BusinessMirror October 20, 2026

Rate hike seen to dampen property market By Justine Xyrah Garcia

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ITH bank analysts expecting the Bangko Sentral ng Pilipinas (BSP) to raise interest rates anew this week, property consultancy firm Colliers Philippines warned that higher borrowing costs could further dampen demand in the residential property market. “Colliers believes that elevated interest rates remain a key headwind for the property market, particularly the residential sector,” the firm said in a new commentary released Monday. Four of six bank analysts whose

WORLD » A7

CHINA PUTS GROWTH BACK ON TARGET WITH STIMULUS PUSH

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monetary policy projections were obtained by this newspaper expect the BSP’s Monetary Board to deliver another 25-basis-point (bps) rate hike on Thursday. (See: https://businessmirror.com. ph/2026/10/19/rate-hike-todepend-on-movement-of-peso/). If realized, the hike would be the fourth delivered by the Monetary Board this year, following 25bps increases in April, June, and August. The cumulative 75-bps tightening has brought the policy rate to 5 percent. Against this backdrop, Colliers urged developers to adopt more

innovative selling strategies and revisit their payment schemes to stimulate demand, particularly for residential units priced between P2.5 million and P12 million. This segment, the consultancy said, remains constrained by high mortgage rates and persistent inflation, which have made homeownership more difficult for prospective buyers. The pressure is already evident in condominium inventory and sales. Colliers data showed that 44 percent of unsold ready-for-occupancy (RFO) condominium units in the second quarter of 2026 were priced between P3.6 million and

P7 million. It also reported significant buyer cancellations in the lower and upper mid-income segments, covering units priced from P3.6 million to P12 million, particularly in projects that had recently been completed or were nearing turnover. Meanwhile, demand has shifted toward more affordable condominiums. Economic and affordable units priced between P1.8 million and P3.6 million accounted for 67 percent of net take-up in the first half of 2026, more than double their See “Rate hike,” A2

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Tuesday, October 20, 2026 Vol. 22 No. 13

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

By Andrea E. San Juan

HE Philippines’ balance of payments (BOP), which captures the transactions of the country with the rest of the world, widened to the largest year-to-date deficit in history as remittances, BPO revenues and tourism receipts—the country’s major sources of dollar inflows—have not been enough to offset the country’s ballooning import bill amid higher imports of fuel and production inputs. See “BOP,” A2

PESO SLUMPS TO NEW RECORD LOW AS GLOBAL OIL PRICES RISE

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HE Philippine peso slumped to a new record low of P63.09 against the dollar on Monday after global oil prices hovered near five-month highs and after the safe-haven US dollar strengthened against the yen, pound and euro, with the latter two also pressured by domestic concerns. Data from the Bankers Association of the Philippines (BAP) showed the local currency closed at P63.09 against the greenback on Monday, 10.5 centavos weaker than its P62.985 finish against the dollar on Friday. John Paolo R. Rivera, Senior Research Fellow at Philippine

Institute for Development Studies (PIDS) said the depreciation of peso “still reflects persistent dollar strength, elevated oil prices, geopolitical uncertainty, and increased demand for foreign currency.” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), attributed the weakening of the peso to “global crude oil prices hovering near 5-month highs lately.” Apart from the elevated oil prices, however, both Ricafort and Rivera said the depreciation of the local currency may be due See “Peso,” A2

GOVT. EXPANDS HOUSING OPTIONS AT NATIONAL EXPO President Ferdinand Marcos Jr., joined by Department of Human Settlements and Urban Development Secretary Jose Ramon

Aliling, Social Housing Finance Corp. President and CEO Federico Laxa, and Pag-IBIG Fund CEO Marilene Acosta, tours the second National Housing Expo at the SMX Convention Center Manila in Pasay City on Monday, October 19, 2026. More than 80 developers are showcasing 50,000 housing units at the two-day expo, which supports the government’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program. Aliling said 2026 is on track to record the highest number of housing units issued licenses to sell since 2022, based on monthly averages of applications and licenses. NONIE REYES

40K homebuyers expected at Expo A

DFA SUMMONS CHINESE ENVOY Foreign Affairs Secretary Ma. Theresa Lazaro meets with Chinese Ambassador Jing Quan at the Department of Foreign Affairs on Monday, October 19, 2026, after summoning the envoy over remarks that China could “easily win” if it used force. Lazaro conveyed the Philippines’s serious concern and strong objection, with the DFA describing the remarks as a threat involving the use of force. Story in A9, Second Front Page PHOTO COURTESY OF DFA-OPD

T least 40,000 homebuyers are expected to attend the 2nd National Housing Expo as the Marcos administration seeks to expand access to affordable housing, state-run Home Development Mutual Fund (Pag-IBIG Fund) said. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the government expects growing interest in subsidized housing programs as it scales up the Expanded Pambansang Pabahay Para sa Pilipino Program (4PH). “This year, we want to give more Filipinos, regardless of their economic status, the opportunity to own a house or condominium that is ready for occupancy, located near their workplaces and suitable

for their families’ needs,” Acosta said, mostly in Filipino, during the event’s launch on Monday. From January to September 2026, Pag-IBIG Fund released P112 billion in housing loans, benefiting nearly 70,000 members, driven by the availability of housing units under the Expanded 4PH program, official data showed. For the full year, housing loan releases reached P140.54 billion in 2025 and P129.73 billion in 2024. To make homeownership more affordable, Pag-IBIG Fund currently offers a subsidized 3 percent interest rate on eligible socialized housing loans under the Expanded 4PH program. It also offers promotional rates of 4.5 percent for low-cost housing

and 5.75 percent for medium-cost housing until the end of 2026. The Fund can likewise finance housing loans of up to P10 million. The government is also seeking to widen the supply of housing options by encouraging more private developers to participate in the program. Acosta said more developers have been joining the Expanded 4PH, with new partners including DMCI (D.M. Consunji Inc.) Homes, SM Development Corp. (SMDC), Rockwell Land, Ayala Land, Filinvest Land, Robinsons Land and Megawide Land. With these additions, the number of developers participating in this year’s expo has reached 80, up from around 40 in 2025. To attract buyers, participating

developers are offering special prices and incentives, while Pag-IBIG Fund is also offering discounts on its acquired assets—which are properties the Fund has repossessed, typically after borrowers defaulted on their housing loans, and is offering for resale. Acosta said discounts on certain properties can reach 30 percent. The Fund chief noted that the wider selection of properties, coupled with access to financing, could help homebuyers find homes that suit their needs and budgets. “This is what we hope to achieve under the Expanded 4PH program: not only to provide more housing options, but also to give more Filipino families a genuine opportunity to See “Expo,” A2

PESO EXCHANGE RATES n US 63.0680 n JAPAN 0.3993 n UK 83.9624 n HK 8.0372 n CHINA 9.4314 n SINGAPORE 49.2642 n AUSTRALIA 43.9079 n EU 70.6299 n KOREA 0.0472 n SAUDI ARABIA 16.8065 Source: BSP (October 19, 2026)

News

BusinessMirror

A2 Tuesday, October 20, 2026

Expo…

Continued from A1

own their homes at an affordable cost,” she added. Around 15,000 homebuyers had visited the expo as of noon on October 19. The second National Housing Expo in SMX Manila runs until October 20 and is open to the public free of charge. Separate housing expos are scheduled in Bacolod on October 27 and 28 and in Davao on November 12 and 13. Justine Xyrah Garcia

Rate hike seen to dampen… Continued from A1

33-percent share a year earlier. The broader condominium market also weakened, with net take-up falling to 500 units in the second quarter, down 60 percent from the previous quarter and the lowest quarterly level in five quarters. To help buyers cope with financing costs, Colliers said developers could also partner with government institutions such as the Home Development Mutual (PagIBIG) Fund, which offers promotional housing loan rates as low as 4.5 percent. As of May 2026, the fund had around 467 partner developers.

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Biz leaders: Regional ties vital amid Mla-Beijing row

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By Bless Aubrey Ogerio

MID geopolitical uncertainties and economic volatility, FilipinoChinese business leaders called for stronger regional partnerships and closer economic cooperation, as tensions between Manila and Beijing add to the challenges facing businesses across Southeast Asia. The latest exchange between Philippine and Chinese officials escalated after Chinese Ambassador Jing Quan said China could easily win if it resorted to force, prompting the Department of Foreign Affairs (DFA) to summon him over what it described as a “thinly veiled threat.” Against this backdrop, Victor Lim, president of the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII), said regional cooperation would be critical in addressing challenges affecting trade, investment and technological development. “Harnessing our cooperation with our partners in Asean [Association of Southeast Asian Nations] reminds

us that our strength lies in our unity,” Lim said in his welcome remarks at the 2026 Asean Chinese Business Leaders Summit and Business Forum in Pasay on Monday. Lim said business organizations across the region could help deepen economic ties by connecting entrepreneurs, facilitating exchanges and turning business opportunities into projects. “There is great potential in combining our respective strengths,” he said, adding that Chinese business communities across Southeast Asia could contribute to their respective economies through stronger partnerships. The summit brought together Chinese business organizations from sev-

eral Southeast Asian countries, including Brunei, Laos, Malaysia, Myanmar, Singapore, TimorLeste, Indonesia and the Philippines. The FFCCCII chief cited regional economic frameworks, including the Asean Free Trade Area and the Regional Comprehensive Economic Partnership, as mechanisms that have strengthened economic links and trade activity. He also pointed to the Asean Guide on Artificial Intelligence Governance and Ethics as part of regional efforts to address technological developments. Lim mentioned how businesses must continue to embrace innovation and strengthen resilience through regional cooperation to respond to geopolitical uncertainty, climate change and economic disruptions. China accounted for more than

a quarter of the Philippines’s imports in 2025, while Philippine exports to the country remained significantly lower, resulting in a $29.13-billion trade deficit, according to the Philippine Statistics Authority (PSA). Total bilateral goods trade reached $47.75 billion, comprising $38.44 billion in imports from China and $9.31 billion in Philippine exports. China accounted for 28.6 percent of the country’s imports and 11 percent of its exports. “As brothers and sisters in the Asean family, we must continue to deepen our relations, explore new areas of cooperation, and build partnerships to lead Asean forward,” he said. The summit was held under the theme “Leading Asean Forward: Innovation, Resilience, and Regional Collaboration.”

BOP…

nal imbalances could put additional pressure on the peso, foreign exchange reserves, and imported inflation. Ravelas said that while the country is not yet in a balance-of-payments crisis as it continues to benefit from “solid structural inflows and ample foreign exchange reserves,” the numbers reinforce the need to strengthen exports, attract more investments and reduce dependence on imported energy and food. “Looking ahead, I expect the BOP to remain challenged in the near term but improve gradually as import growth moderates, exports recover and global conditions become more stable,” The key indicators to watch, he added, are oil prices, electronics exports, remittances and foreign investment flows. Roces echoed the sentiment of Ravelas, adding that remittances and services exports should provide support, but stronger investment inflows “will be key.” “The real challenge is not simply defending the peso, but generating enough dollars to support it,” the SM Investments Corporation’s group economist also noted. Asuncion agreed with Ravelas’s take, saying he does not view the latest outturn as a “sign of fundamental external sector weakness, as structural foreign exchange inflows from remittances, BPO revenues, and tourism continue to provide support to the country’s external position.” For the coming months, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), warned that the recent geopolitical risks in the Middle East “could lead to some hedging of the country’s imports of crude oil and other commodities, especially if prices corrected lower as opportunity to buy to increase local supplies and inventories.” In a statement on Monday, the central bank said the year-to-date BOP position “reflected the continued trade in goods deficit and net outflows from foreign portfolio investments.” Latest trade data from the Philippine Statistics Authority (PSA) showed the country’s imports remained substantially larger in value on a cumulative basis compared to exports, bringing the January-to-August 2026 import bill to $105.60 billion, up 19.1 percent from $88.69 billion a year earlier. Meanwhile, the country’s value of merchandise exports from January to August 2026 amounted to $64.04 billion.

Continued from A1

Experts raised these concerns after data from the Bangko Sentral ng Pilipinas (BSP) showed the BOP posted a $9.087-billion deficit in the January to September 2026 period—the largest year-to-date gap ever recorded. The country registered a $3.144-billion BOP deficit just for September 2026, a reversal of the $82-million surplus in September 2025. The September deficit of $3.144 billion was also the largest posted since January 2025 or in 20 months. Robert Dan Roces, Group Economist of SM Investments Corp., said the widening BOP deficit “reflects more dollars leaving than entering the economy, driven by costly imports, capital outflows, and external debt payments.” Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., shared the same sentiment, explaining further that the Philippines’s widening trade gap has been driven by higher imports of fuel, commodities, capital equipment and other “growth-related” requirements at a time when elevated global energy prices continue to pressure the country’s external accounts. “While remittances, [Business Process Outsourcing] BPO revenues and tourism receipts remain strong sources of dollar inflows, they have not been enough to fully offset the import bill,” Ravelas emphasized. Aside from elevated import payments, particularly for energy and production inputs, John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), said the latest BOP deficit data could be pinned on weaker Foreign Direct Investment (FDI) flows and “continued” global financial volatility. “Peso weakness and heightened demand for dollars may have also contributed to external pressures,” added Rivera. With the year-to-date deficit already reaching $9.09 billion, Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP), said: “The likelihood of posting a full-year surplus is now extremely low.” Further, he pointed out that the focus has shifted to whether the final deficit could exceed official projections. The central bank recently trimmed its forecast for the 2026 BOP deficit from $10.7 billion as of the second quarter of 2026 to $9.2 billion as of the third quarter of this year, with the country’s BOP deficit only $113 million away from breaching the revised forecast of BSP for this year.

Analysts’ outlook

LOOKING ahead, Rivera said sustained exter-

Dollar reserves

MEANWHILE, the country’s gross international reserves (GIR), its buffer against external shocks, declined to $99.5 billion as of end-September 2026—the lowest level in three years. The decrease was mainly driven by BSP’s net foreign exchange operations, downward valuation adjustments, primarily due to changes in the prices of BSP’s gold holdings and foreigncurrency denominated reserve assets, national governments’ (NG) drawdowns on its foreign currency deposits with the BSP for external debt service and NG’s net foreign currency withdrawals from its deposits with the BSP. (See: https://businessmirror. com.ph/2026/10/09/gir-at3-year-low-but-its-not-yeta-red-flag/)

Peso…

Continued from A1

to the country’s wider balance of payments (BOP) deficit in September. Data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s BOP, which captures its transactions with the rest of the world, recorded a $3.1-billion deficit in September 2026. This was the widest BOP deficit posted since January 2025. The BOP deficit in September brought the cumulative BOP position for January to September 2026 to a $9.1-billion deficit—the widest year-to-date BOP deficit in history. “Widening BOP deficit and cautious investor sentiment add to these pressures,” Rivera said, adding that depreciation of the peso could continue while these conditions persist, although he said some “stabilization” is possible if oil prices ease and global financial conditions improve. “Greater concern is not another record low itself but prolonged depreciation that translates into higher inflation and weaker household purchasing power,” Rivera pointed out. For her part, Domini S. Velasquez, China Banking Corporation’s (Chinabank) Group Chief Economist, said “the peso was broadly stable despite renewed US dollar strength.” “USDPHP recorded its highest closing level, although the pair had previously reached a higher intraday high of 63.230,” Velasquez said. She also noted that the dollar strengthened against the yen, pound, and euro, with the latter two “also pressured by domestic concerns.” Looking ahead, however, Velasquez said there may be a “greater probability of the peso regaining some strength” as the “remittance season” is approaching. “We forecast USDPHP to end the year at around 62.50,” added Velasquez. For his part, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the peso may have weakened “ahead of the policy meeting on Thursday.” As such, he expects the local currency to range between 62.95 and 63.30 against the dollar. Within the trading session on Monday, the peso’s lowest level was at P63.17 against the dollar while its strongest level was at P62.98 against the greenback. Andrea E. San Juan

DFA summons Jing over… Continued from A9

they did not contribute to efforts aimed at fostering mutual understanding between the two countries. “Such language aggravates an already sensitive bilateral atmosphere and undermines the shared efforts of both countries to build mutual understanding and cooperation,” she said. The DFA also reminded the Chinese envoy that the Philippines is a democratic country that values freedom of expression and the plurality of views. “It will not accept attempts by a foreign envoy to intimidate those who exercise these freedoms,” Ratonel said. Lazaro emphasized, according to her, that “sensitive issues are best addressed through established diplomatic channels and bilateral mechanisms, which preserve space for dialogue and engagement.” Despite the diplomatic protest, the DFA said it remains committed to maintaining open lines of communication with Beijing. “The Department remains committed to candid dialogue and constructive engagement, in line with its mandate and the direction of the President,” Ratonel said. “It will keep open lines of communication with China and work to stabilize bilateral relations, especially in non-sensitive areas, while firmly upholding the country’s consistent positions on important issues.”

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Dizon sacks 3 Davao public works officials

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UBLIC Works Secretary Vivencio Dizon has removed three Davao City officials named in a complaint over projects linked to an allegedly preferred contractor. The Department of Public Works and Highways is also changing how public works are funded and approved, requiring that every ongoing project receive multiyear appropriations until it is completed. Dizon announced the removals at the 2026 Infrastructure Forum of the Economic Journalists Association of the Philippines (Ejap) on Monday, held at the InLife (Insular Life) Makati Ballroom in Makati City. The three officials are the former and current district engineers of Davao City and the construction chief of the city’s South District. All three were named in a case referred to the Department of Justice (DOJ), the Office of the Ombudsman and the National Bureau of Investigation (NBI) the previous week. The case covers several Davao City

projects involving contractor Genesis 88 Construction Inc. Dizon said the removals are part of a broader accountability drive. Almost 50 people are now in jail, including senators, a former Speaker, contractors and DPWH personnel. Nearly 200 more cases are under investigation by the Ombudsman, the DOJ and the NBI. The DPWH has also blacklisted 23 contractors to date. “That’s really just the beginning. It’s just the tip of the iceberg,” Dizon said. He added that the Ombudsman had filed cases the previous week against former Senior Deputy Speaker Aurelio Gonzales and several alleged contractors. “We have full faith and confidence in our Ombudsman that he will stay the course and continue this,” he said.

Finish first, then build new

DIZON said President Marcos ordered the DPWH to complete long-stalled projects before starting new ones. Under the new policy, regional and district offices must prioritize finishing ongoing works before they submit new projects. “A half-finished bridge, a halffinished flood control [facility], a halffinished bypass road, a half-finished school building. These are all over the country. I’ve seen these with my own eyes,” he said. He cited three examples. The Udalo Bridge in Abra de Ilog connects Occidental Mindoro and Oriental Mindoro. It had been unfinished for seven years. After he met with the regional director and the contractor, it was completed in six months and is now passable. The San Agustin Bridge in Arayat, Pampanga, has been unfinished for eight years. It lies less than a kilometer from a substandard flood control project that is part of the case against Gonzales. Dizon said it will be finished by December. In Agno, Pangasinan, a barangay bridge was washed out by a typhoon. Residents built a bamboo crossing for children after two years without repairs. The DPWH built a replace-

ment in 45 days. “I have not recalled a President really say, ‘Can we finish first what has been left idle before we start something new?’” said Dizon, who has served in the government for almost three decades. “I think that’s the first time any President has actually given a policy directive for an infrastructure agency to do that.” To keep projects from being abandoned, Dizon said he told the President and the Budget secretary that every ongoing budget item must receive multiyear appropriations matched to its construction timeline. In the past, he said, projects were often forgotten and left unfunded whenever a congressman, secretary or governor was replaced. “Common sense, but unfortunately, not very common in government,” he said. On budget reform, Dizon said the DPWH has tightened project vetting. Previously, a project needed only a title and a cost. Now proposals must include an approved program of works, validated geotagged photos, budget preparation documents and a Certificate of Implementability. See “Dizon,” A5

Tuesday, October 20, 2026 A3

Vico Sotto, Raffy Tulfo top 2028 Senate poll By Rizal Raoul S. Reyes

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HE race for the 2028 senatorial elections is getting to be an exciting affair as broadcast journalist and Sen. Rafael “Raffy” Tulfo, Sen. Robinhood Padilla, Sen. Alan Peter Cayetano and Pasig City Mayor Victor Ma. Regis “Vico” Sotto statistically tied at the top of voter preferences for the 2028 senatorial elections, according to the latest survey by Octa Research. Tulfo registered a 47-percent voting preference, followed by Padilla at 45 percent, Cayetano at 44 percent and Sotto at 42 percent in Octa’s third-quarter 2026 Tugon ng Masa (TNM) survey conducted from September 28 to October 4. Despite the numerical differences, Octa placed all four prospective candidates within the same first-tofourth rank range, indicating that their relative positions cannot be considered statistically distinct. Octa said the results underscore the early competitiveness of the prospective senatorial race more than a year before the official filing of candidacies for the May 2028 elections. Former senator Grace Poe and Davao City mayor Sebastian Duterte were ranked next with a 36-percent voting preference, followed by Sen. Loren Legarda at 31 percent. Former Makati City mayor Abigail Binay garnered 29 percent, while Mark Lapid received 28 percent.

Sen. Francis Escudero registered 27 percent, while incumbent Secretary of Education Juan Edgardo Angara and former senator and 8-time world boxing champion Emmanuel “Manny” Pacquiao each obtained 25 percent. Broadcaster Ben Tulfo posted 23 percent, followed by Sen. Jose Pimentel Ejercity alias Jinggoy Estrada at 22 percent. Octa said several prospective candidates remain competitive for the preliminary top 12 positions, with their overlapping rank ranges making it difficult to establish definitive placements. Former Senate president Aquilino Pimentel III and former presidential spokesperson Salvador Panelo each recorded 20 percent, while senator Mark Villar received 19 percent. Former senators Gregorio Honasan and Francis Tolentino both registered 18 percent. Other names in the survey included television personality Willie Revillame, former Interior secretary Benjamin Abalos, Jr., Party-list Rep. Bonifacio Bosita, Sen. Joseph Victor “JV” Ejercito and Defense Secretary Gilberto Teodoro Jr. who each posted 16 percent. Compared with Octa’s secondquarter survey, the latest results showed changes in the voting preferences of several prospective candidates. See “Poll,” A5

Economy BusinessMirror

A4 Tuesday, October 20, 2026

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DA eyes tougher safeguards on imported pork

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By Ada Pelonia

HE Department of Agriculture (DA) has initiated an investigation into preliminary safeguard measures on imported pork, which may result in additional tariffs or import restrictions to protect the domestic hog industry.

The DA issued a notice regarding the motu proprio initiation of a preliminary safeguard measures investigation on imported pork

on October 9, covering shipments under HS codes 0203, 0206, and 0209 from 2021 to August 2026. This, after Agriculture Secretary

Coast Guard gets new commandant

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ICE Adm. Rommel A. Supangan on Monday assumed command of the Coast Guard (PCG) vice Adm. Ronnie Gil Gavan who retired upon reaching the age of 56. President Marcos, who led the turn over ceremony at the PCG headquarters said he appointed Supangan because of his decades of experience in maritime operations and leadership. “I am confident that you will build on the accomplishments of your predecessor, further strengthening the Philippine Coast Guard with the full support of this Administration,” Marcos said in his speech during the change of command and retirement ceremony of Gavan. Supangan served as commander of the Coast Guard Fleet, Coast Guard District Palawan, Marine Environmental Protection Command as well as acting Director of the Coast Guard Strategic Studies and International Affairs Center. A member of Philippine Military Academy (PMA) “Marilag” Class of 1995, he obtained his Master of Science in Maritime Affairs, major ing in Mar ine Env ironment and Ocean Management at the World Maritime University in Sweden in 2008. Marcos thanked Gavan for strengthening the ability of PCG to protect lives at sea and to respond to emergencies during his administration in the last three years. Under Gavan’s leadership, PCG conducted nearly 5,000 search and rescue responses, rescuing 22,784 people, improved its emergency response capabilities through the 10/30 doctrine, and helped in the pre-emptive evacuation of 630,812 people ahead of Typhoon Uwan (international name: Fung-wong). “You led the Philippine Coast Guard with integrity and dedication to duty. Under your leadership, it became even more prepared, steadfast, and reliable,” Marcos said. Samuel Medenilla

Francisco Tiu Laurel Jr. found prima facie evidence of increased pork imports causing injury to the domestic pork industry, based on the DA’s trade remedies office’s initial assessment. Evidence gathered indicate recent, substantial and sustained (RSS) increase in the volume of imports in both absolute terms and relative to domestic production and consumption as well as serious injury or threat to the local hog farmers. The latter was indicated by, among other indicators, declining farmgate prices and income, decreasing market share and selfsufficiency, rising import penetration, and increasing commercial inventories, according to the agency. Furthermore, the DA noted

a “causal link” between the RSS increased imports and the serious injury, or threat thereof, “meaning the injury of threat thereof is caused mainly by the increased imports.” Republic Act (RA) 8800 stipulates that in the absence of a petition, “the Secretary may also motu proprio, initiate a preliminary safeguard investigation […] if there is evidence that increased imports are a substantial cause of, or threatens to substantially cause, serious injury to the domestic industry.” With this, the agency is urging interested parties, including importers, exporting countries, and producers-farmers, to provide their comments no later than five working days from receipt of the notice.

“The preliminary investigation is expected to complete not later than 30 days from the date of publication,” the DA said. Earlier, Tiu Laurel confirmed to the BusinessMirror that the DA would issue a QR on pork imports once the Tariff Commission (TC) concludes its consultations on its petition to raise tariffs slapped on pork cuts. (See: https://businessmirror.com. ph/2026/10/14/da-govt-bent-onimposing-pork-import-curbs/) “If given legal power or legal cover to [impose] QR, we will do it as soon as possible….We will impose it only on belly, pork cuts, and whole pork,” he told this newspaper. He noted that under the rules, the agency may impose QR for a limited

number of days once the TC has done its round of consultations, which could be finalized “by December of this year.” Under RA 8800, the government may set a QR as a provisional safeguard measure if the “tariff increase [is] not sufficient to redress or to prevent serious injury to the domestic producer or producers.” In its petition, the DA called for a staggered hike in tariffs imposed on pork imports to 25 percent inquota and 35 percent out-quota in 2027, before reverting to its original level of 30 percent and 40 percent, respectively, in 2028. At present, pork shipments are levied 15 percent and 25 percent under the Executive Order (EO) 62, which will lapse in 2029.

City govt eyes recovery, reuse of water-refilling station waste By Carmel Pedroza

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EBU CITY—The Cebu City government is exploring the recovery and reuse of wastewater from water-refilling stations as part of its preparations for a potentially prolonged dry spell, with local officials also assessing groundwater sources and emergency equipment ahead of a forecast strong-to-very-strong El Niño. The proposed wastewater-reuse initiative is among the measures discussed by the Cebu City Disaster Risk Reduction and Management Council (CCDRRMC) during a meeting, as the city government seeks to expand available water

resources and maintain essential services during possible supply disruptions. The city plans to meet with operators of 659 reported waterrefilling stations to discuss how wastewater from their operations could be collected and used for appropriate non-potable purposes. This proposal remains under discussion, with the planned consultation expected to determine possible collection arrangements and applications. The initiative would add to the city’s efforts to identify alternative water sources as dry conditions threaten to increase pressure on existing supplies.

Any reuse scheme would need to ensure that the collected wastewater is suitable for its intended application and handled in accordance with applicable health and environmental requirements. Data presented during the council meeting showed that Cebu City has 675 artesian wells, but only 523 are operational. Another 45 are non-functioning, while 107 require repairs, underscoring the need to determine which existing facilities can be restored or maintained as backup sources. The council also discussed inspecting water tankers deployed to mountain barangays during the previous El Niño episode

When debt hides corruption By Henry J. Schumacher

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AST week, the people who set the terms of the global financial system gathered in Bangkok. The group was composed of finance ministers, central bank governors and the heads of international financial institutions, alongside business leaders and civil will take part in the International Monetary Fund (IMF) and World Bank Annual Meetings, alongside business leaders and civil organizations from almost every country. They met as sovereign debt continues to climb and borrowing costs remain high, with low- and middle-income countries hit hardest. Nearly half of the countries eligible for concessional IMF financing are either in debt distress or at high risk of it, and their interest payments have quadrupled since 2013. When debt hides corruption INFLATION, economic crises and other factors havepusheddebtdistresstocriticallevels.Across low- and middle-income economies, at least 8 percent of government revenue goes on servicing debt. In Africa, 57 percent of people live in countries that spend more on interest than on health, education and climate action. Yet none of these factors is as pervasive, or as overlooked, as corruption. TOO often, the public and oversight institutions cannot see or check how lending decisions are made, how money is allocated or what conditions apply. Where deals are opaque and accountability is fragmented, corruption becomes embedded in the debt process itself.

What the public and oversight bodies see is the loan. What they can’t see is where corruption hides. Without robust safeguards and effective controls over how loans are negotiated and managed, sovereign loans are misused and embezzled, enriching public officials and their cronies at the expense of future generations. That’s why Bangkok mattered. The division of responsibilities is clear. The G20 sets the political direction through ministerial statements. The IMF and the World Bank turn it into operational tools—surveillance standards, conditionality rules and debt sustainability assessments—which their Executive Boards review and approve. What we want from Bangkok FROM the IMF, the World Bank and the G20 finance track, we expect commitments that translate into concrete action to:  End debt secrecy Sovereign lending and borrowing need far more transparency, from bilateral, multilateral and private creditors alike. G20 countries should legally require bilateral creditors and private lenders operating in their jurisdictions to proactively disclose complete, transaction-level financial and nonfinancial information on public debt. The G20, working with the IMF and the World Bank, should develop common standards to limit confidentiality clauses in sovereign lending agreements. These agreements should be consistent with borrowing countries’ access-to-information

rules, particularly on proactive debt disclosure and the legal consequences of non-disclosure.  Embed anti-corruption safeguards in lending and due diligence As part of its policy reviews, the IMF should make governance diagnostic assessments a standard, non-negotiable input into programme design, shaping policy priorities, sequencing and conditionality, rather than using them ad hoc. It should also use fiscal transparency evaluations to sharpen the risk analysis behind debt sustainability assessments. And it should offer these evaluations to more countries in debt distress or in debt negotiations, while recognizing capacity constraints and the voluntary, countryowned model that currently underpins their effectiveness. The IMF and the World Bank should create formal, predictable channels for civil society organizations and independent experts to help shape programme design and implementation. At country level, CSOs should play a systematic role in monitoring and verifying governance and anti-corruption conditions. This would help ensure that reforms deliver real change, not box-ticking compliance, while making reform processes more transparent, legitimate and domestically owned.  Give watchdogs real power The IMF and the World Bank should help borrowing countries tighten their systems for managing debt and public money, targeting the weaknesses that leave room for discretion and lax oversight: in debt negotiations and restructuring, and in how funds are allocated and spent. Behind every hidden loan is a debt that future generations will have to repay. The commitments made in Bangkok last week will only matter if they are kept. We will have to observe that what was promised will be delivered! There is no doubt that the Bangkok commitments are super important for the Philippines also. I fully agree with the headline statement: When debt hides corruption! I look forward to your responses and your commitment to observe that what was promised will be delivered! Please contact me at hjschumacher59@gmail.com

to establish whether the units remain serviceable and can be mobilized when needed. Mayor Nestor Archival directed Cesar Pelarca Jr. of the Metropolitan Cebu Water District (MCWD) to inspect the utility’s Mobile Siphon Tank (MST), a portable water-filtration truck, and ensure its readiness for use by December. During the meeting, Pelarca outlined MCWD’s existing water sources, including groundwater, surface water and seawater desalination, as the city assessed options for sustaining supply during the anticipated dry period. The preparations come as the Philippine Atmospheric, Geophysi-

cal and Astronomical Services Administration (Pagasa), based on an outlook presented by CCDRMO resident meteorologist Oscar Tabada, sees El Niño strengthening, with a high probability of a strong-to-verystrong event persisting through January to March 2027. Beyond water availability, the city is preparing for potential power interruptions that could affect water distribution and other critical operations. Archival called for inspections of essential equipment, the preparation of additional generators and the maintenance of sufficient fuel stocks to support operations during emergencies.

DILG reports completion of good governance projects By Jonathan L. Mayuga @jonlmayuga

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HEDepartmentoftheInterior and L oca l Gover nment (DILG) reported that 81 percent of projects funded under the Seal of Good Local GovernanceIncentive Fund (SGLGIF) have been completed nationwide. Based on the latest DILG data, 1,261 out of 1,559 SGLGIF projects have been completed, delivering critical infrastructure, stronger disaster preparedness, and improved public services to local communities. The competition of the projects reflects the tangible benefits of rewarding loca l gover nments (LGU) that demonstrate excellence in governance with financial support for high-impact community projects, an official of the DILG said. During the DILG K apihan med i a for u m, DILG -Bu l aca n Director Myr vi Apostol-Fabia highlighted how these investments have translated into meaningful improvements in the lives of Bulakenyos, particularly in disasterprone communities. “Before, we lacked enough evacuation centers. Our countrymen and local officials struggled to find places to bring people when calamities occurred. Now, in Bulacan alone, we have 460 evacuation centers. One of the good outcomes of the SGLGIF [Seal of Good Local Governance Incentive Fund] is these evacuation centers,” Fabia shared. For a province frequently affected by flooding, Fabia emphasized that investments in evacuation centers, improved drainage systems, and enhanced rescue capabilities have helped communities better prepare for and respond to calamities. Beyond disaster resilience, SGLGIF-funded farm-to-market roads have also improved access

bet ween remote ag r icu ltura l communities and commercial centers, a l low ing far mers to transport their produce more efficiently and supporting local economic activity. “Our farm-to-market roads truly speed up the transport of products from remote areas in the province to the cities,” she said. Fabia also underscored how the program has helped make local governance more inclusive by improving services and accessibility for persons w ith disabilities (PW Ds) whi le streng t hening the participation of civil society organizations in government decision-making. “ They now have their own ded icated lanes, our LGUs provide services specifically for PW Ds, and the par ticipation of civil society organizations is being strengthened because they are now becoming part of governance,” she explained. Among the completed initiatives in Bu lacan is t he SGLGIF-funded slope protection project in barangay Assumption, Cit y of San Jose Del Monte, inaugurated last June by the DILG and the Provincial Government of Bulacan to protect nearby residents and properties from erosion and slope instability. In Balagtas, the DILG also constructed a 987.60-linear-meter drainage system along the BalagtasPandi Provincial Road in barangay Santol to improve rainwater and wastewater discharge and help mitigate flooding. T h roug h t he SGL GI F, t he DILG continues to recognize and reward good local governance by turning performance-based incentives into projects that directly address community needs, demonstrating that effective governance must ultimately be measured by the improvements it brings to people’s lives.

Economy BusinessMirror

www.businessmirror.com.ph

Tuesday, October 20, 2026 A5

BCDA eyes 100 hectares for New Clark farmers

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By Bless Aubrey Ogerio

HE Bases Conversion and Development Authority (BCDA) is studying a request by Indigenous Peoples (IP) communities in New Clark City for 100 hectares of alternative farmland.

between the area they use and the land they are seeking for alternative farming. The farmland request is being considered alongside plans to relocate affected families within New Clark City, rather than move them outside the development site. Bingcang sa id negot iat ions on September 29 resulted in an agreement in principle on on-site relocation for families who may be displaced by the project. “We had a fruitful negotiation last September 29. So we agreed on an on-site relocation for any possible affected,” he told reporters. Under the proposed arrangement, el ig ible fa m i l ies wou ld receive house-and-lot units at no cost, reflecting their preference

for individual homes over condominium units. Bingcang said the agency had presented a revised housing design that the communities had accepted. However, the proposed housing package does not necessarily grant the families ownership of the land. The BCDA head explained that their ability to transfer land ownership is subject to legal restrictions, while existing land claims within the development area would also need to be resolved. BCDA is targeting 2027 to begin relocation, although the final number of affected households, the required budget and eligibility rules have yet to be determined. On the other hand, the discussions

follow a Department of Agriculture (DA) assessment that identified 266 farmers tilling 410 hectares in New Clark City who could be affected by the planned development, as previously reported by this newspaper. Agriculture Secretary Francisco Tiu Laurel Jr. earlier said the DA would seek alternative planting areas for affected farmers and provide seeds and fertilizer during their first year of transition. Also, the number of families that could be affected by the development remains subject to validation. In a September statement, the BCDA said it was updating its existing census of families and residents in sitio Sapang Kawayan, Capas, Tarlac, with the National Commission on In-

digenous Peoples (NCIP) to verify the communities’ socio-economic profile. The agency clarified at the time that the exercise was an update and validation of the existing census, not a new enumeration. It said the validated community baseline would guide the identification of appropriate assistance and safeguards as project preparations move forward. The BCDA has yet to release the final figures, saying it was still consolidating and validating the numbers with the NCIP. The 100-hectare request remains subject to the BCDA’s review as the agency works to reconcile the communities’ farming needs and land claims with the development plans for New Clark City.

In a media briefing, BCDA President and Chief Executive Officer Joshua M. Bingcang said the proposed farmland allocation remains under consideration as the agency works out relocation arrangements for families

potentially affected by developments linked to the United States-led Pax Silica initiative. He added that the communities currently cultivate only about five to 10 hectares, underscoring the difference

Lawmaker invokes Deng to slam China

House: What ‘budget reward’ in impeachment trial?

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PARTY-LIST lawmaker has accused China of behaving like an imperialist power that bullies its neighbors, invoking for mer C h inese leader Deng Xiaoping’s own warning against such conduct to hit Beijing over its actions toward the Philippines. Responding to the Chinese E m b a s s y ’s l a t e s t r e m a r k s criticizing Filipino officials who called for declaring the Chinese ambassador persona non grata, Party-list Rep. Perci Cendaña of Akbayan said Beijing was behaving like the very imperialist power Deng had warned against. “China no longer speaks, acts and behaves like an equal. It conducts itself arrogantly as a superior above its own neighbors,” Cendaña said. He accused China of using force against Filipino fishermen in Philippine waters, answering diplomatic protests with veiled threats and disregarding international law. Cendaña said the Philippines’ opposition to what he described as China’s imperialist ambitions should not surprise Beijing, given the country’s history of colonization. To underscore his point, Cendaña quoted Deng’s April 10, 1974, speech before the United Nations, warning that China should be opposed if it became a superpower that bullied and exploited other nations. “ If one d ay C h i na shou ld change her color and turn into a superpower, if she too should play the tyrant in the world, and everywhere subject others to her bullying, aggression and exploitation, the people of the world shou ld identif y her as socia l-imper ia list, ex pose it, oppose it and work together with the Chinese people to overthrow it,” Deng said. Deng delivered the speech during the Cold War, when China sought to distinguish its foreign policy from the hegemonic ambitions of other major powers. Cendaña’s remarks come amid continuing tensions bet ween Manila and Beijing over the South China Sea, where the Philippines has repeatedly protested Chinese activities it considers violations of its maritime rights. T he 2016 a r b it r a l r u l i n g issued under the United Nations Convention on the Law of the Sea (Unclos) found that China’s claims to historic rights within its nine-dash line were contrary to the convention and had no legal basis to the extent they exceeded the maritime entitlements it a l low s. B e iji n g re je c te d t he r u ling , which rema ins a key lega l reference point for the Ph i l ippi nes i n defend i ng its maritime rights in the South China Sea. By invoking Deng’s words, Cendaña framed the Philippines’ resi st a nce a s opposit ion to domination by a powerful state, rather than hostility toward China or its people. Jovee Marie N. Dela Cruz

By Jovee Marie N. Dela Cruz @joveemarie

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HE House prosecution panel has rejected allegations that the proposed 2027 national budget would reward senators for convicting Vice President Sara Z. Duterte, warning that prolonged impeachment proceedings could cause the public to lose sight of the evidence against her. House trial spokesperson Ziaur Rahman Alonto Adiong, who represents Lanao del Sur, said the impeachment proceedings stemmed from allegations involving Duterte’s conduct and Congress’ constitutional duty to examine

them, not from any supposed budgetary arrangement to influence senator-judges. Ad iong cited quest ions surrounding confidential funds, alleged threats and asset disclosures as among the issues that prompted the impeachment trial. “This is the constitutional duty being performed by the House and the Senate,” Adiong said, questioning why Duterte’s camp continued to use the budgetreward allegation to challenge the proceedings. Adiong said the withdrawal of three impeachment articles did not preclude separate legal action over the questioned confidential funds

Duterte handled as Vice President and Education secretary. He said the Office of the Ombudsman could file a case but stressed that no specific action or timetable had been announced. “I cannot give you a specific date, but there has already been contact between the Ombudsman and the prosecution,” he said, clarifying that he was not preempting the agency’s decision. On the possible inclusion of additional information about properties in the prosecution’s formal offer of evidence, Adiong said fairness required that the material be discussed in open court. Information not presented

Sandiganbayan suspends Marcoleta By Joel R. San Juan @jrsanjuan1573

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HE Sandiganbayan Third Division has ordered the 90-day suspension of Sen. Rodante Marcoleta, who is being tried for plunder in connection with the P75 million campaign donations he received for his 2025 senatorial bid. In a resolution promulgated on Monday and written by Associate Justice Karl Miranda, the Third Division said the suspension will automatically be lifted upon the expiration of the 90-day period from the implementation of the order. The anti-graft court stressed that the imposition of preventive suspension is mandatory when there is a valid information based on the provisions of Republic Act 7080 or the Anti-Plunder Act of 1991 and RA 3019 or the AntiGraft and Corrupt Practices Act. “Considering that the Information has been determined to be valid, it becomes the ministerial duty of the Court to forthwith issue the order of preventive suspension. The Court has neither the discretion nor duty to determine whether or not a preventive suspension is required. There are no

SENATOR RODANTE MARCOLETA

ifs and buts about it,” the anti-graft court said. “The allegations regarding the factual records and violation of Senator Marcoleta’s freedom of expression and political participation and equal protection of the laws are matters to be threshed out and etablished during the trial of the cases,” it added. Marcoleta,alongwithbusinessmen Mike Defensor, Joseph Espiritu and Aristotle Viray, were ordered arrested and detained by the Sandiganbayan

Dizon…

Continued from A3

For the first time, every district engineer and regional director must sign the certificate. It attests that the project has no right-of-way issue and that it follows local government plans, as shown by a certificate from the Local Development Council or a Certificate of No Objection. Geotagged photos must also verify the project site, so that funds cannot be shifted to a different location. “The President is not going to allow projects that have not been properly vetted and do not have the required requirements,” Dizon said. He noted that some senators and nongovernment groups had commented on the budget that came out of the House of Representatives. Dizon said the signatures create a legal basis for charges if irregularities occur. In the past, he said, officials faced no accountability, and that made them bolder about stealing and overpricing. Lorenz S. Marasigan

following the filing of non-bailable plunder charges by the Office of the Ombudsman in connection with the P75 million campaign donations he received for his 2025 senatorial bid. The Ombudsman also filed three counts of violation of Presidential Decree 46, which prohibits public officials from receiving, directly or indirectly, and for private persons to give, or offer to give, any gift, present or other valuable thing on any occasion, against the respondents. The case stemmed from his admission that he received campaign contributions from Defensor, Espiritu and Viray donated P30 million, P25 million and P20 million, respectively, in various dates last January 2025. The Ombudsman noted that Marcoleta failed to declare the amount in his statement of Contributions and Expenditures (Soce) or in his Statement of Assets, Liabilities and Networth (SALN), which is tantamount to “unjust enrichment.” Marcoleta was the nominee to the House of Representatives of the Social Amelioration and Genuine Intervention on Poverty (SAGIP) party-list group at the time the donations were made.

during the hearings, he added, could instead be examined in separate proceedings by the appropriate investigative agencies. Adiong also called for closer scrutiny of corporate remittances discussed during the trial, including funds originating from China, saying investigators should establish their purpose and supporting documentation. He described the matter as a national security concern. Meanwhile, House prosecutor Joel Chua of Manila said the prosecution’s decision to withdraw three of the four impeachment articles was partly intended to prevent the trial from dragging on and diminishing public attention to the

Poll…

Continued from A3

Padilla, who led the earlier survey with 53.9 percent, registered 45 percent in the third quarter. Tulfo’s preference remained essentially unchanged, moving from 47.4 percent to 47 percent. Cayetano’s rating edged down from 45.4 percent to 44 percent, while Sotto’s remained steady at 42 percent. Nevertheless, Poe’s preference fell from 44.5 percent to 36 percent, while Legarda’s declined from 39 percent to 31 percent. Pacquiao likewise recorded a lower rating, dropping from 34.5 percent to 25 percent. In contrast, Angara’s preference rose from 19.2 percent to 25 percent, while Escudero’s increased from 23.2 percent to 27 percent. Octa cautioned, however, that quarter-on-quarter comparisons should be interpreted carefully because the lists of names presented to respondents differed between the two survey rounds. The changes provide a snapshot of voter preferences at the time of the interviews but do not necessarily indicate how the prospective candidates would perform in an actual campaign. Early preferences, not election forecasts Octa emphasized that the survey was hypothetical and should

evidence presented against Duterte. Chua said the prosecution anticipated that the defense could prolong the proceedings into next year, potentially causing Filipinos to forget the witnesses and evidence presented during the hearings. “By that time, our fel low Filipinos might no longer remember the witnesses and evidence we presented,” Chua said. The prosecution has withdrawn three impeachment articles and is proceeding solely on Article II, which concerns allegations of unexplained wealth. The strategy aims to move the trial toward a resolution while maintaining its focus on the remaining charge. not be interpreted as a forecast of the 2028 senatorial election. Respondents were presented with a list of prospective candidates and asked whom they would likely vote for if the elections were held on the day of the survey. They could select up to 12 names. The research firm also noted that some individuals initially considered for inclusion were removed from the list at their request. Names receiving less than 1 percent were excluded from the published results. Consequently, the published rankings do not constitute a complete or final lineup of candidates for the 2028 elections. The survey was based on faceto-face interviews with 1,200 male and female respondents aged 18 and above nationwide. Octa used probability-based sampling and reported a margin of error of plus or minus three percentage points at a 95-percent confidence level. Octa said voter preferences could change substantially as political alliances, candidacies, campaign conditions, public issues and voter information evolve. According to Octa, the findings therefore reflect public sentiment during the September 28 to October 4 fieldwork period rather than a definitive indication of the eventual outcome of the 2028 senatorial race.

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Tuesday, October 20, 2026

COREPLUS to Cebu businesses: Strengthen energy systems amid grid volatility through 2028 T

DepEd to teachers, learners: Dress light as El Niño looms By Claudeth Mocon-Ciriaco

By Lenie Lectura

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@llectura

EBU businesses must strengthen their energy systems to cope with expected power volatility in the Visayas grid lasting through 2028, Vivant Energy subsidiary COREPLUS said on Monday. During the SIDL A K CEBU: Building Business Resilience During Energy Volatility, COREPLUS Senior Business Development

DTI to meet BNPC makers this week amid price watch By Bless Aubrey Ogerio

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MEETING w ith m a nu fact u rers of basic necessities and prime commodities (BNPCs) is scheduled this week to assess supply conditions and inventory levels, as trade officials monitor prices and prepare for possible demand shifts ahead of Undas. According to the Department of Trade and Industry (DTI) Secretary Ma. Cristina A. Roque, the agency is also planning site visits to manufacturers of canned sardines and meat products to assess their inventory and ensure sufficient supply. “So far, there is no price increase for basic necessities and prime commodities,” Roque told reporters in Makati on Monday, adding that prices of candles and other Undasrelated goods monitored by the agency have remained stable. The DTI has yet to receive requests from manufacturers to increase prices, including canned sardine producers, who have been cited in questions about rising production costs. Roque said the agency would have to review any formal request and discuss it with the manufacturers before determining whether a price adjustment would be warranted. “We still need to get the letter and we still need to talk to them. But for now, there is no price increase,” she said. The DTI monitors the suggested retail prices (SRPs) of selected BNPCs under its jurisdiction. However, the latest SRP bulletin available on the agency’s website is dated May 11. The planned inspections will also cover manufacturers’ supply capacity and logistics. Per the trade chief, they visited a water production facility last week, where officials were told that supply remained sufficient. On the other hand, the DTI has not yet finalized the locations for this week’s planned site visits. For now, the agency has not received any formal request for price increases, and Roque said it was too early to speculate on possible adjustments.

Manager PJ Vinoya highlighted that the grid's repeated alerts, generation outages, rising demand, and volatile prices are structural

rather than seasonal. “Businesses need to look beyond the direct cost of electricity. Voltage dips and outages, equipment wear, downtime, inefficient loads, and planned expansion all affect operations, and these are factors businesses can act on,” said Vinoya. COR EPLUS a nd its pa r tners (FV Mapile, Huawei, and Jinko Solar) presented technical strategies for commercial and industrial facilities. These include: assessing systems to ident i f y r i sk s a nd i mprove ment areas; strengthening local power infrastructure to build resilience; and implementing

e n e r g y e f f i c i e n c y r e t r o f it s , Energ y Management Systems (EMS) integration, and Solar + BESS (Batter y Energ y Storage Systems) projects. “The current energy landscape calls for businesses to be more proactive about understanding and managing their energy needs. At COREPLUS, we want to help businesses move from simply responding to energy challenges to preparing for them—by bringing together the right expertise, technologies, and solutions for their specific requirements,” said Melo Del Gallego, COREPLUS assistant vice president for business acceleration, said.

Marcos: 71 more schools now offer nursing programs after CHED lifted moratorium By Samuel P. Medenilla @sam_medenilla

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O help boost the country’s pool of qualified medical workers, President Ferdinand Marcos Jr. said an additional 71 academic institutions are now offering nursing programs since the Commission on Higher Education (CHED) lifted the moratorium on such programs during the pandemic. The Chief Executive made the announcement during the Philippine Nurses Association, Inc. (PNA) National Annual Convention 2026, as well as the organization’s 104th founding anniversary and the 69th Nurses’ Week Celebration at the SMX Convention Center in Pasay City last Monday. During the said event, Marcos highlighted the government’s efforts to improve nurse-to-patient ratio and fill in vacant positions in the country’s health sector. The said initiatives includes increasing the number of academic institutions, which offer Bachelor of Science in Nursing programs. “The number of higher educa-

tion institutions offering nursing programs increased from 354 in July 2022 to an estimated 425 now in June 2026,” Marcos said. CHED lifted the moratorium it imposed in 2011 due to the “oversupply” of nursing graduates that time when worldwide demand for healthcare workers soared during the novel Coronavirus disease (Covid-19) pandemic. Marcos said the Department of Health (DOH) is working with CHED and Technical Education and Skills Development Authority (TESDA) in offering Alternative Pathways for nurses. He said the government is also offering review support for nurse graduates, who have to pass the board exams, through its Clinical Care Associates Program. “Our goal is to help more qualified Filipinos enter the profession, strengthen the capabilities and protect the welfare of our nurses to ensure that our healthcare institutions have the workforce that they need to serve our communities,” Marcos said. “With these initiatives, we address important parts of the challenge, but we also acknowledge

that building a resilient healthcare system requires sustained effort,” he added. The President recognized the important contribution of nurses in providing care and comfort to patients here and abroad and has committed to continue providing them with government support. “I am very proud to hear this because I know how much our nurses contribute to our country, but also to the countries where they serve,” he said. In 2023, DOH estimated it will take 12 years for the country to produce additional 127,000 nurses to help address its labor shortage for the said healthcare worker. At that time, the agency said the country was producing an average of 10,635 nurses per year. Based on its latest Overseas Employment Statistics, the Department of Migrant Workers (DMW) said nursing professionals are still part of the top 10 skills for newly hired OFWs as of last August. For the first eight months of the year, 1,533 nursing professionals were deployed, which is 72.26 percent year-on-year.

Calatagan police chief sued for using cops in private dispute

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OR allegedly using the powers of the police to enforce a party’s interest in a purely private property dispute, the police chief of Calatagan, Batangas, has been haled before the Office of the Ombudsman, along with several of his officer, an architectcontractor whom he assisted in retrieving multimillion-peso equipment, and several others. In a joint complaint-affidavit with prayer for preventive suspension of PMAJ Julius B. Almeda, the complainants denounced his alleged acts in two incidents on Sept 28 and Oct 4, 2026, both in Sandari Calatagan in Barangay Bagong Silang. In both occasions, local police under Almeda’s command swooped down on the premises being developed by Sandari Calatagan in order to assist the group of Architect Rafael Dalmacio B. Tecson and his RDBT Const r uct ion Cor porat ion in seizing construction equipment being used for Sandari. Tecson’s group has been engaged with Sandari in a legal dispute over their contract. The controversy centers on the

use of police authority by the Chief of Police of Calatagan, PMAJ Julius B. Almeda, and several police officers to aid Arch. Rafael Dalmacio B. Tecson, a private contractor, in a contractual and property dispute at the Sandari Calatagan project in Barangay Bagong Silang in the seaside town. The complainants were Engr. John Louel S. Pelaez, SG Mark Angncaya, SG Lester Galac, SG John Michael Andino, SG Jerome Cabali, Marvin Tambaoan, SG Ferdinan C. Diano, and SG Christopher B. Mendoza. Besides Almeda, they charged “Police Officers Sison, Caras, Dano, and Hernandez, and the other unidentified participating police officers, Arch. Rafael Dalmacio B. Tecson, Atty. Victor Angelo F. Tantoco II, Junard Cabillan, Dionecio Hernandez, Jomar Calbo, and Rex Manzano, and the John Doe private participants whose identities remain to be determined, with violation of Section 3(e) of Republic Act No. 3019, as amended, or the AntiGraft and Corrupt Practices Act, for allegedly acting in conspiracy

to give Arch. Tecson and RDBT Construction Corporation unwarranted benefits, advantage, or preference through manifest partiality and evident bad faith in the exercise of police functions.” Almeda and the police officers were also charged administratively for Grave Misconduct, Oppression or Grave Abuse of Authority, and Conduct Prejudicial to the Best Interest of the Service, “together with the request to investigate Dishonesty relating to the blotter that their police station issued.” The involvement of Almeda and the other police officers “made the coercion and threats immediate and frightening to those of us confronted by them,” the complainants said. During the September 28 incident, “the coercion and threats concerned detention and disarming” of the security guards and on October 4, the coercion and threats included disarming, detention, criminal charges, a report to SOSIA, and action against Eastern Defender, including its closure.”

@claudethmc3

O protect learners from extreme heat and water shortages, the Department of Education (DepEd) is set to issue guidelines in anticipation of the effects of El Niño in School Year 2026–2027, allowing teachers and learners to wear light, breathable clothing. The guidelines respond to the Department of Science and Technology–Philippine Atmospheric, Geophysical and Astronomical Services Administration (DOST– PAGASA) advisory on potentially strong to very strong El Niño conditions that could peak before the end of 2026 and persist through the first half of 2027. It also aims to sustain learning and schoolfeeding services. Key protective measures outlined in the policy include thermal safety and attire flexibility by monitoring classroom temperatures and humidity using calibrated devices, maintaining cross-ventilation, and authorizing teachers and learners to wear light, breathable clothing, including official DepEd collared shirts and PE uniforms. Schools must also manage water security and sanitation by repairing water leaks immediately, establishing safe drinking stations, and coordinating closely with local water utility providers for rationing contingencies. Under the new policy, which aligns with DepEd Order No. 014, s. 2026 or the Guidelines on Learning Continuity in Emergencies, schools and Community Learning Centers (CLCs) will implement the 4H framework comprising Hayo, Hinay, Hinga, and Hinto to manage localized adjustments during climate disruptions. Under Hayo, re present i ng manageable conditions, face-toface classes continue on campus with thermal adaptations such as scheduled water breaks, shifting outdoor activities to early morning or shaded areas, and allowing f lexible or PE attire. When conditions escalate to Hinay, indicating heat stress, schools may adopt modified class days paired with structured home-based or hybrid learning. At the Hinga level, signifying extreme heat caution or a loss of water supply, academic demands

are substantially reduced to prioritize well-being, relying on supplementary learning packets, short literacy and numeracy activities, and broadcast resources via DepEd TV and radio. Under Hinto, which denotes unsafe heat index conditions, academic activities are suspended while schools maintain essential communication, safety checks, and psychosocial support referrals. “Under the guidance of President Marcos, we are tightening our proactive, protective and anticipatory responses to ensure the adverse effect of El Niño is mitigated. We must prepare early to protect learners and keep education services going despite climate-related disruptions...We are giving our school heads and division superintendents the practical flexibility to exercise sound judgment based on actual ground conditions, classroom ventilation, and water availability. We trust our field managers to make the right call for their communities,” said Education Secretary Juan Edgardo Angara. The forthcoming memorandum also mandates integrated school-level risk assessments covering water supply reliability, classroom thermal safety, electricity resilience, and fire hazard prevention. To sustain health and nutrition services during prolonged dry spells, DepEd has established strict protocols for the SchoolBased Feeding Program (SBFP). Schools Division Offices (SDOs) and school heads must develop contingency menus, partner with local government units (LGUs) and agricultural cooperatives for local food sourcing, and maintain buffer stocks of shelf-stable commodities to ensure uninterrupted nutritional support for vulnerable learners. Learning resources will also be proactively prepositioned by buffer-stocking physical SelfLearning Modules and Learning Activity Sheets prior to peak heat months to ensure immediate distribution. Crucially, the guidelines enforce zero out-of-pocket costs for families by strictly prohibiting schools from charging parents or requiring them to purchase cooling equipment, connectivity, or specialized attire as a condition for flexible instruction.

34 OFWs affected by Riyadh airport disruption repatriated

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HE first batch of overseas Filipino workers (OFWs) who were stranded at Riyadh airport in the Kingdom of Saudi Arabia (KSA) after operations were disrupted by attacks from Houthi forces earlier this mont h h a s f i n a l ly re t u r ne d home, according to the Overseas Workers Welfare Administration (OWWA). In a statement issued last Monday, OWWA said 34 OFWs from the Riyadh airport arrived at the Ninoy Aquino International Airport (NAIA) Terminal 3 via Qatar Airways flight QR934 from Doha, Qatar. The Department of Migrant Workers (DMW) announced during the weekend they are part of the 299 affected OFWs, who are scheduled to be repatriated from October 19 to 25. “Before their departure, the OWWA Riyadh team personally assisted them by providing a pre-flight orientation, transportation, meals, temporary accom-

modation, and guidance through the necessary processes,” OWWA said. Upon their arrival, the OWWA Repatriation and Assistance Division (RAD) provided the returnees with airport assistance, transportation, temporary accommodation, and domestic flight assistance for those returning to their respective provinces. The second batch of 50 OFWs, left KSA last Monday and is set to arrive in the coming days. DMW and other government agencies are also currently processing the repatriation of another 100 stranded OFWs from Hail, Al Qassim, and Dammam. Following the deadliest attack by Houthi militants at the King Khalid International Airport, the operation of the said facility was suspended. The incident killed 13 people, and injured more than 300 people, including four Filipinos: two airport workers, and two passengers. Samuel P. Medenilla

TheWorld Macron condemns those who ‘sought to bring down the Republic’ after rioting, looting By Sylvie Corbet & Alexander Turnbull The Associated Press

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ARIS—French President Emmanuel Macron on Sunday voiced the public’s “anger” and “shame” over rioting and looting during nationwide protests against rising living costs and poor conditions in schools. At least 2,400 people were arrested. Macron echoed other government officials in blaming much of the violence on far-left activists, accusing them of attacking police and public buildings to foment chaos. “Those who looted will have to pay for the damage, and those who sought to bring down the Republic will be held accountable,” Macron said in a televised address to the nation. He denounced “unrestrained violence” by “insurrectionist elements from radical far-left groups, joined by numerous criminals.” Macron earlier held an emergency meeting with senior government officials, a day after masked groups set fires and attacked city halls in several cities. He said he had instructed prefects to work with mayors to protect public buildings and businesses in the coming weeks, including by banning protests when necessary. Flames engulfed the 19th-century City Hall in the city of Limoges, in central France, causing its roof to collapse and nearly destroying the building.

New tensions erupted in Paris

IN Paris, hundreds of protesters gathered again on Sunday at the Place de la République amid a heavy police presence. Officers used tear gas as tensions flared sporadically in the neighborhood, with small groups of people trying to set bicycles and trash bins on fire. “The right to protest is a fundamental right. Deliberately and collectively sowing disorder through violence is not,” Interior Minister Laurent Nuñez wrote on X, citing the looting of hundreds of businesses across the country. Authorities estimated Saturday’s marches had a turnout of about 550,000, while organizers put it at 800,000. Demonstrators answered calls from a labor union, student organizations and activists hoping to revive the “yellow vest” movement, which emerged in 2018 to protest social injustice. Mass protests in France are often marred by violence on the fringes of otherwise peaceful marches, leading to clashes with police. The arrest tally reported Sunday approached the nearly 2,000 recorded nationwide during a single day of yellow vest protests in December 2018. Paris police said one person died of a heart attack, without providing details. The Paris prosecutor’s office said it was investigating.

Parisians deplore shattered shops

DISLODGED cobblestones, shattered storefronts and broken glass littered the area around Paris’ Place de la République on Sunday. Looting and damage were also reported in other tourist and shopping districts. Paris police said 855 people were arrested in the capital region. Prosecutors said 557 remained in police custody. “I am actually stunned by the level of destruction and violence that was expressed,” said government employee Marie Peyreigne, 57, wondering what had led to the mayhem. Parisians inspecting the damage photographed the partially dismantled base of the square’s central monument, a statue of Marianne, a symbol of France. Jean Foissy, 74, said he had wanted to join the protest but encountered “a wall of riot police and fires everywhere” and returned home. “I was very scared,” he said. “I’ve been a Parisian since I was born, so when I got here, it almost made me want to cry because I find it so bad, it hurts me.” Margaux Eude, 26, said she supported the protest movement but “didn’t think it would escalate like this.” “It’s the troublemakers who came, and it breaks my heart because it delegitimizes the movement,” she said.

Political leaders trade blame

POLITICAL leaders traded accusations over Saturday’s violence ahead of next spring’s presidential election. Far-right leader and presidential hopeful Marine Le Pen criticized Macron’s centrist government as “exhausted, disoriented and seemingly incapable of doing anything other than commenting on its own powerlessness,” in a video posted on social media. Far-left contender Jean-Luc Mélenchon accused Prime Minister Sébastien Lecornu of “playing with fire,” alleging that “by banking on degradation, you have only succeeded in uniting all youths and workers’ unions.” Mélenchon, who joined the Paris march Saturday, insisted that “my message is clear: those who share our fight have no business in looting or destruction.” US President Donald Trump posted “France is burning!” on his Truth Social platform, apparently linking the unrest to “the immigration of people from an entirely different world.” “Close your Borders and take control, before it is too late!” he wrote. French authorities and police have not linked immigrants to the rioting. Macron, speaking about troublemakers, asked: “How can French people do this to France?” “The scale of the damage is considerable and unprecedented,” Paris Mayor Emmanuel Grégoire wrote in an open letter. “Paris is a city of freedoms, debate and demonstrations. It must remain so. But it must also be a city where everyone can work and run a business safely.” The mayors of Paris, Marseille and Lyon, the three largest cities, requested a meeting with the prime minister in the coming days “given the extent of the damage and the seriousness of the situation.” In Marseille, some protesters briefly forced their way into City Hall’s lobby and a group of people wearing hoods and masks damaged a police station. In Lyon, a fire broke out inside a tourist office. In Limoges, the City Hall was ravaged by flames after “radical troublemakers” broke in while elected officials, employees, security personnel and members of the public were inside, Haute-Vienne prefect Maurice Barate said. “They deliberately set the building on fire. It is an extremely serious and unspeakable act,” he said. In eastern France, the Mulhouse prosecutor’s office said an investigation has been opened after a 17-year-old girl was injured during the protests and lost an eye. On Saturday, another investigation was opened after a young protester lost a hand in Saint-Etienne. The injuries come as police have drawn sharp scrutiny over their use of grenades and other riot-control weapons during recent demonstrations.

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China puts growth back on target with stimulus push

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By Bloomberg News

HINA nudged economic growth back into Beijing’s target range in the third quarter, in a surprise rebound powered by factory production and the artificial intelligence supercycle that are largely failing to feed into stronger domestic demand. Gross domestic product beat expectations and grew 4.5 percent from a year ago, picking up from a gain of 4.3 percent in the second quarter, according to data released by the National Bureau of Statistics on Monday. That took expansion in the first nine months of the year to 4.6 percent—within the government’s annual goal of 4.5 percent-5 percent. A split between a struggling consumer economy and the booming export sector widened further in September. While industrial production expanded at a six-month high of 5.5 percent, retail sales saw a far more modest pickup to 1.1 percent, an improvement helped by faster price growth and an earlier public holiday this year. A slump in infrastructure investment deepened. “Growth is relying on a single external engine that is showing early signs of strain,” said Dave Chia, an economist at Moody’s Analytics. “Trade risks are building.” The divergence is emblematic of a deeper divide in the world’s secondlargest economy, as a protracted housing downturn and a soft job market deter households from spending at a time when exporters and AI-related sectors are on a historic tear. After turning more supportive in recent months, policymakers are set to hold off on further easing now that their target is within reach, meaning that subdued consumption will probably haunt the economy into 2027. Even as the slowdown intensified in recent months, officials initially focused on implementing existing progrowth policies, before dialing up their support three weeks ago with a package of fresh targeted measures.

The additional stimulus centered on investment, with households getting only limited support by way of mortgage subsidies for some qualified home buyers. The focus now is turning toward next year, when growth is broadly expected to sink closer to 4 percent. And with China’s supply-side “strength” on display last month, the government’s support for the economy will likely “stay at the current level with only a marginal adjustment,” said Helen Qiao, chief economist for greater China at BofA Global Research. The government has been accelerating bond issuance to fund investment in an attempt to pick up the slack left by weak consumer and business spending. The sales of special local bonds meant for investment sped up to the highest since at least the start of 2025 in the third quarter, according to Bloombergcompiled data. Still, fiscal spending has been slower than planned, although the recent kickoff of the Six Networks project and additional local bond quota granted to provinces are expected to give investment some boost going forward. “The recovery remains unsolid because the fiscal outlook is not stable,” said Xing Zhaopeng, senior China strategist at Australia & New Zealand Banking Group Ltd. “The question will be how much fiscal expansion can do in the future. We still see a downside risk to 2027.” Frail domestic demand has left China increasingly dependent on foreign trade for growth. Last month saw investment expand in export-oriented sectors like electronics, with doubledigit gains still intact in industries

PEOPLE fly dragon-shaped kites on the Bund in front of buildings in Pudong's Lujiazui Financial District in Shanghai, China, on Monday, January 29, 2024. BLOOMBERG such as transport equipment. But Beijing is coming under rising pressure from trade partners to address its yawning surplus, which is on pace to hit a new high this year in excess of the $1.2 trillion recorded in 2025. The European Union is preparing to create new powers that could allow it to shut off China’s access to its single market as part of a dramatic new push to rebalance bilateral trade. Meanwhile, foreign leaders have called on Beijing to allow for more appreciation in the Chinese currency, which they say is undervalued and gives the nation’s exporters an unfair competitive advantage. The International Monetary Fund estimates the yuan’s undervaluation in the range of 17.3 percent to 25.3 pecent in 2026, with a midpoint of 21.3 percent. Real estate continues to be a huge drag on the Chinese economy. Property investment plunged 20.6 percent in the first nine months, contributing to a 7.2 percent drop in overall capital expenditure on fixed assets. The surveyed urban jobless rate unexpectedly improved to 5.2 percent in September from 5.3 percent in the prior month. “The prolonged housing slump will therefore continue to limit the spillover from stronger industrial activity to the wider economy,” Sheana Yue, senior economist at Oxford Economics, said in a note. Significant increases in sales of telecommunications equipment and items ranging from tobacco and alcohol to food were behind the acceleration in consumption growth last month. Excluding car purchases, which have been contracting sharply after the government scaled back subsidies, retail sales

grew 3.9 percent from a year ago—the fastest pace since October 2025. But faster inflation may be distorting the extent of the improvement, since China reports the figures without an adjustment for price growth. The shorter gap this year between the Mid-Autumn Festival and National Day holidays was another factor, encouraging longer trips and boosting travel, catering and some goods consumption. “Domestic demand remains so weak that market sentiment may brush aside the numerical improvement in the GDP aggregate,” said Ting Lu, chief China economist at Nomura Holdings Inc. “We still see mounting challenges in 2027.” Significant increases in sales of telecommunications equipment and items ranging from tobacco and alcohol to food were behind the acceleration in consumption growth last month. Excluding car purchases, which have been contracting sharply after the government scaled back subsidies, retail sales grew 3.9 percent from a year ago—the fastest pace since October 2025. But faster inflation may be distorting the extent of the improvement, since China reports the figures without an adjustment for price growth. The shorter gap this year between the Mid-Autumn Festival and National Day holidays was another factor, encouraging longer trips and boosting travel, catering and some goods consumption. “Domestic demand remains so weak that market sentiment may brush aside the numerical improvement in the GDP aggregate,” said Ting Lu, chief China economist at Nomura Holdings Inc. “We still see mounting challenges in 2027.”

Egypt’s top security body agrees to help Saudi Arabia By Samy Magdy

The Associated Press

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AIRO—Egypt’s top security body said Sunday it has agreed to support close ally Saudi Arabia in the major escalation of fighting between the kingdom and Iranian-backed Houthi rebels in Yemen, which has marked the latest front in the Iran war. Saudi Arabia has been pressing allies for military assistance. The Houthis have repeatedly attacked airports and oil infrastructure across the kingdom with drones and missiles that can change direction during flight, posing a challenge to interceptors. At least 19 people have been killed, thousands of flights have been affected and global markets have been rattled. Also on Sunday, the Saudi defense minister was meeting with the United Arab Emirates president about ways to strengthen cooperation, according to the UAE’s news agency WAM. The countries have had tense relations in the recent past as they backed different factions in the Yemeni coalition fighting the rebels. The Egyptian announcement on military assistance came a month after a visit by the Saudi crown prince. Chaired by President Abdel-Fattah el-Sissi, the National Defense Council decided to provide “all possible forms of support” to enable Saudi

Arabia to defend its security, according to a presidential statement. It didn’t provide details. El-Sissi on Saturday called for parliament to grant him the authorization to deploy troops and military equipment abroad. Later Sunday, Iranian Foreign Minister Abbas Araghchi said he and Egyptian Foreign Minister Badr Abdelatty spoke by phone about “the latest regional developments.”

Civilians have died

THE surge in fighting has threatened civilians in both Saudi Arabia and Yemen, which has seen a return to civil war. The interim capital of Yemen’s internationally recognized government, Aden, has seen its airport and a palace used by the government attacked in the past week. On Sunday, an airstrike killed at least nine people, including five children and two women, in Yemen’s rebel-held northern province of Saada, the Houthi-run Health Ministry said. Spokesperson Anees al-Asbahi said the strike hit a house in Sahar district and wounded 19 others, including 11 children. Some were in critical condition, he said. Al-Asbahi blamed Saudi Arabia. There was no immediate comment from the kingdom. The Houthi-run al-Masirah satellite channel aired footage of people clearing

debris with their hands and pulling two young people out of the rubble. The rebels said attacks by Saudi-led forces had killed or wounded over 30 people in the past 24 hours. Brig. Gen. Yahya Saree, the Houthis’ military spokesperson, said 110 missiles or airstrikes were carried out against civilian sites in Sanaa and other cities. The Associated Press could not independently verify the claim. Across the border in Saudi Arabia, a Saudi helicopter gunship crashed near the city of Najran in the southwest, killing its two-member crew, a Saudi military spokesperson said, citing a technical malfunction. The Houthis earlier claimed to have downed it. Later, Saudi Civil Defense authorities said a projectile fired by the Houthis landed in a residential area of Najran province, wounding six people.

Accusations are traded

THE Houthis have resumed attacks on Saudi Arabia in recent weeks because the kingdom has supported Yemen’s internationally recognized government in the civil war. The rebels recently seized more territory along Yemen’s Red Sea coast and near the Bab el-Mandeb Strait, a crucial shipping alternative to the Strait of Hormuz. The Houthis’ chief negotiator on Sunday blamed Saudi Arabia for the escalation. Mohamed Abdulsalam said on social media

that the rebels had warned the kingdom against striking the rebel-held Sanaa airport in mid-July. That strike prevented the landing of an Iranian flight carrying a Houthi delegation returning from the funeral of Iran’s supreme leader, who had been killed in the opening strikes of the war in February. The Houthis, angry over the longstanding Saudi blockade on them, declared their own blockade on the kingdom. Oman had offered a five-day truce during which the two sides would meet and settle their dispute, Abdulsalam said. He said the Houthis agreed to stop attacks if Saudi Arabia agreed to “humanitarian demands.” He didn’t elaborate. He said Saudi Arabia didn’t show “any indication that it is ready to deal positively” with the demands. The rebels shortly after that launched their offensive down the Red Sea coast. A Saudi diplomat last week in a rare briefing said the kingdom had called for a meeting in Oman with the Houthis in July “to resolve outstanding differences and bring an end to this escalation,” but the rebels refused to participate. On Sunday, the Sunni Muslim world’s foremost religious institution, Al-Azhar in Egypt, called for the formation of an “urgent mediation committee” to end conflicts across the Arab region.

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Tuesday, October 20, 2026

Solons eye House probe into alleged link between Duterte defenders and pro-China propaganda By Jovee Marie Dela Cruz

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@joveemarie

LAWMAKER is preparing a House resolution seeking an investigation into a possible link between online personalities defending the Duterte political family and those promoting China’s position in the West Philippine Sea, citing concerns that coordinated propaganda may be advancing Beijing’s interests in the Philippines. Bicol Saro party-list Rep. Terry Ridon said the proposed inquiry would examine the apparent

overlap between the two groups, including their social media activities, messaging patterns and

Remains of Filipina killed in Germany bus crash repatriated–OWWA By Samuel P. Medenilla @sam_medenilla

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HE remains of one of the two Filipino fatalities in last month’s tragic bus accident on a highway in Germany were repatriated over the weekend, according to the Overseas Workers Welfare Administration (OWWA). The body of the deceased Filipina arrived last Sunday via Turkish Airlines flight TK0084 from Munich, Germany. It was repatriated through the joint efforts of the Department of Migrant Workers (DMW), OWWA, Department of Foreign Affairs (DFA), Philippine Consulate General with German officials in Frankfurt, Germany. Officials of OWWA and the Department of Migrant Workers (DMW) assisted the family of said Filipina upon the arrival of her remains.

“OWWA has assured that it will continue to support the family as they grieve—working alongside the DMW and other government agencies—to provide the necessary assistance and support during this time of greatest need,” OWWA said in Filipino in a statement. “At OWWA, care and service do not end with bringing OFWs home. The ‘Alagang OWWA’ [OWWA’s brand of care] continues for our OFWs and their families, especially during times of crisis and bereavement,” it added. The deceased Filipina were among the passengers of the bus, which came from Milan, Italy before it crashed on a motorway while headed to Munich, Germany for the Oktoberfest beer festival last month. The incident claimed the lives of two Filipinos and injured eight other Filipino tourists.

possible common organizers or financial backers. “We are still drafting the resolution, but its objective is to study the Duterte propaganda networks and the pro-China propaganda networks,” Ridon said. The lawmaker noted that several personalities who actively defended Vice President Sara Z. Duterte during her impeachment trial appeared to have shifted their attention to defending Chinese Ambassador Jing Quan and Beijing’s position in the maritime dispute. “When you look closely, the same people are speaking out. In other words, the same talking heads defending China are also the talking heads defending Duterte,” Ridon said. The proposed investigation fol lows the controversy over Jing’s remarks that China could

“easily win” in a confrontation with the Philippines, which drew strong objections from Philippine officials and renewed scrutiny of local personalities defending Beijing. Ridon cited a 2020 network identified by Meta and Graphika that promoted favorable narratives about China while amplifying content supporting thenPresident Rodrigo Duterte. He also pointed to a June 2026 investigation by the Atlantic Council’s Digital Forensic Research Lab documenting domestic and foreign influence operations targeting overlapping Philippine audiences. The House committees on Foreign Affairs and Public Information could serve as venues for the inquiry, Ridon said, given the allegations’ implications for foreign influence and online information

dissemination. “If Congress finds that this network needs to be dismantled, then that is what should be done,” he said. Ridon’s push for a congressional inquiry comes as he separately challenged Beijing to expand its travel restrictions against Filipino officials defending the country’s maritime rights, saying sanctions against former senator Francis Tolentino and Defense Secretary Gilberto Teodoro Jr. had failed to intimidate Philippine officials. “If they want to add more officials and personnel to their list of people banned from China, they should do it now,” Ridon said, maintaining that Beijing’s restrictions would not deter Filipinos from asserting the country’s sovereign rights in the West Philippine Sea.

Sandiganbayan hears witnesses on alleged suitcase deliveries in Romualdez ₧7.4-B plunder case By Joel R. San Juan @jrsanjuan1573

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HE Sandiganbayan Third Division on Monday continued its hearing on the bail petition of former House Speaker and Leyte 1st District Representative Martin Romualdez who is facing P7.4 billion plunder charges for allegedly receiving kickbacks from flood control and other infrastructure projects of the government. During Monday hearing, the

prosecution presented witnesses Police Major Alvin Nuguid and Police Chief Master Sergeant (PCMS) Larry Zymon Bellen, both former security officers of resigned Ako Bicol party-list Rep. Zaldy Co. Bellen said he was assigned as Co’s closein security officer in 2018 while Nuguid testified that he served as Co’s assistant security officer from March 2024 to July 2025. In his testimony, Bellen told the court that there were suitcases delivered several times to Co’s two units at the 56th floor of the high-end

residential building at the Bonifacio Global City. He also testified that he saw suitcases line up below the jet allegedly owned by Co at a private hangar in Pasay City. Bellen also claimed that it was Romualdez who convinced Co to represent Ako Bicol Party-list in Congress. Nuguid also collaborated Bellen’s claims, saying that he saw around 50 to 60 suitcases delivered to Co’s residential units from May 2024 until July 2025. Nuguid testified that he accompanied Co to several locations, including a townhouse at the Manila Polo Club, McKinley Road in Forbes Park, 30 Tamarind and Aguado Street. However, defense lawyer Via Valdepenas objected to the testimonies of the two witnesses pertaining to the deliveries of suitcases, branding their claims as mere “hearsay.” Under questioning by Valdepenas and members of the anti-graft court, Nuguid admitted that he never personally accompanied any alleged cash deliveries or witnessed money being transported to these locations. Although he had seen suitcases, Nuguid admitted that he never saw their alleged cash contents and did not know where the suitcases were to be delivered. Meanwhile, Bellen, likewise, failed to provide any firsthand account of cash being delivered to Romualdez.

AMLC: ₧217,000 in terror-linked funds forfeited after Manila court ruling By Justine Xyrah Garcia

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HE government has secured the forfeiture of over P200,000 in funds linked to alleged terrorism financing activities involving a Filipino identified as a facilitator for the Islamic State in Iraq and the Levant (ISIL), the AntiMoney Laundering Council (AMLC) said. In a statement released on Mond ay, t he A M L C said the forfeiture covered P217,165.06 held in a bank account under the name of Abdulpatta Escalon Abubakar, following a favorable decision by the Manila Regional Trial Court, Branch 18. AMLC noted that Philippine authorities began investigating Abubakar in 2017 after intelligence reports linked him to the transfer of funds from Saudi Arabia to the Philippines through the wives and relatives of Abu Sayyaf Group (ASG) members. The reports prompted a financial investigation into his bank accounts for possible violations of the Terrorism Financing Prevention and Suppression Act of 2012. Abubakar was also designated as a terrorist under United Nations Security Council Resolution 1267 for acting as a facilitator for ISIL. International authorities linked him to the transfer of $50,000 to former ASG leader Isnilon Hapilon, who later became the recognized leader of the Islamic State in Southeast Asia. The funds were believed to have been used to acquire weapons and ammunition, AMLC said. He was likewise linked to efforts to obtain materials for manufacturing improvised explosive devices. The AMLC said the forfeiture demonstrates how financial intelligence and asset recovery can help disrupt terrorism financing by cutting off terrorist facilitators’ access to funds and financial services. The council added that financial investigations remain a key part of the country’s efforts to combat terrorism financing, as it vowed to pursue further investigations and forfeiture actions against funds and assets linked to such activities in accordance with Philippine laws and international obligations.

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D.A. SEEKS P62B FOR PROJECTS TO MITIGATE EL NIÑO’S IMPACT By Ada Pelonia

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HE Department of Agriculture (DA) is seeking nearly P62 billion to bankroll projects aimed at mitigating the impact of El Niño on local production and rural livelihoods. The DA said the proposed spending package includes the P6.2 billion already released under the government’s UPLIFT Program. Agriculture Secretary Francisco Tiu Laurel Jr. said the remaining funding requirements and unfunded interventions point to the importance of matching preparedness plans with timely financing and implementation as the country braces for potential drought-driven disruptions. “We need to plan ahead and ensure farmers have the support they need to cope with a potentially severe El Niño, including access to drought-tolerant rice varieties and other appropriate inputs,” Tiu Laurel said. “Early preparation is crucial to minimizing production losses and protecting farmers’ livelihoods and the country’s food supply,” he added. Among the proposed interventions yet to be funded are cloud seeding operations (CSOs) and measures to manage red-striped soft scale insect (RSSI) infestation affecting sugarcane production. The P371-million shortfall indicates competing demands on resources as authorities seek to protect crops and sustain agricultural output, the DA said. President Ferdinand Marcos Jr. ordered the agency to submit a comprehensive accounting of cloud seeding operations, identifying areas covered and the corresponding budget allocations.

Further, he instructed the DA to explore importing drought-resistant rice seeds from India for possible distribution to farmers, expanding options for cultivation in waterstressed areas, subject to feasibility and implementation requirements. Beyond this, Marcos called for intensified market surveillance and price monitoring of agricultural commodities to guard against manipulation, profiteering, and other irregularities during the El Niño period. The DA should also prepare a prioritized beneficiary list to ensure assistance reaches vulnerable communities promptly. “All government agencies were directed to adopt energy- and water-conservation measures, while early procurement and possible budget realignment were encouraged, subject to applicable procurement, budgeting, accounting and auditing rules.” Meanwhile, the DA noted that interagency livelihood measures also form part of the response. For one, the Department of Social Welfare and Development (DSWD) reported updates on Project LAWA and BINHI, a cash-for-work initiative receiving technical assistance from the agency’s plant industry, fisheries and soil and water management bureaus. The Department of Labor and Employment (DOLE) also announced the forthcoming launch of the Trabahong-Dagat and Blue Enterprise Development Program for potentially affected fisherfolk, in partnership with the DA. The plan’s effectiveness, however, will ultimately depend on funding availability, coordination and delivery on the ground, the agency added.

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Budget woes hound ’27, ’28 rail, airport, road projects By Lorenz S. Marasigan

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STRING of rail, airport and road projects is set to open in 2027 and 2028. Transportation Secretary Giovanni “Banoy” Lopez gave the timelines on Monday but warned that budget constraints and long gestation periods continue to slow delivery. Speaking at the Economic Journalists Association of the Philippines (EJAP) 2026 Infrastructure Forum at the InLife Makati Ballroom in Makati City, Lopez said the Department of Transportation (DOTr) is pursuing its big-ticket projects “one day at a time.” “The DOTr has many projects, so many, and the gestation period for big-ticket projects is long, but we’re trying to solve and implement our projects one day at a time,” Lopez said in a mix of English and Filipino. “What we’re after is that you save on your time and your daily expenses, and that these aren’t wasted just because of traffic.”

Rail openings

FIRST in line is the Metro Rail Transit Line 7 (MRT 7). Its first 12 stations, from North Avenue to Sacred Heart, will begin operations by the second quarter of 2027. The line was 89 percent complete overall as of July, with construction at 88 percent. Covering Quezon City and San Jose del Monte, Bulacan, it is expected to cut travel time from three hours to 35 minutes. The P873.6-billion North-South Commuter Railway (NSCR), co-financed by the Japan International Cooperation Agency (Jica) and the Asian Development Bank (ADB), will start partial op-

erations on its Valenzuela-to-Malolos segment in December 2027. The Malolos-to-Clark segment is estimated to follow in 2028. The 147-kilometer system was 62 percent complete overall as of mid-2026, with construction at 40 percent, and its fourth train set was delivered at the Valenzuela Depot last week. The Metro Manila Subway Project is slated for a train demonstration run in 2028 and full operations in 2032. It stood at 58.61 percent overall and 31.86 percent in construction as of July. The Common Station linking Light Rail Transit Line 1 (LRT 1), MRT 3 and MRT 7 in Quezon City was 76 percent complete as of July, with construction at 68 percent. The MRT 3 rehabilitation was at 90.62 percent as of September, and the Quezon Avenue station, the pilot of the station rehabilitation program, was finished on September 8. For the LRT 1 Cavite Extension, the Light Rail Transit Authority (LRTA) signed an agreement last month with the Villar Group of Companies for the donation of two more land parcels needed for the Las Piñas station. Lopez said this cleared the way for faster completion. He added that the DOTr had been prepared to bypass the station and proceed to Zapote and Bacoor had the issue dragged on. Further out, the Mindanao Railway Phase 1 still has no financing, and the DOTr is concentrating on right-of-way acquisition while it courts lenders. The feasibility study for the 212-kilometer SubicClark-Manila-Batangas Railway, which Lopez said will be exclusively for cargo, is expected between late 2027 and early 2028.

Airports and roads

THE aviation pipeline has several completions due by mid-2027. At the new Bukidnon Airport, the passenger terminal is targeted for December 2026 and the full 2,100-meter runway for the second quarter of 2027. Lopez said the topography, including a creek that required a box culvert, had forced changes in the runway plan. “Bigger aircraft, lower fares—that’s what we are after here,” he said. San Miguel Corp. (SMC), the private concessionaire at Caticlan Airport, committed to complete its 36,000-square-meter passenger terminal for Boracay by the second quarter of 2027. Siargao Airport’s expanded modular terminal, which raises pre-departure capacity from 200 to 750 passengers, is set for completion this October. At the Bicol International Airport, the DOTr has secured funding to relocate and replicate transmission lines of the National Grid Corp. of the Philippines (NGCP) near the runway. Lopez called the lines a safety issue and said they are the only obstacle to regional airport operations there. On roads, the South Luzon Expressway Toll Road 4 from Santo Tomas, Batangas, to Lucena, Quezon, is targeted for December 2026 but may slide to the first quarter of 2027. Three new Edsa Busway stations are 99 percent complete and due this month, and the DOTr is seeking funds in the 2027 budget to replicate the busway on other Metro Manila routes.

Slow and underfunded

LOPEZ said the Antique Airport shows how long

transport projects take. It was procured around 2017 to 2018, when he chaired the bids and awards committee, and was inaugurated only this year. The project extended the runway from 1,430 meters to 1,800 meters and expanded the terminal from 181 square meters to 2,224 square meters, raising passenger capacity from 64 to 360. “The budget becomes a chicken-and-egg problem,” Lopez said. “The gestation period of doing infra, especially for DOTr, is very long. But I think we can shorten that, as long as those in office keep a close watch on it.” He said a lack of funds has also delayed repairs such as rail station escalators, forcing the DOTr to lean on private partners. One example was the flooded walkway at the Trinoma MRT 3 area, which he asked SMC’s MRT 7 unit to fix as corporate social responsibility. “I have to admit, I have to be humble. I appealed to MRT 7, to SMC. I told them I don’t have funds for this,” he said. “Without the help of private companies, it will be harder for us in government.” By contrast, the Siargao terminal expansion shows what is possible when funding and implementation are in order, Lopez said. “In less than one year, as long as the project is implemented properly and the funds are in order, it will be finished.” Lopez added that easing traffic requires cooperation among local government units (LGUs), the DPWH, the Metropolitan Manila Development Authority (MMDA) and the public. “Traffic is a big issue, and that’s not the problem of DOTr alone,” he said.

Gov’t lays out airport, cruise terminal upgrades for tourism By Ma. Stella F. Arnaldo Special to the BusinessMirror

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KASIBU RESIDENTS PRESS OMBUDSMAN OVER MINING PERMIT Residents of Kasibu, Nueva Vizcaya, and environmental advocates rally outside the Office of the Ombudsman in

Quezon City on Monday, October 19, 2026, to seek the revocation of North Luzon Mineral Resources Corp.’s exploration permit covering 4,456 hectares of community land. The group also filed complaints against police over the arrests of environmental defenders and alleged violations linked to mining operations in the province. NONOY LACZA

EVERAL infrastructure projects that can lift the tourism and travel sector are slowly being completed. Speaking at the EJAP Infrastructure Forum 2026, Acting Transportation Secretary Giovanni Z. Lopez said the San Miguel Group, for one, has “committed to finish the Caticlan [International] Airport by the second quarter of 2027.” With the completion of a new passenger terminal, he said the airport will be able to handle 7 million passengers a year, from the current 3.8 million. The new passenger terminal being constructed by Megawide Construction Corp., will have a total floor area of close to 37,000 square meters, occupying two stories. Awarded in November 2024, the project was delayed due to right-ofway (ROW) issues that faced TransAire Development Holdings Corp., a unit of the San Miguel Group handling the airport project. A new passenger terminal at the Sayak Airport on Siargao Island will also be completed this month, raising passenger capacity to 750 seats from the current 200.

Challenging topography

DFA summons Jing over ‘easy win’ By Malou Talosig-Bartolome

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OREIGN Affairs Secretary Ma. Theresa Lazaro summoned Chinese Ambassador Jing Quan on Monday over remarks that Beijing “may easily win” if it chose to use force, with the Department of Foreign Affairs (DFA) describing the comments as a threat and a source of concern in already strained bilateral relations. In a statement, the DFA said Lazaro conveyed the Philippines’s “serious concern and strong objection” to Jing’s remarks, stressing that the ambassador’s statement was viewed as “a threat of the use of force.” Lazaro also rebuked Jing for

publicly criticizing and taunting Philippine officials and legislators who were acting within their mandates, an apparent reference to recent social media posts by the Chinese Embassy in Manila. Those posts challenged lawmakers who had threatened to seek the withdrawal of Jing’s diplomatic accreditation following his controversial remarks. However, the DFA stopped short of indicating whether it would declare Jing persona non grata, a step that has been urged by some senators and civil society groups. “The Department reserves the right to take further diplomatic action as it deems necessary,” DFA Acting Spokesperson Analyn Rato-

nel said. The controversy stemmed from comments Jing made on October 15 following an academic forum, where reporters asked him to respond to Defense Secretary Gilberto Teodoro Jr.’s description of China as a “troublemaker in the region.” “That’s nonsense. Who’s the troublemaker?” Jing replied, before citing developments involving Chinese nationals in the Philippines, including the arrest of Chinese steel workers in Mindanao and the departure of Chinese-language teachers from the country. “If we want to use force, we may easily win. But no, we will not choose force, and we love peace,:

the ambassador said. The remarks drew swift criticism from Philippine officials, particularly amid ongoing tensions between Manila and Beijing over the South China Sea and heightened public scrutiny of China’s activities in the country. On Friday, the DFA said Jing’s statement appeared to convey “a thinly veiled threat of the use of force.” By Monday, the department adopted firmer language, saying the ambassador had effectively conveyed such a threat. Ratonel said Lazaro regarded Jing’s remarks as “provocative and unacceptable” and warned that See “DFA,” A2

HOWEVER, Lopez noted that the “topography” of said airport has made it a challenge for government to extend its runway. “There are mangroves, there are mountains, there are wetlands,” he noted, underscoring environmental considerations that are in play in the project. Local carriers have said domestic air fares to Siargao from Manila are expensive as they can only use turboprop planes to fly passengers, limiting their economies of scale. Also, increased land travel costs are now incurred by passengers as turboprops have been moved to the Clark International Airport in Pampanga from the Ninoy Aquino International Airport in Parañaque City. Government has planned to extend the Siargao airport runway by 1,200 meters from its current 1,347 meters and widen to 100 meters from the current 30 meters to support larger jets like the Airbus A320 that can carry more passengers. As an alternative, Lopez pointed to

the opening of the new cruise terminal at Jubang, also on Siargao Island, that can already accommodate international cruise ships to the popular surfing destination. (See, “PHL welcomes 75K cruise passengers in 1H as new ports rise,” in the BusinessMirror, Aug. 24, 2026.) “You can ride 2Go and travel to Siargao for just P3,000,” he said--a steal, compared to the current oneway airfare that starts at P6,000 per person, with a layover in Cebu. The sea voyage takes about 29 hours. 2Go Travel, a unit of SM Investments Corp., is the only local shipping company that travels directly from Manila to Siargao, and vice versa.

Expanding Bicol, Bohol capacities

THE DOTr chief said there are ongoing ROW lot acquisitions at the Bicol International Airport (BIA) “for operational needs and future expansion.” Planned since 1996, the airport finally opened for commercial operations in October 2021. Its current passenger capacity is 2.2 million passengers. It is slated to undergo major capacity upgrades to finally transition it to an international facility via the P21.64-billion regional airport public-private partnership (PPP) proposal won by the Philippine Regional Airports Consortium (PRAC). The proposal, which also includes the Siargao Airport, is slated for a Swiss challenge next year. The PRAC, composed of JG Summit Infrastructure Holdings Corp., Filinvest Infra-Solutions Ventures Inc., and the Asian Infrastructure and Management Corp. secured original proponent status for the bundled PPP project. Lastly, the Bohol-Panglao International Airport is currently being upgraded to improve its operations and enhance passenger experience. Operated by Aboitiz InfraCapital Inc., the company will invest some P4.5 billion to expand the passenger terminal capacity to 3.9 million by 2030 from the current 2 million, install modern aviation systems, and improve airside and landside facilities. The Department of Tourism has targeted visitor arrivals to reach 6.7 million this year, but Acting Tourism Secretary Ma. Bernadita Angara-Mathay has said she will be satisfied if this can match the 6.4 million arrivals in 2025.

A10 Tuesday, October 20, 2026 • Editor: Angel R. Calso

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editorial

Fetal inequality: The PSA’s birth weight warning

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HE Philippine Statistics Authority’s finding that 18.6 percent of Filipino infants were born underweight in 2025—up from 15.4 percent in 2022 and 14 percent in 2017—is an unfortunate retreat. A country that had been steadily improving its newborns’ odds of a healthy start is now losing ground, and it is losing it in the womb. (Read the BusinessMirror story—More Pinoy infants born underweight in 2025—PSA, October 15, 2025).

Low birth weight, defined as under 2.5 kilograms, carries implications that extend far beyond the delivery room. The PSA itself calls it “the most widely used indicator of poor fetal growth,” and poor fetal growth is a life sentence paid in installments: stunting, weaker immune defenses, lower cognitive performance in school, and elevated risk of diabetes and hypertension decades later. Every underweight baby is a future adult whose potential was clipped before the first breath. That is why the trend line, not the headline rate, should alarm us. Reversal means systems are degrading, not merely lagging. The survey also makes clear this is not a mystery. It is inequality, inscribed on the bodies of the poor. Consider the gradient. Among infants of mothers with only some primary education, 28.1 percent were underweight—nearly double the 14.8 percent among mothers with some college. Household wealth traces the same arc. And the geography is damning: Zamboanga Peninsula at 23.8 percent, Eastern Visayas at 22.5, Central Visayas at 22.1, BARMM at 20.6. Cagayan Valley manages 12 percent. In this respect the archipelago is not one country but several, and the poorest ones are feeding their pregnant women least. Then there is tobacco—the most fixable culprit on the list. Infants born to mothers who smoked had a 29.1 percent low birth weight rate, against 17.9 percent among non-smokers. That 11-point gap is enormous, and it is addressable with taxation, counseling, and enforcement at the barangay level. The PSA’s companion finding on women’s decision-making is the other half of the story. Where women can decide about contraception, sexual relations, and their own health care, outcomes improve—88 percent in Central Visayas against 54.6 percent in BARMM. Autonomy and nutrition travel together; you cannot feed a fetus well if the mother is not the one deciding what she eats, when she rests, and whether she gets prenatal care. What should follow? First, treat maternal nutrition as infrastructure rather than charity: expanded prenatal supplementation, food fortification, and cash transfers timed to pregnancy, not to the electoral calendar. Second, target the four worst regions with dedicated funding and accountable targets. Third, fold tobacco cessation into routine prenatal visits. Fourth, keep girls in school longer—the education gradient is the clearest signal in the data, and it compounds across generations. An anomalous finding emerges in the middle wealth quintile, where low birth weight peaked at 22.3 percent, exceeding the levels observed in lower wealth brackets. Money alone is not the answer. Diet quality—cheap rice, processed food, sugary drinks—matters as much as income. A well-fed nation is not a rich nation; it is a nation that decides its mothers eat well. The Philippines has spent years congratulating itself on economic growth. Growth, it turns out, does not automatically reach a fetus. Until it does, 18.6 percent is a verdict. Since 2005

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The other canal

HE Riyadh Mukaab left Gdynia, Poland on September 25 and is due in Qingdao, China on October 22. The 27-day trip does not touch Suez. The ship is routed north of Russia by way of the Northern Sea Route (NSR). Its operator, the Singapore-incorporated, Chinese-backed container carrier Sea Legend, scheduled eight weekly sailings from China between August 15 and October 3.

For decades, Europe-Asia shipping rested on a handful of geographical facts. A vessel went through Suez, around Africa, or accepted impractical alternatives. Port operators such as International Container Terminal Services Inc. built to that map, and insurers priced to it. Planners assumed no serious substitute for Suez existed, and the assumption held until conditions changed.

ships matter more than the cargo they carried. The NSR is nowhere near replacing Suez. The Centre for High North Logistics (CHNL) counted 104 transits by September 30, already above the 103 recorded in all of 2025, and its director expects the season to approach 150. Most of that traffic involves Russian or Chinese ports. Container ships are a thin slice of it. Russia’s Arctic development minister forecasts more than 35 international container voyages this year, against 24 in 2025, which is growth from a very small base. The route can cut maritime distance between East Asia and Europe by up to 35 percent and save 10 to 14 days, yet specialized Arctic operating costs kept it uncompetitive for

mainstream traffic. The icebreaker escort cost, once treated as a fixed toll, is a published tariff that varies with ice class, season and zone, and it applies only where ice demands an escort. The PanStar Acro crossed without direct escort. Hormuz has been largely blocked since the strikes on Iran, and the Houthis declared a blockade of Saudi ports on July 20. Shippers who treated the Arctic as a curiosity are reading the map again. For decades, Europe-Asia shipping rested on a handful of geographical facts. A vessel went through Suez, around Africa, or accepted impractical alternatives. Port operators such as International Container Terminal Services Inc. built to that map, and insurers priced to it. Planners assumed no serious substitute for Suez existed, and the assumption held

John Mangun

OUTSIDE THE BOX

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The South Korean container ship PanStar Acro made the full round trip. It left Busan on August 22, called at Felixstowe, Rotterdam and Gdansk, and returned to Busan on October 11. President Lee Jae-myung said the Arctic route shortened the one-way sailing time by 10 days against Suez. The ship carried a little under a third of its capacity, and about 100 of its containers were empty. In 1498, Vasco da Gama reached India by sailing around Africa. The voyage mattered because Venetian and Egyptian middlemen had organized centuries of spice commerce around a short list of routes. Once a rival route proved viable, even on a small scale, every old route lost a little of its power. That is the test for the NSR, and it explains why two

until conditions changed. Da Gama’s story has a second chapter. Within a decade, Portugal was issuing passes to Asian merchant ships in the same waters. The Arctic route repeats it. Every transit needs a permit from the Northern Sea Route General Administration, an institution subordinate to Rosatom, while policy and supervision remain with Russia’s Transport Ministry. The alternative is real and Moscow holds the gate. The Philippines has a stake beyond freight rates. It supplies a large share of the world’s seafarers, and a new route means new crewing demand under ice. The route can subject operators to sanctions-related risk because it runs along Russia’s northern coast. Some major shipping companies have pledged to avoid Arctic routes on environmental grounds. A manning agency in Manila that places crew on such a ship inherits that exposure. Seasonal ice arrives from around mid-October, which limits vessels without ice class. Higher ice classes can keep going into mid-November or later, and those late voyages are the demanding ones. Training for Arctic shipping exists. The Maritime Industry Authority (MARINA) approved Basic and Advanced Polar Waters courses at a Philippine training center in February 2025. Those courses are built for See “Mangun,” A11

France struggles to contain fallout from nationwide protests By Gaspard Sebag

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RANCE is grappling with the aftermath of a weekend of widespread protests that descended into clashes between police and demonstrators and sparked some of the worst street violence the country has seen in years, with looting and landmarks set on fire.

The demonstrations drew more than half a million people to cities across the country on Saturday, but what started out as peaceful processions to complain about poor conditions in classrooms and hospitals and cost of living concerns soon deteriorated. Interior Minister Laurent Nunez said that 1,800 people nationwide had been arrested, including 855 in Paris. Scenes of destruction spanned multiple cities, with hundreds of police and firefighters injured. The historic city hall in Limoges, central France was set on fire, gutting the building, while a tourist office was set ablaze in Lyon. The clashes come at a critical time for the country, with a presidential election looming in April as President Emmanuel Macron’s term in office comes to an end. Discontent has been brewing across France over high living costs and students’ dissatisfaction over the education system. Demands for more funding are

at odds with an economy desperately needing to get a grip on a fastgrowing and expensive debt burden. Concerns over the country’s finances are set to drag on into the election, with investor jitters lingering over what the frontrunners have to offer, and no clear path out of the crisis. Macron is due to give a televised address at 8 p.m. local time in the wake of the protests, after a meeting with various ministers. Fallout from the weekend’s protests also sparked recriminations between political parties, exacerbating an already divided landscape. Marine Le Pen, the far-right leader who leads in polls ahead of the 2027 presidential election, directly blamed far-left firebrand Jean-Luc Mélenchon for stirring up the violence. A spat between Mélenchon and Prime Minister Sébastien Lecornu also emerged on X as protests spiraled out of control, with looting in large cities such as Paris and Bordeaux.

Scenes of destruction spanned multiple cities, with hundreds of police and firefighters injured. The historic city hall in Limoges, central France was set on fire, gutting the building, while a tourist office was set ablaze in Lyon.

Le Pen said Saturday in a post on X that “legitimate social demands” were “hijacked by the far left and the rhetoric of Jean-Luc Mélenchon’s members of parliament.” Mélenchon blamed police provocation for some of the disorder and wrote on X that “those who share our struggle are not to be involved in looting or vandalism.” Macron also reacted on X, calling for looters and vandals to be “prosecuted and punished,” standing in support of the police. The mayors of Paris, Marseille and Lyon, have requested a meeting with the prime minister. Marseille’s Benoit Payan pointed to the inadequacy of the state’s plan for law and order on Saturday. Damage from the unrest will cost “hundreds of millions of euros” to repair, according to Alexandre Bompard, the chief executive officer of

grocer Carrefour SA and also the head of the French trade and distribution federation. He said in a Sunday interview on LCI that 1,500 storekeepers were affected, with about 20 of his own supermarkets looted. Scenes of the Limoges town hall fire prompted a response from US Vice President JD Vance, who linked the events to immigration and a lack of assimilation. “I pray that France, a beautiful country of amazing people, will stop this madness before more of its landmarks burn,” he wrote on X. Saturday also marked a day of broader, uncoordinated demonstrations across Europe, with Belgium and Portugal among the countries affected. In Italy, cost-of-living protests also descended into clashes in Turin and Bologna. In Milan, a loosely organized demonstration drew a mixed crowd before groups of mostly young, masked rioters fought police in and around Piazza Duomo, the main square at the heart of Italy’s financial capital, throwing paving stones and firecrackers and looting stores. “Demonstrating is a right. Setting our cities on fire is not,” Prime Minister Giorgia Meloni said on Saturday. With assistance from Alberto Brambilla/ Bloomberg

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Thirty seconds in Texas costs $12,000 as politics dominates TV By Joe Lovinger

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UYING a 30-second television ad in Harlingen, Texas, typically cost political candidates less than $500 two years ago. These days the spots are going for the price of a serviceable used car in the small city near the Mexican border.

Last week, Democrat James Talarico’s US Senate campaign shelled out $12,000 for a half-minute ad during a Major League Baseball game on the local Fox station. That’s 26 times the cost of a similar commercial during the state’s 2024 Senate race, according to Federal Communications Commission records. And that’s assuming a campaign can still get time. With Talarico and Republican Ken Paxton pouring unprecedented sums of money into the state, the candidates are struggling to book time on the air at all in places like Harlingen, according to GOP strategist Vinny Minchillo. “You can’t buy it,” Minchillo said. “It’s closed out.” It’s a similar story around Texas, where Republicans and Democrats have poured more than $500 million into the state’s Senate race. With early voting set to start Monday and a little more than two weeks to the election, the Paxton-Talarico contest is shaping up as one of the most expensive non-presidential contests ever as the two parties flood the airwaves and social media in a fight over a seat that could decide control of the Senate. That spending is apparent every time a Texan turns on the television to watch a game or the news. The going rate for nightly news spots at a Houston NBC affiliate has almost doubled from 2024, and Paxton spent $60,000 for an ad on a Sunday Night Football broadcast scheduled for late October. TikTok users are racking up hundreds of thousands of likes by poking fun at both sides’ ubiquitous commercials. One omnipresent ad runs so frequently that it’s turned a conservative activist from the Dallas area, Miriam Evans, into a familiar face. The money is tilting towards Paxton, a conservative firebrand and Texas attorney general, fueled by an influx from the world’s wealthiest person, Elon Musk. But Talarico, a 37-year-old state representative and seminarian, has amassed a formidable haul as well. He also has a slight edge in polling as he seeks to become the first Texas Democrat to win a Senate seat since 1988. A Talarico victory would deal a black eye to President Donald Trump, who endorsed Paxton, 63, in the Republican primary over a four-term senator, John Cornyn. In a social media post on Oct. 15, Trump lashed out at Cornyn and longtime GOP strategist Karl Rove, accusing them of undermining Paxton’s campaign. Disenchantment among some GOP voters—including the state’s large Hispanic population, which shifted toward Trump in 2024—is one reason pollsters say Democrats are holding their own in other state races. Gina Hinojosa, until recently a little-known Democratic state representative, is polling close to Governor Greg Abbott, who has won three gubernatorial elections by 10 points or more. “Right now, Democratic partisanship is on fire, and GOP partisanship is tepid,” said James Henson, executive director of the Texas Politics Project at the University of Texas at Austin. He recently found that 72 percent of Democrats said they’re enthusiastic about voting in November, 10 points higher than Republicans. Democrats have long dreamed of winning more in the state, with its growing non-White majority and booming urban areas. Their dreams have been crushed each time. The

party’s recent high-water mark was Beto O’Rourke’s 2018 loss to Senator Ted Cruz by less than three points. As of mid-October in that race, O’Rourke was consistently trailing Cruz in polls, in contrast to Talarico’s slim lead now. This year, Democratic strategists say they’re getting a boost from cost-of-living concerns, opposition to data centers and plunging approval for Trump. Republicans still have a natural advantage in Texas, a state that Trump won by about 14 points in 2024. But the party has struggled to unite behind Paxton. Cornyn, a fixture in GOP fundraising circles who warned that Paxton would drain resources from other critical races, has called him “lazy” and a “poor campaigner.” When Cornyn held a recent fundraising event for Senate candidates in close contests, Paxton was left off the list. Other prominent Republicans have also cast doubt on Paxton’s strength at the top of the ticket, including Rove and former Texas House of Representatives Speaker Joe Straus. At the Republican midterm convention in Dallas last month, Trump poked fun at Paxton’s appearance and speaking style after the candidate’s six-minute speech, even as he lauded his performance as attorney general. Paxton later told donors the convention hurt his polling numbers, the New York Times reported. At an individual candidate level, Talarico has easily outraised Paxton. He’s even showed early signs of beating Paxton in the money race in traditional bastions of GOP support such as Highland Park, a wealthy enclave north of downtown Dallas, although the final tally isn’t yet available. In 2020, when Cornyn ran for reelection, he outraised his Democratic opponent by a 3-to-1 margin in the town, Federal Election Commission records show. But GOP-aligned groups have been stepping up spending since Labor Day. Musk’s America PAC has spent $22.7 million directly in the race. He also gave $158 million to the Senate Leadership Fund, a powerful GOP group behind Texas PAC, the biggest spender in the race. In September, Texas PAC dumped $77 million on the race, according to data from AdImpact, an advertising tracker. It followed that with another $79.4 million in advertisements in October, and has booked a little over $3 million in spots for early November. Talarico and his backers have run over $95 million in advertisements, with around $82 million of it directly from his campaign. But national Democrats have been more reluctant to spend big in Texas, balking at the high cost of reaching 19 million registered voters across the state’s 20 media markets. “We’re being outspent, there’s no need to deny that, and that’s not what you want,” said Katherine Fischer, co-founder of Texas Majority PAC, a Democratic group. Fischer argued that there’s been little shift in the polling despite all the spending. But there’s still time left, said Henson of the Texas Politics Project. “We’ll see whether the spending can help in the final two and a half weeks of this campaign,” he said. “What we’ll see is a lot of that money going into voter identification and mobilization among Republicans in order to shore up Republican numbers. But I think we’re beyond Republicans trying to mount up much in the way of persuasion campaigns.” Bloomberg

Tuesday, October 20, 2026 A11

Modi has no easy fix to end resurgent India cockroach protests By Shruti Srivastava & Sudhi Ranjan Sen

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ACK in July, the resignation of Prime Minister Narendra Modi’s education minister swiftly ended India’s first major round of student “Cockroach” protests just as they were gaining momentum. This time, he has no easy way out. Modi’s rivals are now demanding the resignation of Chief Election Commissioner Gyanesh Kumar, alleging that he has failed to address criticism that a once-in-20-year update of India’s electoral rolls is unjustly purging millions of voters at the expense of the opposition. While there’s little hard evidence of bias, the furor was stoked by an Indian Express report last month that found Kumar ignored objections to the process raised by his two fellow commissioners. Even if Modi wanted to get rid of Kumar, who has more than two years left on his term, the process would take time and political capital. The Election Commission of India is an independent body, and removing its head would require an investigation to prove “misbehavior” as well as approval by both houses of parliament in the same session with at least twothirds of members present. But Modi’s Bharatiya Janata Party has repeatedly backed the Election Commission and the revision of electoral rolls, which is intended to remove dead, duplicate and ineligible voters in the world’s largest democracy. A sudden U-turn to get rid of Kumar or halt the revision process would not only hand a victory to Modi’s opponents, but also call into question recent election wins for his party, which retains a dominant grip on parliament. “Either you figure out a way of letting him step aside, or you ensure that the protests are delegitimized,” said Neelanjan Sircar, a political scientist at Ahmedabad University who specializes in Indian elections and voter behavior. “The government is very much on the back foot. But when you’re a dominant party with this kind of control, it can take a very long time for the slide to show.” The dynamics leave Modi little choice but to deploy repressive measures to snuff out the protests to avoid a repeat of July, when police bloodied thousands of students in

street clashes near parliament in New Delhi. His government this time has opted for mass detentions, arrests of the Cockroach Janta Party’s leaders and a partial lockdown of the capital. Central Delhi has effectively been turned into a fortress for over a week, with heavy security and restrictions on public assembly. Roads around one of the capital’s busiest commercial districts reopened on the weekend, though barricades remained in place and thousands of security personnel are deployed across the city. The government has also stepped up its rhetoric against the protesters, painting them as a small minority seeking to overthrow the will of voters who have helped Modi’s BJP dominate Indian politics since 2014. Unlike the earlier protests related to exams, which resonated across the political spectrum and the wider public, the latest demonstrations are more led by the opposition INDIA alliance, which has struggled in recent elections. “Attempts are being made to use the nation’s youth as pawns in a politics of chaos—some seek a regime change,” Defense Minister Rajnath Singh said in a national address on Friday. “Their struggle is not for electoral reform,” he added, accusing protesters of seeking to “dismantle democratic institutions and set the country ablaze.” The bet from Modi now is that the heavy security presence and arrests will help keep people off the streets long enough for the current wave of protests to fizzle out. The traffic gridlock and other inconveniences from the heightened restrictions also may increase public anger toward the protesters, particularly as the extent of disapproval over alleged election malpractices is still unclear. Home Minister Amit Shah has also used the issue to appeal to the BJP’s base of Hindu nationalists, who want to eliminate special provisions for religious minorities including

Central Delhi has effectively been turned into a fortress for over a week, with heavy security and restrictions on public assembly. Roads around one of the capital’s busiest commercial districts reopened on the weekend, though barricades remained in place and thousands of security personnel are deployed across the city.

Muslims. He has accused opponents of the voter-roll revision of supporting illegal immigration, signaling that the bulk of those removed from the list are foreigners from Muslim communities in neighboring countries such as Pakistan, Bangladesh and Myanmar, according to Nilanjan Mukhopadhyay, a New Delhi-based author and Modi biographer. “I expect more draconian measures, including the use of laws against protesters and the opposition, over the next two years,” Mukhopadhyay said. “I also see a greater risk of communal tensions across the country, with minor confrontations potentially escalating into major incidents.” At the same time, the crackdown risks backfiring into a fresh rallying cry for young people, opposition parties and civil society groups. The spotlight again is quickly turning from a single issue to Modi’s government more broadly, at a time when inflation is rising and fresh graduates are struggling to find jobs as companies seek to deploy artificial intelligence to boost productivity. The rupee is hovering near record lows and foreign investors continue to sell Indian stocks. While Kumar hasn’t explicitly referenced the calls to resign, the Election Commission has shown more responsiveness to public criticism of late. Last month, it agreed to publish minutes of meetings, eased some voter-verification requirements, extended deadlines for voters to challenge their exclusions in Delhi and Maharashtra, and established a panel to review its voter-registration software. The poll body also said officials would collect documents from voters with unmatched or inconsistent records, while those

Singapore names seven companies over Indonesia haze fires By Olivia Poh & Eddie Spence

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INGAPORE has identified seven companies it says were involved in wildfires in Indonesia that have blanketed the citystate in haze, stepping up scrutiny of firms linked to the blazes.

The National Environment Agency issued notices to the companies requiring them to prevent fires from spreading and submit plans detailing measures they are taking to bring the situation under control, according to a statement Friday. The agency said it used maps, meteorological data and satellite imagery to identify the firms. Among those served notices were PT Bumi Andalas Permai and PT Bumi Mekar Hijau, which operate plantations in South Sumatra. Both are listed as suppliers to APP Group, one of the industry’s largest players. APP said in a statement on Saturday that all of its “suppliers adhere to a zero-burning policy.” Bumi Mekar Hijau and Bumi Andalas Permai didn’t respond to phone calls requesting comment. Singapore and Malaysia have been covered in toxic smog from wildfires

Mangun. . .

Continued from A10

navigating officers, chief officers and captains. A 2022 master’s thesis by Martine Maria Pedersen at The Arc-

Singapore and Malaysia have been covered in toxic smog from wildfires in Indonesia, with dry conditions linked to a powerful El Niño exacerbating the fires. Singapore Prime Minister Lawrence Wong vowed to investigate companies responsible for the blazes and warned that those found culpable could face legal action.

in Indonesia, with dry conditions linked to a powerful El Niño exacerbating the fires. Singapore Prime Minister Lawrence Wong vowed to investigate companies responsible for the blazes and warned that those found culpable could face legal action. Separately, Singapore’s stock exchange queried listed companies with agricultural and plantation operations in Indonesia about the forest and peatland fires, according to a statement from Singapore Exchange Regulation. Kencana Agri Ltd. and Bumitama Agri Ltd. told the exchange that blazes had spread into concessions they manage and that they were working to extinguish them. Wilmar International Ltd. said it had put out fires in small areas of some concessions, saying they originated outside its estates. Golden

Agri-Resources Ltd. said it wasn’t aware of any evidence that its operations had caused or contributed to the haze. Fires caused by slash-and-burn techniques used to clear farmland have long plagued Indonesia during its dry months. This year’s particularly severe season has been exacerbated by El Niño, which has brought drier conditions to the region. Singapore enacted its transboundary haze law in 2014, allowing authorities to fine companies as much as S$100,000 ($78,000) per day of pollution. The city-state

tic University of Norway suggests a separate polar basic safety course for everyone aboard. That leaves questions for the Department of Migrant Workers, MARINA, the unions and the manning agencies. Do employment contracts

address polar service? What protective equipment, insurance and pay attach to an Arctic transit? Who answers when a dispute arises on a route governed by Moscow’s permits? Ships pay Egypt a toll to cross Suez. In the Arctic they ask Moscow

excluded in earlier revisions could seek reinstatement. Modi’s best pathway to a swift resolution may come from another independent institution: The Supreme Court. India’s top court, which previously allowed the voter-roll revision to continue, asked the poll body on October 15 to respond to allegations that large numbers of eligible voters were removed from the lists. If judges order changes to the process, the government could point to the ruling rather than street pressure as the reason for a shift. “To me, the only viable option that is available now is for judiciary to step in and work toward negotiated solution which restores the credibility of the process,” said Mujibur Rehman, a Jamia Millia Islamia political scientist and author who has written extensively on Indian politics and political institutions. Even if that happens, the latest episode shows an even bigger problem: The Cockroach Janta Party has some staying power and isn’t going away easily. The pressure group, which has so far stayed out of electoral politics, has helped mobilize a street force that has given momentum to the INDIA opposition bloc in parliament and put Modi on the defensive. The next major tests at the polls is slated for early next year in Uttar Pradesh, India’s most populous state, which is crucial to any opposition hopes to unseat Modi’s government in the next national vote scheduled for 2029. So far Modi’s coalition government has shown no sign of breaking apart to potentially trigger an early election. The government is increasingly “anxious” about the cockroach movement, but it’s unclear if opposition parties will be able to convert the anger on the streets into votes at the ballot box, said Milan Vaishnav, director of the South Asia Program at the Carnegie Endowment for International Peace and an expert on Indian electoral politics. “The real challenge is whether the INDIA alliance can translate this in electoral terms,” he said. “They are quite capable of snatching defeat from the jaws of victory.” With assistance from Unni Krishnan and Dan Strumpf/ Bloomberg

sought to enforce it in 2015, but the environment ministry said at the time it was having difficulty getting information from its Indonesian counterpart on firms suspected of illegal burning. A decade on, four companies continue to be under investigation. The law targets entities responsible for causing or condoning fires when resulting smog keeps the Pollutant Standards Index at unhealthy levels for at least 24 hours. The 24-hour PSI ranged from 94 to 175 across the island as of 7 p.m. local time on Friday. Air quality is considered “very unhealthy” when levels are 201 and above. A reading higher than 300 is considered “hazardous” and can trigger school closures. Sustainability and the Environment Minister Grace Fu said air quality is expected to fluctuate, with the PSI potentially reaching hazardous levels. Conditions will likely improve when the inter-monsoon period begins in three to four weeks, she added. With assistance from Rieka Rahadiana, Megan Durisin and Marcus Wong/Bloomberg

for permission. Only Manila can protect the seaman. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

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A12 Tuesday, October 20, 2026

GAWILAN: KING OF PARA POOL!

Yulo in worlds: All-around’s not his fortè

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HE individual all-around remains to be Carlos Yulo’s waterloo but not the floor exercise and vault as the double Olympic and Asian Games gold medalist positioned himself to another shot at ruling both individual events in the World Artistic Gymnastics Championships on Sunday night at the Rotterdam Ahoy in Rotterdam, The Netherlands. “We made everything simple especially in difficulties and execution to qualify for the finals of floor [exercise] and vault,” said Yulo, gold medalist in both events in Paris 2024 and in last month’s Nagoya Asian Games. He, too, won the world championships floor exercise in 2019 in Stuttgart and the vault in Kitakyushi 2021 and Jakarta 2025. “There were mistakes in some apparatuses during our individual all-around qualification, but Carlos will not go home empty-handed,” Yulo’s head trainer and coach Aldrin Castañeda said. “We will make some adjustments.” Yulo, 26, was No. 34 in the individual all-around qualification with 77.631 points, way behind top thee qualifiers Paris Olympics gold medalist Shinnosuke Oka (85.098) and Daiki Hashimoto (84.632), both Japanese, and Russian Arsenio Dukhno (83.866). Yulo’s younger brother Karl Eldrew couldn’t bring the momentum of his bronze medal in Nagoya in the horizontal bar and wound up 99th place with 67.032 points among 111 participants. “It’s Karl Eldrew’s first world championships so it was a tough experience for him, but I’m sure he learned a lot from this,” Castañeda said. “We’ll see what went wrong and how to correct it.” Yulo was second in the floor exercise qualifiers and will be in the final against Russia’s Arsenni Dukhno, Great Britain’s Jake Jarman, US’s Richard Frederick, Belarus’s Yahor Sharamkou, Israel’s Noam Berkovich and Japan’s Ryosuke Doi. He was sixth in the vault and will contend against Jarman, Dukhno, Artur Davtyan of Armenia, Nazar Chepurnyi of Ukraine, Harry Hepworth of Great Britain, Shohei Kakami of Japan and Sebastian Sponevik of Norway. Josef Ramos

CARLOS YULO has mastered the floor exercise and vault but the all-around remains elusive. POC PHOTO

ERNIE GAWILAN swims his way to stamping his authority in swimming’s men’s 400-meter freestyle S7. PSC PHOTO

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AGOYA—Filipino swim ace Ernie Gawilan answered destiny’s call, delivering the Philippines’s first gold medal at the 5th Asian Para Games at the Rainbow Pool of the Nagoya City General Gymnasium. The 35-year-old Davao City native, who has underdeveloped extremities, swam like there was no tomorrow, winning the men’s 400-meter freestyle S7 gold in four minutes and 56.72 seconds to brighten what had been a gloomy Philippine campaign early in the eight-day competition. He overcame a fierce challenge from China’s youthful Zhang Yilong and a familiar foe, Singapore’s Toh Wei Soong, who settled for silver and bronze with times of 5:01.36 and 5:24.23, respectively. It was Gawilan’s third straight gold in the event and fifth overall, following his three-gold haul at the 2018 Jakarta Games and another gold in Hangzhou three years ago. His clocking also secured him a spot at the 2028 Los Angeles Paralympics, according to national para swimming coach Tony Ong. “He’s already qualified in the 2028 LA Olympics because of his time,” Ong said. In the morning preliminaries, Edwin Villanueva finished 10th and last in the men’s 400-meter freestyle S8 in 6:22.33, while Muhaimin Ulag placed 12th and last in the men’s 200-meter individual medley SM9 in 3:04.30. Over at the Izu Velodrome, more than a

three-hour drive from Nagoya, Patrick Lee and Arthus Bucay finished 12th and 14th in track cycling’s 1,000-meter time trial, clocking 1:14.888 and 1:19.496, respectively. National cycling coach Norberto October had earlier said they did not expect a medal on the track but vowed to bounce back in the road race, where they stood a better chance of a podium finish, possibly a gold. In judo at the Aichi Prefectural Martial Arts Hall, Edmond Montecillo fell to Uzbekistan’s Ibrokhimjon Akbarov by ippon in the men’s J1 -70kg round of 16. The defeat left Al Jaed Pacheco as the last Filipino judoka standing. He will battle Iran’s Mahdi Borchlou in the men’s J1 -81kg division Tuesday. The country’s table tennis bets also fell like dominoes, with Lhey Manginsay and Billy Cartera bowing out of singles contention at Sky Hall Toyota. Manginsay lost to the more

experienced Kim Kun-Hea of South Korea, 3-11, 3-11, 2-11, in women’s singles Class 9, while Cartera absorbed a 4-11, 3-11, 3-11 defeat against Thailand’s Norakan Chanphaka in men’s singles Class 4-5. Johna Pena suffered a 9-11, 6-11, 3-11 loss to South Korea’s Kim Seongok in women’s singles Class 7, while Noriko Batuhan succumbed to China’s Huang Zhirui, 5-11, 11-6, 3-11, 1-11, in women’s singles Class 3. Still battling for a medal was Wilfred Redulla, who was facing Kazakhstan’s Ali Makhubekov in the men’s singles Class 8 quarterfinals late Monday.

Lee brings confidence from CdO; Zaragosa riding own momentum

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DEEP 27-player field—easily one of the biggest casts in recent years on the Ladies Philippine Golf Tour (LPGT)—gears up for a fierce battle in the International Container Terminal Services Inc. South Pacific Championship that gets going Tuesday in Davao City. Tiffany Lee rides the confidence of a long-awaited victory, local ace Yvon Bisera banks on her familiarity with the South Pacific layout, while Chanelle Avaricio seeks to regain the spotlight and strengthen her bid for the season’s honors in the P1.25-million championship. Lee’s victory, which ended a twoyear title drought, meant far more than another trophy—it was a reward for the quiet persistence that carried her through a difficult stretch and restored her belief in her game. “That win means a lot. It’s a great reward for all the days that I’ve silently and continuously fought for,” said Lee, who secured a hard-fought two-shot victory over Bisera at Pueblo de Oro last week. Lee also credited the camaraderie among LPGT players for helping her navigate the demands of professional golf.

WITH Bella Belen—seen here with teammates Sid Niegos and Jasmine Nabor— providing consistent spark, Capital 1 hopes to sustain its momentum as the tournament goes on. PVL IMAGES

Ginebra focused on Blackwater, slot in quarters

Solar Spikers vs Thunderbelles

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EAD coach Tim Cone won’t take any chances when his Barangay Ginebra San Miguel takes on Blackwater in a battle for survival for the playoffs on Wednesday in the Philippine Basketball Association Governors’ Cup. Ginebra remains hanging in the balance as it tries to salvage a ticket to the quarterfinals despite having soundly beaten Phoenix Super LPG, 106-89, last Sunday in Antipolo City. With an improved 4-5 win-loss record, Ginebra needs a victory—or lose by more than 24 points as per the quotient system—to advance to the next phase of the tournament from Group B. “We’re aware of the quotient and, hopefully, our guys will not fool around and collapse, and we will play the game the way we are supposed to,” said Cone, whose Gin Kings face the Bossing on Wednesday at 7:30 p.m. at the Ynares Sports Center. That victory gave Ginebra a +30 advantage in point differential against Meralco (4-6) and Blackwater (3-6). The Gin Kings, however, must not lose

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

SCOTTIE THOMPSON catches Phoenix’s Kenenth Tuffin off guard as Japeth Aguilar provides the screen during their game on Sunday night. PBA IMAGHES by 24 points or more against the Bossing to advance to best-of-five quarterfinals. “I’d rather have that quotient than not have a quotient. We will live with it and do what we can with it,” Cone said. “So, we need to be consistent.” “We have been really high then go down to very low. Hopefully, we can smooth ourselves out,” he added. Cone said the less complicated route is to simply beat the Bossing, who won’t be easy customers after they gave Rain or Shine a scare the last time, 123-125, on Kentrell Barkley’s 35 points and 15 rebounds. Magnolia (6-3) leads Group B, followed by Rain or Shine (5-3) and Phoenix (5-4) to leave

the No. 4 spot up for grabs among Ginebra, Meralco (4-6) and Blackwater. For Blackwater to advance? The Bossing need to win by 38 points. Meralco? The Bolts must hope that the Gin Kings win by more than 24 points for them to get the No. 4 slot. Ginebra import Jordan Murphy is hoping to duplicate or surpass his 28 points and 13 rebounds performance against the Fuel Masters, who’re already assured of a quarterfinal ticket with still a game against Rain or Shine on their schedule on Friday. Scottie Thompson had 29 points and 10 rebounds and it expected to do the same against Blackwater. Josef Ramos

APITAL1 hopes to turn the momentum of a hard-earned victory into a winning streak, but the Solar Spikers know they will need more than confidence and firepower to get past ZUS Coffee in the Premier Volleyball League All-Filipino Conference Siklab Series on Tuesday at the SM Mall of Asia Arena in Pasay City. Buoyed by their grueling five-set triumph over the Akari Chargers in Antipolo last Thursday, the Solar Spikers are eager to sustain their resurgence in the 1 p.m. opener of another explosive triple-header. Yet coach Jorge Souza de Brito is taking nothing for granted against a ZUS Coffee side he expects to come out sharper and more determined following a disappointing straight-set loss to Choco Mucho in its conference debut. “Our morale is high,” de Brito said. “But the important part is we need to adjust how we play because what I know about the Thunderbelles is they’re playing really good, really fast, and coach Jerry [Yee] is always very good, so we’re gonna be ready for them.”

The Solar Spikers have ample firepower to make another statement with Bella Belen, Vanie Gandler and Erika Santos leading a formidable rotation that can challenge even the league’s established contenders. But as their recent outings have shown, talent alone will not be enough; consistency and composure under pressure could prove just as decisive. Capital1 learned that lesson the hard way in Cebu last October 10, when it squandered a two-set advantage and absorbed a five-set defeat to Choco Mucho. The reigning Rookie of the Year Belen was virtually unstoppable, erupting for a career-high 35 points, including the final two that sealed the Solar Spikers’ victory. ZUS Coffee, meanwhile, will be out to prove that its opening-game setback was merely a false start. Nxled, Creamline and Choco Mucho emerged from the opening week with 2-0 records, while Farm Fresh and Capital1 split their first two assignments at 1-1.

“The LPGT members made me feel like family and accepted me as I am on this tour,” she said. “They helped me a lot, and they make it feel like home. So, even though we’re enemies on the course, outside they’re very friendly and they make the course feel like a happy place.”

Zaragosa rides momentum

FRESH from ending a year-long title drought, Rupert Zaragosa hopes to ride his newfound momentum to another victory, while Jeffren Lumbo seeks redemption from a string of agonizing near-misses as a talent-laden field braces for battle in the P2.5-million ICTSI South Pacific Classic at the South Pacific Golf and Leisure Estates. The two headline a formidable cast bolstered by the return of several aces, including Asian Development Tour winners Sean Ramos, Aidric Chan and Carl Corpus, who resume their Philippine Golf Tour campaign with contrasting results in last Sunday’s Macau Open of the Asian Tour. With the season winding down, the penultimate leg of the 10-stage circuit organized by Pilipinas Golf Tournaments Inc. takes on added significance as players scramble for a strong finish in the final two stops, both in Davao, and a chance to boost their earnings before the holidays. But few will be more driven than Lumbo, who has endured a frustrating run of near-misses. The Sarangani native suffered backto-back one-stroke defeats in Negros Occidental and Iloilo, then remained in contention for three days at last week’s Pueblo de Oro Championship before faltering in the final round to finish tied for sixth. TIFFANY LEE’S trophy at Pueblo de Oro is a reward for the quiet persistence that carried her through a difficult stretch. LPGT PHOTO

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, October 20, 2026

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GETS 11 OFFERS FOR SMPC: Auction rules cast MERALCO POWER SUPPLY DEAL—EXEC doubt on industrial policy By Lenie Lectura

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@llectura

EMIRARA Mining and Power Corp. (SMPC) on Monday questioned the Department of Energy’s (DOE) industrial policy, saying the ongoing coal bidding process could discourage potential investors from venturing into the Philippine energy sector. The company asked the agency why a “highly successful” industry is being shut down with zero benefit to the government, the public, or the local community. The Consunji-led firm said it had paid P70.5 billion over 29 years and contributes P600 million annually to Caluya in Antique, transforming it into the country’s “wealthiest and most progressive municipality.” The company also said it provides low-cost baseload electricity, with coal-fired power plants recording an average price of P4.05 per kWh in the Luzon-Visayas grid in September. “Why kill the golden goose for

zero gain?” SMPC’s statement read. The National Association of Electricity Consumers for Reforms Inc. (Nasecore) said, however, that SMPC is facing sharp operational and financial declines in 2026, driven by a 68 percent cut in capital expenditures, from P1.9 billion down from P5.9 billion in 2025, while it awaits coal contract auction results. The consumer group also noted that its coal-specific spending plummeted by 83 percent to P800 million, leading to severe production drops and mass layoffs. “We observe only that, taken together, they paint a picture of an operation that is contracting, not

expanding; withdrawing, not investing; and preparing to exit, not to perform. Can we reasonably expect if it remains to be the operator of the Semirara mine?” Nasecore President Pete Ilagan said in a statement. SMPC has argued publicly that its nearly five decades of operating experience make it uniquely qualified to continue as concessionaire. Nasecore said it “respects that argument in principle.” “Experience matters but SMPC’s coal production, which are mostly exported or used by contracted power plants, has barely made a difference in electricity prices,” Ilagan said. “But experience is not the same as current or future performance. And the publicly available evidence suggests that the current performance of this concession is deteriorating on every measurable dimension: production volume, capital investment, workforce size, and operational reliability.” SMPC’s coal operating contract (COC) will expire on July 14, 2027. Nasecore said that until that date, the concessionaire has obligations to the government that granted the concession, to the workers who depend on it, to restore mined out pits and return the cost-recovered

BETTING ON EV PARTS

equipment to the government, as well as to the communities that host it, and to the electricity consumers who ultimately pay for its output. Nasecore did not say which entity should win the next Semirara coal contract. “That is the DOE’s decision to make. But we insist that the decision be based on what a bidder commits to delivering going forward, in tangible and guaranteed economic benefits to the government and to the Filipino consumers — not on how long it held a contract whose performance is visibly declining,” Ilagan said. SMPC has argued that the bidding rules require it to surrender to the government its assets like trucks and heavy equipment as a condition to submit a bid. “It is likely that the highest bidder with no mining experience will produce zero coal, resulting in zero royalty payments to the government, a complete defeat of the DOE’s objective of raising the most revenues.” “The bidding rules discourage industrialization. We hope the DOE realizes that its bidding rules directly contradict the sales pitch of our top officials when they go abroad to invite investors.”

Hon Hai Precision Industry Co. is paying ¥115 billion ($727 million) for a 50 percent stake in Mitsubishi Electric Corp.’s automotive-components unit with the goal of turning it into a business with more than ¥1 trillion in sales. Mitsubishi will contribute technology in electric powertrains, autonomous driving and in-car intelligence for EV platforms developed by Hon Hai, better known as Foxconn, the companies said Monday during a news conference in Tokyo. The tie-up gives Foxconn a deeper foothold in the auto industry as it pushes its contract-manufacturing model into EVs, while giving Mitsubishi Electric a partner to help scale its car-parts business. The companies plan to combine Mitsubishi’s long-standing relationships with automakers with Foxconn’s faster development model, while broadening the business beyond traditional auto components into EV and autonomous-driving platforms. The deal values the new automotive business at ¥320 billion on an enterprise-value basis. The unit generated ¥876 billion in revenue and ¥54 billion in operating profit in the year ended March. Photo shows Foxconn's signage during the Nvidia GPU Technology Conference (GTC) in San Jose, California, US, on Thursday, March 20, 2025. PHOTOGRAPHER: DAVID PAUL MORRIS/BLOOMBERG

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HE Manila Electric Co. (Meralco) has received 11 offers to supply its 900-megawatt (MW) baseload power requirement for 2031 to 2032. “We received expressions of interest from 11 potential bidders,” said Meralco utility economics head Lawrence Fernandez. He, however, refused to identify the 11, saying it is still early in the competitive selection process (CSP). “Experience from past CSPs show that some bidders may eventually decide not to submit offers.” Meralco’s bids and awards committee has set the pre-bid conference on November 6, 2026, while the bid submission deadline is set on December 9, 2026. The 15-year power supply agreement (PSA) resulting from this CSP will cover the delivery of 600-MW supply by February 26, 2031, and an additional 300 MW by February 26, 2032. Through the CSP, Meralco continues to secure sufficient and reliable power supply to meet the growing electricity needs of its customers. Last week, Meralco’s power generation arm has confirmed the participation of its 1,200-MW Atimonan ultra-supercritical coal power plant in the upcoming CSP for the 900-MW baseload. “Hopefully, when we win it,

we can build it. This is the last opportunity for MGen to execute Atimonan,” said Meralco PowerGen Corp. (MGen) President Emmanuel Rubio. MGen is anchoring its strategy on a fully permitted Atimonan coal plant, framing this auction as the last opportunity to execute the long-delayed project under a coal framework. “Atimonan will be coal. If we won’t win it with coal now, I don’t think Luzon needs another LNG [liquefied natural gas] terminal. If we’re going to expand gas, it will be in Batangas. If we repurpose Atimonan as an LNG power facility, it won’t be competitive,” Rubio said. Atimonan remains locked into coal. “For now, we don’t see that. In fact, in the gas capacity auction, we submitted our expression of interest and we qualified for 1,000 megawatts in 2031 delivery through LNGPH. So, beyond that, maybe. Let’s see. But up to 2031, that delivery of 1,000 will be through LNGPH,” Rubio added. LNGPH operates a major integrated LNG complex in Batangas, including the Ilijan plant and the 1,320-MW EERI plants. LNGPH is backed by the country’s major power firms— MGen, Aboitiz Power Corp., and San Miguel Global Power Holdings, Corp. Lenie Lectura

Eternal Gardens Brings Young Talents to the Stage

Oil firms, BCDA renew lease deals By Bless Aubrey Ogerio @blessogerio

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HEVRON, Shell and Petron have renewed their lease agreements at the San Fernando International Seaport in La Union, keeping the three oil companies at the Northern Luzon facility. The agreements were signed last September 28 by the Bases Conversion and Development Authority (BCDA), through its subsidiary Poro Point Management Corp. (PPMC), and the three oil firms. Chevron Manager for DM&C Field Operations, Lubricants and International Terminals Mario T. Serranillo said the company would continue working with PPMC to ensure safe and reliable operations at the facility. For her part, Petron Vice President for Procurement Jacqueline L. Ang said the company’s presence at the port dates back to the 1960s, before the

BCDA framework took over its management. Shell said the facility remains part of its distribution network in Northern Luzon. Shell Contracts and Maintenance Manager Paulo L. Ocampo said the renewed lease would help sustain the port’s role in supplying energy to the region. The lease agreements come as the BCDA moves forward with preparations to upgrade the Poro Point Seaport, a project intended to improve the facility’s operations and support the movement of goods through Northern Luzon. In July, the state-run agency signed a P68.08-million consultancy contract covering technical, financial and transac-

tion advisory services for the planned modernization. The contract marked the start of the project preparation phase, which is expected to help establish the basis for the port’s proposed improvements. The advisory work is intended to guide the development of the modernization project, including its technical requirements, financial considerations and transaction arrangements. The BCDA has been developing Poro Point as an investment and commercial hub in La Union. The seaport is among the facilities expected to support economic activity in the area, alongside other development initiatives at Poro Point.

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S part of its Undas activities, Eternal Gardens will hold the Eternal Star Kids’ Talent Show on October 31 and November 1, 2026, at various Eternal Gardens parks. The event gives young performers a platform to showcase their talents, express their creativity, and share a memorable experience with their families and community. The show invites children ages 6 to 12 from the host city and neighboring towns to take the stage and present their skills through singing, dancing, playing musical instruments, acting, magic, and other unique performances. “Undas is a special time for families to come together to remember their departed loved ones. Through this activity, we aim to create opportunities for families to bond and for children to express themselves,

build confidence, and share their talents with the community,” said Nikki Pagsuyoin, Marketing Officer of Eternal Gardens. More than a talent competition, the Eternal Star aims to unite families through a fun, meaningful activity during the Undas season, celebrating the potential of young performers. Registration is open from October 12 to October 23, 2026, with limited slots available. Interested parents and guardians can visit the official social media page of the participating Eternal Gardens branch for registration details and contest mechanics. Through initiatives like the Eternal Star, Eternal Gardens continues to give families and communities opportunities to come together, making Undas a time not only for remembrance but also for creating meaningful family experiences.

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Companies BusinessMirror

Tuesday, October 20, 2026

PSE STOCK QUOTATIONS

October 19, 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 CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

44.5 116.8 10.14 100 48 12.42 9.99 61.5 6.91 75.55 49.95 20.3 62.05 20.75 1.28 0.099 2,510 1.26 205 4,710

45 117 10.44 100.1 48.15 12.88 10 61.55 6.95 75.6 50 20.95 62.4 20.9 1.3 0.102 2,650 1.27 207.8 4,850

44.55 115.7 10.44 99.8 48 12.42 9.94 60.5 6.95 75.85 47 20.45 61.7 21.25 1.35 0.102 2,510 1.29 205.2 4,800

45 117.9 10.44 101.1 48.65 12.42 10.04 61.55 6.95 76.4 51 20.95 62.05 21.25 1.35 0.102 2,510 1.3 205.2 4,800

44.5 115.7 10.1 99.45 47.95 12.42 9.94 60.5 6.91 74.8 47 20.25 61.45 20.7 1.28 0.102 2,510 1.26 205 4,800

44.5 117 10.12 100 48 12.42 9.99 61.55 6.91 75.6 50 20.95 62.05 20.9 1.3 0.102 2,510 1.26 205 4,800

54,900 2,511,580 500 1,381,200 118,300 400 43,800 3,014,920 800 106,840 2,200 45,900 130,430 16,700 926,000 20,000 5 1,089,000 4,730 80

2,466,490 294,267,393 5,150 138,219,504 5,686,570 4,968 437,940 184,627,836 5,532 8,087,909 107,055 934,090 8,077,666 348,895 1,201,680 2,040 12,550 1,396,870 969,734 384,000

48,760,280 27,622,696 -1,950,450 1,242 -13,028 50,417,593 4,837 1,845,831 -42,100 -3,055,042 -45 -160,890 51,206 384,000

INDUSTRIAL ACEN CORP 2.65 2.66 2.67 ALSONS CONS 0.95 0.96 0.93 0.6 0.61 0.62 ALTERNERGY HLDG ABOITIZ POWER 45.7 46.05 45.45 1.12 1.15 1.14 RASLAG BASIC ENERGY 0.105 0.106 0.106 CITICORE RE 4.39 4.29 4.35 20.2 20.25 20.2 FIRST GEN FIRST PHIL HLDG 86 86.45 88 445 447 447.8 MERALCO 31.6 31.65 31 MANILA WATER MAYNILAD 16.88 17 16.8 2.21 2.22 2.21 PETRON PRYCE CORP 16.6 16.5 16.6 REPOWER ENERGY 9.7 9.5 9.7 12.02 12.1 12.36 SEMIRARA MINING SYNERGY GRID 24.3 24.4 22.5 7.88 7.9 7.84 SHELL PILIPINAS SPC POWER 8.72 8.74 8.72 SP NEW ENERGY 1.24 1.25 1.21 1.72 1.73 1.74 TOP LINE AXELUM 2.66 2.7 2.71 31 31.05 30.9 CENTURY FOOD DEL MONTE 3.41 3.78 3.41 3.45 DNL INDUS 3.42 3.4 15.22 15.26 15.2 EMPERADOR SMC FOODANDBEV 44.45 44.5 45.55 0.78 0.78 FIGARO GROUP 0.79 0.51 0.52 ALLIANCE SELECT 0.52 FRUITAS HLDG 0.66 0.67 0.66 220 221.8 222 GINEBRA JOLLIBEE 144.2 144 142 1.88 1.89 KEEPERS HLDG 1.9 19.32 22 21.05 LIBERTY FLOUR MAXS GROUP 1.97 2.04 2.04 0.07 0.072 0.07 MG HLDG MONDE NISSIN 6.06 6.07 6.16 5.1 5.1 SHAKEYS PIZZA 5.16 ROXAS AND CO 2.43 2.44 2.54 RFM CORP 5.14 5.18 5.12 0.048 0.049 0.047 SWIFT FOODS UNIV ROBINA 59.6 59.7 60 VITARICH 0.485 0.48 0.485 1.91 1.99 VICTORIAS 1.99 CONCRETE 53 58.4 58.45 1.15 1.17 1.13 CONCREAT HLDG EEI CORP 1.86 1.88 1.84 MEGAWIDE 5.21 5.33 5.33 14.06 14.52 PHINMA 14.54 SUPERCITY 35 32 32 1.87 1.88 1.89 CROWN ASIA EUROMED 1.14 1.14 1.18 CONCEPCION 10.58 10.76 10.62 0.13 0.129 0.131 GREENERGY INTEGRATED MICR 5.35 5.48 5.47 2.75 2.78 2.7 IONICS 7 7.43 7.23 PANASONIC CIRTEK HLDG 1.13 1.14 1.15 1.9 1.98 1.97 STENIEL

2.7 0.99 0.62 46.15 1.16 0.107 4.39 20.65 88 455 32 17.36 2.23 16.6 9.7 12.7 24.65 7.93 8.75 1.24 1.74 2.71 31.2 3.41 3.45 15.28 45.55 0.79 0.53 0.67 222.4 144.8 1.9 22.85 2.04 0.07 6.2 5.16 2.54 5.19 0.047 60.4 0.485 1.99 58.45 1.19 1.86 5.34 14.54 32 1.89 1.14 10.62 0.13 5.55 2.81 7.43 1.15 1.99

2.65 0.92 0.61 45.45 1.14 0.105 4.25 20.1 86 441 31 16.8 2.21 16.5 9.7 12.02 22.3 7.71 8.72 1.2 1.72 2.7 30.6 3.41 3.39 15.18 44.45 0.78 0.51 0.66 220 142 1.89 20 1.97 0.07 6 5.1 2.37 5.06 0.047 59.5 0.48 1.99 58.4 1.13 1.84 5.2 14.3 32 1.88 1.14 10.62 0.129 5.2 2.64 6.88 1.1 1.97

2.65 0.96 0.61 46.05 1.15 0.106 4.39 20.2 86 447 31.65 17 2.21 16.6 9.7 12.02 24.4 7.9 8.74 1.24 1.73 2.7 31.05 3.41 3.45 15.22 44.5 0.79 0.52 0.67 221.8 144 1.9 22 2.04 0.07 6.07 5.1 2.43 5.14 0.047 59.6 0.485 1.99 58.4 1.15 1.86 5.33 14.3 32 1.88 1.14 10.62 0.13 5.48 2.78 7.43 1.14 1.99

1,471,000 1,766,000 234,000 538,200 54,000 220,000 28,000 289,300 113,270 253,770 2,405,200 3,596,500 235,000 20,900 300 1,718,800 4,381,300 1,733,000 4,000 6,770,000 169,000 12,000 580,900 6,000 1,160,000 332,900 23,200 17,504,000 511,000 57,000 2,940 525,140 408,000 4,400 49,000 70,000 6,979,400 484,900 49,000 149,500 100,000 789,890 100,000 3,000 20 192,000 11,000 656,800 1,200 100 78,000 6,000 300 420,000 1,189,200 1,248,000 14,900 867,000 11,000

3,920,710 1,679,350 142,890 24,767,735 62,270 23,480 120,180 5,868,495 9,814,871 113,168,976 76,209,210 61,066,442 521,400 346,930 2,910 21,034,904 105,113,400 13,625,077 34,918 8,310,940 292,800 32,420 18,032,805 20,460 3,960,510 5,065,960 1,034,780 13,654,230 268,220 38,060 650,544 75,362,894 771,330 91,775 99,660 4,900 42,350,669 2,473,014 118,830 767,073 4,700 47,133,240 48,450 5,970 1,169 221,850 20,420 3,489,517 17,404 3,200 146,670 6,840 3,186 54,460 6,421,501 3,396,430 103,467 980,850 21,820

254,750 304,380 -131,760 684,785 -4,270 2,620,720 -2,566,293 -7,883,694 6,636,115 -7,221,940 -341,960 -8,379,750 43,669,730 -2,363,102 -229,260 -55,360 -4,766,120 514,590 -1,028,276 -116,385 -12,090,000 -10,200 -331,572 -8,533,797 -177,660 2,000 -10,060 -24,451,806 -24,200 -264,584 -33,856,131 -43,650 -1,990 66,997 -11,616 -1,490,697 -528,990 -33,910 -

HOLDING & FRIMS

ABACORE CAPITAL 0.3 0.305 0.3 0.305 0.3 0.305 1,300,000 390,350 48,000 ASIABEST GROUP 23.6 23.95 23.55 25.1 23 23.95 996,600 24,288,095 11,439,395 537.5 539 535 540 533 539 958,480 515,439,730 88,147,970 AYALA CORP ABOITIZ EQUITY 39.3 39.6 39 39.8 39 39.6 1,044,600 41,168,095 23,257,240 8.95 8.96 8.87 9 790,800 7,049,986 -5,208,970 ALLIANCE GLOBAL 9 9 16.1 16.5 16.5 16.5 100 1,650 ANSCOR 16.5 16.5 ANGLO PHIL HLDG 1.15 1.16 1.14 1.16 1.14 1.16 98,000 111,790 -3,430 7.36 7.38 7.32 7.38 7.32 7.36 143,800 1,057,407 634,082 COSCO CAPITAL DMCI HLDG 7.29 7.35 7.3 7.44 7.28 7.29 997,700 7,295,377 -2,089,897 3.77 3.84 3.9 3.9 3.77 3.85 207,000 806,820 803,050 FILINVEST DEV 441 441.6 440.8 445.8 435.2 441 154,200 67,949,478 50,986,960 GT CAPITAL HOUSE OF INV 4.8 4.99 5 5 5 5 1,000 5,000 17 17.3 16.94 17.36 16.7 17 1,320,700 22,665,110 -2,413,634 JG SUMMIT LODESTAR 0.495 0.455 0.475 0.475 0.435 0.475 1,150,000 548,450 LOPEZ HLDG 4.7 4.75 4.75 4.75 4.7 4.7 482,000 2,281,520 98,720 15.14 15.16 15.2 15.28 15.1 15.14 834,500 12,656,616 -4,163,696 LT GROUP PRIME MEDIA 0.84 0.91 0.84 0.84 0.84 0.84 31,000 26,040 1.14 1.15 1.18 1.18 1.15 1.15 102,000 117,870 -57,500 SOLID GROUP SM INVESTMENTS 544 544 542 534 531 542 158,590 85,539,605 -2,586,365 SAN MIGUEL CORP 65.9 66 64 66.15 64 66 231,680 15,247,945 13,357,622 2.21 2.37 2.21 2.21 2.21 2.21 3,000 6,630 SEAFRONT RES TOP FRONTIER 51.65 54 54.5 54.5 54.5 54.5 20 1,090 0.07 0.074 0.069 0.07 0.069 0.07 20,000 1,390 ZEUS HLDG PROPERTY AYALA LAND 15.28 15.3 15.36 15.36 15.22 15.28 2,839,500 43,438,890 -16,011,824 AYALA LAND LOG 1.11 1.12 1.14 1.14 1.1 1.11 133,000 147,310 11 11.4 11.4 11.46 11.4 11.4 2,000 22,812 -10,260 ALTUS PROP ARANETA PROP 0.25 0.26 0.265 0.265 0.25 0.265 60,000 15,750 36.4 36.45 36.65 36.8 36.35 36.4 250,700 9,140,875 33,745 AREIT RT 0.74 0.73 0.73 0.76 37,000 27,870 A BROWN 0.76 0.76 CITYLAND DEVT 0.55 0.56 0.55 0.55 0.54 0.55 26,000 14,250 -3,300 0.088 0.092 0.089 0.089 0.089 0.089 10,000 890 CROWN EQUITIES CEB LANDMASTERS 1.96 1.99 2 2 1.96 1.96 64,000 126,320 7,840 0.62 0.63 0.61 0.64 1,799,000 1,130,190 34,290 CENTURY PROP 0.64 0.64 2.9 2.93 2.98 2.99 2.89 2.9 2,926,000 8,539,720 -7,448,460 CITICORE RT DOUBLEDRAGON 11.72 11.6 11.6 11.74 11.6 11.72 340,600 3,988,556 133,732 1.03 1.03 1.03 1.04 637,000 658,690 -20,600 DDMP RT 1.04 1.04 DM WENCESLAO 4.7 4.75 4.7 4.75 4.7 4.75 6,000 28,450 0.026 EVERWOODS 0.024 0.025 0.026 0.025 0.026 300,000 7,600 0.101 0.101 0.101 0.102 130,000 13,240 0.102 0.102 EMPIRE EAST FILINVEST RT 2.91 2.92 2.9 2.92 2.9 2.92 378,000 1,101,270 -37,960 0.68 0.69 0.7 0.7 0.68 0.69 1,629,000 1,124,570 -34,630 FILINVEST LAND GLOBAL ESTATE 0.62 0.65 0.62 0.62 0.62 0.62 51,000 31,620 PNB HLDG 1.19 1.2 1.2 1.21 1.18 1.19 58,466,000 69,844,640 -16,100,050 2.25 2.24 2.22 2.25 5,841,000 13,105,920 -4,945,890 MEGAWORLD 2.26 2.26 MRC ALLIED 0.66 0.67 0.66 0.67 0.65 0.67 8,471,000 5,593,570 -466,790 13.64 13.62 13.6 13.68 275,400 3,755,258 -1,204,470 MREIT RT 13.68 13.68 PRMIERE HORIZON 0.157 0.158 0.157 0.157 0.157 0.157 180,000 28,260 PHIL ESTATES 0.39 0.405 0.385 0.385 0.385 0.385 20,000 7,700 -7,700 5.02 5.4 5.02 5.02 5.02 5.02 100 502 PHIL RACING PREMIERE RT 0.92 0.93 0.94 0.94 0.92 0.93 99,000 92,850 -7,470 6.35 6.36 6.48 6.48 6.31 6.35 2,658,700 16,892,572 -8,803,984 RL COMM RT 16.04 16.18 16.02 15.82 16.04 1,682,900 26,954,648 -16,840,608 ROBINSONS LAND 16.14 ROCKWELL 2.44 2.5 2.46 2.48 2.45 2.48 33,000 81,300 2.84 2.97 2.98 2.98 2.81 2.97 29,000 82,380 SHANG PROP STA LUCIA LAND 1.68 1.69 1.73 1.73 1.69 1.69 14,000 23,790 17.4 17.42 17.06 17.46 17.02 17.4 8,723,900 151,426,564 -59,488,636 SM PRIME HLDG 50.05 59.95 50.05 50.05 50.05 50.05 60 3,003 PTFC REDEV CORP SERVICES ABS CBN 2.46 2.51 2.52 2.52 2.46 2.46 70,000 175,200 GMA NETWORK 3.3 3.32 3.34 3.34 3.3 3.3 95,000 315,450 0.148 0.159 0.152 0.153 0.143 0.153 110,000 16,170 MANILA BULLETIN DITO CME HLDG 0.58 0.59 0.61 0.61 0.58 0.59 6,246,000 3,709,050 469,980 1,578 1,580 1,570 1,583 1,570 1,580 30,345 47,899,390 12,219,960 GLOBE TELECOM 1,245 1,222 1,216 1,300 141,695 179,702,405 36,202,295 PLDT 1,300 1,300 APOLLO GLOBAL 0.0057 0.0058 0.0057 0.0059 0.0057 0.0058 153,000,000 884,800 63,700 9.21 8.98 9.26 8.98 9.21 3,054,000 27,994,533 11,233,499 CONVERGE 9.22 DFNN INC 0.65 0.65 0.63 0.65 0.65 0.65 3,000 1,950 0.13 0.134 0.133 0.137 0.13 0.134 3,880,000 512,030 ISLAND INFO NOW CORP 0.355 0.365 0.36 0.36 0.355 0.355 1,070,000 381,700 64,750 TRANSPACIFIC BR 0.115 0.115 0.114 0.115 0.115 0.115 20,000 2,300 1.06 1.07 1.03 1 1.06 319,000 334,110 58,800 1.06 CHELSEA CEBU AIR 23.7 23.7 22.95 22.5 22.2 23.7 365,600 8,459,080 -2,924,360 INTL CONTAINER 850 860 885 885.5 850 850 1,876,450 1,627,490,715 -27,921,050 10.8 10.9 10.9 11.2 10.9 10.9 5,900 64,374 LBC EXPRESS LORENZO SHIPPNG 0.71 0.71 0.69 0.7 0.7 0.71 165,000 116,610 3.34 3.35 3.36 3.36 3.34 3.34 128,000 428,930 -50,400 MACROASIA METRO ALLIANCE 0.57 0.57 0.53 0.57 0.57 0.57 26,000 14,820 PAL HLDG 3.68 3.74 3.75 3.75 3.68 3.74 159,000 594,360 -41,790 1.49 1.5 1.51 1.52 1.46 1.5 579,000 869,930 4,330 HARBOR STAR BOULEVARD HLDG 0.029 0.03 0.03 0.03 0.029 0.03 26,100,000 764,300 0.92 0.99 0.86 1 0.86 0.99 17,000 16,760 14,910 DISCOVERY WORLD GRAND PLAZA 5.03 5.03 4.98 5.03 5.03 5.03 10,000 50,300 PH RESORTS GRP 0.385 0.39 0.335 0.395 0.335 0.39 30,390,000 11,434,300 -731,150 13 13.28 13 13 9,600 126,994 -1,330 CENTRO ESCOLAR 13.48 13.48 FAR EASTERN U 756 789.5 799 799 799 799 20 15,980 6.97 7.14 7.14 7.14 3,800 27,132 7.14 7.14 IPEOPLE STI HLDG 1.26 1.27 1.3 1.3 1.26 1.27 43,000 54,650 -22,840 BELLE CORP 1.09 1.09 1.08 1.09 1.08 1.08 15,000 16,300 1.9 1.9 1.92 1.9 1.9 2,900,000 5,523,870 -1,763,490 1.91 BLOOMBERRY PACIFIC ONLINE 1.7 1.7 1.6 1.7 1.69 1.7 43,000 73,000 7.31 7.32 7.34 7.51 7.28 7.31 1,980,900 -3,311,706 14,534,347 DIGIPLUS 14.34 14.48 14.56 14.34 14.48 1,758,100 25,514,134 2,672,826 PHILWEB 14.82 METRO RETAIL 1.04 1.04 1.02 1.02 1.02 1.04 90,000 91,870 3,120 39.95 40.05 40.9 39.8 39.95 478,100 19,109,025 -1,478,130 PUREGOLD 40.05 PHIL SEVEN CORP 31.5 32.9 30.9 33 30.4 31.5 10,900 347,075 -174,975 1.92 1.95 2.08 2.08 1.91 1.95 301,000 583,460 115,780 SSI GROUP 0.76 0.79 0.79 0.79 0.78 0.79 16,000 12,510 9,380 UPSON INTL CORP WILCON DEPOT 5.48 5.5 5.53 5.54 5.45 5.5 812,200 4,461,342 -2,189,323 0.101 0.104 0.104 0.104 10,000 1,040 APC GROUP 0.104 0.104 IPM HLDG 1.68 1.96 1.68 1.68 1.68 1.68 5,000 8,400 0.236 MEDILINES 0.235 0.235 0.235 0.235 0.235 120,000 28,200 2.78 2.99 2.9 2.9 2.85 2.85 25,000 71,750 PAXYS MINING & OIL 2.07 2.07 ATOK 1.98 2 2 2.07 9,000 18,460 -4,040 16.94 17.14 17.2 17.5 16.9 16.94 1,612,600 27,866,410 1,075,904 APEX MINING ATLAS MINING 18.9 18.94 19 19.32 18.66 18.94 3,346,800 63,731,004 -4,783,912 6.3 6.2 6.03 6.35 2,400 14,968 BENGUET 6.35 6.35 DIZON MINES 3.25 3.5 3.3 3.3 3.3 3.3 5,000 16,500 EC VULCAN 0.29 0.31 0.29 0.315 0.29 0.315 30,000 9,200 1.69 1.7 1.69 1.65 1.69 118,000 197,450 1.69 FERRONICKEL GEOGRACE 0.082 0.08 0.081 0.082 0.08 0.081 50,000 4,050 0.222 0.223 0.223 0.226 0.222 0.223 1,660,000 371,680 LEPANTO A LEPANTO B 0.218 0.22 0.22 0.22 0.22 0.22 70,000 15,400 4,400 MANILA MINING A 0.0083 0.0084 0.0084 0.0084 0.0084 0.0084 9,000,000 75,600 0.76 0.77 0.77 0.77 2,000 1,540 0.77 0.77 MARCVENTURES NIHAO 0.5 0.51 0.5 0.5 0.5 0.5 8,000 4,000 3.86 3.86 NICKEL ASIA 3.85 3.8 3.8 3.85 155,000 594,960 218,960 34.8 35.1 35 35.3 34.8 35.1 185,200 6,481,005 -4,675,235 OCEANAGOLD ORNTL PENINSULA 0.56 0.56 0.53 0.55 0.53 0.56 464,000 251,860 -24,750 10.86 10.96 10.96 11.04 10.8 10.86 2,102,000 22,897,704 -5,600,354 PX MINING UNITED PARAGON 0.0093 0.0097 0.0092 0.011 0.0092 0.0093 268,000,000 2,612,900 19,000 ENEX ENERGY 3.16 3.3 3.19 3.3 3.19 3.3 4,000 12,890 -100 0.014 0.015 0.015 0.015 0.014 0.014 3,100,000 45,400 ORNTL PETROL A PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.011 105,700,000 1,161,500 2.98 3.03 2.84 3.05 2.84 3.03 366,000 1,087,930 PXP ENERGY PREFFERED ACEN PREF A 981 991 980 980 980 980 30 29,400 ACEN PREF B 1,028 1,030 1,030 1,030 1,030 1,030 110 113,300 -25,750 2,460 2,470 2,460 2,460 2,460 2,460 100 246,000 -246,000 AC PREF AR AC PREF B3R 1,862 1,899 1,899 1,899 1,899 1,899 5 9,495 1,906 1,920 1,920 1,920 1,901 1,920 225 431,800 9,600 AC PREF B4R 493 503.5 503.5 503.5 503.5 503.5 20 10,070 ALCO PREF G ALCO PREF H 506 513 513 513 513 513 50 25,650 99.5 99.8 99.5 99.5 99.5 99.5 880 87,560 BRN PREF A BRN PREF B 98 101 101 101 95.9 98 40 3,959 103.2 103.5 103.2 103.5 103.2 103.5 130 13,449 BRN PREF C CEB PREF 28.25 29 28.5 28.5 28.5 28.5 2,400 68,400 CLI PREF A1 948 950 970 970 950 950 190 180,700 -171,000 955.5 989 989.5 989.5 989.5 989.5 10 9,895 CLI PREF A2 CPG PREF B 99.5 101 101 101 99.5 101 1,920 191,527 90 90 DD PREF 89.9 90 90 90 129,170 11,625,300 901 990 990 990 990 990 5 4,950 FDC PREF A FDC PREF B 988 1,000 991 1,000 991 1,000 270 268,790 -79,600 99 100 100 100 99 99 15,010 1,486,000 -1,486,000 MWIDE PREF 6B MWIDE PREF 6C 102.1 103.4 103.4 103.4 103.4 103.4 150 15,510 MWIDE PREF 7A 99 100.8 100.8 100.8 100.8 100.8 20 2,016 99.7 102 99.7 102 99.7 102 650 66,277 MWIDE PREF 7B PCOR PREF 4A 975 990 990 990 990 990 30 29,700 945.5 980 969 980 959 980 2,070 2,023,350 PCOR PREF 4B PCOR PREF 4D 960 971 969 969 969 969 1,000 969,000 SMC PREF 2L 77 80.3 78.5 80 78.5 80 141,820 11,182,220 -684,520 75.4 75.5 75.5 75.5 75.5 75.5 42,850 3,235,175 SMC PREF 2N SMC PREF 2O 76.15 77.9 77.45 77.9 77.4 77.9 35,880 2,777,248 72 74.5 74.5 74.5 74.5 74.5 2,660 198,170 SMC PREF 2P SMC PREF 2T 75.15 75.3 75.3 75.3 75.3 75.3 1,590 119,727 SMC PREF 2U 74.7 75.95 75.95 75.95 75.95 75.95 10 760 76.3 76.8 76.15 76.8 76.15 76.8 550 42,158 34,533 SMC PREF 2V SMC PREF 2W 76.8 77 77 77 77 77 2,780 214,060 77.8 78.5 77.7 78.5 77.7 78.5 16,340 1,275,721 13,328 SMC PREF 2X 6.31 7.38 6.31 6.31 6.31 6.31 300 1,893 TECH PREF B2D TOP PREF A1 100 100.9 99.95 100 99.95 100 170 16,992 100.6 101.5 101 101 101 101 6,870 693,870 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.06 3.29 3.21 3.28 3.28 3.28 3.28 3.28 8,000 26,240 1.05

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

CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP XURPAS

0.325 1.38 0.57 1.34 0.022 0.235

1.09

1.06

1.06

1.05

1.05

10,000

10,510

-1,050

0.33 1.4 0.59 1.41 0.023 0.245

0.33 1.39 0.57 1.35 0.022 0.245

0.33 1.4 0.62 1.35 0.023 0.245

0.33 1.39 0.57 1.35 0.022 0.234

0.33 1.4 0.62 1.35 0.022 0.245

110,000 84,000 2,000 1,000 4,900,000 480,000

36,300 117,490 1,190 1,350 108,100 117,290

-2,300 -

EXHANGE TRADE FUNDS ATR FAMI ETF

97.9

-

98

98 98 97.9 98 1,170 114,645 -

www.businessmirror.com.ph

Atienza Interisland Ferries vessels to halt operations By Mary Jade Jadormio

T

HE Department of Labor and Employment (DOLE) has ordered six vessels of Atienza Interisland Ferries Inc. to suspend operations following a labor inspection at Navotas Fish Port last October 10. Labor Secretary Francis N. Tolentino assured affected workers they would continue receiving their wages while the company complies with requirements imposed by the labor department. “Even if a company is closed under a work stoppage order, its workers

will still receive their wages,” Tolentino said. “Workers will continue receiving their wages as long as the company complies with the requirements.” The orders cover MV November Cattleya, MV December Poinsettia, MV September Tulips, MV October

Lavender, MC Star San Carlos and MV May Lillies, according to the order from DOLE. The company also operates MV June Aster, which caught fire off Coron, Palawan, last September 9, killing 77 people. Inspectors issued a Notice of Investigation Results and explained their findings to company representatives, including Operations Manager Kelvin G. Yola and several crew members identified as oilers and able-bodied seamen. The vessels covered by the orders are berthed at Navotas Fish Port and have passenger capacities ranging from 152 to 530, according to the documents. Tolentino said the work stoppage would remain in effect until the company complies with DOLE’s requirements.

The order is separate from any case the company may face over alleged negligence or other matters, he added. The company was given until October 23 to address the deficiencies. Failure to comply could result in an administrative penalty of up to P100,000. Atienza Interisland Ferries said on its website that it started as a shipyard in 1983. Its owner and proprietor started it by accepting job offers for building and repairing small wooden boats at his backyard in Dalaruan, Sabang, Puerto Galera, Oriental Mindoro. As a shipyard, the clientele included wooden hull within the Batangas, Mindoro and Palawan area for drydocking. A number of orders was placed for entire wooden hull vessels to be constructed at the site.

KKR keen on investing in LEC projects By Bless Aubrey Ogerio @blessogerio

A

MERICAN investment firm Kohlberg Kravis Roberts and Co. Inc. (KKR) is exploring financing opportunities in the Luzon Economic Corridor (LEC), with potential investments spanning energy, telecommunications, semiconductors and digital infrastructure. KKR Partner and Chairman David H. Petraeus said the firm had long considered investing in the Philippines, citing the country’s economic growth and infrastructure needs. “The macro circumstances were such that we felt we should get in here. This is a young country, has grown fast, and needs infrastructure and other financing to do well,” Petraeus said. KKR manages about $750 billion in assets globally across private equity, infrastructure, credit and real assets. Its assets under management de-

ployed in the Philippines exceed $2 billion, with investments in digital finance, infrastructure and essential services, according to the DOF. In a meeting, Finance Undersecretary Ma. Angela E. Ignacio discussed developments in the LEC, which the government is positioning to attract investments in artificial intelligence infrastructure, information and communications technology, and energy. “Through strategic reforms aimed to streamline ease of doing business, we are committed to attract more partnerships to strengthen key industries and bolster our position as a top investment destination in the region,” Ignacio said. Previous reports indicated that KKR has previously invested in Philippine power and telecommunications infrastructure. The discussions did not specify the projects KKR may finance, the amount of potential investments, or a timeline for commitments.

SEC warns public vs deceptive FB group

MUTUAL FUNDS

October 19, 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. -A205.67 -3.81% 0.37% -2.26% -2.44% -3.93% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.1996 5.58% 14.97% 6.59% 4.82% 1.76% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.7296 -5.28% -0.91% -3.06% -4.24%-4.26% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.756 3.53% 3.73% 0.13% N.A2.97% FIRST METRO CONSUMER FUND, INC. -A 0.4914 -13.16% -8.12% -8.74% N.A -11.63% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.1631 -6.01% -2.56% -4.18% -2.32% -4.8% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6152 -5.05% -2.82% -4.5% N.A-4.26% MBG EQUITY INVESTMENT FUND, INC. -A 65.34 -23% -9.06% -8.01% N.A -26.96% PAMI EQUITY INDEX FUND, INC. -A 40.2228 -3.26% -1.11% -3.24% -2.24% -2.75% PHILAM STRATEGIC GROWTH FUND, INC. -A 430.83 -4.06% -0.06% -2.76% -2.22% -4.16% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5248 1.84% 8.88% 3.47% 1.88% -2.34% PHILEQUITY FUND, INC. -A34.4653 0.11% 1.86% -0.87% -0.55% 0.1% N.A PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9097 3.04% 3.13% -0.69% 2.48% PHILEQUITY PSE INDEX FUND, INC. -A 4.3676 -2.21% -0.01% -2.21% -1.38% -2.28% PHILIPPINE STOCK INDEX FUND CORP. -A 717.95 -2.7% -0.42% -2.51% -1.57% -2.31% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6889 -1.16% 1.79% -1.48% -2.56% -1.88% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.0196 -7.79% -2.42% -4.03% -3.03%-5.92% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8039 -2.9% -0.85% -2.88% -1.84%-2.44% UNITED FUND, INC. -A3.51938.1% 5.17% 0.43% 0.41% 7.05% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0084 -2.55% -0.49% N.A N.A -2.37% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0098 -3.56% 0.37% N.A N.A -3.23% PHILEQUITY ALPHA ONE FUND, INC. -A 0.8737 -7.7% -4.36% -5.33% N.A -7.48% PHILIPPINE STOCK INDEX FUND CORP. -A 866.56 -2.66% -0.6% N.A N.A -2.25% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,1 97.9752 -2.4% -0.24% -2.22% -1.17%-2.04% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.1733 16.25% 13.65% -0.02% 2.79% 14.52% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4131 12.15% 16.63% 5.82% 8.89% 8.49% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A PHILEQUITY GLOBAL FUND, INC. -A 1.062 N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.143 -0.07% 0.24% -0.86% -0.81% 0.13% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6909 4.27% 5.2% 0.07% -0.46%3.34% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4555 -0.88% 0.08% -1.78% -0.39%-0.26% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2254 -0.97% 6.01% 2.54% N.A-2.8% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9383 -2% 0.86% -0.63% 0.29% -3.21% PAMI HORIZON FUND, INC. -A3.631 -2.86% 1.82% -0.63% -0.31% -4.2% PHILAM FUND, INC. -A15.3342-4.15% 0.57% -1.77% -0.9% -4.22% SOLIDARITAS FUND, INC. -A2.0453 -2.19% 1.02% -0.58% -0.22% -2.62% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.308 -4.83% 0.04% -1.75% -1.21%-3.37% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8675 -5.93% -0.2% -1.26% -1.02% -4.74% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.75 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.977 0.42% 2.05% -0.19% N.A -0.18% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8257 -1.82% 0.33% -2.46% N.A -1.91% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7932 -0.21% -3.03% N.A -2.06% -2.22% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03243 -5.12% 1.21% -2.87% -0.98% -5.45% PAMI ASIA BALANCED FUND, INC. -B $1.1254 -7.71% 9.64% 0.89% 2.03% -6.99% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.5798 7% 12.41% 3.25% 5.81%4.52% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2061 3.13% 8.06% 0.49% 2.4%1.92% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES)

BUSINESSMIRROR FILE PHOTO

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HE Securities and Exchange Commission (SEC) on Monday warned against dealing with a Facebook (FB) group operating under the name Tekcash Online Loan Victims. The SEC said the group is using the corporate name of Tekwang Lending Corp. without any authorization, permission or affiliation. “Unknown individuals associated with the said unauthorized Facebook group are also circulating and using the fake email address tekcashloanmanagement@gmail.com,” the SEC said. It said the email address is being presented in testimonials within the group as allegedly having assisted victims or borrowers. Such representations are false and create the misleading impression

that the email address and the group are connected to or endorsed by Tekwang Lending Corp., the SEC said. “Any claim that the said group or email address is assisting borrowers on behalf of, or in coordination with, Tekwang Lending Corp. is false and may constitute an attempt to deceive the public that could lead to scam activities,” the commission said in its advisory. It advised that any person who may have been contacted by, solicited by, or transacted with the said Facebook group, associated account, or fake email address is encouraged to immediately report the matter to the SEC and other appropriate authorities and to preserve all available evidence, including screenshots, receipts, transaction records and communications. VG Cabuag

ALFM PESO BOND FUND, INC. -A 425.09 2.05% 3.18% 2.69% 2.58% 1.21% ATRAM CORPORATE BOND FUND, INC. -A 1.9914 2.22% 1.68% 0.7% 0.43% 1.68% COCOLIFE FIXED INCOME FUND, INC. -A 3.5982 0.89% 3.07% 2.11% 3.11% -0.04% EKKLESIA MUTUAL FUND, INC. -A 2.4286 -0.54% 2.81% 1.61% 1.46% -0.98% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4829 -3.16% 0.91% 0.5% 1.1% -3.35% PHILAM BOND FUND, INC. -A4.4469 -3.23% 2.06% 0.17% 0.72% -3.54% PHILAM MANAGED INCOME FUND, INC. -A 1.5447 2.18% 4.45% 3.25% 2.93% 1.62% PHILEQUITY PESO BOND FUND, INC. -A 4.3228 0.62% 2.89% 1.78% 2.11% 0.22% SOLDIVO BOND FUND, INC. -A1.129 1.16% 2.8% 2.02% 1.85% 0.76% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4364 -3.25% 2.05% 1.54% 2.18% -2.94% SUN LIFE PROSPERITY GS FUND, INC. -A 1.833 -2.58% 1.93% 1.14% 1.66% -2.73% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0212 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.29 1.27% 2.86% 1.75% 1.97% 0.61% ALFM EURO BOND FUND, INC. -A Є222.25 -0.48% 1.74% 0.21% 0.5% -0.68% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0426 -3.28% 1.16% -2.63% -0.72% -3.01% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0252 -4.55% 1.64% -0.55% 0.08%-4.91% PAMI GLOBAL BOND FUND, INC. -B $1.0467 -1.8% 8.12% 0.51% -0.47% -1.25% PHILAM DOLLAR BOND FUND, INC. -A $2.3713 -4.18% 3.49% -0.85% 0.51% -4.38% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0628489 -2.26% 1.21% 0.11% 1.04% -2.48% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8678 -2.46% 4.04% -1.76% -0.51%-2.21% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1913 2.75% N.A N.A N.A 2.13% ALFM MONEY MARKET FUND, INC. -A 153.41 4.01% 4.12% 3.24% 2.89% 3.05% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2295 3.39% 3.76% 3.09% N.A2.66% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.521 3.46% 3.6% 3.01% 2.77% 2.67% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.52 3.97% 4.27% N.A N.A 3.13% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1988 2.47% 3.27% 2.51% N.A 1.91% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.3932 3.66% 4.74% N.A N.A 2.78% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.7974 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5661 23.61% 23.14% 13.7% N.A18.25% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1729 7.27% 7.05% N.A N.A 5.13% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7841 -3.99% 1.49% -4.17% N.A -3.2% 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.”

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, October 20, 2026

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T-bill yields spike on investors’ rate-hike bet

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By Reine Juvierre Alberto

@reine_alberto

IELDS on short-term government securities ticked higher on Monday, reaching their highest level in nearly three years as investors priced in another interest rate hike this week. Average yield on the 35-day cash management bills (CMBs) is up by 4.9 basis points (bps) at 5.278 percent from 5.229 percent in the previous auction last October 5. Awarded rates were from a low of 5.150 percent to a high of 5.248 percent. Meanwhile, the 91-day Treasury bills (T-bills) rose by 14.7bps to 5.992

percent from 5.845 percent a week ago. Yields ranged from 5.825 percent to 6.140 percent. The 182-day debt papers also fetched an average yield of 6.229 percent, 5.8bps higher than the 6.171 percent capped at last week’s auction. The Treasury accepted yields ranging from 6.175 percent to 6.298 percent.

Christmas is not the problem, unplanned Christmas is

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VERY January, I meet someone with the same worried look. They have a good job, a steady salary, and a 13th month pay that arrived right on time. Yet they sit across from me with a phone full of credit card statements and one honest question: “Where did it all go?” When we go through it together, the answer is rarely one big purchase. It is a gift here, a dinner there, the office exchange gift, the Noche Buena, and an installment swiped in November to “beat the sale.” Each expense felt small. Together, they consumed the bonus by mid-December. That person does not have a spending problem. They have a planning problem. Christmas never surprised them. They never asked what it would cost. We are less than 70 days from Christmas, or about six paydays. That is enough time to do this well, if we start now.

For the employee: Know your number

IF you are salaried, your 13th month pay is coming, and employers must release it by December 24. Treat it as what it is: part of your annual income, paid late. Then follow three steps. First, set your Christmas number. List every cost: gifts, food, travel, giving to parents, aguinaldo for godchildren. Add a buffer, because small items are easy to forget. Second, divide it by your remaining paydays. If your number is P36,000 and you have six paydays left, set aside P6,000 each payday in a separate account labeled “Christmas.” Automate the transfer so saving never depends on willpower. Start in October, not December. Every payday you wait raises the amount you must set aside. Third, give your 13th month a job before it lands. Top up your emergency fund, clear high-interest balances, and invest a portion for the long term. The rest can fund a celebration without regret. Under current rules, the 13th month and other benefits are tax-exempt up to P90,000, so it is a good moment to build, not just spend.

For the entrepreneur: Separate the two Christmases

IF you run a business, you carry two Christmases: the one at home, and the one your business quietly pays for. The common mistake is mixing them. A strong sales week feels like personal wealth, so gift money comes from the same pocket as supplier payments. Then receivables arrive late, just when your team’s 13th month is due. Five guardrails help: 1. Compute your 13th month obligation now and set aside a por-

Karlo Biglang-Awa

PERSONAL FINANCE tion monthly, not all in December. 2. Pay yourself a fixed Christmas allowance from your salary or owner’s draw, not from whatever the till shows that day. 3. Chase receivables in October, before your clients’ year-end freezes begin. 4. Keep your business emergency fund untouched. A good sales month does not cancel the need for a cushion. 5. Watch year-end discounts; a promotion that lifts volume but erodes margin leaves you busy, and poorer. Your employees will thank you for a 13th month paid on time, and your family will thank you for a business that stays healthy. Zero-percent installments can be useful if your cash flow can carry them. The trouble starts when they stack. Three small monthly payments that felt light in December become a heavy load by March. My rule: if I cannot pay for it in cash today, I pause and ask whether it is a need, a want, or pressure. Budgeting does not mean giving less. It means giving deliberately. Set a cap per person, draw names for extended family, or choose a few meaningful gifts over many small ones. If you tithe or support a cause, set that amount first, before the shopping begins. How we handle December is a preview of how we handle money the other eleven months. Planning a Christmas budget is the same discipline that builds an emergency fund, pays for a child’s education, and grows a retirement portfolio. Small, repeated, intentional decisions are what compound. For those of us who see money as a trust, not just a possession, this is stewardship in practice: managing what we have been given with care, so our families can celebrate with gratitude, not anxiety. So this weekend, sit down with your spouse or business partner. Write your Christmas number. Open a separate savings account. Assign your 13th month before it arrives. The best gift we can give our families this season is not something they unwrap. It is the peace of a January that begins without worry. Karlo Biglang-awa is a Registered Financial Planner of RFP Philippines. The views and opinions he expressed herein do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 117th RFP program this August 2026. E-mail info@rfp.ph or visit rfp. ph to learn more about the program.

Investors’ asking yields for the 364-day securities averaged 6.444 percent, accelerating by 9.3bps from 6.351 percent previously. The tenor traded with yields ranging from 6.250 percent to 6.5 percent. T-bill yields have been rising for nine consecutive weeks and are at their highest since November 2023, said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. The increase came ahead of the widely expected 25-basis-point rate hike from the Monetary Board, the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP), in its rate-setting meeting this Thursday. The move, which would bring the key policy rate to 5.25 percent, would better manage inflation as well as help stabilize the peso exchange rate, Ricafort said.

His view of the latter is based on the downward spiral of the peso, which hit a new record low last Monday of P63.09 against the greenback as geopolitical tensions prompt investors to troop to the US dollar. It doesn’t help that oil prices remain elevated with Brent crude trading near $108 per barrel, slipping from a five-month high. This as traders weighed signs that supply from the Middle East is holding near prewar levels against flare-ups in fighting, Bloomberg News reported. The feed-in of oil prices into inflation, meanwhile, prompted central bankers to take a hawkish stance, which investors believe would continue. The latter has now led bond yields to surge to multi-year highs. According to Ricafort, elevated oil prices, record US government debt, corporate bond supply, among others, pushed other G-7 government

bond yields among the highest in 20 years to 30 years. Philippine debt instruments are no exception as Monday’s T-bills auction results were mixed: the Treasury fully awarded bids for the 35-day CMBs, 91-day and 182-day T-bills but only partially awarded the 364day government IOUs. Hence, the Treasury fell short of P770 million in raising its target borrowing of P55 billion. Investors, nonetheless, lapped up the offer as combined tenders on T-bills reached P70 billion, or 1.6-times the P45 billion offered by the government. The Treasury raised a total of P44.23 billion through the T-bills auction—P20 billion from the 91-day T-bill, P15 billion from the 182-day security and P9.230 billion from the 364-day debt instrument. The CMB, meanwhile, was fully

awarded at P10 billion, as the auction was 2.3 times oversubscribed, attracting P23 billion in tenders. “Some of the excess peso liquidity/ investible funds in the local financial system could have been siphoned off by the recently concluded 2.5-year Retail Treasury Bond (RTB) offering,” Ricafort said who also pointed to the initial public offering of GCash operator Mynt Inc. This Tuesday, the Treasury will reissue 5-year Treasury bonds to raise P30 billion. The debt papers carry a coupon rate of 8 percent. This is part of the government’s full-year financing program of P2.733 trillion, of which P1.918 trillion will be sourced from domestic lenders while P815.505 billion will come from external sources. Gross borrowings reached P2.254 trillion, or 82.47 percent of this year’s financing target, as of end-August.

XPays speeding up growth of GoTyme, its CEO says

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HE GoTyme Bank Corp. is targeting to grow its customer base to nearly 12.5 million by the end of the year, which its president and CEO said would be accomplished by growing product offering. On the sidelines of a forum organized by the Economic Journalists Association of the Philippines, GoTyme President and CEO Nathaniel D. Clarke said the lender onboards more than 450,000 customers per month. Despite having more competition in the market, Clarke said last Monday their customer growth is driven by “a combination of things.” “Just as the brand continues to mature, people know us more. We’re seeing most, the majority, of our customers are all organic,” Clarke said. “Before we didn’t have any consumer

credit; now we have ‘MoreTyme.’ We have investments. We have, through a partnership with Wise [Group Plc.], we have send-and-receive [money from] overseas [services],” he added. The adoption of xPay mobile wallets—Apple Pay, Google Pay and Garmin Pay—has also attracted more customers, particularly younger Filipinos, including students and young professionals, according to Clarke. With xPays in its suite, he said he does not see the pace of customer growth slowing down. “Next year, [or the next] 18 months, we think we’ll probably sustain over 400,000 [customers] a month,” Clarke said. As its customer base expands, GoTyme is also looking to broaden its physical presence through partnerships with

78 fuel stations failed fuel marking test—BIR

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ORE than two-fifths of fuel stations subjected to field tests by the Bureau of Internal Revenue (BIR) under the government’s fuel marking program failed to meet standards. A statement issued by the BIR on Monday read that 189 fuel stations across 10 Revenue Regions (RR) were subjected to random field testing of petroleum products as of October 13. Of these, 78 stations, or 41.3 percent, failed the tests, while 111 passed. The bureau sealed affected fuel pumps at the establishments that failed the tests. The fuel stations had a combined inventory of 900,250.69 liters of fuel associated with the failed tests, it added. The inspections covered the following areas: Camanava and Bulacan; Manila and Palawan; Quezon City; East and South Metro Manila; Makati City; and, the Western, Central and Eastern Visayas, including Negros Island. The fuel marking program aims to eliminate smuggling and misdeclaration of petroleum products, as well as to increase the revenue collection of the BIR and the Bureau of Customs. Internal Revenue Commissioner Charlito Martin R. Mendoza was quoted in the statement as saying that the bureau would conduct further verification, including tests at fuel depots, and trace the sources of fuel linked to failed station-level tests.

However, he cautioned that identifying a possible source does not automatically establish supplier non-compliance. “We will pursue these findings thoroughly, but we must also be fair in our enforcement. Any finding of non-compliance must be supported by proper verification,” Mendoza said. The BIR is responsible for ensuring that all locally manufactured or refined gasoline, diesel and kerosene products are properly marked with the Official Fuel Marker before being transferred from manufacturing or refinery facilities to tax-paid storage depots for domestic distribution. BIR and BOC officers, working with fuelmarking provider technicians, conduct field tests using mobile fuel analyzers. Samples from suspected non-compliant products are subjected to confirmatory laboratory testing. Petroleum products found to be unmarked or below the required marker level in the domestic market or in the possession of anyone are presumed to have been withdrawn or imported to evade duties and taxes. The government may assess the corresponding excise taxes and penalties, confiscate and forfeit the fuel and file criminal charges. Non-compliant fuel may also be impounded pending assessment and payment of the taxes and penalties due. Reine Juvierre S. Alberto

retailers and other establishments. The lender currently has 680 kiosks in Robinsons-brand and SM-brand malls and expects to add around 100 more over the next 12 months to 16 months, Clarke said. GoTyme is also exploring partnerships that would bring banking services closer to customers in their everyday activities, including through office buildings, transport hubs and airports. Clarke added they are preparing to widen access to their credit line (“MoreTyme”), which is currently available only by invitation. He said invitations, which they extended to 1.2 million customers, would increase to 2 million by the end of the year. This means the lender would extend an average of 12,000 to 13,000 invitations every day until December 31, 2026.

By the end of the first quarter of 2027, all GoTyme customers can apply for the credit line, although approval will remain subject to qualification, Clarke said. Loan disbursements, mostly driven by MoreTyme, is expected to reach P2 billion by the end of the year, a 100 percent year-on-year increase, he added. Digital banks like GoTyme posted the fastest growth in resources across all bank types as of end-July, surging by 50.74 percent to P213.6 billion, compared to the P141.7 billion as of end July 2025. The share of resources held by digital banks, however, is only equivalent to 0.67 percent of the total resources held by banks. (Read more: https://businessmirror.com.ph/2026/09/29/financial-resources-dip-not-worrying/) Reine Juvierre S. Alberto

Pagcor says app to offer player ‘informed choice’

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HE Philippine Amusement and Gaming Corp. (Pagcor) believes the mobile application it will roll out in December would offer a gambler an “informed choice.” Pagcor Chairman and CEO Alejandro H. Tengco was quoted as saying in a statement the regulator issued last Monday that the app will give players “a reliable way to verify” which online gaming platforms are licensed by Pagcor. “We want the public to make informed choices and avoid falling prey to illegal operators,” he added. With the app in place, gamblers can play on authorized gaming sites that are subject to regulatory requirements and safeguards. It also provides players with a mechanism to seek redress when disputes arise, the Pagcor’s statement read. The planned launch comes at a time when illegal gambling accounts for half of the entire Philippine gaming market, as reported earlier by Tengco. The app, approved for development and implementation by the Pagcor Board of Directors last October 8, will be developed under a partnership with the Development Bank of the Philippines Data Center Inc. (DCI)

The DCI will create the app, as well as the hosting, operation, maintenance and technical support at no cost to the state gaming regulator. The partnership between the two corporations will last for five years and may be renewed upon mutual written agreement. According to the Pagcor, the DCI must present a proof of concept for the app’s minimum viable product for Pagcor’s evaluation and acceptance before its full-scale implementation. A six-month assessment will also cover the platform’s proposed features, system architecture, security controls and overall feasibility, it added. The regulator said it may terminate the arrangement if the DCI fails to address deficiencies identified during the evaluation period within a reasonable time. Apart from the app, the Pagcor is also working with the Department of Information and Communications Technology, the National Telecommunications Commission and the Cybercrime Investigation and Coordination Center to combat illegal online gambling, read the statement. Reine Juvierre S. Alberto

Salmon Group bags $140M in additional financing By VG Cabuag

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@villygc

ALMON Group, an operator of a rural bank and a lending firm, announced last Monday of having secured from various sources an additional $140 million in financing, the proceeds of which the company said it will use to continue its growth in the country, mainly on lending. The funding comprises $90 million in financing commitments from venture capitalists Spice Expeditions LP, Washington University Investment Management Co. (WashU) and Moore Strategic Ventures, LLC, alongside $50 million in bond proceeds. Proceeds from the financing round will fund the scaling of profitable lending arm Salmon Credit Line

and in-store lending and nationwide roll-out of new products, including motorcycle financing and lending for small enterprises. The group operates Salmon Bank (Rural Bank) Inc., formerly known as Rural Bank of Sta. Rosa (Laguna) Inc., and Salmon Finance Inc. In less than four years of operations, Salmon has become one of the fastest-growing technology companies in the Philippines. Today, the companies in Salmon Group serve millions of Filipinos through its Salmon app, which it claimed to be one of the highest rated financial services apps in the Philippines with about 9 million downloads. Through the AI-powered cred-

it engine of Salmon Finance, the group’s financing arm, Salmon is able to serve customers with limited credit history and provide credit decisions within minutes. “Everyday financial services come with unnecessary friction for many Filipinos. We’re removing these barriers and building innovative products with the reliability and security customers expect in today’s world,” Pavel Fedorov, co-founder of Salmon, said. “We are doubling down on the opportunity in the Philippines as we believe deeply in its scale and in the importance of focus to deliver a differentiated execution. This financing lets us do more: extend banking and credit access to more Filipinos, roll out new products, and keep raising

the bar for the financial services industry in the country. We are grateful to our existing investors for backing the next stage of our mission,” he said. Spice Expeditions is an early-stage global venture capital firm headquartered in Westport, Connecticut that has recently made headlines for anchoring major fintech investments in the Philippines. WashU, meanwhile, is the premier investment arm that manages the multi-billion dollar endowment and related institutional assets of Washington University in Saint Louis. Moore Strategic Ventures, on the other hand, is the private investment vehicle of billionaire hedge fund manager Louis Bacon, the founder of Moore Capital Management.

B4

Tuesday, October 20, 2026 • Editor: Gerard S. Ramos

Art

BusinessMirror

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

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Alona Tal, 43; John Krasinski, 47; Snoop Dogg, 55; Viggo Mortensen, 68. HAPPY BIRTHDAY: Focus on personal relationships and domestic life. Compromise, change what isn’t up to your standards and dump what you no longer need or use. Weed out the old and bring in the new. Revitalize and rejuvenate, and you’ll feel good about yourself and what’s next. Learn something new, and update your skills, life and future to suit your needs. Manifest what you want through your thoughts, vision and actions. Your numbers are 4, 16, 20, 27, 34, 41, 49.

SCENES from A Meditation on Systems, featuring Dexter Lira alongside guest artists Marius Black and Ted Pagaduan. The show ends its run tomorrow with an “Artist Talk” at the MET Gallery in Ermita, Manila.

‘A meditation on systems’ highlights individuality, interconnectedness

‘I

’VE worn many hats and many names,” writes Dexter Lira, who describes himself as a painter, poet, illustrator, writer, and filmmaker, on top of being an “occasional actor, script doctor, and secular humanist.” In the exhibition note of his ongoing show at the Metropolitan Theater (MET) Gallery, titled A Meditation on Systems, the artist goes on to ponder the struggle of defining and refining the self. He fantasizes about dovetailing his many personas into one identity that represents all else, but says that the process “has always been messy.” He also admits his fascination with systems, in part because the said process has always involved patterns, including the economic reality of living in a country run by people “who amaze and frustrate in equal measure.”

“If you take anything away from this show,” Lira writes, “let it be an appreciation of our interconnectedness. We are all nodes in systems larger than us. And we may have more power than we think to make the changes we need to the systems that serve us badly.” A Meditation on Systems delivers Lira’s supercharged message through a wide collection of expressionist abstract paintings. Each one explores a different facet of the artist’s life and his insightful ponderings of it, from the mundane to the peculiar. In Trapik in Da Pilipens, for instance, he presents a busy scene of black lines swirling above and outside of bright orange and blue lanes. Lira says that the scene is “more than the image of congestion, but the snapshot of national rhythm,” serving as both “a burden and identity.” He then goes philosophical in State of Mind—a creative visualization of slowly achieving mental clarity from confronting the truth— and political in Diaspora—where he turns direct and figurative about how the “generational trauma of colonialism and poverty are ever-present poisons in our collective soil.” Alongside Lira, also part of the exhibit as guest artists are Marius Black and Tad Pagaduan. Black creates indie comic books and mixed-media paintings, while Pagaduan is a Manila-based artist whose works resemble the informative imagery of

animal textbooks. For the show, Black presents slices of ordinary Filipino life, as he does in his art series “Manila Ukiyo-E,” which depicts everyday scenes in a modern version of Japanese Ukiyo-e woodblock prints. There’s the layered reimagination of the barong-barong, stacked on each other to form makeshift villages. Meanwhile, Pagaduan creates creative allusions to animals from urban settings, where a trail of pink graffiti ends up becoming a flamingo neck and blocks of animal prints placed behind cracks on concrete walls suggest big cats hiding in plain sight. A Meditation on Systems is on view at Gallery 2 of MET Gallery until tomorrow, October 21. The second and last part of the show’s “Artist Talks” program will also be held tomorrow at the MET AV Room and Music Hall, where Lira will discuss his paintings and more. The show forms part of Museum and Galleries Month (MGM) this October. “As the nation marks MGM, cultural institutions across the country are opening their doors to highlight museums and galleries as vital repositories of art, legacy and history,” the National Commission for Culture and the Arts said in a statement. “It emphasizes that the annual celebration serves as a powerful reminder that culture is not merely a static artifact of the past, but a living, evolving force that unites the nation toward a shared future.”

‘OEDIPUS REX’ FILIPINO ADAPTATION HIGHLIGHTS QUESTIONABLE PUBLIC INFRASTRUCTURE, FLOOD CONTROL ISSUES VETERAN actors Eula Valdes and Martin Del Rosario lead the cast of Rex. PHOTO BY MEI LIM, ASSISTED BY AIDAN GUEVARA AND JESSICA GAW

REX, a modern reimagining of the classic tragedy Oedipus Rex by the Greek dramatist Sophocles, reflects on the persistent problematic infrastructure and flood control failures which plague the country today. Produced by the De La Salle-College of Saint Benilde (DLS-CSB) through its School of Arts, Culture and Performance (SACP), Rex is written by Joshua Lim So, Palanca Hall of Famer and Benilde Film faculty member. It is directed by Tuxqs Rutaquio, acclaimed director, set designer, and Benilde Theater Arts Program Chairperson. The 105-minute show explores the weight of power and the conceit of a supposed leader who betrays his nation, while he confronts a devastating truth about his own identity. Set in the city of Tebes, it follows the Po family and their company, St. Paul the Apostle Constructions, as torrential rains leave over a hundred citizens dead. As the household attempts to protect its interests, long-buried truths emerge and

expose how systemic corruption ultimately leads to collective tragedy. In this loose adaptation, Rex studies how a centuries-old story may be reinterpreted

by a new generation. It looks at the heavenly plague through a contemporary Filipino lens and shifts the classic narrative to present the pressing social crises facing modern communities in the Philippines. It tackles the cost of neglect and a reality all too familiar: When power is a family business, the masses pay the price. In this showcase of young talents and seasoned craftsmanship, Rex brings students, faculty, and alumni from the college’s Theater Arts, Production Design, Dance, Music Production, Multimedia Arts, Photography, and Creative Industries Management Programs, as they collaborate with industry professionals. The cast is headlined by veteran actors Eula Valdes and Martin Del Rosario, who mark their onstage reunion 12 years after they both earned Gawad Urian awards for their performances in the critically acclaimed independent film Dagitab (2014). Joining them is an ensemble of promising thespians

together with professional actors, to include stage actress Sheryll Ceasico, Goin’ Bulilit alumna EJ Jallorina, Benilde Theater Arts faculty member Bong Cabrera and alumnus Emilio Macabantad. The creative execution features design and artistic contributions from Christine Crame (Movement), Jose Joaquin Aranda (Lighting), TJ Martinez (Sound and Engineer), Phillip Domingo (Costume), Ces Valera (Projection) and Carlo Vergara (Poster). Rex premieres on November 12, 2026, at 7 pm at the Power Mac Center Spotlight Blackbox Theater in Circuit, Makati City. The Gala Night is scheduled on November 13, 2026, at 7 pm. Showtimes are November 14 and 15 at 2 pm and 7 pm; November 19 and 20 at 7 pm; and November 21 and 22, at 2 pm and 7 pm. Tickets are available at www. ticket2me.net/event/23151. More information can be found at www. facebook.com/benildearts.

ARIES (March 21-April 19): Put more thought into what you want to accumulate and what you want to release. Increasing your earning potential will offer financial freedom but also add to your responsibilities. Being satisfied with less will offer peace of mind and time to relax. Decide where to put your energy, and make it happen. Don’t look back. ★★★★

TAURUS (April 20-May 20): Give yourself a chance to breathe. Walk away from drama, people who ask for too much and temptation that will cost you. Do your research, plan your next move and take better care of yourself while protecting what you’ve worked so hard to achieve. Say no to emotional manipulation, and don’t take the blame for someone else’s downfalls. ★★

GEMINI (May 21-June 20): Consider your options and how to make the most of skills you enjoy using. Don’t let boredom motivate you. Allow enjoyment and gratitude for being able to do something that makes you happy carry you forward. Money isn’t everything, but your happiness is. Do what makes you want to get up each morning, and strive to satisfy your soul. ★★★★★

CANCER (June 21-July 22): Don’t limit what you can do for the sake of someone else. Have heart-toheart discussions that help you work in harmony with others without forgoing your needs. Negativity will set you back. Having a positive attitude and approach to whatever dilemmas you face will help you make progress and maintain healthy relationships. ★★★

LEO (July 23-Aug. 22): Concentrate on learning and turning your ideas into something tangible. Don’t let others dictate what you can do. When you know what’s in your heart, it’s up to you to follow through with your plans. How others respond will change your perspective and relationship. What matters is how good your friendships are, not how many friends you have. ★★★

VIRGO (Aug. 23-Sept. 22): Spell it out for anyone who doesn’t get what you are asking for. Be nice but blunt, and don’t accept changes you don’t want. An articulate adaptation of your vision will make or break your decision to carry on with your current situation. Stay calm, stick to facts and make decisions based on necessity. Put yourself first. ★★★

LIBRA (Sept. 23-Oct. 22): Choose a path. What you decide to pursue will require discipline and innovative thinking to get to where you want to go. Don’t let financial or professional stress slow you down or cost you your confidence. Trust and believe in what you can do, and make things happen. Put your energy, enthusiasm and charm to work for you. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Keep life simple, doable and affordable. Taking a walk down memory lane will help you recognize similarities in things that are recurring. Learning from the past will help you let go of whatever is causing you to procrastinate. Choose what makes you feel good about yourself and your future. Say no to risky ventures. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Cut yourself some slack. Follow your aspirations and what makes you feel optimistic about the future. Turn your surroundings into a place you want to spend time. Don’t be tempted to follow other people’s dreams when you have your own. Prospects look inviting if you are patient, do your homework and negotiate on your own behalf. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Listen carefully and get what you want in writing. Someone will try to mislead you if you aren’t specific and adamant about your needs and desires. Put your energy into doing the best job possible and finishing what you start. Be aware of any competition you meet, and keep your intentions to yourself until you are ready to launch. ★★★

AQUARIUS (Jan. 20-Feb. 18): Put your heart, emotions and thoughts on the shelf, and wheel and deal with finesse. Know your intentions, and plan your actions to serve your purpose. A lifestyle change will bring out your survival instincts and send you down a path that will lead to personal growth. Love yourself first, and gain the respect of others. ★★★

PISCES (Feb. 19-March 20): Spend time going over your finances and medical records. Leave nothing to chance or up to someone else to decide. Taking control will give you the best seat at the table to get what you want when you want it. Change only what’s necessary, and protect your assets, possessions and emotional well-being. Choose minimalism over extravagance. ★★★ BIRTHDAY BABY: You are original, charming and dedicated. You are engaging and proactive.

‘twist endings’ BY TARUN KRISHNAMURTHY

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Sports data 6 Small house, in the Southwest 12 “And if I choose not to?” 14 Devices providing bird’s-eye views 15 How executives may fly 17 NYE month 18 18-wheeler 19 Bend done in a tutu 21 Rub the wrong way 22 Reporter’s credential 26 Well-worn pencil 27 ___ and thx 29 Filming or parking site 30 Motor oil brand 31 Company behind ChatGPT 33 Sign between Virgo and Scorpio 35 Retraces one’s footsteps ... and what each word in 15-, 22-, 48- and 57-Across has? 38 Windows precursor 39 Made level 42 UFO crew 45 “Yikes!”

46 Journalist ___ B. Wells 47 “since u asked ...” 48 Hot cocoa mix brand 51 Org. with a Most Wanted list 52 Peru’s capital 53 “10-4” 56 Enjoy a samosa 57 Earned five Emmy nominations for “Unbreakable Kimmy Schmidt” 62 Surgery aids 63 Philadelphia NFL team 64 “Yo, bro!” 65 Sentimental soul DOWN 1 Recover after pregaming, say 2 Cargo area on a heavy-duty vehicle 3 “How cute!” sounds 4 Not that 5 Reasonable 6 Audiophile’s rack contents 7 Curve 8 Note between fa and la 9 Like some Roblox purchases 10 Cars that stop at Supercharger

stations 11 Basketball play that helps a teammate 13 Short-term hires 16 Title for David Beckham 17 T. rex, e.g. 20 Psychic’s “asset” 23 Yale students 24 Cried one’s heart out 25 Runner’s download 27 Short stops? 28 Centrist in British politics, informally 32 ___ de plume 33 “___ Miserables” 34 Score 100% on 36 Marvel trickster god 37 Cutlery collection 40 Diplomat’s post 41 “I dare you!” 42 Subj. for some new U.S. residents 43 Streaming platform where Kai Cenat reached 1 million subscribers in 2025 44 “As easy as pie,” for one

46 Topic for debate 49 Skewered dish of South Asia 50 Bro, say 54 Periods of history or Taylor Swift’s artistry 55 Frozen breakfast brand 58 “Er-r ...” 59 Place for a “me day” 60 XXX-XX-XXXX ID 61 Santa’s little helper Solution to today’s puzzle:

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

Show BusinessMirror

Editor: Gerard S. Ramos • Tuesday, October 20, 2026

B5

Nievera collaborates with Italian maestro; Seguerra teams up with Fil-Am music virtuoso CLOCKWISE: Martin Nievera, Ice Seguerra, Troy Laureta and Alessio Benvenuti

RUFFA GUTIERREZ (left) and Shuvee Etrata at the media conference for Red Crown.

BEAUTY, BRAINS, BLOODSHED: GMA PICTURES’ ‘RED CROWN’ OPENS ON OCTOBER 28

WHAT happens when the pursuit of the perfect crown becomes a fight for survival? This October, GMA Pictures brings to audiences Red Crown, a thriller film that takes the glamorous and fiercely competitive world of beauty pageants to a shocking extreme. Directed by Dominic Zapata, the film opens in cinemas nationwide on October 28. Red Crown follows 25 contestants competing in the 25th anniversary of the Queen of the Islands pageant, only to discover that the glamorous competition has become a deadly fight for survival. As eliminations turn fatal, the contestants face betrayal, sabotage, and mounting fear while uncovering the dark system behind the pageant. Blending satire, comedy, and survival-thriller elements, the film takes the familiar world of beauty pageants—beauty, rankings, scores, pasarela, competition, and sisterhood—and pushes them to an absurd extreme. It explores the pressure to be beautiful and perfect, while turning “survival of the fittest” into a literal battle for the crown. When the contestants uncover the truth, how will they expose the deadly competition to the world? And can they set aside their differences to fight back together to survive? Red Crown features an impressive ensemble of real-life pageant royalty and Sparkle stars, including Yana Aduana, Alethea Ambrosio, Ara Arida, Herlene Budol, Skye Chua, Faith da Silva, Michelle Marquez Dee, Haley Dizon, MJ Encabo, Shuvee Etrata, Gazini Ganados, Rein Hillary, Maika Kemmochi, MJ Lastimosa, Aira Lopez, Sanya Lopez, Ahtisa Manalo, AZ Martinez, Ashley Ortega, Vanessa Peña, Sandy Riccio, Jade Tecson, Tarah Valencia, Yna Angela Uy, and Yza Thalia Uy. Joining the film’s cast are Michael De Mesa, Epy Quizon, Bianca Manalo, Vince Maristela, Roxie Smith, Christian Singson, Jay Ortega, Tim Yap, Pinky Tobiano, Cat Arambulo, Anna Magkawas, and Ruffa Gutierrez. Red Crown is written by Kit Villanueva and Ken de Leon. With its mix of pageant spectacle, biting satire, dark humor, mystery, and high-stakes survival, Red Crown promises to take audiences on a competition unlike any other. Because in this pageant, the ultimate prize isn’t just the crown. It’s staying alive. GMA Pictures’ Red Crown opens in cinemas nationwide on October 28.

I

N the professional music industry, collaboration is more than just a buzzword. Artists coming together and joining forces have become a driving force behind some of the most successful singles, albums, performances and businesses in recent music history. Collaboration continues to elevate creativity, push boundaries, create work, and produce outputs that resonate deeply with audiences. First-rate music artists Martin Nievera and Ice Seguerra both believe that every musician brings his own unique strengths into the game, and working with another musician or producer introduces new ideas, techniques, styles, while breaking creative blocks, allowing them to expand their artistic horizons. To join the nation in celebrating the world’s longest Christmas season, Nievera has collaborated with renowned Italian maestro Alessio Benvenuti to bring a new holiday tribute to life, titled Christmas in Manila. This artistic synergy first took shape during Benvenuti’s tenure as the resident concertmaster of the Manila Symphony Orchestra. While accompanying Nievera onstage in one of the his high-end performances, the Italian maestro was so charmed by the singer’s commanding vocal adeptness and emotional intensity. Benvenuti shared that the inspiration was sparked from his many memorable experiences while residing in the Philippines through the festive Christmas season. He mentioned that he is dedicating this special Christmas song to very special people in Italy and the Philippines, specifically his two children, Leonardo and Michelangelo, who were both born in the mystique island of Siquijor. Nievera, who has also written a few Christmas songs in his amazing career, added some details to the lyrics of the song to include the very early celebration of the Filipino people. “I wanted the world to know and always remember that only Filipinos start celebrating Christmas in September!” He also mentioned that they have to adjust some of the octaves to be in sync with his vocal range. Christmas in Manila is created to celebrate the Filipino spirit for many holiday seasons to come, and both Benvenuti and Nievera hope that the song will become a classic.

ICE SEGUERRA TO PERFORM POPULAR MUSICAL THEATER HITS

TOP-NOTCH music artist Ice Seguerra has invited acclaimed Filipino-American musical director, keyboardist and producer Troy Laureta to be part of Ice Sings! An Intimate Concert Series: Musical Hits for his November 6 and 7 shows at the Music Museum. For Ice Sings!, Laureta will work with Segurra to find a fresh way into familiar musical-theater and film songs, while keeping the voice and storytelling to make the show more intimate with the audience. Both artists will be creating a live-band sound for songs that have stayed with Seguerra since childhood. I was told that Laureta has worked with artists like Ariana Grande, Justin Bieber and Nicole Scherzinger.

“People know me as a singer with a guitar, performing songs that feel very personal,” Seguerra said. “But I’ve loved musicals since I was a kid. This show will allow me to bring that side of myself back— and rediscover what these songs mean to me now.” He added, “My mom introduced me to musicals when I was very young. I grew up watching The Sound of Music and West Side Story. I was taking voice lessons at the UP [University of the Philippines] College of Music at a young age. I sang ‘Part of Your World’ from The Little Mermaid during my recital,” he recalled with a chuckle. Seguerra’s first stage production was Little Shop of Horrors with Repertory Philippines. It was followed by The Wiz where he played Dorothy. When he recaptured the joys of musical theater, Seguerra appeared in productions like The Rocky Horror Show, Avenue Q, and Rock of Ages. This show in November will be a special digital performance series for Seguerra, where he follows his curiosity across different songs and genres. Its first live instalment will turn that feeling into a full evening with Laureta and the band, allowing the

artist and the musicians to move between spare, intimate passages and fuller theatrical arrangements, with featured instrumental moments woven into the music. For Liza Diño, creator, producer and creative director of Ice Sings!, the pairing is about more than giving familiar songs a new sound. “Ice knows how to make the lines feel like a conversation with the person sitting in front of him,” Diño explained, adding, “Among the songs being developed for the concert are “On My Own” from Les Misérables, “I Don’t Know How to Love Him” from Jesus Christ Superstar, “For Good” from Wicked, and “Friend Like Me” from Aladdin.” Collaboration is not just a strategy, it has become a mindset. It is about learning, sharing and growing alongside colleagues who are just as passionate about music and its evolution. By embracing collaboration, professional artists like Martin Nievera and Ice Seguerra will continue to unlock potential—and opportunities—they never knew existed, while creating art to be more substantial and significant than the sum of its parts.

Elizabeth Holmes movie ‘You Can See Everything’ is now a hit in theaters, too

By Lindsay Bhar The Associated Press NORTH American movie theaters were flooded with new films this weekend, including a video game reboot, a big budget survival thriller and a Jane Austen adaptation. While Paramount’s Street Fighter took the first-place spot, earning $31 million from 3,575 theaters according to studio estimates on Sunday, most of the attention and cultural discourse was elsewhere: on the nearly three-hour Elizabeth Holmes documentary, You Can See Everything.

‘YOU CAN SEE EVERYTHING’ HAD THOUSANDS OF SELLOUTS

BUZZ and box office don’t always line up, but You Can See

Everything made an extraordinary $15 million from only 855 screens, with over 2,000 sellout showings over the weekend, according to A24. It also had the biggest opening for a film playing on under 1,000 screens since Borat opened to $26.5 million in 2006, and the biggest nonmusic documentary opening in two decades, since Fahrenheit 9/11 made nearly $24 million from 868 theaters. Those numbers do not account for inflation. Like other hits this year, like the Gen-Z driven Backrooms and Obsession, ticket sales for You Can See Everything were driven by a largely younger audience. Over 70 percent of the opening weekend crowd was under 35. The film, directed by Nathan Fielder and Lance Oppenheim, was made in secret over three years. Fielder spent over a month with the disgraced Theranos founder and her family, including two young children and partner Billy Evans, in her final days before reporting to federal prison. The reviews have been extremely positive, with 99 percent on Rotten Tomatoes and 99 on Metacritic. It also got an unprecedented 91 percent “definite recommend” from audiences, according to PostTrak exit polls. You Can See Everything reportedly cost under $7 million to make and less than $10 million to market. “Everybody underestimated the movie, because on paper this is like, wait, a three-hour documentary?” said Paul Dergarabedian, the head of marketplace trends for Rentrak. “But he [Fielder] is a huge draw, and he has a huge following on social media, and then Elizabeth Holmes is just a character

that you couldn’t even make up. It’s stranger than fiction, and that’s really compelling.”

‘STREET FIGHTER’ KNOCKS OUT ‘WHALEFALL’

STREET Fighter topped the charts as expected with a $51 million global opening, including $20 million from international showings. The movie starring Callina Liang, Noah Centineo and Andrew Koji cost a reported $82 million to make, not accounting for marketing and promotion. Audiences were 69 percent male. Both Street Fighter and You Can See Everything may have contributed to Whalefall’s relative failure this weekend. The $60 million survival thriller starring Austin Abrams and Josh Brolin made $8 million from 3,065 locations in the US and Canada, despite being better reviewed than Street Fighter. With $9.5 million from international showings, the Disney release hd a $17.5 million global launch. Whalefall opened in fourth place, behind the Jessica Chastain horror Other Mommy. The Universal Pictures release added $8.4 million in its second weekend, bringing its domestic total to $44.9 million. Fifth place went to Sense and Sensibility, which earned an estimated $7.3 million from 2,545 theaters. The wellreviewed Austen adaptation starring Daisy Edgar-Jones drew a predominantly younger (58 percent between the ages of 14 and 18) and female crowd (84 percent). It also got the strongest CinemaScore of the week (A-).

Warner Bros. Clockwork also released a restored presentation of Ken Russell’s 1971 film The Devils in 350 locations, where it made $1.6 million. It’s the first release from the studio’s specialty label.

‘MUSK’ DOCUMENTARY FACING ADVERTISING BLOCKS AND NETFLIX SHARES BOX OFFICE FOR ‘LA BOLA NEGRA’

ALEX GIBNEY’S Elon Musk documentary Musk also expanded to 472 screens in the US and Canada, where it made $306,702. The film, which runs nearly four hours, has faced issues advertising on major social media platforms including X, which Musk owns, and TikTok, according to distributor Bleecker Street, which said TikTok this weekend permanently suspended the film’s ad account. Netflix also shared ticket sales for the first time for the queer Spanish epic La Bola Negra, which made $277,500 from four locations this weekend. The streamer has not historically reported box office for its theatrical releases, but this film is breaking new ground as it’s being positioned as a possible best picture contender. It will be in theaters for 47 days before it will be available to watch on Netflix. According to Rentrak, the weekend overall generated about $101.6 million in ticket sales, up 45 percent from the same weekend last year. The year to date stands at $8.2 billion, which is up almost 20 percent from 2025.

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Tuesday, October 20, 2026

AZEC Ministerial Meeting concludes with landmark agreements on energy security, clean energy cooperation

T

he 4th Asia Zero Emission Community (AZEC) Ministerial Meeting successfully concluded its joint press engagement on October 8, 2026, at the Philippine International Convention Center (PICC). Cochaired by the Philippine Department of Energy (DOE) and Japan’s Ministry of Economy, Trade and Industry (METI), the highlevel event brought together energy ministers from 11 member nations to tackle urgent regional energy challenges.

Amid rising geopolitical tensions, the meeting culminated in the historic adoption of the AZEC Ministerial Work

Program focused on strengthening regional oil stockpiling, emergency preparedness, and clean energy transition pathways. During the press conference, Philippine DOE Secretary Sharon Garin emphasized the absolute necessity of a regional alliance in the face of ongoing global risks. “Cooperation is highly important when it comes to geopolitical turmoil and geopolitical threats on global oil supply, such as tensions in the Strait of Hormuz,” Secretary Garin stated. Garin noted that the work program is critical for import-dependent nations like

the Philippines “that relies on imported oil to address transportation, trade, and household needs.” The Philippines also explored regional petroleum stockpiling and signed a joint statement with JICA Japan’s State Minister of Economy, Trade and Industry Kei Takagi emphasized balancing energy security with economic growth and decarbonization. “As uncertainty in the international energy situation grows, Asia faces the difficult challenge of ensuring energy security while simultaneously pursuing economic growth and decarbonization,” Minister Takagi remarked.

ABOITIZPOWER COMMENDED BY ABS-CBN FOUNDATION FOR PUBLIC SERVICE COLLABORATIONS Aboitiz Power Corporation (AboitizPower) was once again recognized by the ABS-

CBN Foundation - Sagip Kapamilya for helping it extend meaningful assistance to communities in need. This includes public services such as medical missions, calamity relief, and humanitarian projects like maternal care and feeding activities. Together with AboitizPower distribution utility Visayan Electric, the partnership’s most recent intervention was a medical mission in Barangay Guadalupe, Cebu City, wherein 680 people were provided with free medical services earlier this month. Receiving a certificate of appreciation on behalf of AboitizPower is VP for Corporate Affairs Suiee Suarez (center) from Sagip Kapamilya Program Head Marcel R. Riñon (left) and ABS-CBN Foundation Managing Director Roberta Lopez-Feliciano (right). “We appreciate your deep trust, noble generosity, and shared commitment to serving communities by strengthening the Filipino spirit of Bayanihan,” the foundation said.

Inside Code HB of Mary Mediatrix Medical Center, the country’s 1st STEMI Network

Photo captured during the awarding of the Most Outstanding Research in Cardiology of the Year 2026. From left to right: Interventional Cardiologists Dr. Joselito Ramos, Dr. Ariel Miranda, and Dr. Charlies Esteban, and Interventional Cardiology Fellow Dr. Seth Gorostiza.

I

SCHEMIC heart disease remains the Philippines’ number one killer, resulting in about 100,000 deaths per year (Philippine Statistics Authority posted 100,958 deaths based on records from January to October 2025). Mary Mediatrix Medical Center, a leading tertiary medical facility in Lipa, Batangas, believes the country can change that with its own award-winning Code HB (Heart of Batangas) Program, providing a model that other provinces across the country can adapt, depending on their needs. Code HB is the first ever STEMI (ST-Elevation Myocardial Infarction) Coordinated Hub & Spoke Network in the Philippines. For the proponents of Code HB, including interventional cardiologists Dr. Ariel Miranda, Dr. Joselito Ramos, Dr. Romulo Rosita, Dr. Charles Esteban, Dr. Marylis Javier, Dr. Charles Tabora, and Dr. Rosalia Manaloto, the ultimate goal is bigger than Batangas. “No one should die from a heart attack at all but only if we get them to a hospital within a certain window

of time,” said Miranda. Code HB links hospitals, physicians, ambulance networks and communities into a coordinated system that gets patients to effective, life-saving treatment faster. A tenyear study of the Code HB Network found that in-hospital mortality among Batangas STEMI patients fell from 15.4 percent to 8.7 percent; a 44 percent relative risk reduction. “The treatment of acute coronary syndrome, most importantly STEMI (a total blockage of a heart artery that can be fatal) is highly developed. We have two cardiac catheterization laboratories and an expert staff but these are not enough if patients are unable to reach the hospital in time. We have to reach out to people and set up a program that brings them to the ER as fast as possible,” said adult interventional cardiologist Dr. Ariel Miranda, one of Code HB’s main proponents. He said a suspected heart attack patient should ideally reach an emergency room within 90 minutes, and at most within three hours, to improve the chances of survival and recovery and prevent disability.

But getting patients to the hospital in time is only part of the challenge. For many Filipino families, the cost of emergency cardiac intervention can also stand in the way of treatment. Recent changes in PhilHealth coverage have begun to address that financial barrier. With the implementation of the PhilHealth IHD-AMI-A case-rate package in December 2024, coverage for STEMI patients increased dramatically. Median PhilHealth reimbursement rose from about ₱30,000 before the package to more than ₱500,000 in 2025, while median out-of-pocket spending by patients fell by about two-thirds. Government guarantee letters have also helped bridge remaining costs, making life-saving angioplasty more financially accessible to patients who might otherwise struggle to afford it. The Code HB proponents have also engaged PhilHealth in discussions aimed at further strengthening financial support for STEMI patients. Dr. Miranda added that the milestone has both good and bad sides. “The good side is that it speaks to our competence and means we are saving many lives. The downside is that it also means many people are still having heart attacks. We need to educate the public and step up prevention.” Dr. Manaloto sees the same need among indigent patients. Many have misconceptions about heart disease and do not recognize its warning signs. Some families wait six or eight hours, or even until the following day, before bringing a patient to the hospital. Code HB’s promise is simple: where a patient lives should not determine whether a heart attack becomes fatal. Batangas has shown that hospitals, ambulances, physicians and communities can work as one coordinated network to get STEMI patients to life-saving treatment faster. The challenge now is to adapt that model to other provinces, according to their own geography, resources and healthcare infrastructure. For the doctors behind Code HB, the ultimate measure of success is not the awards or recognition the program has received, but the patients who make it to the hospital in time and walk out alive.

Leading the ceremonial signing are Julian Mengual, CEO of MediCard Philippines, and Dr. Stuart A.F. Bennett, President and Group CEO of The Medical City (TMC). Also in photo, from left to right, are Maria Dezza B. Frondoso, MediCard Provider Management Officer, Earline D. Borlongan, TMC Clark Hospital Director, Maria Flerida I. Riyos, MediCard Provider Management Operations Manager, Rhea D. Negrete – MediCard Provider Management Provider Data Manager, Dr. Cristina S. Cuevas, MediCard Medical Operations Head, Emerson S. Conducto, MediCard Provider Management Head, Dr. Felix Ray P. Villa, TMC Iloilo CEO, Dr. Ruben G. Kasala, TMC Ortigas EVP & CEO, Racquel R. Cagurangan, TMC Group Chief Officer for Strategic Accounts, Dr. Christian G. Delos Reyes, TMC Group Chief Officer for Strategic Partnerships, Dr. Juan Antonio Maximiano R. Escano, TMC Pangasinan CEO, Dr. Sarfraz Ahmed, TMC Clinics CEO, Rhea Manalili – TMC Strategic Accounts Group OIC, and Mathew Salas, TMC Medical Referral Program Head, during the ceremonial signing reaffirming the longstanding partnership between MediCard and The Medical City.

MediCard, The Medical City partner to advance more connected, accessible healthcare

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HE recent collaboration between MediCard, an AIA company and one of the country’s leading health maintenance organizations (HMO), and The Medical City, one of the Philippines’ leading healthcare institutions, reflects their shared commitment to making quality healthcare more accessible and responsive to the evolving needs of Filipinos. By combining MediCard’s integrated healthcare solutions with The Medical City’s trusted network of hospitals and clinics, the partnership aims to deliver better healthcare experiences to more members and patients across the country. As MediCard continues to enhance healthcare access through innovations

in accessing healthcare services such as the new MedGo app, preventive care and wellness programs like the Mental Health Wellbeing Support, a health and wellness platform integrated in the MedGo app that empowers members to proactively monitor and manage their health, and Livewell, MediCard’s comprehensive wellness program that promotes healthier lifestyles through health education, screening initiatives, and preventive care interventions, strategic partnerships remain vital in building a more integrated healthcare ecosystem and advancing quality healthcare that empowers more Filipinos to live Healthier, Longer, And Better Lives.

Sun Life Philippines confirms planned transition of Sun Life Investment Management and Trust Company

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UN Life Philippines announced that Sun Life Investment Management and Trust Corporation (SLIMTC) will undergo a planned and orderly transition following a recent review of the company’s businesses and strategy in the Philippines. As part of this decision, Sun Life will focus its resources on its core insurance business while continuing to offer award-winning wealth accumulation products through both Sun Life of

Canada (Philippines), Inc. (SLOCPI) and mutual funds through Sun Life Asset Management Company, Inc. (SLAMCI), its mutual fund business. Consequently, SLIMTC will no longer offer UITF and other trust products, and will be transitioned in an orderly manner. “Sun Life regularly reviews its businesses to ensure they remain aligned with client needs, market conditions, and our long-term strategy,” said JJ Moreno, Country Head and CEO of Sun

Life Philippines. “We believe we can best serve clients in the Philippines by focusing on our insurance and mutual fund businesses, where we have strong capabilities and opportunities to meet the evolving needs of Filipino clients. Throughout this transition, our priority is to protect client interests, maintain service continuity, and provide clear information on the options available to them.” To guide the business through this important transition, Sachi Pang, Sun Life Special Adviser to the Country Head and CEO, has been appointed as President of SLIMTC effective 23 September 2026. Pang will help ensure that SLIMTC delivers on its commitments throughout the transition

and that Clients continue to receive the support they expect from Sun Life. Affected clients will receive direct communication through official Sun Life channels explaining their available options, key timelines, and where they can obtain personalized support and guidance. Clients are encouraged to refer only to official Sun Life communications and to speak with their Sun Life advisor or contact Sun Life’s client support channels for guidance specific to their circumstances. Sun Life emphasized that the transition of SLIMTC does not change the company’s commitment to the Philippines. Having pioneered life insurance in the country in 1895 and remained the No. 1 life insurer in

the Philippines in terms of premium income for the past 15 years, Sun Life continues to invest in serving Filipino Clients and supporting their financial security. “Sun Life remains financially strong and deeply committed to the Philippines,” Moreno added. “We will continue to serve Clients through our insurance and mutual fund businesses. Throughout this transition, our priority is to ensure affected Clients receive clear guidance, understand their options, and have the support they need.” Sun Life will continue to offer a broad range of insurance solutions and mutual funds to help Clients address their protection, health, income, wealth accumulation, and legacy-building goals.

World Features BusinessMirror

Tuesday, October 20, 2026

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AI agents are only as good as the personal info you share; that raises privacy concerns By Wyatte Grantham-Philips

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Meta’s Muse gives users options to delete message history and other information, too. For day-to-day use, the agent prompts users for access permissions—and Meta has said Muse learns about a user and who they interact with “based on public information and from what you’ve chosen to share.” But the company says that all stays secure for each user. But the tech giant also notes that Muse can still “make mistakes or take unexpected actions.”

The Associated Press

ATT ROBB wanted to sell his computer keyboard. So he made a listing on Facebook Marketplace—and, as an experiment late last month, he put Meta’s new artificial intelligence agent Muse in the driver’s seat. “I kind of went into it like a guinea pig,” said Robb, a Toronto-based content creator who regularly reviews consumer tech. He had seen Muse’s plush toy-looking avatar pop up on Instagram and decided to see if the AI agent could spare him some online bargaining. Muse got to work. But within a day, Robb got an alarming update: A buyer he didn’t know had shown up outside his house late at night. How? Muse had struck a deal on its own and shared Robb’s home address after agreeing to a pickup. It even sent an automated “Yep, I’m here!” message from his account when the buyer arrived—all without Robb’s knowledge. “Not only did it give my address when the guy asked and it accepted the offer, but it literally was almost like teasing the guy (about me being there when I wasn’t),” said Robb, who also detailed the experience in his now widelyshared social media posts. “That really baffled me.” Many have welcomed AI agents into their online lives, and raved about how personalized assistants like Muse can handle everyday tasks

with ease—from snagging a dinner reservation or planning a trip, to organizing email inboxes. But like other AI bots, the agents are only as good as the information they have access to. They perform better the more they know about a user—and perhaps also that person’s friends, family and even colleagues. That raises privacy concerns. Robb and the buyer eventually made amends, and Meta reached out to talk through what went wrong. But the episode showed real-world risks that can arise from sharing extensive personal information with the technology. “Using an AI agent is similar to handing someone your keys and a to-do list,” said Veronica Rivera, assistant professor at Georgia Tech’s School of Cybersecurity and Privacy. “How helpful they are, and by extension how risky, depends on which keys you hand over.”

Varied privacy policies

SINCE its September launch, downloads of Meta’s Muse app have skyrocketed. And competition is only growing. OpenAI recently rolled out its own lineup of

Risks of mishaps CHAT GPT app icon is seen on a smartphone screen, August 4, 2025, in Chicago. AP/KIICHIRO SATO

“always on” AI helpers, called dots, which can be integrated into ChatGPT and workplace platforms like Slack and Microsoft Teams. Older generative AI chatbots, like the standard version of ChatGPT, respond to specific prompts. At the user’s request, they can write essays, generate new images or music, or even write lines of code. Meta’s Muse and Open A I’s dots go a step further to perform day-to-day tasks on a person’s behalf. AI agents are powered by the same large language models as chatbots, but they run in a loop. That allows an agent to take proactive steps, even when the user isn’t looking. “One of the things that makes these AI agents really appealing is that they are unprecedentedly useful,” said Rivera, who is also a Microsoft-funded Computing Research Association Trustworthy AI Research Fellow. But the convenience comes with the price of sharing more details about your life. Once AI agents obtain users’

information, it’s very difficult to fully withdraw access, said Ebrahim Bagheri, a professor at the University of Toronto’s Faculty of Information. “If you provide access to your credit card to an agent, the agent now immediately has access to all of the historical transactions … they will immediately—within less than seconds—ingest all of that data,” Bagheri said. And while users can later withdraw access, Bagheri said there’s “no taking back” data the agent has already seen, and how developers store historical data can be murky. Both Meta and OpenAI outline privacy policies for their new AI agents, which operate on their own dedicated cloud computers. You can turn off memory sharing between dots and ChatGPT, but information the agent previously received isn’t automatically deleted. OpenAI gives users an option to request access to, delete or correct personal information, although rights can vary depending on where you live.

IN Robb’s case, he learned the disclosure of his address came down to “always allow” permissions he granted when he first let Muse on his Facebook Marketplace profile, where he had shared his pickup address. But he warned others could similarly misunderstand the extent of that access—and said he initially thought the AI agent would check with him before sharing that information or accepting offers, regardless. His AI agent didn’t follow the rest of his instructions without error, either. For another item Robb was selling, Muse seemingly suggested he would accept a price $100 below the previously-set minimum. When reached by The Associated Press, Meta acknowledged the agent’s error without offering further comment. Robb later largely disconnected Muse from his apps. In an interview earlier this month, he said it could’ve been a far worse situation, especially “if some stranger turned up to someone more vulnerable’s house.” Still, Robb said he expects these agents to be fine-tuned and he would consider re-enabling Muse in the future. He’s since been

testing another AI agent—Grok Bot from Elon Musk’s X, which launched in beta in August. Other tech companies have become wary of the inf lux of AI agents. Earlier this month, Apple said it would introduce new controls for its Mac operating system in response to AI agents’ broader access of apps like mail, messages and even browsing history without users’ “full knowledge and understanding.” “As AI agents become increasingly capable and autonomous, the risks associated with this level of access will grow substantially,” Apple wrote in an October 2 update. Apple didn’t specify any developers or agents by name, but the update arrived after Inc. Magazine columnist Jason Aten reported that Muse watched notifications on his Mac—including Messages—without him giving the agent that specific access. Meta spokesperson Andy Stone has maintained such integration is “entirely opt-in,” writing on social media last month that users would have to enable both the Apple security feature “Full Disk Access” and a Messages connector through Muse. Aten said he didn’t grant the agent those permissions. Even those who do not join the AI agent boom aren’t necessarily shielded. Consumers who don’t download an AI agent might still interact with others who do. And beyond potential confusion when AI sends messages on behalf of a user, experts warn of ripple effects when it comes to privacy. “When your agent reads your inbox or your texts, it’s also reading what your friends and family sent you, even if they never explicitly agreed to that,” Rivera said.

Albertsons and Kroger to call ex-CEOs to testify over failed deal By Sabrina Willmer & Jennifer Kay Bloomberg News

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LMOST two years after they failed to complete the largest US grocery chain merger ever, Albertsons Cos. and Kroger Co. are set to take their legal fight before a judge in a case that could have implications for any large deals that face antitrust scrutiny from regulators. Former chief executive officers from both companies are among those slated to testify at a twoweek trial starting Monday in Delaware Chancery Court. At issue is whether Kroger was responsible for the collapse of the $24.6 billion deal. A federal court blocked it in December 2024 after the US Federal Trade Commission said that combining more than 4,000 stores would leave them with too much market power. Albertsons claims Kroger was unwilling to sell an adequate package of stores and assets to secure regulatory approval and instead focused on achieving internal profit targets. Kroger argued it did everything it could, spending more than $1 billion pursuing the deal and defending it in litigation, but that there was no way the merger would have ever been approved under then-FTC Chairwoman Lina Khan. A key feature of the trial will be “what Kroger executives were saying internally, in emails and otherwise, with respect to what they knew, what they were being

advised, and why they made the decisions they made, because that’s going to tell the judge a great deal about whether this was a failed strategy or it was a knowing breach of bad faith,” said Monte Mann, a partner at law firm Armstrong Teasdale who isn’t involved in the litigation.

$9.3 billion

THE two sides will present their cases to Chancery Judge Lori Will, who must decide whether Kroger knowingly breached the merger agreement. A lbertsons wants Kroger to pay more than $9.3 billion. That includes a $600 million termination fee plus interest and costs, and more than $8 billion for what Albertsons claims is the lost premium stockholders would have earned from the deal and taxes on those gains. Albertsons, which counts private equity firm Cerberus Capital Management as its largest shareholder, is expected to kick off the trial by questioning its former CEO, Vivek Sankaran, who led the company during the antitrust fight. Ted Hassi, an outside lawyer who gave Albertsons antitrust advice over the merger and Tom Moriarty, who is general counsel and head of mergers and acquisitions, also will testify for the company. Other key witnesses to be called early in the week include former Kroger CEO Rodney McMullen, who resigned in March 2025 after a board investigation into his personal conduct, and Michael Bernstein, an attorney at Arnold

& Porter who provided antitrust advice to Kroger. Kroger, the largest US grocery chain, and No. 2 Albertsons announced plans to merge in 2022, saying the deal was necessary to compete better against Amazon. com Inc., Walmart Inc. and others. Discounters including Aldi Inc. have also enjoyed popularity with their no-frills approach, while dollar chains and drugstores expanded food offerings to attract more shoppers. At the same time, grocery demand has held steady due to families prioritizing essentials as they look to save money.

Divestiture plan

TO get regulatory approval for their proposed merger, Kroger

and Albertsons agreed to sell hundreds of stores to C&S Wholesa le Grocers Inc. But it was blocked after a federal judge sided with the FTC, saying the divestiture plan was insufficient. Albertsons then terminated the deal and sued Kroger. To win damages, Albertsons must demonstrate Kroger was in breach of the merger agreement by failing to take necessary steps to win regulatory approval and that it knew it was in violation. At trial, Albertsons will try to show that Kroger ignored the advice of its own antitrust counsel and regulators by sticking to a “failing lowball strategy” where it sought to hold on to its more valuable stores to hit targeted

THE produce section of a Holiday Market grocery store in Klamath Falls, Oregon, US, on Thursday, May 16, 2024. BLOOMBERG

returns rather than doing what was necessary to secure antitrust approval even if it went against its financial interests. It will also try to demonstrate that Kroger’s alleged breaches made closing the deal less likely. Kroger, in turn, will seek to show that it relied on the advice of antitrust counsel in coming up with the divestiture proposals, and that it had no motive to cause the deal’s failure.

Termination fee

LITIGATION analysts at Bloomberg Intelligence predict Kroger won’t be on the hook to pay damages because the judge is unlikely to conclude the grocery chain knew it was breaching the merger agreement. But there’s a 70 percent chance Kroger will have to pay the $600 million termination fee for a “non-willful breach,” BI said. Kroger has said it doesn’t owe the termination fee because Albertsons breached the merger a g r e e m e nt b y u n d e r m i n i n g its efforts with the regulators through secret communications with C&S. The decision of the judge in the Albertsons-Kroger trial could have implications for future deals, said Barry Nigro, global co-chair of antitrust at law firm Fried Frank. Companies could rethink how they draft merger agreements depending on how the court interprets what “commercially reasonable efforts” means for deals that require divestment across multiple geographies, Nigro said.

Kroger has argued it abided by the merger agreement by taking “reasonable” efforts, while Albertsons said Kroger had to do more than what was reasonable. The last big public fight over a deal that collapsed for antitrust reasons occurred more than six years ago with the failed $48 billion merger of Cigna Corp. and Anthem Inc. In that case, Delaware Chancery Judge J. Travis Laster concluded Cigna had breached the merger agreement, but refused to award billions of dollars in damages because the deal was likely to have been blocked for antitrust reasons anyway. That reasoning also fits into Kroger’s defense. The FTC took a narrower view of the competitive landscape than Kroger and Albertsons by looking only at retailers focused solely on the grocery industry. That would have required Kroger to sell far more stores than the 650 limit in the merger agreement, counsel for Kroger argued. Since ca l ling off the dea l, Kroger and Albertsons have named new CEOs. They’ve said they plan to invest more to help reduce prices for customers, while acknowledging that food inflation is likely to pick up later this year. Kroger also is aiming to improve store service, expand e-commerce and accelerate new store openings, while Albertsons launched a comprehensive business review. The case is Albertsons v. Kroger, 2024-1276, Court of Chancery, State of Delaware.

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Tuesday, October 20, 2026

www.businessmirror.com.ph

Ombudsman drops plunder, malversation charges against Gonzales, others but...

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By Ashley J. Manabat

LARK FREEPORT—The Office of the Ombudsman has dismissed plunder, malversation and related complaints against several respondents in a flood control controversy involving former House Senior Deputy Speaker Aurelio Gonzales Jr., but found sufficient basis to charge the former lawmaker with three counts of graft.

In a joint resolution dated October 15 on the complaints filed by the Ombudsman’s Field Investigation Office and Terence Sampang Napao, barangay chairman of Sto. Cristo, Mexico, Pampanga, the anti-graft body dismissed allegations involving plunder, malversation and other offenses for lack of sufficient evidence. T he compl a i nt s, doc keted as OMB-C-C-JUL-26-0085 and

OMB-C-C-AUG-26-0096, alleged violations of Articles 216 and 217 of the Revised Penal Code, the Anti-Graft and Corrupt Practices Act, the Code of Conduct and Ethical Standards for Public Officials and Employees, and the Anti-Plunder Act. The resolution said conspiracy could not be presumed and had to be established through specific factual allegations and evidence of

AURELIO GONZALES JR.

coordinated action. It also cited completion and inspection reports, certificates of completion, technical evaluations and updated geotagged photographs. Separately, the Ombudsman filed three counts of graft against Gonzales before the Sandiganbayan on October 16 over his alleged financial interest in A.D. Gonzales Jr. Construction and Trading Co. Inc., which secured government f lood-control contracts worth more than P611 million during Gonzales’ time in Congress. The projects included flood mitigation facilities in the City of San Fernando and Bacolor amounting to more than P252 million, as well as two projects in his hometown Mexico worth more than P94 million and nearly P265 million each.

The City of San Fernando, Mexico and Bacolor are among the localities in the congressional district that Gonzales represented. Ombudsman Jesus Crispin Remulla said investigators found that Gonzales continued to have a financial interest in the construction company despite a purported transfer of his shares to his sister. The Ombudsman cited financial records that allegedly showed money continuing to flow to Gonzales’ personal bank accounts. The graft charges stemmed from complaints filed in July and August. Napao’s complaint raised concerns about alleged structural defects in f lood-control projects in Mexico, including erosion, damaged concrete sections and exposed metal components. Napao had previously filed a substantially similar complaint in 2023 that was dismissed in December 2024, according to published reports. The dismissal of the plunder and malversation allegations does not resolve the separate graft cases, which remain pending before the Sandiganbayan. Gonzales has not been convicted of the charges.

Massive Laos drug bust exposes cartel T

HE P3.54 billion ($60-million) drug bust in Laos has blown the lid on a massive cross-border smuggling plot—and a notorious Asia-Pacific supercartel is right at the center of it. House of Representativees Committee on Dangerous Drugs Chairman Mark Anthony Santos is sounding the alarm after the Philippine Drug Enforcement Agency (Pdea) linked a foiled 521-kilogram methamphetamine hydrochloride or shabu shipment aboard a private jet in Luang Prabang International Airport in Laos to Sam Gor, the mega-syndicate often called Asia’s answer to the Sinaloa cartel. The high-stakes Laos interdiction—where authorities seized

P3.54 billion worth of methamphetamine bound directly for the Philippines—is not an isolated incident. Pdea Director General Isagani Nerez pointed out that the signature tea-bag packaging with Chinese markings matches the P7-billion f loating shabu haul pulled from waters off Zambales, Pangasinan, and Ilocos last year. Sam Gor was described as a ruthless alliance of five major Asian triads—the 14K, Bamboo Union, Big Circle Gang, Sun Yee On, and Wo Shing Wo. Operating largely out of the Golden Triangle’s lawless border zones, the syndicate controls a multi-billion-dollar methamphetamine empire span-

Shabu prices doubled after failed ‘drug war’

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ORMER President Rodrigo Duterte’s deadly campaign against illegal drugs failed to curb the supply and demand for shabu (methamphetamine hydrochloride) and other illicit substances, Interior Secretary Juanito Victor Remulla declared as he pushed back against assertions that narcotics have become more widespread under President Marcos, citing market economics as clear evidence of shifting drug dynamics. Remulla stressed that the price of shabu has nearly doubled—surging from P3,500 per gram during the Duterte administration to its current rate of P6,800 per gram— indicating reduced market availability despite past crackdowns. “Shabu did not go down under Duterte’s time. Make no mistake about it. It did not go down,” Remulla emphasized. To underscore the current administration’s enforcement efforts, Remulla noted that Philippine authorities have intercepted over 17 tons of illegal drugs since 2024 through heightened security across maritime borders, airports, and seaports. The seizures include a recent P3.54-billion illicit drug shipment halted in Laos that was bound for the Philippines with an alleged Filipino drug mule. Beyond drug interdictions, the DILG chief pointed to a broader decline in focused crimes, attributing the improvement to modernized policing techniques and targeted local regulations. Notably, rape cases dropped by 24 percent following stricter enforcement against street drinking, contributing to higher public trust and an enhanced sense of safety nationwide, he said. Jonathan L. Mayuga

ning from Australia and Japan to South Korea and the Philippines. Though its alleged ringleader, Tse Chi Lop, was extradited to Australia in 2022, the syndicate’s tentacles clearly run deep. “International drug syndicates operate across borders, so our response must do the same,” Santos, who represents Las Piñas said. “We need to follow the money, dismantle the syndicates behind these shipments, and hold those responsible accountable.” To keep the country from turning into a cartel playground, Santos is officially backing Pdeas’s call for an executive order to establish a fully operational National Anti-Illegal Drug Task Force.

In a letter to Interior Secretary Juanito Victor Remulla, Santos urged the government to move beyond just arresting low-level couriers and start targeting the shadow financiers backing these massive operations. The proposed task force aims to weld together the Pdea, National Police (PNP), Bureau of Customs, and National Bureau of Investigation into a unified front. By beefing up intelligence-sharing with international partners, law enforcement hopes to cut off drug networks long before they reach Philippine shores—aligning with President Marcos’ whole-of-government anti-drug strategy.

PHL leads Asean push for stronger regl action vs. transnational crime By Jonathan L. Mayuga @butchfBM

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HE Philippines is leading regional efforts to strengthen cooperation against transnational crime as interior and security ministers of Association of Southeast Asian Nations member-countries gather in Metro Manila for the 20th Asean Ministerial Meeting on Transnational Crime (AMMTC) and its Related Meetings on October 19 to 21. Interior Secretary Juanito Victor C. Remulla, the Philippines’ AMMTC Leader, will lead the discussions on regional responses to major security threats, including trafficking in persons, cybercrime, drug trafficking, money laundering, and illicit arms smuggling. The AMMTC is Asean’s highest policy-making body on cooperation to combat and prevent transnational crime, including border management. During the three-day event, consultations with China, Japan, and the Republic of Korea will also be held to advance cooperation between Asean and its dialogue partners against transnational crime. The meetings will also highlight key regional initiatives, including declarations on preventing online sexual abuse or exploitation and child sexual abuse or exploitation materials in the digital and artificial intelligence-enabled environment, as well as strengthening the role of Asean law enforcement agencies in emergency preparedness and disaster relief. The Philippines also marks its 11th consecutive year as a Tier 1 country in the US Trafficking in Persons Report, reflecting sustained efforts to meet the US government’s minimum standards for eliminating trafficking in persons. The meetings will culminate in the symbolic handover of the AMMTC chairmanship from the Philippines to Singapore, marking the transition of leadership in Asean’s continuing fight against transnational crime. Through its hosting of the 20th AMMTC and its Related Meetings, the Philippines reaffirms its commitment to Asean solidarity and collective action to strengthen regional security, enhance law enforcement cooperation, and address evolving transnational criminal threats. During a press briefing in Malacañan on Saturday, Remulla said an inter-govenment group that investigated the 521 kilos of shabu in Laos allegedly from Malaysia and bound for Manila will ask Congress to label drug trafficking as terrorism to strengthen coordination with Asean neighbors and other countries to combat illegal drugs.

Jovee Marie N. dela Cruz

Cebu expands food banking readiness C EBU CITY—Cebu is looking to expand food banking as part of its preparations for a potentially severe El Niño, with the provincial government seeking stronger private sector participation to keep edible surplus food from being discarded and redirect it to communities facing food insecurity. Gov. Pamela Baricuatro said food recovery and redistribution should complement water conservation and other preparations for a prolonged dry spell, which could put additional pressure on food availability and household access to nutritious meals. “This [food banking] is important in the coming super El Niño. We have to save up food as well, not just water,” Baricuatro told reporters on the sidelines of the 2nd Philippine Food Banking Summit at the Cebu Provincial Capitol late last week. The governor’s push comes as food banking advocates seek to build a more organized system connecting businesses with excess food stocks to organizations serving families and communities in need. For Cebu, the approach could provide another means of supporting vulnerable households during emergencies while making better use of food already available in the supply chain. Baricuatro said the problem is not always

the absence of food, but the difficulty of getting available supplies to the people who need them. “Hunger is partly a logistics problem, because there is surplus food somewhere, while elsewhere, families do not have enough. We need to get that food safely and promptly to where it is lacking,” she said. The summit, organized by SimplyShare Foundation and Rise Against Hunger Philippines, brought together government representatives, food industry players, nongovernment organizations and other stakeholders to discuss how food banking can be expanded in Cebu and elsewhere in the country. Food manufacturers, hotels, restaurants and retailers are among the businesses being encouraged to work with food banks, particularly those that regularly handle excess food that may still be suitable for consumption. Nikki Catalan, capitol consultant and executive director of SimplyShare Foundation, said greater participation from these industries could help food banks reach more beneficiaries while reducing the amount of edible food thrown away. “The need is clear: while families struggle to put food on their tables, food that could still nourish them goes to waste,” Catalan said. She added that businesses have shown interest in collaborating with food banks in Cebu, although

broader participation from manufacturers and retailers would help strengthen the initiative. “We have quite a lot of private donors and support, and we’d benefit more if they understand and help collaborate with us especially sa manufacturers and retailers. They are very open to collaborating,” she said. Baricuatro also disclosed that several private companies had started working with food banks in Cebu as part of their corporate social responsibility efforts, although she did not identify the firms. Before entering politics, Baricuatro established SimplyShare Foundation to address hunger and malnutrition. The organization is now managed by Catalan and serves vulnerable groups, including children, older persons, persons with disabilities, solo parents and families in disasteraffected communities. Baricuatro said the advocacy remains part of her priorities as governor. “Food security is a priority of my administration. Every Cebuano deserves access to safe, nutritious and sufficient food,” she said. Hazel Quek, Asia Pacific regional director of the Global FoodBanking Network, said food banks work by collecting surplus supplies from sources such as farms, manufacturers and retailers, then channeling these through local organizations to people who need assistance.

She emphasized the role of government in creating an environment that encourages food donations without compromising public health. “A lot of what government can do is formulate policies that are more friendly to allow foodbanking and food donation to be done by private sector to NGOs while ensuring food safety,” Quek said. She also cited countries that have introduced legal protections for private donors against liability when providing surplus food to food banks, which can help address concerns that discourage businesses from donating. The challenge, she said, is particularly relevant to industries where surplus food can accumulate, including manufacturing, food service and hospitality. “We see that hunger and food surplus go hand in hand, and we see that food banks are excellent solution to this issue that we see in the country and around the world,” Quek said. For Cebu, building stronger links between businesses and food banks could help make food recovery a more reliable part of the province’s response to emergencies, including potential disruptions associated with El Niño. Baricuatro and summit participants signed a commitment wall during the event, affirming their support for the development of food banking in the Philippines. Carmel Pedroza