ABUSINESS leader has warned of potential diversion of investments away from the Philippines if “nothing solid” comes out of the probe into the flood-control mess.
Ferdinand Ferrer, chairman of the Philippine Chamber of Commerce and Industry (PCCI) Committee for Science and Technology, told reporters on the sidelines of the 51st Philippine Business Conference and Expo on Tuesday that there is currently no diversion or loss of business due to the flood control mess in the country.
However, Ferrer pointed out: “Will there be in the future? I be -
lieve there could be if we do not act, if there’s nothing solid. If this one prolongs all the discussion, prolongs for months and months, I think not only semiconductor [will be affected] but also other investments.”
Explaining the pulse of investors amid the ongoing corruption mess in the country, the business leader said investors are on a “wait-and-see” mode, asking the question: “Is this everywhere?”
While these investors are not “holding off,” Ferrer revealed that they are monitoring the situation in the country.
“Because the investments that are supposed to come in
now have already come. By the yearend, we have very few that’s coming in but we’re looking at the first half, the Q1, Q2 next year,” added Ferrer.
The business leader pointed out that investors are “cautious,” describing the flood control anomaly as a “big scandal.”
Ferrer also revealed that some Philippine business leaders even received phone calls from investors asking how deep and widespread the corruption in the country is.
Moving forward, the PCCI official said the Philippines needs to show the world that despite “falling flat on our face,” the country is “solid,” meaning the
government and private sector will roll out corrective actions and implement reforms that will address corruption issues.
“We need to act fast for our own sake as a country,” Ferrer emphasized.
During PCCI’s business conference, the major business group offered its help to the Department of Public Works and Highways (DPWH), which it urged to use the private sector as its “eyes and ears” on both government and private projects.
“We want to help the government, you heard Secretary Dizon, there are 20,000 projects,” Ferrer said. Andrea E. San Juan
IN FLOOD FUNDS THEFT
By Andrea E. San Juan
involved in the multibillion corruption mess, according to Public Works and Highways Secretary Vivencio “Vince” Dizon.
By Ma. Stella F. Arnaldo Special to the BusinessMirror
ELL on TikTok, promote the Philippines?
The Department of Tourism (DOT) has partnered with the popular social media company to improve the promotion of services from the micro, small, and medium tourism enterprises (MSMEs). On Tuesday, the government agency and TikTok Philippines signed a Memorandum of Agreement (MOA) for a project called, “Content Camp: Level Up with TikTok,” which is designed to equip these tourism MSMEs with digital skills and tools.
Tourism Secretary Christina Garcia Frasco told reporters that among the key performance indicators to measure the success of the partnership, “as far as we are concerned…it will include, number one, the increase in revenue; number two, increase in market penetration because their reach is now global; and number three, the conversion. So in other words, it is our goal that it will convert into actual arrivals, actual revenues, and actual expansions in businesses.”
For his part, Yves Gonzalez, Head of Public Policy for TikTok Philippines, said in a mix of Filipino and English that workshops will be held for interested tourism SMEs. “Those who still don’t know how to use [TikTok], we will teach them how to use it, while those who already know, we will teach them to level up. We will teach them how to do content creation, effective use of the live feature, as well as advertising. So it’s about really empowering them
By Reine Juvierre S. Alberto @reine_alberto
OVERSEAS Filipinos can now invest in securities issued by the Bangko Sentral ng Pilipinas (BSP) through retirement-focused investment funds, following a regulatory change that lifts previous restrictions on non-residents.
The BSP said on Tuesday that it updated the its rules and is now exempting the Personal Equity and Retirement Account (PERA) Unit Investment Trust Funds (UITFs) from the 10 percent non-resident ownership rule. With the exemption, PERA-UITFs can now invest in BSP securities, removing the barrier to investment and allowing more Filipinos abroad to diversify their retirement savings through BSP-backed instruments. Before, non-residents were prohibited from owning BSP-issued debt instruments. UITFs managed by banks and trust companies could only invest in these securities if nonresident investors made up less than 10 percent of the fund. The reform will benefit nine out of 13 PERA-UITFs, which exceed the 10 percent non-resident ownership limit, allowing them to diversify their portfolio, the BSP said. The central bank said the move forms part of its ongoing efforts to promote financial health.
“It helps Filipinos, both at home or abroad, build secure and sustainable retirement savings. It also helps develop the country’s private pension system and strengthens domestic capital markets,” the BSP added. UITFs are pooled funds from individual investors to create diversified portfolio, even for those investing in small amounts, and are managed by banks and trust companies and regulated by the BSP. They are similar to mutual funds, which are managed by investment companies and regulated by the Securities and Exchange Commission. Recently, the BSP also allowed UITFs with foreign exposures to qualify as PERA products to channel more retirement savings into global markets and deepen capital market development. PERA is a voluntary retirement savings program launched in 2016 to supplement the existing retirement
“In the next few weeks, mayroon na pong mga kongkretong aksyon kayong makikita. Mayroon po tayong batas ‘yung civil forfeiture law, bihira pong ginagamit
9-mo motorbike sales soar as budget woes bug Pinoys
By Andrea E. San Juan @andreasanjuan
MOTORCYCLE sales in the Philippines surged in the January to September 2025 period as economic uncertainties tighten family budgets of Filipinos, data from the Motorcycle Development Program Participants Association Inc. (MDPPA) indicated.
“Motorcycles remain a popular choice among Filipinos due to several key factors. They offer an affordable means of personal mobility, especially at a time when economic uncertainties have placed pressure on household budgets,” Toni Boi Acuesta, MDPPA’s Marketing Committee Chairperson, said in a statement on Tuesday.
171,155 units across the country.
This is 21.2 percent higher than the 141,202 units sold in the same month last year.
In terms of regional distribution, MDPPA revealed that Luzon continues to account for more than half of the overall sales, contributing 56 percent of September’s total with 95,712 units sold.
Meanwhile, the Visayas and Mindanao regions each contributed 22 percent of the total sales, with 37,675 and 37,768 units sold respectively.
This, the industry group said, shows that “demand remains strong not just in urban centers, but across all major regions.”
until year-end,” added Cumpas.
As 2025 enters its final quarter, the chief of the motorcycle industry group said: “All signs point to a strong finish for the motorcycle industry, reaffirming its role as a vital part of the country’s transportation landscape.”
MDPPA members include these motorcycle manufacturers: Honda, Kawasaki, Suzuki, Yamaha, and TVS.
Philippine Business Conference & Expo on Tuesday in Pasay City.
“The President said we must use that law, because it allows for quick action. The case is not for a criminal charge, that is only a civil case. With just a lower level of evidence, we can auction off the assets of all those who stole from taxpayers,” added the DPWH secretary, speaking mostly in Filipino.
Dizon said this after he had a chance to meet with Independent Commission for Infrastructure (ICI) alongside 15 government agencies involved in the “restitution” of the stolen flood control funds.
These agencies, he said, include the Anti-Money Laundering Council (AMLC), Land Registration authority, Land Transportation Office, Civil Aviation Authority of the Philippines, Solicitor General, Secretary of Justice, and the Bureau of Customs.
an end to unabated, continuing, and excessive corruption in government projects and transactions by instituting strict monitoring, transparency, and accountability mechanisms across all levels of governance.”
Under this recommendation, the business group underscored the importance of ensuring that public officials and private partners involved in “collusion” are investigated, prosecuted, and penalized “to the fullest extent of the law.”
The resolution stressed the need for stolen public funds to be recovered and “redirected towards programs that genuinely serve the Filipino people, especially the poor.”
The four-point action plan related to the resolution, PCCI stressed, should be done by “creating multisectoral oversight bodies with private sector participation to strengthen governance and integrity in public projects.”
On transparency, PCCI said the government should “institutionalize” open governance systems and publish data on project implementation, procurement, and fund utilization for public access.
Acuesta said a motorcycle’s “fuel efficiency and low maintenance costs” also make it ideal for daily use, adding: “Riders can also cut through traffic much easier, allowing for quicker and more convenient travel.”
In September 2025 alone, the Philippine motorcycle industry sold
Data from the motorcycle industry group showed there were 1,398,315 units of motorcycles sold in the ninemonth period this year, up 12.8 percent from the 1,239,258 units sold in the same period last year. The industry group said the “steady” growth highlights how motorcycles remain a “practical choice” for many Filipino commuters navigating high fuel and transport costs and urban congestion.
As such, the motorcycle industry group said it remains optimistic about the industry’s performance for the remainder of the year.
“With only three months left in 2025, the association sees the positive trend continuing,” MDPPA noted.
MDPPA President Alexander A. Cumpas explained the sales of twowheeled vehicles remain a “top choice” for Filipinos.
“Their affordability, ease of use, and ability to navigate traffic make them the most practical option for everyday mobility. We believe these reasons will continue to fuel steady growth
with digital skills to allow them to level up.”
He added there will be 50 MSME-participants for each training batch, to initially be carried out for an entire day, and accessible via in person or online.
Frasco explained that as the agency has a registry of tourism MSMEs, DOT regional offices can identify and target specific businesses which may be interested in the project and help expand their enterprises. The project will be rolled out nationwide starting November, although pilot areas will be in the National Capital Region and Cebu.
Close to 98 percent of tourism businesses in the Philippines are MSMEs. TikTok has some 2 billion subscribers globally, with over 62 million active users in the Philippines.
“The beauty of this partnership is that it aligns with the objectives of TikTok, which has a global reach, and the objectives of Philippine tourism, which seeks to benefit the entire nation. And with that, the execution can be immediately seen in terms of impact, especially with those destinations that need it the most at this time,” she added, citing Cebu, whose tourism businesses have been affected by the recent magnitude 6.9 earthquake.
“Considering the vast reach of ancillary services that tourism benefits, we will try to be as diverse as possible…[and] the priority [businesses] are those which already have viable products to sell,” she noted, be it delicacies, souvenirs, T-shirts, and other tourism-related products.
The DOT chief expressed hope that the Department of Trade and Industry can help support the selling of these tourism products overseas. “We do have a convergence program with the DTI,” said Frasco, citing the Turismo Asenso loan program as an example.
DOT data showed 4.3 million international travelers arrived from January to September 2025, some 2.4 percent less than the same period last year. Of total arrivals, there were only 3.9 million foreign nationals, 3.5 percent less than last year’s 4.08 million, while overseas Filipinos reached 392,317, up 10.3 percent from the same period last year.
The DOT aims to attract 6.7 million inbound tourists in 2026.
(See, “Balikbayans help steady PHL tourism amid visitor slump,” in the BusinessMirror, Oct. 20, 2025.)
Ngayon ko lang nakita na nagsama-sama kaming lahat na iisa lang ang objective: Habulin at ibalik ang perang ninakaw sa ating lahat. [It’s only now that I’ve seen all our agencies united with one objective: run after and restore to the people the stolen funds],” added Dizon.
In a statement released by the Philippine Chamber of Commerce and Industry (PCCI) over the weekend, 34 business groups including the Makati Business Club, Philippine Exporters Confederation, and the IT and Business Process Association of the Philippines, told President Ferdinand R. Marcos Jr. to ensure “restitution” of ill-gotten wealth and embezzled funds of the government.
The business groups called on the chief executive to address without delay the massive corruption scandal crippling flood control and infrastructure projects, which has “eroded public trust and is threatening the country’s national security.”
“We have contributed to national funds thru taxes locally and nationally and have paid additional assessment of taxes. We provided many fees to enable us to do business. Yet, trillions of pesos supplied and intended to protect our communities from disasters have been squandered through ghost projects, substandard work, and inflated contracts,” they said in their statement. (See: https://businessmirror.com.ph/2025/10/20/ ensure-return-of-stolen-floodcontrol-funds-marcos-urged/)
PBC resolutions
MEANWHILE , the largest business group in the Philippines said it had to revise its set of recommendations for the government for this year as the flood control corruption came in the picture, now placing anti-corruption and good governance at the top of its priority list.
On the sidelines of the business conference, the chairman of PCCI’s Science and Technology, Ferdinand Ferrer, said: “You know the PBC resolutions, we discussed it for months. With this flood control corruption scandal, we had to revise it.”
As reflected in the paper on recommendations submitted by PCCI to the government, the Resolution on Good Governance and Anti-Corruption is placed on top of the list. This is the first time in four years that the business group highlighted in its resolutions the need to fight corruption.
The 51st Philippine Business Conference and Expo (PBC&E) Resolutions read: “Strongly urging the National Government to put
It should provide for “stricter monitoring, auditing, and reporting mechanisms in all government projects to ensure full transparency and integrity,” PCCI underscored. The group also prodded the government to enforce accountability and sanctions on public officials and private entities involved in corruption and collusion.
The Resolution on Digitalization and Innovation, the central theme of PCCI’s business conference this year, only came second to anti-corruption on the list of priority recommendations.
Under this proposal, PCCI urged the government to invest in, regulate, and “swiftly adapt” to Artificial Intelligence (AI), automation, and emerging digital technologies to enhance efficiency, transparency, and effectiveness in public service delivery, “while fostering innovation, data sovereignty, and global competitiveness across both public and private sectors.”
As for agriculture and energy, PCCI urged the National Government to promote smart agriculture systems and “resilient” agri-value chains, and ensure a “balanced” energy transition that accelerates renewable energy adoption while maintaining “reliability, affordability, and competitiveness” of supply for industries and consumers.
PCCI said the government should implement a Digital Agricutlural Land Mapping Program to identify “optimal” crops and provide farmers with technical assistance and seedlings. It cited the need to develop a “comprehensive” Renewable Energy Roadmap that attracts investments in solar, wind, hydro, geothermal, biomass, and emerging technologies such as hydrogen.
PCCI also prodded the government to improve the overall business environment in the country. The business group’s recommendation on MSME Development and Ease of Doing Business pressed the Department of Finance (DOF), Bangko Sentral ng Pilipinas (BSP) and Small Business Corporation (SBCorp.) to improve access to affordable financing for MSMEs, especially for startup capital, working capital, and green enterprise investments.
PCCI also called on the government to invest in broadband networks, data centers, and common towers to expand digital connectivity nationwide, particularly in “underserved” areas.
The Nation
Legislator calls out Sotto for ‘clearing’ Villars
By Jovee Marie N. dela Cruz @joveemarie
AN assistant major -
ity leader of the House of Representatives on Tuesday urged the Senate leadership to exercise restraint in making public remarks regarding the ongoing investigation into alleged multibillion-peso irregularities in flood control projects, saying it is best to let the investigation and the evidence speak for themselves.
Las Piñas Rep. Mark Anthony Santos made the statement after Senate President Vicente Sotto III publicly expressed doubts over the Villar family’s alleged involvement in the flood control scandal, saying he believed they were being unfairly targeted.
The lawmaker stressed that public officials—especially those in top leadership positions—should avoid comments that might influence or preempt ongoing inquiries.
“Let the investigation run its course. Any premature defense of the accused undermines the integrity of the process. If we want fairness, we should allow the Independent Commission for Infrastructure [ICI] and the
Ombudsman to do their jobs without interference,” Santos added.
Santos said the call for restraint is rooted in the need to preserve public confidence in accountability mechanisms and to ensure that the process remains free from political bias or undue influence.
“It’s not the role of the Senate President to clear anyone through the media. His job is to ensure that truth and accountability prevail. If he truly believes in fairness, he should support the investigation instead of casting doubt on it,” Santos said.
“This is not about politics— it’s about accountability. If there’s nothing to hide, then there’s nothing to fear. But no one, not even the most powerful political families, should be above scrutiny,” the assistant majority floor leader added.
Legislators back MBC call LAWMAKERS on Tuesday backed the Makati Business Club’s (MBC) call for due process and fairness in the ongoing probe into alleged flood control irregularities, stressing that
See “Sotto,” A4
Trillanes files charges anew against Duterte, Go, 2 others
FBy Joel R. San Juan @jrsanjuan1573
ORMER senator Antonio
Trillanes IV on Tuesday asked the Ombudsman to investigate and prosecute former President Rodrigo Duterte, Sen. Lawrence Christopher Go and two others for plunder and graft in connection with the P7.8 billion infrastructure projects awarded to the construction firm owned by the senator’s family.
Trillanes personally filed the case before the Ombudsman based on the evidence gathered during his term as a senator and recent documents he obtained from the Department of Public Works and Highways (DPWH).
Aside from Duterte and Go, Trillanes also named Go’s father Deciderio Lim Go and brother Alfredo Armero Go as respondents in the complaint filed before the Ombudsman.
Trillanes insisted that the respondents are liable for violations of the Plunder Law (Republic Act 7080), the Anti-Graft and Corrupt Practices Act (Republic Act 3019), and the Code of Conduct and
ATOTAL of 69,686 families or 244,689 persons were affected by heavy rains induced by Tropical Storm Ramil, flooding many areas in Luzon and the Visayas, the National Disaster Risk Reduction and Management Council (NDRRMC) reported. In its 6:00 a.m. Situation Report on Tuesday, the NDRRMC said Ramil has left seven persons dead, one injured, and two missing.
The agency reported that 28,506 persons from the Cagayan Valley, Central Luzon, Southern Tagalog, Bicol, Western Visayas, and Eastern Visayas, including Metro Manila, were pre-emptively evacuated at the height of the storm, the 18th severe weather disturbance to hit the country. Across the five regions, 66 seaports were affected, stranding 3,433 passengers, 1093 rolling cargoes, and six vessels, the NDRRMC said.
Heavy rains and floods affected a total of 629 barangays in 63 citiesand towns in 13 provinces in Luzon and the Visayas, the NDRRMC said. The NDRRMC said a total of 48 areas were submerged by floodwater, damaging 94 houses.
Central Visayas and Eastern Visayas experienced floods, which turned roads into raging rivers at the height of the storm.
The Office of the Civil Defense said Capiz and parts of Iloilo and Aklan were severely affected.
In Capiz, some towns, including Roxas City’s main roads, were inundated. At least 30 barangays also experienced knee or waist-deep flood in the last two days. Local officials of Roxas have declared the city under a state of calamity.
Jonathan L. Mayuga
See “Trillanes,” A4
Wednesday, October 22, 2025
Dy urges barangay officials to actively fight corruption
By Jovee Marie N. dela Cruz @joveemarie
SPEAKER Faustino Dy III on Tuesday urged barangay officials nationwide to take an active role in the fight against corruption, stressing their crucial role in overseeing government projects in their communities.
Speaking at the Liga ng mga Barangay Congress held at the World Trade Center, Dy stressed that passing a transparent national budget is only the first step in combating corruption.
the rule of law must prevail over speculation and political color.
The House Infrastructure Committee Overall Chairperson, Partylist Rep. Terry Ridon of Bicol Saro and Deputy Speaker Paolo Ortega V said the statement of MBC Executive Director Apa Ongpin serves as a “timely reminder” that justice must be grounded on facts and evidence, not rumor or pressure.
“Mr. Ongpin’s statement is a timely reminder that the rule of law—not rumor—must prevail,” Ridon said. “We welcome his call for due process because it ensures that investigations are based on facts, not politics.”
He emphasized that no one— whether in the executive, legislative, or private sector—should be beyond scrutiny when public funds are involved. At the same time, he underscored that everyone must be granted the right to be heard and to defend themselves in lawful proceedings.
“Let the institutions work independently and let the truth come out through evidence,” Ridon said. “That’s how justice is served—and how trust in government is rebuilt.” Ortega, for his part, likewise supported Ongpin’s call, saying it upholds fairness and impartiality in the investigation being undertaken by the ICI.
“We welcome Mr. Ongpin’s statement as a reminder that justice must never be selective. The process must be based on facts, not political color or pressure,” Ortega, who represents La Union, said. Ongpin said that like anyone else, including former Speaker Martin Romualdez, deserves due process and a fair, independent investigation. He also stressed that investigators must act free from political interference and ensure all those accused are given the chance to defend themselves properly.
Dy, who began his public service career at the barangay level in Isabela, highlighted the importance of local oversight once the national budget is approved and projects move into the implementation phase.
“No matter how strictly we ensure that the proposed budget is transparent and accountable, what truly matters is the implementation of these projects in our communities,” Dy said.
He urged barangay leaders to actively track incoming projects in their areas, particularly those under their jurisdiction. “I call on you to coordinate with your local Department of Public Works and Highways [DPWH] district
offices to identify the projects and programs coming to your barangays.”
The Speaker explained that by working closely with DPWH district offices, barangay leaders can monitor projects more effectively, ensuring they meet required standards. “Through this partnership, you can oversee these projects and verify whether they meet proper standards. Know your DPWH district’s program of works for the projects allocated to your areas,” he said.
“Your active involvement will play a significant role in eliminating corruption and ensuring we finally defeat it in our beloved Philippines,” he added.
Erwin Tulfo tackles trade, defense, agri cooperation with Ukrainian lawmakers
SBy Butch Fernandez @butchfBM
EN. Erwin Tulfo on Sunday met with members of the Ukrainian Parliament to discuss cooperation on defense, trade and agriculture between the European state and the Philippines at the sidelines of the 151st InterParliamentary Union Assembly held in Geneva, Switzerland. At his bilateral meeting with Ukraine Parliament First Deputy Chairman Oleksandr Korniyenko, MP Lesia Vasylenko, and MP Oleksandr Sanchenko, Tulfo echoed the Philippines’ support for Ukraine in the ongoing war with Russia.
He noted that the Philippines, like Ukraine, is also facing territorial disputes.
“You are not alone. We do understand your plight. We do understand your situation at this very point,” Tulfo, vice chairman of the Senate Foreign Relations committee, told members of the Verkhovna Rada— the unicameral parliament of Ukraine.
“The Philippine government is sharing the same opinion and idea to support you for what you’re fighting for. We are against foreign aggression in our nation just like you,” he added.
The lawmaker expressed hope that successful peace negotiations between Russia and Ukraine will be finalized soon, as he noted the effects of the war on the global economy, particularly in the prices of fuel and agricultural products like wheat.
In response, the Ukrainian
MPs thanked Tulfo for conveying the Philippine government’s support for their country and extended an invitation for Philippine lawmakers to visit Kyiv.
In the meeting, Vasylenko floated the possibility of appointing a special trade envoy from the Philippines to Ukraine to strengthen the economic relations between the two countries.
She emphasized stronger trade relations will benefit both states as this will help the Philippines gain access to the European Union’s market, and at the same time, help Ukraine rebuild its economy.
Tulfo, as head of the Philippine delegation to the IPU, told the Ukrainian lawmakers that the matters raised during the bilateral meeting will be relayed to President Marcos.
More than 36,000 registered on first day of 2026 BSKE voter signup
ATOTAL of 36,536 voters registered on the first day of the nationwide registration for the 2026 barangay and Sangguniang Kabataan elections (BSKE), initial data provided by the Commission on elections (Comelec) on Tuesday indicate Initial figures reported by Comelec show that Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) had the highest number of registered voters nationwide so far at 8,290, followed by the National Capital Region at 4,637.
Central Luzon, Central Visayas and Western Mindanao drew 4,100, 3,145 and 1,999 registered voters, respectively.
The overall total accounts for about 2.6 percent of the 1.4 million target of registrants expected by the poll body. The opening of registration came on Monday with Comelec’s “Special Register Anywhere Program [SRAP],” the poll body’s initiative for Filipinos in Metro Manila who are not able to return to their provinces.
New voters were able to complete their registration through the government’s SRAP sites stationed at PITX ANIX in Parañaque City, the Pamantasan ng Lungsod ng Maynila and Luneta Park.
Comelec Chairman George Erwin M. Garcia said the poll body aims to conduct the program in other highly urbanized cities in the country, which will soon allow Filipinos to register at schools, government offices, hospitals, call centers, airports and other accessible locations.
Garcia said the poll body had already anticipated the possible increase in the number of new registered voters, adding that the House of Representatives had already granted the commission’s budget request.
“We are very conservative with our target of 1.4 million registrants, but if the number goes beyond that, that’s fine. We can still accommodate the influx and increase in the number of our fellow citizens
Continued from A3
P16 billion Navy frigate scam.
However, the cases were referred to the Duterte appointed former Ombudsman, Samuel Martires, by then DOJ Prosecutor General Bendicto Malcontento.
Trillanes said the cases did not prosper during the term of Martires.
“Not even a day or an hour was devoted in investigating it,” he claimed.
Trillanes added that over P816 million of these contracts were secured through a joint venture
Parañaque legislator eyes scholarship program for future public attorneys
ALAWMAKER has called on Congress to help ease the country’s shortage of public attorneys serving marginalized sectors by passing a measure that would establish a scholarship program for aspiring lawyers who are willing to render mandatory service in government institutions.
Parañaque Rep. Brian Raymund Yamsuan filed House Bill 5242, or the proposed Abogado Para sa Bayan Act, which provides full scholarships to qualified law students in exchange for at least two years of mandatory service in the Public Attorney’s Office (PAO) or other government agencies with a similar mission.
“Our Abogado Para sa Bayan Act’s goal is to help them realize their dream while also helping ensure that the government would have a steady pool of competent and committed lawyers at the Public Attorney’s Office [PAO] and other government institutions providing legal services to indigent clients and other underserved sectors,” Yamsuan said.
“As the late President Ramon Magsaysay once said, ‘Those who have less in life should have more in law.’ However, this advocacy is rarely carried out because of the acute shortage of lawyers ready to provide their services to our poor countrymen,” he added.
Citing the PAO’s 2024 Accomplishment Report, Yamsuan noted that the agency served 15,069,235 clients and handled 847,317 cases, including 92,052 involving persons deprived of liberty (PDLs). However, these were handled by only 2,676 public attorneys, equivalent to a ratio of roughly 5,631 clients and 317 cases per lawyer.
To help address the shortage, the Department of Budget and Management (DBM) approved the creation of 178 new PAO lawyer positions in 2024, while the Supreme Court issued its Unified Legal Aid Service (Ulas) rules requiring all covered lawyers to render at least
who will register.”
Garcia added that the proposed number of precincts would be sufficient, noting that not all of them would be filled and that new voters could be accommodated in both newly created and existing precincts.
So long as the promised budget from the House is delivered and later approved into law, Garcia said the commission would be able to handle the additional number of voters.
“So no one needs to worry. As long as the budget promised to us by the lower house is granted, and once it is approved into law later on, we will be able to handle an even greater increase in the number of voters.”
Last August, the poll body drew 2.7 million registrants during its ten-day nationwide voter registration for the BSKE, exceeding its goal of 1.5 million registered voters.
Voter registration for the BSKE runs from October 20 to May 18, 2026.
Ma. Alyanna Selda
between CLTG Builders and St. Gerrard Construction, a company owned by the Discaya family, who are now at the center of the floodcontrol corruption scandal.
In total, CLTG and Alfrego Builders cornered approximately P6.95 billion in government infrastructure projects from 2016 to the present, mostly in Davao region and other areas in the Davao Region.
The former senator said his findings were based on the documents submitted by the Commission on Audit (COA) and other relevant agencies to his office in 2018 when he was still a member of the Senate.
60 hours of pro bono service every three years.
“These efforts, while commendable, are still not enough. Justice is a right, not a privilege. Our measure will future-proof our legal sector and make sure that all Filipinos have access to legal aid regardless of his or her social and economic status in life,” Yamsuan said.
Under the Legal Scholarship and Return Service (LSRS) Program of HB 5242, qualified students will receive full scholarships covering tuition, school fees, allowances for books and supplies, bar review expenses, and licensure fees.
To qualify, applicants must be Filipino citizens residing in the Philippines, graduates or graduating students of any undergraduate program, and must pass the entrance exams and admission requirements of the law school they intend to enroll in.
Scholars must study at state universities and colleges (SUCs) or partner private institutions in regions without SUCs offering law programs. They must also complete their studies within the prescribed period and take the bar examinations within one year after graduation.
Upon passing the bar, beneficiaries are required to render two years of return service within five years from admission to the practice of law. They may serve in the PAO, the National Prosecution Service, or other government agencies that provide legal aid to indigent individuals, public school teachers, health workers, and uniformed personnel.
Beneficiaries who fail to secure government appointments within three years may either repay the full scholarship cost or comply with alternative programs to be determined by the Legal Education Board (LEB), which will also oversee the program’s implementation and determine the geographical distribution of scholars.
Jovee Marie N. dela Cruz
House leader asks Marcos to act on violence against journalists, media workers
ADEPUTY Minority Leader of the House of Representatives on Tuesday urged the administration to take serious and concrete action to ensure justice for victims of violence against journalists and media workers.
House Deputy Minority Leader Leila M. de Lima, in a statement, strongly condemned the shooting of broadcaster Noel Bellen Samar in Guinobatan, Albay, describing it as another grim reminder of the persistent dangers faced by journalists in the country.
The condemnation also came as Aliw Broadcasting Corporation, operator of dwIZ, denounced the ambush that wounded Samar, one of its block-timers, on Monday in barangay Morera, Guinobatan.
“We strongly condemn the shooting of broadcaster Noel Bellen Samar yesterday in Guinobatan, Albay. We pray for his immediate recovery and call on the Philippine National Police to ensure his safety,” De Lima, the nominee to the House of the party-list group Mamamayang Liberal, said.
The lawmaker lamented that
the attack was a reflection of the worsening culture of impunity and hostility against the media.
“This incident is yet another proof of why the Philippines remains one of the most dangerous countries in the world for journalists,” she said. “It’s as if we’ve become used to hearing news about journalists being killed. As if it’s normal to red-tag or harass those who expose the truth. As if it’s acceptable that justice is so elusive, because until now, many perpetrators remain unidentified and many cases of media killings unresolved.”
De Lima warned that such attacks, along with the continued harassment and red-tagging of media workers, have a “chilling effect on the Fourth Estate”—a key institution in any democracy.
“This impunity must end. The Marcos Jr. administration must take serious and concrete steps to bring justice to the victims of violence against journalists and media personnel. The State should provide adequate protection for this noble profession,” she added.
Samar,
PHL, Japan deepen energy partnership
THE Philippines and Japan further cemented their partnership in the energy sector with the signing of a Memorandum of Cooperation (MoC) between the Department of Energy (DOE) and Japan’s Ministry of Economy, Trade, and Industry (Meti) that seeks to enhance energy resilience and security.
Among others, the MoC will promote the exchange of technological expertise and best practices from Japan to the Philippines, encouraging clean-energy investment and support skills development in emerging energy industries, driving economic transformation and enhancing competitiveness in both nations. Ultimately, this partnership not only addresses critical energy and environmental challenges but also deepens bilateral relations, fostering mutual trust and cooperation.
The MoC was signed last October 17 at the sidelines of the 3rd Asia Zero Emission Community (Azec) Ministerial Meeting, immediately following the conclusion of the 43rd Association of Southeast Asian Nations (Asean) Ministers on Energy Meeting and its associated meetings in Kuala Lumpur, by Energy Secretary Sharon Garin and Japanese Minister Muto Yoji.
The partnership will encompass capacity building, knowledge exchange, collaborative pilot projects, and policy dialogue, covering key areas such as renewable energy, grid integration, energy storage, hydrogen, ammonia, liquefied natural gas (LNG), and
carbon capture, utilization, and storage (CCUS).
The Agency for Natural Resources and Energy (Anre) for Japan and the Energy Policy and Planning Bureau (EPPB) for the Philippines will serve as the primary focal points for implementation. The cooperation will commence immediately and continue for four years, subject to extension by mutual consent.
“This partnership with Japan is a long-term investment in a sustainable future,” said Garin. “It reflects our unwavering commitment to addressing climate change and building a resilient energy sector that will power our economies for decades to come. This is not just about reducing emissions; it’s about creating jobs, fostering innovation, and improving the quality of life for our citizens. A sustainable energy sector is a foundation for a thriving economy and a healthy society.”
The MoC aligns with the Azec principles, emphasizing the need for diverse energy options and tailored transition pathways for each country.
Azec, a regional initiative promoting cooperation towards achieving net-zero emissions in Asia, recognizes that diverse pathways are necessary to achieve carbon neutrality based on each country’s unique circumstances. This partnership directly contributes to Azex’s vision by fostering collaboration and innovation to accelerate the energy transition in both the Philippines and Japan. Lenie Lectura
DA attracts investors to $108.88 million agrifood portfolio
TEconomy Marcos launches unified
RFID for Luzon tollways
By Samuel P. Medenilla @sam_medenilla
TO make it more convenient for motorists to access expressways in Luzon, President Marcos on Tuesday launched the Toll Collection System Interoperability Project or the “One Radio Frequency Identification [RFID], All Tollways” system.
Marcos said that motorists who avail of the system will only need one RFID to use the expressways in Luzon, including the South Luzon Expressway (Slex) and the North Luzon Expressway (Nlex).
He said the new system will help reduce the stress of motorists, who were previously forced to use the
separate RFID systems when they use Slex and Nlex.
Prior to the new system, motorists need to use the Autosweep system when Group-operated Nlex and the Subic-Clark-Tarlac Expressway (Sctex).
“This reform of the RFID system is part of our broader goal to make
our infrastructure more modern, connected, and focused on the needs of every Filipino,” Marcos said in Filipino in his speech during the launch of the new system at the Slex Toll Operation Building in Calamba City, Laguna.
The President explained the One RFID will be optional for motorists, who may opt to continue using the two-card scheme, but for those, who want to use the new system, they can do so for free once they register for it.
The One RFID can be used to access the Skyway, Slex, Southern Tagalog Arterial Road (STAR) Tollway, Tarlac–Pangasinan–La Union Expressway (Tplex), Ninoy Aquino International Airport Expressway (NAIAx), Muntinlupa–Cavite Expressway (MCX), Nlex, Nlex Connector, Sctex, Cavite-Laguna Expressway (Calax), Manila-Cavite Toll Expressway (Cavitex), and C5 Southlink.
By next year, he said the coverage of the new system will also be extended to public utility vehicles, which make use of fleet accounts.
“For now, we are prioritizing our private commuters. So we will just follow the fleet accounts, which I am reliably informed comprise a very small minority of the total traffic that we are trying to ease,” Marcos said in Filipino. He congratulated the Department of Transportation, Toll Regulatory Board, as well as the San Miguel and Metro Pacific Investments Corporations, which operate the Slex and Nlex, respectively for developing the interoperability system.
“This project has been made possible because of the continued trust, commitment, and flexibility of our partner concessionaires, the operators, and ETC (electronic toll collection)/RFID providers,” Marcos said.
ILO: Decent work to ease global jitters
INTERNATIONAL financial leaders must place decent work and social justice at the heart of their policy agendas to face current geopolitical tensions and trade disruptions that threaten economic development, the director-general of the International Labour Organization (ILO) said.
disruptions, the importance of building institutions that foster decent work for all could hardly be more critical,” Houngbo said in a statement.
while informal work continues to dominate, accounting for 58 percent of the global labor force in 2024.
The ILO chief also pointed out that although global output per worker rose by 17.9 percent between 2014 and 2024, the share of labor income fell from 53 percent to 52.4 percent.
By Ada Pelonia @adapelonia
HE Department of Agri -
culture (DA) at an international forum pitched the Philippines’z $108.88 million agrifood investment portfolio focused on mango, abaca, seaweeds, and bamboo.
At the recent 2025 Hand-inHand Investment Forum held during the World Food Forum (WFF) at the Food and Agriculture Organization (FAO) Headquarters in Rome, Italy, Assistant Agriculture Secretary Arnel de Mesa said the plan could benefit over 35,000 rural stakeholders.
He said the initiative also projects a Net Present Value (NPV) of $131.9 million with an Internal Rate of Return (IRR) of 34.39 percent, while aiming to sequester over 280,000 metric tons (MT) of carbon dioxide equivalent emissions, supporting national climate goals.
In a statement, the DA explained that the seaweed farming initiative builds on the country’s global dominance in carrageenan production by using the multiple raft method to boost yields and enhance seed quality.
With 73,467 hectares of untapped areas, the agency said seaweed farming has the potential to raise farmer incomes by up to 60 percent.
For the mango processing proposal, the DA noted that it seeks to modernize the country’s value chain through investments in postharvest treatment, cold storage, and value-added products such as frozen mangoes, purees, and pickles.
The sector produced 763,298 MT in 2024, with Guimaras mangoes holding a Geographical Indication (GI) seal. The project is expected to yield an IRR of 39.58
percent and an NPV of $83.4 million, the DA said.
Meanwhile, the agency said the abaca project responds to a global supply gap of 25,000 MT. The Philippines currently supplies over 85 percent of the world’s abaca fiber. As such, the investment would establish modern processing centers, rehabilitate farmland, and support 300 farmers, with a projected IRR of 28.36 percent and a 50 percent income increase for beneficiaries.
The DA said the bamboo plantation initiative targets the $72.1 billion global market for sustainable materials. With 1.5 million hectares identified as suitable for cultivation, the project focuses on five key regions and is expected to generate an IRR of 33 percent.
Agriculture Secretary Francisco Tiu Laurel Jr. then emphasized that these initiatives are aligned with the Philippine Development Plan 2023–2028 and the Masaganang Bagong Pilipinas Agenda.
He also stressed the government’s push for mechanization, digitalization, and strong publicprivate partnerships to ensure a stable, investor-friendly environment.
In Rome, the Philippine delegation also held bilateral meetings with the FAO Director General Qu Dongyu, investors and development partners to foster collaboration in agribusiness, climate-smart technology, and value chain innovation.
The DA said the Philippines concluded its participation by reaffirming its readiness to collaborate with investors, governments, and development institutions in driving sustainable and inclusive agribusiness growth.
The Philippines is one of the 34 founding member nations of FAO in 1945 and an FAO office in the country was established in 1978.
ILO Director-General Gilbert F. Houngbo said on Tuesday that policies on decent work, including minimum wage systems, collective bargaining agreement and social protection, are central to creating strong labor institutions that would aid in confronting current uncertainties in the global economy.
“As uncertainty in the global economy persists with shifting geopolitical tensions and trade
The ILO chief said that while inequality among countries has narrowed since the early 2000s and more than half of the global population now benefits from social protection, enduring structural issues continue to put these advances at risk.
According to ILO, global employment is expected to grow at only 1.5 percent this year, along with just 53 million new jobs created, lower than the earlier projection of 60 million.
ILO added that about 84 million workers, mostly in Asia and the Pacific, remain highly vulnerable amid ongoing trade uncertainty
“These trends underscore ongoing challenges in translating economic growth into formal economy and decent employment opportunities,” said Houngbo.
Houngbo called for a renewed social contract anchored in inclusive dialogue and people-centered policies, saying that the real challenge lies not in choosing between economic growth and social progress but in aligning them through coordinated action.
“The real challenge is not an inherent conflict between economic and social objectives, but rather the need to take coordinated action that transforms this potential dilemma into a dynamic, mutually reinforcing synergy.” Houngbo also warned of the disruptive potential of generative artificial intelligence (AI), noting that nearly one in four workers could see their jobs significantly transformed, with women standing to be disproportionately affected.
He said that whether AI adoption results in job displacement or complementarity will depend on how technology is integrated, the decisions made by management and the strength of social dialogue between employers and workers. Ma. Alyanna Selda
Think tank urges PSA: Shed extra roles, refocus on core statistics
By Bless Aubrey Ogerio
THE Philippine Statistics Authority (PSA) is grappling with an ever-growing list of duties that, according to a government think tank, has begun to blur its focus and strain the quality of the country’s official statistics.
In a policy note released this week, the state think tank said the PSA should undergo structural reforms to focus squarely on data production and analysis, and allow other agencies to take over its non-statistical functions.
“Within the PSA, the organizational structure should reflect functional specialization,” PIDS said, noting that the agency’s growing administrative roles have blurred its identity as the country’s central statistical body.
Under its proposal, the PSA would be reorganized under a new Department of Data, Registry, and Mapping Systems (DODRMS), which is a national body that would oversee statistical coordination, policy formulation, and quality assurance across government.
The DODRMS, as envisioned by PIDS, would be
chaired by its own secretary with a rotating co-chair from other departments, while the National Statistician would head the technical secretariat.
To strengthen the agency’s focus, PIDS recommended the creation of specialized offices, such as the Office for Economic Statistics, which would handle national accounts, price data, and business censuses; the Office for Social Statistics, which would oversee household surveys, population and labor data, and other social indicators; and the Office of Statistical Quality, Standards, and Coordination, which would ensure data accuracy and consistency under the Philippine Statistical Quality Assurance Framework.
The think tank also suggested transferring some of the PSA’s current responsibilities to other agencies to eliminate conflicts in confidentiality and streamline operations.
The Community-Based Monitoring System (CBMS), it said, could move to the Department of Social Welfare and Development to support social protection programs.
Moreover, the Philippine Identification System (PhilSys) could
be managed by the Department of Information and Communications Technology as part of the country’s digital infrastructure; and civil registration could be reorganized under a new Bureau of Civil Registration within the DODRMS, with the PSA focusing solely on compiling vital statistics.
The proposed department would also house the National Mapping and Resource Information Authority (NAMRIA) and the Philippine Statistical Research and Training Institute (PSRTI). Namria would handle geospatial data, while PSRTI would train government statisticians and conduct research to improve survey methods and data quality.
PIDS said the reorganization would restore the PSA’s focus on producing reliable, timely and high-quality data, while resolving the “identity crisis” caused by its overlapping functions.
Implementation, however, would require amending Republic Act 10625 or the Philippine Statistical Act of 2013, which established the PSA in 2013, revising budget structures and transferring personnel and assets to new institutional homes.
Another study found that more than 81 percent of household surveys do not disclose information about the precision of estimates, a basic standard in statistical reporting.
“If the core problem is that the PSA wears too many hats—creating an identity crisis that compromises statistical quality—then the solution must be to remove those extra responsibilities,” the think tank said.
PIDS added that aligning the PSA’s structure with international best practices could strengthen data integrity, ensure confidentiality, and improve coordination across government.
“The cost of inaction may exceed the cost of reform,” PIDS warned.
It added, “A statistical system that loses trust, fails to provide timely information, or compromises data confidentiality undermines evidence-based governance, which is an essential foundation for development and accountability.”
Citing a 2025 study presented at the 16th National Convention on Statistics, PIDS noted that 81 percent of PSA household surveys lack published sampling errors, agricultural sampling frames are outdated, and timeliness delays persist.
A6 Wednesday, October 22, 2025
Editor: Angel R. Calso
Japan parliament elects Sanae Takaichi as nation’s first female prime minister
By Mari Yamaguchi The Associated Press
TOKYO—Japan’s parliament elected ultraconservative Sanae Takaichi as the country’s first female prime minister Tuesday, a day after her struggling party struck a coalition deal with a new partner expected to pull her governing bloc further to the right.
Takaichi replaces Shigeru Ishiba, ending a three-month political vacuum and wrangling since the Liberal Democratic Party’s disastrous election loss in July. Ishiba, who lasted only one year
as prime minister, resigned with his Cabinet earlier in the day, paving the way for his successor.
Takaichi won 237 votes—four more than a majority—compared to 149 won by Yoshikoko Noda, head of the largest opposition party, the Constitutional Democratic Party of Japan, in the lower house, which elects the prime minister. As the results were announced, Takaichi stood up and bowed deeply.
The LDP’s alliance with the Osaka-based rightwing Japan Innovation Party, or Ishin no Kai, ensured her premiership because the opposition is not united. Takaichi’s untested alliance is still short of a majority in both houses of parliament and will need to court other opposition groups to pass
any legislation—a risk that could make her government unstable and short-lived.
“Political stability is essential right now,” Takaichi said at Monday’s signing ceremony with the JIP leader and Osaka Gov. Hirofumi Yoshimura.
“Without stability, we cannot push measures for a strong economy or diplomacy.”
The two parties signed a coalition agreement on policies underscoring Takaichi’s hawkish and nationalistic views. Their last-minute deal came after the Liberal Democrats lost its longtime partner, the Buddhistbacked Komeito, which has a more dovish and centrist stance.
LAWMAKERS applaud as Sanae Takaichi, standing, was elected as Japan’s new prime minister during the extraordinary session of the lower house, in Tokyo, Japan, Tuesday, Oct. 21, 2025. AP/EUGENE HOSHIKO
“Japan,” A10
Myanmar military closes major online scam hub, detains over 2,000 and seizes Starlink equipment
By Grant Peck The Associated Press
BANGKOK—Myanmar’s military has shut down a major online scam operation near the border with Thailand, detaining more than 2,000 people and seizing dozens of Starlink satellite Internet terminals, state media reported Monday.
Myanmar is notorious for hosting cyberscam operations responsible for bilking people all over the world. These usually involve gaining victims’ confidence online with romantic ploys and bogus investment pitches.
control of Myanmar’s military government, and also falls under the influence of ethnic minority militias.
Maj. Gen. Zaw Min Tun, the spokesperson for the military government, charged in a statement Monday night that the top leaders of the Karen National Union, an armed ethnic organization opposed to army rule, were involved in the scam projects at KK Park.
said 2,198 individuals were detained though it did not give their nationalities.
Starlink is part of Elon Musk’s SpaceX company and the terminals link to its satellites. It does not have licensed operations in Myanmar, but at least hundreds of terminals have been smuggled into the Southeast Asian nation.
Scam operations were in the international spotlight last week when the United States and Britain enacted sanctions against organizers of a major Cambodian cyberscam gang, and its alleged ringleader was indicted by a federal court in New York.
According to a report in Monday’s Myanma Alinn newspaper,
The centers are infamous for recruiting workers from other countries under false pretenses, promising them legitimate jobs and then holding them captive and forcing them to carry out criminal activities.
the army raided KK Park, a welldocumented cybercrime center, as part of operations starting in early September to suppress online fraud, illegal gambling, and cross-border cybercrime.
It published photos displaying seized Starlink equipment and sol -
diers said to be carrying out the raid, though it was unclear when exactly they were taken.
KK Park is located on the outskirts of Myawaddy, a major trading town on the border with Thailand in Myanmar’s Kayin state. The area is only loosely under the
Trump says he’s doubtful Ukraine can win war with Russia as he prepares for Putin meeting
By Samya Kullab & Aamer Madhani
KThe Associated Press
YIV, Ukraine—President
Donald Trump said Monday that while he thinks it is possible that Ukraine can defeat Russia, he’s now doubtful it will happen.
The comments from Trump added a fresh layer of skepticism toward Kyiv as he plans to meet again in the coming weeks with Russian President Vladimir Putin for face-to-face talks in Budapest, Hungary, on ending the war.
“They could still win it. I don’t think they will, but they could still win it,” Trump told reporters on Monday at the start of a White House meeting with Australian Prime Minister Anthony Albanese. Trump last month reversed his long-held position that Ukraine would have to concede land and could win back all the territory it has lost to Russia.
But after a lengthy call with Putin last week followed by a meeting with Ukrainian President Volodymyr Zelenskyy, Trump made another reversal and called on Kyiv and Moscow to “stop where they are” and end their brutal war.
Asked on Monday about his whiplashing opinion on Kyiv’s position, Trump offered the dour assessment about Ukraine’s chances. He added, “I never said they would win it. I said they could. Anything can happen. You know war is a very strange thing.”
Earlier Monday, Zelenskyy said that during the White House meeting Trump informed him that Putin’s maximalist demand—that Ukraine cede the entirety of its eastern Donetsk and Luhansk regions—was unchanged.
Still, Zelenskyy described the meeting as “positive,” even though Trump also rebuffed his request for long-range Tomahawk cruise missiles.
In public comments in the weeks leading up to his meeting with Zelenskyy, Trump had appeared to warm to the possibility of sending the Tomahawks, which would allow Ukrainian forces to strike deeper into Russian territory.
But the US leader’s tone changed after his latest call with Putin and he made clear that he was reluctant to send Ukraine the missile system, at least for the time-being.
“In my opinion, he does not want an escalation with the Russians until he meets with them,” Zelenskyy told reporters on Sunday. His comments were embargoed until Monday morning.
Zelenskyy also expressed skepticism about Putin’s proposal to swap some territory it holds in the Kherson and Zaporizhzhia regions if Ukraine surrenders Donetsk and Luhansk, saying the proposal was unclear. The Donetsk and Luhansk regions make up the Donbas.
Ukraine’s leader said Trump ultimately supported a freeze along the current front line.
“We share President Trump’s positive outlook if it leads to the end of the war,” Zelenskyy said, citing “many rounds of discussion over more than two hours with him and his team.”
Zelenskyy was diplomatic about his meeting with Trump despite reports that he faced pressure to accept Putin’s demands. The meeting followed the disastrous Oval Office spat on Feb. 28 when the Ukrainian president was scolded on live television for not being grateful for US support.
Zelenskyy said he hopes that Trump’s meeting in the coming weeks with Putin in Hungary—
which does not support Ukraine— will pave the way for a peace deal.
Zelenskyy said he has not been invited to attend but would consider it if the format for talks were fair to Kyiv.
He also took a shot at Hungarian Prime Minister Viktor Orban, say -
ing he does not believe that a prime minister “who blocks Ukraine everywhere can do anything positive for Ukrainians or even provide a balanced contribution.”
Zelenskyy said he thinks that all parties have “moved closer” to a possible end to the war.
“That doesn’t mean it will definitely end, but President Trump has achieved a lot in the Middle East, and riding that wave he wants to end Russia’s war against Ukraine,” he added.
See “Ukraine,” A10
The allegation was previously made based on claims that a company backed by the Karen group allowed the land to be leased. However, the Karen, who are part of the larger armed resistance movement in Myanmar’s civil war, deny any involvement in the scams.
Myanma Alinn said the army ascertained that more than 260 buildings were unregistered, and seized equipment, including 30 sets of Starlink satellite Internet terminals. It
The company could not be immediately reached for comment Monday but its policy bans “conduct that is defamatory, fraudulent, obscene, or deceptive.” There have been previous crackdowns on cyberscam operations in Myanmar earlier this year and in 2023.
Facing pressure from China, Thailand and Myanmar’s governments launched an operation in February in which they released thousands of trafficked people from scam compounds, working with the ethnic armed groups that rule Myanmar’s border areas.
IN this image provided by the Myanmar military on Oct. 19, 2025, soldiers raid the KK Park online scam center in Myawaddy township, Karen State, Myanmar.
UKRAINE’S President Volodymyr Zelenskyy speaks to reporters in Lafayette Park across the street from the White House, following a meeting with President Donald Trump, Friday, Oct. 17, 2025, in Washington. AP/MANUEL BALCE CENETA
A8 Wednesday, October 22, 2025
Massive Amazon cloud outage resolved after disrupting Internet use worldwide
By Kelvin Chan & Barbara Ortutay The Associated Press
LONDON—Amazon says a massive outage of its cloud computing service has been resolved as of Monday evening, after a problem disrupted internet use around the world, taking down a broad range of online services, including social media, gaming, food delivery, streaming and financial platforms.
The all-day disruption and the ensuing exasperation it caused served as the latest reminder that 21st century society is increasingly dependent on just a handful of companies for much of its internet technology, which seems to work reliably until it suddenly breaks down.
About three hours after the outage began early Monday morning, Amazon Web Services said it was starting to recover, but it wasn’t until 6 p.m. Eastern that “services returned to normal operations,” Amazon said on its AWS health website, where it tracks outages.
AWS provides behind-thescenes cloud computing infrastructure to some of the world’s biggest organizations. Its customers include government departments, universities and businesses, including The Associated Press.
Cybersecurity expert Mike Chapple said “a slow and bumpy recovery process” is “entirely normal.”
As engineers roll out fixes across the cloud computing infrastructure, the process could trigger smaller disruptions, he said. “It’s similar to what happens after a large-scale power outage: While a city’s power is coming back online, neighborhoods may see intermittent glitches as crews finish the repairs,” said Chapple, an information technology professor at the University of Notre Dame’s Mendoza College of Business.
Amazon blames domain name system
AMAZON pinned the outage on issues related to its domain name system that converts web addresses into IP addresses, which are numeric
EU leaders accuse Putin of stalling, reject land concessions for peace
By The Associated Press
UKRAINE’S president and European leaders on Tuesday accused Russian President Vladimir Putin of stalling for time in diplomatic efforts to bring his invasion of Ukraine to an end and opposed any move to make Kyiv surrender land captured by Russian forces in return for peace, as US President Donald Trump has on occasion suggested.
Eight European leaders as well as senior European Union officials said in a joint statement, they intend to go ahead with plans to use Moscow’s billions of dollars (euros) of frozen assets abroad to help Kyiv win the war, despite some misgivings about the legality and consequences of such a step.
The statement expressed support for Trump’s peace efforts in Ukraine as he prepares to meet with Putin in Budapest, Hungary in coming weeks.
No date has been set for the Budapest summit, and Kremlin spokesperson Dmitry Peskov indicated Tuesday there was no sense
of urgency. “Preparation is needed, serious preparation,” he told reporters.
Ukrainian President Volodymyr Zelenskyy noted that Putin returned to diplomacy, calling Trump last week after the American president said he might supply Ukraine with long-range Tomahawk missiles. But “as soon as the pressure eased a little, the Russians began to try to drop diplomacy, postpone the dialogue,” Zelenskyy said Tuesday in a Telegram post.
“We need to end this war, and only pressure will lead to peace,” he said.
The leaders’ statement laid down a marker by saying the leaders “remain committed to the principle that international borders must not be changed by force.”
Trump last month reversed his long-held position that Ukraine would have to concede land and suggested it could win back all the territory it has lost to Russia. However, after a phone call with Putin last week and a subsequent meeting with Zelenskyy on
See “EU,” A10
designations that identify locations on the Internet. Those addresses allow websites and apps to load on Internet-connected devices.
DownDetector, a website that tracks online outages, said in a Facebook post that it received over 11 million user reports of problems at more than 2,500 companies. Users reported trouble with the social media site Snapchat, the Roblox and Fortnite video games, the online broker Robinhood and the McDonald’s app, as well as Netflix, Disney+ and many other services.
The cryptocurrency exchange Coinbase and the Signal chat app both said on X that they were experiencing trouble related to the outage.
Amazon’s own services were also affected. Users of the company’s Ring doorbell cameras and Alexa-powered smart speakers reported that they were not working, while others said they were unable to access the Amazon website or download books to their Kindle.
Many college and K-12 students were unable to submit or access their homework or course materials Monday because the AWS outage knocked out Canvas, a widely used educational platform.
“I currently can’t grade any online assignments, and my students can’t access their online materials” because of the outage’s effect on learning-management systems, said Damien P. Williams, a professor of philosophy and data science at the University of North Carolina at Charlotte.
The exact number of schools impacted was not immediately known, but Canvas says on its website it is used by 50% of college
and university students in North America, including all Ivy League schools in the US.
At the University of California, Riverside, students couldn’t submit assignments, take quizzes or access course materials, and online instruction was limited, the campus said.
Ohio State University informed its 70,000 students at all six campuses by e-mail Monday morning that online course materials might be inaccessible due to the outage and that “students should connect with their instructors for any alternative plans.” As of 7:10 p.m. Eastern, access was restored, the university told students.
Record of past outages
THIS is not the first time issues with Amazon cloud services have caused widespread disruptions. Many popular Internet services were affected by a brief outage in
2023. AWS’s longest outage in recent history occurred in late 2021, when a wide range of companies— from airlines and auto dealerships to payment apps and video streaming services—were affected for more than five hours. Outages also happened in 2020 and 2017.
The first signs of trouble emerged at around 3:11 a.m. Eastern time, when AWS reported on its “health dashboard” that it was “investigating increased error rates and latencies for multiple AWS services in the US-EAST-1 Region.” Later, the company reported that there were “significant error rates” and that engineers were “actively working” on the problem.
Around 6 a.m. Eastern time, the company reported seeing recovery across most of the affected services and said it was seeking a “full resolution.” As of midday, AWS was still working to resolve the trouble.
Sixty-four internal AWS services were affected, the company said.
Just a few companies provide most Internet infrastructure
BECAUSE much of the world now relies on three or four companies to provide the underlying infrastructure of the Internet, “when there’s an issue like this, it can be really impactful” across many online services, said Patrick Burgess, a cybersecurity expert at UK-based BCS, The Chartered Institute for IT.
“The world now runs on the cloud,” Burgess said. And because so much of the online world’s plumbing is underpinned by so few companies, when something goes wrong, “it’s very difficult for users to pinpoint what is happening because we don’t see Amazon, we just see Snapchat or Roblox,” Burgess said.
“The good news is that this kind of issue is usually relatively fast” to resolve, and there’s no indication that it was caused by a cyberattack, Burgess said.
“This looks like a good oldfashioned technology issue. Something’s gone wrong, and it will be fixed by Amazon,” he said. There are “well-established processes” to deal with outages at AWS, as well as rivals Google and Microsoft, Burgess said, adding that such outages are usually over in “hours rather than days.”
Ortutay reported from San Francisco. Associated Press videojournalist Mustakim Hasnath in London and Jocelyn Gecker in San Francisco contributed to this report.
Rare earths stocks surge in Sydney after US-Australia deal to boost mineral access
SBy Carmeli Argana & Paul-Alain Hunt
HARES of rare earths companies jumped in Sydney after President Donald Trump signed an agreement with Australian Prime Minister Anthony Albanese to boost US access to the critical minerals.
After the signing, Arafura Rare Earths Ltd. announced the US Export-Import Bank was considering $300 million of financing support for its Nolans project in Australia, sending its shares soaring as much as 29%. The miner, which is backed by the richest Australian, Gina Rinehart, also received conditional approval for $100 million in funding from Albanese’s government.
The US Export-Import Bank also issued letters of interest to six other miners for more than $2.2 billion in financing. Recipients VHM Ltd. and Northern Minerals Ltd. climbed 30% and 19% respectively.
Producers of gallium, an ingredient used in defense and semiconductor manufacturing, also rose after Trump and Albanese unveiled funding for related projects. Sydney-listed shares of Alcoa Corp. advanced as much as 9.6% after it was announced the Alcoa-Sojitz gallium project in Western Australia would get up to $200 million in equity financing.
Lynas Rare Earths Ltd., which is not a beneficiary of the funds at this time but is the only producer of so-called heavy rare earths outside China, saw its stock gain as much as 4.7% on Tuesday before it fell into negative territory.
THE deal will see the US and Australia each outlay
$1 billion over the next six months. BLOOMBERG PHOTO
Mineral sands producer and rare earths aspirant Iluka Resources Ltd. rose 9.1%.
The deal will see the US and Australia each outlay $1 billion over the next six months on projects with additional spending planned thereafter toward a $8.5 billion pipeline of critical minerals projects in both countries. Still, many of these projects are not operating and could take years to get off the ground.
The pact, finalized Monday during Albanese’s trip to Washington, underscores the White House’s effort to diversify away from China, which dominates the rare earths sector. Heightened geopolitical strains between the US and China have seen Beijing impose export controls of rare earths, which are key to advanced tech, batteries, chips and defense equipment.
The deal between the US and Australia “includes the use of economic policy tools and investment to support the supply of raw and processed critical minerals/rare earths, and accelerate the development of diversified, liquid, and fair markets,” Canaccord Genuity Australia Ltd. analysts including Reg Spencer said in a note on Tuesday. With assistance from Andrew Janes/Bloomberg
Wednesday, October 22, 2025 A9
Nicolas Sarkozy going from France’s presidential palace to a Paris prison
By Sylvie Corbet & Angela Charlton The Associated Press
PARIS—Former French
President Nicolas Sarkozy headed to prison on Tuesday to serve time for a criminal conspiracy to finance his 2007 election campaign with funds from Libya, the first ex-leader of modern France to be imprisoned.
Sarkozy contests both the conviction and a judge’s unusual decision to incarcerate him pending appeal. His journey from the presidential Elysée Palace to the notorious La Santé prison in Paris has captivated France.
One of Sarkozy’s sons, Louis, called for a rally on Tuesday morning in support of his father in the high-end Paris neighborhood where Sarkozy lives with his wife, Carla Bruni-Sarkozy. The supermodel-turned-singer has shared photos of Sarkozy’s children and songs in his honor on her social media feeds since his conviction.
Embattled centrist President Emmanuel Macron hosted the conservative Sarkozy at the presidential palace last week. ‘’I have always been very clear in my public statements about the independence of the judiciary in my role, but it was normal on a human level to receive one of my predecessors in this context,’’ Macron said Monday.
Jean-Michel Darrois, one of Sarkozy’s lawyers, said on Tuesday that the former president got himself “mentally prepared” to be held in solitary confinement, where he would be kept away from all other prisoners for security reasons.
“First, he packed a bag with a few sweaters because it’s cold in prison, and earplugs because it’s very noisy,” Darrois said on France Info news broadcaster. “Isolation like what he’s going to go through is painful, but he got himself prepared.”
Another possibility is that he will be held in the prison’s section for “vulnerable” inmates, colloquially known as the VIP section.
“I’m not afraid of prison. I’ll hold my head high, including in front of the doors of La Santé,” Sarkozy told La Tribune Dimanche newspaper. “I’ll fight till the end.” The paper said Sarkozy has his prison bag ready with clothes and the 10 family photos he is allowed to bring. Sarkozy also told Le Figaro newspaper that he would bring three books—the maximum allowed—including Alexandre Dumas’ “The Count of Monte Cristo,’’ in which the hero escapes from an island prison before seeking revenge.
The Paris judge ruled that Sarkozy would start to serve prison time without waiting for his appeal to be heard, due to “the seriousness of the disruption to public order caused by the offense.”
Under the ruling, the 70-year-old Sarkozy will only be able to file a request for release to the appeals court once he is behind bars, and judges will then have up to two months to process the request.
FORMER French President Nicolas Sarkozy leaves after a Paris court sentenced him to 5 years after finding him guilty of criminal conspiracy in an alleged scheme to finance his 2007 campaign with funds from Libya, Thursday, Sept. 25, 2025 in Paris. AP/CHRISTOPHE ENA
A10 Wednesday, October 22,
DOJ wraps up preliminary probe of missing sabungeros case
TBy Joel R. San Juan @jrsanjuan1573
the charges.
HE Department of Justice (DOJ) on Thursday wrapped up its preliminary investigation into the multiple murder and serious illegal detention charges filed against businessman Charlie “Atong” Ang and more than 50 others by the families of 34 missing cockfighting enthusiasts or “sabungeros.”
Senior Assistant State Prosecutor Charlie Guhit, who heads the panel of prosecutors conducting the preliminary investigation, said 57 out of the 61 respondents have submitted their counter-affidavits to deny
members, are found in middle-income countries.
It added that 69.4 percent of poor people in households where a child has died in the past five years also live in middle-income countries.
“Of 635 million poor people who share their household with at least one undernourished person, 67.5 percent live in middle-income countries,” it also said.
Almost half of all poor people globally—518 million—are also concentrated in six middle-income countries: Bangladesh, China, India, Nigeria, Pakistan, and Tanzania.
Climate hazards compound burden
THE study also found that 887 million poor people—nearly four out of five—live in areas exposed to at least one climate hazard such as extreme heat, drought, floods, or air pollution. Among them, 309 million face three or four hazards simultaneously—experiencing what the study described as a “triple or quadruple burden.”
These communities, it said, often have limited assets and minimal access to social protection systems, which amplify the effects of shocks.
Individually, the most widespread hazards affecting poor people worldwide are high heat (608 million) and air pollution (577 million).
Flood-prone regions are home to 465 million poor people, while 207 million live in areas affected by drought.
“This report shows where the climate crisis and poverty are notably converging,” said Sabina Alkire, Director of the Oxford Poverty and Human Development Initiative.
“Understanding where the planet is under greatest strain and where people face additional burdens created by climate challenges is essential to creating mutually reinforcing development strategies that put humanity at the centerof climate action.”
Released ahead of the COP30 climate summit in Brazil, the UNDP said the findings reveal “a world where poverty is not just a standalone socio-economic issue but one that is deeply interlinked with planetary pressures and instability.”
“Our new research shows that to address global poverty and create a more stable world for everyone, we must confront the climate risks endangering nearly 900 million poor people,” said Haoliang Xu, UNDP Acting Administrator.
“When world leaders meet in Brazil for the Climate Conference, COP30, next month, their national climate pledges must revitalize the stagnating development progress that threatens to leave the world’s poorest people behind,” she added.
In an interview with mediamen, Guhit assured that they would be fair in evaluating the evidence submitted and coming up with a resolution on whether there is sufficient evidence to warrant the filing of the case before the trial court and secure a conviction against the respondents.
Aside from multiple counts of murder and serious illegal detention, other possible charges that may be filed in court against the respondents are violation of Republic Act (RA) 10353, An Act Defining and Penalizing Enforced or Involuntary Disappearance; obstruction of justice under Presidential Decree No. 1829; violation of
RA 11983 or the New Philippine Passport Act; corruption of public officials under the RPC; and violation of RA 9851, the Philippine Act on Crimes Against International Humanitarian Law, Genocide, and Other Crimes Against Humanity.
Aside from Ang, other respondents who filed their counter-affidavits were three children and son-in-law, actress Gretchen Barreto, and former National Capital Region Police Office chief retired Police General Jonnel Estomo.
Whistleblower Julie “Dondon” Patidongan and his co-respondent brothers submitted their sworn statements, in lieu of counter-affidavits.
“The panel declared that the preliminary investigation is already submitted for resolution...That is after the complainant manifested that they are not filing a reply to the counter-affidavits of the respondents,” Guhit said.
Patidongan, who worked for Ang as farm manager for 16 years, said he would just wait for the outcome of the preliminary investigation but expressed optimism that the case would be filed in court.
“Who all know who the mastermind is. That’s all,” he said.
The Regional Trial Court of Mandaluyong City earlier dismissed the criminal complaint filed by Ang against Patidongan and another
PAHAYAG survey: GMA-7 leads as most trusted news outlet, ABS-CBN online follows
By Claudeth Mocon-Ciriaco @claudethmc3
THE most trusted news outlet remains to be GMA-7 with a steady 45 percent trust rating, followed by ABS-CBN Online with 40 percent, based on the PAHAYAG 2025 Third Quarter (PQ32025) survey.
PQ3 survey results conducted from September 27 to 30, 2025, comprising 1,500 respondents who are registered Filipino voters, also showed that the Philippine Daily Inquirer’s went down to 37 percent from 41 percent while DZMM (formerly DWPM
Radyo 630) continues to gain traction, marking its second consecutive quarter of improvement in trust ratings (31 percent, up from 25 percent) as more listeners become aware of the station.
Despite stable trust ratings overall, several news organizations experience increases in distrust levels this quarter.
These include TV5/Interaksyon (22 percent distrust, from 17 percent), PTV4 (26 percent, from 21 percent), NET 25 (25 percent, from 20 percent), Eagle News (22 percent, from 19 percent), UNTV (22 percent, from 18 percent), Philippine STAR (20 percent, from 16 percent), Manila Times (22 percent, from
18 percent), BusinessWorld (20 percent, from 16 percent), B usiness M irror (22 percent, from 16 percent), SunStar Philippines (22 percent, from 18 percent), and Abante (29 percent, from 26 percent).
Similarly, radio news outlets register rising distrust despite steady trust levels: DZRH (19 percent, from 14 percent), DZBB (19 percent, from 15 percent), Radyo Pilipinas (20 percent, from 16 percent), and Bombo Radyo (20 percent, from 16 percent).
SMNI (33 percent distrust, from 28 percent) and Rappler (34 percent, from 32 percent) remain the most distrusted news outlets among Filipino voters this quarter.
Classroom construction slowdown: DepEd proposes alternative implementation methods
AS the agency shares public concern over the slow pace of classroom construction this year, the Department of Education (DepEd) is pushing for flexibility under the 2026 budget so that projects may be implemented not only by Department of Public Works and Highways (DPWH) to accelerate classroom construction.
Under current rules, the DPWH implements all DepEd-funded school building projects.
In a statement released to the media by Dennis E. Legaspi, DepEd Chief Media Relations Officer, it noted that DPWH’s
Continued from A14
service and prudently managing the pension fund entrusted to it by its 2.7 million members and pensioners.
The agency also assured members of its
heavy workload, late validation and costing submission, and leadership changes have caused delays, with only 22 classrooms completed so far under the 2025 BEFF for new construction.
From July 2022 to July 2025, DepEd and DPWH completed 22,092 classrooms nationwide—reducing the backlog from about 165,443 to 146,708.
“The current delays are temporary and we remain focused on catching up,” the DepEd said.
DepEd is pushing for flexibility under the 2026 budget so that projects may be implemented not only by DPWH but also
financial stability and continued dedication to public service.
As of August 2025, the total assets of the GSIS stood at P1.92 trillion, while its net income reached P100.02 billion. The fund manager also recorded a total income of P231.06 billion, outperforming both budget targets and the previous year, on the back of strong premium
Pitching calls for more water convergence projects between concerned government agencies, DENR Secretary Raphael Lotilla said the agency has identified 15 multipurpose dams, projects that were the subject of feasibility studies.
Continued from A14
by DepEd, local government units, partners such as the Armef Forces of the Philippines Engineering Brigades, and through Public–Private Partnership.
DepEd proposed the inclusion of a special provision on implementation flexibility in the 2026 National Expenditure Program (NEP) as early as the first quarter of 2025.
“We will also launch an online classroom dashboard for public tracking of classroom needs and construction progress and host a Classroom Summit on November 20 to strengthen collaboration and transparency,” it added. Claudeth Mocon-Ciriaco
contributions and investment returns.
With these, GSIS’s fund life will remain until 2058.
“These results are the direct outcome of a stability-focused strategy and expert asset management—delivered under the very leadership that is now being questioned,” read the statement the GSIS issued last Tuesday.
former employee Alan Bantiles, accusing them of trying to extort P300 million in exchange of recanting their affidavits implicating him in the missing sabungeros case.
DOJ spokesman, lawyer Polo Martinez said a prima facie evidence with reasonable certainty of conviction is necessary to elevate the case before the trial court.
“So, when this quantum of evidence is met, we will not have sufficient basis to proceed to trial,” he added.
“So now, we will just have to wait. Let’s just wait for the resolution of the panel of prosecutors. And we assure the public, the department assures the public, that it will be done in accordance with the law, that no
one will be spared,” he pointed out. Pending the resolution of the case by the prosecution panel, Martinez said the retrieval operations of the remains of the missing sabungeros who were believed to have been dumped at the Taal Lake would continue.
So far, divers from the Philippine Coast Guard (PCG) have recovered at least 981 bones from the site , 887 of them were confirmed human bones, from July to October 12. Martinez noted that forensic experts are still conducting DNA analysis of the bones retrieved from the lake to determine if these will match with the DNA samples collected from the families of missing sabungeros.
DAR sets massive land title and condominium certificate distribution for Northern Mindanao ARBs
THE Department of Agrarian Reform (DAR) is set to distribute land titles and certificates of condonation to a total of 5,788 agrarian reform beneficiaries from across Northern Mindanao.
The distribution of Emancipation Patents (EPs), Certificates of Land Ownership Award (CLOAs), electronic titles (E-titles), and Certificates of Condonation and Release of Mortgage (CoCRoMs) coincides with a Stakeholders’ Forum at The Atrium, Limketkai Center, Cagayan de Oro City on Wednesday, October 22.
DAR Secretary Conrado M. Estrella III, together with key officials from the agency, will lead the distribution as part of the department’s ongoing efforts to empower farmers through land ownership and financial freedom.
The land titles cover a total of 6,235.23 hectares of agricultural land.
The DAR said it marks another milestone in the agency’s commitment to strengthening land tenure security and uplifting the lives of Filipino farmers. In addition, 1,026 ARBs will be freed from a combined P61.26 million in unpaid land amortizations through the issuance of CoCRoMs, covering 1,446.07 hectares—giving them a fresh start to cultivate their lands without debt burdens.
Provincial breakdown
n Bukidnon: 3,863 ARBs | 3,558.97 hectares
n Camiguin: 158 ARBs | 79.94 hectares
n Lanao del Norte: 263 ARBs 534.20 hectares
n Misamis Occidental: 686 ARBs | 646.60 hectares
n Misamis Oriental: 818 ARBs | 1,415.53 hectares
Title distribution
n Regular EPs/CLOAs: 211 ARBs | 268.42 hectares
n E-Titles (Project SPLIT): 4,551 ARBs | 4,520.74 hectares
n CoCROMs (Debt Condonation): 1,026 ARBs | 1,446.07 hectares | P61.26 million condoned
This initiative forms part of DAR’s ongoing efforts to ensure that farmers gain full ownership of the lands they till and are liberated from long-standing financial obligations. It also supports the implementation of the Support to Parcelization of Lands for Individual Titling (SPLIT) Project, funded by the World Bank, and Republic Act No. 11953 or the New Agrarian Emancipation Act.
In a statement, Estrella said the event reaffirms the Marcos administration’s dedication to rural development and genuine agrarian justice.
“This administration remains steadfast in its promise to uphold genuine agrarian reform. These titles and debt condonation measures are clear proof that the government stands with our farmers in building a better future for the countryside,” Estrella said. Jonathan L. Mayuga
Continued from A14
these attack vectors remain a concern in industrial settings where external devices are often used for maintenance and system updates.
To address these evolving threats, the company is offering Kaspersky Industrial CyberSecurity (KICS), an Extended Detection and Response (XDR) platform tailored for operational technology (OT) environments. The platform integrates network traffic analysis, endpoint protection, and incident response to help industrial operators detect and mitigate attacks that can disrupt production lines, critical infrastructure, and utilities.
Friday, Trump shifted his position again and called on Kyiv and Moscow to “stop where they are” in the more than three-year war.
Japan. . .
Continued from A6
Trump said Monday that while he thinks it is possible that Ukraine can ultimately defeat Russia, he’s now doubtful it will happen.
Ukrainian and European leaders are trying hard to keep Trump on their side.
“We strongly support President Trump’s
On Sunday, Trump said that the industrial Donbas region of eastern Ukraine should be “cut up,” leaving most of it in Russian hands.
“They would be ready for implementation in the 2026 budget, but it’s not part of our budget. What we want to show is that we can have convergence of all that has been mentioned. In addition, the National Irrigation Administration has 81 multipurpose projects that would involve water retention and detention, and they can be used for; potable water, irrigation, agriculture, and incidentally, even in tourism and hydropower,” Lotilla said.
position that the fighting should stop immediately, and that the current line of contact should be the starting point of negotiations,” the statement said. “We can all see that Putin continues to choose violence and destruction.”
In Claveria, he shared that a multipurpose dam was inaugurated by President Marcos, and people now enjoy irrigation and tourism. The DENR, he said, is now looking at the potable water component of the project.
The dynamics of Trump’s engagement with Europe’s biggest conflict since World War II have zigzagged as he searches for a peace deal.
Russia occupies about one fifth of Ukraine, but carving up their country in return for peace is unacceptable to Kyiv officials.
Also, a conflict frozen on the current front line could fester, with occupied areas of Ukraine offering Moscow a springboard for new attacks in the future, Ukrainian and
Continued from A7
Ukraine is hoping to purchase 25 Patriot air defense systems from US firms using frozen Russian assets and assistance from partners, but Zelenskyy said procuring them would require time because of long production waits. He said he spoke to Trump about help procuring them more quickly, potentially from European partners. Zelenskyy said the United States is interested in bilateral gas projects with Ukraine, including the construction of an LNG terminal in the southern port city of Odesa. Other projects of interest include those related to nuclear energy and oil.
European officials fear.
The statement by the leaders of Ukraine, the U.K., Finland, France, Germany, Italy, Norway, Poland, Denmark and EU officials came early in what Zelenskyy said Monday would be a week that is “very active in diplomacy.”
More international economic sanctions on Russia are likely to be discussed at an EU
Minister Margaret Thatcher, Takaichi was first elected to parliament in 1993 and has served in a number of senior party and government posts, including as ministers of economic security and internal affairs, but her diplomatic background is thin.
her potentially weak grip on power, it’s unknown how much Takaichi will be able to achieve. Also, an admirer of former British Prime
When Komeito left the governing coalition, it cited the LDP’s lax response to slush fund scandals that led to their consecutive election defeats.
Madhani reported from Washington.
summit in Brussels on Thursday.
“We must ramp up the pressure on Russia’s economy and its defense industry, until Putin is ready to make peace,” Tuesday’s statement said.
On Friday, a meeting of the Coalition of the Willing—a group of 35 countries who support Ukraine—is due to take place in London.
The centrist party also raised concern about Takaichi’s revisionist view of Japan’s wartime past and her regular prayers at Yasukuni Shrine despite protests from Beijing and Seoul that see the visits as lack of remorse about Japanese aggression, as well as her recent xenophobic remarks. Takaichi has toned down her hawkish rhetoric. On Friday, she sent a religious ornament instead of going to Yasukuni.
Sen. Kiko Pangilinan cites in contempt more people in farm smuggling probe
By Butch Fernandez @butchfBM
FOR their apparent noncooperation with Senate probers on the multimillion-peso farm smuggling issue, more individuals were cited in contempt at Monday’s public hearing by the Senate Committee on Agriculture, Food, and Agrarian Reform.
Senator Francis “Kiko” Pangilinan, chairman of the committee, cited in contempt individuals allegedly linked to the illegal entry of smuggled frozen mackerel in the country after they had failed to respond to the questions raised during the hearing.
Those cited in contempt and set to remain in the Senate’s detention facility include Erwin Pascual of EPCB Consumer Goods Trading, Bureau of Customs-Port of Subic Deputy Collector for Assessment Andrew Malcolm Calixihan, and BOCPort of Subic Acting Customs Operations Officer Mary Anabelle Gubaton.
The senator pointed out inconsistencies in Ms. Gubaton’s statements regarding the release of misdeclared agricultural shipments from the Port of Subic, despite the absence of essential documentation.
He also questioned Gubaton’s claim of not knowing a certain “Mr. Chuggs,” who was allegedly the “dispatcher”
responsible for instructing three truck drivers to transport the smuggled frozen mackerel out of the Port of Subic.
Similarly, Calixihan denied knowing a certain “Mr. Chuggs,” prompting Pangilinan to assert that he had misled the Committee due to discrepancies in his testimony.
“There is a difference between not being able to explain it and saying, giving us testimony that is untruthful, and therefore, we will move to cite you in contempt of this Committee, Mr. Calixihan. Your explanation is unacceptable and does not satisfy this Committee,” he added.
Similarly, the senator cited Pascual in contempt after he misled the Committee’s understanding of not knowing a broker named Ellaine Joy Gedaria. This inconsistency was particularly concerning, as he had identified her as the declarant for the 14 containers listed in the annexes of his affidavit.
Additionally, Pascual had listed his nephew as the owner of EPCB, even though he later admitted to being the true owner himself.
Earlier, Pangilinan also allowed Brenda de Sagun of Berches Consumer Goods Trading temporary liberty and ordered the Senate Sergeant-at-Arms to accompany her as she looked for a “Mr. Vicente.”
PHL Navy warship recovers Sino rocket debris off Palawan
By Rex Anthony Naval
THE Philippine Navy (PN)
on Tuesday announced that its Western Naval Command, through its missile boat BRP Lolinato To-Ong (PG902), successfully recovered a suspected Chinese rocket debris off the waters of Bataraza, Palawan last Oct. 19.
This follows after successful maritime operations in the West Philippine Sea.
“After completing its patrol and drug recovery operations, BRP Lolinato To-Ong sighted a metallic debris suspected to be part of a Chinese rocket at coordinates 08°28.490’N, 117°39.805’E, approximately 12.17 nautical miles southeast of Rio Tuba, Bataraza, Palawan,” the PN said.
In the said drug recovery operation, the PN ship recovered some PHP19.2 million worth of suspected marijuana kush off
Sabina Shoal, West Philippine Sea last Oct. 18.
The crew of the BRP Lolinato To-Ong immediately conducted retrieval operations and secured the debris aboard the vessel.
“The item was subsequently transported to Puerto Princesa City for proper documentation, assessment, and disposition in coordination with concerned authorities,” the PN said.
It also said that the recovery of such debris underscores the importance of continued maritime surveillance in protecting Philippine waters and ensuring the safety of local communities potentially affected by foreign rocket remnants.
It can be recalled that China on Oct. 16 launched a Long March 8A rocket from its Hainan commercial spacecraft launch site as part of its efforts to deploy internet satellites into space.
‘This fight will not be easy,’ says Marcos on anti-corruption efforts in public
By Samuel P. Medenilla @sam_medenilla
THE ongoing anti-corruption drive in public works of the government will be a “hard and painful” process, which is not expected to end anytime soon, according to President Ferdinand Marcos.
“This fight will not be easy. We still have a lot [of challenges] to face and go through,” the Chief Executive said in Filipino in his speech during the 40th Metrobank Foundation Outstanding Filipino Awarding Ceremony in Malacañang last Tuesday.
Despite the said challenges, the President said the campaign, which he first announced last July during his fourth State of the Na -
Baguio diocese to launch Korean language mass starting next month
By Justine Xyrah Garcia
BEGINNING next month, the Diocese of Baguio will start holding holy masses in the Korean language to better serve the city’s growing Korean Catholic community.
In a circular dated October 20, Baguio Bishop Rafael T. Cruz said the Korean-language mass will be celebrated every Saturday at 5 p.m. starting November 2025 at the Holy Face Chapel of the Baguio Cathedral.
Two Korean priests have been assigned to regularly officiate and administer the Sacraments and other religious rites.
Cruz said the diocese is also open to scheduling additional masses for Holy Days of Obligation and Solemnities in coordination with the cathedral office and the Korean priests.
“For fellowship purposes, a room at the Sangkabalayan building will be provided for your gatherings, either before or after the Mass,” he added.
To make attendance easier, the diocese will also issue gate passes allowing free parking for churchgoers during the Korean mass and fellowship schedule.
Parishioners were advised to coordinate with the cathedral office to obtain their passes.
Cruz said he hopes the initiative will provide a sense of home and spiritual renewal to Koreans staying in Baguio.
“It is my sincere hope that this provision for Mass and the Sacraments in the Korean language will be a source of spiritual nourishment and strength for you during your stay here in the Diocese,” he said.
tion Address (SONA), will be a worthwhile endeavor.
He ordered a reorganization within the ranks of the Department of Public Works and Highways (DPWH) and created the Independent Commission for Infrastructure to lead a probe on alleged problematic flood control projects and other public works. This has resulted in probes at the House of Representatives and the Senate, where some lawmakers were accused of receiving kickbacks from flood control projects.
“It will be worth it because what we are fighting for is a country that our children will inherit [and] a nation that they can be proud of, that they can be proud to say I am Filipino,” Marcos said.
While some government officials and personnel were linked to corruption in public works, he assured the public can still trust many public servants in many government institutions including public school teachers, soldiers and the police.
He noted the 10 award recipients of the 2025 Metrobank Foundation Outstanding Filipino Award have demonstrated excellences in public service.
“This year’s Outstanding Filipinos show us once again that service wears many faces but is bound by one shared goal: to serve the community, to serve the country,” Marcos said.
The winners of the said award this year are PMSg Ivan A. Velasco; PMAJ Elmira A. Relox; PCOL
works
winners will not only serve as an inspiration for other public servants, but also assure the public that they are still people in the government, who value “integrity and excellence.”
“At a time when our nation faces many challenges that shake our people’s trust in our institutions, your stories once again give us reason to believe in the goodness of our people. They remind us that integrity and excellence must be at the heart of the work that we all do,” he said.
DMW steps up aid for deported Pinoy seafarers amid discrimination claims
AMID calls from a seafarer advocate group for assistance for Filipino crew members of United States-owned cruise ships, who were allegedly deported due to discrimination, the Department of Migrant Workers (DMW) announced it will continue to provide cash aid to the distressed overseas Filipino workers (OFW).
In a Viber message last Tuesday, DMW Undersecretary Bernard P. Olalia disclosed they will tap their Agarang Kalinga sa mga OFW (overseas Filipino workers) na Nangangailangan (AKSYON) Fund to assist the affected sailors.
“We have an Aksyon Fund[financial] assistance, which we will provide to them. Each qualified seafarer will get P50,000,” he said.
The DMW official made the statement after the International Seafarers Action Center (ISAC) criticized the Philippine government for its supposed lack of support for the displaced cruise ship workers.
ISAC President Edwin dela Cruz said the Filipino seafarers had their visas cancelled before they were deported due to “trumped up charges of child pornography without due evidence.”
He said the affected seafarers from cruise ships Carnival Sunshine as well as Viking, Wilhelmsen, Royal Caribbean, Open Sea and Magsaysay have approached ISAC to ask for assistance to make their concerns be heard by concerned agencies.
Aside from providing economic support to the displaced sailors, Dela Cruz also called out the Marcos administration for its failure to issue a diplomatic protest against the said deportation incidents.
“For the sake of saving face with the US, his government has issued no diplomatic protest, no passport replacements for those with passports confiscated, no replacement jobs, little to no financial aid,” Dela Cruz said.
“Marcos Jr. prioritizes his puppet-master relationship with Trump over the welfare of our seafarers,” he added.
In a Senate hearing last August, DMW said it was aware of the said deportation of the Fili -
pino crew of Carnival cruise ship, which was docked in Norfolk, Virginia last June by US Customs and Borders Protection. It confirmed that the concerned Filipino sailors were “specifically identified” by US authorities and were not given due process.
Olalia said they are closely monitoring the status of the affected seafarers, which he said has currently reached 143.
Frederick E. Obar; UO1 Anro Anthony M. Turallo, PN; Col Ricky L. Canatoy, PA; Col. Joey T. Fontiveros, PA; Noel V. Sadinas; Armando Perfecto C. Molin; Mylene M. Uy; and Angelo Mark P. Walag, PhD. Marcos said he hopes the said
Samuel P. Medenilla
The Philippines’ long journey to Australian banana markets amid trade imbalance
THE Philippines had aspired for access to the Australian market for bananas in 1995—the same year it joined the World Trade Organization, which was created by the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The creation of the WTO signaled the willingness of most nations to open up their markets by cutting tariffs and implementing more enforceable trade rules. A book published by the International Monetary Fund pointed out that agriculture has been integrated into the multilateral trading system through new rules of general application to market access, export subsidies and domestic support.
Three decades after it first sought market access, the Philippines has not given up hope based on the request it filed with Canberra. Last March, Manila requested the consideration of an additional Cavendish cultivar and an additional export province that were not considered in its 2008 assessment. (See, “Australia reviews PHL bid to wipe out banana pests,” in the BusinessMirror , October 15, 2025). The Department of Agriculture, Fisheries and Forestry (DAFF) of Australia said it will consider this request at the same time as the assessment of the Philippines’s alternative measures to manage Moko, black Sigatoka and banana freckle, which Manila submitted in 2018.
Australia’s import risk analysis (IRA) in 2008, which became law the following year, allowed the Philippines to export bananas under stringent conditions. The recommended quarantine measures contained in the IRA report include allowing exports only from areas that demonstrate low pest prevalence; stringent measures that involve Australian Quarantine and Inspection Service inspectors being present even in the field and packing houses here in the Philippines; and detailed data and documentation to be provided by the Philippines for consideration by Australia prior to any exports to verify and validate quarantine measures underpinned by laboratory and field experiments and commercial trials.
In a statement it issued in February 2009, the Bureau of Plant Industry (BPI) under the Department of Agriculture said these measures are trade restrictive and expensive. The agency also noted that Australia has continuously postponed the issuance of an IRA for Philippine bananas “on the flimsiest of reasons.”
Prior to the IRA issued in 2009, Manila filed a dispute case against Canberra before the WTO’s Dispute Settlement Body in October 2002 in the hope of finally getting a resolution. The DSB has agreed to create a panel in 2003 but the panelists have not yet been chosen and the case remains pending. It is, however, doubtful that this WTO case would still see a final resolution as its Appellate Body, considered the supreme court of global trade, is inactive since 2019.
It is therefore no longer surprising if local banana growers are no longer optimistic about gaining access to the Australian market. This despite the fact that rich nations, such as Japan and South Korea, have been buying local bananas in huge quantities. Agricultural trade relationship between the two nations is also far from balanced based on data from the Philippine Statistics Authority (PSA), which showed that Australia enjoyed a trade surplus of $1.06 billion with the Philippines last year.
PSA figures showed that the value of Australian food exports to the Philippines reached $1.153 billion in 2024. In contrast, Philippine food items shipped to Australia amounted to only $89.27 million. It is the hope of Filipino farmers and their families that this latest move of DAFF will finally open Australia’s doors to more produce from the Philippines and reduce the huge agricultural trade gap between the two nations.
Avoiding input taxes for exporters
TAX LAW FOR BUSINESS
IF you are an export-oriented enterprise, are you aware that you can avoid input taxes on your local purchases and importations? Yes, this value-added tax (VAT) treatment is not limited to entities enjoying tax incentives granted by investment promotion agencies. This is also available to qualified exporters.
Among the amendments introduced by the CREATE MORE Act (Republic Act 12066) relates to the VAT treatment of purchases made by or sales made to export-oriented enterprises, as well as importations made by said EOEs.
VAT treatment: Sales of goods and services to EOEs are subject to VAT at zero percent (0 percent). This VAT treatment is not new, but prior to the change, the zero-rating was limited only to few transactions. For goods, this was available only for sales of raw materials or packaging materials. And for services, the zero-rating treatment was limited to services performed by subcontractors and/or contractors in processing, converting or manufacturing goods. The modification introduced by CREATE MORE expanded the coverage to include all sales of goods and services.
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo Ruben M. Cruz Jr.
Eduardo A. Davad
Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos
Aldwin Maralit Tolosa
Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113
A new provision added by CREATE MORE is the VAT treatment of importations made by EOEs. Prior to the change, importations by EOEs were subject to the usual VAT. These are now exempted from the coverage of the VAT system. With these changes, effectively,
transactions of EOEs are accorded the same VAT treatment as the registered business enterprises granted tax incentives by investment promotions agencies—even without them actually qualifying and registering for tax incentives. Conditions for VAT zero-rating and VAT exemption: The VAT zero-rating of sale of goods and services to EOEs and the VAT exemption of importations by EOEs, however, are not without conditions. One important consideration is that the EOE must meet the export sales threshold —at least 70 percent of total annual production of the preceding taxable year. Based on the implementing regulations, total annual production for goods refers to the volume or sales value of production, manufactured and sold, including mark-up while the total annual production for services refers to the value of services rendered by the EOE.
Aside from meeting the export threshold, the subject (goods or services) of the transaction should be directly attributable—meaning, the goods and services should be incidental to and reasonably necessary—to the export activity of the
EOE. For services, these include janitorial, security, financial, consultancy, marketing and promotion services, and services rendered for administrative operations such as human resources, legal and accounting. The enumeration of these types of services in the law implies an inclusive coverage—that is, all types of services, including those consumed for administrative purposes, can be considered incidental and necessary.
Determination of compliance with the export threshold: Compliance by the EOEs with the 70 percent export sales is mandatory. An EOE that fails to meet this export sales requirement in a year shall not be entitled to VAT zero-rating on local purchases and VAT exemption on importations for the immediately succeeding year.
The Export Marketing Bureau of the Department of Trade and Industry (DTI-EMB) is tasked with the obligation to determine compliance with this export sales threshold—with the mandate to issue certification to qualified EOEs. This certification shall be presented by the EOE to its local suppliers. In fact, local suppliers are not required to separately apply for VAT zero-rating. The certification issued by the DTI-EMB and presented by the EOE to its local suppliers should suffice for purposes of treating the sales by these local suppliers as VAT zero-rated.
Understandably, there are some local suppliers who refuse or are adamant to acknowledge the VAT zero-rating certification issued by the DTI-EMB. This prompted the BIR to issue an advisory on June 11, 2025, reminding local suppliers of EOEs to recognize and honor VAT zero-rating certifications issued by DTI-EMB. If there are concerns, local
China’s fuel oversupply keeps LNG
CHINESE demand for seaborne gas is poised to remain tepid through the winter, as ample supplies blunt the usual surge in consumption at the end of the year.
Imports of liquefied natural gas plunged 15 percent year-on-year in September, an 11th straight monthly decline. They’ve fallen 17 percent over 2025 so far, replaced by cheaper fuel arriving via pipeline or produced locally, and an abundance of other power sources like coal, solar and hydro.
A poor winter for LNG demand could come with a silver lining, however, if it gives importers the upper hand in price negotiations with squeezed producers down the line, according to analysts and executives, who spoke on condition of
anonymity when discussing commercial matters.
That could help put the industry on a more sustainable path, the people said, at a time when the global market is becoming increasingly oversupplied and China is still building import capacity.
suppliers may verify or inquire with the DTI-EMB. EOEs are generally subject to VAT at zero percent, precisely because most, if not all, of their sales are for export (direct and indirect). As a result, there are no output taxes against which input taxes incurred on importations and local purchases are utilized. This results in the accumulation of input taxes, with no option for their recovery—except to apply for refund. Apparently, refund process entails costs and the risk of denial.
Thanks to CREATE MORE, taxpayers which may not be qualified and registered for tax incentives may enjoy the same VAT treatment as the VAT incentives for registered business enterprises, provided they qualify as EOEs. The inclusion of sales by local suppliers to EOEs and importations by EOEs in the list of transactions treated as zero-rated or exempted from VAT provides venue for EOEs to avoid incurring input taxes. That eliminates also the risks and costs associated with the application process for the recovery—through refund—of unutilized input taxes. If you are a taxpayer qualified as an exportoriented enterprise, this option is available to you.
The author is a managing partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph).
The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.
year’s La Niña weather pattern is quite weak and may not be enough to disturb the general trend of rising temperatures.
Geopolitics are also playing a role.
Economic slowdown
CHINA’S slowing economy is an obvious drag on consumption. And while cold snaps over the winter are always a risk to heating-fuel supplies, this
The National Energy Administration expects the world’s biggest consumer of the fuel to record its slowest-ever demand growth of just 2 percent to 3 percent this year. All of that will be met by the increased volumes being drilled domestically, or piped overland from Russia and Central Asia, the people said.
Major Chinese buyers have restocked their LNG tanks to as much as 80 percent of capacity to lessen competition for cargoes with a volatile European market over the winter, the people said. Although China continues to take sanctioned Russian gas, the curbs are contributing to risk aversion among importers. Other factors, including potential instability on sea lanes in the Middle East and worsening trade relations with the US, are causing buyers to depend less on last-minute purchases from the spot market, the people said. See “China,” A13
Fulvio D. Dawilan
Comey moves to dismiss Justice Department charges
By Chris Strohm
FORMER FBI Director James Comey moved to dismiss the Justice Department indictment against him, arguing that he was a victim of a vindictive prosecution by President Donald Trump and challenging the appointment of the prosecutor who brought the case.
“The government has singled out Mr. Comey for prosecution because of his protected speech and because of President Trump’s personal animus toward Mr. Comey,” according to a legal filing that Comey and his lawyers made in federal court in Virginia on Monday. In another filing, they argue that Trump’s appointment of former White House aide Lindsey Halligan to be interim US attorney for the Eastern District of Virginia was unlawful.
“Because no properly appointed executive branch official sought and obtained the indictment, the indictment is equally a nullity,” according to the second filing. “The United States cannot charge, maintain, and prosecute a case through an official who has no entitlement to exercise governmental authority.”
Comey was charged last month with lying to Congress and obstruction related to testimony he gave in 2020. The move followed an acceleration of Trump’s push for legal action against his perceived political enemies.
The Justice Department declined to comment on Comey’s filings. Halligan appointment
THE indictment was secured by Halligan just days after her appointment. She was named to the position after Trump demanded that Attorney General Pam Bondi take action against Comey and others.
“We can’t delay any longer, it’s killing our reputation and credibility,” Trump said in a message to Bondi that was put on social media. “JUSTICE MUST BE SERVED, NOW!!!”
Halligan got the job after Erik Siebert, who previously oversaw the office, resigned amid pressure from Trump officials.
Comey argues he was singled out and targeted for prosecution because he has been a vocal critic of Trump for years.
Trump fired Comey in 2017 during his first term while Comey was leading an investigation into whether anyone associated with Trump’s presidential campaign conspired with Russia to interfere in the 2016 election.
“President Trump ordered the Department of Justice (DOJ) to prosecute Mr. Comey because of personal spite and because Mr. Comey has frequently criticized the President for his conduct in office,” according to the legal filing.
The filing says the indictment was obtained just days before the statute of limitations was set to expire for charging Comey with lying to lawmakers in 2020. Comey’s other legal filing makes a technical argument that Halligan’s appointment was unlawful.
China. . .
continued from A12
China has invested too much in LNG to let the market wither, though. Gas is viewed as an important backstop to intermittent renewables, and the industry has lobbied the government to dramatically raise the number of power plants that run on the fuel in the next five-year plan.
Helped by structurally lower prices, LNG would be part of that expansion. Import facilities could rise to 250 million tons a year by 2030, from 150 million tons currently, the people said.
On the wire
PRESIDENT Donald Trump listed rare earths, fentanyl, soybeans and Taiwan as the US’s top issues with China, underlining the divisive topics the two sides plan to tackle at the
Trump fired Comey in 2017 during his first term while Comey was leading an investigation into whether anyone associated with Trump’s presidential campaign conspired with Russia to interfere in the 2016 election.
Siebert was given an interim, 120-day appointment as US attorney when Trump took office in January, and he was officially approved as US attorney by a federal district court. It was unlawful for Halligan to be installed as another interim US attorney to replace Siebert, according to the legal filing.
“The president and attorney general appointed the president’s personal lawyer as interim US attorney in violation of a clear statutory command so that the interim US attorney could indict an outspoken critic of the president just days before the relevant statute of limitations was set to expire,” according to the filing.
Both filings also argue that the statute of limitations has now expired for Comey to be charged.
Comey’s filing for vindictive prosecution also provides an explanation for a mystery that has hung over the Justice Department’s indictment since it was announced last month.
The indictment accuses Comey of authorizing an unnamed person, identified as only Person 3, to serve as an anonymous source to leak information related to another unnamed person, identified only as Person 1.
Comey’s filing says the Justice Department clarified on October 15 that Person 1 was Democrat Hillary Clinton, who Trump ran against in the 2016 election, while Person 3 was Daniel Richman, one of Comey’s long-time associates. The filing describes Richman as a Columbia Law School professor and former FBI special government employee.
Richman and a representative for Clinton didn’t respond to requests for comment. Neither are accused in the indictment of any wrongdoing. The Justice Department declined to comment on the identifications of Person 1 and Person 3.
Comey argues the indictment is further flawed because during the 2020 testimony, he thought he was being asked whether he was telling the truth about another person, Andrew McCabe, who served as his deputy when he was FBI director.
“Mr. Comey plainly did not knowingly or willfully lie to Congress about his interactions with Mr. Richman or act with the corrupt intent to mislead Congress about those interactions,” according to Comey’s filing. “In other words, the indictment presents an inaccurate description of the testimony at the heart of this case.” Bloomberg
negotiating table as a fragile trade truce nears its expiration.
China will phase out a long-standing platinum tax rebate for a stateowned giant, potentially opening up the market to new entrants. Contemporary Amperex Technology Co. Ltd.’s profit jumped in the third quarter, as the world’s largest maker of electric vehicle batteries defended its lead in China and pushed further into overseas markets.
China’s factories kept the country on track to reach this year’s growth target, powered by an export boom that’s papering over deeper vulnerabilities as leaders meet to chart the nation’s next half-decade.
China’s shipments of rare-earth magnets to the US and the European Union dropped in September, before Beijing escalated tensions by ramping up export curbs amid stormy trade talks between the world’s top two economies. Bloomberg
Trump makes rare earths deal with Australia to fight China
By Lauren Dezenski, Hadriana Lowenkron & James Mayger
US President Donald Trump signed a landmark pact with visiting Australian Prime Minister Anthony Albanese to boost America’s access to rare earths and other critical minerals, an effort to counter China’s tight grip on the supply chains of key metals.
The two governments will jointly invest in a swathe of mines and processing projects in Australia to boost production of commodities used in advanced technologies from electric vehicles to semiconductors and fighter planes. Australia has an $8.5 billion “pipeline that we have ready to go,” Albanese said at a meeting between the two leaders at the White House.
“In about a year from now, we’ll have so much critical mineral and rare earths that you won’t know what to do with them,” Trump said.
The US has been locked in a rareearths tussle with China since Beijing fought back against Trump’s trade offensive earlier this year, imposing export curbs on the materials. It has since expanded those restrictions. The prospect of even tighter supply has injected momentum into an American push to build alternative production capacity, even as industry executives and analysts caution that replacing a vast network of mines and refining plants will not be swift.
The leaders said the agreement would include Australian processing of rare earths and other critical minerals, with Albanese adding that Australia had “capacity” to expand those efforts. The US and Australia pledged to protect their domestic markets from “unfair trade practices,” including through adopting trading standards that involve “price floors or similar measures,” according to the text of the deal circulated by Albanese’s office.
“This is the most significant bilateral minerals cooperation we have seen between two major Western countries,” Gracelin Baskaran, a critical minerals-focused director at the Center for Strategic and In-
ternational Studies said by phone. “Today’s announcement really shows the US isn’t trying to address critical minerals alone. It’s looking to find the right partners.”
The deal, which prompted a surge in Australian rare earths and critical minerals stocks on Tuesday, will begin with the US and Australia each paying more than $1 billion over the next six months for initial projects, with some further projects in both countries, the Australian prime minister said. The document did not include details on which entities would provide that financing.
Rare earths are a subset of critical minerals, a wider group of core materials which in the US includes dozens of metals. Even before the recent export controls, China had already put restrictions on supplies of vital inputs including gallium, germanium and antimony.
The Pentagon will help fund the construction of the planned 100 tona-year Alcoa-Sojitz gallium refinery in Western Australia as part of the deal, according to the White House. The Export-Import Bank of the United States is also issuing letters of interest for more than $2.2 billion in financing on critical mineral projects.
The sit-down, Albanese’s first White House visit since Trump returned to power, comes as the Australian leader looks to shore up ties with the US, using his nation’s mineral wealth as leverage. China’s rareearth export restrictions have rattled economies across the globe, with US Treasury Secretary Scott Bessent saying last week that allies—including Australia—are in talks about a united response.
Australia, which holds the world’s fourth-largest deposits of rare
earths, has long sought to position itself as a viable alternative to China for supplies crucial for industries covering semiconductors, defense technology, renewable energy and other sectors. The country is also the base of the only producer of socalled heavy rare earths outside China, through Lynas Rare Earths Ltd. Efforts to secure a deal were already underway ahead of Albanese’s visit. More than a dozen Australian mining firms held meetings last month in Washington with officials from various agencies and were told the US was looking for ways to obtain equity-like stakes in companies, according to people familiar with the talks, part of a broader American strategy to develop supply chains to compete with China.
Australian Treasurer Jim Chalmers met with US investors from firms including Blackstone Inc. and Blue Owl Capital in New York last week to pitch his country as a stable, resource-rich destination for global capital and a key partner in efforts to diversify critical supply chains.
There has been growing confidence that Australia and the US would begin discussions on how Canberra could provide secure rare earth shipments and bolster US capabilities. That belief has sparked investor enthusiasm, sending shares of miners such as Lynas up by over 150 percent during the past 12 months.
Submarine sales
TRUMP on Monday said the two leaders were discussing “trade, submarines, lots of other military equipment,” with national security matters high on the agenda. The US president has pressed Canberra to increase defense spending to 3.5 percent of gross domestic product from around 2 percent now, a move Australia has so far resisted.
Australia agreed to purchase $1.2 billion in underwater drones and take delivery of a first tranche of Apache helicopters in a separate $2.6 billion deal, the White House said.
‘Widow-maker’ trade becomes world beater as Japanese bonds sink
By Ruth Carson, Masaki Kondo & John Cheng
GLOBAL bond funds have for decades been attracted—and repeatedly burned—by a trade known in Japan as the “widowmaker.”
The idea is simple: borrow and sell Japanese government bonds in expectation of tumbling prices, before buying them back and pocketing the difference. That strategy racked up losses for debt investors during the country’s long years of ultra-loose monetary policy. Now, it has become one of the most lucrative bets in the global bond market.
Japanese bonds have lost more than 4 percent this year in total return terms that exclude currency swings, making them by far the worst performer in the world’s government bond markets, according to Bloomberg calculations. The market has been roiled by on-again, off-again bets on interest rate hikes, and fears that the country’s next prime minister will unleash a spending blitz that could push up long-term yields.
“Forget Treasuries or gilts, one of the cleanest plays is to sell JGBs,” said Mark Nash, money manager at Jupiter Asset Management, of short bets on bonds. “The widow-maker trade has been one of the most profitable relative to other markets.”
Japan’s 30-year bond yields hit an all-time high this month. An S&P gauge of futures linked to the bonds has dropped around 2 percent this year. The selloff has become so bad that Goldman Sachs Group Inc. has labeled Japan “a net exporter of bearish shocks” in the global debt market.
There are a few key rationales behind the trade. Japan’s core inflation has been above the central bank’s 2
percent target for almost all of the past three years. Interest rates, despite a series of hikes that started last year, remain exceptionally low in global terms. The trade has also been fueled by broad worries over fiscal policy, which have weighed on bonds from New York to London this year.
Hiroyuki Kimura, portfolio manager at the more than $230 billion Western Asset Management, said his fund has been short duration in Japan’s bond market for a prolonged period and plans to stick to that strategy. The trade is mainly being executed through a large short position in five-year bonds, he said.
RBC BlueBay Asset Management, which tussled with bond bulls during previous bets on the widow-maker, recently positioned for a decline in Japan’s 10-year bond prices and is now short duration in the country, said Mark Dowding, its chief investment officer for fixed income, in a note on October 10. He still sees value in long-dated yields.
There are risks to the trade. Local life insurers may return at year-end, boosting demand, while improving finances offer some room for the government to reduce issuance in the next fiscal year. US interest rate cuts could offer further support, since Japanese bonds are historically correlated with Treasuries.
But right now, many bond funds remain convinced that Japan’s widow-maker trade will continue to be a rainmaker.
Another key issue is an arrangement for the US under the Aukus pact to sell Australia as many as five nuclear-powered Virginia-class submarines by the early 2030s. Australia and the UK would then design and build a next-generation submarine partly using American technology, due to be completed in the 2040s. The Aukus agreement was signed by former President Joe Biden’s team in 2021 to counter Chinese military expansion in the Indo-Pacific region. The submarine deal is central to the nations’ collective security agreement. The Trump administration, however, is reviewing the pact to determine if it is “aligned with the President’s America First agenda,” according to the Pentagon, raising fears that Trump could abandon it. Officials from Australia and the UK, though, have downplayed that prospect. And Trump on Monday suggested that he planned to push forward with submarine sales.
“We are doing that,” Trump said in response to a question about expediting the sales. “We have the best submarines in the world, anywhere in the world, and we’re building a few more, currently under construction. And now we’re starting, we have it all set with Anthony.”
The US president also praised military cooperation between the two allies.
Still, Trump suggested he was unlikely to offer Australia tariff relief, which Canberra has sought as a nation that runs a trade deficit with the US. Trump hit Australian goods with a 10 percent duty, the baseline the president imposed on many other countries’ products.
“Australia pays very low tariffs — very, very low tariffs,” Trump said. Albanese faces a balancing act on trade as he meets Trump. The Australian leader has also sought closer trade ties with China, his country’s largest trading partner. Albanese visited Beijing in July, his second visit since taking office. With assistance from Paul-Alain Hunt and Phil Kuntz /Bloomberg
Japanese bonds have lost more than 4 percent this year in total return terms that exclude currency swings, making them by far the worst performer in the world’s government bond markets, according to Bloomberg calculations. The market has been roiled by on-again, offagain bets on interest rate hikes, and fears that the country’s next prime minister will unleash a spending blitz that could push up long-term yields.
Political turmoil
A KEY question for traders is what sort of impact Japan’s next prime minister has on the country’s $7.7 trillion debt market.
Sanae Takaichi, who recently won the leadership vote in the ruling Liberal Democratic Party, has promised cash hand-outs and tax cuts, but traders also think her victory will delay rate hikes. That has fueled fears that longer-term bonds will ultimately take the brunt of the selling pressure, as investors worry that future generations will pay the price of fiscal largess today.
Just days after Takaichi won the leadership vote in the Liberal Democratic Party, the governing coalition collapsed—plunging the country into its biggest political crisis in decades. By Monday, she had shored up enough support to agree a new coalition but the risk that political headlines weigh on bonds is far from over.
“We expect there is a deal to be done on fiscal stimulus, although the size of any spending is unclear,” said Lauren van Biljon, senior port-
folio manager at Allspring Global Investments UK Ltd., before the new coalition was agreed. “It suggests caution is warranted when it comes to duration in Japan. The yield curve is steep but that doesn’t mean it can’t be steeper.”
Some investors are optimistic. Japanese bond yields are attractive on a hedged basis, making them appealing for many foreign investors, said Kathy Jones, chief fixed income strategist at Charles Schwab & Co. The country’s fiscal position looked to be improving leading up to the elections, which boosts the outlook for the nation’s debt, she said. The bears may also be overstating Takaichi’s ability to unleash large-scale stimulus, given the risk of a revolt by so-called bond vigilantes—who were partly credited with toppling the brief government of former British Prime Minister Liz Truss three years ago.
“If Takaichi is in any doubt, she should ask the UK what happens when you defy the bond markets,” said Alex Everett, a fund manager at Aberdeen.
“Japanese bond traders are set to target the longest part of the yield curve for strategies to benefit from steady to declining yields. That sets up the risk of another widow-maker pain trade for investors who have been shorting super-long JGBs,” said Bloomberg strategist Mark Cranfield.
But the numbers are stark. Japan has the highest government debt-toGDP ratio in the developed world by a wide margin. Debt auctions, while showing some signs of easing pressure, remain under heavy scrutiny as yields linger at multi-year highs. Bloomberg
Wednesday, October 22, 2025
PHL NOW A CYBERSECURITY ‘HOTSPOT’ IN SOUTHEAST ASIA
By Lorenz S. Marasigan
THE Philippines has emerged as a cybersecurity “hotspot” in Southeast Asia, ranking among the region’s “most at risk” countries for industrial cyberattacks— with nearly one in five Industrial Control System (ICS) computers encountering malicious activity in the second quarter of 2025, according to the latest data from cybersecurity firm Kaspersky.
In its new Industrial Control Systems Cyber Emergency Response Team (ICS CERT) report, the company revealed that 19.09 percent of ICS computers in the Philippines had malicious objects blocked in the second quarter of 2025.
While this figure marks a slight decline from 22.27 percent in the first quarter, it still underscores the country’s high exposure to industrial malware within the region, according to Kaspersky Head of Sales for Asia Emerging Countries Sam Yan.
“While some attack vectors have seen a slight decline, the overall trend highlights the importance of maintaining strong defenses,” he said. “Organizations need to continuously strengthen their cybersecurity posture through regular assessments, timely updates, and ca-
pacity-building for both IT [information technology] and OT [operational technology] teams to stay resilient against evolving threats.”
The report found that 10.33 percent of ICS computers in the country were targeted by internet-borne threats, down from 13.20 percent in the previous quarter.
Kaspersky also flagged the persistent threat of spyware— including spy Trojans, backdoors, and keyloggers—which affected 3.41 percent of Philippine ICS computers in the second quarter, slightly higher than 3.38 percent from the previous quarter. These attacks often seek to exfiltrate sensitive industrial data or compromise operational control systems.
Kaspersky added that the share of ICS computers exposed to threats via email clients increased to 1.91 percent in the second quarter from 1.36 percent in the first quarter. In contrast, the Philippines saw a mild improvement in threats coming from removable media—such as USB drives— with infection rates dropping to 0.42 percent from 0.66 percent in the previous quarter.
Still, Kaspersky noted that
BusinessMirror
Some DPWH flood control projects worsened flooding
ASIDE
By Jonathan L. Mayuga
from ghost projects, some flood-control projects are poorly situated and worsen flooding instead of solving the problem, an official of the Department of Environment and Natural Resources (DENR) said.
DENR Undersecretary for Integrated Science Carlos Primo David said the DENR has identified not only “ghost flood control projects” but also projects funded by the government, but did not solve the problem. Instead, they exacerbate flooding because they are poorly situated.
Speaking at the DENR’s budget hearing of the Senate subcommittee on finance led by Senator Loren Legarda on Tuesday, David said these projects are not part of the Master Plan and are not backed by a comprehensive study.
“What we have noticed is that, okay, we do have ghost projects. We see them, much, much more than what the DPWH is reporting. Sec-
ondly, these are not the projects, kumbaga pinakamasama [that are, shall we say, the worst]. What we have are structures that are poorly situated and exacerbate the flooding. They were constructed, but they exacerbate the flooding,” David said, drawing surprise and dismay from lawmakers.
Ginastosan na, nakasama pa [People spent for them, and yet they did more harm]?” Legarda burst out.
Legarda said the DENR, through the WRMO, should assert its mandate, saying that as far as the DPWH is concerned, it is only mandated to implement infrastructure or hard engineering projects.
“DENR must know and must approve all flood control master-
GSIS replaces trustees who want Veloso out
By Reine Juvierre S. Alberto
nated as trustees. “This development allows the GSIS leadership to work as a solid and cohesive team,” read the GSIS’s statement. “Our focus remains squarely on enhancing our Ginhawa services and ensuring the financial security of government workers and pensioners.”
Arnulfo Veloso to “immediately and irrevocably” resign for his “risky transactions” that “directly violate” the fiduciary duties of the GSIS. To recall, Veloso and several GSIS top officials were put under preventive suspension in July by the Office of the Ombudsman. An investigation revealed that
the GSIS invested P1.45 billion in Alternergy Holdings Corp. in November 2023. The GSIS subscribed to 100 million preferred shares worth P14.50 per share under a private placement. The GSIS acquired the perpetual preferred shares without the approval of the GSIS Board of Trustees and endorsement from the Assets and Liabilities Committee and the Risk Oversight Committee. Despite this, the GSIS emphasized that it remains committed to its core mandate of delivering responsive
plans—flood mitigation, adaptation all of that—it should be with you because it’s your mandate to conserve our forests. It’s your mandate to clean our inland waters and seas; their [DPWH’s] only mandate is providing the infrastructure. The two of you should always be talking,” she said, partly in Filipino.
David was referring to a draft National Flood Management Master Plan being pushed by the DENR Water Resource Management Office, headed by him in a concurrent capacity.
Through the WRMO, the DENR is monitoring flood control projects of the DPWH.
He said the DENR uses satellite imagery to monitor flood control projects and through ground validation by the Water Resources Utilization Section of the DENR Regional Offices.
He explained that in 2023, the subcommittee on water resources, which handles all water projects that go through the program convergence budgeting of the Department of Budget Management when agencies submit their projects for funding, as chair, decided that the DENR should monitor these projects.
“When the committee decided in
2023 that we should monitor this, we wanted to know if there are projects with convergence with water supply. We monitored these on the ground and from our office, we use satellite imagery,” says David. The draft National Flood Master Plan, which promotes Nature-Based Solutions to flooding problems, names infrastructure as one, but not the most important component.
“This is different from the Master Plan of the DPWH that is infrastructure-heavy,” he said.
David said the core principles of the Masterplan are anchored on Watershed Management, Stormwater Impoundment, Green-Grey Infrastructure, and Risk-Sensitive Land Use Planning.
“If our watersheds are not intact, then pretty soon all the rain will transform into runoff. Secondly, we promote impoundment instead of diverting water to the ocean, meaning river dikes,” said David. He said storm or rainwater impoundment was a strategy of the Philippine government back in the 1960s. He said this is also where the LGUs come into play, by implementing rainwater harvesting under the Rainwater Harvesting Act.
By Andrea E. San Juan & Justine Xyrah Garcia
THE largest contributions to poverty in the Philippines come from deprivation in standards of living, followed by education and health, according to a report released by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Initiative (OPHI).
The recent publicly available survey data used for the Philippines’ Multidimensional Poverty Index (MPI) estimation, which refers to year 2022, showed 3.9 percent of the population or 4.47 million people in 2023 are “multidimensionally poor.”
Meanwhile, UNDP data noted an additional 5.2 percent or 6.02 million people are classified as “vulnerable” to multidimensional poverty.
According to the UN body focused on eradicating poverty, the largest contributions to the country’s MPI come from deprivations in standard of living (42.7 percent), followed by education (32.7 percent) and health (24.6 percent).
The report defined multidimensional poverty index as the proportion of the population that is multidimensionally poor adjusted by the “intensity of the deprivations.”
UNDP explained how it computes the MPI: it begins by constructing a deprivation profile for each household and person in it, covering 10 indicators of health, education and standard of living.
“A household and all people living in it are deprived if any child is stunted or any person for whom data are available is underweight; if any child has died in the past five years; if any school-aged child is not attending school up to the age at which she or he would complete class eight; if no household member has completed six years of schooling; if the household lacks access to electricity; if the household lacks an improved source of drinking water within a 30-minute walk round trip; if the household lacks an improved sanitation facility that is not
shared; if the household cooks with solid cooking fuel; if the household lacks durable roof, floor or wall materials; or if the household does not own more than one of these assets: a radio, animal cart, phone, television, computer, refrigerator, bicycle, motorcycle or car,” the UNDP report explained.
The report noted that nearly 8 in 10 people living in multidimensional poverty or 887 million out of 1.1 billion globally are “directly exposed” to climate hazards such as extreme heat, flooding, drought, or air pollution.
“Crucially, the report also finds that multidimensional poverty is higher than monetary poverty in 63 out of 105 countries where both measures are available, underscoring that many people living above the monetary poverty line still face significant deprivations that affect their well-being,” UNDP noted.
Global picture
DESPITE sustained economic growth, middle-income countries still account for nearly two-thirds of the world’s poor, according to the MPI.
The report, titled “Overlapping Hardships: Poverty and Climate Hazards,” found that around 740 million poor people reside in middle-income countries—nearly twothirds, or 64.5 percent, of the 1.1 billion people in total. Of these, around 637 million reside in lower-middle-income countries while roughly 103 million live in upper-middle-income nations.
“Poor people in these countries endure over half of all deprivations captured by each of the 10 indicators of the MPI, except for electricity and drinking water,” the report said, noting that middle-income countries have become a “hidden epicenter” of poverty. According to the report, 61.7
cent of the world’s
Editor: Jennifer A. Ng
Maynilad IPO at ₧15/share
By VG Cabuag @villygc
WEST zone concessionaire
Maynilad Water Services Inc. has priced its initial public offering (IPO) at P15 per share, which will make it the second largest IPO in the Philippines to date.
At the said price, which the company disclosed on Tuesday, Maynilad’s IPO will yield about P34.35 billion or $588 million.
Monde Nissin Corp.’s IPO in 2021 was the country’s largest at P48.6 billion.
with cornerstone investors who would take in more than half of the offered shares.
Sources said the cornerstone investors will be taking up more than 50 percent of the offered shares, equivalent to about 30 percent of Maynilad’s outstanding shares post-IPO.
Cornerstone investors will be led by the International Finance Corp. and the Asian Development Bank, according to the company’s prospectus.
Master Fund SPC-Torus Fund SP.
The domestic cornerstone investors, meanwhile, were BPI Asset Management and Trust Corp., Metropolitan Bank and Trust Co., BDO Capital and Investment Corp. and Security Bank Corporation-Trade and Asset Management Group.
ENERGY Development Corp. (EDC) is pulling the plug on its geothermal power project—Upper Mahiao Power Plant (UMPP)—in Leyte as it has reached its maximum economic life.
“The Company submitted to the Department of Energy its letter of intent to decommission in phases its Upper Mahiao Power Plant located in the municipality of Kananga, Leyte,” it said.
The offer period will run from October 23 to October 29, with listing on the Philippine Stock Exchange set on November 7.
Maynilad’s offering is only the second IPO of the country so far, as jittery market conditions have prompted other companies to put their IPO plans on the back burner.
The water utility’s IPO is pushing through after it clinched a deal
Maynilad is offering a total of 2.29 billion shares, consisting of a primary offer of 1.66 billion new common shares, a preferential offer to First Pacific Co. of 24.9 million new shares, an upsize option of 354.7 million secondary shares owned by existing shareholders and an overallotment option of up to 249.05 million shares.
The water firm also signed cornerstone investment agreements with 10 more international and domestic institutions led by the UK’s Foreign, Commonwealth and Development Office, acting through its Mobilising Capital through Listed Products (MOBILIST).
The international cornerstone investors are led by MOBILIST and includes abrdn Malaysia Sdn Bhd, Maven Investment Partners LtdHong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switserland Ltd. and QRT
Maynilad said each of the cornerstone investors have entered into a cornerstone investment agreement with the firm and the international underwriters or lead domestic underwriter to purchase offer shares at the determined offer price.
IFC is investing up to $100 million at a subscription price of up to P15 per share while ADB is consider an investment of $145 million also at the same price, Robeco is investing up to $20 million with no indicated maximum price while MOBILIST and BDO Capital are subscribing at up to P15 per share with no committed amount. No committed amount or maximum price have been disclosed for the other cornerstone investors.
SIPC inks supply deals with Chinese firms
SIsland Power Corp. (SIPC) has tapped two Chinese firms for its 160-megawatt hour (MWh) battery energy storage system (BESS) proj-
ects in Panay and Bohol. The subsidiary of SPC Power Corp. signed supply agreements with Beijing Hyperstrong Technology Co. Ltd, for the BESS and an
Engineering, Design, and Construction Contract with China Communications Services Philippines Corporation. The SIPC projects comprise a 100-
EDC Vice President Ryan Velasco said UMPP, which has an installed capacity of 129 megawatts (MW), has key components that typically have an economic life of around 15 to 20 years. Aside from reaching its maximum economic life, the electricity generated from UMPP is no longer technically viable.
Velasco said the decommissioning will be implemented in phases, with the first two of the four units, targeted by 2026, and the rest by 2029.
“We will also be conducting site feasibility studies and look at various options including the potential repurposing or redevelopment of the area,” said the EDC official on Tuesday.
EDC has an installed capacity of 1,418.69 megawatts (MW), which accounts for 17 percent of the coun-
try’s total installed renewable energy capacity. Its geothermal facilities are the 190-MW Bacon-Manito (BacMan) geothermal complex which consists of BacMan 1 and 1, Palayan binary, and Tanawon; 620-MW Unified Leyte which include the Malitbog, Mahanagdong 1, Mahanagdong 2, Upper Mahiao, and optimization plants; 123-MW Tongonan; 49.4MW Nasulo; 172.5-MW Palinpinon 1 and 2, which comprise of Palinpinon, Sogongon, Nasuji; and 106.99-MW Mindanao 1,2,3, which include Mt Apo 1,2, and binary plant.
Aside from geothermal, EDC also runs the 150-MW Burgos wind power plant, and 6.8-MW Burgos 1 and 2 solar plants.
The 29-MW Palayan Binary Geothermal Power Plant, inaugurated on July 5, 2024, and the recently switched on 22-MW Tanawon Geothermal Power Plant in Sorsogon are two of EDC’s seven growth projects that are already up and running. There are four more are lined up for commissioning this year. These are the 28-MW Mahanagdong Binary Geothermal Power Plant in Leyte and three Battery Energy Storage Systems Projects totaling 40 MWh, which comprise the 20-MW BESS in BacMan, 10-MW in Leyte, and 10MW in Negros Oriental. Lenie Lectura
MWh BESS Project in Dingle, Iloilo, and a 60-MWh BESS Project in Tagbilaran City, Bohol. Lenie Lectura
Vittorio V. Vitug
Why values are at the core
LIFE is essentially a question of values (Mier Kahane). The same is true with sales leadership organizations. The rise and fall of corporations depend largely on the values that the team and its leadership practice. And these values are at the core of organizational existence for they are essential and non-negotiable principles that serve as compass for its daily and long-term decisions. Here are three reasons why values are at the core.
Values influence culture
ACCORDING to sales leader and entertainment media mogul Patrick Whitesell, “You can have all the right strategies in the world; [but] if you don’t have the right culture, you’re dead.” Peter Drucker simplified this thought by stating that “culture eats strategy for breakfast.” Organizational culture is shaped by the consistent actions and behaviors of its members, and serves as the underlying foundation of how organizations think, behave and react. In fact, “if you get the culture right, most of the other stuff will just take care of itself” (Tony Hsieh). Yet at the core of it all, culture is but a reflection of the shared values of people within the organization. So as a sales leader, if you wish to shape your team’s culture, you need to be mindful of the values that you and your team will consistently practice.
Values personify the brand
PROCTER & Gamble pioneered the concept of brand management. This refers to the crafting and maintenance of a brand’s value and reputation over time. Lasting brand value is earned when people see their own personal values authentically reflected in the organization. In other words, people will tend to develop brand loyalty if the values that they
have are reflected in the brand—because like attracts like. Brand trust is significantly higher with people who share the same values with the company’s core values. However, core values are not practiced by the company but by people within the organization. Hence core values are personified by people, whom customers directly interact with. So as a member of the organization, you represent the brand, hence, you are the brand.
Values guide decisions
ACCORDING to Roy E. Disney, “When your values are clear to you, making decisions becomes easier.” Core values basically define the manner by which members of an organization acts and reacts. These are statements of nonnegotiable principles that companies follow. In fact, policies, codes of conduct and reward systems revolve around core values. It also influences the decisions that leaders take, whether it’s a simple decision or a gargantuan verdict that may change the course of business. For instance, if integrity is a company’s core value, then corruption and bribery are not going to be an option for action. Once core values are identified and used as a moral compass, decisions can be consciously aligned towards the right business priorities.
Alexey Rola Cajilig is the Founder, President & CEO of ARCWAY Consultancy Inc., and Senior Vice President & COO of EM-CORE DOTNET Inc. He is a Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, Human Ecologist and Author of Life is a Classroom, The Effective Seller, Solving the Sales Puzzle and Practical Market Intelligence. He is also the creator of ARCH Styles, a behavioral and personality assessment & discovery tool. If you have questions and suggestions, you may connect with him at https://www. facebook.com/coachlexey and at https://www. linkedin.com/in/alexey-rola-cajilig.
Philippine franchise brands gear up for expansion at IFBO Indonesia ‘25
THE Philippines is set to showcase its top homegrown franchise brands at the International Franchise & Business Opportunities Expo (IFBO) in Tangerang, Indonesia, from October 31 to November 2, 2025.
Leading names such as Avocadoria, Canadian Tourism and Hospitality Institute, Carl E. Balita Review Center, Grainsmart Café, Island Tea Co., Jollibee, Living Water, Miguelito’s Ice Cream, Mr. Quickie, Oryspa, Potato Corner, and U Franchise will
represent the country’s dynamic franchising sector at this international platform.
Indonesia offers a compelling market for Philippine franchise brands, driven by its large and youthful consumer base, rising middle
class, and growing appetite for international brands. With over 282 million people and a rapidly urbanizing population, Indonesia is Southeast Asia’s largest economy and one of the region’s most dynamic markets. Its franchise industry is expanding quickly, supported by government initiatives and a strong entrepreneurial culture.
Building on the success of a similar initiative in Sydney, the DTI aims to highlight the variety, innovation, and quality of Philippine franchises at IFBO Indonesia. The expo serves as a key platform to connect trusted Philippine brands with Indonesian partners, fostering new business, investment, and export opportunities while strengthening bilateral economic ties.
The Philippines ranks as the 7th largest franchise market in the world and the largest in Southeast Asia, with over 1,800 brands contributing about 7.8 percent to the country’s GDP. This mission reinforces the Philippines’ strong position as a leading franchising hub in the region. This initiative is spearheaded by the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB), in collaboration with the Philippine Trade and Investment Center (PTIC) Jakarta and the Philippine Franchise Association (PFA). It will also include a targeted business matching session hosted by the Philippine Embassy on October 30, 2025, ahead of the Expo. For inquiries, please contact the DTI-EMB Services Division at mpsservices@dti.gov.ph
Mall opening generates 2,000 jobs in La Union
SAN FERNANDO CITY, La Union—About 2,000 jobs have been initially generated in the province of La Union with the opening of the SM City La Union mall here on Friday.
San Fernando City Mayor Hermenegildo Gualberto said this is a welcome development for the city and the province as a whole as the mall’s management has assured that 70 percent to 80 percent of the employees are from the province.
Pag may kinikita ang mga tao, may ginagastos din sila na pwede nila gastusin sa SM o sa ibang lugar, mas lalago ang ekonomiya. Mas maraming investors na pupunta” (If people have jobs, they have money to spend in SM or other establishments, which contributes to the economy. More investors will come), he said in an interview.
Governor Mario Eduardo Ortega, in a separate interview, said the mall’s opening offers a wide array of
selections for consumers, and challenges micro, small, and medium entrepreneurs (MSMEs) to upgrade.
“When there’s competition, you have to compete. And the consumer is usually the beneficiary,” he said, as-
suring the MSMEs of assistance from the local government, as needed. SM Supermalls President Steven Tan, in a recent interview, said they hire locally as much as they can as their way of giving back to the
community where their malls are established.
He said they also provide training and kiosks for MSMEs inside the mall for business collaboration.
“We do not charge them the regular rate of regular players. Instead, we offer them very minimal fee to encourage them to do business. The more MSMEs we would be able to produce in our country, the better it is for our company since MSMEs are the backbone of the economy,” Tan said.
Gualberto confirmed that some of the city’s agripreneurs have availed of this offer.
The mall, situated on a 9.8-hectare property at the Diversion Road, Barangay Biday here, was designed using Inabel and Ilocano bricks to pay homage to the culture and design of the area, Tan said. It was also inspired by beach and surfing, which the province is known for. PNA
Mark Luz’s inspiring journey with Qure Corp, VRC Sports Complex
TBy Rizal Raoul S. Reyes @brownindio
HE entrepreneurial path of Mark Luz, particularly with his company Qure Corp, is a compelling narrative of seizing opportunity amid chaos and leveraging relationships to build a resilient business. Far from a linear progression, his journey from the healthcare industry to managing a sports complex illustrates a sharp business acumen, a commitment to his team, and an ability to adapt to radically shifting market conditions—all anchored in a distinctly level-headed and patient management style.
Founding Qure Corp: A pandemicera leap of faith LUZ’S journey into founding Qure Corp started in an unconventional method—not in a traditional boardroom, but during the global upheaval of the Covid-19 pandemic. Having worked nearly a decade in a prior healthcare and pharmaceutical company, he gained deep industry knowledge. When the pandemic hit, forcing skeletal workforces and widespread uncertainty, Luz remained unfazed and viewed the crisis as an opportunity to establish a new venture.
Incorporated during the pandemic, Qure Corp possessed human resources that were hard to let go because they were talented individuals facing reduced hours or job uncertainty. Mark and his wife Roxanne took a decisive and principled step by absorbing the previous company’s manpower. “This move wasn’t just a business decision; it was a commit-
ment to providing livelihood and stability,” said Luz. By prioritizing his team’s wellbeing and keeping them fully employed, he immediately established a culture of loyalty and support that would become a cornerstone of Qure Corp’s identity.
Initial strategy and portfolio growth
TO jumpstart the business, Qure Corp initially took on a portion of the old company’s portfolio—specifically, about 10 percent of their previous products. The immediate need during the pandemic, however, created a different focus: Covid-related supplies such as alcohol, masks, and personal protective equipment (PPEs). The quick transition allowed Qure Corp to not only survive but to gain recognition within the medical community. The message was clear: even amidst a global crisis, they were a reliable partner. As a result, Quire acquired an early reputation that led to an expansion beyond their initial focus on healthcare. While they started serving primarily private hospitals, they have since expanded to include government accounts, now making up around 30 percent of their clientele. Key to this growth is Mark’s emphasis on three pillars: reputation and integrity, proven product quality, and strong client relationships. In fact, client trust is so high that many in the medical field now proactively approach Qure Corp, asking Mark to source specific needs, further diversifying their portfolio, which is now heavily focused on prescription eye drops and medical devices.
Harnessing partnership and global sourcing MARK’S aggressive entrepreneurial ambition led him to seek global partners, utilizing the digital age for initial contact while also investing in international travel post-lockdown. His search for a reliable manufacturing partner led him to a serendipitous encounter at a local exhibit that resulted in a visit to India.
The initial partnership with a reputable Indian manufacturer was a strategic masterstroke. India, with its supportive pharmaceutical policies, offered robust manufacturing capabilities that perfectly complemented Qure Corp’s distribution strengths. After a rigorous two-week
visit across various Indian cities and provinces, Luz secured a reliable partner, enabling Qure Corp to source high-quality, therapeutically focused products.
The core value proposition for many of their products, such as their eye drops, became offering effective, prescription-grade medicine that is significantly more affordable than leading brands, catering to an often underserved middle market.
In the long-term, Luz said Qure wants to be the local market leader in their specific niche, not just in sales volume but in being the top-of-mind provider for eye-related medicine and devices. “We want something that’s effective and something that
works, but at the same time affordable for anyone, but we also have served the market,” Luz pointed out.
An unconventional diversification
LUZ’S entrepreneurial streak didn’t stop with Qure Corp. He branched out into managing the VRC Sports Complex was a complete curveball, starting as a personal need and evolving into a full-fledged business venture.
During the pandemic-induced shutdown of water sports and basketball, Luz, his wife, and their friends took up tennis. They began playing at a nearby, yet poorly managed and deteriorating, local sports facility.
When the opportunity to bid for the complex’s management arose, Luz and his friends said their initial goal was simply to secure a reliable place to play. They won the bid, which included taking over a facility with zero members, no proper structure, and significant maintenance issues, including a court that turned into a swimming pool with even light rain.
Turning a Facility into a Business
BEING an astute businessman, Luz immediately implemented a system to run the complex as a proper business. The first step was to increase foot traffic. “We leveraged partnerships with tournament organizers and coaches to ensure the courts were continually booked, hosting events almost weekly,” Luz said.
“The strategy was not accidental; it aligned with the current societal trend of Filipinos prioritizing health, mental wellness, and social sports,” Luz added.
The management team hit the ground running by investing heav-
ily in upgrading the facilities—improving utilities, fixing leaks, and professionalizing the aesthetics— all on a limited budget. “This effort transformed the complex from a run-down site into a desirable venue, attracting not just local residents but also high-profile personalities and players from outside the immediate area,” Luz explained. They’ve since diversified revenue streams by bringing in concessionaires, such as a food vendor, and have plans for a car wash and a mini-mart. The venture is a testament to Luz’s ability to see potential where others see problems, and to apply a systematic, customer-focused approach to an entirely new industry.
Zen-like management style
A KEY to Luz’s success in both Qure Corp and the VRC Sports Complex is his Zen-like, patient, and level-headed leadership style. His wife, an entrepreneur herself, commends his exceptional ability to handle people, noting that he takes notes, listens, and is highly relatable to everyone from high-profile clients to the on-site riders. For Qure Corp, this translates into a unique employee culture where he invests in his staff not just with good salaries and bonuses but with experiential incentives, such as twicea-year out-of-town incentive trips. This focus on creating core memories and a family-like atmosphere fosters deep loyalty and drive. In all his entrepreneurial endeavors, Luz has shown quiet, strategic determination who consistently finds the advantage in uncertainty and builds sustainable success by prioritizing people, quality, and an unwavering commitment to his vision.
LOCAL government and SM Supermall officials lead the grand opening of the SM City La Union in San Fernando City on October 17, 2025. About 2,000 jobs have been generated in the province with the opening of the mall, along with business opportunities for the province’s micro, small and medium enterprises. PNA PHOTO BY HILDA AUSTRIA
MARK LUZ’S inspiring journey with Qure Corp, VRC Sports Complex.
BSP tweaks banking rules to back growth of Islamic finance in PHL
By Reine Juvierre Alberto @reine_alberto
THE Bangko Sentral ng Pilipinas
(BSP) has strengthened its prudential regulatory framework for Islamic banks (IBs) and Islamic banking units (IBUs) to enhance oversight and support the growth of Shari’ah-compliant finance in the country.
In a circular signed by BSP Governor Eli M. Remolona Jr., the central bank amended several provisions of the Manual of Regulations for Banks (MORB) to align prudential standards with Shari’ah-compliant banking practices. Under the new rules, the minimum capitalization requirement for a universal bank will also apply to a full-fledged Islamic bank. Conventional banks that meet the capital standards for their category may operate an IBU, subject to BSP approval.
Applicants seeking to establish
an IBU must also submit a corporate plan outlining their structure and business model for Islamic banking.
Meanwhile, operations of IBUs within existing branches or branchlite units require prior written notice to the BSP at least 10 banking days before opening, while newly established IBU branches must pay applicable fees.
The authority to establish an IBU will automatically lapse if the unit fails to start operations within one year after securing approval from the Monetary Board.
In addition, IBs and conventional
NG raises ₧70B via sale of
THE national government successfully raised its full target of P70 billion from the sale of Treasury bonds (T-bonds) this October, as the Bureau of the Treasury (BTr) capped the month’s final auction with a full award.
On Tuesday, the Treasury fully awarded bids for the dual-tranche Tbonds as combined demand for the two tenors amounted to P74.139 billion, about 2.1 times oversubscribed the P35-billion offering.
Broken down, the Treasury awarded the full P20 billion on offer for the reissued 7-year T-bonds with a remaining term of six years and 10 months.
Tenders for the security reached P55.519 billion, while its coupon rate stood at 6.750 percent.
The average annual rate for the security declined to 5.798 percent, down by 14.1 basis points, from the
previous auction rate of 5.939 percent on September 2. Yields were as low as 5.750 percent to as high as 5.805 percent.
The average rate is also below the secondary market rate of 5.810 percent for the same tenor, according to the Bloomberg Valuation Reference Rate (BVAL).
Meanwhile, the reissued 25-year government IOUs were fully awarded at P15 billion, after the Treasury received offers of P18.620 billion or 1.2 times oversubscribed the programmed offering.
The average rate of the 25-year T-bonds increased by 13.6 basis points to 6.510 percent from 6.374 percent during the previous auction on August 27. Rates were as low as 6.4 percent to as high as 6.6 percent.
Secondary market rates under the BVAL settled at 6.399 percent,
banks with IBUs must submit prudential reports to the BSP, accompanied by a “Supplemental Financial Reporting Package Report” for IBs and IBUs to account for transactions and accounts unique to Islamic banking operations.
To allow new entrants to adjust, the BSP has set a three-year observation period before full implementation of the reporting requirements.
On liquidity risk management, the BSP will adopt a progressive approach in implementing liquidity standards, such as the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR) for IBs, taking into account the limited availability of Shari’ah-compliant liquidity instruments.
IBUs will not be required to submit separate liquidity ratio reports. Instead, their liquidity positions and transactions shall be consolidated into the bank-wide reports.
Conventional banks shall integrate IBU operations within their internal governance, risk management, and oversight frameworks, including regular assessment and reporting to the Board and senior management, according to the BSP. Moreover, the circular recognizes sukuk, or the Islamic alter -
native to bonds, as eligible securities for “high-quality liquid assets” (HQLA) or as eligible stock of liquid assets for minimum liquidity ratio reporting.
The Sukuk issued by the International Islamic Liquidity Management Corp. and other similar organizations designated by the BSP are treated as if they were issued by multilateral development banks.
For liquidity and funding standards under the Basel III framework, the BSP clarified that sukuk and other Shari’ah-compliant instruments may count toward the stock of the HQLA.
Under the guidelines for IBs in the implementing “net stable funding ratio” (NSFR), the BSP said the instruments to be used in liquidity management must be acceptable to the Shari’ah Advisory Council.
Financings and Sukuk holdings of IBs must also be treated as equivalent to loans and debt securities by conventional banks, respectively.
The BSP said it will continue to review and maintain open communication with stakeholders to ensure that the regulatory framework remains appropriate and responsive to the evolving Islamic banking market.
dual-tranche T-bonds
lower than the average auction rate.
According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., the yields for the 7-year tenor fell amid rate cut expectations, while rates on the 25year T-bonds rose as investors turned cautious on long-term risks.
Ricafort said signals by monetary authorities for at least another 25-basis points reduction led more investors to lock in yields before key policy rates further go down in the coming months.
External factors also helped pull yields lower, with the 7-year US Treasury yield easing to 3.76 percent amid expectations of two more rate cuts by the US Federal Reserve (Fed) this year, after weaker US employment data and government shutdown.
Ricafort added that yields on the 25-year T-bonds went up on market
THE government is revving up its push for transparency and accountability in vehicle importations to curb smuggling and collect proper taxes.
This was after officials of the Bureau of Customs (BOC) and the Land Transportation Office (LTO) signed a memorandum of agreement to tighten controls on imported vehicle registration.
A statement issued by the BOC last Tuesday read that the agreement prompts the two agencies to improve coordination and exchange of key documents, such as “Certificate of Payment,” “Certificates of Registration” and official receipts.
A joint task force will also be created to conduct enforcement operations against unlawfully imported, misdeclared, or misclassified vehicles, which are violations under the Customs Modernization and Tariff Act (CMTA), the statement further read.
Within 30 days of signing the agreement, the BOC and LTO will then form a joint technical working group (TWG) to develop and implement the necessary rules and guidelines for the effective implementation of the agreement.
The agreement also seeks to safeguard the public by deterring fraudulent practices, curbing unfair competition and protecting government revenues vital to national development.
Customs Commissioner Ariel F. Nepomuceno said the agreement
caution, with investors weighing in long-term inflation if the Fed becomes more aggressive in cutting rates in the coming months, as this could loosen the grip on inflation and inflation expectations.
Two weeks ago, the Treasury fully awarded bids for the 3-year and 10year T-bonds, allowing the government to meet its borrowing program for the month.
In November, the Treasury plans to raise a total of P70 billion by offering 5-, 7-, 10- and 20-year tenor T-bonds.
This is part of the government’s P2.6-trillion borrowing program for the year, of which P2.266 trillion has been raised as of the end of August.
The government’s outstanding debt reached P17.468 trillion as of end-August, up by 12.3 percent from P15.550 trillion during the same period a year ago. Reine Juvierre S. Alberto
IWAS reading the book “Ikigai” by Hector Garcia and Francesc Miralles, and I came across this phrase “Active Mind Youthful Body.”
I realized this speaks not only to the old people but to everybody since each day we are drawn closer to losing our younger days and slowing down our active minds.
Lately, I was struck by reality: that although “my spirit is willing, my body is weak.” For the past years (30 or more), except when I am sick, I either go to the gym or workout at home almost every day. I try to discipline myself not to miss a day, especially my weights training. But for the past weeks I have been experiencing back pain; and the other day I suddenly felt an excruciating pain at the left back shoulder and must get an X-ray so my doctor can determine the reason for the pain. For me, it was not about nature telling me I could not have that youthful body anymore. This was due to the fitness program that I had been adhering lately, which requires a lot of bending and squats with dumbbells to go along. These could have resulted to bone injuries, which could have caused such muscle pain or bone irregularity. I also realized I had not been drinking milk or taking calcium supplements, which I had been taking for granted.
Whether you are at your thirties, forties or even a lot older you should be mindful of not only your workouts
and exercise but also of your diet. The blue zone senior people mentioned in the book are taking life every day at a pace in rhythm with nature. They have strong bones because of their active lifestyle of farming, fishing, household and community work. They don’t go to the gym and strain their muscles by lifting weights more than what their body can bear just like me. But their work provided enough exercise to keep their bones and muscles strong as a youth. According to a study posted on mayoclinic.org/ most people reach peak bone mass around the age of 30. After that, bone remodeling continues. But you lose slightly more bone mass than you gain. This is because the body is always in the process of making bone and breaks down old bone and this process is what they call remodeling. New bone is made faster when you are still young than being broken down making your bone mass go up.
The point here is we should take care of our body just as we take care of the assets in our business. The body when healthy can cope up with any kind of work no matter what age, just like the blue zone senior people in Okinawa Japan and Sardinia Italy which are two of the five places where there are significant number of centenarians. Their tasks require much physical work which makes their bodies strong. But not only that, they have active minds. Dementia were not major problems among the centenarians even at their age because they have constant social interaction and fun activities, too. In our working world, an active mind is much needed, but we also should not take for granted our physical strength and to have fun times.
A French population-based study (sciencedirect.com/) shows the older that one retires, the lesser risk of de-
mentia. It further explains that the longer people stay professionally active such as greater years of work, the more it provides a reserve that act to compensate for the effects of age-related cognitive impairment and pathology. Compared to early retirees, those who are still active in their work or business have lesser risk of dementia than those who stop working. The risk of dementia was respectively 28-percent and 43-percent lower in individuals who retired between 60-65 years old and those over the age of 65 years old. Having an active mind does not only require intellectual knowledge. It requires time for meditation and resting your mind regularly or even just spending 15 minutes to 20 minutes a day writing your thoughts in a journal (whether it’s a gratitude, prayer or introspection journal) or having a quiet time relaxing and listening to soft music. It involves social interaction and stimulating activities and managing stress. We all long for longer and quality life—and if you have not been conscious of it—it is never too late, whatever your age, to start taking care of your body, mind and soul now. Wilma Miranda is a Finex Business Column Writer, the Managing Partner of Inventor, Miranda & Associates CPAs, Member-Board of Directors and former head of Business Development of Knowledge, Process, System Outsourcing. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror
reflects the collaborative effort between the BOC and LTO in promoting transparency and coordinated enforcement.
“This mutual cooperation with the LTO reinforces our shared goal of ensuring transparency, efficiency, and strict compliance with customs laws and other government regulations. By working together, we want to make sure that every vehicle import and registration process is handled with the highest standards of integrity,” Nepomuceno was quoted in the statement as saying. The initiative is also in line with the President’s directive for stronger and more unified action against smuggling in all its forms to ensure that government revenues are properly collected.
LTO Assistant Secretary Markus V. Lacanilao turned over to the BOC one unit of Lamborghini Urus, which was recently intercepted by LTO personnel in the Bonifacio Global City area. Lacanilao said the move would allow the BOC to evaluate the vehicle if it went through legal and customs processes.
“This initiative highlights the BOC’s commitment under Commissioner Nepomuceno’s leadership to modernize operations, strengthen integrity, and ensure that government services remain accountable, transparent, and responsive to the public’s call for a more credible and reliable governance,” the BOC’s statement read. Reine Juvierre S. Alberto
OpenAI to help cut down junior bankers’ grunt work
Active mind, youthful body for executives BOC, LTO in deal to monitor imported vehicle registration
OPENAI has more than 100 ex-investment bankers helping train its artificial intelligence on how to build financial models as it looks to replace the hours of grunt work performed by junior bankers across the industry.
The group, which includes former employees of JPMorgan Chase & Co., Morgan Stanley, and Goldman Sachs Group Inc., are part of secretive project inside the startup that’s code named Mercury, according to documents seen by Bloomberg.
Participants are paid $150 per hour to write prompts and build financial models for a range of transaction types, including restructurings and initial public offerings, according to a person familiar with the effort. The company has also granted the contractors early access to the AI its creating that aims to replace entry-level tasks at investment banks.
The project underscores the urgency at Sam Altman’s OpenAI to make its powerful AI technology more useful to businesses across a wide swath of industries, from consulting to finance to legal to technology. Despite reaching a $500 billion valuation earlier this month, the world’s largest startup has yet to turn a profit.
A spokesman for OpenAI said the company works with a range of experts “to improve and evaluate the capability of our models across different domains. Experts are recruited, managed and compensated by third party suppliers.”
Investment banking analysts typically spend upwards of 80 hours a week at their desks when working on live deals, building detailed models in Microsoft Corp.’s Excel program for mergers and leveraged buyouts alike. They often face a steady stream of requests from higher-ups to make tweaks to PowerPoint slide decks, and then tweaks to those tweaks — a culture that’s spawned Wall Street’s “pls fix” meme. Already, a bevy of startups are looking to step in and equip banks with AI that can help with all that. While analysts have long complained about the drudgery, the rise of AI is now sparking concerns about their job security.
The application process for Project Mercury involves almost no human interaction, according to the person familiar with the matter, who asked not to be named discussing nonpublic information.
The first step is a roughly 20 minute interview with an AI chatbot, which asks questions based on the applicant’s resume. The second phase tests candidates on their knowledge of financial statements. The final stage is a modeling test. The job is flexible and contractors are expected to submit one model per week, the person said. Instructions include writing prompts in simple terms, then executing the model. Participants receive feedback from a reviewer and are expected to fix any issues before their work is ultimately plugged into OpenAI’s systems, the person said. Bloomberg
Dean Amado Valdez confronts injustice in new legal novel from C&E Publishing
WHAT does it mean to fight for fairness in a world where justice can feel out of reach? This is the question at the heart of They Will Be in Heaven Before the Devil Knows, the gripping new novel by Dean Amado D. Valdez, published by C&E Publishing Inc.
In the novel, the law is not just a profession—it is a battlefield. Lawyers fight against corruption and abuse of power in the very institutions meant to uphold justice. Its explosive opening, an attack targeting the Chief Justice, sets the tone for a high-stakes story where justice and injustice are locked in relentless struggle. But beneath the legal battles lies a deeply human story. The novel reflects the bounds of family, the weight of fatherhood, and the unbreakable ties of brotherhood and sisterhood among those who share the calling of the law. Real-life tensions—ambition and integrity, vengeance and forgiveness—form the emotional backbone of a narrative that is as much an indictment of systemic flaws as it is a testament to courage, redemption, and the enduring power of justice. Valdez, a former dean of the University of the East College of Law, drew from hard realities faced by lawyers and ordinary citizens alike. The result is a work of Philippine legal fiction that dares the readers to question, reflect and act, not only as lawyers and students of the law but also as citizens who believe justice must remain a living, breathing mission.
The book was formally launched recently at Conrad Manila, where legal luminaries, Rotarians, and members of the publishing community gathered for a timely conversation on injustice. A panel discussion led by Justice Solomon Hermosura, Atty. Jordan Pizarras, Atty. Citos Manalaysay, and Integrated Bar of the Philippines President Atty. Allan G. Panolong, with Atty. Teddy Kalaw as moderator, underscored the continuing need for vigilance in upholding fairness in Philippine society.
In his message, Eric G. Eugenio, director of C&E Publishing, emphasized the role of literature in sparking dialogue: “Every book we bring to the public is a commitment—to ideas that challenge, to stories that matter, and to truths that must be heard.”
They Will Be in Heaven Before the Devil Knows was also featured at the Manila International Book Fair (MIBF), the longest-running and largest book fair in the Philippines, and is now available through www.cebookshop.com, C&E Publishing’s e-commerce platforms, and at C&E Bookshop branches nationwide.
Learning to make peace with unfinished projects
SOMEWHERE in your house, there might be plants waiting to be repotted, a stack of newly bought books, or a pile of boxes needing to be inventoried. Perhaps there is a folder on your laptop labeled “Work in Progress” filled with drafts, designs, or ideas waiting for a perfect moment that never quite arrived. If this sounds familiar, you are in good company. Many people carry the quiet guilt of unfinished projects. Yet, perhaps it is time to look at them differently and learn that not everything needs to reach the finish line to have value.
Our environment often glorifies completion. We celebrate the people who finish marathons, publish books, and master new skills. There is a sense that to stop before completing anything is to fail. However, life rarely follows neat timelines. Sometimes, circumstances change. Sometimes, interest fades. And sometimes, a project serves its purpose long before it is complete. The truth is that the act of beginning something or daring to explore an idea already counts as progress.
Think about the excitement that comes with starting something new. The blank page, the fresh set of tools, or the first spark of creativity brings energy and possibility. That moment alone has value because it allows you to learn something about yourself. Maybe you discovered that woodworking is not your passion after all, or that writing poetry helps you express emotions better than keeping a journal. The lesson lies not only in finishing but also in trying. Every unfinished project teaches something about your preferences, your limits, and your growth.
Making peace with unfinished projects starts with releasing guilt. Instead of thinking, “I never finished that painting,” try saying, “That painting helped me relax during a stressful time.”
Changing the story you tell yourself transforms regret into gratitude. Not every effort leads to a grand result. Some projects are stepping stones which helps you practice patience or creativity for something else that will come later.
You can start by taking inventory of your half-done tasks. Make a list of everything that feels incomplete, whether it is cleaning the garage, learning a language, or organizing family photos. Then, ask yourself three questions. First, does this project still matter to me? Second, do I have the time or energy to continue it now? Third, what do I gain from keeping it on my plate? If the answer to any of these is no, it might be time to release it without guilt.
Letting go can be symbolic. You can donate materials from a craft you no longer enjoy, delete digital drafts that no longer speak to you, or pass on an idea to someone who might find completion in it. In doing so, you are not giving up. You are clearing space for new beginnings. Sometimes, closure comes not from finishing but from deciding to stop.
For the projects that still matter, try redefining what “finished” means. Perhaps you started a photo album that you never completed. Instead of waiting for the perfect layout, print a few favorite pictures and frame them. If you began learning guitar but stopped midway, you can still play a song or two whenever you feel like it. Progress does not always require perfection. Small completions count too.
Another helpful practice is to set time limits on revisiting old projects. Tell yourself, “I will give this one hour this week and see how I feel.” Often, the simple act of revisiting rekindles interest or brings closure. You might rediscover the joy of working on it or realize that your enthusiasm has truly passed. Either way, you are moving forward.
It is also important to be kind to yourself when reflecting on why projects remain unfinished. Sometimes life gets in the way, and priorities shift. A
job change, family responsibilities, or health concerns can alter your energy and focus. Instead of viewing these interruptions as failures, see them as reminders that you are human. Productivity is not the only measure of worth. Living fully sometimes means choosing rest, relationships, and reflection over relentless completion.
Unfinished projects can even serve as creative compost. The poem that never became a book might inspire a new article. The sketch that was never framed might lead to a digital design. Nothing you create is wasted because every attempt adds to your experience. When you see your efforts as part of a bigger journey rather than isolated results, you free yourself from unnecessary pressure.
So the next time you come across a half-written story, a neglected plan, or a forgotten goal, take a deep breath. Appreciate what it once gave you and what it taught you. You do not have to finish everything you start to have lived meaningfully. Completion is satisfying, but curiosity, courage, and creativity are even more beautiful. Sometimes, peace comes not from crossing something off the list but from accepting that the list itself will always be a work in progress.
Career experts say asking for a raise isn’t off the table in a tough job market
By Cathy Bussewitz The Associated Press
NEW
YORK—With the US experiencing a significant hiring slowdown, it’s a daunting time to be looking for a job. Many workers are staying put instead of changing jobs to secure better pay. Artificial intelligence tools increasingly screen the resumes of applicants. Now may seem like an inappropriate time to request a raise. But sticking around doesn’t mean wages and salaries have to stagnate. Career experts say it’s not wrong, even in a shaky economy, to ask to be paid what you’re worth. Raises aren’t even necessarily off the table at organizations that are downsizing, according to some experts.
“A lot of people think if their company has done layoffs, the likelihood of getting a raise is pretty low,” said Jamie Kohn, a senior director in the human resources practice at business research and advisory firm Gartner.
“And that might be true, but the the other way to think about it is that this company has already decided to reinvest in you by keeping you on.”
WHEN SHOULD YOU ASK?
IF you’ve taken on greater responsibilities at work and have received strong performance reviews, or if you’ve learned you’re paid substantially less than colleagues or competitors with similar levels of experience, then it may be the right time to ask for a pay adjustment.
“They know that you’re taking on more work, especially if you’ve had layoffs on your team,” Kohn continued. “At that point, it is very hard for them to lose an employee that you know they now are relying
on much more.”
Another signal that it’s time to ask for an adjustment is if you’re working a second job to make ends meet or your current financial situation is causing angst that impacts job performance, said Rodney Williams, co-founder of SoLo Funds, a community finance platform.
“There’s nothing wrong with saying, ‘Hey, I need to raise my financial position. I’m willing to do more,’” Williams said. “‘I’m willing to show up earlier, I’m willing to leave later, I’m willing to help out, maybe, and do other things here.’”
Some people view asking for more compensation as less risky than switching to a new job. “There is a sense of not wanting to be ‘last in, first out’ in a potential layoff situation,” said Kohn.
KNOW YOUR WORTH
BEFORE starting the compensation conversation, do some research on current salaries. You can find out what people with comparable experience are making in your industry by searching on websites such as Glassdoor, where people self-report salaries, or ZipRecruiter, which gathers pay data from job postings and other sources.
Three years ago, a lot of people asked for 20 percent pay increases because of price inflation and high employee turnover coming out of the coronavirus pandemic, Kohn said. Companies no longer are considering such big bumps.
Your success also depends on your recent performance reviews. “If you’ve been given additional responsibilities, if you are operating at a level that would be a promotion, those might be situations where asking for a higher amount might be worth it,” Kohn said.
COMPARE NOTES WITH COLLEAGUES
MANY people view the topic as taboo, but telling coworkers what you make and asking if they earn more may prove instructive. Trusted coworkers with similar roles are potential sources. People who were recently hired or promoted may supply a sense of the market rate, Kohn said.
“You can say, ‘Hey, I’m trying to make sure I’m being paid equitably. Are you making over or under X dollars?’ That’s one of my favorite phrases to use, and it invites people into a healthy discussion,” Sam DeMase, a career expert with ZipRecruiter, said. “People are way more interested in talking about salary than you might think.”
BRAG SHEET
KEEP track of your accomplishments and positive feedback on your work. Compile it into one document, which human resources professionals call a “brag sheet,” DeMase said.
If you’re making your request in writing, list those accomplishments when you ask for a raise. If the request is made in a conversation, you can use the list as talking points.
Be sure to list any work or responsibilities that typically would not have been part of your job description. “Employers are wanting employees to do more with less, so we need to be documenting all of the ways in which we’re working outside of our job scope,” DeMase said. Also take stock of the unique skills or traits you bring to the team.
TIMING MATTERS
DON’T seek a raise when your boss is hungry or at the end of a long day because the answer is more likely to
be no, advises Epstein, whose company offers training on communication, conflict resolution and other business skills. If they’re well-rested and feeling great, you’re more likely to succeed, she said.
Getting a raise is probably easier in booming fields, such as cybersecurity, while it could be a tough time to request one if you work in an industry that is shedding positions, Epstein said.
By the same token, waiting for the perfect time presents the risk of missing out on a chance to advocate for yourself.
“You could wait your whole life for your boss to be well-rested or to have a lot of resources,” Epstein said.
“So don’t wait forever.”
RESPONDING
TO ‘NO’
IF your request is denied, having made it can help set the stage for a future negotiation.
Ask your manager what makes it difficult to say yes, Epstein suggested. “Is it the precedent you’d be establishing for this position that might be hard to live up to? Is it fairness to the other people in my position? Is it, right now the company’s struggling?” she said.
Ask when you might revisit the conversation and whether you can get that timeframe in writing, DeMase said.
Laura Kreller, an executive assistant at a university in Louisiana, recently earned a master’s degree and asked for her job description to change to reflect greater responsibilities and hopefully higher pay. Her boss was kind but turned her down, citing funding constraints. Kreller said she has no regrets.
“I was proud of myself for doing it,” she said. “It’s better to know where you stand.”
PHOTO BY FELIPE
DEAN Amado Valdez
Aboitiz Upgrade Solar, TDK Philippines ink 5.65-MWp rooftop solar deal
Aboitiz Upgrade Solar Inc. (AUSI), the joint venture between Aboitiz Power Distributed Renewables, Inc. (APx) and Upgrade Energy Philippines (UGEP), has partnered with electronics manufacturing company TDK Philippines Corporation (TPC) for the installation of a 5.65 megawatt-peak (MWp) rooftop solar photovoltaic (PV) system across two of the latter’s manufacturing facilities in Laguna.
The project, which will use more than 9,000 solar panels, is expected to generate nearly eight million kilowatt-hours (kWh) of renewable energy annually.
“Through this collaboration with TPC, we are proving that rooftop solar solutions can deliver both environmental responsibility and business performance to
critical industries at scale,” said UGEP Chief Operating Officer Pieterjan Vanbuggenhout.
Aboitiz Power Corporation Vice President for Retail Energy Sales, Solutions, and Services Engr. Gina Camacho-David added that the partnership is a culmination of shared values of innovation, sustainability, and a deep sense of responsibility.
“Our philosophy of ‘Always-on Innovation’ is aligned with TDK’s values of strategic vision, courage, and trust,” she said.
“We are proud to help contribute to the ‘TDK Transformation’ and accelerate progress for a sustainable future.”
Headquartered in Tokyo, Japan, TDK
Corporation is a global leader in electronic materials and components. In the Philippines, its manufacturing facilities supply critical parts for industries worldwide.
“By integrating renewable energy into our operations, we are taking concrete steps to reduce our carbon footprint, enhance energy efficiency, and contribute to a cleaner energy future for the Philippines,” said TDK Philippines Corporation President and CEO Masatoshi Shindoh.
“This also drives innovation in materials, processes, and software technologies that advance the transition to a sustainable future.”
Unilever Supports Higher Climate Ambition, Wider Access to Renewable Energy
CLIMATE goals are ambitious, and with limited time and resources, the urgency to act has never been more pressing for the Philippines. Inaction risks lives, livelihoods, and long-term economic stability. Bold measures such as reducing emissions by decarbonizing operations and value chains are essential for the country’s growth, resilience, and global competitiveness.
What’s October without the famous feast of food and drinks? Winford Resort & Casino Manila brings you October Cheers 2025. For only P1,250.00 per head, you can enjoy delectable sausage platter, unlimited tequila sunrise and draft beer ‘till midnight, and special performances from Mocha Girls and Bandang Grace. Don’t miss it on October 23 at the Hippodrome Bar & Lounge. Hotel guests and walk-ins are welcome.
THE grandeur of the Newport Performing Arts Theater was the perfect stage for the 3rd Philippine Finest Business Awards & Outstanding Achievers 2025, held on September 30, 2025. The prestigious event, organized by La Visual Corporation and SIRBISU Channel together with Ambet Rivera Nabus (Chairman and Selection Committee), honored a distinguished roster of exceptional individuals, leaders, public servants, entrepreneurs, artists, and organizations, that have made remarkable contributions in their respective fields.
This year’s ceremony brought together icons from entertainment, media, public service, business, sports, fashion, medicine, and beyond.
This year’s awardees include Aga Muhlach, Tirso Cruz III, Roderick Paulate, Rhian Ramos, Luis Manzano, and Enchong Dee for the Entertainment Media ICON Award; Gov. Vilma SantosRecto, Mayor Junjun Ynares, Mayor Vergel Meneses, Councilor Aiko Melendez, Councilor Alfred Vargas, Councilor Angelu de Leon, Sen. Bong Revilla, Sen. Lito Lapid, Col. Jun Dimayuga, and Atty. Caroline Cruz for the Public Service ICON Award; and Bernadette Sembrano, Boy Abunda, Toni Gonzaga, MJ Marfori, and Jervi Wrightson for the Multi-Media ICON Award. The Medical and Health ICON Award was presented to Dr. Pong Magtibay, Dr. Jerome Laceda, Chaye Cabal-Revilla, and Anna Andrea Magkawas; the Fashion, Beauty, and Fitness ICON Award to Jojo Bragais, Wynwyn Marquez, and Michelle Dee; and the Sports ICON Award to PBA Commissioner Willie Marcial, PVL Commissioner Ricky Palou, Mozzy Ravena, and MPBL Commissioner Kenneth Duremdes.
Momentous staycation Whether you’re celebrating a milestone, a special day, or you just want to make ordinary day extraordinarily good with your loved ones, Winford Manila offers you Special Holidates on room offers.
For only P6,999 net, you can enjoy an overnight Deluxe room stay for two with complementary breakfast buffet for two at Copa de Manila. The stay also comes with P1,500 worth of dining credits redeemable at any of the following outlets – Hippodrome Bar & Lounge, Zabana Bar, Winford Café, Copa de Manila, Red Dynasty, OR spa treatment for two at Winford Health Club. Plus, you’ll also get a celebratory cake redeemable at Winford Café and a special room setup with Win-Win Teddy Bear as a keepsake gift. Selling period is until December 18, 2025 and booking is until December 20, 2025.
Trick or treat at Winford Manila
Carve your way into the Pumpkin HalloWIN Party on October 26, 2025, 2 pm at Winford Ballroom.
Enjoy a day of fun photo booths, entertainment and magic show, face painting, inflatable play area, snack buffet, and other exciting activities for kids and kids-at-heart.
This call to action was front and center at the Net Zero Carbon Alliance’s Philippine Net Zero Conference 2025 (#NetZeroCon2025), where leaders across sectors convened to turn pledges into progress. During the opening plenary, First District Bukidnon Rep. Jose Manuel Alba cited studies warning that unchecked climate impacts could cost Southeast Asia up to 11 percent of its GDP by the end of the century. In contrast, early mitigation efforts could yield returns five to eleven times greater, making early climate action both affordable and advantageous for the national economy. “The sooner we act, the better we can protect our people, our economy, and most importantly, our growth,” said Congressman Alba. Unilever Philippines, among the inaugural members of the Net Zero Carbon Alliance (NZCA), is one of the businesses answering this timely call. Its climate responsibility begins within its internal operations and extends across its value chain. Under the company’s Climate Transition Action Plan (CTAP), Unilever sets out a science-based roadmap to reduce greenhouse gas (GHG) emissions across its operations and value chain. The plan identifies 10 key action areas where Unilever can drive meaningful impact, including its Supplier Climate Programme, renewable energy transition, product reformulation, logistics and operations, sustainable packaging, and regenerative agriculture. Since launching CTAP in 2021, Unilever has achieved significant reductions in operational emissions and has laid strong foundations to decarbonize its value chain. The company continues to accelerate progress by partnering with key suppliers to hasten climate action and align with the latest climate science and supplier data to transparently measure and report delivery against the plan. These efforts support Unilever’s broader ambition to reach net zero emissions across its value chain by 2039.
Unilever Philippines’ commitment to decarbonizing its operations and value chain is demonstrated by its continuous
partnership since 2017 with First Gen, a leader in renewable energy solutions. By 2020, Unilever Philippines was able to transition to 100 percent geothermal power, reducing operational emissions significantly and setting the stage for a broader renewable energy transition for its supply chain. “That was the benefit of early action,” shared Rondell Torres, Unilever Sustainability Lead for the Philippines and Greater Asia. “In 2020, we fully fulfilled a key action in our Climate Transition Action Plan by completing the shift to renewable grid electricity for our operations. But then the next question was: What about our value chain?” In line with its Climate Transition Action Plan, Unilever Philippines supported its value chain partners in their respective partnerships with First Gen for access to 100 percent renewable grid electricity using geothermal power. In addition, the agreement with First Gen allows its subsidiary, Energy
and
“We’re
on
The appetite for investments in
is growing, which is heartening. That’s what the private sector is looking for: strong supply at a cost-effective price,” added Torres. Complementing this infrastructure-level effort, Unilever is advancing its GHG reduction across its value chain by engaging with over 300 suppliers to understand and track their GHG emissions under its Climate Supplier Programme. This initiative enables Unilever’s supplier network to join climate transition. According to Torres, there are three steps for companies embarking on their climate journey, particularly, educate, evaluate, and engage – research available standards like IPCC
strengthen its sustainability efforts across climate, plastics, nature, and livelihoods while working with industry peers, government partners, and civil society and NGOs to deliver on its strategic sustainability agenda globally, and in the Philippines.
Achievement Award) as the Best Female Accountant in the Philippines. Judge Tarcelo A. Sabarre Jr. (Lifetime Achievement Award) as the Outstanding Presiding Judge of the year. Joey S. Guillen (Golden Achiever) as the Most Outstanding in Business Leadership in the Philippines. Mark Javier as the Most Remarkable Business Leader in the Philippines. Mart Krystelle Galano as the Most Influential Woman in Decentralized-Centered Marketing Innovation. Hon. Saleha Pangarungan Sacar as the Excellence in Public Service. Janice M. Dela Cruz as the Most Notable Distributor of Traditional Filipino Attire. Atty. Persida V. Rueda Acosta (Lifetime Achievement Award) as the Most Outstanding Female Public Servant. Marion (Marious) Alston Impil as the Most Outstanding Entrepreneur. Dr. Jeanet Estonilo-Parreno, CGPA, CRFA, CPM, CHRA as Excellence in Educational Leadership. Alexey Rola Cajilig as the Most Outstanding Sales and Leadership Speaker. & Arky Manning as the Outstanding Filipino Achiever in Barangay Leadership. Corporate and organizational awardees were also recognized, including JP Catering Services (Lifetime Achievement Award), Lucky GHL Advertising (Golden Awardee), JFBV (Golden Awardee), Vicente-Isabel Multispecialty Clinic & Diagnostic Center Inc., Rank Fortress White Label SEO Agency, White Jade Glutathione Film Strip, Eyeleen Hair and Make Up by: Aileen Sebua (Lifetime Achievement Award), Top 5 Mga Kwentong Marc Logan, Renaissance Credit Collection and Recovery Solutions Corporation (formerly SMRD Credit Collection Services), TGIF Pharmaceutical Trading, Inc., Biosafe Pest Control Services Inc., Rise and Shine Pilipinas (Golden Awardee), Sheanne Roll Up Construction Services (Lifetime Achievement Award), Edwin Lisa Brows and Aesthetics, Alegre de Pilipinas (Golden Awardee), Jam Lim Enterprises (Golden Awardee), Bhylinns Modern Fashion (Lifetime Achievement Award), Gown and Events Management by Touting (Lifetime Achievement Award), Saludable Barley, Aeternitas Chapels and Columbarium, Kilay King International Academy, Venice Handicrafts Corporation, UpChi Corporation, Chef’s BOWL & RICE, Breton Containers & RTU Himig Rizalia.
build shared success.
Highlighting the strength of its vendor partnerships, foodpanda welcomed insights from Margot Torres, VP of Marketing at McDonald’s Philippines, who emphasized the value of collaboration in driving growth. She noted that about 70 percent of McDonald’s delivery orders now come from third-party platforms like foodpanda, helping the brand reach customers wherever they are. Even as pandemic restrictions eased, the delivery habit persisted, making food delivery an important complement to in-store sales. Additionally, panel discussions included Kellda
Chief Digital & IT Officer
and Lhydie Guanzing Guianan, Owner of Mango Royal Milkshake, who offered insights into their creative strategies, innovative initiatives, and campaigns that have driven engagement and growth. The conversation emphasized how partnering with foodpanda and embracing digital solutions has helped these businesses reach more customers and adapt to evolving
In the photo are, from left, UGEP COO Pieterjan Vanbuggenhout and AboitizPower Vice President - Head of Retail Sales & Solutions Gina Camacho-David formalizing a rooftop solar deal with TDK Philippines Corporation, represented by President & CEO Masatoshi Shindoh and Vice President Noel Aquino, during the event with team members from both companies as witnesses.
Present at the First Plenary Session were, from left to right, panelists Rep. Jose Manuel Alba of the 1st District of Bukidnon and Author of LCEI; Energy Secretary Sharon Garin; Rondell Torres, Sustainability Lead for the Philippines and Greater Asia, Unilever; Francis Giles Puno, Vice Chairman and Chief Executive Officer, Energy Development Corporation; and moderator Ping Manongdo, Head of Partnerships, Southeast Asia Corporate
Centeno,
at Shakey’s,
Editor: Tet Andolong
CONTRACTORS EARN ‘OUTSTANDING’ MARKS AS INFRASTRUCTURE INVESTMENT SOARS
By Rizal Raoul S. Reyes @brownindio
THE construction sector is a vital cog in the Philippine economy, contributing approximately seven percent of the country’s gross domestic product (GDP) in 2024.
Backed by the national government’s infrastructure program, the sector attracted about P1.5 billion pesos in foreign investments and generated employment opportunities for thousands of Filipinos, according to Statista.
As of the first quarter of 2025, the Department of Economy, Planning, and Development (DepDev) reported that 35 percent of the 207 projects identified are ongoing, with less than five percent completed.
‘Outstanding’ contractors ratings
THE recent awarding of the country’s ‘outstanding’ contractors for the first half of 2025 by the Philippine Development Construction Board (PDCB) is a breath of fresh air to the industry rocked by the floodgate scandal.
Moreover, the “Outstanding” ratings acts as a stark contrast to the substandard work alleged in the floodgate scandal. Further, they highlight the firms that adhered to high standards, providing a benchmark for quality and probity in government projects.
The contractors for the first half of 2025 who got the “Outstanding” mark are Beatus Builders Corp., 1199S Construction, 722 Construction Inc., Aremar
Construction Corp., Alphatec Chemical Corp., Bedsbro Construction and General Merchandise, Bilrey Construction, Bomel Construction, and Bicol Goldrock Construction Corp.
Staying consistent and maintaining integrity
FOR the past 36 years, Butuanbased Equi-Parco Construction Company remains one of the reliable and dependable contractors in the country.
For nearly four decades, it has built roads, bridges, and infrastructure that connect people, and communities.
“Our goal of establishing EquiParco’s presence in every corner is anchored on our commitment to deliver the best quality infrastructure projects not only here in Butuan city, not only in the Caraga region, but all over the country where we will be given the opportunity to do infrastructure projects,” the company said in a statement.
As of today, Equi-Parco Construction Company has established its presence strategically located mostly in Visayas and Mindanao. It was also able to acquire projects from a few years ago in Palawan and currently it has an ongoing infrastructure project in Cavite. It
allows the company to efficiently mobilize their resources and respond to the infrastructure needs.
Equi-Parco Construction Company (EPCC) has garnered several recognitions and certifications in the construction industry, particularly in the Philippines.
Key achievements and credentials include:
PCAB “AAAA” License: EPCC holds an “AAAA” license from the Philippine Contractors Accredita -
Damosa Land, JLL seal partnership to elevate real estate services in Mindanao
AVAO City, Philippines—In
Da move to elevate the real estate landscape in Mindanao, Damosa Land Inc., a leading real estate developer in the region, has partnered with global real estate consultancy firm Jones Lang LaSalle, Inc. (JLL) to strengthen its portfolio and operational excellence. Through this collaboration, Damosa Land seeks to further enhance the efficiency, sustainability, and long-term value of its mixed-use, residential, commercial, and industrial developments, while aligning its operations with global best practices.
Leveraging its international expertise, JLL will provide strategic advisory and operational services across leasing, sales, research & consulting, property, and facilities management. They bring in proven frameworks and insights from leading cities worldwide to help advance real estate innovation across Mindanao. This alliance is set to boost Damosa Land’s property management capabilities and transaction services to global standards, further enhancing value for residents, locators, and investors.
“Our partnership with JLL marks a new chapter for Damosa Land as we scale and continue to adopt global best practices in real estate management. By collaborating with JLL, we aim to raise performance standards, attract new investors, and provide better services for our clients and for the communities we serve,” said Ricardo F. Lagdameo, President of Damosa Land Inc.
Damosa Land has been steadily expanding its footprint and presence in Mindanao through its flag -
ship, Anflo Industrial Estate, which has attracted 28 locators representing 6 countries, and investments in agro-industrial infrastructure, highlighting the region as a globally competitive hub. With JLL’s services, the estate is poised to enhance operational efficiency, further elevating its status as a premier destination for global investors and businesses.
For its other developments, Damosa Land continues to set benchmarks in sustainable and innovative real estate. The company’s residential projects, such as Agriya Gardens, Kahi Estates, and Bridgeport have garnered national recognition for their commitment to eco-friendly living and community integration—including sustainable technologies, integrated green infrastructure, and communitycentered lifestyle amenities. Through the partnership, these properties will benefit from global best practices, ensuring that each development exceeds
quality standards, efficiency, and long-term investment value.
“Our decision to partner with Damosa Land stems from our shared vision of driving innovation and sustainability in real estate,” said Joey Radovan, Country Head of JLL Philippines. “We see in Damosa Land a developer that not only values growth and performance but also prioritizes people, community, and the environment—principles that strongly align with JLL’s commitment to shaping the future of real estate responsibly.”
The collaboration seeks to deliver meaningful, positive impact for the surrounding communities that would drive socio-economic upliftment. With JLL’s real estate advisory expertise, Damosa Land can ensure higher standards of infrastructure, enhance public spaces, and advance more sustainable, resilient developments, boosting economic growth and operational efficiency in the locality.
“JLL’s deep global expertise in real estate management, investment advisory services, innovation, and sustainability, will surely help us to accelerate growth and optimize asset performance among our premier developments in Mindanao. More importantly, we are committed to ensuring that our growth uplifts the lives of the communities around us and provides lasting economic impact in the region. We look forward to what’s to come for Damosa Land, particularly in 2026 when our plans begin to take full shape,” concluded Lagdameo.
To know more about Damosa Land and its developments, visit https://damosaland.com/.
tion Board (PCAB), which is the highest category for general engineering and general building contractors.
ISO Certification: The company’s management system is certified to ISO 9001:2015 for the “Provision of Construction of Bridges, Roads, and Utility Projects.” Other sources also mention certification to ISO 14001:2015 and ISO 45001:2018.
Safety Performance Rec-
ognition and Awards: General sources indicate the company has received safety performance recognition and awards.
Top Contractor Status (Historically): Reports have noted Equi-Parco’s consistent position as one of the top contractors in terms of civil-works contracts secured from the Department of Public Works and Highways (DPWH) over a long period, spanning different administrations.
“The recent flood control issue has placed greater public attention on transparency and accountability in government projects, which we fully support. For private contractors like us, all the more we give importance to strictly comply with the technical standard requirements, safety and environmental regulations, as well as to uphold the best quality work output we could give,” it said.
“While it has brought our company to public scrutiny, we were being highlighted, doubted with how we were able to do business with DPWH, but that does not deter us. Because we believe that what we are doing is the best quality standards in all our projects,” the company added.
As far as handling transparency in dealings with the Department of Public Works and Highways (DPWH), the company follows the proper processes from the beginning and maintains full transparency in all our dealings with DPWH. “This includes clear documentation, regular audits, and open communication at every step.”
Further, the company does not adhere to the good enough mentality (pwede na mentality) as it believes in always pushing for the best in everything that they do. Equi Parco also maintains their quality by staying committed to high standards, being detail-oriented, and continuously improving our methods.
“We handle all our transactions with complete transparency, ensuring that everything is above board. This way, we build trust with everyone involved and keep things fair and accountable.”
Vista Residences hosts University Condominium Fair 2025
THE High-Rise Development Group of Vista Land successfully staged “Student Living Redefined,” a condominium fair that highlighted its portfolio of vertical communities near educational institutions. The event brought together homebuyers, investors, and business partners to explore value-focused opportunities in the student housing market.
Redefining student living
KEYNOTE speaker Andro ‘Andoy’ Beltran, Vice President and Head of Business Development and Market Education at FirstMetroSec, offered a renewed perspective on real estate sales. He stressed that “real estate sales is no longer about convincing, but about aligning products and services with the requirements and preferences of the market.”
In the case of university condominiums, this position is evident, as sustained demand from homebuyers reinforces their position as strategic and sustainable investments. He also underscored the long-term value of vertical communities in premium educational clusters, such as Taft and Katipunan Avenues, offering parents peace of mind and income potential, students comfort, convenience, and a sense of community, and investors
steady rental demand and cash flow.
John Belacha, Officer-in-Charge of Vista Residences, presented Vista Land’s growing portfolio of university condominiums in Metro Manila, highlighting the company’s commitment to enhancing the aspirational lifestyles of the academic community. At the center of the showcase were Kinsan Heights, Kizuna Heights, Plumeria Heights, and Hawthorne Heights, translating to both high-quality student living and secure investments. Attendees also learned about Livwell, the official leasing partner of Vista Land, and its programs that sustain the profitability of university condominiums.
Creating connected communities for students
THE event concluded with the reminder that redefining student living is not about constructing residences; it is about creating environments that nurture learning and long-term value.
The Student Living Redefined served as a showcase of vertical communities while also providing a platform for the evolving needs and preferences of students.
Vertical residences for the Filipinos of
and
RICARDO F. LAGDAMEO, President of Damosa Land Inc., and Joey Randovan, Country Head of JLL Philippines, formally sealed a strategic partnership to advance their shared vision of real-estate innovation.
VISTA Residences successfully staged “Student Living Redefined,” a university condo fair that highlighted its portfolio of vertical communities near educational institutions.
CONSTRUCTION of By-pass and Diversion Roads, Iligan City Coastal Bypass Road, Package 6, Iligan City
REPLACEMENT of Permanent Weak Bridges, Kibaluyot Br. (B01345MN) along Butuan
de Oro City-Iligan City Rd (Phase III).
Bambol to Team PHL: Dream big, play safe
Japanese Ueda goes two-under in 1st-round play
APAN’S Atsushi Ueda
Jcapitalized on an early tee time and near-ideal conditions to fire an impressive two-underpar 70 for a one-stroke lead over five others in the International Container Terminal Services Inc. Apo Golf Classic on Tuesday.
Ueda—still riding a career-best third place finish at Del Monte—carded five birdies to offset a bogey and a double bogey on the par-four No. 15, where he hit a tree and found water.
“I got five birdies, my putting so good,” said the Nagoya native in halting English, beaming with confidence after taming the tricky greens that confounded many others. His round was a clinic in recovery and resilience, with birdies on Nos. 16, 18, 1 and 3 inside 6 feet salvaging momentum after early missteps.
Although he stumbled slightly on the par-3 fourth, his 70 was enough to pace the field and underscore his growing threat on the Philippine Golf Tour.
Tony Lascuña, a revered name here and on the Tour, had to dig deep after early miscues as birdies on Nos. 14 and 18 helped him salvage a 73, keeping him within striking distance in the P3.5 million championship organized by Pilipinas Golf Tournaments Inc. at joint 12th with eight others.
Similarly, Jhonnel Ababa, last year’s playoff champion over Guido van der Valk at this very venue, never got going, limping to a four-over 74 after a wobbly 39 at the front, marred by four bogeys against a birdie.
Ababa made two more bogeys against a birdie in the first three holes at the back but a late eagle on the par-five 18th breathed life into what could’ve been a forgettable start.
While the top guns stumbled, several local dark horses emerged from the shadows. Elee Bisera relied on intimate course knowledge and mental grit to post a steady 71, recovering from an early-over card with two late birdies.
By Aldrin Quinto M
ANAMA—Let the kids enjoy the game. As the Asian Youth Games officially opens at the Exhibition World Bahrain in Sakhir on Wednesday, Philippine Olympic Committee president Abraham “Bambol” Tolentino emphasized the importance of striking a balance between competitive drive and athlete well-being.
Tolentino, overseeing the Philippines’ participation in the continental youth sports conclave for the first time, called for mindful restraint in pushing young Filipino athletes, cautioning against the risks of injury, burnout and overextension.
The POC chief thanked pesilat Kram Airam Carpio for delivering gold for the country, boosting the national delegation’s morale and perhaps lifting some pressure off the 141-strong Philippine delegation.
“Safety is still our top priority. These are young people, not hardened veterans,” Tolentino said. After clinching the gold in the girls’
S51–55 kg division of Pencak Silat with a 33-19 victory over Indonesia’s Qiken Dwi Tata Olifia late Monday, Carpio called on fans to rally behind the rest of the Philippine delegation in the 45-nation sports conclave.
“Thank you so much for your support. I hope our Filipino fans will continue to cheer for the entire team,” Carpio said. “We’re here to represent the Philippines, and together we can make the country proud.”
The Philippines has entries in volleyball, teqball, golf, triathlon, mixed martial arts, taekwondo, muay, athletics, boxing, cycling, weightlifting, table tennis, badminton, wrestling, swimming, jiujitsu and kurash.
The major youth sporting spectacle features over 4,300 athletes competing across 253 events in 24 sports.
Tolentino is convinced the Philippines will be able to surpass its performance in the 2013 Nanjing Games, the last Asian Youth Games before a long hiatus, where taekwondo jin Pauline Lopez and golfer Mia Legaspi delivered the gold.
“Our morale is so high. Definitely, this will be far different from the
gold medals. With this opening salvo, we will probably surpass that,” Tolentino said, adding that the team should be able to reach its potential through teamwork.
“The spirit is different this time, we’re focusing on collaboration with the Philippine Sports Commission and all the delegates,” he said.
Carpio, who had dominant wins over Iran’s Nazninfatemeh Kolasangiani in the Round of 16, India’s Sakshi in the quarterfinals and Aliyam Azizova of Kazakhstan in the semifinals, admitted some nerves entering the gold medal match.
“I knew I had a chance, I kind of expected to win. But then again, it’s a crowded field, a lot of nations competing so there’s also a chance of not making it to the top,” said Carpio.
“I felt a little nervous before the final match, we were facing Indonesia, the birthplace of the of the sport,” Carpio said.
“But when the match started, I just focused on what I needed to do to finish the job and deliver for the Philippines.”
“It has always been my dream to compete for the Philippines and I will work harder to be able to perform even
Surfing worlds qualifying series in Siargao
IARGAO Island transforms anew as the epicenter of one of the most engaging watersports as the World Surfing League (WSL) stages the Siargao International Cup—a Qualifying Series (QS) 6000 event—for eight days starting Thursday.
“We expect a lot of elite surfing action with the all the athletes chasing as many points as possible in the Qualifying Series,” said Ty Sorati, Tour Director of the WSL Asia Pacific (APAC) region. “For eight days, the world surfing community will be glued on Siargao, one of three elite surfing destinations in this part of the globe. With 128 competing in the men’s the Philippines, will be a fitting kick off for three other WSL QS events set in the next three months.
“This is the highest-ranking WSL Qualifying Series ever in the Philippines, which is fast becoming a premier destination for professional surf events. It is open to global participants beyond Asia Pacific,” said John Carby, Sports Technical Director of SDMI Sports, the official Philippine license holder and event operator. Presidential son William Vincent Araneta Marcos heads the local organizing committee that includes
World
3 and
and Nildie Blancada of the Siargao Surf Association are two of the Philippine bets in Siargao, which forms part of the PSC’s sports tourism advocacy that puts premium on the country hosting major international competitions.
After Siargao, the WSL goes to Baler from November 17 to 23 and La Union from January 11 to 16 and 20 to 26.
Avaricio finishes strong to post 1-shot lead in Apo
CHANELLE AVARICIO—still smarting
from a back-nine collapse that cost her the Del Monte crown last week— mounted a gritty rally for a first-round 72 and a one-stroke lead in the International Container Terminal Services Inc. Apo Golf Classic on Tuesday in Davao.
Avaricio faltered in the front nine with three bogeys at the demanding Apo Golf and Country Club, but flipped the script by birdying three of the final eight holes to reach the top of the leaderboard of the P1-million championship marred by rain at the finish.
“It’s a difficult course, especially the greens,” said Avaricio, acknowledging the tricky conditions and sweltering heat that tested both skill and stamina. “I actually hit my irons better at Del Monte than here, but I really tried my best.”
What makes her opening-round lead more compelling is the emotional weight she’s carrying. Just days ago at Del Monte, Avaricio seemed poised for victory until a costly back-nine slide opened the door for Sarah Ababa to steal the win in sudden death. It was a painful loss—but one that Avaricio appears determined to transform into fuel.
“I have no expectations, but I’ll do my best,” she said. “Hopefully, this time, it will be a great week.”
Standing in her way, however, are not just the challenges of the Apo course, but also a surging local field—Mafy Singson, the Eagle Ridge champion earlier this year, posted a steady 73 to trail by just one.
Like Avaricio, Singson—looking to
Pató’s partnership with PAL a knockout
rebound after a disappointing ninthplace finish at Del Monte—leaned on course familiarity to stay in the hunt, despite an up-and-down round.
“I don’t think there was much difference in my mindset compared to Del Monte, but I’m more familiar with this course,” said Singson, who hails from Davao and grew up playing at Apo.
“Though it’s hot, I tried to stay cool the whole day.”
RISING above personal grief, Paris Olympian Aleah Finnegan banked on a strong vault performance Tuesday to provisionally place 22nd overall in the women’s individual all-around qualifiers for a potential spot in the finals of the 53rd FIG Artistic Gymnastics World Championship in Jakarta.
Boosted by her high vault score of 13.40 points, Finnegan, whose maternal grandmother Catalina Cruz passed away at 92 recently, tallied 49.299 points across the four events to remain in the running for one of the 24 seats in the finals with three more subdivisions left last night.
She also scored 12.333, 11.80 and 11.766 points in the balance beam, floor exercise and uneven bars, respectively, and, if her spot holds, she will be among the finalists of the demanding event on Thursday, a step up from her previous appearance in the 2023 edition held in Antwerp, Belgium.
The only other Philippine entry in the all-around event, rookie Haylee Garcia, 16, garnered 45.098 points for 44th place in the intermediate rankings of the national team stint supported by the Philippine Sports Commission.
Vying in only two events, Paris Olympic Games veteran Emma Malabuyo took 24th spot in the floor exercise (12.300) and 26th in the balance beam (12.00), marking her debut in the world meet held at the Indonesia Arena inside the Senayan Sports Complex.
By Josef Ramos
UMIR FELIX MARCIAL is locked and loaded for his regional title fight against Venezuela’s knockout artist Eddy “El Terrible” Colmenares on October 29 in the “Thrilla in Manila” 50th anniversary fight card at the Smart Araneta Coliseum.
Marcial gets the opportunity to gauge his level as a pro in his fight against Colmenares for the vacant World Boxing Council (WBC) middleweight international belt. Joven Jimenez trains and coaches Marcial at the Tagaytay City National Kickboxing Center.
Elaiza Yulo, the youngest sibling and sister of Paris Olympic double gold medalist Carlos Edriel Yulo, made her debut in placing 79th in the uneven bars (9.500) and 32nd in the vault (11.40).
“I am feel proud of how Team Philippines did. This being my second world championships, I felt I was more prepared for this meet,” said Finnegan,
“He is doing very well,” said Jimenez, also the trainer,coach and manager of former International Boxing Federation super flyweight champion Jerwin Ancajas. “He’s very focused and I believe he’s gotten better as a pro.” After settling his marital issues a few months ago, the
said the 29-year-old who’s unbeaten in six professional fights.
We are blessed that they understand this so well: that we are one flag, one heart.” PAL said the collaboration “underscores PAL’s ongoing mission to uplift
said. “Philippine Airlines is giving our athletes a runway to take flight and achieve for the nation.
Isabela 5th District and House Committee on Youth and Sports chairman Rep. Mike Dy and Aurora Lone District Rep. Rommel Angara.
No.
longboard champion Jay-R Esquivel
THE country’s first gold medalist, Kram Airam Carpio of Pencak Silat, and Abraham “Bambol” Tolentino during the medal ceremony. POC POOL
PARIS Olympian Aleah Finnegan in action in vault. GAP PHOTO
