BusinessMirror September 01, 2026

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Tuesday, September 1, 2026 Vol. 21 No. 322

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BRIDGE OF SORROW A portion of the Agana Bridge in Barangay Tibag, Tarlac City, gives way Saturday night, August 29, as heavy rains from the southwest monsoon (Habagat) swell the Tarlac River and unleash strong currents. A vehicle carrying five people plunged into the river when the bridge

PHL MAY SHIFT TO LONG RATE PAUSE—NOMURA

collapsed at about 8:32 p.m. One passenger was rescued, while four others remained missing as search-and-rescue operations continued. The collapse came less than 24 hours after a portion of the Ninoy Aquino Bridge also gave way amid relentless rains and strong river currents. Tarlac was subsequently placed under a state of calamity as widespread flooding damaged infrastructure and disrupted major roads. NONOY LACZA

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By Andrea E. San Juan

HE central bank may go on a “prolonged pause” from raising its policy rate while uncertainty remains high as the combined inflationary impact of a severe El Niño and wage hikes is “historically difficult” to estimate, according to Japan-based Nomura Global Markets Research. “We maintain our forecast that BSP [Bangko Sentral ng Pilipinas] hikes by another 25 basis points to 5.25 percent at the next monetary board meeting in October but now see some risks it could deliver more thereafter,” Nomura said in its commentary. From October, however, Nomura said it expects BSP to shift to an

extended pause but it did not rule out further rate hikes especially if El Niño turns out worse than the central bank had anticipated. “From October, we forecast a prolonged pause by BSP but acknowledge some risk that BSP could deliver more hikes later and that the See “Nomura,” A2

CAUTIOUSLY OPTIMISTIC: ‘PHL EXPORTS CAN STILL GROW’ By Bless Aubrey Ogerio

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@blessogerio

HE Philippines may still have room to push its exports beyond the government’s 2026 forecast, even as officials acknowledge that the country is still working out how much growth it can realistically deliver. The Export Marketing Bureau (EMB), an attached agency of the Department of Trade and Industry (DTI), said it remains cautiously optimistic that goods and services exports could outperform the Development Bud-

get Coordination Committee (DBCC) projections. “We’ve seen the DBCC forecast about 3 percent for goods and 4 percent for services. We are cautiously optimistic that we’ll surpass that forecast,” EMB Director Bianca Pearl Sykimte told reporters recently in Pasay City. Sykimte, however, said the agency was still working on the numbers, echoing DTI Secretary Ma. Cristina Roque’s remarks in July that the department did not yet have a firm export projection but was already discussing the outlook. See “Exports,” A2

BSP: Hot money outflows reach $3.94B in Jan-July

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VERALL withdrawals of foreign portfolio investments outweighed new placements in January to July as hot money swung to a $3.94-billion net outflow during the period, a reversal of the $2.25-billion net gain recorded last year. “The swing from a $2.25-billion net inflow in January-July 2025 to a $3.94-billion net outflow in the same period of 2026 suggests that foreign investors have become significantly more cautious toward risk assets and emerging markets amid a more uncertain global environment,” Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines (UBP) said on Monday. Asuncion said this indicates that while the Philippines continues to attract foreign portfolio investments at certain points, overall withdrawals have outweighed new placements this year as investors respond to “heightened geopolitical

tensions, elevated inflation risks, volatile financial markets, and concerns over global growth.” However, he pointed out that the data underscored how portfolio flows are often driven more by shifts in global risk sentiment than by domestic fundamentals alone. Of the $3.94 billion net outflow, the $1.73 billion came from net withdrawal in Philippine Stock Exchange-listed securities while there was a $2.21 billion net outflow in government securities in the seven-month period. Data also showed a $3-million net gain in peso time deposits with at least a tenor of 90 days.

Monthly, annual figures

DATA from the BSP indicated that short-term investment withdrawals exceeded placements in the months of January, with a $1.13-billion See “BSP,” A2

Hope for ‘lift’ in ‘ber’ months pinned on infra By Justine Xyrah Garcia

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@jxrgarcia

HE government is banking on a revival in public infrastructure spending to help lift household consumption as the “ber” months approach, Socioeconomic Planning Secretary Arsenio M. Balisacan said. Balisacan said stronger public infrastructure activity could generate spillover effects in the private sector and support economic activity amid persistent inflationary pressures. “If we are able to deliver public infrastructure, for example, then there will be second- and third-

round effects on the private sector,” Balisacan told reporters in a recent interview. The outlook comes as household consumption posted weak growth in the second quarter of 2026, with household final consumption expenditure rising by only 2.8 percent, slower than the 5.2 percent recorded in the same period last year. The Philippine Statistics Authority (PSA) said this was the slowest growth since the first quarter of 2021, when household spending contracted by 4.8 percent. Excluding the pandemic period, it was the weakest growth since

the third quarter of 2010, when household spending grew by 2.6 percent. The slowdown was partly driven by contractions in transport at 7.5 percent, alcoholic beverages and tobacco at 1.9 percent, recreation and culture at 0.8 percent, and restaurants and hotels at 0.2 percent. Food and non-alcoholic beverages remained the largest component of household spending, accounting for 36.3 percent of total household spending. At the retail level, the Philippine Amalgamated Supermarkets Association (Pasa) said the arrival of the “ber” months does not necessarily bring an immediate surge in

supermarket sales, with the next significant seasonal lift usually coming closer to Christmas. (See: https://businessmirror.com. ph/2026/08/29/ber-monthssoon-not-quite-a-supermarketbonanza-yet/). Balisacan said inflation remains a major concern for consumption and expressed hope that price pressures would continue to ease. “Hopefully we can get the inflation to continue to decline,” he said, adding that legislation could also help improve the “perception about our government.” The government’s push for stronger infrastructure activity See “Infra,” A2

HISTORY IN DEEP WATERS Floodwaters surround the historic Barasoain Church in Malolos, Bulacan, on August 30, 2026, as persistent rains from the southwest monsoon, or Habagat, inundated parts of the province. The church, where the Malolos Congress convened and the First Philippine Republic was inaugurated in 1899, found its historic grounds under water as the country continued to grapple with widespread flooding. The National Disaster Risk Reduction and Management Council said about 8.4 million people had been affected by the combined effects of habagat and Tropical Cyclones Luis, Maymay and Neneng as of August 30.

PHOTO COURTESY OF BARASOAIN CHURCH-OUR LADY OF MOUNT CARMEL PARISH

PESO EXCHANGE RATES n US 61.7640 n JAPAN 0.3876 n UK 84.0423 n HK 7.8799 n CHINA 9.1911 n SINGAPORE 48.6178 n AUSTRALIA 44.4330 n EU 71.9859 n KOREA 0.0448 n SAUDI ARABIA 16.4507 Source: BSP (August 28, 2026)

News

BusinessMirror

A2 Tuesday, September 1, 2026

Hope for ‘lift’ in ‘ber’ months pinned on infra Continued from A1

comes as investment continued to weigh on economic growth. Gross capital formation contracted by 9.2 percent year-on-year in the second quarter, marking its fourth consecutive quarter of decline. Gross fixed capital formation also fell by 13.7 percent in the second quarter, worsening from a 2.5 percent contraction in the previous quarter. Construction was among the biggest drags, contracting by 14.8 percent year-on-year in the second quarter from a 4.3 percent decline in the previous quarter. Despite the weak second quarter consumption performance, Balisacan said he does not expect a major reversal on the country’s major driver of growth. Earlier, the World Bank warned that household consumption growth in the Philippines could hit its weakest pace in six years in 2026 as elevated prices continue to erode purchasing power. (See: ht t p s:// b u s i ne s s m i r ror.com . ph/2026/08/03/6-year-low-in-domestic-consumption-growth). In its midyear Philippines Economic Update, the World Bank projected domestic consumption to grow by 3.5 percent this year, down from 4.6 percent in 2025.

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Oil firms slate ₧3 rollback

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By Lenie Lectura @llectura

IL firms are implementing a rollback this week by as much as P3 per liter.

Nomura… Continued from A1

rate cuts we penciled in for [the second half of] 2027 could be delayed,” Nomura noted. “If El Niño is more intense and/or more prolonged, this could prompt BSP to hike by more, as another preemptive response to the potential impact of sharp increases in food prices to inflation expectations,” it added. Nomura believes uncertainty remains high as the inflationary impact of a severe El Niño and the impact of wage hikes is historically difficult to estimate, which is why BSP officials in the press briefing “repeatedly” said they have to look at various scenarios and judge “respective probabilities.” At the monetary policy stance briefing of the central bank last August 27, BSP Assistant Governor of the Monetary Policy Sub-sector Rogelio V. Mercado Jr., said the central bank has already factored in a strong El Niño based on past events in terms of increase in prices.

Seaoil said it will slash diesel and kerosene prices by P3.83 and P3.84 per liter, respectively. Meanwhile, gasoline will be sold P0.32 per liter cheaper. Shell, for its part, will reduce kerosene and diesel prices by P3.80 per liter. For gasoline, it will sell it at P0.30 per liter cheaper.

In the “central scenario,” BSP Department of Economic Research Director Lara Ganapin said the central bank is looking at two channels in terms of the impact on rice output. “If rice output would go down, there would be some pressure on domestic rice prices. The other channel is in terms of higher import prices because other countries are also affected by the El Niño,” she said. In the alternative scenarios, Ganapin said the central bank also ran some simulations which take into account risk factors associated with strong typhoons. “According to the scientists, strong El Niño is also associated with severe, let’s say, strong typhoons. So, we also had some simulations. If there are strong typhoons, if there is change in foreign export policy of other countries, so that’s also a risk factor and also our own domestic policy,” the BSP director noted. The BSP revised downwards its inflation forecast for 2026 to 6.1 percent from its 6.4 percent forecast during its June 18 policy meeting while it raised its inflation forecast for 2027 to 5.4 percent, from its

The new pump prices will take effect Tuesday, September 1. Other oil firms have yet to announce their price rollbacks as of press time. Last week, oil companies increased pump prices by P1.08 per liter for gasoline, diesel by P2.31, and kerosene by P0.95.

4.5 percent forecast last June 18. Mercado said the 6.1 percent inflation is “of course driven by lower-than-expected inflation in June and July, as well as declining oil prices. This would be partly offset by the impact of El Niño on rice prices in the fourth quarter.” Given what the central bank thinks the impact is likely to be, BSP Governor Eli M. Remolona Jr. signaled: “We may not need further policy increases.” However, he said a pre-emptive move doesn’t mean “we won’t do anything else,” adding that this would still depend on the impact of the risks the BSP is looking at. During the policy meeting, Re-

molona said that while oil prices remain volatile, he said the central bank is keeping an eye on bigger risks to inflation. “We’re even looking beyond just the oil prices, which have been going up and down. We’re looking at other factors as well. They’ve become more prominent than before,” he added. The Monetary Board raised its key interest rate by 25 basis points for the third meeting in a row this time as a “preemptive move” against the threat of El Niño and the risk of further wage increases. (See: https://businessmirror.com. ph/2026/08/27/rate-hike-phlshield-vs-el-nino-inflation/).

BSP…

to $2.30 billion in July 2026, compared to $1.727 billion in the same month a year earlier. In contrast, total inflows or the short-term foreign investments which were placed in the country plunged to $2.368 billion in July this year, down 4.1 percent from the $2.47 billion in July 2025. On a month-on-month basis, the $66.47 million hot money net inflow in July 2026 saw a nearly 61-percent decline from the $170.12 million in the previous month or in June 2026. The $2.368 billion total inflows or short-term investments that entered the country in July was 19.51-percent lower than the $2.942 billion that entered in June 2026 while the $2.301 billion outflows or short-term investments that exited the country in July was 17 percent lower than the $2.772 billion outflows in June 2026.

Continued from A1

net outflow; March, $1.96-billion net outflow and April with $1.6-billion net outflow. Meanwhile, the country started to post net gains in May, June and July, with shortterm investment placements outweighing withdrawals at $232.46 million net inflow in May and $170.12 million net gain in June. The most recent data showed that while short-term placements still exceeded withdrawals, it significantly tumbled to $66.47 million in July. Asuncion said with foreign portfolio investments posting a third straight month of net inflows in July although at a significantly slower pace, this indicates that foreign investors “remained selectively constructive on Philippine assets despite a more challenging global environment.” “The continued inflow likely reflected pockets of opportunity in local financial markets, supported by still-resilient domestic economic activity and investor search for returns, even as concerns over global growth, geopolitical tensions, elevated oil prices, and inflation risks tempered risk appetite,” he said. Latest data from the central bank also showed that the country’s net gain reached $66.47 million in July 2026, down 91.05-percent from the $742.56 million net inflow in the same month in 2025. Data showed the significant contraction in net inflow was due to the 33.18-percent jump in total outflows or the short-term foreign investments that exited the country which amounted

Exports…

Continued from A1

Roque had said the Philippines remained on track to become an export powerhouse, with the government counting on the completion of key free trade agreements to sustain export growth. The government’s goal is to transform the Philippines into an “agile export powerhouse” by 2028, a target outlined by President Ferdinand R. Marcos Jr. in 2023 under the Philippine Export Development Plan (PEDP). The updated PEDP presented by the Export Development Council in December, however, set lower export targets than those originally envisioned. It projects total exports of $116.1 billion to $120.2 billion in 2026, $123.3 billion to $127.4 billion in 2027 and $132.8 billion to $135.1 billion by 2028. The latest trade data show why raising export growth remains a challenge. Recent data from the Philippine Statistics Authority showed that exports reached $54.92 billion in the first seven months of 2026, against imports of $92.26 billion, leaving the country with a $37.34-billion trade deficit. Electronic products remained the country’s largest export com-

Outlook

LOOKING ahead, Asuncion said foreign portfolio flows may continue to alternate between inflows and outflows depending on global market developments and investor sentiment. “While the Philippines remains on investors’ radar, flows are likely to stay measured and selective as markets navigate heightened uncertainty and a more complex interest rate and inflation environment,” the UBP chief economist noted. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. said that while the Philippines remains “fundamentally attractive,” he expects foreign portfolio flows to “continue to ebb and flow with global risk appetite.” “The key is that our macroeconomic story remains intact, which should help sustain investor interest over the medium term,” he added. Andrea E. San Juan

modity during the period, accounting for $4.79 billion, or 58.8 percent of total exports. The narrow export base has also become an issue for the peso. Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said at a recent Senate briefing that Philippine exports remain weak not only in value but also in volume, limiting the country’s ability to generate foreign exchange. (See: https://businessmirror.com.ph/2026/08/27/ beefing-up-exports-to-boostsavings-buttress-peso-bsp/) “I still hope our exports will strengthen as it’s really lacking in volume. That’s our challenge here with the exchange rate,” Remolona said. The peso subsequently closed at a record-low P62.265 against the US dollar on August 28, according to the Bankers Association of the Philippines. The weak peso also complicates the export picture for manufacturers, with the Federation of Philippine Industries noting that many exporters remain dependent on imported raw materials and components whose costs rise as the peso depreciates. See story in A1, “FPI: P62 to dollar isn’t the windfall it seems.” Still, EMB sees room for exports to finish stronger than the baseline forecast. “So far, the first half of the figure is still double digits,” Sykimte said. “So, hopefully, yes.”

Mobility… Continued from A9

BPO resilience has limits

FOR the business-process outsourcing (BPO) sector, transport remains critical despite investments in technology and other measures to keep operations running, S.P. Madrid Chief Executive Officer Ian Madrid said. “The lifeblood of running a BPO company is really having people sitting down and being productive,” Madrid said, noting that workers still need to report to the office despite efforts to use technology and work-from-home arrangements as alternatives. He said this is particularly challenging for BPO firms that serve banks and other financial institutions, where strict data-privacy requirements can limit the ability of employees to work remotely. Madrid said companies cannot simply allow employees to take equipment and sensitive information home, as financial-sector operations require safeguards around client data. For firms that serve banks, which account for about 80 percent of S.P. Madrid’s clients, having employees physically present, remains critical to service delivery, he said.

Reducing mobility friction

BEYOND keeping transport services available, Malhi said the efficiency of a passenger’s journey also matters, as every transfer between a person’s home, workplace and other destinations adds time and another potential point of failure. These vulnerabilities become more pronounced during disasters, when transport services may be limited or routes become inaccessible, he added. Transport hubs such as PITX, Malhi said, can help reduce these vulnerabilities by providing passengers with multiple transport options and connections. “We are not only having a redundant kind of network. You can go from point A to point B not just by one mode of transport. There are multiple options,” Malhi said. PITX also studies the transport network around Metro Manila to reduce the number of transfers required for passengers. Its goal, Malhi said, is to allow passengers to travel from PITX to destinations across the metropolis with one, or at most two, transfers. Feliciano said the company also seeks to improve reliability within the terminal by monitoring routes and coordinating with transport operators and regulators. He said PITX does not directly control the public transport vehicles that operate at the facility, but passengers often associate service problems with the terminal. To address service gaps, PITX gathers data on routes, sets internal standards and monitors passenger waiting times. Feliciano said the terminal aims for passengers to wait no more than 20 minutes on a particular route under normal conditions. When operators fail to meet these standards, Feliciano said, PITX coordinates with them to improve service and may seek additional units from regulators when a route lacks sufficient capacity. Marie Anne Santerva, administrative manager of Ceres Transport, one of the bus operators at PITX, said delays can also result from limited bus availability and slow turnaround times. She said traffic is one of the main factors affecting bus turnaround and, consequently, passenger waiting times. Santerva said transport operators continue to work to meet passenger demand, particularly by providing reliable and convenient options for commuters. PITX, the country’s first landport, is operated by MWM Terminals Inc., a subsidiary of Megawide Construction Corp., under a 35-year build-transfer-operate contract. The terminal reportedly served about 127 million passengers from 2019 to 2023, with daily passenger traffic reaching around 180,000. It is expected to serve about 60 million passengers this year. In 2024, PITX added six routes serving destinations including Tuguegarao City, San Carlos City and Dagupan City in Pangasinan, San Pedro and Southwoods in Laguna, and Guimaras in Western Visayas, bringing its network to about 100 routes. Feliciano acknowledged, however, that PITX has limits in managing transport services under its current role. He said the terminal may eventually seek transport franchises that would allow it to directly operate certain services.

The Nation BusinessMirror

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Tuesday, September 1, 2026 A3

Lacson: At least P3.713 billion in public funds used on ‘illegal’ Taguig reclamation projects By Butch Fernandez

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@butchfBM

T least P3.713 billion in public funds may have been wasted on projects along areas of Laguna Lake in Taguig City that are subject to government action over “illegal” reclamation, Sen. Panfilo Lacson disclosed on Monday. “WASTED PUBLIC FUNDS DUE TO MISUSE: Based on official records and our investigation, the total cost of Identified completed, ongoing [and suspended] DPWH Flood Control and Multi-Purpose Projects along the ‘ illegal ’ Laguna Lakeshore

Reclamation Areas in Taguig City has so far reached P3.713 billion,” Lacson said in a post on X. “These do not include other anomalous Slope Protection and Flood Mitigation projects along Taguig River involving double appropriations

Criminal, administrative cases hang over govt execs handling confi funds By Jovee Marie N. Dela Cruz @joveemarie

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OV ER NMENT of f icia ls formally entrusted with confidential funds could f a c e s e r iou s a d m i n i s t r at i v e and criminal consequences if they fail to properly account for public money under their custody, a leader of the House of Representatives said. Deputy Speaker Paolo Ortega V said that accountable officers are expected to know how funds are received, released, used, and documented, making claims of ignorance particularly damaging when questions arise over the handling of government money. Former Office of the Vice President Special Disbursing Officer Gina Acosta testified that she turned over confidential-fund cash to Col. Raymund Dante Lachica, then head of the Vice Presidential Security and Protection Group, upon Vice President Sara Duterte’s instruction. Ortega said Acosta, as the accountable officer, was expected to know how the funds were released, transferred and used. Or tega sa id responsibi l it y does not end with employees who phy sic a l ly h a nd led t he money. He argued that senior of f icia ls a lso bear command responsibility because authority over the transactions originated from higher levels of the office. Ortega, who represents La Union, also criticized what he descr ibed as the g ranting of “ blanket authority” to Lachica, a security officer who was not the bonded special disbursing of f icer of f ic ia l ly responsible for the funds. A c c o r d i n g t o t e s t i m o n y, Acosta transferred the money to L achica and subsequent ly left its implementation and use largely under his control. Ortega said such an arrangement raised concerns because the accountable officer should have continued monitoring the funds rather than surrendering responsibility after the cash was released. He e mph a s i z e d t h at t he confidential nature of government operations does not make financial accountability confidential. Joint Circular No. 2015-01 governs the entitlement, release, use, reporting, and auditing of confidential and intelligence funds and establishes procedures for ensuring that public money can still be traced and accounted for. Ortega said the disbursing officer should have conducted proper back-checking

and due diligence to determine how the funds were ultimately used. T he repeated inabi l it y of OVP officials to recall or explain important details concerning the confidential-fund transactions a l so ra ised quest ions about internal management and staff accou nt a bi l it y. O r te g a s a id government personnel entrusted with public funds are expected to perform the responsibilities at t ac hed to t hei r posit i o n s regardless of the level of trust they place in their superiors. Simply following instructions, he argued, does not remove an employee’s obligation to verify and document the handling of public money. Acosta and Ortonio were both dec lared hosti le prosecution w itnesses as the Senate Impeachment Court examined the request, release, implementation, and liquidation of confidential funds under Duterte. The impeachment trial is set to enter its 20th day on September 1, with Col. Manaros Boransing II and Col. Magtangol Panopio expected to testify as prosecutors turn their attention to the alleged misuse of P112.5 million in Department of Education confidential funds during Duterte’s tenure as education secretary. Their testimony is expected to focus on military certifications used by DepEd in responding to COA findings concerning its confidential-fund expenditures. Also, lawyer Michael Wesley Poa, Duterte’s former DepEd chief of staff and spokesperson and now a member of her impeachment defense team, is also scheduled to testify for the prosecution. Poa was involved in DepEd ’s response to COA findings and re por te d ly pl aye d a role i n obtaining and submitting the military certifications related to confidential-fund expenditures. The prosecution is currently presenting evidence under Art ic l e I of t he i mp e a c h me nt charges, which accuses Duterte of misusing a total of P612.5 million in confidential funds. This consists of P500 million released to the OVP from December 2022 through the third quarter of 2023 and P112.5 million released to DepEd in three P37.5-million tranches during 2023. The OVP received four P125 -mi l lion t r a nc he s, w h i le pros e c utor s continue to examine whether the documentation and implementation of these funds complied with government accounting and auditing requirements.

and ‘ghost’ projects using recycled photographs in different ‘completed’ projects, for billing purposes,” he added. Lacson said the latest findings will be among the pieces of evidence he and his team will send to the Office of the Ombudsman’s fact-finding team for proper disposition.” Citing official records and his and his team’s investigation, Lacson said the top five contractors involved in projects covering P2.372 billion include: 1) Dahl Construction: P858.22 million covering five solo projects worth P571.5 million and four joint ventures totaling P286.7 million; 2) J.C. Uyecio: P483.1 million covering four joint ventures; 3) Toughbuilt: P434.2 million covering three solo projects; 4) Topnotch: P329.9 million covering two joint ventures with Core Check and one with Beam Team; and

5) GR Fervidal: P266.6 Million covering five solo multi-purpose building projects All of the multipurpose building projects of GR Fervidal were suspended due to a “revision of plans” involving soil re-investigation, Lacson said. Earlier, Lacson said Public Works Secretary Vince Dizon “guaranteed” him that the DPWH would immediately issue cease-and-desist orders on projects linked to the illegal reclamation once he receives the appropriate requests from the Philippine Reclamation Authority (PRA), to prevent further waste of government funds on contractors carrying out unauthorized or illegal activities. Dizon was quoted in reports as saying on Sunday that the DPWH has already issued the cease-and-desist orders, following a directive from the Office of the President coursed through the PRA.

Lacson also said PRA officials had told him and his staff that all unpermitted reclaimed areas in Taguig City, whether belonging to the local government or to private individuals, are subject to forfeiture in favor of the national government. On Saturday, Lacson disclosed that at least four parcels of illegally reclaimed land in Tag u ig Cit y had been initially identified as covered by “ fraudulently” issued land titles while at least four other parcels have no plotted title lots in the Land Registration Authority (LR A)’s digital file. T he d isc losu re c a me a m id insinuations that Lacson’s earlier findings on the illegal reclamation activities were “fake news.”

Cayetano reacts

MEANWHILE, Senate Minority Leader Alan Peter Cayetano said the

Pilandok slightly intensifies, brings more rain over Luzon By Jonathan L. Mayuga @jonlmayuga

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EAVY rainfall brought about by the southwest monsoon or habagat continues to drench Luzon, threatening to cause more flooding and trigger landslides, the National Disaster Risk Reduction and Management Council (DRRMC) reported. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) reported that as of 11 a.m. on Monday Tropical Depression Pilandok maintained its strength as it continued to meander over the Philippine Sea east of extreme Northern Luzon. Related story on page B8 Pagasa has also issued a Heavy Rainfall Outlook for the southwest monsoon at 11 a.m. on August 31. The weather bureau and the Philippine Institute of Volcanology and Seismology (Phivolcs) have also issued a lahar warning for Taal Volcano and Mt. Pinatubo owing to the nonstop rain. Pilandok and the southwest monsoon, according to weather forecasters, are dumping huge volumes of rain, while strong winds will bring strong to gale-force gusts over most of Luzon, particularly in the coastal areas, including Visayas, Zamboanga del Norte, Misamis Occidental, Lanao del Norte, Misamis Oriental, Camiguin, Dinagat Islands, Davao Occidental, and Davao Oriental. It is currently located 1,160 kilometers east of extreme Northern Luzon, packing maximum sustained winds of 55 kilometers near the center and gustiness of up to 70 kilometers per hour. Aside from Pilandok, the weather bureau said two other tropical depressions are intensifying the southwest monsoon. W h i le P i l a ndok is a l most stationary, Saudel, formerly Obet, which is outside PAR 1,180 km west of extreme northern Luzon, and another low pressure system that

developed into a tropical depression 485 km west northwest of Itbayat, Batanes, are inducing rain. Combined, the effects of these three tropical cyclones and the prevailing southwest monsoon are threatening to dump huge volumes of rain over 23 provinces in Luzon possibly until September 2, the weather bureau reported. Meanwhile, in an online news conference on Monday, the Office of the Civil Defense (OCD), which acts as secretariat of the NDRRMC, said the number of affected population has now reached 2.5 million families or 8.8 million persons. In its 12 p.m. update on the combined effect of Luis, Maymay, Neneng and the southwest monsoon, the NDRRMC said the casualty count is now 33 dead, 19 injured and three persons missing, Director Vicente Gregorio Tomas of the OCD said. Based on reports from various regional offices of the NDRRMC, a total of 1,369 evacuation centers are still providing shelter to 46,900 families or 165,500 persons. The flooding and landslides in various areas have damaged a total of 3,300 houses. The NDRRMC said damage to public and private infrastructure has reached P61.2 billion while damage to crops is estimated at P2.32 billion. According to the NDRRMC, P1.78 billion in assistance has been provided to affected families. Because of the inclement weather, a total of 117 cities and municipalities are now under a state of calamity.

More areas threatened by flood, landslide

KEVIN L. GAR AS, a geologist f rom DE N R- MGB O p e r at ion Center Actions and Geohazards Monitoring, said based on the rainfall forecast of the weather bureau, over 5,177 may be affected by rain-induced landslides. Around 2,000 barangay are from Regions 1, 600 barangays from CAR, and 700 barangays from Region 3.

Meanwhile, Garas reported that the DENR-MGB revealed that in CAR, from August 1 to 30, there were 600 flooding incidents and 56 landslides in 27 LGUs, mostly recorded in Benguet, with a total of 40 landslides. Field assessments and satellite data also indicated landslide incidents were remobilized. “It is advised that LGUs monitor these landslide areas,” he said. The NDRRMC office in the Ilocos Region reported severe flooding. As of August 31, the NDRRMC recorded the preemptive evacuation of 1,531 families in the area. T he NDR R MC Reg ion 1 recorded 290 flooding incidents; 224 have already subsided, and the rest are receding. Sig nif icant f lood ing is recorded in Pangasinan Province. Pangasinan has dec lared a province-wide state of calamity. A total of 20 major roads are not passable in Region 1l while 34 percent of the 1.8 million total population of Region 1 is affected by the flooding, with Ilocos Sur being the severely affected area, with 87.16 percent of the population affected. In Pangasinan, 50.68 percent of the population is affected. Almost all major river systems in Pangasinan are above critical level as of Monday morning. The Department of Social Welfare and Development (DSWD) reported that it has released 2.3 million family food boxes to augment the response of LGUs, especially in Regions 1, 2, and Region 3, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), and part of Mimaropa (Mindoro, Marinduque, Romblon and Palawan). “We are continuously restocking our Regional Offices. Right now, we have 3.5 million family food boxes ready to augment the needs of our Regional Offices as well as the requests of local government units,” Social Welfare Secetary Rex Gatchalian said said. See “Pilandok,” A8

government stands to gain if allegations of illegally titled properties along Laguna de Bay in Taguig are proven true, as authorities continue to scrutinize the questioned land titles. Cayetano made the statement a day after Lacson alleged that there are four parcels of illegally reclaimed land in Taguig City covered by “ f r au du l e nt l y ” i s s u e d t it l e s , including a 181,077-square-meter property whose title originated from a homestead patent. Lacson said the findings would form part of documents to be submitted to the Office of the Ombudsman. Speaking at the 44th anniversary of Mandaport Apostolic Pentecostals (M A P) Church on Aug ust 30, Cayetano said the roughly 18-hectare property could ultimately benefit the government if the allegation surrounding its title is established.

Credibility of remaining ‘maleta’ boys compromised, lawyer says

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HE recantation of former Marine Msgt. Orly Guteza has cast serious doubt on the allegations made by the remaining 14 “Maleta Boys” and has further undermined the credibility of the claims surrounding the flood control controversy. Human-rights lawyer Antonio Bucoy said the issue is no longer the number of witnesses the Office of the Ombudsman claims to have, but whether their testimonies are credible and supported by independent evidence. “This is not a contest over who has more witnesses. What matters is the credibility and quality of the witnesses,” Bucoy said. Four of the original 18 so-called “Maleta Boys” have already withdrawn their accusations against former Speaker Martin Romualdez, while 25 other former aides of ex-Party-list Rep. Zaldy Co of Ako Bicol have also executed statements disputing the alleged cash deliveries. Bucoy said Guteza’s recantation is particularly significant because he was the first major witness to publicly link Romualdez to the alleged delivery of kickbacks connected to flood control projects. He added that Guteza’s allegations and those of the “Maleta Boys” were part of the same narrative. With Guteza now repudiating his earlier account, Bucoy argued that the remaining testimonies should be subjected to greater scrutiny. Romualdez’s camp has also maintained that Guteza’s original affidavit was already facing serious credibility issues even before he recanted. The lawyer named as the document’s notary denied signing it, while a court inquiry later found that the questioned signature did not match her standard signature. The supplemental counter-affidavit filed by Romualdez also cited sworn statements from persons identified by Guteza as possible corroborators who allegedly denied the supposed cash deliveries. According to Romualdez’s defense, the Ombudsman cannot automatically treat Guteza’s first statement as true while dismissing his recantation, particularly when the original affidavit itself had unresolved questions involving its preparation, notarization and corroboration. Jovee Marie N. dela Cruz

Legislator wants total ban on digital gambling ads By Carmel Pedroza

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E B U C I T Y— Wa r n i n g that the rapid expansion of digital gambling has effectively placed a casino within reach of every smartphone user, Cebu Rep. Karen Hope Garcia has filed a measure seeking to prohibit the advertising and promotion of

online gambling across traditional and digital platforms. Hou se Bi l l 10 982, or t he proposed Online Gambling Advertising Prohibition Act of 2026, seeks to ban advertisements, promotions, endorsements, and sponsorships involving online gambling in the Philippines. “Ever y sma r t phone is now

a potent i a l 24 -hou r c a si no,” Garcia said, arguing that t he accessibi l it y of on l ine ga mbl ing ha s been a mpl if ied by aggressive marketing strategies that reach consumers t hrough mu lt iple c ha nnels. Under the proposed measure, t he proh ibit ion wou ld cover television, radio, print publications

and billboards, as well as socialmedia platforms, websites and mobile applications. Search-engine advertisements, targeted digital campaigns, influencer and affiliate marketing, email and text-message promotions would likewise be covered. See “Legislator,” A8

A4 Tuesday, September 1, 2026

Economy BusinessMirror

Cemap: Tatak Pinoy opens room for factory output

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By Bless Aubrey Ogerio

HE government’s push to favor locally made goods in public procurement could give local manufacturers a steadier market, with the Cement Manufacturers Association of the Philippines (Cemap) saying the Tatak Pinoy strategy could help reduce the country’s reliance on imports over time. Cemap President John Reinier Dizon, who was recently appointed as a private-sector representative to the Tatak Pinoy Council, said the strategy’s broader objective is to encourage more manufacturing activity in the country. “Hopefully in the long run we would become less importd e p e n d e nt . N o t h i n g w r o n g with importation, but we need to watch out for our balance of trade,” Dizon said on Monday in a televised interview. His remarks came as businesses

contend with the peso’s recent slide past the P62-to-the-dollar le ve l , w h ic h h a s r a i s e d t he local cost of imported fuel, raw materials and other inputs. “We’re all observing the peso devaluing and, you know, it’s frankly impacting the businesses in the country. We are, as you know, still highly import dependent on oil and gas and a number of consumer goods,” he said. Republic Act 11981, or the Tatak Pinoy (Proudly Filipino) Act, which was enacted in February 2024, is the

country’s first national industrial policy institutionalized through law. It seek s to e x pa nd t he productive capabi l ities of domestic enterprises and enable them to produce more “globally competitive goods and services.” T he Cou nc i l oversees t he formulation and implementation of the Multi-Year Tatak Pinoy Strategy, which sets the policy’s priorities across government and the private sector. For manufacturers, meanwhile, one of it s more i m med i ate i mpl ic at ion s i s gover n ment procurement. “Given a c hoice bet ween importing products, if the product that a manufacturer is looking for is locally available, we do encourage that the local supply be preferred. That is also part of the Tatak Pinoy Act, particularly for government procurement,” Dizon said. Government, he added, accounts foralargeshareofoverallprocurement, giving it the capacity to create demand for locally produced goods. The policy push comes as manufacturing activity has started to pick up. Philippine Statistics Authority (PSA) data showed the Volume of Production Index for manufacturing rose 10.1 percent in June,

PEOPLE MATTER–AI must not be allowed to close the door for jobs By Henry J. Schumacher

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HEN I open my daily newspapers (yes, I still read at least two!), I now start with the technology news. One AI headline follows another. There is talk about rapid developments in stock prices and about AI companies promising enormous productivity gains and, as a result, massive reductions in staff. What do you think? Where and for what do we still need people? AI can analyze huge amounts of data. This makes it possible to identify patterns and connections from virtually unlimited numbers of examples. Many of the AI applications we know today are based on so-called Large Language Models. These language models can scan texts and generate coherent answers. The texts analyzed contain what is called codified—or explicit—knowledge: things that we can write down, such as process descriptions, work instructions, recipes, or scientific analyses. AI can therefore not only take over some tasks from us but can also access more codified knowledge than any individual person ever could. That is enormously helpful. But what makes us humans go far beyond this? We can do more than simply apply explicit knowledge, because we also possess so-called implicit (tacit) knowledge. It develops through experience, practice, intuition, and values. Many years ago, I asked a welder how he knew when a weld would

hold. He answered: “I can feel it.” (A small side note: he and his colleagues welded better than the machines.) The philosopher Michael Polanyi explained this as early as the 1960s: “We know more than we can say.” But what is never written down cannot become part of AI training data. Consequently, a great deal is lost if we leave out the “human dimension.” Especially when it comes to assessing complex situations and making wellfounded decisions, we need both: the interaction between explicit and implicit knowledge. Do you remember how you accumulated your implicit knowledge for your current job? What have you tried yourself? What experiences did you gain abroad or learn from more experienced colleagues? Did you observe others, work alongside them, or receive unsolicited advice? Probably it was a mixture of all these things. This is particularly important in education and during the first years of a career, but it also plays an important role when people

move into new jobs. A handover document is usually not enough. And there is a reason why the success of the dual vocational training system is based on two components: theory and practice. At present, however, we are seeing fewer and fewer young people being trained and fewer and fewer internship opportunities being offered because AI is taking over traditional entry-level jobs. I definitely don’t think this is a smart strategy. In the short term, it may save costs. But where will the experienced employees for the first levels of management come from in a few years – people who have the necessary judgment to make the right decisions in the interests of the company? Those who save money in the short term will later pay a high price for the resulting vacuum. And remember: An AI strategy without strategic workforce planning therefore carries a significant risk. The future of work is already shaped in classrooms long before the first job begins. It starts in homework, in internships, and in the moments when students begin to test what they know against what the real-world demands. I hope your company has already taken this into account. Otherwise, you may have impressive AI pilot projects and measurable KPIs—but you may not know how to transfer these successfully into the organization in a way that creates value. To do that, you need to understand and manage the interaction between AI and humans. AI won’t make us obsolete – it will make us superhuman! Let me close with the encouraging statement of Labor Secretary Tolentino: AI offers significant opportunities to improve productivity, innovation, public service delivery and economic growth. However, he cautioned that the AI technology could also disrupt labor markets and displace workers if safeguards are not put in place. He added that AI must complement human labor, not replace human dignity and judgement. Technology must move the country forward, but it must never leave workers behind. Secretary Tolentino, please see to it that the Philippine Central Government and the Local Governments follows your ideas! Let me repeat: PEOPLE MATTER!!! I look forward to your reactions and additional ideas; contact me at hjschumacher59@gmail.com

sharply faster than the 2.3-percent growth recorded a year earlier. T he countr y st i l l faces external pressures, including geopolitical tensions and the Middle East crisis, but Dizon a r g u e d t h at m a nu f a c t u r i n g needs to expand alongside the country’s growing labor force. “We have easily 65 to 70 million working population, and we’re adding one million per year because of our demographics. So we need to create more jobs. We need to spur up manufacturing,” he said. Despite a rise in unemployment, the number of employed Filipinos increased to 50.66 million in June from 50.47 million a year earlier. The labor force also expanded to 53.25 million from 52.42 million. For D i zon, st reng t hen i ng domestic manufacturing ultimately comes down to creating demand for what local companies produce. “Let’s all support local industries. Let’s all buy local. And in that way, we create what is called the multiplier effect,” he said. Recent data from the PSA showed exports reached $54.92 billion in the first seven months of 2026, while imports totaled $92.26 billion, leaving the Philippines with a $37.34-billion trade deficit.

www.businessmirror.com.ph

4 new ecozones in Calabarzon, NegOr to bring investments, jobs By Butch Fernandez @butchfBM

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HE four proclamations recently signed by President Marcos expanding two economic zones in Southern Tagalog and establishing two in Negros Oriental and Batangas will bring badly needed investments and jobs to the countryside, according to Executive Secretary Ralph Recto. The four new ecozones will bring to 46 the number of such areas whose growth was spurred during the President’s watch.

 The presidential proclamations covering 46 ecozones are projected to bring in P141.2 billion worth of investments and generate close to 189,000 jobs, Recto noted, in a statement on National Heroes Day.

 Except for three, all of the ecozones are outside Metro Manila, pursuant to the administration’s thrust to disperse investments to the countryside.

 By region, 29 of the ecozones are in Luzon, 12 in the Visayas, and five in Mindanao, Recto said.

 Four of the newest presidential proclamations are forecast to draw in almost P9.7 billion in fresh investments.

 “With these, businesses can go to where local talent is, boosting local economic activity, without workers having to leave their hometowns for costly and crammed urban centers,” Recto said.

 “More jobs and opportunities are forthcoming in Cavite, Batangas, and Negros Oriental. The economies in these provinces will grow strongers, and with that, the quality of life of our people,” he added, partly in Filipino. Proclamation 1337 integrates several parcels of land in barangays Punta I and Sahud-Ulan in Tanza, Cavite, into the existing Suntrust Ecotown Tanza-Special Economic Zone (SET-SEZ). The SET-SEZ currently hosts 62 Philippine

Economic Zone Authority (Peza)-registered enterprises employing 6,322 workers. The expansion is expected to attract approximately P851 million in new investments and generate around 2,200 jobs, further strengthening Cavite’s position as one of the country’s leading manufacturing and industrial hubs.

 Proclamation 1338 expands the Light Industry & Science Park IV-Special Economic Zone (LISP IV-SEZ) in Malvar, Batangas.

 The ecozone currently houses 43 Peza-registered enterprises with approximately 1,769 workers. LISP IV-SEZ’s expansion is key to unlocking PHP 8.5 billion in committed investments, creating 200 new jobs, and sustaining the growth of Batangas as a major destination for manufacturing and industry. In Negros Oriental, Proclamation 1340 established the Robinsons Dumaguete IT Park. The project already has a prospective locator expected to invest P288 million and generate 1,500 jobs, broadening high-value employment opportunities in the information technology and business process management sectors in the Visayas. Meanwhile, Proclamation 1385 establishes the Biz Hub at LIMA Estate in Barangay Bugtong na Pulo, Lipa City, Batangas, as a Special Economic Zone for information technology. The IT park already has a prospective locator expected to invest P52.5 million and employ 110 workers, adding fresh momentum to Lipa City’s emergence as a center for technologydriven businesses and quality employment. Special Economic Zones are designated areas where businesses can enjoy fiscal and non-fiscal incentives and privileges, depending on their location and industry priority. 

These include industrial estates, export processing zones, information technology parks, tourism and recreational economic zones, and others.

PHL game studios chase $1.45 million in China P

HILIPPINE game development companies secured $1.45 million in potential sales during an outbound business mission to Shanghai, China, as local studios sought to expand their foothold in one of the world’s biggest gaming markets. The delegation, which stayed in China from July 29 to August 4 , brou g ht s e v e n Ph i l ip pi ne companies to Shanghai, where they pursued business opportunities and showcased their capabilities in game development, art and animation outsourcing, and original intellectual property. The participating companies were GameOps Inc., HPL Game Design Corp., Monstronauts Inc., Buko Studios, Strobetano, Neun Farben and Cadre Creative Labs. From Ju ly 31 to Aug ust 2, the companies joined ChinaJoy 2026, one of Asia’s major gaming industry events, as part of efforts to connect Philippine studios with international buyers, publishers

and industry players. The mission was jointly organized by the Department of Trade and Industry’s (DTI) Export Marketing Bureau and the Philippine Trade and Investment Center in Shanghai. Trade and Industry Secretary Ma. Cristina Roque said Philippine studios bring together technical expertise and creative capabilities that can compete in the global market. The China mission comes as the government seeks to push creative and digital businesses into highervalue segments of global supply chains, where game development can generate revenue through both outsourced services and original intellectual property. The DTI and the Game Developers Association of the Philippines (Gdap) earlier formalized their cooperation through a memorandum of understanding signed on March 9. The agreement covers industry events, training and capacity-building

programs, international market access and platforms for promoting games developed in the Philippines. The partnership forms part of initiatives under the Philippine Creative Industries Development Act and the DTI’s Malik haing Pinoy prog ra m, whic h a im to develop the countr y’s creative industries and expand their access to international markets. The local game-development sector already has an established outsourcing base. The Philippine Creative Industries Development Plan, using 2020 industry data, estimated that the sector generated about $150 million from external development services. The same data showed that local developers had produced roughly 1,000 original games, supported by around 4,000 full-time employees and another 6,000 independent contractors working on local and foreign outsourcing projects. Bless Aubrey Ogerio

Power brings progress to Occidental Mindoro By Jovee Marie N. Dela Cruz @joveemarie

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HE chairperson of the House of Representatives Committee on MSME Development said Occidental Mindoro, once widely associated with persistent power outages, emerged as the countr y’s fastest-growing local economy in 2025 after posting an 11.2 percent growth rate. Citing data gathered by the Philippine Statistics Authority, House Committee on MSME Development chairman and Occidental Mindoro Rep. Leody Tarriela said Occidental Mindoro’s performance marked a sharp turnaround from years of recurring electricity problems that had affected households, businesses, and investors, earning Occidental Mindoro the reputation of being a “brownout capital.” Tarriela said the province’s economic growth reflected the impact

of improvements in the power situation, infrastructure development, and increased economic activity. “From being known as the ‘brownout capital’ to becoming the country’s fastest-growing local economy, this shows that development can be achieved through cooperation and sustained effort,” Tarriela said. Ta r r iel a sa id resolv ing t he province’s power crisis had been among his key priorities, requiring sustained coordination with the Department of Energy, Energy Regulatory Commission, National Electrification Administration, National Power Corporation, Occidental Mindoro Electric Cooperative, and various power suppliers. He also credited the national g o v e r n m e nt u n d e r P r e s i d e nt Marcos for its inter vention in addressing the province’s longstanding electricity problems. The improved power situation was followed by increased public and

private investments in agriculture, energy, transportation, and infrastructure, including roads, bridges, hospitals, schools, and ports. T he prov i nce a l so saw t he establishment of a 7.4-megawatt solar power plant in San Jose, as well as private investments in cold storage facilities, batching plants, diagnostic centers, hospitals, schools, and shipyards. Tarriela said the improved investment climate contributed to stronger participation among micro, small and medium enterprises, while generating jobs, increasing consumer spending and supporting tourism activity in the province. He said Occidental Mindoro’s economic turnaround showed how addressing basic infrastructure and power constraints, combined with national government support and private-sector participation, could help accelerate growth in provincial economies.

Tuesday, September 1, 2026

Factory gate prices rise slightly in July, driven by soaring petroleum costs

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ACTORY gate prices remained elevated in July as costs of petroleum products once again soared, the Philippine Statistics Authority (PSA) said. The Producer Price Index (PPI) for manufacturing increased to 2.983 percent in July, slightly higher than the 2.980 percent recorded in June. The latest reading also reversed the 0.1 percent contraction in July 2025. From January to July 2026, the PPI averaged 2.4 percent, the PSA said. According to the PSA, the acceleration in the prices of coke and refined petroleum products, which soared to 2.4 percent from 1.3 percent a month earlier, accounted for 68.6 percent of the increase in July PPI. “Among the 22 industry divisions for manufacturing, manufacture of coke and refined petroleum products has the fourth-highest weight in the computation of PPI,” it added. Other contributors included the manufacture of computer, electronic and optical products, which increased to 5.8 percent from 5.6 percent, and other manufacturing and repair and installation of machinery and equipment, which rose to 3.2 percent from 2.4 percent. The PSA said 17 of the remaining 19 industry divisions exhibited increases during the month.

Those with positive PPI growth rates in July included basic metals at 5.5 percent; transport equipment at 2.8 percent; food products at 1.3 percent; chemicals and chemical products at 5.6 percent; beverages at 3.1 percent; and other non-metallic mineral products at 3.1 percent. Also posting positive growth were machinery and equipment at 3.1 percent; tobacco products at 6.8 percent; rubber and plastic products at 1.3 percent; basic pharmaceutical products and pharmaceutical preparations at 2.4 percent; fabricated metal products at 1.7 percent; and leather and related products, including footwear, at 5.7 percent. The list also included wood, bamboo, cane, rattan articles and related products at 1.5 percent; furniture at 1.7 percent; printing and reproduction of recorded media at 0.8 percent; textiles at 0.6 percent; and wearing apparel at 0.1 percent. Meanwhile, the manufacture of paper and paper products contracted further to -1.2 percent from -0.9 percent a month earlier, while the manufacture of electrical equipment remained at -0.3 percent. The PSA compiles the PPI through its monthly Producer Price Survey, which tracks changes in factory gate prices of goods produced by manufacturing establishments. Justine Xyrah Garcia

NGCP places Visayas grid under red and yellow alerts amid power supply shortage By Lenie Lectura @llectura

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HE National Grid Corporation of the Philippines (NGCP) placed the Visayas grid under red and yellow alerts due to a power generation capacity deficit and widespread plant outages. The red alert is up from 5 p.m. to 10 p.m. while the yellow alert takes effect from 4 p.m. to 5 p.m. and from 10 p.m. to 11 p.m. A red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement. A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement. As of 1:30 p.m., the Visayas grid’s available capacity stood at 2,119 megawatts (MW) while peak demand reached 2,406MW. According to the NGCP, there are nine power plants on forced outage in August, 1 plant since July, three plants since June, seven plants since May, 1 plant since March, three plants since 2025, two plants since 2024, two plants since 2023, and one plant since 2021, while 17 plants are running on derated capacities, for a total of 956.2MW unavailable to the grid. The NGCP also cited the factors that contributed to additional yellow alert declaration:

n Increase in forecasted demand for Visayas by 112MW for 5PM n Limited power import from Mindanao (increase in forecasted demand for Mindanao by 157MW for 5 p.m.) Simultaneously, the Mindanao grid was placed under a yellow alert driven by a localized demand spike and reduced export capabilities.

The yellow alert takes effect from 5 p.m. to 9 p.m.

M I N DA N AO’S available capacity was recorded at 2,566MW as against a peak demand of 2,389MW. There are 19 plants are on forced outage, 4 plants since July, one plant since June, 2two plants since January, one plant since 2025, and one plant since 2024, while five plants are running on derated capacities, for a total of 755.1MW unavailable to the grid. Meanwhile, the Manila Electric Company (Meralco) said Monday it has restored electricity to nearly all customers that experienced service interruptions due to the enhanced southwest monsoon. The number of remaining affected customers have gone down to the last 2,800, representing less than one percent of Meralco’s total customer base. Over 1,000 of these remaining outages are in flooded and most of the remaining affected customers are in parts of Metro Manila, Cavite, and Bulacan.

DAR writers, graphic artists undergo AI tools training

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MBRACING artificial intelligence in the age of information technology, the Department of Agrarian Reform (DAR), through the Support to Parcelization of Lands for Individual Titling (SPLIT) Project, conducted its AI Tools Training in Multimedia Content Production for Media Writers and Graphic Artists to strengthen the communication and multimedia production capabilities of its personnel through the effective and responsible use of artificial intelligence (AI) tools. Led by the External Affairs and Communications Operations Office (EACOO), in partnership with the Public Information Service (PIS) and the SPLIT Strategic Communications and Media Support (StratComms), the five-day training sought to enhance the participants’ competencies in writing, graphic design, photo and video editing, and other multimedia production skills using

various AI-powered tools. Moreover, the activity promotes the responsible and ethical use of AI to improve productivity, efficiency, creativity, and innovation in producing communication materials for the Department. Present during the training was Assistant Secretary Jose Jenil C. Demorito, concurrent National Technical Adviser for the SPLIT-StratComms, who underscored the importance of embracing emerging technologies while ensuring that their use remains guided by accuracy, accountability, and professional judgment. “AI is a powerful tool that can help us become more efficient and innovative in communicating the Department’s programs and accomplishments. However, it should complement—not replace—the creativity, See “DAR,” A8

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House committee chair warns of rising online drug trafficking on social media By Jovee Marie N. Dela Cruz @joveemarie

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HE chairman of the House Committee on Dangerous Drugs warned on Monday that social media platforms are increasingly being exploited by illegal drug dealers and criminal groups to target young people despite existing policies banning the sale and promotion of illegal drugs online. Las Piñas Lone District Rep. Mark Anthony Santos said the widespread use of social media and the ease of online communication have given drug dealers new avenues to reach potential customers, particularly young users. “Technically, all social media platforms prohibit the sale of drugs, but teens know how to find a drug dealer on social media. Drug enforcement units have found evidence that drug activity is rampant across major platforms, particularly Messenger and Viber in the Philippines,” Santos said.

Citing studies, he said shabu, or methamphetamine, was among the illegal drugs most commonly purchased through social media in the Philippines, followed by marijuana, ecstasy and cocaine. “Criminals are adapting faster than we are. They are learning how to use the same platforms where our young people spend much of their time,” Santos said. The lawmaker also raised concerns over reports from cybersecurity experts that online games and social media platforms are being ex-

ploited by extremist groups to recruit vulnerable young people. He cited reports involving an online group known as 764, which cybersecurity researchers have linked to the recruitment and exploitation of young people online, including a person reportedly involved in a shooting incident in Tacloban. Santos said the threat therefore extends beyond illegal drugs, as young users may also become targets of criminal and extremist networks operating through digital platforms. He also pointed to studies documenting the use of social media to facilitate illegal drug transactions, saying Instagram has emerged as a significant platform for online drug trafficking. Experienced users, he said, may be able to locate dealers through seemingly ordinary posts, accounts and interactions. “Social media has made it possible for drug dealers to operate in plain sight. They can use coded words, images, emojis and seemingly harmless posts to advertise illegal drugs while trying to evade the platforms’ detection systems,” Santos said. According to the lawmaker,

dealers have also used emojis and other symbols as coded advertisements for illegal drugs in an attempt to evade automated content filters. He said such tactics highlight the limitations of relying solely on automated moderation to curb online drug trafficking. Santos also cited research suggesting a possible link between problematic social media use and vulnerability to substance abuse. Referring to a Michigan State University study, he said individuals susceptible to social media addiction may exhibit vulnerabilities associated with drug addiction, raising concerns that heavily engaged young users could become attractive targets for online drug dealers. “The danger is not simply that children may see illegal drugs online. The greater danger is that the platform can become the place where they are introduced to the drug dealer, persuaded to try drugs and eventually pulled into a criminal network,” Santos said. Santos called on social media companies to strengthen safeguards against the exploitation of their platforms by criminal organizations. See “House,” A8

PHL records sharp drop in births in early 2026 By Justine Xyrah Garcia

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HE country welcomed fewer new babies in the first two months of 2026 as registered births fell sharply from a year earlier, according to the Philippine Statistics Authority (PSA). Provisional data from the PSA showed that the country recorded 156,418 registered births from January to February, down from 213,137 in the same period last year. Region IV-A recorded the highest number of births at 22,981, accounting

for 14.7 percent of the national total. This was down from 31,659 births in the first two months of 2025. This was followed by Region III (Central Luzon) with 16,840 births; the National Capital Region (NCR), 14,432; Region V (Bicol), 12,366; and Region XI (Davao Region), 9,631. Among cities and municipalities, Quezon City recorded the most registered births at 3,198 or 22.2 percent of the total births in Metro Manila. By province, Cavite had the highest number of registered births at 6,037, accounting

for 3.9 percent of the national total. This was followed by Bulacan with 5,083 births, or a 3.2 percent share, and Cebu with 4,848 births, or 3.1 percent. Meanwhile, the Cordillera Administrative Region (CAR) recorded the fewest births at 3,026, down from 3,786 in the same period last year. This was followed by Region IV-B (Mimaropa) with 4,021 births, Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) with 4,078, Region XII (Caraga) with 4,633, and Region VI (Western Visayas) with 5,555.

DepEd orders public schools to intensify dengue, leptospirosis prevention following monsoon floods By Claudeth Mocon-Ciriaco @claudethmc3

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MID a surge in seasonal water- and vector-borne diseases, the Department of Education (DepEd) has ordered all public schools to step up dengue and leptospirosis prevention, monitoring, and reporting protocols following heavy monsoon (habagat) rains and tropical cyclones recently. In dual advisories, DepEd directed school heads, health personnel, and staff to enforce strict sanitation standards and health monitoring for dengue and leptospirosis cases across public basic education institutions nationwide. To guarantee rapid escalation and response, DepEd has rolled out an automated Dengue and Leptospirosis Case Monitoring and Reporting Tool accessible to all schools, Schools Division Offices (SDOs), Regional Offices (ROs), and the Central Office. Schools are required to encode reported dengue and leptospirosis cases in the DepEd monitoring tool in accordance with prescribed internal reporting timelines, including within 24 hours of receiving information. This internal DepEd monitoring mechanism complements, and does not replace, existing DOH and local disease-surveillance and notification systems. “Katulad ng palaging paalala ng ating Pangulong Bongbong Marcos, hindi dapat nahihinto o naaalanganin ang edukasyon dahil sa mga banta sa kalusugan at kalamidad...Ating ipinapanawagan sa ating mga school heads, guro, at magulang na magtulungan. Ang simpleng pagpapanatili ng kalinisan sa ating paligid, ang pagpuksa sa mga pinagmumulan ng lamok at pag-iwas sa pagbabad sa baha, ay malaking bagay upang mailayo ang ating mga kabataan sa sakit,” said

Education Secretary Juan Edgardo “Sonny” Angara highlighted President Ferdinand R. Marcos Jr.’s directive to prioritize learner and personnel safety during environmental and health emergencies. Under the directives, schools were instructed to vigorously implement the Department of Health’s (DOH) Enhanced 4S Strategy of search and destroy, secure selfprotection, seek early consultation, and support fogging/spraying only when indicated by the appropriate local health authorities, in accordance with DOH administrative orders. To eliminate mosquito-breeding sites, school heads and personnel must conduct regular inspections of classrooms, grounds, gardens, comfort rooms, storage areas, gutters, and drainage systems where stagnant water accumulates. The 4Ts under the so-called 4 O’Clock Habit comprising Taob, Taktak, Tuyo, and Takip will be integrated into regular school environmental sanitation and source-reduction activities. For self-protection, learners and personnel are encouraged to wear long-sleeved clothing and long pants whenever practicable, apply mosquito repellents appropriately and according to product instructions, and use appropriate physical barriers such as window screens and mosquito nets, where applicable. Schools shall conduct age-appropriate and evidence-based health education activities to increase awareness on dengue prevention and control. School heads and health personnel must also ensure early medical consultation by promptly referring individuals who exhibit dengue symptoms, including sudden high fever lasting two to seven days, headache, pain behind the eyes, muscle and joint pain, abdominal pain, or bleeding signs, to appropriate health facilities.

At the same time, DepEd cautioned school communities that exposure to contaminated floodwater or soil may place individuals at risk for leptospirosis even in the absence of visible wounds. DepEd instructed schools to strictly restrict learners from swimming, wading, or unnecessarily walking in floodwaters and muddy soil. When exposure to floodwaters is unavoidable, individuals must wear appropriate protective gear such as boots and gloves, cover skin cuts or wounds with waterproof dressings, and wash exposed skin thoroughly with clean water and soap immediately after contact. Schools must also enforce environmental sanitation and rodent control by disposing of food waste properly, keeping classrooms, canteens and storage facilities clean, eliminating rodent nesting sites, and ensuring flooded school grounds are thoroughly cleaned, disinfected and safety-assessed prior to re-entry. Individuals exposed to floodwaters or potentially contaminated soil are advised to promptly consult the nearest health facility or local health office for appropriate risk assessment and determination of whether post-exposure prophylaxis is indicated. Those who subsequently develop symptoms such as fever, muscle pain, calf muscle pain, headache, or reddish eyes should seek immediate medical attention. The advisory stresses that post-exposure prophylaxis or antibiotics must never be self-administered and should only be taken under the advice or prescription of a qualified health professional. DepEd calls on parents, LGUs, and community partners to maintain close coordination with local school authorities to ensure a clean, safe, and disease-free environment for learners nationwide.

The decline in registered births comes as the country’s total fertility rate (TFR), or the average number of children a woman is expected to have over her lifetime, fell to 1.7 children per woman in 2025. Last year’s TFR was the lowest on record, falling below the roughly 2.1 children per woman considered the replacement-level fertility rate. The decline extends a decades-long trend, with the TFR falling from 4.1 children per woman in 1993 to 2.7 in 2017 and 1.9 in 2022.

Lawmaker looks into DOJ’s 9-year-old case of slain farmer

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SOLON has looked into the status of the murder case filed against a former military colonel in connection with the 2017 killing of farmer Enrique Manas Sr. in Sta. Margarita, Samar. In a letter addressed to the DOJ Secretary Fredderick A. Vida, Samar First District Congressman Stephen James T. Tan asked for clarification on the status of the DOJ proceedings involving accused Emilio Zosa’s motion for reconsideration (MR). The MR seeks to set aside the DOJ’s January 2025 resolution recommending the filing of murder charges against Zosa and his coaccused Arturo Deborborn and Ricky Calagos. Specifically, the solon asked the DOJ whether the MR has already been submitted for resolution or there are other remaining procedural requirements or submissions pending before the agency and whether the counsel representing the victims and the Manas family had been furnished a copy of the MR and given an opportunity to submit their comment, opposition or position. Tan noted that the case had been pending through various stages of proceedings and review before the DOJ for several years, with nearly nine years having passed since the ambush. Manas was gunned down in Barangay Bahay in Sta. Margarita town in 2017. It may be recalled that on January 16, 2025, then Justice Secretary Jesus Crispin Remulla ordered the filing of murder charges against the accused after finding prima facie evidence with reasonable certainty of conviction. The criminal information was received See “DOJ,” A8

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Tuesday, September 1, 2026

BusinessMirror

www.businessmirror.com.ph

Editor: Dennis Estopace Tuesday, September 1, 2026

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Asia refiners scoop up Argentine oil as Iran war hits supply By Lucia Kassai & Yongchang Chin

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Bloomberg News

SIAN refiners have increased purchases of Argentinian crude as the Iran war disrupts supply from the Middle East and drives competition for barrels from other regions.

Processors in Japan, South Korea and China bought Argentina’s Medanito oil in recent weeks, with at least one cargo loaded earlier this month, said traders familiar with the matter, asking not to be named as they’re not authorized to speak to the media. The grade is comparable to US West Texas Intermediate, which has seen higher demand since the war began. The volumes of Argentinian oil flowing to Asia are tiny in comparison with other producing countries but the interest underscores efforts by refiners to diversify supply and bolster energy security. Exports from the South American country have averaged 215,000 barrels a day this year, according to government data, with most of the barrels going to the US and Chile. Japan’s Eneos Holdings Inc. and Taiyo Oil Co. recently purchased Medanito oil, the first time the nation’s refiners have taken the grade, traders said. South Korea’s Hyundai Oilbank Co., along with Chinese major PetroChina Co. and Shaanxi Yanchang Petroleum, were among other buyers, they added. Cargoes have loading dates stretching over August to October. A spokesperson for Hyundai said the company had imported Argentinian crude in August and will “consider additional imports after reviewing their economic viability and compatibility with our facilities.” Taiyo declined to comment. Eneos, PetroChina and Yanchang didn’t immediately respond to emailed requests for comment. Exports to Asia averaged a record 35,000 barrels a day this year, according to Argentinian data through to July, more than five times the average of 2025. The South American nation has boosted drilling for Medanito from the Vaca Muerta shale formation as its energy sector undergoes a revival under the administration of libertarian President Javier Milei. The appeal of Medanito is that it’s both cheaper than similar-quality WTI and doesn’t need to pass through any chokepoints to get to Asia. The grade is sold at a discount of around $1 to $2 a barrel compared with US oil, the traders said. Oil is transported around the southern tip of South America before crossing the Pacific Ocean to Asia, and doesn’t need to transit the Panama Canal or Suez Canal. There are some infrastructure constraints to exports by sea, with Argentina’s ports only able to load Aframax vessels, rather than very large crude carriers. The Vaca Muerta Oil Sur project, scheduled to come online next year, should help alleviate these issues and boost shipments further. The project includes a crude pipeline and a terminal that can berth some of the largest tankers.

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Tuesday, September 1, 2026

Isha Foundation fears worst for 80 pilgrims, including Filipino doctor in Nepal flood

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By Malou TalosigBartolome

HE Department of Foreign Affairs (DFA) said there is still no report on the whereabouts of Dr. Juan Carlos Cinense Manalo, a Filipino physician listed among those missing in the catastrophic flash flood that struck the Nepal­-Tibet border on August 26. The spiritual group Isha Foundation said that based on accounts from people closest to the border, they now fear the worst for Manalo and 79 other members caught in what they described as an “unimaginable calamity.”

Inside the immigration office

ISHA founder Sadhguru Jaggi Vasudev confirmed that 80 members of the Foundation’s Kailash Mansarovar Yatra group were inside the Gyirong immigration building minutes before it was swept away. He said the group’s leader messaged at 9:05 a.m. local time that they had arrived at immigration. The flood struck at 9:14 a.m. “This is a terrible and extraordinary event,” Sadhguru said, breaking down as he disclosed that the group comprised 34 men and 46 women from the United States, Canada, Australia, the United Kingdom,

Germany, France, Singapore, Spain, and the Philippines.

Embassy coordination

THE DFA noted that the Philippine Embassy in New Delhi and the Philippine Honorary Consulate General in Kathmandu continue to coordinate closely with Nepali authorities regarding Dr. Manalo’s case. Aside from being a pilgrim, the Embassy confirmed that Manalo was a volunteer with the Isha Foundation, a global, volunteerled nonprofit spiritual organization, and had been assigned to the Gyirong border area in Tibet. To date, no information about him has been received.

Isha Foundation statement

THE Foundation said Chinese authorities are conducting search and rescue operations at Gyirong Port.

“At this time, there seem to be no encouraging indications of survivors at the immigration office area. The immigration office complex has been completely washed away,” it said, citing multiple sources. Teams remain stationed about 25 kilometers from the Gyirong site the closest permitted location and are in direct contact with frontline rescue teams and officials. “We have been informed that the valley at Gyirong Port is covered with significant debris, probably as much as 45–50 feet of silt and rubble. Local experts told our onground team that it is very unlikely anyone could have survived the force of the flood. The mix of debris and water rose as high as 150 feet with immense force, completely wiping out the entire building complex,” the group added. While “desperately hoping for some positive indication,” the Foundation admitted that verified findings so far “are not giving us any encouraging indication.” On the Nepal side, access to the affected area remains blocked by massivedestruction of roads and bridges.

Rising toll

NEPALESE authorities and responders continue the painstaking work of accounting for victims. As of August 29, the government reported 626 bodies recovered. About 2,400 people remain unaccounted for, while more than 4,450 individuals have been rescued, including 187 foreign nationals.

Nepali disaster officials said 155 foreign nationals have been rescued, but none from the Philippines. Officials emphasized that the Nepalese government ensures all information is officially verified before release to avoid confusion. Triggered by heavy rains and glacial runoff, the flash flood devastated communities along the NepalTibet border, sweeping away infrastructure and leaving families across multiple countries desperate for news of their loved ones. Rescue teams continue to struggle with damaged roads, unstable terrain, andisrupted communications.

Filipino family’s appeal

DR. MANALO’S family in the Philippines has appealed for prayers and assistance in reaching agencies and Nepali authorities to help in search operations. Relatives released contact numbers for coordination: Jose Rodrigo Manalo (0917 302 3077), Dinah Marie Manalo (0917 514 3465), and Chiara Manalo (0917 791 7849). “ We are asking for prayers and assistance in connecting with agencies or Nepal authorities to help with search operations,” Chiara Manalo wrote in her social media post. The DFA said it remains in close touch with Nepali authorities and will provide updates once verified information becomes available. International rescue teams are continuing efforts to account for missing tourists and locals, including Dr. Manalo.

DMW: 22 Filipino seafarers safe, back in PHL after Black Sea attack

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DMW Officer-in-Charge Assistant Secretary for Sea-Based OFW Concerns Augusto B. San Diego III, who was among those who helped the said sailors upon their arrival, urged the repatriates to continue to pray for the safety of the other Filipino sailors in other conflict areas. “Include in your prayers our fellow seafarers who continue to sail through areas affected by war. Above all, let us pray for an end to the war and a cessation of the violence that continues to put the lives of our seafarers at risk,” San Diego said in Filipino in a statement.

Last week, DMW reported there were still over 100 Filipino sailors in the Northern Black Sea amid the ongoing Ukraine-Russia war. Filipino seafarers onboard ships in the Persian Gulf are also facing similar risks as tensions between the United States and Iran continue in the Middle East. DMW said that there were still 2,500 Filipino sailors in the said waterway as of July. It reminded licensed manning agencies and their accredited principals to continuously monitor the welfare of their deployed Filipino seafarers in conflict-hit areas.

HE Department of Migrant Workers (DMW) said the 22 Filipino crew members of the Liberia-flagged M/V Antonia S, which was attacked in the ongoing conflict between Ukraine and Russia, were repatriated during the weekend. The said seafarers arrived via Turkish Airlines Flight TK084 at the Ninoy Aquino International Airport (Naia) Terminal 3 last Sunday, where they received medical and cash assistance from representatives of DMW, Overseas Workers Welfare Administration (OWWA) and the Manila International Airport.

They will get additional support from their manning agency. “After returning to the Philippines, the seafarers will undergo medical and psychological assessments arranged by their Licensed Manning Agency to help address their physical and psychosocial needs following the traumatic incident,” DMW said in a statement. M/V Antonia S was hit by a missile attack on 19 August 2026 while berthed at Chornomorsk, Ukraine. The said Filipino sailors were evacuated to a shelter in Chornomorsk, while they waited for their repatriation.

DAR. . .

DENR exec says Gibusong Island ‘off limits’ to mining

Continued from A5

judgment, and responsibility of our communication professionals,” Asec. Demorito said. He encouraged the participants to maximize the opportunities presented by AI while remaining mindful of the importance of fact-checking, originality, data privacy, intellectual property, and ethical considerations in developing official government communication materials. The training featured hands-on activities and practical exercises designed to familiarize participants with AI-assisted tools and workflows for content development. Participants explored applications for refining written content, enhancing and editing photographs, videos, and multimedia production. The activity is also in line with DAR Secretary Conrado M. Estrella III’s thrust toward digitalization and modernization, which seeks to harness technology and innovation to make the Department’s systems, processes, and services more efficient, responsive, and accessible. By strengthening the digital competencies of its personnel, DAR aims to build a more agile workforce capable of adapting to emerging technologies and utilizing them to advance the Department’s mandate and better serve its stakeholders. The August 17–21 training served as the first of three batches of the AI Tools Training. The first batch brought together participants from the MIMAROPA and Visayas regions, while the second batch is scheduled for August 25–29, 2026, for participants from the Mindanao Group. The training will conclude with the third batch on September 15–19, 2026, which will cater to participants from the Luzon Group. Through the training, DAR continues to equip its communication personnel with relevant digital skills and innovative tools to effectively communicate the Department’s programs, services, and accomplishments, while upholding the principles of responsible and ethical technology use in public service. Jonathan L. Mayuga

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ONTRARY to what is circulating online, there are no approved mining exploration, development, or commercial extraction activities on Gibusong Island in the town of Loreto, Dinagat Islands, the Depar tment of Environment and Natural Resources MinesGeosciences Bureau (DENR-MGB) said. This, as a senior official of the DENR also assured that there will be no mining activities on the island, in consideration of its fragile environment. During the House committee on appropriations budget hearing tackling the proposed P28.04 billion budget of the DENR last week, Dinagat Rep. Kaka J. Bag-ao cited the confusing status of the East Coast Mining Corporation, which was suspended since 2013. There were reports, however, that mining operations continue

House. . . Continued from A5

Among the measures he proposed are stronger age-verification systems to prevent children below 14 from creating or maintaining social media accounts, enhanced parental controls, and greater accountability for platforms in detecting

DOJ. . . Continued from A5

by the Regional Trial Court on March 19, 2026. Zosa subsequently filed a an appeal before the DOJ. Tan clarified that the inquiry was

Samuel P. Medenilla

on Gibusong Island. Bag-ao said the presence of mining on the island continues to hound residents of Gigusong Island in particular, and the Dinagat Islands in general, because the Mineral Production Sharing Agreement (MPSA) has not yet been cancelled. According to the MGB, all rights and activities under the MPSA on Gigusong Island have been officially suspended since September 18, 2014 under a formal Suspension Order issued by DENR. The order has not been lifted since, the MGB clarified. However, the public notice and advisory about its status were posted on social media but were never communicated to the public or the officials of the Province of Dinagat Islands. During the budget hearing, Bag-ao

inquired about the agency’s budget for the operations of its satellite offices in the CARAGA Region and the Province of Dinagat Islands, underscoring the need for proper monitoring of mining activities on Dinagat Islands. Bag-ao underscoring the public clamor to enhance the DENR’s monitoring activities of mining companies because there’s a continuing threat of mining in Gibusan Island, as well as the province’s Bonsai forest on mainland Dinagat Island in the town of Loreto. Undersecretary for Finance, Information Systems, Climate Change and Administration Analiza R. Teh said there’s no specific budget for Dinagat, because of the absence of a Provincial Environment and Natural Resources Office in Dinagat.

and removing accounts linked to illegal drug activities, recruitment and exploitation. “We cannot allow criminals to turn the phones of our children into marketplaces for illegal drugs. Social media companies have the technology to identify suspicious behavior, and they must be required to use it more effectively,” Santos said. He urged Congress and relevant government agencies to strengthen

laws and enforcement mechanisms against online drug trafficking while ensuring that measures to protect children are implemented without undermining legitimate online communication. “The drug trade has evolved. Our laws, enforcement strategies and digital safeguards must evolve with it. We cannot fight a 21st-century drug problem using yesterday’s tools,” Santos said.

not intended to interfere with the DOJ’s independent evaluation of the case or suggest how the pending MR should be resolved. “The inquir y is prompted by the continuing concern of the victim’s family given the extraordinary length of time that the case has remained pending. The family endured nearly nine years of uncertainty

since the death of Enrique Manas Sr.,” the letter read. “They are not asking for special treatment or for the Department to prejudge the rights of any party, but simply seek to know where the case now stands and what procedural steps remain before the matter can proceed in accordance with law,” it added. Joel R. San Juan

Jonathan L. Mayuga

Repairs. . . Continued from B8

The latest update from DA stated that agricultural damage from the enhanced southwest monsoon and tropical cyclones Luis, Maymay, and Neneng has reached P2.7 billion. The weather disturbances have so far

Fair. . . Continued from B8

The fair conducted 1,680 business appointments during its business-to-business (B2B) component, generating more than P46.9 million in sales leads and almost P2.5 million in actual sales. The event also gathered 60 sellersexhibitors and 42 buyers across its B2B and business-to-consumer (B2C) components. The B2C component allowed the public to engage directly with participating tourism stakeholders through destination presentations, interactive activities, and special offers. It was the Tourism Promotions Board (TPB) Philippines which successfully brought together tourism stakeholders, buyers, and consumers during the BARMM Regional Travel Fair at the Alnor Hotel and Convention Center in Cotabato City. “Tourism thrives when people connect. Through the RTF, we are opening doors for destinations, empowering local businesses, and creating opportunities that translate into jobs, investments, and inclusive growth for communities,” said TPB Chief Operating Officer Maria Margarita Montemayor Nograles. Among the distinguished guests during the B2B Opening Session were BARMM Interim Chief Minister Abdulraof Macacua, who delivered an inspirational message, and TPB Domestic Promotions Department (DPD) Manager Arnold T. Gonzales, who delivered

Pilandok. . . Continued from A3

He added that for ready-to-eat food, the DSWD has 288,766. Ready-to-eat food are being provided during the first impact of natural calamities. “The DSWD has enough non-food items to support the LGUs. We still have 45,000 family clothing kits, 3,000 plus family tents, 20,515 water filtration kits, 34,570 family hygiene kits, 81,948 kitchen kits, modular tents, and 53,932 sleeping kits,” he said. The Department of Health (DOH) meanwhile, reported that based on monitoring in

Legislator. . . Continued from A3

The bill would also prohibit the use of public figures to endorse online gambling brands and restrict promotional tools such as bonuses, free bets and referral codes intended to attract new players. Sponsorships involving sporting events, concerts and other activities would also fall under the proposed ban. Garcia said the measure is aimed at curbing the marketing practices used to draw vulnerable sectors, including young people and financially struggling families, into online gambling. “Nobody asked for a casino on their phone, open twenty-four hours a day. It got there through an ad on a livestream, a bonus code passed around on social media, a famous influencer telling our youth that the odds are in their favor,” Garcia said in a statement. “This bill tells the industry it can’t chase our children and our vulnerable families into their own homes to sell them on it,” she added. The measure does not seek to outlaw licensed gambling activities. Instead, it focuses on restricting the advertising i n f r a s t r u c t u re s u r ro u n d i n g o n l i n e gambling. Advertisements involving non-online gambling activities, including licensed casinos, Philippine Charity Sweepstakes Office lotteries and sweepstakes, horse racing and licensed cockpit cockfighting, would remain permitted, subjec t to responsible gaming advisories and content restrictions. News coverage, academic discussions and government communications would be exempted from the proposed prohibition.

affected 69,615 farmers and fishers in eight regions—Cordillera, Ilocos, Cagayan Valley, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Mimaropa (Mindoro, Marinduque, Romblon and Palawan), Bicol and Western Visayas. The weather disturbances have also damaged 60,896 metric tons of crops over 62,732 hectares of farmland. the opening remarks. BARMM Minister of Trade, Investments, and Tourism Farserina A. Mohammad was also present at the event. During the B2B sessions, the provinces of Basilan, Lanao del Sur, Maguindanao del Sur, Maguindanao del Norte, Tawi-tawi, and Cotabato City showcased their destinations and products. Other sellers from across 12 regions in the country were present along with DOT regional offices and attached agencies, and local government units, to further strengthen networks in the industry and give buyers access to a wide network of suppliers. DOT Regional Offices also presented their respective destinations and tourism offerings, while participating DOT attached agencies, including the Intramuros Administration (IA), Tourism Infrastructure and Enterprise Zone Authority (TIEZA), Philippine Retirement Authority (PRA), and Philippine Commission on Sports Scuba Diving (PCSSD), shared their respective programs and tourism-related initiatives with participants. The Philippine Airlines (PAL), one of the organizing partners of the RTF, also had their time on the stage. The TPB delegation was led by Acting Head of the Marketing and Promotions Sector Teresita DL. Landan, together with DPD Manager Arnold T. Gonzales and DPD Sales Division Chief Cesar R. Villanueva. The 18th RTF also received the support of the Ministry of Trade, Investments, and Tourism; Bureau of Tourism; Cotabato City Tourism Office; and the Cotabato City Tourism Council, whose assistance contributed to the smooth implementation of the event. different evacuation centers, 5,831 persons have consulted for health problems ranging from acute respiratory infection, skin diseases, hypertension, open wounds and bruises, and flu. The department said 67 health facilities— barangay health stations, primary health facilities, and hospitals—were reported damaged but remain operational or functional. “We estimated P54.3 million total cost in damages, which will provide assistance in the form of a quick response fund,” she said. The DOH has provided medicines in partnership with local governments and other stakeholders to respond to illnesses arising in evacuation centers. Garcia cited findings from the World Health Organization linking gamblingrelated harm to the industry’s increasing commercialization and digitization. She noted that the WHO has identified gambling disorder as an addictive behavior that can cause significant health and social harm and has called for stronger restrictions on gambling advertising, promotion and sponsorship. The lawmaker also pointed to the continued growth of online gaming revenues. Online gaming generated P201.12 billion in 2025, accounting for more than half of the Philippine Amusement and Gaming Corp.’s total P396.14-billion revenues for the year and surpassing land-based casinos for the first time. “Every peso of that growth came from an ad, a sponsorship, or an influencer post that reached someone’s son, someone’s father, someone’s breadwinner,” Garcia said. The bill proposes penalties ranging from P500,000 to P10 million for operators, along with possible suspension or revocation of licenses and imprisonment of up to three years for willful violations. Public figures found violating the proposed endorsement ban could face fines, forfeiture of payments received, and a threeto five-year prohibition from making similar endorsements. Platforms, media companies, advertising technology firms and internet service providers that fail to comply could be fined P50,000 for each day of noncompliance and may also face possible license sanctions. The measure would further require stricter age and identity verification for online gambling accounts, citing the State’s constitutional duty to protect the well-being of the youth and promote the public’s right to health.

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MAYNILAD, K-WATER ADVANCE IN P14.8-B NEW CLARK PROJECT By Bless Aubrey Ogerio

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HE proposed P14.8-billion water and wastewater project for New Clark City has moved closer to implementation after the Bases Conversion and Development Authority (BCDA) granted original proponent status (OPS) to the consortium of Maynilad Water Services Inc. and South Korea’s state-owned Korea Water Resources Corp. (K-water). The BCDA Board approved the OPS on August 28 following its evaluation and negotiations with the proponents, allowing the consortium to advance the project to the next stage of the public-private partnership (PPP) process. The project covers long-term water supply and wastewater management for New Clark City in Tarlac, with the public utility component to be operated by a duly qualified entity. The BCDA said the proposed system is intended to serve the expanding requirements of residential, commercial, institutional and industrial developments in the estate, while treating wastewater in accordance with environmental and wastewater standards. The project is also expected to provide utility capacity for industries requiring reliable water services, including advanced manufacturing, data centers and other high-value activities, it added. With the OPS granted, the proposal will proceed through the required approval process before entering the Swiss challenge, where other qualified private-sector proponents may submit competing proposals. BCDA is targeting the award of the con-

tract by December, subject to the outcome of the PPP process, required approvals and other conditions. “Growth requires infrastructure that can keep up with it. Water and wastewater are fundamental to that growth; and we want New Clark City to have a system that is reliable, sustainable and built to meet the needs of the metropolis for the long term,” BCDA President and CEO Joshua Bingcang said. The project comes as New Clark City’s existing water capacity remains at an estimated 20 million to 30 million liters per day. Under the proposed development, capacity could rise to as much as 150 million liters per day, according to the BCDA. The expected demand could also rise as new industrial projects are added to the estate. The BCDA has estimated that the proposed Pax Silica project, a planned semiconductor and advanced-technology investment cluster, could eventually require between 65 million and 90 million liters of water per day. In its presentation, the agency said the planned water system would use surfacewater harvesting, storage, treatment and recycling, with the initial system designed for a capacity of up to 135 million liters per day. In February, Bingcang disclosed that K-water had submitted an unsolicited proposal to develop a bulk water supply system for New Clark City. At the time, the project was estimated at about P15 billion and was expected to be implemented through a 50-year PPP joint venture with Maynilad. K-water is also the operator of Angat Dam, a major water source for Metro Manila.

Tuesday, September 1, 2026

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Stakeholders: Mobility must be resilient in bad weather

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By John Eiron R. Francisco

ITH typhoons, flooding and other weather disruptions repeatedly paralyzing roads and public transport, stakeholders are calling for a more resilient transportation system that can maintain mobility and support business continuity during crises.

MWM Terminals Inc. Chief Operating Officer Mohit Malhi said reliable mobility is essential to keeping businesses operational, as disruptions can prevent workers from reaching their workplaces and customers from accessing establishments. “If workers cannot reach their workplace, the company cannot function. If their workers are unable to reach the office, and of course, retail without customers cannot flourish,” Malhi spoke at the PITX Media Forum: Mobility as Resilience: Keeping People, Business, and Cities Moving last Friday. He said the interconnected na-

ture of businesses, transport operators, terminals and workplaces means that a disruption in one part of the mobility chain can have broader economic effects. “Mobility is like the invisible infrastructure behind every successful business or workplace,” Malhi added. Global Robot Coffee Managing Director CJ Jesena, meanwhile, said retailers also feel the impact through lost sales when mobility comes to a halt. “When life stops, you don’t have markets to sell to,” Jesena said, noting that retailers rely on daily sales targets that contribute to their

monthly and annual figures. Even a short disruption, he added, can create losses that are difficult to recover. Retail workers also bear the cost, particularly those under a “no work, no pay” arrangement. Jesena said missing one or two workdays can strain employees who rely on their daily earnings to cover their monthly expenses.

tive transport modes and routes could allow people to continue their daily activities despite localized weather conditions. He said typhoons, flooding and other weather events are recurring challenges rather than isolated incidents, making it necessary for communities and the transport sector to develop ways to keep people moving despite such conditions.

Mobility must go on

Transport as lifeline

“JUST because there’s a disaster, sometimes not even adapted, life should not grind people,” MWM Terminals Inc. President Atty. Jaime Raphael Feliciano said. Weather-related incidents, he said, should not automatically bring mobility to a standstill, particularly in areas that remain accessible. He cited a recent case in southern Metro Manila where classes were suspended despite relatively manageable conditions in the area, partly due to concerns that some parents commuting from other parts of the capital region could have difficulty getting home if conditions worsened. For Feliciano, however, a problem in one area should not necessarily stop mobility elsewhere. Alterna-

PASIG City Disaster Risk Reduction and Management Office chief Bryant Wong also underscored the role of mobility in disaster response, describing transportation as a “lifeline for communities during emergencies.” He said reliable transport is needed to evacuate residents, allow responders to reach affected areas and deliver food, supplies and other assistance to communities in need. Wong said stronger coordination with the business sector is also needed to support local governments and communities during emergencies, particularly in ensuring that transport and other essential services remain available when disasters strike. See “Mobility,” A2

UK expands visa services as more Pinoys travel abroad By Ma. Stella F. Arnaldo Special to the BusinessMirror

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SHADES OF RELIEF Motorists get some relief as oil companies roll back pump prices effective Tuesday, September 1, following two consecutive weeks of fuel-price hikes. Diesel prices are set to fall

by around P3.80 per liter and gasoline by about P0.30 per liter, based on announced adjustments from major oil firms. The rollback comes as global oil prices eased on softer supply concerns and renewed hopes for mediation in the Iran conflict and the possible reopening of the Strait of Hormuz. However, the cuts provide only limited relief after fuel prices posted hefty year-to-date net increases of P59.06 per liter for diesel and P54.92 for gasoline as of August 31. ROY DOMINGO

12 firms eyed in geothermal de-risking

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By Lenie Lectura

HE Department of Energy (DOE) has identified 12 power firms that would want to avail themselves of the P10-billion geothermal de-risking facility, an official of the Department of Energy (DOE) said. “We already know who they are because we need to show the ADB [Asian Development Bank], the Department of Finance [DOF], and the DepDev [Department of Economy, Planning, and Development] the list of those lined up. We have 12 confirmed candidates, plus five backups in case anyone drops out,” said DOE Undersecretary Rowena Guevarra. She declined to identify these 12 firms, but

noted that some have foreign partners. “So, the next step is for the ADB to issue a tender for the experts who will assist the DOE in evaluating the applications,” added Guevarra. The DOE and the Land Bank of the Philippines have established the Philippine Geothermal Resource De-Risking Facility (PGRDF) to reduce financial barriers in early-stage geothermal exploration. Backed by initial support from the ADB, the program employs a risk-sharing mechanism that converts unsuccessful drilling costs into grants while turning successful exploration funds into repayable loans. The DOE will serve as the executing agency, responsible for policy direction and governance, including the establishment of technical standards, eligibility criteria,

and overall program oversight. Landbank will act as the facility administrator and manager, overseeing sub-loan applications, milestone-based funding releases, collections, and program reporting. “Geothermal development requires significant investment long before a single kilowatt is delivered to consumers. Through the PGRDF, government is helping de-risk the exploration stage so that viable prospects can move faster from resource confirmation to project development,” DOE Secretary Sharon Garin said. The National Geothermal Association of the Philippines (NGAP) is fully supportive of the PGRDF. NGAP said the PGRDF addresses the high upfront risks of exploration drilling and is

expected to revitalize greenfield geothermal development, unlock indigenous baseload renewable energy resources, reduce dependence on imported fuels, and support long-term sustainable development. “As the country’s leading organization of geothermal professionals, practitioners, and stakeholders, NGAP remains fully committed to supporting the successful implementation of the PGRDF. The Association stands ready to provide technical expertise, industry insights, and stakeholder support to help unlock new geothermal investments and maximize the contribution of this indigenous baseload renewable energy resource to the country’s energy security, resilience, and sustainable development,” NGAP President Jaime Jemuel Austria said.

ORE Filipinos are traveling to the United Kingdom, prompting the implementation of premium and mobile visa application centers across the country. In a news statement, VFS Global, a third-party visa processing company contracted by the UK Embassy in Manila, said the company now offers Premium Application Centers (PACs) in Metro Manila, Davao City, and Cagayan de Oro City, and a Mobile Visa Application Center (MVAC) in Bataan. The company said these new visa application centers “[provide] UK visa customers with greater flexibility, convenience and accessibility when submitting their visa applications.” While VFS Global did not say how many Filipinos apply for UK visas annually, it said some 200,000 Filipino expats live and work there. But data from the Department of Tourism (DOT) as gathered from etravel forms, showed 82,843 Filipinos traveled to the UK last year, up 5.21 percent, year on year. In the first half of 2026, just 40,701 Filipinos traveled to the UK, less 2.38 percent from the same period last year.

‘More accessible, convenient’

IN the same news statement, UK Ambassador to the Philippines Sarah Hulton OBE said, “The strength of the UKPhilippines relationship is reflected by the growing number of Filipinos choosing to visit the UK for tourism, education and business. The expansion of visa application services will help make the application process more accessible and convenient for customers across the Philippines.” Specifically, the PACs are located at Shangri-La at The Fort at the Bonifacio Global City, Taguig; Dusit Thani Residence in Davao City; Limketkai Luxe Hotel in Cagayan de Oro City, and Grand Summit Hotel in General Santos City. The Mobile Center is located at The Bunker in Balanga City, Bataan. For specific operating days and hours, visit the VFS Philippines https://tinyurl.com/yeyksy3j For his part, VFS Global Chief Operating Officer–China, Australasia, and RCIS (Russia and Commonwealth of Independent States)

Simon Peachey, said, “Filipino travelers today increasingly seek convenience, comfort and flexibility. Our Premium Application Centers offer a more personalized and comfortable submission experience, while our Mobile Visa Application Center provides customers with greater accessibility and choice when applying for a UK visa. Together, these services help make the application process more convenient while maintaining the highest standards of security, compliance and service excellence.”

Optional, higher fees

VFS underscored that application at the PACs and Mobile Center are optional services and carry additional costs. Also, “opting for these centers does not have any bearing on the outcome of a visa application, which is the sole prerogative of the UK Visas and Immigration.” Per the VFS Philippines website, those who apply via the Mobile Center in Bataan, for instance, must pay an additional fee online of P7,339, “as part of the appointment booking process, and prior to attending the center.” For those who choose the regular visa application services, these remain available at VFS’s UK Visa Application Centers in Manila (Makati Circuit Corporate Tower) and Cebu (Faustina Center, Cebu City), with the relevant application fees. All these centers—regular, premium, and mobile—operate in accordance with the processes and guidelines established by the UK Visas and Immigration. In a news briefing, VFS Global noted the increase in Filipinos traveling abroad as visa application volumes at their centers increased by some 8 percent in 2025, year-on-year. The company services 33 embassies in the Philippines. (See, “Visa demand rises as Pinoys travel more,” in the BusinessMirror, Jan. 29, 2026.) VFS Global operates over 4,200 visa application centers in 169 countries. The Zurich and Dubai-based company said it has processed more than 557 million transactions since 2001. It is majority owned by Blackstone, the world’s largest alternative asset manager, along with minority shareholders including Swiss-based Kuoni and Hugentobler Foundation, Singapore based Temasek and UAE based Dubai Holdings.

A10 Tuesday, September 1, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

The alarm bell rings, but who’s listening?

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ILL GATES has spent decades as technology’s most influential optimist. When the man who helped put a computer on every desk warns that we’re stumbling blind into an abyss, the world ought to pause and listen. Gates’ recent essay represents something rare in Silicon Valley: a founding father of the digital age admitting that the monster he helped create may be outpacing our capacity to control it. (Read the BusinessMirror story, “Bill Gates warns of a turbulent AI era: ‘There’s not even a plan to have a plan,’” August 27, 2026). His assessment is brutal in its clarity. We face “one of the most turbulent times in human history,” yet there is “not even a plan to have a plan.” This isn’t mere technocratic hand-wringing—it is an admission that the very structure of how societies prepare for disruption has broken down. Gates recognizes what policymakers refuse to: AI is not merely another industrial revolution happening faster. It’s something categorically different, a technology that adapts to us rather than requiring us to adapt to it, collapsing the historical buffer zones that once gave societies time to adjust. The most unsettling aspect of Gates’ warning isn’t the litany of risks—job displacement, bioweapons, eroded social trust—but his resignation that slowing development is impossible. When a man of his resources and influence concedes that the US-China AI arms race makes global coordination a fantasy, we’re forced to confront an uncomfortable truth. We have built a system where competitive advantage trumps collective survival, where the race to the bottom is the only race that matters. Gates’ proposed solutions—new coordinating institutions, international inspection frameworks, “Human Reserved” jobs—deserve serious consideration, but they also reveal the magnitude of the challenge. Creating new bureaucracies to oversee AI requires political will that shows no signs of materializing. Taxing robots sounds elegant in theory but faces immediate opposition from industries already salivating over labor cost reductions. The “Human Reserved” concept, while poetic, assumes democratic societies can agree on which jobs merit protection—a tall order in an era of fractured consensus. What makes Gates’ intervention significant is not the novelty of his warnings—think tanks and academics have sounded similar alarms for years. It’s the source. When one of capitalism’s greatest success stories starts questioning whether capitalism can survive AI’s disruption, the critique carries weight that ivory tower theorists cannot match. Gates understands the incentives driving this train forward, and he knows they won’t be stopped by ethical appeals or white papers. The essay ultimately serves as both warning and indictment. It indicts a political class that has spent a decade watching AI advance while offering nothing but platitudes. It indicts an industry that privately acknowledges risks while publicly racing to maximize shareholder value. And it indicts all of us for accepting the narrative that technological progress is inevitable, that we must adapt to the machines rather than demanding they adapt to us. Gates offers a narrow window for action “before unemployment rises sharply, communities are hurting, and public trust has eroded.” History suggests we’ll miss that window. The question is not whether Gates is right—he is. The question is whether being right matters when there’s still no plan to have a plan. Since 2005

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The pump knows before BSP does John Mangun

OUTSIDE THE BOX

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HIS may sound like a statement from “Captain Obvious,” but the price of gasoline is not the issue. Diesel is, and it broke P90 a liter in Metro Manila last month.

That is not a number lifted from a market report. It is on a signboard at every gas station a driver passes on the way to work, and it has been climbing for almost all of the last eight weeks. Diesel is not a consumer good in the way gasoline is. It is the fuel of the fishing boat, the delivery truck, and the generator that keeps a poultry farm running through a brownout. When diesel rises, the cost embeds itself in every link of the supply chain before it ever reaches a buyer. Gasoline prices inflate the commute. Diesel inflates the country. The immediate cause sits 8,000 kilometers away in the Strait of Hormuz, where renewed fighting between Iran and its neighbors has jammed the tanker routes that carry 98 percent of the crude the Philippines imports. The Philippines chose, deliberately, to stop refining most of its own fuel. When Pilipinas Shell shut its Tabangao refinery in Batangas in

2020, the country completed a quiet transition from crude importer to finished-product importer, meaning it now pays not just for oil but for someone else’s refining profits. That was a policy outcome, not an act of geopolitical fate. Goldman Sachs’ new global refinery-runs tracker shows worldwide refining activity down 6.5 million barrels a day from a year earlier in late July, the weakest seasonal reading since the pandemic. American refiners running above 97 percent utilization made up less than a third of the shortfall elsewhere. Global diesel exports have fallen by 2.6 million barrels a day, about 35 percent, from a year earlier, and the European gasoil crack, the premium refiners earn turning crude into diesel, has climbed above US$70 a barrel. None of that is a Philippine data point. But all of it becomes one the moment a tanker destined for Batangas has to bid against a refiner in Rotterdam for the same barrel.

The bill is arriving through the Philippine Statistics Authority’s monthly inflation report. Headline inflation eased to 6.2 percent in July, down from an April peak of 7.2 percent, but the year-to-date average of 5.0 percent remains well above the Bangko Sentral ng Pilipinas (BSP) target range of 2.0 to 4.0 percent. Transport inflation alone ran at 11.9 percent in July. The burden is not distributed evenly. Inflation for the bottom 30 percent of households hit 8.2 percent the same month, two points above the headline figure. IBON Foundation calculates that the poorest income decile pays around P442 a month in oil excise taxes against P834 for the richest, a levy that falls more than three times as hard on the poor when measured against income rather than in pesos. The households with the least room to absorb a fuel shock are absorbing the largest share of it. Economic growth is not compensating for the price squeeze. Gross domestic product (GDP) expanded 2.3 percent year on year in the second quarter, the softest expansion since the fourth quarter of 2009 excluding the pandemic years, down from 2.8 percent in the first quarter and 5.5 percent a year earlier. Industry contracted with construction and mining leading the decline. The government now needs growth above 4.4 percent in the second half to land inside its 3.5 to 4.5 percent target for the year.

This is the same mechanism that cornered the first Marcos government in 1979, when the second oil shock hit an economy already leaning on foreign borrowing. Energy costs rose, inflation followed, and debt service ate into money the government needed elsewhere. The country spent the next several years absorbing that debt load with no cushion left when the next shock arrived. Today the debt-to-GDP ratio stands at 66 percent, the highest in over two decades, past the 60-percent danger line, and still climbing in the same quarter growth fell to its weakest pace since 2009. There is no room left to spare, and the BSP cannot cut rates to make more while inflation refuses to cooperate. None of this required a war to be avoidable. A country that imports finished fuel instead of crude, that lets its refining capacity close rather than modernize, and that treats energy security as someone else’s emergency plan will keep discovering the same vulnerability under a different headline and different administration. The jeepney driver idling at a red light did not vote to close a refinery in Batangas six years ago. He pays for that decision every time he fills the tank. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Britain’s universities bet on foreign students; now they’re turning elsewhere By Tom Rees

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S thousands of teenagers prepare for their first day of higher education, the universities of Greenwich and Kent in southern England are taking their own step into the unknown.

The two mid-ranking institutions are merging into one of the UK’s biggest, forging a blueprint for others in the economically challenged sector to follow. While both schools will continue under their individual names, the combination aims to create “greater economies of scale” and allow for a “centralizing of some services” under a restructuring that is still being drawn up. The radical move, first discussed three years ago, is a sign of the times in a sector that is struggling to stave off a full-blown financial crisis. British universities have long traded off their stellar global reputation to attract higher-paying international students, but domestic demographics, tighter visa rules and increased competition from Asia is strangling that golden goose.

“I do think there will be some failures in the sector if the government doesn’t do anything,” says Jane Harrington, chief executive officer of London and South East University Group—the merged Greenwich and Kent entity—told Bloomberg News. “They need to understand that the cost of a university failing will be far more than them providing some support.” Figures from trade body Universities UK suggest its members are facing a combined £3.7 billion funding hit by the end of the decade from government policy decisions, such as tighter immigration rules. While the top universities, including Oxford and Cambridge, are somewhat insulated from the crisis, many are in a more precarious position from declining international student income with the lowest ranked the

most exposed, according to the Tony Blair Institute for Global Change. Years of frozen domestic tuition fees and rising costs have compounded the problem. “It is fair to say that we are experiencing unprecedented levels of system-wide pressure,” said Nick Vaughan-Williams, provost at the University of Birmingham. His university is able to “weather the storm” but he warns the big international student markets of the UK, Canada, Australia and the US are now facing much tougher competition. “We absolutely need to call out and think through the fundamental decline in key international student markets,” he said. “More East Asian students are choosing to remain in East Asia, and East Asian governments are investing hard in campus infrastructure and in their universities.” While the UK has enjoyed a modest bump in applications from US students in recent years, it has seen students from the European Union slide since Brexit ended freedom of movement between Britain and the bloc.

Students from India, China, Pakistan and Nigeria currently arrive in the greatest numbers. However, universities in many developing countries are rapidly improving, particularly in China with many of its institutions climbing global league tables. The flow of students is also often dependent on economic conditions in their country, as evidenced by volatility in arrivals from Nigeria in recent years after a plunge in its currency. Conflict in the Middle East was cited as the latest threat to international student numbers by the Office for Students, the independent higher-education regulator. Whatever the source, students from abroad pay between £11,400 ($15,500) and £38,000 per year for undergraduate courses, according to the British Council. That compares with an annual cap of just under £9,790 for UK students. Andy Burnham’s arrival in No. 10 Downing Street will do little to calm nerves after he railed against the university channel for young See “Britain,” A11

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Tuesday, September 1, 2026 A11

White House exodus poses new challenge for Trump at pivotal time

Denied VAT: Is it really lost?

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W

Atty. Irwin C. Nidea Jr.

TAX LAW FOR BUSINESS

By Courtney Subramanian, Hadriana Lowenkron and Jeff Mason

RESIDENT Donald Trump is entering a critical stretch of his second term with a slew of resignations among his senior staff, forcing him to rely on an even smaller circle of aides.

Over the last month, Trump lost his chief spokesperson, his top legal adviser, a key national security adviser and his liaison to Capitol Hill. More senior officials are said to be weighing a potential exit over the next few months, according to people familiar with the matter. While staff departures are typical before midterm elections, the departures of key aides such as White House Press Secretary Karoline Leavitt this month took some in the White House by surprise, according to a person familiar with the matter. James Braid, White House director of legislative affairs and a longtime Trump aide, announced earlier this month his plans to quit in the coming weeks. Braid’s announcement came a week after Leavitt— another one of Trump’s most trusted advisers and fiercest defenders— said she would step down at the end of August. Their successors have not been announced. White House deputy national security adviser Andy Baker, who had been personally involved in negotiations with Iran, and White House Counsel David Warrington have also departed and were replaced by existing administration officials. The senior staff exodus comes at an already tumultuous time for Trump, who is struggling with foreign and domestic challenges—including some of his own making. Republicans are facing the prospect of losing their congressional majorities in the November midterm elections, a result that could open his administration to subpoenas and investigations under a Democraticled Congress. As he enters the last two years of his final term, Trump faces historically low approval ratings, a shaky economy and an unpopular war in Iran that has roiled the global energy markets. He’s engaged in a fresh trade war with Canada and has lashed out at South Korea, another longtime US ally. The string of departures threatens to create a vacuum in Trump’s inner circle and finding replacements won’t be easy. “If your vetting process the first go-round mandates that you have to claim that the 2020 election was stolen, then the pool of candidates was probably already small and getting smaller now,” said Marc Short, who served in the first Trump administration. The administration expressed little outward concern over the outflow of aides. “This movement is bigger than any one staff member, and the president’s mission to make America greater than ever before will continue unabated,” said White House spokeswoman Taylor Rogers. Still, the loss of some of Trump’s closest advisers has left the White House without a clear succession plan in key offices. Braid, whose job was to press congressional Republicans on the president’s legislative agenda, has lost much of his staff over the last six months, according to a person familiar with the matter. Though Leavitt plans to remain

Britain. . .

Continued from A10

people in favor of getting more into technical education. The “days of a school system configured entirely around the university route will be brought to an end,” he said in June before becoming prime minister. With Shabana Mahmood reappointed as the UK’s Home Secretary,

in Trump’s orbit, her absence in the communications office deprives the president of one of his most effective messengers to sell his domestic and foreign policies to skeptical voters. Trump, however, is in no rush to replace Leavitt, according to a person familiar with the matter. In the meantime, the White House is weighing a plan to again rotate Cabinet officials through the briefing room as they did while she was on maternity leave earlier this year, the person said. “This also is, without question, the hardest time to hire into an administration,” said Lisa Camooso Miller, a former Republican National Committee communications director. “The real question is, who’s going to fill these roles? Will they be the right people, and will they be people that the president listens to? It’s not so much about the vacancies, but who’s willing to go into the second two years of an administration that largely will face headwinds with a change in Congress.”

Post-midterm strategy

THE administration has announced some key moves to boost its political operation and strategy ahead of the midterms. In April, Trump announced deputy chief of staff James Blair would temporarily leave the White House to lead the president’s political operation. Earlier this summer, the White House brought back veteran advisers Jason Miller and Johnny DeStefano to focus on midterm messaging, Bloomberg previously reported. Trump also tapped his cabinet secretary, Will Scharf, to replace Warrington as White House counsel, partly in preparation for the onslaught of congressional investigations should Democrats take control of the House, according to a White House official. Scharf was part of Trump’s legal team during his four years out of office and was one of the president’s lawyers in the election obstruction case. Several other aides have left in recent months. Trump’s pardons attorney and staunch ally Ed Martin has announced his departure from the Justice Department. Abigail Jackson, a deputy White House spokeswoman, stepped down last month to take a job in the private sector. Emily Underwood, who worked under White House deputy chief of staff Stephen Miller, left earlier this month to join a venture capital firm, according to a person familiar with her decision. Caleb Orr, a top adviser to Secretary of State Marco Rubio, is expected to replace her. The remaining team will have their work cut out for them. In addition to resolving conflicts in the Middle East and Ukraine, some within the party are pushing the White House for fresh economic plans, including further tax cuts to expand the president’s signature tax and spending law. The administration is expected to unveil economic-focused policy proposals in the coming weeks, according to a person familiar with the matter. With assistance from Jennifer

HAT happens to a VAT refund claim after it has been finally denied by the BIR or the courts? The usual reaction is to consider the matter closed. The taxpayer claimed a refund, the claim was denied, and the amount is lost. But is that necessarily the correct result? A related question is whether a taxpayer should be allowed to return the denied amount to its VAT return as unutilized input VAT or, if that is no longer possible, recognize the amount as a loss for income tax purposes. This issue deserves attention because not all denied VAT refund claims are denied for the same reason. When a taxpayer files a VAT refund claim, the amount being claimed is effectively removed from the unutilized input VAT portion of the VAT return and transferred to the portion relating to the amount being claimed for refund. The taxpayer is no longer intending to carry the amount over as input VAT; it is seeking to recover it through a refund. But what if the refund is later denied? One case that provides guidance is a decision of the Court of Tax Appeals (CTA) in CTA EB No. 1786. The taxpayer had applied for a refund of input VAT. The claim was eventually denied by the Department of Finance. The taxpayer then wrote off the denied amount and claimed it as a deduction from gross income. The CTA En Banc allowed the deduction. It found that while the Tax Code specifically provides refund or tax credit as a means of recovering unutilized input taxes attributable to zero-rated sales, it did not categorically prohibit another mode of recovery. The court therefore allowed the taxpayer to recognize the amount as a loss. It is worth noting that the denial was mainly due to non-compliance with invoicing requirements. The decision, however, did not settle the issue. The BIR subsequently took a different position. In BIR Ruling No. 16-2024, a tax-

payer cited the decision in CTA EB No. 1786 in asking whether an unclaimed or denied VAT refund could be recorded as a miscellaneous expense for income tax purposes. The BIR said no. Among the reasons given was that the Tax Code provides refund or tax credit as the means of recovering unutilized input VAT attributable to zero-rated sales. The BIR also took the position that the rule of following prior court rulings applies only to decisions of the Supreme Court and that a CTA decision does not have the same binding effect. The BIR consequently relied on RMC No. 57-2013, which provides that unutilized creditable input taxes attributable to zero-rated sales may only be recovered through a refund or tax credit. Thus, the BIR’s present administrative position is that a denied VAT refund cannot simply be converted into an income tax deduction. The CTA En Banc decision mentioned above remains relevant. It provides judicial support for treating a finally denied claim as a loss, although taxpayers adopting this position should recognize the possibility of a BIR challenge during an audit. There is another issue, perhaps more important: What happens to the input VAT itself? In BIR Ruling No. 45-2023, the BIR denied a taxpayer’s request to reverse or return a denied refund claim as excess input VAT in a subsequent VAT return. According to the BIR, the Tax Code does not provide that a denied refund claim may be recovered through a reversal or return to the VAT return. I believe a distinction should be made here. A refund claim can be denied for different reasons. A taxpayer may fail to provide sufficient documentary support or may submit defective documents. In such a case,

While the BIR currently does not recognize the denied refund as a deductible expense, the CTA En Banc decision mentioned above provides a reasonable basis for treating the amount as a loss where the taxpayer has suffered an actual and final economic loss. there may be a legitimate question as to whether the taxpayer has sufficiently established its entitlement to the input VAT. That is different from a refund claim being denied because it was filed prematurely or beyond the prescribed period. Take a taxpayer with legitimate input VAT arising from actual purchases and attributable to zero-rated sales. The taxpayer files a refund claim, but the claim is denied because it was filed prematurely. The denial does not necessarily mean that the taxpayer did not have the input VAT. The problem was with the timing of the refund claim. The same issue arises when a refund claim is filed out of time. The taxpayer may have lost the right to recover the amount through a refund, but that does not necessarily mean that the underlying input VAT was never valid. This distinction is important. When the taxpayer filed the refund claim, the input VAT was removed from the unutilized input VAT balance precisely because the taxpayer was pursuing a refund. If the refund is later denied for a reason that does not invalidate the underlying input VAT, why should the amount permanently disappear from the VAT system? The present BIR rules do not provide an answer favorable to the taxpayer. Perhaps the rules should be changed. There should be a mechanism allowing a taxpayer, subject to appropriate safeguards, to return a denied refund claim to its unutilized input VAT when the denial is based solely on timing or another procedural ground and does not establish that the underlying input VAT is invalid. The taxpayer should prove that the input VAT actually exists, is properly supported, has not previously been utilized or recovered, and that reinstating it will not result in double recovery. The situation should be different

when the refund is denied because the taxpayer failed to establish the underlying input VAT. A taxpayer should not be allowed to use reinstatement as a second opportunity to claim an input tax that it could not substantiate. This approach would strike a better balance. It would protect the government from unsupported claims while preventing legitimate input VAT from simply disappearing because a taxpayer pursued a refund that was later denied on procedural grounds. The income tax treatment presents a separate issue. While the BIR currently does not recognize the denied refund as a deductible expense, the CTA En Banc decision mentioned above provides a reasonable basis for treating the amount as a loss where the taxpayer has suffered an actual and final economic loss. Whether a taxpayer should take this position will depend on the legal authorities, the circumstances of the denial and its tolerance for an audit challenge. Ultimately, this is not simply a question of whether a taxpayer should be given another tax benefit. It is a question of what should happen to legitimate input VAT after the refund mechanism fails. If the underlying input VAT was never valid, there is no reason to return it to the taxpayer’s VAT return. But if the input VAT was valid and the refund was denied only because the claim was filed prematurely or beyond the prescribed period, permanently eliminating the input VAT may be difficult to justify. The BIR circulars do not presently provide a mechanism for this. To be fair to taxpayers, the law, or even a revenue issuance, should consider providing one. A refund claim may be denied. But that should not automatically mean that the underlying input VAT disappears with it. The author is a senior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Japan’s firms hire foreigners even as Takaichi tightens rules By Sakura Murakami

A. Dlouhy and Josh Wingrove/Bloomberg

In the survey conducted last year by Japan’s labor ministry, 68.2 percent of companies said they hired foreign nationals to ease a labor shortage, making it the top reason every year since the survey began in 2023. Some 56 percent of companies also said they had hired foreigners based on merit, while 18 percent said they were seeking to globalize their workplace. Multiple answers were permitted in the survey. The number of foreign workers has surged as companies seek labor amid a shrinking population and aging workforce. More than half of companies reported that they didn’t have sufficient full-time staff, ac-

cording to a report released this month by Teikoku Databank. Nearly 30 percent didn’t have enough nonregular staff, the survey showed. The jobless rate fell to 2.4 percent in July, the lowest in a year. Takaichi’s conservative stance on the matter could complicate efforts to secure staff from overseas, as her government tightens limits on inflows under key worker programs. She has spearheaded policies including stricter rules around eligibility for residence visas and appointed a minister dedicated to working on the issue. “I have done this to squarely address the situation where the

increase in the number of foreign residents is causing anxiety and a sense of unfairness among the public,” Takaichi said of her efforts at a news conference held in late July. The number of non-Japanese people residing in Japan topped 4 million for the first time in late 2025, marking a record high and a 9.5% increase from a year prior, according to the Justice Ministry. That figure includes permanent residents and students, as well as workers on shorter programs aimed at securing foreign labor for blue-collar jobs. The Labour Ministry survey covered both companies and their foreign employees. It focused on companies that had at least five workers with employment insurance and at least one non-Japanese worker on their payroll. Almost half of the companies polled said communication was an issue with foreign workers, while a quarter also said that bureaucratic procedures like obtaining visas were

there is little sign the new government will let up on efforts to reduce immigration, either. “We need to think carefully about how we support international student recruitment in the realities of the political context that we operate,” said Vaughan-Williams. The number of student visas has declined sharply in recent years after the government stopped most international students bringing family

members and raised the threshold on savings needed to arrive. Home Office data suggests that study visas granted have slipped by around 30 percent from the peaks of over 600,000 in 2022 and 2023. A new £925 per year levy on universities for each international student that is set to take effect in 2028 is another looming threat—a £570 million annual blow, according to the Office for Students. Universities will

not pay the charge on the first 220 students per year. The Office for Students predicted that almost half of the country’s 279 higher education institutions will report a deficit for 2025-2026. That would reach almost 60% if student recruitment was flat over the coming years. Universities are already taking drastic action to shore up their finances. Many are slashing staff and

closing down entire departments that are too costly and low in demand. The University of Nottingham—which is ranked by QS as the 97th best in the world—is considering closing its modern languages department entirely, though a final decision is yet to be made. Others are being more aggressive in student recruitment, offering perks such as free laptops and gym memberships. And a price war has

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SEVERE labor shortage remains the main reason Japanese companies hire foreign workers, a government survey showed Monday, highlighting the economy’s reliance on overseas labor even as Prime Minister Sanae Takaichi seeks to tighten rules for non-Japanese residents.

a hassle in response to the multipleanswer question. Some 22 percent of firms said that cultural differences had also caused issues. Almost 90 percent of the surveyed foreign workers said that they had not experienced issues at the workplace. Among those who said they had had issues, 22.2 percent said that brokerage firm costs were too high and 15.8 percent said they didn’t know where to seek help when problems arose. “The Ministry of Health, Labour and Welfare intends to continue providing support to ensure that appropriate efforts to improve employment management are made within the current framework,” a Labour Ministry official said at a briefing. The National Institute of Population and Social Security Research estimated in a report released in 2023 that the ratio of foreign nationals residing in Japan would rise to 10.8 percent in 2070, up from 2.2 percent in 2020. Bloomberg broken out to attract prized international students. “This is like 30 dimensional chess,” said Vivienne Stern, chief executive of Universities UK, which represents the sector. “You can make your own good decisions as a strategic leader of an institution, but then the Naira collapses, which is what happened in Nigeria just a few years ago.” With assistance from Lucy White/Bloomberg

Sports BusinessMirror

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

COACH TIM’S EYES ON LA28 T

PLDT’S Mika Reyes blocks EST Cola’s Nannaphat Moonjakham. PVL IMAGES

Davison, PLDT survive Thais in four-setter

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AVI DAVISON fired 30 points to lead PLDT’s title-retention bid in the Premier Volleyball League Invitational in a 25-23, 25-15, 26-28, 25-14 victory over EST Cola of Thailand Monday at the Smart Araneta Coliseum. For all her brilliance, the FilipinoCanadian admitted the defending champions came into the weeklong tournament virtually unprepared but still to the challenge. “I think we were unprepared coming into this game, but we knew we needed to adapt,” Davison said. “Thailand is always going be a strong force in volleyball, so I’m pretty glad that we were able to kind of fire from every angle and get it done in four sets.” Davison, who had five blocks, found a perfect partner in middle Mika Reyes, who added six blocks for 16 points. Jovie Prado, Kim Dy and Majoy Baron provided ample support with nine, eight and seven points, respectively, underscoring the depth that carried PLDT to a breakthrough two-title campaign last year, including its triumph in the PVL On Tour. Kath Arado finished with 26 excellent digs and 12 receptions, while Jovielyn Prado also shone in defense with 21 digs and 13 receptions. Nirarach Srikuta led the Thai side with 14 points, including the clutch hits that kept EST Cola alive in the third, while Nannaphat Moonjakham added 12 points. Hantima Aekpatcha finished with eight points before her injury, while Papatchaya Phontham and Supawadee Panwilai chipped in six points apiece. PLDT now turns its attention to Nxled at 1:30 p.m. Tuesday, while EST Cola seeks to bounce back against Farm Fresh at 4 p.m. PLDT dominated EST Cola across the board, outscoring the Thai squad in attacks (60-42) and blocks (14-11) with setter Kim Fajardo finishing with 29 excellent sets, eight more than counterpart Natnicha Saelao. The High Speed Hitters also targeted EST Cola’s shaky reception to fire off six service aces while giving up just two, further capitalizing with 25 points off opponent errors compared to the 21 they conceded.

IM CONE is now talking Olympics following consecutive victories over Jordan and Iran and what perks up his confidence are the young and tall players at his disposal—all capable of filling the void left behind by behemoth June Mar Fajardo. “We have a chance in the World Cup to go to the Olympics from there,” was the highlight of Cone’s interview following Gilas Pilipinas’s low-scoring 68-56 victory over Iran in the second of two FIBA 2027 World Cup Asia Qualifiers games on Sunday night at the SM Mall of Asia Arena. On Friday night, the Philippines escaped past Jordan, 82-81, and is now 4-4 won-lost in the qualifiers, pushing Gilas a notch up the cellar in fifth spot n Group E where Australia (8-0) leads, followed by New Zealand (6-2), Iran (5-3), Jordan (5-3) and Syria (2-6) sixth and last. “This was really a special moment as I told them [players] in the locker room, but this was not just the goal,” Cone said. “Our goal is to make the World Cup and this is a big step forward.” He added: “The job is not done and we have more work to do, I think we do, I think we have some control.” Eight teams from Asia will advance to the 2027 World Cup but with Qatar hosting the event in Doha, the slots are down to seven that is also being contested in the Group F among Lebanon (6-1), Japan (5-2), China (43), Saudi Arabia (3-4) and South Korea (3-4)—Qatar is also competing in the group with a 4-3 record. Minus a recovering Justin Brownlee, almost everyone stepped up for Gilas, especially 7-foot-3 Kai Sotto, whose double-double averages of 15.5 points and 15.0 rebounds and 3.0 assists in both wins stand out for the campaign. “The size that we have allow us to compete

with anybody internationally—and that is the key,” Cone said. “Kai is a pure Filipino, June Mar [Fajardo] is pure Filipino. The thing about it is they are not just tall, but they are all equally talented. K ai plays like a point guard and he has a thinking game.” “If we have our best players together, we can compete with anybody, and I feel we really could,” Cone said. “We are hoping to have all our best players together.” The Philippines plays Syria on November 27, Iran again on November 30 and also Jordan on February 25 next year to complete the qualifiers. The FIBA World Cup next year is a qualifier for the Los Angeles 2028 Olympics.

years in his resumé and the hardworking and toughplaying Marc Pingris, whose tour went four years. Fajardo made the national team on his rookie year in the PBA in 2013 and was part of the Gilas squad that made the 2014 World Cup in Seville where he notched big numbers of 15 points and nine rebounds in an 81-79 overtime win over Senegal. His FIBA averages are 6.5 points, 4.3 rebounds and 0.7 in 70 games, including three World Cups Spain, China and the Philippines. Josef Ramos

Chants of ‘MVP! MVP!’ for JMF in his last Gilas Pilipinas game

JUNE MAR FAJARDO acknowledges the fans’ appreciation while holding the winning game ball aloft as AJ Edu foils Iran’s Salar Monji, one of his three spectacular blocks in the game. FIBA PHOTO

THE crowd just couldn’t help but chant “MVP! MVP! MVP!” as 6-foot10 June Mar Fajardo held the game ball aloft to acknowledge a very appreciative crowd who bade goodbye to the 13-year Gilas Pilipinas veteran. “My heart is overwhelming with gratitude, so thankful,” Fajardo told the BusinessMirror the morning after the victory over Iran where he played for seven minutes and had six points and two rebounds. “Yes, it was my last game for Team Philippines,” the impending 10-time Philippine Basketball Association MVP said. “I am blessed that I was able to play alongside Gilas pioneers and the present crop.” “I will support their Olympic quest. Just like Coach Tim, I am also the happiest man to play for Team Philippines for 13 long years,” he added. He now joins the ranks of notable Gilas players who wound up their duty to flag and country—recently retired Japeth Aguilar who has 16

Golf tour back at Summit Pt after nine yrs

Djokovic out in first round for the first time Novak

Djokovic—a 24-time Grand Slam champion—knocked out in the first round of the US Open for the first time, , beaten by Mariano Navone of Argentina, 7-6 (5), 5-7, 4-6, 6-2, 6-1, on Sunday in New York. Djokovic was 19-0 in the US Open first round and hadn’t lost his opening match in any major since the 2006 Australian Open. A four-time winner at Flushing Meadows, he looks every bit of his 39 years, vomiting and battling leg problems during the more than four-and-a-half-hour match. AP

OBIENA

Another gold for EJ in Berlin, Asiad beckons

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T’S another day in the bank for Ernest John “EJ” Obiena as the two-time Olympian pocketed his ninth gold medal of the outdoor season at the ISTAF championships on Monday at the Olympiastadon in Berlin. The world No. 12 got the gold at 5.82 meters that was lower than his season best 5.90m, but it was enough to stave off the challenge of Belgium’s Ylio Philtjens and France’s Robin Emig who finished 2-3 at 5.72m after the countback. Obiena didn’t make himself available for an interview this time, but his confidante, Jim Lafferty, expressed optimism about the 30-year-old’s defense of the gold medal in the Aichi-Nagoya 20th Asian Games later this month. “I think there are good odds we will see 6.0 meters by the Asian Games,” Lafferty said. Obiena won his Asian Games gold medal in Hanzhou three years ago at 5.90m and his personal best—an Asian record—also in 2023 at the world championships in Budapest where he got silver behind Armand Duplantis. He now has six gold medals outdoors from Czeslaw Cybulski Memorial last June in Poznan (Poland), Raiffeisen Austrian Open last July in Eisenstadt (Austria) and Halberstadter, Internationale Stabhochsprungmon all in Germany and Golden Sand in Poland in August. All his outdoor golds and two silvers came under new coach, Poland’s Marcin Szczepanski, in a new training environment in Athens—he also got three indoor gold medals. Obiena got to 5.62m after two attempts, cleared 5.82m but failed thrice at 5.97m in Berlin. The Berlin gold came a few days after he made the 2027 world championships standard of 5.90m at the Zurich Diamond League in Lausanne. Josef Ramos

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UMMIT Point Golf and Country Club makes a much-anticipated return to the Philippine Golf Tour (PGT) calendar after a nine-year absence. The International Container Terminal Services Inc. Summit Point Championship blasts off September 8 to 11 in Lipa City with the Robert Trent Jones II-designed layout expected to challenge the men and ladies of the PGT with its combination of length, strategy and precision. Clyde Mondilla ruled the last PGT event staged at Summit Point—ICTSI Players Championship—and went on to capture the 2017 PGT Order of Merit crown. Now, nearly a decade later, the course returns to the spotlight with another strong field eager to make its mark on a layout that rewards aggression off the tee but demands discipline from start to finish. Known as the country’s first “tribute” course, Summit Point

UAAP adjusts collegiate hoops schedule

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HE University Athletic Association of the Philippines (UAAP) is adjusting its Season 89 collegiate men and women basketball schedule in September to give way to the national teams’ campaign in the Aichi-Nagoya 20th Asian Games and the FIBA 3x3 Under-23 World Cup 2026 in Wuhan, China. “The support of the UAAP is important to our national team programs, especially with so many of our student-athletes being called up to represent the country,” Samahang Basketbol ng Pilipinas Executive Director Erika Dy said. “We appreciate the UAAP for working closely with us and for making the necessary adjustments to accommodate our national team commitments,” she added. “We have always believed that

the UAAP’s mission goes beyond the competition,” said UAAP Season 89 president Mark Molina of host Far Eastern University (FEU). The UA AP Season 89 opening ceremony will be held on September 12 at the SM Mall of Asia Arena with Vice Ganda and Gloc-9 headlining the festivities. The first game day will be on September 13 at the Smart Araneta Coliseum with FEU facing Adamson University at 12 p.m., followed by defending champion De La Salle University taking on National University at 2:30 p.m. in a rematch of last season’s Final Four. University of the Philippines will then square off against University of Santo Tomas (UST) at 6 p.m. Separate tickets will be sold for the UP-UST game.

On September 16 at the MOA Arena, Ateneo de Manila University and University of the East will make their season debuts at 3 p.m., followed by De La Salle versus UST at 5:30 p.m. September 19 at the SMART Araneta Coliseum will see National University taking on UE at 3 p.m., followed by Round 1 of the Battle of Katipunan between Ateneo and UP at 5:30 p.m. The September 26 play date features another triple-header at the MOA Arena—Ateneo facing Adamson at 12 p.m., UE against FEU at 2:30 p.m. and UP against NU at 6 p.m. Separate tickets will be sold for the UP-NU game. On September 30, Adamson University faces UST at 3 p.m., followed by FEU versus La Salle at 5:30 p.m. at the MOA Arena.

features holes modeled after renowned layouts and signature holes from famous international courses. At 7,017 yards, the course gives the long hitters plenty of opportunities to attack, but power alone will not be enough as recent monsoon rains softened the fairways, potentially narrowing the advantage of the biggest hitters. Strong winds are also expected to add another layer of difficulty. The mix of short, strategic holes and long, demanding par-4s and par-5s will require players to make sound decisions throughout the four rounds and large bunkers, water hazards and ravines stand ready to punish errant shots, while precise approach play and a dependable short game could prove decisive. The four par-3s could also emerge as pivotal holes in the championship. With little room for error, they offer opportunities to gain ground—or quickly derail a title bid. Reigning Order of Merit champion Angelo Que and Mondilla are expected to lead the field in the P2.5 million championship, the fifth leg of the 10-stage circuit organized by Pilipinas Golf Tournaments Inc.

CLYDE MONDILLA ruled the last Philippine Golf Tour event at Summit Point and went on to capture the 2017 PGT Order of Merit crown. PGT PHOTO

Rise and Rehab dual celebration

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ISE and Rehab, a world class physical therapy and rehabilitation clinic , will have a dual celebration this month. In line with the World Physical Therapy Day on September 8, the facility—located in Sta. Mesa Heights, Quezon City—also celebrates its first six months of operations by offering free therapy assessments to the public as it champions preventive health and mobility and physical rehabilitation for athletes. “World Physical Therapy Day reminds us of the profound impact functional mobility has on everyday life,” CEO Dr. Geonina Co said. “When we set up Rise and Rehab last February, our mission was to offer an environment where

patients navigating pain or post-surgical recovery undergo world class and structured programs supervised by licensed clinicians who understand biomechanics.” “Delivering high standard services require operational discipline tailored to clinical realities,” said COO Charlene Chua of the clinic that has attracted athletes and non-athletes, including Ginebra San Miguel and Gilas Pilipinas player RJ Abarrientos , Southeast Asian Games judo double gold medalist Chino Sy and professional pickleball player CJ Cuna. Celebrities—including GMA talents Nikki Co, Tyrone Tan and Star Magic’s Rain Celmar and Frances Pinlac—are also regulars in the facility.

Editor: Jennifer A. Ng

Companies BusinessMirror

JOLLIBEE GROUP FOUNDATION, UP LOS BAÑOS SEAL AGRI PACT

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OLLIBEE Group Foundation (JGF) signed an agreement with the University of the Philippines-Los Baños (UPLB) to collaborate on research and agricultural development as part of efforts to support smallholder farmers. Under a memorandum of understanding (MOU), JGF and UPLB have committed to help farmers “improve productivity, strengthen their enterprises, and adopt more sustainable farming practices.” Jollibee said the collaboration combines UPLB’s research and innovation capabilities with its track record of helping smallholder farmers build their enterprises and access markets through working across the agricultural value chain. JGF President Gisela Tiongson said UPLB’s expertise in agriculture, research, and innovation will complement their experience in building inclusive agricultural value chains and mobilizing stakeholders to support farmers. “We do this through our Farmer Entrepreneurship Program,

where we work with farmers and a range of partners to help farmer organizations strengthen their agro-enterprises and collectively access markets,” Tiongson said. “Through this partnership, we hope to strengthen the support available to farmers so they can improve their productivity, build more resilient enterprises, and create better opportunities for their families and communities.” For his part, UPLB Chancellor Jose Camacho Jr. said he is hopeful that the partnership will help the livelihoods of smallholder farmers. “UPLB and JGF are honored to formalize this partnership. We are hopeful that this collaboration will create greater public value by transforming livelihoods through research, innovation, and community engagement. “We also trust that this partnership will demonstrate the impact of meaningful academe-industry collaboration and inspire more private sector organizations to work with universities in advancing inclusive and sustainable development,” he added. AdaPelonia

Tuesday, September 1, 2026

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Indonesian motorists lift H1 toll revenues of MPIC unit By Lorenz S. Marasigan

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@lorenzmarasigan

ETRO Pacific Tollways Corp. (MPTC) grew its toll revenues by 8 percent to P19.6 billion in the first half, as newly opened road sections and stronger operations in Indonesia offset a soft domestic market where Philippine traffic slipped 1 percent. The wider regional network— now spanning more than 1,100 kilometers of toll roads across the Philippines, Indonesia and Vietnam—pushed average daily vehicle entries up 1 percent to about 2.5 million. Indonesia led the gains with 3-percent traffic growth to 1.67 million entries a day, while Philip-

pine roads averaged 715,200 daily vehicle entries. Revenue was buoyed by the opening of Cavitex C5 Link Segment 3B Phase 1 and Calax Subsection 3, which brought more of the company’s network into service. In Indonesia, steady logistics activity, scheduled tariff adjustments and improved toll-road access amid

ongoing road works also lifted performance. MPTC, a subsidiary of Metro Pacific Investments Corp. (MPIC), said its share in the net earnings of equity investments in Indonesia further boosted core profit. “Our first-half results reflect a broader and still-expanding regional business. Traffic in the Philippines is only one part of the picture. New road openings, stronger Indonesian operations and our equity investments all contributed to the period’s performance,” the company said. The Indonesian contribution traces to MPTC’s late-2024 investment in PT Jasamarga Transjawa Tol (JTT), which manages a 676-kilometer network of 13 strategic toll roads across West Java, Central Java and East Java. At home, MPTC spent P7.6 billion in capital expenditures during the first half, down 5 percent year-on-year as right-of-way and related construction issues affect-

ed completion schedules. Ongoing works include Nlex Segment 8.2 Section 1A from Mindanao Avenue to Quirino Highway, the remaining Calax subsections, the CavitexCalax Link Expressway, Cavitex C5 Link Segment 3B Phase 2, and the Nlex Connector. The company said toll adjustments are implemented only after regulatory approval and are meant to fund the operation, maintenance and continued development of expressways under their concession agreements. It added that it has extended toll relief worth more than P2 million a day to qualified public transport and freight operators under government transport-support programs. “Our priority remains the same: keep our roads safe and reliable, finish critical links as quickly as rightof-way and construction conditions allow, and deliver better mobility for motorists, commuters and businesses,” MPTC said.

Mactan airport teams up with Trip.com

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ACTAN-CEBU International Airport (MCIA) will market Cebu and two other Aboitiz-operated gateways to Trip. com’s 2.5 million active subscribers under a new partnership that opens the airport’s routes to exclusive fare, hotel, and attraction deals on the global travel platform. The tieup gives travelers access to network offers spanning MCIA and the Aboitiz InfraCapital airports in Bohol and Laguindingan, alongside vouchers redeemable for flights, accommodations, and attractions. “This partnership underscores our ongoing commitment to expanding global access to the beautiful destinations of the Philippines,” said Aboitiz InfraCapital Airports CEO Athanasios Titonis. It also secured exclusive arrangements with major carriers including Philippine Airlines, Singapore Airlines, Vietnam Airlines, China Airlines, Starlux Airlines, Eva Air, Scoot, Jetstar, Korean Air, and United Airlines. “This strategic exchange with

TOUGH COMPETITION

The shares of Sungrow Power Supply Co., one of the world’s biggest renewable energy equipment makers, tumbled after the Chinese company reported a sharp drop in first-half profit. The inverter and energy storage giant’s stock dropped as much as 8.4 percent in Shenzhen on Monday, to the lowest in more than a year. That took its decline this quarter to more than 40 percent. Intensifying competition among Chinese renewable equipment makers has made life tougher for companies like Sungrow. Overseas markets, which contributed to almost three-quarters of the company’s revenue in the first half, are also becoming more challenging due to mounting trade barriers in the US and European Union. Photo shows components at the Sungrow Power Supply Co. booth during the International Energy Storage and Battery Technology and Equipment Exhibition in Shanghai, China, on Thursday, September 26, 2024. PHOTOGRAPHER: QILAI SHEN/BLOOMBERG

SB Equities cuts ALI target price By VG Cabuag @villygc

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B Equities Inc., a unit of Security Bank Corp., has tempered its income target assumptions on property developer Ayala Land Inc. (ALI) due to the company’s upward revision on its operating cost projections. In its research note, the company also slashed its target share price on the company by 4 percent to P22 apiece. Ayala Land shares closed last week at P15.54 apiece, or just half of its price compared with last year’s level. “Downside risks include further weakness in property development,

elevated costs and leverage, and execution risks on funding support.” It said while costs and expenses moderated in the second quarter, operating costs remained above its projections, prompting the company attributable income estimates by 5.6 percent this year and 2.2 percent next year. “The revisions also reflect our more cautious view on the timing of residential and estate lot revenue recognition,” SB Equities said. However, it retained its buy rating on the stock given the 39 percent upside potential. Ayala Land currently trades at 9.3 times of this year’s forward price-toearnings ratio, below its 10-year historical average of 17.9 times.

“Leverage remains a key downside risk despite planned capital recycling through AREIT (Inc.’s) asset infusions. While these remain within internal guardrails and covenants, the combination of weaker earnings, higher capex, and elevated leverage are limiting near-term balance sheet flexibility. “Downside risks include weakerthan-expected residential take-up, higher cancellation rates, delayed project completions, slower leasing ramp-up and execution risks surrounding capital recycling,” it said. The company’s board has recently approved the infusion of four malls and three hotels with a total amount of P20 billion to Areit. This infusion

would expand Areit’s assets under management to P179 billion, but also further diversify its asset base across malls, offices, hotels and industrial land. The company’s capital expenditures for the first half stood at P39.5 billion, a decline of 2 percent yearon-year. Capex for leasing businesses grew 17 percent from a year ago to P13.2 billion, directly supporting the completion and ramp-up of key recurring-income assets this year. Anna Ma. Margarita Bautista-Dy, the company’s president and CEO, said the company targets to spend P60 billion this year, higher than its earlier pronouncements of about P50 billion.

Trip.com maximizes our digital footprint across our key markets in a high-traffic platform. It perfectly aligns with our mandate to champion Cebu as a vibrant hub, ensuring we bring value to our passengers through different platforms for the routes that we develop,” Titonis added. The deal aims to stimulate both inbound and outbound travel through Cebu by tapping the online travel agency’s digital reach and airline links. Through the platform, passengers can search deals for Cebu and the other Aboitiz-run airports and book exclusive network offers to those destinations. MCIA is the Philippines’s premier transfer gateway to the Visayas and Mindanao and is fully owned and managed by Aboitiz InfraCapital, the infrastructure investment arm of the Aboitiz Group. The airport operates the Ceb Connects transfer system and the Ceb+ integrated airto-sea travel network, and was the first in the country to use parallel runways. Lorenz S. Marasigan

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Companies BusinessMirror

Tuesday, September 1, 2026

PSE STOCK QUOTATIONS

August 28, 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 BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

50.6 116 10.1 100 53.5 10.32 65.85 7 67.5 51.1 22.9 63.8 23.7 0.465 1.39 0.52 4.21 0.091 1.35 210 4,650

50.8 117 10.24 101.5 54 10.4 66.7 7.02 70 52.8 23 64.6 24.5 0.49 1.44 0.53 4.46 0.1 1.37 211.8 4,750

50.05 119.6 10.18 103 54.25 10.78 65.8 7 64 52.7 22.95 65.05 24.15 0.465 1.44 0.51 4 0.091 1.25 205 4,700

50.7 120 10.3 103.5 54.25 10.78 66.7 7.07 70 52.8 23 65.05 24.3 0.49 1.44 0.52 4.6 0.091 1.42 211.8 4,700

50 116 10.1 100 53.05 10.26 64.75 7 64 51.05 22.9 63.6 23.7 0.465 1.25 0.51 4 0.091 1.24 205 4,650

50.6 116 10.1 100 54 10.32 66.7 7 70 52.8 23 63.8 23.7 0.49 1.39 0.52 4.21 0.091 1.38 211.8 4,650

66,340 8,142,870 108,700 4,884,950 469,210 432,700 7,589,400 24,200 840,430 260 300 207,060 287,600 170,000 417,000 87,000 47,000 10,000 2,643,000 60 275

3,332,429 952,563,761 1,103,828 489,545,317 25,145,736 4,553,876 500,009,634 169,726 57,542,581 13,608 6,885 13,252,103 6,818,315 80,400 575,260 45,220 198,330 910 3,509,780 12,572 1,282,750

1,443,865 -350,750,084 -161,292,055 1,098,514 -965,724 -147,599,736 -7,000 38,088,123 -2,684 -6,539,600 53,475 4,300 2,000,810 561,750

INDUSTRIAL ACEN CORP 2.86 2.88 2.94 2.94 2.85 2.86 8,681,000 24,827,920 -12,560,820 ALSONS CONS 1.13 1.14 1.2 1.25 1.13 1.14 19,284,000 22,660,410 910,040 ALTERNERGY HLDG 0.76 0.76 0.75 0.75 0.74 0.76 121,000 91,450 1,500 ABOITIZ POWER 45 45.25 45.35 45.65 44.75 45 2,066,900 93,241,180 -18,078,420 RASLAG 1.18 1.17 1.15 1.17 1.14 1.17 299,000 345,290 -81,400 0.109 0.11 0.109 0.109 2,460,000 268,890 BASIC ENERGY 0.11 0.11 CITICORE RE 4.83 4.97 4.98 4.99 4.81 4.97 61,000 302,560 54,890 25.25 25.3 25 25.35 22.95 25.25 138,556,240 FIRST GEN 5,720,200 -304,445 97.9 97.95 100.6 100.7 94.5 97.9 257,910 25,026,233 186,762 FIRST PHIL HLDG MERALCO 460.6 460 470 470 454 460 526,150 241,680,096 -55,117,080 MANILA WATER 34.8 34.85 35 35.4 34.8 34.8 2,737,000 95,822,185 -12,839,510 MAYNILAD 18.7 18.7 18.68 17.98 17.98 18.7 4,595,800 84,902,086 30,262,166 PETRON 2.27 2.3 2.36 2.36 2.25 2.27 2,171,000 4,907,590 2,193,950 PETROENERGY 3.9 4.07 4 4 3.91 3.91 29,000 115,190 19,550 15.02 15.02 15.02 15.28 5,000 75,404 21,112 PRYCE CORP 15.28 15.28 9.6 9.79 9.68 9.8 9.68 9.79 800 7,778 REPOWER ENERGY SEMIRARA MINING 17.18 17.2 18.48 18.48 17.04 17.2 5,406,400 93,568,096 -11,205,370 26.1 26.2 26.85 27.45 25.7 26.1 3,072,900 80,742,240 7,810,575 SYNERGY GRID SHELL PILIPINAS 8.25 8.27 8.01 8.3 7.78 8.25 384,800 3,098,087 -203,061 SPC POWER 9.4 9.4 9.32 9.3 9.3 9.4 24,000 223,811 10,230 SP NEW ENERGY 1.2 1.21 1.25 1.25 1.19 1.21 35,850,000 43,241,960 -12,451,600 TOP LINE 1.69 1.7 1.72 1.72 1.59 1.7 7,451,000 12,297,440 -2,230,840 19.18 20.45 20.5 20.6 20.5 20.6 300 6,160 VIVANT AXELUM 2.83 2.87 2.85 2.82 2.82 19,000 53,880 28,200 2.88 0.305 0.315 0.305 0.305 0.305 0.305 100,000 30,500 BALAI FRUITAS CNTRL AZUCARERA 9.52 9.56 9.57 9.57 9.57 9.57 100 957 957 32.4 32.6 32.25 32.75 31.8 32.4 1,415,900 45,613,680 2,786,750 CENTURY FOOD DEL MONTE 3.77 3.85 3.77 3.77 3.77 3.77 5,000 18,850 DNL INDUS 3.56 3.57 3.55 3.59 3.53 3.56 3,488,000 12,432,990 -425,690 EMPERADOR 15.86 15.38 15.52 15.86 15.32 15.38 494,700 7,618,950 -2,540,790 SMC FOODANDBEV 47.4 47.45 47.4 47.6 47.2 47.45 14,300 677,680 -33,165 0.64 0.66 0.64 0.65 1,230,000 800,960 660 FIGARO GROUP 0.66 0.66 0.64 0.65 0.64 0.64 201,000 130,640 FRUITAS HLDG 0.65 0.65 GINEBRA 217.6 218 218 220 217.8 218 131,490 -11,844,338 28,811,294 150 150.2 156.8 158 150 150 1,795,550 271,613,270 -113,445,436 JOLLIBEE 1.86 1.88 1.86 1.87 1.83 1.86 1,774,000 3,272,800 -2,653,000 KEEPERS HLDG LIBERTY FLOUR 22.3 22.3 21.5 21 21 22.3 2,900 62,365 -2,230 MAXS GROUP 2.22 2.31 2.25 2.32 2.22 2.32 53,000 120,150 -22,400 MG HLDG 0.069 0.073 0.069 0.069 0.069 0.069 20,000 1,380 MONDE NISSIN 6.8 6.82 6.94 6.94 6.77 6.8 5,430,900 36,943,461 -2,954,930 5.57 5.6 5.62 5.62 5.6 5.6 14,800 82,892 560 SHAKEYS PIZZA 2.4 2.52 2.48 2.52 2.48 2.52 8,000 20,050 -2,480 ROXAS AND CO 5.29 5.3 5.31 5.31 5.25 5.3 367,200 1,934,622 -898,291 RFM CORP 0.056 0.057 0.056 0.056 0.056 0.056 1,070,000 59,920 SWIFT FOODS UNIV ROBINA 60.95 60.95 60.5 60.05 59.85 60.95 1,032,860 62,148,330 -46,522,356 VITARICH 0.5 0.5 0.49 0.495 0.495 0.5 290,000 143,750 -59,400 VICTORIAS 1.99 1.9 1.9 1.9 1.9 1.9 34,000 64,600 ATN HLDG A 0.41 0.43 0.415 0.415 0.41 0.41 1,290,000 535,150 ATN HLDG B 0.41 0.415 0.415 0.415 0.415 0.415 810,000 336,150 54.1 57.95 54.05 57.95 54 57.95 320 17,364 CONCRETE A CONCRETE B 51.2 59.9 59.9 59.9 10 599 59.9 59.9 CONCREAT HLDG 1.24 1.26 1.29 1.29 1.22 1.24 4,292,000 5,335,000 374,000 1.85 1.88 1.89 1.89 1.84 1.85 173,000 321,570 -104,930 EEI CORP MEGAWIDE 4.88 4.74 4.77 4.78 4.65 4.77 1,307,000 6,263,990 210,800 PHINMA 14.9 14.9 14 14 14 14.9 6,900 98,760 9.99 SUPERCITY 8.8 8 8 8 8 400 3,200 CROWN ASIA 1.83 1.84 1.88 1.88 1.8 1.83 212,000 384,820 1,810 EUROMED 1.13 1.13 1.12 1.13 1.12 1.12 8,000 9,010 5 5.15 5.15 5.15 200 1,030 -1,030 5.15 5.15 MABUHAY VINYL 10.62 11.02 11.06 10.6 10.6 5,800 61,694 -2,120 CONCEPCION 11.06 0.164 0.167 0.164 0.164 0.167 150,000 24,780 GREENERGY 0.168 INTEGRATED MICR 7.22 7.23 7.1 7.4 7 7.22 3,660,800 26,558,385 -2,097,805 IONICS 2.41 2.42 2.13 2.48 2.13 2.42 11,182,000 26,417,000 1,149,480 PANASONIC 7.32 7.32 7.18 7.32 7.18 7.18 2,100 15,358 CIRTEK HLDG 1.3 1.33 1.29 1.38 1.25 1.3 3,318,000 4,390,250 -337,470

www.businessmirror.com.ph

‘Local MSMEs still struggle with digital tool adoption’

F

By Bless Aubrey Ogerio

@blessogerio

OR many micro, small and medium enterprises (MSMEs), the problem with going digital is not getting online—it is figuring out what to do once they get there. Knowing how digital platforms work, and more importantly how to make digital tools fit into an existing business, remains one of the biggest barriers to adoption, foodpanda Philippines told the BusinessMirror. Patricia Jacinto, foodpanda Philippines director of growth and marketing, said MSMEs already juggling day-to-day operations can find adding another sales channel an extra learning curve. “One of the biggest barriers is knowing how digital platforms work

and, more importantly, how to make them, and the digital tools, work for the business,” Jacinto said in a message. “This is also why we see our work as aligned with the broader push for MSME digitalization.” MSMEs make up the overwhelming majority of foodpanda Philippines’ active merchant base nationwide, according to the company’s data. But the challenge is not unique to the country. In 2021, foodpanda said nearly 30,000 retail shops across Asia

were onboarded onto its foodpanda shops platform in a year, with small and medium enterprises (SMEs) accounting for nearly half of newly digitalized shops. By August 2022, the company said it had digitalized more than 50,000 retailers across 11 Asian markets. For the Philippines, Jacinto said the company’s approach follows the Department of Trade and Industry’s (DTI) push for MSMEs to adopt digital tools to remain competitive and sustainable. “We support this direction by helping businesses understand and adopt digital platforms,” she said. “For us, digitalization is not just about getting MSMEs online—it’s about giving them the knowledge and tools to make digital work for their business.” The payoff, however, varies from one business to another. Asked how much additional business MSMEs typically generate through food-

panda compared with their offline operations, Jacinto said the company does not reduce the impact of digital adoption to a single figure. Instead, the platform works with merchants on pricing and provides demand-generation tools such as platform-wide promotions, targeted vouchers and free delivery, she said. The objective, she added, is to complement rather than replace a merchant’s physical operations by providing another channel for customer acquisition and demand generation. “Our goal is to complement a merchant’s existing offline business and give them another avenue through which they can discover customers, build demand, and grow,” Jacinto said. Data from the Philippine Statistics Authority showed that more than 99 percent of manufacturers are classified as MSMEs.

HOLDING & FRIMS

ABACORE CAPITAL 0.345 0.35 0.365 0.365 0.34 0.345 9,580,000 3,319,700 ASIABEST GROUP 53.5 54.2 54.5 54.5 53.5 53.5 746,540 40,001,373 3,367,758 AYALA CORP 495 499 490.2 500 490 495 426,230 211,150,970 2,074,258 ABOITIZ EQUITY 37.1 37.15 37.7 37.7 36.6 37.1 1,140,500 42,319,715 -1,078,970 ALLIANCE GLOBAL 9 9.01 8.82 9.15 8.82 9 3,148,500 28,306,603 -24,462,814 16.62 17 16.8 16.6 16.6 1,600 26,600 ANSCOR 16.8 ANGLO PHIL HLDG 1.5 1.52 1.12 1.55 1.12 1.5 41,770,000 57,623,830 516,630 7.86 7.95 7.86 7.99 7.8 7.95 117,300 923,410 184,268 COSCO CAPITAL 7.74 7.75 7.83 7.84 7.72 7.75 4,211,900 32,640,039 1,572,589 DMCI HLDG FILINVEST DEV 3.65 3.65 3.55 3.6 3.6 3.65 277,000 997,430 968,400 FJ PRINCE A 2.43 2.84 2.41 2.41 2.41 2.41 1,000 2,410 GT CAPITAL 476.4 476.6 489 489 471 476.4 241,650 115,090,494 26,725,928 HOUSE OF INV 4.8 5.15 5.2 5.2 4.7 4.8 475,200 2,309,928 1,887,500 JG SUMMIT 21 21.25 21.5 21.5 21 21.25 1,894,100 40,099,635 -7,518,035 0.355 0.37 0.365 0.365 0.37 390,000 144,300 LODESTAR 0.375 LOPEZ HLDG 5.3 5.4 5.49 5.49 5.2 5.3 683,300 3,620,853 47,037 15.16 15.14 15.1 15.2 2,581,100 39,112,084 -13,272,504 LT GROUP 15.2 15.2 0.85 0.86 0.86 0.86 3,000 2,580 PACIFICA HLDG 0.86 0.86 PRIME MEDIA 1.1 1.29 1.29 1.3 1.29 1.29 52,000 67,510 SOLID GROUP 1.12 1.19 1.17 1.19 1.1 1.19 767,000 858,010 2,220 SM INVESTMENTS 555 560.5 560 564.5 555 555 817,790 456,190,010 -224,506,615 SAN MIGUEL CORP 62.55 63.3 64.9 64.9 62.55 62.55 114,540 7,201,761 -2,111,556 54.5 56 54.5 54.5 54.5 54.5 890 48,505 TOP FRONTIER ZEUS HLDG 0.07 0.073 0.07 0.073 100,000 7,200 0.073 0.073 PROPERTY AYALA LAND 15.54 15.6 15.32 15.76 14.84 15.54 466,433,000 7,229,555,598 -1,555,918,794 AYALA LAND LOG 1.14 1.15 1.15 1.15 1.15 1.15 303,000 348,450 12.5 12.5 ALTUS PROP 12 11.86 11.86 12 41,800 503,570 260,330 ARANETA PROP 0.265 0.295 0.27 0.27 0.27 0.27 690,000 186,300 AREIT RT 36.6 36.75 37.05 37.05 36.6 36.6 2,055,800 75,373,200 -60,714,615 0.7 0.7 0.7 0.73 28,000 19,630 A BROWN 0.73 0.73 CITYLAND DEVT 0.6 0.62 0.6 0.6 0.6 0.6 1,000 600 CROWN EQUITIES 0.088 0.094 0.088 0.088 0.088 0.088 340,000 29,920 CEB LANDMASTERS 2.08 2.09 2.08 2.08 2.07 2.08 445,000 925,400 CENTURY PROP 0.63 0.64 0.67 0.67 0.64 0.64 6,898,000 4,428,310 -59,420 CITICORE RT 3.14 3.17 3.15 3.21 3.13 3.14 4,408,000 13,932,750 -8,093,910 DOUBLEDRAGON 12.16 12.16 11.94 12.02 11.9 12.16 533,000 6,467,966 -1,179,324 DDMP RT 1.04 1.04 1.03 1.04 1.03 1.04 3,217,000 3,324,530 -100 DM WENCESLAO 4.85 5 4.9 4.9 4.82 4.9 15,000 73,240 0.026 0.029 0.029 0.029 200,000 5,800 0.029 0.029 EVERWOODS FILINVEST RT 2.87 2.88 2.89 2.9 2.86 2.87 886,000 2,551,290 17,370 0.68 0.69 0.69 0.69 0.68 0.68 158,000 108,220 -12,090 FILINVEST LAND 0.62 0.63 0.62 0.63 358,000 225,450 -1,240 GLOBAL ESTATE 0.63 0.63 JACKSTONES 1.79 2.04 1.76 1.76 1.76 1.76 1,000 1,760 18,863,200 MEGAWORLD 2.18 2.19 2.25 2.26 2.19 2.19 8,544,000 -398,770 MRC ALLIED 0.7 0.7 0.68 0.69 0.67 0.69 67,532,000 46,580,080 MREIT RT 13.58 13.6 13.78 13.78 13.58 13.6 541,400 7,381,614 -599,244 0.16 0.161 0.161 0.161 0.16 0.16 1,030,000 164,810 144,000 PRMIERE HORIZON 5.01 5.36 5.01 5.01 5.01 5.01 100 501 PHIL RACING PREMIERE RT 1.02 1.02 1.02 1.03 88,000 90,250 -20,400 1.03 1.03 7.1 7.17 7.32 7.32 7.03 7.17 10,698,800 76,319,527 13,496,090 RL COMM RT 17 17.16 17.3 17.3 16.9 17 1,656,200 28,262,274 -456,220 ROBINSONS LAND PHIL REALTY 0.109 0.111 0.115 0.115 0.115 0.115 70,000 8,050 3.26 ROCKWELL 3.01 3.1 3.26 3 3.01 3,152,000 9,525,300 366,880 SHANG PROP 3.21 3.29 3.29 3.3 3.2 3.25 228,000 740,580 -175,890 STA LUCIA LAND 1.73 1.8 1.95 1.96 1.7 1.8 704,000 1,218,200 -13,110 17.84 17.88 17.82 17.9 17.76 17.84 16,417,100 292,717,936 462,928 SM PRIME HLDG 0.41 0.415 0.41 0.41 0.41 0.41 180,000 73,800 SUNTRUST RESORT WELLEX INDUS 0.3 0.325 0.3 0.3 60,000 19,250 0.325 0.325 SERVICES ABS CBN 3.6 3.65 3.68 3.68 3.6 3.6 217,000 786,960 GMA NETWORK 3.95 4 4.16 4.16 3.91 4 443,000 1,751,580 5.49 5.49 MLA BRDCASTING 5.11 5.49 5.49 5.49 800 4,392 DITO CME HLDG 0.69 0.7 0.72 0.72 0.67 0.7 18,221,000 12,564,660 35,460 GLOBE TELECOM 1,629 1,630 1,649 1,655 1,621 1,630 35,510 57,880,540 1,025,450 1,130 1,131 1,136 1,138 1,125 1,130 280,370 -117,347,425 PLDT 316,823,525 0.0061 0.0062 0.0063 0.0063 0.0061 0.0061 165,000,000 1,009,500 APOLLO GLOBAL CONVERGE 9.1 9.26 9.4 9.42 9.1 9.1 9,159,500 -35,945,434 84,658,779 2.28 2.36 2.29 2.28 2.28 5,000 11,410 EASYCALL 2.29 ISLAND INFO 0.123 0.123 0.119 0.12 0.12 0.12 1,520,000 182,430 NOW CORP 0.43 0.45 0.47 0.47 0.435 0.44 810,000 357,700 91,350 TRANSPACIFIC BR 0.119 0.121 0.122 0.122 0.119 0.119 970,000 116,570 0.85 CHELSEA 0.84 0.87 0.87 0.85 0.85 341,000 293,120 28.4 28.4 CEBU AIR 27.9 28.4 27.9 27.9 14,800 413,415 -259,650 884 885 875 906 875 885 4,853,860 4,308,466,365 -525,886,535 INTL CONTAINER 8 8.04 7.9 8.3 7.9 8.05 5,500 43,585 810 LBC EXPRESS 3.7 3.74 3.71 3.7 3.7 281,000 1,044,420 257,150 MACROASIA 3.76 2.71 2.57 2.48 2.71 5,889,000 15,290,540 -1,001,020 PAL HLDG 2.75 2.75 HARBOR STAR 1.82 1.83 1.82 1.86 1.76 1.83 6,418,000 11,683,960 296,570 ACESITE HOTEL 1.39 1.39 1.3 1.39 1.39 1.39 1,000 1,390 BOULEVARD HLDG 0.031 0.032 0.032 0.034 0.031 0.032 38,700,000 1,229,300 3,200 DISCOVERY WORLD 1.09 1.09 0.92 0.98 0.98 1.09 417,000 421,910 5.01 5.03 5.02 5.02 5.02 5.02 100 502 GRAND PLAZA WATERFRONT 0.4 0.4 0.4 0.4 0.4 10,000 4,000 0.43 CENTRO ESCOLAR 14.7 14.94 15 15 14.52 14.7 17,300 253,748 17,712 800 822.5 800 800 800 800 1,090 872,000 FAR EASTERN U IPEOPLE 6.9 7.32 7.32 7.32 200 1,464 7.32 7.32 STI HLDG 1.3 1.31 1.28 1.3 1.28 1.3 418,000 541,990 436,750 BELLE CORP 1.17 1.17 1.14 1.15 1.13 1.17 857,000 973,640 -57,000 BLOOMBERRY 36,378,810 2.29 2.3 2.4 2.42 2.27 2.29 15,744,000 -1,792,050 PACIFIC ONLINE 1.6 1.76 1.7 1.7 1.68 1.68 152,000 257,400 1,700 9.72 9.61 9.55 9.99 7,787,000 76,914,831 38,065,313 DIGIPLUS 9.99 9.99 14.28 14.26 14.62 14.22 14.38 2,475,100 35,696,170 -3,043,398 PHILWEB 14.38 8.5 9.2 9.2 8.5 8.5 2,100 19,250 BERJAYA 8.8 METRO RETAIL 1.05 1.07 1.07 1.08 23,000 24,810 -2,140 1.08 1.08 40.45 39.5 38.7 41.05 3,183,400 129,450,185 -11,263,260 41.05 41.05 PUREGOLD PHIL SEVEN CORP 33 33.35 33 33 32.9 33 221,700 7,295,240 -6,586,600 SSI GROUP 2.03 2.07 2.05 2.1 2.02 2.03 142,000 289,660 120,860 UPSON INTL CORP 0.81 0.83 0.9 0.91 0.8 0.81 1,537,000 1,271,810 236,160 WILCON DEPOT 5.89 5.94 5.9 6 5.87 5.89 488,200 2,885,191 -433,233 0.107 0.111 0.112 0.112 0.111 0.111 20,000 2,230 APC GROUP MEDILINES 0.221 0.232 0.232 0.232 0.232 30,000 6,960 0.233 PAXYS 3.98 4 4.2 3.85 3.98 547,000 2,199,350 85,730 4.04 1.62 1.62 1.62 1.62 1.62 4,000 6,480 PHILCOMSAT 1.65 SBS PHIL CORP 3.01 3.18 3.01 3.18 3.01 3.18 33,000 101,160 -260 MINING & OIL 1.88 ATOK 1.82 1.95 1.88 1.88 1.88 9,000 16,920 5,640 APEX MINING 16.2 16.22 15.74 16.28 15.74 16.22 7,194,700 115,932,218 12,133,482 ATLAS MINING 20.4 20.45 18.9 20.95 18.9 20.45 14,755,600 298,251,244 106,616,734 BENGUET A 7.26 7.47 7.3 7.56 7.26 7.47 174,600 1,293,748 7.3 7.6 7.64 7.64 7.6 7.6 72,700 552,528 BENGUET B DIZON MINES 4.21 4.58 4.4 4.45 4.21 4.21 28,000 123,860 EC VULCAN 0.295 0.3 0.295 0.315 0.295 0.295 190,000 56,850 FERRONICKEL 2.07 2.12 2.13 2.06 2.07 844,000 1,759,190 -951,290 2.08 GEOGRACE 0.106 0.105 0.109 0.109 0.1 0.105 6,130,000 632,960 -51,650 LEPANTO A 0.24 0.241 0.239 0.244 0.237 0.241 39,310,000 9,466,830 0.24 0.24 LEPANTO B 0.239 0.24 0.235 0.239 1,240,000 292,330 2,390 MANILA MINING A 0.0093 0.0094 0.0087 0.0095 0.0087 0.0093 703,000,000 6,514,400 MANILA MINING B 0.0092 0.0093 0.0085 0.0094 0.0085 0.0093 73,000,000 671,400 36,400 0.8 0.79 0.79 0.8 2,077,000 1,663,000 909,600 MARCVENTURES 0.81 0.81 0.54 0.56 0.57 0.55 0.56 270,000 152,420 NIHAO 0.56 NICKEL ASIA 4.13 4.17 4.12 4.18 4.09 4.17 1,355,000 5,609,570 -70,950 35.8 36 35.65 35.5 36 510,600 18,374,300 8,799,350 OCEANAGOLD 36.45 ORNTL PENINSULA 0.56 0.56 0.55 0.55 0.54 0.55 320,000 175,460 -50,400 PX MINING 11.2 11.36 11.34 11.66 11.16 11.3 1,781,300 20,298,666 -2,712,284 UNITED PARAGON 0.0078 0.0083 0.0077 0.0084 0.0077 0.008 183,000,000 1,493,200 -320,000 ENEX ENERGY 3.28 3.55 3.68 3.68 3.58 3.58 7,000 25,360 0.013 0.014 0.014 0.014 0.013 0.013 900,000 11,800 ORNTL PETROL A PHILODRILL 0.0082 0.0082 0.0083 0.0082 0.0083 41,000,000 340,000 0.0084 PXP ENERGY 2.97 3.03 3.06 3.11 2.95 3.03 689,000 2,062,750 -30,700 PREFFERED ACEN PREF A 981 998 995 1,000 995 999.5 600 598,950 ACEN PREF B 1,030 1,042 1,042 1,043 1,042 1,042 145 151,130 104,200 AC PREF AR 2,474 2,494 2,474 2,494 2,474 2,494 15 37,310 -37,310 AC PREF B4R 1,940 1,960 1,951 1,952 1,940 1,946 670 1,302,450 ALCO PREF F 470 474 474.2 474.2 474 474 100 47,412 98 100 98 98 98 98 40 3,920 BRN PREF A BRN PREF B 100.2 103.7 100.1 100.2 100.1 100.2 30 3,005 BRN PREF C 102 102.9 103 103 101.7 101.7 140 14,251 CEB PREF 28.25 29.4 28.3 28.35 28.25 28.25 16,700 472,585 -472,585 CLI PREF A1 933 975 974.5 974.5 974.5 974.5 20 19,490 CLI PREF A2 1,000 1,005 1,000 1,005 1,000 1,005 390 390,250 CPG PREF B 98.5 99.1 99 99 98.5 98.5 230 22,750 DD PREF 93.1 94 93.2 93.3 93.05 93.1 61,240 5,706,680 EEI PREF B 96 96.5 96 96 95.5 96 3,050 292,770 1,936 1,972 1,936 1,936 1,936 1,936 10 19,360 GLO PREF ANV GLO PREF BNV 1,954 1,999 1,965 2,000 1,952 1,952 2,535 5,068,475 JFC PREF B 990.5 995 990 993 990 993 70 69,420 MWIDE PREF 7A 99.05 100.6 101.4 101.4 101.4 101.4 10 1,014 PCOR PREF 4A 974.5 995 990 990 990 990 20 19,800 PCOR PREF 4C 981 982 987 987 982 982 9,330 9,166,890 PCOR PREF 4D 975.5 994.5 994.5 994.5 994.5 994.5 10 9,945 PCOR PREF 4E 997 1,059 1,000 1,000 1,000 1,000 1,000 1,000,000 77.65 80.2 79.8 80 77.65 80 20,580 1,645,200 SMC PREF 2L SMC PREF 2N 77.2 78.9 78 78 77.1 77.1 252,440 19,626,736 SMC PREF 2O 78 78.95 79 79.1 77.65 78.95 13,240 1,044,537 SMC PREF 2P 73.5 74 74 74 73.5 73.5 170 12,575 SMC PREF 2Q 73 76 76 76 76 76 160 12,160 SMC PREF 2R 75 78.45 78.5 78.5 78.5 78.5 100 7,850 SMC PREF 2S 73.6 75 75 75 75 75 100 7,500 SMC PREF 2T 74 76.1 76.1 76.1 76.1 76.1 100 7,610 SMC PREF 2U 74.85 75 76.95 76.95 75 75 2,070 155,460 78.8 79 79.1 79.1 79 79 30 2,371 SMC PREF 2V SMC PREF 2W 79.25 79.4 79.5 79.5 79.5 79.5 20 1,590 SMC PREF 2X 79.5 79.8 79.8 79.9 79.8 79.9 2,280 182,031 TOP PREF A1 99.65 100 100 100 100 100 1,300 130,000 TOP PREF A2 101 101.9 101 101.9 101 101.9 310 31,339 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.4 3.51 3.95 4.14 4.38 4.38 4.1 4.1 4,000 16,900

-

1.06

SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL HAUS TALK LFM PROP MAKATI FINANCE XURPAS

0.335 1.37 0.02 1.83 0.194

1.12

1.06

1.06

1.06

1.06

1,000

1,060

-

0.355 1.4 0.025 2.04 0.21

0.34 1.37 0.02 1.67 0.198

0.35 1.4 0.02 2.09 0.21

0.33 1.37 0.02 1.67 0.198

0.35 1.4 0.02 2.04 0.198

1,650,000 33,000 2,300,000 322,000 180,000

567,900 45,540 46,000 570,050 35,760

5,150 -

EXHANGE TRADE FUNDS FIRST METRO ETF

101

101.2

102 102.5 101.2 101.2 7,600 771,967 -89,454

DMCI wants to offer affordable homes

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MCI Project Developers Inc., the real estate development arm of Consunji-led DMCI Holdings Inc., said it is developing a socialized housing project to meet the government requirements for real estate companies to build affordable homes for the people. Alfredo R. Austria, the company’s president said, the first phase of the project covers around 4,000 units, which it would build in about four to five 18-storey buildings. Each building would have average of 800 units. The units will be smaller at around 20 to 27 square meters, he said. “For 27 square meters, their regulation, you set it for P1.8 million. So, you qualify for the socialized housing program. It’s not tax incentives, but it’s actually required by developers,” Austria said, referring to the regulation of Department of Human Settlements and Urban Development. “If you’re not going to do socialized housing, you’ll have to pay for socialized housing development. Instead of paying those fees, we thought of doing the socialized housing. But of course, it’s challenging because how will it be affordable? What are the ways in design and construction? We

really have to sharpen our pencils to reach that price (P1.8 million).” He said the company is doing the socialized project—its first—for several months now as “quality and affordability is important.” In order for the design to be efficient, Austria said it needs several iterations. “Design is essentially an iterated process.” “So, if it’s several iterations, it takes a long time. You make a design, cost it, look at it, and if it’s a bit more expensive, you redesign it. Cost estimate it again, redesign it again.” He said DMCI’s differentiation with other socialized houses is that theirs will have lots of open space. “It’s still a resort type,” Austria said, referring to the previous condominiums that it had built. Under the law, developers of primary residential subdivision and condominium projects must allocate a baseline percentage of their total project cost or total project area to socialized housing. For subdivision projects, 15 percent of the main project’s cost or area should be channeled to socialized housing, and 5 percent for condominium projects. VG Cabuag

Shein Global at $26B still stirs unease over growth outlook

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HEIN Global Holdings Ltd. completed its initial public offering at a valuation that’s a fraction of what the company was once worth. For some investors, that still might prove to be rich given the company’s prospects. The fast-fashion retailer raised $1.7 billion in Hong Kong, giving it a market value of $26 billion that’s a far cry from the $100 billion it once commanded. Questions about its upside in the face of slowing growth and tariff headwinds threaten to weigh on the stock as it prepares to debut on Tuesday. Shein’s long-awaited IPO valued the company at over 15 times forward earnings, calculations based on Bloomberg Intelligence’s estimates show. That’s about double the 7.4 times ratio commanded by its competitor Temu’s parent PDD Holdings Inc. and above the 10.7 times multiple for Hong Kong’s benchmark Hang Seng Index. Shein’s growth has slowed markedly over the past year due to tariffs, while

intensifying competition from Temu in key markets including the US and Europe also impacted business. Shein’s full year sales are set to grow 3.4 percent to $44.3 billion next year, with net income of $1.7 billion, according to Bloomberg Intelligence. Founded in China and now based in Singapore, Shein has built a global fast-fashion giant by using a data-driven supply chain capable of rapidly producing and shipping low-cost apparel directly to consumers. The company emerged as one of the biggest beneficiaries of the pandemic-era e-commerce boom, with its valuation soaring to nearly $100 billion in 2022. At 15 times price over earnings, “the stock is already pricing in part of a growth comeback before it has delivered one,” said Gary Tan, a portfolio manager at Allspring Global Investments. “Investor appetite post-listing is likely to be cautious until management proves its business model reset can reignite growth.” Bloomberg News

MUTUAL FUNDS

August 28, 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. -A210.46 -4.59% 1.41% -0.91% -2.49% -1.7% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2731 8.84% 16.64% 8.83% 4.8% 5.16% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.8077 -4.89% 0.1% -1.46% -4.35% -1.52% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.766 0.91% 4.59% 0.74% N.A 4.33% FIRST METRO CONSUMER FUND, INC. -A 0.5047 -14.82% -6.99% -7.42% N.A -9.24% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.2683 -7.86% -1.75% -2.68% -2.49% -2.39% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6395 -4.45% -1.43% -2.73% N.A -0.48% MBG EQUIT Y INVESTMENT FUND, INC. -A 71.87 -14.65% -4.69% -5.96% N.A -19.66% PAMI EQUITY INDEX FUND, INC. -A 41.7701 -2.41% 0.33% -1.45% -2.26% 0.99% PHILAM STRATEGIC GROWTH FUND, INC. -A 441.31 -4.9% 1.02% -1.41% -2.4% -1.83% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5857 3.91% 11.35% 5.7% 1.93% 1.56% PHILEQUITY FUND, INC. -A35.5922 0.88% 3.04% 0.79% -0.56% 3.37% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9308 2.92% 4.16% 1.03% N.A 4.86% PHILEQUITY PSE INDEX FUND, INC. -A 4.5214 -1.48% 1.39% -0.43% -1.36% 1.16% PHILIPPINE STOCK INDEX FUND CORP. -A 744.39 -1.84% 1.03% -0.71% -1.58% 1.28% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.701 -0.64% 2.27% 0.01% -2.78% -0.16% SUN LIFE PROSPERITY PHILIPPINE EQUIT Y FUND, INC. -A 3.1271 -8.77% -1.13% -2.4% -3.02% -2.57% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.8341 -2.04% 0.61% -1.09% -1.84% 1.23% UNITED FUND, INC. -A3.62676.83% 6.56% 2.29% 0.34% 10.32% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0454 -1.8% 1.06% N.A N.A 1.21% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0528 -1.52% N.A N.A N.A 0.89% PHILEQUITY ALPHA ONE FUND, INC. -A 0.913 -5.31% -2.62% -3.42% N.A -3.31% PHILIPPINE STOCK INDEX FUND CORP. -A 898.22 -1.85% 0.82% N.A N.A 1.33% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 101.5856 -1.57% 1.25% -0.39% -1.16% 1.57% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.2582 31.71% 15.37% 1.27% 3.46% 22.81% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.462 17.74% 16.47% 6.05% 8.91% 10.69% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A PHILEQUIT Y GLOBAL FUND, INC. -A,2 1.0826 N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1715 0.67% 0.9% -0.27% -0.97% 1.46% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7222 7.16% 5.89% 0.63% -0.61% 5.25% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4883 -1.65% 0.53% -0.85% -0.69% 1.07% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2289 -1.34% 6.65% 3.6% N.A -1.29% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.982 0.75% 0.89% 0.32% 0.25% -1.02% PAMI HORIZON FUND, INC. -A3.7263 -0.91% 2.89% 0.31% -0.4% -1.68% PHILAM FUND, INC. -A15.7408-3.32% 1.62% -0.86% -0.96% -1.68% SOLIDARITAS FUND, INC. -A2.0972 -1.09% 2.07% 0.46% -0.13% -0.15% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.3774 -4.24% 0.88% -0.83% -1.34% -1.35% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8894 -4.78% 0.78% 0.03% -1.04% -2.34% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.79 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.977 0.1% 2.05% -0.08% N.A -0.18% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8253 -4.12% 0.42% -1.69% N.A -1.96% -4.7% -0.1% -2.14% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7943 -2.08% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03339 0.66% 1.16% -2.72% -0.81% -2.65% PAMI ASIA BALANCED FUND, INC. -B $1.1659 -1.41% 10.13% 1.26% 2.22% -3.64% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6969 11.6% 12.1% 3.47% 5.87% 6.72% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2089 4.97% 6.96% 0.33% 2.32% 2.15% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.65 2.45% 3.28% 2.64% 2.53% 1.11% ATRAM CORPORATE BOND FUND, INC. -A 1.9856 2.22% 1.19% 0.62% 0.36% 1.38% COCOLIFE FIXED INCOME FUND, INC. -A 3.6103 1.6% 3.07% 2.2% 3.22% 0.29% EKKLESIA MUTUAL FUND, INC. -A 2.4454 0.68% 3.16% 1.58% 1.43% -0.29% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5139 -1.46% 1.41% 0.6% 1.12% -2.14% PHILAM BOND FUND, INC. -A4.5358 -0.77% 2.82% 0.27% 0.69% -1.61% PHILAM MANAGED INCOME FUND, INC. -A 1.5448 3.01% 4.62% 3.26% 2.95% 1.63% PHILEQUITY PESO BOND FUND, INC. -A 4.3333 1.39% 3.14% 1.72% 1.91% 0.47% SOLDIVO BOND FUND, INC. -A1.131 2.22% 2.87% 1.76% 1.65% 0.94% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A -2.19% 2.4% 1.45% 3.4571 1.94% -2.36% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8339 -2.05% 2% 0.94% 1.35% -2.68% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0101 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $533.15 1.98% 2.88% 1.8% 1.94% 0.77% ALFM EURO BOND FUND, INC. -A Є223.22 0.26% 1.85% 0.23% 0.53% -0.25% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0566 -2% 0.67% -2.62% -0.63% -1.71% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 -1.15% 2.15% -0.23% 0.31% -2.26% PAMI GLOBAL BOND FUND, INC. -B $1.0477 -1.61% 7.85% -0.06% -0.62% -1.16% PHILAM DOLLAR BOND FUND, INC. -A $2.4339 -0.14% 3.16% -0.73% 0.55% -1.86% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0637205 -0.26% 1.71% 0.2% 1.13% -1.13% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8702 -0.61% 2.03% -2.14% -0.74% -2.13% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1863 2.73% N.A N.A N.A 1.71% ALFM MONEY MARKET FUND, INC. -A 152.68 4.16% 4.11% 3.18% 2.86% 2.56% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2239 3.47% 3.79% 3.02% N.A 2.19% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5145 3.61% 3.59% 2.97% 2.76% 2.23% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.97 4.12% 4.32% N.A N.A 2.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1948 2.52% 3.32% 2.46% N.A 1.57% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.3983 7.68% 4.05% N.A N.A 4.96% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8685 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5591 30.43% 22.33% 13.92% N.A 17.93% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.2025 12.29% 6.35% N.A N.A 7.78% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8148 -0.1% 1.48% -3.82% N.A 0.59% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 2025. 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, September 1, 2026

B3

NCAs ramped up in July to speed up govt spend

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By Reine Juvierre Alberto

@reine_alberto

ASH utilization of the national government improved in July as the Department of Budget and Management (DBM) ramped up its release of notices of cash allocation (NCAs) to accelerate spending. Total NCA utilization rate of line departments, state-run corporations and local governments inched up to 94.6 percent as of end-July from 94 percent in the same period a year ago, latest data from the DBM showed.

This is equivalent to P2.955 trillion in NCAs spent out of the P3.125 trillion that the DBM allocated during the seven-month period. The amount of NCAs made available was also 4.65 percent higher

Crypto linked lending platform hit by exploit By Suvashree Ghosh Bloomberg

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N attacker drained at least $6 million from a Crypto.comlinked digital-asset lending platform after borrowing over $74 million by manipulating the price of tokens used as collateral, according to blockchain security firm PeckShield. Validators that govern the Cronos blockchain froze all trading activity after discovering that the decentralized lending platform Tectonic was exploited on Sunday, PeckShield said in a post on X. The attacker pumped up the value of the native Tonic token by 300-fold within 20 minutes, according to CoinGecko data. The inflated tokens were then used as collateral to borrow other assets. The total value cryptoassets deposited on Tectonic fell to $3 million from about $122 million before the hack, according to data on DefiLlama. Of the $74 million in borrowed cryptocurrency that PeckShield identified, only $6 million was bridged to Ethereum before the Cronos network was paused, preventing further cross-chain trading, according to the firm. The breach has not impacted the centralized exchange Crypto.com, where all funds are safe, CEO Kris Marszalek said on X. An investigation is underway, he added. Crypto.com, which originally developed Cronos, didn’t confirm the amount affected, referring instead to public statements from Marszalek and Cronos on X. Unlike exploits that target technical vulnerabilities in code, which have haunted blockchain projects for years, the Tectonic attack appears to have taken advantage of weak risk controls, according to security researchers.

“This was an economic exploit,” said Aneirin Flynn, CEO of cybersecurity technology firm FailSafe. “Tectonic had poorly configured their risk settings, the attacker artificially pumped the price of a cheap token and used that fake wealth to ‘borrow’ or steal” other assets, he said. Crypto.com said it is working closely with Cronos Labs to roll back the blockchain to its status before the incident. They did not offer a timeline for restoring the network. As a public blockchain, Cronos is a key part of Crypto.com’s ecosystem. The blockchain was launched in 2021, using CRO as its native token, which was previously known as Crypto.org Coin. Other centralized exchanges have launched their own blockchains, including Binance Holdings with BNB Chain and Coinbase Global Inc. with Base. It can offer a way of keeping fees down and generating fresh revenues through token issuance. For traders, CRO unlocks special perks in the Crypto.com ecosystem such as lower trading fees and additional cashback. The token was trading at about 5 cents, down 1.4% from a day earlier, with a market value of about $2.74 billion, according to CoinGecko data. Last year, Cronos was also part of a tie-up between Crypto.com and Trump Media & Technology Group, founded by US President Donald Trump. The companies planned to collaborate on a publicly traded firm that would stockpile CRO. That deal fell apart earlier this month. The incident follows other high-profile attacks this year that have raised the scrutiny of decentralized-finance systems. An exploit in April that drained nearly $300 million from a restaking protocol led to a collapse in liquidity on Aave, the largest decentralized lending protocol.

than the P2.986 trillion issued a year earlier, of which P2.808 trillion was used. NCAs are disbursement authorities issued by the DBM to cover the cash requirements of the operations, programs and projects of government agencies. A higher NCA utilization rate indicates the capacity of agencies to timely disburse their allocated funds and implement their programs and projects. Dissecting the data, line departments recorded a 92.2 percent NCA utilization rate after utilizing P1.988 trillion out of the P2.156 trillion in NCAs allotted to them. The Commission on Audit and the Office of the Vice-President posted the highest NCA utilization rates

among departments at 99.7 percent, trailed by the Department of Foreign Affairs at 99.3 percent. Conversely, the Office of the President had the lowest NCA utilization rate at 69.4 percent, followed by the Department of Transportation at 72 percent, the Department of Labor and Employment at 76.8 percent and the Department of Agriculture at 79.4 percent. In terms of biggest NCA recipients, the Department of Education obtained the largest allocation at P513.943 billion, of which 93.1 percent was spent. This was followed by the Department of Public Works and Highways, which received P320.131 billion in NCAs and posted an 86.2 percent utilization rate. Furthermore, NCAs provided as

budgetary support to governmentowned and -controlled corporations amounted to P133.641 billion. Of the amount, P132.118 billion was used, translating to a 98.9 percent utilization rate. Local governments, likewise, utilized almost all of their allocations, spending P835.137 billion out of the P835.467 billion made available to them—equivalent to a 100 percent utilization rate. Allocations to LGUs include the national tax allotment, special shares for LGUs, Metropolitan Manila Development Authority, Bangsamoro Autonomous Region in Muslim Mindanao and other transfers to LGUs. The Philippine economy grew by 2.3 percent in the second quarter of

2026, the slowest in five years, as infrastructure spending slumped and weighed on investments, which also contracted during the period. The DBM, nonetheless, said government spending supported domestic economic activity, with Government Final Consumption Expenditure expanding by 8.3 percent. “This provided support to the economy amid subdued domestic demand, weaker public construction, and continuing external headwinds,” the DBM said. The government is positioned to sustain and accelerate spending in the second half, specifically for high-impact infrastructure, education, health, agriculture, social protection and other priority programs, it added.

Regalado-led IC issues regulatory orders vs 3 firms

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HE Insurance Commission (IC) has placed three firms under liquidation and another under receivership in its bid to protect the public by ensuring the financial stability of insurance companies. Prior to his suspension on August 3, Insurance Commissioner Reynaldo A. Regalado signed a series of public notices in late July and early August ordering administrative actions against ACES Mutual Benefit Association Inc. (ACES MBAI), non-life insurer Investors Assurance Corporation (IAC), and pre-need companies Holy Garden Memorial Plans Inc. (HGMPI) and Mercantile CarePlans Inc. (MCPI).

The commission placed ACES MBAI and HGMPI under liquidation effective August 3, 2026, while MCPI was ordered into liquidation last July 27, 2026. This means the three firms are in the process of winding down their operations and distributing their remaining assets, which will be converted into cash to pay off claimants. For the three companies, John A. Apatan, manager of the Conservatorship, Receivership and Liquidation Division, acts as the interim ex-officio liquidator tasked with gathering claims, assessing company assets and managing the overall dissolution process. Claimants and stakeholders of

ACES MBAI and HGMPI who have not yet filed their claims must do so with the liquidator no later than 180 days from the last publication of the notices, or by March 10, 2027, the IC said. Any claims filed after the deadline will be barred from normal liquidation proceedings and referred back to the respective associations or companies for reconsideration under their separate dissolution and winding-up proceedings. Planholders and creditors of MCPI must, likewise, address and file their claims with the liquidator, the IC said. Meanwhile, IAC was placed under receivership on July 27, 2026. Unlike liquidation, receivership

allows IAC to still submit a formal proposal for rehabilitation within the receivership period to recover its financial standing. Apatan will also serve as the interim ex-officio receiver for the insurer, while concerned policyholders, creditors and interested parties are directed to file their claims or inquiries with him. The IC supervises and regulates the insurance, pre-need, and health maintenance organization (HMO) industries to establish a sound national insurance market. The regulator is mandated to place a firm under receivership or liquidation if it finds the company insolvent or unable to pay its lawful obligations. Reine Juvierre S. Alberto

Saudis to raise about $8B in loans amid war fallout

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AUDI Arabia is in early talks to raise at least $8 billion from a fresh loan, as it steps up efforts to diversify funding sources amid the economic fallout from the Iran war. The kingdom’s National Debt Management Center has begun sounding out banks about a potential deal, according to people familiar with the matter, who requested anonymity to discuss private information. State-backed oil major Saudi Aramco is holding similar discussions with banks, some of the people said. Both potential transactions are at an early stage and may ultimately not materialize, according to the people. Representatives for NDMC, part of the kingdom’s finance ministry, were not available for comment. Aramco declined to comment. The Saudi efforts come as the kingdom and other Gulf nations grapple with

the economic fallout from the regional war, which continues to disrupt trade through the Strait of Hormuz, raise import costs and strain supply chains. Tehran has targeted Saudi energy infrastructure, while Iran-backed Houthis have menaced ships in the Red Sea, complicating the kingdom’s efforts to bypass the Hormuz by shipping oil from its western coast. Meanwhile, the economy suffered its steepest contraction since the pandemic in the second quarter, with the attacks contributing to a nearly 25% slump in the oil sector. Yet the conflict has also pushed up oil prices, providing some relief to Saudi Arabia’s finances. Benchmark Brent crude has averaged around $87 a barrel this year, helping to ease pressure on the kingdom’s finances in the wake of the war. Even so, Saudi Arabia posted a 34.3 billion-riyal ($9.1 billion) secondquarter deficit.

The latest outreach comes after the NDMC said in May it had completed its annual borrowing plan, securing roughly 90% of its financing needs. It said any additional requirements would be met primarily through private channels and local markets. Saudi Arabia has emerged as one of the most active emerging-market borrowers, raising about $6 billion in domestic and international bonds this year, while Aramco has raised another $4 billion. Its sovereign wealth fund raised $7 billion in May, one of the first publicmarket deals since the Iran war began. Late last year, the NDMC raised a $13 billion, seven-year syndicated loan, a rare move that signaled the kingdom’s efforts to tap non-market sources of capital to finance Crown Prince Mohammed bin Salman’s diversification plan. That recalibration toward outside capital is visible across the kingdom.

Aramco is pursuing a privatization plan that could eventually raise as much as $35 billion, Bloomberg News has reported. The oil giant has also previously said it will remain active in debt markets and issue new types of instruments to attract different sets of investors. The shift is also playing out at the kingdom’s $900 billion sovereign wealth fund. Under its new five-year strategy, the Public Investment Fund is preparing to make a more aggressive push to hand mature assets to private owners, pursue listings and divestments, and rely increasingly on outside capital. Despite war-related disruptions and Riyadh’s push to recalibrate spending on ambitious mega-projects, Saudi Arabia has continued to deploy billions into global deals spanning gaming to electric vehicles. It recently committed to building a €6 billion ($7 billion) theme park complex near Paris. Bloomberg

Redefining wealth: Why the best financial plan is the one that fits your life

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UCCESS has long been measured by numbers: a higher salary; a larger investment portfolio; multiple properties; luxury cars; bigger homes; and, promotions. These milestones have become standard markers of financial achievement, leading many people to believe that the ultimate goal of personal finance is simple: to accumulate as much wealth as possible. But what if financial success has been framed too narrowly? Increasingly, financial planners are recognizing that money, while essential, is only valuable to the extent that it supports the life people actually want to live. Chasing the highest possible income without considering the personal cost can lead to a different kind of poverty, one measured not by a lack of money, but by a lack of time, health, relationships, and peace of mind. The question, then, is no longer, “How can I earn more?” It is, “What kind of life am I trying to build, and how should my finances support it?”

Wealth should follow purpose

MANY financial goals are adopted without much reflection. People strive for higher incomes because

decisions become easier because every peso has a purpose beyond simply accumulating more wealth.

Fitz Gerard Villafuerte

PERSONAL FINANCE that appears to be the logical next step. They pursue promotions because society rewards career advancement. They buy larger homes because that is often seen as a symbol of progress. Yet these decisions are not always aligned with personal priorities. For one individual, success may mean climbing the corporate ladder. For another, it could mean having the flexibility to attend every school event for their children. Someone else may value living near aging parents, pursuing creative work, traveling extensively, or simply enjoying slower mornings without constantly checking work emails. None of these choices is inherently better than the others. The important point is that financial planning should begin with defining the desired lifestyle, not maximizing income for its own sake. Once that vision becomes clear, financial

Time is an asset, too

ONE of the most overlooked forms of wealth is time. In pursuit of higher earnings, many professionals unknowingly exchange an ever-larger share of their lives for marginal increases in income. Longer working hours, greater stress, constant travel, and perpetual availability gradually become accepted as the price of success. The financial rewards may be substantial. The personal costs are often harder to measure. Missing family milestones, neglecting physical health, postponing hobbies, or living with chronic stress rarely appear in financial statements. Yet they have lasting consequences that no investment portfolio can easily offset. This does not suggest that ambition should be abandoned. Rather, it encourages a broader definition of return on investment. Sometimes, accepting a slightly lower income in exchange for greater flexibility, improved health, or stronger family relationships can lead to a richer life overall.

Designing a lifestyle before building a budget

TRADITIONAL budgeting often begins with expenses. A more effective approach may be to begin with lifestyle. Imagine an ordinary weekday five or ten years from now. What time would you like to wake up? How much time would you spend working? Where would you live? How often would you travel? What activities would fill your evenings and weekends? Who would you spend your time with? These questions may seem philosophical, but they have direct financial implications. Once people define the life they want, they can estimate the income required to sustain it, identify unnecessary expenses that do not support that vision, and prioritize financial goals that move them closer to it. The budget, in other words, becomes a reflection of personal values rather than a restrictive list of financial limitations.

Escaping the comparison trap

SOCIAL media has complicated modern financial planning. Every day, people encounter

carefully curated images of expensive vacations, luxury vehicles, designer brands, and seemingly effortless lifestyles. Constant exposure to these highlights creates subtle pressure to measure success against other people’s achievements. The danger is that comparison often encourages spending decisions disconnected from personal priorities. Buying a larger home than necessary, upgrading a perfectly functional car, or financing luxury purchases simply to meet perceived expectations can quietly delay meaningful financial goals. Ironically, individuals with more modest lifestyles often enjoy greater financial freedom because they spend intentionally rather than performatively.

The richest life is the one you choose

PERSONAL finance is ultimately about creating options. Money provides choices. It allows people to pursue meaningful work, spend time with loved ones, care for their health, support causes they believe in, and navigate unexpected challenges with greater confidence.

Viewed through this lens, maximizing wealth becomes only one possible strategy, not the objective itself. The real goal is to build a financial life that reflects individual values and aspirations rather than society’s expectations. Some will choose careers that maximize income. Others will prioritize flexibility, family, entrepreneurship, or community. Success should not be measured by which path generates the highest paycheck, but by whether that path enables a life that feels authentic and fulfilling. At the end of the day, the strongest financial plan is not necessarily the one that produces the largest net worth. It is the one that allows people to live intentionally, spend confidently, and pursue what matters most without sacrificing the very life they are working so hard to build. Fitz Gerard Villafuerte is a Registered Financial Planner of RFP Philippines. The views and opinions he expressed herein do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 118th RFP program this October 2026. E-mail info@rfp.ph or visit rfp. ph to learn more about the program.

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Art

BusinessMirror

Tuesday, September 1, 2026 • Editor: Gerard S. Ramos

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

NEXT STOP: THE WORLD

TODAY’S HOROSCOPE

Filipino student’s jeepney artwork wins UPS envelope design contest

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Zendaya, 30; Zoe Lister-Jones, 44; Gloria Estefan, 69; Lily Tomlin, 87. HAPPY BIRTHDAY: Be open to suggestions but not to people who push you in a direction that doesn’t satisfy your needs. Put time and effort into what concerns you most. A humble and empathetic attitude will guide you in a direction that offers comfort and a chance to give back. You’ll learn the most if you jump in and let experience teach you. Your numbers are 9, 21, 26, 32, 34, 39, 47.

ARIES (March 21-April 19): Trust your instincts before you trust others. Avoid changes that can limit you financially. Having a steady pace will help you control outcomes. Keep tabs on household expenses, and avoid taking on more than you can handle physically or financially. Pay attention to your responsibilities, and maintain your reputation. ★★★

RUSSELL REED, managing director for UPS Philippines and Indonesia; Liza Araneta-Marcos, First Lady of the Philippines; Lauren Kerby Obaldo, 2026 UPS Express Envelope Design Competition grand winner; and Jose Paolo Delgado, president and CEO of the Delbros Group, a longstanding partner of global shipping and logistics company UPS.

TAURUS (April 20-May 20): Declutter, size down and consider what you value most in life. Recognizing what brings you joy is the road to new beginnings. Use your intelligence and connections to redesign your routine. Happiness begins when you make decisions that offer peace of mind. Say no to over-the-top behavior. Live life your way, and choose quality over quantity. ★★★

GEMINI (May 21-June 20): Participating in physical activities will enlighten you. Keeping busy is the best way to avoid trouble. Getting along with people who try to take advantage of you will set you back if you have too much free time. Focus on learning, adding to your qualifications and fine-tuning your space to suit your needs. Self-love and self-improvement are in your best interest. ★★★★

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HE traditional Filipino jeepney, in all its rugged vibrancy, is set to travel across the world on an envelope. De La Salle-College of Saint Benilde (DLSCSB) student Lauren Kerby Obaldo and his jeepney artwork won the 2026 Philippine edition of the UPS Express Envelope Design Competition, besting more than 400 submissions. Obaldo’s grand prize-winning entry, titled Haraya sa Kalsada, will be reproduced on an official UPS Express Envelope used by customers in the Philippines for international shipments under the shipping and logistics company’s massive network of 220 destinations worldwide. “I thought that the jeepney is important to our culture, especially na nakakalimutan na ‘to ng iba dahil sa modernization. Gusto ko lang i-imply na part ‘yung jeepney ng life and culture natin as Filipinos,” the incoming sophomore Multimedia Arts student said last week at the Ayala Museum, where the top entries were recognized and showcased in an exhibit. Obaldo’s design shows a textured depiction of the cultural icon skipping on the road beneath festive banderitas. Meanwhile, its driver in barong Tagalog peeks out of the vehicle with a smile and a wave, as the orange gradient background represents hope and a brighter future for the country. This year’s competition featured UPS’ partnership with DLS-CSB, inviting students to reimagine the UPS Express Envelope. The initiative was launched in Japan in 2023 and expanded to Singapore in 2025. “Through this competition, we wanted to create a platform for young creatives to showcase their talent and bring fresh perspectives to one of the most recognizable symbols of our company,” said Russell Reed, managing director for UPS Philippines and Indonesia. “What impressed us most wasn’t just the artistic talent on display, but the originality and thoughtfulness behind every submission.” For this year’s contest, the students worked with three themes. The list included “Roots of Progress,” which center on Filipino culture, values and heritage, and resilience as the ability to adapt and move forward. There’s also “Galaw ng Bayan, Abot ang Mundo,” which focuses on connectivity, and how stronger connections open access to global opportunities. Lastly, “Clark Rising: Asia’s Center, Philippines’ Pride” showcase innovation and modern infrastructure that place the Philippines within Asia’s network. The theme draws inspiration from UPS’s upcoming Clark Hub, which will open later in 2026, envisioned to strengthen connections between local businesses and the global marketplace. Each submission was scored based on creativity and originality, visual appeal and design, design

CANCER (June 21-July 22): Make a list and stick to it. Speed and accuracy are crucial to finishing what you start and gaining access to an easier lifestyle and greater convenience. Know when to say no and protect yourself from outsiders trying to talk you into something you don’t need or want. Avoid emotional conflict and duress. Steer clear of crowds and unnecessary spending. ★★★

LEO (July 23-Aug. 22): Initiate change, take control and work your magic. Do your research, get your facts straight and prepare to bring about positive change. Set up a schedule and monitor it closely. Go through the proper channels to avoid setbacks and penalties. Personal and professional improvements are encouraged and will not go unnoticed by those you encounter. ★★★

message and thought, and applicability of the design to logistics. From the 400+ submissions, DLS-CSB shortlisted 69 entries, or 23 per theme. It was trimmed down to half through public voting via the school’s official Facebook page, and then through another round of voting, this time by UPS employees in the Philippines. Finally, Filipino contemporary artists Jigger Cruz, Demi Padua, and Olivia d’Aboville, along with art patron Lisa Ongpin-Periquet, ranked the top three winners in each category and selected the overall grand prize winner.

Aside from the grand winner’s design being printed on the official UPS Express Envelope and distributed across Asia Pacific, there was also an additional P18,000 in shopping vouchers as a prize for first-placers per theme. Second placers got P12,000 in shopping vouchers, and third-placers P6,000 in the same value. The first-placers for each theme were Aleana Szobelle P. Lallamant’s Started From the Bottom Now We’re Here! for “Roots of Progress,” Jana Lois D.

SEE “UPS,” B5

VIRGO (Aug. 23-Sept. 22): Live and learn. Learning from people and places that offer a variety of information can help you better yourself and others. Researching, fact-checking and experiencing new things are the paths to better living and greater opportunities. Don’t sit on the sidelines when participation leads to new beginnings. Invest time and money in learning and developing your skills. ★★★★★

LIBRA (Sept. 23-Oct. 22): Find out your options, and get ready to distance yourself from aggravating situations. Look at the cost involved, then set a budget that will put you back on track financially. Striving for emotional freedom to follow your heart and to take charge of your life will alleviate stress, lead to personal growth and give you room to breathe. ★★★

SCORPIO (Oct. 23-Nov. 21): Step away from stressful situations. Protect your reputation and position. Emotions will escalate if you don’t remain calm. Be responsible. Pick up the slack, and finish what you start. Taking care of business will keep you out of trouble. If you do whatever it takes to maintain balance and integrity, something good will transpire. ★★★

REIMAGINING DIWATAS THROUGH ARTISTIC EXPRESSIONS WHAT if the diwata were not simply the mystical figures often depicted in contemporary imagination, but a way of reconnecting with an older understanding of the Filipino relationship with nature? This question takes center stage at Hiwaga ng Diwata, a solo exhibition by artist Ian Cartalaba currently on view at the National Commission for Culture and the Arts (NCCA) Gallery. Opened on July 9, the exhibition invites audiences into an otherworldly realm where Philippine folklore, indigenous references, and contemporary artistic expression converge. Featured artist Ian Cartalaba utilizes traditional materials and motifs to decolonize the concept of the Filipino diwata. Through his work, Cartalaba seeks to reclaim the figure’s authentic narrative, reconnecting it directly to its rich indigenous roots. Known online as an “art-chaeologist,” the creator behind Hiwaga ng Diwata presents an unconventional gallery exhibition of abstract paintings. Looking closely through careful perspective, the hidden form of the diwata gradually emerges. Inspired by Angono Petroglyphs where human and animal figures are engraved onto different rock formations, Cartalaba converged the plethora of diwata images with native Filipino traditions. During the pre-colonial era, the native Filipinos

already had a steadfast belief in animistic practices wherein they commonly worshiped animals, plants, rocks, and different natural entities, believing that they possessed spiritual essence. Diwata is one of the ubiquitous guardians of nature which Cartalaba used to materialize his imagination to a tangible art on canvas. Majority of his art pieces include different images of the diwata but looking closely, it entails a vivid visualization of how these spirits are supposed to be reimagined. Also included in the artist’s inspiration is the faded notion of how Spanish colonization had set aside the animistic nature of earlier Filipinos, thus the gallery holds a deep admiration of how the audience should view it from the perspective that traces back to its original identity. Rather than presenting a single definition of the diwata, Hiwaga ng Diwata leaves room for discovery. The figures are deliberately embedded within the works, requiring the audience to pause, look closely, and allow forms to emerge. In this way, the exhibition becomes more than a collection of paintings. It is an invitation to look inward and backward— to reconsider stories, symbols, and ways of seeing that have endured, transformed, and continued to find meaning in the Filipino imagination.

SAGITTARIUS (Nov. 22-Dec. 21): Stick close to home, and be grateful for what you have. Your happiness depends on you. What you do, how you react and what you believe matter. By being the one to do what’s right and to help those who can’t help themselves, your goodness will reverberate. Be the one to set a good example. ★★★

CAPRICORN (Dec. 22-Jan. 19): Do what you do best, and make no excuses. How you spend your time determines your returns. Focus on what helps you profit mentally and financially. Pay attention, build a foundation that will house all your dreams, and push forward. Verify facts before passing along information. Protect against those using emotional manipulation to take advantage of you. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Pay attention to personal matters. Take care of yourself and your financial well-being. Refuse to let your emotions disrupt your plans or cause you to overspend or take on too many responsibilities. Balance is necessary if you want to make ends meet. Having a healthy diet and exercising will help you gain confidence and the energy to reach your goal. ★★

PISCES (Feb. 19-March 20): Express yourself and your wishes. Not everyone will be receptive, but you’ll know who you can count on moving forward. Don’t limit what you can achieve because someone or something disappoints you. Pick up the pieces and set your sights on your destination. Intelligent moves will outshine anyone using your vulnerabilities against you. ★★★★ BIRTHDAY BABY: You are curious, resilient and analytical. You are questioning and tenacious.

‘altered states’ BY NOELLE GRISKEY

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Hanauma Bay’s Hawaiian island 5 Bit of jewelry 9 Drives a getaway car for, say 14 Yemeni port 15 Wrinkly citrus 16 Vietnamese capital 17 Life time? (In this answer, unscramble letters 8-12) 20 Clever tactic 21 Winter hrs. in Santa Fe 22 “In ___ of gifts ...” 23 Like some mustard (... letters 3-8) 27 Midday refresher 28 Non-Rx 29 Phillipa who played Eliza Schuyler Hamilton 30 Protective shipping containers 32 Activist and singer Ono 34 Canadian Thanksgiving mo. 36 Expense 37 Loan or security (... letters 2-7) 41 Ruler of Valhalla 43 Genre for Lauryn Hill 44 Word on a red octagon

48 Statement that often contains lies? 51 Orbit or Extra 53 ___-Locka, Fla. 54 Eldest sister in “Little Women” 55 Serious risk (... letters 3-8) 58 Mineral deposits 60 Wrath 61 Roaring beast 62 Personal historic events (... letters 2-6) 67 Furry swimmer 68 Spanish for “you are” 69 Currency of 21 countries 70 Kid brothers, at times 71 Invitation letters 72 Extend across DOWN 1 Buffoon 2 Get comfortable with 3 Poisonous plant 4 Workers’ organization 5 Purchase 6 “Deviled” food 7 Avis competitor 8 Bite-size Chinese food

9 Philip ___, first Korean American actor with a Hollywood star 10 Flake out (on) 11 Locomotives 12 Way you might take advice 13 Core exercises 18 Caustic substances 19 Sicilian hot spot? 23 Word before “sauce” or “milk” 24 Hoodlum 25 Pink Floyd’s genre 26 Yahtzee needs 31 Heaps 33 Newspaper notice, briefly 35 La Brea ___ Pits 38 “I hate to be ___ ...” (faultfinder’s opener) 39 Herb associated with fall 40 Tater 41 Do surgery 42 Certain magazines 45 Travel mug, e.g. 46 Modern tennis 47 Hole goal, at minimum 48 Expressive hybrid music genre

49 ___ fixe menu 50 Wildlife printmaker Charley 52 M, on forms 56 Zigs or zags 57 Highest digits in Sudoku 59 Proofreader’s “Actually, leave it” 63 Triage areas, briefly 64 Cause to go “Vroom!” 65 Verizon or Xfinity, for short 66 Luke, to Darth Vader Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Tuesday, September 1, 2026

B5

JM de Guzman focuses on pushing forward ‘Queen of the Islands’ pageant revealed as GMA Pictures’ satirical comedy ‘Red Crown’ THE secret behind the crown is finally out, and it’s pure bardagulan that everyone will love. After weeks of social media frenzy surrounding the viral “Queen of the Islands” pageant, GMA Pictures officially pulled back the curtain on August 28, revealing that the muchtalked-about contest is actually the central storyline of its upcoming satirical comedy film Red Crown. With star-studded candidate reveals, a record-breaking cash prize at stake, and viral pasarela walk videos, Queen of the Islands had pageant enthusiasts and the public passionately guessing and backing their favorite candidates. The plot twist? The highly anticipated contest is a major promo campaign for Red Crown. But Red Crown isn’t just for hard-core pageant fans—it’s a full-throttle comedy designed to make everyone root for their bets. Directed by Dominic Zapata, with a screenplay by Kit Villanueva and Ken de Leon, the film dives headfirst into the hilariously brutal, “laban kung laban” world of pageantry, capturing the stories behind the glitz, gowns, and killer walks. Moviegoers are sure to be glued to their seats, constantly guessing who will outsmart the competition and take home the crown. The film features a massive lineup of real-life pageant royalty and Sparkle stars: Yana Aduana, Alethea Ambrosio, Ara Arida, Herlene Budol, Skye Chua, Faith da Silva, Michelle Marquez Dee, Haley Dizon, MJ Encabo, Shuvee Etrata, Gazini Ganados, Rein Hillary, Maika Kemmochi, MJ Lastimosa, Aira Lopez, Sanya Lopez, Ahtisa Manalo, AZ Martinez, Ashley Ortega, Vanessa Peña, Sandy Riccio, Jade Tecson, Tarah Valencia, Yna Angela Uy, and Yza Thalia Uy. The first phase of the film’s promo featured carefully crafted teasers, including official social media handles for Queen of the Islands, candidate posters, behind-thescenes videos of pageant rehearsals, a rundown of pageant sponsors, and even a “pageant presentation” attended by the pageant press and pageant content creators. GMA Pictures promises this is just the beginning, with more cast members and storyline details to be unveiled soon. Who will be the Queen of the Islands? Red Crown hits cinemas nationwide this October. More announcements will be made on the social media accounts of GMA Pictures and Queen of the Islands. More information on GMA are available on the network’s Facebook, Instagram, TikTok, X, and YouTube pages.

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CTOR JM de Guzman is mighty proud of his ongoing TV series My Besfren Emman, produced by Spring Films and Numinous Narratives, and airing on TV5. The series, which is getting more viewership, has started its new season and continues to explore themes of faith and family, emotional and spiritual conflicts, resilience, renewal and redemption, and the many chances that life offers to those who are bent on moving forward with grace and dignity. Perhaps the word that is best associated nowadays with JM these days is resilience. Resilience is the ability to accept, adapt, recover and move forward in the face of challenges and adversity. Experts reckon that it is also critical when it comes to the preservation of one’s mental health. It helps prevent stress from becoming too overwhelming, and allow us to process the difficult emotions and setbacks in a healthy way, thus building a stronger foundation for our emotional healing and well-being. In JM’s case, the resilience he had in his core, which he wasn’t fully aware of in his past dark periods, helped him lay a strong defense against mental health issues like anxiety, bouts of self doubt, and depression. “I‘ve learned that resilience is like muscle—the more you work at it, the stronger it gets,” he said. During his dark days in the past, JM knew that he had to do something, and he could do something. “There are always people out there who can help and who are more than willing to help, but I realized that it is also important that I should be the greatest ‘helper’ of myself. I knew I value this career, I knew that I can do more as an actor, that I possess a natural gift of acting, and I can pursue it further and improve myself to become the actor I want to be. So I buckled down and faced my struggles head-on.” On top of his priorities was getting into shape again. JM started working out, he tried to learn mixed martial arts. He became conscious of what he ate, he selected the people he wanted to be around with, sought professional help and guidance, and strengthened his support system. Slowly, his small steps translated into huge changes, and the people in the entertainment business that once rolled their eyes when his name was brought up in casting sessions noticed, the same people that gladly gave him many chances to bounce back and redeem himself. “I had many colorful episodes of ups and downs in both my personal life and professional career. I had to break patterns that didn’t do me good. I had to rise from many incidents of backsliding. But I’m glad life continues to give me many chances to regain my

footing. And My Besfren Emman is a major blessing in my life!” he shared. He added, “I’m very happy that I am working with actors that inspire me, lift me up and push me forward, actors that I look up to and truly admire— Sid Lucero, Shaina Magdayao, Ai Ai de las Alas, and our new cast member Ms. Angel Aquino. They are my constant reminders that we have to always keep it real and be thankful for work, and be strong and

kind and positive.” Indeed, JM de Guzman has mastered the art of bending without breaking. He has learned that his resilience has given him strength to rise, adapt and come out of any situation a much stronger and better person, and all he needs is to find the grit to keep on showing up as he can push himself to always move forward, despite all of life’s inevitable tests, challenges and obstacles. Because that is powerful.

UPS...

President of Marketing for UPS Asia Pacific. “I can honestly say that the DLS-CSB students made this chapter a very memorable one.” According to Angelo Marco Lacson, vice chancellor for academics, DLS-CSB, they value partnerships like this with UPS, as they bring learning beyond the classroom and allow students to create for a realworld, global platform. “For our students, seeing their ideas move from the classroom into the real world is incredibly meaningful,” he said. “It affirms that their creativity has a place, and an audience, beyond De La SalleCollege of Saint Benilde.”

Continued from B4 Oliveros’ Reach for the Waves for “Galaw ng Bayan, Abot ang Mundo,” and Obaldo’s Haraya sa Kalsada for “Clark Rising.” From these three, Obaldo was chosen the grand winner. “What makes each edition [of the UPS Express Envelope Design Competition] special is seeing how local students interpret the challenge through their own culture and experience,” said Benedict Wu, Vice

Meep, meep. ‘Coyote vs. Acme’ opens with $15.5 million, ‘Spider-Man’ stays No. 1 for fifth weekend

NEW YORK—Three years after Warner Bros. abruptly canned Coyote vs. Acme, the Looney Tunes feature film that was given a new lease on life by Ketchup Entertainment debuted with an estimated $15.5 million in ticket sales over the weekend. For the fifth weekend in a row, Spider-Man: Brand New Day topped the North American box office. It grossed $22.2 million in US and Canadian theaters, according to studio estimates on Sunday, bringing its worldwide total to $2.33 billion and making it the fourth highest-grossing film of all time. Coyote vs. Acme, which had been relegated to the dust heap, fared best of the newcomers, debuting in second place. The Ridley Scott action drama The Dog Stars, starring Jacob Elordi, flopped. The film, about a pilot and German Shepherd who survive a global pandemic, opened in fifth place with $8 million for 20th Century Studios. It added $11.3 million overseas,

a poor result for a film that cost between $70 million and $100 million to make. Coyote vs. Acme, however, scored a decent, hardearned opening. In 2023, Warner Bros. canceled any release of the completed film, preferring to take a tax write off on a movie originally produced for its streaming service, HBO Max. Warner also shelved Batgirl and Scoob! Holiday Haunt, both of which remain

unreleased. Coyote vs. Acme, based on an Ian Frazier’s “Shouts and Murmurs” New Yorker column, is about Wile E. Coyote suing the Acme Corporation for its faulty products. It stars Will Forte, John Cena, Lana Condor and Eric Bauza. The film, a hybrid of live-action and animation directed by Dave Green, cost $70 million to make.

But despite good test screening scores, Warner Bros. opted to ax the completed film. After an outcry, the studio put the film up for sale. Early last year, Ketchup Entertainment acquired worldwide distribution rights for about $50 million. For the makers of the film, just getting released was a victory. “Coyote vs. Acme is finally, gloriously, in theaters now,” Green said on social media on Friday. “Which means one thing. WE WON.” Reviews and audience scores were also good. Moviegoers gave it an “A” CinemaScore. Critics were just as enthusiastic. On Rotten Tomatoes, it rated 95 percent fresh. While the result might have counted as a disappointment for some $70 million movies, the opening weekend for Coyote vs. Acme was the best ever for Ketchup. The indie distributor’s previous high was 2024’s The Day the Earth Blew Up (a $3.1 million opening), another Warner-made Looney Tunes castoff. “The box office numbers are fair, but the reception is excellent and the release should set up good ancillary business for kids’ viewing, where the film should recoup its investment,” said David A. Gross, who publishes the box office newsletter FranchiseRe. The Odyssey, in its seventh weekend, slid to third place with $14.3 million. It remains unusually strong overseas, where the Christopher Nolan movie grossed $48.6 million over the weekend. Altogether, the Universal Pictures release has collected $1.55 billion in global sales. AP

THE Dog Stars, about a pilot and a German Shepherd who survive a global pandemic, opened in fifth place with $8 million. It stars Jacob Elordi with Ridley Scott directing.

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Tuesday, September 1, 2026

MEGAWORLD ACCELERATES HOSPITALITY EXPANSION, TARGETS NEARLY 12,000 ROOMS

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ETTING its sights on further expanding its presence in some of the Philippines’ fastest-growing tourism destinations, property giant Megaworld is accelerating the expansion of its hospitality business as it prepares to significantly expand its hotel portfolio in the coming years. The property giant is targeting nearly 12,000 rooms by 2032, rolling out new hotel developments in key destinations, such as Palawan and Ilocos Norte, alongside continued expansion in major tourism and business hubs across the country. This expansion will include both Megaworld’s homegrown hotel brands and internationally branded brands, further strengthening the company’s position as the Philippines’biggest developer and operator of hotel developments. Apart from opening more hotels, Megaworld is also reshaping its hospitality business to prepare for a bigger and more global hospitality business. To drive this next phase of growth, Megaworld has established Megaworld Global Hotels and Resorts (MGHR)

to bring together its growing hotel portfolio under two focused groups. First is Megaworld Hotels & Resorts (MHR), which will manage the company’s hotel developments in Metro Manila, Boracay, Batangas, and Cebu. And then there’s Megaworld Global Hospitality (MGH), which will handle Mövenpick Manila Bay Westside, Megaworld’s biggest hotel property, as well as the company’s new hotel properties in Palawan and the three hotels in Iloilo: Courtyard by Marriot, Richmonde Hotel Iloilo, and Belmont Hotel Iloilo. “One of our biggest contributions to nation-building is to help make our tourism industry more vibrant and attractive, especially to foreign visitors. To support this goal of helping boost our country’s tourism, we are making this

ESE Auto Parts Enterprises Inc.: Built in Eastern Visayas, growing for the Visayas

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HAT started as a small automotive parts business in Ormoc City in 1992 has grown into an established name in the automotive and motorcycle industry in Eastern Visayas. At the heart of that growth is ESE Auto Parts Enterprises Inc., the main business behind a growing network of retail, service, and distribution operations built to serve different needs of the market. Today, that network includes Bikerbay in Ormoc City, a one-stop shop for motorcycle riders and customers; ESE Auto Moto in Tacloban City, its one-stop automotive and motorcycle retail and service destination; and ESE United Parts, the company’s distribution arm covering Regions 7 and 8. Together, they represent one ESE network with a shared purpose: to make quality automotive and motorcycle products more accessible to dealers, businesses, and everyday customers. Over the years, ESE has built a strong foothold in Eastern Visayas through relationships with dealers and customers, supported by its sales force, logistics fleet, fulfillment centers, warehousing, and technology-driven operations. Its network now reaches 8 provinces and 167 municipalities and cities, with more than 550 B2C dealers and 100+ B2B customers. Through ESE United Parts, the company continues to strengthen its distribution footprint across Regions 7 and 8. Part of this growing portfolio is Gumande Tires, with ESE serving as its Regional Distributor for Regions 7 and 8 bringing the brand closer to more motorcycle dealers,

Fuel quality 101: Why the right fuel choice matters in the long run

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HEN taking care of their cars, motorists often prioritize changing their oil regularly, checking tire pressure, and scheduling maintenance checks. But there’s one thing they could overlook: the fuel they pump into their cars. In reality, fuel choices can affect long-term engine performance, with each fuel product’s formulation and additives making all the difference. Here’s what motorists need to know about their fuel’s role in engine care and what to look for in their fuel options. First, motorists should use the fuel recommended for their vehicle. This includes following the manufacturer’s guidance on fuel type and octane requirements. Second, motorists should look beyond octane when considering fuel quality. Octane is important, but it is not the only factor that distinguishes one fuel from another. The additives and technologies used in a fuel can also play a role in helping manage deposits and support engine cleanliness.

shops, and riders throughout Central and Eastern Visayas. But ESE sees this as only the beginning. From its strong base in Eastern Visayas, the company’s vision is to eventually build a wider and stronger presence across the whole Visayas region. Not simply by reaching more places, but by becoming the kind of partner, dealers and businesses can depend on as they grow. ESE also believes that growth should create opportunities for people. This is reflected in its ongoing partnership with the Department of Labor and Employment (DOLE) through JobStart Philippines, a program that helps prepare young Filipinos for employment through career coaching, lifeskills development, technical training, and workplace internships. Through the program, young participants are given an opportunity to experience an actual working environment, develop practical skills, and better prepare themselves for employment. For ESE, it is more than a manpower program. It is a chance to help young people take their first meaningful step into the workforce and hopefully build careers of their own. ESE Auto Parts Enterprises Inc. at its core. Bikerbay serving Ormoc. ESE Auto Moto serving Tacloban. ESE United Parts connecting Regions 7 and 8. One growing organization, with a bigger vision ahead: To bring ESE’s products, service, partnerships, and opportunities to more communities across the Visayas. Third, motorists can consider fuels formulated with detergent additives designed to help keep key engine components clean. Over time, deposits can build up in certain parts of the engine, so choosing a fuel with cleaning technology can be one way to take a more proactive approach to engine care. Not all fuel additives work in the same way. While detergent additives can help manage deposit buildup, motorists may also want to consider fuels formulated with advanced additive technologies designed to provide additional cleaning and protection benefits. For motorists looking for these additional cleaning and protection benefits, they can consider fuels formulated with advanced additives like Techron. Scientifically formulated with Clean & Glide Technology, Techron is designed to help prevent deposit buildup and reduce friction on metal surfaces within the engine.This helps support cleaner engine components and consistent engine performance over time. One fuel brand that incorporates this technology is Caltex, with its range of Techron-powered fuels, including Caltex Platinum with Techron, Caltex Silver with Techron, Caltex Diesel with Techron D, and Caltex Power Diesel with Techron D. Backed by decades of research and development, Caltex’s fuel products are formulated to help support engine cleanliness and performance. Ultimately, motorists should look beyond the price at the pump when choosing their fuel. Using the fuel recommended for their vehicle and considering formulations with technologies designed to help manage deposits and support engine cleanliness can help motorists make a more informed choice about their engine care. Caltex offers these benefits through its Techron-powered fuel range, giving motorists another option to consider when choosing fuel for their everyday drives. To learn more about Caltex’s Techron-powered fuels, motorists can visit the brand’s official website.

SOCRATES ALVARO, will be taking over as Managing Director of Megaworld Hotels & Resorts, and Anna Vergara, will take the helm as Managing Director of Megaworld Global Hospitality.

bold move of expanding our hospitality organization with established veterans and innovators in the global hotels and leisure industry,” says Megaworld President and CEO Lourdes Gutierrez-Alfonso. “We see tourism as one of the most powerful engines of sustainable economic growth. Every hotel we build creates jobs, supports local businesses, brings visitors to new destinations, and opens more opportunities for communities to prosper. Through our expanding hospitality portfolio under Megaworld Global Hotels

and Resorts (MGHR), we want to help continue unlocking the immense tourism potential of the Philippines and bring more of our country’s destinations, culture, and world-class Filipino hospitality to travelers from around the globe,” adds Kevin L. Tan, President and Chief Executive Officer of Alliance Global Group, Inc. (AGI), the parent company of Megaworld. Leading the two hospitality groups are seasoned industry executives: Socrates Alvaro, who will be the Managing Director of Megaworld Hotels & Resorts, and

Anna Vergara, who is taking the helm as Managing Director of Megaworld Global Hospitality. Alvaro brings extensive hotel operations and leadership experience, with a distinguished track record built through various senior leadership roles within Megaworld Hotels & Resorts. His career spans nearly two decades across some of the world’s most dynamic and prestigious hospitality markets, including the United Kingdom, United Arab Emirates, Egypt, the Maldives, Thailand, and other key destinations across Asia. Vergara, meanwhile, brings more than 32 years of distinguished experience with Marriott International, the world’s largest international hotel chain. She has built a reputation for excellence in hotel operations, leadership, and the development of high-performing teams. Together, Alvaro and Vergara bring complementary strengths to the new organization—one anchored on Megaworld’s homegrown hospitality expertise and the other on global hotel standards and international brand management. For the first half of 2026, Megaworld’s hospitality business emerged as the company’s fastest-growing recurring income segment, delivering an 11% increase in revenues to P3.1 billion. The strong performance was fueled by the opening of the 405-room Belmont Hotel Iloilo, the company’s third hotel within its 72-hectare Iloilo Business Park and now the largest hotel in Iloilo City in terms of room inventory, bringing Megaworld’s total hotel portfolio in the city to nearly 1,000 rooms.

Alibaba PHL, In-line Forwarder team up to help Filipino MSMEs go global

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ILIPINO micro, small, and medium enterprises (MSMEs) looking to grow and sell their products abroad will now have a one-stop-shop that will empower them to easily find global buyers and deliver international orders. In-line Forwarder has formed a strategic partnership with Thompson Property Management Corp. (TPMC), the official Global Channel Partner of Alibaba.com in the Philippines, to boost Filipino exporters in global trade. This best-in-industry alliance integrates two vital pieces of the export journey: international market access and total logistics solutions. A global leader for over 26 years, Alibaba.com is now the world’s largest B2B e-commerce platform, connecting buyers and sellers from around the globe. Its enormous scale provides a significant boost for Filipino businesses: the platform has over 50 million active buyers across 200 countries, onboarded more than 200,000 suppliers, and offers over 200 million items. For an exporter, that massive reach translates to a concrete opportunity to bring Filipino products in front of new buyers and markets. But getting their items discovered by customers is only the beginning. Total logistics leader In-line Forwarder complements Alibaba.com’s digital reach with the logistics innovations and export expertise needed to get products from the Philippines to overseas. Through their team-up, In-line

WHEN a global e-commerce giant meets a Philippine logistics innovator, exporters win.

will provide MSME exporters access to total logistics solutions, including seafreight, international air cargo, export documentation, customs clearing, and even product warehousing required to move goods efficiently across borders. “For our exporters, getting an order is only half the journey. The next hurdle is figuring out how to actually get their products there efficiently, conveniently, and affordably,” said In-line Forwarder. “By combining Alibaba.com’s global reach and In-line’s logistics expertise,

we want to make the entire export journey simpler for businesses of all sizes.” Beyond logistics, the two titans also underscored the need to build the export readiness of MSMEs. They will jointly conduct exporter workshops, coaching sessions, and other programs covering international selling, ecommerce growth, export compliance, freight handling, and cross-border fulfillment. The partnership comes as Philippine MSMEs increasingly look beyond the borders for new sources of sales. While Filipino products have significant potential internationally, smaller businesses still face barriers: getting new buyers, navigating complex export requirements, and managing shipping costs. Their collaboration seeks to address these gaps through an innovative product order-to-shipping export solution. “Our goal is to help more Filipino businesses confidently make the leap from being a local seller to a global company,” added TPMC. “By linking market opportunities with comprehensive logistics support, we can accelerate the conversion of international buyer interest into an actual sale.” Ultimately, the partnership has a simple shared vision: more Filipino businesses selling globally, and more Filipino products reaching the world. From the Philippines to the world, one shipment at a time.

Philippine Pickleball Federation forms strong team for World Cup

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STRONG and fighting team will represent the country in the 2026 Pickleball World Cup in Da Nang, Vietnam from August 30 to September 6, 2026. Leander Lazaro and Sarah Jane Lim-Narvasa, two of the country’s highest-ranked players, will lead the Philippine squad at the prestigious event, which is expected to draw around 4,000 athletes from 80 countries competing across five categories for a total prize pool of $500,000. Driven by a shared vision to elevate Philippine pickleball and create more opportunities for Filipino players, the Philippine Pickleball Federation (PPF) and Skechers continue to champion initiatives that give athletes platforms to compete, connect, and grow. That commitment continues as Team Philippines prepares to compete at the Pickleball World Cup, reflecting the sport’s growing momentum and PPF’s efforts to create a stronger pathway for Filipino athletes to compete at Pro and International levels. “We believe that every Filipino athlete deserves the opportunity to dream bigger, compete with confidence, and take their talent to the world stage—that’s why we’re committed to giving athletes the comfort and support they need to go further, and show the world what they’re made of. As Team Philippines takes on the world in Da Nang, Skechers is honored to be part of this historical journey of our Filipino athletes” said Camille Coronel, Skechers Marketing Manager.

Joining Lazaro in the Men’s Open division are former national lawn tennis team members Ruben Gonzales and Johnny Arcilla as well as Nik Isagan and Patrick Mendoza with Johwee Sam Bernales as reserve. In the Women’s Open division, Lim-Narvasa will be joined by Lauren Mercado, Fatima Amirul, Kelsey Larente, and Medelene Saraza with Jessica Agra as reserve. PPF President Shery (Shawy) Cu said the selection process was done by the federation’s Tournaments Committee as well as the Selection Committee composed of a high performance international coach, local coach, and panel of respected players. The panel based its decision on the athletes’ performance in notable and international tournaments and leagues, and participation in Federation activities including open tryouts. Cu said players were selected based on their individual performance, versatility across multiple match formats, and ability to partner effectively with other team members, which is very critical in a rotating team format. “Pickleball has established its strong growth in the Philippines, and Team Philippines going to Da Nang is a significant show of competitiveness of our athletes,” Cu said. Sharing this commitment, Skechers Country Manager Suzette Pasustento emphasized the brand’s continued support for initiatives that empower athletes, expand opportunities for players, and nurture a thriving pickleball community—from grassroots

participation to national and international competition. “The Philippines is already one of the fastestgrowing pickleball markets in Asia, and the world is watching. Soon we will also see major tournaments taking place here in the Philippines. ” Skechers launched globally performance footwear including pickleball shoes engineered specifically for the demands of the court. Skechers Viper Court collection has been the No.1 and best-selling pickleball shoes in the Philippines. The Philippine delegation will also see action across the Seniors, Masters, and Juniors categories. Rounding up the national roster are Annie Legaspi, Edshel Pagaiguron, Minerva San Jose, and Lilibeth Pulido in the Women’s Seniors division; Angelo Enad, Lucob Chan, Rico del Rosario, and Gilbert Medina in the Men’s Seniors division; and Conrada Henson, Lea Camarao, Liza Badion, and Leah Aragon in the Women’s Masters division; Jose Allan Avila, Carlos Darren Badion, Clinton Lee and Allan Hermano in the Men’s Masters division. In the Boys’ Juniors division, representing the country are Mackonner Dy, Matt Daniel Navarro, Alva Bual, and Randy Lee Capoquian while Syesha Bree Rivera, Rain Isabelle Astano, Rhenna May Tavera, and Adreanna Pastor will vie in the Girls’ Juniors division. “To every Filipino fan and supporter—rally behind this team,” Cu added. “They are fighting for all of us. And to everyone who believes in what Philippine pickleball can become, this is just the beginning.”

World Features

Editor: Dennis Estopace | www.businessmirror.com

BusinessMirror

Tuesday, September 1, 2026 B7

A £5,000 bill can’t stop people from trying to become British

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By Fabrice Obrist & Teddy Stoddart Bloomberg

HE most expensive citizenship costs in Europe are not putting people off: nearly a quarter of a million new Brits were naturalized in the year to June, the highest number since 2010. Becoming British remains an attractive proposition despite the extraordinary price.

First, one must secure a permanent residency permit known as “indefinite leave to remain,” costing £1,839 ($2,499). Full citizenship, including a mandatory ceremony, takes the total price to £5,065, without counting additional costs around visas, health fees and other administrative hurdles. In many other European countries, the equivalent fee is only a few hundred euros. For Zilun Lin, a former University of Oxford student, the comparison comes as a surprise. “Wow, no way!” he says, during a phone interview. “That feels, I mean, it’s gutting.” A Portuguese national originally from China, Lin already enjoyed settled status in the UK but wanted to go further. “I do feel an inkling of identifying myself as more and more British,” says Lin, 25. “I genuinely quite like the UK.” The decision was more a question of principle than personal finances. “I didn’t think that far ahead,” he says, referring to the cost. “It was more a case of ‘sticker shock’ when I found out about it later down the line.”

Despite earning a good salary as a data scientist, he adds: “For someone like me, it’s probably not good value.” The story behind Britain’s exceptional costs started in 2004 when Tony Blair’s Labour government decided that the Home Office should be allowed to set visa, residency and naturalization fees higher than the administrative cost of processing them. Then, in 2007, Labour went a step further by permitting the Home Office to ramp up fees in certain areas, like nationality applications, in order to cover the cost of processing other migration-related services. The subsequent Conservative-led coalition government then explicitly allowed the fees to be used to fund operations ranging from border security to drug-smuggling enforcement in 2014. After each new piece of legislation, the costs rose. “We are an outlier and the reason for that is the costs charged are intended to cover the cost of running the immigration service,” says

Catherine Barnard, a professor of European law at Cambridge University. “No other country does that.” In many circumstances, the costs can escalate even further. Another person, who did not wish to be named discussing personal matters, told Bloomberg she has been trying to secure citizenship for her parents who moved from Sri Lanka more than 20 years ago. When the combined naturalization fees exceeded £6,000, she used savings built up while working at a supermarket to help them. The costs soared when the Home Office said they had applied through the wrong route and required them to pay for a new application before refunding the first. At one point before the refund, she says, she was around £14,000 out of pocket. “If you do the sums and calculate how much it is for a visa for, for example, a visa holder, their spouse and two children, and add the costs for the NHS surcharge, and the training levy, it comes in at tens of thousands,” says Cambridge professor Barnard. “I always thought this would be a tremendous disincentive for anyone to come but the data shows otherwise; people are finding the money some way.” Migrants are typically attracted to the UK by English being the spoken language, existing family connections, the reputation for economic opportunity and strong education, among a range of other factors. Many people applying for citizenship have already lived in Britain for years, or even decades, yet sentiment toward non-citizens appears to have soured; Nigel Farage’s Reform UK party has recently proposed a social housing system in which UKborn citizens are prioritized, and restrictions on voting rights. Under pressure from Reform in the polls, the Labour government has been keen to tighten the rules around migration, levels of which have fallen sharply since it was elected in 2024. Home Secretary Shabana Mahmood wants to extend the time in which someone must have lived in the UK before being granted indefinite leave to remain. While the policy has been criticized by MPs in the left-leaning Labour party, a strict approach to migration and citizenship remains popular with much of the electorate. “Fees have gone up quite a lot in the past few decades, but there is still demand for visas, which stays pretty inelastic,” says Ben Brindle, a senior researcher at the Migration Observatory, University of Oxford. “There will be a point at which it would deter people in a meaningful way. We just don’t know where that point is.” Given the political context, it seems extremely unlikely that the UK’s high costs of citizenship will be eased any time soon. On the contrary, the gap could be narrowed if peer governments copy the policy. “Other countries are eyeing up the UK model,” warns Barnard.

THIS image shows morning commuters walking outside Shinagawa Station in Tokyo, Japan. Bloomberg

Japanese firms hire foreigners even as Takaichi tightens rules By Sakura Murakami Bloomberg

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SEVERE labor shortage remains the main reason Japanese companies hire foreign workers, a government survey showed Monday, highlighting the economy’s reliance on overseas labor even as Prime Minister Sanae Takaichi seeks to tighten rules for non-Japanese residents. In the survey conducted last year by Japan’s labor ministry, 68.2 percent of companies said they hired foreign nationals to ease a labor shortage, making it the top reason every year since the survey began in 2023. Some 56 percent of companies also said they had hired foreigners based on merit, while 18 percent said they were seeking to globalize their workplace. Multiple answers were permitted in the survey. The number of foreign workers has surged as companies seek labor amid a shrinking population and aging workforce. More than half of companies reported that they didn’t have sufficient full-time staff, according to a report released this month by Teikoku Databank. Nearly 30 percent didn’t have enough non-regular staff, the survey showed. The jobless rate fell to 2.4 percent in July, the lowest in a year. Takaichi’s conservative stance on the matter could complicate efforts to secure staff from overseas, as her government tightens limits on inflows under key worker programs. She has spearheaded policies including stricter rules around eligibility for residence visas and appointed a minister dedicated to working on the issue. “I have done this to squarely address the situation where the increase in the number of foreign residents is causing anxiety and a sense of unfairness among the

BYD shows Chinese carmakers’ only way out of slump is abroad

B Curry chain CoCo Ichibanya headed for sale By Ririko Tada Bloomberg

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HE owner of CoCo Ichibanya is considering a sale of Japan’s largest curry rice chain—news that sent shares of Ichibanya Co. soaring in Tokyo. Known for plates of thick Japanese curry over rice and customized with everything from pork cutlets to cheese, CoCo Ichibanya has almost 1,500 restaurants in Japan and globally, including locations in the US, UK and India. Shares of operator Ichibanya jumped 16 percent after parent company House Foods Group Inc. confirmed it was weighing a sale. Ichibanya’s market value was ¥174.2 billion ($1.1 billion) as of Monday in Tokyo. CoCo Ichibanya’s signature dish was first introduced to Japan by the British in the 19th century and adapted over the years into a sweeter, thicker stew served over rice. Tokuji and Naomi Munetsugu started serving curry in 1978 at their kissaten, or Japanese cafe, and later transformed the business into an international franchise. “A change of majority shareholders will be a good opportunity for Ichibanya to enter the next phase of business growth,” said Tsutomu Yamada, analyst at Mitsubishi UFJ eSmart Securities Co. Ichibanya will probably attract large buyers, including private equity firms, he said, adding that if the sale proceeds, the shares

could climb by another 30 percent. Ichibanya and House Foods, which owns 51 percent of the curry company, confirmed an earlier report by the Nikkei newspaper, and are considering potential options, including privatization of the restaurant chain. Japanese curry became a national staple thanks to its affordability, familiarity and easy customization. CoCo Ichibanya offers differ-

ent spice levels and toppings, including various vegetables and fried chicken. Popular with salarymen and tourists alike, its pork katsu and seafood curries are among the biggest sellers. Given Japanese-style curry’s global appeal, CoCo Ichibanya’s katsu curry was even recently embraced as an index to measure the purchasing power of the weak yen by Geoff Yu, a senior strategist at the Bank of New York Mellon.

A PLATE of rice and curry sauce offered at a Curry House CoCo Ichibanya restaurant. KIYOSHI OTA/BLOOMBERG

public,” Takaichi said of her efforts at a news conference held in late July. The number of non-Japanese people residing in Japan topped 4 million for the first time in late 2025, marking a record high and a 9.5 percent increase from a year prior, according to the Justice Ministry. That figure includes permanent residents and students, as well as workers on shorter programs aimed at securing foreign labor for blue-collar jobs. The Labour Ministry survey covered both companies and their foreign employees. It focused on companies that had at least five workers with employment insurance and at least one non-Japanese worker on their payroll. Almost half of the companies polled said communication was an issue with foreign workers, while a quarter also said that bureaucratic procedures like obtaining visas were a hassle in response to the multiple-answer question. Some 22 percent of firms said that cultural differences had also caused issues. Almost 90 percent of the surveyed foreign workers said that they had not experienced issues at the workplace. Among those who said they had had issues, 22.2 percent said that brokerage firm costs were too high and 15.8 percent said they didn’t know where to seek help when problems arose. “The Ministry of Health, Labour and Welfare intends to continue providing support to ensure that appropriate efforts to improve employment management are made within the current framework,” a Labour Ministry official said at a briefing. The National Institute of Population and Social Security Research estimated in a report released in 2023 that the ratio of foreign nationals residing in Japan would rise to 10.8 percent in 2070, up from 2.2 percent in 2020.

By Bloomberg

YD Co.’s overseas revenue exceeded what it made at home for the first time, helping end one of the company’s longest profit slumps and illustrating why Chinese carmakers have no choice but to try their luck outside of the world’s largest auto market. First-half sales from overseas rose 34% to 181.3 billion yuan ($27 billion), accounting for 53% of the total, while they shrank 31% in Greater China, according to figures released on Aug. 28 by the world’s biggest electric-vehicle maker. That powered a rise in Shenzhen-based BYD’s profit for the first time in five quarters. The results show how the vast Chinese market, where annual vehicle sales outnumber those of the US by nearly two-to-one, has become so brutal that not even its national champion can count on making money there. That’s why Chinese carmakers have increasingly turned abroad, where they can charge more for their vehicles, to make money despite ongoing geopolitical risks. “China‘s automotive industry entered a stage of profound adjustment and divergence characterized by ‘sluggish domestic demand and robust export growth,’” BYD said in its interim report. “The group’s overseas growth momentum will continue to be unleashed.” It’s been worse for foreign carmakers such as Volkswagen AG and Mercedes-Benz Group AG, which had grown dependent over the past two decades on the Chinese market, where their sales grew exponentially. These days, Chinese consumers increasingly see once highly sought-after foreign cars as overpriced and outdated. US standard-bearer General Motors Co., which once made $2 billion in annual profit in China, has lost money there over the past two years. BYD shares fell 5.2%, the most in four months, in Hong Kong on Monday as some investors focused on upcoming headwinds such as EU tariff risks, while some traders said profit fell short of some informal market expectations. A prolonged industry downturn, now in its 10th

month, persisted into July, the latest period for which sales data is available. Total passenger vehicle sales fell 21% last month in the country, based on data from the China Passenger Car Association. As a result, most carmakers, including BYD, saw retail revenue slide at home due to persistent price cuts, according to Bloomberg Intelligence. On top of that, Beijing has recently stepped up scrutiny of the industry, vowing to take a close look at automakers’ rapid development cycles to make sure they aren’t cutting corners on safety with their newest models. With things so tough at home, overseas markets have been the key growth driver for Chinese carmakers all year, with July being no exception. Total overseas sales of passenger vehicles from China surged 88% last month, according to the CPCA. It’s not hard to see why. In many countries, Chinese automakers can jack up the prices of their cars but still undercut the local competition, more than making up for the cost of shipping vehicles overseas. Take BYD’s Seal U plug-in hybrid SUV. Its sticker price starts at 39,900 euros ($46,200) in Germany, or more than double what the Chinese version costs in Beijing, according to car-buying websites. Those fatter overseas margins resulted in BYD’s second-quarter net income climbing 30% to 8.2 billion yuan, coming in slightly above the average analyst estimate compiled by Bloomberg and giving it a muchneeded break from intense competition at home from nimble rivals like Xiaomi Corp. and Xpeng Inc. Though BYD’s deliveries are still falling short of the company’s annual target, exports are a big reason why analysts predict its earnings rebound will accelerate through the end of the year. Estimates compiled by Bloomberg even call for profits and revenue to hit record highs in the fourth quarter. But challenges loom as the global trading environment grows increasingly hostile to Chinese imports. The US market, for instance, is effectively shut for Chinese carmakers.

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Tuesday, September 1, 2026

www.businessmirror.com.ph

repairs of roads, Evacuation in 2 Pampanga towns Rush irrigation systems as floodwaters breach river dike damaged by typhoons,

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By Ashley J. Manabat

ABALACAT CITY, Pampanga—Authorities ordered urgent evacuations in parts of Minalin and Sto. Tomas towns early Sunday, August 30, after swollen floodwaters from the Gugu River breached a section of the San Fernando-Santo Tomas-Minalin tail dike.

Minalin Mayor Philip Siojo Naguit had urged residents living near the dike to move to safer areas late Saturday as water levels continued to rise. At about dawn Sunday, a 50- to 60-meter section of the tail dike near barangay Santa Catalina in Minalin gave way, the Pampanga

Provincial Information Office reported. The breach cut off the road connecting Minalin and Betis in Guagua. Floodwaters also moved toward an adjacent dike in neighboring Sto. Tomas, while water from the Gugu River overflowed into the San Francisco River, according to

Vice Gov. Dennis Pineda. Authorities began sandbagging the damaged portions of the tail dike to help protect nearby communities. The provincial government initially deployed about 1,300 sandbags, with the number later reaching about 6,000 along portions of the affected dike, according to provincial officials, while awaiting repair measures from the Department of Public Works and Highways. “Hintayin natin ang remedyo na gagawin kaagad ng DPWH,” Pineda said. In Sto. Tomas, Mayor John Sambo issued an urgent appeal at about 11:30 p.m. Saturday for residents living near the Gugu tail dike to evacuate immediately. Sambo said the volume of water in the Gugu River had risen to dangerous levels and warned that the local government might not have enough time to carry out further evacuations if conditions worsened. The Provincial Disaster Risk Reduction Management Office

reported that seven barangays in Sto. Tomas were flooded, with water reaching one to three feet in Poblacion, Moraz dela Paz, San Vicente, San Matias, San Bartolome and Sto. Rosario, while Sto. Niño Sapa recorded flooding of up to six feet. The provincial government had earlier ordered local disaster risk reduction and management councils to prioritize forced evacuations in high-risk areas, including vulnerable upland and coastal communities. Pampanga was placed under a state of calamity on August 12 as flooding and heavy rains affected communities across the province. In a separate incident, f loodwaters also affected the Sto. Cristo Dam area in Lubao, where erosion along a river embankment damaged nearby houses. Authorities continue to monitor the Gug u R iver and the damaged tail dike as they work to protect nearby communities and assess damage to the f loodcontrol infrastructure.

CV develops regional food-security map By Carmel Pedroza

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EBU CIT Y— Central Visayas is developing a regional food-security map that will identify production areas, commodity flows, and logistical routes as the region seeks to strengthen its food supply system amid external shocks and rising transport costs. The initiative is being pursued through the joint SugBohol Technical Working Group on Food Systems and Food Security created under the Regional Uplift Committee, which was formed in response to the economic implications of the Middle East crisis and the national energy emergency. Neil Andrew Menjares, chief of the Policy Formulation and Planning Division of the Department of Economy, Planning and Development-7, said the mapping initiative is intended to provide the government with a clearer picture of the region’s food networks and help identify interventions needed to make the supply chain more resilient. One of the immediate concerns is that Central Visayas does not produce enough food to meet its requirements, making the region dependent on supplies from other areas. “If the food is still available

outside Central Visayas, it will incur transportation costs,” Menjares said, emphasizing the link between logistics, fuel prices, and food availability. The challenge is compounded by Central Visayas’ large daytime population, particularly in areas that receive substantial numbers of tourists and other visitors, he said. T he regional food-securit y map is being developed by the Department of Agriculture in Central Visayas (DA-7), with inputs from the technical working group and other agencies involved in food production and distribution. DA-7 Chief of Field Operations Division Gerry Avila said the agency has already prepared an initial draft identifying areas for potential funding and investment, as well as the inflow and outflow of commodities. The next step is to integrate data f rom other gover nment agencies involved in food programs to produce a more comprehensive picture of the region’s food supply chain. “We will try to invite, once we have this full workshop, to see the route of inflow and outflow of commodities,” Avila said. The exercise is particularly significant for Cebu, which functions as a major transshipment

area for commodities not only within Central Visayas but also from neighboring regions. Avila said the mapping would account for commodities entering Cebu and being distributed to other parts of Central Visayas, the Negros Island Region and Eastern Visayas. The objective is to move beyond simply identifying where food is produced and determine how efficiently those commodities reach markets. Menjares said the technical working group is also looking at ways to improve food routes and develop infrastructure such as storage and other special-purpose facilities that could help strengthen the supply chain. The effort comes as regional officials seek to address food security as a broader economic issue, particularly given the vulnerability of commodity prices to disruptions in fuel, shipping and logistics. The Bureau of Fisheries and Aquatic Resources in Central Visayas (BFAR-7) is contributing to the mapping through its own community-based fisheries roadmap, which identifies production areas and potential interventions across the fisheries value chain. Provincial Fishery Officer Joel Clapano said the assessment has

identified Bantayan and northern Cebu as important areas for seaweed production, while other areas contribute significantly to bangus and other fishery commodities. Cebu is also a major market Cebu is also a major market for fisheries products coming from other prov inces and reg ions, making logistics, storage and post-harvest facilities important components of the regional foodsecurity strategy, Clapano added. Avila said the initial food-security plan is expected to be presented to the Regional Development Council’s Economic Development Committee for comments, with the goal of refining the plan and making it realistic in terms of both implementation and financing. The regional government’s approach places the food-security map at the center of a broader strategy to improve the resilience of Central Visayas’s food system—from production and transportation to storage and market distribution. By establishing where commodities originate, how they move, and where supply-chain gaps exist, officials hope to provide a basis for targeted investments and interventions that could help keep food available and affordable during future disruptions.

Comelec backs poll debates as BARMM election nears

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HE Commission on Elections (Comelec) welcomed debates among candidates in the Bangsamoro Autonomous Reg ion in Muslim Mind anao (BA R MM), say ing campa ig ns should focus on substance and principles instead of personalities and crowd-pulling. Comelec Chairman George Erwin M. Garcia said debates could help bring campaigns back to issues that matter to voters, particularly by giving candidates an opportunity to explain their positions and qualifications. “At least, we can bring back campaigns that are based on sub-

stance. Campaigns that are based on principles,” he said. Garcia urged candidates who join debates to avoid personal attacks and heated exchanges, saying they should instead explain why voters should choose them. He said the Comelec is also considering its approach to debates for the 2028 elections, but stressed that the poll body should not be the one to finance such events. Comelec cited the 2016 elections, when a media entity served as sponsor while the Comelec participated only as an observer and guest. “The sponsor should be like in 2016, a media entity. The Comelec

should only be an observer, a guest there,” Garcia said. He further explained that the poll body would not spend public funds for debates, but would encourage media organizations to organize them. Comelec would support medialed debates as a way to promote more substantive campaigns and avoid a repeat of the issues that emerged during the conduct of debates in 2022. “We will definitely encourage media entities to hold debates. We will support that,” Garcia said. He said debates are particularly useful in allowing voters to see

how prepared candidates are and what they stand for on issues affecting the country. Rather than limiting debates to presidential candidates, Garcia said the same platform should be available to other candidates so voters can assess their preparedness and positions. “It is better to participate, so our fellow citizens can see the preparedness of those running,” Garcia said. “Not only for the presidency, but so they can see our preparedness and views on issues that are important to the country,” he added. Mary Jade Jadormio

habagat–senator By Butch Fernandez @butchfBM

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MID reports of at least P2.7 billion in farm losses that will seriously impede the country’s food security agenda, the chairman of the Senate Agriculture committee called for the immediate repair and restoration of roads, bridges, and irrigation systems damaged by the southwest monsoon (habagat) and recent typhoons. Sen. Francis Pangilinan warned that prolonged damage to agricultural infrastructure could further harm farmers and fisherfolk and threaten the country’s food supply. The government, he said, must move quickly to restore vital farmto-market roads, irrigation, and mechanization and dryer facilities so farmers can return to their fields, transport their produce, and prepare for the next planting and harvest cycle. “Farmers and fishermen are among the most affected sectors during weather disturbances like the southwest monsoon and serial typhoons. Roads are damaged, farm lands destroyed—which means even if they can harvest a meager part of their crops, there’s no way to bring them to market,” Pangilinan explained, partly in Filipino. Immediate repairs of roads that are vital to the transport of agricultural produce from farms should be part of the government’s food security response in times of natural disasters, the senator added.

Pangilinan pointed out that agricultural production cannot fully recover if farmers cannot access their farms or transport their produce to markets. “The floods and destruction of crops is not just a question of infrastructure and harvests being destroyed. This is a matter of food security. We in the cities will also be affected if the harvest or fish catch cannot be moved from the farms or the seas,” he added. The veteran lawmaker urged the Department of Public Works and Highways (DPWH), the Department of Agriculture (DA), the National Irrigation Administration (NIA), and local governments to conduct rapid assessments of damaged agricultural infrastructure and to prioritize repairs in heavily affected farming communities. He a lso ca l led for t he re lease and proper use of available funds for rehabilitation, emphasizing that repairs must be durable and withstand increasingly frequent and intense weather events. “We cannot be facing the same problems during typhoons or the habagat. We need to be proactive and not reactive. We need to build roads and irr igation systems that will withstand these severe weather events. Let’s not wait for the next calamity to rebuild. Let’s make sure what we repair or build can withstand the next one,” Pangilinan said. See “Repairs,” A8

BARMM travel fair gets ₧46.9 M in sales leads By Manuel T. Cayon @awimailbox

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AVAO CIT Y—The trave l fa i r hosted by t he Bangsamoro government has netted P46.9 million for the region that continued to ward off the stigma of fear due to past events, as visitors and buyers of trade events gravitated toward Moro and indigenous craftmanship and cultural products unique only to many places in the Bangsamoro region. Visitors and tourism stakeholders from 12 regions in the country fixed their interests on several cultural communities from the Bangsamoro Autonomous Region in Muslim Mindanao which showcased their crafts and products. Presenters were Basilan weavers represented by the Yakan people, one of whom was an 8-yearold; the Maguindanaoan weavers, who exhibited their Inaul, a traditional handwoven fabric that historically symbolizes royalty; and Maguindanao’s Al-Jamelah, an all-women-led weaving center, which highlighted locally woven pieces that reflect the region’s rich textile traditions. Members of the media and invited key opinion leaders explored Kutawato Cave in Cotabato City as part of the 18th Regional Travel Fair (RTF) familiarization activities. The fair featured the region’s

distinct tourism assets, from Islamic heritage and historical landmarks to traditional crafts, and a visit to community-based and locally rooted enterprises. Through the familiarization activities, participants were given opportunities to experience destinations and tourism products firsthand. Among the destinations visited was the Sultan Haji Hassanal Bolkiah Mosque (The Grand Mosque) of Cotabato City, whose distinctive architecture and significance to the local Muslim community offered participants a glimpse into the region’s Islamic heritage. The tour also included a visit to the Bangsamoro Museum, where exhibitions provided a deeper understanding of the region’s people and traditions. At the People’s Palace, participants encountered another side of Cotabato City that is grounded in civic life and the continuing development of the destination. Meanwhile, the Al-Jamelah Weav ing Center brought t he story closer to the hands of local artisans, whose work preserves weaving traditions while supporting livelihoods and keeping cultural knowledge alive across generations. A female weaver from Al-Jamelah Weaving Center demonstrated traditional weaving techniques See “Fair,” A8