BusinessMirror October 26, 2026

Additional rate hikes seen till early 2027 T By Andrea E. San Juan

A DAZZLING HOLIDAY SM Lanang brings the magic of Christmas to life with elegant sparkles and joyful wonder as it lights up the towering 55-foot Christmas tree on October 21, 2026, adorned with crystals, jewels, and over a thousand ornaments and lights. Gracefully flanked by 22-foot and 16-foot pearlized reindeer, the display also features suspended Christmas trees accented with cascading strands of light throughout the Atrium. SM SUPERMALLS

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HINK tanks and financial institutions are penciling in additional rate hikes until early 2027, which may bring the key interest rate to at least 6 percent by February next year, after the central bank cited the need for a strong monetary policy response to broadening price pressures and further upside risks to inflation. In separate commentaries, think tanks and financial institutions explained their respective takes on the trajectory of monetary policy after the Bangko Sentral ng Pilipinas (BSP) “upped the ante” with a surprise 50-basis-point hike last Thursday. Nomura Global Markets Research said: “We pencil in another outsized 50bp hike at the next

monetary board meeting in December, taking into account our forecasts of headline CPI inflation of around 7 percent in the next two months and core inflation also continuing to pick up, which BSP will likely interpret as second-round effects increasing.” At the following meeting in the first quarter of 2027, likely in February, Nomura said it pencils in a “winding down” to a 25-basis-point (bp) hike, partly based on its assumption of declining Brent crude oil prices. Still, Nomura said it acknowledges “relatively high “uncertainty” surrounding its forecasts, and see the balance of risk as remaining tilted to the upside owing to the potential for a strong El Niño in the next few months, which could combine with elevated energy prices if the war in Iran continues. For its part, ANZ Research said it expects the

BSP to hike two more times, taking the terminal policy rate to 6 percent by the first quarter of 2027, with risks tilted to the upside. “The BSP maintained its 2026 inflation forecast at 6.1 percent, while expecting it to accelerate further in Q4 2026. The central bank also revised its 2027 inflation forecast higher to 6 percent from 5.4 percent as the effects of El Niño are expected to persist into early next year,” ANZ Research noted. The research division of Australian multinational bank ANZ said drier weather conditions and lower food production are expected to push food prices higher in late 2026 and early 2027. “Developments in the breadth of inflation, the pace of core inflation and inflation faced by the bottom 30 percent of households by income also remain key considerations for the central

bank,” ANZ Research said. Risks to ANZ Research’s revised forecast are “still tilted to the upside and will depend primarily on the severity of the El Niño’s impact on food prices and the trajectory of crude oil prices.” For its part, Citi said it is penciling in additional 25-basis-points rate hikes in December 2026 and February 2027 as it views the BSP’s message that the current level of policy rates is “not restrictive enough” as a “clear intention to hike further.” “Elevated oil prices now do not just impact BSP’s inflation assessment through the traditional first and second round effects [e.g. food logistics and transport fares], but also through the FX pass-through channel as a result of terms of trade deterioration,” Citi said in a commentary over the weekend. See “Rate hike,” A2

BusinessMirror A broader look at today’s business

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Monday, October 26, 2026 Vol. 22 No. 19

P25.00 nationwide | 2 sections 18 pages | 7 DAYS A WEEK

By Reine Juvierre S. Alberto

HE government’s infrastructure spending slump persisted into the first eight months of the year, as tighter scrutiny of projects contributed to lower disbursements by the Department of Public Works and Highways (DPWH).

Infrastructure and other capital outlays from January to August fell by 34.6 percent to P522 billion, from P798.4 billion in the same period last year, latest data from the Department of Budget and Management (DBM) showed. Scrutiny in infrastructure projects, such as procurement compliance, oversight of ongoing projects, payment claims verification and contractor documentation, became stricter after last year’s flood control fiasco. “These efforts are intended to safeguard the integrity of public infrastructure expenditures by ensuring that payments correspond to properly validated and documented works,” the DBM said.

Infrastructure disbursements, which include infrastructure components of subsidy and equity state-run corporations and transfers to local government units, declined by 23.5 percent year-on-year to P719.2 billion as of August from P940.1 billion. Despite the overall contraction, the DBM said spending continued on other public infrastructure projects of other government agencies to offset the decline. These included school facilities, hospitals, and farm-to-market roads by the Department of Education, Department of Health and Department of Agriculture, respectively. See “Infraspend,” A2

EXTERNAL DEBT MORE THAN DOUBLES TO P21.845B IN SEPT By Reine Juvierre S. Alberto

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HE national government borrowed more in September compared to a year ago, as external debt more than doubled due to higher loan takeout. Gross borrowings by the Marcos Jr. administration amounted to P139.449 billion in September, up by 8.17 percent from P128.913 billion in the same month last year, latest data from the Bureau of the Treasury showed. Over four-fifths of the gross borrowings for the month were sourced from domestic lenders, while the remaining financing came from external sources. External borrowings in September surged by 161.14 percent to P21.845 billion

from P8.365 billion a year earlier, driven by more project and program loans. The state obtained P12.535 billion in project loans, which rose by 49.85 percent year-on-year, as well as P9.310 billion in program loans, unlike a year earlier when it obtained no such loans, Treasury data showed. Meanwhile, domestic gross borrowings slipped by 2.44 percent to P117.604 billion in September from P120.548 billion a year ago. The government borrowed P86.294 billion through the auction of fixed-rate Treasury bonds, 22.84 percent lower than the P111.848 billion it raised in the same month last year. Net redemption of Treasury bills (T-bills) more than tripled year-on-year to P31.310 See “Debt,” A2

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»B8

BM Freshly Brewed October 19, 2026 | 10 AM

THANTHITA “PUNCH” NITHIMETHEESANONT Dusit Thani Lubi Plantation Resort General Manager

A TASTE OF PARADISE, THE THAI-FILIPINO WAY

BLESS AUBREY OGERIO BusinessMirror Trade & Industry Reporter

ROOTED IN RESILIENCE A Philippine flag flies atop the La Trinidad trading post in Benguet, where farmers, wholesalers and retailers converge to trade vegetables harvested across the Cordillera region and other parts of Northern Luzon. The trading post serves as a vital link between growers and markets, supporting farm incomes, agricultural supply chains and the local economy. Beyond the vegetable trade, the country’s broader economic resilience also hinges on sustained fiscal reforms. The Japan Credit Rating Agency has warned that any reversal in fiscal reforms could weigh on the Philippines’s credit standing, even as strong external buffers help the country withstand global shocks. BM/BERNARD TESTA

‘Tap ₧5-T undeveloped hydro resource’ By Lenie Lectura

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HE Department of Energy (DOE) has thrown its full support behind the hydropower industry, urging developers to tap into P5 trillion worth of undeveloped hydro resources. DOE hydropower and ocean management division Ariel Fronda cited the P6.9282 per kilowatt hour (kWh) feed-in-tariff (FIT4) rate for run-of-rive (ROR) hydroelectric power. “We have the FIT rate that will be paid for 20 years to hydro power developers. This rate is better than existing bilateral contracts in the market today,” said Fronda when asked for comment on how the agency can support the Philippine Hydro Inc. (Philhydro). Another hydro auction will be conducted soon. A total of 175 MW of

capacity is targeted for delivery between 2028 to 2030. The DOE plans to issue the terms of reference (TOR) for Green Energy Auction (GEA) 7 by late October or early November 2026, with bidder registration starting in the first week of December 2026. “We are expecting that the rate for GEA 7 will be a little higher than the FIT rate. So, again, this will attract developers,” added Fronda. The DOE official said the country has 25,000 MW of untapped hydropower. Unlocking this capacity will require approximately P5 trillion in capital investments. Fronda said developing new hydro infrastructure is estimated to cost around P200 million per MW. “We must recognize the importance of the Kalayaan pumpedstorage power plant. As the country’s established operating

pumped-storage facility, Kalayaan provides a practical example of how this technology can support the power system through peaking capability, energy storage, and ancillary services, subject to its operating condition and applicable system requirements,” said Fronda. The Kalayaan plant, a major pumped-storage hydroelectric facility, is part of the 797MW Caliraya-Botocan-Kalayaan (CBK) hydroelectric power complex that was turned over this year to a consortium led by Aboitiz Renewables Inc., the renewable energy arm of Aboitiz Power Corp. “The operation of Kalayaan provides a foundation upon which the country can build its understanding of pumped-storage operations, maintenance requirements, grid integration, and the institutional ar-

rangements necessary to maximize its contribution,” added Fronda. DOE circular 04-006-2025 established a specific policy for the optimal utilization of the Kalayaan pumped storage power plant phases 1 and 2. “Complementing this policy foundation, the agency’s subsequent issuance of supplemental guidelines for the scheduling and dispatch of the Kalayaan plant and GEA-winning bidders for pumped storage hydropower reinforces the need to integrate both existing and future facilities with a coordinated policy and operational framework,” added the DOE official. Philhydro earlier appealed to the DOE to help developers leverage the low water levels during the upcoming El Niño to accelerate hydro construction.

PESO EXCHANGE RATES n US 63.4190 n JAPAN 0.4045 n UK 84.9815 n HK 8.0935 n CHINA 9.5012 n SINGAPORE 49.6469 n AUSTRALIA 44.5075 n EU 71.1498 n KOREA 0.0479 n SAUDI ARABIA 16.9036 Source: BSP (October 23, 2026)

News

BusinessMirror

A2 Monday, October 26, 2026

Infraspend… Continued from A1

Defense modernization projects of the Department of National Defense, as well as rail and mass transport projects of the Department of Transportation, also moderated the decline in infrastructure disbursements during the period. In August alone, infrastructure and other capital outlays dropped by 16.9 percent to P70.5 billion from P84.9 billion a year earlier. The DBM said disbursements were affected by ongoing bidding for some DPWH projects, while about P10 billion in checks issued to contractors and suppliers had yet to be encashed. “Adverse weather conditions in August—particularly flooding across parts of Luzon—also slowed construction activities for road infrastructure and rail transport projects,” the DBM added. The DPWH has proposed to institutionalize a policy requiring ongoing infrastructure projects to have multi-year contractual authority (MYCA), with funding planned according to their expected construction timelines. MYCA allows government agencies to enter into multiyear contracts, subject to DBM rules, ensuring funding commitments for eligible projects extend beyond one year. Public Works and Highways Secretary Vince B. Dizon said the policy will ensure that projects receive the resources needed for completion and are not left unfinished due to shifting political priorities or funding gaps. “The DPWH is the primary mover of public infrastructure spending,” Dizon said during the recent infrastructure forum by the Economic Journalists Association of the Philippines. “Easily, in one single year, you’re talking about anywhere between 25,000 to 30,000 projects ongoing.” However, the agency came under scrutiny following the flood control scandal, which exposed allegations of systemic corruption and the funding of so-called “ghost” projects and substandard infrastructure using public funds.

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DA pins goals for plugging FMR gap on ₧80-B PPP deals

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By Ada Pelonia

HE Department of Agriculture (DA) is banking on P80 billion in Public–Private Partnership (PPP) deals in 2027 to cut the backlog of 52,000 kilometers of farm-to-market roads (FMRs). This, after Agriculture Secretary Francisco Tiu Laurel Jr. said in a Senate hearing that the DA needs a total of P780 billion to complete the deficit of 52,000 kilometers FMR requirement nationwide at current prices. Earlier, the DA said it retained the P15 million per-kilometer cost because of the surge in materials and pump prices due to the global oil crisis triggered by the Middle East war.

Tiu Laurel noted that the agency would involve the World Bank’s International Finance Corporation (IFC) in the PPP system. “The process is on the way, and the legal document is being prepared,” he recently told reporters. “If there are companies eligible for PPP, that’s good because private sector money will be used, and the government will just pay them over the years with a

WR report…

capital amid an uncertain business climate. He warned of the specter of stagflation in the horizon. “The potential risk of stagflation marked by persistent inflation, low growth trajectory [recent growth benchmarked at ~2 percent], and elevated living costs affecting everyday household

Continued from A7

challenge of attracting and sustaining foreign

margin to speed up the implementation of FMRs nationwide.” While big-ticket FMR projects should be prioritized, the DA chief also wants to focus on “missionary routes” or those areas that lack demand for trade due to geographical constraints. “The areas with the highest poverty incidence are the ones that need roads because they cannot access [markets],” Tiu Laurel said. “They have a lot of goods, but they can’t get out because they lack 20 to 30 kilometers of roads. So, if that’s opened, poverty will immediately decrease.” FMR projects have been allotted P16 billion under the DA’s proposed 2027 budget, down from the actual P33 billion earmarked under this year’s coffers. Of the P33 billion, the agency said P23 billion has been released, with the remaining P9.6 billion

targeted for submission to the Department of Budget and Management (DBM) by November. The bulk of the FMR projects this year were still at the Department of Public Works and Highways (DPWH) with 1,204 projects valued at P22.3 billion. This was followed by the DA with 162 projects worth P5.35 billion and local government units (LGUs) with 252 projects at P5.36 billion. Despite this, Tiu Laurel said the number of FMR projects under DPWH were “decreasing, since some are being moved to DA and LGUs.” The FMR Watch has tracked 6,428 projects between 2021 and 2026, covering roughly 2,698 kilometers of roads nationwide. Of these, only 3,455 projects have been completed. The total investment reached P109.55 billion.

purchasing power is not yet here but the potential is there,” Garcia said. Stagflation refers to a rare economic condition where an economy suffers simultaneously from slow economic growth, high unemployment, and rising prices (inflation). Key characteristics of stagflation are stagnant growth, high unemployment, and persistent inflation.

portance of distinguishing between risks that are already elevated and those that could worsen if economic and governance challenges remain unresolved. Garcia said restoring investor confidence will depend in part on the government’s ability to manage public finances, maintain policy consistency and revive economic growth. “For businesses, the assessment reinforces the need to incorporate political and countryrisk analysis into strategic planning, particularly when making investment decisions that require substantial capital and long-term commitments,” he said. The coming months will be critical in determining whether the Philippines can arrest the deterioration in its risk outlook and strengthen the economic conditions needed to attract investment and support more sustainable growth. Using a combined qualitative-quantitative matrix that evaluates the likelihood of occurrence alongside potential severity of impact, WR assigns scores spanning low, moderate, elevated, high and critical risk. The WR Philippine Political and Country Outlook is WR Advisory Group’s flagship risk productis published quarterly with the Q4 edition serving as the annual report. Each assessment draws on a rolling 90-day evidence window, with each subcategory scored independently on two dimensions: (1) Likelihood, which measures the probability that a risk-relevant event occurs which is already occurring with the assessment period; and (2) Consequence, which measures the severity of impact on the Philippine business and investment environment.

Policy consistency crucial

WR Advisory Group’s assessment identified political stability, regulatory policy, fiscal conditions and economic growth as areas likely to deteriorate further over the following 90 days. Garcia said these risks are particularly relevant to businesses making long-term investment decisions, which depend on predictable regulations, sound public finances and a stable operating environment. He said policy uncertainty can complicate decisions involving capital expenditure, hiring and expansion, while concerns about fiscal sustainability can influence borrowing costs and perceptions of country risk. The report, however, does not predict an economic crisis. Rather, its risk classification reflects the consultancy’s assessment of the country’s vulnerabilities and the direction of those risks. External, social and security risks were assessed as stable despite continuing geopolitical tensions and inflationary pressures. “Sustained tension in the West Philippine Sea and broader US-China superpower rivalry present baseline risks for trade and foreign direct investment,” Garcia said. The outlook therefore highlights the im-

DOT…

Continued from A7

seafaring history. “We are also putting up an outdoor gallery honoring works of national visual artists,” in select locations in Metro Manila, she added. A “hospitality offering” for some 3,000 will also be held at the World Trade Center, where wellness packages, regional cuisines, local beverages, and a hub for gifts and souvenirs made by local micro, small, and medium enterprises are featured. The DOT chief said all hotels will carry information booths to welcome and inform delegates of tourist destinations they can visit. For her part, Philtoa president Malou Japson said, “The tours will be organized on a consortium basis, allowing participating member-companies to work together to accommodate inquiries and deliver tours whenever delegates or their families express interest in availing of them. This approach will help ensure that we can respond promptly to inquiries and efficiently accommodate tour requests.” The Manila tours will include the usual visits to Luneta and Intramuros, as well as shopping trips, and possibly, food crawls.

Each company may also offer tours to other Philippine destinations to interested delegates and their families, she said. Meanwhile, the DOT said it has trained 244 frontliners over seven batches as of October 19. The training program is anchored on the Filipino Brand of Service Excellence, preparing participants to serve as liaison officers, information officers, and ushers at designated venues, accredited hotels, and airports. Trainees undergo stress tests, panel interviews, site inspections, and positioning exercises to assess their readiness, determine their assignments, and familiarize themselves with their respective posts before deployment. The ushers will also wear specially designed uniforms featuring traditional Filipino textiles from the Ilocos Region featuring Binakol, a traditional Filipino handloomed textile, showcasing Philippine craftsmanship and cultural heritage to international delegates. “Beyond the successful hosting of the Summit, we want delegates to leave with a lasting impression of the Philippines and its people. Every interaction is an opportunity to strengthen goodwill, build regional friendships, and encourage our guests to return and discover more of our country,” said Angara-Mathay.

Rate hike… Continued from A1

And as geopolitical risks and oil prices may stay high post US-mid terms, Citi said it continues to see a “broadening of inflation” lasting into early 2027. “Price-lists for various goods and services could see more significant adjustments after the New Year,” the banking giant also said. At its monetary policy meeting on Thursday, the Monetary Board, the highest policy-making body of the BSP, decided to raise the central bank’s Target Reverse Repurchase (RRP) Rate by 50 basis points to 5.50 percent. BSP Governor and MB Chairman Eli M. Remolona, Jr. explained that worse-than-expected numbers prompted the MB to raise the key interest rate by 50 basis points at its October 22 rate-setting meeting—an increment that is larger than the quarterpoint hike per meeting delivered by the MB in its first three scheduled meetings for the year. “There was...because the numbers we were looking at, the forecasts, were worse than we thought. So there were surprising developments on prices. So there was a bit of a sense of urgency to try to dampen these inflationary pressures,” Remolona said. Meanwhile, the central bank updated its inflation forecasts, with a substantial increase in its 2027 inflation outlook, revising it upwards to 6 percent, from the 5.4-percent inflation pegged during the August 27 rate-setting meeting. However, the BSP still sees average inflation for 2026 to settle at 6.1 percent. For its part, Oxford Economics said it expects the BSP to prioritize containing inflation. As such, it sees the central bank raising the key interest rate by another 25 bps at its December meeting, followed by a hold through 2027. Oxford Economics views the BSP’s updated inflation outlook—which is seen to remain elevated in 2027—as a reinforcement of its “hawkish policy stance.” In its statement on Thursday, the BSP said: “The Monetary Board recognized the need for a strong monetary policy response to broadening price pressures and further upside risks to inflation. Such a decisive response will make monetary policy appropriately restrictive. This will contain second-round effects and firmly anchor inflation expectations.” The central bank also noted that it “stands ready to take further monetary policy action as necessary to ensure the timely return of inflation to the target, in keeping with our price stability mandate.”

Debt…

Continued from A1

billion from P8.7 billion. These brought total gross borrowings from January to September 2026 to P2.393 trillion, 0.06 percent, or P1.509 billion, lower than the P2.395 trillion in the same period the previous year. The amount is already 87.55 percent of the government’s full-year borrowing target of P2.733 trillion. During the nine-month period, gross domestic borrowings dropped by 8.51 percent to P1.793 trillion from P1.96 trillion a year earlier due to the absence of fixed-rate Treasury notes this year. External gross borrowings, meanwhile, jumped by 36.06 percent to P600.042 billion as of September from P434.597 billion in the same period a year ago. The increase was driven by the 68.15 percent growth in project loans and the government’s two global bond issuances this year compared with just one last year. In 2027, the government has programmed P3.304 trillion for its gross borrowings, 20.89 percent higher than this year’s target. About 72 percent, or P2.389 trillion, will come from domestic sources, while the remaining 28 percent, or P914.982 billion, will be borrowed externally. The government’s outstanding debt reached P19.606 trillion as of August, up by 12.24 percent year-on-year from P17.468 trillion.

Cybersecurity… Continued from A7

exploit can trigger before the website’s own code even runs. Organizations running PHP 8.1 and older, which are no longer supported by the PHP project, were urged to upgrade to supported versions and restrict public access to vulnerable systems until fixes are in place. CERT-PH also outlined temporary configuration changes to reduce exposure, but said these “are not a substitute for patching.” Administrators were advised to watch for suspicious web requests, unusual file uploads, repeated server errors, unexpected restarts, unauthorized files, and unexplained outbound connections. If a breach is suspected, the agency said organizations should isolate affected systems, preserve forensic evidence, start incident-response procedures, and revoke or replace any passwords, tokens, keys, and certificates that may have been exposed.

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The Nation

Scamming now an employable skill, a year after anti-Pogo law By Ashley J. Manabat

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CAMMING has become an employable technical skill, with recruitment taking place through messaging platforms as suspected fraud operations persist a year after the government banned Philippine offshore gaming operators (Pogo), former Presidential Anti-Organized Crime Commission spokesperson Winston Casio said. Casio, who was invited by the US government to discuss the Philippines’ efforts to combat cyber-enabled scams and illegal online gaming, will serve as a panelist at the International Association of Chiefs of Police’s annual conference and exposition in Orlando, Florida, from October 24 to 27. He said scam activity typically peaks from September to December, partly because some schemes capitalize on major sporting events, including the World Series and cricket matches that attract bettors in different countries. Other schemes, including pig butchering scams, operate year-round, he added. “It’s the scamming season,” Casio said. “They never left. Dumami sila ngayon dahil nagtatago na sila, naging underground na,” he said. Casio emphasized that there is a continued presence of scam operations that have moved underground. Recruitment through WhatsApp, Telegram channels and other messaging platforms is one feature of the evolving landscape. A review of 30 publicly documented enforcement entries from February through October 2026 found continued arrests and the discovery of facilities allegedly involved in online fraud, illegal gaming and suspected Pogo-linked activities. The cases involved investment fraud, romance scams, cryptocurrency schemes, social engineering and illegal online gambling. Reported operations were found in large offshore gaming compounds, residential properties and commercial buildings, including locations beyond Metro Manila and Central Luzon. Republic Act 12312, or the Anti-Pogo Act of 2025, was signed into law by President Marcos on October 23, 2025, prohibits offshore gaming operations in the Philippines.

From gaming hubs to fraud operations

A RAID in Subic Bay Freeport on October 22 resulted in the arrest of 232 Vietnamese nationals at a suspected online financial scam hub, adding to a series of enforcement operations targeting alleged cyberfraud and illegal gaming activities since the Pogo ban. The operation at Subic Gateway Park was conducted by the National Bureau of Investigation’s Pampanga and Olongapo district offices, the Air Force (PAF), the Subic Bay Metropolitan Authority, the National Police (PNP) and other agencies. Authorities seized computers, mobile phones, storage devices, SIM cards and

digital records for examination. Investigators are probing suspected online financial scams, gambling-related fraud and other cyber-enabled offenses, including activities that may have targeted victims in the Philippines and overseas. The Subic raid followed other operations across the country. In February, authorities arrested four foreign nationals in Angeles City over alleged telecommunications fraud and online gaming scams, then arrested 14 people at a suspected cyberfinancial scam hub in Clark Freeport, Pampanga. In April, 48 people were arrested at a suspected scam hub in Parañaque over alleged romance scams and cryptocurrency investment fraud. Authorities also arrested 63 people at an alleged online investment scam hub in Pasig City in May. The cases involve different alleged offenses, ranging from investment schemes to romance scams and other forms of online financial deception. Enforcement operations continued in October. Authorities captured 244 foreign nationals in simultaneous operations in Siay and Alicia, Zamboanga Sibugay, on Oct. 2, followed by 76 foreigners at a suspected Pogo linked facility in Quezon City on Oct. 12. On Oct. 15, law enforcement officers arrested five people during a raid on a suspected clandestine Pogo and online betting operation in Makati City.

Interagency coordination

ON October 21, Paocc said it had met with Maj. Gen. Andre Dizon, acting director of the National Police’s Anti-Cybercrime Group (ACG), to discuss informationsharing and coordinated action against c y b e rc r i m e a n d o rg a n i ze d c r i m i n a l networks. The commission identified online scams, fraudulent transactions, identity theft and human trafficking facilitated through digital channels as public concerns. Paocc also discussed enforcement operations against alleged scam hubs in Zamboanga Sibugay at a meeting of the National Law Enforcement Coordinating Committee’s Subcommittee on Organized Crime. At the Oct. 7 meeting of the National Law Enforcement Coordinating Committee’s Subcommittee on Organized Crime, Paocc discussed the Department of Migrant Workers’ campaign against human trafficking, developments in the enforcement operation against alleged scam hubs in Zamboanga Sibugay, an audit protocol for RA 12312, and proposed agreements on law enforcement coordination and data-sharing, according to the commission. The Department of Justice and Paocc signed the implementing rules (IRR) of the Anti-Pogo Act on August 12, according to the DOJ. As RA 12312 enters its second year, authorities continue to investigate suspected online scam operations in various parts of the country. The extent of the recruitment and its links to suspected criminal operations remains under investigation.

PNP to coordinate with foreign counterparts in Markle probe

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HE National Police (PNP) Chief, Gen. Jose Melencio Nartatez Jr., on Sunday said that they will coordinate and work closely with foreign law enforcement agencies as authorities look into allegations linking the father of Meghan Markle, Duchess of Sussex, to the possession of child abuse and exploitation images. In a statement, Nartatez also stressed the need for cross-border cooperation in investigating Thomas Markle over suspected child exploitation, particularly cases that may involve digital evidence and individuals with links to different countries. “The safety of our children remains a priority. Those who try to engage in child exploitation often extend beyond borders, and as such, it emphasizes the importance of strong coordination with our foreign counterparts,” Nartatez said. Earlier reports said Markle is currently under investigation over allegations relating to possession of images of sexual abuse on children. Nar tatez noted that the PNP will coordinate with foreign counterparts to facilitate information sharing and support

the investigation. Investigators will focus on digital forensics and evidence gathering to determine whether any illegal activity took place. “We will thoroughly investigate the accusations and we will make the necessary coordination with law enforcement agencies in the United Kingdom and the United States for better information sharing on the matter,” he added. Authorities said the elder Markle possessed images of child abuse reportedly found among his belongings at his former home in Cebu, although he reportedly denied the allegations. The PNP chief also added that it maintains a zero-tolerance policy against child exploitation and is committed to protecting minors from abuse, including forms of exploitation facilitated by digital platforms and cross-border networks. He emphasized that any criminal action would depend on the findings of the investigation. “The PNP will pursue the appropriate cases if evidence establishes involvement in the online exploitation of minors,” Nartatez said. Rex Anthony Naval

Monday, October 26, 2026

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Prosecution targets November finish for Duterte impeach trial

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By Jovee Marie N. dela Cruz

@joveemarie

PROSECUTION spokesperson in Vice President Sara Z. Duterte’s impeachment trial expects the proceedings to conclude by the end of November, while maintaining that removal from office and perpetual disqualification from holding public office must be imposed together if the Senate Impeachment Court convicts her. Prosecution spokesperson and adviser Ace Barbers said Duterte’s defense panel had initially sought 30 trial days to present its case before prosecutors withdrew three of the four impeachment articles. However, he understood that the defense requested only eight trial days for Article II, which accuses Duterte and her husband, lawyer Manases Carpio, of unexplained wealth. “They were asking for 30 trial days, but, as far as I know, they requested only eight trial days for Article II, which concerns unexplained wealth,” Barbers said during the weekend. “So, if they follow that eightday schedule, the presentation

could be finished in two weeks at most,” he added, noting that the Senate Impeachment Court had been holding hearings from Monday to Friday before the recess. Barbers said, however, that the defense could still use the full 30 days it originally requested. After completing its presentation, the defense would formally offer its evidence, giving the prosecution an opportunity to comment on the exhibits. The Senate Impeachment Court is scheduled to resume proceedings on November 9 following the Halloween break. Under the schedule announced by Presiding Officer Sen. Francis Escudero, hearings will continue on selected

dates through November 23, with no session on November 30, Bonifacio Day. Barbers also maintained that the two principal penalties for conviction in an impeachment trial – removal from office and perpetual disqualification from holding public office—cannot be imposed separately, countering speculation that Duterte could be removed but remain eligible to run in the 2028 elections. “Based on the Constitution, these penalties cannot be separated. The consequence of an impeachment process is that the respondent is penalized with removal from office and perpetual disqualification from holding public office,” he said. He also rejected the possibility of a plea bargain in the impeachment proceedings, saying the arrangement, under which an accused pleads to a lesser offense in exchange for a reduced penalty, had no constitutional basis in the process. The House prosecution previously withdrew the articles involving alleged misuse of confidential funds, bribery and grave threats, opting to focus on the remaining unexplained wealth charge. The withdrawal does not constitute a finding that the allegations were false, while separate investigations into the alleged offenses may continue. Meanwhile, House prosecutor

Duterte-era chill? Veteran journalist arrested at QC forum, freed on bail By Butch Fernandez @butchfBM

& Jovee Marie N. dela Cruz

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ETERAN journalist and prominent Duterte critic Philip Lustre Jr. was released on P48,000 bail late Saturday night after police dramatically ser ved him a cyberlibel warrant issued by a court in Davao—a surprise arrest that human-rights lawyers, lawmakers, and media groups warn signals a lingering culture of political intimidation. The 72-year-old Lustre was handcuffed shortly after 11 a.m. at Dapo Restaurant on Scout Borromeo Street in Quezon City, where he was attending the weekly Saturday News Forum. Members of the Quezon City Police District’s Kamuning Station 10 served the warrant, issued on October 2 by Judge Retina Fuentes of Branch 10 of the Regional Trial Court in Davao City. Lustre, who authored “Kill, Kill, Kill”—a book documenting drug war extrajudicial killings—said he had zero prior knowledge of any charges filed against him. In

a Facebook post Sunday, he revealed that the complaint handed to him did not even identify an accuser and omitted the key information sheet detailing the allegations. “There was no preliminary investigation,” Lustre said, noting he was never given a chance to answer the complaint before the warrant came down. Human-rights lawyer Dino de Leon of Dargon Law, who was a forum panelist, stepped in on the spot to represent Lustre. He blasted the weekend arrest and procedural gaps, calling the ordeal a stark warning to the press. “Philip is free, but what happened to him must not be forgotten,” de Leon said. “Either we hold the Dutertes accountable...or we allow them to regain the power that can help them escape justice.” De Leon urged Interior Secretary Juanito Victor Remulla to clean up law enforcement ranks, insisting that official badges “must never serve as a weapon for a political family.” The arrest came right on the heels of Davao City Rep. Paolo Duterte filing libel and cyberlibel complaints against top GMA Network executives, news anchors

Mel Tiangco and Vicki Morales, and NBI Director Melvin Matibag over coverage of alleged corruption and flood control project irregularities. Lawmakers quickly linked the two events: n Party-list Rep. Leila de Lima of Mamamayang Liberal, a House of Representatives senior deputy minority leader, condemned the arrest as an attempt to silence critical reporting, pointing to the simultaneous heat on GMA. n Party-list Rep. Antonio Tinio of ACT Teachers warned that cyberlibel is increasingly weaponized against journalists covering public interest issues. “An attack on one media institution is an attack on the entire free press,” Tinio stated. The Capampangan In Media Inc. (Cami), of which Lustre is a member, also voiced grave concern over their colleague’s arrest, calling for due process, full transparency, and respect for the rights of journalists. De Leon said the defense team will immediately move to reopen the preliminary investigation to challenge the legal basis of the charge. With Ashley J. Manabat

Global wings power Philippine Eagle safety By Jonathan L. Mayuga @jonlmayuga

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N a weeklong conservation mission to Europe from October 11 to 18, the Depar tment of Environment and Natural Resources (DENR), alongside experts from the Philippine Eagle Foundation (PEF), met with Czech environmental institutions to exchange cutting-edge technologies, specialized breeding protocols, and innovative wildlife safeguards. “ Th e P h i l i p p i n e s i s a d va n c i n g a whole-of-government and whole-ofsociety approach, recognizing that biodiversity conservation is a shared responsibility that extends beyond environmental institutions,” said Environment Secretary Juan Miguel Cuna. “We are ready to work

A CAPTIVE Philippine eagle in Davao City N.WIKIPEDIA.OR

with the international community in advancing this shared agenda.” Led by Environment Undersecretary Ernesto Adobo Jr., alongside Biodiversity Management Bureau Wildlife Resources

Chief Anson Tagtag and PEF specialists Jayson Ibanez and Danielle Pasion, the delegation focused heavily on a pressing issue: power line electrocution. Following the tragic loss of two Philippine eagles to high-tension wires earlier this month, the delegation collaborated with the Nature Conservancy Agency of the Czech Republic to explore targeted solutions, including: n Pinpointing hazardous power poles located near vital forest habitats. n Insulating exposed electrical infrastructure to create safe flight zones. n Building a coalition across local governments, DENR, PEF, and utility companies to roll out protections. See “Eagle,” A4

Manila Rep. Joel Chua criticized Duterte’s defense team for publicly questioning the withdrawal of the three articles without formally seeking reconsideration of the Impeachment Court’s ruling. “Isn’t that so? That is why I said their complaints seemed to be intended merely for social media,” Chua said. Chua recalled that during the October 13 hearing, Escudero asked defense lawyer Sheila Sison whether her statement opposing the implications of the withdrawal constituted a motion for reconsideration. The defense clarified that it was not objecting to the withdrawal itself and did not ask the court to treat its statement as a formal motion for reconsideration. The impeachment court subsequently limited the defense’s evidence presentation to Article II and lifted sub judice restrictions on the withdrawn articles, allowing public discussion of the allegations subject to the court’s rules on evidence disclosure. Chua argued that the prosecution’s decision narrowed the issues to be addressed in the trial, emphasizing that prosecutors needed only one conviction to secure Duterte’s conviction on impeachment. “We studied all four articles, but we only need a conviction on one to secure her conviction,” he said.

Senate divided over hunt for dela Rosa

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HE case of fugitive Sen. Ronald dela Rosa continues to polarize the Senate, with the minority bloc declaring it stands for the wanted by the law senator, who has been missing since he left the Senate premises at dawn of May 14 amid reports that an arrest warrant had been issued by the International Criminal Cour t in The Hague, the Netherlands, for his role in the Duterte drug war. On Sunday, Sen. Panfilo M. Lacson, who like dela Rosa is a former National Police (PNP) chief, said he hopes and prays for due process for dela Rosa and that, should his arrest take place, it will be carried out peacefully and without tragedy. “Senator Ronald dela Rosa is my Senate colleague, a former subordinate in the National Police, and a fellow Philippine Military Academy Cavalier. I sincerely hope and pray that should his arrest take place sooner or later, it will be carried out peacefully, without violence or tragedy,” Lacson posted on X. “He [dela Rosa] has his faults, as we all do. But whatever accusations he faces, he is entitled to due process, a fundamental right guaranteed to every Filipino, and for that matter, to every human being,” he added. Dela Rosa faces arrest under a warrant issued by the ICC in connection with the Duterte administration’s war on drugs. He went into hiding late last year after learning of the warrant. He appeared at the Senate last May 11 to vote for Sen. Alan Peter Cayetano as Senate president, but fled the Senate following a shooting incident inside the Senate premises on May 13.

P50-M bounty

ON Friday, the Department of the Interior and Local Government announced a P50million bounty for dela Rosa while the PNP gave him one week to surrender. Dela Rosa’s lawyers questioned the legality of the reward. See “Bato,” A4

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Monday, October 26, 2026

Economy

www.businessmirror.com.ph

Beat the heat, Dole expands compensation list

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By Mary Jade Jadormio

TAYING cool on the job just got a whole lot more critical and protected.

With temperatures climbing, the Department of Labor and Employment (Dole) is stepping up to protect workers from extreme heat. Under Labor Advisory 19 series of 2026, the department expanded the official list of heat-related conditions covered by workers’ compensation.

If heat on the job makes a worker sick, the safety net is now wider than ever. Beyond standard heat stroke and exhaustion, you can now claim coverage for: fainting and dizziness ( heat sy ncope), severe heat rash ( bungang araw), mu sc le brea kdow n (R h abdo myolysis), kidney injuries from

dehydration and neurological disorders caused by excessive heat exposure. Workers are also qualified for compensation of even unlisted conditions if their job environment significantly boosted risk from heat. The new guidelines protect both indoor and outdoor workers both in the government and the private sectors. Heat-injured workers need to show that their job conditions materially contributed to the illness when claiming benefits. The Social Security System and the Govenment Service Insurance System will look at key environmental and

Overcrowded Samar hospitals seek urgent DOH assistance By Claudeth Mocon-Ciriaco

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MID severe overcrowding, two government hospitals in Samar have made an urgent appeal to Health Secretary Edwin Mercado to intervene, requesting support to expand patient capacity and strengthen local healthcare services. Both hospitals are asking the Department of Health (DOH) to immediately provide additional inpatient facilities and beds, augment medical personnel, supply essential equipment, and allocate funding for hospital expansion. They are also seeking technical and regulatory assistance to increase bed capacity and facilitate planned hospital upgrades. In separate reports dated October 19, 2026, both hospitals documented patient loads far exceeding their authorized bed capacities, underscoring the urgent need for additional facilities, medical personnel, equipment, and government support.

Calbayog District Hospital recorded 181 inpatients against its authorized capacity of 75 beds— a staggering 241 percent occupancy rate. The hospital noted that on October 19 alone, it logged 58 new admissions alongside 238 outpatient consultations. Dr. Jonathan Gabriel J. Paquit, Calbayog District Hospital chief, pointed to rising admissions and referrals from Calbayog City and two Inter-Local Health Zones. The hospital is seeking the DOH’s assistance to expand inpatient facilities, evaluate an increase in its authorized bed capacit y, and streng t hen referral arrangements with local government units and health authorities. Meanwhile, the Samar Provincial Hospital in Catbalogan City reported taking in roughly 200 to 250 patients, despite having an authorized capacity of only 100 beds.

Dr. Jansenn Y. Mutya, the hospital’s officer in charge, flagged emergency room congestion and long delays in moving admitted patients to inpatient wards as critical operational bottlenecks. To address this, the hospital is seeking infrastructure support, qualified medical personnel, essential equipment, and technical guidance to propel its planned upgrade from Level 1 to Level 2 status. The upgrade would also support its application for Level 3 clinical laboratory capability and the opening of a dedicated Intensive Care Unit (ICU). Hospital officials stressed that swift, coordinated action by the DOH and the Provincial Government of Samar is vital to ease severe crowding, streamline patient flow, and ensure safe, accessible, and quality care. The reports have been formally submitted to the Provincial Government of Samar for action and coordination with national health authorities.

CCC takes lead on carbon market

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HE Climate Change Commission (CCC) is taking the helm of the newly formed Inter-Agency Committee on Carbon Markets (IACCM), following the signing of Executive Order 127 by President Marcos. The breakthrough order sets up a clear, solid game plan for the Philippines to tap into global carbon trading under Article 6 of the Paris Agreement, as well as the Voluntary Carbon Market— opening the floodgates for fresh international climate finance and green investments. Under EO 127, the CCC will serve as both chairman and secretariat for the IACCM, guiding multi-agency strategy, technical support, and day-to-day operations. Joining the CCC on this powerhouse panel are: the Department of Finance (DOF)

as vice chairman with the Department of Environment and Natural Resources (DENR), Department of Energy (DOE), Department of Agriculture (DA), Department of Transportation (DOTr), Department of Trade and Industry (DTI), and the Securities and Exchange Commission (SEC) as members. Together, the committee will roll out clear guidelines for carbon projects—covering everything from eligibility and credit issuance to benefit-sharing, safeguards, and tracking registries. “Carbon markets can help advance these goals by providing an additional channel for private capital and international climate finance. Credible carbon projects can support emissions reduction and other climate solutions. Clear rules and reliable accounting will help protect

environmental integrity and give investors greater certainty,” said CCC Vice Chairperson and Executive Director Robert E.A. Borje. This initiative directly aligns with Chapter 15 of the Philippine Development Plan (PDP) 2023–2028, aiming to boost disaster resilience, accelerate climate action, and transition to a low-carbon economy. Here is what the new setup delivers across the board: n For investors and developers: Clear rules and predictable approval processes mean lower risks and greater confidence when funding green projects. n For local communities: Strict safeguards and fair benefit-sharing guidelines ensure local interests are protected and community gains are real. n For the Government: Streamlined coordination prevents doublecounting of carbon credits and guarantees that market activities align with the country’s Nationally Determined Contribution (NDC) targets. As the main coordinator for the national greenhouse gas inventory (under EO 174) and lead agency for the Paris Agreement’s Enhanced Transparency Framework, the CCC already manages the vital emissions data needed to make carbon trading credible and accountable. “As chairman of the Inter-Agency Committee on Carbon Markets, the CCC supports President Marcos’s vision to ensure that carbon market participation advances our national climate goals and public interest,” Borje also said. Jonathan L. Mayuga

physical factors like: n High workplace heat and humidity (supported by PAGASA heat index reports) n Heavy physical exertion or long exposure hours n Lack of access to shade, cooling areas, or drinking water n Missing protective equipment or rest breaks Employers are required to assist workers throughout the process. This includes maintaining an Employees’ compensation logbook, filing incident reports, and providing helpful documentation—such as job descriptions, work-rest schedules, and workplace temperature logs.

Bato. . . Continued from A3

In a radio interview Saturday, Lacson dismissed claims that the bounty and surrender ultimatum were timed to prevent dela Rosa from voting in the impeachment trial of Vice President Sara Duterte. “It is just the product of overactive imaginations. As it is now, he is beyond the coercive power of the Senate. That was the ruling of the Impeachment Court: those who cannot be reached by its coercive power are not counted in the denominator,” he said in an interview on dwIZ radio. “Right now, he is in hiding, so he is not really participating anyway. And if he participates, he will likely, if not surely, be arrested,” he added in Filipino. Last month, the Impeachment Court ruled that the two-thirds vote for conviction would be based only on senators “legally and factually capable” of taking part in the trial. Excluded are, among others, those sought by authorities whose whereabouts are unknown.

‘Dialog, due process’

THE Senate minority bloc expressed support for dela Rosa and called on the government to pursue dialogue with his counsel toward a peaceful resolution of his situation, citing his stated willingness to answer accusations before Philippine courts. The bloc said it understood the administration’s desire to resolve the matter in the interest of law and order and offered its cooperation. “The Senate Minority stands with Senator Ronald dela Rosa in defending his right to due process and supporting his call to answer the accusations against him before Philippine courts,” the statement read. “We believe a peaceful resolution that respects our laws and protects lives remains possible.” The minority acknowledged the responsibilities of the Interior Secretary and the Philippine National Police chief, saying it shared their desire to bring the matter to a lawful conclusion. It appealed for restraint from government officials, law enforcement personnel, Dela Rosa’s family and counsel, his supporters, and anyone who could influence events on the ground. The bloc welcomed Interior Secretary Juanito Victor Remulla’s expressed preference for negotiations over an operation that could cost Filipino lives. The minority offered to help facilitate discussions between the administration and dela Rosa’s counsel, expressing confidence that Philippine institutions could uphold the law, protect his rights and pursue justice without needless loss of life. Butch Fernandez

Eagle. . . Continued from A3

The mission also included a visit to the renowned Liberec Zoo to observe successful wild-release programs for threatened

CCC, Jica validate national climate tracking guidelines

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By Jonathan L. Mayuga

@jonlmayuga

HE Philippines, through the Climate Change Commission (CCC), is strengthening the Philippines’ capacity to implement, monitor, and report on its climate commitments through the validation of the country’s Nationally Determined Contribution (NDC) Monitoring, Reporting, and Verification (MRV) Guidance. With the support of the Japan International Cooperation Agency (Jica) through its technical cooperation project, the Validation Workshop on the Finalization of the Philippines’ NDC-MRV Guidance Document brought together concerned government agencies to review the proposed framework, clarify institutional responsibilities, and build concurrence on the procedures for monitoring and reporting the implementation of the country’s NDC. CCC Vice Chairperson and Executive Director Robert E.A. Borje emphasized the need to resolve remaining issues and secure agreement among concerned agencies to ensure that the NDC-MRV Guidance provides a clear basis for implementation. “We must resolve remaining issues and confirm that the Guidance provides a clear basis for implementation, including agreement on agency responsibilities, data requirements, review procedures, reporting timelines, and templates,” Borje said in a statement. Meanwhile, Nobuhiko Aoki, Senior Representative of the Jica Philippines Office, underscored the importance of ensuring that the guidelines remain useful beyond the technical cooperation period. “As our climate change advisory support to CCC is scheduled to be completed in July 2027, I hope that the guidelines that will be developed will be properly utilized and serve as leading documents that will be updated based on the needs of time and circumstances,” Aoki said. The workshop focused on validating the updated NDCMRV Guidance, incorporating comments from participating agencies, and establishing a common understanding of the proposed reporting arrangements, information flows, and templates. The discussions are expected to inform the finalization and subsequent institutionalization of the guidance. The initiative builds on the Philippines’ existing climate governance and greenhouse gas (GHG) reporting systems. Under Republic Act No. 9729, or the Climate Change Act of 2009, the CCC serves as the government’s lead policy-making body for coordinating, monitoring, and evaluating climate change programs and action plans. Executive Order 174, series of 2014, which institutionalized the Philippine Greenhouse Gas Inventory Management and Reporting System (PGHGIMRS), also provides an established foundation for inter-agency coordination in managing and reporting the country’s GHG emissions. The NDC-MRV framework seeks to build on these arrangements by clarifying the responsibilities and processes needed to monitor and report on the implementation of the Philippines’ climate commitments. The Philippines’ NDC sets its climate mitigation commitment, targeting a 75 percent reduction and avoidance of greenhouse gas emissions against cumulative business-asusual emissions from 2020 to 2030 across the agriculture, waste, industry, transport, and energy sectors. The NDC Implementation Plan (NDCIP) translates this commitment into implementation measures and identifies actions across relevant sectors. Alongside mitigation, the Philippines’ National Adaptation Plan (NAP), developed under the administration of President Ferdinand Marcos Jr., provides a long-term framework for strengthening climate resilience and addressing the country’s vulnerabilities to climate change. Together, these national climate plans underscore the need for coordinated government action, reliable information, and monitoring systems that can help track progress and inform policy decisions. Through the NDC-MRV Guidance, the country establishes clearer institutional arrangements, procedures, and responsibilities for monitoring, reporting, and verifying NDC implementation. The guidance covers the proposed roles of concerned agencies, reporting procedures and timelines, information flows, and reporting templates. The validation workshop convened NGAs, including the Department of Agriculture, Department of Energy, Department of Environment and Natural Resources, and Department of Transportation, which serve as sectoral lead agencies for the relevant areas of the country’s climate reporting system. With technical assistance from Jica through the project “Climate Change Advisor in the Philippines,” the CCC will use the workshop’s results to guide the finalization of the NDCMRV Guidance and advance the institutional arrangements needed to support the country’s climate reporting obligations. vultures and eagles. Beyond habitat safety, the two nations mapped out potential cooperation in: n Wildlife population genetics and predictive population modeling. n Advanced monitoring technologies for endangered species.

n Sustainable water management strategies. Moving forward, the DENR will review these joint initiatives to turn international insights into actionable, life-saving protections for the country’s national bird and rich endemic biodiversity.

Monday, October 26, 2026

Nestlé PHL will import Vietnam coffee beans to plug supply gap

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A L AY BA L AY, Bu k idnon—Nestlé Philippines would import coffee beans from Vietnam and Indonesia to plug the projected shortfall in domestic output created by El Niño and soaring input costs. Jose Uy III, senior vice president and head of corporate affairs at Nestlé Philippines, said the anticipated decline in local coffee production would lead the beverage giant to source raw materials from neighboring countries. The move aims to avoid disruptions in the production of their Nescafé coffee brand, which is manufactured in its Cagayan de Oro plant. “We will have to actively source to compensate for that gap from either Vietnam or Indonesia,” Uy said in a chance interview here. Earlier, industry leaders from the Philippine Coffee Board (PCB) said the domestic coffee production in 2026 might not reach the 30,000 metric tons (MT) mark due to surging input costs and the impact of El Niño on plantations. (See: https://businessmirror. com.ph/2026/10/16/rising-input-costs-drought-to-shrink2026-coffee-output/) This projected output is lower than the 35,645 MT recorded last year, based on data from the Philippine Statistics Authority (PSA). The last time the country’s coffee output fell below the 30,000-MT level was in 2022 when it reached 29,957 MT.

‘Foolproof’

U Y said the dr y spell ’s projected impact calls for the need to work closely with local farmers

in employ ing severa l mitigations that would enhance their productivity and make farmers climate resilient. This includes the propagation of high-yielding robusta coffee varieties Roubi 4 and Roubi 5. “That’s a high-yielding plantlet. If we’re able to propagate that and plant it, then we are preparing ourselves for future climate change or even El Niño (impacts),” he said. “Now that we know El Niño is within the horizon and some are already being affected, then we have to prepare.” With collaboration crucial to hurdle obstacles besetting the industry, the Philippine unit of the Swiss food and beverage giant forged an agreement with the Department of Agriculture (DA) Regional Field Office (RFO) 10 here to hike coffee production in Northern Mindanao by ensuring the availability of planting materials. Under the agreement, a national coffee genetic resource repository will be established at the Northern Mindanao Agricultural Crops and Livestock Research Complex (NMACLRC) to conserve, evaluate, and maintain priority coffee varieties. Central to the partnership is the creation of nursery and mother plant gardens, where both parties will scale planting materials to ensure supplies of high-yielding robusta coffee seedlings for smallholder farmers. Industry sources recently flagged the shortage of planting materials, which constrain production and hindering the coffee sector from achieving its goal of reducing the country’s reliance on imports. Ada Pelonia

Metals traders reap bonanza with another year of record profits

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ETALS traders are earning billions of dollars in a second consecutive blowout year for the sector, with several top trading houses notching up record profits. Trafigura Group, which competes with Glencore Plc for the title of the world’s largest metals trader, made a record profit of around $2 billion in metals trading in its financial year that ended in September, according to people familiar with the matter. Glencore, too, has been enjoying some of its best-ever profits, although its overall results have been marred by a $480 million provision related to its exposure to iron ore trader Radiant World. The vast earnings haul has meant that the champagne was flowing freely at London Metal Exchange Week, the main annual gathering of the global metals industry, which concluded on Friday. Many individual traders said privately they are enjoying the best earnings of their careers, while simultaneously fielding job offers from rival companies, as well as newer entrants looking to grab a slice of the metals boom. While many had expected fewer opportunities for metals traders after US President Donald Trump did not go ahead with tariffs on refined copper last summer, continued ambiguity over whether tariffs might yet be imposed has extended a bonanza available to traders shipping copper to the US. Meanwhile, metals including copper, gold and silver have soared to record highs, while the market for semi-processed copper concentrate—the bread-and-butter of many physical traders—has been unprecedentedly tight. Trafigura’s metals division has had a record performance in trading, according to people familiar with the matter, who asked not to be identified as the results aren’t public. The trading house is still finalizing its results, which it usually reports in early December, and the audited profit

numbers might be subject to adjustments and revaluations of assets like its smelting unit, Nyrstar, some of the people said. Trafigura and Glencore both declined to comment. Mercuria Energy Group, the most aggressive of a group of energy traders that have expanded in metals in the past few years, has also had a strong year. Mercuria’s annual operating profits are on track to match or exceed last year’s level above $300 million, people familiar with the matter said. The company has plowed more than $4 billion into metals deals everywhere from Congolese copper to Indonesian aluminum as it seeks to grow its footprint in the market. IXM, the metals trading unit of miner CMOC Group Ltd., is also on track for a record year, according to a person familiar with the matter. CMOC’s half year report said that IXM had “strengthened physical trading, achieving a new record high for the same period in terms of operating revenue.” Representatives for Mercuria and IXM declined to comment. Vitol Group, the world’s largest commodity trader, which is also building a metals trading business, is on track for profits of more than $100 million this year, a person familiar with the matter said. While that is well ahead of its performance in metals last year, it remains behind key competitors including Mercuria. Vitol is in talks to strengthen its metals team, people familiar with the matter said. It has hired Billy Henty, who previously worked at Mercuria and Citigroup Inc., to trade iron ore in Dubai. And Vitol executives have had discussions with former chief executive officer of IXM Kenny Ives. It’s unclear whether the conversation will go anywhere, and Ives has indicated he won’t consider a new job until 2027 at the earliest, the people said. Vitol and Ives both declined to comment. Bloomberg News

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‘Tariff wall will enable local hog farmers to stay afloat’ By Ada Pelonia

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@adapelonia

HE Department of Agriculture (DA) has thrown its support behind the call of hog raisers to raise tariffs on cheaper pork imports which have caused a steep drop in farmgate prices. The agency made the pronouncement after the Samahang Industriya ng Agrikultura (Sinag) pushed for the reinstatement of original tariffs on pork imports at 30 percent for inquota volume and 40 percent for the out-quota volume and to suspend shipments for 120 days.

“I’m on the side of Filipino hog raisers. We will do whatever is in our power to provide the swine industry immediate relief,” Agriculture Secretary Francisco Tiu Laurel Jr. said. The DA chief said that “once we are legally allowed,” the DA would suspend the issuance of sanitary and

phytosanitary import clearances (SPSICs), likely by mid-November, to halt imports of selected pork cuts through January next year. The agency plans to bar the entry of pork belly, pork cuts, whole pig, as well as pork jowls into the country. The DA chief said his agency would assess meat processors’ requirements and consider import exemptions where warranted. “W hile the DA and SINAG differ on the proposed duration of import restrictions, both are pressing for stronger measures to shield local hog producers from import competition.” The agency noted that it does not have the power to adjust tariffs. Any tweaks would require action from the Tariff Commission (TC) and other government agencies, thus limiting its ability to deliver immediate relief

through higher import duties. Lower pork tariffs were introduced in 2021 under the administration of former President Rodrigo Duterte to address supply shortages after African swine fever (ASF) crimped output. President Ferdinand Marcos Jr. later extended the reduced rates through Executive Order (EO) 62, which set tariffs at 15 percent for in-quota shipments and 25 percent for out-of-quota imports through 2028. Meanwhile, the DA said it is also pursuing a general safeguard measures investigation into rising pork imports that may result in a longer import ban. “The push for tighter import controls comes as declining farmgate prices threaten the viability of backyard and commercial hog operations.”

8-point El Niño action plan pushed N

OTING that the effects of a strong El Niño have now spread across the regions and cost so far P7 billion in agricultural damage, Senate agriculture panel chief Francis N. Pangilinan has listed eight key recommendations for policy makers and implementing agencies to blunt the impacts of the weather phenomenon. “We all must act quickly. Government has funds for calamities, but we must ensure proper and efficient disbursements, not corrupt spending,” said the senator in Filipino, after the Department of Agriculture (DA) reported P7 billion damage in Cagayan Valley, Bicol, Calabarzon, Soccsksargen, and Caraga. At the Department of Budget and Management (DBM) budget hearing, DBM Secretary Kim De Leon expressed support for a wholeof-government response and identified approximately P112 billion in funding across the current year’s agency budgets, including the National Disaster Risk Reduction and Management Fund’s (NDRRMC) P39 billion. These funds should be used for water for communities, affordable food for families, protection for farms, and timely assistance for those losing their livelihood. He listed these action points: * Make the appropriate declarations, and attach an operational plan to each one. He asked NDRRMC, the DA, Pagasa, and concerned local governments to immediately consolidate the latest forecasts, damage assessments, water-supply conditions, and food-production risks, and submit their recommendations to the President. For areas already suffering qualifying damage and disruption, Section 16 of Republic Act (RA) 10121, or the Philippine Disaster Risk Reduction and Management Act of 2010, provides for a presidential declaration of a state of calamity upon the recommendation of the NDRRMC. At the local level, the declaration may be issued by the local sanggunian upon the recommendation of the Local Disaster Risk Reduction and Management Council, based on damage assessment and needs analysis. Let us use these mechanisms wherever the evidence warrants them. * Release available funds promptly, and account for every peso. Section 10 of RA 12287 expressly provides funding channels for anticipatory action through local DRRM funds, qualifying unexpended balances accruing to the Special Trust Fund, regular national agency budgets, and the National DRRM Fund. * Preposition supplies and deliver assistance before communities reach breaking point. Section 9 of RA 12287 authorizes anticipatory measures following a declaration of a state of imminent disaster. * Protect farms, fisheries, and water systems, not just replace losses afterward. Saying prevention is the best cure, he asked the DA, the National Irrigation Administration, concerned water agencies and utilities, and local governments to immediately agree on area-specific water and agricultural contingency plans. * Enforce price freezes where triggered,

and impose justified price ceilings where needed. Under Section 6 of the Price Act (RA 7581), a state of calamity triggers an automatic price freeze on basic necessities at their current rates. This freeze lasts for the duration of the emergency, up to 60 days (or a maximum of 15 days for imported/deregulated items like LPG and kerosene) results.

* Go after profiteers, hoarders, and cartels with evidence and actual cases. * Provide livelihood relief and a practical path to recovery. Section 17(d) of RA 10121 mandates the granting of no-interest loans by government financing or lending institutions to the most affected sections of the population through their cooperatives or people’s organizations

following a state-of-calamity declaration. * Establish one coordinated response and a public accountability system. He urged the President to direct the NDRRMC, through OCD and the concerned agencies, to maintain a single, coordinated El Niño action plan with named leads, measurable targets, and regular public reporting. Butch Fernandez

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The World BusinessMirror

Monday, October 26, 2026

Countries are increasingly torn between US, China By Chan Ho-Him & Didi Tang

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The Associated Press

ONG KONG—With the two leading AI powers, the United States and China, forming their own AI blocs, other countries are maneuvering to harness the strengths of both groupings and avoid losing out. As the rivalry intensifies, experts say the window for countries to be able to choose freely between the two AI superpowers may be narrowing, forcing them to at one point pick between the US-led Pax Silica and the China-inspired World AI Cooperation Organization. That could put many countries in a dilemma: Do they go with the US’s most advanced chips and AI technologies, or join China’s more affordable, opensource AI systems? Kazakhstan, a Central Asia nation of about 21 million people, is a rare example of a country that has sought to bridge that gap. Just three weeks after its AI minister Zhaslan Madiyev visited Washington in June to join the US group working to strengthen AI supply chains, he headed to Shanghai for a signing ceremony making the Central Asian country a founding member of China’s initiative to shape the global AI agenda. Being in Pax Silica means more technological partnerships, high-tech manufacturing jobs and a place in global AI supply chains. At the same time, as part of China’s World AI Cooperation Organization alongside 28 other initial founding countries including Pakistan and Russia, Kazakhstan hopes to also have a voice in setting regional and global AI standards. “Everyone is hedging,” said Dana Masalimova, a former Kazakhstan diplomat and independent scholar and center associate at the Kathryn W. and Shelby Cullom Davis Center for Russian and Eurasian Studies at Harvard University. “We don’t want this binary choice,” Masalimova said.

Harnessing the best of both blocs KAZAKHSTAN is benefiting from both US and Chinese investments, but is in a “very precarious spot,” she said. It has rich critical mineral resources essential to AI development and has cheap electricity to power data centers, which have become politically fraught in the US. Earlier this year, Kazakhstan’s government signed an investment deal worth up to $10 billion involving Nvidia to build a “data center valley” in the country. Meanwhile, more Chinese companies are investing in Kazakhstan. Local officials say Chinese foreign direct investment in Kazakhstan reached a record $2.8 billion in 2025. Chinese leader Xi Jinping met with Kazakh President Kassym-Jomart Tokayev in July to expand cooperation under China’s global infrastructure building Belt and Road initiative.

Washington’s pressure campaign BOTH China and the US are leveraging access to AI to increase their global influence. President Donald Trump insisted last month that “whoever wins AI, wins.” US officials and AI companies have accused China of large-scale “distillation,” or extraction of capabilities, from frontier American models. Beijing has rejected those claims and says the US is pursuing an AI monopoly while restricting China’s access to some of the world’s most cutting-edge AI chips and chipmaking machinery. Washington has signaled that Pax Silica — with China as its implicit tar-

VISITORS tour the exhibition booths operated with Artificial Intelligence (AI) at the China International Supply Chain Expo in Beijing on June 25, 2026. AP PHOTO/ANDY WONG, FILE get — is only for the trusted. “Countries can’t be trusted partners in Pax Silica while substantively engaging in initiatives that advance a competing vision for super intelligence,” the US State Department said, using the Trump administration’s new preferred term for AI. For its part, Beijing touts the openness and inclusiveness of its World AI Cooperation Organization. “As both major countries in AI, China and the United States should leverage respective strengths in AI rather than guarding against each other,” the Chinese embassy in Washington said in a statement. “AI should not be owned by major countries.” The two AI powers have different messaging largely because Beijing needs to court third countries in its bid to build an alternative coalition, whereas Washington already has a powerful network of allies, said Kyle Chan, a fellow at The Brookings Institution’s John L. Thornton China Center. That lends power to what he described as “swing countries.” Like Kazakhstan, Indonesia has resources vital for AI and other technologies, such as nickel and copper. It’s also seeking to make the most of both AI powers, having joined China’s World

AI Cooperation Organization. Indonesia wants to benefit from both, Mari Pangestu, Indonesian National Economic Council’s vice chair, told reporters at a University of Hong Kong Business School event. “We should be able to be part of both, put it that way. And choose the best system.” US AI firms are bringing investments to other countries like Singapore, where Anthropic is setting up its latest Asia office. The city-state says it is also considering joining China’s AI organization. In Saudi Arabia, the AI startup Humain unveiled in September a platform built on an open model by a Chinese AI company. The kingdom also has a deal with Nvidia to expand AI computing with its advanced chips. France, one of the most ambitious AI developers aside from the US and China, is attempting to go its own way with its startup Mistral, whose new model released this month outperforms some advanced Chinese models. Japan is closely aligned with the US on strategic and security issues, including advanced semiconductors, trusted AI and standards. But it will not reject the more affordable Chinese AI models for “lower-risk applications,” said Takahiro Tsuchiya, a professor at Kyoto’s University of Foreign Studies.

Indonesia begins trimming pipeline gas exports to Singapore By Ben Otto

Bloomberg News

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NDONESIA reduced natural gas exports to neighboring Singapore from Saturday as President Prabowo Subianto seeks to shore up domestic supply and strengthen energy security for Southeast Asia’s largest economy. Pipeline gas deliveries are being cut by about 31 million standard cubic feet per day, said Djoko Siswanto, who leads SKK Migas, the government agency overseeing Indonesia’s upstream oil and gas industry. Singapore has sufficient energy supplies and the cuts represent less than 2 percent of its total daily gas demand, the city-state’s Energy Market Authority said late Saturday. On Sunday, Prime Minister Lawrence Wong took a tougher stance, saying Singapore expects energy pacts to be kept. The gas supplies are covered by commercial contracts, he said. “We expect all parties to honor their commitments and Singapore’s gas importer will take the necessary steps to protect its rights and interests under these contracts,” Wong said. The cuts are equivalent to about 14 percent of Indonesia’s average pipeline-gas exports to Singapore last year, according to Bloomberg calculations based on energy ministry data compiled from SKK Migas reports. Indonesia is the biggest supplier of gas to Singapore, which depends on the imported fuel for nearly all of its power generation. The reduction from Indonesia is expected to be over a period of 18 days, the Energy Market Authority said in an emailed statement. “We have contingency plans in place to deal

PRABOWO SUBIANTO during a plenary cabinet meeting in Jakarta on October 21. FATIH MUBAROK/AFP/GETTY IMAGES/BLOOMBERG

with such reductions,” the EMA said, adding that Singapore GasCo is ready to import more liquefied natural gas at any time. SKK Migas’ Siswanto said the gas deliveries initially for Singapore will be now used to bolster domestic energy generation. About 15 million scfd sourced from Natuna will be diverted to a state utility unit in Batam, a data-center and tourism hub, while 16 million scfd from Sumatra would go toward supporting electricity needs in Batam, Bintan and Sumatra, he said in a text message on Saturday. Local media reports earlier cited Djoko as saying on Friday that the cuts don’t affect any other country. Singapore’s Gas Supply Pte, which imports gas from Indonesia, said Saturday it’s already

seeing an impact. “Delivery of gas to our customers has been affected by temporary reductions in supply from our upstream supplier in Indonesia,” a Gas Supply spokesperson said in an email on Saturday, adding the company is engaging with its supplier and customers to manage the situation. Sembcorp Gas Pte, another importer of Indonesia gas, didn’t immediately respond to a request for comment outside of regular business hours. While Indonesia is a major gas exporter, overseas shipments have declined in recent years as a growing share of output is directed to domestic use. Major LNG markets include China, Japan and South Korea, while pipeline

natural gas is sent to Singapore and Malaysia. A 16-hour blackout in Batam earlier this month, affecting more than 411,000 customers, has made Indonesia’s move to divert more gas toward domestic electricity generation more prescient. The government replaced the chief executive of state-owned electricity giant PT Perusahaan Listrik Negara following the outage. Prabowo this week stressed the importance of safeguarding Indonesia’s natural resources and prioritizing domestic needs in a wide-ranging speech to cabinet members. He also touched on regional haze, the threat of a market downgrade by MSCI Inc. and the progress of his administration two years into his five-year term. Speaking after the address, Coordinating Minister for Downstreaming and Energy Transition Bahlil Lahadalia echoed the president’s call for economic self-reliance and suggested Indonesia could curb gas exports to “neighboring countries.” “If other countries have a different view of us, they should be careful,” he told reporters. “I, for one, might consider not extending gas exports to neighboring countries — because, after all, we are in survival mode and must prioritize meeting our own domestic needs.” Singapore has invested in LNG terminals to diversify gas imports and reduce reliance on pipelines, giving it more flexibility to manage supply disruptions, Wong said in a speech to members of his ruling party on Sunday. He added the government is also studying nuclear power as a potential source of reliable, cleaner electricity, though safety concerns remain a key consideration.

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Still more rain, evacuations remain in place from Four Corners region flooding By Mead Gruver & John Hanna

we are blocking those areas for your safety.”

ORT Collins, Colorado—undreds of homes remained e v a c u at e d a nd w it hout electricity Saturday after days of heavy rain—over 5 inches (13 centimeters) in places—surged water from the Colorado mountains into the New Mexico and Arizona desert. Even as the San Juan River and other streams receded from record highs, more storms rumbled through, causing local officials to warn of still more surges. “This is not over, and we need you to monitor alerts,” police Chief Steve Hebbe of Farmington, New Mexico, said in a news conference. The f looding affected some 2,000 people in and around the city of 46,000 not far from Four Corners, the meeting point of Arizona, Colorado, New Mexico and Utah. At least a couple hundred people needed rescue — too many for busy officials to keep accurate count — since rains picked up Wednesday and flooding culminated Thursday and Friday. Some were stranded on rooftops. Rescues included 11 hoist operations involving New Mexico National Guard helicopters, each of which hauled as many as eight people to safety, San Juan County spokesperson Devin Neeley said. But shelters were not full, leading officials to suspect that most evacuees were staying with friends and family. Even with water levels having lowered, evacuations remained in effect until officials deem it safe to return. Potential hazards included downed power lines, leaking gas lines and the likelihood of yet more storms through the weekend. “There’s a lot of anxiety, and there’s a lot of frustration,” San Juan County Sheriff Shane Ferrari said. “But please understand

Officials in Colorado and New Mexico urged people not to fly drones to check on their property or to sightsee, warning that such activity can endanger rescue aircraft. They also asked people not to use 911 except for true emergencies. Downstream from Farmington, the San Juan River flooded parts of the vast Navajo Nation. A 2-mile (3.2-kilometer) stretch of US Highway 64 west of Shiprock was closed with water on the roadway. Upstream in Colorado, the milkshake-brown San Juan River raged through the hot springs resort town of Pagosa Springs at a level unseen in over a century. The flood was well over 2 feet (60 centimeters) higher than one just over a year ago that officials considered a 100-year flood. The Animas River raged in a muddy torrent through Durango, a southwest Colorado tourist city, though below records dating back over a century. Flooding extended as far east as the Conejos River in south-central Colorado, and Gov. Jared Polis added Conejos County to a list of places eligible for disaster help. Some routes including US 160 northeast of Pagosa Springs remained closed. But the famous, winding Million Dollar Highway — formally US 550 — reopened between Durango and Ouray after crews addressed an area of water damage. The flooding is just the latest from two months of on-andoff heavy rain caused by tropical moisture coming ashore from the Pacific. After months of drought, other recent deadly flooding struck the Grand Canyon and areas of New Mexico. The region’s rocky deserts are naturally prone to flash floods, but the rain has saturated soils, making flooding even likelier.

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Congo Ebola vaccine trial begins with 3 shots in sight By Janice Kew Bloomberg News

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PIVOTAL trial of vaccines against the strain of Ebola that’s driving a deadly outbreak across parts of Africa has begun in the Democratic Republic of Congo, where the epidemic originated and the vast majority of cases and deaths has occurred. The first participant was vaccinated Friday in Bunia, eastern Congo, with Merck & Co.’s Ervebo shot, which has been approved to guard against a different Ebola species. An experimental alternative developed specifically against Bundibugyo by Moderna Inc. and another by the University of Oxford and Serum Institute of India could also be tested in the study within weeks. “I’m pretty confident that we have the window because the outbreak is not being brought under control,” Coalition for Epidemic Preparedness Innovations Chief Executive Officer Richard Hatchett said in an interview. Congo had recorded 9,704 confirmed cases and 4,687 deaths as of October 20, according to the World Health Organization. It is the largest Ebola outbreak ever recorded in the country, irrespective of virus species. Infections linked to the outbreak have also been detected beyond its borders. Hatchett said the outbreak has become deeply embedded across a wide area, making it unlikely that traditional control measures will suppress it before researchers can determine whether the vaccines

work. Conducting the trial will still be difficult, with armed groups and decades of instability complicating efforts to enroll and follow participants. The WHO said only about 80 percent of more than 30,000 contacts under follow-up in Congo were reached in the latest 24-hour period, below its 95 percent target. Ervebo was developed to protect against Zaire Ebola, but animal studies suggest it may reduce Bundibugyo infections and significantly lower mortality, Hatchett said. Researchers will need at least several months to determine its efficacy, depending largely on how quickly the trial can enroll enough people exposed to confirmed cases. If successful, the purpose-built vaccines could be produced at scale. Serum manufactured more than 600,000 dose equivalents of the Oxford vaccine’s drug substance within nine days of receiving the material needed to begin production, Hatchett said. “We could quickly move to having millions of doses of that vaccine,” he said. That could allow health authorities to shift from vaccinating contacts around known cases to broader campaigns in heavily affected areas. Bundibugyo virus was first identified almost two decades ago, but limited resources were concentrated on more frequently occurring Ebola species, according to Hatchett. In a better-prepared world, vaccines against known threats would be developed in advance and held ready for outbreaks, he said. “We’re not there yet.”

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BOI SEEKS AUSSIE PARTNERS FOR MINERAL PROCESSING By Bless Aubrey Ogerio

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HE country is seeking Australian investment in critical minerals and downstream manufacturing as it looks to turn its mineral resources into higher-value industries, with the Board of Investments (BOI) set to pitch opportunities at a mining conference in Sydney this week. The BOI, led by Trade Undersecretary and Managing Head Ceferino S. Rodolfo, will attend the International Mining and Resources Conference + Expo (IMARC) 2026 from October 27 to 29 to meet Australian and other international industry players. Rodolfo said Australia’s mining expertise could complement the Philippines’s mineral resources, manufacturing base and engineering workforce, creating opportunities in mineral processing, advanced materials, clean energy and other industries. “Global demand for critical minerals continues to rise as countries accelerate investments in clean energy, digital infrastructure, advanced manufacturing and emerging technologies,” the BOI said, citing the need to develop supply chains spanning extraction, processing, recycling, energy storage and downstream manufacturing. The agency plans to present the

country’s investment priorities and policy reforms at a session titled “Building Integrated Industrial and Resilient Ecosystems: Advancing Growth through Philippines-Australia Cooperation on Strategic Industries.” For Rodolfo, the Philippines wants investments that generate more value from its natural resources and strengthen local industrial capabilities. He added that closer cooperation with Australia and global companies could support innovation, expand higher-value industries and create jobs. However, the investment campaign has yet to translate into a disclosed pipeline of projects tied specifically to the mission. The BOI did not identify prospective investors or provide targets for new commitments from the conference. Data from the investment promotion agency showed that BOI-registered investments approved by Australian investors reached P1.57 billion from January to September 2026, up 657.3 percent from P207.9 million in the same period last year. The Australian Embassy has said about 240 Australian companies operate in the Philippines, employing around 68,000 Filipinos. Their presence spans several industries, including mining and resources.

Monday, October 26, 2026 A7

DOT preps teams to charm Asean Summit delegates

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By Ma. Stella F. Arnaldo Special to the BusinessMirror

HE Department of Tourism (DOT) is neck-deep in preparations for the 49th Association of Southeast Asian Nations (Asean) Summit and Related Meetings in November. For one, the agency has been training frontline personnel, who will be manning information desks, hosting and ushering at social events, and managing travel activities during said meetings from November 16 to 18 at the Philippine International Convention Center. They include staff from the DOT and its attached agencies; the Cultural Center of the Philippines ushering group; students enrolled in tourism, hospitality, and diplomacy programs from various universities; and organizations accredited by the Philippine Tour Operators Association (Philtoa). “Hosting the Asean Summit is an opportunity to showcase the best of Filipino hospitality. We want our

frontliners to be confident, capable, and prepared to deliver excellent service while making every delegate feel genuinely welcome,” said Acting Tourism Secretary Ma. Bernardita Angara-Mathay in a news statement. The DOT chief was recently appointed Vice Chair for Operations of the Asean National Organizing Committee. She earlier said the food served for the Asean summit and meetings will be completely Halal. (See, “Asean Summit to showcase PHL Muslim-friendly tourism,” in the BusinessMirror, Oct. 19, 2026.) The DOT has been primarily tasked to handle activities involving tourism hospitality, tours, social events,

The Philippines will be putting on the charm offensive during the 49th Asean Summit from November 16 to 18, and which will be attended by some 20 heads of state and over thousands of their support staff. The Department of Tourism has been training frontliners who will serve as ushers, liaison officers, and other personnel who will man information desks during the events.

and the enhancement of sites, which Asean delegates will be visiting and where summit meetings will be held. The DOT will organize the welcome receptions at the airports and gala dinner for the Asean Summit, supervise the cultural shows, and offer special tours for ministers and senior officials. The rest of the summit participants can book tours via Philtoa, which has been assigned to man Asean Tour Desks at designated hotels, where delegates and their

families are billeted. “Following Asean protocol, there is an opening, closing event, and gala dinner, said Angara-Mathay in a Viber exchange with the BusinessMirror. The DOT is likewise preparing a trip to Intramuros and a tour to the Museo del Galeon on the side, she added. The Museo del Galeon is an immersive, 4-story museum at the SM Mall of Asia complex, showcasing the country’s maritime heritage and See “DOT,” A2

Cybersecurity team to stakeholders: Patch critical flaws in PHP By Lorenz S. Marasigan

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HE country’s cybersecurity response team has told government agencies, critical infrastructure operators, and hosting providers to immediately patch two critical flaws in PHP, the software running behind a wide range of websites. Hackers who exploit the flaws can take control of web servers without needing a password. In an advisory, the National Computer Emergency Response Team of the Philippines (CERTPH) said the two remote code execution (RCE) vulnerabilities, tracked as CVE-2026-109618 and CVE-2026-109619 and collectively called “PHP2Shell,” pose “a potential risk to government websites, public-facing online services, and private-sector systems” in the country, including those managed by outside hosting providers. Both flaws carry a severity score of 9.2 under version 4.0 of the Common Vulnerability Scoring System (CVSS), placing them in the critical range. CERT-PH said its review did not establish any confirmed PHP2Shell compromise of a Philippine organization. However, the agency warned that the availability of public proof-of-concept (PoC) research and reports of attack attempts “warrants immediate vulnerability assessment, patch deployment, and monitoring of exposed PHP services.”

A FLOW OF HOPE FOR FARMERS Farmers make use of irrigation water

in Jaen, Nueva Ecija, to sustain their crops as El Niño threatens agricultural production across the country. With farm damage reaching P7 billion in five regions, Sen. Francis “Kiko” Pangilinan, chair of the Senate Committee on Agriculture, has outlined eight proposed government interventions to mitigate the impact of the dry spell. These include declaring states of calamity or imminent disaster where warranted, promptly releasing available funds with proper accountability, and mobilizing government resources to secure water supplies, keep food affordable, protect farms and assist affected communities. NONIE REYES

WR report flags PHL economic risks By Rizal Raoul S. Reyes

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T seems that the country will have a bleak Christmas season for the majority of Filipinos. In a recent press briefing in Bonifacio Global City, Dr. Robin Michael Garcia, president and CEO of WR Academy and WR Numero Research, said the findings from its Philippine Political & Country Outlook Report suggest that economic and governance-related challenges, rather than immediate security threats, are among the principal risks confronting the country. He added that mounting business and investment risks as rising public debt, slowing economic growth and weakening foreign investment inflows put pressure on the country’s economic outlook, according to Manila-based professional services firm WR Advisory Group. The study said fiscal and sovereign risk emerged as the most pressing concern in the assessment regarding the Philippines, receiving

a “High” rating, in the latest findings of Manilabased think tank Furthermore, it named six other risk categories classified as elevated, while security risk remained low. In its inaugural report, the WR Advisory group gave the country an overall risk score of 10.375 out of 25 for the second quarter of 2026, classifying the country’s risk level as “Elevated” and its outlook as “Deteriorating.” Out of the eight subcategories, only fiscal and sovereign risk was determined to be HIGH, while six of the remaining categories were ELEVATED, and SECURITY RISK remained low. Four categories—political stability, policy and regulatory risk, fiscal and sovereign risk and economic growth risk—carried a deteriorating outlook, while institutional integrity, external and geopolitical risk-carried a deteriorating outlook, while institutional integrity, external and geopolitical risk, social and labor risk, and security risk were assessed as stable. Garcia said the assessment points to growing

concerns over the country’s fiscal position, economic performance and policy environment, which could weigh on investor confidence if the government fails to address the underlying pressures. Garcia said businesses need stronger political-risk intelligence to navigate an increasingly uncertain environment and make informed investment decisions. Garcia flagged a potential risk of stagflation marked by persistent inflation, low growth trajectory (recent growth benchmarked at ~2%), and elevated living costs affecting everyday household purchasing power.

Fiscal pressures mount

THE country’s worsening outlook comes as the national government’s debt continues to rise, reaching P19.07 trillion, equivalent to 66 percent of gross domestic product, at the end of June 2026. Debt service reached a total P1.23 trillion

in the first half of the year, adding to concerns about the government’s fiscal flexibility and its capacity to finance public services and development priorities. Negative credit-rating signals from Standard and Poor (S&P) Global Ratings and Fitch Ratings have also heightened scrutiny of the country’s fiscal position. At the same time, economic growth has weakened. Philippine GDP expanded by only 2.3 percent in the second quarter, marking the fourth consecutive quarter of deceleration. The slowdown raises questions about the economy’s ability to sustain momentum amid persistent inflationary pressures, higher borrowing costs and uncertainties in the global environment. Garcia said foreign investment has also shown signs of weakness. According to Garcia, foreign direct investment inflows fell by 33.4 percent through May, highlighting the See “WR report,” A2

What is PHP?

PHP is a programming language that runs on web servers, the computers that store and deliver websites. When a person opens a web page, logs into an online portal, or submits a registration form, PHP is often the software working in the background. It processes the request, pulls the needed information, and assembles the page the user sees. Popular website-building platforms such as WordPress, Drupal, and Joomla are built on PHP. Hence, a flaw in PHP itself puts at risk not just one website, but potentially every site and online service running on a vulnerable version of the software.

How the flaws work

THE first vulnerability, CVE-2026-109618, involves how PHP handles situations where a server runs out of memory. When this happens in the middle of certain operations, PHP leaves request data only partly set up, and the cleanup that follows processes that broken data, opening a path for attackers to run their own code. The second, CVE-2026-109619, involves PHP holding on to leftover data from earlier visitor requests after the memory storing it has already been freed. A later request can then access those stale

references, a bug known as “use-after-free” that researchers have shown can also lead to remote code execution and leaks of sensitive data. According to CERT-PH, successful attacks could let unauthenticated hackers run arbitrary code on affected servers and expose sensitive information kept in memory, such as passwords, authentication tokens, application programming interface (API) keys, and certificates. Attackers who gain control could also alter website content, plant malicious files, disrupt services, or use a hijacked server to launch further attacks.

Emergency patches

THE flaws were disclosed ahead of their planned coordinated release, prompting PHP developers to issue emergency security updates on October 21, 2026. The fixed versions are PHP 8.5.12, 8.4.27, 8.3.36, and 8.2.35. On the same day, Cyber Security News reported the availability of a public research repository containing PoC material and a laboratory environment for testing the flaws. Security researchers at Wiz demonstrated remote code execution against WordPress, Drupal, and Joomla sites, while Cloudflare reported early attempts to exploit the vulnerabilities around the disclosure period. Huntress, meanwhile, said it had not seen exploitation across its partner environments as of 4:30 p.m. Eastern Time on October 21. CERT-PH cautioned that these findings come from different monitoring environments and timeframes and “should not be interpreted as evidence that exploitation is absent elsewhere.” “Public PoC availability lowers the barrier to testing and potential exploitation,” the agency said. “Organizations should assume that vulnerable internetfacing assets may be discovered and targeted.”

Agencies told: Check outsourced systems

CERT-PH said government agencies should include managed hosting, outsourced web development, shared hosting, and commercial software containing PHP in their assessments, even when they do not directly run the underlying servers. The agency also stressed that updating a website or content management system (CMS) alone will not fix the problem. “The vulnerabilities affect the PHP runtime itself,” it said. “Updating a CMS or website application without updating the underlying PHP installation does not remediate the vulnerability.” It told administrators to prioritize servers using Apache mod_php, which it described as the highest-risk targets because a demonstrated See “Cybersecurity,” A2

A8

Monday, October 26, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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The bill deposit lesson: A need for clearer rules, better communication

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ILL deposits matter, but so does listening to customers. Meralco proved the second half of that equation when public complaints over unexpectedly bloated October 2026 bills dominated social media—and the utility responded by deferring collection of the reimposed bill deposits until next year, rather than letting the charge land on households still reeling from the sticker shock. That was the right call, and it’s evidence of a company willing to bend when customers push back. But the harder work starts now: explaining the policy before it shows up on a bill.

Roughly 20,000 of Meralco’s more than eight million customers opened their October bills and found a charge they had not ordered. Within hours, the bill deposit was no longer an accounting entry. It was a grievance with a hashtag. The charge is neither new nor irregular. Under the Magna Carta for Residential Electricity Consumers, a deposit is refunded once a customer pays on time for two consecutive years. Fall out of good credit standing—miss due dates—and the utility may require it again. The ERC’s Atty. Corazon Gines went on air to explain this, and showed the notice inserted into affected bills. Some customers missed it. Others saw it and refused to pay, because nothing explained why. The case for deposits is sound. Electricity is consumed before it is paid for. Every month, a utility extends credit to millions of households, then waits. The deposit answers the obvious risk: what happens when a customer defaults, or vacates an address without settling a final bill. It is the same logic as a rental security deposit. The stakes exceed Meralco’s balance sheet. Utilities must collect to buy power, maintain networks, and invest. For smaller electric cooperatives running on thin margins, a pile of uncollected bills squeezes the ability to purchase power. And defaults tend to resurface in the rates everyone else pays. A properly administered deposit is, in that sense, fairness to those who do pay. So the policy was defensible. The rollout was not. A charge that appears with little advance notice, buried in fine print, during a month when households are already counting every peso, was always going to generate friction. The telling detail is that the regulator’s explanation came on television, after the bills had gone out rather than before. A good rule handled badly just feels like a bad rule to the person on the receiving end. Meralco’s decision to suspend collection until next year was therefore not a retreat from compliance. It was compliance with an unwritten rule: how a utility firm should treat the people it serves. Crediting the deposit to the next bill of those who already paid, at least, spares prompt customers the penalty of their own punctuality. But a deferral is not a fix, and responsiveness must not quietly harden into policy-by-clamor. Three things need to happen before next year. First, the ERC should issue staggered-payment rules quickly and uniformly. Chairman Francis Saturnino Juan’s three-month plan is a fair starting point; Meralco’s six-month counter-proposal deserves a hearing. Regulatory vagueness is where disputes breed. Second, the information campaign must run for months, not weeks—text advisories, social media explainers in Filipino, a working hotline. The customer’s question is not what the Magna Carta says, but why this is on the bill and whether it can be paid in parts. Third, the timing must respect the household calendar. A deposit collected in October, ahead of holiday and enrollment spending, lands harder than one collected in a lighter month. The lesson outlives this charge. Rules without explanation breed resentment; explanation without rules breeds chaos. Consumers are owed not the abolition of the deposit, but notice, a reason, and a schedule that respects what a household actually earns. Meralco has taken the first step back. The ERC and power consumers now have a window to take the next—before the same argument restarts.

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Faith, fear, and the Filipino Gen Z Atty. Jose Ferdinand M. Rojas II

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EW research from The Harris Poll finds that Gen Z is now the most religious generation in the United States. A third call themselves religious. According to Harris, young people are trying to regain a sense of control by building a “faith stack” that mixes church with manifestation and even tarot.

If that is news in America, it is ordinary in the Philippines. When the international Footprints survey polled young people in eight countries in late 2023, 89 percent of its Filipino respondents said they believe in God. Yet the same study found that 64 percent of young Filipino Catholics do not consider attending Mass necessary to being a good Christian. Sociologist Jayeel Cornelio calls this “creative Catholicism”: faith that is personal, practical, and choosy about institutions. Our young are not abandoning belief. They are renegotiating its terms.

That same generation is also rethinking its relationship with technology, and on this front the mood is much less certain. Harris also found that 38 percent of American Gen Z believe they are likelier to die from artificial intelligence than from old age. Yet more than half of young people say they could not easily return to life without it. Filipinos live that contradiction on a larger scale. A Sprout Solutions survey found that 78 percent of Filipino workers already use AI in their daily work, even as many

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worry that it is dulling rather than sharpening their thinking. The International Labor Organization (ILO), meanwhile, estimates that 12.7 million Filipino jobs are exposed to generative AI. The ILO is careful to add that only 3.6 percent of jobs fall into the highest-risk category, and that most change will mean tasks reshaped rather than jobs erased. But it flags a danger: young people are more likely to hold the service, sales, and clerical jobs most at risk of displacement, the very roles where many fresh graduates begin. What does all of this mean for our country? First, whether our youthful population pays off now depends on

No different standard: Corona, Sereno, and the question facing Sara Duterte

✝ Ambassador Antonio L. Cabangon Chua President/Publisher

Ask a young Filipino what keeps them going, and you might hear about church, a forecast or prediction, or a new AI skill they picked up on YouTube. What we should think about is how little we have done to make sure their effort leads somewhere. They are holding up their end. Are we?

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WO Chief Justices of the Supreme Court lost their positions in controversies involving their Statements of Assets, Liabilities and Net Worth (SALNs). One was convicted by the Senate sitting as an impeachment court. The other was removed through a Supreme Court ruling on a quo warranto petition. Their departures came six years apart, under different administrations and through different legal processes. But both left behind a lesson that now bears directly on the controversy confronting Vice President Sara Duterte: the higher the public office, the greater the obligation to account for one’s wealth. The SALN is not simply another government form that officials fill out and file away. It is a constitutional instrument of accountability, designed to allow the public to examine whether those entrusted with government power have acquired wealth consistent with their lawful sources of income. It requires public officials to disclose their assets, liabilities and financial interests. Material omissions, unexplained discrepancies and

false declarations can raise questions that go beyond clerical negligence. They may call into question the integrity of the official making the declaration. That is why the allegations involving Duterte deserve examination beyond the political noise surrounding her impeachment. Consider what happened to CJ Renato Corona. In May 2012, the Senate convicted the Chief Justice for culpable violation of the Constitution and betrayal of public trust arising from his failure to fully disclose substantial bank deposits in his SALN. The proceedings were politically charged, but the decisive issue was whether the country’s highest judicial officer had complied with the disclosure obligations imposed on public servants. Corona lost his

The SALN is not simply another government form that officials fill out and file away. It is a constitutional instrument of accountability, designed to allow the public to examine whether those entrusted with government power have acquired wealth consistent with their lawful sources of income.

position. Six years later, Chief Justice Maria Lourdes Sereno suffered a similar fate, although through a different legal route. In 2018, the Supreme Court granted a quo warranto petition challenging the validity of Sereno’s appointment, with her failure to submit the required SALNs from portions of her earlier government service forming a central part of the controversy. Sereno was not convicted in an impeachment trial. Nor did the ruling establish that she possessed unexplained wealth. The Court instead found that deficiencies in her compliance with the SALN requirements affected her qualifications for appointment. She, too, lost her position. Now comes the controversy involving Vice President Duterte. The allegations concerning her SALNs, reported financial transactions and possible undisclosed business in-

AI. According to official 2020 data, roughly 31 million Filipinos are between 15 and 30 years old. They are our greatest asset, but if entry-level jobs dry up, they become our greatest risk, since the lowest rung of the career ladder is exactly where machines are improving fastest. Second, the anchors that young people reach for matter. A generation that prays, gathers and believes carries reserves of meaning and resilience that no algorithm supplies. But faith cannot stand in for skills, training, and safety nets. That is the job of employers, schools, and government. Third, institutions must meet our youth where they are. Filipino workers have already embraced AI. What they lack is guidance on using it to think better, not less, and a clear path forward when their jobs change. Ask a young Filipino what keeps them going, and you might hear about church, a forecast or prediction, or a new AI skill they picked up on YouTube. What we should think about is how little we have done to make sure their effort leads somewhere. They are holding up their end. Are we?

terests have raised questions about whether her declarations accurately reflected her assets and financial circumstances. Duterte’s lawyers and political allies have challenged the accusations, arguing that the proceedings are politically motivated and intended to weaken her prospects for the presidency. They maintain that properties questioned by her accusers were covered by her declarations, that the amounts cited from financial transaction records represent cumulative movements of funds rather than hidden wealth, and that differences in disclosure forms and reporting requirements may explain some of the apparent discrepancies. These defenses deserve to be heard and tested. But they cannot substitute for a complete accounting of the underlying records. If the assets were properly declared, the corresponding SALNs should establish that fact. If the financial transactions were legitimate, the supporting records should help explain their sources and purposes. If the discrepancies arose from differences in reporting requirements, the applicable rules should clarify them. The question is not whether Duterte’s political adversaries are without fault. Nor is it whether other public officials may have committed greater offenses. The question is See “Gagni,” A9

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Opinion BusinessMirror

Paris police use tear gas, water cannon to disperse protesters By James Regan & Benoit Berthelot

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OLICE used tear gas and a water cannon to disperse crowds in Paris after tens of thousands of people marched largely peacefully on Saturday to protest the high cost of living and insufficient school funding.

The clashes late in the day mirrored tensions in other French cities, including Lyon and Bordeaux. In Grenoble, close to 400 masked individuals dressed in black attacked security personnel and property, according to regional authorities. Some 2,000 did so in Paris, according to Interior Minister Laurent Nuñez. About 410,000 demonstrators took to the streets across France, including some 110,000 in the capital, the Interior Ministry said, indicating lower turnout than the previous weekend. The French government had said it planned to deploy 70,000 security officials, including elite anti-terror forces, to avoid a repeat of nationwide violence and looting a week ago that caught law enforcement flat-footed. “The marches went off well,” Nuñez told reporters on Saturday evening. “We should be thankful that freedom of expression was able to be exercised, but regret that a number of individuals were out to do only one thing: cause the marches to degenerate.” Many protesters held union flags and placards criticizing the police and President Emmanuel Macron’s government. Student groups and labor unions have called for more demonstrations until the government abandons its budget plan and boosts spending on public services. As the march reached its end in the rain on the eastern side of Paris, a number of groups—often wearing black helmets or hoodies, goggles and facemasks—squared off with police. In Nantes, in western France, police used a water cannon to stop individuals from entering a location where protests were banned. Last week’s nationwide demonstrations drew more than half a million people and turned violent as rioters attacked public buildings and broke into stores across the country, including in Paris, fought with police and set fire to cars. “Once again today, security forces were confronted with an extremely high level of violence,” Nuñez said. “Thanks to the intervention of law enforcement, many acts of looting were prevented. Thanks to the intervention of law enforcement, there were no targeted attacks on public buildings, as happened on October 17.” He added that there had been about 1,000 arrests and said he expected the number to rise significantly. Authorities in Paris restricted Saturday’s main march to the southeastern edge of the city, between Porte d’Italie and Porte de Vincennes, avoiding more traditional routes through the center. Police with loudspeakers earlier ordered people to clear the Place de la Bastille, known as the birthplace of the French Revolution in 1789,

About 410,000 demonstrators took to the streets across France, including some 110,000 in the capital, the Interior Ministry said, indicating lower turnout than the previous weekend. The French government had said it planned to deploy 70,000 security officials, including elite anti-terror forces, to avoid a repeat of nationwide violence and looting a week ago that caught law enforcement flat-footed. from where the demonstration had previously been planned to kick off. Shops in Paris, including many luxury boutiques, boarded up windows and hired additional security personnel, and some shutting entirely. Three popular attractions— the Louvre, Musee d’Orsay and the Picasso Museum—were closed on Saturday, and a scheduled football match between Paris Saint-Germain and Olympique Lyonnais in Paris was postponed. Parts of Paris were operating as normal on Saturday, though. A “Hail Mary” event was held by the city and the National Football League along the Seine River by Notre-Dame cathedral ahead of Sunday’s New Orleans-Pittsburgh game. Fans on river tour boats sailed past, waving gold pompoms over their heads and wearing black jerseys, the uniform colors of both teams. The city’s iconic Eiffel Tower was also open for business. Soldiers were helping to guard sensitive buildings. Helicopters and armored vehicles known as Centaurs were also made available. Some cities, including Lyon, banned protests on Saturday and extended curfews. Macron on Thursday acknowledged “planning failings and elements of surprise” behind last weekend’s events. The French leader, who’s postponed a tour across West Africa planned for next week, blamed ultra-left groups for what he called seditious acts. There were indications on social media that hooligans plan to converge on France’s capital next week as well, according to Paris Mayor Emmanuel Grégoire. “We’re preparing for a long-term situation, over several weeks,” he told Le Parisien newspaper, estimating that the cost to city hall could reach into the tens of millions of euros. Backed by a disparate group of social media figures, students, unions and left-wing parties, Saturday’s demonstrations were framed as an “Acte II,” or second round, of the protest movement. Much of the anger is targeted at Macron, whose popularity has slumped six months before the end of his second term.

The movement still has majority support among the public, according to a Cluster 17 poll of 3,000 adults for L’Opinion carried out October 19 to 22, although it’s backing has fallen by 4 points, to 53 percent. At the same time, 59 percent of those interviewed want it to end quickly, up 6 points, as worries increase about the economic and social fallout. Surveys show the violence has benefited far-right candidate Marine Le Pen, frontrunner for April’s presidential election. She convened supporters in Orléans on Saturday for her National Rally party’s congress, while thousands of her opponents, including leftist and union leaders, held a protest march in the central French city. A n Ipsos - BVA - C é s i É cole d’ingénieurs poll for Le Parisien published on Saturday showed that while Le Pen is still firmly in the lead, the far-left France Unbowed leader Jean-Luc Mélenchon has also received a boost from the unrest and stands in second place, ahead of various centrist competitors. The survey of 1,500 adults was taken online on October 21 and 22.

Fiscal fears

THE unrest has increased fears about public finances. While France dodged a downgrade by Moody’s Ratings late Friday, it’s struggling to reduce the budget deficit ahead of the 2027 election. A closely watched gauge of bond risk rose to levels last seen during the euro-area debt crisis: The spread between 10-year yields in France and Germany, the region’s safe asset, reached 178 basis points on Thursday, compared with just 85 basis points at the start of September. Private-sector economic activity also shrank this month, with the Composite Purchasing Managers’ Index compiled by S&P Global dropping to 48.4 in October from 51.1 last month. That’s under the 50 threshold separating expansion from contraction. Hints at the impact continue to develop. On Saturday, the chief executive officer of Breitling said the Swiss luxury watch brand was bracing for a hit to holiday-season sales as tourists stay away from Paris. France isn’t the only European country dealing with popular unrest. Clashes broke out in Tirana on Saturday as protesters demanding Albanian Prime Minister Edi Rama’s resignation threw stones and set fires while police responded with tear gas, water cannons and rubber bullets. In Italy, police used tear gas in Turin after demonstrators threw paving stones and bottles, according to newswire Ansa. There were also confrontations with police in Rome and Bologna. In Milan, where protests degenerated into looting last week, access to the central Piazza del Duomo was blocked off by authorities. Even so, 10,000 demonstrators gathered in Milan, Corriere della Sera reported. Protests also took place in Belgium. With assistance from Samy Adghirni /Bloomberg

Monday, October 26, 2026

Get rid of double speak Siegfred Bueno Mison, Esq.

THE PATRIOT

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POKESPERSONS play a critical role in helping leaders communicate their messages and making their constituents understand their positions. They may follow a script or adhere to an official stand on particular issues. They must remember that they speak not for themselves, but for and on behalf of their principals. Their job is not to advance personal positions but to articulate the views of the people or institutions they represent.

During my almost five years in the Bureau of Immigration, four ablebodied officers served as the agency’s mouthpieces. Not by design, but all were women, all were graduates of the University of the Philippines (UP), and all had academic distinctions. Tonette Mangrobang, Maan Pedro, Elaine Tan, and Dana Sandoval were empowered communicators who consistently aligned their statements and media interviews with the positions of their principals. Since 1987, the offices of the presidential spokesperson and press secretary have often been confused with one another. Presidents from Cory Aquino to Ferdinand Marcos Jr. have dissolved, reorganized, or revived these supposedly distinct offices. Under the Marcos administration, the Office of the Presidential Spokesperson was dissolved through an executive order, placing the spokesperson under the Presidential Communications Office (PCO), which, incidentally, has had six heads in the past four years. Among the many PCO officials under Marcos, Atty. Claire Castro perhaps stands out the most. After submitting her courtesy resignation following the appointment of a new PCO chief, she nevertheless retained her position. Newly appointed PCO Secretary Lino Cayetano reportedly described her as a “treasure” because of her ability to communicate the administration’s positions effectively. Many Filipinos know Atty. Claire for her candor and frequent use of what critics describe as doublespeak. In political communication, doublespeak is language designed to obscure the truth or soften unpleasant realities. Vague, ambiguous, or misleading expressions leave listeners uncertain about what is actually being said. Atty. Claire has demonstrated considerable skill in defending the administration’s positions and attempting to smooth over its communication blunders.

Gagni. . .

Continued from A8

whether her own declarations complied with the law. That distinction is important because the political defense has increasingly invoked her electoral mandate. The precedents involving Chief Justices Corona and Sereno should serve neither as automatic grounds for Duterte’s removal nor as instruments for prejudging her guilt. They

Of the many qualities required of a spokesperson, my wife, Pia Morato, who has served as spokesperson for Quezon City Mayor Joy Belmonte since 2020, considers empathy indispensable. A spokesperson must faithfully communicate a principal’s position, but, according to Pia, must also look after the principal’s interests. Of the many qualities required of a spokesperson, my wife, Pia Morato, who has served as spokesperson for Quezon City Mayor Joy Belmonte since 2020, considers empathy indispensable. A spokesperson must faithfully communicate a principal’s position, but, according to Pia, must also look after the principal’s interests. When controversies arise and official positions remain unclear, empathy becomes particularly important. It helps a spokesperson anticipate the consequences of a statement and protect the interests of the person or institution being represented. Some words, if left unsaid, can harm an organization. Other words, when said unnecessarily, can backfire. Consequently, a statement that some observers dismiss as doublespeak may be viewed by others as an exercise in empathy. The distinction often lies in the intention behind the words and the circumstances in which they are spoken. In biblical terms, Jesus Christ offers an extraordinary example of effective communication. He used relatable parables to make profound spiritual truths understandable to ordinary people. He asked questions that encouraged reflection rather than merely demanding passive acceptance. Most importantly, Jesus knew His audience. He spoke to Pharisees differently from the way He addressed fisherfolk. He knew when to challenge His followserve instead as reminders that even the highest officials cannot place their financial disclosures beyond examination. The Constitution declares that public office is a public trust. It demands accountability, integrity and honesty from those who exercise governmental authority. That declaration applies to a municipal employee, a Cabinet secretary, a Chief Justice and a Vice President alike. Whether Duterte violated her disclosure obligations remains a

Venezuela to restart a crucial power plant with China’s help By Patricia Garip & Fabiola Zerpa

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CHINESE engineering company is on the cusp of partially restarting a massive Venezuelan power plant that’s been largely idle for years, a crucial step toward fixing the nation’s dilapidated grid.

China Machinery Engineering Corp. plans to switch on a 600-megawatt, oil-fired unit next month at the sprawling Planta Centro complex, according to people familiar with the matter, who asked not to be identified because the matter isn’t public. The company is working on the plant under a contract dating back to the presidency of the late Hugo Chávez. Restarting Venezuela’s largest fossil fuel-burning plant will help ease chronic blackouts that have worsened

since earthquakes ravaged the region in June. Meanwhile, the fact that a Beijing-controlled company is undertaking the repairs is a reminder that China remains active in Venezuela even as the Trump administration has vowed to reduce its influence. Venezuela’s Information Ministry and China Machinery Engineering didn’t respond to requests for comment. The Venezuelan power grid has suffered from years of underinvest-

ment and lack of maintenance as US sanctions squeezed the nation’s economy. From factory floors to city streets, blackouts are stoking mounting frustration. The Venezuelan Observatory of Social Conflict documented 531 protests over power failures in September alone, up more than 20-fold from a year earlier. On paper, the nation has enough generating capacity to produce roughly 37,000 megawatts, with about half coming from hydroelectric dams, according to BloombergNEF. But many plants are in serious disrepair. Parts from some units have been cannibalized to fix others. One of the only places in Venezuela that doesn’t regularly go dark, aside from occasional flickers, is Caracas. Keeping the lights on is especially

vital for the oil sector, the backbone of Venezuela’s economy. Crude operations there rely heavily on the grid, even as new legislation requires companies to install their own generators. Several oil companies, including Repsol SA, Chevron Corp. and the Pentagon’s partner, North American Blue Energy Partners Inc., are conducting repairs to power infrastructure to ensure they have reliable access to electricity, the people said. Planta Centro, about 85 miles (135 kilometers) west of Caracas in Carabobo state, was first developed about 50 years ago and once supplied Caracas. It has been largely shut since 2021 because of equipment failures, aging machinery, fuel shortages and other factors. If fully operational, the six-unit complex could crank out

more than 2,500 megawatts, which is more than the output of two large nuclear reactors. China Machinery Engineering, which has had a contract to work at the plant since about 2010, is restarting unit number 6, which will bring about 25 percent of the complex’s former capacity back online. Once operational, the generator will use fuel oil supplied by state-owned Petroleos de Venezuela SA, the people said. US President Donald Trump and members of his administration have been making the case for reducing Chinese leverage in Venezuela since shortly after US forces captured former President Nicolás Maduro in January. “For the first time in 20 years, we are having serious conversations

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ers, confront His critics, and offer compassion to those who needed it. Whether addressing Jews, Romans, or Gentiles, He communicated with purpose, without compromising the truth of His message. Believers would do well to follow His example. As Scripture declares, we are “Christ’s ambassadors” (2 Corinthians 5:20), entrusted with the ministry of reconciliation. We are called to invite others to turn away from sin and restore their relationship with God through Jesus Christ. Our words and actions can either advance or undermine that mission. If we profess God’s love but treat others with contempt, our conduct contradicts our message. If we speak of compassion but act without empathy, we weaken our testimony. Jesus did not merely preach love and compassion; He demonstrated them through His actions. In public service, doublespeak may sometimes be defended as political strategy or institutional damage control. But believers must hold themselves to a higher standard. Empathy should guide how we communicate, not become an excuse to conceal the truth. Choosing our words carefully is wisdom; deliberately misleading others is dishonesty. Hence, government leaders need to exercise restraint and wisdom in their words whenever they speak of relationships with other countries and other people. Whether we speak for a government agency, a public official, or our Christian faith, we must remember that our words carry the weight of the institutions and values we represent. As my pastor-mentor Albert taught me, whenever a message purportedly coming from God is ambiguous, always turn to Scripture for guidance. Human words can confuse, manipulate, and deceive. God’s Word must remain our standard for discerning the truth. In the end, a spokesperson may be judged by how effectively words protect a principal. A Jesus follower, however, must also be judged by whether those words honor the truth. Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.

question for the proper institutions to determine on the evidence. But the standard by which that question must be answered should not depend on her popularity, her political prospects or the identity of her accusers. Two Chief Justices have already learned how consequential the SALN can become. The Vice President is entitled to every protection of due process. She is not entitled to a different standard of accountability.

about eroding and eliminating the Iranian presence, the Chinese influence, the Russian presence as well,” US Secretary of State Marco Rubio said during a Jan. 28 Senate Foreign Relations Committee hearing. The work at Planta Centro is part of a broader series of repairs underway on Venezuela’s electricity infrastructure, which is all owned by the national power company, Corporación Eléctrica Nacional SA. GE Vernova Inc. signed a preliminary agreement with Venezuela in June to help repair the grid. Progress, however, has been slowed by negotiations and equipment delays, the people said. GE Vernova said in a statement that it’s working to finalize contracts to begin work as soon as possible. Bloomberg

BusinessMirror

A10 Monday, October 26, 2026

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OUNG swimming standout Jamesray Mishael Ajido will be the flag-bearer for a small Philippine contingent in the parade of athletes during the Opening Ceremony of the Fourth Youth Olympic Games (YOG) on October 31 in Dakar. Ajido, 16, and eight other Filipino athletes aged no older that 17 are competing in six of the 25 sports in Dakar 2026, the first time that an Olympic competition is being staged on African soil. “The YOG are as tough as the Summer Olympics,” said Philippine Olympic Committee president Abraham “Bambol” Tolentino, who will fly to the Dakar this week ahead of the Opening Ceremony at the Abdoulaye Wade Stadium in Diamniadio that will feature the culture and music of the host country under the theme “Africa Welcomes, Dakar Celebrates.” An advanced party for Team Philippines headed by chef de mission Rocky Samson—secretarygeneral of the Philippine Taekwondo Association—took an arduous 29-hour flight over the weekend to Senegal that will be hosting for 14 days close to 3,000 athletes from 203 nations. Ajido and Riannah Chantelle Coleman are the country’s representatives in swimming and they will plunge into the swimming competitions that start on November 1, the same day wushu’s Angel Polo (Women’s Taijiquan combined) also starts her campaign.

Artistic gymnastics start running on November 7 with Tchelzy Maayo and Hillarion Palles III campaigning, followed the next day by cycling with Maritanya Krog seeing action in women’s road and individual time trial. Athletics action also starts on November 8 with Team Philippines pinning its hopes on Pi Durden Wangkay (Men’s 200m) and Naomi Marjorie Caesar (Women’s 800m). The country’s ninth athlete, Jade Justine Justiniane, also takes his turn beginning November 8 in windsurfing of sailing. The Philippines has so far two medals in the YOG—Luis Gabriel Moreno won a gold medal in mixed international team event of archery with China’s Li Jiaman in Nanjing and Christian Tio silver in boys’ twin-tip racing of kiteboarding.

Youth and sports unite in Dakar

DRAWIN on this historical significance, the YOG in Dakar will see youth and sport unite in peaceful competition and drive the transformation of Senegal, the host nation, while providing a source of inspiration for the whole of Africa. Marking a milestone for the continent, Dakar 2026 will be the first Olympic

Avaricio aims high at LPGT finale in Apo

event held in Africa. More than just a sporting event, it will be an opportunity to highlight Senegal’s cultural wealth and Africa’s growing role in the Olympic Movement. By celebrating the continent’s

There won’t be a golden hat-trick in floor exercise and vault for Carlos Yulo as the Paris Olympics and Nagoya Asian Games double champion finishes eighth and last in the final of floor exercise at the world artistic championships in Rotterdam, The Netherlands, on Saturday. Fred Richard became the first American in 23 years to win the world title, sending Great Britain’s Jake Jarman to the silver and Israel’s Artem Dolgopyat to the bronze medal. POC FILE PHOTO

MEMBERS of Team Philippines, led by chef de mission Professor Francis Diaz, pose in formation during the closing ceremony last Saturday. PSC PPC PHOTO

Unbeaten Cool Smashers Creamlines’ Bernadeth Pons try to outwit Zus Coffee’s Chai Troncoso at the net in the Cool Smashers’ 2519, 16-25, 26-24, 25-17 victory that kept them unbeaten in the Premier Volleyball League All-Filipino Conference before a packed Saturday crowd at the FilOil Centre last Saturday. Creamline gets to a 3-0 start while dealing Zus Coffee its third consecutive loss. PVL IMAGES

Ateneo flashes potential

FROM the opening whistle, they attacked that basket, took fewer outside shots, played 2-2-1 on the trap, switched on defense, and made FEU feel very uncomfortable (at least for the first 25 minutes of the game). Ateneo is still far from the finished product.

YOUNG swimming ace will be Team Philippines’ flag-bearer during the opening ceremony. POC PHOTO

Teranga is deeply rooted in Senegalese life, reflecting a culture of generosity and openness toward others. Dakar 2026 represents a platform for cultural exchange activities and the promotion of African and other cultures around the world. Acting as a catalyst to engage Senegal ’s young people through the development of national sport and youth policies and the spirit of volunteering, it aims to

transform their lives and bring sustainable economic, social and environmental benefits. It will also be the first edition of the Youth Olympic Games to feature a Refugee Olympic Team, composed of athletes based in Africa. This reflects the International Olympic Committee’s continued commitment to supporting refugees and displaced persons through sport at all levels. With Olympics.com

Gregorio: Very successful campaign

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AGOYA Asian Games silver medalists Kurt Barbosa and Tachiana Mangin lead a six-athlete team that will see action in taekwondo’s kyorugi events in the Sixth Asian Indoor and Martial Arts Games (AIMAG) set December 11 to 21 in Riyadh, Saudia, Arabia. Joining the Paris 2024 Olympian Barbosa (men -54 kgs) and former Asian junior champion Mangin (women -51 kgs) are Angelous Lustado (-60 kgs) and Aljen Anyaga (-67 kgs) in the men’s division and Clarence Sarza (-46 kgs) and veteran campaigner Baby Jessica Canabal (-57 kgs) in the women’s class. The composition of the poomsae team, Philippine Taekwondo Association secretary-general Rocky Samson said, will be announced later. “This is going to be the same level and intensity with the last Asian Games. We must prepare seriously,” Samson said. “So after our recent evaluation, the same athletes will represent us in AIMAG.” The Virtual Mixed Taekwondo event where Jesus Gabriel Derick Yape won a gold medal for the Philippines in Nagoya, is not in the Riyadh program. Samson said that the AIMAG is an integral part of PTA’s qualification campaign for the Los Angeles 2028 Olympics. “We can gauge our athletes in AIMAG if they can compete in next year’s Olympic qualification,” he said. There will be eight kyorugi events at the LA 2028 Olympics—-58, -68, -80 and +80 kgs in men and -49, -57, -67, and +67 kgs in women. Josef Ramos

THAT was a huge win by the Ateneo Blue Eagles over the Far Eastern University Tamaraws last Saturday at the Blue Eagle Gym. They got payback for the first-round loss where they were outplayed. Ateneo returned the favor this time around, 75-72. The team showed its potential and when locked in, playing with that kind of manic intensity and nearly four periods of harassing defense, what they can do. How far they go depends on how many more wins can they pull out and how the other teams fare. Here were their keys to victory against the erstwhile league leader.

CHANELLE AVARICIO is all smiles with her South Pacific trophy. ROY DOMINGO

diversity and potential, the Games aim to inspire and set a reference point for future Youth Olympic hosts. The Dakar YOG will also be a platform for mutual exchange as they will introduce the world’s best young athletes to Teranga—the Wolof word that embodies Senegal’s unique spirit of warmth, respect and hospitality—while promoting the Olympic values among young people in Senegal and across the African continent.

Barbosa, Mangin, 4 others lead kyorugi team in Riyadh

High intensity from the onset

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

YOUTH, SPORTS UNITE IN DAKAR Bad hair day in Rotterdam

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HANELLE AVARICIO brings a potent mix of winning momentum, growing confidence and proven course mastery into the International Container Terminal Services Inc. Apo Golf Classic, seeking back-toback victories and a fourth title of the season as the Ladies Philippine Golf Tour (LPGT) wraps up its 2026 campaign Tuesday in Davao City. Fresh from a one-shot victory over Tiffany Lee at South Pacific last week, Avaricio heads to the quaint Apo layout with another compelling edge: a return to the course where she ruled in dominant fashion last year, turning a tight opening-round battle into a runaway triumph with a sterling second-round 68 that propelled her to an seven-shot victory. The reigning champion thus looms as the player to beat in the P1.25million season-ending championship, armed with the confidence of a recent winner, familiarity with the demands of the course and an increasingly well-rounded game sharpened by overseas competitions, including the China Tour. Another victory would not only give Avaricio a fitting finish to her campaign but also match her fourtitle haul in the 2022 season. She has already stamped her class this year with victories at the demanding Pinewoods leg and Summit Point before surviving a dramatic, shifting battle of fortunes at South Pacific. Yet for Avaricio, the significance of each triumph goes beyond numbers or comparisons. “Each win means a lot to me,” said Avaricio after edging Lee in a tense finish. “It’s same as my other wins. Pero lahat naman, I’m really grateful and happy. So, it’s the same as all my wins. So, grateful lang talaga.”

Sports

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AGOYA—Philippine Sports Commission (PSC) chairman Patrick Gregorio and Philippine Paralympic Committee (PPC) president Mike Barredo hailed the Filipino athletes for responding to the challenge and finishing 17th overall with two golds, two silvers and three bronzes in the 5th Asian Para Games which drew to a close Saturday at the Mizuho Park Athletic Stadium. After more than a week of grueling action, swimmers Ernie Gawilan and Arjay Alegarbes bagged gold medals, with Gawilan and table tennis mixed doubles pair of Wilfred Redulla and Lhey Manginsay contributing silvers and swimmer Raemond Adefuin, runner King James Reyes and shot putter Ma. Ravinia Carpena adding bronzes to the coffers. The haul surpassed the Philippines’s performance in the last edition in Hangzhou three years ago when chess, which the Japanese hosts excluded from this year’s program, is taken out of the tally. In Hangzhou, the Filipinos collected 10 golds, four silvers

They sustained their defense and intensity for much of the game except for those unforced errors that allowed the Tamaraws back in the game. It is all about handling the pressure and the inevitable run or runs by the opposing teams. The Blue Eagles coughed up leads against UP and La Salle and nearly did to FEU—twice in fact. However, this time, they held fast through their defense and some timely plays.

step and is quicker around the hoop—watch out. While Ateneo registered zero blocks for the game, Baruwa did make FEU think a few times on whether they should challenge him inside. I had a short conversation with him last Thursday when I dropped by before the team’s practice to share some anecdotes. I didn’t want to give a pep talk and the usual, “kaya niyo yan” and so-so. Instead, I shared true to life anecdotes where I worked with players from Ateneo, Adamson, San Beda, UST, and National University to help them look at their struggles from another perspective. What I shared, I made it clear, take away from them what you can or want. When Sultan came over to shake my hand, I pulled him aside and told him to “play with controlled chaos.” The result was 13 points, 12 rebounds and two assists against four turnovers.

Sultan Baruwa huge difference

Need for further consistency

SULTAN BARUWA has had his moments during Ateneo’s very brief pre-season and this UAAP campaign, but yesterday, he was more in control rather than playing out of it. If he works on that drop

THIS is that weird collective stat just like in football where a team can have the most time of possession or even shots at goal but still lose. Consider that FEU had more points off turnovers

and five bronzes, with chess accounting for eight golds, three silvers and two bronzes. “It was a very successful performance, congratulations,” said Gregorio, who f lew in for the final two days of the event to cheer for the Filipinos. “More or less, with what we did last Para minus chess, of course, we did well,” Barredo said. The Philippine squad is now looking forward to the next edition in 2031 in Doha, where it hopes to make the country proud again. “ W hat’s important is that we’ ll continue supporting our athletes,” Gregorio said. Gregorio and Barredo also met with Asian Paralympic Committee (APC) president Majid Rashed to discuss plans to collaborate on building the Philippines’s first training center exclusively for para athletes. “One of the reasons I’m here, I met with the APC president and asked them to help develop a game center pareho ng ginawa natin sa taekwondo, football and baseball,” Gregorio said.”

(20-13), rebounds (44-35), points in the paint (40-36), second chance points (17-11), bench points (31-12), and fastbreak points (20-16), but they still lost. Ateneo had better statistics in the first half but when they coughed up that 18-point lead (4830) in the third period, that really boosted FEU’s opportunity to steal the game. The Tamaraws’ collective body language was better in the second half (especially after the 26th minute). When Ateneo got its second wind, they once more gained a double-digit lead late in the game. It was the unforced errors that allowed FEU to come back. The Blue Eagles take on National University this coming Wednesday, October 28 at the Smart Araneta Coliseum. Ateneo upended NU 87-76 in the first round encounter. They will shoot for a repeat win while the latter will seek revenge. Needless to say, this is a big game, and the Bulldogs are stoked more so after crushing Adamson, 79-43, also last Saturday. That mauling if Adamson saw the Bulldogs return to the top of the league standings with a 6-2 record. Ateneo is at 7th with an even 4-4 slate with percentage points separating them from four other squads with similar win-loss records.

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Editor: Jennifer A. Ng

STOCK-MARKET OUTLOOK LAST WEEK SHARE prices fell as trading soured after the central bank made a jumbo rate hike of 50 basis points, double the market assumption of a 25-basis-point increase. The benchmark Philippine Stock Exchange index (PSEi) declined 54.07 points to close at 5,728.63 points. The main index was up on the first three days of the week, including on Tuesday when Mynt Inc., the operator of e-wallet operator GCash, listed on the main board of the PSE. The trading session turned sour on Thursday after the jumbo increase in key policy rates of the Bangko Sentral ng Pilipinas (BSP) to 5.5 percent. The BSP has raised interest rates by 125 basis points since April. Most sub-indices went south, except for the Holding Firms index that gained 6.72 points to close at 4,259.55 points. The broader All Shares index shed 25.52 to 3,193.29, the Financials index fell 6.25 to 1,799.58, the Industrial index declined 132.82 to 7,293.21, the Property index decreased 10.99 to 1,797, the Services index retreated 32.08 to 3,016.15 and the Mining and Oil index plunged 660.85 to 18,560.72. Average daily trading reached P6.3 billion. Foreign investors, who cornered 78 percent of the trades, were net sellers at P9.07 billion. For the week, losers edged gainers 114 to 91 and 35 shares were unchanged. Top gainers were PH Resorts Group Holdings Inc., COL Financial Group Inc., Pacifica Holdings Inc., Imperial Resources Inc., NiHAO Mineral Resources International Inc., Philippine Estates Corp. and IPM Holdings Inc. Top losers, meanwhile, were Apollo Global Capital Inc., F and J Prince Holdings Corp. A shares, RL Commercial Reit Inc., the Philodrill Corp., Paxys Inc., Supercity Realty Development Corp. and Century Peak Holdings Corp.

THIS WEEK SHARE prices may continue to go down this week as investors digest the effects of the rate hike. Broker 2TradeAsia said the central bank’s guidance did not give the assurance that things could better, moving forward. “The (BSP) governor said the forecasts were worse than the BSP had expected, and that inflation would only return to the target range by 2028. This keeps the door wide open for another hike at its December meeting,” it said.

Continued on B2

Monday, October 26, 2026

B1

Meralco 9-month sales rise on new service connections

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By Lenie Lectura

@llectura

HE Manila Electric Co.’s (Meralco) consolidated energy sales in January to September increased slightly to 41,054 gigawatt hours (GWh) due to new service connections. The utility firm said contributions from new users more than offset softer organic demand. Residential energy sales grew 1.5 percent to 14,731 GWh, supported by sustained energization efforts, while commercial grew 1 percent to 15,393 GWh, driven by retail and restaurant expansion. Meanwhile, energy sales from Meralco’s industrial customers slid by 0.3 percent year-on-year to 10,819 GWh, as semiconductor gains were offset by tepid demand

from steel and plastic factories. During the third quarter, Meralco recorded a 3.4-percent increase in energy sales, boosted by warmer temperatures and steady energization. Meralco will release its 9-month financial and operational results this week. The utility firm, meanwhile, assured its compliance with the latest directive of the Energy Regulatory Commission (ERC) on the guidelines for the reimposition of bill deposits.

The reimposition applies only to customers who previously received refunds of their bill deposits after two consecutive years of paying on or before due date, but subsequently missed their bill payments. To extend additional relief to customers, Meralco has taken the initiative to defer its implementation until next year and provide affected customers with an automatic six-month installment arrangement, longer than the three months prescribed under the guidelines. Meralco will also reflect the bill deposit as a separate line item in customers’ bills to “provide greater clarity.” Meanwhile, Meralco will continue the automatic refund for customers in good credit standing. “Meralco remains committed to keeping customers informed. The company will proactively communicate relevant information to affected customers, issue advisories

and reminders, and address their questions and concerns to help them better understand the policy and its implementation,” said Meralco senior vice president and head of regulatory management Jose Ronald V. Valles. Last July, Meralco said its net income reached P26.3 billion in the first half, up 11 percent from the level recorded in the same period a year ago, buoyed by the strong performance of its distribution, generation, and retail electricity businesses. Consolidated core net income (CCNI) at end-June also improved by 3.8 percent to P26.5 billion from P25.5 billion, driven by a 48-percent contribution from the distribution utility (DU) and growing power generation earnings. The company said it maintained stability through a “diversified earnings mix and prudent cost management” amid global fuel pressures.

‘LGUs should hasten telco permits’ By Lorenz S. Marasigan @lorenzmarasigan

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ITH local governments across the country having approved 12,241 permits and clearances for telecommunications infrastructure projects, Globe Telecom Inc. said the momentum should continue so that more cell sites and network upgrades can reach underserved and remote communities. The Department of the Interior and Local Government (DILG) reported that the approvals came from 707 cities and municipalities as of September 2026. Reforms aimed at simplifying local permitting processes supported the approvals. Executive Order (EO) No. 32, issued in 2023, streamlined the requirements for telecommunications and internet infrastructure. It also directed local

government units (LGUs) to process applications within prescribed timelines and to prevent backlogs. “Faster permitting is important in bringing better connectivity to more Filipinos. We appreciate the efforts of LGUs to simplify these processes and help telecommunications providers move forward with their projects,” Joel Agustin, SVP and head of Network Planning and Engineering at Globe, said in a statement on Sunday. He noted that continued cooperation between government and the industry is needed to speed up network expansion, particularly in areas that remain underserved. Agustin said cutting administrative delays allows telecommunications providers to move planned cell sites and network upgrades into construction sooner, which improves services in the communities that need them most.

MARCOS’ EXPANDED 4PH GAINS FURTHER MOMENTUM AT SUCCESSFUL 2ND NATIONAL HOUSING EXPO 2026 POTENTIAL SALE

Instacart has explored a potential sale of the grocery-delivery company, a process that has included discussions with Uber Technologies Inc., a person familiar with the matter said. Though Instacart recently shopped itself to Uber, the ride-hailing giant walked away from the discussions, according to the person, who asked not to be identified because the talks were private. The two sides are no longer in discussions, the person said. Instacart also held preliminary talks with DoorDash Inc. as part of a potential sale process, the Information reported earlier. The story sent shares of Instacart up 9.2 percent to $56.44 on Friday. The company, which trades as Maplebear Inc., has a market valuation of $13.1 billion. Shares of Instacart, which had its initial public offering three years ago, have gained more than 25 percent in 2026. A representative for San Francisco-based Instacart declined to comment. Uber and DoorDash, also located in San Francisco, didn’t have an immediate comment. Photo shows the Instacart website. BLOOMBERG

GRECO project construction begins By Bless Aubrey Ogerio @blessogerio

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C Logistics Holdings Corp. and its cold-chain subsidiary Glacier Megafridge Inc. (GMI) have broken ground on an automated cold storage and distribution facility in Quezon City. The facility, called GRECO (Green Rise Engineered Cold Chain Logistics), is targeted to begin operations in February 2028, subject to regulatory approvals and construction progress, with a planned capacity of about 25,000 pallets. Located along Epifanio de los Santos Avenue in Balintawak, the project

is designed to serve businesses moving goods through Metro Manila, one of the country’s main consumption and distribution centers. Arturo C. Yan, AC Logistics Cold Chain Solutions product head and GMI president, said the facility would combine automation and energyefficiency measures to support companies that require cold storage and distribution services. GRECO will use an Automated Storage and Retrieval System with four-way shuttle technology to store and retrieve pallets in a high-density layout. The system, they said, is designed to provide real-time inventory vis-

ibility and speed up order fulfillment while reducing manual handling in temperature-controlled areas. The design also removes the need for forklifts inside freezer chambers and allows pallets to be tracked through a centralized system. The project is planned to use natural refrigerants to reduce the environmental impact of cooling operations. They added that its energy strategy includes efficient facility systems, potential rooftop solar installations and opportunities to source renewable electricity through available green energy programs. The development comes as the

Philippines continues to rely heavily on imported agricultural products. The country’s agricultural trade reached a record in 2025, rising 8.9 percent year-on-year, while imports totaled $20.37 billion, or 68.8 percent of the sector’s trade, according to the Philippine Statistics Authority. Cold storage capacity has also been a concern for the country’s food supply chain, as the Philippine Cold Chain Industry Roadmap 2022-2025 cited 166 accredited cold-storage establishments in 2022, down from 239 in 2015. The roadmap reported a rated storage capacity of 1.12 million metric tons as of July 2022.

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RESIDENT Ferdinand R. Marcos Jr. witnessed the various affordable housing options showcased at the 2nd National Housing Expo 2026, where he personally toured the booths and viewed model housing units presented by partner developers, alongside Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board Chairman Jose Ramon P. Aliling and PagIBIG Fund Chief Executive Officer Marilene C. Acosta. More than 30,000 home seekers attended the two-day Expo held Oct. 19–20 at the SMX Convention Center Manila, where over 80 part-

ner developers offered more than 50,000 housing units to choose from, along with exclusive Expo offers, more affordable prices and other incentives for aspiring homeowners. With affordable financing through the Pag-IBIG Housing Loan, more Filipino families had the opportunity to choose homes suited to their needs and financial capacity. As part of the continued advancement of President Marcos’ Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program, DHSUD, Pag-IBIG Fund, the government and the private sector continue to work together to bring affordable, quality housing within reach of more Filipino families.

B2

Companies BusinessMirror

Monday, October 26, 2026

Prime Midstream keen on VisMin industries–exec MUTUAL FUNDS

October 23, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A205.68 -2.9% 0.98% -2.43% -2.6% -3.93% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2131 10.26% 15.59% 6.41% 4.69% 2.39% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.7336 -3.01% -0.19% -3.32% -4.42%-4.12% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7546 3.65% 3.88% 0.11% N.A 2.78% FIRST METRO CONSUMER FUND, INC. -A 0.4935 -11.5% -7.44% -8.95% N.A -11.26% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.1677 -4.28% -1.95% -4.38% -2.51% -4.69% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6146 -4.12% -2.23% -4.75% N.A-4.36% MBG EQUIT Y INVESTMENT FUND, INC. -A 58.21 -31.01% -12.53% -10.69% N.A -34.93% PAMI EQUIT Y INDEX FUND, INC. -A 40.1878 -2.29% -0.49% -3.5% -2.45% -2.83% PHILAM STRATEGIC GROWTH FUND, INC. -A 430.77 -3.24% 0.54% -2.93% -2.42% -4.17% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.5301 2.82% 9.56% 3.61% 1.74% -2% PHILEQUIT Y FUND, INC. -A34.6486 1.49% 2.63% -0.99% -0.66% 0.63% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.9083 3.58% 3.84% -0.81% N.A 2.32% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.365 -1.4% 0.6% -2.47% -1.57% -2.34% PHILIPPINE STOCK INDEX FUND CORP. -A 717.49 -1.74% 0.2% -2.77% -1.75% -2.38% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6898 1.86% 2.46% -1.71% -2.75% -1.75% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 3.023 -6.12% -1.71% -4.24% -3.21%-5.81% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.8034 -1.92% -0.24% -3.14% -2.02%-2.5% UNITED FUND, INC. -A3.553110.39% 6.03% 0.52% 0.3% 8.08% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0078 -1.61% 0.12% N.A N.A -2.43% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0154 -2.5% 0.62% N.A N.A -2.69% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8757 -6.38% -3.7% -5.42% N.A -7.26% PHILIPPINE STOCK INDEX FUND CORP. -A 865.99 -1.7% 0.01% N.A N.A -2.31% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 97.9137 -1.43% 0.38% -2.48% -1.36%-2.1% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.1662 14.1% 14.26% -0.4% 2.56% 13.83% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4206 11.74% 17.3% 5.63% 8.83% 8.83% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A 1.0596 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1454 1.5% 0.62% -0.97% -0.93% 0.24% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6991 5.28% 5.69% 0.01% -0.53% 3.84% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4595 0.11% 0.51% -1.9% -0.53% -0.1% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2255 0.36% 6.55% 2.61% N.A -2.76% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.936 -2.65% 1.14% -0.77% 0.18% -3.32% PAMI HORIZON FUND, INC. -A3.6294 -2.52% 2.17% -0.74% -0.45% -4.24% PHILAM FUND, INC. -A15.3274-3.65% 0.88% -1.89% -1.03% -4.26% SOLIDARITAS FUND, INC. -A2.0453 -1.87% 1.37% -0.71% -0.34% -2.62% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.3047 -4.19% 0.41% -1.92% -1.37%-3.47% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8669 -5.19% 0.27% -1.52% -1.17% -4.81% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.72 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9772 0.62% 2.3% -0.3% N.A -0.16% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8258 -1.13% 0.82% -2.64% N.A -1.9% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7933 0.3% -3.23% N.A -1.06% -2.21% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03261 -5.07% 1.52% -2.77% -0.93% -4.93% PAMI ASIA BALANCED FUND, INC. -B $1.1249 -8.37% 10.22% 0.63% 1.89% -7.03% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.5884 6.55% 12.91% 3.13% 5.76% 4.69% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2064 2.69% 8.42% 0.43% 2.36% 1.94% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.04 1.97% 3.18% 2.68% 2.56% 1.2% ATRAM CORPORATE BOND FUND, INC. -A 1.9921 2.21% 1.69% 0.7% 0.42% 1.72% COCOLIFE FIXED INCOME FUND, INC. -A 3.5971 0.88% 3.08% 2.1% 3.1% -0.07% EKKLESIA MUTUAL FUND, INC. -A 2.4296 -0.52% 2.85% 1.61% 1.42% -0.94% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4814 -3.14% 0.91% 0.5% 1.07% -3.41% PHILAM BOND FUND, INC. -A4.4557 -3.02% 2.16% 0.24% 0.7% -3.35% PHILAM MANAGED INCOME FUND, INC. -A 1.5434 2.05% 4.42% 3.25% 2.92% 1.54% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3239 0.62% 2.95% 1.77% 2.07% 0.25% SOLDIVO BOND FUND, INC. -A1.1269 0.96% 2.74% 1.96% 1.78% 0.57% -3.47% 2.02% 1.51% 2.09% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4297 -3.13% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8336 -2.56% 1.98% 1.17% 1.58% -2.7% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0045 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.34 1.2% 2.88% 1.76% 1.95% 0.62% ALFM EURO BOND FUND, INC. -A Є221.97 -0.74% 1.72% 0.18% 0.47% -0.81% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0416 -3.56% 1.77% -2.64% -0.74% -3.11% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0251 -5.64% 1.65% -0.63% 0.04%-5.28% PAMI GLOBAL BOND FUND, INC. -B $1.0471 -1.87% 8.31% 0.52% -0.47% -1.22% PHILAM DOLLAR BOND FUND, INC. -A $2.3672 -4.77% 3.69% -0.87% 0.47% -4.55% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0628164 -2.42% 1.19% 0.1% 1.03% -2.53% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8687 -3.16% 4.42% -1.74% -0.53%-2.18% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1919 2.75% N.A N.A N.A 2.19% ALFM MONEY MARKET FUND, INC. -A 153.49 3.99% 4.13% 3.24% 2.89% 3.1% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.23 3.37% 3.77% 3.09% 2.7% N.A SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5216 3.43% 3.61% 3.01% 2.78% 2.71% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.58 3.96% 4.28% N.A N.A 3.19% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1993 2.46% 3.27% 2.52% N.A 1.96% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.6278 3.26% 5.12% N.A N.A 3.29% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8301 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.598 23.74% 24.24% 13.72% N.A19.72% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1874 7.76% 7.64% N.A N.A 6.43% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

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By Lenie Lectura

RIME Midstream, a unit of Razon-led Prime Infrastructure Capital Inc., plans to expand its natural gas infrastructure services beyond power generation and is setting its sights on various industrial sectors in the Visayas and Mindanao (VisMin) regions. “We envision this as a supplier and distributor for all types of industries—be it for power generation or industrial uses and the like,” said Prime Midstream President and CEO Donnabel Kuizon Cruz. Prime Midstream, which is 60-percent owned by Prime Infra, 20 percent by First Gen Corp., and 20 percent by Tokyo Gas, is involved in the sourcing, trading, and transportation of imported liquefied natural gas (LNG) to power plants and other customers. Its LNG terminal complements indigenous gas from Malampaya in supplying power plants in Batangas, providing greater flexibility in fuel sourcing and helping manage exposure to international price fluctuations. Cruz is also president and CEO of upstream company Prime Energy, operator of Service Contract (SC) 38 that is undertaking the $893-million Malampaya Phase 4 drilling and exploration program. The drilling is part of its ongoing efforts to extend the life of the Malampaya gas field, which currently supplies around 20 percent of Luzon’s power needs and, at its peak, supplied up to 40 percent of Luzon’s energy requirements. Prime Energy is the natural gas exploration and development company of Prime Infra. Cruz said blending indigenous gas from Malampaya with imported LNG

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7813 -4.72% 1.66% -4.43% N.A -3.54% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED FUND, INC.)

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

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

@llectura

helps cushion the market from the impact of global fuel-price volatility. “In terms of the volatility of the market prices, indigenous gas price is usually historically lower than LNG prices, be it spot or term LNG. So it helps to cushion the market price spikes that LNG experiences.” Cruz added that the demand for gas-fired power remains robust, ensuring dependable electricity amid fluctuating fuel prices and intermittency of renewable energy (RE) sources. “We see ourselves being asked to deliver more than our capacity now, which means that very reliable and affordable power sources are still much needed. The effects of the El Niño and the continued market volatility are affecting our electricity prices. Gas-fired power plants must continue to operate in this manner.” The Malampaya gas field has also generated significant economic value for the country. Since production began in 2001, SC 38 has contributed more than $14 billion in revenues to the Philippine government. Malampaya Phase 4 is targeted to deliver additional domestic gas in the fourth quarter of 2026, supporting the country’s efforts to strengthen indigenous energy supply. “Price stability, affordability, reliability and energy security—these are among the benefits of using our own Malampaya gas,” Cruz added.

STOCK-MARKET OUTLOOK Continued from B1 The broker said this is much of a currency management meeting as much as an inflation one, but until oil and the US Federal Reserve eases its own rates, the BSP may end up tightening further without much relief on the currency—the worst mix for domestic-facing earnings. The US Fed will also hold its policy meeting this week, and keeping it steady is largely priced-in by the market. “But dissents in favor of tightening would keep a December double-tightening, the US Fed on December 9 and the BSP on December 17 in play and foreign flows choppy.” The broker advised investors to stay defensive, with GCash shares closing Friday at P6.27, below its P6.60 offer price, and the PSEi dipping below 5,700 during intraday trade. “We stay on sit-out mode and favor well-capitalized banks and yield names with foreign support. We would add only on a close back above 5,800 (points),” it said. It said investors should expect volumes to thin before the Halloween long weekend, as investor de-risk during these periods.

STOCK PICKS

BROKER Regina Capital Development Corp. gave a recommendation of buy on pullbacks on the stock of PLDT Inc. as the stock corrected and declined, pulling back further as part of a three-day dip following a recent upward surge. “The broader trend remains bullish, but investors may wait for pullbacks before entering.” It set a weekly target on the stock at P1,235 and support at P1,165. PLDT shares closed last week at P1,190 apiece. Meanwhile, it gave a trade the range advise on Manila Electric Co., as the stock dropped more than 1 percent as it continues to trade below key moving averages as sell pressure persists. “RSI declined to 46.25 from 49.14, edging deeper into bearish territory, while MACD remains negative with the histogram narrowing slightly to 4.00, indicating that upward momentum remains weak. DMI maintains a marginal bullish tilt with +DI at 22.61 above -DI at 19.96, though ADX at 29.57 reflects a weakening trend structure. Traders may look to trade the range near support.” Meralco shares closed last week at P418.60 apiece. VG Cabuag

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

October 23, 2026

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL GCASH MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

43.85 116 10.14 96.5 47.8 9.41 61.35 6.81 77.45 47.7 19.96 62.2 21.25 1.19 6.27 2,600 1.26 205 4,802

43.9 116.4 10.46 97 47.85 9.44 61.45 7.01 77.55 50.95 20 62.35 21.7 1.22 6.28 2,650 1.28 207.8 4,850

44.1 116 10.5 96.8 48 9.77 61.65 6.95 76.4 49 20 62.3 20.9 1.22 6.56 2,600 1.28 205 4,802

44.1 116.4 10.5 98.35 48.25 9.78 61.65 6.95 77.7 49 20.2 62.5 21.25 1.22 6.57 2,600 1.3 206 4,848

43.8 115.4 10.14 96.15 47.8 9.4 61.1 6.95 75.6 49 19.98 62.1 20.85 1.19 6.26 2,600 1.25 205 4,802

43.85 116.4 10.14 97 47.85 9.41 61.45 6.95 77.55 49 20 62.35 21.25 1.2 6.27 2,600 1.28 206 4,848

24,200 1,637,590 7,000 565,580 116,300 416,900 1,894,750 10,900 687,980 1,100 25,800 56,680 25,300 184,000 245,695,300 300 2,763,000 620 230

1,063,950 190,174,104 71,236 54,884,944 5,566,845 4,007,219 116,291,446 75,755 53,132,228 53,900 516,004 3,531,668 529,040 223,130 1,595,489,235 780,000 3,525,170 127,170 1,105,150

5,963,751 18,273,884 1,900,515 1,418,051 15,025,064 -2,780 11,766,215 -3,096,019 -8,340 450,798,619 780,000 1,008,420

INDUSTRIAL

ACEN CORP 2.62 2.63 2.65 0.97 0.99 0.98 ALSONS CONS 0.62 0.61 ALTERNERGY HLDG 0.63 ABOITIZ POWER 45.95 46.2 45.7 RASLAG 1.13 1.11 1.1 0.103 0.105 0.105 BASIC ENERGY 4.4 4.53 4.45 CITICORE RE 19.68 19.7 19.9 FIRST GEN FIRST PHIL HLDG 86 86.4 86 MERALCO 418.6 418.8 440 31.15 31.2 31.65 MANILA WATER 16.8 16.9 17 MAYNILAD 2.21 2.21 PETRON 2.23 PETROENERGY 4.51 4.67 4.59 16.58 16.34 16.5 PRYCE CORP 9.5 9.7 9.7 REPOWER ENERGY 11.6 11.66 11.74 SEMIRARA MINING SYNERGY GRID 24.6 24.65 24.75 SHELL PILIPINAS 7.96 8 7.95 SPC POWER 9 8.95 8.99 1.22 1.23 1.24 SP NEW ENERGY 1.67 1.68 1.71 TOP LINE AXELUM 2.79 2.8 2.79 8.55 9.1 8.53 CNTRL AZUCARERA 28.15 28.55 28.1 CENTURY FOOD 3.41 3.75 DEL MONTE 3.75 DNL INDUS 3.38 3.4 3.41 EMPERADOR 15.16 15.12 15.14 SMC FOODANDBEV 44.5 44.3 44.5 0.78 0.78 FIGARO GROUP 0.79 ALLIANCE SELECT 0.52 0.54 0.55 0.65 0.66 0.65 FRUITAS HLDG GINEBRA 217 219.6 220 143.4 145.8 JOLLIBEE 143.5 1.9 1.9 KEEPERS HLDG 1.91 LIBERTY FLOUR 20.9 20.95 19.3 1.96 1.97 1.97 MAXS GROUP 0.071 0.074 0.072 MG HLDG 6.09 6.1 6.15 MONDE NISSIN SHAKEYS PIZZA 5.19 5.15 5.15 ROXAS AND CO 2.4 2.45 2.45 5.37 5.38 5.35 RFM CORP 57.6 58 58 UNIV ROBINA VITARICH 0.48 0.49 0.48 0.405 0.4 0.405 ATN HLDG 56.35 57 57 CONCRETE CONCREAT HLDG 1.12 1.1 1.11 EEI CORP 1.85 1.84 1.85 5.16 5.18 5.29 MEGAWIDE 14.48 14.5 14.56 PHINMA SUPERCITY 28.1 31.9 31.95 1.88 1.87 1.88 CROWN ASIA 1.14 1.14 1.18 EUROMED 10.7 10.7 CONCEPCION 10.98 GREENERGY 0.136 0.132 0.13 5.49 5.5 5.6 INTEGRATED MICR 2.89 2.9 2.9 IONICS 7.14 7.1 PANASONIC 7.42 CIRTEK HLDG 1.19 1.21 1.21 1.85 1.9 1.85 STENIEL

2.65 1.01 0.63 46.35 1.11 0.105 4.46 20.05 86.85 440 32.25 17.06 2.23 4.68 16.58 9.7 11.74 25 8.01 9 1.24 1.71 2.82 9.14 28.7 3.75 3.42 15.18 44.5 0.79 0.55 0.65 220 145.8 1.91 20.9 1.98 0.072 6.15 5.19 2.45 5.4 58.45 0.48 0.405 57 1.12 1.85 5.29 14.56 31.95 1.88 1.14 10.98 0.138 5.6 2.9 7.42 1.24 1.85

2.61 0.97 0.61 45.7 1.1 0.103 4.4 19.6 86 416 30.6 16.8 2.21 4.5 16.3 9.7 11.42 24.25 7.84 8.95 1.2 1.68 2.79 8.53 28.1 3.25 3.37 15.1 44.3 0.78 0.52 0.65 216 142.6 1.86 19.3 1.94 0.072 6.08 5.15 2.45 5.35 57.1 0.48 0.4 57 1.1 1.85 5.16 14.48 31.95 1.88 1.14 10.7 0.13 5.42 2.73 7.02 1.19 1.85

2.63 0.99 0.63 45.95 1.11 0.103 4.4 19.7 86 418.6 31.2 16.9 2.23 4.5 16.3 9.7 11.6 24.65 8 8.95 1.23 1.68 2.82 8.55 28.55 3.41 3.4 15.12 44.5 0.79 0.54 0.65 218 143.5 1.91 20.9 1.97 0.072 6.1 5.15 2.45 5.37 57.6 0.48 0.405 57 1.1 1.85 5.18 14.48 31.95 1.88 1.14 10.7 0.136 5.5 2.89 7.42 1.2 1.85

1,393,000 1,453,000 98,000 596,100 17,000 480,000 8,000 211,700 20,100 449,210 2,042,800 1,349,200 79,000 111,000 21,000 200 892,900 1,052,400 472,900 11,900 4,090,000 499,000 52,000 2,400 571,900 12,000 543,000 2,126,100 39,300 1,384,000 1,238,000 142,000 25,710 204,290 982,000 200 48,000 30,000 1,135,700 792,100 7,000 910,700 2,650,360 40,000 310,000 10 588,000 11,000 343,500 16,000 100 4,000 6,000 3,800 680,000 1,263,400 1,403,000 6,100 1,201,000 1,000

3,654,260 1,425,250 61,480 27,416,080 18,800 49,520 35,500 4,179,786 1,728,614 189,465,856 63,740,320 22,891,512 175,480 501,570 344,760 1,940 10,380,570 25,918,425 3,771,043 106,824 4,973,220 844,030 145,510 20,611 16,280,475 43,380 1,845,910 32,113,954 1,747,700 1,079,900 665,400 92,300 5,568,238 29,303,575 1,865,440 4,020 94,060 2,160 6,933,161 4,079,331 17,150 4,901,357 152,681,951 19,200 124,650 570 649,080 20,350 1,787,548 231,990 3,195 7,520 6,840 40,836 90,200 6,950,083 4,003,090 43,791 1,451,950 1,850

-509,490 -6,610 -9,491,635 10,300 -1,739,142 -259,729 -20,751,796 460,465 17,328,898 -3,121,146 5,151,405 -1,824,884 900 -122,000 4,144 -3,512,520 -3,590 -33,740 -1,856,856 205,120 20,150 -391,762 -10,044,697 1,792,940 -46,860 -4,640,345 -821,425 -25,821 63,771,172 77,280 -199,327 -218,950 10,700 -329,086 -379,860 -61,330 -

HOLDING & FRIMS

ABACORE CAPITAL 0.295 0.305 0.3 0.305 0.295 0.305 1,450,000 432,050 -45,000 21 22 21.7 22 21 22 680,300 14,914,645 1,192,365 ASIABEST GROUP AYALA CORP 536 540 541 541 530.5 540 120,440 64,508,485 5,767,250 ABOITIZ EQUITY 40.25 32,019,300 39.95 40.25 40.1 41 40 791,200 13,378,150 8.89 8.9 8.9 9 8.89 8.9 474,400 4,221,682 -3,839,266 ALLIANCE GLOBAL ANSCOR 16.22 16.22 16.48 16.22 16.22 16.22 200 3,244 1.09 1.12 1.13 1.13 1.07 1.12 493,000 537,210 28,990 ANGLO PHIL HLDG 7.36 7.4 7.32 7.36 7.32 7.36 86,200 632,631 -122,151 COSCO CAPITAL 7.22 7.24 7.3 7.3 7.2 7.22 653,800 4,727,286 -1,216,779 DMCI HLDG GT CAPITAL 433.6 435.4 438 438 430.2 433.6 37,070 16,080,658 -1,170,282 HOUSE OF INV 4.83 4.99 4.99 4.99 4.99 4.99 1,000 4,990 -4,990 16.72 16.74 17 17 16.62 16.72 696,300 11,648,706 -2,932,516 JG SUMMIT 0.42 0.44 0.44 0.44 20,000 8,800 LODESTAR 0.44 0.44 LOPEZ HLDG 4.7 4.8 4.7 4.71 4.7 4.71 4,000 18,820 4,710 LT GROUP 14.96 14.98 14.92 15.04 14.92 14.96 497,000 7,433,932 -1,944,690 1.26 1.27 1.27 1.35 1.27 1.27 45,000 57,650 PACIFICA HLDG 0.84 0.87 0.9 0.9 0.84 0.84 13,000 11,100 PRIME MEDIA SOLID GROUP 1.12 1.17 1.2 1.2 1.11 1.11 151,000 168,160 3,280 530 531 538 540 531 531 117,810 62,759,560 -15,281,460 SM INVESTMENTS 65.1 65.8 66.15 66.5 65.1 65.1 28,680 1,890,183 -157,140 SAN MIGUEL CORP TOP FRONTIER 51.75 53.65 51.75 51.75 51.75 51.75 280 14,490 PROPERTY ARTHALAND CORP 0.425 0.45 0.425 0.425 0.425 0.425 20,000 8,500 15.7 15.72 15.74 15.84 15.58 15.7 2,637,000 41,458,070 1,150,048 AYALA LAND AYALA LAND LOG 1.09 1.11 1.1 1.12 1.07 1.12 224,000 246,740 -38,700 ALTUS PROP 10.92 11.38 11.38 11.38 11.38 11.38 1,700 19,346 0.244 0.25 0.255 0.255 0.255 0.255 10,000 2,550 ARANETA PROP AREIT RT 36.25 36.3 36.8 36.8 36.2 36.25 657,200 23,841,640 -8,279,110 A BROWN 0.79 0.83 0.75 0.85 0.75 0.81 176,000 141,600 -8,100 0.54 0.55 0.56 0.56 0.54 0.54 53,000 28,670 CITYLAND DEVT 0.088 0.092 0.088 0.088 0.088 0.088 1,100,000 96,800 CROWN EQUITIES CEB LANDMASTERS 1.96 1.96 1.94 1.96 1.93 1.93 237,000 458,900 34,740 0.62 0.64 0.62 0.64 141,000 89,900 CENTURY PROP 0.64 0.64 2.83 2.84 2.87 2.88 2.82 2.84 3,065,000 8,715,040 -5,387,930 CITICORE RT DOUBLEDRAGON 11.7 11.78 11.78 11.8 11.7 11.78 206,200 2,431,232 -55,366 1.03 1.03 1.02 1.03 2,107,000 2,174,660 DDMP RT 1.04 1.04 4.68 4.75 4.7 4.7 4.7 4.7 4,000 18,800 DM WENCESLAO EMPIRE EAST 0.101 0.101 0.1 0.1 0.1 0.1 550,000 55,300 2.91 2.92 2.91 2.92 2.91 2.92 212,000 617,170 -291,000 FILINVEST RT 0.69 0.7 0.69 0.69 251,000 175,620 -5,570 FILINVEST LAND 0.71 0.71 GLOBAL ESTATE 0.61 0.65 0.61 0.61 0.61 0.61 5,000 3,050 2.5 2.59 2.51 2.51 2.5 2.5 20,000 50,040 KEPPEL PROP 1.2 1.2 1.19 1.2 25,603,000 30,713,470 -1,938,140 PNB HLDG 1.21 1.21 MEGAWORLD 2.26 2.25 2.26 2.27 2.25 2.25 4,075,000 9,204,080 -4,340,730 MRC ALLIED 0.64 0.65 0.66 0.66 0.64 0.65 8,952,000 5,814,160 -117,760 13.56 13.58 13.64 13.66 13.52 13.58 397,700 5,407,166 -1,622,382 MREIT RT PRMIERE HORIZON 0.157 0.159 0.156 0.158 0.156 0.157 270,000 42,350 0.46 0.46 0.44 0.425 0.425 0.46 500,000 216,000 PHIL ESTATES 0.9 0.92 0.9 0.9 43,000 39,090 0.92 0.92 PREMIERE RT 6.11 6.12 6.25 6.25 6.1 6.11 5,138,500 31,506,447 -19,528,137 RL COMM RT ROBINSONS LAND 16.16 16.16 16.14 15.78 15.78 16.16 589,600 9,461,900 -4,202,104 0.105 0.106 0.106 0.106 100,000 10,600 PHIL REALTY 0.106 0.106 2.66 2.8 2.8 2.57 2.77 29,000 78,780 ROCKWELL 2.77 SHANG PROP 2.87 2.9 2.93 2.93 2.82 2.9 94,000 268,120 20,250 1.68 1.71 1.74 1.74 1.71 1.71 5,000 8,610 STA LUCIA LAND 17.12 17.28 17.9 17.9 17.06 17.12 7,217,100 124,045,656 66,671,258 SM PRIME HLDG SUNTRUST RESORT 0.415 0.415 0.39 0.415 0.415 0.415 30,000 12,450 50 61.85 50 50 50 50 10 500 PTFC REDEV CORP SERVICES ABS CBN 2.52 2.56 2.56 2.56 2.55 2.55 72,000 183,770 3.27 3.33 3.3 3.35 138,000 459,230 GMA NETWORK 3.35 3.35 DITO CME HLDG 0.6 0.61 0.63 0.63 0.6 0.6 6,852,000 4,188,220 -712,110 GLOBE TELECOM 1,549 1,554 1,550 1,567 1,546 1,550 22,015 34,235,500 -7,343,700 1,185 1,190 1,180 1,175 1,190 157,390 187,732,655 118,847,675 PLDT 1,204 0.005 0.0054 0.0055 0.0056 0.005 0.005 1,279,000,000 6,642,600 -63,000 APOLLO GLOBAL CONVERGE 24,506,382 9.58 9.59 9.57 9.68 9.46 9.59 2,553,300 2,998,131 0.63 0.65 0.65 0.65 4,000 2,600 -1,300 DFNN INC 0.65 0.65 0.13 0.133 0.13 0.134 0.129 0.134 640,000 83,900 ISLAND INFO NOW CORP 0.365 0.37 0.365 0.38 0.36 0.36 1,170,000 433,450 -18,350 0.117 0.118 0.117 0.117 0.117 0.117 620,000 72,540 TRANSPACIFIC BR 1.07 1.13 1.13 1.1 1.1 105,000 115,620 CHELSEA 1.08 CEBU AIR 23.4 23.5 24 24 23.4 23.5 108,300 2,566,320 -640,265 850 842 837 852 804,490 679,205,025 44,845,715 INTL CONTAINER 852 852 10 10.16 10.2 10.2 10.16 10.16 1,800 18,356 LBC EXPRESS LORENZO SHIPPNG 0.65 0.7 0.71 0.71 0.71 0.71 1,000 710 3.32 3.31 3.31 3.36 23,000 77,230 3.38 3.36 MACROASIA 0.6 0.6 0.59 0.6 9,000 5,410 METRO ALLIANCE 0.61 0.61 PAL HLDG 4 4.09 3.74 4.1 3.73 4 4,366,000 16,873,020 500,450 HARBOR STAR 1.49 1.5 1.48 1.56 1.48 1.5 624,000 943,930 -104,710 0.029 0.03 0.029 0.029 0.029 0.029 10,800,000 313,200 BOULEVARD HLDG DISCOVERY WORLD 1.07 1.07 1.05 0.98 0.98 1.06 11,369,000 11,153,310 5,050 PH RESORTS GRP 0.415 0.42 0.42 0.43 0.39 0.42 21,500,000 8,870,000 -81,550 0.43 0.46 0.43 0.43 0.435 50,000 21,700 WATERFRONT 0.435 12.92 13 13 13.2 13 13 4,900 64,200 CENTRO ESCOLAR IPEOPLE 7.14 6.75 7.13 7.13 7.11 7.12 29,100 207,196 1.24 1.25 1.24 1.25 83,000 103,730 -40,000 1.25 1.25 STI HLDG 1.05 1.06 1.05 1.05 720,000 763,100 80,560 BELLE CORP 1.06 1.06 BLOOMBERRY 1.92 1.92 1.91 1.91 1.87 1.92 4,643,000 8,780,130 1,149,180 1.59 1.67 1.61 1.61 1.59 1.59 7,000 11,200 8,000 PACIFIC ONLINE 7.3 7.31 7.2 7.3 7.1 7.3 1,889,500 6,635,147 DIGIPLUS 13,562,315 PHILWEB 14.06 14 13.98 14.16 13.88 14.06 1,572,400 22,045,166 -2,274,572 METRO RETAIL 1.03 1.04 1.05 1.05 1.02 1.04 13,000 13,580 1,040 39.85 39.9 40 39.6 39.9 1,259,700 50,366,225 6,370,380 PUREGOLD 40.05 PHIL SEVEN CORP 30.8 31 31.5 31.5 31 31 12,200 380,260 -214,920 SSI GROUP 1.97 1.97 1.96 1.92 1.92 1.97 58,000 114,140 11,770 0.77 0.78 0.8 0.8 0.76 0.78 59,000 46,150 UPSON INTL CORP WILCON DEPOT 5.37 5.38 5.39 5.4 5.37 5.38 1,097,600 5,924,852 -1,138,272 IPM HLDG 1.92 1.93 1.95 1.95 1.92 1.92 8,000 15,420 -1,920 0.238 0.24 0.238 0.238 0.238 110,000 26,180 MEDILINES 0.238 PHILCOMSAT 1.62 1.64 1.62 1.62 1.62 1.62 57,000 92,340 MINING & OIL APEX MINING 16.36 16.4 16.48 16.48 15.88 16.4 2,926,600 47,424,494 588,580 ATLAS MINING 18.3 18.36 18.1 18.44 17.78 18.36 2,707,800 49,134,982 2,642,316 BENGUET 6.25 6.08 6.28 6.28 6.08 6.08 157,500 959,105 1.91 1.99 1.96 2.09 1.95 1.99 29,000 56,910 15,810 CENTURY PEAK EC VULCAN 0.29 0.305 0.3 0.3 0.3 0.3 110,000 33,000 1.69 1.68 1.7 1.73 1.67 1.68 450,000 758,530 -69,700 FERRONICKEL 0.077 0.08 0.08 0.08 0.074 0.079 2,080,000 160,460 GEOGRACE LEPANTO A 0.218 0.22 0.22 0.222 0.218 0.22 9,170,000 2,010,640 0.218 0.218 0.217 0.218 0.218 0.218 160,000 34,880 LEPANTO B 0.75 0.77 0.75 0.77 60,000 45,060 0.77 0.77 MARCVENTURES 0.55 0.59 0.6 0.58 0.58 155,000 91,860 NIHAO 0.58 NICKEL ASIA 3.9 3.91 3.95 3.95 3.8 3.9 2,775,000 10,766,800 -580,870 32.5 34 34 32.5 32.5 1,767,300 58,521,925 -11,353,085 OCEANAGOLD 32.95 0.54 0.55 0.55 0.56 0.55 0.55 31,000 17,190 ORNTL PENINSULA PX MINING 10.1 10.12 10.1 10.24 9.88 10.12 7,432,700 74,540,780 -22,796,910 0.0093 0.0094 0.0095 0.0096 0.0094 0.0094 39,000,000 368,700 UNITED PARAGON 3.2 3.59 3.49 3.49 3.49 3.49 15,000 52,350 -24,430 ENEX ENERGY 0.015 0.016 0.015 0.017 0.015 0.016 370,800,000 5,783,000 ORNTL PETROL A ORNTL PETROL B 0.014 0.015 0.015 0.016 0.015 0.015 117,000,000 1,765,200 6,000 PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.01 129,400,000 1,294,400 2.97 2.98 3 3 2.98 2.98 64,000 191,910 PXP ENERGY PREFFERED AC PREF AR 2,420 2,488 2,412 2,412 2,412 2,412 20 48,240 1,864 1,899 1,900 1,900 1,900 1,900 25 47,500 AC PREF B3R 1,900 1,910 1,912 1,912 1,910 1,910 35 66,870 AC PREF B4R ALCO PREF F 485 495 495 495 495 495 10 4,950 99.5 99.8 99.8 99.8 99.8 99.8 10 998 BRN PREF A 101 102 102.9 102.9 102.9 102.9 30 3,087 BRN PREF B 28.5 28.75 28.75 28.8 2,100 60,470 CEB PREF 28.8 28.8 CLI PREF A2 970.5 992 992 992 990 992 70 69,400 100 101.5 101.5 103.9 101 101 1,370 139,123 CPG PREF B 89.6 89.8 89.3 89.8 36,980 3,319,034 89.8 89.8 DD PREF 95.2 96 96 96 96 96 10 960 EEI PREF B GLO PREF ANV 1,851 1,934 1,934 1,934 1,850 1,856 530 982,970 -926,800 GLO PREF BNV 1,928 1,959 1,964 1,964 1,926 1,926 50 97,080 98.5 99 99 99 99 99 390 38,610 -38,610 MWIDE PREF 6B 99.4 100.8 99.5 100.8 99.4 100.8 650 64,751 MWIDE PREF 7A 99.7 102 102 102 102 102 180 18,360 MWIDE PREF 7B PCOR PREF 4C 980 990 991 991 991 991 10 9,910 75.8 76.8 76.8 77.4 76.8 77.4 110 8,508 SMC PREF 2N 77.7 77.8 78 78 77.8 77.8 4,480 348,604 SMC PREF 2O 72.4 74.2 74.2 74.2 74.2 74.2 50 3,710 SMC PREF 2P 74.8 76.5 74.8 74.8 74.8 74.8 10 748 SMC PREF 2R SMC PREF 2U 74.5 75.95 75 75 74 74 7,000 519,842 75.9 76 76 76 76 76 4,190 318,440 SMC PREF 2V 77 78 77 77 77 77 30 2,310 SMC PREF 2W 78 78.5 78.5 78.5 78 78 5,730 447,545 SMC PREF 2X TECH PREF B2C 8.29 9 8.33 8.33 8.28 8.3 23,300 193,097 100 100.9 99.9 99.9 99.9 99.9 850 84,915 TOP PREF A1 100.7 101 100.6 101 100.6 101 1,150 115,720 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.29 2.86 3.2 3.21 3.21 3.21 3.21 3.21 2,000 6,420 1.05

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

HAUS TALK ITALPINAS XURPAS NEXGEN ENERGY

1.34 0.58 0.232 2.54

1.1

1.05

1.05

1.05

1.05

1,000

1,050

-1,050

1.36 0.61 0.233 2.75

1.34 0.58 0.233 2.75

1.37 0.58 0.233 2.75

1.34 0.58 0.233 2.75

1.37 0.58 0.233 2.75

300,000 43,000 10,000 2,000

405,630 24,940 2,330 5,500

-

EXHANGE TRADE FUNDS ATR FAMI ETF

97.7

-

98

97.6 98 97.4 98 1,420 138,408 -19,480

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Beyond the climate crisis: Turning risks into actions

C

LIMATE change is one of the most significant challenges facing businesses and society today. According to World Wide Fund for Nature (WWF), the planet has already warmed by approximately 1.4°C above pre-industrial levels, contributing to more intense heatwaves, rising sea levels, declining crop yields, and accelerating biodiversity loss. These impacts extend beyond the environment, affecting how businesses operate, manage risks, allocate capital, and plan for long-term growth and resilience. The International Day of Climate Action, observed annually on 24 October, provides an opportunity for organizations to reflect on these challenges and consider how meaningful climate action can strengthen resilience and support long-term value creation. Under the Paris Agreement, 194 countries have committed to limiting the rise in global average temperatures to well below 2°C above pre-industrial levels, while pursuing efforts to limit warming by just 1.5°C. In response, many organizations are aligning their business strategies with these broader global goals by setting emissions reduction targets, transitioning toward lower-carbon operations, and integrating climate considerations into long-term business planning. Businesses are exposed to climate change through both physical and transition-related risks. Physical risks include typhoons, flooding, extreme heat, sealevel rise, and other climate-related hazards that can disrupt operations, damage facilities, and affect business continuity. These impacts can also extend across supply chains and logistics networks, influencing the availability and cost of materials, products, and services. At the workforce level, extreme heat and other environmental conditions may also affect employee health, safety, and productivity. Physical and transition-related climate risks have significant financial and strategic implications for businesses. As a result, climate change has become more than an environmental concern. It can shape an organization’s ability to remain competitive over the long term. At the same time, the transition to a lower-carbon economy introduces a different set of business considerations. These considerations are particularly relevant in the Philippines, where exposure to typhoons, flooding, extreme heat, and sea-level rise heightens the importance of climate resilience. Changes in regulations, technologies, customer preferences, and stakeholder expectations can influence existing products, services, assets, and business models. Organizations are also facing greater expectations to demonstrate credible climate commitments and provide reliable information on their climate-related performance. The Climate Change Act of 2009 established the Climate Change Commission (CCC) to integrate climate change considerations across national, local, and sectoral policies. Key measures include the 2026 Philippines’ Nationally Determined Contribution (NDC), which sets a 75-percent greenhouse gas emissions reduction and avoidance target for 2025– 2035, and the “National Adaptation Plan 2023–2050,” which outlines a long-term approach to reducing climate vulnerability and strengthening resilience. These policy measures reinforce the country’s commitments under the Paris Agreement and signal the growing importance for businesses to integrate climate mitigation, adaptation, and sustainability into their strategies and operations. As climate policies and regulatory landscape continue to evolve, climate and sustainability considerations are becoming increasingly relevant to corporate decision-making. Expectations from regulators, investors, lenders, customers, and other stakeholders further reinforce the importance of climate action in supporting regulatory readiness, effective risk management, access to capital, and operational resilience. Understanding climate-related risks is an important starting point, but businesses can create greater value by turning that understanding into practical actions.

Organizations can begin by assessing their exposure to physical and transition risks across their operations, assets, supply chains, and broader value chains. Climate scenario analysis can help organizations assess the resilience of business strategies under different climate and transition pathways and its effect on their operations and financial performance over the short, medium, and long term. To support informed decision-making and monitor progress, strengthening climate-related data and metrics and improving reporting processes can help businesses track performance and prepare for evolving climate and sustainability reporting expectations. These insights can provide a foundation for a broader climate strategy, helping businesses move from understanding climate-related risks to identifying mitigation measures and opportunities. In practice, climate action can take many forms, from improving energy efficiency and increasing the use of renewable energy to reducing greenhouse gas emissions, strengthening supply chain resilience, and investing in climate-resilient infrastructure. Businesses can also explore products and services that support the transition to a lower-carbon economy, allowing them to manage climate-related risks while identifying new opportunities for growth and value creation. Ultimately, climate action should not be treated as a standalone sustainability initiative. Embedding climate considerations across strategy, risk management, finance, operations, and governance can help organizations move beyond individual initiatives toward a more coordinated and resilient approach to long-term business planning. At R.G. Manabat & Co. (KPMG in the Philippines), sustainability and climate considerations are part of the broader conversation on how businesses can align their commitments with business priorities. Understanding an organization’s current position and identifying the sustainability issues and climate-related risks that may affect its operations and stakeholders are important first steps. Climate risk and materiality assessments can help businesses identify and prioritize these issues, providing a basis for developing practical sustainability strategies and roadmaps. The International Day of Climate Action provides an opportunity for businesses to look beyond climate commitments and consider how these commitments translate into meaningful business decisions and actions. For businesses in the Philippines, climate action is increasingly connected to resilience, regulatory readiness, operational efficiency, access to financing, and long-term competitiveness. Addressing climate change involves not only managing physical and transition risks but also identifying opportunities to create long-term value. The opportunity for businesses is to move from understanding climate change to taking informed, measurable, and business-focused action. By embedding climate considerations into strategy, risk management, investment, and operational decisions, organizations can strengthen their ability to adapt, respond, and remain competitive in a changing business environment. © 2026 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent KPMG International, R.G. Manabat & Co. or the BusinessMirror. For more information, you may reach out through ph-kpmgmla@kpmg. com, social media or visit www.home.kpmg/ph.

Editor: Dennis D. Estopace • Monday, October 26, 2026

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Low inflation, logistics costs seen to buttress weak peso

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By Andrea E. San Juan

WEAK peso may be the “bitter pill” the economy needs but it must be paired with measures that keep inflation and other logistics costs under control, according to HSBC Senior Asean Economist Aris Dacanay. In a commentary over the weekend, Dacanay asserted that while a weaker peso can hurt households due to the costly imported staples and fuel, he emphasized that it can also open new opportunities for the country’s manufacturing sector. “After around a decade of stagnation, the manufacturing sector is showing signs of revival, thanks to the competitive edge that comes with a weaker currency,” the HSBC Senior Asean economist said. But Dacanay pointed out there’s a limit to how far currency depreciation benefits the economy. For manufacturing growth to last, he said a weaker peso “must be paired with measures that keep inflation and other logistics costs under control.”

Trade deficit

DACANAY believes that, over time, a weaker currency could help narrow the economy’s “persistently widening trade deficit. For one, he said the depreciation of the peso gave Philippine manufacturing a “boost” via two channels. For one, he said, Philippine goods exports now look “cheaper” for foreigners, “supporting export demand.” While the Philippines may not be as integrated into the AI global supply chain as some of its peers

in the Asean region, Dacanay said overall export growth is “holding up” at 14 percent year-to-date. Second, he said a weaker peso makes imports more “expensive” for locals, pushing consumers to buy locally produced goods rather than imported ones. “As locally produced goods become more attractive, the manufacturing sector in the Philippines is seeing a renaissance,” Dacanay said. He pointed out that this year’s the first time since 2018 when the Philippines has seen “material and sustained” growth in its manufacturing, describing such node as “an economic turnaround the country has been waiting for quite some time.” “If economic theory goes as planned, this simultaneous expansion of export demand and contraction of import demand should, eventually, narrow the economy’s persistent trade deficit, making the weaker peso the bitter pill the economy needs,” Dacanay said. Admittedly, he pointed out, the economy’s trade deficit has yet to show any signs of “structural easing” with demand for capital imports still high due to the Philippines’ data centre “buildout.” Further, he said a “competitive peso” can also help support

the incomes of households whose earners work abroad. “Whenever the peso depreciates, remittances from OFW become more valuable, since every dollar remitted can now be exchanged for more pesos,” Dacanay said. “As a result, household purchasing power increases even if remittances in US dollar terms remain unchanged,” he also noted.

Squeezing margins

THERE’S a caveat, however: a weaker peso, alongside the opportunities it creates, also has its challenges. Dacanay explained that improving competitiveness through the foreign exchange channel can “only do so much.” “Yes, a weaker peso can help make locally produced goods ‘cheaper’, but the imported inputs needed to produce those goods become more expensive,” he said adding the latter “squeezes” the profit margins of manufacturers. To protect their margins, Dacanay said manufacturers may opt to increase the prices of the goods they sell, “stoking the risk of FX-induced inflation.” That said, local prices and domestic logistics also matter—and, Dacanay highlighted: “This is where the Philippines struggles.” He further noted that inflation in the Philippines has been “higher and more volatile” than in its Asean neighbors. To illustrate this, he pointed to the Real Effective Exchange Rate (REER), the average foreign exchange rate adjusted for inflation and a more “holistic” indicator of trade competitiveness. The REER showed that while the Philippines’s competitiveness is improving, it remains at a disadvantage compared with Thailand, Malaysia and Indonesia.

“So, for manufacturers to attain a true competitive advantage, prices must be kept under control,” added Dacanay.

Pairing policies

HENCE, to maximize the “competitive opportunities” a weaker currency brings, Dacanay said policies need to be adjusted “in sync.” For instance, slashing tariff and non-tariff barriers to trade can help bring inflation down quickly, “as exemplified by the lowinflation environment in 2019,” he wrote. “Going after market abusers such as smugglers, hoarders and cartels can also help bring prices down.” One such example was the fine the Philippine Competition Commission meted out last week against an onion cartel that contributed to the rise in food inflation in 2022. In fact, Dacanay asserted, food inflation is a specific pain point for the economy and a “recurring issue” that needs to be addressed, especially with local rice prices still elevated. “And when supply shocks are managed efficiently and quickly, the risk of FX volatility spilling over into inflation and inflation expectations is minimised,” added Dacanay. However, while a weaker peso may “reinvigorate” the manufacturing sector, other policy remedies are needed to ensure these benefits are “sustained” in the long run. “A competitive currency may look painful now, but it can also be an opportunity worth taking,” Dacanay said. Data from the Bankers Association of the Philippines (BAP) showed the local currency dropped to a new record low as it closed at P63.615 against the dollar on Friday.

After budget cut, DA exec DBM to comply with SC banks on ODA for coffee decisions on ‘26 budget By Ada Pelonia

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ALAYBALAY, Bukidnon—The Coffee Industry Development Office (Cido) will have at least P3.4 billion in its 2027 coffers to bankroll projects aimed at improving local coffee output, according to the Department of Agriculture (DA). Despite the office’s slashed budget to P400 million under its proposed 2027 budget, Agriculture Undersecretary Jerome V. Oliveros said the Cido can expect around P3 billion under the Official Development Assistance (ODA) from the Office of the Agriculture Secretary. Oliveros noted that the budget would enable the Bureau of Plant Industry (BPI) in expanding accredited plant nurseries to ensure a steady supply of planting materials, which industry sources flagged as a constraint in increasing output. He added that the move would raise the number of hectarage that could be planted with coffee. Further, he said the Cido could also tap the P8 billion “Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities,” or “Vista,” project, which aims to bolster coffee and cacao value chains. A joint initiative between the International Fund for Agricultural Development (IFAD) and

the Department of Agrarian Reform (DAR), the Vista project is focused on two regions: Cordillera Administrative Region (CAR) and Soccsksargen. Oliveros told reporters in a news conference here that he has to coordinate with the DAR “on how they’re going to roll it out, so that we can perhaps include other [farmers] who can benefit from it.” The Cido was launched last February to centralize coffee programs, funding, and policies that were previously scattered across several units. It aims to strengthen the domestic coffee industry and capture global markets amid robust consumption worldwide. The move came as local production continues to lag, with aging farmers, limited access to inputs, outdated equipment, and “patchy” infrastructure among the industry’s bottlenecks. This has resulted in declining yields, uneven quality, and rising imports to meet local demand, according to the agency. “By creating Cido under focused leadership, we are putting strategy, funding, and execution in one accountable office,” Agriculture Secretary Francisco P. Tiu Laurel Jr. said. “This is about restoring competitiveness and making sure Filipino coffee farmers finally capture the value of a market that is already growing around them,” Tiu Laurel added.

By Reine Juvierre Alberto @reine_alberto

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HE Department of Budget and Management (DBM) said it will comply with the decision of the Supreme Court (SC) on unprogrammed appropriations under the 2026 national budget and work with Congress to strengthen safeguards for next year’s spending plan. In a statement it issued last Sunday, the DBM said it would observe the high court’s directives while maintaining that budget provisions unaffected by the ruling remain implementable. “The DBM will observe the applicable Supreme Court directives concerning these provisions, without prejudice to the government’s right to seek reconsideration through appropriate judicial processes,” the agency said. This comes after the High Tribunal declared unconstitutional the national budgets enacted by Congress in 2024 and 2025 and certain provisions of the 2026 national budget. (Read more: https://businessmirror. com.ph/2026/10/20/sc-tags24-25-budgets-as-unconstitutional/) The Court also declared as unconstitutional the Special Provisions 1(a) and (b), Chapter XLIII of the 2026 General Appropriations Act (GAA), which authorize unprogrammed appropriations. During a Senate hearing last

Thursday, Budget Secretar y Kim Robert C. De Leon said releases charged against the 2026 unprogrammed appropriations as of that date were limited to foreign-assisted projects, which are subject to a separate funding condition not invalidated by the Court. Meanwhile, provisions unaffected by the ruling remain implementable, subject to their respective legal bases, funding conditions and established budgetary procedures. As deliberations on the proposed 2027 national budget continue, De Leon said the DBM is prepared to work with Congress to review and refine the relevant budget provisions. He also expressed keenness to lawmakers introducing additional specific safeguards, conditions and accountability requirements for the authorization and implementation of unprogrammed appropriations. The proposed 2027 national budget already reflects changes in the composition of unprogrammed appropriations, such as fewer funding items and the absence of the SAGIP provision, De Leon noted. The DBM said it continues to assess the decision’s legal, fiscal, technical and operational implications of the ruling, including continuing appropriations, unreleased funds, outstanding obligations and the formulation of succeeding national budgets.

B4 Monday, October 26, 2026

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ALL ABOARD THE DRIVERLESS ERA? Some US transit systems weigh whether to run trains without a human at the controls

A rainbow arches over a Honolulu Skyline train at sunset, Sept. 19, 2024, in Honolulu. AP/MENGSHIN LIN

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By Jeff McMurray The Associated Press

VEN as automated vehicles

such as robotaxis grow more prevalent in the U.S., almost every mass transit system still requires a driver or operator on board. Two major cities are seeking to change that. Officials in Washington, D.C., recently advanced a plan that could let computers fully control one of its subways, and Los Angeles is seeking to build a new, completely automated line. Honolulu already has one. The Washington and LA projects, which would take years to implement and still face financial and technical hurdles, come amid an already fierce debate over the safety risks and benefits of automated trains and whether the substantial upfront expense is worth the longterm savings in labor costs. Supporters call the push long overdue, pointing out that American cities lag far behind numerous places across the world that run unattended subways, metros or buses, including several cities in Europe and Asia, as well as major systems in Canada, Australia, South America and the Middle

East. “It should be much harder to automate something that’s on-road, that has all of these various obstacles coming at it, compared to a fixed-rail system,” said Baruch Feigenbaum, senior managing director of transportation policy at the Reason Foundation, a libertarian think tank that has advocated for transit automation. “I don’t know a nice way to say this, but basically the transit world is where innovation goes to die.”

Wide-scale transit automation has been slow to develop in the US ONLY in recent years have on-road vehicles from such companies as Waymo,Tesla and Zoox taken the automation lead in the U.S. ahead of transit systems using a track. In fact, although operators have always been part of the Metro sub-

way system in Washington, D.C., trains ran with some automated features when it opened 50 years ago. After a 2009 fatal crash, those were turned off, then restored over the past two years. Now, officials in the nation’s capital have renewed their push for automation on Metro’s Red Line. And an environmental review is underway in Los Angeles for an automated track for a new underground line of its heavy-rail system that would cut through the rough terrain of the Santa Monica Mountains. Honolulu is already running an elevated driverless line — the most expansive automated transit system in the U.S. It’ll stretch 19 miles when completed, surpassing the elevated driverless trains Detroit and Miami opened as pilot projects in the 1980s, a monorail connecting hotels on the Las Vegas Strip, and smaller systems that carry passengers between airport terminals. An automated monorail that once ran in Memphis, Tennessee, closed down years ago. And the driverless Jacksonville Skyway will indefinitely halt operations soon due to budget cuts, despite initial plans for an even larger automated system.

Crash slams the brakes on automation efforts AFTER nine people were killed and many others injured in the 2009 train collision near the Fort Totten station on the D.C. Red Line, the

National Transportation Safety Board blamed the crash on a maintenance problem in the automated signaling system that separates trains from one another. Randy Clarke, CEO of the Washington Metropolitan Area Transit Authority, pointed out in an interview with The Associated Press that the issue in Fort Totten had nothing to do with the cruise control-like system that was restored on the Red Line in 2024 and the other Metro lines last year. Still, he acknowledged that for many years the crash “paralyzed” Metro’s plans for further automation. “That was a big failure, there’s no question. We do not do anything like that now,” said Clarke, who called the current system “highly regulated, highly documented, very proficient.” Trains could conceivably run without a human worker inside the cab as early as 2033 under the nearly $1 billion plan Metro’s Board of Directors backed in April to upgrade the Red Line with safety features including protective barriers that prevent passengers from getting onto the tracks. Clarke said that even if workers aren’t needed to physically run the trains, they will be needed to maintain the tracks and respond to emergencies. Unions have been critics of automation. John Samuelsen, a former worker in the New York subway system who now serves as international president of the Transport Workers Union, said unions have

fought off automation efforts in New York and elsewhere, calling them “a catastrophe waiting to happen.” “Passengers will be left dealing with a self-evacuation, which is a disaster in a system which runs on a third rail,” Samuelsen said.

Honolulu touts unblemished record with its automated Skyline TO alleviate massive traffic bottlenecks for commuters, Honolulu opened its Skyline automated light metro transit system three years ago and expanded it last year. Vance Tsuda, the system’s project director, said there hasn’t been a single crash or injury associated with automation. Even hybrid systems are less safe than a completely automated one, he said, arguing that a human is far more likely to overlook something like an open door and prematurely clear a train for departure. “If you have somebody making that decision, they could make a wrong decision,” Tsuda said. But David King, an associate professor of urban planning at Arizona State University who has researched automated transportation, said the success rate has to remain perfect to keep the public trust. That’s why the Fort Totten crash and others involving automation put the technology so far behind, he said. “We allow a certain amount of failure with private industry that we don’t tolerate when the state does it,” said King, citing the sever-

al rockets blown up by Elon Musk’s SpaceX — a record he argues would cripple NASA’s budget if it happened in the public sector.

LA rolls out safety plans for a subway beneath the mountains PERHAPS the most ambitious transit automation effort being pursued in the U.S. is the subway line Los Angeles officials voted to recommend beneath the Santa Monica Mountains. The area is one of the most notorious traffic headaches in the country, with the mountains dividing the bustling Westside employment hub from the San Fernando Valley. There’s already a subway system under the same mountain range near Hollywood, but that one has a driver onboard. The new proposal, which is undergoing an environmental review, would use shorter, more frequent trains, said Cecily Way, who oversees planning for the Sepulveda Project for LA Metro. Like the project in Washington, the new line in Los Angeles would feature station doors to protect passengers on the platform from oncoming trains. Feigenbaum with the Reason Foundation said that automation of a major transit line such as in Los Angeles or Washington could open the floodgates for other cities to follow. “It sends a signal that this is technologically doable and this is something that maybe other systems are going to want to strive for,” he said.

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Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, October 26, 2026

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JC Buendia at Red Charity Gala 2026: Nostalgic, emotional, romantic my mother, sadness as I remembered my brother Jack, gratitude for everyone who had supported me, and joy in seeing the collection come to life. There was also hope, carried by the music and by the love I felt from the people in that room. “It was every emotion imaginable, all arriving at once. The lanterns, my mother’s rosary, and ‘Rainbow Connection’ made the finale so much more than the end of a fashion show. It became a tribute to the people I love, those who are still with me, and those I carry in my heart. “I think that’s why the moment will always remain so special to me. It was not simply a professional milestone. It was deeply personal, and I felt the love in that ballroom at a time when I needed it most.”

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N a volatile fashion environment, two style philosophies are currently in vogue: quiet luxury and relaxed luxury. JC Buendia, the recent headliner of the Red Charity Gala, believes the two complement each other. “Quiet luxury is about restraint, while relaxed luxury is about ease. For me, luxury should not feel stiff, precious, or overly controlled. It should feel effortless—beautiful fabrics, thoughtful details, and impeccable construction, but with enough freedom for a woman to move, breathe, and simply be herself. Perhaps that is where relaxed luxury takes quiet luxury a step further: it makes luxury feel lived in, rather than merely admired,” shared the soft-spoken designer over e-mail. “The Red Charity Gala is one of those invitations that you feel very lucky to receive,” a grateful JC said. “After 40 years in this business, to have the opportunity to present at an event of this stature feels like the ultimate feather in the cap. So, really, it was an easy yes.”

PHOTOS COURTESY OF BENCH/TROY ANG

‘Kutis Reveal’ is about life-changing transformations

MOONLIGHT LADIES

AS one of the more important Filipino designers today, JC specializes in tailored and structured pieces, but not in the traditional Western sense of tailoring. He titled his lyrical collection “Under the Moonlight,” imagining women in the quiet, romantic atmosphere of a moonlit evening. “One of my inspirations was [style icon] Tina Chow, who stood out in the extravagant 1980s. She had a very different sensibility—relaxed, effortless, and quietly elegant. She didn’t need excess to make an impression,” explained JC. “That spirit resonated with me as I developed this collection. I wanted to explore a kind of femininity that is fluid, understated and comfortable, where elegance comes from the silhouette, the movement of the fabric, and the woman herself rather than from ornamentation.” The dominant fabrics are organdy and crepe. The silhouettes are very fluid—long tunics, elongated lines, and long, lean shapes that move with the body. The color palette is predominantly black, softened with blush and touches of robin’s egg blue. There were also a few nontraditional menswear pieces. The gala, which reportedly raised P5.5 million for the Philippine Red Cross, Assumption High School 1981 and the Hope for Lupus Foundation, was held at The Peninsula Manila on October 3. It was directed by Dexter Santos, with Monino Duque as lighting director. It was spearheaded by socialites Tessa Prieto and Kaye Tinga, and businessman Ben Chan. “Emotionally, there is something nostalgic and romantic about the collection, but I also wanted it to feel fresh and relevant today,” JC stressed. “It is about women who are confident enough to be understated, and who understand that sometimes the most powerful statement is the one that doesn’t have to shout.”

HAIL, CESAR!

IT’S quite serendipitous that JC, short for Julius Caesar, apprenticed with a namesake: the late, great Cesar Gaupo. But first, his parents wanted him to finish Bachelor of Fine Arts, major in Interior Design, at the University of Santo Tomas before pursuing fashion: “After graduating in 1986, I took a six-month course in dressmaking, pattern making, and sewing at Slim’s Fashion and Arts School. It was my compromise with them—and my first formal step toward becoming a designer. “After completing the course, I became an assistant to Cesar, which was an invaluable introduction to the industry.

Those were the years of the Filipino Designers Group (FDG), which held its annual shows at the Fiesta Pavilion of The Manila Hotel. “I was fortunate to witness the work of some of the great designers of that era, including Gang Gomez, Joe Salazar, Inno Sotto, Mike de la Rosa and Caloy Badidoy. “Being backstage, witnessing the last-minute preparations, the drama, the anticipation, and, finally, the thunderous applause in the ballroom, [all that was] an education in itself. It gave me a glimpse of the discipline, creativity, and sheer magic that went into putting on a fashion show.” If Cesar Gaupo were still alive, what would JC have consulted him on with regards to his Red Charity Gala collection? “That’s a difficult question for me because Cesar was such an important part of my beginnings. When I was his assistant, I would watch how he developed a collection. He would always have one particular woman in mind—her lifestyle, how she lived, what she needed—and from there, he would build the collection around her. “That was something I quietly learned from observing him, and I think it stayed with me. If he were still here, I would want to show him this collection—not necessarily to ask for his approval, but to share with him how far I’ve come and what I’ve made of those early lessons. I think that would be very meaningful to me.”

RAISE THE RED LANTERNS

IN its 15-year run, there has never been a Red Charity Gala finale as emotional as JC’s. When the models came out all carrying red lanterns, tears overflowed: “When Gino Gonzales asked me what kind of lighting I envisioned for the show, I told him I wanted the atmosphere of women walking under the moonlight. The red lanterns were a tribute to my late mother, Corazon. “After all the models had walked out carrying their lanterns, I entered the ballroom with our bridal model, Bea Millan-Windorski. She carried a bouquet and, more importantly, my mother’s rosary. “This was the first fashion show my mother was not there to witness. Having her rosary with me, and seeing the collection culminate in that moonlit atmosphere, made her absence especially palpable. “Then came my bow, accompanied by ‘Rainbow Connection.’ It has always been a song of hope for me, but it also holds a very personal memory. I used to sing it to my baby brother, Jack, who passed away at just 16. Even now, the song can bring me to tears. “I think what happened that evening went far beyond the fashion show itself. The first face I saw was my brother Jake’s who flew in from the US, and he was crying. Then I saw people in the ballroom standing up, and I felt this extraordinary outpouring of love. “I couldn’t stop crying. There was grief because I missed

Tommy Hilfiger invites Travis Kelce, Jisoo into New York for Fall 2026 GLOBAL lifestyle brand Tommy Hilfiger, which is part of PVH Corp., announces the Fall 2026 campaign, starring Travis Kelce, global icon at the intersection of sport, style and entertainment, as he steps into Tommy’s New York as guest in residence at The Plaza Hotel. Having lived at the legendary address for more than a decade, Tommy opens the doors to a world where culture and creativity naturally meet, and chance encounters become part of a story that could only happen in New York. “Returning to The Plaza feels like a homecoming,” said Tommy Hilfiger. “The moment you walk through the doors, you feel the energy of New York. It’s one of those rare places where the greats of pop culture have crossed paths for generations, and that atmosphere is still there today.” “Tommy brought us into his world at The Plaza for this, and it doesn’t get more

JC BUENDIA is flanked by Red Charity Gala organizers Ben Chan, Kaye Tinga and Tessa Prieto with Miss Universe Philippines 2026 Bea MillanWindorski. He presented his Under the Moonlight collection at The Peninsula Manila on October 3.

THE fall collection of Tommy Hilfiger is showcased by Travis Kelce and jisoo.

classic New York than that,” said Travis Kelce. “There’s a magic to this city, and I love that you never know who or what’s around the corner. We had a blast tapping into that

unique energy with a cast who truly embody the vibes that make this city so special.” In the city that never sleeps, Travis Kelce is joined by Tommy and Dee Hilfiger,

alongside a dynamic cast of longtime friends, collaborators and familiar faces, including singer, actress and Brand Ambassador Jisoo bringing their signature perspectives to modern prep. The Fall 2026 Collection continues the brand’s vision of “Prep Made Current,” reimagining American classics through richer textures, refined craftsmanship and a confident seasonal perspective. Rooted in New York style, the collection balances heritage icons with modern functionality, creating a wardrobe designed for the rhythm of city life. At the heart of the season is Fall’s enduring hero: the cable knit sweater. The varsity jacket remains a cornerstone of the season, continuing its legacy as one of Tommy Hilfiger’s most recognizable icons. The Fall 2026 collection is available on www.tommy.com, in Tommy Hilfiger stores worldwide, and through select wholesale partners throughout the season.

AS a doctor, Dr. Kei George Rebolledo believes expert skin care should be more accessible, and procedures understandable and relevant, with clear patient expectations set. Rebolledo began his practice in 2020 at the height of the pandemic. Kutis by Kei started as a small garage-based practice. It has since grown into a multi-branch clinic across Metro Manila (Makati, Mandaluyong, Quezon City, and Paranaque). At Kutis by Kei, Rebolledo leads a team of licensed doctor as he remains committed to making quality skin care accessible while maintaining the highest dermatological standards. During the pandemic, Kutis by Kei used platforms like TikTok, Instagram and Facebook to connect with patients. This allowed Rebolledo to help educate a wider audience through clear, science-based content. Rebolledo stars in Kutis Reveal, billed as the Philippines’ first skin-transformation reality series of its kind, on the Bilyonaryo News Channel (Channel 31), with new episodes every Saturday. The show debuted on October 17. The show follows 12 participants through a fourmonth journey of dermatological consultations, treatments, healing, and transformation. These participants were chosen from more than 100 people who auditioned. The participants include a cancer survivor, a nurse, a breadwinner working in logistics, an aspiring actress, an LGBT advocate, and a student. The skin concerns of the participants range from melasma and acne scars to psoriasis, scarring, and pigmentation. Rebolledo’s treatment plans feature dermatological procedures and technologies, including LDM by Elogio, Rejuran, Blaumann Laser, Sylfirm X, CurJet, and Lenisna. “Kaya ko ito ginawa is to bring to bring forth the message that this industry, dermatology and aesthetics, is not just for celebrities. It is for everyone. The skin is the first thing you see when you look at a person and we all know that when you have a skin condition, it affects everything in your life. Being concerned about your skin is not superficial. Through Kutis Reveal, I want to show that the lives of the patients can improve and be filled with hope,” said Rebolledo. The show will document the process behind each transformation, from medical consultations and procedures to recovery, and the emotional challenges that come with it. Take note that the transformation does not include surgery as Rebolledo is a dermatologist and not a plastic surgeon. “This is a show about the skin and dermatology. During consultations, for example, I tell them I can’t erase scars 100 percent. I tell them the realistic result is 60 percent to 80 percent. But the transformation is still impactful. For active acne, the transformation is around 90 percent. The results vary from patient to patient. It depends on the case. I aim to show the improvement in three months, which is the duration of the show,” said Rebolledo. For Rebolledo, Kutis Reveal is an opportunity to showcase the dermatological process; to give people the idea what really happens when you visit a dermatologist. “I want them to understand that meaningful results require the right diagnosis, an individualized treatment plan, patience, and trust,” said Rebolledo.

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Monday, October 26, 2026

PhilHealth bridges TB treatment gap, expands access to anti-TB medicines through GAMOT

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he Philippine Health Insurance Corporation (PhilHealth) is expanding access to selected firstline anti-tuberculosis (TB) medicines through its Guaranteed and Accessible Medications for Outpatient Treatment (GAMOT) program, giving eligible members and their dependents an additional access point for prescribed medicines starting November 1, 2026. Under PhilHealth Circular No. 20260018, eligible patients with confirmed drug-susceptible tuberculosis (DS-TB) may obtain covered medicines from PhilHealth-accredited GAMOT Facilities through prescriptions issued by YAKAP physicians. The policy advances PhilHealth’s commitment to strengthening comprehensive primary care through the Yaman ng Kalusugan Program or YAKAP and supports the Unified National Agenda for Health, particularly its pillar on a functional primary care system. By connecting primary care consultations with access to prescribed medicines, PhilHealth aims to help bridge gaps in treatment, promote continuity of care, and make health benefits more accessible and responsive to patients’ needs. Importantly, covered anti-TB medicines will not be deducted from the member’s P20,000 annual GAMOT benefit limit, preserving this allocation for other covered outpatient medicines. Up to a one-month supply of first-line anti-TB medications may be prescribed per transaction, and the accredited GAMOT Facility must dispense the complete prescribed quantity within two days from the date of GAMOT prescription issuance. Patients must claim their medicines within the prescribed period; otherwise, they may still obtain them but must pay out of pocket or secure an updated

prescription. YAKAP accredited physicians must issue prescriptions through the GAMOT Application in accordance with the Department of Health- National TB Control Program (DOH-NTP) treatment protocols. To facilitate timely access, accredited GAMOT Facilities must submit an updated Certification of Availability to their PhilHealth Regional Office (PRO) before dispensing anti-TB medicines. PhilHealth will directly reimburse participating GAMOT facilities based on the fixed fees schedule specified in the circular. The expanded benefit complements, not replaces, the Outpatient TB-DOTS Package, which remains PhilHealth’s primary benefit for comprehensive outpatient TB care. Meanwhile, TBDOTS facilities shall continue providing comprehensive care and dispensing medicines when supplies are available and sufficient. If first-line antiTB drugs are dispensed through a GAMOT facility instead of the TB-DOTS facility, an

automatic 50 percent deduction will apply to the TB-DOTS package claim for each treatment phase. Members are encouraged to consult their YAKAP Authorized Physician or TB-DOTS provider to determine the appropriate treatment arrangements and how to access the benefit. For PhilHealth, strengthening primary care means turning health coverage into meaningful access to care. Through YAKAP and complementary benefits such as GAMOT, PhilHealth continues to advance the national health agenda by helping Filipinos access essential medicines and services, supporting continuity of treatment, and reducing financial barriers to healthcare. For questions on registration, YAKAP selection and location of YAKAP Clinics, members may call the PhilHealth Corporate Action Center at (02) 8662-2588 or visit www.philhealth.gov.ph.

MR.DIY CEO urges leaders to reframe success through people, purpose

Roselle Marisol Andaya, CEO of MR.DIY Philippines, opens her presentation by challenging business leaders to ask deeper questions about growth, emphasizing that meaningful progress is measured not only by results, but by the positive impact created for people and communities.

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HAT if the most important business insights are the hidden stories behind the numbers? This was the question posed by Roselle Marisol Belleza Andaya, Chief Executive Officer of MR.DIY Philippines, as she challenged fellow business leaders to rethink how they define growth, accountability, and sustainability during her presentation, Reframing Leadership at MR.DIY. Rather than focusing solely on business metrics, Andaya shared how organizations can create lasting impact by understanding the story of the people, opportunities, and communities behind every result. Opening her presentation with the message that every decision begins with

a question, Andaya encouraged attendees to look beyond growth figures and performance indicators. While businesses often measure success through numbers, she emphasized that true leadership emerges when organizations recognize the stories and possibilities those numbers represent. Drawing from MR.DIY Philippines’ own journey, Andaya reflected on the company’s growth from a single store in 2018 to more than a thousand stores nationwide in just eight years. Yet, she stressed that the retailer’s story is not simply one of expansion, but of people whose contributions have helped shape the company’s success. Central to the presentation was MR.DIY’s belief that sustainable growth starts with inclusivity. Today, 3,098 women serve across all levels of the organization, helping drive the business forward through leadership, innovation, and operational excellence. For Andaya, these women represent more than a workforce statistic. They are examples of how trust, empowerment, and opportunity can unlock potential and create meaningful change. Through the stories of several women leaders, Andaya illustrated how leadership can be reframed as an opportunity to create impact beyond business results. One story highlighted how believing in people’s capabilities rather than simply their credentials can cultivate new leaders and open opportunities for communities across the country, as shared by Baby Agnes Puno, Area Manager for Visayas, Gemma Ong, Head of Warehouse Operations demonstrated how operational reliability enables businesses to serve customers consistently while extending support to communities through sustainability and livelihood initiatives. Atty. Suzie Fernandez, Head of Legal, Compliance, and Sustainability underscored the importance of accountability in building a culture where growth remains responsible,

ethical, and sustainable. The presentation also showcased how sustainability at MR.DIY extends beyond environmental commitments. According to Andaya, sustainability must live through every level of an organization, from leadership and decision-making to operations, partnerships, and community programs. She cited the company’s renewable energy initiatives in partnership with ACEN RES, community development efforts, educational programs, and sustainable consumer campaigns as examples of how organizations can integrate purpose into everyday business practices. Andaya noted that partnerships play a critical role in accelerating impact. Through collaborations that support renewable energy adoption and responsible business practices, companies can demonstrate that commercial success and sustainability are not competing priorities, but complementary goals that can move forward together. For attendees, the presentation offered a timely lesson in leadership. In an environment where growth is often measured by revenue, expansion, or operational scale, Andaya encouraged leaders to ask a deeper question: The next time we look at our numbers, let us think - who’s story are we creating? Because that story can spark a world of possibility. That story can create opportunities for entire communities. That story can change the trajectory of future generations. And that is what we see as true and lasting sustainability. Closing her presentation, Andaya reminded fellow leaders that a single spark can ignite a world of possibility. When businesses choose to invest in people, act with accountability, and embed sustainability into their culture, they do more than achieve growth. They create stories that can inspire change, uplift communities, and shape a more sustainable future for generations to come.

Novo, UNICEF expand partnership to support a healthier start for more than 80 million children

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OVO Nordisk and UNICEF recently announced a fouryear expansion of their global partnership to help prevent childhood overweight and obesity, aiming to support a healthier start in life for more than 80 million children. Novo is committing US$18 million from 2026 to 2030 to advance evidence-based policies and prevention services in seven priority countries. The expansion arrives at a turning point in global child health: childhood obesity has now surpassed underweight globally for the first time on record, according to UNICEF’s 2025 Child Nutrition Report. From 2026 to 2030, the partnership will support governments to create environments that ensure healthier options are more accessible to children and families— from the food that is offered and promoted to children, to the schools, cities and health services they rely on every day. “It is concerning that childhood obesity has surpassed underweight, affecting one in 10 school-aged children and adolescents globally,” said Kitty van der Heijden, Deputy Executive Director, Partnerships, UNICEF. “The moment to act is now. Through our partnership with Novo, UNICEF will work with governments to turn evidence into policies, build services, and create environments that protect children early, so every child has a fair chance to eat well, move, feel supported and grow up healthy.” “Preventing childhood obesity requires long-term, collective action to create healthier environments for children,” said Elin Jäger, chief of staff and head of CEO Office, Corporate Strategy and Sustainability, Novo. “Through our continued partnership with UNICEF, we want to support proven prevention approaches that can become part of the systems children rely on every day, helping create healthier environments for more than 80 million children.” Since 2019, Novo and UNICEF have helped raise

childhood overweight and obesity from an underrecognized issue to a growing global policy and public health priority. Building on this foundation, the next phase of the partnership will deepen efforts in existing countries and expand to new contexts, combining evidence-based policy advocacy, technical assistance, youth-led advocacy and peer support, and social and behaviour change communication. The expanded program will support action in Mexico, Colombia, Indonesia, the Philippines, India, Egypt and Kenya, while accelerating learning across regions. Interventions will include growth monitoring; nutrition and physical activity counselling; peer and family support; community- and facility-based prevention activities; youth advocacy; basic mental health screening and support; and legislation to promote better diets and healthy food. Success will be measured by the number of children reached by evidence-based prevention policies and interventions. Progress and challenges will be reported transparently. Childhood overweight and obesity now affect around 35 million children under five and more than 391 million children and adolescents aged five to 19, with 81 percent of them living in low- and middle-income countries. The impacts can be immediate and lifelong, increasing the risk of early-onset type 2 diabetes and other noncommunicable diseases, while also affecting children’s wellbeing through stigma and discrimination. Delivery will be country-led and anchored in UNICEF’s Centres of Excellence model, led from Nairobi with satellite support in Bangkok and Panama. For further information on the partnership and program progress, visit novonordisk.com/sustainable-business and unicef.org

Present at the topping off ceremony were, from left, MSC Assistant Vice President Mary Joy Laquindanum; Senior Vice President Fernando F. Villanueva, Jr.; Vice Chairman and Chief Operating Officer Eliseo A. Aurellado; and President Maximillian G. Quintos followed by Empire East President and Chief Executive Officer Atty. Anthony Charlemagne C. Yu; Chief Operating Officer and Chief Information Officer Lino P. Victorioso, Jr.; Senior Vice President and Chief Marketing Officer Jhoanna Lyndelou T. Llaga; Assistant Vice President for Project Construction Engr. Rudolf Ryan B. Capor; and Vice President for Property Development, Administration and General Services Engr. Gemma O. Romero.

Empire East marks major milestone with topping off of The Paddington Place in Mandaluyong City

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EADING real estate developer Empire East Land Holdings, Inc., alongside its construction partner, Metro Stonerich Corporation (MSC), officially marked a significant construction milestone with the ceremonial topping-off of The Paddington Place. Located along Shaw Boulevard in Mandaluyong City, this milestone brings the highly anticipated four-tower development one step closer to completion. The ceremony was led by Atty. Anthony Charlemagne C. Yu, President and CEO of Empire East, and Eliseo A. Aurellado, Vice Chairman and COO of Metro Stonerich Corporation, joined by key executives from both companies. The event celebrates the structural completion of the high-rise towers, reflecting a shared commitment to delivering top-tier transit-oriented developments to future homeowners. Envisioned as a vibrant, nature-rich urban enclave for young professionals and growing families, The Paddington Place is designed to blend metropolitan convenience with a resort-inspired lifestyle. Beyond its strategic proximity to

the Ortigas Central Business District and the MRT-3 Shaw Boulevard Station, the development features an extensive roster of world-class recreational amenities, such as a dedicated fitness gym, a specialized yoga station, outdoor fitness areas, and extensive jogging trails. The Paddington Place is also equipped with a premier 25-meter lap pool, a relaxation lounge, and a dedicated kiddie pool, multi-level green spaces including a beautifully landscaped garden deck, terraced gardens, and quiet meditation gardens. The development offers a flexible mix of residential suites, including executive studios, one-bedroom suites, two-bedroom suites, and premier penthouse options designed for modern city living. With structural works reaching this final peak, indoor finishing and deliverables will continue to accelerate across all four towers. Empire East Land Holdings, Inc. is a premier property developer in the Philippines, renowned for pioneering transit-oriented residential communities and affordable luxury townships across Metro Manila.

Erehwon Art Center’s ‘Bayan Bayanan: Letter from Home’ the musical is now in Greece

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N celebration of 76 years of diplomatic and cultural relations between the Philippines and the Hellenic Republic, Erehwon Art Foundation brings the musical, “Bayan Bayanan: Letters from Home,” to Athens, Greece. This is in cooperation with the Philippine Embassy in Greece and the West Visayas State University which provided the performers. The Hellenic Republic is home to over 60,000 Filipinos, many of whom are overseas Filipino workers (OFWs) engaged in domestic service, hospitality, and maritime industries. Providing generous support

to this project are the leading maritime transport companies, Akron Trade and Transport and the Coral Shipping Corporation. Philippine–Greek relations are rooted in shared maritime traditions. Greece maintains the largest shipping fleet in the world, while the Philippines continues to be a leading source of skilled seafarers. “Bayan Bayanan: Letters from Home” which premiered in Athens on October 18, 2026 at Theatro Parnassos, captures the lived realities of Filipinos living and working in Greece — their resilience, sacrifices, and enduring connection to home. Beyond its artistic merit, the play serves as a platform for community-building and emotional support among Filipinos abroad. This is a classic play of the late Bienvenido M. Noriega, Jr. transformed into a musical by internationally awarded theater director Dr. Anton Juan. He received the Alexander Onassis International Award for Theatre Playwriting) in 1997, the Chevalier de l’Ordre des Arts et Lettres in 1992, and the Chevalier de l’Ordre National de Merit in 2002, among many other awards. His continued involvement in Philippine–Greek cultural exchanges underscores the broader intent of this initiative: to deepen mutual understanding through the arts.

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Monday, October 26, 2026 B7

A roadmap into PR practice its success?

7. Regional Networks and Nationwide Participation: Expanding access to professional development, representation, leadership opportunities, and participation across the Philippines. n What would meaningful progress in the Visayas and Mindanao look like by 2030? n What decisions, initiatives, and programs should regional leaders be empowered to shape based on the needs and opportunities in their respective communities?”

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AKING the rounds of conferences, discussions, and studies is the question of how the PR practice is shaping up today in the light of AI and technological inroads, and given that, what lies ahead in the practice of PR. The question has been asked before, but it is asked more intensely now, heightened by the need to understand and adopt AI and thrive in our interrelated technology-linked world. What should remain and what should change? How do we equip ourselves to thrive sustainably, purposively, and meaningfully? With last month, September, as PR Month, a comprehensive Philippine PR Roadmap 2030 was presented and discussed at the culminating panel at the 2026 National PR Congress held September 18, 2026, at Solaire North. I was enthused and glad to be in the panel with fellow Public Relations Society of the Philippines’ Presidents’ Council members and Accredited-in-Public-Relations professionals. The panel tackled “The Future of PR: Spotting Trends and Setting Priorities in Stewarding the Brand Story” facilitated by PRSP President Ana Pista, APR. We each articulated our thoughts on the manifesto. With each panelist’s depth and breadth in the practice, it turned out to be a most thought-provoking session as it focused us on how the profession can further develop. I thought of sharing this today as a kick-off to further discussions among different practitioners from diverse private sector industries and foundations, the public sector, and academia. With PR and communication embedded in processes and strategies of organizations and institutions, it also has become a topic of interest among professionals from other fields.

7 PR Pillars GUIDING the discussion were the seven pillars of the newly minted Philippine PR Roadmap 2030 that I quote below, citing some questions under each:

1. “Professional Standards and Accreditation: Strengthening professional competence, standards,

CCP COMMISSIONS ‘SEAS UNBROKEN’ TO CELEBRATE ASEAN’S CULTURAL UNITY

AS the Philippines hosts the Association of Southeast Asian Nations (ASEAN) in 2026, the Cultural Center of the Philippines (CCP) brings the region’s creative communities together through “Seas Unbroken,” a cinematic music video commissioned to tell a collective story

of Southeast Asia through the eyes of its people. Produced by Voyage Film Studios, the project celebrates the region’s diversity and shared experiences through the perspectives of local filmmakers. Rather than focusing on national landmarks and tourist destinations, Seas Unbrokenturns its lens toward everyday life: livelihoods sustained by the sea, families gathering around meals, bustling urban communities, and children carrying traditions into the future. The film highlights how arts and culture can deepen understanding among nations, allowing artists to represent their own communities while contributing to

Call to action

PHILIPPINE PR ROADMAP 2030. It was insightful and enthusing to be part of the culminating panel (“The Future of PR: Spotting Trends and Setting Priorities in Stewarding the Brand Story”) facilitated and launched by PRSP President Ana Pista, APR, that discussed the above seven pillars of the Philippine PR Roadmap 2030, pioneered at the National PR Congress by the Public Relations Society of the Philippines. It comprehensively covers areas for PR practitioners to reflect on and take action to guide the practice today and in the future.

and recognized credentials such as the Accredited in PR distinction and rank, while making professional development accessible to practitioners at different stages of their career. n What should every PR professional be expected to know and demonstrate, and how can accreditation help establish and recognize these standards? n How should the APR framework evolve to reflect today’s strategic, ethical, and technological demands? n What would make accreditation more meaningful to employers while also making it more accessible and relevant to practitioners at different career stages?

2. Fair and Sustainable Industry Economics: Promoting fair compensation, sustainable agency practices, and appropriate recognition of the professional time, expertise, and strategic value involved in PR work. n What is your view on establishing industry benchmarks for agency services that reflect the professional time, expertise, and strategic value involved?

3. Continuous Learning and the PRSP Academy: Providing structured opportunities for practitioners to continuously develop their capabilities and remain relevant in a rapidly changing communications environment. n What should every PR practitioner continue to develop regardless of seniority, and which capabilities should be prioritized at different stages of a PR career? n Which capabilities should be prioritized over the next five years? n How can we ensure that learning translates into stronger professional practice?

4. Executive Advocacy and Strategic Recognition: Strengthening PR’s role in organizational strategy and enabling practitioners to contribute earlier and more meaningfully to decisions involving reputation, stakeholder relationships, trust, and organizational direction. n What must PR practitioners demonstrate for organizational leaders to involve them earlier in decisions that shape strategy, reputation, relationships, and stakeholder trust?

n What shared principles should

guide fair compensation, reasonable workloads, and sustainable client relationships? n From the client’s perspective, how do you determine whether an agency’s proposal offers fair value?

a broader regional narrative. By bringing together filmmakers, creatives, and production teams from all 11 ASEAN member states, the project demonstrates how collaboration can bridge cultural differences without diminishing individual identities. Directed and edited by Chuck Gutierrez, produced by Baby Ruth Villarama of Voyage Film Studios, featuring original music composed, written, and arranged by Von De Guzmán and sung by Sofronio Vasquez, Seas Unbroken weaves distinct national perspectives into a unified cinematic experience. For Gutierrez, the challenge was to bring these perspectives together while preserving what makes each country

n Beyond titles, what responsibilities, authority, and competencies must accompany recognition to make it meaningful?

that seat effectively, particularly when our professional advice may challenge management’s preferred course of action?

5. Ethics and Digital Governance: Upholding integrity, accountability, and responsible communication, including the ethical and responsible use of AI and other emerging technologies. n As AI changes how we research, create, and communicate, which ethical standards must remain nonnegotiable? n What principles should guidelines on AI ethics for responsible communication uphold, and who should be involved to ensure that they are credible, practical, and widely adopted? n What practical guidance should there be on AI disclosure, verification, privacy, transparency, and human accountability?

6. Education-to-Employment Pathways: Connecting academic preparation with industry needs through meaningful internships, mentorship, career development, and employment opportunities. n How can universities and practitioners work together to strengthen curricula, mentorship, and meaningful internship experiences that prepare students for careers in PR?

a seat at the table, how do we use

n How can there be stronger pathways for emerging practitioners and how should we measure

unique. “Our seas may separate our shores, but they also connect our stories. We didn’t want to create a travelogue of Southeast Asia. We wanted to tell a human story. In the editing room, we discovered that despite our differences, the rhythms of our everyday lives are remarkably connected. The challenge was bringing these perspectives together without losing what makes each country unique,” Gutierrez said. Behind the production was a network of professional relationships cultivated among Southeast Asian filmmakers over the years. Voyage Film Studios helped assemble the regional teams, bringing

together longtime collaborators and new creative partners, many of whom were working with one another for the first time. For Villarama, the project reflects how these relationships can evolve into meaningful creative partnerships. “Everything we’ve been through as filmmakers, the challenges, friendships, and networks we’ve built across Southeast Asia for more than a decade, led us here. Many of our collaborators were people we were working with for the first time, yet everyone brought something deeply authentic to the project. It became alive, almost as though the film was breathing on its own,” Villarama said.

n Once PR practitioners have

THE set of questions ends with this call to action: n “If we could commit to only three actions from the seven pillars in the next 12 months to move the Philippine PR Roadmap 2030 forward, what should they be, and who needs to take responsibility to advance them? n What is one concrete commitment you or your organization can make to further strengthen the professional practice of PR and help ensure that by 2030, PR practitioners are recognized and engaged as trusted strategic advisers at the decision-making table?” It’s been said that it takes a village to raise a child. In our case, it takes a whole village, an ecosystem of people, cultures, circumstances, logistics, support services, practices that are interrelated or perhaps symbiotically connected, to raise PR and continue to move it today into what it will be in the future. The above seven pillars provide insightful questions to be addressed. Let’s continue the discussion and reflection. Calling on all PR and communication practitioners, academics, and students to reflect and support these seven pillars!

PR Matters is a roundtable column by members of IPR A Philippines, the local chapter of the United Kingdom-based International Public Relations Association, the world’s premier association for senior communication professionals around the world. Ritzi Villarico-Ronquillo, APR, IABC Fellow is a seasoned Communication and PR leader, Consultant, Coach, Mentor, Professional Lecturer, and Adjunct Faculty for Business Communication, Strategic PR, and Leadership, with 46 years of award-winning experience across corporate, community, associations, advocacy, and academic sectors. For more insights and updates on public relations, follow PR Matters by IPRA Philippines on Tiktok, Youtube, Instagram and Facebook.

The film’s original song further unites its images through a shared emotional journey. De Guzmán’s music and lyrics draw on the region’s histories, cultures, and aspirations, conveying how solidarity can coexist with distinct national identities. “With Seas Unbroken, I wanted to capture how our different histories, cultures, and identities are connected by the same seas and a shared hope for peace and prosperity. Through music and lyrics, we celebrate the strength of each nation and the greater possibilities we create together. My hope is that the song reflects not only who we are as Southeast Asians, but who we can become together,” De Guzmán said.

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Monday, October 26, 2026

www.businessmirror.com.ph

Global drug syndicates eye operations in PHL Cops, local govt all-set

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By Jovee Marie N. dela Cruz

SIDE from the notorious Sam Gor transnational drug network, at least four other major foreign criminal groups—including Chinese and Chinese-Filipino syndicates, West African drug-trafficking networks, and Mexican cartels—have been actively linked to illegal drug operations in the Philippines, according to details revealed after a House Committee on Dangerous Drugs briefing.

The revelation surfaced during last week’s House of Representatives committee hearing, led by Las Piñas Rep. Mark Anthony Santos, which investigated a foiled attempt to smuggle P3.4 billion worth of methamphatamine hydrochloride or shabu into the country from Laos aboard a private jet. In a follow-up statement, Santos shared that a senior police officer approached him after the hearing

and singled out these foreign sy ndicates as key players tied to the nation’s illicit drug trade. Among the Chinese-linked organizations previously flagged by Philippine authorities are the United Bamboo Gang (also known as the Bamboo Union) and the 14K Triad. Back in 2017, the Philippine Drug Enforcement Agency (Pdea) formally named both groups as foreign criminal entities fueling transnational

drug trafficking. Santos noted that law enforcers also investigated the Dragon Wu International Drug Syndicate. In 2018, Pdea connected this group to clandestine drug laboratories operating in Batangas and Malabon, allegedly run through a mix of Chinese nationals and local Filipino accomplices. Turning to West African drug-trafficking networks, Santos explained that these groups frequently rely on couriers and intermediaries to move illegal drugs across international borders. Just in February 2025, the National Bureau of Investigation (NBI) reported that an African syndicate had allegedly recruited financially vulnerable Filipinos to move drug packages from Malaysia into Hong Kong. Meanwhile, Mexican criminal powerhouses—including the notorious Sinaloa Cartel and the Jalisco New Generation Cartel—remain globally infamous for massive drug-smuggling operations. Both cartels are recognized by the US Drug Enforcement Administration as premier international drug-trafficking organizations. At the briefing, the Pdea director general, Undersecretary Isagani Nerez, reportedly confirmed that Sam Gor operates through a coalition of five major triad groups: the 14K Triad,

Bamboo Union, Big Circle Gang, Sun Yee On, and Wo Shing Wo, with top bosses believed to be operating out of Hong Kong and Taiwan. International intelligence reports depict Sam Gor as a massive transnational empire dominating the AsiaPacific methamphetamine trade. Nerez highlighted that the network controls an estimated 40 to 70 percent of the region’s meth market, pulling in a staggering $17 billion-plus in annual revenue. The shadow network reportedly operates through local partners and criminal cells spread across a vast web of countries, including Cambodia, Laos, Myanmar, Thailand, Australia, New Zealand, South Korea, Japan, China, Taiwan, Vietnam, and the Philippines. Sam Gor has long been tied to Tse Chi Lop, the high-profile ChineseCanadian kingpin who was arrested in the Netherlands in 2021 before being extradited to Australia in December 2022 to face heavy drug-trafficking charges. Santos added that these deepseated ties between foreign criminal networks and the domestic drug trade demand far tighter scrutiny over their financial flows, logistical pipelines, and local connections.

for Asean defense meet By Rex Anthony Naval & Carmel Pedroza

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EBU is on high alert and ready to welcome Southeast Asia’s top defense leaders. The National Police (PNP) and local authorities confirmed Sunday that extensive security measures are active for the 20th Association of Southeast Asian Nations Defense Ministers’ Meeting (ADMM) and 13th ADMM-Plus, running from late October through early November. Gen. Jose Melencio Nartatez Jr., National Police chief, assured the public and international delegates that police units across Central Visayas are on heightened alert. While no specific threats have been detected, security forces are taking zero chances. “The absence of identified threats does not lessen our responsibility to remain vigilant,” Nartatez said. “The PNP is fully prepared to secure ADMM 2026 through proactive security measures, close coordination, and strategic deployment.” The security measures in place include: n Massive Boots-on-the-Ground Presence: Over 3,670 personnel—including 2,300 police officers alongside

military, Coast Guard, health, and fire units—have been mobilized. n Operations cover conference halls, hotels, convoy routes, and key tourist spots across Lapu-Lapu City and Cebu City. n The Office of Civil Defense (OCD) Region 7 has raised its regional response status to Blue Alert, activating joint incident management teams. n Security coverage will stretch through November 1 to seamlessly transition into crowd management for All Saints’ Day and All Souls’ Day (Undas). During a ceremonial send-off at Mactan Shrine, Police Brig. Gen. Arnold Abad, overall commander of Task Group Central Visayas, rallied participating agencies to maintain peak discipline and seamless communication. Lapu-Lapu City Mayor Ma. Cynthia King Chan highlighted the spirit of joint teamwork across agencies. “As the host city, Lapu-Lapu City takes pride in this opportunity, and the Philippines is ready to welcome this important gathering,” Chan shared. With security sweeps, traffic rerouting, and emergency teams fully active, Central Visayas stands ready to deliver a safe, smooth, and hospitable stage for regional defense diplomacy, she added.

Dusit Thani Lubi Plantation Resort: ThaiFilipino hospitality with eco-friendly luxury

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By Francine M. Marquez

views of the turquoise ocean, white-sand beach, and coconut trees swaying in the breeze.

n island escape evokes images of sun, sand, and crystal-clear waters. But beyond the scenery lies a deeper story of hospitality, sustainability, and the people who make every getaway memorable.

In the latest episode of “Freshly Brewed,” BusinessMirror’s weekly podcast, Thanthita “Punch” Nithimetheesanont, general manager of Dusit Thani Lubi Plantation Resort, shared how Thai hospitality and Filipino warmth come together to create a distinctive island experience in Davao de Oro. Joining BusinessMirror trade and industry reporter Bless Ogerio, Nithimetheesanont, known in the industry as GM Punch, talked about her career, the resort’s approach to guest experience, and its commitment to environmental sustainability. With 23 years of experience in the hospitality industry, Nithimetheesanont has worked in five countries: Thailand, Laos, Vietnam, the Maldives, and the Philippines. “I fell in love with the hospitality industry because Thai culture embraces service from the heart. We also take pride in sharing our culture and traditions with people from other countries,” she said. Working across different destinations has also allowed her to learn from other cultures and share her experience with her teams. “I feel very excited all the time when I work in the hotel. I have a chance to share my experience and adapt myself to the different cultures in different countries with my team,” she added. Set on a former coconut plantation, Dusit Thani Lubi Plantation Resort is a five-star private island

Holiday getaway

WITH the Christmas season approaching, Dusit Thani Lubi Plantation Resort is inviting guests to celebrate the holidays in a tropical setting through its “Return to Paradise” theme. The celebration offers a Hawaiian-inspired experience, complemented by seafood and a selection of international cuisines. Live acoustic music, hula dancers, Polynesian drummers, and other tropical elements will bring a festive atmosphere to the island. Unlike traditional holiday festivities in city hotels, the resort aims to make the island’s natural surroundings part of the celebration, giving guests a different way to enjoy the season. “The festive season is about family. We want to create great memories for the family and bring them together,” Nithimetheesanont said.

retreat featuring 77 rooms and luxury villas, some with private plunge pools or direct beach access. The property also has a marine sanctuary and uses solar power as part of its sustainability efforts. For GM Punch, bringing Thai and Filipino hospitality together has been a natural process. “We have genuine respect and care about the details of Philippine culture, which has a warm heart for hospitality already. So, it wasn’t difficult for me to bring both cultures together,” she said. “The Dusit Thani brand carries the Thai heritage, and my role as a leader is to implement the international standards of the Dusit Thani brand in the Philippines.”

Quality time

Guest experience

FOR Dusit Thani Lubi Plantation Resort, luxury extends beyond its accommodations and amenities to the personal attention guests receive throughout their stay. “People are looking for a place where they can escape and where they can stop time with friends and families. I would say that Dusit Thani Lubi Plantation Resort is a good place for you to escape from, let’s say, Manila and its heavy traffic,” GM Punch said. Guests can enjoy a range of resort activities and dining options while taking in the island’s

Thanthita "Punch" Nithimetheesanont, general manager of Dusit Thani Lubi Plantation Resort, talks about the people, ideas and experience behind an island escape with Bless Aubrey Ogerio, BusinessMirror's trade and industry reporter. natural surroundings. A butler is available to help ensure a seamless stay, while the team follows up with guests to gather feedback and assess their experience. The island setting is also central to the resort’s appeal. “Dusit Thani Lubi Plantation Resort is a private luxury island that combines world-class service with the warmth of Filipino hospitality. Guests can experience Filipino culture while enjoying the island’s beautiful crystalline ocean surroundings,” she said. “We also offer a wide range of activities to keep everyone entertained. Even a three- or four-day stay may not be enough to experience everything the resort has to offer.”

Green awareness

Thanthita "Punch" Nithimetheesanont, general manager of Dusit Thani Lubi Plantation Resort

Bless Aubrey Ogerio, BusinessMirror's trade and industry reporter

BEYOND its guest offerings, the resort places sustainability at the center of its operations. Its facilities include a one-megawatt solar installation, a water desalination system, and a heat recovery system. “Sustainability is central to our daily operations. Our trained team conducts preventive maintenance and monitors our equipment around the clock to ensure the island runs efficiently while providing guests with a unique experience,” GM Punch said. “We plan and take good care of our facilities because sustainability is key to keeping our property running smoothly.”

The resort also seeks to involve guests in its environmental initiatives, emphasizing that responsible tourism requires awareness and participation. “Sustainability is not just about marketing; it is about caring for nature, especially as we experience climate change, earthquakes, and other environmental challenges. We also strive to raise awareness among everyone,” she said. Since opening, the property has maintained a marine sanctuary and coral nursery. Guests can explore the surrounding marine environment through snorkeling and diving, while the resort educates its team and visitors about the importance of protecting coral reefs. The conservation efforts extend to the island’s wildlife. GM Punch cited the annual return of female sea turtles to the resort’s sandy shores to lay their eggs as one of the property’s natural highlights. “We lead about 800 to 1,000 turtles back to the ocean. We are very proud of this, and we keep the greenery surrounding the property. Once our guests visit the property, they can see how we protect and become part of the environment,” she said.

Green art

ART provides another way for the resort to communicate its environmental message. Through the Lubi Art Project, the property brings artworks into its natural surroundings, allowing guests to encounter installations as they

explore the island. “We have art installations throughout the property to enrich our guests’ experience and tell the story of the island. Rather than keeping art confined to galleries or studios, we bring it into the natural surroundings,” GM Punch said. The project is a collaboration with Silverlens Gallery, which tapped 10 established Filipino artists to create environmentally conscious artworks using materials found on-site. Among the works, Gary-Ross Pastrana created a giant sundial from used soft drink cans collected along the beach, while Poklong Anading’s installation incorporates abandoned fishing nets. These installations combine artistic expression with environmental awareness, giving guests another perspective on the relationship between the island and its natural resources.

Gourmet offerings

THE resort’s culinary offerings bring Thai and Filipino influences to the table, featuring ingredients such as fresh herbs and vegetables, as well as the day’s catch. At Ga-ti Thai Cuisine, guests can enjoy Thai specialties, including traditional curries, mixed fried rice, and house favorites such as Tom Yum Goong, a spicy-sour shrimp soup; Pad Thai Goong Sod, stir-fried noodles with seafood and bean sprouts in tamarind sauce; and Nua Yaang Naam-Jim Jaew, steak served with Thai chili dipping sauce. The dining experience is complemented by

FOR GM Punch, the appeal of a luxury island retreat lies in its ability to bring people together while allowing them to enjoy the comforts and connectivity of modern life. “I believe today’s travelers are looking for a luxury property where they can spend quality time with family and friends while staying connected to the outside world. With social media and work becoming part of our daily lives, completely disconnecting is not always possible,” she said. The resort caters to different generations, offering opportunities for guests to spend time together through activities suited to their interests and pace. “Our island offers the perfect setting for every generation, from the young to senior citizens. It’s a place where families and friends can come together, enjoy meaningful experiences, and create lasting memories.” Guests can take leisurely walks surrounded by nature, enjoy a couples’ massage, or relax with a cup of coffee at Lubi Gourmet Café.

The future of hospitality

AS the resort continues to develop its approach to guest experience, sustainability remains a central priority. “At Dusit Thani Lubi Plantation Resort, we have begun implementing various sustainability initiatives. I warmly invite everyone to visit our property, learn more about what we are doing, and see firsthand the efforts of our team,” GM Punch said. • Watch the full interview on BusinessMirror’s YouTube channel. Catch new episodes of “Freshly Brewed” every Monday at 10 a.m. on BusinessMirror’s YouTube channel, Facebook page, and website