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‘Asean must move as one vs crime rings’ By Bless Aubrey Ogerio

NFORCING laws against illicit trade and helping dismantle criminal networks across Southeast Asia will strengthen the Philippines’s appeal to foreign investors, but the region must coordinate its response rather than compete for capital, the EU-Asean Business Council (EU-ABC) said. Christopher Humphrey, EUABC executive director, told the BusinessMirror that investors increasingly view the Association of Southeast Asian Nations (Asean)

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as an interconnected market, making security risks in one country a concern for businesses operating across the region. “It is important to understand that the nature of these criminal networks is transnational, meaning that their reach extends far beyond the four epicenters highlighted,” Humphrey told this newspaper in an email interview. “Businesses are increasingly looking at Asean not as 11 individual economies, but as one interconnected market to trade and invest in,” he added. Humphrey was responding to

questions following a report by the International Institute for Strategic Studies (IISS), commissioned by the EU-ABC, which identified four criminal hubs linked to cybercrime and scam operations as major regional and international security risks. These are the Golden Triangle, where Laos, Myanmar and Thailand meet; parts of Myawaddy township in Myanmar; Sihanoukville in Cambodia; and the area around Poipet on the Thailand-Cambodia border. However, he noted, illicit trade and criminal networks operate across all

Asean countries, and even those not identified as major criminal hubs. For the EU-ABC chief, regional trade routes and infrastructure can also be exploited by these networks, threatening businesses that need secure conditions to manufacture, transport goods and conduct transactions. As for the Philippines, the report points to the historical experience of the Sulu-Celebes Sea corridor linking the country with Indonesia and Malaysia, where criminal economies and terrorist groups have developed sustained connections. See “Asean,” A2

BusinessMirror A broader look at today’s business

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Tuesday, October 27, 2026 Vol. 22 No. 20

P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK

By Andrea E. San Juan

CONOMISTS are prodding the government to address issues that are within its control—by strengthening domestic energy and food production to reduce import dependence, as the local currency is at risk of falling to the P65-per-dollar level due to lingering geopolitical risks. In separate responses, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. and ADMU economist Ser Percival K. Peña-Reyes said

the peso could approach P65 per dollar especially if geopolitical risks worsen further. See “Peso,” A2

DWINDLING RICE STOCKPILE, EL NIÑO INFLATION RISKS–BMI By Ada Pelonia

HE Philippines’s dwindling rice stockpile and the threat of El Niño would cause prices to accelerate and put more pressure on inflation, according to an international report. BMI, a unit of Fitch Solutions, reported that the 2026/27 El Niño would likely raise drought risk for most cropland across several regions, threatening corn, rice, sugar, palm oil, and coffee production.

This includes Southern Africa, Central America, northern South America and Southeast Asia. BMI noted that in past El Niños, “the share of cropland exposed to high-intensity drought rose by 11-12 percentage points on average across these regions.” It added that among the countries hardest hit by the dry spell were Zambia, Zimbabwe, Central America’s Dry Corridor, the Philippines, Thailand, Guyana, and Suriname. See “Inflation,” A2

UNDAS TRAVEL SAFETY CHECKS Heading home for Undas? Authorities are stepping up transport safety checks as passengers troop to bus terminals for trips to their provinces ahead of All Saints’ Day and All Souls’ Day. Officials from the Metropolitan Manila Development Authority (MMDA), Land Transportation Office (LTO) and Philippine Drug Enforcement Agency (PDEA) inspect the Parañaque Integrated Terminal Exchange (PITX) in Parañaque City on Monday, October 26, as part of preparations for the holiday travel rush. The surprise inspections include random drug testing of drivers and checks on emergency equipment to help ensure safer journeys for passengers traveling to their home provinces for All Saints’ Day and All Souls’ Day. BM PHOTOS/ROY DOMINGO

PHL chipmakers brace for El Niño By Bless Aubrey Ogerio

2027 BUDGETS GETS A CIVIL SOCIETY CHECK Sen. Joseph Victor “JV” Ejercito, chairperson of the Senate Committee on Finance, presides over a consultation with civil society organizations (CSOs) on budgetary priorities for the proposed 2027 General Appropriations Act. Senate President Win Gatchalian and Sen. Panfilo “Ping” Lacson also attended the meeting, which brought together CSO representatives and government officials to discuss spending priorities. ROY DOMINGO

HILIPPINE semiconductor manufacturers are preparing to keep factories running through a possible El Niño, including maintaining the water supply and cooling systems needed for production, although the industry cannot yet quantify the additional costs of securing these resources. Danilo C. Lachica, president of the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi), told the BusinessMirror that manufacturers would have to offset higher operating expenses through better efficiency and productivity. “Hard to estimate. But the thing is, again, the companies will not compromise the working conditions,” Lachica said in an exclusive interview on the sidelines of the 21st Philippine Semiconductor and Electronics Convention and Exhibition (PSECE) in Pasay on Monday. “The air-conditioning and the

cooling water for the products will continue,” he said, adding that manufacturers would focus on optimizing efficiency and productivity to manage costs. According to the Seipi chief, the industry had not raised complaints about heat-related working conditions. The preparations come as the Philippine Atmospheric, Geophysical and Astronomical Services Administration reported that a strong to very strong El Niño was present in the tropical Pacific and could persist through the first half of 2027, potentially peaking before the end of this year. The Department of Labor and Employment has crafted guidelines to compel employers to strictly safeguard workers from heat-related ailments or conditions, especially for those doing field work or enclosed in factories and similar facilities. For its part, the Department of Agriculture has estimated that El

Niño has caused about P7 billion in agricultural damage across the country. Beyond possible water constraints, semiconductor manufacturers are also contending with higher logistics and raw material costs amid geopolitical conflicts and elevated freight charges. Logistics firm Dimerco Express Group recently reported that higher fuel surcharges could complicate cargo movements this month, while vessel schedules and freight rates remained volatile. “We dealt with high fuel costs, pandemic and everything,” Lachica said, describing the industry as accustomed to operating through disruptions. However, he said long-term contracts with global customers limit manufacturers’ ability to pass on rising expenses. “When they engage with global customers, they sign long-term contracts, fixed price,” he explained to this newspaper. “They’ll talk,

they’ll try, but if they don’t agree, they’re locked into the contract.” Unlike businesses that can adjust retail prices more readily, semiconductor suppliers risk losing orders to competing manufacturers if customers reject price increases, Lachica said. Adjustments are typically discussed when buyers place their next purchase orders, depending on contract terms and negotiations. “Although some customers, understanding the situation, they agree, but for the most part, they don’t,” he said. “Otherwise, they have options to go to other suppliers.” Despite these cost pressures, electronics shipments have been driving Philippine export growth. Merchandise exports reached a record $9.11 billion in August, up 27.8 percent from $7.13 billion a year earlier, while exports for January to August rose 14.8 percent to a record $64.04 billion. See “Chipmakers,” A2

PESO EXCHANGE RATES n US 63.4530 n JAPAN 0.4042 n UK 84.8303 n HK 8.0918 n CHINA 9.5126 n SINGAPORE 49.6774 n AUSTRALIA 44.6455 n EU 71.1879 n KOREA 0.0480 n SAUDI ARABIA 16.9073 Source: BSP (October 26, 2026)

News

BusinessMirror

A2 Tuesday, October 27, 2026

Asean…

Continued from A1

‘Legislation isn’t enough’ GOVERNMENTS that enforce laws against illicit trade and impose penalties on criminal networks could strengthen investor confidence, the EU-ABC said. However, this alone would not be enough to dismantle networks that can adapt and relocate after enforcement operations. “What is needed is appropriate enforcement action. However, illicit trade and the criminal networks involved are transnational in nature, so what is actually needed is more concerted multilateral action,” Humphrey said. For the business group, an Aseanwide, multi-agency task force involving customs authorities, law enforcement agencies, financial regulators and the private sector could be effective to coordinate efforts against illicit trade and related criminal activities. In the IISS report, action against money laundering and other digitally enabled illicit financial activities were also mentioned, which helps sustain criminal operations. The economic costs extend beyond security concerns. Citing Euromonitor data, the study indicated that illicit tobacco trade resulted in more than $13 billion in lost government revenue across the Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam in 2024-2025. The report also described the rapid expansion of cyber-scam and casino operations in the Philippines, as well as Cambodia, Laos and Myanmar, particularly after Chinese President Xi Jinping began cracking down on similar activities in mainland China following his assumption of office in 2012.

www.businessmirror.com.ph

Interested players in nuke energy may tap US funding

By Lenie Lectura

HE Department of Energy (DOE) said private firms interested to pursue nuclear power projects may tap a potential debt financing framework with the US International Development Finance Corporation (DFC) for up to $5 billion.

“As I understood it, it is payable for over 25 years. This offer is for the private power corporation desiring to invest in nuclear energy for power generation,” said DOE Undersecretary Giovanni Bacordo. The DOE is also coordinating with

the Asian Development Bank (ADB) to structure upper-grade credit enhancements, ensuring the project meets strict bankability standards. “We engaged with the EXIM, or the Export-Import Bank of the US, regarding their engineering multiplier

Inflation…

average in past events.” The international report, however, stressed that thinner domestic buffers in Southeast Asia place supplies of rice, palm oil, and coffee at higher risk, further exacerbating the dry spell’s impact. “Rice stocks have fallen below 2023 levels in Thailand, Vietnam and the Philippines, leaving the Philippines, which imports around a third of its rice, most exposed to higher prices,” BMI said. It added that Indonesia’s palm oil and Vietnam’s

Continued from A1

“In Southeast Asia, drought puts rice, Thai sugar, Indonesian and Malaysian palm oil and Vietnamese robusta at risk, and the region faces the largest population impact, with around 90 [million] more people exposed to drought on

program, which can assist with feasibility and design services,” added Bacordo. The Philippines wants to integrate nuclear energy into the national power mix, targeting 1,200 megawatts (MW) of nuclear capacity by 2032 and scaling up to 4,800MW by 2050. This timeline is heavily anchored on the commercial rollout of small nuclear reactors (SMRs). The agency is looking at locations including Bataan, Batangas, Masbate, Pangasinan, Palawan, and Camarines Norte as potential nuclear sites. A number of power firms have expressed interest to venture into nuclear power. These include Meralco, Aboitiz Power, San Miguel Power, and Prime Infra,

according to DOE Secretary Sharon Garin. The DOE has also met representatives from the Korea Hydro and Nuclear Power Company Limited, Russia’s Rosatom, Canada’s CANDU, and the Japan Atomic Power Company. “This was aimed at discussing nuclear technologies, financing, and project development, as well as workforce training. We want to clarify that this is not just about building a nuclear power plant. “We want to bring investments, create quality jobs for Filipino engineers and skilled workers, and open opportunities for local businesses to participate in the global nuclear industry,” said DOE Director Patrick Aquino.

robusta coffee stocks were also thin, at 9 percent and 2 percent of use, respectively. Despite this, BMI said the global backdrop presents a “more reassuring” scenario, with rice powerhouse India holding record stocks equal to 47 percent of consumption, compared to the 30 percent before 2023/24. “That makes a repeat of the pre-emptive export curbs that drove the 2023/24 rice price spike less likely, while Thailand’s ample sugar stocks should sustain exports.” The Department of Agriculture (DA) recently said El Niño could inflict P20 billion in agricultural damage, potentially affecting the livelihoods of up to 4.6 million farmers and fisherfolk.

Agriculture Secretary Francisco Tiu Laurel Jr. said the climate pattern, which is shaping up to be the strongest on record, will destroy more crops and kill more animals and surpass the P16-billion farm damage recorded in the 2024 El Niño year. He pegged the volume of losses to reach 1 million metric tons (MMT), with the affected area soaring to roughly 350,000 hectares. The dry spell could also affect the livelihoods of a minimum of 2.8 million farmers and fisherfolk, possibly climbing to 4.6 million individuals under a worst-case scenario. Latest government report showed that agricultural damage brought by the strengthening El Niño has swelled to P8.57 billion.

DFA…

operation with Taiwan in areas such as knowledge-sharing, capacity-building and infrastructure resilience, the department stressed that no formal arrangement exists and that the forum did not involve discussions on an official security or political cooperation mechanism with Taipei. The clarification also comes as Beijing closely watches Manila’s interactions with Taiwan. The Chinese Embassy in Manila previously expressed concern over what it described as recent Philippine moves involving Taiwan and urged the Philippines to strictly adhere to the One China principle.

Continued from A11

revealing and addressing the gray-zone issues in our part of the world.” Cariño repeatedly emphasized publicprivate partnerships and capacity-building, areas generally associated with technical cooperation rather than formal governmentto-government security arrangements. The DFA’s clarification appears intended to underscore that distinction. While Cariño discussed possible co-

Visa war… Continued from A11

decisions cannot be outsourced. “The outsourcing of administrative services does not mean the transfer of sovereign authority to approve or deny visas. This authority remains a governmental responsibility, as exercised by the Philippine Embassies and Consulates,” it said. The Department also defended the collection of visa fees, saying such charges are imposed pursuant to existing laws and regulations, including the government’s prescribed schedule of fees. Without directly addressing Remulla’s allegations, the DFA reiterated that it “does not tolerate corruption” and remains committed to accountability, transparency and professionalism in public service.

Years-long disagreement

THE latest exchange revives a dispute that dates back to Remul-

Malou Talosig-Bartolome

la’s tenure as justice secretary. In 2023, Remulla publicly criticized the country’s visa policies, arguing that reforms were needed to attract more tourists and investors. He also pushed for greater participation by private service providers and questioned whether the DFA should continue exercising primary authority over visa issuance. At the time, the DFA largely avoided responding directly to Remulla’s criticisms but maintained that visa issuance is a sovereign function involving national security, immigration control and foreign policy considerations. The agency has consistently argued that while administrative tasks may be outsourced, the authority to determine who may enter the Philippines must remain with Philippine diplomatic and consular officers. The DFA’s latest statement signals a more direct defense of its role, publicly pushing back against allegations of corruption and assertions that visa screening is merely a clerical task that can be fully delegated to private contractors. “The DFA will continue to faithfully discharge its statutory responsibilities and uphold the integrity of Philippine visa issuance in the best interest of the country and the Filipino people,” the Department said.

Peso…

Continued from A1

Peña-Reyes told the BusinessMirror on Monday: “The Peso could approach P65 per dollar if the US dollar remains strong, oil prices rise further, capital outflows accelerate, or geopolitical tensions worsen.” The local currency plunged to a new all-time low of P63.95 per dollar on Monday. The peso has been hitting fresh record lows for four consecutive trading days. Based on data from the Bankers Association of the Philippines (BAP), the rate is 33.5 centavos weaker than its P63.615 finish against the greenback on Friday. As such, Peña-Reyes said the government should provide “targeted assistance to vulnerable households, maintain fiscal discipline, and strengthen domestic energy and food production to reduce import dependence.” Indeed, Ravelas said, the local currency remains vulnerable as geopolitical risks linger, but he emphasized the importance of addressing internal issues to prevent the peso from further declining, particularly to the P65-per-dollar level. “As long as geopolitical risks remain the USD/PHP will remain vulnerable. Risks 65 levels. Unless we address issues on food security, transport, electricity. We need conservation,” Ravelas pointed out. “Conserve water, save electricity, do not waste food, this can also translate to plant in your backyard. Rationalize your use,” he also noted.

Pace of depreciation worrying

PEÑA-REYES said “the pace of depreciation is concerning, particularly if the peso continues to set record lows over a short period.” “A weaker currency can raise import costs, fuel inflation, and increase the burden of foreign-currency debt,” he explained further. What matters, he added, is the depreciation becomes “sustained and disorderly,” rather than the recordlow level alone. While he agreed that the peso could approach P65-per-dollar, he said this is “not inevitable, and the timing is uncertain.” “Lower oil prices, improved global conditions, and stronger foreign-exchange inflows could help stabilize the currency,” he said. He also warned that recent depreciation of the peso can already be considered “inflationary.” “A weaker peso raises the cost of imported fuel, food, fertilizer, and other essential goods. These higher costs can feed into transportation, electricity, and retail prices. The longer the depreciation persists, the greater the risk of broader price increases,” Peña-Reyes also told this paper. For his part, John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), explained that the recent weakening of the local currency may be attributed to “persistent and growing dollar demand, elevated oil prices, global uncertainty, and pressures from the widening [balance of payments] BOP deficit.” “Its weakness despite the BSP’s tighter policy stance suggests that external pressures continue to outweigh the support from higher interest rates,” added Rivera. While monetary tightening can help stabilize expectations and moderate depreciation, it cannot fully offset these pressures, he pointed out. “Concern is not simply reaching 64 but the inflationary consequences of sustained peso weakness,” added Rivera. Within Monday’s trading session, the peso’s lowest point was seen at P63.95 against the dollar, while its strongest point was at P63.5 per dollar.

Chipmakers… Continued from A1

Electronic products accounted for $6.2 billion of August exports, or 68.1 percent of the total, benefiting from global investments in artificial intelligence, data centers and digital infrastructure.

The Nation BusinessMirror

www.businessmirror.com.ph

Prosecutors: What lock on Duterte conviction?

By Jovee Marie N. Dela Cruz |

@joveemarie

HE House of Representatives prosecution team has denied allegations that it withdrew three impeachment articles against Vice President Sara Z. Duterte because it had already secured enough votes from senator-judges to ensure her conviction.

House lead impeachment prosecutor and Batangas Rep. Gerville Luistro said that the prosecution had no advance knowledge of how the senator-judges would vote, emphasizing that the Senate alone has the constitutional authority to decide the impeachment case. “We deny that assertion because, first of all, we are not privy to the verdict,” Luistro said. “The exclusive power to try and decide the case belongs to the Senate, not to us,” she added, explaining that the prosecution’s responsibility is limited to presenting evidence to support the charges. On October 13, the prosecution withdrew three of the four impeachment articles against Duterte, covering alleged misuse of confidential funds, bribery and grave threats, leaving only Article II on alleged unexplained wealth for the Senate

impeachment court to decide. Luistro said the decision followed deliberations among prosecutors, who weighed the strength of the remaining charge, the public’s interest in resolving the proceedings and the Senate’s legislative workload. She acknowledged that withdrawing three articles reduced the prosecution’s opportunities to obtain a conviction. “After all, we need only one conviction if we are seeking the removal and perpetual disqualification of the respondent Vice President from holding public office,” she said. Luistro maintained that the prosecution was confident in its evidence concerning Duterte’s financial disclosures, the sources of her assets and her financial interests. She cited forensic accountantAlexanderCabrera’sanalysis, which estimated approximately P817.87 million in alleged unexplained wealth

involving Duterte and her husband, lawyer Manases Carpio. The defense disputes the prosecution’s allegations and interpretation of the financial records. “We are all in on Article II on unexplained wealth. If we fail to obtain a conviction on this, that is the end of it,” Luistro said. She also identified declining public interest, which she described as “impeachment fatigue,” as a major consideration in the decision to narrow the case. A Social Weather Stations survey found that 42 percent of adult Filipinos followed Duterte’s impeachment trial very or somewhat closely, compared with 47 percent during former President Joseph Estrada’s impeachment trial in January 2001 and 52 percent and 54 percent in separate surveys during the impeachment proceedings against former Chief Justice Renato Corona in 2012. “We lament that this impeachment trial is being held in the interest of the Filipino people, yet the number of viewers or Filipinos watching the proceedings is decreasing,” Luistro said, adding that congressional inquiries into allegations against Duterte had already begun in 2024. “That is the impeachment fatigue I was talking about earlier,” she said. “The prosecution knows that Filipinos are tired and impatient, which is one of the reasons we decided to withdraw three articles and pursue only one.” Luistro expressed confidence that Cabrera had clearly explained

how the financial documents and other evidence were connected to the remaining charge. She said prosecutors hoped the evidence would help sustain public understanding of the case when the Senate impeachment trial resumes on November 9. Separately, Luistro maintained that members of the House prosecution panel and private lawyers assisting them should not be held liable merely for performing their constitutional duties, even if Duterte is acquitted and chooses to pursue legal action against them. “There is no liability because the prosecution merely responded to its constitutional duty,” Luistro said, citing Article XI of the 1987 Constitution, which gives the House of Representatives the exclusive power to initiate impeachment cases and the Senate the authority to try and decide them. She added that the House could have faced questions about its failure to fulfill its constitutional responsibilities had it refused to act on impeachment complaints that met the applicable legal requirements. Luistro also defended the participation of private lawyers, citing their involvement in the impeachment proceedings against Estrada and Corona. “It will always be her prerogative to take action against the public prosecutors or the private lawyers who assisted the prosecution panel. But we maintain that we merely responded to our constitutional duty,” Luistro said.

Tuesday, October 27, 2026 A3

Teodoro eyes Sovfas with more countries By Rex Anthony Naval

EFENSE Secretary Gilberto Teodoro Jr. on Monday raised the possibility of the Philippines entering into Status of Visiting Forces Agreements (Sovfa) with more like-minded countries as part of its efforts to strengthen international peacekeeping cooperation, enhance military interoperability and advance collective security efforts under the auspices of the United Nations (UN). Teodoro ra ised t he idea at t he open i ng ceremony of t he A ssociation of Asia-Pacific Peace O p e r at ion s Tr a i n i n g C e nt e r s (A APTC) 13th Annual General Meeting and Workshop 2026. Teodoro noted that the Philippines currently maintains Sovfas with five member countries of the association, specifically France, Canada, Australia, Japan and New Zealand, anchored on shared principles of international law, the United Nations Convention on the Law of the Sea (Unclos), interoperability, collective security and deterrence. “It opens up my eyes, too, to the possibility of stronger relationships to include perhaps Status of Visiting Forces Agreements with countries where we do not have a misalignment of fundamental val-

Napolcom, PCCR vow stricter screening of future policemen By Jonathan L. Mayuga @jonlmayuga

T New hope for former inmates’ return F

ORMER prisoners or persons deprived of liberty may soon get a smoother path back into society, thanks to a new measure pushed in the Senate and backed by the prison bureau. Filed by Senate President Pro Tempore Vicente Sotto III, Senate Bill 2281—also known as the proposed National Reintegration Act—aims to create a nationwide safety net for persons restored to liberty (PRLs) as they transition out of custody. The Bureau of Corrections (BuCor) immediately threw its full support behind the measure. Corrections Director General Gregorio Pio P. Catapang Jr. noted that while post-release reinte-

gration is not technically part of the bureau’s main mandate, BuCor voluntarily stepped up through initiatives like its “Blue, White, and Red Ribbon Program” launched in 2025. “We recognize that serving a sentence should not permanently define a person’s future,” Catapang said. “Our responsibility extends beyond confinement. We must also help prepare individuals for a productive and meaningful life after release.” Sotto introduced the bill timed with Prison Awareness Week, highlighting the immense hurdles former inmates face—from social stigma and broken family ties to securing

stable housing and jobs. Under SB 2281, the government takes a whole-of-nation approach led by the Department of Social Welfare and Development (DSWD). Key features of the proposed legislation include: Halfway Houses: Providing temporary shelter, food, and basic essentials during the initial transition. Job and Skills Training: Specialized programs via Department of Labor and Employment (Dole) and Technical Education and Skills Development Author it y (Tesda), a longside educ at ion a ssi st a nce through the Department of Educa-

tion (DepEd) and the Commission on Higher Education (CHED). Anti-Discrimination and Incentives: Banning workplace bias against former inmates and offering tax breaks to private companies that hire them. Healthcare and Counseling: Extending PhilHealth coverage to qualified individuals and offering psychosocial support and family counseling during their first six months of freedom. By focusing on restorative justice, both Sotto and BuCor hope the bill will lower re-offending rates, uplift families, and give former inmates a genuine second chance at a productive life. Butch Fernandez and Joel R. San Juan

PNP sees closer cooperation with ROK police

HE National Police (PNP) on Monday said it is eyeing closer cooperation with South Korean police authorities to improve its field operations capabilities and strengthen efforts against transnational crimes. In a statement, the National Police Chief, Gen. Jose Melencio Nartatez Jr., said the organization would study proven international practices and explore technological solutions that could strengthen its ability to prevent crime and respond to emerging security threats. “ We mu s t r e c o g n i z e t h at modern policing requires more than

manpower. It demands intelligence, technology, professionalism, and strong international partnerships. We will study proven practices that can strengthen our investigative capabi l it ies, improve cr ime prevention, and help our personnel respond more effectively to emerging threats,” he added. Nartatez and other ranking officials attended the Eighth Korea Police World Expo (KPEX 2026) in Incheon, South Korea, from October 21 to 24 to strengthen police cooperation between the Philippines and the Republic of Korea. During the visit, the Philippine

delegation engaged with the Korean National Police Agency and other counterparts to explore areas for cooperation that could improve police operations and address evolving security threats. Nartatez said the PNP continues to face increasingly complex challenges that require stronger coordination across borders. Technologyalsoplaysagrowingrole in crime prevention and investigation, making access to appropriate tools and specialized expertise important to police operations, he added. For the PNP, the next step is to identify which practices and

technologies can address its actual operational requirements. Modernization efforts must also benefit police stations and frontline personnel who handle investigations, maintain communications, process evidence, and respond to emergencies. “My vision is a PNP that combines competent and accountable police personnel with modern technology to stay ahead of criminals and deliver faster, more effective public service. We will pursue modernization that is practical, sustainable, and firmly anchored in the rule of law, human rights, and the trust of the Filipino people,” Nartatez said. Rex Anthony Naval

Fadullon agrees journalist denied due process By Joel R. San Juan @jrsanjuan1573

ROSECUTOR General Richard Anthony Fadullon on Monday acknowledged that journalist Philip Lustre Jr. may not have been accorded due process during the preliminary investigation of the cyberlibel complaint filed against him, which led to his arrest over the weekend. Fadullon said Lustre was not able to refute the allegations against him during the preliminary investigation stage

because the DOJ subpoena was sent to the wrong address. Lustre, an author of the book titled “Kill, Kill, Kill” which pertains to the anti-illegal drug war campaign under the Duterte administration, was arrested by police authorities in Quezon City by virtue of a warrant of arrest issued by the Regional Trial Court in Davao City for a cyberlibel case filed by Vice President Sara Duterte’s husband, lawyer Manases Carpio. “Apparently, in this particular case, reliance was made on the information provided in the investigation data form saying that he

was connected with Philippine Daily Inquirer that’s why he never received his copy of the complaint,” Fadullon told reporters. “That’s why I believe the respondent and the lawyer are claiming that they were not given due process. I would have to agree with them that they were not given due process as they were not given the opportunity to answer,” he added. Earlier, Lustre’s lawyer Dino de Leon said they will seek to invalidate the arrest warrant and the dismissal of the case on the ground of deprivation of due process of his client.

The prosecutor general said Lustre may still file a motion to reopen the preliminary investigation. Fadullon’s statement came following Remulla’s call for the DOJ to look into the claims of Lustre’s camp that he was not served a subpoena, noting the existence of a “modus” where complainants provide the wrong addresses of respondents. “The DOJ needs to investigate what happenedandwhyitdidnotarrive.Whathappened to the subpoena? What happened to the documents sent to the respondent?” Remulla said.

ues,” he said, emphasizing that such partnerships could facilitate more realistic joint training, strengthen force protection and improve the delivery of essential services to conflict-affected communities. Likewise, Teodoro also urged the Armed Forces (AFP) to actively cooperate with regional peacekeeping partners and explore opportunities to enhance defense cooperation, citing peacekeeping as a powerful instrument of military diplomacy that builds knowledge sharing, professional relationships and partnerships among participating countries. He also stressed the necessity of having proper rules of engagement, effective command-and-control arrangements and adequate force protection measures to ensure that peacekeepers can perform their mandated tasks without being unnecessarily exposed to harm while maintaining the credibility and effectiveness of UN peacekeeping operations. Teodoro reiterated the Philippines’ enduring commitment to UN peacekeeping and international law, highlighting the need to strengthen partnerships among participating countries to protect civilians, improve operational effectiveness and uphold international peace and security.

HE National Police Commission (Napolcom) is pushing for stricter screening of aspiring police officers and criminologists, emphasizing character, values, and fitness to serve of police applicants. At a news conference held at the Napolcom Central Office in Quezon City on Monday, following the presentation of a criminology intern who was photographed riding a motorcycle without a helmet, the Commissioner Rafael R. Calinisan warned applicants against committing abuse early their careers. “It is our job to screen and provide the best police officers to the Filipino nation. Just anyone cannot be a police officer. In fact, we should expand the screening process,” he said. He war ned that inadequate screening and values formation can become problems for the National Police (PNP). “Hindi ito tungkol lang sa traffic violation. Tungkol ito sa character ng isang tao, sa values niya, at sa fitness niyang maglingkod at magprotekta sa taumbayan,” Calinisan stressed. He questioned why authorities should wait for an abusive individual to become a police officer before act ing on war ning sig ns t hat could have been identified during background investigations. “Are we going to wait for an abusive person to become a police officer before we take action? Or should we act now and teach them what needs to be taught? Make them complete, not just in the mind, but also in soul,” he said, calling for stronger values formation in criminology schools and closer scrutiny of review centers. He also warned against aspiring law enforcers who mistake the

Book…

Continued from A4

Playbook for aspiring leaders

BEYOND corporate milestones, “ The Heart of a Nation Builder” ser ves as a strategic pl ay b o ok for e nt re pre ne u r s, cor porate decision-ma kers, and management students. It tack les key themes including taking calculated risks, building resilient organizations, pursuing sustainable growth, and putting

uniform, rank insignia, and firearm for symbols of power rather than reminders of responsibility. Meanwhile, Calinisan welcomed Philippine College of Criminology (PCCR) President Lei Bautista’s support for reforms, saying their discussions in recent months had focused on improving criminology education, school policies, curricula, and values formation. “I’m very happy that the PCCR is here, that the PCCR President has been espousing reforms. Sa totoo lang, for the past months, wala kaming pinagusapan ni President Lei Bautista kundi reporma sa criminology, reporma sa eskwelahan, reporma sa dapat ituro, at pati ang values kasama.” Describing the incident as a minor setback, Calinisan urged students to obey the law even before entering law enforcement. “Let this be a reminder to the students: If you want to be a police officer, follow the law. Don’t be mischievous and act like a troublemaker while you’re still young.” he said, emphasizing that Napolcom would scrutinize applicants from the recruitment stage. “I think we owe it to the Filipino people,” he added. Bautista affirmed PCCR’s commitment to reform and collaboration with Napolcom. She said the school has policies to address student violations, including the helmet requirement in its student handbook, and acts promptly when incidents arise. “Ifyouwanttojoinlawenforcement, you should really practice obeying the law as early as school,” she said, as she reminded students that obedience to the law must begin in school. T he intern, meanwhile, has expressed remorse and urged fellow criminology students, particularly those who resist discipline, to change their ways. work force we l l- be i ng at t he center of enterprise expansion. Velasco, who has authored over 45 books on public service and Philippine business history, noted that the book offers insights suitable for business schools, university libraries, executive gifts, and leadership seminars. “ The book is intended not only for those who admire RSA’s achievements, but also for those who aspire to build enterprises, lead organizations, and make a difference in the lives of others,” Velasco added.

Economy BusinessMirror

A4 Tuesday, October 27, 2026

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BIR suspends seal requirement for online sellers

By Reine Juvierre Alberto & Butch Fernandez | @butchfBM

HE Bureau of Internal Revenue (BIR) has indefinitely suspended the mandatory online posting of the BIR Registration Seal Badge, as well as the October 31 compliance deadline. Internal Revenue Commissioner Charlito Martin R. Mendoza issued Revenue Memorandum Circular 113-2026 on Monday to suspend the requirement for online sellers and content creators to post their seal badges on their platforms.

“We have heard the concerns of online sellers, content creators, and other taxpayers regarding data privacy, technical issues, and the scope of the BIR Registration Seal Badge requirement,” Mendoza said in a separate statement. Mendoza has likewise directed

the lifting of the looming October 31, 2026 compliance deadline. The seal badge serves as proof of registration for businesses engaged in online selling of goods or services and e-commerce activities. It is issued together with the BIR Certificate of Registration (COR) and must be posted on the taxpayer’s website, online store or platform, mobile application, social media business page or e-commerce seller profile. The badge enables customers to verify the authenticity and validity of the business’ BIR registration before transacting by scanning the QR code that comes with it. However, ta x payers voiced alarm that the QR codes contain t he i r person a l i n for m at ion , including their home address, which cou ld e x pose t hem to

identity theft, scams and misuse. “We recognize that protecting persona l infor mat ion on l ine presents d if ferent a nd more complex challenges than displaying a COR at a physical business establishment,” Mendoza said. With the policy now suspended, Mendoza said it would allow the BIR to address privacy and technical concerns, as well as review the implementation of the requirement. The bureau will also work with the National Privacy Commission and consult affected taxpayers and stakeholders to simplify compliance for all taxpayers, the tax chief added. Taxpayers may still voluntarily display their seal badges, while no penalties will be imposed for non-display. More than 52,700 seal badges were secured by online sellers, service

providers and content creators from the BIR as of October 14. Earlier, a lawmaker called on the Bureau of Internal Revenue (BIR) to postpone its Registration Seal Badge requirement or suspend non-compliance penalties until December 31, to relieve pressure on struggling online entrepreneurs. Sen. Paolo Benigno Aquino, who chairs the Senate Committee o n Tr a d e , C o m m e r c e , a n d Entrepreneurship, argued that sm a l l d ig it a l merc h a nt s a re already grappling with rising operat ion a l cost s c au sed b y ongoing fuel and energy crises. “Our online businesses, online sellers, even online creators, are already reeling from higher costs of electricity and fuel, and then we go and burden them with this process that does not benefit them in any

way,” Aquino said, urging the tax bureau to give taxpayers breathing room. “Since there is still so much confusion, it might be better to suspend the imposition of fines until yearend to ease their anxiety.” Beyond a penalty reprieve, Aquino urged the BIR to hold immediate public consultations with affected stakeholders. He noted that online sellers and content creators have ra ised serious concerns over information pr ivac y, secur it y, and vag ue guidelines regarding the new digital display rules. While stressing that businesses must fulfill their tax obligations, Aquino emphasized that government requirements should be streamlined and accessible, particularly for micro, small, and medium enterprises (MSMEs).

Landlords warned Bill targets $70-B advanced industry hub vs panic rent cuts A C By Jovee Marie N. Dela Cruz @joveemarie

By Carmel Pedroza

EBU CITY—Is Metro Manila’s condominium rental market rea l ly on the br ink of a massive crash? Not so fast, says one industry leader. A nthony Leuter io, national president of A Better Real Estate Philippines (Abrep) Movement and founder of Filipino Homes and Rent. ph, is urging property owners not to panic-cut their prices amid bold predictions of tanking lease rates. The debate kicked off after Leechiu Property Consultants Chief Executive Officer David Leechiu forecasted that studio condo rents could plunge to a shocking P5,000 a month over the next year—down from historical highs of around P30,000—owing to a massive glut of unit supply. Leuterio is not buying the doomand-gloom projection. “I don’t agree with Leechiu,” Leuterio countered, pointing out that rental success is not just a numbers game dictated by supply. Instead, it boils down to location, tenant demand, smart marketing, and proper management. “Rental is not just about pricing. It’s about marketing, demand, and professional management.” He warned that applying blanket

predictions from oversupplied niche markets to the entire residential sector is misleading. Slashing rents indiscriminately might fill a unit temporarily, but it erodes long-term income without fixing underlying issues like poor marketing, lazy tenant screening, or substandard property upkeep. Leuterio also took a dig at commission-hungry agents who push landlords to accept bargain-basement rents just to close a quick deal. Instead, he argues, real estate professionals should focus on protecting landlord returns, keeping units occupied, and preserving asset value over time. While oversupply in certain pockets is real, Leuterio highlighted that population growth and housing affordability issues across Metro Manila and Luzon mean demand for rentals isn’t going anywhere. To navigate the competitive landscape, investors should rely on hard transaction data, evaluate local neighborhood market rates, and treat rental properties as long-term businesses—not just quick commission machines. “Instead of creating fear, we should encourage property owners to rely on actual market data,” Leuterio urged. “We should protect investors’ interests, not undermine their confidence.”

BILL seeking to establish an advanced industries zone in New Clark City, Tarlac, aims to turn the Philippines’ participation in the US-led Pax Silica initiative into up to $70 billion in investments and 190,000 jobs by attracting global players in semiconductor manufacturing, artificial intelligence and other strategic technology industries. House Bill 11758 was filed by Antipolo City Rep. Ronaldo V. Puno, Camarines Sur Rep. Miguel Luis R. Villafuerte, Bataan Rep. Albert Raymond S. Garcia, Negros Occidental Rep. Alfredo D. Marañon III, Manila Rep. Rolando M. Valeriano, and Cavite Rep. Ramon “Jolo” Revilla III. It seeks to create the Advanced Industries Development Authority (Aida) to oversee the zone and attract investments in strategic technologies and advanced manufacturing. The bill’s explanatory note cited the Philippines’ participation in Pax Silica in April 2026, alongside more than 20 countries and the European Union, as an opportunity to secure a place in emerging global technology supply chains. Launched by the United States and its partners in December 2025, Pax Silica seeks to build secure and resilient supply chains for technologies underpinning artificial intelligence.

Lawmakers noted the initiative’s declaration as recognizing that “a reliable supply chain is indispensable to our mutual economic security.” “Membership opens the door, but it does not guarantee that the investments will come to us,” the explanatory note said, warning that other countries were moving aggressively to attract semiconductor investments and develop their skilled workforces. The measure seeks to establish the Advanced Industries Zone as a national platform for strategic technology, advanced manufacturing, scientific research and innovation, providing investors with a dedicated authority, coordinated government services and infrastructure to support large-scale industrial projects. The authors said the Philippines had much to gain from moving beyond its existing role in electronics assembly and testing. Electronics accounted for 58.81 percent of the country’s total exports, valued at $49.64 billion in 2025, but higher-value activities such as semiconductor design, fabrication and advanced packaging remained concentrated overseas. “Unless we act, we will remain a supplier of labor and raw materials in an industry where others reap the greater rewards,” the explanatory note said, emphasizing the need to develop domestic capabilities in advanced manufacturing and critical mineral processing.

Goodbye Plastics and welcome Garbage management By Henry J. Schumacher

FTER the flooding problems everywhere, I could just encourage affected people with this: Life isn’t about waiting for the storm to pass; it’s about learning to dance in the rain. I am aware that those affected cannot laugh about this recommendation. While it is good to see that quite a number of companies have responded to the call for sustainability in terms of changing their business model to address natural resource consumption, raw material selection, product packaging design, we certainly want more com-

panies and organization to join the sustainability movement and help the country win the war against plastics. Today I would like to highlight companies and organizations that have recently taken the plastic issue seriously, and site recommendations to address the garbage issue:  The BSP takes out the trash the green way. The BSP is promoting proper waste segregation and educating employees on recycling practices.  The DOST called for prioritizing

national efforts and initiatives on research and development of seaweed-derived bioplastics, that can be broken down into harmless materials through natural processes. Seaweed farming needs to be extended to sustain seaweed supplies.  The DepEd will teach solid waste management in schools.  Environmental groups have called on government to focus on waste-to-energy and avoid the unchecked flood of single-used plastics—sachets, Styrofoam and plastic bags. The government must also fully implement the country’s solid waste management laws.  T he National Police (PNP) offered its assistance (after the garbage flooding in Paranaque) to local governments (LGU) enforcing their respective ordinances on waste disposal, including the provision of trash bins for biodegradable and non-biodegradable garbage.  The DENR has ordered 155 companies to explain the failure to recover and recycle plastics.  Without action from the LGUs, this waste disposal problem will become even more unmanageable. Per the DENR, at least 48 percent of the 65,000 tons of waste generated daily nationwide ends up in waterways, bodies of water, and streets.

The future of sustainability—as can be seen by the above examples—is not driven by regulation alone. It may not be driven by activism, investor pressure, or corporate commitments alone. The real catalyst may be something much simpler. Sustainability gains momentum when companies discover that doing the right thing also happens to be good for business. In contrast, if companies do not focus on sustainability, they will fall behind! I look forward to seeing more organizations following those as listed above. In conclusion, here are some prohibited acts to address the garbage issues:  Littering, throwing waste matters in public places such as roads, sidewalks, canals, esteros or parks.  Unsanitary collecting and trucking, open burning of solid waste, causing or permitting the collection of non-segregated or unsorted wastes.  Squatting in open dumps and land-fills. Open dumping, burying of biodegradable or nonbiodegradable materials in flood-prone areas.  Importing toxic wastes misrepresented as ‘recyclable’. As I said in a previous column: make sustainability a purpose of business and society. And politics, please create and implement attractive policies that will strengthen these initiatives. And let’s learn how to dance in the rain. Let me have your reactions; contact me at hjschumacher59@gmail.com

The proposed zone in New Clark City is projected to attract up to $70 billion in investments and generate between 130,000 and 190,000 jobs, including positions for engineers, technicians and researchers. Lawmakers said these opportunities could help skilled Filipinos pursue high-value careers at home rather than seek employment abroad. Under the bill, the proposed Aida would enjoy fiscal, administrative, operational and regulatory autonomy and oversee the zone’s development, infrastructure, utilities, investment registration and incentive programs. Qualified enterprises would need to commit at least P15 billion in project investment, excluding land value. Eligible activities would include semiconductor design and fabrication, advanced packaging, robotics, precision engineering, artificial intelligence data centers, critical mineral processing, scientific research and energy facilities. Qualified enterprises could receive a seven-year income tax holiday and subsequently choose between a five-percent special corporate income tax on gross income earned or a 20-percent income tax rate under an enhanced deductions regime, subject to the bill’s conditions and limits. The measure would also require qualified enterprises to train Filipino workers and transfer technical skills and know-how through formal

technology transfer and training plans. The explanatory note said the goal was for Filipinos not only to assemble advanced technologies but eventually to “design, build, and manage them.” To improve the investment climate, the bill proposes an integrated government services center to streamline permits and transactions, with agencies generally required to act on applications within 20 working days, subject to specified exceptions. It also provides for a free-zone customs framework covering the movement of goods, with customs controls and restrictions governed by the measure and applicable laws. Lawmakers stressed that the initiative would not compromise Philippine sovereignty or community rights. “The Zone remains fully under Philippine law and jurisdiction, and no immunity is granted to any person,” it said, adding that labor laws would apply and the rights of Indigenous Peoples and communities in Capas and Tarlac would be protected. The bill’s authors said a stable legal framework was needed to translate the Philippines’ participation in Pax Silica into actual investments, technology transfer and high-skilled jobs. They warned that the global race for future industries was already underway and urged the measure’s immediate passage to help the country move up the technology value chain.

Ramon Ang book examines business empire place in 2025. SMC stands as the highest-ranking Philippine company on the prestigious list of 900 global companies evaluated by Statista across 52 countries. “Ramon S. Ang’s story offers lessons that go beyond building a successful business,” Velasco said. “It invites readers to reflect on the kind of leadership that creates jobs, builds institutions, opens opportunities, and leaves a lasting contribution to society.”

From brewery to empire

NEW book chronicling the leadership philosophy and nation-building vision of San Miguel Corporation (SMC) Chairman and Chief Executive Officer Ramon S. Ang, popularly known as “RSA,” has been published globally. Titled “RAMON S. ANG: The Heart of a Nation Builder,” the 320page work by veteran journalist, publisher, and biographer Melandrew T. Velasco brings together seven years of columns and chronicles detailing Ang’s transformation of SMC into a global economic powerhouse. The release comes on the heels of SMC’s dramatic rise to number 16 on Forbes’s “World’s Best Employers 2026” list—jumping from 42nd

FOUNDED in 1890 as a brewery, San Miguel has grown into one of the country’s largest and most diversified conglomerates. Under Ang’s stewardship, SMC expanded aggressively into critical sectors, including power, energy, fuel, and vital infrastructure. The book details Ang’s pivotal role in nation-building projects designed to boost mobility and economic connectivity. Among SMC’s landmark undertakings highlighted in the text are the Ninoy Aquino International Airport modernization program, major expressway networks, and largescale energy developments across the archipelago. See “Book,” A3

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Tuesday, October 27, 2026

DepEd chief issues guidelines for El Niño dry spell; class suspensions now localized By Claudeth Mocon-Ciriaco

@claudethmc3

ITH the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) forecasting that dry spells will peak before year-end, the Department of Education (DepEd) is shifting schools from reactive closures to organized early preparation. Education Secretary Sonny Angara has issued comprehensive guidelines to help schools prepare for strong to very strong El Niño conditions forecasted by the state weather bureau PAGASA to persist through mid-2027. The proactive measures under DepEd Memorandum No. 64 s. 2026 aim to keep school environments safe, protect the health of learners and personnel, and ensure that learning continues throughout the anticipated dry spell. Under the memorandum, extreme heat will no longer automatically trigger blanket, nationwide class suspensions. Instead, school heads will use a practical, localized decision-making tool which relies on daily indoor classroom temperature and humidity readings taken at 8 a.m., 12 noon, and 2 p.m. “We cannot afford to wait until extreme heat hits before we act. Our plan this year is proactive, deliberate, and organized...

As flu cases climb, DOH urges public to get vaccinated starting next week

HE Department of Health (DOH) announced the rollout of a nationwide flu vaccination starting next week to address the increasing cases of influenza-like illnesses (ILIs). Based on the latest monitoring of the DOH’s Epidemiology Bureau, ILIs cases reached 11,137, up by 8 percent as compared to 10,378 cases from September 3 to 16. Acting Health Secretary Edwin Mercado, in a radio interview, said that the rollout prioritizes vulnerable sectors, including senior citizens, toddlers/children, and individuals with underlying health conditions, such as diabetes, asthma, or heart/lung disease. PhilHealth YAKAP clinics will also be utilized to help track and boost vaccination distribution. The DOH said that the flu spread through small particles released by a sick person when coughing, sneezing, or talking. When sick, the DOH said that the person must cover his mouth and nose when coughing or sneezing. “Make it a habit to wash your hands with soap and water, and stay home to avoid infecting others,” the DOH said. “Consult your YAKAP Clinic for regular check-ups, necessary laboratory tests, and other health services,” it added. The DOH said that medicines are also available at PhilHealth GAMOT facilities if needed. Claudeth Mocon-Ciriaco

We are making sure our schools are fully prepared to manage heat stress, water shortages, and health risks, protecting the safety and well-being of our learners and personnel without unnecessarily sacrificing precious classroom time,” said Education Secretary Juan Edgardo “Sonny” Angara. Under the 4H framework, schools operating under the Hayo level, where the heat index remains below 27°C, will maintain regular face-to-face classes with scheduled hydration breaks. When conditions rise to the Hinay caution level between 27°C and 32°C, school heads may shorten in-person hours or transition to hybrid and flexible home-based schedules. If heat levels reach the Hinga extreme caution stage between 33°C and 41°C, physical classes are suspended, and learners shift to lighter home-based tasks and health check-ins. Finally, under the Hinto danger level at 42°C

and above, all physical and homebased academic activities are completely suspended for safety. The directive also outlines crucial health and facility safeguards across all basic education campuses. To promote comfort during hot days, teachers and learners are permitted to wear light, breathable alternative uniforms or previously issued DepEd collared shirts, provided they maintain appropriate standards of decency. Schools are also instructed to assess water supply reliability, set up safe drinking stations, and utilize emergency procurement provisions to secure water filtration kits where necessary. To safeguard vulnerable learners, alternative supply arrangements will prevent disruptions in the School-Based Feeding Program, while school grounds must undergo electrical inspections and dry vegetation clearing under the Fire Code of the Philippines, alongside exploring long-term solar energy solutions. To ensure immed iate action without administrative bottlenecks, the policy authorizes flexible funding support. Schools are permitted to tap into Maintenance and Other Operating Expenses (MOOE), Special Education Funds (SEF) through Local School Boards, Disaster Preparedness and Response Program (DPRP) allocations, and emergency procurement rules under the New Government Procurement Act (RA 12009). The policy takes effect immediately and will remain active until PAGASA officially announces the end of the 2026–2027 El Niño episode.

DMW seeks better protection for OFWs in Bahrain with proposed insurance, wage safeguards

HE Department of Migrant Workers (DMW) is now pushing to improve the working conditions of overseas Filipino workers (OFWs) in Bahrain through several measures, including a proposed mandatory medical insurance for household workers. DMW Secretary Hans J. Cacdac made the proposal during his meeting with Bahrain’s Labour Market Regulatory Authority (LMRA) Chief Executive Officer Nibras Mohammed Talib, Chief Executive Officer last Sunday. Aside from the medical insurance, they also discussed a wage protection system, a grace period for work permit renewal and other measures to eliminate trafficking in persons and overstaying. “The meeting highlighted the shared commitment of the Philippines and Bahrain to promoting ethical recruitment, decent wages, and the protection of Filipino workers’ rights and welfare,” DMW said in a statement. “Both sides reaffirmed the value of ongoing dialogue and partnership to promote safe, orderly, and mutually beneficial labor migration,” it added. Cacdac thanked the government of Bahrain for providing aid and protection to OFWs, who travel the Bahrain-Kingdom of Saudi Arabia (KSA) border crossing. Bahrain remains one of the top destinations for land-based OFWs in the Middle East after the KSA, United Arab Emirates, Qatar, Kuwait,

and Oman. During the first eight months of the year, DMW deployed 9,074 OFWs to Bahrain, which is 38.03 percent lower compared to the 14,642 in the same period last year. Overall deployment in the Middle East dropped to 453,952 last August from 677,082 year-on-year during the ongoing conflict in the region. Cacdac said since the regional tension started last February after the United States and Israel attacked Iran, DMW was able to provide financial aid to 4,300 affected OFWs in the Middle East, particularly Bahrain. He said they were also able to repatriate 1,000 of the affected OFWs and provide food packs to 6,000 others, who decided to remain in the Middle East. Cacdac and other DMW officials held an open forum in Bahrain to get proposals from OFWs on how the government can better improve its services. The recommendations include including the Professional Regulation Commission (PRC) in DMW’s next Serbisyo Caravan in Bahrain, providing pensions to OFWs; benefits for former OFWs who own small businesses; amnesty for undocumented Filipinos; scholarships for the children of OFWs; and referral services for children with special needs. DMW has committed to enhance its services in Bahrain and other OFW host countries as directed by President Ferdinand Marcos. Samuel P. Medenilla

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Tuesday, October 27, 2026

House bill seeks to label transnational drug syndicates as terrorist groups By Jovee Marie N. Dela Cruz @joveemarie

BILL seeking to empower the government to designate qualified transnational drugtrafficking syndicates as terrorist organizations has been filed in the House of Representatives, targeting not only drug traffickers but also the financiers and networks behind their operations. House Bill 11751, or the proposed Anti-Narco-Terrorism Act of 2026, seeks to amend the Anti-Terrorism Act of 2020 and the Comprehensive Dangerous Drugs Act of 2002 to address gaps in existing laws that may allow international drug syndicates to evade prosecution. T he measure aims to classif y large-scale drug trafficking com-

mitted by members and leaders of qualified transnational syndicates as narco-terrorism. It also seeks to penalize individuals who finance or provide material support to these organizations. The bill would also allow Philippine courts to exercise jurisdiction over certain drug-related offenses committed abroad when the illegal drugs are

intended for or transported through the Philippines, even if the shipment is intercepted before reaching Philippine territory. “Transnational drug syndicates pose a serious threat to our country because their operations can cross borders, involve multiple networks, and rely on financiers and facilitators who may remain beyond the reach of conventional law enforcement efforts,” said House Committee on Dangerous Drugs Chairman Mark Anthony Santos of Las Pinas, principal author of the bill. The measure also provides for asset freezing and forfeiture, enhanced international cooperation in investigations and extradition, and expanded investigative tools, subject to judicial oversight and constitutional safeguards. Santos said authorities must go beyond intercepting illegal drug shipments and pursue the financial and logistical networks that sustain international drug trafficking. “Authorities must look beyond intercepted shipments, follow the money, and work with foreign law enforcement to identify and disman-

tle the syndicates behind the drug trade,” he said. The lawmaker said the bill responds to Interior and Local Government Secretary Jonvic Remulla’s call for Congress to enact legislation, allowing authorities to designate qualified drug-trafficking organizations as terrorist groups. Remulla cited legal challenges in prosecuting individuals allegedly involved in an attempted shipment of 521 kilograms of methamphetamine hydrochloride, or shabu, from Laos to Manila. He said authorities could file only conspiracy charges because the shipment did not reach the Philippines. Santos earlier identified the Sam Gor network, Chinese and ChineseFilipino drug-trafficking groups, a West African drug syndicate, and the Sinaloa or Mexican drug cartel as among the foreign networks reportedly linked to the country’s illegal drug trade. He said the proposed law aims to hold accountable not only those transporting illegal drugs but also the financiers, organizers and facilitators behind transnational operations.

DOLE-NCR grants ₧4.6M to 6 MSMEs to help sustain jobs

IX micro, small and medium enterprises (MSMEs) in Metro Manila received financial assistance to improve productivity and sustain employment, according to the Department of Labor and Employment in the National Capital Region (DOLE-NCR). A total of P4.64 million were given to the qualified MSMEs in the region. Released under the agency’s Adjustment Measures Program (AMP), the grants are intended

DND calls death of 4 PAF pilots in SF-260 collision a ‘tragic loss’ By Rex Anthony Naval

HE Department of National Defense (DND) on Monday said its mourns the “tragic loss” of four Philippine Air Force (PAF) pilots after their two SF-260 aircraft were downed in a training mishap in Batangas Oct. 23. “The DND mourns the tragic loss of four PAF pilots in the SF-260 aircraft accident in Batangas. We extend our heartfelt condolences to their grieving families, loved ones, friends, and fellow airmen and women who share in this profound loss. Their service and sacrifice for the nation will not be forgotten,” it added. Likewise, the DND said an investigation is already ongoing and will be conducted thoroughly and objectively to establish the facts, determine the causes, and identify any gaps that require corrective action and prevent similar tragedies. It also said it remains committed to transparency, accountability, and ensuring the safety of all military personnel. Earlier, PAF spokesperson Col. Alvin Jay Capinguian said the accident took place during a routine training flight at Fernando Air Base on Oct. 23, 2026 at 3:51 p.m. Both aircraft went down within the base perimeter, with no other casualties reported, he added. He added that an investigation is now underway to determine the exact cause of the accident even as the PAF SF-260 fleet were ordered grounded as a precautionary measure. The SF-260 is a light aircraft marketed as an aerobatics plane and a military trainer. It was designed by Stelio Frati, originally for Aviamilano, which flew the first prototype of it (then designated F.260) on July 15, 1964.

to help businesses strengthen operations and cope with economic disruptions. Boomquest Marketing received the largest grant at P998,115, followed by Imprentarepublika Printing Services with P943,146 and Wilan Merchandising Philippines Inc. with P927,625.56. Meanwhile, Tomo Coffee Inc. received P797,143, while Esen Online Store was granted P532,446 and Tatay Oly Store Manufacturing received P440,018.

Beneficiaries can use the assistance for productivity-enhancing measures to improve business operations and adapt to emerging challenges. DOLE-NCR said the program also helps MSMEs cope with economic pressures, including the impact of wage adjustments, through financial assistance and productivity interventions. By supporting business operations, the program seeks to help enterprises remain com-

petitive while protecting jobs and promoting workers’ welfare. DOLE-NCR Assistant Regional Director Jude Thomas P. Trayvilla led the signing of the memorandums of agreement on behalf of Regional Director Roy L. Buenafe. The AMP operates under DOLE Department Order No. 241, Series of 2024, and Department Order No. 241-A, Series of 2024. Mary Jade Jadormio

Davao hospital further expands dialysis center into the biggest center outside NCR

AVAO CITY—The dialysis center of the Southern Philippines Medical Center Kidney and Transplant Institute (SKTI) is set to open this month with numerous machines to become the biggest center outside the National Capital Region. The SPMC management said the dialysis center will be constructed at the ground floor of the new SKTI building inside the hospital complex along Dumanlas Road here and will be installed with another 100 dialysis machines to supplement the current 55 dialysis machines of SPMC. The management said the necessary licenses were being secured for the facility to start operating. The center is being constructed through a Public-Private Partnership with Variance Trading Corp., which secured

the modern German-made B. Braun dialysis machines. Dr. Maria Theresa Bad-ang, head of the SKTI, said that the SKTI facility has 33 other dialysis machines distributed in the suites and operating rooms in the upper levels of the building. The SKTI building was inaugurated last year and was constructed with a budget of P1billion. Bad-ang, a nephrologist, said opening of the new center will provide much needed dialysis machine equipment so they can cater to the 300 dialysis patients of the SPMC. “SPMC caters to 300 patients on dialysis, that is the total number of patients on dialysis. We have a total of 55 machines, and 100 machines will be added,” Bad-ang said. “With

the additional machines, the SPMC can receive more patients once they start on dialysis, giving quality and at the same time service.” The SKTI can now offer more kidney care services, including the current average of two to four transplants in a month. Many of these operations can avail of free medicines through PhilHealth Z benefit package. A patient usually pay as much as P50,000 a month for the medicines. Bad-ang said the laboratory fees are part of the PhilHealth benefits of up to P10,000 per month, and including P40,000 medicines per month. The biggest center in Southeast Asia is the Mega Hemodialysis Legacy Building at the National Kidney and Transplant Institute in Quezon City. It will have 200 dialysis machines when it operates in 2028. Manuel T. Cayon

DOJ says Cebu-IACAT handling child abuse accusations vs Markle Sr.

HE Department of Justice (DOJ) on Monday confirmed that the InterAgency Council Against Trafficking task force in Cebu is now investigating reports of child abuse against, 82-year old Thomas Markle Sr., the estranged father of Meghan, Duchess of Sussex. “The DOJ confirms that the matter involving Thomas Markle Sr. is currently under investigation by the Regional Inter-Agency Council Against Trafficking [IACAT] Task Force in Cebu,” DOJ

spokesperson Atty. Polo Martinez said in a Viber message to reporters. The DOJ’s statement came after the Philippine National Police (PNP) announced over the weekend that it has already started its probe against Markle Sr. for alleged possession of child sexual abuse materials was found among the belongings. It was his son, Markle Jr., who reportedly discovered and informed authorities about at his father’s home in Cebu.

The material was allegedly found in four large boxes and included files stored on an old mobile phone and computer hard drives as well as photographs. The PNP said it would coordinate with law enforcement agencies in the United Kingdom and the United States to investigate the allegations, including possible digital evidence and cross-border links. Markle Sr. has reportedly left the country for the United States in May..Joel R. San Juan

300 more OFWs affected by Riyadh airport closure set for repatriation By Samuel P. Medenilla @sam_medenilla

NOTHER 300 overseas Filipino workers (OFWs) affected by the airport closure in Riyadh, Kingdom of Saudi Arabia (KSA), are set to be repatriated in the coming days, according to the Overseas Workers Welfare Administration (OWWA). This was on top of the 365 affected OFWs, who were already brought home by the government since the Riyadh’s King Khalid International Airport stopped its operations on 10 October 2026 after it was hit by a deadly attack from Houthi militants. Last week, the Saudi government announced the partial opening of the said airport. In a press conference last Monday, OWWA Administrator Patricia Yvonne M. Caunan announced there are currently no direct flights between Riyadh and Manila, which prompted them to assist another 310 OFWs to return home by transporting them to other nearby airports in the KSA. “That is why we are transporting our fellow countrymen to Dammam Airport, Qassim Airport, and Hail Airport,” Caunan said. She noted the said OFWs will be repatriated in the following schedule: October 26 with 40; October 27 with 39; October 30

with 61; October 31 with 68; November 3 with 52; and November 6 with 38. OWWA is still finalizing the flight details of the 12 other OFWs, who have requested repatriation. Based on her observation, Caunan said those who are availing of government support to return home are doing so on just a whim, but have either already lost their job or were injured. “But if they are okay, our OFWs decide to stay and continue their employment. That is the trademark of an OFW. Being committed and resilient with their work,” she said in Filipino. In a related development, Caunan said they are currently waiting for additional details on the OFW, who was killed after the Saudi government intercepted a drone, which was targeting Saudi Aramco’s Shaybah oilfield. The OWWA chief said investigation by Saudi authorities on the said incident is still ongoing. She did not disclose the identity of the deceased, but she confirmed the OFW was an active member of OWWA and therefore will be entitled to its benefits. “OWWA will provide all statutory benefits intended to assist the bereaved family. Our priority is to bring his remains home, and we are currently working on that,” Caunan said.

SMC Tollways reminds agri truckers of Oct 31 deadline for toll discount

RUCK operators transporting farm goods have until October 31 to enroll for a toll discount across its expressways throughout November, according to SMC Tollways. The move forms part of a government initiative led by the Department of Transportation (DOTr) and the Toll Regulatory Board (TRB) to help reduce the cost of transporting agricultural products amid surging pump prices. “We welcome this measure and are ready to carry it out across our expressways. Moving food from farm to market should cost less, and we urge eligible truckers to enroll before the deadline, so they do not miss out,” SMC Tollways said. The 5 percent discount will apply to five expressways: the Skyway System, NAIA Expressway (NAIAX), South Luzon Expressway (SLEX), STAR Tollway, and TarlacPangasinan-La Union Expressway (TPLEX). To qualify, SMC Tollways said trucks should be accredited by the Department of Agriculture (DA) and enrolled in the toll discount program. New applicants should also submit a copy of their vehicle’s official receipt and certificate of registration (OR/CR), a valid DA Accreditation Certificate, and a copy of their Autosweep RFID card showing the

account number. It added that they may submit the documents at any Autosweep Customer Service Center. “Truck operators previously enrolled in the program will automatically qualify for the November discount, provided their DA accreditation remains valid.” However, those whose accreditation has expired should re-enroll.

Rebate program

EARLIER, the DA called on tollway operators to support a rebate program covering trucks thattransport farm products to ease the impact of rising fuel costs on the sector and consumers. “Instead of receiving an upfront discount at toll plazas, qualified vehicles pay the regular toll, after which the rebate is credited to their radio frequency identification (RFID) accounts.” The program provides a 7 to 8 percent rebate, with credits issued after the transaction period. “The substantial reductions could help ease transportation costs for qualified operators and, in turn, help stabilize the distribution costs of agricultural commodities.” According to the DA, the program will remain in effect until November 30, 2026, with rebates for qualified transactions already being credited to eligible subscribers’ accounts as of October 8. Ada Pelonia

Manila Water’s Calawis WTP boosts El Niño preparedness

A N I L A Water, the private water concessionaire for the East Zone, said it continues to strengthen its water supply resilience by leveraging the capacity of its 80-millionliter-per-day (MLD) Calawis Water Treatment Plant (WTP) in Antipolo City as it anticipates the very strong El Nino that is forecast to last until the middle of next year. According to the weather bureau, a strong to very strong El Niño peaking before the end of 2026 and persisting through the

first half of 2027 will trigger severe agricultural dry spells, widespread drought, water supply shortages, and heightened public health risks across the country. As Manila Water prepares for its worst impact, securing water remains its utmost priority. The Calawis Water Treament Plant serves as a critical additional water source that helps reduce reliance on Angat Dam and fortifies the company’s ability to maintain reliable water service amid prolonged dry weather conditions.

Manila Water sources its raw water primarily from the Angat Dam via the AngatIpo-La Mesa water system, supplemented by the Umiray River, Laguna de Bay, and the Upper Wawa Dam. Located in Barangay Calawis, Antipolo City, the treatment plant sources raw water from the Tayabasan River in the Upper Marikina Basin as part of Manila Water’s Wawa-Calawis Water System. The facility plays a critical role in diversifying Manila Water’s water sources, helping reduce de-

pendence on Angat Dam and strengthening supply reliability amid climate variability and the anticipated strong El Niño. Part of the P8.2-billion Calawis Water System Project, the facility delivers treated and potable water to more than 900,000 customers in Antipolo City and nearby areas. By bringing water production closer to customers, the project improves distribution efficiency, stabilizes pressure, and supports service reliability in upland communities, particularly during the summer

months when water consumption typically increases. The Calawis Water System Project includes an 80-MLD water treatment plant, pumping stations, reservoirs, and approximately 21 kilometers of primary transmission pipelines. Together, these facilities provide additional water supply capacity that helps cushion customers from the impacts of prolonged dry spells while reducing dependence on a single source of water. Jonathan L. Mayuga

TheWorld Lula is declared winner of Brazil’s election; Bolsonaro rejects results By Eléonore Hughes, Mauricio Savarese & Anna-Catherine Brigida The Associated Press

IO de Janeiro—Brazil’s President Luiz Inácio Lula da Silva, a vocal critic of US President Donald Trump, was reelected Sunday in a result that provides relief to critics of widening U.S. influence in Latin America. With 100 percent of the vote counted, Brazil’s electoral court announced that the soon to be 81-year-old Lula had a lead of nearly 4.4 million votes over opponent Flávio Bolsonaro, giving him 51.8 percent of the total vote. Bolsonaro quickly refused to concede defeat and asked for the election results to be annulled after an evening of chaos at some polling places that followed a last-minute decision to extend voting by two hours. Bolsonaro is the son of former President Jair Bolsonaro, whom Lula defeated to take the presidency in 2022. Lula’s triumph bucks a regional trend of victories for right-of-center presidential candidates allied with Trump. It also means Latin America’s largest economy, with a GDP of $2.6 trillion per year, will likely continue defying Trump’s demands, despite the pressure of increased tariffs.

‘Brazil is not anyone’s backyard’

A VIDEO published by Lula’s campaign shows the veteran leader celebrating with First Lady Rosângela da Silva and allies after his runoff victory was confirmed by Brazil’s electoral court. Wearing star-shaped red glasses, he kissed his wife. Speaking to his supporters, thousands of whom gathered on Sao Paulo’s main artery and in Rio de Janeiro’s Cinelandia Square, Lula expressed his gratitude to the Brazilian people, and pledged to respect all Brazilians, regardless of gender or religion. He also attacked Bolsonaro. “This was a defeat for denialism and lies. I must confess that every time I attended a debate, I felt embarrassed,” he said. He also doubled down on his commitment to Brazil’s sovereignty. “Either the homeland remains free, or we die for Brazil,” he said. “This country will not accept being anyone’s backyard.” In Rio de Janeiro, cars beeped their horns and a woman dressed in red—the color of Lula supporters—shouted “You lost! Cry harder!” to four men in yellow and green sipping beers, Bolsonaro’s signature colors. A huge roar echoed in the street as the result was confirmed. Rodrigo Valentim, a 51-year-old businessman and supporter of Bolsonaro, said that another Lula government would harm the economy. He pointed to financial markets’ positive reaction to the result of the first round, when Bolsonaro bested Lula. “I don’t understand how people can vote for Lula,” he said. “The country is collapsing.” Lula is set to begin his fourth non-consecutive term as president on January 5, 2027.

Confusion at polling places

THE electoral court’s announcement ended an evening of confusion at polling places after Brazilian Supreme Court Justice Cristiano Zanin ruled three minutes before the scheduled end of voting to keep polls open for two more hours, following requests by both candidates. Lula’s request came after issues with buses that provide transportation to polls in Sao Paulo and Salvador, two cities that tend to favor the incumbent. Bolsonaro’s request was due to heavy rains in Brazil’s south, where he is favored. The decision delayed tallying the votes by two hours. It was unclear how many polling stations stayed open after the scheduled closing time. Polling stations in Brasilia and Rio de Janeiro closed shortly after the original 5 p.m. deadline, reporters for The Associated Press observed. Bolsonaro, whose father is serving a 27-year prison sentence for attempting a coup after he lost the 2022 presidential election to Lula, pointed out that Zanin is Lula’s former lawyer and criticized him for “changing the rules of the game in the middle of the game.” “It’s impossible to recognize the results of the election in the context of these things that happened,” he said. It’s not clear if Bolsonaro’s complaint could meet the legal threshold to annul the results. Bolsonaro also has the right to request a recount if he has evidence of fraud, but that might not change the results. The president of the electoral court, Kassio Nunes Marques, who was appointed to the Supreme Court by former President Bolsonaro, said that the extension of voting hours did not impact results. Joao Pedro Padua, a law professor at the Fluminense Federal University, said that Bolsonaro can file a lawsuit directly with the country’s electoral authorities or the Supreme Court, asking for the elections to be declared null and void. “But there isn’t much legal basis for that,” Padua said. “The extension of voting hours is unusual, but for it to invalidate the elections, the candidate would have to prove that it affected voters’ ability to freely express their will. There doesn’t seem to have been any such impact.”

Concerns about cost of living

BOLSONARO bested Lula by more than 2.2 million votes in the first round of the election earlier this month. Sunday night’s victory by Lula marked the first time since Brazil’s military dictatorship ended in 1985 that the second-highest votegetter in the first-round elections won the presidency. Lula faced a tough reelection battle because of concerns about the cost of living and security. Bolsonaro made a tough-on-crime approach the cornerstone of his campaign and pledged to bring down food costs while Lula, trying to lure undecided voters, has invested in costly incentives. Both have been hit by corruption suspicions involving family members and allies, with Bolsonaro implicated in a sprawling scandal rocking Brazil. Lula previously spent more than a year in prison on corruption convictions that were eventually annulled. This will likely be the last victory of the veteran leader’s political career. Lula began his political career in the 1970s as a union leader. He then helped found the Workers’ Party, which he represented as a presidential candidate three times until he finally won it in 2002. He was reelected four years later and was succeeded by one of his cabinet ministers, Dilma Rousseff, in 2010. She was reelected in 2014 but impeached two years later. Lula tried to run for president again in 2018 but was jailed in March after being convicted. He was released from prison after 580 days and saw Brazil’s Supreme Court annul his sentence after police found messages that showed the judge who convicted him was biased. He quickly became one of Jair Bolsonaro’s biggest critics and narrowly beat him in 2022. Since he lost the first round, Lula reorganized his campaign, appealed to young voters, put millions of Brazilians on the streets to defend democratic values and his legacy, raised fears of another Bolsonaro administration and boosted several government initiatives. He joins Trump and Nicaragua’s President Daniel Ortega—all aged 80—as one of the oldest presidents in the Americas.

Tuesday, October 27, 2026

Delegations meet in Tehran with Mideast region on edge By Samy Magdy

The Associated Press

AIRO—High-level delegations from Saudi Arabia, Pakistan and Turkey were in Tehran on Monday for meetings with Iranian authorities to try to avert renewed fighting between Iran and Israel and the United States, two regional officials said. The talks come as many in Iran are girding themselves for the possible return to a return to all-out war, as Israeli and American leaders have been sharpening their threats ahead of pending elections in both countries, while Iranian leaders have remained defiant. Saudi Defense Minister Khalid bin Salman, Pakistan army chief Field Marshal Asim Munir and Ibrahim Kalin, the head of Turkey’s intelligence service, were to meet with Iran’s top security officials and negotiators to push for a deal between Tehran and Washington. The war in Yemen and strikes by Iranian-backed Houthi rebels against Saudi Arabia were topics also on the table, said the officials who spoke on condition of anonymity because they were not authorized to speak to reporters. An Iranian official, also speaking on condition of anonymity because he was not authorized to speak to reporters, confirmed the arrival of the officials. Saudi Arabia said in a statement that the delegations hoped to find “ways to de-escalate tensions, enhance regional security and promote its stability.” Qatari mediators were in Tehran

on Sunday, working in coordination with the US, as part of ongoing efforts to de-escalate regional tensions, according to a regional official speaking on condition of anonymity due to the sensitivity of the talks. Pakistan and Qatar helped broker an agreement in June aimed at having Iran fully reopen the Strait of Hormuz to shipping, ending a US blockade of Iranian ports and opening negotiations on a broader settlement addressing Iran’s nuclear program. The deal unraveled quickly, however, as both sides renewed attacks. With worries about renewed fighting ahead of Israel’s election on Tuesday and the Nov. 3 midterm elections in the U.S., Iran’s Foreign Ministry spokesperson, Esmail Baghaei, on the weekend said Tehran had not closed the window of diplomacy and that messages were being passed to the US via intermediaries. With negotiations long stalled, Baghaei said that the US appears to be persisting in unilateral demands and that Trump and US officials repeatedly use the phrase “complete su r render,” wh ic h Baghaei said no Iranian accepts. Israeli Prime Minister Benjamin Netanyahu, meantime, re-

A BIRD flies low over the water as cargo ships lie at anchor in the Strait of Hormuz off Bandar Abbas, Iran, early Saturday, October 24, 2026. AMIRHOSEIN KHORGOOI/ISNA VIA AP

peated his warning on Sunday that Iran or its proxies could attack ahead of the close elections to disrupt the vote, citing intelligence. “The (military) is ready both to defend and to strike,” he said in a video statement, adding: “You will suffer disproportionate blows far greater than you can imagine.” Israel’s Channel 12 reported Sunday night that Netanyahu and his military chief of staff clashed over an instruction by Netanyahu to carry out an “action” that the army believes could quickly trigger a resumption of the conflict with Iran. Netanyahu described the Channel 12 report as nonsense during an appearance on another broadcaster, Channel 14. There was no immediate military comment. Yemen has become a widening front in the Iran war that began in February, with the Houthis increasingly launching attacks on

Saudi Arabia because it supports Yemen’s internationally recognized government battling the rebels. The conflict has intensified since forces from the internationally recognized government and Saudi-led coalition launched airstrikes on Houthi-held Sanaa International Airport in July, shattering a 2022 ceasefire deal that largely stopped the fighting in the country’s civil war. Early Monday, the Houthi military spokesperson Yahya Saree said the rebel group had fired ballistic missiles at military gatherings and weapons depots belonging to Saudi-backed government forces in Aden and Lahj provinces. He claimed the attacks caused the loss of military equipment and personnel but did not provide evidence of the strikes. The Associated Press couldn’t independently verify the claims.

Chinese carmakers overtake Japan in Europe for first time By William Wilkes Bloomberg News

HINESE automakers outsold Japanese rivals in Europe for the first time over a full quarter, underscoring how quickly brands like BYD Co. and Chery Automobile Co. are gaining ground in the region. R eg i st rat ions of C h i nese branded cars roughly doubled from a year earlier in the three months through September to make up 12.7 percent of total sales across the region, led by hybrids, according to market researcher Dataforce. That’s put them ahead of Japanese manufacturers including Toyota Motor Corp. at 11.9 percent. The advance accelerated at the end of the quarter. Chinese brands’ European share jumped in September to a record 14.5 percent, according to Dataforce, almost three percentage points higher than in August. While European manufacturers like Volkswagen AG and Renault SA still dominate the region, the speed of China’s surge has been a surprise. Five years ago, Chinese brands accounted for barely 1 percent of European sales. Japan’s automakers, by contrast, have spent decades building their position in Europe. Toyota has sold cars in the re g ion s i nc e 19 6 3 a nd no w operates factor ies across the continent, while Nissan Motor

Co. has produced vehicles at its Sunderland plant in the UK since 1986. China’s offering is especially successful in the UK, where Chery’s Jaecoo 7 SUV was the country’s best-selling model in March and September. The shift is a double whammy for Europe’s struggling manufacturers. China’s drivers are deserting VW and BMW AG in their biggest market in favor of domestic rivals, which are churning out new models faster and at lower cost. And shrinking demand in China is forcing BYD and others to look for new markets. Earlier this month, Chery, BYD and Geely’s Zeekr showed off a range of new models at the Paris car show, offering well-priced cars like the BYD Dolphin G DM-i, a compact plug-in hybrid specifically developed for Europe. Bringing their EV lineups to Europe also positions them to benefit from a jump in demand as fuel prices hit record highs. The European Union is trying to temper an expansion that is partly fueled by state-backed subsidies. After adding extra tariffs on China-made batteryelectric vehicles, the bloc this month agreed in principle to curb fast-growing imports of hybrid cars from China. Amid speculation of future measures, shipments of hybrids have accelerated. Separately, the EU is considering new rules that would favor

locally made cars when granting subsidies and other incentives. The proposals include linking some company-car tax benefits to European production, a powerful tool in many countries like Germany where corporate and fleet buyers dominate. Carmakers like Mercedes-Benz Group AG have welcomed the political backing, but warned of distortions to global supply chains, driving costs up. Countries including the UK, Turkey and Morocco ship

vehicles and parts to the EU that could struggle because of Made in Europe rules. Chinese manufacturers have been preparing to produce locally already. Chery is preparing production in Barcelona and BYD is nearing the completion of a manufacturing site in Hungary. Zhejiang Leapmotor Technology Co. has started making its B10 SUV at Stellantis NV’s plant in Zaragoza, Spain, as part of the companies’ joint venture.

A10 Tuesday, October 27, 2026

TheWorld

Trump escalates anti-Muslim attacks against Michigan Senate candidate By Joey Cappelletti & Mike Householder The Associated Press

ORT Huron, Michigan—President Donald Trump intensified his antiMuslim rhetoric against Michigan Senate candidate Abdul El-Sayed on Sunday, portraying him as a threat to national security and questioning his loyalty to the United States in remarks that drew a sharp rebuke from a former top Arab American ally. Trump called El-Sayed, a former Detroit health official, a “jihadist” who was “on the side of the terrorists” and would “have to go through a metal detector before he’s allowed to go into the Senate.” He also repeatedly invoked the September 11, 2001, terrorist attacks, drawing a comparison between stopping El-Sayed from entering the Senate chamber and the passengers who fought back against the hijackers aboard United Flight 93. El-Sayed, who would become the nation’s first Muslim senator if elected, has called attacks on his loyalty to the country “shameful” and repeatedly denied any ties to extremist groups. The Republican president’s remarks were condemned by Bishara Bahbah, a founder of Arab Americans for Trump, the group that helped lead the president’s outreach to Arab American voters in 2024. “The president’s statements are out of line,” he said in a phone interview. “They are crossing a red line. They are racist.” With Republicans on the defensive over inflation, soaring fuel prices and the Iran war, the president has been trying to generate turnout by claiming that El-Sayed and other Democrats are existential threats to America, instead of electoral rivals. Michigan’s Senate race between El-Sayed and Republican Mike Rogers is among a handful of contests that could determine control of the chamber. Trump made his remarks in Port Huron, a Canadian border city about an hour north of Detroit and near communities where he made significant gains among Arab American voters in 2024. He became the first Republican presidential candidate since 2000 to win Dearborn, a city with one of the nation’s largest concentrations of Arab Americans. Trump, who imposed a travel ban targeting several predominantly Muslim countries during his first term, has increasingly leaned into anti-Muslim rhetoric as Election Day

approaches. He also attacked Democratic Rep. Ilhan Omar of Minnesota at Sunday’s rally, where he declared that he had come to Michigan “to keep a jihadist Muslim Brotherhood member from becoming a United States senator.” Responding to Trump, who also regularly mocks his name, El-Sayed told supporters at a rally in Grand Rapids later Sunday that he doesn’t care how Trump pronounces or misrepresents it. “I don’t even care that he remembers my whole name because he can just go on and call me ‘senator’ after November,” El-Sayed said, drawing cheers. “I will be Senator Muhammad to you, bro.” Central to Republicans’ strategy against El-Sayed in the final weeks of the campaign has been an effort to link him to the Muslim Brotherhood, an Islamic movement with branches that the U.S. government has designated as terrorist organizations. There is no evidence that El-Sayed has any affiliation with the Muslim Brotherhood. His half-sister, Eman Abdelhadi, wrote on social media in 2012 that “my family has long been MB” and described a conversation with her mother about her involvement in the Muslim Brotherhood in the early 1970s. El-Sayed was born in the United States to Egyptian immigrant parents who divorced when he was young. He was raised by his father, not his biological mother. Trump on Sunday also targeted El-Sayed’s ties to popular streamer Hasan Piker, who appeared alongside the Democrat multiple times during the primary campaign, including at his election night event. Piker in the past has said that “Hamas is a thousand times better” than Israel, describing some Orthodox Jews as “inbred” and that “America deserved 9/11.” El-Sayed has faced criticism for his own rhetoric. He has repeatedly refused to answer questions about whether Iran or Israel poses a bigger threat to the country. Earlier this year, he said “hurt people hurt people” after an attack on a synagogue in the Detroit area. The attacker had lost four relatives in an Israeli airstrike on Lebanon the week earlier. El-Sayed later apologized, saying he was not trying to justify what happened. “To anyone who feels like my comments might have been hurtful, I’m really sorry,” he said. “That was not my intention.”

www.businessmirror.com.ph

Singapore guards vs energy risks as Indonesia cuts gas By Sing Yee Ong & Benjamin Liu Bloomberg News

INGAPORE is diversifying suppliers, adding storage and building new infrastructure to try to protect itself from growing risks of resource nationalism, according to its energy minister. The remarks came after Indonesia cut natural gas exports to the city-state, with President Prabowo Subianto seeking to bolster domestic supply. Singapore’s Energy Market Authority has said the country has sufficient supplies and that the reductions represent less than 2 percent of its daily gas demand, and Minister for Energy, Trade and Industry Tan See Leng said there is no concern for shortages. “We can keep calm and carry on,” he said Monday at the Singapore International Energy Week conference. “Our households and our businesses can be assured that our energy security is always at the top of our minds.” Singapore plans to add more liquefied natural gas capacity to import from a wider array of suppliers, build new power plants and increase fuel stockpiles to guard against potential disruptions, Tan said. “Singapore will not be able to insulate ourselves from global or regional shocks,” he said. “When there is a supply crunch, countries

may also prioritize their own domestic needs, and this trend of resource nationalism is particularly concerning.” 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. The nation ships liquefied natural gas to countries including China, Japan and South Korea, and pipes the fuel to Singapore and Malaysia. “The bigger test will come when existing export contracts start expiring in 2028,” said Prateek Pandey, head of oil and gas analysis at Asia Pacific for Rystad Energy. “Indonesia has good reason to prioritize its own energy needs.” Current reductions should be manageable for Singapore unless cuts deepen or production fields are affected, he added. That view was echoed by Morgan Stanley, which said in a report on Monday that higher imports from Malaysia or more spot LNG should be able to offset the shortfall, but does raise the trajectory of the cost of gas until 2027. The city-state relies on natural gas for almost all of its power generation, but it has significantly reduced its dependence on pipeline supplies. It has also announced five more generation plants that would boost capacity by a quarter.

“About half of our gas is imported as LNG from a global diversified portfolio of sources, such as the US, Africa, the Middle East, and Australia,” Tan said. The country expects to increase its LNG capacity by 50 percent once a second import terminal starts by 2030, he said. Tan separately announced a nonbinding agreement between Saudi Arabia and the city-state to store Saudi crude oil in caverns beneath Jurong Island from the second half of 2027.

Underground caverns

SINGAPORE will also store Saudi Arabian oil in caverns in the citystate from the second half of next year, part of a plan by the kingdom to cope with disruptions from the US-Iran war. The crude will be held in the Jurong Rock Caverns, in a petrochemicals and refining complex in the southern part of Singapore, the city-state’s minister for energy, trade and industry, said in a speech at the Singapore International Energy Week conference on Monday. “This arrangement enhances the resilience of the Saudi crude oil supply chain in Southeast Asia, as well as contributes to Singapore’s energy security and resilience in the event of supply disruptions,” he said.

Riyadh is in talks with foreign governments to give Saudi Aramco access to storage space, Amin Nasser, the state-owned oil company’s chief executive officer, said earlier this month. The move follows disruptions in both the Strait of Hormuz and the Red Sea - the main conduits for the export of the kingdom’s crude - as well as attacks on a major Saudi pipeline and other energy infrastructure. The underground caverns in Jurong can hold as much as 1.47 million cubic meters of liquid hydrocarbons including crude and condensates, according to the website of JTC Corp., a Singapore government agency that owns the facility. That’s equivalent to about 9 million barrels of oil. Aramco will sign a memorandum of understanding with Singapore’s Energy Market Authority and JTC later on Monday, with the aim of concluding negotiations in a few months’ time, Minister Tan said. “Bringing supply closer to the key Asian market would strengthen the flexibility of our supply network and support Singapore’s security of supply and preparedness,” Saudi Energy Minister Prince Abdulaziz bin Salman said in a pre-recorded video shown at the conference in Singapore. “We see the potential for this cooperation to grow further.”

EU plans to hit China with more import curbs By Alberto Nardelli Bloomberg News

HE European Union is planning to use safeguard measures to cut imports of products from sectors including chemicals, furniture and machinery from China, according to people familiar with the matter. The measures, which could take the form of either import caps or tariffs, may be presented as soon as the first quarter of 2027, said the people, who spoke on the condition of anonymity. The European Commission is seeking to replicate its recent move to restrict the flow of hybrid vehicles into the EU, when it reached an agreement with Beijing to cap imports at 350,000 cars a year from China, according to the people. That level was deemed high enough to dissuade retaliation. The latest action is part of a broad push by the EU to reduce its massive trade deficit with China, which reached €360 billion ($404 billion) last year. The commission, which handles trade matters for the EU, is walking a fine line, trying to give its industry a boost without causing retaliation from Beijing and triggering a trade war. A spokesperson from the commission

declined to comment. “Our industries have called for action and we have heard them, and we will respond, including some more safeguards,” Commission President Ursula von der Leyen told reporters earlier this month. Safeguard measures allow the EU to restrict products from a sector if there’s been a surge of imports into the bloc. The EU has already started to assess trade data to see where that’s the case, Bloomberg reported earlier. The measures can take the form of import quotas, as in the case of the hybrid vehicles, or tariff-rate quotas, which apply a levy on imports above a certain volume to curb excess flows. The EU can choose to introduce the measures unilaterally without Beijing’s agreement. The people cautioned that the plans and the exact sectors the EU would target could change following discussions with member states and China. China’s Commerce Ministry said in a statement earlier this month that the EU “cannot fantasize about gaining benefits by exerting pressure, nor should it underestimate” the country’s “determination and capability to protect its own interests.” China announced earlier this month that

it had launched an anti-dumping probe into the import of the chemical intermediate p-nitrotoluene, which is used in the production of dyes, pigments, pesticides and pharmaceuticals. Just like the action set to be taken on hybrid cars and the bloc’s earlier move on steel, the new safeguard measures would comply with World Trade Organization rules and apply to other countries outside the European Economic Area, the people said. Separately, the commission aims to put forward proposals in the coming weeks on implementing the hybrid vehicles cap so that it can enter into force in December, some of the people said. Those measures would apply for four years and China will see its quota rise by 6 percent a year after the first year of the cap. Quotas on vehicles from other countries such as Japan and South Korea would follow a similar logic, one of the people said. Low-cost and at times subsidized goods from China have been flooding the continent, eroding domestic industries and putting local jobs at risk. That, coupled with falling demand and limited market access in China for many European goods, has led to a massive trade deficit of more than $1 billion a day—and rising.

EU leaders were united at a summit in Brussels earlier this month in urging the bloc’s executive to quickly take action across economic sectors and establish new powers to help cut the trade deficit and deter China from retaliating. The commission is planning to present proposals before mid-December for a tool to diversify supplies as well as an instrument to rapidly react to any aggressive trade actions. A new instrument would do that by cutting access to the bloc’s single market for select goods and services in ways that are more agile and broader than current options allow, the people said. It’s unclear whether Beijing is open to seeing its exports curbed much further beyond hybrid vehicles and it has responded strongly to the prospect of the EU introducing new tools. The EU’s trade chief, Maros Sefcovic, is due to take stock of progress and discuss next steps with his Chinese counterparts early next year. Agreements reached so far would also see Beijing cut tariffs on some auto parts, olive oil and ice cream. The EU is also seeking to improve market access in China and ease export procedures for critical minerals and permanent magnets.

www.businessmirror.com.ph

2nd Front Page BusinessMirror

DFA CLARIFIES ENVOY’S TAIWAN REMARKS ON SUBSEA CABLE

HE Department of Foreign Affairs (DFA) on Monday clarified that the Philippines has no cooperation arrangement with Taiwan involving subsea cables or other critical undersea infrastructure, after remarks by a senior Philippine diplomat about deeper engagement with Taipei drew attention amid growing regional security concerns. The clarification highlights a key distinction under Manila’s longstanding One China Policy. While the Philippines maintains unofficial economic, trade, cultural and technical ties with Taiwan, it does not have official political or diplomatic relations with the self-ruled island. In a statement, the DFA reiterated its “longstanding and consistent One China Policy” and stressed that “there is no cooperative arrangement with Taiwan on subsea cables or other critical undersea infrastructure.” The department said discussions during an October 21 forum hosted by the Center for a New American Security (CNAS), a Washington-based think tank, focused on protecting critical undersea infrastructure, including telecommunications networks that support global communications, financial transactions and digital services. “The discussion at CNAS focused on the importance of protecting CUI, including through stronger public-private cooperation, particularly in the repair and recovery of damaged infrastructure,” the DFA said. “It must be emphasized that the protection of CUI requires concerted efforts by all parties that benefit from these essential networks.”

The DFA also said there was “no mention of gray-zone activity cooperation with Taiwan.” The statement followed remarks by Felipe F. Cariño III, deputy chief of mission at the Philippine Embassy in Washington, during a CNAS forum on protecting undersea cables and other critical infrastructure in the Indo-Pacific. Cariño highlighted the strategic importance of the Bashi Channel, the waterway between northern Philippines and Taiwan through which major undersea communications links pass. He said the Philippines was “exploring deeper cooperation with our friends from Taiwan” and described a “pragmatic and practical approach” as necessary to protect mutual interests while remaining bound by the One China Policy. Later, Cariño said the Philippines and Taiwan were exploring “practical and more pragmatic approaches in cooperation, including knowledge sharing and capacity building.” When asked whether such cooperation could eventually involve measures to monitor or respond to disruptions affecting undersea cables, Cariño said discussions were continuing and some of the ideas raised during the forum could eventually take shape. He also connected the issue to broader regional security concerns. “There have also been instances where our maritime capabilities were both on display and were cooperating,” Cariño said. “We see this cooperation leading towards See “DFA,” A2

Tuesday, October 27, 2026 A11

Long-running DOJ-DFA visa-vetting ‘war’ revived By Malou Talosig-Bartolome

LONG-RUNNING dispute between the Department of Justice (DOJ) and the Department of Foreign Affairs (DFA) over visa reforms flared up anew, with Ombudsman Jesus Crispin Remulla accusing the foreign affairs department of lacking the capability to conduct large-scale background vetting of foreign applicants and alleging corruption in the visa process, prompting a rare and strongly worded public rebuttal from the DFA. In a statement issued Monday, the DFA said it “strongly objects” to Remulla’s public remarks calling for the removal of the Department’s visa-issuance functions and accusing it of turning Philippine visa issuance into a business. “The DFA’s visa-issuing mandate is grounded on both domestic law and international convention,” the Department said. The DFA stressed that visa issuance is expressly recognized as a consular function under the Administrative Code of 1987 and is likewise provided for under the Vienna Convention on Consular Rela-

tions of 1963. The statement was released two days after Remulla made the remarks during the October 24 episode of the radio program Executive Session, where he questioned the DFA’s role in visa issuance and argued that visa functions should be transferred to third-party service provider VFS Global or a similar contractor. The discussion stemmed from concerns raised by lawyer Brigido Dulay, former DFA and DOJ undersecretary and now inspector general of the Philippine National Police Internal Affairs Service, regarding the government’s 14-day visa-free privilege granted to certain foreign nationals. Remulla argued that questions involving visa-free entry should pass through the Bureau of Immigration and the DOJ. “Immigration is under the Department of Justice. Visa-issuing authority is a delegated authority to the Department of Justice,” he said. He also asserted that the DFA no longer has the capacity to handle large-scale screening and background vetting of visa applicants abroad, arguing that the govern-

ment should instead tap VFS Global, a Switzerland-based visa outsourcing firm that provides application processing and biometric collection services for dozens of governments worldwide. “VFS is the best. Vetting is a clerical job. [We have no] capability to get the people to do that in other countries,” Remulla said. “We have to take it away from them. We should. We should take it away from them.” According to Remulla, thirdparty private contractors can hire thousands of personnel to process applications and conduct background checks, making them better suited to handle visa processing. The Ombudsman also accused the DFA of treating visa issuance as a commercial enterprise. “The problem with DFA, they forget that their primary job is to be diplomats. But here they want something else to happen; they want to engage in enterprise,” he said. He further alleged that Philippine diplomatic posts in China had profited from visa processing in the past and claimed that travel agencies had undue influence in secur-

ing visas for Chinese applicants. “It’s corruption in its face yung ginagawa nilang travel agency nakikipag-deal para makakuha ng visa, for Chinese visa,” Remulla said. He also claimed that foreign business investors encounter difficulties dealing with the visa system administered by the DFA. The Department, however, rejected Remulla’s characterization of visa work as merely administrative. “Contrary to the characterization of visa processing as a merely clerical function, the issuance of visas involves the substantive assessment of applications and verification of documents,” the DFA said. “These responsibilities require the exercise of official judgment pursuant to the applicable Philippine laws, rules and regulations, and cannot be reduced to just the administrative receipt and processing of documents.” The DFA acknowledged that third-party providers such as VFS may provide administrative support services, including the receipt of applications, but emphasized that sovereign authority over visa See “Visa war,” A2

Pinoys’ holiday plans disrupted by Asean Summit ‘parking’ By Ma. Stella F. Arnaldo Special to the BusinessMirror

HOUSING WOES HAUNT URBAN POOR Leaders and members of urban poor organizations from Metro Manila, Rizal and Bulacan stage a protest in front of the Department of Human Settlements and Urban Development (DHSUD) on Monday, October 26, 2026. Wearing ghost costumes, the protesters call attention to concerns over access to housing, security of tenure and living conditions, urging the government to address the housing needs of low-income families in Metro Manila and nearby provinces. NONOY LACZA

Shift from analog to digital set in Nov A

HISTORIC chapter in Philippine TV begins its conclusion this November as the country’s broadcasting networks commence the gradual switch-off of the analog TV service in favor of the Digital Terrestrial Television Broadcast (DTTB). According to the National Telecommunications Commission, the landmark Analog Switch Off or ASO for Mega Manila will happen this November 2026 after more than 70 years of television broadcasting in the Philippines, marking a significant technological transition in the country’s broadcast history. For generations, analog television was more than a technology for Filipino families. It was the window through which they watched historic events, news, sports, public affairs, entertainment, movies,

and the programs that became part of their daily lives. That familiar analog signal is now signing off and making way for the digital period. The migration from Analog TV to DTTB will usher in a new era of a free-to-air broadcasting that provides clearer pictures, improved reception, expanded channel capacity, and digital broadcast services. It will enable the Philippines to keep pace with world’s technological development, support the competitiveness of the TV broadcast industry and allow it to provide enhanced services to the viewing public. The National Telecommunications Commission is recommending that Analog TV users acquire a digital TV-ready receiver, or smart TV, or set-top box (STB) to receive digital television (DTV) signals. For those with an analog TV receiv-

er, an appropriate STB can be connected to the existing television to enable reception of digital broadcasts. All subscribers who pay TV service Cable Antenna Television (CATV); Direct-to-Home (DTH)/ Direct-to-Use (DTU), etc., will not be affected by the ASO. This milestone follows the NTC Memorandum Circular NO. 05-112013, issued on November 4, 2013, adopting the Integrated Service Digital Broadcast-Terrestrial (ISDB-T), a Japanese DTTB standard. With DTTB, each 6 MHz channel can accommodate multiple digital television programs, depending on the transmission configuration and video quality. Under appropriate configurations, a channel may carry up to six standard-definition (SD) programs or one high-definition (HD) program.

ASO is the mandatory shutting down or termination of analog terrestrial TV transmission and switching over to digital TV. It shall be implemented by phases and Mega Manila has been identified as the pilot area (Phase 1) since it has approximately 80 percent of TV households already receiving digital TV broadcast. Mega Manila is composed of all cities and municipalities in the National Capital Region, the Provinces of Bulacan, Cavite, and portions of Pampanga, Laguna, Bataan and Rizal that are covered by Metro Manila TV broadcast signals. The NTC Memorandum Circular (MC) No. 005-11-2025: “Guidelines for the Switch-Off of the Analog TV Service in Mega Manila,” was issued on November 6, 2025 and took effect on November 22, 2025.

OLIDAY economics interrupted. Filipinos cheering the holidays declared from November 16 to 18 (Monday to Wednesday) due to the 49th Asean Summit are now mad as hell after their flights were canceled for the same reason they booked their trips. Malacañang declared the holidays for the National Capital Region last September 22, thus giving bakasyonistas a five-day “weekend.” Much of the exasperation has been aimed at Cebu Pacific Airways (CEB), as it operates mainly at the Ninoy Aquino International Airport (Naia) passenger terminal 3, where the aircraft of arriving foreign leaders will be parked. “Basically, the parking bays [at Naia-3] were reduced to accommodate the dignitaries’ planes,” said a source from the New Naia Infrastructure Corp. (NNIC), the company that manages the Naia. “This is a government-led initiative,” the source explained, adding that the exact number of flights has yet to be finalized, “as there will still be a meeting on that with the slot committee.” CEB started emailing its affected passengers on October 23, informing them of the flight adjustments, even before the Civil Aeronautics Bureau (CAB) issued its advisory stating that, “the arrival of Asean delegates may necessitate temporary flight and airport operational adjustments, and enhanced security measures which may affect airline flight schedules and airport operations.”

CAB Advisory

THE CAB advisory on the Asean flight adjustments, signed by Executive Director Carmelo L. Arcilla, was issued on Monday, October 26. He advised airlines to review their flight schedules and “coordinate with relevant airport authorities, and ensure that any flight changes or adjustments are reasonably necessary to minimize public inconvenience.” He also told carriers to immediately notify passengers of the flight adjustments and status at the “earliest opportunity” and “strictly adhere to the provisions of the Air Passenger of Bill of Rights,” regarding passenger entitlements. Complaints on social media erupted over the weekend after passengers received CEB’s Asean flight adjustments advisory. @EngagingChestnut on Facebook account DIY Philippines said: “GRABE! just received an email

from CEBU PAC. Naka book na kami ng hotel namin ng Boracay. Pano ba ‘to? Grabe! One @HoneroChristian said on X: “Seryoso ba to @CebuPacificAir I can no longer move my leave as this is a long weekend holiday with family. :(” @Winterrifics said, for her part, “@CebuPacificAir we have already booked our hotels and activities. if you knew you were hosting Asean why are you only canceling flights now. could have just made those unavailable before? just kill me oh my god.” An industry source who requested anonymity said, “Of course people started booking trips when the holidays were announced. This should have been better managed.”

Over 21 foreign planes expected

CEB’s email to its passengers says: “The Philippines will be hosting the 49th Asean Summit from November 16 to 18, 2026. To accommodate the event, [Naia-3] has reduced the number of available aircraft parking bays.” The airline offers several options for passengers such as the rebooking of their trips, converting the booking on a non-expiring Travel Fund, or an outright refund. Spared from the Asean flight adjustments are Philippine Airlines, which operates out of Naia-2, and Air Asia Philipines, which uses Naia-1 and Naia-2 for its international and domestic flights, respectively. A document on the proposed aircraft parking at Naia-3 shown to this paper indicated 21 expected aircraft at Naia-3 leaders from Asean, the United States, Russia, China, Japan, South Korea, India, Australia, New Zealand, Canada, the United Kingdom, and the European Union. NNIC expects that some countries will have “more than one plane” as in the case of the US delegation, which will be headed by President Trump. The decrease in available aircraft parking bays at Naia-3 has resulted in the reduction of about 20 percent of CEB flights at the Naia-3, said a separate source. This has forced the carrier to consolidate many of its flights, thus resulting in the cancelation of domestic flights from Manila to 19 destinations, and from Manila to seven international destinations. The CAB advised air passengers to “closely monitor the status of their flights, including any official government and airline advisories for travel updates and coordinate directly with their airlines for any alternative options.”

A12 Tuesday, October 27, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

A stronger economy is the best defense against a weak peso

HE peso’s close of P63.52 to the dollar on Thursday—a fresh all-time low—should be read less as a currency event and more as a referendum on how the Philippines has chosen to run its economy. The number is jarring. The story behind it is worse. (Read the BusinessMirror story—“Experts: Peso recovery lies more in restoring confidence,” October 23, 2026).

Three forces are squeezing the currency: relentless dollar demand, elevated oil prices, and a widening balance-of-payments deficit. None of these are mysteries. All of them are structural. That is precisely the problem. The most telling moment of the day was not the record close. It was Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.’s blunt admission: “We’re not hiking the policy rate to defend the peso.” That single sentence dismantles a comforting assumption much of the market still clings to—that the central bank stands ready, rate hikes blazing, to shield the currency. It doesn’t. It intervenes “a little bit,” and only to smother swings it fears will feed inflation. Defending the peso, it turns out, is someone else’s job. But whose? The BSP’s surprise 50-basis-point hike already failed to arrest the slide. As Chinabank’s chief economist Domini Velasquez noted, that outcome proves “higher interest rates alone may not be enough to strengthen the currency.” PIDS senior fellow John Paolo Rivera was equally sober: a hike’s impact “may be limited” if external pressures persist. The lesson is uncomfortable but clear. The BSP cannot out-hike a strong dollar. No matter where the BSP sets its policy rate, the dollar is going to do its own thing while US inflation stays stubborn and tests the Fed. Chasing interest rate spreads is just running in place. What actually holds a currency up is confidence—in growth, in institutions, in the idea that capital parked in the country will be rewarded and safe. Velasquez reached the heart of it: a “sustained recovery will depend more on restoring confidence in the domestic economy.” Not on the next rate decision. That means the hard work is unglamorous. Faster, real growth rather than consumption-driven expansion. Productive investment. Energy security so that oil shocks don’t bleed straight into the trade balance. Fiscal discipline so the BOP deficit narrows on merit instead of luck. A business environment in which investors don’t need a hawkish central bank to feel safe. The peso trading in the 63.50 to 63.75 band, as Reyes Tacandong’s Jonathan Ravelas projects, is manageable. But managing a slow bleed is not the same as closing the wound. Each new record low normalizes depreciation—and normalization is how countries quietly accept decline. There is a temptation to treat P63.52 as noise: a bad week, a strong dollar, a passing storm. Resist it. Currencies are the market’s running verdict on a nation’s fundamentals, and the verdict keeps coming back the same. The BSP has effectively told us it will not carry the peso on its shoulders. So the question is no longer whether monetary policy can save the currency. It is whether the rest of the economy can. Since 2005

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John Mangun

OUTSIDE THE BOX

N 1300, an English statute required silver to meet the sterling standard, 92.5 percent pure, and sent the goldsmiths’ wardens from shop to shop to test each piece and stamp it with a leopard’s head. The mark told a buyer in a distant seaport what the metal content was without cutting it open. A global equity index provider performs the same service for stock market shares. Free float, the portion of a company that outsiders can actually buy, is the purity claim, and Morgan Stanley Capital International (MSCI) is the assay office.

The Indonesia Stock Exchange (IDX) failed the test. MSCI, the index provider that determines where trillions of dollars in passive institutional capital reside, has placed Indonesia on notice. On October 15, MSCI launched a consultation on a proposal moving Indonesia from “emerging” to “standalone” status. It passed over ‘frontier’ status, judging that label too generous for the depth of the problems in Jakarta. MSCI’s objections concern the foundations of a functioning securities market. Shareholding structures remain insufficiently transparent, suspected coordinated trading raises questions about price formation, and enforcement has not convinced the index provider that the problems are being adequately addressed. These are practical objections. A fund manager must know who owns a compa-

Publishers Association of the Philippines Inc.

ny, how many shares are genuinely available for trading and whether a quoted price represents a market that can absorb a large transaction. The Jakarta Composite Index fell nearly 12 percent the next day, its worst session since 1998. Current standalone stock markets include Lebanon, Zimbabwe, and Ukraine. How bad is Indonesia’s situation? Goldman Sachs warns that a full removal of Indonesian stocks from MSCI indexes could trigger $5.6 billion in passive outflows, equivalent to 18 days of average daily volume for MSCI Indonesia Investable Market Index constituents. It also projected up to $15 billion more from active investors. A downgrade would force automated index funds to liquidate Indonesian holdings, removing the country from global benchmark indices. The

feedback on these concerns runs to April 30, 2027, with a decision due by June 30, 2027. The metal content was thin on the IDX before anyone tested it this year. In 2024, FTSE Russell, a subsidiary of London Stock Exchange Group, found that only four shareholders controlled 97 percent of Barito Renewables Energy (BREN). It is an important company with a market capitalization of $15.8 billion even after the stock dumped 15 percent when being hit with a $27 million fine for violations in the IPO shareallocation process. People connected to the controlling shareholders hid their identities to take larger allocations of IPO shares meant for the public. We heard the Barito name last month when Philippine power producer First Gen Corp said it had no plans to divest Energy Development ‌Corp after Barito Renewables’ unsolicited, non-binding offer for about $5 billion. Jakarta had already tried the easy remedy. In January, a first MSCI warning erased $80 billion of IDX market value in two days, and the exchange answered by doubling its minimum float from 7.5 percent to 15 percent. Except, that percentage increase answered a question nobody was asking. The complaint concerned who holds the shares. Manila went the other way. In February, the Securities and Exchange Commission tiered its minimum float for new listings. The smallest issuers must put the

largest share of themselves in public hands, and the biggest may put in the least. Mynt, the parent of GCash, is the first beneficiary and the rule it listed under favors the seller. GCash listed on October 20 at P6.60 with an initial float of 12 percent, not including the overallotment option. The listing is below the 15 percent float analysts cite as the threshold for the Philippine Stock Exchange index (PSEi). The SEC wrote the tiers, and the exchange decides which issuers it endorses for the lowest one. A regulator that sets the purity mark can raise it before an assay office does the job. Some Manila brokers expect Indonesia’s loss to arrive here. The PSEi rose on October 16 as they pointed to funds reallocating, yet foreign investors bought only P148 million that day, about $2.4 million. UBS put Indonesia’s passive outflow at about $4 billion. The Philippines carries about 0.4 percent of the emerging-market index, so its pro rata share comes to roughly $16 million. Index funds move on MSCI’s timetable, and that timetable puts no money in motion before the decision is due next June. Capital redirected from Indonesia is a possibility, not a forecast. Indonesia’s shares have owners nobody can see. Philippine shares have buyers the rules keep out. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Epstein haunts GOP in midterms as Democrats vow fresh probes By Josh Wingrove

T. Anthony C. Cabangon

Senior Editors

Chairman of the Board Advertising Sales Manager Group Circulation Manager

Jakarta fails the purity test

RESIDENT Donald Trump can’t shake the furor over Jeffrey Epstein. Democrats are preparing to launch congressional investigations into the administration’s handling of files related to the late, disgraced sex offender if they regain power after the November 3 midterm elections. They say the administration botched the release of documents and are using the issue to hammer Trump and GOP lawmakers in key races. “The Epstein investigation is going to be one of our top priorities,” Representative Robert Garcia, the top Democrat on the House Oversight Committee, said in an interview, alongside probes into the Trump family’s business dealings, allegations of corporate corruption and the president’s immigration crackdown. “The country wants disclosure, they want release of the files and they want justice for the survivors,” Garcia said. For Trump, it’s a full-circle moment. The president in 2024 indicated a willingness to release files pertaining to investigations into Epstein. But in office, after releasing several tranches that failed to satisfy lawmakers and many Epstein victims, Trump urged the public and Congress to move on from what he called a “hoax.”

This year’s midterms have made clear that many are not ready to move on. With Trump and his party fighting an uphill battle to keep control of Congress, the lingering tumult over Epstein’s crimes has added to the GOP’s electoral woes and underscored how difficult it has been for the president to put the issue to rest. Polls show Democrats poised to obtain a majority in the House and they have made it clear they intend to open fresh investigations into Epstein’s actions, Trump’s ties to him and the government’s handling of the files. Any probe would ripple well beyond Washington, with Wall Street and corporate America already bracing for a wave of Democratic investigations. Garcia said major banks that had ties to Epstein’s financial dealings are among those who

could be called to testify. A White House official, speaking on condition of anonymity, said the administration was focused on the upcoming midterms and declined to detail any preparations for potential House probes. The administration has nothing to hide on the Epstein case, the official said. White House spokeswoman Lauren Bis said Trump had “been totally exonerated on anything related to Epstein” and through disclosures of files “done more for Epstein’s victims than anyone before him.”

Campaign cudgel DEMOCRATS are not waiting until they regain power to put the spotlight back on Epstein. In Texas, Democratic Senate candidate James Talarico sought to counter last month’s Republican midterm convention by holding an event with an Epstein survivor and demanding that all of the files be released. In Georgia, Senator Jon Ossoff has criticized how Republicans handled the release of the documents. And it’s not just the candidates who have kept Epstein hovering over the midterms. At a Trump rally this month, a woman wearing a T-shirt that read “Re-

lease the Epstein Files” was physically accosted by supporters of the president and removed from the arena by security. Vice President JD Vance was interrupted by a protester calling for the release of the files at a North Carolina rally Monday. The Epstein files have long been the center of speculation over the late financier’s wealthy and powerful contacts and any connections they may have had to his conduct. “The Epstein issue blows up into a larger narrative of how Republicans were helping their donors, the billionaires, the wealthiest and most well-connected people at the expense of working-class people,” said Neera Tanden, a longtime Democratic operative who leads the Center for American Progress. Epstein and allegations of child sexual abuse have been a particular lightning rod for elements of Trump’s own base. Some of his supporters helped stoke the so-called Pizzagate conspiracy that sought to link Hillary Clinton to a fictitious cabal of child sex traffickers. Following his campaign pledge, Trump’s administration released some of the Epstein files a month into his presidency to cheers from right-wing supporters, but many of those docu-

See “Epstein,” A13

Opinion BusinessMirror

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E-invoicing: From promise to performance Joel L. Tan-Torres

DEBIT CREDIT Part one

HAVE followed the Philippine e-invoicing initiative with both anticipation and concern. My involvement goes back to 2017, when provisions on electronic invoices and electronic sales reporting entered our Tax Code. Nearly nine years later, the question remains whether this translates a sound legislative direction into a dependable service for taxpayers. At that time, I was chairman of the Professional Regulatory Board of Accountancy under the Professional Regulation Commission and the Philippine representative to the United Nations Conference on Trade and Development’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, or UNCTAD ISAR. My participation in conferences abroad exposed me to the emerging discussion and implementation of e-invoicing. I saw its relevance to our country. Accounting information could move more efficiently from the recording

of a transaction to business reporting and tax compliance. Government could obtain better information, while businesses could reduce repetitive encoding and paper handling. These international experiences informed my interest and involvement as the Philippines introduced the reform. Republic Act 10963, the TRAIN Law, was signed in December 2017 and took effect in January 2018. It amended Section 237 and introduced Section 237-A. The provisions contemplated electronic invoicing and sales reporting for specified taxpayers, including exporters, e-

Machado’s return to Venezuela fuels hope for shift to democracy By Andreina Itriago

ENEZUELAN opposition leader María Corina Machado arrived in Caracas Sunday night, capping a daylong journey through five states that drew crowds of supporters and raised expectations for a return to democracy. Machado emerged through the sunroof of an SUV, waving to throngs of people who had gathered since the afternoon as her caravan passed the toll plaza into Caracas, marking her return to the capital after nearly a year in exile. While she didn’t deliver formal remarks, she is expected to speak publicly later this week. And the scenes offered clear evidence that Machado—the country’s most popular political leader—can still mobilize her followers despite a lengthy absence. Her arrival and reception also added urgency to questions about what role Machado will play in a political transition that’s largely advanced without her since US commandos captured authoritarian ruler Nicolás Maduro at the start of the year. He was replaced by his deputy, who has since given US interests effective control over a sizable chunk of Venezuela’s oil industry. Machado’s return “absolutely adds pressure to define an electoral timeline and move toward elections,” said Risa Grais-Targow, Latin America director at Eurasia Group. Still, she expects both Machado and acting President Delcy Rodríguez to take a “non-confrontational approach,” at least initially, because both need US backing. That dynamic could encourage Machado to support transition talks brokered by President Donald Trump’s administration while giving Rodríguez an incentive to avoid confrontation with her, Grais-Targow said. Machado’s physical presence, however, shouldn’t be underestimated, according to Steven Levitsky, director of Harvard’s David Rockefeller Center for Latin American Studies. “You’re going to see quite a bit of popular mobilization behind María Corina,” he said. “It’s going to reshape the balance of power in favor of the opposition.” The opposition leader, who had been in Panama for nearly four months, entered Venezuela by land from Colombia over the weekend, according to two people with knowledge of her travel plans, who asked not to be identified because they weren’t authorized to discuss them publicly. It remains unclear whether the administration of President Abelardo de la Espriella played any role in her return. The Colombian president didn’t address the matter in a televised address Sunday night, and officials from his office and the Foreign Ministry didn’t respond to requests for comment. Machado’s arrival in the capital capped hours of impromptu gatherings that recalled the months before Venezuela’s disputed 2024 presidential election, when she crisscrossed the country drawing crowds to rallies in support of the

opposition campaign. The opposition leader was barred from running in that campaign but her stand-in candidate won by a landslide, according to a parallel vote count conducted by the opposition. Authorities instead declared Maduro the winner, an outcome widely rejected by the international community as fraudulent. Machado went into hiding shortly after the vote, saying she feared for her life as Maduro’s government targeted opposition leaders. She left Venezuela late last year in a clandestine operation to collect her Nobel Peace Prize in Norway. For many investors, Machado’s return offers another sign that Venezuela’s political transition is moving forward, though analysts differed on how much further that could lift the country’s distressed debt. “This is an unexpected development and should raise assessments of the probability that a transition is underway,” said Guillermo Guerrero, head of research at EMFI Group. Machado’s return would have been unlikely without the consent of both Washington and Venezuela’s government, he said, adding that progress toward a transition could support bond prices by encouraging oil investment and strengthening the economy ahead of an eventual debt restructuring. Alejandro Arreaza, an economist at Barclays, was more cautious. Machado’s return supports the prospect of a transition—a necessary condition for a sustainable economic recovery—but markets already appear to be pricing in an optimistic scenario, he said. A more durable transition could ultimately help Venezuela secure a lower exit yield in a debt restructuring, Arreaza said. But the resources required to rebuild the economy and address accumulated social demands could also mean creditors have to accept a larger haircut. The opposition leader first appeared Sunday at a church in Barquisimeto, in western Venezuela, where supporters and party members surrounded her, holding phones aloft to record the moment and reaching out to embrace her. Some cried and shouted “Your people are here” as a visibly moved Machado made her way through the crowd, stopping to hug supporters. From there, she traveled east toward Caracas in a slow-moving caravan. People rushed toward her convoy along the route, chanting “Freedom!” and “Yes, we can!” as Machado waved through the window, reached out through an open door and at times emerged through the sunroof to embrace children lifted up to her by supporters. Traffic slowed or stopped on stretches of the country’s main highways as people tried to catch a glimpse of her, with no reported intervention by authorities. The Venezuelan government has yet to publicly react to her return. With assis-

tance from Mie Dahl, Eric Martin, Nicolle Yapur, Katherine Pennacchio, Carolina Gonzalez and Patricia Garip/Bloomberg

commerce businesses, and those under the Large Taxpayers Service of the Bureau of Internal Revenue (BIR), with implementation linked to the establishment of the necessary system. The Philippines was following a path already explored elsewhere. Chile is widely recognized as the pioneer of the modern tax-administration model of electronic invoicing, launched in 2003. Its tax authority records a pilot beginning in August 2002 and broader availability in September 2003. This distinction matters: electronic commercial exchanges existed earlier, so identifying the first country requires specifying the model being discussed. The e-invoicing initiative subsequently spread across continents. An April 2025 analysis published by the Inter-American Center of Tax Administrations reported that nearly 90 countries were rolling out e-invoicing. It also recorded InterAmerican Development Bank assistance for implementation in 17 countries. These figures describe different stages of adoption, rather than 90 identical nationwide compulsory systems. The OECD’s Consumption Tax Trends 2024 provides another useful perspective. It reported that e-invoicing was permitted throughout its

membership, while seven countries required it for business-to-business supplies and five for business-toconsumer supplies. These are dated comparative figures, not a count of mandates in force today. The differences remind us that implementation needs careful definition. Our own implementation received Korean government support through the Korea International Cooperation Agency, or KOICA. The original development contractor was identified as the Douzone Consortium. Douzone’s corporate history records its receipt of the Philippine tax e-government project order from KOICA in December 2019.The Electronic Invoicing/ Receipting and Sales Reporting System, or EIS, entered pilot implementation with 100 identified large taxpayers in July 2022. The ambition was substantial. Yet the expected transition to wider implementation encountered serious operational difficulties. BIR’s own advisory acknowledged technical challenges in creating and maintaining an electronic inventory system. It initially provided relief from late-submission penalties for sales data transmitted by affected taxpayers from November 9, 2023 until an advisory on normal operation. This was clear

Tuesday, October 27, 2026 A13

evidence that businesses could not simply be expected to comply without regard to government system performance. I watched this initiative fall short of the dependable, broader implementation that I had hoped would follow the legislation. That is the failure that concerns me. However, a fair assessment must recognize that government development reporting recorded about 270.9 million invoices transmitted and/or issued by 63 pilot large taxpayers through November 4, 2024. The system had produced measurable activity. Operational setbacks and delayed expansion warrant scrutiny. These do not, by themselves, establish that every component failed or that Douzone alone caused the problems. Accountability requires an independent examination of system design, infrastructure, maintenance, integration, project management, and acceptance testing. There is also a later chapter. An enhanced EIS was formally turned over on July 7, 2026 following a 14-month KOICA post-management support project implemented through JNH Consulting Co., Ltd. This was a separate support engagement from the original development work. I welcome efforts to correct earlier weaknesses. But a turnover cer-

Dancing on one green shoe By Atty. Laurence R. Rogero

CASH is in its first week of trading. It listed on October 20 at P6.60, touched P6.76, and closed where it started; the next day it closed at P6.59, then at P6.56; on Friday it held near P6.50 through the morning and closed at P6.27. Those who bought through the app ask me two things: whether the price they see is being held up by a stabilizing agent, and what to look out for now. The answer to both starts with a rule on page 351 of a 682-page prospectus and ends with a few filings and a few dates. The rule belongs to an arrangement the market calls a greenshoe. The bank sells investors more shares than the base offer contains, and the extra shares give it something to buy back if the price falls. Seven selling shareholders, private-equity funds and an Ant affiliate, granted UBS AG Singapore Branch an option to buy up to 1,204,111,400 of their shares at P6.60, or 15 percent of the base offer. UBS is the stabilizing agent, the bank appointed to steady the price in the first weeks. The SEC approved it on September 8. The stock exchange’s own record of the first day’s trades shows nine block crosses at P6.60, which are large pre-arranged transfers, totalling 7,626,039,100 shares: the 6,421,927,700 shares the existing holders sold plus every option share; the new shares Mynt itself issued needed no cross. All of the option, then, was sold on October 20, which is how P53.0 billion became the P60.9 billion of the headlines. Those option shares leave UBS owing 1.2 billion shares to the sellers. It can settle the debt by buying shares in the market and handing them back, or by paying the sellers P6.60 a share. The P7.95 billion the option shares raised is the stabilization fund the Exchange’s rules require. The purchases are constrained, the fund is finite, and the authority ends no later than November 18, or 30 calendar days from and including listing day. That is the window.

A hand that cannot lead

PAGE 351 of the prospectus sets out the buying conditions. UBS may purchase “only if the market price of the Common Shares falls below the Offer Price.” Its first stabilizing purchase must be below P6.60. Later purchases are capped by its own first price and by what others have

Epstein. . .

Continued from A12

ments had been previously released. Subsequent releases were messy, including efforts to redact Trump’s own name from files. As the controversy dragged on Trump bristled at continued questions from reporters about Epstein. Trump, who shared a friendship with Epstein in the 1990s and early 2000s, has repeatedly said he cut ties with him almost two decades ago before his crimes came to attention. Epstein was arrested in 2019 on federal charges that he engaged in sex trafficking of minors. He died in jail by suicide, according to authorities.

traded since. UBS need never start, and it may stop at any time. The conditions narrow the worry without dissolving it. For the buyer, P6.60 is a ceiling on the agent’s hand, not a floor under the stock. But a hand that absorbs sellers at P6.59 leaves fewer of them to meet other buyers at P6.60, and the prospectus acknowledges the effect: stabilization may prevent a decline and leave the price higher than it would otherwise have been. On October 20 the stock’s low was P6.60, so no stabilizing purchase could have occurred; the flat close was the market’s. From October 21, when the first P6.59 printed, purchases became possible. On October 22 the trading data pointed to them. Of 574 million shares traded, nine in 10 were sellers hitting standing bids, and broker-level data showed UBS’s Philippine brokerage buying 530 million shares, 92 percent of the day, at an average of P6.58. How much was the agent’s own hand is a question for its filings. The cost is another matter.

Who pays for the cushion

THE option UBS holds is a call, a right to buy at a fixed price. When the stock falls, buying in the market becomes the cheaper way to obtain the shares it owes. To that extent the sellers get stock back, and its market risk, in place of cash. The cushion is theirs to pay for. Mynt receives none of it. Of the headline size, only the P10.6 billion from the new shares Mynt itself sold is fresh money for the company. Two features matter. First, it exists by rule: the Exchange’s listing rules prescribe a stabilization fund of 15 percent of the base offer for secondary offerings above P25 billion, so its presence alone tells buyers nothing about the sellers’ confidence.

‘Real accountability’

GARCIA said Democrats have a twopronged goal of releasing more files and investigating some of those named in previously disclosed documents. “There has to be real accountability there. And there has to be real investigation,” he said. “This is one of the most bipartisan issues in the country. People are interested in this topic, people ask about it all the time.” While current House Oversight Chairman James Comer, a Republican, has investigated the Epstein case to a degree, including through subpoenas and depositions, Democrats say he hasn’t done enough to obtain testimony under oath from key figures. “People are angry,” Garcia said. “The president made promises, and he went

Second, the support has limits. The cornerstone investors, the large funds whose early commitments were announced before the offer opened, bought P36.5 billion of the shares, about twothirds of the base offer, and their shares carry no lock-up at all: no promise to hold for any period. The prospectus has said so since September 22. If the holders decide to sell, UBS cannot make them sell to it; it can only bid in the market. Against P36.5 billion of cornerstone stock free to be sold stands a fund of P7.95 billion, available to buy from any seller. The harder question is what its buying does to the price as a signal of what the market really thinks.

What the window hides

STABILIZATION is the market’s polite word for a bank buying a newly listed stock to keep it from falling too fast. Georgetown Professor Reena Aggarwal’s 2000 study of American offerings found that underwriters supported prices by quietly buying back the extra shares they had sold rather than by posting a visible bid. A buyer reassured by a steady P6.59 while UBS is buying there is reading a scale with a thumb pressing on it: the number is real, but it is not the weight. Whether UBS is buying, and how much, will come out in filings on dates the SEC’s approval fixes. UBS has made the first, a listing-day notice that stated the ceiling on its purchases and nothing more. It must report weekly to the regulators, announce what it bought and at what price once it exercises the option or the window closes, and file a closing report by about December 3. Whether the shares were worth P6.60 is for the company’s numbers and a calendar.

What to look out for

AT P6.60, the buyer paid about 25 times Mynt’s 2025 earnings for a company whose net income grew 7.3 percent in the first half of 2026, on a market that trades near 10 times. That is a growth price. The prospectus allocates 60 percent of net primary proceeds to lending over one to three years. Mynt’s only dividend on record, P5.0 billion, was declared to the pre-IPO holders on June 17, the day the board authorized the IPO filing. The prospectus also states, “We do not have a fixed dividend policy.” The case back on them.” A House Oversight Committee spokeswoman said every witness in the panel’s investigation was required to “verbally acknowledge that they understand their obligation to tell the truth.” In a statement, the spokeswoman touted the committee’s work, which she said included 19 witness interviews and depositions, releasing approximately 65,000 pages of documents and uncovering allegations of sexual misconduct that were referred to the Department of Justice. Garcia has called previously for Attorney General Todd Blanche to testify. When asked about a potential subpoena, Garcia said all options were on the table. Blanche, who previously served as Trump’s personal attorney, handled the initial release of files and met with Ghis-

emony cannot answer every question about operational readiness. BIR should disclose what went wrong, what was corrected, and how the improvements performed under realistic transaction volumes. Taxpayers deserve evidence on reliability, recovery capability, security, and support. Having seen the promise of einvoicing abroad and followed its difficult Philippine journey, I remain supportive of the reform. My support comes with an expectation that institutional learning will be visible in its implementation. In the second part of my column for publication next week, I will examine the 2026 compliance timetable, accreditation requirements, and opportunities for the accountancy profession. To be continued Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax practice with his firm, JL2T Consulting. He can be contacted at joeltantorres@yahoo.com.

for owning the shares depends on what the business can earn and how much of it reaches shareholders. For buyers, then, this is what to look out for. The first item is already running: UBS’s filings, which will say what the cushion cost and who paid for it. The next is November 10, when Mynt’s own briefing on its nine-month results offers the first scheduled look at its earnings since listing, inside the window. Look beyond the growth of the loan book to the profit left after credit losses, and beyond the number of GCash users to what their activity earns. Then November 18, the last day UBS may act. It may stop sooner, or run out sooner. By Friday’s close, UBS’s brokerage had bought some 787 million shares since listing, close to two-thirds of the 1.2 billion the agent may buy; on Friday afternoon it bought little GCASH while still buying other stocks, and the price fell to P6.27. If the filings show that buying was the agent’s, about a third of the capacity remains, and the Exchange’s rules require Mynt to disclose at once if it is used up. The effect of earlier purchases need not vanish when the buying ends: the shares it bought go back to sellers who are locked up, absent a waiver, until April. Then mid-April 2027. Lock-ups cover about 58 billion shares, nearly nine-tenths of the company. The chief financial officer has said that the major shareholders are not exiting. That intention may hold; the ownership disclosures after April will show whether it did. If you bought at P6.60, you own shares whose price a bank may cushion for a few weeks by buying below the offer price. That support guarantees no price. Watch the filings and the dates, and do not read the daily price as a verdict. By November 18 at the latest, the bank’s mandate to steady the price expires. What remains beneath the price is the bet you made at P6.60: that the growth you paid for in advance will arrive.

Laurence R. Rogero is an infrastructure lawyer with a 30-year career working on local and international projects. He holds a Fulbright LL.M. from Georgetown and a BS and a JD from UP. He is lead independent director of a listed company and lectures at the Ateneo de Manila University. Any views expressed here are his own.

laine Maxwell, who was convicted for helping Epstein traffic women and girls for sex. Democrats strongly opposed his confirmation, citing among other matters his handling of the Epstein matter. A Justice Department spokesperson referred inquiries to Blanche’s previous remarks and said the attorney general will follow the law. Blanche acknowledged “we made mistakes and I’ve owned up to those mistakes,” such as failing to properly redact documents, in a recent interview with the “Pod Force One” podcast. But he said those actions had been corrected, and defended Trump. “I can tell you that President Trump, from Day One, said ‘Release as many of the files, I want everything released,” Blanche said. Bloomberg

Sports BusinessMirror

A14 Tuesday, October 27, 2026

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

YULO MISSES OUT AT WORLDS Order of Merit race down to the wire

USTIN QUIBAN’S return and Micah Shin’s entry add depth to a wideopen title chase in the International Container Terminal Services Inc. Apo Golf Classic starting on Tuesday at Apo Golf and Country Club in Davao. The P2.5-million championship is the final leg of the Philippine Golf Tour season and the last opportunity for players to improve their Order of Merit standings and secure spots in the coveted Top 40. Fresh from ending a two-year title drought at South Pacific, Clyde Mondilla leads a strong field that includes Sean Ramos, Keanu Jahns and Angelo Que, all coming off impressive performances in the previous leg. Que, a two-time winner this season, also seeks to secure a second straight Order of Merit crown. He leads with P1.36 million in earnings, ahead of Jeffren Lumbo, who has P1.18 million and remains in contention despite being winless this season. Quiban, winner of the season-opening leg at Lakewood, returns after competing overseas, including a joint 35th-place finish at the Hong Kong Open. Shin, meanwhile, brings international experience to Apo, where he honed his game. Defending champion Fidel Concepcion will miss the event after traveling to Australia. Other contenders include Russell Bautista, Reymon Jaraula, Zanieboy Gialon, Guido van der Valk, Michael Bibat, Dino Villanueva, Jhonnel Ababa and several international campaigners, along with a strong amateur contingent led by Alex Bisera, John Bernis and Jacob Rolida. Apo’s tight fairways and demanding shot-making requirements are expected to test the field, with accuracy and course management likely to prove crucial in the season-ending showdown.

Battle for top of Order in LPGT

YVON BISERA, Tiffany Lee, Harmie Constantino and Chanelle Avaricio headline the P1.25-million Ladies Philippine Golf Tour event. The season’s final regular-tour stop features a 24-player field, with the leading contenders seeking to strengthen their title bids before next month’s Match Play Championship at Anvaya Cove Golf Club in Bataan. Bisera leads the Order of Merit with P620,400, followed by Lee with P583,350, Constantino with P537,100, Avaricio with P504,850 and reigning OOM champion Sarah Ababa with P418,950. Bisera, winner of the Lakewood and Pradera Verde legs, is seeking to bounce back from runner-up finishes at Summit Point and Pueblo de Oro and a fourthplace finish at South Pacific. Lee has emerged as a major threat after winning at Pueblo de Oro and finishing runner-up at South Pacific. Constantino, the Caliraya Springs champion, remains in contention after placing third at South Pacific. Ababa, meanwhile, hopes to end a winless season. The reigning OOM titlist has remained competitive but has yet to challenge for a title since a runner-up finish to Bisera at Lakewood. Avaricio, fourth in the standings, is also eyeing a strong finish after missing several LPGT events to compete on regional tours. Other contenders include Mafy Singson, Princess Superal, Chihiro Ikeda, Daniela Uy, Pamela Mariano, Rev Alcantara, Martina Miñoza, Marvi Monsalve and Korean campaigner Kim Seoyun. CHANELLE AVARICIO goes for a sweep in Davao. PILIPINAS GOLF

By Josef Ramos

“But again, this is world championships, everybody is highly competitive.” Yulo also didn’t podium in the 2023 world championships in Antwerp—his debut in the worlds in Doha 2018 yielded a floor exercise bronze that improved to a gold in Stuttgart 2019 and in Kitakyushu 2021, he ruled the vault and got silver also in vault and parallel bars in Liverpool 2022. In last year’s worlds in Jakarta,

ARLOS YULO is coming home empty from Rotterdam, only the second time that he didn’t podium since his artistic gymnastics world championships debut in 2018. He was eighth and last in his pet event floor exercise and seventh in vault—back-to-back losses on Dutch soil in one weekend, making him miss his target hat-trick of gold medals in both events that he pulled off in the Paris 2024 Olympics and the Nagoya Asian Games only last month. Yulo can’t win them all, according to his trainer and coach Aldrin Castañeda. “But one thing Caloy is very thankful of is that he didn’t sustain any injury,” Castañeda told the BusinessMirror on Monday. What has happened to Yulo could be the same bug that hounded Asian Games pole vault champion EJ Obiena, who struggled in the first quarter of the year indoors, and only recently, global tennis sensation Alex Eala, who’s been alarming exiting tournaments early and didn’t get a shot at the gold in Nagoya. “You simply just can’t have it all,” Castañeda said. “But Caloy is thankful because he is safe and healthy despite the results.” “Everything looked okay during training, but didn’t go well in competition, for sure, we’ll do some adjustments for next year.” The US’s Frederick Richard, Great Britain’s Jake Jarman and Israel’s Artem Dolgopyat finished 1-2-3 in floor exercise while Armenia’s Artur Davtyan, again Jarman, Norway’s Sebastian Sponevik completed the podium in vault.

CARLOS YULO’S just thankful he’s injury free as Claire Pease of the US Pease captures three medals in the Rotterdam world championships. AP

Yulo bagged gold in vault and bronze in floor exercise. Castañeda said that 2027 would be all focused on qualifying for the Los Angeles 2028 Olympics.

US finish 1-2 in women’s floor exercise

CLAIR PEASE and Reese Esponda gave the US a golden sendoff at the world gymnastics championships, going onetwo in the floor exercise on Sunday, the final day of competition. The two 17-year-olds boosted the US women’s team medal haul to seven by putting together a pair of dazzling routines that topped the eight-woman final. Pease, who earned silver on vault Saturday, captured her third medal of the meet behind the strength of some of the most difficult tumbling passes being done in the world at the moment. The performance served as an exclamation point for Pease, who hit all four of her routines during the team final, when the US finished a close second to resurgent China. Esponda, who works

Team Yulo, including Karl Eldrew who didn’t get to the horizontal bar final, are homeward bound this week and after a few days’ rest, Castañeda said it’s back to the gym for the brothers. Castañeda said the strategy was to simplify the routines, but that didn’t work. “We tried to make it simpler in every execution although we got high in our second vault,” he said.

TNT blows away Magnolia

Rondae Hollis-Jefferson tries to score against Zavier Lucero in TNT Tropang 5G’s dominant 92-70 rout of Magnolia in Game 1 of their quarterfinals series in the Philippine Basketball Association Governors’ Cup on Sunday night at the Ynares Center in Antipolo City. Hollis-Jefferson has a big night of 26 points, nine rebounds, three assists and three steals. PBA IMAGES

Men’s regional volleyball league banners PSA Forum triple bill

T’S going to be a jampacked Philippine Sportswriters Association Forum on Tuesday (Oct. 27) as three different topics will be discussed at the Philippine Sports Commission media room. The maiden men’s tournament of the Maharlika Pilipinas Volleyball Association is going to be on the table along with the Philippine Life Saving training, and the coming reopening of the newly-renovated Rizal Memorial baseball stadium. Team owners and head coaches will be on hand for the MPVA along with MP executives Emerson Oreta and Glenn Gacal. PSC Commissioner and Olympian Walter Torres leads the Philippine Life Saving Training side,

together with representatives from Philippine Coast Guard, National Youth Commission, Bell-Kenz Pharma, and Philippine Life Saving. Philippine Amateur Baseball Association Secretary-General Mike Asuncion makes a brief update on the country’s hosting of the East Asia Cup at the historic Rizal baseball stadium. Presented by San Miguel Corporation, PSC, Philippine Olympic Committee, Milo and sports app Arena Plus, the session starts at 10:30 a.m. Livestreamed v ia the PSA Facebook page f b.com/PhilippineSportswritersAssociation, the session is also aired on a delayed basis over Sports Radio 918 AM and shared on the Facebook page Sports Radio 918.

Spotlight on Siargao as world surfing elite see action

ORLD No. 1 Yago Dora of Brazil, Australia’s Molly Picklum and other leading international surfers will compete at Cloud 9 for the World Surf League (WSL) Championship Tour. Italy’s Leonardo Fioravanti, Japan’s Kanoa Igarashi, and Brazilian surfers Italo Ferreira, Miguel Pupo, Gabriel Medina and Filipe Toledo vie for honors as the Philippines hosts the sport’s premier international circuit for the first time from Oct. 30 to November 8. Caroline Marks, Erin Brooks, Gabriela Bryan and Lakey Peterson headline the women’s side.

Talent gets you hired AJ DYBANTSA is about to find out that being the best player in the room is not the same as being the best person for the job. The Washington Wizards rookie recently visited LinkedIn’s New York office to ask employees what they wished they had known when they started their careers. It was a simple idea, but one that made sense for a 19-year-old about to begin life in the NBA. Dybantsa was the No. 1 pick in the 2026 NBA Draft. He arrives in Washington with a big reputation after averaging 25.5 points per game in his only season at BYU. He has the size, athletic ability and scoring skills to become a major player in the NBA. But the NBA is a different job from college basketball. And being the first player selected in the draft does not guarantee success. The LinkedIn visit was useful because Dybantsa was asking people outside basketball for advice. They may not know how to defend a pick-androll or create space for a jump shot, but they understand something every new employee has to learn: getting the job is only the beginning. One of the biggest mistakes a young player can make is believing he has to prove he is the best player on the team from the first day. The Wizards have established NBA players such as Trae Young and Anthony Davis. They also have young players trying to develop their own games. Dybantsa has an opportunity to learn from experienced teammates rather than being expected to carry the entire team immediately.

out of World Champions Centre in Houston, the home gym of two-time Olympic champion Simone Biles, captured silver, then had Biles—who is still undecided about making a run at the 2028 Games in Los Angeles— drape the medal over her neck during the awards ceremony. Maiana Prat of France won the bronze. Pease and Esponda’s teammate Skye Blakely, who won the all-around on Friday and on Saturday became the fourth American woman to capture four medals at a single world championships, finished sixth behind Algerian star Kaylia Nemour in the beam finals. The 21-year-old Blakely, perhaps a little gassed at the end of a week-plus of competition, avoided any major miscues but wasn’t crisp enough to earn a spot on the medal stand for the fifth time in five days. In the men’s competition, Artur Davtyan of Armenia stuck both of his landings in the vault final to win his second world gold on his best event. The 34-year-old, a two-time Olympic medalist on vault, also grabbed the gold at the 2022 world championships in Liverpool. Jake Jarman of Britain added silver to go with the gold he won on vault last year. Sebastian Sponevik gave Norway its first world championship medal by a gymnast—male or female—by taking the bronze. Zou Jingyuan of China continued his dominance on parallel bars, where he may be the best ever. With AP

That means listening to his coaches, asking questions and accepting criticism. It also means understanding that a veteran who has spent 10 years in the league may know things that a talented teenager has yet to experience. Dybantsa has already shown that he can score. The next step is learning when to score, when to pass and when to let a teammate take over. At BYU, he was used to having the ball in his hands and leading the scoring. In Washington, he may have to play without the ball, set screens, make cuts and create opportunities for others. Those jobs may not produce highlight videos, but they can help a team win. A good employee does not simply ask what the company can do for him. He also asks what he can do to help the company. The Wizards need Dybantsa to develop into a player who can help them win, not just someone who puts up impressive numbers. Washington has spent several seasons struggling near the bottom of the standings. The organisation needs its young players to improve and build a team that can compete. Dybantsa can help by playing hard on defence, making the right pass, moving without the ball and staying involved even when he is not scoring.

The local favorite known as the King of Cloud 9, John Mark “Marama” Tokong, looks to defend home shores alongside Jayuard Alciso and Mara Lopez. The event, presented by the Philippine Sports Commission (PSC), is part of the government’s efforts to promote sports tourism and attract international sporting events to the country. PSC Chairman Patrick Gregorio, who also chairs the National Sports Tourism Inter-Agency Committee (NST-IAC), said international competitions can showcase destinations, support local economies and raise the country’s profile.

Imagine a game in which he scores only 12 points. If he defends well, grabs rebounds, makes good decisions and helps his teammates get better shots, he can still have a good game. On the other hand, scoring 25 points means little if he takes bad shots, loses the ball repeatedly and ignores his defensive duties. This is where the new-job comparison becomes important. A person who concentrates only on his own performance can hurt the people working alongside him. A basketball player can do the same thing. Dybantsa will have bad games. He will face defenders who are stronger and more experienced. Some nights, his jump shot will not fall. There will be games when he struggles to understand the defence or makes the wrong decision. That is normal for a rookie. The important question is what he does next. Does he watch the video and work on his mistakes? Does he ask his coaches what he could have done differently? Does he listen when an experienced teammate tells him he made the wrong play? Or does he become frustrated because he is not playing as well as people expected? The No. 1 pick label can create pressure to look ready immediately. But Dybantsa does not have to be a finished product in his first season. He has to keep improving. There is a difference between making a mistake because you are learning and repeating the same mistake because you refuse to listen. Visiting LinkedIn also gave Dybantsa a chance to hear from people who have built careers in a different field. That is worth doing. A young athlete’s life involves more than basketball. He has to manage his time,

President Ferdinand Marcos Jr. established the NST-IAC through Administrative Order No. 38 to coordinate government efforts to develop sports tourism, generate employment and attract investment. Preparations involve the PSC, the Philippine Amusement and Gaming Corporation (PAGCOR), the Department of Tourism and other national agencies, in coordination with local officials in Surigao del Norte and General Luna. Those involved include Gov. Lyndon Barbers, Mayor Johnson Sajulga and Vice Mayor Doc Minmin Sajulga.

communicate with people, make decisions about his future and understand the business side of his career. He also needs people who will tell him the truth rather than simply praise him because he is a famous basketball player. The danger for a young star is that people may agree with him too often. When everyone around you wants something from you, honest advice becomes valuable. Dybantsa should make the most of his access to experienced players, coaches, team staff and people outside the sport. He should not assume that being a gifted basketball player means he already knows everything he needs to know. The LinkedIn visit was a good starting point, but advice only matters if it is put into practice. Dybantsa now has to show that he can take what he learns and use it during an 82-game NBA season. He has to deal with travel, tired legs, difficult opponents, limited playing time on some nights and the pressure that comes with being the first pick. He also has to understand that development takes time. The Wizards do not need him to win every game by himself. They need him to become a reliable player who makes good decisions and helps the team improve. His scoring ability gives him a strong starting point. His work habits, willingness to listen, defence and ability to play with other stars will help determine how far he goes. Dybantsa has already done the hard work of becoming the No. 1 pick. Now he has to do the less glamorous work of becoming a good NBA player. The lesson from his visit to LinkedIn is straightforward: talent can get you hired, but what you do after that determines whether you succeed. For Dybantsa, the job title is NBA rookie. The real job is proving, day after day, that he deserves to be there.

Companies BusinessMirror

Editor: Jennifer A. Ng

Tuesday, October 27, 2026

NPC RENEW TIEUP FOR Cirtek Holdings sells unit to GLOBE, YOUTH ONLINE SAFETY DRIVE cut debt and beef up capital By VG Cabuag

@villygc

AGUNA-BASED Cirtek Holdings Philippines Corp. (CHPC) on Monday said its board approved the sale of its entire ownership interest in Cirtek Electronics Corp. (CEC) to India’s Sancode Semi Private Ltd. for $20.2 million, or about P1.27 billion. Under the share purchase agreement, the transaction involves the sale of 15.51 million common shares, or 100 percent of the issued and outstanding capital stock of Cirtek Electronics. The said unit is a major Philippine subcontract manufacturer specializing in outsourced semiconductor assembly and testing services. The purchase price consideration will be paid in cash by Sancode structured in two tranches. The first tranche involves the payment of $11.32 million, or 60 percent of CEC’s

issued and outstanding shares, at the close of the deal, and the remaining $8.8 million will be paid within one year from the closing date. The shares will be held in escrow until full payment is completed. “The company intends to strategically deploy the proceeds to optimize its balance sheet and fuel future growth. A portion of the funds will partially settle the company’s outstanding bank loans to reduce overall debt, while the remainder will support the working capital requirements of Cirtek Advanced Tech-

nologies and Solutions Inc. [CATSI], CHPC’s core remaining operating subsidiary,” it said Cirtek Advanced provides valueadded design, engineering, manufacturing, testing, tuning and supply chain solutions for highly integrated box build equipment with specialization in radio frequency, microwave and millimeter wave technologies. Sancode intends to allocate an additional $2 million for capital expenditure to upgrade CEC’s equipment and expand operational capacity. Sancode will also earmark $2.8 million for an employee benefit plan designed to ensure the full retention of CEC’s existing workforce. “This transaction represents an important milestone in CHPC’s continuing effort to unlock value from its investments while strengthening our financial position,” Brian Gregory Liu, Cirtek’s CFO, said. “The sale allows us to reduce debt, enhance liquidity, and focus our resources on strategic opportunities that will drive long-term growth. We are encouraged that this will bring additional foreign investment into the Philippines and support the

continued modernization and expansion of CEC’s operations under Sancode’s ownership. We believe this outcome creates value for our stakeholders while supporting the long-term sustainability and competitiveness of our business.” Mark Wong, president of Cirtek Advanced, said the expected infusion of working capital will strengthen the company’s ability to support ongoing operations, pursue growth initiatives and better serve our customers. “With a stronger financial foundation, (the company) will be in a better position to improve operational efficiency and capitalize on emerging market opportunities. We look forward to leveraging these additional resources to support our next phase of growth,” Wong said. Cirtek said it remains committed to creating long-term value for its shareholders, employees, customers, and business partners. “The transaction reflects CHPC’s strategic focus on financial stability, supporting the continued growth of CATSI, and fostering greater investment in the Philippine semiconductor and technology industries.”

TAKEOVER BID

Leonardo Maria del Vecchio is weighing a €7.15 million ($8.3 million) takeover bid for the publisher of Italy’s Il Fatto Quotidiano, in an unsolicited deal that would expand the Ray-Ban heir’s media holdings. The transaction envisioned by Leonardo Maria’s LMDV Capital would take Società Editoriale Il Fatto SpA private at €0.286 a share, according to a statement Sunday. The target’s founding shareholders quickly said they have no intention of selling. Il Fatto, known for its outspoken journalism, has been reporting critically on Del Vecchio, his debt and financial decisions, with direct exchanges between reporters and the Ray-Ban heir publicly shared on social media. LMDV Capital’s board is conducting due diligence on Il Fatto and an offer would depend on conditions including securing at least 82.9 percent of the voting capital, according to its statement. In recent months, Leonardo Maria has invested in media and publishing, including in Gruppo Editoriale Nazionale, which publishes QN Quotidiano Nazionale and other newspapers. Photo shows Leonardo Maria del Vecchio. BLOOMBERG

Nestlé PHL keeps coffee prices steady By Ada Pelonia @adapelonia

ALAYBALAY, Bukidnon—Nestlé Philippines will do its best to avoid raising the prices of its instant coffee brand despite El Niño-driven supply concerns, a top official said. Jose Uy III, senior vice president and head of corporate affairs at Nestlé Philippines, said the beverage giant has managed to keep the prices of its Nescafé coffee brand stable since the beginning of 2026, even as the global oil crisis sparked by the Middle East war rippled through supply chains. With industry sources lamenting the lackluster coffee output from the dry spell, expected to persist through the first half of next year, Uy said the firm is ready to implement measures that will allow them to absorb additional costs. “We will look for efficiencies in our factories to ensure that we prevent pricing (increase),” he recently said dur-

ing a chance interview here. “That is the last lever that we want to touch because we are very much concerned that affordability and accessibility are very key, not only for the farmers but also for our consumers.” Uy said the expected drop in local coffee production would prompt Nestlé to source beans from neighboring countries, Vietnam and Indonesia. The move aims to avoid disruptions to their instant coffee production, manufactured at its Cagayan de Oro plant. “But (if ) push comes to shove...with the energy crisis, logistic costs, rising inflationary pressures on the input cost, we will have to weigh things

as they come. But (increasing prices) will be the last course of action.” International reports point to concerns that El Niño-driven droughts would hurt harvests in top growers Brazil and Vietnam, as bullish for coffee futures prices. The latest report from BMI, a unit of Fitch Solutions, said the 2026/27 El Niño would l i ke ly ra i se d rought r i sk s across most cropland in Southeast Africa, Central America, northern South America and Southeast Asia. This could put pressure on certain crops, including coffee. Southeast Asia’s domestic buffers are also “thinner,” placing coffee supplies at higher risk, adding that Vietnam’s robusta coffee stocks are “also thin,” at 2 percent of use. Earlier, the Philippine Coffee Board said it expects local coffee production this year to fall below 30,000 metric tons (MT), from last year’s 35,645 MT, as surging input costs and El Niño hurt plantations.

By Lorenz S. Marasigan @lorenzmarasigan

LOBE Telecom Inc. said on Monday it will join the National Privacy Commission’s (NPC) youth advocacy activities and donate copies of a new children’s book on artificial intelligence (AI) and digital wellness to the agency, after the two renewed their partnership on data privacy education. The telco and the privacy regulator have signed a renewed memorandum of understanding (MOU), extending their work on Kabataang Digital, the NPC’s youth-focused program that teaches young Filipinos about data privacy, digital citizenship, and safe online behavior. “Protecting people online goes beyond having strong privacy policies and safeguards. People also need the knowledge and confidence to understand their rights, recognize risks, and make informed decisions whenever they go online,” said Ir ish Sa landanan-A lmeida, Globe chief privacy officer and head of the Digital Policy and Governance Group. Under the agreement, Globe will take part in selected activities under Kabataang Digital and other awareness, educational, and capacity-building initiatives of the commission. The company will also support these efforts through its Safe Space books and related learning materials.

The renewed partnership will likewise back Safe Space 2.0, a follow-up to Globe’s Safe Space children’s book that will tackle AI and digital wellness. Globe said it will donate copies of the second edition to the NPC once it is published. The two organizations said the collaboration has taken on greater relevance as emerging technologies such as AI increasingly shape how people learn, communicate, and interact. ”By continuing our work with the National Privacy Commission, we can bring practical privacy and digital safety education closer to the people and communities who need it,” Almeida said. NPC Privacy Commissioner Jan Barcena said the partnership allows the agency to widen the reach of its privacy education efforts, particularly among the youth. “Building a culture of privacy starts with giving people the knowledge to make safer and more responsible choices online. Our continued partnership with Globe allows us to bring privacy education closer to Filipinos, especially young people who are growing up in an increasingly digital world,” Barcena said. “By working together across government and the private sector, we can help more Filipinos understand their rights, protect their personal information, and become more responsible digital citizens.”

FGen names new chief operating officer F

ORTUNE General Insurance Corporation (FGen) proudly welcomes Jose Augurio N. De Vera, Jr. to its leadership team as Chief Operating Officer (COO), effective October 1, 2026. Bringing more than three decades of industry experience and extensive expertise in insurance, Mr. De Vera joins FGen with a wealth of knowledge and leadership experience that will further strengthen the company’s capabilities and support its continued growth. As Chief Operating Officer, he will work closely with the management team to drive operational efficiency, advance strategic priorities, support business expansion, and further elevate the quality of service delivered to clients, business partners, and stakeholders. His joining FGen reflects the company’s continuing commitment to building a dynamic, forward-looking

FGEN COO Jose Augurio N. De Vera Jr.

organization—one that embraces new opportunities, strengthens its competitive position, and remains focused on delivering meaningful value in an evolving insurance landscape.

Companies BusinessMirror

Tuesday, October 27, 2026

PSE STOCK QUOTATIONS

October 26, 2026

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG GCASH MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH VANTAGE

43.3 115.1 10.06 93.8 47.8 12.42 9.68 60.1 6.86 14.66 77.3 48 20 62.1 20.8 1.2 3.5 6.27 0.098 2,600 1.24 205 1.25

43.5 115.2 10.16 95 48.3 12.94 9.7 60.2 6.98 14.68 77.35 50.5 20.8 62.45 21 1.22 3.99 6.28 0.101 2,650 1.26 208.6 1.28

43.85 116.4 10.44 97 48.65 12.42 9.41 61.45 6.95 14.66 77.55 50.95 20 62.35 21.7 1.22 3.52 6.27 0.098 2,600 1.28 206 1.28

43.85 116.5 10.44 97 48.65 12.42 9.7 61.45 6.98 14.66 78 50.95 20 62.5 21.75 1.22 3.52 6.28 0.098 2,600 1.29 206 1.29

43.25 114.5 10 93.8 47.8 12.42 9.35 60.05 6.95 14.66 76.65 48 20 62.05 21 1.2 3.5 5.95 0.098 2,600 1.24 205 1.25

43.25 115.1 10.06 93.8 47.8 12.42 9.7 60.1 6.98 14.66 77.35 50.5 20 62.45 21 1.2 3.5 6.27 0.098 2,600 1.24 205 1.25

49,700 2,019,100 117,300 892,930 194,800 700 111,500 2,765,340 600 100 549,980 1,900 32,400 70,990 178,100 167,000 4,000 224,809,500 290,000 15 783,000 7,040 42,000

2,158,570 232,824,033 1,195,868 84,683,775 9,376,265 8,694 1,059,868 166,956,551 4,179 1,466 42,528,905 91,995 648,000 4,426,909 3,761,665 202,600 14,020 1,379,460,728 28,420 39,000 984,610 1,445,230 53,410

27,037,926 1,004 -1,826,849 -108,020 162,444 -13,128,154 -2,085 -594,539 766,776 60,327,723 26,000 -159,400 1,027,000 -

INDUSTRIAL ACEN CORP 2.59 2.6 2.63 2.64 2.59 2.59 3,040,000 7,934,970 -1,434,470 ALSONS CONS 0.96 0.97 0.99 0.99 0.95 0.97 1,073,000 1,032,050 -3,550 ALTERNERGY HLDG 0.63 0.64 0.63 0.64 0.6 0.64 503,000 311,110 600 ABOITIZ POWER 46.2 46.3 46 46.35 45.45 46.3 1,024,300 47,114,260 -2,103,480 RASLAG 1.09 1.12 1.11 1.12 1.09 1.1 194,000 213,080 BASIC ENERGY 0.103 0.105 0.103 0.105 0.103 0.105 650,000 67,150 41,200 CITICORE RE 4.4 4.45 4.4 4.4 4.21 4.4 43,000 187,980 -21,250 FIRST GEN 19.5 19.54 19.56 19.8 19.46 19.5 176,100 3,436,394 -887,858 FIRST PHIL HLDG 85.5 85.75 86 86 85.5 85.5 42,330 3,625,227 -1,998,012 JOLLIVILLE HLDG 3.13 3.94 3.94 3.94 3.94 3.94 1,000 3,940 3,940 MERALCO 423.4 424.8 420 427.6 420 424.8 229,120 96,980,400 14,188,260 MANILA WATER 30.8 31 31.2 31.7 30.4 31 1,286,300 39,790,265 9,154,795 MAYNILAD 16.8 16.98 16.9 17 16.8 16.8 4,162,000 70,043,610 59,148,154 PETRON 2.2 2.23 2.23 2.23 2.19 2.23 113,000 250,110 -6,600 PETROENERGY 4.5 4.7 4.5 4.51 4.5 4.5 182,000 819,010 PRYCE CORP 16.3 16.32 16.34 16.34 16.3 16.32 37,800 617,484 228,760 SEMIRARA MINING 11.04 11.22 11.6 11.64 11.04 11.04 1,523,600 17,008,786 -4,530,760 SYNERGY GRID 24.45 24.65 24.75 25.05 24.4 24.65 1,149,800 28,485,740 6,205,470 SHELL PILIPINAS 7.88 7.9 8 8 7.83 7.9 255,900 2,027,194 -848,743 SPC POWER 8.95 9.01 9 9.01 8.95 9.01 5,500 49,543 SP NEW ENERGY 1.21 1.23 1.23 1.23 1.21 1.23 1,217,000 1,484,120 -97,600 TOP LINE 1.68 1.7 1.68 1.71 1.67 1.68 374,000 629,600 AXELUM 2.79 2.82 2.79 2.8 2.79 2.8 4,000 11,170 CNTRL AZUCARERA 8.7 9.03 9.1 9.1 8.65 8.65 800 7,136 -2,767 CENTURY FOOD 28.05 28.3 28.9 28.9 28 28.05 505,500 14,230,500 -3,314,915 DEL MONTE 3.41 3.74 3.41 3.41 3.4 3.4 23,000 78,420 23,870 DNL INDUS 3.36 3.4 3.4 3.4 3.32 3.4 935,000 3,125,900 388,240 EMPERADOR 15.14 15.22 15.12 15.24 15.1 15.14 2,024,300 30,632,634 -1,354,256 SMC FOODANDBEV 44.7 46 44.5 45.55 44.3 44.7 214,700 9,582,630 -1,344,970 FIGARO GROUP 0.78 0.79 0.79 0.79 0.78 0.79 977,000 764,220 11,850 ALLIANCE SELECT 0.57 0.6 0.54 0.6 0.51 0.6 4,220,000 2,419,180 -32,450 FRUITAS HLDG 0.65 0.66 0.65 0.65 0.65 0.65 5,000 3,250 GINEBRA 217.2 218.2 218 219.2 217 218.2 21,340 4,654,038 487,628 JOLLIBEE 140 140.1 143.5 143.6 140 140 419,140 59,104,770 -23,645,151 KEEPERS HLDG 1.87 1.89 1.91 1.91 1.87 1.87 295,000 558,380 LIBERTY FLOUR 19.32 20.8 20.9 20.9 20.9 20.9 300 6,270 MAXS GROUP 1.92 1.97 1.98 1.98 1.92 1.92 42,000 81,380 -7,710 MONDE NISSIN 6.04 6.05 6.1 6.13 6.05 6.05 7,454,000 45,128,546 -3,820,121 SHAKEYS PIZZA 5.15 5.19 5.15 5.19 5.15 5.19 2,900 14,955 ROXAS AND CO 2.38 2.39 2.45 2.45 2.39 2.39 16,000 38,460 12,050 RFM CORP 5.31 5.34 5.38 5.39 5.3 5.34 382,200 2,037,965 -640,118 UNIV ROBINA 57.3 57.8 57.6 58.45 57.3 57.3 460,230 26,516,585 3,354,323 VITARICH 0.475 0.48 0.48 0.48 0.48 0.48 10,000 4,800 ATN HLDG 0.4 0.405 0.405 0.405 0.405 0.405 100,000 40,500 CONCRETE 52.55 56.5 56.95 56.95 56.95 56.95 40 2,278 CONCREAT HLDG 1.09 1.11 1.1 1.1 1.09 1.09 541,000 593,900 EEI CORP 1.83 1.84 1.85 1.85 1.84 1.84 70,000 128,830 -22,080 MEGAWIDE 5.12 5.19 5.16 5.2 5.09 5.19 881,500 4,537,191 -123,625 CROWN ASIA 1.88 1.9 1.92 1.92 1.91 1.91 19,000 36,450 EUROMED 1.14 1.18 1.14 1.14 1.14 1.14 2,000 2,280 CONCEPCION 10.76 11.04 10.68 11.12 10.68 11.06 17,200 189,016 -58,596 GREENERGY 0.132 0.135 0.136 0.136 0.131 0.135 380,000 51,200 -9,330 INTEGRATED MICR 5.54 5.58 5.48 5.67 5.41 5.54 2,176,800 12,073,961 -414,664 IONICS 2.88 2.94 2.9 3.09 2.81 2.88 6,133,000 18,256,290 -5,407,560 PANASONIC 7.08 7.31 7.14 7.38 7.03 7.32 21,500 153,156 CIRTEK HLDG 1.49 1.5 1.32 1.6 1.32 1.49 36,102,000 53,114,870 7,081,300 STENIEL 1.85 1.9 1.85 1.85 1.85 1.85 19,000 35,150

HOLDING & FRIMS

ABACORE CAPITAL 0.295 0.3 0.3 0.3 0.3 0.3 140,000 42,000 ASIABEST GROUP 23.5 24.3 21.2 24.3 21 23.5 1,504,200 35,095,380 8,944,810 AYALA CORP 528 530 536 536 522.5 528 178,810 94,413,255 -5,415,960 ABOITIZ EQUITY 39.55 39.95 40.25 40.5 39.45 39.55 2,398,100 95,382,845 2,504,260 ALLIANCE GLOBAL 8.88 8.89 8.9 8.9 8.88 8.89 225,200 2,001,407 -1,620,224 ANSCOR 16.1 16.28 16.48 16.48 16.22 16.22 2,300 37,566 ANGLO PHIL HLDG 0.99 1 1.09 1.09 1 1 3,035,000 3,096,410 92,010 COSCO CAPITAL 7.39 7.4 7.36 7.4 7.32 7.39 105,300 774,644 21,144 DMCI HLDG 7.01 7.03 7.21 7.21 6.97 7.01 5,232,000 36,791,531 -6,517,050 FILINVEST DEV 3.8 3.99 3.85 3.85 3.85 3.85 4,000 15,400 GT CAPITAL 430 433 433.6 444 430 430 41,660 18,251,452 1,918,272 HOUSE OF INV 4.83 4.99 4.99 4.99 4.99 4.99 1,000 4,990 JG SUMMIT 16.52 16.56 16.72 16.72 16.5 16.52 796,400 13,170,962 -1,799,014 LODESTAR 0.42 0.43 0.435 0.445 0.415 0.43 410,000 179,950 LOPEZ HLDG 4.7 4.8 4.7 4.7 4.69 4.7 62,000 291,360 112,840 LT GROUP 14.98 15.1 14.96 15.14 14.94 14.98 1,321,300 19,845,360 -1,708,848 PACIFICA HLDG 1.9 1.33 1.9 1.33 1.9 440,000 781,790 PRIME MEDIA 0.84 0.89 0.84 0.84 0.84 0.84 9,000 7,560 SOLID GROUP 1.12 1.15 1.16 1.16 1.15 1.15 21,000 24,160 -11,500 SM INVESTMENTS 510 515.5 530 530.5 510 510 425,120 219,972,150 -46,755,740 SAN MIGUEL CORP 65.2 65.35 65.1 66.2 65.1 65.25 230,010 15,091,650 9,328,880 TOP FRONTIER 51.75 52.85 51.75 51.75 51.75 51.75 100 5,175 ZEUS HLDG 0.07 0.074 0.069 0.07 0.069 0.07 90,000 6,220 PROPERTY AYALA LAND 15.44 15.48 15.68 15.68 15.44 15.44 4,133,700 64,116,038 -21,949,292 AYALA LAND LOG 1.05 1.07 1.12 1.12 1.03 1.07 1,199,000 1,256,760 14,930 ALTUS PROP 11.02 11.34 11.38 11.38 11.36 11.36 4,400 50,070 -29,588 AREIT RT 36 36.2 36.3 36.6 36 36 1,137,700 41,112,890 -15,334,420 A BROWN 0.76 0.8 0.81 0.81 0.76 0.76 67,000 52,670 6,080 CITYLAND DEVT 0.54 0.56 0.54 0.54 0.54 0.54 4,000 2,160 CROWN EQUITIES 0.088 0.089 0.088 0.088 0.088 0.088 240,000 21,120 CEB LANDMASTERS 1.93 1.94 1.94 1.94 1.93 1.94 72,000 139,290 CENTURY PROP 0.63 0.64 0.63 0.64 0.63 0.64 109,000 69,330 CITICORE RT 2.78 2.8 2.84 2.85 2.78 2.78 4,097,000 11,503,320 -4,649,490 DOUBLEDRAGON 11.58 11.68 11.78 11.78 11.58 11.58 438,700 5,113,228 16,274 DDMP RT 1.03 1.04 1.03 1.04 1.03 1.03 652,000 672,420 DM WENCESLAO 4.7 4.75 4.7 4.7 4.7 4.7 6,000 28,200 EVERWOODS 0.024 0.026 0.026 0.026 0.026 0.026 200,000 5,200 EMPIRE EAST 0.1 0.101 0.1 0.101 0.1 0.101 1,150,000 115,690 FILINVEST RT 2.8 2.89 2.92 2.92 2.79 2.89 1,631,000 4,676,850 784,270 FILINVEST LAND 0.69 0.7 0.69 0.69 0.69 0.69 16,000 11,040 690 GLOBAL ESTATE 0.61 0.65 0.61 0.61 0.61 0.61 2,000 1,220 KEPPEL PROP 2.5 2.59 2.5 2.5 2.5 2.5 10,000 25,000 PNB HLDG 1.2 1.21 1.2 1.21 1.19 1.2 48,213,000 57,615,560 9,537,510 MEGAWORLD 2.26 2.27 2.25 2.26 2.24 2.26 2,790,000 6,284,990 -2,897,980 MRC ALLIED 0.62 0.64 0.65 0.65 0.61 0.64 10,107,000 6,361,310 -262,980 MREIT RT 13.56 13.6 13.6 13.62 13.5 13.56 1,993,800 27,089,098 5,298,086 OMICO CORP 0.101 0.107 0.107 0.107 0.107 0.107 10,000 1,070 PRMIERE HORIZON 0.157 0.159 0.157 0.159 0.157 0.159 390,000 61,450 PHIL ESTATES 0.41 0.455 0.46 0.46 0.46 0.46 10,000 4,600 PHIL RACING 5.01 5.39 5.02 5.02 5.02 5.02 200 1,004 PREMIERE RT 0.92 0.93 0.9 0.92 0.9 0.92 45,000 40,670 RL COMM RT 6.03 6.08 6.11 6.13 6.01 6.03 4,637,000 28,074,574 -7,770,120 ROBINSONS LAND 16.18 16.3 16.16 16.3 15.94 16.3 394,200 6,375,782 2,012,274 PHIL REALTY 0.106 0.11 0.106 0.106 0.106 0.106 10,000 1,060 ROCKWELL 2.53 2.6 2.77 2.77 2.53 2.6 111,000 285,790 146,620 SHANG PROP 2.84 2.9 2.84 2.91 2.84 2.9 42,000 121,630 STA LUCIA LAND 1.7 1.72 1.74 1.74 1.65 1.72 8,000 13,670 SM PRIME HLDG 17.2 17.24 17.12 17.4 16.8 17.2 2,491,400 42,849,614 21,800,370 SUNTRUST RESORT 0.395 0.415 0.415 0.415 0.415 0.415 40,000 16,600 PTFC REDEV CORP 50 61.85 50 50 50 50 10 500 SERVICES ABS CBN 2.4 2.54 2.52 2.52 2.38 2.38 230,000 555,430 GMA NETWORK 3.26 3.33 3.35 3.35 3.26 3.26 56,000 185,830 MLA BRDCASTING 5 5.4 5 5 5 5 100 500 DITO CME HLDG 0.57 0.58 0.6 0.61 0.57 0.58 10,468,000 6,110,290 -1,568,750 GLOBE TELECOM 1,520 1,523 1,550 1,550 1,520 1,520 55,435 84,512,115 -45,719,895 PLDT 1,175 1,182 1,190 1,193 1,171 1,182 46,555 54,950,895 522,935 APOLLO GLOBAL 0.0047 0.0049 0.0051 0.0051 0.0047 0.0048 567,000,000 2,767,700 -287,200 CONVERGE 9.27 9.28 9.59 9.59 9.25 9.27 1,797,900 16,845,727 110,552 DFNN INC 0.63 0.66 0.64 0.65 0.63 0.65 8,000 5,120 -40 IMPERIAL 0.86 0.97 0.98 0.98 0.98 0.98 1,000 980 ISLAND INFO 0.13 0.134 0.129 0.135 0.129 0.135 4,530,000 594,210 NOW CORP 0.37 0.38 0.38 0.385 0.37 0.37 380,000 142,650 -7,600 TRANSPACIFIC BR 0.118 0.119 0.117 0.119 0.117 0.118 1,540,000 181,720 CHELSEA 1.02 1.03 1.1 1.1 1.03 1.03 244,000 255,640 CEBU AIR 23.1 23.5 23.5 23.75 23.05 23.5 177,500 4,154,475 -1,209,610 INTL CONTAINER 839 840 840 850 838 840 863,090 726,921,645 -31,133,085 LBC EXPRESS 10.16 10.18 10.16 10.2 10.16 10.18 1,100 11,196 MACROASIA 3.28 3.34 3.31 3.31 3.26 3.28 80,000 261,980 METRO ALLIANCE 0.55 0.59 0.6 0.6 0.59 0.59 8,000 4,760 PAL HLDG 4.01 4.02 4 4.05 4 4.02 329,000 1,327,720 152,510 HARBOR STAR 1.45 1.49 1.5 1.5 1.45 1.45 719,000 1,050,510 55,380 BOULEVARD HLDG 0.029 0.03 0.029 0.03 0.029 0.029 29,400,000 865,900 -3,000 DISCOVERY WORLD 1 1.04 1.07 1.07 0.99 1.04 44,000 46,310 -40 PH RESORTS GRP 0.4 0.405 0.415 0.43 0.4 0.405 8,560,000 3,512,450 8,000 WATERFRONT 0.435 0.46 0.435 0.435 0.435 0.435 60,000 26,100 CENTRO ESCOLAR 12.84 13.16 13 13.2 13 13 3,200 41,642 FAR EASTERN U 756 790 790 790 790 790 50 39,500 -39,500 IPEOPLE 7 7.12 7.12 7.12 7.12 7.12 4,500 32,040 STI HLDG 1.25 1.26 1.26 1.26 1.22 1.25 46,000 57,310 -9,980 BELLE CORP 1.04 1.06 1.06 1.06 1.06 1.06 91,000 96,460 BLOOMBERRY 1.84 1.85 1.91 1.91 1.85 1.85 7,017,000 13,039,380 388,760 PACIFIC ONLINE 1.59 1.67 1.59 1.59 1.59 1.59 6,000 9,540 DIGIPLUS 6.98 7 7.3 7.4 6.94 6.98 3,892,300 27,721,749 3,378,480 PHILWEB 13.96 14.06 14.06 14.1 13.94 14.06 1,962,200 27,510,984 3,897,912 BERJAYA 7.3 7.95 7.3 7.3 7.27 7.27 5,000 36,353 METRO RETAIL 1.03 1.05 1.04 1.05 1.04 1.05 21,000 21,960 1,050 PUREGOLD 39.9 40.05 39.9 40.05 39.8 39.9 268,400 10,710,925 1,576,005 PHIL SEVEN CORP 30.5 32.9 31 33 30.5 30.5 102,200 3,133,010 -429,580 SSI GROUP 1.95 1.97 1.96 1.97 1.95 1.95 18,000 35,300 -7,880 UPSON INTL CORP 0.77 0.78 0.78 0.8 0.76 0.76 23,000 17,800 3,940 WILCON DEPOT 5.29 5.31 5.38 5.4 5.26 5.31 1,749,100 9,280,906 -504,070 APC GROUP 0.101 0.103 0.103 0.103 0.101 0.101 80,000 8,160 IPM HLDG 1.95 1.96 1.95 1.95 1.95 1.95 11,000 21,450 MEDILINES 0.231 0.242 0.24 0.24 0.238 0.238 140,000 33,580 PAXYS 2.68 2.8 2.73 2.8 2.73 2.8 4,000 11,040 11,040 MINING & OIL APEX MINING 15.8 15.84 16.28 16.28 15.68 15.8 3,161,600 49,956,542 596,554 ATLAS MINING 17.84 18 18.4 18.4 17.62 17.84 2,202,200 39,350,904 268,028 BENGUET 6.08 6.27 6.07 6.08 6.07 6.08 9,200 55,851 CENTURY PEAK 1.88 1.98 1.96 1.99 1.96 1.99 12,000 23,640 21,680 FERRONICKEL 1.54 1.55 1.67 1.67 1.5 1.54 4,541,000 7,203,700 -2,125,610 GEOGRACE 0.078 0.079 0.079 0.08 0.078 0.079 210,000 16,530 LEPANTO A 0.213 0.214 0.219 0.219 0.214 0.214 3,850,000 826,770 LEPANTO B 0.215 0.218 0.216 0.218 0.215 0.218 610,000 131,760 MANILA MINING A 0.0082 0.0084 0.0085 0.0085 0.0085 0.0085 1,000,000 8,500 MARCVENTURES 0.75 0.76 0.77 0.77 0.75 0.76 33,000 24,840 NIHAO 0.53 0.54 0.56 0.56 0.5 0.54 1,134,000 584,430 NICKEL ASIA 3.84 3.85 3.89 3.9 3.8 3.84 1,701,000 6,540,880 320,150 OCEANAGOLD 33.25 33.4 32.95 33.45 32.55 33.4 306,400 10,084,900 -4,231,395 ORNTL PENINSULA 0.54 0.55 0.55 0.55 0.54 0.54 24,000 13,050 PX MINING 9.76 9.9 10.1 10.1 9.75 9.76 6,290,100 61,623,852 -36,639,366 UNITED PARAGON 0.0092 0.0094 0.0094 0.0094 0.0092 0.0092 29,000,000 269,000 ENEX ENERGY 3.24 3.4 3.25 3.25 3.24 3.24 6,000 19,490 3,240 ORNTL PETROL A 0.015 0.016 0.016 0.017 0.015 0.015 62,800,000 971,800 ORNTL PETROL B 0.015 0.016 0.016 0.016 0.015 0.015 27,000,000 430,300 PHILODRILL 0.01 0.011 0.01 0.01 0.01 0.01 4,100,000 41,000 PXP ENERGY 2.94 3 2.97 2.98 2.94 2.94 50,000 147,660 PREFFERED AC PREF AR 2,422 2,486 2,422 2,422 2,420 2,420 900 2,178,540 AC PREF B3R 1,900 1,910 1,864 1,929 1,864 1,910 80 151,605 AC PREF B4R 1,918 1,920 1,918 1,920 1,918 1,920 4,680 8,984,050 ALCO PREF D 490.2 499 490 490 490 490 260 127,400 ALCO PREF G 486 502 490 490 485 485 2,780 1,361,700 ALCO PREF H 510 513 513 513 513 513 590 302,670 BRN PREF A 100 100.5 99.8 100 99.8 100 940 93,908 BRN PREF B 101.2 101.9 101 101 101 101 1,740 175,740 BRN PREF C 102.2 103.5 103.5 103.5 102 102 380 38,790 CEB PREF 26.75 28 28.8 28.8 27.85 28 2,000 56,865 -19,600 CLI PREF A1 950 969 950 950 950 950 100 95,000 CLI PREF A2 975 992 992 992 975 975 140 137,180 CPG PREF B 99 100.9 101 101 100.9 100.9 70 7,064 DD PREF 89.55 89.7 89.8 89.8 89.3 89.55 22,810 2,041,280 EEI PREF B 95.55 96 96 96 96 96 420 40,320 FDC PREF A 845.5 1,000 992 992 992 992 30 29,760 GLO PREF ANV 1,857 1,934 1,856 1,856 1,856 1,856 15 27,840 MWIDE PREF 6B 98.5 99 99 99 99 99 260 25,740 -25,740 PCOR PREF 4A 990 998 990 990 990 990 1,000 990,000 PCOR PREF 4D 961 978 965 986 965 978.5 1,830 1,802,845 SMC PREF 2O 77.8 78 77.8 78 77.8 77.8 9,580 747,204 SMC PREF 2P 72.5 74.2 74.2 74.2 74.2 74.2 50 3,710 SMC PREF 2Q 73.25 75.5 74.5 74.5 74.5 74.5 22,500 1,676,250 SMC PREF 2R 74.8 76.5 74.8 75 74.8 74.8 500 37,402 SMC PREF 2S 74 75 73.5 74 73.5 74 82,020 6,029,470 SMC PREF 2V 76 76.8 76 76 75.9 76 900 68,362 SMC PREF 2W 77 78 77 77 77 77 20 1,540 SMC PREF 2X 78.05 78.2 78.2 78.2 78.05 78.05 4,270 333,590 TECH PREF B2C 8.61 9 8.31 9 8.31 9 1,500 13,362 TECH PREF B2D 6.36 7.38 6.35 6.36 6.35 6.36 900 5,717 TOP PREF A1 99.9 100.1 99.9 99.9 99.5 99.9 3,110 309,688 TOP PREF A2 100.7 101 101 101 101 101 140 14,140 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.25 2.87 3.13 3.2 3.21 3.21 3.2 3.2 12,000 38,450 1.05

SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL HAUS TALK ITALPINAS XURPAS

0.33 1.33 0.58 0.238

1.06

1.05

4,000

4,220

-1,050

0.335 1.38 0.6 0.243

0.33 1.33 0.58 0.233

0.33 1.38 0.61 0.245

0.33 1.33 0.58 0.232

0.33 1.38 0.6 0.243

120,000 276,000 15,000 170,000

39,600 374,010 8,880 40,490

67,000 -590 -

EXHANGE TRADE FUNDS ATR FAMI ETF

97.2

97.3

98 98 97 97 1,970 192,178 9,740

www.businessmirror.com.ph

‘SM Prime aiming to develop tourism attraction in Palawan’

By VG Cabuag

@villygc

ANILA-BASED conglomerates are trooping to Puerto Princesa City, including shopping mall operator SM Prime Holdings Inc., as the local government is pushing for an integrated development of the Palawan capital. Puerto Princesa Mayor Lucilo Bayron said the SM Group is pouring its investment into the city, with the company buying almost all of the beachfront properties in the west coast, from Barangay Napsan to Simpocan. “I don’t know how many hectares. But they buy mostly the beachfront properties,” Bayron said. At the moment, SM Prime does not have any beachfront property in

Puerto Princesa. It currently operates SM Puerto Princesa, a 53,000-square meter asset consisting mostly of shopping mall that incorporates sustainable, energy-saving designs suited to Palawan’s tropical climate. Bayron said the company has already bought the properties some two weeks ago, with the third generation of the Sy family handling the deal. He said the city is also enticing

the Sy Group to invest in Santa Lucia Environmental Estate, which was located at the far end of the property that the SM bought. “They (the Sy group) will make it (the property that they bought) like Bali,” Bayron said, referring to the popular Indonesian tourism destination that attracts more tourists than the entire Philippines combined. Bayron did not state whether the SM Group will invest in Santa Lucia, which the city government is developing in partnership with the Tourism Infrastructure and Enterprise Zone Authority. The city is developing Santa Lucia, a P200-billion masterplan. The property is about 500 hectares, which was carved out of the 1,072-hectare property of the Iwahig Penal Colony. The Iwahig prison will retain the more than half of the property. The Ayala Group, which operates various resorts in El Nido, also attempted to buy properties in Puerto Princesa twice, but did not continue in both occasions, the mayor said.

The master plan of Santa Lucia development includes nine districts covering hospitality, tourism dwellings, commercial activities, eco-producing, agri-producing, open spaces, environmental protection, and support infrastructure. The plan identifies 245 lots, including 75 big lots,150 dwelling lots and 20 farm lots. Bayron said the game changer of the development is the convention center to attract more people in the Palawan capital. For hotel groups, historic developers and hospitality operators, the plan allocates 7.14 hectares to hotel and hospitality development with 10 proposed hotel sites. The concept includes resort hotels, wellness resorts, ecologists, long-stay seats, restaurants, and meetings and functional facilities. Eco-tourism is also being targeted in the property, which will include forest trails, mangrove, boardwalk, canopy walk, observation tower, planting, picture-based events, and potential ecological growth.

Govt draws up 5-yr RCOA roadmap By Lenie Lectura @llectura

HE Energy Regulatory Commission (ERC) has laid down its five-year roadmap toward full retail competition and open access (RCOA) by 2030. RCOA allows qualified highdemand consumers to choose their own energy suppliers—the Electric Power Industry Reform Act’s (Epira) ultimate vision of allowing all endusers to choose their own electricity supplier is nearing realization, the ERC said. “The Epira envisioned a power sector in which every end-user could, in time, choose its electricity supplier. Twenty-five years later, that vision is within reach.” Under the RCOA framework, eligibility was expanded last June 26 to include any customer with an average monthly peak demand of 100 kilowatt (kW) or more, adding an estimated 12,000 new end-users to the 2,300 who had already transitioned.

To achieve full retail competition by 2031, the ERC has established a five-year roadmap guided by domestic and international insights. This strategy dictates that annual threshold reductions will only proceed through formal readiness gates after ensuring the necessary metering, data management, and consumerprotection infrastructures are fully operational. “The Commission recognizes that this timetable is ambitious but necessary. The competitive retail electricity market in the country began in 2013; 13 years later, it is still only at 100kW. The Commission, look to other jurisdictions like Singapore, the United Kingdom, and Australia where each took a decade or more to reach full residential choice, and each had to introduce safety nets after liberalization. The roadmap is designed to move quickly where readiness permits and to pause where it does not,” the ERC said.

DigiPlus to launch up to 60 games in 2027

NLINE gaming firm DigiPlus Interactive Corp. is set to introduce some 60 new games into the market through next year as the company tries to increase its foothold in the increasingly competitive market. Ray de Guzman, the company’s head of localization said, the company has secured two more local franchises that will add color to its online games, which was mostly composed of online slot machines. “We also have lots of new localized content coming up. My goal, or at least our team’s goal for next year, I think this year we’re putting out over 30 games. Maybe double? Maybe 60 games next year? We’ll see,” de Guzman said Unlike other gaming firms that rely on foreign franchises on its games, DigiPlus and its units have its own research and development to localize the games. Last week, DigiPlus brand BingoPlus and Regal Entertainment col-

laborated to bring the iconic Shake, Rattle and Roll franchise into digital gaming through five original titles: Manananggal, Reyna Ahas, Triple Terror, LRT Monster, and Aswang. First released in 1984, Shake, Rattle & Roll is the country’s longest-running horror anthology film series, renowned for bringing creatures from Philippine mythology, local folklore, and memorable fictional characters to the big screen. Through this collaboration, elements of the celebrated franchise are reimagined for a new generation, extending its storytelling legacy from cinema into interactive entertainment. DigiPlus said there’s no revenue sharing on its deal, but just a onetime fee. “The trick is taking the lore or the fiction or the history and then trying to come up with a game mechanic. But actually, that’s what makes the game special, is if you can somehow tie in something special about a folklore,” de Guzman said. VG Cabuag

MUTUAL FUNDS

October 26, 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. -A203.51 -4.37% 1.03% -2.34% -2.56% -4.94% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.1973 9.57% 15.82% 6.22% 4.55% 1.66% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.7071 -4.6% -0.07% -3.21% -4.39%-5.05% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7516 3.53% 4.07% 0.07% N.A2.37% FIRST METRO CONSUMER FUND, INC. -A 0.4891 -12.38% -7.17% -8.98% N.A -12.05% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.1269 -5.66% -1.86% -4.33% -2.52% -5.62% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6092 -5.32% -2.06% -4.65% N.A-5.2% MBG EQUIT Y INVESTMENT FUND, INC. -A 64.43 -23.64% -9.22% -8.77% N.A -27.98% PAMI EQUITY INDEX FUND, INC. -A 39.8246 -3.54% -0.32% -3.4% -2.37% -3.71% PHILAM STRATEGIC GROWTH FUND, INC. -A 426.3 -4.67% 0.61% -2.84% -2.37% -5.17% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5167 1.07% 9.44% 3.52% 1.76% -2.86% PHILEQUITY FUND, INC. -A34.2858 -0.12% 2.62% -0.94% -0.64% -0.42% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9013 2.06% 4.08% -0.63% N.A 1.53% PHILEQUITY PSE INDEX FUND, INC. -A 4.3262 -2.69% 0.75% -2.37% -1.49% -3.21% PHILIPPINE STOCK INDEX FUND CORP. -A 711.17 -2.97% 0.36% -2.67% -1.67% -3.24% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6825 0.15% 2.57% -1.6% -2.71% -2.79% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.9931 -7.57% -1.64% -4.19% -3.15%-6.74% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.7963 -3.15% -0.07% -3.04% -1.94%-3.36% UNITED FUND, INC. -A3.53811.06% 6.25% 0.72% 0.43% 7.62% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 0.9989 -2.83% 0.28% N.A N.A -3.29% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0063 -3.4% 0.29% N.A N.A -3.56% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.865 -7.6% -3.83% -5.45% N.A -8.4% PHILIPPINE STOCK INDEX FUND CORP. -A 858.42 -2.93% 0.17% N.A N.A -3.16% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 97.0473 -2.67% 0.55% -2.39% -1.28%-2.96% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.133 11.24% 13.2% -0.87% 2.27% 10.59% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.3819 10.35% 17.17% 5.26% 8.62% 7.09% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A 1.0607 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1315 0.46% 0.84% -0.96% -0.93% -0.41% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6911 4.59% 5.99% 0.03% -0.49%3.35% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4449 -0.81% 0.62% -1.85% -0.52%-0.69% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2241 -0.8% 6.7% 2.55% N.A-3.36% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9264 -3.3% 1.19% -0.74% 0.22% -3.8% PAMI HORIZON FUND, INC. -A3.6116 -3.23% 2.34% -0.66% -0.38% -4.71% PHILAM FUND, INC. -A15.2473-4.36% 1.02% -1.82% -0.98% -4.76% SOLIDARITAS FUND, INC. -A2.0338 -2.67% 1.42% -0.64% -0.31% -3.17% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.2903 -4.94% 0.53% -1.84% -1.26%-3.89% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8627 -6.01% 0.52% -1.43% -1.08% -5.27% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.7 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9772 0.53% 2.48% -0.15% N.A -0.16% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8258 -1.51% 1.28% -2.42% N.A -1.9% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7933 -1.4% 0.75% -2.99% N.A -2.21% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03234 -5.77% 1.13% -2.93% -1.01% -5.71% PAMI ASIA BALANCED FUND, INC. -B $1.1112 -9.19% 9.87% 0.41% 1.77% -8.17% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.5351 5.79% 12.81% 2.92% 5.63%3.69% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2065 2.83% 8.47% 0.44% 2.34%1.95% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.04 1.96% 3.18% 2.68% 2.57% 1.2% ATRAM CORPORATE BOND FUND, INC. -A 1.9922 2.21% 1.7% 0.7% 0.41% 1.72% COCOLIFE FIXED INCOME FUND, INC. -A 3.5963 0.85% 3.09% 2.1% 3.09% -0.09% EKKLESIA MUTUAL FUND, INC. -A 2.4295 -0.57% 2.99% 1.62% 1.48% -0.94% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4806 -3.2% 1.01% 0.49% 1.07%-3.44% PHILAM BOND FUND, INC. -A4.4551 -3.09% 2.39% 0.23% 0.73% -3.36% PHILAM MANAGED INCOME FUND, INC. -A 1.5433 2.04% 4.44% 3.22% 2.91% 1.53% PHILEQUITY PESO BOND FUND, INC. -A 4.3232 0.56% 3% 1.8% 2.15% 0.23% SOLDIVO BOND FUND, INC. -A1.127 0.92% 2.77% 1.96% 1.78% 0.58% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4294 -3.49% 2.13% 1.51% 2.26% -3.14% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8337 -2.55% 2.09% 1.18% 1.76% -2.69% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0048 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.45 1.21% 2.87% 1.75% 1.96% 0.64% ALFM EURO BOND FUND, INC. -A Є222.09 -0.7% 1.71% 0.2% 0.47% -0.76% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0419 -3.55% 1.44% -2.69% -0.75% -3.08% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0252 -5.26% 1.64% -0.55% 0.08%-4.91% PAMI GLOBAL BOND FUND, INC. -B $1.0456 -2.02% 8.19% 0.52% -0.49% -1.36% PHILAM DOLLAR BOND FUND, INC. -A $2.3714 -4.58% 3.54% -0.89% 0.49% -4.38% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0628764 -2.33% 1.21% 0.12% 1.04% -2.44% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8689 -3.11% 4.06% -1.8% -0.52%-2.17% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.192 2.75% N.A N.A N.A 2.19% ALFM MONEY MARKET FUND, INC. -A 153.52 4% 4.12% 3.25% 2.89% 3.12% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2299 3.34% 3.75% 3.09% N.A2.69% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5219 3.45% 3.61% 3.01% 2.78% 2.73% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.61 3.98% 4.27% N.A N.A 3.21% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1994 2.47% 3.26% 2.51% N.A 1.96% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.5941 2.84% 5.14% N.A N.A 3.22% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8475 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5676 22.55% 24.39% 13.56% N.A18.32% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1837 6.96% 7.77% N.A N.A 6.09% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7796 -4.93% 1.63% -4.47% N.A -3.75% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED FUND, INC.)

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, October 27, 2026

T-bill yields peaked after aggressive rate hike

By Reine Juvierre Alberto

@reine_alberto

IELDS on Treasury bills (Tbills) climbed to their highest levels in nearly three years last Monday after an underestimated Bangko Sentral ng Pilipinas (BSP) delivered its most aggressive rate hike to date and further showed an unrelenting stance against peaking prices.

The central bank has raised its key policy rate by 50 basis points at its rate-setting meeting last Thursday, with BSP Governor Eli M. Remolona Jr. saying monetary authorities are “open to further interest rate hikes.” Local and foreign analysts expect headline inflation as global oil prices

continue to scale higher. In a Goldman Sachs Exchanges podcast on October 23, Daan Struyven, co-head of Global Commodities Research and head of Oil Research, said that Brent crude oil prices have risen sharply “because growing tensions in the Middle East

and growing downside risks to supply are leading buyers to bid up barrels, both in the physical market and also on the financial side.” “Physical buyers such as refiners are seeing growing downside risks to supply because of an intensification of shipping attacks in the Middle East and because of some strikes on infrastructure by the Houthis,” Struyven. (See: https://www.goldmansachs. com/insights/goldman-sachs-exchanges/why-oil-prices-are-surging-despite-recovering-supply).

Revised forecast

MEANWHILE, at the Monetary Board’s meeting last week, the BSP revised its 2027 inflation forecast upward from 5.4 percent to 6 percent. (Read more: https://businessmirror.com.ph/2026/10/24/ weather-woes-may-extend-bsptightening-into-h1-27/) The BSP’s tightening cycle will likely extend into early 2027, as

some have penciled in additional rate hikes at the central bank’s upcoming December and February meetings. Fanning the flames of an impending rate hike is the weakening peso, which dropped to a new record low of P63.95 on Monday, which could lead to higher importation costs and overall inflation, said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. However, raising the key policy rate further would “lead to higher financing costs/borrowing costs and could slow down economic/GDP growth,” Ricafort noted.

Jumps, rise

THE 91-day average yield jumped by 27.2 basis points to 6.264 percent from 5.992 percent in the previous auction last week. The Bureau of the Treasury accepted yields from a low of 6 percent to a high of 6.6 percent. The 182-day securities fetched an average yield of 6.430 percent,

As inflation high, ‘prudent’ BPI to issue ‘green’ bonds By Andrea E. San Juan

HE Bank of the Philippine Islands (BPI) will be putting up more provisions in the last few months of the year to be more “prudent” as the elevated inflation environment is causing some strain on consumers, according to BPI President and CEO Jose Teodoro K. Limcaoco. “Obviously, the economic situation—the high inflation, the high fuel prices and high food prices is causing some strain on the consumer. And to be prudent, you do have to put up more provisions for that,” Limcaoco told reporters on the sidelines of a forum the lender organized last Monday. “And so if you look at our earnings, it really is about more provisions than anything else. And that’s us being conservative on that,” Limcaoco added. Hence, he said, the lender’s “fourth quarter will be similar to the third quarter.” In the first nine months of the

year, the bank booked provisions of P19.9 billion, up 69.2 percent from the previous year. Meanwhile, third quarter provisioning eased 16.5 percent from the preceding quarter, a statement issued by the BPI last week showed. Asset quality saw “modest changes” with the non-performing loans (NPL) ratio rising quarter-on-quarter to 2.5 percent while the bank said it continued to maintain “adequate” reserves for Expected Credit Losses, resulting in an NPL coverage ratio of 89.6 percent. In “some ways,” Limcaoco said the bank tightens credit standards. Meaning, he added, “you’d be a little more deliberate on who you provide credit to.” However, he said the lender “cannot abandon the consumer.” Limcaoco underscored the importance of focusing on the consumer sector as it is “the growth area of this country.” “You know, economies go through cycles, right? An economy does not

always go up. An economy does not always go down. You go through cycles. And the consumer is powering this economy,” he told reporters. “And sure, when we have a hiccup because there’s a war, then the consumer will feel a little pain. But the bank cannot disappear from supporting the consumer.” For the last three months of this year, Limcaoco said the bank’s net interest income remains “very strong” and its margins remain “solid.” Moreover, he said the bank’s loan growth continues to be at about the “low double digits”—which drives the bank’s net interest income.

‘Sustainability’ bonds

A STATEMENT that the lender issued last Monday read that the bank intends to offer and issue P5 billion Philippine peso-denominated fixed-rate bonds due 2028, with an option to upsize, representing the third tranche under BPI’s P200billion bond and commercial paper program.

When technology meets your money

T’S payday! Your salary is credited to your payroll account, and you can pay your bills, buy groceries, order food, shop online, and send money instantly—all without leaving your chair. Convenient? Aba syempre! But there is another question worth asking: Does making money easier to move also make it easier to spend? From electronic wallets to online banking, shopping apps, and automatic payments, many things that once required a trip to the bank or mall can now be done with a few taps on a phone. Technology can make managing money simpler, faster, and more convenient. But convenience can work both ways. It can help us become disciplined, or make it easier to lose track of where our money goes.

Biggest advantages

ONE of the biggest advantages of going digital is visibility and accessibility. We can check our balance and transactions almost instantly. Budgeting apps and spreadsheets can help us organize expenses and see where our money is going.

Sometimes, the problem isn’t that we don’t earn enough. We simply don’t know where the money goes. That P150 lunch doesn’t feel like much. Neither does the P169 streaming media subscription, the P249 online purchase, or food delivery. But small expenses have a way of becoming big expenses when repeated often enough. Instead of saying, “I’ll save whatever is left at the end of the month,” you can arrange an automatic transfer to your savings account or auto deduction for your investment when your salary comes in. Automation helps us rely less on willpower because you build a system. Sometimes, a good financial system is more reliable than good intentions.

Easier spend

THE same phone that helps you save money can also make spending almost effortless. You see something interesting while scrolling. You tap, redirect to an online store and add to cart. Another tap, and a few days later, someone is shouting at your gate: “Parcel po!” And just like that, something you never planned to buy is in

your hand. Cashless payments and installment options can also make spending feel less painful than handing over physical cash. And this is where we need to be aware and careful. Technology doesn’t always make us spend more. But it can remove the resistance before we spend. Think about the difference between having P1,000 in your wallet and having P1,000 sitting inside an app. When you physically hand over two P500 bills, you can feel the pain of the money leaving your hands. On a screen, it may simply look like, payment successful. The money is gone either way, the difference is how easily we notice. Convenience is not the same as affordability. One of the biggest traps in digital spending is confusing “I can pay for it” with “I can afford it.” Just because an app allows you to buy something doesn’t mean it belongs in your budget. Just because you can pay in installments doesn’t mean the purchase is cheap. And just because your digital wallet still has money doesn’t mean you have cash to spend. A calculator can tell you how much you spend. An app can remind you about a bill. An automatic transfer can help you save. But none can decide what matters most to you. Just delegate, don’t hand it all over. Technology should be our assistant, not our master. Let it track expenses, remind you about bills, automate savings, and organize your finances. Don’t let techology make every decision for you. Delegate the tasks, but don’t forget the responsibility.

The bonds that BPI dubbed as “Sibol” (“Sustainable Impact Building Our Legacy”) will have a tenor of 1 year and 9 months. “BPI will channel the net proceeds of the Offer into financing or refinancing eligible green and social projects in accordance with its sustainable funding framework, consistent with the Asean sustainability bond standards,” the bank’s statement read. The lender secured the approval of the Securities and Exchange Commission to carry the “Asean Sustainability Bond” label last week. The public offer period is scheduled to commence on November 23, 2026 and end on December 4, 2026. The “Sibol” Bonds are expected to be issued and listed on the Philippine Dealing & Exchange Corp. on December 16, 2026. The bank said BPI Capital Corp. and the ING Bank NV-Manila Branch are the joint lead arrangers and selling agents for the offer.

Before making a purchase, pause and ask yourself three questions: 1. Do I really need it? 2. Can I afford it without sacrificing something more important? 3. Does it support my financial goals? These questions don’t require an expensive app or complicated formulas. They require awareness. Because your money still needs a purpose. Technology will continue to change the way we earn, save, spend, borrow, and invest. Our phones may become smarter, but the basic question remains the same: What is your money for? Is it for your family’s needs, an emergency fund, a home, your children’s education, retirement, or experiences that matter to you? Technology can help you get there faster, but it cannot choose the destination. At the end of the day, managing money isn’t just about having the right app or payment method. It’s about making intentional decisions with what you have. Your paycheck now arrives digitally, not in an envelope. Your bills may be paid digitally. Your savings may be automated. Your purchases may happen with a tap. But one thing should remain in your hands, the decision of where your money should go. Technology can make money management easier. But discipline still has to come from you. Nate Poblete is a Registered Financial Planner of RFP Philippines. The views and opinions he expressed herein do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 118th RFP program this October 2025. E-mail info@rfp.ph or visit rfp. ph to learn more about the program.

up by 20.1 basis points from 6.229 percent a week ago. Awarded rates ranged from 6.270 percent to a high of 6.550 percent. Average yield on the 364-day debt papers rose by 13.9 basis points to 6.583 percent from 6.444 percent previously. Yields ranged from 6.480 percent to 6.6 percent. T-bill yields increased for the 10th straight week, reaching their highest levels in nearly three years. The 91day T-bill yield was at its highest since November 6, 2023, when it reached 6.352 percent. The 182-day tenor likewise posted its highest yield since November 13, 2023, when it stood at 6.513 percent, while the 364-day note was at its highest since November 6, 2023, when it hit 6.591 percent. Total tenders across the three tenors reached P70.679 billion, or 1.5 times the P45-billion offering.

Auction results

RESULTS were mixed after the

Treasury fully awarded the 91-day tenor at P20 billion, while it partially awarded the 182-day T-bills at P11.880 billion and the 364-day debt papers at P5.8 billion. The Treasury also offered 35day cash management bills (CMBs), which was fully awarded at P10 billion. The securities fetched an average yield of 5.589 percent, as the Treasury accepted 5.4 percent to 5.7 percent. On Tuesday, the Treasury will auction 3-year and 10-year Treasury bonds to raise P25 billion and P10 billion, respectively. The government has already borrowed 87.55 percent, or P2.393 trillion, of its P2.733-trillion financing program for this year. Next year, the government aims to borrow P3.304 trillion, of which 72 percent will come from domestic sources, while the remaining 28 percent will be borrowed externally.

₧6.532T budget allotment release end-Sep shows lag

HE government’s budget allotment releases reached P6.532 trillion through September, even as the pace of distribution lagged behind last year’s performance. According to the Department of Budget and Management (DBM), the amount represents 96.2 percent of this year’s P6.793-trillion budget. While the amount dispensed is higher by 6.74 percent than the P6.120 trillion released a year earlier, the release rate is lower than the 96.7 percent recorded in the same period last year, the DBM’s status of allotment releases showed. As of end-September, the DBM disbursed P3.501 trillion, or 95.3 percent, of the P3.671-trillion allocation for departments, including agencies in the Executive branch, Congress, the Judiciary and other constitutional offices. About 79.4 percent, or P571.225 billion, was also released from Special Purpose Funds (SPFs), which is programmed at P719.074 billion this year. SPFs are budgetary allocations meant for specific socio-economic purposes, such as budgetary support to government corporations, allocation to local government units, contingent fund, miscellaneous personnel benefits fund, national disaster risk reduction and management fund and pension and gratuity Fund. Meanwhile, releases for automatic appropriations totaled P2.159 trillion, or 89.9 percent of the P2.402 trillion allocation. Under this, the DBM freed up the

entire P1.190 trillion for national tax allotment, P93.982 billion in block grant, P480,000 in pensions for former presidents or their widows, P42.229 billion for the special account in the general fund and P14.5 billion for the tax expenditures fund/customs duties and taxes. Likewise, the DBM said it has released P21.525 billion in net lending and P712.5 billion in interest payments as of end-September. As for other releases, the DBM handed out P86.612 billion in continuing appropriations to line departments and released P22.932 billion from SPFs. Some P62.918 billion in automatic appropriations were also released for grants, special accounts in the general fund, the Armed Forces of the Philippines’ Modernization Program and the tax expenditures fund. Moreover, allotment releases for unprogrammed appropriations reached P129.058 billion during the nine-month period. The DBM released P8.948 billion for unprogrammed appropriations in September, of which P20.290 million went to the Department of Health and P8.927 billion to the Department of Public Works and Highways as support to foreign-assisted projects. Unprogrammed appropriations are standby appropriations that authorize additional agency expenditures for priority programs and projects when revenue collections exceed the resource targets or when additional grants or foreign funds become available.

Reine Juvierre S. Alberto

LandBank lends ₧11.68B for CREC’s solar projects

HE Land Bank of the Philippines (LandBank) announced last Monday it has approved a loan of P11.68 billion to Citicore Renewable Energy Corp. (PSE: CREC) for the listed firm’s solar projects in Batangas. A statement issued by the state-run lender read that the funding forms part of a syndicated finance facility valued at approximately P35.014 billion, divided equally among Landbank, state-run bank Development Bank of the Philippines (DBP) and the Bank of the Philippine Islands (BPI). The loan is expected to bankroll five renewable energy installations across Batangas, comprising two 300-megawatt-peak (MWp) solar facilities and three 100-MWp solar facilities integrated with battery energy storage systems. Together, the assets will introduce a total of 900 MWp of solar capacity and 120 megawatt-hours (MWh) of energy storage to the country’s electrical grid. Once fully commercialized, the five solar projects are estimated to generate around 1,300 gigawatt-hours of renewable electricity per year. This output is expected to cover the annual consumption of roughly 550,000 households, while averting approximately 850,000 metric tons of carbon emissions annually. LandBank has installed solar power systems in 79 branches and facilities

nationwide, yielding more than 1.09 million kilowatt-hours in generation and P13.14 million in cost savings as of September 2026. The bank said it aims to expand its solar-powered sites to 140 by the end of 2027. The agreement was signed by CREC Chairman Edgar B. Saavedra, CREC President and CEO Oliver Tan, LandBank Senior Vice President Gonzalo Benjamin A. Bongolan, BPI Senior Vice President Louis Geminiano E. Cruz and DBP Senior Vice President Abener M. Balatbat, last October 22. “Projects of this scale are an important part of our growth plans as we develop the second and third gigawatts of our five-gigawatt pipeline. We appreciate LandBank’s continued support, alongside BPI and DBP, as we continue to build out our portfolio and bring more projects online,” Tan said. “Expanding the country’s renewable energy capacity is vital to building a more secure and sustainable future for Filipinos,” LandBank President and CEO Lynette V. Ortiz was quoted as saying. “Through this financing, LandBank is helping bring large-scale clean energy projects to fruition while strengthening the infrastructure needed to support communities, industries, and long-term economic growth,” Ortiz said.

Reine Juvierre S. Alberto

Tuesday, October 27, 2026 • Editor: Gerard S. Ramos

Art

BusinessMirror

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

What happens when Filipino staples get wrapped in jewelry

BY BLESS AUBREY OGERIO

MINIATURE bottle of banana ketchup, a piece of lumpia and even a rice cooker may seem like unlikely jewelry. But these are among the familiar Filipino food and kitchen staples being turned into charms by food creator Abi Marquez and local jewelry brand Gabbie Jewelry. The 12-piece collection, launching on October 28, features miniature versions of lumpia, calamansi, banana ketchup, siomai, garlic, spiced vinegar, salt, pepper, a knife, a drinking glass, a chef’s hat and a rice cooker. For Abi, widely known online as the Lumpia Queen, the idea draws on the memories people associate with food, from meals prepared by loved ones to places they miss and gatherings around the table. “What we wear, especially jewelry, is a way to express who we are and what we love,” Abi said. “Turning Filipino food into jewelry is a way to give those memories something tangible, something you can carry with you wherever you go.” The collaboration comes as bag charms have become a way to personalize everyday accessories, with miniature toys, plush characters and other trinkets hanging from bags and keychains. Food, too, has become part of the mix.

A CONTEMPORARY art exhibition at the Philippine Center in New York City, Dayo: Footprints and Dialogue explored the lived experiences and cultural representations of Filipinos in the Big Apple. The showcase was organized by the Department of Trade and Industry (DTI) Philippine Trade and Investment Center (PTIC), under the leadership of Trade Commissioner Alma Argayoso. It presented a wide range of paintings, printmaking on fabric, digital art, and mixed media pieces which exemplified the artistic

CELEBRITIES BORN ON THIS DAY: Skywalker Hughes, 15; Kelly Osbourne, 42; Patrick Fugit, 44; John Cleese, 87. HAPPY BIRTHDAY: Explore possibilities, engage in functions that help you show off your talents and press forward with what you can do for yourself. Recognize those who want to benefit from your skills and connections, and keep your circle limited to those who share your ethics, morals and standards. It’s time to clean house and make room for what and who excites you most. Romance and personal gain are on the rise. Your numbers are 4, 15, 23, 28, 34, 43, 46. ARIES (March 21-April 19): Put your energy and discipline to work, and reach out to help someone or something that concerns you. Donating, volunteering your time and searching for innovative fixes that make your life or community better will encourage exploring different ways to earn a living and to use your money efficiently. Choose your actions wisely. ★★★

TAURUS (April 20-May 20): Spring into action, and do the best job possible. Use competition as a motivator, not a deterrent. Refuse to let stubbornness or ego work against you. Stay focused, and work toward your goal without revealing your plans. The element of surprise will keep you ahead of anyone who tries to outmaneuver you. Stay on track, and hedge your bets. ★★★

GEMINI (May 21-June 20): Gather information; now is not the time to take a risk. Know what and who you are up against, and counter any attempt to dismantle your plans by doing the unexpected. Use your intuition and experience to guide you. Don’t believe everything you hear, and take a minimalist approach to spending and when dealing with people who overreact. ★★★★

CANCER (June 21-July 22): The best way to outperform is to combine uniqueness with control and precision. Use your voice to activate a trend, and call on those you know you can count on for backup. Distance yourself from those who talk a lot and deliver little. Put your time and effort into making positive changes, saving and living a healthy lifestyle. ★★★

establish how much Filipinos collectively spend on bag charms. International figures suggest the trend has commercial momentum. Wholesale fashion platform JOOR reported that bag-charm sales volume among comparable brands on its platform was 12 times higher in the first half of 2025 than in the same period a year earlier. Units sold increased 17-fold. Part of the appeal is simple: charms let people make mass-produced belongings feel more personal.

A trinket might signal a favorite character, commemorate a trip or reflect a particular interest. A food-shaped charm can do the same, whether it reminds its owner of home or is simply amusing to look at. Abi hopes the designs will inspire both delight and recognition. “When people wear the charms, I hope their first reaction is, ‘How cute!’ I want them to feel happy

SEE “JEWEL�Y,” B5

Filipino lived experiences, cultural representation in New York exhibition

HABI by visual artist and De La Salle-College of Saint Benilde (DLS-CSB) Interior Design educator IDr. Karol Ann Antonio

By Eugenia Last

ANIK-ANIK’S GROWING APPEAL

THE trend is visible in the Philippines’ own retail releases. In 2025, Chowking introduced plush charms modeled after its Siomai Chao Fan, Wonton Mami, Siopao and Halo-Halo Supreme. Dunkin’ Philippines has offered donut-inspired charms, while Conti’s has turned its Mango Bravo cake into a miniature plush accessory. These products give customers another way to engage with familiar brands and food items, even outside the restaurant or bakery. But while the releases point to growing interest, they do not

TODAY’S HOROSCOPE

FIFTH Avenue by visual artist and De La Salle-College of Saint Benilde (DLS-CSB) Interior Design educator IDr. Karol Ann Antonio

expression and Philippine creativity in the international landscape. Filipino visual artist and licensed interior designer Karol Ann Antonio, the curator of Dayo and one of the featured artists, explained that the exhibition was anchored in two guiding questions—”What does it mean to be Filipino?” and “How does it feel like to be Filipino in New York?”—as it framed the city both as a global crossroads and an intimate space. Antonio tackled the questions through the lens of a Filipino traveler or a dayo

(foreigner) who embraced what the busy yet vibrant city could offer, especially to the Filipinos who call it home. “The concept of footprints reflected migration and transition—steps that may be temporary yet leave lasting impressions,” she stated. “Dialogue, on the other hand, emerged through memory-based works which invited reflection rather than definitive answers, positioning Filipino identity as fluid, evolving, and continuously shaped by interaction with place,” she added. Antonio, an educator and mentor at the De La Salle-College of Saint Benilde (DLSCSB) Interior Design Program, translated the Big Apple’s urban landscape to a total of 10 original paintings, which ranged from bold acrylic to playful and layered oil pastel. She likewise presented printmaking which extended beyond traditional paper formats to reinforce themes of labor, repetition, and cultural transmission. Her artworks, grounded by over a decade of practice across professional, academic, and grassroots contexts, have positioned spatial design as a socially engaged process—not merely an aesthetic pursuit, but a means of shaping meaningful human experience. Among the key highlights was her site-responsive textile installation, which

reimagined New York’s vertical energy through Philippine weaving traditions. To reflect continuity, memory, and sustainable art practice, it recontextualized the fabrics from Habi: Discovering Possibilities for Philippine Fibers, the 2024 traveling exhibition which elevated indigenous textiles within the global creative landscape. “This is how I see New York—the colorful patterns and stories woven into Philippine textiles,” Antonio shared. New York-based self-taught artist Citadel Muñoz-Cruz, a Baybayin teacher and Sound Healing practitioner, likewise championed Philippine handwoven textiles in Dayo. Her creations featured fabrics from various indigenous communities across the Philippines, such as Inabel, Binakol, Kalinga, and Yakan, transformed as embroidered art on cotton denim with handstitched Filipino words in Baybayin. Alongside photographs under acrylic glasses, these images—described as quiet, grounded, and deeply felt—emerged from her practice of pausing within the noise of the city to remember who she is. “Through contrast, juxtaposition and paradox—between the contemporary and the timeless—Dayo revealed how Filipino presence, though often transient, leaves enduring marks within a global city,” Antonio concluded.

LEO (July 23-Aug. 22): Say little, but do a lot. What motivates you requires research and dedication to bring your intentions to fruition. Keep your thoughts simple, your plans doable and your energy focused on getting good results. Refuse to let a domestic issue or partnership cost you. Search for changes that are compassionate and offer a positive outcome for everyone. ★★★★

VIRGO (Aug. 23-Sept. 22): Sit tight and watch. Pay attention and do the necessary preparation to ensure you are ready to act when the time is right. Listen, ask questions and show compassion for those who have firsthand experience to share. Avoid events and activities that have a risk factor attached. Prioritize maintaining your reputation and physical and emotional well-being. ★★★★★

LIBRA (Sept. 23-Oct. 22): Keep moving; stop waiting for someone else to take over. If you want to be in control, do your part and lead the way. A positive change of attitude will help you attract minions to pick up the slack and carry the load that doesn’t interest you. Set standards and focus on the result. Success requires leadership. ★★★

SCORPIO (Oct. 23-Nov. 21): Stick to basics, only offer the facts and focus on your responsibilities. Taking care of business first will relieve tension and help you steer clear of criticism. Avoid conflicts, volatile situations and people who demand too much from you. Be thoughtful and offer suggestions, but don’t take on someone else’s problems. Protect your safety. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Spend more time on details, research and determining what you need most. The gains you achieve if you follow through with your plans will have an impact on where, how or with whom you live, but first you must deal with and let go of the past. Peace comes from doing what’s best for you. ★★★

CAPRICORN (Dec. 22-Jan. 19): Be careful how you handle your emotions, money and those you encounter. It’s essential not to go overboard or to buy into someone else’s dream. An astute assessment of what’s possible and what will help you reach your destination of choice is necessary. Advocate on your behalf. Refuse to let ego or trying to buy someone’s approval cost you. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Deal with personal matters carefully. A poor decision will hurt the ones you love. The best changes will come from letting go of what you can’t change or control and embracing new beginnings and a healthy and happy lifestyle. Anger and revenge will not get you where you want to go. Smile, offer positive vibes and carry on. Embrace personal changes. ★★

PISCES (Feb. 19-March 20): Choose to do whatever brings the highest return. Taking on too much will lead to unfinished business. Think matters through. Pay attention to price tags, and ask direct questions to put your mind at ease. Don’t offer to do something that entails skills you don’t possess. Take responsibilities seriously, and stick to a budget you can afford. ★★★★ BIRTHDAY BABY: You are persistent, thoughtful and outgoing. You are passionate and skeptical.

‘broken records’ BY AIDAN DESHONG

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Floating ice chunk 5 Deal with it 9 Bypass 13 Woodwind with a silent E 14 Mystical glow 15 Paquin of “The Piano” 16 Palindromic hour 17 Way to run or ski 20 Person who’s frequently spotted, say? 22 Spill the ___ 23 Amphitheater level 24 Like the Ivy League 26 “To conclude ...” 28 Black ___ (Africa’s longest venomous snake) 31 Tap dancer Gregory 33 Soothing succulents 34 Comedy about Delta Tau Chi 39 Book ID 40 ___ coding (AI-driven programming) 41 Bird-shaped Easter candies 42 “I haven’t the vaguest” 44 2010 health law inits. 46 You’re reading one

47 Droopy 48 Polite email sign-off 50 Aromatic 53 What tree rings denote 54 Free soloist’s handhold 55 Gold or platinum 61 AOC’s title 62 President after Carter 63 Chimney buildup 64 Guitar music blaster 65 Layered vegetables that ogres are like, per Shrek 66 YouTuber Chamberlain or actress Stone 67 “Live ___” (Taco Bell slogan) 68 “Don’t you agree?” 69 Color akin to aqua DOWN 1 Stoner’s pipe 2 Guy in a Gen Z subculture 3 Enough space 4 Like hard-to-categorize songs ... and three entries in this puzzle? 5 Prickly pears, e.g. 6 Your and my 7 Rectangular snack for a 20-Across

8 Simplicity 9 Biological pouch 10 Garlic ___ (pizzeria appetizer) 11 Greenlandic people 12 Comic strip unit 18 “The Crucible” town 19 Have a go at 21 “What a shame!” 25 Word after “pad” or “Muay” 27 “By yesterday” 28 Entree 29 Part of aka 30 Samsung Galaxy Store downloads 32 Dorothy, to Auntie Em 35 Cookware company whose name means “the crucible” 36 Had in hand 37 Musical composition 38 Purpose 40 Alternatives to joints 43 Defib pro 45 Cards ___ Humanity (party game) 49 Sixth word of the Gettysburg Address 50 “Go away!” 51 Tangy Mexican condiment

52 Sink, as a putt 56 Showbiz feat that Obama is halfway to achieving 57 “Will you let me?” 58 “___ Like It Hot” 59 NYC home of “Campbell’s Soup Cans” 60 List-ending abbr. 62 King, in Quebec

Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Tuesday, October 27, 2026

Amazing, admirable, accomplished Abunda GOTHAM CITY VILLAIN ‘CLAYFACE’ OPENS ATOP NORTH AMERICAN TILLS, BOOSTING DC STUDIOS FOLLOWING DISAPPOINTING ‘SUPERGIRL’ BY JAKE COYLE The Associated Press NEW YORK—DC Studios scored a modest, R-rated win with Clayface, landing a $24 million opening weekend, according to studio estimates on Sunday. But the biggest success story in theaters remained A24’s Elizabeth Holmes documentary You Can See Everything, which pulled in $19.5 million in its first weekend of wide release. The Nathan Fielder, Lance Oppenheim-directed You Can See Everything increased from 855 locations to 2,655. In expansion, it continued to blow away expectations. With $45.1 million in two weeks, it already ranks among the highest grossing documentaries ever. You Can See Everything has turned into a sensation partly by drawing waves of Gen Z moviegoers. Its awards season prospects are also growing. If You Can See Everything is nominated for best picture at the Oscars, it would be the first documentary nominated for Hollywood’s top prize. “A24 invested a reported $7 million in an interesting but complicated idea without a beginning, middle or end, that’s turned into a zeitgeist film about money, dreams, truth and reality,” said David A. Gross, who publishes the box office newsletter FranchiseRe.

‘CLAYFACE’ SUCCEEDS ON A SMALLER SCALE FOR DC

IN 3,458 theaters, Warner Bros.’ Clayface narrowly edged the A24 release for first place. That’s a solid start for the Gotham City villain tale and the third theatrical release for DC under the stewardship of James Gunn and Peter Safran. A bid to meld body horror with a comic book movie, it stars Tom Rhys Harries as Matt Hagen, a rising movie star who undergoes an experimental facial surgery after a mob boss disfigures him. While such an opening would have been a flop for most superhero films, Clayface was budgeted at only $44 million—a fraction of the expense of most comic book films. It added $19 million internationally. That was enough to offer some stability, and assured profitability, to DC Studios following the disappointment of Supergirl. Earlier this year, that film grossed just $126 million worldwide on a $170 million production budget. Audiences gave Clayface an “A-” CinemaScore, a high grade for a horror release. Reviews were also largely good. The competition for horror audiences can be fierce in October, but Clayface may end up the top genre draw of the month. “Clayface is a great example of studios taking chances, with DC venturing into R-rated horror and body horror, something that’s certainly not your typical comic book movie,” said Paul Dergarabedian, head of marketplace trends for Rentrak. Last weekend’s top film, the video game adaptation Street Fighter, sank like a stone, dropping 72 percent with $8.6 million in its second weekend. The Paramount Pictures release, made for about $80 million, has grossed $46.9 million domestically in two weeks.

‘WILDWOOD’ AND ‘WICKER’ MAKE STRONG STARTS

WILDWOOD, the latest stop-motion animated film from the Portland, Oregon-based studio Laika, debuted in third place with $11.8 million in 2,779 locations. The film, directed by Laika chief executive Travis Knight, rode excellent reviews and strong audience scores (an “A” CinemaScore) to a notable improvement over the studio’s previous release: 2019’s The Missing Link (a $5.9 million opening). But Wildwood is still unlikely to generate a profit, given that it cost $100 million to make. The PG-13 fantasy follows a teenage girl who enters an enchanted forest to find her abducted baby brother. Wicker, a comic fable starring Olivia Colman and Alexander Skarsgård, launched with an excellent $5.8 million in 1,471 theaters. Acquired for $2.5 million out of Sundance by Black Bear Pictures, the well-reviewed Wicker is a quirky love story about a fisherwoman (Colman) who has the local basket maker weave her a husband (Skarsgård). The weekend’s other new releases were either hard to find or little seen. Taika Waititi’s critically panned Klara and the Sun, adapted from Kazuo Ishiguro’s novel, made just $725,000 at 880 theaters for Sony Pictures. Amazon MGM opted not to even report grosses for Sacha Baron Cohen’s poorly received mockumentary Ali G: Who Iz I? Though Cohen took the rare step of conducting numerous interviews as himself, and not in character, Ali G: Who Iz I? was almost absent on its opening weekend. The film’s theatrical footprint was shrunk considerably as Cohen faced backlash in the UK over cultural appropriation and racial caricatures.

TALK show host Boy Abunda

OP talk show host Boy Abunda is in a league of his own. The well-loved Abunda possesses a unique gift of gab that makes him a highlyregarded TV program host for many decades now. His exceptional ability to run a talk show in such a confident way that grabs the attention and holds the mind of the audience has won him numerous awards because of this exemplary gift. It has been said that real speaking confidence comes from being able to communicate clearly, persuasively, concisely, and with great influence, making sure that what one is saying makes a dent or a difference. Years of experience and continuous practice has also allowed Abunda to master his hosting skills competently, combining this with natural charisma, thorough preparation and emotional intelligence. I reckon that Abunda’s gift of gab is more than his being a true conversationalist. It goes beyond putting himself on the line when he comes face to face with his show’s subjects and guests. Abunda is a listener, the kind of listening that means he truly hears what his guests have to say. He has also mastered the art of audience connection. I know for a fact that Abunda reads a lot. He makes sure that he is always up to date with his subjects before he goes to the studio to do his interviews, helping him transition smoothly across unexpected interview topics. It also enables him to connect genuinely and allows him to ask more insightful, human-centered questions. This public empathy transforms ordinary talk into powerful, human-centric connections, and this is what gives Abunda the big edge over other talk show hosts. Time and again, Abunda has affirmed that listening is as important as talking. He allows his guests to feel respected and be at their most

comfortable, and he makes sure that he does not monopolize the conversations with them. At times when his guests would ramble on, go blank or pause too long, Abunda breaks in with a comment, and immediately leads the conversation in another direction to put the guest back at ease and regain control. Abunda turns 65 in a few days, and to celebrate this happy milestone, GMA Network will have a special two-part episode for his program Fast Talk on October 28 and 29, featuring Abunda’s dear friend Kris Aquino in a rare TV appearance. “This super exclusive one-on-one took more than 11 years in the making, and I’m thankful that Kris said yes. In a taped-as-live session, we talked about almost everything—life, love, her two boys, her health updates, our friendship, politics, money, almost

everything because, let’s face it, everything about Kris stirs interest,” he said, adding that Aquino’s youngest son Bimby Yap also made a special appearance.” Three years ago, Abunda interviewed Aquino in California at a time when she was delicately facing health challenges, but the interview wasn’t for the show. Because of the two’s unshaken friendship that has lasted for many decades, Aquino trusts Abunda with all her heart and soul, and it was not difficult to get her to say yes for this Abunda birthday special. The colorful journey of Boy Abunda in the halls of the Philippine entertainment industry stands as a powerful testament of ambition, courage, perseverance, and vision. His success story is not only about reaching the pinnacle of media fame, but also about creating a lasting impact that continually uplifts, empowers and inspires people.

GMA Pictures, Brightburn Entertainment, Columbia Pictures team up for MMFF entry ‘Amir’ EXCITING news for local cinema. A new collaboration is on the horizon as GMA Pictures, GMA Public Affairs, and Brightburn Entertainment officially locked in a partnership deal with Columbia Pictures for the distribution of the upcoming fantasydrama film and 52nd Metro Manila Film Festival (MMFF) finalist Amir. Key executives, together with the film’s creative team and actors, gathered for the contract-signing at the Columbia Pictures Philippines office on October 15. Representing GMA were senior vice president for programming, talent management, worldwide, and support group, and president and CEO of GMA Films Atty. Annette Gozon-Valdes, alongside GMA Pictures executive vice president and GMA Public Affairs senior vice president Nessa Valdellon. Signing for Columbia Pictures were its managing director Christopher Sy and sales and operations manager Andra de Erquiaga Manas. Also present were Brightburn Entertainment chief executive officer (CEO) and Amir lead star Dennis Trillo, along with head of business development Katrina Aguila (who also serves as CEO of Aguila Entertainment).

Jewelry... CONTINUED FROM B4 and a little giddy, the way I do. Then I hope they see a little of themselves and think, ‘That’s so me!’” she said. The same charm, she added, could mean different things to different people. One person might connect lumpia with family gatherings; another might choose it because the miniature looks appealing.

Fresh off its massive success with films like Spider-Man: Brand New Day and Insidious: Out of the Further, Columbia Pictures expressed its excitement to add Amir to its lineup, especially after a viral teaser already got fans talking online. “It [has] always been our privilege to work with such team partners as GMA Pictures,” said Sy. “We’ve really had a lot of success with Green Bones and Gabi ng Lagim. And we always say it’s not about luck, it’s not about us; it’s really from the creative minds that put the work on these pictures. And it’s always about the content, and we really appreciate the chance to represent Amir in this upcoming MMFF.” Gozon-Valdes likewise expressed her excitement to work again with Columbia Pictures. “We’ve been entrusting our jewels to Columbia for these past years,” she shared. “We’re very excited for this movie because I think this will be our grandest movie to date.” Dennis expressed his gratitude for the partnership: “Maraming salamat sa Columbia Pictures sa pag-appreciate ng aming pelikula. Ito na yata ang pinakamagandang time na i-represent nila,

THE PRICE OF A PERSONAL TOUCH

THE cost of collecting charms varies depending on the material, design and brand. Gabbie Jewelry’s existing catalog lists individual charms at roughly P135 to more than P400, while its personalized clip-on charms start at P249. These prices are reference points for its current offerings, not confirmed prices for the Abi Marquez collection, which were not provided in the launch materials. The collection also includes

and sobrang excited kami dahil, katulad ng sinabi nila, parang ito na yata ang isa sa pinakamagandang offerings ng GMA Pictures ngayong taon.” Also present to celebrate the deal was the creative powerhouse behind the film: GMA Public affairs senior AVP and writer Angeli Atienza, supervising producer Joseph Conrad Rubio, line producer John Gary Candelaria, concept creator Ian Simbulan, creative producer Christian Julao, and

a Lumpia Bag Charm offered as an exclusive gift with purchase. Such deals add another incentive to buy, tying an extra collectible to a transaction. A single charm may be an occasional purchase, but collecting multiple designs can become more expensive over time. Branded collaborations also attach a retail price to objects that, outside the collection, are part of everyday life. That is not to say the meaning buyers find in them is manufactured. Nostalgia, humor and personal attachment can be genuine. Still, the bag-

young star Argus Aspiras who plays Amir in the film. Amir boasts a powerhouse cast featuring Glaiza de Castro, Will Ashley, Caprice Cayetano, Epy Quizon, Joel Saracho, Ronnie Lazaro, Laila Ulao, Heath Jornales, Yasser Marta, Mad Ramos, Ethan Hariot, Hebron Ecal, and Mon Confiado. The film is directed by acclaimed filmmaker Zig Dulay, with a script crafted by National Artist for Film and Broadcast Arts Ricky Lee alongside Atienza.

charm craze shows how easily those feelings can be folded into a product—and how an ordinary object can gain new value when packaged as something to collect.

EVERYDAY FILIPINO, MADE WEARABLE

GABBIE Jewelry has previously drawn on Filipino references for its designs, including the sampaguita, taho and jeepney. Co-founder Camille JimenezSandico said Abi’s food videos offer a fresh perspective on dishes that people might otherwise take

EXECUTIVES of GMA Pictures, GMA Public Affairs, Brightburn Entertainment, and Columbia Pictures gather for the October 15 contract signing at the Columbia Pictures Philippines office to formalize the distribution agreement for Amir, an official entry in the 52nd Metro Manila Film Festival. Present were Atty. Annette GozonValdes (center), Nessa Valdellon (from left), Dennis Trillo, Argus Aspiras, Christopher Sy, and Andra de Erquiaga Manas.

for granted. “For a long time, these things felt so ordinary, not something we’d necessarily celebrate,” said Jimenez-Sandico. “It’s exciting to see that changing, and to see more of us recognize just how special Filipino culture is.” The Abi Marquez Collection by Gabbie Jewelry will be available from October 28 through the brand’s website, Shopee and TikTok Shop, as well as its stores at Alabang Town Center, Glorietta 1 and SM North Edsa.

Tuesday, October 27, 2026

Hotel101 expands to Egypt with 750-room Cairo development

otel101 Global Holdings Corp., the hospitality subsidiary of Philippinelisted DoubleDragon Corp., is expanding into Africa through a country-wide development agreement in Egypt, beginning with a planned 750-room hotel in Cairo. The company announced on October 20, 2026, that it had signed definitive binding agreements with WNTR Property & Hospitality, an affiliate of Egyptian conglomerate IGI Holding, for the development of Hotel101 properties across the country. The initial project, Hotel101-Cairo West, will occupy a 15,984-square-meter site in Hay Al Ashgar along Ahmed Zewail Road in 6th of October City, Giza. The location is about 10 minutes from the Giza Pyramids and the Grand Egyptian Museum, placing the hotel within reach of major cultural tourism attractions. The development is expected to have a project value of approximately 5.465 billion Egyptian pounds, equivalent to about $102.09 million or P6.44 billion, and is targeted for completion by 2029. Once completed, it is expected to rank among Cairo’s three largest hotels by room count. Hotel101-Cairo West will offer fourstar amenities at affordable prices, including a ballroom, meeting facilities

Hotel101 Founder Mr Injap Sia and Khaled Sheta of IGI Holdings lead the Signing Ceremony with an image of the world-famous Egypt Pyramids as backdrop. and a conference center. Other planned features include modern guest rooms, allday dining, swimming pools, a full-size gym, a business center and a children’s playground. Its location along Ahmed Zewail Road is expected to provide access to major routes, including El Wahat Road and the Cairo Ring Road, as well as Sphinx International Airport and the wider Greater Cairo area. Egypt’s tourism market presents an opportunity for the expansion, with the country reportedly welcoming more than 19 million tourists in 2025 and having an estimated population of 118 million. Hotel101 said the agreement marks another milestone in its international growth strategy, introducing its standardized condotel business model to the Middle East and Africa. The company operates an asset-light, technology-enabled hospitality platform designed to replicate a consistent hotel concept across markets. Its Egyptian partner, IGI Holding, is a diversified business group established by the Sheta family in 1942, with interests spanning real estate, construction, hospitality, manufacturing and other industries. Its real estate arm, IGI Developments, has developed integrated

residential communities in Egypt since the mid-1990s. The Cairo project forms part of Hotel101 Global’s ambition to establish one million standardized rooms across 100 countries, primarily through licensing its business model. Hotel101 began its overseas operations with the opening of its 680-room property in Madrid, Spain, in March 2026. It is also scheduled to open its 482-room Hotel101Niseko in Hokkaido, Japan, in December 2026. The company said 2026 is expected to be its biggest year for room openings, with 2,229 additional rooms planned across Madrid, Davao, Cebu and Niseko. Hotel101 Global is listed on the Nasdaq Stock Market under the ticker HBNB and is a subsidiary of DoubleDragon Corp., which trades on the Philippine Stock Exchange under the ticker DD. The company said its international expansion is intended to build recurring revenues from overseas hotel operations and establish a Filipino hospitality brand in global markets. The development remains subject to customary government, regulatory, corporate and other approvals.

Missed the primary market window? Why you should still consider investing in RTBs via GBonds

IGH-YIELDING, low-risk investments don’t pop up every day, so it’s best to strike when the opportunity presents itself. The Bureau of the Treasury recently issued the 32nd tranche of Retail Treasury Bonds (RTB 32), offering a rare opportunity to secure a 6.875 percent p.a. gross yield directly backed by the government. While its primary offer period has officially concluded, the good news is you haven’t missed out. RTB 32 is actively available in the secondary market for trading directly through GBonds on GCash. Standard transaction and convenience fees now apply, but the 6.875 percent p.a. gross yield still makes it a compelling option for building long-term wealth. If financial jargon makes your eyes glaze over, think of RTBs this way: the government needs funds for national development. They borrow from you and are obligated to give your capital back, plus guaranteed interest, at maturity. Here are the reasons why investing in RTBs remains an investment worth looking into: You’ll surely get your money back (until the maturity date) Investing can feel daunting because of the market’s unpredictable ups and downs. Stock prices and fund returns move with the market, but RTBs work differently. Its rate is fixed when you buy, which means you get guaranteed returns without staying up at night checking the market, as long as you hold it until the maturity date. RTB 32 has a 2.5-year term, maturing on April 12, 2029. Hold it until then, and you get your full capital back, plus your guaranteed earnings.

You can exit when life happens

Unlike traditional time deposits or other government-backed voluntary savings programs like MP2, which strictly lock up your funds or penalize early withdrawals, trading RTB32 on the secondary market means liquidity. If you need funds before the 2.5-year maturity, you can sell or cash out RTB32 via GBonds. Just keep in mind that you’ll sell at the prevailing market price, which may be higher or lower than what you paid — and standard convenience and transaction fees will apply.

You receive interest every quarter

Unlike fixed-income products that pay out at the end of the term, RTBs provide interest payments every quarter throughout the bond’s term. You can choose to reinvest those returns, add them to your savings, or use them for other financial goals.

No need to stress over losing your investment

RTBs are securities issued directly by the Philippine government, which means the state is legally obligated to

return your principal along with your interest. This makes RTBs a relatively low-risk way to grow your money. For Filipinos looking to diversify their portfolio beyond savings accounts, government securities can provide another way to put their money to work while earning fixed interest.

You don’t need a massive amount to invest

RTBs are designed to be affordable for everyday Filipinos – without the need for large capital and complex paperwork. With RTB 32 on GBonds, you can start with a minimum of P5,000. GCash users can buy and sell RTBs on their GCash app through GBonds, a marketplace that allows users to invest in government bonds with FREE top-ups and withdrawals and standard fees for buying or selling bonds. Getting started and purchasing your first bond is easy. First, register by heading to the Invest tab on the GCash dashboard, selecting the GBonds icon, and answering the Risk Profile Questionnaire. Approval will take one business day. Once approved, tap “Top Up” on your GBonds dashboard, enter your desired amount, which includes the minimum investment and fees, and confirm. Finally, to buy an RTB, select the desired RTB, click Buy, enter your total investment amount and fees, and confirm your order to buy your bond instantly. To invest via GBonds, you must be a fully verified GCash user aged 18 or older with a verified email address, an updated KYC profile (within the past three years), and not a US resident or citizen. Growing your wealth doesn’t have to mean taking big risks, especially when rare opportunities for high-yielding, guaranteed earnings are on the table. Take charge of your financial goals today by locking in your guaranteed quarterly earnings—and let your money do the hard work for you.

SM Hotels showcases Halloween celebrations across its brand portfolio

ALLOWEEN takes many forms, from children’s costume parties and playful discoveries to themed dining and live music. This October, nine properties of SM Hotels and Conventions Corp. (SMHCC) are marking the season with celebrations designed for different ages and interests, giving families and friends more ways to spend time together beyond the traditional trick-or-treat routine. Throughout its hotel network, the programs combine seasonal food, interactive activities, and entertainment with the distinctive settings of each property. Children can take part in magic shows, games, costume activities, and trickor-treating, while adults can enjoy festive buffets, poolside dining, specialty pastries or a music festival by Manila Bay. The lineup also includes a toy-collection initiative that places sharing at the heart of the celebration. “Halloween is an opportunity for our properties to create occasions that people can enjoy together, whether

they are looking for a family afternoon, a themed meal, or an evening of entertainment,” said SMHCC Executive Vice President Peggy E. Angeles. “By shaping each celebration around its setting and audience, our hotels offer guests different ways to make the season their own.” Several celebrations put children at the center, with activities built around imagination, participation, and a little Halloween magic. At Pico Sands Hotel, “Pico BOO!: The Lost Island” brings games, lucky draws, a magic show and treats to the BAIA Ballroom at Pico de Loro Beach & Country Club. Radisson Blu Hotel Cebu’s “Trick or Treat: Enchanted Forest” adds a woodland-inspired setting, trick-or-treating, games and a costume contest. Park Inn by Radisson Iloilo’s “BOO! Bites & Delights” combines a merienda buffet with a haunted-themed room, while Park Inn by Radisson Bacolod pairs its “The Enchanted Forest” festivities with activities at SM City Bacolod’s “Gears and Ghouls.” At Taal Vista Hotel, “Brick-or-Treat Getaway” adds a spirit of giving to the fun through a toy-collection theme, alongside games, magic shows and a snack buffet. Conrad Manila’s “Sorcery of Fun and Flavors” also blends dining with family activities, including trick-or-treating, face painting, storytelling, and giveaways. Food is another thread running through this year’s lineup, with properties offering everything from Halloween-themed buffet spreads and merienda favorites to Brazilian barbecue and poolside fare. Conrad Manila extends the seasonal mood beyond its buffet with Halloween cakes and pastries at Bru Coffee Bar. Park Inn by Radisson North EDSA serves barbecue, unlimited wings, pasta and rice during “A Night of Frights,” accompanied by a live band, while Park Inn by Radisson Davao’s “Churrasco After Dark 2.0: Alter Ego Party” pairs a Brazilian barbecue buffet with live entertainment, arcade games, and Halloween drink specials. For guests seeking music as the main attraction, Lanson Place Mall of Asia hosts the TLI Radio Halloween Festival in its courtyard, featuring eight DJs against a Manila Bay backdrop. Together, these gatherings show the range of ways the season can be enjoyed, from daytime family activities to a full evening of food

and entertainment. Schedules, venues, and published rates are listed below. Guests are encouraged to contact the respective property or event organizer to confirm availability, inclusions, and booking details. Conrad Manila Bru Coffee Bar seasonal pastries available until November 1 from P120 nett. Radisson Blu Cebu “Trick or Treat: Enchanted Forest” on October 30 at Feria. Children six and blow are free with one full paying adult; ages seven to 12: P1,000 nett including buffet and activities; adult buffet: P1,888 nett. Park Inn by Radisson Davao “Churrasco After Dark 2.0: Alter Ego Party” on October 30, 6 pm to 11 pm at VANDA Restaurant. P1,250 nett per adult; P950 nett per child. Pico Sands Hotel “Pico BOO!: The Lost Island” on October 31, 3 pm to 5 pm at BAIA Ballroom, Pico de Loro Beach & Country Club. P1,400 per child; P800 per adult companion Park Inn by Radisson North EDSA “A Night of Frights” on October 31, 7 pm to 9 p m at Terrazza on 7. P1,500 per adult; P750 per child four feet and below. Park Inn by Radisson Iloilo “BOO! Bites & Delights” on October 31, 2 pm to 6 pm at Áni All-Day Dining; P488 nett per adult; P288 nett for children six and below. Park Inn by Radisson Bacolod “The Enchanted Forest” / “Gears and Ghouls on October 31 at SM City Bacolod; P950 per adult; P600 per child. Includes hotel festivities and admission to SM City Bacolod’s event, as described in the promotion. With celebrations spanning family activities, themed dining, and live entertainment, SMHCC’s Halloween lineup brings together a spectrum of offerings, making the season more special for friends and families to enjoy together.

Multimedia artist Babak Niaraki poses with Richmonde Hotel Iloilo officers and staff at the launch of his photo exhibit.

Richmonde Hotel Iloilo unveils ‘Dumdumanon’ by artist Babak Niaraki

N celebration of the Iloilo Arts Festival this October and in support of Iloilo Business Park’s recognition as the city’s Center of Arts and Culture, Richmonde Horel Iloilo recently launched Dumdumanon: Seeing Iloilo—Moments of a City, Seen and Remembered, a striking solo photography exhibition by multimedia artist Babak Niaraki. Derived from the Hiligaynon word that means to remember or recollect, Dumdumanon showcases the essence of shared memories across the curated photographs. Being an Iranian artist who has found his home in Iloilo City, Niaraki uniquely and affectionately captures an outsider-turned-insider experience of life in the regions, covering familiar scenes from the colorful pageantry of the Dinagyang festival to the quiet, unscripted moments of local living. Niaraki’s photos take spectators on an immersive and emotion-filled visual journey with images so vibrant one can feel the rhythm of the sadsad, the busy noise of the Central Market, and the refreshing breeze and tranquility of the

coastal waters. But more than this, the collection invites them to appreciate the rich mosaic of people and places that define the very soul of this growing city. For Richmonde Hotel Iloilo, hosting Dumdumanon serves a dual purpose: it honors Niaraki’s exceptional artistry while reinforcing its commitment to enriching guest experiences with authentic local culture. “Just as Babak’s photos effortlessly bridge the gap between Iloilo’s high-energy celebrations and its quiet, soulful rhythms, Richmonde strives to elevate every facet of a guest’s stay—delivering memorable hospitality not only through grand gatherings, but also in serene retreats,” Lucille Pedroso, Richmonde’s Assistant Director of Sales shared. “So, we invite everyone to visit the hotel to reminisce and rediscover Iloilo anew through Babak’s lenses.” Dumdumanon runs until November 6, 2026 at the hotel lobby. The large format prints on exhibit are also available for sale. For inquiries, call Richmonde Hotel Iloilo at (6333) 328 7888 (63) 917 580 9058.

From tiis ganda to holiday ganda: Rethinking period pain this Christmas

HERE’S no perfect English translation for tiisganda. The distinctly Filipino expression captures the idea of enduring discomfort or inconvenience in the name of looking good, keeping up appearances, or simply getting through what needs to be done. And what better time for women to endure this expectation than the holidays? For many women, that idea of tiis can extend beyond beauty, from wearing uncomfortable shoes for an event to pushing through period pain just to make it through the pain. During the holidays, when there are dinners to attend, reunions to show up for, and celebrations to smile through, it can be even easier to fall into the habit of tiis-ganda, putting on a good face and carrying on, even when your body is telling you otherwise. But looking good and showing up for the moments that matter shouldn’t have to mean putting up with pain. This holiday season, it may be time to rethink

what tiis-ganda really means and make a little more room for feeling good, too. “Period pain is often treated as something women simply have to work around, especially during busy seasons when there are so many plans to keep up with. But experiencing pain shouldn’t mean putting your needs on the back burner. said Micol Cansino, Hyscoine N-butylbromide (Buscopan) Senior Brand Manager. “We want to encourage women to better understand their symptoms and feel more confident about taking steps to manage their period pain, so they can spend less time worrying about discomfort and more time enjoying the moments they’ve been looking forward to.” For some women, tiis-ganda means pushing through discomfort to keep showing up—abdominal cramps and all. But period pain, medically known as dysmenorrhea, is more than something to simply endure; it happens when prostaglandins trigger

uterine contractions, causing the familiar pain in the lower abdomen. Don’t simply tiis-ganda through period pain, pay attention to its severity, timing, duration, and impact on your daily activities, and seek appropriate relief or medical advice when the pain regularly interferes with everyday life. Keeping track of these patterns can also give you useful information to share with a healthcare professional, particularly if the pain is severe, unusual, or increasingly disruptive. Breaking the tiis-ganda habit doesn’t necessarily mean saying no to every plan when your period comes around. It can simply mean being more intentional about taking care of yourself, too. Don’t forget the basics: eat regularly, stay hydrated, and take small breaks between holiday errands and celebrations, while keeping your period essentials within reach. Most importantly, know

your options for managing menstrual cramps rather than simply tiis-ing through the festivities; consider appropriate relief based on your symptoms and always follow medication directions. For women experiencing mild to severe dysmenorrhea, Hyoscine N-butylbromide + Paracetamol (Buscopan Venus) helps treat dysmenorrhea at the source. It works in as fast as 15 minutes and can be taken as one to two tablets, up to three times daily, or as prescribed by a physician. Moving beyond tiis-ganda doesn’t mean giving up on the plans, celebrations, or moments you’ve been looking forward to. It means recognizing that taking care of yourself is just as important as showing up for everyone else. “Your Christmas calendar already has enough guests, so period pain doesn’t have to be on the invite list. By knowing your cycle, listening to your body, and being prepared with appropriate ways to manage

discomfort, you can give yourself a better chance to enjoy the celebrations and the moments you’ve been looking forward to. This holiday season, we hope women feel empowered to move beyond tiis and make room for feeling good, too,” Cansino concluded. Because maybe tiis-ganda was never meant to mean enduring everything. The best kind of holiday ganda isn’t just about looking your best, it’s about feeling well enough to show up, stay present, and enjoy the moments you don’t want to miss.

World Features BusinessMirror

Tuesday, October 27, 2026

How Australia built world’s biggest battery-powered ferry By David Stringer

Bloomberg News

HEN the world’s largest battery-powered passenger ferry hit the River Derwent in Hobart, Australia for testing, there was an unexpected hitch. The 130-meter (427-foot) aluminum catamaran— designed to transport 2,100 passengers and about 225 vehicles—moved easily through the waves in the January trial and comfortably hit its intended speed of about 25 knots. “It was an exciting moment for our first electric ship, it was quite remarkable that the ship was so responsive,” said veteran shipbuilder Robert Clifford, the 83-year-old founder and chairman of Incat Tasmania, which built the ferry among other vessels for customers in more than 20 countries. Yet without the loud rumble of diesel engines, other noises became more conspicuous, Clifford said in an interview in May. “The customer complained, because actually you heard the air-conditioning fans,” he said. “The rest of the ship was so quiet.” China Zorrilla made its first commercial journey for ferry operator Buquebus last week on the roughly 75-minute route between Buenos Aires in Argentina and Colonia del Sacramento in Uruguay. The vessel—which carries more than 250 metric tons of batteries, a system that’s roughly four times larger than any previous maritime installation—is regarded as a breakthrough for clean shipping. While the ferry sector is only a fraction of a shipping industry dominated by container ships and tankers, advocates insist China Zorrilla will prove larger vessels can move away from polluting fuels. Greenhouse gas emissions from global shipping accounted for roughly 754 million metric tons of carbon dioxide equivalent in 2025, more

than international aviation and only a little less than Canada, according to European Commission data. “It’s quite a pronounced shift,” said Mike Corrigan, chief executive officer of Interferry, an industry group that represents more than 280 companies across the ferry sector. “When I look at the new build orders and what’s coming down the pipeline for our operators, I’m not seeing very many vessels that are being built to operate on our traditional fuel sources.” Going electric has become possible as battery capabilities rapidly improve and equipment costs decline. The energy density of typical electric-vehicle battery packs has jumped more than 60 percent since 2010, while prices have plummeted about 93 percent, according to BloombergNEF data. “This kind of costperformance ratio improvement has really made the battery technology accessible,” said Shirley Meng, a distinguished professor and vice president (industry) at Nanyang Technological University in Singapore, and who jokes that her nickname is the “doctor for batteries.” Just as electric trucks are starting to expand battery deployments on the road beyond passenger cars or motorcycles, ferries are the next step for vehicles at sea after powerboats, tugs and other small-scale vessels. The category is an ideal use case, because ferries move along predictable routes and stop at terminals to load and unload passengers and vehicles, providing regular opportunities to recharge. The technology is already well established for smaller city

A HYBRID-ELECTRIC ferry under construction at the Incat Tasmania shipyard in Hobart, Tasmania, Australia, in May. BLOOMBERG

ferries and being put to work in some types of container ships. In China, a policy program set out in September calls for the number of so-called new-energy vessels on inland waterways to roughly double by 2028 and to include more than 1,000 electric ships. “The electric ferry is the very beginning,” said Meng, who is also a professor at the University of Chicago Pritzker School of Molecular Engineering. “We’re seeing the maritime industry start to seriously consider batteries.” The global f leet of batterypowered vessels either delivered or under order is now at least 2,000 commercial ships, including hybrid models, according to a registry maintained by the Maritime Battery Forum, which acknowledged it was likely undercounting the number operating in China. “We are passing a crucial tipping point,” Managing Director Syb ten Cate Hoedemaker said this month. “It now makes clear economic sense to build larger, fully electric ships.” Specialist shipbuilders and battery suppliers are readying for rising demand. Swedish hydrofoil startup Candela Technology AB raised

€30 million ($34 million) in March in a new funding round, while Norway’s Fjellstrand shipyard, which completed the world’s first electric ferry in 2014, is building a new vessel. Contemporary Amperex Technology Co. Ltd., the world’s biggest battery producer, has a dedicated marine unit and competitor BYD Co. last year partnered with sector specialist Corvus Energy. Onboard the China Zorrilla, four small, tightly packed rooms house a total of 5,016 Corvus lithium-ion batteries, with the gleaming, silver components stacked more than 30 units high. “Anywhere between 500 and 600 EVs could be powered by the capacity that we have on this vessel,” said David Riseley, the shipbuilder’s head of projects, inspecting the equipment in a narrow space between the stacks. For the world’s ferry fleet, which transports about 4 billion passengers a year, batterypowered journeys of up to 25 nautical miles (46 kilometers) are already standard, with a range of 100 nautical miles likely to be achievable within about a year and 200 nautical miles in roughly five years, Clifford said, sat on the ship’s plush main passenger deck. About 95 percent of ships

on shorter routes will probably eventually switch to battery power, he said. “Electrics are going to be the mainstay of the ferry industry.” Initial upfront costs for electric vessels are likely to be higher than traditional models, Clifford acknowledged. “The electric ship might be more expensive, but almost certainly it will pay for itself in the first few years,” he said. “In 10 years’ time, I don’t think there’s the slightest doubt that it will be much more economical to be electric.” Total investment of $184 million for China Zorrilla included financing from Banco Santander SA and the World Bank’s International Finance Corporation. The amount covered not only the ship, but the infrastructure needed for recharging—a task expected to take about an hour per trip. Battery power still has limitations for shipping. It isn’t seen as an option for the largest vessels or for ocean-spanning journeys that can take days or weeks. China’s recent policy on inland waterways prioritizes electric vessels for smaller cargo and shorter distances, encouraging the use of methanol fueled-ships on more demanding routes. Container vessels, bulk

carriers and tankers carrying fuels or chemicals account for much of the shipping industry’s climate impact, with ferry categories responsible only for roughly 3 percent of the sector’s emissions, Organisation for Economic Co-operation and Development data show. “Long-haul cargo needs to look for alternative solutions,” said Meng, pointing to the potential use of hydrogen or nuclear power. The appetite to decarbonize has also waned in parts of the shipping industry. Following complaints by President Donald Trump’s administration in the US and interventions from other nations, the International Maritime Organization last year postponed a decision on adopting a landmark charge on vessel emissions. Even so, improved economics and technology mean virtually all ferry operators with routes of less than two hours are actively studying fully electric options, while others are examining hybrid solutions that pair batteries with traditional fuels, according to Interferry’s Corrigan. In a vast construction hall at Incat’s shipyard in May, the aluminum outline of a new hybrid-electric vessel took shape as giant pieces of jet rooms and vehicle decks were hoisted into place. Under showers of bright sparks in a pre-fabrication shed along the marina, welders shaped large metal sheets into the modules that will form one of three fully battery-powered ferries for Denmark-based operator Molslinjen A/S. With five new orders underway and demand forecast to rise, Clifford isn’t planning to step back. “I retired 15 years ago,” he said. “That hasn’t worked out well.” Instead, Incat is adding new facilities and aims to lift production from its current rate of about two ships a year. “Four ships a year is the immediate target,” Clifford said. “Ten ships a year, 12 ships a year is probably a five-to-10year plan. We must do that, because the market absolutely is demanding that these ships be built.”

Catholic bishops regret White House prayer photo with Trump By David Crary

The Associated Press

WO Catholic bishops have expressed regret about agreeing to a White House meeting that produced a publicly distributed photo of them praying with President Donald Trump. Milwaukee Archbishop Jeffrey Grob, in a statement titled “A Public Apology,” said Sunday that he had received many questions and comments—some of them distraught—about the meeting on Thursday which he and 11 other bishops attended. He said the meeting was speedily publicized by the White House with photos and a video, without consent of the participants, and less than two weeks away from the midterm elections. “I feel a heavy sadness, not only over the pain I caused, but also for the fact that something so sacred to a group of religious leaders, prayer to our Heavenly Father, would be manipulated in that way,” Grob said. The bishop of Des Moines,

Iowa, William Joensen, also issued a statement making clear he felt the White House had taken advantage of the bishops. “I wish I had been more shrewd and less simple, like those who exploited our meeting for partisan political purpose,” he wrote. “I pray I am more prudent and wise going forward, even as I remain resolute in my openness to engaging and praying for political leaders at all levels.” Asked whether the White House had or hadn’t received the bishop’s consent for releasing the photos and video, the press office declined to answer that question. Instead, White House spokeswoman Taylor Rogers replied, “There has never been a greater president for Catholic Americans than President Trump, and his strong record proves it.” The White House invitation to the bishops—extended in September—offered discussion about such issues as immigration enforcement, religious worker visas, abortion and use of federal tax credits to support private education, according to Joensen

MARINE One, carrying President Donald Trump, lifts off from the South Lawn at the White House, Thursday, October 22, 2026, in Washington. AP/MANUEL BALCE CENETA

and Grob. “The meeting was in no way an endorsement of the president, his policies, or his party,” wrote Grob. “We were told the meeting

was to be a private discussion, that several Catholic members of the cabinet might make an appearance, and that there could be an opportunity to pray

privately with the president.” “It did not take long thereafter for the White House to post a video and photos of the prayer,” Grob said.

“I soon began receiving messages of serious concern over the possibility that I had inadvertently participated in a political event less than two weeks before a national election,” he added. “I also heard from some who felt wounded because of the ways they or their family had been harmed by the president’s policies.” “I did not go without reservations. I wish I had heeded them,” Grob concluded. “I apologize for any damage my actions have done.” Collectively, members of the US Conference of Catholic Bishops have diverse views on Trump and his administration’s policies. Minnesota-based Bishop Robert Barron, for example, agreed to serve on Trump’s Religious Liberty Commission, which was filled almost entirely with conservative Christians. Some other bishops vehemently denounced aspects of Trump’s tough stance on immigration enforcement, saying it runs counter to Catholic teaching.

Tuesday, October 27, 2026

www.businessmirror.com.ph

Leptospirosis bacteria endemic in Manila estero

By Claudeth Mocon-Ciriaco

EPTOSPIROSIS risk is not just a post-typhoon hazard hiding in floodwaters—it is a yearround reality embedded right in Metro Manila’s waterways. Researchers from the University of the Philippines Diliman College of Science (UPD-CS) and the Philippine Genome Center (PGC) have discovered that Leptospira—the bacteria responsible for leptospirosis—is continuously present in the entire

length of Estero de Paco, that passes through a a heavily populated urban community in Manila. Unlike popular belief that the deadly bacteria only spike in floodwaters after torrential rains, the new findings reveal that the pathogen lives

persistently in both the soil and water, spread evenly across the estero regardless of season. Screening 448 bacterial isolates taken from five different sites along Estero de Paco, the team confirmed Leptospira at every single location. Statistically, there was no difference in bacterial concentration whether tested upstream or downstream, in water or in soil. “Most people picture leptospirosis risk as something you catch from an obvious flood puddle after a typhoon,” said Ram Julius L. Marababol, lead researcher on the studies. “What our data show is that the bacteria aren’t waiting for a flood to arrive—they are already living in the soil and water of an ordinary city waterway all year round.” Senior author Windell L. Rivera emphasized that the absence of

isolated “hotspots” fundamentally changes how public health officials must tackle the issue. “The old model of pointing to one contaminated spot and cleaning it up isn’t going to be enough,” Rivera explained. “If an entire waterway is functioning as a single, connected reservoir, then surveillance and intervention have to be rethought at the scale of the whole system.” In addition to proving the bacteria’s pervasive presence, the team isolated two strains carrying the lipL32 gene—the definitive genetic marker for disease-causing lineages. Through advanced genetic sequencing, the researchers identified the species as Leptospira yasudae, a pathogenic strain capable of infecting both humans and animals. This marks

the first time L. yasudae has ever been sequenced in the Philippines. Fewer t han ten complete genomes of L. yasudae exist globally. A nalysis showed that the Philippine strains are genetically distinct from the only two other recorded genomes worldwide (found in Mayotte and Brazil), sug gesting Metro Manila’s water ways may harbor a unique, locally evolved lineage. The complete draft genome—a 4.5-million-base-pair blueprint—was deposited in Microbiology Resource Announcements. While leptospirosis has long been classified as a neglected tropical disease, experts warn that cases are steadily shifting toward rapidly urbanizing, densely populated cities. In Metro Manila, inadequate drainage,

informal settlements, and frequent flooding create prime conditions for the bacteria to spill over into human populations. The researchers clarified that their current data does not yet measure human infection rates from these specific strains or link them directly to recent case spikes. However, proving that a dangerous pathogen is genetically embedded throughout a key urban waterway proves that public health strategies, flood-season monitoring, and civic warning systems need an immediate overhaul. The studies were supported by the Department of Science and Technology (DOST) and conducted by the Pathogen-Host-Environment Interactions Research Laboratory at UP Diliman in partnership with the PGC.

Rainwater lifeline faces big El Niño test No easy comeback By Carmel Pedroza

EBU CIT Y—For three years, a humble rainwater collection system has kept the taps flowing

in a remote Cebu village. Now, it faces its toughest challenge yet: a potentially severe El Niño looming on the horizon. In sitio Butong, barangay Basiao, Badian town, finding everyday water used to mean

a long trek or paying P5 a container in a neighboring town. That changed in 2023 when residents built their own rainwater collection facility through the Department of Social Welfare and Development’s

(DSWD) Kapit-Bisig Laban sa Kahirapan– Comprehensive and Integrated Delivery of Social Services (Kalahi-CIDSS) program. Today, the system serves 84 households— up from the initial 79—supplying vital water for farming, bathing, and other chores. “Access to water has always been a challenge in sitio Butong because there is no water source within the community,” said Basiao barangay captain Julito Apostol in a DSWD Central Visayas news release. The setup initially provided two rainwater collectors per household, turning passing showers into a crucial buffer against scarcity. With no proper roads to bring in heavy drilling machinery, underground wells are not an option. Rainwater is quite literally their only local source. Wi t h s t ate we at h e r f o re c a s te r s predicting a major El Niño spell between September and December this year, concerns are rising that current storage capacity will not be enough to survive a prolonged drought. “They need additional collectors,” Apostol noted. “For now, they share what they have and help one another survive.” While the system handles domestic chores, households still have to buy drinking water. If rain stops falling and storage runs dry, residents will be forced back to their old, grueling routines—hauling water kilometers from neighboring towns. Keeping the water flowing has taken a full team effort. The Banika Farmers’ Association has stepped up to manage and maintain the setup, taking over after the previous water association went inactive. The project highlights how small, community-led initiatives can make a massive difference in hard-to-reach areas— and why expanding storage will be essential as extreme weather becomes the new normal.

for delisted party-list groups By Mary Jade Jadormio

ELISTED party-list organizations have until December 30 to petition for reinstatement, but the Commission on Elections (Comelec) warned that past accreditation will offer no shortcut back onto the ballot. Comelec Chairman George Erwin M. Garcia emphasized that while the poll body is open to receiving new petitions— noting that delisting is not permanent—every applicant will face a rigorous, fresh evaluation. “They can refile their petitions because their delisting is not permanent,” Garcia said in a recent radio interview, adding that groups may adjust their leadership, update officer lists, or form coalitions as part of their bid for reaccreditation. However, historical participation or prior approval will not grant applicants an advantage. “We will look at your track record,” Garcia stressed, noting that former accreditation

carries no additional weight during screening. The poll body plans to scrutinize past electoral performance, specifically evaluating whether groups consistently mobilize enough votes to secure seats in the House of Representatives. Garcia openly questioned whether organizations that repeatedly draw a mere 5,000 votes can legitimately claim to represent marginalized sectors. “We will be very strict in registering them,” Garcia added, framing the heightened scrutiny as a safeguard against affluent or influential figures exploiting the party-list system for congressional seats. The warning follows Comelec’s recent cancellation of 50 party-list registrations. Of those removed, 10 failed to field candidates in the last two consecutive elections, while 40 were dropped for failing to secure the required vote thresholds and seats. Comelec aims to resolve all accreditation and reinstatement petitions in the coming year.

Nutritious ‘ResQ Meals’ prepared for calamities By Manuel Cayon @awimailbox

AVAO CIT Y—To bridge a critical gap in emergency preparedness, the Department of Science and Technology–Food and Nutrition Research Institute (DOSTFNRI) has developed four high-nutrition, ready-to-eat food packs designed for disaster survival. The agency is now calling on food manufacturers and private investors to commercialize the products. Dubbed “ResQ Meals” (Ready for Everyday and Emergency SituationsQuality Meal), the shelf-stable lineup was showcased during the Handa Pilipinas 2026 Visayas Leg in Palo, Leyte. The initiative aims to address severe shortages of protein, energy, and essential micronutrients during calamities when traditional food

supply chains break down. The four newly developed options include: n Champro+: A high-protein chocolate porridge made from rice, cocoa, dairy, and plant-based protein (packing 14 grams of protein and nine grams of dietary fiber per 250g serving). n Enerbisc: A energy-dense milk biscuit formulated specifically for children, delivering at least 360 kilo calories per 80g pack. n KAIN Na!: A low-sodium, readyto-eat meal containing rice, chicken, and mixed vegetables. n Nameaaat: A ready-to-eat chicken and sweet potato meal featuring a reduced-sodium, soy-based sauce. The Philippines ranked first on the World Risk Index from 2022 to 2025 as the world’s most vulnerable country to natural hazards such as typhoons, earthquakes, and floods.

FNRI officials noted that while evacuation plans and early warning systems are prioritized, nutritional needs are frequently neglected during disasters. “During calamities, basic survival often takes precedence over proper nutrition,” said Jaypy S. de Juan, supervising science research specialist and head of the DOST-FNRI Technology Transfer and Commercialization section. “When preparing, we need sufficient energy to handle these situations. Disaster food supplies should follow the ‘Pinggang Pinoy’ conceptincorporating ‘go, grow, and glow’ foods to ensure balanced nutrition.” DOS T-FNR I i s ac t ive ly see ki ng i ndu st r y pa r t ners to sc a le up produc t ion. De Juan said several letters of intent are currently being processed, with commercial availability targeted for the first or second quarter of 2027.