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Friday, September 4, 2026 Vol. 21 No. 325

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A DREAM, IN FULL FRAME Alexandra “Alex” Eala reacts with delighted surprise as a fan presents an oversized cutout of her childhood self for an autograph following her 6-1, 6-2 first-round victory over American Mary Stoiana at Louis Armstrong Stadium in Flushing Meadows, New York. Surrounded by supporters holding keepsakes—including oversized tennis balls and a rubber duck—the 21-year-old Filipina’s reaction captured more than the joy of victory. It reflected the remarkable journey of a young player followed since childhood who has grown into a major presence on the Grand Slam stage, with Filipino fans filling the stands, waving flags and cheering “Laban Alex.” For a moment, the child Eala and the history-making player she has become seemed to meet in the same frame, capturing the personal and communal significance of her rise. TROI SANTOS

N.G. DEBT AS OF END-JULY SOARS TO RECORD ₱19.39T

By Andrea E. San Juan @andreasanjuan

HE national government’s outstanding debt surged by nearly a third of a trillion pesos in just a month. Data released by the Bureau of the Treasury on Thursday revealed that the outstanding debt climbed to a new record of P19.39 trillion as of end-July 2026. This amount grew by 1.70 percent, or P323.53 billion, from P19.07 trillion at end-June 2026. The Treasury said the increase was “primarily driven by the net availment of domestic and external debt, as well as the revaluation of foreign currency-denominated obligations following movements

in the peso relative to the US dollar and other foreign currencies.” The peso weakened against the dollar from P61.290 as of end-June 2026 to P61.327 as of end-July. The outstanding debt rose by 10.39 percent, or P1.826 trillion, year-on-year from P17.563 trillion. Domestic debt accounted for the bulk, or 67.61 percent, of the total debt stock while external obligations comprised the remaining 32.39 percent. See “Debt,” A2

‘GOVT MUST SEPARATE CHRONIC FROM SHOCK-INDUCED POVERTY’ By Justine Xyrah Garcia

@jxrgarcia

HE government needs to distinguish between chronic poverty and poverty caused by temporary shocks to better target social protection programs, according to a former Philippine Institute for Development Studies (PIDS) president. Former PIDS President Celia M. Reyes said poor households should not be treated as a single group because their circumstances and the interventions they need can differ significantly. “You need to be able to iden-

tify who are the chronic poor and transient poor to be able to deliver the most effective intervention,” Reyes said in a recent hybrid webinar conducted by the De La Salle University-Angelo King Institute for Economic and Business Studies. The chronic poor, she said, are those who remain poor over a long period, while the transient poor are households that move in and out of poverty because of shocks. These could include natural disasters such as typhoons, as well as economic shocks such as increases in fuel prices. See “Poverty,” A2

Farm-to-market roads to start only in Q4 By Ada Pelonia

@adapelonia

HE construction of the P33-billion farm-to-market road (FMR) projects for 2026 is expected to begin in the fourth quarter following previous delays, according to the Department of Agriculture (DA). Agriculture Secretary Francisco Tiu Laurel Jr. said the DA only received the special allotment release order (Saro) for the FMR projects in end-August, with bid-

ding slated to start this month. Government agencies should secure a Saro from the Department of Budget and Management (DBM) for funds to be disbursed. “The [probable construction] is in October, November, December [then these will be completed] by the end of 2027,” Tiu Laurel recently told reporters. He said the DA decided to retain the P15 million per-kilometer cost due to the surge in materials and pump prices wrought by the Middle East war.

Prior to the war that triggered the global oil crisis, Tiu Laurel expressed confidence that the agency can lower the standard perkilometer cost to as low as P13.5 million depending on the terrain. “Then the crisis came and [the prices of] everything went up, so we only reverted it back to P15 million,” he said. For 2027, the DA earmarked P16 billion for the construction and rehabilitation of FMR projects under its National Expenditures Program (NEP).

Tiu Laurel, however, said the proposed funding is not enough to slash the 55,000 kilometers FMR requirement deficit nationwide. “It will be better if it’s P60 billion to P66 billion annually to finish that in 12 years or P125 billion a year to complete this in six years. But of course, we’re limited by the fiscal space,” he said. Despite this, Tiu Laurel said he remains hopeful that Congress and Senate will increase the budget allocation for FMRs next year. See “FMR,” A2

Palace: MVUC rate hike still for review By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand Marcos Jr. will consider the delicate balance of generating government revenue and public interests before deciding on the Department of Finance (DOF) proposal updating the Motor Vehicle Users Charge (MVUC), which will drive up the cost for motorists, according to Malacañang. Palace Press Officer Claire Castro made the assurance after DOF announced it wants to raise the taxes for all types of motor vehicles, which it said remained stagnant for over two decades as part of the “Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability [Progress] Bill.” The adjustment will cover different vehicles including cars and trucks. The measure is expected to help to provide additional revenue to the government so it can afford the higher tax exemptions and exempting micro and small enterprises from the minimum corporate income tax, which was announced by Marcos in his fifth State of the Nation Address (SONA) last July. Castro said the chief executive has yet to approve the proposed MVUC proposal of DOF. “Right now, this is merely a proposal, so it is still under review. Our

PRESIDENT Ferdinand Marcos Jr.

President has not yet taken a final position on it,” she said in Filipino in a press briefing last Thursday. She assured Marcos will consider the position of both the government and motorists on the matter. “All tax measures are definitely a heavy burden on the pocket [taxpayers], so we need to carefully study whether this would truly be beneficial for the government by increasing its revenue. Nevertheless, we will examine what would be the best approach for both the government and motorists,” Castro said. Last Wednesday, DOF launched its nationwide stakeholder consultations for the Progress Bill, which aims to “provide meaningful tax relief, while strengthening the government’s revenue capacity to support essential public services.” Aside from the MVUC, other tax See “MVUC,” A2

PESO EXCHANGE RATES n US 62.6140 n JAPAN 0.3947 n UK 84.4600 n HK 7.9847 n CHINA 9.3185 n SINGAPORE 49.2869 n AUSTRALIA 44.8942 n EU 72.5634 n KOREA 0.0461 n SAUDI ARABIA 16.6753 Source: BSP (September 3, 2026)

News

BusinessMirror

A2 Friday, September 4, 2026

Palace: MVUC rate hike still for review Continued from A1

reforms discussed in the consultations were the higher excise tax on vehicles valued above P8 million, which will also cover private sea vessels and aircrafts as well as the 15-percent Global Minimum Tax on large multinational enterprises.

FMR…

Continued from A1

The DA has taken over the development and implementation of FMR projects following the controversial infrastructure projects by the Department of Public Works and Highways (DPWH). Early this year, the agency launched the FMR Watch, a transparency and monitoring portal by the Bureau of Agricultural and Fisheries Engineering (BAFE). The portal has tracked 6,428 projects between 2021 and 2026. The total investment reached P109.53 billion, covering around 2,485 kilometers of roads nationwide. Of these, only 3,235 projects have been completed. The DA said the construction of these FMRs will lower production costs and raise farmers’ incomes, thus reducing food prices.

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No blanket deployment ban on Strait of Hormuz–DMW

By Samuel P. Medenilla

ESPITE the death of two Filipino seafarers, from a “security incident” in the Strait of Hormuz earlier this week, the Department of Migrant Workers (DMW) said it will not impose a blanket deployment ban in the waterway.

Instead, DMW Secretary Hans J. Cacdac said the government will continue to respect the right to refuse to sail of Filipino sailors onboard ships that will pass through the dangerous waters. “We are disallowing deployment to the extent there is refusal to sail by seafarers,” he said in a hastily called online press conference last Wednes-

day. He said the decision was in recognition of the economic challenges faced by the maritime industry from the ongoing tension in the Strait of Hormuz because of the ongoing war between the United States and Iran. To reduce the risk of Filipino sailors in the Strait of Hormuz, DMW reminded the owners of their ships to

comply with safety regulations. “We continue to remind our shipowners to be mindful of the DMW requirements, such as risk assessments, implementing appropriate security protocols, considering vessel escorts where necessary, and complying with reporting requirements and right to refuse sailing,” Cacdac said. Last Monday, the Saudi-flagged crude oil tanker SIDR, which was owned by BAHRI, caught fire after it was hit by an unidentified projectile while crossing the Strait of Hormuz. The crew of the ship was able to contain the fire, but two of its 16 Filipino members died from the incident. In a press briefing last Thursday, Palace Press Officer Claire Castro said President Ferdinand Marcos Jr. expressed his condo-

lences to the families of the Filipino sailors who perished. “The President and the administration extend their condolences to the families of the two seafarers from Cabuyao, Laguna, and Daanbantayan, Cebu,” she said. She assured the families that the government will provide the necessary aid, compensation, and insurance proceeds to their families. Cacdac said they are now working to repatriate the remains of the two sailors and the 14 other unharmed Filipino crew members of SIDR through Oman. Since the Middle East crisis broke on February 28, a total of 31 ships with 421 seafarers have been attacked while passing through the Strait of Hormuz, DMW said. Of the 421 sailors, 268 were repatriated by the government.

‘Govt must separate chronic from shock-induced poverty’ Continued from A1

Reyes cited a 2011 PIDS study that used panel data from the 2003,

2006 and 2009 rounds of the Family Income and Expenditure Survey to

track households’ poverty status over time. The study showed that households do not necessarily remain poor or non-poor across periods. Some households moved out of poverty, while others who had previously been non-poor fell into poverty later. Reyes noted that around half of those classified as poor in 2009 were transient poor, having been non-poor in an earlier period. “Sometimes we’re treating them as a homogeneous group but actually, they are not. The chronic and the transient poor would be different kinds of intervention,” she said. This distinction is particularly important in designing social protection programs, Reyes said. She noted that temporary assistance, such as cash aid, may help households cope with shortterm shocks and return to their usual livelihoods once conditions improve. Chronically poor households, meanwhile, require longer-term

“structural programs” that address the underlying causes of their poverty.

Risk assessment

THE former PIDS chief also warned that being below the official poverty threshold does not necessarily mean a household is the one most exposed to a particular shock. For instance, geopolitical tensions in the Middle East could affect overseas Filipino workers and their families, even if they are not currently classified as poor. “It’s very important for policy makers to be able to do what we call social protection risk assessment to identify who is at risk of falling into poverty due to specific shocks,” she added. Reyes said the CommunityBased Monitoring System (CBMS) could help fill this gap by providing household- and individuallevel data that can be used to identify and locate poor families and determine the interventions they need.

N.G. debt as of end-July… Continued from A1

Debt owed to local creditors went up by 2.11 percent monthon-month to P13.11 trillion as of end-July from P12.84 trillion. The increase was driven by the Treasury’s net issuance of government securities worth P271.22 billion, with the remaining movement due to the slight upward revaluation of Onshore Dollar Bonds (ODBs). Year-on-year, domestic debt climbed by 8.26 percent from P12.108 trillion. Foreign debt, meanwhile, increased by 0.84 percent to P6.28 trillion as of end-July from P6.23 trillion a month ago. This also went up by 15.12 percent from P5.455 trillion in the same period a year earlier. The Treasury said the increase was mainly due to P17.10 billion in

net external loan availment, complemented by the higher peso value of foreign currency-denominated obligations following the depreciation of the peso against the US dollar and third currencies. The national government’s outstanding debt relative to the size of the gross domestic product (GDP) climbed to a 22-year-high in the second quarter, after the economy grew by only 2.3 percent in the second quarter while the debt stock was at an all-time high of P19.065 trillion. The debt-to-GDP ratio rose to 66 percent in the second quarter, the highest since 2004 at 71.6 percent, according to data released by the Bureau of the Treasury last month. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said the outstanding debt swelled due to increased foreign borrowing as well as the weaker dollar-peso exchange rate in recent months. “The record high outstanding national government debt also reflected wider budget deficits in recent months/years and in-

BARMM… Continued from A9

These include the decommissioning of former rebels, the redeployment of military forces outside the Bangsamoro and the disarmament of private militias. Some 14,000 fighters and 2,450 weapons still had to be decommissioned when the report was prepared. Integration of former MILF and Moro National Liberation Front fighters into the police force has likewise produced limited results. More than 11,000 applicants took a special eligibility examination in 2022, with 7,145 passing, but only about 400 positions were earmarked for former fighters and just 396 eventually joined the police force.

Justice remains out of reach

WEAK policing is only one part of the region’s broader security problem. Courts remain slow and difficult to access, particularly for poor Bangsamoro residents facing long distances, case backlogs and high costs. Those weaknesses can allow disputes to remain unresolved or resurface, sometimes triggering fresh rounds of violence and retaliation between rival clans. The Crisis Group said stronger and more professional policing, better coordination between the military and police, improved access to justice and tighter control of firearms would be needed to prevent local violence from undermining the transition. “Communities will not feel safe until the peace gets the policing it needs,” the report said.

DOT…

Continued from A9

lifestyle, entertainment, and cultural tourism destination in Metro Manila under the DOT’s “Discover More to Love” campaign and other entertainment and tourism-related campaign of the DOT; jointly create and implement destination marketing campaigns highlighting authentic Filipino culture, performing arts, hospitality, gastronomy, and entertainment; to name a few. Earlier, the DOT also inked an MOU with Klook Philippines for the latter to highlight the “hidden gems” in the country, through its app. The two-year agreement will initially focus on promoting the Cordillera Administrative Region, Panay, Negros, and Bukidnon. (See, “DOT seeks wider China visa-free entry as arrivals surge 69%,” in the BusinessMirror, Sept. 1, 2026.)

creased borrowings in recent years especially since the Covid-19 pandemic, in pesos as well as in US dollars/foreign currencies,” added Ricafort. For the month of July 2026, Ricafort said the US dollar-peso exchange rate already weakened by 5 percent year-on-year, “thereby bloating foreign debts when converted to pesos and partly contributed to the record high outstanding national government debt in recent months.” For the coming months, Ricafort said the catch-up spending, especially on infrastructure, is expected to make up for the government underspending since the latter part of 2025 due to the anomalous flood control projects. However, he said this could partly lead to wider budget deficits and could again require additional government borrowings which he said “could still lead to new record high outstanding national government debt.” The national government’s outstanding debt is projected to swell to P21.479 trillion by the end of 2027, as a persistently weak peso, growing financing requirements and repayment of maturing loans add to the debt burden. The expected debt is seen to increase by 8.67 percent from the P19.765 trillion projected by the end of this year, based on the Budget of Expenditures and Sources of Financing released after the turnover of the 2027 proposed budget to the House of Representatives on Tuesday.

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BOC seizes ₧162.2-M ‘kush’ from distressed yacht in Subic By Henry Empeño

UBIC BAY FREEPORT–The Bureau of Customs (BOC) intercepted here on Thursday some P162.2-million worth of ma r iju a na or “ k ush,” following a search of a distressed sailing yacht brough to Subic for repair. The contraband was discovered after BOC-Port of Subic received information on a sailing yacht that was forced to seek emergency shelter and repairs at the Subic Bay Yacht Club (SBYC) due to bad weather. Subic District Collector Geniefelle Lagmay said his office acted immediately on the information and issued a mission order authorizing the search. Investigators found out that the vessel, manned by Thai and Malaysian crewmen, was originally sailing to Taiwan from Kota Kinabalu in Malaysia when it encountered rough seas and was forced to head to Subic. Upon inspection and search of the vessel BOC operatives recovered a total of 98.33 kilos of marijuana with an estimated street price of P162.2 million. See “Subic,” A4

Friday, September 4, 2026

House eyes stricter safeguards on use of confi, intel funds

By Jovee Marie N. dela Cruz

@joveemarie

OUSE of Representatives prosecutors are studying a measure that would establish stricter legal safeguards on the use of confidential and intelligence funds following issues raised during the impeachment trial of Vice President Sara Z. Duterte.

House prosecutor and Party-list Rep. Terry Ridon of Bicol Saro said members of the prosecution panel are considering the filing of a Confidential and Intelligence Fund Integrity bill, which would convert existing audit guidelines from the Commission on Audit (COA) into statutory requirements. “Some members of the panel

are studying the filing of the Confidential and Intelligence Fund Integrity bill,” Ridon said. “Basically, it will codify the Commission on Audit [COA] rulings and COA guidelines.” The proposal seeks to provide clearer standards on the release, utilization, reporting, and auditing of confidential funds, which

are currently governed by Joint Circular 2015-01 issued by COA and other government agencies. Ridon said lawmakers are examining several areas, including the documentation and rental of safe houses, the verification of aliases used in confidential fund records, and the qualifications of individuals authorized to handle confidential cash. He added that mechanisms should be established to verify individuals identified through aliases while maintaining operational confidentiality. The measure may also clarify whether confidential funds may be used for expenses such as medicines or should be limited to activities directly related to intelligence and information gathering. Ridon said the legislation could also impose penalties for violations involving the improper use of confidential funds. See “Confi,” A4

DOJ indicts Tacloban high school shooter By Joel R. San Juan @jrsanjuan1573

HE Department of Justice has recommended the filing of six counts of frustrated murder and four counts of attempted murder against the 15-year-old student involved in the shooting incident inside the San Jose National High School (SJNHS) in Tacloban City, which killed three students and injured several others last June 22. At a press briefing, Justice Undersecretary Ian Norman Dato said the prosecution has established that the 15-year-old child in conflict with the law (CICL) “acted with discernment” in conspiracy with another minor in carrying out the attack. Dato said the charges will be filed before the Regional Trial Court in Tacloban City. For the six counts of frustrated murder, the DOJ recommended a bail of P36,000 for each count and a bail of P 72,000 each for the four counts of attempted murder. On the other hand, Dato said the 14-year-old CICL will not be subjected to criminal procedures since minors 14 and below are legally exempt from criminal liability. Instead, he will be placed under the juvenile justice system and undergo intervention programs under the Department of Social Welfare and Development. “The 14-year-old is a minor, so the criminal process will not affect him. But the intervention or the jurisdiction over him is now under the local social welfare development office,” Dato explained. However, the DOJ earlier indicted the police officer-aunt of the 14-year-old CICL reckless imprudence resulting in multiple homicide and physical injuries after the latter managed to use her issued firearm during the shooting incident. The police officer was identified as Police Ssgt. Arla R ay Paciencia.

Friday, September 4, 2026

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Gordon: Recognize Battle of Imus US, Philippines rally Indo-Pacific allies as PHL Revolution’s first victory against weaponized drone, CBRN threats

By Malou Talosig-Bartolome

S drone warfare reshapes battlefields from Ukraine to the Middle East, the United States and the Philippines convened defense and law enforcement officials from seven Indo-Pacific nations last week to build regional shield against weaponized unmanned aircraft and the specter of terrorist chemical, biological, radiological and nuclear (CBRN) attacks. The August 24-28 capstone event in Manila brought together senior operational commanders from Australia, India, Indonesia, Malaysia, the Philippines, the United Kingdom and Vietnam. The US, Embassy in Manila, in a statement said they held scenariobased drills on intelligence-sharing, crisis response, forensic investigation, and cross-border prosecution of drone-delivered CBRN threats. The workshop was hosted by US State Department’s Bureau of Arms Control and Nonproliferation and the Philippines’ Anti-Terrorism Council Program Management Center. The event closed a regional training arc launched in 2025 that zeroed in on the convergence of two assymetric threats – the flood of low-cost commercial drones and the persistent risk that CBRN materials could slip into the hands of violent non-state actors. The Manila drills come against

the backdrop of conflicts where cheap, mass-produced drones have already upended traditional defense calculus. In Ukraine, first-person view (FPV) quadcopters costing a few hundred dollars have become frontline weapons, while Iranian-made Shahed loitering munitions—priced at a fraction of conventional cruise missiles—have forced Kyiv and Moscow to spend millions on interceptors, exposing the unsustainable cost-exchange ratio that now favors attackers. The Strait of Hormuz has seen a parallel escalation. Iranianbacked militias and Houthi rebels have deployed swarms of low-cost drones against commercial tankers and naval assets, forcing shipping companies to reroute vessels and insurers to increase premiums. In March 2026, drone strikes on British bases in Cyprus underscored how attribution ambigu-

PARTICIPANTS inspect a drone at the Capstone Workshop and Combined Tabletop Exercise hosted by the State Department’s Bureau of Arms Control and Nonproliferation (Office of Weapons of Mass Destruction Response and Planning) and the Philippines’ Anti-Terrorism Council Program Management Center.

ity can paralyze deterrence even in heavily contested maritime corridors. “This workshop shows what’s possible when countries combine ingenuity, expertise, and resolve,” ATC Program Management Center Executive Director Undersecretary Hansel M. Marantan said. “Together with our partners across the Indo-Pacific, we’re building the tools and the trust needed to stay ahead of tomorrow’s threats. Collaboration like this reduces the threat of terrorists using drones to threaten our people.” The urgency was underscored by recent casualties among Filipino nationals. Since July, two Filipino seafarers were killed and 12 injured when drones struck merchant vessels transiting the northern Black Sea, the Department of Migrant Workers said. Nine ships carrying more than 140 Filipino crew members had been hit by drone

attacks while docked or underway in Ukraine and Russia. Last August 31, two Filipino seafarers were also killed after their crude oil tanker came under attack while attempting to cross the Strait of Hormuz. A n Au g u st 27 tec h nolog y showcase paired defense officials with U.S. firms pitching counter-UAS radars, radio-frequency jammers, and handheld CBRN detectors. The event dovetailed with the Trump Administration’s push to keep American defense technology at the forefront of global security challenges, a State Department spokesperson said. Industry analysts project the global electronic warfare market to swell to $37.3 billion by 2035, driven by demand for affordable counter-drone systems that can tilt the cost-exchange ratio back in favor of defenders.

Survey shows House trust, satisfaction rating on the rise By Rizal Raoul Reyes @brownindio

HE House of Representatives’ trust and satisfaction ratings increased in the Second Quarter 2026 TNM Survey, while its dissatisfaction rating declined. From First Quarter 2026 to Second Quarter 2026 conducted last July 2026, Octa said trust in the House of Representatives increased from 36 percent to 38 percent, while distrust declined from 33 percent to 28 percent. Furthermore, satisfaction with its performance increased from 35 percent to 37 percent, while dissatisfaction declined from 35 percent to 32 percent. Meanwhile, Senate trust and

Confi. . . Continued from A3

satisfaction declined in the Second Quarter 2026 Tinig Ng Masa Survey, while its dissatisfaction ratings increased. Nationwide, Octa reported 41 percent of adult Filipinos trust the Senate, while 27 percent distrust it and 32 percent are undecided. From First Quarter 2026 to Second Quarter 2026 conducted last July 2026, trust in the Upper House declined from 44 percent to 41 percent, while distrust increased from 24 percent to 27 percent. Satisfaction with its performance declined from 42 percent to 38 percent, while dissatisfaction increased from 27 percent to 32 percent. Meanwhile, 38 percent are

satisfied with the Senate’s performance, 32 percent are dissatisfied, and 30 percent are undecided. According to the Octa’s latest survey, public opinion on the House of Representatives also remains mixed. Nationw ide, 38 percent of adult Filipinos trust the House of Representatives, while 28 percent distrust it and 33 percent are undecided. Meanwhile, 37 percent are satisfied with the House’s performance, 32 percent are dissatisfied, and 31 percent are undecided. Moreover, the survey also coincides with the opening days of the Senate’s impeachment trial of Vice President Sara Duterte, which convened as an impeachment court on

July 6, 2026. The Senate’s declining ratings – alongside the House’s gains over the same period – align with an “institutional-attention effect”: sustained media focus on one chamber shapes public perception of that chamber, regardless of its actual legislative output. “Octa Research offers this as a plausible contextual factor rather than a confirmed explanation; a single survey wave cannot establish causation, and subsequent,” it said. The Second Quarter 2026 TNM survey was fielded from July 4 to 11, 2026, a period that overlapped with the power struggle and eventual leadership change in the Senate.

Bank, tax records

Carpio, and companies linked to the couple. The documents will be reviewed as part of the evidence for the impeachment article on unexplained wealth. Ridon said the records would form part of the prosecution’s evidence and would be examined thoroughly. “We will study and thoroughly examine all of these documents,” he said. The prosecution panel is also evaluating whether to continue presenting evidence related to bribery and procurement allegations involving Department of Education officials or proceed directly with the unexplained wealth article. Ridon said the panel is considering which articles would provide the strongest presentation of evidence. He added that the unexplained wealth team is preparing to present documents before the Senate Impeachment Court. The panel also clarified the role of former Department of Education undersecretary Michael Wesley Poa, who testified as a hos-

tile witness. Ridon said Poa should not be considered responsible merely for preparing responses to COA audit findings. “Well, I think to be clear, the one on trial here is not Mr. Poa. He is just a witness,” Ridon said, emphasizing that the impeachment case is focused on the Vice President. The prosecution maintained that accountability should focus on officials directly involved in the management and utilization of confidential funds, including those identified in COA notices of disallowance. House prosecution spokesperson, Lanao del Sur Rep Zia-ur Rahman Alonto Adiong, also called on Duterte to participate in the impeachment proceedings, saying several questions regarding the use of confidential funds remain unanswered. The House prosecution panel said it aims to complete its presentation of evidence as proceedings continue, while lawmakers consider possible reforms to strengthen transparency and accountability in the use of confidential and intelligence funds.

THE House prosecution panel, meanwhile, has received bank documents and tax records involving Duterte, her husband Manases

MUS, Cavite—Former senator Richard Gordon has renewed his call for the Battle of Imus to be recognized as the First Victory of the Philippine Revolution, saying Filipinos should not be hesitant to acknowledge one of the earliest major triumphs of the revolutionary movement. “ W hy a re we so dou bt f u l about naming the first victor y of the Revolution?” Gordon said during the 130th anniversar y commemoration of the Battle of Imus. The battle took place from August 31 to September 3, 1896, during the early stages of the Revolution, when Filipino forces were poorly armed and struggling against better-equipped Spanish troops. After an initial attack on the Imus hacienda failed, Col. José Tagle initiated another attack. Revolutionary forces eventually captured the hacienda, including modern firearms, a mounted cannon and ammunition. The captured cannon was then used against the Spanish force of

Gen. Ernesto de Aguirre, which advanced toward Imus on Sept. 3. Filipino forces drove the Spanish troops back toward Bacoor. Gordon said the victory had consequences beyond the battlefield. The success strengthened the revolutionary movement in Cavite, where the uprising subsequently spread to other towns. Imus eventually became a revolutionary center, while historian Onofre Corpuz described Cavite as the Revolution’s “most successful front.” For Gordon, the battle deserves greater recognition because it demonstrated that Filipino revolutionaries could defeat a superior colonial force despite limited resources. “Dapat malaman ng kabataan na may mga Pilipinong nanalo kahit wala silang sapat na armas at wala silang makapangyarihang kakampi,” he said. He added t he anniversar y should encourage Filipinos to revisit the victories of the Revolution and the people who made them possible.

Court enters ‘not guilty’ plea for Jinggoy By Joel R. San Juan @jrsanjuan1573

HE Sandiganbayan Fifth Division on Thursday entered a plea of “not guilty” for Sen. Jose Pimentel Ejercito alias Jinggoy Estrada during his arraignment on the plunder and graft cases filed against him for allegedly pocketing P573 million in kickbacks from flood control projects. Estrada refused to enter a plea during his arraignment prompting the court to enter a “not guilty” plea in compliance with Section 19 ( c ) Rule 116 of the Revised Rules on Criminal Procedure. The senator’s lawyer Laurence Arroyo said he did not enter a plea as their camp intends to question the anti-graft court’s recent ruling which allowed the Office of the Ombudsman to amend the information in order to drop former Public Works secretary Manuel Bonoan as one of his co-accused in the plunder and graft cases. “We are studying our options with respect to the order of the

court. We will pursue our remedies against that amendment because there has been a substantial change in the theory of the government which, in part, affects our overall defense strategy,” Arroyo said. Meanwhile, the Sandiganbayan Fifth Division has denied Estrada’s motion for reconsideration (MR) of its July 24, 2026 resolution which denied for being “premature” the senator’s motion to fix bail in the plunder and graft case filed against him. In his MR, Estrada argued that the court may grant and fix bail in his favor even in the absence of a prior bail hearing. He maintained that he is not a flight risk, noting his previous compliance with conditions imposed by the courts when he was permitted to travel abroad and his consistent return to the Philippines. However, the anti-graft court held that Estrada failed to raise new arguments that would warrant the reversal of its July 24 resolution. See “Jinggoy,” A5

See “Survey,” A5

CUSTOMS operatives and other members of a composite search team inspect the distressed yacht in Subic that was later found to be loaded with P162.2 million worth of marijuana. HENRY EMPEÑO

Subic. . . Continued from A3

The operation was conducted by a composite team from BOC, the Subic Bay Metropolitan Authority’s Law Enforcement Department (SBMA-LED), Coast Guard (PCG), Drug Enforcement Agency (Pdea), with witnesses from the Department of Justice (DOJ), barangay officials, and SBYC officials. Lagmay said the Port of Subic remains vigilant and resolute in carrying out its mandate to secure borders and protect the Filipino people from illicit

and prohibited goods. BOC-Subic also announced on Wednesday that the second batch of cigarettes abandoned in Subic is now on the ninth day of condemnation at the Legaxy 88 Recyclable Materials Collection Services in Santa Maria, Bulacan. The cigarettes were part of about 3,000 cases of assorted cigarette brands contained in three 40-foot containers that were left unclaimed in Subic. The cigarettes, valued at P129.065 million, were destroyed by shredding and pyrolysis, or high-temperature thermal breakdown.

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Friday, September 4, 2026

PNP sets drive vs counterfeit goods By Rex Anthony Naval

HE National Police (PNP) on Thursday announced that it will further tighten its intelligence and enforcement efforts against online sellers and networks involved in the distribution of fake and unregulated products that may endanger consumers. On a statement, the PNP Chief, Gen. Jose Melencio C. Nartatez Jr., said the police force will work with the Intellectual Property Office of the Philippines (IPOPHL), Department of Trade and Industry (DTI), and other partner agencies to identify those behind the illegal trade and build cases for prosecution. “The PNP backs efforts to strengthen the crackdown against counterfeit goods online. We will continue to coordinate with our partner agencies, particularly IPOPHL and the DTI, to identify those behind the illegal trade and ensure that appropriate charges are filed,” Nartatez said. He said the PNP’s intensified focus comes amid a call from consumer advocacy group Malayang Konsyumer for an immediate and sustained government crackdown on counterfeit products being sold through e-commerce platforms. The group warned that fake medicines, vitamin pills and capsules, health supplements and beauty products may contain toxic chemicals, while counterfeit clothing, footwear, toys and perfumes as products that could expose consumers to hidden health risks. It also raised concerns over substandard electronics that may cause fires or electrocution and fake household adhesives, sealants and building materials that may pose structural and health hazards. “We will not allow online platforms to become a safe haven for counterfeiters. The PNP will strengthen intelligence gathering and enforcement operations against individuals and networks engaged in the sale and distribution of fake and unregulated products,” Nartatez said. “Counterfeit goods are not only an intellectual property concern. They are also health and safety matter in most cases that need immediate and aggressive law enforcement response,” the PNP chief added. The PNP’s planned action will build on its existing campaign against smuggling and other economic crimes. From January to June 2026, police conducted 8,986 anti-smuggling operations, resulting in the arrest of 2,560 individuals and the seizure of about P8.6 billion worth of smuggled cigarettes and equipment. The campaign has also extended to other illegal goods as the PNP confiscated P628 million worth of smuggled goods, counterfeit products, and other illegal articles in nationwide operations in July. “To those engaged in the illegal sale of counterfeit products, we will pursue you through lawful and intelligence-driven operations. To consumers, we encourage vigilance and immediate reporting of suspicious online sellers and products,” Nartatez said.

Jinggoy. . . Continued from A4

The Sandiganbayan maintained that bail may be availed of only after the anti-graft court conducted the required evidentiary hearing on the prosecution’s evidence. The anti-graft court held that under the Rules of Court, bail is a matter of discretion when the accused is charged with an offense punishable by reclusion perpetua or life imprisonment. Thus, a hearing is strictly required for the court to determine whether the evidence excludes the accused from the constitutional right to bail. “Necessarily, therefore, the court cannot place the cart before the horse. It cannot first fix the amount of bail and thereby effectively recognize accused Estrada’s entitlement to provisional liberty before undertaking the very inquiry that determines whether he may be admitted to bail in the first place,” the Sandiganbayan said in a six-page resolution.

Bonoan

IN another resolution, the Sandiganbayan Fifth Division has ordered the release of Bonoan from the custody of the National Police Health Service General Hospital in line with its September 1 resolution which excluded him as Estrada’s co-accused. During Thursday’s hearing, Bonoan’s lawyer Stefanie Liz Ong moved in open court for release of the former public works secretary in view of the September 1 resolution.

“Accordingly,, the oral motion of Attorney Ong is hereby GRANTED. The Commitment Orders [Pending Trial] issued by this court against Manuel Maligas Bonoan… dated June 19, 2026, are hereby recalled,” the resolution read. “Police Brigadier General Portia B. Manalad of the Philippine National Police Health Service General Hospital is hereby ordered to RELEASE from custody Manuel Manligas Bonoan, UNLESS HE IS BEING DETAINED FOR OTHER LAWFUL REASON,” the anti-graft court ruled. The anti-graft court held that the decision to move for the discharge of an accused “is part of the Ombudsman’s prosecutorial discretion in the determination of who should be used as a state witness to bolster the successful prosecution of criminal offenses.” The Sandiganbayan further held that the Ombudsman has the prerogative to exercise its power to grant immunity to a witness under Republic Act 6770 or the Ombudsman Act of 1989. The Ombudsman moved for Bonoan’s removal from the plunder and graft case following its decision to accept Bonoan’s offer to become a state witness against high profile individuals, including former Speaker Martin Romualdez, who are being linked in the flood control mess. It earlier said that Bonoan has valuable information to offer in connection with the budget process, particularly on the DPWH budget which the House leadership allegedly made insertions for kickbacks.

Garin: Visayas power supply to normalize by Christmas By Lenie Lectura @llectura

NERGY Secretary Sharon Garin on Thursday committed to end the power shortage in the Visayas before Christmas Day this year. “I’ll work on it na talagang maaayos na before Christmas. It’s not easy, but that’s the target,” Garin said on the sidelines of the Seventh Philippine International Geothermal Conference (PIGC7). Since the start of the year, 93 yellow alerts and 30 red alerts were hoisted in Visayas. A red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid ’s regulating requirement. The yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement.

The National Grid Corporation of the Philippines (NGCP) placed the Visayas power grid on red alert from 1:00 p.m. to 10 p.m. and yellow alert from 10 a.m. to 1:00 p.m. and from 10 p.m. to 11 p.m. Six power plants are on forced outage since the start of the month, six more since August, one since July, two since June, seven since May, three since 2025, two since 2024, two since 2023, and one since 2021, while 16 plants are running on derated capacities, for a total of 792 megawatts unavailable to the grid. The grid’s peak demand of 2,575

MW was more than its available capacity of 2,187 MW. The same was observed in Mindanao. Its available capacity stood at 2,480 MW as against a peak demand of 2,546 MW. Thus, a red alert was declared from 12 noon to 9:00 p.m. while a yellow alert took effect from 10 a.m. to 12 noon and from 9:00 p.m. to 10 p.m. NGCP reported that six plants are on forced outage on September 2026, 12 plants since August, four plants since July, one plant since June, two plants since January, one plant since 2025, and one plant since 2024, while seven plants are running on derated capacities, for a total of 841.6MW unavailable to the grid. “If Mindanao goes bad, then Visayas will go worse. So that’s why we need to balance it all,” said Garin. “We have a lot of power plants, but many of these power plants are old or not functioning very well, derated, damaged. That’s why we issued circulars and guidelines on genco [generation company]

Senator urges DOE, PNOC to expedite permit process for strategic oil reserve By Butch Fernandez @butchfBM

HE gover nment shou ld fast-track administrative measures for the realization of a Philippine Oil Reserve, the chairman of the Senate Energy committee said on Thursday. At the second hearing of the Senate Energy Panel on Oil Deregulation Law Amendments, Sen. Erwin Tulfo urged the Department of Energy (DOE) and the Philippine National Oil Company (PNOC) to move quickly on the announced plan for an oil reserve hub because certain countries such as the United Arab Emirates (UAE), Saudi Arabia, and Japan are waiting for the green light of the Philippine government for them to fund one. “ T he UA E e x pressed t h at they’re very willing and interested

to build their oil depot here. They said that they will construct it using their own budget, but we will definitely benefit from it,” Tulfo told the representatives of DOE and PNOC. Oi l Indu st r y Ma n agement Bureau Director Dino Abad confirmed the UAE proposal, affirming that the DOE already created a Philippine Strategic Petroleum Reserve (SPR) Team. This is the agency’s task force that will coordinate with all the foreign countries proposing to build oil depots in the Philippines. “These foreign countries want to fully understand our aspirations so when they build here, they will consider concerns. On our end, our concern is that we will have a reserve right to be prioritized once a crisis hit,” Abad said in mixed English-Filipino.

PNOC Deputy Manager Antonio Buenviaje, likewise, assured Tulfo that they have parallel efforts to make the Philippine Oil Reserve a reality. Tulfo asked for a timeline, saying: “When will this reserve be constructed and filled with oil?” Buenviaje said that by 2027, “facilities will be ready.” For their part, the oil companies affirmed that having oil reserves will substantively slash fuel prices for consumers. “We must strengthen our country’s energy security. With that, our government should streamline the steps and processes for permits and approvals so international major oil producers will be encouraged to build their reserves here.” Tulfo remarked. “We need adequate reserves. We need to build our capacity to withstand external shocks,” he added.

accountability,” said the energy chief. The DOE is set to turn over a list of erring gencos to the Energy Regulatory Commission (ERC) for the possible suspension of their operational permits after they snubbed the agency’s show-cause orders (SCOs). “If you have a violation or we flagged a violation, that’s strike one. We will give you a strong warning. For the second time, it could be suspension. Third would be cancellation of our COE [certificate of endorsement] or blacklisting,” said Garin. Garin stressed that consumers pay their electricity and therefore deserve efficient and reliable power plants. “So we’re trying to be very strict on our gencos, they are not regulated but we’re the ones issuing their permits. So we cannot afford to have people suffer because you don’t fix your plant, you don’t maintain or you don’t buy fuel. That’s unacceptable and that’s why people in Visayas are suffering,” she said.

Survey. . . Continued from A4

TNM waves will help clarify whether this represents a durable shift in institutional trust or a short-term reaction tied to the trial period. Octa said it is worth noting that several of the sharpest movements recorded in this wave are concentrated among Class ABC respondents, including a 19-percentage-point increase in Senate trust and a 13-percentage-point increase in House trust since March. Because Class ABC represents a smaller share of the total sample than Classes D and E, Octa said subgroup estimates for this class carry a wider margin of error than the national figure, and these movements should be interpreted with that in mind. More broadly, national-level movements of 2 to 3 percentage points fall within or close to the survey’s ±3percent margin of error and are best read as directional rather than definitive. According to Octa, movements of 4 percentage points or more, such as the declines in Senate trust and satisfaction and the corresponding gains for the House, are more likely to reflect a genuine shift in public sentiment rather than sampling variation alone.

Exec cites need for dependable plants, additional generating capacity

ANDAUE CITY—MGEN, the power generation a r m of t he Me r a lco Group, said it is prioritizing reliability investments, battery storage, and a diversified generation portfolio as rising electricity demand and forced outages continue to put pressure on the Visayas power system. During a media briefing, Arnel Santos, president and chief executive officer of MGEN Therma Energy Inc., said the recent tight power supply in Cebu and the wider Visayas underscored the need not only for additional generating capacity but also for dependable plants capable of delivering their rated output when the grid needs them. Santos added that one of the big contributors to the current tightness of the system is growing demand, alongside generating capacity that has been derated or placed on forced outage, citing public advisories issued by the National Grid Corp. of the Philippines (NGCP). The company said this has reinforced its focus on plant reliability, supported by continued spending on maintenance and equipment upgrades. MGEN Thermal is currently undertaking a major overhaul of

one of the units of its Cebu Energy Development Corp. (CEDC) facility in Toledo, Cebu. The work includes inspections of the turbine and boiler as part of the plant’s scheduled maintenance cycle. Samuel Manlosa Jr., chief operation officer of MGEN Thermal, said the intervention was planned and coordinated with the grid operator, stressing that preventive maintenance is essential to ensuring the unit can return to service with improved efficiency and reliability. “A core foundation of reliability is you actually do predictable plan interventions on equipment. It is more complicated if the equipment is shut down. You just have to mobilize and repair,” Manlosa added. Officials said the overhaul remains on schedule, with no delays reported so far, and the unit is expected to be recommissioned according to the timetable submitted to NGCP. The company distinguished the planned shutdown from the forced outages affecting other generating facilities, noting that scheduled maintenance allows plant operators and the grid to prepare for the temporary loss of capacity. Beyond conventional generation, MGEN said its battery energy

storage system in Toledo is already providing an additional layer of support to grid operations. Santos said the battery is designed to respond quickly to fluctuations in grid frequency and can immediately provide support following the sudden loss of a feeder or generating plant, before other power facilities can ramp up. It is also able to supply electricity during periods of peak demand, when power costs can rise, particularly when solar generation is unavailable. MGEN said the facility has so far been operating as designed and is capable of delivering its intended capacity. However, company officials emphasized that battery storage is not intended to replace baseload plants, given its role and cost structure, but rather to complement conventional and renewable generation by providing fast-response capacity and grid stabilization. Santos said it continues to study possible investments in new generation projects as demand grows. Its portfolio strategy includes a mix of liquefied natural gas, renewable energy, battery storage and existing thermal baseload capacity, although officials said no decision has yet been made on a specific new project in Cebu.

He emphasized that its investment decisions would also take into account opportunities under Department of Energ y auctions and the broader policy environment. Over the next three to five years, MGEN ex pects Philippine power demand to continue expanding, estimating annual growth at around 6 percent to 7 percent, driven by economic activity and population growth. MGEN officials said the challenge for the industry will be to build sufficient capacity while maintaining a secure and reliable electricity supply, particularly as major demand centers in the Visayas and Mindanao continue to grow. The company currently has several generating assets supporting the Visayas, including four 83-megawatt units in Toledo, battery storage and diesel capacity in Cebu, as well as generating facilities in Panay. With Visayas peak demand approaching 3,000 megawatts at certain periods, MGEN said continued investment across different generation technologies will be needed to support the region’s expanding power requirements. Carmel Pedroza

TheWorld

Friday, September 4, 2026

Editor: Lyn Resurreccion

Trump: Iran strikes to be short, asserts Hormuz control By Skylar Woodhouse & Patrick Sykes

Bloomberg News

NITED STATES President Donald Trump said renewed attacks on Iran would likely be short-lived, reiterating his claim Washington controls the Strait of Hormuz after fresh fighting spiked energy prices and rekindled fears of an open-ended war. Asked on Wednesday how long the bombing campaign could last, Trump told reporters on Wednesday, “I don’t think too long.”

The US military carried out a second round of strikes in three days on Tuesday night, targeting radar systems and minelaying capabilities along Iran’s southern

coast. Iran retaliated with drone and missile volleys on US bases across the Middle East, in line with a pattern used throughout the six-month war. The US did not announce any strikes on Iran on Wednesday night. “We took out all of the new equipment that they tried to build along the Strait of Hormuz—some defensive, some offensive,” Trump said of the earlier strikes. “It was a very heavy attack last night, and we’re prepared to do another one any time we want.” B re n t c r u d e d ro p p e d f o l l o w i n g Trump’s comments. It was down 0.3 percent in early trading on Thursday to $95.34 a barrel. The benchmark is still up around 7 percent this week and 57 percent this year, raising concerns about the economic impact as the Northern Hemisphere winter approaches. Refined fuel is up even more, with American diesel pump prices near a four-

year high. The jump in energy costs has contributed to the recent sell-off in global bond markets. There are still many signals the conflict could be prolonged for months. The US is extending troop deployments in the Middle East to maintain its presence of 50,000 personnel and give Trump flexibility on military options, the Wall Street Journal reported, citing people familiar with the matter. Kuwait’s military said early Thursday that its air defenses were responding to missile and drone threats. Kuwait, a US security partner that hosts American forces, has been a frequent target of Iranian counter-attacks. This week’s skirmishes between the US and Iran were the first in around a month, underscoring the rising tensions over the Strait of Hormuz, with Tehran continuing to attack energy tankers and other vessels sailing through without its permission. On Tuesday evening, the US struck around 100 targets in Iran.

Tehran accused it of hitting a wedding ceremony in the southern coastal city of Sirik, with the Iranian Red Crescent Society saying at least four people died and about 67 were injured. The organization, which had previously put the number of fatalities at five, said the total may rise. Iranian officials likened the incident to a strike on an elementary school in the city of Minab during the early days of the conflict. That attack killed an estimated 120 children and is under investigation by the US military. During the month-long lull in fighting, oil shipments through the Strait of Hormuz recovered to roughly half of prewar levels. The uptick could now be curtailed, affecting supplies of oil, gas and other commodities. “Fighting drags on with no end—and no winner—in sight,” Bloomberg economists including Dina Esfandiary said in a note Wednesday, warning that surging oil prices

Heads or tails? $1 coin with Trump’s Lawmakers quiz Army over Europe-based unit’s face and gold finish goes on sale halting drone warfare

By Jesse Bedayn

The Associated Press

HE $1 coin designed to celebrate America’s 250th birthday—and seemingly President Donald Trump, whose face gazes from one side of the gold finish—went on sale Wednesday, according to the US Mint. The coin’s design—Trump’s visage as “heads” and the Great Seal of the United States as “tails”—received the stamp of approval this year from the US Commission of Fine Arts, whose members Trump appointed. In past comments, the president said that the idea to stamp his face on a coin was “very unusual” but that he was “honored by it.” The coins, which can be used as legal tender, drew some criticism, particularly because of federal law that bars the depiction of a living president on US currency. The coins were struck to “honor 250 years of great American heritage,” the US

By Konstantin Toropin & Ben Finley The Associated Press

W THE US Mint has started producing a new $1 coin featuring President Donald Trump’s image. AP/TREASURY DEPARTMENT

Mint wrote on its website. In an arc above Trump’s face is written “LIBERTY,” and below is “1776 ~ 2026.” On the flip side is the Great Seal of the United States, with the bald eagle gripping arrows in one claw and an olive branch in the other. In a banner clutched in its beak is written “E PLURIBUS UNUM,” Latin for “out

of many, one.” A roll of 25 coins will cost $61, and a bag of 100 will cost $154.50, and the US Mint said it randomly hid some special-issue coins among the rolls and bags. Those will be marked “July 4th” because they were struck on that day, the anniversary of the Declaration of Independence.

ASHINGTON—A bipartisan group of US lawmakers is pressing the Army to explain why it told a unit based in Europe to stop specializing in drone warfare, an order that comes as the world’s battlefields rapidly evolve and military tactics increasingly rely on uncrewed systems to fight. The 173rd Airborne Brigade was building its own drones and practicing the kind of warfare that Ukraine has pioneered against Russia and that Iran has fought against the US—warfare that has killed and wounded American troops. The brigade of 600 soldiers was set up in November to be deployed anywhere that drones were needed.

“We have deep concerns that eliminating this specialized drone unit will limit our ability to learn from allies, particularly the Ukrainian Armed Forces, and hinder our effor ts to modernize drone warfare at the speed necessary to compete on the modern battlefield,” the lawmakers said in a letter shared with The Associated Press. It requests a briefing from the Army to explain its decision and was sent Tuesday to departing Army Secretary Dan Driscoll and Gen. Christopher LaNeve, the Army’s acting chief of staff. It was signed by Democratic Sen. Jeanne Shaheen of New Hampshire, Republican Sen. Thom Tillis of North Carolina, independent Sen. Angus King of Maine and Republican Rep. Mike Turner of Ohio. “This specialized unit was a prudent response in a moment when the character of warfare is changing faster than a conventional formation’s ability to adapt,” the lawmakers say. They said they were particularly keen to understand the data, analysis and process behind the change after less than a year of the drone unit being active. They also want to know if the decision was based on guidance from Pentagon leadership or made internally by the Army. LaNeve, who is filling in as the Army’s top uniformed officer, recently ordered the battalion to refocus on its core mission of being an airborne infantry unit. The move followed Defense Secretary Pete Hegseth’s sudden ousting of the Army’s prior chief of staff, Gen. Randy George. Integrating drones into the Army’s tactics was a major focus for George. Last year, he and Driscoll had rolled out what they called the Army Transformation Initiative, which pushed to add “modernized [unmanned aircraft systems] into formations.”

are taxing the global economy. Iran’s foreign ministry called on regional countries to stop letting the US use their facilities and territory to carry out attacks. Neither the US nor Iran has shown a willingness to return to negotiations since an interim peace accord reached in June—a so-called memorandum of understanding—collapsed. US Treasury Secretary Scott Bessent this week said Iran’s leaders were “panicked” by their country’s economic problems and predicted they would eventually be ready to negotiate. But Iran’s trading partners have so far shrugged off his threatened “economic onslaught.” A US naval blockade on Iranian ports is, however, stifling Iranian energy exports and hitting the Islamic Republic’s economy. Inflation is running around 80 percent, the currency has weakened severely this year and unemployment has soared.

Saudi oil exports dive as tankers at risk from Hormuz to Red Sea By Prejula Prem & Grant Smith Bloomberg News

AUDI ARABIA’S observed crude exports last month slumped to the lowest in at least nine years, as tankers were attacked following rising tensions in the Middle East. The kingdom’s oil exports were about 3 million barrels a day in August, tankertracking data compiled by Bloomberg, Vortexa and Kpler show. The number, the lowest in records going back to early 2017, chimes with the assessment of crude traders and a person familiar with Saudi operations. Saudi ships have come under attack in the Red Sea from Yemen’s Houthi militants, threatening shipments on a route that the kingdom has been using throughout the war to avoid the fiercely contested Strait of Hormuz. Two more tankers carrying Saudi crude were hit by projectiles in the strait this week amid the latest hostilities between the US and Iran. One of the vessels attacked was owned by the country’s shipping arm Bahri, which said that two seafarers were killed. The continuing attacks are spooking Saudi Arabia’s customers, some of whom have now become reluctant to use the kingdom’s Red Sea ports. That’s forced Riyadh to look at alternative voyages all the way around Africa, which add thousands of miles and further disrupts global supply chains already strained by six months of conflict in the region. Saudi Arabia was able to quickly switch its oil exports to its Red Sea coast soon after the war started in late February and Iran effectively shut Hormuz, the gateway to Riyadh’s oil terminals on its Persian Gulf coast. The shipments were crucial in blunting an oil price surge and helped to shield economies from an inflation spike.

Friday, September 4, 2026

DOTr assures House: LRT-1 Cavite extension construction to begin in ‘26 By Jovee Marie N. Dela Cruz @joveemarie

HE Department of Transportation (DOTr) on Thursday assured the House of Representatives that the long-delayed LRT-1 Cavite Extension Project will finally move forward, with construction expected to begin before the end of the year. Acting Transportation Secretary Giovanni Z. Lopez gave the assurance during the DOTr budget hearing, telling legislators that the government is committed to starting construction of the remaining sections of the multi-billion-peso railway project within 2026. Las Piñas Lone District Rep. Mark Anthony Santos welcomed the DOTr’s commitment, saying the development brings renewed hope to thousands of commuters in Las Piñas, Parañaque, Bacoor and other parts of Cavite who have long waited for the project’s

completion. “We welcome S ecretar y Lopez ’s commitment that construction will finally begin within the year. For the people of Las Piñas, this is more than a government project—it is a long-awaited promise of faster, safer and more reliable transportation,” Santos said. The DOTr chief said the signing of a memorandum of agreement (MOA) among the DOTr, Villar Group, Light Rail Transit Authority (LRTA) and Light Rail Manila Corporation

(LRMC) is expected to proceed this September. Once completed, the agreement will help address the remaining right-of-way concerns affecting the project alignment. The MOA signing was earlier expected in August but was postponed, further delaying the start of construction activities. The assurance comes amid an investigation ordered by Ombudsman Jesus Crispin C. Remulla into allegations involving the delayed implementation of the LRT-1 Cavite Extension Project. Santos said commuters have endured years of long travel times and worsening traffic congestion due to repeated delays in the project’s completion. Phase 1 of the extension project is already operational, extending LRT-1 service from Baclaran Station in Pasay City to Dr. Santos Station in Parañaque City. The remaining phases will include the construction of the Las Piñas, Zapote and Niog stations, completing the Cavite leg of the extension. “Our commuters have heard promises of completion for years. What they need now is not another promise but actual construction, workers on the ground and measurable progress,” Santos said. The lawmaker called on the DOTr, LRTA and LRMC to immediately resolve any remaining legal, technical and administrative issues that

could further delay the project. Santos also urged continued congressional and public monitoring to ensure that the government fulfills its latest commitment. “We will hold the agencies accountable to this commitment. If construction is promised within the year, then we expect to see actual construction activities before the year ends. The people of Las Piñas deserve nothing less,” he said. He emphasized that completing the remaining LRT-1 Cavite Extension stations would provide much-needed relief to commuters traveling between southern Metro Manila and Cavite. “For years, our people have been stuck in traffic for hours just to get to work, school and home. The LRT-1 extension can dramatically change that. But its benefits will only be felt when the project is actually built and operational,” Santos said. Santos called on the DOTr and other concerned agencies to maintain transparency and provide regular updates on the project’s progress. “This project has already lost too much time. We cannot afford another round of delays. The people of Las Piñas and Cavite have waited long enough. Now, we need to see construction begin and this long-delayed project finally move forward,” Santos said.

‘All Nlex lanes may reopen by weekend if rains hold off’ By Lorenz S. Marasigan @lorenzmarasigan

HE Department of Public Works and Highways (DPWH) is aiming to open all three lanes at the flooded sections of the North Luzon Expressway (Nlex) by the end of the week, provided the rains hold off, Public Works Secretary Vince Dizon said on Thursday. “Hopefully by tomorrow or by the weekend, we will open three lanes here. That’s the target,” Dizon said. “God willing, it won’t rain too much for now.” Two lanes are already open in both directions after round-the-clock work, cutting a southbound queue that stretched close to eight kilometers to a few hundred meters. “What the President ordered us is that this cannot go on. We cannot allow a repeat of 2023, when Nlex was at a standstill for more than a week,” Dizon said. “So the President’s directive yesterday, when he saw this, was to move fast.” “Now we can see two lanes are open both

ways, and it’s moving fast,” Dizon said. “Maybe less than a kilometer in length both southbound and northbound. Even the southbound that was so long yesterday is maybe down to a few hundred meters. We are now counting the delay here in minutes.” Dizon said the first priority was to pull the water off the expressway itself, since the parallel McArthur Highway sits lower than Nlex and offers no outlet. “The problem here is that the water has nowhere to go,” he said. “You can see it—the water just keeps circling in this area.” With the roadway cleared, the DPWH is executing a three-step plan to keep the section passable through the next round of rain, which the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) expects to be enhanced by an incoming storm. The agency will first block the inflows feeding the expressway, primarily from the Tulaoc River, and inspect breaches along the Pampanga River. “The Tulaoc River and the Pampanga River

overflowed at the height of the monsoon over the weekend, and all that water went to Nlex and McArthur Highway,” Dizon said. “We need to block that.” Second, Nlex Corp. will help dredge and deepen the trench beside the expressway to increase its holding capacity. Dizon said he has also directed a search for open land whose owners might allow excavation for detention basins, “whether big or small,” though he acknowledged that component will take longer. Third, the DPWH will install a series of pumps to move water from the highway to the creek, then to the canal alongside Nlex, and finally out to the waterway. Dizon said he sought technical help from former Public Works Secretary Rogelio Singson as well as from Japanese partners, in drawing up the plan. The department is also deploying flood wall technology “from Italy” that Dizon said has not been used in the country before. The system uses sand-filled cubes made of natural, non-concrete material and will

replace the sandbags currently stacked along the section. “The problem with these is that when the water gets too high, they give way,” Dizon said of the sandbags. He said the supplier, with Nlex Corp.’s assistance, is expected to provide at least 300 units by Friday, with deliveries starting Thursday, for installation at problem areas in Tulaoc and San Simon ahead of the expected heavy rains. Dizon said he has briefed Mr. Marcos on the plan and was told to execute all of it immediately. The public works chief also warned motorists against using McArthur Highway as a detour. “McArthur Highway is not the alternate route to Nlex,” he said. “You need to go to the east side, toward Nueva Ecija, to Maharlika Highway. Because McArthur Highway is lower than Nlex. If Nlex floods, McArthur Highway floods even more.” He said the department will take on the larger drainage problem along McArthur once the Nlex section is resolved.

DepEd conducts nationwide school safety drill to boost emergency preparedness By Claudeth Mocon-Ciriaco @claudethmc3

HE Department of Education (DepEd) announced that a National Simultaneous School Safety Drill was carried out across all public and private schools on Thursday, aiming to enhance emergency readiness and ensure the safety of both learners and school personnel. The DepEd said that the initiative aims to enhance multi-agency coordination during active threat scenarios in alignment with localized School Contingency Plans, while ensuring learners’ safety and psychosocial well-being, and learning continuity. The safety drill at Carlos F. Gonzales High

School in Bulacan was attended by Department of the Interior and Local Government (DILG) Secretary Jonvic Remulla and DepEd officials, led by Undersecretary for Governance and Operations Malcolm Garma. In a message read on his behalf, Education Secretary Juan Edgardo “Sonny” Angara emphasized that schools must serve as secure sanctuaries for all learners. “We want our schools to be places where a learner’s biggest concern is an upcoming exam, a missed assignment, or simply getting through another busy day at school, not whether they are safe inside their own classroom,” Angara said, adding that the drill is not about dwelling on frightening situations, but making sure that when an

emergency happens, school community knows how to respond. “The purpose of a drill is not to look perfect. It is to help us become better prepared,”he said. Angara also expressed his gratitude to teachers for their steadfast commitment to protecting learners amid any emergency. Following extensive consultations with medical and mental health experts, including the Philippine Psychiatric Association, the Philippine Society for Child and Adolescent Psychiatry, and the Philippine Pediatric Society, DepEd updated its safety drill guidelines to align with trauma-informed, child-centered standards under a strict “Do No Harm” directive. Hyper-realistic elements, active aggressor role-playing,

and graphic threat simulations were strictly prohibited. Instead, drills are triggered by a distinct early warning alarm, separate from standard fire or earthquake signals, to build procedural muscle memory without creating distress. The simulated drill at Carlos F. Gonzales High School began with an emergency alert via a public address (PA) system and calls to the 911 emergency hotline and local police, prompting teachers and learners to execute protective actions inside classrooms. Arriving police officers operated under strict safety protocols, ensuring their firearms remained concealed. Upon clearance by police, response teams conducted medical first aid while the school activated reunification procedures.

Angara to submit EO to Marcos revising class suspension rules

OLLOWING its approval by the Social Development Committee (SDC) Cabinet Cluster on Thursday, Education Secretary Juan Edgardo “Sonny” Angara is set to submit to President Ferdinand R. Marcos Jr. a proposed Executive Order (EO) revising the rules governing the suspension and resumption of in-person classes and onsite work in educational institutions. Formulated after weeks of comprehensive consultations with local chief executives, school heads, teachers, parents, and learners, the draft EO reflects strong multi-stakeholder support for class suspension decisions grounded in actual, on-the-ground conditions. The policy will be formally presented to Marcos during the Economic and Development (ED) Council meeting as part of the administration’s broader effort to mitigate

educational disruptions and safeguard the safety of learners and school personnel. Under the key provisions of the proposed measure, the hazard coverage expands beyond typhoons to encompass heavy rainfall, flooding, earthquakes, storm surges, poor air quality, volcanic smog, volcanic hazards, and extreme heat reaching a 40-degree Celsius or higher Heat Index. The policy preserves school-level authority to suspend in-person classes based on documented site-specific assessments and the concurrence of their Schools Division Superintendent (SDS) to accommodate hyperlocal conditions. When a city- or municipal-wide suspension is in effect, individual public school heads can initiate class resumptions based on a documented site-specific assessment

once hazards clear, provided they receive concurrence from the local chief executive. Private basic education schools may declare resumptions in prompt coordination with the LCE. The proposed EO also formally institutionalizes learning continuity through alternative learning delivery modalities, flexible learning options, self-learning resources, and temporary learning spaces to ensure education continues during physical disruptions. While the proposed EO defines the overarching policy framework, the specific technical thresholds and operational guidelines will be detailed in an accompanying Joint Memorandum Circular (JMC) co-issued with the Commission on Higher Education (CHED), Technical Education and Skills Development Authority (TESDA), Depart-

ment of Interior and Local Government (DILG), and the Department of Science and Technology (DOST). Building on and updating the framework under Executive Order No. 66, series of 2012, the proposed EO introduces a more comprehensive, hazard-inclusive, and decentralized framework for the suspension and resumption of in-person classes and onsite work that balances learner safety with the preservation of critical instructional time. Data presented to the Cabinet Cluster showed that during School Year 2023–2024, basic education institutions lost up to 53 of 180 school days due to weather disturbances and disaster-related class cancellations. Between June 8 and August 31, 2026 alone, some schools recorded 20 to 40 days of instructional loss. Claudeth Mocon-Ciriaco

Ombudsman must strengthen evidence vs Romualdez, says lawyer after rebuttals

HE Office of the Ombudsman must further establish the strength of its evidence against a former House leader after his camp challenged allegations linking him to supposed cash deliveries. Veteran litigator Atty. Antonio “Audie” Bucoy, a member of the Free Legal Assistance Group (FLAG) and the Movement of Attorneys for Brotherhood, Integrity and Nationalism Inc. (MABINI), said the evidentiary landscape of the case shifted after Leyte Rep. Ferdinand Martin G. Romualdez’s camp submitted rebuttals disputing claims that large amounts of money were delivered to him in connection with questioned flood-control projects. “The burden of evidence shifted back to the prosecution after the Romualdez camp answered and disputed the evidence initially presented against him,” Bucoy said. Bucoy explained that the burden of evidence initially moved to the defense after witnesses and materials were presented against Romualdez. However, after the former Speaker’s camp challenged the credibility of the allegations and submitted counteraffidavits, the evidentiary burden shifted back to those pursuing the complaint. “When evidence is presented by the prosecution and it is not challenged, it could create a basis for liability. But once the defense presents evidence that directly contradicts those

claims, the burden of evidence shifts back to those making the accusations,” Bucoy said. Bucoy said that while the burden of proof remains with the prosecution or complainants, the burden of evidence may shift during proceedings as each side presents materials supporting or disputing the claims. The Ombudsman has been investigating allegations linking Romualdez to supposed cash deliveries arising from alleged irregularities in flood-control projects. The accusations relied partly on accounts from former security personnel of former Ako Bicol Party-list Rep. Zaldy Co, who claimed that suitcases containing money were allegedly delivered to properties associated with the former Speaker. Several individuals who initially linked Romualdez to the allegations have since withdrawn or challenged their earlier statements, including former Marine Orly Guteza. Romualdez’s camp has also submitted sworn statements from other former drivers and security aides disputing the alleged cashdelivery claims. Bucoy said the rebuttal from Romualdez’s camp effectively returned the evidentiary challenge to the complainants, who must now demonstrate that the allegations are supported by reliable evidence despite the defenses raised against them. Jovee Marie N. Dela Cruz

Nepal tragic flood highlights importance of managing forests—DENR chief By Jonathan L. Mayuga @jonlmayuga

NVIRONMENT Secretary Juan Miguel “Mitch” Cuna has directed field offices and enforcement units of the Department of Environment and Natural Resources (DENR) to use science and technology in forest and watershed protection “Protecting our forests and watersheds requires timely information and decisive action,” Cuna said. “Drones, satellite imagery, and near-real-time monitoring tools allow us to identify risks earlier, deploy personnel effectively, and strengthen enforcement in hard-toreach areas.” Cuna wants DENR personnel to strengthen monitoring, risk assessment, and law enforcement using drones, satellite imagery, and near-real-time forest disturbance alert systems to detect threats early and reduce risks to downstream communities. The statement comes as the DENR expressed solidarity with Nepal following a catastrophic debris flow and flash flood near the Nepal-China border, highlighting the need to manage environmental and geologic risks from headwaters to communities. While Nepal’s high-mountain hazards differ from those in the Philippines, the debris flow and flash flood due to natural landslide damming in Nepal can happen in the Philippines. In 2012, Typhoon Pablo triggered a massive debris flow in New Bataan, Compostela Valley (now Davao de Oro). The DENR noted a universal lesson: upstream risks rapidly threaten downstream populations when vulnerable landscapes, altered conditions, and extreme weather converge. “What happens in the headwaters does not stay in the headwaters,” Cuna explained. “Flood resilience begins upstream by protecting forests, understanding landscape hazards, and making sound land-use decisions.” Decades of policy, starting with the Revised Forestry Code of 1975, have established watershed protection through integrated planning, reforestation, climate adaptation, and Watershed Management Councils. These measures mitigate flooding,

erosion, sedimentation, and landslides. Cuna emphasized that preparedness relies on science. Reliable environmental and geohazard mapping supports local government units (LGUs) in settlement planning, infrastructure development, and disaster readiness. The Mines and Geosciences Bureau (MGB) provides geohazard maps for landslide and flood risks to guide local evacuation and land-use decisions. Similarly, the National Mapping and Resource Information Authority (NAMRIA) supplies authoritative base maps and topographic data to integrate hazard awareness into development planning and emergency response. Complementing these spatial tools, the Forest Management Bureau (FMB) utilizes the Satellite Land Monitoring System (SLMS), which leverages satellite imagery, GIS, and cloud platforms to produce bi-annual land use and forest cover change maps, ensuring local planning and climate reporting are grounded in precise, up-to-date forest resource data. “We will continue to use every lawful tool to protect critical ecosystems and hold violators accountable,” Cuna affirmed. Monitoring technologies are matched with firm regulatory action against illegal mining, logging, and other activities that threaten ecosystem integrity, he added. As an example, as of the second quarter of 2026 alone, there have been 93 cease-and-desist orders issued to mining companies violating and not complying with requirements, enforcing strict compliance with environmental safeguards. Meanwhile, the DENR urges floodand landslide-prone communities to heed official weather advisories and local authority warnings during severe weather events. The Nepal disaster underscores that risk reduction must begin upstream through ecosystem management, informed land use, and continuous downstream readiness. “Our goal is to reduce risks before they become disasters by protecting ecosystems, enforcing laws, and collaborating with local communities,” Cuna said.

TheWorld

Friday, September 4, 2026

Symbolic funerals held in Nepal for those feared lost; some missing tourists make contact By Shristi Kafle & Sheikh Saaliq

powerful floods downstream. The surge entered rivers flowing through Tibet and Nepal, causing them to rise rapidly. Floodwaters swept away homes, buildings, roads and bridges, carrying mud and rocks downstream.

The Associated Press

ATHMANDU, Nepal—Tourists previously reported missing in Nepal have made contact with authorities, officials said Wednesday, as families of locals still unaccounted for after last week’s catastrophic floods held symbolic funerals for their loved ones. Nepal’s Foreign Ministry said 324 foreign nationals have been rescued, while another 590 from 39 countries remain missing following the August 26 floods. At least 1,204 people have been killed and more than 4,200 are missing, according to the country’s disaster management agency. Australian Prime Minister Anthony

Albanese said Wednesday that the number of Australians missing in the disaster had fallen from 43 to 38 after five were confirmed safe overnight. “Amid all of this tragedy, we are seeing some positive news. Today, another five Australians have been confirmed safe,” Albanese told reporters in Palau, where he is

Families hold symbolic funerals

PEOPLE whose relatives remain missing following flash floods perform symbolic funeral rites on the banks of the swollen Trishuli River in Nepal’s Nuwakot district, on September 2. AP/RAJESH KUMAR SINGH

attending a regional summit. “We hope, of course, for positive news further, and we’re doing everything we can to work with authorities,” Albanese added. On Thursday, the Australian government said it would send a team of drone operators to Nepal within days to assist search and rescue efforts.

Sunil Sharma, a spokesperson for the Nepal Tourism Board, said at least five other tourists who were previously reported missing had contacted authorities by email or telephone in recent days. It is thought the disaster happened when a glacial collapse in the Himalayas sent rock, ice and meltwater into valleys below, triggering

SOME families in Nuwakot, one of Nepal’s worst-affected districts, have held symbolic funerals for relatives still missing, hoping to free their souls after they were presumed dead. In Hindu tradition, cremation is an important final rite, and for some families, performing the ceremony even without the bodies of their loved ones provides a sense of spiritual release. Mukunda Rijal said his cousins and their daughters had not been found, prompting the family to perform a symbolic funeral for them. Along the banks of the Trishuli River, a priest placed straw effigies representing the missing family members and covered them with small piles of wood before setting them alight. The symbolic funeral pyres were surrounded by offerings to Hindu deities as relatives gathered to perform the final rites. Authorities in Nepal have also been burying recovered bodies in temporary graves until they can be identified. They are preserving DNA samples, photographing distinguishing facial features and recording other identifying details to help match the remains with missing people and eventually return them to their families.

China builds access road for rescue crews

ON the Chinese side, rescue crews completed a makeshift road to the disaster site at Gyirong Port on the Nepal border, state broadcaster CCTV reported on Wednesday. Crews have been clearing access for heavy machinery to be used in the search at the border crossing complex, which was washed away by the floods. The road leading to the crossing was destroyed and buried under water, mud and rocks. At least 21 people have been killed and 541 remain missing in China, according to the Chinese state news agency Xinhua.

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Briefs Chevron confirms to expand operations in Venezuela

OIL giant Chevron confirmed that it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. Chevron, the only US oil company with a major presence in Venezuela, said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where it has active operations. The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day. “Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential,” CEO Mike Wirth said in a prepared statement. Venezuela holds the world’s largest proven reserves, totaling more than 303 billion barrels of crude oil, according to OPEC’s 2025 Annual Statistical Bulletin. AP

Tens of thousands in Spain protest Ceuta border crisis

CEUTA, Spain—The city of Ceuta, a tiny speck of Spanish territory perched on the northern African coast, normally celebrates its September 2 annual official holiday largely ignored by the mainland. But not this year, after Ceuta became the epicenter of Spain’s worst border crisis in living memory. In lieu of festivities, tens of thousands of people took to the streets Wednesday across Spain to protest the ongoing humanitarian crisis in Ceuta, demanding solutions and blaming Prime Minister Pedro Sánchez for his government’s handling of it. AP

Macron, King Charles III hail nations’ ties as they view the Bayeux Tapestry in London

LONDON—French President Emmanuel Macron and Britain’s King Charles III hailed the Bayeux Tapestry as a symbol of their countries’ intertwined stories as they visited the 1,000-year-old artwork Wednesday at its temporary home in the British Museum. The two heads of state viewed the embroidered depiction of the 1066 Norman conquest of England alongside new Prime Minister Andy Burnham, who is eager to restitch bonds between Britain and its European neighbors that have been frayed by Brexit. Charles praised the agreement between Britain and France that brought the priceless, fragile tapestry to London, and called its presence there “a precious symbol of trust at a time when trust seems sadly to be in short supply between nations.” AP

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SRA SEES RAW SUGAR OUTPUT PLUNGING TO 2-DECADE LOW By Ada Pelonia

HE Sugar Regulatory Administration (SRA) forecasts raw sugar output in crop year 2026-2027 to plunge to 1.662 million metric tons (MMT), the lowest level in more than two decades. SRA Administrator Pablo Luis Azcona said local raw sugar production could plummet in the next crop year due to the impact of red-striped soft scale insects (RSSI) on sugarcane fields, citing “early estimate” from its research department. “We’re currently basing it on verified area affected by the RSSI and the potential drop in yield. As of this time, the estimate is at 1.662 MMT,” Azcona recently told reporters. If this materializes, the latest production figures will be the lowest level recorded since the 1.619 MMT in crop year 1999-2000. He explained, however, that the agency will come up with a midmilling estimate, with the milling season slated to begin on October 1. SRA data showed that raw sugar output fell by 11 percent to 1.85 MMT in crop year 2025-2026, from 2.08 MMT in the previous year. Despite this, Azcona reiterated that the agency is not keen on issuing an import order due to ample stockpiles. “As of now, we don’t have plans to import. We’re still above our stock level threshold, so we’re

safe,” he said. Meanwhile, Azcona also said the Philippines may not export raw sugar next year. (See: https://businessmirror.com.ph/2026/09/02/ raw-sugar-export-to-us-in2027-hangs/) He noted that the agency is currently “noncommittal” on the export of raw sugar to the United States in 2027 due to compounding factors that battered the industry, such as weather disturbances and the continued infestation of RSSI. “Due to the floods that we had in Negros last year, then the dry spell and the RSSI, I’m not sure whether we will export and to what amount as of now,” Azcona said. “We need to look at the start of milling [season] to confirm if our yield estimates will materialize. So, we’re a bit noncommittal for now,” he added. The Philippines secured a sugar allocation of 145,235 metric tons raw value (MTRV) for fiscal year 2027, the fourth straight year it has received the same quota under Washington’s import program. The US Trade Representative (USTR) announced the in-quota allocations under the TRQ on imported raw cane sugar for FY 2027, which will begin on October 1. Under the TRQ system, countries are allowed to export specified quantities of a product to the US at a relatively low tariff.

Friday, September 4, 2026

‘BARMM transition to peace at risk from local violence’

By Mary Jade Jadormio

HE Bangsamoro’s transition from armed conflict to selfgovernment remains vulnerable to local violence as weak policing, political rivalries, clan feuds and easy access to firearms continue to strain the region’s security institutions, according to the International Crisis Group (ICG). Despite the 2014 peace agreement that ended decades of conflict between the Philippine government and Moro Islamic Liberation Front, violence continues to flare across the autonomous region, driven increasingly by local disputes rather than large-scale rebellion. “Violence still flares as clan feuds, political rivalries and criminal rackets rattle the region,” the Crisis Group said in its report, “Policing the Bangsamoro: Peace in the Southern Philippines.” Large-scale fighting may have stopped, but, the report said, more

than a third of young people in the region have experienced armed conflict within or near their homes since 2019. A local civil society leader described the situation as one of “controlled peace.”

Military fills policing gap

ONE of the biggest weaknesses in the Bangsamoro transition is policing, with the national police struggling to respond to violence in some of the region’s most conflict-affected areas. Police officers face limited man-

power and equipment, making it difficult to deal with complex clan feuds that can erupt without warning, according to the report. In parts of Maguindanao most affected by conflict, police even struggle to conduct routine patrols, leaving law and order largely in the hands of the military. A senior police officer told Crisis Group that the force could handle “soft targets” but still needed backup when operations took place in a “harsh” environment. That has left the Armed Forces of the Philippines as the dominant security institution in the Bangsamoro. Yet the Crisis Group warned that while the military has greater operational capacity, it is “ill-suited to handling local conflicts over the long run.” Communities often see the police as weaker, more politicized and less dependable than the military, further complicating efforts to shift responsibility for public order toward civilian law enforcement.

Guns fuel recurring violence

PERSISTENT local conflicts have also been made deadlier by the widespread availability of firearms.

Decades of war have made weapons ubiquitous in the Bangsamoro, where guns are viewed as symbols of status and power and are carried by members of armed groups, local politicians, civilians and former combatants. Police estimated in late 2024 that the region had more than 27,000 unregistered firearms, according to the report. A separate estimate cited by Crisis Group placed the number of legally registered firearms at around 20,000. High-caliber weapons, including machine guns and assault rifles, can quickly intensify local disputes and increase the likelihood of casualties and retaliatory violence, the report said. Efforts to address the problem remain difficult, with activists telling Crisis Group that firearms continue to move in and out of the Bangsamoro without effective means of tracing them.

Peace deal still unfinished

KEY provisions of the 2014 peace agreement also remain unfulfilled more than a decade after it was signed. See “BARMM,” A2

DOT, Newport World to make Pinoy live shows tourism draws By Ma. Stella F. Arnaldo Special to the BusinessMirror

READY WHEN IT MATTERS Students of Quirino High School in Quezon City participate in the National Simultaneous School Safety Drill on Thursday, September 3, 2026, with the Quezon City Police District (QCPD), Department of Education (DepEd), Quezon City Disaster Risk Reduction and Management Office (QCDRRMO), Parent-Teacher Organization, faculty and school personnel. The nationwide exercise is designed to strengthen schools’ preparedness and response to active-threat situations through age-appropriate, trauma-informed safety procedures. DepEd said the drill emphasizes preparedness without causing unnecessary fear or distress among learners, with schools conducting orientations and practicing basic protective actions. The exercise comes amid renewed concern over school safety following recent attacks, including a fatal school shooting on August 18 that killed two students. NONOY LACZA

Palace to shield those hit by peso plunge By Samuel P. Medenilla

ALACAÑANG will step up implementation of measures to shield vulnerable sectors from the expected spike in cost of living as the peso further weakened, dropping to a record low of 62.5 against the dollar last Wednesday. Quoting the Office of Executive Secretary (OES), Palace Press Officer Claire Castro said the Marcos administration is ready to address the inflationary effects of higher foreign exchange on food, business, and logistics. She said the government will continue to implement the expand-

ed Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) initiatives, which includes providing cash aid and fuel subsidies to certain sectors. Launched in March through Executive Order (EO) No. 110, the UPLIFT initiative aims to cushion Filipinos from the economic impact of the Middle East crisis, which resulted into higher global pump prices. “Under UPLIFT, the government has already begun reprioritizing spending, reducing non-essential expenditures and directing resources toward sectors affected by rising prices,” Castro said. The measures are augmented by

the Marcos administration’s Zero Balance billing policy in hospitals managed by the Department of Health and 20 per kilo rice program. “The administration’s approach is focused on fiscal discipline and more efficient use of public funds. This means reviewing spending proposals carefully and prioritizing programs that have high economic and social returns,” Castro said. She said the Marcos administration is also making sure government funds are used efficiently to reduce unnecessary costs and increase savings as recommended by the Bangko Sentral ng Pilipinas (BSP).

“The administration’s approach is focused on fiscal discipline and more efficient use of public funds. This means reviewing spending proposals carefully and prioritizing programs that have high economic and social returns,” Castro said. Last week, BSP Governor Eli M. Remolona Jr. said the government can help strengthen the peso by reducing its borrowings abroad to fill in the gaps in its annual budget. The peso further weakened for the fourth consecutive day on August 2, 2026 because of a stronger dollar and rising global oil prices. The OES is confident BSP will act decisively to keep the value of peso stable.

EACHES? Check. Surfing in Siargao? Been there. Breathing in the cool mountain air? Done that. Watch Annie Batungbakal? Aba, bongga ka ‘day! The Department of Tourism (DOT) will now be promoting live original Filipino performances and cultural productions to domestic travelers and foreign tourists, under a memorandum of understanding (MOU) signed with Newport World Resorts (NWR) on September 1. The partnership arrangement will cover two years. “Entertainment has become one of the strongest reasons travelers choose to visit and return to a destination, and this partnership allows us to bring that experience to more Filipinos and international visitors alike,” said Acting Tourism Secretary Maria Bernardita Angara-Mathay at the signing ceremony. “Through this collaboration, we hope to showcase Filipino talent and creativity as part of what makes the Philippines worth discovering,” she said, adding that, “This is also an opportunity to support our creative economy, from performers to production teams, while integrating these experiences into our broader campaigns to grow tourism nationwide.” A DOT source underscored that the promotion will not include the gaming portfolio of Newport World Resorts. On September 18, for instance, the Newport Performing Arts Theater will feature “Bongga Ka, ‘Day! The Annie Batungbakal Musical,” which is produced by the Full House Theater Co. (FHTC), Newport World Resort’s production arm. FHTC will also be the production arm of Movenpick Manila Bay Westside at the Entertainment City, adding four theater venues for the Andrew Tan-led Alliance Global Inc., parent unit of Travellers International Hotel Group, which operates NWR, and Megaworld Global Hotels and Resorts, which

owns Movenpick Manila Bay. (See, “Megaworld targets 12K hotel rooms by 2032,” in the BusinessMirror, Aug. 26, 2026.) Travellers International has been expanding its entertainment footprint as it pushes to position the Philippines as the “Broadway of Asia.” For his part, NWR President and Chief Executive Officer Nilo Thaddeus Rodriguez said, “Guided by our Executive Chairman Kevin L. Tan’s commitment to nation-building, we have always believed that tourism becomes stronger when destinations offer more than access and accommodation. They must offer experiences that give people a deeper reason to visit, stay longer, return, and ultimately, discover more to love about the Philippines.” Aside from promoting live entertainment and original Filipino productions, the DOT will also promote Newport World’s other offerings; the latter will develop integrated stay, dine, and watch packages designed around experiential travel, build visitor itineraries centered on Metro Manila, and explore promotional rates and ticket offers that turn national tourism campaigns into bookable, ready-to-enjoy experiences for travelers. “On behalf of Newport World Resorts, we thank the Department of Tourism for this partnership and for recognizing entertainment as a meaningful pillar of Philippine tourism,” said Rodriguez. The DOT is currently running its “Discover More to Love” campaign, intended to drive more Filipinos to travel to local destinations. The agency has also bidded out two projects worth some P400 million to kickstart anew a brand campaign to promote the Philippines abroad. (See, “DOT lists P398-M bid to refresh, roll out ‘Love the Philippines’ drive,” in the BusinessMirror, Aug. 13, 2026.) Under the MOU, a copy of which was obtained by the BusinessMirror, the government agency and NWR will “promote NWR as a premier See “DOT,” A2

A10 Friday, September 4, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

When industry becomes a Trojan horse: The steel mill security warning

FP spokesperson Rear Admiral Roy Trinidad’s revelation should trigger immediate government response. Allegations that Chinese-owned steel mills are covert entry points near military installations point to coordinated illegal immigration and potential espionage. (Read the BusinessMirror story: AFP eyes human smuggling in raided steel mills, August 31, 2026).

The numbers alone tell a troubling story. Authorities found 69 Chinese workers at Sanjia Steel Corp. in Misamis Oriental, many lacking proper documentation. But what elevates this from a routine immigration violation to a grave security concern is geography. The facility sits uncomfortably close to an Enhanced Defense Cooperation Agreement (EDCA) site, the headquarters of the Army’s Fourth Infantry Division, and Laguindingan International Airport. Rear Admiral Trinidad’s comparison to Philippine Offshore Gaming Operators (POGOs) is apt and alarming. For years, POGOs clustered near government infrastructure, military bases, and sensitive installations under the guise of legitimate business operations. We now know these operations became vectors for criminal activity, human trafficking, and surveillance. The steel mill case suggests a potentially more insidious evolution: industrial facilities with actual production capabilities masking covert infiltration networks. The backdrop makes the threat clearer. Approximately 500 steel plants shuttered in China for producing substandard materials have reportedly relocated operations to the Philippines. This raises two simultaneous concerns. First, the obvious economic threat—substandard steel compromises construction integrity, endangers public safety, and undermines legitimate local industry. Second, and more critically, the security threat. These facilities appeared “in such a short time,” as Trinidad noted, suggesting coordination and resources that exceed normal commercial enterprise. The question that should haunt defense planners is simple: Why steel? Of all industries to transplant from China to the Philippines, why one requiring heavy industrial infrastructure, significant capital investment, and proximity to transportation hubs? The answer may lie in the cover that legitimate industrial operations provide. Steel mills employ large workforces, operate around the clock, maintain extensive supply chains, and generate legitimate commercial traffic—all useful characteristics for masking the movement of personnel and materials. The implications for Philippine sovereignty are severe. If foreign nationals can establish industrial beachheads near military installations with minimal scrutiny, the concept of territorial security becomes hollow. The presence of undocumented workers near EDCA sites is particularly concerning given the strategic importance of these locations to the country’s defense posture in the West Philippine Sea. These are not random commercial developments; they are potential forward operating bases for intelligence collection placed deliberately within the Philippine security architecture. Our response must be uncompromising. The Presidential Anti-Organized Crime Commission and National Bureau of Investigation have made the right opening moves, but investigation must be followed by enforcement and prevention. Every Chinese-owned industrial facility established near critical infrastructure warrants immediate security review. The origin of capital funding these operations requires scrutiny—are these genuine commercial investments, or state-sponsored infiltration mechanisms? The West Philippine Sea dispute has largely been viewed through the lens of maritime confrontation—Chinese coast guard vessels, fishing militias, and reclaimed islands. The steel mill case reveals that the threat matrix is more complex and extends into the country’s heartland. Economic engagement with China cannot proceed on autopilot when industrial partnerships become potential Trojan horses. Rear Admiral Trinidad’s warning about “bigger threats to our security” should be taken seriously. The presence of undocumented foreign nationals near military installations, operating under the cover of industrial facilities producing substandard materials, represents a hybrid threat that blurs the line between economic activity and security infiltration. The country is not merely facing illegal immigration or industrial dumping—it may be witnessing the establishment of covert operational infrastructure on Philippine soil.

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World’s unusually high dollar exposure risks fueling selloff By Ruth Carson, Masaki Kondo & Anya Andrianova

IFT through the filings of pension funds and insurers around the world and one thing stands out: some of the biggest holders of US assets have little protection against a weaker dollar, leaving the currency at risk of steeper declines if sentiment suddenly turns.

Across markets including Japan, Canada and Taiwan, these investors hedged just 41 percent of their foreign-currency exposure as of June 30—the lowest since at least 2015— according to Bloomberg calculations using data from six markets where such figures are available. While not a complete picture, it offers a glimpse into how the sudden rush last year to hedge against dollar losses triggered by President Donald Trump’s global tariff rollout has faded as the US currency slowly stabilized. In cutting back their hedges, investors are returning to an approach that had worked for much of the past decade. The dollar tended to rise, or at least hold up, when markets turned volatile, cushioning losses on US stocks and bonds when they’re converted back into investors’ home currencies. And with hedging expensive, there was little incentive to pay for protection. The risk now is that two pillars underpinning that strategy—high hedging costs and the dollar’s haven status—are being challenged at the same time. The greenback is down about 2.3 percent this quarter and has weakened against most G10 peers as in-

vestors revive the debasement trade, the view that US policies will erode the currency’s value. Treasury Secretary Scott Bessent’s moves to support the yen and contain rising US yields have fueled those concerns, as have doubts over whether Federal Reserve Chair Kevin Warsh will raise rates to curb inflation amid Trump’s push for lower borrowing costs. Hedging protects investors from currency swings by using derivatives to sell the greenback for their home currency. Because US assets make up a large share of global portfolios, increased hedging effectively means more dollar selling. “Given the scale of foreign holdings of US assets, it doesn’t take a dramatic change in positioning to matter,” said Laura Cooper, the London-based head of macro credit at Nuveen, which oversees $1.4 trillion. “Foreign investors hold a sizeable stock of US assets, so even small shifts in hedge ratios can drive meaningful FX flows.” A five-percentage-point increase in hedge ratios would translate into around $230 billion of transactions, according to Bloomberg estimates based on $4.6 trillion of foreigncurrency holdings across the six mar-

kets, which also include Australia, Denmark and Finland. The estimate excludes major markets such as the UK and euro area, but the countries covered still represent a significant slice of US asset holdings. Japan is the world’s largest foreign holder of US Treasuries, accounting for about 10 percent of overseas holdings, while Canada and Taiwan rank among the top 10. The factors that drove hedging down from more than 50 percent over the past four years are starting to shift. The rate gap that made hedging expensive is shrinking. Three-month dollar hedge costs for yen-based investors have slid to a four-year low of 2.75 percent, from a high of 6 percent in October 2023. For eurobased investors, they’ve dropped to a two-year low of 1.32 percent. Hedging demand has swung before. A year ago, flows into dollarhedged exchange-traded funds buying US assets outpaced unhedged funds for the first time this decade, data from Deutsche Bank AG showed. Now, the Iran war and surge in energy prices are adding to inflation pressures, pushing central banks globally toward higher rates and shrinking the gap with the US. The path for US rates is less clear, with Warsh’s communication leaving investors guessing about how aggressively he will tackle inflation. His vow at Jackson Hole on Friday to tame price pressures boosted expectations for hikes. But investors are also weighing pressure from the Trump

Asia’s economies avert energy shock via fiscal buffers, AI boom By Ruchi Bhatia & Srinidhi Ragavendran

SIA’S economies from India to Malaysia and Australia defied all worst-case scenarios to post solid growth last quarter, as governments moved quickly to secure energy supplies and tapped relatively healthy balance sheets to cushion households. A global boom in artificial intelligence also proved to be timely. Figures out this week showed India, the world’s third-biggest energy importer, expanded a stronger-thanpredicted 7.8 percent in the June quarter, while Malaysia’s growth accelerated to 6 percent. Singapore grew 5.9 percent, prompting the government to raise its full-year forecast. Even Thailand avoided a deeper quarterly contraction. The gains were even more striking in Asia’s technology powerhouses, where surging AI demand boosted exports. Taiwan posted its fastest first-half growth in about 50 years, while South Korea expanded at its strongest pace since 2020. The unexpectedly strong perfor-

mances are prompting economists to upgrade growth forecasts across the region and reviving expectations that some central banks may need to tighten monetary policy. “Given Asia’s high exposure to energy, this resilience has been a positive surprise,” said Sonal Varma, chief economist for India and Asia ex-Japan at Nomura Holdings Inc. She sees rate increases in Taiwan and Malaysia later this year, while policymakers in India have opened the door to higher borrowing costs. Nomura also added a 25-basis-point September hike to its Reserve Bank of Australia call after second-quarter growth beat expectations. Asia entered the Iran war as one of the world’s most vulnerable to an

The unexpectedly strong performances are prompting economists to upgrade growth forecasts across the region and reviving expectations that some central banks may need to tighten monetary policy.

energy shock. Indeed, governments went into crisis mode, assembling emergency task forces, warning citizens of unprecedented challenges and scrambling to secure fuel. They tapped petroleum reserves, rerouted Middle Eastern supplies and sourced oil from Latin America and Central Asia. Weaker Chinese demand also helped keep a lid on prices, economists said. Helping limit shortages as the Strait of Hormuz was effectively closed for business, some countries doubled down on domestic energy sources such as coal, solar and biofuels, according to Aninda Mitra, head of Asia Macro Strategy at BNY.

administration to keep borrowing costs in check, especially ahead of the midterm elections. “If markets continue to price out Fed hikes and interest-rate differentials narrow, investors may start rebuilding those hedges,” said Nathan Thooft, chief investment officer of the multi-asset solutions team at Manulife Investment Management. “That creates a steady source of USD selling pressure.” “The dollar has increasingly decoupled from both nominal and real yields as policy credibility has displaced rate differentials as the dominant driver,” said Bloomberg strategist Tatiana Darie. Stuart Simmons, head of multiasset solutions at QIC Ltd., one of Australia’s biggest governmentowned money managers, said relying on a foreign-currency basket that’s 70 percent exposed to the dollar as a defensive tool may no longer work. “In an era of increased geopolitical uncertainty, are you really that confident going forward that the US dollar is going to be the main expression of defensiveness?” Simmons said. “What we are recommending is just have a look at some of the alternatives out there, and just ensure that you’ve got a bit more diversification within that foreign-currency basket.” The dollar’s strength is also being questioned. The Treasury’s plan to ramp up purchases of long-dated debt to contain borrowing costs and coordinated US-Japan yen interSee “World,” A11

In Australia, surging fuel prices accelerated a shift among motorists to electric vehicles, with purchases surging 10.3 percent in the three months through June. Authorities in Singapore nearly doubled support for households and businesses through cash vouchers, grants and rental assistance. Thailand reshuffled state spending and prepared additional cost-of-living relief, while India unveiled support for smaller businesses. Those measures “safeguarded household balance sheets and limited a damaging pullback in demand,” Mitra said. For some countries in the region, AI-related demand has been a boon, though Standard Chartered Plc economists Jonathan Koh and Edward Lee question how long the boost can last. In equities, Taiwan and South Korea have surged ahead, with their benchmark indexes up about 35 percent and 15 percent, respectively, See “Asia,” A11

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Friday, September 4, 2026 A11

Global debt is slumping but it’s nothing like the 2022 rout

The high cost of taxing too much

Dr. Jesus Lim Arranza

MAKE SENSE

By Ruth Carson & Masaki Kondo

HE selloff sweeping global bond markets looks painful, but it’s nothing compared with the rout four years ago, when soaring inflation forced central banks into a series of rapid-fire interest-rate hikes.

The difference is scale. While the latest pullback has driven yields to multi-year highs in the world’s biggest markets, the move is just a fraction of the one seen in late 2022. Global government bond yields have risen 17 basis points on a rolling 20-day cumulative basis, compared with 62 basis points back then, data compiled by Bloomberg show. On a peak-to-trough basis, bonds have lost 4.2 percent this year—a far cry from the 23 percent plunge seen in 2022. While the current selloff is hardly showing any sign of letting up, the relatively modest move in yields so far is offering some reassurance to seasoned market watchers. “While today’s volatility may feel disruptive, it is also improving the long-term opportunity set across fixed income markets,” said Mike Goosay, CIO and global head of fixed income at Principal Asset Management. The move higher in yields is “creating opportunities that have been largely absent for much of the past decade.” The 2022 rout had pushed global bonds into their first bear market in a generation. That came as central banks led by the Federal Reserve embarked on the most synchronized and rapid policy tightening in half a century, battling an inflation surge fueled by the post-pandemic rebound in demand and compounded by the war in Ukraine. While inflation is a key factor this time as well—given the Iran war and its impact on energy prices—other forces are adding to the pressure on bonds. Heavy government spending in major markets like Japan, the UK, France and the US is keeping debt issuance elevated, prompting investors to seek more compensation to own longer-maturity debt. At the same time, the vast amount of funds needed to finance the AI boom is intensifying the competition for capital and helping push borrowing costs higher. Even so, bond losses have been more contained in part because yields are rising from much higher levels, providing investors with a bigger income cushion against falling prices. By contrast, yields were near historically low levels heading into 2022. “Maybe take a chill pill,” said Stephen Miller, a consultant at investment management firm GSFM in Sydney who has covered debt markets since 1983. “I can’t say that bonds are a screaming buy,” he said, adding that still “at these sorts of yields, they do become worthy of some consideration by an incomeoriented investor.” Bonds in the Bloomberg Global Treasury Total Return Index have carried an average coupon of 2.68 percent this year, up from 1.84 per-

Asia. . .

continued from A10

over the past six months. Currencies of economies benefiting from the AI boom have also held up better, with the South Korean won and Chinese yuan gaining against the dollar, while the Philippine peso and Thai baht have lagged. However, another surge in energy prices or a correction in the AI investment cycle are among the biggest risks for these economies, Koh and Lee said. A global bond selloff is driving up government borrowing costs, potentially making it more expensive to extend subsidies and other support while leaving central banks less room

Heavy government spending in major markets like Japan, the UK, France and the US is keeping debt issuance elevated, prompting investors to seek more compensation to own longer-maturity debt. At the same time, the vast amount of funds needed to finance the AI boom is intensifying the competition for capital and helping push borrowing costs higher. cent in 2022. “It’s not nearly as bad for every economy as the bond market would make out,” said Kerry Craig, a global market strategist at JPMorgan Asset Management in Melbourne. And in some markets like Australia, investors may even be overestimating how much the central bank will hike, he said. Recent economic reports lend support to such a view. In the US, some key releases have disappointed, with payrolls declining in July and retail sales unexpectedly falling. Japan’s economy also grew less than expected in the second quarter. To be sure, no one is firmly calling the peak in yields just yet. The selloff in bonds may have room to run as energy-driven inflation keeps rate hike bets in play and heavy debt issuance adds upward pressure on yields. Rising Japanese yields are another potential source of strain as they risk drawing global capital back home. The yield on 10-year US Treasuries—a global benchmark for borrowing costs—advanced to 4.81 percent on Wednesday, the highest level since late 2023, heaping more pressure on debt in other developed markets. Japan’s 10-year government bond yield on Tuesday touched 3 percent for the first time this century. Yields on European bonds also surged on Wednesday. The UK 10year rate jumped six basis points to 5.28 percent, the highest since 2007, while the German equivalent jumped nearly as much to 3.39 percent, the highest since 2011. Still, lower market swings also suggest investors are taking the latest selloff more in their stride. The yield volatility for global government debt has fallen to 37 basis points from a peak of 56 basis points in May. The measure surged in 2022 before peaking at about 92 basis points in March the following year. “Negative factors for bonds have been steadily building, but so far there has been no decisive catalyst strong enough to force investors out of the market,” said Ayako Sera, senior market strategist at Sumitomo Mitsui Trust Bank Ltd. in Tokyo. With assistance from Alice Gledhill and Nicholas Reynolds /Bloomberg

to counter any slowdown. And the path ahead isn’t “straightforward” either, said Lavanya Venkateswaran, economist at OverseaChinese Banking Corp Ltd. Growth has lagged in Thailand and the Philippines, where domestic headwinds outweighed the forces lifting much of Asia. China also slowed more than expected last quarter to its weakest in more than three years. “Broader economy wide price pressures are building across the region. The consumer price trajectory has also been uneven, similar to growth,” she added. “The upshot is that monetary policy tightening remains on the cards for the region in the next 6-12 months.” With assistance from Jasmine Ng /Bloomberg

HE late Chief Presidential Legal Counsel and Senator Juan Ponce Enrile served as my trusted partner for 26 years in our television program, “Dito sa Bayan ni Juan.” In every discussion on taxation, I benefited from his extensive knowledge as a tax specialist. His insights enriched every discussion on the topic. Yet the counsel I will always cherish is his reminder: “Taxes can build or destroy. Always remember that, Jess.” Although my television partner has now passed, his perspective continues to guide me in every conversation about tax matters. In a recent column, I wrote about the danger of good intentions. (BusinessMirror, “The hidden cost of good intentions: Why new taxes could hurt the very people they’re meant to help,” August 12, 2026). Last August 25, I represented FPI during the House Committee on Ways Means hearing, where the discussion turned to proposals to increase taxes on smoke-free alternatives such as heated tobacco products (HTPs) and vapes. Again, the intention is understandable as the government needs revenue and it also wants to protect public health. But will higher taxes actually achieve these objectives? As an industry advocate, I have always believed that taxes should be reasonable, predictable and fair. They should raise revenues without destroying legitimate businesses or creating opportunities for smugglers. Unfortunately, we already know that consumers look for cheaper alternatives when the price difference between a legal product and an illegal one becomes too wide. When a legal manufacturer produces goods in the Philippines, it pays taxes, employs our workers, follows our laws and regulations, and buys goods and services from other local businesses. The smuggler does none of these things. We should learn from what has already happened with cigarettes. As taxes and prices increased over the years, illicit cigarettes became increasingly attractive to price-sensitive consumers. The result is a large illegal

market that deprives the government of revenue, takes sales away from legitimate businesses, and ultimately threatens Filipino jobs and livelihoods. We should be careful not to repeat the same mistake with smokefree products. This is why I believe we should be very careful about proposals to sharply increase taxes on smoke-free products. Government revenues from the HTP category are reportedly growing by around 36 percent year on year, which should tell us something important. Instead of taxing these alternatives so aggressively that consumers are pushed back toward cigarettes or into the illicit market, policy should allow legitimate smoke-free alternatives to develop responsibly. This is an opportunity for the Philippines to participate in the transition toward newer smokefree technologies, and not simply as a consumer market, but eventually through investment, skills, and economic activity. Investments in innovative technologies have a multiplier effect as it leads to sourcing of local inputs, logistics, and back-end services that generate employment. The country will have a competitive advantage and open up market opportunities beyond our shores. Government policy should encourage legitimate businesses to invest in better technologies rather than make that transition more difficult. There is an old saying: Do not kill the goose that lays the golden egg. In this case, the question is not simply whether government can col-

lect more tax from a new category. It is whether tax policy can encourage adult smokers to move toward better alternatives, while keeping these products within the regulated and tax-paying market. If we tax too aggressively, we risk doing exactly that. We may project more revenue per pack on paper but end up slowing the growth of the legal market from which those taxes are supposed to come. There is also a public health question that policymakers should not ignore. Not all nicotine products carry the same risk. Cigarettes burn tobacco, smoke-free products do not. The burning process produces the thousands of chemicals that cause smoking-related diseases. This difference is precisely why the principle of risk-proportionate taxation deserves serious consideration. Taxation can be used not only to collect money but also to encourage better choices. If an adult smoker has the option of switching to a less harmful alternative, government policy should not remove the economic incentive to make that switch. This brings us to vapor products, where the situation is even more alarming. In FPI’s position paper on House Bills 1316 and 5364, we pointed to regional data estimating that 84.5 percent of vapor products sold in the Philippines are illicit. The same data estimated foregone government revenues at around US$188.4 million in 2024. What will happen if we make legal vapor products even more expensive? We should not expect the illicit traders to disappear. We may simply give them more customers. And if legal vapes eventually become as expensive as, or more expensive than, cigarettes because of taxation, we also have to ask why a smoker would have a financial reason to switch away from cigarettes. That would defeat the purpose of risk-proportionate taxation. I support the proposal to unify the tax rates on vapor products. Our present system, which imposes different rates on nicotine salt and freebase products, is unnecessarily complicated and creates opportunities for misdeclaration and tax leakage. But a unified tax should also be a reasonable tax. The objective should

be simple: make the legal market competitive enough to defeat the illegal market, while preserving a meaningful tax differential between cigarettes and smoke-free alternatives that reflects their different risk profiles. The same caution applies to proposals to further increase taxes on sugary drinks. There are legitimate public health concerns surrounding excessive sugar consumption, but Congress itself is examining whether the present volume-based tax is the best way to influence consumer behavior. We should also recognize that the government already uses policy to encourage consumers and industries to adopt newer and better technologies. Electric vehicles are a good example. Through tax incentives and other measures, the government has encouraged the shift to EVs. The principle is straightforward: when technology offers the potential for a better outcome, policy can help consumers move in that direction rather than treat new and old technologies exactly the same. Before increasing another tax that will ultimately appear in the price paid by ordinary consumers, government should first ask whether the tax is properly designed to achieve its health objective. The FPI strongly supports tougher action against illicit trade, including better tracking and tracing, tighter control of manufacturing equipment, stronger accountability for online marketplaces and greater coordination among government agencies. But enforcement and taxation must work together. A tax rate cannot be considered successful merely because it looks high on paper. We must look at how much government actually collects, how many jobs and investments are created, and how much of the market is being surrendered to smugglers. Good tax policy is not about finding the highest rate government can impose but finding the rate that actually works. Don’t kill the goose that lays the golden eggs—feed her instead. This is the best way to get more golden eggs. Dr. Jesus Lim Arranza is the Chairman Emeritus of the Federation of Philippine Industries and concurrent Chairman of the Anti-Smuggling and AntiIllicit Trade Committee.

‘Stratospheric’ $127 billion from India’s diaspora to aid rupee By Siddhi Nayak & Divya Patil

NDIA drew a record $127 billion from its vast diaspora through special programs, far surpassing estimates and giving policymakers a formidable buffer to defend the beleaguered rupee.

An aggressive push by lenders including State Bank of India and ICICI Bank Ltd., along with HSBC Holdings Plc. and Standard Chartered Plc. to tap India’s 35 million-strong diaspora in hubs such as Dubai, Singapore and London helped drive the surge in inflows. The amount collected via so-called Foreign Currency Non-Resident, or FCNR (B), deposits was $127.23 billion, the Reserve Bank of India said in a statement on Wednesday. Inflows from overseas foreign-currency debt and external commercial borrowings were $9.15 billion, taking the total to $136.38 billion, exceeding the central bank’s $80 billion estimate. The measure has ended with

World. . .

continued from A10

vention have raised concerns about authorities’ willingness to support markets and other currencies at the dollar’s expense. “If investors become less confident that the dollar will reliably appreciate during periods of market stress, they may see less reason to tolerate large unhedged currency exposure,” said Noureldeen AlHammoury, chief market strategist at Equiti Group in Dubai. Investors wouldn’t need to sell

“stratospheric” flows into India’s forex reserves, giving the RBI ample “fire power,” Nomura analysts Sonal Varma and Aurodeep Nandi wrote in a note. The special window was offered in June to shield the rupee from sliding after hitting record lows. The RBI offered to take on the risk of currencyhedging costs of FCNR deposits, and lenders offered loans amounting to up to 19 times the original deposit. The buffer underscores India’s growing ability to tap its overseas citizens for foreign currency during periods of market stress. It revives a playbook used during the 2013 taper tantrum, when a similar window attracted $26 billion and fueled a sharp their US assets. They can keep their stocks or Treasuries while increasing currency hedges by selling dollars forward. “That distinction is very important because it means US asset demand can remain relatively strong even while the dollar comes under pressure,” he added.

Japan

THE potential for a shift toward more hedging may be greatest in Japan, home to some of the largest foreign holders of US assets. Deutsche Bank’s estimates for Japanese investors show a similar trend, with them hedging 41 percent of new foreign bond purchas-

rupee rally. The rupee strengthened as much as 0.7 percent to 94.2713 per dollar on Thursday, its highest level in more than a month. The yield on the 10-year sovereign bond declined 4 basis points to 6.94 percent. The Nifty Bank Index rose as much as 0.9 percent in early trade. Banks had taken the campaign global, reaching out to non-resident Indians through branches, relationship managers and diaspora networks across major overseas markets. Lenders also used India’s tax-free financial hub—Gujarat International Finance Tec-City—to lend about $52.82 billion under the RBI’s swap window. The lenders used the RBI-backed incentives to make foreign-currency deposits more attractive by passing on rates as high as 7.75 percent to overseas Indians. The effort transformed a typically steady stream of diaspora deposits into an aggressive,

coordinated push for dollars. The massive dollar inflow has pushed the central bank’s reserves to a record high of $729.3 billion and helped avert what could have been an unprecedented third year of a deficit in India’s broadest measure of money flowing in and out of the economy. India’s current account—or a snapshot of external finances— will probably reflect a surplus of as much as $80 billion for the year through March, according to Gaura Sen Gupta, chief economist at IDFC First Bank Ltd. However, the RBI will keep accumulating dollars to pay back the deposits, she added. The deposits mature in three and five years. The strong response to the schemes will have implications for the banking sector, given the surplus liquidity they have generated. With assistance from Abhay Singh/

es in the first half of this year, down from 62 percent in 2024. “The last time it was this thin, in 2013, the dollar was entering a 10year bull market,” said Shoki Omori, the bank’s chief fixed income strategist for Japan. “Today’s macro looks closer to the mirror image.” Omori sees three potential catalysts: further Bank of Japan rate hikes, which would narrow the rate gap; a sharp dollar decline, which could deepen losses and prompt risk committees to add protection; and a new solvency regime that leaves insurers with less tolerance for currency swings.

Erik Nelson, a strategist at Wells Fargo, cautioned against treating hedging as a fundamental driver of the dollar, saying monetary policy is likely to dominate over the longer term. Still, he sees scope for investors to add dollar hedges as the cost of shorting the currency eases. Nelson expects the euro to be a main beneficiary, given European funds’ large unhedged purchases of US equities. “Any signs that the USD is underperforming on risk-off can see a quick shift in FX hedging behavior that can accelerate a down-move in USD,” he said. With assistance from Mat-

Bloomberg

thew Burgess and Marcus Wong /Bloomberg

A12

Friday, September 4, 2026

Sports BusinessMirror

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

JB IN GILAS ASIAD EQUATION—CONE T JEMA GALANZA scores 26 points with two blocks, 11 excellent digs and 18 receptions in Creamline’s 25-18, 24-26, 25-22, 23-25, 15-4 victory—the Cool Smashers’ thirdstraight—over Farm Fresh in the Premier Volleryball League Invitational Finals on Thursday at the Smart Araneta Coliseum. PVL IMAGES

PVL turns 10 in grand style

PORTS Vision Management Group Inc. (SVMGI) is taking the Premier Volleyball League (PVL) and Spikers’ Turf to Cebu City for a milestone launch with the newly opened SM Seaside Cebu Arena set to host the grand opening of the two leagues’ landmark 10th season on October 10. The Cebu celebration will feature a blockbuster triple-header highlighted by two PVL matches with Choco Mucho and Capital1 will kicking off festivities at 1 p.m. followed by the Creamline-Akari clash at 6 p.m. Sports Vision’s staging of its season launch outside Metro Manila underscores Cebu’s growing stature as one of the country’s premier volleyball hubs and organizers are expecting the high-profile opening to draw a record crowd and set the tone for another major year of Philippine volleyball. The Cebu launch is particularly fitting as the PVL and Spikers’ Turf celebrate their 10th season, a milestone that reflects the sustained growth of both leagues and the sport’s expanding reach across the country. Preparations are already underway for what Sports Vision hopes will be a marquee event at the SM Seaside Cebu Arena which broke ground in 2021 and officially opened to the public last July. The decision to bring the season-opening festivities to Cebu highlights the province’s deep volleyball roots and its continuing contribution to the development of the sport. Cebu has long been a hotbed of volleyball talent, producing established stars, promising young players and a steady stream of athletes who have made their mark in both the PVL and Spikers’ Turf. Among the prominent PVL players with Cebuano roots are Choco Mucho’s Sisi Rondina of Compostela, Cebu; Deanna Wong of Minglanilla; and Isa Molde of Catmon. Also hailing from Cebu are Farm Fresh players Lorene Toring and Pierre Abellana, Nxled’s Krich Macaslang and PLDT’s Shiela Kiseo, among others.

PHL golfers in title contention in Nomura Cup

ET HERNANDEZ and Shinichi Suzuki combined for a six-underpar 138 in the third round on Thursday to put Team Philippines in title contention in the 31st Nomura Cup team golf championship in Beijing where Hong Kong-China held ground and kept the lead. The national Strokeplay and Match Play champions back home, respectively, Hernandez and Suzuki churned out the secondbest effort on a demanding day at Bayhood 9 Golf Club as the Filipinos chopped down what stood as a 10-shot deficit at the start of the day to half to be in position to win the event for the first time. “We put ourselves in a great spot to have a chance to win this thing,” said the 21-yearold Hernandez, who drained six birdies in shooting a four-underpar 68 for a 426 aggregate heading into the final 18 holes. “The game plan will stay the same for us,” he said. “And that is to do whatever it takes to shoot the lowest score possible.” Suzuki, meanwhile, birdied three of his last six holes and carved out a 70 as the duo made

EAD coach Tim Cone will confidently settle for an 11-man team in the Aichi-Nagoya 20th Asian Games where the Philippines will be defending the men’s 5-on-5 gold medal. “There’s a chance that we will only have 11 players,” Cone told a virtual press conference with Philippine media from their team hotel in Suwon, South Korea, where Gilas Pilipinas is has tune-up games ahead of the Asian Games. “If we look back at the Olympic Qualifying Tournament two years ago, we lost Scottie Thompson right before the tournament and we ended up going with 11, and we didn’t miss a beat,” Cone explained. Thomspon was sidelined by back issues and missed the OQT with Latvia in July 2024 with Gilas Pilipinas notching a FIBA upset with an 89-80 away victory in Riga. “I think we will be fine. These guys

CONE

are all willing to play extended minutes. I think 11 is a really good number from a coaching standpoint.” Spot No. 12 on t he tea m, Cone st ressed, has been reser ved for Just in Brow n lee. “We have kept that 12th spot open for Justin if he could make it,” Cone said. “We have no confirmation yet from him if he is going to be here or not…the door is still open for him.” Brownlee is recovering from hamstring and ankle injuries in San Diego, California. Cone said that a 12th new player will be more difficult “logistically-wise”

BROWNLEE

and that changing lineups and infusion of game strategies would be a challenge. “At this point, we do not have a 12th player in mind to come over, we are ready to play all-Filipino,” he said. Cone also dismissed getting someone from the Gilas team that played against Jordan and Iraq in the FIBA World Cup 2027 Asia Qualifiers only last weekend in Manila. “Based on experience, looking back at the Incheon Asian Games [2014], we got the Madrid World Cup Gilas team under coach Chot [Reyes] that beat Senegal,” Cone said. “But when they competed in the Asiad, they were

Rizal Memorial set to undergo elegant facelift

already totally exhausted and tired.” That team finished seventh place in the games. “So we just decided to have two teams, one for the windows and one for Asiad this time,” he added. Cone’s 11 players are RJ Abarrientos, Brandon Bates, Zav Lucero, Don Trollano, Justin Arana, Justine Baltazar, Sedrick Barefield, Adrian Nocum, Robert Bolick, Brandon Rosser-Ganuelas and Jerrick Ahanmisi. The team will polish its chemistry against South Korea’s national teams on Friday and Sunday at the Hana Bank Invitational at the Suwon Arena. Asian Games basketball in Nagoya start way ahead of the September 19 opening ceremony with the Philippines facing Bahrain on September 11, Kazakhstan on September 12 and China on September 14 in Group C action. Basketball will be played at the Aichi International Arena. Josef Ramos

Eala in discussion with her coach Alex Eala speaks with her coach Joan Bosch during a break in her match against Mary Stoiana during the first round of the US Open which she convincingly won, 6-1, 6-2, in front of her many Filipino fans at the Louis Armstrong Stadium in Flushing Meadows, New York, Wednesday. Eala faces Ukraine’s Oleksandra Oliynykova in the second round set at a little past midnight Friday. AP up for the struggles that Rolando Bregente had in returning a 78. “I hit it really well out there,” the 18-year-old Suzuki said. “My round was basically like that of [Wednesday] but I just couldn›t get some of my putts to drop. Then came a really terrible double bogey on N0. 10 for me. We pretty much struggled on that hole all week. Jeffrey Shen and Markus Zachary Lam fired 70s for HK-China’s 140 and 421 aggregate, now just two shots ahead of Japan, which got a 68 from Kaito Sato and a 71 from Mao Matsuyama for 139 and 423. China, meanwhile, is just a stroke behind the Filipinos, while South Korea churned out a daybest 136 to be three behind the Chinese in fifth spot, dislodging powerhouses New Zealand and Thailand, who share sixth spot at 433 after a 141 and 144, respectively. JET HERNANDEZ drains six birdies in shooting a four-under-par 68 in the penultimate round. NGAP PHOTO

MPBL’s Abra Weavers bring hoops act to EASL

HE Abra Weavers showcase the Maharlika Pilipinas Basketball League’s (MPBL) style of play on the international stage as they tangle with Hong Kong Eastern on October 3 in the East Asia Super League (EASL) 2026-27 Season opener at the 16,000-capacity SM Seaside Cebu Arena in Cebu City. This marks the first time that the MPBL will represent the country in the tournament featuring the region’s champion teams. The Weavers, the reigning titlists and owners of the best record (21-2) in the ongoing SportsPlus MPBL

2026 Season elimination round, should be no pushovers if they avail of the four imports, including an Asian heritage and a naturalized player, allowed each EASL team. “The Abra Weavers have earned this opportunity through their championship season, and I couldn’t think of a better way to introduce them to Asia than by opening the EASL season in front of Filipino basketball fans,” said MPBL Founder and Chairman Manny Pacquiao. “This is another proud milestone for the MPBL and Philippine basketball, and we’re excited to see Abra represent our league on the regional stage.” Reigning MPBL MVP Dave Ildefonso, Fil-Am DJ Fenner, 2025 Rookie of the Year Raven Gonzales, Jake Figueroa, Tucker Molina, Mike Ayonayon and Encho Serrano will power the Weavers. MAHARLIKA Pilipinas Basketball League Founder and Chairman Manny Pacquiao with EASL CEO Henry Kerins (right) and MPBL Commissioner Emmer Oreta. MPBL PHOTO

HE Philippine Sports Commission (PSC), City of Manila and SM Prime Holdings Inc. formally signed a Memorandum of Agreement on Thursday that will transform the historic Rizal Memorial Sports Complex (RMSC) into a worldclass hub for sports, cultural identity and public engagement. PSC Chairman Patrick Gregorio and Manila City Mayor Francisco “Isko” Moreno Domagoso led the ceremonial signing at the Mall of Asia Square with SM Prime Holdings Inc. President Jeffrey C. Lim, marking a milestone partnership that blends heritage preservation with modern urban development. “This is a defining moment for Philippine sports and heritage,” Gregorio said. “The Rizal Memorial Sports Complex is a living symbol of our nation’s sporting legacy.” “With the all-out support of the City of Manila and SM Prime, we are ensuring that this historic district will stand proudly while serving the Filipino people for generations to come.” Domagoso fully supported the city’s commitment to the initiative, highlighting Manila’s role in opening its streets, enacting ordinances, and supporting the redevelopment ahead of the country’s hosting of the 2027 Southeast Asian Plus Youth Games at RMSC. “Manila is honored to partner with the PSC and SM Prime in this transformative project,” Domagoso said. “This is about more than infrastructure, it is about pride, identity, and preparing our capital to welcome our visitors in 2027.” SM Prime Chairman Hans T. Sy expressed optimism about the partnership noting the company’s longstanding commitment to sports advocacy. “Sports have always been a powerful force for people. It builds discipline, unity and pride,” Sy said. “As Rizal Memorial undergoes this transformation, SM Prime is committed to supporting events that bring athletes and communities together.” “We believe that investing in sports is investing in the nation’s future, and we are honored to be part of this journey,” Sy emphasized. “The Rizal Memorial Sports Complex has long been part of Philippine history, hosting generations of national athletes, major cultural events and defining moments in sports,” Lim said. “Today, we take an important step in preserving that legacy.” Under the agreement, the redevelopment will introduce several landmark features designed to blend heritage with modern urban planning and at the heart of the project is the PSC Plaza, which will extend across two lanes of Adriatico Street. Through a city ordinance, the area will be converted into a walkable public pathway, secured by a usufruct agreement to ensure PSC’s continued use and development. Complementing this is the construction of an elevated walkway, a coordinated effort among PSC, the City of Manila and SM Prime Holdings, linking the Rizal Memorial Sports Complex with the redeveloped SM Harrison Plaza. This integration underscores the vision of creating a seamless sports and lifestyle district.

PHILIPPINE Sports Commission chairman Patrick Gregorio, Manila Mayor Francisco “Isko” Moreno Domagoso and SM Prime Chairman Hans T. Sy discuss the grand plan to transform the Rizal Memorial Sports Complex into a world-class hub for sports, cultural identity and public engagement. PSC PHOTO

Companies BusinessMirror

Editor: Jennifer A. Ng

Friday, September 4, 2026

DMCI Mining to ramp up new nickel mining project

By VG Cabuag

@villygc

UERTO Princesa, Palawan— DMCI Mining Corp. expects some P1.52 billion in revenues from its new mine site in Longpoint Nickel mining project in Aborlan in Palawan, and then doubling the production every year until at least in 2028. The company said it projects to have P3.06 billion from the mine site next year and P6.79 billion by 2028. “For now, because when we invested this 12 years ago, Palawan still has a lot on top. And Palawan’s ore, I think, is superior nationwide,” Tulsi Das C. Reyes, the company’s president and COO, said. “So, everything we’ve been doing in the nickel mining space since 2007,

all the mistakes we’ve had, we want to make sure that in this mine site, we feel we can become one of the most profitable mine sites in the country with this one,” Reyes said. DMCI was able to secure permit to mine 2,177 hectares of land in July last year, using contour or shallow surface mining method, with project capacity of 1 million dry metric ton. Mine life is about 18 years.

TULSI DAS C. REYES, DMCI Mining Corp. president and COO

The company’s mine production is currently at 1.3 million wet MT. Reyes said the company was able to secure a permit to enter the property after 12 years of process from various government agencies and also civil society group from Palawan. “Now that we’re generating income and we have cash flow, we can spend the money for investment to

really deep down and see what we have in the house. We know it’s nice inside,” he said. Reyes said the company has filed a three-year work program, which would dictate how it will operate in the mine, and explore the areas, for the next years. He said the company is on track to ship out some 3 million metric tons of ore this year, which include its production site in Zambales. The ore will be shipped to Indonesia and China, which takes half of its production. “It’s looking like China will get majority of our ore. But at the end of the day, it’s all China. Like how many do you send to China? Well, let’s say Philippines will do 60 million tons a year I’d say minimum 40 (million tons) will go to China,” he said. “But remember, whether it goes to Indonesia or China, it’s still China. But they invested billions of dollars in Indonesia. And their plants there have to get the output,” he said.

Emirates is Lufthansa Clark hub’s first client

TIKTOK BORROWS

People pass by the office of ByteDance Ltd. ByteDance, the developer of TikTok, has secured a $29.6-billion loan, according to people familiar with the matter, in Asia’s second-largest dollar-denominated borrowing this year. BLOOMBERG

5K stores ‘carved in stone’

HILIPPINE Seven Corp., the operator of 7-Eleven convenience stores in the Philippines, remains on track to reach 5,000 stores by the end of the year, with Chairman Jose Victor P. Paterno saying the target is now effectively “carved in stone.” Paterno told reporters on the sidelines of a Makati Business Club-organized event last Thursday that the company ended the first half with 4,650 stores and still expects to open the remaining outlets needed to reach its target. “In fact, I can say it’s carved in stone because our chairman from Taiwan is coming,” Paterno said, referring to the scheduled December 3 visit of the chairman of President Chain Store Corp., the majority owner of Philippine Seven Corp., to Lapu-Lapu City, Cebu. About half of the remaining stores to be opened this year are expected to be company-owned, while the rest will follow the company’s franchise model, he added. The company has opened about 200 stores so far this year, leaving a substantial number still in the pipeline for the remaining months of 2026. The company is also expecting stronger sales growth in the second half com-

BAYER EYES EXPANDING REACH TO 1K HECTARES By Ada Pelonia @adapelonia

LCALA, Pangasinan— Executives of Bayer AG’s Philippine operations announced plans of expanding the reach of its direct-seeded rice (DSR) system to 1,000 hectares nationwide by yearend. While direct seeding is already practiced in the country, Bayer Crop Science Philippines Inc. President and Managing Director Nisha Sharma told reporters that its DSR system is anchored on mechanized hybrid rice sowing and agronomic support. “It is more about setting a cropping system, engaging with the farmers to understand how they can improve their productivity and yield by adopting efficient solutions,” Sharma told reporters in an interview in this municipality northwest of Manila. At present, the company’s DSR system (dubbed “Rekta Ektarya”)

pared with the same period last year, Paterno said. On same-store sales, he said that Philippine Seven expects to outperform the second half of last year and could post a stronger percentage increase than it recorded in the first half. July sales were “pretty good,” he added, even as weather conditions remained broadly similar to last year. Still, rising labor and utility costs continue to weigh on the business. Paterno said the company’s outlook remains positive, but said cost pressures are eating into some of the gains from higher sales. For 2027, the company eyes opening more than 500 stores and could eventually reach around 600, although Paterno said the target remains subject to economic and geopolitical developments. “I think it’s really hard to call next year,” he added citing uncertainty over the effects of the war in the Middle East, trade disruptions and their potential effect on energy prices. The company also faces a sixmonth lag between signing a lease and opening a store, making it difficult to quickly accelerate or slow expansion when economic conditions change. Bless Aubrey Ogerio

covers 600 hectares of farmland across the Philippines since it started in 2024 and operates in two field sites: Victoria, Tarlac and Alcala, Pangasinan. DSR deviates from the traditional method of transplanting seedlings into puddled fields, thus touted as cost-effective and less labor-intensive. Bayer claims its mechanized dry DSR system can slash the total production cost by as much as 12 percent, compared with standard transplanted hybrid rice practices. Aside from shortening field turnaround time that allows farmers to alternate rice-corn cropping systems, it can also reduce water use by up to 40 percent and lower greenhouse gas emissions by 45 percent. “It’s crucial to help farmers understand the importance of changing the cropping system from the current traditional ways,” Sharma said.

Pag-IBIG keeps home loans affordable amid higher lending rates

MIRATES will be the launch customer of Lufthansa Technik Philippines’ (LTP) new maintenance facility at Clark International Airport under an extended multi-year contract that keeps heavy checks on the Dubai carrier’s Airbus A380 fleet in the country through 2030. The agreement, announced last Thursday, ranks among “the largest by value” in the history of LTP, the joint venture between Germany’s Lufthansa Technik AG and Lucio Tan-led MacroAsia Corp. Work under the extended deal is already running at LTP’s existing complex at the Ninoy Aquino International Airport (Naia) in Manila, where two dedicated base maintenance lines have been assigned to Emirates. Lorenz S. Marasigan

AG-IBIG Fund continues to make homeownership more affordable for Filipino workers under President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program by maintaining low housing loan rates amid a lending environment expected to push commercial borrowing costs higher. The agency emphasized its commitment to keep homeownership within reach through a subsidized 3 percent rate for qualified socialized housing borrowers, special promotional rates and a higher P10-million housing loan limit. Pag-IBIG is also expanding partnerships with more of the country’s leading residential developers to offer members more suitable homes. Together, these measures assure members that affordable financing remains available as they continue pursuing their plans to buy a home. Department of Human Settlements and Urban Development Secretary Jose Ramon P. Aliling, who also chairs the Pag-IBIG Board of Trustees, said these measures give Filipino workers a practical and affordable way to continue pursuing homeownership even if commercial loans become more expensive. “With commercial housing loans expected to become more expensive, the Pag-IBIG Housing Loan becomes all the more important in helping Filipino workers continue with their plans to own a home. Our members can always rely on Pag-IBIG for affordable financing. With our low rates and housing loans of up to P10 million, they can choose a home that suits their family, fits their budget and can be paid for affordably over time,” Aliling said. “And that is what President Ferdinand R. Marcos Jr. has directed us to accomplish under the Expanded 4PH. To ensure that every Filipino worker has a fair chance to own a home through financing that remains affordable and within reach.” Aliling’s assurance stems from Pag-IBIG Fund’s continuing efforts to keep home financing affordable under Expanded 4PH. Qualified socialized housing borrowers may avail themselves of the subsidized rate of 3 percent, while members purchasing homes above the socialized housing ceiling may qualify for the promotional rate of 4.5 percent on loans of up to P4.9 million, or 5.75 percent on loans above P4.9 million and up to P10 million. By enabling more members to continue with their plans to buy a home, these affordable financing options also sustain genuine homebuyer demand and help

stimulate activity across the housing industry. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, said the agency builds on this homebuyer demand through a comprehensive approach that combines affordable financing with partnerships with leading residential developers. This widens members’ housing choices and gives developers access to a broader market of qualified buyers. “When Filipino workers have access to affordable financing, developers gain a stronger market for the homes they build. By partnering with more of the country’s leading residential developers, we help sustain this demand while giving our members more homes to choose from, so they can find one that suits their family and fits their budget,” Acosta said. Pag-IBIG recently entered into housing partnerships with Avida Land Corp. and Amaia Land Corp., two residential brands of Ayala Land, to identify projects and units that qualified members may purchase through Pag-IBIG Housing Loans, with more of the country’s leading residential developers expected to follow. These partnerships complement the agency’s nationwide network of nearly 500 accredited developers, further expanding the housing options available to members and connecting the industry with more qualified homebuyers. Acosta added that Pag-IBIG’s strong financial position, built through the prudent management of members’ savings, allows the agency to maintain low housing loan rates over the long term. “Our members work hard for every peso they save with Pag-IBIG, and we manage their funds with the highest degree of care and prudence. This disciplined approach keeps PagIBIG financially strong and allows us to offer housing loans at rates our members can afford while continuing to protect and grow their savings,” Acosta added. Pag-IBIG Fund’s performance during the first seven months of 2026 reflects this strength. Members collectively saved P127.29 billion, while housing loan collections reached P60.80 billion, up 35 percent and 11 percent, respectively, from the same period last year. Housing loan releases rose 19 percent to P84.36 billion, financing 52,374 homes, up 13 percent. Socialized housing posted the strongest growth, with P8.17 billion financing 7,803 units, representing increases of 119 percent in loan value and 131 percent in homes financed.

Companies BusinessMirror

Friday, September 4, 2026

PSE STOCK QUOTATIONS

September 3, 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 PHIL NATL BANK PSBANK SECURITY BANK UNION BANK COL FINANCIAL FIRST ABACUS FERRONOUX HLDG LMG CORP MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

55.5 120.3 10.5 104.5 53.2 13.02 10.14 65.85 7.01 78 51.3 64.05 23 1.39 0.51 3.99 0.315 0.118 2,504 1.37 207 4,702 0.81

56 121 10.78 104.9 53.25 14.66 10.18 66 7.02 78.2 52.2 64.1 23.2 1.4 0.52 4.05 0.355 0.12 2,650 1.38 209.4 4,800 0.86

57.1 121.2 10.72 104 53.05 13.02 10.2 65.5 7 76 52.5 63.65 23 1.44 0.51 4.14 0.305 0.126 2,654 1.43 206 4,700 0.81

57.1 121.6 10.82 104.9 53.65 13.02 10.2 66.2 7.01 78.5 52.5 64.2 23.55 1.44 0.51 4.14 0.36 0.126 2,654 1.45 207 4,750 0.81

55.1 119.5 10.6 102 53.05 13.02 10.12 65.45 7 75.95 51.3 63.6 22.7 1.39 0.51 3.99 0.305 0.116 2,650 1.31 206 4,700 0.81

56 120.3 10.78 104.9 53.2 13.02 10.18 65.85 7 78 52.3 64.1 23 1.4 0.51 4.05 0.355 0.12 2,650 1.38 207 4,750 0.81

94,950 2,212,280 66,000 1,012,280 367,850 300 329,600 2,682,200 17,600 819,020 1,670 51,680 347,500 157,000 131,000 30,000 350,000 730,000 45 6,952,000 4,590 1,250 141,000

5,271,232 266,424,901 709,180 105,237,685 19,637,502 3,906 3,354,376 176,594,698 123,201 63,713,222 86,129 3,305,601 7,985,475 219,550 66,810 120,770 108,250 87,260 119,270 9,471,220 948,120 5,925,500 114,210

-2,529,700 -107,873,438 -33,170 26,151,026 2,064,531 -3,906 -599,582 -4,753,556 23,598,667 -7,334 -739,923 -210,000 18,200 12,000 -106,000 5,978,420 948,120 4,844,500 32,400

INDUSTRIAL ACEN CORP 2.73 2.74 2.65 2.74 2.58 2.73 25,424,000 68,646,080 -5,809,180 1.08 1.09 1.15 1.18 1.08 1.09 15,369,000 17,079,440 -667,000 ALSONS CONS 0.74 0.74 0.74 0.75 228,000 169,860 ALTERNERGY HLDG 0.75 0.75 45 45.4 44.8 46.1 44.8 45.4 1,086,400 49,380,115 -8,566,220 ABOITIZ POWER 1.15 1.17 1.24 1.14 1.17 682,000 798,580 RASLAG 1.24 0.108 0.108 0.108 0.11 360,000 39,170 BASIC ENERGY 0.11 0.11 4.83 4.9 4.82 4.9 111,700 545,656 CITICORE RE 4.9 4.9 26.55 26.6 26 26.85 25.8 26.6 2,045,900 54,045,365 -9,128,335 FIRST GEN 99.05 99.8 102 102 98.5 99.05 351,980 35,008,082 186,471 FIRST PHIL HLDG 460.4 461.2 456 453.4 460.4 188,480 86,601,848 -11,994,760 MERALCO 466.2 34.9 35.2 35.1 35.35 34.9 34.9 260,900 9,166,260 -1,347,070 MANILA WATER 18.6 18.64 18.44 18.76 18.38 18.6 1,136,700 21,103,834 -3,749,268 MAYNILAD 2.3 2.32 2.34 2.34 2.29 2.32 123,000 283,690 13,680 PETRON 4.01 4.1 4.14 4.14 4 4.1 66,000 265,800 28,480 PETROENERGY 15.2 15.26 15.24 15.24 15.24 15.24 23,000 350,520 198,120 PRYCE CORP 17.1 17.18 16.3 17.18 16.2 17.1 998,600 16,852,632 6,262,234 SEMIRARA MINING 26 26.1 26 26.6 25.65 26.1 1,207,600 31,425,970 -7,810,630 SYNERGY GRID 7.85 8.1 7.8 8.15 7.72 8.1 172,700 1,366,908 83,385 SHELL PILIPINAS 9.8 9.9 9.8 9.95 9.65 9.9 51,100 505,047 SPC POWER 1.23 1.24 1.2 1.27 1.2 1.23 165,181,000 204,953,760 -166,102,230 SP NEW ENERGY 1.73 1.74 1.75 1.76 1.73 1.74 408,000 709,060 TOP LINE 19.18 19.18 20 19.18 19.98 1,700 33,906 -8,000 VIVANT 19.98 3.02 3.1 3.24 3.02 3.07 2,338,000 7,263,460 378,220 AXELUM 3.07 32 32.5 31.8 32 31.8 32 344,900 11,024,870 1,787,205 CENTURY FOOD 3.62 3.75 3.7 3.76 3.61 3.76 84,000 304,310 39,270 DEL MONTE 3.59 3.6 3.63 3.63 3.57 3.6 1,059,000 3,807,350 -257,770 DNL INDUS 15.42 15.34 15.32 15.42 2,222,500 34,156,838 -1,739,054 EMPERADOR 15.46 15.46 47.1 47.2 47.25 47.25 46.95 47.2 98,000 4,620,800 -3,145,990 SMC FOODANDBEV 0.61 0.61 0.6 0.62 527,000 320,360 3,660 FIGARO GROUP 0.62 0.62 0.31 0.32 0.31 0.355 0.3 0.31 7,580,000 2,472,350 ALLIANCE SELECT 0.64 0.65 0.64 0.64 0.64 0.64 95,000 60,800 -55,680 FRUITAS HLDG 230 230.6 220 232.6 220 230 12,560 2,845,584 248,794 GINEBRA 154 154.2 152.4 154.7 150.2 154 343,310 52,488,328 -18,132,909 JOLLIBEE 1.84 1.86 1.86 1.87 1.83 1.86 556,000 1,032,010 440,210 KEEPERS HLDG LIBERTY FLOUR 20.6 21.75 22.5 22.5 21 21.75 10,600 224,475 -10,630 MAXS GROUP 2.16 2.2 2.18 2.25 2.15 2.25 46,000 99,450 43,000 MG HLDG 0.072 0.073 0.073 0.074 0.072 0.073 110,000 8,030 6.82 6.84 6.81 6.86 6.75 6.82 339,700 2,305,994 -448,729 MONDE NISSIN SHAKEYS PIZZA 5.56 5.56 5.5 5.56 5.5 5.5 265,700 1,461,417 29,153 RFM CORP 5.33 5.33 5.31 5.27 5.26 5.31 302,600 1,605,499 -501,958 SWIFT FOODS 0.056 0.056 0.055 0.055 0.055 0.055 150,000 8,260 58.95 59 58.6 59.35 58.1 59 1,098,110 64,665,337 -10,296,808 UNIV ROBINA ATN HLDG A 0.41 0.42 0.415 0.415 0.415 0.415 500,000 207,500 0.41 0.415 0.415 0.415 0.415 0.415 900,000 373,500 ATN HLDG B 57 57.95 57.95 57.95 57.95 57.95 10 580 CONCRETE A 59.9 59.9 51.4 59.9 59.9 59.9 10 599 CONCRETE B 1.3 1.34 1.35 1.35 1.3 1.34 635,000 833,420 -166,370 CONCREAT HLDG EEI CORP 1.83 1.84 1.86 1.86 1.82 1.83 27,000 49,540 12,810 MEGAWIDE 18,080,230 5.11 5.13 4.93 5.14 4.85 5.13 3,610,000 1,714,550 PHINMA 14.88 14.88 14.02 14.88 14.5 14.5 2,900 42,166 -26,100 SUPERCITY 9.99 9.1 9 9.1 9 9.1 200 1,810 -910 CROWN ASIA 1.85 1.85 1.82 1.82 1.82 1.82 284,000 521,350 368,000 EUROMED 1.13 1.13 1.12 1.13 1.13 1.13 3,000 3,390 5.1 5.1 5 5.1 5.1 5.1 100 510 -510 MABUHAY VINYL CONCEPCION 10.88 10.78 11 11 10.52 10.88 4,500 48,396 0.166 0.16 0.163 0.166 0.16 0.163 770,000 124,230 -12,960 GREENERGY INTEGRATED MICR 7.21 7.24 7.2 7.3 7.07 7.24 3,450,500 24,951,772 -2,840,448 IONICS 2.68 2.61 2.65 2.48 2.47 2.65 2,745,000 7,146,060 538,760 PANASONIC 7.31 7.11 7.3 7.29 7.29 7.31 4,000 29,234 1.38 1.39 1.36 1.41 1.28 1.39 4,582,000 6,294,520 -105,830 CIRTEK HLDG

HOLDING & FRIMS

ABACORE CAPITAL 0.335 0.34 0.34 0.34 0.33 0.34 2,280,000 763,600 61.9 62 62 63.5 62 62 686,580 42,981,033 9,262,677 ASIABEST GROUP 497 498 492 499 492 497 88,810 43,957,410 -2,670,860 AYALA CORP 37.55 37.65 36.65 38 4,640,600 172,937,135 41,927,835 ABOITIZ EQUITY 38 38 9.01 9.02 9.02 9.08 9 9.01 3,115,200 28,058,688 -25,541,066 ALLIANCE GLOBAL 16.9 20.1 16.92 16.9 16.9 20,900 353,432 -40,608 ANSCOR 16.96 1.44 1.45 1.45 1.54 1.4 1.45 4,443,000 6,478,280 -168,170 ANGLO PHIL HLDG 7.88 7.89 7.88 7.95 7.83 7.89 484,500 3,813,886 1,167,788 COSCO CAPITAL 7.74 7.75 7.65 7.8 7.65 7.75 1,598,100 12,333,190 -16,276 DMCI HLDG 3.61 3.77 3.6 3.6 3.6 3.6 32,000 115,200 115,200 FILINVEST DEV 2.61 2.71 2.42 2.71 2.4 2.71 31,000 74,750 FJ PRINCE A 495 490 484 499 57,670 28,447,662 7,990,138 GT CAPITAL 499 499 20.45 20.5 19.92 20.45 19.88 20.45 561,000 11,310,879 3,372,632 JG SUMMIT 0.36 0.36 0.36 0.37 80,000 28,900 LODESTAR 0.37 0.37 5.5 5.58 5.36 5.5 5.3 5.5 633,200 3,459,054 -28,465 LOPEZ HLDG 15.24 15.26 15.2 15.3 15.1 15.26 1,952,900 29,737,396 11,612,462 LT GROUP 1.11 1.27 1.27 1.27 1,000 1,270 PRIME MEDIA 1.27 1.27 1.16 1.18 1.19 1.21 1.15 1.18 13,000 15,390 SOLID GROUP 555 556.5 557.5 559 552 555 125,140 69,526,925 -19,204,495 SM INVESTMENTS 63 63.5 63 63.5 62.55 63.5 230,040 14,546,467 -568,002 SAN MIGUEL CORP 0.074 0.078 0.074 0.074 0.074 0.074 1,020,000 75,480 ZEUS HLDG PROPERTY ANCHOR LAND 3.38 3.5 3.53 3.53 3.5 3.5 20,000 70,100 21,030 15 14.9 14.6 15 18,742,900 -41,090,640 AYALA LAND 15.02 15.02 279,310,626 1.14 1.17 1.14 1.18 1.14 1.17 154,000 177,330 14,820 AYALA LAND LOG 11.86 12.38 11.74 12.5 11.74 12.38 2,200 26,620 ALTUS PROP 0.27 0.28 0.28 0.28 10,000 2,800 ARANETA PROP 0.28 0.28 36.75 36.8 36.75 37.25 36.7 36.8 1,099,300 40,479,900 -3,127,180 AREIT RT 0.77 0.76 0.76 0.78 351,000 270,200 A BROWN 0.78 0.78 0.6 0.62 0.6 0.6 9,000 5,530 CITYLAND DEVT 0.63 0.63 0.088 0.095 0.089 0.089 0.088 0.088 1,230,000 108,360 CROWN EQUITIES 2.03 2.1 2.02 2.1 956,000 1,954,170 -1,038,750 CEB LANDMASTERS 2.1 2.1 0.62 0.63 0.62 0.62 0.6 0.62 11,969,000 7,380,280 610 CENTURY PROP 3.2 3.22 3.18 3.23 3.18 3.19 2,578,000 8,285,250 -3,218,730 CITICORE RT 12.04 12.18 11.98 12.14 215,600 2,609,132 -1,123,538 DOUBLEDRAGON 12.14 12.18 1.03 1.03 1.02 1.04 7,036,000 7,243,010 -5,049,010 DDMP RT 1.04 1.04 4.9 5 5 5 6,000 30,000 DM WENCESLAO 5 5 0.026 0.029 0.029 0.029 100,000 2,900 EVERWOODS 0.029 0.029 0.098 0.099 0.098 0.098 0.098 0.098 40,000 3,920 EMPIRE EAST 2.89 2.92 2.9 2.92 2.89 2.92 284,000 826,270 -60,860 FILINVEST RT 0.68 0.69 0.68 0.69 0.68 0.68 617,000 421,010 -78,200 FILINVEST LAND 0.61 0.61 0.61 0.63 62,000 38,620 GLOBAL ESTATE 0.63 0.63 1.8 2.11 2.11 1.69 1.8 21,000 39,570 1,690 JACKSTONES 1.93 2.23 2.24 2.27 2.22 2.23 1,412,000 3,150,800 -320,680 MEGAWORLD 2.27 0.69 0.7 0.68 0.7 26,107,000 18,035,030 6,900 MRC ALLIED 0.7 0.7 13.78 13.8 13.6 13.82 13.6 13.8 496,100 6,801,148 1,410,510 MREIT RT 0.168 0.169 0.168 0.168 0.162 0.168 2,110,000 352,440 29,400 PRMIERE HORIZON 0.395 0.405 0.405 0.415 190,000 77,550 PHIL ESTATES 0.415 0.415 1.03 1.03 1.03 1.04 70,000 72,670 PREMIERE RT 1.04 1.04 0.96 1.07 1.09 1.09 1.09 1.09 1,000 1,090 PRIMEX CORP 6.98 7 7.1 7.14 6.96 7 7,184,800 50,613,995 -9,552,256 RL COMM RT 17.46 17.18 17.18 17.46 473,400 8,224,706 689,014 ROBINSONS LAND 17.48 17.46 0.107 0.11 0.11 0.11 10,000 1,100 PHIL REALTY 0.11 0.11 3.01 3.1 3.11 3.12 3 3.01 978,000 2,950,200 292,240 ROCKWELL 3.21 3.24 3.25 3.25 3.24 3.24 31,000 100,700 -84,500 SHANG PROP 1.84 1.93 1.92 1.93 1.92 1.93 3,004,000 5,797,690 STA LUCIA LAND SM PRIME HLDG 18.3 18.32 18.2 18.32 18.14 18.3 3,937,000 71,975,204 -2,548,410 SUNTRUST RESORT 0.41 0.42 0.435 0.435 0.435 0.435 10,000 4,350 50 61.95 50 50 50 50 10 500 PTFC REDEV CORP 0.31 0.31 0.275 0.31 0.31 0.31 10,000 3,100 WELLEX INDUS SERVICES ABS CBN 3.63 3.7 3.62 3.71 3.62 3.63 307,000 1,126,120 4.01 4.09 4.07 4.1 3.95 4.09 178,000 719,630 GMA NETWORK 0.181 0.189 0.188 0.19 40,000 7,570 MANILA BULLETIN 0.19 0.19 0.68 0.69 0.67 0.69 0.67 0.68 5,665,000 3,833,570 473,500 DITO CME HLDG 1,582 1,583 1,595 1,595 1,556 1,583 114,850 181,368,295 -83,070,900 GLOBE TELECOM 1,143 1,140 1,127 1,149 45,495 52,003,485 -15,323,850 PLDT 1,149 1,152 0.006 0.0061 0.006 0.0061 264,000,000 1,592,300 708,000 APOLLO GLOBAL 0.0061 0.0061 9.11 9.18 9.1 9.03 9.11 2,208,300 20,150,925 -7,190,855 CONVERGE 9.22 0.66 0.71 0.71 0.71 2,000 1,420 -710 DFNN INC 0.71 0.71 2.28 2.35 2.28 2.28 2.28 5,000 11,400 EASYCALL 2.28 0.121 0.122 0.125 0.125 0.12 0.122 980,000 118,860 ISLAND INFO 0.44 0.46 0.45 0.47 0.44 0.47 360,000 162,700 -9,000 NOW CORP 0.119 0.121 0.119 0.121 250,000 29,970 TRANSPACIFIC BR 0.121 0.121 0.85 0.87 0.88 0.85 0.85 13,000 11,260 CHELSEA 0.88 27.75 27.8 27.85 27.95 27.75 27.75 133,600 3,710,795 1,301,845 CEBU AIR 930.5 932 925 934 925 930.5 596,930 555,034,075 46,756,610 INTL CONTAINER 7.01 7.85 7.94 7.94 7.85 7.85 400 3,158 LBC EXPRESS 3.75 3.8 3.8 3.75 3.75 245,000 921,330 -248,260 MACROASIA 3.76 2.64 2.65 2.81 2.84 2.58 2.65 3,204,000 8,627,420 800,690 PAL HLDG 2 2.02 1.92 2.04 1.87 2 4,699,000 9,172,450 18,310 HARBOR STAR 0.032 0.033 0.032 0.034 29,300,000 973,400 -3,300 BOULEVARD HLDG 0.034 0.034 1 1.05 1.06 1.06 1.06 1.06 1,000 1,060 DISCOVERY WORLD 0.4 0.4 0.4 0.4 0.4 20,000 8,000 -4,000 WATERFRONT 0.445 14.7 15 14.8 14.8 6,300 93,500 13,320 15 15 CENTRO ESCOLAR 6.9 7.1 7.3 7.3 7.3 300 2,190 IPEOPLE 7.3 1.29 1.31 1.29 1.3 1.29 1.3 274,000 355,040 320,100 STI HLDG 1.13 1.14 1.15 1.15 1.14 1.14 296,000 337,510 BELLE CORP 2.3 2.31 2.36 2.36 2.3 2.31 3,689,000 8,543,050 -2,868,750 BLOOMBERRY 1.59 1.76 1.65 1.65 1.6 1.6 79,000 126,690 4,820 PACIFIC ONLINE 9.86 9.9 10.14 10.16 9.76 9.86 4,391,000 43,365,874 -11,216,911 DIGIPLUS 14.2 14.5 14.5 14.22 14.22 1,628,800 23,287,954 5,212,718 PHILWEB 14.22 1.05 1.08 1.08 1.08 24,000 25,920 METRO RETAIL 1.08 1.08 40.2 40.5 40 39.9 40.5 1,033,000 41,728,995 3,688,290 PUREGOLD 40.65 32 32.7 33 33 32 32.7 23,600 759,510 -63,120 PHIL SEVEN CORP SSI GROUP 2.06 2.07 2.03 2.06 2.03 2.06 46,000 94,620 0.87 0.89 0.88 0.9 0.87 0.87 152,000 134,630 -17,800 UPSON INTL CORP WILCON DEPOT 5.61 5.63 5.6 5.7 5.6 5.63 823,800 4,632,059 -153,924 APC GROUP 0.11 0.11 0.106 0.11 0.11 0.11 150,000 16,500 1.64 1.81 1.64 1.64 1.64 1.64 1,000 1,640 IPM HLDG 0.233 0.221 0.232 0.232 0.232 0.232 60,000 13,920 MEDILINES 4.02 3.95 4 4.02 4 4 26,000 104,100 -12,060 PAXYS SBS PHIL CORP 3.05 3.15 3.01 3.14 3 3.14 12,000 36,300 -260 MINING & OIL ATOK 1.84 1.89 1.89 1.9 11,000 20,860 1.9 1.9 17.18 17.2 16.2 17.18 16.04 17.18 13,788,200 232,966,636 30,029,144 APEX MINING 21.1 21.15 20.45 22.15 20.45 21.1 7,241,700 156,260,345 -25,139,325 ATLAS MINING 7.72 7.74 7.68 7.75 7.61 7.74 216,800 1,670,071 BENGUET A 7.72 7.68 7.68 7.72 28,300 218,470 BENGUET B 7.74 7.74 4.7 4.8 4.7 4.7 4.7 4.7 12,000 56,400 -56,400 DIZON MINES 0.365 0.39 0.29 0.4 0.29 0.39 6,140,000 2,189,400 106,000 EC VULCAN 2.21 2.24 2.09 2.09 2.21 2,202,000 4,880,990 -20,610 FERRONICKEL 2.28 0.11 0.112 0.102 0.117 0.097 0.112 12,880,000 1,349,610 -1,050 GEOGRACE 0.242 0.243 0.237 0.246 0.235 0.242 46,850,000 11,296,320 LEPANTO A 0.236 0.239 0.239 0.24 1,910,000 457,400 LEPANTO B 0.24 0.24 0.0091 0.0092 0.009 0.0092 0.009 0.0092 65,000,000 591,400 MANILA MINING A 0.009 0.0092 0.009 0.009 0.0087 0.009 64,000,000 567,000 MANILA MINING B 0.83 0.8 0.86 0.8 0.84 6,888,000 5,750,320 2,440,110 MARCVENTURES 0.84 0.58 0.53 0.65 0.53 0.64 3,320,000 1,926,370 -5,400 NIHAO 0.64 4.55 4.59 4.09 4.66 4.08 4.55 17,659,000 77,845,970 14,236,560 NICKEL ASIA 36.95 37 36.1 37.6 36.1 37 1,800,100 -2,867,830 OCEANAGOLD 66,915,415 0.56 0.58 0.54 0.59 0.54 0.56 4,892,000 2,756,140 ORNTL PENINSULA 11.48 11.5 11.14 12.04 11.1 11.5 16,375,000 191,955,088 713,344 PX MINING 0.0089 0.0093 0.0094 0.0096 0.0088 0.0089 87,000,000 794,300 UNITED PARAGON 0.013 0.014 0.014 0.014 0.014 0.014 200,000 2,800 ORNTL PETROL A 0.013 0.014 0.013 0.013 0.013 0.013 600,000 7,800 ORNTL PETROL B 0.0083 0.0084 0.0084 0.0088 74,000,000 632,900 -26,100 PHILODRILL 0.0088 0.0088 3.16 3.22 3.15 3.25 3.13 3.22 3,034,000 9,598,150 706,770 PXP ENERGY PREFFERED ACEN PREF A 990 1,000 1,000 1,000 1,000 1,000 25 25,000 1,030 1,039 1,039 1,039 1,039 1,039 50 51,950 ACEN PREF B 2,466 2,494 2,466 2,466 2,466 2,466 5 12,330 AC PREF AR 1,947 1,948 1,948 1,948 1,948 1,948 35 68,180 AC PREF B3R 1,952 1,968 1,965 1,968 1,960 1,968 30 58,905 AC PREF B4R 470 494 490 490 490 490 50 24,500 ALCO PREF F 101.7 102.8 102.9 102.9 102.8 102.8 110 11,317 BRN PREF C 28.5 28.7 28.5 28.7 1,600 45,680 CEB PREF 28.7 28.7 978 989 979.5 980 979.5 980 200 195,925 CLI PREF A1 98.5 99 99.1 99.1 99.1 99.1 170 16,847 CPG PREF B 93.15 94.2 93.15 94.4 93.1 94.2 16,400 1,529,088 DD PREF 96 96.9 96.95 96.95 96.95 96.95 30 2,909 EEI PREF B 1,936 1,972 1,936 1,936 1,936 1,936 5 9,680 GLO PREF ANV 1,970 2,004 1,970 1,970 1,970 1,970 460 906,200 GLO PREF BNV 995 998.5 995 998 995 998 1,700 1,696,050 GTCAP PREF B 995 998 998 998 998 998 10 9,980 JFC PREF B 98.15 100 100 100 100 100 60 6,000 MWIDE PREF 6A 101 102.2 102.2 102.2 102.2 102.2 30 3,066 MWIDE PREF 6B 99.05 100 100 100 100 100 40 4,000 MWIDE PREF 7A 99.6 100 102 102 99.55 99.55 510 50,795 MWIDE PREF 7B 962 994 995 995 994 994 110 109,350 PCOR PREF 4A 981 982 982 982 982 982 3,510 3,446,820 PCOR PREF 4C 960 970 966 970 960.5 960.5 680 656,405 57,630 PCOR PREF 4D 77.25 79.75 77.55 77.55 77.25 77.25 10,740 830,055 SMC PREF 2L 78.1 78.9 78.9 78.9 78.9 78.9 140 11,046 SMC PREF 2N 78.1 79 79.05 79.05 78 79 73,610 5,744,205 SMC PREF 2O 72.3 74 74 74 74 74 30 2,220 SMC PREF 2P 73.1 74.95 73.5 74.95 73 74.95 31,300 2,302,540 13,530 SMC PREF 2S 74.2 76.45 74.1 76.45 74.1 76.45 20 1,506 SMC PREF 2T 76 76.9 76 76.9 76 76 910 69,173 SMC PREF 2U 78 78.5 79 79 79 79 410 32,390 SMC PREF 2V 78 78.45 78.5 78.5 78.5 78.5 380 29,830 SMC PREF 2W 79.5 79.8 79.8 79.8 79.8 79.8 920 73,416 SMC PREF 2X 99.6 100 99.7 100 99.7 100 190 18,978 TOP PREF A1 TOP PREF A2 101.1 101.9 101 101 101 101 60 6,060 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.35 3.4 3.4 3.4 3.4 3.4 30,000 102,000 3.96 4.18 -

1.05

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

CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH MAKATI FINANCE XURPAS NEXGEN ENERGY

0.33 1.39 0.65 1.37 1.93 0.21 2.58

1.07

1.05

3,000

3,170

0.345 1.41 0.68 1.39 2.25 0.22 2.65

0.34 1.4 0.65 1.37 2.88 0.205 2.65

0.34 1.41 0.68 1.37 2.88 0.22 2.65

0.33 1.39 0.65 1.37 2.29 0.2 2.6

0.33 1.4 0.68 1.37 2.29 0.22 2.65

350,000 130,000 20,000 9,000 5,000 170,000 16,000

117,500 181,730 13,060 12,330 13,230 36,300 41,850

33,500 -10,600

EXHANGE TRADE FUNDS FIRST METRO ETF

101.5

102.5

101.5 102.5 101.1 102.5 5,000 507,562 119,660

www.businessmirror.com.ph

Terra Solar commercial ops start via PSA with Meralco

By Lenie Lectura

@llectura

ERRA Solar Phase 1 has started commercial operations for its 600 megawatt alternating current (MWac) mid-merit capacity under a power supply agreement (PSA) with the Manila Electric Co. (Meralco). The declaration of commercial operations beginning August 26 follows from the issuance of the “Final Certificate of Approval to Connect” by the National Grid Corp. of the Philippines (NGCP). The certificate confirms that the facility has met the necessary requirements to safely and reliably connect and operate 950 MWac of solar capacity and 825 MW of battery energy storage system within the national grid. Over the past weeks, teams successfully carried out the required tests, paving

the way for the project’s grid approval and Phase 1 commercial operations. “This is a significant step toward the future of energy in the Philippines. By combining solar power with battery storage at an unprecedented scale, we’re demonstrating how renewable energy can strengthen energy security, support economic growth, and build a more resilient and sustainable power system for our country,” said Manuel V. Pangilinan, chairman of Meralco and Meralco PowerGen Corp. (MGEN).

The start of commercial operations follows the inauguration of MTerra Solar Phase 1 on July 14, which celebrated the energization of 1,373 MWac of solar PV capacity and 825 MW (equivalent to 3,300 MWh) of battery energy storage system, making it at that time, the world’s largest integrated solar PV and battery energy storage facility on a single site. The facility’s Phase 1 progression from groundbreaking in November 2024 to the inauguration in July 2026, and now to its commercial operations, spanning less than two years, represents one of the most significant renewable energy achievements in the country. Another 250MWac capacity to be fulfilled under the same PSA is set to be brought into commercial operations in the upcoming months. “The issuance of the FCATC reflects the hard work of our people, the trust of our investors most especially Actis, and our strong partner-

ship with NGCP under the guidance and support of our regulators –the DOE (Department of Energy) and the ERC (Energy Regulatory Commission). The close coordination among the agencies, system operator, and project teams was critical in delivering this remarkable achievement,” said Dennis B. Jordan, president and CEO of MGEN Renewables and MTerra Solar. MTerra Solar forms a key part of MGEN’s growing renewable energy portfolio and its commitment to supporting the Philippines’ energy transition. The project is expected to deliver 3,500 MWp of solar PV capacity paired with 4,500 MWh of BESS, further strengthening the country’s renewable energy capacity. Actis, a leading growth market infrastructure investor, has worked together with MGEN, to jointly develop MTerra Solar. The $600 million investment made by Actis represents the Philippines’ largest foreign direct investment for a greenfield infrastructure project to date.

Movem deploys EVs for Bel-Air residents

OVEM Electric, Inc., the wholly owned end-to-end electric mobility solutions provider of the Manila Electric Co. (Meralco), deployed two fully electric, 14-seater shuttles to Barangay Bel-Air in Makati City to provide residents with sustainable, ecofriendly, and accessible community transportation. “The turnover of these two fully electric shuttles is an important milestone—not only for Movem and Barangay Bel-Air, but also for sustainable mobility at the community level. While many are still discussing how electric vehicles can become part of everyday life, Barangay Bel-Air has already taken the lead in integrating them into its service to residents,” Movem President and CEO Ralph M. Menchavez said. Barangay Bel-Air Captain Cynthia D. Cervantes said the partnership re-

flects the community’s commitment to exploring practical solutions that can improve the quality of life of its residents, particularly of senior citizens, while supporting sustainable development goals. “With the arrival of two new electric shuttles for our residents, we celebrate another step toward a cleaner, greener, and more accessible Barangay Bel-Air. These e-jeeps will provide our residents with a safer and more convenient mode of transportation while helping reduce our carbon footprint for future generations,” Cervantes said. Beyond the deployment of electric vehicles, Movem will also support Barangay Bel-Air’s broader EV charging requirements through the establishment of infrastructure and support systems needed to sustain the community’s shift toward electric mobility. Lenie Lectura

McDonald’s expands power deal to VisMin

OLDEN Arches Development Corp. (GADC), the master franchise owner for McDonald’s restaurants in the Philippines, is expanding its partnership with Corenergy Inc. to supply power to 23 more restaurants across Visayas and Mindanao. Corenergy, the retail electricity supplier (RES) of Vivant Energy Corp., will supply power to 10 McDonald restaurants across Leyte and Western Visayas and 13 all over Northern Mindanao and Davao Region, with a combined contestable load of approximately 2.2 megawatts. The latest RES deals raised the total partnership to 59 operating stores being connected to COREnergy. Through the “retail competition and open access,” or “Rcoa,” framework, qualified electricity consumers can choose their electricity supplier. The Retail Aggregation Program (RAP) under the framework, allows businesses with multiple electricity accounts, such as McDonald’s, to combine their electricity requirements and source their power collectively from a licensed RES such

as COREnergy. Electricity makes up about 72 percent of McDonald’s utility costs. The latest deal is estimated to cut monthly electricity costs by 10 percent to 14 percent per restaurant. “McDonald’s remains committed to keeping the value and affordability our customers expect within reach,” said Margot B. Torres, managing director of McDonald’s Philippines (GADC). “As we continue to grow our restaurant network, we’re also looking at ways to operate more efficiently and make thoughtful investments that support our business for the long term. By finding efficiencies in significant operating expenses such as electricity, we can continue to strengthen our restaurants while delivering the quality food and customer experience that McDonald’s is known for.” The partnership comes as McDonald’s continues to invest and grow across the Visayas and expand its restaurant network nationwide. In Cebu alone, the company opened eight new stores this year, creating employment opportunities and bringing McDonald’s closer to more communities. meanwhile said. Lenie Lectura

MUTUAL FUNDS

September 3, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A210.94 -2.22% 1.71% -0.82% -2.4% -1.47% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.3094 12.16% 17.19% 8.71% 5.01% 6.84% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.8301 -2.05% 0.56% -1.28% -4.17%-0.73% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7608 1.32% 4.62% 0.64% N.A3.62% FIRST METRO CONSUMER FUND, INC. -A 0.5065 -12.52% -6.88% -7.71% N.A -8.92% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.3109 -4.56% -1.23% -2.55% -2.31% -1.42% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6441 -1.53% -0.97% -2.62% N.A0.23% MBG EQUIT Y INVESTMENT FUND, INC. -A 71.22 -18.54% -5.68% -5.99% N.A -20.39% PAMI EQUIT Y INDEX FUND, INC. -A 42.1038 0.7% 0.87% -1.32% -2.08% 1.8% PHILAM STRATEGIC GROWTH FUND, INC. -A 442.47 -2.43% 1.35% -1.31% -2.28% -1.57% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.5779 4.23% 11.4% 5.6% 1.98% 1.06% PHILEQUIT Y FUND, INC. -A35.9327 3.9% 3.63% 0.97% -0.36% 4.36% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.9551 8.14% 5.46% 1.61% N.A 7.59% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.5579 1.54% 1.89% -0.3% -1.19% 1.98% PHILIPPINE STOCK INDEX FUND CORP. -A 750.24 1.21% 1.52% -0.6% -1.41% 2.08% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7083 2.28% 2.8% 0.27% -2.59% 0.88% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 3.1359 -6.65% -0.86% -2.49% -2.89%-2.29% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.8407 1.03% 1.1% -0.97% -1.67%2.03% UNITED FUND, INC. -A3.668810.66% 7.19% 2.47% 0.59% 11.6% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0537 1.27% 1.55% N.A N.A 2.01% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0542 0% N.A N.A N.A 1.03% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.9145 -3.93% -2.33% -3.38% N.A -3.16% PHILIPPINE STOCK INDEX FUND CORP. -A 905.25 1.2% 1.31% N.A N.A 2.12% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C 102.3721 1.5% 1.74% -0.28% -0.99%2.36% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.258 32.88% 14.64% 0.71% 3.45% 22.79% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4498 17.06% 15.49% 5.68% 8.91% 10.14% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A,2 1.0749 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1819 2.23% 1.19% -0.18% -0.87% 1.94% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7232 7.44% 6.02% 0.62% -0.56%5.31% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5009 0.19% 0.79% -0.79% -0.59%1.58% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2297 -0.43% 6.75% 3.69% N.A-0.95% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.9881 2.25% 1.07% 0.37% 0.32% -0.72% PAMI HORIZON FUND, INC. -A3.7385 0.53% 3.09% 0.37% -0.31% -1.36% PHILAM FUND, INC. -A15.7883-1.83% 1.77% -0.8% -0.88% -1.38% SOLIDARITAS FUND, INC. -A2.1055 0.5% 2.33% 0.52% -0.06% 0.25% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.3905 -2.81% 1.05% -0.85% -1.26%-0.96% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8909 -3.56% 0.87% -0.02% -0.99% -2.17% 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 PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9764 0.51% 2.04% -0.12% N.A -0.25% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8273 -2.35% 0.64% -1.66% N.A -1.72% -2.94% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7945 0.08% -2.16% N.A -2.06% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03297 -0.72% 0.58% -3.02% -0.92% -3.88% PAMI ASIA BALANCED FUND, INC. -B $1.1632 -1.34% 9.44% 0.87% 2.24% -3.87% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.669 10.89% 11.32% 3.19% 5.86%6.19% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2022 4.16% 6.34% 0.1% 2.31% 1.59% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.5 2.4% 3.23% 2.62% 2.51% 1.07% ATRAM CORPORATE BOND FUND, INC. -A 1.9859 2.21% 1.25% 0.59% 0.39% 1.4% COCOLIFE FIXED INCOME FUND, INC. -A 3.6063 1.55% 2.97% 2.17% 3.2% 0.18% EKKLESIA MUTUAL FUND, INC. -A 2.4427 0.68% 3.03% 1.56% 1.36% -0.4% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5089 -1.62% 1.23% 0.54% 1.1%-2.34% PHILAM BOND FUND, INC. -A4.5338 -0.64% 2.66% 0.23% 0.68% -1.65% PHILAM MANAGED INCOME FUND, INC. -A 1.5446 3.01% 4.56% 3.19% 2.95% 1.62% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3294 1.3% 3% 1.7% 1.82% 0.38% SOLDIVO BOND FUND, INC. -A1.1293 2.09% 2.85% 1.7% 1.63% 0.79% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4483 -2.24% 2.19% 1.37% 1.85% -2.61% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8285 -2.12% 1.82% 0.86% 1.25% -2.97% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0115 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.82 1.88% 2.82% 1.77% 1.95% 0.71% ALFM EURO BOND FUND, INC. -A Є222.87 0.14% 1.77% 0.19% 0.51% -0.41% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0547 -2.2% 0.24% -2.67% -0.66% -1.89% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0257 -1.91% 1.88% -0.38% 0.24%-3.02% PAMI GLOBAL BOND FUND, INC. -B $1.0477 -1.64% 7.7% -0.13% -0.61% -1.16% PHILAM DOLLAR BOND FUND, INC. -A $2.423 -0.54% 2.87% -0.89% 0.54% -2.3% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0635735 -0.52% 1.62% 0.15% 1.12% -1.36% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8543 -1.13% 1.68% -2.33% -0.78%-2.67% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1869 2.73% N.A N.A N.A 1.76% ALFM MONEY MARKET FUND, INC. -A 152.76 4.16% 4.1% 3.18% 2.86% 2.61% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2245 3.46% 3.78% 3.03% N.A2.24% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5153 3.59% 3.6% 2.97% 2.76% 2.28% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.03 4.12% 4.31% N.A N.A 2.7% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1952 2.5% 3.31% 2.46% N.A 1.61% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.2131 7.66% 3.96% N.A N.A 4.56% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.9041 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5729 29.89% 21.92% 13.86% N.A18.56% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.2001 11.65% 6.05% N.A N.A 7.56% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8029 -0.68% 0.89% -4.3% N.A -0.88% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 2025. 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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

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

www.businessmirror.com.ph

Banking&Finance

‘Confidence, spending key to business climate’ By Bless Aubrey Ogerio

HE government can still support stronger economic growth this year, but it needs to speed up spending, restore public confidence and improve the investment environment, according to the Makati Business Club (MBC). MBC Chairman Edgar O. Chua said in a forum last Thursday that it was too early to write off 2026, with four months left in the year. However, he acknowledged that some of the constraints facing the economy would take time to address. “Government is one of the main engines driving the economy,” Chua told reporters in a roundtable interview after the business group hosted a forum for the media in Makati City. “We still have four months, so hopefully, there’s a chance,” he added. Citing the proposed Luzon Economic Corridor and the United States-led Pax Silica initiative, the MBC sees these as potential sources of investment. Chua, however, recognized that these plans would take time to translate into actual projects. He noted that putting the necessary infrastructure and policy groundwork in place could help attract investments by the end of the year or early next year. “If they see that we are really preparing our country, then it would help drive confidence and investment,” according to the MBC chairman. But increased government spending alone would not be enough, Chua said. Spending must be credible and productive, particularly as allegations involving “ghost” projects have eroded public trust. “What we need to do is to bring back the confidence of the public in the government,” he told reporters. The loss of confidence also affects foreign investors, particularly companies that have yet to establish operations in the Philippines. “Foreign investors, if they’re sitting outside the country, what will they read?” Chua said, noting that companies already operating in the Philippines have a better understanding of how the country works. “But those outside, they won’t even come. So we need to lay the groundwork.”

Measures such as a freedom of information law and reforms to bank secrecy rules should be considered as part of efforts to improve transparency and rebuild trust, he added. Chua also said the government should resolve ongoing political issues in a way that restores confidence in public institutions.

Growth prospects

THE MBC hopes the government’s growth projections would prove accurate, noting that official forecasts tend to be more optimistic. “Generally speaking, government is more upbeat about their forecast. It’s normal,” Chua said, noting that governments need to maintain a positive outlook to avoid discouraging businesses and the public. The Development Budget Coordination Committee (DBCC) cut its 2026 gross domestic product (GDP) growth target to 3.5 percent to 4.5 percent, from 5 percent to 6 percent projected annually from 2027 to 2030. On inflation, the DBCC sees the rate averaging 6 percent to 7 percent this year, before slowing to 4 percent to 5 percent in 2027 and settling within the government’s 2 percent to 4 percent target from 2028 through 2030. “The country needs a sustained growth of minimum 7 percent to bring the country out of, especially our poor countrymen, out of poverty,” Chua said. On the other hand, the MBC chairman questioned how some public-private partnership (PPP) projects are evaluated, arguing that the government should place greater weight on the cost and quality of public services rather than the revenue share offered by private concessionaires. Under some bidding arrangements, he noted, a higher revenue share for government could ultimately translate into higher fees for users. For MBC, the better basis for selecting a private partner would be its ability to deliver the project at the lowest cost while providing the best possible service to the public. “The consideration of government would be not who will give the highest share. It would be who can provide that project at the lowest cost, at the best possible service to the public,” he said.

BSP credits Afasa Law in gains vs financial fraud By Butch Fernandez @butchfBM

HE Bangko Sentral ng Pilipinas (BSP) has cited the AntiFinancial Account Scamming Act (Afasa) as a major boost to the government’s campaign against online scams and financial fraud. During the Senate Committee on Finance briefing on the proposed 2027 national budget, BSP General Counsel Roberto L. Figueroa said the Afasa has significantly strengthened the central bank’s ability to combat scams and fraud, particularly through the Consumer Account Protection Office (Capo), which was established pursuant to the law. Among the gains cited was the 527 Afasa-related cases recorded last year by the Philippine National Police Anti-Cybercrime Group. About 447 of these cases had already been solved or cleared. Authorities also noted a decline in online scam incidents during the first half of 2026, partly attributed to greater public awareness of fraudulent schemes. Figueroa also cited the December 2024 arrest by the National Bureau of Investigation of seven Chinese nationals allegedly involved in an online scamming operation in Parañaque City. The suspects faced charges that included social engineering schemes penalized under Afasa. According to the BSP official, the Capo has also entered into information-sharing agreements with the

Securities and Exchange Commission, the Cybercrime Investigation and Coordinating Center, the Department of Justice, and other law enforcement agencies to strengthen investigations and case build-up against financial fraudsters. The Afasa, or Republic Act 12010, grants the BSP additional powers to examine financial accounts suspected of being used in scams and fraud without first securing a court order. The information gathered may be shared with law enforcement agencies, enabling authorities to trace stolen funds, pursue fraudsters, and improve victims’ chances of recovering their money. Figueroa issued his statements after the measure’s main author, Senator Mark A. Villar sought an update on the law’s implementation. “As principal author and sponsor of AFASA, we want to know how the l;aw has helped boost enforcement against online scams and whether or not we have been able to collar more scammers,” Villar said, partly in Filipino. After Figueroa’s report, the chairman of the Senate Committee on Banks, Financial Institutions and Currencies said “it is clear from the statistics that Afasa has borne clear results. Villar added that the law “has strengthened investigations and the filing of cases, while the possibility of victims recovering what they lost is now bigger.”

BusinessMirror

Editor: Dennis D. Estopace • Friday, September 4, 2026

PHL sovereign wealth fund firm cites end-June income

By Andrea E. San Juan

HE Philippine sovereign wealth fund manager posted P2.69 billion in total comprehensive income for the period ending June 30, which reflects “expanding” income streams from its deployed portfolio combined with “steady” returns from cash and short-term placements.

The Maharlika Investment Corp. (MIC) said through a statement issued last Thursday that the comprehensive income comprises P1.24 billion in net income and P1.45 billion in other comprehensive income. According to the state-run firm, capital deployment surged during the first six months of the year, with MIC investing P18.8 billion across key national industries. This brought the fund’s cumulative deployed capital to P24.7 billion as of June 30,2026.

“Major investments in H1 included a P15-billion working capital facility extended to Petron Corporation to finance crude oil and refined petroleum importations and operational needs,” the MIC said. The state-run firm said it also expanded its stake in port operator Asian Terminals Inc. (ATI) through an additional P4.79-billion share acquisition. The MIC said its increased ownership and board representation enable it with “greater participation”

in ATI’s key financial and operating decisions. As a result, the investment is accounted for as an associate, allowing the MIC to recognize its share of ATI’s earnings. Alongside the fresh deployments, MIC said it completed its maiden asset divestment on June 5,2026, “successfully” exiting its bridge-loan investment in Makilala Mining Co. Inc. (MMCI) through the assignment of its lender position. The state-run firm said this transaction generated a “realized gain” while recycling capital for prospective investments. “Our first-half performance demonstrates MIC’s rapid progress from foundation-building to active capital deployment,” MIC President and CEO Rafael Jose D. Consing Jr. was quoted in the statement as saying. Meanwhile, the MIC said deployed investments generated P2.09 billion in total portfolio returns during the six-month period through dividends, loan interest, realized gains, and equity holdings appreciation—including fair value gains from Synergy Grid & Development Phils., Inc. (SGP). Despite the “rapid” pace of invest-

ment activity, MIC said it maintained a “strong” fiscal position. Total assets stood at P129.5 billion as of June 30,2026, backed by P53 billion in cash and cash equivalents, preserving the fund’s “agility” to pursue additional strategic transactions. “By channeling funds into critical infrastructure, energy logistics, and strategic commercial ventures, we are delivering sustainable financial returns for the Filipino people while actively supporting economic growth” Consing added. The MIC said its first half performance in 2026 highlights an “effective balance of high-impact direct investments, disciplined treasury management, and proactive capital recycling.” The MIC acts as the “sole vehicle” for mobilizing and managing the Maharlika Investment Fund, the sovereign wealth fund of the Philippines. The chartered government-owned and -controlled corporation is mandated to drive long-term economic development by making strategic, high-yield investments in core infrastructure, energy, logistics, and growth-oriented sectors.

DBM clears P8.68B funds Building tomorrow’s for govt school staff pay association leaders today By Andrea San Juan

HE Department of Budget and Management (DBM) said it has approved the release of P8.68 billion in funds to cover salary upgrades of over 93,000 public school personnel across the country. In a statement on Thursday, the Budget department said the additional funding released to the Department of Education (DepEd) will cover the salary differentials of “qualified” personnel whose positions have already been reclassified under the “expanded career progression,” or “ECP,” system. This funding tranche will benefit 93,344 reclassified positions across the country, the agency also noted. Acting Budget Secretary Kim Robert C. De Leon said the release translates the government’s career progression reforms into “concrete” benefits for teachers and other qualified public school personnel who have earned advancement in their profession. “Kapag umaangat ang ating mga guro sa kanilang propesyon, dapat umaangat din ang kanilang sweldo,” De Leon said. The interim Budget chief further noted that the release of the funds means that “more than 93,000 qualified public school personnel can receive the compensation that comes with their reclassified positions.” “Pinaghirapan nila ang career advancement na ito, kaya dapat maramdaman din nila ang benepisyo nito,” De Leon added. According to the DBM, the ECP system expands opportunities for public school teachers to advance professionally and receive higher compensation while continuing to pursue the teaching track, strengthening the government’s efforts to recognize experience, competence, and professional

growth in the education sector. The P8.68 billion is expected to cover the fiscal year (FY) 2025 and FY 2026 implementation requirements for personnel with issued “notices of organization, staffing, and compensation action” and appointments. “The amount is chargeable against DepEd’s FY 2026 built-in Personnel Services (PS) lump-sum appropriations, consistent with the DBM-approved funding strategy for the program,” the agency explained. To ensure the timely implementation of salary upgrades, the DBM Regional Offices (ROs) will process and facilitate the corresponding fund releases to their respective DepEd ROs, ensuring that the necessary funding reaches the regions where the qualified personnel are assigned. Meanwhile, the DBM said the Marcos Jr. administration is also moving to “substantially increase” funding for teachers’ career advancement next year. The proposed FY 2027 National Budget has allocated for the ECP system about P12.09 billion, which is P5.94 billion, or 96.6-percent, higher than its FY 2026 funding. The allocation is purportedly to support the continued reclassification and career advancement of public school teachers. De Leon said the government wants teaching to be a profession where the country’s educators can build a “rewarding, lifelong” career. “Hindi dapat kailangang iwan ng isang mahusay na guro ang classroom para lamang magkaroon ng pagkakataong umangat. By investing in their career progression, we are investing in better teachers, better classrooms, and ultimately, a better future for our children,” the interim Budget chief also noted.

‘T

HE future belongs to those who prepare for it today,” as the saying goes. For associations, that future is arriving faster than ever before. Our members are changing. Technology is changing. The way we lead, govern, and deliver value is changing. But the question is: are we changing fast enough? These came to mind during my recent conversation with Brett Jeffery, executive director of the New Zealand Society of Association Executives (NZSAE), on the second episode of the “Australia-New Zealand Insights” series of the Philippine Council of Associations and Association Executives (PCAAE) podcast, Association Matters. Our episode, “Leadership for Impact: Building High-Performing New Zealand Association Executives,” offered valuable lessons, not only for New Zealand, but for association leaders in the Philippines and beyond. One message stood out loud and clear: adaptability is now the most important leadership competency for association executives. Brett described today’s environment as one of constant disruption: financial pressures, shifting member expectations, rapid technological advances, and changing government policies. Association leaders can no longer rely on what worked yesterday. If we are doing exactly what we were doing three years ago, chances are, we are already falling behind. Today’s association executives must think more like entrepreneurs—continually innovating, anticipating change, and finding better ways to engage and serve their communities. Leadership is no longer about simply managing organizations; it is about leading transformation. Perhaps one of the more amusing yet truthful observations Brett shared is that very few people wake up in the morning and say, “I want to become an association executive.” Most of us have found our way into this profession through unexpected paths. Yet association management is one of the most challenging and rewarding leadership roles one can undertake. It requires competencies in governance, advocacy, communications, stakeholder engagement, strategy, business sustainability, and people leadership. This is why associations of associations, such as NZSAE and the PCAAE, have an important responsibility. We are not simply member-serving organizations; we are talent developers and leadership builders for an entire sector. I was particularly encouraged to learn that NZSAE is preparing to

Association World Octavio Peralta launch its “Future Leaders Program” to help nurture emerging association professionals. Equally important is Brett’s recognition that today’s learners prefer practical, relevant, and bite-sized learning opportunities. Micro-credentials and short-form professional development programs are becoming increasingly important in preparing future leaders. Education must meet learners where they are and equip them with the competencies they need today and tomorrow. Our conversation also reinforced an enduring truth about association governance. Great associations are built upon strong partnerships between strategic boards and empowered executive teams. Boards should focus on the “what” and the “why” while executives lead the “how.” Clear roles, mutual trust, regular communication, and shared strategic direction are indispensable ingredients of organizational success. As I reflected upon our conversation, I was reminded that leadership is not about titles or positions—it is about stewardship. Those of us privileged to lead associations today are merely temporary custodians of institutions that must outlive us. Our greatest legacy will not be the programs we created or the awards we received. It will be the leaders we have helped develop and the institutions we have helped strengthen. For Philippine association leaders, the call is simple yet urgent: let us stop leaving leadership development to chance. Let us intentionally build a profession, create meaningful career pathways for association executives, and invest in the next generation of leaders who will take our organizations further than we ever could. After all, the future of our associations will depend not on who leads them today, but on whom we prepare to lead them tomorrow. Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026, at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E mail: bobby@pcaae.org

Relationships

Friday, September 4, 2026 • Editor: Gerard S. Ramos

➊ A5 Ohmi

➊

BusinessMirror

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

TODAY’S HOROSCOPE

➍

➋

Wagyu Beef Yakiniku slices on the grill, and Master Butcher Takeshi Suzuki STELLA

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Whitney Cummings, 44; Beyonce, 45; Max Greenfield, 47; Wes Bentley, 48.

ARNALDO

➋ YUKHOE,

HAPPY BIRTHDAY: Put emotions aside, and rely on practicality to lead you in the right direction. Don’t be tempted to follow others when you are the one paying attention to detail. Work alone, be secretive and do things properly the first time. Choose to socialize with those who are happy doing things that are more creative and less expensive. Happiness is finding your bliss and being with the right people. Your numbers are 2, 14, 25, 27, 33, 40, 49.

Korean-style beef tartare STELLA

ARNALDO

➌ THE Tsukiji

Sushi and Sashimi Boat prepared by Sushi Chef Takashi Harima COURTESY

ARIES (March 21-April 19): Take a moment to consider your options. Acting in haste will turn sour, leaving you in an awkward position. Truth and compassion will help you find your way to a better place. When in doubt, do something that depletes your energy. A competitive physical match that challenges you will suffice. Time is on your side, but patience is limited. HHH

➌

TSUKIJI

➍ CHIJIMI,

Korean-style Seafood and Leek Pancake (top); Chapchae, Sweet Potato Noodles with Beef, Egg, and Vegetables STELLA

TAURUS (April 20-May 20): Take more time to recognize your strengths and to put them to work for you. Refuse to let your emotions cost you mentally or financially. Pay attention to what others are experiencing before judging them. Having poor behavior will put you in a vulnerable position. Work solo to finish what you started. Choose to let excellent work precede your rhetoric. HHH

ARNALDO

GEMINI (May 21-June 20): Your mind is working overtime. Take a moment to adjust your response setting to low, and behold what’s happening around you. Change may be your objective, but the wrong move will slow you down. Pay attention to detail, what you are trying to achieve and the consequences of your actions before you move too fast. HHH

Korean flavors meet premium Wagyu at Tsukiji

OREAN food at Tsukiji?! Who knew?! And for someone like me who has had the good fortune of dining over the years at the popular Japanese restaurant owned by siblings Malu and Chef J Gamboa, the Korean dishes we sampled recently came as quite a revelation. We thoroughly relished them—along with the premium Japanese beef cuts that we were introduced to that noon. At a special lunch hosted by the siblings for select media, Master Butcher Takeshi Suzuki showed us the different cuts of Wagyu Ohmi Beef that Tsukiji uses for its various offerings. I, for one, had been familiar only with the juicy, melt-in-your-mouth Wagyu Ohmi Rib-Eye Steak that my gang of fellow former Bangko Sentral reporters had been savoring there for years. This time, however, we were in Tsukiji’s Yakiniku dining section, where—with a little help from the restaurant’s ever-attentive waitstaff—we cooked various Wagyu Ohmi Beef cuts ourselves on the special grilling tables, interspersed with Korean dishes prepared with Tsukiji’s Japanese touch. Many diners may not know that A5 Ohmi Wagyu Beef is considered the official beef of the Imperial Household of Japan. (Well, Japanese royalty certainly knows when to splurge on marbling.) Tsukiji imports its Ohmi beef directly from the Shiga Prefecture, near Kyoto.

But before we got down to the serious business of grilling beef, our tables were presented with an enormous sushi and sashimi boat, laden with Bluefin Tuna, Yellowtail, Amberjack, Scallops, Salmon, Sea Urchin and Sweet Prawns, prepared by Sushi Chef Takashi Harima. There was nothing but sweetness and freshness in that boat, and it wasn’t long before its contents had disappeared—transferred from the platter to our plates and, ultimately, into our hungry tummies. The Tsukiji Sushi and Sashimi Boat has long been a popular order among families and for company lunches, and it’s not difficult to see why. Tsukiji, named after the legendary fish market in Tokyo where prized tuna were auctioned every morning, has been serving authentic Japanese cuisine in Manila since 1989. It was the first restaurant in the city to directly buy and import fresh seafood for its sushi and sashimi, as well as Ohmi Wagyu Beef for its steaks, sukiyaki and shabu-shabu. These days, with the famed tuna auction having moved to the more modern Toyosu Fish Market, Tsukiji receives fresh ingredients from the new market three times a week. This helps assure its discerning diners of the quality and freshness that have long been associated with the restaurant—and were very much in evidence in that impressive sushi and sashimi boat. Then came the first of the Korean dishes: a delectable beef tartare topped with a golden raw egg yolk. Called Yukhoe, the Korean preparation uses very fresh raw beef, thinly sliced into strips and seasoned with soy sauce, sesame oil, garlic, sugar and sesame seeds. The combination is wonderfully savory, nutty and just slightly sweet, with the richness of the egg yolk taking it up another notch. According to Chef J, the eggs had been flown in especially by Suzuki for our lunch that day. The dish is now available at Tsukiji and can presumably be found on page 19, along with the

CANCER (June 21-July 22): Consider home improvements that make a difference to your state of mind. Declutter and get rid of subscriptions and things that are costly but offer limited returns. Face your fears head-on, and put your emotions aside while you formulate a routine that makes you feel good about yourself and what you’ve accomplished. Choose peace over aggression. HHH

restaurant’s other Korean offerings, in its rather substantial menu book. Then, in quick succession, came several slices of A5 Ohmi Wagyu Beef for grilling, or Yakiniku. These were served with the usual accompaniments of shiitake mushroom, carrot and white onion. There were the Sirloin (Beef Rosu) and RibEye (Beef Karubi) slices, served with Tsukiji’s special sauces, followed by the extra-special Ohmi Tan (Beef Tongue) with lemon sauce. Thinly sliced, the Wagyu pieces hit the hot grill and charred up in mere moments. And just as quickly, they disappeared into our mouths. That, of course, is the danger of Yakiniku: you’re watching your meat cook, admiring its beautiful marbling one moment—and then, poof, it’s gone. The parade of food continued with several other popular Korean dishes: Bibimbap, the hotstone bowl of rice topped with vegetables and other goodies; Chapchae, stir-fried sweet potato noodles with beef, egg and vegetables; Chijimi, a seafood and leek pancake; and finally, a hearty Karubi Soup made with US beef short ribs. The latter was particularly welcome, given the rainy weather that day. Warm, savory and comforting, it was the sort of soup that makes you want to linger over lunch just a little longer. And after all that beefy, seafood-laden, Korean-Japanese goodness, what better way to end the meal than with Tsukiji’s trademark Homemade Green Tea Ice Cream? Simple, refreshing and just sweet enough, it was the perfect finale to what had been a rather fabulous—and very hefty—lunch. Ohmi so good, indeed! n Tsukiji Japanese Restaurant is located on the third floor of the Milky Way Building, 900 A. Arnaiz Avenue (formerly Pasay Road) corner Paseo de Roxas, Makati City. For inquiries and reservations, call 8843-4285/8812-2913 or mobile/ Viber number +63915-617-9209.

LEO (July 23-Aug. 22): Fulfill your creative imagination. Dedicate more time to researching and discovering what makes you happy. Reach out to people of interest, and make decisions that suit your lifestyle. Opportunity is within reach, along with love, romance and becoming the best version of yourself. Stop letting others lead when taking charge of your life is the path to personal happiness. HHHH

VIRGO (Aug. 23-Sept. 22): Protect your reputation, and abide by the rules. Surround yourself with people who share your integrity and mindset. Network, fine-tune your investment strategy and manage your daily routine to reflect good health and overall contentment. Make quality decisions, and walk away from drama. Own the stage instead of watching from the sidelines. HH

LIBRA (Sept. 23-Oct. 22): Put yourself first, and satisfy your needs. Discover what makes you happy. Life is about love and learning to become the best version of yourself. If you expand your mind and express your thoughts, the results will promote change through sacrifice. Letting go of what’s no longer useful is the path to new beginnings. Choose progress over repetition. HHHHH

SCORPIO (Oct. 23-Nov. 21): Channel your energy; if you let it run wild, you’ll pay the price. Choose activities that are safe. The thrill won’t be worth the consequences. Drive carefully, and refuse to let anyone enrage you. Stay focused on whatever task you choose, and be diligent regarding hydration. Overdoing it will result in limitations and regret. HHH

SAGITTARIUS (Nov. 22-Dec. 21): If you spend more time at home and sort through the rubble that’s accumulated, you’ll breathe easier. Avoid conversations with people touting doom and gloom. Focus on reading and pursuing pastimes you find invigorating and uplifting. Stop waiting and start doing what resonates with you and encourages you to enjoy the gift of life. HHH

CAPRICORN (Dec. 22-Jan. 19): Put some time and effort into getting your life and your legal, financial and health issues in order. Putting things off will add to your stress and hinder your relationships with the ones you love. Communication is the route to getting results and understanding what’s possible. HHH

AQUARIUS (Jan. 20-Feb. 18): Embrace change; a new experience will revive your spirit and give you hope for a brighter future. Test the waters, and explore work possibilities that challenge and stimulate your imagination. Experiencing personal growth, showing gratitude and updating your appearance are all on the horizon if you are willing to try something new. HHHHH

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PISCES (Feb. 19-March 20): It’s one step forward and two steps back. Caution is necessary when dealing with your lifestyle and relationships. Try to immerse yourself in activities or events that captivate your mind and encourage you to grow. Now is not the time to make snap decisions; instead, exercise and revisit the pastimes that stimulate your body, mind and soul. HH BIRTHDAY BABY: You are complex, meticulous and protective. You are helpful and serene.

hit me!’ BY MATT REVIS

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 First section of a form 6 Texting tech 9 They may promise romance ... but don’t fall for them! 14 Love, in Lille 15 Allow 16 Toss 17 Old-timey hookup 19 Paul, in Italian 20 Show first hosted by George Carlin, for short 21 One hatches in an aerie 23 Bygone Russian ruler 24 “I’m frustrated!” 26 Part of a Halloween display 28 Unfair pay differential 31 “Star Wars” heroine 32 Tehran resident 33 Certain Jamaican, religiously 36 Post-op dept. 39 “Please don’t say any more” 40 Handy person 43 Align 45 Irk 46 Tea accompaniment

47 Cutting tools used for winter fishing 50 Farm laborers? 51 Cheddar cousin 54 Annoying sort 56 Discomfort 57 Personal history, for short 58 Word after “cool” or “fat” 61 Is ahead 62 Classic casino game ... or one of four squares in this puzzle that’s part of a starred clue’s answer 65 Had a meal 66 Champagne bottle stopper 67 “Milk’s favorite cookie” sloganeer 68 Titular woman in a 1970 Kinks hit 69 “Suite: Judy Blue Eyes” supergroup’s initials 70 Flowers grow in them DOWN 1 Butter slices 2 “Well said!” 3 What one might say if the dice fall off the table 4 Calendar header preceding Wed. 5 Broken chord 6 Arduous process

7 ___ Park, California 8 Alloy of iron and carbon 9 Longtime NASCAR sponsor 10 Talkative 11 Got up 12 Food grinder 13 Like some enemies 18 “Good joke!” 22 “The Goldfinch” author 25 Stimpy’s cartoon pal 27 Closes in on 28 Battle of ___ 29 Private organization? 30 Extol 34 Calm, as fears 35 Ton 36 “Whichever you prefer” 37 “Red” coin 38 Purposes 41 Brother: Fr. 42 Smoothie berry 44 Fortress 48 Brand of private planes 49 Like tree sap 51 Moscow ___ (drink often served in a copper mug)

52 Basketball Hall of Famer Shaquille 53 “Groovy!” 55 Chinese frying pan 57 Farm structure 59 Scored 100% on 60 Boxing refs’ calls 62 Clandestinely loop in 63 ___ Angeles 64 Occupation

Solution to today’s puzzle:

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Editor: Gerard S. Ramos • Friday, September 4, 2026

Fierce, fun and fearless to the max T

WO amazing actresses that are effortlessly catching televiewers’ attention on the widely-followed TV series The Master Cutter interestingly share the same first names: Max Eigenmann and Max Collins. Both gorgeous and grounded, these two have started to develop a wonderful friendship that continues to be strengthened by time and activities spent on the set. “We share a lot in common, and we are both very straightforward and realistic in our views about many things—the industry we are part of, work ethics, people, food, travel adventures, the list goes on and on,” shared Eigenmann. “We are both fun-loving, and we can talk about almost anything. We also share a lot of stories about our children, that’s why we bond so well, on and off the workplace,” Collins added. The two Maxes happen to be fulfilled single moms too. Eigenmann has two boys (Alessandro and Massimo), and Collins also has a boy, Sky. “We are both fortunate that we have strong support systems from our families and closest circle of friends. Shared parenting setups generally favor partners who are separated, but it’s always still a caseto-case basis, since people and existing situations are almost always different from each other. I guess the bottomline is the level of maturity required because the common goal is to raise our kids to be kind, good, strong and happy individuals in the future,” Eigenmann said. If not on the set of their TV series or other acting projects, both Maxes make themselves busy with work that makes them productive. Collins has her IV therapy business and we heard it’s doing good, especially since she is also into wellness herself. “We offer custom IV vitamin infusions, hydration, and peptide therapy, and we plan to expand across the country in the future,” shared Collins, who is a Sparkle artist.

Eigenmann is part of the team that runs Ono Kai, a modern, multi-concept dining and bar experience in Makati. “I love meeting people, I love food, and seeing people happy and enjoying life to the fullest makes me happy, too,” said Eigenmann. Collins and Eigenmann are also laudable actors. Collins is an Eddy’s best supporting actress winner for Mike de Leon’s final feature film Citizen Kane, while Eigenmann has won numerous awards both in the Philippines and overseas. Eigenmann won the Asia Pacific Screen Awards Best Actress for Raymund Gutierrez’s Verdict and bagged the Jury Performance Award at the Los Angeles Asian Pacific International Film Festival for her lead role in the UK movie Raging Grace, directed by Paris Zarcilla. She also won lead actress trophies from the Gawad URIAN, Cinemalaya Independent Festival and The Young Critics Circle for Anna Isabelle Matutina’s 12 Weeks. Both Maxes love to travel during long weekends or during long breaks from working as actors. Incidentally, both just came from Palawan recently—Collins took a few days off to celebrate her birthday in El Nido while Eigenmann hied off to Coron with a very special person in her life. “He makes me very, very happy,” Eigenmann whispered, with a tone that’s almost giggly. After being recharged by the energies of mother nature, both Eigenmann and Collins are back in the thick of work for The Master Cutter, headlined by Dingdong Dantes and which is entering a new season on GMA. “There are so many surprises that will unravel for our viewers in the coming weeks, and our creative and production teams are making sure that the new subplots will keep them glued,” declared Eigenmann. Collins was quick to add, “And we have new characters that will add twists and turns to the already escalating narrative.” These two have gone through so much in their personal lives but they have remained steadfast and indomitable, always looking and moving forward. Max Eigenmann and Max Collins are fierce, fun and fearless women blessed with natural grit and grace, and they not only carry themselves with gravitas but also have become masters in creating their own destiny and happiness.

From left: Max Collins and Max Eigenmann

Russo brothers, maestros of ensembles, test their limits with ‘Avengers: Doomsday’ back-together quality to Doomsday, a movie expected to be among the highestgrossing ever. Do the Russos feel that the film will, after some MCU stumbles, restore order in the Marvel universe? “It’s a great question. It’s part of the unique challenge,” says Anthony. “The thing that Joe and I have always appreciated about our collaboration with Marvel is: our job isn’t to answer for the entirety of the MCU. We intersect it in a very specific way. It’s that intersection which is where we can make sense of things.”

GMA Pictures’ ‘58th’ among eight Philippine films in running for 99th Academy Awards GMA Pictures’ 58th has been named one of the eight films shortlisted as contenders for the country’s official submission to the Best International Feature Film category of the 99th Academy Awards or the Oscars. The Philippines’ official entry for the Best International Feature Film category will be announced on September 4, during the opening ceremony of the Philippine Film Industry Month with the Film Development Council of the Philippines. Combining animation and archival footage, 58th honors the victims of the Maguindanao Massacre—widely regarded as the deadliest attack on journalists in history—and brings renewed attention to the story of Reynaldo “Bebot” Momay, whose body was never found and whose family continues to seek official recognition as the massacre’s 58th victim. The animated documentary also serves as the final film performance of the late Ricky Davao, who portrayed Reynaldo Momay. Leading the cast is Glaiza de Castro, alongside Mikoy Morales, Marco Masa, Zyren Dela Cruz and Biboy Ramirez. Prior to 58th’s inclusion as one of the Philippines’ shortlist contenders for the Oscars, the film has already been making waves in various international movie festivals. Earlier this year, the film made its world premiere at the 2026 International Film Festival Rotterdam (IFFR), becoming the first GMA-produced film to screen at the prestigious festival. It was subsequently named among the festival’s Top 10 Audience Choice Films. The film was also selected for the 2026 Annecy International Animation Film Festival in France, competing in the Contrechamp Feature Films category.

CAN ‘DOOMSDAY’ MATCH ‘SPIDER-MAN’?

Joe (left) and Anthony Russo on the set of Avengers: Doomsday.

By Jake Coyle The Associated Press

58th likewise received the Facing the Edge Award at New Zealand’s 2026 Doc Edge Festival, an Academy Awardsqualifying documentary festival. Meanwhile, following its successful Philippine premiere at the 2026 Cinemalaya Film Festival last August, 58th will screen at the Manila International Film Festival (MIFF) in Los Angeles, California, on September 5 at 2 pm at the TCL Chinese Theatre. The animated documentary, directed by Carl Joseph Papa, is also set to head to the 31st Busan International Film Festival (BIFF), happening on October 6 - 15. The film will screen under the Documentary Showcase of BIFF’s Wide Angle section, alongside a lineup of bold and distinctive works. Produced by GMA Public Affairs and GMA Pictures, 58th is creatively produced by Public Affairs SAVP for Documentaries Johnson Tam, together with Program Manager Ian Simbulan.

NEW YORK—Before they were the mosttrusted hands behind Marvel’s largest epics, Joe and Anthony Russo presided over a slightly less potent assemblage of talent: the Bluth family of Arrested Development. Beginning with Arrested Development (14 episodes directed) and Community (34 episodes), the Russo brothers established an especially keen sense for the rhythms and intersections of ensemble casts. “For whatever reason, Joe and I have always really been drawn to ensemble storytelling,” Anthony says. “Maybe it speaks to the fact that we work as a team.” “We grew up in a very large Italian family full of colorful personalities,” suggests Joe, citing their Ohio upbringing. “It was complex family dynamics. We all grew up on the same street; people lived in different houses. We spent dinners together on Sundays. That inclination has served the Russos well in the Marvel Cinematic Universe, particularly in the sprawling superhero films Avengers: Infinity War (2018) and Avengers: Endgame (2019). But even for the Russos, Avengers: Doomsday (in theaters on December 18) is a unique juggling act. It brings together (deep breath) the Avengers, the Wakandans, the New Avengers (from Earth-616), the Fantastic Four (from Earth-828) and the original X-Men. “The MCU is this massive experiment in how vast, how much scope can an ensemble really have?” Anthony says. “If we have a taste and talent for ensemble storytelling, we’re certainly pushing ourselves further than we ever have before.” Joe and Anthony Russo spoke in a recent exclusive interview—or rather interviews, because the brothers spoke separately while knee-deep in work on Doomsday and

its 2027 follow-up, Avengers: Secret Wars. They were finishing work on Doomsday — scoring, editing—while, in their words, “soft prepping” production on “Secret Wars.” “When you’re doing one of these movies, it’s the hardest thing you’ve ever done,” Joe says. “When you’re doing two of them, it’s almost inconceivable. But it’s the second time around we’re doing two back to back.”

AFTER A ROCKY FEW YEARS, MARVEL LOOKS TO REASSERT ITS DOMINANCE

When the Russo brothers were last at the helm in the MCU, Endgame marked the apex of Marvel as a cultural force. Conceived as the culmination of a decade of movies, Endgame became the second highest-grossing film of all time, with $2.8 billion in ticket sales. (The Walt Disney Co. will bring it back to theaters as Avengers Endgame: Encore on September 25.) Since “Endgame,” the MCU has undergone plenty of expansion and experimentation. But Phases four, five and six of the MCU have also been notably rockier than the first three phases. Kevin Feige, president of Marvel Studios, has acknowledged that oversaturation played a role in the downturn. For the first time, Marvel wasn’t immune to the ups and downs that characterize the rest of the movie world. The Marvels in 2023 tapped out with just $206 million in ticket sales. Captain America: Brave New World in 2025 landed the worst CinemaScore, a “B-,” for a Marvel movie. Doomsday aims to reinvigorate the MCU. It features not just the return of the Avengers and the Russos, but also Robert Downey Jr. The former Iron Man star plays the villain Doctor Doom. Downey has said he wouldn’t have come back if the Russos didn’t, too. So there is a get-the-band-

Of course, Spider-Man: Brand New Day ($2.3 billion worldwide) has already nearly matched “Endgame” in box-office might. Anthony Russo, “buzzing” from the movie, calls the film’s reception “a wonderful challenge.” Yet the Russos promise something special in Doomsday. They have referred to it as “back to zero,” “starting from scratch” and “a profound shift” in the MCU. Even in the ever-expanding realm of the MCU, the Russos have been animated by stories with defined beginnings (Doomsday) and legitimate endings (Endgame). Even if Endgame wasn’t really the end, they needed to believe it was. Since then, the Russos have directed three films for streaming: 2021’s Cherry, for Apple Studios; 2022’s The Gray Man, one of Netflix’s most-watched original films; and 2025’s The Electric State. They also launched an action franchise for Netflix with Extraction. Their production company, AGBO, has turned into a consistent blockbuster maker, producing not just Doomsday but the Oscar-winner Everything Everywhere All at Once. It took something extra to bring the Russos back to Marvel. They were coaxed back, Anthony says, by a “foundational narrative concept” suggested by cowriter Steve McFeeley. “We never want to coast on the capital that already exists,” he says. “We want the greatest value of the film to reside in the new thing it’s bringing to the table.” A lot has changed since the Russos last released a Marvel movie. The pandemic came and went. The industry defaulted to streaming, only to again embrace theatrical. The phrase “superhero fatigue” was trotted out at times, though less so after Brand New Day. If there’s a guiding template for the Russos for the kind of movie they want to make—one with grand scale and moments of emotional intimacy—it’s the Western. Sergio Leone’s Once Upon a Time in the West was a particular inspiration for Doomsday. “Joe and I grew up fans of all types of cinema, but Westerns have always been very special to us. Throughout cinema history, the Western has been declared dead for decades, and then you can still make one of the greatest examples of the genre.”

Friday, September 4, 2026

Platinum Circle of Bayanihan graces ‘Taginting: 70 years of Bayanihan Legacy’

n celebration of Bayanihan’s 70th anniversary, the Bayanihan Folk Arts Foundation, Inc. staged its milestone production titled “Taginting: 70 Years of Bayanihan Legacy” recently.

The milestone production showcased the Philippines’ rich cultural heritage through the artistry of dance and music., a testament to Bayanihan’s commitment to artistic excellence, cultural preservation, and the promotion of Philippine identity through the performing arts. Taginting featured six program suites: Mindanao Mosaic, Birds of Bright Plight, Intramuros of Memory, Interwoven Dreams, People Under the Sun, and Rhythmic Resonance. Aside from its core performing artists, giving support to the production were Bayanihan alumni and members of the Platinum Circle of Bayanihan. Members of the Platinum Circle of Bayanihan include Michelle Soriano Abad, April Denise Sebastian-Belcher, Leni Alano Cabili, Maribel Carag-Dario, Cecile de Hoya, Rosky Balajadia Hilado, Agnes Villaescusa Javier, Charmagne Garcia-Laconico, Kristine Sto. Domingo-Capistrano, Novette Montecillo Sto. Domingo, Farrah Samonte Velasco, Myrna Verecio, Francis Alday, Migz

Anzures, Junji Banat, Peter Laurenz Callangan, Cicero “Ching” Danseco, Joen Escultura, Joseph Robert J. Manayan, Girald Manuel, Edy Jose Ponceja, Richard Michael S. Recto, Ogie Ullmann, and Lester Verecio. According to Bayanihan Executive Director Marielle Benitez Javellana the members of the Platinum Circle of Bayanihan “are not merely former Bayaniihan performers; they are the true guardians of our heritage who continue to champion the mission, vision and legacy set forth by our founders.” Taginting kicks off a full year of grand celebrations that will showcase Bayanihan’s legacy, artistry, and continuing commitment to Philippine culture.

Inspiring the next generation to travel with Megaworld Global Hotels & Resorts at Philippine Travel Mart 2026

new generation of travelers is changing the way people experience the Philippines. They are looking beyond simply where to stay and considering how easily they can travel, how welcome they feel, what experiences they can discover, and how their choices affect the places they visit. At Philippine Travel Mart 2026, Megaworld Global Hotels & Resorts (MGHR) is putting greater focus on these emerging travelers by making Philippine destinations more accessible, inclusive, connected, and meaningful to experience. Happening from September 4 to 6, 2026, at the SMX Convention Center in Pasay City, this year’s Philippine Travel Mart carries the theme “Nurturing Nextgen Tourism: Discover the Philippines.” The event encourages Filipinos to explore more of the country while responding to the changing expectations of the next generation. “Philippine Travel Mart gives us an opportunity to bring our destinations and offers closer to Filipino travelers, particularly the next generation who are eager to explore and experience more of the country. With TARA! and our other exciting sales offers, we are making it easier for guests to plan their next getaway with greater value and flexibility. More importantly, we hope these offers inspire more Filipinos to travel locally, discover destinations beyond the usual, and experience the diverse hospitality that the Philippines has to offer,” Loleth So, Vice President for Commercial, said. For MGHR, these changing expectations are reflected in four areas increasingly shaping how people travel today: inclusivity, sustainability, digitalization, and health and wellness. The next generation is growing up in a world that places greater value on inclusivity, and travel is no exception. MGHR continues to strengthen its Muslimfriendly hospitality initiatives, creating spaces, facilities, and experiences designed to respond to the needs of Muslim travelers. These initiatives form part of the hotel group’s larger goal of creating a hospitality environment where more guests can travel with confidence and feel comfortable, respected, and welcomed. By making travel more inclusive, MGHR also opens Philippine destinations to a wider and more diverse community of domestic and international travelers.

Mactan Newtown Beach For many travelers, the value of a trip increasingly extends beyond the destination itself. There is also greater awareness of the communities, culture, and environment encountered along the way. MGHR brings this philosophy to life through the Sampaguita Project, an expression of the group’s unique brand of Filipino hospitality. What began as a guest experience inspired by the sampaguita and expressed through the five senses has expanded into initiatives including sampaguita planting and community-based activities involving employees, guests, partners, and local communities. It gives travelers opportunities to experience Filipino hospitality while becoming part of something that creates value beyond their stay. Convenience has also become fundamental to the way a new generation plans and experiences travel. From researching destinations and making reservations to communicating with hotels, travelers increasingly expect journeys that are intuitive, responsive, and connected. MGHR continues to strengthen its digital capabilities to improve communication, understand its guests better, and make different stages of the travel experience easier to navigate. Technology, however, is meant to support rather than replace hospitality. For MGHR, digital convenience works alongside the warmth and personal connection that remain at the heart of Filipino service. Travel is also increasingly becoming an opportunity to recharge, reconnect, and make more conscious choices. Through MEGreen Mindful Stays, MGHR brings together wellness and sustainability by encouraging guests to enjoy their hotel experience while becoming more aware of their

environmental impact. The initiative responds to travelers who increasingly see personal well-being and responsible choices not as separate considerations, but as complementary parts of a meaningful journey. Encouraging the next generation to travel also means making it easier for them to begin. MGHR will bring its TARA! (Travel Away and Reignite Adventure) campaign to Philippine Travel Mart 2026, giving Filipinos more reasons to discover destinations around the country through special local travel offers. Aligned with the Department of Tourism’s “Discover More to Love” campaign, TARA! makes stays across participating MGHR hotels more accessible to travelers planning their next local adventure. Visitors to MGHR’s Booth A01 can enjoy local rates starting at P3,800. Room-only offers are available at Belmont Hotel Manila, Savoy Hotel Manila, Grand Westside Hotel, Kingsford Hotel Manila, Richmonde Hotel Iloilo, Belmont Hotel Iloilo, and Mercure Mactan Cebu. Travelers looking for stays with breakfast can also enjoy rates starting at P3,800 at Hotel Lucky Chinatown, Chancellor Hotel Boracay, Belmont Hotel Boracay, Savoy Hotel Boracay, Richmonde Hotel Ortigas, and Savoy Hotel Mactan. Eastwood Richmonde Hotel and Twin Lakes Hotel offer elevated leisure stays starting at P5,800. The promotional period runs until November 29, 2026, with stay dates valid until November 30, 2026. Guests may book through participating hotel websites using the promo code TARAMHR or contact their preferred hotel directly. Travelers planning ahead may also purchase discounted room vouchers offering savings of up to 70 percent, providing greater flexibility in securing future stays. For MGHR, nurturing next-generation tourism ultimately means giving more people the opportunity—and the reason— to experience the Philippines for themselves. Through more inclusive hospitality, purposeful experiences, greater digital convenience, mindful stays, and accessible travel offers, the group hopes to help a new generation discover more destinations, travel more consciously, and develop a deeper connection with the Philippines. Visitors can discover MGHR’s offers and TARA! promotions at Booth A01, SMX Convention Center, Pasay City, from September 4 to 6, 2026.

SM Hotels Strengthens its Gastronomy Tourism Platform through Conrad Manila’s‘Filipinas’

HILIPPINE cuisine is more than a collection of dishes. It is a reflection of the country’s diverse regions, traditions, communities, and stories. Building on its commitment to champion Philippine culinary heritage, SM Hotels and Conventions Corporation (SMHCC) advances its “Gateway to Gastronomy” campaign through Conrad Manila’s “Filipinas,” a culinary experience that brings the flavors and stories of the archipelago to the table through the artistry of seven Filipina chefs. Launched by SMHCC, “Gateway to Gastronomy” is a group-wide campaign that positions its hotels as immersive destinations where guests can discover the culture, history, and communities behind Filipino food. The campaign supports the Department of Tourism’s Food and Gastronomy Tourism Roadmap 2024 to 2029, which seeks to position the Philippines as a leading gastronomic destination in Southeast Asia by promoting regional cuisines, strengthening hospitality partnerships, championing local ingredients, and creating meaningful culinary experiences for travelers. “Filipinas demonstrates how Gateway to Gastronomy can translate our country’s rich culinary heritage into an experience that is both deeply rooted in tradition and relevant to today’s diners,” said Leah Magallanes, SMHCC Vice President for Food & Beverage, Quality, and Sustainability. “By bringing together regional ingredients, Filipino culinary stories, and the creativity of our chefs, we are not only showcasing what makes our cuisine distinct. We are creating opportunities for guests to understand the people, places, and traditions behind every flavor. This is how we see our hotels contributing to the continued appreciation and promotion of Philippine gastronomy,” she added. At the heart of “Filipinas” is a seven-course chef’s table experience at Brasserie on 3, available exclusively on September 12, 2026. Created by seven female chefs from Conrad Manila’s culinary team, the menu takes guests on a gastronomic journey through the Philippines, with each course representing a different chapter in the story of Filipino food. “With Filipinas, we wanted to give our guests a deeper appreciation of Filipino cuisine by presenting familiar ingredients and traditions through a fresh and contemporary lens,” said Rupert Hallam, General Manager of Conrad Manila. “What makes this experience particularly special is the creative voice of our seven Filipina chefs, whose interpretations bring together the diverse flavors of the archipelago while honoring the stories and heritage behind them. It is our way of inviting guests to experience the Philippines through a dining experience that is distinctly Filipino, thoughtfully crafted, and deeply personal.” The experience opens with simula (beginning), a contemporary interpretation of tokwa’t baboy featuring tofu skin, etag from the Cordilleras, coconut vinegar, and soy gel. Pagbukas (opening) follows with tuna kinilaw, incorporating batwan from Western Visayas, while paglago (growth) presents kabute at keso ravioli with local kesong puti, mushroom duxelles, salted egg crème, smoked corn, and tarragon foam. A refreshing calamansi sorbet marks sandali (pause), before the menu moves into its main courses. Direksyon (direction) interprets flavors associated with Central Luzon through maya and alugbati, black heirloom rice from Negros

Branded Lounges. These accolades reflect the airline’s commitment to delivering exceptional service, comfort and connectivity to travellers around the world. As Cathay marks 80 years of connecting people, places and possibilities, the AnniFAREsary campaign celebrates not only the journeys ahead, but also the

generations of travellers who have been part of Cathay’s story, while inspiring new adventures for years to come. For full details on Cathay Pacific’s AnniFAREsary offers, visit: www.cathaypacific.com/cx/en_PH/ offers/80yearstogether/flight.html

Island, and chicken tinapa, while lakas (strength) draws from the culinary traditions of Bicol through beef tenderloin, burnt coconut, labuyo pearls, and creamed taro leaves. The journey concludes with pamana (legacy), a dessert inspired by Davao’s identity as the Cacao Capital of the Philippines, bringing together guyabano, cacao, pili, and San Nicolas cookie. Beyond the one-day chef’s table, “Filipinas” will also be available at Brasserie on 3 beginning September 12, 2026 through a four-course set menu, allowing more guests to experience its interpretation of Filipino cuisine. Guests may choose from a selection of appetizers and main courses, including tokwa’t baboy, tuna kinilaw, maya maya at alugbati, baka at laing, and kordero at piyanggang, alongside vegan selections. The meal concludes with halo-halo, reimagined through elements such as ube, leche flan, macapuno, langka, buko-pandan, and pinipig. Through “Filipinas,” Conrad Manila expands the reach of Gateway to Gastronomy by bringing together culinary traditions from across the archipelago within a single dining experience. Its menu highlights how Filipino cuisine can be elevated through contemporary culinary techniques without losing its connection to the ingredients, flavors, and cultural influences that define each region. This approach reinforces SMHCC’s broader role in advancing gastronomy tourism: using its properties as gateways to the destinations they represent, while creating opportunities to preserve culinary traditions, celebrate local producers and communities, and introduce Filipino flavors to both local and international guests. Across the SMHCC portfolio, this approach is reflected in destination-led culinary initiatives that range from Taal Vista Hotel’s heritage journey inspired by Filipino heroes to Pico Sands Hotel’s focus on local ingredients and fishing communities, as well as regional culinary experiences across Central Luzon, Western Visayas, Negros Occidental, and Mindanao. As SMHCC continues to advance Gateway to Gastronomy, each property becomes more than a place to stay. It becomes a place where guests can experience the Philippines through its food, meet the stories behind its flavors, and gain a deeper appreciation of the heritage that continues to shape Filipino cuisine. For more information on Filipinas at Conrad Manila, guests may call +632 8833 9999 or email ConradManila@ ConradHotels.com

Enchanted Kingdom unveils 31st anniversary events, offerings

Cathay celebratres ’80 Years Together’with customers through special AnniFAREsary offers INCE 1946, Cathay has been connecting people, places, and possibilities. As it celebrates its 80th anniversary this year, Cathay is marking the milestone with exclusive offers through its Cathay AnniFAREsary promotion, featuring flight offers, bonus Asia Miles and lifestyle rewards. Throughout September 2026, Cathay Pacific is offering special fares across all cabin classes to all destinations in the airline’s network. The offer is valid for travel through August 2027. Furthermore, Cathay members can enjoy additional savings on flights and repeat bookings when they book on www.cathay.com: To enjoy these member-exclusive offers, customers can sign up for free as a Cathay member at https:// sl1nk.com/ruYJuX8. Beyond airfare savings, the Cathay AnniFAREsary extends the celebrations across the Cathay experience, offering members more ways to enjoy extra savings and rewards: When travelling with Cathay Pacific, customers can look forward to the airline’s signature experience throughout their journey. At the World’s Best Airlines for 2026 awards organised by AirlineRatings Cathay Pacific was named second among the World’s Best Full-Service Airlines and was also awarded World’s Best Business Class for its Aria Suite cabins and the World’s Best Airline-

In the photo are, from left, Monica Francesca Manaig (Junior Sous Chef, Brasserie on 3); Patricia Joson (Junior Sous Chef, Banquets Kitchen); Doreene Ien Valencia (Chef de Partie, Pastry Kitchen); Kristine Davis (Executive Sous Chef); Via Angelica Dalida (Chef de Partie, Pastry Kitchen); Jazzel Jane Borcelis (Sous Chef, Brasserie on 3); and Rachelyn Bautista (Chef de Partie, C Lounge)

NCHANTED Kingdom, the first and only world-class theme park in the Philippines, is set to mark its 31st Anniversary with Fiesta ng Saribuhay, a month-long celebration that puts the country’s rich biodiversity at the heart of its enchanting lineup of exciting shows, worldclass entertainment, and other anniversary experiences this October. With this year’s theme, EK continues its mission to enrich every guest’s visit as it highlights the beauty of the Philippines through a grand showcase of its people, culture, and biodiversity, which make the country truly unique and enchanting. The anniversary festivities officially begin on October 2, 2026, with an enchanting World Teachers’ Day Celebration, complete with insightful sessions, captivating performances, and special treats and giveaways dedicated to the inspiring educators who help nurture the next generation of Filipinos. Guests are also invited to take a symbolic stride for sustainability, wellness, and togetherness at Run to 31: Takbo ng Saribuhay Fun Run on October 11. More details about the event, including how to register, will be released soon on EK’s social media pages. Every weekend of October, the Fiesta ng Saribuhay streetdance performances will set the stage for the country’s vibrant culture and festive spirit to shine across the Park. EK’s very own Storyverse characters will also add their magical touch into the festivities through their spectacular nighttime parade.

On October 17, EK will put Filipino music, talent, and pride in the spotlight at the Fiesta ng Saribuhay Concert, with R&B hitmaker Dionela set to headline the star-studded lineup of OPM acts that will surely make the anniversary festivities even more unforgettable. The celebration continues on October 18 with another exciting set of Fiesta ng Saribuhay performances featuring more OPM artists, all of which will be revealed soon. Explore the archipelago through food as EK’s newest Saribuhay Menu serves up healthy and hearty local dishes from the featured destinations in the AGILA The EKsperience: SARIBUHAY film, available soon at LaunchTime and Amazon Grill restaurants. Further expanding its wide selection of in-park food and dining options, EK will also welcome new tenant partners in the coming months, including Pepper Lunch at the EK Portico, Minimelts, Stroop & Zo, and Mango Royal. One of the highlights of EK’s 31st anniversary is the launch of AGILA The EKsperience: SARIBUHAY 2.5 this October, featuring new immersive pre- and post-show experiences that bring more enchanting stories of biodiversity to life. It introduces a new multisensory walkthrough upon entry that reveals the inspiration, symbolism, and making of the attraction. Delving deeper into the walkthrough, guests are brought into the natural habitat of the Philippine eagle, offering a glimpse into its lifecycle and the eye-opening plight of one of the most iconic and critically endangered birds in the country. Additionally, EK will elevate the retail experience at Pugad, AGILA’s in-house concept store, with displays and experiences that incorporate retail, education, innovation, and sustainability. Guests can take home not just souvenirs, but also a deeper appreciation and understanding of their overall AGILA experience. Relaunched in October 2025 with a renewed mission that goes beyond tourism to champion sustainability, AGILA The EKsperience: SARIBUHAY was notably named as the Best ASEAN New Tourism Attraction by the ASEAN Tourism Association (ASEANTA) last January. Extending its advocacy beyond the Park, EK has tapped its homegrown P-pop girl group, SMS, to take on the role of Saribuhay Explorers, serving as ambassadors for biodiversity. Through short-form digital content, the group will spread greater awareness about AGILA and the local biodiversity among audiences inside and outside the Park.

Motoring BusinessMirror

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

www.businessmirror.com.ph

Editor: Tet Andolong • Friday, September 4, 2026

➊

➊ THE top-spec

All-New Kicks e-Power LE Plus in Aquamarine Metallic color

➋ INSIDE, the

➋ ➌

SHARPER, SMARTER, ELECTRIFIED:

Nissan launches the All-New Kicks e‑Power Story & photos by Randy S. Peregrino

ISSAN Philippines has unveiled the All-New Kicks e-Power, marking the next generation of its electrified subcompact SUV. First introduced locally in 2022, the Kicks brought Nissan’s unique e-POWER technology to Filipino motorists. Four years later, the new model builds on that foundation with sharper design, enhanced features, and a driving experience that remains distinctly electric. “The Philippines is an important market for Nissan, and we are grateful for the trust Filipino customers continue to place in our brand,” said Nissan Philippines president Yoshinori Kanazawa. “The All-New Nissan Kicks e-Power represents a new chapter for a nameplate that has become familiar to Filipino drivers. We are excited to introduce this new generation and invite customers to discover the new Nissan Kicks that are made for those who are ready to explore and Live Daring.” The launch of the All-New Kicks expands Nissan’s electrified lineup in the Philippines, joining the X-Trail e-Power and reinforcing the brand’s broader vision of Intelligent Mobility. This strategy gives Filipino motorists more opportunities to experience electrified driving through practical, everyday models.

BOLD EXTERIOR UPDATES

VISUALLY, the fresh exterior design gives a sharper, more expressive presence. At the front, Nissan’s signature V-Motion grille is paired with a new lighting signature, while the triple-arrow daytime running lights sharpen its visual identity. The rear continues this modern approach with hexagon-shaped lamps that reinforce the Kicks’ styling, offering a clean look that stands out both day and night. Complementing these updates are improved headlights, engineered to deliver wider, longer illumination. This enhancement gives drivers a clearer view of the road, boosting visibility and confidence in low-light conditions. Altogether, the exterior revisions balance boldness with practicality, ensuring the Kicks remains recognizable while adapting to the demands of modern driving.

EVERYDAY COMFORT INSIDE

INSIDE, the all-new Nissan Kicks is crafted to make daily drives more pleasant and convenient for both drivers and passengers. Nissan’s Zero Gravity seats support a comfortable seating position, while anti-heat leather upholstery helps reduce heat buildup in warm conditions. Rear passengers benefit from an optimized seatback angle and a rear armrest that contribute to a more relaxed ride. At the same time, the driver enjoys a six-way power-adjustable seat for

a personalized driving position. Technology enhances the cabin experience, led by a 12.3-inch Display Audio system that integrates wireless Apple CarPlay and Android Auto. NissanConnect Services further support connectivity, bundled with a three-year subscription that gives drivers greater access to features and information on the road. Altogether, the interior balances comfort, practicality, and modern technology, ensuring the Kicks remains well-suited to the demands of daily life.

A SMARTER WAY TO GO ELECTRIC

AT the heart of the Kicks is Nissan’s e-POWER system, delivering a 100 percent electric motor-driven experience with 136 hp and 280 N-m of torque. Unlike conventional hybrids, the electric motor powers the wheels, while a 1.2-liter three-cylinder gasoline engine generates electricity for the battery. This setup provides the responsive feel of electric driving without requiring motorists to change their refueling habits.

SAFETY AND NISSAN PROPILOT

ADVANCED driver-assistance technology is a defining feature of the all-new Nissan Kicks e-POWER, with Nissan ProPILOT at the forefront. This system is designed to ease the strain of driving, particularly on highways and longer journeys, by assisting with steering, acceleration, and braking. Intelligent Lane Keep Assist helps keep the vehicle centered

within its lane, while Intelligent Cruise Control maintains a preset speed and safe distance from the car ahead. In heavy traffic, ProPILOT’s Traffic Jam Assist can bring the vehicle to a complete stop and resume driving, making daily commutes and extended trips more convenient and less stressful. Complementing ProPILOT is a suite of twelve additional safety and driverassistance technologies that broaden the Kicks e-POWER’s protective reach. Leading Car Departure Notification alerts drivers when the vehicle ahead begins to move. Intelligent Forward Collision Warning and Intelligent Forward Emergency Braking with Pedestrian Detection provide early alerts and automatic braking support to help avoid potential accidents. Blind Spot Warning with Intervention and Lane Departure Warning with Prevention add layers of protection during lane changes and highway driving. Rear Automatic Emergency Braking and Rear Cross Traffic Alert safeguard against unseen obstacles when reversing, while the Tire Pressure Monitoring System ensures optimal tire performance. The Intelligent Around View Monitor with Moving Object Detection enhances visibility around the vehicle, giving drivers a clearer perspective in tight spaces. High Beam Assist automatically adjusts lighting for improved nighttime visibility, and Driver Attention Alert monitors driver behavior to detect signs

of fatigue or distraction. Together, these technologies create a comprehensive safety net that anticipates risks and actively assists drivers in real time. By combining ProPILOT with an extensive suite of intelligent safety systems, the all-new Nissan Kicks e-POWER delivers a driving experience that is confident, secure, and well-suited to the demands of modern mobility.

PRICING AND COLOR

THE all-new Nissan Kicks e-POWER is offered in three variants, each positioned to suit different customer preferences. The VE is priced at P1.499 million, the VL at P1.649 million, and the LE Plus at P1.749 million. Four exterior colors are available—Aquamarine Metallic, Gun Metallic, Pearl White, and Moon Pearl Gray. For a more distinctive look, the LE Plus adds a Black Roof option, creating a refined two-tone appearance. Inside, the LE Plus carries a Moonstone interior combination, while the VE and VL variants feature classic Black finishes. To make the ownership experience more accessible, Nissan is extending exclusive launch offers. Each purchase comes with a complimentary one-year Nissan Protect+ package, covering prepaid maintenance with genuine Nissan oil and parts. This ensures expert servicing and added value during the first year of ownership, further strengthening customer confidence in the brand’s electrified future.

Inchcape and Changan formalize split; July sales highest in 2026 ARIANNE Colene Jalalon has confirmed the report that Inchcape Philippines and Changan have mutually agreed not to renew their distribution partnership in the Philippines, as Changan advances its long-term plans for the Philippine market. “The partnership is now in a transition period that will run through Q4 [fourth quarter] 2026,” Jalalon said. Existing customer commitments, including aftersales, warranty, parts and service support remain valid throughout the transition period. Jalalon cited the statement of Alex Hammett, managing director, South Asia and Pacific, Inchcape: “Since 2023, Inchcape Philippines and Changan have worked together to build the Changan brand in the Philippines, supported by Inchcape’s local expertise, distribution capabilities and dealer network. “We are committed to supporting our customers, colleagues, dealers and business partners through this transition, and I would like to thank our team at Inchcape Philippines and our dealer partners for their valuable contribution to building and supporting the Changan brand in the Philippines over the past three years. “The Philippines remains an important market for Inchcape, with the company continuing to distribute MercedesBenz passenger cars, trucks and buses, as well as Jaguar Land

HIGHEST CAR SALES

Rover, and operating the retail business of Harley-Davidson. Inchcape’s focus is on continuing to grow our existing portfolio and bringing new products to our customers in the Philippines.” The country is also home to Inchcape’s Digital Delivery Centre and Global Business Services teams, which together employ more than 700 colleagues and support Inchcape’s global operations. Further information on arrangements following the transition period will be communicated once these are confirmed. Good luck, fellas.

JULY proved to be the highest monthly sales for cars in 2026, according to Elvin Luciano. This is significant as this is just five months away from December, the traditional “rush hour time” to buy that dream car for everyone. In a statement, Luciano said the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported total sales of 37,319 units in July. Combine the data with sales estimates of other automotive brands and you will have a total of industry sales of 42,880, which is the highest monthly sales yet for the year. “With this continuous growth, the industry is riding on a good momentum. We are hopeful that the positive trend will continue for the remainder of the year,” said CAMPI president Jose Maria “Jing” Atienza.

DEMAND

WHILE demand for Internal Combustion Engine (ICE) vehicles remains strong, July’s 2026 growth mainly came from the increased supply of Electrified Vehicles (xEVs), reflecting more than doubled sales versus last year. “The shift to electrification continues to accelerate, with xEV’s accounting for 29.5 percent of the market in July. This is up 18 points from same month last year,” Atienza added.

Of the CAMPI-TMA member brands, Toyota Motor Philippines Corp. (TMP) leads July monthly sales at 17,797 units. It is followed by Mitsubishi Motors Philippines Corp. with 6,271 units, Suzuki Philippines Inc. 1,689, Honda Cars Philippines, Inc.1,256 and Ford Group Philippines Inc. 1,152 units. It is worth noting, too, that sales of xEVs continue to rise, eating up on ICE sales performance. It can only mean one thing: We are becoming conscious of developing, preserving, a clean environment brought on by an electrified mobility.

PEE STOP Congratulations to Mitsubishi for its successful

launch recently of its Plug-In All-New Outlander PHEV at Solaire North, Quezon City, that saw a huge flock of car devotees in attendance, according to Nelda Castro. Cheers!... Allana Faith Rufo reports that the Toyota Gazoo Racing Philippine Cup Race Weekend 4 will be held on Sept. 12, Saturday, at Clark International Speedway in Angeles City, Pampanga. Admission is free as usual to the event serving as the culmination of the TGR racing extravaganza this year... Car repair shops are flooded with vehicles that got submerged in Metro floods as a result of continuous rains the past two weeks or so, triggered mostly by habagat (monsoon rains). Indeed, for every crisis comes an opportunity for others. As in some lawyers earning a fortune from, ummm, the misfortune of others.

all-new Nissan Kicks is crafted to make daily drives more pleasant and convenient for both drivers and passengers

➌

UNDER the hood is Nissan’s e-POWER system, delivering a 100 percent electric motor-driven experience

Friday, September 4, 2026

www.businessmirror.com.ph

Marcos not violating law for keeping ‘over-acting’ Cabinet members: Palace By Samuel P. Medenilla

@sam_medenilla

ALACAÑANG said President Ferdinand Marcos is not violating the law for maintaining several “over-acting” Cabinet members. Palace Press Officer Claire Castro made the statement in a press briefing on Thursday after Senator Imelda “Imee” R. Marcos, the President’s sister, called out the Executive branch for its alleged “perversion” of the checks and balances in the government by not subjecting all of his secretaries to confirmation of the Commission of Appointments (CA).

During the hearing of the Development Budget Coordination Committee (DBCC) in the Senate last week, Senator Marcos said there were 12 “over-Acting” Cabinet members. She listed Executive Secretary Ralph G. Recto, Public Works Secretary Vivencio “Vince” B. Dizon, Transportation Secretary Giovanni

Z. Lopez, Justice Secretary Fredderick A. Vida, Finance Secretary Frederick D. Go, Budget Secretary Kim Robert C. De Leon, Environment Secretary Juan Miguel T. Cuna, Health Secretary Edwin M. Mercado, Presidential Communications Office Secretary Dave M. Gomez and Labor Secretary Francis N. Tolentino. The lawmaker also mentioned Bases Conversion and Development Authority President and CEO Joshua M. Bingcang and BCDA board member Dante V. Liban. Castro, however, pointed out that the decision of Marcos not to nominate his acting secretaries to the CA was not illegal and is part of his presidential prerogative. “At present, the appointment of acting secretaries—such as Secretary Dave Gomez, who has been an ad interim appointee since July

10—remains in order. Thus, the President is not violating any process or law,” she said in Filipino in a press briefing on Thursday. Gomez has yet to face the CA since he was appointed by the President. In its website, the CA defined ad interim appointments as appointments made during the recess of Congress. It noted that an interim appointment only becomes invalid upon disapproval of the CA if not confirmed until the next adjournment of Congress. In a ruling in 2005, the Supreme Court distinguished an ad interim appointment from an acting secretary, which it said may be extended indefinitely by the President any time there is a vacancy in his or her Cabinet, unlike that of an ad interim appointment.

Illegal horsefighting derby in Bukidnon shelved

HILE cockfighting is rampant in almost every corner of the Philippines, dogs, carabaos, and horses are also for entertainment and gambling that involve fighting animals, and this does not sit well with animal rights groups like People for the Ethical Treatment of Animals (Peta).

In Bukidnon, a scheduled horsefighting derby was shelved after Peta filed a complaint against holding the activity for entertainment purposes. Acting on a tip from Peta, authorities in San Fernando, Bukidnon have shut down an illegal five-day horse fighting event that had been set to run from September 15 to

19—sparing as many as 165 horses from being forced to bite, kick, and bash each other bloody while crowds place bets, says Peta. Peta sent a letter to the San Fernando chief of police, Maj. Arnold D. Formento, noting that the event would violate the Animal Welfare Act—which explicitly prohibits horse fights—and warning that

such spectacles are commonly tied to illegal gambling operations. Formento took the case to the mayor and other local officials, who worked together to stop the event from taking place. Formento also held a dialogue with tribal residents of San Fernando, who said they wanted no part of horse fighting and accused organizers—described as a largescale gambling syndicate—of invoking their communities and “cultural tradition” as a cover. “Horsefighting is a cruel, criminal racket in which stallions are whipped into a frenzy and forced to tear each other apart while screaming crowds bet on the outcome,” says Peta President Jason Baker. “Peta is calling on local officials across the country to follow San Fernando’s example and act swiftly to shut down these violent, illegal events.” During horsefighting events, stallions are restrained in proximity to a mare in order to deliberately provoke them before they’re forced into the ring. Horses used in these events frequently suffer deep gashes and broken bones—and some have had their ears ripped off or their eyes knocked out. Those deemed no longer useful are slaughtered for meat. The Bukidnon derby is the latest in a string of illegal horse events Peta has helped stop, including those scheduled in Liliw, Laguna; and in Lucban, and Tayabas City, Quezon. Peta urged anyone with information about horse fighting or other illegal activities involving animals to report it immediately to local authorities or to Peta. Jonathan L. Mayuga

Pampanga flood victims feast on fresh tilapia By Ashley J. Manabat

AYS a f ter f loodwaters breached the San Fernando-Sto. Tomas-Minalin tail dike in Minalin, Pampanga, residents were catching farmed tilapia that escaped from fishponds washed out by the surge. A section of the tail dike near barangay Santa Catalina gave way on August 30 as high-pressure water from the Pasig-Potrero River carved a new path through the area, washing out nearby fishponds and sending floodwaters toward neighboring communities. Residents from Porac, and the City of San Fernando, were seen using fishnets to catch the stray tilapia, with one group filling a sack with the fish. Capampangan author and local historian Ruston Banal, who grew up in Betis, Guagua, visited the area to see the aftermath and witnessed residents catching the escaped fish. “Susuba la,” Banal said, using a Capampangan expression to describe the fish going against the current. Minalin Mayor Philip Siojo Naguit, in a Facebook video update, said workers were reinforcing the breached section of the dike and expected the work to be completed by the following day. “Most likely anggang buqas completely mayari ne, talagang pecatatag mi ya. Nung sakali datang pa ing maragul a danum kening dike, at least atin neng breaker at ene tumumbuc quetang area na ita,” Naguit said. (Most likely, it will be completely repaired by tomorrow. We really made it sturdy. In case a large volume of water comes through this dike again, at least there’s already a breaker in place and it won’t hit that area directly anymore.) The reinforcement, he said, would serve as a barrier against another surge of water and keep the current from directly hitting the affected section of the dike.

A map provided by a source and said to have been based on discussions involving Department of Public Works and Highways and local officials identified heavy siltation along a section of the Gugu River as a factor in the flooding. According to the map, siltation restricted the flow of rainwater from the Gugu River toward the Sta. Ursula River, forcing water toward lower-lying areas of Minalin, Sto. Tomas and southeastern San Fernando. It said the resulting buildup contributed to breaches in two portions of the tail dike. The map proposed immediate repair of the breached portions and slope protection along the tail dike, along with extensive dredging of the silted section of the Gugu River to provide an additional outlet for excess rainwater toward the Sta. Ursula River. The Gugu River is part of the Pasig-Potrero river system. For Banal, the flooded waterway was also a reminder of a landscape he knew as a child. “Masanting qñg stretch a yan. Lilibut kami queni [kanita para mamagdilu. Tau kung ilug.” (That stretch is beautiful. We used to come here to bathe. I grew up around the river.) Banal said the waterway served as a shortcut for people traveling from Guagua and Lubao to Minalin, Apalit and Macabebe. “Shortcut ya yan if you are coming from Guagua or Lubao, nung munta ca Minalin, Apalit, or Macabebe. Anyang anak cami, awus damu qñg lugar a yan, bebe, which means, waterways. Pero ala pang makanyan a plasdan,” he said. (That’s a shortcut if you’re coming from Guagua or Lubao and heading to Minalin, Apalit, or Macabebe. When we were kids, there was a lot of water in this area. It was basically a waterway. But there weren’t any fishponds like this back then.) The landscape, he said, no longer looks the way he remembers it.

CV property developers seek closer cooperation with govt

EBU CITY—Property developers in Central Visayas are seeking closer collaboration with the government on reforms that could help lower the cost of housing, citing expensive land, high financing costs, rising construc tion expenses, and policy constraints as major pressures on home affordability. The Subdivision and Housing Developers Association (SHDA) Central Visayas said it will push discussions on regulatory reform, cost resilience and resource security during its Housing Summit on September 11, as the industry looks for practical ways to sustain housing production while keeping homes within reach of more buyers. Among the areas developers want addressed are faster processing of permits and other government requirements, lower financing costs, clearer implementation of property valuation reforms and improved infrastructure planning. SHDA officials said the challenge facing the industry is not only how to build more houses, but also how to continue delivering quality homes at prices buyers can afford

despite rising development costs. Harold See, a member of the SHDA Central Visayas board of trustees, said the government could play a larger role in addressing affordability, particularly by helping reduce developers’ financing costs. He said government financial institutions such as the Development Bank of the Philippines, Land Bank of the Philippines and Pag-IBIG Fund could consider offering preferential interest rates to qualified developers or projects, subject to certain affordability requirements. Such support, he said, could reduce financing costs and eventually help make housing more affordable. Developers also identified the rising cost of land as a major obstacle, particularly in highly urbanized areas where affordable housing projects have become increasingly difficult to develop. See said a possible model could involve greater government participation in providing land for housing while private developers focus on constructing the projects. He said such public-private arrangements, combined

with preferential financing, could help bring down the cost of homeownership. SHDA President Ken Salimbangon, meanwhile, said housing development should also be encouraged outside major urban centers to ease pressure on cities and bring communities closer to jobs and other economic opportunities. He noted that Cebu City continues to attract people from the countryside and neighboring islands because of employment and development opportunities, adding to the growing demand for housing. However, the high cost of urban land makes it difficult to build affordable projects within the city, he said. Developers are also seeking better coordination with local governments on zoning, land-use planning and infrastructure as new residential projects expand into emerging areas. SHDA officials said outdated comprehensive land-use plans, drainage systems and other infrastructure could become constraints as housing demand continues to grow. Carmel Pedroza