pine tariff negotiations with the United States were stalled by several “roadblock” issues during the 47th Association of Southeast Asian Nations (ASEAN) covering nontariff barriers and some of the country’s top exports in agriculture and electronics, according to Malacañang.
Citing her discussion with Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick D. Go, Palace Press Officer Claire Castro said officials have yet to iron out the de -
tails of their talks with the US on non-tariff measures.
“He told me that negotiations are ongoing [for the tariff] and that there are issues, which we can say that are comprehensive, regarding the trade rules and regulations and on non-tariff measures like services and engaging investments,” Castro said in Filipino in a press briefing in Malaysia on Monday.
Go had noted that the country is carefully negotiating the terms on products, which are crucial for the country’s major agricultural exports like coconuts, pineapple, sugar and cocoa.
He said the government is making sure the talks will have no neg-
ative impact on electronic products, which are the country’s top exports as of last year generating a total earning of US$2.79 billion, according to the Philippine Statistics Authority.
“Those are some of the goods that the Philippines cannot easily negotiate lightly,” Castro said. Castro gave assurances the country’s trade negotiators will make sure to minimize the possible negative effects of the new tariff policy from the US.
In April, US President Donald Trump initiated his so-called “Liberation Day,” imposing a minimum 10-percent tariff on almost all imports. The incident prompted many of
the US trade partners, including the Philippines, to negotiate with the US for the lowering of the tariff rates.
The Philippines was initially slapped with a 20-percent tariff under the said new tariff regime. It was reduced to 19 percent after the country agreed to some concessions last July. The government economic managers said they will continue to negotiate to further bring down the said tariff rate. During the ongoing 47th ASEAN Summit, the White House has announced tariff-related deals with Malaysia and Cambodia as well as framework trade agreements with Vietnam and Thailand.
BLUNT DISASTER IMPACT’
By Reine Juvierre S. Alberto
the Philippines may not be able to escape its fate as the world’s most disasterprone nation, good governance can turn the tide to resilience and growth, according to economists.
BUILT HOMES BEHIND MANY DISASTER DEATHS
By John Eiron R. Francisco
BACOLOD CITY—Many of the casualties and damage from disasters in the Philippines stem from weak houses and poorly built structures that fail to withstand strong winds or earthquakes, the country’s science chief said. At the Handa Pillipinas-Visayas leg in this city, Department of Science and Technology (DOST) Renato U. Solidum Jr. said Monday that about 40 percent of houses nationwide are non-engineered and are often built without proper building permits. These collapses, Solidum told the BusinessMirror, are usually due to three main factors: poor design, substandard materials, and inadequate workmanship. He cited the recent 6.9-mag-
nitude earthquake offshore Cebu, noting that some buildings collapsed at the lower levels because they were top-heavy, while others used substandard materials.
He added that most affected structures were private homes rather than government buildings.
“We have to really look at how people can be assisted in really following earthquake resilient design and making sure that these would conform to the code,” he said, noting that “the real challenge lies in enforcing the building code and proper land-use policies at the local level.”
“My idea of resilience is to build stronger. Let us retrofit houses that are weak,” Solidum emphasized.
By Samuel P. Medenilla @sam_medenilla
KUALA LUMPUR—Presi-
dent Ferdinand Marcos Jr.
said the timely upgrade of the ASEAN-Korea Free Trade Area (AKFTA) will help the regional bloc and South Korea repel the effects of the “growing protectionist tendencies in the global economy.”
He also recognized the role of South Korea in enhancing the competitiveness of micro, small, and medium enterprises (MSME) and start-ups.
“On the economic front, the Philippines welcomes the launch of the negotiations to upgrade the ASEAN-Korea Free Trade Area, a timely step in strengthening ASEAN-Korea economic ties and ensuring that our partnership remains relevant in today’s rapidly changing global economy,” the chief executive said
in his intervention at the second day of the 47th ASEAN Summit in Malaysia on Monday morning.
A strengthened AKFTA, he said, will help keep the economies and involved parties “to remain open” as more countries focus on their domestic trade.
After taking effect in 2019, the AKFTA helped boost trade between ASEAN and South Korea, reaching US$156.5 billion in 2019 and helping generate 700 million people.
It provided ASEAN exports greater market access to Korea starting from 2006, and helped them get free market access in 2010 as Korea eliminates tariffs for goods coming the regional bloc.
The Philippines also signed its own FTA with South Korea Free Trade Agreement (FTA) in 2024, which is also expected to spur trade between the two countries.
terparts,” he said.
The President also cited South Korea’s roles for promoting cybersecurity; disaster mitigation through upskilling; cultural exchanges; environmental sustainability; and maritime priorities of ASEAN, which are “anchored on a rules-based international order.”
He said he is looking forward to co-chairing with South Korea and the United States the ASEAN Regional Forum (ARF) Workshop on Best Practices for Port State Measures to Combat Illegal, Unreported, and Unregulated (IUU) Fishing.
“In particular, we commend the initiatives of the ASEAN-Korea Centre, such as the annual ASEANKorea Startup Week, which serves as a valuable platform for promising ASEAN startups to engage in networking and capacity-building activities with their Korean coun-
Marcos also cited South Korea’s support for MSMEs and start-up development.
“I am confident that ASEAN and the ROK [Republic of Korea] will continue to work together to advance peace, prosperity, and security in our region because we are guided by a common goal of uplifting the lives of our peoples,” Marcos said.
PRESIDENT
Solidum: Poorly built homes…
He proposed that local building officials proactively distribute engineer-approved house designs along with a bill of materials, instead of waiting for residents to apply for permits.
This would ensure that both design and materials comply with building codes. Monitoring construction, he said, should follow immediately.
“Second, why can’t we help before the disaster happens?” the science chief asked, suggesting that companies and communities could help strengthen the homes of vulnerable Filipinos so they are better protected from earthquakes and flash floods.
He added, “Mas mura pong tumulong ngayon kaysa pagkatapos ng disaster.”
[It is far cheaper to assist now than to respond after a disaster occurs.]
Solidum underscored that efforts to build resilience should be developmental, focused on uplifting the lives of the most vulnerable.
“Through science, technology, innovation, and our unity as Filipinos, our spirit of bayanihan, we can transform disasters into opportunities, challenges into collaborations, and risks into resilience,” he said.
“We Filipinos are portrayed as victims of disasters, but we can become victors over disasters,” Solidum added.
Oil firms set big-time fuel price hikes; diesel up by ₧2
By Lenie Lectura
OILfirms are implementing a big-time fuel price hike this week.
A liter of diesel will go up by P2. Gasoline and kerosene prices, meanwhile, will increase by P1.20 per liter and P1.70 per liter, respectively. The price adjustment takes effect at 6a.m. of Tuesday, October 28. This was announced Monday by Shell, Petron, Caltex, Seaoil, Jetti, Total, and
Unioil. Cleanfuel, on the other hand, will adjust its prices at 4:01 p.m.
Oil firms adjust their prices every week to reflect movements in the world oil market.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) cited prospects of new US sanctions on Russian oil companies over the war with Ukraine as one of the reasons for this week’s steep fuel price hike.
Last week, oil firm hiked diesel price by P0.10 per liter. Diesel and kerosene prices were reduced by P0.70 and P0.60 per liter, respectively. This brought year-to-date adjustments to a net increase of P15.30 per liter for gasoline, P17.15 per liter for diesel, and P4.85 per liter for kerosene.
German firms ‘cautiously optimistic’ on PHL prospects
By Andrea E. San Juan @andreasanjuan
GERMAN firms in the Phil -
ippines said they are maintaining a “steady but cau -
tious” business outlook over the next 12 months.
“Businesses continue to view the Philippines as a strategic location for growth, yet expectations for improvement remain subdued amid
persistent global and domestic headwinds,” according to the results of the AHK World Business Outlook Survey.
The findings of the survey, which was conducted by the German-Philippine Chamber of Commerce and Industry (GPCCI), revealed that the companies remain cautiously optimistic about prospects for expansion, job creation, and diversification.
However, these firms highlighted several areas of concern including “uncertainties in economic policy, the need for stronger legal certainty, a shortage of skilled labor, and fluctuating market demand.”
About 47 percent of the respondents said they are optimistic about their business situation, and nearly half or 49 percent anticipate stable business development over the next 12 months.
Further, 69 percent of respondents expect continued momentum in local economic development, while 51 percent foresee steady trends in local investments. Additionally, 58 percent of firms express confidence in the stability of the local workforce.
GPCCI President Marie Antoniette Mariano said German businesses continue to express “continued confidence” in the Philippines as a leading destination for investment and growth.
To turn this confidence into lasting economic gains, she said the Philippine government must “accelerate reforms that reinforce transparency, ensure policy coherence, and enhance administrative efficiency to improve the ease of doing business.”
“A stable, predictable, and accountable governance environment—anchored on clarity,
fairness, and trust—will further deepen investor confidence, attract high-quality long-term investments, and strengthen the Philippines’ position as a competitive and reliable partner in the region,” the GPCCI president said.
The business group pointed out that economic policy conditions continue to be the top concern, largely due to the “perceived inconsistency and unpredictability” of local policies.
Concerns on legal certainty, meanwhile, grew “significantly” and now ranks as the second most pressing issue, particularly in relation to the efficiency and clarity of regulations and their consistent application, including bureaucratic and taxation challenges.
Meanwhile, GPCCI noted the ongoing demand for skilled labor has highlighted the shortage of qualified workers in the Philippines as a key challenge for companies.
In addition to these concerns, businesses have identified other specific risks including tax administration, climate threats, and political challenges.
Marian Majer, GPCCI Policy and Advocacy Chairperson, said these concerns reflect the “nuanced” business environment in the Philippines where optimism about growth is balanced by “structural and policy-related challenges.”
“This sentiment underscores the importance of fostering a more predictable policy environment, enhancing regulatory excellence, and ensuring consistent, efficient implementation, as well as prioritizing education and workforce development to support sustainedinvestor confidence and inclusive economic progress,” added Majer.
‘Farm-to-market road cost must be pegged on terrain’
“very strong.”
He added that the Philippine Agricultural Engineering Standards (PAES) for roads was already established.
“So all of these mechanisms, plus the strengthening of the RAED, will help in implementing the DA’s FMR projects,” he said.
Should the DA implement FMRs starting 2026, de Mesa said the government will find
alone have cost P822 million in infrastructure losses, while agricultural damages amounted to P916 million.
The Cebu earthquake also caused P6.8 billion in damage, which exposed the sorry fact that many of the public infrastructure were neither quake-resistant nor built to standard.
On top of this is the massive corruption in flood control projects, which cost the government P118.5 billion in economic losses from 2023 to 2025, according to the Department of Finance.
“The moral indictment is clear: corruption kills growth, weakens resilience, and erodes trust,” Guinigundo and Mañalac said.
For a developing country like the Philippines, they said, good governance is not a moral luxury, but an “economic necessity.”
“When public works are marred by inefficiency and fraud, they not only waste resources but also weaken the very foundations of inclusive growth: connectivity, productivity, and resilience,” they added.
To rebuild the ruins, the economists said that integrity, discipline and political will are needed.
“The Philippines’ status as the world’s most disaster-prone nation is unlikely to change. What can— and must—change is how the country prepares, builds, and governs,” they said.
What is inevitable, they said, is the result of choices made by institutions and leaders—not the recurring cycle of destruction and repair. So far, the Department of Public Works and Highways (DPWH) has taken bureaucratic restructuring to restore integrity and efficiency.
This includes digital transparency through an online project tracker, closer coordination with the Commission on Audit for on-site monitoring, rotation of engineers to disrupt local patronage networks and the creation of a Public Works Integrity Office to investigate anomalies and enforce discipline.
The Marcos administration has also established the Independent Commission for Infrastructure (ICI), a non-partisan body tasked to audit major projects, issue annual integrity reports and recommend the prosecution of erring officials and contractors.
“These measures aim to institutionalize accountability and ensure that infrastructure spending contributes not only to physical capital but also to governance capital, the credibility and efficiency that sustain long-term economic growth,” the economists said.
ways to carry these out given the number of projects involved.
“There’s a lot of FMRs, and our regional offices might be taken aback. But it can be done through the local governments or a design-and-build scheme. There could be other ways on how to implement FMRs,” he said.
“The important thing here is to ensure that from the design to bidding to actual implementation, everything is done properly.”
DOE Undersecretary Giovanni Carlo J. Bacordo said the workshop will help chart a clearer pathway forward. “As the first financing workshop with the IAEA, this marks another important step in our country’s continuing efforts to explore the potential of nuclear power as a viable option in achieving energy security, economic development, and a sustainable future for the Philippines,” said Bacordo.
During the workshop led by NEPIAC’s Subcommittee 1, participants also discussed the nuclear perspectives for the Philippines, regulatory framework, institutional roles of the regulator and operator, large reactors and small modular reactors, and financing and ownership models of nuclear power plants.
The Philippines recently signed into law Republic Act No. 12305 or the Philippine National Nuclear Energy Safety Act, which provides for a comprehensive and strong legal basis for the country’s nuclear energy program.
The law establishes the Philippine Atomic Energy Regulatory Authority or PhilATOM to serve as a quasijudicial body with exclusive jurisdiction over nuclear energy regulation.
A GAS station attendant refills a car fuel tank in Visayas Avenue, Diliman, Quezon City. PNA FILE PHOTO
House bloc seeks probe of GSIS investments
By Jovee Marie N. dela Cruz @joveemarie
ROGRESSIVE lawmakers
Pfrom the Makabayan bloc of the House of Representives on Monday filed a resolution urging the chamber to launch an investigation into the alleged anomalous and high-risk investments made by the Government Service Insurance System (GSIS), which they said may have already resulted in billions of pesos in losses and exposed the social insurance fund of government employees and pensioners to serious financial risks.
House Resolution 415, introduced by Party-list Reps. Antonio L. Tinio of ACT Teachers, Sarah Jane I. Elago of Gabriela Women’s Party, and Renee Louise M. Co of
Kabataan, directs the House to investigate, in aid of legislation, the controversial investment decisions of the GSIS under the leadership of its president and general manager, Jose Arnulfo “Wick” Veloso.
The resolution came after a letter dated October 14, 2025, from current and former GSIS Board of Trustees members—including former Ombudsman Ma. Merceditas Gutierrez, Emmanuel De Leon Samson, Rita Riddle, Evelina Escudero, Jocelyn de Guzman Cabreza, and Alan Liga are calling for Veloso’s resignation. The trustees accused Veloso of engaging in high-risk and poorly vetted investments that allegedly caused P8.8 billion in losses, violated GSIS’ fiduciary duties, and lacked transparency.
Among the cited controversial investments were shares in Monde Nissin Corporation, totaling P4.8 billion, with reported losses of P1.4 billion; Nickel Asia Corporation, P1.5 billion, losing P618.6 million; Bloomberry Resorts Corporation, P1.45 billion, losing P901.9 million; and DigiPlus Interactive Corp., P1.2 billion, losing P749.5 million, said the lawmakers.
They added that other investments flagged for noncompliance with GSIS investment policies include Alternergy Holdings Corp., Figaro Culinary Group Inc., Udenna Land Inc., and 8990 Housing.
The lawmakers said these investments violated Section 36 (h) of the Government Service Insurance System Act of 1997 (RA 8291), which requires investments to
meet standards of liquidity, safety, and yield and to ensure the actuarial solvency of the GSIS fund.
The lawmakers also said the Commission on Audit has flagged the GSIS for investing P2.3 billion in three companies—two of which have been unprofitable and have not declared dividends recently.
Based on COA’s summary, GSIS invested P1.45 billion in Alternergy Holdings Corporation, P472.9 million in SP New Energy Corporation, and P300 million in Bank of Commerce. Of the three, only the Bank of Commerce reported profits over the past three years, though it also failed to pay dividends.
Alternergy and SP New Energy, meanwhile, posted consistent losses, raising concerns about the
Bad weather, Taal Volcano eruption prompt suspension of search for missing sabungeros
Tsoundness of GSIS’ investment decisions.
The audit body further found that GSIS’ board allegedly failed to comply with internal investment policy guidelines when it acquired Alternergy’s preferred stocks.
In July 2025, the Office of the Ombudsman placed Veloso and several GSIS executives under six-month preventive suspension without pay for alleged grave misconduct and gross neglect of duty linked to the P1.4-billion Alternergy deal. However, the suspension was lifted in September 2025 after the Ombudsman ruled there was insufficient ground to believe their stay in office would affect the investigation.
The Department of Finance also announced a parallel probe into the GSIS’ investments, in -
cluding its over P1-billion stake in DigiPlus Interactive Corporation, which reportedly lost nearly 70% of its value amid regulatory pressures in the e-gaming sector. The GSIS has since defended its investment strategy, pointing to its August 2025 report showing total assets of P1.92 trillion, a net income of P100.02 billion, and an extended fund life until 2058. The pension fund said the controversy stemmed merely from “a difference in perspectives on investment strategy and governance philosophy.”
Despite these assurances, the Makabayan lawmakers insisted that the issue raises serious concerns about transparency, accountability, and the protection of workers’ and retirees’ contributions.
Filipinos outright refusal of military intervention proof of a mature
democracy
By Joel R. San Juan @jrsanjuan1573
HE Coast Guard’s (PCG) retrieval operations for the remains of missing cockfighting enthusiasts or “sabungeros” at the Taal Lake have been temporarily suspended due to bad weather conditions.
DOJ spokesman Polo Martinez said the halt in the operations took effect on Monday.
“Operations were suspended initially due to weather conditions and exacerbated by the minor eruptions,” Martinez said.
“Primarily, there is signifi -
cantly poor underwater visibility,” he added. Martinez, however, assured that all operating units of the PCG are still on standby at the area and prepared to resume its search for the remains of the missing sabungeros which were believed to have been dumped at the Taal Lake four years ago.
As of October 12, PCG divers have recovered at least 981 bones from the site, 887 of them were confirmed human bones since the agency started the retrieval operations last July. Forensic experts are still conducting DNA analysis of the
bones retrieved from the lake, hoping that these will match with the DNA samples collected from the families of missing sabungeros.
The DOJ, however, is ready to resolve the complaint filed against Charlie “Atong” Ang and more than 50 others by the families of the missing sabungeros” with or without positive results from the DNA examinations.
The October 21, the Justice department wrapped up its preliminary investigation into the multiple counts of murder, serious illegal detention, violation of Republic Act 10353, An
Act Defining and Penalizing Enforced or Involuntary Disappearance; obstruction of justice under Presidential Decree 1829; violation of RA 11983 or the New Philippine Passport Act; corruption of public officials under the RPC; and violation of RA 9851, and the Philippine Act on Crimes Against International Humanitarian Law, Genocide, and Other Crimes Against Humanity, filed against Ang and the other respondents who were identified by whistleblower Julie “Dondon” Patidongan as among those responsible for the disappearance of the cockfighting enthusiasts.
Troops shoo away Chinese ‘cyanide fishers’ at Ayungin Shoal
TROOPS from the Armed Forces Western Command have prevented Chinese fishing boats from engaging in illegal fishing activities at Ayungin Shoal, West Philippine Sea on October 24, the Armed Forces (AFP) said on Sunday.
In a statement, it said that this action is part of its commitment to protect the marine environment in the WPS.
The AFP added that units from the Western Command in Puerto Princesa, Palawan were the ones who accomplished this task.
“The AFP reaffirmed its commitment to protecting the marine environment in the WPS after forces of the Western Command prevented Chinese fishing boats engaged in illegal fishing activities on Oct. 24, 2025 near Ayungin Shoal,” it added.
In adherence to established protocols, AFP personnel promptly escorted the unauthorized fishing boats out of the area and confiscated bottles containing suspected cyanide chemicals reportedly used for destructive fishing.
“The swift and measured action prevented further harm to coral reefs and marine life, underscoring the AFP’s commitment to protecting the ecological integrity of
Erwin Tulfo flags reblocking of fine roads
TBy Butch Fernandez @butchfBM
the WPS for future generations,” it said.
The AFP also reiterated that its continuous presence and patrols in the WPS are lawful and primarily focused on ensuring the safety of personnel, upholding territorial integrity, and advancing the protection and preservation of the marine environment within the country’s maritime domain.
Rex Anthony Naval
THE Philippines is now a mature democracy. This is what the Department of National Defense (DND) on Monday called the public’s outright rejection of any possible attempts of the Armed Forces (AFP) to intervene in political issues affecting the country.
“The public’s clear rejection of any form of military intervention in politics underscores a mature democracy and validates the AFP’s steadfast commitment to remain non-partisan and focused on defending the nation,” it said.
This sentiment was revealed in the Octa Research “Tugon ng Masa” nationwide survey that focused on “Filipino Attitudes Towards the Armed Forces of the Philippines and Its Involvement in Politics.”
The study, conducted from September 25 to 30, using face-to-face interviews involving 1,200 male and female
Frespondents aged 18 and up, had the majority or 70 percent of adult Filipinos opposed or do not want the AFP from intervening in political disputes. Only 5 percent have expressed support for this idea while 22 percent are ambivalent. The DND also added that only “foreignbacked quarters” are parroting rumors of military intervention for their own benefit. It added that such attempts aim to subvert our constitutional processes, and hijack the people’s call for accountability and transparency for their personal political agenda.
“The DND echoes the AFP’s clarion call—a strong AFP for a strong Philippines. The AFP’s strength lies in its discipline, service, and allegiance to the Constitution and the Filipino people. Only enemies of the state wish us to fail,” the DND concluded. Rex Anthony Naval
By Malou Talosig-Bartolome
ILIPINO workers and permanent residents living abroad will soon be able to register as overseas voters for the 2028 presidential elections—while visiting Manila or awaiting deployment.
Starting December 1, 2025, overseas Filipinos may register at the following locations:
n Department of Foreign Affairs (DFA) – Aseana Building, Parañaque City
n Department of Migrant Workers (DMW) – Ortigas, Pasig (formerly POEA)
n Overseas Workers Welfare Administration (Owwa) – Pasay City
n Maritime Industry Authority (Marina) – Port Area, Manila n Manila Economic and Cultural Office (Meco) – Makati City
This expanded registration access comes after the Commission on Elections signed Memoranda of Agreement (MOAs) with DFA, DMW, Marina, Meco, and the Commission on Filipinos Overseas (CFO) on September 19.
“The same road, Mr. Chairman, the same municipality, is repeatedly dug up, even when there’s nothing wrong with it,”
This was affirmed by Public Works
Secretary Vivencio Dizon, saying that the agency has laid down clear guidelines and criteria for reblocking. Dizon, likewise, cited the recent suspension of reblocking activities nationwide since October 7.
HE common practice of reblocking fine roads, resulting in duplication of government infrastructure projects, is another terrible waste of resources, Sen. Erwin Tulfo said on Monday. At the continuation of the 2026 budget briefing of Department of Public Works and Highways (DPWH), Tulfo said, in Filipino: “This is common in the provinces. A road that has been newly inaugurated will suddenly be dug up again the following month.
“We will look at these projects, and see
if it is really in disrepair. We will have to go deeper into that investigation. But for your information, Senator, we stopped as of October 7 all reblocking activities nationwide.”
Tulfo then renewed his call for stricter audit of infrastructure projects, to avoid the irregular reblocking projects in the future.
“Have you already established the control so this is not repeated, particularly with the Commission on Audit, in the regions or district offices that have been reported?”
Lawmaker urges more school feeding programs
AS hunger has been found to correlate with lower mathematics scores—highlighting how poor nutrition hampers cognitive development, focus, and classroom performance—a lawmaker has urged the strengthened implementation of the Masustansyang Pagkain para sa Batang Pilipino Act. Through House Bill 5681, Quezon City Rep. Patrick Michael Vargas seeks to expand and update the government’s national feeding and nutrition program for Filipino learners, saying that improving children’s health is key to improving their academic performance and long-term development.
“Malnutrition is not just a health issue— it’s an education issue,”Vargas said. “We cannot expect our children to perform well in school if they go to class hungry or are suffering from undernutrition. Strengthening our school nutrition programs is a crucial step toward building a healthier and smarter nation.” Despite years of government interventions, malnutrition among Filipino children remains widespread. Data from the 2021 study of the Department of Science and Technology–Food and Nutrition Research Institute (DOST-FNRI) show that nearly 30% of Filipino children under five years old are stunted, indicating chronic undernutrition,
while 5.7% are wasted, reflecting acute malnutrition.
Among school-aged children (5 to 10 years old), one in five—or about 2.7 million children nationwide—remain stunted.
Experts have long warned that malnutrition has far-reaching effects beyond physical health. Studies show a strong connection between undernutrition and poor learning outcomes. According to the 2022 Program for International Student Assessment (Pisa), 12 percent of Filipino learners aged 15 reported going to school hungry every day or every other day because of food scarcity at home.
Tulfo asked, partly in Filipino. This was responded to by Dizon, saying that there will be a pre-audit of all the infrastructure projects, instead of providing only a postaudit. According to him, this is a reform of the processes in the agency.
Senate Committee on Finance Chairperson Sen. Sherwin Gatchalian echoed Tulfo’s sentiment and underscored that adding technical descriptions in infrastructure projects will also prevent the duplications of line items in the budget.
The same study revealed that hunger was closely linked to lower mathematics scores, underscoring how inadequate nutrition undermines cognitive development, focus, and classroom performance.
Vargas said House Bill 5681 aims to ensure that every child has access to healthy and sufficient meals while in school, emphasizing that “no Filipino learner should have to choose between studying and eating.”
“By investing in proper nutrition, we are investing in the future of our youth and the future of our country,” he added.
Jovee Marie N. dela Cruz
“These agreements allow agencies to set up Local Field Registration Centers [LFRCs] for departing and vacationing overseas Filipinos,” the DFA said. The DFA’s LFRC will be located at its ASEANA site, where passport and Apostille services are processed—Bradco Avenue corner Macapagal Boulevard, Aseana Business Park, Parañaque.
Undersecretary Leo Herrera-Lim, chairperson of DFA’s Overseas Voting Secretariat (DFA-OVS), emphasized the shared commitment: “We reaffirm our dedication to making essential services more accessible, no matter where our people are in the world.” The move aims to boost overseas voter turnout, which was low in the May 2025 midterm elections. Of the 1.2 million registered overseas voters, only 18% voted online, and just 6,727 cast ballots in person at embassies or consulates.
Who may register?
OVERSEAS voter registration for the 2028 elections runs until September 30, 2027. Filipino citizens abroad who will be at least 18 years old by May 8, 2028 and are not disqualified by law are encouraged to register.
Applicants may also request:
n Transfer or reactivation of voting records
n Correction of entries (e.g., name or address)
n Change of name
n Inclusion or reinstatement of records
What to bring
n Valid Philippine Passport
n
Overseas Filipinos may soon register for ’28 Presidential polls
Tuesday, October 28, 2025
‘Marcos’ EOs to benefit ARBs’
By Jonathan L. Mayuga @jonlmayuga
PRESIDENT Marcos’ Executive Orders 100 and 101, that established a floor price for palay and ensured the full implementation of Republic Act 11321 or the Sagip Saka Act, respectively, will greatly benefit agrarian reform beneficiaries, the Department of Agrarian Reform (DAR) said.
These landmark measures aim to provide stronger support and protection to the country’s farmers and fisherfolk, including ARBs, according to the DAR, the department said.
The DAR emphasized that these executive orders will significantly benefit ARBs by ensuring fair prices for palay and agricultural products, thereby increasing their income and market stability; expanding opportunities for ARB organizations to directly supply agricultural goods to government agencies and local governments
(LGU) under the Sagip Saka Act; and reducing post-harvest losses through access to government storage facilities; and encouraging local enterprise development that can enhance livelihood opportunities and rural employment.
Under EO 100, the Department of Agriculture (DA), in coordination with a newly established Steering Committee, will determine and adjust the floor price of palay based on specific rules and market factors. This initiative aims to safeguard farmers against unstable market prices, exploit
ative trading practices, and other threats to their livelihoods and agricultural sustainability.
The Steering Committee will be co-chaired by the Department of the Interior and Local Government (DILG) and composed of the Department of Trade and Industry (DTI), the Department of Social Welfare and Development (DSWD), the Department of Agrarian Reform (DAR), and the National Food Authority (NFA). The Committee may also consult with local government units (LGUs), farmer organizations, and other stakeholders to ensure effective implementation.
EO 100 also authorizes the temporary use of public facilities as storage sites for palay, addressing inefficiencies and shortages in post-harvest storage. National government agencies, government-owned or -controlled corporations (GOCCs), state universities and colleges (SUCs), and LGUs may use government-owned structures for this purpose, subject to existing laws and regulations.
Meanwhile, EO 101 mandates the full implementation of the Sagip Saka Act (RA 11321) through the Farmers and Fisherfolk Enterprise Development (FFED) Program, which aims to uplift the socioeconomic conditions of
farmers and fisherfolk. The DA, as the lead implementing agency, will establish the FFED Council to oversee program implementation and ensure that activities align with the objectives of the law.
The program responds to the Poverty Incidence Survey by the Philippine Statistics Authority (PSA) (March 2025), which identified the agriculture and fisheries sectors as among the poorest in the country. To address this, the government will prioritize programs, activities, and projects (PAPs) that directly support the mandates of the Sagip Saka Act.
A key provision of RA 11321 allows direct procurement of agricultural and fishery products from accredited Farmers and Fisherfolk Cooperatives and Enterprises (FFCEs), exempting them from public bidding requirements under the new Government Procurement Act (RA 12009). When local products are unavailable, LGUs and government agencies may source from nearby accredited FFCEs.
The DA will also establish Sagip Saka Desks in its regional and field offices to facilitate registration, information dissemination, and coordination among farmers and fisherfolk, thereby making program access easier.
Canada pushes to fast-track Asean, Philippines trade talks
By Malou Talosig-Bartolome
CANADA is accelerating its trade diversification strategy in Southeast Asia, with Prime Minister Mark Carney announcing plans to fast-track negotiations for both a Canada-Asean Free Trade Agreement (FTA) and a bilateral FTA with the Philippines.
The announcement came during Carney’s meeting with President Marcos on the sidelines of the Asean Summit in Kuala Lumpur on Sunday.
The move aligns with Canada’s new strategic goal to double its non-US exports over the next decade, a priority underscored by Carney as he seeks to reduce the country’s economic dependence on its southern neighbor.
“The leaders agreed to accelerate negotiations on a Canada-Asean free trade agreement, with the intention to conclude negotiations in 2026 during the Philippines’
Asean chairmanship. “The leaders also announced their intention to imminently launch negotiations on a bilateral Canada-Philippines free trade agreement, with the goal of conclusion in 2026,” a readout from the Office of Prime Minister of Canada said.
The push comes amid renewed trade tensions between Canada and the United States.
Earlier this week, US President Donald Trump threatened a 10-percent tariff hike on Canadian goods after Ontario aired ads quoting Ronald Reagan’s anti-tariff stance during the World Series.
The move prompted Trump to abruptly cancel bilateral trade talks, further straining crossborder relations. (See related story: https://businessmirror. com.ph/2025/10/26/trumpescalates-trade-tensions-withcanada-imposes-additional10-tariff-after-reagan-ad/)
Canada-Asean FTA talks
CANADA’s engagement with ASEAN has deepened significantly in recent years.
A dialogue partner since 1977, Canada launched a Strategic Partnership with ASEAN in 2023, reinforcing cooperation in political-security, economic, and sociocultural areas.
The Indo-Pacific Strategy, unveiled in 2022, prioritizes ASEAN as a key partner, with trade diversification at its core.
Negotiations for the AseanCanada FTA began in 2021, aiming to enhance commercial ties with one of the world’s fastest-growing economic regions.
In 2024, Asean was Canada’s fourth-largest merchandise trading partner, with bilateral trade reaching $42.3 billion.
Philippine-Canada FTA Talks
CANADA and the Philippines also share a robust bilateral
relationship, underpinned by nearly one million Canadians of Filipino descent.
In 2024, bilateral trade totaled $3.2 billion, and Canada’s direct investments in the Philippines reached $844 million.
The two countries launched exploratory discussions for a bilateral FTA in December 2024 and held their second Joint Economic Commission in June 2025 to advance trade and investment priorities.
Key sectors include clean energy, agri-food, ICT, and critical minerals.(See related story: https://businessmirror.com. ph/2024/12/05/phl-canadato-resume-exploratory-talksfor-fta/)
Carney and Marcos also expressed interest in a bilateral visit “at the earliest opportunity” and committed to staying in close contact as negotiations advance.
Cebu Mayor commits to fast-track lot acquisition for BRT Phase 1 completion
By Carmel Pedroza
CEBU CITY—Mayor Nestor
Archival has pledged to fasttrack the acquisition of remaining lots needed for Phase 1 of the Cebu Bus Rapid Transit (CBRT) Project, assuring lenders that the city government will do its part to move the long-delayed project forward.
The commitment came during a recent coordination meeting with
World Bank Urban Transport Specialist John Richardson, Department of Transportation (DOTr) officials led by CBRT Project Manager Norvin Imbong, and members of the City Hall CBRT team.
Archival said his administration will prioritize securing all affected properties within the first package of the project, which stretches from the Cebu South Bus Terminal to Fuente Osmeña Circle, according to a news release by the city government.
“We need to push this because just imagine—a lot of money [has been spent] there and we’re not using it,” Archival said, referring to the P990-million Package 1, which already has 91 percent of the contract amount paid to the contractor following quality verification by the DOTr’s consultant.
Out of 55 affected lots under Package 1, at least 31 only require the completion of documentation before the government can proceed with payment to property owners.
Archival has directed the City Hall CBRT team to hasten the submission of these documents to the Department of Public Works and Highways (DPWH), which will then endorse them to the Office of the Solicitor General (OSG) for immediate processing.
DOTr has allocated P8 billion for road right-of-way (RROW) acquisition for the entire CBRT project, excluding the Mambaling-to-Bulacao segment.
The agency also gave assurances that funds for RROW payments are ready and will be released to the city once all legal and documentary requirements are completed.
During the meeting, the World
The Elephant in the Room
The Market for Political Influence and
By Henry J. Schumacher
TO date, theoretical models of lobbying have assumed a simple transaction between policymakers and lobbyists and have not yet explained why lobbying is largely conducted through repeated interactions between policymakers and lobbyists, why the lobbying industry is so focused on building relationships, and what value is added by lobbying intermediates.
The literature on political influence activities spans separate field of economics, law, and political science and has largely focused on lobbying activities as a form of market exchange between special interests and policymakers.
There are three broad theories that describe these markets for political influence and access. The first—rather cynical—theory assumes that special interest groups offer resources (such as campaign contributions, political endorsements, vote campaigns, campaign support, or future career opportunities) to policymakers in exchange for policy favours. Two alternative theories focus on the informational characteristics of lobbying. Special interest groups approach policymakers with a mix of private information and financial resources, where the latter does not buy policy, per se, but instead signals the credibility of their information.
Contrary to public misconception, the daily life of firm lobbyists is not filled with glamorous parties and smoke-filled backroom politicking where lobbyists engage in quid pro quo transactions of money for policy. Rather, these firm lobbyists focus their professional attention on honing the fine art of building relationships, primarily with members of Congress and their staffs, but also with potential clients, coalitions, and other individuals and organizations related to their clients and issue areas.
The focus on relationships is reflected in the practices that fill their daily lives as they build, preserve, and then commodify these relationships.
Distinguishable from stereotypical quid pro quo arrangements of goods for policy outcomes, lobbyists would provide support to policymakers and their staff as ‘gifts’—i.e. aimed at building solidarity and
Access
without any clear valuation or expectation of reciprocation. Rather, lobbyist participants engaged in extensive formality to frame support as gifts between political and legislative allies and friends. The general sense is that providing support in small amounts, at the ‘right’ moments, served to build trusted relationships over time to offset any inconvenience caused by taking the policymaker’s time. Fostering a gift economy, lobbyist participants would carefully provide each form of support— electoral, legislative, and personal—in order to maximize the likelihood that the support was received as a gift and minimize the appearance of a quid pro quo transaction. In conclusion, it is demonstrated how in a ‘relationship market’ policymakers have an incentive to provide greater access to citizen-donors and lobbyists with whom they have a relationship. Recognition of the relationship market has the potential to modernize the traditional models of lobbying that envisioned lobbying as a simple quid pro quo transaction or subsidy, by incorporating the dynamics of the growth of the contract lobbyist market and including the incentives of policymakers, citizen-donors, and lobbyists as repeat players. In other words, there is a fine line between lobbying / advocacy work and corruption. As there is always an elephant in the room, all players in this ‘game’ tried to ignore the elephant. But they failed!! Tthe endless stories about corruption appearing in the news today confirm that the elephant has become clearly visible, influencing issues nobody wanted to talk about.
We have no choice but to embrace the elephant and manage the issues nobody wanted to talk about. Let’s fight the market of political influence and the access to corruption benefits. I would love your responses; contact me at hjschumacher@ gmail.com.
INTERNATIONAL think tank
Stratbase
Institute on Monday urged the Senate to prioritize digital infrastructure in the 2026 national budget by beefing up support for the Department of Education’s (DepEd) connectivity and technology programs— especially in geographically isolated and disadvantaged areas.
Bank recommended that the government repackage or reassess its approach to the CBRT before the loan for Package 1 expires in 2026.
Richardson clarified that while the bank is not currently pursuing Packages 2 and 3 due to delays, it remains open to reconsidering these phases once Phase 1 is successfully implemented.
“The World Bank remains ready to support the project, especially if the government intends to complete the entire CBRT system,” Richardson said, noting that the remaining segments could also be implemented through a Public-Private Partnership (PPP).
Despite challenges related to the Capitol Station segment and technical issues, Archival expressed optimism that Cebu City can fulfill its commitments and sustain progress in the coming months.
“We are determined to acquire all remaining lots for Phase 1 so that construction can move without further delays,” Archival vowed.
“This project is crucial not only for decongesting traffic but for showing that Cebu City can deliver on its transport modernization goals,” he added.
Following the House of Representatives’ approval of the P6.79-trillion national budget for 2026 on October 13, Prof. Victor Andres Manhit, Stratbase Institute president, exhorted senators to redirect a portion of unprogrammed appropriations to expand the Last Mile Schools Program, which provides internet access, digital devices, and solar-powered electrification to underserved public schools.
“Now that the House has passed the budget, it’s the Senate’s turn to make a strategic intervention,”Manhit said in a press statement.“
We urge the senators to ramp up funding for digital infrastructure in public schools, especially those farthest from the capital.”
The Last Mile Schools Program maintains a flat allocation of P3 billion in both the 2025 General Appropriations Act and the 2026 National Expenditure Program. A significant portion of this budget supports solar panel installations, which are essential in powering ICT equipment in off-grid areas. Nonetheless, the proposed 2026 budget does not include explicit line items for key programs like the Computerization Program or connectivity enhancement, despite the growing urgency for digital learning infrastructure.
“Reliable broadband internet and access to AI-powered learning platforms are no longer luxuries—they are essential infrastructure,” Manhit emphasized. “They ensure learning continuity during typhoons and floods, and equip both teachers and students with tools to thrive in a digitally driven, AI-powered economy.”
Without the immediate investments, Manhit warned that the country will face a
huge and grim scenario of widening educational inequality and falling further behind in global readiness rankings. The Global Education Futures Readiness Index (Gefri) recently ranked the Philippines fifth lowest in Southeast Asia, scoring only 56.32 out of 100, citing persistent gaps in infrastructure, innovation, and access.
“Unprogrammed appropriations must not become a backdoor for pet projects,” Manhit said.
“Let’s instead use them for a transformative investment that ensures every school is equipped with broadband, digital devices, and online learning content that teachers can use to reverse our education crisis.” Manhit also recommended reforming procurement practices to prioritize solutionbased purchasing over the lowest-bidder model when acquiring digital technologies.
“The latest innovations in education technology are often not the cheapest,” he explained. “If we want
Pangilinan and BOC join forces to combat agricultural smuggling
ENATOR Francis “Kiko” Pan-
Sgilinan joined hands with Bureau of Customs (BOC) in declaring an all-out war against agricultural smuggling as they led the inspection of two 40-foot containers with smuggled agricultural products worth P12.96 million at the Manila International Container Port (MICP) on Monday, October 27. “Ang mahalaga dito ay nagtutulungan ang ating Committee on Agriculture sa Senado at ang BOC. Interestingly enough, ako ay naging chairman ng Senate Committee on Agriculture ng end of July at si Commissioner Ariel Nepomuceno naman ay naging commissioner [ng BOC ] beginning July,” he said.
In his capacity as chair of the Senate Committee on Agriculture, Food, and Agrarian Reform, the senator had been holding public hearings on the state of the country’s agriculture sector and the impact of agricultural smuggling on farmers, fisherfolks, the economy, and consumers.
On Monday, Pangilinan and BOC Assistant Commissioner Vincent Philip Maronilla led the inspection of two containers with misdeclared frozen chicken breasts and fish balls at the MICP. With an estimated total value of P12.96 million, the shipments were originally declared to contain 5,300 cartons of fish balls but were later discovered to hold sacks of frozen chicken breasts instead.
The senator has so far cited in contempt of the Senate five individuals—including brokers and a BOC deputy collector at the Port of Subic—for failing to cooperate with his committee’s investigation into the rampant agricultural smuggling happening in the country’s ports.
“If at all, that’s an indicator of how serious we are, how serious the BOC is. We have been coordinating with the BOC since Day 1 of our smuggling hearings. They have been providing us the necessary documents and information,” he said.
Pangilinan added that he will soon meet with the Office of the
Ombudsman, the Department of Justice (DOJ), and the National Bureau of Investigation (NBI) to start building up cases and filing nonbailable charges against the smugglers under the Anti-Agricultural Economic Sabotage Law.
He pointed out that cases will be filed not only against brokers, consignees, and warehouse owners, but also versus big-time smuggling operators, including government officials.
In joining the inspection, the senator raised concern that the chicken breasts may be unfit for human consumption after receiving intelligence information previously that agricultural products mostly smuggled and shipped from China may pose health risks to consumers.
“Ang lakas ng loob nilang ipasok [at] gumawa ng kalokohan. Is this salvaged value? Ibig sabihin, binili sa China, dapat itapon na, pero dahil mura dadalhin dito tapos lilinisin - ganon ba ang sistema?,” he asked. “We want to check kasi yung ganon. Don ngayon pumapasok yung sakit.”
This concern stems from the P130 billion in losses that affected the country’s hog industry in 2019 due to the outbreak of African Swine Flu (ASF), which wiped out small-scale and large commercial hog farms.
Tayo ba ay nilalason ng China dahil hindi natin alam kung ito ay pwe-pwede kainin o kaya nire-recycle o kaya binibili for disposal na sa China— binibili ng napakamura dadalhin dito, ibebenta ng mura rin kaya namamatay yung ating poultry industry dahil yung manok na galing sa ibang bansa na patapon naidadala dito,” Pangilinan said.
The senator expressed high hopes that with Nepomuceno at the helm of the BOC, they would be able to coordinate and cooperate on putting smugglers behind bars.
He also vowed to support the modernization efforts of the BOC in an aim to achieve better transparency and ensure that proper duties and taxes are collected.
Butch Fernandez
Pampanga street, dance party draws tens of thousands, celebrates 33 years of resilience
By Ashley J. Manabat
ANGELES CITY – Tens of thousands of people once again thronged MacArthur Highway in Balibago as the Tigtigan Terakan Keng Dalan (TTKD) celebrated its 33rd year with nearly 100,000 revelers over two nights of music, dancing, and cultural festivities on October 24 and 25.
What began three decades ago as a daring initiative to lift a city from despair has grown into one of Central Luzon’s most anticipated cultural events that symbolized the resilience, pride, and unity of Angeles City. According to former TTKD organizer Wing Pingol, the festival has maintained its appeal year after year.
“TTKD has been celebrated annually with the same energy and excitement since it began. It is more than just a street party; it is a celebration of who we are as Angeleños because it tells our story of survival and community,” Pingol said, former chair of the Junior Chamber International (JCI) Angeles City Culiat.
JCI Culiat have been the main organizers of the festival since its inception. For 33 years, the civic organization has overseen every detail from logistics and stage management to security and medical preparedness.
“The Culiat Jaycees have always been committed to this project,” Pingol said. “We ensure that every aspect is carefully executed, and we have learned from experience how to maintain both safety and order.”
Pingol recalled the challenges of the festival’s early years where temporary jails were assembled for partygoers involved in fights. He said bar brawls and fraternity disputes were common during large gatherings.
“But those days are gone. Our security measures and medical teams are now wellcoordinated, and people have learned to celebrate responsibly,” Pingol said.
“TTKD is one of our major projects in
Marcos says India ‘key’ to Asean’s concerns, cites growing economy and maritime role
By Samuel P. Medenilla @sam_medenilla
KUALA Lumpur, Malay -
sia—India will be a crucial partner of the Association of Southeast Asian Nations (ASEAN) in solving many of its “common concerns” as it is poised to become the world’s fourth-largest economy, according to President Ferdinand Marcos.
The Chief Executive made the pronouncement at the 22nd ASEAN-India Summit in Malaysia during the weekend.
“As a committed dialogue part -
ner that recognizes the ASEAN centrality through its Act East policy which stresses ASEAN as a core pillar of its engagement, we may also turn our gaze to India for solutions to our common concerns,” he said.
Marcos, who is the Country Coordinator for the latest ASEAN-India Dialogue, will serve as chair of the ASEAN Summit next year to be held in the Philippines.
Based on the World Economic Outlook of the International Monetary Fund, India has become the fourth largest economy
in the world.
The President also highlighted India’s crucial role in maintaining maritime peace in the IndoPacific region.
“In this regard, I thank Prime Minister Modi for India’s consistent support for international law and the rule of law in our seas,” he added.
Modi announced that 2026 will be the “ASEAN-India Year of Maritime Cooperation” to promote maritime security and development.
During Marcos’ state visit to India last August, Marcos dis -
cussed the country’s enhanced maritime cooperation with the Indian naval forces. He thanked Indian Prime Minister Narendra Modi for being a gracious host during the said state visit.
“Last August, I had the privilege of visiting India at the invitation of Prime Minister Modi. And during my visit to the world’s largest democracy, I witnessed firsthand that as nations of the Global South, we share common challenges—and that deeper cooperation among us is essential,” Marcos said.
NPC cautions ‘vigilance’ amid GCash ‘leak’ report
By Andrea E. San Juan @andreasanjuan
THE National Privacy Commission (NPC) is urging the public to exercise “heightened vigilance” following reports of a data leak allegedly involving G-Xchange, Inc., operator of GCash, which surfaced online on October 26,2025.
However, in a statement on Monday, GCash said there is no evidence of breach, but assured the public it is closely monitoring the situation and cooperating with authorities.
In a statement on Monday, NPC said it has immediately launched an investigation after a dark web post appeared claiming to sell user information.
NPC explained that the post, made by a threat actor using the alias “Oversleep8351,”allegedly
Marcos names Angelito Magno as NBI OIC, accepts Santiago’s resignation
TJaycee Culiat. We are proud to be part of something that has lasted over three decades. Every year we are reminded of how far we have come,” he added. This year’s TTKD featured six major performance stages strategically positioned along the 500-meter stretch of MacArthur Highway that showcased local and Manilabased artists, including Spongecola, Orange and Lemons, Hale, Gabbi Garcia, Silent Sanctuary, as it also highlighted local businesses in the area.
The TTKD was first held in October 1992, barely a year after Mount Pinatubo’s eruption and the withdrawal of US forces from Clark Air Base which left Angeles City devastated. Lahar flows had destroyed homes and infrastructure, businesses closed, and thousands of families were displaced. Balibago, once a thriving commercial district, was among the hardest hit.
Amid the devastation, Alexander Cauguiran, then chief of staff to Mayor Edgardo Pamintuan, proposed a street festival of singing (tigtigan) and dancing (terakan) to show that Angeles City was alive and determined to recover. Beyond uplifting morale, the festival was intended to revive local commerce and support businesses struggling in the aftermath of the disaster.
Pamintuan was initially cautious due to safety concerns and logistical challenges as the city’s infrastructure was still recovering. Cauguiran, however, emphasized the event’s potential to unify the community and stimulate economic recovery. After careful deliberation, Pamintuan approved the plan and incorporated TTKD into the city’s official Fiestang Kuliat.
Born from the ashes of Mount Pinatubo, the first TTKD marked a turning point for the city. Over the years, the festival has evolved into a major cultural event which served as both a tourist attraction and a source of civic pride.
WO months after National Bureau of Investigation (NBI) Director Jaime B. Santiago submitted his irrevocable resignation, President Ferdinand Marcos has named Angelito “Lito” Magno as the officer-in-charge of the Bureau.
This, after the chief executive formally accepted the resignation of Santiago.
“It is confirmed that the resignation of former NBI Director Jimmy Santiago has been accepted [by the President] and the current appointed OIC is Sir Lito Magno,” Palace Press Officer Claire Castro said in Filipino in a press briefing in Malaysia last Monday.
Magno served as NBI’s Assistant Director for legal affairs. He also became NBI’s deputy director for investigative services and regional director in La Union.
When asked about the Marcos’ marching order to Magno, Castro said she has yet to ask the chief executive about the matter.
“We haven’t discussed this yet and I just confirmed that it was just confirmed to us that the resignation of former NBI Director Jimmy Santiago has been accepted,” Castro said.
Last August, Santiago resigned from his post on 15 August 2025 in response to alleged detractors, who are supposedly bent on removing him from his post after NBI assisted in the probe on missing sabungeros or cockfight enthusiasts.
Santiago, however, said he will continue serving as head of NBI until his resignation is accepted by the President. Samuel Medenilla
offers merchant and basic user data, GCash account numbers, linked bank and virtual card accounts, and KYC (Know Your Customer) records containing names, addresses, employment details, and valid Philippine IDs.
Following this, the NPC’s Complaints and Investigation Division has issued a Notice to Explain (NTE) to G-Xchange, Inc. to obtain further details about the alleged incident.
Should the investigation confirm that the personal data of GCash users have been compromised, the NPC said it will take regulatory and enforcement action within its mandate under the Data Privacy Act of 2012.
“GCash users should actively monitor their accounts, regularly update their MPINs and passwords, and enable additional security features to protect their information,” NPC said.
The country’s privacy watchdog also advised users of the ewallet app to “remain alert” to phishing attempts and refrain from sharing personal or sensitive data while the investigation is ongoing.
Meanwhile, in a statement on Monday, GCash said there is no evidence of breach, adding, “Initial forensic analysis shows no compromise in GCash systems; data under circulation does not match official records or customer information.”
The e-wallet app said: “Initial findings show that the alleged dataset does not match data structure used within GCash systems. Further analysis reveals that it includes individuals who are not GCash users, and that many entries appear incomplete, inconsistent, or invalid.”
These findings, GCash said, “strongly indicate that the mate -
rial being circulated did not originate from GCash.”
“At this time, there is no evidence of any breach in GCash systems. All customer accounts and funds remain secure,” added the e-wallet app. GCash, however, emphasized that it continues to work closely with the Bangko Sentral ng Pilipinas (BSP), the NPC and the Cybercrime Investigation an Coordinating Center (CICC) to validate information from all possible sources and ensure that its systems remain protected.
“We urge users to remain vigilant and to report any suspicious activity only through official GCash channels,” it noted, adding that it remains “fully committed to safeguarding customer data, strengthening our defenses, and upholding the trust of millions of Filipinos.”
SC issues rules on extradition proceedings
THE Supreme Court (SC) has approved the Rules on Extradition Proceedings to “ensure consistency” and guide the courts in handling extradition cases of individuals in the country who are facing criminal investigation or subject of a penalty imposed under the penal or criminal law of another state.
The Rules, which was unanimously approved by the 15-man High Tribunal, will take effect on November 10.
In a 16-page resolution made public on Monday, the Court held that the Rules is consistent with the Court’s mandate under the Constitution to “promulgate rules concerning the protection and enforcement of constitution rights, pleading, practice, and procedure in courts, the admission to the practice of law, the Integrated Bar, and legal assistance to the underprivileged.”
The Rules will cover all proceedings related to extradition, including applications for warrants or arrest or hold departure orders, whether provisional or precautionary, and applications for bail.
It held that an offense can be subjected to extradition proceedings if it is punishable under the laws of both the Philippines and the requesting state by imprisonment or other deprivation of liberty.
According to the Rules, if the request for extradition covers a person who is wanted for the service of a sentence of imprisonment, extradition shall be granted only if the remaining sentence to be served is at least six months.
The Rules further provide that the Secretary of Justice, or the designated and authorized State Counsels of the Office of the Chief State Counsel shall have the sole authority to act on all requests for extradition and provisional arrest for the purpose of extradition.
The Court further ruled that extradition proceedings are sui generis (of its own kind) and summary in nature.
“They do not involve the adjudication of the guilt or innocence of the extraditee,” the Rules said.
The SC reminded concerned parties that the purpose of extraditions proceedings is “to determine whether the request, as expressed in the petition, supported by its annexes and any evidence that may be adduced 1during the hearing, complies with the law and the application Extradition Treaty and whether the person sought is extraditable.”
Extradition Treaty is a bilateral agreement between the Philippines and a requesting state, or a multilateral agreement to which both the Philippines and the requesting state are
state parties, containing provisions governing extradition.
The Rules further provide that the extraditee arrested pursuant to a warrant of provisional arrest or an extradition warrant of arrest shall be detained at the National Bureau of Investigation (NBI) detention facility in the city or province where the court that issued the warrant is located.
Likewise, the SC said extradition proceedings shall be conducted in open court, unless the extraditee or the petitioner request that it be conducted in chambers due to national security concerns, privileged information, or it involves a minor.
The Rules also required the courts to adhere to the rule that a witness must be fully examined in one day and to issue a ruling within 30 days from the date the last witness is presented. The Rules also said that extradition may be postponed in order for the extradite to face criminal prosecution or serve a sentence in the Philippines for an offense other than the one for which extradition is requested. However, a temporary surrender of the extraditee is granted by the court. It said that the DOJ secretary may file a motion in the court where the said criminal case is pending torequest the temporary surrender of the extradite to the requesting state.
“The said court may allow the temporary surrender, under such conditions as it deems as proper considering the circumstance of the case,” the Rules stated Joel R. San Juan
A6 Tuesday, October 28, 2025
Editor: Angel R. Calso
US and China say trade deal is drawing closer as Trump and Xi ready for high-stakes meeting
By Chris Megerian, David Rising & Eileen Ng
KThe Associated Press
UALA LUMPUR, Malay -
sia—A trade deal between the United States and China is drawing closer, officials from the
world’s two largest economies said Sunday as they reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting. Any agreement would be a relief to international markets even if it does not address underlying issues involving manufacturing imbalances and access to state-ofthe-art computer chips.
Beijing recently limited exports of rare earth elements that are needed for advanced technologies, and Trump responded by threatening additional tariffs on Chinese products. The prospect of a widening conflict risked weakening economic growth worldwide.
China’s top trade negotiator, Li Chenggang, told reporters the two sides had reached a “preliminary consensus,” while Trump’s treasury secretary, Scott Bessent, said there was “a very successful framework.”
Trump also expressed confidence that an agreement was at hand, saying the Chinese “want to make a deal and we want to make a deal.” The Republican president is set to meet with Xi on Thursday in South Korea, the final stop of his trip through Asia.
Bessent told CBS’ “Face the Nation” that the threat of additional higher tariffs on China was “effectively off the table.” In interviews on several American news shows, he said discussions with China yielded initial agreements to stop the precursor chemicals for fentanyl from coming into the US, and that Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earths.
When asked how close a deal was, Trump’s trade representative, Jamieson Greer, said on “Fox News Sunday” that “it’s really going to depend” on the two presidents.
Meanwhile, Trump reiterated that he plans to visit China in the future and suggested that Xi could come to Washington or Mar-a-La -
go, Trump’s private club in Florida.
The progress toward a potential agreement came during the annual summit of the Association of Southeast Asian Nations, in Kuala Lumpur, with Trump seeking to burnish his reputation as an international dealmaker.
Yet his way of pursuing deals has meant serious disruptions at home and abroad. His import taxes have scrambled relationships with trading partners while a US government shutdown has him feuding with Democrats.
Trump attends ceasefire ceremony between Thailand and Cambodia
AT the summit, Thailand and Cambodia signed an expanded ceasefire agreement during a ceremony attended by Trump. His threats of economic pressure prodded the two nations to halt skirmishes along their disputed border earlier this year.
Thailand will release Cambodian prisoners and Cambodia will begin withdrawing heavy artillery as part of the first phase of the deal. Regional observers will monitor the situation to ensure fighting doesn’t restart.
“We did something that a lot of people said couldn’t be done,” Trump said. Cambodian Prime Minister Hun Manet called it a “historic day,” and Thai Prime Minister Anutin Charnvirakul said the agreement creates “the building blocks for a lasting peace.”
The president signed economic frameworks with Cambodia, Thailand and Malaysia, some of them aimed at increasing trade involving critical minerals. The United States wants to rely less on China, which has used limits on exports
of key components in technology manufacturing as a bargaining chip in trade talks.
“It’s very important that we cooperate as willing partners with each other to ensure that we can have smooth supply chains, secure supply chains, for the quality of life, for our people and security,” Greer said.
Trump reengages with a key region of the world
Trump attended this summit only once during his first term, and US Defense Secretary Pete Hegseth seemed unfamiliar with Asean during his confirmation hearing in January.
This year’s event was a chance for Trump to reengage with nations that have a combined $3.8 trillion economy and 680 million people.
“The United States is with you 100%, and we intend to be a strong partner and friend for many generations to come,” Trump said. He described his counterparts as “spectacular leaders” and said that “everything you touch turns to gold.”
Trump’s tariff threats were credited with helping spur negotiations between Thailand and Cambodia. Some of the worst modern fighting between the two countries took place over five days in July, killing dozens and displacing hundreds of thousands of people.
The president threatened, at the time, to withhold trade agreements unless the fighting stopped. A shaky truce has persisted since then.
Malaysian Prime Minister Anwar Ibrahim praised the agreement between Thailand and Cambodia, saying at the summit that
“it reminds us that reconciliation is not concession, but an act of courage.”
Tariffs are in focus on Trump’s trip
TRUMP in Kuala Lumpur met Brazilian President Luiz Inácio Lula da Silva, who was also attending the summit. There has been friction between them over Brazil’s prosecution of Jair Bolsonaro, the country’s former president and a close Trump ally. Bolsonaro was convicted last month of attempting to overturn election results in his country.
During their meeting, Trump said he could reduce tariffs on Brazil that he enacted in a push for leniency for Bolsonaro.
“I think we should be able to make some good deals for both countries,” he said.
While Trump was warming to Lula, he avoided Canadian Prime Minister Mark Carney. The president is angry with Canada because of a television advertisement protesting his trade policies, and on his way to the summit announced on social media he would raise tariffs on Canada because of it.
One leader absent from the summit was Indian Prime Minister Narendra Modi. Although he was close with Trump during Trump’s first term, the relationship has been more tense lately. Trump caused irritation by boasting that he settled a recent conflict between India and Pakistan, and he has increased tariffs on India for its purchase of Russian oil.
The Associated Press writers Josh Boak in Tokyo and Jintamas Saksornchai in Bangkok contributed to this report.
Hamas intensifies search for hostage remains as Egypt offers support amid ceasefire tensions
By Samy Magdy & Melanie Lidman The Associated Press
CAIRO—Hamas has expanded its search for bodies of hostages in the Gaza Strip, the Palestinian group said Sunday, a day after Egypt deployed a team of experts and heavy equipment to help retrieve them.
Under the US-brokered ceasefire, which took effect on Oct. 10, Hamas is expected to return the remains of all Israeli hostages as soon as possible. Israel has agreed to return 15 bodies of Palestinians for each one.
Children and others watched the Egyptian equipment claw through the sand near badly damaged buildings in the southern city of Khan Younis.
Hamas has returned the remains of 15 hostages but hasn’t handed over any in five days. Israel has returned the bodies of 195 Palestinians, many of them unidentified.
More complicated steps lie ahead under the ceasefire plan, including the disarming of Hamas and the postwar governance of famine-stricken Gaza, where the UN and partners continue to urge Israel to allow in more humanitarian aid. International media have been barred from Gaza aside from brief visits with Israel’s military, and Israel on Sunday said that hadn’t changed.
Trump watches 48-hour period ‘very closely’ HAMAS’ chief in Gaza, Khalil al-Hayya, said the group started searching new areas for bodies of the remaining 13 hostages, according to comments the group shared Sunday.
US President Donald Trump warned Saturday he was “watching very closely” to ensure Hamas returns more bodies in the next 48 hours. “Some of the bodies are hard to reach, but others they can
return now and, for some reason, they are not,” he wrote on social media.
Hamas has repeatedly said efforts to retrieve remains face challenges because of the massive destruction.
An Egyptian team with equipment including an excavator and bulldozers entered Gaza on Saturday as part of mediators’ efforts to shore up the ceasefire, two Egyptian officials said. They spoke on condition of anonymity because they were not authorized to talk to the media.
Hamas alleges violation after Israeli strikes
Israeli Prime Minister Benjamin Netanyahu defended the military’s actions after Israeli forces struck the central Nuseirat refugee camp in Gaza late Saturday, according to Al-Awda Hospital, which received the wounded.
The military claimed it targeted militants associated with the Palestinian Islamic Jihad group who were planning to attack troops. Islamic Jihad, the second largest militant group in Gaza, denied the allegation.
Hamas called the strike a “clear violation” of the ceasefire agreement and accused Netanyahu of attempting to sabotage US efforts to end the war.
“Of course, we also thwart dangers as they are being formed, before they are carried out, as we did just yesterday in the Gaza Strip,” Netanyahu said at the start of his weekly Cabinet meeting Sunday.
Netanyahu also stressed that Israel remained in charge of its
MOSCOW—Russia tested a new nuclear-capable and powered cruise missile fit to confound existing defenses, inching closer to deploying it to its military, President Vladimir Putin said in remarks released on Sunday.
The announcement, which followed years of tests of the Burevestnik missile, comes as part of nuclear messaging from the Kremlin, which has resisted Western pressure for a ceasefire in Ukraine and strongly warned the US and other NATO allies against sanctioning strikes deep inside Russia with longer-range Western weapons.
A video released by the Kremlin showed Putin, dressed in camouflage fatigues, receiving a report from Gen. Valery Gerasimov, Russia’s chief of general staff, who told the Russian leader that the Burevestnik covered 14,000 kilometers (8,700 miles) in a key test Tuesday. Gerasimov said the Burevestnik, or storm petrel in Russian,
spent 15 hours in the air on nuclear power, adding “that’s not the limit.”
Little is known about the Burevestnik, which was code-named Skyfall by NATO, and many Western experts have been skeptical about it, noting that a nuclear engine could be highly unreliable.
When Putin first revealed that Russia was working on the weapon in his 2018 state-of-the-nation address, he claimed it would have an unlimited range, allowing it to circle the globe undetected by missile defense systems.
Many observers argue such a missile could be difficult to handle and pose an environmental threat.
The US and the Soviet Union worked on nuclear-powered missiles during the Cold War, but they eventually shelved the projects, considering them too hazardous.
The Burevestnik reportedly suffered an explosion in August 2019 during tests at a navy range
See “Putin,” A8
own security, after accusations last week that the Trump administration was dictating terms of Israel’s response to security concerns in Gaza. Vice President JD Vance denied any such speculation during his visit.
Israel also targeted Nuseirat on Oct. 19, after the military accused Hamas militants of killing two soldiers. Israel that day launched dozens of strikes across Gaza, killing at least 36 Palestinians, including women and children, according to local health authorities. It was
the most serious challenge to the ceasefire.
Over 68,500 Palestinians have died in two years of war sparked by the Hamas-led attack on Israel on Oct. 7, 2023, according to Gaza’s Health Ministry, which doesn’t distinguish between civilians and combatants in its count. The ministry maintains detailed casualty records that are seen as generally reliable by UN agencies and independent experts. Israel has disputed them without providing its own toll.
Information-sharing on security threats
SATURDAY’S strike came hours after US Secretary of State Marco Rubio left Israel. He was the latest top US official to visit a new center for civilian and military coordination that is attempting to oversee the ceasefire. US envoys Steve Witkoff and Jared Kushner, the president’s son-inlaw, visited last week.
Rubio said Saturday that Israel, the US and the other mediators are sharing information to
disrupt any threats, and asserted that it allowed them to identify a possible impending attack last weekend.
Around 200 US troops are working alongside the Israeli military and delegations from other countries at the coordination center, planning the stabilization and reconstruction of Gaza. The US has said none of its troops will operate on the ground in Gaza.
Lidman reported from Tel Aviv, Israel.
www.businessmirror.com.ph
Flights to Los Angeles International Airport halted due to air traffic controller shortage
By The Associated Press
FLIGHTS departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility, the Federal Aviation Administration said Sunday, when the agency also reported staffingrelated delays in Chicago, Washington and Newark, New Jersey.
The
of the world’s busiest airports soon after US
Milei triumphs in Argentine midterm polls closely watched by Washington
BBy Isabel Debre The Associated Press
UENOS AIRES, Argenti -
na—Argentina’s libertarian President Javier Milei won decisive victories in key districts in midterm elections Sunday, clinching a crucial vote of confidence that strengthens his ability to carry out his radical free-market experiment with billions of dollars in backing from the Trump administration.
In the election widely seen as a referendum on Milei’s past two years in office, his upstart La Libertad Avanza party scored over 40% of votes compared with 31% for the left-leaning populist opposition movement, known as Peronism, exceeding analysts’ projections.
Milei, a key ideological ally of US President Donald Trump, said his party and allied blocs picked up 14 seats in the Senate and 64 in the lower house of Congress on Sunday, bolstering the government’s support in the legislature enough to uphold presidential vetoes and block impeachment efforts.
At La Libertad Avanza headquarters late Sunday in downtown Buenos Aires, a beaming Milei hailed the election sweep as a mandate to press forward with his spending cuts and introduce ambitious tax and labor reforms. The results also automatically position him as a candidate for reelection in 2027.
“The Argentine people have decided to leave behind 100 years of decadence,” Milei exulted as his supporters cheered, referring to a succession of Peronist governments that brought Argentina infamy for its inflationary spirals and sovereign debt defaults.
“Today we have passed the turning point. Today we begin the construction of a great Argentina.”
High stakes include $40 billion from the US PERHAPS never has an Argentine legislative election generated so much interest in Washington and Wall Street.
Trump appeared to condition a $20 billion currency swap deal with Argentina’s central bank and an additional $20 billion loan from private banks on a good showing for Milei in national midterms, threatening
to rescind the assistance for the cash-strapped country in the event of a Peronist victory.
“If he wins, we’re staying with him, and if he doesn’t win, we’re gone,” Trump said after welcoming Milei to the White House earlier this month.
Those contentious comments added to mounting pressure on Milei, who has scrambled to avert a currency crisis since the Peronist opposition won a landslide victory in Buenos Aires provincial polls last month. Argentina’s bonds and currency nosedived as markets sensed that the public was losing patience with Milei’s reforms and that the midterm race would be tight.
To stem the run on the peso, Milei burned through billions of dollars in foreign exchange reserves to shore up the peso. In an extraordinary move, the US Treasury then came to the rescue, selling dollars to help meet soaring demand for greenbacks and finalizing the credit line.
In the end, the Peronist alliance performed poorly, underscoring how weak the once-dominant movement has become in the Milei era, largely as a result of internal divisions. Markets were widely expected to rally on Monday.
“For foreign investors, this outcome is a relief because it shows that the Milei program can be sustainable,” said Marcelo J. García, the America’s director for the geopolitical risk consultancy Horizon Engage.
“It leaves the opposition weakened and fragmented, just as it was when Milei won the presidency in December 2023,” Garcia added.
The Peronist coalition has struggled to channel rising public
anger with Milei’s painful austerity measures into a new political strategy after delivering the economic shambles that the chain saw-wielding outsider inherited in late 2023.
Trump, while on his way to Japan on Monday, posted on Truth Social that Milei was “doing a wonderful job” after his party beat expectations in midterm elections.
“Our confidence in him was justified by the People of Argentina,” Trump wrote.
Milei responded to Trump’s post, calling him “a great friend” of Argentina and thanking him for “trusting the Argentine people.”
A changed electoral map
THE results showed Milei’s young libertarian party gaining support across the country—including in some surprising corners that have long been under the sway of Peronism.
In the closely watched Buenos Aires province, a Peronist stronghold home to nearly 40% of the electorate, La Libertad Avanza eked out a razor-thin victory Sunday. Just last month, the Peronists beat Milei’s party there by a whopping 14 percentage points.
Axel Kicillof, governor of Buenos Aires province and the most influential elected official in the Peronist opposition, criticized Trump for putting his thumb on the scale.
He warned that the billions of dollars in financial aid from the US Treasury and investment banks would do nothing to help ordinary Argentines squeezed by Milei’s cuts to subsidies or forced out of business by a contracting economy.
“I want to make it clear that neither the US government nor JP Morgan are charitable societies,”
he said. “If they come to Argentina, it is for nothing other than to take a profit.”
With Milei’s efforts to deregulate the economy and scrap tariffs winning over Argentina’s powerful agriculture sector, La Libertad Avanza also swept Santa Fe, which dominates soybean production and processing, and Córdoba, another powerhouse farming province.
Risks remain for Milei as austerity hits hard DESPITE Milei’s new momentum, experts caution that the irascible president still needs to court political allies to see through his agenda. Given the limited number of seats up for grabs in this election, it was mathematically impossible for Milei to secure a majority in either house.
“This victory is necessary, but not sufficient to maintain control of Congress,” said political consultant Sergio Berensztein. “The government must build a broad and effective coalition with likeminded forces.”
Seeking to capitalize quickly on Sunday’s results, Milei said he called the country’s powerful provincial governors to accelerate agreements on long-term economic reform.
Sunday’s outcome will also test public patience for Milei’s cost-cutting measures in the coming months. Although Milei’s budget cuts have significantly driven down inflation—from an annual high of 289% in April 2024 to 32% last month—the price increases still outpace salaries and pensions.
The electorate appears increasingly polarized between beneficiaries of Milei’s reforms and those who say they’re struggling to make ends meet like never before.
In the financial district of Puerto Madero, luxury car dealerships report sales surging since Milei scrapped import restrictions. Streets bustle with bankers who praise the president for ending a yearslong ban on selling dollars online. Fine restaurants serve Argentine oil executives who gush about his efforts to draw foreign investment.
and canceled in the coming days as the nation’s air traffic controllers work without pay during the federal government shutdown.
During an appearance on the Fox News program “Sunday Morning Futures,” Duffy said more controllers were calling in sick as money worries compound the stress of an already challenging job.
“Just yesterday...we had 22 staffing triggers. That’s one of the highest that we have seen in the system since the shutdown began. And that’s a sign that the controllers are wearing thin,” he said.
The FAA said planes headed for Los Angeles were held at their originating airports starting at 11:42 a.m. Eastern time, and the agency lifted the ground stop at 1:30 p.m. Eastern time.
The hold did not appear to cause
continuing problems at LAX; according to flight tracking website FlightAware, Dallas Fort Worth International Airport and Dallas Love Field Airport saw a much bigger share of late arrivals due to what the FAA said were weather and equipment issues. Too few air traffic controllers per shift also caused takeoff and arrival disruptions Sunday at New Jersey’s Newark Liberty International Airport and Teteboro Airport, and at Southwest Florida International Airport in Fort Meyers, Florida, according to the FAA.
On Sunday evening, the FAA also slowed traffic into Ronald Reagan Washington National Airport and Chicago O’Hare International Airport because of traffic controller staffing.
Suspects arrested over theft of crown jewels from Louvre Museum in Paris
By Samuel Petrequin & Nicolas Garriga
The Associated Press
PARIS—Two suspects were arrested in connection with the theft of crown jewels from Paris’ Louvre Museum, justice and police officials said Sunday, a week after the heist that stunned the world and sparked a massive manhunt.
The Paris prosecutor said that investigators made arrests Saturday evening, adding that one of the men taken into custody was preparing to leave the country from Paris Charles de Gaulle Airport. French media BFM TV and Le Parisien newspaper earlier reported that two suspects had been arrested and taken into custody. Paris prosecutor Laure Beccuau did not confirm the number of arrests and did not say whether any jewels had been recovered.
A police official, who was not authorized to speak publicly about the ongoing case, told The Associated Press that two men in their 30s, both known to police, were taken into custody. He said one suspect was arrested as he attempted to board a plane bound for Algeria. The official added that one of the suspects was identified through DNA traces. Beccuau said earlier this week that forensics experts were analyzing 150 samples at the scene.
The suspects can be held in police custody up to 96 hours.
Special police unit
THIEVES took less than eight minutes last Sunday morning to steal jewels valued at 88 million euros ($102 million) from the world’s most-visited museum. French officials described how the intruders used a basket lift to scale the Louvre’s façade,
Continued from A7z
on the White Sea, killing five nuclear engineers and two service members and resulting in a brief spike in radioactivity that fueled fears in a nearby city.
Russian officials never identified the weapon involved, but the US said it was the Burevestnik.
“We need to determine the possible uses and begin preparing the infrastructure for deploying these weapons to our armed forces,” Putin told Gerasimov.
The Russian leader also claimed it was invulnerable to current and future missile defenses, due to its almost unlimited range and unpredictable flight path.
Kirill Dmitriev, a top Putin aide who was in the US as the video surfaced, said his delegation informed
forced open a window, smashed display cases and fled. The museum’s director called the incident a “terrible failure.”
Beccuau said investigators from a special police unit in charge of armed robberies, serious burglaries and art thefts made the arrests. In her statement, she rued the premature leak of information, saying it could hinder the work of over 100 investigators “mobilized to recover the stolen jewels and apprehend all of the perpetrators.” Beccuau said further details will be unveiled after the suspects’ custody period ends.
French Interior Minister Laurent Nunez praised “the investigators who have worked tirelessly, just as I asked them to, and who have always had my full confidence.”
The Louvre reopened earlier this week after one of the highest-profile museum thefts of the century stunned the world with its audacity and scale.
The thieves slipped in and out, making off with some of France’s crown jewels—a cultural wound that some compared to the burning of Notre Dame Cathedral in 2019. The thieves escaped with a total of eight objects, including a sapphire diadem, necklace and single earring from a set linked to 19thcentury queens Marie-Amélie and Hortense. They also took an emerald necklace and earrings tied to Empress Marie-Louise, Napoleon Bonaparte’s second wife, as well as a reliquary brooch. Empress Eugénie’s diamond diadem and her large corsagebow brooch—an imperial ensemble of rare craftsmanship—were also part of the loot.
One piece—Eugénie’s emerald-set imperial crown with more than 1,300 diamonds—was later found outside the museum, damaged but repairable.
Petrequin reported from London.
US colleagues of the “successful testing” of the Burevestnik, which he said was an “absolutely new class” of weapon.
Earlier this week, Putin directed drills of Russia’s strategic nuclear forces that featured practice missile launches. The exercise came as his planned summit on Ukraine with US President Donald Trump was put on hold. The Kremlin said that the maneuvers involved all parts of Moscow’s nuclear triad, including intercontinental ballistic missiles that were test-fired from launch facilities in northwestern Russia and a submarine in the Barents Sea. The drills also involved Tu95 strategic bombers firing longrange cruise missiles. The exercise tested the skills of military command structures, the Kremlin said in a statement Wednesday.
TRANSPORTATION Secretary Sean Duffy, left, and Speaker of the House Mike Johnson, R-La., walk through Statuary Hall at the Capitol to a news conference on day 23 of the government shutdown, in Washington, Thursday, Oct. 23, 2025. AP/J. SCOTT APPLEWHITE
FAA issued a temporary ground stop at one
Tuesday, October 28, 2025
Naia gears up for 1.35 million passengers during Undas season
By Lorenz S. Marasigan @lorenzmarasigan
PASSENGER traffic at the Ninoy Aquino International Airport (Naia) is expected to reach 1.35 million during the Undas period until November 3, a 3.8-percent uptick from the 1.3 million the year prior.
As such, New Naia Infra Corp. (NNIC), which operates the country’s premier gateway, has activated Oplan Undas 2025 across all four terminals.
“Undas is one of the busiest travel periods for the airport,
and we are fully prepared to manage the expected surge. We have deployed additional personnel, strengthened coordination with partner agencies, and activated passenger assistance counters to make travel smoother and safer
for everyone,” said NNIC President Ramon S. Ang.
According to Ang, the airport operator is coordinating closely with government partners including the Manila International Airport Authority, Department of Transportation, Office for Transportation Security, Philippine National Police–Aviation Security Group, Bureau of Immigration, and Bureau of Customs to ensure adequate staffing and resources.
Security has been bolstered with police special operations teams and K-9 units conducting patrols throughout the airport, while dedicated assistance counters have been set up at key locations to help travelers with directions, inquiries, and other concerns.
Ang noted that it is Naia’s second Undas season with NNIC as
its operator. He said the airport “continues to benefit from major modernization efforts that are raising both efficiency and comfort for passengers.”
He cited Naia’s on-time performance reaching a record 92.29 percent since NNIC took over the operations of the airport in 2024.
The airport has handled 51.7 million passengers in its first year of operations, a 4-percent increase over the same period last year.
NNIC has remitted P57 billion to the government, including an upfront payment of P30 billion, under an 82.16 percent revenueshare deal—the highest among all public-private partnerships in the country.
So far, P3.25 billion has been invested as part of its P72-billion, five-year modernization program.
Environmental watchdog to check paint compliance with lead ban
By Bless Aubrey Ogerio
THE EcoWaste Coalition will conduct a three-month study to check whether paints being sold in stores and online still comply with the government’s ban on lead-based coatings. According to the environmental watchdog, they will survey, collect, and analyze new samples of decorative and industrial paints sold in major urban areas and digital marketplaces.
Newly introduced brands and
products that, in earlier tests, exceeded the 90 parts per million (ppm) limit for lead content in paint will be the focus of the study.
Under Department of Environment and Natural Resources Administrative Order 24, or the Chemical Control Order (CCO), the manufacture, importation, distribution, and sale of lead-containing paints have been prohibited. The regulation mandated the phaseout of lead-based decorative paints from 2013 to 2016 and industrial paints from 2013 to 2019.
“Through the data to be generated, the EcoWaste Coalition will be empowered to advocate for improved enforcement of the said CCO and the reformulation of non-compliant products to ensure adherence to the ban on lead in paints, a major source of childhood lead exposure,” the group said in a statement.
Past studies by the coalition, conducted with the International Pollutants Elimination Network (IPEN), prompted the issuance of the CCO more than a decade ago.
However, joint reports released from 2020 onward found that imported spray paints and similar surface coatings still contained lead levels exceeding the 90 ppm limit. The new study is supported by the Lead Exposure Elimination Project (LEEP) through its Local Action Fund 2025. It also coincides with the observance of the 13th International Lead Poisoning Prevention Week from October 19 to 25, held under the theme “No safe level: Act now to end lead exposure.”
Delivery vehicle boosts ARBs market linkage in S. Kudarat town
THE Department of Agrarian Reform (DAR) in Sultan Kudarat recently turned over a P299,000 delivery vehicle to the Uswag Busok Agricultural Cooperative (UBAC) based in Bagumbayan, Sultan Kudarat. Held at the UBAC Office in Barangay Busok, the turnover ceremony coincided with the signing of a marketing agreement between UBAC and the Sto. Niño United Market Vendors Association under the Partnership Against Hunger and Poverty (PAHP) program.
The initiative connects Agrarian Reform Beneficiaries’ Organizations (ARBOs) directly with institutional buyers—eliminating middlemen, reducing food costs, and improving the livelihoods of ARBs.
Under the agreement, UBAC is guaranteed a steady and reliable market for its vegetable produce, ensuring long-term income stability for its farmer-members.
The newly provided delivery vehicle is expected to significantly enhance the cooperative’s
capacity to transport fresh produce from farms to buyers, reduce post-harvest losses, and lower hauling expenses. With this, farmers can deliver goods more efficiently and maintain product quality—resulting in better profit margins and strengthened customer trust.
DAR Sultan Kudarat Provincial Agrarian Reform Program Officer II Abdullah Balindong emphasized that improving access to markets and transport facilities is essential for farmers
to operate their agribusinesses sustainably.
“This vehicle will not only ease the movement of goods but also empower our farmers to expand their market reach and improve their income,” Balindong said.
Through this initiative, DAR Sultan Kudarat reaffirms its commitment to bridging farmer organizations with markets and resources that promote inclusive growth and sustainable agricultural development across the province. Jonathan L. Mayuga
US Navy helicopter and fighter jet in separate South China Sea crashes
By Bloomberg News
AUS military helicopter and fighter jet crashed in the South China Sea about 30 minutes apart, incidents that coincide with a visit by President Donald Trump to Asia.
A Sea Hawk helicopter went down about 2:45 p.m. on Sunday “while conducting routine operations from the aircraft carrier USS Nimitz,” the US Navy said in a post on X. A Navy official said no details on the location of the carrier would be provided due to operational security.
Then at about 3:15 p.m., an F/A18F Super Hornet also crashed, the Navy said on Monday, adding that all five people involved in the accidents were safe and investigations were underway. No details have been released yet on the suspected causes of the incidents.
The carrier strike group was in the South China Sea region on the final leg of its deployment before heading back to the US West Coast, according to US Naval Institute News, which tracks carrier groups. US President Donald Trump
said he was aware of the incident but didn’t suspect foul play. “They think it might be bad fuel,” Trump told reporters aboard Air Force One. Beijing opposes the US military presence in the South China Sea and claims nearly the entire area while also building numerous artificial islands. Vietnam, the Philippines, Brunei, Malaysia and Taiwan all claim parts of the sea and have sparred with Beijing over where the boundaries fall.
When asked about the crashes, Chinese Foreign Ministry spokesman Guo Jiakun said that “the US is flexing its muscle by sending military aircraft into the South China Sea frequently, and this serves as the root cause for sabotaging regional peace and stability and maritime security issues.”
“If the US has any requests, then China will provide necessary assistance out of humanitarianism,” he added at a regular press briefing in Beijing.
Trump’s visit includes stops in Malaysia as well as Japan and South Korea, which are both US allies. During the trip, US and Chinese trade negotiators agreed on handling a range of contentious points, spanning tariffs, shipping fees, fentanyl and export controls. That sets up Trump and President Xi Jinping to finalize a deal during a meeting scheduled for later in the week. With assistance from Alastair Gale, Josh Wingrove and Martin Ritchie/ Bloomberg
SEC’s bid to restore trust through new transparency rules
THE stench of systemic corruption in government is undeniable.
The blatant plundering of billions through ghost flood control projects, nonexistent farm-to-market roads, and similar scandals has not only depleted public funds but also severely eroded the foundation of any functioning democracy: public trust. At a time when confidence is running low, and cynicism looms large, a crucial step by the Securities and Exchange Commission (SEC) brings a much-needed spark of hope. (Read the BusinessMirror story: “SEC wants registered firms to reveal beneficial owners,” October 23, 2025).
The SEC’s draft Revised Guidelines on Beneficial Ownership Disclosure and Transparency are not merely bureaucratic tweaks; they represent a potentially powerful weapon in the fight against the shadowy financial networks that enable systemic corruption. By demanding the identification and disclosure of the true individuals who ultimately own or control corporations—the “beneficial owners”—the SEC is targeting a fundamental enabler of illicit wealth. For too long, complex corporate structures, nominee arrangements, and bearer shares (now rightly prohibited) have provided impenetrable veils. Corrupt officials and their cronies have hidden behind layers of paperwork, funneling ill-gotten gains into seemingly legitimate businesses. The billions lost to ghost projects are symptomatic of a system where ownership opacity is the corrupt official’s best friend.
The SEC’s draft guidelines, meticulously crafted with international partners Open Ownership and the United Nations Office on Drugs and Crime, and aligned with Financial Action Task Force standards, aim to dismantle this secrecy.
It starts with comprehensive disclosure, requiring all entities under the SEC’s wing to identify and categorize their beneficial owners across nine specific control mechanisms, which leaves far fewer places to hide. By banning bearer shares and exposing nominees, these notorious anonymity tools are eliminated. The mandatory disclosure of nominee relationships addresses the core issue of deceptive ownership practices.
The SEC emphasizes the need for meaningful penalties for non-compliance or false declarations to deter evasion, while also highlighting the importance of broadening access to beneficial ownership information for effective oversight by authorities, financial institutions, and potentially journalists or civil society watchdogs.
As SEC Chairman Francis Lim rightly stated, this policy addresses “critical gaps that enable corruption and financial crime.” It complements broader anticorruption efforts by attacking the financial infrastructure that makes largescale theft possible. It signals an “unwavering commitment to transparency and accountability” and aligns the Philippines with vital global standards against money laundering and terrorist financing.
However, cautious optimism is warranted. Past reforms have often foundered on the rocks of weak enforcement, political interference, or the sheer ingenuity of those determined to evade scrutiny.
The SEC’s determination will face significant challenges as it seeks to implement new regulations across a diverse corporate landscape. This undertaking demands considerable capacity from the SEC and the establishment of robust verification mechanisms to ensure effectiveness.
Sustained political will is necessary to support these initiatives. High-level backing must remain steadfast, free from the influence of powerful interests that may be threatened by the disclosures. This unwavering commitment is critical for the success of the SEC’s efforts.
The ghost projects scandal serves as a powerful reminder of the price of corruption—stolen funds that could have built real infrastructure, improved lives, and fueled genuine economic development. The SEC’s push for beneficial ownership transparency is a direct response to this national hemorrhage. It is a necessary, long-overdue step.
This policy deserves strong public support. But the true measure of success will be found not just in the rules on paper, but in their vigorous enforcement and the tangible results they yield: recovered assets, prosecuted kleptocrats, and, ultimately, the slow, hard-earned restoration of public trust.
Opinion
China’s Belt becomes a noose
LJohn Mangun
OUTSIDE THE BOX
AST month marked 12 years since China launched the Belt and Road Initiative. The anniversary passed quietly, which seems fitting for a program now better known for debt collection notices than ribbon cuttings.
Over the past decade China has become the single largest official bilateral creditor to many developing countries—in some analyses its lending or outstanding claims for specific years exceeded the combined lending of the World Bank and IMF. When 75 countries simultaneously struggle to service debts that force cuts to hospitals and schools, it stops being their problem and starts being everyone’s problem.
Those 75 developing nations will send US$35 billion back to Beijing this year with US$22 billion coming from the poorest countries in 2025. Hospitals close beds. Schools trim staff. Food subsidies shrink. All to meet payment schedules on bridges and dams that promised transformation but delivered debt.
The Philippines owes China US$3.8 billion, plus another US$3.3 billion to Hong Kong. That makes
China our second-largest bilateral creditor after Japan. Not catastrophic against our US$137.6 billion total external debt, but instructive. We avoided the worst by walking away before the trap closed. Others were less fortunate.
China pledged US$24 billion in infrastructure projects under Duterte. Reality delivered two loan agreements: US$62 million for Chico River irrigation and US$211 million for Kaliwa Dam. Chinese grants built two Manila bridges. When China failed to respond to financing requests for three railway projects by mid-2022, the applications were withdrawn. The Marcos administration attempted renegotiation but eventually abandoned the projects in 2023. Some call this the pledge trap: promise everything, deliver selectively, collect goodwill regardless.
The Philippines made pragmatic choices. We can build infrastructure without mortgaging sovereignty. Twelve years of data illuminate what Beijing prefers concealed: the Belt and Road Initiative was financial engineering designed to create strategic dependencies. Dozens of developing nations are discovering that distinction carries considerable cost.
We maintained economic engagement with Beijing while keeping strategic distance (read loans), a balance other nations failed to achieve.
China defends Belt and Road lending with four arguments. First, that many countries owe more to Western lenders. Technically true for some. Profoundly misleading. These nations had such poor credit ratings that responsible lenders stopped extending new loans. China stepped in anyway, providing the final credits that guaranteed default. The distinction between refusing to lend and handing an anchor to someone already drowning seems lost on Chinese state banks.
BusinessMirror
Angel R. Calso, Dionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa
Rolando M. Manangan
THE Chinese Communist Party’s official mouthpiece called on the world’s biggest economies to “jointly safeguard hard-won achievements” from their latest trade talks, ahead of a highstakes meeting between Donald Trump and Xi Jinping.
Trade negotiators from China and the US announced Sunday that they’d struck a slew of agreements on issues spanning tariffs, shipping fees, fentanyl and export controls over two days in Malaysia. That marked a significant cooling of tensions, after a recent volley of tariff threats and fresh export curbs threatened to derail the bilateral relationship.
Striking a conciliatory tone, the People’s Daily said Monday the progress showed Beijing and Washington were capable of handling their differences. “Neither side was blindsided by these issues, instead they focused on solving the problems,” according to the commentary penned by Zhong Sheng, a Chinese homonym for “Voice of China” that’s often used to
set out Beijing’s foreign policy views.
The Hang Seng China Enterprises Index rose as much as 1.3 percent on Monday, while the broader MSCI AC Asia Pacific Index advanced 1.5% to a new intraday record. China’s 10-year government bond yields edged up, as demand for safety assets ebbed following the positive results of trade talks.
Xi and Trump are expected to sign off on the terms this week in South Korea when they sit down in person for the first time since the US president returned to power. That meeting could reveal details around issues such as China’s purchases of US soybeans, Washington’s plans for shipping fees on Chinese vessels and Beijing’s rare earth export controls. “We expect the leaders to approve
The third defense cites currency depreciation and economic slowdowns. Many Belt and Road countries have weak currencies but must repay dollar-denominated loans. As the dollar strengthens, debt service costs soar. This becomes absurd since most Belt and Road loans are themselves denominated in dollars. China knew the currency mismatch from day one.
Fourth, Beijing claims it rarely seizes assets, offering debt relief instead. By 2021, China had conducted 128 bailout operations totaling US$240 billion across 22 countries. These rescue loans carry roughly 5 percent interest, more than double the International Monetary Fund’s typical 2 percent. Beijing once accused Western creditors of “predatory lending” rates. Now it charges struggling nations even higher rates for emergency relief. In 2010, less than 5 percent of Chinese overseas lending supported countries in distress. By 2022, that figure reached 60 percent. China shifted from infrastructure financing to emergency rescue operations. This represents strategy, not miscalculation. Beijing protects its banking system by keeping borSee “Mangun,” A11
Second, Beijing blames United States interest rate hikes. Yet rate fluctuation represents foreseeable risk that prudent lenders incorporate into assessments. When borrowers approach unsustainable debt levels, traditional institutions stop lending. China continued on, making default inevitable rather than merely possible.
China asks US to protect ‘hard-won’ results before Xi-Trump meeting
China and the US have held five rounds of talks since Trump unveiled the highest US tariffs since the 1930s in April, which ended with Chinese exports to America facing a 55 percent levy. The People’s Daily piece said those talks were proof that neither nation wanted to decouple.
the deal, but whether it will bring lasting relief to markets is less clear—the new reality for US-China ties appears to be one of frequent ruptures and short-term fixes,” Chang Shu, David Qu and Jennifer Welch of Bloomberg Economics wrote in a note.
From Beijing’s perspective, fewer external uncertainties will buy policymakers’ time to focus on supporting the domestic economy and enhancing its tech sufficiency, they added. While Chinese industrial companies saw their earnings surge the most in nearly two years
last month, the job market remains gloomy and a years long housing crash is lingering. The People’s Daily commentary called on the US to stick to the trade and economic consultation mechanism led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. Export curbs announced by US officials outside that framework have derailed the system several times in recent months, prompting Beijing to jam its rare earth supply chain that’s critical to American manufacturing. Bessent said he believed China would delay its latest rare-earth restrictions “for a year while they reexamine it” after the latest talks. It had been unclear how Beijing would enforce its proposed curbs asserting control over any global shipment containing even a trace of certain rare metals from China, a move that had sparked outcry in Europe, too. Another potential area for a quick
Output VAT credit
BAtty. Mabel L. Buted
TAX LAW FOR BUSINESS
EGINNING January 2024, upon the passage of the Ease of Paying Taxes Act (EOPT Act), all taxpayers are mandated to adopt the accrual basis of accounting in reporting and subjecting their revenues to value-added tax. This rule applies to all taxpayers, whether engaged in the sale of goods or services or both. The intention of the law might have been to align the timing of reporting sales for both income tax and VAT and to subject to VAT all income earned by taxpayers, regardless of receipt. Corollarily, the buyers are entitled to claim input tax credit on their purchases upon purchase, regardless of payment.
This rule affected primarily those engaged in the sale of services who used to report and subject their sales to output tax only upon collection. Unlike in the sale of goods, payment does not oftentimes coincide with the sale of service. VAT is an indirect tax where the burden is shifted or passed on to the buyer. With this, the sellers of service would most likely advance the payment of VAT.
The law provides the taxpayers a remedy to recover the output taxes paid on uncollected receivables. They can deduct the output VAT previously paid on sales that remained uncollected from the output tax in the next quarter after the lapse of the agreed upon period to pay. So, to avail of this remedy, it is important for the parties to agree on the payment period. This agreement must be put into writing or provided in the invoice. It must be emphasized that the taxpayer must wait for the payment term to end before it can credit the output VAT from its total output tax liability in the succeeding quarter following the lapse of the payment period.
In addition, for the output VAT credit to be valid, the following conditions must be satisfied: (a) the sale must be on credit or on account; (b) the sale must have been specifically reported in the Summary List of Sales of the taxpayer and it must have not been reported as part of “various” sales; (c) the output tax must be declared in the tax return and remitted; (d) the VAT must be separately shown in the invoice; and (e) the VAT component was not claimed as deductible bad debts from the taxpayer’s gross income. If the seller claims an output VAT credit, the effect should mirror the input tax claim of the buyer. The input tax claimed by the buyer shall not be allowed as input tax credit the moment the seller claims output VAT credit on uncollected receivables. Otherwise, the input tax may be disallowed and the buyer shall be liable for deficiency VAT.
To this end, the seller shall inform the buyer of its claim of output VAT credit. The seller shall stamp “Claimed Output VAT Credit” on the invoice and/or supplementary sales documents and provide to the buyer
rowers liquid enough to service existing debts. For the Philippines, modest exposure to Chinese debt reflects decisions across multiple administrations. We pursued financing from Japan and multilateral institutions offering transparent terms. Chinese loans to the Philippines averaged 3 percent interest maturing in eight years with two-year grace periods. World Bank loans averaged 2.85 percent with 14-year maturity and 8.7-year grace periods. The difference compounds over time: shorter repayment periods mean higher annual obligations precisely when infrastructure needs maintenance funding. Other nations learned these lessons more painfully. Sri Lanka leased Hambantota Port to China for 99 years after defaulting. Pakistan required IMF intervention despite receiving US$62 billion in Chinese investment. Laos bor -
Opinion
FPI STATEMENT: Public outcry demands justice in multi-billion-peso flood control scandal
Almost two years have passed since the EOPT Act was enacted. I wonder how our taxpayers, especially those engaged in services, are coping with the change in the basis of their reporting for VAT purposes. Are they availing of the output tax credit? Was our government’s objective of easing the paying of taxes fulfilled or was the process made more complicated?
copies of these documents. In case of partial payment, the seller should indicate the amount collected and uncollected balance.
In case of recovery or payment of the uncollected receivables later, the output VAT previously credited by the seller shall be added to its total output tax liability during the period of recovery. The seller will stamp the word “Recovered” in the invoice and/or “Recovery of Previously Reported Uncollected Receivable” in the supplementary document, and provide copies of these documents to the buyer. In turn, the buyer can claim again as input tax credit the VAT paid on the purchase. In case of partial recovery, the seller must also indicate the amount collected.
The remedy for claiming output VAT credit is only optional on the part of the sellers.
Almost two years have passed since the EOPT Act was enacted. I wonder how our taxpayers, especially those engaged in services, are coping with the change in the basis of their reporting for VAT purposes. Are they availing of the output tax credit? Was our government’s objective of easing the paying of taxes fulfilled or was the process made more complicated?
The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph).
The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.
rowed equivalent to half its gross domestic product for a railway. These cases share patterns: massive loans for flagship projects, followed by debt restructuring favoring Chinese creditors.
Analysis shows 80 percent of Belt and Road lending went to nations already in or near default. This was dependency creation, not development finance. Countries that switched diplomatic recognition from Taiwan to China received massive new loans at suspiciously convenient timing. The Philippines made pragmatic choices. We can build infrastructure without mortgaging sovereignty. Twelve years of data illuminate what Beijing prefers concealed: the Belt and Road Initiative was financial engineering designed to create strategic dependencies. Dozens of developing nations are discovering that distinction carries considerable cost.
Dr. Jesus Lim Arranza
MAKE SENSE
I yield my column space today to publish an official statement from the Federation of Philippine Industries—a matter of paramount public importance. This statement is crucial as the FPI calls for accountability and transparency in the ongoing investigation into the multi-billion-peso ghost flood control project scandal. It is essential to amplify FPI’s message during this significant moment.
THE ongoing public outcry surrounding the multi-billion-peso ghost flood control scandal has put significant pressure on the Marcos administration to take decisive action. Citizens and business groups are demanding accountability and transparency, urging the government to punish those responsible for this egregious misuse of public funds. The scandal, which involves government officials and contractors allegedly pocketing billions intended for flood control projects, highlights the urgent need for reform.
The clamor for accountability is not unfounded. Many Filipinos are frustrated by the lack of swift actions against those implicated in the scandal. Ghost projects, where funds are allocated but no actual work is done, have long plagued the country’s infrastructure initiatives. This particular scandal not only undermines public trust but also exacerbates the challenges posed by flooding, a recurring issue in many regions.
To address this pressing issue effectively, the Federation of Philippine Industries (FPI) urges an immediate, expanded and coordinated approach involving multiple government agencies. Here are several actionable steps that could lead to the prosecution and jailing of those involved:
Anti-Money Laundering Council
THE AMLC has initiated investigations into suspicious financial transactions linked to the scandal. By tracking down where the funds have gone, they swiftly can build a case against those who have laundered money through various means. Most recently, the AMLC secured its sixth freeze order on October 10, 2025, freezing assets linked to a former high-ranking government official and others.
As the Anti-Money Laundering
Council continues its investigation and collaborates with other agencies to trace illicit funds and hold accountable those involved, FPI urges the AMLC to broaden its inquiry to include foreign-based assets of individuals linked to the controversy. Additionally, FPI calls for coordination with international counterparts to identify and recover assets abroad that may have been acquired through the plunder of taxpayers’ money.
Bureau of Customs
THE BOC can play a crucial role in seizing luxury vehicles smuggled into the country. Many officials and contractors may have hidden their wealth through such acquisitions. By targeting these assets, the BOC can help recover some of the lost public funds. Due to the agency’s prompt action last month, as of today, 28 luxury vehicles linked to the Discaya family are now under BOC custody.
Bureau of Internal Revenue
TAX evasion is a serious offense that can serve as a basis for prosecution. The BIR is currently auditing contractors, public officials, and private individuals linked to irregular flood control projects for tax fraud. By cross-referencing bank transactions with tax filings, they’ve identified discrepancies between reported in-
come and actual wealth, which could serve as evidence for tax evasion.
We at the FPI strongly advocate for the prompt filing of cases to demonstrate that those involved will face accountability.
Philippine Contractors Accreditation Board
THE PCAB can cancel the accreditation of contractors proven to be involved in the scandal, barring them from future government contracts and limiting their ability to misuse public funds. However, as the government widens its investigation into irregularities in the multibillion-peso flood control projects, the PCAB has suspended both approvals and revocations of contractor licenses after two board members resigned. Early evidence indicates that some PCAB board members may be linked to the controversy surrounding phantom flood control projects. For instance, a former board member’s company—one of the largest recipients of flood control contracts—is accused of overpricing and delivering substandard work, with allegations that some of its projects were ghost projects. To reduce the risk of recurrence, the Federation of Philippine Industries urges more rigorous vetting and the appointment of PCAB board members with unblemished records to prevent conflicts of interest.
Insurance Commission
THE Insurance Commission is helping the Department of Public Works and Highways in the probe of ghost flood control projects by speeding up claims on performance bonds from contractors. A cooperation agreement allows the two agencies to share data to help investigate possible collusion and to expedite the recovery of funds from insurance companies involved. The government can claim up to 30 percent of the contract value through these bonds for anomalous, ghost, or substandard projects. Since these ghost projects involved falsified public documents, the FPI urges the Insurance Commission and the DPWH to expedite the filing of cases against the contractors involved in these fraudulent flood control projects.
US-Pakistan relations don’t come at expense of India, Rubio Says
By Eric Martin & Sudhi Ranjan Sen
THE US is seeking to expand its strategic relationship with Pakistan but those ties don’t come at the expense of Washington’s relations with India, Secretary of State Marco Rubio said.
Just like India has ties with countries that the US doesn’t, the vice versa applies, Rubio told reporters on Saturday on board a flight to Doha.
“It’s part of a mature, pragmatic foreign policy,” he said. “I don’t think anything we’re doing with Pakistan comes at the expense of our relationship or friendship with India, which is deep, historic, and important.”
The US’s pivot toward Pakistan under President Donald Trump has irked New Delhi and coincided with a fraying in ties between Trump and Prime Minister Narendra Modi. Pakistan and India, nucleararmed neighbors with a contentious history, came close to a full-blown war in May. Trump said he used trade as a bargaining chip to secure
China.
. . Continued from A10
win is the 20 percent fentanyl tariff the US has imposed on Beijing to pressure authorities into halting the flow of precursor chemicals used to make the deadly drug. Relief on that levy —which stacks on top of Liberation
a peace deal between the two sides, a claim rejected by India. Pakistan, instead, hailed Trump’s intervention and nominated him for a Nobel Peace Prize at the time.
“Look, we’re fully aware of the challenges with regards to India and everything else, but our job is to try to create opportunities for partnerships with countries where it’s possible,” Rubio said. “And we’ve had a long history of partnering with Pakistan on counter-terror and things of that nature. We’d like to expand it beyond that, if possible.”
Rubio said he had reached out to Pakistan even before the conflict with India began, saying the US was “interested in rebuilding an alliance, a strategic partnership,” he said. Trump hit India with 50 percent
The US’s pivot toward Pakistan under President Donald Trump has irked New Delhi and coincided with a fraying in ties between Trump and Prime Minister Narendra Modi.
tariffs on its exports to the US, far higher than Pakistan’s 19% rate.
The US has also signed deals with Pakistan on mining of critical minerals and oil.
Rubio arrived in Malaysia on Sunday to attend the Association of Southeast Asian Nations summit along with Trump. Modi skipped the Asean summit, missing out a possible meeting with the US president.
Trump on Sunday oversaw the signing of a peace agreement between Thailand and Cambodia, using the event to highlight his track record in mediating conflicts. He made reference to Pakistan’s Prime Minister Shehbaz Sharif and Army
Chief Asim Munir as “great people.”
Rubio met with India’s External
Securities and Exchange Commission
THE SEC may not be directly investigating ghost flood control projects, but it can provide crucial documents that expose the ownership connections between contractors and companies involved in these projects. By revealing these ties, the government can gain a clearer understanding of the extent of corruption. To help restore market confidence, which has been eroded by the flood control scandal, the Federation of Philippine Industries is urging the SEC to enhance transparency by simplifying access to corporate documents.
Land Registration Authority
THE LRA can provide valuable information about real property ownership, allowing authorities to assess the true wealth of implicated officials and contractors. This data can help paint a clearer picture of their financial dealings and potential corruption.
Land Transportation Office
FINALLY, the LTO can assist by providing records of luxury vehicles registered under the names of contractors, government officials, or their family members. This information can be instrumental in linking assets to illicit activities.
The ghost flood control scandal is a serious breach of public trust that demands immediate action. By harnessing the resources and authority of various agencies, the Marcos administration can take concrete steps to hold accountable those responsible for this massive corruption. A collaborative approach is essential to prevent such a scandal from happening again in the future.
The Federation of Philippine Industries expresses confidence in the Marcos administration’s commitment to transparency and accountability. We trust that the government will take the necessary actions to hold those responsible accountable and recover the billions of pesos lost to ghost projects.
Dr. Jesus Lim Arranza is the Chairman Emeritus of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.
Affairs Minister Subrahmanyam Jaishankar on the sidelines of the Asean summit on Monday, giving the two officials an opportunity to discuss trade negotiations and India’s purchases of Russian oil. Jaishankar didn’t provide much detail about the content of the talks in a brief social media post.
Trump has demanded India halt its purchases of Russian energy, which he says is helping finance President Vladimir Putin’s war in Ukraine. India is among the largest buyers of Russian crude, which makes up about a third of the nation’s total oil imports. The US’s move last week to sanction two major Russian oil suppliers has sent Indian buyers scrambling for alternate sources.
Rubio said New Delhi has already informed the US about its intention to diversify oil supplies and buy more energy from the US.
“The more we sell them, the less they’ll buy from someone else,” he said. Bloomberg
“The two sides should meet each other halfway, cherish outcomes of every dialogue and continuously build mutual trust and manage differences,” the publication said.
Despite the latest dovish language from both sides, global investors are learning to embrace the new normal of “tension, escalation and truce,”
Day tariffs—could be a boon for the Asian nation at a time when domestic demand is weak. China and the US have held five rounds of talks since Trump unveiled the highest US tariffs since the 1930s in April, which ended with Chinese exports to America facing a 55 percent levy. The People’s Daily piece said those talks were proof that neither nation wanted to decouple.
Ting Lu, chief China economist at Nomura Holdings Inc. wrote in a Monday note. “It’s good for the world’s top two largest economies to dial down tensions,” he added, “but we believe the superpower rivalry will likely escalate in the future.” With assistance from Wenjin Lv, Winnie Hsu and Jiyeun Lee/ Bloomberg
Tuesday, October 28, 2025
‘FARM-TO-MARKET ROAD COST MUST BE PEGGED ON TERRAIN’
By Ada Pelonia @adapelonia
WHILE the Depart -
ment of Agriculture (DA) is prepared to implement the farm-to-market road (FMR) projects, the standard cost per kilometer should vary depending on topography, according to a ranking official.
Agriculture Assistant Secretary Arnel de Mesa said the benchmark quotation per kilometer for FMR projects, which stands at P15 million, should differ depending on the terrain’s conditions. This could be cheaper or more expensive than the current standard cost, he added.
“The standard cost should vary depending on the area, if it’s flat or rolling [...] If it’s flat and already features an existing trail, the costs should be cheaper since it’s already compacted. It would cost more if it’s not yet compacted,” De Mesa told reporters on Monday. He said the FMR projects should also incorporate bridges to maximize their potential, noting that over 1,400 bridges need to be built nationwide.
“These FMRs should also have bridges. What happens
is roads were being built, but we couldn’t maximize their full potential because we don’t have bridges,” de Mesa said.
He noted that based on their records, around 1,482 small bridges of about 20 to 60 linear meters should be constructed all over the country, most of which in Mindanao.
Earlier, the DA said it accepted the Senate’s challenge to take the lead in FMR projects amid allegations of misuse of public funds in previous FMR schemes managed by the Department of Public Works and Highways (DPWH).
The agency had explained that even though FMR schemes are identified and validated by the agency, these road projects are commissioned, bid out, and constructed by the DPWH.
De Mesa noted that the agency initially took the helm of FMR projects before it was transferred to the DPWH.
“During that time, we had an engineering department, but it was weak. And we didn’t have a BAFE [Bureau of Agricultural and Fisheries Engineering] yet,” he said. Currently, De Mesa noted that the DA has BAFE, while its Regional Agricultural Engineering Division (RAED) is
BusinessMirror
Ex-Neda chiefs: DBM must take lead in push for integrity
By Mary Jade Gale Jadormio
ECONOMIST
Solita “Winnie” Monsod and former Finance
Secretary Jesus Estanislao urged the Department of Budget and Management (DBM) to strengthen fiscal integrity, transparency, and accountability in government spending.
Both are former chiefs of the National Economic and Development Authority (Neda).
Speaking at the Fiscal Policy Conference, Monsod said the country’s economic growth remains below its full potential due to persistent corruption and inefficiency in the use of public funds.
“Corruption pushes the country’s production inside its potential frontier,” she said, citing the economic principle that measures how efficiently a nation uses its resources.
Monsod warned that despite the government’s promise of fiscal discipline, wasteful and misallocated
projects continue to burden taxpayers and distort national priorities.
She questioned the DBM’s oversight role in approving questionable infrastructure projects, particularly flood control works in unnecessary areas, saying the department must account for its monitoring failures.
“If the DBM didn’t see that flood control projects were being conducted in unnecessary places, who would?” Monsod asked.
The economist also raised alarm over the government’s ballooning Unprogrammed Appropriations, which she described as possibly
Infra devt, financing for nuke projects studied
NBy Lenie Lectura @llectura
UCLEAR energy stake -
holders and experts have embarked on discussions on infrastructure development and financing strategies for potential nuclear power projects, the Department of Energy (DOE) said over the weekend.
Experts from the International Atomic Energy Agency (IAEA), private sector representatives and concerned government agencies gathered in Manila last week for the National Workshop on Nuclear Power Infrastructure and Financ-
ing through the initiative of the DOE-led Nuclear Energy Program Inter-Agency Committee (NEPIAC).
The committee said financing nuclear energy projects presents a unique set of challenges and opportunities, as nations increasingly seek reliable, low-carbon power sources to meet growing energy demands and climate goals. High upfront capital costs, long development timelines, and complex regulatory environments are among the issues that could present a challenge to securing investment for nuclear energy development, it added.
According to IAEA energy economist Brianna Lazerwitz, there are 416 nuclear power reactors currently in operation worldwide, and 63 more under construction. These can be found in 31 countries.
Nuclear energy is expanding in 17 countries, while at least 32 more countries are considered newcomers in the nuclear technology field.
“For the fifth year in a row, IAEA global nuclear electric capacity projections for 2050 have been revised upwards,” Lazerwitz said.
“In the high case scenario, nuclear electric capacity is set to rise by 160 percent or 992 gigawatts [GW], up from 377 GW at the end of 2024.
Even in the low case, capacity is expected to grow by 50 percent to 561 GW globally,” she added.
The IAEA expert said that while various financing models exist such as lending or borrowing money, strong involvement of the government is essential, particularly with respect to financing structure and risk management.
Aside from Lazerwitz, IAEA experts who led discussions were former Bulgarian energy and economic minister Milko Kovachev, GNE Advisory lawyer Chelsea Gunter, and radioactive waste specialist Ozge Unver.
“a modern and deadlier version” of the abolished Priority Development Assistance Fund (PDAF).
She noted that while this is intended to be released only when government revenues exceed targets, it has expanded dramatically from below P200 million before 2023 to between P400 billion and P700 billion in recent budgets.
“Is the DBM ensuring that the conditions for release are met?” Monsod said.
“Or has the system turned into a moral hazard, where revenue targets are deliberately set low to justify more spending?” she added.
Monsod explained that while macroeconomic indicators may appear stable, fiscal integrity depends on more than numbers. It relies on governance, honesty, and a moral sense of responsibility in handling public funds.
“The DBM must live up not just to the ‘budget’ in its name, but to the ‘management’ as well,” she said.
‘Fiscal future depends on trust’ IN the same event, Estanislao called for deeper reforms in fiscal governance and urged the DBM to institutionalize systems that pro -
mote transparency and accountability across all agencies.
“Our fiscal future depends on restoring trust in public institutions,” Estanislao said.
He emphasized that the national budget should not only serve as a financial instrument but as “a moral document” that reflects the values and priorities of the government.
Estanislao also encouraged the DBM and other agencies to strengthen citizen participation and performance-based management, ensuring that every peso spent delivers measurable results. He added that fiscal discipline must be linked to good governance and long-term development, rather than short-term political interests.
Both economists agreed that addressing fiscal challenges requires not only technical competence but moral courage to confront systemic corruption.
“Before we can drive strategic and practical solutions for sustainable economic growth, we must first define the real problem,” Monsod said.
“And that problem is not merely technical, it is moral.”
Fitch Ratings: Political jitters, corruption woes to cloud PHL outlook
By Reine Juvierre S. Alberto @reine_alberto
POLITICAL uncertainty and governance issues could cloud the Philippines’s investment outlook, after allies of President Ferdinand Marcos Jr. underperformed in the midterm elections and a corruption scandal rattled confidence, according to Fitch Ratings.
In a peer credit analysis, Fitch Ratings said the Philippines’ economy could grow by 5.6 percent this year, within the government’s target of 5.5 to 6.5 percent.
This will be driven by public infrastructure investments, services exports and remittance-fueled private consumption. Private demand, meanwhile, will be supported by easing inflation and interest rates.
“However, domestic political uncertainty could affect investment, with allies of President Ferdinand Marcos doing worse than we expected in the recent mid-term elections and a recent corruption scandal,” Fitch Ratings said.
In addition, Fitch Ratings said global trade tensions will likely drag on the country’s growth, particularly through weaker global demand.
While acknowledging progress in fiscal consolidation, the credit watcher noted that governance standards remain weaker than those of other “BBB”-rated economies.
Still, Fitch Ratings said they expect a downward path for government debt-to-GDP over the medium term, given strong nominal GDP growth.
Fitch Ratings said a downgrade could be triggered by a failure to maintain debt stability, particularly if fiscal consolidation is scaled back to support growth or spending pressures rise.
A loss of confidence in mediumterm growth prospects or a deterioration in foreign-currency reserves due to persistent current account deficits could also strain the country’s external position and credit profile. Meanwhile, positive rating driv-
ers could emerge if the government delivers sustained reductions in debt ratios through tax reforms or more efficient spending without undermining growth.
The credit watcher also cited the possibility of an upgrade if the Philippines achieves stronger mediumterm growth, maintains sound macroeconomic policies or strengthens governance standards closer to those of higher-rated peers.
In a broader regional perspective, the ASEAN+3 Macroeconomic Research Office (AMRO) said that persistent trade frictions and global uncertainty could dampen growth across Asia’s emerging markets.
The ASEAN+3 region comprises members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea.
AMRO Director Yasuto Watanabe said at the 28th ASEAN Plus Three Summit that trade measures will weigh more next year and headwinds are building.
Watanabe said that while ASEAN has made commendable strides in trade liberalization, with tariffs close to zero, intra-ASEAN trade has remained “stagnant” at just over 20 percent of total trade for decades.
“The way forward is to move beyond trade measures,” Watanabe said. “ASEAN needs a deliberate investment strategy built on two pillars: leveraging global value chains to accelerate domestic upgrading and supporting the internationalization of ASEAN firms.”
Watanabe said that deeper ASEAN integration is not an alternative to global openness but a critical complement. “By broadening our sources of growth, we can strengthen the resilience of all ASEAN+3 economies.”
AMRO projects growth to reach 4.1 percent in 2025 and slow to 3.8 percent in 2026 for ASEAN+3. Meanwhile, inflation will remain slow and stable, underpinned by sound macroeconomic policies across the region, according to AMRO.
FOUL
“Kiko” Pangilinan
Editor: Jennifer A. Ng
Factory woes dent income of Concepcion Industrial
By VG Cabuag @villygc
CONCEPCION Industrial Corp. (CIC), which manufactures air-conditioning units and refrigerators, on Monday said its income in January to September fell 2 percent to P927.06 million from the previous year’s P944.87 million.
The company attributed the decline to margin compression and “factory-related challenges.”
“This was partly mitigated by higher equity earnings from associate and lower FX [foreign exchange] loss compared to last year,” the company said in its disclosure.
Sales for the period grew 3 percent to P13.95 billion from the previous year’s P13.6 billion, primarily driven by the performance of its commercial business.
Including contributions from its associate company Concepcion Midea Inc., total group net sales went up by 11 percent to P19.6 billion.
For the third quarter alone, its income fall was much larger at 35 percent to P141.48 million from the previous year’s P218.2 million due to lower margins from factory underabsorption.
Net sales inched up by 2 percent to P3.88 billion from the previ -
ous year’s P3.79 billion, driven by the strong performance of the refrigeration, laundry, other appliance and commercial businesses. This was partially offset by weaker demand for residential air conditioners.
For the three quarters, the company said its consumer segment posted P9.7 billion in net sales, a 3 percent decline from the same period last year.
“The decrease was mainly due to lower air conditioning category sales, driven by softer consumer demand during the peak season which extended into the third quarter. The shift toward more affordable product tiers also affected the mix,” the company said.
These were partially offset by the 17-percent growth in the refrigeration category and the continued strength in appliances, which grew 63 percent on sustained demand for laundry, kitchen and small household products.
Commercial business, meanwhile, delivered P4.2 billion in net
sales, posting an 18- percent growth versus last year.
The increase was mainly driven by the growth momentum of air conditioning equipment sales in commercial projects, supported by the strong sales performance in the contractor network during the first half of the year.
Additional contributions from elevator equipment sales and aftermarket service revenues further bolstered overall performance, the company said.
The company said the residential property market gained momentum amid a pickup in demand during the period, particularly for condominiums where inventory levels are gradually normalizing.
“However, buyers remain cautious and selective in light of macro uncertainty. Meanwhile, the office market continued to show steady growth, supported by sustained demand from both the IT-BPM [information technology- business process management] sector and traditional office occupiers.”
New Ateneo campus to rise in Cavite
GT Capital Holdings Inc.
on Monday said it signed a memorandum of agreement (MOA) with the Ateneo de Manila University for the establishment of a new Ateneo campus in the company’s property in General Trias in Cavite.
The new campus will rise in a 15-hectare parcel of land at Riverpark, the largest township development of GT Capital’s wholly-owned property subsidiary Federal Land Inc. and Federal Land NRE Global Inc. (FNG).
It is the latest addition to a growing number of strategic developments in the township, which
PAL offers more flights from Cebu
FLAG carrier Philippine Airlines (PAL) has expanded its domestic network from Cebu with the launch of a new four-times-weekly Cebu–Calbayog service.
The service operates every Monday, Wednesday, Friday, and Sunday, departing Cebu at 7:30 a.m. and arriving in Calbayog at 8:35 a.m. The return flight departs Calbayog at 8:55 a.m. and arrives in Cebu at 10:00 a.m.
“This new route between Cebu and Calbayog boosts leisure and business travel, promotes economic activity, and strengthens Cebu’s role as a gateway to various parts of the Philippines and the rest of the world,” PAL Express President Rabbi Vincent Ang said.
According to Ang, the new connection allows Calbayog-based travelers seamless access to Manila and other major domestic destinations such as Bacolod, Iloilo, Puerto Princesa, Siargao, Davao, and Cagayan de Oro via PAL’s Cebu hub, as well as onward international flights.
PAL is using its 86-seater De Havilland Dash 8-400 Next Generation turboprop aircraft on the route, providing a one-hour hop between the two Visayan cities. Lorenz S. Marasigan
Meralco lowers sales forecast
By Lorenz S. Marasigan @lorenzmarasigan
HE Manila Electric Co.
T(Meralco) has adjusted its energy sales growth forecast for 2025 to flat or slightly negative, marking the second downward revision this year as prolonged bad weather continues to dampen electricity demand.
Ferdinand Geluz, SVP and chief revenue officer of Meralco, told reporters the company now expects sales growth of flat to negative 0.4 percent to 0.8 percent by yearend, down from an earlier projection of 1 percent to 2 percent growth announced mid-year.
The revised outlook represents a deterioration from Meralco’s original target of 4 percent to 4.5 percent sales growth at the start of 2025.
Geluz attributed the downgrade to worsening weather patterns that have persisted throughout the year, contrary to the company’s expectations for normalization.
“We were hoping for a normalization of weather patterns but we see worsening weather patterns,” Geluz said during a briefing on the company’s nine-month financial results.
“In fact, in the third quarter alone, we had 10 more suspension of classes and even government offices.”
recorded 15,237 GWh in the ninemonth period, nearly matching last year’s 15,261 GWh.
Growth was held back by ongoing real estate vacancies, weaker hotel demand due to fewer foreign tourists, and frequent heavy rains that caused class and work suspensions, reducing air conditioning use in consumer-facing businesses.
The residential segment accounted for 36 percent of total sales and declined slightly to 14,520 GWh from 14,758 GWh year-on-year, mainly due to a 0.52°C temperature drop and unpredictable third-quarter weather during the transition to La Niña that caused outages.
The industrial segment, however, grew to 10,852 GWh from 10,743 GWh, driven by strong demand in semiconductors and constructionrelated sectors.
‘Positive effect’ DESPITE the volume shortfall in the distribution business, Meralco remains committed to its P50-billion core earnings guidance for the year.
Meralco SVP and CFO Betty SiyYap said the company is relying on contributions from its power generation portfolio to offset any distribution utility shortfall.
currently include a Uniqlo logistics facility and the upcoming SM City General Trias.
By 2026, Riverpark residents will gain direct access to the Open Canal Interchange of the Cavite-Laguna Expressway (CALAX), which is expected to improving travel time to and from the township. Last May, FNG—the joint venture between Federal Land and Nomura Real Estate Development Co. Ltd.—reported the 100 percent sell-out of the first tranche of commercial lots in Riverpark, which are set to be developed into office, retail, and other mixed-use facilities.
“Ateneo’s presence in Riverpark not only strengthens the educational landscape of Cavite but also uplifts the lives of the communities we serve. Our investment in this campus reflects our long-term commitment to creating sustainable value for generations of Filipinos, anchored on the values of excellence and service.,” GT Capital Vice Chairman Alfred V. Ty said.
Ateneo’s Cavite campus is expected to bring holistic and worldclass education closer to learners residing south of Metro Manila and nearby provinces. The school is targeted to open by 2030.
“The new Ateneo campus in Riv-
erpark allows us to extend our mission and provide more families in Cavite and nearby provinces with access to quality education rooted in our Jesuit tradition,” Ateneo de Manila University President Roberto Yap said.
Riverpark, a Federal Land Community, is envisioned to be “The Next-Gen City of the South,” designed as a sustainable development that promotes smart and holistic living.
The inclusion of an Ateneo campus further elevates the township and reinforces its position as a catalyst for growth and innovation in the South. VG Cabuag
FTI seals lease deal with CIAC
THe explained that the heavy rains and flooding impeded the mobility of both residential and commercial customers, directly suppressing power consumption.
The inclement weather particularly affected demand for air conditioning and cooling, which accounts for the bulk of electricity use in the commercial and residential segments.
“Unlike commercial, bulk of the power requirements is really on cooling. So, if colder ang weather and impeded ang mobility ng customers nila so less ang requirement ang cooling power,” Geluz said. “And that goes the same with residential.”
As of end-September, Meralco’s consolidated energy sales stood at 40,719 gigawatt-hours (GWh), virtually flat compared to 40,872 GWh a year ago.
The commercial segment, which contributed 37 percent of total sales,
“We’re relying also on the contribution of power generation which has helped us cover any DU shortfall,” SiyYap said. “Although overall we’re also looking at contributions from our subsidiaries. No matter how small it is, it still provides positive effect.”
The company is also implementing prudent cost management measures to cover for any shortfall from the volume effect, she added.
Meralco reported on Monday its consolidated core net income (CCNI) grew 14 percent to P40 billion in January to September from P35.1 billion in the same period last year. Consolidated reported net income went up by 9 percent to P36.8 billion from P33.8 billion.
Consolidated revenues rose 5 percent to P371.8 billion, driven by higher pass-through generation and transmission charges, improved revenues from power generation’s participation in the reserve market, and increased sales volume from retail electricity.
ERC tweaks IPO rules for local energy firms
TBy Ada Pelonia @adapelonia
HE Food Terminal Inc. (FTI) has forged an agreement with the Clark International Airport Corp. (CIAC) to develop a P3.6billion large-scale agri-food complex aimed at boosting food security and farmer incomes.
FTI, a government-owned and -controlled corporation (GOCC) under the Department of Agriculture (DA), said the hub would integrate wholesale trading, food storage, processing, logistics, and agri-tourism facilities.
It would also feature a Halalcertified zone and dedicated spaces for One Town, One Project (OTOP) enterprises that promote local livelihoods, innovation, and sustainable growth.
The memorandum of agreement (MOA) was signed by FTI President Joseph Lo and CIAC President Joseph Alcazar. FTI will lease the Clark property from CIAC for 25 years.
For his part, Agriculture Secretary Francisco Tiu Laurel Jr. said the project follows successful models in neighboring countries, particularly Thailand, where food hubs have driven agricultural progress.
He had noted that while the hub was smaller than Thailand’s 50-hectare agricultural distribution center, it is crucial to lay the foundation for future administrations to expand on.
“This is one of several mega food hubs the DA will develop to ensure stable markets and long-term food security.”
He added that this supports the government’s vision of providing
farmers and fisherfolk fair access to markets through strategically located food terminals.
The DA noted that the hub is set to rise on a 46-hectare property in Clark, Pampanga, which will serve as the main trading center for Northern Luzon. FTI will begin developing a 10-hectare section early next year.
A second 40-hectare hub will be constructed in Bukidnon to service Mindanao, while a third 30-hectare hub is planned in Quezon province for Southern Luzon and Bicol produce.
Lo said the project revives FTI’s original mission of linking farmers directly to consumers.
“The hub will encourage producers and entrepreneurs, ensure fair farm-gate prices, lower food costs, reduce post-harvest losses, create jobs, and stabilize supply.”
HE Energy Regulatory Commission (ERC) has streamlined the public offering rules for energy companies, making it simpler for power generation firms and electric distributors to comply with requirements to offer shares to the public under the Electric Power Industry Reform Act.
The amendments essentially rework the public offering requirement that mandates energy companies to sell at least 15 percent of their ownership to the public through either listing on the Philippine Stock Exchange (PSE) or by directly offering and selling shares.
ERC Chairperson and CEO Francis Saturnino C. Juan said the revisions address three critical areas that have long complicated compliance. “This update is a win for rationality and public participation in the energy sector.”
The rules now provide a clearer definition of “holding company,” resolving previous ambiguity about which parent companies are affected by the requirement.
Likeiwse, companies will have longer and more practical time -
lines to prepare for and complete their public offerings, acknowledging the planning involved in such transactions.
Furthermore, the ERC has synchronized its requirements with current listing standards of the local bourse, creating a unified set of rules for energy companies navigating the public offering process.
Juan said the changes aim to ease the burden on small and medium-sized power producers and utilities that have struggled with compliance.
He added that by making the process more manageable, the ERC hopes to encourage broader participation while reducing reliance on provisional authority to operate certificates, which some companies had used to circumvent full compliance.
“When energy companies offer shares to the public, it allows Filipinos to invest directly in the industry that powers our nation,” Juan said. “It also makes these companies more accountable to their investors and the consumers they serve.” Lorenz S. Marasigan
PHOTO FROM THE FACEBOOK PAGE OF FOOD TERMINAL INC.
Japan jettisons pacifist arms constraints in push to become global military player
By Alastair Gale & Mayumi Negishi
JAPAN is taking off the gloves as it seeks to become an international arms powerhouse amid a political realignment under new Prime Minister Sanae Takaichi, who has embraced a coalition partner eager for major defense liberalization.
Takaichi’s Liberal Democratic Party and the Japan Innovation Party plan to roll back restrictions on defense exports, build weapons factories and accelerate investment in the nation’s military. Japanese Defense Minister Shinjiro Koizumi on Friday convened a meeting of senior ministry officials to discuss a successor to a five-year defense spending plan that runs through 2027, as well as updates to the national security and national defense strategies.
A priority is to help Japanese weapons makers thrive as military budgets swell around the world. The country’s five biggest defense companies account for less than 2% of global defense shipments, but their share prices have risen on expectations of fresh orders.
Takaichi’s government also aims to show the US, Japan’s only security treaty ally, Tokyo’s commitment to investing in their alliance and deflect pressure from President Donald Trump over defense spending during a visit to Tokyo this week. Trump has called on US allies to spend 5% of their gross domestic product on defense; Japan currently spends about 1.8%.
On Friday, Takaichi said she would bring forward by two years a plan to reach 2% and hit the goal during the current fiscal year ending in March, with funds from a supplementary budget.
“I will boost the deterrence and response ability of our military alliance with the US,” Takaichi said in her first speech to parliament as prime minister. Trump is en route for Japan and is expected to visit a US naval base south of the capital on Tuesday.
The new enthusiasm marks a sea change from just a few years ago, when there was little coordinated effort to build up Japan’s
small defense industry, thanks to lingering taboos in the country about the “industry of death” and high barriers to defense exports imposed in the wake of World War II.
“We’d often go in to make a presentation to try and win a contract overseas after a European competitor,” said Masahiko Arai, senior vice president of defense and space systems at Mitsubishi Electric Corp, a maker of radars and missile guidance systems. “They’d come out with a large delegation including uniformed military officers and embassy staff, but we’d get none of that support.”
Government backing has improved, Arai said. Evidence of that came in August this year when a Japanese consortium was selected as the preferred bidder to provide 11 warships worth up to $6.8 billion to Australia, aided by lobbying by former Prime Minister Shigeru Ishiba and Japan’s defense minister, as well as a public relations campaign that involved billboards promoting the main contractor, Mitsubishi Heavy Industries Ltd., in Sydney.
“It was almost too much,” said one Australian government official who took part in the talks, adding that it was quickly clear that the capabilities of the Japanese ship were superior to those of a rival German offer.
If a contract is signed as expected early next year it would be only the second major post-war defense export deal by a Japanese company. New Zealand is also considering acquiring the same Japanese frigates and its defense minister recently discussed the issue with his Japanese counterpart, according to a statement from New Zealand’s military provided to Bloomberg.
To map out a plan for sustained export progress, Japan has benchmarked itself against other countries, including South Korea, which has a more developed defense sector and has signed multibillion-dollar agreements to supply equipment such as howitzers, rocket systems and ammunition to countries including Poland. Japan can emulate that success higher up the technology chain in areas such as missile systems and space technology, said Hirohito Ogi, a former Japanese Defense Ministry official. A plan by the new government to scrap a general ban on the export of lethal military equipment unless the items are for defensive purposes, such as cannons used to clear mines, could help. The LDP’s former coalition partner Komeito insisted on that ban, and although the government found ways to make some exceptions, it now aims to remove the restrictions completely next year.
“In the broadest sense, Japan
may start to see itself as a normal country when it comes to its defense and strengthen its capabilities while engaging freely with other nations’ militaries,” said Grant Newsham, a former US Marine Corps colonel and liaison officer to the Japanese military.
Japan is also looking into adding capacity to build missiles and other weapons, which will help boost inventories and potentially help the US, which has warned of its own munitions shortages. The coalition says it would consider state-owned armories operated by private companies.
Unlike large defense-focused contractors in countries like the UK and the US, in Japan the sector consists of a handful of manufacturing and technology conglomerates that are primarily focused on other businesses. For most, defense has long accounted for less than 20% of company-wide revenue and mostly involved supplying the Japanese military, known as the Self-Defense Forces.
The limited market has deterred them from adding production capacity and many smaller businesses have exited the defense sector because of low margins.
“If we are tied to the fluctuations of Japan’s defense budget we can’t make solid investments or really build a strong production and technology base,” Mitsubishi Electric’s Arai said.
The company is one of the most bullish about the overseas market and is part of a Japan-UK-Italy consortium working to develop a sixth-generation fighter jet. In April, NATO Secretary General Mark Rutte toured a Mitsubishi Electric satellite production facility just outside Tokyo, before
meeting Ishiba to discuss closer defense industrial cooperation, among other topics.
Like other Japanese companies in the sector, Mitsubishi Electric doesn’t break down its defense revenue by location, but Arai said exports were still limited. A ratio of about 20% of revenue from shipments overseas, similar to that of major US defense contractors, would be “healthy,” he said. The company is ahead of its goal of almost doubling last year’s revenue in the defense sector to ¥600 billion ($3.9 billion) by 2030 based on its latest order book, he added.
A change in Japan’s thinking over the defense sector came in 2022 after Russia’s invasion of Ukraine elevated concerns about a similar conflict in Asia, possibly over Taiwan. Tokyo committed to investing ¥43 trillion over five years in military equipment such as long-range cruise missiles and military satellites, and to lifting overall defense spending to 2% of gross domestic product by 2027 from an informal cap of 1%. Missiles and satellites have become part of a new strategy of trying to deter rivals such as China and North Korea by having the ability to hit military sites in those countries from land, sea and air.
Mitsubishi Heavy has been one of the big beneficiaries of Japan’s rising defense budget, with major orders that include long-range cruise missiles. In May, the company said it expected operating profit from its aerospace and defense segment to grow 40% in the current fiscal year through March. The company is also the lead contractor on the frigate deal with Australia. (Mitsubishi Heavy and Mitsubishi Electric originated from the same
shipping business but are now independent companies.)
Mitsubishi Heavy CEO Eisaku Ito said in a recent interview that the company was seeking to get ahead of defense industry trends such as closer integration between air, land and sea forces.
“When unmanned systems like drones come into play, or when more automation is required, we have plenty of cutting-edge technologies internally,” he said.
“We’re looking to put forward ideas for future trends in the sector.” NEC Corp., which supplies satellites, submarine sonars and drone technology, is seeing stronger-than-expected demand for its defense-related products. In 2023, the company delivered a small radar satellite to Vietnam as part of a disaster-forecasting system, and it has developed search-and-rescue drones for potential customers overseas. NEC’s aerospace and national security unit increased headcount by 1,000 in two years and plans to add another 200 this year.
There are still challenges for Japanese companies, executives and government officials say. Some are hesitant about directing investment into defense and away from other larger business segments. A lingering stigma among older generations in Japan over the defense industry after the country’s militarism during World War II can also be a concern, and then there are the difficulties of connecting to the supply chain overseas.
“There are still some companies saying no, we don’t want to be engaged with these things,” said one government official handling defense industry policy.
But with a strong tailwind now from the new government as it seeks to remove remaining barriers to growth, the incentive of spiraling global defense budgets and a growing social acceptance in Japan of the legitimacy of a strong military, there’s a general optimism about the country’s potential.
“The pieces are being put into place for Japan to become a global defense player,” said Frank Clark, a former military attaché at the US Embassy in Tokyo who now heads Pacforce, a Tokyo-based advisory for defense companies. With assistance from Nicholas Takahashi and Reina Sasaki/Bloomberg
China gangs exploit US gift cards to move stolen cash, DHS says
By Myles Miller
GIFT cards, one of the most basic financial products in the US retail market, have become the backbone of a billion-dollar criminal economy that investigators say is moving American money into China.
Homeland Security Investigations agents say Chinese organized-crime groups have built a laundering network that uses US retailers, mobile wallets and cryptocurrency to steal and export wealth. Operatives inside the US drain compromised gift cards, buy high-value goods such as iPhones and laptops, and ship them to China, where they are resold for profit.
The proceeds are then converted into digital currency and funneled through Chinese payment platforms, creating what
investigators describe as a hidden pipeline of American capital leaving the country.
“The end goal is to cash out stolen money from fraud or other criminal activity,” said Adam Parks, an assistant special agent in charge with Homeland Security Investigations. “When you’re talking about China, the trade relationship gives them the perfect exit.”
The DHS operation, known as Project Red Hook, has exposed a web of China-based organizations using stolen card data and digital wallets to turn everyday US consumer spending into a revenue stream. Parks said the agency has identified more than $1 billion in fraud losses over the past two years tied to the same groups.
Criminals purchase stolen card numbers in bulk through Tencent
Holdings Ltd.’s WeChat app, pay for them with cryptocurrency and load the balances onto mobile wallets. Teams in the US use those wallets to buy electronics and other high-demand products that can be sold for two or three times their value in China.
“The system operates with the efficiency of a supply chain,” said Dariush Vollenweider, a senior Homeland Security agent who helps oversee the investigation. “You have the takers, the tampers, the placers, the redeemers, the supporters. By the time a consumer loads money onto a card, that balance is already gone.”
Investigators say the same networks also operate large-scale text-message scams that feed the card-draining operations. Messages posing as highway-toll, postal-fee or delivery notices direct recipients to fake payment
sites. Victims who enter their information supply the data used to steal funds.
Parks said criminals in China monitor the spoofed sites in real time, load victims’ card details into mobile wallets and make purchases in the US through phones they control. Investigators also have identified what are known as SIM farms—rooms filled with devices that can send thousands of text messages at once by cycling through mobile phone SIM cards.
The setups are used to blast phishing messages in bulk, including some operated from within the US.
In September, federal agents dismantled a covert network near the United Nations in New York that contained more than 300 SIM servers and 100,000 SIM cards, according to the Secret Service. At first, investiga -
tors were worried the equipment was connected to a possible threat against President Donald Trump, who was headed to New York to speak at the UN, but they were later tied to the longstanding financial scheme.
Homeland Security officials say the economic motive reaches back decades. China’s restrictions on foreign currency and luxury imports fostered a gray market known as daigou, or “buying on behalf of,” in which overseas buyers purchased goods that were scarce or heavily taxed at home.
The Treasury Department in an August report identified about $9.6 million in such suspicious transactions, with the buyers in the US using cash from laundering networks.
The scale of the problem is increasingly visible. Santa Rosa police arrested two men from
Southern California after finding 10,000 tampered gift cards in their car and 15,000 more in a Hayward hotel room. Investigators said the suspects had visited more than 200 CVS stores, removing cards from racks, copying activation data and resealing them before putting them back. In New Hampshire, three Chinese nationals were sentenced to two to five years in federal prison for conspiracy to commit wire fraud after agents found a warehouse stacked with Apple products bought with stolen electronic gift cards. In Florida, another Chinese national was sentenced to 33 months in federal prison for possession of unauthorized access devices after agents found more than 6,000 altered gift cards tied to a nationwide retail fraud scheme. Bloomberg News
TAKAICHI on Oct. 24. KIYOSHI OTA/BLOOMBERG
Banking&Finance
Weak stock market whets investor appetite for T-bills
By Reine Juvierre Alberto @reine_alberto
THE Bureau of the Treasury (BTr) upsized the volume of Treasury bills (T-bills) it awarded on Monday’s auction to take advantage of falling yields and strong demand as investors sought safer havens amid recent volatility in the local stock market.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the strong appetite for T-bills was due to stock market weakness, which pushed investors towards safer assets.
How underserved students can succeed in college despite hardship
MANY Filipino college students face money problems while studying. Even if tuition is free in state universities and colleges (SUCs), students still need to pay for food, transportation, rent in boarding houses and school projects. With the limited options offered by SUCs, some opt to study in private colleges or universities. For those who come from poor families, these expenses can be very heavy. But with discipline, creativity, and support, it is possible to survive and finish a degree.
One of the biggest costs that college students face daily is transportation. Fares for public transportation share a big part of the allowances of the students. This is more significant when their school is far away from home. Some students who live in boarding houses located near the campus, on the other hand, spend for rent, electricity, and water bills. Aside from these, there are school requirements like printing, internet load, uniforms and group projects. Some students also help their families by sending money home or supporting younger siblings. Personal financial planning can help overcome these challenges.
Students can create a simple budget as a way to manage their money. They can jot down their “ baon” on a daily basis and identify how much of that baon goes to transportation and food. This way it would be easier for them to check where their money goes. Instead of cooking outside, they can cook meals all at once (to be eaten for brunch and dinner). They can bring water bottle that can be refilled at a water fountain.
Another crucial way is to apply for scholarships. The Commission on Higher Education (CHED), the Department of Science and Technology (DOST) and local government units offer scholarships and allowances. Many private schools offer generous scholarship grants as well. Private foundations also give financial help. Applying may take time, but even small scholarships can make a big difference.
Students should also use their rights to discounts. With a school ID, they can get lower fares on jeepneys, buses, and other public utility vehicles. Some companies also give student discounts for software and other services. Using the library or free online resources instead of buying books can also save money.
Working part-time is another option. Students can inquire from their schools if they offer student assistant program wherein part, if not all, of their allowances can be charged against their
“The recent volatility/decline in the local stock market also partly benefited relatively safer havens recently, such as T-bills,” Ricafort said.
A total of P25 billion was raised by the auction committee from three-tenor short-term debt papers, higher than the P22 billion it intended to borrow.
The government was met with overwhelming demand, as total tenders reached P85.365 billion, almost four times oversubscribed the initial P22-billion offer.
This prompted the auction committee to double the accepted noncompetitive bids for the 182-day T-bills to P10.5 billion, making the total volume awarded to P25 billion.
Broken down, the Treasury awarded P7 billion from 91-day T-
bills, P10.5 billion from 182-day T-bills and P7.5 billion from 364day T-bills.
The 91-day T-bills fetched a lower average rate of 4.858 percent, 2.6 basis points below the previous rate of 4.884 percent. The tenor attracted a total of P29.555 billion in bids, 4.2 times the initial P7 billion offer.
Meanwhile, the average rate of 182-day T-bills dropped by 1.4 basis points to 5.044 percent from 5.058 percent in the previous auction. Tenders for the security amounted to P33.450 billion, 4.4 times oversubscribed the P7.5billion offer.
Lastly, the 364-day T-bills’ average rate slid by 0.4 basis points to 5.093 percent from 5.097 percent in
the last auction. Total bids for the tenor reached P22.360 billion, nearly three times the P7.5-billion offer. Average yields of all three tenors are lower than the comparable Philippine Bloomberg Valuation (PHP BVAL) benchmarks. The PHP BVAL reference rates are 4.926 percent for the three-month tenor, 5.097 percent for the six-month tenor and 5.162 percent for the one-year tenor.
Ricafort said the T-bill yields fell for the sixteenth time in 17 weeks due to lower benchmark yields and monetary policy easing expectations.
The Bangko Sentral ng Pilipinas (BSP) gave dovish signals, hinting at another 25-basis points rate cut on December 11, which could essentially match the rate cuts by the US
Federal Reserve to maintain healthy rate differentials, Ricafort added. For this month, the Treasury raised more than it aims to borrow from the local debt market.
In total, the Treasury generated P161 billion, P3 billion higher than the P158 billion it sought to borrow. Of the amount, P91 billion came from T-bills, while P70 billion came from Treasury bonds. Next month, the Treasury will borrow a total of P158 billion from local lenders.
As of end-September, gross borrowings of the national government reached P2.394 trillion, up by 4.08 percent year-on-year from P2.3 trillion. This makes up 92.07 percent of the government’s P2.6-trillion
Push to raise non-taxable income ceiling supported
tuition fees. Small businesses such as selling snacks, clothes, or school supplies to classmates can also help. Other part-time jobs like becoming a service crew in fast food chains can also greatly help in their finances. The important thing is to choose work that does not harm studies.
It is also important to avoid debt. Some students borrow from informal lenders or use “5-6” loans. However, these have very high interest and may aggravate the problem. If they really need to borrow for tuition, some schools offer flexible payment schemes or partner with third-party lenders with friendly interests.
Aside from money, the right attitude is also important. They need to be resourceful such as sharing learning materials, borrowing from libraries, or using free online materials. They also need community spirit. In the Philippines, bayanihan is part of culture. Sharing meals with boardinghouse mates, carpooling, or joining study groups can save money and build friendships.
Some schools provide free breakfast especially for students who can’t really afford to buy food. For those students who juggle work and studies, they can politely request from their teachers for a more flexible deadline. Many organizations like Churches, civic groups, government agencies also provide financial or material help. Asking for help is not a weakness but a way to survive and succeed.
Although financial struggles are very hard, they can also make students stronger. Those who learn to manage money early develop skills in budgeting, time management, and problemsolving. These skills are crucial later in their personal and professional life. A lot of those who are successful today once experienced these hardships. Though hard but it is not impossible. At the end of the day, financial challenges in college are temporary. College students need to keep on reminding themselves that Education is an investment and an important key to better opportunities that will help make their lives better. With determination and support, one can proudly say, “I made it!”
Clyde Gamolo is a Registered Financial Planner of RFP Philippines. The views the author expressed herein do not necessarily reflect those of the
By Jovee Marie N. dela Cruz @joveemarie
TWO lawmakers have called for an increase in the non-taxable income ceiling from P250,000 to P300,000 annually, a move they believe will boost consumer spending, provide relief for wage earners and stimulate economic activity amid rising living costs.
Manila 2nd District Rep. Rolando M. Valeriano and Ako Bicol Party-list Rep. Alfredo A. Garbin Jr. said the current ceiling—unchanged since the Train Law took effect in 2018— no longer reflects the true value of money today.
“The value of money has eroded since 2018. Recent wage hikes have also pushed some salaried workers outside the non-taxable bracket,” said Valeriano, who also serves as vice chairman of the House Committee on Ways and Means. “It’s
time we raise the non-taxable annual individual income tax rate ceiling.”
He added that the adjustment would directly benefit low- income and middle-income households and help offset the impact of inflation. According to Valeriano, his proposals not only raise the tax-free threshold but also to remove the final tax on bank deposits below P5,000 and scrap the 12-percent value-added tax (VAT) on electricity.
He argued that lowering taxes would eventually pay off, as more disposable income would drive higher consumer spending, spur business growth and generate new jobs.
“What can prosper and gain public support are the removal of the 12 percent value-added tax on electricity, the extension of the amnesty on estate taxes and a general tax amnesty,” Valeriano added explaining that the “removal of the VAT on electricity
will be eventually recovered.”
He said that the foregone VAT “will be a positive in the form of increased consumer spending and added corporate funds for expansion projects leading to more new jobs.”
Valeriano also stressed that any revenue loss could be offset by “raising rates on higher-income earners and plugging tax avoidance loopholes.”
Meanwhile, Garbin said the adjustment will translate to bigger take-home pay for all Filipino workers.
“If and when the income taxfree ceiling is raised to P300,000, the gross monthly salary that will be completely tax-free rises up to P25,000. The P4,000-plus part of the monthly income spared from income tax now becomes disposable income for every individual income tax payer. It can be spent on what-
ever the salaried earner wants: more food, more medicines and vitamins, more allowance for the kids going to school,” he explained.
Garbin emphasized that the P4,000 difference would not be a “revenue loss” for the government but rather a stimulus that boosts sales taxes and supports micro, small and medium enterprises (MSMEs). He also pointed out that since the TRAIN Law took effect in January 2018, the peso has lost 24.27 percent of its value.
“What P250,000 could buy in 2018 can only buy P189,325 worth of goods today. To recover that loss, the ceiling should actually be P310,000—but P300,000 is a reasonable, workable number,” he said. The two lawmakers said that after years of tax misuse and corruption scandals, the public deserves some relief.
PDIC cites info campaign gains
FALL The US Capitol reflected in the rotunda of the Russell Senate Office Building in Washington on Monday, November 11, 2024. Optimism the US and China are nearing a trade deal is prompting investors to sell Treasuries as demand for havens wanes. “Treasuries are falling as investors unwind the ‘seek havens at all cost’ narrative when the US-China trade relationship went pear-shaped,” said Anna Wu, cross-asset investment strategist at VanEck Australia. “Yields may stay range-bound until further US-China talks, though, and any major fallout will cause knee-jerk buying again.” CREDIT: BLOOMBERG
‘Sustained performance’ of core biz segments boosts BDO profits
THE Sy-led BDO Unibank Inc. (BDO) reported higher earnings in the first nine months of the year, buoyed by strong lending and sustained performance, even as global trade tensions and domestic headwinds.
Based on its quarterly report, BDO’s net income grew by 4 percent to P63.1 billion as of the third quarter from P60.6 billion in the same period last year. The bank attributed this to the “sustained performance” of its core business segments.
BDO’s net interest income rose by 8 percent to P150 billion, on the back of the expansion in its earnings assets.
In terms of loans, BDO reported that its gross consumer loans increased by 14 percent to P3.5 trillion, driven by broad-based growth across all market segments.
With an expanded loan portfolio, the lender continued its conservative provisioning stance by setting aside P11.3 billion as “Provision for Impairment Losses.”
According to BDO, its asset quality remained stable, with its non-performing loan (NPL) ratio at 1.77 percent, and NPL coverage at 134 percent.
Meanwhile, deposits increased by 10 percent as demand and time deposits grew, with a current ac-
count/savings account (CASA) ratio of 67 percent.
Non-interest income also expanded by 14 percent, on the back of a 15 percent growth in feebased businesses.
Furthermore, shareholders’ equity increased by 10 percent on continued profitable operations, with book value per share up by 10 percent to P116.42.
The bank’s common equity tier 1 (CET1) ratio was also higher at 14.4 percent compared to last year’s 14.1 percent.
“The Philippines is expected to demonstrate continued resilience despite global trade uncertainties from higher U.S. tariffs and local political issues, supported by stable inflation and strong domestic consumption,” according to the country’s largest universal and commercial bank in terms of assets.
“Meanwhile, the bank’s robust capital foundation and diversified business portfolio position it well to navigate current risks and capitalize on emerging growth prospects,” read a statement the lender issued last Monday.
As of end-September, BDO’s total resources increased by 10 percent year-on-year to P5.3 trillion, coming from growth in gross customer loans and investment securities funded by deposits and the sustainability bond issuance. Reine Juvierre S. Alberto
THE Philippine Deposit Insurance Corp. (PDIC) appreciated the information-dissemination campaign at the community-level as a form of “humanizing its mission.”
In a statement issued last Monday, the PDIC noted its participation in the “GOCC Caravan” launched by the Department of Finance and other government-owned and controlled corporations (GOCCs) “is a strategic commitment to build meaningful engagement with the public.”
“Financial security starts with understanding,” PDIC President and CEO Roberto B. Tan was quoted in the statement as saying.
“By engaging with clients and stakeholders faceto-face, the PDIC humanizes its mission. More than a financial regulator, the PDIC is an advocate for the financial well-being of every citizen and the unique mandate of deposit insurance is what provides that security for the hard-earned savings of depositors,” Tan added.
According to the PDIC, members of its Asset Management and Disposal Group and Public Assistance Department engaged with clients and provided onthe-spot consultations, answering questions about deposit insurance, claims processing, and assets for sale. Visitors at the PDIC booth in a mall in Manila also received educational materials from the PDIC’s flagship financial literacy campaign, “Be A Wise Saver.” According to the deposit insurer, the campaign encourages informed and responsible financial decision-making among Filipinos.
The PDIC quoted one visitor (a small business owner from the province) as saying she had long been confused about how deposit insurance works.
“Now I understand what it means when they say my deposits are protected. I feel more secure knowing PDIC, a government institution, is looking out for me and for other depositors,” she said after her conversation with the PDIC personnel.
The Caravan’s unique format as a one-stop service hub in a central community space like a shopping mall allowed people to access multiple services from different GOCCs under one roof. For many attendees, this was their first time interacting with GOCC services without the need to travel to their offices and to navigate bureaucratic channels.
“This kind of on-the-ground collaboration shows the power of government when agencies work as one and when GOCCs like the PDIC bring not just services but a pleasurable client experience. We hope to sustain our participation as a broader strategy to deepen public engagement,” Tan said.
Art BusinessMirror
Unicef partners with children’s book artists for all-occasion greeting cards
THE art of greeting cards lives strong with Unicef. This year, the United Nations agency for children goes beyond offering Christmas cards and releases its first-ever “all-occasion” series, titled the Hiraya Collection, in partnership with Ang Ilustrador ng Kabataan (Ang INK), the country’s premier collective of children’s book illustrators.
Creating greeting cards has been a Unicef tradition since 1949. It started when a young girl in then-Czechoslovakia expressed her gratitude to the global agency for providing aid to her village, gifting them with a painting of children dancing around a maypole, which became Unicef’s first greeting card. Since then, Unicef cards have been a symbol of hope to vulnerable children and a way for people to give back.
“More than just a piece of art, we want these cards to speak the message that donations and fundraising are more than mere transactions. They make dreams of a better life a reality for vulnerable children everywhere,” said Carmen Gonzalez Ortiz, chief of Unicef Philippines’ Private Sector Fundraising.
The Hiraya Collection offers a variety of Unicef merchandise, including the Unicef Cards for Every Occasion, priced at P1,000 for 12 unique designs, and the Unicef Tote Bags, which come in three designs with a keychain for P1,500. Additional Unicef merchandise, such as the Unicef Mini Backpack Charm (P1,200), Unicef Notebooks (P500), and Unicef Gift Bag (P200), is also available at the Unicef Giving Shop (donate.unicef.ph/shop), designed to “bring children in the Philippines a step closer toward the happy childhood they deserve.”
The limited-edition collection carries the name “Hiraya” after the Filipino term that signifies deep hope and aspiration. Meanwhile, the greeting cards paint an image of a happy childhood every child deserves to experience, featuring unique designs by the artists of Ang INK who specialize in children’s illustrations. Each collectible card and merchandise is inspired by the artist’s fondest childhood memories, “turning every item into a meaningful gift that connects, celebrates, and gives hope.”
“Because of their unique understanding of
children’s worlds,” Ortiz added, “we believe the Ang INK illustrators have perfectly captured the heart of our cause in their artwork — to give children a bright future and help them simply enjoy their childhood by having access to their basic rights.”
Among the Ang INK artists featured in the Hiraya Collection is Iori Espiritu. An illustrator since 2013, she presents her artwork titled Sama-sama salu-salo, inspired by a personal childhood memory of familial bonding over food.
“Two things my family likes doing are growing things in the garden and cooking, and we are often asked to help around,” Espiritu said. However, she understands that many children do not have access to proper nutrition growing up, and the artist hopes that more children will experience the same fond memory she has of a childhood nourished with healthy food.
Another Ang INK collaborator is Fran Alvarez. Her artwork, Tag-Araw, features children at play, channeling her own favorite childhood memory of spending countless hours playing with her cousins and neighbors. She wants to show “how happy it feels to just be a kid knowing you’re safe, and free to have as much fun as you want.” At the same time, Alvarez acknowledges that many children grow up in very challenging circumstances, and she hopes her work can contribute to advocating for a safe and peaceful world for children everywhere.
There’s also artist Al Estrella, who created Pangalawang Tahanan, based on his childhood and
vocation as a grade school teacher. He said children and art are his passions, which is why the theme of childhood memories and education deeply resonates with him.
“It’s a vital cliché: Education is a great equalizer,” he said. “By giving everyone access to quality education, regardless of background, the knowledge, skills and opportunities needed to improve their lives [deepen], and social and economic inequalities can be reduced.”
According to Unicef data, however, the Philippines is still ways away from this vision, as one in three children faces the “triple burden” that “threatens their survival.” The trifecta includes “malnutrition, disruptions in education, and other deprivations due to climate-related risks.”
Despite these odds, Unicef successfully reached almost a million children in 2024 with essential nutrition services. Following the six typhoons from late 2024 to early 2025, Unicef was one of the first to respond with water kits, hygiene kits, essential healthcare support, access to education, and humanitarian cash transfers that were crucial for children and their communities to ease their suffering and restore their dignity. These were possible, among others, through the unwavering support of Unicef’s donors who provide a lifeline for children in need.
More information about Unicef and its work for children in the Philippines can be found at www.unicef. ph.
TAYLOR SWIFT FANS FLOOD GERMAN MUSEUM TO SEE PAINTING ECHOING HER HIT VIDEO ‘THE FATE OF OPHELIA’
BERLIN—A German museum has been unexpectedly overrun by Taylor Swift fans because one of its paintings bears a striking resemblance to the opening scene of Swift’s current No. 1 hit video, “The Fate of Ophelia.”
Hundreds of additional visitors came to the Hessische Landesmuseum in the central German city of Wiesbaden over the weekend to admire the painting, with one family traveling from the northern city of Hamburg especially for the occasion, museum spokeman Susanne Hirschmann told The Associated Press.
Among the visitors were also many American families who are stationed at an US Army base in Wiesbaden. The Swifties’ goal: an Art Nouveau
painting by Friedrich Heyser featuring Ophelia, Hamlet’s beloved in William Shakespeare’s play of the same name.
In the original play, Ophelia, a young noblewoman of Denmark, ultimately becomes mad and drowns.
Heyser’s oil-on-canvas painting presents the figure of Ophelia clad in white and surrounded by white water lilies. The painting’s exact year of creation is not known but experts believe it dates back to around 1900.
In the opening scene of the video for the hit song “The Fate of Ophelia,” Swift slips into the role of Ophelia and becomes a living painting. The scene shows similarities to the work of Heyser, museum director Andreas
Henning told German news agency dpa.
Hirschmann said the museum team recognized the resemblance earlier this month and decided to invite Swifties for a special tour next month. Once they had posted an announcement of the tour on their website, news of the Ophelia painting soon went viral online.
“We’re really enjoying this attention—it’s a lot of fun,” Hirschmann told the AP, adding that all fans showing up for the November 2 tour “Taylor Swift’s ‘Ophelia’ at the Wiesbaden museum” dressed as the pop star or as “the tragic beauty Ophelia” will be able to attend the tour for free.
There’s just one problem: the tour is already completely booked, so the museum
may just have to add additional tours for all art-crazed Swiftie fans.
Henning said the museum has already tried to contact the singer, but has had no success so far getting a hold of the world star. “I would love to show Taylor Swift the original painting sometime,” he said.
“We are surprised and delighted that Taylor Swift used this painting from the museum as inspiration for her video,” Henning said. “This is, of course, a great opportunity to attract people to the museum who don’t know us yet.” The museum said it does not know for sure if the artwork served as a template for Swift’s song, which is currently a No. 1 hit both in Germany and the United States. AP
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LEO (July 23-Aug. 22): Avoid debates or making impulsive moves under emotional conditions. Incorporate better diet and health practices into your routine, and you’ll gain confidence and attract interest from people who like what they see. Refrain from making a move without conducting a thorough investigation. ★★★
VIRGO (Aug. 23-Sept. 22): Chat up someone who can offer something in return. Sharing ideas, knowledge and experience will also lead to potential partnerships and insights that will help you make professional changes. Be careful not to oversell or undersell yourself; truth matters and will determine your future. Display what you can contribute, and you’ll find your niche. ★★★★★
LIBRA (Sept. 23-Oct. 22): Refrain from overdoing it today. The temptation to take on too much or make promises you cannot keep is looming. Take a moment to schedule and plan carefully to avoid doublebooking, overextending yourself financially or neglecting to consider the consequences if you don’t meet demands. ★★
SCORPIO (Oct. 23-Nov. 21): Refuse to let what others do aggravate you. Direct your time and energy toward finishing what you start and doing the best job possible. Let your efficiency be your calling card, and greater opportunities will come your way. Avoid situations that evoke strong emotions without a clear purpose.
SAGITTARIUS (Nov. 22-Dec. 21): Explore possibilities. If you limit yourself, you’ll do yourself an injustice. Let your mind wander and your creativity lead you in new directions. Consider how you can use your skills and knowledge to do something you enjoy. ★★★
CAPRICORN (Dec. 22-Jan. 19): Create opportunities, and you will advance. A unique yet disciplined attitude will serve you well and encourage you to foster connections with those heading in a similar direction. Be aware of your limits and any health restraints. Avoid situations that pose a risk to your physical well-being. ★★★
AQUARIUS (Jan. 20-Feb. 18): High energy alongside good timing and the urge to make a move will pay off. Fine-tune
Show BusinessMirror
The remarkable Richard Somes in his continuous pursuit of purpose and fulfilment
NIKON PHILIPPINES, BENILDE PHOTOGRAPHY HOLD FREE WORKSHOP FOR YOUNG CREATIVES
YOUNG and aspiring artists who wish to explore and experience the power of visual storytelling are invited to a free workshop on November 8, 2025.
Titled Frame by Frame, the initiative is organized by the Photography Program of the De La Salle-College of Saint Benilde (DLS-CSB) School of New Media Arts (SNMA), the pioneering degree course in photography in the country. It is co-presented by Nikon Philippines, a leading high-quality optics and photographic equipment company.
The dynamic learning session will be facilitated by professional photographers Forresty Garcia and Jana Francisco. Garcia is a product commercial filmmaker, and Francisco is a video content creator, public speaker, and alumna-turned-mentor at the Benilde Photography Program.
Designed for budding creatives who desire to pursue a formal education or professional path in photography, the lectures serve as an avenue for the audience to interact and learn from the two powerhouse creatives.
The speakers will immerse the participants in the power of storytelling for modern brands, particularly the importance of showcasing relatable narratives to create a connection with consumers. They will share the fundamentals to utilize effective and trendy visuals to communicate ideas and products. They will also impart their expert inputs and advice to produce lifestyle visuals and content creation for diverse products.
The discussions likewise offer a glimpse into industryshaping insights available at the Benilde Photography Program. This includes developing creative photographic skills and a critical understanding of aesthetics, balanced with professional and business practices.
Frame by Frame is free and open to the public. Senior high school students who plan to explore their passion and expand their knowledge in the creative field are welcome to join the talk, as well.
It is scheduled for November 8, 2025, from 12 noon to 5 pm. It will be held at the DFSR 12th Floor of the Benilde Design + Arts Campus, 950 Pablo Ocampo Street, Malate, Manila. Interested participants may register via tinyurl.com/ BenildePhotoFrameByFrame.
GMA RINGS IN CHRISTMAS EARLY WITH PROMO
THE holiday season comes early as GMA Network spreads Christmas cheer with its GMA Watch and Win Promo. Viewers get the chance to win daily prizes of P5,000 and the grand prize of P50,000.
Beginning October 27, viewers can join the promo by simply tuning in to their favorite GMA shows and keeping an eye out for the special code that will appear on screen. Included in the promo are GMA afternoon hits Hating Kapatid, Cruz vs. Cruz, and Akusada, GMA primetime winners Encantadia Chronicles: Sang’gre and Sanggang Dikit FR, and weekend favorites Pepito Manaloto, Magpakailanman, Bubble Gang, The Voice Kids, and Kapuso Mo, Jessica Soho To join, viewers can scan the QR code with their mobile phones or visit www.gmanetwork.com/ watchandwin. First-time participants are required to register to join the promo and provide their full name (as shown on their valid ID), complete address, e-mail address, and valid mobile phone number. After registering, participants must enter the promo code of the day to submit an entry. The more entries submitted, the greater the chances of winning.
Entry forms to the promo will be open during the afternoon and primetime slots (2:30 to 9:30 pm), and on Saturdays (2:30 to 9:30 pm) and Sundays (6 to 11 pm). Verified winners will be announced on GMA and the GMA website (www.gmanetwork.com), and will also be posted on the official GMA Network and GMA Drama official Facebook pages every Wednesday.
The much-anticipated grand draw will be on December 15, where one viewer will win P50,000. More information can be found at www.gmanetwork. com/watchandwin.
FILMMAKER Richard Somes is thrilled to share his latest horror drama film, titled Near Death, which opens in local theaters this week.
“Near Death is very personal to me as a creator for the big screen,” said Somes who feels that he has come full circle as a filmmaker in the horror genre. “It’s a project I hold very close to my heart. My senses are all switched to the fast lane at this time because this movie is like a coming home of sorts for me. The adrenaline I felt while doing the movie reminded me of the indie spirit that kept me surging forward decades ago when I shot my very first full feature, Yanggaw.” Yanggaw was hailed by critics when it was first shown at the 2008 Cinema One Originals Digital Film Festival and it gave Somes a few Best Director trophies during the awards season of the following year, where the movie scored various wins and nominations in different categories too. Cinema insiders were curious who was this seafarer turned production designer turned director from Negros Occidental who could take the horror-drama genre to a level never before experienced by Filipino film audiences.
“Like Yanggaw, which we finished because of the constant push, patience and passion of the people involved, this new film Near Death came about because of the same passion and commitment of the entire team, from my actors to my producers and everyone in the production who embraced my vision as a filmmaker.”
After Yanggaw, which made the industry take a longer look at him and his vast promise as a filmmaker, Somes spread his wings, took flight and soared with every project he committed himself to.
“I am a person who gets down to work the moment I give my full commitment to a project. In almost two decades as a filmmaker, I have been crossing genres and I find it amazing that I continue to discover many things about myself both as a creative and technical person. I enjoy production design work, and I love being in charge when the cameras are set to roll. I also get some kind of different high when I collaborate with artists and production people who are in the same page as I am, sharing the same vision and working toward the same goal. And when the film is done, the feeling becomes priceless.”
LOS ANGELES—A big-screen adaptation of the popular animé Chainsaw Man has beaten out a biopic about the Boss and the horror sequel Black Phone 2 to top the North American box office.
It’s the latest win for an anime film, less than two months after Demon Slayer: Kimetsu no Yaiba–Infinity Castle debuted to a record $70 million, setting a new high mark for anime in theaters. Chainsaw Man–The Movie: Reze Arc claimed the No. 1 spot by earning $17.25 million at theaters in the US and Canada this weekend, according to Comscore. Black Phone 2 fell to No. 2 with $13 million in its second week. Two new releases, the rom-com Regretting You and Springsteen: Deliver Me From Nowhere, the first biopic about the rock legend, earned $12.85 million and $9.1 million respectively.
Tron:
who miraculously survives suicide and finds herself haunted by the troubled souls all competing to possess her and enter her realm. How she moves on with her life with the living and all the other elements that desire to be part of it is where Somes navigates
movie and television people have been giving me all these years. I look at every new work day as a chance to become better in my craft and my calling, and I embrace all the learnings that both life and work continue to give me in my pursuit of purpose, fulfilment and happiness,” said Somes.
PHOTOGRAPHER and product commercial filmmaker Forresty Garcia
PHL sustains charge in AYG
By Aldrin Quinto
Snear the ropes and limiting his movement against a flurry of wild attacks.
Lobrido, who turned 16 earlier this month, managed to recover, thanks to cheers from the small Filipino contingent at the stands, and went on to win, 5-0, and assure the Philippines of at least another bronze.
Lobrido is considered the best bet among the Filipino pugs, having ruled the Fourth Greater Area Bay Youth Boxing Challenge in Shenzhen, China, last year. Back in contention
EMMANUEL PACULBA and Jacob Quindo recovered from early setbacks in the table tennis competition, also at EWB. Paculba defeated Ali Alhawai of the
By Josef Ramos
G ENERAL SANTOS City—Ormoc City’s Lauren Lee Tan
“It was a little bit tiring
managed to
Tan said. “I want to keep pushing myself and hope to be a part of national team in years to come.”
Alandria Venice Delantar of Pasig City settled for silver with a six-second deficit while Micheya Kate Abad of General Santos City got the bronze medal 14 seconds behind the champion. In the boys’ 12-13 event, Tarlac’s Ronjie Salcedo bagged his first gold medal in 11:51, pushing Cebu City’s Jhanzhoe Canasa to the silver five seconds behind and Baguio City’s Lee Orpilla to the bronze eight seconds further.
“I came back strong today after missing the gold in yesterday’s criterium. I am glad that I made it not only a podium finish but also the gold,” Salcedo said.
Zamboanga City, meanwhile, had two two golds and two silvers and Rizal Province a gold and a bronze in weightlifting being conducted at the Barangay Labangal Gym.
A member of the Hidilyn Diaz Weightlifting Academy, Rizal’s Stephanie Mandigma dominated the girls’ 40-kg category (13–17 years old)
THE Philippine Amusement and Gaming Corp. (Pagcor) celebrated Filipino golf star Miguel Tabuena for his triumph at the recent inaugural International Series (IS) Philippines at the Sta. Elena Golf and Country Club in Santa Rosa City.
Tabuena closed out with a sevenunder-par 65 for a 264 total to beat Japan’s Kazuki Higa (65) and Yosuke Asaji (67), who tied at 21-under.
“It was good to win an IS event and I’m really glad that it was in the Philippines, my home country, in my home club, in front of my family, friends and everyone who’s supporting me,” Tabuena said.
Tabuena’s victory earned him $360,000 (around P21 million), cementing
United Arab Emirates, 11-7, 8-11, 1113, 11-4, 11-5, to even his mark. The 16-year-old Paculba couldn’t sustain momentum in his opening match against Iran’s Mobin Amiri, 11-5, 8-11, 12-14, 9-11.
Quindo bounced back in boys’ singles table tennis, holding off Syria’s Ammar Alkassab, 14-12, 118, 5-11, 5-11, 11-7, after a losing to China’s Tang Yiren, 6-11, 4-11, 5-11, in his opener. John Marin suffered a second straight loss in the boys’ singles, dropping his match against Sarthak Arya of India, 8-11, 8-11, 11-7, 7-11. The 14-year-old Marin earlier bowed to Man William of Hong Kong, 10-12, 9-11, 11-13. Marin and Jannaj Alarcon were stopped in the mixed doubles Round of 32 by Kazakhstan’s Bakdaulet Saurbay and Darya Fu in the Round of 32. The Philippine pair swept Mongolia’s Turmunkh Dugersuren and Enkhjin Tuvshinbayar, 11-7, 12-10, 11-3. CJ Cabreros wound up 10th in the Individual Time Trial in road cycling, finishing the 16.6 kilometer race in 23 minutes and 6.39 seconds.
The 16-year-old Filipino averaged 43.105 kilometers per hour but still finished one minute an 20.74 seconds off the pace in the 22-rider field. China’s Zhang Qiaochu bagged the
after lifting a total of 113 kgs—52 in snatch and 61 in clean and jerk.
Zamboanga City’s Darine Krist Gaña finished eight kilos behind with a total of 105 kg (46 kg + 59 kg), while Mandigma’s teammate Mary Joy Beralde tallied 104 kg (46 kg + 58 kg).
Cousins Kyle Nathan Cue and AlFhadzrhey Sabban of Zamboanga City completed a 1–2 finish in the boys’ 12-year-old category, lifting totals of 150 kg (65 kg + 85 kg) and 140 kg (60 kg + 80 kg), respectively.
Manila led the tally with 14 medals—six golds, five silvers, and three bronzes—after the first two days of competition, followed by defending champion Pasig City with 12 medals (4–5–3), and Quezon City with nine (4–2–3).
gold with a time of 21:45.65, Chinese Taipei’s Hsieh Chih-hsiang was 1.99 seconds behind for silver and Thailand’s Kittaphat Homkajorn bagged bronze, 4.74 seconds behind.
Weightlifting bronze medals
PRINCESS
JAY ANN
DIAZ earned the bronze in the clean and jerk of the girls’ 44-kg class. Niece of Tokyo Olympic gold medalist Hidilyn Diaz, the 17-year-old Princess Jay Ann made it to the podium with a 78kg lift on Sunday.
India’s Bhoi Priteesmita bagged gold with a world youth record 92kg lift, while China’s Wu Jihong lifted 88kg for silver.
Jay-r Colonia bagged bronze in the boys’ 56kg clean and jerk with a 137kg lift. Jiang Jinfu of China topped the event with a new Asian Youth record of 141kg, while Al Ojaian M Mohammed Nawaf of Saudi Arabia claimed Sow what you reap
his position among Asia’s golf elite.
The International Series Philippines, part of the Asian Tour’s exclusive lineup of events linked to the LIV Golf League, is a milestone moment for the Philippines’ growing presence in world golf.
Pagcor chairman and CEO Alejandro Tengco congratulated Tabuena for bringing pride to the nation and underscored the corporation’s support for Philippine sports and tourism.
“This victory is a proud moment not just for Miguel, but for the entire country,” Tengco said. “Pagcor is committed to uplifting our Filipino athletes by supporting world-class events such as this.”
He added: “We believe that investing in sports is investing in our nation because it inspires our people, promotes tourism, and strengthens our reputation as a world-class destination for international competition.”
Athis week’s stop carries heavy implications for the Order of Merit race.
THE Ladies Philippine Golf Tour cast gears up for what could be a dramatic and unpredictable finish in the International Container Terminal Services Inc. South Pacific Golf Classic starting Tuesday at the South Pacific Golf and Leisure Estate in Davao City.
Chanelle Avaricio—fresh from a dominant wire-to-wire victory at Apo Golf last week and before that a winner at Forest Hills—enters the P1 million championship as the clear favorite.
“I’m just going to take a break and reboot,” said Avaricio, who cruised to a seven-stroke triumph over Mafy Singson at Apo despite enduring sweltering heat throughout the week. “Hopefully, I’ll have another good week.”
Hot on Avaricio’s trail is Eagle Ridge playoff champion Singson, who finished runner-up at Apo after rebounding with a closing 68.
She hopes to carry that momentum into this week’s championship.
“Although South Pacific is very different from Apo, I’m hoping to build on
PEDRO TADURAN is now focused on a unification fight after successfully defending his International Boxing Federation minimum weight crown against fellow Filipino Christian Balunan via unanimous decision on Sunday night at the San Andres Sports Complex in Manila.
“I want a unification fight,” said Taduran, who improved his record to 19-4-1 won-lost-drawn with 13 knockouts
He wants Puerto Rican Oscar Collazo’s World Boxing Association and World Boxing Organization belts.
my final round,” she said. “Another win would be great, but we’re all competing for the same goal.”
Also expected to make their presence felt are Princess Superal and Sarah Ababa, both playoff winners this season, and Florence Bisera, who will look to capitalize on local knowledge to regain her earlyseason spark.
Bisera, who previously ruled Negros Occidental and scored a breakthrough victory in Thailand, believes South Pacific’s familiar terrain could be her best chance yet to return to the winner’s circle.
Last year’s four-leg champion Harmie Constantino, meanwhile, is desperate to rediscover her winning form, while Daniella Uy hopes to bounce back from a stretch of so-so results following her international stints in Taiwan and Thailand. Also tipped to contend are Tiffany Lee, Marvin Monsalve, Pamela Mariano and Kayla Nocum, along with promising amateurs Krista Miñoza and Jules Gaerlan and junior standout Johanna Uyking, all eager to spring a surprise.
International matchmaker Sean Gibbons told BusinessMirror that Taduran’s wish for a unification fight is now under negotiaton.
“Pedro’s performance is proof that he’s really longing for it,” Gibbons said. “He really wants it, and he deserves the unification.” Collazo, 28, is unbeaten in 13 fights with 10 knockouts.
Another Filipino world champion, World Boxing Council king Melvin Jerusalem, meanwhile, will be fighting this week against South African Ayanda Kuse in the “Thrilla in Manila 2” at the Smart Araneta Coliseum. Josef Ramos
“I’m looking forward to facing Collazo,” said the 28-year-old twotime world champion. “I will prepare hard for that unification, it’s going to be difficult, but it will be a dream to unify the belts.”
PRINCESS JAY ANN DIAZ, niece of Tokyo Olympics gold medalist Hidilyn Diaz-Naranjo, gets a bronze medal in girls’ 44 kgs of clean and jerk in weightlifting as Leo Mhar Lobrido defeats Binul Dewasiri Narayana of Sri Lanka for a guaranteed bronze medal in the boys’ 46-kg class of boxing. POC PHOTO
ALSO expected to make her presence felt is Princess Superal, a playoff winners this season on the Ladies Philippine Golf Tour. LPGT PHOTO
