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Smoke from Indonesia forest fire chokes NCR By Jonathan L. Mayuga

WORLD » A6

MORE THAN 1,000 DEAD FROM CATASTROPHIC NEPAL-CHINA FLOODS

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IR quality in Metro Manila has dropped to an all-time low owing to the smoke and haze from a forest fire in Indonesia, the Department of Environment and Natural Resources (DENR) reported. A DENR official said that while the haze and smoke are currently beyond control, there’s hope air quality will improve if rains brought by the southwest monsoon or habagat continue to filter the air. Citing the Environmental Management Bureau (EMB) air quality monitoring in the National Capital Region

(NCR), several areas of Metro Manila recorded high PM2.5 levels, with air quality reaching “very unhealthy” to “acutely unhealthy” levels. EMB National Capital Region Office reported that the elevated PM2.5 may be associated with smoke and haze from ongoing fires in Kalimantan, Indonesia, transported by prevailing winds toward the Philippines. Las Piñas, Malabon City, Mandaluyong, Manila, Marikina City (Parang), Muntinlupa (Filinvest) Parañaque, Quezon City (Ateneo), San Juan City, Taguig (TUP) and Valenzuela City registered above 200 air quality indexes, which means the

air is “acutely unhealthy.” Air quality in Navotas and Pateros, meanwhile, registered 153 and 172 AQI, respectively or “very unhealthy” while Makati registered 111 AQI or “unhealthy for sensitive groups.” Meanwhile, air quality in Quezon City (SMPH Commonwealth) recorded 98 AQI or “fair.” Jundy del Socorro, chief of the Environmental Quality Management Division of EMB Central Office, said: “At this point, the haze situation is largely beyond our control because it depends on several factors outside the Philippines, including the intensity of the forest fires in Kalimantan, prevailing

wind patterns, and rainfall across the region.” Del Socorro said that from September 1 to September 3, haze may continue to affect parts of the Philippines because smoke from Kalimantan is still being transported by the prevailing southwest monsoon while fires remain active. However, he said that periods of rain can help reduce pollution levels by washing smoke particles and fine particulate matter (PM2.5) out of the atmosphere. Between September 4 and September 6, air quality could gradually improve if rainfall remains See “Smoke,” A2

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PESO HITS NEW ALL-TIME LOW ON GLOBAL JITTERS www.businessmirror.com.ph

Wednesday, September 2, 2026 Vol. 21 No. 323

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

By Andrea E. San Juan

ROWING expectations of a Federal Reserve rate hike combined with higher oil prices amid renewed tensions in the Middle East put further pressure on the Philippine peso, which fell to a new all-time low of P62.4 against the dollar on Tuesday. Analysts said this after the Philippine peso weakened for the third straight trading day—falling further to a P62.4-per-dollar finish on Tuesday. The rate is 13.5 centavos weaker than its finish of P62.265 against the greenback on Friday, data from the Bankers Association of the Philippines (BAP) showed. Jonathan L. Ravelas, senior advisor at Reyes Tacandong & Co., said the USD/PHP weakened to 62.40 against the green back “as safe-haven demand lifted the greenback amid renewed Middle East tensions and ahead of Fed Chair Warsh’s Jackson Hole remarks.” Ravelas’s sentiment was echoed by Ruben Carlo O. Asuncion, chief

economist at Union Bank of the Philippines (UBP), who further explained what has been fueling the strength of the US dollar environment. According to Asuncion, the greenback’s strength has been driven by “rising US Treasury yields, growing expectations of a Federal Reserve rate hike, and higher oil prices amid escalating geopolitical tensions in the Middle East.” “These developments have encouraged investors to shift toward dollar assets while increasing inflation and import cost concerns for oil-importing economies such as the Philippines,” added Asuncion. See “Peso,” A2

SSS EYES P71.4-B INVESTMENT INCOME, UPBEAT ABOUT ASSETS By Reine Juvierre S. Alberto

HE Social Security System (SSS) sees room to be more aggressive in managing its assets, as higher interest rates provide an opportunity to boost returns and push investment income toward P71.412 billion this year. In a press briefing on Tuesday, SSS President and Chief Executive Officer Robert Joseph M. De Claro said the state-run pension fund booked a net income of P55.5 billion as of July 2026, up from P48 billion a year earlier. Income from investments, which stood at P27.157 billion in the first half of the year, is projected to reach P71.412 billion by year-end. SSS Executive Vice President for the Investments Sector Ernesto D. Francisco Jr. said government securities will be the biggest contributor to investment income, as they account for about half of the pension fund’s invest-

ment portfolio. Of the pension fund’s total investments worth P1.271 trillion as of end-June, government securities accounted for P629.050 billion. SSS expects a return of P34.748 billion by yearend from this, providing a stable and secure foundation for the pension fund. “We are comparing our portfolio regionally and globally. We are actually still quite conservative,” Francisco said. “We should be adding a little more aggressiveness because half of our portfolio is in government securities.” With the Bangko Sentral ng Pilipinas (BSP) raising the key policy rate to 5 percent, Francisco said SSS could also benefit from the high-interest-rate environment and earn better returns on new investments, with prospective investments expected to generate yields of around 7 to 8 percent. “But we cannot hope for interest rates to remain high forever because high rates also affect the See “Investment,” A2

SECURING THE FUTURE Finance Secretary and Social Security Commission (SSC) Chairperson Frederick D. Go (right) and Social Security System (SSS) President-CEO and SSC Vice Chairperson Robert

Joseph M. De Claro lead the SSS 69th anniversary celebration on Tuesday, September 1, 2026. The SSS marked the occasion with the theme, “Bawat Isa Protektado, Bawat Bukas Sigurado,” underscoring its mandate to provide social-security protection to Filipino workers and their families. The anniversary comes as the pension fund continues to strengthen its finances and expand benefits. SSS assets reached P1.36 trillion as of July 2026, while its reserve fund surpassed P1 trillion in 2025. The second tranche of its three-year Pension Reform Program provides a 10-percent increase in monthly pensions for retirement and disability pensioners and 5 percent for death and survivor pensioners; the 2026 rollout was accelerated, with eligible pensioners receiving the increase beginning June, while those with contingencies from June to August began receiving the higher pension on September 1. NONOY LACZA

PHL factory growth strongest since 2016 By Bless Aubrey Ogerio

IMPEACHMENT WATCH AFP Col. Manaros Boransing II appears as a prosecution witness during the 20th day of Vice President Sara Duterte’s impeachment trial at the Senate in Pasay City on Tuesday, September 1, 2026. Boransing testified on the prosecution’s allegations involving the use of confidential funds. He said the Philippine Army’s 1st Infantry “Tabak” Division received no funds from the Department of Education, the Office of the Vice President, the Vice Presidential Security and Protection Group or other government agencies for its 2023 Youth Leadership Summit and Information Education Campaign activities. See story in A3 Nation. ROY DOMINGO-SPPA POOL

HE country’s manufacturing sector accelerated in August to its strongest pace in nearly a decade, as stronger orders, a return of export growth and renewed hiring lifted factory activity after a flat second quarter, Standard & Poor’s (S&P) Global Market Intelligence said. The Philippines Manufacturing Purchasing Managers’ Index (PMI) rose for a fourth straight month to 54.9 in August from 51.8 in July, marking the sector’s strongest improvement in health since December 2016. The reading also signaled a sharper expansion from July, with manufacturers ramping up purchases and hiring to meet stronger production requirements. “Firms responded by increasing

both purchasing and hiring to keep up with greater production needs. At the same time, cost pressures eased, and confidence about the year ahead improved to a 21-month high,” S&P Global Market Intelligence economist Maryam Baluch said. Manufacturers attributed the stronger output to improved underlying demand and greater production efficiency. New orders rose robustly in August, with firms citing new product and model launches, more repeat business, and a wider customer base. The pace of growth was the fastest in six months. International demand also improved, with new export orders for Philippine manufactured goods increasing for the first time in six See “Growth,” A2

PESO EXCHANGE RATES n US 62.2090 n JAPAN 0.3895 n UK 84.3367 n HK 7.9366 n CHINA 9.2580 n SINGAPORE 48.9526 n AUSTRALIA 44.5790 n EU 72.3180 n KOREA 0.0455 n SAUDI ARABIA 16.5692 Source: BSP (September 1, 2026)

News

BusinessMirror

A2 Wednesday, September 2, 2026

Peso…

Continued from A1

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) explained that the weakening of the peso for the third straight trading day may be pointed to the latest “hawkish signal by Fed Chair Kevin Warsh during the yearly Jackson Hole Symposium on August 28,2026.” Ricafort noted that the signal “resulted in a higher gauge of US dollar versus major global currencies.” Looking ahead, Ravelas said the peso is likely to remain under pressure and trade within the 62.25 to 62.50 range in the near term. Asuncion concurred with Ravelas, adding that the peso is expected to remain under pressure in the near term as “markets focus on upcoming US economic data and the Fed’s policy decision.” Further, Asuncion pointed out that sustained strength in the dollar, elevated global yields, and higher energy prices could keep the currency “on the defensive.” “However, continued support from remittances, BPO revenues, tourism receipts, and foreign investment inflows should help temper excessive volatility,” added Asuncion. Overall, the chief economist of UBP said global factors are likely to remain the primary drivers of the peso’s movement in the coming months. Within the trading day, the local currency hit an intraday low of 62.4 while its strongest point was at 62.25 against the greenback. The peso opened at 62.25 against the dollar on Tuesday.

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Finance, infra, efficient use in MDB fertilizer chain toolkit

By Justine Xyrah Garcia

ULTILATERAL development banks (MDBs) are seeking a more coordinated response to vulnerabilities in global fertilizer supply chains, with financing, infrastructure, and more efficient fertilizer use identified as key areas to strengthen food security. The African Development Bank Group, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank Group, International Fund for Agricultural Development, and the World Bank Group said they are ready to work with G20 members, development partners, and the private sector to develop a common

roadmap for strengthening fertilizer supply chains. The proposed roadmap would align the lenders’ financing, research, policy work, and technical assistance around a shared agenda for strengthening fertilizer value chains, including economic corridors that can better withstand future supply shocks. “We, the MDB, recognize that

Investment…

Fresh hostilities in the Middle East also present opportunities for SSS, particularly given its holdings in US dollars. Francisco said the pension fund could potentially sell some of its dollar holdings to help fund the 13th-month pension, or annual cash gift, it automatically credits to all eligible pensioners.

Continued from A1

overall economy,” Francisco said. “Still, we have a very robust portfolio, and we have been here for 67 years.”

Growth…

Continued from A1

food security remains one of the world’s most pressing development challenges. Repeated shocks have exposed structural vulnerabilities in global fertilizer supply chains, disproportionately affecting smallholder farmers and low-income households,” they said in a joint statement. The agenda includes increasing financing for fertilizer production and related infrastructure, such as processing and blending facilities, storage and transportation, and other critical infrastructure. It also calls for stronger fertilizer market monitoring and measures to ensure farmers have timely access to supplies. The MDBs, however, said securing fertilizer supplies alone would not be enough to improve food security over the long term. “Strengthening long-term food security requires improving fertilizer-use efficiency, diversifying

nutrient sources, restoring healthy soils and natural capital, and investing in resilient food systems,” they said. To improve fertilizer-use efficiency, the proposed agenda includes support for soil diagnostics, fertilizer recommendations, precision nutrient management, digital agriculture, farmer advisory services, and research and innovation. It also covers broader foodsystem measures, including better soil and water management, nature-based solutions, resilient value chains, new technologies, and private-sector investment. The institutions also aim to work more closely with governments, international organizations, research institutions, civil society, and the private sector by sharing data and knowledge, supporting evidence-based policymaking, and coordinating assistance on the ground.

“Whatever the situation, we look for opportunities. That is what we focus on rather than dwelling on the situation,” Francisco said. By the end of 2026, SSS expects to have P15 billion in foreign investments, based on its year-end estimates. Under its charter, SSS can invest 1 percent of its investment reserve fund in foreign investments during the first year. This can be increased by 1 percent for each succeeding year, up to a maximum of 15 percent of the fund. Other sources of investment income include equities and member loans, with SSS expecting P8 billion from each, as well as corporate notes and bonds with returns of P5.363 billion by year-end.

“A big thrust that we’re doing is we’re trying to improve our loan portfolio. Our loans on average earn 200 basis points more than government securities. But they’re almost as safe because they’re secured by their contributions or their pensions,” noted Victor Alfonso A. Limlingan, commissioner of the Social Security Commission. SSS likewise estimated P11.763 billion in income from its property investments by year-end, providing a stable and good source of returns. SSS expects its assets under management to grow to P1.5 trillion by the end of the year from the current P1.3 trillion, representing an expected increase of about P200 billion, Francisco said.

months, providing a modest boost to overall new business. The stronger order book prompted firms to increase input purchases. Purchasing activity accelerated from July to reach a six-month high as manufacturers adjusted to higher production requirements. Despite a solid deterioration in supplier performance, firms managed to build up their purchasing inventories. Stocks of purchases increased for the first time since February, although the accumulation remained moderate. Finished-goods inventories, meanwhile, declined for a second consecutive month as supplier delays prompted some firms to draw from existing stocks to meet production needs. The depletion, however, remained marginal. Labor conditions also turned more favorable in August. Factory employment increased for the first time in five months, with the pace of job creation reaching its strongest level in 21 months, albeit still modest. Cost pressures likewise eased. Input prices increased at a notably slower pace than in July, although manufacturers that reported higher expenses pointed to increases in energy, raw material and logistics costs. Output charges continued to rise, but the increase was modest and represented the weakest rate of inflation in the current six-month sequence. The improvement in operating conditions was accompanied by a sharp rise in business confidence. Manufacturers’ expectations for output over the next 12 months reached their highest level since November 2024. Firms expecting higher production pointed to expansion plans, new product lines and anticipated increases in new orders and customer acquisitions. The August rebound came after Philippine manufacturing activity remained broadly flat in the second quarter, when businesses faced disruptions linked to the conflict in the Middle East.

Smoke…

currently no official forecast confirming the extent or timing of such improvement. “Beyond September 6, conditions will depend primarily on whether the fires in Kalimantan continue to generate smoke, whether new hotspots emerge, and whether winds continue to carry smoke toward the Philippines. If fire activity remains high and transport winds persist, haze episodes could continue despite periodic events,” he explained.

According to del Socorro, in general, a wet southwest monsoon is beneficial for air quality. “As long as the monsoon continues to bring moisture and rainfall, it helps suppress haze by removing suspended particulate matter from the atmosphere and reducing the concentration of smoke particles in the air. Therefore, sustained rainy conditions would generally favor a gradual reduction in haze, while a drier monsoon pattern would allow smoke to travel farther and linger longer,” he explained.

Continued from A1

widespread and wind patterns begin to shift. Del Socorro said that rain is one of the most effective natural mechanisms for removing suspended particles from the air, which can lead to better visibility and lower haze concentrations. Nonetheless, he said there is

Umic…

Continued from A9

Albert said doing so would be unfair, particularly since the methodology had already been approved. This comes after Socioeconomic Planning Secretary Arsenio M. Balisacan earlier said the implementation of the new methodology may have to be left to the next administration, as the current framework should remain in place for now to ensure consistency in measuring the Marcos admin-

istration’s progress toward its singledigit poverty target under the Philippine Development Plan (PDP) 2023-2028. (See: https://businessmirror.com. ph/2026/08/25/poverty-metric-review-almost-done-depdev/). “The only thing is, they already approved the methodology last year, so why did they approve it if they weren’t going to use it? I don’t think it’s fair to leave people hanging,” Albert said. He also questioned why the Philippines should continue using standards associated with lower-middle-income economies despite having been reclassified as an upper-middle-income economy. Albert said the government could address concerns over comparability by presenting poverty estimates under the old and new methodologies side by side.

5-mo external debt… Continued from A9

BSP’s DSB data consists of principal and interest payments on fixed medium- and long-term (MLT) credits, including loans covered by the Paris Club. It also includes interest payments on fixed and revolving short-term liabilities of banks and non-banks, but excludes prepayments on future years’ maturities of foreign loans and principal payments on fixed and revolving short-term liabilities of banks and non-banks. As of end-March 2026, the country’s external debt reached $147.35 billion, up by 0.42 percent year-on-year from $146.74 billion. The bulk of the external debt was accounted for by the public sector compared to the private sector. Public external debt stood at $95.655 billion as of end-March 2026, higher by 4.50 percent than the $91.535 billion recorded in the same period a year ago. Private external debt, meanwhile, declined by 6.35 percent year-on-year to $51.696 billion as of end-March 2026 from $55.202 billion in the same period in 2025.

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Wednesday, September 2, 2026

Marcos tightens rules ‘Blind’ Army colonels issued on no build zones, certifications to Sara’s DepEd flood preparedness

RESIDENT Marcos has ordered government agencies and local officials to tighten disaster preparedness and enforce laws, including “no-build zones,” as the country grapples with increasingly intense rainfall and flooding caused by the enhanced southwest monsoon or habagat. Palace Press Officer Claire Castro on Tuesday said Marcos issued the directives during a meeting with Cabinet officials on the Central Luzon flooding and Metro Manila health response on Monday. C a st ro sa id t he President stressed that climate change must be factored into government planning, noting that intense monsoon rains and severe flooding are being experienced not only in the Philippines but in several other countries. Marcos also called for stricter enforcement of existing laws, including restrictions on building in flood-prone areas. She said the President noted that Metro Manila and Cebu had master plans dating back to 1941 and 1936, respectively, that were not fully implemented. Had these plans been followed, she said, some areas now occupied by infrastructure could have remained open spaces that could absorb excess rainwater. “Dapat ipatupad ang batas pati ang ‘no build zone’. Huwag nang mamulitika, ipatupad ang batas [Laws, including ‘no-build zones,’ must be enforced. Let us stop politicizing and just enforce the law],” Castro quoted Marcos as saying during a Palace briefing on Tuesday. Castro said Marcos wants climate change preparedness incorporated into education, with schools teaching children at an early age how to respond to climate-related risks. At the community level, residents were urged to properly dispose of waste, clear waterways, and help prevent flooding caused by clogged drainage systems. Local governments (LGUs), meanwhile, were directed to enforce no-build zones, maintain waterways, ensure regular garbage collection, and coordinate with national agencies on disaster preparedness.

Aid, health response

DU R I NG t he s a me meet i ng , Marcos received updates on the government’s response to f looding in Central Luzon and other affected areas. The Office of Civil Defense reported the continuing distribution of food, rice, potable water, and non-food items, as well as financial assistance to local governments. The military, police, coast guard and fire personnel were also providing transportation and rescue assistance. Social Welfare Secretary Rex Gatchalian reported that more than P618.3 million worth of humanitarian assistance had been delivered to Tarlac, Pampanga and Bulacan, while assistance across Central Luzon reached more than P874.8 million. Agriculture Secretary Francisco Tiu Laurel Jr. said affected farmers and fisherfolk were receiving immediate agricultural assistance, crop insurance, and financial aid, including P35,000 loans under the Ag r iRecover program. For his part, Health Secretary Edwin Mercado said leptospirosis cases were 19 percent lower than the previous year and assured that medicines are available. T he Nat ion a l K id ne y a nd Transplant Institute is operating at full capacity, with the Philippine General Hospital assisting in treating patients, Mercado said. T he Depar tment of Public Work s and Highways, meanwhile, reported ongoing repairs to damaged roads, bridges, dikes, and other f lood-control infrastructure. The Department of Budget and Management assured that funding is available through the government’s Quick Response Fund for disaster-related needs. Castro said Marcos emphasized that preparedness must extend beyond emergency response, as climate-related hazards are expected to become more severe. “Ang utos ni Pangulong Marcos, huwag tayong mag pakampante [President Marcos’ directive is for us not to be complacent],” she said. Samuel P. Medenilla with PNA

Local govts told to enforce preemptive evacuation

HE Department of the Interior and Local Government (DILG) has urged local governments (LGUs) to enforce preemptive and forced evacuations, particularly in flood- and landslide-prone areas, as heavy rains continue across parts of Luzon and the Visayas. In an advisory, the DILG urged LGUs to immediately relocate at-risk residents to designated evacuation centers or other safe areas, stressing that early action is critical to prevent casualties and protect communities. The advisory was issued amid threats of more rains because of Typhoon Pilandok and the prevailing southwest monsoon or habagat. Since August 1, the National Disaster Risk Reduction and Management Council (NDRRMC) said the death toll brought about by the combined effects of tropical storms Luis, Maymay, Neneng and the southwest monsoon climbed has to 34. According to the DILG, LGUs must prioritize the safety and protection of vulnerable groups, including children, older persons, pregnant women, and persons with disabilities. In barangays susceptible to moderate flooding, LGU or DRRMO personnel must closely monitor water levels and initiate preemptive evacuation when floodwaters are about to reach 0.5 meters, particularly among households along riverbanks vulnerable to erosion and slope undercutting. In highly flood-prone areas, LGUs must immediately enforce preemptive evacuation

protocols and clear obstructions along river channels to ensure the unimpeded flow of floodwaters. Residents are likewise urged to stay away from identified flash floodprone areas. For landslide-prone communities, barangays with lower susceptibility should coordinate with upstream communities on landslides that could cause river blockage and trigger debris flows. Moderately susceptible areas must immediately report ground cracks or unusual movement and undertake preemptive evacuation. In areas highly susceptible to raininduced landslides, preemptive evacuation is immediately recommended. Residents must not be allowed to return to affected areas until authorities have declared them safe for occupancy. The DILG, in coordination with Philippine Institute of Volcanology and Seismology, also called for heightened vigilance in communities within identified lahar hazard zones, including the Pinatubo and Taal volcanoes lahar hazard areas. Thousands of personnel from the National Police (PNP) and the Bureau of Fire Protection (BFP) are currently deployed to assist in evacuation centers and floodaffected areas, among others. The DILG, likewise, urged the public to remain vigilant, voluntarily evacuate when necessary, and cooperate with government rescue entities to avoid untoward incidents. Jonathan L. Mayuga

By Jovee Marie dela Cruz

@joveemarie

WO Army colonels testified on Tuesday in the impeachment trial of Vice President Sara Z. Duterte, that they were unaware that the certification they issued to the Department of Education (DepEd) during Duterte’s term as Education secretary would be used as supporting documents for the liquidation of the agency’s P112.5 million confidential funds for 2023.

Col. Manaros Boransing II said the certification he prepared was only intended to confirm the conduct of the Army’s Youth Leadership Summit (YLS) program and its information, education, and communication activities. The document was issued upon the request of then-Education Undersecretary Nolasco Mempin, a retired military major general. W hen Senator-judge Er win Tulfo asked whether he knew that the certification would be used to support the liquidation of DepEd’s confidential funds, Boransing replied, “I did not know that, sir.” Boransing explained that he prepared the certification based on the instruction of his former commander, retired Maj. Gen. Gabriel Viray. “He told me to write the certification, but he did not provide any reason,” he testified.

Boransing emphasized that the activities covered by the certification were regular programs of the Army and were funded through its annual budget. He added, “We checked, and no funds were released to us by other government agencies, particularly DepEd.” Boransing said he only learned about other military officers issuing similar certifications when he attended a House investigation into the alleged misuse of confidential funds by DepEd and the Office of the Vice President (OVP). He recalled that officers from the 5th, 7th, and 9th Infantry Divisions had also testified that they issued similar documents. In addition, another Army officer, Col. Magtangol Panopio, testified that he was surprised to discover that a certification he issued

COL. Manaros Boransing II

merely to confirm the conduct of Youth Leadership Summits had been used by DepEd as supporting documentation for P15.54 million in confidential fund expenditures allegedly spent on rewards. Panopio said he only learned during a House investigation on October 17, 2024, that his December 5, 2023 certification had been included in DepEd’s response to a Commission on Audit (COA) observation. “We were surprised because our certification was only meant to confirm that we conducted the Youth Leadership Summit. We did not certify anything about money or funds,” Panopio told the Impeachment Court. He clarified that the certification only confirmed that the Youth Leadership Summit activities were actually conducted within the area of responsibility of the Seventh Infantry “Kaugnay” Division in 2023. “As far as I’m concerned, the only thing I confirmed was that the Youth Leadership Summit activities within the 7th Infantry Division’s area of responsibility were conducted during that

year,” he said. Panopio stated that he had no knowledge of why DepEd used his certification in relation to confidential fund expenditures. “I cannot answer on behalf of DepEd. I can only answer for our office,” he said. He explained that issuing certifications for activities conducted with partner government agencies was a normal practice within the Armed Forces. “Our activities in the Armed Forces [AFP] take collaboration with other agencies. So it is, I think, normal for our agency to issue certifications that such activities happened in collaboration with different agencies of the government, Your Honor,” he said. Before Panopio’s testimony, the defense agreed that no confidential funds were transferred from DepEd to the Army or the Armed Forces for the Youth Leadership Summit and information, education, and communication activities covered by the military certifications. However, the defense did not agree that the military officers were unaware that their certifications would later be used by DepEd in responding to COA audit findings.

Poa as next witness

HOUSE of Representatives leaders, meanwhile, described former DepEd chief of staff Michael Wesley Poa as a key witness in Duterte’s impeachment tr ia l, saying his testimony could help clarify unresolved issues regarding the alleged misuse of confidential funds. See “Blind,” A4

Storms, habagat death toll climbs to 34 By Jonathan L. Mayuga @jonlmayuga

HE death toll of the combined ef fects of t hree storms and the prevailing southwest monsoon or habagat since August 1 has climbed to 34, the National Disaster Risk Reduction and Management Council (NDRRMC) reported on Tuesday. More flood victims have been taken to evacuation centers, the agency said. Related story on page B8 This, as Pilandok has intensified into a tropical storm, aggravating the monsoon rains over northern Luzon, threatening to induce more rain, threaten to cause more flooding and trigger landslides, the weather bureau reported. According to NDRRMC, there are now a total of 678 flooded areas across Luzon, affecting 2.6 million families in 6,175 barangays.

In its latest data on the combined effects of Typhoons Luis, Maymay, Neneng and the southwest monsoon released at 6:00 a.m. on Tuesday, the NDRRMC said most of the fatalities were due to landslides and drowning. A total of 19 persons were injured, and three others remain missing, the NDRRMC said. With more than 2.6 million families or 9.1 million persons affected, the Department of Social Welfare and Development (DSWD) continues to restock its family food stock and nonfood items for distribution to affected areas. So far, a total of 39,386 families or 135,905 persons are staying in 1,255 different evacuation centers. Landslides, flash floods, and severe f looding have destroyed a total of 3,700 houses. The damage to public and private infrastructure has now reached

P6.27 billion, while damage to agriculture is currently pegged at P2.32 billion. Meanwhile, the NDRRMC said more areas were placed under a state of calamity. As of September 1, a total of 178 local governments have declared a state of calamity, including several provinces in Central and Northern Luzon that declared province-wide emergencies. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said, land and coastal hazards are affecting many areas brought about by Pilandok and the southwest monsoon, and advised the public to stay away from flood- and landslide-prone areas. The weather bureau that habagat will bring strong to galeforce gusts over most of Luzon and the Visayas, Zamboanga del Norte, Misamis Occidental, Lanao del Norte, Misamis Oriental,

Camiguin, Dinagat Islands, Davao Occidental, and Davao Oriental until September 3, Thursday. Meanwhile, a gale warning is in effect over the northern and western seaboards of Northern Luzon. Pilandok was spotted 1,060 km east of Extreme Northern Luzon, packing maximum sustained winds of 65 kilometers per hour near the center and gustiness of up to 80 kph. It is forecast to slowly turn east northeastward then northward and late move generally north northwestward. It is forecast to exit the Philippine Area of Responsibility (PAR) by Tuesday evening or Wednesday morning. Pilandok is less likely to make landfall over the country and will remain far from the Philippine landmass, and it is forecast to remain as a tropical storm as it moves towards southern Japan.

56 Chinese ships spotted in 4 key WPS features in August

T LEAST 56 Chinese naval and law enforcement vessels were spotted in four key features in the West Philippine Sea (WPS) in August, eight more than the 48 reported last month, the Armed Forces (AFP) said on Tuesday. The presence of these People’s Liberation Army Navy (PLAN) and China Coast Guard (CCG) vessels highlights China’s continued illegal activities in the vital waterway, the AFP spokesperson for the WPS,

Rear Admiral Roy Vincent Trinidad, said in a statement. “These figures underscore the continued conduct of Icad [illegal, coercive, aggressive and deceptive] activities that undermine the rules-based international order and challenge the Philippines’ sovereign rights and jurisdiction within its maritime domain. Such actions contribute to regional instability and highlight the importance of continued vigilance and adherence to international law,”

he added. Trinidad said 23 Chinese vessels were monitored at Scarborough Shoal, also known as Bajo de Masinloc—14 CCG and nine PLAN. In Ayungin Shoal, Trinidad said 17 CCG vessels and one PLAN warship were detected. Likewise, he said nine Chinese vessels were spotted at Escoda Shoal—five CCCG and four PLAN. Six Chinese vessels were monitored at Pag-asa Island, another

Philippine-occupied feature – five CCG and one PLAN, Trinidad noted Trinidad reiterated the military’s commitment in fulfilling its mandate in safeguarding the country’s maritime interests in the West Philippine Sea. He said the AFP is protecting the Philippine interests through “sustained operational presence, enhanced maritime domain awareness, strengthened interagency coordination and continued capability development.” Rex Anthony Naval

Wednesday, September 2, 2026

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BIR destroys seized vape products

By Reine Juvierre S. Alberto

T least 240,550 pieces of illicit vape products with an estimated tax liability of P1.539 billion were destroyed by the Bureau of Internal Revenue (BIR) as part of its crackdown on illegal trade.

A statement issued by the BIR on Tuesday read that the BIR’s Revenue Region 6—Manila and Palawan carried out the destruction on August 24 at the Digama Waste Management Facility in Porac, Pampanga. Revenue Region 6 Director Remir Macatangay said the BIR has expanded its enforcement operations, covering retail establishments to warehouses. “We started with retail stores and expanded to warehouses. This led to our operation against Tap Fog Philippines, the largest single illicit vape enforcement operation conducted by the BIR to date,” Macatangay was quoted as saying. Some of the vape products destroyed were those seized during the BIR’s enforcement operations aga inst Tap Fog Phi lippines, which was found liable for tax evasion and whose owners were subsequently issued arrest warrants by the Court of Tax Appeals and the Metropolitan Trial Court in 2024. “Enforcement does not end with seizure. We must permanently remove illicit vape products from the market and hold accountable

those behind their illegal manufacture, importation, distribution and sale,” Commissioner Charlito Martin R. Mendoza said. The BIR said the destruction was part of its efforts to curb the sale of illicit vape products and protect government revenues and businesses that comply with tax regulations. The government lost an estimated P23 billion from illicit vape products over the past two years, according to findings from the European Union-Association of Southeast Asian Nations (EUAsean) Business Council (EU-ABC) and Euromonitor International’s report. Among Asean countries, the Philippines recorded the highest government revenue loss from e-vapes in 2025 at P12.1 billion. Currently, nicotine salt and conventional freebase or classic nicotine vape products are taxed at P60.20 per milliliter and P6.95 per milliliter, respectively. Illicit vape trade is rampant in the Philippines, with 85.6 percent of electronic vapes sold in the Philippines being illicit, outnumbering legal sales at only 14.4 percent.

“Peace, economic stability, and shared prosperity are built when everyday citizens have a genuine stake in nation building,” said Raboy. He explained the cooperative movement has about 13.6 million members and roughly 20,000 cooperatives nationwide, covering micro, small, medium and large organizations across various sectors. Edwin Bustillos, secretary general of the Co-op Chamber, said the organization has already conducted consultations in 16 regions as it seeks to consolidate the cooperative sector behind a common political and legislative agenda.

By Lenie Lectura

HE price of liquefied petroleum gas (LPG) in September went down by around P0.40 per kilogram (kg), equivalent to around P4.40 for a standard 11-kg cylinder. The rollback comes despite an increase in the international LPG Contract Price (CP), which rose from $634 per metric ton (MT) in August to $649.50 per MT in September. This increase was more than offset by lower freight costs, which declined from $120.82 to $94.41 per metric ton, and a lower average peso-dollar exchange rate, from P61.59 in July to P61.40 in August. Together, these factors brought down the overall landed cost of LPG, resulting in the September price rollback. Energy Secretary Sharon S. Garin commented on Tuesday that while the reduction is modest, lower LPG prices still matter for families managing their everyday household expenses. “For families who rely on LPG to prepare their meals ever y day, ever y peso saved can go toward other household needs. The reduction may be modest,

but consumers should benefit whenever m a rket cond it ions bring costs down,” Garin said. International LPG contract prices are determined by global market conditions. For September, the increase in the contract price was driven mainly by higher crude oil prices, geopolitical tensions and supply constraints in the Middle East, and stronger Asian demand ahead of the winter season. “Consumers should be able to understand what drives the prices they pay. We will continue to provide clear information on LPG price movements so households can make informed decisions and better manage their expenses,” Garin added. For September, domestic retail prices of an 11-kilogram LPG cylinder are estimated to range from P1,031 to P1,536, although actual prices may vary depending on the brand, location, and other market factors. The DOE encourages households to compare prevailing LPG prices in their area and purchase only from authorized dealers and retailers to ensure product quality and safety.

Weather woes add urgency to public works–Cemap

Coops gird for next elections T

HE Philippine cooperative movement is preparing to take a more active role in national politics, with the Philippine Chamber of Cooperatives (Coop Chamber) planning to mobilize millions of cooperative members and explore the fielding of a procooperative candidate in the 2028 senatorial elections. In a recent press briefing, Coop Chamber President Noel Raboy said the initiative is part of a broader effort to secure stronger representation for the country’s cooperative sector and push reforms addressing its long-standing policy, regulatory and tax concerns.

LPG price down this month

“We don’t want to be bystanders. We want to join the senatorial elections,” Bustillos said, stressing that the cooperative sector needs direct representation in the Senate to advance policies affecting its members. He said the chamber plans to begin reaching out to cooperatives that may be interested in the initiative in the coming months, with the goal of presenting a more concrete plan during National Cooperative Month in October. Bustillos said the proposed political initiative would initially focus on the Senate rather than fielding candidates for the House of Representatives. Raboy said a potential senatorial candidate would have to meet criteria established by the cooperative movement and demonstrate a track record and commitment to cooperative principles. Raboy said the chamber also intends to work with existing party-list groups and legislators who support cooperative concerns, while exploring the creation of a national cooperative political organization that could eventually help unify the sector’s electoral efforts. Bustillos said the cooperative leaders said the sector’s growing economic footprint has not been matched by adequate political representation. Cooperatives operate across agriculture, finance, transport, fisheries, housing and other areas, with their membership cutting across farmers, fisherfolk, women, youth, indigenous communities, workers and informalsector groups. Bustillos said a senator coming from the cooperative movement could help elevate issues that may not receive sufficient attention in Congress and ensure that proposed legislation is developed in consultation with cooperatives themselves. Bustillos pointed to the United Kingdom as an example of how cooperative organizations can develop significant political influence,

citing the support of cooperatives for lawmakers and leaders who understand and practice cooperative principles. Raboy said the proposed initiative, however, would not simply be an electoral campaign, the leaders stressed. It would seek to build a more organized “co-op vote” based on the movement’s membership and network. Raboy said the chamber said its consultations would help orient cooperative members on the sector’s policy, executive and legislative agenda, as well as the principles and values of cooperativism. Bustillos acknowledged that turning the cooperative sector’s millions of members into a cohesive political force will be challenging. He added that the sector is highly diverse, with cooperatives varying considerably in size, industry and geographic reach. Moreover, he said the immediate task is therefore to consolidate the movement around common policy priorities rather than simply mobilizing members for an election. Bustillos said the proposed 2028 initiative will involve consultations, political education and discussions with cooperative organizations nationwide. He said the chamber also plans to identify cooperative leaders who could eventually qualify for political office based on their experience, track record and adherence to cooperative principles. For the sector, R aboy said the goal is not merely to win an election but to establish a su st a i ned pol it ic a l presence capable of inf luencing policies affecting cooperatives and their millions of members. “We are now starting the journey,” the chamber said, describing the 2028 senatorial initiative as a first step toward giving the cooperative movement a stronger voice in national policymaking. With mil lions of members and thousands of organizations already operating nationwide, Bustillos believes the movement has the numbers and economic reach to become a significant political constituency. Rizal Raoul Reyes

HE need for roads, flood-control projects and other public infrastructure is becoming harder to ignore as extreme weather continues to test the country’s infrastructure, the Cement Manufacturers Association of the Philippines (Cemap) said. Cemap President John Reinier Dizon said stronger government spending on public works is needed to address infrastructure gaps exposed by worsening weather conditions. “We do need construction and we need government to spend on public works. I don’t need to belabor that point,” Dizon said in a televised interview. “Everyone feels that the need for better roads and what we’re experiencing with this climate that we’re having these days, it has to be addressed, the floods, et cetera,” he added. The call comes as cement demand remains subdued for much of the year. Dizon said construction activity declined by 14 percent in the second quarter, based on government data. Meanwhile, the Philippine Statistics Authority (PSA) reported that the value of approved construction projects increased despite a 0.3-percent decline in the number of construction projects to 17,081 in the second quarter from 17,126 a year earlier. The contraction was nevertheless slower than the 6.5-percent decline recorded in May. Construction costs have also continued to rise. Wholesale prices of construction materials in Metro Manila accelerated in July, with cement prices increasing 1.9 percent year-on-year, faster than the 1.2-percent increase recorded a month earlier. Moreover, for Cemap, the dry season failed to provide enough lift to cement demand as delayed

Blind. . . Continued from A3

Poa is expected to take the witness stand on Wednesday on matters related to his time at DepEd, although he may invoke lawyerclient privilege regarding issues connected to his current role as Duterte’s counsel. D eput y Speaker Paolo O r tega V said Poa was a central figure in the proceedings because of his previous roles as DepEd undersecretary, chief of staff, and spokesperson during Duterte’s term as Education secretary. “He is a central figure. Whether Attorney

government spending, inflationary pressures and global tensions continued to weigh on construction activity. (See: https://businessmirror.com.ph/2026/05/27/ dry-season-fails-to-lift-cementindustry-slowdown/) Government projects account for roughly 40 percent of cement and construction materials demand in the Philippines, per Cemap. The timing of public spending is therefore critical for the industry, particularly as the country faces mounting infrastructure requirements from flooding and other weather-related risks. They noted Public Works Secretary Vivencio Dizon’s efforts to address infrastructure gaps, saying the secretary is “also almost working 24 hours on that,” referring to the need to improve roads amid current weather conditions. The DPWH is seeking a P643.95billion budget for 2027, about 20 percent higher than its allocation this year, according to its presentation before the House Committee on Appropriations in late August. The proposed increase includes the return of locally funded floodmitigation projects after the Executive department and Congress agreed to remove such allocations from the 2026 budget amid the flood-control controversy. Cemap had earlier expected government agencies to begin releasing more infrastructure spending at the start of the third quarter, although Dizon acknowledged that stricter project implementation and budget-release procedures could affect the pace. The outlook for cement demand, however, remains cautious. Dizon’s earlier projection that the industry could post flat to slightly negative growth this year remains in place, with the association still working to quantify the decline. Bless Aubrey Ogerio

Poa is considered a hostile witness or not, I believe he is one of the key figures in this impeachment case,” Ortega, who represents La Union, said. The House Committee on Human Rights chairperson, Manila Rep. Bienvenido Abante Jr. said Poa is being called to testify because of what he knew while serving as a senior DepEd official. The prosecution is currently presenting evidence under Article I of the impeachment complaint, which involves allegations of misuse, misappropriation, and irregular liquidation of P612.5 million in confidential funds from the Office of the Vice President and the Department of Education.

Wednesday, September 2, 2026

DA proposes geofencing 3M hectares of farmland to block solar projects

By Ada Pelonia

@adapelonia

HE Department of Agriculture (DA) wants to ensure that 3 million hectares of flat farmland will not be used for solar energy projects. Agriculture Secretary Francisco Tiu Laurel Jr. proposed geofencing around 3 million hectares of flat agricultural land, especially rice-producing areas, to protect farmland.

This, as the Philippines moves toward renewable energy (RE) and prepares for the next Green Energy Auction (GEA). The proposal came following recent

Show proof of ‘wasted’ Lakeshore funds claim, Alan tells Ping

ENATE Minority Leader Alan Peter Cayetano defended Taguig Lakeshore’s continued public use amid claims by Senator Panfilo Lacson that billions in government funds were wasted on flood control and infrastructure projects in the area. In a post on National Heroes Day, Cayetano said Lakeshore had not been neglected or wasted under Taguig’s management, pointing to its use for health, education, leisure, businesses, and other public functions. “Hindi po sinayang at hindi sinasayang ang Lakeshore. Let’s not let politics rob this generation and future generations of the opportunity to reap its benefits,” Cayetano said. Cayetano made the post after Lacson said P3.713 billion in completed, ongoing, and suspended DPWH projects within alleged reclamation areas in Taguig may have been wasted. Lacson also alleged other irregularities and said the findings would be submitted to the Office of the Ombudsman. The Minority Leader warned that this kind of

partisan politics could derail efforts to address corruption and flood control, stressing the need for evidence-based investigations that lead to accountability. “The honest search for solutions is overshadowed by partisan politics. Corruption and flood control are perfect examples,” Cayetano said. “If there is evidence against DPWH, Taguig, or against me, then present it. Stop the theatrics and let the evidence do the talking set in the proper judicial venue where fairness is assured,” he challenged Lacson. Cayetano said the focus should remain on solving problems and ensuring that public funds and government efforts are directed toward projects and reforms that benefit Filipinos. “Every hour the government spends on political warfare instead of solving problems is wasted. Every peso spent on projects that do not serve the people is wasted. Every opportunity to reform a broken system sacrificed for personal or partisan advantage is wasted,” he said. Butch Fernandez

₧20-billion livestock fund implementation pushed to ‘28

HE implementation of the annual P20 billion earmarked fund for the revitalization of the domestic livestock and poultry industries has been pushed back to 2028 due to pending organizational reforms. Agriculture Secretary Francisco Tiu Laurel Jr. said the Department of Agriculture (DA) cannot utilize the P20 billion annual allocation under the Animal Competitiveness Enhancement Fund (Ancef) yet in 2027. He explained that the agency should still accomplish several requirements stipulated by the Department of Budget and Management (DBM), which could be approved by November 2027. ”So, we can only use the P20 billion [under the Ancef] by 2028,”Tiu Laurel said during the agency’s budget deliberations at the House of Representatives on Tuesday. The Animal Industry Development and Competitiveness Act (Aidca) created the Ancef, which consists of tariffs collected from imported livestock, poultry, and dairy products. At present, the DA said tariff collections stood at P11.1 billion, with an estimated collection of P22 billion every year. The agency, however, said the latest figures and projection hinge on the reduced tariff scheme

under Executive Order (EO) 62, wherein duties on meat imports are levied 15 percent for in-quote and 25 percent for out-quota. “But the tariff scheme will be reverted to the original tariff regime of 25 percent and 40 percent by 2028, so we can expect further increase in revenue collection.” Meanwhile, the DA said it is also in talks with the Tariff Commission (TC) to reclassify pork jowl so they can be slapped with a higher tariff rate. The agency explained that pork jowl, currently considered as offal and levied 5 percent, should be included in the same tariff line as pork shipments. “Jowls are the jaw of the pig. When the head is included, it’s offal, which has a tariff rate of 5 percent. But the jowl that arrives here already excludes the head. So, we think […] it’s a technicality in favor of those importing it.” The agency said it is working with the TC to close that loop, since the industry could get an additional P4 billion in revenues if pork jowls are reclassified. For 2027, the DA is seeking P198.45 billion from Congress to ensure that food production, farm incomes, and food security are on track. Ada Pelonia

Poa steps down temporarily as defense spokesperson ahead of Senate testimony

INCE he will be presented as a “hostile witness” by the House prosecution, lawyer Michael Poa took a temporary leave from his duties as defense team spokesperson in the ongoing impeachment trial of Vice President Sara Duterte, defense’s deputy spokesperson Justin Nicol Gular said. “I think the prosecution confirmed that they will be presenting Atty. Michael Poa tomorrow [September 2] and I think for the defense team it is proper, that considering that Atty. Poa will be presented in the impeachment court,” Gular said in a press briefing. He added that Poa need to step aside since, “common etiquette and proper decorum dictates that we respect the impeachment court

and he needs to, at the moment.” Poa, who served as Department of Education (DepEd) undersecretary and the agency’s spokesperson during the stint of Duterte, will testify on the agency›s disbursement of P112.5 million in confidential funds. “Atty. Michael Poa is not staying in the defense holding room, he is staying in the holding room for subpoenaed witnesses somewhere in the Senate. Nakausap ko sya last week and nung malaman namin (that he might testify) we no longer have communications with him,” Gular said. However, Gular clarified that Poa may return as spokesperson after his testimony. Earlier, Poa said he is ready to take the witness stand before the impeachment trial. Claudeth Mocon-Ciriaco

discussions between Tiu Laurel and Energy Secretary Sharon Garin on how to expand solar capacity without allowing energy projects to encroach land critical to food production. Tiu Laurel said the DA has already identified flat rice lands that should remain dedicated to agriculture. The following step is to map and geofence them. The agency said this would give energy developers a clearer guide on where projects should not be located, while helping identify areas that could accommodate renewable energy investments without compromising food production. “We need energy security, but it cannot come at the cost of food security. The country

must be able to keep the lights on without putting at risk the land that keeps food on Filipino tables,” Tiu Laurel said. Meanwhile, the DA said it is also pressing for the RE transition to deliver direct benefits to farmers and fishers, particularly through lower electricity costs. The agency noted that officials discussed possible mechanisms that could connect RE suppliers under the GEA, the Green Energy Option, and the Retail Competition and Open Access framework with qualified agricultural users. Potential beneficiaries include irrigation systems, post-harvest facilities, and rice mills. Also included are cold storage plants,

slaughterhouses, farms, fishponds, and other food production operations where electricity costs can affect production expenses. The DA said the DOE is examining how RE suppliers and distribution utilities could participate in the arrangement. The agencies are also discussing with the Energy Regulatory Commission (ERC) whether savings under the GEO could eventually be reflected in electricity rates for qualified agricultural users. The DA and DOE are targeting an October 2026 memorandum of agreement (MOA) to formalize their partnership. Furthermore, the DA said it will also identify between 1,000 and 2,000 prior-

ity agricultural areas and cross-check them against existing and awarded energy projects to prevent conflicts and overlaps. Tiu Laurel asked the DOE to provide a list of ongoing and awarded projects so regional agriculture officials can distinguish approved developments from proposals still under evaluation. Both agencies will also develop a Farmto-Energy Framework with the ERC to explore ways organized farmers and fisherfolk can benefit from renewable energy. “Our goal now, the DOE and the DA, is to ensure that both these pressing needs of Filipinos are addressed in a way that benefits the country without sacrificing one for the other,” Tiu Laurel said.

Bullies face strict penalties, including removal from school—DepEd chief By Claudeth Mocon-Ciriaco @claudethmc3

DUCATION Secretary Juan Edgardo “Sonny” Angara on Tuesday warned that the Department of Education (DepEd) will strictly enforce measures, including removal of bullies from school, to maintain zero tolerance for violence and disruption. As part of its expanded crackdown on campus bullying, physical assault, and threats, the DepEd said that strict penalties also include non-readmission, immediate exclusion, and mandatory referral to law enforcement or social welfare authorities, for learners who commit severe offenses. The consolidated learner protection protocols are formalized under DepEd Order No. 006, s. 2026, or the Guidelines on Ensuring a Safe and Motivating Learning Environment (ESMLE). DepEd said its campaign against violence and class disruption is being carried out in

close coordination with partner agencies, local government units (LGUs), law enforcement, and local communities. “Nais natin magbigay ng pagkakataon para magbago ang ating mga mag-aaral, ngunit hindi natin kailanman ikukumpromiso ang kaligtasan ng nakararami. Ang paaralan ay dapat maging ligtas at tahimik na lugar para sa lahat,” Angara said. DepEd clarified that non-readmission bars an offender from re-enrolling for the following academic year while allowing them to finish the current year, whereas exclusion immediately drops the learner from the school’s active rolls with learning continuity maintained only through alternative educational interventions. Under the policy, severe offenses will trigger immediate inter-agency action. Grounded in a whole-of-society framework, the guidelines mandate direct coordination between school administrations, the Philippine National Police (PNP), the Department

of Social Welfare and Development (DSWD), LGUs, and communities to address safety threats both on-site and online. When a bullying incident or safety threat is reported, the school’s Child Protection Committee must immediately investigate, ensure the victim’s safety, and provide mental health and psychosocial support to affected learners. The policy enforces a progressive disciplinary framework depending on the severity of the offense. First-level or minor infractions incur a written reprimand, parental notification, and guidance counseling. Second-level or serious offenses such as repeated bullying and online harassment result in an immediate suspension of up to five days and mandatory DSWD referral, escalating to non-readmission on the second offense, and full exclusion on the third. Third-level or high-risk acts involving severe physical harm, making bomb threats or dangerous hoaxes trigger non-readmission

on the first offense, permanent exclusion on the second, and immediate turnover to law enforcement authorities. School heads are also authorized to issue a 30-day preventive suspension during ongoing investigations if a learner poses a continuing risk to campus safety. For a bullying incident, the process is more streamlined. For precursors to bullying, teachers handle and resolve the matter directly. For Second-level offenses that cause harm to other learners and stakeholders, the Learner Formation Officer intervenes and provides recommendations to the school head, as the case may be. A Third-level offense is resolved by the School Head who also imposes the appropriate sanction. At all levels, the parents of the learner-offender are informed. Beyond administrative sanctions, DepEd emphasized that referral to external authorities exposes offenders to potential criminal liability or custody interventions depending on the offense.

House grants OP courtesy, leaves economic and spending questions unanswered By Samuel P. Medenilla @sam_medenilla

UESTIONS regarding the Marcos administration’s strategy to meet economic growth targets amid tightening fiscal space, its allocations for flood control and anti-insurgency efforts, and plans to reduce the cost of living went unanswered during the Office of the President’s (OP) budget deliberation at the House of Representatives on Tuesday, after the OP was once again granted “parliamentary courtesy.” With 37 members of the Committee on Appropriations, voted in favor of the giving the “institutional and interbranch” courtesy to the OP, while five other members opposed it. The decision resulted in the termination of the discussions and interpolation on the OP in less than 20 minutes. The Makabayan bloc, which includes the ACT Teachers party-list, Kabataan party-list, and Gabriela Women’s Party, opposed the said result and called the parliamentary courtesy as a “broken tradition” of the Congress since it prevented lawmakers from asking clarificatory questions the agency’s proposed 2027 budget. The OP is requesting P10.15 billion next year. Executive Secretary Ralph G. Recto said the budget is 64 percent lower compared to their over P28 billion budget this year since they will no longer have any expenses related to hosting the Association of Southeast Asian Nations (ASEAN) in 2027. “In short, we’re asking for less, while remaining fully prepared to do more. We believe this amount is sufficient for the presidency to meet the exacting demands of leading the nation at a time of overlapping domestic and external challenges, from geopolitical tensions and disruptions in the Middle East to typhoons, El Niño, and other calamities,” Recto said during the hearing.

Economic growth

IN his manifestation, Caloocan 2nd district Representative Edgar R. Erice expressed his support for the budget proposal of the OP. But he said the OP should explain how the government intends to boost the economic growth, which slowed down in the last four quarters, when its fiscal space for developmental projects and capital outlays has shrunk to 16 percent. Addressing the said tepid economic growth, he said, is made even more difficult by the government’s rising debt and waste of taxpayers money for barangay-level spending. “So, these are the important things that should be explained to the citizens so that they can understand where the direction of this country is,” Erice said.

Fair application

ACT Teachers party-list Representative Antonio L. Tinio was among those who rejected the parliamentary courtesy especially after it was revealed there were alleged irregularities in how the Office of the Vice President (OVP) used its funds. The OVP was previously extended the same courtesy after it was waived by Vice President Sara Duterte last year to answer questions related to her office’s proposed 2026 budget. “What the people want is transparency. This Congress

should be fair when it comes to the application of the principle of transparency. This Congress has been vocal in demanding transparency for the Office of the Vice President. It should also be the same for the Office of the President,” Tinio said. He said the OP should explain the alleged involvement of Marcos and other Cabinet in the flood control scam as claimed by former Ako Bicol Party-list Representative Elizaldy “Zaldy” Co and why about half of its proposed budget is allocated for confidential and intelligence funds.

Unanswered issues

KABATAAN party-list Representative Renee Louise M. Co also echoed Tinio’s position that the Congress can no longer afford extending parliament to the Executive branch of the government. She said the OP should explain the utilization of the Support to Barangay Development Program (BDP) of the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC), which is chaired by the President.

The budget for the program, she said, will be increased to P9.74 billion next year from P8 billion this year. “This fund is also being used to suppress the citizens and the process of its spending is not clear,” Co said. Gabriela Women’s Party Representative Sarah Jane I. Elago, another Makabayan bloc member, also called for transparency and accountability on the proposed budget of the OP. She expressed disappointment on how the parliamentary courtesy given to the OP will prevent her from asking its officials on how they will address rising prices of food and oil, as well as its hesitation in temporarily suspending the excise tax on petroleum products to reduce the financial burden of Filipinos. House Committee on Appropriations Senior Vice Albert S. Garcia assured the concerns raised by members of the Makabayan bloc will be addressed by the OP on or before the plenary deliberation of the proposed 2027 budget.

Wednesday, September 2, 2026

TheWorld

Editor: Lyn Resurreccion • www.businessmirror.com.ph

More than 1,000 dead from catastrophic Nepal-China floods By Shristi Kafle & Sheikh Saaliq

The Associated Press

ATHMANDU, Nepal—The death toll from catastrophic flooding in Nepal and China rose over 1,000 on Tuesday, authorities said, as rescue teams worked to reach communities cut off by the disaster. Nepal’s disaster agency said Tuesday that 987 deaths had been counted there, with 3,916 people missing, including 583 foreigners. Chinese authorities, in their latest update on Sunday, reported 16 deaths and 546 people still missing, including 261 foreigners. At least 11,814 people have been rescued so far, according to Nepalese authorities. Emergency crews have been using helicopters and other aircraft to reach stranded communities in areas where roads and bridges have been destroyed by the flooding and landslides.

The August 26 disaster began with a chain of events high in the Himalayas. A glacial collapse sent large amounts of rock, ice and meltwater into valleys below, triggering powerful floods downstream. Scientists studying satellite imagery said the collapse appears to have involved the failure of bedrock beneath a glacier in the Himalayan region. T he rockfall was powerful enough to register as a magnitude 5.2 seismic event. T he resu lt ing surge of water

and debris entered rivers that f low through valleys in Tibet and Nepal, causing them to rise rapidly. Floodwaters swept away homes, buildings, roads and bridges and carried mud and rocks downstream. Authorities are still searching for thousands of people who remain unaccounted for on Tuesday. Rescue teams are also working to provide assistance to survivors in areas where roads and other transportation routes have been damaged or cut off. For rescuers, the immediate priority remains finding at least 900 workers who are missing from 12 hydropower projects damaged by the f lash f loods, about 500 of whom are believed to be trapped inside tunnels. Br ig. Gen. R aja R a m Ba snet, Nepal ’s army spokesperson, said teams assisted by foreign experts were working at several hydropower projects to reach people trapped in blocked tunnels. Visuals released by the army showed rescue teams entering dark, debris-filled tunnels, wading through mud and water and climbing over rocks as they searched for signs of life.

Bimal Sharma, a helicopter pilot who has been flying rescue missions since the disaster began, said he was shocked to see the devastation in Timure, a border town close to Tibet that he has known for years. “It felt like I was flying over an entirely different landscape,” he said. Sharma said he has had little opportunity to speak with the people he rescued, but their expressions told him how deeply the disaster had affected them. “I can see the pain in their eyes. It’s heartbreaking,” he said. On the Chinese side, rescuers were working in areas affected by the mudslide, particularly in and around the Gyirong Port border crossing, which was completely destroyed. Some rescuers, aided by search dogs, were looking for any sign of life in gaps among rocks and debris. Other teams were using heavy machinery to try to reopen a major highway leading to Gyirong Port, which would facilitate the delivery of equipment, personnel and supplies to the disaster zone, according to the Chinese state-run Global Times newspaper.

Oil prices rise, stocks waver as Mideast violence flares, adding to uncertainty By Elaine Kurtenbach AP Business Writer

ANGKOK—Oil prices climbed further and Asian shares were mixed Tuesday as recurring violence in the Iran war after more than a month with no significant fighting heightened uncertainty over the future of the conflict. Shares in online fast-fashion retailer Shein fell as much as 10 percent after they began trading in Hong Kong on Tuesday. By midday they were 5 percent lower. Brent crude gained 0.8 percent to $91.23 per barrel. It gained 2.7 percent on Monday after the US attacked rocket launchers on an Iranian island on Sunday, saying they were preparing to launch mines into the Strait of Hormuz. Iran responded by launching missiles at US sites in Jordan, all of which were intercepted. The war has curtailed traffic in the Strait of Hormuz, which once accounted for about 20 percent of the world’s oil shipments. Oil prices remain high after an initial surge earlier in the war, and that has made everything from gasoline to shipped goods more expensive. US benchmark crude was up 1 percent at $86.62 per barrel. In Asian share trading, Hong Kong’s Hang Seng fell 0.9 percent to 25,332.10 and the Shanghai Composite index was nearly unchanged, at 3,985.93. Tokyo’s Nikkei 225 edged 0.2 percent higher, to 66,420.26, while the Kospi in South Korea added more than 0.2 percent, to 6,835.51. The S&P/ASX 200 in Australia slipped 0.1 percent to 9,066.40. Taiwan’s Taiex picked up 0.2% and the Sensex in India gained 0.3%. US futures were 0.1 percent higher. Wall Street closed out August on a downbeat note Monday as the S&P 500

index fell 0.3 percent. The Dow Jones Industrial Average dropped 0.7 percent and the Nasdaq composite slipped 0.1 percent. Monday’s losses were broad, with nearly every sector within the benchmark S&P 500 finishing in the red. Edison International slumped 23.1 percent and PG&E fell 20.1 percent for the two steepest declines. That followed reports about potential California wildfire legislation that would allow insurers to sue utilities over related claims. But energy stocks notched gains. Exxon Mobil rose 2.7 percent and Chevron rose 2.1 percent. Higher energy prices have fueled already stubbornly high inflation, well above the Federal Reserve’s 2 percent target. That has been weighing on household spending and consumer confidence and given the Fed a more complicated path ahead for its interest rate policy. The yield on the two-year Treasury, which closely tracks expectations about Fed moves, held steady Monday at 4.34 percent, where it was late Friday. That’s up significantly from about 3.50 percent at the beginning of 2026. The yield on the 10-year Treasury rose to 4.75 percent from 4.73 percent late Friday. That’s back up around the level seen two weeks ago when the Trump administration took the unusual step of announcing it would intervene in the bond market. Any increase to interest rates that could cool inflation also risks hurting the jobs market. Later this week, the US will report August jobs data. In July, the US job market stalled unexpectedly as employers cut 23,000 jobs. Labor Department revisions slashed another 103,000 jobs from May and June payrolls. In other dealings early Tuesday, the US dollar rose to 159.94 Japanese yen from 159.74 yen. The euro slipped to $1.1604 from $1.1619.

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Wednesday, September 2, 2026

Europe presses Spain, Greece to give Ukraine air defenses By Andrea Palasciano, Jorge Valero & Donato Paolo Mancini

Bloomberg News

ATO and European Union countries are pressuring Spain and Greece to hand Ukraine Patriot interceptor missiles as Kyiv struggles to repel Russia’s mounting air strikes.

The requests were made over the summer and include the possibility that Norway could buy the missiles before donating them to Ukraine, according to people familiar with the matter who spoke on the condition of anonymity to discuss the private conversations. The issue will be on the agenda Tuesday and Wednesday, when EU defense and foreign ministers meet in Ireland. Representatives from Ukraine, the UK, Norway, Iceland and Switzerland will also join. “The main issue is air defense,” top EU diplomat Kaja Kallas said Tuesday before meeting with ministers. Ukraine, she said, is “lacking interceptors.” Ukraine has been making urgent pleas for more air defenses in recent months, saying the country’s dwindling supply can’t stop Moscow’s intensifying strikes. The country is particularly seeking more supplies for the US-made Patriot system, which are already in high demand because of the Iran war. Spain and Greece have some of the largest reserves of Patriots among Ukraine’s allies. Both also have interceptor stocks approaching the end of their shelf life. Allies are specifically seeking the countries’ PAC-2 missiles. “We know that some of the countries have interceptors that will expire soon,” Kallas said. “So it would be very good if those would be given to Ukraine.” Greece was one of the first countries to send Ukraine ammunition after Russia’s full-scale invasion, but it has resisted pressure to donate Patriots. The country says it needs the missiles for its own defense amid a longstanding rivalry with Turkey. Spain said earlier this year it would provide €1 billion ($1.2 billion) in military assistance to Ukraine in 2026. A Greek government spokesperson declined to comment, as did a Spanish Defense Ministry official. Getting Kyiv fresh air defenses has become an increasingly urgent task for allies as Russia moves to escalate the war after concluding peace talks were stalled. Ukraine has received intelligence that Russia is preparing for a possible new ground offensive toward Kyiv, Bloomberg previously reported. But finding Patriots for Ukraine is a logistical ordeal. Many EU countries, like Germany, say giving up more Patriots would risk their own security. The US has also depleted its own stockpiles during the Iran war. Meanwhile, building more missiles would take time. Both the Patriot system and a European alternative, SAMP/T, have faced long wait lists and production delays. Some air defenses are still expected to reach Ukraine in the coming months through PURL, a program that allows NATO allies to buy US weapons for Kyiv. But EU countries are deliberating whether to let Ukraine buy more Patriot missiles with its own €90 billion loan to Kyiv. Countries like France and Italy want that money to go toward the SAMP/T system, but others fear that may create unnecessary challenges for Kyiv. EU members will vote on the issue next Monday.

Flooded. . . Continued from B8

For southbound motorists, Class 1 vehicles were being diverted to the Mexico Exit. Those traveling to Manila from Subic-Clark-Tarlac Expressway or Tarlac-Pangasinan- La Union Expressway were advised to take the Central Luzon Link Expressway toward Maharlika Highway. For northbound traffic, Class 1 vehicles were being diverted via the Sta. Rita Exit and advised to proceed along Maharlika Road toward the Central Luzon Link Expressway. Class 1 entry was also temporarily restricted at the Pulilan northbound toll plaza. Motorists were experiencing delays of nearly four to five hours in the affected areas. The provincial government said rising water levels in rivers, creeks and drainage systems, as well as flooding in low-lying and flood-prone communities, were being monitored amid continued rainfall and water flowing from upstream areas toward downstream communities. Residents in flood-prone areas were urged to monitor official advisories, follow instructions from local authorities and evacuate when directed.

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5-MO EXTERNAL DEBT SERVICE UP 4.78% ON INTEREST PAYMENTS By Andrea E. San Juan

NALYSTS have pointed out the need to generate ample dollar earnings to meet future external debt obligations even as latest figures point to “responsible debt repayment” rather than financial stress. The latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the Philippines’s external debt service burden (DSB) rose by 4.78 percent in the January to May 2026 period driven by higher interest payments. BSP data showed the debt service burden (DSB) increased to $6.208 billion in the January to May period of 2026. This was 4.78 percent higher than the $5.925 billion posted in the same period last year. DSB is the total principal and interest payments the country has to pay after the debt has been rescheduled. Broken down, $3.2 billion of the external DSB for the five-month period was allotted for interest payments while $3.01 billion was for principal. Principal payments climbed by 13.55 percent year-on-year from $2.649 billion, while interest payments declined by 2.29 percent from last year’s $3.275 billion. Jonathan L. Ravelas, senior advisor at Reyes Tacandong & Co., said: “The latest figures point to responsible debt repayment rather than financial stress.” However, Ravelas emphasized that the key challenge lies in ensuring that the economy continues to “generate sufficient dollar earnings to comfortably meet future debt obligations while preserving fiscal flexibility.”

For his part, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) explained: “This has been a function of wider budget deficits, borrowings/debt to finance the budget deficit, and higher interest rates especially higher bond yields in recent/month years that increased debt servicing cost.” Ricafort explained further that when converted to pesos, servicing of foreign debts, both principal and interest payments increased amid higher US dollar-peso exchange rate by about 8 percent since the conflict in the Middle East which started on February 28,2026 or more than six months ago. For the coming months, Ricafort said foreign debt servicing costs “would be a function of future budget deficits, interest rate hikes locally and in the US/globally, foreign debt maturities especially increased borrowings since the Covid-19 pandemic and the US dollar-peso exchange rate since foreign debts are partly paid in pesos that the government collects as taxes and other major revenue sources to service debts.” Meanwhile, the ratio of the country’s debt service burden to its export shipments plunged to 21.6 percent in January to May 2026 from 22.4 percent in the same period a year ago. Data from the central bank showed the DSB to Exports of Goods, and Receipts from Services & Primary Income ratio stayed unchanged at 9.3 percent in the first five months of 2026. In terms of other ratios, that of DSB to current account receipts likewise stayed at 8.9 percent in the January to May 2026 period—also the same rate as last year’s. See “Debt,” A2

Wednesday, September 2, 2026

In poverty metric suited to Umic, half of Pinoys ‘poor’

By Justine Xyrah Garcia

T least half of Filipinos could be classified as poor under a substantially higher poverty threshold suited to the economy of an upper-middleincome country (Umic), according to the country’s former chief statistician.

Ex-National Statistical Coordination Board (NSCB) Secretary General Jose Ramon G. Albert said on Tuesday that the Philippines’s current poverty threshold is close to the World Bank’s $4.20-a-day benchmark for lower-middle-income economies, despite the Philippines’s reclassification as an uppermiddle-income economy. “If the PSA’s poverty line were doubled, more than half of the population would be considered poor.... Maybe somewhere between 50 percent at the very least,” Albert told the BusinessMirror in a chance interview. The Philippine Statistics Authority (PSA) reported that the poverty threshold for a family of five stood at P14,634 in 2025, or about P97 per

person per day. This is much closer to the World Bank’s benchmark for lower-middle-income economies than its $8.30 threshold for upper-middleincome economies. While Albert acknowledged the government’s efforts in reducing poverty, he said the country’s poverty line needs to be updated, with the current methodology still based on the 2011 framework. The first official methodology for poverty assessment in the Philippines was adopted in 1987. Three major refinements to the official methodology for measuring poverty were made in 1992, 2003/2005/2006, and 2011, according to the PSA. The current methodology was ap-

proved in 2011, while subsequent refinements were approved through a 2017 PSA Board resolution. According to information posted on the agency’s website, the resolution requires the methodology to be reviewed every 10 years “to ensure relevance and accuracy,” meaning an update was due in 2021. Albert, who now serves as a senior research fellow at the Philippine Institute for Development Studies (PIDS), said the review is necessary because the economy and consumption patterns have changed considerably since the methodology was adopted. He noted that from 2010 to 2024, gross domestic product more than doubled to $462 billion from $208 billion. This has also helped the country be reclassified as an uppermiddle-income economy after recording a gross national income per capita of $4,850 last year. “As an economy has transformed, so would consumption patterns change as well....To some extent, we really need to factor all of these changes in consumption,” he explained, citing mobile phones as an example of goods that have become necessities but were not as widely used when the current methodology was developed.

Albert said this means the gains in poverty reduction, including the decline in the poverty rate to 9.7 percent last year, should not be taken to mean that the problem has been solved already. “Vulnerability can remain stubbornly high. In fact, we estimated that vulnerability is three times the poverty rate. Progress can be quickly reversed whenever you have shocks,” he said. Albert said reducing poverty sustainably requires simultaneous actions on multiple fronts. He said the government should pair poverty reduction with stronger protection against shocks by expanding social protection and targeted assistance while investing in education, skills development, and early-childhood nutrition. Albert said these measures are needed to help poor households escape poverty and prevent those just above the poverty line from falling into it when crises hit.

Methodology delay

WHEN asked whether the implementation of the new poverty methodology should be deferred until the next administration, See “Umic,” A2

Probe sought on root causes of Subic slide, other disasters

RICE FOR RELIEF Quezon City Mayor Joy Belmonte receives sacks of rice from the Office of Senator Erwin Tulfo, represented by Deputy Chief of Staff Francis Tulfo, during a turnover ceremony at Quezon City Hall on Tuesday, September 1, 2026. The rice will be distributed as relief assistance to QC residents affected by flooding brought by the enhanced southwest monsoon, including families temporarily staying in evacuation centers. Quezon City has been conducting preemptive evacuations in flood-prone areas and maintaining designated evacuation sites as heavy rains continue. Government agencies continue relief operations following the combined effects of Tropical Cyclones Luis, Maymay and Neneng and the enhanced Habagat, which have affected communities across the country. NONOY LACZA

Marina eyes ₧250-M infra upgrade By Lorenz S. Marasigan

HE Maritime Industry Authority (Marina) is seeking roughly P250 million to modernize its aging digital infrastructure and deploy a dedicated Disaster Recovery System, after a cyberattack on its seafarer documentation platform exposed how ill-prepared the agency was to withstand or recover from a major system disruption. The agency said the incident, which forced the shutdown of its Seafarer’s Identity Document (SID) and Seafarer’s Record Book (SRB) System, laid bare the fact that its 2017-era systems have never undergone a comprehensive technical refresh, and that it has no recovery system capable of immediately taking over when critical services go down. According to Marina Administrator Sonia Malaluan, “with the increasing sophistication

of hackers today, the system should have been updated. We have been requesting the budget for this since 2024, but it was not available.”

No data loss reported

MARINA said it detected multiple suspicious activities on the affected system but found no data loss or indication that seafarers’ personal information was obtained. “There was no loss of data....There were many attempts, many suspicious activities. They did not get your personal data,” Malaluan said. The agency took the affected system offline as a precaution after detecting the repeated attempts. Marina is seeking approximately P150 million for a nationwide technology refresh covering hardware replacement and software updates. The agency said the amount remains subject to change based on prevailing prices

and inflation.

Disaster recovery system

THE agency is also targeting the establishment of a Disaster Recovery System, at an estimated cost of P100 million, to ensure critical maritime services can be quickly restored in the event of future cyberattacks or other major disruptions. Marina currently has no dedicated recovery system that can immediately take over in the event of a major system failure. Malaluan said securing the funding is critical to strengthening the resilience, security and continuity of its digital services, particularly those supporting the country’s seafaring sector. The funding push follows weeks of disruption that froze the pipeline of seafarer deployment. The SRB and SID are mandatory credentials for Filipino seafarers seeking work aboard ocean-going vessels, and the affected platform

is where applicants submit documents and book schedules for issuance or renewal.

Expedited processing resumes

SEPARATELY, Marina announced that beginning September 1, seafarers with immediate deployment needs may avail of expedited processing for their SRB and SID at the Marina Central Office only, until further notice, while services at regional offices are being restored. Certifications will no longer be issued for expedited applications. Regular applications are being processed through batch printing, with releases expected roughly one week after processing. To avail themselves of expedited processing, applicants must apply through the SID/SRB Expedite Portal and prepare a request letter from the employing company, a confirmed airline e-ticket, an approved Department of Migrant Workers (DMW) contract, notarized company contract or Certificate of Employment, and a confirmed SID/ SRB appointment, alongside the standard documentary requirements.

By Henry Empeño

UBIC BAY FREEPORT—Subic stakeholders and civic groups have appealed for an independent investigation into the August 29 landslide at an industrial park in the Subic Bay Fay Freeport, saying the fatal accident raises serious safety and environmental questions about development projects here. In a petition sent to the Office of the President, the Senate, and the House of Representatives on Tuesday, September 1, the Subic Bay Freeport Chamber for Health and Environment Conservation (SBFCHEC) asked the authorities to look into the circumstances surrounding the landslide and its root causes. Two workers died while two others were injured at the Tipo HighTech Eco Park (THEP) in Subic on August 19 when a retaining wall by the roadside collapsed following heavy rains. The fatalities, identified as Ernesto Ramos, a Filipino truck driver, and Peng Jiahan, a Chinese supervisor in a recycling firm at the THEP, were reportedly in a vehicle caught in the landslide. The SBFCHEC said the fatal accident should not be treated as an isolated case, but should provoke a broader review of development, engineering, environmental, landuse, and safety practices in the Subic Bay Freeport and surrounding communities. “We make this appeal not merely because of one tragic incident, but because it raises questions about whether development within and immediately adjacent to the Freeport is being undertaken in a manner consistent with public safety, environmental protection, sound urban planning, and the long-term interests of the communities of Subic Bay,” said the petition. The group said the investigation should not only determine why the retaining wall failed, but also examine the entire chain of responsibility, including those involved in the

development, permitting, and approval of the project. At the same time, the group called for a comprehensive review of major developments in Subic that are located in or near environmentally sensitive areas, including the proposed Subic-Clark Railway Project that it said may affect six hectares of mangrove areas in Subic. It said the government review should determine whether the projects comply with applicable laws in terms of their location, structural design, environmental impact, land-use classification and permitting requirements. “The circumstances surrounding the THEP (project) warrant an objective review, not only of the development itself, but also of other major projects with similar characteristics. THEP is only the starting point because it is the subject of the present incident,” the SBFCHEC said. Meanwhile, the Subic Bay Metropolitan Authority (SBMA) through a statement from Corporate Affairs Manager Armie Llamas said that it supports the call for an independent and comprehensive investigation into the Tipo landslide. “The SBMA shares the commitment to ensuring that development within the Subic Bay Freeport Zone is conducted with utmost regard for public safety, environmental protection, and sustainable progress. We also agree that responsible development is not only possible but essential, and that strict adherence to regulations, thorough engineering and environmental assessment, diligent inspections, and transparent permitting processes must be non-negotiable foundations in all projects,” the SBMA said. On the other hand, Xantheng (Subic) International Corp., the management arm of THEP, said in an August 31 statement that it is cooperating in the investigation of the Tipo landslide and has coordinated with relevant agencies for verification, site assessment, and implementation of appropriate measures following the incident.

A10 Wednesday, August A16 September 2, 2026 • Editor: Angel R. Calso 26, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

When disease hits thes Unlocking Mindanao’ supply chain: Why egg untapped potential prices could rise soon

OR decades, Luzon was the leading contributor to national output as economic activity was heavily concentrated in one of the three major islands in the ILIPINO households purchase considered Philippines. Data released by theeggs, Philippine Statisthe cheapest source of protein, as it does not last costyear as tics Authority (PSA) show that this was unchanged much as porktooraccount chicken.for Whether paired with as Luzon continued a chunkitofisthe counrice or eaten as boiled, eggs are filling and can stave try’s gross domestic product or GDP. (See, “Faster VisMin off hunger, is why it is aadvantage,” popular food in the Philgrowth stillwhich can’t edge Luzon initem the Businessippines. That is why the recent pronouncement of Mirror, April 24, 2026). Mindanao, for instance,poultry grew farmers and suppliers that eggs could become expensive due faster than Luzon in 2025, but this barely moved the needle to disease outbreaks is a cause for concern (See "Animal in terms of its contribution to national output. disease outbreaks to make eggs costlier—group," BusinessMirror, August 26, 2026). Mindanao’s inability to further increase its share to the country’s

GDP is lamentable, considering that it has the capacity to grow faster. ForInone, certainweeks, industrial cropsEgg canBoard growAssociation all year round in warned Mindanao the coming Philippine (PEBA) that retail of eggs could go upstruck following farmgate prices. The group as theprice island is not usually byspikes strongintyphoons, unlike Luzon. attributed this to poultry disease outbreaks, infectious laryngotracheThe Department of Economy, Planning,such andasDevelopment (DepDev) itis (ILT), inclusion body hepatitis and percent low pathogenic influenza noted that Mindanao accounts(IBH), for 37.4 of theavian country’s to(LPAI). These diseases, PEBA said, is compounding the production issues contal output from agriculture, forestry and fisheries. (See, “DepDev: fronting the layer Mindanao mustindustry. move toward high-value activities,” in the BusiThis development shows24, that2026). animal diseases have now become a signifinessMirror, August cant contributor to consumer prices and inflation. Apart from poultry diseases, The island’s natural resources would allow certain industries the Philippines continues to grapple with African swine fever (ASF) which has to flourish, given the availability of raw materials like rubber—a killed thousands of hogs and made pork prices more expensive. Despite the commodity that can help unlock Mindanao’s growth potential. The disruptions caused by these diseases to the agricultural value chain and their Philippine Rubber Industry Roadmap 2023-2028 drawn up by the impact on the economy, the country is still far from finding viable solutions to government to the fact that the island is home to 98 percent stopping thempointed on their tracks. of The the inability rubber plantation in the the rubberof the Philippines to country. minimize However, the threat of thetop scourge that producing regions in Mindanao are also some of the areas that reis animal diseases should prompt policymakers to revisit their response and corded rates, including Bangsamoro Autonomous plug thehigh gaps poverty in the government's animalthe disease surveillance system. The Region in Muslim Mindanao andthe Zamboanga Peninsula. government's plan may look good(Barmm) on paper but fact that these outbreaks To increase the contribution of the island’s natural resources to continue to happen means there are deficiencies that must be immediately adits output, pointed thatproves Mindanao move bedressed. WhatDepDev is happening on theout ground that theshould plan is not yielding the results the government, the private and consumers to see. yond just that selling raw commodities andsector to turn these intowant products Citing the Bureau ofIn Animal Industry (BAI), the and Agrithat willdata fetchfrom a higher value. the case of rubber, theFood government culture that Organization of the of United notedlocally that 65are barangays in found only a third the Nations rubber (FAO) produced used by 41 cities/municipalities of 20 provinces reported having active ASF cases as of a tire manufacturer and exporters in economic zones. The rest are August 7. In Negros, new ASF cases were reported in Siaton, Amlan, Tanjay City, exported to Asian countries like Japan and Malaysia, which means Zamboanguita, andPhilippines Pamplona. Infrom Mindanao, FAO a large numberitofwas pig earnings by the rubber aresaid lower because deaths have beenform. reported in villages such as San Roque, Tumaga, Culianan, shipped in raw Manicahan, Curuan, Vitali and Capisan involving mostly backyard raisers. The move towards green mobility solutions presents opportunities As for avian influenza, data available on the website of the attached agency not only to rubber producers, but also nickel miners, in Mindanao. of the Department of Agriculture showed that six barangays have ongoing bird Disruptions created by the United States-Iran war created the need flu cases as of August 14. Chicken and ducks were affected by the outbreak of for meanswhich of transporting preferably birdalternative flu subtype H5N1, first emerged goods in 1996.and Thepeople, World Health Orgathose that will not use fossil fuel, which has become expensive in nization noted that since 2020, a variant of these viruses belonging to the H5 recent months. And Mindanao has some of the crucial components clade 2.3.4.4b has led to an unprecedented number of deaths in wild birds and for making these alternative modes transportation in abundance. poultry in many countries in Africa, Asiaof and Europe. (See, “Michelin: EV shift to reshape PHL tire industry,” At this point, the Philippines is fortunate because it has not had in to the deal BusinessMirror, August 24, 2026). with price surges seen in the United States where the price of eggs peaked at Building Mindanao’s prime commodities, howmore than $6industries per dozen, around equivalent to more than P300, in March 2025. The ever, would require more than rhetoric; it needstothe strong resolve unprecedented increase in US eggjust prices was attributed massive outbreaks in major-producing states. thesector US experience may seem farof bird bothfluthe government and the While private to create the condifetched for the Philippines, it would do well for stakeholders to remember that tions that will entice investors. The requirements of businesses are it takes just one instance of mishandling sick animals for animal diseases to not a mystery anyway—start-up-friendly regulations, predictable again devastate major livestock country. rules, better connectivity in producers the forminofthe reliable transportation and internet service, and cheap power. Since 2005

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Preserving one landmark at a time New flood control measures Mark Villar

THE BUILDER

P L

RESERVING our heritage is rains every brought Filipino’sthe responsibility. Our AST week’s heavy monsoon National Capital old stone churches, homes and quiet historic Region and the rest wooden of Luzonancestral to a standstill. towns have stoodwere the test of time,by and them means Many homes submerged theprotecting floods while our worksafeguarding thetoidentity we willthe passfloods. on to future generations. ers were forced wade through Some chose to work from home because of inaccessible roads and the difficulty to find transportation. That’s why I am pushing for a bill to preserve our historical landmarks. These landmarks tell the storyofofrain, who Some 201.7 millimeters we are—and we agency, owe it to the per the weather fell innext just generation toone keep that alive. five hours in day, orstory equivalent I see the Cocoto about 44renovation percent of of thethe rainfall nut Palace a primeOndoy example ofahow brought byas Typhoon over 24we honor our and 26, heritage. hour period onculture September 2009. TheFlooding CoconutisPalace reopened to the a perennial problem, public on in August 25, 2026, especially Metro Manila andgiving other Filipinos and the low-lying areasforeign outsidetourists the capital opportunity experience one of region. It is ato disruptive force that the country’s best-known cultural causes damage to property and and architectural deaths, in extremelandmarks. cases. The Coconut the Palace reopened afFortunately, administration terPresident a P200-million renovation, of Ferdinand Marcosjust Jr. months before the country hosts a is looking for solutions to control major ASEAN meeting. the floods. Ferdinand Jr. President Marcos lastMarcos week said and First Lady LizaisAraneta-Marcos the government studying the led the reopening ceremony. The palpossibility of digging underground ace, officially called Tahanang Piliwater-retention facilities beneath pino, will public serve asspaces, one of the venues existing including when thefields Philippines hosts the 49th football and open areas. The ASEAN Leaders’ Summitthe on Novemplan seeks to strengthen defense berMetro 13 to 15, according to Malacañang. of Manila against increasingly The building located inside intense rainfall,issuch as the onethe we Cultural Center of the Philippines experienced last week. complex in Pasayseek Cityto and overlooks The facilities temporarily

the Manila Bay. The Coconut Palace was built almost entirely from coconut trees and other store excess rainwater andmaterials help ease found in the Philippines, of flooding during periods instead of heavy the concrete, steel and glassreported used in rainfall. President Marcos mostthe modern buildings. that government has identified President the restora30 The potential siteslauded for the proposed tion work thatfacilities. returned the underground Thepalace sites to its original condition.Rizal He said the include Raja Sulaiman, Memopalace was first built as aDiwa. place for the rial, and Camp Bagong government to host important foreign The government has sought the visitors, that he would be happy to help of and experts from The Netherbring guests to stay there lands, a nation that hasagain. skillfully President Marcos commended the averted flooding despite its below Government ServiceThe Insurance sea-level location. Dutch Sysextem, the statepossible pensionlocations fund known perts studied here as GSIS,additional for leadingwater-retention the renovation where project. The Coconut Palace is aexistpropcapacity could be built under ertyfacilities. owned by the GSIS. ing Per GSIS President and General “Under existing facilities, such as Managerfields Joseand Arnulfo Veloso,areas the football open fields, reopening was an important step in can be excavated even if buildings protecting Filipino are present,”and sayspromoting President Marcos. culture. This would make one of the Conventional flood-control meacountry’s famous landmarks sures couldmost no longer be relied upon, easier for the publicoftoheavier visit, while especially in times rainkeeping its role as a place for cultural falls associated with climate change. events national pride. The GSIS Theand proposed underground hopes to reopen the buildingare to the water-retention facilities no

different from water-impounding I see the renovation of the Cocodams that the countryside needs to nut Palace as a prime example sustain agricultural farming. The of how we honor our culture Philippines faces heavy rains and after the dry season. Unfortunately, heritage. The Coconut Palace we cannot store the excess water to help reopened to the public in farm irrigation due toon theAugust lack of impounding dams. The water 25, 2026, giving Filipinos andmerely flows riversthe andopportunity the open sea, foreigninto tourists depriving our farmers of the resource to experience onetheofdry theseason. country’s they need during The lack ofcultural discipline is,architeclikewise, best-known and contributing to the flooding in the tural landmarks. metropolis. We saw on television general last public bythe early 2027, footage week trash andafter garthe ASEAN event. our waterways, bage that clogged I agree with Mr. Veloso when he eventually resulting in the flooding. saidcould the reopening of the building We probably solve half of the provides problem a chanceiffor flooding weboth haveFilipinos the disand foreign visitors to reconnect cipline to dispose our trash properly. with thegovernment, country’s history, celebrate The in the meanFilipino creativity and appreciate time, is seeking a unified stand toa style of architecture that continues address residual waste to prevent it to inspire people today. from ending up in waterways and I hope that visitors will beMetro given polluting theall environment. an opportunity to walkan through the Manila alone generates estimated palacemetric and see its of unique design, de9,000 tons solid waste daily. tailed interiorthe work and cultural disRecycling waste into energy plays reflect different Filipino is onethat solution. Based on estimates traditions. The building will also of the Department of Energy (DOE), hostcurrent cultural shows, the waste official stream governin the ment events,could schoolsupport programs, tourmetropolis around ism activities and events that 200 megawatts ofother waste-to-energy highlight Filipino art and (WTE) capacity, subject to identity. the availI agree the reopening of the ability andthat suitability of feedstock palace fitstechnical into its requirements broader effort and other to Waste protectthat historic sites across can no longer be the recountry while giving the public more used or recycled, according to Energy chances to visit and S. learn aboutshould them. Secretary Sharon Garin, Coconut built or in notThe simply end Palace up in was landfills 1978 on the orders of former First waterways. Lady Imeldato Marcos show off Fili“Subject strict to environmental pino skill andappropriate craftsmanship, while safeguards, residual proving that trees could be waste can be coconut converted into useful

used asand a serious building material. energy contribute to our power It wasshe designed supply,” says. by renowned architectThe Francisco “Bobby” Mañosa, who DOE is stepping up the implewas later given National Artmentation of the its title WTEofprogram folist for hisPresident work. It was originally meant lowing Marcos’s renewed to host important guests, incall to turn residualforeign waste into a procluding resource, Pope John Paul II concerns when he ductive and amid visited the Philippines in 1981. over garbage accumulating in waterAlmost every part to of flooding. the cocoways and contributing nutMindanao, tree was used somewhereneeds in the meanwhile, building,water-retention including its wood, shells, similar facilities roots andfarmers fibers. Other Filipino to assist during a dry matespell. rials also utilized such asin capiz It were may be the rainy season Lushells, a type woven material called zon and theofVisayas where heavy solihiya, Narra wood. rains are and disrupting daily activities palacecommunities. once served as ofandThe flooding Butthe other ficial residence and Office of the Vice parts of the country are experiencPresident. On June 23,conditions. 2023, the ing the opposite weather National of the Heat Museum indices in thePhilippines southern declared thePhilippines building anreached important part of the the cultural bureau’s property, recognizing its weather “danger” category historical and architectural value. of 42°C to 51°C. Classes, in fact, were The recent renovations preserved suspended in parts of Mindanao last the palace’sbecause heritageoffeatures while week—not flooding, but improving itsheat facilities and functiondue to high indices that can ality ahead of heat the ASEAN Leaders’ cause cramps, exhaustion and Summit. heat stroke. I believe the reopening of thethat CoWeather experts explain conut Palacedoes underscores governMindanao not havethe a distinct ment’s commitment torainy showcasing wet season. Thus, if the season our cultural heritage and Filipino starts in Luzon and the Visayas, it craftsmanship wesame prepare weldoes not meanasthe in to Mindcome ASEAN leaders and delegates. anao. The Southwest Monsoon, or I hope does that the sector will Habagat, notprivate affect Mindanao. alsoBut join hands protecting and at the end ofinthe day, discipline preserving more cultural landmarks and novel approaches to solving the that reflect our will Filipino identity. flooding problem ease the plight Through stronger during law andextreme support of many aFilipinos from theWe private sector, wecreative should weather. just have to be protect our history thetime. next genand mindful at the for same eration to appreciate. For feedback e-mail to senatormarkvillar@ For feedback to senatormarkvillar@gmail. gmail.com or visite-mail our web site: https://markvillar. com or visit our web site: https://markvillar.com.ph com.ph

The 22-year voyage of Cinemalaya’s Balanghai Malaysia raises subsidized fuel quotas as PM Anwar courts voters By Ram Anand

M T

Dennis Gorecho

ALAYSIA will restore subsidized fuel quotas to previous levels despite elevated energy prices, as Prime Minister Anwar Ibrahim seeks to ease cost-of-living pressures and shore up support after recent electoral setbacks. HE ancient Philippine boat balangay is the symbol of Cinemalaya Independent Film Festival “because it is the vessel that and their stories across roughcoalition seas.” in The carries monthlynew quotafilmmakers for subsidized for his Pakatan Harapan

gasoline will be raised to 300 liters from the current 200-liter allocation from while of that on diesel TheSept. core 1, mission Cinemalaya will be increased to 400 from is to discover, nurture, andliters empower 300 liters, Anwar said in athe speech on new cinematic voices Philipthe eve of the country’s 69th year of pines. independence. Founded in 2005 by the Cultural “Thisofwill 16 million MaCenter thebenefit Philippines, it strives laysians,” Anwar said of the gasoline to give voice to overlooked Filipino quota increase, adding that the highstories, promote artistic excellence, er diesel allocation will helpindepen500,000 and revitalize Philippine users.cinema. The event in the administradent tiveFrom capital ofto Putrajaya waswas moved 2005 2009, there only indoors Malaysia contendsFrom with one Full as length film category. the haze forest fires. 2010 to from 2014,Indonesia’s the competition was Anwarinto is seeking to regain modivided two: the Directors’ mentum after back-to-back defeats Showcase and the New Breed. Then

Amicus Curiae

state elections in Johor and Negeri Sembilan over the past two months. The setbacks haveFull raised pressure on it reverted to one length in 2015. theThe premier aheadShowcase of a general Directors’ waseleccretion that must be held byfilmmakers early 2028. ated for veteran Filipino News on Aug. as aBloomberg platform to pushreported artistic bound27 that Anwar considering works delayaries and createisindependent ing elections until the second half of free from mainstream commercial next year, after constraints. Thepreviously New Breedweighing is for the calling one as soon as October. amateur/debut filmmakers. The fuel quotas lowered Only short films were competed in earlier2020 this and year2021. as the conflict in 2015, theThe Middle drove energy prices earlyEast winning films in the Full up andcategory strainedare the“Pepot government’s length Artista” subsidy“Tulad bill. Anwar didn’t say “Trihow (2005), ng Dati” (2006), much the reinstatement cost bu” (2007), “Jay” (2008),would and “Last the government, which is already Supper No. 3” (2009).

The winners in the Directors’ showcase are “Donor” (2010), “Bisperas” (2011), “Posas” (2012), The fuelDati” quotas were and lowered “Sana (2013), “Kasal” (2014). The year New as Breed winners are earlier this the con“Halaw” (2010), “Ang Babae sa SepflictTank” in the(2011), Middle “Diablo” East drove(2012), tic “Transit” (2013), (2014). energy prices upand and“Bwaya” strained The winners in the Main the government’s subsidy bill.Full length competition are “PamiAnwar didn’t say(2016), how much the lya Ordinaryo” “Respeto” (2017), “Kung Paano Hinihintay reinstatement would cost the ang Dapithapon” (2018), “John Denver government, which“The is already Trending” (2019), Baseball bearing(2022), 40 billion ($9.9 Player” “Itiringgit Mapukpukaw” (2023), “Tumandok” (2024), billion) in subsidies for this “Bloom year Where You Are Planted” (2025) and under existing quotas. “Mag-iina” (2026). bearing 40 billion ringgit The early winners as Best($9.9 Actorbilin lion)full in subsidies for this year under the length feature include Eddie existing Garcia forquotas. “ICU Bed #7” (2005), “AlMalaysia’s commonly used gasochris Galura for Batad” (2006), the line is sold at 1.99 ringgit per Barliter male ensemble of “Tribu” (2007), under the subsidized rate, nearly on Geisler for “Jay” (2008) and half Lou the market price of 3.82 ringgit per Veloso for “Colorum” (2009). liter for Actress the weekawardees through Sept. 2. Best include Subsidized diesel isfor sold at 2.10 Boy” ringMeryll Soriano “Room git per liter, also less than of the (2005), Angel Aquino forhalf “Donsol” market Ina rateFeleo of 4.72 liter. (2006), forringgit “Endo”per (2007),

Mylene Dizon for “100” (2008), and Ina Feleo for “Sanglaan” (2009). Best Actors in the Directors’ Anwar are alsoBaron announced showcase Geislerthe formini“Domum(2010), threshold for Roco mandatory enor” Bembol for “Isda” invoicing for small and en(2011), Eddie Garcia formedium “Bwakaw” terprises will be raised.for Businesses (2012), Robert Arevalo “Hari ng with annual sales of 3was million ringgit Tondo” (2014). There no awardee will2013. be subject to the mandate, from in 1 million ringgit in currently. TheBreed issue Best Actors the New around been cited as are Johne-invoicing Arcilla forhas “Halaw” (2010), one of the primary grouses of smaller Edgar Allan Guzman for “Ligo na Ü, enterprises. Lapit na Me” (2011), Kristoffer King premier had previously for The “Oros” (2012), Mimi Juareza for pledgedChange” to accelerate and “Quick (2013),reforms and Dante his anti-corruption drive,(2014). seeking Rivero for “1st Ko Si 3rd” to shore up support among his own Best Actors in the Full-Length coalition include partnersTommy and voters Features Abuelfrusfor trated by the slow pace change.Jr. “Dagsin” (2016), NoelofComia biggest component, the for Pakatan’s “Kiko Boksingero” (2017), EdDemocratic Action Party, has pressed die Garcia for “ML” (2018), Jansen him to deliver legislaMagpusao forlong-promised John Denver “Trendtive changes, including a limit on ing” (2019), Tommy Alejandrino fora primeBaseball minister’s tenure. Earlier this “The Player” (2022), Mikoy month, for the“Tether” party held an Enzo internal Morales (2023), Osreferendum whether(2024), to remain in orio for “TheonHearing” Jojit Anwar’s government, members Lorenzo for “Habang with Nilalamon ng ultimately voting to stay.(2025), and Hydra ang Kasaysayan” See A11 See “Malaysia,” “Gorecho,” A17

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From Göbekli Tepe Londoners find to artificial intelligence: ‘horrendous’ cracks The longhomes humanafter in their search for who are successive heatwe waves

By Pablo S. Trillana By Gautam Naik III

ONG before cities, books,historic the atom bomb, or speakingrisk ma-afONDONERS are facing levels of subsidence chines, human beings were already asking: Who are we? Why ter five successive heat waves dried out the clay soil on which are we here? Is there a purpose to human life? What lies bemuch of the city is built. yond death? Are we alone in this immense universe? Insurance claims tied to subsidMore than 11,000 years ago, at ence—a phenomenon associated Göbekli Tepe in what is now Türkiye, with bouts of hot, dry weather that people enormous stone pillars shrinkraised the soil and destabilize the carved with animals and strange symfoundations on which buildings bols. We do not know exactly what they stand—hit a record last quarter, acbelieved. Butdata the site tells us something cording to provided by the Asremarkable: early human On beings sociation ofvery British Insurers. avwere doing more than surviving. They erage, households claimed £20,000 were gathering, creating symbols, per($27,200) for the risk, more than in forming rituals, and reaching toward any previous quarter and a 15 persomething than themselves. cent jump greater from the same period in The same search appears in ancient 2025, the ABI said. flood stories. In Mesopotamia, the Laura Hughes, head of general Atrahasis wasABI, written Akkainsurancestory at the saysinthe updian BCE. The wardcuneiform trend isaround likely 1635 to continue. Epic Gilgamesh another “We of expect to seepreserves more subsidence flood story in Tablet XI. In India, Manu cases because of the hot weather,” appears in the Śatapatha Brāhmaṇa, she said in an interview. roughly 800–600 BCE.taken GreecetorememLondoners have social bered Deucalion. Plato, in the media to express theirwriting dismay. On fourth BCE, told ofpersonal Atlantis, Reddit,century people offered which he said Solon had learned about accounts telling of “horrendous from Egyptian cracking” in priests. their homes, and Did these stories from one “doors sticking” duecome to subsidence. ancient catastrophe? We do not know. One said it was “genuinely scary” Atlantis has never been proved acto discover that their kitchenbyhad cepted archaeology. The flood stories moved as the foundations of the may homepreserve shifted.real disasters, or may have developed separately among Another Reddit user described peoples who knew power of water. the response of athe structural engiThe position isfor neither neersensible they contacted help.blind “Bebelief ridicule. We explaining can remain cufore Inor could finish he rious while still asking evidence. laughed and said, ‘Youfor and 20,000 Across Egypt, Babylon, India, other people in southeast London’,” Greece, Rome, Mesoamerica and Asia, the person wrote. human beings continued looking for “It’s crazy, what’s happening meaning. stars, now,” saidThey Otso watched Lahtinen,the chief exmeasured seasons, temples, ecutive ofthe Geobear, anbuilt engineering prayed, meditated, and created firm that’s regularly called in tophirelosophies about life and death. Their pair damage caused by subsidence. answers butand beneath them “It’s the differed, new norm, it seems it lay a common question: Is the world will happen more often in the next we see only part of a greater reality? 20-30 years.” Centuries later,by Meister Eckhart Data provided Aviva Plc show looked forareas that greater realitythat within that the of London are the human beneath possesmost at riskperson, are some of the UK capisions, ambitions and the restless tal’s most sought after, namely the ego. Baruch Spinoza looked outward boroughs of Westminster, as well as toward nature. He spoke ofWhile Deussubsive Kensington and Chelsea. Natura—God or Nature—the infinite sidence has been affecting homes reality all exists. Albert in the within Britishwhich capital for decades, Einstein admired this idea and spoke climate change is making it worse. of the astonishing order and harmony London clay is especially sensitive to of the universe. fluctuations in moisture, expanding Pierre de Chardin asked when wetTeilhard and contracting when dry. another question. What if evolution The threat of subsidence in the is more than the development of the UK is concentrated in and around human body? As life became London as well as in parts ofmore the complex, consciousness also seemed to southeast. In the four years through deepen. Eventually there came a crea2025, insurance payouts for subture able not only tosoared think, roughly but to know sidence damage 90 that it was thinking. Teilhard percent to reach a record £297wonmildered whether humanity itself might lion, according to data provided by therefore be moving toward greater the ABI. consciousness. He called properties the growThe most vulnerable ing world of shared human are Victorian or Edwardianthought homes the with billions of thatnoosphere. were builtToday, directly onto the upminds connected almost instantly, the per layers of London clay. By contrast, idea seems easier to imagine. modern office buildings in the City Rizal belongs beautifully in have this of London and Canary Wharf conversation. his exileand in Dapimuch deeperDuring foundations are tan, he exchanged letters Jetherefore less exposed towith suchthe risks. suitSubsidence Fr. Pablo Pastells faith and is partabout of a long list of reason. Rizal resisted superstition heat-related challenges to whichand the blind of what UK isacceptance now struggling toreason adapt.could Over not embrace. Yet he did not the past months, extremereject heatGod has or mystery. In April 1893, wrote: forced schools to close, ledhe bus drivRevelation but in that ers“Itobelieve go onin strike, and seen banks living of Nature that surrelax revelation in-office work requirements rounds us everywhere, mighty to protect staff fromin that unbearably voice eternal, incessant, incorrupthot commutes. Most of England ible, likeand the has clear, been distinct, gripped universal by drought Being from which it emanates, in that the country’s hospitals have shown revelation that speaks to us and pensigns of buckling under the strain. etrates into Mayor us fromSadiq the moment we London Khan has are bornthat untilthe wecity die.” warned will need to turn He theninvestors asked what books could to private to help fund the better the goodness, provicost ofreveal dealing with thelove, impact of dence, eternity, glory and wisdom of rising temperatures. His office estiGod. us tonow usefaces reason, matesRizal thattells London an but analso to look around us. Nature nual bill as high as £36 billionitself into may become a book. the 2050s in order to prepare the city Steinerchange later added forRudolf what climate has another in store. thought. Knowledge, he said,change should “The impact that climate not simplyisbecome a private is having undeniable,” saidtreasure. Hughes

Data provided by Aviva Plc show AI may be morethat than that thetherefore areas of London are mostinvention. at risk areItsome another is alsoofathe mirUK capital’s most sought after, ror. We have created machines namely the boroughs of Westthat calculate, recognize patterns, minster, as well as Kensington write, and answer questions. But and Chelsea. While subsidence this raisesaffecting a harder question: Are has been homes in the human beingsfor becoming British capital decades,wiser clias ourchange machines becomeitmore mate is making worse. London clay is especially sensitive intelligent? to fluctuations in moisture, exLearning should help us grow and panding when wetlarger and contractserve something than ouring when selves. He dry. wrote: “Every idea which

becomes your ideal creates within you life-forces.” of the ABI. Here Rizal and Steiner aalmost Subsidence can devalue propmeet. Rizal asks us to the world. erty by an average ofread 20 percent to Steiner asks according what we will do with 25 percent, to the Fedwhat weof learn. eration Master Builders. In some Ancient Indian traditions also cases, homeowners prefer to cover speak of great cycles in human history. the cost themselves rather than Sri Yukteswar that humanwade throughproposed complicated claims ity had passed through its darkest age, processes. The traditional engiKali Yuga, and that 1899 marked entry neering fix for subsidence damage, into a newasascending period associated known underpinning, can cost with greaterfrom understanding nature’s anywhere £20,000ofto more forces. This is a spiritual teaching, not than £100,000. an accepted scientific chronology. The development representsYeta consider followed: particularwhat risk to insurers,electricity, with subradio, airplanes, relativity,upquantum sidence claims making an ever physics, nuclearofenergy, space travel, larger chunk the payouts they computers, thetointernet—and need to make customers. now artificial intelligence. poses “a sigThe phenomenon AI may therefore more than nificant challenge forbeUK home inanother It Chan, is also aa partmirsurers,” invention. says Cherry ror. have created that ner We at Deloitte. Themachines consultancy calculate, recognize write, has warned that UKpatterns, home insurers and Butin thispart raises riskanswer losses questions. in 2026 due to athe harder question: Are human beings trend. becoming our machines beAlong wiser with asflash floods and come more intelligent? wildfires, subsidence is becoming possess more knowledge and “anWe increasingly material climatepower earlier relatedthan risk,”any Chan said.civilization. It requires Yet is not wisdom. thatknowledge insurers display “carefulIntelconligence is notin compassion. sideration long-termTechnology exposure can quickly while human and advance risk management strategies.” character advances slowly. Extreme weather patterns in The same appears innew to2026 “will notmystery only impact more day’s interest in UAPs—unidentified claims in this year, but could cause anomalous phenomena. and claims deteriorations forPilots unsettled military personnel have reported subsidence claims reported in the things they couldThat not readily explain. past,” she added. includes 2025, Diana Walsh Pasulkasurge studies which was a so-called yearhow for such experiences can create beliefs subsidence impacts. resembling older religious Fresh estimates fromtraditions. the BritBut unexplained does not mean extraish Geological Survey indicate that terrestrial, no publicly verified under whatand is known as the RCP evidence has established that visitors 4.5 emissions scenario—reflecting from anotherthat world are here. a trajectory closely aligns with Still, the ancient question returns: current climate policies—1.8 milAre alone? or about 5 percent lionwe properties, Steven Disclosure Day of the UK Spielberg’s total, are “highly likely or gives dramatic form to that fascinaextremely likely” to be susceptible tion. Yet perhapssubsidence the greatest to shrink-swell bydisclo2070. sure will not come from the sky. PerUnder a higher emissions scenario, haps it willrises be about ourselves. the figure to 4.2 million, or 11 From Göbekli Tepe to ancientAreas flood percent, of British properties. stories, and Spinoza to most atfrom risk Eckhart are densely-populated Teilhard, and Kent Steiner, from the parts of Rizal London, and southfirst temples to artificial intelligence, east of England. humanity has continued the The development has asking the potensame question in different languages: tial to lead to “increased insurance What does itdepressed mean to behouse human? premiums, prices Wein need not believe mystery. and, some cases,every engineering Neither we close minds to works tomust stabilize landour or property, everything explain. replacementweofcannot utilityyet pipeworks Mystery does transport not requireinfrastruccredulity. and unstable It requires humility. ture,” according to the BGS. Perhaps will fiGeobear,human which progress tackles subsidnally mean something only when ence by injecting resin under buildintelligence grows together with wisings, says it’s received more homedom, withsummer compassion, ownerknowledge inquiries this than and responsibility. everpower before.with It says insurance clients Then the oldest questions remain: have confirmed a similar trend, with Who are we?Geobear Why areitwe And one telling hadhere? received what are we becoming? 180 claims on a single day, which is significantly more than normal. Dr. PabloaS.pretty Trillana III issevere the formersituation,” chair of the “It’s National Historical Institute, which is now theyou’re Nasaid Lahtinen, the CEO. “If tional Historical Commission thebuy Philippines. He is looking to trade, sellofor property, athis distinguished historian who has also served as the With is a trend you can’t ignore.” president of the Philippine Historical Association. assistance from Neil Callanan /Bloomberg

Opinion BusinessMirror

A11 Wednesday, September 2, 2026 Wednesday, August 26, 2026 A17

The longest cloggedMonday arteries of Metro Manila What makes the experience

the possibility that any passerby—

Dr. Jesus Lim Arranza

MAKE SENSE

AM 84 always years old. At thisofstage of Manila’ life, ones expects certain indigniHAVE thought Metro waterways as the veins in ties—the jointsWhen that ache the are morning, theflowing, memoryI that ocmy own body. myin veins clear and am healthy, casionally thewhen realization that you have outlived tooup many energized,falters, alive. But they clog—when plaque builds and people loved. What one does expect, noiselderly the flowyou stutters—my entire beingnot suffers. Thewhat same true forperson the city should have Our to endure, the particular tortureManila’ of being maroonedsysin I call home. esterosisand rivers are Metro s circulatory atem, car and for 10 hours, onon a highway promised efficiency but right now,trapped they are the vergethat of cardiac arrest. delivered only incompetence.

government unit must find their The images from Parañaque still Monday, 31st, dawned they always do, andsurveys the floods original cadastral and folrehaunt me. OnAugust August 12, 2026, Presiwith purpose. My son Jim, my drivlowed, as they always have. Yet member where their waterwaysthere actudent Ferdinand Marcos Jr. stood er, and Iwhat left the in the we or allysat, are.hour Thenafter theyhour, mustcrawling do the difbefore he house calledata six “critical” morning, bound for La Union. My stopped completely, with nowhere to ficult work: if structures have been situation—a “sea of trash” so vast Evelyn wasclearing from there, and since her turn, nothese exit to escape, they no informabuilt in channels, must be it required operations haulpassing last400 year,tons I had found the tion to guide There us. is no other way demolished. ing nearly ofnot garbage, the strength toofvisit The amwater an oldtoman. body forIthe flowMy freely, fordoes the equivalent overour 70property. dump trucks. house sits quiet now, emptied of her not such confinement. veinsforgive to pump cleanly again. My Flashfloods had transformed the laughter, her presence, the life shea son,But driver, and I satalone in thatwill vehicle demolition not Redemptorist Water Channel into as the morning stretched into afbrought to every room she entered. change behavior. We need immedigrotesque exhibition of our collecternoon, as the afternoon dragged But National Heroes Day seemed fitate, practical solutions that empower tive negligence. I imagine the heavy toward watching fuel ting somehow — a holiday, a moment citizensevening, rather than merelythe punish debris—furniture, appliances, the gauge theI call temperature of pause inremnants a world that rushthem.dwindle I proposeand what a Penalty discarded of keeps daily life— of patience all around us.mechaing forward. thought Istations was readylike to and Rewardrise Ordinance—a choking the Ipumping We that do not the impossible. face the memories. nism is ask budget-neutral andI blood clots in a dying artery, forchave lived long enough to understand I did not know I was driving into immediately implementable by any ing the water to spill into streets that man can stop rain,tothat an localno government unitthe willing try. andordeal. homes. typhoons will come and waters willa The North Luzon Expressway Here is how it would work: What struck me most about the rise. But herefine is what I cannotfor accept: should be ainspection straightforward path. mandatory of P1,000 anyPresident’s was his obserthis flooding was not a surprise. You pay your toll, you proceed, you one caught dumping garbage into vation that this was not merely local These are known areas. reach destination. is the waterways. This isflood-prone not excessive—it refuse.your These were largeThat discarded Year same of contract. on that Monday, is theafter costyear, of athe meal at astretches mid-range items, theBut kind thatfateful don’t appear by NLEX surrender theto water. the contract broken forchoice. thourestaurant, a smalltoprice pay forYear the accident but was by deliberate after year,damage motorists are trapped in sands of us. Thethe rains had come, as collective caused by choking Someone made calculation that our city’s veins. But enforcement is it was easier to abandon a broken the challenge, and this is where the sofa to the river than to dispose of it ordinance becomes clever. Citizens properly. Someone else decided that who report violations via smartthe waterway was a convenient grave phone, providing photographic or for appliances that had outlived their video evidence, would receive a 50 usefulness. This was not poverty percent reward—P500—for each speaking; this was a culture of consuccessful conviction. venience, enabled by the absence of This creates a self-sustaining ecoconsequences. Yash Roy, Patrick Sykes & Alex Dooler system of accountability. The fine I believe theBysolution requires pays for the reward, with the remainwhat so many of our problems deREASURY Secretary began weekadministravowing ing P500 goingthe toward mand: strong political will. It is Scott not Bessent anof“economic onslaught” its trading parttiveIran costsand or waterway maintenance. a matter ignorance—we all know against ners in atrash freshinto bidrivers to endis the war. the becomes week’s end, counThe By citizen the eyes of the that dumping tries with to Tehran had so far shrugged off the threat and analaw, transforming every smartphone wrong. It is aties matter of enforcement, lysts were the left cost underwhelmed by the into US actions. a potential instrument of civic of making of convenience duty. The would-be dumper must higher than the cost of compliance. now calculate not just the risk of a The path forward, I believe, must respond a request for them, comment China, buys 90Every percent of barangaytotanod catching but begin withwhich reclamation. local on Friday. Iran’s oil, issued a defiant warning to Washington rather than back down. Iranian bank branches remained Trump’s Iran ‘D-Day’ hasn’t open in Dubai. At one Bank Melli stormed beaches branch in Abu Dhabi, staff were BESSENT’S threats—and the collecBy Philip Heijmans & set up a workgroup review marriage busy typing awayJ.and one employee tive global shrug soto far—underscore Srinidhi Ragavendran and Trump parenthood measures, and main plans explained that they were still open the administration’s to spend nearly S$7 billion on related for business. conundrum as it seeks to sanction INGAPORE Prime Minister Lawinitiatives this fiscal year. Commercial flights also continIran into meeting demands. Anya rence Wong announced a package Singapore is also its on track to become ued between Iranbenefits and Turkey as well effective sanctions campaign of childcare to support super-aged society this year, withwould a fifth as Iran and the United Arab Emirates, need hit China, a move that risks families as the city-state grapples with of its to population aged 65 and above. a record-low birth rate and Wong said in Juneand thatpotentially his governwhich had promised lastrising weekconto sparking retaliation cerns all over theand costfinancial and pressures of ment would rely less on incentives to sever trade transacmassive global economic fallout. raisingwith children. encourage Singaporeans to have more tions Tehran. Routes flying to Anything less would add to Iran’s Each Singaporean child will receive children and focus instead on making Thailand and Azerbaijan, as economic notyears enough to almost S$70,000 ($55,150)asinwell direct family life pain easier,but after of meamultiple destinations in both Rusbudge its strategic calculus. assistance through age 17, starting sures including baby bonuses and exsia and China, remained unaffected. US credibility is also at stake. with a S$10,000 baby gift, Wong said panded paternity leave. during hisweek National Day Speech Underrepeatedly the new childcare leave As the came toRally a close, the Bessent compared thepoliUS on Sunday. The government will also cy, every working parent 1944 will get eight US announced plans to sanction response to the historic D-Day significantly increase paidofchildcare days with in oneNormandy, child up to 12 years old, the UAE-based branches Egypt’s landings France—a leave and aims to cut monthly fees for 10 days with two children and 12 days Banque Misr. That fell well below excoordinated land and air invasion subsidized full-day childcare to S$150. with three or more children. For a workpectations after Bessent’s warning aimed at toppling theprimary Nazi regime. “Today, families everywhere are uning couple with three school that the world would see “a major But the US acted unilaterally with der growing pressure,” Wong said during children, they would receive 24 days of announcement of awhich financial instiits latest move, other the annual address, is typically leave, up from just pressuring 4 days. used tobeing set out the government’s key Wong also said he working wouldn’twith rule tution sanctioned by the end countries rather than policy out expanding paid parental leave, of thispriorities. week.” “We want to make a them, and Bessent openly acknowlfundamental in how we support which now uptoo to seven half “As the warshift passes the six-month edged thattotals going fast and anda too families.” months, but would leave the current mark, the public actions taken by hard risked tanking the global fiFamily support has become a top priarrangements in place for now to give the Treasury Department this fertilweek nancial system. ority for Singapore, with its total employers time to adjust to the recently do not match the hype,” said Alex Further muddying the picture, ity rate falling to a record low of 0.87 last introduced changes. Zerden, former US Treasury ofBessent also said the was engaged year. Thataprompted the government to “I have decided thatUS the government ficial and founder of Capitol Peak in “quiet diplomacy” to get its way. Strategies. US officials turned to counterparts “Operation Economic Outcast is in the UKValdes askingfor for a statement of and Eula “Dagitab” (2014). a continuation of 47 years of restricsupport, according to people familBest actress in the Full-Length tive economic measures against Iran iar with the matter. Features include Hasmine Kilip for continued from A16 but does not provide a clearer theory The Treasury chief is also ex“Pamilya Ordinaryo” (2016), Angeli of economic or military victory in pected to speak with fellow finance Martin del Rosario for “Tayo Lang Bayani for “Bagahe” (2017), Ai-ai dethis campaign,” Zerden said. ministers weekend at a (2018), Group Angcurrent Nakakaalam” (2026). las Alas forthis “School Service” The Treasury Department didn’t of 20 gathering in Asheville, North Best Actress awardees in the Ruby Ruiz for “Iska” (2019), Max EiD i rec tors’ showc a se i nc lude genmann for “12 Weeks” (2022), Pat Meryll Soriano for “Donor” (2010), Tingjuy for “Rookie” (2023), Gabby Saravanan Murugan wereand charged Raquel Villavicencio for “Bisperas” Padilla for “Kono Basho,” Marin the past(2024), week Mylene follow(2011), Vilma Santos for “Ekstra” iancourt Riveraover for “Balota” ing probes by the Nilalamon Malaysianng Anti(2013), and Nora Aunor for “HusDizon for “Habang Hycontinued from A10 Corruption Commission. Both are tisya” (2014). dra ang Kasaysayan” (2025), MariAnwar’s administration has also members of Barisan Nasional, a key Best Actress awardees in the New etta “Pokwang” Subong for “2 Valid intensified investigations alpartner in Anwar’s multi-coalition Breed include Lovi Poe for into “MayoIDs” (2026). leged corruption since the electoral government that has emerged acas han” (2010), Eugene Domingo for The latest victory by character setbacks. an increasingly potent electoral ri“Ang Babae sa Septic Tank” (2011), tress Ruby Ruiz marks her fourth BalFormer Prime Ismail val after its strong performance Ama Quiambao forMinister “Diablo” (2012), anghai trophy, cementing her placein in Sabri Yaakob and former minister state polls. history with the most Irma Adlawan for “Transit” (2013), the festival’s

infuriating the silence. the jeepneyisdriver waitingThe for passengers, the vendor selling taho, the absence of warning. The failure student walking home—might docuto divert traffic ment their crimebefore and bethousands financially of vehicles became imprisoned incentivized to report it. might argueThe thatapparent this turns on Some the expressway. neighbor against neighbor. I would indifference man-tocounter that of it those turns who neighbor wardthis neighbor—toward theour shared age road, who collect interest of a city that functions, that tolls but seem to feel no obligabreathes, that does not flood every tion therain suffering of those who timeto the falls. We are already paying theThese pricepeople for clogged pay them. are notwaterways: the damage to homes, the assets to their company;the their disruption of commerce, disease that follows standing water. incompetence is damaging theThe P500 fine is not a punishment; it is company’s image. a repayment of the debt owed to the

this identical nightmare. community. IPresident later found out that theoffloodMarcos spoke longing on this stretch of the NLEX beterm solutions—waste-to-energy gan the daysustainable before, andinfrastructhat only programs, trucks were waste allowed to pass. Then ture, better management fawhy were thousands of small cars cilities. These are necessary dreams. like ours permitted on the NLEX But we cannot wait for infrastructure that morning? to solve a behavioral problem. We What makes the experience infuneed immediate action that changes riating is the silence. The absence of the calculus of convenience. We need warning. The failure to divert traffic to make the veins flow again, not before thousands of vehicles became someday, but today. imprisoned on the expressway. The Our waterways are our veins. apparent indifference who When they are clogged,ofwethose all suffer. manage who collect our But whenthis theyroad, flow freely, the entire tolls but seem to feel no obligation city comes alive. The choice—and the to suffering of those willthe to act—belongs to us. who pay them. These people are assets to Dual solutions for not Metro Matheir company; their incompetence nila: Waste-to-energy and urban is damaging the company’s image. relocation There is something uniquely President Marcos is advocating galling about paying(WtE) for the privifor a waste-to-energy program lege of being trapped, of funding an as a long-term solution to Metro Manila’s worsening garbage problem and the flooding that comes with it. He has set an initial implementation target for 2027, and the government has already taken steps to move the plan forward. In particular, the Department of Energy included roughly 400 megawatts of WtE capacity in the Green Energy Auction scheduled Officials in nations that have trafor October 13, 2026. If carried out ditionally economic effectively,had thisstrong approach could help turn waste intohave usable links with Iran notpower heardwhile reducing the volume of garbage that much from the US this week. Turends up in landfills. WtE program may keyWhile has notthe received any formal offer lasting benefits, Metro Maguidance from the US on the renila’s local government units can strictions and howthe they apply to also help address crisis sooner. In myaccording view, onetourgent Iran, peopleconcern familiaris

World mostly shrugs off Bessent’s ‘D-Day’ Iran sanctions threat

with the matter. But they believe they’ll have adequate time to discuss and implement requirewill cover the they cost ofare allinformed, statutory child ments once related leave, up to the reimbursement they limit,”said. he said. “This will reduce, of course,

infrastructure that failsofyou when the continued presence residents you need it most, of watching those who live along creeks, in violation responsible at a problem that of the legalshrug easements of waterrecurs with predictable regularity. ways. These communities are not NLEX management should comonly contributing to environmenmunicate with the teams tal damage by discardingresponwaste sible maintaining the but highway. into for creeks and canals, they Their apparent to the are also using indifference our waterways as suffering of motorists the toilets. This behavior harms can intencompany’s sify public image. health risks and worsen After years of this—flooding in existing problems in health and the same places, suffering that besanitation, especially during rainy comes almost we seasons when seasonal—surely water levels rise and are entitled to ask questions. What contamination spreads more easily. permanent solutionsargue have been Some observers thatengicerneered? Why do may the waters stillother win? tain politicians “look the Where is theinformal accountability? way” when settlers build I never reached La Union day. shelters on creeks, partly that because We turned back near San Simon, Buthese residents are part of the votlacan when we were informed that ing public. However, it is precisely NLEX opened thethat middle part of the for that reason local officials highway to let cars make a U-turn. should act with seriousness and reExhaustedThe andrelocation defeated,of wefamilost sponsibility. the of our journey should to the lies purpose living near waterways chaos. My wife’snot hometown remains be considered as punishment, unvisited, the property still waiting, but as a protective measure. When the memories still pending. flooding becomes severe, these comI am 84, I do danger not have infimunities faceand greater to their nite Mondays left. None of us wellbeing. At the same time, thedo. isWe our tolls.waterways We keep our part of suepay of clogged remains the bargain. Weofask only that those a major driver flooding, and the who manage our keepand theirs — repeated cycle ofroads desilting clearthat they warn us, that they plan for ing drains a significant amount of the inevitable, that theythat respect the public funds—money taxpaydignity and theshoulder. time of the people ers ultimately they serve. Relocating residents away from Is that too to ask? waterways canmuch therefore serve two purposes at once: it can reduce the Dr. JesusofLimworsening Arranza is the Chairman causes flood Emeritus condiof the Federation Philippine and contions and itofcan easeIndustries the long-term current of the Anti-Smuggling Anti-as costsChairman of continuous cleanup.and Just Illicit Trade Committee. importantly, it offers these communities a better chance at safer living conditions, especially when flash floods expose the vulnerability of settlements built in prohibited or high-risk areas. For these reasons, local officials should prioritize relocation efforts as a practical and humane step toward protecting both the public and the people most affectand Reviewflooding Commission, ed bySecurity the worsening crisis. which advises the US Congress. All these and other efforts can help In the meantime, theout US appears President Marcos carry plans to no closer to ending the war that address Metro Manila’s garbage and Trump floodinglaunched problems.alongside Israel in late February. Iran has endured decades has Dr. Jesusof Limharsh Arranzasanctions is the Chairmanand Emeritus recently faced a full US Navy blockof the Federation of Philippine Industries and conade its ports that has dried up currentofChairman of the Anti-Smuggling and Antioil exports. Illicit Trade Committee. Officials in nations that have traditionally had strong economic links with Iran have not heard much from the US this week. Turkey has not received any formal guidance from the said Sunday thatthey the US Wong on thealso restrictions and how city-state stronger safety apply to would Iran, require according to people standards from social media platforms familiar with the matter. But they to protect children online. While he believe they’ll have adequate time to offered no specifics, he said the govdiscuss implement ernmentand would considerrequirements additional reonce they are informed, they strictions, including raising thesaid. minimum age for accessfrom abovePakistan 13 years inold The response to platforms dicated thatwhose evensafeguards countriesremain with inadequate. close ties to the US are feeling little Singapore has been considering immediate pressure fromsocial the new stronger measures around mecampaign, at least so far. dia for some time, following Australia’s While Islamabad has won praise world-first ban for children under 16, which Trump took effect from forinitsDecember. mediation efToday, the platforms “mostlywas relyno on forts to end the war, there users to declare own ages and we indication thattheir its overland trade know this is not working well,” Wong with the Islamic Republic—such as said. “They will have to put in place roin rice mangoes—had slowed bust andand reliable checks so that the mindown. Pakistan’s Foreign Ministry imum age is properly set and enforced.” spokesman Tahir Andrabi plans told reIn addition, Singapore to merge several islands south Jurong porters this week that theofcountry Island a larger for to new in“is notinto obliged” toisland respond unidustries, including advanced manulateral sanctions. facturing, and power infrastructure, “The idea Iran can be knocked Wong said. The government is also out with undersea this is risible—it’s gostudying tunnels to not connect ing to move the needle,” said StePulau Tekong to the mainland, he said. phen Fallon, principal adviser at Bloomberg DBM Consulting. “It’s not possible to get a completely airtight seal on this thing. There are too many award for Status: Rejected, in a actie tors, it’s too“Pokwang” rewarding Subong for the with and Marietta people “2 Validinvolved.” IDs.” Withyoungest assistance from Magdalena Del Valle, The winner of Best AcBeril Akman, Siddharth tor award was Noel Comia Jr.Philip, for Khan, Paul Wallace, Jenny Leonard “KikoTooba Boksingero” (2017) when he Milliganby / Bloomberg was 13 yearsand old,Ellen followed 5-yearolds Ansen Magpusao for “John Denver Trending” (2019) and Enzo of economic well-being many Osorio for “The Hearing” for (2024). Malaysians. Cost-of-living Nathan Lopez was alsopressures 13 when and rising identity politics have been he was given Special Citation for prominent issues. “Ang Pagdadalaga ni Maximo OliAnwar is scheduled to unveil the veros” (2005). 2027 budget on Oct. 9, when he is set Atty. to announce a broader Dennis R. Gorecho heads thepackage Seafarers’ of measures at easing Division of theaimed Sapalo Velez Bundanghousehold Bulilan Law pressures and bolstering support for Offices. For comments, e-mail info@sapalovelez. his Bloomberg com,government. or call 0908-8665786.

Singapore unveils sweeping family support as births tumble

Gorecho. . .

Malaysia. . .

the financial burden on employers.”

Carolina. One ofgive thepreferred biggest quesSingapore will access tions attendees will likely have to couples for every child they havefor or Bessent is whether the US isfor willing are expecting when applying their first public housing, a key to hitsubsidized a Chinese financial instituavenue for homeownership for chair most tion, according to Josh Lipsky, citizens. “We want toeconomics help growing of international atfamithe lies secure a home sooner,” Wong said. Atlantic Council. The city state will raise from MonUAE, a ceiling key USfor strategic ally, dayThe the income public Buildsaid earlier thistomonth it would to-Order flats S$16,000 from cut the current S$14,000, forBut executive financial ties withand Iran. some condominiums—a form of quasi-public flight and banking links with Tehhousing—to S$18,000 from ran appear to continue, S$16,000. and the The government will also consider adUAE’s government described its ditional housing support for those with move a statement to Bloomberg larger in families, Wong said. News as a “sovereign decision reThe 53-year-old premier has already flecting its strategic assessment moved to cushion citizens from external shocks, out nearly S$2and billion of of the rolling national interest the support after the East conflict requirements of Middle regional security.” pushed uponenergy costs.which Meanwhile, Asked Thursday counSingapore’s economy has been riding tries the US had approached so far, the AI boom, which has boosted related President Donald Trump respondmanufacturing and trade sectors. It reed, “about Iran? There’s not agrowth lot to cently raised its 2026 economic speak to.toWe want to speak to forecast 4.5don’t percent to 5.5 percent. them. We’re not looking to meet or anything.” “You of can’t unleash meaningful number acting citations: two Best economic on Iran igactress forwarfare “Iska” (2019) andwhile “Status: noring the one country thattwo absorbs Rejected” (2026), while Best 90 percent of its oil exports,” said LeSupporting Actress for “Ekstra” land Miller, the CEO of China (2013) and “Ginhawa” (2022).Beige Book platform and a commisShedata officially surpassed the longsioner on the US-China Economic time acting record previously held by the late Eddie Garcia. He won Best Actor thrice for “ICU Bed#7” (2005), The anti-graft agency ar“Bwakaw” (2012), and “ML”also (2018). rested an unnamed Baron Geislerex-treasury won Bestchief Acover the alleged mismanagement of tor twice for “Jay” (2008) and “DoMalaysia’s Muslim pilgrimage fund nor” (2010). Tabung Two Haji. actresses won the Best AcMalaysia’s has remained tress awards economy twice: Merylle Soriaresilient under Anwar, butand the “Dopreno for “Room Boy” (2005) mier has acknowledged strong nor” (2010), and Ina Feleothat for “Endo” macroeconomic indicators have yet (2007) and “Sanglaan” (2009). to translate into an2026 improved sense Ruiz shared the Best Actress

Sports BusinessMirror

A12 Wednesday, September 2, 2026

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

ALEX GETS BIGGER STAGE AT BIG APPLE N Lions weather tough leadup to NCAA 102

$1,747.50 (around P109,000) on a verified resale ticket—the fans are coming in droves to watch who at the moment is considered the best Filipino tennis player ever. Stoiana is no longer new in Eala’s radar—she beat the American in straight sets in their first-time meeting in the W100 International Tennis Federation tournament in Landisville, Pennsylvania, in August 2024. Eala also is the favored player entering the match, having booked a breakthrough Women’s Tennis Association Tour title victory at the Mubadala DC Open and a fourthround stint at Wimbledon.

US Open organizers have scheduled Alex Eala’s first-round match at the Louis Armstrong Stadium, the second largest arena at Flushing Meadows. USOPEN.ORG

AN BEDA’s title defense in the National Collegiate Athletic Association (NCAA) Season 102 men’s basketball tournament started off rocky in the offseason but that didn’t dampen coach Yuri Escueta’s belief in the Red Lions. Following the tournament’s press conference at the Mall of Asia Arena on Monday, Escueta bared that the Red Lions faced multiple challenges after Season 101, including a hit in the defending champions’ lineup. Still, Escueta is “satisfied” with how the squad has been responding despite losing all of his starters from last year. “As a coach, I’m satisfied with our preparations, we’ve joined FilOil and Asiabasket and those are tournaments where we prepared ourselves,” he said. “The offseason was quite challenging, and we had injuries, like starting point guard Nygel [Gonzales].” Gonzales suffered an ACL injury during the offseason, Janti Miller switched ships from Mendiola to Taft with De La Salle and Bryan Sajonia, Joe Celzo and Yukien Andrada are all in the Philippine Basketball Association (PBA). On paper, San Beda is looking at a tough path toward back-to-back titles this season which opens on September 13 at the SM Mall of Asia Arena. Aside from their own roster woes, the NCAA’s landscape has changed dramatically over the past couple of months. Lyceum of the Philippines University and Mapua University got some shots in their arms following the appointments of former PBA coaches Jamike Jarin and Chito Victolero. There’s also the rejuvenated Letran Knights who will be bolstered by Titing Manalili, last year’s Rookie and Freshman of the Year awardee. There will also be no shortage of dark horses for Season 102 with Jose Rizal University leading the pack under coach Nani Epondulan—the Heavy Bombers barely missed last year’s Final Four with a 6-7 card. The NCAA Season 102 basketball games will air live and free on Cignal platforms via the ONE Sports Youtube Channel and the CignalPlay app. Select games will also air on Mondays and Thursdays on the RPTV Channel. A dedicated channel to NCAA Content will also be launched in NCAA NXT channel 264 HD on Cignal prior to the opening.

Osaka sports AI-inspired look in NY

Avenue, serving up Filipino specialties such as lumpia, and the shaved-ice treat called halo-halo. The verdict: Both the magnitude of Eala mania and the food you’ll find in Little Manila are amazing, well worth a stop on your way to Flushing Meadows. The neighborhood grew as Filipino healthcare workers settled around local hospitals, especially Elmhurst Hospital, which was known as the “epicenter of the epicenter” during the early days of the pandemic. Wires and usopen.org

‘Alex Eala Mania’ in Little Manila

RGANIZERS of the US Open are making sure they won’t commit the mistake previous tournaments experienced each time Alex Eala played as they scheduled the Filipino sensation’s opening match at the 14,000-seat Louis Armstrong Stadium. The Louis Armstrong Stadium is the second largest at USTA Billie Jean King National Tennis Center in Flushing Meadows after the Arthur Ashe Stadium which seats close to 24,000 fans. “We scheduled her first match at Louis Armstrong Stadium [because]

we knew it had to be a major stadium,” tournament director Eric Butorac told an interview with Tennis Channel. “We thought that’s a great place to start. But I’ve already kind of monitored some of the secondary pricing, and that session is blowing up.” World No. 18 Eala is seeded 17th in the US Open and will face American qualifier Mary Stoiana on Wednesday morning (estimated time in Manila is 8:30 a.m.). Looking at how ticket sales for Eala’s match went on Monday— Ticketmaster data showed a low $279.60 (around P17,000) to a high

ON the eve of the Filipino superstar’s first-round match at the US Open, Eala mania is riding high in Woodside, Queens. It stands to reason: The neighborhood’s stretch of Roosevelt Avenue, officially known as Little Manila, is a 10-minute subway ride from the USTA Billie Jean King National Tennis Center. An estimated 50,000 people of Filipino heritage live in Queens. So inquiring minds at USTA.org were curious about how this close-knit and close-to-the-US-Open community was gearing up for Eala’s debut match. Good things circulated about the restaurants that line Roosevelt

Bregente shines, PHL two off pace in Nomura Cup

OLANDO BREGENTE fired a 69 and Jet Hernandez carded a 73 as the Philippines stood two shots behind Hong Kong after the first round of the Nomura Cup on Tuesday in Beijing. The 24-year-old Bregente had four birdies to power the Philippines to a 142 for a share of second with Japan in the Asia-Pacific Amateur Golf Championship. Shin Suzuki failed to count after firing a 75. Jeffrey Shen and Markus Zachary Lam each scored 70 for Hong Kong, with Ethan Tian’s 73 not counting. Japan got 71s from Taisei Nagasaki and Mao Matsuyama., while Kaito Sato had a 73. China and Vietnam were tied for fourth at 145. Jing Guop Cui shot a 72 and Hao Yi Wang fired a 73 for China, while Vietnam’s Tuan Anh Nguyen shot a 72

and Huy Anh Ho submitted a 73. Thailand was sixth at 146, followed by New Zealand at 147 and Korea at 148. “We really have a solid shot at winning this,” Bregente, whose only bogey came on the 16th when he three-putted from about 25 feet, said. “The greens are the main defense of the course, and I saw Jet [Hernandez] struggle with his putting.”

EW YORK—Naomi Osaka channeled Allen Iverson as part of her US Open debut, and the former National Basketball Association (NBA) superstar liked the look. Osaka made her usual fashionable entrance for her match against Anastasia Zakharova on Monday night in the first round. The two-time US Open champion emerged from the tunnel onto the court in Arthur Ashe Stadium wearing a long, white skirt and a gray, hooded robe featuring newspaper clippings about her. She had the hood on when she entered. When she removed that to reveal her black outfit, Osaka had her hair done in cornrows under a headband, just as Iverson did when was the NBA MVP while playing for the Philadelphia 76ers. It fit with her apparel company’s theme for the US Open after the New York Knicks won the NBA championship in June. Aryna Sabalenka is wearing an orange dress, one of the Knicks’ colors. “It’s my, I guess, my tribute to Iverson. I really like him a lot,” Osaka said following her 7-6 (6), 7-6 (3) victory. “I mean, Nike said basketball, so I said, ‘OK, you want basketball, I’ll give you basketball.’” Osaka wore a shirt with Iverson’s picture when she met with the media on the eve of the tournament and called him a trailblazer. “I think he’s also someone that I look up to a lot, because he’s kind done a lot in fashion, whether it’s on purpose or not, but he’s shifted the way that NBA players dress,” Osaka said Saturday. “I also think the whole conversation around clothes in sports and also just expressing yourself through style, I feel like he’s someone that I look up to in that regard.” She added that they’d never communicated, but Iverson posted a message to Osaka on his Instagram page Monday, writing: “Wow, what a honor!! BIG FAN can’t wait to meet you.”

Alcaraz pain-free

CARLOS ALCARAZ was nervous and excited, but the best of

ROLANDO BREGENTE hits four birdies and a bogey. ADT PHOTO NCAA Season 102 Policy Board Members alongside basketball commissioner Rico Paul Quicho (fourth from left) unveil the tournament on Monday. The tournament opens on Sept. 13 at the Mall of Asia Arena. With Quicho are Dodjie Maestrecampo of Mapua, Fr. Raymund Jose Letran, Fr. Romeo Ben Potencio, Jr. of San Sebastian, Francisco Cayco of Arellano and Anthony Jose Tamayo of Perpetual Help. NCAA PHOTO

Time to retire YOU end up a pathetic sight, and that’s almost unacceptable. But that’s what happened to Novak Djokovic on Monday. Truth has always a way of hurting mortals. The hard-headed suffer, but, mostly, because they never listen. Djokovic, already a certified legend years back, still loves clinging on to glory, hunting for more. But like all the rest before him, he’d also be denied—even swallowed like a luckless prey in accordance with the lamentable laws of nature. It was t he f irst rou nd for D jokov ic in t he US O pen. The almost sell-out crowd at Flushing Meadows in Queens, New York, came and wanted to savor Djokovic’s continuing, almost deathless, campaign to chase history. Instead, they had the horror of their lives. Djokovic was beaten in five sets by a

nondescript Argentinian named Mariano Navone. Djokovic was in the match only in the first three sets, where he had taken command, 6-7, 7-5, 6-4. Good resu lt by a ny ya rd st ic k of st a nd a rd. Bravo! But the celebration was short-lived. Thus, it was no surprise that Djokovic disappeared in the last two sets, where Navone literally imposed his will with his 6-2, 6-1 performance to advance to the second round. Already, Djokovic has 24 Grand Slams. The only man to have achieved that. But he is tied with Virginia Wade for the alltime best record in the majors. He hates that. He wants to be alone at the top. And so, for the last three, four, years or so, he’s been trying to win his 25th. But, then, comes the eternal question in sports: Which goes first, the knee or the mind? Of course, the knee. Age. While the mind is constant, not the knee. Among athletes, the saying, “What the mind can conceive, the body can achieve” is a complete fallacy.

Tiger Woods has 15 majors in golf but as he aged, his dream of equalling, surpassing, Jack Nicklaus’ all-time best of 18 Slams has remained just that: a dream. Father Time is unbeatable. Navone might be a nobody, but anyone making it to the main draw of a major is never a patsy. History is replete with stories about rookies running away with titles in a most dramatic manner. Djokovic was old hat at 39 pitted against the bull-strong, 25-year-old Navone. And because Djokovic has seen better days, his body parts are now prone to injuries. Thus, cracks and creaks showed in the fourth

NAOMI OSAKA rocks the headband over cornrows. AP

set, Djokovic succumbing to four double faults. In the ensuing three-minute timeout, Djokovic’s tightening back was massively massaged. Not enough. Stubborn as a mule, Djokovic played on. He was dismantled in the fifth set, where he shed a tear or two after salvaging one game—the fourth—before Navone completed the matchclinching 6-1 win. The crowd stuck by Djokovic, giving him an ovation as he walked away from the court. Surely, they love him—still. Djokovic’s wife, son and daughter, also stood up in the gallery to applaud—never stopping until after Djokovic had finished signing autographs. No, Djokovic was not beaten. He just grew old. THAT’S IT Happy 60th wedding anniversary (September 3) to Atche Pat and Jake P. Ayson! The Power Couple are going strong as ever. Their secret? They get plenty of sleep, eat well, walk a lot, are friends to all, laugh out loud, love so well and, most important of all, they love God with all their heart, soul and mind. Cheers!

all, he was pain-free as he beat Roman Safiullin, 6-4, 6-4, 6-4, on Monday, showing no problems wit h t he r ight w r ist inju r y t hat had sidel ined t he 23 -yea r- old Spaniard since April. “I don’t know how it looked from outside, but from inside, my feeling was that I was hitting normal,” Alcaraz said. “I was playing pretty normal, playing my style, and yeah, the arm, the wrist, everything felt great.” Forced to miss the French Open and Wimbledon, A lcaraz decided he was good enough to come back at the US Open, stepping right back into Grand Slam tennis without a warmup event. “I had more nerves than usual, but just happy, because, for me, my goal here is to compete, to enjoy, and let’s see how my body’s going to react after the matches, after the competition again,” Alcaraz said. No man has won consecutive US Open titles since Roger Federer took five in a row from 2004-08. AP

Editor: Jennifer A. Ng

Companies BusinessMirror

DELIVERY HERO LOOKS OUT OF NCR FOR NEW MARKET

OODPANDA platform operator Delivery Hero Philippines Inc. is looking increasingly beyond Metro Manila as thousands of small and medium-sized businesses in regional markets become a growing part of its merchant base. The Foodpanda GmbH Philippine subsidiary now operates in 150 cities and municipalities nationwide, reflecting its expansion from its domestic launch in June 2014. The company works with thousands of partner vendors and delivery partners across the country, its current profile read. According to Delivery Hero PHL Growth and Marketing Director Patricia Jacinto, the company’s regional presence is increasingly tied to the growth of local businesses that remain rooted in the communities they serve. “MSMEs (micro, small and medium enterprises) outside Metro Manila are an increasingly important part of foodpanda’s business, with thousands of partner vendors across regional markets,” Jacinto told the BusinessMirror. She added the platform continues to see growth in its mer-

chant base and overall business performance outside the capital. Davao, for instance, has emerged as one of the regional markets where Foodpanda GmbH is seeing expansion among local merchants, according to Jacinto. Some of these businesses are using digital platforms to bring local food products and flavors into the wider online marketplace. MSMEs make up the overwhelming majority of nationwide merchant base actively using the foodpanda platform, she said, mirroring the broader business landscape where more than 99 percent of establishments are classified as MSMEs, according to the Philippine Statistics Authority. The company’s push into regional markets comes as digital platforms become another sales channel for businesses outside major urban centers, although Jacinto said simply getting online is not enough. The regional push also mirrors Foodpanda GmbH’s broader expansion across Asia. The company operates in more than 400 cities across 11 Asian markets, including the Philippines, according to its corporate profile. Bless Aubrey Ogerio

Wednesday, September 2, 2026

Jollibee to spin off intl biz, list at HK Stock Exchange

By VG Cabuag

@villygc

AST-FOOD giant Jollibee Foods Corp. (JFC) announced last Tuesday its plan to spin off its international business and list it at the main board of the Stock Exchange of Hong Kong Ltd. In its disclosure to the local bourse, the company said Jollibee Foods Corp. International (JFCI) will become the listing vehicle and will hold all of the company’s current business overseas. The company said it believes Hong Kong offers the market environment and investor relevance to support the company’s long-term ambitions and is best positioned to recognize the value of its “distinctive business profile and growth potential.” The fundamental rationale for the separation remains unchanged,

which was to establish two independently listed businesses, each with a distinct strategic focus and investment profile, and with the ability to pursue its respective growth opportunities, according to JFC. Hong Kong represents a natural market for JFCI given the depth of Jollibee’s existing presence and brand recognition across Asia, where many of its brands already have strong consumer awareness and market relevance. HKEX also provides access to a broad base of global and regional investors, mak-

ing it well suited to support a business with ambitions that extend well beyond Asia, including continued growth in North America, the company said. Richard Chong Woo Shin, the company’s chief financial officer and chief risk officer, will become JFCI’s chief executive officer. Shin brings three decades of international finance and business leadership experience across consumer, retail, and other industries in Asia, including senior leadership roles at William Grant & Sons, Ralph Lauren, Bacardi and Altria. Since joining JFC, he has played a key role in the company’s financial strategy, capital allocation. A chartered accountant, he holds a Master’s in Accounting from McGillUniversity and a double major in Finance and Accounting from Concordia University. He was awarded the “ING-Finex CFO of the Year” in 2024. Shin will continue to serve in his current roles in Jollibee until completion of the proposed separation, at

‘San Miguel energy units among best supply bids’

Meralco and MGEN tap US firms for SMR feasibility

HE Manila Electric Co, (Meralco) and its power generation arm Meralco PowerGen Corp. (MGEN) have engaged US-based engineering firm Sargent & Lundy and AMH Philippines, Inc. to conduct a feasibility study on deploying small modular reactors (SMR) in the Philippines. The comprehensive study is targeted for completion by the fourth quarter of 2027. The study marks the next step in the $2.8-million technical assistance program funded by the US Trade and Development Agency (USTDA), which was formally announced last February. The study aims to provide Meralco with a rigorous, data-driven basis for determining whether, when, and how SMRs could form part of the country’s future energy mix. A dedicated SMR working group has been established within the Meralco group to lead the study and coordinate closely with S&L and AMH. Sargent & Lundy will lead a vendor-neutral, US-focused SMR assessment program aligned with relevant International Atomic Energy Agency standards and international best practices. The study will examine key considerations for potential SMR deployment, including technology assessment and site selection, grid integration, financial and commercial planning, decision-making frameworks, and stakeholder capacity building through a dedicated series of workshops. “Partnering with Sargent & Lundy marks a pivotal step in turning our nuclear roadmap into actionable, data-driven decisions under our ‘Nest’ program,” MGEN President Emmanuel V. Rubio said. “As we advance this USTDA-funded study, MGEN remains committed to exploring safe, reliable, and lowcarbon technologies such as SMRs as we work to secure the Philippines’ long-term energy future and support the country’s economic growth,” Rubio added. Lenie Lectura

which point he will assume his role as CEO of JFCI on a full-time basis. JFCI is being designed to operate as a fully independent company with a lean corporate organization, equipped with the capabilities required to support and govern a growing international portfolio. “Since the announcement on 6 January 2026 to list our international business, we have been doing the detailed work required to establish two strong, independent companies,” company chairman Tony Tan Caktiong said. “That work has reinforced our conviction in the listing and has led us to conclude that Hong Kong is the market best aligned with JFCI’s business, geographic footprint, and longterm ambitions. The appointment of Richard to lead JFCI is another important step in establishing the company for its next phase. Together with the organization being built around JFCI and its businesses, we believe these steps position both companies strongly for their next phase of growth,” Tan Caktiong added.

IKEA CUTS

Shoppers at an Ikea store in the Brooklyn borough of New York, US, on October 9, 2024. Swedish flat-pack furniture group Ikea is cutting prices by 15 percent to 25 percent across more than 1,500 products, mainly in Europe, in a fresh round of reductions aimed at consumers still under pressure from high living costs. PHOTOGRAPHER: MICHAEL NAGLE/BLOOMBERG

Bugallon solar power plant gets ERC OK

ETROGREEN Energy Corp. (PGEC) announced having secured a certificate of compliance (COC) from the Energy Regulatory Commission (ERC) for its 25-megawatt peak (MWp) Bugallon solar power plant (BSPP). The issuance of the COC follows the approval by both the National Grid Corp. of the Philippines (NGCP) and Central Pangasinan Electric Co-

operative for grid connection in July, signifying the successful completion of the facility’s commissioning tests. “With the issuance of the COC, the facility can now commence commercial operations and proceed with its applications for a “certificate of endorsement for the green energy tariff” with the Department of Energy and for a “renewable energy payment agreement” with TransCo, as the fa-

cility is an eligible project under the second round of the “Green Energy Auction” program. Upon commercial operations, BSPP is expected to generate a stable revenue stream through fixed and guaranteed payments from TransCo,” said PGEC Assistant Vice President for Power Markets Dave P. Gadiano. The facility is developed and op-

erated by Bugallon Green Energy as part of a 111.6 MWp portfolio under Rizal Green Energy Corp. (RGEC), a joint-venture between Yuchengcoled PGEC and Japan’s Taisei Corp. The RGEC is also set to start commissioning tests of the six MWp Limbauan Solar Power Project Phase 1 in San Pablo, Isabela, the last remaining project in the portfolio to be commercialized.

HREE firms, including subsidiaries of San Miguel Global Power, were declared as the “possible best bids” to supply a total of 600 megawatt (MW) of baseload supply to the Manila Electric Co. (Meralco). Mariveles Power Generation Corp. (MPGC), Sual Power Inc. (SPI), and GN Power Mariveles Energy Center (GMEC) offered 200MW each during the competitive selection process (CSP) for Meralco’s 600MW base load supply requirement for a total of 15 years. MPG is operating a 600MW coal-fired power station in Mariveles, Bataan, while SPI operates the 1,200-MW Sual Power Station—the largest coal-fired power plant in the Philippines. Both are subsidiaries of the power arm of conglomerate San Miguel Corp. The bid offers of MPGC and SPI are P5.3573 per kWh and P5.4357 per kWh, respectively. GMEC, on the other hand, submitted a bid price of P5.5789 per kWh. GMEC operates a 600MW coal power plant in Mariveles, Bataan. Meanwhile, the bid offers of Masinloc Power Partners Co. Ltd. at P5.6290per kWh and Therma Luzon Inc. at P5.6988 per kWh were declared as the “possible next best bids” during the competitive auction. “The PSA [power supply agreement] will now proceed with the post-qualification of the best bids, and the bidders and observers are advised to monitor their e-mails for further updates, questions, and notifications in relation to the upcoming post-qualification evaluation,” said Meralco Bids and Awards Committee for PSA Chairman Lawrence S. Fernandez The competitive auction is meant to secure long-term PSAs, aiming to find the lowest-cost power sources to meet its customers’ needs. It is designed to ensure transparency and fairness in the selection of power suppliers. Lenie Lectura

Companies BusinessMirror

Wednesday, September 2, 2026

PSE STOCK QUOTATIONS

September 1, 2026

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK SECURITY BANK UNION BANK COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND LMG CORP MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

53 121.4 10.1 104.1 53.1 13.02 10.3 66.4 7 14.78 72.5 51.15 63.8 23.8 1.41 0.52 3.9 7.69 0.315 0.1 2,600 1.38 210 4,620 0.81

53.45 121.6 10.26 105.5 53.5 14.68 10.32 66.5 7.09 14.8 72.6 52.8 63.9 23.9 1.43 0.53 4.11 7.87 0.335 0.108 2,654 1.42 212 4,700 0.86

50.8 120 10.1 102.5 54 13.02 10.32 66.7 7 14.78 69.7 52.8 63.8 23.7 1.39 0.52 4.21 7.69 0.34 0.099 2,654 1.4 211.8 4,650 0.86

53.5 122.1 10.1 106.7 54 13.02 10.32 66.8 7.09 14.78 72.5 52.8 64.3 23.8 1.45 0.52 4.21 7.69 0.34 0.109 2,654 1.49 213 4,650 0.86

50.8 120 10 101.7 53 13.02 10.28 66 7 14.78 68.9 52.7 63.6 23.6 1.39 0.52 3.86 7.69 0.31 0.099 2,654 1.37 211.8 4,620 0.86

53.45 121.6 10.1 105.5 53.1 13.02 10.3 66.4 7 14.78 72.5 52.8 63.8 23.8 1.44 0.52 3.86 7.69 0.32 0.108 2,654 1.4 212 4,620 0.86

174,190 6,095,130 12,800 3,367,140 146,350 200 255,700 5,121,170 8,300 5,100 2,089,910 1,180 87,450 231,100 25,000 5,000 23,000 600 110,000 390,000 15 1,172,000 8,150 470 50,000

9,186,787 740,568,876 129,230 352,088,801 7,811,490 2,604 2,638,136 340,155,211 58,730 75,378 148,489,392 62,303 5,582,843 5,472,965 35,310 2,600 91,450 4,614 35,200 42,090 39,810 1,670,590 1,729,892 2,178,750 43,000

1,495,166 138,868,258 125,270,165 416,959 -835,570 -60,056,444 60,598 29,095,753 -2,640 -1,263,612 -1,273,360 -40,860 1,510,538 2,132,250 -41,280

INDUSTRIAL

ACEN CORP 2.71 2.72 2.86 1.19 1.2 1.13 ALSONS CONS 0.74 0.75 0.76 ALTERNERGY HLDG 45.1 45.25 45.05 ABOITIZ POWER 1.17 1.18 RASLAG 1.18 0.109 0.11 BASIC ENERGY 0.11 CITICORE RE 4.87 4.99 4.95 FIRST GEN 25.05 25.25 25.35 FIRST PHIL HLDG 100 101 97.5 MERALCO 438.8 440 460 MANILA WATER 35 35.05 34.8 MAYNILAD 18.68 18.52 18.6 2.29 2.3 2.27 PETRON 4 4.07 3.93 PETROENERGY 15.16 15.18 PRYCE CORP 15.2 9.6 9.79 REPOWER ENERGY 9.8 16.6 16.64 17.16 SEMIRARA MINING 26.3 26.35 26.1 SYNERGY GRID SHELL PILIPINAS 8.08 8.1 8.25 SPC POWER 9.38 9.39 9.4 SP NEW ENERGY 1.2 1.21 1.22 TOP LINE 1.73 1.75 1.7 VIVANT 19.18 20.45 20.45 2.88 2.81 2.94 AXELUM 0.31 0.325 BALAI FRUITAS 0.33 9.6 9.92 9.6 CNTRL AZUCARERA 32 32.15 32.4 CENTURY FOOD 3.77 3.77 DEL MONTE 3.85 3.57 3.59 3.59 DNL INDUS EMPERADOR 15.5 15.64 15.38 SMC FOODANDBEV 47.25 47.3 47.45 FIGARO GROUP 0.62 0.63 0.65 0.65 FRUITAS HLDG 0.64 0.64 GINEBRA 217.6 218 219 JOLLIBEE 150.1 152.8 153 1.84 1.85 1.88 KEEPERS HLDG 21.6 22 22.5 LIBERTY FLOUR 2.18 2.21 2.31 MAXS GROUP 0.069 0.073 0.069 MG HLDG 6.76 6.9 6.8 MONDE NISSIN 5.57 5.6 SHAKEYS PIZZA 5.6 ROXAS AND CO 2.4 2.52 2.41 5.26 5.27 5.29 RFM CORP SWIFT FOODS 0.055 0.057 0.056 59.9 59.95 60.95 UNIV ROBINA VITARICH 0.495 0.5 0.51 1.9 1.9 VICTORIAS 1.99 0.41 0.415 0.415 ATN HLDG A 0.41 0.415 0.415 ATN HLDG B 54.05 57.95 57.95 CONCRETE A 51.7 51.15 CONCRETE B 59.95 1.26 1.27 1.25 CONCREAT HLDG EEI CORP 1.84 1.85 1.85 MEGAWIDE 4.96 4.95 4.74 PHINMA 14.9 14.02 14.9 1.85 1.81 1.83 CROWN ASIA EUROMED 1.1 1.12 1.13 MABUHAY VINYL 5.15 5 5.15 10.8 11.08 11.04 CONCEPCION 0.165 0.163 GREENERGY 0.168 7.07 7.17 7.23 INTEGRATED MICR 2.44 2.45 2.45 IONICS 7.18 7.18 PANASONIC 7.32 1.27 1.28 1.31 CIRTEK HLDG STENIEL 1.98 2 1.98

2.9 1.22 0.76 45.7 1.2 0.11 5.02 25.9 102 468 35.05 18.7 2.32 4.1 15.2 9.8 17.2 27 8.28 9.4 1.23 1.8 20.45 2.94 0.33 9.6 32.4 3.85 3.59 15.88 47.6 0.65 0.65 224 155 1.89 22.5 2.31 0.069 6.98 5.6 2.52 5.29 0.058 60.95 0.51 1.9 0.415 0.415 57.95 59.95 1.3 1.96 5 14.9 1.85 1.13 5.15 11.04 0.169 7.35 2.59 7.32 1.39 1.98

2.72 1.12 0.74 44.7 1.15 0.108 4.82 24.25 97.5 438.8 34.35 18.38 2.27 3.93 15.16 9.79 16.52 25.55 7.84 9.3 1.19 1.67 20.45 2.81 0.31 9.6 31.55 3.77 3.54 15.38 47.2 0.6 0.64 217.8 149.6 1.83 21.5 2.15 0.069 6.76 5.57 2.41 5.23 0.056 59.7 0.495 1.9 0.41 0.415 57.95 51.15 1.25 1.85 4.73 14.9 1.81 1.12 5.15 10.8 0.163 7 2.35 7.18 1.27 1.98

2.72 1.19 0.74 45.25 1.17 0.109 5.02 25.25 100 438.8 35 18.52 2.29 4 15.2 9.8 16.6 26.3 8.1 9.39 1.2 1.75 20.45 2.94 0.31 9.6 32 3.85 3.59 15.5 47.3 0.63 0.65 218 152.8 1.85 21.6 2.18 0.069 6.76 5.57 2.52 5.26 0.057 59.95 0.5 1.9 0.41 0.415 57.95 59.95 1.27 1.85 4.95 14.9 1.81 1.12 5.15 10.8 0.168 7.17 2.44 7.19 1.27 1.98

29,600,000 12,743,000 255,000 543,200 599,000 3,210,000 228,000 1,676,100 64,650 776,170 1,409,400 3,751,300 148,000 141,000 11,300 1,000 3,176,100 2,562,600 580,400 9,600 13,773,000 817,000 200 486,000 830,000 600 1,384,600 3,000 757,000 908,400 17,200 8,254,000 233,000 34,240 641,720 2,734,000 8,600 46,000 10,000 2,745,700 1,300 9,000 748,300 790,000 1,841,330 70,000 104,000 900,000 950,000 20 83,310 1,327,000 126,000 1,712,000 100 981,000 58,000 100 34,000 380,000 2,211,900 5,034,000 5,400 3,042,000 33,000

81,616,820 15,027,340 189,220 24,483,345 695,360 348,370 1,121,440 42,065,010 6,445,766 346,327,118 48,859,685 69,490,598 339,220 568,210 171,460 9,799 53,534,488 66,442,835 4,723,826 90,140 16,617,540 1,415,380 4,090 1,420,620 269,200 5,760 44,283,655 11,470 2,707,290 14,116,596 815,325 5,010,780 151,150 7,480,068 97,848,957 5,080,850 189,265 99,500 690 18,842,921 7,271 21,900 3,930,976 44,980 110,428,309 34,980 197,600 372,000 394,250 1,159 4,261,395 1,702,850 234,560 8,451,110 1,490 1,796,860 65,050 515 367,440 63,510 15,854,610 12,435,180 38,875 4,015,340 65,340

-3,288,480 -142,700 -760 2,748,470 -18,430 488,220 3,377,635 1,423,923 -19,673,860 -36,087,190 -1,827,434 4,560 8,100 171,460 2,668,876 3,555,505 -2,674,406 940 -4,453,420 -467,280 -152,280 136,500 -19,871,510 741,050 -6,580,902 -42,555 419,960 -6,400 -755,108 1,209,671 1,979,900 15,120 -5,971,601 -2,584,273 -64,522,788 -15,345 150,100 8,960 -194,910 385,660 12,810 -2,240 -515 356,400 -6,640 -2,992,727 -406,340 463,560 -

HOLDING & FRIMS

ABACORE CAPITAL 0.34 0.345 0.34 0.35 0.335 0.345 4,970,000 1,700,300 3,400 60.95 61 53.5 61.9 53 61 1,361,340 80,013,428 30,010,789 ASIABEST GROUP 493.6 495 508 510 491.8 493.6 320,170 158,509,488 16,009,938 AYALA CORP 38.6 37.1 36.55 38.95 3,405,800 130,492,740 -33,213,255 ABOITIZ EQUITY 38.95 38.95 9 9.01 9.12 9.14 8.92 9 2,117,900 19,062,667 -12,561,722 ALLIANCE GLOBAL 16.74 16.86 17 16.62 16.86 13,000 217,900 -129,054 ANSCOR 16.86 ANGLO PHIL HLDG 1.53 1.55 1.53 1.72 1.5 1.55 12,390,000 20,001,260 -1,244,340 COSCO CAPITAL 7.88 7.89 7.95 7.95 7.86 7.88 132,200 1,041,870 743,003 DMCI HLDG 7.81 7.82 7.75 7.93 7.72 7.82 2,438,500 19,086,213 -110,400 GT CAPITAL 481.4 482 476.6 490 476.6 481.4 80,170 38,671,102 -162,570 JG SUMMIT 20 20.4 21.25 21.3 20 20 3,736,300 75,849,060 -25,301,700 LOPEZ HLDG 5.31 5.4 5.25 5.51 5.25 5.31 205,100 1,100,465 134,479 15.1 15.12 15.2 15.22 15.08 15.1 2,217,300 33,502,452 -6,958,308 LT GROUP 0.83 0.86 0.86 0.86 1,000 860 PACIFICA HLDG 0.86 0.86 1.11 1.28 1.28 1.28 3,000 3,840 PRIME MEDIA 1.28 1.28 1.17 1.19 1.17 1.19 1.15 1.17 136,000 161,140 118,990 SOLID GROUP 557 557.5 560 563 555 557.5 465,120 259,285,840 -83,076,905 SM INVESTMENTS 63 63.25 62.55 63.5 62.55 63 68,600 4,310,390 173,986 SAN MIGUEL CORP TOP FRONTIER 54 54.2 55 56 54.2 54.2 1,520 83,084 0.074 0.074 0.073 0.072 0.072 0.074 1,350,000 99,030 ZEUS HLDG PROPERTY AYALA LAND 15.02 15.08 15.18 15.68 14.92 15.02 41,876,400 633,512,560 -357,680,696 1.15 1.17 1.14 1.18 1.14 1.15 267,000 305,680 137,410 AYALA LAND LOG 11.8 12.44 12 12 11.72 11.78 11,800 138,598 ALTUS PROP 0.265 0.295 0.27 0.27 0.27 0.27 60,000 16,200 ARANETA PROP 36.7 36.8 36.65 37.15 36.6 36.8 1,323,400 48,668,205 -4,616,760 AREIT RT 0.73 0.73 0.73 0.77 381,000 279,320 A BROWN 0.77 0.77 CITYLAND DEVT 0.61 0.62 0.6 0.63 0.6 0.62 759,000 470,750 442,820 CROWN EQUITIES 0.089 0.094 0.09 0.09 0.088 0.088 200,000 17,720 2.1 2.1 2.08 2.09 2.08 2.1 100,000 208,740 12,490 CEB LANDMASTERS CENTURY PROP 0.64 0.64 0.63 0.63 0.62 0.64 9,029,000 5,681,600 -1,760,240 CITICORE RT 3.14 3.15 3.16 3.19 3.15 3.15 2,204,000 6,978,660 -3,252,790 DOUBLEDRAGON 12.18 12.18 11.98 12.1 11.98 12.18 285,800 3,470,052 25,154 1.03 1.03 1.03 1.03 2,207,000 2,281,800 16,410 DDMP RT 1.04 1.04 4.88 5 5 5 6,000 30,000 DM WENCESLAO 5 5 0.026 0.028 0.028 0.028 0.028 3,000,000 84,000 EVERWOODS 0.029 0.098 0.1 0.099 0.099 0.099 0.099 210,000 20,790 EMPIRE EAST 2.89 2.9 2.87 2.91 2.87 2.89 155,000 449,500 -20,300 FILINVEST RT 0.68 0.69 0.68 0.69 0.68 0.68 14,900,000 10,137,560 -2,120 FILINVEST LAND GLOBAL ESTATE 0.62 0.63 0.62 0.62 0.62 0.62 129,000 79,980 2.48 2.58 2.48 2.48 2.48 2.48 16,000 39,680 KEPPEL PROP 2.3 2.31 2.2 2.3 2.2 2.3 21,759,000 49,578,440 -15,154,410 MEGAWORLD MRC ALLIED 0.7 0.7 0.69 0.69 0.68 0.7 19,791,000 13,725,860 13.58 13.6 13.6 13.66 13.54 13.58 1,283,700 17,441,494 5,196,194 MREIT RT 0.161 0.163 0.16 0.161 0.16 0.161 850,000 136,020 -80,000 PRMIERE HORIZON 0.38 0.39 0.37 0.37 0.37 0.37 10,000 3,700 PHIL ESTATES 1.02 1.03 1.03 1.04 1.01 1.03 238,000 245,000 -18,360 PREMIERE RT 7.16 7.17 7.17 7.2 7.1 7.16 3,056,800 21,825,957 -1,951,879 RL COMM RT 17.12 17.1 17.08 17.7 848,000 14,854,522 6,054,266 ROBINSONS LAND 17.7 17.7 0.115 0.117 0.112 0.115 0.112 0.115 450,000 51,630 PHIL REALTY ROCKWELL 3.08 3.01 3.01 3.13 3.01 3.01 922,000 2,838,040 354,480 SHANG PROP 3.21 3.25 3.32 3.32 3.21 3.25 33,000 107,200 1.92 1.93 1.88 2.05 1.8 1.92 3,272,000 6,621,170 3,570 STA LUCIA LAND SM PRIME HLDG 17.9 17.92 18.04 18.24 17.86 17.9 7,387,200 132,654,278 -35,609,490 SUNTRUST RESORT 0.41 0.43 0.41 0.41 0.41 0.41 10,000 4,100 50 54.45 50 50 50 50 2,000 100,000 PTFC REDEV CORP 0.3 0.33 0.32 0.32 0.3 0.3 240,000 76,600 WELLEX INDUS SERVICES ABS CBN 3.61 3.7 3.6 3.62 3.6 3.61 34,000 122,710 3.99 4 4 4.1 4 4 164,000 658,640 GMA NETWORK 0.177 0.186 0.177 0.177 0.177 0.177 10,000 1,770 MANILA BULLETIN 5.49 5.5 5.49 5.49 5.49 5.49 1,000 5,490 MLA BRDCASTING 0.68 0.69 0.69 0.7 0.67 0.69 6,756,000 4,614,210 606,060 DITO CME HLDG 1,600 1,601 1,630 1,630 1,600 1,601 53,050 85,339,705 -26,012,430 GLOBE TELECOM PLDT 183,647,605 1,110 1,116 1,130 1,135 1,106 1,110 164,630 -103,939,005 APOLLO GLOBAL 0.006 0.0062 0.0061 0.0061 0.006 0.006 250,000,000 1,502,500 774,000 CONVERGE 9.25 9.07 9.08 9.14 9.01 9.08 7,710,300 70,167,444 -9,594,480 DFNN INC 0.66 0.71 0.71 0.72 0.71 0.72 10,000 7,140 -2,880 EASYCALL 2.3 2.46 2.3 2.3 2.3 2.3 10,000 23,000 0.121 0.125 0.12 0.126 0.12 0.125 2,100,000 259,910 ISLAND INFO 0.43 0.44 0.43 0.43 460,000 200,700 0.45 0.45 NOW CORP 0.12 0.121 0.119 0.119 0.119 0.119 480,000 57,120 TRANSPACIFIC BR 0.85 0.85 0.85 0.85 416,000 359,840 -27,280 CHELSEA 0.88 0.88 27.8 27.85 27.9 27.9 27.8 27.85 306,800 8,539,655 1,217,805 CEBU AIR 947.5 950 960 966 919.5 950 2,667,020 2,519,249,675 428,851,250 INTL CONTAINER 7.85 8.04 8.05 8.05 8.04 8.04 1,300 10,462 LBC EXPRESS LORENZO SHIPPNG 0.64 0.67 0.64 0.64 0.63 0.63 5,000 3,160 3.75 3.74 3.74 3.8 3.74 3.75 230,000 865,770 350,210 MACROASIA PAL HLDG 2.7 2.75 2.7 2.8 2.65 2.7 2,288,000 6,123,390 -1,100,930 HARBOR STAR 2.07 2.07 2.05 1.83 1.81 2.07 18,457,000 36,811,540 937,150 BOULEVARD HLDG 0.03 0.031 0.033 0.033 0.031 0.031 32,200,000 999,500 9,300 1 1.06 1.09 1.09 1.06 1.06 327,000 356,400 1,060 DISCOVERY WORLD 0.41 0.42 0.42 0.4 0.4 220,000 92,000 WATERFRONT 0.44 14.9 15.2 15.22 15.22 14.8 14.8 700 10,444 CENTRO ESCOLAR 800 822.5 800 800 800 800 10 8,000 FAR EASTERN U 6.75 7.31 7.32 7.32 7.32 300 2,196 IPEOPLE 7.32 1.3 1.3 1.29 1.3 513,000 667,890 663,990 STI HLDG 1.31 1.31 BELLE CORP 1.14 1.15 1.18 1.18 1.14 1.14 453,000 519,920 -157,800 BLOOMBERRY 33,908,140 2.38 2.4 2.3 2.43 2.3 2.38 14,200,000 -13,276,070 PACIFIC ONLINE 1.67 1.84 1.68 1.68 1.68 1.68 25,000 42,000 238,641,346 10.76 10.78 9.96 11.28 9.8 10.78 22,568,500 42,709,678 DIGIPLUS PHILWEB 14.02 14.4 14.5 14.4 14.8 14.5 2,379,200 34,532,612 -1,346,326 BERJAYA 8.8 8.5 9 8.8 8.8 8.8 100 880 1.05 1.08 1.07 1.09 314,000 340,600 310,340 1.09 1.09 METRO RETAIL 40.25 40.3 40.7 39.75 40.25 1,607,100 64,521,470 -2,964,285 PUREGOLD 40.45 32.75 33 33 33.05 33 33 998,400 32,947,210 -16,510 PHIL SEVEN CORP 2.03 2.05 2.03 2.08 2.02 2.05 145,000 295,230 40,600 SSI GROUP 0.87 0.89 0.83 0.9 0.83 0.87 344,000 297,210 -54,800 UPSON INTL CORP 5.71 5.72 5.85 5.9 5.71 5.72 1,457,700 8,404,727 -1,819,328 WILCON DEPOT APC GROUP 0.107 0.11 0.111 0.111 0.111 0.111 10,000 1,110 1.64 1.81 1.64 1.64 1.64 1.64 2,000 3,280 IPM HLDG 0.234 0.228 0.231 0.232 0.228 0.228 60,000 13,800 MEDILINES 4.26 4.26 4.15 4 4 4.16 282,000 1,181,130 -136,980 PAXYS PHILCOMSAT 1.65 1.62 1.62 1.62 1.62 1.62 10,000 16,200 MINING & OIL ATOK 1.82 1.97 1.97 1.97 4,000 7,880 1.97 1.97 15.84 15.92 15.88 16.2 15.5 15.84 3,766,500 59,771,492 6,905,898 APEX MINING 20.6 20.65 20.3 20.9 19.8 20.6 4,668,400 95,841,766 -11,322,030 ATLAS MINING 7.61 7.76 7.26 7.79 7.26 7.77 344,800 2,624,000 BENGUET A 7.33 7.7 7.6 7.68 7.3 7.68 490,500 3,719,192 -2,280 BENGUET B DIZON MINES 4.7 4.73 4.5 4.7 4.49 4.7 43,000 198,380 45,000 EC VULCAN 0.3 0.3 0.28 0.3 0.3 0.3 10,000 3,000 2.02 2.05 2.02 2.05 1.93 2.02 2,030,000 4,000,580 -1,165,150 FERRONICKEL GEOGRACE 0.105 0.103 0.107 0.107 0.1 0.104 1,760,000 181,700 1,060 LEPANTO A 0.239 0.24 0.238 0.242 0.235 0.239 34,680,000 8,298,840 0.239 0.239 0.235 0.235 0.235 0.239 110,000 26,040 LEPANTO B 0.0088 0.0093 0.009 0.0092 0.0083 0.0092 215,000,000 1,873,500 MANILA MINING A 0.0083 0.0093 0.0093 0.0095 0.0093 0.0094 20,000,000 187,900 187,900 MANILA MINING B 0.8 0.81 0.8 0.8 0.8 645,000 521,600 -800 MARCVENTURES 0.82 0.55 0.56 0.53 0.55 210,000 114,350 NIHAO 0.56 0.56 4.1 4.11 4.17 4.17 4.03 4.11 3,179,000 12,956,270 2,869,740 NICKEL ASIA 36.15 36.4 35.2 36.4 34.55 36.4 1,049,100 37,543,540 21,501,350 OCEANAGOLD ORNTL PENINSULA 0.54 0.55 0.55 0.56 0.55 0.55 30,000 16,530 10.88 10.9 11 11.1 10.8 10.88 4,129,300 45,029,176 -12,793,858 PX MINING UNITED PARAGON 0.01 0.01 0.0098 0.0086 0.0086 0.01 794,000,000 7,564,700 225,500 ENEX ENERGY 3.28 3.49 3.55 3.55 3.55 3.55 2,000 7,100 -7,100 ORNTL PETROL A 0.013 0.014 0.013 0.013 0.013 0.013 2,700,000 35,100 0.0083 0.0084 0.0084 0.0084 35,000,000 294,000 0.0084 0.0084 PHILODRILL 3.04 3.08 3.03 3.11 3.02 3.08 362,000 1,108,910 PXP ENERGY PREFFERED ACEN PREF A 987 1,000 998 1,000 998 1,000 1,000 998,940 2,466 2,496 2,498 2,498 2,498 2,498 70 174,860 -137,390 AC PREF AR 1,947 1,960 1,950 1,953 1,947 1,953 4,000 7,810,200 AC PREF B3R 1,941 1,960 1,946 1,946 1,941 1,941 255 494,980 AC PREF B4R 467.2 492 473 473 465 473 200 93,800 27,900 ALCO PREF F 98 99.5 98 98 98 98 10 980 BRN PREF A BRN PREF C 101.8 102 101.7 102 101.6 102 610 62,178 41,820 CEB PREF 28.45 28.7 28.5 28.5 28.25 28.5 6,700 190,630 98.5 99.1 98.5 99.2 98.5 99.2 1,030 101,776 CPG PREF B 93.1 93.65 94 94.5 93.1 93.65 120,040 11,238,569 3,760 DD PREF EEI PREF B 96 96.45 96.5 96.5 96.5 96.5 5,000 482,500 910 989 950 950 950 950 30 28,500 FDC PREF A 950 995 960 960 950 950 20 19,100 FDC PREF B 1,954 2,008 1,954 1,954 1,954 1,954 750 1,465,500 GLO PREF BNV 991 998.5 995 995 995 995 500 497,500 GTCAP PREF B 991.5 998 992 995 992 995 90 89,400 JFC PREF B 103.1 105 103 103 103 103 4,900 504,700 MWIDE PREF 6C 974.5 995 995 995 990 995 190 188,250 PCOR PREF 4A PCOR PREF 4D 965 985 985 985 985 985 60 59,100 960 970 970 970 970 10,000 9,700,000 PCOR PREF 4E 80 80.2 80.2 80.2 80 80 60 4,806 SMC PREF 2L 78.5 78.9 77.15 77.15 77.05 77.05 1,110 85,532 SMC PREF 2N 73.5 74.5 73.95 74 73.95 74 7,730 572,016 SMC PREF 2P 74 76 74 74 74 74 1,000 74,000 SMC PREF 2Q 75 76 75 75 75 75 4,760 357,000 SMC PREF 2R 73.6 75 75 75 75 75 9,150 686,250 -465,000 SMC PREF 2S 75 76.9 75 75 75 75 50 3,750 SMC PREF 2U 77.05 77.5 79 79 77.05 77.05 8,520 661,291 SMC PREF 2V 78 79.4 79.5 79.5 79.4 79.4 120 9,539 SMC PREF 2W SMC PREF 2X 79.5 79.9 79.8 79.9 79.5 79.5 1,840 146,850 8.42 9 8.32 9 8.32 8.42 4,300 38,493 TECH PREF B2C 99.8 100 99.65 100 99.65 99.65 450 44,923 TOP PREF A1 101 101.8 101.9 101.9 101.9 101.9 10 1,019 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.4 3.45 3.96 4.09 4.1 4.1 4.1 4.1 2,000 8,200

1.06

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

HAUS TALK ITALPINAS LFM PROP MAKATI FINANCE XURPAS NEXGEN ENERGY

1.42 0.65 0.02 1.82 0.2 2.65

1.12

1.06

1,000

1,060

1.46 0.69 0.022 1.99 0.212 2.7

1.4 0.67 0.02 2.03 0.199 2.7

1.47 0.71 0.02 2.03 0.212 2.7

1.4 0.66 0.02 2.03 0.199 2.68

1.47 0.69 0.02 2.03 0.212 2.7

177,000 115,000 1,800,000 1,000 260,000 9,000

249,730 76,470 36,000 2,030 54,010 24,240

-5,970 -

EXHANGE TRADE FUNDS FIRST METRO ETF

102.5

104

101 102.5 101 102.5 12,380 1,252,252 280,032

www.businessmirror.com.ph

Airbnb search from Gen Zs rose 25% for ‘ber’ months

By VG Cabuag

@villygc

RESEARCH by Airbnb Inc. revealed domestic search interest for members of the “Gen Z” segment rose close to 25 percent for check-ins at the start of the “ber” months, pointing to strong interest among younger travelers in exploring the Philippines as the season begins. Pampanga and Davao recorded the strongest increase in the search interest of Gen Zs, or those people born between 1995 and 2009, at almost 50 percent each. Metro Manila, Baguio and Tagaytay followed, seeing an almost 40-percent increase each. “For young Filipinos, the ‘ber’ months can be a time to make plans,

get together and find reasons to explore, often without having to travel far from home. What we’re seeing is a growing appetite among Gen Z for domestic getaways, with familiar destinations gaining renewed interest alongside places that offer something new to discover. As the season begins, Airbnb continues to offer travelers the flexibility to find

stays that fit the way they want to travel,” Amanpreet Bajaj, Airbnb’s country head for Southeast Asia and India, said. The appetite for domestic travel extends beyond Gen Z, with domestic search interest among family travelers increasing by 10 percent for stays with checkins from September to November 2026 compared with the same period in 2025. Pampanga recorded the strongest increase in family search interest at over 40 percent, followed by Metro Manila and Tagaytay at 20 percent each and Baguio at 10 percent. For Filipino families, the “ber” months are a time to start making plans for gatherings, reunions and time together. The growing interest in destinations such as Pampanga, Metro Manila, Tagaytay and Baguio offers families different ways to spend quality time together, whether through a quick escape

close to home or a longer domestic getaway, Airbnb saod. The appetite to explore also extends to rural destinations, as Filipinos look beyond familiar favorites for a change of scenery, it said. Overall domestic rural search interest has also increased, with Papaya in Nasugbu seeing an over 60 percent increase in searches, while General Luna saw an over 10 percent increase, Airbnb said. These emerging destinations offer another way for Filipinos to start the ber-months, whether through a quieter family escape, a weekend with friends or simply a chance to discover somewhere new, it said. Together, the trends offer an early glimpse into how Filipinos are kicking off the ber-months: with young travelers leading the way, families also looking to get away, and more Filipinos exploring both familiar favorites and under-theradar local destinations.

SM malls to evolve with ‘picky’ shoppers

TOP official of Shopping Center Management Corp. (SM Supermalls) said last Tuesday the company’s shopping malls will continue to evolve to meet customer needs, as higher consumer prices push people to become more picky in their spending. Steven T. Tan, the company’s president, said SM will keep building business momentum through the introduction of new brands, cinema and entertainment acts, as well as leisure offerings that will sustain market interest. Tan said the company is opening its 91st mall, SM Nuvali, later this year. “We are expanding our business footprint in the emerging growth corridor of South Luzon and Calabarzon with an innovative upscale mall concept never experienced in the Philippine market before,” he said. “Our growth plan for the rest of 2026 and beyond is to continue evolving for our customers.” SM Supermalls delivered record revenues in the first half the year, expanding 8 percent to P41.8 billion from P38.6 billion, driven by higher leasable space and tenant sign-ups, along with steady foot traffic. Total gross leasable area grew 3 percent to 5.1 million square me-

ters from 5 million square meters, while the number of tenants rose 4 percent to 23,174 from 22,192. Average daily foot traffic was steady at 3.7 million. “This gives us confidence to keep investing in spaces and experiences that respond to their changing needs,” Tan said. The mall operator sustained foot traffic through the addition of 41 pickleball courts in its first-half inventory, bringing up the number of its courts to 102 courts across 32 properties nationwide. On June 12, SM Supermalls also co-hosted the Galaxy Manila Marathon, the first-ever full marathon to take over EDSA, drawing over 25,000 runners across multiple categories. On top of these, SM also emphasized its corporate purpose of driving value to its surrounding communities through sustainable facilities developed in its malls. From 10 0 meg aw at t pe a k (MWp) solar power generated through its mall rooftop solar PV system, SM has increased its capacity to 122 MWp with further plans on expansion until the end of the year. SM also recently reached 100 percent coverage for free electric vehicle charging stations across all 90 of its malls at 203 EV charging stations. VG Cabuag

₧128.52M greenlit for 3 PPP projects

HE Project Development and Monitoring Facility (PDMF) Committee has approved a combined P128.52 million in support for the preparation of three public-private partnership (PPP) projects. The Project Development and Monitoring Facility (PDMF) Committee approved the funding during meetings held on July 12 and August 12, the PPP Center said last Tuesday. One of the projects is the proposed PPP for the government’s “fuel marking program” (FMP), the government’s initiative expected to curb petroleum smuggling and protect the state’s cash flow. T h e c o m m it t e e a p p r o v e d P19.16 million in PDMF support for transaction advisory services covering due diligence, tender document preparation, assistance in the PPP bidding process, and post-contract signing advisory

services until financial close. The proposed PPP would introduce technological and operational upgrades to the FMP, including additional field-testing units and training programs for the Bureau of Customs and Bureau of Internal Revenue. The largest allocation, at P60.94 million, was approved for the proposed rehabilitation, expansion, and modernization of the Iligan City Waterworks System. The funding will cover the feasibility study, project structuring, tender document preparation, bid process management, and postcontract signing advisory services. The project involves the rehabilitation, financing, operation and maintenance of the city’s water supply system, including its water sources and pumping stations, transmission and distribution pipelines and other supporting infrastructure. Justine Xyrah Garcia

MUTUAL FUNDS

September 1, 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. -A208.7 -3.43% 1.35% -1.16% -2.51% -2.52% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2946 10.21% 16.94% 8.94% 4.89% 6.16% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.7865 -3.69% 0.04% -1.71% -4.36% -2.26% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7603 0.84% 4.6% 0.62% N.A 3.55% FIRST METRO CONSUMER FUND, INC. -A 0.5031 -14.51% -7.09% -7.83% N.A -9.53% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.2391 -6.68% -1.79% -2.94% -2.5% -3.06% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6345 -3.44% -1.46% -2.98% N.A -1.26% MBG EQUITY INVESTMENT FUND, INC. -A 70.96 -14.42% -5.79% -6.13% N.A -20.68% PAMI EQUITY INDEX FUND, INC. -A 41.4271 -1.35% 0.32% -1.7% -2.25% 0.16% PHILAM STRATEGIC GROWTH FUND, INC. -A 437.53 -3.71% 0.98% -1.66% -2.4% -2.67% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.575 4.17% 11.33% 5.71% 1.95% 0.88% PHILEQUITY FUND, INC. -A35.3392 2% 3.06% 0.57% -0.53% 2.64% N.A PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9255 4.71% 4.36% 0.88% 4.26% PHILEQUITY PSE INDEX FUND, INC. -A 4.4844 -0.38% 1.34% -0.69% -1.36% 0.33% PHILIPPINE STOCK INDEX FUND CORP. -A 738.44 -0.8% 0.98% -0.97% -1.58% 0.47% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6982 0.53% 2.31% -0.15% -2.74% -0.56% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.0967 -7.75% -1.27% -2.8% -3.02% -3.51% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8274 -0.99% 0.56% -1.35% -1.84% 0.41% UNITED FUND, INC. -A3.62289.33% 6.74% 2.26% 0.43% 10.2% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.037 -0.75% 1.01% N.A N.A 0.4% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0453 -0.91% N.A N.A N.A 0.17% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9026 -4.36% -2.75% -3.62% N.A -4.42% PHILIPPINE STOCK INDEX FUND CORP. -A 891.08 -0.8% 0.78% N.A N.A 0.52% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 100.7782 -0.5% 1.21% -0.65% -1.16% 0.77% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2662 33.17% 14.89% 1.39% 3.48% 23.59% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4741 17.89% 15.87% 5.95% 9% 11.23% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0789 BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1615 1.16% 0.87% -0.36% -0.99% 0.99% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7258 7.84% 6.07% 0.7% -0.55% 5.47% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.476 -1.02% 0.45% -1.03% -0.7% 0.57% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2277 -1.13% 6.44% 3.52% N.A -1.81% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.9742 1.31% 0.83% 0.19% 0.26% -1.41% PAMI HORIZON FUND, INC. -A3.7126 -0.19% 2.86% 0.15% -0.39% -2.04% PHILAM FUND, INC. -A15.6785-2.64% 1.53% -1.01% -0.95% -2.07% SOLIDARITAS FUND, INC. -A2.0904 -0.42% 2.08% 0.33% -0.14% -0.47% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.362 -3.65% 0.76% -1.07% -1.35% -1.8% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8853 -4.21% 0.66% -0.16% -1.06% -2.79% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.78 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9758 0.36% 2.02% -0.16% N.A -0.31% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8212 -3.22% 0.39% -1.86% N.A -2.45% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7879 -0.2% -2.38% N.A -4.11% -2.87% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03346 0.42% 1.08% -2.72% -0.78% -2.45% PAMI ASIA BALANCED FUND, INC. -B $1.1675 -0.87% 9.57% 1.33% 2.26% -3.51% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.7154 11.59% 11.62% 3.4% 5.92% 7.06% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2105 4.79% 6.59% 0.26% 2.36% 2.29% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.78 2.49% 3.26% 2.64% 2.52% 1.14% ATRAM CORPORATE BOND FUND, INC. -A 1.9857 2.22% 1.25% 0.6% 0.38% 1.39% COCOLIFE FIXED INCOME FUND, INC. -A 3.6109 1.68% 3.01% 2.2% 3.21% 0.31% EKKLESIA MUTUAL FUND, INC. -A 2.4458 0.82% 3.08% 1.58% 1.38% -0.28% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5141 -1.42% 1.3% 0.59% 1.12% -2.14% PHILAM BOND FUND, INC. -A4.5394 -0.52% 2.7% 0.24% 0.69% -1.53% PHILAM MANAGED INCOME FUND, INC. -A 1.5447 3.04% 4.56% 3.19% 2.95% 1.62% PHILEQUITY PESO BOND FUND, INC. -A 4.3242 1.21% 2.96% 1.67% 1.81% 0.26% SOLDIVO BOND FUND, INC. -A1.131 2.25% 2.9% 1.73% 1.65% 0.94% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.457 -2.03% 2.28% 1.41% 1.88% -2.36% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8337 -1.87% 1.92% 0.91% 1.28% -2.69% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0104 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $533.12 1.95% 2.84% 1.78% 1.94% 0.77% ALFM EURO BOND FUND, INC. -A Є223.15 0.21% 1.81% 0.22% 0.52% -0.28% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0564 -2.07% 0.29% -2.62% -0.64% -1.73% 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 $1.0485 -1.54% 7.73% 0.01% -0.61% -1.08% PHILAM DOLLAR BOND FUND, INC. -A $2.4321 -0.33% 3% -0.83% 0.55% -1.93% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0637199 -0.33% 1.7% 0.19% 1.14% -1.13% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8699 -0.85% 1.87% -2.24% -0.74% -2.14% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1864 2.72% N.A N.A N.A 1.71% ALFM MONEY MARKET FUND, INC. -A 152.71 4.15% 4.09% 3.17% 2.86% 2.58% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2241 3.46% 3.77% 3.03% N.A 2.2% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.515 3.6% 3.59% 2.97% 2.76% 2.26% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117 4.13% 4.31% N.A N.A 2.68% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1949 2.51% 3.3% 2.46% N.A 1.58% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.7407 9.07% 4.34% N.A N.A 5.7% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8927 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5844 31.04% 22.1% 14.21% N.A 19.09% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.2084 12.67% 6.3% N.A N.A 8.31% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8156 0.44% 1.42% -3.8% N.A 0.69% 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.”

Banking

Editor: Dennis Estopace

Wednesday, September 2, 2026

Negative real interest rate risks on economy flagged

By Andrea E. San Juan

FORMER deputy governor of the Bangko Sentral ng Pilipinas (BSP) warned against the economy holding on to a negative real interest rate—when the nominal interest rate is lower than the country’s inflation rate—as the loss of purchasing power to inflation would be greater than the return earned on money. In a commentary last Tuesday, former BSP Deputy Governor Diwa C. Guinigundo wrote that “a nominal policy rate of 5 percent may sound restrictive. But when inflation is above 6 percent, the real cost of money remains negative.” Explaining further the concept behind a “negative real cost of money,” Guinigundo told the BusinessMirror that the real cost of money is the nominal interest rate adjusted for inflation. “If the policy rate is 5 percent while inflation is above 6 percent, the real policy rate is still negative. In effect, the purchasing power lost to inflation is greater than the nominal return earned on money,” he told this newspaper. At a 5-percent policy rate and July headline inflation of 6.2 percent, Guinigundo explained in his commentary that the ex-post real policy rate remains about negative 1.2 percent. Using the BSP’s own 2026 inflation forecast of 6.1 percent, the exante policy rate is around negative 1.1 percent. Even against its 2027 inflation forecast of 5.4 percent, it remains “slightly negative,” added the former BSP deputy governor. Anchored less firmly WITH this, Guinigundo told the BusinessMirror, the main risk “is that monetary policy may not be restrictive enough to bring inflation back to target.” “Negative real rates can encourage borrowing and spending, discourage saving, and sustain demand even when the economy needs some cooling,” he added.

BTr fails to raise full P5B in T-bills on investors’ push

HE Bureau of the Treasury failed to raise the full P55 billion it offered on Tuesday amid high investors’ asking yields for Treasury bills (T-bills), with the 35-day touching 5 percent, after the Bangko Sentral ng Pilipinas (BSP) raised the key policy rates. Results were mixed during the T-bills auction, as the Treasury partially awarded bids for the 35-day cash management bill (CMB) and 91-day T-bill, while fully awarding bids for the 182-day and 364day T-bills. Total demand for all tenors reached P75.954 billion, or 1.3 times the P55 billion offering. The average yield on the 35-day CMB rose to 5.036 percent, 21.3 basis points higher than the previous week’s 4.823 percent. Yields ranged from 4.9 percent to 5.050 percent. Of the P10.852 billion in bids tendered for the security, only P8.252 billion was accepted by the Treasury as borrowing costs for the ultra-short tenor reached the 5 percent level. Reine Juvierre S. Alberto

Moreover, he said negative real rates can weaken the peso by making peso assets “relatively less attractive,” especially if markets expect inflation to remain elevated. “If this persists, inflation expectations can become less firmly anchored, making inflation harder and more costly to bring down later,” added Guinigundo.

Negative real rates impact

FOR households, he told the BusinessMirror that borrowers may still find credit “relatively inexpensive” in real terms, while savers and fixedincome earners can see the real value of their money eroded by inflation. This, he pointed out, can encourage consumption rather than saving. For businesses, Guinigundo said negative real rates can support borrowing and investment, which he said is “positive” if directed toward productive activities. “But if inflation and uncertainty remains high, businesses may still hesitate to invest despite relatively cheap money,” Guinigundo emphasized. “The bigger issue is therefore not just the cost of credit, but confidence in future demand and economic conditions,” he added. For markets, Guinigundo said “persistently” negative real rates can put pressure on the peso and encourage investors to seek better real returns elsewhere. “This is important because a weaker peso can, in turn, add to imported inflation, particularly through fuel and other dollar-priced commodities,” he explained. As such, he said the policy message is quite clear: “Monetary policy

cannot aﬀord to look only at the nominal rate. What matters is the real stance. With inflation still above 6%, a 5% policy rate remains accommodative in real terms.”

Direction correct

MOVING forward, Guinigundo pointed out that the challenge is to bring inflation down without unnecessarily sacrificing growth. “And that requires not only appropriate monetary policy but also credible fiscal and economic management and stronger supply-side measures,” he added. Guinigundo explained the concept behind real interest rate after he released a commentary that scrutinized the BSP’s forward guidance after the Monetary Board held its monetary policy meeting last August 27. The BSP raised its policy rate by another 25 basis points last Thursday, bringing the target reverse repurchase rate to 5.0 percent. “It was the right direction,” Guinigundo wrote. However, he pointed out that the “more important question” is whether it was enough and, more importantly, whether the BSP’s message was “strong enough to convince markets that it remains firmly committed to bringing inflation back to target.”

Reaction to hike

STILL, the former BSP deputy governor said the market’s immediate verdict was “hardly reassuring.” Guinigundo noted that instead of strengthening after the MB’s decision, the peso weakened further, closing at a new record low of P61.888 to the dollar on Thursday and breaching P62 on Friday, at P62.265. To be sure, he said the peso is influenced by global dollar strength, oil prices and other external forces. But he pointed out that the peso’s immediate reaction to a rate hike is “nevertheless instructive,” adding that the market did not seem “full convinced” that the central bank had signaled an “unambiguous commitment to staying on top of inflation.” With this, he said the issue is not simply whether the BSP should raise, hold or eventually cut its policy rate. “The more fundamental question is whether monetary policy is sufficiently restrictive in real terms to bring inflation back to target and keep expectations firmly

anchored,” added Guinigundo. He said the 25-basis-point increase therefore did not suddenly transform monetary policy from accommodative into restrictive. Instead, it merely made an accommodative real stance “somewhat less accommodative.”

Expectations shaped

FURTHER, Guinigundo said the BSP had earlier indicated that it could afford to be less aggressive because of the slowdown in economic activity, while “qualifying” that position by the need to see a more convincing decline in inflation. “But markets may have interpreted the message as suggesting that the tightening cycle is already nearing its end,” he pointed out. Guinigundo then emphasized that central banking is partly about the current policy rate. “But it is also about shaping expectations of where policy is going,” he added. “If households, businesses and markets begin to believe that the central bank is becoming more concerned about weak growth than inflation that remains substantially above target, expectations can become less firmly anchored. Once that happens, monetary policy may have to do considerably more later than it would have had to do today,” he further explained.

A ‘preemptive move’

AT the monetary policy briefing on Thursday, BSP Governor Eli M. Remolona Jr. said they are “hoping that we won’t need another rate hike.” However, Remolona also noted that the MB “will tighten as much as we need to, to bring the inflation rate down to its target.” “The [MB] is prepared to take monetary policy action as warranted to ensure that inflation returns to the 3-percent target, in keeping with its price stability mandate,” the BSP said in a statement last Thursday. The central bank said the measured increases in the policy rate will continue to anchor inflation expectations and mitigate the risk of further second-round effects. The MB 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 impact of further wage increases. (See: https://businessmirror.com.ph/2026/08/27/rate-hikephl-shield-vs-el-nino-inflation/)

Tipping point By George S. Chua

VERY business has a tipping point which is the threshold when something happens causing an unstoppable change leading to a large permanent shift. This shift can be good or bad depending on your perspective, but let us focus on how to achieve a tipping point to make a business succeed. The primary dynamic factors that determines the business outcome is the strategy, people, cost and revenues. Having the right business strategy is a good way to start. Going into a fundamentally or structurally wrong business is not going to make you increase your chances of success, no matter how good your strategy, people, infrastructure and capital are. Having to sell a product that is not suited for a particular market, even when that same product is popular and in demand in other markets is an uphill struggle. Selling winter apparel in tropical countries, alcohol in Muslim countries, smart phones in locations without cell sites or Wi-Fi and so on, will never make sense. Hiring the right people with the proper attitude, qualifications, competence and capability improves the chance for business success exponentially. Getting the wrong people who cannot do the job right will definitely result in failure and cost the enterprise both time and money in the process. When a situation is identified that an employee is incompetent or has been wrongly hired, promoted or overpaid, that situation has to be corrected through adjustments in job responsibility, training or service termination. It should not stop there, a thorough review of the one who made those decisions should also be done and the corresponding action taken to avoid making the same mistake again. Reducing your costs at the right places enhances the viability and competitiveness of any company. This would include making use of technology to improve efficiency

of-12vat-on-system-loss-charge/) System loss refers to electricity that has been generated and paid for but is physically lost during distribution before it reaches end users. Only allowable system losses within the ERC-prescribed caps may be recovered through the system loss charge shown in electricity bills. Those exceeding the authorized caps are not recoverable from customers and are solely the responsibility of distribution utilities. Earlier, Charlito Martin R. Mendoza, commissioner of the Bureau of Internal Revenue (BIR), said that the system loss charge is currently bundled with the gross sales of electricity distributors, causing it to be included in the tax base for VAT. “The BIR’s position is clear. If [system loss] is not part of their gross sales, if that is a mandated passthrough charge, then that should not be subject to VAT,” Mendoza said.

The energy regulator’s resolution declares that the system loss charge is an inherent government-mandated pass-through cost that does not form part of the gross sales of generation companies, the National Grid Corporation of the Philippines and distribution utilities for VAT purposes. Likewise, the ERC requires all distribution utilities to modify their billing formats to separately and distinctively reflect the system loss charge as a government-mandated line item that is not subject to VAT within 60 days from the effectivity of the resolution. The ERC said the resolution will only be effective upon the appropriate confirmatory issuance from the BIR, an agency attached to the DOF. Mendoza said a revenue memorandum circular will be issued soon, 15 days after the publication of ERC’s resolution. Reine Juvierre S. Alberto

The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex president and a life member, 2010 to 2020 Federation of Philippine Industries president and an entrepreneur. Dr. Chua is a Fellow at the Institute of Corporate Directors and a Professorial Lecturer 2 at the University of the Philippines Diliman and BGC campuses. He is also vice-chairman of the Market Governance Board of the Philippine Dealing and Exchange Corp. Comments may be sent to georgech-uaph@yahoo. com or gschua@up.edu.ph.

‘Slower credit growth to weigh on demand’

DOF warns revenue loss if power loss VAT axed S

CR APPING the 12-percent value-added tax (VAT) on system loss charge would result in revenue losses for the government, according to the Department of Finance (DOF). On the sidelines of a news briefing by the Social Security System last Tuesday, Finance Secretary Frederick D. Go told reporters that removing the levy would cost the government P10 billion annually. Go told reporters they are still waiting for the Energy Regulatory Commission’s decision on the matter. “It’s the ERC that will send us a policy decision on that matter. When we receive it, then we will process it accordingly,” he added. The ERC has recently approved a resolution to eliminate the VAT passed on to consumers and make electricity costs cheaper. (See: https://businessmirror.com. ph/2026/08/31/erc-okays-removal-

and customer satisfaction. Process improvements that not only streamline, improve speed and reduce costs but is equally important in reducing delivery times and improving quality. Training and proper hiring of the right employees will also go a long way in increasing efficiency and will definitely improve your cost and service level. You should also consider substitution of materials, more efficient equipment, cutting down on fuel and other power costs, as well as better locations. Improving revenues includes having better margins. Start by evaluating and understanding your products or services and their corresponding markets. Are we providing the correct product and service to the markets we are serving? Are we running after the right market? Are we reaching our best target customers? Do we have the right people and infrastructure for the market we are running after? Sometimes, more study is need to come up with the right product and service needed by the market. Having a pilot test, getting customer feedback and doing product or service testing and enhancement would be a good way to get an idea of how the markets will react. Small adjustments can sometimes result in big changes, you just need to think things through. The lottery type approach to try to achieve a positive tipping point is precisely that, closing your eyes and hoping you will hit the bullseye. Your company and stakeholders deserve better than that.

LOWER credit growth could weigh on domestic demand as the central bank’s tightening cycle starts to bite, according to the University of Asia and the Pacific (UA&P). In the August issue of “The Market Call,” UA&P economists said credit conditions are beginning to cool as businesses and households become more cautious about taking on new debt amid elevated borrowing costs. “Continued lending to productive sectors should cushion the slowdown, but weaker construction and consumer credit could increasingly weigh on investment and consumption,” the document read. Data from the Bangko Sentral ng Pilipinas (BSP) showed that the growth of bank lending slowed to 9.8 percent year-on-year in June from 12.1 percent in May, reaching a four-month low as credit demand adjusted to elevated borrowing costs. Outstanding bank loans stood at P14.88 trillion. The slowdown, however, was uneven across sectors. Lending to busi-

nesses grew 9.2 percent, led by those in the electricity, gas, steam and airconditioning supply sectors. Lending to the latter expanded 22.6 percent. Loans to wholesale and retail trade rose 7.6 percent while real estate lending grew 6.1 percent. Construction lending, however, contracted 13.9 percent year-on-year. Consumer borrowing also moderated, with consumer loan growth easing to 17.8 percent in June from 19 percent in May. Credit card lending still grew 24.9 percent, while motor vehicle loans increased 8.6 percent. “The key risk is that further moderation in credit growth begins to drag on domestic demand,” the UA&P noted. The softer credit environment comes as UA&P expects economic growth to remain weak in the third quarter before gaining momentum toward year-end. UA&P expects third0quarter growth to remain close to the 2.3 percent pace recorded in the second quarter, citing August flooding and delayed infrastructure spending as major factors. Justine Xyrah Garcia

Show BusinessMirror

Wednesday, September 2, 2026 • Editor: Gerard S. Ramos

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

TODAY’S Olivia Rodrigo’s festival HOROSCOPE is uniting women and girls behind nonprofits promoting their well-being By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Zedd, 37; Salma Hayek, 60; Keanu Reeves, 62; Mark Harmon, 75.

NEW PEOPLE

ACCORDING to sources, one of the reasons why the actress ditched her former manager is because the latter disclosed information about her private life not just once but twice. The actress is known to be a very private person while the manager is said to be headstrong. It’s actually a surprise that their working relationship has lasted this long. The actress also feels that in the past few years, her manager had just been coasting along in terms of finding new jobs for her. At the end of the day, the actress has told friends that she feels the new phase in her life requires the presence of new people.

INAPPROPRIATE

WHO is the former sexy star who is annoyed at her husband’s former girlfriend because the latter has been sending messages to the guy for comfort? At first, the former sexy star thought the messaging was harmless. The messages were mostly inspirational and she isn’t really the jealous type. She is secure in her husband’s love. Later on, the husband himself complained to the former sexy star that some of the ex’s messages made him uncomfortable as they seemed to allude to their past, which was decades ago. The former sexy star wants to tell the woman off and her husband wants to block his ex on messaging platforms but they don’t want any controversies. So now, they don’t know what to do.

LIFESTYLE CHECK

WHO is the politician who paid celebrities to do video greetings for him on his birthday? None of the celebrities were A-listers so the video greetings did not receive a lot of public attention but it is still in bad taste because the politician has been linked to corruption and even faces allegations of cheating on his wife despite his supposed beliefs. The politician was also recently spotted wearing an item that he cannot afford on his salary. Even his alleged mistress is said to be living a life way beyond her means. The alleged mistress’ social media platforms are set on private right now but if you follow her, you’ll see signs of unexplained wealth. The politician seems fearless in flaunting his lavish lifestyle at a time when people like him are being scrutinized.

PREGNANT?

HOW true is the rumor that the daughter of two politicians is now pregnant? The girl is of age so there’s no scandal there. What is scandalous (sort of) is that her boyfriend, an athlete, has exhibited a lot of red flags in his previous relationship. In fairness to the guy though, it seems that his relationship with the politicians’ daughter has made him more mature and responsible. The girlfriend’s parents seem to like him and welcome him so there should be no problem there. People feel that the boyfriend is beneath the politicians’ daughter in terms of upbringing, family background, and wealth but who are we to judge. She seems like a nice girl who deserves true love and her parents must be happy to have a grandchild soon.

TRUE LOVE?

LONG before she married the man old enough to be her grandfather, the beautiful girl was already on the hunt for a rich benefactor. She failed to succeed in her earlier tries though, but she persisted. The rumor is that the old man fell in love at first sight while the beautiful girl had to look up the guy and his provenance online before even entertaining his suit. But to be fair to the rich man, he still looks good and the girl is not a teenager anymore. Perhaps they really fell in love with each other. It’s a good thing that the guy is well-known so the chances of the beautiful girl being called his daughter in public are relatively slim.

HAPPY BIRTHDAY: Relax before hitting the reset button. Measure how much time and money it will take to initiate the changes that will make your life more convenient and comfortable at a price you can afford. Consult with experts, develop a plan and minimize the potential for errors. It’s time to explore and refine the knowledge and skills you need to move forward. Your numbers are 7, 19, 28, 33, 35, 46, 49.

VOKING the same do-it-yourself poprock feminism of her ‘90s musical influences, Olivia Rodrigo raised $20 million for women’s well-being with a benefit show that activated her young audience. Daisy Chain Fields united a women-led lineup boasting queer pop star Chappell Roan, breakout rapper Doechii and riot grrrl pioneers Bikini Kill behind issues of women’s health, workplace protections and legal rights. Ahead of Saturday’s festival in Irvine, California, Rodrigo announced the show had already raised enough to make a $10 million donation to 10 nonprofit partners including Planned Parenthood, National Women’s Law Center and Black Mamas Matter Alliance. Philanthropist Melinda French Gates pledged another $10 million through her Pivotal Ventures in a surprise appearance at the start of Rodrigo’s set, praising her for “showing a new generation how much their voices matter.” Rodrigo said the festival’s artists and activists give her hope despite the “regression of women’s rights” today. “That’s actually why I fell in love with the name ‘Daisy Chain,’” she said on Friday. “It served as a reminder of how individual parts can come together to create something strong and unbreakable.” Rodrigo, 23, has made a name channeling the rage and dissatisfaction of modern romance into charttopping songs that are equal parts Taylor Swift and Alanis Morissette. Now, she looks to bridge the gap between Gen Z and nonprofits, which have struggled to build relationships with younger donors who tend to prefer informal ways of giving. The connection is not lost on Daisy Chain Fields attendees. “People don’t join together and mobilize unless they feel connected to the group that is mobilizing,” said Grace Slevin, 24. “What’s better than music?” All-star benefit concerts have proven popular for driving millions of dollars toward everything from refugee relief to pandemic response. But it’s been decades since a young artist with Rodrigo’s following brought her peers together for gender justice. That focus comes as President Donald Trump attempts to overhaul family planning grants that reproductive health clinics use to provide birth control and treat sexually transmitted infections. His administration paused $27.5 million last year for such

ARIES (March 21-April 19): Check the fine print. Nothing will be as it appears. It’s OK to change your mind and back out of situations if you refrain from making hasty commitments. Focus inward, pay attention to your needs, and avoid intense discussions with people who don’t share your perspective or approach. ★★

TAURUS (April 20-May 20): Speak up, and you’ll gain respect and ensure that you get what you want. Equality is the best route forward, so don’t give in to appease someone who is trying to bully you. Broaden your circle of friends and interests, and it will give you greater freedom to pursue what brings you the most joy. ★★★★★

GEMINI (May 21-June 20): Don’t buy into someone else’s plans if you have an agenda. Change things up; choose the path that leads to self-satisfaction. Taking responsibility for your happiness eliminates the possibility of others taking advantage of you. Focus your energy on learning, traveling and engaging in activities that help you manage your time and energy efficiently. ★★★

CANCER (June 21-July 22): Stick close to home and avoid situations that can cost you physically or financially. Pare down instead of overextending yourself. Minimize your output, and capitalize on saving, investing in personal growth and easing stress. ★★★

LEO (July 23-Aug. 22): Take nothing for granted. Do the legwork and make things happen. Be the one to lead the way and to grandstand your talents for all to see. Market and promote with confidence and charisma, and you’ll attract your ideal audience. ★★★

VIRGO (Aug. 23-Sept. 22): Approach institutions, government agencies and those who can help you with issues necessary to proceed with your plans. Updating your space or skills to suit your needs will require specific details to lessen your chance of facing setbacks or rejections. Follow the rules and regulations and forge ahead. Walk away from users and abusers. ★★★★★

organizations, including some Planned Parenthood affiliates, before officials agreed to restore the money. For Slevin, an Orange County, California, resident who does anti-sex-trafficking advocacy, Daisy Chain Fields embodies the sentiment of “be who you needed when you were younger.” She loves that attendees are welcome to learn about the beneficiaries’ work in addition to donating. Nonprofit partners engaged with fans in Daisy Chain Fields’ “philanthropy village.” Festivalgoers collected pins from booths as they learned about health services from Planned Parenthood or pay tribute to caregivers through the National Domestic Workers Alliance. AP

GMA PUBLIC AFFAIRS BRINGS HOME GOLD, BRONZE AT CONTENTASIA AWARDS 2026 GMA Public Affairs once again brought pride to the Philippines as two of its acclaimed productions earned top honors at the 2026 ContentAsia Awards, with Broken Roads, Broken Promises taking home a Gold award and Corruption Series: A Kapuso Mo, Jessica Soho Special Report winning Bronze. The special documentary Broken Roads, Broken Promises won Gold under the Best Factual Entertainment Programme Made in Asia for a Single Asia Market category. Headlined by multiawarded actor Dingdong Dantes, Broken Roads, Broken Promises takes viewers on a compelling journey across the Philippines, bringing them face-to-face with the victims of systemic failure—where funds meant to protect communities from flooding were lost to corruption, leading to real floods that drown homes, schools, hospitals, and dreams. Meanwhile, Corruption Series: A Kapuso Mo, Jessica Soho Special Report earned a Bronze award in the Best Current

Affairs Programme Made in Asia for a Single Market in Asia category. The special report is part of Kapuso Mo, Jessica Soho’s ongoing coverage of corruption and questionable government projects. Through in-depth reports, the program highlights issues involving public funds and the communities affected. These latest recognitions add to GMA Public Affairs’ growing list of international accolades and highlight GMA Network’s commitment to producing relevant, impactful and distinctly Filipino stories that resonate with audiences both locally and across Asia. The winners of the 7th ContentAsia Awards were announced during a live awarding ceremony held last August 27 in Bangkok, Thailand. This year’s awards recognized more than 180 programs from across Asia, representing television broadcasters, production companies, streamers, and online platforms.

LIBRA (Sept. 23-Oct. 22): Explore the possibilities, but don’t go overboard. Too much can cost you or cause you to miss the point. Create what’s essential to your success and direct your skills accordingly. Reach out to those who can provide you with information and experience that will help you make better choices. Love, romance and personal gain are favored. ★★

SCORPIO (Oct. 23-Nov. 21): Put all your efforts into work, money, and your health and wellbeing. Plan your day strategically, and you’ll maintain control over the possibilities that unfold. Say no to anyone who pressures you to participate in something that doesn’t interest you. Do what’s necessary to align yourself with those who can help further your agenda. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): If you are waffling, stop, look, listen and retrace your steps until you feel confident with your decision. Take care of any outstanding tasks at home and address any domestic issues that require your attention. If you accomplish what’s possible, you will feel good about yourself and what you have achieved. ★★★

CAPRICORN (Dec. 22-Jan. 19): Home improvements will cost more than anticipated. Evaluate what’s necessary and determine how to achieve your goals at a price you can afford. Enhancing your ability to stay in shape can significantly contribute to maintaining a healthy lifestyle and positively influence your interactions with others. Expanding your interests will increase your popularity. ★★★ AQUARIUS (Jan. 20-Feb. 18): A lifestyle change will point you in a direction that excites you. Follow your heart and head in the direction that allows you to use the skills you enjoy doing most to the fullest. Say no to those trying to use you to their advantage, and start using your talents to support and promote yourself. ★★★

PISCES (Feb. 19-March 20): Question everything and everyone. Getting your facts straight and timing right will take precision, detail and thoughtful action. Reach out to those able to contribute to your cause. Opportunities will develop through networking functions. Don’t pass up a chance to explore new possibilities. Keep an open mind, but don’t lose sight of your goal. ★★★★ BIRTHDAY BABY: You are helpful, energetic and intuitive. You are active and aware.

‘losing touch’ BY CJ TAN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Measured with a stopwatch 6 It still means “move smoothly” when its first letter is changed to “G” 11 Papa sheep 14 Love to pieces 15 Sanctuary 16 Mama sheep 17 Bestie, for instance 19 Kiss ___ 20 2023 role for Ryan, Simu, Ncuti and other men 21 Musical McCartney 22 Yawn inducer 23 One with intense cravings for sweets 27 Dutch beer brand 31 Some noble Brits 32 Piece of beach headwear 33 Unusual discovery 36 Archipelago part 37 Heat in the microwave 38 1998 Sarah McLachlan hit 39*Indicator of danger in the ocean 42 Email again 44 “Watch and ___”

45 They’re just in the background 46 Airport or cafe amenity 49 Military force 50 Las Vegas WNBA team 51 Structure that forms a reservoir 54 Ran out of Uno cards first, say 55 1925 Gershwin composition named for a key 59 Ostrich relative 60 Similar 61 Justice Kagan 62 Seis menos cuatro 63 Occasions for cakes, for short 64 Romantic outings DOWN 1 Bulletin board fastener 2 Inactive 3 What humans last visited in 1972 4 Med. drama settings 5 Unilluminated area of the ocean 6 (Dunno) 7 Boxing champion Ali 8 “Now ___ seen it all!” 9 Lion’s lair 10 Conclusion

11 Think again 12 Breakthrough Prize in Mathematics, e.g. 13 6-7, for one 18 Crack in Earth’s crust 22 Capital of Northern Ireland 24 ___ the rewards 25 A long way 26 Outrage 27 Thrift shop caveat 28 Baby food texture 29 Andy Samberg or Will Ferrell 30 As a result 33 Jogged or sprinted 34 Singer and activist Simone 35 Some adoptive parents 37 Element I thought was alphabetically last for a while 40 ___-El (Superman’s birth name) 41 It follows Thu. 42 Recommend for an open role 43 “I Forgot That You ___” (Taylor Swift song) 46 Short sell? 47 Outlandish

48 Slushy drinks 49 Blown away 51 Meal plan 52 Author Rice 53 Degs. for playwrights 55 “Cash ___” (trivia game show set inside a taxi) 56 Antiquated 57 Director DaCosta 58 Greeting in Sao Paulo Solution to today’s puzzle:

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BENILDE Junior Marketing Association (BJMA) representatives receive their award.

MARKETING MANAGEMENT STUDENTS SHOWCASE IDEAS IN GLOBE LAUNCHPAD 2026 FUELED by their game-changing ideas and innovative solutions to create a positive impact, 58 contestants and student organizations from more than 70 universities and colleges nationwide strutted their wares in the recently concluded Globe Launchpad: Student Grants Pitch Day 2026 held at Globe Telecom Plaza in Mandaluyong City. Marketing Management students Alyssa Louise Layug, Sofia Marelle Sadiasa, and John Carlo Go from the De La Salle-College of Saint Benilde (DLS-CSB) were honored as one of the 12 winning teams in the competition. The delegates belong to the Benilde Junior Marketing Association (BJMA), the official student organization of the Marketing Management Program under the School of Management and Information Technology. BJMA made the cut for the Emerging Partner category, along with Ateneo De Manila University’s Blue Consulting Group (BCG), University of the East Caloocan’s Ang Alyansa ng Aktibong Bahaghari sa Silangan (ALAB), and Affiliated Stanford Entrepreneurial Students (ASES) Manila. The participants proposed event concepts intended to empower students with meaningful insights, practical knowledge, and industry perspectives which will prepare them for the evolving landscape of business and marketing. One of these was “Industry Expert Hour: Artificial Intelligence in Practice,” which highlighted AI as a tool that enhances—rather than replaces—human capabilities, and promotes the ethical and responsible use of AI in both academic and professional settings. It encouraged students to embrace emerging technologies, as they continuously develop their own knowledge, creativity, and critical thinking skills. They likewise pitched the “Digital Marketing Conference,” which explored the latest trends in digital marketing, AI, content creation, branding, and analytics. Marketing Management Program chairman Erickson Jao, MMC, CPM, served as the students’ mentor, alongside educators Mhendrit Venezuela, MBA, and Paulo Vincent Sandrio, MMC. “With Globe’s call to ‘Go Forward Together,’ our student organizations continue to show what youthled events, innovation, marketing, and real-world impact can become,” Jao stated. Other perks of the program included student grants of up to P50,000, tools for students, live mentorship, on-the-spot feedback, social media features on Globe’s official channels, internship opportunities, and rewards.

Editor: Gerard S. Ramos • Wednesday, September 2, 2026

Is TMI really such a bad thing? Here’s the case for oversharing

By Albert Stumm The Associated Press

ANY people know the sting of having said too much, a cringey feeling that bubbles up after sharing the wrong details at the wrong time. Now, imagine drunkenly telling two of your superiors about the time you had a bathroom emergency onstage in front of hundreds of people. Leslie John feared she had killed her career. Instead, it became an asset. “Those two grand poo-bahs, they became my closest mentors,” said John, a Harvard business professor and author of Revealing: The Underrated Power of Oversharing. “And it’s not in spite of my having shared my embarrassing story with them, because they’ve told me it’s because of it.” John acknowledges that she may have gotten lucky, since her openness caused the professors to see her as different from other junior colleagues. But the experience illustrated a point. Most people worry about the risks of oversharing, but in reality, opening up often builds trust and leads to stronger relationships, she said. (Her advice is for in-person relationships; sharing online is something different, carrying different risks.) So, how do you know when it’s TMI or if you’re not sharing enough?

CONTEXT IS KEY

KATHRYN GREENE, a communications professor at Rutgers University, has been studying what’s known in academia as “disclosure” since the 1980s. She said people may not realize how often they make decisions about whether to disclose something personal. “We’re constantly making these evaluations in all of our relationships and reassessing as it goes along,” Greene said. She said context is key. Telling your doctor about a sexually transmitted infection is clearly different from telling your boss. Being open about personal aspects of your life can bring people together, but if you reveal too much too soon, it will turn people away. Greene offered the example of when two people start dating. They first offer only a trickle of information to test if their values align. “There’s a pretty predictable pattern as we test for a positive rather than neutral or negative reaction,” she said. “It’s going to lead to us potentially sharing more.”

WHY YOU SHARE IS AS IMPORTANT AS WHAT

JOHN suggested analyzing why you want to share and questioning if it’s with the right person at the right time, which “requires a lot of self-honesty.”

When she was pregnant during the pandemic, she told her landlord because she was dying for connection. The landlord, apparently wary of tenants with children, put the place up for sale the next day, and she had to move. “If I had been honest with myself, why do I want to reveal this? Because I want love and excitement,” she said. “Well, the landlord is not the right person to reveal to.”

WHEN TO SHARE

PEOPLE rarely think of the risks of revealing too little information, however, John said. Without opening up to acquaintances, they’ll never become close friends. If you don’t tell the love of your life that you love them, it’s a missed opportunity that’s hard to recover from. On the other hand, revealing too much is recoverable. John argues that the answer to feeling like you’ve overshared is to share more, not less. For instance, if you think you may have offended someone at work, it presents an opportunity to stop by their office to clear things up. “What feels like overcommunicating is just communicating,” she said.

WHAT NOT TO SHARE

GREENE said one kind of oversharing won’t get you

anywhere—the kind where someone dumps personal information on another person without letting them speak. Over time, such an imbalance will degrade a relationship. “Most people will try to distance themselves if they’re finding time after time that this balance doesn’t ever shift,” she said. Gossip is another. John’s research includes examining what’s called “spontaneous trait transference.” ssentially, that means that when you share someone else’s personal information, or if you speak badly about someone, the recipient of the information will implicitly associate those negative things with you and your character, John said. “It happens automatically, outside of conscious awareness,” she said. “Literally, it makes you look bad.” But she said anything else is fair game, especially if the goal is to feel more known. Besides, sharing feels good. John pointed to studies that have shown that pleasure centers in the brain light up when people self-disclose. “Nature has a way of making what’s good for us pleasurable,” she said. “In moderation.”

Humanizing tech leadership with lessons from Coach Chot Reyes IN the era of automation and artificial intelligence, tech leaders face what are arguably some of the most demanding roles in the world today. While technology can transform the world and enhance lives, leading in this competitive space is both deeply rewarding and intensely stressful. Leading communications super app Rakuten Viber vows to invest in people-centric leadership to stay true to its mission of empowering human connections. The company underscores the importance of keeping the human touch at the workplace and the heart of its technology. Specifically, the APAC team has enlisted the help of seven-time Philippine Basketball Association (PBA) Coach of the Year and esteemed corporate leadership trainer Chot Reyes for its annual management training. He is also known for his various leadership positions in the corporate world, most notably as the former CEO of media network TV5. Reyes, the founder of executive and team coaching company CoachCom Inc., is known for his program that focuses on a leader’s puso, cultivating the HEART of a Future Fit Leader—Health, Emotional Intelligence, Agility, Resilience, and Teamship—through a blend of evidence-based coaching with elite sports insights. After all, running a boardroom demands the same disciplines that are required of an elite coach on the court. And the goal is the same: empowering teams, whether they’re in suits or jerseys, to keep their A-game no matter what. Below are three ways Rakuten Viber is humanizing tech leadership with the help of the Filipinos’ favorite sport, as Reyes shared in conversation with David Tse, Senior Director APAC at Rakuten Viber. n ASSEMBLING A LINEUP BASED ON “FIT,” NOT ON STAR PLAYERS. Everybody loves an all-star roster, but Reyes insists that putting together the best of the best will most likely produce unfavorable results. “We know at the highest levels, a team of superstars cannot win. The team USA of 2004, with the best players in the world—LeBron James, Dwayne Wade, Chris Bosh, Carmelo Anthony—they

➊ barely won bronze medal,” Reyes shares, adding that teams attain success better and synergy if they have collaborative members with different roles and different strengths. Tse further notes that in his experience, superstars often create more conflict in a team. “That’s why choosing your players is very important,” explains Reyes. “I always call it a question of ‘fit.’ Do they fit my system, and do they fit each other’s personalities? If you do that, then you’ve already solved perhaps 50 percent to 70 percent of the conflict issue. Then you don’t have to manage conflict. And the best coaches, they don’t hire the best players but they know how to create synergy.” n ENCOURAGING “BAD” SHOTS CAN BE A

➋ GAMECHANGER. In both sports and the corporate world, there are no wins without losses. “If you don’t take risks, you don’t understand the users. We need to understand the process to get there,” Tse explains. He also notes that failure is an integral part of the learning process, driving both growth and innovation. Reyes adds that companies often fail to realize that creativity requires trial and error: “Organizations that aren’t offering anything new, where there’s no innovation, people there are afraid to make mistakes. Mistakes are part of innovation, creativity, breakthrough. You cannot tell your people, okay, be innovative, go out there, but don’t make mistakes.” However, Reyes emphasizes the importance of

understanding that not all mistakes are the same, and good leaders know which ones to tolerate and which ones to encourage. “In sports, if you’re wide open, you’re a shooter, you take a three-point shot and you miss, we say, that’s good. Next time you’re free, shoot it again. For us, that’s an intelligent failure,” the coach explains. This highlights the connection between corporate team coaching and sports, where leaders must establish psychological safety while the responsibility of team members is to perform at their best. n KNOWING WHEN TO SIT ON THE BENCH. For Tse who oversees Viber’s multicultural APAC team and works closely with the app’s global executives, being a good leader means giving members the space and the opportunity to develop their leadership skills. “I don’t see my teams as just people to execute. They will one day become leaders. In fact, I often tell them that I fail at my work if they can’t execute or they can’t manage without me. And if I can’t acknowledge my mistakes, they won’t either,” Tse adds. “My philosophy is that every member has a right to shine. I have to do my part to highlight their talents or give them the opportunity to show.” One of the key questions that Reyes asks players is if they see themselves sitting at the end of the bench if that’s the gameplay the coach calls. In basketball, playing on the bench takes immense humility. A player must set aside personal ego and cheer for the team from the sidelines. This same approach holds true in business, where a team member’s commitment to performing their designated role for the collective benefit of the group can yield significant results. “When you think about leadership, sports leadership, corporate leadership in general, I always remind myself that it’s not about me. It’s not about us as the leaders. I think that puts us in a very good position, a very good perspective to start whatever endeavor we’re going to undertake,” Reyes stated. “That’s the first piece of my philosophy, that it’s not about me.”

➊ DAVID TSE,

senior director APAC at Rakuten Viber

➋ COACH Chot

Reyes introduces the Rakuten Viber APAC team to the HEART of a leader—Health, Emotional Intelligence, Agility, Resilience, and Teamship—through a blend of evidencebased coaching with elite sports insights.

Wednesday, September 2, 2026

Capitol Medical Center earns 2 merit recognitions for communication excellence at 22nd Philippine Quill Awards

apitol Medical Center has added another milestone to its 56year legacy of healthcare service, earning not just one but two Merit Awards at the prestigious 22nd Philippine Quill Awards held on August 27, 2026 at Solaire Resort, Paranaque City.

The recognition places CMC among organizations recognized for using communication not merely to inform but to create measurable impact, influence behavior, strengthen engagement and build lasting trust. With this year’s Quill theme “SOAR: Shaping Outcomes, Advancing Reputations,” the recognition reflects CMC’s continuing transformation from a trusted healthcare institution into a modern, purpose-driven organization that communicates with impact. For more than five decades, CMC has been known for its enduring commitment o “Right Care, Right Here.” Today, that commitment extends beyond the walls of the hospital, into the way the institution connects with communities, engages its people, embraces innovation and responds to emerging social and environmental challenges. The Merit Awards recognize communication initiatives that demonstrate this evolution, particularly the CMC Signature Sound and Capitol

Hino Motors Philippines reinforces commitment to customer value through new VALUE+ Promo

C.A.R.E.S (Commit, Act, Reduce, Educate, Sustain) –“Basura Ko. Responsilidad Ko.” From creating a distinctive sonic identity that strengthened digital brand recall to transformation hospital wage management into a culture of accountability and sustainability, CMC demonstrated that communication can

move people, change behavior and deliver measurable results. This milestone marks not simply an award for CMC, but a celebration of how purposeful communication can help a healthcare institution SOAR while staying true to the values that have guided it for more than 56 years.

New reasons to dine at Summit Hotel Greenhills

Summit Hotel Greenhills chef participants in the Philippine Culinary Cup 2026 were, from left, Commis Jake Anthony Parrilla, Head Chef Arvin Ace Barsaga, Demi Chef Ailene Rosero, and Chef de Partie Wilmar Palwa

AFE Summit at Summit Hotel Greenhills introduces an enhanced menu consisting of a thoughtfully curated selection of favorites and newly added dishes, presented by members of the culinary team who recently earned awards at the Philippine Culinary Cup. Robinsons Hotels and Resorts Vice-President and Deputy General Manager Annalyn Yap says, “This launch marks an important new chapter for Café Summit Greenhills as we continue to evolve the dining experience for our guests. It reflects our commitment to keeping our offerings fresh, relevant, and aligned with the tastes of today’s diners. The occasion is made even more meaningful by the recent achievement of our culinary team at the Philippine Culinary Cup 2026, where they earned four Bronze Awards. We are proud to see our all-Filipino chefs recognized alongside some of the industry’s best, and excited to share their passion and dedication with every guest who dines with us.” Café Summit Greenhills’ culinary team is led by Head Chef Arvin Ace Barsaga, a young, dynamic chef who also won at the Philippine Culinary Cup 2025. Chef Ace began his career with international luxury hotel brands in Manila before further honing his craft in Dubai.

Upon returning to the Philippines, he served as Cluster Senior Head Chef for a prominent restaurant group. Since joining Summit Hotel Greenhills in 2024, he has overseen the property’s kitchen, banquet, and catering operations. Chef Ace says, “The inspiration behind the new menu was about finding the balance between familiar flavors and a more modern culinary approach. I wanted to offer dishes that our guests were familiar with, but at the same time, give them something new and exciting to discover. The dishes incorporate Filipino flavors and ingredients while taking inspiration from different cuisines around the world.” The new menu includes their own interpretations of street food like Pares Bulalo and Baked Pancake; Pasta Negra con Gambas Al Ajillo; and S’mores Skillet, as well as guest favorites like Chili Beef Dip and Massaman Curry. It also features Café Sumit signature dishes from other Summit Hotels and Resorts around the country. Cecilia Jao Padilla, Corporate Director of Food and Beverage, says, “Our signature dishes remain at the heart of every Café Summit experience, but we also encourage each property to explore new ideas that reflect evolving guest preferences. At Café Summit, consistency and innovation go hand in hand. The enhancements introduced at Café Summit Greenhills are part of that process. They allow us to test, learn, and discover opportunities that can influence future menu developments across the brand while staying true to the flavors our guests love.” Chef Ace also gives credit to his culinary team, each of whom brings unique skills and experiences to the table. “Every dish reflects the collective passion, talent, and dedication of the people behind it,” he says. “It is through that collaboration that we continue to grow, challenge ourselves, and create dishes we are proud to serve.” Together with Chef Ace, the team that participated in the 2026 Philippine Culinary Cup included Chef de Partie Wilmar Palwa, Commis Jake Anthony Parrilla, and Demi Chef Ailene Rosero, all from Summit Hotel Greenhills; and Chef Remie Malicy, Head Chef of Grand Summit General Santos. Chef Ace concludes, “Our goal is for Café Summit Greenhills to be a dining destination that guests genuinely want to return to. We believe great food doesn’t have to be complicated, nor should it be a luxury. It should be approachable, enjoyable, and offer excellent value. We want Café Summit Greenhills to be a place where guests can gather with family and friends, enjoy good food, and feel right at home. Ultimately, we hope every dish leaves a lasting impression and makes our cafe a place guests return to often, crave when they’re away, and proudly recommend to family and friends.” Café Summit offers a breakfast buffet from 6 am to 10 am and à la carte dining from 10 am to 10 pm daily. Ideal for both intimate gatherings and larger celebrations, the restaurant features a Private Room for up to 20 guests, with flexible event arrangements available for up to 100 persons in the adjoining main dining area. Outside catering is also available. For inquiries and reservations, please contact (+63) 919 078 0790.

OR businesses that rely on commercial vehicles, purchasing a truck is only the beginning of the ownership journey. Recognizing the importance of longterm value, Hino Motors Philippines (HMP) has introduced the Hino VALUE+ Promo, an initiative designed to help customers maximize their investment through a combination of purchase incentives and aftersales support. Running until September 30, 2026, the campaign reflects Hino’s continuing commitment to its Total Support philosophy providing customers not only with dependable trucks, but also with the products, services, and support needed to keep their businesses moving. “At Hino, we understand that our customers measure value beyond the day they purchase a truck. They look at how that investment supports their business over time.” said Maki Yamazaki, President of Hino Motors Philippines. “The VALUE+ Promo reflects our commitment to helping customers maximize ownership through reliable products, quality aftersales support, and practical benefits that contribute to their long-term success.” As part of the campaign, customers purchasing the selected Hino models can enjoy a range of ownership benefits, including vehicle discounts of up to P80,000 and P20,000

worth of Hino Parts Discount Coupons, which can be used on Hino Genuine Parts, Hino Genuine Engine Oil, Smart Choice Parts, and participating PARTEX products which requires a minimum parts purchase amount of ₱2,000 at authorized dealerships nationwide. Eligible models equipped with HMP rear bodies may also receive additional discounts on top of the outright discount amount. Participating Hino models include: Hino 200 Series (315, 315 NAC, and 415) Hino 300 Series (414i, 414i Long, 814i, 514, 514 Auto, 616, 616 NAC, 716, 716 Double, 916, and 916 CBU) Whether serving logistics providers, retailers, contractors, or entrepreneurs, Hino continues to focus on delivering solutions that help businesses operate efficiently while reducing the overall cost of ownership. The Hino VALUE+ Promo is available at all authorized Hino dealerships nationwide until September 30, 2026, while Hino Parts Discount Coupons remain redeemable until December 31, 2027. Interested customers may visit their nearest Hino dealership or www.hino.com.ph for the complete promo mechanics terms and conditions. Per DTI Fair Trade Permit No. FTEB-262663 Series of 2026.

A taste of Christmas, reimagined: Puto Bumbong and Bibingka take on new flavors

HERE is something about the “BER” months in the Philippines that makes Christmas feel a little closer. The familiar songs begin to play, Christmas decorations slowly make their way into homes and establishments, and conversations naturally turn to holiday gatherings, gift-giving, and, of course, food. Among the flavors that signal the arrival of the season are two Filipino favorites that have long been part of our Christmas memories: Puto Bumbong and Bibingka. For many Filipinos, these treats are more than just something to eat. They bring back memories of cool evenings, family gatherings, visits to church, and stopping by a food stall for a warm serving of Puto Bumbong or Bibingka after Simbang Gabi. Their familiar aroma and comforting flavors have become part of what makes the Filipino Christmas experience feel like home. But what happens when these beloved classics are given a little imagination? As the BER months approach, Savoy Hotel Manila is giving Puto Bumbong and Bibingka a fresh take, reimagining these nostalgic treats in exciting flavors while keeping the character that makes them Filipino favorites. The idea is simple: honor the tradition while making room for something new. The classic flavors are still available, but this year, we are giving these beloved treats a little something extra. Our reimagined Puto Bumbong comes in two exciting variations—one topped with coconut milk, mango, and roasted sesame seeds, and another paired with rich coconut jam and latik. Each brings its own delicious character while giving this much-loved Christmas treat a fresh and flavorful twist. For Bibingka, guests can choose between two indulgent toppings: Leche Flan and Macapuno, or Queso de Bola and Hamon. Both are best paired with a warm tablea hot chocolate, making for a

Puto Bumbong topped with mango, coconut milk and sesame seed comforting combination perfect for the Christmas season. To make the experience even more special, our talented culinary team has also prepared a Sampaguita syrup, adding a distinct floral sweetness to these festive creations. And perhaps that is what makes food traditions so special. They are not meant to remain exactly the same forever. They evolve with every generation, every family, and every new interpretation, while still carrying the memories that made them special in the first place. This season, Puto Bumbong and Bibingka invite us to do just that: look back at the flavors we know while making new memories around them. So, as the days get a little more festive and the countdown to Christmas begins, consider this your invitation to rediscover two Filipino Christmas favorites—with a delicious twist. And there’s more to come… Think you can take on your favorite Christmas treats? Watch out for our upcoming fun Puto Bumbong & Bibingka Eating Contest, where our guests will soon have the chance to put their appetite to the test. More details coming soon!

Jasmine at New World Makati Hotel unveils refreshed à la carte menu

ASMINE, the signature Chinese restaurant of New World Makati Hotel, proudly introduces its refreshed À La Carte Menu, presenting traditional Chinese cuisine through contemporary technique, refined presentation, and thoughtfully selected ingredients. Masterfully curated by Master Chef Brandon Ng, also known as Chee Kin Ng, the new menu showcases a thoughtful balance between time-honored Chinese cooking techniques and evolving dining preferences. Designed around seasonal ingredients, modern Chinese dining trends, and guests’ growing appreciation for authentic yet innovative flavors, the refreshed selection reinforces Jasmine’s commitment to culinary excellence and memorable dining experiences. Guided by New World Hotels & Resorts’ purpose of “creating a future where people and places enrich one another,” Jasmine brings this philosophy to its culinary approach by partnering with local farmers, fisheries, and producers across the Philippines. Ingredients featured throughout the menu include fresh vegetables from the Cordillera region, Bicol chili peppers,

salted fish from Negros, and sustainably sourced seafood from Palawan. Through these partnerships, Jasmine celebrates local provenance while supporting regional communities. The refreshed menu features standout dishes that combine refined technique, bold flavor, and modern presentation while preserving the essence of well-loved Chinese classics. Appetizers • Crispy Bean Curd with Salt and Pepper • Imperial Peking Duck (Served Two Ways) • Dim Sum Creations • Seafood Lobster Dumpling • Golden Harbor Salmon and Asparagus Dumpling • Assorted Mushroom and Truffle Dumpling • Jasmine Oven-Baked Curry Chicken Puff Main Courses • Chinese-Style Beef Tenderloin with Onion and Mandarin Sauce • Honey Orange Chicken • Chinese-Style Scrambled Egg with Scallop and Tomato

• Fried French Beans with Minced Pork and Dried Shrimp • Pork Belly and Liver Sausage Fried Rice with X.O. Sauce • Desserts • Chilled Milk Pudding with Salted Egg Ice Cream • Steamed Creamy Cheese Piggy Bun Whether for a family gathering, business lunch, intimate dinner, or special celebration, Jasmine offers an elegant and welcoming setting where exceptional cuisine and warm hospitality come together. Guests can further enhance their dining experience with the restaurant’s signature cocktails, including the Jasmine Bloom and Xiang Máo Drop, alongside a carefully curated selection of wines and premium teas. Operating Hours: Monday to Friday Lunch - 11:30 am to 3 pm Saturday to Sunday Lunch - 11:30 am to 3:30 pm Dinner - 6p.m. to 9:30 p.m. For inquiries and reservations: Phone: +632 8811 6888 Email: servicecentre.manila@newworldhotels.com Web Page: Jasmin

Jasmine Restaurant at New World Makati Hotel - New A La Carte Menu Dishes

BusinessMirror

Editor: Tet Andolong

Wednesday, September 2, 2026 B7

GLOBAL BRANDS FUEL RETAIL EXPANSION BEYOND METRO MANILA

UNIQLO, Ayala Circuit mall. RIZAL RAOUL S. REYES

ZUS Coffee, Ayala Circuit mall. RIZAL RAOUL S. REYES

By Rizal Raoul S. Reyes

@brownindio

HE Philippine retail market is entering a new phase of expansion as major international brands increasingly look beyond Metro Manila, with provincial malls emerging as the next major battleground for fashion, food and beverage, and lifestyle concepts, according to CBRE Philippines. CBR E’s second-quarter 2026 Market Monitor found that the country’s retail growth story is increasingly being driven by the provinces, as global brands expand their footprints and developers compete to secure tenants capable of generating sustained foot traffic and customer spending. The shift is particularly evident in fashion and coffee, two catego-

ries where international brands are pursuing aggressive expansion programs. “Retail growth is in the provinces, not Manila,” CBRE said in its halftime assessment of the 2026 market. The property consultancy noted that major brands, including Uniqlo and coffee chains, are expanding their provincial presence. For provincial mall operators,

CBRE said the opportunity is to build the right-sized retail spaces and work closely with master franchise groups. Securing a major brand early could also provide a competitive advantage, as the first mall to land a brand may retain that tenant for years. Coffee is emerging as one of the most active segments in the Philippine retail market, with established operators pursuing aggressive expansion while new international players enter the country. CBRE said major coffee brands are targeting between 700 and 800 or more new sites, while Korean and Chinese entrants are also preparing to expand, largely through rapid, saturation-driven rollouts. The consultancy sees considerable room for growth because Philippine percapita coffee consumption remains below levels in Vietnam, Thailand and Malaysia. Among the international brands highlighted by CBRE are Malaysia’s ZUS Coffee, Indonesia’s Tomoro

DESSERT 39, SM Mall of Asia

Coffee, China’s Luckin Coffee and Cotti Coffee, South Korea’s Compose Coffee and The Venti, and Japan’s Key Coffee. CBRE said the coffee category can continue to grow even as individual stores experience churn. For property developers, coffee shops also have a strategic role beyond rental income as they can help activate retail strips during traditionally weak weekday mornings and midday periods. The consultancy estimates that 15 to 20 customer visits per month can help bring life to slow dayparts. Large chains tend to generate traffic through grab-and-go formats, while smaller, more distinctive operators encourage longer dwell times. The fashion market is also undergoing a significant transformation, with Filipino consumers showing a strong preference for global valuefashion brands. The contrast between global and local retailers is particularly striking. Uniqlo has 81 Philippine stores

Following best developer win, CLI launches Alto Ranudo to kick off ₧25-billion project pipeline

EBU C I T Y, Ph i l ippi nes — Cebu Landmasters Inc. (CLI) is kicking off its second half launch pipeline with Alto Ranudo, a P2.88-billion premium residential tower in Cebu City. Alto Ranudo was issued DHSUD Conditional License to Sell (CLTS) No.R7-C005. Rising along the prime V. Ranudo Street in Cebu City, the 20-storey, low-density development will offer 389 studio and one-bedroom units, premium amenities, and commercial spaces. The development design draws inspiration from Cebu’s hablon weaving heritage, translating its textures, layers, and patterns into breathable façade elements, curved ledges, and patterned panels. The project rises beside Calle 104, CLI’s sold-out heritage-driven development anchored by the adaptive reuse of the Garcia-Escaño Mansion. Its location provides convenient access to major hospitals, schools, retail centers, and key destinations including Fuente Osmeña Circle, while residents will have direct pedestrian access to Calle 104’s retail strip. The development’s amenities include a fitness gym, adult and children’s pools, yoga area, zen garden, co-working space, lounges, function rooms, children’s play areas, and pet play area. The development will also feature podium parking, four passenger elevators, 100 percent backup

ALTO RANUDO is CLI’s P2.88-billion premium residential tower along V. Ranudo Street in Cebu City, featuring 389 studio and one-bedroom units, premium amenities, and commercial spaces. Inspired by Cebu’s hablon weaving heritage, it is the first of 11 projects in CLI’s P25-billion launch pipeline.

power, 24/7 security, and CLI property management services. “Alto Ranudo is our take on how Cebu’s heritage can live on in a modern setting,” Soberano said. “ As we design a residence that feels distinctly

Cebuano while responding to how people want to live in the city today, we remain focused on developments that cater to local preferences and create lasting value for our customers and shareholders,” Soberano highlighted.

Alto Ranudo is the first of 11 projects CLI is set to bring to market to replenish CLI’s inventory, following a 95 percent sell-out rate among its residential portfolio. The 11-project pipeline comprises more than 5,600 units with an estimated P25 billion in total sales value across key VisMin markets, as CLI remains focused on disciplined project execution, regulatory compliance, and converting its pipeline into sales and future revenue growth. “Strong take-up across our portfolio gives us confidence to bring fresh inventory into markets where we continue to see genuine housing demand,” said CLI President and CEO Jose Franco Soberano. “Alto Ranudo starts that next wave of launches while staying true to what we know best—creating developments that are grounded in the character and needs of the communities we serve.” The launch comes after CLI’s recent Best Developer in the Philippines win at the 14th PropertyGuru Philippines Property Awards on August 20 in Manila. CLI also won Best Housing Developer, Best Developer–Visayas, and Best Developer–Mindanao. Alto Ranudo is CLI’s first residential project under CLIMAC Ventures, Inc., the company’s joint venture with Martinez Agricultural Corporation (MAC). The Company has 132 projects in different categories across 18 key cities in VisMin.

and a 9.4-percent market share, while local brand Bench has 678 stores but a 1.2-percent share, according to the CBRE presentation. Bistro Group expanding its international-brand portfolio. Dessert39, among The Bistro Group’s recent successful launches alongside Morton’s, Fogo de Chao and Dave & Buster’s, is particularly interesting because it combines sKorean café/dessert branding, health-conscious beverages, graband-go products, Filipinized savory dishes mall-based expansion, and an established Korean store network of 700+ outlets. Furthermore,Dessert 39 is expanding its offering in the Philippines, adding savory meals to its signature lineup of desserts and beverages as it builds a broader presence in the country’s competitive café market. The brand opened its first Philippine outlet in December 2025, bringing its combination of Koreaninspired desserts, beverages and

grab-and-go offerings to Filipino consumers. It also launched the brand’s KCombo, which pairs Korean beverages with savory bites as part of its value-oriented offering. The strategy gives Dessert 39 more opportunities to capture different dayparts and consumer occasions—from snacks and coffee breaks to lunch and casual meals. Dessert 39’s Korean operation has continued to roll out new products throughout 2026, including ube-based desserts, watermelon drinks, cup bingsu, matcha products, pistachio offerings and specialty breads. In July alone, the brand launched a jalapeño cheese sausage salt bread, chocolate four roll cake and traditional misugaru made from 12 grains. The Korean brand says it has distributed certified reusable tumblers and reports that more than 8.6 million single-use cups have been avoided through its reusablecup program.

Davao developer earns multiple awards in Property Guru awards

By Manuel T. Cayon

AVAO CITY—The Floirendoowned Damosa Land, Inc. (DLI) walked away with multiple honors in the 14th Property Guru Philippines Property Awards to earn its respectable spot alongside the country’s top developers and as the lone Mindanao homegrown developer among the prestigious winners. The awarding at the Shangri-La brought new awards to the DLI with the Best Boutique Developer award, the Best Investment Condo Development and Best Beachfront Condotel Architectural Design awards. “Standing out in this highly competitive arena, DLI was honored with the highly coveted Best Boutique Developer award for the second consecutive year and the third time since 2020,” the company said in a statement. It that “as the only Mindanao-homegrown property developer this year, the company has earned this distinct recognition as a testament to its craftsmanship, forward-thinking vision, and dedication to pioneering the future of Mindanao’s real estate landscape.” “Being recognized for these prestigious awards is a powerful validation that Mindanao is leading the way in real estate innovation. Damosa Land remains steadfast in its mission to deliver world-class yet mindful projects that drive investment potential and create lasting value for generations to come,”

said DLI President Ricardo Floirendo Lagdameo. The company also received the Best Investment Condo Development and Best Beachfront Condotel Architectural Design awards for TRYP by Wyndham Samal, underscoring the project’s strong market appeal, design excellence, and growing prominence as a premier hospitality and investment destination in Mindanao. It said the Best Investment Condo Development award “highlights the condotel’s strategic location, strong rental yield, capital appreciation, and robust property management services that make it appealing to investors.” The Best Beachfront Condotel Architectural Design award “spotlights the property’s luxurious coastal design, durable climate-resilient infrastructure, and efficient hospitality layouts that maximize oceanfront views.” DLI will be doing its This milestone project TRYP by Wyndham Samal, introducing the first global hotel brand to the Island Garden City of Samal. “The arrival of Wyndham Hotels and Resorts, one of the world’s leading hospitality groups, signals strong international confidence in Samal Island’s investment potential and as a global tourist destination.” The hotel is targeted for completion in 2028. The PropertyGuru Philippines Property Awards is now on its landmark 14th year as a gold standard of real estate excellence in the country, the DLI said.

Wednesday, September 2, 2026

www.businessmirror.com.ph

20 Pampanga localities flooded Lawyer calls out By Ashley J. Manabat

AMPAGING floodwaters have submerged 334 barangays in 20 of Pampanga’s 21 towns and cities as intermittent rain and rising water levels in rivers continued in practically the whole province, the Pampanga Provincial Disaster Risk Reduction and Management Office reported on Tuesday. PDRRMO data showed that 326,907 families, or 1,047,664 individuals, were affected by the flooding. Of these, 4,622 families, or about 17,300 individuals, had been taken to designated evacuation centers as of the latest update. Rescue and evacuation operations continue in affected communities. At least 18 houses were reported totally destroyed and 65 partially damaged. Agricultural and farm-related damages has reached P1.25 billion, the PDRRMO report said. The assessment included about P786 million in fisheries, P295.1 million in rice, P127.8 million in high-value crops, P22.5 million in cassava, P7.7 million in corn, and P9.08 million in farm structures and P1.2 million in farm machinery. The 20 LGUs included on the PDRRMO list include Magalang, Floridablanca, Guagua, Lubao, Porac, Santa Rita, Sasmuan, Arayat, Bacolor, Mexico, Santa Ana, Apalit, Candaba, Macabebe, Masantol, Minalin, San Luis, San Simon, Santo Tomas, and the City of San Fernando. Mabalacat City was the only Pampanga locality not included on the PDRRMO list of the 20 areas with flooded barangays. Gov. Lilia Pineda and Vice Gov. Dennis Pineda on Monday convened an emergency interagency

meeting with representatives from the Office of Civil Defense, Department of National Defense, Department of Social Welfare and Development, Department of Health, water and electric cooperatives, and several local governments to discuss response measures. The provincial government said authorities were prioritizing the delivery of food and other essential supplies to evacuation centers, as well as access to safe drinking water, particularly in Macabebe. Officials were also working to provide additional medicines and medical assistance, deliver relief goods to flood-affected areas that are difficult to reach, and deploy more rescue personnel. Separately, in highly urbanized Angeles City, the local disaster risk reduction and management council recommended placing the city under a state of calamity amid the impacts of recent weather disturbances and the enhanced southwest monsoon, or habagat. The council approved Resolution 09, Series of 2026, recommending the declaration during a special meeting chaired by Mayor Carmelo Lazatin II on Monday. T he counci l a lso rev iewed evacuation protocols, disaster response procedures and the city’s multi-hazard early warning system. Officials discussed continued

PAMPANGA ELEVATION PROFILE CHART

City / Municipality

Average Elevation (meters)

Highest Elevation (meters)

Mabalacat City

170

1,135

Angeles City

150

604

Porac

100

1,584

Arayat

1,033

Magalang

147

Floridablanca

445

City of San Fernando

Mexico

Santa Rita

Candaba

Bacolor

Lubao

Santo Tomas

Santa Ana

Guagua

San Luis

Minalin

Apalit

Sasmuan

Macabebe

Masantol

San Simon

23 SOURCE: EN.WIKIPEDIA.ORG

monitoring of rivers and waterways, bridges, landslide and soil erosion risks, as well as preparations for possible evacuation, rescue and relief operations. Rising water levels in the Pampanga River also disrupted traffic along the North Luzon Expressway in San Simon, with the San Simon Interchange and Tulaoc areas re-

maining impassable to Class 1, or light, vehicles in both directions. Nlex Corp. said Class 1 motorists were being diverted to designated exits and alternate routes, while Class 2 and 3 vehicles could continue through the affected areas, subject to traffic conditions. See “Flooded,” A8

Impeachment Court bans witness use of communication devices By Jovee Marie N. dela Cruz @joveemarie

HE Senate Impeachment Court on Tuesday prohibited witnesses from possessing or accessing earpieces, mobile phones, smartwatches and similar communication devices while testifying, following the court’s verification that a widely circulated image allegedly showing Office of the Vice President Assistant Secretary and Assistant Chief of Staff Lemuel Ortonio wearing an earpiece was AI-generated and false. On Day 20 of the trial, Senate Impeachment Court Presiding Officer Francis Escudero issued the directive before the court called the next witness, using the incident both to correct misinformation about Ortonio and to establish a clear rule against coaching or outside inf luence during testimony. “After Mr. Ortonio testified before this court, an image of him allegedly wearing an earpiece was widely circulated on the internet,” Escudero said.

The court did not identify who created or circulated the image. It instead placed its verified finding on the record, preventing the fabricated visual from being treated as proof of misconduct by Ortonio or any party in the trial. “ We take this opportunity after verification that it was an AI-generated image and simply false,” Escudero declared. He clarified that the feature visible on Ortonio’s ear was not an electronic device. “What he had was a front-fold helix, an ear piercing in the frontfold helix of his ear, not an earpiece,” Escudero said. The correction was significant because the false image suggested that Ortonio might have been receiving answers or instructions while on the witness stand. The court’s verification removed that suggestion from the factual record. At the same time, Escudero made clear that the broader concern raised by such an image – whether a witness could secretly receive prompts – required a uniform preventive rule for all succeeding witnesses.

“Every witness must testify solely from his or her own knowledge, free from coaching or influence from counsel or any other person,” he said. Escudero anchored the directive by analogy to Section 21(e) of Supreme Court AM 24-11-02-SC, the amended guidelines on videoconferencing. That provision prohibits the use of cellphones, tablets and similar gadgets or materials during a virtual hearing to prevent coaching and disruption. Escudero cited Villarreal v Texas, where the US Supreme Court discussed limits on attorney communications that could shape a witness’s ongoing testimony, including communication through an earpiece while the witness is testifying. Applying those principles to the impeachment trial, Escudero listed the devices covered by the new directive. “Accordingly, no witness, while testifying shall possess, have access to, or use any earpiece, headset, cell phone, smartwatch, smart glasses, or any other similar device capable of transmitting or

receiving information or communication,” he ruled. T he order covers not only physical gadgets but also any effort to obtain help from another person while testimony remains unfinished. “Witnesses are also prohibited from receiving or attempting to receive any communication, suggestion, answer, signal, message, or prompt from any person, whether inside or outside this court, regardless of the means employed,” Escudero said. “The prohibition shall remain in force during recesses and until the witness is formally discharged by the court,” he said. Escudero directed the clerk to explain the safeguards to every witness, secure any prohibited communication device before the witness is sworn in, and obtain an express confirmation on the record that the witness understands and will comply. Any suspected violation must be reported to the presiding officer and may be addressed through the impeachment court’s disciplinary powers, he added.

Ombudsman for ‘mastermind’ tag T HE camp of the former Speaker on Tuesday raised concerns over the use of the term “mastermind” by Ombudsman Jesus Crispin Remulla while the preliminary investigation remains ongoing, saying such statements may create the impression that a conclusion has already been reached before the evidence and the defense’s arguments have been fully reviewed. Lawyer Ade Fajardo said calling former Speaker Ferdinand Martin G. Romualdez a “mastermind” before the completion of the investigation “could create an appearance of prejudgment.” Fajardo said accusations should not get ahead of the legal process, particularly while the Office of the Ombudsman is still examining witness statements, supporting documents, and the defense’s submissions. The defense has maintained that public statements suggesting guilt or prosecution before the evaluation of all evidence may create an appearance of prejudgment. It earlier asked Remulla to be recused from the case, citing concerns over statements he made regarding the investigation. In a statement, Fajardo said the defense was concerned that previous public remarks could give the impression that a conclusion had already been formed and that evidence was being sought to support an earlier position. “Well, from our perspective, we are concerned that because of the many public positions taken by the current Ombudsman, it appears that there may already be a prejudgment or that a conclusion has already been formed, and that evidence is now being pursued merely to support a legal conclusion that, in our view, does not actually exist,” he said. He said witness statements remain subject to evaluation, especially as some accounts have changed and additional evidence has yet to be fully presented to the defense.

“The problem we encountered there is that, at this stage of the investigation, our rules, our laws, and even the Constitution itself require fairness and impartiality,” Fajardo said. Fajardo added that labels made during a pending investigation may influence public opinion and affect the perception of the case before investigators determine the strength of the evidence. He u rged i nvest igators to resolve t he compl a ints ba sed on ev idence properly disc losed and weighed dur ing t he proceed ings, rat her t ha n on st atements or descr ipt ions m ade wh i le t he invest igat ion rem a ins pend ing. The defense also rejected the claim that the recantations of former marine Orly Guteza and members of the so-called “Maleta Boys” should be treated as additional evidence strengthening the complaints. Fajardo said the recantations do not automatically make the allegations stronger and instead raise questions about the credibility of the original statements. Fajardo disagreed with Assistant Ombudsman Mico Clavano’s view that both the original accounts and recantations should be considered evidence, saying conflicting statements must be carefully evaluated before any legal action is taken. He said witnesses withdrawing previous allegations do not strengthen the case but highlight issues that investigators must resolve. The defense maintained that the complaints should rely on independent and credible evidence directly linking Romualdez to the alleged wrongdoing, not merely on the existence of conflicting statements. Guteza and several former security aides of former Party-list Rep. Zaldy Co of Ako Bicol have recanted earlier claims involving alleged cash deliveries. Jovee Marie N. dela Cruz

DOH urges use of face masks

HE Department of Health (DOH) on Tuesday urged the public to wear N95 face masks and limit outdoor activities as haze from forest fires in Kalimantan, Indonesia, has reached parts of Luzon and the Visayas due to the southwest monsoon or habagat. In an advisory, the DOH warned that haze contains dirty air mixed with fine smoke, dust, and ash that can trigger acute respiratory issues and eye irritation. “Maaaring magdulot ang haze ng hirap sa paghinga, pag-ubo, pananakit ng dibdib, pangangati o pagluluha ng mga mata, at paglala ng mga sakit sa baga tulad ng hika. Dobleng pag-iingat ang kailangan para sa mga bata, matatanda, at mga may dati nang sakit sa baga o puso [Haze may cause difficulty in breathing, coughing, chest pain, eye irritation or watery eyes, and worsening of lung conditions such as asthma. Extra precautions are needed for children, older adults, and people

with pre-existing lung or heart conditions],” it said. To minimize exposure, the agency outlined several preventive measures for affected communities, including staying indoors, sealing indoor spaces, driving safely, and wearing protective masks. The DOH advised that N95 masks must be worn when outdoors. If N95 masks are unavailable, the public may use a damp handkerchief or cloth. Double-masking or folding a handkerchief or cloth twice may be done as alternative protection to reduce particle inhalation. “Alamin ang lagay ng hangin sa inyong lugar at unahin ang kaligtasan [Check the air quality in your area and prioritize your safety],” the DOH said. It also reminded the public to immediately contact the National Emergency Hotline 911 for urgent medical assistance. Claudeth Mocon-Ciriaco with PNA