BusinessMirror October 13, 2025

EBy Cai U. Ordinario @caiordinario

FFORTS of nations to attract foreign direct investments (FDIs) should be complemented with initiatives to strengthen the domestic economy and achieve financial stability, according to experts from the Asian Development Bank (ADB).

In an Asian Development Blog, ADB economists John Beirne, Donna Faye Bajaro, and Pilipinas F. Quising said this is “crucial” since FDI inflows can be “volatile.”

The volatility of these inflows usually depends on global financial conditions. These can then “trigger boom-and-bust cycles” that can be a

By Reine Juvierre S. Alberto

By Andrea E. San Juan @andreasanjuan

AMONG the countries in the Pacific Ring of Fire, the Philippines is the only country implementing “subpar standards” for steel products, according to Philippine Iron and Steel Institute (PISI). “We have to raise the standards for steel. Hindi na puwede iyong puwede na,” PISI President Ronald C. Magsajo told the BusinessMirror on the sidelines of the Federation of Philippine Industries Inc. (FPI) Business

percent, or P509 million, went to government financial institutions. Based on the data, the National Irrigation Administration (NIA) obtained the highest amount of

Summit 2025 last week.

“Let’s raise the standard, make sure that our products are meant for the zone—Pacific Ring of Fire, earthquakeresistant ‘yung ginagamit natin because not all our standards today are pang -earthquake. We still have low standards,” he added.

For steel, he said the country is still implementing minimum standard which had already been delisted from the American Society for Testing and Materials (ASTM) in 1970.

“Now, for steel, our minimum

challenge for economies.

“Sound domestic fundamentals can make economies more resilient to these global shifts. Trade openness and financial development are especially important,” the economists said.

“Financial development is equally critical. Strong local banking systems and financial institutions help manage risk, channel funds efficiently, and maintain access to international capital markets,” they added.

The economists said countries should institute open trade policies which can signal stability and growth potential which are attractive to attract FDIs.

They also said it is crucial for

countries to have a diverse export base to reassure investors that they are making the right decision to invest “even during uncertain trade conditions.”

In terms of financial development, the experts said countries also need “robust prudential and regulatory frameworks” which will make global lenders more confident. Policies that promote inclusive economic growth will also be good for FDIs.

“Even with solid fundamentals, global financial trends will continue to shape capital movements. Complementing strong macroeconomic policies with prudent financial regulations and tools to manage capital flows can help de -

veloping economies better navigate sudden changes in

quidity and investment patterns,” the experts said. The

FDI

Sentral

released by

(BSP) showed FDI

to

in July 2025 from $1.4 billion in July 2024. BSP said the decrease in FDI net inflows during the month resulted from lower nonresidents’ net investments in debt instruments, which fell by 39.4 percent to $711 million from $1.2 billion.

MALACAÑANG has ordered the adoption and implementation of a 10year national roadmap that seeks to transform the Philippines into Asia’s premier creative hub by 2030 through innovation, cultural entrepreneurship and talent development.

Executive Secretary Lucas P. Bersamin signed Memorandum Circular No. 103, approving and adopting the Philippine Creative Industries Development Plan (PCIDP) 2025-2034. Under the circular, all government agencies, local government units and government-owned and -controlled corporations are direct-

ed to align their policies, programs and budgets with the roadmap.

The circular also stated that the Philippine Creative Industries Development Council (PCIDC) must review the plan every three years from the date of its execution.

“In this Plan, we are laying down our strategy in strengthening the foundation of a creative ecosystem where creativity can flourish and Filipino talent can thrive,” President Ferdinand R. Marcos Jr. said in his foreword.

The plan, developed by the Department of Trade and Industry (DTI) through the PCIDC, sets out the strategic framework for expanding the country’s creative

economy.

It focuses on five priorities: building creative hubs and clusters, boosting entrepreneurship through research and technology, regenerating local economies through sustainable innovation, strengthening the global Filipino brand and nurturing the next generation of creatives.

The plan will be guided by the BEAMS framework—Build Creative Ecosystems, Empower Creative Workforce, Accelerate Inclusive Innovation, Mobilize Financing Support and Seize Market Opportunities.

The first three years will be focused on strengthening the foun-

dations of the creative ecosystem by creating and refining policies to benefit stakeholders and supporting the workforce by aligning their skills with job market demands. By 2030, the Philippines is expected to emerge as a “beacon of culture-led innovation” and a “preferred partner” in the global creative economy.

The plan envisions a creative ecosystem that fosters resilient jobs, knowledge exchange and new investments—transforming the country into a top destination for business, tourism, learning, and innovation.

“By 2034, we will have achieved

WOVEN WONDERS An exhibit coordinator admires the intricate piña textile at the 15th Likhang HABI Market Fair, held at Level 5, SPACE at One Ayala, Makati City. Organized by HABI: The Philippine

Textile Council, the three-day event celebrated Filipino craftsmanship and culture through more than 80 exhibitors showcasing locally woven fabrics and artisan products from across the country. Highlights included live weaving demonstrations, the “Kwentong Kultura” lectures, and the Lourdes Montinola Piña Weaving and Eloisa Hizon Gomez Abaca Weaving competitions—underscoring

country’s rich textile heritage and the artistry of its weaving communities. NONIE REYES

subsidies during the eight-month period at P24.528 billion.

NIA was followed by the National Food Authority (NFA) with P8.682 billion in subsidies and the Power Sector Assets and Liabilities Management (PSALM) with P8 billion. Other top subsidy recipients were the Philippine Reclamation Authority (P4.433 billion), Philippine Crop Insurance Corporation (PCIC) (P4.282 billion) and the Philippine Fisheries Development Authority (P1.967 billion).

For the month of August alone, government subsidies to GOCCs amounted to P8.018 billion, also down by 11.89 percent from P9.1 billion in the same month last year.

Cornering the highest amount of government subsidies handed out during the month was still NIA, which got P3.427 billion.

This was followed by the PCIC with P2.032 billion, NFA (P750 million), International Broadcasting Corporation (P337 million) and National Electrification Administration (P200 million).

Next year, subsidies for GOCCs are pegged at P149.654 billion. This is higher by 17.4 percent from this year’s allotment of P127.428 billion.

The Philippine Health Insurance Corporation (PhilHealth) will finally receive subsidies next year after being stripped off of financial support this year.

To recall, the bicameral conference committee directed PhilHealth to use its surplus funds instead of allotting subsidies for the agency this year.

PHilHealth’s proposed subsidy for next year stands at P53.262 billion, which will fund the annual insurance premiums of indigent beneficiaries.

Build CEFAs to prevent agri losses due to pests, DA told

By Butch Fernandez @butchfBM

THEDepartment of Agriculture (DA) should prioritize the establishment of first-border inspection facilities as it is a critical investment for the protection of the country’s agricultural sector against pests and diseases, according to Senator Francis Pangilinan.

During the Senate Committee on Finance’s recent hearing on the DA’s proposed 2026 dget, the senator said establishing Cold Examination Facilities in Agriculture (CEFA) sites is a “long-overdue” measure to strengthen the country’s agricultural biosecu-

rity and protect local producers. He pointed to past agricultural crises—such as the African swine fever (ASF) outbreak and the “cocolisap” infestation—that caused massive losses in the hog and coconut industries, respectively.

“ASF was precisely because we didn’t have that first border inspection, and that cost us at least for one year P70 billion, maybe more. Even the ‘cocolisap’ infestation, which cost us P4, P5, or P6 billion worth, was [due to] invasive pests,” Pangilinan said.

The ASF outbreak during the Covid-19 pandemic forced the government to temporarily modify the rates of import duty for fresh, chilled or frozen meat of swine to stabilize supply and prices as the industry suffered from heavy losses.

“Again, if there is a first border inspection by the Bureau of Plant, Bureau of Animal Industry, this could have been all avoided,” he said.

While the total cost of the facilities could reach around P1.9

billion for five CEFAs, the DA can already begin construction on three sites to get the project under way, the senator said.

“At least it is already starting. It’s really putting the necessary funding to prevent losses in the hundreds of billions. So, hopefully, for this year in the 2026 budget, it can be included, even just three,” he added.

Building CEFA facilities, Pangilinan said, would allow for the early detection and containment of diseases and pests entering through imported agricultural products.

These facilities—equipped with modern laboratories, quarantine areas and inspection systems—are designed to examine imported meat, produce, and plant materials before they are distributed nationwide.

DPWH to conduct thorough assessment of Davao Oriental buildings

DAVAO City—Government infrastructure, school buildings and medical facilities would have to be assessed to ensure the smooth return to normal operations of Manay in Davao

Oriental after two strong quakes shook the town last Thursday. Sec. Vince Dizon of the Department of Public Works and Highways said initial assessment of bridges found minor

issues and were cleared for use. While there were minor cracks, these were passable.

The main roads have been cleared in Davao Oriental, Davao de Oro and Davao del Norte while clearing were going on in provincial, municipal and barangay roads.

The Manay District Hospital, however, has been declared condemned, as Dizon said the assessment found that “none of seven buildings were cleared for use.”

“In all likelihood, the hospital needs complete reconstruction,” he said.

Education Secretary Sonny Angara said money would be downloaded to the repair of minor damages to the regional offices and heads of school divisions. This would be taken from the quick response fund of the department.

“For the major repairs, we will

coordinate it with Sec. Dizon and ensure faster coordination process so the works will be done immediately,” he said.

Social Welfare Secretary Rex Gatchalian assured that food packs have already been prepositioned nationwide “even before this earthquake happened.”

The regional Department of Social Welfare and Development here said 103,614 food packs and non-food items were already prepositioned. By Friday morning some 1,050 food packs were already distributed to the earliest local governments that communicated their exact number of families who needed assistance.

The regional office also said more food assistance was sent to the other areas for the rest of the day. Manuel T. Cayon

lion of the gross domestic product (GDP), an 8.7 percent increase from P1.78 trillion in 2023.

a more prosperous, inclusive, and resilient society enriched by vibrant creative industries. We will have helped transform the creative industries toward sustainability,” the plan stated.

According to the Philippine Statistics Authority, the local creative industries generated P1.94 tril-

occurred in or within the same area.

On September 29, the province of Cebu was also rocked by an earthquake measured at magnitude 6.9, affecting several heritage churches and tourist sites. (See, “Hotels, tourists, churches shaken by Cebu earthquake,” in the BusinessMirror, Oct. 2, 2025.)

Frasco noted in a separate news statement that passengers on the Villa Vie Odyssey were among those who gave financial aid to the earthquake victims in Cebu. The ship, which carried 650 residential cruisers, docked at the Cebu International Port on October 5. She said some of the passengers were from the United States, India, South Africa, Greece, and Romania. “They informed me that when they learned of the earthquake in Cebu, they voluntarily came together to gather funds. And I think their last count reached around $16,000…to contribute to the relief efforts in Northern

standard was delisted from ASTM back in 1970. That’s our minimum. In 1970, the standard was not accepted in other countries. But we’re still implementing it today. So, we have to raise that standard so we can at least level up. And then we have to implement that standard and make sure that [everyone] complies,” Magsajo said.

Asked if the Philippines is the only country implementing such low standards, he told this paper: “Among the Pacific Ring of Fire countries, we’re the only ones with such standards.” However, Magsajo pointed out that the raising of standards is “something I think that’s ongoing now with DTI [Department of Trade and Industry] in cooperation with the Association of Structural Engineers in the Philippines.”

With the earthquakes that recently hit some parts of the country, the industry leader said there are two issues that must be addressed in implementing steel standards in the Philippines.

“So, there are two issues. First is raising the raising the standard and second is ensuring compliance with the standards,” added Magsajo.

“Because the issue raised with regard to standards, may standard ka na nga, hindi ka pa nagko-comply. So those are two separate but joint issues.” As to the standards being implemented by the Philippines vis-a-vis its neighboring countries, Magsajo explained: “Not all of Asia or Asean countries has seismic zones so they have different standards.”

However, he noted that while Malaysia is not a seismic country or a country which experiences significant earthquake activity, it has higher standards than the Philippines. The steel industry leader said now is an “opportune time” for the Philippines to rethink the standards it implements.

“It’s an opportune time for us. We’ve been talking about The Big One for 10 years now,” he said. With this, Magsajo prodded the government to focus on three priority areas in implementing standards not only for steel products but for construction materials being used in infrastructure.

In 2024, the creative industries posted a significant uptick in employment, with a workforce of 7.51 million individuals in traditional cultural expression activities; advertising, research and development; media publishing and printing activities; digital interactive goods and service activities; among others. Reine Juvierre S. Alberto

Cebu,” said the DOT chief. ‘Stay updated’ MEANWHILE , Frasco advised tourists to “remain vigilant and observe all safety advisories issued by Phivolcs, local government units, and disaster response authorities,” as aftershocks may occur in the next few days. Visitors to the Davao Region should avoid entering damaged or restricted areas until cleared by authorities, she added. Tourists are encouraged to check official information sources for updates and accurate reports. They are also urged to coordinate with their hotels and other accommodation providers, along with local tourism offices, for the status of their bookings, tours, and status of destinations they are visiting. For tourist information assistance, the DOT may be reached at its Tourist Assistance Call Center via Hotline 151-TOUR (1518687); Mobile no. 0954-2533215; Facebook DOT Philippines page; Email-touristassistance@ tourism.gov.ph; and via Click2Call and Live Webchat via DOT website www.tourism.gov.ph

“One is if we can raise the minimum standards for materials, then that should help. Second is the practice, it’s all over the news now, we have ghost projects, substandard construction practices. So, those practices should be eliminated,” Magsajo added. He said that while Filipino engineers and scientists are “smart,” there is a lot of work to be done when it comes to implementation and “unscrupulous” practices of manufacturers.

“Except the implementation below, it’s lacking. And then you have the you have the unscrupulous naman for manufacturers, retailers, or sellers na para lang makakita ako ng pera, benta ako ng substandard. It shouldn’t be like that,” added Magsajo. On enforcement, Magsajo said there is a lack of manpower and “natural knowledge” of products.

“So, there’s a lot of things that need to be monitored. Also the mindset of the consumer [must be changed] as they usually opt for cheap materials,” he said.

three or four days. When that happens, the bitterness comes out when you roast and grind the beans.” He added that the practice is often driven by economic necessity. “You can’t blame them—they just want to make a living,” Matias said, noting that many locally made chocolate tablets in the market come from improperly fermented beans.

Meanwhile, Matias also urged fellow local entrepreneurs to produce better-quality products to strengthen Filipino brands in the market.

“I hope to the Filipinos, to the businessmen, make your brands marketable, don’t make mediocre brands,” Matias said. “If we give consumers better options, they’ll choose local brands.”

www.businessmirror.com.ph

House leader

backs

Remulla move to restore public access to SALN

DESCRIBING it as “long overdue,” an assistant majority leader of the House of Representatives on Sunday expressed strong support for Ombudsman Jesus Crispin Remulla’s plan to restore public access to the Statements of Assets, Liabilities, and Net Worth (SALNs) of all government officials, including those of President Marcos former President Rodrigo Duterte, and Vice President Sara Duterte.

Las Piñas Rep. Mark Anthony Santos described the Ombudsman’s initiative as “a historic step toward ending secrecy, fighting corruption, and restoring the people’s faith in government,” emphasizing that public trust can only be rebuilt through openness.

SALNs of public officials were closed to public access by former Ombudsman Samuel Martires, a Duterte appointee

“PUBLIC office is a public trust.

The people have the right to know how their officials manage their wealth and live up to the ethical standards set by law,” Santos said. “I fully support Ombudsman Remulla’s initiative to reverse the restrictive 2020 policy that limited public access to SALNs.”

The 2020 memorandum issued by then Ombudsman Samuel Martires required public officials’ consent before releasing their SALNs—a rule widely criticized for shielding officials from scrutiny.

Santos noted that Remulla’s move upholds Republic Act 6713, or the Code of Conduct and Ethical Standards for Public Officials and Employees, which mandates that SALNs be open to public inspection and copying upon reasonable request.

“Transparency tools like the SALN system are essential in deterring corruption and rebuilding public trust in institutions,” Santos said. “The government should not hide behind the excuse of data privacy when it comes to accountability. As long as safeguards are in place, there is no reason why the people should be kept in the dark.”

Santos also expressed support for Remulla’s vow to investigate alleged anomalies in flood control projects, saying, “That is exactly the kind of leadership we need in the Office of the Ombudsman—no sacred cows, just the truth and the law.”

“That is exactly the kind of leadership we need in the Office of the Ombudsman,” Santos said. “No sacred cows—just the truth and the law. I look forward to working with Ombudsman Remulla in strengthening institutional integrity and ending impunity in public service.”

Remulla earlier said the SALNs of President Ferdinand Marcos Jr., former President Rodrigo Duterte, and Vice President Sara Duterte may be among those accessible to the public starting next week. He also indicated openness to releasing SALNs dating back to 2016. Jovee Marie N. dela Cruz

Senator eyes review of National Building Code

By Butch Fernandez @butchfBM

AS the series of earthquakes, severe weather disturbances and other natural disasters continue to inflict widespread infrastructure damage, the National Building Code needs urgent strengthening in order to ensure all structures are up to par and resilient, Sen. Francis Escudero said on Sunday.

An amendatory bill Escudero filed requires the conduct of updated inventories of buildings and periodic audits, especially in high-risk zones, and imposes tougher penalties for violators.

Escudero expressed deep concern for the families affected by the earthquakes that struck Davao Oriental and nearby areas on Friday –a magnitude 7.4 earthquake in the morning and a 6.4 in the evening, triggering two tsunami warnings and widespread evacuations.

“I pray for prompt and effective action from relevant agencies and we must ensure the safety of all those affected, and the inspection of all structures that. Could have been affected,” he added.

The powerful temblor followed the September 30 earthquake in Cebu province, which also caused tremendous damage to public and private structures.

Escudero renewed his call for the expeditious passage of Senate Bill 277 which he filed last July, seeking to strengthen the National Building Code through mandatory structural inspections and higher penalties for violations of construction regulations and safety standards.

SB 277 mandates regular, comprehensive structural inspections of buildings

nationwide, with accountability measures for officials who issue fraudulent permits or clearances. The bill further aims to close the gap between policy and practice, ensuring that buildings are not only compliant on paper but structurally sound in reality.

Escudero emphasized that while the National Building Code provides general guidelines, it lacks specific provisions on earthquake resilience. Builders often rely on the 2015 National Structural Code of the Philippines, which requires buildings to withstand earthquakes ranging from magnitude 7 to 8.4. “But referral codes are not enough,” he said. “We need enforceable standards and regular checks.”

Escudero cited the 2004 joint study by the Japan International Cooperation Agency, the Metropolitan Manila Development Authority, and the Philippine Institute of Volcanology and Seismology, which warned of catastrophic consequences should a 7.2 magnitude earthquake hit Metro Manila. It projected the collapse of 170,000 homes and deaths of over 34,000.

Under SB 277, local governments will be required to maintain updated inventories of buildings and conduct periodic audits, especially in high-risk zones. The bill also proposes penalties for non-compliance, including suspension or revocation of licenses for negligent officials and contractors.

Escudero called on his colleagues in the Senate to prioritize the measure, citing its potential to save lives and prevent billions in damage.

“We owe it to our people to build not just with concrete, but with conscience,” he said.

Legislator files bill providing benefit for widowed persons

By Jovee Marie N. dela Cruz @joveemarie

AChina renews aggressive action at WPS, attacks Bfar ship–PCG

COAST

By Rex Anthony Naval

Guard

(PCG) and Bureau of Fisheries and Aquatic Resources (Bfar) vessels were harassed anew with illegal maneuvers and water cannon attacks by ships from the Chinese Coast Guard backed by its maritime forces while the Philippine ships were going about their lawful mandate at the territorial waters of Pagasa Island on Sunday.

“This morning [Sunday] while three Bfar vessels, including the BRP Datu Pagbuaya, were safely anchored in the territorial waters of Pag-asa Island to provide protection for Filipino fishermen as part of the ‘Kadiwa para sa Bagong Bayaning Mangingisda’ [KBBM], they faced dangerous and provocative maneuvers from the China Coast Guard [CCG] and Chinese maritime militia vessels. Around 8:15 a.m., the Chinese maritime forces approached

dangerously close, activating their water cannons as a clear threat against the Bfar vessels,” it added.

The PCG said the situation escalated at approximately 9:15 a.m. when a CCG vessel with bow number 21559 fired its water cannon directly at BRP Datu Pagbuaya, hitting the vessel.

“Around three minutes later, at 9:18 a.m., the same CCG vessel deliberately rammed the stern of BRP Datu Pagbuaya, causing minor

structural damage but no injuries to the crew,” PCG added.

Despite these bullying tactics and aggressive actions, the PCG said that it remains resolute along with its counterparts from Bfar.

“We will not be intimidated or driven away, as our presence in the Kalayaan Island Group is crucial for protecting the rights and livelihoods of Filipino fishermen,” it added.

The PCG commandant, Vice Adm. Ronnie Gil Gavan, echoed this determination, saying, “the harassment we faced today only strengthens our resolve. Filipino fisherfolk depend on these waters, and neither water cannons nor ramming will deter us from fulfilling our commitment to President Ferdinand Marcos to not surrender a square inch of our territory to any foreign power.”

RP, US, Canada ships in joint maneuvers PHILIPPINE, United States and Canadian warships conducted complex naval maneuvers under Exercise Samasama (Together) 2025, showcasing strengthened defense cooperation and seamless interoperability in regional waters.

Naval forces -Task Group NTG44.1, composed of BRP Antonio Luna (FF151), BRP Ramon Alcaraz (PS16), BRP Valentin Diaz (PS117), BRP Lolinato To-Ong (PG902), USS Cincinnati (LCS20), HMCS Max Bernays (AOPV432), and air assets NH441 and NH43, executed on Saturday a full range of high-intensity tactical operations within the Western Naval Command (WNC) area of responsibility, including Palawan and Kalayaan islands. The drills included replenishment at sea approaches, photo exercise, air defense exercise, combined anti-submarine exercise, publication exercise and screen exercise, all aimed at reinforcing coordination and enhancing readiness in joint maritime defense scenarios.

WNC said the successful conduct of the exercises reaffirmed the command’s role as a strategic hub for regional maritime security in the Indo-Pacific.

Exercise Samasama, an annual multilateral training with the United States and partner nations, serves as a platform for enhancing collective defense capabilities amid growing security challenges in regional waters. With PNA

Relief operations in quake-affected Mindanao in full swing

By Jonathan L. Mayuga, @jonlmayuga

Claudeth Ciriaco-Mocon @claudethmc3 & Rex Anthony Naval

GOVERNMENT relief operations for quake-affected communities are now in full swing across Mindanao following successive strong earthquakes that struck the island, including a 6.2 magnitude earthquake that rocked Surigao on Saturday.

The earthquake’s epicenter, 22 kilometers north-east of Cagwait, Surigao del Sur, occurred at 10:48 p.m. generating Intensity IV in Davao City, Cagwait and Carmen.

Instrumental intensities IV were also recorded in Cabadbaran City, Agusan del Norte, Nabunturan,Davao de Oro; Hinunangan, Southern Leyte, and City of Tandag in Surigao del Sur.

Authorities were still assessing structural damage in affected towns, including Tago, Surigao del Sur, where access to the Tago-Lapaz Bridge remained limited to light vehicles.

In an advisory issued Sunday by the Municipal Disaster Risk Reduction and Management Council, the bridge remained passable, but at one-at-a-time passage for all vehicles and with observance of no stopping while passing.

“Heavy six-wheeler trucks are allowed only if unloaded, while 10-wheeler trucks are advised to take alternate routes or wait for clearance,” the advisory read.

The earthquake occurred just two days after a twin earthquake with magnitudes of 7.4 and 6.8 rocked Manay, Davao Oriental, on October 10.

8 dead, 146 injured in Davao

Oriental

THE National Disaster Risk Reduction and Management Council (NDRRMC) said in its 6:00 a.m. Situation Report on Sunday on the effect of the doublet earthquake that the casualty has climbed to 8 dead, and 146 others injured.

The NDRRMC said a total of 74,649 families or 91,224 persons were affected, of which 1,600 families or 2,400 persons were served inside 17 evacuation centers, and 72 families or 267 persons were served outside evacuation centers.

The earthquakes damaged 13 road sections and 3 bridges, and also affected the operation of at least seven seaports.

The estimated cost of damage to infrastructure amounting to P600,000 was reported in Southern Mindanao. A total of

1,149 houses, all in the Caraga Region, were also damaged.

The Philippine Institute of Volcanology and Seismology, meanwhile, reported that it has recorded a total of 1,111 aftershocks, of which 511 were plotted and 14 were felt. The aftershocks’ magnitude range from 1.2 to 5.8.

Phivolcs said Davao Oriental has experienced strong and major earthquakes before.

At least six significant earthquakes with magnitudes ranging from M7.1 to M8.3 affected Davao Oriental and nearby provinces between 1885 and 2023, based on historical records.

Phivolcs said the most recent damaging earthquakes were the Magnitude 7.1 and Magnitude 7.5 earthquakes in Manay, Davao Oriental, on May 17, 1992.

In both earthquakes, several buildings and infrastructure were damaged in Davao Oriental. A tsunami hit the eastern coast of Mindanao as well.

Phivolcs said Davao Oriental and neighboring provinces are situated in one of the seismically active regions in the country.

Among the earthquake sources are the Philippine Trench and the Philippine Fault’s East Compostela Valley, West Compostela Valley, Central Compostela Valley, Nabunturan, Caraga River, and Mati Segments. There are also local inland and offshore faults, some concealed by recent deposits, capable of generating earthquakes ranging from minor to strong magnitudes.

The Davao Oriental doublet earthquakes happened 10 days after a 6.9 earthquake hit Bogo City, Cebu, which killed 74 people and injured 559 others. The earthquake, which generated Intensity VII, affected 201,686 families or 724,843 persons in 18 cities and municipalities in Cebu. The earthquake damaged 774 public and private infrastructure,

DSWD response

THE Department of Social Welfare and Development (DSWD) assured the public that relief assistance will remain uninterrupted to help families recover.

DSWD-Caraga Region (DSWD-13) reported that more than 70,000 families or 253,938 individuals from 199 barangays across Agusan del Sur, Surigao del Norte, Surigao del Sur, and Dinagat Islands were affected by the series of tremors.

“As of 4 a.m. on Oct. 12, all 2,933 families [11,317 individuals] who sought refuge in 58 evacuation centers have returned home, while nearly 7,000 families continue to stay

with relatives and friends,” the DSWD said in its latest update.

Education Secretary Juan Edgardo Angara meanwhile said that the Department of Education (DepEd) has frontloaded and accelerated the release of the agency’s Quick Response Funds (QRF)—a process that previously took up to two years—to provide faster assistance to schools hit by recent calamities in Masbate, Cebu, and, most recently, quake-hit Davao Oriental. Angara joined national government officials in Davao Oriental on Saturday to assess the impact of the 7.6-magnitude and 6.8-magnitude twin earthquakes, and to oversee DepEd rapid response operations for affected schools.

As of 9:00 a.m. on October 11, DepEd reported that 1,006 schools have been affected by the doublet earthquakes near Manay, Davao Oriental, affecting around 100,000 learners and 10,000 teachers in different regions.

Among those affected, 139 learners and 50 teachers sustained injuries. To ensure safety, 97 percent of the affected schools suspended classes on Friday to allow structural inspections.

Initial visual assessments found 575 schools with varying degrees of damage, with estimated repair costs reaching P2.23 billion.

DepEd’s Disaster Risk Reduction and Management Service (DRRMS), engineers, and DRR coordinators are conducting rapid site inspections in coordination with the Department of Public Works and Highways (DPWH) and local governments.

US aid for victims

THE United States government has prepositioned 137,000 food packs and shelter kits for the victims of the “doublet” earthquake that struck Davao Oriental on Friday.

US Ambassador to the Philippines MaryKay Carlson announced the humanitarian aid on Saturday through a post on X, tagging it with “#EDCAinAction,” referring to the Enhanced Defense Cooperation Agreement between the two countries.

“My heart goes out to all those affected by the Mindanao earthquake and recent natural disasters,” she said.

“The US has provided 137K+ family food packs and 500 emergency shelter kits as we coordinate with DSWD to assess additional needs in Davao Oriental,” she added.

Messages of solidarity and support for the families affected by the tremors continue to pour in from foreign missions and ambassadors based in the Philippines, including Japan, Australia, China, and the European Union.

In a post on X, Japanese Ambassador Endo Kazuya conveyed hopes for the speedy recovery of communities in the region.

“In this moment of uncertainty, Japan stands with the Philippines people with hope, strength, and solidarity. Praying for the safety and quick recovery of communities across the region,” he said.

In a separate statement, the Japanese Embassy in Manila on Saturday announced that it will provide emergency relief to the victims of the recent earthquake that devastated northern Cebu.

“On October 10, upon the request of the Government of the Republic of the Philippines, the Government of Japan has decided to provide emergency relief goods through the Japan International Cooperation Agency (Jica) to the Philippines in response to the damages caused by the earthquake,” it said.

“We hope that this emergency assistance serves to support the people affected by the earthquake,” it added.

The donation includes tents, blankets, plastic sheets, sleeping pads, portable jerry cans, and portable water purifiers.

Stable security THE security situation in quake-battered areas of Davao Oriental remains manageable, the acting National Police (PNP) Chief, Lt. Gen. Jose Melencio Nartatez Jr., said on Sunday.

Nartatez added that this is due to the prompt deployment of police units for rescue, evacuation, and relief operations.

Nartatez said this action is in line with the directive of President Marcos who earlier directed all concerned government agencies to mobilize resources for the safety and welfare of affected communities following the magnitude 7.4 and 6.8 doublet earthquakes that rocked the province on October 10.

“The situation is now under control and remains manageable. The quick response of our police personnel, in coordination with local authorities and government agencies, has helped prevent panic and maintain public order,” Nartatez said.

“Our personnel on the ground are securing the residents while supporting ongoing humanitarian and recovery operations,” he said.

Initial assessments showed minor structural damage in police stations and public buildings such as cathedrals, schools, bridges, and road networks.

Despite power and signal interruptions in several towns, Nartatez said police units

Monday, October 13, 2025

Palace evaluates 3 more proposed PSCs

By Lenie Lectura @llectura

FOLLOWING the awarding of eight petroleum service contracts (PSCs) in Malacañang last week, three more are being evaluated by the Palace for approval.

Cebu, Northwest Palawan, East Palawan, and Central Luzon. The service contractors are expected to discover native hydrogen reservoirs and new petroleum fields during the seven-year exploration period.

Energy of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM-MENRE). SC80 covers approximately 780,000 hectares while SC 81 spans about 532,000 hectares.

The Philodrill, Anglo Philippine Holdings Corp., PXP Energy Corporation, and Forum Energy Philippines Corp., covers 132,000 hectares in the Northwest Palawan Basin.

n PSC 82, located in Cagayan Basin and has an area of 480,000 hectares, was awarded to Triangle Energy (Global) Limited.

A Department of Energy (DOE) official said there are another three contracts that are being evaluated by the Office of the President. Moreover, DOE Undersecretary Alessandro Sales said, the agency itself is also reviewing similar applications. “There are another three that are under application and evaluation in the department,” he said.

The eight PSCs that were unveiled by President Marcos are: n PSC 80 and 81 were awarded to a consortium composed of Triangle Energy (Global) Limited, an Australian company; Sunda Energy Plc, registered in the United Kingdom; and the Philippinebased firms PXP Energy Corp. and the Philodrill Corp.

The eight PSCs worth around $207 million covers exploration areas at the Sulu Sea, Cagayan,

These are co-managed by the DOE and the Ministry of Environment, Natural Resources, and

n PSC 83 and 84, both for native hydrogen exploration in Central Luzon, were awarded to US-based Koloma, Inc.. SC 83 covers 126,645 hectares while SC 84 covers 85,082 hectares.

n PSC 85, covering 127,475 hectares in onshore Cebu, was awarded to Gas 2 Grid Pte. Ltd.

n PSC 86, awarded to consortium of Filipino companies composed of

Lacson backs scrapping of unprogrammed appropriations in 2026 national govt budget

TBy Butch Fernandez @butchfBM

HE push to scrap unprogrammed appropriations from the 2026 national budget gained more momentum as Senate President Pro Tempore Panfilo M. Lacson threw his full support behind the bid of Senate President Vicente Sotto III and Finance committee chairman

Sen. Sherwin Gatchalian. Lacson said that he will add his voice to the Senate’s stand if the Senate and House contingents meet on the matter at the bicameral conference committee.

“Our agreement was that there will be no unprogrammed appropriations in the 2026 budget, but we will allow funding for foreignassisted projects that are necessary. Funds in the unprogrammed appropriations for other purposes will be removed,” he said in a mix of English and Filipino, in a radio interview. Lacson’s remarks followed reports indicating the House of Representatives had rejected a proposal to slash the P250-

billion unprogrammed appropriations when it completed its amendments to the 2026 General Appropriations bill on Friday. House Appropriations committee chairperson Nueva Ecija Rep. Mikaela Suansing was quoted in reports as saying the government cannot afford to scrap contingent funding for foreign-assisted projects.

The Executive had also been quite firm on this stand, as initial reports indicated that funding for foreign-assisted projects cannot be withheld as this could imperil official development assistance (ODA) for critical programs.

Should the Senate and House maintain their conflicting stands, Lacson said the Senate will have on its side the Filipinos outraged by the corruption that was manifested in anomalous flood control and infrastructure projects.

Earlier, Lacson and his staff had confirmed the existence of flood control projects using unprogrammed funds in the budget.

“We may have to confront this issue in the bicam. If I become a member of the Senate contingent to the bicam, I will add my voice to that of Senator Gatchalian, along with the voices of Filipinos who are outraged over corruption,” he said.

Meanwhile, Lacson pushed anew for self-restraint among lawmakers in making amendments to the budget bill, and for introducing institutional amendments rather than individual ones for infrastructure projects that do not stem from consultations with the local governments concerned.

PCO has infra project?

GATCHALIAN has flagged an infrastructure project for the Presidential Communications Office (PCO) which the Department of Public Works and Highways (DPWH) was contracted to do.

Gatchalian cited the 2024 Commission on Audit (COA) Report that the then Presidential Communications Operations Office (PCOO) contracted the DPWH in 2019 to build the Government Communication

Academy in Bukidnon (Phase II) worth P45.7 million. COA’s 2020-2023 report listed a similar project with a different amount—P79 million. The facility has no budget allocation for 2026, as funds have already been allotted for the completion of the remaining 10 percent of construction.

“Why does PCO have a communications office in Bukidnon?” Gatchalian asked. The PCO explained that the project, initiated under the Benigno Aquino III administration, was originally intended as a training center for communication offices under Malacañang and its attached agencies.

“We’ve already spent P124 million, and the project is 90 percent complete. If we don’t finish this, it becomes a white elephant,” said Gatchalian.

The PCO reported to the Senate plans are afoot to transfer the facility to the Northern Bukidnon State College once completed.

Presidential communications officials of the Aquino III administration headed by then Secretaries Herminio Coloma and Ricky Carandang have yet to issue statements.

New LTFRB chief orders audit of all franchises

By Lorenz S. Marasigan @lorenzmarasigan

EWLY-APPOINTED Chairman

Nn PSC 87, located in the East Palawan Basin, was awarded to Ratio Petroleum Ltd. of Israel. This marks the company’s second PSC, following PSC 78, also situated in the East Palawan Basin, where Ratio successfully conducted a 3D seismic survey last year.

The next steps to be undertaken by the service contractors include permitting with local governments and other government agencies, information campaign, geological and

geophysical studies, seismic survey, sand drilling activities, among others. These work programs are designed to assess the petroleum and hydrogen potential of the contract areas while ensuring strict adherence to environmental and safety standards.

Beyond exploration, service contractors will fund and undertake educational scholarships, capacity building, and community development programs even during the early exploration phase. Once production begins, host communities will further benefit through infrastructure development, social programs, and local employment opportunities generated by these projects.

20 spray paint brands contain harmful chemical–eco group

By Jonathan L. Mayuga @jonlmayuga

AT least 20 spray paint brands have been found to contain lead, making the products illegal for import, sale, and distribution in light of a nationwide ban being implemented in the Philippines.

This was disclosed by EcoWaste Coalition, which submitted samples it aquired to a private laboratory for confirmatory tests recently.

The disclosure was made ahead of the International Lead Poisoning Prevention Week (ILPPW) on October 19 to 25 to emphasize the obvious need to fix enforcement gaps that have allowed lead paints from abroad to penetrate the local market.

Lead paints refer to paints and other similar surface coatings containing lead compounds greater than 90 parts per million (ppm), which have been added to give the product its color, make it dry faster or inhibit rusting, or which may be present as a contaminant in the ingredients used in making it.

Spray Paint All Purpose Enamel and Standard JR Spray Paint) carried the “No Pb” pictogram.

Contrary to expectation, the 13 paints marked “No Pb” (Pb is the chemical symbol for lead from the Latin word plumbum) contained outrageous levels of lead, including five with lead in excess of 50,000 ppm.

In August 2025, the EcoWaste Coalition also announced the detection of violative levels of lead in 27 imported spray paints as per laboratory analyses.

Vigor D. Mendoza II of the Land Transportation Franchising and Regulatory Board (LTFRB), has ordered all regional directors to submit comprehensive data on public transport franchises within seven days to formulate data-driven solutions to ease commuter woes. Mendoza said the directive aims to determine how many units nationwide were granted authority to operate and how many remain active—data he described as essential in crafting evidence-based solutions to improve public transport services, especially in highly congested urban areas.

would enable the LTFRB to address longstanding problems in the transport sector swiftly and effectively.

“We have to get all these data so that we can decide properly. The Filipino people can be assured of data-based decision-making that will benefit millions of commuters,” he said.

Mendoza emphasized that reliable data

“Sobra ang dinadanas ng ating mga kababayansapag-commutemulapagpasok satrabahoatpaaralanhanggangpag-uwi, ataraw-arawiyan.Gustonatingmapabilis ang aksyon,” he said.

Mendoza was recently appointed as the new chairman of the LTFRB following his stint as the chief of the Land Transportation Office (LTO), where he cleared an 11-year

backlog of vehicle license plates within two years, among others.

At the LTFRB, Mendoza vowed to bring the same focus and results-oriented leadership to ensure a commuter-centered transport system.

“Suportado po ng ating Pangulo ang anumang hakbang na magpapagaan ng buhay ng mga commuters. On the part of the LTFRB, titiyakin natin na sa Bagong Pilipinas, mga commuter ang panalo sa maayosatserbisyongtapat,”said Mendoza.

Participatory governance in focus at Clark forum

CLARK FREEPORT—“We have to discover solutions together, so let the suggestions come,” said Clark Development Corporation (CDC) President and Chief Executive Officer Agnes VST Devanadera, addressing stakeholders from the maintenance, repair and operations (MRO) and aviation industries during a focus group

discussion (FGD) held at the Clark Visitors Center last week.

The dialogue formed part of CDC’s continuing efforts to engage locators in shaping responsive policies for the Freeport Zone. Among the updates shared was the rollout of the Maintenance, Repair, and Overhaul–Facilitated Access for Services and Trade

(MRO–FAST) System—a streamlined mechanism jointly developed by CDC and the Bureau of Customs-Port of Clark to support aviation-related businesses operating within the zone.

Metrojet Engineering (Clark) Ltd. Finance Manager Javy Mandap presented the implications of recent Bureau of Internal Revenue (BIR) issuances, citing Revenue Memorandum Circular (RMC) 005-2024, which classifies services performed abroad but enjoyed in the Philippines as Philippine-sourced. The measure subjects payments to foreign providers to withholding tax and a 12 percent value-added tax.

Mandap also noted RMC 081-2025, which places restrictions on expense deductibility. Taken together, the issuances could result in higher costs when availing of foreign consultancy or training services, potentially affecting the cost competitive -

Continued from A3

have maintained communication through phone patches and coordinated efforts with local disaster offices and engineering

ness of incentivized industries such as MROs. SIA Engineering (Philippines) General Manager Bruno Bousquet acknowledged CDC’s proactive stance.

“CDC has been very helpful and proactive. It listens to locators’ concerns and acts on them promptly,” he said.

Joining Devanadera were CDC Vice President for Business Development and Business Enhancement Group (BDBEG) Atty. Noelle Meneses, Vice President for Legal Affairs Group Atty. Gloria Victoria Taruc, Assistant Vice President for Business Enhancement Department Rodem Perez, Atty. Bonifacio Tarenio Jr., Assistant Vice President for Administration, and other officers from BDBEG.

The FGD forms part of CDC’s broader commitment to participatory governance and sectoral collaboration.

teams to assess damaged roads and bridges, particularly in Manay town, the epicenter of the doublet quakes, where a cracked bridge remains under inspection.

Nartatez commended the swift action of local police who were among the first responders in affected areas, assisting in

The 20 paints, mostly marked made in China or Thailand, were all found laden with lead above 90 ppm of which 12 contained lead higher than 10,000 ppm. A counterfeit yellow Bosny Spray that claims to be made in Thailand topped the list with 116,000 ppm of lead.

Also found with extremely high concentrations of lead were Easyman Spray Paint All Purpose Enamel with 78,600 ppm (green), 87,700 ppm (orange) and 95,500 ppm (yellow); JM Spray Paint with 89,900 ppm (medium yellow); Standard JR Spray Paint with 79,800 ppm; and JMJAFA Spray Paint with 67,900 ppm (Jialing red) of lead.

Of the 20 analyzed paints with lead, 13 paints representing three brands (counterfeit Bosny Spray Paint, Easyman

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face the loneliness of living alone in their twilight years, said the lawmaker.

“Widowed persons form a special sector among our senior citizens who need to be recognized and cared for,” Vargas said. “We will not let them grieve in isolation; instead, we will prepare them to face the challenges that come with losing their life partner.”

Data from the Philippine Statistics Authority (PSA) show that widowed persons make up 4.5 percent of the country’s total household population, and women account for about 76 percent of this group—a figure that underscores the vulnerability of older women who outlive their spouses.

hospital evacuations, conducting rescue operations, and facilitating the safe movement of residents to higher ground following the issuance of temporary tsunami warnings.

Nartatez also thanked the public for their cooperation and solidarity during the emergency as he assured that the PNP

The non-compliant paints were not produced, imported or distributed by companies belonging to the Philippine Paint & Coatings Association, Inc. (PPCAI), a partner of the Global Alliance to Eliminate Lead Paint, together with the Pacific Paint (Boysen) Philippines, Inc., Department of Environment and Natural ResourcesEnvironmental Management Bureau (DENREMB), International Pollutants Elimination Network (IPEN) and the EcoWaste Coalition. DENR Administrative Order 2013-24, or the Chemical Control Order for Lead and Lead Compounds, established a 90 ppm limit for lead in all paints and provided for a three-year phase-out period for lead-containing decorative paints and a longer six-year phase-out period for leadcontaining industrial paints, which ended on December 31, 2016 and December 31, 2019, respectively. During the ILPPW, the EcoWaste Coalition will release the latest version of the Public Notice on Lead-Containing Paints that it has co-published with PPCAI and IPEN to alert and guide consumers in making informed purchasing decisions. The theme for this year’s ILPPW “No safe level: Act now to end lead exposure” is a reminder of the unacceptable risks of lead exposure and the need for action to protect the vulnerable populations, the children in particular.

While the proposed measure covers all widowed individuals regardless of age or sex, Vargas said it will benefit the elderly the most, given their limited capacity to find new jobs or start anew.

“Our goal is to help elderly widows and widowers get back on their feet and rebuild their lives,” he explained. The lawmaker emphasized that this initiative builds on existing laws such as the Expanded Senior Citizens Act and the Universal Health Care Act, ensuring that widowed persons receive targeted support and attention.

“If passed into law, this measure will not only give new hope to our senior citizens,” Vargas said. “It will also be a testament to our government’s compassion—showing that we see them, we value them, and we will stand by them in their remaining years.”

remains on full alert and continues to monitor the situation on the ground.

“We thank our communities in Davao Oriental for their cooperation and trust. Rest assured that your police are on the ground, managing the situation and ensuring everyone’s safety,” he said. With PNA

Editor: Angel R. Calso

Ceasefire in Gaza leads to increased aid deliveries, hostage release preparations

By Samy Magdy, Sarah El Deeb & Melanie Lidman

The Associated Press

CAIRO—Preparations were underway Sunday for a ramp-up of aid entering the war-battered Gaza Strip under a new ceasefire deal that many are hoping will signal an end to the devastating 2-year-long war.

The Israeli defense body in charge of humanitarian aid in Gaza, COGAT, said that the amount of aid entering Gaza Strip is expected to ramp up on Sunday to around 600 trucks per day, as stipulated in the agreement.

Egypt said it is sending 400 trucks carrying aid into Gaza Sunday. The trucks will have to be inspected by Israeli forces before being allowed in.

Associated Press footage showed dozens of trucks crossing the Egyptian side of the Rafah crossing. The Egyptian Red Crescent said the trucks include medical supplies, tents, blankets, food and fuel.

The trucks will head to the inspection area in the Kerem Shalom crossing for screening by Israeli troops. In recent months, the U.N. and its partners have been able to deliver only 20% of the aid needed in Gaza because of the fighting, border closures and Israeli restrictions on what enters.

Expanding Israeli offensives and restrictions on humanitarian aid have triggered a hunger crisis, including famine in parts of the territory.

The United Nations has said that it has about 170,000 metric tons of food, medicine and other humanitarian aid ready to enter Gaza once Israel gives the green light.

Gaza Humanitarian Fund future in question

THE fate of the Gaza Humanitarian Foundation, an Israeli- and USbacked contractor that replaced the U.N. aid operation in Gaza in May as the primary food supplier in Gaza, remains unclear.

Food distribution sites operated by the group in the southernmost city of Rafah and central Gaza were dismantled following the ceasefire deal, several Palestinians said Sunday.

Hoda Goda, who used to go to the GHF sites in Rafah earlier this

year, said people had dismantled the structures and taken wood and metal fences GHF workers used to control the crowds.

Another Palestinian, Ehab Abu Majed, said the site in eastern Khan Younis was also dismantled, and there was no food distribution in the past two days. Ahmed al-Masri, a man living in the central Nuseirat refugee camp, said a third site in the Netzarim corridor area was also dismantled.

GHF had been touted by Israel and the United States as an alternative system to prevent Hamas from taking over aid. However, its operations were mired in chaos and hundreds of Palestinians were killed by Israeli gunfire while heading to its four sites. The Israeli military has said its troops fired warning shots to control crowds.

A GHF representative declined to comment Sunday.

Preparations for hostage, prisoner release, Trump visit Preparations were also underway Sunday for the release of Israeli hostages held in Gaza and Palestinian prisoners held in Israel.

A message sent Saturday from Gal Hirsch, Israel’s coordinator for the Hostages and the Missing and obtained by The Associated Press, told hostage families to prepare for the release of their loved ones starting Monday morning. One of the families of the hostages confirmed the note’s authenticity.

Hirsch said preparations in hospitals and in Rei’im camp were complete to receive the live hostages, while the dead will be transferred to the Institute of Forensic Medicine for identification.

An international task force will start working to locate deceased hostages who are not returned within the 72-hour period, said Hirsch. Officials have said the search for the bodies of the dead, some of whom may be buried under rubble, could take time.

Israeli officials believe about 20

trucks

of the hostages out of 48 held by Hamas and other Palestinian factions in Gaza are still alive. All of the living hostages are expected to be released Monday.

US President Donald Trump, who pushed to clinch the ceasefire deal, is expected to arrive in Israel Monday morning. He will meet with families of hostages and speak at the Knesset, Israel’s parliament, according to a schedule released by the White House.

Trump will then continue on to Egypt, where the office of Egyptian President Abdel-Fattah elSissi has said he will co-chair a “peace summit” on Monday with attendance by regional and international leaders.

Timing has not yet been announced for the release of some 2,000 Palestinian prisoners held in Israel who are to be freed under the deal. They include 250 people serving life sentences in addition to 1,700 people seized from Gaza during the war and held without charge.

Gaza residents return home PALESTINIANS continued to move back to areas vacated by Israeli forces Sunday, although many were returning to homes reduced to rubble.

Satellite photos analyzed by The Associated Press showed a line of vehicles traveling north to Gaza City. The photos taken Saturday showed a line of vehicles on Al Rashid Street, which runs northsouth along the Gaza Strip’s coastline on the Mediterranean Sea.

Tents along the coast also could be seen near Gaza City’s marina. Many people have been living along the sea to avoid being targeted in Israeli bombardment of the city.

Armed police were seen in Gaza City and southern Gaza patrolling the streets and securing aid trucks

driving through areas from which the Israeli military had withdrawn, according to residents. The police force is part of the Hamas-run Interior Ministry.

Two years of war have wrought devastation

THE war began when Hamas-led militants launched a surprise attack on southern Israel on Oct. 7, 2023, in which some 1,200 people were killed and 250 taken hostage.

In Israel’s ensuing offensive, more than 67,000 Palestinians have been killed in Gaza, according to Gaza’s Health Ministry, which doesn’t differentiate between civilians and combatants but says around half the deaths were women and children.

The war has destroyed large swaths of Gaza and displaced about 90% of its 2 million residents. It has also triggered other conflicts in the region, sparked worldwide protests and led to allegations of genocide that Israel denies.

While both Israelis and Palestinians in Gaza welcomed the initial halt to the fighting and plans to release the hostages and prisoners, the longer-term fate of the ceasefire remains murky. Key questions about governance of Gaza and the post-war fate of Hamas have yet to be resolved.

Israeli Defense Minister Israel Katz said in a post on X that he had instructed the Israel military to prepare to begin destroying the network of tunnels built by Hamas under Gaza “through the international mechanism that will be established under the leadership and supervision of the US” once the hostages are released.

Lidman reported from Tel Aviv. Jon Gambrell and Sarah El Deeb in Cairo, Sam Mednick in Tel Aviv and Abby Sewell in Beirut contributed.

Afghanistan says it killed 58 Pakistani soldiers in overnight border operations

KABUL, Afghanistan—Afghanistan said Sunday it killed 58 Pakistani soldiers in overnight border operations, in response to what it called repeated violations of its territory and airspace.

Earlier in the week, Afghan authorities accused Pakistan of bombing the capital, Kabul, and a market in the country’s east. Pakistan did not claim responsibility for the assault.

The Taliban government’s chief spokesman, Zabihullah Mujahid, said Afghan forces have captured 25 Pakistani army posts, 58 soldiers have been killed, and 30 others wounded.

“The situation on all official borders and de facto lines of Afghanistan is under complete control, and illegal activities have been largely prevented,” Mujahid told a press conference in Kabul. There was no immediate confirmation from Pakistan about casualties.

Pakistan has previously struck locations inside Afghanistan, targeting what it alleges are militant hideouts, but these have been in remote and mountainous areas. The two sides have also skirmished along the border. But Saturday night’s heavy clashes underscore the deepening security tensions. The Taliban government’s Defense Ministry said early Sunday morning its forces had conducted “retaliatory and successful operations” along the border.

ties of harboring members of the banned group Tehreek-i-Taliban Pakistan. Islamabad says the group carries out deadly attacks inside Pakistan, but Kabul denies the charge, saying it does not allow its territory to be used against other countries.

Before the Afghan claim of casualties, Pakistani Prime Minister Shehbaz Sharif condemned the assault and said the country’s army “not only gave a befitting reply to Afghanistan’s provocations but also destroyed several of their posts, forcing them to retreat.”

The Saudi Foreign Ministry issued a statement late Saturday, calling for “restraint, avoidance of escalation and the adoption of dialogue and wisdom to help de-escalate tensions and maintain the security and stability of the region.”

Gaza hostage release brings relief, renewed pain for victims’ families

By Melanie Lidman The Associated Press

YAACOV, Israel—

ICHRON

ZOn Tal Hartuv’s chest is a jagged scar, one of 18 stab wounds on her body from a brutal attack outside Jerusalem in 2010 that killed her friend. Next to the 7-centimeter (3-inch) mark rests a dog tag inscribed with the words “Our heart is captive in Gaza,” a popular symbol of support for a ceasefire deal exchanging Israeli hostages for Palestinian prisoners.

On Friday, as many were celebrating a deal between Israel and Hamas a fter two years of war, Hartuv read through the list of Palestinian prisoners set to be released and saw the n ame Iyad Hassan Hussein Fatafta. He was one of three men who tried to kill her and who were convicted of killing her friend Kristine Luken, an American who was visiting Israel as a tourist.

Survivors like Hartuv and families of those killed in attacks h ave faced a wrenching dilemma throughout the war: Should the killers of their loved ones go free, risking future attacks, or should hostages held in the Gaza Strip be left to their fate?

“I can feel thrilled and hopeful and joyful that our hostages are coming home,” said Hartuv, who changed her name as part of her rehabilitation. “But I can still feel angry, I can feel betrayed, I can feel hollow. They’re not mutually exclusive,” she said.

No one from the Israeli government reached out to let her know h e would likely be released. She received the list from a journalist.

By Monday, Hamas is to begin releasing the remaining 48 Israeli hostages held in Gaza, around 20 of them believed to be alive. Israel will release around 2,000 Palestinians, including senior militants convicted of deadly attacks, as well as people convicted of lesser offenses and those held without charge under what is known as administrative detention.

‘We need to bring them back’ TWENTY-TWO years ago, a suicide bomber blew up Bus 37 in the northern Israeli city of Haifa, killing 17 people, including nine children heading home from school.

Israel convicted five Palestinians of assisting the bomber. Three w ere released in 2011 as part of an exchange for Gilad Shalit, an Israeli soldier held in Gaza. A fourth was released during the last ceasefire, earlier this year.

For years, Yossi Zur, whose 17-year-old son, Asaf, was killed in the 2003 Haifa bombing, was a leader campaigning against releases, especially against the 2011 e xchange, in which 1,027 Palestin

ian prisoners were released.

Z ur remembers being heartbroken as buses were loaded with convicted militants leaving prison.

Those released in the Shalit deal included Yahya Sinwar, who went on to orchestrate the Oct. 7, 2023, attack that triggered the war. Sinwar b ecame Hamas’ top leader before he was killed by Israeli troops last year.

“It was my failure that I did not manage to protect my son, and now I’m not managing to prevent his murderers from going out of prison,” Zur said. But when fellow activists reached out to him to protest the ceasefire exchanges in the current war, he declined.

mostly women and children, according to Gaza’s Health Ministry, w hich does not say how many of the dead were militants.

In a previous ceasefire this year, Israel released nearly 1,800 Palestinians, including around 230 serving lengthy sentences for deadly attacks, in exchange for 25 living hostages and the bodies of eight others. Most prisoners convicted of deadly attacks were deported. This time, Israel is expected to release around 250 prisoners serving long sentences as well as around 1 ,700 people seized from Gaza the past two years and held without charge.

After previous releases, joyful crowds welcomed them home, adding to the agony of the families of I sraeli victims.

‘I want to try and make Israel a safer place’

RON KEHRMANN’S 17-year-old daughter, Tal, a popular high school senior who loved singing and doodling, was also killed on Bus 37. He still cries whenever he thinks of her. It feels better to focus on his activism, he says.

He remains staunchly opposed to the release of Palestinian prisoners, saying it’s about deterring attacks.

“I want to try and make Israel a safer place,” he said. The Oct. 7 attack happened “because of the mistake of the government,” in releasing militants for Shalit, he said. If a youngster knows that at one point, if he succeeds in killing the Israelis, he will be released, so why shouldn’t he do it?” said Kehrmann. “Israel needs to break the equation of releasing hostages via releasing terrorists.”

A decision to maintain empathy SINCE receiving the news of her attacker’s impending release, Hartuv h as felt herself sinking into feelings of anger and betrayal. When that happens, she said, she pulls up a photo of a hostage on her phone, or their anguished parents, and looks in their eyes.

“It doesn’t melt me, but it creates that room for empathy and reminds me there’s another side of the coin,” she said.

“If the opposing side again violates Afghanistan’s territorial integrity, our armed forces are fully prepared to defend the nation’s borders and w ill deliver a strong response,” the ministry added.

The Torkham border crossing, one of two main trade routes between the two countries, did not open on Sunday at its usual time of 8 am. The crossing at Chaman was also closed.

Pakistan accuses Afghan authori -

Saudi Arabia just reached a mutual defense pact with Pakistan, which apparently put the kingdom under Islamabad’s nuclear umbrella following Israel’s attack on Qatar.

“With the amount of people that were taken on Oct. 7, and with a range of ages, I just came to the conclusion that it’s not going to be worth the fight this time,” he said. “We need to bring them back.”

The worst hostage crisis Israel has faced HAMAS-LED militants killed some 1,200 people in the Oct. 7 attack and abducted 251.

Israel’s retaliatory offensive has killed over 67,000 Palestinians,

“That doesn’t dissipate my feeling of anger at the Israeli government, or their sloppiness in not e ven contacting me, or feelings of betrayal at Western governments who didn’t hold Hamas to account, but it does mollify my sense of injustice to some degree,” she said. It’s the ability to go back and forth between those heartbreaking stories, holding space for both, t hat Hartuv wishes more people would emulate. She feels that Israeli discourse has been so fixated o n the hostages that people who raise questions about the price of the deal have been pushed aside. She doesn’t want to stop the deal, but after the hostages return, she wants some recognition for the price Israel, and she in particular, had to pay, and for the fear that this could lead to more attacks.

“It would make the release of the hostages so much more magnificent if you understand how necessary this is for Israel, but also how difficult,” she said.

refugees sit next to their belongings loaded onto vehicles as they wait for opening of the border crossing point, which was closed after Afghan and Pakistani security forces exchanged gunfire across the border, at a camp in Chaman, Pakistan, Sunday, Oct. 12, 2025. AP PHOTO

EGYPTIAN Red Crescent members monitor

carrying humanitarian aid as they enter the Rafah crossing between Egypt and the Gaza Strip, following an agreement between Israel and Hamas on a ceasefire, Sunday, Oct. 12, 2025. AP PHOTO/MOHAMED ARAFAT

Strategic Myanmar town of Kyaukme lies in tatters after military offensive

By Aung Shine Oo

The Associated Press

KYAUKME, Myanmar—Ten days after it was recaptured by Myanmar’s military government, the town of Kyaukme stands eerily silent. Schools have reopened but the town’s once-busy market is mostly empty. Vendors at some stalls closed them at the sight of visiting journalists, visibly nervous.

The once-thriving town in Myanmar’s Shan State is in shambles, an Associated Press journalist confirmed on Friday in a rare visit to the war-torn area allowed by the country’s military government.

The army allowed an AP photographer to join a trip supervised by promilitary Myanmar media, the only representative of foreign media who was permitted to do so. The military doesn’t allow a free press and bars journalists from entering conflict zones independently.

The journalists saw the charred wreckage of official buildings, such as the courthouse, police station and government housing. Much of the area around the town’s hospital was destroyed, with its operations temporarily shifted to a nearby Chinese temple. At least one of the town’s fire engines was burnt out.

Civilian houses seemed to be mostly unscathed, except those near damaged official buildings, but most of the town’s original population of 46,000 had fled.

The ethnic militia that previously controlled the town accused the army of causing the damage with airstrikes and heavy weapons, while the government soldiers who took over the town said the militia destroyed structures as it retreated.

Because of its strategic location on a highway connecting central Myanmar to China, Kyaukme has been much fought over. About 115 kilometers (70

miles) northeast of Mandalay, the country’s second-largest city, it has changed hands twice since the army in 2021 ousted the elected government of Aung San Suu Kyi, setting off the current civil war between the military government and an alliance of militias representing ethnic minorities and pro-democracy activists.

Kyaukme was captured by the Ta’ang National Liberation Army in August 2024, amid a wave of victories by opponents of military rule that left them apparently in control of most of the country’s territory. The TNLA is the guerrilla army of the Palaung ethnic minority.

The town fell back into the hands of the military government on Oct. 1 after a three-week battle, in a significant victory for government forces.

The army has mounted a succession of successful offensives in recent months, ahead of elections set for the end of the year. Critics say the polls will be neither free nor fair, but the army hopes that high turnout will help legitimize the vote.

Before attacking Kyaukme, the army in July recaptured the town of

Nawnghkio, considered a gateway to Myanmar’s heartland because it sits at the crossroads of Myanmar’s eastern hills and its central flatlands.

From there, the 55 kilometers (33 miles) to Kyaukme is flanked by buildings damaged by bombs and bullets, or pummeled into debris.

Army checkpoints manned by newly drafted soldiers stand every 500 to 1,000 meters (yards) along the route. A major bridge was damaged, but remains standing and is under repair.

The authorities blocked journalists’ access to some residential areas, which they said were dangerous. “There are still land mines that haven’t been cleared in parts of the neighborhood,” said Capt. Wai Yan Kyaw, who was stationed at one of the town’s gates.

The journalists saw unexploded ordnance, including a mortar shell sunk into the ground inside the compound of a Buddhist monastery.

Locals who spoke to the AP said that only a small part of the town’s population had returned since its recapture.

A resident who had stayed behind during the fighting said that the overwhelming majority fled after fighting broke out last year, and those who stayed, like him, did so because they couldn’t afford to leave. He spoke on condition of anonymity to avoid harassment from the authorities.

Kyaukme is near the front line of the continuing army offensive, with soldiers saying they believe TNLA forces are in the hills just 32 kilometers (20 miles) away.

A motorbike taxi driver in his mid30s, who also asked not to be named for his own security, said he believed residents would be unwilling to return until the army recaptures more nearby towns.

“People are unwilling to live near the front line,” said the driver, who came back on Tuesday.

Power restored to

800,000

in Kyiv after Russian strikes on Ukraine’s energy grid

By The Associated Press

OWER was restored to over

P800,000 residents in Kyiv on Saturday, a day after Russia launched major attacks on the Ukrainian power grid that caused blackouts across much of the country, and European leaders agreed to proceed toward using hundreds of billions of frozen Russian assets to support Ukraine’s war effort.

Ukraine’s largest private energy company, DTEK, said “the main work to restore the power supply” had been completed, but that some localized outages were still affecting the Ukrainian capital following Friday’s “massive” Russian attacks.

Russian drone and missile strikes wounded at least 20 people in Kyiv, damaged residential buildings and triggered blackouts across swaths of Ukraine early Friday.

Prime Minister Yulia Svyrydenko described the attack as “one of the

largest concentrated strikes” against Ukraine’s energy infrastructure. Russia’s Defense Ministry on Friday said the strikes had targeted energy facilities supplying Ukraine’s military. It did not give details of those facilities, but said Russian forces used Kinzhal hypersonic missiles and strike drones against them. Ukraine’s air force said Saturday that its air defenses intercepted or jammed 54 of 78 Russian drones launched against Ukraine overnight, while Russia’s defense ministry said it had shot down 42 Ukrainian drones over Russian territory. At least two people were killed and five wounded in airstrikes on Kostiantynivka, a city in Ukraine’s Donetsk region Saturday, regional Gov. Vadim Filashkin said. Ukrainian President Volodymyr Zelenskyy said Saturday that he had a “very positive and productive” phone call with US President Donald Trump.

See “Power,” A8

Analysis: Iran out in the cold as Mideast unites in support of the Gaza ceasefire

By Jon Gambrell The Associated Press

CAIRO—As the Middle East broadly welcomes a ceasefire in the Israel-Hamas war in Gaza, Iran finds itself at one of its weakest moments since its 1979 Islamic Revolution.

Tehran has operated its self-described “Axis of Resistance” over several decades, supporting militant groups and nations allied with it against Israel and the United States. But as Israel bombed the Gaza Strip, it also turned its crosshairs toward top leaders abroad in militant groups like Hamas, Lebanon’s Hezbollah and even the top echelon within Iran’s military and nuclear program — killing many and disrupting their ability to fight back.

As President Donald Trump prepares for a Middle East trip that likely will see him praised by Israel and Arab nations, Iran won’t be at the table as it still struggles to recover from June’s 12-day war.

How Tehran’s theocracy responds in the weeks and months ahead, whether that means lashing out or trying to rebuild its hobbled economy at home, will be crucial.

“Undoubtedly this is a not a proud moment for Iran,” said Ali Vaez, the Iran project director at the International Crisis Group. “Its alliance system in the region is in ruins but it doesn’t mean that the ‘Axis of Resistance’ is no more.”

‘Like a bankrupt gambler’ IRANIAN state media has sought to describe the Gaza ceasefire as a victory for Hamas,

despite the war destroying the Gaza Strip and killing over 67,000 Palestinians, according to Gaza’s Health Ministry, which doesn’t differentiate between civilians and combatants but says around half the dead are women and children.

Iran’s Foreign Ministry welcomed “any decision...that guarantees halting the genocide of Palestinians.” Iranian Foreign Minister Abbas Araghchi reiterated that on Saturday, telling state television that Hamas decided to accept the deal and that Tehran has “always supported any plan, any action that led to the halt of crimes, genocide” by Israel against the people of Gaza.

But perhaps more tellingly, an adviser to Iran’s 86-year-old Supreme Leader Ayatollah Ali Khamenei suggested the ceasefire would only lead to conflict elsewhere in the region.

“The start of the ceasefire in Gaza may be the behind-the-scenes end of the ceasefire somewhere else!” Ali Akbar Velayati, an adviser to Khamenei, wrote on X, referencing Hezbollah, Yemen’s Iranian-backed Houthi rebels and Iraq.

The fear of further Israeli strikes, particularly on Iran, remains acute in the public’s mind as much of Iranian air defenses likely were destroyed by Israel in June. Khamenei has not resumed his usual routine of weekly speeches to audiences. Without explanation, Iran avoided holding a major military commemoration marking the end of the Iran-Iraq war in September, which typically sees top

and

In this photo taken during a trip supervised by pro-military Myanmar media, a damaged government residence is seen in Kyaukme, northern Shan State, Myanmar, Friday, Oct. 10, 2025 AP PHOTO/AUNG SHINE OO

IRANIAN worshippers hold Iranian and Palestinian flags during an anti-Israeli rally after their Friday prayers at the Enqelab-e-Eslami (Islamic Revolution) street, in Tehran, Iran, Friday, Oct. 10, 2025. AP PHOTO/VAHID SALEMI

EMERGENCY

Trump and Xi Jinping’s truce collapses amid new tariffs and export controls

By Bloomberg News

CHINESE President Xi Jinping’s blistering response to Donald Trump violating the terms of their fragile trade truce has reignited a tit-for-tat spiral, exposing the rocky path to any US-China trade deal.

After China unveiled wide-ranging global export controls on products containing even traces of certain rare earths this past week, Trump fired back by threatening to cancel a planned in-person meeting with Xi—their first in six years. The US leader also announced plans to double tariffs on Chinese goods to 100 percent, along with sweeping curbs on “any and all critical software.”

On Sunday, Beijing justified its moves as defensive actions and accused the US of introducing new restrictive measures targeting China since talks between the two in Madrid in September. Last month, the US Commerce Department unveiled a dramatic expansion of its export controls, which closed loopholes in current measures to block Beijing from cutting-edge chips.

“Willful threats of high tariffs are not the right way to get along with China,” the Commerce Ministry said. “China’s position on the trade war is consistent: we do not want it, but we are not afraid of it.”

China’s backlash shows Beijing viewed a tariff truce stuck during Geneva talks in May—and reinforced a month later in London—as hinging on

an agreement both sides would freeze any new curbs on critical shipments. The latest rupture demonstrates Xi is drawing red lines on such curbs, setting up Beijing now either to retaliate on tariffs or engage in damage control with the US to regain an equilibrium where trade can flow.

“We will not be intimidated by such coercive and unilateral actions of power politics,” said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, a think tank under the Ministry of Commerce. “Our actions have clearly shown this.”

Both sides have left room for deescalation. Trump’s tariffs are slated for Nov. 1, days after the expected meeting with Xi at a summit in South Korea. China’s new controls are set to begin taking effect a week later, shortly before the latest trade truce holding back tariffs as high as 145 percent expires.

Export controls on technology and magnets critical to artificial intelligence and weapons manufacturing are at the heart of trade negotiations between the world’s biggest economies.

After Trump hit China with 145% tariffs in April, Xi blocked US firms

from buying its magnets, sparking factory closures and panic over the nation’s dependence on Beijing for metals vital to national security. If the US leader hikes tariffs again, Beijing could reimpose that blockade bringing both sides back to a battle of which superpower can withstand more economic pain.

“Washington’s fear of China is strategic, not economic,” according to analysts at Hutong Research, an independent analysis firm. “A disruption in rare earth flows threatens defense production capacity, a core pillar of US global power projection and, by extension, dollar stability.”

The latest showdown underscores the difficulty for two rivals to strike a trade deal. Chinese negotiators have reportedly dangled a huge investment package to Trump’s team, but such capital flows would likely be blocked by US national security controls. The fallout could also jeopardize a deal for China-owned social media giant TikTok’s US operations, which US lawmakers have previously opposed over security concerns.

XI JINPING, China’s president, displayed on a screen during the closing of the Third Session of the 14th National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, on Tuesday, March 11, 2025. The seven-day National People’s Congress gathering, which concludes today in Beijing, came on the heels of a breakthrough in artificial intelligence by China’s homegrown startup DeepSeek that’s fired up investors, politicians and even regulators. PHOTOGRAPHER: QILAI SHEN/BLOOMBERG

Ultimately, the US will find the escalation and any collapse of the TikTok deal harder to bear than its rival, according to CF40, a Beijing-based economic think tank, which said China could hedge against higher US tariffs with policy support.

“The Trump administration relies on TikTok to woo young voters, and with political pressure from the 2026 mid-term elections it has limited scope for extreme measures,” the organization wrote in a Saturday paper. “Inflation and shortages that tariffs are causing in the US will be hard to alleviate in the short term.”

Chinese exports have hit new records in many markets this year, showing Beijing can survive without the US consumer. Data due Monday is expected to show the factory engine surging ahead again, giving Xi more breathing room. Still, a huge spike in tariffs would put more pressure on an economy already battling weak domestic demand and deflationary pressures.

Officials from both sides could sit down again as soon as this week, when

a team from China heads to Washington for a regular round of meetings with international finance chiefs. Officials from Beijing could face pushback there from global counterparts, as its latest rare earths curbs are not limited to the US, threatening to also disrupt European and Asian firms.

The renewed brinkmanship revives fears of a deeper rupture in global trade that could push the two economies toward partial decoupling. Markets recoiled on Friday, with US stocks suffering their worst selloff in six months, and commodities from soybeans to wheat, copper and cotton all falling.

“Bloomberg Economics estimates that a 100 percent US tariff hike would push effective rates on Chinese goods to around 140 percent—a level that shuts down trade, not just raises costs. While the current 40 percent rate—25 percentage points above the world average—is challenging, China’s manufacturing edge has kept exports flowing. Tariffs above 100% would sever most flows,” said Chang Shu, Bloomberg’s chief Asia economist.  Ultimately, the endgame will likely

involve some form of negotiated settlement, said Ray Wang, lead semiconductor analyst at The Futurum Group.

“The economic, security and supplychain stakes for both sides are simply too high to sustain the current standoff indefinitely,” he added. Earlier this year, China used its dominance of vital rare earths to help force Trump into easing export controls on certain goods to the Asian nation. Xi’s team could push the US for a similar climb down in their next round of talks.

Hu Xijin, the former editor-inchief of state-run tabloid Global Times, described the rupture in recent days as a “turning point” in China’s relationship with the US, as it wields its leverage in rare earths to hold back chip curbs.

“This year, the Trump administration imposed tariffs on Chinese products several times without even consulting us. Sanctioning our companies was done just as casually,” he wrote on X. “China will use its strength to prevent the US from crossing the line.” Bloomberg

IMF warns of potential market crash driven by AI stock bubble

CBy Craig Stirling

ENTRAL bankers, already uneasy about trade tensions and swelling public debt, will collectively confront a new worry in the coming week: the danger of a market crash.  Global policymakers and finance ministers will gather in Washington for the International Monetary Fund/World Bank fall meetings after a chorus of warnings that a stock bubble focused on artificial intelligence companies might burst before long.

Kristalina Georgieva, the fund’s managing director, acknowledged the financial stability risk in a speech on Wednesday that previewed topics for discussion in the coming days.

“Valuations are heading toward levels we saw during the bullishness about the Internet 25 years ago,” she said. “If a sharp correction were to occur, tighter financial conditions could drag down world growth, expose vulnerabilities, and make life especially tough for developing countries.” Her warning was arguably more forthright than the IMF’s commentary from the October 2000 meeting, when its World Economic Outlook described “still high” equity valuations and the potential for imbalances to unwind “in a disorderly fashion.” Within months, the selloff momentum was such that the Federal Reserve was forced to deliver an emergency half-point interestrate cut. Even before US President Donald Trump’s renewed China tariff threat tanked stocks on Friday, officials saw alarming parallels. The Bank of England just warned of the risk of a “sharp market correction,” European Central Bank policymakers worried aloud, and the Reserve Bank of Australia this month also noted vulnerabilities. Such concerns have been mounting for a while. ECB officials were presented with the warning of “sudden and sharp price corrections” at their last policy meeting

more than a month ago, while Fed Chair Jerome Powell observed in September that markets are “highly valued.” Fast forward to the coming week, and the IMF’s Global Financial Stability Report—a publication that didn’t even exist back in 2000—may draw more attention than usual on Tuesday. The latest WEO, with economic forecasts for the world, will also be released.

Statements from Group of Seven or Group of 20 ministers attending the IMF gathering will also be scrutinized, as will the cacophony of policymakers likely to share their views.

“Artificial intelligence might be a bubble. It is also a juggernaut. The IMF is doubtless correct to warn that valuations are stretched. More doubtful—whether those warnings register with investors gripped by fear of missing out,” said Tom Orlik, Bloomberg’s global chief economist. Elsewhere, trade and consumer price data in China and India, UK wage and growth numbers, and Monday’s announcement in Stockholm of the Nobel Prize for Economics will be among the week’s highlights.

Bloomberg’s wrap of what’s coming up in the global economy: US and Canada IN the US, where official economic data releases remain delayed by a government shutdown, investors will focus on Powell’s assessment of the labor market and inflation. He’ll offer an outlook for the economy and monetary policy at the National Association for Business Economics on Tuesday.  Powell’s speech highlights a week full of appearances by central bankers, including Fed governors Christopher Waller, Michael Barr and Stephen Miran, as well as regional Fed bank presidents Anna Paulson, Susan Collins and Alberto Musalem.

Economic data releases include the September small-business optimism index and October manufacturing surveys from the

KRISTALINA GEORGIEVA. PHOTOGRAPHER: SHOKO TAKAYASU/BLOOMBERG

Fed banks of New York and Philadelphia. On Wednesday, the Fed issues its Beige Book—anecdotal information about economic conditions around the country.

Canada’s Finance Minister FrancoisPhilippe Champagne and central bank

Governor Tiff Macklem attend the meetings in Washington, with Macklem also scheduled to appear at the Peterson Institute for International Economics. Senior Deputy Governor Carolyn Rogers is set to speak in Vancouver about Canada’s urgent need to boost productivity.

Home sales and housing start data for September will offer a look at Canada’s slow real-estate recovery, which may have gotten a mid-month boost from the Bank of Canada’s rate cut.

Asia ASIA’S week will be dominated by a mix of trade, inflation and policy signals that should help clarify how the region is coping with heightened global uncertainty and widening policy divergence.

China sets the tone at the start of the week with trade figures likely to show exports picking up in September. The same day, India is expected to report a further cooling in consumer price gains.

On Tuesday, Singapore’s central bank

is likely to keep monetary settings unchanged after two rounds of easing earlier this year. The city-state also publishes advance third-quarter GDP data, which should confirm that growth cooled after a strong June quarter.

Singapore’s review follows a flurry of policy moves across the region, with Indonesia and New Zealand extending their easing cycles to support growth amid rising trade protectionism, while Thailand, Malaysia and Australia opted to hold steady as they monitor the impact of earlier cuts.

Minutes from the Reserve Bank’s September meeting on Tuesday will offer a window into how officials are weighing the risks of cutting further against a still-firm labor market. National Australia Bank’s business survey is released the same day.

China on Wednesday reports September prices data that are likely to show deflation persisting in Asia’s largest economy, underscoring how domestic demand remains fragile despite recent policy support.

India’s trade figures the same day will show the impact of hefty US tariffs, while import trends will offer a read on domestic consumption and investment appetite. The country also releases its unemployment rate that day.

Bank of Japan board member Naoki Tamura, a hawk who called for a rate hike last month, speaks on Thursday, followed by Deputy Governor Shinichi Uchida on Friday. Given the collapse in the nation’s governing coalition after Sanae Takaichi’s victory in the ruling party leadership race, investors will be on watch for any change in tone.

Australian jobs data will show whether hiring remains strong enough to keep policy on hold into year-end. On Friday, South Korea and Malaysia report trade figures while Singapore publishes export data.

Europe, Middle East, Africa

APPEARANCES in Washington by ECB President Christine Lagarde and BOE Governor

Andrew Bailey will be among the highlights. Back in the euro region, the saga over France’s budget after another government collapse will focus investors in a relatively quiet week for data.

Among the statistics on the calendar, Germany’s ZEW investor confidence index on Tuesday and euro-zone industrial production on Wednesday may draw the most attention.

On Friday, a potential ratings update on Italy from Morningstar DBRS could be significant. With the country on a positive outlook, an upgrade would give it the highest rating since 2019 from any one of the five companies used by the ECB to assess collateral.

In the UK, wage data on Tuesday are expected to show some weakening in the measure that excludes bonuses, a result that might reassure BOE officials gauging the strength of inflation. Growth numbers two days later are predicted to show a slight increase in gross domestic product in August after no change the prior month.

In Israel, inflation data on Wednesday may show an acceleration to 3.1 percent in September from 2.9 percent in August. The central bank held rates steady last month, anticipating price growth to hover around 3 percent—the upper end of its range—before easing in early 2026.

Turning to Africa, Nigerian numbers the same day will probably reveal inflation slowing below 20 percent last month for the first time since 2022, helped by softer food prices during the main harvest and a stronger naira. Such cooling could give the central bank scope for another 50-basispoint cut in November.

With most central bankers at the IMF meeting, only a couple of rate decisions are on the calendar. In Namibia, policymakers are expected to keep their rate unchanged at 6.75 percent on Wednesday, with inflation edging higher. Seychelles is likely to leave borrowing costs on hold the same day.

Latin America A $20 billion swap line with the US Treasury, along with currency market intervention on Thursday, for now likely heads off a full-blown economic crisis for Argentina, but the peso’s selloff preceding the rescue left a mark on inflation and expectations alike.

September data reported Tuesday will likely show that consumer prices rose more than 2 percent on the month for the first time since April.

Brazil and Peru—Latin America’s largest- and sixth-largest economies, respectively—will post August GDP-proxy figures in the coming week. Brazilian economic activity fell for a third month in July, the longest month-on-month slump since 2019. The 50 percent tariffs on exports to the US that went into effect in August, coupled with tight monetary conditions, stand a good chance of dragging activity down to a fourth straight negative print. Peruvian activity bounced back in July, and yet another private pension fund withdrawal should provide support into year-end. Meanwhile, Colombia’s economy is riding a jump in demand that saw monthly activity rebound in July from a tumble in June.

GDP-proxy data, retail sales, manufacturing and industrial output—on the schedule for the coming week—all posted positive readings for a second straight month in July for the first time since late 2022. Analysts, who’ve marked up thirdquarter GDP estimates while trimming their forecasts for the next six months, see Colombia’s economic growth picking up for a second year, followed by a third year in 2026.

With assistance from Vince

Biden undergoes radiation and hormone therapy for aggressive prostate cancer

By Darlene Superville The Associated Press

WASHINGTON—Former

President Joe Biden is receiving radiation and hormone therapy as part of a new phase of treating the aggressive form of prostate cancer he was diagnosed with after leaving office, a spokesperson said Saturday.

Explosion at Tennessee explosives plant kills 16, no survivors found

By Adrian Sainz & Obed Lamy

The Associated Press

McEWEN, Tenn.—A blast in rural Tennessee that leveled an explosives plant and was felt for miles around killed 16 people and left no survivors, authorities said. The explosion left a smoldering wreck of twisted and charred metal and burned-out vehicles at the Accurate Energetic Systems plant, which supplies and researches explosives for the military.

The cause of the blast is not known. Investigators are combing the incinerated property foot-by-foot searching for possible evidence.

“There’s a gauntlet of emotions there,” Humphreys County Sheriff Chris Davis said during a news conference, pausing to clear his throat before he asked for prayers for the families of the victims in a shaky voice.

“We’ve recovered no survivors,” he added.

During a vigil at Hurricane Chapel in McEwen, senior pastor Tim Farris noted that many in attendance know each other, the victims and their families.

“There’s a lot of people hurting. A lot of people who are crying a lot of tears,” he said. “We are sad that our community is going through this, but it’s a tremendous opportunity for the church to minister to a lot of those people today.”

Farris said he spoke with some families of victims on Friday who were in shock and numb, and they did not show much emotion. That had changed by Saturday, he said.

“Speaking with some of the families today, they were very emotional,” Farris said. “They can hardly speak or anything, they are so emotional. I think as this goes on, it’s going to hit more people. The depth of this, the reality of it. That’s when they’re going to need people the most.”

Pamela Jane Brown was among those who came out to pray for friends missing in the blast and their families. She said an acquaintance of her family

was driving by the plant when it exploded, and he was “hurt pretty good ... all cut up and bruised,” but is now recovering at home.

“I was heartbroken,” she said, after learning of the explosion on social media. Meeting others for prayer “was a coming together of the community – a good feeling.”

State officials brought in a “rapid DNA” team to help identify the remains of people recovered at the site.

Davis said about 300 responders are working in a “slow, methodical method” as they deal with explosive material that has been damaged and remains volatile. An ambulance and a helicopter used for air evacuations were brought in, for the safety of first responders.

“It’s not like working an accident. It’s not like working a tornado. We’re dealing with explosions. And I would say at this time, we’re dealing with remains,” he said.

Guy McCormick, a supervisory special agent with the US Bureau of Alcohol, Tobacco, Firearms and Explosives, said explosive specialists and bomb technicians are trying to make the area safe for national ATF investigators. He said the nature of the scene can change because of the heat and pressure caused by the explosion.

Davis said it could be days, weeks or even months before foul play is

ruled out.

The site is located in a heavily wooded area of middle Tennessee, between the economically vital Tennessee River to the west and the bustling metropolis of Nashville to the east. Modest homes dot the wooded landscape, residences belonging to “good old country people,” as local man Terry Bagsby put it.

‘A lot of grief’

BAGSBY, 68, is retired but he helps out working the register at a gas station near the site. He said people in the close-knit community are “very, very sad.”

He said he knows people who worked at the site.

“I don’t know how to explain it.…

Just a lot of grief.”

Officials at an evening news conference said counselors would be available for grieving students on Monday.

Earlier Saturday afternoon at the church in McEwen, about 30 people gathered to pray for victims of the explosion and their families. Music played and mourners bowed their heads and closed their eyes. Some knelt at an altar, placing their hands on each other’s backs and shoulders. Some wept softly, among the whispered prayers.

After the vigil, Farris, the pastor, told media that the area has seen its share of tragedy and loss of life, including a deadly flood a few years ago. He asked for prayers for first responders.

“This is tiresome physically. This kind of thing weighs on you mentally. They carry that home. They need prayer and encouragement as well,” he said.

The company’s website says it processes explosives and ammunition at an eight-building facility that sprawls across wooded hills in the Bucksnort area, about 60 miles (97 kilometers) southwest of Nashville. It is not immediately known how many people work at the plant or how many were there when the explosion happened.

Accurate Energetic Systems, based

in nearby McEwen, said in a post on social media on Friday that the company’s “thoughts and prayers” are with the families and community impacted.

“We extend our gratitude to all first responders who continue to work tirelessly under difficult conditions,” the post said.

Explosion jolts residents from sleep

THE company has been awarded numerous military contracts, largely by the US Army and Navy, to supply different types of munitions and explosives, according to public records. The products range from bulk explosives to landmines and small breaching charges, including C4.

When the explosion occurred, residents in Lobelville, a 20-minute drive from the scene, said they felt their homes shake, and some people captured the loud boom of the explosion on their home cameras.

The blast rattled Gentry Stover from his sleep.

“I thought the house had collapsed with me inside of it,” he told The Associated Press. “I live very close to Accurate, and I realized about 30 seconds after I woke up that it had to have been that.”

Tennessee Gov. Bill Lee posted on the social platform X that he is monitoring the situation and asked “Tennesseans to join us in prayer for the families impacted by this tragic incident.”

A small group gathered for a vigil Friday night at a nearby park, clutching candles as they prayed for the missing and their families and sang “Amazing Grace.”

The US has a long history of deadly accidents at workplaces, including the Monongah coal mine explosion that killed 362 men and boys in West Virginia in 1907. Several high-profile industrial accidents in the 1960s helped lead President Richard Nixon to sign a law creating the Occupational Safety and Health Administration the next year.

In 2019, Accurate Energetic Systems faced several small fines from the US Department of Labor for violations of policies meant to protect workers from exposure to hazardous chemicals, radiation and other irritants, according to citations from OSHA.

In 2014, an explosion occurred at another ammunition facility in the same small community, killing one person and injuring at least three others.

Associated Press writers Mike Catalini in Morrisville, Pennsylvania; Sarah Brumfield, in Cockeysville, Maryland; Hannah Schoenbaum, in Salt Lake City; Kathy McCormack in Concord, New Hampshire; Kimberlee Kruesi in Providence, Rhode Island; and Hallie Golden in Seattle contributed to this report.

“As part of a treatment plan for prostate cancer, President Biden is currently undergoing radiation therapy and hormone treatment,” said Biden aide Kelly Scully. The 82-year-old Democrat left office in January after he had dropped his bid for reelection six months earlier following a disastrous debate against Republican Donald Trump amid concerns about Biden’s age, health and mental fitness. Trump defeated Democrat Kamala Harris, who was Biden’s vice president. In May, Biden’s post

Continued from A6

In a post on X, Zelenskyy said he told Trump about Russian attacks on Ukraine’s energy system, and that the two discussed opportunities to strengthen Ukraine’s air defense. “There needs to be readiness on the Russian side to engage in real diplomacy — this can be achieved through s trength,” Zelenskyy wrote.

Ukraine’s energy sector has been a key battleground since Russia launched its all-out invasion more than three years ago.

Each year, Russia has tried to cripple the Ukrainian power grid before t he bitter winter season, apparently hoping to erode public morale. Winter temperatures run from late October through March, with January and February the coldest months.

Zelenskyy said in his nightly address Friday that Russia was taking a dvantage of the world being “almost entirely focused on the prospect of establishing peace in the Middle East,” and called for strengthening Ukraine’s air defense systems and tighter sanctions on Russia.

Continued from A6

Iran’s economy also has suffered under international sanctions and as global energy prices fall.

“Iran has always focused on its interests, we do not have resources anymore, our economy has weakened,” said Tehran-based analyst Saeed Leilaz. “Our support to Hamas was a reaction to US to divert conflicts from our borders.”

Others are less optimistic.

“Iran is like a bankrupt gambler after winning some small money in the first rounds,” said Amir Kazemi, a university student in Tehran. “When Hamas attacked Israel, Iran was happy about it. But now, after the ceasefire, Iran finds nothing in its pocket.”

Mideast looks far different

IN the immediate years after Iran’s revolution, its theocratic government sought to export its Shiite revolutionary ideology more widely in the Middle East. That morphed following its devastating 1980s war with Iraq into more of an effort to provide a level of deterrence as Arab nations around it purchased sophisticated American bombs, warplanes and tanks that Tehran couldn’t access due to sanctions.

The US military’s presence across the Persian Gulf also expanded following the 1991 Gulf War, with Arab nations granting basing rights to American forces to Tehran’s constant anger.

The peak of the “Axis of Resistance” came in the chaotic years after the 2003 US-led invasion of Iraq and Yemen’s subsequent collapse into a civil war. Then, it could count on Hezbollah, Syrian autocrat Bashar Assad, the Houthis, Iraqi militant groups and even Hamas — a Sunni militant group. Today, the Mideast looks far different.

presidential office announced that he had been diagnosed with prostate cancer and that it had spread to his bone. The discovery came after he reported urinary symptoms.

Prostate cancers are graded for aggressiveness using what is known as a Gleason score. The scores range from 6 to 10, with 8, 9 and 10 prostate cancers behaving more aggressively. Biden’s office said his score was 9, suggesting his cancer is among the most aggressive. Last month, Biden had surgery to remove skin cancer lesions from his forehead.

“Russian assets must be fully used to strengthen our defense and ensure recovery,” he said in the video, p osted to X. Meanwhile, British Prime Minister Keir Starmer, French President E mmanuel Macron and German Chancellor Friedrich Merz said in a joint statement on Friday they were ready to move toward using “in a coordinated way, the value of the immobilized Russian sovereign assets t o support Ukraine’s armed forces and thus bring Russia to the negotiation table.” T he statement added they aimed to do this “in close cooperation with the United States.” Ukraine’s budget and military needs for 2026 and 2027 are estimated to total around 130 billion euros ($153 billion). The European Union has already poured in 174 billion euros (about $202 billion) since the war s tarted in February 2022. The biggest pot of ready funds available is through frozen Russian assets, most of which is held in B elgium—around 194 billion euros ($225 billion) as of June—and outside the EU in Japan, with around $50 billion, and the US, the United Kingdom a nd Canada with lesser amounts.

In Syria, rebels overthrew Assad last year, Israeli strikes killed Hezbollah and Hamas’ top leaders, while Iraqi militant groups faded into the background. Yemen’s Houthis, while still capable of launching attacks on Israel and commercial shipping in the Red Sea corridor, find themselves now targeted by increasingly precise Israeli strikes. And the 12-day war in June left Iran likely no longer enriching uranium for its nuclear program, which the West long has worried could be weaponized.

‘Collapsing regional clout’ IRAN , meanwhile, has yet to receive any major support from either China or Russia, despite providing Beijing with likely discounted oil and Moscow with the drones it uses in its war on Ukraine. Tehran has also shied away from confronting women who are increasingly abandoning the hijab, or headscarf, instead executing prisoners it already holds at a rate unseen in decades.

“The ceasefire is reflective of Tehran’s collapsing regional clout following the unraveling of its long-powerful ‘Axis of Resistance’ since 2024,” said Ali Fathollah-Nejad, the director of the Berlin-based Center for Middle East and Global Order. “The ceasefire will free Israeli military capacities that would now be used against Iranian interests—whether in Lebanon against Hezbollah or directly against Iran.”

For his part, Trump seized on Iran accepting the ceasefire as “terrific” news. However, there’s been no move toward renewed public negotiations with Tehran over its nuclear program.

“Time is not on Iran’s side but their problem is no one is really giving them an exit ramp,” Vaez said. But whether Tehran would take the ramp also remains in question as its leaders still debate what turn to now take.

Associated Press writer Nasser Karimi in Tehran, Iran, contributed to this

report.

FAMILY members gather at Accurate Energetic Systems, an explosive plant, after a blast on Friday resulted in multiple fatalities and several missing on Saturday, Oct 11, 2025, in Bucksnort, Tenn. AP PHOTO/ OBED LAMY

FORMER President Joe Biden speaks during the National Bar Association’s 100th Annual Awards Gala in Chicago, Thursday, July 31, 2025. AP PHOTO/NAM Y. HUH

PHL may ditch sugar imports via MAV in 2026

TBy Ada Pelonia @adapelonia

HE government would likely exclude imported sugar from the minimum access volume (MAV) scheme next year as the country has ample supply, the Sugar Regulatory Administration (SRA) said.

SRA Administrator Pablo Luis Azcona told the BusinessMirror that the government may not open the MAV for sugar in 2026.

Sugar has been excluded by the Department of Agriculture (DA) in applications for MAV for two years.

sugar skyrocketed to P100 per kilo in the latter part of 2022 from P53 per kilo in the previous year as stockpiles were depleted.

Sugar imports within the MAV are levied with a 50-percent tariff while shipments outside MAV are slapped with a 65-percent tariff.

Meanwhile, Azcona allayed concerns regarding sugar shipments, saying that importation is off the table for now.

“We have no shortage, the supply is stable, and the prices are also stable. So for now, I don’t think there’s a need for it.”

The Philippines last allowed sugar MAV in 2023 after the average retail price of refined

“The way we’re managing our sugar stocks, I don’t think there’s any need for MAV,” Azcona told this newspaper on the sidelines of a recent Senate hearing on the DA’s proposed budget.

Expected rebound in output to cut cocoa prices—report

GLOBAL cocoa prices would fall from previous recordhighs on the back of a projected rebound in production, an international research firm said.

BMI, a unit of Fitch Solutions, recently revised downward its cocoa price forecast for 2025 to $8,200 per metric ton (MT) from $8,500 per MT due to easing bullish sentiment in the market.

“Part of this has been driven by technical adjustments from an overbullish market, but the main drivers have been improving expectations regarding supply as well as signs that demand destruction in the face of elevated prices is happening.”

Such a pivot in market sentiment was due to projections that cocoa output in West Africa, a cocoa powerhouse, would replenish global inventories, the research firm said.

“We forecast that production of cocoa globally in 2024/25 will increase by 8 percent year-on-year, driven mainly by an improvement in harvests in West Africa.”

BMI noted that better weather conditions and improvement in farmgate prices in cocoa-producing countries in the region would help buoy output.

“In West Africa, we believe that improved weather conditions will be favorable for cocoa production, and we also flag the recent increase in farmgate prices in both Ghana and Côte d’Ivoire as an upside risk for production.”

It added that investments poured into cocoa production outside West Africa due to the spike in prices would also bolster yield.

“Outside of West Africa, we believe that higher prices over the past few years have driven increased investment in cocoa production in Latin America and Asia,” BMI said.

“While cocoa trees require five

years between planting and production, and we will therefore see the effects of new trees becoming productive over the medium term, growing investment will boost yields from existing cocoa trees through improved input use and agronomic practices.”

Despite this, BMI noted global consumption would drop by 4.3 percent yearon-year in 2024/25, which would result in a return to a market surplus following three consecutive deficits.

“The most recent data from cocoa grindings is evidence of the fact that, although this has taken longer than the market had expected, demand destruction in the face of elevated prices is occurring.”

The research firm noted that data from grindings in the second quarter pointed to a 9.4 percent year-on-year decline on a global level.

The largest decrease was recorded in Asia at 16.3 percent due to chocolate being less of a staple in the region compared to Europe and the United States, it added.

“Elevated prices are driving companies to use alternative ingredients to cocoa beans and cocoa butter or decrease the amount of cocoa in their products.”

BMI also flagged the EU Commission’s intention to delay the implementation of the EU Deforestation Regulation (EUDR) to January 2026.

“On one hand, this delay is a downside risk for prices as it reduces the possibilities of some cocoa being unable to enter the market due to non-compliance,” the firm said.

“On the other hand, we note that chocolate manufacturers such as Barry Callebaut, as well as environmental groups, have voiced concern about this because many have already invested significant resources to comply with the regulation, and this would increase uncertainty in the market.”

Ada Pelonia

“Since milling has started, we will not talk or discuss about importation or plan about importation until May to June [next year] where we have definite production numbers unless there is really a warranted need or a spike.”

“That is our promise to the farmers: as long as they are milling and we have no definite production numbers, and

there is no warranted need, we will not discuss importation at the moment.”

Figures from the SRA showed that the country’s raw sugar output settled at 2.085 million metric tons (MMT) in the previous crop

year 2024-2025. Some 226,693 metric tons (MT) of the 424,000 MT approved import volume under Sugar Order 8 in the same crop year have entered the country as of September 28, based on the latest SRA data.

For crop year 2025-2026, the SRA said raw sugar production could fall to 1.92 million metric tons (MMT) as torrential downpours and pest infestation battered plantations in Negros, which accounts for 65 percent of total output of the sweetener.

However, the agency noted that output in the current crop year may even be lower than the initial forecast owing to the potential impact of red-striped soft-scale insects (RSSI) infestation on yield.

“It’s an estimate based on the heavy rainfall experienced in the north of Negros, and [there] might be a small drop considering the presence of RSSI,” Azcona said.

The average price of refined sugar in Metro Manila remains stable at P84.77 per kilo, while raw sugar settled at P76.38 per kilo, latest SRA reports showed.

Use mobile soil testing labs to hike yield, farmers told

THE Department of Agriculture (DA) has intensified its efforts to enhance farm productivity through the deployment of mobile soil testing laboratories nationwide.

Agriculture Undersecretary Roger Navarro urged farmers to take advantage of the Bureau of Soil and Water Management’s mobile soil testing laboratories (MSL) services to improve crop yields.

He noted that the MSL would also allow them to make informed decisions on the right seeds, fertilizers, and other inputs that would optimize their land.

Each mobile lab, worth P42

million, can conduct advanced analysis of up to 44 parameters that would cover soil chemical, physical, microbiological, and water chemical properties.

The DA said MSL is a key component of the National Soil Health Program, which aims to make soil testing accessible, reliable, and precise, particularly in remote agricultural areas.

“The DA is offering these services free of charge to farmers growing rice, corn, high-value crops, vegetables, and root crops,” Navarro said. “This is a valuable tool to help boost yields while minimizing the impact on soil health.”

The agency noted that all its Regional Field Offices (RFOs) have been equipped with an MSL. It added that the pilot deployment of the MSL in Tarlac earlier this year demonstrated “promising results” after analyzing 543 soil samples and producing 346 fertilizer recommendations covering 25 high-value crops.

The DA said 584 farmers and local stakeholders were trained in soil testing and sustainable fertilizer management. Following this, the MSL deployment also generated Soil Health and Soil Fertility Maps, Soil Health Monitoring Reports, and person -

alized Soil Health Cards.

“Soil health isn’t just about sustainability—it’s a sound financial strategy. With regular soil testing, farmers can cut input costs, improve yields and crop quality, reduce risks from drought or nutrient deficiencies, and ensure long-term soil productivity,” the DA said.

“By investing in soil health, the DA empowers farmers to make smarter decisions—leading to yield increment translating to greater profitability, improved resilience, and a stronger foundation for Philippine agriculture.”

Fair price for rice better than cash aid—lawmaker

TBy Butch Fernandez @butchfBM

HE chairman of the Senate agriculture committee pushed for the issuance of an executive order (EO) to establish a floor price for palay (unmilled rice) for government purchases for its rice distribution programs.

The call by Senator Francis Pangilinan followed calls by various farm groups for the floor price and amid testimony by Nueva Ecija farmers about how the scandalously low pricing set by traders leaves farmers in debt because the farmgate is way below their production cost.

The executive order for a floor price, according to Pangilinan, would apply to all government purchases and align with the full implementation of the Sagip Saka Act or Republic Act 11321, to ensure that farmers receive fair compensation

for their hard work, especially in light of declining farmgate prices.

Kapag ang palay ay binili ng walo hanggang sampung piso kada kilo habang ang production cost ay katorse hanggang kinse pesos, kulang ang anumang ayuda para punan ang lugi [When palay is being bought at only P8 to P10 per kilo while it costs farmers P14 to P15 to produce it, no amount of aid will make up for their losses],” Pangilinan said over the weekend.

Hindi nila kailangan ng abuloy. Kailangan nila ng patas na presyo sa bunga ng kanilang lakas . . . Kaya ang isa sa matagal na nating panawagan ay floor price, para pumatas naman ang laban ng mga nagpapakain sa atin (Our farmers don’t need charity. They need fair price for the fruits of their labor . . . That’s why a floor price is what we have been calling for, so that the people who feed us may have a fighting chance.”

Earlier, Danilo Bolos, a rice farmer from Nueva Ecija told a House of Representatives’ hearing that what rice farmers need is higher buying prices for palay, not another wave of cash assistance. Bolos told the House committees on agriculture and food and ways and means that the practice of providing them aid makes them look like beggars.

Pangilinan said the EO he is seeking “is proof that the government is listening to the concerns of our farmers, and we appreciate their hard work.”

Speaking mostly in Filipino, he said, “Our rice farmers will have some breathing space with the floor price. They will have some protection from traders who capitalize on their desperation. This is one of the many steps so that our rice farmers will rise from subsistence to abundance agriculture.”

SOYBEAN futures plunged, extending earlier losses, after United States President Donald Trump threatened additional tariffs on China’s goods and said there was “no reason” to meet with Chinese President Xi Jingping. Trump’s social media posts contributed to dimming hopes for a US-China trade accord that could restart stalled American soybean exports, with growers busy harvesting while their top export market remains shut.

Chicago soybean futures fell as much as 1.9 percent to $10.025 a bushel, hitting session lows after

the posts. The intraday decline is the biggest since July 7. Equities markets and other commodities—from oil to wheat and copper—also dropped after the president’s comments. Cotton futures fell to the lowest since April as the renewed threat against China, a major cotton buyer, will further hit demand. China has already purchased significantly less cotton from the US amid low demand and trade tensions.

“The thought is China will not buy US beans now,” Joe Davis, a director at brokerage Futures International LLC, said of traders’ reaction.

US farmers have yet to ship any soybeans to China, the world’s top importer, this season. Beijing has turned to other exporters, including Brazil and Argentina, for its supplies. Trump said as recently as Thursday that the pressure he would bring on the Chinese president during their planned sit-down later this month would end Beijing’s months-long moratorium on US soybean buys.

“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump posted Friday.

Earlier, China announced special fees on US ships docking at its ports, a tit-for-tat measure signaling that trade tensions between the two sides are likely to persist. The measure kicks in October 14, the same day that Washington plans to impose new charges on large Chinese ships calling at US ports.

“This market had been propped up by hopes of a commodity trade deal with China, but a dose of reality set in overnight,” Arlan Suderman, chief commodities economist at StoneX, said before Trump’s comments. “That doesn’t mean that we can’t get a deal, but the

“The farmers are still forced to accept notoriously low prices for their harvest. They never have enough to pay for all the costs of planting. Not even for their family’s own consumption.”

Speaking in Filipino, he estimated that every year, “tons and tons of rice are bought by the DSWD, DOH, and DepEd for their programs. In the 2025 budget of DILG alone, over P278 million is allocated for the rice subsidy. If we combine that with the rice purchase schemes of the LGUs, that means a massive amount— and if we implement the Sagip Saka Act, that is money going to the pockets of farmers.”

He said a floor price will stabilize the market, protect farmers from exploitative traders, and encourage continued rice production, a critical measure as the country pursues long-term food security. Pangilinan pointed out that a month after a temporary ban was imposed on rice imports, farmers are still grappling with market realities.

Soybeans slump as Trump threatens more tariffs on China goods

market is dealing with the realities of how difficult that might be to achieve.”

Suderman said later that USChina relations are at a new low, with Trump’s statement reflecting a significant escalation.

The latest developments are “deeply disappointing at a moment when soybean farmers are facing an ever-growing financial crisis,” said Caleb Ragland, president of the American Soybean Association, adding that the group hopes talks can be put back on track.

Farming communities, which voted overwhelmingly for Trump

in the 2024 election, have been hit as export markets have dried up and many federal-safety net programs have shrunk during his second term.

The Trump administration has teased billions of dollars in federal aid for struggling farmers, but Agriculture Secretary Brooke Rollins on Thursday signaled that a package is on hold with the US government shut down.

Data on US crop production and harvest progress is also delayed during the shutdown. Analysts surveyed by Bloomberg expect US soy supplies to increase with a lack of exports. Bloomberg News

Ada Peloni a

BLOOMBERG

Blueprint for plunder: The systemic rot in PHL infrastructure

THE national budget should be a testament to our aspirations—a financial blueprint for progress, health, education, and shared prosperity. Yet, the recent revelations emerging from Congress paint a different picture. The 2026 budget, it appears, is not just a plan for development, but a meticulously crafted blueprint for plunder.

What the ongoing budget deliberations for 2026 reveal is a well-oiled machine designed to siphon public funds with alarming efficiency. The mechanism is deceptively simple and tragically effective. It begins with budgetary sleights of hand, such as the massive P243.22 billion in “unprogrammed appropriations.” As Akbayan Rep. Chel Diokno rightly argued, if these projects were genuine national priorities, they would be transparently programmed into departmental budgets. Instead, they exist in a shadowy fiscal realm, lump-sum funds that lack specificity and are notoriously difficult to track, making them ripe for manipulation by politically connected individuals. The swift rejection of the proposal to eliminate these funds speaks volumes about the political will to maintain this opaque system. (Read the BusinessMirror story: “House okays P6.793T ‘transparent’ 2026 budget, cuts OVP budget by P156M,” October 10, 2025)

The corruption cascades through a complex and insidious web of inter-agency collusion. The Department of Public Works and Highways (DPWH) may be the primary implementing body, but the funds are strategically lodged in various other departments—the Department of Agriculture (DA) for farm-to-market roads (FMRs), the Department of National Defense for security structures, and the Department of Education for school buildings. This diffusion of responsibility creates a bureaucratic maze where accountability is easily lost. As Agriculture Secretary Francisco Tiu Laurel Jr. admitted, billions in FMR projects were being implemented by the DPWH without his agency’s concurrence, effectively making the DA a bystander in the use of its own allocated funds. (Read the BusinessMirror story: “Budget review turns up ‘interesting’ but alarming findings in infra projects,” October 9, 2025).

Political patronage fuels this system. It is no coincidence, as Senator Sherwin Gatchalian pointed out, that the Bicol region and Leyte—hometowns of the former House Appropriations chairman and the former Speaker, respectively—received the lion’s share of funding for questionable FMRs, while the nation’s actual rice granaries were left behind. The same contractors flagged for “ghost” flood-control projects magically reappear as top awardees for FMR contracts.

The consequences for the people are devastating. When a farm-to-market road is priced at an astronomical P348,432 per meter—a 96 percent markup from the standard cost—it is a direct theft from the public treasury. When a planned 10-kilometer road is truncated to just 2 kilometers to accommodate kickbacks, it is the farmer who is robbed of the opportunity to bring his produce to market. Every peso stolen for a “ghost” project is a peso not spent on textbooks, hospital beds, or social aid.

To their credit, lawmakers like Senator Gatchalian and cabinet members like Secretary Laurel are sounding the alarm. The Senate’s forensic budget review, and the proposal to return project implementation to the originating agencies are commendable first steps.

However, we must not be naive. This is not a problem that can be solved by simply transferring funds or auditing a few projects. The corruption is systemic, and the roots run deep. As Senator Gatchalian himself fears, a few months of cleanup at the DPWH may not be enough to purge an agency where such practices have become institutionalized.

Tackling this menace requires more than just investigations; it demands fundamental structural reform. It requires a radical commitment to budget transparency, starting with the complete abolition of opaque lump-sum and unprogrammed funds. The battle over the national budget is a battle for the nation’s future. The people deserve infrastructure that connects communities, not enriches cronies. The question now is whether the country’s leaders have the political courage to dismantle this blueprint for systematic plunder.

Lawmakers should avoid abusing public trust by misappropriating the P243.22 billion in unprogrammed appropriations in the 2026 budget. The world has seen how public outrage against corrupt officials can lead to severe consequences, including civil unrest. Corruption weakens democratic institutions, stunts economic development, and deepens social inequality.

Why workplace wellness should be every organization’s priority

WRISING

ORLD Mental Health Day, observed on October 10, arrives this year with the theme “Access to Services: Mental Health in Catastrophes and Disasters”—a timely call, as the Philippines continues to cope with regional crises following recent calamities such as flooding and earthquakes. It’s a reminder that caring for mental well-being is now just as essential as meeting business targets or project deadlines.

But despite the growing recognition of mental health in the workplace, recent events following the earthquake in Bogo, Cebu, reveal the need for more compassionate policies. Several BPO companies reportedly reprimanded employees who chose to stop working after the quake due to safety concerns, with some workers facing administrative sanctions, loss of benefits, or even notices-to-explain when they prioritized their well-being and their families’ over immediate job tasks.

Complaints have surfaced that staff were ordered to return to work while aftershocks continued, and in certain cases, those who evacuated were called back before thorough safety inspections were completed. These incidents have sparked a broader call for change, urging businesses to value psychological safety and disaster response protocols as

T. Anthony C.

Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.businessmirror.com.ph

much as business continuity—especially in times of crisis.

There is still, however, a quiet shift that is occurring in many small businesses and large corporations: mental health is no longer an optional concern but a pillar of workplace resiliency and productivity.

Inspired by the annual global advocacy, more Filipino companies are now dedicating time and resources to implement workplace wellness events, from mindfulness breaks to wellness fairs. These initiatives respond not only to the stress from unpredictable events but also to dayto-day pressures that affect focus, morale, and team dynamics.

Among the most effective additions to corporate wellness programs are mindful practices like tai chi and qigong. These gentle, movementbased disciplines blend breathing, mental focus, and slow, deliberate motion to help reduce stress, quiet

racing thoughts, and support overall well-being. Employees often report less anxiety, improved clarity, and greater resilience after participating, echoing findings from research across Asia and beyond.

Yet there’s so much more that companies can do. Many workplaces now offer group yoga sessions—suitable for all fitness levels—that help loosen muscles, calm nerves, and enhance flexibility. Guided mindfulness and meditation workshops teach employees strategies for selfsoothing and focus, while dance or Zumba classes offer a joyful, energizing way to break up the workday.

Forward-thinking HR teams have also experimented with:

n Quiet hours or designated break rooms for reflection, coloring, or enjoying soothing herbal teas.

n “Walk & Talk” sessions, encouraging meetings on foot for natural stress relief

n Trivia games and educational seminars to break stigma and promote mental health literacy.

n Wellness challenges based on steps taken, healthy eating, or hydration.

n Acts of kindness days, journaling workshops, and peer support circles.

Some organizations even bring in wellness therapists for on-site massages, host awareness talks with psychologists, or offer training so managers and staff know how to spot and respond to emotional distress among colleagues.

Incorporating these varied approaches makes mental health sup -

port accessible and engaging for all, helping to build resilience not just for individuals but for the organization as a whole.

This World Mental Health Day, Philippine business leaders can set a powerful example. By making space for wellness activities and inviting partners like the Peace Blossoms Internal Arts Society (09178456856) to lead qigong, tai chi, or wellness sessions, companies can nurture a culture where success and psychological health go hand in hand. For organizations hoping to create a mentally stronger, more harmonious workplace, now is the time to act—and to show that investing in people’s inner well-being is a winning strategy for everyone. And going back to the events in Bogo, there is a pressing need for clear, compassionate disaster response policies across all sectors. Companies must ensure that no employee is penalized for prioritizing their own safety or that of their family during emergencies, and robust protocols must be in place to provide support—psychologically and logistically—before requiring anyone to return to work. Formal guidance from labor authorities, ongoing mental health education for management, and stronger industry accountability are essential steps to prevent similar incidents.

Ultimately, the lesson from Bogo is clear: true workplace wellness is measured not only by the programs on offer, but by how organizations respond, lead with empathy, and uphold dignity when their people need it most.

Advancing toward a defined future in oil and gas exploration

ILITO GAGNI

N a move that redefines the country’s energy frontier, President Ferdinand R. Marcos Jr. on Wednesday unveiled eight new Petroleum Service Contracts (PSCs)—covering exploration blocks across the Sulu Sea, Cagayan, Cebu, northwest Palawan, east Palawan, and Central Luzon. It is, by all accounts, the largest batch of PSCs ever awarded in a single stroke in Philippine history. And it signals the government’s resolve for energy self-sufficiency—a dream that other heads of state nurtured.

“Today marks a milestone,” declared Energy Secretary Sharon Garin, as she welcomed Philippine and international partners from Australia, the United Kingdom, Singapore, Israel, and the United States during the signing ceremony in Malacañang. “This is the largest batch of Petroleum Service Contracts awarded in a single period—

a powerful demonstration of this administration’s resolve to accelerate exploration and production of our country’s indigenous energy resources.”

The eight contracts signal a resurgence of investor confidence in the nation’s upstream energy sector —a critical push amid the waning output of the Malampaya gas field,

once the country’s energy lifeline. Collectively, the PSCs represent a potential investment commitment of $207 million, or roughly P12 billion, over a seven-year exploration span.

The DOE notes that these include the world’s first competitive bid round for native hydrogen and comanaged petroleum projects with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM)—an unprecedented stride toward inclusive, regionally balanced energy development, the sort of economic push of President Marcos to ensure that other regions benefit too, not necessarily that of Imperial Manila.

Secretary Garin affirmed that the DOE remains steadfast in ensuring the complete and timely implementation of these service contracts, calling them cornerstones of long-term energy security and sustainability.

This new dawn follows a long, uncertain interlude. When the Malampaya discovery electrified the nation in 1989, and exploration fever gripped the archipelago. But over the decades, the flame dimmed. Senate

deliberations leading to the passage of Republic Act 12120, or the Philippine Natural Gas Industry Development Act, exposed the sobering truth: exploration had stalled. Regulatory opacity, shifting fiscal regimes, and the absence of a coherent roadmap had turned investors away. The once-golden promise of our sedimentary basins was abandoned like Mount Diwalwal after its gold rush—rich in potential, chaotic in governance, and strewn with the remains of broken dreams. Now, the DOE under Secretary Garin is rewriting the investment playbook. Through Department Circular No. DC2025-09-0017, titled “Grant of Special Allowances for Petroleum Service Contractors,” the agency has crafted a more predictable, investor-friendly framework that still upholds the constitutional 60-40 equity rule. Under this new regime, service contractors may deduct special allowances from gross proceeds, while the government retains its 60 per -

See “Gagni,”

Ambassador Antonio L. Cabangon Chua

SUN

Atty. Jose Ferdinand M. Rojas II

One recipe, one kitchen: Coordinating flood control probes

TDumbguard no more!

Joel L. Tan-Torres

DEBIT CREDIT

Part four

HE pursuit for accountability in the corruption-tainted flood control projects in the Philippines does not rest solely with government investigation offices. In the last three articles, I dwelled on the Office of the President, the Independent Commission for Infrastructure, the Congressional oversight and investigation committees, the Financial Watchdogs, and the Enforcement and Investigative Units. A deeper and sustained inspection of these anomalies demands that scrutiny be expanded to include the professional gatekeepers, the legal advisers, and consultants who enable or overlook malpractices.

The professional gatekeepers include the Professional Regulatory Boards of Civil Engineers (PRBCE), the Professional Regulatory Board for Certified Public Accountants (PRBCPA), the Supreme Court (SC), and the Integrated Bar of the Philippines (IBP). These institutions are responsible for the admission of individuals into the professions of civil engineering, certified public accountancy, and law after they pass the rigorous licensure and bar examinations. Thereafter, the SC, IBP, PRBCE, PRBCPA and their professional membership associations mandate that their members and professionals discharge their responsibilities with full competence and integrity.

These professional gatekeepers must examine the conduct of their members implicated in anomalous flood control projects. They should take the lead in investigating if accountants, whether in government or in industry, have connived with the flood control perpetrators in “cooking” the books and documents; if the Commission on Audit auditors, Bureau of Internal Revenue examiners, and external auditors have ignored signs of fraudulent records and declarations of the flood control contractors and public works financial reports; if civil engineers have certified defective or “ghost” public works projects; or if corporate lawyers have assisted their public works clients in aggressive schemes to perpetuate the flood control irregularities and to create illegal schemes such as the use of shell firms and dummies, or other fictitious transaction. These erring professionals collectively undermine public trust and project integrity. Inaction or negligence by these professionals not only tarnishes their personal reputation and that of their profession but also

cent share calculated from gross income less operating expenses. Operating expenses of up to 70 percent will now be reimbursable, giving investors not just relief but confidence.

For marginal petroleum operations, an additional allowance kicks in when costs exceed the 70 percent threshold—ensuring that even frontier fields with higher geological risk are not left behind. Moreover, a 5 percent allowance on gross proceeds awaits companies that pioneer the first commercial developments in untapped basins. These were the incentives that were dangled to push oil drilling operations to new frontiers.

As the circular emphasizes, there is a “need to offer improved fiscal terms to complement other government initiatives in attracting more exploration and production companies…leading to the discovery of more oil and gas fields in the country.” Other Asean neighbors—Malaysia and Indonesia, notably—had

facilitates the systemic fraud that corrupted the flood control projects.

The respective ethics boards of these professional gatekeepers should recommend or institute the appropriate sanctions against the incorrigibles within their ranks. They should initiate motu proprio investigations that will result in the severest of sanctions against these individuals, including the revocation or cancellation of their professional licenses

As the investigations unfold, the participation of professional gatekeepers will determine whether justice in the flood control scandal will be partial or complete. The integrity and the ability to police the ranks of the professions—law, accountancy, engineering—is now under strict scrutiny. Will the leaders of the professions institute the appropriate investigations and imposition of sanctions against their erring fellow professionals? Or will they deliver slow and half-baked responses?

The flood control mess is not only a test of the government’s will but also of professional conscience. If each regulatory board and professional body fulfills its mandate, the “recipe” for corruption may finally be replaced with one for accountability, reform, and a rebuilding of public trust.

To be continued

Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held various positions, including Dean of the University of the Philippines School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co., and SyCipGorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who ranked No. 1 in the CPA Board Examination of May 1979. He has his own tax and consultancy practice in JL2T Consulting and can be contacted at joeltantorres@yahoo.com.

long understood the power of incentives. They lured explorers with accelerated capital allowances, tax holidays, and export duty waivers. The Philippines, at last, is catching up, balancing national benefit with private enterprise vitality. The DOE’s approach aligns with Presidential Decree No. 87, the Oil Exploration and Development Act of 1972, yet modernizes it for a 21stcentury context—one that rewards both discovery and discipline, risk and responsibility. The extension of Service Contract 38 over Malampaya, the passage of RA 12120, and now the issuance of this special allowance circular all point to a unified direction: the rebirth of Philippine exploration.

Each well drilled, each contract signed, is more than a line in the DOE’s ledger—it is a testament to the nation’s will to secure its own energy destiny. If the past decades were marked by drift and delay, the present signals movement, method, and momentum. And as the Philippines reclaims its place among serious energy explorers, the message is clear: We are done waiting for luck. We are now drilling for our future.

Siegfred Bueno Mison, Esq.

THE PATRIOT

Last of two parts

IN the change framework prescribed by Dr. John Kotter, I earlier wrote in Part One that the Officer Candidate School (OCS) has successfully established the sense of urgency (step 1) and built a guiding coalition (step 2). In reforming the OCC training, Commandant Harold Cabunoc (Harold) recognized the scarcity of competent faculty since the basic training heavily relied on a handful of competent Tactical Officers, Drill Masters and Non-Commissioned Officer (NCO) instructors in 2022. To address this scarcity, Harold called for “fire support” from Headquarters Philippine Army (HPA) to assign to OCS “carefully selected personnel with unblemished records and strong field performance.”

With an ad interim Instructor’s Company assigning more trainers to the OCS, Harold also conducted a two-week capacity-building program for both officer and enlisted personnel instructors. I believe this was how he built that Guiding Coalition termed by Kotter in step 2. He sought the support of others knowing that he cannot change a long standing tradition in the Army by himself.

Following the subsequent steps in Kotter’s formula, this small group, handpicked and trained by Cabunoc, eventually formed a strategic vision, which can be summed up as “Dumbguard No More!” (step 3). He communicated such vision relatively well (step 4) to the point that when Harold personally explained to me such Dumbguard No More vision, I was extremely impressed and awed by his change initiative.

We should have more leaders like Harold. As I observed the OCS classes of 63-2025 and 64-2025, plus the fact that the OCS has successfully produced an entire class without this Dumbguard mentality program, I think Cabunoc is on the verge of empowering a broad-based action (step 5).

But before reaching step 8, which is the Culture Change, Kotter posited that generating short-term wins (steps 6) and consolidating gains (step 7) are necessary. In enduring these final few steps, resistance to change will surely impede the progress towards the vision, as per Kotter.

Harold observed that a few cases

of maltreatment and sexual misconduct were often perpetrated by trainers and senior Officer Candidates due to a distorted interpretation of the Honor Code. In his observation, those who reported these kinds of abuses were often labeled as “squealers” and ostracized as weaklings or “traitors.” To counter this internal roadblock, Harold’s Guiding Coalition strengthened the feedback system by implementing a “Magic Box” and a “QR code Survey,” both non-attributable feedback mechanisms.

Resistance from OCS alumni also served as a challenge to “Dumbguard No More” vision since several OCS graduates expressed opposition to what they perceived as the “softening” of OCS graduates. To address this external pressure, Harold and his team actively engaged the OCS Alumni Association Inc. (OCSAAI) and its alumni sub-groups to articulate the necessity of these reforms. In Harold’s own words, “we explained the rationale behind the new training approach, emphasizing its relevance to contemporary settings, particularly considering the Gen Z audience and the evolving character of warfare where mission command is more appropriate than traditional command and control.”

In the Army, warrior-leaders are desired, but servant leaders can be just as effective. Most organizations will have this “command and control” concept as warrior-leaders are inherently leading first before obeying.

May our leaders, Harold Cabunoc in the OCS, Jesus Remulla in the Ombudsman, and even President Bongbong Marcos, discover that leadership is not about them, but it is all up to them.

As Ombudsman Jesus Crispin Remulla makes sweeping reforms in his new office, I hope and pray that he can lead the agency and have a legacy approach wherein he will serve God, country, and people (in that order) instead of protecting the personal interests of certain political families as his predecessor did. Making the Statement of Assets, Liabilities, and Net Worth (SALN) of public officials as accessible is one major step that Ombudsman Remulla wants to initiate, a change towards greater transparency that can lead to accountability of public servants.

Reforming or transforming can be one of the most challenging chapters in a person’s leadership journey. After all, leaders are not created overnight. As they mature in position and responsibility, leaders like Cabunoc and Remulla ought to develop that legacy approach wherein they embrace how Jesus Christ modeled servant leadership—“It is not about me, but it is all up to me.”

The biblical story of Joshua shows that leadership is never about position and titles, but about surrender and trust in God’s process, which is captured in four challenging steps— obedience, faith, courage, and consecration. In one of his sermons, Pastor Peter Tan-Chi of CCF shared that before Joshua led, he first learned to follow (Exodus 17:9–13; Numbers 11:28). Soon after birth, all of us can all become good leaders by following first—“Children, obey your parents in the Lord, for this is right.” (Ephesians 6:1). Leadership begins at home whenever we, as children, submit to authority and choose to obey our parents trusting that every act of obedience serves as a preparatory step for greater responsibility. When it comes to faith, Joshua believed (Numbers 13–14), while others doubted in God’s plan of taking the people to the land filled with milk and honey.

Similarly, Harold believed in pursuing the reforms in OCS, despite the abundance of doubters in the Army. As provided in the Bible, “For we live

by faith, not by sight.” (2 Corinthians 5:7 ). I know that leaders who are in the same stage as Harold trust God enough to understand that provision and protection comes from above, in every step of any reform initiative. Courage entails moving forward despite fear.

One of my favorite leadership verses is found in Joshua 1:9 when it said—“Have I not commanded you? Be strong and courageous. Do not be afraid; do not be discouraged, for the Lord your God will be with you wherever you go.”

All leaders will have fear of failure whenever they start to initiate changes. Yet, whenever they choose to act in faith and do what is right, they will have the courage knowing that God’s power is with them. Consecration is the hardest part in these four step process. According to Pastor Peter, “to be consecrated is to be set apart for God” in keeping to what the Bible tells us in Joshua 3:5 —“Consecrate yourselves, for tomorrow the Lord will do amazing things among you.”

Positive results can emerge despite the odds against success whenever leaders commit their plans to the Lord. Such commitment is both found in the Law of the Lord (“Commit to the Lord whatever you do, and he will establish your plans. The Lord works out everything to its proper end—even the wicked for a day of disaster.”—Proverbs 16:3-4) and in Law of the Land (“We, the Filipino people, imploring the aid of Almighty God.”—Preamble of the 1987 Constitution).

May our leaders, Harold Cabunoc in the OCS, Jesus Remulla in the Ombudsman, and even President Bongbong Marcos, discover that leadership is not about them, but it is all up to them.

Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations such as the Philippine Army, Integrated Bar of the Philippines, Malcolm Law Offices, a US based software development company called Infogix Inc., University of the East, Bureau of Immigration, Philippine Airlines and SM Prime Holdings. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. He has delivered leadership and management talks in government agencies. Siegfred is a former soldier and a lawyer by profession, a teacher by passion, and a writer with a mission.

Market blues, steady fundamentals: Why the PSE slump is not a reflection of the economy

By Henry Go

The PSE slump: A crisis of confidence, not of growth

THE Philippine Stock Exchange (PSE) plunged sharply this year, sparking fears among investors and business leaders that trillions of pesos vanished within weeks. Verified data, however, reveal a more tempered reality.

Official statistics indicate that listed companies’ total market capitalization went down from around P19.9 trillion in December 2024 to P14.9 trillion in October 2025—a loss of P5 trillion over the course of 10 months, not simultaneously. The decline reflects the steady decline of the PSE index since late 2024.

Although sizable, this fall does not signal a breakdown of the Philippine economy. The challenge is indeed investor confidence, driven by political uncertainty, concerns on governance, and global economic climate.

Confidence drives the market

THE PSE serves as a barometer of investor mood, not a mirror of the economy’s true fundamentals. Recent forecasts project the Philippine economy to grow by 5.5 percent in 2025 (IMF) and 5.9 percent in some estimates (S&P). Inflation is expected to remain within the BSP’s 2-4 percent target range, with 2025 forecasts pointing to 1.7 percent, rising toward 3.3 percent in 2026 (Reuters , August 28, 2025).

But governance issues, policy uncertainty, and corruption scandals

have eroded confidence. Institutional and foreign investors, who control most trading volumes, usually react more to perceived risk than to real economic production. The fall of the market is therefore largely symptomatic of a deficit of trust, rather than any slowing in economy’s consumption or production.

The peso factor WEAKENED currency has escalated cautiousness in the markets. The Philippine peso was recently quoted at P58–P59 per dollar, its lowest rate in over 18 months.

According to the Philippine News Agency (PNA, October 10, 2025), the PSE index kept on losing ground as the peso depreciated, with analysts attributing that depreciation to weaker investor sentiment and increased caution. A weaker peso has the effect of raising import costs, increasing corporate costs, and lowering the value of foreigndenominated assets, all of which destabilize the market.

Global context GOLD prices have risen sharply

The PSE’s decline is, first and foremost, a crisis of confidence—not a reflection of economic collapse. Higher gold and silver prices and a declining peso indicate that investors are looking for safer havens in times of uncertainty. For policymakers, transparency and credibility matter. For companies, resilience and good governance matter. Ultimately, confidence— not capital— is what sustains markets.

this year, while silver hit a 30-year high of $35 per ounce in June 2025 (Reuters). This reflects investors’ move toward safer assets amid uncertainty. The rise in silver is also supported by industrial demand from electronics and clean energy—indicating longer-term structural shifts, not just shortterm fear.

Despite the Bangko Sentral ng Pilipinas (BSP) lowering interest rates to spur lending and investment, the stock market remains slow to heal. Additional money in circulation cannot readily overcome concerns regarding governance, uncertain policies, and international threats.

Stock market vs. economy

Restoring trust

REBUILDING trust will require transparency, sound institutions, and sustained government action. Exaggerated or false reports, such as the P1.7-trillion loss claim, damage investor confidence. Honest and open communication can help rebuild it. Even with renewed confidence at home, external factors will continue to shape recovery. Market rebounds are gradual and depend on company performance, currency stability, and global capital flows. The PSE’s decline is, first and foremost, a crisis of confidence— not a reflection of economic collapse. Higher gold and silver prices and a declining peso indicate that investors are looking for safer havens in times of uncertainty. For policymakers, transparency and credibility matter. For companies, resilience and good governance matter. Ultimately, confidence— not capital—is what sustains markets.

THE stock market is not the entire economy. The PSE has fewer than 300 listed companies, and several large conglomerates control most of the trading. When the big stocks decline, the index plummets, even when smaller companies are still making profits, keeping workers employed, and funding domestic expenditure. What this means is that the market’s decline reflects sentiment and structural concentration, not a real weakening of the economy.

Monday, October 13, 2025

2nd Front Page

BusinessMirror

TOURIST ACTIVITIES HALTED AFTER DAVAO EARTHQUAKE

By Ma. Stella F. Arnaldo Special to

the BusinessMirror

THE Department of Tour-

ism (DOT) has asked the public to stay away from certain tourist destinations as these were temporarily closed due to a series of earthquakes that rocked the Davao Region on October 10.

In particular, climbing and hiking Mt. Apo in Digos City are prohibited, said the DOT in a statement. Also closed are Davao Oriental Welcome Park, Aliwagwag Falls Eco Park, Mt. Hamiguitan Museum, Cape San Agustin, Subangan Museum, Pusan Point, and the National Museum in Davao City as part of overall precautionary measures at these specific sites.

Tourism Secretary Christina Garcia Frasco said 655 tourism workers were affected by the recent earthquake, among them, boatmen, resort staff, and related service workers.

She added that the DOT “continues to monitor developments” in the region, even as she assured that “no casualties or stranded tourists have been recorded” as of Sunday.

Partially damaged resorts

HOWEVER , DOT-Region 11 reported that several tourist sites

or establishments in Davao Oriental “sustained partial damage, [as such] tourist activities in some sites remain temporarily suspended as assessments and inspections continue.”

Among the sites and accommodation establishments that have suffered “partial structural damage” in Baganga, Davao Oriental are: Langoyon Beach Resort, GCNM Sunrise Boulevard, Ayana’s Siling Kinamayo, Sun and Waves Beach Resort, Playa del Rosario Resort, and Villa D‘Mar Dragon Hot Spring Resort.

Also, reported damaged was the Sanipaan Staging Area in the Island Garden City of Samal, which is also being further assessed as the other properties above.

The DOT noted that while flights at the Davao International Airport were initially delayed on Friday, these have since returned to normal scheduled operations.

Cruise pax aid N. Cebu A series of earthquakes with a magnitude of 7.4 and 6.8 jolted Davao Oriental on October, which the Philippine Institute of Volcanology and Seismology (Phivolcs) determined as a “doublet quake,” as the tremors

See “Tourist,” A2

‘Claims of ₧5-T market loss aim to destabilize economy’

By VG Cabuag

THE Philippine Stock Exchange Inc. (PSE), the operator of the local equities and fixed-income markets, on Sunday said the market has not lost P5 trillion in less than one year, calling the claim as “dishonest, if not malicious.”

In a statement, the PSE said the comparing domestic market capitalization (MCAP) of the bourse as against total market capitalization, which included those also listed overseas, is like apples and oranges. It said the claim “is clearly meant to provoke investors to lose confidence in the Philippine capital market and destabilize the economy.”

The PSE said it tracks two types of MCAP—the domestic and total market capitalization.

Domestic MCAP are those from Philippine companies that are primarily listed on the PSE.

Total MCAP, meanwhile, includes the domestic MCAP and also those listed overseas. These are Manulife Financial Corp., whose shares are also

traded on the Toronto, Hong Kong, and New York stock exchanges; Sun Life Financial Inc., which is traded on the Toronto and New York stock exchanges; and Campos-led Del Monte Pacific Ltd., which is also traded at the Singapore stock exchanges.

“Since only less than 1 percent of the outstanding shares of MFC and SLF and less than 5 percent of DELM are lodged for trading in PSE, [the] PSE uses domestic MCAP data as the MCAP reference number since it more accurately captures the performance of the Philippine stock market,” the PSE said.

Domestic MCAP is down by P273.26 billion or 1.88 percent as of October 10, to P14.29 trillion from end of last year’s P14.56 trillion, the PSE said.

Foreign MCAP, which only in-

Exec: Govt support key to cocoa industry revival

By John Eiron R. Francisco

THE Philippines could reclaim its position as one of Asia’s top cocoa producers if farmers would receive adequate funding and proper training to prop up their output, according to the founder of a newly launched homegrown chocolate brand.

Raul Matias, owner and founder of Bayani Chocolate, said in an interview with BusinessMirror during the brand’s launch on Saturday at Opus Mall in Quezon City that while the Philippines was once a promising player in the global cocoa market due to its favorable geographic and climatic conditions, limited government support and inconsistent farming practices have long stifled the industry’s growth.

“I hope they [government] give us attention, especially the farmers, to give them money where they can allocate money,” Matias said. “I know we have so many problems, but I think we have a potential to be one of the significant suppliers of cocoa.”

He added that due to the current shortage of local cacao, the brand is now “forced to source ingredients from other countries, such as Indonesia and Malaysia, instead of sourcing primarily from the Philippines.”

Historical data from the Department of Agriculture (DA) showed that cacao was first planted in the Philippines in 1670, with production peaking at 35,000 metric tons (MT) by 1990. Output later declined due to weather disturbances, pest and disease infestations, aging trees, and competition from other crops such as banana and palm oil. Between 2020 and 2022, the Phil-

ippines experienced a supply-demand gap in cocoa production, as local output of around 10,000 to 15,000 MT per year could not meet the estimated annual consumption of about 50,000 MT. The gap continues to persist as demand grows faster than production. Average yields remain low at around 0.5 to 1 kilogram per tree annually—well below the industry target of 2 kilograms per tree. Recent data from the Philippine

RANSMISSION services across the Visayas Grid are under normal operations after NGCP completed its key restoration efforts following the magnitude 6.9 earthquake in Cebu.

As of 9:38 AM of 03 October (Friday), NGCP successfully energized the Daanbantayan–Tabango 230kV Line 2, the submarine cable linking Cebu and Leyte.

Statistics Authority (PSA) showed some improvement, with cacao production reaching 2,980 MT from January to March 2025, up 23.6 percent from 2,410 MT in the same period last year. The Davao Region remained the top producer, accounting for 64.2 percent of national output, or 1,910 MT.

Despite the increase, productivity challenges remain, particularly due to high seedling mortality rates and limited technical knowledge

The company deployed over 60 personnel to work on restoration activities following the earthquake, which also damaged NGCP's facilities at its Daanbantayan Substation, near the epicenter of the earthquake. Power transmission services in the Visayas were normalized as early as Wednesday, 01 October, even while repairs on

among growers.

“The problem with the Philippine cocoa is the fermentation,” Matias said.

He said some farmers shorten the fermentation process to three or four days instead of the standard period, which affects the flavor once the beans are roasted and ground.

“Some say it takes seven to eight days, but many only ferment for See “Exec,” A2

other transmission lines were still ongoing.

Meanwhile, the Compostela-Daanbantayan 230kV Line 1 was energized on 07 October at 2:18AM and is now operating in parallel with the earlier restored Line 2. Restoration works are ongoing for the remaining line on outage, the DaanbantayanTabango 230kV Line 1.

cludes the three firms, fell 11 percent for the period to P4.82 trillion from P5.44 trillion.

Total MCAP, meanwhile, fell by 4 percent or P886.84 billion to P19.12 trillion from the end of last year’s trading.

A post last October 10 on social media by a “pseudo-expert” on the stock market advanced the claim that the PSE has lost up to P5 trillion in market capitalization since December 2024.

“Unfortunately, this fake news was irresponsibly published on the same day and reposted the following day in an online tabloid that is known for prioritizing sensationalism that will generate clicks and engagements over providing news that have been fact-checked or verified, a minimum prerequisite required of le-

gitimate journalists in this era where fake news is readily accepted as gospel truth,” the PSE said. Last week, Securities and Exchange Commission Chairman Francis E. Lim apologized for making a mistake when he said the corruption issue on flood control projects have wiped out about P1.7 trillion in market value of publicly listed companies. Lim said the information was “based on what I believed at the time to be a credible industry report. I have since learned that the report was fictitious. I deeply regret any confusion or concern that my statement may have caused.”

“My sole intent was to underscore the vital importance of integrity in our markets and the devastating impact corruption can have on investor confidence.”

By Reine Juvierre S. Alberto

PUBLIC auctions of seized and abandoned goods conducted by the Bureau of Customs (BOC) yielded more than P106 million for the government as of the third quarter.

The BOC said it raised P106.926 million from public auctions of seized and abandoned goods from January to September.

The auctions were carried out by the BOC’s Auction and Cargo Disposal Division across major ports, including the Port of Manila, Manila International Container Port and Ninoy Aquino International Airport.

The disposed items covered a wide range of forfeited shipments such as consumer goods, vehicles, fuel products, industrial materials, furniture and assorted merchandise.

These goods were either seized for violations of import regulations or abandoned by consignees to avoid penalties and duties.

Under Sections 1118 and Sections 1139 to 1151 of the Customs Modernization and Tariff Act in relation to Customs Administrative Order No. 032020, the BOC is mandated to dispose of seized and abandoned goods through public auction, negotiated sale or donation to ensure transparency and compliance with established procedures.

The BOC affirmed its commitment to accountability and efficiency in all cargo disposal activities, ensuring that government resources are optimized for the benefit of the Filipino people,” the agency said in a statement.

The auctions also highlight the agency’s drive to transform unuti-

lized resources into revenue that supports the government’s priority programs and essential public services, the BOC added. Proceeds from the auctions are booked as part of the BOC’s non-traditional revenue streams, supplementing its regular tax and tariff collections.

This year, the BOC targets to collect P958.714 billion in revenues, with P506.390 million coming from the sale of confiscated goods and properties, based on budget documents. Customs Commissioner Ariel F. Nepomuceno said the disposal program is aligned with the directives of the president to strengthen fiscal stability through improved customs processes.

“Through the consistent conduct of lawful and transparent auctions, the Bureau fulfills its dual mandate of protecting government revenues and facilitating legitimate trade,” Nepomuceno was quoted in the statement as saying.

Earlier, the BOC said it is planning to auction off 13 smuggled luxury vehicles owned by contractors Sarah and Curlee Discaya, which could raise at least P200 million for the government. The vehicles are now in the custody of the BOC due to irregularities in their importation and documentation.

Last year, the BOC generated P172.019 million from auctions of forfeited goods in various collection districts.

Some auctioned items included generator components, thermoplastic insulated electric wire cables, sewing machines, bicycles, used automotive diesel and a range of unserviceable motor vehicles.

These lines provide n-1 contingency to the backbone transmission corridor already restored and do not affect any power customers. “NGCP is working round the clock to ensure the stability and normal grid operations in Visayas following the magnitude 6.9 earthquake. Our teams on the ground continue their restoration and repair works to bolster the reliability of the transmission network,” the company said. NGCP advised the public to coordinate with their respective distribution utilities and electric cooperatives for localized power interruptions. It will

RAUL MATIAS, owner and founder of Bayani Chocolate, led the launch of the chocolate brand in Quezon City last October 11. PHOTOS BY JOHN EIRON R. FRANCISCO

Editor: Jennifer A. Ng

B1 Monday, October 13, 2025

Maynilad’s IPO to push thru–execs

By VG Cabuag @villygc

THE top executives of Maynilad Water Services Inc. said the company’s initial public offering will be pushing through in a few weeks’ time after they clinched a deal with cornerstone investors who would take in more than half of the offered shares.

“It’s going pretty well so far... I think they (cornerstone investors) should get between $500 million and $600 million (worth of shares),”

Maynilad Chairman Manuel V. Pangilinan said at the sidelines of the Finex Annual Conference last Friday.

Pangilinan said those shares may be priced at P15 per share. “That’s what we’re aiming for,” he added.

Maynilad Vice-Chairman Isidro A. Consunji said the IPO seems a go, as he said there doesn’t seem to be any problem with the company going public.

People familiar with the transac-

Prime Infra inks deal with govt agencies

tion said the cornerstone investors will be taking up more than 50 percent of the offered shares equivalent to about 30 percent of Maynilad’s outstanding shares post-IPO.

The West Zone concessionaire is offering a total of 2.29 billion shares for up to P20 apiece. The deal consists of a primary offer of 1.66 billion new common shares, a preferential offer to First Pacific Co. of 24.9 million new shares; an upsize option of 354.7 million secondary shares of shares owned by existing shareholders and an overallotment option of up to 249.05 million shares.

PRIME Infrastructure Capital Inc. has committed to conserve, protect and enhance the biodiversity and coastal resources of the Verde Island Passage (VIP) after signing a Memorandum of Understanding (MOU) with government

Fully subscribed at P20 apiece, gross proceeds could reach P45.8 billion or $785 million. A price of P15 per share, meanwhile, will yield some P34.35 billion or $588 million.

The IPO will be priced on October 20 and the offering period will run from October 23 to October 29, with listing at the Philippine Stock Exchange set to November 7.

If it pushes through, Maynilad’s offering would only be the second IPO in the country so far, as jittery market conditions pulled back plans by other companies to go public.

Cornerstone investors will be led by the International Finance Corp. and the Asian Development Bank, according to the company’s prospectus.

The water firm also signed cornerstone investment agreements with 10 more international and domestic institutions led by the UK’s Foreign, Commonwealth and Development Office, acting through its “Mobilising Capital through Listed Products” (Mobilist).

The international cornerstone investors are led by Mobilist and includes: abrdn Malaysia Sdn Bhd; Maven Investment Partners Ltd-

agencies. In the MOU with the Department of Environment and Natural Resources (DENR) and the Department of Energy (DOE), the Razon-led firm said it will fully support the clean energy transition while protecting and enhancing the natural re -

Hong Kong Branch; Maybank Asset Management Singapore Pte. Ltd.; Robeco Switserland Ltd.; and, QRT Master Fund SPC-Torus Fund SP.

The domestic cornerstone investors, meanwhile, include BPI Asset Management and Trust Corp.; Metropolitan Bank and Trust Co.; BDO Capital and Investment Corp.; and, Security Bank Corp.-Trade and Asset Management Group.

Maynilad said each of the cornerstone investors have entered into a cornerstone investment agreement with the firm and the international underwriters or lead domestic underwriter to purchase offer shares at the determined offer price.

The IFC is investing up to $100 million at a subscription price of up to P15 per share while the ADB is considering an investment of $145 million also at the same price.

Robeco is investing up to $20 million with no indicated maximum price while Mobilist and BDO Capital are subscribing at up to P15 per share with no committed amount. No committed amount and/or maximum price have been disclosed for the other cornerstone investors.

sources in the VIP. Prime Infra also vowed to leverage existing biodiversity research and development programs and commit to the joint responsible stewardship, sustainable access and use of the VIP’s coastal and marine resources. Continued on B2

TBy Lenie Lectura @llectura

HE National Grid Corp. of the Philippines (NGCP) was allowed by the regulators to complete the 138-kiloVolt (kv) Nabas-Caticlan-Boracay transmission line project in August next year.

The P5.48-billion project is meant to reinforce the grid and upgrade existing facilities to support the growing power requirements of Boracay.

In a 12-page order, the Energy Regulatory Commission (ERC) granted NGCP’s motion to extend the estimated time completion of the transmission project to August 31, 2026, “taking into account both the technical realities on the ground and the legal obligations of NGCP under its franchise and the regulatory framework governing transmission projects.”

The NGCP was earlier directed by the commission to complete the project not later than May 31, 2025, six months after the directive was issued. The grid operator filed a motion last July to reverse the ERC ruling for lack of basis. It also asked to exempt it from paying the permit fees.

The commission said that the adjustment of timeline is “justified” as its completion is necessarily subject to unforeseen factors such as site

workability, right-of-way acquisition, procurement processes, and other construction challenges.

“After due deliberation, through evaluation of all the evidence gathered, and appreciation of all the information gathered, the Commission, pursuant to its regulatory powers, hereby resolves to grant NGCP’s motion to adjust the project’s estimated time of completion to August 2026,” the ERC said. However, any further delay shall be subject to stricter regulatory scrutiny and possible penalties, it added.

The ERC denied NGCP’s request to exempt it from payment of permit fees worth P31,781,408.30. The said fee is in relation to the project and is collected by the ERC. The commission said it was “not convinced” when the NGCP argued that its franchise exempted it from the payment of permit fees.

“Tax exemptions are strictly construed against the taxpayer. For an exemption to be conferred, it must be clearly and distinctly stated in the language of law. The burden rests upon the party claiming the exemption to prove that it is in fact covered by the exemption so claimed which NGCP failed to do so,” the ERC said adding that the tax provision outlines the taxes that NGCP is liable for or exempt from.

Amelia Lu of realme: 'Don't be intimidated by AI-powered smartphones'

By Francine Medina

The arrival of Artificial Intelligence (AI) applied in smartphones is being promoted as the awaited “next big moment” in the industry. But it is yet to be fully accepted by the market due to hesitations such as data manipulation and losing one’s privacy.

In the latest episode of BusinessMirror’s digital show, “Freshly Brewed,” host and Science reporter Bless Aubrey Ogerio talks to Amelia Lu, the Marketing Director of realme. realme was founded in 2018 as a sub-brand of Oppo and has since become an independent brand with mid-price points and designs that are attractive to a young market.

Lu has an extensive background, having worked in China, Australia, the Middle East, and South Korea for the past two decades. “I’m very honored to bring these diverse insights to realme, and I’m very much excited to learn the mixed trends of the Filipino market.”

Despite being two months in her job, Lu expressed her excitement over the thriving market in the Philippines. “The Filipino market is very dynamic

engaged with technology, and they seek products that match their activity lifestyles.

“What keeps the Filipino market standing out in the region is that they are very engaged with technology, and they seek products that match their activities. What also keeps it different is the young market and the strong community spirit.”

Lu mentioned that Filipinos have no qualms about asking for information about the products.—diligently checking out product details and reviews before they buy. “Filipinos are highly active online and their purchasing decisions are often influenced by conversions, testimonies, product reviews, the people they trust, and social media.”

Ogerio mentioned that Gen Z occupies a big slice of the realme

is said to be difficult to please and is very vocal about negative experiences with their product purchases. Yet, the same market remains drawn to the brand.

Introducing its slogan, “Live For Real,” in 2024, the brand asserts its brand-oriented strategy for young users.

“Gen Z is the core market of realme. They are very selective and choose brands that feel relatable and authentic,” Lu stated.  “From the beginning, we positioned realme not just as a smartphone company but as a brand that understands the market’s need for creativity, individuality, and connection. We meet them in the space that they enjoy most. Sports, content creation, travel, and lifestyle events, to name a few.”

Lu explained that realme continues to be at the pulse of its young market through constant innovation and listening to

their consumers. “We always listen to them and deliver our promise without compromising design and performance.”

Capturing special moments

The recent launch of the realme 15 series 5G brings another game-changing product to the proverbial table. “The market is fiercely competitive. So, every time we launch a new series, we make sure our products bring true innovation,” the realme marketing director said.

According to Lu, the new series takes into consideration the market’s penchant for performance because Filipinos are heavy mobile phone users. For instance, the realme 15 series 5G is equipped with a large 7000mAh battery and supports 80W SUPERVOOC fast charging. This means that battery charging time is only 25 minutes for the device to reach

50 percent from zero percent. Since design and display are also considerations, Lu said that the smartphones are lightweight and stylish with 6,500 nits peak brightness on their 6.8-inch 1.5K AMOLED screen with a 144Hz refresh rate. Minimal bezels are for a high-quality visual experience.

The new series is equipped with 50MP AI cameras consisting of the main rear and front cameras that can capture images and videos in 4k  resolution of up to 60 frames per second.

The AI feature of the camera enhances skin tones, brightens images captured in low light, and enhances the vibrancy of images.

Filipinos love to capture and share their moments. What makes the series special is that it delivers flagship-level features at an extremely accessible price, allowing more people

to enjoy advanced innovation at a premium cost,” Lu noted. Price range of the new realme 15 series 5G is from P18,999 to P30,999.   Lu also related realme’s latest offer to its slogan, “Make it real.” She mentioned, “The series also empowers young Filipinos to live an authentic life and live it for real.”

Misconceptions about AI

Assuring consumers that the AI smartphone aims to take the user experience to the next level, Lu said that there are still several beliefs about AI that need to be corrected. “I believe the misconceptions about AI will remain for some time. Many people think AI is intrusive, that it drains power, or that it poses a risk.”

“At realme, we see AI differently. We see it as an enabler.  Our design features are designed with privacy, efficiency, and user-benefit as our priority,” she mentioned. Lu cited that AI helps take better photos and videos instantly and extends battery life, which makes the phone more responsive. She added, “AI makes the smartphone smarter, more personal, and more useful every day to our market.” To users who are still deciding whether to switch from smartphones to AI-powered smartphones, “My message is simple. Don’t be intimidated. AI and 5G are not just trendy words. They are practical technologies that make everyday life easier and more enjoyable,” Lu said.

“Today is no longer about keeping up with technology but choosing the right tools to live more fully and authentically,” she concluded.

*Watch the full episode on BusinessMirror’s YouTube channel. Catch new episodes of “Freshly Brewed” airing on Mondays, 10 a.m. on YT, Facebook, and X.

realme's Marketing Director Amelia Lu talks about the features of realme15 series 5G with BusinessMirror's Science reporter Ble ss Aubrey Ogerio.

Banking&Finance

PHL Chamber of Co-ops bucks BIR requirement

By Rizal Raoul S. Reyes @brownindio

THE Philippine Chamber of Cooperatives (PH Coop) on Friday assailed a Bureau of Internal Revenue (BIR) policy mandating that all individual members of a cooperative must possess a Taxpayer Identification Number (TIN) for the organization to avail tax exemption privileges.

“We challenge the validity of these revenue and random circles before the Supreme Court speech today, meanwhile, arguing that these issuances unlawfully restrict the tax exemption and privileges granted cooperatives under a cooperative code,”

PH Coop Founding Chairman Noel D. Raboy said during a news conference in Manila. “And, lastly, it is the policy of the state to foster the growth and development of cooperatives; and its autonomy and independence must always be upheld as an enshrined in the Constitution.”

Raboy said PH Coop views the BIR requirement as an undue and unnecessary burden and a barrier that effectively negates the tax-exempt status granted by the Philippine Cooperative Code of 2008 or Republic Act 9520.

In a collective decision, Raboy said the PH Coop Chamber has filed a petition for certiorari before the Supreme Court to declare the BIR requirement null and void.

He added the core of the cooperatives’ argument is that the BIR, through various Revenue Memorandum Circulars, is overstepping its authority by adding a requirement not explicitly found in the Philippine Cooperative Code.

PH Coop Secretary General Edwin A. Bustillos said the code grants taxexempt privileges to cooperatives as a means for the state to support their development, particularly for poverty alleviation. The TIN requirement, which is difficult for many marginalized members to comply with, hinders thousands of cooperatives from securing their Certificate of Tax Exemption (CTE), effectively forcing them to pay taxes, Bustillos added.

Raboy further argued that many cooperative members come from the informal sector or the marginalized and poor sectors who do not have a TIN, as their income is often below the taxable threshold. Forcing them to secure one is seen as an impractical and discouraging administrative

burden, he added.

Raboy said PH Coop argues that the BIR’s circulars are ultra vires or beyond the scope of legal power, because a revenue-regulating body cannot amend or override the provisions of a legislative act (the Cooperative Code).

Nevertheless, the BIR has remained firm on the requirement, citing Section 236 of the National Internal Revenue Code (NIRC), which generally requires a TIN for all persons required to file a tax return.

In an effort to provide a temporary solution, the BIR issued Revenue Memorandum Circular (RMC) 0382025, which includes a no delay in the issuance of a CTE, submission of sworn affidavit detailing the justifiable reasons for non-compliance and a “compliance undertaking” that the cooperative will comply with the TIN requirement within a nine-month period and penalty, and a penalty for failure to comply with the undertaking within the grace period.

While the circular provides a temporary reprieve from immediate denial, Bustillos said cooperative leaders argue that it is not a long-term solution. He added they maintain that the underlying requirement remains a structural barrier to growth and a potential window for corruption, particularly concerning the high monetary penalties for noncompliance.

Bustillos said the issue has also been raised in the Senate, with legislative inquiries led by senators such as Senator Sherwin T. Gatchalian, who has openly supported the cooperatives’ position. The Senate has repeatedly urged the BIR to suspend and amend the stringent TIN requirement.

Cooperative leaders also lament the perceived lack of genuine consultation from government regulatory bodies like the Cooperative Development Authority regarding the issuance of various circulars. They point out that RMC 038-2025 and similar issuances were made without fulfilling the mandate for sector-wide consultation, which is required by law for any new policies affecting cooperatives.

Bustillos said filing of the certiorari petition signals that the cooperative movement is maximizing with the administrative and legislative routes and a firm resolve to seek a definitive legal ruling from the highest court to protect the tax-exempt status of Philippine cooperatives.

UBs, foreign instis led growth in banks’ bad loans of 5.06%

By Cai U. Ordinario @caiordinario

BAD loans incurred by banks grew 5.06 percent in the period ending July, according to the latest data on non-performing loans (NPLs) released by the Bangko Sentral ng Pilipinas (BSP).

The data showed that gross NPLs reached P453.24 billion in January to July, higher than the P431.23 billion posted in the same period last year.

“Gross NPL represents the actual level of NPL without any adjustment for loans treated as ‘loss’ and fully provisioned,” the BSP explained.

The bulk of these bad loans were held by universal banks (UBs) with P295.98 billion, a 7.65-percent increase from the P274.94 billion

posted in the same period last year.

State-owned banks followed, posting P140.05 billion in bad loans as of July 2025. However, this was a 4.07-percent contraction from the P145.99 billion posted as of July 2024.

Government banks include the Land Bank of the Philippines, the Development Bank of the Philippines and the Al-Amanah Islamic Investment Bank of the Philippines,

according to the BSP. Commercial banks followed with NPLs reaching P10.11 billion as of July this year. This was also a contraction of 13.12 percent compared to the P11.63 billion as of July 2024.

While foreign institutions recorded the lowest amount of NPLs as of July at P7.1 billion, this was a 19.05-percent growth from the P5.96 billion recorded as of July last year.

Foreign institutions consisted of foreign banks, excluding foreign banks’ subsidiaries, according to the BSP.

Meanwhile, net NPLs of banks posted flat growth of 0.26 percent to P192.59 billion as of July 2025 from the P192.1 billion posted in the same period last year.

“As a complementary measure in the computation of gross NPL, banks are required to compute their net NPLs, which shall refer to gross NPLs less specific allowance for credit losses on the total loan

portfolio, provided, that such specific allowance for credit losses on the total loan portfolio shall not be deducted from the total loan portfolio,” BSP said. The bulk of these net NPLs were from UBs, which grew 12.28 percent to P125.42 billion as of July 2025 from the P111.7 billion recorded as of July 2024. This was followed by government banks which saw its net NPLs con-

LandBank expands financing support to agri sector

ROOKE’S POINT, Palawan –

BThe Land Bank of the Philippines (LandBank) announced it continues to strengthen its support for farmers and other players in the agricultural value chain with the regional rollout of the “Agrisenso Plus” lending program in this province, bringing low-interest financing and capacity-building support closer to more agricultural communities nationwide.

Over 1,400 farmers from the municipalities of Aborlan, Bataraza, Brooke’s Point, Narra, Quezon, Rizal, and Sofronio Española gathered for the event, reflecting the strong interest of Palawan’s agri communities for accessible and affordable credit assistance, the state-run lender’s statement read.

LandBank President and CEO Lynette V. Ortiz and Bangko Sentral ng Pilipinas (BSP) Director Mynard Bryan R. Mojica led the launch on October 10 at Brooke’s Point Event Center.

They were joined by Brooke’s Point Mayor Cesareo R. Benedito Jr., Narra Mayor Gerandy B. Danao, and national and local partners from

the Department of Agriculture (DA), Department of Agrarian Reform (DAR), National Irrigation Administration (NIA), Bureau of Fisheries and Aquatic Resources (BFAR), Agricultural Credit Policy Council (ACPC) and Philippine Crop Insurance Corp. (PCIC).

“With the continued rollout of the ‘Agrisenso Plus’ nationwide, we are deepening our commitment to empower farmers and other agri stakeholders, including those in farflung provinces like Palawan. We aim to provide them with the financing, tools, and partnerships needed to strengthen agricultural productivity and build resilient livelihoods,” Ortiz was quoted as saying in the statement.

Agri financing

DEVELOPED in partnership with the DA, the DAR, the ACPC, the NIA and other private sector partners, the Agrisenso Plus is Landbank’s enhanced value chain-based financing initiative to provide holistic support to agricultural players. The program offers a fixed interest rate of 4.0 percent per annum for

Politics premium punishing bonds from Paris to Tokyo

BOND holders want an everhigher premium to hold the debt of developed-nation governments as turmoil in France and Japan underscores how politics is eclipsing central bank policy globally as a key market driver.

A gauge of French bond-market risk rose to its highest levels this year last week after Prime Minister Sebastien Lecornu resigned amid a budget impasse, only to be reappointed Friday night. In Japan, longer-maturity bonds plummeted as Sanae Takaichi’s surprise elevation to the top of the ruling party spurred concern about greater spending. Days later, her governing coalition had collapsed.

It’s a familiar predicament facing governments globally: Investors demand fiscal consolidation, while anything resembling austerity can prove politically contentious and toxic at the ballot box.

Geopolitical tensions are compounding the pressure. US President Donald Trump threatened a “massive increase” of levies on Chinese goods on Friday, the latest move in a trade war that’s dimming the outlook for economic growth.

“Geopolitical risk and political risk has increased,” said Chris Iggo, chair of the AXA Investment Management Institute and chief investment officer of AXA IM Core. “And it’s only getting worse. Over the next

decade, I think political risk will remain high.”

On the flipside, even as politics encroaches on markets more than ever in the US—and a government shutdown deprives investors of key data—Treasuries have nonetheless retained their haven appeal through bouts of volatility. The dollar just came off its best week in almost a year.

Elsewhere, real yields—the rate on bonds after adjusting for inflation—are reaching new highs. For Commerzbank AG’s Christoph Rieger, head of rates and credit research, this reflects “rising political risks” as well as the need for governments to sell ever more debt, he said.

Long-end real yields are now noticeably above potential growth rates in many countries with top credit ratings, from Germany and Italy to France and the UK, he warned.

“Investors need to be wary of an adverse, self-reinforcing dynamic that could endanger debt sustainability,” Rieger said. “The pain will probably intensify before painful adjustments can be made and a new, sustainable equilibrium can be found.”

In the UK, the government’s borrowing costs are the highest among major developed markets. Bond investors are bracing for the end of November, when Labour will present its budget to parliament. Officials

are scrambling for ways to plug a £35 billion ($46.6 billion) shortfall without breaking the politically sensitive pledges made on tax rates at the last election.

Low competence IN France and the UK, investors are taking the view “that there isn’t a lot of competence in government to really make the structural reforms, spending cuts and tax increases necessary,” AXA’s Iggo said. “Politics is so fragmented.”

For investors like Lauren van Biljon, a senior portfolio manager at Allspring Global Investments, it’s a backdrop that points to ongoing steepening in yield curves around the world.

Even in Japan—where curves are already significantly steeper than in the likes of the UK, US and France—she sees further room for the move to play out. The abrupt collapse of Japan’s governing coalition has plunged the country into one of its biggest political crises in decades.

Ongoing uncertainty “keeps me wary of having too much duration in Japan, even given current yields on long-dated bonds,” van Biljon said.

In the US, by contrast, investors appear broadly comfortable with the elevated uncertainty—because yields offer sufficient compensation. After buying long-dated Treasur-

ies at higher yields in recent months, George Catrambone, head of fixed income at DWS Americas, recently turned neutral across the curve.

“There’s no sign of aversion for US Treasury debt,” he said. “The US still retains some exceptionalism and where else are you going to invest when you see the fiscal issues in Japan, France and the UK.”

Even in the UK, some investors are cautiously optimistic.

Gilt yields at their highest levels in decades suggest the UK’s fiscal challenges may be priced in, according to Citigroup strategist Jamie Searle.

If Chancellor Rachel Reeves does surprise and deliver tax increases and spending cuts, it would spur gilts, Searle said, recommending that clients position for UK bonds to outperform their French peers.

“On the other side, the risk is that any gilt-positive measures come with significant political cost,” he added.

In France, meanwhile, bonds retraced much of their recent selloff by the end of the week, as concern about the possibility of a fresh election abated.

Still, the compromises that may be required to placate the rival parties and get a budget through parliament—such as suspending hardwon pension reforms—risk leaving France in a worse position fiscally, and vulnerable to further bond market swings. Bloomberg

small farmers, fishers, and ARBs, with competitive rates for their associations and organizations, micro, small, and medium enterprises (MSMEs), large enterprises, anchor firms, and agriculture graduates.

Borrowers benefit from simplified documentary requirements, free life and credit life insurance, and expanded access to technical and market support to help boost productivity and profitability.

The Agrisenso Plus is complemented by the Landbank’s Ascend (“Agri-Fishery Support through Capability Enhancement for Nationwide Development”) initiative, a capacity-building component that provides farmers and fishers with training on digital financial literacy, sustainable agriculture, and enterprise development.

As of August 2025, LandBank has released P1.78 billion in loans under the Agrisenso Plus, supporting over 12,000 borrowers nationwide. The Palawan rollout follows successful launches in Pampanga, Cagayan, Isabela, Batanes, Bukidnon, and Iloilo, with the next rollout scheduled in Negros Occidental later this month.

CENTRAL bankers, already uneasy about trade tensions and swelling public debt, will collectively confront a new worry in the coming week: the danger of a market crash.

Global policymakers and finance ministers will gather in Washington for the International Monetary Fund/World Bank fall meetings after a chorus of warnings that a stock bubble focused on artificial intelligence companies might burst before long.

Kristalina Georgieva, the fund’s managing director, acknowledged the financial stability risk in a speech on Wednesday that previewed topics for discussion in the coming days.

“Valuations are heading toward levels we saw during the bullishness about the internet 25 years ago,” she said. “If a sharp correction were to occur, tighter financial conditions could drag down world growth, expose vulnerabilities, and make life especially tough for developing countries.”

Her warning was arguably more forthright than the IMF’s commentary from the October 2000 meeting, when its World Economic Outlook described “still high” equity valuations and the potential for imbalances to unwind “in a disorderly fashion.” Within months, the selloff momentum was such that the Federal Reserve was forced to deliver an emergency half-point interest-rate cut.

Even before US President Donald Trump’s renewed China tariff threat

Strengthening partnerships THE Agrisenso Plus also connects farmers and fishers to market opportunities through partnerships with anchor firms, such as Kita Agritech Corp., Sarisuki Stores Inc., TAO Foods Co. Inc., Yovel East Research and Development Inc., and Unified Tillers Agriculture Cooperative. Santeh Feeds Corp. recently joined the roster of the program anchor firms following the signing of a memorandum of agreement with Landbank on October 7. The partnership will broaden the Program’s reach to aqua farmers nationwide who use Santeh Feeds’ products and services. It aims to boost productivity and strengthen the economic resilience of aqua farmers, while advancing sustainable aquaculture practices across the country.

LandBank remains steadfast in its mission to advance countryside development and ensure food security by scaling up inclusive and sustainable financing for the agriculture sector—empowering rural communities and cultivating growth from countryside to countrywide.

tanked stocks on Friday, officials saw alarming parallels. The Bank of England just warned of the risk of a “sharp market correction,” European Central Bank policymakers worried aloud, and the Reserve Bank of Australia this month also noted vulnerabilities. Such concerns have been mounting for a while. ECB officials were presented with the warning of “sudden and sharp price corrections” at their last policy meeting more than a month ago, while Fed Chair Jerome Powell observed in September that markets are “highly valued.”

Fast forward to the coming week, and the IMF’s Global Financial Stability Report—a publication that didn’t even exist back in 2000—may draw more attention than usual on Tuesday. The latest WEO, with economic forecasts for the world, will also be released.

Statements from Group of Seven or Group of 20 ministers attending the IMF gathering will also be scrutinized, as will the cacophony of policymakers likely to share their views.

Elsewhere, trade and consumer price data in China and India, UK wage and growth numbers, and Monday’s announcement in Stockholm of the Nobel Prize for Economics will be among the week’s highlights.

Meanwhile, the prospect of a revived trade war between Beijing and Washington will focus investors and policymakers. Bloomberg

How Bill Pulte learned the art of the attack, from his own family to Letitia James

By Brian Slodysko & Chris Megerian The Associated Press

WASHINGTON—Before Bill Pulte started targeting President Donald Trump’s political enemies, he practiced on his own family.

He accused his grandfather’s widow of insider trading. He was allegedly the driving force behind a website trashing an aunt as a “fake Christian.” And he publicly blasted another relative as “a fat slob,” “weirdo” and “grifter,” according to court records from a bitter legal feud pursued by Pulte that ensnared PulteGroup, the multibillion-dollar homebuilding giant his grandfather founded. In any other administration, that background could foreclose the possibility of landing a top government post. But in Trump’s Washington, the attention-seeking and hyper-online millennial has unexpectedly become a major player. The latest measure of his influence came this week when New York Attorney General Letitia James, a Democrat who angered Trump with her courtroom pursuits of him, was indicted on bank fraud charges following a protracted campaign by Pulte.

Pulte’s official job is director of the Federal Housing Finance Agency, where he’s entrusted with the dull but critical task of ensuring the soundness of the mortgage market. He has instead transformed the position into a megaphone to denigrate Trump’s perceived political foes. In addition to referring James to the Justice Department for investigation—which Pulte widely publicized—he has probed Sen. Adam Schiff, a California Democrat, and Lisa Cook, a Federal Reserve governor appointed by President Joe Biden. Both are now under federal criminal investigation.

James, Schiff and Cook all deny any wrongdoing and say the investigations against them were politically motivated.

After The Associated Press sought comment for this story from Pulte last week, he excoriated the news organization.

“‘The AP’, because we expose alleged Mortgage Fraudsters, is writing a hit piece, filled with falsehoods,” Pulte, 37, wrote on X to his 3 million followers before deleting the post.

A White House spokesman said in a statement that “anyone who engages in criminal activity should be held accountable. No one is above the law. President Trump’s only retribution is success and historic achievements for the American people.”

Members of Pulte’s family and company officials for PulteGroup did not respond to requests for comment.

Pulte’s rise to power

PULTE’S rise to power and affluence was set in motion in the 1950s when his namesake grandfather William J. Pulte founded Pulte Homes, now known as PulteGroup, near Detroit. By the time Bill Pulte was born in 1988, the publicly traded company was one of the largest homebuilders in the U.S., and his grandfather was on his way to becoming a billionaire.

Pulte grew up in Florida and attended a private high school before enrolling at Northwestern University. When he lost the race for student body president in 2009, he quipped to The Daily Northwestern newspaper: “I guess I can go back to running my helicopter business.” A year after graduating in 2010, he founded his own eponymous investment firm. But for much of Pulte’s adult life, his identity has been closely intertwined with his family’s legacy company. It’s been a rocky relationship.

In 2016, Pulte and his grandfather led a corporate shakeup that resulted in Pulte being appointed to the company’s board while still in his 20s.

Pulte becomes very online PULTE has not been shy about his plans for power. He has portrayed himself as the head of his family and claimed to be the only true heir to the legacy of his grandfather, who died in 2018, according to court records. He took credit for the company shakeup they led together, predicting that it would “be studied for decades, and maybe, centuries.”

His boasts and online conduct were an area of concern for company officials, according to court records.

In 2019, Pulte began building a massive following on Twitter by giving away money to strangers, actions that drew him a retweet from Trump and fawning press coverage.

However, he soon had a bitter falling out with a veteran’s charity and amassed detractors who called him a charlatan. Company officials requested that Pulte give up his Twitter handle — @Pulte — and correct misperceptions that he ran the company, according to an internal corporate memo produced in litigation. The memo stated that “negativity toward the company has continued in synch with Bill’s activities.”

His dispute with the veteran’s charity was one of several incidents related to Pulte’s Twitter philanthropy that drew him unwanted attention.

In 2019, Pulte offered to help a Marine veteran seeking help to purchase an expensive service dog for his special needs son. When Pulte didn’t follow through, the veteran was upset and made public his correspondence with Pulte.

Pulte accused the veteran on Twitter of exposing his personal information and suggested that he was part of a group of “scammers” targeting him. An attorney representing Pulte threatened legal action, demanding that the veteran delete his post and cease publishing “defamatory statements,” according to a 2019 text message reviewed by AP. The attorney did not respond to a request for comment.

That same year, Pulte gave

$3,000 to a Twitter user whose account soon began making sexually explicit posts, including at least one that spoke approvingly of incest.

Pulte also fell for a scam that was orchestrated by a former business associate of Kanye West, the rapper now known as Ye, the Chicago Tribune later reported. Pulte ended up wiring the former associate $250,000 that was premised, in part, on the associate falsely promising that Ye would provide financial and public support for Pulte’s online philanthropy, court records show.

“Giving away $250k of Kanye West’s money here on Twitter Philanthropy,” Pulte tweeted in July 2019.

Pulte got his money back and the former West associate was indicted on a federal wire fraud charge, though the case was later dropped.

Pulte’s representatives declined to provide details about the extent of his charitable giving. In 2019, Pulte tweeted that he would “give away $1 million dollars on Twitter” after reaching 1 million followers.

An archived copy of a spreadsheet that Pulte once made publicly available states that his Twitter philanthropy donated more than $1 million, including $474,000 given away the year he made his million-dollar pledge.

But he regularly solicited contributions from others and it’s not clear from the data how much was given directly by Pulte. Team Pulte, a nonprofit he founded for his online charity, also collected contributions from others and gave away about $400,000, according to tax filings made between 2020 and 2023, the most recent year that they are available for the organization.

Responding to questions from the AP, Pulte’s agency described the coming story as a “hit piece” and asserted that “Mr. Pulte did give away $1 million on Twitter.”

Pulte’s feud with company boils over BY 2020, company officials had lost patience with Pulte. When the Pulte family’s equity stake dropped to a point where they were no longer guaranteed a board spot, company officials moved fast and booted the scion.

Pulte did not take it well. He sold his stock, accused his grandfather’s widow of insider trading and blamed the CEO for damaging the company, records show.

The parties appeared to reach a détente nearly a year later when Pulte received a plaque and a letter of thanks, court records state. It was short lived.

A handful of anonymous Twitter accounts started to troll Pulte.

The posts, many made as replies to Pulte’s tweets, were not widely read and often deleted, according to court records.

“This Bill Pulte has nothing to do with Pulte Homes,” one of the accounts tweeted in 2021. “He trades in his grandfather’s legacy as if he had something to do with it.”

Another post: “Pulte Family is kind of a mess. Money does that.”

One of the handles on Twitter was “Ghost of Bill Pulte,” a reference to Pulte’s deceased grandfather.

That flip reference outraged Pulte.

He hired an investigative firm—and filed a defamation suit against Brandon Jones, a PulteGroup executive whom Pulte had previously blocked from receiving a promotion.

Jones, who was fired and admitted to operating the accounts, did not respond to requests for comment.

Pulte saw a wider-ranging conspiracy involving top PulteGroup executives, who he accused of participating in a “nefarious smear campaign” aimed at “stalking, harassing, and defaming” him.

Though his lawsuit was against

Jones, his attorneys broadened their campaign, bombarding the company and its officials with subpoenas and deposition requests.

Pulte solicited “whistleblower” tips and helped finance lawsuits brought by others.

His Twitter feed became a running commentary of case updates and grievances, including accusations that the former PulteGroup executive who trolled him was “a bag man” for the company’s CEO and would “not get away with attacking me and my grandpa! Believe me, we will get to the bottom of (this) harassment scheme and run down any of the conspirators!”

A judge rebuked Pulte and ordered him to stop posting comments that could intimidate witnesses. Even so, Pulte repeated the behavior during appearances on Fox Business Network, which led a company official to warn the network against allowing him to air “false grievances.”

His aggressive—and very public—campaign against the company concerned some family members.

The Pulte Family Charitable Foundation issued a statement in 2023 warning that Pulte’s comments “may suggest that he speaks on behalf of the entire Pulte family.”

In fact, the charity said, Pulte “does not represent, nor is he a spokesman for all members of the Pulte family, in any capacity.”

Pulte fired back, blasting his aunt—the charity’s president— as a “phony Catholic.” He alleged the aunt, Nancy Pulte Rickard, was working on behalf of PulteGroup’s CEO and was “petty, basically broke.” He also sought to depose her in the lawsuit.

Articles attacking her appeared on conservative news sites. A website popped up that called her a “Fake Christian” who was “misusing charity funds to smear her own family members” and suggested she was guilty of financial crimes.

Pulte Rickard did not reply to requests for comment. In court filings, her attorney’s described the attacks as part of a campaign of “degrading and threatening harassment” by her nephew.

Pulte’s step aunt—whom he c alled a “fat slob,” “weirdo” and “grifter”—alleged that Pulte himself was behind the site, according to a legal filing she submitted after Pulte tried to depose her. Pulte’s representatives would not address whether he was behind the website.

“Mr. Pulte enjoys a great relationship with the majority of his wide family,” the FHFA said.

Trump chooses Pulte for administration job THEN the attacks abruptly ended. After Trump won the 2024 election, Pulte deleted thousands of social media posts and withdrew his defamation lawsuit several months later.

The moves coincided with a new cause: a job in the Trump administration.

Pulte, who along with his wife has donated about $1 million to Trump’s political efforts, was confirmed by the Senate to his FHFA post in March.

Since taking the job, he’s helped spearhead Trump’s retribution campaign, focusing on potential instances of mortgage fraud by Trump’s rivals, which he often posts about rapid-fire on X. Meanwhile, he’s refused to comment on similar conduct by several members of Trump’s cabinet, as well as Texas Attorney General Ken Paxton, a Trump ally.

After James’ indictment Thursday, he took to X for a victory lap, reposting commentary from conservative commentators who lauded him and the case he helped build.

“If you know of anyone who has committed mortgage fraud, please send any and all tips to FraudTips@ fhfa.gov,” Pulte posted.

DIRECTOR of the Federal Housing Finance Agency Bill Pulte speaks with reporters at the White House, Tuesday, Sept. 2, 2025, in Washington. AP/MARK SCHIEFELBEIN

Diamonds—and Rose Gold—are Bea Alonzo’s best friends

BEA ALONZO is bedazzled for the holidays. And even if she flaunts her sparkling collection of bejeweled accessories, no one will fault her for it.

She’s one of the country’s top taxpayers, and with her films reportedly grossing P3.15 billion, Bea is among the biggest local box-office stars of all time.

The GMA star, last seen on TV in the murdermystery series Widows’ War, is the ambassador for MyDiamond, as she effortlessly embodies the luxury jewelry brand’s festive vibrance and timeless elegance.

At the brand’s recent unveiling at the Mall of Asia of its holiday collection of gemstones, Bea showcased “the fiery allure of ruby, the deep charm of sapphire, or the lush richness of emerald, which are beautifully complemented by the classic sparkle of white diamonds.”

Those fascinated with fine jewelry may also choose from three luxurious gold settings: warm rose gold, sleek white gold, and timeless yellow gold.

As Bea, 37, celebrates her birthday month and the holiday season that’s already upon us, she shares her thoughts and wishes on the joys of owning jewelry as well as the magic of giving gifts.

On defining the holiday spirit: “I think the holidays is always about just being with family. You know, it’s the vibe, it’s the music, the Christmas tree, the smell of puto bumbong, and just being in one room together with family. I think it’s that togetherness that feels like the holidays for me. It’s the togetherness with the people that you love most, the people that you treasure the most. “

On MyDiamond’s Holiday Collection: “Well, I love diamonds, but I also have been into rose gold because I feel like it has this warmth, this softness to it. And when it’s paired with colored stones, I feel like it elevates the look. It feels more sophisticated and modern at the same time.

“We’ve seen that their newest collection has the rubies, the sapphires, emeralds. These are fun colors. I believe that these stones, they carry energy. Like, for example, when I wear ruby, instantly, I feel more bold, like I’m ready for a party, or like it’s more, it’s almost seductive actually.

“When I wear sapphires, they are very calming. So, they calm me down, especially with my busy schedule. With emeralds, it’s very grounding. It’s almost like quiet kind of confidence, as they say. On choosing what piece to give: “I love statement pieces, but I think for this one, I’d go with the Everyday Sparkle. Just because I like the idea of someone being able to wear something that I gave him or her every day and think about me. I think that’s very special. It’s always a must, so that they remember you. Because we’re all about creating memories.”

On rubies giving a confidence boost: “I feel like

The

WHIMSICAL” may be the first adjective one could use to describe the MCM Collection, a line of Eau de Parfums inspired by the brand’s iconic leather animals, but it’s also insightful, interesting and adventurous. Designed in collaboration with master perfumers from DSM-Firmenich, the collection is made with sustainably sourced ingredients and contained in bottles topped with whimsical golden figures. Each fragrance embodies the essence of MCM’s bold, adventurous DNA.

The new MCM fragrance collection celebrates

there’s something about jewelry that makes a look put-together. I don’t know if it’s psychological, but whenever I put on something sparkly, I feel confident right away. And maybe it’s a reminder to just, you know, let your hair down and just be in the moment and, you know, shine even brighter, as they say, in MyDiamond.”

On a piece that signifies a new chapter: “Definitely a diamond. A tennis diamond bracelet, because I love diamonds as well as I love rose gold. And it’s something classic that I could wear every day. It’s something that I could pass down one day. And I think it would represent love and creating something lasting. Because diamonds are actually forever.”

n To know more about MyDiamond’s holiday collection, visit its stores at Ayala TriNoma, Gateway Mall, Shangri-La Plaza, Glorietta 4, SM Mall of Asia, Robinsons Place Manila, Festival Mall, and SM City North Edsa. Find out more about the latest on MyDiamond by visiting its official social media accounts on Facebook and Instagram.

individual uniqueness,  with each scent bringing joy, love, and a reminder of the beauty that pets and nature’s wonders bring to our lives.

Zen Elephant was inspired by the pursuit of balance and opens with freesia for calm and clarity. Other notes include magnolia (quiet reflection), oakmoss and cardamom (wisdom and serenity), and grapefruit. This is one of the favorites from the collection and understandably so because it is a floral woody scent. It’s unique yet very likable. You know how many unique scents are acquired tastes? This is not true for Zen Elephant. It’s a fragrance that you take a liking to immediately.

Darling Doxie has a woody and spicy aroma with notes of ylang-ylang, chamomile, pink pepper, nutmeg, and rich sandalwood.

Charming Pup has notes of rose, elegantly intertwined with the sophisticated depth of cedarwood. Meanwhile, vetiver adds a touch of refined earthiness, grounding the fragrance

Jolly Rabbit is a joyful scent with notes of orange citrus, neroli, and vetiver. Ginger and jasmine petals give Jolly Rabbit more playful notes because the rabbit

skincare

Posh

There are brand-new microneedle patches to flatten stubborn pimples, sports patches made for physical activities, and 10mm mini patches for precise care. These new designs reflect Posh Skin Co.’s commitment to delivering better value for customers with effective and inclusive acne solutions that suit every lifestyle.

“We’ve been listening closely to our community, and we heard you,” shares Charmaine Palermo, one of the founders of Posh Skin Co.“That’s why we created two patch sizes in every pack, smaller ones for tiny zits and larger ones for those stubborn breakouts that need extra care. We’re also constantly creating new designs to match your every mood and style, because it’s our mission to make acne care more personal and fun”.

The latest Posh Skin Co. pimple patch collection introduces new styles, each designed to target different breakouts while reflecting your moods and personality: Microneedle Patches—formulated with microneedle technology to flatten and help reduce stubborn pimples more quickly to promote healing; Black & White Collection—stars and hearts in monochrome tones, perfect for those who love understated elegance; and Flower Collection—colorful blooms like sunflowers, daisies, and violets that keep your routine fresh and fun.

Now upgraded from 24 to 32 patches for the same price of P199, each pack includes 12 large patches (15mm) for stubborn breakouts and 20 smaller ones (10mm) for those tiny but tough spots.

Posh Skin Co.’s newest 32-piece pimple patch collection is available at Watsons stores starting October 6 for P199. It will also soon be available on Shopee, Lazada, Tiktok Shop, and www.poshskin.ph.

New era of beauty & wellness opens in Greenhills

GREENHILLS welcomes a new sanctuary for modern self-care with the relaunch of Sheena Clinic and the grand opening of Lindra Spa, now open at 2F O-Square 2 in Greenhills, San Juan. This milestone by the Sheena Group of Companies marks the first integrated destination that brings together science-based aesthetics and Nordic-inspired wellness in one luxurious space. Guests experienced the unveiling of the Sheena Beauty Bar, a first-of-its-kind innovation where visitors can “Build Your Own Skin Ritual,” alongside Lindra Spa’s signature Nordic treatments such as the Lindra Signature, Aurora Prestige, and the Varm & Kall contrast therapy. Designed as a haven of balance and renewal, Lindra Spa offers holistic relaxation paired with

Scandinavian-inspired dining through its wellness lounge, Fika. According to Dr. Sheena Joyce A. Bautista, founder and CEO of the Sheena Group of Companies, “Lindra Spa

is, after all, a very social and active animal.

Finally, Mighty Bear has top notes of bergamot, followed by the warmth of vanilla and the earth tones of sandalwood. The bear is a symbol of resilience grounded in nature, hence the woody floral accents of Mighty Bear. The scent is unisex and can lean toward masculine for some but that’s what I like about it. I can apply more if I am feeling it one day, or just spritz lightly if I feel like wearing fragrance for myself. To make it less masculine, I layer it with a vanilla scent or Zen Elephant.

I’d say the scent profiles in the collection are unexpected and versatile. Each bottle is topped by the character it represents so the scents in the collection are good collectibles. I love how each scent profile tells a story. The Mighty Bear, for example, represents resilience. Darling Doxie represents loyalty while Zen Elephant is all about clarity. Jolly Rabbit evokes joy while Charming Pup embodies charm and confidence.

The MCM Fragrance Collection is available at Rustans Beauty Source and distributed in the country by Luxasia Philippines.

Personal Collection bags awards at the Asia ESG Business Awards

Personal Collection (PC), one of the leading Filipinoowned direct-selling companies, continues to champion sustainable innovation with its recent win at the ESG Business Awards for its Biodegradable Packaging program under the Green Packaging Solutions category and its #GreenLifeGreatLife Movement under the Initiative AwardPhilippines Environmental Impact.

In 2021, PC took a bold step in becoming the pioneer of biodegradable packaging in the Philippines and has since then encouraged households to transition from recyclable packaging to biodegradable alternatives, demonstrating its commitment to driving sustainability forward.

This initiative has enabled quicker breakdown of packaging under landfill conditions, preventing over 7,900 tons of plastic waste from polluting the environment.

In research conducted by the Global Alliance for Incinerator Alternatives (GAIA), an estimated 164 million sachets are consumed daily in the Philippines, accounting for 52% of the country’s residual plastic waste. Due to its archipelagic

geography, the country is also vulnerable to ocean pollution and is the third largest contributor to ocean plastic pollution.

As part of its commitment to addressing plastic pollution, PC revolutionized the packaging of its products by transitioning to biodegradable materials. Bio additives are used to help microbes break down plastic surfaces naturally within five to ten years, leaving no harmful residues on the planet.

Aside from the biodegradable solutions, the #GreenLifeGreat Movement also includes initiatives such as coastal and community cleanups, tree-planting activities, and educational and awareness programs for employees, dealers, and communities. Recognized for its excellence, this movement was also lauded by the Anvil

Awards, Stevie International Business Awards, and Araw Values Awards. Additionally, PC’s Home Care Natural products were honored at the Asia-Pacific Stevie Awards.

PC has also consistently championed women entrepreneurship and employee engagement through targeted empowerment initiatives, earning accolades from the Philippine Quill Awards.

The ESG Business Awards, headquartered in Singapore, is an award-giving body that honors organizations in Asia at the forefront of sustainability and those showing a commitment to environmental, social, and governance (ESG) practices.

You can explore the award-winning products and other offerings by visiting their official website at https://www. personalcollection.com.ph/.

Jollibee’s Cheesy Yumburger Levels Up with New Flavor Experience

GET ready for twice the cheesy-beefy goodness as Jollibee’s Cheesy Yumburger now comes in two irresistible flavors!

Jollibee, the home of the langhap-sarap experience, just leveled up their Cheesy Yumburger line, letting fans choose their own delicious bias. Still made with the same beefy langhap-sarap patty you know and love, the Cheesy Yumburger now comes in two crave-worthy variants:

Original Cheesy Yumburger – The crowd-favorite classic with creamy cheese and signature Yum sauce.

Special Cheesy Yumburger – A bold new flavor adventure with creamy cheese, tasty ketchup, pickles, and onions.

Whether you’re a loyalist to the OG or curious to try something new, there’s now a Cheesy Yumburger made just for you to satisfy any of your cravings.

“Fans have always loved the Cheesy Yumburger for its beefy patty and cheesy goodness. With this limited-time offer, we’re giving them more ways to enjoy it — either sticking with the Original or switching things up with the bold Special variant,” said Pam Reyes, Assistant Vice President, Jollibee Philippines. “Kahit anong craving mo, there is a Cheesy Yumburger for you.”

The Original Cheesy Yumburger starts at just P69 Solo, and the Special Cheesy Yumburger starts at only P75 Solo.

Flavor isn’t the only thing leveling up! This new campaign also marks the comeback of JolliBINI, with the launch of a new ad featuring the Nation’s Girl Group and a new Cheesy Yumburger jingle that hits all the right notes of cheesy-beefy goodness.

Entrepreneur John Aguilar launches

his

MULTI-awarded entrepreneur, TV producer, and author John Aguilar officially unveiled his highly anticipated third book, “The Art & Science of Peak Performance,” published under Penguin Random House Southeast Asia. Following the success of his previous books, “The Art & Science of the Pitch” (inspired by his reality TV show The Final Pitch) and “Methods to Greatness,” Aguilar’s newest work shifts focus from business acumen to personal vitality, offering a universal blueprint for a healthier, more fulfilled life.

For Aguilar, this book isn’t just a guide; it’s a passion project and an extension of his own lifelong commitment to well-being. Unlike an author with a dramatic “turnaround story,” Aguilar describes himself as an “ordinary guy” who has consistently taken care of his body, mind, and relationships.

“I think, from all the books that I’ve written, this is the book that I’m most passionate about and one that I feel I’m able to contribute to the world in my own way,” he said. The motivation behind his rigorous pursuit of peak performance is deeply personal: his family.

“The role that I really enjoy most is being a father and a husband.

None of that is more important to me than family,” Aguilar shared. “Even the reasons why do these things, it’s really for that future. It’s really what inspires me to every day be at my best, to be able to set an example for my children and be there for my wife.”

Aguilar’s ultimate health goal is the aspiration to reach a “ripe old age of 100” so he can one day play with his grandchildren, cementing the idea that peak performance is fundamentally about extending one’s health span and quality of life.

The central message of the book is that achieving optimal health is accessible and affordable for everyone, regardless of age or background.

Aguilar’s research and personal experiments, which included extreme measures like a cold plunge in the zerodegree Baltic Sea while producing his “Methods to Greatness” documentary, serve as the basis for the book.

However, he emphasized that the reader doesn’t need to take such extreme steps.

“I want people to understand that you don’t have to do these things, because a lot of the things that you can do to improve your health are very, not only affordable, but doable in your

Filinvest at 70: Giving Back through Loaves X Fish

FILINVEST Group’s 70th anniversary was made more meaningful during the partners’ event on September 17, 2025, with a gesture of giving. For every guest in attendance, 70 meals were pledged by Filinvest to the Loaves X Fish Foundation, amounting to a total of 10,000 meals, for those most in need.

In line with its mission of Fighting Hunger and Feeding Hope, Loaves X Fish Foundation, Inc. operates a charity kitchen that provides free hot meals for the poor, abandoned, marginalized and forgotten. Since opening its doors in Feb. 2024, the kitchen has served over 325,000 meals with the support of its donors, its more than 1,700 volunteers and in partnership with 30 parishes and NGOs.

Filinvest employees have been part of this effort from the beginning, regularly joining other volunteers in the kitchen to prepare food for distribution. Their involvement reflects a culture of service that runs deep within the Group and its employees.

employees actively volunteer at Loaves X Fish, coming together on weekends to help prepare meals for beneficiaries.

“Filinvest’s 70th year is not only a celebration of our journey but also an opportune time to remind ourselves of our social responsibility. Supporting Loaves X Fish allows us to honor our partners while extending care to communities that need it most,” said Ysmael V. Baysa, Filinvest Development Corp. Chief Operating Officer. What began in a Quiapo shophouse seventy years ago has grown into one of the biggest and most diverse business groups in the country, but the heart of Filinvest remains the same: to uplift lives and create opportunities. Through this initiative with Loaves X Fish, the Group celebrates its past while reaffirming its commitment to shaping a better future for the Filipino people. Established in 1955, the Filinvest Group is one of the Philippines’ most diversified conglomerates, with businesses in real estate, banking and financial services, power and utilities, hospitality, and sugar.

Foundever® in the Philippines Bags 2 Trophies at the 21st Quill Awards

FOUNDEVER®, a global leader in customer experience (CX) solutions, was honored with 2 awards at the recent 21st Philippine Quill Awards for its innovative employee welfare programs and its skills development program entitled Language Academy.

Given annually by the International Association of Business Communicators (IABC), The Quills recognize the most impactful public relations campaigns by companies in the Philippines. Foundever in the Philippines won Merit Awards for its entries “Best Place To Work: The Tale of How Millennials and Gen Zs Found Foundever” and “The Language Academy at Foundever: Empowering Communities through Education.”

“These awards demonstrate how our strategic storytelling can amplify the success and meaningful impact by Foundever, further building lasting value for our stakeholders, our employees, and the communities that we serve,” said Lena Madrid, Head of Marketing for Foundever in the Philippines, China and Malaysia.

The “Best Place to Work: entry highlighted how Foundever adapted to the pressing need of millennials and Gen Zs for a collaborative workplace interaction, one where empowerment and active participation thrive.

The “Language Academy at Foundever” entry showcased how the company’s initiative addresses a critical barrier faced by qualified candidates when accessing BPO opportunities. By identifying the competency gap between available talent and industry requirements, particularly in customer service communication, the program serves as a strategic workforce development solution that benefits both job seekers and the industry.

The Quill awards are the latest among the industry honors Foundever in the Philippines has been receiving.

The company has been certified as a Great Place to Work® (GPTW) and one of the Best Workplaces™ in the Philippines by the Great Place to Work international organization. This recognition highlights the company’s commitment to fostering a positive and people-centric workplace culture anchored on growth, wellbeing, belonging, and purpose.

Additionally, Foundever in the Philippines

has been named as one of the Top 10 Inspiring Workplaces in Asia for 2025 by the Inspiring Workplaces Group (IW). This award celebrates companies that lead with purpose and put people at the heart of their culture.

Out of many entries across the region, Foundever stood out – and received best-in-class special recognition in three key areas: Inspiring Wellbeing – for creating a supportive environment where employee wellness is a priority; Inspiring Inclusion – for building a culture that values diversity and creates a sense of belonging; Inspiring Employee Experience – for offering meaningful, people-focused experiences that drive engagement. It was likewise listed among the Philippines’ Best Employers by the Philippine Daily Inquirer and Statista, underscoring its dedication to building an inclusive and dynamic workplace.

Further cementing its role in national progress, the Information Technology and Business Process Association of the Philippines (IBPAP) honored Foundever with the Regional Development of the Year Award in 2024. The recognition cited its initiatives in Cebu, Palawan, Baguio, and Tarlac, where the company has driven socio-economic growth through education, skills training, employability programs, and the creation of employee resource groups supporting persons with disabilities.

latest book ‘The Art & Science of Peak Performance’

daily life,” he explained. “People don’t have to get intimidated because things can start with just making the right food choices, all the way to the extremes.”

In The Art & Science of Peak Performance, Aguilar takes readers on a journey of growth and transformation by exploring seven core concepts that govern our health and vitality: Sleep, Nutrition & Supplementation, Movement & Training, The Peak Performer Mindset, Recovery & Injury Prevention, Disease Prevention & Intervention, and Biohacking & Longevity.

Aguilar emphasized: “That’s really how I approached The Art & Science of Peak Performance. It’s for everyone who wants to take their health into their own hands and be able to say, ‘Okay, it’s not too late for me.’ I can start right now by changing my diet a bit, sleeping earlier that night, and making sure that I do the things that will help me, regardless of what I am doing.” The Art & Science of Peak Performance is now available on multiple outlets. Secure a copy

or

Personal Collection Malaysia Managing Director Elaine Too receives the Green Solutions Award and the Initiative Award – Philippines Environmental Impact during the ESG Business Awards ceremony held at The Westin Kuala Lumpur

Filinvest

Why it’s time to revive basic business manners

REMEMBER how everyone turned kind, compassionate, and respectful during the pandemic years? For many of us, the loss of some kin, friends, and associates to Covid-19 brought out our humanity. We became more patient, more gentle, more benevolent towards each other, and even gave way to people who were not necessarily older or disabled. And we simply practiced good manners.

Fast forward to 2025 when the dark memories of the pandemic seem to have receded too fast. Today, we’re back to the normal cycle of work, attending events, concerts, and social engagements. We’re interacting again for both official and personal reasons. Unfortunately, we have noted that people don’t seem to be as kind and respectful anymore. Every day, headlines and news stories scream about massive corruption in the government and the angry masses are calling for justice and accountability. With civil unrest a potential threat to our stability, we are indeed facing a grim and negative present and future. What’s going on? Why are people lashing out with hatred and aggression? Can we not turn to more constructive means of coping with these turbulent times?

This seems to have influenced even workplace practices, with some employees backsliding to old bad habits. Can we, as communicators or practitioners of public relations, do something about this before problems become unmanageable?

Let me cite a few day-to-day

GLOBE FOSTERS DIGITAL INCLUSION AND SUSTAINABILITY ACROSS

WESTERN MINDANAO

MANILA, PHILIPPINES—

Globe continues to demonstrate its commitment to creating a #GlobeOfGood through a series of impactful initiatives across Western Mindanao, aimed at uplifting vulnerable communities, promoting digital inclusion, and protecting the environment.

In partnership with Western Mindanao State University (WMSU), Globe launched Digital Horizons for Out-ofSchool Youth (OSY), a strategic program designed to equip young Filipinos with essential digital literacy, athletic development, and leadership skills. By harnessing WMSU’s local expertise, the initiative delivers a sustainable and future-fo -

situations where we could, at the very least, try to practice basic good business manners during meetings—both in the office and from home.

n Don’t be too “share-happy” with seemingly “hot” posts or information that you have not fact-checked.

I FREQUENTLY get the same posts from several people who enthusiastically send these to their chat groups, without checking for accuracy. They know full well that their posts would just circulate among different sets of friends or cliques. This not only takes up so much space and time; it can also be extremely annoying especially when one finds out that it’s an old rehashed post or worse, downright fake! Sobriety and self-control are virtues to be called on here. Don’t add to the misinformation and disinformation that are neither helpful nor productive.

n Decide early: Should it be an online or face-to-face meeting? WHEN calling for meetings, please consider the following factors in deciding on the place, the date and time, and the venue

cused learning experience that empowers youth to participate meaningfully in the digital economy. A total of 40 OSY and 117 WMSU students, faculty, and staff joined the inaugural Digital Horizons program, marking a strong start to this impactful collaboration.

Globe also activated the GT Coop CAREavan at WMSU’s College of Social Sciences and Public Education, engaging over 150 students, faculty, and staff in a day of learning and giving. The event featured the Digital Thumbprint Program (DTP), which covered topics such as Digital Conduct, Cyberbullying, and Telco 101. A symbolic turn-over of shoes and whistles further emphasized Globe’s commitment to inclusive education and youth empowerment.

Reinforcing its sustainability mission, Globe volunteers partnered with local fisherfolk and leaders in Misamis Oriental to launch the Coastal Digital Roots initiative. A total of 917 mangrove seedlings were planted in Brgy. Baybay, Alubi -

jid, helping protect the coastal ecosystem and strengthen community resilience against climate change.

“These initiatives reflect Globe’s deeper purpose to extend care, connectivity, and opportunity to every Filipino,” said Aldwin Mahusay, Assistant Director – HR Business Partner for VisMin, at Globe.

“Whether it’s empowering youth or restoring our environment, we are committed to building a future where no one is left behind.”

Globe’s efforts in Western Mindanao exemplify how technology, partnerships, and purpose can come together to create lasting impact online and on-ground.

To learn more, visit https:// www.globe.com.ph/.

ABI MARQUEZ REPRESENTS THE PHILIPPINES AT THE 15TH ANNUAL LOVIE AWARDS

MANILA, PHILIPPINES— Fresh from being honored for her video “Plantanillas” at the inaugural Doreen Gamboa Fernandez (DGF) Short Food

or method of meeting. Can your subject be discussed online or by phone? Be considerate of the parties’ time and availability by using online options like Zoom or other apps. Do not compel them to come to your office from halfway across Metro Manila, such as from Makati to Quezon City, or from BGC to Alabang, only to tell them something that you could have relayed over the phone. Metro Manila traffic, especially on major thoroughfares like Edsa, can be severely stressful. It is probably best to just meet online—it’s faster and more efficient.

Face-to-face meetings are, of course, reserved for long important discussions where the personal exchange of ideas is vital to decision making, especially when signing documents or turning over of data is involved.

n Be on time for both online and face-to-face meetings; it’s rude to make everyone wait.

WHEN an online meeting has been set, participants should fix their connectivity, Wi-Fi issues, and workstation earlier—and be ready to log in at least 5 or 10 minutes before the designated time. The online method is

Video Awards, food content creator Abi Marquez has been named a finalist in two categories under the Social-Creator Excellence category in The 15th Annual Lovie Awards, making her the first-ever Lovie Awards Finalist from the Philippines.

The Lovie Awards celebrate outstanding achievements in culture, technology, and business across Europe. Presented by the European arm of the International Academy of Digital Arts and Sciences (IADAS)— the same 3,000+ member organization behind The Webby Awards—they honor excellence across the Internet’s most impactful fields.

Abi was named a finalist for Best Creator and Best Series, with the latter nomination recognizing her popular Lumpia series, where she created a lumpia dish inspired by Chef Gordon Ramsay’s signature Beef Wellington. The Best Creator category honors the most innovative examples of content creation or information-sharing across

meant to be convenient for everyone so it’s counter-productive to be late.

The same rule applies to faceto-face meetings. Given the challenges of inclement weather and unexpected delays, we should aim to reach our destination at least 30 minutes before the appointment. That should give one sufficient time to find the venue, settle down, and set up one’s notes or laptop.

n Be prepared with an agenda that should be known to all.

THERE is nothing more disconcerting than failure to prepare for a status report. The host of the meeting must thus be ready to tackle an agenda that was shared earlier so that whoever is assigned to present or discuss their topics can be prepared.

n Before you call anyone on their mobile phone, please text or send a message to ask if you can call.

THE professional way of communicating is to seek permission to call before punching someone’s numbers. You may be in a rush but texting first shows respect for their time and availability. A short line to say “May I call you

social media, regardless of platform, while the Best Series category highlights episodic video series made exclusively for social platforms by creators or influencers.

“I’m honored that the work that I’ve been doing has spread beyond the Philippines and has become part of internet culture and everyday life for more people,” said Abi. “Filipino food and our food culture deserve to be on the global stage, and I’m glad to be recognized for telling stories about our cuisine and food culture. Let’s get this win for the Philippines!”

Lovie Award Finalists are selected by the International Academy of Digital Arts & Sciences (IADAS). Members include Charlotte O’Sullivan (CMO, Chloé), Ibrahim Seck (Creative Director, Monks Paris), Jade Coles (Cultural Event Programming Director, Apple), Stefanos Constantinou (VP, Brand Partnerships & General Manager, Highsnobiety), Bridget Arsenault (London Editor, Air Mail), Michelle

for a few minutes?” will be most appreciated. Please make sure you stick to your purpose for calling because the person you are talking to may have other items on his time schedule.

n Be sensitive to others’ opinions. IF you must do “small talk” before meetings, avoid discussing controversial topics or expressing strong opinions about certain issues that your clients or other meeting participants might have opposing views to. During both formal and informal meetings, avoid breaking the ice by starting a conversation about the latest online chatter or the latest scandal in government. This may not sit well with everyone present. If the meeting has no formal agenda, and the participants are your close friends, some “maritess” banter may be fine and even adds to the fun. But with fake news proliferating online these days, avoid sharing information that you are not sure about. Some carelessly uttered statements could lead to unpleasant disagreements. It’s best to keep exchanges light, especially if a business agenda is set for discussion in the meeting.

Lu (CEO, Semaine), and Ben Silvertown(Founder, Lapse), among others.

NYMA Chief Operating Officer Kat Bautista expressed excitement about the possibilities for Filipino food content in Europe, as the Lovie Awards honor Internet excellence in culture, technology, and business in the region.

“This honor reflects the growing interest in Filipino culture in Europe, and we’re excited that more people are appreciating Abi’s work. Creators like Abi show that the path forward for the creator economy in the Philippines is to combine their love and passion for a subject with dedication to their craft, their industry, and their love for learning. We hope to see Filipinos rally around Abi and help us get this win for her and for Filipino food culture.”

As a finalist, Abi is eligible to win a People’s Lovie Award, voted online by fans across the globe. Fans can cast votes for Abi by creating an account on the Lovie Awards website.

Curling team on track to Winter Olympics

Sports

The write stuff

BUSINESSMIRROR  just turned 20 years old the other day, and in this digital age, that is quite a milestone.

By September of 2026, I will have been writing for the newspaper for 20 years now. Not strictly as a sports columnist, but also as a writer in their music section, Soundstrip.

I n ever thought I would write professionally. As a youngster, I loved illustration and design. Art was my favorite subject, and I attended art workshops during the summer. No doubt, that was due to my love for comics books.

Tand Cortina d’Ampezzo Winter Olympics in February. The 2025 Asian Winter Games gold medal-winning team of heritage athletes Marc Pfister, Christian Haller, Enrico Pfister, Brayden Carpenter and alternate Alan Frei automatically advanced to the Olympic Qualification 2025 event in Kelowna, British

T he same team beat South Korea, 5-3, in the men’s team final in Harbin last February for a historic first gold medal for the Philippines in any winter sports games.

In Aberdeen, the Pfister and company went unblemished with victories Pfister Denmark, 7-4; Chinese Taipei, 10-0; New Zealand, 6-5; Australia, 9 (7)-4; and Poland, 7-2. “They performed really well in Scotland and we are proud of them. We expect them to advance, and we are calling the entire nation for support and prayers,” Tolentino said.

“We are also hoping that the PSC [Philippine Sports Commission] support their campaign.”

Philippines.”  T he 35-year-old Marc Pfister—whose mom Milagrosa is originally from Palawan while his dad Christian is Swiss—has three men’s world championships in 2015, 2016 and 2018 and mixed doubles stints in 2015 representing Switzerland. He stopped competing in 2020 because of the pandemic but bared that the opportunity started in September 2023 when Curling Pilipinas gave them a call to represent the Philippines.

Together with brother Enrico, Haller, Frei and Benjo Delermente, they won Division B gold and silver at the 2024 and 2023 Pan Continental Curling Championships, respectively, in Lacombe, Alberta, and British Columbia in Canada.

We were super happy with the gold medal in Harbin,” said Enrico Pfister, 33, a certified electrician in Switzerland and a 24-year curling veteran.

As for design, I made it a habit to visit the annual interior design exhibits of students from St. Paul’s College Quezon City that were held at Greenhills. I spent hours just looking at the exhibits and trying to understand how and why they came up with the designs, the use of space and why specific materials were used.

I parlayed this into designing the sets for our class plays. Now, my reading skills and comprehension weren’t very good, so my parents enrolled me in a speed reading and comprehension class in Makati on weekends. Furthermore, my dad made sure I read the newspaper every day (news, politics, the economy) where he would quiz me afterwards. After my graduation from grade school, my mother gave me one hundred pesos as a gift—a princely sum back in 1981. With that money, I bought my first books—The Lord of the Rings trilogy at National Bookstore Ali Mall that collectively cost less than P70. Actually, the impetus for buying those books came from a Betamax tape of The Lord of the Rings animated film by Ralph Baskhi. My mom rented the tape and I must have seen it five times during that three-day rental period.

I couldn’t stop reading after that.

How that all translated into writing was while reading Sports Illustrated…the swimsuit edition cover dated February 1, 1985. The one with supermodel Paulina Porizkova on the cover. Does anyone read that?

I did.

One thing that I took away wasn’t just how beautiful and in love I was with the Czech supermodel. It was also the writing. For real!

It was an excerpt from John Feinstein’s book, A Season on the Brink: A Year with Bob Knight and the Indiana Hoosiers. In my young life, I had not read such writing that took you behind the scenes and made you feel like you were not only there but knew everyone from afar.

That school year (I was now in college), we were asked by our English professor during our English Honors Section class to write a “sequel of sorts” to JD Salinger’s Catcher in the Rye. I str uggled in my English class, but the paper I turned in for that got me an “A-plus.”

I guess I impressed some people because a year later, my aunt, Nena Olivares, president and co-founder of the Times Journal had me writing sports for their expat newspaper, News Today. Then I became a contributor to the Lifestyle and Entertainment section of the Philippine Daily Inquirer under Llita Logarta and Thelma Sioson-San Juan.  Fr om there, I went into advertising where my writing was further refined.

After coming back from a sojourn in the United States, I followed former Ateneo Blue Eagles manager Paolo Trillo in writing the weekly “Blue Eagle Bulletins.” Believe it or not, that brought me not only the Ateneo audience, but others as well.  Then BusinessMirror’s Ricky Alegre and sports editor Jun Lomibao paid me a visit at the marketing offices of Solar Sports for an ex-deal with their new broadsheet. They also provided me with a newspaper column and more. And that leads to this today. A s a young college student, I purchased Atlas Sports Weekly, Sports Flash and then Champ. I cut out columns from my favorite local columnists. Never in a million years did I think I would follow my idols and be a columnist myself.  Truthfully, my writing has been a gamechanger for my life and career. I wrote for all the big broadsheets and many at the same time making me perhaps the only writer to have done so. I served as editor-in-chief for the Philippine Basketball Association’s publications. Worked as a sports

TBy Josef Ramos

HE Batang Pinoy will go on as scheduled from October 25 to 30 in General Santos City amid the twin earthquakes that shook Mindanao last week, according to Philippine Sports Commission (PSC) chairman Patrick “Pató” Gregorio.

“I t’s all system go, and all the venues, plus the athletes remain okay and safe,” Gregorio told reporters during the Fifth Siklab Awards Night on Saturday at the Diamond Hotel in Manila. “There are no damage so far so good in all the venues,” added Gregorio, who himself felt the earthquake while he was on a sortie on the big island to oversee both preparations for the PSC’s flagship program for the youth and the creation of a Mindanao Stadium at the University of the Philippines-

He added that the local Philippine National Police, Bureau of Fire Protection, Coast Guard and local government officials are in harness for the Batang Pinoy, a 27-sport competition for children athletes aged 17 and below.

The General Santos City games, Gregorio said, will gather some 60,000 delegates—20,000 athletes and another 40,000 more who are either coaches, LGU officials and family of the athletes.

G regorio, meanwhile, said that the Mindanao Stadium will serve as a training center for national athletes on the island and called for full government support for the facility.

Eala’s rise in global tennis inspires rich netfest in Bulacan

ENTREPRENEUR Hayb Anzures— known for his success with Gentry Timepiece—has transformed his business acumen toward a different passion—tennis—as he leads the P2-million Gentry Open Tennis Championships, the richest tournament in local tennis history.

The Gentry Open officially kicked off last Friday at the world-class 2,000-seat, 11-court Tennis Center inside Colegio San AgustinBulacan in San Jose del Monte.

“For just one year into tennis, the feeling and excitement are different compared to when I play basketball, football or golf,” Anzures said. “The tennis community is so vibrant and welcoming.”

Anzures, 31, a Business Management graduate from Far Eastern University, said he was inspired by the success of Alex Eala on the

ENTREPRENEUR Hayb Anzures focuses on tennis.

Uy goes all out to rekindle magic as Del Monte golfest gets going

DANIELLA UY returns to familiar territory this week hoping to rekindle the magic that brought her a memorable two-shot triumph at the International Container Terminal Services Inc. Del Monte Championship two years ago. The Taiwan tour campaigner is not just looking to score a repeat beginning Tuesday, she’s determined to redeem herself from a disappointing finish in the last leg of the Ladies Philippine Golf Tour (LPGT). Coming off a strong

sixth, a result that fell short of her own standards.

Now back at Del Monte Golf Club, where her precision and poise previously earned her the top prize in 2023, Uy is out to rediscover her best form. However, the road to another victory promises to be steep, as a formidable field packed with proven winners and in-form challengers stands in her way. Leading that charge is Florence Bisera, one of the hottest players on tour. After a come-from-behind victory at Marapara, Bisera took her winning ways abroad, clinching a breakthrough win at the Thailand

tennis tournament in terms of cash rewards— surpassing even the storied Philippine Columbian Association (PCA) Open.

Anzures said the men’s singles champion will receive P300,000, and cash prizes and special gifts from sponsors will be awarded to the 15th place in the main draw.

The country’s top players AJ Lim and Eric Jed Olivarez headline the men’s competition, while the women’s singles division features promising stars Mikaela Vicencio and Tiffany Nocos, who will battle for the P100,000 champion’s purse and the runner-up prize of P50,000.

T he tournament, which runs until Sunday, is staged in partnership with Palawan Pawnshop, Palawan Express Pera Padala and Palawan Pay as the official

SBG: Investment in sports creates world champions

SENATOR Christopher “Bong” Go underscored the importance of sustained partnerships and government investment in sports, saying the victories of Filipino athletes in international competitions are clear proof that proper funding and support lead to historic achievements that bring pride to the nation.

Speaking during the budget deliberations for the proposed 2026 allocations of the Philippine Sports Commission (PSC), Games and Amusements Board (GAB) and Philippine Racing Commission (PhilRaCom)

well disciplined, the result will be great success, but not only in sports but also in tourism,” Go said. Go reiterated his commitment to continuously fight for increased sports funding, noting that the PSC’s share in the national budget remains small compared to the immense value generated by athletic

Mindanao campus in Davao City. General Santos City has been preparing for a long time for the Batang Pinoy,” Gregorio said. “They are ready.”

“PATÓ” GREGORIO: All systems go despite earthquake. PSC PHOTO

DANIELLA UY (left) and Florence Bisera are expected to square off for the title along with the other big names in the local tour. LPGT PHOTO