from Cebu’s demand center in Panay or other western areas will strain the transmission network and create additional vulnerabilities. Second, the government must work with private plant operators to accelerate the return of decommissioned but repairable facilities to service. While NGCP has limited authority over private generators, coordination and incentive structures can help bridge the gap. Third, and most importantly, policymakers must internalize the lesson that electricity demand and economic growth are inextricably linked. The continued construction of commercial and residential developments without corresponding generation capacity is a recipe for disaster. Demand projections must drive generation planning, not the other way around. Without sustained investment in new generation capacity, the region will remain trapped in a cycle of supply shortages, rotational brownouts, and economic uncertainty. The temporary relief provided by returning plants and interconnection imports should be used not as an excuse for complacency, but as a window of opportunity to build the energy infrastructure the region desperately needs. The cost of inaction—stunted growth, investor uncertainty, and continued hardship for consumers—far exceeds the investment required to solve this problem.

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OUTSIDE THE BOX

HE Great Wall of China was never much good at stopping armies contrary to what the tourist brochures imply. Its enduring job was slower and considerably more profitable: control the roads, tax the caravans, and decide who crossed and who paid for the privilege. A wall, built correctly, functions less as a barrier than as a toll booth with better public relations.

China has built one of those beneath the South China Sea, and had the brass to name it after the original. The Chinese media call it an Underwater Great Wall. Analysts tracking the work also use Blue Ocean Information Network and Transparent Ocean. The labels overlap but the hardware does not need a single baptismal name to collect a toll. A wall is one line on a map. This is a stack of five layers looking at the same water. As Chinese sources describe it, and some geopolitical analysts relay it, satellites read the surface with radar and laser pulses and tell the rest where to look. Buoys and gliders on the skin of the sea pass the signal along. Autonomous vehicles work the water column. Fixed stations on the seabed listen. Ashore, a fusion core tries to turn four messy feeds into one picture. How much of that is built is a separate question. The Asia Maritime Transparency Initiative, which has tracked the most visible hardware

since 2018, describes a demonstration system and says it cannot independently verify anything beyond the floating and reef-based platforms. The densest concentration sits between Hainan Island and the Paracels. Those are not Philippine waters. The Paracels are contested among China, Vietnam and Taiwan. Our stake lies farther south in the West Philippine Sea. The most ambitious layer is also the least proven. Project Guanlan, a satellite LiDAR meant to see submarines down to 500 meters, remains a design goal, and Chinese scientists have themselves questioned whether clouds, murky water and signal scattering will defeat it. Closer to active hardware is the drone. Researchers at the China Aerospace Science and Technology Corporation reported an atomic magnetometer towed beneath a rotor drone, with sensitivity they say matches the MAD-XR gear Nato forces use primarily for Anti-Submarine Warfare, but at lower cost. It targets a

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Geography did not force the delays in countering Chinese expansion in regional waters. People holding the ruling chose them. A toll booth works because someone is watching the road. While Manila holds the ruling paper that says the road is open, Beijing is building the booth.

real problem at low latitudes, including the South China Sea, where the earth’s magnetic field runs nearly parallel to the surface and conventional sensors develop blind zones. The trial covered a 400 by 300 meter grid off Weihai, Shandong, so this is a claim and not a fielded capability. But the direction of the technology development still matters. The American side shows the same evolving capability. In early September the Pentagon’s Defense Innovation Unit announced that a Honeywell-built system flew an Embraer 170 commercial airplane for more than four hours over the Pacific Ocean with its GPS navigation system turned off. It was guided by mapping the earth’s magnetic field, and improved position accuracy by 89 percent over normal backup navigation. That is navigation, not detection. However, they both depend on reading faint magnetic signals reliably in the field, a trick sea turtles and salmon are thought to have mastered long ago. None of this was designed with submarines alone in mind. The Philippines has no submarine in commission, and its planned two-boat

purchase remains an unawarded procurement file, so there is nothing of ours to hide. What such a network could plausibly watch, if it reaches south, is the traffic that matters to us: resupply runs toward Second Thomas Shoal, fishing fleets at Scarborough, and coast guard cutters on patrol. That is inference, not confirmed coverage. An arbitral tribunal ruled in Manila’s favor on most points of law over those waters in 2016. The ruling gave us the law but no underwater sensors. In the years after 2016, the Permanent Court of Arbitration ruling was largely set aside rather than leveraged, while Beijing kept encroaching. The Enhanced Defense Cooperation Agreement now names nine designated sites, with several of the newer locations still under construction, and Manila and Washington say they will finish those nine before discussing more. Joint patrols with the United States, Japan and Australia have followed, yet a Chinese platform was already at Bombay Reef by 2018. Domestic spending on maritime domain awareness still looks thin beside China’s mega-millions. Geography did not force the delays in countering Chinese expansion in regional waters. People holding the ruling chose them. A toll booth works because someone is watching the road. While Manila holds the ruling paper that says the road is open, Beijing is building the booth. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Mono No Aware is the big winner in CinePanalo Dennis Gorecho

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo

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A wall that works as a toll booth

Kuwentong Peyups

ONO No Aware, the Filipino-Japanese film about an overseas Filipino worker (OFW) “lonely death” cleaner, emerged as the big winner in the recent Puregold CinePanalo Film Festival 2026. The film was named Best Film along with the International Jury award. BC Amparado won Best Director, Juan Karlos Labajo was named Best Actor, and Momoko Kobayashi was awarded Best Supporting Actress. The film also dominated several technical categories, winning awards for Sound Design, Editing, Ensemble, and Cinematography. The film follows the perspective of an OFW employed as a kodokushi cleaner in Japan, navigating the stark contrast of isolated Japanese life and the shared community spaces

of Manila. A kodokushi cleaner (often called a “lonely death” cleaner) is a professional who specializes in the intense biohazard remediation and emotional labor of cleaning apartments where individuals have died alone and remained undiscovered for weeks or months. The people die alone, sprawled on the floor beside crumpled clothing and dirty dishes, tucked beneath flowery bedspreads, slouched against the wall. Months—even years—can pass before somebody notices a body. On occasion, all that’s

A kodokushi cleaner (often called a “lonely death” cleaner) is a professional who specializes in the intense biohazard remediation and emotional labor of cleaning apartments where individuals have died alone and remained undiscovered for weeks or months.

left are bones. Kodokushi is a stark social phenomenon in Japan with an ageing population that affects over 30,000 people annually, primarily isolated elderly individuals or marginalized workers living on their own and fractured connection. More people live in single-person households with loose family ties or distant neighbors who might not notice an absence for a long time. They enter apartments after a body has been removed by police to sanitize, deodorize, and clear the space. In 2025, Japan’s National Police Agency recorded 76,941 unattended deaths or cases where a person died

alone in their home. Of these, approximately 22,222 cases, or roughly 30 percent, were classified as koritsushi or “isolated deaths,” meaning the body was not discovered until at least eight days after death. Among those, 7,148 people lay undiscovered for over a month. A further 208 remained undiscovered for more than a year. Ichi (Labajo) meets an elderly widower (Perry Dizon) who asks him for one final favor before he dies. What begins as a promise becomes a quiet story of grief, family, and accepting life’s impermanence. “This film may be long for some but it forces us to stay in the moment. Just like the movie suggested—we have to live in the moment, appreciate life while it’s here, and enjoy the beauty of it. Life is boring sometimes. We have to endure it to find true happiness.” Amparado said in his speech. As of recent data, there are approximately 350,000 to 356,500 Filipinos living and working in Japan, making them the fourth-largest foreign community in the country. Some 3.4 percent of OFWs head to Japan, including nurses and careSee “Gorecho,” A11

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Tuesday, October 6, 2026 A11

Four bars, no signal: What you see is what you (don’t) get By Atty. Laurence R. Rogero

ALL me Ishmael. I have been a seaman for 20 years. I have crossed rough water, ridden out storms and learned that the ocean has many ways of frightening a man. Today the sea is the least of my worries.

I look at my phone. Four bars, a clean signal. It is the first day retail investors can subscribe for Mynt shares through GCash. I open the app, and there is the offer. What I have saved was earned voyage by voyage, contract by contract: birthdays missed, children growing up on video calls, months spent waiting for the next homecoming. I do not dream of being rich. I want something smaller and harder: a one-way ticket home, no return. If my savings grow enough, perhaps one day I can buy it. Now the company behind the app is inviting me to become one of its owners. Through GStocks, inside GCash, I can buy as few as 1,000 shares—for P6,600 at the final offer price. The transaction could hardly be easier. The decision could hardly be harder: 20 years to earn, seconds to send. So, I look for reassurance, and I find a name: IFC, the private-sector arm of the World Bank Group, with a P4.4-billion cornerstone commitment. Would that steady my finger over Invest? This Ishmael, borrowed from Melville, is imagined; his dilemma is not. Hold, and the dream stays a dream. Invest, and he may lose part of what took two decades to gather. He knows GCash. He may know something of Mynt. But he cannot match the analysts, models and management access of a fund manager, or easily tell whether the offer price is

fair. When information is unequal, investors look for signals, and this one is hard to miss.

The signal

IFC says its participation is expected to “signal confidence in Mynt’s inclusive digital finance model and crowd in other investors.” Under “Role and Additionality,” it says its cornerstone participation will help support demand formation and enhance pricing confidence. Whether IFC should invest at all in an offering already drawing abundant private capital is the separate question of additionality. The question here is narrower: once IFC invests, what does its presence tell everyone else? The signal appears to be landing. An admittedly unscientific reading of public comments finds readers responding in the direction IFC says it intends. “Mas lumakas ang loob ko na mag invest dahil kasama ang World Bank,” wrote one. Others called it a “vote of confidence.” The comments cannot tell us how widespread that reaction is. They show something narrower: some readers are hearing exactly the signal IFC says it means to send. Crowd in, but do not rely. Here the paradox begins. IFC expects its participation to crowd investors in. Mynt’s prospectus tells those same investors they “should not place any reliance” on IFC’s potential investment and says IFC bears

no liability for losses connected with its role as a cornerstone investor. Authorship matters. The signal comes from IFC; the disclaimer comes through Mynt’s prospectus. A signal can inform a decision without becoming a recommendation, guarantee or substitute for judgment. The problem is that the confidence IFC’s name is meant to create may reach Ishmael without an equally clear account of what that confidence covers. The claimed benefit depends on the signal being heard; the disclaimer tells the listener not to rely on what he heard. A lawyer may hear an echo of estoppel: induce reliance, then disclaim it. The economist’s version is plainer. One cannot count changed behavior as the benefit of a signal and then treat the reliance that produced it as irrelevant. The tension is sharper for IFC because its reputation is not incidental to the deal. Regulators may approve a listing without recommending the investment. Underwriters are paid to bring the offer to market. Private cornerstone investors put their money at risk chiefly for return. IFC is different: by its own account, the confidence its presence creates is itself part of the development benefit. For IFC, reputation is part of the intervention. Four bars, plenty of signal—and yet, no signal? Bars tell Ishmael that the signal is strong. They do not tell him what it means. A signal carries weight partly because it costs something to send. IFC is not merely praising Mynt; it has agreed to invest up to P4.4 billion, and cornerstone investors buy at the final offer price. The price is therefore inside the signal. IFC may mean: we have confi-

dence in Mynt’s inclusive digital-finance model. Ishmael may hear: the World Bank Group looked at GCash and is buying alongside me. On paper, those statements come apart. In Ishmael’s head they blur, because three distinct confidences are in play: confidence in the company, confidence in its development model, and confidence in the offer price. IFC does not say the offer price is fair. But its own additionality statement says its participation is meant to enhance pricing confidence. That makes the question sharper: confidence in what, exactly, and how far does it extend? If price is inside the signal, price must also stand on its own. Mynt has now set the final offer price at P6.60 a share, one-third below the P10 ceiling in its preliminary prospectus. Using the prospectus’s post-offer share count, that implies a market value of about P442 billion, or roughly 24.6 times the profit Mynt earned over the latest 12 months. Put simply, Ishmael is paying about P24.60 for every peso Mynt earns today. That is about 3.3 times the roughly 7.4x median trailing P/E of a seven-company sample of large PSE-listed stocks. What he pays beyond current earnings is, increasingly, a wager on tomorrow. Growth matters. In the first half of 2026, Mynt’s revenue rose 10.4 percent and net income 7.3 percent, while operating profit fell 6.3 percent. Part of the squeeze reflects expansion—higher credit-loss provisions, technology and cloud spending, and greater spending to acquire users and merchants. A premium valuation ultimately requires earnings growth strong enough to outrun those costs.

The gap is large. But “more expensive” does not mean “worse investment.” It means Ishmael is paying much more for each peso of current earnings than investors presently pay for the selected large Philippine comparables. That can still make sense if Mynt grows much faster. The comparison has limits. Philippine blue chips have different economics from a digital-finance platform, while overseas markets have sometimes paid higher multiples for successful fintechs. But there is no universal fintech premium that automatically travels from one market to another. The Philippine market has not yet shown how much extra investors here will consistently pay for Mynt. Mynt is also not a pure technology company. Its lending business brings funding costs, credit losses and balance-sheet risk that a pure software platform does not bear. Other measures—sales, book value, discounted future cash flows—offer different angles, but none settles the question. The central issue remains: how much future growth is already embedded in the price?

“Mura ba? Kikita ba ako?”

FOR Ishmael, all of this comes down to two questions. Mura ba? Not obviously. P6.60 is far easier to defend than the P10 ceiling in the preliminary prospectus, but it still asks Philippine investors to pay a substantial premium to other large local listed companies in the comparison. Kikita ba? Puwede. Sure na sure? Hindi. Mynt must keep growing, its profitability must hold, and its lending business must keep credit risk under control. Investors must

also continue to believe its future deserves a premium over more mature businesses. Every IPO asks investors to buy a story about the future. At P6.60, Mynt’s story has some room to stumble. The lower final price does not guarantee Ishmael a profit; it simply gives him a larger margin for the story to be less than perfect. If IFC’s confidence extends to Mynt’s model and mission but not necessarily to the offer price, it should say so plainly—and where the signal does its work: not only on a development-bank website or deep in a prospectus, but on the GCash screen, beside the Invest button. If the signal travels to the phone, the qualification should travel with it. One more signal is worth watching. The prospectus says cornerstone investors are not subject to a lock-up. If IFC’s confidence lies in Mynt’s longterm inclusive-finance model, how long does it intend to stay? A voluntary holding commitment would say a great deal and, like the investment itself, would cost something to give. The signal has been sent. If it needs qualification, there is still time to send that too—before Ishmael’s finger reaches “Invest.” Atty. Laurence R. Rogero is a project finance and infrastructure lawyer with more than three decades of practice. He has held senior positions in Philippine and international infrastructure groups, including as President and CEO of an infrastructure investment company. He is currently Lead Independent Director of a listed infrastructure company and lectures on international business transactions at the Ateneo de Manila University. He has also consulted for the Asian Development Bank and the World Bank. The views expressed here are his own.

Excess income tax credits AI deal frenzy powers Hong Kong fundraising to record summer AI has been at the heart of Hong under SB No. 2441 Kong’s deal revival, but this sumBy Julia Fioretti & Sangmi Cha

ANKERS in Hong Kong skipped the summer break as an artificial intelligence-fueled rush for capital sent share sales to a record, defying a bruising selloff in the city’s stocks.

Atty. Mabel L. Buted

TAX LAW FOR BUSINESS

ECENTLY, Senate Bill (SB) No. 2441 was filed. Once the bill is passed into law, it shall be known as the Tax Administration Modernization Act (TAMA). As the name suggests, the bill aims to improve and modernize the manner our tax authority administers the assessment and collection of taxes. Among others, it introduces some changes in the way taxpayers would recover any overpayment of taxes, including those arising from excess income taxes withheld on the taxpayer’s income. Under the bill, there are two ways to recover excess income tax credits. One is to carry over the excess amount and to apply it against the taxpayer’s income tax liabilities for the succeeding taxable periods. The other way is to apply for a cash refund. How is this different from the current rules? These two remedies are also available in the present rules. However, unlike in the current rules, no claim for a tax credit is provided in the proposed legislation. Instead, the bill provides for a different kind of remedy that works similarly as in a claim for a tax credit. Under the bill, if the taxpayer chooses to carry over the excess amount, it can also apply the amount of excess income tax credits against any deficiency tax on income, including surcharge, interest, and civil penalties, that may be subsequently assessed against the taxpayer. Like in a claim for tax credit, the application against deficiency income tax must also be approved by the tax authority. The tax authority will verify the validity and amount of the credit, the corresponding amount of income that was previously subjected to tax, and the supporting documents such as the tax returns, withholding tax certificates, payment records, the BIR’s electronic records or other competent evidence. The application of the credit shall constitute payment of the total deficiency tax amount, inclusive of increments, to the extent of the amount validly applied. The difference lies in the procedures and the period of verification on the application. To recall, under the present rules, requests for tax credit follow the same process in claims for cash refund, and the Bureau has 180 days to

decide on the application. In the bill, the application of tax credit against deficiency tax would be in the form of a written election made in any of the following: (a) in the responses or protest to the assessment notices (i.e., Notice of Discrepancy, Preliminary Assessment Notice (PAN), Final Assessment Notice (FAN), administrative appeals); (b) during proceedings before the tax court; and (c) after the assessment has become final, executory and demandable but before the liability has been fully paid or collected. The Bureau shall verify and act on the written election within 60 days from filing. The successful grant of the claim for tax credit shall not constitute a compromise, abatement, cancellation, remission, or waiver of tax; an admission of liability; a waiver or withdrawal of any protest, administrative remedy, or judicial appeal; or consent to the assessment becoming final, executory, and demandable. While the process and procedures in the application of excess income tax credits against total deficiency income taxes under the bill may still need to be polished, any development or reforms that facilitate recovery of overpaid taxes of our taxpayers are welcome. The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw.com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@bdblaw.com.ph or call 8403-2001 local 160.

Initial public offerings, placements and block trades raised $47.5 billion in July-September, the biggest haul ever for the period, according to data compiled by Bloomberg. That pushed fundraising this year above $92 billion and within reach of the $112.5 billion record set in 2021, though the recent surge in bond yields and poor deal performance are making investors and issuers more cautious. AI has been at the heart of Hong Kong’s deal revival, but this summer brought a new level of intensity. Chinese companies raised ever-larger sums and returned to the market more quickly as they sought to fund expansion in the fast-growing industry. Alibaba Group Holding Ltd.’s $10.2 billion follow-on offering was the biggest transaction during the period, while Zhongji Innolight Co. raised almost $8 billion in Hong Kong’s largest listing in nearly seven years. Others tapped investors repeatedly: AI model maker Z.AI Co. has raised $9.6 billion this year through its IPO, placements and convertible bonds. “People raise capital right out of lockup and tend to do so more frequently,” said James Wang, head of Asia ex-Japan equity capital markets at Goldman Sachs Group Inc. “Before, they did it once and it would be quiet for one to two years. Now they do it

Gorecho. . .

Continued from A10

givers. Other job options include food processing, manufacturing, agriculture, domestic and elderly care. Some jobs may require Japanese language skills and adapting to a different working culture. Mu lt woh (Pat ay na Pat ay Sa’yo) by Rodina Singh won Audience, Production Design, and Al-

mer brought a new level of intensity. Chinese companies raised ever-larger sums and returned to the market more quickly as they sought to fund expansion in the fast-growing industry.

and three months later they come back. This will continue for a couple of years because of AI. I don’t see that pace slowing down.” Aside from Z.AI, rival model maker MiniMax Group Inc., as well as chipmakers Shanghai Iluvatar CoreX Semiconductor Co. and Shanghai Biren Technology Co. all returned to the market during that feverish July, soon after their IPO lockups expired. In a blog post Sunday, the city’s financial secretary, Paul Chan, noted increased participation from the Middle East, with several funds from that region planning to invest more in Hong Kong. The boom extended across AsiaPacific, where share sales topped $120 billion in the third quarter, the most for the period in six years. Mainland China produced some of the region’s biggest deals, including memory chipmaker CXMT Corp.’s 66.6 billion yuan ($9.9 billion) IPO, the country’s second-biggest ever.

ed $2.4 billion IPO of National Stock Exchange of India Ltd., the country’s second-biggest ever. The rebound came even as the Nifty 50 Index slumped almost 9.5 percent from its early August peak. Ample domestic liquidity supported demand for new offerings. The pipeline remains busy. Billionaire Mukesh Ambani’s Jio Platforms Ltd. is meeting investors ahead of an expected November debut that could rank among India’s biggest IPOs, Bloomberg News has reported. “We expect to see more IPOs before the year-end,” said Harish Raman, Citigroup Inc.’s head of equity capital markets execution, origination and solutions, adding that international investor interest in IPOs was cautiously optimistic despite recent deal performance.

India roars back

Year-end caution

India also staged a comeback after starting the year under pressure from the Middle East war, falling stocks and persistent foreign selling. Share sales raised a record $26 billion since July, making it the country’s best quarter. The biggest transactions included a $3.2 billion government sell down in insurer Life Insurance Corp. and the long-await-

THE fundraising boom has unfolded against a much shakier market backdrop. The MSCI Asia-Pacific Index slumped as much as 7 percent in July as investors questioned whether heavy AI spending could generate sufficient future returns, while Hong Kong’s Hang Seng Tech Index has been on a downward trend this year.

ways Panalo awards. When a college queer named Marcel (Sassa Gurl) dies suddenly in their dorm, he returns as a ghost—not to seek revenge, but to say the one thing he never found the courage in life to say (“I love you”) to his best friend Miguel (Joao Constancia). Marcel has to settle his unfinished business before the 40th day after death, which is a significant milestone in many cultures and religions, marking the end of a tran-

sitional spiritual period or the conclusion of intense formal mourning. The film “Patay Gutom” won Best Story, Visual Effects, and Always Panalo awards. “Patay Gutom” is co-directed by Carl Joseph Papa and Ian Pangilinan with Khalil Ramos and Pangilinan himself as main cast. It follows a grumpy lonely man who begins seeing a ghost when his third eye is accidentally opened after eating food meant as an offer-

Weak deal performance is now testing investor appetite. Of the 10 largest deals in Hong Kong since the start of July, just two are trading above water, while expectations for further Fed rate hikes are tightening financial conditions globally. “If you look at overall sentiment, having large transactions trading through the offer price is not helpful for risk appetite,” said Martin Zoll, global head of equity capital markets and global co-head of strategic equity and financing at HSBC Holdings Plc. “So as we go into year-end, I would expect that investors potentially become more selective about where they put their money to work.” Several recent Hong Kong listings have traded down on their first day, including fast-fashion retailer Shein Global Holdings Ltd. and chipmaker Longsys Electronics Co. Still, the pipeline remains substantial, including in markets that have so far played a smaller role in this year’s boom. Mynt Inc., the company that owns the Philippines’ most popular mobile payment app GCash, has priced what’s set to be the largest-ever IPO in the country. Australia will also grab a slice of the AI action thanks to the upcoming $5 billion IPO of data center operator Firmus Grid Ltd., which will be one of the country’s biggest-ever listings. “Investors will be more selective,” Goldman’s Wang said. “But from the supply side, there’s still a monster amount of deals coming to the market. The question is which will get picked by investors.” With assistance from Trista Xinyi Luo and Cecile Vannucci/Bloomberg

ing to the charming but lonely ghost. For “Stuck on You,” Xyriel Manabat won Best actress, while “Reyna ng Quezon City” won Best Song. The film Apol of My Ai won Best Actor for Zanjoe Marudo, Best Child Performer for Zion Cruz, and Best Musical Scoring. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez. com, or call 09088665786.

Sports BusinessMirror

A12 Tuesday, October 6, 2026

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

THE ASIAN GAMES: NAGOYA TO DOHA

Aichi prefecture and the head of the organizing committee, said Sunday. He described the event as having faced “huge challenges.” Some of the glitches included buses heading to the wrong destination, the North Korean anthem played at a field hockey match between South Korea and Bangladesh, and an initial scramble to find beds for all 17,000 officials and athletes. As is usual at large events, audible complaints seemed to fall off once the event got rolling and the sports took over.

Fallout from Covid-delayed Tokyo 2020 Olympic Games

QATARI equestrian athlete Jassim Al Kuwari holds the Olympic Council of Asia flag and sports leaders from various Asian countries—including Philippine Olympic Committee president Abraham “Bambol” Tolentino—watch Aichia and Nagoya’s closing ceremony from the VIP section as the flags of Japan and Qatar ride the cool Nagoya night wind. AP

AGOYA, Japan—The Asian Games were a blur, a sports kaleidoscope of 45 countries and regions that went dark on Sunday, closed officially by Sheikh Joaan bin Hamad Al Thani, the president of the Olympic Council of Asia. The games featured about 11,000 athletes—more than the Summer Olympics two years ago in Paris. And now they head west to Doha, Qatar, in 2030. This will be a homecoming. Sheikh Joaan is a Qatari, a younger brother of the Emir of Qatar, Sheikh Tamim bin Al Thani. Amid the whirlwind of 43 sports— there were many regional specialties featured like kurash, kabaddi and sepaktakraw—the games provided a glimpse at many top athletes who will compete again in two years at the Los Angeles Olympics. China topped the medal table as it has for decades with 169 gold and 341 overall. Japan was second with 83 gold and 269 overall. South Korea (39, 150) was next followed by India (21, 85), Uzbekistan (21, 70) and Iran (19, 52).

Forty of the 45 countries or regions won at least one medal. The bottom four won only a single bronze medal: Bangladesh, Brunei, Laos and Syria.

an exemption from mandatory military service at home and Tom Kim also picked up the exemption, taking men’s singles golf. Mixed martial arts also debuted, without the cage and with fighters wearing gloves and shin pads. Proponents talk of a long-shot to land in the 2032 Olympics in Brisbane, Australia.

Some athletes to watch ahead of Los Angeles ‘28

Organizers defend game management, housing

JAPANESE 17-year-old Shin Ohashi set a swimming world record in the 200-meter breaststroke (two minutes and 4.83 seconds), the first to swim under 2:05. Also in the pool, Chinese 13-yearold female Yu Zidi won the 200 butterfly and the 200 and 400 medley relays. Organizers named her the female MVP of the event. Zhang Zhanshou was the other prominent Chinese swimmer, a freestyler who won seven gold medals. The male MVP was track and field sprinter Puripol Boonson of Thailand, who clocked 9.90 in the 100 and 19.88 in the 200. India defeated bitter rival Pakistan for gold in men’s cricket, and South Korea’s men won both the baseball and soccer gold. That granted team members

ORGANIZERS and the OCA offered an aggressive defense of the games, which were dotted with glitches and larger mistakes. Japanese organizers put on what they termed “sustainable” games—no athletes village, lodging for athletes on a cruise ship, in hotels and in temporary containers. The transportation system was also stressed by venues that stretched from Nagoya, the host city, across central Japan. Swimming was in Tokyo with some soccer in Osaka. Despite the focus on austerity and “no white-elephants,” organizers and the OCA added a half-dozen sports to the program. They planned for 15,000 athletes and officials, but they said 17,000 arrived through late registrations.

To cram in more sports, organizers began the basketball competition on September 10, nine days before the official opening. The Olympics often do the same, starting two or three days ahead—but not nine. “We had some delays of buses and we’d like to apologize for that,” Hideaki Omura, the governor of

World Championships in Alicante, Spain. Then came the 1994 Commonwealth Games in Victoria. Competing on home soil, Martens was part of the Canadian rhythmic gymnastics team that won the gold medal. She also won silver in the individual all-around competition and added further silver medals in individual apparatus events. For a young Canadian gymnast, it was an impressive achievement. More importantly, it showed that the Olympic dream was becoming realistic. Two years later, Martens finally reached the stage she had imagined as an eight-year-old.

MEGAWORLD and Villaroman Golf Academy formalize the partnership through (from left): Lourdes Gutierrez-Alfonso, president and CEO, Megaworld; Kevin Tan, president and CEO, Alliance Global Group Inc., parent company of Megaworld; Carito Villaroman, founder and CEO, and Philip Yeung, co-founder and Head of Legal, VGA. MEGAWORLD PHOTO

Atlanta 1996

THE 1996 Olympic Games in Atlanta were a landmark moment in Martens’ life. She competed for Canada in the individual rhythmic gymnastics competition. The Olympic experience, however, did not produce the result she had hoped for. Martens finished 33rd in the qualification round and did not advance to the final. There was disappointment, as there inevitably is when an athlete spends so many years preparing for an opportunity that lasts only a few minutes. But Olympic sport is not always about the final ranking. Martens had achieved something that very few athletes ever do. She had started with a childhood dream and turned it into reality. She had earned the right to wear Canada’s colors and compete at the Olympic Games.

helping the next generation develop. Martens became one of those people.

A career beyond competition

Atlanta was not the end of her sporting story. It was the beginning of another one.

Giving something back

HE Philippine Football Federation (PFF)—with FIFA and the Puerto Princesa Football Association (PPFA)—officially recently launched the second FIFA Arena in the Philippines at the Ramon V. Mitra Sports Complex in Barangay Sta. Monica in Puerto Princesa City. The FIFA Arena is an all-weather quarter pitch with artificial turf, purpose-built for small-sided football for children and teenagers. It provides a safe, accessible, and optimal space especially for elementary and junior high school-aged players to develop the fundamentals of the game. This is the second FIFA Arena built in the country, following the first in Balanga in Bataan which opened on January 21, 2026. The event also marked two other firsts for the Philippines—the FIFA Boots for All Program, through which FIFA and PFF distributed 500 pairs of boots to young players in Palawan, and a FIFA Medical Session for Children focused on health education and emergency response. “Today is about more than just simply opening a football pitch in a beautiful city,” PFF president John Anthony Gutierrez. “We are bringing together opportunity, access, health, and the protection of our children— all through football.” “This pitch is yours. Play here. Learn here,” FIFA Council Member and former PFF president Mariano Araneta Jr. said. “Make friends here. Challenge yourself. And perhaps one day, from this very pitch in Palawan. FIFA Regional Lead and Development Manager for East and Southeast Asia Lavin Vignesh said the arena is part of FIFA’s broader push to build more pitches across the country. FIFA Arena Project Consultant Amlan Kamal explained that the Arena, Boots for All, and Football for Schools programs work together to build “a holistic ecosystem around football.”

Villaroman Golf Academy to rise in Maple Grove

Beyond the Olympic dream FOR most athletes, making it to the Olympic Games is the ultimate destination. Years of training, sacrifice and competition are all aimed at one moment: representing your country on the biggest sporting stage in the world. For Canadian rhythmic gymnast Camille Martens, reaching the Olympics was a dream she had from childhood. But when her competitive career eventually came to an end, her story was far from finished. In many ways, the most important part of her sporting life was only beginning. Martens was born in Vancouver, British Columbia, in 1976 and grew up in Vernon. At just eight years old, she decided that she wanted to become an Olympic rhythmic gymnast. It was an ambitious dream for a young girl, particularly in a sport that requires years of specialized training and dedication. She started traveling to Vancouver at a young age to pursue higher-level training. As she became more serious about the sport, gymnastics increasingly shaped her childhood and teenage years. Training, competitions and traveling became part of everyday life. The hard work began to pay off. Martens became a Canadian junior champion at the age of 14. Two years later, she won a Canadian senior title. She was developing into one of the country’s leading rhythmic gymnasts and began competing internationally. Her career continued to progress through the early 1990s. She represented Canada at major international competitions and competed at the 1993

NAGOYA was awarded this event in 2016—before Covid-19 and before the Tokyo Olympics were delayed until 2021. Japan officially spent $13 billion on the Tokyo Games although a government report said the real number might be twice that much. Nagoya organizers in 2016 announced a budget of roughly $650 million, but late in 2025 they said the budget had swollen to about $2.5 billion—almost four times as much. The Japanese advertising giant Dentsu, convicted of bid-rigging connected to the Tokyo Olympics, was kept out of bidding on contracts for the Asian Games. Dentsu has wide experience running large sports events and lining up sponsors. “Yes, the organizing committee had challenges,” said Husain Al Musallam, the director general of the OCA. “But our duty and responsibility as leaders was to work hard with the organizing committee, to help Japan demonstrate to the world that Japan can deliver.” AP

PFF launches FIFA Arena in Puerto Princesa

AFTER her competitive career, Martens returned to the Okanagan and began putting her experience into developing young athletes. In 1997, she founded the Okanagan Rhythmic Gymnastics Club in Vernon. That decision says a great deal about Martens’ character. She knew what it was like to be a young athlete who had to travel away from home to find opportunities and high-level coaching. Now she wanted young gymnasts in the Okanagan to have those opportunities closer to home. The club grew over the years and developed athletes at recreational, provincial, national and international levels. Martens had gone from being the young athlete chasing her own Olympic dream to becoming a coach and mentor helping other young athletes pursue theirs. That transition is often overlooked in sport. We tend to remember the athletes who win medals, score goals or stand on podiums. We don’t always see the coaches and mentors who spend years

HER involvement in gymnastics also expanded beyond coaching individual athletes. Martens became involved in coach development and gymnastics administration and took on leadership roles within the sport in Canada. She eventually served in nationallevel coaching leadership, helping shape the environment in which other athletes and coaches worked. That experience gave her a perspective that few people possess. She had been an athlete. She had been an Olympian. She had been a coach. She had worked with clubs, athletes and families. She understood the pressures associated with elite competition because she had experienced them herself. Over time, her approach to sport also became broader. Success was no longer simply about medals or rankings. Confidence, enjoyment, personal development and the relationship between athletes, coaches and parents became increasingly important parts of her philosophy.

From athlete to mentor

HER work eventually led her to another area of interest: the role parents play in youth sport. After spending decades on almost every side of competitive sport, she began focusing on the relationship between young athletes and their parents. Her book, MVP in the Stands: Becoming the Parent Your Child Needs in Sport, reflects that experience.

PORTS and leisure group Villaroman Golf Academy is building its most modern golf facility to date, with pickleball courts also set to rise inside property giant Megaworld’s 140-hectare Maple Grove township in General Trias City, Cavite. The new Villaroman Golf Academy will rise on a 2.7-hectare property within Maple Grove and will feature a 50-bay driving range, golf hitting bays, and state-of-the-art golf simulators. The driving range will be designed to simulate actual golf course conditions, with areas where players can practice from real grass or artificial turf, as well as fairway, bunker, and grass areas. The facility will also feature a dedicated short-game area with actual bunkers, three tournament-grade pickleball courts, a dedicated players’ lounge, and a golf-specific gym for fitness and training. A sports retail zone, resto and sports bar, and café will provide additional dining, sports, and lifestyle options within the facility. Villaroman Golf Academy will provide instruction for players at different levels, from beginners and enthusiasts to competitive golfers, with programs designed to build proper fundamentals and develop technical skills. The academy’s coaching program is led by its founder and head coach Carito Villaroman, a former touring professional and one of the most respected names in Philippine golf who has mentored Filipino golf standouts such as Yuka Saso and Bianca Pagdanganan. The Villaroman Golf Academy is accredited by the Games and Amusements Board (GAB) to certify professional golf coaches across the Philippines. “We are excited to welcome Villaroman Golf Academy to Maple Grove as we introduce new destinations for sports, leisure, and dining in this part of Cavite,” said Graham Coates, first vice president, Megaworld Lifestyle Malls, Maple Grove.

Editor: Jennifer A. Ng

Companies BusinessMirror

Tuesday, October 6, 2026

BKS Green Energy secures nod for transmission facility By Lenie Lectura @llectura

HE Energy Regulatory Commission (ERC) has approved Yuchengco-led BKS Green Energy Corp.’s (BKSGEC) authority to build and own a dedicated pointto-point transmission facility. This facility will connect its 33.831-megawatt peak (MWp) Limbauan Solar Power Project-Phase 2 (LSPP-2) in Isabela directly to the

National Grid Corporation of the Philippines (NGCP). The facility includes a 13.2/69 kilovolt (kV) take-off substation with a 30/32 MVA (megavolt- ampere) transformer, a 4.4-kilometer single-circuit 69-kV transmission line, and a switching station tapping into the NGCP’s TuguegaraoCabagan line. LSPP-2 operates under a longterm fixed tariff backed by the Department of Energy’s second Green

Energy Auction Program (GEAP-2) During its 2025 construction phase, the project employed about 650 local workers ranging from non-skilled laborers to technical engineers. The facility began exporting power in December 2025. LSPP-2 has produced 40,500 MWh of electricity, energized roughly 200,000 homes and prevented 28,232 tons of carbon emissions. BKSGEC is a subsidiary of Rizal Green Energy Corporation (RGEC),

which operates as a joint venture between PetroGreen Energy Corp. (PGEC) and Japan’s Taisei Corporation. PGEC is the renewable energy arm of the publicly listed PetroEnergy Resources Corporation (PERC). Last month, the DOE said it lined up more green energy auctions to boost the government’s goals of hitting a 35-percent renewable energy (RE) share in the energy mix by 2030, and 50 percent by 2040.

“All in all, 10 years of Green Energy Auction [GEA] plan is 25 gigawatts of additional renewable energy capacities between 2027 [and] 2035 delivery dates,” said DOE Undersecretary Rowena Guevarra. The DOE is launching a dedicated GEA round, targeting 20 priority off-grid island sites served by the National Power Corporation (Napocor). The final list of these 20 target islands has yet to be announced. Guevarra said the GEA for Na-

pocor involves hybrid solar, plus battery, with the NPC-SPUG (Small Power Utilities Group) diesel generator set as back up. “The insulation target is 67.99 megawatts across 20 sites. We’re waiting for the study being conducted by Transco [National Transmission Corp.] and NEA [National Electrification Administration] on their assessment on the readiness of transmission lines and distribution lines.”

EXEC: SM PRIME ENTERTAINMENT VENUES DRAW OVER 1M VISITORS By VG Cabuag @villygc

HOPPING mall operator SM Prime Holdings Inc. said it sees strong demand across its major live entertainment venues, driven by a steady pipeline of concerts, sporting events and family shows, as well as the opening of the SM Seaside Cebu Arena. As of August, the SM Mall of Asia Arena, SM Seaside Cebu Arena and SMDC Festival Grounds welcomed over 1 million visitors, a 52-percent increase from approximately 710,000 visitors in the same period last year. The company said the double-digit growth reflects the continued strong demand for live entertainment in the Philippines, further supported by the addition of SM Seaside Cebu Arena to SM Prime’s growing venue portfolio. “Our venues provide Filipino audiences with a complete experience before, during and after a live event,” Jeffrey C. Lim, president of SM Prime, said. “With dining, retail, entertainment and other amenities within easy reach, we are able to extend the experience beyond the event itself while creating more value across our properties.” More than 110 shows were

staged at the SM MOA Arena from January to August, showing up to 20 percent increase during the same period last year. SM Seaside Cebu Arena has also made a strong start since its official opening in July, with soldout opening concerts by BINI and IV of Spades. The momentum is expected to continue through the final months of the year. At the SM MOA Arena, upcoming sold-out shows include performances by Regine Velasquez, Silent Sanctuary and 5 Seconds of Summer. Tickets are also on sale for Jason Mraz, Wave to Earth and LE SSERAFIM, along with 34 performances of Disney On Ice presents Let’s Dance! In the SM Cebu Arena, the upcoming lineup includes Bida Sa Arena, Premier Volleyball League and Spikers’ Turf, East Asia Super League and LANY, as well as 14 performances of Disney On Ice presents Let’s Dance! SM Prime-managed venues are also building their 2027 calendar. Major events already announced include Westlife’s anniversary tour, The Script’s sold-out three-show run, Maroon 5’s Asia 2027 tour and BIGBANG at the SMDC Festival Grounds in Manila, as well as the FIBA Women’s Asia Cup in Cebu.

Filreit board gives nod to leadership changes

ILIN V EST R EI T Cor p. (Filreit), the real estate investment trust (REIT) led by the Gotianun Group, on Monday said Joseph M. Yap, its incumbent chairman, will also hold the position of president and CEO starting October 15. Yap will succeed Maricel Brion-Lirio, who will retire, on the same date. She will also quit the board of Filreit. The leadership changes were approved by the company’s board on Monday. The company also appointed Ana Venus A. Mejia, the company’s incumbent treasurer and CFO, as a director effective October 15. She will fill the vacancy arising from Lirio’s resignation. Yap, who has chaired the company since April 2024, brings more than 40 years of privatesector experience spanning real estate, bank ing and f inance, alongside his experience in public service. He previously served as president and CEO of Filinvest Land Inc. from 2007 to 2012 and as a member of its board from 1997 to 2015. He also served as Philippine ambassador to Singapore from January 2018 to June 2022. Outside the Filinvest Group,

Yap served as first vice president of Family Bank and Trust Co. and held various financial management positions with Nestlé in New York, Switzerland and Manila. He earned his bachelor’s degree in Management Engineering from Ateneo de Manila University and his Master of Business Administration from Harvard University. His appoint ment prov ides leadership continuity as Filreit maintains its focus on operating performance, portfolio growth, and long-term shareholder value. In the first half, the company generated P2.05 billion in gross revenues, up 31 percent year-onyear, while net income rose 34 percent to P874 million. Average portfolio occupancy reached 87 percent in the first half, flat from the previous quarter and six percentage points higher than a year ago. Lirio has served as the company’s chief since February 2021 and previously held senior leadership positions across the Filinvest group. During her tenure, she helped lead the company through its establishment as a publicly listed REIT and the diversification of its portfolio. VG Cabuag

AI FRENZY

Nvidia Corp. partner Hon Hai Precision Industry Co. reported better-than-expected quarterly revenue, signaling sustained and elevated spending on global AI infrastructure. Sales for the three-months ended in September totaled NT$3.03 trillion ($95.4 billion), up 47 percent. Analysts on average were looking for NT$2.83 trillion. Hon Hai’s strong sales growth followed a bullish forecast from Micron Technology Inc. last week. Both add to evidence that spending on AI continues to climb. That’s even as executives such as OpenAI’s Sam Altman and Anthropic PBC’s Dario Amodei have called for slowing development of the emerging technology to ensure it stays under human control. Hon Hai, which is a server assembly partner for Nvidia, has benefited from the construction of cloud infrastructure around the world over the past two years. Photo shows Nvidia GPUs during Hon Hai Tech Day conference in Taipei in November. BLOOMBERG

DTI: AstraZeneca to scale up clinical research in PHL

By Bless Aubrey Ogerio

@blessogerio

STRAZENECA is advancing plans to expand clinical research in the Philippines, including a Manila center for clinical trials and proposed facilities focused on cancer and cardio-renal-metabolic diseases. The British-Swedish pharmaceutical company is working with the Philippine Department of Trade and Industry (DTI), Philippine Economic Zone Authority (Peza), Department of Science and Technology, De La Salle University and Department of Health on the proposed projects. A key project is a Clinical Trial Centre of Excellence in Manila, targeted for establishment within the year. It would form the first of three planned pillars, alongside a Cancer Command Centre and a Cardio-Renal-Metabolic Centre. AstraZeneca and Peza are also developing plans for a Multi-Stakehold-

er Health Innovation Hub within its ecozone’s network. Peza’s flagship Oncology Innovation Center would use artificial intelligence for early lung cancer detection, strengthen patient support and healthcare workforce capabilities, and generate evidence for policymaking. Further, the plans build on a memorandum of understanding signed by Peza and AstraZeneca in August 2025. AstraZeneca has invested more than P3 billion in Philippine clinical trials over the past six years and currently supports more than 28

ongoing and planned trials, involving over a thousand Filipino patients enrolled since 2022 across more than 150 trial sites. Moreover, the company is also looking to expand global clinical trial participation and work with the government on faster regulatory processes. “Expanding clinical trials and research is not just about medicines. It is about creating high-value jobs for our doctors, nurses, researchers, and health professionals, so more Filipinos can build globally competitive careers here at home,” Trade Secretary Ma. Cristina A. Roque said during DTI’s visit to AstraZeneca’s Discovery Centre in Cambridge, United Kingdom. AstraZeneca is a global, scienceled biopharmaceutical company that focuses on the discovery, development and commercialization of prescription medicines, primary for the treatment of diseases in three therapy areas--oncology, cardiovascular, renal and metabolism and respiratory. It operates in over 100 countries and its medicines are used by millions of patients worldwide.

Nippon to buy Akzo’s SE Asia unit for $1.35B

IPPON Paint Holdings Co. is buying Akzo Nobel NV’s decorative paints operations in Southeast Asia for $1.35 billion, acquiring a regional slice of a business it had sought to buy in full. Japan’s No. 1 paint company, which had previously tried to buy Akzo’s entire residential and commercial paints unit for €7.5 billion ($8.4 billion), said in a statement that the deal spanning seven countries will be accretive to profits once the transaction is completed by mid-2027. The acquisition represents a partial victory for Nippon Paint after Akzo rejected multiple approaches for all of its decorative paints business, and bolsters its operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore and Australia. Based on the deal, Nippon Paint is paying a higher multiple for the regional units compared with its prior, broader offer. Nippon Paint called the new units “highly promising businesses, supported by robust distribution networks, brand recognition, and manufacturing and supply systems.” Akzo Nobel will retain full ownership of its coatings activities and global business services organization, according to the statement. Bloomberg News

Companies BusinessMirror

Tuesday, October 6, 2026

Geely: Sept sales in PHL hit record on brisk EV demand

By Bless Aubrey Ogerio

@blessogerio

EELY Motor Philippines (GMP) breached the 1,000-unit monthly sales mark for the first time in September, with electrified models accounting for nearly 80 percent of the company’s record monthly volume. The September tally of 1,023 vehicles was the highest single-month sales volume since GMP began operating as a direct subsidiary of Geely Auto International in February 2025. The all-electric Geely EX2 led sales with 470 units, followed by the EX5 EM-i Super Hybrid with 345

units. Other models sold were the Okavango with 76 units, Coolray with 53, EX5 with 31, GX3 Pro with 26 and Emgrand with 22. GMP attributed the month’s performance in part to its three top dealer groups: MG Gateway Group, ANC+ Group of Companies and D&J Auto.

The company expects sales momentum to continue through the rest of 2026, with the planned local launch of the Geely Monjaro EM-i and the addition of Lynk & Co to GMP’s Philippine brand portfolio.

Monjaro debut

GMP is preparing to introduce the Monjaro EM-i, its D-segment plug-in hybrid SUV, in the Philippines this October in Northern Luzon. The model uses a 1.5-liter turbocharged hybrid-specific engine and electric drive, producing up to 250 kilowatts of system power and 667 Newton-meters of torque. It also features an electric all-wheeldrive system and hybrid power management. Last September, the Monjaro EM-i set a Guinness World Records

title in Egypt for the fastest crossing of Egypt’s Black and White Deserts in the Sahara by a plug-in hybrid production SUV. It completed a continuous 188.6-kilometer route between the two deserts under high heat and difficult terrain. The vehicle also underwent five capability tests during the drive, covering handling and stability, steep-slope climbs, cross-axle recovery, rough-terrain ride comfort and acceleration at a low state of charge. GMP is the Philippine subsidiary of Geely Holding Group. Globally, brands under the group sold more than 4.11 million vehicles in 2025, including 2.3 million new-energy vehicles, whose sales rose 58 percent year on year.

Converge has resilient network—exec MUTUAL FUNDS C

ONVERGE ICT Solutions Inc. said on Monday its residential and enterprise customers saw little to no service disruption following last Friday’s submarine cable problem between the Philippines and Singapore, after the company rerouted traffic to alternative paths, mostly through the new Bifrost international cable system. The disruption left some customers having difficulty accessing applications and websites hosted in Singapore, the company said. Converge stabilized its services by immediately shifting traffic away from the affected link. “This allowed none to minimal disruption in our services to both our residential and enterprise customers due to the cable issue between Singapore and the Philippines,” Converge CEO Dennis Anthony Uy said. Uy said the fixed broadband provider began planning its international cable investments as early as five years ago in anticipation of such incidents. “Our investments in Bifrost along with SEA-H2X [Southeast Asia-Hainan-Hong Kong Express Cable] have allowed us to achieve international network redundancy

that’s most important at a time like this,” he said. The Trans-Pacific Bifrost Cable System spans more than 20,000 kilometers and links the Philippines to Singapore, Indonesia, Guam and the United States, with a total design capacity of over 240 terabits per second (Tbps). Converge serves as the Philippine landing party through its landing station in Davao, where the cable’s Davao branch made landfall in August 2025. The company owns one fiber pair in the trunk. The 6,000-kilometer SEA-H2X, meanwhile, connects Hong Kong and Lingshui in Hainan, China; La Union in the Philippines; Songkhla in Thailand; and Singapore, with a system design capacity of over 200 Tbps. Converge is part of the consortium that owns the cable, alongside China United Network Communications Group Co. Ltd. and China Mobile International. The SEA-H2X cable landing station is in La Union. “With the additional capacity from these two new cables, Converge not only has the youngest but it also has the most resilient international network among Philippine operators today,” Uy said. Lorenz S. Marasigan

October 5, 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. -A198.32 -6.46% -0.97% -2.26% -2.99% -7.37% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2136 5.9% 14.94% 6.55% 4.71% 2.41% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.6554 -6.42% -1.85% -2.85% -4.73%-6.86% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7383 0.46% 2.84% -0.12% N.A0.56% FIRST METRO CONSUMER FUND, INC. -A 0.4786 -15.4% -9.36% -9.2% N.A -13.94% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.0445 -7.71% -3.73% -4.33% -2.87% -7.51% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6002 -6.7% -3.8% -4.28% N.A-6.6% MBG EQUITY INVESTMENT FUND, INC. -A 63.83 -25.09% -9.88% -8.08% N.A -28.65% PAMI EQUITY INDEX FUND, INC. -A 39.161 -5.03% -2.16% -3.07% -2.72% -5.32% PHILAM STRATEGIC GROWTH FUND, INC. -A 415.89 -6.55% -1.36% -2.74% -2.79% -7.48% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5045 0.91% 8.68% 3.71% 1.5% -3.64% PHILEQUITY FUND, INC. -A33.5635 -1.28% 0.8% -0.81% -1.02% -2.52% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8813 1.75% 2.02% -0.18% N.A -0.72% PHILEQUITY PSE INDEX FUND, INC. -A 4.25 -3.94% -1.07% -2% -1.84% -4.91% PHILIPPINE STOCK INDEX FUND CORP. -A 699.23 -4.44% -1.46% -2.33% -2.02% -4.86% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6716 -1.74% 0.92% -1.14% -3.03% -4.34% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 2.9356 -9.62% -3.48% -4.22% -3.5%-8.53% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.7829 -4.66% -1.9% -2.7% -2.29% -4.99% UNITED FUND, INC. -A3.43492.42% 4.3% 0.91% -0.09% 4.48% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 0.9824 -4.31% -1.5% N.A N.A -4.89% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 0.988 -5.67% N.A N.A N.A -5.32% PHILEQUITY ALPHA ONE FUND, INC. -A 0.8486 -9.95% -5.59% -5.06% N.A -10.13% PHILIPPINE STOCK INDEX FUND CORP. -A 844.21 -4.38% -1.64% N.A N.A -4.77% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,1 95.415 -4.15% -1.28% -2.02% -1.63%-4.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2387 22.68% 16.4% 1.63% 3.08% 20.91% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4291 13.04% 17.74% 6.54% 8.77% 9.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A 1.0907 BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1052 -0.7% -0.1% -1.01% -1.16% -1.64% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.671 3.73% 5.43% 0% -0.75% 2.12% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4153 -1.65% -0.65% -1.84% -0.82%-1.9% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2219 -3.44% 5.25% 2.23% N.A-4.31% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9191 -0.84% 0.17% -0.5% 0.05% -4.16% PAMI HORIZON FUND, INC. -A3.5973 -2.74% 1.38% -0.45% -0.55% -5.08% PHILAM FUND, INC. -A15.1959-4.43% 0.13% -1.61% -1.14% -5.08% SOLIDARITAS FUND, INC. -A2.0319 -2.2% 0.76% -0.3% -0.45% -3.26% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.2675 -5.2% -0.46% -1.81% -1.51%-4.56% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.858 -6.2% -0.72% -1.24% -1.31% -5.79% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.69 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9767 0.88% 1.93% -0.16% N.A -0.21% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8254 -1.08% 0.13% -1.88% N.A -1.95% -1.23% -0.42% -2.43% N.A SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.793 -2.24% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03305 -2.99% 1.56% -2.7% -0.85% -3.64% PAMI ASIA BALANCED FUND, INC. -B $1.147 -5.55% 10.58% 1.55% 1.96% -5.21% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.5912 7.3% 12.99% 3.66% 5.67%4.74% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2054 3.07% 8.28% 0.63% 2.31%1.86% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.29 2.3% 3.22% 2.65% 2.54% 1.26% ATRAM CORPORATE BOND FUND, INC. -A 1.9908 2.29% 1.3% 0.64% 0.37% 1.65% COCOLIFE FIXED INCOME FUND, INC. -A 3.6095 1.56% 3.15% 2.17% 3.17% 0.27% EKKLESIA MUTUAL FUND, INC. -A 2.4387 0.28% 2.9% 1.6% 1.45% -0.57% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5012 -1.96% 1.12% 0.57% 1.12%-2.64% PHILAM BOND FUND, INC. -A4.5067 -1.35% 2.45% 0.27% 0.79% -2.24% PHILAM MANAGED INCOME FUND, INC. -A 1.5453 2.7% 4.46% 3.24% 2.93% 1.66% PHILEQUITY PESO BOND FUND, INC. -A 4.3241 1.12% 2.88% 1.71% 2.05% 0.26% SOLDIVO BOND FUND, INC. -A1.1321 1.92% 2.89% 1.9% 1.78% 1.04% -2.39% 2.12% 1.51% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4463 2.12% -2.66% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8319 -2.04% 1.88% 1.04% 1.56% -2.79% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0182 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $531.98 1.36% 2.84% 1.74% 1.91% 0.55% ALFM EURO BOND FUND, INC. -A Є221.46 -0.71% 1.65% 0.11% 0.43% -1.04% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0417 -3.5% 1.49% -2.69% -0.79% -3.1% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0249 -5.68% 1.38% -0.86% -0.08%-6.04% PAMI GLOBAL BOND FUND, INC. -B $1.0444 -2.01% 8.07% 0.28% -0.57% -1.47% PHILAM DOLLAR BOND FUND, INC. -A $2.3608 -4.48% 3.44% -1.05% 0.32% -4.81% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.062671 -2.57% 1.14% -0.05% 0.99% -2.76% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8656 -2.41% 4.37% -1.82% -0.66%-2.28% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1899 2.75% N.A N.A N.A 2.01% ALFM MONEY MARKET FUND, INC. -A 153.21 4.1% 4.12% 3.21% 2.88% 2.92% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2282 3.45% 3.77% 3.08% N.A2.55% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5192 3.5% 3.59% 2.99% 2.77% 2.54% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.37 4.05% 4.29% N.A N.A 3% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1977 2.48% 3.28% 2.49% N.A 1.82% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.8273 2.45% 4.47% N.A N.A 1.55% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8212 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5338 22.42% 23.88% 14.23% N.A16.76% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1606 6.12% 6.89% N.A N.A 4.02% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

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

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

46.8 110.3 10.46 93.25 49.9 10.1 61.4 14.68 76.05 49 20.9 61.1 21.1 0.51 1.51 3.65 0.1 2,600 1.2 204.2 4,710 1.34

47.2 111.2 10.64 94 50.1 10.06 61.15 14.68 75 49.5 21.1 61.2 21.1 0.52 1.5 3.66 0.1 2,600 1.18 208.8 4,800 1.38

ACEN CORP 2.59 2.63 2.62 ALSONS CONS 1.07 1.08 1.04 ALTERNERGY HLDG 0.65 0.64 0.65 ABOITIZ POWER 46.2 46.5 45.55 RASLAG 1.07 1.08 1.09 0.106 0.107 0.107 BASIC ENERGY 4.52 4.6 4.62 CITICORE RE 18.32 18.38 17.9 FIRST GEN 88.1 89 87 FIRST PHIL HLDG MERALCO 416.4 424 425 MANILA WATER 34.3 33.5 32.55 MAYNILAD 16.16 16.18 16.2 PETRON 2.21 2.22 2.22 PETROENERGY 4.97 4.7 4.7 16.74 16.8 17.8 PRYCE CORP 9.42 9.71 9.5 REPOWER ENERGY SEMIRARA MINING 13.4 13.5 13.26 21.9 21.95 21 SYNERGY GRID SHELL PILIPINAS 8 8.08 7.92 SPC POWER 9.05 9.1 9.09 SP NEW ENERGY 1.15 1.16 1.15 TOP LINE 1.63 1.64 1.63 18.58 20.25 20.25 VIVANT AXELUM 2.6 2.64 2.7 BALAI FRUITAS 0.28 0.29 0.29 32.2 32.9 33 CENTURY FOOD 3.21 3.21 DEL MONTE 3.37 DNL INDUS 3.4 3.39 3.38 EMPERADOR 16.34 16.08 15.54 SMC FOODANDBEV 43.8 44 44.2 FIGARO GROUP 0.66 0.64 0.63 0.5 0.53 0.51 ALLIANCE SELECT 0.64 0.65 FRUITAS HLDG 0.65 220 217 GINEBRA 220.8 142 142.1 142 JOLLIBEE 1.74 1.8 1.81 KEEPERS HLDG LIBERTY FLOUR 21.7 22.75 22.6 MACAY HLDG 5.45 5.84 5.45 1.98 MAXS GROUP 1.95 1.94 MONDE NISSIN 6.18 6.24 6.2 5.3 5.44 5.02 SHAKEYS PIZZA ROXAS AND CO 2.27 2.39 2.27 RFM CORP 5.01 5.02 5 0.05 0.052 SWIFT FOODS 0.052 UNIV ROBINA 56.4 56.45 56.9 VITARICH 0.5 0.49 0.5 1.99 VICTORIAS 1.9 1.9 ATN HLDG A 0.375 0.38 0.385 ATN HLDG B 0.38 0.385 0.39 52.95 52.9 CONCRETE 58.4 CONCREAT HLDG 1.1 1.13 1.16 1.94 1.95 1.94 EEI CORP MEGAWIDE 5.25 5.27 5.15 SUPERCITY 40 40.5 30 1.89 CROWN ASIA 1.87 1.89 EUROMED 1.24 1.13 1.2 MABUHAY VINYL 5.24 5.1 5.24 10.8 CONCEPCION 10.68 10.76 0.136 0.137 0.138 GREENERGY INTEGRATED MICR 6 6.18 6.12 3.81 3.87 IONICS 3.84 7.28 7.35 7.45 PANASONIC CIRTEK HLDG 1.45 1.49 1.47

47.2 111.7 10.7 94 50.2 10.14 61.55 14.68 76.35 49.95 21.1 61.85 21.7 0.52 1.54 3.66 0.1 2,600 1.22 210 5,000 1.38

46.8 110.2 10.32 92.75 49.5 10.06 61.15 14.68 73.35 49 21 60.9 21.1 0.52 1.5 3.66 0.1 2,600 1.18 204.2 4,800 1.37

47 110.5 10.7 93.55 50 10.12 61.4 14.68 76.3 49 21 61.1 21.1 0.52 1.53 3.66 0.1 2,600 1.2 205 4,800 1.37

51,900 1,717,300 64,200 1,606,990 225,900 55,900 1,776,360 5,000 321,870 500 59,400 356,430 34,900 10,000 74,000 3,000 30,000 10 544,000 5,010 105 4,000

2,437,530 190,031,885 681,834 149,949,247 11,280,721 565,070 109,060,936 73,400 24,223,712 24,645 1,251,930 21,826,867 740,500 5,200 113,200 10,980 3,000 26,000 652,650 1,046,622 505,000 5,490

1,504,050 -52,263,818 97,008 -5,741,879 -2,380,946 259,500 -52,914,813 73,400 19,105,374 -1,249,830 6,884,120 -174,160 -4,860 -140,326 -72,000 -

2.65 1.12 0.65 46.9 1.09 0.107 4.62 18.94 88.95 424 34.3 16.2 2.25 4.71 17.8 9.5 13.4 21.9 8.16 9.3 1.16 1.64 20.25 2.7 0.29 33 3.37 3.4 16.34 44.45 0.66 0.56 0.65 221 142.2 1.84 22.85 5.45 1.98 6.28 5.48 2.5 5.03 0.052 56.9 0.5 1.9 0.385 0.39 58.4 1.23 1.94 5.33 40.8 1.89 1.24 5.24 10.8 0.138 6.42 4.05 7.6 1.5

2.56 1.04 0.64 45.55 1.07 0.105 4.56 17.9 87 415 32.4 16 2.21 4.7 16 9.5 12.88 21 7.91 9 1.14 1.62 20.25 2.55 0.29 32.2 3.2 3.37 15.28 43.9 0.62 0.51 0.64 217 139.4 1.74 21.6 5.45 1.94 6.18 5.02 2.27 5 0.052 56.25 0.5 1.9 0.38 0.385 52.9 1.09 1.94 5.14 30 1.85 1.1 5.24 10.76 0.136 6 3.81 7.28 1.39

2.63 1.07 0.64 46.5 1.07 0.107 4.6 18.32 88.1 424 34.3 16.16 2.21 4.7 16.8 9.5 13.4 21.9 8 9.05 1.16 1.64 20.25 2.7 0.29 32.9 3.37 3.4 16.34 44 0.66 0.53 0.65 220 142 1.74 21.65 5.45 1.98 6.18 5.44 2.27 5.01 0.052 56.45 0.5 1.9 0.38 0.385 58.4 1.1 1.94 5.27 40.5 1.89 1.24 5.24 10.8 0.138 6 3.84 7.35 1.49

3,188,000 2,487,000 485,000 1,255,600 29,000 500,000 13,000 382,900 41,190 191,130 1,758,900 2,015,600 1,080,000 13,000 55,400 1,700 2,372,700 499,400 1,078,800 13,900 7,281,000 291,000 100 294,000 20,000 672,900 26,000 979,000 278,100 60,600 2,356,000 5,722,000 138,000 64,610 332,910 1,403,000 800 700 10,000 1,274,800 58,400 78,000 231,700 70,000 948,420 40,000 7,000 1,500,000 1,300,000 30 6,071,000 5,000 631,200 5,500 135,000 83,000 200 700 730,000 4,472,200 7,839,000 25,800 3,566,000

8,309,580 2,714,030 313,440 58,111,700 31,070 52,970 59,610 7,019,330 3,631,472 80,544,416 58,668,305 32,462,226 2,399,580 61,110 972,088 16,150 30,993,464 10,686,690 8,658,829 126,955 8,423,030 473,080 2,025 781,760 5,800 21,974,995 83,950 3,323,830 4,487,144 2,668,465 1,487,330 3,065,480 88,710 14,220,812 47,063,202 2,547,130 17,930 3,815 19,530 7,916,695 316,589 180,280 1,161,334 3,640 53,508,233 20,000 13,300 573,500 501,000 1,642 6,802,890 9,700 3,300,042 203,915 252,190 96,730 1,048 7,540 99,510 27,377,914 31,051,090 191,823 5,201,680

523,360 575,170 29,900 20,613,485 22,470 -4,240 -22,850 -1,286,188 63,345 -10,052,254 20,013,530 2,295,534 -24,580 -54,856 10,773,484 1,297,790 338,166 -3,277,390 -5,800 -11,569,305 2,890 -992,530 36,450 110,010 -79,390 -269,490 -36,480 1,471,534 7,565,732 753,880 2,007,127 -264,004 -32,727,417 13,300 38,500 -224,650 -7,613 -128,740 -1,820 964,006 -5,277,970 800,520

HOLDING & FRIMS

ABACORE CAPITAL 0.295 0.305 0.295 0.305 0.295 0.305 1,880,000 559,250 69,000 ASIABEST GROUP 31 31.7 25.05 31 23.95 31 1,086,500 31,907,635 194,380 AYALA CORP 525 526 515 530 515 525 298,380 156,445,745 40,093,130 ABOITIZ EQUITY 39 39 38.6 37.75 36.8 39 3,313,900 127,976,745 20,529,725 ALLIANCE GLOBAL 8.96 8.98 8.99 9 8.89 8.98 196,200 1,753,416 -1,152,314 16.1 16.32 16 16.86 2,400 38,568 ANSCOR 16.86 16.86 ANGLO PHIL HLDG 1.16 1.18 1.13 1.19 1.13 1.18 565,000 660,520 -6,880 687.5 1,299 687 687 687 687 4,680 3,215,160 BHI HLDG COSCO CAPITAL 7.33 7.36 7.4 7.6 7.3 7.36 188,900 1,391,422 612,549 DMCI HLDG 7.61 7.61 7.32 7.39 7.23 7.61 1,090,900 8,035,799 -1,612,673 FILINVEST DEV 3.85 4.08 4.14 4.14 3.84 3.84 43,000 166,240 96,250 FORUM PACIFIC 0.28 0.29 0.29 0.29 0.29 0.29 500,000 145,000 GT CAPITAL 419 422 419.8 424.8 415.2 419 94,940 39,817,584 -1,380,992 HOUSE OF INV 4.65 5.25 5.3 5.3 5.3 5.3 1,000 5,300 18 18.06 18.12 18.12 17.66 18 727,700 13,058,262 -8,949,280 JG SUMMIT 0.395 0.39 0.39 0.425 20,000 8,150 LODESTAR 0.425 0.425 LOPEZ HLDG 4.8 4.84 4.8 4.81 4.79 4.8 89,000 427,240 -273,500 15.46 15.14 15.1 15.48 3,360,600 51,625,568 24,308,640 LT GROUP 15.48 15.48 PACIFICA HLDG 0.99 1.35 1.36 1.36 1.35 1.35 20,000 27,050 PRIME MEDIA 0.94 1.1 0.98 1.12 0.94 0.94 228,000 221,970 SOLID GROUP 1.15 1.19 1.18 1.19 1.18 1.19 173,000 204,150 -197,060 SM INVESTMENTS 496 497 495 501 491.8 497 290,110 144,026,464 -34,085,522 58.7 58.75 58.75 59 58.7 58.75 76,770 4,510,658 -3,223,164 SAN MIGUEL CORP 53 54.5 51.5 53 51.5 53 350 18,519 TOP FRONTIER ZEUS HLDG 0.063 0.076 0.076 0.076 270,000 20,520 0.076 0.076 PROPERTY ANCHOR LAND 3.16 3.31 3.16 3.16 3.15 3.15 3,000 9,460 3,160 AYALA LAND 15.38 15.38 15.26 15.14 14.98 15.38 6,986,900 106,994,066 16,032,602 AYALA LAND LOG 1.1 1.13 1.13 1.13 1.1 1.13 313,000 345,430 47,390 ALTUS PROP 11 11.52 10.88 10.88 10.84 10.84 11,000 119,480 ARANETA PROP 0.26 0.275 0.28 0.28 0.255 0.255 280,000 73,200 36.9 37 37.3 37.3 36.65 36.9 439,400 16,196,640 3,279,840 AREIT RT 0.74 0.75 0.77 0.77 0.75 0.75 34,000 25,640 A BROWN CITYLAND DEVT 0.57 0.58 0.6 0.6 0.56 0.57 54,000 31,300 CROWN EQUITIES 0.091 0.091 0.091 0.091 60,000 5,500 0.092 0.092 CEB LANDMASTERS 1.98 1.98 1.96 1.98 1.96 1.96 548,000 1,077,890 -323,080 CENTURY PROP 0.6 0.6 0.59 0.6 0.59 0.6 3,000,000 1,792,040 166,200 CITICORE RT 2.93 2.9 2.92 2.9 2.88 2.9 2,629,000 7,624,160 -1,834,220 DOUBLEDRAGON 10.98 10.98 11 11.1 11.1 10.98 368,000 4,047,092 -150 DDMP RT 1.04 1.04 1.03 1.03 1.02 1.03 1,860,000 1,913,410 22,440 4.72 5 4.75 4.75 4.75 4.75 4,000 19,000 DM WENCESLAO EVERWOODS 0.025 0.026 0.026 0.024 0.026 2,900,000 70,800 0.028 EMPIRE EAST 0.104 0.105 0.103 0.106 390,000 40,720 7,210 0.106 0.106 2.74 2.73 2.7 2.74 1,428,000 3,883,450 -16,360 FILINVEST RT 2.76 2.76 FILINVEST LAND 0.72 0.72 0.71 0.7 0.7 0.71 327,000 231,680 -9,900 GLOBAL ESTATE 0.66 0.66 0.65 0.66 0.65 0.66 17,000 11,210 KEPPEL PROP 2.54 2.73 2.54 2.54 2.5 2.5 20,000 50,550 1.21 1.21 PNB HLDG 1.2 1.2 1.19 1.2 73,775,000 88,219,610 -9,610,870 2.13 2.1 2.1 2.13 4,487,000 9,510,220 -5,665,400 MEGAWORLD 2.14 2.14 0.68 0.69 0.69 0.7 0.68 0.69 13,464,000 9,351,310 1,589,550 MRC ALLIED 13.42 13.44 13.4 13.5 13.32 13.42 542,500 7,269,364 -776,306 MREIT RT 0.101 0.106 0.101 0.101 0.101 0.101 30,000 3,030 OMICO CORP PRMIERE HORIZON 0.149 0.15 0.15 0.15 160,000 24,000 1,500 0.15 0.15 PHIL ESTATES 0.4 0.405 0.4 0.4 0.4 0.4 330,000 132,000 -4,000 PREMIERE RT 1 1 0.99 1 0.99 1 150,000 149,930 81,000 PRIMEX CORP 0.94 1.08 1.05 1.05 1.05 1.05 1,000 1,050 RL COMM RT 6.21 6.23 6.1 6.24 6.06 6.23 2,399,400 14,840,685 -2,127,898 15.62 15.98 15.9 16 15.6 15.62 1,446,800 22,808,068 547,984 ROBINSONS LAND 2.6 2.63 2.65 2.66 2.58 2.6 642,000 1,662,570 1,187,580 ROCKWELL 2.85 2.9 3.11 3.11 2.8 2.9 405,000 1,157,230 39,640 SHANG PROP 1.77 1.8 1.85 1.85 1.78 1.8 14,000 25,200 -3,580 STA LUCIA LAND 15.62 16.54 16 16.54 15.4 16.54 2,584,100 41,044,180 -17,371,306 SM PRIME HLDG WELLEX INDUS 0.32 0.345 0.32 0.32 0.32 0.32 200,000 64,000 SERVICES ABS CBN 2.55 2.59 2.6 2.6 2.55 2.55 121,000 310,090 GMA NETWORK 3.2 3.25 3.39 3.5 3.2 3.2 377,000 1,244,580 MANILA BULLETIN 0.146 0.174 0.147 0.147 0.147 0.147 10,000 1,470 DITO CME HLDG 0.56 0.57 0.57 0.58 0.56 0.57 7,773,000 4,422,230 -760,140 GLOBE TELECOM 1,533 1,548 1,554 1,564 1,532 1,548 27,275 42,174,455 -15,789,630 1,092 1,088 1,085 1,100 15,780 17,262,205 -87,855 PLDT 1,100 1,100 0.0059 0.006 0.0059 0.0061 46,000,000 276,600 APOLLO GLOBAL 0.0061 0.0061 CONVERGE 8.81 8.82 8.8 8.79 8.81 1,700,900 14,973,395 -2,892,783 8.83 0.65 0.67 0.67 0.67 0.6 0.67 123,000 77,790 -43,920 DFNN INC ISLAND INFO 0.121 0.124 0.123 0.128 0.121 0.121 2,230,000 274,220 NOW CORP 0.365 0.37 0.365 0.375 0.365 0.37 160,000 59,200 -18,700 TRANSPACIFIC BR 0.115 0.116 0.115 0.115 0.115 0.115 430,000 49,450 0.86 CHELSEA 0.86 0.87 0.86 0.86 0.86 116,000 99,760 -14,620 CEBU AIR 20.5 20.7 20 22.3 20 20.5 1,053,700 22,131,090 -6,709,610 889.5 885 869 905 982,110 872,877,080 265,357,260 INTL CONTAINER 905 905 8.28 9.87 10 10 8.28 8.28 20,400 176,005 LBC EXPRESS LORENZO SHIPPNG 0.63 0.68 0.66 0.66 0.64 0.64 19,000 12,280 5,200 3.2 3.4 3.4 3 3.2 215,000 709,260 46,060 MACROASIA 3.42 METRO ALLIANCE 0.5 0.58 0.57 0.65 0.57 0.58 10,000 5,840 PAL HLDG 3.51 3.53 3.34 3.61 3.2 3.53 941,000 3,299,900 998,380 HARBOR STAR 1.4 1.41 1.39 1.42 1.38 1.4 162,000 224,900 19,320 BOULEVARD HLDG 0.031 0.031 0.03 0.029 0.029 0.03 10,300,000 309,000 -3,100 0.89 1.01 0.89 1.04 0.89 1.04 4,000 3,900 2,920 DISCOVERY WORLD 0.176 0.179 0.177 0.182 0.176 0.176 1,060,000 189,880 46,270 PH RESORTS GRP 0.45 0.47 0.43 0.43 0.45 30,000 13,300 WATERFRONT 0.45 CENTRO ESCOLAR 14.46 14.5 14.9 14.94 14.5 14.5 31,600 459,284 5,024 6.97 7 7.13 6.98 6.98 25,600 179,101 IPEOPLE 6.98 STI HLDG 1.28 1.29 1.28 1.3 1.28 1.28 837,000 1,073,160 837,020 BELLE CORP 1.09 1.09 1.07 1.08 1.05 1.09 881,000 935,880 -18,530 BLOOMBERRY 14,580,080 1.95 1.97 2 2.02 1.95 1.95 7,392,000 -3,637,800 PACIFIC ONLINE 1.51 1.52 1.55 1.55 1.52 1.52 20,000 30,820 21,700 7.83 8 8.1 7.84 7.84 2,815,100 22,337,529 3,673,092 DIGIPLUS 7.84 14.04 14.06 14.2 14 14.08 1,507,200 21,268,448 -3,728,260 PHILWEB 14.08 1.04 1.06 1.07 1.07 1.04 1.06 23,000 24,140 METRO RETAIL PUREGOLD 39.7 39.8 39.85 39.25 39.7 1,255,700 49,710,605 -16,191,585 39.85 29.95 30 30 30.35 30 30 163,000 4,895,025 -305,130 PHIL SEVEN CORP SSI GROUP 2 2.04 2.04 2.05 2.04 2.04 100,000 204,500 149,370 UPSON INTL CORP 0.76 0.79 0.78 0.8 0.75 0.76 96,000 74,580 30,000 WILCON DEPOT 5.49 5.5 5.5 5.61 5.49 5.5 611,300 3,368,134 -601,349 APC GROUP 0.1 0.101 0.101 0.102 0.101 0.101 80,000 8,090 1.85 1.97 1.98 1.98 1.85 1.85 14,000 27,590 IPM HLDG MEDILINES 0.228 0.23 0.231 0.23 0.23 960,000 220,900 0.231 PAXYS 3.1 3.1 3.1 3.1 3.1 7,000 21,700 3.29 PHILCOMSAT 1.62 1.62 1.62 1.62 3,000 4,860 1.63 1.62 SBS PHIL CORP 3 3.1 3 3 3 3 1,000 3,000 MINING & OIL ATOK 1.88 2.04 1.96 2.07 1.8 2.07 76,000 143,110 3,630 APEX MINING 17.6 17.62 17.26 17.7 16.92 17.6 2,533,700 44,413,332 5,786,892 ATLAS MINING 19.22 19.26 18.08 19.32 18 19.22 3,502,800 66,345,202 -5,611,974 BENGUET 6.8 6.8 6.7 6.51 6.51 6.7 301,800 2,022,183 4.31 4.5 4.31 4.31 4.31 4.31 1,000 4,310 DIZON MINES EC VULCAN 0.31 0.325 0.325 0.33 70,000 23,000 0.33 0.33 FERRONICKEL 1.65 1.67 1.69 1.65 1.65 879,000 1,460,180 58,650 1.69 0.076 0.079 0.08 0.079 0.079 450,000 35,560 GEOGRACE 0.079 LEPANTO A 0.221 0.224 0.22 0.224 0.22 0.224 6,190,000 1,371,910 LEPANTO B 0.218 0.221 0.219 0.223 0.219 0.22 280,000 61,660 MANILA MINING A 0.0083 0.0084 0.0084 0.0084 0.0084 0.0084 5,000,000 42,000 0.78 0.78 MARCVENTURES 0.77 0.76 0.75 0.78 822,000 620,960 0.52 NIHAO 0.5 0.5 0.5 0.5 0.5 58,000 29,000 3.83 3.87 3.78 3.88 3.76 3.83 2,154,000 8,254,670 2,137,830 NICKEL ASIA 35 35.1 34.7 35.5 34.3 34.9 228,400 7,950,620 -2,453,540 OCEANAGOLD 0.55 0.57 0.58 0.58 0.55 0.57 244,000 136,770 ORNTL PENINSULA PX MINING 11.3 11.34 11.54 11.62 11.26 11.3 3,035,800 34,351,614 -469,804 UNITED PARAGON 0.0081 0.0085 0.0084 0.0084 0.008 0.0081 38,000,000 309,000 ENEX ENERGY 3.11 3.69 3.79 3.79 3.79 3.79 1,000 3,790 ORNTL PETROL A 0.014 0.015 0.014 0.015 0.014 0.015 10,200,000 150,900 ORNTL PETROL B 0.015 0.016 0.016 0.016 0.015 0.016 2,100,000 32,600 0.0097 0.0098 0.0097 0.0097 27,000,000 263,000 0.0098 0.0098 PHILODRILL PXP ENERGY 2.92 2.93 2.92 3.03 2.92 2.93 219,000 644,620 PREFFERED ACEN PREF B 1,030 1,040 1,030 1,030 1,030 1,030 250 257,500 AC PREF AR 2,314 2,460 2,460 2,460 2,460 2,460 1,005 2,472,300 AC PREF B3R 1,836 1,897 1,825 1,825 1,825 1,825 5 9,125 AC PREF B4R 1,885 1,899 1,890 1,890 1,890 1,890 20 37,800 ALCO PREF D 481.6 495 495 495 495 495 60 29,700 505 510 500 505 500 505 290 145,900 ALCO PREF H BRN PREF B 100.1 102.9 100.1 100.1 100.1 100.1 10 1,001 BRN PREF C 101 103 102 103.5 101 101 1,810 186,765 CEB PREF 23 26.45 27.6 27.6 26.5 26.5 4,900 135,070 CLI PREF A1 910 986 985 985 980 980 370 362,650 CPG PREF B 97 99 99 99 99 99 70 6,930 DD PREF 93.2 93.6 93.15 93.95 93.15 93.2 510 47,677 EEI PREF B 94 96 96 96 96 96 20 1,920 GLO PREF ANV 1,910 1,943 1,930 1,930 1,910 1,910 510 974,300 1,945 1,950 1,950 1,950 1,950 1,950 20 39,000 GLO PREF BNV MWIDE PREF 6C 104 104.5 104 104 104 104 1,930 200,720 -96,720 99 101.2 101.2 101.2 101.2 101.2 10 1,012 MWIDE PREF 7A MWIDE PREF 7B 99.9 102 99.9 99.9 99.9 99.9 10 999 PCOR PREF 4C 966.5 993 985 985 985 985 30 29,550 PCOR PREF 4E 970 987 987 987 987 987 20 19,740 SMC PREF 2L 77.5 80.4 80.8 80.8 76.7 80.4 37,640 2,956,402 -1,701,850 SMC PREF 2N 76.5 76.9 77.05 77.05 76.3 76.5 22,490 1,727,093 -717,623 78.05 78.45 78.5 78.5 78.45 78.45 810 63,569 -37,680 SMC PREF 2O 72 74.6 74.55 74.55 74.55 74.55 10 746 SMC PREF 2P SMC PREF 2S 73 73.6 73.6 73.6 73.6 73.6 6,130 451,168 SMC PREF 2T 73.25 75.25 75.25 75.25 75.25 75.25 10 753 SMC PREF 2U 74.5 76 74.5 76 74.5 76 80 5,975 SMC PREF 2V 75.5 76 75.4 76 75.4 76 1,510 114,691 SMC PREF 2W 78 78.45 79 79 78 78 220 17,330 SMC PREF 2X 78.6 78.9 79 79.4 78.6 78.6 4,150 328,475 TECH PREF B2C 8.61 9 8.61 8.61 8.61 8.61 100 861 6.21 7 7 7 7 7 200 1,400 TECH PREF B2D TOP PREF A1 99.85 99.95 99.9 99.95 99.85 99.95 440 43,967 TOP PREF A2 100.4 100.5 100.6 100.6 100.5 100.5 1,880 188,977 -95,475

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

2.32 2.48 3.22 3.25 3.25 3.45 3.25 3.25 46,000 150,190

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7802 -4.52% 1.47% -4.46% N.A AGI WARRANT 1.05 -3.68% SM A L L, M ED I U M & EM E R G IN G A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. CTS GLOBAL 0.345 HAUS TALK 1.36 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED ITALPINAS 0.53 FUND, INC.) XURPAS 0.202 NEXGEN ENERGY 2.7 “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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

47 110.5 10.7 93.55 50 10.12 61.45 14.7 76.3 49.95 21 61.2 21.15 0.52 1.53 3.89 0.108 2,630 1.21 205 4,800 1.37

INDUSTRIAL

WARRANTS

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

October 5, 2026

1.1

1.05

1.06

1.05

5,000

5,270

-1,050

0.35 1.4 0.56 0.208 2.75

0.34 1.38 0.56 0.206 2.75

0.35 1.41 0.56 0.208 2.75

0.34 1.36 0.56 0.206 2.65

0.35 1.41 0.56 0.207 2.75

310,000 591,000 12,000 60,000 19,000

107,700 818,120 6,720 12,410 50,750

-45,500 -2,070 -5,300

EXHANGE TRADE FUNDS ATR FAMI ETF

97.5

97 97.5 97 97 8,610 835,667 9,750

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, October 6, 2026

Consumer confidence still fragile—analysts

By Andrea E. San Juan

ESPITE slightly improving in the third quarter, consumer confidence remains fragile in the Philippines as the metrics are still below levels prior to the outbreak of a war in the Middle East, a United Kingdom-based independent economic research and publishing company noted.

Why we spend the way we do (and how to still build wealth)

VERY payday tells a story. For some, it is a story of discipline: rent, groceries, insurance, savings; then whatever is left goes to the things we enjoy. For others, it is a story of relief: a chance to finally breathe, to reward a hard week, to give the family something they have been asking for. Neither story is wrong. But if we do not understand why we spend the way we do, we will keep wondering why our income grows while our wealth does not. 1. The motivations behind our spending. Money decisions are rarely just math. They are emotional, social, and sometimes even spiritual. A few patterns show up again and again among Filipino earners. There is spending for security, buying insurance, setting aside an emergency fund, or paying off debt early because uncertainty keeps us up at night. There is spending for status, choosing a brand, a gadget, or an experience because of what it signals to others. There is spending for relief, the well-earned treat after a stressful month that quietly becomes a habit. And there is spending for love, provision for children, gifts for parents, contributions to church or community, because we see money as a way to care for people we value. None of these motivations are inherently bad. The problem starts when we spend on autopilot, letting whichever motivation is loudest in the moment override the plan we actually want for our future. 2. Needs versus wants: the foundation we skip. We have all heard the needs-versus-wants lecture. Yet most of us still blur the line, usually because wants are dressed up to look like needs. A new phone becomes “necessary” because the old one is slow. A bigger house becomes “practical” because the family is growing, even when a more modest upgrade would do. Here is a simple test I use with clients: a need protects your ability to earn, to stay healthy, and to meet your obligations. A want improves your quality of life but does not threaten your stability if delayed. Housing, food, basic transportation, health coverage, and debt payments are needs. Vacations, the latest devices, dining out, and lifestyle upgrades are wants, however much we may feel entitled to them. Knowing the difference is not about guilt. It is about sequencing. Needs first, protection next, savings and investments after that, and only then, wants, funded by what is left rather than by what is convenient. 3. Consistent investing beats perfect timing. One of the most common reasons people delay investing is the belief that they need a large amount to start, or the perfect moment to enter the market. Neither is true. What matters more than timing or amount is consistency. Investing a modest, fixed sum every month, in good markets and bad, does two things. It builds the habit before it builds the portfolio,

Karlo Biglang-Awa

PERSONAL FINANCE and it takes advantage of market cycles instead of trying to predict them. Over years, this steady rhythm smooths out volatility and lets your money work continuously, rather than waiting for a “right time” that rarely announces itself. 4. Automate your savings. Set up an automatic transfer to your savings or investment account on payday, before the money has a chance to feel “spendable.” Whether it is a fixed peso amount or a percentage of your salary, automation removes the decision from your hands and protects your future self from your present-day fatigue. 5. Get adequate protection first. No investment strategy survives an unprotected household. A single hospitalization, accident, or loss of income can undo years of careful saving. This is why protection, through health coverage, life insurance, and an emergency fund, belongs at the base of any financial plan, not as an afterthought once investments are already growing. Protection is not the opposite of growth. It is what allows growth to continue uninterrupted, no matter what life brings.

Wealth building is slow, until it isn’t

HERE is what most people underestimate about compounding: it does not feel like anything for a long time. You save, you invest, you check your numbers, and for years the growth looks unremarkable. This is where most people quit, right before the curve begins to bend upward. Compounding does not work in a straight line. It works quietly for a long stretch, then accelerates once your invested capital reaches a certain scale, when the growth on your growth starts to outweigh what you are putting in yourself. That is the moment wealth building stops feeling theoretical and starts feeling real. The only way to reach that moment is to start small and stay consistent, long before you can see the results. That requires more than financial technique. It requires a purpose bigger than the discomfort of waiting, whether that purpose is your children’s future, your family’s security, or the freedom to give generously later in life. Anchor your saving and investing to that purpose, and the slow years become bearable, because you already know why you are doing this. Karlo Biglang-awa is a Registered Financial Planner of RFP Philippines. The views and opinions he expressed herein do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 117th RFP program this August 2026. E-mail info@rfp.ph or visit rfp. ph to learn more about the program.

Citing the “Consumer Expectations Survey” (CES) of the Bangko Sentral ng Pilipinas (BSP), Miguel Chanco, Chief Emerging Asia Economist at Pantheon Macroeconomics Ltd., began with the premise that the “huge initial shock” to consumer confidence caused by the outbreak of war in the Middle East “has partly reversed.” Still, Chanco said in a commentary last Monday, that sentiment and future consumption levels “still aren’t out of the woods, as the latest figures are still bleak when seen in context.” He was referring to the BSP survey data that showed the current, threemonth- and year-ahead consumer

confidence indices all rebounded in the third quarter to -29.8 percent, 0.8 percent and 9.1 percent, respectively, from -42 percent, -16.3 percent, and 0.2 percent. But Chanco said all these gauges “are still below their respective pre-war levels” adding that the 12-months ahead measure “is still down from its pandemic-era low.” Pantheon’s economists said they wouldn’t be surprised if confidence “falters yet again” this quarter, though not as dramatically as it did in the second quarter, as the thirdquarter rebound appears to have “run ahead of the likely easing in headline inflation.”

“Surveyed spending intentions for big-ticket items, both short-term and long, have yet to recover from the Covid damage, with the war in the Middle East setting back a lot of the slow progress made in recent years,” they added. Pantheon’s economists said they are still “comfortable” with their below-consensus forecasts of growth in gross domestic product at 2.8 percent and 4 percent for 2026 and 2027, respectively, with private consumption—what they dubbed as the economy’s “main engine”—likely to remain “restrained.” The negative-42 percent consumer confidence index (CI) seen in the

second quarter of 2026 was the lowest since the fourth quarter of 2020 when the CI was at -47.9 percent. According to the central bank, respondents of the BSP’s CES for the second quarter of the year were more pessimistic in the second quarter due to their concerns over higher fuel and food inflation as a result of the Middle East conflict and graft and corruption in the government. Filipino consumers also raised concern over insufficient government policies and programs to cushion the impact of rising prices. (See https://businessmirror.com. ph/2026/06/27/consumer-confidence-at-lowest-since-q4-2020/)

Merely boosting consumption won’t work—BSP chief

ATHER than merely boosting consumption, the Marcos administration should prioritize securing investments, Eli M. Remolona Jr., the governor of the central bank, has emphasized. “From an economist’s perspective, spending is spending — whether it’s investment, whether it’s consumption. It counts towards the [gross domestic product] GDP number,” Remolona said in a televised interview Sunday evening.. “In the long run, of course we want more investment than consumption because that’s what generates productivity.” He added that the country needs “a lot more investments because we

have a high potential for growth and we should take advantage of the potential.” Remolona also noted that the country can still grow out of debt because of fiscal space. However, he emphasized taking advantage of this space requires the “right kind of investment.” “We certainly need investment. But what we need is the right kind of investment; the investment that’s actually put into productive—infrastructure and digitalization, for example,” he explained. Remolona also stressed the need to increase the country’s savings rate, which can also help in boosting investments. “When we don’t save enough, we

finance our investment by borrowing abroad, which is risky.” He explained that when the country borrows abroad, “there are episodes of over-optimism; and they love lending to us.” However, at some point, “there’s bad news and then optimism turns into fear and suddenly they won’t lend to us,” Remolona said adding that such condition may cause a balance of payments (BOP) crisis. “We’re not into that [BOP crisis] yet. Thankfully we’re not there yet. We’re still in the optimism stage.” But, Remolona pointed out, that savings is not just for a country’s own investment: “Your savings could be lent to other investors that have good projects.”

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that foreign direct investments (FDI) net inflows fell to $3.38 billion in the January-to-June 2026 period, down 17.8 percent from the $4.12 billion in the first half of last year. “The decline was driven by the decreases in both foreign net investments in debt instruments, which indicated lower intercompany borrowings, and reinvestment of earnings,” the BSP said in a statement it issued last Thursday. (See https://businessmirror.com.ph/2026/09/11/ fdi-net-inf lows-down-17-8-tousd3-38b-in-h1/) Household spending accounts for roughly 70 percent of the Philippine economy. Andrea E. San Juan

Govt to tax funds flowing Investors sought higher through WESM operator returns on inflation bet

HE government will impose a 2-percent withholding tax on gross remittances made through the Independent Electricity Market Operator of the Philippines (Iemop), the non-stock and nonprofit organization operating the Wholesale Electricity Spot Market. The move is contained in Revenue Regulation (RR) 005-2026 recently issued by the Bureau of Internal Revenue (BIR). According to the issuance, the IEMOP shall be responsible for “deducting and withholding the applicable withholding tax on all gross remittances, which refer to the total amount payable to the generation firms and other market participants for the sale of electricity before any deductions.” The BIR also ordered the Iemop to remit the taxes by filing the required withholding tax returns through the Bureau’s electronic filing and payment system (eFPS). The Iemop must also submit the alphabetical list of payees—electricity generation companies and other WESM participants—electronically, in compliance with existing BIR regulations and prescribed deadlines.

The Iemop shall also be responsible in issuing a “Certificate of Tax Withheld at Source” (BIR Form 2307) to each electricity seller subject to withholding tax, on or before the twentieth day after the close of the taxable quarter or upon request of the payee, according to RR 005-2026. The BIR explained that Iemop, the independent market operator of the WESM, is the entity responsible for facilitating electricity trade in the Philippine electric power industry. Likewise, the Iemop is designated solely as a withholding agent and is not considered to have income arising from such remittances, the BIR pointed out. The WESM is the market platform where electricity transactions are conducted, including but not limited to the sale and purchase of electricity among generation companies, distribution utilities, and other market participants. Generation companies and market participants are entities that sell electricity through the WESM and receive gross remittances from IEMOP in settlement for such transactions, the revenue regulation explained. Andrea E. San Juan

LL short-term debt papers fetched higher yields with investors demanding higher returns as they anticipate faster inflation, Monday’s auction results showed. A statement issued by the Bureau of the Treasury (BTr) read that results were mixed during the sale of Treasury bills (T-bills) and cash management bills (CMBs), partially awarding bids for the 35-day CMBs and 91-day T-bills, while fully awarding bids for the 182-day and 364-day T-bills. The average 91-day T-bill yield went up by 13.2 basis points to 5.667 percent from 5.535 percent in the previous auction. The Treasury awarded rates ranging from 5.565 percent to 5.7 percent. The 182-day securities also fetched a higher average yield of 5.971 percent, up by 10.9 basis points from the previous auction’s 5.862 percent. Accepted rates were from 5.889 percent to 6.050 percent. The average yield of the 364-day debt papers rose by 9.9 basis points to 6.214 percent from 6.115 percent in the previous auction. Rates ranged from a low of 6.100 percent to as high as 6.250 percent. Meanwhile, the average yield on the 35-day CMB climbed to 5.229 percent, up 11.4 basis points from 5.115 percent in the previous auction. Rates were as low as 5.150 percent to as high as 5.248 percent.

According to the Treasury, the T-bill auction “attracted strong investor demand, with total tenders reaching P68.8 billion or 1.6 times the total amount offered.” The Treasury said it raised a total of P36.8 billion from the sale of short-term treasuries: P14.8 billion from the 91-day T-bill, P15 billion from the 182-day T-bill and P7 billion from the 364-day T-bill. Meanwhile, the 35-day CMB was capped at P8.9 billion. The auction was 1.1 times oversubscribed, attracting P10.7 billion in total tenders. With its decision, the BTr raised a total of P45.7 billion, comprising P36.8 billion from T-bills and P8.9 billion from the CMB. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said T-bill average auction yields are higher for the seventh straight week as markets anticipate local inflation data for the month of September to pick up from the 6.1 percent reading in August 2026, “as a source of new market leads.” Ricafort said the higher yields could also be attributed to the planned retail dollar bond (RDB) local float this month. The offer is expected to diversify the national government’s funding sources that, according to Ricafort, “could somewhat reduce the need for more domestic peso borrowings.” Andrea E. San Juan

PDIC: Reform agenda to boost deposit insurance system

HE Philippine Deposit Insurance Corp. (PDIC) announced of having convened a high-level government stakeholder consultative workshop to discuss key provisions of its proposed legislative initiatives to enable a more responsive, resilient and future-ready Philippine deposit insurance system. The state deposit insurer said in a statement that participants deliberated proposed reforms that would expand coverage, accelerate claims payments, strengthen asset recovery mechanisms, and enhance preparedness for systemic financial shocks. One of the most significant proposals discussed was the expansion of scope of deposit insurance beyond traditional banking institutions to include deposit products of non-bank financial institutions and cooperatives. The proposal seeks to strengthen financial consumer protection by extending the deposit insurance safety

net to small savers who place their funds with these institutions, recognizing their increasing role in promoting financial inclusion. “Drawing from the model of the UK Financial Services Compensation Scheme, the proposed PDIC legislative initiative aims to establish a fund of last resort [that] may be called upon to protect eligible depositors when an NBFI or cooperative is no longer able to meet its obligations,” the statement read. The proposed amendments also introduce differential deposit insurance coverage for deposits with recognized social value or economic impact such as payroll, pension, retirement, settlement and other similar accounts, and such other deposit accounts with temporary high balances from qualifying life events. The specific types of eligible accounts, coverage levels, and implementing rules will be determined by

the PDIC Board of Directors through appropriate regulations. The proposal is intended to provide greater protection for depositors whose account balances may temporarily exceed the standard insurance limit because of their nature or purpose. It also aims to minimize disruption to households, communities and payment systems in the event of bank closures and, ultimately, promote financial stability. At present, the deposit insurance system provides a uniform maximum deposit insurance coverage of P1 million per depositor, per bank, without distinction as to type of depositor or account. The proposed amendments authorize the PDIC Board of Directors to adopt differential insurance coverage for eligible accounts, allowing the deposit insurance system to respond more effectively to the varying needs and circumstances of depositors.

According to the PDIC, the proposed amendments to the its Charter are anchored on international best practices and draw from the experience of more advanced deposit insurance systems. The state deposit insurer cited South Korea’s deposit insurance system that extends coverage beyond banks to include insurance companies (life insurers and non-life insurers), investment traders and brokers, merchant banks and mutual savings banks. “Similarly, Japan’s deposit insurance system covers not only banks but also cooperative deposit-taking financial institutions such as Shinkin banks, credit cooperatives, and labor banks.” According to the PDIC, these international models “demonstrate that expanding the scope of deposit insurance can enhance depositor protection while supporting financial stability and confidence in the financial system.”

Tuesday, October 6, 2026 • Editor: Gerard S. Ramos

Art

BusinessMirror

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

TODAY’S HOROSCOPE

➊ THE

ceremonial toast for the opening of Between Layers of Stillness at Conrad Manila’s Gallery C, led by Akshat Sinha (from left), hotel manager of Conrad Manila; Mary Lou Hilado, art collector and guest of honor; Elizabeth Sy, president of SM Hotels and Conventions Corp.; Benjie Cabangis, featured artist; and Tina Colayco, president of the Metropolitan Museum of Manila and guest of honor.

➋ HORIZON

Within II, Benjie Cabangis, 2026 acrylic on canvas,

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jeremy Sisto, 52; Amy Jo Johnson, 56; Elisabeth Shue, 63; Britt Ekland, 84. HAPPY BIRTHDAY: Take a walk on the wild side and explore what life has to offer. Delve into activities and events that resonate with your temperament and infuse you with energy. Refuse to let anyone diminish your enthusiasm. Let your creative ideas flow and your curiosity help you piece together a plan that will encourage positive change. Walk away from negative influences. Your numbers are 4, 17, 20, 26, 32, 37, 49.

➊

ARIES (March 21-April 19): Set high goals, and push forward with enthusiasm. Clear up mixed messages by being concise regarding how you feel, what you are willing to do and how to improve situations that aren’t working well for you. Positive change comes with honesty and compromise. Be direct, find out where you stand and avoid arguments. ★★★★★

➋

Benjie Cabangis tunes out the noise

HERE’S a keen observation that today’s lifestyles mostly involve working for hours on medium-sized screens, ending the day by relaxing on large screens, and spending much time in between on small screens. A constant stream of information and stimulation, leaving no room for silence or reflection. Veteran abstractionist and educator Benjie Cabangis offer reprieve from the noise in his latest exhibition, titled Between Layers of Stillness. The show opened last week as the 43rd installation of Conrad Manila’s Of Art and Wine Series, running until November 28 at the hotel’s Gallery C. “We move quickly from one thing to another, all without giving ourselves time to simply stop and look. These paintings, they are my invitation to do

just that,” Cabangis said during the exhibit opening. “In a world filled with constant noise and visual stimulation, stillness has become something very, very precious.” Cabangis’ career spans more than four decades of artistic practice, education, and cultural engagement. In the academe, he served as chairman of the Department of Studio Arts and was conferred the title of Professor Emeritus at his alma mater, the University of the Philippines Diliman College of Fine Arts. As an artist, he was a recipient of the Cultural Center of the Philippines Thirteen Artists Award and has mounted more than 30 solo exhibitions. The artist’s brand of abstraction explores the expressive potential of texture, gesture, color, and layered surfaces, all informed by his knowledge of working with landscape, seas, skies, horizons, light, and atmosphere. Cabangis said his works are less depictions of particular places, and more a sense of spaces that allow viewers to experience the painting, rather than simply recognize an image. The idea itself manifests in his latest exhibit, wherein the artist’s compelling combination of colors and creative layering of textures feels quite disarming. Each one of the 22 paintings presents a rich collection of visual elements that almost demand inspection, contemplation even—that once the viewer

TAURUS (April 20-May 20): Rethink your plans, choose your words carefully and stick to the script. If you embellish situations, you’ll be labeled as difficult; if you back down, you’ll be vulnerable and weak. Use intelligence and be secretive until you are ready to reveal your plans. Your timing is critical, and what you stand to gain is worthwhile. ★★

gives in, tunes out everything else, bringing only stillness. In Between Layers III, a faint square outline in the middle peeks through a sunset haze of orange streaks, while holding within what appears to be a clear, blue sky. Could it be an image of a window, or perhaps the idea of it, at least, that grants access to a blocked view? Has silence become so few and far between these days that we only get to have glimpses of it? The concept is much clearer in Horizon Within II, where the grid is more pronounced, and the midnight tones get heavier at the center. Cabangis maintains that there was no particular incident that underscored to him the value of stillness. Rather, what moved him to call for pause was the compendium of the societal issues churned accurately or otherwise online—an “infoxication” of sorts— covering everything from political noise to economic concerns to environmental realities. “When you stand in front of [my works], I hope you don’t feel the need to immediately understand or identify what you are seeing. Instead, take your time, look at the layers, follow the changes in color and light, and notice what appears and disappears beneath the surface,” he said. “Try to simply spend a little time in the painting, because the exhibition, perhaps, is ultimately about finding quiet space within layers of everything that surrounds us.”

Likhang HABI Market Fair to showcase Benilde Fashion Museum Filipinianas Aureo Alonzo piña terno with floral callado embroidery. Worn by First Lady Luz Banzon Magsaysay, c. 1990s

A STANDOUT collection of Filipinianas by notable Filipino fashion designers will be a part of this year’s lineup for the Likhang HABI Market Fair at One Ayala in Makati City. The Benilde Fashion Museum (BFM) of the De La Salle-College of Saint Benilde (DLS-CSB) is set to present 11 pieces by celebrated Filipino fashion designers, including Pitoy Moreno, Ben Farrales, Aureo Alonzo and Auggie Cordero, who all made a mark in the 20th century. Inspired by the country’s rich heritage, they espoused traditional artisan craftsmanship and haute couture, thus demonstrating how Philippine indigenous and locally available fabrics are uniquely versatile. Each featured fashion artifact highlights the distinct beauty of local indigenous textiles, such as jusi and piña. “The collection is a rumination of how peoples and communities come together—designers, illustrators, weavers,

cutters, embroiderers, farmers, and many more—to create garments that mirror their interpretation of Philippine identity and culture,” BFM director Ar. Gerry Torres stated. “They exemplify the various ways in which to integrate and interpret the Filipino in their creative expressions,” he explained. “Their garments spotlight their design acumen and the craftsmanship of the community of artisans who realized their vision.” Torres emphasized that the display raises awareness on the importance of the preservation and celebration of our fashion heritage, and demonstrates that culture and craft applied to fashion still remain relevant today. “With public exhibits such as these, the museum hopes to encourage a wider audience to appreciate the history and effort behind these fashion artifacts,” he concluded.

In line with the event, BFM conservators Yvonne Tabanao and Marlyn Gutierrez will hold a lecture on Saturday, October 10, 2026, at 2 pm at the venue. The discussion will walk attendees through the history and advocacy of BFM, as well as provide an overview of the many collections under the custody of the museum. They will likewise impart key guidelines on conservation, from the physical examination and investigation, examination, and treatment plan, to the documentation and preventive preservation. The much-awaited annual event brings over 100 exhibitors who specialize in weaving techniques and fashionable applications. The Likhang HABI Market Fair runs from Friday to Sunday, October 9 to 11, 2026, at the Level 5 Space of One Ayala in Makati City. More information about BFM can be found at www.facebook.com/ benildefashionmuseum.

GEMINI (May 21-June 20): Embrace your dreams, hopes and wishes, and see what transpires. You’ll never know what’s possible if you don’t try. Meet any challenge you encounter with discipline and a plan. You’ll be surprised by the attention you draw from both positive and negative sources. Be unique and resourceful, and consider all possibilities before you commit. ★★★★

CANCER (June 21-July 22): Get active. Using your mental and physical attributes will help you get back in the game. It’s time to flex your muscles and strengthen any vulnerability you’ve allowed to seep into your life. Put health, finances and important paperwork first, and implement any updates or changes that are coming due. Put health and self-improvement projects on your to-do list. ★★★

LEO (July 23-Aug. 22): Disruptions will require attention. You can resolve a domestic dispute if you compromise. Don’t let ego get in the way or words put a wedge between you and what you are trying to achieve. Tame the rhetoric by toning down the sarcasm. Charm will far exceed arrogance. Learn as you go, and look for innovative solutions. ★★★

VIRGO (Aug. 23-Sept. 22): Pay attention to detail and proper protocol when dealing with institutions. A networking event can lead to professional and financial opportunities. How you present yourself visually will determine the outcome of a meeting, conversation or interview. Offering knowledgeable information and experience will help you excel. Personal and professional gains and growth are in the stars. ★★★

LIBRA (Sept. 23-Oct. 22): Discipline will pay off. Think about the possibilities, and implement ideas that help turn your vision into something concrete. Don’t expect everyone to agree with you or want to participate in your plan. Make decisions that put your mind at ease. You can’t help everyone, but you most certainly can help yourself. Avoid scams, waste and overspending. ★★★★

SCORPIO (Oct. 23-Nov. 21): Choose to get along. A little charm will help you bypass those looking for a debate. Protect your reputation and your relationships with associates. Put more thought into your beliefs, set boundaries and focus on personal growth. What you say and do will reflect how others judge you. Be a good listener, and choose to protect your privacy. ★★

SAGITTARIUS (Nov. 22-Dec. 21): You’re sitting in a better position than you realize. Open your eyes and ears, and what you discover will help protect you against scammers and those who try to take advantage of you. Ask questions and offer solutions, but be hesitant to offer cash or to take on someone else’s responsibilities or mistakes. Concentrate on your pursuits and triumphs. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Having a laid-back attitude will help you get things done without interference. Be aware of misdirection and bad information. Verify everything you hear before passing it along. Work on yourself and your reputation, and take care of your responsibilities. Don’t get involved in a debate or waste your time on those trying to bring you down. ★★★

AQUARIUS (Jan. 20-Feb. 18): Channel your energy wisely. Discipline and patience are necessary. If you let what others do or say bother you, ego and emotions will bring drama, leaving you in an awkward position. Protect yourself from insult, injury and illness by avoiding volatile situations. Put your energy into your livelihood, educational pursuits and how you handle your cash. ★★★

PISCES (Feb. 19-March 20): Matters concerning investments, health and contracts are best dealt with swiftly. Refuse to let inexperience cost you. Go to the experts, institutions and agencies that can provide you with the facts and point you in a comforting direction. Relying on unreliable sources will lead to mistakes. Educate yourself, and take the path that offers relief. Put yourself first. ★★★ BIRTHDAY BABY: You are persistent, innovative and flexible. You are enthusiastic and proficient.

‘fall 2026 themeless week’ BY ABHUPUNN INGPALANGSRIKUL The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson

ACROSS 1 Muscular jerk 6 Spell-casting class in Terraria or Hearthstone 10 Waiter’s handout 14 More vanilla 15 Where most people are from 16 And others: Abbr. 17 Boo-boos 18 Hip after being square 20 Some Adobe files 21 Repair 22 What push might come to 23 “Aaron Burr, ___” (“Hamilton” no.) 24 One desperate for relevance, slangily 27 Dorm lounge, e.g. 29 Ancient Incan capital 30 Board game that the detective Benoit Blanc detests, ironically 31 Obsessive fan 35 Primp like a bird 36 ___ feed 37 Country containing three world capitals

38 Tear apart 39 Unable to look away 40 Like some Japanese watermelons 41 Tree part, flavors the tea solip-cha 43 Homey aesthetic deconstructed in “Midsommar” 47 Tolkien tree creature 49 Do better than 50 (More info soon!) 51 Natural hairstyle 52 Ace ace 55 Make like a starfish 56 Relieve 57 Like a rock concert 58 Writer’s tone 59 Snow day ride 60 “Ratatouille” rat 61 Hiked, as prices DOWN 1 Halts 2 Nail treatment at a pet spa 3 “Is my vid ... nection ... ing through?” 4 Envisions 5 ___ Claus 6 “Psycho” decoy protagonist

7 People in a queerplatonic relationship might lie on it 8 “Skedaddle!” 9 Word with “wig,” “wax” or “worm” 10 Anime genre for “Neon Genesis Evangelion” 11 Cultural values 12 Innocent and trusting 13 Canker sore, e.g. 19 Org. concerned with NSFW stuff? 21 “Aunt” who visits monthly 24 “Pleaseeeee” 25 “Keep your cards close to your chest!” 26 Olfactory center? 28 Hosted, briefly 29 Lifesaving procedure 31 Beefcake 32 Turnover at a cafe? 33 The Eridians from “Project Hail Mary,” e.g. 34 30 Rock locale 37 Chilly drink brand 39 Gaming setup 41 “Ay, ___!” (Spanish for “Oh, daddy!”)

42 Notable stretch 43 Pigeon shelters 44 NBA legend Shaquille 45 Unable to relax 46 “Stay ___!” 48 Messed (with) 51 Per item 53 Shutterbug’s letters 54 “The Pit and the Pendulum” writer 55 “Law & Order” spinoff, familiarly Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Tuesday, October 6, 2026

There’s no easy way to break Yasser Marta’s heart

HEART giving good face for New York Fashion Week Spring/ Summer 2027

HEART EVANGELISTA RANKS NO. 1 IN NEW YORK FASHION WEEK CELEBRITY VOICES

FROM one fashion week to another, Heart Evangelista brought her signature prestige to every fashion capital, recently figuring in New York Fashion Week. Heart once again claimed the No. 1 spot in Top Celebrity Voices during NYFW Spring/Summer 2027, reaffirming her place in the global style conversation. According to fashion analytics firm Launchmetrics, Heart brought in $7.6 million worth of Media Impact Value (MIV). MIV is an industrystandard metric that calculates the value of a brand or public figure’s reach across digital channels. Joining her on the list of influential names in Top Celebrity Voices are American personality Paris Hilton and South Korean actor Jung Hae In. On her social media accounts, Heart generously shared her journey to New York with her fans and followers—highlighting her time with longtime friends, her jewelry designs, fittings, the shows she attended, and all the little things in between. Coming straight from New York, Heart also graced Milan Fashion Week with her high-fashion, chic and sexy outfits that got the thumbs-up from netizens. Speaking of global reach, Heart was seen with various international stars, such as K-pop idols Taemin of SHINee and Yunho of Ateez, sharing interactions that can only happen at events like these. Amid her international engagements, Heart also continues to appear on the original GMA Network game show The People Have Spoken.

FTER a recent TV guesting where he openly broke down after he was asked about the state of his much publicized romantic relationship with a sexy actress, Sparkle artist and GMA resident actor Yasser Marta has let his poor heart open to more scrutiny. Marta and I had a brief conversation before he showed up for that guesting. I sensed that he was not in a good state, and he wasn’t sure if he really wanted to push through with the guesting, knowing that he was at a very susceptible and confused time in his life. “It is affecting me so much—especially because what I felt and what I was giving was so honest and pure. Now I’m a mess. The feeling is getting to be so heavy, the pain so overwhelming,” he admitted. Losing a romantic bond can certainly throw both the mind and body off balance. It certainly did that to Marta, a breakup that threw him off into a defenseless abyss because of certain circumstances —and characters—beyond his control and liking. At this point, Marta has realized that the end of a romantic relationship, especially this heartbreak he is going through, can be one of his most challenging experiences, affecting his overall mental health, daily functioning, and overall well-being. “If only I could go through the details one by one. But truth be told, I cannot at this time, because the reasons are not as simple and common as normal breakups. There are realities that are too deep and too complicated to even comprehend and discuss, that’s why the pain is oftentimes difficult to face head-on. After some realizations, you don’t feel the same way about people anymore, no matter who they are,” he pointed out. Part of processing what happened and why things happened that led to the breakup lies in acknowledging his truth and recognizing his emotions. At this time, Marta admits that

describing his feelings is too difficult to articulate and the emotional turmoil that he is going through encompasses a broad spectrum of feelings that range from deep sadness and intense anger to pervasive confusion. “There are times when I just want to be alone and search for answers, and there are days when I just want to keep myself so busy so I can shift my focus from the sadness that is consuming me to a more positive one. Maybe it’s also good timing that work has started for the new GMA TV series that I am part of, Delivery Boi, so my mind doesn’t have to dwell on the many questions that have no clear answers at this time—the whys, the how comes, the what ifs,” he explained. Dealing with the hurt after a breakup is indeed crucial for personal healing and growth. Even before Marta realizes that he is in that early phase of picking up the pieces after a painful heartbreak, he is already helping himself by wading through a whole mix of feelings, thoughts and even social shifts, acknowledging every emotion that he feels because

that is the reality he has to face. More often than not, simply speaking about what’s on his mind can already erase that heavy load. Finding a trusted friend or ally to chat with provides some sort of private haven where he can untangle those gnarly emotions—especially when the factors that led to the breakup has left him reeling with confusion, disappointment and hurt, which sometimes leads to unbearable pain just by thinking about what happened. The act of letting go is never easy. Closure facilitates a sense of finality, and Marta knows that it will allow him to process the loss of a person he loved so dearly, and initiate the healing process for his poor, broken heart. He is aware that it will be a huge step he needs in order to move forward, one that encourages introspection—which eventually will help him confront his emotions and understand the lessons he must learn in order to rise above this awful situation. For now, it might look like there is no easy way to break Yasser Marta’s heart. But in time, love heals— especially when he starts to love himself more.

On cusp of merger, ‘Digger’ bombs for Warner Bros., ‘Verity’ takes No. 1 at box office

BY JAKE COYLE The Associated Press NEW YORK—On the cusp of the studio’s merger with Paramount, Warner Bros.’ Digger flopped in its opening weekend, handing Tom Cruise one of the worst debuts of his career and serving as a bitter final note for Warner Bros. as a standalone studio. No. 1 in North American theaters instead went to Amazon MGM’s Verity, extending the streak for Colleen Hoover adaptations at the box office. It debuted with $32.6 million. The film, directed by Michael Showalter, stars Dakota Johnson as a writer hired to ghostwrite a book series by an incapacitated author (Anne Hathaway).

But all eyes were on how Digger, one of the year’s biggest gambles, would perform. Alejandro G. Iñárritu’s critically panned satire grossed a paltry $8 million domestically. Cruise is typically a big draw overseas, but international sales, $12 million from 74 markets, were also weak. After reviews so bad that Warner Bros. opted to run “decide for yourself” ads, estimates for Digger had been revised down over the past week. It’s a painfully rough start for a movie that cost at least $125 million to make. Reports have pegged the production budget closer to $150 million. The marketing spend is estimated at another $100 million. Digger had been positioned as a potential awards-season heavyweight, dated almost exactly the same as Warner Bros.’ One Battle After Another was last year. Digger is a similarly politically charged release that handed a large budget to a top filmmaker working from an original story. But this big swing by Warner Bros. Motion Picture Group co-chairmans Michael De Luca and Pam Abdy won’t pay off as well as One Battle After Another. It grossed $213.2 million worldwide and, more importantly, won best picture at the Academy Awards.

‘DIGGER’ FLOPS AT A MOMENT OF HOLLYWOOD TRANSFORMATION

THE disappointing opening comes just as Paramount Skydance is closing its acquisition of Warner Bros. Discovery. After US District Judge Araceli Martínez-Olguín on

Wednesday approved the $110 billion deal, Paramount said it would close the merger on Tuesday. In a flush year for Hollywood, Warner Bros. has failed to get one film to $100 million domestically, though its December release, Dune: Part III, will easily cross that. De Luca and Abdy are expected to depart Warner Bros. this week. Mass layoffs are anticipated to follow. “Digger collapsed this weekend and the new management of the combined Paramount and Warner Bros., David Ellison and Josh Greenstein and Dana Goldberg, will soon decide what kind of movies they want from WB,” wrote David A. Gross, a film consultant who publishes a newsletter on box office figures. “Paramount does not have a recent history of making big, auteur-driven films like this—that strategy appears to be over and out.” Critics (51 percent fresh on Rotten Tomatoes) slammed Digger as a strained climate change farce, though Cruise’s over-the-top performance was received more warmly. Audiences agreed, giving it a “C+” CinemaScore. Cruise has spent most of the last decade starring in Mission: Impossible movies and Top Gun: Maverick, both franchises that have allowed him to remain a top action hero into his 60s. The 64-year-old’s last major box-office disappointment was 2017’s The Mummy, which grossed $409.2 million worldwide on a $195 million budget. To help sell Digger, Cruise pulled out all the stops. He even

granted his first lengthy magazine interview in years.

‘AVENGERS: ENDGAME’ RETAKES ALL-TIME CROWN

LAST weekend’s top film, Avengers Endgame: Encore, slid to seventh place with $4.4 million domestically and $14.4 million overseas. But the Marvel re-release’s second week allowed Endgame to just nudge ahead of Avatar to reclaim the title of highest grossing film ever, not accounting for inflation. The two films have traded spots in recent years with re-releases. Endgame now tallies $2.9255 billion, while Avatar has $2.9237 billion. The rest of the top-sellers in cinemas over the weekend were holdovers: Zach Cregger’s video game adaptation Resident Evil for Sony Pictures; Lance Oppenheim’s A24 drama Primetime, with Robert Pattinson as To Catch a Predator host Chris Hansen; and Paramount’s Heart of the Beast, starring Brad Pitt as a retired veteran who treks through the Alaskan wilderness with his combat dog after a plane crash. In its third week, Resident Evil came in second with $12.5 million. Heart of the Beast followed with $11 million. And Primetime collected $8 million in its second weekend.

Lea Salonga plays title role in TGA’S ‘Ang Tahanan ni Bernarda Alba’ THE Tony Award-winning actress and Hollywood Walk of Fame star makes a powerful dramatic transformation in TGA’s highly anticipated Philippine staging of Ang Tahanan ni Bernard Alba. Last seen with TGA as The Witch in the sold-out run of Into the Woods, this season Lea Salonga steps into one of theater’s most complex and commanding roles as she inhabits the play’s titular character. Following an extraordinary career that has taken her from Manila to Broadway and beyond, the multiple award-winning actress, singer and producer now turns her formidable dramatic talents toward this headstrong matriarch, a woman whose determination to protect her family ultimately becomes the very force that threatens to destroy it. This poetic drama by Federico

García Lorca, one of the 20th century’s greatest dramatists, permeates this tragic masterpiece of matriarchal despotism and is adapted by celebrated director-playwright Chay Yew and translated into Filipino by Guelan Valera Luarca. For Salonga, whose career has been defined by some of musical theater’s most demanding roles, Bernarda marks a striking new chapter. Best known internationally for her Tony Awardwinning performance in Miss Saigon, Salonga has also received the Olivier, Drama Desk, Outer Critics Circle, and Theatre World Awards. She became the first Asian actress to play Eponine on Broadway in Les Misérables and later returned to the musical as Fantine in its 2006 revival. Ang Tahanan ni Bernarda Alba presents audiences with a Lea Salonga they have never

seen before. Salonga says, “To be perfectly honest, I hadn’t encountered this play before, which may work in my favor as I have no preconceived notions or strong opinions. After reading both Chay’s English translation and then Guelan’s translation into Pilipino, despite the literal terror I feel in my soul, this is an absolutely important work to tackle. It fits our culture and is timely given the state of current events in the world.” The “terror” Salonga speaks of emanates from two fronts: First, the striking difference in her parenting style compared to that of Bernarda’s, and, second, because the play will be entirely in Filipino. The iconic performer shares, “Bernarda is a mother who rules the roost and raises her children not with love but fear. This

kind of parenting still exists, whether for cultural or familial reasons, and getting under the skin of such a mother may give me some empathy for her as well as plenty of sympathy for her children. Figuring out what her backstory is will be fascinating, and what her motivations are for ruling her home with an iron fist. Her rule is law for every person living under her roof, and that house is not a happy place. How does anyone reach that point? It’s definitely going to be, dare I say, fun playing detective and piecing all that out.” With Lea Salonga at its center, Ang Tahanan ni Bernarda Alba promises not merely a performance, but a confrontation and examination of our own Filipino family dynamics and values. More information can be found at www. theatregroupasia.com.

LEA SALONGA

Tuesday, October 6, 2026

Converge SME, DTI, TikTok Shop bring SellerPlus to online entrepreneurs

onverge ICT Solutions Inc., the Department of Trade and Industry (DTI), and TikTok Shop have officially launched SellerPlus, a tripartite initiative designed to empower Filipino micro, small, and medium enterprises (MSMEs), online sellers, livestreamers, and home-based entrepreneurs. Co-hosted by Converge and DTI at the DTI Filinvest Building in Makati City, the program equips digital merchants with high-speed connectivity, e-commerce scale-up tools, and personal security to help them succeed in discovery commerce. The SellerPlus Bundle directly addresses day-to-day operational hurdles faced by content creators and live sellers by bringing together reliable connectivity, e-commerce growth tools, and personal protection. Powered by Converge’s reliable 200Mbps Fiber Internet, the bundle ensures sellers can stream live without buffering. In addition, it provides exclusive TikTok Shop Benefits, including: 0 percent commission for 90 days for newly onboarded sellers; Seller diligence missions where merchants can earn vouchers and incentives; Dedicated customer service support; and Traffic and voucher support through the monthly Sariling Atin campaign which encourages Filipinos to shop for local brands and products. To safeguard entrepreneurs as they expand into fast-paced digital operations, the bundle also incorporates Personal Accident Insurance from AXA. Highlighting the practical impact of the

offering, Converge SME Group VP and Head of SME Marketing Angela Gutierrez shared, “The Seller Plus bundle serves as practical execution channels for the AI and ScaleUp Center. SellerPlus equips online sellers, livestreamers, and home-based businesses with high-speed connectivity, growth tools via TikTok Shop and Personal Accident Insurance via AXA.” She added that the bundle resolves daily operational bottlenecks by pairing high-speed internet with TikTok Shop solutions, allowing live sellers and content creators to stream without buffering, grow their audience, and directly convert views into transactions. The program prioritizes traditional sectors such as food, fashion, and apparel that require digital elevation to adapt to modern e-commerce trends. SellerPlus serves as a primary execution channel for the country’s first DTI Bagong Pilipinas AI and Scale-Up Center, located at the DTI head office in Makati. Converge provides the core digital backbone for the center’s physical and virtual facilities, enabling real-time live demonstrations of business AI platforms such as dynamic content generators, customer service bots, and inventory software. The center features free co-working stations, meeting pods, pitching areas, accelerator training rooms, and hands-on digital skills workshops

aimed at lowering operational costs for local businesses. Explaining Converge’s role in powering the hub, Converge Senior Vice President and Head of the SME Group Dindo Marzan said, “Converge’s high-speed, low-latency connectivity serves as the core digital backbone for the DTI AI Scale-Up Center’s physical and virtual operations. High bandwidth ensures smooth, real-time live demonstrations of AI platforms—such as dynamic content generators, customer service bots, and inventory software— ensuring training programs run without network disruptions.” He also emphasized the value of nationwide collaboration across public and private sectors and added, “Converge sees this collaborative effort—combining government leadership, major video and commerce platforms, personal coverage, key industry experts, and creators—as a vital growth engine. By bundling reliable fiber connectivity with commercial tools, personal insurance, and expert mentorship inside BizFriend PH, the initiative reduces barriers to entry and accelerates e-commerce adoption across the country.” To complement the connectivity and e-commerce tools, the initiative integrates the BizPro Rockstar Mentorship Program. Featured within the BizFriend PH Community, a dedicated Facebook group where local merchants interact, share real-world learnings, and collaborate, entrepreneurs receive direct, actionable guidance across critical business disciplines. The program connects merchants with an elite panel of industry experts known as the BizPro Rockstars namely Atty. Anselmo (Expert in Partnership Law); Dindo Marzan (Expert in Product and Digital Marketing); George Aurelio (Expert in Tax Compliance); James Deakin (Expert in Business Communication) and Mommy Negosyo (Expert in Business Growth). Through SellerPlus which is powered by a combined ecosystem of a reliable fiber internet, TikTok Shop commercial tools, personal insurance, and expert mentorship, Converge SME, DTI, and TikTok Shop are strengthening the foundation of Filipino online entrepreneurship.

Taptap Send honors overseas Filipinos with heartfelt campaign and a chance to fly home for Christmas

OR millions of Filipino families, Christmas is the most sacred and highly anticipated holiday of the year. Yet, behind the festive lights and early holiday carols lies a sobering reality: seasonal data reveals that only about five percent of Overseas Filipinos are actually able to fly home to the Philippines for the holidays. Addressing this reality head-on, Taptap Send, a fast and zero-transfer fee remittance app that allows Filipinos living in the United States, United Kingdom, Canada, Europe, Australia, United Arab Emirates and Bahrain, to transfer money directly to the Philippines, is stepping up to help families reunite. While the homeland celebrates the longest Christmas season in the world, the final quarter of the year represents the most demanding work period for global Pinoys. Driven by skyrocketing holiday airfares, grueling Q4 workplace targets, and rising family expenses back home, the vast majority of overseas workers choose to stay behind, making a silent sacrifice for their families. It is during this very season that global remittance transfers reach their absolute peak, serving as a physical manifestation of long-distance love. Recognizing these quiet struggles, digital remittance trailblazer Taptap Send has partnered with GoTyme Bank and Cebu Pacific to launch its highly anticipated “It’s Tyme to Come Home” Christmas campaign. As a centerpiece of the campaign, Taptap Send is rolling out an emotional four-part short film series that chronicles the relatable journey of an overseas professional navigating the bittersweet tension of the holiday season. From scratching out “Flight Ticket” on her budget notebook month over month, to managing the isolation of watching coworkers plan their homecomings, the series captures the real-world choices most Filipinos working abroad make every single day. This campaign carries a deep layer of authenticity as it was conceptualized and produced entirely by an all-Filipino creative team of Overseas Filipinos who poured their own firsthand personal experiences, heartaches, and triumphs of living away from home into every frame of the project.

A legacy that continues as Baliuag University celebrates its 25 years as a tertiary institution

Christmas Starts Here at Robinsons Department Store: Shop decorations now with great prices, festive experiences

HRISTMAS is way too much fun to squeeze into December. With traffic and crowded stores still comfortably in the distance, there’s time to wander, imagine how the house might look, and choose decorations and gifts because they genuinely bring joy. In true Filipino fashion, we start celebrating Christmas as soon as September comes around to bring the warmth and sparkle of the holiday season into our lives. Whether you’re looking for festive decor for your home or want to start gift shopping, Christmas Starts Here at Robinsons Department Store. Running until December, this seasonal showcase turns every Robinsons Department Store into a vibrant holiday wonderland packed with stylish and affordable festive finds. Check out the e-catalogue at https://heyzine.com/flip-book/b81cd167f3.html. Nothing sets the holiday mood quite like setting up the

Christmas tree and bringing out the festive lights. This season, Robinsons Department Store offers an array of Christmas décor designed to fit every theme. If you want a traditional holiday vibe, Yuletide Classics and Pines and Berries offers timeless pieces in green and red motifs, ranging from tree baubles and wreaths to an eye-catching Christmas Village centerpiece and Nutcracker figurine. Golden Opulence brings elegance to any home with its white and gold pieces, while Holiday Jewels makes a regal statement with its jewel-toned collection. For something more playful, Whimsical Pastels’ candy-inspired color palette brings more magic to your home. No matter the theme, Robinsons Department Store’s wide range of home decor makes the anticipation for Christmas feel like an early celebration. As early as now, you can host festive gatherings with your cozy, beautifully decorated space as the backdrop. Finding thoughtful presents doesn’t have to be overwhelming. Robinsons Department Store makes gift shopping seamless with curated seasonal must-haves for all ages. From local fashion finds and beauty sets to home and kitchenware, there’s something for all the important people in your life. Make holiday shopping even more memorable at Robinsons Department Store’s Christmas Craft House at select branches. Shoppers will get the chance to DIY holiday decor and other handicraft projects. It’s the perfect weekend activity for families, kids, and DIY enthusiasts looking to add a personal, handmade touch to their Christmas celebrations. To join, you just need to present a single-receipt purchase from Robinsons Department Store.

“Our partnership with GoTyme Bank makes it even easier for overseas Filipinos to send money home through one of the fastest-growing and most trusted digital banks in the Philippines. This collaboration is especially meaningful as a way to give back to our Overseas Filipinos and their beneficiaries this season,” said Faye Sta. Ana-Corpuz, Head of the Philippines & Regional Growth Manager for Southeast Asia at Taptap Send. To help reunite families, the homecoming promo runs until November 30, 2026. Users qualify by sending at least P5,000 (or foreign equivalent) via Taptap Send to a GoTyme Bank account. Entries are unlimited, with grand prizes including two round-trip economy flights to the Philippines, transfers from the airport to their hometown, a family salusalo, and P20,000 cash. Taptap Send will announce the winners around the 2nd week of December, just in time for Christmas homecoming. Full terms and conditions can be found at https://me-l.co/jzf3fk1k The Taptap Send app is available for download on the Google Play Store and Apple App Store, offering secure, fast, and zerotransfer fee* remittances to GoTyme Bank accounts and other major networks in the Philippines. TapTap Send Payments Co., licensed as a Money Transmitter by the Banking Department of the State of New York. NMLS ID: 2108069; T T S Financial Services Middle East L.L.C, incorporated in Dubai, United Arab Emirates, commercial license number 1601866, registered office at Office No. 1.03, Dubai World Trade Centre Commercial LLC, Trade Centre 2, Dubai, United Arab Emirates. It is licensed and regulated by the UAE Central Bank to offer stored value facilities, exchange business and retail payment service; Taptap Send Australia Pty Ltd (ABN 21 675 932 386) Australian Financial Services Licence No. 559468, and Taptap Send Bahrain B.S.C is authorized and regulated by the Central Bank of Bahrain (CBB) as a payment service provider. Address: Office 2944, Level 29, United Tower, Building 316, Road 4609, Block 346, Manama, Water Bay, Kingdom of Bahrain.

OME stories begin long before we realize where they are headed. The story of Baliuag University is one of them. In 2026, Baliuag University marks its 101st year of existence and 25th year as a university, a milestone that celebrates not only how far it has come, but also the values that have carried it through the years. For more than a century, the institution has remained committed to a simple but meaningful belief: quality education should be accessible to ordinary Filipino families. That belief was embodied by the late Dr. Alicia Santiago Bustos, a 1947 high school alumna of Holy Ghost College, whose commitment to education helped shape a legacy of service and opportunity. Today, that legacy continues through Dr. Patricia Bustos Lagunda, a College of the Holy Spirit High School Class of 1977 alumna and President of Baliuag University. She is joined in this family legacy by her sisters, Atty. Susan Bustos Jacinto, Monina Bustos Santos, and Dr. Ma. Alicia Bustos Orosa, also Holy Spirit alumnae. But beyond family ties, there is a deeper connection—

the continuity of an educational philosophy rooted in formation, service, and responsibility. The Holy Spirit tradition of Truth in Love has remained part of Patricia’s own formation. It is a value that calls for truth, excellence, and using one’s gifts in the service of others. This spirit continues to find expression in the university’s direction today. Under the thrust “Elevating Excellence and Expanding Impact,” Baliuag University continues to strengthen its academic programs through local accreditation and international quality assurance initiatives, including engagement with the ASEAN University Network–Quality Assurance (AUN-QA). It is likewise aligning its institutional priorities with the United Nations Sustainable Development Goals, recognizing the university’s responsibility to contribute beyond the campus. Equally important is the university’s commitment to its students. Strengthening student services, welfare, and wellbeing, expanding community engagement, and introducing the Juris Doctor or Law program are part of its continuing effort to create opportunities that prepare students not only for careers, but for meaningful lives of service. For Patricia, the journey from Holy Spirit High School to university president brings together her own formation and her responsibility to lead an institution that has touched generations of lives. Values learned in school do not always announce themselves. Sometimes, they simply become part of how a person leads, serves, and makes a difference. Perhaps that is how Truth in Love travels from one generation to another. From Dr. Alicia Santiago Bustos, Holy Ghost College ’47, to Patricia Bustos Lagunda, Holy Spirit High School ’77, the legacy continues not simply as a memory of the past, but as a commitment to the future. As Baliuag University celebrates 25 years as a university and 101 years of service, its story is still being written. A legacy carried forward. A university moving forward. An education that continues to make a difference.

SM Megamall unveils country’s first PAW Patrol themed pet park for the ultimate fur-kada playground

UDDY pavements, shortened walks, a dog eyeing the door with nowhere to go. The rainy season can turn pet parenthood into a full-time indoor gig. But fret no more, because your most loved mall, SM Megamall has launched its remodeled Paw Park at Level 5, Mega Fashion Hall: a rain-proof playground designed specifically for pets to frolic and mingle freely with their fellow fur friends. The revamp marks the Philippines’ first PAW Patrol-themed pet park, launched alongside the local premiere of PAW Patrol: The Dino Movie – making it the perfect time to bring the whole family, fur babies included. In the film, the pups

find themselves stranded on an uncharted island teeming with dinosaurs, where they must team up with a new friend to stop the mischievous Mayor Humdinger from putting the island’s creatures at risk of extinction. It’s this same spirit of adventure and teamwork that inspired the Paw Park’s new look. To mark the occasion, pet owners and their furry besties were treated to a Meet & Greet with the PAW Patrol pups during the launch day on August 29, 2026. The Paw Park is free for use, and interested fur parents simply need to sign up for the Super Pets Club (registration at https://www.smsuperpetsclub. com/) to unlock access to the space. Once inside,

pets can romp through play equipment such as tunnels, mazes, and stairs, getting all the physical exercise, mental stimulation, and socialization they need to thrive. Beyond the festivities, the Paw Park stands as a year-round space for pet owners to enjoy with their fur babies. It is a lasting addition to the SM Megamall experience, designed with every member of the family in mind. Because “My SM” isn’t just for people anymore. It’s built to provide a maxed out experience for the entire pack, and that includes our furry companions. Check @smmegamall for updates on upcoming events at your most loved supermall.

The revamped Paw Park is now open at Level 5, Mega Fashion Hall

World Features BusinessMirror

Tuesday, October 6, 2026

A reckoning on social media addiction came late for many kids. Will AI safety be different? By Kaitlyn Huamani & Barbara Ortutay

The Associated Press

EARS after the risks of social media for kids first became apparent, US states this summer reached an accord hailed as a turning point for child safety. Meanwhile, a new generation of children has begun engaging with an even more potent technology: artificial intelligence (AI). While the efforts to make social media safer are still taking shape, they offer some lessons for those looking to protect children using AI—technology that is growing so quickly, the extent of its risks for young people and their development is just emerging. When Meta agreed to changes to its social media platforms and enhanced safeguards in an $18 billion settlement, it made progress by “getting at what we’ve known for years” about the dangers, said Kristin Bride, a parent advocate who has fought for social media reform since the death of her teenage son. “How are we going to get at what we don’t know is coming?” AI companies have begun rolling out some safety features introduced first by social media companies, including age assurance measures and restricted experiences for minors. But advocates say the most important takeaway from the efforts of parents, tech companies and regulators to find a way forward on social media safety may be to act sooner on mitigating

AI’s harms for kids. “The greatest legacy from the social media ex periment and learnings is that hopefully we’re not going to sleepwalk into this next tech revolution,” said Dr. Dana Suskind, a professor of surgery and pediatrics at the University of Chicago, and author of “Human Raised.” “We learned that we had it all backwards, right? You don’t unleash something on a population, figure out if it does harm or not in real time, and then go back and say, ‘Oops.’”

Some solutions overlap

CONCERNS around social media have centered on the amount of time kids spend on platforms l i k e I n s t a g r a m a nd T i k Tok , and the consequences for their mental health. Advocates also have focused on data privacy and kids’ vulnerability to cyberbullying or predators who find them online. Artificial intelligence can be more pervasive for kids. Children not only see AI-generated content

UK’s job slump longer than during financial crisis–PMI

RITAIN’S jobs market is stuck in its longest downturn since the early 2000s, according to a closely-watched survey, surpassing the decline during the financial

crisis. S&P Global’s UK purchasing managers’ index (PMI) said employers cut back on staff for a 24th consecutive month. The figures will be a concern for Andy Burnham’s government ahead of the budget later this month with the intensifying energy shock and artificial intelligence threatening to dampen demand for workers. Employers have been shedding staff since the Labour government raised payroll taxes and the minimum wage shortly after returning to power in 2024. There were some signs of the slump bottoming out, however, as job cuts in the services sector were the smallest in almost a year. Furthermore, Britain’s official unemployment rate remains much lower than during the period after the GFC. Britain’s labor market has been soft despite the wider economy smashing expectations during a resilient first half of the year. S&P’s survey suggested that the private sector is largely holding up against the energy shock for now, with demand boosted by stronger consumer spending and technology services amid a rush to harness AI. The composite PMI eased to 52 in September from 52.5 the previous month, remaining above the 50 threshold separating growth from contraction. It was slightly better than the 51.7 reading in the flash estimate. Still, the outlook has darkened since a resurgence in energy prices last month that has prompted traders to ramp up bets on the Bank of England raising interest rates several times to stop inflationary pressures spreading across the economy. “Subdued demand conditions and rising inflationary pressures contributed to weaker business activity expectations for the year ahead,” said Tim Moore, economics director at S&P Global Market Intelligence. “Greater-thanexpected business requirements seem to have helped to stem the jobs downturn in recent months.” The survey pointed to price pressures growing. Firms’ cost burdens and the prices they charge customers both rose at the quickest pace since June.

CHATGPT history by a teenager is seen at a coffee shop in Russellville, Arkansas, on July 15, 2025. AP/KATIE ADKINS

Balancing benefits with dangers

THE protections outlined in the Meta settlement cannot easily be applied to AI because of the differences in the way young people interact with AI versus social media, experts said. One of the challenges of restricting AI for minors is that it’s “much easier to point to the upsides” for teens compared with social media, said Sarah Kreps, a professor and director of Cornell University’s Tech Policy Institute. While there are concerns about cheating, for instance, kids are also using AI for tutoring and legitimate homework help. “It’s not a matter of just saying ‘let’s limit this to two hours’ or ‘let’s limit this between the hours of 10 at night and 6 in the morning’ because there are these salutary uses of AI that I think are harder to justify in the context of social media,” Kreps said. A majority of US teens—64 percent—say they have used AI chatbots, according to the Pew Research Center. Looking up information and

getting help with schoolwork tops the list of uses, though 47 percent say they’ve used chatbots for fun and 42 percent have used it to summarize an article, book or video. About 12 percent have turned to bots for emotional support or advice. Jonathan Haidt, a social psychologist and author of “The Anxious Generation,” said he is most worried about the relationships and attachments young people can build with chatbots and the “cognitive offloading” that happens when people defer their thought processes to a chatbot. “I have long thought that AI is a much bigger threat to children even than social media,” Haidt said. “But if we can’t win on social media, then it will be hopeless on AI.”

AI safety for kids

WHILE recent litigation has held social media companies responsible for harms to users, federal legislation of social media has meandered and AI legislation has lagged.

The Trump administration has said regulation, especially across states instead of at a federal level, could hinder AI companies’ growth and sacrifice American labs’ lead in the global AI race, but some lawmakers are trying to move the needle. Some AI legislation specific to children’s safety issues—like youth privacy, chatbot interactions and AI toy safety—have passed through Senate subcommittees with bipartisan support, but there’s still a long road for any such legislation to pass. Legislation at the state level is moving faster, as seen also in the role states have played in pushing Meta on social media harms. “One of the things we’ve seen with social media, which I think will still be true with AI, is that we live in a federal system where states make laws on everything from e-bikes to driving permits to gun laws and that federal legislation or federal rules are much more difficult,” Kreps said. Some say the biggest win from the progress on social media safety this year has been heightened awareness of online dangers for kids. Br ide, whose son Carson d ied af ter e x per iencing severe c y b e r b u l l y i n g o n Sn a p c h at , said it’s encouraging to see legisl ators w rest l ing w it h how to reg u late A I, but ac k nowledged t h e r e a l it y t h at l e g i s l at i o n c a n’t keep up w it h t he tec hnolog ic a l developments—a nd t hat k id s w i l l cont inue to e xper ience A I-rel ated ha r ms in t he mea nt ime. “I don’t think we can afford any more mea culpas when kids are concerned,” she said.

Empty classrooms in Kalamos signal crisis across Europe By Lefteris Pitarakis & Derek Gatopoulos

By Tom Rees

Bloomberg News

on social media platforms, but they can also readily communicate with AI chatbots, including some on social media apps. Many use it for help with school and homework. Some have formed unhealthy relationships with chatbots, and experts have raised questions about how access to AI is affecting children’s brain development. Companies are pushing AI-powered toys for kids as young as 2. Campaigns for social media and AI safety for kids are both playing out on legal and legislative fronts. Individuals and states have sued tech companies over concerns around their products’ safety and both state and federal lawmakers are grappling with how to regulate the tech. Compared with social media companies, AI giants have been moving somewhat more quickly to add safeguards, motivated perhaps by the growing regulatory and societal scrutiny of social media’s effects on kids’ mental health. OpenAI introduced teen accounts in August, about four years after launching ChatGPT, with restrictions that include a ban on romantic chats and any suggestions that the chatbot has personal feelings toward the user. Meta, which bought Instagram in 2012, didn’t launch teen accounts on the platform until 2024. In announcing the settlement agreement this summer, Meta said that “ensuring teens have a safe and productive experience on our platforms is an absolute imperative” for the company. Meta also urged its competitors, TikTok and YouTube, to adopt some of the standards it is implementing as a result of the settlement.

The Associated Press

ALAMOS, Greece—Chryssa Ntalaka’s classroom has become an object lesson in subtraction. The sole teacher in the last school on the idyllic Greek island of Kalamos has a shorter list of students every fall. This year, just two. On September 23, the sixth graders sat at Ntalaka’s table beneath the whiteboard, in front of rows of unused desks and benches. When they head to middle school on Greece’s mainland next year, her school will be mothballed. Toys and picture books still sit on shelves in the nearby kindergarten since it was shuttered three years ago. “Usually, teachers are placed on these islands against their wishes,” Ntalaka told The Associated Press. “Whereas for Kalamos there are teachers and kindergarten teachers, as far as I know, who want to come—but there are no children.” Falling enrollment across Greece this year prompted authorities to close 75 schools and suspend or extend suspension of classes at more than 400 others. It’s a situation playing out across Europe and beyond. The region has 16 of the world’s top 20 oldest nations, particularly in Southern Europe, according to the independent World Population Review. And its remote communities act as an early warning

system: Mountain villages and small islands are among the first places where schools and services disappear in a deepening cycle of population decline. Some 17 million people live on more than 4,000 islands across the European Union; Greece has about 200 of them. “Closing schools leads to young people not staying and to them leaving,” said Byron Kotzamanis, co-founder of the Institute of Demographic Research in Athens. “Leaving means fewer and fewer people — fewer and fewer births. It means depopulation and dead settlements that will become nursing homes.”

Commuting across the sea

KALAMOS’ year-round population is just 80. A decade ago, it had 40 children in local schools and public daycare. “It was very nice. We played together every day. We went to (primary) school every morning,” Antonis Aivaliotis, a high school senior, said during a ferry ride in the predawn light. Aivaliotis is among Kalamos’ seven teenagers who today make a choppy crossing to school on the mainland. They miss class on days when strong winds pose a risk. He spent several years as a student of Ntalaka’s class, which at the time was a single room with children of all ages. Ntalaka has often been the lone teacher during her 20 years at remote schools. Half that time was in Kalamos, located not far from Odysseus’ home island

Ithaca in “The Odyssey.” She fell in love with Kalamos’ unspoiled beaches that are a magnet for yacht tourists. She learned to dive and became an accomplished spearfisher. But she will have to leave. All it would take for her school to remain open would be the arrival of two families. She and town officials have desperately sought to spread the word, but there’s no sign of any comers. “We’re very welcoming and we’re trying. That’s what we want to do, even right now — for someone to hear us,” Ntalaka said. “The sooner, the better.” As for Aivaliotis, he sees moving away after graduation as an inevitability. “Of course I would like to stay here,” he said. “I love Kalamos. It is my home. But there’s no development at all.”

Keeping schools open

AGING countries are struggling to keep their island schools open, with limited success. Croatia has invested 4.6 billion euros ($5.1 billion) in its islands over the past 10 years, Prime Minister Andrej Plenkovic said in June. That includes 20 kindergartens being built or expanded, and renovation of primary schools and sports arenas. Croatia’s parliament, the Sabor, in January passed an Islands Act aimed at improving life for islanders. The rate of population decline on small, remote Croatian islands is similar to that of the mainland. Japan faces grimmer

demographics. In the decade through 2023, the population of over 250 remote islands covered by a government support program fell 19 percent, almost double the national rate, according to the most-recent government data. Nearly 1 million people lived on those islands in 1955, and 340,000 by 2020. This has led to a shortage of people to operate ferries and other transportation, worsening economic contraction on remote islands. Japan’s government says maintaining residents is crucial to national security and has provided subsidies to lure people to work in tourism, fishing and other industries. Some islands have managed to recruit students from elsewhere. On remote Oki Islands, for example, 74 of the 132 students at a fisheries high school were drawn there through family relocation programs. And on the Italian island of Stromboli, formed by the tip of a volcano, a school reopened last month after 20 years with a single student. Italian elementary schools normally need at least 15 pupils, but exceptions are granted to remote islands because a school’s closure can accelerate depopulation. Images broadcast on Italian television showed 6-year-old Aysha wearing a purple backpack almost as big as her body and holding her mom’s hand as she walked through the narrow streets of Ginostra to her first class inside the village’s local church.

Tuesday, October 6, 2026

www.businessmirror.com.ph

Pogo cases: Ong, Baterna still at large

By Ashley J. Manabat

NGELES CITY—More than two years after authorities raided the Lucky South 99 compound in Porac, Pampanga, the government is monitoring 12 cases arising from or related to the operation, with 10 under ongoing trial and two still under case buildup. But two key respondents in the qualified human-trafficking case stemming from the raid, Cassandra Li Ong and Ronelyn Baterna, have yet to be arraigned despite arrest warrants and International Police Organization Red Notices issued against them. The latest case figures were provided by the Presidential Anti-Organized Crime Commission (Paocc) in response to a request from the BusinessMirror for an update on the status of cases connected to the June

2024 operation. Paocc’s Case Management Branch said it is monitoring 12 cases, 10 of which under ongoing trial and two under case buildup. Paocc also clarified that four of the 10 cases under trial are civil cases in which Paocc became involved only after the joint law enforcement operation. They are included in the commission’s current monitoring but, according to Paocc, did not directly arise from the raid.

Paocc emphasized stronger intelligence coordination against illegal offshore gaming and scam operations. On September 22, Paocc said it had strengthened intelligence-sharing with the Philippine Amusement and Gaming Corp. to improve the identification, monitoring and disruption of illegal offshore gaming and scamrelated activities. “We are in close coordination with

law enforcement agencies and other concerned agencies in locating those who have arrest warrants,” Paocc’s head of communications Marvin dela Paz said. Paocc said the cooperation was intended to help detect emerging threats, validate information, and support law enforcement operations.

Ong, Baterna unarraigned THE Department of Justice filed qualified human trafficking charges against Ong, Baterna and other respondents in April 2025. Branch 118 of the Regional Trial Court in Angeles City subsequently issued arrest warrants for 50 individuals, including Ong, after finding probable cause, according to the court

record. The case was later transferred to the RTC in Pasig City. Copies of Interpol Red Notices show that notices for Ong and Baterna were issued on October 13, 2025. Interpol describes a Red Notice as a request to law enforcement agencies worldwide to locate and provisionally arrest a person pending extradition, surrender or similar legal action. It is not itself an international arrest warrant, according to the Interpol website. The RTC in Pasig has also ordered the cancellation of the passports of Ong, Baterna and other respondents in November 2025. Former Paocc spokesperson Winston Casio in an interview urged the National Police, National Bureau of Investigation, Paocc and Philippine Center for Transnational Crime (PCTC) to intensify efforts to locate Ong and Baterna and coordinate with foreign counterparts if credible information places them outside the Philippines. In a statement, Casio also called on law enforcement authorities to provide a public update, subject to legitimate investigative restrictions, on the status of the warrants and efforts to locate the respondents. “The previous Paocc leadership requested the PCTC back in 2025 to facilitate the issuance of the Interpol Red Notices and it filed the cases together with PNP CIDG [Criminal Investigation and Detection Group],” Casio said. “Thus, it is incumbent on the current leadership to finish the job and

give justice to the countless human trafficking and scam victims of Ong, Baterna, Duanren Wu and Zhang Jie. It should keep its eye on the ball,” he added. Casio said Ong was last reported seen in Japan around January 2025 but cautioned that the information should be treated as an investigative lead, not confirmation of her current whereabouts. Casio said proceedings involving respondents who have already been arraigned can continue, while proceedings involving unarraigned respondents have not reached that stage. He also distinguished congressional and Senate proceedings involving Ong and Baterna from the criminal proceedings before the court. “Kapag hindi na-arraign sina Cassy, Ronalyn, the case will be shelved until such time na mag-appear sila sa court at ma-arraign para umusad ang kaso,” Casio said. Paocc confirmed that three security personnel connected to the Lucky South 99 operation remain detained at the Pasig City Jail Male Dormitory. Their case is scheduled for pretrial on Oct. 26. Authorities raided the Lucky South 99 compound in Porac in June 2024, following allegations of human trafficking, scams, and other unlawful activities. T he gover nment’s subsequent investigations resulted in criminal and civil proceedings involving individuals and entities connected to the operation.

PNP defends security measures at teachers’ protest near Palace By Rex Anthony Naval

HE National Police (PNP) on Monday maintained that security measures implemented during a demonstration outside Malacañang in Manila were carried out in accordance with existing rules and procedures. In a statement, the National Police chief, Gen. Jose Melencio Nartatez Jr., addressed reports of tension between members of the Alliance of Concerned Teachers (ACT) and policemen stationed near Malacañang during a protest on October 4, a day before the World Teachers’ Day. “Our personnel were performing their duties to maintain peace, public order, and security in accordance with established operational procedures. While reports have surfaced regarding the incident, we likewise recognize the presumption of regularity in the performance of official duties, pending the submission of official reports from the ground,” he added. ACT members staged a protest calling for a P50,000 entry-level salary for

teachers, a P5,000 Personnel Economic Relief Allowance (Pera), and the allocation of 6 percent of the country’s gross domestic product (GDP) to education. Reports indicate that there was physical confrontation between the protesters and police forces manning the area. “Based on initial information, the police personnel deployed in the area were implementing security measures consistent with existing protocols. The PNP remains confident that our officers acted professionally and with restraint while carrying out their mandate to ensure public safety and order,” Nartatez said. “We respect their right to peacefully express their concerns, and we ask them to likewise respect the law and the lawful instructions of police personnel tasked to maintain public safety. Our officers’ presence was not intended to prevent them from being heard but to ensure that their activities remain peaceful, orderly, and safe for everyone,” the PNP chief said. House of Representatives Deputy Minority Leader Antonio Tinio on

Monday condemned what he called “violent dispersal” by police personnel of a peaceful protest staged by teachers and education workers near Malacañang on Sunday. The group ACT Philippines claimed the dispersal left 16 teachers and students injured, personal property of five individuals destroyed, and two megaphones forcibly seized by the police. Tinio, the nominee to the House of the party-list group ACT Teachers, in a statement said that the protest demands are eminently reasonable, “especially in light of recent Commission on Audit [COA] findings exposing thousands of unbuilt classrooms, unpaid infrastructure projects, and severe underutilization of Department of Education funds.” Tinio demanded that the National Police immediately investigate and hold accountable the officers responsible for the injuries and destruction of property, and called on the Commission on Human Rights to conduct an independent probe into the dispersal.

Villanueva honors teachers, pushes additional benefits By Butch Fernandez

N Wo r l d Te a c h e r s’ D ay o n Monday, Sen. Joel Villanueva, who underscored the need to translate recognition for their service into concrete and sustained support for their welfare. In a video message for the Department of Education’s (DepEd) World Teachers’ Day celebration at the Araneta Coliseum in Quezon City, Villanueva expressed his gratitude to thousands of teachers gathered for the occasion, as well as to the entire DepEd family led by Secretary Juan Edgardo Angara.

“Thank you for all your sacrifice, dedication and love for the Filipino youth. I always say that the youth own the future. But you, our teachers, will shape the hands that will hold the future,” he said in Fipino. Villanueva, co-chairperson of the Second Congressional Commission on Education (Edcom2), said he would continue to push for measures to provide additional support to educators and personnel, such as Senate Bill 1606 or the proposed Allowances for Public Basic Education Personnel Act. The bill proposes a P3,000 quarterly grocery and transportation allowance and a P2,000 quarterly medical allowance. The proposed amounts would be adjusted every

three years to account for inflation. Such assistance should be institutionalized, Villanueva said, so that the support given to education workers is not dependent solely on the availability of funds or administrative discretion. The bill recognizes the important role of non-teaching personnel, whose work is essential to keeping public schools functioning and allowing teachers to focus on their primary responsibility of teaching. As the son of public school teachers, Villanueva said he understands the aspirations of educators and their desire to see the country’s education system continuously improve.