BusinessMirror October 30, 2026

CTA voids BIR withholding tax rule on EMOs, DFSPs By Joel R. San Juan

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HE Court of Tax Appeals (CTA) has declared void the regulation and circular issued by the Bureau of Internal Revenue (BIR) imposing withholding tax on the remittances by e-marketplace operators (EMOs) and digital financial services providers (DFSPs) to merchants for the goods or services sold through their platform. In a 29-page decision penned by Associate Justice Jean Marie Bacorro-Villeba, the CTA’s Special First Division granted the petition filed by local banking institutions—Bank of the Philip-

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pine Islands (BPI), EastWest Bank (EWB), Rizal Commercial Banking Corporation, and Security Bank Corporation—seeking to declare BIR Revenue Regulations (RR) No. 16-2023 and Revenue Memorandum Circular (RMC) No. 8-2024 as unconstitutional. The CTA held that these issuances violated due process, and thus, void. It noted that respondents BIR and Department of Finance (DOF) failed to issue prior notice and conduct public consultations prior to the implementation of the said regulations. “Moreover, nothing in the records shows that it was impracti-

cable for respondents to afford the affected parties the opportunity to submit their views before the adoption of the said issuance,” the CTA said. “Respondents’ failure to observe these requirements constitutes a fatal defect that taints the validity of the regulation. Accordingly, RR No. 16-2023 cannot be accorded legal force and effect,” it added. The ruling enjoins the Secretary of Finance and Commissioner of Internal Revenue from implementing the said void issuances. RR No. 16-2023, which was issued on December 21, 2023, imposes a one percent withholding tax on one-half of the gross remit-

tances by e-marketplace operators and digital financial services providers to the sellers. On the other hand, RMC No. 8-2024, issued on January 15, 2024, clarified that RR No. 162023 took effect on January 11, 2024. It also provided a transitory period of 90 days from the said RMC issuance and enumerated the obligations of EMOs and DFSPs under RR No. 16-2023. In its petition, the petitioners argued that the respondents violated the Constitution in expanding objects of taxation, something considered part of legislative functions.

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FED MOVE, OIL PRICE DIP, GIVE PESO SOME RELIEF www.businessmirror.com.ph

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Friday, October 30, 2026 Vol. 22 No. 23

P25.00 nationwide | 3 sections 36 pages | 7 DAYS A WEEK

By Andrea E. San Juan & Samuel P. Medenilla

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HE Federal Reserve’s decision to hold rates steady, coupled with slightly lower global oil prices, have thrown some much-needed support for the Philippine peso as it strengthened for the second straight trading day on Thursday. This, as Malacañang said it will coordinate with the Bangko Sentral ng Pilipinas (BSP) and not take any unilateral steps in mitigating the economic impact of the weakening of the peso against the dollar. Palace Press Officer Claire Castro made the assurance after some economists said President Ferdinand Marcos Jr. should not put undue pressure on the BSP after the value of the peso recently dropped to a historic low of P64 against the dollar. Data from the Bankers Association of the Philippines (BAP) showed the Philippine peso closed at P63.85 against the dollar on Thursday, 17.5 centavos stronger than its P64.025 finish on Wednesday. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the peso “appreciated after Fed kept its rates on hold.” An added strength to the local currency was the decline in global oil prices as the markets assessed “new diplomatic efforts” in the Middle East to “avert a potential restart of US military strikes on Iran,” according to Michael L. Ricafort,

chief economist at Rizal Commercial Banking Corp. (RCBC). “Global crude oil prices slightly lower, with the Brent crude oil price at US$114 per barrel levels [versus US$115 levels in the previous trading day], as the markets assessed new diplomatic efforts in the Middle East to avert a potential restart of US military strikes on Iran,” Ricafort said. “New diplomatic efforts raised hopes of averting renewed US strikes on Iran. Iran: Still giving diplomacy a chance. US Vice President JD Vance reached out to a top Iranian security official,” Ricafort also noted. On the domestic front, Ricafort said President Marcos’s remarks on Wednesday regarding defending the “sinking peso” could have also provided support to the local currency. After the local currency skidded past the P64-per-dollar level on Tuesday, Marcos said the country will exert all efforts to “defend” the local currency and vowed to keep in check the effects of its declining value such as high food prices so as to soothe the market. See “Peso,” A2

‘CROSS-BORDER ENERGY LINKS NEED UNIFIED RULES IN ASEAN’

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By Lenie Lectura

INGAPORE—The Energy Regulatory Commission (ERC) said building physical cross-border infrastructure for the ASEAN Power Grid (APG) must be matched by robust regulatory cooperation to build institutional confidence. Speaking at the 4th ASEAN Energy Regulatory Forum here, ERC Chairperson and CEO Atty. Francis Saturnino C. Juan stressed that developing cross-border energy links requires unified rules regarding grid usage access, cost structures, and risk assignment during supply interruptions. These, he pointed out, are essen-

tial to protect consumers, assure investors, and ensure reliability. “Cooperation must build confidence in our rules, our transactions, and our institutions,” he said. “We saw this at home. In the Philippines, competition and consumer choice go together with consumer protection. We lowered the contestability threshold to 100 kilowatts. More consumers can now choose their supplier. Through the Green Energy Option Program [GEOP] also, they can choose to source 100 percent renewable energy,” he said. He also underscored the importance of credible tracking of renewable energy certificates See “ERC,” A2

THE PRICE OF KEEPING PRICES A vendor sorts assorted vegetables at Paco Market in Manila. The Department of Trade and Industry (DTI) has assured consumers that prices of 190 monitored stock-keeping units (SKUs) of basic necessities and prime commodities will remain unchanged until December 31, 2026, citing sufficient supplies nationwide. The commitment applies to products listed in the DTI’s official Suggested Retail Price (SRP) bulletin and does not cover all goods sold in markets. ROY DOMINGO

Rice output down 18% in Q3 as harvest area shrinks By Ada Pelonia

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@adapelonia

HE country’s rice output tumbled by nearly 18 percent in the third quarter on the back of a shrinking harvest area, according to the Philippine Statistics Authority (PSA). Data from the PSA showed that paddy rice production fell by 17.8 percent to 3.08 million metric tons (MMT) in the July to September period, from last year’s 3.75 MMT. The harvest area also contracted by 17.6 percent to 755,369 metric tons (MT) from the 916,772 MT recorded in the same period last year. PSA data also indicated that palay production in irrigated and rainfed farms posted year-on-year declines in the reference month. The production in irrigated farms slid by 15.82 percent, reaching 2.35 MMT from the previous year’s 2.8 MMT. Rainfed farms produced 733,571 MT, 23.45 percent lower than the 958,322 MT recorded in 2025. Of the volume produced, paddy rice output from Cagayan Valley led among the regions with 375,396 MT. This was followed by Cen-

tral Luzon, the country’s rice granary, with 270,795 MT. Aside from El Niño ravaging plantations, the surge in input prices could dent this year’s local rice output by 1 MMT, according to the Department of Agriculture (DA). Rice production stood 19.67 MMT in 2025, based on PSA data. Agriculture Secretary Francisco Tiu Laurel Jr. attributed the DA’s outlook mainly to strained productivity caused by soaring fertilizer prices, which was triggered by the global oil crisis following the Middle East war. “Technically, we’re seeing about 1 MMT of palay less than last year. [Soaring] fertilizer prices were the biggest factor. The rising fuel prices really affected productivity this year,” he recently told reporters. “What happens is farmers would apply less fertilizer, so there’d be less productivity. Some also lost their intention to plant, because it’s too expensive and they don’t have enough money to invest.” If the DA’s forecast materializes, output could plunge to 18.67 MMT, the lowest level in 10 years or since the 17.63 MMT in 2016.

DEPARTMENT OF AGRICULTURE PHOTO

PESO EXCHANGE RATES n US 64.0610 n JAPAN 0.4061 n UK 85.3869 n HK 8.1655 n CHINA 9.6101 n SINGAPORE 50.0047 n AUSTRALIA 45.1758 n EU 71.4665 n KOREA 0.0477 n SAUDI ARABIA 17.0765 Source: BSP (October 29, 2026)

News

BusinessMirror

A2 Friday, October 30, 2026

ERC…

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and carbon markets. The lesson is practical. Opening eligibility is only the start. Consumers need clear rules and reliable information to use their choice. When they do, clean energy ambition becomes market demand,” Juan said. He also highlighted the newly launched ASEAN School of Regulation as a vital platform for training regulators in power integration and multilateral trade. Juan’s other engagements here included serving as lead discussant on “Speed to Power and Regulatory Approaches for Accelerating Energy Buildout.” He addressed methods for accelerating energy facility buildouts and grid optimization, and held bilateral meetings with Australian and New Zealand counterparts to discuss market regulation, storage, resilience, and demand response. His meetings with Australian Energy Regulator Chair Clare Savage and New Zealand Electricity Authority Deputy Chair Erik Westergaard covered electricity market regulation, battery energy storage, and supply reliability, with additional discussions on disaster resilience and demand response during the New Zealand meeting. Both meetings provided opportunities to exchange regulatory experiences in support of reliable and affordable electricity services. The forum is part of the Singapore International Energy Week (SIEW) 2026, which brought together regulators, policymakers, and industry leaders to discuss regional and global energy challenges under the theme “Connecting Energy Systems, Powering Tomorrow.”

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DA: Imported rice, fertilizer costlier for PHL as peso dips By Ada Pelonia

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MPORTED rice and fertilizer will be costlier for Filipinos amid the continued weakening of the peso, which hit a new record low of P64 per dollar, according to the Department of Agriculture (DA).

Agriculture Assistant Secretary Arnel de Mesa said the peso’s depreciation would ripple across costs of imported goods, pushing up prices of commodities like fertilizers and rice. “There are possible movements in prices of imported rice because of the significant [peso depreciation] and this would reflect [locally],” de Mesa told reporters on Thursday. This could also jack up fertilizer costs, as all of them come from foreign

suppliers, with the country remaining dependent on imported inputs. De Mesa also pointed to the volatility of freight costs due to prices of petroleum products: “So, this will affect retail prices.” At present, imported rice prices retail between P50 and P55 per kilo for 25-percent broken grains. Despite this, de Mesa allayed concerns that retail prices would breach the P60 per kilo mark, pointing to

BIR…

by imposing withholding tax beyond the 15-percent limit under Section 57 (B) of the National Internal Revenue Code of 1997. They added that the issuances violated the petitioners’ right to due process since these were issued without

Continued from A1

The petitioners further said the respondents exceeded their authority

cheaper global quotations for rice due to ample supply as an offsetting factor. “It’s currently the harvest season in Vietnam, Southeast Asia, and India from where we source our rice. This means lower prices in the international market, which compensates the increase in [peso against the dollar].” De Mesa said a price increase in the retail market could be felt by consumers in mid-November, citing a two-week turnaround time from shipments in Vietnam, the leading rice supplier of the Philippines. Latest data from the Bureau of Plant Industry (BPI) showed that rice arrivals stood at 4.37 million metric tons (MMT) as of October 22. De Mesa had said that rice imports could surge to more than 5 MMT this year as El Niño strains

domestic production. “We have to ensure [sufficient rice stocks] if the El Niño becomes more severe or the duration lasts longer, since it would cover the entire dry season planting, which will be harvested from March to April.” He noted ample inventories of agricultural products for consumers, including rice, meat, fish, and vegetables. With farmers sustaining the brunt of the dry spell’s impact, De Mesa said the government has already rolled out interventions to provide alternative livelihoods to those who would be affected. Among these measures are including affected farmers in the Department of Labor and Employment’s (DOLE) TUPAD program and the Department of Social Welfare and Development’s (DSWD) Cash-for-Work program.

prior public consultation. They also argued that the regulations are “vague, overbroad, oppressive, confiscatory and susceptible to selective implementation.” Furthermore, the petitioners argued that the issuances violate the constitutional requirement of uniformity of tax laws and impinge on the constitutional authority of the National Economic and Development Authority (Neda) to set the long-term plan of the government. In their comment, the respondents sought the dismissal of the petition for being filed beyond the required period. They also argued that the government may direct petitioners, being banks, as withholding agents since they are DFSPs; the subject issuances did not exceed the limit set by Section 57 of the NIRC of 1997, there is no violation of the constitutional rule of uniformity of tax laws; and there is no proof that the subject issuances encroached on the constitutional authority of the Neda to set the long-term plan of the government. In ruling in favor of the peti-

tioners, the CTA noted that RR No. 16-2023 altered the regulatory landscape by imposing upon EMOs and DFSPs the obligation to withhold and remit creditable withholding tax on such transactions. The said regulation, according to the CTA, “does not merely interpret or clarify the law; rather, it supplements and implements the statutory framework by prescribing substantive rules that affect the rights and obligations of taxpayers. “ Thus, as a legislative rule, the CTA said “its validity is therefore dependent upon compliance with the requirements of notice, hearing, and publication.” With regard to RMC No. 8-2024, the CTA said it can no longer stand independently considering that RR No. 16-2023 has been declared void. “While the BIR and SOF’s efforts to enhance the efficiency and effectiveness of tax administration are undeniably laudable, such objectives cannot be pursued at the expense of the taxpayers’ constitutional right to due process,” the CTA declared.

Reform package combines… Continued from A9

The DOF is open to revising the provisions in the package as it reviews feedback from stakeholders. “There’s a lot of room for any revisions,” Adriano said, noting that it could relay proposed amendments to the House Ways and Means Committee for possible inclusion in its committee

report. “If it’s not included in the committee report, the plenary is still there, where amendments are introduced by different legislators,” he added. The DOF will wrap up its stakeholders’ meetings in January next year, with the last being in Davao City.

Peso…

Continued from A1

“First of all, do not take it with alarm. Don’t panic,” Marcos told reporters at the sidelines of the National Correctional Consciousness Week at the New Bilibid Prison Medium Security Camp in Muntinlupa City when asked. “We have all the means to defend the peso. And with that in mind, we will continue to do all that we can to make sure that the value of the peso does not continue to go down, especially relative to the dollar,” he added. (See: https://businessmirror.com.ph /2026/10/29/pesodefense-vowed-69-70-to-1-seenin-2027/). The peso is now on a two-day winning streak against the dollar after breaking its seven-day losing streak against the greenback on Wednesday. Within Thursday’s trading session, the peso’s lowest point was at P63.91 against the dollar while its strongest was seen at the P63.8-per-dollar level. Ravelas said: “Expect consolidation within the 63.700-64.200 levels to persist.” On Thursday, the peso slightly gained strength at P63.88 versus the greenback. “Coordination with the BSP is necessary because matters concerning exchange rates fall under the BSP’s mandate,” Undersecretary Castro said in Filipino in a press briefing in Bukidnon on October 29. “The BSP also knows how to address this; they must ensure that any actions they take do not inadvertently cause further harm to our economy,” she added. The Presidential Communications Office undersecretary made the statement after President Marcos said on Wednesday that the country has sufficient foreign reserves to “defend” the value of the peso from further declining if necessary. A country can “defend” by selling its foreign reserves and then buying its local currency in the market or by hiking interest rates. When asked what measures will the Marcos administration use to “defend” the peso, Castro said the Executive branch will focus on providing support to those affected by the rising cost of living due to the developments in the foreign exchange rates, and growing the economy. She reiterated that the government continues to provide support to vulnerable groups such as public utility vehicle drivers, farmers, and fisherfolks with fuel subsidies and cash aid as well as coordinating with the private sector to keep the prices of basic necessities and prime commodities stable. Likewise, Castro said the Marcos administration also continues to ramp up its efforts for economic growth such as increasing the country’s exports, expanding its tourism sector, and attracting more investors in the county. “The President is currently focusing on further improving our economy; as the economy strengthens, the value of the peso will naturally rise as well. While this may not happen very quickly, the impact will eventually be felt by our fellow Filipinos,” she said in Filipino.

Cement… Continued from A9

percent next year. Inflation, however, remains a risk to that outlook. For the fourth quarter, the industry is hoping for a recovery in legitimate infrastructure projects under the

Garin…

Continued from A9

management, and safety protocols, ensuring all advancements strictly adhere to international non-proliferation standards. “Regional cooperation is ultimately about the Filipi-

government, following tighter controls and monitoring of spending. “Hopefully, the game changer for Q4...will be the DPWH (Department of Public Works and Highways) side,” Dizon said. “With better controls and monitoring, we hope that there will be some resumption of legitimate projects.” no family. When we connect our gids and build safe, responsible partnerships in nuclear energy, we are working toward more energy sources, and more stable power for every home, so that the lights stay on for our families, our children can study at night, and our small businesses can keep their doors open,” Garin said.

The Nation

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JBC nominates five SC justices to CJ post By Joel R. San Juan @jrsanjuan1573

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HE Judicial and Bar Council (JBC) on Thursday submitted to President Marcos Jr. its short lists of nominees for the Chief Justice post which includes all the five Supreme Court (SC) associate justices who applied for the position. Likewise, the JBC also forwarded its short list of nominees for the post to be vacated by Associate Justice Amy Lazaro-Javier who is set to retire on November 16. The Chief Justice position will be left vacant on November 6 with the compulsory retirement

of Chief Justice Alexander Gesmundo on November 6. Named in the short list for Chief Justice are SC Senior Associate Justice Marvic M.V.F. Leonen and Associate Justices Alfredo Benjamin S. Caguioa, Rodil V. Zalameda, Japar B. Dimaampao, and Jose Midas P. Marquez. Leonen and Caguioa were appointed to the Court by then President Benigno Aquino III and the rest where appointees of former President Rodrigo Duterte. Two of the five Senior SC Justices, Associate Justices Ramon Paul L. Hernando and Henri Jean See “JBC,” A4

Friday, October 30, 2026

A3

US, Japan boost Philippine military

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HE Philippines secured significant defense enhancements from key allies, as the United States pledged increased security funding and Japan confirmed the future transfer of a guided-missile destroyer to the Armed Forces (AFP). T he announcements co incide w it h t he Phi l ippine host ing t he 20t h A ssoc i at ion of S out he a st A s i a n Nat ion s

D e fe n s e M i n i ste r s’ Me e t i n g (A DMM) and t he 13t h A DMMPlus in Cebu f rom October 28 to 29.

During a bilateral meeting, US Defense Secretary Pete Hegseth informed Philippine Defense Secretary Gilberto Teodoro Jr. of an increase in security cooperation funds to accelerate AFP modernization and enhance alliance interoperability along the First Island Chain. W hile the specific funding amount was not disclosed, both defense chiefs agreed to key operational initiatives: n Command and Control Modernization Sprint: Launching a joint initiative to improve realtime bilateral coordination and alliance resilience. n Edca Site Infrastructure: Welcoming progress in operationalizing designated sites under the

Enhanced Defense Cooperation Agreement (Edca), including investments in storage facilities and critical infrastructure.

Japan to transfer warship, aircraft

IN a separate joint statement, Teodoro and Japanese Defense Minister Koizumi Shinjiro confirmed plans to transfer Japan’s first decommissioned Abukumaclass destroyer to the Navy (PN). The warship transfer follows groundwork laid by a joint working group established in May, aligning with earlier reports of Tokyo planning to export up to six warships to Manila. See “Defense,” A6

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The Nation

Friday, October 30, 2026

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PHL urges Asean protection for seafarers

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By Carmel Pedroza

EBU CITY—The Philippines called on Southeast Asian nations and their global partners to step up security cooperation under international law and shield migrant workers and seafarers caught in overseas conflicts, as regional defense chiefs gathered for the 13th Association of Southeast Asian Nations (Asean) Defense Ministers’ Meeting-Plus (ADMM-Plus) on Thursday.

Opening the high-level summit in Lapu-Lapu City, Defense Secretary Gilberto Teodoro Jr. emphasized that regional stability must remain grounded in mutual

respect for sovereignty, territorial integrity, and peaceful dispute settlement. He pointed to the United Nations Charter and the 1982 UN

Convention on the Law of the Sea (Unclos) as critical guardrails amid rising geopolitical tensions. “Functiona l cooperation must remain rooted in mutual respect and adherence to international law,” Teodoro told delegates during the Philippines’ Asean chairmanship turn. Beyond traditional defense matters, Teodoro sounded the alarm on global conflict spillover, calling for tighter coordination to secure food and energy supply chains. He made a heartfelt plea for the safety of migrant workers and seafarers – many of them from smaller Asean nations—who frequently find themselves stranded in foreign war zones. “The international order must have a special obligation to protect migrant workers and seafarers,” Teodoro stressed, highlighting their vital role in driving the global economy. Teodoro thanked partner nations for supporting the joint Philippines-Japan co-chairmanship of

the Experts’ Working Group on Maritime Security, while advocating for better protection of critical underwater infrastructure and youth exchange programs. The summit built on two major documents signed on Wednesday: A joint statement marking the 50th anniversary of the Treaty of Amity and Cooperation in Southeast Asia, and the Manila Joint Declaration celebrating 20 years of the ADMM under the theme “Navigating Our Future Together.” The gathering welcomed South Korean Minister of National Defense Kang Shin-chun for his first ADMM-Plus summit. China was represented by Senior Capt. Yang Lei, defense attaché to the Philippines, who was greeted by Defense Undersecretary Ignacio Madriaga. Closing his opening address, Teodoro expressed gratitude to Asean member states, dialogue partners, and the Asean Secretariat, calling for a unified push toward a safer, more resilient Southeast Asia.

Sara faces ₧1.52 billion income discrepancy By Jovee Marie N. dela Cruz @joveemarie

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HE House of Representatives impeachment prosecution panel on Thursday flagged a P1.52-billion gap between declared income and bank inflows involving Vice President Sara Z. Duterte and three companies linked to her and her husband, raising questions about possible tax evasion and undeclared wealth. House prosecution spokesperson Rep. Zia-ur Rahman Alonto Adiong of Lanao del Sur said the alleged discrepancies included a P111.85million gap between Duterte’s bank inflows of P174.96 million and declared income of P63.11 million from 2022 to 2025, based on the financial analysis of prosecution witness and forensic accounting expert Alexander Cabrera. “This is not just an issue of nondisclosure or unexplained wealth. This is also an issue of tax evasion,” Adiong said at a press briefing. The prosecution also cited an alleged P1.41-billion discrepancy

involving GenCorp Industries Inc., Metro City Chow Foods Corp. and Cale88 Foods Corp., which were examined because of their reported links to Duterte and her husband, lawyer Manases Carpio. GenCorp accounted for about P1.05 billion of the alleged discrepancy, with bank inflows of approximately P2.58 billion compared with reported revenue of P1.53 billion from 2022 to 2025. Metro City Chow had bank inflows of P241.87 million against reported revenue of P142.22 million, resulting in an alleged P99.65million gap. Cale88 accounted for the remaining approximately P260 million, according to the prosecution’s analysis. Cabrera’s findings showed average income underdeclarations of 87 percent for GenCorp, 69 percent for Metro City Chow and 51 percent for Cale88, exceeding the 30 percent threshold cited under Section 248(B) of the National Internal Revenue Code as prima facie evidence of a false or fraudulent tax return.

“You are not paying the government the correct taxes based on your actual income,” Adiong said, arguing that the alleged discrepancies raised questions about whether the companies had properly declared their income and paid the correct taxes. Duterte declared an interest in GenCorp in her Statement of Assets, Liabilities and Net Worth (SALN), while Carpio was identified as a shareholder of Cale88. The prosecution also presented corporate records involving Metro City Chow. The alleged P111.85-million income gap involving Duterte formed part of Cabrera’s broader estimate of P817.87 million in unexplained wealth and undeclared assets involving the vice president and her husband from 2022 to 2025. Adiong said the prosecution wanted Duterte to explain the sources of the deposits and the differences between the financial records and declared income. Duterte has denied wrongdoing, while her lawyers have challenged the prosecution’s evidence and conclusions.

Acknowledging public impatience with the trial’s pace, Adiong said the prosecution withdrew three of the four impeachment articles to avoid unnecessary delays and allow the defense to present its case. “The respondent also has the right to a speedy trial,” he said, adding that the prosecution needed only one conviction on one article to secure Duterte’s removal from office. Adiong also said he had given up hope that Duterte would personally appear before the Senate impeachment court to explain the allegations. “Personally, if you ask me, I have already given up on the idea that she would attend the hearing and face her own trial to explain the hidden or unexplained wealth attributed to her,” he said. The prosecution has retained only Article II, which accuses Duterte of accumulating unexplained wealth and failing to fully disclose her assets. The defense is scheduled to begin presenting evidence when the trial resumes on November 9.

SC affirms disqualification of vote-buying poll bets

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HE Supreme Courts has affirmed the Commission on Election’s decision disqualifying two candidates for the Sangguniang Bayan of Candijay, Bohol, in the 2025 national and local elections for vote-buying. In a decision, the SC found no grave abuse of discretion on the part of the Comelec when it disqualified Charina C. Bagor and Erlinda Curativo for violation of Section 68 of the Omnibus Election Code which prohibits vote-buying.

JBC. . . Continued from A3

Paul B. Inting, both Duterte appointees, did not accept their nominations. The JBC initially announced the list of applicants for Chief Justice on October 17 and held public interviews of the candidates at the SC En Banc Session Hall on October 22 and 26. The JBC is mandated under A rticle V II, Section 9 of the Constitution submit to the Office of the President a shortlist of nominees for appointment to

The SC held that the Comelec was able to establish that Bagor handed out valuable items in exchange for votes, while Curativo distributed money to influence voters to support her. The Court stressed that votebuying undermines free elections and must be “prosecuted to the fullest extent of the law and [its practitioners] prevented from entering into public office.” “Vote-buying takes advantage of voters’ economic situation and keeps them dependent on what-

ever amount is given to them in exchange for their votes. It replaces the will of the voters with money and must be stopped,” the SC added. T he d i squ a l i f ic at ion c a se a ga i n st B a gor a nd Cu rat ivo stemmed from the complaint filed by the then Candijay chief of police, Capt. Marvin A. Chin. Bagor was accused of distributing food packs to several individuals in Candijay days before the election and asking them to remember her as a candidate.

Meanwhile, Curativo was accused of giving P 60,000 to a barangay kagawad (village councilman) with instructions to distribute P100 to each voter before the election. The Comelec disqualified Bagor and Curativo under Section 68 of the Omnibus Election Code after finding substantial evidence of vote-buying. Because they were disqualified, their proclamation as winning candidates was voided.

fill in vacancies in the judiciary. Under Article VIII, Section 4(1), the President is mandated to make appointments in the judiciary within 90 days from the occurrence of the vacancy. Former Vice President and now Naga City Mayor Maria Leonor G. Robredo has endorsed the bid of Leonen to get the top post in the Judiciary. On the other hand, Marquez was nominated by the Association of Retired Regional Trial Court Judges of the Philippines and former SC Associate Justice Arturo Brion for the post. They cited Marquez’s contri-

bution in improving court operations during his stint as Court Administrator. Marquez served as Court Administrator for 11 years or from January 2010 until his appointment as associate justice on November 16, 2021. Dimaampao, on the other hand, was endorsed by the National Commission on Muslim Filipinos and the Bangsamoro Transition Authority Parliament. Named on the short list for SC Associate Justice are Court of Appeals (CA) Associate Justice Ramon M. Bato Jr.; Solicitor General Darlene Marie B. Berberabe;

Commission on Audit Chairperson Gamaliel A. Cordoba; CA Associate Justices Ramon A. Cruz, Maria Elisa Sempio Diy, and Myra V. Garcia-Fernandez; CA Presiding Justice Fernanda Lampas Peralta; Elections Commissioner Ernesto P. Maceda Jr.; CA Justices Ronaldo Roberto B. Martin and Walter S. Ong; and Court of Tax Appeals Associate Justice Maria Rowena M. San Pedro. The JBC announced the list of applicants on October 8 and held public interviews of the candidates at the SC Division Hearing Room and CA Session Hall on October 13 and 15.

Joel R. San Juan

Ex-DPWH official denies Romualdez kickback link By Joel R. San Juan

@jrsanjuan1573

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ORMER Public Works Undersecretary Roberto Bernardo on Thursday told the Sandiganbayan that he never had direct transactions with former Speaker Ferdinand and Leyte Rep. Martin G. Romualdez with regard to kickbacks from flood control and infrastructure projects of the government. Bernardo was one of the witnesses presented by the prosecution during Thursday’s continuation of the hearing on the bail petition filed by Romualdez in connection with the plunder charges filed against him. During cross-examination conducted by defense lawyer Thea Daep, Bernardo admitted receiving financial benefits from infrastructure projects associated with various proponents which he called “balato” or token. But, the former DPWH official admitted that he had no personal project transactions or financial arrangements with Romualdez. Asked whether the former Speaker had participated in discussions involving project commitments, Bernardo replied: “Wala po.” Bernardo also acknowledged that none of his six affidavits identified Romualdez as a project proponent or linked him to negotiations involving commissions and financial commitments. The only mention of Romualdez in one of his affidavits was in relation to the birthday party of the daughter of former DPWH secretary and now Sen. Mark Villar where he said he saw the former Speaker was one of the guests. He clarified that the occasion was “strictly a social event.” Bernardo added that he had no knowledge of any commitment fee scheme involving DPWH projects in Leyte. He also acknowledged that, among the four accused in the case, he was aware only of the involvement of former Party-list Rep. Zaldy Co of Ako Bicol, which he had learned about in connection with projects in Bulacan. On the other hand, the defense team did not cross-examine another prosecution witness Edrick San Diego since his judicial affidavit contained no allegations against Romualdez. San Diego, who served as the driver of former DPWH Bulacan First District Engineer Henry Alcantara, testified that he allegedly delivered boxes of money to Bernardo at the Diamond Hotel. He also testified about alleged deliveries of boxes to addresses associated with Co at Valle Verde and Horizon at the Fort Shangri-La. See “Flood,” A6

‘Bounty scheme restricts dela Rosa’s movements’

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HE P50-million bounty offered by the Department of the Interior and Local Government (DILG) for information leading to the arrest of fugitive Sen. Ronald dela Rosa has severely restricted the lawmaker’s mobility, with authorities now receiving steady leads from informers, Malacañang reported. During a press briefing held in Bukidnon, Palace Press Officer Claire Castro disclosed that both the DILG and the National Police (PNP) began receiving tips immediately following the bounty announcement last week. “The combined effect of heightened police operations, increased public awareness, and the bounty announcement has substantially narrowed the Senator’s ability to move freely without drawing attention,” Castro said, reading from a joint statement issued by the DILG and the PNP. Despite the influx of reported leads, Castro emphasized that law enforcement agencies are keeping details under strict wraps to prevent compromised operations. “Authorities have declined to release specific details on the tips received regarding the possible whereabouts of dela Rosa, as doing so may compromise the validation of leads, alert the subject to police efforts, or endanger the personnel involved,” Castro explained, “What we can assure the public is that all information received is being carefully and thoroughly assessed, and

credible leads are being acted upon without delay.” To streamline the operational response, a dedicated task force led by Police Lt. Gen. Wilson Joseph F. Lopez has been established. The specialized unit is tasked with coordinating directly with relevant government agencies to process and validate every credible report received. Dela Rosa went into hiding following the issuance of an arrest warrant against him by the International Criminal Court (ICC) over his role in the controversial and deadly drug war carried out during the administration of former President Rodrigo Duterte, where dela Rosa previously served as the National Police chief. Inter ior Secretar y Juanito Victor Remulla, Jr. had earlier issued an ultimatum to the fugitive lawmaker, giving dela Rosa until this week to peacefully surrender to authorities or face an intensified, full-scale manhunt operation across the country. Despite the ultimatum and ongoing law enforcement efforts, the lawmaker remains at large as of press time. Palace officials renewed their call for the senator to give himself up and resolve his legal standing through formal channels. “We likewise appeal to Senator dela Rosa to voluntarily surrender to the proper authorities and submit himself to the legal process with dignity,” Castro added. Sam Medenilla

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Economy

Friday, October 30, 2026

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‘Local processing holds key to mining’

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By Jonathan L. Mayuga

@jonlmayuga

HE Philippines must start processing its own raw mineral wealth at home rather than simply shipping unrefined ore abroad if it wants to reap the full economic benefits of its mining sector, Philip Arnold P. Tuaño, president of the Philippine Institute for Development Studies (PIDS) said. Speaking at the Mining Philippines 2026 International Conference and Exhibit, Tuaño highlighted a stark economic paradox: While the Philippines is a global heavyweight in raw ore exports, it remains a surprisingly low earner. In 2025, the country exported

roughly 55.3 million tons of nickel ore—accounting for an astonishing 95 percent of all reported global nickel ore exports by volume—yet generated just $1.5 billion, averaging a meager $27 per ton. “Higher export values do not automatically translate to

PHL EV transition gains momentum

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HE Philippines has taken a significant step toward establishing its own electric vehicle (EV) supply chain following the inauguration of a new manufacturing plant by tricycle manufacturer Sazgar Philippines Inc. (SPI) in Biñan City, Laguna. President Marcos inspected SPI’s manufacturing and assembly facility at the Laguna International Industrial Park on Thursday, highlighting the role of local production in driving the country’s transition to green mobility. The facility marks SPI’s first manufacturing plant outside Pakistan and is 60 percent Filipino-owned. The new plant boasts an annual production capacity of 12,000 three-wheeled vehicles, powered by either electric systems or internal combustion engines (ICE). Its initial production mix is projected at 60 percent electric motorcycles and 40 percent ICE motorcycles, with the share of electric units expected to increase in line with market demand and industry development,” Marcos said. While the plant directly employs 3,000 workers, it is expected to generate broader employment opportunities throughout Laguna by

stimulating local suppliers of batteries, glass, seat foam, upholstery, rubber, and lubricants. Marcos expressed optimism that SPI’s units will encourage more tricycle operators to transition to electric vehicles, helping them save money by eliminating reliance on imported fuel. “An electrical threewheeler that runs up to 100 to 210 kilometers on a single charge can cover a full day of trips without a single liter of gasoline,” Marcos noted. “Lower fuel costs mean more money to bring home to our families.” The President emphasized that SPI’s operations support the government’s long-term goal to increase the share of electric vehicles in national transport fleets to 50 percent by 2040. This goal aligns with existing initiatives, including the Electric Vehicle Industry Development Act (Evida) and the Public Utility Vehicle Modernization Program (PUVMP). “The Philippines is keen on transitioning towards electrical vehicles. Electric mobility presents an opportunity to advance our national priorities while preparing our industries for the demands of the future,” Marcos said. Samuel Medenilla

higher domestic value added, and higher domestic value added does not automatically mean greater benefits for Filipino workers, communities, and the national economy,” Tuaño stressed. He said the disparity becomes striking when measured against regional neighbors and cited the comparison between Indonesia and the Philippines: n Philippines (2024): Earned ~$1.5 billion from nickelrelated exports (~P4,400 per ton mined). n Indonesia (2024): Generated ~$33.6 billion from nickel products (~P14,600 per ton mined)—yielding 3.5 times more value per ton through aggressive downstream processing investment. While Indonesia built its massive processing industry using strict export bans, Tuaño warned against blindly copying its playbook. Indonesia’s rapid

expansion triggered severe environmental degradation, intense energy demands, and worker safety concerns. Instead, the Philippines can draw crucial lessons to craft a cleaner, safer approach. Tuaño noted that some domestic processing facilities have struggled, with certain operations even placed under “care and maintenance” as export values plummeted. He said building a thriving downstream industry will require solving three primary policy constraints: n Sky-high power costs: Electricity remains a major cost driver for energy-intensive processing plants. n Lack of committed buyers: Facilities struggle without longterm buyer agreements (offtake arrangements). n Policy uncertainty: Ongoing debates around a potential raw ore export ban create unpredictability

for long-term investors.

Green-tech opportunity

DESPITE the hurdles, the global surge in electric vehicles, green energy transitions, and AI data infrastructure is driving record demand for critical minerals. Tuaño proposed setting up industrial eco-zones where the government provides affordable land access alongside strict environmental safeguards, while strategic international partners supply financing and technology. Furthermore, tying mineral processing to the Philippines’ powerhouse electronics industry— which logged nearly $50 billion in exports in 2020—could open up vast new value chains. However, Tuaño cautioned against open-ended government bailouts: public financial support must be strictly tied to commercial viability, environmental safety, and tangible local job creation.

Senator pushes tax relief amid inflation

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ITING the compounding pressures of a weakening peso, a looming Super El Niño, high interest rates, and sluggish economic growth, a senator has renewed his call for the swift passage of tax reform measures to protect Filipino workers’ purchasing power and cushion households against rising inf lation. Warning that economic headwinds threaten to drive up the cost of food, utilities, and fuel, Sen. Paolo Benigno Aquino stressed that immediate legislative action is needed to leave more take-home pay in consumers’ pockets. At the center of Aquino’s tax package is Senate Bill 267, which seeks to update the tax brackets under Republic Act 10963 or TRAIN Law. The bill proposes raising the annual personal income tax exemption threshold to P480,000—aligning with what Aquino describes as an ideal monthly living wage of P40,000 for a family of four or five. “Ramdam ng mga pamilya na mas kaunti na ang naiuuwing pagkain sa kaparehong budget. Kailangang makasabay ang kanilang kinikita sa pagtaas ng presyo ng bilihin,” said

Aquino, who chairs the Senate Committee on Trade, Commerce, and Entrepreneurship. “Dapat mas malaki ang matira sa kanilang suweldo para may sapat silang pambili ng pagkain, bigas at iba pang pangunahing pangangailangan.” The Department of Finance (DOF) previously indicated openness to adjusting the exemption cap, provided that alternative revenue-generating mechanisms are designated to offset potential fiscal losses. Beyond income tax updates, Aquino has introduced several legislative proposals aimed at lowering everyday consumer costs: n General VAT Cut (Senate Bill 2047): Reduces the ValueAdded Tax (VAT) rate on goods and services, including petroleum products, from 12 percent to 10 percent. n Electricity VAT Exemption (Senate Bill 266): Exempts residential electricity sales from the 12 percent VAT to reduce household power costs. n Fuel Excise Tax Freeze: Calls for an immediate suspension of excise taxes across all petroleum products, including gasoline and diesel. To assist micro, small, and

medium enterprises (MSMEs), online vendors, and daily earners in mitigating the impact of severe weather events like El Niño, Aquino urged state financial institutions— including the Government Service Insurancer System, Social Security System, SB Corp, and Pag-IBIG Fund—to grant a temporary waiver on loan interest charges from January to March 2027. Aquino emphasized that increasing household disposable income generates a multiplier effect across the broader economy. “Kapag mas malaki ang nauuwing kita ng mga Pilipino, mas may kakayahan silang bumili ng kanilang mga pangangailangan. Ang perang ginagastos nila sa palengke, tindahan, at iba pang negosyo ay tumutulong ding suportahan ang kabuhayan at trabaho sa ating mga komunidad,” Aquino noted. In parallel with legislative efforts, the Senate Committee on Trade, Commerce, and Entrepreneurship is reviewing policies to streamline supply chains and market distribution networks, aiming to address root causes driving up the cost of raw materials and basic goods. Butch Fernandez

Bicam to fix 2027 budget errors–lawmaker By Jovee Marie N. dela Cruz @joveemarie

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ISCREPANCIES in project coordinates— including reports of proposed farm-to-market roads mapped to bodies of water— can be corrected during the upcoming bicameral conference committee meetings on the proposed P7.2-trillion national budget for 2027, a House leader assured on Thursday. Lanao del Sur Rep. Ziaur Rahman Alonto Adiong, vice chairperson of the House Committee on Appropriations, emphasized that lawmakers from both chambers will thoroughly review project details when reconciling the House of Reperesentatives and Senate versions of the spending bill. “There is nothing to fear because the budget will still undergo scrutiny by the bicameral conference

committee,” Adiong said during a press briefing. The lawmaker’s statements responded to findings raised by the People’s Budget Coalition, which reported that coordinates for several proposed farm-tomarket road projects pointed to bodies of water rather than land, raising questions regarding the technical accuracy of the spending plan. Adiong noted that infrastructure items submitted under the Executive branch’s National Expenditure Program (NEP) are generally required to carry established geotagged coordinates prior to inclusion. “The assurance that I can relay to the public is it would still pass through the stage where the bicam would sit and then see the conflicting provisions or line items including that of rectifying if there are mistakes in the coordinates,” Adiong said. While unable to confirm

whether the discrepancies stemmed from administrative or typographical mistakes without reviewing the exact records, Adiong noted it could potentially be attributed to human error during document compilation. He maintained that while the reported mapping issues are valid concerns, they do not automatically carry over into the final, enacted General Appropriations Act (GAA). The House Committee on Appropriations has already reviewed, endorsed, and passed its version of the 2027 budget on plenary floor. The House is awaiting the final Senate version of the measure. Once passed, representatives and senators will convene in the bicameral conference committee to resolve conflicting provisions, adjust line items, and correct technical project details before sending the final budget to the President for signature.

Defense. . . Continued from A3

Japan will provide education, training, maintenance, and logistics support for PN personnel ahead of the ship’s operational deployment. Both countries agreed to finalize arrangements for the transfer of a TC-90 patrol, surveillance and reconnaisance aircraft to the Philippines by the end of Japan’s fiscal year 2027. The defense leaders also committed to accelerate discussions on defense equipment, technology sharing, and industrial manufacturing capacity. The agreement builds upon expanding security frameworks between Manila and Tokyo, following the Reciprocal Access Agreement (RAA) and the Acquisition and Cross-Servicing Agreement (Acsa), which entered into force in July 2026. Both Manila and Tokyo reaffirmed their shared commitment to a Free and Open Indo-Pacific, voicing strong concerns over dangerous maneuvers and coercive activities in the East China Sea and South China Sea. “Through this transfer, the two Ministers confirmed their intention to deepen comprehensive cooperation encompassing vessel operations, logistics support, human resource development, and information sharing, thereby taking defense cooperation, particularly in the field of maritime security, to a new level,” the joint PhilippinesJapan statement read. The bilateral discussions took place alongside the ADMM-Plus summit, which brings together Asean defense leadership alongside eight major dialogue partners: Australia, China, India, Japan, New Zealand, South Korea, Russia, and the United States.

Flood. . . Continued from A4

Bernardo also said that he had been aware of irregular infrastructure project arrangements since approximately 2002, when he was serving as a district engineer in Manila. “Hindi na po bago [It’s not new anymore]. As far as I can tell, it was already happening during my time as district engineer in Manila in 2002,” he said. The practice, based on his testimony, existed about two decades before Romualdez assumed the speakership in July 2022. Bernardo explained that project proponents negotiated different commission rates, ranging from 10 percent to 25 percent and sometimes reaching 30 percent. Based on his conversations with district engineers, Bernardo said some proponents demanded as much as 30 percent. Bernardo also confirmed that the DPWH and the Department of Budget and Management (DBM) exercised key responsibilities over infrastructure project preparation and funding releases and the Speaker’s office had no role in the release of a Special Allotment Release Orders (Saros) and was not involved in the bidding process. Bernardo also testified that the bidding process is conducted solely by the DPWH being the implementing agency and that the Speaker’s Office is not involved in any way.

Friday, October 30, 2026

First Lady, DepEd launch nationwide school-based hydroponics project By Claudeth Mocon-Ciriaco @claudethmc3

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IRST Lady Louise Araneta-Marcos and Education Secretary Juan Edgardo “Sonny” Angara, together with the Philippine Reclamation Authority (PRA), officially launched the nationwide school-based hydroponics project on Thursday at Las Piñas National High School and Parañaque National High School, a major push for food security and innovative learning. The initiative, part of the “Agri Tayo, Lab for All” program, introduces modern, space-efficient, and climate-resilient farming technologies to public schools. Angara highlighted that by using up to 90 percent less water than traditional farming, hydroponics serves as a vital climate adaptation strategy against the severe impacts of Super El Niño while driving sustainable food production. He also emphasized that the initiative modernizes the Department of Education’s (DepEd) long-standing Gulayan sa Paaralan Program (GPP) to better equip learners for climate extremes and food sustainability challenges. The First Lady and Angara inspected the newly installed greenhouse units at Las Piñas National High School and interacted with learners. Funded through the Social Environmental Fund generated from reclamation projects, the first phase aims to establish hydroponics greenhouse facilities in

200 schools nationwide, scaling up to 700 units overall to tackle spatial and agricultural challenges in urban and coastal communities. Aside from supplementing the School-Based Feeding Program with freshly harvested vegetables, the greenhouse facilities are designed to serve as hands-on living laboratories. Through experiential learning, learners can directly observe plant growth, nutrient management, water utilization, and photosynthesis, thereby integrating real-world science into their lessons. The project also supports AgriFishery Arts and agro-entrepreneurship electives under the strengthened Senior High School curriculum, helping learners cultivate practical livelihood and technical-vocational skills. For the initial phase, beneficiary schools across Metro Manila and various provinces including Cavite, Cagayan, Pangasinan, Pampanga, and Masbate will each receive a hydroponics greenhouse facility. Las Piñas City National High School and Parañaque National High School received two units each to maximize learner reach and community engagement. DepEd and its partners look forward to expanding the collaboration to more institutions, ensuring that more Filipino learners gain practical agricultural skills while contributing to community food security.

‘AFP must get more funds to boost capacity, especially in cyber defense’ By Butch Fernandez @butchfBM

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MID continuing volatility in the geopolitical landscape, the Armed Forces of the Philippines (AFP) must get a bigger budget to ensure its continuous modernization, readiness, and capabilitybuilding, especially in fighting the threats to cyber security, according to Senate President Win Gatchalian. The Senate chief is pushing to increase the AFP budget. “ Talagang mabilis na nagbabago ang ating geopolitical situation sa rehiyon at buong mundo. Nakikita yung ibang conflict sa Middle East at Eastern Europe. Sa ganitong punto, importante na maging handa at patuloy na mino-modernize at pinapalakas ang ating armed forces kasama ang kanilang kapasidad sa cyber warfare. [The geopolitical situation in the region and the world is fast changing. The conflicts in the Middle East and Eastern Europe illustrate this. With this, it is important to be ready and to strengthen our Armed Forces, especially their capacity in cyber warfare],” said Gatchalian.

He made the observations at the recent Senate hearing on the proposed budget of the Department of National Defense and its attached agencies. “It is important to make that support continuous and sustainable until we reach the capacity we deem ideal,” he emphasized, speaking partly in Filipino. One area, Gatchalian said, where the AFP needs funding support is in cyber warfare, which is no longer a theoretical threat but has turned into an active reality in modern defense strategy, making it imperative for the armed forces to develop its cyber defense capability. According to the Senate President, funding support is also needed to enhance the AFP’s search and rescue capability in times of disaster. “Hindi lang taga-defend ang ating armed forces kundi tumutugon din ito sa mga kalamidad na nangyayari sa ating bansa kagaya ng pag may tumatama sa atin na malalakas na bagyo at iba pang uri ng kalamidad na nararanasan natin,” he noted. [Our Armed Forces are not just there to protect our country but to respond to calamities, like the numerous storms we experience often].

DENR highlights importance of wetlands, rivers restoration to combat El Niño

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HE restoration of critical wetlands, rivers, and coral reefs in protecting communities against the impact of a very strong El Niño can never be emphasized, the country’s chief steward of the environment and natural resources said. “We are ensuring that our ecosystems remain functional buffers against extreme heat. Protecting our wetlands, rivers, and reefs nationwide is one way of protecting the communities and ensuring environmental survival,” Department of Environment and Natural Resources (DENR) Secretary Juan Miguel Cuna said, as he announced the launch of a nationwide ecosystem restoration program to mitigate the impacts of extreme dry heat. “By extracting nearly 100 metric tons of waste from Manila Bay tributaries, preserving the delicate hydrology of the Agusan Marsh peatlands, and protecting heat-stressed coral reefs in Masbate and Aurora, we are taking concrete steps to help ecosystems withstand the impacts of El Niño and strengthen the resilience of communities that depend on them.”

In Caraga, the Protected Area Management Office (PAMO) of the Agusan Marsh Wildlife Sanctuary implemented strict ecosystem-based adaptation (EbA) measures to protect peatlands and freshwater wetlands which act as natural sponges that regulate water flow, store massive amounts of carbon, and cool surrounding areas to protect communities and the environment against extreme heat. These included reforesting riparian buffer zones with tree species suited to wetland conditions and monitoring drainage canals to prevent excessive water loss. In the National Capital Region and Central Luzon, the DENR’s Manila Bay Site Coordinating and Management Office (MBSCMO) intensified river cleanup and waterway maintenance activities under the Manila Bay Rehabilitation Initiative. In partnership with the Department of Labor and Employment’s Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (DOLE-TUPAD) program, the MBSCMO deployed River Rangers for a 10-day cleanup operation along river channels, creeks, and estuaries in Pampanga. Jonathan L. Mayuga

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Teodoro, Marles met to discuss regional security amid aggressive Chinese behavior

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By Rex Anthony Naval

EPARTMENT of National Defense (DND) Secretary Gilberto Teodoro Jr. met with Australian Deputy Prime Minister and Minister for Defence Richard Marles on Wednesday to discuss the regional security situation amid China’s aggressive behavior. Teodoro and Marles’ meeting to ok pl ace on t he s id e l i ne s of t he 20t h A SE A N Defense

Ministers Meeting (ADMM) and 13th ADMM Plus in Lapu-Lapu City, Cebu, the DND said in a

statement on Thursday. “The engagement focused on the regional security situation amid China’s expansionist ambitions and coercive actions. The two officials also discussed enhancing defense cooperation, particularly in the areas of maritime domain awareness, training and exercises, intelligence sharing, and defense infrastructure development,” it added. The meeting comes on the heels of the 3rd Defense Ministerial Meeting held last Aug. 7, where t he t wo of f ic i a ls a nnou nced prog ress in t he conc lusion of t he Defe n se Cooper at ion A r r a n g e m e nt ( D C A ), w h i c h set the contemporary bilateral defense framework.

PHL sees expanded defense ties with India

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HE Philippines and India reiterated their commitment to strengthening bilateral defense cooperation, with maritime security, defense modernization, and military engagements. This, as, Department of National Defense (DND) Secretary Gilberto C. Teodoro Jr. and Indian Minister of Defence Rajnath Singh met on the sidelines of the 13th ASEAN Defence Ministers’ Meeting-Plus (ADMMPlus) in Cebu on Oct. 28, the defense agency said in a statement Thursday. The meeting between the two officials built on the elevation of PhilippinesIndia bilateral relations to a Strategic Partnership during President Ferdinand R. Marcos Jr. ‘s state visit to India in August of last year. “Minister Singh emphasized India’s continued support for ASEAN centrality and the ASEAN Outlook on the Indo-Pacific, underscoring the importance of freedom of navigation and upholding the principles

reflected in the United Nations Convention on the Law of the Sea (UNCLOS). He also cited the ASEAN-India Year of Maritime Cooperation 2026 and the successful conduct of the second ASEAN-India Maritime Exercise and ADMM-Plus Experts’ Working Group on Maritime Security activities in Subic in September 2026,” the DND said. Likewise, Singh highlighted the progress of the BrahMos missile project under the Armed Forces of the Philippines Modernization Program. He also identified bilateral maritime cooperation activities, reciprocal ship visits, service-to-service staff talks, and the establishment of the Joint Working Group on Counter-Terrorism as indicators of deepening defense cooperation. Meanwhile, Teodoro expressed appreciation for India’s assistance to Filipinos in the Indian Ocean and Persian Gulf and underscored the importance of expanding the Philippine Defense Attaché’s Office in

India to facilitate broader engagement with India’s defense institutions and military services. He also committed to facilitating the deployment of a Philippine liaison officer to India’s Information Fusion Centre–Indian Ocean Region to strengthen maritime information-sharing. “Both sides discussed opportunities to expand cooperation in maritime security, space, cybersecurity, and other areas of mutual interest. Secretary Teodoro likewise emphasized the importance of strengthening economic ties and diversifying the Philippines’ supply chains, identifying India as a strategic partner and alternative source of essential commodities,” the DND said. It also reaffirmed both countries’ commitment to advancing their Strategic Partnership and expanding practical cooperation in support of mutual interests and regional peace and stability. Rex Anthony Naval

DepEd turns to private facility leasing to ease classroom shortages

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O address classroom shortages, the Depar tment of Education (DepEd) is turning to innovative property leasing agreements, expanding its infrastructure strategy to include leasing available, compliant private school facilities and properties — a move aimed at bypassing multi-year construction delays and providing immediate relief to overcrowded campuses. The move is proven effective, following the recent successful implementations in Baliwag City, Bulacan, and Marikina City as models for accelerating learning space expansion for public school learners. Education Secretary Juan Edgardo “Sonny” Angara emphasized that leasing serves as an agile, high-impact solution alongside traditional building projects to meet urgent classroom needs on the ground. The initiative is part of DepEd’s broader multi-pronged infrastructure strategy, which works alongside Department of Public Works and Highways (DPWH)-led construction,

local government unit (LGU) partnerships, Public-Private Partnerships, DepEd Learning Continuity Spaces (LCS), and collaborations with government and private organizations. “We cannot rely solely on traditional construction timelines when our children need classrooms today. Leasing is one of DepEd’s vital channels to accelerate classroom delivery alongside our partnerships with the DPWH, LGUs, government partners, and the private sector...By partnering with private institutions that have ready-to-use facilities, we cut down waiting times significantly, decongest our public campuses, and ensure our learners are sitting comfortably in classrooms rather than makeshift spaces,” Angara said. The leasing program targets highly congested public campuses across key cities and regions. Angara added that the strategy reflects the whole-of-nation approach of President Ferdinand R. Marcos Jr.’s administration to education reform, where maximizing available resources translates to faster, more responsive

PSA data on deaths, marriage and birth

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SCHAEMIC heart disease accounted for nearly 22 percent of all registered deaths in the Philippines in the first four months of 2026, remaining the country’s leading cause of death, data from the Philippine Statistics Authority (PSA) showed. The agency recorded 39,842 deaths from the disease out of 182,113 deaths registered nationwide from January until April. Combined, ischaemic heart disease, cerebrovascular diseases, other heart diseases and hypertensive diseases accounted for 72,195 deaths, or nearly four in every 10 deaths registered during the period. Neoplasms, which include cancers, ranked second with 19,304 deaths, followed by cerebrovascular diseases, including strokes, with 16,865. Pneumonia accounted for 14,348 deaths, while hypertensive diseases claimed another 9,732 lives, ranking fourth and fifth, respectively.

Diabetes mellitus ranked sixth with 9,681 deaths, followed by chronic lower respiratory diseases with 6,382 and respiratory tuberculosis with 5,105. Meanwhile, the PSA also recorded 372,953 registered births and 82,282 registered marriages nationwide during the same period. CALABARZON recorded the largest shares of both events, with 53,177 births, equivalent to 14.3 percent of the national total, and 14,162 marriages, accounting for 17.2 percent. In Metro Manila, the agency recorded 38,100 births, 22,489 deaths and 10,645 marriages in four months. The figures cover vital events registered with city and municipal civil registrars nationwide and processed by the PSA as of Aug. 31. Deaths of Filipinos that occurred abroad are excluded, while the reported figures have not been adjusted for under registration. Mary Jade Jadormio

public service. Two recent projects illustrate the model’s immediate impact. In Baliwag City, Pinagbarilan Integrated School expanded its capacity by leasing facilities at Gardenersfield School Incorporated. Starting June 8, 2026, around 189 learners transferred into 9 leased classrooms located less than 10 meters from the main campus, ensuring uninterrupted, spacious learning. In Marikina City, Kapitan Moy Elementary School opened an extension campus on October 1, 2026, leasing seven classrooms at Covenant Children Academy. The facility, situated 500 meters from the parent school, now serves 632 Grade 5 and 6 learners, significantly easing the shift load and overcrowding on the main campus. DepEd regional and division offices are currently evaluating additional campus leases, ensuring that safety, accessibility, and proximity standards are strictly met for every relocated learner community. Claudeth Mocon-Ciriaco

T he DC A i s e x pec ted to be sig ned by President Ferd inand Marcos Jr, and Pr ime Minister A nthony A lbanese dur ing t he A SE A N Su m m it b y ne x t mont h. “On training and exercises, the two discussed the possible inc lusion of ot her St at us of V i s i t i n g Fo r c e s A g r e e m e nt partners and the development of Exercise Alon in scale and complexity with each iteration,” the DND said. This meeting also demonstrates the two Pacific nations’ commitment to regional stability and security and working together to uphold international law and the rules-based international order.

Barangay justice saves over ₧4 billion in litigation costs in 2025, DILG says

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ARANGAY justice panels across the country successfully settled at least 8 out of every 10 disputes brought before them in 2025 alone, keeping hundreds of thousands of cases out of the formal court system. More importantly, the DILG said the successful out-of-court settlement of cases saved the government over P4 billion in savings from litigation costs from January to December 2025. Data from the DILG’s Bureau of Local Government Supervision (BLGS) showed that 444,470 cases, or 86.53% of the 513,636 cases recorded nationwide, were settled at the barangay level through mediation, conciliation, and arbitration. The estimated savings were based on the Supreme Court’s computation that the government spends approximately P9,500 in adjudication costs per case. Under the Katarungang Pambarangay (KP) system, disputes among community members are resolved through the Lupong Tagapamayapa, chaired by the punong barangay and composed of appointed lupon members. Established under Republic Act No. 7160, or the Local Government Code of 1991, the KP system operates across more than 42,000 barangays nationwide, providing communities with an accessible and less costly means of settling disputes without immediately resorting to formal litigation. Beyond reducing government expenses, the system allows residents to resolve conflicts closer to home, helping prevent minor disagreements from escalating into prolonged legal disputes while easing the caseload of courts. Meanwhile, 12,240 cases were recorded under other dispositions, including referrals to appropriate government agencies, withdrawals, repudiations, pending cases, dismissals, and issuances of certificates to file action. Jonathan L. Mayuga

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Friday, October 30, 2026

‘China’s exports of clean tech making a big dent in emissions’

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By Anton L. Delgado | The Associated Press

INSTALLERS haul a solar panel onto the roof of a home in Manila, Philippines, on April 30, 2026. AP PHOTO/ANTON L. DELGADO

ANGKOK—China is exporting a record amount of clean energy technology and equipment as the energy crisis from the Iran war drives surging demand for renewables, and that will help reduce global emissions, according to a report released Thursday.

Once installed or deployed, these 2026 exports will likely avert emissions of about 450 million metric tons of carbon dioxide per year, roughly equal to Brazil’s annual emissions, says the analysis by the Finland-based Centre for Research on Energy and Clean Air. It’s a small sign of progress as global efforts to curb climate change fall short. In November, Turkey will host annual UN climate talks where electrification is expected to be a leading topic. “This is a pivot point for the outlook of global energy and global emissions,” said Lauri Myllyvirta, with CREA. “We’re seeing growth in clean energy that is much, much faster than anyone predicted just a few years ago.”

Record-breaking year

CHINA is by far the largest global supplier of renewable energy equipment, from solar panels and wind turbines to electric vehicles and batteries. Most of what it makes is sold domestically, but a sizeable share is exported. In the first nine months of 2026,

CREA tracked a 61-percent increase in exports of electric vehicles, a 45-percent jump in shipments of wind turbines, a 39-percent spike in battery exports and 22 percent growth in overseas sales of solar equipment, compared to the same period last year. Southeast Asia was a major destination. China’s clean energy exports to the region jumped nearly 160 percent from last year to this September, according to Ember, an independent global energy think tank. The value of China’s electric vehicle exports hit $72.8 billion in the first nine months of this year, up from $39.7 billion last year, according to the research firm Atlas Public Policy. If these export trends continue for the rest of 2026, about 8,400 million metric tons of carbon dioxide will be averted over the lifetime of all the clean tech China exported this year, CREA estimates. That’s about 24 percent of annual global emissions, more than the United States’ and India’s emissions combined. The analysis by CREA is based on export data, the electricity systems

in destination countries and Chinese emissions during manufacturing. Independent experts said the estimate was in line with the scale of China’s exports, but were unable to validate the data. Despite President Donald Trump’s higher tariffs, Chinese clean tech exports to the U.S. rose 13 percent in January-September compared to a year earlier. “The demand is much stronger than I expected,” Myllyvirta said. “That’s certainly noteworthy.” China is both the world’s biggest provider of clean tech equipment and the largest global source of carbon emissions. Muyi Yang, a senior policy analyst at Ember, likened China’s energy transition to replacing the engine of a ship while it’s still at sea.

‘Interest likely to persist’

THE drastic war-related disruptions to shipping through the Strait of Hormuz, usually the source for a fifth of the world’s oil and gas, hit import-

dependent Asian countries first and hardest. Renewed interest in clean energy options is likely to persist even after the war, said Yu Sun Chin, with the research group Zero Carbon Analytics. Consumers in Southeast Asia are paying more for their electricity and fuel and opting for renewable alternatives such as rooftop solar. Laos, Thailand and Vietnam have offered various incentives for installing solar and purchasing electric vehicles to help reduce dependence on imported fossil fuels. The Philippines implemented similar policies and became the secondlargest destination for Chinese solar exports in the first quarter of 2026. Indonesia has pledged to install 100 gigawatts of solar power by 2029. “The surge in clean energy policies in Southeast Asia shows there is a paradigm shift happening,” Chin said. “Considering Southeast Asia is one of the most vulnerable regions to climate impacts, every emission cut matters in limiting a rise in global temperatures.”

Hong Kong govt reckons with deadly fire By Nectar Gan & Vicky Feng Bloomberg News

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ONG Kong’s leader John Lee issued a rare apology and said his housing secretary has stepped down over the city’s deadliest fire in decades, a disaster which called into question the credibility of a government that took nearly a year to take accountability. In a scene unusual for Hong Kong, the chief executive and senior colleagues flanking him opened a briefing on Thursday by bowing in unison, an apologetic gesture more commonly seen among officials in mainland China. Lee also said he’d accepted the resignation of the secretary—Winnie Ho—in an announcement made before the release of a report by a government-appointed independent committee, which investigated the blaze that killed 168 people at a residential complex in the northern suburb of Tai Po last November. “Although the fire did not involve any personal wrongdoing by the secretary for housing, the secretary for housing should bear political responsibility,” Lee told reporters. Ho later issued a statement echoing these remarks.

The moment marks the culmination of a months-long effort by the city in search of answers about the tragedy, including how it unfolded, who should be held responsible and what can be done to avoid similar catastrophes in the future. The blaze, which ripped through seven of Wang Fuk Court’s eight aging towers, was Hong Kong’s deadliest since 1948, when 176 people were killed in a warehouse fire. The catastrophe displaced thousands of residents and drew international attention to fire safety in one of the world’s most densely built cities. The judge-led committee submitted the report to Lee last week after examining more than a million files and holding hearings between March and July, which included the testimony of 80 witnesses. A redacted version of the report made public on Thursday named four government departments for what it described as their flaws and lapses in oversight, with the Housing Department’s Independent Checking Unit bearing the greatest share of responsibility. It also singled out the departments of fire services, buildings and labour. “The Committee finds that no Government department took effective ownership of vari-

ous fire safety issues, and complaints about fire hazards fell into a vacuum,” said the report, which came in two volumes, with the English version running at a total of 1,154 pages. The fire likely started with a discarded cigarette butt and spread through combustible materials that encased the buildings while they were under renovation, the committee found. The findings are testing Lee’s pledge to hold accountable those blamed for the disaster. He vowed earlier this month that the government would “pursue accountability” upon receiving the committee’s report. Speaking on Thursday, Lee pledged sweeping reforms to amend laws and regulations to strengthen controls over major building maintenance works, with tighter rules and heavier penalties. The government will also seek to raise attendance and voting thresholds by residents for large-scale maintenance procurement. As part of the overhaul, he announced plans to criminalize bid-rigging and establish a cross-departmental task force to crack down on the widespread practice by contractors. The chief executive said around 40 to 50 civil servants, including department heads,

will be probed as part of a new accountability system implemented earlier this year. When asked if he considered himself to be culpable and needing to share in the accountability for the failings, Lee said he would take responsibility by leading the government in carrying out extensive reforms to ensure such a tragedy never happens again. The focus on accountability comes at a fraught political time for Lee, who has yet to say if he’ll seek a second five-year term after his current stint ends next year. On Thursday, Lee again dodged questions about whether he wants another term. In November, a small-circle vote will be held to determine the composition of the 1,500-member Election Committee, a body loyal to Beijing that’s responsible for choosing the city’s next leader. Authorities have already charged seven individuals and two companies responsible for the renovation project with offenses including manslaughter and conspiracy to defraud. Garrick Lee, a Wang Fuk Court resident who lost his mother and two helpers to the fire, said the resignation of one secretary was far from enough.

www.businessmirror.com.ph | Editor: Jennifer A. Ng

Trump in Ohio, Obama in Georgia make closing stretch appeals to midterm voters By Will Weissert, Josh Boak & Bill Barrow The Associated Press

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HILLICOTHE, Ohio—Georgia Democrats rallied with former President Barack Obama Wednesday night, at the same time President Donald Trump was in Ohio attempting to energize his base, as both parties began crystallizing their closing messages ahead of next week’s midterm elections. Trump has been on a weekslong sprint around the country, doing 20-plus rallies this month alone while packing upcoming days with more travel. But as Americans confront record fuel prices, rising costs and an unpopular war in Iran, the president has been keeping his focus on states that he won handily two years ago. “If you can get out to vote,” Trump told a raucous crowd in Chillicothe, south of Columbus, Ohio’s capital, “we’re going to have a tremendous victory.” The last Democratic president to serve two terms, Obama is increasingly campaigning for his party and gleefully acting as a foil to Trump—including criticizing the Republican for spending too much time leading White House renovations and for becoming wealthier while in office. He said Trump is “spending time supergluing gold medallions to the mantel in the Oval Office.” Obama appeared in suburban Atlanta with that city’s former mayor, Keisha Lance Bottoms, who could be the first Black woman elected governor in the United States, as well as Sen. Jon Ossoff, running for reelection and considered a potential future presidential candidate. “Everywhere you go, it feels like change is in the air,” the former president said.

Trump says Alaska Democrat should be prosecuted

EVEN as he stages so many rallies, Trump also already turned to the courts to shape the midterms, directing his Department of Justice to file a lawsuit last week preemptively contesting the outcome of Alaska’s Senate race should Democratic challenger Mary Peltola win it. That’s due to the presence of a second candidate with the same name as Republican incumbent Sen. Dan Sullivan. Speaking to reporters as he boarded Air Force One to fly to Ohio, Trump called on Peltola to drop out of the race and warned she could face prosecution. His comments followed a New York Times report that Peltola’s campaign was involved in an effort to recruit the second Dan Sullivan, which Trump called “voter fraud at the highest level,” adding: “It turned out it was a scheme by the Democrats. That’s what they do best: they cheat.” Peltola’s campaign said in a statement that it “has no involvement with either Sullivan campaign.”

Accusations of antisemitism

ANOTHER closely watched Senate race pits Democrat Abdul El-Sayed against Republican Mike Rogers. Trump has intensified his anti-Muslim rhetoric against El-Sayed, who on Wednesday told a crowd at an event in Wyandotte, outside Detroit: “They want to point to me and my name. They’re doing this because they’re trying to distract us.” “Michiganders are big-hearted. We’re open-minded. We don’t care as much how you

pray; rather, we care what you pray for,” ElSayed said. Republicans have argued El-Sayed is antisemitic, which he denies. Texas Sen. Ted Cruz, who also is frequently mentioned as a 2028 presidential candidate, campaigned with Rogers in Birmingham, Michigan, at an event hosted by the Republican Jewish Coalition. Cruz said that antisemitism is “a poison that is ripping the country apart” and that the Democratic Party was being taken over by “self-proclaimed communists and Islamists.” The event featured several voters who described themselves as lifelong Democrats voting Republican for the first time because of El-Sayed’s comments last year after a man attacked a synagogue in a Detroit suburb. El-Sayed tied the attack to Israel’s actions in the Middle East, saying at the time that “hurt people hurt people.” He later apologized for the statement. The issue was a focal point in the Democratic primary between El-Sayed and Rep. Haley Stevens, whom he narrowly defeated. Stevens has endorsed her former rival, but her fiance Jason Turkish told The Detroit News on Wednesday that he plans to back Rogers because he believes El-Sayed is an antisemite. Later, Stevens appeared on CNN and said of Turkish’s comments, “Like a households across America, we’re a household divided.” “I still very much want our Democratic nominee—his name is Abdul—to win this race,” Stevens said. But she also warned that El-Sayed is at risk of losing many of the Black and Jewish voters who backed her in the primary. She urged him to disavow an ad by Rebellion PAC, an independent left-wing group, that linked US support for Israel with high grocery prices. El-Sayed said, “I’m committed to the safety of the Jewish community like I’m committed to safety of all communities,” and he distanced himself from the ad without addressing its substance, saying it “has nothing to do with our campaign” and it’s “not what I want to be talking about right now.” “He can do the right thing,” Stevens told CNN. “He can disavow these ads and he can reassure these undecided voters who are still left.”

Red states in pre-midterm blitz

TRUMP’S stops in the closing stretch of the campaign reflect Republicans’ defensive posture even as the party’s finances—and the president’s signature super PAC, MAGA Inc.—have helped sustain candidates. Trump visited Mississippi on Monday and made another stop in a series of trips to Texas on Tuesday. He plans to be in South Carolina, Florida, Kansas and Iowa in the coming days. Going to so many deeply red states hasn’t always gone smoothly. Early in Wednesday’s speech, Trump was interrupted by a protester shouting about the late, disgraced financier Jeffrey Epstein and made some rare remarks on his onetime friend, saying he’d expelled Epstein from his Mar-a-Lago club in Florida decades ago. “That was a great thing I did, I must tell you,” Trump said, adding, “I threw Jeffrey Epstein the hell out of Mar-a-Lago.” The president then pivoted immediately into praising Ohio Sen. Jon Husted’s physique. Trump has been lavishly praising Republicans’ physical appearances on the trail, often diverting into tangents about Husted—who played football in college—no matter where he’s campaigning.

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GOVT EYES 3 MORE VACCINES VS. AFRICAN SWINE FEVER IN ’27 By Ada Pelonia

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HE Department of Agriculture (DA) is looking at the approval of three vaccines against African swine fever (ASF) in 2027, as the deadly hog disease continues to wreak havoc on smallholder farms. Agriculture Undersecretary Constante Palabrica said the additional ASF vaccines, which could be approved next year, were developed in Europe, Vietnam and South Korea. “We’ll have more [vaccines],” he told reporters on the sidelines of an industry event on Thursday. At present, Palabrica said the sale of the Avac ASF LIVE vaccine from Vietnam is already ongoing, with guidelines set to be released in November. This, after the Bureau of Animal Industry (BAI) approved in September the commercial sale of Avac ASF LIVE, the first ASF vaccine for fatteners cleared for public sale. This moves away from the government-controlled vaccination that the DA launched in 2024. Its approval comes nearly seven years after the swine disease first hit the Philippines in 2019, which crimped hog output and jacked up pork prices. “Then, before the end of November, I’d like to have [approved] a second vaccine so that farmers would have more than one option

to choose from,” he added, referring to Provac from South Korea. If realized, the Philippines could have a total of five vaccines against ASF in 2027. Palabrica noted that vaccination is among the primary defenses against the deadly hog disease, aside from ramping up biosecurity efforts. This is especially crucial since up to 70 percent of the country’s producers are backyard raisers, which he said makes it harder to control compared to huge farms. “The only way to approach this will be through biosecurity [measures] and vaccination that can be done in order to prevent the spread.” He said the DA has approved “in principle” P1 billion to subsidize vaccines against animal transboundary diseases for smallholder farms. The government is positioning vaccination as part of a broader repopulation strategy that includes disease surveillance, biosecurity, movement control, and targeted restocking. The goal aims to restore the swine population to pre-ASF outbreak level, according to the DA. Latest BAI report showed that 226 barangays across 24 provinces have active ASF cases as of October 9. Most of these were situated in Isabela, affecting 74 barangays, followed by Nueva Ecija with 24 barangays hit by the disease.

Friday, October 30, 2026 A9

Reform package combines tax relief, excise hike–DOF

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By Reine Juierre S. Alberto @reine_alberto

HE Department of Finance (DOF) is urging lawmakers to pass its proposed tax reform package immediately to boost household purchasing power by balancing tax relief with higher excise taxes. In a press chat with reporters late Wednesday, Finance Undersecretary of the Fiscal Policy and Monitoring Group Karlo Fermin S. Adriano said the DOF is working closely with Congress to advance the Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (Progress) bill. “This is very important because we need to increase the disposable income of our working class given the current situation that we are in,” Adriano said. “We want it as soon as possible because there’s a real need for it to be passed.” The DOF-backed Progress Bill

seeks to overhaul the personal income tax system while exempting micro and small enterprises from the minimum corporate income tax. To offset revenue losses, the DOF proposed higher excise taxes on sugar-sweetened beverages, alcohol, single-use plastics and luxury goods. The bill is still lodged in the House of Representatives, although Adriano said the DOF is coordinating with the Ways and Means Committees of both the House and the Senate to facilitate its passage. Since there are separately filed tax bills, particularly for sugarsweetened beverages or income tax

only, Adriano said that the Progress Bill must be enacted as a package. “The idea is, it’s a package,” Adriano said, firm that the DOF is not amenable to a piecemeal passage of the proposal. Adriano said House Committee on Ways and Means Chairman Marikina Rep. Miro Quimbo committed to consolidating separately filed tax bills into a package. If the DOF’s version of the Progress Bill is passed next year, the government stands to gain P45.41 billion in net revenues, or an average of P47.94 billion in the next four years. This would amount to roughly 0.1 percent of gross domestic product, but not above 0.2 percent. “We’re not asking much,” Adriano said. “This is really for the Filipino people to improve their welfare through increased disposable income, to better health, to better environment and improving the progressivity of the tax system.” Adriano said the proposed reforms are “very important” as households contend with rising prices, eroding their disposable income, and are vulnerable to external economic shocks. With inflation at 7.2 percent in September, Adriano said incomes

have been eroded. “Most likely, they will probably, as much as possible, consume the same amount, but ultimately, nauubos lang. Walang natitira sa savings.” During the DOF’s previous stakeholder engagements on the proposed bill, Adriano said the issue of flood control corruption has always been brought up, as well as the demand for more transparency, accountability and assurance that whatever will be collected will be properly spent. “It’s just right for the Filipino people to ask for all of this. We collect taxes and the assumption is that it will be provided to them as services or as goods. And if you see that what is collected is being pocketed, definitely, even I would be very mad,” he said. Adriano said the DOF is pushing for modernization and digitalization of the Bureau of Internal Revenue and the Bureau of Customs to reduce human intervention and the risk of corruption. “We’re doing our part coordinating with all stakeholders to ensure transparency and accountability and efficiency in government spending,” he added. See “Reform,” A2

Cement demand seen flat; dry spell may lift construction By Bless Aubrey Ogerio

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A TIME TO REMEMBER, A CALL TO HEAL Families of victims of former President Rodrigo Duterte’s drug war gather for Program Paghilom ahead of All Souls’ Day, attending a Mass celebrated by Fr. Flaviano L. Villanueva, SVD, on Thursday, October 29, 2026, at the Divine Word Shrine at Christ the King Mission Seminary in Quezon City. NONOY LACZA

‘PHL can deliver clean, reliable energy at same time’

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By Lenie Lectura

INGAPORE—Energy Secretary Sharon Garin said the Philippines can successfully meet the challenges of rising global electricity demand while accelerating its decarbonization goals. “The test is clear: can we deliver energy that is clean, reliable, and affordable for our economies and our people?” Garin said. “Nowhere is that test more demanding than in the Philippines. We are an archipelago of more than 7,000 islands, where energy must cross water and mountains before it reaches a single home,” Garin said. She pointed out that geography dictates that energy security cannot rely on generation capacity alone, and the country treats energy security as grid security.

“The Philippines is putting transmission and grid modernization at the center of its energy strategy. Through our Smart and Green Grid Plan, we are pinpointing critical constraints, strengthening long-term planning, and aligning grid development with future demand and generation investments, in support of our Philippine Energy Plan and Transmission Development Plan, so that every megawatt of renewable energy we build reaches the people and industries it is meant to serve,” she said. This initiative supports the National Grid Corporation of the Philippines (NGCP) in expanding network capacity and fast-tracking the resolution of transmission bottlenecks. She also said that the DOE is accelerating the delivery of 200 committed power and energy storage

projects. To date, 55 have begun commercial operations, adding about 2,273 megawatts (MW) Among them are 12 battery energy storage projects totaling about 229MW. “Our systems must respond instantly to shifts in supply and demand. Energy storage makes that possible,” Garin said. The Philippines is also building its first pumped-storage hydropower facility. It uses electricity to pump water into storage during periods of low demand, then releases it to generate power when demand rises. “Our goal is a cleaner transition that never compromises reliability and security,” Garin pointed out. Meanwhile, the Philippines and Singapore have entered into a strategic energy partnership by exchanging Letters of Intent (LOIs) during the Singapore International

Energy Week (SIEW) Summit 2026. Signed by Garin and Singapore’s Minister for Energy, Trade and Industry Dr. Tan See Leng, the agreements aim to bolster long-term energy security and expand clean energy alternatives through two main pillars. The two nations will explore regional grid connectivity to enable power trading, resolve supply constraints, and optimize complementary energy resources. This initiative supports the broader Asean Power Grid vision by accelerating the Asean Submarine Power Cable Development Framework. They will also establish a framework to share expertise and conduct joint research in advanced nuclear technology. Cooperation will span human resource development, the nuclear fuel cycle, radioactive waste See “Garin,” A2

EAK infrastructure spending and sluggish construction activity are expected to keep Philippine cement demand subdued this year, although a possible dry spell could help construction work resume, according to industry executives. Cement demand fell by 2 to 3 percent year on year as of September, Cement Manufacturers Association of the Philippines (Cemap) President John Reinier H. Dizon said, adding that the industry expects to match last year’s consumption of 34 million metric tons in 2026. “And we expect, hopefully, we end up almost the same this year,” Dizon, who also heads the Federation of Philippine Industries, told reporters after the group’s annual business summit in Taguig on Thursday. He said flat demand was understandable given persistent inflation and muted government spending, which have weighed on construction and limited the need for additional cement production. Philippine Statistics Authority (PSA) data showed construction investment contracted by 14.8 percent in the second quarter of 2026, following declines in the previous two quarters. Approved construction activity also fell by 31 percent year on year to 10,968 in August, the lowest since May 2020. The Cemap chief said manufacturers were also grappling with higher energy costs, peso depreciation and uncertainty stemming from the conflict in the Middle East. These pressures compound the industry’s existing problem of excess capacity. Philippine cement plants can produce about 52 million metric tons annually, compared with domestic demand of around 34 million metric tons last year, Dizon said. The mismatch has forced some manufacturers to operate below capacity, with some facilities downsizing. “We have an overcapacity,” he said. “And you know, when you have that situation, of course, it’s tough

for the manufacturing. Some sites have to downsize.” The industry also faces competition from regional producers, including Indonesia, Vietnam, Thailand and China. Dizon estimated that China accounted for 30 to 35 percent of Philippine cement imports this year, a larger share than in previous years. Still, cement imports have declined by an estimated 30 percent year on year following the imposition of a safeguard measure of about P349 per metric ton on imported cement, he said. Shipments from Vietnam to the Philippines have fallen by about half as exporters redirect some supply to other markets. Despite the decline in imports, Dizon said excess domestic capacity and weak demand leave little incentive for manufacturers to commit to new investments. “I think investment is a function of whenever there’s good demand,” he said, noting that building a cement plant takes about four years and requires substantial capital. Some expansion projects remain in the pipeline, although he suggested these may have been committed before current market conditions worsened.

Mixed outlook on El Niño

A POSSIBLE El Niño episode could provide some relief to construction activity by allowing work, particularly concrete pouring, to proceed with fewer weather-related interruptions. Dizon cautioned, however, that it could also hurt agriculture and affect energy supply. Heavy rainfall had disrupted construction activity in August, he added. “Obviously, construction is more active when it’s dry,” he said. “In cement, you want to do concrete pouring when it’s dry. So, I guess there’s a little bit of benefit when it doesn’t rain.” Dizon said cement demand generally tracks economic growth and could increase at a similar pace if the economy expands by 5 to 6 See “Cement,” A2

A10 Friday, October 30, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Comelec’s party-list reform deserves our collective support

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STABLISHED in 1987, the party-list system was designed to correct a Congress dominated by the wealthy elite. The Constitution and Republic Act 7941 envisioned a chamber where farmers, fisherfolk, workers, and the urban poor could send their own to Manila. Four decades later, that vision has been hijacked. Election watchdog Kontra Daya and the Philippine Center for Investigative Journalism have found that over half of party-list representatives come from political dynasties, business clans, or the uniformed services—not from the grassroots. This is the logical output of a broken design. The Supreme Court’s 2013 ruling in Atong Paglaum v. Comelec gutted the strict reading of Ang Bagong Bayani that party-list groups must represent the marginalized and underrepresented. Overnight, national parties, regional blocs, and non-marginalized interests were let in. Combine that with the three-seat cap in RA 7941—which rewards fragmentation by letting losing camps spawn splinter groups—and you get exactly what we have: a parallel Congress of surnames, funded by the same machinery that funds traditional politicians. Defeated candidates and term-limited officials simply switch vehicles. Comelec Chairman George Erwin Garcia’s proposal is therefore not a tweak. It is an attempt to restore the original architecture. Reserving 70 percent of party-list seats for farmers, fisherfolk, women, youth, the urban poor, overseas Filipino workers, and veterans—with just 20 percent open to political parties and 10 percent for other non-enumerated groups—draws a line the political class cannot casually cross. (Read the BusinessMirror story—Comelec: Give 70% of party-list seats for marginalized groups, October 28, 2026). The sharpest idea is the shift to intra-sector competition. Under Garcia’s model, if five seats are allotted to women, only women’s organizations contest those five. This ends the nationwide free-for-all where a cash-flush group with billboards and celebrity endorsers buries a genuine peasant federation with no television airtime. It also makes voters’ choices legible: you pick who represents your sector, not who has the catchiest jingle. Garcia’s citation of the Bangsamoro parliamentary elections as proof that sectorspecific voting works is apt. But reform is only as strong as its definitions, and the political class will not surrender quietly. Three dangers deserve scrutiny. First, the 20 percent carve-out for political parties risks legitimizing the very backdoor critics deplore. If dynasties can still walk through that door, expect them to colonize it. Second, “marginalized” remains the battleground. Atong Paglaum must be legislatively reversed, not merely wished away. The law should demand verifiable proof: a majority of nominees genuinely drawn from the sector, not Manila-based operators wearing a farmer’s hat during filing season. Third, sectoral categorization invites a new game of rebranding. A congressman’s wife becomes a “women’s group.” A defeated governor’s son becomes “youth.” Without an anti-dynasty clause on nominees and a credible accreditation audit, Comelec will spend every election chasing paperwork rather than principle. None of this requires a constitutional amendment, and that is the proposal’s quiet strength. Charter change is a decade-long quagmire. Amending RA 7941 is achievable, and Garcia should press Congress to move now. The party-list system was never meant to be a consolation prize for the politically inconvenienced. It was meant to be the poor’s microphone. Comelec has finally said so out loud. Congress should listen—before the next election proves, once more, that it didn’t.

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UP claimed its first UAAP men’s basketball title four decades ago Dennis Gorecho

Kuwentong Peyups

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ORTY years ago, on October 27, 1986, the University of the Philippines (UP) Fighting Maroons swept the series 2–0 to claim its first solo University Athletic Association of the Philippines (UAAP) men’s basketball title in 47 years.

UP won over University of the East (UE) Red Warriors (98–89) under the guidance of legendary coach Joe Lipa in Game 2 of the UAAP Season 49 men’s basketball tournament finals at the ULTRA in Pasig. The Jerry Codinera-led UE Red Warriors’ had 13-1 run through the eliminations with the twice-to-beat advantage. Finals Game 1 was held on October 25, 1986 where UP won (86-75). UP’s victory in Game 2 (98–89) snapped the UE Red Warriors hopes of a “three-peat.” The Finals Most Valuable Player was Eric Altamirano who scored 27 points. UP MBT players who also contributed to the winning score include Benjie Paras (19 points), Ronnie Magsanoc (16 points), Duane Salvatierra (13 points), Joey Guanio (12 points) and Joey Mendoza (8 points). Other players are Chris Somera, Primo Rodriguez, Bobby Noriega and Ramil Cruz. In 2011, Tinig Ng Plaridel in partnership with defunct sports website InterAKTV published an oral history

of the UP Fighting Maroons’ title run in the 1986 UAAP men’s basketball tournament. Lipa: “It was historic, and everybody was celebrating. We all find the team in the headlines; even nonsports writers and non-sports columnists wrote about the game. One of the most remembered statements was, “It was a victory which was felt in these walls of progress as well as in the Cordillera’s mountains.” Altamirano: “UE was really invincible because they were stacked and most of their players were playing in the PABL. Remember, Jerry was a national team player so UE just breezed through the eliminations. We were badly beaten by UE, so going to the UAAP Finals, nobody expected us to win.” Magsanoc: “We always worked hard, believing that somehow we will get that breakthrough opportunity to make it all the way. But I don’t think anybody expected the Maroons to make it to the finals or win the championship, simply because the school has not had any record of winning for nearly 50 years.”

A brutal dilemma Dr. Ser Percival K. Peña-Reyes

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EAGLE WATCH

T is taught in any basic macroeconomics course that monetary policy is not the best tool for a supply-side problem because it is a demand-side tool that influences spending, borrowing costs, and aggregate demand rather than the actual capacity or physical production of goods and services. To put it more sharply, lower interest rates do not directly create physical commodities like oil or rice.

Although it is true that monetary policy cannot fix supply-side issues directly, the Bangko Sentral ng Pilipinas (BSP) has tightened due to severe risks that have cascaded beyond the initial supply shocks—Middle East tensions driving up global oil prices and El Niño hitting agricul-

ture. Its surprise 50-basis-point rate hike, which came amid accelerating inflation, a weak peso, elevated global energy prices, and the risk of weather-related food shortages, is justified primarily as an attempt to prevent an inflation shock from becoming entrenched, rather than

Paras: “Coach Lipa was regarded as a “perfectionist” and was known as a strict tactician. I would get yelled at during almost every practice back then. I was constantly being humiliated in a way, I was able to unleash my anger during the game.” Lipa: “In the championship series, Paras was exceptional, and Altamirano. Guanio shot very well, but in the second game, I think most of the workload of the team was taken care of by almost of all the players, everybody contributed well.” Altamirano: “When we went back to the dugout. I heard Coach Lipa say, “Atin na ‘to.” I felt more confident that he knows what he’s doing, and he knew that we could beat this team, that inspired me also so I’m going to do my best in the second half.” Magsanoc: “I think it all boiled down to understanding that it was so tough to get there, so you might not be able to go there anymore. So you hold on to the belief that you have to make the most out of it, because for all you know you will not be able to go there again.” Paras: “UE needed to prove that they’re still the best. As for us, it’s like we’re the challenger. So we have nothing to lose. We just need to play the way we want to play and no pressure. That’s all.” Magsanoc: “There was a parade. UP isn’t really known for sports, and back in our day, athletes didn’t get much recognition either. After we won, the campus was closed off; they loaded all of us onto a large bus, which then drove along UP at a slow pace. We still looked pretty scruffy, as usual. But for us, it was a huge deal.” Paras: “We were recognized in

A high-inflation environment will not be conducive to growth for several reasons. One, when prices fluctuate wildly, businesses cannot forecast costs, calculate margins, or safely plan long-term capital investments. They pull back and go into survival mode. Two, high inflation acts as a hidden tax on savings. as a way to bring inflation down immediately. The key question is not simply whether inflation is high. It is whether the expected cost of allowing inflation to spread will outweigh the damage that tighter monetary policy could inflict on a weakening economy. Three critical reasons are worth considering. One, the BSP is deeply concerned about second-round effects—when high costs mutate into broader, de-

front of the Oblation. We celebrated there and then the bonfire was made there. We were introduced, and that for me is one of the best I’ve ever felt, all of the UP students were there supporting us. ” Magsanoc: “Even back then— though I was still young—I thought that this could serve as a good starting point for future student-athletes. Finally, professors might come to realize a few things: first, that sports actually exist at UP; second, that there are student-athletes who are capable of excelling; and third, that they can support and provide some form of assistance to these studentathletes, given how incredibly challenging it is to balance academics and sports at UP.” The UP Fighting Maroons previously won their first championship in Season 2 (1939-40) but it was a title they shared with Far Eastern University (FEU) and University of Sto. Tomas ( UST). UP followed it up 47 years later in 1986 (Season 49) as a solo champion. Then there was the 36 years of drought until its third title in 2022 (Season 84). Two years later (2024), it reclaimed the title for Season 87. UP famously lit a bonfire at the Sunken Garden to celebrate just one win (against Adamson, 77–64) that ended a painful 27-game losing streak. Rather than celebrating a title, it symbolized closing a long chapter of losses and welcoming hope. Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@ sapalovelez.com, or call 0908-8665786.

mand-driven inflation. Higher food and fuel prices could lead to demands for higher wages and increased transport fares. Once businesses raise prices generally to cover these wages and transport costs, inflation becomes structural and persistent. The BSP hikes rates to cool down aggregate demand so that it becomes harder for businesses to pass on costs to consumers. Two, the Philippine peso has faced severe downward pressure. It has recently plummeted to record lows. Because the Philippines imports vital commodities like crude oil and rice, a weak currency makes those items significantly more expensive in local terms. Thus, higher Philippine interest rates may support the peso by improving the relative attractiveness of peso-denominated assets, although exchange rates also depend on global risk appetite, See “Eagle Watch,” A11

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Banning social media will push teens towards the internet’s worst Dr. Peejay D. Bengwasan

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S a psychologist and educator myself, I hear the panic from parents every day like clockwork. It’s a tale as old as time: young people need to be protected from the dangers of new, emerging technologies.

In the same way as our parents tried to shield us from comic books and television, we look at the rising rates of teenage anxiety, depression and sleep deprivation—and in the Philippines, mounting cases of school shootings—and we naturally want a simple villain. Social media is the easiest target in the room for the most desperate among us. It is something new and for people who have not grown up with social media, it can be seen as an unknown, evolving presence that can be blamed when a new threat or novel concern arises in younger people, who are digital natives. And while it’s completely understandable that even the best of us end up thinking that, it’s not at all backed by what the science says. When lawmakers suggest a blanket social media ban for anyone under 18, it sounds like a silver bullet. Flip a switch, cut off access, and suddenly our kids will go back to riding bikes outside and reading books inside. However, it is not that simple. From a psychological and scientific standpoint, a blanket ban is a lazy non-solution. Let’s look at the data instead of operating on fear. Earlier this year, a major study published in the British Medical Journal (Barnes, 2026) examined the early effects of Australia’s strict Social Media Minimum Age Act. The findings were a massive reality check. The researchers found little to no immediate, substantive reduction in adolescent social media use. More importantly, the ban produced absolutely zero measurable improvements in adolescent mental health, well-being or sleep patterns. The takeaway is clear: passing a law is not enough. We have to know if it actually works in real life. And right now, the science says sweeping bans fail. Why do they fail? Because they completely misunderstand adolescent psychology. When you ban teenagers from a mainstream public space, they don’t stop wanting to connect with their peers. They just find a way to do it where you can’t see them. In our view, a sweeping blanket ban will only inevitably push young people toward unregulated corners of the internet that will allow them to exercise their right to participate and engage with one another. If this passes, we will only watch our children migrate from social media sites with flawed safeguards into encrypted messaging boards and fringe platforms with zero moderation, no reporting tools, and a much higher risk of exposure to violent or exploitative content. Worse, a ban strips away their safety nets. If a teenager is being cyberbullied or, even worse, groomed on an app they are legally banned from using, they may become terrified to ask a parent or a teacher for help. And that is because we don’t protect victims by making their presence in a space illegal. We just guarantee their silence. Thus, a blanket ban on social media is a dangerous illusion that will do far more harm than good, as it provides a short-term solution to perceived societal problems and may

Eagle Watch. . . continued from A10

capital flows, and expectations. The BSP, therefore, has a legitimate reason to consider currency depreciation in its inflation outlook. Three, when headline inflation jumps sharply, the public begins to expect high inflation as the new permanent normal. September headline inflation rose to 7.2 percent, from 6.1 percent in August, while core inflation climbed to 4.7 percent. The increase

When lawmakers suggest a blanket social media ban for anyone under 18, it sounds like a silver bullet. Flip a switch, cut off access, and suddenly our kids will go back to riding bikes outside and reading books inside. However, it is not that simple. lead to more problematic pathways. We also have to acknowledge an uncomfortable truth. For many youth, especially those in abusive households or marginalized communities, the internet is their only lifeline. It is where they find crisis support, mental health resources and peers who understand them. Banning platforms ignores the root of the problem. A teenager scrolling endlessly at 3 a.m. may be dealing with offline stressors, which includes family members and other significant people who supposedly know best for them. Maybe it’s academic burnout, or a lack of safe physical spaces in our cities to hang out. We cannot solve complex offline problems by simply banning an online space due to fear. Instead of pushing the danger underground, we need to hold ourselves accountable for creating a world that they lean on social media to escape. Absolutely, we need to look at how effective social media protections are. We are not denying the risks and potential harm that younger individuals may face in prolonged social media exposure and early introduction to risky information and concepts. We could approach perceived problems with social media as one would do in the area of sex education and reproductive health. Instead of labeling sexual intercourse as something bad and coupling it with moral agenda, we can look at it through scientific and developmental lenses, by understanding what our children know about the concept, providing direct information and resources to further understand the concept, providing limits that may relate to social and physical boundaries, and connecting with professionals who may have the expertise in the matter. Hence, we also need to train parents to equip their kids with digital literacy to navigate risks, rather than pretend we can lock them out of the digital world forever. Instead of deciding what is best for younger individuals with our limited knowledge, looking at what resources we have, and learning more from experts and empirical research can better equip us not just to “fix” what we think is broken, but rather putting safeguards in place and taking charge of the situation from our own contexts and perspectives. Protecting young people is our ultimate goal. But a ban that feels good on paper while leaving kids more vulnerable in practice is nothing short of abandonment.

Opinion BusinessMirror

Friday, October 30, 2026 A11

Ambani magic captivates India once more with blockbuster deal By Faseeh Mangi and Samie Modak

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UKESH AMBANI’S ability to raise billions of dollars and win over investors has endured for decades. He showed it once again with Jio Platforms Ltd., which pulled off India’s biggest-ever initial public offering and a strong trading debut despite a difficult market backdrop.

Shares of the telecom and digitalservices arm of Reliance Industries Ltd. closed 27 percent higher in Mumbai after the company raised $3.1 billion in the offering. That was the second-best start among large Indian IPOs that raised at least 150 billion rupees ($1.6 billion), trailing only Coal India Ltd.’s 40 percent listing pop in 2010. The Ambanis, a dynasty whose wealth and influence are nearly unparalleled in India, pulled out all the stops to make the deal a success. They changed the deal structure, lowered the valuation ask, lined up anchor investors, and tapped their business empire’s vast workforce to drum up interest. The result reflected a familiar pattern: careful preparation, flexibility on price and an ability to complete large deals in difficult markets. “It’s exactly what the Ambanis do,” said Stephen Richard Evans, Chairman at Red Lions Capital in Dubai. “They give companies the best chances of success. That’s why they’re such astute investors. This is all in line with what we’ve come to expect from the Ambanis.” The backdrop makes the deal even more notable. Indian stocks are headed for their first annual drop in 11 years, global funds have pulled

record amounts and several of the country’s mega IPOs have stumbled. For longtime Reliance watchers, the timing also has echoes of 2020. At the depths of the pandemic, the company completed a 530 billionrupee rights offering as markets around the world were reeling, which remains India’s biggest fundraising. “The group tends to prepare well ahead of time,” said Deven Choksey, managing director at DRChoksey FinServ in Mumbai. “The preparation was again visible with Jio.” Reliance spent close to five years readying the IPO and waited until the business was generating strong free cash flow before bringing in public-market investors, Choksey said. During the earlier investmentheavy years, he said, the promoters carried the burden. The group was also flexible on valuation as market sentiment weakened. Jio’s eventual valuation fell short of some earlier expectations, but it helped balance the dual goals of achieving a record fundraise while still generating a debut pop. “Getting the right valuation was important, but the group also wanted to leave some gains on the table for investors,” Choksey said. “They were very flexible on pricing.”

The Ambanis, a dynasty whose wealth and influence are nearly unparalleled in India, pulled out all the stops to make the deal a success. They changed the deal structure, lowered the valuation ask, lined up anchor investors, and tapped their business empire’s vast workforce to drum up interest. The result reflected a familiar pattern: careful preparation, flexibility on price and an ability to complete large deals in difficult markets. For the Ambani family, the listing was also a personal milestone. Mukesh Ambani appeared emotional at the ceremony, according to a live feed streamed on the NSE’s YouTube channel. The patriarch looked like he was holding back tears as his three children took the stage to thank investors after the offering was fully subscribed within 100 minutes. The deal marks a first major test for the third generation of the Ambani dynasty. Mukesh’s elder son Akash led the IPO process and faced investors on the roadshow, decades after Mukesh helped with Reliance’s first public offering at the age of 20. Jio’s first-day rally pushed its market value above $130 billion, making it India’s second-most valuable listed company and the world’s fifth-largest telecom firm by market cap, just behind AT&T Inc. and a hair ahead of Deutsche Telekom AG.

The focus now shifts to whether Akash and his team can turn more than 500 million subscribers into higher earnings and cash flow while expanding in broadband, cloud computing and artificial intelligence. Nomura expects the listing to add pressure for steady tariff increases that rivals could follow, while Bloomberg Intelligence says Jio’s premium valuation raises the bar for monetization and cash generation. Its average revenue per user still trails rival Bharti Airtel Ltd. “It’s possible that the average revenue will have to go up to meet the demands of a listed company,” said Nirgunan Tiruchelvam, head of consumer and internet at Aletheia Capital. “The next step is to monetize this further.” Meanwhile, the IPO also highlights a widening divide in India’s $4.8 trillion equity market. Even as Jio’s shares soared, the broader market sold off, underscoring the challenge investors face in navigating the world’s fastest-growing major economy. The split is stark: global investors have poured $7 billion into India’s primary market this year while pulling a record $38 billion from cash equities. “Global money may be underweight India’s index, but not its growth story. Foreign money is becoming a lot more selective, but it’s not leaving,” Red Lions’ Evans said. “This is the Indian century and the India growth story is intact.” With assistance from Chiranjivi Chakraborty, Ashutosh Joshi and Rajesh Mascarenhas/Bloomberg

Singapore’s top envoy on mission to soothe Indonesian angst By Andrea Tan and Norman Harsono

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INGAPORE’S top diplomat got to Jakarta so fast this week that his hosts described the visit as unexpected. The flight between the two Southeast Asian capitals takes less than two hours, and Foreign Minister Vivian Balakrishnan was on a mission to quickly soothe relations that had frayed in recent weeks.

At a joint press conference with his Indonesian counterpart on Tuesday, Balakrishnan stressed in Indonesian that “we may sometimes have differences of opinion, but what matters most is how we understand these differences and work together to overcome challenges.”

Dr. Peejay D. Bengwasan is a Board Member of the Psychological Association of the Philippines and a Professorial Lecturer at the De La Salle University.

Tensions came to a head over the weekend, when Indonesia unexpectedly cut natural gas supplies to Singapore. The volume involved was manageable, but the abrupt move— coupled with comments by President Prabowo Subianto and members of his cabinet—appeared to send a clear message. For Singapore, it was key to speak face-to-face before frustrations escalated or the situation could be exploited for political purposes, according to people familiar with the matter, who asked not to be identified. Balakrishnan met Prabowo on Wednesday afternoon, a day after holding talks with Indonesian Foreign Minister Arrmanatha Nasir. Cabinet Secretary Teddy Indra Wijaya had earlier said Balakrishnan’s arrival was unexpected and that the Singaporean minister had requested time with the president. (In his statement, Wijaya said Balakrishnan had “pleaded for time” to meet Prabowo.) Balakrishnan said the two sides had “good conversations, honest conversations, sincere conversations,” according to Singapore’s Straits Times. He declined to give details about his meeting with Prabowo. Indonesia’s foreign ministry hasn’t officially commented on Balakrishnan’s trip.

At a joint press conference with his Indonesian counterpart on Tuesday, Balakrishnan stressed in Indonesian that “we may sometimes have differences of opinion, but what matters most is how we understand these differences and work together to overcome challenges.” The conciliatory tone contrasted with increasingly pointed comments from some Indonesian officials and former officials on social media. Former Trade Minister Muhammad Lutfi earlier accused Singapore’s Temasek Holdings Pte and GIC Pte of pressuring MSCI Inc. to consider downgrading the country’s stocks, an allegation both state-owned funds deny. He later released a lengthy video laying out how Singapore is a conduit for Indonesia resource firms to avoid paying Indonesian taxes— the kind of resource “leakages” that Prabowo has railed against. Communications and Digital Affairs Minister Meutya Hafid posted what appeared to be a veiled threat that Singapore could lose 80 percent of its internet service if connections were cut from Indonesia “whether by accident or design.” The angst followed weeks of tension over severe haze that had blanketed the region, caused mainly by land-clearing fires in Indonesia

worsened by El Niño. Singapore had stepped up scrutiny of locally-listed companies it said were involved. After the two foreign ministers met Tuesday, they announced a joint taskforce to address the issue. That outcome was important in showing that both sides wanted the same things: clean air, accountability for the companies involved, and steady energy supplies, according to the people familiar with the matter. Singapore also sees Indonesia’s messaging as largely for its domestic audience, they added. That domestic pressure was on display Wednesday, when about 1,000 demonstrators gathered in separate groups around Jakarta’s Hotel Indonesia Roundabout, with some pushing through police barricades. Students protested over the forest fires, government spending priorities and civil liberties, while similar demonstrations were held in other Indonesian cities. Back in Singapore, the Monetary Authority of Singapore said it expects banks to engage with clients that may be linked to activities contributing to the haze and obtain enough information to understand

in core inflation matters because it suggests that price pressures may be spreading beyond volatile food and energy prices. If consumers expect things to cost 7 percent more next year, they demand higher pay and buy goods immediately. Again, this creates a selffulfilling inflationary spiral. Indeed, monetary policy is a game of brutal trade-offs. True to its mandate of maintaining price stability, the BSP has made the right structural decision to fight inflation, but it comes with severe economic consequences. For households, higher bor-

rowing costs on loans and mortgages, alongside already elevated food and transport expenses, could squeeze disposable income. For businesses, more expensive credit discourages investment, expansion, and hiring, especially among smaller firms. For broader economic growth, weaker consumption and investment could deepen the slowdown and reduce employment opportunities. For government finances, higher interest rates can increase the cost of new borrowing and refinancing, depending on debt maturity and market conditions. For

inflation itself, monetary tightening works with a lag. It will not immediately reverse higher oil prices or repair weather-damaged food supplies. One can argue that it is easier to recover lost growth momentum. In other words, a stalled economy can be stimulated back to growth relatively quickly with standard monetary tools. However, once inflation expectations run wild, it will be an agonizing multiyear process to tame them. A high-inflation environment will not be conducive to growth for several reasons. One, when prices

fluctuate wildly, businesses cannot forecast costs, calculate margins, or safely plan long-term capital investments. They pull back and go into survival mode. Two, high inflation acts as a hidden tax on savings. Domestic and foreign investors pull their money out of the financial system and move it to stable foreign currencies. This would starve the domestic economy of investment capital. Three, instead of investing in productive, growth-inducing enterprises, capital flees into speculative hedges, such as gold, real estate,

their role. “Clear breaches of environmental laws would warrant stronger measures, including limiting exposures or exiting the relationship,” it said in a statement. Singapore’s government also met with senior executives from 10 companies identified by the National Environment Agency as having possible links to the wildfires. Local media reported that attendees included Wilmar International Chairman Kuok Khoon Hong and Franky Widjaja, a member of the family behind the Sinar Mas conglomerate, whose businesses include Asia Pulp & Paper and Golden Agri-Resources. “We need to make sure that the companies here conduct their operations in a manner that doesn’t affect Singapore or the region,” Home Minister K. Shanmugam told reporters after the meeting. “I told them we expect full cooperation from the companies. And in the meeting, the companies said they will cooperate fully.” Golden Agri-Resources and Asia Pulp & Paper separately confirmed that senior company representatives met with Singapore government ministers regarding transboundary haze matters. Sustainability and the Environment Minister Grace Fu, who also attended the meeting, said Singapore’s government will propose amendments to the Transboundary Haze Pollution Act at the next parliamentary sitting. The changes will give the current framework the force of law, and “companies that do not comply will be committing an offense,” she said. With assistance from Josh Xiao, Chandra Asmara and Eddie Spence /Bloomberg

or foreign cash, just to survive. So, the BSP has drawn a line in the sand. It signals to the entire economy that it will stand as the anchor of stability, even if it means a temporary contraction. The goal is to protect the structural foundations of the economy so that when growth does recover, it will be built on solid bedrock, not shifting sand. Dr. Ser Percival K. Peña-Reyes teaches economics at the Ateneo de Manila University. He is also a Senior Research Fellow at the Ateneo Center for Economic Research and Development.

Sports BusinessMirror

A12 Friday, October 30, 2026

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

HARMIE CONQUERS APO H

SWIMMERS Jamesray Michael Ajido and Riannah Chantelle Coleman and wushu athlete Angel Polo (second to fourth from left) and coaches Jensen Halili, Ramil Ilustre and Li Jianfang at the Istanbul Airport. POC MEDIA POOL

ARMIE CONSTANTINO overcame a two-shot deficit to rule the Ladies Philippine Golf Tour finale with a three-under-par 69 in the International Container Terminal Services Inc. Apo Golf Classic on Thursday in Davao City. Constantino birdied three straight holes from No. 5 to seize control as Kim Seoyun struggled on the back nine, securing a two-shot victory at 213. Korea’s Kim, co-leader with Chanelle Avaricio after 36 holes, closed with a 73 for 215. The victory came after Constantino admitted that a season of nearly 20 tournaments had drained her motivation. “I think I just tried to fight through it. I saw that I was hitting it well and I had a good chance,” she said. Patience and discipline were key, Constantino said. “I just stayed very, very patient. I didn’t force a lot of shots,” she said. The win, worth P162,500,

was her second of the season following her runaway triumph at Caliraya Springs. Kim mounted an early challenge with three straight birdies from No. 6 but bogeyed three of the first four holes on the back nine. Avaricio carded a 76 to finish tied for third at 218 with Yvon Bisera, who shot a 71, and Princess Superal, who closed with a 74. Bisera hit a hole-in-one on the 165-yard No. 17 with a pitching wedge, earning a P20,000 prize from Pilipinas Golf Tournaments Inc. Davao City’s Johanna Uyking shot a second straight 75 to tie for eighth at 224 and claim low amateur honors, worth P40,000 in gift certificates.

Shin seven strokes ahead

MICAH SHIN fired a 67 on Thursday to stretch his lead to seven strokes with one round left in the Apo Golf Classic. Shin caught fire with five birdies in six holes before finishing with another birdie

for a 15-under 201 total, built on rounds of 66, 68 and 67. The American leads Russell Bautista, who shot a 66 for solo second at 208. Sean Ramos fired a 72 and Clyde Mondilla had a 73 to share third at 211. Guido van der Valk carded a bogey-free 66 to join Jeremy Tandoy (72) at fifth on 212. Shin wielded a hot putter and admitted he got a few lucky breaks. “I just stuck to the same approach and tried to hit the fairways,” said Shin, who admitted feeling pressure to win at his home course. “I’m in a more comfortable position now, and I’m feeling pretty good,” he added. Bautista made his move with a strong front nine and capped his round with a birdie

on No. 18. Meanwhile, Jacob Rolida shot a 71 to take the lead in the low amateur race at 215, two strokes ahead of Alex Bisera. With 18 holes remaining in the P3-million season-ending tournament, Shin is closing in on the P534,000 top prize. The 29-year-old opened his 2026 campaign with a victory at the The Country Club Invitational before leaving to compete abroad and is now poised to cap his season with another triumph. HARMIE CONSTANTINO wraps up the LPGT season with two wins. NONIE REYES

PHL Youth Olympians power through 29-hour trip to Dakar By Jun Lomibao

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STANBUL—Three of the lean nine-athlete Team Philippines endured the first of an arduous 29-hour connecting flight from Manila to Dakar where they will see action in the fourth edition of the Youth Olympic Games. Swimmers Jamesray Michael Ajido and Riannah Chantelle Coleman and wushi artist Angel Polo, however, exuded youthful endurance and strength and were up and about at the Istanbul Airport where the layover took nine hours before an eight-hour final destination flight to the Senegalese capital. Joining them were swimming coaches Jensen Halili, also of the National Academy of Sports, and Ramil Ilustre, as well as wushu Chinese coach Li Jianfang. “It was a tough, long flight but the athletes managed,” said Ilustre, a long-time national team member and coach. “But we have eight more hours.” Philippine Olympic Committee president Abraham Tolentino and secretary-general Atty. Wharton Chan and chef de mission Rocky Samsom will be at the YOG Athletes Village to welcome the athletes and coaches.

Ajido and Coleman will be the flag-bearers for Team Philippines in Saturday’s Opening Ceremony, but the duo won’t be completing the ceremony to hit the sack early and be ready for the heats Sunday. Fortunately, the Opening Ceremony venue, the Abdoulaye Wade Stadium, is just adjacent to the Athletes Village in Diamniadio town, a good 41 kms from Dakar. Ajido will compete in the 50 and 100 butterfly and 50 meters freestyle, while Coleman will compete in the 50, 100 and 200 breastroke. Ilustre said that they will only know the Start List for all swimming events during the Team Leaders’ Meeting on Friday in Dakar. Polo, on the other hand, will vie in Women’s Taijiquan combined of wushu. Flying to Dakar also via Istanbul on Saturday are gymnastics athletes Hillarion Palles III and Tchelcy Mei Maayo and coaches Reyland Capellan and Kazutaka Hakamada, and on November 4, it will be the turn of cycling’s Maritanya Krog and coaches Mark John Lexer Galedo and Marita Lucas and athletics’ Pi Wangkay and Naomi Cesar and coach Jasper Tanhueco.

ELISHA LUBIANO scores the decisive strike as La Salle sends the tournament to a Final Four. UAAP

La Salle ends FEU’s 38-game unbeaten run

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A SALLE handed Far Eastern University its first defeat in over six years, scoring a 1-0 victory in the University Athletic Association of the Philippines women’s football tournament on Wednesday at the UP Diliman Football Stadium. Elisha Lubiano scored the lone goal in the 16th minute, heading in Jodi Banzon’s corner kick to end FEU’s 38-game unbeaten streak, which included 22 consecutive wins. The victory lifted La Salle to 22 points and second place in the standings, earning the Lady Booters a twice-to-beat advantage against third-ranked University of the

Philippines in the Final Four. FEU, which garnered 27 points, will face Ateneo, which secured the last semifinal berth after defeating National University. FEU hadn’t lost since March 23, 2023. La Salle goalkeeper Jessica Pido made several saves to preserve the clean sheet, denying FEU’s Judie Arevalo before Tiffany Trinidad sent a late attempt over the crossbar. The win also avenged La Salle’s 0-1 loss to FEU on October 7. “My prayer was that we would accept whatever result came our way. The girls came into this game wanting to win, and they showed just how

much they wanted to play and beat the defending champions,” said La Salle coach Joyce Landagan. Landagan said the team would celebrate the win but remain focused on the semifinals. “We’re happy with the win, but the season isn’t over yet. We’ll celebrate, then get back to work and take it one game at a time,” she said. The result confirmed the four-team Final Four field, with La Salle and FEU holding twiceto-beat advantages.

The race for tomorrow: Can Philippine athletics find its golden stride again? ​IN memory, there will always be Lydia de Vega, once Asia’s fastest woman, flying down like a gazelle with the speed that made a nation believe it could outrun the continent. ​But that belongs to memory. The present has its own hero: Ernest John “EJ” Obiena, the region’s premier pole vaulter and the first Asian to clear six meters and the only back-to-back Asian Games Phil gold medalist and record breaker in athletics. ​One gave the Philippines a queen of speed. The other has carried its colors into the rarefied air of a discipline where inches separate immortality from disappointment in the world’s greatest sporting arena. ​In the race for tomorrow, can Philippine athletics find its golden stride once again? Or is another sporting renaissance beginning to stir a revival that could restore the country to a more commanding place on the Asian stage? ​The question has acquired fresh urgency after the Philippines’ encouraging campaign at the 2026 Asian Games in Nagoya, Japan. ​Obiena’s record-breaking 5.91m gold medal leap in the pole vault was complimented by hurdler John Cabang Tolentino and middle-distance runner Victoria Bossong bronze-medals finishes, the country’s best athletics showing in four decades. ​It suggested that the old flame has not gone out. ​But a revival cannot be measured by one champion, one competition or one memorable afternoon. It must be measured by the depth of talent, by the number of athletes capable of podium finishes, and by the strength of the system that prepares them against Asia’s best. ​The memories remain formidable. De Vega was not merely a fast Filipino woman. She was

a continental force, winning the Asian Games 100-meter title in 1982 and defending it in 1986. ​Then there was Isidro del Prado, the elegant quarter-miler whose national-record 45.57 seconds, set in Manila in 1984, remains a reminder of the standards Filipino runners once reached. Hector Begeo gave the country another reason to look beyond the sprints. His national-record 8:35.09 in the 3,000m steeplechase, established in 1988, testified to the endurance, rhythm and technical skill required to negotiate barriers and water jumps at speed. ​Elma Muros, 15-time SEA Games champion, was the most versatile track-and-field figure, winning medals in events that demanded both speed and explosive power in the hurdles, long jump, 200m and 400m, relays and the heptathlon. ​They were competitors who could make their presence felt against the SEA Games winners and the continent’s best. ​The challenge now is to create a generation that can do the same—not by asking today’s athletes to imitate their predecessors, but by giving them the conditions to write their own history. ​Obiena is the obvious starting point. His sixmeter personal best places him among the elite of world pole vaulting, an event that demands speed, strength, timing, courage and an almost scientific relationship with the pole. ​Cabang Tolentino offers another compelling example. His 110m hurdles gold at the 2025 SEA Games came in a new record 13.66 seconds. In Nagoya, he won a bronze in 13.48. ​Bossong’s Asiad bronze in the women’s 800m was equally encouraging with a 2:05.34 clocking. There is also depth emerging behind the headline names.

​Yacine Guermali has shown that Filipino distance runners can compete in the demanding 5,000m and 10,000m events, while Naomi Marjorie Cesar and Hussein Loraña delivered gold medals in the women’s and men’s 800m, respectively, in the 2025 SEA Games. Cesar also won bronze in the 1,500 meters. These results matter because a serious athletics program cannot depend on a single event or a single athlete to carry the national campaign. ​The wider medal count tells a similar story. ​In the last Thailand Games, the Phil. athletics team collected 31 medals—five gold, seven silver and 19 bronze. The champions included Obiena and Tolentino, Cesar, Loraña and decathlete Hokett Delos Santos. ​The medals were spread across track, field and combined events, suggesting a broader base of competitiveness. The road to next year’s Malaysian SEA Games should therefore be treated as a building cycle, not simply another medal campaign. Philippine athletics must continue investing in coaching, sports science, conditioning, injury prevention and international competition.

​Young athletes need regular opportunities to race against stronger fields, while coaches need the resources to develop them beyond one tournament. School-based competitions must become more effective pathways in identifying talents. ​The country must also resist the temptation to judge the sport solely by the performance of its stars. ​The objective should be to produce more finalists, more national records, more athletes capable of winning medals in different events— and a deeper reserve ready to take over when established champions move on. ​There is reason for optimism with the Philippine Sports Commission getting a bigger budget this year. But optimism must be disciplined. They have also raised expectations. ​The challenge is to protect that stride through sustained support, careful planning and accountability. Medals are the visible result; the less visible work—in training camps, coaching, equipment and the nurturing of young talent—is what makes them possible. ​Today, Obiena, Tolentino, Bossong and a growing group of regional champions are giving that belief a new shape. ​The future will not be won by nostalgia, nor by a single golden leap over a bar. It will be earned one training session, one personal best, one qualifying time and one brave race at a time. ​The Philippines has found flashes of its old stride. Now it must build the strength to sustain it. The race for tomorrow is already under way— and this time with enough resources at hand, the country must make sure that the next generation is not left running alone.

Bike, run event set at Vermosa

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HE first Sun Life Bike & Run is set on November 8 at the Ayala Vermosa Sports Hub in Imus, Cavite. The event adds running to Sun Life’s annual cycling program and will feature 60-kilometer and 45-km bike rides, a 15-km ride, kids’ rides, a family ride and a 5-km run. It aims to encourage more Filipinos to embrace active, healthier lifestyles through sports and outdoor activities. The addition of running broadens the event’s reach beyond cyclists, allowing runners and families to take part alongside cycling enthusiasts. Registration is ongoing through Sunrise Events. Participants may also visit Sun Life Cycle PH for event information and registration details. Race kits may be claimed on November 5 and 6, from 11 a.m. to 8 p.m., on the second floor of One Bonifacio High Street in Bonifacio Global City.

Editor: Jennifer A. Ng

Companies BusinessMirror

MPTC, SAN MIGUEL WILL BUILD QC LINK TO BULACAN–MARCOS By Samuel P. Medenilla @sam_medenilla

& Lorenz S. Marasigan @lorenzmarasigan

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RESIDENT Ferdinand Marcos has announced that the Manuel V. Pangilinan (MVP)-led Metro Pacific Tollways Corp. (MPTC) is investing P120 billion for the construction of a new elevated expressway connecting Balintawak in Quezon City to Bocaue, Bulacan. The chief executive disclosed the new project during the opening of the North Luzon Expressway (NLEX) C5 Northlink Segment 8.2 Section 1A in Valenzuela City last Thursday. He said MPTC will partner with San Miguel Corp. for the said initiative, which will be built on top of the existing highway. Once completed, Marcos said the project will help improve the flow of traffic in NLEX. “And the experience—the traveling experience—for our commuters will be different once that is completed,” Marcos told reporters in

Filipino at the sidelines of the inauguration event. He said MPTC continues to enhance its services in the NLEX, which it operates, through new expansion projects, including the newly inaugurated NLEX-C5 Northlink Segment 8.2 Section 1A. This two-kilometer will reduce travel time from Quirino Highway in Quezon City to NLEX Mindanao Toll Plaza in Valenzuela City from 40 minutes to just five minutes and is expected to benefit 11,000 motorists daily. Marcos said motorists can use the new segment for free until the end of the year. The government insisted for MPTC to open the said segment ahead of schedule in time for the upcoming Undas 2026, when Filipinos will commemorate their departed loved ones Undas. “Undas” refers to the Filipinos’ observance of All Saints’ Day and All Souls’ Day. Marcos noted that there several cemeteries along the Quirino Highway, including the Holy Cross Memorial Park.

Friday, October 30, 2026

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JFC sees 1,500 areas in PHL as potential sites for stores

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By VG Cabuag

@villygc

OLLIBEE Foods Corp. (JFC) on Thursday said it intends to build stores in some 1,500 areas until 2030 as the fastfood giant expands its footprint beyond Metro Manila. The company said its brands Jollibee, Mang Inasal and Chowking, account for about 90 percent of Philippines systemwide sales. These brands would also anchor its expansion. The Philippine business sustained growth at scale in 2024 and 2025, with systemwide sales increasing 10 percent in each year and same-store sales rising by 8 percent and 5 percent, respectively.

“Our scale provides a strong foundation for future growth, and we see even greater opportunities to reach more consumers, particularly in markets beyond our existing footprint, and serve more occasions. We will pursue these opportunities through aggressive but disciplined expansion, guided by site viability and sustainable

returns, alongside stronger execution and store formats that make our brands more accessible,” Joseph C. Tanbuntiong, Jollibee Philippines CEO and head of Jollibee brand global, said. About 71 percent of these areas are located outside Metro Manila, but actual store openings will remain subject to site availability, commercial viability and the Group’s disciplined expansion criteria. Jollibee, which represents approximately 62 percent of Philippine systemwide sales, sustained positive systemwide sales growth in the first half. Mang Inasal, meanwhile, remained a standout growth brand over the same period, while Chowking continued to broaden the portfolio’s reach across everyday Filipino dining occasions.

Shell lifts share buyback to $5B

Brookfield keen on renewable energy By Bless Aubrey Ogerio

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HELL Plc boosted its share buyback to one of the highest levels in its histor y, returning more of a wartime refining windfall to investors as disruptions across the Middle East and Russia squeeze global fuel supplies. The London-based major will repurchase $5 billion of shares in the fourth quarter, up from $3 billion previously, after profits climbed to their highest since the aftermath of Russia’s full-scale invasion of Ukraine. Many of Europe’s biggest oil companies are for now channeling booming refining profits back to shareholders rather than chasing growth. TotalEnergies SE, which also reported sharply higher earnings Thursday, had already pledged up to $2.5 billion of repurchases for the fourth quarter and said it will maintain the same pace in the first three months of next year. Spain’s Repsol SA, meanwhile, is starting a program of as much as 950 million euros, almost double its prior commitments. Italy’s Eni SpA also announced an increased buyback last week. The payouts are being fueled by an extraordinary squeeze on the world’s capacity to turn crude oil into diesel, gasoline and jet fuel. Wars involving Iran and Russia have knocked out or disrupted refineries and trade routes, handing outsized profits to the plants that remain operational. Shell, Europe’s largest oil company, has been among the biggest beneficiaries. Its refining margin surged to a record $42 a barrel during the quarter, while earnings from its chemicals and products division reached an all-time high. T he w i nd fa l l he lped pu sh Shell’s adjusted net income to $10.8 billion, above analyst expectations, even as disruption continued to weigh on production in Qatar. Shell’s shares rose as much as 3.6 percent in London, leading the sector higher. Bloomberg News

The next phase of growth will be driven not only by disciplined store expansion but also by serving more consumers, increasing visit frequency and participating in more occasions, JFC said. Delivery, drive-thru, digital ordering and flexible store formats expand access, while stronger execution can raise productivity across the existing network. “Chowking’s growth opportunity comes from serving more communities and becoming relevant across more everyday dining occasions. We are focused on expanding selectively, elevating store execution and developing formats that make our Chinesestyle favorites easier for more customers to enjoy,” Ana Aluyen, president of Chowking Philippines, said.

@blessogerio

C

HELLO KITTY SAYS SORRY

Sanrio Co. apologized and scrapped a collaboration with Japanese television drama Vivant after the spy program drew criticism in China over its portrayal of wartime history. The Japanese company behind Hello Kitty will halt all collaborations with the TV show because it included “expressions inconsistent with Sanrio’s corporate philosophy,” according to a statement posted on its official Weibo account. Sanrio said it would also strengthen its review procedures for future collaborations. Criticism of the drama intensified over the past week in Chinese state media outlets including CCTV, the People’s Daily and the Global Times. The reports and commentaries accused the show of distorting the history of Japan’s wartime aggression against China, including scenes that were interpreted as attributing atrocities committed by Japanese forces to Chinese people. Discussion of Sanrio canceling the collaboration was the top trending item on Chinese social media platform Weibo Thursday. Sanrio decided to pursue the Vivant collaboration after the show’s first season ended in 2023, a company spokesperson said in an email. Photo shows a Hello Kitty-themed popup in Shanghai. PHOTOGRAPHER: FEATURE CHINA/FUTURE PUBLISHING/GETTY IMAGES/BLOOMBERG

ERC sets price for gas auction program By Lenie Lectura @llectura

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INGA POR E—T he Energ y Regulatory Commission (ERC) plans to set a P10-per kilowatt hour (kWh) cap as the maximum allowable price for the gas auction threshold (GAT) in the upcoming mid-merit gas capacity auction for gas-fired power generation auction. ERC Chairman Francis Saturnino Juan said the proposed number guarantees an auction price based on a 42-percent capacity factor. “Yes, that is the gas auction price,” said Juan. “A 42-percent capacity factor implies that capital recovery occurs over less than half of the plant’s potential operating time. Consequently, the rate would certainly exceed 10 centavos per kWh.” He said this figure covers only capital recovery as it excludes the cost of the gas itself. “While LNG [liquefied natural gas] operations might be pegged to a 42-percent capacity factor, we know that if the system requires the capacity, the gas plant will

still be dispatched, as it will continue to submit offers to the Wholesale Electricity Spot Market [WESM].” The ERC will release the initial price computation for the gas auction program (GAP) alongside its implementing rules. This regulatory support enables the Department of Energy (DOE) to proceed with its scheduled gas auction for the year. Earlier, the DOE has prequalified 10 firms for the upcoming mid-merit gas capacity auction for gas-fired power generation. The agency said it received 14 bid offers from 10 companies. These are Lopez-led First NatGas Power Corp., First Gen Ecopower Solutions Inc., First Gas Power Corp., and FGP Corp. They nominated their 420-megawatt (MW) San Gabriel combined cycle power plant, 600-MW Santa Rita Maria natural-gas fired combined cycle power plant, 1,000-MW Sta. Rita natural gas-fired combined cycle power plant, and 500-MW San Lorenzo natural gas-fired combined cycle power plant, respectively. Excellent Energy Resopurces Inc.

(EERI), which is jointly owned by Meralco PowerGen Corp., Therma NatGas Power Inc., and San Miguel Global Power Holdings Corp., has offered the capacities of EERI’s Visayas plant, Iloilo combined cycle power plant, and phase 2 of the Batangas combined cycle power plant. Cordova Power Generation Corp. submitted three bid offers involving its Panay gas plant, Cebu gas plant, and Luzon gas plant. The other pre-qualified bidders include Panasia Energy Inc., for its Bataan combined cycle power plant; Therma Cebu Gas-To-Power Inc., for its Toledo gas-fired power project; Quezon Power Inc. for its combined cycle gas-fired turbine San Francisco power plant; and Vires Energy, for its Vires natural gas power project. Under the terms of reference (TOR), the gas auction will cover the capacity of new, expanded or upgraded, and existing uncontracted natural gas fired facilities capable of supplying mid-merit capacity and the corresponding electricity generation

to the grid using indigenous, blended, and/or non-indigenous natural gas as fuel. The auction seeks to secure a total of 3,840 MW for delivery from 2026 to 2031. For existing facilities, the capacity requirement for the Luzon auction is set at 1,400 MW for 2026 and 500 MW by 2027, with an awarded supply delivery period of 5 years to 10 years. For new-build facilities, the installation target for Luzon is 1,000 MW. For Cebu and Panay, the DOE has set an installation target of 440 MW for delivery in 2028 and 500 MW for delivery in 2031. The planned auction for new builds will begin in 2028 with 440 MW of liquified natural gas mid-merit plants in the Visayas, specifically in Cebu and Panay. This will be followed in 2031 by 1,000 MW of new build gas plants in Luzon and an additional 500 MW in Cebu. For these new-build natural gas facilities, the supply delivery period is fixed at 20 years. In all, the total mid-merit target capacity set by the DOE is 3,840 MW.

anadian investment firm Brookfield Corp. is planning to expand its Philippine footprint, particularly in renewable energy, as it seeks opportunities in emerging markets amid the country’s push to beef up its clean power capacity. According to a recent release by the Department of Finance, Brookfield Energy Managing Director Stefano Ghezzi cited the country’s clean energy drive and investment reforms as factors spurring the firm’s interest in the country. Brookfield entered the Philippine renewable energy market in 2025 through the acquisition of Singapore-based Alba Renewables, gaining access to a development pipeline of about 1.8 gigawatts of wind, solar and batterystorage projects, primarily in the Philippines and Thailand. The pipeline gives Brookfield exposure to projects at different stages of development, although the available information did not specify how much of the capacity is located in the Philippines or when the projects are expected to be completed. Beyond energ y, Brook f ield has a presence in the Philippine business process outsourcing industry through Everise, a USbased customer experience and information technology-business process management provider that employs about 7,000 people in the country. The firm’s interest comes as the Philippines continues to attract investment in renewable energy. The Board of Investments approved P900.06 billion in investments as of September, including hydropower, wind, solar and other energy projects. Renewable energ y a lso accounted for 190 projects, or 76.6 percent, of the BOI’s Green Lane pipeline, which covers investments designated for facilitated government processing.

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Companies BusinessMirror

Friday, October 30, 2026

Dali stores operator posts capital shortfall of ₧1.03B

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By VG Cabuag

@villygc

ARD Discount Philippines Inc., the operator of Dali Everyday Grocery, reported a capital deficit of P1.03 billion as of end-2025. The company’s auditor, Sycip Gorres Velayo and Co. (SGV) said in its opinion accompanying the company’s 2025 financial statement that its latest results cast doubt on the its ability to continue its operation as a going concern. SGV noted that Hard Discount has recorded accumulated losses worth P7.07 billion as of end-2025, 35 percent higher than the P5.24 billion recorded the previous year.

The auditor also noted that the company’s current liabilities exceeded its current assets by P1.19 billion in end-2025, 784.1 percent higher than the P134.6 million posted in end-2024. “These conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, the company may be unable to realize its

assets and discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this matter.” A P4-billion deposit for future stock subscription received in 2024 helped the company to erase its capital deficit for the year and post a positive equity of P728.76 million, before the 2025 losses again brought the company to a capital deficit. In its 2025 operation, Hard Discount reported a P1.83-billion loss, 7 percent lower than the prior year’s P1.97 billion. Sales jumped 52 percent to P51.66 billion last year from P33.92 billion in 2024. The company managed to reduce its direct cost with the cost of goods sold growing at a slower rate of 49.21 percent, relative to sales, to P45.65

billion compared to P30.59 billion last year. This led gross income to surge by 80 percent to P6.01 billion from P3.33 billion, for a gross profit margin of 11.64 percent, higher than last year’s 9.82 percent. Operating expenses jumped by 47 percent to P7.1 billion from P4.8 billion. The company noted that operating expenses as a share of total revenue improved to 13.75 percent in 2025 from 14.17 percent in 2024. In August 2025, Hard Discount received a P573.8-million loan from its mother company HDPM Sin Pte. Ltd., it used for general corporate purposes. It also received a cash infusion of P1.67 billion from HDPM Sin Pte. Ltd. last year. Hard Discount operates about 1,300 Dali stores in the Philippines.

STMicro forecasts revenue growth

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TMicroelectronics NV forecast fourth-quarter revenue growth as a recovery in chip demand continues after a prolonged slump. The chipmaker, which counts Apple Inc. and Tesla Inc. as customers, expects revenue to come in at the midpoint at $4.15 billion for the current period, it said in a statement on Thursday. That compares to an average analyst estimate of $4.11 billion, according to data compiled by Bloomberg. Gross margin, another key indicator, is expected to be 39 percent. Analysts estimated 38.2 percent. Some growth is coming from “company-specific drivers” such as AI data centers and low-Earth-orbit satellite communications, Chief Executive Officer Jean-Marc Chery said in the statement. Demand remains above supply, he added, and the company continues to expand capacity while also working on improving profitability further. Shares were little changed at 9:44 a.m. in Paris, after paring earlier losses. European semiconductor stocks were mixed during Thursday’s early hours, with Infineon down 0.4 percent and ASML falling 0.9 percent. “There was no update to the data center revenue outlook of “above” $1bn in 2026 and “well above” $2bn in 2027,” Citi analyst Pavan Daswani wrote in a note on Thursday. He added that the update was “incrementally positive.” STMicro is among the chipmakers

looking to diversify beyond their core automotive and industrial markets. The company, along with peers such as Infineon Technologies AG, is targeting demand from the AI data center buildout for power-management chips that support advanced processors such as those from Nvidia Corp. The push offers a potential source of growth as the automotive chip market recovers from a prolonged slump. Still, investors are more cautious about the semiconductor sector over concerns about the sustainability of ballooning spend on AI infrastructure and competition from Chinese chipmakers. Shares of competitor NXP Semiconductors NV slid on Wednesday after the company delivered a weaker-than-expected revenue forecast. Jefferies analysts including Janardan Menon said they expect “the company’s strengthening trend to continue into 2027, on the back of around a doubling of its data center revenues led by optical, and further improvement in the industrial, LEO satellite and auto businesses,” according to a note on Thursday. For the full year, STMicro now expects revenue to come in at about $14.5 billion, the company said, a 22.8-percent year-over-year increase. Gross margin is expected to be about 36.4 percent. In a call with investors, CEO Chery said he had accepted a supervisory board proposal to be reappointed to his role for an additional year. Bloomberg News

MUTUAL FUNDS

October 29, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A201.92 -3.59% 0.94% -2.37% -2.47% -5.68% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2329 14.03% 16.8% 6.17% 4.89% 3.3% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.7014 -2.91% 0.03% -3.21% -4.24%-5.25% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7457 3.83% 3.98% -0.11% N.A1.57% FIRST METRO CONSUMER FUND, INC. -A 0.4906 -11.11% -6.91% -9.22% N.A -11.78% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.1244 -4.24% -1.72% -4.25% -2.37% -5.68% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6016 -4.92% -2.27% -4.75% N.A-6.38% MBG EQUITY INVESTMENT FUND, INC. -A 64.05 -23.62% -9.17% -8.62% N.A -28.4% PAMI EQUITY INDEX FUND, INC. -A 39.3117 -3.12% -0.55% -3.51% -2.31% -4.95% PHILAM STRATEGIC GROWTH FUND, INC. -A 423 -3.86% 0.51% -2.87% -2.29% -5.9% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5012 1.85% 9.39% 3.19% 1.82% -3.85% PHILEQUITY FUND, INC. -A34.0881 0.87% 2.64% -0.94% -0.53% -1% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8852 2.16% 3.64% -0.79% N.A -0.28% PHILEQUITY PSE INDEX FUND, INC. -A 4.2712 -2.34% 0.52% -2.48% -1.44% -4.44% PHILIPPINE STOCK INDEX FUND CORP. -A 702.28 -2.56% 0.14% -2.78% -1.61% -4.45% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6831 2.35% 2.81% -1.62% -2.54% -2.71% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 2.9735 -6.77% -1.63% -4.21% -3.05%-7.35% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.7863 -2.73% -0.29% -3.14% -1.9%-4.58% UNITED FUND, INC. -A3.572213.54% 6.84% 1.06% 0.69% 8.66% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 0.9866 -2.41% 0.07% N.A N.A -4.48% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0019 -2.72% 0.19% N.A N.A -3.99% PHILEQUITY ALPHA ONE FUND, INC. -A 0.8586 -6.25% -3.76% -5.57% N.A -9.08% PHILIPPINE STOCK INDEX FUND CORP. -A 847.79 -2.5% -0.05% N.A N.A -4.36% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,1 95.8369 -2.24% 0.33% -2.49% -1.22%-4.17% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.1553 10.4% 14.49% -0.34% 2.55% 12.77% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4076 9.41% 17.89% 5.53% 8.81% 8.24% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) PHILEQUITY GLOBAL FUND, INC. -A 1.0668 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1214 1.38% 0.96% -1.01% -0.87% -0.88% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.693 4.64% 6.28% 0.09% -0.38%3.47% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4347 -0.2% 0.6% -1.87% -0.42%-1.11% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2231 -0.13% 6.79% 2.27% N.A-3.79% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9153 -3.07% 1.09% -0.78% 0.27% -4.35% PAMI HORIZON FUND, INC. -A3.5827 -3.26% 2.16% -0.74% -0.37% -5.47% PHILAM FUND, INC. -A15.1296-4.24% 0.85% -1.9% -0.95% -5.5% SOLIDARITAS FUND, INC. -A2.028 -2.05% 1.4% -0.63% -0.26% -3.44% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.2683 -4.69% 0.45% -1.93% -1.2%-4.53% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8577 -5.63% 0.5% -1.52% -1.01% -5.82% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.73 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9774 0.9% 2.57% -0.09% N.A -0.14% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8259 -0.17% 1.49% -2.28% N.A -1.89% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7933 0.97% -2.86% N.A 0.01% -2.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03255 -6.17% 1.62% -2.95% -0.94% -5.1% PAMI ASIA BALANCED FUND, INC. -B $1.1234 -9.29% 10.25% 0.72% 1.93% -7.16% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.5739 5.17% 13.32% 3.05% 5.77% 4.41% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2066 2.18% 8.65% 0.39% 2.37%1.96% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.99 1.97% 3.17% 2.66% 2.57% 1.19% ATRAM CORPORATE BOND FUND, INC. -A 1.9928 2.2% 1.71% 0.69% 0.41% 1.75% COCOLIFE FIXED INCOME FUND, INC. -A 3.593 0.75% 3.07% 2.08% 3.07% -0.19% EKKLESIA MUTUAL FUND, INC. -A 2.4272 -0.6% 2.98% 1.61% 1.48% -1.04% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.475 -3.38% 0.97% 0.43% 1.07%-3.66% PHILAM BOND FUND, INC. -A4.4472 -3.19% 2.39% 0.18% 0.75% -3.53% PHILAM MANAGED INCOME FUND, INC. -A 1.5424 1.96% 4.41% 3.2% 2.92% 1.47% PHILEQUITY PESO BOND FUND, INC. -A 4.3192 0.46% 2.97% 1.76% 2.22% 0.14% SOLDIVO BOND FUND, INC. -A1.1262 0.87% 2.76% 1.89% 1.83% 0.51% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4257 -3.48% 2.12% 1.44% 2.29% -3.25% SUN LIFE PROSPERITY GS FUND, INC. -A 1.834 -2.45% 2.12% 1.16% 1.79% -2.67% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0059 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.54 1.18% 2.89% 1.75% 1.97% 0.66% ALFM EURO BOND FUND, INC. -A Є221.94 -0.83% 1.7% 0.18% 0.47% -0.82% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0427 -3.27% 1.49% -2.73% -0.74% -3% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0252 -5.26% 1.78% -0.62% 0.08%-4.91% PAMI GLOBAL BOND FUND, INC. -B $1.0472 -1.8% 8.23% 0.53% -0.46% -1.21% PHILAM DOLLAR BOND FUND, INC. -A $2.3745 -4.58% 3.82% -0.93% 0.52% -4.25% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0629259 -2.28% 1.23% 0.14% 1.05% -2.36% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8694 -3.25% 4.39% -1.9% -0.51% -2.16% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1925 2.75% N.A N.A N.A 2.24% ALFM MONEY MARKET FUND, INC. -A 153.57 3.98% 4.13% 3.25% 2.89% 3.16% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2306 3.36% 3.76% 3.1% 2.75% N.A SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5225 3.43% 3.62% 3.02% 2.78% 2.77% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.65 3.96% 4.28% N.A N.A 3.25% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1998 2.46% 3.27% 2.51% N.A 2% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.1486 2.71% 5.52% N.A N.A 4.42% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8357 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.6053 20.76% 25.06% 13.81% N.A20.05% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1934 6.21% 8.1% N.A N.A 6.96% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

October 29, 2026

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

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

43 117.4 9.93 95 48.7 9.58 60.55 6.9 81.85 49.15 20 62.3 20.85 1.19 7.7 6.69 2,700 1.22 205 4,900 1.24

43.5 117.7 9.99 95.15 48.9 9.6 60.7 7.01 82.05 50.5 20.6 62.95 21.4 1.2 7.77 6.7 2,750 1.23 207.6 5,000 1.27

43.25 118 10.02 94 48.4 9.63 60.75 6.98 83.7 49.7 20.95 62.55 20.8 1.2 7.77 6.72 2,700 1.24 205.2 4,950 1.23

43.7 119 10.14 95.45 49 9.69 61.25 6.98 83.7 49.7 20.95 63.1 21.45 1.2 7.77 6.72 2,700 1.24 208 5,000 1.24

42.9 117.1 9.93 92.5 48.2 9.54 60.55 6.98 80.95 48.15 20 62.05 20.8 1.18 7.77 6.65 2,700 1.21 205 4,950 1.23

43.6 117.4 9.99 95 48.9 9.6 60.55 6.98 82.05 49.15 20 62.95 21.4 1.19 7.77 6.69 2,700 1.22 205 5,000 1.24

210,000 1,457,080 24,900 2,806,230 110,200 281,600 1,948,180 100 149,920 1,900 6,500 121,780 8,200 59,000 1,200 24,592,800 220 450,000 32,860 1,010 103,000

9,126,275 171,484,312 248,557 264,765,396 5,375,945 2,704,169 118,342,539 698 12,298,654 93,270 131,390 7,654,064 172,860 70,260 9,324 164,554,172 594,000 551,060 6,746,252 5,049,500 127,210

4,725,875 13,945,774 -31,005 -42,675,179 2,396,280 1,493,759 -28,287,879 -4,232,496 -44,235 -2,379,973 -12,004,142 594,000 6,680,300 4,999,500 -

INDUSTRIAL

ACEN CORP 2.63 2.65 2.68 ALSONS CONS 0.89 0.9 0.9 ALTERNERGY HLDG 0.6 0.63 0.64 ABOITIZ POWER 44.8 44.9 45.5 RASLAG 1.11 1.14 1.11 BASIC ENERGY 0.105 0.106 0.103 CITICORE RE 4.44 4.31 4.44 FIRST GEN 19.58 19.62 19.54 FIRST PHIL HLDG 83.7 83.8 83.7 MERALCO 427.2 428 431 MANILA WATER 31.1 31.65 30.9 MAYNILAD 17.04 17.2 17.38 PETRON 2.24 2.23 2.2 PRYCE CORP 16.3 16.56 16.3 9.7 REPOWER ENERGY 9.5 9.7 SEMIRARA MINING 10.66 10.68 10.7 25.5 25.6 26 SYNERGY GRID 7.81 7.71 SHELL PILIPINAS 7.99 8.72 8.9 8.9 SPC POWER SP NEW ENERGY 1.36 1.37 1.39 1.7 1.71 1.7 TOP LINE VIVANT 20 20 20.9 2.71 2.72 AXELUM 2.76 0.29 0.31 BALAI FRUITAS 0.31 CNTRL AZUCARERA 8.69 8.99 8.68 CENTURY FOOD 28.6 28.9 28.55 3.4 3.5 DEL MONTE 3.5 DNL INDUS 3.38 3.39 3.4 15.16 15.26 15.26 EMPERADOR 44.55 44.6 44.7 SMC FOODANDBEV 0.78 0.79 FIGARO GROUP 0.79 0.64 0.66 0.64 ALLIANCE SELECT FRUITAS HLDG 0.66 0.67 0.65 GINEBRA 217.8 219.4 218 JOLLIBEE 141.9 142.5 144 KEEPERS HLDG 1.91 1.9 1.88 LIBERTY FLOUR 19.34 20.85 19.34 MAXS GROUP 1.9 1.91 1.92 MG HLDG 0.073 0.075 0.072 MONDE NISSIN 5.93 5.95 5.9 SHAKEYS PIZZA 5.46 5.29 5.23 ROXAS AND CO 2.38 2.47 2.48 5.36 RFM CORP 5.35 5.35 UNIV ROBINA 58.75 59.55 58.95 VITARICH 0.49 0.48 0.49 0.405 ATN HLDG 0.385 0.405 56 CONCRETE 52.05 56 1.14 1.12 1.17 CONCREAT HLDG 1.81 1.83 1.84 EEI CORP 5.21 5.28 MEGAWIDE 5.31 14.06 14.5 PHINMA 14.5 SUPERCITY 28.5 30.6 28.5 CROWN ASIA 1.88 1.88 1.91 EUROMED 1.26 1.28 1.27 10.64 10.72 CONCEPCION 10.78 GREENERGY 0.13 0.133 0.133 5.55 5.6 5.6 INTEGRATED MICR 2.78 2.8 2.92 IONICS 7.08 7.27 7.04 PANASONIC CIRTEK HLDG 1.34 1.35 1.36 1.81 1.81 STENIEL 1.85

2.71 0.92 0.64 45.75 1.14 0.111 4.44 19.68 83.8 441.6 32 17.42 2.24 16.32 9.7 10.78 26.2 7.99 9.09 1.45 1.7 20.9 2.76 0.31 8.68 29 3.5 3.4 15.28 44.7 0.79 0.69 0.66 219.8 144 1.91 20.8 1.92 0.077 5.96 5.46 2.48 5.38 59.55 0.49 0.405 56 1.17 1.84 5.31 14.5 28.5 1.91 1.3 10.78 0.133 5.7 2.95 7.28 1.42 1.82

2.63 0.89 0.6 44.65 1.11 0.103 4.44 19.54 83.7 425.8 30.9 17 2.2 16.3 9.7 10.6 25.15 7.7 8.71 1.34 1.69 20 2.7 0.31 8.68 28.1 3.5 3.36 15.18 44.5 0.78 0.61 0.64 217 141.9 1.85 19.3 1.9 0.072 5.88 5.23 2.38 5.33 58.4 0.49 0.385 56 1.1 1.81 5.19 14.5 28.5 1.88 1.25 10.68 0.129 5.5 2.74 7.04 1.35 1.81

2.63 0.9 0.6 44.8 1.14 0.106 4.44 19.58 83.7 427.2 31.1 17.2 2.24 16.3 9.7 10.66 25.5 7.99 8.72 1.37 1.7 20.9 2.76 0.31 8.68 28.6 3.5 3.38 15.26 44.6 0.78 0.64 0.66 217.8 141.9 1.9 20.8 1.9 0.075 5.95 5.46 2.47 5.35 59.55 0.49 0.385 56 1.17 1.81 5.31 14.5 28.5 1.91 1.27 10.78 0.133 5.6 2.8 7.27 1.35 1.81

2,173,000 2,046,000 931,000 2,296,700 19,000 6,180,000 10,000 64,500 74,770 403,100 835,400 1,016,100 288,000 60,000 200 1,293,700 1,006,900 488,100 57,300 18,996,000 350,000 1,700 22,000 120,000 400 400,800 1,000 617,000 27,200 29,100 329,000 864,000 617,000 18,080 115,690 2,073,000 1,000 74,000 180,000 1,811,900 4,700 4,000 153,900 400,330 10,000 1,000,000 50 1,171,000 18,000 444,100 20,200 100 4,000 215,000 11,000 250,000 1,424,900 2,280,000 2,900 2,459,000 252,000

5,754,320 1,851,850 572,240 103,558,005 21,280 668,600 44,400 1,265,196 6,258,268 175,117,764 26,038,075 17,430,028 640,980 978,002 1,940 13,797,712 25,711,395 3,812,470 504,216 26,086,710 594,720 34,610 59,930 37,200 3,472 11,449,155 3,500 2,086,170 414,804 1,297,670 256,770 557,410 398,810 3,937,078 16,453,708 3,934,620 19,458 140,970 13,590 10,737,086 24,818 9,710 823,766 23,638,261 4,900 392,000 2,800 1,341,060 32,670 2,348,624 292,900 2,850 7,610 274,290 117,696 32,700 7,971,546 6,405,820 21,047 3,371,510 456,130

-1,926,020 525,420 150,230 -7,651,330 -6,420 -17,760 151,288 -953,343 -9,779,558 -13,211,660 -4,203,340 17,680 -616,172 -7,633,755 -411,001 -5,277,460 -11,660 10,880 -2,403,045 1,480,320 -24,264 53,555 790 12,280 -400,568 -4,590,366 3,823,750 -146 -47,700 -740 -1,365,458 10,600 -266,912 5,047,176 100,050 1,810 -101,674 21,770 -13,200 2,043,197 -740,370 -226,170 -

HOLDING & FRIMS

ABACORE CAPITAL 0.295 0.3 0.295 0.3 0.295 0.3 420,000 124,250 ASIABEST GROUP 21.6 21.8 23 23 21.6 21.8 225,000 4,929,300 -192,075 AYALA CORP 538 539 540 549.5 535.5 539 318,660 172,126,615 -94,953,360 ABOITIZ EQUITY 39.9 35,475,735 39.45 39.5 39.9 39.45 39.5 896,100 -2,110,160 ALLIANCE GLOBAL 8.79 8.89 8.78 8.95 8.76 8.79 237,300 2,082,936 -1,358,727 ANSCOR 16.28 16.28 16.02 15.86 15.82 16.28 24,700 393,844 ANGLO PHIL HLDG 1.01 1.02 1.01 1.02 0.97 1.01 170,000 171,580 -11,060 COSCO CAPITAL 7.32 7.39 7.41 7.42 7.27 7.39 236,000 1,744,164 -1,226,911 DMCI HLDG 6.45 6.48 6.42 6.53 6.38 6.48 4,182,200 27,026,560 -4,834,556 FILINVEST DEV 3.8 3.87 3.8 3.8 3.8 3.8 1,000 3,800 FJ PRINCE A 2.62 2.95 2.6 2.6 2.6 2.6 1,000 2,600 FORUM PACIFIC 0.31 0.33 0.305 0.335 0.305 0.33 6,730,000 2,124,900 437 437 GT CAPITAL 430 422 422 437 22,710 9,830,528 4,354,222 JG SUMMIT 16.6 16.7 16.6 16.98 16.56 16.6 685,500 11,390,554 2,448,390 LODESTAR 0.475 0.475 0.44 0.45 0.44 0.475 70,000 31,800 LOPEZ HLDG 4.4 4.6 4.4 4.4 4.4 4.4 38,000 167,200 14.94 14.98 15 15 14.94 14.94 580,900 8,691,196 -807,696 LT GROUP 2.14 2.27 2.5 2.53 2.05 2.27 193,000 441,920 -580 PACIFICA HLDG 0.82 0.89 0.82 0.82 0.82 0.82 8,000 6,560 PRIME MEDIA SOLID GROUP 1.08 1.1 1.13 1.13 1.1 1.1 64,000 70,430 22,000 541 546 534 548.5 531.5 546 237,400 129,291,750 66,623,400 SM INVESTMENTS 66 66.2 66 66.65 65.9 66 230,030 15,195,674 13,539,429 SAN MIGUEL CORP 54.3 53.5 53.5 55 2,660 145,977 -91,300 TOP FRONTIER 55 55 PROPERTY AYALA LAND 15.34 15.36 15.2 15.34 15.14 15.34 3,995,400 60,939,392 -14,585,008 AYALA LAND LOG 1.05 1.07 1.07 1.07 1.03 1.07 239,000 249,400 6,370 ALTUS PROP 11 11.2 11.26 11.26 11.26 11.26 1,000 11,260 AREIT RT 35.8 35.95 36.05 36.5 35.8 35.8 521,700 18,721,795 -13,268,215 A BROWN 0.81 0.83 0.78 0.85 0.78 0.84 51,000 41,510 0.54 0.54 CITYLAND DEVT 0.53 0.54 0.54 0.54 6,000 3,240 CROWN EQUITIES 0.088 0.089 0.088 0.088 0.088 0.088 2,110,000 185,680 CEB LANDMASTERS 1.91 1.94 1.95 1.95 1.91 1.95 150,000 287,900 28,800 CENTURY PROP 0.64 0.64 0.62 0.63 0.61 0.64 312,000 197,000 610 CITICORE RT 2.74 2.75 2.78 2.78 2.75 2.75 2,456,000 6,772,680 -4,502,970 DOUBLEDRAGON 11.72 11.72 11.62 11.66 11.62 11.62 217,400 2,537,652 475,726 DDMP RT 1.03 1.03 1.02 1.03 1.02 1.03 634,000 650,280 -9,180 DM WENCESLAO 4.68 4.75 4.7 4.7 4.68 4.7 6,000 28,180 EVERWOODS 0.024 0.026 0.026 0.026 0.026 0.026 100,000 2,600 FILINVEST RT 2.83 2.88 2.9 2.9 2.8 2.83 338,000 960,690 115,840 FILINVEST LAND 0.69 0.7 0.69 0.69 0.69 0.69 198,000 136,620 -5,520 0.63 0.65 0.62 0.62 0.62 0.62 400,000 248,000 GLOBAL ESTATE KEPPEL PROP 2.4 2.54 2.4 2.4 2.4 2.4 5,000 12,000 PNB HLDG 1.2 1.2 1.19 1.2 31,032,000 37,290,610 -163,160 1.21 1.21 2.27 2.28 2.26 2.29 9,106,000 20,789,400 -11,381,130 MEGAWORLD 2.29 2.29 0.61 0.62 0.62 0.63 0.61 0.62 36,428,000 22,584,390 256,070 MRC ALLIED 13.56 13.6 13.6 13.64 13.56 13.56 649,100 8,817,766 52,980 MREIT RT 0.105 0.106 0.105 0.105 230,000 24,470 OMICO CORP 0.108 0.108 PRMIERE HORIZON 0.166 0.17 0.161 0.173 0.161 0.17 3,410,000 570,320 -1,700 0.425 0.45 0.42 0.43 0.42 0.43 60,000 25,500 PHIL ESTATES PREMIERE RT 0.92 0.92 0.91 0.91 73,000 67,610 -36,270 0.93 0.93 0.96 1.08 1.08 1.08 2,000 2,160 PRIMEX CORP 1.08 1.08 RL COMM RT 6.03 6.04 6.01 6.04 6.01 6.03 3,854,700 23,225,412 -3,951,078 15.98 16.08 16.02 16.14 15.96 16.08 390,600 6,271,886 -928,940 ROBINSONS LAND 0.106 0.11 0.105 0.105 0.105 0.105 20,000 2,100 PHIL REALTY ROCKWELL 2.6 2.66 2.54 2.69 2.45 2.65 440,000 1,130,950 201,180 2.83 2.88 2.87 2.89 2.83 2.83 12,000 34,190 SHANG PROP STA LUCIA LAND 1.69 1.71 1.73 1.73 1.73 1.73 1,000 1,730 SM PRIME HLDG 17.4 17.56 17.54 17.66 17.18 17.56 3,300,300 57,855,706 -2,545,774 SUNTRUST RESORT 0.415 0.415 0.375 0.415 0.415 0.415 10,000 4,150 SERVICES ABS CBN 2.44 2.45 2.47 2.47 2.47 2.47 11,000 27,170 GMA NETWORK 3.3 3.35 3.35 3.36 3.35 3.35 126,000 422,250 DITO CME HLDG 0.56 0.57 0.55 0.57 0.55 0.57 5,310,000 2,972,670 601,790 GLOBE TELECOM 1,526 1,534 1,537 1,537 1,521 1,534 12,680 19,357,595 -5,133,290 PLDT 1,149 1,119 1,133 1,130 1,115 1,133 33,580 37,697,900 -16,550,390 APOLLO GLOBAL 0.0047 0.0048 0.0049 0.005 0.0047 0.0048 86,000,000 414,000 -4,900 CONVERGE 9.22 9.18 9.26 9.26 9.18 9.18 970,300 8,918,874 -1,482,259 DFNN INC 0.65 0.65 0.63 0.63 0.63 0.65 57,000 36,190 -100 IMPERIAL 0.87 0.97 0.97 0.97 0.97 0.97 1,000 970 ISLAND INFO 0.13 0.133 0.13 0.135 0.13 0.133 860,000 114,110 0.38 0.38 NOW CORP 0.37 0.38 0.365 0.365 190,000 70,550 0.119 0.119 TRANSPACIFIC BR 0.118 0.118 0.118 0.119 20,000 2,370 1.03 1.03 CHELSEA 1 0.98 0.98 1.03 107,000 107,240 CEBU AIR 25.55 26 24.75 26.75 24.55 26 252,900 6,449,185 3,322,070 INTL CONTAINER 840 841 815 842 813.5 840 1,151,260 963,227,920 138,143,550 LBC EXPRESS 10.18 10.18 10.1 10.18 10.18 10.18 1,200 12,216 3.25 3.3 3.29 3.25 3.25 520,000 1,691,590 403,210 3.29 MACROASIA 0.53 0.57 0.58 0.58 0.57 0.57 33,000 19,030 METRO ALLIANCE PAL HLDG 4.02 4.05 4.02 4.05 151,000 611,060 -137,960 4.05 4.05 1.63 1.65 1.7 1.78 1.62 1.65 2,803,000 4,820,240 -1,112,290 HARBOR STAR 0.029 0.03 0.029 0.029 10,100,000 293,100 BOULEVARD HLDG 0.03 0.03 DISCOVERY WORLD 0.94 1.02 0.93 1.02 7,000 7,030 6,010 1.02 1.02 0.43 0.435 0.4 0.45 0.385 0.43 27,550,000 11,894,550 -369,900 PH RESORTS GRP 0.465 0.49 0.51 0.455 0.47 850,000 413,350 WATERFRONT 0.455 CENTRO ESCOLAR 12.14 12.2 12.4 12.4 12 12.2 20,900 253,116 FAR EASTERN U 752 789 788.5 788.5 788.5 788.5 10 7,885 STI HLDG 1.2 1.21 1.22 1.28 1.2 1.2 491,000 599,160 160,900 1.14 1.16 1.05 1.2 1.05 1.17 471,000 525,680 BELLE CORP BLOOMBERRY 1.84 1.86 1.92 1.84 1.85 8,479,000 16,039,130 -2,212,450 1.85 1.58 1.66 1.58 1.58 1.58 1.58 2,000 3,160 PACIFIC ONLINE DIGIPLUS 6.76 6.8 6.9 7.12 6.69 6.76 2,474,700 -2,758,931 17,084,061 13.82 13.88 13.66 13.88 1,612,000 22,245,032 8,796,410 PHILWEB 13.88 13.88 BERJAYA 7.95 7.95 7.3 7.95 7.95 7.95 100 795 1.05 1.05 METRO RETAIL 1.02 1.05 1.05 1.05 11,000 11,550 40.2 PUREGOLD 40.05 40.1 40 40 40.05 77,900 3,121,660 -260,195 PHIL SEVEN CORP 32 32.55 31.9 32 31.5 32 57,900 1,826,245 100,690 SSI GROUP 1.96 1.97 1.94 1.95 1.94 1.94 63,000 122,370 11,490 UPSON INTL CORP 0.75 0.78 0.75 0.78 0.75 0.78 21,000 16,100 -20 WILCON DEPOT 5.2 9,685,737 5.19 5.2 5.25 5.18 5.2 1,862,400 -184,366 MEDILINES 0.243 0.231 0.24 0.24 0.24 0.24 20,000 4,800 1.64 PHILCOMSAT 1.62 1.62 1.62 1.62 1.62 20,000 32,400 MINING & OIL ATOK 1.93 2.05 1.85 1.93 1.84 1.93 61,000 117,180 3,780 APEX MINING 15.84 15.88 16.48 16.48 15.78 15.88 2,950,400 47,075,500 5,017,524 ATLAS MINING 18.36 18.38 18.7 19.08 18.1 18.36 2,490,600 46,348,144 -11,983,632 BENGUET 6.08 6.08 6.07 6.08 6.08 6.08 3,900 23,712 2 2 CENTURY PEAK 1.81 1.9 1.9 2 6,000 11,900 10,000 DIZON MINES 3.39 3.39 3.26 3.25 3.25 3.39 7,000 22,890 0.3 0.3 EC VULCAN 0.295 0.3 0.28 0.3 700,000 199,700 1.57 FERRONICKEL 1.56 1.59 1.6 1.53 1.57 1,253,000 1,938,760 -11,550 GEOGRACE 0.079 0.079 0.077 0.079 0.076 0.079 480,000 37,860 0.218 0.218 LEPANTO A 0.216 0.216 0.215 0.218 1,020,000 219,710 0.217 0.217 LEPANTO B 0.215 0.217 0.217 0.217 90,000 19,530 MANILA MINING A 0.0082 0.0084 0.0084 0.0084 0.0083 0.0084 26,000,000 217,500 0.75 0.75 MARCVENTURES 0.74 0.74 0.74 0.75 104,000 77,310 15,000 NIHAO 0.54 0.54 0.53 0.53 0.53 0.53 167,000 88,700 NICKEL ASIA 3.84 3.85 3.81 3.86 3.8 3.85 253,000 972,500 -172,850 33.55 33.5 33.5 33.6 182,800 6,134,430 -1,911,635 OCEANAGOLD 33.6 33.6 0.54 0.54 0.54 0.55 27,000 14,630 ORNTL PENINSULA 0.55 0.55 PX MINING 10.1 10.16 10.2 10.36 10.1 10.1 6,497,200 66,234,344 -10,384,050 0.009 0.0094 0.0095 0.0095 0.0094 0.0094 2,000,000 18,900 UNITED PARAGON ENEX ENERGY 3.16 3.39 3.17 3.17 3.16 3.16 16,000 50,580 3,170 0.015 0.016 0.015 0.016 0.015 0.016 36,800,000 586,500 ORNTL PETROL A ORNTL PETROL B 0.015 0.016 0.014 0.015 0.014 0.015 19,400,000 290,900 PHILODRILL 0.0099 0.01 0.01 0.011 0.0099 0.01 32,600,000 324,890 -40,590 2.96 3 3 3 60,000 180,000 PXP ENERGY 3 3 PREFFERED ACEN PREF A 982 999 982 982 982 982 200 196,400 AC PREF AR 2,426 2,470 2,422 2,422 2,420 2,420 1,030 2,493,980 -2,493,980 AC PREF B3R 1,891 1,909 1,929 1,930 1,909 1,910 135 258,610 -19,300 AC PREF B4R 1,901 1,934 1,910 1,910 1,900 1,900 3,715 7,058,840 -7,011,090 ALCO PREF D 499.6 509 498 498 498 498 200 99,600 ALCO PREF F 485 495 495 495 495 495 100 49,500 ALCO PREF G 501 502.5 502.5 502.5 502.5 502.5 400 201,000 ALCO PREF H 510 513.5 513 513 513 513 390 200,070 BRN PREF A 100.1 101 100.5 100.5 100.5 100.5 1,890 189,945 BRN PREF B 101.5 101.9 101.9 101.9 101.5 101.5 1,400 142,104 CEB PREF 28.6 29 29.75 29.75 28.5 28.6 1,500 42,945 CLI PREF A1 944 970 969.5 970 969.5 970 300 290,995 CLI PREF A2 988 998 992 1,000 988 988 560 555,120 CPG PREF B 98.5 100.4 98 98 98 98 10 980 DD PREF 89.35 89.4 89.5 89.5 89.25 89.4 8,260 737,789 EEI PREF B 95.65 96 96 96 96 96 2,000 192,000 1,851 1,934 1,934 1,934 1,934 1,934 15 29,010 GLO PREF ANV GLO PREF BNV 1,933 1,974 1,928 1,974 1,928 1,974 45 88,140 MWIDE PREF 6B 98.5 99 99 99 99 99 40 3,960 -3,960 99.1 100.8 100.8 100.8 100.8 100.8 20 2,016 MWIDE PREF 7A MWIDE PREF 7B 99.7 102 102 102 102 102 50 5,100 PCOR PREF 4A 993 1,000 993 993 993 993 7,000 6,951,000 PCOR PREF 4D 970 988 986 988 986 988 1,200 1,185,380 SMC PREF 2L 78 79.5 79.4 79.4 79.4 79.4 6,000 476,400 SMC PREF 2N 74.75 77.35 77.4 77.4 74.5 77.35 16,030 1,198,859 SMC PREF 2O 77 77.6 77.8 77.8 77.6 77.6 240 18,626 SMC PREF 2P 72.25 74.2 74.2 74.2 74.2 74.2 100 7,420 SMC PREF 2R 74.55 75 75 75 75 75 260 19,500 SMC PREF 2U 74.5 75.5 75 75 75 75 10,900 817,500 SMC PREF 2V 76 76.8 76 76 76 76 240 18,240 SMC PREF 2W 76.5 77 76 76.5 76 76.5 210 15,965 SMC PREF 2X 78 78.5 78.5 78.85 78 78 3,270 256,901 TECH PREF B2C 8.68 9 9 9 9 9 100 900 TECH PREF B2D 6.36 7.4 7.4 7.4 7.13 7.4 1,600 11,570 TOP PREF A1 99.9 100.9 99.9 99.9 99.9 99.9 30 2,997 TOP PREF A2 101 101.5 101 101 101 101 3,890 392,890 -

PHIL. DEPOSITARY RECEIPTS

2.25 2.62 3.21 3.46 -

-

-

1.05

1.1

-

-

-

-

-

-

-

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7837 -4.8% 1.85% -4.37% N.A -3.25% SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL 0.33 A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. HAUS TALK 1.34 ITALPINAS 0.57 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED LFM PROP 0.02 FUND, INC.) XURPAS 0.223 NEXGEN ENERGY 2.57 “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

0.335 1.4 0.61 0.021 0.233 2.7

0.33 1.39 0.57 0.02 0.227 2.59

0.34 1.4 0.61 0.021 0.227 2.75

0.325 1.34 0.57 0.02 0.223 2.54

0.34 1.4 0.61 0.021 0.223 2.7

600,000 139,000 10,000 1,300,000 210,000 18,000

199,500 192,480 6,030 26,300 47,250 47,900

-15,950 -2,240 -3,030

warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

EXHANGE TRADE FUNDS ATR FAMI ETF

97.2

97.3

97.2 97.2 97 97.2 1,230 119,466 2,910

www.businessmirror.com.ph

Banking&Finance

El Niño effect beclouds easing bad loans ratio

A

N economist warned that while the bad loans ratio eased in September, the threat of a super El Niño could reduce the ability to pay by some borrowers. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the gross non-performing loans (NPLs) ratio eased to 3.27 percent in September—the lowest in nine months or since December 2025. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), explained that the easing of bad loans ratio could be partly attributed to “higher base” or “denominator effects.” However, Ricafort warns that “the risk of [a] super El Niño drought could also reduce the ability to pay by some borrowers especially in the agriculture sector and related/allied businesses/industries.” He said that the most vulnerable sectors are businesses or industries that “do not have pricing power or ability to pass on higher prices that could lead to lower profit margins or even losses absorbed amid increased competition locally, from imports and other substitute.” Ricafort also noted that elevated inflation could reduce the purchasing power and ability to pay for lowerincome households.

Resiliency signalled

DATA from the BSP showed that the peso value of bad loans fell at end-September to P593.275 billion, 0.51-percent lower than the P596.299 billion as of endAugust. However, the amount of bad loans as of the first nine months of 2026 is 10.09-percent higher than the P538.924 billion as of end-September 2025. Meanwhile, total loan portfolio amounted to P18.13 trillion as of end-September 2026, up 1.97 percent from the P17.783 trillion at endAugust 2026. The end-September 2026 figure was also higher, by 11.41 percent than the P16.276 billion at end-September 2025. This decline in banks’ NPL ratio to signals “improving asset quality and highlights the resilience of both borrowers and lenders,” Jonathan L. Ravelas, senior adviser at Reyes

Tacandong & Co., said. the “Steady loan growth, and stable economic activity have helped contain credit stress,” added Ravelas. For the fourth quarter, however, he said that while NPLs could remain “manageable or even improve further,” inflation, borrowing costs, and the pace of economic growth will remain “key factors” influencing loan repayment behavior.

Eased, climbed

BROKEN down, the NPL ratio of universal and commercial bank group eased to 3.02 percent with the peso value of bad loans amounting to P504.19 billion, as of end-September 2026. The figure is lower than the 3.09 percent in August but the same as the 3.02 percent in September last year. For thrift or savings banks, the NPL ratio fell to 5.90 percent, or P64.396 billion, as of end-September from 6.07 percent in August, and the 6.42 percent level in September 2025. For rural and cooperative banks, the bad loans ratio climbed to 9.18 percent in September or P18.347 billion at end-September 2026. The figure is higher than the 7.79 percent in June and the 8.89 percent in September 2025. According to the BSP, the movement of accounts as of September 2026 “largely reflects the reclassification of one rural bank to digital bank effective July 18,2026.” The asset quality of digital banks also worsened with their NPL ratio climbing to 4.63 percent, or P6.34 billion, as of end-September 2026 from 4.51 percent at end-August. This was however lower compared to the 7.32 percent NPL ratio in September last year. Meanwhile, past due loans reached P771.75 billion as of endSeptember 2026, up by 0.24 percent from P769.89 billion a month ago; and higher by 13.86 percent from P677.82 billion at end-September 2025. The past due loans ratio settled at 4.26 percent of banks’ total loan portfolio, lower than the 4.33 percent as of end-August 2026 and higher than the 4.16 percent at end-September 2025. Andrea E. San Juan

BusinessMirror

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By Andrea E. San Juan

HE central bank’s aggressiveness to tame inflation can only go so far if the government fails to address the supply side of rising prices, according to a former official of the Bangko Sentral ng Pilipinas.

In a televised interview last Thursday, Diwa C. Guinigundo noted that the Philippines is facing its own Orthrus: stubborn inflation and weak economic growth. When asked which is more worrisome, Guinigundo said it’s not choosing “one against the other.” “For me, it is imperative for the authorities to address both sides,” the former BSP Deputy Governor added. He explained that, for the central bank, “its primary responsibility is price stability.” As such, “it did not hesitate to increase the policy rate by 50 basis points (bps) because it recognizes that high inflation could also destroy demand by way of lower purchasing power of our households.” But with this policy action seen weakening consumer spending in

the process, Guinigundo prodded the government to complement the central bank’s move by working on the supply side of the value chain. “So I think the monetary policy of the BSP is not the only game in town, so to speak. The inflation in the supply side, logistics, distributional issues... I think the government, particularly our fiscal authorities, should also focus on [this], particularly on the value chain,” he emphasized. Further, Guinigundo said if the central bank’s monetary policy is supported by “appropriate” supply side measures including: agricultural productivity and efficiency, appropriate infrastructure, logistics and distribution, the Republic “will have a better chance at addressing

both [stubborn inflation and sluggish economy].” “Because pretty soon, everything boils down to the fundamentals driving the weakness of the Philippine peso; and unless we address those fundamentals, such increases in the peso-dollar rate would be just temporary,” he added.

Sustain tightening

GUINIGUNDO also believes that the central bank should sustain the tightening of monetary policy as long as inflation estimates linger above the 4-percent tolerance ceiling. This move, he believes, would to help “stabilize” consumption and fuel economic growth in the long run. “If the inflation forecast of the BSP this year and the next, and even early 2028, indicates forecasts or readings that are beyond the 2-percent to 4-percent target, I think by all means, the BSP should sustain the tightening mode of monetary policy,” Guinigundo. The former central bank official explained further that if inflation is “arrested and stabilized” within the target range, then that should “motivate an increase in economic growth.” Because consumption will be stabilized, he said this would redound to an increase in the business sales in the process.

“And we will have economic growth,” Guinigundo said. The former BSP official, however, reminded that monetary policy is only one of the many “instruments” the central bank uses to achieve inflation consistent with inclusive as well as sustainable economic growth. At its monetary policy meeting on October 22, the Monetary Board, the highest policy-making body of the BSP, decided to raise the target reverse repurchase rate by 50 bps to 5.50 percent. The MB has raised the benchmark policy interest rate by a total of 125 basis points since the US-Iran war sparked on February 28. The MB delivered three separate quarterpoint rate hikes at its meetings held on April 23, June 18, and August 27. The MB also delivered a separate half-point rate hike on October 22. The BSP also revised upwards its inflation forecast for 2027 to 6 percent from the 5.4 percent pegged during the August 27 rate-setting meeting. For 2026, the forecast is still 6.1 percent average inflation. By 2028, the central bank sees inflation returning to its target as it expects inflation to settle at 3.3 percent. (Read more here: https:// businessmirror.com. ph/2026/10/23/surprises-prodbsp-to-pull-50-bps-rate-hike/)

Stronger partnerships, greater possibilities for Philippine MICE sector CORE GROWTH This undated photo courtesy of the Asia United Bank Corp. (PSE: AUB) shows one of the branches of the lender controlled and owned by the Ng family of the Rebisco Group. The 29-year-old lender reported net income for the first nine months of 2026 of P9.4 billion, 0.3-percent higher than the same period last year. This translated into a return on equity of 18.0 percent and a return on assets of 2.9 percent, according to the country’s twelfth-largest commercial bank. CREDIT: ASIA UNITED BANK CORP.

By Reine Juvierre Alberto @reine_alberto

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from P44.03 billion. Licensed casinos, the secondlargest contributor to gaming revenues after e-gaming, also declined by 3.22 percent to 23.10 billion from P23.87 billion a year earlier. Meanwhile, Casino Filipino branches, which are soon to be privatized, likewise recorded an 8-percent drop in revenues, down to P7.28 billion from P7.91 billion. Revenues from poker operations also dwindled by 4.60 percent to P105.86 million from P110.97 million. Moreover, earnings from other related services sank by 38.59 percent to P3.04 billion, while other income was almost flat year-onyear at P3.23 billion. Despite lower earnings, Pagcor was able to remit P45.28 billion in contributions to nation-building and other statutory obligations during the nine-month period. About P27.61 billion of this went to the National Treasury as the government’s 50 percent share, P3.01 billion went to the PSC and P2.90 billion was paid to the government as franchise taxes. Other contributions to nationbuilding included P11.19 billion for socio-civic projects, P511.95 million for Casino Filipino host cities, P28.22 million in sports incen-

B3

‘Govt focus on supply side to help BSP tame inflation’

Pagcor 9-mo income plummets 84.85% HE Philippine Amusement and Gaming Corp. (Pagcor) saw its net income plummet 84.85 percent year-on-year in the first nine months of 2026 as earnings from gaming operations declined and government contributions rose. The state-run gaming regulator reported last Thursday its net income dropped to P2.17 billion as of September from P14.32 billion in the same period a year ago. This is also lower than the Pagcor’s net-income target of P3.666 billion for the period by 40.81 percent. The Pagcor attributed the decline to its increased mandated remittances to the Philippine Sports Commission. To recall, the Supreme Court affirmed its 2014 decision directing Pagcor to account and remit the full amount of 5 percent of its annual gross income from 1993 to the present to PSC. The Pagcor’s total revenues, likewise, fell by 23.41 percent to P64.41 billion as of September from P84.09 billion a year earlier, dragged by weaker earnings from gaming operations and related services. Revenues from gaming operations sank by 23.44 percent to P58.13 billion in the first nine months of the year from P75.93 billion in the same period last year. Broken down, electronic gaming revenues plunged to P27.63 billion, down by 37.23 percent year-on-year

Editor: Dennis D. Estopace • Friday, October 30, 2026

tives for national athletes and their coaches who win in international competitions and P15.85 million in corporate income tax. Pagcor expects its net income to reach P4.87 billion this year, 72.10 percent lower than last year’s P17.46 billion. Pagcor Chairman and CEO Alejandro H. Tengco said the agency will continue strengthening its operations and regulatory oversight while ensuring revenues from regulated gaming remain supportive of government programs and services. “While we recognize the impact of lower gaming revenues on our financial performance, Pagcor remains committed to carrying out its mandate,” Tengco was quoted in a statement as saying. “We will continue to pursue responsible and sustainable operations while ensuring that the gaming industry adheres to regulatory standards,” he added.

briefs

➔ PHL, EU explore financing deal

THE Philippines and the European Union (EU) are exploring a financing arrangement combining EU grants and guarantees to reduce upfront investment risks and support new projects in the country, according to the Department of Finance. In a statement last Thursday, the DOF said the proposed financing would cover new investments in green transition, circular economy, environmental protection and development in Mindanao. The DOF, however, did not disclose the amount of funding being considered or identify specific projects that would receive support. The European Investment Bank, other European Development Finance Institutions and the EU private sector, as well as the possible cooperation with multilateral development banks, particularly the Asian Development Bank, “will be critical in supporting the investment agenda.” Reine Juvierre S. Alberto

➔ Metrobank gets TAB award

THE Metropolitan Bank & Trust Co. (Metrobank) announced it was recognized by the Singapore-domiciled TAB Global Pte. Ltd. as the “Philippines’s Strongest Bank” for the sixth straight year. “Our strength comes from the trust our customers place in us and the dedication of our Metrobankers, who remain committed to delivering financial solutions that help our clients succeed in different market conditions. This recognition reflects how we continue to grow stronger together with our clients, communities, and partners through every challenge and opportunity,” Metrobank President Fabian S. Dee was quoted in a statement as saying.

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HAT if the Philippines’s next big leap in MICE competitiveness came, not from building more facilities, but from getting people and institutions to work better together? This was one of my key takeaways from moderating a discussion panel on “Removing the Friction: Policies and Partnerships that Make the MICE Business Easier” at the Tourism Promotions Board’s “MICECONversation 2026.” The discussion reinforced a simple but powerful message: while world-class venues and Filipino hospitality are important, our ability to bring government, industry, and communities together can create even greater possibilities for the Philippine meetings, incentives, conventions and exhibitions (MICE) sector. The panel brought together three perspectives: Natalie Lim, chairperson of the Iloilo MICE Alliance; Maria Victoria “Leah” Lara, director of the Iloilo City MICE Center; and, Maria Lourdes Patricia “Jing” S. Lagandaon, chief operating officer of professional conference organizer Global Link MP Events International Inc. From their vantage points, they demonstrated how collaboration, practical solutions and destination readiness can strengthen the country’s MICE proposition. Jing highlighted the importance of making event planning more convenient for organizers. With multiple agencies involved in matters such as permits, visas, customs and security, having accessible, consolidated information can help organizers respond to clients more efficiently. She proposed exploring a Tourism Promotions Board (TPB) facilitation desk that could guide organizers through the relevant requirements, contacts and processes. At the local level, greater consistency in procedures across local government units (LGUs) could likewise help organizers plan events with more confidence, particularly when activities span several jurisdictions. These are opportunities for agencies and destinations to work together toward a smoother experience for both local and international clients. Iloilo offers encouraging examples of how this can be done. Leah shared how VisitIloiloCity.com serves as a convenient online resource for event organizers, providing downloadable forms, venue directories and supplier information. The city’s MICE ordinance implementing rules and regulations also help clarify procedures and facilitate event planning. Beyond operational efficiency, Iloilo recognizes that delegates want more than conference sessions and traditional sightseeing. Yoga in public plazas, jogging along the esplanade and cycling tours allow participants to maintain their wellness routines while enjoying the destination. With 16 museums, heritage attractions

Association World Octavio Peralta and historic houses adapted for new uses, Iloilo offers a distinctive blend of business and cultural experiences. Natalie emphasized the collaborative spirit of the Iloilo MICE Alliance and the importance of aligning stakeholders around common goals. She also cited Vendexpo, an initiative promoting locally made souvenirs, supporting micro, small and medium enterprises (MSMEs), and advancing sustainability and circularity. Combined with the city’s infrastructure and walkable spaces, such initiatives help connect MICE activities with the wider local economy. These examples illustrate that destination competitiveness is not simply about facilities, but is also about how effectively institutions, businesses and communities work together to create meaningful experiences and lasting benefits. The discussion brought to mind the “Triple Helix of Innovation,” a framework for collaboration among government, industry and academia, with communities also playing an important role in delivering local impact. Ultimately, partnerships must go beyond memoranda of understanding. They need active participation, accountability and a shared commitment to results. Strengthening Philippine MICE is a collective undertaking. National agencies can facilitate, LGUs can innovate, industry alliances can coordinate, and businesses and communities can help deliver distinctive experiences. The TPB’s “MICECONversation 2026” provided a valuable platform for turning these ideas into practical opportunities for collaboration. The next step is to sustain that conversation through concrete initiatives and shared action. This is the real promise of Philippine MICE: not simply bringing people together for events, but bringing stakeholders together to create lasting value.

Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026 at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E mail: bobby@pcaae.org

B4

Relationships

Friday, October 30, 2026 • Editor: Gerard S. Ramos

BusinessMirror

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

Undas: Ghosts, grief, and Pinoy superstitions PHOTO BY VITALII ONYSHCHUK ON UNSPLASH

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Fiona Dourif, 45; Gavin Rossdale, 61; Harry Hamlin, 75; Henry Winkler, 81. HAPPY BIRTHDAY: Gather information and forge ahead. You have plenty to gain if you think, react and complete your mission. Keep life simple and your head clear. Refuse to let the chaos going on around you complicate matters. Let your intuition guide you. Allow accuracy, precision and compassion to lead you down a humble path that offers peace of mind, gratitude and the foresight to establish and create the best version of yourself. Your numbers are 7, 18, 22, 24, 38, 43, 47.

ARIES (March 21-April 19): Be silent, observant and careful about what you sign up for. Expect someone to ask for too much, and consider replying with howto instructions, not hands-on help. Call the shots instead of getting caught in someone else’s drama. Trust your instincts, and point yourself in a direction that offers the terms you require to achieve your goals. ★★

TAURUS (April 20-May 20): Show compassion. Open a dialogue and share your thoughts, feelings and solutions. Addressing matters before they spin out of control will help you manage your life and the outcome of events you pursue. Stick to the script; embellishing information will backfire, leaving you little recourse. Truth matters if you want to maintain healthy relationships. ★★★★

A

S Undas fast approaches, I’m reminded of a few of the customs with which we Filipinos commemorate our dead. Many of these are largely based on superstition. For instance, when a dead body is prepared for viewing, it is clothed in its finest, with a broken rosary wrapped around clasped hands placed on the chest. Breaking the rosary is supposed to ensure no one else in the family passes away. While most believe that keeping the dead’s feet unshod is a way for the soul to reach heaven unencumbered, the reason is actually practical. When people die and rigor mortis sets in, it makes it more difficult to put the shoes on dead feet. In other cultures though, shoes are a must, as they believe the soul has to be well-dressed when it meets its maker. However, most—as in the case of traditional Chinese and Koreans—will just include the shoes in the coffin, but not on their dead’s feet. One thing our family learned from other friends who have experienced deaths in their own families, is that we aren’t supposed to usher out our visitors to the door during a wake. Escorting visitors is supposed to create a continuous succession of family members dying in succession. Our relatives from Capiz and Iloilo, however, were befuddled with this custom. It apparently does not exist among the Hiligaynons. We found that out when we had to bury my oldest brother in Roxas City, where he lived and died. As we live in Manila, however, we actually have no choice but to practice the “bawal maghatid” custom since we are constantly reminded to do so by the departing guests. What we eschew, however, is the custom of not allowing food to be brought home from the wake. This is a no-no among many Filipinos, as they believe they are sending out negative energies, and bring death or bad luck to the people who bring home leftovers. But I remember close friends who dropped by at our Papa’s wake, then many years later our Mama’s, and who loved the food we served for dinner. Before they went home, we would let them take home styro boxes of the dishes they enjoyed. In this day and age, we believe it’s more of a misfortune to waste good food. And because we are a family who enjoys our meals and eating out, we send these extra food to our friends, with love and only good wishes. Meanwhile, the Filipino-Chinese among us will not celebrate any happy occasion in the year following a family member’s passing. They believe doing so will invite bad luck to the celebrant. For instance, many Chinoy couples will reschedule their wedding to a later date out of respect for the one who had just died, especially if it’s a parent. Who wants to start off their lives as newlyweds with immediate ill luck, right? Of course, I know a couple who pushed through with their wedding plans, citing the wishes of the bride’s dad. One of the more interesting wake/funeral traditions I witnessed earlier in the year was in Silang, Cavite. As my friends and I visited the wake of Kler’s mom, a marching band suddenly arrived playing

GEMINI (May 21-June 20): You may crave change, but look around you and see if your counterparts are on the same page before you ignite the fuse. Timing is critical when dealing with others. Be bold, map out your intentions and surround yourself with those just as eager as you are to pursue change. If you prepare yourself to adapt to whatever comes your way, you’ll find it easier to get others to bend. ★★★

CANCER (June 21-July 22): Criticism requires thought, patience and awareness of what your choices will cost financially and physically. Get out, observe, test what’s available and make decisions based on facts and figures, not hype and pressure tactics. Talk your way through any obstacles that stand before you, and designate more time to authenticity. ★★★

traditional tunes for the family next door. At first, the band members were all seated whoomping, whistling and banging, then later progressed to pop tunes. Later, the majorettes then stood and started twirling their batons and dancing, a few suggestive moves here and there, as the drums snapped and thudded, while the trumpets, trombones, and tuba loudly thumped a once popular Hagibis song. It was quite entertaining, to be honest, reminding me of New Orleans, where funeral parades are led by brass bands and dancing. In Cavite’s case, it is apparently the marching band capital of the Philippines, and its bands enliven many town fiestas or the last day of wakes. For the most part, the traditional way of condoling here in Manila is to slip a few hundreds or thousands of pesos to the family members of the dead, when attending the latter’s wake. In the case of Ilonggos, they bring food to the wake, even if the surviving family has already prepared meals or snacks for expected visitors.

Another first for me is a Filipino custom where a toddler, in this case my then five-year-old nephew Mikee, was passed over my brother Eugene’s casket. Mikee, of course, kicked and screamed, not understanding what was happening as we waited to bury my brother. It was later explained to me that this is supposed to prevent the spirit of the departed to show up in the toddler’s nightmares. I found this amusing and totally out of whack. Anyone who is close to our family would know that Eugene had the most gentle of souls among us siblings, and will not do anything to haunt and scare little ones. And what about the now-infamous pagpag? We are told that after leaving a wake, we’re supposed to stop by another location instead of directly going home. This way, we don’t unwittingly bring home any wayward spirits. Most of us will go out for coffee, or stop by at a

SEE “UNDAS,” B5

VIRGO (Aug. 23-Sept. 22): Check your moral obligations and how to maintain your status quo without loss. Study the details, and use your intelligence to gain control. Knowing how to treat people will help seal a deal. Offer incentives that make it easier for others to process and give in to your needs, and the returns on all levels will exceed your expectations. ★★★★

LIBRA (Sept. 23-Oct. 22): If you want the edge, fight for it. Your biggest concern will be laziness. Plan to go above and beyond the call of duty if you want to win. If your patience, skills and dedication are tested, you’ll discover how badly you want what you are asking for. Refuse to let emotional differences stand between you and getting ahead. ★★

SCORPIO (Oct. 23-Nov. 21): Conquer your fears. Thrive and survive. Let go of the past and embrace the future with passion, intent and a positive attitude. Simplify, minimalize and protect what’s vital to acquiring the lifestyle you desire. Trust your instincts, and secure your physical and emotional well-being. Personal and financial growth will lead to self-gratification. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Look at the possibilities, learn from experience and apply what you know to get what you want. Build momentum and stylize your plans to fit demands, and don’t stop until you are happy with the path unfolding. If you build a base that addresses your needs, domestic issues will fall into place. If you focus on what counts, you’ll reap the rewards. ★★★

YOUNG ARTISTS OF TOLEDO, CEBU, ENGAGE IN CREATIVE WORKSHOPS YOUTHFUL learners of Toledo City, in the island of Cebu, recently participated in a series of two-week workshops to encourage the co-creation of artworks and performances which reflect the cultural identity of their own hometown. The initiative was a project of the De La Salle-College of Saint Benilde (DLS-CSB) in Manila and the De La Salle Andres Soriano Memorial College (DLSASMC) to provide a platform for students to discover, nurture and showcase their artistic talents and skills. The event which championed student creativity and local heritage marked the beginning of a sustained collaboration in arts education, cultural development and community engagement. The alliance was formalized through a ceremonial signing of the Memorandum of Agreement (MOA) led by Benilde School of Arts, Culture, and Performance (SACP) dean Magda de Leon, Benilde School of Deaf Education and Applied Studies (SDEAS) dean Dr. Marian Patricia Bea Francisco, and DLSASMC president and chancellor Ma. Donitha Hernando.

LEO (July 23-Aug. 22): Refuse to let emotions disrupt your plans, your thoughts or the decisions you make. Discipline and ingenuity will be necessary if you want to dodge negativity or poor choices. Snap decisions will lead to regret, excess and behavior that can cost you. Problems at home will develop if you can’t find common ground. When doubt arises, step back. ★★★

Faculty-mentors and industry experts flew to Cebu for the inaugural sessions. The classes covered a range of artistic disciplines: printmaking by Mars Bugaoan, production design by Jaydee Jasa, creative movement and dance fundamentals by Richardson Yadao, and music and rhythm for community building by Ryan Flores. Sessions on project management and leadership for production-making by Lara Acuin and Vivien Basmayor, directing by Tuxqs Rutaquio, and acting, ensemble work, and improvisation by Opaline Santos were likewise held. Wenah Nagales served as assistant director and acting coach. To promote accessible creative processes, Myra Medrana, Agnes Canayon, and Danica Mojica conducted courses of Filipino Sign Language (FSL) and visual gestural communication for inclusive arts practice. The interactive meetings aimed to develop the leadership, project management, and production skills of the participants. It also established the creative and organizational framework as they prepare for future school, community and creative initiatives.

CAPRICORN (Dec. 22-Jan. 19): Protect yourself against injury, illness and influences trying to tempt you. Use your intelligence to adjust your skills and experience to suit positions that are in demand and of interest. Don’t wait for someone to step in and save the day. It’s up to you to manufacture the life you want. ★★★

AQUARIUS (Jan. 20-Feb. 18): Pump up your appeal, open doors and let go of the past. Refuse to let someone else’s dream become your own. Be yourself, and discover what makes you excited about life, love and finding your bliss. Grudges are fruitless; step out of the shadow and into the spotlight. Trust and believe in yourself, and you’ll attract positive feedback. ★★★

PISCES (Feb. 19-March 20): Put more emphasis on earning, investing and taking care of your responsibilities. Achieve the life you want. Dream big, and aspire to use your skills, attributes and connections to parlay your desires into something tangible. Refuse to leave your destiny in someone else’s hands. Change begins with you; be creative and reinvent yourself. ★★★★★ BIRTHDAY BABY: You are productive, insightful and generous. You are munificent and gracious.

‘turned off’ BY PRANAV DARYANANI

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson/Aidan Deshong ACROSS 1 “In that case ...” 5 Bit of bickering 9 Director ___ B. DeMille 14 Rookie gamer 15 Elegant meat spread 16 Lawn mower part ... or target 17 *Boo-worthy hits? 19 Feature of Garamond but not Arial 20 Skate park jump 21 Timbuktu’s country 23 Coagulate 24 *Yucky med school class? 27 Trip up 30 California’s Big ___ 31 (I’m a goat!) 32 Fateful day for Caesar 36 Choir platform 40 *Vulgar lineman? 44 “Peace!” 45 Ankle-grazing skirt 46 Not feeling 100% 47 Memorable time span 49 Kind of bean in rajma masala 52 *Unsanitary cocktail?

58 Drink with a polar bear mascot 59 Potato, in Punjabi 60 Feature of Denmark’s flag 64 Reedy wetland 66 Suddenly lost romantic interest ... or what this puzzle’s theme entries did, thanks to their clues? 68 Greek muse of love poetry 69 Not that many 70 Tennis court type 71 “Make it make ___” 72 Canadian gas brand 73 It might be inflated at a petrol station DOWN 1 What Wikipedia visitors seek, for short 2 Court jester 3 Pixar film about an aspiring pianist 4 Accommodate 5 Place to get a hot stone massage 6 Trees in Miami 7 Book of maps 8 Inventor Nikola 9 “Ghosts” network 10 Powered by a plug, say

11 Monte ___ 12 “Under the weather” or “over the moon” 13 Southpaw 18 Capital of Switzerland 22 ___ and outs 25 R&B great Redding 26 Coolness, in Gen Z slang 27 Famous ___ cookies 28 Heist film target, often 29 Place to grab an iced latte 33 Not very bright 34 “Hitch” star Mendes 35 “The birds and the bees” topic 37 Our largest organ 38 Palindromic fashion magazine 39 Depend (on) 41 Exams for pupils? 42 Not, quaintly 43 Word before “torch” or “bar” 48 Reddit Q&A 50 One of 63,360 in a mile 51 To the point 52 Smallest U.S. coins 53 “It matters to me!”

54 Televised again 55 Green tank growth 56 House toppers 57 Canvas carryalls 61 Covered in grease 62 “The Lion King” antagonist 63 ___ terrier (Scottish breed) 65 Groundbreaking farm tool? 67 Number of players in chess Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Friday, October 30, 2026

Life can be tough— Alden Richards is tougher GMA NETWORK’S ‘APOY SA DUGO’ PREMIERES ON NETFLIX PHILIPPINES

A LOVE story turns into a dangerous game of obsession and betrayal as GMA Network’s drama series Apoy sa Dugo arrives on Netflix Philippines on November 2, 2026. Starring Sparkle artists Derrick Monasterio as Marco, Ashley Ortega as Angel, and Elle Villanueva as Vanessa, the series explores how desperate longing for love and family can ignite a fierce rivalry and threaten everything one couple holds dear. Marco and Vanessa are a loving couple living the perfect life when Angel, Vanessa’s long-lost half-sister, comes into their lives. The latter’s desperate longing for love and family fuels Angel’s obsession to have Vanessa all to herself. When Vanessa discovers all the terrible things she has done, their relationship is forever changed, and this ignites a heated sibling rivalry. The series, featuring emotionally charged storylines, also showcases performances from actors Ricardo Cepeda, Thea Tolentino and Pinky Amador, along with promising Sparkle artists Patricia Coma and Larkin Castor. Apoy sa Dugo is the latest program from the collection of GMA titles coming to Netflix Philippines. Fans can look forward to more upcoming GMA stories and entertainment that will be streaming on the platform soon.

Undas... Continued from B4 convenience store to buy something (or nothing at all) just to shake off those ghosts. This led to a hilarious meme supposedly started by 7-11, where it implored the public to stop using their stores to pagpag, because they were already full of ghosts! (But, no, the company never posted such a public appeal. And it never bothered to deny the meme. Hey, it’s free publicity after all!) In the end, perhaps these customs are less about keeping the dead away than about helping the living cope with loss. We break rosaries, don’t escort guests to the door, keep leftover food to ourselves, and make detours after wakes—all in the hope of warding off death and bad luck. But as I’ve learned from our own family’s experiences, grief has a way of making us hold on to whatever brings us comfort, even if it makes little sense to others. And if a little superstition helps us sleep better at night, so be it. To be fair, no amount of pagpag or broken rosaries will really be able to keep our dead from visiting us this Undas. And if we do hear them knocking on the door, or show up at the foot of our bed, just pray they’re not expecting us to serve them dinner. Frankly, who’s gonna take home those leftovers after they leave?

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IGHLY successful people who remain unfazed by hostility usually share the same inner trait: a rock-solid sense of internal validation. GMA premium artist and Sparkle talent Alden Richards might be at the center of a storm that is fast fizzling out but he remains unperturbed, and it reflects the kind of person he has beautifully evolved and toughened into. It’s true that Richard’s self-worth might have taken some time to solidify, but it is now obviously rooted in the values he formed in his extremely calculated climb to the top. And with the inner strength he slowly amassed in his core, any external insult thrown toward him will lose its power to disrupt his focus. I recall during a previous interview with Richards, he told me that, as far as his professional career is concerned, he keeps his eyes fixed strictly on medium to long term executions rather than on short-term public perception. “At this point in my life, what is more important are the goals I set for myself, and the direction I need in order to pursue them. As long as I work hard to reach these goals, and for as long as my intentions are pure, and I do not use or step on anyone, then what others perceive of me is of less importance.” Richards is no man of steel or king of ice. For sure, these bashings hurt, and some will really hurt bad. But I don’t think Richards would want to waste his precious time reading through all these put-downs and the comments generated because of one illexecuted accusation, especially coming from someone who deserves no space in Richard’s continuously flourishing career. I am quite sure that Richards has mastered the art of ignoring bashers and online insults, and he has long realized that digital hostility is never about him. For this particular tirade from someone based overseas that thrives and survives from the monetization he gets from careless gossip-mongering and irresponsible character assassination, this recent hostility is more a reflection of the basher’s internal frustration, a result of his overflowing insecurities, and his constant need for attention and control. Insulting and bashing others online is never okay. If it’s not something you’d do in the real world, then it’s not something that you should do online to someone you do not fully know. Sadly, the reality remains that not everyone subscribes to being respectful or ethical in this day and age. Especially in the entertainment industry, there

will always be persistent bashers who seem to have nothing better to do than to annoy others, so treat them like cowards and disengage them by silencing them through ignoring. Lucky for Richards, he has a lot of friends, fans and followers who have stood up for him and continue to band together for him. Friends and colleagues from the industry continue to rally behind Richards. Kim Atienza posted that Richards anonymously gave a million when he was raising funds for a friend afflicted with a terminal illness. Ai Ai de las Alas recalled that he loves to surprise people with kindness. Arnel Igancio described him as a rare gem. Jerald Napoles vouched that he always shows kindness in silence. Partners in life and in business Nelson Canlas and Chef Miggy

Cabel Moreno also came to Richards’ defense in their respective social media accounts. I remember a line in the hit series Game of Thrones when Lord Tyrion Lannister told John Snow, “Never forget what you are. The rest of the world will not. Wear it like an armor, and it will never be used to hurt you.” Life can be tough, but it is the same life that has toughened Alden Richards over the years. For sure, he will continue to wear his armor that has courage, kindness, generosity and love all at its core. He no longer easily crumbles to criticism that carries no weight, and his good heart remains untainted, unbothered, unruffled when he is faced with hostility in whatever form and intensity.

Inflation at the movies: Runtimes are longer, from ‘The Odyssey’ to ‘You Can See Everything’ By Jake Coyle The Associated Press NEW YORK—our bladder isn’t lying. Movies are getting longer. All kinds of films, from big-budget spectacles to art house dramas, are stretching their runtimes. It’s an old saying that a short movie can feel long and a long movie can feel short. But data, not just bathroom runs, shows that runtime inflation is real at the movies. After analyzing 36,431 movies released theatrically from 1980 to 2025, researcher Stephen Follows found that the average length of a wide-release movie has grown from 106 to 114 minutes. For most who frequent the movie theater, this isn’t surprising. It’s become a regular feature of the prerelease anticipation of a movie: How long is it? When the official runtime of The Odyssey was released (173 minutes), for some it was as if Christopher Nolan had laid down a challenge as intimidating as the Cyclops. But there’s little evidence that long runtimes are dissuading moviegoers. They may even be a draw. The Odyssey is the second-highest grossing movie of the year, with $1.8 billion in ticket sales, and the frontrunner for best picture at the Oscars. Still, the shift has changed the whole ecosystem around movies. Ahead of last year’s Venice Film Festival, festival boss Alberto Barbera noted that movies running 2 hours and 15 minutes or 2 hours and 30 minutes had become “the new international standard.” This, Barbera said, can be a programming annoyance as well as a knock on an otherwise good film. The festival selection committee, he said, often

sees films that would have benefited from being 10-20 minutes shorter. This year, three films viewed as top Oscar contenders—The Odyssey, La Bola Negra (159 minutes) and You Can See Everything (174 minutes)—all easily run more than 2 1/2 hours. It’s far from just the awards movies, though. The upcoming Hunger Games movie, Sunrise on the Reaping, is 158 minutes long, a new high for the franchise. Any way you cut it, that’s a lot of reaping. The advent of streaming has led the movies to seek larger screens and longer runtimes. When the flatscreen enticements at home are so great, the movies strive to be bona fide events to get people to come out. Bigger is better, or so the thinking goes.

CLOCKING THE ‘DOOMSDAY’ RUNTIME

NO one knows this better than Joe and Anthony Russo, stewards of the Avengers movies including the upcoming Avengers: Doomsday. “The moviegoing experience is evolving,” Joe Russo said in a recent interview. “Eventized cinema seems to be the draw to get people out of their homes. That can be premium storytelling, premium moviegoing experience, and length can certainly contribute to the feeling of an experience. In a lot of ways, it’s the feeling of getting your money’s worth.” Doomsday doesn’t yet have an announced runtime, though that hasn’t stopped a sizable cottage industry of coverage committed to pinning down its length. The Russos expect Doomsday to be closer to two and a half hours, slimmed down from the three-hour-long Endgame and relatively slender given that it contains a sizable portion of the Marvel Cinematic Universe.

For Russo, bigger is good, but not automatically better. “It doesn’t mean that you can’t pack a punch in a shorter runtime,” Russo said. “It’s whatever the story requires. It’s about squeezing the story into a diamond, and if that diamond ends up three-and-a-half hours, sure. If it ends up two-and-a-half hours, sure.”

FOR SOME FILMMAKERS, SLOWING DOWN IS IMPORTANT

THE Japanese filmmaker Ryusuke Hamaguchi makes movies that are almost the diametric opposite of a superhero film, yet he has arrived at similar runtimes. Hamaguchi’s films are resolutely human-scaled; they move with the rhythm of life. His 2021 film Drive My Car, the first Japanese film nominated for best picture, ran just under three hours. His movies are patient powerhouses that reject conventional movie plotting. “Storytelling as an action, you’re sort of forcing certain things to happen to make an interesting film,” Hamaguchi said. “Oftentimes, when I watch other films, they say this is how it is and continue to push the plot forward. I find that to be uncomfortable.” Hamaguchi was speaking in an interview shortly after the Cannes Film Festival premiere of his latest film, All of a Sudden. Contrary to its title, it runs 197 minutes. But the film, which Neon will release November 25, is one of the gentlest and most enlightening movies of the year. Fittingly, it’s about time. Virginie Efira stars as the director of a Paris nursing home where she’s introducing a more humane but timeconsuming care technique called Humanitude. She

encounters resistance from some staff but finds life improves for both the facility’s patients and its employees. For Hamaguchi, that message applies as much to movies as it does elder care. “My own values and thoughts around filmmaking come into the film,” he said. “I first learned about Humanitude in a different context and I decided to work within the field of caregiving. But when I started to research about it, I realized there were so many shared issues in common with the film industry.”

THE 90-MINUTE MOVIE MAY BE NEARLY OBSOLETE, BUT IT’S NOT GONE

NOT everyone shares the feeling that movies need to push closer to the three-hour mark. Polish filmmaker Paweł Pawlikowski has made three acclaimed films in a row, all 90 minutes or less. He’s not necessarily against longer-running movies, but he sets out to distill his films down to their most potent elements. “I love Lawrence of Arabia. It felt proportionate to the film and the landscape,” says Pawlikowski of David Lean’s 327-minute 1962 epic. “But nowadays there are films where it’s just too much. There are five endings and it’s just showing off. I won’t mention names but there are some really great directors doing it, too.” Pawlikowski’s latest, Fatherland, is a neat 82 minutes. Yet despite, or possibly because of its concision, Fatherland is an uncommonly rich experience, starring Hanns Zischler as the German Nobel Prizewinning novelist Thomas Mann and Sandra Hüller his daughter, Erika. They’re on a road trip through Germany in the aftermath of World War II.

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Friday, October 30, 2026

Etiqa Philippines earns third consecutive Two-Golden Arrow Award for governance excellence

Metrobank remains PHL’s strongest E bank for sixth consecutive year

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etropolitan Bank & Trust Co. (Metrobank) continues its streak as the Philippines’ Strongest Bank for the sixth straight year, according to The Asian Banker (TAB). This reinforces the bank’s position as one of the country’s most resilient and trusted financial institutions. “Our strength comes from the trust our customers place in us and the dedication of our Metrobankers, who remain committed to delivering financial solutions that help our clients succeed in different market conditions. This recognition reflects how we continue to grow stronger together with our clients, communities, and partners through every challenge and opportunity,” said Metrobank President Fabian S. Dee. “As we look ahead, we will continue to strengthen our capabilities, manage risks prudently, and create long-term value for all our stakeholders,” Dee added. The recognition is part of The Asian Banker’s annual ranking of the world’s 1,000 largest and strongest banks, which evaluates institutions based on key measures of financial performance, balance sheet strength, asset quality, liquidity, and risk management. Awardees are selected through a rigorous and transparent evaluation

process, with institutional performance reviewed by an independent panel of central bankers, global financial experts, and research professionals. Established in Singapore in 1997, The Asian Banker is a leading provider of research and intelligence for the financial services industry. Through its global awards program, it recognizes excellence in banking, digital transformation, and leadership across Asia-Pacific and other markets. Metrobank continued to deliver solid financial results. In the first half of 2026, the Bank posted a net income of P24.9 billion. Asset quality remained strong, with the non-performing loans (NPL) ratio standing at 1.8 percent, significantly lower than the industry average of 3.4 percent. The bank also maintained a robust NPL cover

of 133.3 percent, providing a substantial buffer against potential risks. Total consolidated assets grew by 12.7 percent to P3.9 trillion, while total equity stood at P409.7 billion. Metrobank’s balance sheet remained solid, with a Capital Adequacy Ratio (CAR) of 14.9 percent and a Common Equity Tier 1 (CET1) ratio of 14.2 percent, both comfortably above regulatory requirements. The recognition adds to a growing list of industry honors received by Metrobank this year. The Bank won the prestigious Cesar E.A. Virata Award, the highest recognition at the 2026 PDS Annual Awards, and secured top rankings in both the Local Currency Bonds and G3 Bonds categories at the Asset Benchmark Research Awards 2026, affirming its leadership in the Philippine capital markets.

TIQA Philippines received its third consecutive TwoGolden Arrow recognition at the 2026 Golden Arrow Awards, affirming its sustained commitment to responsible leadership, transparent business practices, and long-term stakeholder trust. Organized by the Institute of Corporate Directors (ICD), the awards recognize Philippine publicly listed companies and insurance companies for their corporate governance performance. Publicly listed companies were assessed using the ASEAN Corporate Governance Scorecard, while insurance companies were evaluated through the Corporate Governance Scorecard. A Two-Golden Arrow recognition signifies strong corporate governance performance under the applicable scorecard. The assessment covers shareholders’ rights and equitable treatment, stakeholder relations, sustainability and resilience, disclosure and accountability, and the Board’s strategic direction and oversight of management. For policyholders and business partners, the recognition signals that the company supports its commitments through disciplined decision-making, prudent risk management, effective oversight, and transparent practices. Anthony Lou Bernabe, President and CEO, said: “Trust is built when people know they can count on us, especially when they need protection most. This recognition strengthens our resolve to remain accountable to our customers, uphold the promises we make, and deliver on our commitments. As the insurance and takaful arm of the Maybank Group, we are guided by a shared responsibility to create lasting value for the people and businesses we serve.” Atty. Rolando Panes Jr., Senior Vice President, Legal and Corporate Secretarial, said the third consecutive recognition reflects the consistent discipline and accountability required at every level of the organization. “Good governance is reflected in the discipline behind every decision, the rigor of our oversight, and the transparency

Key representatives at the 2026 Golden Arrow Awards, held October 23, 2026 at the Rizal Ballroom, Makati Shangri-La: Atty. Rolando Panes Jr., Senior Vice President, Legal and Corporate Secretarial; Modesta Mammuad, Senior Advisor to the PCEO; Rossana Javier, Independent Director; Anthony Lou Bernabe, President and CEO; Gladys Pascual, Senior Vice President, Strategy and Transformation. with which we account for our actions. It requires clear responsibilities, effective controls, and a culture that holds itself to high ethical standards. Sustaining these practices is fundamental to protecting stakeholder interests and ensuring that our business remains resilient and accountable.” Backed by the scale, financial ecosystem, and regional presence of the Maybank Group, Etiqa Philippines combines strong local insurance capabilities with the governance discipline expected of one of ASEAN’s leading financial services groups. It will continue strengthening the practices that support stakeholder confidence and responsible growth, with a focus on transparent leadership, prudent risk management, and accessible solutions that help Filipinos protect what matters most.

Monster Munch! Here are some tasty snack picks for your horror movie marathon

Make your next horror movie marathon more enjoyable with URC favorites like C2 Cool and Clean, Jack ‘n Jill Piattos, Chippy, Mang Juan and Magic Chips

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HERE’S something about Halloween that makes us willingly chase the thrill of a good scare. We know that suspicious noise coming from the basement is probably bad news, and we know that splitting up is never a good idea. Yet somehow, we keep watching, eager to find out what happens next. Of course, how you choose to scare yourself is entirely up to you. Some prefer watching horror movies with friends (because misery loves company), while others would rather enjoy a good scare alone. And then there are those who couldn’t care less about what’s playing, as long as there are snacks. Whichever kind of horror movie watcher you are, here’s what to munch on this Halloween. For the Barkada That Screams Together: Chippy Barbecue and C2 Litro Lemon You know it’s going to be a good movie

night when half the group is screaming at the screen and the other half is laughing at them. Keep Chippy Barbecue within reach for everyone to munch on between jump scares and hilarious reactions. Throw in a C2 Litro Lemon for the group, and you’ve got the refreshments covered. For the Horror Buff Who’s Seen It All: Chicharron ni Mang Juan Espesyal Suka’t Sili We all know someone who takes their horror movies seriously. They’ve seen all the classics, know their way around foreign horror films, and have strong opinions about which sequels should never have been made. For them, one movie is never enough. It’s always a fullblown horror marathon. And what better way to keep the marathon going than with a snack that keeps you craving another bite? Keep Chicharron ni Mang Juan Espesyal Suka’t

Sili within reach for an asim-anghang treat that’s *nakakagana*, perfect for munching on as you work your way through your horror movie watchlist. For Those Who Dare to Watch Alone: Piattos Roadhouse Barbecue There’s watching a horror movie, and then there’s watching a horror movie alone. With the lights off. At night. If you’re the type who enjoys a good scare without anyone interrupting, Piattos Roadhouse Barbecue makes the perfect companion for some well-deserved me-time. Think about it: no one talking over important scenes, no one asking you to explain the plot, and no one suggesting you switch to a comedy halfway through. Just you, your go-to horror movie, and a bag of your favorite hexagonal potato crisps you don’t have to share with anyone. Now that’s what we call uninterrupted me-time. For the One Who’s Just There for the Snacks: Magic Chips Cheese Let’s be real: Not everyone who shows up for a horror movie night is actually interested in watching horror movies. Maybe you were invited by a friend. Or maybe you heard there would be food and decided that was reason enough to leave the house. If you’re more invested in the snack selection than the movie itself, Magic Chips Cheese should be right up your alley. They’re flavorful, crunchy, and satisfying enough to keep you occupied while everyone else is busy figuring out who’s going to survive. Whether you’re screaming with the barkada, enjoying a solo scare, or simply showing up for the food, the right snacks and drinks can make any horror movie night more enjoyable. So, pick your favorite scary flicks, stock up on your go-to munchies from Universal Robina Corporation (URC). Get ready for a Halloween marathon filled with good scares and even better snacking.

Before we sail: Five ways 2GO prepares for passenger safety

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HEAD of the holiday travel season, 2GO Travel highlights the preparations behind every voyage, reinforcing its commitment as a reliable travel partner for safe and comfortable journeys. At 2GO Travel, every voyage begins with a continuous commitment to safety. From training crew members and inspecting safety equipment to assessing vessel readiness and securing the necessary clearances, a series of measures takes place behind the scenes before every ship departs. Through Before We Sail, 2GO Travel highlights five key practices that help support safe and dependable journeys for travelers across its passenger network. 1. Building readiness through regular crew drills Safety begins with a well-prepared crew. Regular drills give 2GO personnel opportunities to practice emergency response procedures, strengthen coordination, and reinforce their individual responsibilities onboard. These exercises help foster a culture where safety is a shared responsibility, and readiness remains a priority every day. 2. Inspecting safety facilities and equipment Alongside crew preparedness, 2GO routinely inspects safety facilities and equipment onboard its vessels to help ensure their condition and operational readiness. These inspections support emergency preparedness and help identify any items requiring attention before a vessel sets sail. 3. Conducting vessel checks before every journey Preparations continue even after a ship completes its voyage. Following arrival and ahead of departure, technical teams carry out routine deck, engine, and bearing inspections to assess the vessel’s condition and readiness for

BingoPlus VIP Club elevates personal engagement through sports, lifestyle experiences

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INGOPLUS VIP Club continues to bring its promise of elevated lifestyle experiences to life, creating more meaningful connections with VIP members through shared interests beyond gaming. Recently, the Club held its first-ever mini VIP Pickleball and VIP Bowling events, introducing intimate, specially curated gatherings designed to bring members together through sports, recreation, and personal interaction. More than friendly competitions, these exclusive CRM pocket events provided

opportunities for VIP members to meet, unwind, and connect with fellow members and their dedicated personal managers in a relaxed and enjoyable setting. Each experience was thoughtfully curated, combining engaging sports activities with dining, exciting prizes, and special activities that made the gatherings more memorable. The smaller, more intimate format also allowed the VIP team to get to know members personally, better understand their interests and preferences, and build

stronger relationships beyond their usual interactions. Through initiatives like these, BingoPlus VIP Club reinforces its commitment to making VIP engagement more personal, recognizing members not simply as players, but as individuals with unique lifestyles, passions, and interests. As the club continues to explore more lifestyle-driven experiences, its goal remains clear: to make every VIP feel recognized, appreciated, and connected, one meaningful experience at a time.

its next trip. These assessments help keep vessels operating safely and efficiently for passengers and crew alike. 4. Screening baggage and cargo brought onboard Passenger safety also extends to everything carried aboard the vessel. As part of standard operating procedures, baggage and cargo undergo screening before loading to help manage potential risks and contribute to a secure onboard environment. 5. Securing the required departure clearances Before leaving port, 2GO works closely with the Philippine Coast Guard to complete the required inspections and obtain the necessary departure clearances. A vessel departs only after receiving the required approval, providing an additional layer of oversight before every sailing. These five practices form part of 2GO Travel’s ongoing commitment to passenger safety. With 2GO Travel’s strict measures in place, the company works to ensure every voyage begins with safety at the forefront, giving passengers greater confidence every time they sail. Passengers also play an important role in maintaining a safe onboard environment. Travelers are encouraged to pay attention to safety briefings, familiarize themselves with emergency exits and life jacket locations, and approach crew members for assistance. As families prepare to reunite and travel home this holiday season, 2GO Travel continues the work behind every journey, preparing its people, maintaining its vessels, and carrying out the measures that help passengers sail with confidence. For bookings, visit travel.2go.com.ph.

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

www.businessmirror.com.ph

Editor: Tet Andolong • Friday, October 30, 2026

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introduced V25 BEV and REEV variants were on display and also featured in the off-road test-drive activities

➋ THE V27 REEV AWD in action during the muddy off-road test drive

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iCAUR steps into the spotlight at the International User Summit T

Story & photos by Randy S. Peregrino

HE recently concluded Chery International User Summit in Wuhu, China, was more than a gathering of global media, users, and brand partners. For delegates from the Philippines, it provided an immersive introduction to iCAUR, a lifestyle-focused new energy vehicle brand set to enter the local market with the V23 and V27. Held under the theme “Classic Never Fades | Make It Yours,” the summit showcased the brand’s vision of blending retro-inspired SUV design, modern electrified technology, and user-driven creativity.

USER-DRIVEN CUSTOMIZATION CARNIVAL

ONE highlight of the Chery International User Summit was the iCAUR User-Driven Customization Carnival, an event that showcased the brand’s belief that ownership goes far beyond simply driving a vehicle. Designed as a platform for owners, designers, and enthusiasts, the carnival celebrated creativity and personalization through a wide range of customized models. Around 20 modified vehicles were displayed alongside three factory-backed concepts: the V25 Game Changer, inspired by gaming culture; the V23 Forge, featuring a rugged wide-body off-road theme; and the V27 Sun Roam, a travel-inspired build that paid tribute to classic expedition vehicles. The showcase extended beyond traditional vehicle modifications. User-created builds featured camping and overlanding gear, modular storage solutions, roof racks, and adventure accessories, while others were transformed into mobile coffee shops, bicycle repair stations, entertainment hubs, and social gathering spaces. One standout concept, called

CYBER PARTY, reimagined the V23 as a mobile DJ booth complete with a deployable stage for outdoor events. More importantly, the carnival demonstrated that these concepts are not merely show vehicles. It viewed customization as a key pillar of its future business strategy, with plans for dedicated personalization areas in showrooms, expansion of its Club Connect global community, and the introduction of official customized variants in international markets. Rather than focusing solely on performance specifications or premium features, the brand is building an ecosystem centered on travel, outdoor recreation, gaming, photography, and lifestyle experiences. The carnival illustrated how a vehicle can become a canvas for self-expression and a reflection of its owner’s passions. This approach could resonate strongly with Filipino buyers, who have long embraced SUV customization through lift kits, roof racks, aftermarket wheels, and adventure accessories. By integrating personalization into the ownership experience from the very beginning, it is turning customization from an aftermarket upgrade into a defining part of the brand’s identity.

V25’S GLOBAL DEBUT

THE festival’s centerpiece was the global launch of the all-new V25. Positioned between the compact V23 and the flagship V27, the V25 completes the brand’s growing V-Series lineup. It also sent a clearer picture of the expanding global portfolio. Visually, the V25 remains faithful to the brand’s “Future Classic” design philosophy. It combines upright proportions, a boxy silhouette, circular headlamps, and rugged styling cues with a thoroughly modern electrified platform underneath. The result is a

vehicle that blends nostalgic SUV design with contemporary technology. The V25 will be offered globally in two versions: a Battery Electric Vehicle (BEV) and a Range-Extended Electric Vehicle (REEV), making it the first model in the lineup to provide both fully electric and range-extended options. The BEV version features an 80.16-kWh battery pack and is available in rear-wheel-drive and all-wheel-drive configurations. Output ranges from 185 kW in the rear-wheel-drive model to 335 kW in the dual-motor all-wheeldrive variant. Depending on the configuration, driving range reaches up to 445 kilometers under the NEDC testing cycle, while DC fast charging from 30 to 80 percent can be completed in approximately 25.7 minutes. Meanwhile, the REEV variant combines a dual-motor electric drivetrain with a 1.5-liter turbocharged engine that functions solely as a generator. Combined output reaches 335 kW and 505 Nm of torque, while pure electric range is rated at up to 150 kilometers. The vehicle also boasts a total range of more than 800 kilometers, addressing one of the most common concerns among potential EV buyers. Other highlights include i-AWD intelligent all-wheel drive, more than 20 factory customization options, up to 1.8 tons of towing capacity, and vehicle-to-load functionality that can power outdoor equipment and appliances. Although no official Philippine launch schedule has been announced, the V25 is widely expected to follow the local introduction of the V23 and V27.

A MUDDY FIRST TASTE OF THE V27 REEV

BEYOND static displays and presentations, summit participants could experience iCAUR’s capabilities firsthand on a muddy off-road driving course featuring the V27 REEV.

While the route was relatively short, it offered enough challenges to reveal the vehicle’s strengths. From the outset, the V27 projected a strong off-road presence. Its boxy bodywork, flared wheel arches, generous ground clearance, roof rails, side steps, large wheels, protective body cladding, and rear-mounted spare tire all contributed to its expedition-ready appearance. Under the hood is a range-extended electric powertrain in which a 1.5-liter turbocharged engine serves as a generator while electric motors drive the wheels. In dual-motor all-wheel-drive form, the system produces approximately 335 kW and 505 Nm. The benefits were immediately apparent on the muddy terrain. Electric torque arrived instantly, allowing the V27 to accelerate briskly through slippery sections without hesitation. Where conventional SUVs often need to build momentum, the V27 delivered immediate response and confident forward progress. Its intelligent all-wheel-drive system proved equally impressive. Traction remained secure even through deep puddles and heavily churned-up surfaces, while wheelspin was effectively managed. Rather than overwhelming the driver, the system inspired confidence with smooth, predictable performance. Perhaps the biggest surprise was the vehicle’s steering response. Despite its size, the V27 felt precise and easy to position. Even as the surface became increasingly slippery, the steering allowed accurate placement while maintaining stability when the rear of the vehicle began to rotate slightly through muddy turns. Technology also played an important role. The V27’s camera and radar systems continuously displayed information about the surroundings, helping drivers identify obstacles, terrain changes, and potential hazards. Combined with the elevated seating position and excellent visibility, these features

made even unfamiliar terrain feel manageable and less intimidating.

THE NEXT BIG DISRUPTOR IN THE SUV SPACE?

THE Philippine SUV market has long been dominated by traditional formulas. Rugged off-roaders often rely on heritage and diesel power, while family SUVs prioritize comfort and practicality. iCAUR appears determined to challenge both approaches. By combining retro-inspired styling, electrified powertrains, advanced technology, and factory-backed customization, the brand offers something genuinely different in a segment where many vehicles increasingly look and feel alike. The V23, V25, and V27 are not merely niche adventure vehicles. Their blend of modern driver-assistance technologies, flexible powertrain options, practical interiors, and customization potential broadens their appeal beyond hardcore off-road enthusiasts. For the Philippines, the timing could be ideal. Interest in electrified mobility continues to grow, yet concerns about charging infrastructure remain. The REEV technology found in models like the V25 and V27 offers a practical bridge between conventional internal combustion vehicles and full battery-electric vehicles. Whether iCAUR can disrupt the established SUV hierarchy remains to be seen. However, after its strong showing at the Chery International User Summit, it is clear that the brand is bringing a fresh perspective to the market. With its unique mix of adventure, personalization, and electrified performance, iCAUR could appeal not only to enthusiasts but also to mainstream SUV buyers looking for something different. If executed well, the brand could emerge as one of the more intriguing new players in the Philippine automotive landscape.

Industry’s huge rebound in September; Geely get-together WHAT did I say? That sales will stage a strong rebound as we approach the peak of the Christmas season, right? Already, September revenues have significantly jumped in bucking a lethargic industry performance in August. The freshest data culled by Elvin “The Big E” Luciano from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association, Inc. (TMA) showed combined sales of 35,722 units in September, up 20.6 percent from August figures. That stunning result strongly indicates the industry’s obvious return to normalcy, overcoming weather-related disruptions that radically disturbed buying trends a month before the start of the “Ber” months. With estimated sales from non-CAMPI-TMA brands included, total industry sales in September surpassed 40,240 units, 17 percent higher than in August. According to CAMPI President Jose Maria “Jing” Atienza, breaching the 40,000-unit monthly sales mark reflects positive market movement. He said the industry’s robust September performance signals a return to the recovery path projected before the onslaught of destructive typhoons had momentarily affected market activity in August. “Sales of ICE vehicles posted a strong 19-percent rebound in September, while xEV sales also recorded a solid 14-percent increase,” said Atienza. “This continued growth across both segments reflects healthy consumer demand and reinforces our confidence in the market.” The industry’s positive stance is indicative of a sales surge heading into the final three months of the year—a phenomenon that has almost become a recurring tradition

and a first look at the Geely Monjaro EM-i. The gathering is part of the recurring activities GMP holds for its customers to ensure that support is felt long after the initial sale. “Through these sessions, owners gain direct access to the company’s technical team and a stronger connection to the growing Geely community in the Philippines,” said Woo.

EX2

through the years. “We believe the industry is well-positioned to sustain its momentum and it is expected to deliver a strong overall performance in 2026,” said Atienza. Among CAMPI-TMA member brands, Toyota Motor Philippines Corp. led September sales with 18,157 units. It was followed by Mitsubishi Motors Philippines Corp. with 3,962 units, Suzuki Philippines Inc. 1,466, Ford Group Philippines, Inc. 1,187 and Honda Cars Philippines, Inc. 1,136 units.

GEELY ‘GET-TOGETHER’

GEELY Motor Philippines (GMP) welcomed 20 owners of the all-electric Geely EX2 to an exclusive owners’ gathering recently at Karrera Bistro in Alabang. Paul Angelo Woo said the event gave owners a closer “look at life” with a battery electric vehicle (BEV), updates on the brand’s upcoming plans

THE program was anchored by a session led by Arsenio Chavez Jr., Technical, Training, and Warranty Manager of Geely Motor Philippines, who discussed BEV ownership and walked owners through the warranty process for their vehicles. “Our EX2 owners are among the first in the country to make the switch to electric driving with Geely, and we want them to feel fully supported at every stage of ownership,” Chavez said. “Sessions like this allow us to share practical knowledge about their vehicles and to make sure they know exactly how our warranty and after-sales support work for them.”

MONJARO EM-I

IN addition, attendees were treated to an exclusive preview of the Geely Monjaro EM-i, giving owners an early opportunity to see the model up close ahead of its wider introduction in the Philippines. GMP also announced the availability of the EX2 in pink, with only 200 units available nationwide this year. Furthermore, GMP confirmed its participation in the Autofocus Test Drive Festival, which will run from November

12 to 15, 2026, where the public can view and test-drive Geely vehicles. “GMP remains committed to building a strong and engaged community of Geely owners in the Philippines, anchored by dependable after-sales support and regular opportunities to connect with the brand,” Woo said.

ABOUT GEELY AUTO GROUP

GEELY Auto Group is a leading automobile manufacturer based in Hangzhou, China and was founded in 1997 as a subsidiary unit of Zhejiang Geely Holding Group (ZGH). The Group manages several leading brands, including Geely Auto, Lynk & Co, and Radar. Geely Auto Group is also the global strategic partner of Malaysian national automaker Proton. Geely Automobile Holdings, a subsidiary company holding controlling stakes in Geely Auto, Lynk & Co, and Radar, has been listed on the Hong Kong stock exchange since 2005. In 2025, the brands under the group sold over 4.11 million units with 2.3 million units of new energy vehicles, marking a 58-percent year-on-year increase in the category.

PEE STOP The PAL Mabuhay Miles Elite Invitational Golf

will be held on November 3 at The Orchard in Cavite. Players from Japan, Australia and the US are expected to trade shots with Filipino stalwarts in the event’s 30th edition. “This tournament celebrates the lasting relationships we have built with our valued customers over the years,” said Atty. Carlos Luis Fernandez, executive vice president and chief operating officer of Philippine Airlines. “It is our way of thanking them for choosing PAL and sharing the genuine Filipino care that connects us beyond their travels.” Mabuhay!

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Big infrastructure push ahead for Mindanao By Manuel T. Cayon

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@awimailbox

AVAO CITY—Major infrastructure upgrades are gathering steam across Mindanao, with two key airports and a revived island-wide railway system among a fresh wave of projects being prepared for public-private partnership (PPP) backing.

Speaking on the sidelines of the Mindanao Development Forum at Dusit Thani Davao, Public-Private Partnership Center Undersecretar y R izza BlancoLatorre revealed that 70 PPP projects across the island are currently moving through various stages of development—with 30 already in active implementation. Nationwide, the agency hand les a total portfolio of 600

projects. Among the high-profile entries on the table are air port expansions for: n Laguindingan Airport (Misamis Oriental)—Northern Mindanao’s primary international gateway. n Sayak Airport (Siargao Island)—The bustling surf capital’s Class-2 hub, currently limited to smaller propeller aircraft.

Railway, clean power

THE push goes beyond aviation. Latorre confirmed that the longdelayed Mindanao Railway—once a centerpiece infrastructure goal under former President Rodrigo Duterte—has been officially referred back to the PPP Center to be restudied for potential private sector investment. Also undergoing evaluation is the long-overdue overhaul of the Agus-Pulangui Hydroelectric Power Plants. Stretching across Lanao del Sur, Lanao del Norte, and Bukidnon, the complex was historically the island’s primary power source. Deputy Executive Director Romeo Montenegro of the Mindanao Development Authority (MinDA) said clean power remains top priority as Mindanao is targeting an added 1,000 megawatts by 2030, aiming for renewables to hit 50 percent of its total energy mix.

Peace, investment fueling ambition

LOCAL leaders are showing unprecedented interest in big-ticket development, spurred by streamlined

regulations under the new PPP Code, fast-tracked “green lane” approvals, and dramatically improved regional peace and security. MinDA Chairman Leo Tereso Magno highlighted the historic turnout at this year’s forum—attracting 520 local government delegates—as proof of growing local initiative. “The audacity of local governments to propose big projects is directly linked to the improved peace situation and rising investment across Mindanao,” Magno noted. He singled out the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) as a prime success story—after logging P4 billion in investments in 2023 and P5 billion in 2024, BARMM blew past its annual targets in just the first six months of 2026, pulling in P5.1 billion in registered investments. The economic turnaround has yielded tangible results: poverty incidence in the autonomous region dropped sharply from 23 percent in 2023 down to 18 percent last year.

Cebu tourism up 8% on foreign demand By Carmel Pedroza

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EBU CITY—Stronger international demand boosted Cebu’s tourism sector in the first nine months of 2026, driven by a surge of more than 25 percent in foreign visitor arrivals from key Asian markets, official statistics show. Data released by the Cebu Provincial Tourism Office shows total arrivals reached 1,146,864 from January to September – an 8.6 percent jump compared to 1,056,152 visitors recorded during the same period last year. Foreign tourist arrivals spearheaded the growth, rising 26.52 percent yearon-year to 250,550. Domestic travel also expanded, posting a 4.45 percent increase with 896,314 visitors. South Korea maintained its position as Cebu’s top source of overseas visitors, generating 60,918 arrivals. The United States placed second with 23,594 visitors, followed closely by Japan with 22,597. In total, the province registered positive growth across 55 source markets, led by South Korea, China, the United Kingdom, Australia, and Malaysia. “We are happy to see Cebu’s tourism industry continue to grow, creating more opportunities for our communities,” said Gov. Pamela Baricuatro. She emphasized that the provincial government will continue collaborating with industr y stakeholders to sustain momentum and ensure economic benefits reach local communities. At the municipal level, Santa Fe recorded the highest volume of visitors with 130,553 arrivals, followed by Oslob (57,667) and San Remigio (53,348). Towns including Cordova, Daanbantayan, and Moalboal, as well as Mandaue City, also drew significant foreign interest, highlighting widespread tourist activity across the province. However, growth was not uniform. Visitor numbers dropped from 13 countries, prompting provincial officials to closely track shifting international travel patterns. The provincial government noted that the figures, current as of October 19, remain partial due to varying reporting timelines among local governments (LGU). Of the monitored LGUs, 23 submitted complete data, nine provided reports through August, 14 submitted partial entries, and five have yet to report. Tourism officials said ongoing consolidation efforts will help evaluate visitor trends and refine strategies to strengthen Cebu’s overall market position.

Sweden shares green tech to boost Philippine mining By Jonathan L. Mayuga

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WEDEN is offering its centuries-old mining expertise to help the Philippines modernize its mining sector, dangling cuttingedge underground equipment, green technology, and a lowcarbon blueprint to lift competitiveness and sustainability. Speaking at the Mining Philippines 2026 International Conference and Exhibition, Swedish Ambassador to the Philippines Anna Ferry announced that Sweden and its global companies are eager to collaborate with local and foreign mining companies, government agencies, and industry stakeholders. The proposal comes at a critical time for the Philippines. While open-pit mining has faced intense local opposition, the government lifted its four-year surface mining ban in late 2021. However, very few local companies currently possess the technological expertise to execute deep underground operations cleanly and safely. “Sweden and its companies can work with Philippine and foreign mining firms, government agencies, and other stakeholders to raise competitiveness, productivity, and sustainability,” Ferry said.

Expertise, tech dominance

SWEDEN brings serious industrial clout to the table. With mining roots dating back to 1288 at the historic Falun Mine, Sweden today is Europe’s top supplier of iron ore and home to Kiruna—the world’s largest underground mine. Key Swedish advantages include: n Global equipment powerhouse: Swedish companies currently manufacture and supply over two-thirds of the world’s underground mining equipment. n Massive efficiency gains: Through technological leaps, Sweden streamlined its operations over a century—shrinking from 250 mines producing 10 million tons of ore to just four high-tech mines producing 90 million tons. n Deep research and development investment: Sweden invests 3.5 percent of its gross domestic product into research and development, ranking second globally on the World Intellectual Property Organization (Wipo) Global Innovation Index.

Game-changing green technologies

FERRY highlighted three flagship Swedish innovations built on public-private collaboration (“Triple Helix”) that could be tested or replicated in the Philippines: 1. HYBRIT (Fossil-Free Steel): A breakthrough project using green hydrogen instead of coal to produce the world’s first carbon-free steel. 2. Autonomous and carbon-free mining: A sector-wide partnership testing full electrification, automation, and digitalization in underground environments. 3. Electric trolley trucks: Heavy-duty electric hauling systems developed for underground shafts that slash carbon emissions while boosting worker safety. Beyond machinery, Sweden is offering its governance model to help balance industrial expansion with environmental and indigenous concerns. Ferry acknowledged that reconciling mining with traditional livelihoods is a delicate challenge even at home, pointing to ongoing dialogues with the indigenous Sami people, whose reindeer herding territories cover nearly half of Sweden. Through Team Sweden—which includes development agencies like Sida, academic institutions, and trade promotion bodies—the Nordic country stands ready to assist the Philippines in capacity building, policy development, and sustainable tailing management.

Beware fake BuCor hiring ads online

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HE Bureau of Corrections (BuCor) on Thursday issued a warning to job seekers regarding a fraudulent recruitment post circulating on social media that redirects users to a phishing website. The scam was flagged on October 24, when BuCor’s Directorate for Intelligence and Investigation discovered a post on the Facebook page “Nationwide Job Openings PH” titled “Bureau of Corrections [BuCor] Now Hiring 2026!” Positions for corrections officers and technical personnel, directing interested applicants to a shortened link in the comment section were advertised. Security checks revealed that the provided URL ([ https://tinyurl.com/ new-bucor-job ]( https://tinyurl.com/newbucor-job ) was flagged by VirusTotal as a malicious phishing site. Clicking the link redirects applicants to an unofficial domain ( shopcredit.

xyz/bucor-hiring-2026/ ), which falsely promises monthly salaries ranging from P35,783 to P74,879 alongside fake application guidelines, requirements, and contact details. Authorities warned that while no direct data compromise has been confirmed yet, the unauthorized site poses severe cybersecurity risks—including identity theft, credential harvesting, unauthorized personal data collection, and financial fraud. In light of the threat, Corrections Director General Gregorio Pio P. Catapang Jr. urged the public to exercise extreme caution. “Do not click the link, submit personal documents, provide account credentials, or make payments through unverified websites,” Catapang advised, emphasizing that applicants should verify all career opportunities exclusively through official government communication channels.

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