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PhilHealth top recipient of govt subsidies

HE Philippine Health Insurance Corporation (PhilHealth), the staterun national social health insurance program, got the biggest chunk of the subsidies from the national government in August, data from the Bureau of the Treasury (BTr) showed. Data showed that subsidies to government-owned and -controlled corporations (GOCCs) surged to P64.947 billion in August, up 710 percent from the P8.018 billion in the same month a year earlier. The national government grants subsidies to GOCCs to fund operations not supported by corporate revenues, finance specific programs or projects

BEAUTY AND DIPLOMACY Miss International Philippines 2026 Katrina Johnson pays a courtesy call on Japanese Ambassador to the Philippines Katsuro Kitagawa at his residence in Forbes Park, Makati City. Johnson will represent the Philippines at the 64th Miss International pageant, scheduled for November 25, 2026, at Tokyo Dome City Hall in Japan. Reigning Miss International Catalina Duque of Colombia is set to crown her successor. Also in the photo is the ambassador’s wife, Nobue Kitagawa. NONIE REYES

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or cover deficits and losses. Other government corporations received the bulk of the subsidies for the month at P61.224 billion, while P3.588 billion went to major non-financial government corporations. Topping the list of state-run firms that obtained the biggest amount of subsidies was PhilHealth, which secured P58.555 billion. The Treasury noted that the amount granted to PhilHealth in August was made up of the returned fund balance from the utilized subsidy remitted to BTr in 2024 following the Supreme Court ruling. Other subsidy recipients in August include the National

Irrigation Administration (NIA), which received P2.276 billion; Philippine Crop Insurance Corporation, P863 million; National Food Authority, P855 million, Philippine Fisheries Development Authority, P432 million; Light Retail Transit Authority, P309 million; Philippine Heart Center, P202 million and Philippine Coconut Authority, P181 million. Also receiving subsidies were National Kidney and Transplant Institute with P131 million; Cultural Center of the Philippines, P172 million, Philippine Children’s Medical Center, P128 million; Philippine Institute for Development Studies, P47 million and Phil-

ippine Rice Research Institute, P147 million. From January to August, subsidies to GOCCs surged to P191.787 billion from P70.251 billion in the same period in 2025. During the eight-month period, 61.82 percent, or P118.555 billion was given to PhilHealth. It was in April of this year when PhilHealth finally recovered the P60 billion in reserve funds stripped off by the Department of Finance (DOF) two years ago. (See: h t t p s : // b u s i n e s s m i r r o r. com.ph/2026/05/07/btr-returns-to-philhealth-fundsstripped-off-by-dof/).

Andrea E. San Juan

BusinessMirror A broader look at today’s business

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‘RATE HIKE TO DEPEND ON MOVEMENT OF PESO’ www.businessmirror.com.ph

Monday, October 19, 2026 Vol. 22 No. 12

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By Andrea E. San Juan

ANK analysts expect the Monetary Board to raise interest rates during its October 22 policy meeting amid the buildup of inflationary pressures, with some saying the movement of the peso will have a huge influence on its decision. Commentaries on monetary policy projections received and obtained by this newspaper all point to interest rate hikes at least until October 22, with four out of six analysts saying the Bangko Sentral ng Pilipinas (BSP) may deliver another quarter-point rate hike on Thursday. Two analysts, however, think the central bank may need to deliver larger rate hikes due to the

peso’s recent move past the P63per-dollar level and other “series of unfortunate events.” Emilio S. Neri Jr., the Lead Economist of the Bank of the Philippine Islands (BPI), said “The depreciation of the peso beyond 63 strengthens the case for additional BSP rate hikes, both [this] week and in December.” See “Rate hike,” A2

PHL IS WORLD’S SECOND-LARGEST PINEAPPLE EXPORTER FOR 16 YRS By Ada Pelonia

@adapelonia

HE Philippines ended 2025 as the world’s second-leading pineapple exporter for the 16th consecutive year, with shipments soaring to an all-time high of 810,000 metric tons (MT), according to an international report. The Food and Agriculture Organization of the United Nations (FAO) said pineapple shipments from the Philippines jumped by 19 percent from the 680,000 MT recorded in 2024. The country trailed behind

top exporter Costa Rica, which exported 2.3 million metric tons (MMT) of the tropical fruit, albeit 3.7 percent lower compared to what it shipped in the previous year. “Based on available trade data, global exports of pineapples grew by 3.7 percent in 2025, to 3.7 million tons, determined largely by higher supplies from the Philippines,” the FAO said. Citing industry sources, the international body said investments funneled into the sector by the Department of Agriculture (DA) boosted yields in key See “PHL,” A2

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»B8

BM Freshly Brewed October 12, 2026 | 10 AM

A FILIPINA’S JOURNEY TO SPACE

KRISTINE ATIENZA First Filipina analog astronaut

Kristine Atienza, the first Filipina analog astronaut, explores preparing for life beyond Earth BLESS AUBREY OGERIO BusinessMirror Science Reporter

PINOY CROC FINDS A NEW HOME IN GERMANY A critically endangered Philippine crocodile peers out from its newly opened enclosure at ZOOM Erlebniswelt in Gelsenkirchen, Germany, on

Monday, October 12, 2026. The enclosure is part of the AGG Gelsenkanal Philippines House, a roughly 400-square-meter tropical habitat that also houses other threatened species, including the Palawan porcupine and the Northern Luzon giant cloud rat. The zoo estimates that fewer than 200 Philippine crocodiles remain in the wild. It is participating in a European conservation breeding program aimed at maintaining genetic diversity and potentially supporting future reintroductions. AP/MARTIN MEISSNER

Rules for AI agent transactions sought By Jovee Marie N. Dela Cruz

AWMAKERS have filed a measure seeking to establish clear legal rules for transactions conducted by artificial intelligence (AI) agents while ensuring that the individuals and businesses behind these systems remain accountable. House Committee on Information and Communications Technology Chairman Rep. Migz Villafuerte and Deputy Majority Leader Rep. Luigi Villafuerte filed House Bill (HB) 11014, or the proposed AI Agent Transactions and Accountability Act, with Camarines Sur Rep. Tsuyoshi Anthony Horibata and Bicol Saro Rep. Terry Ridon. The bill recognizes that AI agents may negotiate, execute contracts and electronic documents, initiate transactions, and interact with application programming interfaces, smart contracts and other automated technologies when authorized by a person or entity. “As AI agents become more capable of acting on behalf of people and businesses, our laws must keep pace. We need clear rules that

establish accountability without unnecessarily holding back innovation,” Migz Villafuerte said. HB 11014 clarifies that AI agents do not acquire legal personality or independent ownership rights. Instead, acts performed within the authority granted by a principal—the person or entity authorizing the agent—are legally attributed to that principal. The measure directs the Department of Information and Communications Technology (DICT) to establish a voluntary registration system and a Digital Authority Credential framework. These would allow third parties to verify a principal’s identity and the scope of an AI agent’s authority without requiring the disclosure of confidential authentication information. Mandatory registration would be limited to narrowly defined high-value, high-risk, or systemically significant autonomous transactions where existing regulations are inadequate. The bill also seeks to protect lawful digital asset ownership, self-custody, peer-to-peer transactions and open-source technologies, while prohibiting requirements to disclose private keys,

seed phrases or passwords. “As Chairman of the ICT Committee, I believe our approach should be risk-based and technology-neutral. We should address actual risks to consumers, businesses, and the public while giving innovators room to develop future digital technologies,” Migz said. The proposed legislation also establishes rules on liability for the misuse of AI agents. Principals would generally remain responsible for acts attributable to their agents, subject to exceptions involving credential theft or compromise, unauthorized access, fraud, malicious third-party interference and certain failures beyond the principal’s control. Knowing or willful offenses involving fraud or the deliberate circumvention of applicable laws could carry fines ranging from P200,000 to P2 million and/or imprisonment of six months to six years, without prejudice to liability under other applicable laws. The bill also provides safeguards for good-faith third parties who rely on a valid Digital Authority Credential and requires proportionate transaction

records for legally consequential autonomous transactions conducted by registered AI agents. Luigi Villafuerte said the measure forms part of a broader effort to prepare the country for the rapid adoption of AI and other emerging technologies. “We need legislation that gives Filipinos and Philippine businesses the confidence to embrace new technologies while making sure that innovation is matched by responsibility and clear rules,” he said. The Villafuertes also authored HB 2827, or the “Artificial Intelligence Development and Regulation Act,” which supports the National AI Strategy for the Philippines and proposes a broader framework for AI development, deployment and regulation, including dedicated oversight and policy bodies. They said the 20th Congress must establish safeguards to promote the safe and responsible use of AI as these applications become more common in homes, workplaces and schools, particularly against risks such as sensitive data exposure and the spread of false or harmful information.

PESO EXCHANGE RATES n US 63.0490 n JAPAN 0.3991 n UK 83.7102 n HK 8.0346 n CHINA 9.4224 n SINGAPORE 49.1840 n AUSTRALIA 43.6236 n EU 70.7347 n KOREA 0.0470 n SAUDI ARABIA 16.8059 Source: BSP (October 16, 2026)

News

BusinessMirror

A2 Monday, October 19, 2026

Study: Family duties hinder women from seeking jobs

By Justine Xyrah Garcia

XPANDING access to education alone may not be enough to close the gender gap in Philippine labor force participation, as unpaid care work and other structural barriers continue to keep women out of the workforce, a new study found. A study conducted by researchers from the Pamantasan ng Lungsod ng Maynila (PLM) showed that women’s labor force participation rate was 53.75 percent in late 2025, compared to 74.23 percent for men, resulting in a 20.5-percentage-point gap. Household and family duties were

cited as a reason for labor force inactivity by 19 percent of working-age women, compared with 1.5 percent of men. The study’s decomposition analysis found that observable differences in age, education, and location accounted for only 11.71 percent of the

PHL is world’s second-largest… Continued from A1

production areas, such as the provision of fertilizers, packaging mate-

rials, and training in pest management.

participation gap, while the remaining 88.29 percent was unexplained by these characteristics. The researchers associated the latter with structural barriers, including the unequal burden of unpaid care work. “The Fairlie decomposition proves that the participation gap is not a consequence of lagging female education or geographic sorting. Instead, it is entirely driven by the structural coefficient effect, the unobserved barriers that penalize women even when they hold identical qualifications to men,” the report noted. It emphasized that this creates a “care penalty” which serves as a non-market tax on female productivity wherein they have to “constantly negotiate their human capital against domestic care

demands.” This, the study said, showed that increasing educational access to support women’s participation may not be the most effective solution anymore. “To systematically dismantle the domestic care penalty and foster an equitable labor market, policy interventions must pivot toward structural institutional adjustments that alleviate and redistribute the burden of unpaid work,” the researchers said. The report recommended expanding access to subsidized community-based childcare, strengthening parental leave by providing non-transferable paternity leave, and encouraging flexible work arrangements, including hybrid and remote work, to help women balance family responsibilities with employment.

China was the country’s leading export market for pineapples last year, accounting for around 42 percent of total shipments. “Growth in exports to China was boosted by a weather-related decline in Chinese domestic produc-

tion, which resulted in lower yields and lower qualities,” FAO said. Japan and South Korea also continued to be key export markets for Philippine pineapples, at quantity shares of roughly 36 percent and 12 percent, respectively. “Similar to the recent developments with China, shipments of Filipino pineapples to Japan expanded substantially from the previous year, by a reported 31 percent in 2025.” The price of pineapples from the Philippines averaged $662 per MT last year, up by 5 percent from the 2024 quotations.

Local fibers

IN a separate development, the DA said the country’s pineapple and abaca fibers took the center stage at FAO’s global sustainable fashion challenge. Dubbed AgriThreads: From Farm to Sustainable Fashion Innovation Challenge, the agency said this showcase points to the potential of the country’s agricultural resources to shape the future of sustainable fashion and present new opportunities for local producers. Held alongside the Hand-inHand Investment (HIHI) forum in Rome, Italy, the DA noted that AgriThreads brought together international partners and design students to explore how farm resources can be transformed into innovative materials for fashion, the bioeconomy, and circular design. Agriculture Secretary Francisco Tiu Laurel Jr. said connecting domestic agricultural products with international industries could unlock greater value from local resources and bolster the country’s position in emerging sustainable markets. “By linking our agricultural resources to global industries such as sustainable fashion, we can create new markets for homegrown products, strengthen agricultural value chains, and ensure that more economic opportunities reach farming communities,” he said.

Asean…

Continued from A9

Cooperation (OIC) countries in terms of Halal-friendly destinations, as per the Mastercard CrescentRating Global Muslim Travel Index (GMTI) for 2026. Last year, the Philippines

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Rate hike… Continued from A1

The magnitude of the rate hike on Thursday, however, will likely depend on the behavior of the peso in the coming days, Neri said. “If the peso depreciates and moves closer to 64, the BSP may consider a 50-basis-point hike on Thursday,” the BPI’s lead economist also noted. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., meanwhile, shared the same view as Neri, noting that a 50-basis-point (bps) rate hike would help “anchor inflation expectations amid a series of unfortunate events.” “Higher probability of a rate hike in the US after a higher inflation print [US and the Philippines] and geopolitical risks continue to put the dollar in front position as well as the declining GIR [gross international reserves] and cash remittances,” added Ravelas. Ravelas said last week that “the bigger risk today is not doing enough.” As such, he emphasized: “A 50-bps hike reinforces BSP credibility, anchors inflation expectations, and prevents inflation from becoming more entrenched.” He said falling behind the curve “could ultimately hurt both growth and consumer confidence.” Neri said a larger hike could also be presented as a “pre-emptive move” against second round effects and the “rapid de-anchoring” of inflation expectations, especially ahead of the potential supply shock from El Niño. “Regardless of whether the BSP delivers a 25 or 50 bp hike [this] week, the balance of risks increasingly points to further tightening in the next 6 months. Under a more adverse scenario, the policy rate could potentially end the year at 6 percent if the Middle East conflict escalates,” he added. Preserving the country’s foreign reserves, he said, supports the case for a more aggressive policy move this week. The BPI’s lead economist said this after the amount of GIR declined by around $13 billion this year, with the country’s buffer against external shocks plunging to the lowest level in three years at $99.997 billion as of end-September 2026. (See: https://businessmirror.com.ph/2026/10/09/ gir-at-3-year-low-but-its-not-yet-a-red-flag/) “While it remains substantial, the uncertain duration of the Middle East conflict increases the importance of maintaining a sufficient buffer, especially in a scenario where the conflict could persist in 2027,” he said. Neri expects the country’s GDPto improve in the second half, supported by “favorable” base effects and a potential recovery in government spending. “Stronger economic activity could give the BSP greater confidence that the economy can absorb additional rate hikes,” he said. Another bank echoed the sentiment of Neri on the need to deliver another interest rate hike due to the peso’s rise to beyond the P63-per-dollar level recently. “The new high of 63.15 in USDPHP last week reinforces the case for a BSP rate hike this week, as peso depreciation amid waning FX reserves, adds to inflation pressures from elevated oil prices,” according to the Union Bank of the Philippines’ (UBP) MktsFocUs commentary published recently by Ruben Carlo O. Asuncion, its chief economist. Further, UBP explained in its commentary that its support for a 25-basis-points rate hike “was recently reinforced by BSP Governor Remolona, who expressed greater concern over inflation expectations, noting that they remain ‘not anchored enough,’ especially during periods of uncertainty.” Looking ahead, the bank said after the ratesetting meeting of the BSP’s Monetary Board on Thursday, the main risk across the curve remains the October and November inflation prints ahead of the year-end policy meeting of the BSP. “Beyond CPI [consumer price index], incoming macro data are unlikely to inspire confidence and may instead reinforce a weaker economic backdrop through year-end, strengthening the case for a BSP pause in December. 3Q GDP, due in early November, could come close to flatlining on a YoY basis, with few meaningful spending catalysts in sight,” UBP also noted.

convinced. The peso depreciated to around 62 even after the BSP’s August rate hike, suggesting that higher interest rates alone have had limited impact on the currency,” Chinabank said. Instead, the bank said the BSP will likely raise its policy rate by 25-basis-points (bps) at its upcoming meeting due to “persistent supply-side pressures from elevated oil prices, transport fare hikes, minimum wage increases, and the growing impact of El Niño” as these risks warrant continued policy vigilance. “While largely supply-driven, these pressures could generate second-round effects, prompting the BSP to hike again,” it added. However, it noted that a December hike will likely depend on the third quarter GDP print which is set to be released in November. “We expect infrastructure spending to underperform, while softer household consumption and private investment could argue against further tightening,” Chinabank said. Leading indicators point to a weak economy through year-end, the bank deduced. As such, it said the October hike could be the final hike of the cycle, with earlier “preemptive tightening” providing some buffer against second-round inflationary pressures.

Future policy decisions

WHILE China Banking Corporation (Chinabank) expects another quarter-point rate hike on October 22, this may not be able to prop up the peso. A commentary shared by Chinabank’s Group Chief Economist Domini S. Velasquez noted that the bank is “less convinced” that another BSP rate hike could help support the local currency. “The peso breached the 63-level [recently], raising questions about whether another BSP rate hike could help support the currency. We are less

KEY considerations that could shape future policy decisions, Chinabank said, are El Niño and inflation expectations, following BSP Governor Eli M. Remolona Jr.’s recent pronouncements that El Niño is the BSP’s top concern while the central bank “now worries about inflation expectations more than before” Chinabank expects El Niño could raise annual headline inflation by 0.25 to 1.57 percentage points, with most of the impact likely seen next year. “The BSP will remain vigilant against a worsethan-expected outcome. However, monetary policy has limited ability to address direct El Niñorelated price pressures and should not, on its own, warrant further rate hikes,” it added. For its part, Australia-based ANZ Research said “growing” upside risks to inflation in the Philippines will justify a 25-bps hike in the target reverse repurchase rate by the BSP at its policy meeting on Thursday. “Inflationary pressures remain significant because of persistent tensions in the Middle East and El Niño’s effects on food prices,” ANZ Research said. After headline inflation quickened to 7.2 percent in September and with the inflation of rice prices accelerating by 20.3 percent in the same month, ANZ Research expects the upward price pressures to persist in the last quarter of 2026 due to “unfavorable weather conditions.” “The BSP has said it is closely monitoring the impact of El Niño conditions, which will be an important consideration for the central bank’s monetary policy decisions. The Philippines remains particularly exposed to food price pressures as it is a net food importer,” said ANZ Research. It also flagged the weaker Philippine peso alongside rising global food prices to pose further upside risks to inflation. “This risk is becoming more pertinent as the PHP depreciated past63/ USD.” “The BSP has been intervening to smoothen excessive volatility, but declining reserves could limit the extent of intervention. Consequently, the PHP could weaken to 64/USD, adding to imported inflation pressures,” it added. HSBC Senior Asean Economist Aris Dacanay said in a recent commentary that despite “tepid demand,” the bank expects the BSP to hike rates by 25 bps to 5.25 percent “to rein in inflation and inflation expectations.” “This is because there are other creatures that need to be managed and reined back into their cages. Those creatures are none other than inflation and the expectations that fuel it,” Dacanay said. He made this pronouncement after the “surprising” September headline inflation which surpassed all economist forecasts gathered by Bloomberg. “And it did so broadly, with core inflation accelerating to 4.7 percent year-on-year. More worrying, inflation risks are likely to grow in the months ahead, with the worst of the El Niño dry spell still to come,” added Dacanay. The BSP has raised the key interest rate by a total of 75 bps since the start of the conflict in the Middle East on February 28, delivering three separate quarter-point rate hikes at the Monetary Board’s rate-setting meetings held on April 23, June 18, and August 27. These brought the BSP’s Target Reverse Repurchase (RRP) Rate to 5 percent. For this year, the last two policy meetings of the Monetary Board, the highest policy-making body of the central bank, are scheduled on October 22 and December 17.

placed eighth. There were 202,995 visitor arrivals from OIC countries in 2025, up 1.24 percent year on year. The largest numbers came from Malaysia at 104,989, accounting for some 52 percent of arrivals from OIC members. The most significant increase in arrivals last year, at 112.6 percent, came from Bangladesh to 10,369.

With 2 billion Halal consumers worldwide, “It is a major opportunity. It is not a niche, not a side market, but a growing global economy that we are now engaging more deliberately,” said Angara-Mathay at a recent Halal Tourism and Trade Expo. (See, “Halal Tourism grows as PHL climbs global Muslim travel index,” in the BusinessMirror, June 22, 2026)

‘Limited impact’

The Nation

www.businessmirror.com.ph

Monday, October 19, 2026

China saber rattling in WPS seen linked to Sara impeachment trial

THE Navy launches its third offshore patrol vessel (OPV), the future BRP Rajah Humabon (PS-22) at the HD Hyundai Heavy Industries shipyard in Ulsan, South Korea. PHILIPPINE NAVY PHOTO

Navy launches third OPV By Rex Anthony Naval

HE Philippine Navy (PN) achieved anot her modernization milestone in its ongoing refleeting program with the launching of its third offshore patrol vessel (OPV), the future BRP Rajah Humabon in Ulsan, South Korea, last week. Vice Admiral Jose Ma Ambrosio Q. Ezpeleta, Navy flag officer in command, joined the Armed Forces (AFP) delegation, led by the vice chief of staff, Lt. Gen. Rommel Roldan, in witnessing the launching ceremony. Built by South Korean shipbuilder HD Hyundai Heavy Industries, the future BRP Rajah Humabon is expected to strengthen the PN’s maritime surveillance and security, as well as territorial defense capabilities. Its launching marks further progress in the OPV acquisition project and underscores the continuing defense partnership between the Philippines and the Republic of Korea (ROK) in advancing the country’s naval modernization efforts. Ahead of the ceremony, Ezpeleta

met with ROK Navy chief of naval operations Adm. Kim Kyung-ryul at ROK Navy Headquarters on October 12 to discuss opportunities to strengthen bilateral exchanges, naval cooperation, and collaboration in the maritime defense industry. During the meeting, Kim reaffirmed the ROK Navy’s support for the PN’s modernization efforts, highlighting the importance of cooperation between the two navies and Korea’s maritime defense industry in advancing bilateral defense relations. “The Republic of Korea Navy and Korea’s maritime defense industry are actively supporting the modernization of the Philippine Navy,” Kim said. The successful launch of the BRP Rajah Humabon reflects the PN’s continuing commitment to building a modern and responsive f leet, strengthening strategic partnerships, and enhancing its capabilities to protect the country’s maritime interests and uphold national sovereignty in service of the Filipino people, the Navy said in a statement.

Safety warning issued for overseas Pinoys By Butch Fernandez

@butchfBM

EN. Erwin Tulfo has called on overseas Filipino workers (OFWs) in France, Saudi Arabia, and Israel, to exercise extreme caution as chaotic incidents and violent outbreaks flare up across several regions. Tulfo, vice chairman of the Senate Foreign Relations Committee, issued the warning over the weekend following reports of escalating civil unrest, drone strikes, and violent clashes in key host nations. “To our fellowmen in France, take double precautions, especially when going to work, due to massive riots and looting,” Tulfo said, referencing violent clashes between protesters and law enforcement in Paris. International news agencies and social media platforms have also reported street riots in Milan, Italy, that is home to tens of thousands of OFWs. Turning to the Middle East, Tulfo warned Filipinos in Saudi Arabia to stay vigilant following cross-border missile and drone attacks. “Be extra careful and mindful of the news before commuting to work because of bombing attacks by Iran-backed Houthis, similar to the strike at King Khalid International Airport that injured seven OFWs,” Tulfo said. In Israel, Tulfo advised workers to avoid the West Bank as much as possible owing to reports of masked Israeli settlers attacking foreign nationals. He further urged the public to pray for the safety of all OFWs and the families they left behind. Tulfo’s warning comes shortly after the Department of Foreign

Affairs (DFA) issued Department Order 2026-006, updating travel advisories for 15 countries across the Middle East and Africa owing to worsening security conditions. Under the new guidelines, the DFA placed Lebanon under its “Reconsider Travel” category, strongly advising Filipinos to consider voluntary repatriation as Israeli airstrikes, artillery shelling, and ground incursions intensify in South Lebanon, Nabatieh, Bekaa, and Baalbek-Hermel. Those remaining in Lebanon are urged to shelter in place, avoid non-essential travel, and stay in touch with the Philippine Embassy and Migrant Workers Office (MWO). Meanwhile, the DFA maintained its highest “Do Not Travel” risk classification for the Gaza Strip, Syria, Yemen, eastern Democratic Republic of the Congo, and the Sudan. The widespread geopolitical instability poses potential risks to remittance inflows, a vital pillar of the Philippine economy. A lthough cash remittances have remained resilient despite ongoing Middle East conf licts, growth has begun to moderate. According to the Bangko Sentral (BSP), cash remittances rose by 2.2 percent to $23.424 billion in the first eight months of the year, compared to $22.909 billion during the same period last year. Saud i A rabi a— c u r rent ly f lagged for heightened safety risks—remains the third-largest source of OFW remittances, accounting for 6.3 percent of the national total, behind the United States and Singapore. With Malou Talosig-Bartolome and Reine Juvierre Alberto

By Jovee Marie N. dela Cruz

@joveemarie

HOUSE of Representatives prosecution panel adviser on Sunday questioned whether China’s recurring maritime activities in the West Philippine Sea (WPS) were coincidental or whether Beijing was exploiting the Philippines’ political divisions to advance its strategic interests amid Vice President Sara Duterte’s impeachment trial.

House prosecution panel adviser Ace Barbers said the timing of China’s activities warranted scrutiny by national security officials, although any connection to domestic political developments must be established through credible intelligence and verifiable evidence. “Is China simply pursuing its aggressive maritime agenda, or is it also taking advantage of our political divisions to weaken our resolve? These are questions our national security officials must examine,” Barbers said. He warned that internal political disputes could distract

the country from external security threats and weaken national unity in defending Philippine sovereignty. “The impeachment proceedings are an internal constitutional process. China has no business exploiting our political differences to advance its interests in our waters,” Barbers said, urging Filipinos to unite in protecting the country’s national interests. The concerns over China’s activities in the WPS also figure in the grievances of Zambales fishermen, whose loss of access to traditional fishing grounds in

Bajo de Masinloc has resurfaced alongside impeachment trial testimony on remittances received by Cale88 Foods Corp., a company linked to Duterte’s husband, lawyer Manases Carpio. The Anti-Money Laundering Council (AMLC) told the Senate impeachment court on October 5 that Cale88 received P319,326,770.41 in remittances from mainland China and Hong Kong, based on reports submitted by financial institutions. The amount comprised approximately P315.94 million from mainland China and P3.39 million from Hong Kong. Zambales Rep. Doris Maniquiz said the revelations revived fishermen’s questions about the reported transactions and why they could no longer freely access their traditional fishing grounds. “Before, they were gradually getting used to finding alternative fishing grounds. This had become their reality,” Maniquiz said in an interview. “But when the impeachment trial began and money was brought into the discussion, their grievances resurfaced: Why can’t we Filipinos enter Bajo de Masinloc?” she said. Maniquiz recalled meeting fishing community leaders who sought her help in presenting a manifesto to Zambales Rep. Jay

House prosecution panel ready to turn over evidence vs Sara to Ombudsman

N impeachment prosecutor of the House of Representatives said the prosecution panel is prepared to turn over evidence presented during Vice President Sara Z. Duterte’s impeachment trial to the Office of the Ombudsman for investigation of possible criminal offenses involving her confidential fund expenditures. “We will comply with everything we presented during the impeachment trial,” House prosecutor Joel Chua of Manila said during a news forum, following Ombudsman Jesus Crispin Remulla’s call for the submission of relevant records. Chua said the House Committee on Good Government and Public Accountability, which he chaired during the 19th Congress, had previously submitted a committee report on the questioned confidential fund expenditures to the Ombudsman. The development comes after the Commission on Audit (COA) recently denied with finality the motion for reconsideration involving the disallowance of P73.287 million in confidential expenses incurred by the Office of the Vice President (OVP) in December 2022. The congressional investigations examined P612.5 million in confidential fund allocations – P500 million for the OVP and P112.5 million for the Department of Education, both headed by Duterte during the period under scrutiny. Chua said possible criminal offenses that investigators could examine include plunder and malversation, depending

on the evidence establishing how the funds were used. He stressed, however, that the Ombudsman would determine whether the evidence warrants filing charges. “Because the amount involved is P612 million, it is far above the threshold for plunder. Malversation is another possible offense,” Chua said. He clarified that the amount under investigation represents the confidential fund allocations questioned by authorities and does not, by itself, establish that the money was stolen or illegally used. Chua also stressed that the withdrawal of the confidential funds article from Duterte’s impeachment trial does not shield her from possible criminal or civil liability. The prosecution withdrew three of the four impeachment articles on October 13, leaving alleged unexplained wealth as the sole remaining charge. “The withdrawal of the other articles does not mean the Vice President is safe from accountability. Accountability can continue through other means, including criminal proceedings,” he said. Separately, Chua welcomed the possibility of Duterte and her husband, lawyer Manases Carpio, testifying when the Senate Impeachment Court resumes proceedings on November 9. He said their testimony would give them an opportunity to explain the financial transactions questioned by prosecutors. “The public has long been waiting for an explanation from the Vice President. They themselves are the ones who can explain all of this,” Chua said.

The prosecution’s forensic accounting expert, Alexander Cabrera, estimated that Duterte and Carpio had approximately P817.87 million in allegedly unexplained wealth from 2022 to 2025. Cabrera said the amount could reach P1.5 billion under less conservative assumptions. The defense has disputed the allegations and challenged the expert’s findings. Chua said the prosecution would submit its formal offer of evidence by October 23, after which the defense could comment on or object to the documents. The prosecution is preparing to cross-examine defense witnesses when the trial resumes. He also challenged Duterte’s legal team to seek dismissal of the remaining case if it believes the prosecution’s evidence is insufficient, although the availability and application of such a remedy would depend on the Senate impeachment court’s rules and rulings. Chua defended the prosecution’s decision to drop three impeachment articles, saying concentrating on the unexplained wealth charge could shorten the trial and reduce expenses. He rejected claims that the evidence presented on the withdrawn charges had been wasted, noting that much of it had already been examined during congressional investigations. “Impeachment is a test of a Vice President’s fitness for office,” Chua said, adding that the confidential fund allegations could still be investigated separately even after the impeachment proceedings conclude. Jovee Marie N. dela Cruz

Khonghun, a deputy Speaker. The group initially included about 50 presidents and officers representing fishing communities across several municipalities. She said fishermen had resor ted to a lter native f ishing grounds to avoid confrontations with Chinese vessels, which they reported had used water cannons and other intimidating tactics. Bajo de Masinloc, also known as Scarborough Shoal, had long prov ided produc t ive f i sh i ng grounds for Zambales communities. Fishermen traditionally traveled aboard larger vessels accompanied by smaller boats and returned with substantial catch, Maniquiz said. She said she would seek a congressional inquiry when the House resumes sessions in November to examine the fishermen’s concerns and identify possible remedies. She also hoped the issue would be raised during planned talks between President Ferdinand Marcos Jr. and Chinese representatives. Maniquiz added that House leaders had offered livelihood assistance through 60 payaos, or fish aggregating devices, intended to attract fish and help affected communities improve their catch closer to shore. The allocation among municipalities has yet to be specified.

Lacson to minority SET senators: ‘Why pick on Erwin now?’

EN. Panfilo M. Lacson has raised sharp questions over the motives of three minority senator-members of the Senate Electoral Tribunal (SET) who voted in favor of a motion seeking to unseat Sen. Erwin Tulfo. In a series of posts on X (formerly Twitter), Lacson criticized the minority senators for supporting an out-of-time motion for reconsideration with an amended petition for quo warranto, filed by a petitioner he described as lacking legal standing. “SENATE ELECTORAL TRIBUNAL: Justice and fairness went out of the window when three minority senator-members voted in favor of an out-of-time motion for reconsideration filed by a petitioner without legal standing... Their motive may be deeper than personal issues against Sen Tulfo,” Lacson said. On Friday, the nine-member tribunal voted 6-3 to dismiss the motion filed by disbarred lawyer Berteni Causing. Causing’s original petition had sought to disqualify Tulfo over questions regarding his citizenship, alleged membership in a political dynasty, and academic qualifications. The initial petition was dismissed for insufficiency in form. In its latest ruling, the SET affirmed that Causing’s motion was filed well beyond the deadline mandated by the 2020 SET Rules and failed to satisfy standard filing and service requirements. The tribunal noted that the amended petition remained insufficient in form, though the denial was made without prejudice to future valid petitions. Lacson commended the majority of the tribunal— comprising three Supreme Court See “Lacson,” A4

Economy

Monday, October 19, 2026

www.businessmirror.com.ph

PHL calls for action to fund, protect nature

By Jonathan L. Mayuga

@jonlmayuga

HE Philippines pressed on the global stage during the Leaders’ Summit of the United Nations 17th meeting of the Conference of the Parties (COP 17) to the UN Convention on Biological Diversity (CBD) in Yerevan, Armenia, on October 16 to scale up biodiversity finance, investment support, and strengthen technical cooperation.

stated: “For the Philippines, biodiversity conservation is not merely an environmental imperative. It is a national development priority and a fundamental investment in our people’s well-being, economic security and resilience.” As a country endowed with exceptional biodiversity, the Philippines recognizes both its ecological wealth and its role in protecting it. “As an archipelagic and megadiverse country, the Philippines recognizes both the immense value of our natural heritage and our responsibility to protect it,” Cuna noted. To translate global targets into concrete action, the secretary explained the importance of the Philippine Biodiversity Strategy and Action Plan (PBSAP) 2024–2040. “This translates our global commitments under the Kunming-Montreal Global Biodiversity Framework into coherent national priorities, measurable targets and coordinated action across sectors,” he said. Complementing this framework, the Philippines developed its national Biodiversity Finance Plan to identify funding needs, boost domestic resources, and attract public and private investment.

Emphasizing that success requires broad participation across all sectors, the environment secretary underscored the nation’s whole-of-government and wholeof-society approach, adding that “biodiversity conservation is a shared responsibility that extends beyond environmental institutions.” Cuna also urged world leaders to commit to an enduring legacy for future generations. “Let us leave a legacy in which nature is not simply protected for future generations, but recognized and valued as the foundation of our shared prosperity, resilience and sustainable development.” CBD COP 17 The Leaders’ Summit on Biodiversity serves as a key high-level precursor to the 17th Conference of the Parties (COP 17) to the UN Convention on Biological Diversity (CBD). Convening 196 member nations, COP 17 focuses on evaluating global implementation, financial mobilization, and national progress under the landmark Kunming-Montreal Global Biodiversity Framework (KMGBF), which aims to halt and reverse biodiversity loss by 2030.

Environment Secretary Juan Miguel T. Cuna, representing President Marcos, delivered the Countr y Statement. He highlighted turning ambition into measu rable outcomes, wh ic h require immediate global action across three core areas: aligning financial flows with nature, scaling up biodiversity finance from all sources, and boosting international cooperation, capacitybuilding, and technical support.

“The Summit’s call to be ‘Leaders for Nature’ is a timely reminder that our leadership must be measured not only by the commitments we make, but by the actions we take, the resources we mobilize, and the lasting impact we deliver for nature and people,” Cuna declared during the plenary session. Highlighting that nature protection must serve as a key driver of sustainable development and resilience, the environment chief

Philippines, US strengthen cooperation, energy security

Bamboo powers DENR’s El Niño strategy

By Lenie Lectura @llectura

NERGY leaders of the Philippines and the United States met recently to strengthen bilateral cooperation and enhance energy security. Philippines Energy Secretary Sharon S. Garin and US Secretary of Energy Chris Wright discussed potential cooperation across several energy sources, including LNG (liquefied natural gas), coal, geothermal, nuclear energy, strategic petroleum reserves, and natural hydrogen. “Our priority is to ensure a secure, reliable, and affordable energy supply for Filipino families and businesses. Strengthening our partnership with the United States will help us diversify our energy sources, develop indigenous resources, and build the technical capabilities needed to support our long-term energy security,” Garin said. Wright shared his country’s expertise in emergency oil stockpiling and preparedness for international supply disruptions. The discussions also covered nuclear energy cooperation under the RP–US Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, commonly known as the 123 Agreement, which was signed in 2023 and entered into force in 2024. Part of the nuclear discussion focused on the Philippines’ preparations for nuclear power development, including the US Department of State’s Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST ) program, which supports technical and institutional capacity-building for safe and responsible nuclear energy development. The officials also discussed a US Trade and D evelopment Agenc y (USTDA)supported reverse trade mission aimed at connecting Philippine officials and industry representatives with US nuclear technology providers and experts in financing, regulation, and workforce development. On indigenous energy development, the meeting explored opportunities in geothermal energy and natural hydrogen, including US-based Koloma’s native hydrogen exploration activities in the Philippines and their potential contribution to the country’s long-term energy goals. The DOE stressed it continues to pursue international partnerships that strengthen the country’s resilience against energy supply disruptions, support the responsible development of domestic resources, and expand access to reliable and affordable energy.

HE Department of Environment and Natural Resources (DENR) is banking on the power of bamboo in advancing measures to help upland communities cope with El Niño. During a recent Cabinet meeting on El Niño, the DENR reported its efforts to promote naturebased solutions that conserve soil moisture, protect agricultural lands, and sustain the natural resources that help farming communities. These initiatives complement President Marcos’ directives to accelerate government preparations for El Niño, prepare for the worst-case scenario, and have the Department of Agriculture (DA) develop a work plan addressing the anticipated effects on farmers and fishermen and identifying the assistance they may need. In a statement, Environment Secretary Juan Miguel T. Cuna said nature-based solutions can help protect both agricultural productivity and the livelihoods of farming communities as prolonged dry spells put pressure on soil and water resources. “Climate-resilient agriculture is essential in maintaining national food and water security during severe El Niño events,” Cuna said. “Through innovative projects like the Capas Bamboo Ecopark in Tarlac, soil conservation structures in Zambales, and Small Water Impounding Systems in Catanduanes and Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City), the DENR is providing practical, nature-based tools to our upland farming communities. By conserving soil moisture and regulating local microclimates, we are ensuring that rural liveli-

Lacson. . . Continued from A3

justices and 3 majority block senators—for upholding procedural r ules and dismissing the plea. “ MOR E ON T HE SEN AT E ELECTOR AL TRIBUNAL: Let’s give credit to the three SC justicemembers and the other three senator-members who undoubtedly knew the obvious procedural flaw

hoods remain viable even during extended dry spells.” The DENR’s interventions complement the DA’s efforts to sustain agricultural production through measures such as solar-powered irrigation systems, additional seeds and fertilizer, and cloud seeding where conditions permit. While these interventions help farmers maintain production and manage immediate water shortages, the DENR’s soil conservation, bamboo growing, and water resource management initiatives help protect the land and natural systems that support farming over the longer term. Together, these efforts contribute to the government’s broader preparations to cushion farmers and fisherfolk from El Niño’s effects. In Capas, Tarlac, the DENR’s Provincial Environment and Natural Resources Office (Penro) is promoting water-efficient nursery operations, including drip irrigation and improved seedling propagation. It is also developing an ecotourism park with extensive bamboo plantations and specialized nursery facilities. The Manila Bay Site Coordinating and Management Office (MBSCMO) has highlighted the Capas Bamboo Ecopark as a model for how bamboo can help retain soil moisture, support groundwater recharge, and control erosion. These functions can help keep landscapes healthier during extended periods of limited rainfall. In Zambales, Penro is applying soil and water conservation measures in National Greening Program (NGP) sites. Contour farming, stone bunds, and mulching help protect topsoil from drying out and reduce erosion, supporting the long-term productivity of agricultural lands.

Beyond protecting the soil, the DENR is working with water management agencies and local communities to promote responsible water use and make existing supplies go further. In the Ilocos Region, DENR Region 1 has established coordination protocols with regional offices of the National Irrigation Administration (NIA) and local irrigators’ associations to regulate surface water diversion and protect fragile water tables. The region has also conducted information, education, and communication campaigns on Presidential Decree 1067, or the Water Code of the Philippines. The activities help farming communities understand legal limits on water extraction and learn sustainable irrigation practices. Communities reached include Currimao, Ilocos Norte; San Fabian and Lingayen, Pangasinan; Tagudin, Ilocos Sur; and Caba, La Union. In Bicol, Penro Catanduanes presented completed Small Water Impounding Systems (SWIS) to the Provincial Disaster Risk Reduction and Management Council as alternative water sources for agricultural barangays vulnerable to drought. In Region XII, or Soccsksargen, DENR field offices are maximizing existing SWIS facilities within the Mt. Matutum and Allah Valley Protected Landscapes to help sustain upland agroforestry farmers during dry periods. The DENR plans to expand a g rofore s t r y d e mo n s t r at io n sites in major river basins, incor porating drought-tolerant native tree species and bamboo to strengthen landscape resilience over the long term.

which resulted in a 6-3 vote, thus dismissing the motion for reconsideration,” he added. Lacson further cited observations from Sen. Francis Pangilinan, pointing out that a fundamental requirement for filing a petition before the SET is proof that the complainant is a registered voter—a detail Causing failed to establish. The SET had previously dismissed Causing’s original complaint unanimously owing to this

failure. When Causing refiled his motion for reconsideration past the prescribed deadline, he once again failed to allege or prove that he was a qualified voter. The SET is composed of three Supreme Court justices alongside six senators: Sens. Pilar Juliana Cayetano, Robinhood Padilla, and Camille Villar representing the minority, and Sens. Francis Pangilinan, Benigno Paolo Aquino IV, and Manuel Lapid representing the majority. Butch Fernandez

Jonathan L. Mayuga

Dole eyes heat-safety rules By Mary Jade Jadormio

ORKERS exposed to prolonged sunlight and extreme heat will be given rest breaks without deductions in pay under labor guidelines being prepared by the Department of Labor and Employment (Dole) as the country braces for the onset of the El Niño weather phenomenon. Labor Secretary Francis N. Tolentino said the agency is drafting four labor guidelines to protect workers’ health and safety, particularly those in outdoor occupations such as construction workers, as temperatures rise. The guidelines will outline the responsibilities of employers and employees in reducing heat exposure and preventing workrelated illnesses. “There should be no salary deductions, as stated in the labor advisory. Each category has corresponding responsibilities for employers. Employees must also follow the prescribed measures for their own welfare,” Tolentino said. Dole is also preparing an advisory that would allow workers who suffer from work-related heat injuries to seek compensation through the Employees’ Compensation Commission (ECC). “I will issue a labor advisory stating that work-related heat injuries, including heat stroke, heat cramps and heat exhaustion, will be compensable,” Tolentino said. The ECC administers the employees’ compensation program for workers covered by the Social Security System and Government Service Insurance System. Delivery riders will also receive protection under the planned guidelines, with Dole seeking to ensure they can take shelter at designated cooling stations during extreme heat without being penalized for delayed deliveries. “We will issue a labor advisory covering delivery riders. They will not be penalized for late deliveries and will be given time to take shelter at cooling stations,” Tolentino said. The labor agency will engage delivery platforms to encourage them to accommodate riders who need to pause work to protect themselves from dangerous heat conditions. The planned measures follow President Marcos’s directive to safeguard workers’ health and safety, particularly as El Niño threatens to expose outdoor workers to prolonged periods of extreme heat. Dole said the guidelines form part of its continuing efforts to strengthen workplace safeguards and protect employees from heat-related health risks.

DOST banks on NSTW to spur GenSan economy By John Eiron R. Francisco

AVAO CITY—The Department of Science and Technology (DOST) is counting on the 2026 National Science, Technology, and Innovation Week (NSTW) to help stimulate economic activity in earthquake-hit General Santos City by drawing visitors who could boost spending at local restaurants and transport services. Science Undersecretary for Regional Operations Sancho A. Mabborang said previous editions of the agency’s flagship science event in Cagayan de Oro City, Iloilo City, and Laoag City had generated economic activity in host areas, particularly in the food and transportation sectors. “This is our intention. Not only to promote science and technology, but to invite visitors and probably tourists to join us,” Mabborang said during the 2026 NSTW media kickoff in Davao City on Friday. “We will return this to GenSan, so that the economic trust can come back in GenSan. So we’re happy,” he added. General Santos City was among the areas affected by the magnitude-7.8 earthquake that struck off the coast of Sarangani on June 8, 2026, causing damage to local businesses, buildings and roads, while resulting in fatalities, injuries and the displacement of residents in affected communities. DOST Region XII Director Sammy P. Malawan acknowledged concerns about holding the event while major venues remained damaged. However, he said the agency would proceed with the NSTW, scheduled for November 25 to 29, citing its commitment and support from the DOST central office. “We have shown that DOST really helps to restore economic activity,” Malawan said. He described the host city as a “booming city” and said DOST and its attached agencies could support its recovery and continued development through technical guidance and science-based initiatives.

Mabborang clarified that the venues for the event had undergone assessment to ensure the safety of exhibitors and participants. He said the local government had also assured organizers that the structures to be used during the NSTW were safe. “As I said, science is not just ‘ agham na ramdam ,’ but science [also] makes impossible things possible,” he said. “And that is why there is a lot of science behind this.” Science Secretary Renato U. Solidum Jr., meanwhile, said they had considered the possibility of aftershocks but expected these to be weaker than the main tremor and unlikely to cause further damage to already affected buildings.

Unlocking Region 12

ASKED what investments could benefit the region beyond the 2026 NSTW, Solidum told the B usiness M irror that the economic potential of Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City) extends beyond tuna fishing, owing to its fertile plains and fruit production offering opportunities for agricultural development. Solidum said digital technologies could help improve farm productivity, citing the business innovation hub at Sultan Kudarat State University as an example of efforts to develop innovations for agriculture and other industries. The department is also helping former members of the Moro Islamic Liberation Front establish livelihood following the peace agreement through science and technology programs. “There are a lot of potential investments,” Solidum said, adding that the depar tment had invested about P48 million in the region and could increase its support. The 2026 NSTW will focus on food security, sustainable energy and national resilience. It will feature exhibits and educational activities showcasing technologies that address challenges in these areas.

Monday, October 19, 2026

Dwindling coffee stockpiles, inflation weigh on PHL cafes T

DA: Baguio stores found selling imported broccoli

By Ada Pelonia

@adapelonia

N increase in the local price of coffee is brewing as the industry is now grappling with the ill effects of lower stockpiles, uncertainty caused by policy shifts and elevated international prices. Ceasario Rex K apunan, director for the Philippine Coffee Board (PCB), said the jump in coffee costs will affect the retail market by December. Higher prices, he said, could last until the first quarter of 2027. Kapunan attributed this to soaring international coffee quotations for coffee, particularly those from B r a z i l — a g lob a l cof fe e p o w e r house—whose beans have seeped

into the majority of local cafes’ main blend in the last three years. “Brazil beans are now expensive and there’s no available stock. Even the big traders, walang makunan [have no sources],” he told reporters on the sidelines of a recent industry event. “So, we’re trying to look for local beans, but the problem is...they’re more expensive.”

For scale, Kapunan noted that arabica beans from Brazil hover between P650 and P750 per kilo in the trading market, while those from Benguet range from P750 to P900 per kilo. Bloomberg recent ly re por ted that stockpiles of arabica beans in exchange warehouses, a backstop for the industry, have plunged to their lowest point since 1999, which jacked up prices to their highest levels this year. This, despite an expected bumper crop in top grower Brazil for the 2026-2027 season, the international report added. “Those stockpiles need to rebuild for prices to become more stable. Otherwise, coffee roasters—and ultimately consumers—could remain exposed to sharp price swings even as global supplies improve,” Bloomberg reported. On the domestic front, coffee production is wrestling with the impact of surging input costs and El Niño on plantations, with the PCB expecting

2026 output to fall below the 30,000 metric tons (MT) level. On top of surging prices, Kapunan also flagged other factors that compound the challenges facing the industry, which could ultimately feed into the price of a cup of espresso. This includes delayed coffee shipments, surging pump prices, and the latest minimum wage increase issued by the Department of Labor and Employment (DOLE). While coffee giants could absorb the added costs, Kapunan said would weigh heavily on small, independent businesses that pepper neighborhood streets. “Not all coffee is [going to be] expensive. There are big chains who buy coffee in bulk and can control certain market prices,” he said. “When I say coffee will increase, it’s more for the small mom-and-pop shops.” “Those with money will try to hoard as many beans, while those dependent on per-order will run out of supply, thus driving up prices.”

Solon probes Sagip Saka implementation By Butch Fernandez @butchfBM

ENATOR Francis N. Pangilinan has begun scrutinizing how government agencies are implementing the Sagip Saka Act, whose potential, he said, needs to be maximized to provide farmers and fisherfolk with stable markets for their produce. Speaking during the Department of Education’s proposed budget hearing last October 16, the senator and chair of the Senate Committee on Agriculture, Food, and Agrarian Reform raised the issue as part of his continuing efforts to ensure that government agencies fulfill their obligations under the law and use public funds to support local agricultural producers. Pangilinan is the principal author of Republic Act (RA) 11321, or the Sagip Saka Act, which allows the national government agencies and the local government units to purchase food directly from accredited farmers’ and fisherfolk cooperatives without public bidding. “And I’d like to think, in fairness, [that there’s] full implementation of the Sagip Saka program for your feeding program since classes started in August. So, you’re really still in the initial stages of being able to implement the program, and so we’ll grant you that,” he told DepEd officials, led by DepEd Secretary Sonny Angara. “But we’d like to, during plenary, just submit to us—how do you intend

to fully implement this? What are the challenges? What do we have to address on the supply side? The demand side walang problema eh. Yung supply side, I’m sure you’re going to have a lot of challenges there, and we’d like to address both.” While Sagip Saka addresses the demand side of the agricultural sector, Pangilinan is also pushing for the passage of two key proposals pending in Congress: the strengthening of agricultural cooperatives and the renationalization of agricultural extension services. The proposed Agricultural and Fisheries Extension Services Act seeks to establish a stronger, more responsive, and better-coordinated national extension system that will provide farmers and fisherfolk with timely technical assistance, research-based technologies, climate-smart farming practices, and continuous capacity-building. The Agricultural Cooperatives Act, meanwhile, will reestablish the Bureau of Agriculture Cooperatives. It aims to strengthen farmers’ and fisherfolk’s capacity to organize themselves and compete effectively. With its passage, agricultural cooperatives is expected to have improved access to financing, markets, equipment, and value-adding opportunities. During Friday’s hearing, DepEd proposed cutting the school-based feeding program’s 2027 budget to P11 billion from the P25 billion allocated in the previous budget cycle, citing unspent

funds from 2026 that will be carried over to the following year. The agency had spent only P3.5 billion of its previous P25-billion allocation. Pangilinan expressed concern that the proposed budget reduction could affect the implementation of DepEd’s school-based feeding program, while underscoring the need for the agency to fully implement the Sagip Saka Act by prioritizing the procurement of food products directly from accredited farmers’ and fisherfolk enterprises. “Maybe you can prepare for plenary because I’ll raise this again: What is the impact of the reduction from P25 billion to P11 billion?,” he asked. He also urged DepEd to significantly increase its procurement from accredited farmers’ and fisherfolk enterprises under the Sagip Saka Act, noting that purchases made through the program accounted for only 0.3 percent of the department’s total procurement this year. Pangilinan said the school-based feeding program serves a dual purpose-addressing hunger and malnutrition among young learners to help them learn and absorb knowledge more effectively, while also providing a stable market for local agricultural products and improving the livelihoods of Filipino farmers and fisherfolk. “So, you’re really having one fund, but two beneficiaries, which is how government spending should be, right? One expenditure but several outcomes.”

Midterm campaigns are asking, where’s the beef? By Nicholas Riccardi The Associated Press

N the midterm elections, meat is on the menu. As Democrats and Republicans argue over high prices and the Iran war, they also are having a food fight over who is the most red-blooded carnivore. The latest example came this week in Mississippi, where Democratic US Senate candidate Scott Colom released a video with a snippet of Cindy Hyde-Smith, the Republican incumbent, saying that if consumers are upset over high beef prices, “you know you have so many proteins to choose from.” The video cuts to a man grilling burgers who says, “Pick another protein? I’d rather pick another senator instead.” The Mississippi race is somewhat unusual because it is the Democrat hammering the Republican over beef. Elsewhere, Republicans have branded Democrats as vegans or otherwise opposed to meat, trying to show that they are culturally out

of step with voters, hostile to local cattle industries or just not manly enough. In Texas, Republicans seized on an old interview in which Democrat James Talarico, the current US Senate nominee, boasted that his campaign at the time for the Texas Statehouse was going vegan. Talarico has since been publicly scarfing down barbecue to rebut allegations that his dietary choices mean he is not a real Texan. In Colorado, Republicans have gone after Democratic congressional candidate Manny Rutinel for his activism against meat production and factory farming. In college, he was photographed shirtless with a banner for the People for the Ethical Treatment of Animals around his chest. In 2021, Rutinel founded Climate Refarm, which advocated for cutting down on the use of meat and has signed onto letters advocating for raising taxes on meat and dairy. He also supported a 2024 ballot measure to ban a lamb slaughterhouse in Denver, which failed. Rutinel, 31, is now running against

Gabe Evans, the Republican who represents Colorado’s 8th Congressional District. The vast swath in the northeastern part of the state is dotted with ranches, dairy farms and meat processing facilities, including the headquarters of beef production titan JBS Swift. Republicans have hammered Rutinel over advocating veganism, to the point that the conservative media group Daily Wire this week released an undercover video of a campaign official saying Rutinel eats meat “as little as possible.” Rutinel has made a point of publicly eating steak tacos during the campaign and is backed by the meatpackers’ union. “I don’t think Coloradans care about what’s on my plate,” he said in an interview after a recent campaign stop. “I think they care more about being able to afford what’s on theirs.” Evans said the issue goes beyond Rutinel’s meal preferences. “I don’t care what he eats personally,” Evans said in an interview. “I care that he wants to use the power of the government to make everyone eat that way.”

HE Department of Agriculture (DA) ordered a probe into the alleged smuggling of carrots and broccoli amid concerns over “unfair competition” affecting local farmers, particularly in the Cordillera Administrative Region. Agriculture Secretary Francisco Tiu Laurel Jr. told the agency’s Inspectorate and Enforcement (IE) office and the Bureau of Plant Industry (BPI) to investigate the alleged smuggling of carrots, broccoli, and other highland vegetables. He issued the pronouncement after authorities found imported or allegedly smuggled broccoli being sold alongside locally grown produce during their monitoring operations in Baguio City and La Trinidad, Benguet. Interviews conducted with vendors and distributors indicated that about 50 boxes of broccoli, worth around P1,250 each, were reportedly sourced from a supplier in Santo Cristo, Divisoria, every other day, according to the agency. T he produce was transported through vegetable trucks returning from Manila, it added. Retail prices ranged between P170 and P250 per kilo in monitored areas. Despite this, the DA said authorities have yet to establish whether the vegetables were smuggled into the country. “We will get to the bottom of this and if violations of the Anti-Agricultural Economic Sabotage Law were indeed committed, we will make sure

these violators are punished,” the DA chief said. The reported sources and distribution arrangements remain subject to verification, the DA added. Meanwhile, the DA cited complaints raised by market facilitators about difficulties in selling locally grown produce, given the presence of imported or alleged smuggled broccoli in the consumer market areas. Some buyers reportedly favored cheaper imported supplies, adding pressure on Benguet farmers. As such, the DA-Cordillera said it recommended joint inspections by the DA-IE and BPI at major trading hubs in Metro Manila, Calabarzon, and Central Luzon to check import documents, plant quarantine compliance, and food safety requirements. It also called for inter-agency collaborations with the Department of the Interior and Local Government (DILG) and Department of Trade and Industry (DTI). The move aims to bolster coordination with the local government units (LGUs) and stakeholders on local market monitoring and enforcement of proper price tagging and product labeling. The DA also said BPI personnel collected broccoli samples for laboratory testing for heavy metals and formalin. “Enforcement actions must be based on verified findings and follow due process. Legally imported vegetables that meet national standards and quarantine requirements must remain eligible for sale.”Ada Pelonia

Monday, October 19, 2026

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Clashes, looting break out as protesters rally across France By Sylvie Corbet & Jade Le Delay

The Associated Press

ARIS—Violent clashes, fires and looting marred demonstrations across France on Saturday as hundreds of thousands of people marched against rising living costs and poor conditions in schools. About 400 people were arrested nationwide, Interior Minister Laurent Nuñez said. Nuñez said 110 marches drew about 550,000 people across the country. Organizers, including the CGT labor union and students’ organizations, said about 800,000 demonstrators took to the streets. Nuñez described troublemakers as “extremely violent, radical far-left groups” whom, he said, sought confrontations with police and targeted public buildings, including city halls and local government offices. He said those groups have been joined by offenders willing to loot shops. Most of those arrested are adults, he said. Some incidents were still ongoing in central Paris on Saturday evening. “There is no place for violence in our Republic,” French President Emmanuel Macron said in a message on X. “Those who vandalized property, attacked government offices and businesses, and even looted our town halls will be prosecuted and punished.” “We will stand united against those who sow chaos … and who prevent people from peacefully expressing their demands,” Macron added. In Paris, police fired tear gas and water cannons to push back people wearing hoods and masks and throwing fireworks, paving stones and other objects at officers in the Place de la République, northeast of the Paris city center. Associated Press reporters saw thick black smoke rising from cars, bicycles and other vehicles, and trash bins on fire. A newspaper kiosk also burned, while several shops were looted. Several people have been injured in the clashes. Many metro stations were closed

Saturday at police request, including those around the Champs-Elysées and near the presidential palace, parliament and government offices. Meanwhile, the majority of peaceful protesters joined a march that moved toward northwestern Paris. The crowd chanted France’s national anthem and waved flags, and some people played trumpets and violins. In Lyon, France’s third-largest city where about 20,000 protesters joined the march, a fire broke out inside a tourist office. In the southern port city of Marseille, some shops and a municipal police station were damaged, while protesters briefly forced their way into the lobby of City Hall. Nuñez also reported violence by masked groups against local government buildings in Bordeaux, breakin attempts at Lille and Calais city halls and at a police station in Brest. Violence also broke out in Rennes, Toulouse, Montpellier and Grenoble, among other cities. In Limoges, a middle-sized town in central France, the City Hall was set on fire. Flames were still raging Saturday evening.

Living costs fuel anger

PROTESTERS across France responded to calls on social media to revive the “yellow vest” movement, which emerged in 2018 against social injustice. Demonstrators expressed widespread frustration and anger at the government as gasoline, energy and food prices have spiked in recent months. Sonia Mabrouk, 40, said she came from a suburb west of Paris with

her daughter, a high school student, to protest “everything that’s going wrong,” particularly the neglect of public services. Mabrouk, who took part in the yellow vest protests, criticized “policies that favor the rich and always hit the poorest people in their wallets.” Many protesters could be seen wearing the fluorescent yellow vests that became a symbol of the 2018 rallies. “There’s a general sense of frustration and anger,” Mabrouk said, as she marched alongside peaceful demonstrators of all ages. Student groups protesting since mid-September through school blockades have urged supporters to join them. The CGT, one of France’s major labor unions, also backed the protests, calling for “higher wages and pensions, lower prices and the protection of public services that meet people’s needs.” Far-left presidential candidate Jean-Luc Mélenchon, who backed the high school students’ movement, also took part in the Paris protest Saturday.

Scrutiny of policing

AUTHORITIES opened an investigation after a young protester was badly injured Saturday and lost a hand in Saint-Etienne, Nuñez said. He declined to confirm French media reports the injury was caused by a police grenade explosion. The incident comes as the police have drawn sharp scrutiny over their use of grenades and other riotcontrol weapons during recent demonstrations. In the past weeks, France has seen thousands of arrests, hundreds of injuries and schools set on fire as the new school year descended into nationwide student protests that are influencing the country’s presidential election campaign and drawing international attention. Among protesters, particularly gruesome wounds suffered by some teenagers have been blamed on police riot-control weapons. Nuñez suspended the use of a type of police stun grenade against high school demonstrators after a 15-year-old lost a hand. But the suspension does not apply to other protests including those staged Saturday.

Oregon community mourns 4 killed in school shooting, 2 remain hospitalized By Martha Bellisle & Safiyah Riddle The Associated Press

END, Oregon – A special-needs teacher and student wounded in a deadly shooting at an Oregon elementary school remained hospitalized Saturday. But friends said their survival was a spot of hope in a community in mourning. The youngest shooting survivor, 7-yearold Saylor Graham, is a feisty, vibrant fighter with a sweet nature whose story inspired other children, said Matt Sampson, executive director of Sparrow Clubs, where she was a member. She has a genetic disorder, usually uses a wheelchair and is non-verbal, but “she doesn’t even need words to connect with people,” he said. “She’s just an amazing spirit who just immediately draws people to her and you just feel inspired by Saylor when you meet her,” Sampson said. “And she’s always wearing these iconic glasses, whether they’re pink or they’re red. She’s just such a cutie.” Teacher Becky Drury, 54, is recovering in a Bend hospital with wounds to her arm and hand but hopes to go home soon, said Zack Hall, a family friend who is serving as her family’s spokesperson. Three children — ages 5, 8 and 11 — and a teacher were killed at the Silver Rail Elementary school in Bend, Oregon, Thursday when a former student there, 16-year-old Griffin J. John II, entered a special needs classroom and began firing with a shotgun. One teacher was grappling with John for the weapon when the father of two students came in and shot him to death. They were

credited with stopping the rampage and saving many people’s lives. While police continued to investigate John’s motive, distraught parents, teachers and others gathered outside the school Saturday to leave flowers, pray and cry. Savannah Patton, a mother who has a 1st and 4th grader at the school, sat on the grass Saturday across from a memorial of flowers, stuffed animals and balloons, and wiped tears from her eyes. She told an Associated Press reporter that the teacher who died, Megan Lambert, 25, had been a substitute for her daughter’s class last year. Patton said she has struggled to explain what happened to her daughter, who asked her, “Mommy, why would someone want to take a gun and kill us at school?” Patton said it was a question she didn’t know how to answer. For several years, Saylor worked with students from Bend High School through the Sparrow Clubs, a volunteer group whose mission is to empower “kids to help kids in medical need” through kindness and community service, according to their website. In a video on the Sparrow Clubs page, Saylor introduces herself, saying she loves watching Bluey and being around other kids, especially her brother. She said that while she is challenged by physical and cognitive issues, she can communicate with her eyes and a computer tablet. “I prove every day that I’m a fighter who doesn’t give up,” she wrote in the video. “Living with CASK-related challenges is full of unknowns, which can be very hard and scary for my whole family,” she said, “But

it doesn’t keep me from smiling, laughing and living with joy!” Some of the high school students who worked with Saylor said helping her gave them hope that there is still humanity in this world. After the shooting, she was taken to a hospital in Portland. A Go-Fund-Me for her family has raised almost $400,000.

“We will not let her name be forgotten”

DEVON JOHNSON visited the memorial outside the school Saturday morning. Her husband teaches at Bend High School, and she is a volleyball coach at High Desert Middle School, so they are close with many of the staff at the elementary school. “It’s just hard to take in,” she said. “I’m so glad to see that Bend is rallying and just wrapping their arms around this community, but it’s going to take a long time to get through this.” Heidi Wood, the director of the Central Oregon Volleyball Club where Lambert coached, said in a social media post that she was “an amazing coach, “an amazing teacher” and “an amazing person who would do anything” for her students. “To the shooter, she would have given you the shirt off her back,” Wood said. “But you didn’t give her a chance.” Wood said that Lambert wouldn’t take her volleyball coaching pay in her first year so the money could be used for scholarships for players who couldn’t afford to play instead. “That was her, and that is her,” Wood said. “We will carry on her love, her passion and we will not let her name be forgotten.”

Monday, October 19, 2026

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Zelenskyy urges support for new US sanctions on Russia

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India raises number of anti-cancer drugs on price-control list By Satviki Sanjay

By Susie Blann & Katie Marie Davis

The Associated Press

YIV, Ukraine—Ukrainian President Volodymyr Zelenskyy urged supporters Saturday to speak out in favor of new US sanctions against Russia, hours after President Donald Trump signed an executive order putting the sweeping restrictions on hold. The White House decision has heightened fears that Ukraine could be left exposed to Moscow’s escalating attacks as winter approaches. In a social media statement, Zelenskyy called Trump’s decision unfortunate but avoided directly criticizing the US leader despite deepening tensions between Ukraine and

Washington in recent days. “A decision was unfortunately made in America to completely disregard the Lindsey Graham Act, which was supposed to impose truly effective pressure on Russia to bring this war to an end,” Zelenskyy wrote. “This Act could have helped enormously—and still can! But it

Bloomberg News

PEOPLE walk past a crater in front of a residential building damaged by a Russian airstrike in Zaporizhzhia, Ukraine, Saturday, October 17, 2026. AP PHOTO/KATERYNA KLOCHKO needs to actually work, and every voice in support of it matters.” He separately thanked Democrats and Republicans who supported the legislation, saying that blocking it would encourage Russia to continue killing and that limiting Ukraine’s ability to retaliate would not bring peace. “Nevertheless, we very much hope—and I personally hope—that the president of the United States of America will do everything possible to make (Russian President Vladimir) Putin stop the killing, stop the attacks on our energy infrastructure, and end this war,” he said. Trump told reporters Saturday that they don’t know what his decision is yet regarding sanctions in Russia, despite the executive order he signed Friday night waiving sanctions, citing a US national interest. “We’ll figure it out, and you’ll figure it out. But it’s a very good decision, and it’s going to be a decision that’s good for the country, and I think good for the world,” Trump said at a fundraising dinner at his Florida estate. He then didn’t answer any follow up questions and the rest of the dinner was closed to the press. Asked about contacts with Washington, Zelenskyy said Ukraine’s lead negotiator, Rustem Umerov, had met Friday with US presidential envoy Jared Kushner, Trump’s son-in-law. Zelenskyy said the US was working to arrange a three-way meeting involving him, Trump and Putin, potentially in the Middle East, Europe or the United States. Overnight Russian attacks killed at least four people, including an ambulance driver, and wounded dozens, officials said.

‘Trump’s decision helps Putin’ NAMED after late South Carolina Sen. Lindsey Graham, the legislation had sought to clamp down more quickly on the flow of financial resources fueling Russia’s 4 1/2-year-old war against Ukraine. The bill had sought to sanction Russian officials, banks and a shadow fleet of tankers that keeps Russian energy moving. Trump personally signed the legislation just last month and his move came just two days before a deadline set in the law itself for its implementation. Trump told Congress that the pause was in the national interest but gave no further details. Sen. Richard Blumenthal, who co-drafted the bill, criticized Trump’s move, saying the president was turning his back on “the majority of Americans, their representatives in both houses of Congress, and our European allies.” “These waivers have nothing to do with our national security, and everything to do with sucking up to Vladimir Putin,” Blumenthal said. Trump’s unexpected decision comes a week after he had agreed to purchase diesel from Russia to try to bring down global energy prices, despite that potentially hurting Ukraine. Republicans and Democrats alike say the purchase will help Russia execute its war against Ukraine — without making a difference to global fuel prices, which are elevated mostly due to Trump’s war on Iran.

Starlink ‘restrictions’ ZELENSKYY said that Kyiv was investigating sudden speed restrictions on Ukraine’s

use of Starshield, the military-grade version of SpaceX’s Starlink satellite internet service, which is the backbone of Ukraine’s drone operations and communication. The restrictions, imposed without warning early Thursday, cut the internet data connection when a communication terminal moves faster than 160 kph (100 mph). The cap forced Ukrainian drones to fly slower than usual, making it easier for Russian weapons to target or evade them. Zelenskyy said that there were no similar restrictions in European Union countries and that they apply only to Ukraine. “In other words, this is a planned operation,” he said. It was unclear who was responsible. SpaceX founder and CEO Elon Musk said this week that the US government owns and controls the system, with decisions about its use resting with the US military and, ultimately, the president. The Pentagon has not answered questions from The Associated Press about the restrictions. Trump told reporters Friday that he did not order restrictions on the system. He also doubted that the disruption came from Musk. “Well, I don’t know if it was anybody, but it wasn’t me, and I don’t think it was Elon,” Trump said. “And from what I understand, it’s the same as it’s always been.” On Saturday, Secretary of State Marco Rubio said the White House was not behind the reduction in service to SpaceX’s Starlink. “It wasn’t deliberate,” he told reporters before departing for Uzbekistan. “We had nothing to do with it.” “The United States, nobody ordered that Starlink speed to be slowed down,” Rubio, who also serves as Trump’s national security adviser, added. “It sort of happened.” Rubio, though, said Ukraine does not have access to the Pentagon-owned military-grade Starshield system. “I k now U k ra ine wants access to Starshield. They do not have Star Shield now. They’ve asked for access to it in order to conduct deep strikes inside of Russia. They do not have access to it at this moment. Those are two different products,” he said.

‘Massive’ energy strike MOSCOW carried out a massive strike on Ukraine’s energy infrastructure, targeting more than 15 sites across the country, Zelenskyy said. “The sheer scale and unrelenting pace of Russia’s strikes, specifically against our energy sector, are unfortunately having severe consequences,” he said. Ukraine’s air force said it intercepted all four of Russia’s cruise missiles and most of the 332 attack drones it fired overnight. Russia’s heavy bombardment of the power grid ahead of winter has been an annual feature of the war, aimed at wearing down Ukraine’s appetite for the fight by denying civilians heat and running water. Ukrainian officials have warned that Russia is stockpiling ballistic missiles for more attacks in the coming months. Russian attacks killed three people in the Ukrainian city of Sloviansk, Vadym Liakh, head of the city military administration, said Saturday. A Russian strike also killed an ambulance driver in Ukraine’s Kherson region, head of the local military administration Yaroslav Shanko said. The strike, which used guided bombs, wounded at least 33 others, he said.

NDIA has expanded the list of essential anti-cancer drugs that will be subject to price controls, as it seeks to make treatments in the $2.6 billion oncology market more affordable. Prices of as many as 137 identified non-scheduled anti-cancer drugs will be reduced by up to 70 percent, according to a statement from the Ministry of Chemicals and Fertilizers on Saturday. The medicines include immunotherapy drugs used for 20 types of the disease, as well as for breast, prostate, colon, ovary and cervical cancer, the ministry said. The revised prices will become effective from Nov. 9. Margins on these drugs will be limited to 30 percent of the maximum retail price, saving cancer patients as much as 25 billion rupees ($263 million) each year, according to an earlier statement. The move reflects a widening push by Indian authorities to rein in steep markups on medicines and reduce healthcare costs for patients, particularly at hospitals. About 44 percent of India’s overall healthcare spending is paid out of pocket for those treated, among the largest in major economies. The latest cuts expand on controls introduced in 2019 on 42 anticancer medicines, which reduced prices by up to 90 percent.

‘Critical’ “WITH the increasing incidence of cancer in the country, access to affordable, quality-assured medicines is critical,” according to Sudarshan Jain, secretary gen-

eral of the Indian Pharmaceutical Alliance. The new measures would optimize prices for oncology products, while allowing for adequate margin to channel partners, Jain said. The cap will apply uniformly across branded and generic formulations, domestic and imported products, and both patented and non-patented medicines. I nd i a n he a lt h c a re s t o c k s plunged in market value last month on concerns that high-margin pharmacy revenue may come under threat after the top court questioned steep markups on lifesaving cancer drugs. India’s Supreme Court asked the federal government to probe allegations that hospitals make patients purchase medicines from their own or designated pharmacies, especially when the drugs carry a steep margin, the Press Trust of India reported. A markup of as much as 10 times on cancer drugs is “carnage,” PTI quoted the court as saying, asking whether there should be a uniform 16 percent margin on all medicines. Nomura estimates average drug prices in India will fall by about 50 percent, with the near-term impact likely to be more pronounced for companies with a high oncology exposure, it said in an Oct. 9 note. The scrutiny could affect large private hospitals, where medicines and ancillary services form a key component of revenues. HealthCare Global Enterprises Ltd. derives 72 percent of its revenue from oncology, while Max Healthcare Institute Ltd. gets about 24 percent and Apollo Hospitals Enterprise Ltd. and Fortis Healthcare Ltd. about 16 percent.

Hurricane Trudy brings heavy rain and strong winds to Mexico’s Pacific coast

IAMI—Hurricane Trudy brought heavy rain and strong winds to portions of Mexico ‘s southwestern and west-central Pacific coast early Sunday, the US National Hurricane Center said. A hurricane warning remained in effect from Manzanillo in Colima state to Cabo Corrientes in Jalisco. The latest NHC data showed the Category 2 hurricane with maximum sustained winds of 100 mph (155 kph) about 135 miles (215 kilometers) south of Cabo Corrientes in Jalisco state and 115 miles (185 kilometers) west-southwest of Manzanillo, moving northwest at 9 mph (15 kph). Meanwhile, Typhoon Champi strengthened into a Category 4 super typhoon as it moved past Guam. Trudy’s center was expected to remain near the Mexican coast through Sunday evening before moving south of the Baja California Peninsula. Slight strengthening was possible Sunday morning, but weakening was expected late in the day. A tropical storm warning remained in effect for Las Islas Marias. A warning for the coast east of Punta San Telmo to Lazaro Cardenas had been discontinued. The Mexican navy urged mariners and coastal residents to exercise extreme caution because of high waves, heavy rain and the risk of rising rivers, flooding and landslides in vulnerable areas. Colima authorities said the risks remained low, but warned that heavy rainfall could cause damage because the ground was already saturated by successive storms along the Pacific coast. Trudy was expected to bring 4-8 inches (10-20 centimeters) of rain

through the weekend, with isolated totals of around 12 inches (30 centimeters) along and near the coast in Michoacan, Colima and Jalisco. The hurricane center warned of potentially life-threatening flooding and mudslides, especially in areas with steep terrain. Also in the Pacific, Champi was moving away from Guam on Sunday after passing close to the island’s southern tip, with sustained winds of 150 mph (240 kph). At 1 p.m. Sunday local time it was 130 miles (210 kilometers) west of Guam, moving west at 16 mph (26 kph), according to the US National Weather Service. The storm could strengthen into a Category 5 super typhoon early Monday. Guam and Rota remained under a typhoon warning, while the tropical storm warning and typhoon watch for Tinian and Saipan were canceled. The governors of Guam and the Northern Mariana Islands both requested emergency disaster declarations on Friday. On Saturday, US President Donald Trump approved an emergency declaration for Guam authorizing the Federal Emergency Management Agency to coordinate all federal disaster relief efforts. FEMA announced that federal disaster assistance is available for the territory of Guam to supplement local response efforts following Typhoon Champi. Airports, harbors and some health facilities in the territories were closed. Resources were unlikely to reach the islands for three to five days, according to Saturday updates from FEMA. The territories are still recovering from super typhoons Sinlaku and Bavi, which struck in April and July, respectively.

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ASEAN SUMMIT TO SHOWCASE PHL MUSLIM-FRIENDLY TOURISM By Ma. Stella F. Arnaldo Special to the BusinessMirror

HERE can only be one. One Halal-certifying body that is. The Department of Tourism (DOT) believes too many certifying organizations are posing a challenge to the full development of Halal tourism in the country. In an interview on the sidelines of the recent Arangkada Philippines Forum 2026, Acting Tourism Secretary Ma. Bernadita Angara-Mathay said, “It’s important to trust the certifying body. We have different certifying bodies and the challenge is to make them all work together. There should only be one.” On record, there are five Halal-certifying organizations in the Philippines: the Halal International Chamber of Commerce and Industries, the Islamic Da’Wah Council of the Philippines Inc., the Muslim Mindanao Hala Certification Board, the Prime Certification and Inspection Asia Pacific Inc., and the Halal Development Institute of the Philippines. As of July 2026, there are some 70 Halal- or Muslimfriendly establishments in the country, more than a four-fold increase from a decade ago,

when the government launched the Philippine Halal Tourism Project. This developed as the Philippines’s hosting of the 49th Asean Summit and Related Meetings in November will be completely Halal. “For the Asean Summit, we’re not even going to make a distinction. What we’re offering for the Asean Summit is Halal, and I’m sure it’s going to make an impact,” said Angara-Mathay, who was appointed in August as vice chair for operations of the Asean National Organizing Council. Aside from the Philippines, which have Islamic faithful mainly in the south, there are three Muslim-majority members of the Association of Southeast Asian Countries, namely, Brunei, Indonesia, and Malaysia. “Halal” foods are those permitted to be eaten by Muslims, as these had been prepared in adherence to the Islamic Sharia law. For poultry and animals, it means a slaughtering process, which involves draining the blood through a clean slit to the throat while an imam offers a prayer. The Philippines is now ranked fifth among non-members of the Organization of Islamic See “Asean,” A2

Monday, October 19, 2026 A9

BIAP: Hike in sugary drinks tax to cut income of MSMEs

By Ada Pelonia @adapelonia

NCREASING the taxes slapped on sweetened beverages could squeeze the margins of micro, small, and medium enterprises (MSMEs), which are regarded as the backbone of the country’s economy, an industry group warned. The Beverage Industry Association of the Philippines (BIAP) said the proposed measure to increase the excise tax slapped on sugar-sweetened beverages (SSB) could dent the incomes of sarisari stores and small groceries. BIAP President Juan Lorenzo Tañada noted that around 1.3 million sari-sari stores generate a portion of their sales from beverage products. “These neighborhood stores, which account for an estimated 63.5 percent of manufactured consumer food product sales,

could face lower consumer demand and tighter retail margins as prices rise,” Tañada said. The government wants to raise the taxes slapped on SSB to P20 per liter for those using sugar or other caloric or non-caloric sweeteners, and P40 per liter for those using high-fructose corn syrup (HFCS) from the current P6 and P12 per liter rate. Citing government projections, BIAP noted that beverage volume sales could decline by a further 27.2 percent by 2027 should the proposed tax in-

crease take effect. “The impact could extend to low-income households, which make up a significant share of consumers of these packaged beverages.” With this, BIAP called on the government to defer the proposed tax hike, also citing inflationary pressures from the Middle East crisis and resulting inflation on food and transportation costs. “Given our current situation with the Middle East crisis and the tremendous increase in fuel prices, perhaps now is not the right time to implement the measure,” Tañada said.

Health impact

THE government’s proposal aims to generate additional revenue for public services and programs while ramping up efforts to reduce excessive sugar consumption. For Philippine Institute for Development Studies (PIDS) senior research fellow John Paolo Rivera, there is a need to assess the proposed tax increase’s potential health benefits, particularly its effectiveness in re-

ducing sugar consumption and curbing obesity. “Obesity is multidimensional. It is not inf luenced by taxation alone; many other factors can also affect obesity,” Rivera said, adding that lifestyle, age, demographics, and education also inf luence obesity outcomes. He noted that policy decisions should be guided by evidence, including how different socioeconomic groups may be affected. Tañada said the proposed tax increase should be put on hold pending further studies and consultations with affected stakeholders, including industry players, consumers, agricultural groups, and MSMEs. To date, he noted that there has not been evidence to link SSB taxation in the Philippines with improvement of health of Filipinos. “We have to be very, very clear in what we want to achieve, on the health front and on the revenue front,” Tañada said. He added that the private sector remains open to dialogue and is willing to contribute to solutions.

Thousands of ‘tempo’ TNVS partners seek regular status—LTFRB By Lorenz S. Marasigan

POWERING THROUGH THE GAPS EBAX Corp. President and CEO Engr. Ernesto Abunda Jr. (center) presents the company’s modular battery energy storage system (BESS) prototype to members of the Cebu media. EBAX is promoting the technology as an option for businesses seeking to reduce the risks of power interruptions and improve electricity reliability amid supply constraints in the Visayas. The systems can store electricity from the grid or solar power and release it when needed, potentially helping facilities such as manufacturing plants, hospitals, hotels and cold storage operators sustain operations. Story on page B8. CARMEL PEDROZA

BCDA to auction off golf course deal By Bless Aubrey Ogerio

@blessogerio

AGUIO City—The Bases Conversion and Development Authority (BCDA) plans to bid out the long-term operation of Camp John Hay’s golf course and hotels in the fourth quarter and require investors to commit more than P1 billion for facility upgrades and additional hotel rooms. In a media roundtable on Friday, BCDA President and CEO Joshua M. Bingcang said the golf course concession would require at least P500 million in improvements.

Meanwhile, the two-hotel package is expected to attract at least P1 billion in additional investments. For the golf course, the agency is seeking a partner under a 25-year contract, with a possible 25-year extension. The winning bidder would be responsible for operations and maintenance, as well as upgrading the facility. The BCDA and its subsidiary, John Hay Management Corp. (JHMC), are also preparing to bid out the longterm management of two hotels within the Baguio property. The hotel investment requirement would cover additional room capacity and the refurbishment of

existing facilities, Bingcang said, although he did not provide a timeline for the completion of the upgrades. The bidding plans form part of a broader effort to improve Camp John Hay’s facilities and address infrastructure constraints within the property. Bingcang said the agency is also looking to restore public transport services before Christmas, allowing visitors to leave their vehicles in designated parking areas and move around the property more easily. The John Hay Special Economic Zone continues to host businesses

across tourism, hospitality, food and beverage, retail and professional services. The zone’s locators generated more than P1.45 billion in sales in 2025, according to JHMC. Last month, BCDA reported that the investments in approved in the first half reached P49.96 billion, up 535 percent from P7.87 billion in the same period last year. The commitments are expected to generate about 4,210 jobs. The aviation sector alone accounted for P33.91 billion, or nearly 68 percent of the total, making it the largest contributor to the investment increase.

HE Land Transportation Franchising and Regulatory Board (LTFRB) has issued notices of hearing and provisional authorities to 638 Transport Network Vehicle Service (TNVS) units operating under “tempo” status, as applications for regularization reached 9,036 barely a week into the filing period. Acting LTFRB Chairman Greg G. Pua Jr. said the program is moving as intended and urged the remaining tempo partners to file immediately rather than wait for the end of the 30-calendarday application window, which opened on October 8. “We are on the right track of the regularization process based on the commitment of Secretary Banoy to the TNVS community. We encourage all applicants to complete the requirements stated in their account,” Pua said, referring to Department of Transportation (DOTr) Secretary Giovanni Z. Lopez, who ordered the regularization drive. He urged drivers to drop the habit of procrastinating so their applications could be processed right away. “So we appeal to the rest of TNVS partners with tempo status to apply in the soonest possible time. Iwasan na natin ang ‘mamaya na habit’ para maproseso agad ang inyong application and at the same time, for you to enjoy the benefits of being regular TNVS partners,” he added. Pua clarified that the 30-day limit covers only the filing of applications. Those who apply within the period starting October 8 will simply have to wait for their notice of hearing and provisional authority to be issued. “Tempo” refers to the practice of Transport Network Companies (TNCs) of onboarding TNVS units onto their digital platforms even though those units had not secured the required authority from

“We are on the right track of the regularization process based on the commitment of Secretary Banoy to the TNVS community. We encourage all applicants to complete the requirements stated in their account.” –Acting LTFRB Chairman Greg G. Pua Jr.

the LTFRB. The LTFRB chief said the program is meant to help thousands of drivers whose only fault was relying on good faith for their onboarding, and who took on substantial financial commitments as a result. “It is the policy of both the DOTr and the LTFRB that no driver or operator be left behind by a regulatory intervention occasioned by the fault of another, and denying them an opportunity to regularize would cause undue hardship and disrupt the continuity of adequate transport services,” Pua said, citing the agency’s memorandum circular. He also called on the TNCs to refrain from deactivating tempo partners while the regularization process is underway. “The reason why we are taking this measure of regularizing these tempo TNVS partners is to ensure that they will not lose their job and source of income for their families as we note that majority of them, if not all, are breadwinners,” Pua said. “So, we ask the TNCs not to deactivate their tempo TNVS partners and provide assistance instead to their partners by making everything easy for them in order to comply with the regularization requirements on time.”

A10 Monday, October 19, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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Turning provincial plans into progress

HE Philippines has never lacked development plans. It has lacked the capacity to execute them. DepDev’s new Provincial Development Planning Framework—a rewrite of guidelines last touched in 2007—is a genuine improvement on paper. Whether it changes anything on the ground depends on a question the framework itself cannot answer: Who will do the work? (Read the BusinessMirror story—“DepDev new roadmap for provincial development,” October 14, 2026).

The technical logic is sound. Splitting the old Provincial Development and Physical Framework Plan into a socioeconomic plan (ProvDP) and a separate physical framework (PPFP) is overdue. For two decades, provinces were asked to braid land use, settlements, infrastructure, and economic strategy into one document. Most could not. The result was generic and uninspired: recycled visions, copypasted projects, and plans that sat on shelves because no budget line ever followed them. Socioeconomic Secretary Arsenio Balisacan’s “results-oriented approach”—a clear line from where development happens, to what a province wants, to what it costs—is the right instinct. So is treating planning and budgeting as “a single, coherent process.” That’s where plans live or die. A six-year plan that is not wired into the annual budget cycle and the local investment programming is a wish list with a cover page. But DepDev’s own assessment, covering roughly 90 percent of provinces, names the real bottleneck plainly: limited staff, data gaps, difficulty updating plans, and weak links between goals and implementation. A framework does not hire planners. It does not install a provincial statistician. It does not fix the fact that many provincial planning and development offices run on a handful of overworked people juggling three mandates and one laptop. Then there’s the political calendar. Six-year plans are rational. Three-year election cycles are not. Governors change, priorities change, and the plan that survived one administration is quietly shelved by the next. If the ProvDP is to mean anything, it must be institutionalized—mandated, funded, and audited—so it outlasts the person who signed it. Consider the unevenness the framework must confront. Luzon’s 38 provinces, the Visayas’ 16, and Mindanao’s 28 do not share a common development problem. Central Luzon and Calabarzon are industrialized and congested. Mindanao’s provinces are rich in resources and poor in power supply, roads, and human capital. A single national template, however well-intentioned, risks flattening distinctions that matter. The ADB-backed approach deserves credit for its candor and its focus on measurable outcomes. But Philippine planning reform has a long history of good frameworks that died in implementation. DepDev’s information campaigns and capacity-building are welcome— and insufficient. If the government wants provinces to plan differently, it should pay for the planners, fund the data systems, and tie national transfers to whether the plan’s milestones are actually met. Growth in this country is uneven by design, not accident. Infrastructure and investment concentrated in a few corridors because that is where returns were easiest to capture. The ProvDP is a chance to break that pattern. It will work only if provinces are given the tools, the money, and the stability to use it. Otherwise it becomes its predecessor: another well-meaning document, filed and forgotten. Since 2005

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Take the next step with me Atty. Jose Ferdinand M. Rojas II

RISING SUN

OR many years, my practice has been defined by abstraction: dense fields of color, vigorous marks, and layered surfaces. In my current art exhibition, I am trying something different. My new body of work moves more deliberately toward figuration, bringing recognizable images into those abstractions. It is, in every sense, a next step.

That is, quite literally, the title of this new exhibit. Sequens Gradus, Latin for “next step,” is now on view at ARTISTSPACE in Makati City until October 26, 2026. In it, I let recognizable images enter the exuberant abstractions that readers of this column may already know me for. So what does that look like on the wall? Take my “Master Color” series. In these works, I frame a man and woman dancing, and in another a pair of children, within the illusion of an interior room. On the walls of

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style. These pieces are meant to make visible the gift of inspiration, the way one artist’s work can carry into another’s. Elsewhere in the show, more figures emerge against boldly patterned, chequered grounds, set within the same rhythmic and chromatic energy that animates my abstraction. That is not to say I have left abstraction behind. The exhibition also includes the kind of work that has become my visual signature: dense fields of color, vigorous marks, layered surfaces, and dynamic compositions. Some of these pay homage to cities I have visited, transforming the memory of a place into arrangements

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these imagined spaces hang my own “mini-abstract” works, so that each piece becomes a painting within a painting. The figures add a human presence to a visual language that has, until now, been mostly abstract. Figures also take a more visible role in my homage to artists and cultural icons who have shaped my imagination, among them National Artist BenCab, Banksy, and Frida Kahlo. I reference their most iconic works (in Kahlo’s case, her self-portraits), but render them in my own

Seen together, the show draws on a recurring set of subjects: people, admired artists, places, horses, and religious images. In Sequens Gradus, they emerge from the exuberance of the painted surface and become participants in it. The show is up for one more week. I hope you will come and view the artworks.

HERE is a peculiar contradiction in the Philippine economy. Government funds can be released for infrastructure projects whose actual existence has become the subject of corruption investigations, while private investors willing to build factories with their own money must endure a labyrinth of permits before they can even begin construction. One involves public money that should have produced tangible infrastructure. The other involves private capital waiting for permission to produce jobs, goods, and export earnings. Both raise the same question: What has happened to the country’s capacity to turn money into productive assets? Businessman Sergio Ortiz-Luis Jr. of the Employers Confederation of the Philippines once captured the frustration of investors with a memorable observation: it is easier to change one’s wife than to obtain a permit for a business plant. The remark invites laughter. Its economic implications do not. Investors do not simply compare wages, tax incentives, and market opportunities when decid-

ing where to establish manufacturing facilities. They also calculate the time required to secure government approvals, the predictability of regulations, and the likelihood that commitments made by public officials will actually be honored. A factory that cannot begin construction because its permits remain trapped in bureaucratic offices is an investment that earns nothing. Worse, it is an investment that may eventually find another home. And that is a troubling possibility with the economic woes that the country is now experiencing arising from the geopolitical crisis in the Middle East. In fact, in an economic briefing by First MetroSec’s Estella Dhel Villamiel before the Monday Circle, she says the peso’s depre-

There is a final irony. The government has been struggling to restore public confidence in infrastructure spending, while investors who could help revive the economy are still struggling to obtain permission to build. The first problem requires accountability. The second requires administrative reform.

ciation to around P63 against the US dollar illustrates the broader pressures confronting the economy: Global geopolitical tensions, energy prices, capital flows. But she sees a silver lining and that is what the government should concentrate on. Of course, it would be inaccurate to attribute the currency’s weakness solely to corruption. But it would be equally unwise to dismiss the possibility that persistent governance failures and uncertainty undermine investor confidence and contribute to the country’s economic vulnerability. Billions of pesos allocated for flood protection should have produced infrastructure capable of protecting communities, agricultural lands, commercial establishments, and industrial facilities. W here corruption is established, the damage extends beyond the d iversion of public

of color and gesture. Others depict the horse, a recurring subject in my work and one I have a particular affection for. Here I try to convey its tremendous speed through the same heightened language of movement. My crucifix works bring yet another register to this exhibit. At their centers are the figures of Christ and the Virgin Mary, enclosed within richly worked surfaces where the sacred image becomes inseparable from the act of painting itself. The familiar religious icon is absorbed into my vocabulary of color, texture, pattern, and accumulation. Seen together, the show draws on a recurring set of subjects: people, admired artists, places, horses, and religious images. In Sequens Gradus, they emerge from the exuberance of the painted surface and become participants in it. The show is up for one more week. I hope you will come and view the artworks. *ARTISTSPACE is located at the Ground Level, Ayala Museum Annex, Makati Avenue corner De La Rosa Street, Greenbelt Park, Makati City (across from the Greenbelt 5 groundfloor entrance, near Lusso).

funds. Communities remain exposed to f looding, businesses suffer disruptions, and taxpayers are left financing infrastructure that has failed to deliver its intended protection. The economic consequences are cumulative. Flooding damages roads and factories, interrupts supply chains, raises transportation costs, and discourages investors from locating operations in vulnerable areas. Corruption compounds these costs by weakening confidence in the institutions responsible for protecting investments. And confidence is not an abstract consideration in financial markets. Investors can tolerate risks they understand. What they find more difficult to accept are risks arising from unpredictable government decisions, administrative delays, and questionable use of public resources. Meanwhile, inflation accelerated to 7.2 percent in September, further reducing household purchasing power and raising the cost of doing business. The combination is troubling. A weaker peso makes imported fuel, equipment, and raw materials more expensive. Higher inf lation squeezes consumers. Sluggish investment limits the creation of productive employment. The country consequently faces a difficult cycle in which economic See “Gagni,” A11

Opinion BusinessMirror

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Carbon markets and the tax agenda

The hunters and the hunted Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT

AX policy has an expanding role in addressing climate change and encouraging sustainable business practices. For the Philippines, the development of carbon markets raises important questions about how taxation, investment, and environmental protection should work together. Executive Order No. 127 brings these concerns into sharper focus.

Executive Order (EO) No. 127, signed on October 13, 2026, provides an opportunity to pursue this discussion. It directs the formulation of the Philippine Carbon Market Policy Framework, creates an Inter-Agency Committee on Carbon Markets, and designates the Department of Environment and Natural Resources (DENR) as the national authority for carbon markets. Several of these developments are long delayed when compared to developments and initiatives of other countries in the global arena The issuance deserves the attention of tax administrators, accountants, businesses, and researchers. Decisions on carbon markets will have consequences for financial reporting, taxation, government revenues, profits of commercial businesses, and the communities where projects operate. Carbon markets allow the trading of credits representing verified reductions or removals of greenhouse gas emissions. Their credibility depends on the quality of the underlying projects and the controls governing the issuance and use of credits. Section 1 of the EO covers Philippine participation in cooperative approaches under Article 6 of the Paris Agreement and in voluntary carbon markets. It requires the framework to address eligibility, authorization, integrity principles, benefit sharing, and reporting. For those interested in environmental taxation, Section 1(e) warrants particular attention. Policies relating to fiscal and revenue generation, carbon pricing, or the possible transition from a voluntary to a compliance carbon market require the concurrence of the Department of Finance (DOF). This provision gives fiscal policy a central place in carbon market development. Section 6 reinforces this responsibility by assigning the DOF matters concerning fiscal policy, investment promotion, climate finance, and the fiscal implications of carbon market transactions. The EO itself does not impose a carbon tax or prescribe the tax treatment of carbon credits. These matters require further examination under applicable laws and subsequent policies. To date, there are several bills pending in Congress imposing a carbon tax on businesses. There are practical questions to resolve. How should income from carbon credit sales be recognized and taxed? What value-added tax and withholding obligations apply? How should project development and verification costs be treated? What documentation should support transactions involving foreign buyers? Clear guidance will help investors assess projects and enable taxpayers to comply. My experience in government and private practice has shown how uncertainty in tax rules can delay decisions and generate disputes. The DOF and the Bureau of Internal Revenue (BIR) should participate early in these discussions. Although it is not separately listed among the committee members, the EO allows other agencies and stakeholders to be invited. The DOF can bring the Bureau’s administrative experience into the formula-

Carbon markets allow the trading of credits representing verified reductions or removals of greenhouse gas emissions. Their credibility depends on the quality of the underlying projects and the controls governing the issuance and use of credits. tion of workable policies. Another significant provision is Section 5(c), which requires a Philippine National Carbon Registry. This digital database will track the issuance, authorization, transfer, cancellation, and retirement of carbon credits and internationally transferred mitigation outcomes. For tax administration, reliable transaction records can support verification and risk analysis. Any exchange of registry information with the BIR should have a clear legal basis and appropriate confidentiality safeguards. Environmental tracking and tax reporting should be coordinated from the beginning. Sustainability also requires attention to who benefits. Section 1 requires benefit-sharing mechanisms for both Article 6 and voluntary market activities. The implementing framework should explain how participating communities receive their shares and how these payments are documented and accounted for. The EO also provides for administrative fees and cost recovery. These should be reasonable and transparent, with a clear distinction between charges for regulatory services and taxes intended to raise revenue or influence behavior. These developments connect with my doctoral research on the Philippines’ ascent to global tax leadership. Environmental fiscal policy brings together international cooperation, digital systems, institutional competence, transparent disclosures, and integrity. Progress will depend on our ability to translate these connections into effective administration. The DENR, DOF, BIR, professional organizations, academe, and affected communities have useful contributions to make. Accountants can help establish credible reporting and controls. Tax practitioners can identify uncertainties before these become disputes. Researchers can assess whether the policies deliver their intended benefits. It is paramount that these stakeholders share their many varied insights and perspectives as they proceed with formulating the implementing rules and regulations that will be required for these carbon markets. EO No. 127 opens an important policy discussion. We should use this opportunity to develop carbon market rules that encourage investment and business, ensure fair compliance, and produce measurable environmental benefits. Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax practice with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

Monday, October 19, 2026 A11

WAS deployed in rebel-infested Samar as a lieutenant in the Philippine Army. Part of our counterinsurgency operations involved the US-style “search and destroy” tactics, in which Army units scoured far-flung areas to hunt down communist rebels. Depending on intelligence reports, we conducted company-sized operations to capture top communist leaders. As hunters of the “bad guys,” we were generally successful. In a similar fashion, government agencies, especially the Office of the Ombudsman, are tasked run after the “bad guys” and hold corrupt public officials accountable. The justice system, however, has struggled to punish unscrupulous individuals and recover the wealth plundered from the Filipino people. Whistleblowers such as Jun Lozada and Janet Lim-Napoles have been imprisoned in corruption controversies, but they are far from being the big fish in my book. Another institution tasked with holding high-ranking officials accountable is the Senate when it sits as an impeachment court. In the impeachment proceedings against Vice President Sara Duterte, the prosecution has dropped some articles of impeachment in an effort to streamline the process, despite having already presented evidence on certain allegations. Neither side should assume that fewer articles necessarily mean an easier path to conviction or acquittal. With the 2028 presidential elections approaching, a conviction resulting in Duterte’s disqualification from public office would defi-

nitely reshape the presidential race. There is an unmistakable irony here. Rodrigo Duterte was known for his hunter-like campaign against illegal drugs, first as mayor of Davao City and later as president from 2016 to 2022. Now, his daughter faces an impeachment process that could determine the political future of the Dutertes and the Marcoses. Some view the proceedings as an attempt by the Marcos administration to pursue political enemies; others see them as a legitimate quest for accountability. Either way, the hunters have become the hunted, at least in the public imagination. Bringing powerful personalities to justice has never been easy. The hunter must be patient and persistent. As hunters of the “bad guys,” the Marcos administration still has much to prove. Many were relieved to see that the Ombudsman has filed cases against those involved in the Pharmally anomaly. But little or no cases have been filed yet against those legislators implicated in ghost flood control projects a year after they were unmasked in public hearings. A government cannot credibly

claim victory over corruption while those in Congress who created and continue to create opportunities in plundering public funds in an inflated budget with pork barrel funds remain beyond the reach of accountability. Recently, I experienced an African safari game drive firsthand. Our guide drove us around in a four-wheel-drive vehicle, searching for wild animals in their natural habitat in South Africa. Spotting an elephant, a rhinoceros, a lion, and the Cape buffalo required skill and experience. Among the Big Five safari animals, the leopard proved elusive, but we eventually had some success after considerable patience. The experience reminded me of my Army days. Locating and capturing communist insurgents was never easy, but sound intelligence and patience improved our chances of success. The same principle applies to justice. Pursuing accountability becomes difficult when powerful people are involved, as illustrated by the cases involving former senators Juan Ponce Enrile, Ramon Revilla Jr., and Jinggoy Estrada. But the image of the hunter takes on a different meaning when we move from the battlefield and the halls of justice to the realm of faith. The pursuit is no longer about capturing an enemy or bringing justice to a wrongdoer before a court. If soldiers hunt insurgents and investigators pursue corrupt officials, Christians are called to seek those who have yet to discover the love and saving grace of Jesus Christ. In the early days of Christianity, the roles were reversed. The followers of Christ were the hunted. The apostles and early believers endured persecution, imprisonment, and even death for their faith. Yet the Gospel survived and spread across

RITAIN’S power grid came under unexpected pressure this week on what should have been a fairly unremarkable day. There were no major, unexpected power-plant failures or extreme weather, and plenty of wind power was being generated in Scotland. But bottlenecks on the network meant not enough electricity could reach London and southeast England, forcing the grid operator to take emergency action on Monday to secure additional imports from France. The episode exposed a longstanding shortcoming in Britain’s electricity system: The country can have enough power overall and still struggle to get it where it’s needed. The UK has built much of its growing supply of wind power far from where electricity demand is concentrated— and is adding wind farms faster than it can construct the infrastructure needed to carry that power south. That mismatch is becoming increasingly expensive. In September, the UK paid a record of just over half a billion pounds to balance its power system, according to data compiled by LCP Delta. October could prove even more expensive, with actions taken on Tuesday alone costing £38.4 million ($51.2 million), a singleday record, the energy consultancy found. “This is something we’ll keep seeing,” said Shivam Malhotra, head of power trading at LCP Delta. “We will see these records broken.” The mounting bill reflects what the National Energy System Operator pays to balance supply and demand and keep the network operating smoothly. A large part of that involves managing constraints: paying wind farms in Scotland to switch off because there isn’t enough transmission capacity to carry their power south, and then paying far more for gas plants closer to major cities to fire up instead. “These wind farms were built with very limited consideration of where that electricity would be consumed,” said Jason Mann, senior managing director at FTI Consulting. “Those costs are locked in for generations.”

This week offered a stark illustration of the problem. Britain had plenty of electricity. It just wasn’t in the right place. Transmission infrastructure in southeast England that had been expected to return to service remained unavailable, according to NESO, further limiting the amount of electricity that could be moved into the region. Even as NESO sought additional supplies from France, electricity continued flowing out of the south of England to Belgium, the Netherlands and France through other connections. Ultimately, consumers pick up the tab. Windy and sunny conditions can push wholesale power prices lower, but those savings can be eroded when grid bottlenecks force NESO to pay gas plants elsewhere to switch on. The UK’s Energy Secretary Miatta Fahnbulleh acknowledged the shortcomings of the current system at a parliamentary hearing this week, calling it “candidly not fit for purpose.” But she pushed back against concerns that the strains could threaten supplies, saying she was “100 percent confident the lights won’t go out this winter.” The resilience of the system has nevertheless come under scrutiny. Ofgem is investigating NESO’s handling of an incident during a period of extreme heat in June, when tight power margins put the grid under pressure. No customers lost power, but the regulator is examining whether relevant security standards were met. What’s less clear is how quickly

Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. 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. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.

Gagni. . .

The UK is paying more than ever to steady a straining power grid By William Mathis & Jessica Shankleman

nations. Today, Christians are commissioned to make disciples of all nations, teach His commandments, and proclaim the Good News of salvation. In a figurative sense, those who were once hunted have become hunters, seeking not to capture bodies or punish wrongdoing but to win hearts for Christ. Here lies the fundamental difference between these pursuits. Military hunters may seek to neutralize an enemy, and judicial hunters aim to establish accountability and secure justice. Christian hunters, however, must be driven by love rather than hostility and compassion rather than condemnation. Their mission is not to force faith upon others but to plant its seeds, trusting God to make them grow. The ultimate victory is not the defeat of another person but the transformation of a life through Christ. Whether soldiers hunt elusive rebels, investigators pursue powerful public officials, safari trackers search for wild animals, or Christians lead others toward Jesus Christ, every pursuit demands patience and proficiency. The targets may differ, and the methods may vary, but the lesson remains the same. A good hunter knows when to pursue, how to pursue, and why the pursuit matters.

Continued from A10

the underlying problems can be fixed. Many of the grid’s current issues can be traced to a policy implemented in 2010 under then-Energy Secretary Ed Miliband known as “connect and manage,” according to FTI’s Mann. The policy allowed renewable power projects to connect before all the grid infrastructure needed to carry their electricity to consumers was in place. Successive governments of both major political parties then subsidized a rapid expansion of wind generation without a comparable buildout of transmission infrastructure. The result is a growing gap between where electricity is generated and where it’s needed—and an increasingly costly job for NESO to bridge it. The risk was identified even before the policy took effect. In 2008, John Mogg, then chairman of energy regulator Ofgem, wrote to Miliband warning that allowing more renewable generation to connect in Scotland before transmission capacity was expanded could cause constraint costs to “increase significantly.” Back then, Mogg cautioned that the cost of constraints had reached some £300 million. This year the figure could be 10 times that amount, based on data published by NESO and the grid operator’s forecasts. Last year, in a second stint as Energy Secretary, Miliband rejected a switch to a zonal electricity market, which would have introduced different power prices across Britain to better reflect the physical limitations of the grid. Higher prices in the south, for example, could signal gas plants there to switch on and electricity to flow into Britain through interconnectors when needed, rather than leaving NESO to correct for those imbalances after the market has settled. With that reform off the table, the UK is instead relying heavily on building more transmission capacity between the north and south. Bloomberg

weakness discourages investment, while inadequate investment prolongs economic weakness. Yet amid these difficulties, there are encouraging signs. Ms. Villamiel sees resilience in manufacturing activity, and the restructuring of international supply chains continues to create opportunities for the Philippines to attract new industrial investments such as in electronics, semiconductors, and advanced manufacturing. Their supporting industries offer possibilities for expanding the country’s productive capacity. The challenge is converting these possibilities into operating factories. Here lies an opportunity for the administration to redefine how economic success is measured. For years, investment promotion has emphasized pledges secured during presidential visits, business conferences, and international roadshows. Such commitments are useful indicators of interest. But they are not yet investments producing goods, employing workers, or generating exports. A pledged factory does not pay wages. A memorandum of understanding does not produce semiconductors. An investment announcement does not create the network of suppliers that supports industrial development. Only actual operations can deliver those benefits. There is a final irony. The government has been struggling to restore public confidence in infrastructure spending, while investors who could help revive the economy are still struggling to obtain permission to build. The first problem requires accountability. The second requires administrative reform. Both require the government to demonstrate that promises can become functioning structures. A country cannot manufacture confidence through announcements. But it can begin rebuilding confidence, one completed project and one operating factory at a time.

Sports BusinessMirror

A12 Monday, October 19, 2026

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

Eala braces for loaded Ningbo field

LEX EALA gets a chance to redeem herself from a three-tournament skid—including at last month’s Asian Games in Nagoya—in the Women’s Tennis Association (WTA) 500 Ningbo Open where she faces France’s Diane Parry in the first round on Monday at the Yinzhou Tennis Center in Ningbo, China. Eala, 21, and ranked No. 19 by the WTA, exited early at the Singapore Open, crashed out of the gold medal race and settled for bronze in Nagoya and only recently, was eliminated in the round of 64 in Wuhan by Chinese Han Shi, 6-4, 3-6, 3-6. Eala’s match against the world No. 32 Frenchwoman is tentatively set at 7:30 p.m. This will be the first meeting between the 21-year-old Filipina tennis sensation and Parry, 24, who also got the door early in Wuhan last week, losing to Thailand’s Lanlana Tararudee, 4-6, 1-6. A victory over Parry will set Eala up against No. 13 and tournament sixth seed Diana Shnaider Russia. Big name players are also playing in Ningbu, foremost among them world No. 1 Elena Rybakina, Iga Swiatek, Marta Kostyuk, fourth-seeded American Iva Jovic, Swiss fifth seed Belinda Bencic, Grand Slam winner Jelena Ostapenko of Latvia and Italian Jasmine Paolini. Josef Ramos

EALA faces a tough road to redemption in star-studded WTA 500 event. AP

EAN RAMOS brings a sharper game, valuable international experience and a growing sense of maturity to the International Container Terminal Services Inc. South Pacific Championship which gets under way Tuesday in Davao City. Ramos enters the tournament fresh off a victory on the Asian Development Tour (ADT) in Egypt last month that secured his return to the Asian Tour in 2027. His presence adds further firepower to the already formidable field in the P2.5-million championship organized by Pilipinas Golf Tournaments Inc., with the 22-year-old rising star eager to translate his overseas success into

MEMBERS of Team Philippines led by chef de mission Professor Francis Diaz strike a pose before Sunday’s opening ceremony of the Fifth Asian Para Games at the Paloma Mizuho Sports Park in Nagoya. PSC PHOTO

ENERGY DRINKS, ARE THEY SAFE? S EAN AND HEIDI CRIPE will never forget the call from their son’s high school saying Davis was being taken to the emergency room. “He chugged an energy drink—like, just trying to be cool,” said Sean Cripe, recounting the day nearly a decade ago. The teen’s heart soon fell out of rhythm and he died. While such deaths are rare, doctors across the country have warned for years that energy drinks contain high levels of caffeine that can seriously harm children, causing problems such as abnormal heartbeats, increased heart rate, sleep disturbances, dehydration, agitation, high blood pressure and seizures. A newly formed coalition of doctors is highlighting these risks in the wake of a sponsorship deal between Monster Energy and the Big 12 Conference college athletic organization. The group has asked conference leaders to pause the sponsorship and the NCAA to review energy drink marketing to youths in general, citing the deaths of three children including Davis, a 16-yearold from South Carolina. The doctors stress that they’re not just concerned about Monster but all energy drinks and any similar partnerships.

“Kids are going to see energy drinks now promoted by the universities and the athletes that they admire and want to emulate,” said Dr. Matthew Nelson, an Idaho cardiologist involved with the effort. “The kids will think of them as sports drinks, which they’re not.”

are real, Harvard Medical School experts say there’s no scientifically valid evidence behind the common belief that caffeine can stunt a person’s growth.

Drink industry tries to protect kids

Too much caffeine can harm kids

VARIOUS medical groups, including the American Academy of Pediatrics, say children and teens should avoid energy drinks altogether. Yet many are not. According to the latest results of the federally funded Monitoring the Future survey, run by the University of Michigan, 23 percent of 12th graders, 20 percent of 10th graders and 18 percent of eighth graders reported consuming energy drinks daily. Depending on the product, caffeine content can range from 80 to 300 mg per serving and by comparison, a typical 8-ounce coffee contains about 80 to 100 mg and some sodas contain 50 mg or less. Overall, the pediatrics academy recommends children ages 12 to 18 limit caffeine to 100 mg a day and younger kids are discouraged from consuming any caffeine.

A MONSTER/BIG 12 patch is seen on the jersey of a Texas Tech player during an NCAA college football game against Sam Houston State recently in Lubbock, Texas. AP Caffeine and other stimulants increase heart rate and the reactivity of the nervous system—basically “how fast things go in the body, which can create an overload of the system,” said Dr. Tamara Hannon, an Indiana pediatrician who chairs the academy’s nutrition committee. She likened it to running a blender until the motor heats up too much. “The same thing can happen when you deliver stimulants to people,” she said. “The heart can wear out, the nervous system can go haywire and you can have really serious consequences.” While such cardiovascular dangers

THE American Beverage Association— which includes Monster and other companies comprising 94 percent of the energy drink category—said members voluntarily disclose caffeine totals on product labels, which carry advisories such as: “Not intended for children, pregnant or nursing women, or persons sensitive to caffeine.” Members also don’t sell or market energy drinks in K-12 schools. Monster Energy said in a statement that caffeine and other drink ingredients are found in a broad range of food products. “Mainstream energy drinks have been marketed worldwide for more than 30 years and more than 100 billion energy drinks have been sold and safely consumed globally,” the company added. The deal between Big 12 and Monster calls for a co-branded logo on football and basketball jerseys, fields and courts, and across digital and social media channels. AP

Ramos targets PGT South Pacific crown after victory in Egypt another triumph on home soil. Ramos burst onto the Philippine Golf Tour (PGT) scene as a 20-year-old upstart in 2024, stunning established campaigners Reymon Jaraula and Tony Lascuña to capture his breakthrough victory at Lakewood. But a follow-up title proved elusive and he went winless in 2025. Ramos’s ascent to the Asian Tour in 2024 marked another major milestone, but his first season on the region’s premier circuit ended with the loss of his playing card. But a victory in the first of two ADT legs in Egypt helped propel him to No. 3 in the season-ending Order of

Merit standings, earning him back his Asian Tour card and underscoring the progress he has made in his game. Ramos has continued to show that form at this week’s Macau Open, where he was in contention for a top 10 finish on Sunday. He has competed in only two PGT events this year, including a tie for sixth in the opening leg at Lakewood— the same venue where he claimed his first professional victory. Now armed with renewed confidence and the benefit of testing himself against stronger international fields, he looms as one of the players to watch in Davao.

Understanding Ateneo’s Struggles I HAVE no idea why some Ateneo supporters are upset over the Blue Eagles finishing 3-4 won-lost in the first round of the University Athletic Association of the Philippines (UAAP) Season 89 men’s basketball tournament. Why? Did you think we’d be on top of the league? We were for a game or two until the current three-game slide. But those losses have been top teams, recent champions, or current favorites such as La Salle, Far Eastern University (FEU) and University of Santo Tomas (UST). The fans cannot see the forest for the trees. I find it funny when the television color commentators got it right when they said that Ateneo’s problem will be dealing with a solid big man like Collins Akowe. True enough, Akowe finished with 18 points, 15 rebounds and four blocks. FEU’s Mo Konateh likewise put the big hurt on Ateneo with 29 points,11 rebounds and three blocks. The loss to University of the Philppines (UP)— Ateneo played well for about 15 minutes then UP caught fire. La Salle…well. Ateneo’s Sultan Baruwa may yet turn out to be the second coming of Chibueze Ikeh, but that is not this year. Asking EJ Kapihe and JM Leal to contain the foreign student athlete (FSA) is like yelling at a hurricane to stop. And speaking of FSAs, Ateneo has had four in four years in Joseph Obasa, Ayodeji Balogun, the late Divine Adili and now Baruwa.

Adili ’s loss is huge because he had so much to offer. Baruwa was the pinch hitter and now, he’s the man in the middle. When you look at college basketball today, you have to look at the pre- and post-Covid eras. Since its last championship, Ateneo has seen players not finish their eligibility for various reasons. Other schools are mostly able to hold on to their key players and that is a massive difference. Who has been with the program since Season 87—Andrew Bongo, Shawn Tuano, Ian Espinosa, Jared Bahay, Sam Reyes and Waki Espina. Of that list, only four receive regular playing time. In the last three years, Ateneo lost four, five and six

RUPERT ZARAGOSA (second from left) marks his return to the Philippine Golf Tour throne with a one-stroke victory in the International Container Terminal Services Inc. (ICTSI) Pueblo de Oro Championship. With Zaragosa are (from left) Pueblo de Oro vice chairman Chrysler Acebu, ICTSI Media Relations head Ronnel Javier and Pueblo de Oro’s Junior Golf chairman Chippy Lazo. PGT PHOTO

players not because of graduation. That really does not help. By this campaign’s end, Ateneo will lose a couple of one-and-done athletes after Season 89, and it will be back to the drawing board. Not surprisingly, people forget that champion teams are born out of adversity. Before Norman Black won, the team didn’t win for three years. Norman won in his fourth year. The team that Bo Perasol inherited lost many vital cogs from the “five-peat.” But they entered Perasol’s first season with a lot of key injuries while others were not 100 percent. The injury list included JP Erram, Kiefer Ravena and Von Pessumal. The only really healthy key players were Ryan Buenafe, Chris Newsome and Juami Tiongson. Before Ateneo won, there were four title-less years— three under Bo Perasol and one under Tab Baldwin although he went to the finals in his first year. But Tab inherited a veteran team from Perasol. The team that Louie Alas inherited—let us be clear has players who are finally being given the playing time. And this team did not make the Final Four two years running. This is where it baffles me. Why don’t people get the uphill climb? They are upset with the three-game slide. Do you forget two seasons ago, Ateneo did not win a single match in the first round? And for the first time since 1978, finished last in the league. That Ateneo team dealt with a lot of adversity too as they lost many players who did not want to play in

Filipinos gear up for Asian Para Games

EAM Philippines braces for a tough challenge in the Fifth Asian Para Games that unfurled Sunday night amid the grand lights of the athletic stadium of the Paloma Mizuho Sports Park in Nagoya, Japan. Around 5,000 Japanese, foreign guests, athletes, coaches, sports officials and media attended the festivities which gave spectators a piece of Japanese history that officially ushered in the eight-day event among 45 countries—including a 69-strong Philippine side—battling for glory in 18 sports disciplines. Athletes from the Philippines— headed by flag-bearers Lhey Manginsay of table tennis and Allain Ganapin of taekwondo—along with chef de mission Professor Francis Diaz and his deputy Judd Anastacio, joined the parade in Filipiniana attire and proudly marched with joy and optimism of a better tomorrow. Manginsay is coming off an 11-9, 12-10, 11-1 victory over Tajikistan’s Nadima Nurbekova in women’s singles Class 9 of table tennis at the Sky Hall Toyota ahead of Saturday’s opening ceremony. Manginsay will make the quarterfinals because there are only eight participants in her category. But, of course, that triumph should be vital for the 22-year-old Zamboanga Sibugay native not only for her confidence but also help her avoid stronger and higher-seeded opponents in the round of eight. It also eases the pain of a 9-11, 10-12, 1-11 defeat to three-time Paralympic gold medalist Mao Jingdian of China last Friday. Also providing a ray of light in the same discipline was Smith Billy Cartera, who trounced Mongolian Myagmartsogt Purevdorj, 11-4, 11-2, 11-1, to advance to the round of 16 in the men’s singles Class 4-5. Cartera, who lost to World No. 5 Zhengyang Peng of China in his first outing, seeks a quarterfinals seat against Thai Norakan Chanphaka Monday. Over in medal-rich swimming at the Rainbow Pool of the Nagoya City General Gymnasium, battlescarred Ernie Gawilan spearheads the Philippine team eyeing not just a podium finish but the one that shines the brightest—the gold. “I hope to do it again, fate will bring me there,” said the 35-year-old Gawilan, who is hoping to replicate, if not eclipse, the one-gold, one-bronze effort in the last edition in Hangzhou three years ago.

the UA AP after the school left the National Collegiate Athletic Association. They had to recruit from the IAC! Again, there was hardly a pre-season. Not to mention the Dipaculao tragedy that is being felt today. So, this team will round into form this year or next year. People just have to be patient. Furthermore, there has to be consistency in the lineup. That spigot that has seen a musical chairs of players since Season 86 has to stop. Or at least find a way to keep players in Ateneo. Yes, it doesn’t help that there are more options for players to play professionally. But have you ever wondered why most schools are able to hold on to their players? I know I have to state that again. Is the full court press working? In a way it is. As of Saturday, Ateneo is tops in the league in fastbreak points with 13.7 points per game, and 19.8 in turnover points. But it is obvious the team isn’t really good at it yet. At least though, they are fourth in free throws. Someone remarked that the system is not working. Did you expect it to work when they had a total of five meaningful games to make up its pre-season or lack of it? For so long, Ateneo lorded it over the league. Unfortunately, one cannot stay on top forever. When I think of Dipaculao, this is that painful time for rebirth. As I said, Ateneo’s UAAP career in the last 20 years can be divided into the pre and post Covid period. One has to go and learn from adversity before they find their way back to the top. This is part of the painful process. The onus is on Ateneo to adjust. And for the fans too.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, October 19, 2026

Firms to build $100M LNG Mynt seen keeping growth sustained tank with 18 day-stockpile A

By Lenie Lectura

@llectura

HE LNGPH, a consortium backed by the country’s largest business names in the energy sector, will construct a third LNG tank worth $100 million. “So now we have two tanks. We’re looking at the third tank of about 18 days of storage. The investment is close to $100 million or P6 billion. Construction period is anywhere from 36 to 42 months,” said LNGPH President and CEO Yari A. Marilao. LNGPH operates a major integrated liquefied natural gas (LNG) complex in Batangas, including the 1,278 megawatt (MW) Ilijan plants and the 1,320 MW EERI plants. LNGPH is backed by the country’s major power firms—Pangilinan-led Meralco PowerGen Corp. (MGEN),

Aboitiz Power Corp., and San Miguel Global Power Holdings, Corp. It accounts for about 20 percent of Luzon’s base load requirements and 30 percent of Luzon’s supply distributed by the Manila Electric Co. (Merlaco) in its franchise areas. ”LNG is about storing, regasifying, and then converting the molecule into an electron, right? We have a floating storage unit (FSU) that holds 135,000 cubic meters, or roughly 10 days’ worth of gas. Since then, we’ve installed two onshore tanks, each with a capacity of 60,000 cubic meters,” Yari said.

This means that the total fuel storage capacity has doubled from 10 days to 20 days, and the storage system now utilizes both offshore and onshore solutions. “So if a storm of 40-knot winds or three-meter high waves forces the FSU to detach and leave, we will still have 10 days of onshore backup storage,” said Yari. LNGP’s FSU is chartered through a long-term agreement with Adnoc Logistics & Services Plc. (Adnoc L&S), a subsidiary of the Abu Dhabi National Oil Co. “The onshore storage tanks are ours. However, it was constructed by CB&I [Group Inc.], and then they’re the first steel containment tanks in the world,” added Yari. CB&I, in partnership with AG&P Industrial, commissioned the two 60,000-cubic meter all-steel fullcontainment LNG storage tanks at the LNGPH Ilijan facility. “So there are talks. Right now, we’ve laid the live pipeline for interconnection for tank number three

anywhere from the size of 100,000 to 180,000 cubic meters,” added Yari. Earlier, LNGPH was pre-qualified for the country’s upcoming first midmerit natural gas capacity auction. The Department of Energy received 14 proposed bids for the auction, which seeks to secure 3,840 megawatts (MW) of natural gas-fired generation capacity. Energy Secretary Sharon S. Garin reiterated the importance of the role of mid-merit technology in the power sector. She cited grid stability, which manages fluctuating power demands throughout the day; its use as transition fuel, which integrates natural gas smoothly alongside rising renewable energy shares; and demand coverage, which bridges gaps between steady baseload and sharp peak electricity. “Alongside renewables, we are pursuing mid-merit natural gas capacity to provide the flexibility needed to support a more diversified generation mix and maintain system reliability,” Garin has said.

Philhydro asks DOE for boost

NALYSTS anticipate that with the listing of Mynt Inc., the operator of e-wallet platform GCash, can sustain its upward trajectory over time; its movement akin to a slow moving pace of a large and mature company. Eric Jurado, hedge fund manager at SeA (Southeast Asia) Focus Portfolio, sees Mynt as having several structural advantages capable of sustaining compounded earnings growth over time, including a huge user base, an expanding suite of financial products, the tailwinds of digital payment adoption and the ability to leverage its scale to drive operational efficiency. “Its historical earnings growth and returns on equity offer evidence of its ability to generate profits. The longer-term question is whether it can sustain those results while continuing to innovate, manage risks,

and grow earnings per share,” Jurado said. The analyst further emphasized that GCash has entrenched itself in the daily financial routines of Filipinos, delivering benefits that go far beyond mere transaction convenience. Mynt is set to list at the Philippine Stock Exchange on Tuesday. Meanwhile, Investment Banker Stephen Anthony T. CuUnjieng said in a television interview that Mynt has essentially saturated the domestic market, with most adults either having or using its application in their smartphones, the firm’s primary challenge moving forward is increasing its average revenue per user rather than driving user acquisition. CuUnjieng added that the strong investor appetite for the IPO at the P6.60 offer price underscores the solid fundamentals supporting the business. VG Cabuag

Pag-IBIG Fund welcomes DMCI Homes as partner to expand condominium choices for members

HE Philippine Hydro Inc. (Philhydro) is appealing to the Department of Energy (DOE) to help developers leverage the low water levels during the upcoming El Niño to accelerate hydro construction. “We are now at a critical stage in hydropower, especially from an investment standpoint. We are at the crossfire of wars, oil crisis, and political conflict affecting almost every industry globally, and hydro being one of the hardest hit with unfinished projects due to highlyinflated costs,” said Philhydro President Francis Joel A. Sayre. Despite these hurdles, Sayre said that now is the critical and ideal time to invest in and develop hydropower. While the group welcomed the DOE’s commitment to launch the “Green Energy Auction 7” (GEA7), Sayre urged the government to launch next year “GEA run-ofriver auctions” for Luzon and Visayas, as well as separate auctions for pumped-storage hydro and impounding dam baseload hydro within the next two years. GEA-7 is targeting 175 megawatts (MW) of run-of-river hydro projects in Mindanao, targeting completions between 2028 and 2031. This builds upon previous GEA-1 and GEA-3 hydro allocations. Philhydro also asked the DOE to create a medium-term to long-term hydro development plan aligned with the “Philippine Energy Plan 2023– 2050.” Such a roadmap would allow hydro developers to foresee, forecast, and align future expansions or new projects with available off-take opportunities, including GEA rounds, feed-in tariffs, and power supply agreements. Among renewable energy sources, hydro accounted for around 12 percent of the country’s installed capacity last year, according to DOE data. “Hydro can help bring to realization the government’s target of 35 percent renewable energy share by 2030 and 50 percent by 2050, but we need support,” Sayre said.

CHIP STOCKS SINK

Another burst of selling in technology shares drove the Nasdaq 100 to its worst week since the April 2025 tariff turmoil as investors questioned the outlook for the artificial-intelligence trade. Chipmakers fell for an eighth straight day, the longest slide since 2008, on worries over whether the AI infrastructure buildout has outrun the ability of firms to get a return on their investments. BLOOMBERG

‘New rules to lure investors’ By Jovee Marie N. Dela Cruz @joveemarie

EW rules allowing market making in the Philippine stock market could help companies attract more investors, improve stock valuations and reduce the cost of raising capital, Presidential Legislative Liaison Office (PLLO) Secretary Jose Ma. Clemente “Joey” S. Salceda said. Salceda welcomed over the weekend the Securities and Exchange Commission’s (SEC) issuance of the “Rules on Market Making,” saying the reform could address liquidity constraints that prevent investors from fully recognizing the value of Philippine-listed companies. “We have many fundamentally sound Philippine companies trading at attractive valuations, but insufficient market liquidity prevents their value from being fully recognized,” he said. “Investors hesitate to enter positions they may find difficult to exit. Companies consequently face high-

er costs of capital, even when their underlying businesses are strong,” Salceda added. He believes the SEC’s move could help unlock the value of Philippine companies and enable the capital market to channel more funds toward productive investments. “This is an excellent time to unlock that value. Better liquidity can attract more investors, improve valuations, and allow our capital markets to finance more productive investment,” Salceda said. Drawing from his experience as an equities research analyst and strategist at international investment houses Barings and SBC Warburg in the 1990s, Salceda said informal arrangements among market participants then performed some of the functions of market making and helped sustain trading activity. Regulations were tightened following the BW Resources scandal to prevent market manipulation and protect investors, but some arrangements that had supported market

liquidity also disappeared, he said. The PSEi took more than 13 years to recover its year-end 1993 record, surpassing the benchmark in 2007. Salceda acknowledged that the Asian financial crisis and subsequent economic and political developments also contributed to the prolonged decline. While the index’s performance alone does not establish the effect of market-making arrangements, he said the experience highlights the importance of liquidity and investor confidence. Salceda stressed that the objective should not be to restore informal trading practices but to establish legitimate market-making activities under transparent and enforceable regulations. “The answer is not to return to the informality of the 1990s, but to institutionalize legitimate marketmaking functions under transparent and enforceable rules. This is precisely what the SEC is doing,” he said. “A well-regulated market must also be a well-functioning market.”

AG-IBIG Fund and DMCI Homes have partnered to give Filipino homebuyers more condominium options they can purchase through affordable Pag-IBIG Housing Loans. The agreement was signed on Friday, October 16, as part of the government's continuing efforts to expand housing opportunities under President Ferdinand R. Marcos Jr.'s Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program. Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board Chairman Jose Ramon P. Aliling welcomed the partnership, which adds DMCI Homes to Pag-IBIG Fund's growing network of leading property developer partners. “President Ferdinand R. Marcos Jr. has directed us to expand access to decent and affordable housing for Filipino families. By partnering with leading developers, we bring together private-sector expertise and Pag-IBIG Fund financing to offer members more housing choices and help advance the Expanded 4PH Program,” Aliling said. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta and DMCI Homes President Alfredo R. Austria signed the memorandum of understanding at the Pag-IBIG Fund Corporate Headquarters in Makati City. The signing was witnessed by DHSUD Secretary Aliling, DMCI Homes Chief Finance Officer Evangeline Hernandez-Atchioco, and Pag-IBIG Fund Senior Vice President for Sales and Business Development Fermin A. Sta. Teresa Jr. Under the agreement, DMCI Homes will identify participating residential projects and available units, including ready-for-occupancy properties, and offer preferential pricing and other incentives to qualified Pag-IBIG Fund members, subject to applicable terms and conditions. Pag-IBIG Fund, in turn, will provide affordable housing financing, loan

counseling, and assistance to qualified prospective homebuyers. The first DMCI Homes project accredited by Pag-IBIG Fund is Anissa Heights in Pasay City. Accreditation is also underway for other Metro Manila projects such as Allegra Garden Place, The Erin Heights, The Oriana, Cypress Towers, Dansalan Gardens Condominiums, East Raya Gardens, Maricielo Villas, Mayfield Park Residences, Palm Grove Residences, Raya Garden Condominiums, Rhapsody Residences, Rosewood Pointe, and Tivoli Garden Residences, as well as Alea Residences in Bacoor City and Verdon Parc in Davao City. Acosta said the partnership will give members more condominium choices, including ready-for-occupancy units that may be offered at preferential prices and with special developer incentives. “Through this partnership, we are working with DMCI Homes to give our members access to more condominium choices at preferential prices. Once the necessary accreditations are completed, we expect to offer up to 3,990 units. Combined with Pag-IBIG Fund's affordable housing financing and promotional rates of 4.5% and 5.75% per annum, these options can help qualified members move closer to owning a home that meets their needs and budget. And with developments in accessible urban locations, more families can enjoy the convenience of living closer to their workplaces and essential services,” Acosta said. She added that prospective homebuyers can also visit the 2nd National Housing Expo on October 19 and 20 at the SMX Convention Center Manila, MOA Complex, Pasay City, where DMCI Homes will join more than 80 participating developers offering thousands of housing options, special Expo promotions, and opportunities to receive on-site Pag-IBIG Housing Loan assistance.

Companies BusinessMirror

Monday, October 19, 2026

PSE STOCK QUOTATIONS

October 16, 2026

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK COL FINANCIAL FIRST ABACUS FILIPINO FUND MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

44.55 115.7 10.02 99.75 48 9.91 60.25 6.91 75.85 49.95 88.35 20 61.5 21 1.54 0.495 7.69 0.102 1.26 205.2 4,710

45 115.8 10.44 99.8 48.1 9.92 60.5 6.95 76.5 50 105 20.25 61.7 21.25 1.55 0.5 7.78 0.105 1.29 208.8 5,000

44.95 114.2 10.44 96.4 48.1 9.9 60.9 6.95 76.95 50.85 88.55 19.92 61.4 20.8 1.55 0.36 7.71 0.101 1.32 206 4,710

45 116.4 10.44 99.8 48.95 9.96 60.9 6.95 76.95 50.85 88.55 20.25 61.7 21 1.58 0.49 7.71 0.102 1.32 206 4,710

44.4 113.1 10.44 96.3 48 9.88 60 6.95 75.8 47.05 88.55 19.92 61.35 20.8 1.54 0.36 7.69 0.101 1.26 205.2 4,710

44.55 115.7 10.44 99.8 48 9.94 60.25 6.95 75.85 49.95 88.55 20.25 61.7 21 1.55 0.49 7.69 0.102 1.26 205.2 4,710

5,200 4,123,980 200 1,431,400 501,200 56,000 5,434,460 100 107,550 3,860 10 13,500 178,860 22,800 585,000 8,000 10,000 30,000 1,083,000 630 10

232,460 474,429,503 2,088 140,996,318 24,167,105 555,553 327,815,194 695 8,222,104 188,436 886 270,196 11,025,391 476,190 909,770 3,780 76,974 3,050 1,390,950 129,556 47,100

-39,297,486 86,347,147 -1,933,530 -162,770 -108,299,003 421,718 52,800 -2,604,419 75,930 -1,110 -76,974 -96,000 41,120 47,100

INDUSTRIAL ACEN CORP 2.66 2.67 2.64 2.68 2.64 2.66 2,361,000 6,298,730 2,362,210 0.93 0.94 0.95 0.96 0.89 0.93 4,117,000 3,787,280 188,500 ALSONS CONS 0.61 0.61 0.61 0.62 67,000 41,380 ALTERNERGY HLDG 0.62 0.62 45.45 45.5 46 46 45.4 45.5 1,209,600 55,141,815 -35,742,555 ABOITIZ POWER 1.12 1.14 1.14 1.13 1.14 221,000 254,710 34,500 RASLAG 1.16 0.105 0.107 0.104 0.107 0.104 0.106 1,520,000 160,600 BASIC ENERGY 4.03 4.4 4.45 4.45 4.35 4.35 23,000 100,200 CITICORE RE 20.2 20.25 20 20.4 20 20.2 175,400 3,544,110 914,360 FIRST GEN 87.85 88 88 88 87.5 87.85 44,270 3,875,312 -2,281,188 FIRST PHIL HLDG 447 447.6 437 454.2 437 447.6 480,740 213,608,782 53,895,346 MERALCO 30.8 30.95 31.85 30.2 31 2,294,500 70,641,990 MANILA WATER 31 -3,270,160 16.6 16.78 16.3 16.3 16.6 2,683,000 44,854,218 26,715,670 MAYNILAD 16.84 2.22 2.24 2.24 2.21 2.22 59,000 131,380 PETRON 2.23 4.35 4.4 4.5 4.36 4.4 237,000 1,042,960 PETROENERGY 4.36 16.5 16.6 16.5 16.6 53,800 893,040 -810,080 PRYCE CORP 16.6 16.6 9.65 9.7 9.7 9.7 1,900 18,430 REPOWER ENERGY 9.7 9.7 12.3 12.36 12 12.6 12 12.3 2,483,300 30,432,452 -732,524 SEMIRARA MINING 22.4 21.95 21.75 22.5 1,007,300 22,394,205 2,941,565 SYNERGY GRID 22.5 22.5 7.84 7.9 7.95 7.97 7.8 7.84 3,154,900 24,837,825 -1,452,291 SHELL PILIPINAS 8.73 8.75 8.5 8.97 8.5 8.72 36,000 312,825 SPC POWER 1.2 1.21 1.21 1.23 1.19 1.21 6,920,000 8,388,200 969,220 SP NEW ENERGY 1.73 1.71 1.7 1.73 176,000 303,480 TOP LINE 1.74 1.74 20 20.85 20 20 5,400 108,085 VIVANT 20.85 20.85 2.71 2.7 2.67 2.71 83,000 224,150 AXELUM 2.72 2.73 0.285 0.31 0.31 0.31 10,000 3,100 BALAI FRUITAS 0.31 0.31 8.55 9.15 9.15 9.15 100 915 CNTRL AZUCARERA 9.15 9.15 30.85 30.9 31.2 31.2 30.8 30.9 602,900 18,661,470 -9,371,410 CENTURY FOOD 3.14 3.41 3.41 3.41 8,000 27,280 DEL MONTE 3.41 3.41 3.4 3.4 3.33 3.4 1,498,000 5,071,400 -2,562,550 DNL INDUS 3.43 3.43 15.2 15.24 15.14 15.12 15.2 273,800 4,157,320 -1,234,764 EMPERADOR 15.26 44.5 45.2 45 45.45 44.15 44.5 52,500 2,373,340 -1,034,440 SMC FOODANDBEV 0.78 0.78 0.78 0.78 817,000 640,650 70,310 FIGARO GROUP 0.79 0.79 0.5 0.485 0.45 0.52 6,310,000 3,152,650 ALLIANCE SELECT 0.52 0.53 0.66 0.67 0.66 0.66 0.65 0.66 145,000 95,000 FRUITAS HLDG GINEBRA 222.6 222.6 222.2 219 218 222 10,710 2,355,932 -721,742 JOLLIBEE 216,671,122 142 143 140.1 144 140.1 142 1,519,210 33,749,626 KEEPERS HLDG 1.89 1.9 1.9 1.92 1.9 1.9 1,954,000 3,720,480 2,817,520 LIBERTY FLOUR 21.3 22.1 22.85 22.85 22.1 22.1 200 4,495 2.01 2.04 1.98 2.04 1.98 2.04 3,000 6,000 MAXS GROUP 0.071 0.071 0.07 0.071 0.07 0.07 100,000 7,030 MG HLDG 6.14 6.26 6.2 6.32 6.14 6.14 1,428,800 8,906,031 -2,104,070 MONDE NISSIN SHAKEYS PIZZA 5.1 5.16 5.1 5.17 5.1 5.1 335,700 1,712,104 2.39 2.57 2.57 2.58 2.4 2.57 6,000 15,100 ROXAS AND CO 5.08 5.12 5.08 5.15 5.04 5.12 103,500 528,185 -115,824 RFM CORP SWIFT FOODS 0.047 0.049 0.048 0.048 0.047 0.047 1,100,000 52,700 60 60.2 59.95 60.5 59.4 60 980,160 58,840,742 -24,539,207 UNIV ROBINA VITARICH 0.485 0.485 0.48 0.485 0.48 0.485 200,000 96,650 1.99 1.99 1.9 1.99 1.99 1.99 1,000 1,990 VICTORIAS 53 58.45 58.5 58.5 58.5 58.5 10 585 CONCRETE 1.15 1.17 1.2 1.2 1.15 1.15 492,000 576,270 CONCREAT HLDG 1.89 1.89 1.85 1.89 1.84 1.89 15,000 28,200 -18,900 EEI CORP MEGAWIDE 5.34 5.28 5.33 5.3 5.13 5.33 2,202,900 11,529,894 -60,869 PHINMA 14.06 14 14.52 14.06 14.06 14.06 1,100 15,466 32 35 35 37.95 35 35 1,700 59,795 SUPERCITY 1.9 1.9 1.88 1.88 1.87 1.88 102,000 192,720 -22,800 CROWN ASIA EUROMED 1.18 1.14 1.19 1.19 1.13 1.14 40,000 45,650 5.1 5.23 5.24 5.24 5.23 5.23 900 4,710 MABUHAY VINYL 10.78 10.78 10.62 10.74 10.62 10.62 7,200 77,408 CONCEPCION 0.137 0.128 0.13 0.136 0.122 0.13 5,940,000 761,960 -2,660 GREENERGY INTEGRATED MICR 5.48 5.49 5.3 5.56 5.21 5.49 1,748,200 9,542,292 711,207 IONICS 2.78 2.74 2.75 2.55 2.55 2.74 3,065,000 8,255,310 894,800 PANASONIC 7.28 7.49 7.49 7.49 7.25 7.49 4,300 31,950 1.14 1.15 1.07 1.17 1.06 1.15 7,065,000 7,895,410 -929,660 CIRTEK HLDG STENIEL 1.95 1.81 1.97 1.95 1.8 1.8 436,000 806,760

HOLDING & FRIMS

ABACORE CAPITAL 0.3 0.305 0.305 0.305 0.3 0.305 180,000 54,800 23.5 22.45 21 23.5 1,487,600 -9,548,980 ASIABEST GROUP 23.7 23.7 34,275,335 535 537 530 540 529.5 535 362,930 194,278,600 -2,198,860 AYALA CORP 38.95 39 39.2 39.9 39 39 1,698,600 67,338,600 32,487,095 ABOITIZ EQUITY 8.94 8.95 8.9 9.08 8.86 8.95 445,100 3,981,881 -585,579 ALLIANCE GLOBAL 16.06 16.48 16.48 16.5 35,400 583,876 ANSCOR 16.5 16.5 1.14 1.15 1.14 1.17 1.13 1.14 181,000 206,540 -10,440 ANGLO PHIL HLDG 7.32 7.32 7.32 7.32 35,100 257,632 48,247 COSCO CAPITAL 7.4 7.4 7.27 7.34 7.37 7.49 7.27 7.27 5,843,400 42,778,867 -12,131,612 DMCI HLDG 3.85 4.08 3.85 3.85 3.85 3.85 2,000 7,700 7,700 FILINVEST DEV 2.57 2.85 2.89 2.89 2.85 2.85 2,000 5,740 FJ PRINCE A 440.8 448 445 451.4 440.8 440.8 81,090 36,121,498 673,690 GT CAPITAL 4.81 4.98 4.81 4.81 4.81 4.81 1,000 4,810 HOUSE OF INV 16.9 17.1 17 17.42 16.9 16.9 676,100 11,600,568 1,457,582 JG SUMMIT 0.42 0.445 0.465 0.43 0.445 470,000 206,550 LODESTAR 0.465 4.75 4.78 4.75 4.75 42,000 199,640 9,500 LOPEZ HLDG 4.78 4.78 15.2 15.26 15.26 15.32 15.18 15.2 2,139,500 32,553,398 -3,787,318 LT GROUP 1.02 1.06 1.02 1.06 76,000 77,600 PACIFICA HLDG 1.06 1.06 0.83 0.92 0.84 0.84 0.83 0.83 9,000 7,490 PRIME MEDIA 2.41 3.1 3.1 3.1 5,000 15,500 REPUBLIC GLASS 3.1 3.1 1.17 1.18 1.18 1.18 25,000 29,500 SOLID GROUP 1.18 1.18 534 536 528 534 301,070 160,896,855 25,346,390 SM INVESTMENTS 536 538 64 64.6 63.6 66.15 63.5 64 234,090 15,163,220 5,090,394 SAN MIGUEL CORP 53.1 54 54.45 54.5 54.45 54.5 210 11,435 TOP FRONTIER 0.069 0.074 0.069 0.069 0.069 0.069 290,000 20,010 ZEUS HLDG PROPERTY AYALA LAND 15.26 15.38 15.22 15.38 15.04 15.38 7,377,500 112,229,596 -31,718,104 1.11 1.14 1.14 1.14 1.1 1.14 560,000 623,680 305,730 AYALA LAND LOG 10.94 11 11 11.4 4,300 47,416 ALTUS PROP 11.4 11.4 0.25 0.265 0.265 0.265 0.265 0.265 10,000 2,650 ARANETA PROP 36.25 36.65 36.15 36.75 36.15 36.25 1,080,100 39,175,650 24,585,835 AREIT RT 0.73 0.76 0.74 0.79 0.73 0.73 44,000 32,580 -780 A BROWN 0.54 0.53 0.53 0.55 22,000 11,920 CITYLAND DEVT 0.55 0.55 0.088 0.092 0.088 0.088 0.088 0.088 170,000 14,960 CROWN EQUITIES 1.94 2 1.95 1.95 72,000 143,450 -2,000 CEB LANDMASTERS 2 2 0.62 0.63 0.61 0.63 806,000 501,410 39,050 CENTURY PROP 0.63 0.63 2.95 2.9 2.9 2.98 4,179,000 12,305,630 2,463,580 CITICORE RT 2.98 2.98 11.6 11.7 11.72 11.78 11.58 11.6 398,300 4,640,128 44,026 DOUBLEDRAGON 1.03 1.04 1.03 1.03 6,518,000 6,715,060 3,120 DDMP RT 1.04 1.04 4.65 4.75 4.72 4.72 4.6 4.7 204,000 944,190 DM WENCESLAO 0.102 0.103 0.102 0.104 0.102 0.102 70,000 7,160 EMPIRE EAST 2.9 2.91 2.9 2.92 2.9 2.9 2,452,000 7,112,040 FILINVEST RT 0.69 0.7 0.69 0.69 82,000 57,140 2,140 FILINVEST LAND 0.7 0.7 0.62 0.65 0.62 0.62 0.62 0.62 12,000 7,440 GLOBAL ESTATE 2.5 2.61 2.51 2.51 2.51 2.51 6,000 15,060 KEPPEL PROP 1.2 1.21 1.21 1.22 1.19 1.2 24,990,000 30,037,710 -3,973,510 PNB HLDG 2.23 2.24 2.25 2.23 2.24 3,150,000 7,055,390 1,121,630 MEGAWORLD 2.25 0.66 0.67 0.67 0.68 0.65 0.66 22,363,000 14,977,060 -502,550 MRC ALLIED 13.6 13.62 13.56 13.64 13.52 13.6 372,400 5,063,144 -2,970,178 MREIT RT 0.1 0.107 0.1 0.1 0.1 0.1 20,000 2,000 OMICO CORP 0.157 0.152 0.151 0.157 600,000 91,220 PRMIERE HORIZON 0.158 0.158 5.02 5.39 5.02 5.02 5.02 5.02 100 502 PHIL RACING 0.93 0.93 0.93 0.94 134,000 125,410 -104,800 PREMIERE RT 0.94 0.94 6.38 6.75 6.19 6.75 6.19 6.75 10,372,000 66,362,554 35,894,838 RL COMM RT 16.02 15.84 15.84 16.02 2,740,300 43,849,548 -20,185,150 ROBINSONS LAND 16.16 16.16 2.45 2.48 2.45 2.47 2.43 2.45 27,000 66,050 14,720 ROCKWELL 2.82 2.9 2.98 2.99 2.9 2.9 38,000 110,460 SHANG PROP 1.72 1.73 1.75 1.75 1.74 1.74 8,000 13,930 STA LUCIA LAND 17.06 17.1 16.7 17.1 16.6 17.06 8,388,400 142,524,680 -1,202,372 SM PRIME HLDG 0.385 0.415 0.4 0.4 0.4 0.4 10,000 4,000 SUNTRUST RESORT PTFC REDEV CORP 50 61.85 50.05 50.05 50.05 50.05 60 3,003 SERVICES ABS CBN 2.51 2.52 2.47 2.51 2.47 2.51 23,000 57,010 3.33 3.34 3.36 3.36 3.33 3.33 210,000 700,510 GMA NETWORK 0.15 0.17 0.161 0.167 0.161 0.167 30,000 4,890 MANILA BULLETIN 5.04 5.48 5.02 5.02 5.02 5.02 100 502 MLA BRDCASTING 0.6 0.61 0.58 0.63 0.57 0.6 30,109,000 18,158,020 48,430 DITO CME HLDG 1,565 1,552 1,552 1,565 70,835 110,896,920 23,181,720 GLOBE TELECOM 1,570 1,570 1,222 1,201 1,200 1,250 218,610 268,367,640 97,895,600 PLDT 1,250 1,250 0.0056 0.0056 0.0056 0.0057 143,000,000 813,200 APOLLO GLOBAL 0.0057 0.0057 8.89 8.68 9.04 8.66 8.98 1,319,800 11,744,964 2,852,721 CONVERGE 8.98 0.64 0.66 0.63 0.65 13,000 8,510 -4,620 DFNN INC 0.66 0.66 0.131 0.133 0.12 0.136 0.12 0.133 10,420,000 1,315,730 ISLAND INFO 0.36 0.375 0.36 0.36 0.36 0.36 20,000 7,200 NOW CORP 0.115 0.116 0.115 0.115 0.115 0.115 10,000 1,150 TRANSPACIFIC BR 1.03 1.08 1.08 1 1.03 657,000 683,600 34,310 CHELSEA 1.06 22.5 23 23.1 23.35 22.4 22.5 364,300 8,321,360 -3,561,630 CEBU AIR 860 870 834 878.5 830 860 1,649,400 1,417,971,885 347,225,720 INTL CONTAINER 10.8 11.02 12.1 12.1 10.8 10.8 6,500 72,556 LBC EXPRESS 0.69 0.7 0.67 0.7 112,000 78,370 LORENZO SHIPPNG 0.7 0.7 3.35 3.36 3.31 3.35 3.3 3.35 710,000 2,360,120 33,500 MACROASIA 0.53 0.58 0.58 0.58 6,000 3,480 METRO ALLIANCE 0.58 0.58 3.74 3.75 3.68 3.75 2,244,000 8,379,690 1,114,300 PAL HLDG 3.75 3.75 1.48 1.52 1.46 1.54 1.43 1.52 469,000 703,610 -56,820 HARBOR STAR 0.029 0.03 0.029 0.03 0.029 0.03 17,300,000 508,500 BOULEVARD HLDG 0.85 0.99 0.99 0.99 1,000 990 DISCOVERY WORLD 0.99 0.99 4.98 5.03 5.03 5.03 10,200 51,306 GRAND PLAZA 5.03 5.03 0.32 0.335 0.34 0.375 0.32 0.325 30,400,000 10,488,600 -155,400 PH RESORTS GRP 13 13.3 13.66 13.66 12.82 13.3 4,200 55,576 CENTRO ESCOLAR 6.96 7.14 7.14 7.14 2,900 20,706 IPEOPLE 7.14 7.14 1.28 1.29 1.28 1.3 1.28 1.3 11,000 14,100 1,280 STI HLDG 1.08 1.09 1.08 1.09 17,000 18,460 BELLE CORP 1.09 1.09 1.9 1.9 1.88 1.9 2,051,000 3,880,150 -617,700 BLOOMBERRY 1.92 1.92 1.65 1.68 1.68 1.7 28,000 47,330 42,230 PACIFIC ONLINE 1.7 1.7 7.31 7.47 7.27 7.57 7.27 7.31 1,486,800 -1,744,753 DIGIPLUS 11,043,067 14.52 14.26 14.6 14.2 14.56 1,640,700 23,712,992 12,425,800 PHILWEB 14.56 METRO RETAIL 1.03 1.04 1.05 1.05 1.03 1.04 11,000 11,380 9,280 PUREGOLD 40.35 40.05 40 40.4 39.95 40.05 242,600 9,739,715 -3,735,700 PHIL SEVEN CORP 30 30.4 30.3 30.9 30 30.4 55,600 1,668,900 -54,180 SSI GROUP 1.95 2.08 1.98 2 1.95 1.95 297,000 587,450 85,600 UPSON INTL CORP 0.76 0.79 0.77 0.84 0.76 0.79 67,000 51,960 38,770 WILCON DEPOT 5.5 5.53 5.5 5.6 5.48 5.53 3,006,500 16,615,979 -15,569,531 APC GROUP 0.104 0.104 0.102 0.103 0.103 0.104 100,000 10,360 0.235 0.235 0.234 0.234 0.234 0.235 60,000 14,070 MEDILINES MINING & OIL APEX MINING 17.18 16.66 16.66 17.2 2,385,600 40,914,624 20,740,748 17.2 17.2 18.5 18.58 18.02 18.66 18.02 18.5 865,000 15,997,714 2,162,392 ATLAS MINING 6.03 6.3 6.3 6.3 6.3 83,000 522,961 BENGUET 6.31 3.25 3.3 3.3 3.3 3.3 3.3 30,000 99,000 DIZON MINES 0.295 0.3 0.29 0.295 0.29 0.295 500,000 145,200 -133,400 EC VULCAN 1.69 1.7 1.64 1.63 1.69 328,000 545,030 41,500 FERRONICKEL 1.69 0.082 0.082 0.082 0.082 0.082 10,000 820 GEOGRACE 0.083 0.223 0.225 0.222 0.226 0.22 0.223 9,270,000 2,057,750 LEPANTO A 0.219 0.22 0.216 0.221 0.216 0.22 780,000 170,550 LEPANTO B 0.0082 0.0084 0.0083 0.0084 0.0082 0.0082 30,000,000 248,500 MANILA MINING A 0.76 0.78 0.78 0.76 0.77 64,000 48,940 MARCVENTURES 0.77 0.5 0.5 0.5 0.5 0.5 1,000 500 NIHAO 0.55 3.8 3.83 3.79 3.8 3.68 3.8 1,577,000 5,910,050 717,400 NICKEL ASIA 34.95 35.05 35.3 35.3 34.85 34.95 380,100 13,294,840 -8,193,970 OCEANAGOLD 0.54 0.55 0.53 0.56 31,000 17,220 ORNTL PENINSULA 0.56 0.56 10.94 10.96 10.56 10.94 10.56 10.94 2,484,300 26,895,754 -4,657,176 PX MINING 0.063 0.063 0.063 0.063 0.063 3,574,600,000 225,199,800 -105,128,100 TUBIG PILIPINAS 0.0091 0.0089 0.0089 0.0092 14,000,000 127,900 UNITED PARAGON 0.0093 0.0092 3.16 3.59 3.3 3.31 3.3 3.31 2,000 6,610 ENEX ENERGY 0.014 0.015 0.014 0.015 0.014 0.015 700,000 10,100 ORNTL PETROL A 0.014 0.015 0.014 0.014 0.014 0.014 200,000 2,800 ORNTL PETROL B 0.01 0.011 0.0098 0.011 0.0097 0.011 46,000,000 458,100 170,000 PHILODRILL 2.82 2.81 2.81 2.84 61,000 172,220 -28,300 PXP ENERGY 2.84 2.84 PREFFERED ACEN PREF A 980 991 985.5 985.5 980 980 8,500 8,335,355 2,402 2,460 2,460 2,460 2,460 2,460 15 36,900 -36,900 AC PREF AR 1,862 1,899 1,920 1,920 1,899 1,899 20 38,190 AC PREF B3R 1,901 1,918 1,919 1,919 1,919 1,919 115 220,685 9,595 AC PREF B4R 493 504 499 504 499 504 510 256,830 ALCO PREF G 98 101 101 101 101 101 80 8,080 BRN PREF B 28.25 29.85 29.85 30 31,000 929,965 CEB PREF 30 30 948 950 955 955 950 950 1,480 1,406,325 -1,406,325 CLI PREF A1 952.5 990 999 999 989.5 989.5 280 278,305 CLI PREF A2 99.5 101 99.45 99.5 99.45 99.5 20 1,990 CPG PREF B 89.95 90 89.7 92 89.7 90 72,250 6,508,046 DD PREF 950 991 991 991 991 991 60 59,460 FDC PREF B 1,881 1,930 1,942 1,942 1,930 1,930 15 29,010 GLO PREF ANV 1,926 1,970 1,975 1,975 1,970 1,970 550 1,086,200 217,250 GLO PREF BNV 102.1 105 103.4 103.4 103.4 103.4 430 44,462 MWIDE PREF 6C 99 100.8 100.8 100.8 100.8 100.8 270 27,216 MWIDE PREF 7A 99.65 102 99.65 99.65 99.5 99.5 320 31,851 MWIDE PREF 7B 931 968 980 980 930 930 11,020 10,295,440 PCOR PREF 4B 965 990 980 980 980 980 20 19,600 PCOR PREF 4C 960 968.5 970 970 969 969 140 135,780 PCOR PREF 4D 980 987 987 987 987 987 80 78,960 PCOR PREF 4E 75.15 75.5 75.5 75.5 75.5 75.5 12,390 935,445 SMC PREF 2N 77.4 77.5 77.9 77.9 77.5 77.5 1,640 127,645 SMC PREF 2O 74 74.5 74.5 74.5 74.5 74.5 2,020 150,490 SMC PREF 2P 73.5 74.6 73 73 73 73 220 16,060 SMC PREF 2Q 75.15 75.3 75.15 75.15 75.15 75.15 50 3,758 SMC PREF 2T 74.7 76 75 75 75 75 10 750 SMC PREF 2U 76 76.15 76.15 76.15 76.15 76.15 1,740 132,501 SMC PREF 2V 76.8 77 77 77 76.8 76.8 2,230 171,310 SMC PREF 2W 77.7 78.5 78 78.5 77 77.7 3,830 297,803 18,055 SMC PREF 2X 6.17 7.4 6.28 6.28 6.28 6.28 100 628 TECH PREF B2D 99.95 100.5 99.9 99.95 99.9 99.95 2,050 204,797 TOP PREF A1 100.6 101 100.6 101 100.6 101 270 27,182 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.06 3.28 3.25 3.28 3.27 3.28 3.27 3.28 14,000 45,860 1.05

SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MAKATI FINANCE XURPAS NEXGEN ENERGY

0.325 1.36 0.57 0.02 1.9 0.241 2.54

1.09

1.05

5,000

5,250

-1,050

0.34 1.39 0.62 0.022 2.05 0.245 2.7

0.33 1.36 0.62 0.021 1.9 0.244 2.7

0.34 1.39 0.62 0.021 1.9 0.247 2.7

0.32 1.36 0.58 0.021 1.9 0.242 2.7

0.34 1.39 0.62 0.021 1.9 0.245 2.7

410,000 234,000 7,000 900,000 8,000 1,100,000 4,000

134,700 319,590 4,240 18,900 15,200 269,610 10,800

-1,000 -

EXHANGE TRADE FUNDS ATR FAMI ETF

97.5

97 98 97 98 2,510 244,588 -

www.businessmirror.com.ph

SEC issues rules on market making to ensure liquidity

By VG Cabuag

@villygc

HE Securities and Exchange Commission has issued rules establishing a regulatory framework for market making, aligning local market practices with international standards to enhance liquidity, improve price discovery, and support capital formation. Market making is a globally-adopted mechanism in which trading participants provide simultaneous posting of two-way quotes (both the buying price and the selling price) for the purpose of ensuring liquidity and maintaining a fair and orderly trading market. The rules outline the eligibility requirements for market makers, their disclosure, recordkeeping and reporting obligations, incentives, as well as investor protection and market integrity safeguards. The rules apply to market making activities in equity and fixed income securities listed, traded or enrolled

on an exchange under jurisdiction of the SEC. The rules will not cover such activities in government securities governed by the Bureau of Treasury’s Primary Dealer framework, unless and until the SEC, in coordination with the BTr, extends its application. “Establishing a robust market making framework is an important milestone in our efforts to boost trading activity in the Philippine capital market,” SEC Chairman Francis E. Lim said. “We expect this framework to help reduce frictions in secondary-market trading, support more efficient price

STOCK-MARKET OUTLOOK LAST WEEK

SHARE prices rebounded last week, with the main index returning to the 5,700-point level as bargain hunting, aided by easing global yields, helped the market extend gains. The benchmark Philippine Stock Exchange index gained 81.71 points to close at 5,782.70 points. The main index was down during the early part of the week as investors sold shares ahead of third-quarter results. Bargain hunters returned on Thursday and Friday as the peso breached the P63-level against the greenback, the local currency’s weakest so far. Value turnover was still tepid, implying that the rise had weak conviction as downside risks kept many investors on the sidelines, said Philstocks Financials Inc. Senior Research Analyst Japhet Louis O. Tantiangco. Average daily turnover only reached P5.38 billion, with foreign investors, who accounted for 62 percent of the trades, were net sellers at P1.41 billion. Other sub-indices ended mostly on the green, led by the All Shares index which gained 26.96 points to close at 3,218.81 points. The Financials index rose 33.73 to 1,805.83 while the Industrial index lost 8.03 to 7,426.03. The Holding Firms increased 46.68 to 4,252.83 while the Property index climbed 50.58 to 1,807.99. The Services index added 15.86 to 3,048.23 and the Mining and Oil index lost 49.68 to 19,221.57. For the week, losers managed to outnumber gainers, 107 to 100, and 36 shares were unchanged. Top gainers were Tubig Pilipinas Holdings Inc., PH Resorts Group Holdings Inc., Xurpas Inc., Chelsea Logistics and Infrastructure Holdings Corp., Alliance Select Foods International Inc., Lodestar Investment Holdings Corp. and The Philodrill Corp. Top losers, meanwhile, were Dizon Copper-Silver Mines Inc., PTFC Redevelopment Corp., Ionics Inc., Digiplus Interactive Corp., Metro Alliance Holdings and Equities Corp., Prime Media Holdings Inc. and PetroEnergy Resources Corp.

THIS WEEK

SHARE prices may continue to be pressured by elevated crude oil prices, as the Monetary Board (MB) of the Bangko Sentral ng Pilipinas is expected to raise rates at its policy meeting later this week. That meeting as well as the listing of GCASH on Tuesday are the two focus for investors this week. According to Tantiangco, the expectation that policy rates would be raised by another 25 basis points “is currently mounting” following the latest inflation print, which came in at 7.2 percent (for September). “Said expectations are expected to weigh on the market. A rate hold would be deemed as a positive surprise while a rate hike more than 25 basis points would be deemed as a negative surprise for the market,” he added. Meanwhile, broker 2TradeAsia said a strong debut of GCASH could lift sentiment briefly. “But we would not chase it ahead of the interest rate decision. Continue to favor dollar earners and well-capitalized banks. Add only on strong close above 5,800,” it said. The broker advised investors to expect sentiment to swing on the MB’s October 22 decision. “A 25-basis point hike is largely expected. A hold with the peso past P63 (to the dollar) could reverse this week’s rebound and expose the 5,700 support, while a larger 50-bps move might put 5,600 in play,” 2TradeAsia said. Swings are also seen on the third quarter bank results, where provisions may offset margin gains, and on crude, it added. Tantiangco said the market may continue to test the 5,800-point level. “Positive signals have formed recently from the market’s crossing of the 10-day exponential moving average to the rise of its MACD line above the signal line. Its 14-day relative strength index is also moving upwards. However, value turnover is low which implies that the rally is fragile and could reverse anytime,” he said.

STOCK PICKS

RCBC Securities Inc. still gave a “buy” rating on the stock of online gaming firm DigiPlus Interactive Corp. (PSE: PLUS) despite the company abandoning its plans to join the final auction rounds for an online gaming license in New Zealand following further market analysis. “We view this step positively as a reflection of management’s strict capital discipline, ensuring that excess cash reserves—backed by strong domestic cash flow and a ‘B+’ credit profile—remain prioritized for high-conviction domestic projects like LaVie Resort and Casino,” the broker said. PLUS closed last week at P7.31 apiece. Meanwhile, the broker also increased its previous “hold” rating on Citicore Energy REIT Corp. (PSE: CREIT) to “buy” after the stock dropped by nearly 20 percent, pushing its dividend yield up to 7.1 percent from 5.7 percent. VG Cabuag

discovery, and foster a more competitive trading environment for both domestic and international investors,” Lim added.

Firm, executable

UNDER the rules, only trading participants accredited or recognized by the relevant exchange with a minimum unimpaired paid-up capital of at least P150 million, or such higher amount as the SEC may prescribe, may qualify as a market maker. Applicants must also demonstrate operational capacity and a satisfactory track record, among other requirements. Market makers shall be accredited and recognized by the relevant exchange, subject to the oversight of the SEC. No separate or additional accreditation process at the SEC level will be implemented. Each accredited firm must designate at least one specialist with a minimum of three years of relevant securities trading or market-making experience, or an equivalent qualification based on certifications, training, and demonstrated proficiency. For equity securities, market makers must maintain firm twosided quotations for a minimum period of the trading session, as set

MUTUAL FUNDS

by the exchange, and ensure active presence and the required market participation during that period. Quotations by a market maker shall be firm and executable, except in cases of system failure, marketwide disruption, force majeure, or such other circumstances recognized under the relevant rules of an exchange.

Quoting parameters

MEANWHILE, in fixed income market making, the relevant exchange shall establish quoting parameters based on market structure, type and characteristics of the security, trading mechanisms, prevailing market conditions and the relative liquidity of each designated security. The exchange will also determine, for each security, whether quotes are firm, indicative, or best-efforts, as well as the minimum period they must be maintained. A six-month transition period from the effectivity of memorandum circular will be given to trading participants already engaged in market making to comply with the new rules. Exchanges must submit their implementing guidelines to the SEC for approval within 30 days from effectivity.

October 16, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A202.04 -5.52% -0.21% -2.46% -2.33% -5.63% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.1724 4.66% 14.11% 5.67% 4.94% 0.5% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.6838 -7% -1.41% -3.34% -4.14%-5.86% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7525 3.15% 3.54% 0.04% N.A2.49% FIRST METRO CONSUMER FUND, INC. -A 0.4867 -13.55% -8.53% -9.13% N.A -12.48% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.0972 -7.45% -3.12% -4.41% -2.31% -6.3% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6029 -6.97% -3.47% -4.79% N.A-6.18% MBG EQUIT Y INVESTMENT FUND, INC. -A 64.72 -23.56% -8.97% -8.56% N.A -27.65% PAMI EQUIT Y INDEX FUND, INC. -A 39.3812 -5.3% -1.8% -3.56% -2.13% -4.78% PHILAM STRATEGIC GROWTH FUND, INC. -A 423.35 -5.75% -0.62% -2.95% -2.14% -5.82% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.506 0.68% 8.53% 3.37% 2% -3.54% PHILEQUIT Y FUND, INC. -A33.8842 -1.73% 1.27% -1.13% -0.45% -1.59% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.883 -0.29% 2.21% -1.01% N.A -0.53% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.2783 -4.2% -0.69% -2.52% -1.25% -4.28% PHILIPPINE STOCK INDEX FUND CORP. -A 703.2 -4.71% -1.1% -2.82% -1.43% -4.32% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6776 -2.94% 1.27% -1.77% -2.47% -3.49% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.9735 -9.2% -2.92% -4.25% -2.88%-7.35% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.7874 -4.89% -1.53% -3.19% -1.72%-4.44% UNITED FUND, INC. -A3.47776.64% 4.72% 0.24% 0.55% 5.79% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 0.9878 -4.56% -1.17% N.A N.A -4.37% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0026 -4.2% 0.09% N.A N.A -3.92% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8565 -9.07% -5.02% -5.62% N.A -9.3% PHILIPPINE STOCK INDEX FUND CORP. -A 848.99 -4.64% -1.27% N.A N.A -4.23% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 95.9639 -4.41% -0.92% -2.53% -1.04%-4.05% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.1845 19.3% 13.83% 0.42% 2.77% 15.62% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4244 14.22% 16.55% 6.38% 8.9% 9% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A 1.0721 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1174 -1.33% -0.17% -1% -0.81% -1.07% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6817 3.89% 5.02% 0.05% -0.38%2.77% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4289 -1.97% -0.32% -1.95% -0.41%-1.34% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2229 -1.94% 5.52% 2.39% N.A-3.88% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9177 -2.95% 0.51% -0.82% 0.35% -4.23% PAMI HORIZON FUND, INC. -A3.5911 -3.93% 1.45% -0.78% -0.29% -5.25% PHILAM FUND, INC. -A15.1702-5.19% 0.18% -1.92% -0.87% -5.25% SOLIDARITAS FUND, INC. -A2.026 -3.18% 0.74% -0.68% -0.17% -3.54% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.273 -5.93% -0.31% -1.92% -1.18%-4.4% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8594 -6.9% -0.58% -1.39% -0.95% -5.63% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.71 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.977 0.46% 2.04% -0.15% N.A -0.18% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8256 -1.84% 0.27% -2.4% N.A -1.92% -2.07% -0.26% -2.96% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7931 -2.23% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03257 -4.32% 0.99% -2.79% -0.94% -5.04% PAMI ASIA BALANCED FUND, INC. -B $1.1283 -6.3% 9.25% 1.18% 1.98% -6.75% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.587 8.24% 12.17% 3.59% 5.79%4.66% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2061 3.83% 7.77% 0.66% 2.38%1.92% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.86 1.98% 3.17% 2.67% 2.55% 1.16% ATRAM CORPORATE BOND FUND, INC. -A 1.9913 2.21% 1.61% 0.7% 0.42% 1.67% COCOLIFE FIXED INCOME FUND, INC. -A 3.5985 0.9% 3.05% 2.11% 3.12% -0.03% EKKLESIA MUTUAL FUND, INC. -A 2.4286 -0.56% 2.77% 1.57% 1.41% -0.98% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4832 -3.14% 0.89% 0.5% 1.08% -3.34% PHILAM BOND FUND, INC. -A4.4455 -3.29% 1.96% 0.13% 0.66% -3.57% PHILAM MANAGED INCOME FUND, INC. -A 1.5444 2.16% 4.42% 3.24% 2.92% 1.61% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3233 0.66% 2.89% 1.74% 2.04% 0.24% SOLDIVO BOND FUND, INC. -A1.1291 1.18% 2.75% 2.02% 1.8% 0.77% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4368 -3.27% 2.04% 1.53% 2.11% -2.93% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8328 -2.62% 1.91% 1.14% 1.57% -2.74% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.021 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.23 1.27% 2.83% 1.76% 1.96% 0.6% ALFM EURO BOND FUND, INC. -A Є222.24 -0.45% 1.71% 0.22% 0.49% -0.69% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0423 -3.28% 0.71% -2.56% -0.76% -3.04% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0251 -4.92% 1.36% -0.55% 0.04%-5.28% PAMI GLOBAL BOND FUND, INC. -B $1.0463 -1.82% 8.03% 0.61% -0.47% -1.29% PHILAM DOLLAR BOND FUND, INC. -A $2.3694 -4.2% 3.1% -0.74% 0.47% -4.46% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0628181 -2.28% 1.19% 0.1% 1.03% -2.53% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8677 -2.36% 3.62% -1.65% -0.54%-2.21% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1912 2.75% N.A N.A N.A 2.13% ALFM MONEY MARKET FUND, INC. -A 153.38 4% 4.13% 3.24% 2.89% 3.03% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2293 3.39% 3.77% 3.09% N.A2.64% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5206 3.44% 3.61% 3% 2.78% 2.64% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.5 3.96% 4.29% N.A N.A 3.12% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1987 2.47% 3.28% 2.51% N.A 1.9% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.2478 3.46% 4.31% N.A N.A 2.47% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8045 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.572 25.55% 23.1% 14.42% N.A18.52% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1757 8.75% 6.96% N.A N.A 5.38% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7807 -4.42% 1.1% -4.25% N.A -3.62% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED FUND, INC.)

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

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Banking&Finance

Multilateral lenders eye backers for devt finance By Justine Xyrah Garcia

ULTILATERAL development banks (MDBs) are seeking to expand development financing by attracting more private investors and making greater use of their existing lending capacity amid mounting economic pressures on developing countries, like the Philippines. In a statement released over the weekend, the Asian Development Bank (ADB) said the heads of multilateral lenders met at its Manila headquarters on October 17 to discuss ways to expand financing and improve support for developing member economies. “Conflict, economic uncertainty, high debt, inflation and disasters are placing growing pressure on our members and making development harder,” said ADB President Masato Kanda, who also chairs the MDB Heads Group. The meeting aimed to turn shared commitments into practical action to help developing economies protect their “development gains, attract investment, and build more resilient economies,” Kanda added. The MDBs—the ADB, the World Bank Group (WBG), and the European Bank for Reconstruction and Development (EBRD)—reaffirmed their readiness to provide financial and analytical support to protect vulnerable populations and sustain investment in jobs and long-term growth. In a separate joint statement, the lenders reported progress toward launching a joint MDB Debt Fund that would give institutional investors greater access to assets originated by multilateral lenders. The proposed fund forms part of the MDBs’ broader “originateto-distribute/share” initiative to mobilize private capital for development. It was developed following

consultations with global asset managers to assess investor appetite for a diversified portfolio of MDB-originated assets. The lenders also said capital adequacy reforms and financial innovations implemented since 2023 had generated an additional $792 billion in lending capacity over the next decade. They also called for scaling up local-currency financing and foreign-exchange-risk solutions to reduce currency mismatches and deepen domestic financial markets in developing economies. In terms of concessional financing, the MDBs said they are jointly working to map lenders’ use of “scarce concessional and blended finance in their public and private operations.” “They also stressed the importance of MDBs’ ability to provide highly concessional finance to the poorest and most vulnerable countries and clients,” it added. The MDBs also highlighted joint initiatives in critical minerals, climate action, water security, and artificial intelligence. The lenders said they had reviewed progress in such areas where MDB collaboration can support country resilience, employment, and transition to emerging technologies. The banks also pledged to make joint financing more efficient by aligning operational policies and procedures and reducing duplication. “This includes mutual reliance in co-financing arrangements, where the Heads welcomed progress made in 2026,” it added. Aside from the ADB, WBG, and EBRD, signatories to the statement also include the African Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Investment Bank Group, Inter-American Development Bank Group, Islamic Development Bank, and New Development Bank.

BusinessMirror

Editor: Dennis D. Estopace • Monday, October 19, 2026

Steady bank assets growth seen propping up economy

By Andrea E. San Juan

HE assets held by the Philippine banking system continued to grow in August, reflecting that banks remain “well-positioned” to support economic activity through lending and investment, according to analysts.

Experts based their view on data from the Bangko Sentral ng Pilipinas (BSP), which showed that bank assets reached P31.277 trillion as of end-August 2026, up 12.8 percent compared to the P27.729 trillion as of end-August 2025. The total assets recorded as of end-August 2026 were also higher, by 1.52 percent, compared to the P30.809 trillion as of end-July 2026. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., explained that the banking sector’s expanding asset base is a “reflection of a healthy and growing financial system.”

“More importantly, it suggests banks remain well-positioned to support economic activity through lending and investment,” Ravelas added. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said the continued gowth in banks’ total assets by more than 10 percent year-on-year (Y-o-Y) “has been consistent” given the bank loans growth of also more than 10 percent Y-o-Y. He also noted that consumer loans have been growing by more than 20 percent Y-o-Y in recent months “as some buyers brought purchases forward amid, partly to buy goods

before prices and interest rates go up further amid the war involving Iran and the broader Middle East conflict since February 28,2026.” Ricafort explained further that higher inflation linked to the conflict had also reduced purchasing power and the income available for spending, which has partly contributed to increasing demand for loans.

Climbing

THE BSP data showed that the net total loan portfolio of banks grew 13.42 percent Y-o-Y to P17.228 trillion as of end-August 2026 from P15.189 trillion. The net total investments of banks also increased by 10.71 percent Y-o-Y to P9.042 trillion as of endAugust 2026 from P8.167 trillion. Their net real and other properties acquired, likewise, climbed by 26.36 percent to P165.454 billion as of end-August 2026 from P130.938 billion in the same period last year. Banks’ other assets also jumped by 24.35 percent Y-o-Y to P2.773 trillion from P2.23 trillion in endAugust 2025. Their total liabilities, on the other hand, grew at a faster pace compared

to bank assets. Liabilities jumped by 14 percent Y-o-Y to P27.553 trillion as of endAugust 2026 from P24.169 trillion in the same period a year ago. On a month-on-month basis, liabilities posted a 1.50-percent increase from the P27.147 trillion recorded at end-July. Deposit liabilities amounted to P22.386 trillion, of which P18.393 trillion consisted of peso liabilities and P3.992 trillion of foreign-currency liabilities. Liabilities due banks climbed by 25.33 percent Y-o-Y to P225.687 billion as of end-August 2026 from P180.079 billion in the same period a year ago. The unsecured subordinated debt also increased by 112.31 percent to P3.949 billion from P1.86 billion as of end-August last year. Meanwhile, banks’ derivatives with negative fair value held for hedging declined by 73.61 percent Y-o-Y, from P6.67 billion to P1.76 billion. Further, banks’ total capital accounts increased by 4.58 percent to P3.723 trillion as of end-August 2026, from P3.52 trillion in the same period a year ago.

Lender backs concierge services for Saint Luke’s patients By VG Cabuag

@villygc

HE wealth management and private banking division of Security Bank Corp. has partnered with Saint Luke’s Medical Center to provide patients with concierge healthcare services through the hospital’s corporate business center. The partnership gives patients priority access and personalized support designed to make healthcare simpler, faster and easier to navigate, the bank said.

Patients will have access to appointment assistance, specialist referrals, scheduling support for consultations and diagnostic procedures, executive lounge access and dedicated guidance during inpatient hospital admissions, while all clients of the Security Bank division will enjoy preferred rates on select health screening packages. “For years, we’ve helped clients build, grow, and protect their wealth. But we also know that financial security is only one part of a well-lived life,” Security Bank President and CEO Lee Meng Teck Victor said.

“By partnering with St. Luke’s, we’re extending the personalized service our clients know us for into another important aspect of their lives, helping them access quality healthcare with greater convenience and peace of mind,” Lee said “At St. Luke’s, we have always been committed to providing world-class care with the highest standards of safety,” St. Luke’s Medical Center Inc. President and CEO Dennis P. Serrano said. “Together with Security Bank, we are safeguarding their clients’ most essential assets: their health and their time,”

Serrano said. The program was launched last week, in which clients were introduced to the concierge healthcare program and the privileges available through the partnership. By bringing together personalized wealth management and concierge healthcare support, Security Bank Wealth and Saint Luke’s aim to give clients something increasingly valuable: more time, greater peace of mind, and confidence that help is available when they need it most, the bank said in a statement.

The cryptocurrency cop who took down a global scam network from Brooklyn By Scott Patterson & Ira Iosebashvili

Y the time Alona Katz hurried home from her office in downtown Brooklyn late on October 6, the trap was already set. After months of planning, the chief of Brooklyn’s crypto fraud unit was about to orchestrate one of the most sweeping international crackdowns a local prosecutors’ office had ever attempted. The operation, which took place across three time zones, was the culmination of a chase Katz had begun almost as soon as she was appointed chief of Brooklyn District Attorney’s Virtual Currency Unit three years ago. If things went according to plan, Katz would shut down a computer crime network run out of Eastern Europe that had been victimizing Brooklyn residents and had stolen tens of millions of dollars. The tension grew as the countdown began to start the operation. “We couldn’t entirely control what happened next,” Katz said. At 2 a.m., dozens of computer servers that Katz’s team had targeted started going down. She would get no sleep that night. As crypto use has become more widespread, the global crypto fraud economy has exploded in size. In 2025, reported US losses from cryptocurrency fraud reached $11.4 billion, roughly triple from three years earlier, according to the Federal Bureau of Investigation. This new frontier of fraud has flummoxed traditional law enforcement agencies, particularly at the local level. Before the Brooklyn DA opened the VCU office, victims who sought help from the New York Police Department were often told to go elsewhere because the NYPD didn’t understand the scams, Eric Gonzalez, the Brooklyn District Attorney, said in an interview. “They would say, ‘Go to civil court.’ Sometimes they would say, ‘Call the FBI, because we don’t have the ability to help here because it’s an international scam.’” Federal prosecutors weren’t much help either. Most of the fraud targeting

blockchain, allowing investigators with the right software to follow money as it moves from one digital wallet to another. By tracing the transactions and locating the victim connected to them, Katz and her team were able to identify websites the scammers had set up and the digital wallets they used, and moved quickly to shut them down. As Katz and her team tracked the scams, patterns emerged. Many scamoperation websites had similar branding. The team began to realize they weren’t dealing with a network of dozens or hundreds of operations. Just a small number of groups were behind them— and they appeared to be using cyber infrastructure located in Eastern Europe, including Ukraine.

citizens in Brooklyn ranges from hundreds to tens of thousands of dollars, significant for the victims but too small to be of interest to the federal authorities, who largely only look into scams of six- or seven-figure dollar amounts, Gonzalez said. An NYPD spokesperson said its Financial Crimes Task Force investigates cryptocurrency crimes and pointed to a recent case in which the department helped bust a $3.5 million crypto scam. An FBI spokesperson said the agency seeks to prevent crypto fraud through community outreach and working with the private sector.

The black sheep

FRUSTRATED as the number of fraud victims soared, Gonzalez decided he needed to set up a special unit to handle it, and hired Katz in 2023 from the Manhattan DA’s cybercrime and identitytheft bureau. At first glance, she seemed an unlikely pick to be a crypto cop. Katz, who is in her 40s and was born and raised in New York, doesn’t have a background in computer programming. She reads poetry, and most of her family are artists. “I was the black sheep for going to law school,” she said. Her phone lit up as soon as she started her new job. Cases flooded in, nearly all of them crypto investment frauds. They haven’t stopped since. Katz soon noticed a pattern in the calls coming into her office. Many victims were from Brighton Beach and Sheepshead Bay, Brooklyn communities heavily populated by Russian and Ukrainian immigrants. The scammers, who typically conversed in Russian, identified themselves as fellow immigrants who’d found success trading in America. The pitch: You can do it, too. The cons were simple. Victims were contacted on social networks like Facebook and were persuaded to put a few hundred dollars into cryptocurrency trades. They were then shown accounts that appeared to generate impressive returns. As the supposed profits grew, the scammers encouraged their marks

AN investigator provides updates to Assistant District Attorney Alona Katz at the Brooklyn District Attorney’s Office. PHOTOGRAPHER: JOSÉ A. ALVARADO JR./BLOOMBERG to invest even more. The perpetrators often let victims make small withdrawals of a few hundred dollars to give the false appearance of legitimacy. But when the victims eventually tried to cash out, they were told they had to pay costly fees to get their gains, or were simply ghosted. By then, some had poured tens or hundreds of thousands of dollars into the scheme.

A flood of fraud

“TRANSNATIONAL crime is stealing a generation’s worth of wealth from us,” said Erin West, a former US prosecutor from Santa Clara County, California, who started Operation Shamrock, a nonprofit group that investigates crypto scam call centers. Despite the soaring fraud, most state and federal law-enforcement officials don’t have the staff or technology to respond, she said. Katz is an outlier. Adding to the local law enforcers’ challenge: Most of the fraud originates overseas, in countries like Cambodia, Malaysia and Ukraine, making it nearly impossible for US prosecutors in the cities and states where the victims live to locate and charge the perpetrators.

“How does a local prosecutor’s office respond to crime being committed across an ocean?” asked Katz. Unable early on to find a way to get the bad guys, Katz focused on protecting their victims. The Brooklyn DA’s office began running Russian-language public service announcements on the radio warning about the fraud. Katz added a crack team of analysts with backgrounds in computer science, cryptocurrency and banking to her unit, which worked in downtown Brooklyn out of a cramped office decorated with cat posters. Rather than pacing the halls outside courtrooms like she did at the Manhattan DA, Katz was spending most of her working hours staring at a computer screen watching Bitcoin and Tether tokens flow from wallet to wallet, trying to learn the lineaments of vast underground international fraud networks— and how to stop them. Tracking digital clues is akin to a traditional detective picking up bullet casings, taking pictures and dusting for fingerprints, Katz said. The beauty of crypto for crime fighters is that much of it is transparent. Transactions are recorded on a public ledger, called a

Whack-a-Mole

IN June 2024, just 10 months after Katz was hired by the Brooklyn office, the VCU seized a network of 70 scam domains linked to a plot that stole $5 million from Russian-speakers across the US. Losses ranged from $18,000 to roughly $117,000, with the total topping $1 million in Brooklyn alone. But the calls kept coming. Mark, a 74-year-old Ukrainian immigrant living in Brooklyn, said he responded to an ad on Facebook targeting Russian-speakers in September 2024. A representative got in touch and within days, he was sending money to fund what he believed was a trading account. Initially, his investments appeared to grow. “They’re so polite and correct at first, but when you start asking for your money back, they get rude,” Mark said. After about a month, the scammers disappeared. He had lost about $200,000. “There was stress, anger,” Mark said. “It was very tough to tell my family.” Katz said she has worked with crypto exchanges to identify and blacklist suspect wallets involved in frauds, but the scammers often move to another exchange and the chase begins again. It’s like a game of whack-a-mole, she said.

Bearer of bad news

KATZ and her team tried other strate-

gies to get ahead of the scammers. They got warrants to lock scammers out of the email accounts linked to their websites and then scraped the sites for customer emails to get contact information for victims, whom they notified. Yuliya Marynenko had been at home with her baby early last year when she came across a Facebook ad promoting huge returns from an AI-powered trading app. Fifteen minutes after she entered her personal information, she got a call on WhatsApp from a person who spoke to her in Russian. Soon, the 36-year-old floral designer from Kazakhstan believed she was scoring big wins trading everything from currencies to commodities. She and her husband decided to add more cash, bringing their total commitment to $10,000. Things took a darker turn when the scammers told Marynenko she had incorrectly entered a trade and was on the hook for tens of thousands of dollars. She was scrambling to find the money, which the people also offered to loan her. Then Marynenko’s husband got a call from Katz. Katz’s team had been monitoring a known scam crypto cluster when they detected a deposit of several hundred dollars in Bitcoin. Many scams begin with small amounts transferred to suspect accounts on crypto exchanges. Katz subpoenaed the exchange for know-your-customer information and got the number for Marynenko’s husband. “It was a shock,” said Marynenko. She and her husband had grown so convinced the profits were real they were considering using what they thought was a $50,000 windfall for a down payment on a house. Instead, they lost the very real $10,000 they had given the fraudsters. “My job description is that I am the bearer of bad news,” Katz said. It is often impossible to claw back cash already handed over to the scam networks, but Katz tried to seize as much of the stolen cryptocurrency as she could and return it to victims. As of early October, her team was in the process of returning about $300,000 from schemes targeting Brooklyn’s Russian-speaking community. Bloomberg

B4 Monday, October 19, 2026

Explainer BusinessMirror

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WOUNDED? THERE’S A DRONE FOR THAT Ukraine’s ‘StarGate’ drone enters front-line testing

By Samya Kullab The Associated Press

IX propellers whir to life, lifting a drone above a field somewhere in Ukraine. A weighted stretcher secured to its frame simulates a wounded soldier in body armor. Far from the front line, the demonstration offers a glimpse of a far more dangerous mission: flying into a battlefield where enemy drones and artillery can leave wounded troops stranded for weeks or months, then carrying them to safety without an evacuation crew. The Associated Press was granted exclusive access to a field demonstration of the drone. This week, StarGate was handed over to a combat brigade for evaluation under front-line conditions. The aerial medical evacuation drone was developed over the past year by Ukrainian defense technology company SkyFall. If it proves reliable in combat, it could transform battlefield evacuations, reaching soldiers in places that ground vehicles cannot access and potentially saving those so severely wounded that hours of waiting could cost them their lives. “The idea came directly from the front line, from the trenches,” said SkyFall’s spokesperson, who asked not to be named because of the security risks facing Ukrainian military technology personnel. He spoke to AP wearing a balaclava. The AP was not permitted to disclose the testing location. In some sectors, the so-called kill zone—the area under constant threat from drones and artillery—stretches 10 to 15 kilometers (6 to 9 miles) or farther. StarGate has a one-way range of 15 kilometers, potentially allowing it to reach critically wounded soldiers trapped deep inside the kill zone.

A request from a military commander THE idea grew out of a military re-

quest, the spokesperson said. Last year, Flint, commander of the 475th Separate Assault Regiment, known as Code 9.2, approached SkyFall’s founder about developing a safer way to evacuate wounded soldiers from hard-to-reach positions. For troops in Code 9.2, reaching a front-line position to retrieve the wounded can mean traveling on foot through areas where vehicles are vulnerable to drones. Unmanned ground vehicles have taken on a growing role in evacuating casualties and delivering supplies, but they struggle through mud, craters and shattered roads. Rivers, mines and drones can stop them altogether. Ground robots typically take two to three hours to reach a position, depending on distance, road conditions and the threat from above, said KVN, a commander with Code 9.2. “Covering 10 kilometers in minutes would be a drastic change on the front line,” he said. Evacuations continue regularly in his unit’s area, he said, but it is not always possible to retrieve a wounded soldier on the same day. For someone with severe injuries, the wait can be critical. Both Flint and KVN were identified only by their call signs in line with Ukrainian military protocol. SkyFall emerged after Russia’s fullscale invasion in 2022, and has grown into a Ukrainian drone manufacturer. Its Vampire heavy-lift drone, known to Russian forces as “Baba Yaga,” is used by Ukrainian troops for battlefield missions. The company also makes Shrike first-person-view drones and has developed the P1-SUN aerial interceptor.

A REPRESENTATIVE of the SkyFall drone company checks the StarGate drone before a demonstration flight at an undisclosed location in Ukraine, Wednesday, Oct. 14, 2026. AP/EVGENIY MALOLETKA

Named after the science-fiction franchise in which portals connect distant worlds, StarGate can carry a payload of up to 150 kilograms (330 pounds), according to the company enough for a wounded soldier wearing body armor and carrying combat equipment. Its medical evacuation cabin is built around a stretcher. The drone cruises at 65 kph (40 mph) and can reach speeds of up to 105 kph (65 mph). SkyFall says it can be prepared for flight in about 10 minutes.

Dueling drone tests AT the test field, StarGate lifts off as first-person-view drones buzz toward it, simulating the aerial threats that dominate Ukraine’s front line. Electronic jamming is activated. As

one attacking drone closes in, a net shoots out, ensnaring it and sending it off course. The encounter resembles a futuristic duel fought by machines. But carrying a wounded soldier raises the stakes. One of SkyFall ’s biggest challenges was ensuring the drone could navigate when electronic warfare disrupts communications or interferes with GPS signals. StarGate uses two communication channels—Starlink and the company’s proprietary LLink system—alongside an artificial intelligence-based system to help it maintain control when satellite navigation is unavailable. The drone is operated manually, but has several AI functions that allow it to operate in GPS-denied environ-

ments or when signals are spoofed or frequencies are jammed, the spokesperson said. If communication is lost entirely, SkyFall says, the drone can plot a route back to a safe area. It is designed to operate in rain and snow, with thermal-imaging cameras for nighttime missions. SkyFall also says it has demonstrated the drone’s ability to continue flying after losing one of its arms. The company has not provided data showing how reliably it can withstand damage under combat conditions. The drone began front-line tests this week.

From prototype to combat ready drone STARGATE has undergone multiple design changes, including detachable

arms for easier transport, a medicalgrade stretcher and improved software and defenses. The company estimates each system will cost at least $50,000, depending on configuration, and aims to produce up to 1,000 a month by the end of 2026. For KVN, however, it is too early to judge. His unit needs at least a month of experience with the drone before it can provide meaningful statistics on its success rate. “It’s a completely new method of evacuation,” he said. “It’s difficult to talk in depth about the pros and cons right now. We need to work with it more.” SkyFall confirmed the unit is evaluating StarGate but declined to disclose the results.

The satellite link behind Ukraine’s drone war—and what happens when it fails

YIV, Ukraine—Sudden restrictions on Starshield—SpaceX’s military-grade version of the Starlink satellite internet service and the backbone of Ukraine’s drone operations and communication— alarmed the country’s military and government officials this week, with commanders reporting lost drones and disrupted missions. The episode raised fresh questions about Ukraine’s reliance on the Starshield program and who actually controls access to it. By Thursday, some Ukrainian units said their connectivity had returned to normal, though uncertainty remained over what had caused the restrictions. The episode added to tensions between Kyiv and Washington, a relationship already strained by President Donald Trump’s reported deal with Moscow on Russian diesel imports, which Ukraine viewed as a betrayal. “The Starshield shutdown was short, lasted only one day, but several drones and other systems were affected. Some missions failed, and we lost drones because communications were cut off,” said Yevhen Karas, the commander of Ukraine’s 413th Separate Unmanned Systems Regiment, known as Raid, which specializes in tactical and deep-strike drone operations. Here’s what to know about the SpaceX satellite services that have become critical

A YOUNG woman reacts as she looks at her damaged home after Russia’s night missile attack in Kyiv, Ukraine, Wednesday, Oct. 14, 2026. AP/EFREM LUKATSKY

to Ukraine’s war effort.

What is Starshield?

STARSHIELD is SpaceX’s satellite program for governments and the military. Built on Starlink technology, it is designed for national security missions and includes secure communications, Earth observation and satellites equipped with specialized sensors. It also incorporates additional encryption and security measures for sensitive government operations. The Starlink system uses thousands of satellites in low Earth orbit to provide

broadband connectivity to terminals on the ground, including in areas where conventional internet infrastructure is unavailable or damaged. Unlike Starlink, Starshield is tailored to government requirements and can include dedicated satellites and special equipment. Starshield “is the version where you have much higher speeds, you have better connectivity and it’s not available for civilians; it’s available only for the military,” said Olena Tregub, founder and secretarygeneral of Ukraine’s Independent Anti-Corruption Commission.

Tregub said reliable, high-speed connectivity was essential for Ukrainian military operations involving drones and units moving rapidly on the ground and in the air. Operators need clear, real-time video feeds to identify what is happening and make decisions, she said. Ukraine’s increasingly digital battlefield also relies on systems such as Delta, which helps manage and share battlefield data. Transmitting large volumes of information requires fast and reliable connections, Tregub said. “It’s not just about being able to connect. We need to make sure that this speed is there, that it’s not reduced,” she said, adding that standard civilian Starlink access alone would not meet the military’s needs. The US government is a major Starshield customer. SpaceX founder and CEO Elon Musk said this week that the U.S. government owns and controls the system, with decisions about its use resting with the U.S. military and, ultimately, the president. His remarks have fueled questions about who was responsible for the latest restrictions affecting Ukraine.

How are Starlink and Starshield linked?

STARLINK and Starshield are different services, but they share much of the same technological foundation, including SpaceX’s

satellite engineering and capabilities. The difference lies in the customer, security needs and end purpose. Starlink provides commercial services, while Starshield is designed for government and national security missions. The distinction is not always straightforward. Starshield can draw on the wider Starlink satellite network and related infrastructure, while also drawing on separate and dedicated satellites and systems. Initially developed for commercial use, Starlink became a crucial communications tool after Russia’s full-scale invasion of Ukraine in February 2022. Its terminals have helped Ukrainian authorities, emergency services and military units stay connected despite Russian attacks on communications infrastructure. On the front line, the service supports communications between military units and enables operations requiring a continuous connection between drones and their operators, including missions in which operators need to receive video while aircraft are in flight. The Starlink and Starshield services are not interchangeable, even when they rely on overlapping technology. For Ukraine, that matters because restrictions affecting particular terminals or military services do not necessarily mean the entire Starlink network has been

switched off. Neither does the continued operation of civilian terminals guarantee that specialized military connectivity will remain available.

What happened during the restrictions?

UKRAINIAN military personnel reported that the restrictions affected terminals transmitting data at high speeds, interfering with some drone missions and causing losses when operators could no longer maintain communications with flying drones. Responsibility for the restrictions remained unclear after Musk’s comments raised questions about the role of Washington. The Pentagon has not answered questions about the slowdown from The Associated Press. By Thursday, Karas said his unit’s connectivity had returned to the required speed and its missions were continuing. “We are very happy,” he said, adding that he did not know whether the episode had been caused by a temporary technical malfunction or something else. The incident nevertheless reinforced the need for backup communications, he said. Ukraine’s army was preparing alternative solutions, although they would be more expensive and less effective, he added. AP

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Editor: Gerard S. Ramos • Monday, October 19, 2026

Will Fatima Figueroa Alvarez finally clinch the elusive Mrs. Universe crown? “I won’t get tired of saying this every time—that the first time that I saw Fatima, I already knew that she is a queen of Mrs. Universe, not only because of her face, of her being beautiful, but because I can see that she’s a woman with a beautiful heart, not only for the family, but of course for the fellow queens who are with her. And of course, for the love for the organization of Mrs. Universe Philippines.”

FATIMA’S FATE AND FAITH

AT her “royal sendoff” at The Manila Hotel on October 11, the inevitable question arose: “Why should you be Mrs. Universe 2026?” “Well, I should be the next Mrs. Universe because of my authenticity as a person. And I’m a woman who believes that when your beauty has a purpose, you have compassion in your heart, everything in your situation or whatever struggles that you had in the past, the very good person in you will always rise up. And that’s the essence of my journey.”

T a staggering 130 delegates, the Mrs. Universe beauty pageant is the biggest of its kind in the world. Based in Sofia, Bulgaria, the contest is an annual international event for “the most honorable married woman.” It is open to married, divorced and widowed women who are between the ages of 18 and 55, have a family and career, and are involved in a “significant cause.” Now supposedly in its 49th edition, this year’s competition will be held in Sri Lanka. The National Costume Round will be on October 23 while the World Finale will be on October 24 at the Sugathadasa Indoor Stadium in Colombo. Sherry Singh of India, who won in Manila in 2025, will crown her successor at the end of the night. Our very own Vivian Caramba placed second runner-up last year. In its entire run, the Philippines has never won this global title. Will Fatima Figueroa Alvarez, the reigning Mrs. Universe Philippines, finally clinch the crown? PRIDE AND PURPOSE WHILE representing Pampanga at the national finals in June, Fatima won the People’s Choice Award, Popularity Award, Best in National Costume and Best in Talent before being crowned the grand winner. “Living my best life, one role at a time—and sometimes all at once. A mom, a beauty queen, and an entrepreneur—three different worlds, one grateful heart,” shared the human resources director of ATDX Inc., a member of the Philippine Travel Agencies Association. “Chasing dreams, building a legacy, and making every moment count. This season is busy, beautiful, and truly one for the books.” Besides managing her travel agency, Fatima has been deep in preparations for the international competition. When her hometown of Santo Tomas was hit by devastating floods in August, she spearheaded Kalinga sa Kabalen relief operations with the help of volunteers and St. Scholastica Pampanga and its alumni, Mrs. Universe Philippines Foundation headed by Charo Laude Calalo and her queenly daughters Yna and Yza, Philtoa, Chef on a Diet, Jagger Studios, and ArtForce Art & Design, as well as the local government unit, Vice Mayor Gloria “Ninang” Ronquillo and GNN TV44 Pampanga. Fatima graced the “Best Dressed XXIII: Women of the Philippines—Men & Women of Influence” to support the fundraising efforts of the Philippine Cancer Society. She was also present at the “Red Charity Gala Featuring JC Buendia” to support the Philippine Red Cross and the Hope for Lupus Foundation. “October is Breast Cancer Awareness Month. As Mrs. Universe Philippines 2026, I’m grateful to be here in Davao del Norte, supporting my Musa Fabric advocacy and standing with women whose stories

THE unveiling of Ultherapy Prime with (from left): Jose Giovanni E. Dimayuga, MD, assistant head, Skin & Laser Hub; Donna Marie Leelin-Sarrosa, MD, chairman, Department of Dermatology; Ma. Lourdes Aragon De Veyra, MD, head, Skin & Laser Hub; Noel L. Rosas, MD, professional services director; Arnold C. Ocampo, CPA, chief financial officer and interim copresident and CEO; Saturnino P. Javier, MD, medical director and interim co-president and CEO; Reynaldo J. Lim, service operations division head; and MakatiMed Skin & Laser Hub Ultherapy Prime ambassadors Megan Young and Mikael Daez.

FATIMA with Mother Queen Maria Charo Laude at her departure for Sri Lanka, October 16; official portrait as Mrs. Universe Philippines 20206; Fatima with H.E. Dr. Chanaka Harsha Talpahewa, Ambassador of Sri Lanka to the Philippines; sketch of the national costume by Dante Mana; Kalinga sa Kabalen relief operation; at the “royal sendoff”; with her I-Conique magazine cover. PHOTOGRAPHS FROM MRS. UNIVERSE PHILIPPINES FATIMA FIGUEROA ALVAREZ FACEBOOK PAGE

remind us of the power of courage, compassion, and community,” Fatima said. “May we continue to raise awareness, encourage early detection, and uplift every woman on her journey.”

SLAYING IN SRI LANKA

FATIMA’S “dream, purpose, and honor of carrying an entire nation” also gets tremendous support from Pampanga Gov. Lilia Pineda, Vice Gov. Dennis Pineda and Santo Tomas Mayor Johnny A. Sambo. But to win the crown, Fatima relies heavily on the talented artists she’s collaborating with for her national costume and finale evening gown. Her national costume is called “Mindanao Princess” by Dante Mana of Mana Mindanao, South Cotabato: “This national costume is an ode to the indigenous heritage of Mindanao, the Land of Promise. Inspired by the T’boli people of Lake Sebu, South Cotabato, the gown is adorned with thousands of beads, brass, and patterns of the sacred T’nalak cloth—a textile woven from abaca fibers, dreamt by T’boli women through

the guidance of Fu Dalu, the spirit of the abaca. “A Mindanao princess celebrates the patterns and cultural traditions of the Mindanao community and the lotus flower celebrations of festivity and unity of Mindanao heritage. Her evening gown is by Michael Chiu Rosero: “Inspired by Pampanga’s rich cultural heritage, this blush-pink couture gown captures the brilliance of capiz, the artistry of Filipino craftsmanship, and the grandeur of Kapampangan tradition. Its cascading crystals and voluminous ruffles embody a regal femininity, where heritage meets contemporary glamour. “More than a fashion statement, this creation pays tribute to Pampanga’s enduring legacy of artistry, creativity, and cultural pride—transforming tradition into a vision of extraordinary elegance.”

MOTHER QUEEN’S MESSAGE

MARIA CHARO LAUDE CALALO, Mrs. UPh national director who was crowned Mrs. UPh 2019-2020, gave an inspirational speech for Fatima at her sendoff:

MAKATIMED SKIN & LASER HUB ADVANCES NON-SURGICAL SKIN LIFTING WITH ULTHERAPY PRIME LAUNCH

MAKATI Medical Center (MakatiMed, www.makatimed.net.ph) Skin & Laser Hub officially launched Ultherapy Prime, introducing an advanced non-surgical lifting technology that combines ultrasound energy with real-time imaging for a more personalized approach to skin tightening and lifting. The launch event held at MakatiMed WellnessHub brought together hospital leaders, dermatology specialists, guests, and the newly named Ultherapy Prime ambassadors Megan Young and Mikael Daez. The program highlighted MakatiMed’s continuing efforts to expand its portfolio of advanced technologies and provide patients with innovative options for skin rejuvenation. “For us, true luxury and aesthetic is not about looking different. It is about looking beautifully refreshed, naturally lifted, and still be completely yourself. Ulthera Prime brings together the innovation, precision and comfort to create results that are very subtle yet meaningful,” said Donna Marie Leelin-Sarrosa, MD, chairman of the Department of Dermatology, in her opening remarks. During the event, Ma. Lourdes Aragon De Veyra, MD, head of the Skin & Laser Hub, introduced Ultherapy Prime and discussed its role in the next generation of non-invasive lifting. The technology uses microfocused ultrasound and vivid, realtime visualization, allowing physicians to see the skin and underlying tissue layers and tailor treatment according to individual needs. Ultherapy Prime complements the Skin & Laser Hub’s growing range of technology-enabled treatments for skin rejuvenation, lifting, tightening, pigmentation, redness, scars, unwanted hair and other skin concerns. With Ultherapy Prime now available at the MakatiMed Skin & Laser Hub, patients have access to another advanced option for non-surgical lifting, bringing together science, precision, and personalized care in support of natural-looking results.

VxLierge features stackable palettes, lip products

IF you’ve been consuming beauty content on TikTok since the pandemic, you probably know who Lierge Perey is. She has been the face of many beauty campaigns and her reviews on TikTok of new launches are thorough and awaited by her hundreds of thousands of fans. For VxLierge, Lierge is not just a face. She is also a collaborator. The content creator worked closely with Vice Cosmetics and its co-CEOs Ana Samaco and Cathryn Lao to come up with a beautiful collection that includes stackable palettes and lip products. The palettes are not only stackable; they can be placed in a larger palette for added convenience and portability. “She was really very hands-on with this project. She had a list of what she wanted,” said Samaco. There are three Three Strikes Magnetic

Stackable Eyeshadow Palettes, each one with eight complementing shades. There’s Miss Golden, there’s Miss Cutie (for douyin looks), and Miss Smokey. For the Three Strikes Magnetic Stackable Blush Trios (each one with a cream blush, a powder blush, and a lighter powder), the choices include Miss Teddy, Miss Rosie, Miss Poppy, Miss Honey, and Miss Bunny. I have swatched the creams and the powders of Miss Honey. I can say the cream in warm is very creamy and sets to an almost powder finish and the powder is smooth with barely any fallout. What is a Lierge collaboration without brontour? For the Three Strikes Magnetic Stackable Brontour Trio, the choices include Miss Baked for lighter skin tones and Miss Toasted for medium to dark skin. Like the blush trios, these also have three shades: a cream bronzer (very warm-toned and creamy), a powder bronzer, and a powder contour. There are eight Lip Sculpt Lip Liners, which come with a flat lip brush and built-in sharpener. The shades of these liners are brown-based. That Diva is a deep brown that you won’t find from any other local brand. There are six Lip Pout Lip Bullets in a smooth satin formula. These slim lipsticks are meant to complement the liners and can be worn on their own. “We’ve been working on this for more than a year. I am grateful to the Vice team for making my vision

come true, especially for the lip liner with a built-in sharpener,” said Lierge during the VxLierge. Vice Cosmetics is known for offering quality makeup at accessible prices. For VxLierge, prices start at P395 for the lip products. The palettes are P695 each. “We’re very proud of this collection. You can see that the palettes are well-made; the products are of really good quality,” said Lao. VxLierge will be launched on TikTok via a live featuring Lierge on October 23.

OAT SCIENCE MADE MORE ACCESSIBLE

EVEN in 2026, people are still hesitant to talk about their skin problems so openly because, in a way, there is still a stigma attached to having, say, ailments like eczema or psoriasis. Aveeno has launched the Aveeno Care Club, an online community dedicated to sensitive skin care. The platform provides members with exclusive educational resources, expert skincare advice, and access to a supportive community where they can connect with others who share similar experiences. Aside from these, members of the community will also have sneak peeks on brand announcements, opportunities to win exclusive giveaways, and invitations to member-only events. Aveeno’s Skin Relief and Dermexa ranges are go-to solutions of those managing their sensitive skin

concerns. I always have a tube of Dermexa at home because I have contact dermatitis and skin asthma. Aveeno Care Club is rooted in the brand’s #YourSkinStronger advocacy, which is committed to helping empower those with sensitive skin live better lives despite recurring flare-ups. Living with sensitive skin is already challenging and personally, I love that a brand that is known for being used by those with this condition is stepping up to make a difference. Aveeno’s Triple Oat Complex combines oat oil, oat extract, and oat flour to help strengthen the skin barrier, soothe irritation, and support long-lasting hydration.

LIERGE PEREY with (from left) Macky Samaco of Vice Cosmetics, Peewee Reyes-Isidro of Mega Magazine, and Vice Cosmetics co-CEOs Ana Samaco and Cathryn Lao. PHOTO FROM JULIANA MAXINE VASQUEZ

Monday, October 19, 2026

foodpanda celebrates top partners, pledges continued growth at CRAVE 2026 finale

oodpanda Philippines concluded its nationwide CRAVE Partner Summit and Awards 2026 in Manila, gathering merchants and industry leaders to discuss digital innovation, evolving consumer behavior, and strategic partnerships. Ahead of World Food Day, the event underscored the role of local food businesses in driving livelihoods and community growth. Following the Visayas and Mindanao stops in Cebu and Davao, the culminating event in Manila addressed key MSME challenges, including rising costs and digital adoption. Representatives from the Department of Trade and Industry’s (DTI) E-Commerce Bureau highlighted digital skills and market access as essential tools for MSMEs seeking to scale. “Growth looks different for every business, and our goal is to help our merchant partners grow with foodpanda at every stage,” said Prateek Teotia, Director of Commercial at foodpanda Philippines. “Through technology, insights, market access, and stronger partnerships, we want to give businesses more opportunities to reach customers,

foodpanda executives and merchant partners raise a toast to years of collaboration and shared growth at CRAVE 2026, celebrating the partnerships that continue to shape the local food ecosystem. strengthen operations, and build for the future.” CRAVE Partner and Summit Awards 2026 recognized merchant partners across five core categories. Pau Pau’s Top of Table honored sales leadership and market dominance, while Pau Pau’s Momentum Master highlighted strong H1 2026 year-onyear growth. Meanwhile, Pau Pau’s Brand Spotlight celebrated creative marketing and platform collaboration, Operational Excellence recognized consistent service reliability, and the People’s Palate Award honored vendors with top customer ratings and repeat orders. The event also celebrated partners across foodpanda’s quick-commerce network. Within Shops, top sales leaders

earned the Checkout Champion Award, while vendors with strong product mixes received the People’s Choice Award. For DMart, the Ad-vantage Award celebrated ad-driven campaign performance alongside honors for sales momentum and emerging vendors. Additionally, Retail Media Partners (RMP) earned the Ad Synergy Award for ecosystem engagement and the Ad Catalyst Award for agency innovation. foodpanda continues to support its network with data insights, delivery infrastructure, ad solutions, and collateralfree funding via foodpanda Capital. Moving forward, foodpanda remains focused on demand generation, customer experience, and logistics excellence to build a resilient digital food ecosystem.

Conrad Manila unwraps the magic of Halloween with ‘Sorcery of Fun and Flavors’

Halloween Cake

ONRAD Manila invites guests to embrace the spirit of the season with “Sorcery of Fun and Flavors,” a thoughtfully curated collection of culinary experiences and family-friendly festivities across its dining venues. From an indulgent Halloween-themed buffet and immersive activities at Brasserie on 3 to enchanting, sweet creations at Bru Coffee Bar and tranquil stays by the bay, the luxury hotel offers an inspired celebration beginning October 24, 2026. “Just before the holiday season begins, Halloween presents a wonderful opportunity for families and loved ones to come together and create meaningful memories,” said Rupert Hallam, general manager of Conrad Manila. “We are delighted to present experiences that blend exceptional dining, festive entertainment, and the warmth of togetherness in a refined setting designed for celebrations.” At the heart of the celebration is a spellbinding dining experience at Brasserie on 3, where guests can savor an abundant Halloween-inspired buffet complemented by engaging activities

for all ages from October 24 to 25, 2026. The themed spread features imaginative seasonal specialties, including “Witch’s Hair” squid ink pasta salad, The Anatomy Board artisanal charcuterie, Cursed-crusted ribeye, and The Reaper’s tomahawk, alongside an extensive selection of international favorites and decadent desserts. Priced at P3,988 nett per person, the experience includes access to the Halloween activities featuring trick-or-treat sessions, face painting, storytelling, and exciting giveaways from generous partners including Act II, Barilla, Ceelin Gummies, Gootopia, Hero, Lipton, Philadelphia, Robby Rabbit, Space&Time Cube+, The Dessert Museum, Tulip, and more. Kids aged 0-5 years enjoy complimentary buffet, while those aged six to 12 years get 50 percent off. Guests dressed in standout Halloween costumes will also have the opportunity to win special prizes. Adding a touch of whimsy to the season, Bru Coffee Bar presents a collection of Halloween-inspired cakes, pastries, and sweet treats crafted to delight guests of all ages. Available daily from October 26 to November 1, 2026, the selection offers playful creations perfect for gifting, sharing, or indulging in festive moments with family and friends. Pastries start at P120 nett, while cakes are available from P390 nett. For those seeking a relaxing escape over the long Halloween weekend, Conrad Manila offers an inviting retreat where families can reconnect and unwind against the backdrop of Manila Bay. Guests may complement their stay with rejuvenating wellness experiences at Conrad Spa, including treatments enhanced with ISUN Skincare, renowned for its wild-crafted, naturally derived ingredients. Whether enjoying festive dining experiences, seasonal treats, or peaceful moments by the bay, guests can look forward to a celebration that balances excitement, indulgence, and meaningful family connections. For more information on Conrad Manila’s Halloween offerings and latest experiences, guests may call +632 8833 9999 or +63 917 650 3591, or email MNLMB.FB@ConradHotels.com.

UMak president appointed chairman of World University Network of Innovators

EMONSTRATING the University of Makati’s (UMak) expanding global presence and leadership in higher education, University President Elyxzur Ramos and Center for Quality Management and Development (CQMD) Director Henry Magat secured major international appointments during the 2026 World University Association for Innovation (WURI) Global Conference, held on recently at the Deggendorf Institute of Technology in Germany. President Elyxzur Ramos was reelected as Chairman of the World University Network of Innovators (WUNI) for Presidents. In addition, Dr. Ramos was invited to join the pioneer team of accreditation inspectors for university presidents under the WURI system, establishing a significant benchmark for executive academic leadership. Concurrently, CQMD Director Henry Magat achieved a triple distinction on the

Weekdays: The best kept secret in dining

Mega Dining Deals. Enjoy 30 percent OFF at participating SM Megamall restaurants with your BDO Credit Card from October 5 to 29, 2026.

OR years, dining out was something reserved for the weekend. Friday dinners, Saturday catchups, and long Sunday lunches were part of the routine. But that habit is changing. Between packed schedules, long commutes, and the rush of the “bermonths,” more people are finding reasons to dine out during the weekdays. Instead of heading straight home, they’re meeting friends after work, enjoying date nights, or taking a break from cooking. What was once time spent in traffic has become an opportunity to unwind over a good meal. That’s one reason SM Megamall has become a go-to destination for weekday

Between flights and meetings: Things that matter to you as a business traveler on a stopover

Belmont Hotel Manila advances responsible hospitality through EV charging, a vertical garden, locally sourced products, and refillable water bottles- thoughtful initiatives for a more sustainable stay.

few hours between flights. A meeting before heading to the airport. An overnight stay before an early departure. For business travelers passing through Manila, time is often the one thing in short supply. Located across NAIA Terminal 3, with access to Newport City via Runway Manila, Belmont offers a convenient base for travelers who want to stay close to the airport without missing out on the comforts and experiences that make a trip more enjoyable. And a room isn’t always necessary to enjoy what the hotel has to offer. If you have time to spare before departure, Recharge & Fly offers a way to step away from the airport and take a proper break. For P1,300 per person, the four-hour package includes a special menu at Café Belmont, a traveler’s kit, free Wi-Fi, access to the gym, steam room, sauna, changing rooms, swimming pool and Rooftop 11, plus luggage storage. It’s an option for travelers who want to enjoy a meal, freshen up, or simply unwind before their next flight. For those driving to the airport, the hotel also has an EV Charging Hub and offers a special parking rate of P500 per night.

international stage. Magat was re-elected Chairman of WUNI for Experts for his second consecutive term, named a WURI Accreditation Validator, and reappointed as a Certified WURI Mentor. The WURI Global Conference brings together university presidents, global experts, researchers, and academic leaders to share cutting-forward practices and foster international collaboration. The continued re-election and appointments of UMak’s top leadership highlight the institution’s commitment to quality assurance, institutional innovation, and global partnership. “Their continued leadership on the global stage reflects UMak’s unwavering commitment to innovation, quality assurance, and meaningful collaboration in higher education,” the university stated, reinforcing its thrust to inspire students and faculty to rise, shine, and succeed anywhere in the world.

Travel can be tiring, particularly when a packed itinerary leaves little room to slow down. Through the Sampaguita brand of service, guests experience the warmth and thoughtfulness of Filipino hospitality, whether they’re staying for a few hours or several nights. It’s the kind of welcome that makes a difference when you’re away from home. Between meetings and flights, finding time for a proper meal isn’t always easy. Café Belmont offers a convenient dining option, while 24-hour in-room dining gives in-house guests more flexibility. There’s also an opportunity to discover Filipino food through Pamana, the hotel’s culinary initiative celebrating regional flavors and heirloom recipes. This October to December 2026, a collaboration with Chefs Grant Zuñiga and Aaron Veloroso brings a contemporary take on Batangueño cuisine to Café Belmont. Not every conversation needs a boardroom. For smaller gatherings, The Grove is an intimate outdoor function space for up to 20 guests, offering a more personal setting for meetings and private occasions. When the workday is done, Rooftop 11 is another place to

dining. With everything from Genki Sushi and Botejyu to Tim Ho Wan, Chili’s, Gringo, and Vikings under one roof, there’s something for every craving and occasion. Cafés such as The Coffee Bean & Tea Leaf, The French Baker, and Mango Tree Café also offer a convenient stop for coffee breaks and afternoon treats. The appeal of weekday dining is its simplicity. It doesn’t need a special occasion. Sometimes it’s a spontaneous dinner invitation. Sometimes it’s catching up with family. Sometimes it’s finally trying that restaurant you’ve been meaning to visit. Bonus, an increasing number of restaurants are leveraging this trend to roll out fantastic weekday deals. And for those planning their next lunch, dinner, or coffee run, Mega Dining Deals offers eligible BDO Credit Cardholders 30 percent off at participating SM Megamall restaurants from October 5 to 29, every Monday to Thursday. Because these days, some of the best dining experiences aren’t saved for the weekend. They’re happening in the middle of the week. For the complete list of participating restaurants and promo mechanics, visit: www.bdo.com.ph/sm-megamall No BDO Credit Card yet? Get up to P8K Welcome Cashback with your new BDO Credit Card! Plus, get a P300 Pluxee eGC when you apply online and register. T&Cs apply. Visit www.bdo.com.ph/live-better for more details. take a break, with food, drinks, entertainment and views of the surrounding city. A business trip can also leave room for discovery. Through Hiraya, the hotel showcases the work of Filipino artists and creatives, bringing local art into the spaces guests pass through during their stay. It’s a simple way to encounter a little more of the Philippines, even when the itinerary doesn’t allow much time for sightseeing. Travelers can also find sustainability initiatives woven into the guest experience, from the EV Charging Hub to the Mindful Stay Package, a two-night eco-conscious stay designed for a more considered getaway. These efforts reflect a continuing commitment to responsible hospitality without losing sight of what guests value most: comfort and convenience. As Belmont celebrates 11 years under the theme Savor the Moment, the focus remains on making each visit count, whether it’s a short stop before takeoff, a business meeting, or a longer stay in Manila. Because even between flights and meetings, there’s room for a good meal, a warm welcome, and a moment to recharge.

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Monday, October 19, 2026 B7

Gen Z Speak for Communicators was developed as a common shorthand for determining the identity of impostors. In 2022, Merriam-Webster officially added “sus” to its dictionary.

Tea “TEA” or T is another word for gossip. One can “sip the tea” (hear all the news ) or “spill tea (share secrets). But it is said this usage predates Gen Z, thanks to the popularity of RuPaul’s Drag Race, “tea” which entered the pop culture mainstream and Gen Z vocabulary.

Ate and Left No Crumbs WHEN Pedro Pascal Hosted Saturday Night Live in 2023, he starred in a sketch called Fancam Assembly, playing a teacher who “ate [students] up and left no crumbs.” In Gen Z terms, Freeman says “a person who ate and left

get help and support in the following areas:

GOOGLE LAUNCHES AI EDUCATOR SERIES WITH DEPED, CHED AND TESDA DESIGNED to save educators more valuable time to spend with their students, Google’s AI tools for education are bringing practical efficiency directly into Philippine classrooms and strengthening the human connection between teacher and learner. Building on the tools’ core benefits for Filipino teachers and in celebration of Teacher’s Month this October, Google Philippines recently launched the Google AI Educator Series (GES), a no-cost, on-demand training module designed to give educators practical AI skills they can use immediately. Featuring bite-sized and self-paced online modules ranging from 15 to 45 minutes, the program allows participants to earn digital badges while giving them time back to focus on direct student interaction, creative pedagogy, and classroom connection. At the heart of this program is a teacher-first vision that positions AI as a helpful assistant—not a replacement for essential educators. With the GES, Filipino teachers can

n Building interactive learning experiences: Educators will discover how to engage students through hands-on, real-world simulations that explore critical issues ranging from human agency to flood forecasting. n Providing personalized

support: The Active ProblemSolving module introduces Gemini’s Guided Learning feature, which helps students work through complex problems with Socratic guidance. n Making admin work easier through automation: Educators can use AI to organize lesson outlines, draft communications, and streamline routine paperwork—allowing educators to focus their time on instruction, mentorship, and student engagement while maintaining faculty oversight and academic judgment.

Understood the Assignment JUST the way it was in school, if you “understood the assignment,” you followed the instructions, understood what was required, and likely received an “A.” Rapper Tay Money popularized the phrase in her 2021 song “The Assignment.”

BE EASY | CANVA

RANDS, communicators, and media are all obsessed with Gen Z, those born between 1997 and 2003. We are all trying to reach out to, as Jennifer A. Freeman says in an article in Inc.com, “the first generation to live entirely under the influence of the internet and front in the glow of smartphone screens, and their language reflects that.” While trying so hard to understand them may appear more cringe than cool, we can’t help being fascinated by the linguistic changes brought about by this generation. And that’s key in understanding them. Here, she shares with us some terms to keep in mind in Can You Translate Gen Z Slang. She warns us, however to tread carefully, “unless you are indeed a member of Gen Z.”

Whistledown era. Stopping at Starbucks every morning every morning? Enjoy your iced oat milk latte era.

In My _______ Era

Say Less

TRADITIONALLY, an era is “a long and distinct history with a particular feature or characteristic.” Think Victorian or Elizabethan. But for Gen Z, an “era can describe any moment in time, no matter how short.” Watching Bridgerton on repeat? You may have your Lady

THIS is not an order to be quiet. “Gen Z is all about acknowledging and amplifying the message,” says Freeman. “Think of it as a shorthand for “say no more.” In short, Gen Z gets you. They understand and you don’t have to offer further explanation.

THE online multiplayer game Among Us, which became a hit during Covid helped popularize the term “sus” which stands for “suspicious” or “suspect.” At that time, people looking for ways to stay connected amid the pandemic played the game to solve puzzles in various space themed settings. Some players are randomly assigned during game play, crewmates have to identify the sabotaging impostors in each round. And “sus”

and policymakers to introduce practical AI upskilling pathways for educators and faculty nationwide. The nationwide rollout makes practical AI training easily accessible to teachers and faculty across basic, higher, and technicalvocational education.

(TESDA): The GES is embedded into the TESDA Online Program, a free e-learning platform accessible via e-tesda.gov.ph. The GES’s content complements government efforts to promote AI literacy and responsible adoption alongside initiatives from DepEd, CHED, and TESDA. It is designed to support the shared objectives of DepEd’s national framework for responsible, ethical, and humancentered AI integration in basic education, supporting the three strategic pillars of classroom application, AI literacy, and institutional governance under DepEd Order No. 003, s. 2026: Foundational Guidelines on Artificial Intelligence in Basic Education; CHED Memorandum Order No. 21, s. 2026 on the responsible adoption and use of AI in higher education; and TESDA Circular No. 042, s. 2024 and related micro-credential guidelines for AI. “Learning is central to everything we do at Google, and our commitment to Philippine education has always been a top priority,” said Prep Palacios, Google Philippines Country Manager. “We know that while AI is transforming both education and educators, technology is a tool that supports the physical and mental capacities of our teachers in their work. It allows them to focus more on the important role of the ac-

tual teaching of their classes and subjects and strengthening human connections with their students.” “Following our ongoing initiative of training one million DepEd educators, the Google AI Educator Series takes that commitment further—offering bite-sized, practical tools that ease administrative burdens while keeping human connection and pedagogy firmly at the center of learning,” Palacios added. “Building a future-ready nation starts with supporting our teachers. Our public school teachers carry a heavy workload every day, from crafting lesson plans to administrative reporting,” said DepEd Secretary Sonny Angara. “Through our partnership with Google and the integration of the Google AI Educator Series GES into our enablement programs for teachers and staff , we are giving our teachers practical tools that lighten their administrative load. This allows them to spend less time on paperwork and more time doing what they do best: teaching and mentoring our learners.” “Higher education must lead the way in leveraging artificial intelligence responsibly for advanced research, modern pedagogy, and student development,” said CHED Chairperson Dr. Shirley C. Agrupis. “CHED welcomes practical learning opportunities like

n Department of Education (DepEd): As of September 28, GES is live on the Bureau of Learning Delivery (BLD) Hub. Building on Project S.I.N.A.G. and ongoing AI upskilling initiatives, an upcoming Joint Circular will formally endorse the platform nationwide— complete with National Educators Academy of the Philippines (NEAP) accreditation to award Continuing Professional Development (CPD) credit units required for Professional Regulation Commission (PRC) license renewal.

Strategic government partnerships for nationwide reach

n Commission on Higher Education (CHED): Aligned with CMO No. 21, s. 2026, CHED will issue an advisory informing Higher Education Institutions (HEIs) of the Google AI Educator Series as an optional, voluntary professional development resource, encouraging faculty to explore responsible, human-centered AI tools to support teaching and research.

THE recent GES launch at Google Philippines brought together key education leaders

n Technical Education and Skills Development Authority

n Accelerating students’ re-

search skills: The Planning the Inquiry module demonstrates how to use Gemini’s Deep Research feature to build skills in student research and inquiry for papers and theses.

Sus

no crumbs means they did an extremely good job,” astonishing us with their talent and skills

PR Matters is a roundtable column by members of the local chapter of the United Kingdombased International Public Relations Association (IPR A), the world’s premier association for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chair. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com. For more insights and updates on public relations, follow PR Matters by IPRA Philippines on Tiktok, Youtube, Instagram and Facebook.

the Google AI Educator Series (GES) that can benefit our faculty as they explore new digital capabilities. AI training should empower educators to reduce routine work, strengthen teaching and research, and create better learning experiences, while keeping mentorship, academic judgment, and human connection at the heart of higher education.” “Technical-vocational education must keep pace with modern workplace technologies,” stated TESDA Secretary Kiko Benitez. “Hosting the Google AI Educator Series on the e-TESDA platform means we are opening access to future-ready education to as many Filipinos as possible. This will empower anyone, not just educators, to integrate AI in their work and help ensure that our graduates receive modern, relevant instruction from tech-empowered trainers.”

Safe, responsible, and practical AI for classrooms THE GES emphasizes safe, ethical, and responsible technology usage. Modules cover practical classroom applications, prompt engineering for educators, data privacy, and academic integrity guidelines. Educators can access the free training modules immediately through the e-TESDA portal, or by visiting the official Google AI Educator Series page.

Monday, October 19, 2026

www.businessmirror.com.ph

8 Chinese, 10 others fall in illegal mining raid By Jonathan L. Mayuga

@jonlmayuga

EPARTMENT of Environment and Natural Resources (DENR) and National Police (PNP) personnel arrested 18 persons, including eight Chinese, in a joint operation against illegal mining in Surigao City.

The lawmen seized heavy equipment and mining paraphernalia valued at P153.34 million. DENR officials said the raided area in barangay Mabini and nearby barangay Mat-I are hotspots for illegal small-scale mining activities. The PNP Regional Intelligence Division led the operation, with support from other police units, the Air Force (PAF), and local law enforcement personnel. The DENR, through its Environmental Law Enforcement and Protection Service (Eleps),

DENR Region 13, and Mines and Geosciences Bureau (MGB) Region 13, took part in the operation in barangay Mabini on October 14, following confirmed reports and monitoring of suspected unauthorized mining activities in the area. “We will not tolerate illegal mining operations that disregard environmental safeguards and put our natural resources at risk. We will continue to work with our law enforcement partners to hold violators accountable and ensure that mining activities

are conducted legally and responsibly,” Environment Secretary Juan Miguel Cuna said in a statement. The seized items included two improvised air guns, assorted documents belonging to the Chinese nationals, eight dump trucks, five payloaders, 16 truck excavators, eight generator sets, eight pieces of sluice mat, one roll of sluice mat, and four sluice machines. Authorities also recovered 80 kilograms of mining ore samples, a Toyota Hilux pickup truck, two compressors, a drum of hydraulic oil, 15 panel boards, seven batteries, two pails of grease oil and two drums of diesel fuel. Other items seized included an Armscor shotgun bearing serial number 2522885 and 12 rounds of live shotgun shells. The value of the seized minerals remains undetermined. The seized heavy equipment, conveyance and other mining paraphernalia will be subjected to seizure proceedings by the MGB Region XIII. The operation comes amid continuing efforts by DENR Region 13 and partner agencies to curb illegal placer gold mining

in parts of Surigao del Sur, Surigao del Norte and Agusan del Sur. DENR Region 13 had neutralized eight illegal mining sites by August 2026. By September, composite teams, which included the police, National Bureau of Investigation (NBI), MGB and DENR personnel, had conducted operations at 11 illegal placer mining sites. Aerial and drone surveillance conducted from Sept. 21 to 25, 2026, was used to validate conditions at suspected sites. Authorities have also raised concerns about possible financing of illegal mining activities by foreign nationals, including Chinese, although the alleged involvement has not been confirmed. The 18 arrested individuals have been referred to the Surigao City Prosecutor’s Office for alleged violations of Section 102 (Illegal Exploration) and Section 103 (Theft of Minerals) of Republic Act 7942, or the Philippine Mining Act of 1995, which penalizes illegal exploration and theft of minerals.

DOE pushes battery storage systems in Cebu as power shortage persists Story & photo by Carmel Pedroza

EBU CITY—Battery energy storage systems (BESS) are being promoted as a near-term option for businesses seeking to manage power interruptions and improve electricity reliability in Cebu, as the Department of Energy (DOE) continues to pursue additional generating capacity to address the Visayas’ supply constraints. DOE Visayas Field Office Officer-inCharge Renante Sevilla said battery storage systems could help reduce businesses’ dependence on the power grid and improve the reliability of their own operations, particularly amid rising electricity demand and an existing supply deficit. Sevilla, speaking during the sidelights of the Ebax Energy Summit on Friday, said the DOE is encouraging investments that can augment available capacity, while work continues on short-, mediumand long-term measures to address the region’s power requirements. He cited ongoing negotiations involving auxiliary power supply arrangements, including the Auxiliary Service Procurement Agreement (Aspa), as part of efforts to secure additional capacity. Some projects are nearing the final stages of the process, although Energy Regulatory Commission (ERC) approval remains necessary for applicable arrangements. Power barges are also included in the additional-capacity plans for the Visayas,

Sevilla said, expressing hope that some projects could come in by the first quarter of next year. The DOE is also finalizing a power development master plan intended to strengthen supply availability across individual islands, allowing areas with excess electricity to potentially support neighboring islands experiencing shortages. The longer-term plan is to bring additional capacity into the Visayas by 2028, he said. Against this backdrop, battery storage offers businesses another way to manage power risks without waiting for large-scale generation projects to be completed. Ernesto Abunda Jr., Ebax president and chief executive officer, said the company is positioning BESS as a solution that can be installed within a customer’s own facility, with the system designed according to the establishment’s power requirements. Unlike conventional generators, which require fuel and may take time to deliver the required output, battery storage systems can supply stored electricity rapidly when needed. Ramon Gervasio, Ebax corporate technical officer, said the systems can be charged using electricity from the distribution grid. They can also be integrated with solar power as part of a microgrid, allowing businesses to store excess renewable energy for use when sunlight is unavailable.

First Pinoy analog astronaut Kristine Atienza: ‘Everyone, every Filipino, has a place in space.’

By Francine M. Marquez

awareness through the internet, and student competitions have helped expand opportunities for aspiring space professionals. But Atienza said these initiatives must be matched by a strong domestic space industry that can provide career pathways for graduates. “We produce aerospace engineers, but then we need to also invest in our industry so that we can import talent. Then, of course, that would be capacitating everyone. The space industry will not start with the best infrastructures first. Right now, what we can do is develop our own talents while we build the infrastructure,” she said.

or many, reaching the moon and stars is a childhood dream. Becoming an astronaut may seem like a whimsical fantasy, played out at costume parties or in virtual games.

But for Kristine Atienza, that childhood dream has become a reality: she became the first Filipino analog astronaut. In the latest episode of BusinessMirror’s weekly podcast “Freshly Brewed,” Atienza joins host and BusinessMirror trade reporter Bless Aubrey Ogerio to talk about human spaceflight, space nutrition, and the future of Filipinos in space. “I started loving astronomy, space, stars, and planets when I was four or five years old, through an encyclopedia. Astronomy is very visual, and seeing it in an encyclopedia, you can look at the colorful galaxies,” she began. Growing up in Bataan, Atienza’s parents also told her stories about the universe and galaxies. She was in awe as her father discussed the infinity of the universe. “At five years old, I had information overload,” Atienza said with a smile. “That developed my fascination up to now. I guess I still can’t comprehend how infinitely big the universe is. That’s how my fascination with black holes, galaxies, and the universe started,” she recalled. But her path towards a career in space had its challenges. With no dedicated undergraduate astronomy program available to her in the Philippines, she took up Physics at the University of the Philippines Diliman.

Kristine Atienza, the Philippines' first analog astronaut

However, as a young student from the province adjusting to city life, Atienza found herself overwhelmed. “Being in the big city, it was the first time I felt that I was below average, and I guess that was also the first time I questioned my dream of whether I can really be an astrophysicist,” she related. Atienza stepped back, shifted course, and eventually earned a BS Nutrition degree.

Space industry: Looking bright

Stepping stone

HER academic detour did not mean abandoning her childhood fascination with space. Instead, becoming a licensed nutritionist opened another path toward her goal of contributing to human spaceflight. Although trained as a nutritionist, she became involved in the local and international space community, connecting with analog astronauts and exploring simulated space missions alongside her humanitarian and public health work. An analog space mission is a practice mission conducted on Earth to simulate conditions astronauts may encounter in space. Participants face challenges such as isolation, limited resources, and the need to solve problems as a team. These simulations help researchers understand how to prepare astronauts for actual space travel. “I just wanted to pursue space nutrition and

Bless Aubrey Ogerio. BusinessMirror's Science, and Trade and Industry reporter.

Kristine Atienza, the Philippines' first analog astronaut, explores the challenges of human spaceflight, the science of space nutrition and the possibilities for Filipinos in the future of space exploration with Bless Aubrey Ogerio. BusinessMirror's Science, and Trade and Industry reporter. hopefully establish space nutrition as a field for nutritionists,” she said. In November 2023, Atienza participated in a six-day simulated Mars mission at the Hawaii Space Exploration Analog and Simulation (HI-SEAS) facility in Hawaii, United States, becoming the first Filipina analog astronaut. She served as the mission’s nutrition specialist and medical officer, managing food supplies, tracking caloric content, and monitoring crew health. “Even in Apollo and Artemis missions, every step is rehearsed. So that’s what an analog astronaut does. We simulate and test the subjects during missions. Scientists experiment throughout the mission and then test the subjects by getting blood sample data, a lot of questionnaires, psychological tests, and more,” she explained. In September, Atienza supported and mentored the six-member Filipino crew that completed the first ANAHAW analog space mission organized by the Philippine Space Agency (PhilSA) and Batangas State University. The crew simulated lunar habitat conditions and conducted experiments to help build the country’s capabilities in human spaceflight research and training. Being in space, Atienza said, involves more than the majestic views of stars and planets often portrayed in Hollywood films. The experience can also bring a sense of isolation amid the vastness of the universe. The experience taught her to appreciate the resources often taken for granted on Earth. “I guess you’ll appreciate even simple things like water or even fresh vegetables. You’ll appreciate why we need to protect Earth. You’ll also work in a multicultural and interdisciplinary environment, so you also need to be a team player,” she said.

From Earth to the Mars table

SPACEFLIGHT presents physiological challenges, including changes in muscle and bone health associated with microgravity. Nutrition is therefore essential to maintaining astronauts’ health and physical performance. For longer missions, food becomes an even more critical consideration. “Nutrition also dictates if we want to have a longer mission. The constraint is not the engineering part. We can go to Mars whenever, but the food supply matters if we want to go farther. It’s important for the crew’s health, cognitive performance, psychological stability, and social cohesion. You need to incorporate all these things in the mission design and not just the engineering part,” she said. Her comments underscore the importance of developing food systems that can sustain crews during extended missions, when resupply from Earth may be limited or impractical. “NASA is really focusing on space food because of the coming lunar and Martian missions,” she said. Atienza was the only Southeast Asian judge on the panel for NASA’s Deep Space Food Challenge, specifically the Mars to Table challenge, which concluded in September. The challenge explored innovative ways to produce food for long-duration space missions, including technologies and systems that could help sustain astronauts during a journey to Mars. “We’re looking at a lot of different technologies like 3D printing of food, even eating worms, insects, and algae as a protein source on Mars. So, actually interesting ideas coming up from that competition. But yeah, it’s not sci-fi anymore because we’re really doing those technologies already,” Atienza noted. Could Filipino food eventually find its place on

the menu for space missions? “Yes, definitely. Actually, I’m a consultant for the Philippine Nuclear Research Institute. We’re doing research and development to bring our dried mangoes and chicken adobo to space, too. But definitely, we are trying to bring Filipino and Asian flavors to space,” she added. The effort highlights how food research can contribute to space exploration while bringing familiar flavors and cultural connections to an environment far removed from Earth.

A place for every Filipino

ATIENZA’S journey also challenges the notion that a career in space is limited to astronauts, engineers, and physicists. “When you talk about the community, it’s not just engineering or physics. It’s everything. So, even arts and music can thrive in space. We also have space doctors, space lawyers, and space artists. We now have space humanities,” she explained. “Every technology and skill that we have is just one step away from the space industry. Think of space as the extreme testing ground of everything. It’s a testing ground of our music, our sound, our food. Every field is interdisciplinary. So even space journalists can be part of the industry.” Healthcare professionals, in particular, can contribute to research and innovation in human spaceflight, where maintaining crew health and well-being is essential. “Every skill that Filipinos have can be included in the global space sector, including healthcare. We’re very good at healthcare. We’re now establishing space nursing and even space pharmacy. I have mentees in space pharmacy. So everyone, every Filipino, has a place in space,” she said. The establishment of PhilSA in 2019, greater public

DESPITE the challenges, Atienza sees a promising future for the space sector, with opportunities extending beyond traditional spacefaring nations and established aerospace careers. “The industry is interdisciplinary, and everyone has a place in space. The space sector is opening up not just to first-world countries and NASA but to other countries as well; it will become a trilliondollar economy in 2030. That’s huge,” she said. Space technology already supports many everyday services, including global positioning systems, weather forecasting, telecommunications, and banking. Investment in the sector can also create opportunities for engineers, researchers, healthcare professionals, and other specialists. For the Philippines, developing local talent and strengthening the country’s space capabilities could help more Filipinos participate in this growing field.

Follow the North Star

FOR young people who dream of pursuing careers that may seem out of reach, Atienza’s experience offers a reminder that there is no single route to success. “Follow your dreams. Follow opportunities. For me, following my dreams led to dreams that I haven’t had before. I didn’t dream of becoming an astronaut, but now I’m training to become one because I was just following my passion, probably my north star,” she advised. She also encouraged young people to seek out communities that can support their ambitions and to treat setbacks as part of the process. “Look for a community. And if you fail, it’s okay. I’ve failed a lot, but it didn’t stop me. There’s no clear pathway; I made my own. So I guess that’s my motto in life: I will create my own door. The audacity to create my own door,” she said. Atienza’s journey shows that pursuing a dream sometimes means finding an unconventional path, even when resources and opportunities are limited. “Grit is important because you will encounter a lot of setbacks. You just need to keep going and also try to enjoy the process. Enjoy meeting people, meeting mentors, meeting your peers, or learning stuff. So that’s also as important as the goal itself,” she concluded. • Watch the full interview on BusinessMirror’s YouTube channel. Catch new episodes of Freshly Brewed every Monday at 10 a.m. on BusinessMirror’s YouTube channel, Facebook page, and website