BusinessMirror September 14, 2026

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

H1 CURRENT ACCOUNT GAP UP 51.7% TO $15.4B www.businessmirror.com.ph

n

Monday, September 14, 2026 Vol. 21 No. 335

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

By Andrea E. San Juan

T

HE Philippines spent more money than it earned on foreign goods, services and transfers as its current account deficit expanded by over 50 percent to $15.44 billion in the first half of 2026, a report from the Bangko Sentral ng Pilipinas (BSP) showed. Based on the central bank’s Balance of Payments (BOP) report for January to June 2026, the country’s current account gap widened by 51.7 percent from $10.178 billion in the January to June 2025 period to $15.436 billion in the first half of this year. Historical data from the BSP showed that the Philippines’s current account balance has been in

deficit for five consecutive years already. On a quarterly basis, this is the 22nd consecutive quarter that the current account stayed in the red—or since the fourth quarter of 2020. As defined by the central bank, the current account covers trade in goods and services, income earned from and paid to other See “Account,” A2

PBBM, INDIA TACKLE RAILWAY, SPACE, OTHER PROJECT TIEUPS By Samuel P. Medenilla

P

RESIDENT Ferdinand Marcos Jr. led discussions on the country’s possible cooperation with India on the construction of three railway projects as well as obtaining space technology for weather forecasting during his two-day trip to New Delhi, according to Malacañang. The chief executive also met with several Indian firms to discuss updates on their ongoing expansion plans in the Philippines.

Presidential Communications Office (PCO) Acting Secretary Dave M. Gomez disclosed Marcos met with the Rail India Technical and Economic Service Ltd. (RITES) on Saturday to discuss how it can support the Mindanao Railway Project, a mass rail system in Cebu, and the extension of the Philippine National Railways (PNR) system from Tutuban in Manila. He said the Indian transport infrastructure consultancy of the Ministry of Railways can participate in the projects as See “Project,” A2

BusinessMirror

»B8

BM Freshly Brewed September 7, 2026 | 10 AM

DR. BEAVER TAMESIS President and CEO of Asian Hospital and Medical Center

LEADING THE FUTURE OF HEALTHCARE DR. BEAVER TAMESIS ON INNOVATION, PATIENT CARE AND COMPASSIONATE LEADERSHIP

ANNE RUTH DELA CRUZ BusinessMirror Health&Fitness Editor

HEIGHTENED SECURITY AHEAD OF BARMM POLLS Army soldiers check the flow of vehicular traffic along a highway in Marantao, Lanao del Sur province, southern Philippines, on Sunday,

September 13, 2026, a day before the first-ever parliamentary elections of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). Nearly 2.4 million registered voters are expected to cast ballots on Monday to elect members of the region’s first regular Parliament, marking a major step in its transition to an autonomous parliamentary form of government after decades of peace efforts. Security has been heightened across the region ahead of the vote, with Lanao del Sur having the highest number of areas classified by the Commission on Elections as high-risk or “red” areas. AP/FROILAN GALLARDO

End-June external debt hits record-high $154.9B

T

HE National Government’s (NG) global bond issuances and loan availments for budgetary and development financing drove the country’s external debt to a record high of $154.93 billion at end-June 2026, according to the Bangko Sentral ng Pilipinas (BSP). Based on the data, external debt, or the borrowings owed by residents to non-residents, increased by 4.1 percent to $154.93 billion as of the end of June 2026 compared to the $148.87 billion at end-June 2025. “The rise was primarily driven by the NG’s global bond issuances and loan availments for budgetary and development financing,” the central bank said in a statement. Meanwhile, on a quarterly basis,

the Philippines’s outstanding external debt increased by 5.14 percent from $147.35 billion as of the end-March 2026. According to the central bank, the quarter-on-quarter increase in the external debt stock was driven mainly by net borrowing activity of the National Government (NG) and private domestic banks. “This was partly offset by negative FX revaluation effects arising from the US dollar appreciation, and a modest decline in non-resident holdings of Philippine debt securities,” the BSP said in its statement over the weekend. As such, external debt as a share of gross domestic product increased to 31.6 percent from 30 percent in the previous quarter. The increase,BSP noted, reflected

the faster growth in external debt relative to economic output during the quarter. Moreover, the central bank said liquidity buffers remained strong despite higher near-term obligations. For one, while short-term external debt based on the remaining maturity concept (STRM) rose to $31.64 billion, BSP said it remained “adequately covered” by the gross international reserves (GIR) of $104.74 billion. The central bank explained that short-term external debt based on the remaining maturity concept is composed of loans with original maturities of one year or less plus amortizations on medium- and long-term accounts falling due within the next 12 months.

This placed the GIR-to-STRM ratio at 3.31, indicating “sufficient resources” to cover external debt obligations falling due over the next 12 months. Based on latest data, the BSP described the Philippines’s reserve coverage as still “robust” relative to other emerging economy peers. Meanwhile, BSP said debt service ratio, another indicator of capacity to service debt that compares the country’s loan payments with its income from exports and other inflows, improved to 9 percent from 9.2 percent in the same period last year. This, the central bank said, indicates that the country’s foreign exchange earnings continued to be “adequate” to meet repayments on See “Debt,” A2

PESO EXCHANGE RATES n US 62.5420 n JAPAN 0.4052 n UK 84.5380 n HK 7.9764 n CHINA 9.3186 n SINGAPORE 49.3273 n AUSTRALIA 44.7551 n EU 72.6175 n KOREA 0.0463 n SAUDI ARABIA 16.6557 Source: BSP (September 11, 2026)

News

BusinessMirror

A2 Monday, September 14, 2026

End-June external debt hits recordhigh $154.9B Continued from A1

external debt. Overall, the BSP said: “The external debt position remained broadly manageable, underpinned by sound solvency indicators and adequate liquidity buffers.” Andrea E. San Juan

FATF lists ‘red-flag’… Continued from A9

gambling operators increasingly allows rapid, anonymous, cross-border transactions, and the conversion of value into different forms,” FATF said. Online gaming and gambling platforms are also increasingly interconnected with social media and other digital platforms, which “can increase” risks, the report noted. Such channels “can be used to communicate and coordinate illicit activity such as competition manipulation, advertise illegal or unlicensed gambling [and] recruitment of money mules,” among other activities, it added.

www.businessmirror.com.ph

DOE sets more green-energy auctions to hit RE share hike

T

By Lenie Lectura

HE Department of Energy (DOE) has lined up more green energy auctions (GEA) scheduled next year, boosting goals of hitting a 35-percent renewable energy (RE) share in the energy mix by 2030, and 50 percent by 2040. “All in all, 10 years of Green Energy Auction [GEA] plan is 25 gigawatts of additional renewable energy capacities between 2027 [and] 2035 delivery dates,” said DOE Undersecretary Rowena Guevarra. The DOE is launching a dedicated GEA round, targeting 20 priority offgrid island sites served by the National Power Corporation (Napocor). The final list of these 20 target islands has yet to be announced. Guevarra said the GEA for Napocor involves hybrid solar, plus battery, with the NPC-SPUG (Small Power Utilities Group) diesel generator set as back up. “The insulation target is 67.99 megawatts across 20 sites. We’re waiting for the study being con-

ducted by Transco [National Transmission Corp.] and NEA [National Electrification Administration] on their assessment on the readiness of transmission lines and distribution lines,” she said. The target publication and department circular for this GEA round is in the fourth quarter of 2026 and the terms of reference (TOR) and notice of auction (NOA) are set in the first quarter of 2027. After the GEA for Napocor round, the agency will launch GEA-7 for integrated renewable energy and energy storage system (IRESS), roof-mounted solar, and run-of-river river hydro for Mindanao. “Our target for IRESS is 2,000

megawatts, 20 megawatts for roof mounted solar, 120 megawatts for run-of-river hydro. We had a focus group discussion last July 27 and we will release the NOA and TOR within this quarter and the auction proper is in the fourth quarter of this year,” Guevarra said. GEA-8 is also set to unfold next year. The DOE is targeting 1,200MW of capacity of onshore wind (OSW) with battery energy storage system (BESS) for Luzon, Visayas, and Mindanao, with delivery dates of 2031 to 2033. “There will be focused group discussion, and target release of notice of auction, and terms of reference is in the first quarter of 2027,” added the DOE official. For GEA-9, the DOE will involve other government agencies to launch the agriculture and aqua solar and solar-on-stilts technologies.

“We will adopt the AUU or the Abandoned, Underutilized, Undeveloped—plants of our other government agencies like Department of Agriculture, Department of Environment, and Natural Resources, and Department of Agrarian Reform. “We also want to use the canals of the National Irrigation Administration. We are in talks with the Department of Agriculture and the Department of Environment and Natural Resources. We will announce more of this towards the end of the year,” Guevarra said. Lastly, GEA-10 is dedicated for different technologies such as run-of-river (ROR) hydro for Luzon and Visayas, non-FIT (Feedin-Tariff) eligible geothermal, and impounding hydro. “The NOA and TOR will be released in the first quarter of 2027,” she added.

Account…

resilient services exports and remittance inflows, helped finance the country’s external funding requirements and moderate the overall BOP deficit during the period,” the BSP said. In the second quarter of this year alone, the BOP report showed that the current account deficit widened by 60.69 percent to $8.97 billion, from the $5.58-billion gap in the same period in 2025. The $8.97-billion current account gap recorded in the April to June 2026 period was also wider, by 38.65 percent than the $6.47-billion current account deficit recorded in the first quarter of 2026. In its book titled, “Current Account Dynamics and the Philippine Economy: Developments and Prospects,” the BSP said managing the current account is “becoming increasingly challenging” for the Philippines, particularly due to the pattern of its economic development diverging sharply from the traditional industrialization route followed by many successful East Asian economies, which evolved from agriculture to industry on the way to a servicesdominated economy. “This ‘premature de-industrialization’ of the economy, characterized by a weak industrial base and underdeveloped agriculture, combined with excessive dependence on low-productivity services, presents various challenges for CA management in the country,” the BSP book noted. Despite the resilient remittance inflows and the “booming” information technology and business process management (IT-BPM) industry, the book noted that long-standing trade deficits in goods suggest that its structural weaknesses persist. (See: https://businessmirror. com.ph/2026/06/10/currentaccount-management-a-formidable-task/) Given the challenges hounding the economy’s current account balance, the central bank placed the need to maintain fiscal discipline on top of its recommendations. The BSP highlighted in the book the importance of freeing up fiscal space for “growth-enhancing” public investment in activities, such as workforce upskilling and reskilling a well as research and development (R&D) that will benefit productive sectors of the economy without furthering external imbalances and reinforcing the dependence on external borrowing. “Maintain prudent debt management and strengthen fiscal transparency to improve national savings and achieve a healthy current account balance,” it added.

Continued from A1

countries, and transfers such as remittances and grants. “The current account balance shows whether the country receives more from, or pays more to, the rest of the world during a given period,” the BSP explained further. According to BSP, the larger current account deficit in the first half of 2026 was primarily due to the wider trade-in-goods gap which widened further by 15.5 percent to a $37.70-billion deficit, from the $32.63-billion gap recorded in the same period a year earlier. The central bank explained that the larger trade-in-goods deficit was due to the bigger import bill compared to the country’s earnings from its outbound shipments. Imports of goods grew by 12.4 percent to $72.44 billion in the first half of 2026, from the $64.44 billion recorded in the same period a year ago, while exports of goods increased by merely 9.2 percent to $34.73 billion, from the $31.81-billion export receipts recorded in the first half of 2025. “Imports of goods grew by 12.4 percent and were largely pricedriven,” the central bank noted. The BSP said key import commodities include: Telecommunication equipment and electrical machinery, reflecting sustained investments in digital infrastructure; Mineral fuels and lubricants, particularly automotive diesel fuel and unleaded petroleum oils, amid elevated prices in global energy markets; and Materials and accessories for the manufacture of electrical equipment, supporting production activities. On the other hand, it noted that exports of goods, which increased by 9.2 percent, was “largely volume-driven” and was further supported by the peso depreciation. According to the central bank, key export commodities include: Electronics products, amid sustained global demand related to AI and data centers; and Machinery and transport equipment, reflecting continued demand from industrial sectors abroad. Nonetheless, the BSP reported that the current account was supported by higher travel receipts amounting to $5.3 billion, “sustained” overseas Filipino cash remittances at $17.1 billion, and “continued” growth in BPO revenues which amounted to $15.4 billion. “Despite the wider current account deficit, strong financial account inflows, together with

PBBM, India tackle railway, space, other project tieups Continued from A1

a consultant or through a publicprivate partnership (PPP) and help Manila secure official development assistance (ODA) for their implementation. The Palace official said Marcos also met with Indian Space Research Organisation (ISRO) to discuss how it can help Philippine Space Agency (PhilSA) in launching Manila’s own satellite. “It is truly important for us to have our own satellite because it serves many purposes and offers significant benefits—ranging from communications and weather forecasting [which is essential] because of climate change to defense and security,” Gomez told reporters, partly in Filipino, in an interview at Taj Mahal Hotel in New Delhi on Saturday. Marcos went to India to represent the Association of Southeast Asian Nations (Asean) as its current chairman at the 18th BRICS Summit in New Delhi. While in India, he met officials of the Coalition for Disaster Resilient Infrastructure (CDRI), where it was announced that the Philippines will become CDRI’s 71st member The CDRI is a voluntary and non-binding global partnership that helps countries strengthen infrastructure against disasters and climate change. Gomez said the country’s membership in CDRI will give it access to financing to make its infrastructure’s more disaster resilient. Marcos also held discussions with the following Indian firms to get updates on their ongoing expansion plans in the Philippines: iSON Group, National Payments Corporation of India (NPCI) International Payments Limited (NIPL), GMR Group, VVDN Technologies, Hinduja Group, and HCLTech. iSON Group has committed US$75 million on an agro-solar project, healthcare and 24/7 teleconsultation services, as well Business Process Outsourcing and global delivery centers, while NIPL will be partnering with the Land Bank of the Philippines for the local adoption of India’s Unified Payment Interface. GMR is cooperating with Cavitex Holdings Inc. for the development of the Sangley Point International Airport (SPIA) project. Trade Secretary Cristina Aldeguer-Roque, who accompanied the President in the business meetings, said the government will address the concerns they have raised. “We take a whole-of-government approach to make sure that things get done. All the Cabinet secretaries work together to address the concerns of these companies,” Roque said.

DepDev pins hopes on holidays to reverse job… Continued from A9

“If we succeed in upscaling them, I don’t think that, and this is supported by the industry itself, that they will be replaced,” he explained. To make this possible, Balisacan said the public sector must work closely with industries and other sectors to support workers’ upskilling and help them transition to highervalue jobs.

Monday, September 14, 2026

A4

www.businessmirror.com.ph

House prosecution team dares V Sara to attend impeach trial

BARMM voters go to polls

T

By Jovee Marie N. dela Cruz

@joveemarie

HE House prosecution team has challenged Vice President Sara Z. Duterte to personally attend her impeachment trial on Monday as the prosecution begins presenting evidence on allegations of unexplained wealth. House prosecutor and Partylist Rep. Terry Ridon of Bicol Saro, over the weekend, urged Duterte to appear before the Senate Impeachment Court as prosecutors prepare to present Statements of Assets, Liabilities, and Net Worth (SALNs), financial records, and corporate documents that they say will examine whether her declared wealth matches her lawful income and actual assets. Article II of the impeachment complaint accuses Duterte of betrayal of public trust, alleging that she accumulated wealth disproportionate to her legitimate income and failed to fully and truthfully disclose her assets and liabilities. Leading the prosecution team for Article II are Ridon and Partylist Rep. Jose Manuel Diokno of Akbayan.

The first witnesses expected to appear include retired Sandiganbayan Presiding Justice Amparo Cabotaje-Tang, Office of the Ombudsman Records Division Officer-in-Charge Karen Batu, and Securities and Exchange Commission Company Registration and Monitoring Department Director Gerardo del Rosario. Their testimonies are expected to cover public accountability principles, SALN records, and corporate documents connected to Duterte and her husband, lawyer Manases Carpio. The prosecution has prepared more than 1,800 bank, tax, and other financial documents involving Duterte, Carpio, and companies associated with them. These records will be examined alongside SALNs and other government documents to determine whether

the reported assets and financial transactions match declared sources of income. Ridon explained that prosecutors do not necessarily need to trace every individual peso involved in the alleged wealth issue. According to him, the main concern is whether the difference between a public official’s declared wealth and actual financial position can be explained. “The basic questions relate to compliance with SALN law and whether the contents of the SALN match their actual wealth and properties,” Ridon said. The prosecutor compared the situation to the impeachment case of former Chief Justice Renato Corona, where discrepancies involving undeclared assets and bank deposits became a major part of the proceedings. Ridon emphasized that SALN compliance remains an important measure of public accountability for government officials. Before the presentation of evidence, Ridon also challenged Duterte to personally attend the trial. “ This is a challenge to the Vice President: Please show up on Monday,” Ridon stated. “If your position is that there is no evidence or that the prosecution is creating evidence, you should have nothing to fear,” he said, adding that Duterte could

appear either as a prosecution witness or a defense witness to clarify the issues. The prosecution has also indicated that additional AMLC reports may become part of the evidence. However, Ridon said he could not discuss specific details because of the Senate Impeachment Court’s sub judice restrictions. Ridon said prosecutors will analyze bank records beyond simple account balances, explaining that money movement and average balances over time are important factors in understanding financial activity. Ridon also rejected the argument that a low or zero balance in a bank account automatically resolves questions about previous transactions. He explained that repeated deposits and withdrawals may still reflect financial activity that must be examined. “Do not mislead the people by saying that because an account was emptied on a particular date, there was no actual balance or financial activity over several weeks,” he said. The prosecution has also raised the possibility of questioning Carpio regarding financial records connected to the allegations. Ridon said that while Duterte may invoke constitutional protections, such protection would not automatically apply to her husband.

Lacson backs Teodoro’s China rebuke in Sokor forum

D

EFENSE Secretary Gilberto Teodoro Jr.’s rebuke of China at a recent security forum in South Korea, hailed by netizens, has gotten more praise, this time from Sen. Panfilo M. Lacson. The pointed remarks by the Defense chief “showed what the Philippines can bring to the world stage,” Lacson said on Sunday, alluding to Teodoro’s upholding the Philippines’ position on sovereignty and international law at a

high-level security forum in Seoul. Lacson noted the praise Teodoro earned from netizens in South Korea for rebuking Chinese delegates over their questioning of the 2016 South China Sea Arbitration Award at the forum. “Imagine a ‘President Gilbert Teodoro’ alongside global leaders: the world would inevitably ask why a nation led by such a brilliant mind remains poor and underdeveloped,” he said in a post on X.

At the Seoul Defense Dialogue on September 8, Teodoro confronted Chinese delegates over their note questioning the 2016 Sout h China Sea A rbitration Award which upheld the Philippines’ position. During the forum, an event staffer handed Teodoro a note from a Chinese delegate claiming the arbitration award violates “fundamental principles of international law.” Teodoro responded by reading

the note aloud and emphasizing the primacy of the United Nations Convention on the Law of the Sea (Unclos). He also stressed that China needs to show “basic decency and behavior” and told the Chinese delegates, “maging disente lang kayo nang konti, mahiya naman kayo nang konti [be a little decent and have some shame].” South Korean netizens reportedly praised Teodoro for his “elegant anger in human language.”

‘Shotgun-style class suspensions may erase recent Pisa gains’ By Butch Fernandez @butchfBM

T

HE Philippine education system may have posted its “best-ever” performance in the latest Pisa (Program for International Students Assessment) report, but such gains can quickly be wiped out by the very real threats of disruptions to learning as a result of weather-related disturbances, according to Senate President Sherwin Gatchalian. Noting how so many learners have been needlessly inconvenienced by blanket face-to-face suspensions that force them into virtual classroom setups which in turn

suffer from connectivity problems, Gatchalian sought more localized and targeted class suspensions. These are, he stressed, way better than blanket, system-wide declarations, as he emphasized the need to prevent learning loss amid repeated weather-related disruptions to face-to-face instruction. “This is worrying. While we know that class suspensions seek to ensure the safety of learners and teachers, widespread disruption to classes can aggravate learning loss,” Gatchalian said, noting that classes should be allowed to continue in unaffected schools or areas. In the last 30 days, class suspensions

disrupted face-to-face learning in various parts of the Philippines for at least 20 weekdays—or two thirds of the class period. A study by the Second Congressional Commission on Education (Edcom II) also found that in the last two years, an average of 30 to 50 class days out of the 180-day school calendar were lost due to class suspensions. “ Bagama’t tinitiyak natin ang kapakanan ng ating mga mag-aaral tuwing may kalamidad, kailangan din nating tiyaking magpapatuloy ang edukasyon sa mga ligtas na lugar [Although we ensured the safety of students during calamities, we must ensure that learning is not disrupted in otherwise safe areas],” he said. Under the proposed 21st Centur y

School Boards Act or Senate Bill 53 Gatchalian proposed to make local school boards responsible for timely, organized, and localized interventions in the delivery of basic education in times of disasters, calamities, and emergencies. On Wednesday, Gatchalian was among the first to cheer the Philippines’ performance in the Pisa, improving across all three core subjects and emerging among the most improved education systems in the latest cycle—results that lawmakers and education officials say strengthen the case for sustaining, and expanding, investment in the country’s ongoing reform agenda. See “Pisa,” A6

OTERS in the Autonomous Region in Muslim Mindanao will finally be given the chance the choose their officials with the holding on Monday of the first elections for members of parliament. The Commission on Elections (Comelec) declared its preparations for the first Bangsamoro Parliamentary Elections ready after completing the final testing and sealing of vote-counting machines. Comelec Chairman George Erwin M. Garcia said no shortage of election equipment was reported during the final checks. “No one complained that they lacked any of the equipment they received,” Garcia said. Machines, batteries, codes and digital signatures were all accounted for, while batteries inspected during the activity were fully charged, according to Comelec. “For now, those are our initial accomplishments and an indication that we are successful,” Garcia said. Final testing also gave electoral board members a chance to identify and address problems before election day. Garcia said this would allow teachers to become familiar with the machines and procedures before Monday’s voting. Comelec has also prepared backup personnel in case some electoral board members are unable to serve. In Cotabato, nearly 200 National Police (PNP) personnel are on standby as possible replacements for public school teachers. Garcia said the personnel have been trained and certified by the Department of Science and Technology (DOST). Some teachers have backed out in other areas, including two in a municipality in the Lanao area, according to Garcia. He said the withdrawals were reportedly

linked to the teachers’ relationships or close ties with candidates. The poll body chief also reminded voters to properly shade their ballots and avoid using an “X,” which may not be detected by the voting machines. A lawmaker meanwhile called on all stakeholders to ensure a peaceful Bangsamoro Parliamentary Election, while urging the national government to exercise caution in deploying security forces so as not to intimidate voters. Ahead of the historic regional polls on Monday, reports of over 10,000 security forces deployed across the BARMM have raised concerns among peace advocates and local communities. While acknowledging that deterring election-related violence is important, Party-list Rep. Dadah Kiram Ismula of Akbayan said that security operations must balance safety with protecting voter turnout. “In this historic election on Monday, the entire nation must unite for a peaceful, free, and fair election in the BARMM,” she said. “The military presence in the Bangsamoro, in cooperation with local law enforcement, should protect the right of every Bangsamoro to vote freely. It must not become a cause of intimidation and vote suppression,” she added. Ismula called on Armed Forces (AFP) commanders to maintain strict nonpartisanship and exercise maximum operational discipline. Ismula also appealed to all political parties, local leaders, and regional actors to police their ranks and work together to preserve peace throughout the election period. Jovee Marie N. dela Cruz & Mary Jade Jadormio

Confirmed deaths in Coron, Palawan, ship fire now 76

PHOTO COURTESY OF PCG

By Rex Anthony Naval

T

HE Coast Guard (PCG) on Saturday night announced that another 41 charred remains have been recovered in the hulk of the roll-on/roll-off vessel, M/V June Aster, which was engulfed by a fire while on its way to Coron, Palawan, last September 9, raising the number of confirmed fatalities to 76. These bodies were recovered during ongoing recovery operations aboard the gutted ship, it added. “[The] 41 charred remains will be transported by BRP Cape Engaño [MRRV-4411] on September 13, 2026,” the PCG said. These 41 additional fatalities bring the total number of confirmed fatalities from 35 to 76. The number of survivors remains at 43. “Based on the ticket manifest of 134 individuals, 13 remain unaccounted for while two reported that they did not board the vessel. This figure may still change as recovery and identification operations continue,” the PCG said. “Initial distress incident location” was some four nautical miles from barangay Turda, Coron. The PCG is still conducting an investigation to determine what caused the fire. Meanwhile, Cabinet Secretary Benjamin DC Abalos convened government agencies involved in the recovery and identification of fatalities of the ship fire in Coron on Sunday to review government aid to the families of the victims of the M/V June Aster tragedy. Abalos focused on efforts in identifying the remains of the 76 confirmed fatalities. As of press time, only five of the remains have been identified. Abalos tasked Gen. Jose Melencio Nartatez, National Police chief, to address the bottlenecks that hinder speedy identification of the bodies. “It is the President’s directive to immediately provide all assistance needed by families of the victims. We must mobilize the specialists, resources, and funding needed to identify the victims as quickly and accurately as possible,” he said. With Samuel P. Medenilla

Survey shows Filipinos feel their lives are getting better

M

ORE Filipinos today than in 2025 Filipinos feel that their lives will get better in the 12 months ahead, according to the latest Social Weather Stations (SWS) survey. The survey, done from June 20 to 29, found that 48 percent of Filipino adults expected their lives to get better in the next year (optimists) while only 8 percent said things will get worse (pessimists). With more optimists than pessimists, the country recorded a Net Personal Optimism score of +40, which SWS calls “excellent.” This was 17 points higher than the “high” +23 recorded in March, when 38 percent of

people expected their quality of life to improve, and 16 percent expected it to worsen. Another 31 percent said they expected no change, and 12 percent did not answer. SWS said the latest number was the highest since the +41 recorded in June 2025. The polling firm said the improvement was recorded across all major areas of the country. “Compared to March 2026, net personal optimism rose from high to excellent in Balance Luzon, up by 27 points from +22 to +49. It rose from high to very high in Metro Manila, up by eight points from +28 to +36, in the Visayas, up by six points from +27 to

+33, and in Mindanao, up by 11 points from +20 to +31,” SWS said. The survey showed optimism rose by 17 points in both rural and city areas. The rural score rose from +24 in March to +41 in June, moving from “high” to “excellent,” while the city score went up from +22 to +39, changing from “high” to “very high. Women showed a 23-point increase, raising their net optimism score from +20 to +43 and moving the rating from “high” to “excellent.” Among men, the score went up 12 points from +26 to +38, or from “high” to “very high.” Younger Filipinos showed the strongest

outlook. Those aged 18 to 24 scored +58, followed by the 25-to-34 age group at +51, and both were rated “excellent.” Respondents aged 35 to 44 scored +38, while those aged 45 to 54 scored +36; both were rated “very high.” Those aged 55 and above posted +17, classified as “fair. The biggest increase from March came among Filipinos aged 25 to 34, whose score jumped 29 points from +22 to +51. The 45-to-54 group gained 20 points from +16 to +36, while the 18-to-24 group rose 19 points from +39 to +58. See “Survey,” A6

A6

Monday, September 14, 2026

www.businessmirror.com.ph

House starts plenary debate Cebu housing, RE sector robust but... on proposed ‘27 natl budget

T

By Carmel Pedroza

HE House of Representatives is set to begin plenary debates on the proposed P7.2-trillion national budget for 2027 on Tuesday as lawmakers review government spending priorities, programs, and proposed allocations.

The deliberations follow the completion of agency-level budget hearings by the House Committee on Appropriations last week, where government departments and agencies were required to justify their proposed expenditures, programs, targets, and priorities. Speaker Faustino G. Dy III said the House will ensure that every peso in the proposed budget is properly allocated and translated into programs that provide benefits to Filipino communities. “Many important measures are being pursued by the House of Representatives, but the most important among all the initiatives

we are advancing is our national budget,” Dy said over the weekend. He added that transparency will remain central during the plenary discussions as lawmakers examine the proposed appropriations of various government agencies. Dy said lawmakers are committed to ensure that every peso included in the budget is directed toward programs with clear public benefits. “Every centavo, every hardearned money of our fellow Filipinos, must be properly programmed and allocated to the right projects and purposes,” he said. “The Congress is working to ensure that every discussion on the

budgets of various departments is conducted properly and transparently,” Dy said. Education remains one of the major priorities in the proposed budget, receiv ing the largest allocation among sectors. The proposed funding for basic and higher education totals P1.326 trillion, including P975.96 billion for the Department of Education and P176.5 billion for higher education. Dy said the government’s investment in education aims to provide Filipino learners with stronger foundations and greater opportunities for the future. “The priority here is education—the amount allocated for education is significant,” Dy said. He added that the funding aims to ensure every Filipino child has an equal opportunity to build a better future. Infrastructure funding is also expected to be among the major issues during the budget debates. Lawmakers are considering increasing the proposed P643.95billion budget of the Department of Public Works and Highways after identifying a significant gap

between current infrastructure spending and the level needed to support economic growth. The Public Works committee chairman, Rep. Romeo Momo Sr. of Surigao del Sur said the country needs higher infrastructure investment to support economic growth, job creation, and household income. “We are short by P1 trillion,” Momo said, referring to the estimated infrastructure funding gap. Momo assured that any possible increase in infrastructure funding would not come at the expense of education, health, or social services. “Rest assured that nothing allocated for DPWH will be taken away from education, health, and social services. We will not take it away. We will add to it,” he said. The House is scheduled to conduct plenary debates from September 15 to 25, 2026. Following the deliberations, lawmakers are expected to approve the General Appropriations bill on second reading on October 6 and on third reading on October 9 before sending it to the Senate for further review. Jovee Marie N. dela Cruz

Subic eyes bigger role in LEC initiative By Henry Empeño

S

UBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) briefed here over the weekend a delegation of foreign investors and industry leaders, pointing out business opportunities available in Subic Bay in connection with the Luzon Economic Corridor (LEC) initiative. The delegation, led by US Trade and Development Agency (USTDA) Deputy Director and Chief Executive Officer Thomas R. Hardy, visited the free port as part of the inaugural LEC Investment Forum in Manila, which gathered some 600 investors and industry leaders in transportation, energy, digital infrastructure and advanced manufacturing supply chains. SBMA Chairman and Administrator Eduardo Jose Aliño said the delegates

Pisa. . . Continued from A4

Filipino 15-year-olds scored 373 in Science, 371 in Mathematics, and 367 in Reading in PISA 2025, up by 17, 16, and 20 points, respectively, from the country’s 2022 scores. The results also surpassed the Philippines’ 2018 performance in all three subjects, according to results released by the Organization for Economic Co-operation and Development (OECD). The improvement was also reflected in the proportion of students reaching at least Level 2 proficiency: in Science, this rose from 23 percent in 2022 to 32 percent in 2025; in Reading, from 24 percent to 31 percent; and in Mathematics, from 16 percent to 21 percent. Filipino learners also showed a relative strength in computational problem solving, scoring 434—below the OECD average of 500, but better than expected relative to their Science performance, with more than 70 percent of Filipino students outperforming what their Science scores would predict. Gatchalian said in a statement earlier: “Above all, the Pisa results belong to our learners and their families. As we celebrate this achievement, let us continue to move forward. The next challenge for us is to bolster what we have began. This is an opportunity to build a system that makes education capable of sustaining the future of millions of Filipinos in the years to come.”

engaged in business-to-business meetings with Subic locators and the SBMA Business Group, and checked out the sea port and industrial parks here. “Although the details of possible investment projects in Subic are all laid out in the LEC Deal Book, there’s nothing like seeing these potential projects in living color and discuss business matters face-to-face,” Aliño said in his welcome message. He urged the visitors to look closely into business prospects in Subic, particularly the port expansion projects in the area, which he said would heighten Subic’s role as the logistical backbone for the LEC. The SBMA is positioning Subic for a bigger role in the LEC project, which was initially an infrastructure and economic partnership between the Philippines, the United States, and Japan, but which has lately gained the participation of 10 other countries.

Aliño said that the Subic leg of the LEC Forum “widens the net for Subic as the preferred port and the primary maritime conduit of the Pax Silica initiative and the LEC.” Subic was named last July as the preferred maritime gateway for Pax Silica operations in an agreement between the SBMA and the Bases Conversion and Development Authority (BCDA), which presses for the establishment of an AI-based industrial hub at the New Clark City in Tarlac. Under the agreement, the two agencies established a cooperation framework to support, study, and promote the use of Subic Bay for maritime logistics, cargo handling, import and export, data integration, and related supply chain activities. The USTDA, meanwhile, announced on Thursday, September 10, that it will fund a feasibility study to expand the facilities of the Subic Drydock Corp. (SDC) here, which

handles repairs, including those for Philippine and American naval vessels. The study, to be undertaken by DM Consulting, Inc. of California, is expected to develop a construction-ready design to increase SDC’s pier by an additional 169 meters to enable repair of larger ships. The USTDA funding is seen to be part of a $100-million foreign assistance package discussed by US Secretary of State Marco Rubio when he met with President Marcos during the latter’s official visit to Washington DC on July 21. According to a July 22 statement attributed to Department of State Spokesperson Thomas Pigott, the said assistance was meant “to upgrade infrastructure and advance logistics and energy projects in Subic, as well as the upcoming inaugural Luzon Economic Corridor Investment Forum in September.”

Group urges govt to stop Manila skyway project

A

MULTISECTORAL group has urged the government to review the Southern Access Link Expressway (Salex), saying public funds and attention should go instead to Metro Manila’s worsening flood problem. The Stop Salex Movement said the 40.65-kilometer elevated toll road could add to environmental damage and traffic congestion in the capital region. The group objected in particular to the proposed shoreline expressway, a 16-kilometer section that it said could affect historic landmarks as it passes through Manila’s Roxas Boulevard and nearby streets. SMC Infrastructure and the Toll Regulatory Board have described the project as a road network meant to ease congestion on Epifanio delos Santos Avenue, Roxas Boulevard, Quirino Avenue, the South Luzon Expressway and other major corridors by taking some private cars and trucks off

existing roads. Salex is listed by the TRB as Component 2 of the Greater Capital Region Integrated Expressways Network. The project’s Supplemental Toll Operations Agreement was signed in June 2022, shortly before the change in administrations. It has a proposed 30-year concession period from the issuance of the Toll Operation Certificate. In a June 22, 2022 disclosure to the Philippine Stock Exchange, SMC Corporate Information Officer Ferdinand K. Constantino confirmed that the Salex agreement covered the C3-R10 extension and the shoreline, Quirino and Buendia extensions. The disclosure said the sections were intended to ease traffic in Metro Manila and provide direct access to the New Manila International Airport in Bulacan. Urban and transport planner Robert Siy said residents have already felt the effects

of preparatory work, including the cutting of trees along Quirino Avenue. At a forum at the Ramon Magsaysay Center over the weekend, Siy said the work had prompted residents and civil society groups to oppose the project. Meanwhile, Architect Dominic Galicia urged the National Historical Commission to conduct a heritage impact assessment and study whether the proposed Salex corridor should be declared a historical zone to protect landmarks that may be affected by the project. The movement also questioned why project development had begun without public consultation and without an Environmental Compliance Certificate (ECC) for the shoreline expressway. Siy, one of the movement’s convenors, said the protests were meant to alert the government that “more and wider roads for cars will not solve the problem.

Survey. . .

“Compared to March 2026, Net Optimism rose from high to very high among nonelementary graduates, up by nine points from +22 to +31, and among junior high school graduates, up by 12 points from +22 to +34,” SWS said. “It rose from fair to very high among elementary graduates, up by 19 points from +19 to +38. It rose from high to excellent among those with some senior high school, up by 17 points from +29 to +46, and among college graduates,

up by 31 points from +26 to +57,” the survey said. The Second Quarter 2026 Social Weather Survey involved face-to-face interviews with 1,200 Filipinos aged 18 and above nationwide. Metro Manila, Balance Luzon, the Visayas, and Mindanao each contributed 300 respondents. The survey has a margin of error of ±3 percentage points for national figures and ±6 percentage points for each major island group.

Continued from A4

Those aged 35 to 44 rose 10 points from +28 to +38, while respondents 55 and older rose 7 points from +10 to +17.

Optimism stronger in all educational levels

OPTIMISM also grew stronger across every level of educational achievement.

Joel C. Paredes

C

EBU CITY—The housing and real-estate sector in Central Visayas remains positioned for growth, but industry stakeholders must address regulatory bottlenecks, infrastructure gaps and affordability concerns to sustain the region’s expansion, the Subdivision and Housing Developers Association (SHDA)-Central Visayas said. SHDA-Central Visayas President Ken Salimbangon said the region’s housing prospects remain strong, but realizing its full potential will require closer coordination among government agencies, developers, local governments (LGUs), utilities, financial institutions and other stakeholders. Speaking during the summit synthesis of the group’s “Breaking Barriers, Building Forward” gathering over the weekend, Salimbangon identified five key areas that need attention: regulatory efficiency, infrastructure and utilities, housing affordability, long-term regional planning and stronger public-private collaboration. Salimbangon said the industry supports government efforts to protect homebuyers, enforce standards and promote responsible development but stressed that regulations “must be clear, predictable and efficient,” because developers deal with taxation, the Real Property Valuation and Assessment Reform Act (RPVARA), emerging housing policies, project approvals and licenses to sell. For developers, delays in approvals have direct financial consequences, he said. “Time has a real cost,” Salimbangon said, noting that prolonged approval periods can increase financing and carrying costs, delay housing projects and ultimately affect the price paid by homebuyers. The industry, he added, is not seeking less regulation but better regulation that protects consumers while allowing responsible developers to deliver housing more efficiently. The second major concern is the need to synchronize housing development with infrastructure and utility investments. Salimbangon said developers and policymakers must look beyond the availability of land when identifying areas for future residential growth. Questions about water supply, power

capacity, roads, transpor tation and environmental sustainability must be addressed early in the planning process, he said. “Housing development and infrastructure planning therefore cannot happen separately,” Salimbangon said. He urged developers, LGUs, national government agencies and utility providers to plan ahead of growth instead of responding only after infrastructure constraints emerge. In addition, Salimbangon said rising input costs are also placing pressure on housing affordability. Fuel, construction materials, labor, logistics, financing and regulatory compliance all contribute to the cost of delivering homes, according to Salimbangon. “While developers cannot control all of these factors, he said the industry must continue looking for ways to improve productivity and reduce costs. These include better design, more efficient construction methods, wider use of technology and more accessible financing,” he said. “Our responsibility as housing developers is not merely to build more units. It is to make homeownership possible for more Filipino families,” Salimbangon said. The summit also underscored the importance of anticipating where growth will take place in the coming years. Salimbangon said the next major growth areas in Central Visayas may not necessarily be the locations where development is concentrated today. New infrastructure can open new growth corridors, while emerging economic centers and population increases can generate additional demand for housing. This creates opportunities for developers, but Salimbangon said the private sector should not merely follow growth. “We should help shape it,” he said. This means ensuring that new communities are connected to transport networks, supported by adequate utilities and services, and developed in an environmentally sustainable manner. Salimbangon said the housing challenge cannot be addressed by any single sector. Government, developers, banks, utilities, contractors and LGUs must work together to expand housing supply and ensure that new communities remain viable and livable.

Clark investment services touted in Luzon Economic Corridor gab

C

LARK FREEPORT, Pampanga— Streamlined business processes and investor support services are helping strengthen Clark’s position as an investment destination, particularly for companies seeking to expand their operations in the Luzon Economic Corridor (LEC), Clark Development Corp. (CDC) President and Chief Executive Officer Agnes Devanadera said. Devanadera highlighted Clark’s investment facilitation initiatives during the LEC Incentives Forum, where government officials discussed incentives and measures aimed at encouraging investments and industrial development along the economic corridor. She said fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act are available through investment promotion agencies, making efficient facilitation and investor support important considerations for businesses. Devanadera cited the Clark’s established industrial ecosystem and its capacity to support companies as they expand. “Clark’s advantage is not only in attracting investors but, more importantly, in retaining them,” Devanadera said. Among the services she highlighted were automatic permit renewals, realtime import and export clearances, and a one-stop shop for business requirements. Devanadera also cited Clark’s access to a potential talent pool from 29 educational

institutions as an important resource for companies looking to establish or expand their operations in the Freeport. She said these services form part of what CDC calls its “red carpet” approach to investor assistance, aimed at making business transactions more convenient and supporting investors throughout their operations. For projects under the LEC, Devanadera described the enhanced support as “ultra red carpet services,” which reflects CDC’s goal of providing assistance from the initial investment stage through expansion and long-term operations. The forum also brought together officials from key government agencies involved in investment promotion and economic development. Department of Finance Undersecretary Ma. Angela Ignacio moderated the forum, which featured DOF Assistant Secretary Juvy Danofrata, Philippine Economic Zone Authority Director General Tereso Panga and Philippine Board of Investments Director Sandra Marie Recolizado. The officials discussed the CREATE MORE Act, investment incentives and efforts to streamline government processes to support businesses and industrial development along the LEC. The forum forms part of continuing government efforts to improve the investment environment and encourage businesses to establish, expand and sustain operations in key economic areas in Luzon.

Monday, September 14, 2026

A7

PHL to cut clearance fee on sugar substitutes

T

By Ada Pelonia

@adapelonia

HE Sugar Regulatory Administration (SRA) will slash the clearance fee slapped on imported artificial sweeteners to P1 per kilo from the initial P25 per kilo, according to the Department of Agriculture (DA). Agriculture Secretary Francisco Tiu Laurel Jr., who chairs the SRA Board, confirmed to the BusinessMirror that the regulatory agency is set to lower the import clearance fee on artificial sweeteners.

“That’s the plan. We just want to monitor (the volume of artificial sweeteners entering the country) and not up the charge,” he told this newspaper. The SRA issued Sugar Order

(SO) 5, which imposed a P25-perkilo clearance fee on the importation of artificial sweeteners under Harmonized System (HS) codes 2106 and chapter 29, which are used to manufacture food and beverages. It is set to take effect on September 14. This includes, but is not limited to, any form or concentration of sucralose, aspartame, saccharin, acesulfame potassium, and processed stevia. A clearance fee is required before shipments are released by the Bureau of Customs (BOC). The SR A decided to issue the order fol low ing consu lt at ive meetings in which stakeholders raised their “grave concern” on the effects of “the long-practiced unregulated importation

into the countr y of artificial sweeteners” on the local sugar sector. The agency noted that despite its substantial impact on the five million Filipinos dependent on the domestic sugar industry, “the importation into the country of ‘artificial sweeteners’ remains unregulated.” “Artificial sweeteners have sweetness that far exceeds that of cane sugar (i.e., 2 to more than 500 times); thus, it is necessary to integrate the effects thereof upon the welfare, growth, development, and competitiveness of the sugar industry and the health and wellbeing of the Filipino people,” the SRA said. The SO 5, however, stipulated that applications for clearance for

release would be deemed approved if the SRA failed to act on the application after five working days from its submission. The SRA said its monitoring personnel would conduct unannounced inspections of the warehouse, transportation, and/ or ledger of the imported goods, products, and ingredients covered under the SO. In February, the SRA said it received a manifesto from the sugar industry which called on the government to regulate artificial sweeteners and impose tighter measures on other sugar substitutes. The manifesto was signed by major sugar federations nationwide along with sugar millers, ref iners, and a l lied industr y

groups. The Philippine Sugar Millers’ A ssociation Inc. (PSM A) has a lso bac ked t he gover nment’s bid to regulate synthetic sweeteners. This came after Senator Joseph Victor Ejercito and Negros Occidental Rep. Javier Miguel Benitez filed Senate Bill 2114 and House Bill 9088, respectively, to amend Republic Act (RA) 10659 or the Sugarcane Industry Development Act (Sida). “Policies focused on strengthening domestic production and ensuring fair market conditions are essential to protecting the industry from market volatility, susta ining r ura l l ivel ihoods, and promoting long-term food security,” the PSM A said.

Ifugao tribal community ‘Commercial farms, govt programs to boost pork supply’ turns root crop into gold T By Jonathan L. Mayuga @jonlmayuga

A

TRIBAL community in Bangguil, Ifugao is now a thriving group of entrepreneurs and “empowered forest stewards” after venturing into food processing, the Department of Environment and Natural Resources (DENR) said. Backed by state-of-the-art government processing facilities and direct market access for their golden crop, turmeric, DENR said the Ayangan tribal community is no longer defined by traditional and labor-intensive farming, with incomes vulnerable to weather conditions, limited market access, and dependence on middlemen. Farmers also lacked the equipment, capital, and technical skills to process their harvest and capture greater value from their product. The DENR Cordillera Administrative Region awarded a Community-Based Forest Management Agreement in favor of the people’s organization on August 25, 2005, which runs through August 25, 2030. In July 2022, the DENR-CAR extended assistance to Eastern Aguinaldo and Community Development Association (EACODEA) under the Community-Based Forest Management (CBFM)- Comprehensive Agrarian Reform Program’s Hunger Mitigation component. Instead of introducing an unfamiliar livelihood, the program built on the community’s existing knowledge and resources - the processing of turmeric and ginger into highervalue products came to light, leading to the establishment of a turmeric tea enterprise. Environment Secretary Juan Miguel Cuna noted that the CBFM Program empowers communities to build enterprises that can sustain both their livelihoods and their stewardship of forest resources. “Our goal is a CBFMP community that runs a self-sustaining enterprise; that is real empowerment,” Cuna said, adding that the more investments should go to communitybased forest enterprises. Cuna said the Ayangan experience “reflects the Marcos administration’s directive and vision to strengthen the agricultural value chain and enable farmers to earn more through processing and other post-production activities.” “It is programs like CBFM that equipped us with essential knowledge and skills,

providing us with a reliable source of income and a sustainable livelihood that helped our families. It was also through these plantations that we were able to protect our lands from kaingin and forest fires,” EACODEA President Juanito G. Maguiwe, talking in his native tongue, said. Organized in 2005, EACODEA became the steward of a 1,170-hectare forest area under the government’s CBFM program. The association’s livelihood activities were developed alongside its responsibility to help manage and protect the forest area. “Before the CBFM was implemented, the threat of losing our existing forests was because almost all of them were being converted into other uses through kaingin. But now, the lots that were subject to kaingin are now being planted with forest and fruit trees,” shared Noli G. Maguiwe, an EACODEA member, as translated from the local language. The DENR provided processing equipment, including grinders, dehydrators and packaging tools, along with training for EACODEA’s 155 members in production, financial management, and enterprise operations, skills that are intended to help the organization remain viable beyond government assistance. Building on the turmeric production training and the equipment provided in 2022, EACODEA further advanced its agroforestry initiatives by securing P2,333,500 in funding last April 6 through the DENRimplemented CBFM-CARP. The funding is to support EACODEA’s Agroforestry Development Project. The group also strengthened its institutional support network through inter-agency collaboration, including strategic linkages with the Department of Trade and Industry (DTI). This enhanced its capacity for production, enterprise development, and sustainable livelihoods. The results are now visible in the marketplace. EACODEA’s turmeric tea and powder are sold at Ubao Market, allowing farmers to earn more from processed products, while digital platforms have opened access to customers beyond the community through online orders and designated mountain pickup points. “The enterprise demonstrates how government support can build lasting community capacity rather than provide only short-term livelihood assistance.”

HE Philippines’s pork supply will likely expand in 2027 due to the additional investments made by commercial farms and the hog repopulation initiatives of the government, according to the United States Department of Agriculture-Foreign Agricultural Service (USDA-FAS Manila). In a report, USDA-FAS Manila expects the Philippines’s pork production to settle at 1.06 million metric tons (MMT) carcass weight equivalent (CWE) in 2027, up from this year’s revised estimate of 1.02 MMT CWE. Ongoing expansions in production capacity of firms engaged in commercial swine operations support the government’s repopulation efforts, it said. “This growth is attributed to the expansion of production operations amid government-led repopulation efforts and continued investment by commercial farms.” Furthermore, the agency noted that continued biosecurity implementation by smallholder,

A MEAT vendor in Las Piñas City chops pork cuts in this BusinessMirror file photo. NONIE REYES

semi-commercial, and commercial farms would further prevent African swine fever (ASF) transmission in the country. a“Enhanced biosecurity measures implemented by the local swine industry and wider adoption of improved swine genetics and animal nutrition further supports production growth.” Despite this, the agency warned

that its projection could be partially offset by the impacts of a “very strong” El Niño which is expected to peak in the fourth quarter of the year. “The swine industry could face direct impacts on swine health and productivity, as well as indirect impacts due to disruptions to crops and feed supply chain, particularly if appropriate preparations

and mitigating measures are not implemented.” Meanwhile, the agency also projects pork imports to increase next year to plug the shortfall in local production due to higher demand. The USDA FAS Manila expects the Philippines to import 835,000 metric tons (MT) CWE next year, up by 7.1 percent from the revised 2026 estimate of 780,000 MT CWE. “Pork imports are forecast to trend upward as population growth continues to drive demand, while domestic pork production remains below pre-ASF levels.” It added that shipments from Brazil will be higher in 2027, supported by ASF regionalization agreements with key suppliers and the continued implementation of lower most-favored-nation (MFN) tariff rates. “As a low-cost supplier, Brazil’s pork shipments to the Philippines are expected to grow,” the USDAFAS Manila said. Ada Pelonia

Local coconut planters need assistance–Abalos By Samuel P. Medenilla @sam_medenilla

W

HILE government efforts to revitalize the coconut industry have yet to bear fruit, Cabinet Secretary Benjamin Abalos pushed for government support for farmers who rely on the high-value crop. Abalos made the statement during the 40th National Coconut Week and Coconut Stakeholders’ Congress in Pasay City last Friday. In 2024, the Marcos administration approved an additional P3.5 billion for the Coconut Farmers and Industry Development

Plan (CFIDP) which aims boost the country’s coconut production through planting and fertilization initiatives since many of the country’s 340 million coconut trees are already aging or senile. The CFIDP, which was updated last year, is once again under review so it can help improve “farm productivity and expand coconut processing in rural communities.” It aims to address issues including aging trees, pests and diseases, extreme weather, low farm productivity, low farmer incomes, unstable prices, limited processing and the need to balance domestic and export demand.

“While we wait for the new tree to bear fruit, the farmer’s family should not have to wait to earn an income,” Abalos said in Filipino. He proposed making government programs on intercropping, livestock, livelihood, skills training, financing and enterprise development more accessible to coconut farmers. To help reduce revenue losses for the said farmers, Abalos also called for better sur veillance and faster action against the coconut pests, such as rhinoceros beetle, coconut scale insect, which is commonly known as “cocolisap.”

“We cannot invest in millions of new trees only to lose them to infestations that could have been detected and contained earlier.” Mitigating the risks of coconut trees from the effects of climate change, he said, should also be addressed by the government. Abalos said this can be done by planting better varieties of coconut trees, improved farming methods and giving farmers better water access, insurance and disaster preparedness. The Philippines is the world’s second-largest coconut producer, with around 14.77 million metric tons produced in 2024.

From Campbell’s to Conagra, food industry warns of price hikes

F

OOD prices for the rest of this year are largely headed in one direction: up. Conagra Brands Inc. has told retailers to expect increases on products including Healthy Choice and Banquet frozen dinners. Campbell’s Co. said it plans to raise prices by 4 percent to 5 percent on roughly 60 percent of its products, mostly meals and snacks. Spice and condiment maker McCormick & Co. has said it expects higher prices, which were already implemented earlier this year, to bolster results in the second half of 2026. Food and grocery companies’ efforts to keep prices down are sputtering following a sustained rise in energy and fertilizer costs along with tariffs on imports. On top of this, the El Niño weather pattern is on track to become the most powerful of the past 76 years—potentially putting even more

pressure on prices if severe weather damages harvests and disrupts trade. Now, some executives say they have no choice but to reflect these increases in their own prices. Increasing prices is “the last lever we have,” Campbell’s Chief Financial Officer Todd Cunfer said this week at the Barclays Global Consumer Staples Conference. Costcutting measures couldn’t keep up, he added: “Unfortunately, that was not enough given the extreme amount of inflation that we are seeing right now.” On Friday, the US Bureau of Labor Statistics reported the consumer price index rose 0.4 percent in August, adding to concerns that inflation isn’t abating. US diesel prices have also risen above $6 a gallon for the first time ever, which will likely boost food costs. The cost of food at home rose 2.2 percent last

month from a year earlier. Also on Friday, Kroger Co., one of the biggest US supermarket operators, cut its sales forecast, warning that the volume of items sold has slowed since the start of the year. The company also said it expects inflationary pressures to mount, putting additional strain on shoppers. Factors including weather and tariffs may add costs and disrupt supplies, according to FMI, the Food Industry Association that represents retailers and suppliers. It added that high energy prices increase expenses throughout the food supply chain. “These factors can take months to work through the system before their impacts are felt on grocery store shelves and are worth keeping a close eye on as we move into the fall and winter months,” Andy Harig, a vice president at the group, said

in a statement following the release of inflation data on Friday. Conagra, which makes Birds Eye frozen vegetables and Marie Callender’s meals, has told retailers it will raise prices on a range of goods effective late September, according to memos viewed by Bloomberg News. “The magnitude of sustained increases in input costs, including packaging and ingredients” is significant, Chief Customer Officer Derek De La Mater wrote to retail customers in a recent memo. Absorbing these costs isn’t sustainable, he said, adding that price increases are needed in part to maintain profit margins. Prices will rise for some Healthy Choice meals, Banquet bowls, Marie Callender’s pot pies, Blue Bonnet margarine and spreads and Birds Eye vegetables, among other items, according to the memos.

‘Eating it’

FOR food companies, “there are effectively no major cost sources where we’ve seen relief,”said Ricky Volpe, a professor of agricultural economics at California Polytechnic State University. Retailers and suppliers have been trying to keep prices in check due to competition, political pressure and consumer frustration, he said, but there are limits to these efforts. “A lot of major retailers and manufacturers and wholesalers have been eating it a little bit, seeing their margins decrease a little bit and trying to keep prices low—but that can’t last forever,” Volpe said. The higher prices won’t hit supermarket shelves immediately or all at once. Retailers ultimately decide how much of cost increases they want to absorb and when, weighing a range of factors including market competition

and consumer demand. Still, the trend will put pressure on President Donald Trump, who campaigned two years ago on promises to make groceries more affordable after a post-pandemic spike. Grocery prices have continued rising since Trump took office, reaching a record-high level in June, Bureau of Labor Statistics data show. Prices have stabilized more in recent months, though remain elevated, according to the data released on Friday. While egg prices have declined from record highs last year as the industry recovered from the avian flu, costs for many other staples remain elevated—including beef and veal, coffee, fresh fruits and vegetables and milk. Some low-income families are also experiencing more strain due to a reduction in government food assistance. Bloomberg News

A8 Monday, September 14, 2026

The World BusinessMirror

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

BRICS leaders at India Summit voice concern over Middle East, condemn unilateral sanctions By Sheikh Saaliq & Aijaz Hussain

N

The Associated Press

EW DELHI—The BRICS group of emerging economies on Saturday expressed concern over rising tensions in the Middle East and condemned the use of sanctions not authorized by the UN, as the leaders met in New Delhi to strengthen their position in global affairs seen as dominated by the West.

The meeting, which included Iranian President Masoud Pezeshkian, voiced concern over “deliberate attacks” on civilian infrastructure and peaceful nuclear facilities under the UN atomic energy agency’s safeguards, saying nuclear safety and security must be protected during armed conflicts. The statement was seen as indirect criticism of US and Israeli strikes on Iranian nuclear facilities. The leaders also took aim at unilateral sanctions not authorized by the UN Security Council. They did not name any countries, but Russia, one of the founding members of BRICS, has faced Western sanctions following its full-scale invasion of Ukraine in 2022. “We call for the elimination of such unlawful measures, which undermine international law and the principles and purposes of the UN Charter,” the joint statement said. BRICS—composed of Brazil, Russia, India and China—was founded in 2006 with South Africa joining in 2010. It has since expanded to 11 members, representing about half the world’s population and a significant share of global economic output. The group has increasingly called for greater representation for developing countries in global institutions. It has sought to raise its profile by promoting alternatives to Westerndominated financial institutions and positioning itself as the voice of developing nations and emerging economies.

India is hosting this year’s summit, attended by Russian President Vladimir Putin, Chinese President Xi Jinping, Pezeshkian and counterparts from the other eight BRICS members. Concerns have grown that the Iran war—triggered by US-Israeli strikes on February 28—may expand as fighting escalated between Saudi Arabia and Yemen’s Houthi rebels. Wars in Ukraine and the Middle East, along with rising US-China tensions, are also testing the bloc’s ability to find common ground among countries with competing geopolitical interests.

In his address, Modi sought to ease concerns that BRICS was intended to counter Western-led alliances. “BRICS is not against anyone,” he said, adding that the bloc had reached a “coming of age” moment in which the Global South must evolve into a “ruleshaper” in global governance. “It is time for us to translate our unity and consensus in BRICS into concrete outcomes,” he said. Modi also proposed a BRICS seafarers’ network to strengthen the safety and welfare of maritime workers, particularly as disruptions to maritime trade from the war in Iran have heightened risks for mariners. China and Russia see BRICS as a way to reduce Western dominance, particularly that of the United States, while strengthening cooperation among developing economies. Putin called for expanding the UN Security Council to give greater representation to Asia, Africa and Latin America, saying it would improve the body’s effectiveness, Russian state news agency Interfax reported Saturday. He said the shift toward a multipolar world was facing resistance from countries “accustomed to thinking in colonial categories,” accusing them of using tariffs, sanctions and “brute force” to contain rising competitors.

Iran has also pushed for mechanisms that could reduce the bloc’s reliance on Western financial systems and shield members from economic pressure, as Tehran faces sweeping sanctions and a US blockade. China, meanwhile, is leveraging the grouping to deepen its influence within the bloc and position it as a counterweight to US power. Xi said China will work with BRICS members in playing its “due role” to forge peace in the Middle East, according to Chinese state broadcaster CCTV. BRICS countries should “serve as vanguards for maintaining peace and stability” and “oppose violations of other countries’ sovereignty,” Xi said. Meanwhile, Modi and Xi met Saturday on the sidelines of the summit, the latest effort by the rival neighbors to repair ties strained by a deadly border clash six years ago. Xi said China has approached relations with India from a “strategic and long-term perspective” and called for the two countries to draw on each other’s strengths, support one another and pursue common development. He also urged “high-quality cooperation” between the two countries, as major members of the Global South, should promote a more multipolar world and contribute to global peace and stability.

WORKERS apply finishing touches to a BRICS sign ahead of the summit at Bharat Mandapam in New Delhi, India, on September 12.At the right is the image of Hindu god Shiva Nataraja performing a cosmic dance within a circle of flames. AP/MANISH SWARUP

The Associated Press

A

LIGHT NING advance by Houthi rebels threatens a crucial Red Sea shipping route. Drone attacks blamed on Iraqi militias have forced the closure of a major pipeline, and Iran is still disrupting the Strait of Hormuz. It’s a nightmare scenario for Saudi

Search underway for 140 people missing after Indonesian passenger ship overturns

JAKARTA, Indonesia—Indonesian rescuers said about 140 passengers and crew were missing after a ferry carrying more than 240 people overturned in bad weather in the Java Sea on Sunday. At least 102 people were rescued and the body of a passenger was recovered as the search operation expanded in waters around the vessel’s last known position. The ferry was traveling from East Java to South Kalimantan province, officials said. The vessel’s captain had earlier reported rough seas with waves up to 3 meters before issuing a distress message, saying the ship was listing, Sudayana said. Authorities later received information indicating the vessel had overturned, said I Putu Sudayana, who heads the Search and Rescue Office. The rescue agency in South Kalimantan’s city of Banjarmasin said it received a report two hours after contact was lost with the Virgo Transport 8 at about 2 a.m. Sunday. The ship had departed from Surabaya, Indonesia’s second largest city in East Java province, en route to Banjarmasin on Borneo Island. Initial information indicated the vessel’s last known position was in the Java Sea, about 148 kilometers (92 miles) from a pier in Banjarmasin. The ship’s manifest said it was carrying 243 people, including 213 passengers and 30 crew members, although it is common in Indonesia for the number of passengers to differ from the manifest. AP

Trump touches a nerve while in Ireland by saying reunification would be ‘fantastic’

DUBLIN—US President Donald Trump said Saturday that a unified Ireland would be “fantastic” as he waded into a complex and politically charged subject during a weekend visit to a tournament at his Irish golf course. At a meeting with Irish Prime Minister Micheál Martin in Dublin, Trump said he would love to see the reunification of the Republic of Ireland with the United Kingdom’s Northern Ireland. “I don’t want to cause any problems but I’d love to see it unified,” Trump told a reporter. “It’s going to happen eventually. It may as well happen now. I think it would be a fantastic thing,” he said. Trump acknowledged there is “no good answer” to the reunification question as he addressed business leaders from both countries gathered at the US ambassador’s residence. Ireland, long dominated by its bigger neighbor Britain, became a self-governing Catholic-majority country a century ago. Trump’s comments Saturday could also be viewed as a dig at Britain, given his anger over London’s refusal to be drawn into the US-Israeli war against Iran. Northern Ireland was split between two main communities: nationalists, most of them Catholic, who desired union with the rest of Ireland, and largely Protestant unionists, who wanted to stay British. AP

Federal judge rules Trump DHS plan for 50% FEMA staffing cuts was unlawful

Saudi has few options as it faces threats from Iran and its allies By Elena Becatoros & Joseph Krauss

Briefs . . .

Arabia, and it has sent jitters through global markets. The Saudis’ most essential ally, the United States, has been unpredictable and sometimes unreliable. US President Donald Trump seems reluctant to widen an already unpopular and stalemated Mideast war ahead of congressional elections. For Iran, the rebels’ advance and closure of the pipeline ramp up global economic pressure as its grip over the

Strait of Hormuz has been loosened. Michael Ratney, a former US ambassador to Saudi Arabia, said the latest developments are “incredibly frustrating” for the kingdom. “Despite their antipathy for the Iranians, this is a war they never asked for, they had great trepidation about. And once it started, all of their…worst-case scenarios started coming true.” A Saudi official, who was not authorized to brief media and spoke on condition of anonymity, said the kingdom would defend itself and work with partners, including the United States, to ensure freedom of navigation in the Red Sea. Saudi Arabia’s crown prince and de facto ruler, Mohammed bin Salman, has spent years trying to build a very different Middle East, with wide-ranging social and economic changes aimed at transforming the ultra-conservative kingdom into a global business hub in a more prosperous and integrated region. Those efforts suffered major setbacks after Hamas’ October 7, 2023, attack on Israel, which triggered one war after another. When the US and Israel attacked Iran on February 28, it responded with missile and drone attacks on Saudi Arabia and other Gulf states, and effectively shut down the Strait of Hormuz, bottling up their oil and gas exports and jolting the world economy. Saudi Arabia escaped some of the worst effects by piping its oil across the Arabian Peninsula to the Red Sea, where

it could be exported to Europe via Egypt’s SUMED pipeline and the Suez Canal, or to Asia via a route running through the Bab el-Mandeb Strait, and toward the Indian Ocean. But tensions reig nited w ith the Houthis in July, leading the rebels to declare a blockade of Saudi shipping and resume large-scale attacks for the first time in four years. Over the last two days, the Houthis have seized the port city of Mokha and a Red Sea island from Saudi-backed Yemeni government forces, enhancing the rebels’ ability to block Saudi shipments through the Bab el-Mandeb. On Friday, Saudi Arabia said it shut down the pipeline leading from major oil fields in the east to the Red Sea in the west because of drone attacks originating in Iraq, where Iran supports powerful militias. Regional officials recently told The Associated Press that the Houthis have helped the Iraqi militias carry out attacks. Houthi attacks have already caused a plunge in Saudi oil exports to Asia, from around 3.4 million barrels a day in June to 128,000 in August, though they have recovered somewhat this month to 700,000, according to figures compiled by Kpler, a global trade monitor. Saudi A rabia fought against the Houthis for years beginning in 2015, but its allies made little progress on the ground. The conflict killed an estimated 150,000 people and at times pushed Yemen to the brink of famine before a 2022 ceasefire.

WASHINGTON—A federal judge has ruled that a plan by the Trump administration to slash staffing at the federal agency tasked with responding to disasters by 50 percent was unlawful. The opinion issued late Friday marked a victory for labor groups who had sued the agency. The labor organizations had argued that plans by the Department of Homeland Security (DHS), which was then led by Secretary Kristi Noem, violated congressional protections that were designed to safeguard the independence of the Federal Emergency Management Agency. The issue of the FEMA staffing was part of a much larger lawsuit filed by the American Federation of Government Employees and other labor groups, pushing back on efforts by the Trump administration to slash the federal workforce. “Frankly, the FEMA staffing plan number appears as if pulled from thin air,” wrote US District Judge Susan Illston. FEMA responded in a statement late Saturday that “DHS and FEMA are ready for the 2026 hurricane season.” “We’re ensuring workforce stability and a strong, deployable force for upcoming national events and potential disasters; making the agency leaner, faster and laserfocused on supporting state, local, tribal and territorial partners before, during and after disasters,” it said. “FEMA continues to maintain a roster of experienced leadership and support staff across headquarters and regional offices.” AP

Brazil’s Bolsonaro faces corruption investigation weeks before elections

SAO PAULO—Brazilian presidential candidate Sen. Flávio Bolsonaro is under investigation for corruption, money laundering and tax evasion for receiving millions of dollars from a disgraced banker to finance a movie about his father, former President Jair Bolsonaro. Brazil’s top court unsealed several documents late Thursday that show Bolsonaro—President Luiz Inácio Lula da Silva’s primary opponent—is under investigation for receiving 61 million reais ($12 million) from a banker at the center of a corruption scandal to produce an unreleased movie titled “The Dark Horse.” The investigation, which centers on whether the Bolsonaro family misused the funds and whether the payments were properly reported to Brazilian authorities, threatens to undermine Bolsonaro’s bid for the presidency. The first round of elections is slated for October 4, and the senator is locked in a tight race with Lula. AP

2 Nigerians killed in South Africa as anti-migrant tensions flare

ABUJA, Nigeria—Two Nigerian nationals have been killed in South Africa, Nigeria’s Foreign Ministry said, as tensions run high between the two countries over anti-immigrant protests. The ministry said one of the victims, James Uchechukwu Nwankwo, was killed after “gruesome interrogation techniques” by South African police officers in Cape Town, on September 5. The statement did not identify any suspects or provide a possible motive in the death of Taiwo Michael Fakunle, a bishop, who was killed at his residence in Kensington, Johannesburg, on September 4. The killings “raise questions about the safety of foreigners in the country and the commitment of the South African authorities to curbing targeted attacks against foreigners,” Foreign Ministry spokesman Oluwafemi Adeniyi said in the statement. South Africa has for years attracted foreign nationals from across the continent because of its relative wealth and opportunity. But foreigners have also experienced sporadic outbursts of xenophobic violence. Protesters in the southern African country blame foreigners for high levels of unemployment, crime and pressure on public services. AP

www.businessmirror.com.ph

2nd Front Page BusinessMirror

SINAG TO GOVT: MAKE SURE PAX SILICA DOESN’T HURT AGRI By Ada Pelonia

T

HE government should place safeguards to ensure that the proposed Pax Silica development would not affect the farm sector, according to agriculture group Sinag. While not opposed to investment or economic diversification, Sinag Executive Director Jayson Cainglet said the planned Pax Silica development should not reduce the country’s capacity to produce its own food. “The government should not create a false choice between economic development and food security, [because] we need both,” Cainglet said. “Pax Silica and other projects must not be pursued by sacrificing the country’s agricultural production capacity and rural livelihoods,” he added. He then called on the government to put in place several safeguards before projects under Pax Silica or similar large-scale industrial initiatives are approved. This includes an impact assessment, comprehensive mapping of potentially affected farms and agricultural areas, and no displacement of agricultural livelihoods. Furthermore, the group noted that there should be a clear legal guarantee that agricultural and household water requirements

will be prioritized over industrial requirements. Continuous independent monitoring of groundwater, irrigation water, soil quality, and agricultural areas surrounding project sites should also be included. “[There should be] a legally enforceable intervention mechanism that allows government to require the reduction, suspension, or cessation of operations when a Pax Silica project or similar industrial development causes serious or irreversible harm to agricultural resources, farmers, or rural livelihoods,” Cainglet said. For the group, development should complement agriculture rather than compete with it. As such, Cainglet stressed that while the planned Pax Silica development must proceed, it should not be at the expense of agricultural land, irrigation water, farmers’ livelihoods, environmental quality, and food security. “The Philippines can pursue AI, semiconductors, advanced technology, and modern industry while protecting local agriculture and the country’s food security,” Cainglet said. “The choice is not technology versus food security. The choice is whether we will pursue development responsibly—or allow unproven investments to undermine our capacity to feed ourselves tomorrow.”

Monday, September 14, 2026 A9

Maharlika to pool projects under LEC to lure investors

T

By Reine Juvierre S. Alberto @reine_alberto

HE Maharlika Investment Corp. (MIC) could pool projects under the Luzon Economic Corridor (LEC) into a single investment product to attract more institutional capital to the country’s largest economic engine, its top official said.

MIC President and Chief Executive Officer Rafael Jose D. Consing Jr.

MIC President and Chief Executive Officer Rafael Jose D. Consing Jr. said in a forum on Thursday that the sovereign wealth fund manager could take on several roles in the LEC, but, importantly, act as a project aggregator since this is what he deemed the corridor needs. Consing said individual LEC projects are often too small and too differently structured for a global investors’ ticket size. “The role we can play is to aggregate them—pool the projects into one vehicle, standardize the terms, and add credit enhancement,” Consing said.

Development Bank] to put a wrap around it, because that will then make that project much more investable,” Consing said. The MIC is planning to launch thematic sub-funds within the next three years, allowing retail investors to participate in its investments, as it incubates and builds value in all its investments, Consing said earlier. The proposed sub-funds could focus on industries such as agriculture, energy, logistics and mining. Apart from project aggregation, the MIC could also serve as an an-

“What was 20 separate negotiations becomes a single instrument a pension fund or an insurer can buy. The regulations already allow it. What is missing is the product,” he added. Currently, the MIC has deployed P24.7 billion in cumulative capital into equity and credit, and the next stage for the sovereign wealth fund manager is to create financial instruments that can bring in larger pools of outside capital. “We can come in. We can put the instrument together, hopefully work with someone like the [Asian

chor investor, co-investor and provider of patient capital for LEC projects. Consing said the MIC’s investment decisions are guided by four points: absence, position, pricing and exit. “Once a project is determined to be consistent with national interest and imbued with significant national interest, then we can anchor the investment,” he added. The LEC was launched in April 2024 by the Philippines, Japan and the United States as the first Partnership for Global Infrastructure and Investment corridor in the Indo-Pacific. It connects Subic Bay, Clark, Manila and Batangas. President Ferdinand R. Marcos Jr. has pitched the LEC to foreign investors, offering a “growing domestic market, access to major trade routes, a young and talented population, and strong economic relationships across the world.” Spain and the European Union have recently joined the LEC, bringing the number of international partners to 10. Existing partners are Australia, Canada, Denmark, France, Italy, South Korea, Sweden and the United Kingdom.

FATF lists ‘red-flag’ indicators in gaming money transactions By Dionisio V.L. Pelayo

T

FARES TAKE FLIGHT A commercial airplane prepares to land on a runway in Parañaque City. Air travelers are bracing for higher fares on flights booked in the second half of September after the Civil Aeronautics Board (CAB) raised the passenger fuel surcharge by one level, adding to the cost of air travel. NONIE REYES

DepDev pins hopes on holidays to reverse job losses By Justine Xyrah Garcia

D

ESPITE unemployment hitting a four-year high in July, the Department of Economy, Planning, and Development (DepDev) expects the holiday season to provide a boost to hiring in the coming months. DepDev Secretary Arsenio M. Balisacan said stronger economic activity in the second half could support more hiring as businesses ramp up toward the year-end. “With the improvement of economic activity in the second half, especially in the fourth quarter, the labor market will also improve,” Balisacan said in a recent interview. Data from the Philippine Statistics Authority (PSA) showed the

unemployment rate rose to 6 percent in July, the highest since June 2022, when the economy was still recovering from the pandemic. For the first seven months of the year, the unemployment rate averaged 5.2 percent, already close to the lower end of DepDev’s 5.3- to 5.8-percent full-year forecast and above the government’s initial 4to 5-percent target under the Philippine Development Plan (PDP). The government earlier attributed the July increase to the surge in new labor-market entrants who were not immediately absorbed by the economy. Balisacan said unemployment is unlikely to breach the upper end of DepDev’s forecast, citing an expected improvement in economic activity and the anticipated resolu-

tion of delays in public infrastructure projects by the third quarter. The latest data from the Department of Budget and Management (DBM), however, showed the continued weakness in public infrastructure spending. Infrastructure and other capital outlays fell by 34.1 percent to P98 billion in June from P148.8 billion a year earlier. Spending nonetheless increased by 22.4 percent from P80.1 billion in May. For the first half of the year, infrastructure and other capital outlays plunged by 40.8 percent to P367.4 billion from P620.2 billion a year earlier.

AI won’t erode jobs

MEANWHILE, Balisacan said the government does not yet see the

growing use of artificial intelligence (AI) as a major threat to job creation. He said consultations with information technology and business process management firms showed that AI could create opportunities for workers to move up the value chain, provided they are given the necessary skills. Balisacan also pointed to the continued importance of human interaction in customer-facing work, where consumers may still prefer speaking with an actual person when automated systems fail to resolve their concerns. He said this “human touch” could give Filipino workers an advantage even as AI takes on more routine tasks. See “DepDev,” A2

HE Paris-based Financial Action Task Force (FATF) has identified red-flag indicators to guide regulators in monitoring suspicious money transactions in gambling operations. FATF in a recently-published report titled “Risks of Gaming and Gambling” said that gaming and gambling “had become part of a broader, interconnected valuetransfer ecosystem involving numerous participants, some of which sit outside national anti-money laundering [AML] and counter-terrorist financing [CFT] frameworks.” Rapid expansion of online gambling, digital payments and crossborder platforms is changing the illicit-finance risks facing the global gaming industry, with casinos and sports betting remaining particularly exposed to money laundering, FATF said in the report. A report published in the gaming online daily newsletter GGRAsia said the red flags identified by the anti-money laundering watchdog include: • “Complex—and often crossborder—platform ownership structures that obscure beneficial ownership, as well as the use of nominees, trusts and foundations, and shareholding arrangements structured to bypass or avoid thresholds for regulatory checks.” • Reliance on third-party providers or white-label arrangements “without robust oversight,” as well as contracts with software, marketing, consultancy or technology providers that “appear to lack economic or commercial sense.” • Rapid expansion by operators into digital-led services such as virtual-asset or payment services, unexplained spikes in revenue or customer activity, and • Significant cross-border business-to-business financial flows “unrelated to regulated gambling activity.” The FATF also said that at customer level, multiple accounts, repeated use of virtual private networks, dis-

crepancies between customer and payment information, unexplained sources of wealth and transactions involving higher-risk jurisdictions among potential warning signs, should be considered red flags. On the other hand, paymentrelated red flags include the use of multiple payment methods in different names, deposits followed by withdrawals with little or no play, third-party deposits, rapid withdrawals to different beneficiaries and transactions involving virtual assets. FATF said in the report that gaming and gambling had become part of a broader, interconnected valuetransfer ecosystem involving numerous participants, some of which sit outside national anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks. It added that the study was based on questionnaire responses from 80 jurisdictions “from across the FATF Global Network,” and “targeted consultation with industry bodies, researchers and private sector stakeholders”, as well as case studies provided by national authorities. FATF concluded that money laundering through gambling “is an established risk across many jurisdictions,” with land-based and online casinos, as well as sports betting, considered particularly exposed. By comparison, money laundering through online video and mobile gaming appeared to take place on a smaller scale, or with less sophistication and frequency, based on currently available evidence, according to the report. FATF highlighted the growing variety of payment channels available to customers. “Findings indicate that certain payment methods associated with gaming and gambling activity, such as cash, e-wallets, mobile money and virtual assets are vulnerable to a range of money-laundering risks,” the watchdog said in the report that was published this month. “The variety of payment methods accepted by online gaming and See “‘Red flag,’” A2

A10 Monday, September 14, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Predictable disaster: Flooded communities and stagnant solutions

T

HE numbers coming out of Luzon are staggering, and yet, tragically, familiar: 385 areas remain submerged. More than 10 million citizens affected; 43 dead, five still missing; billions of pesos in destroyed infrastructure and agriculture. And still the rains come. (Read the BusinessMirror story: “Floods persist in 385 Luzon areas,” September 7, 2026).

As monsoon-enhanced tropical cyclones Luis, Maymay, Neneng, and Pilandok have battered Luzon since August 1, we are once again confronted with an uncomfortable truth: we are a nation perpetually caught off guard by predictable disasters. The narrative has become routine. The storms arrive. The floods rise. Evacuation centers fill. The death toll climbs. Government agencies release statistics. Local officials declare states of calamity. Politicians distribute relief goods for the cameras. And then, slowly, the waters recede, the news cycle moves on, and we return to business as usual until the next deluge. But 10.2 million affected citizens deserve more than this cyclical resignation. Pagasa warns that monsoon rains will persist. Yet even when the skies eventually clear over Metro Manila, Ilocos, Benguet, and Calabarzon, the underlying problems will remain: inadequate drainage systems, unchecked urban development in flood-prone areas, deforestation in upland regions that triggers the landslides now claiming lives in Benguet and Rizal, and a disaster response framework that remains reactive rather than preventive. Consider the grim arithmetic: P7.95 billion in infrastructure damage, P4.11 billion in agricultural losses, and P2.29 billion spent on emergency assistance. These are not merely statistics—they represent livelihoods destroyed, food security compromised, and public funds diverted from development to disaster response. The cost of prevention is always cheaper than the cost of recovery, yet we consistently fail to make the necessary investments. The concentration of fatalities in Benguet and Rizal due to landslides is particularly damning. These are not freak accidents; they are the direct result of environmental degradation and unsafe settlement patterns in geohazard zones. We have the mapping technology. We know which areas are prone to landslides and flash floods. Yet families continue to live — and die — in these danger zones. Meanwhile, 16,900 families remain in evacuation centers, their homes either destroyed by the floods or rendered uninhabitable. The psychological toll of displacement, the disruption of children’s education, the loss of income for daily wage earners—these are the invisible costs that do not appear in NDRRMC briefings but weigh heavily on affected communities. Yes, the NDRRMC and local government units are working. Yes, relief efforts are underway. But we must demand more than competent crisis management. We must demand a fundamental shift in how we approach disaster risk reduction. This means enforcing building codes and zoning laws with genuine consequences for violations. It means massive investment in flood control infrastructure that goes beyond cosmetic dredging of waterways. It means aggressive reforestation and environmental protection in watershed areas. It means relocating families from geohazard zones—not as a suggestion, but as a matter of public safety. It means climate adaptation policies that acknowledge the Philippines is on the front lines of a warming planet where extreme weather events are becoming the norm, not the exception. The southwest monsoon will return next year, and the tropical cyclones will keep coming. The question is whether we will be ready—or whether we will once again count the dead, tally the damages, and pretend that distributing relief goods constitutes an adequate response to a preventable tragedy. The floodwaters will subside. The headlines will fade. But the vulnerability we have allowed to persist will remain, waiting for the next storm to expose it once again. How many more deaths must we mourn before we finally learn?

Since 2005

BusinessMirror A broader look at today’s business

The radical act of living a normal life Atty. Jose Ferdinand M. Rojas II

RISING SUN

Y

ESTERDAY was the last day of the Manila International Book Fair at the SMX Convention Center. Five days of literature and literacy, of parents haggling over discounted textbooks, of teenagers lining up for a favorite author’s signature, of retirees quietly filling a tote bag with paperbacks they plan to read in the next months or years. But scattered across the week, and beyond it, are dozens of smaller, quieter gatherings that never make it to a festival program, like small walking tours and barangay fitness events, writing workshops and readers meet-ups, and so on. On September 19, Manilakad will lead a walking tour through Banawe, tracing a district’s history one street corner at a time. At Asian Hospital, for example, the Senior Wellness Club meets every last Tuesday of the month, and cancer survivors gather every last Saturday—not for treatment, but for company. In San Pedro, Laguna, barangays are organizing tai chi and

qigong sessions for their older residents. Inside Manila Southwoods, retirees do the same, twice a week, inside their own village. Avida Residences Sta. Catalina and the Vermosa Sports Hub in Cavite run their own regular fitness sessions. In Metro Manila’s public spaces like Roxas Boulevard, the Mall of Asia seaside, and Blue Bay Walk, free Zumba sessions have quietly become weekend fixtures for people who will never set foot in a gym. None of these are loud, and none of them come with a ribbon-cutting or a press release. And that, I think, is worth noticing. We are, as a country, currently

Founder

Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

D. Edgard A. Cabangon ✝ Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

LITO GAGNI

Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Publishers Association of the Philippines Inc.

exhausted. Disasters queue up one after another, and the political noise—the corruption scandals, the finger-pointing, the sense that accountability keeps getting postponed—has left a lot of us tired in a way that doesn’t show up on the news. Against that backdrop, a Zumba class by the bay or a walking tour through an old neighborhood can look almost trivial. But is it? These small, self-organized efforts are how ordinary Filipinos keep their lives intact when the bigger institutions feel unreliable. A barangay doesn’t need a national program to get its lolas and lolos moving on a Saturday morning. A

hospital support group doesn’t need a budget line to let cancer survivors sit together and simply talk. A handful of neighbors in a subdivision can decide, on their own, that Tuesdays and Thursdays are for tai chi, and that decision alone becomes a small act of care—for the body, yes, but also for each other. There’s a version of resilience we like to romanticize in this country. It’s the bayanihan spirit that shows up after typhoons, the volunteers wading through floodwater. That kind of resilience matters. But there’s a quieter kind too: the discipline of showing up to a walking tour, a book fair, a writing workshop, a wellness meet-up, a qigong session, week after week, simply because it keeps you sane and connected. It’s less photogenic than disaster response, but it’s just as much a form of holding the country together. If you’re looking for something to do this week, you don’t have to go far, and you don’t need an occasion. Check what your barangay, your village association, or your nearest hospital already has running. Chances are, someone nearby has already started something small. And showing up might be the most normal, most quietly radical thing you can do at this time.

From call centers to chips: Is the Philippines ready for its next economic surge?

✝ Ambassador Antonio L. Cabangon Chua Publisher

We are, as a country, currently exhausted. Disasters queue up one after another, and the political noise—the corruption scandals, the finger-pointing, the sense that accountability keeps getting postponed—has left a lot of us tired in a way that doesn’t show up on the news. Against that backdrop, a Zumba class by the bay or a walking tour through an old neighborhood can look almost trivial. But is it?

S

OMETHING unusual happened inside Philippine factories in August. Companies bought more materials. Factories began hiring again. Export orders returned to growth. The S&P Global Philippines Manufacturing Purchasing Managers’ Index had risen from 51.8 in July to 54.9—the fourth consecutive month of expansion and the strongest improvement in manufacturing conditions since December 2016.

For an economy accustomed to celebrating consumption, remittances and services, perhaps the important number is not 54.9. It is what may already be happening underneath it. At almost the same time, another set of numbers was emerging from the Philippine Economic Zone Authority. During the first eight months of 2026, PEZA approved P216.46 billion worth of investments—already 72.16 percent of its P300-billion target for the entire year, with four months still remaining. The figure was more than double the P105.83 billion approved during the compa-

rable period last year. The manufacturing index rise and the PEZA investment numbers show for economist Cesar Tolentino an emerging Philippine semiconductor ecosystem. From his conversations and research, he sees investment moving toward the Philippines at a pace that may not yet be fully captured by official announcements. He cites, among others, two major Taiwanese companies preparing Philippine manufacturing investments. One, he says, is already considering the country partly against the possibility of another logistics disruption arising from the Iran

President Marcos has already directed government agencies to fast-track projects and incentives for semiconductor and AI investments. That instruction recognizes the opportunity. The PEZA numbers suggest investors recognize it too. But investment approval is not yet productive capacity.

crisis. The names and investment details will eventually matter. But perhaps the movement matters first. Companies do not relocate factories simply because somebody delivered a persuasive investment presentation. They move when something changes in the map of risk. That map is changing. Artificial intelligence is creating extraordinary demand for semiconductors. Geopolitical tensions are forcing companies to reconsider where critical components should be produced. Wars and maritime disruptions have demonstrated how a problem thousands of kilometers away can suddenly become a delayed shipment, an unavailable component or an idle production line somewhere else. Supply chains once designed pri-

marily for efficiency are increasingly being redesigned for resilience. The Philippines has unexpectedly found itself somewhere on that new map. The country may not simply be experiencing another cyclical factory recovery. It may be encountering an unusual moment when three separate forces are converging. Existing semiconductor capability. A global search for safer and more diversified supply chains. And an international technology architecture that suddenly gives Philippine geography, skills and industrial experience greater strategic value. The semiconductor industry is not starting here from zero. For decades, Filipino workers and engineers have participated in semiconductor assembly, testing and electronics manufacturing. But the opportunity now is different. The question is whether the country can move deeper into the value chain—advanced packaging, higher-value testing, design support, research, sophisticated electronics manufacturing and eventually the suppliers and technical services that gather around them. Taiwanese semiconductor giant Advanced Semiconductor Engineering, already operating in the Philippines for almost three decades, See “Gagni,” A11

Opinion BusinessMirror

www.news.businessmirror@gmail.com

eFPS at 25: From electronic filing to the BIR’s digital future

Taciturn worker Siegfred Bueno Mison, Esq.

THE PATRIOT

I DEBIT CREDIT Joel L. Tan-Torres

Conclusion

T

HIS 25-year eFPS journey should also be viewed in the context of global tax administration. Around the world, leading tax authorities have moved in the same direction. The OECD reports very high electronic filing rates among surveyed tax administrations, with e-filing now the norm for personal income tax, corporate income tax, and value-added tax returns. The United States Internal Revenue Service reported that more than 90 percent of individual tax returns were filed electronically. Malaysia’s Inland Revenue Board has likewise reported millions of e-filing transactions and tens of millions of digital transactions through its MyTax platform.

These global comparisons are important because they show that the BIR is part of a larger international movement. Modern tax administrations are no longer merely collection agencies. They are digital public service institutions, data organizations, risk-management agencies, and compliance partners. Their strength is measured not only by how much they collect, but by how effectively they reduce compliance costs, improve taxpayer service, detect noncompliance, protect taxpayer rights, and build public trust. This is where the next stage of BIR transformation becomes crucial. The eFPS was revolutionary in 2001 because it allowed electronic filing and payment. But in 2026 and beyond, the more important objective is integration. The BIR should move toward one taxpayer account, one source of truth, one compliance history, one risk profile, and one coherent digital relationship between the taxpayer and the tax authority. This requires integrating eFPS, eBIRForms, e-payment channels, ORUS, eONETT, eCAR, e-invoicing, taxpayer account management, audit case management, collection enforcement, and third-party information systems. The real challenge is not simply to digitize separate processes, but to connect them into a true digital tax administration backbone. A more advanced digital BIR should also change the way performance is measured. Collection targets will always be important. But the Bureau should also measure the number of transactions completed without physical appearance, the speed of processing taxpayer applications, the reliability of online systems during peak filing periods, the accuracy of taxpayer accounts, the reduction of taxpayer compliance costs, the quality of risk-based audit selection, and the level of taxpayer trust in the fairness of the system. This is also where digital transformation must be connected with governance and integrity. Technology can make tax administration faster, but it should also make it fairer. It should reduce unnecessary discretion, minimize face-to-face transactions, strengthen audit selection based on risk, improve transparency, and support anti-corruption safeguards. Digital transformation should not only produce more efficient collection. It should produce a more trusted BIR. As one who has served inside the BIR, worked with taxpayers and tax practitioners, taught future professionals, and continued to write and

Gagni. . .

Continued from A10

is expanding its Cavite operations with another 26,000 square meters of manufacturing space. Other Taiwanese technology companies are examining the Philippines. PEZA has intensified investment missions to Taiwan. And Tolentino’s own mapping

If Congress eventually creates additional legally recognized categories—such as Certified Accountants or Certified Professional Accountants—the law should clearly define who may use “Acct.,” CA, CPA or other corresponding titles. research about tax administration through this column, I regard the eFPS milestone as part of a larger story. It is a story of reform that began with computerization, moved into electronic filing and payment, expanded into digital taxpayer services, and is now entering the age of data analytics, artificial intelligence, e-invoicing, and risk-based enforcement. The launch of eFPS on June 11, 2001 should therefore be remembered not only as a system implementation date. It should be honored as one of the defining moments in the BIR’s digital journey. It demonstrated that tax administration in the Philippines could move beyond manual processes and embrace technology as a tool for service, compliance, enforcement, and governance. The next ambition should be even higher. The Philippines should not merely catch up with other tax administrations. It should aspire to become a regional and global example of digital tax leadership. With the right integration, governance safeguards, taxpayer-centered design, and sustained leadership, the BIR can serve as a model for how a developingcountry tax authority can leverage technology to improve revenue collection, strengthen voluntary compliance, protect taxpayer rights, and build trust in government. That, to me, is the enduring promise of eFPS after more than 25 years. It was not the end of BIR modernization. It was the beginning of a long and continuing journey—from manual files to digital platforms, from electronic filing to integrated tax administration, and from domestic reform to the Philippines’ ascent to global tax leadership.

REMEMBER the media frenzy over the supposed arrest of former congressman Zaldy Co somewhere in the Czech Republic a few months ago. One of the alleged masterminds in the budget insertions anomaly who managed to leave the country might finally be brought to justice. Alas, the news proved too good to be true. What followed was a confusing series of events that left the public more dumbfounded than enlightened. A few days ago came another bold declaration. Government law-enforcement agencies supposedly know where Co can be found. I still do not understand why DILG Secretary Jonvic Remulla felt the need to publicly announce this. I see no compelling law-enforcement reason for doing so. One cannot help but wonder whether such publicity is also part of the political positioning for 2028. In much the same fashion, DOTR Secretary Vince Dizon appears to relish every opportunity to be publicly seen doing his job. Perhaps both secretaries simply enjoy the limelight or have very good public relations advisers. But government is not show business. There are things that public officials should announce because the public has a right to know. There are other things that should be quietly accomplished first, only to announce when there is something concrete to report. Sometimes, the best press conference is the one that does not need to happen. That is why I find the working style of Secretary Gibo Teodoro inspiring. When critical events occur in the Department of National Defense (DND), he faces

the media, not because he craves attention, but because there is a national security message that needs to be emphasized. He knows when to speak, what to say, and, perhaps most importantly, when not to say anything. While others seem to measure their effectiveness by how frequently they appear before cameras, Gibo appears more comfortable measuring his by results. He does not seem particularly interested in grabbing every headline. Admiral Jay Tarriela of the Coast Guard and officials of the Department of Foreign Affairs are often the ones providing regular updates about the West Philippine Sea. Perhaps that is precisely how it should be. Then, when the moment comes, Gibo speaks. Recently, at a conference hosted by South Korea, a Chinese official handed him a note in the middle of an interview. The note reportedly disputed, among other things, the 2016 Arbitral Ruling that affirmed the Philippines’ maritime rights. It was apparently intended to rattle him just as he was about to answer a question concerning maritime issues.

Monday, September 14, 2026 A11

Low profile does not mean weak. Unassuming does not mean meek. Let hard work and the results make the noise. Let courage speak quietly but loud enough when required. And let public service not become self-advertisement. Taciturn workers can be steadfast without flexing their position. True service need not be announced. It simply needs to be courageously exercised. It did not work. Sec. Gibo calmly dealt with the situation. He did not need a prepared stage, a carefully choreographed press conference, or a dramatic declaration. The limelight did not have to be sought. It found him. There is a lesson here that goes beyond politics and government administration. Jesus Christ never appeared to seek attention for attention’s sake. Crowds gathered around Him because of what He did and what He taught. He performed miracles, confronted the Pharisees when necessary, and taught through parables. He went about His Father’s mission without turning His ministry into a campaign for popularity. His disciples did the same. But Christianity does not teach meekness in the face of wrongdoing. There are moments when silence becomes cowardice and boldness becomes a duty. After the Resurrection, Peter and John were arrested for preaching the Gospel. The Sanhedrin, the supreme religious authority, ordered them to stop. Peter’s answer was unmistakably bold “Which is right in God’s eyes: to listen to you, or to him? You be the judges! As for us, we cannot help speaking about

what we have seen and heard.” (Acts 4:19-20) Our public servants need not dominate a press conference or have thousands of likes on social media or produce another sound bite. We do not need leaders who constantly remind us that they occupy an important office. We need leaders who can remain silent when silence serves the national interest and to speak up without fear when fundamental principles are threatened. There is a stark contrast between publicity and substance. We need leaders who understand that holding high office is not an invitation to perform. We need the boldness of Peter when confronted by the Sanhedrin. But we also need the quiet perseverance of those who simply do the work day after day without demanding applause. Secretary Gibo Teodoro seems to understand that distinction. Low profile does not mean weak. Unassuming does not mean meek. Let hard work and the results make the noise. Let courage speak quietly but loud enough when required. And let public service not become self-advertisement. Taciturn workers can be steadfast without flexing their position. True service need not be announced. It simply needs to be courageously exercised. Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.

So long, sausage rolls: Heat upends Britain’s high-street habits By Olivia Rudgard & Maddie Parker

Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax practice with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

A scorching summer dampened demand for tea, according to Associated British Foods Plc, the owner of tea brand Twinings and maltdrink brand Ovaltine. Hot beverages fell out of favor with customers as temperatures rose as high as 38C (100.4F). This summer has been a recordbreaker. It was western Europe’s hottest summer on record, with heat waves in many countries that began early and persisted from May to August. Spain endured 61 days of heat-wave conditions, Germany’s temperature hit a new all-time high and the UK had an unprecedented 40 days of temperatures over 30C. British retail sales struggled in blistering temperatures. Even England’s consumer-confidenceboosting progression to the World Cup semi-final couldn’t balance out shoppers’ unwillingness to brave the high street. Heat is becoming a bigger consideration for British retailers, says Steve Fergus, national head of retail and wholesale at Barclays UK’s corporate bank, with growing evidence that shoppers’ behavior changes as the temperature rises into increasingly uncomfortable territory. “Adapting to hotter conditions is becoming a commercial as well as an operational priority,” he says. On Tuesday, British homeware retailer Dunelm said it was embark-

ing on an ambitious turnaround plan, including opening more stores faster, but that its progress had been hindered as repeated heat waves drove shoppers away from the high street. In August, Swedish outerwear company RevolutionRace told analysts to take central Europe’s high summer temperatures into account when comparing this year’s results with its previous set of figures. “Very warm weather is not favorable for us,” said Paul Fischbein, the company’s chief executive officer, on an earnings call. The heat produced winners as well as losers. Many Brits are reaching for fans, cooling technology and even air-conditioning units for the first time, which is good news for electronics retailer Currys Plc. The heat waves, along with World Cupinduced demand for televisions, meant Currys gained market share in all major categories over the summer months, the retailer reported on Thursday. In July, Magnum Ice Cream Co. reported higher-than-expected sales growth, helped by the hot weather—a turnaround after concerns earlier this year that weightloss drugs were sapping demand. Last month, fashion and homeware company Next Plc also said it had benefited from the heat, lifting its profit guidance for the third time this year. Full-priced clothing sales

rose 9 percent year-on-year in the second quarter, with the benefit mainly concentrated online as shoppers avoided physical stores. In the US, where hotter summers are already built into the retail calendar, companies have developed products, merchandising and store formats around heat—from iced tea and frozen foods to air-conditioned shopping malls and seasonal promotions focused on hydration and cooling. As the climate changes, European buying patterns are shifting too. Speaking to BBC Radio 4’s Today Programme in July, Phil Halliday, the managing director of music and entertainment brands HMV and Fopp, said British consumers were “actively avoiding going outside,” to the benefit of air-conditioned malls and cinemas. In categories like soft drinks, ice cream and sun care, purchases can be convenience-driven, according to market-research company NielsenIQ. Rapid delivery did well this summer. “Retailers should remain fast to adapt to make the most of quick changes in weather, as shoppers’ plans can change very quickly,” says Tom Oakton, a UK thought-leadership specialist at the company. Some retailers are adapting to a hotter climate by changing what they stock. UK bakery chain Greggs Plc, best-known for its hot sausage rolls, made a pivot to chilled snacks this summer, including salads and iced matcha drinks. It reported a 7% increase in sales in the first half of the year. “We started to see the hot-weather trends become more of a norm at certain points,” said CEO

suggests that the pipeline may be considerably larger than the investments that have so far reached public announcements. Here an unexpected problem emerges. The foreign investor may be moving faster than the bureaucracy. Tolentino worries precisely about that gap. Companies examining the Philippines are making decisions according to global events measured in weeks

and months. Government investment processes, permits, infrastructure provision, power arrangements and regulatory decisions often operate according to another clock. A semiconductor company deciding where to put its next facility will not wait indefinitely for one country to become ready. There are other countries, other economic zones, other ports and other governments equally eager for the same factory.

President Marcos has already directed government agencies to fast-track projects and incentives for semiconductor and AI investments. That instruction recognizes the opportunity. The PEZA numbers suggest investors recognize it too. But investment approval is not yet productive capacity. The BPO experience offers an instructive precedent. Years ago, global companies discovered that Filipino

talent could perform increasingly sophisticated services for clients thousands of kilometers away. What began as call centers developed into an industry encompassing finance, healthcare, analytics, software and professional services. Tolentino sees something analogous occurring in semiconductors. But there is an important difference. BPO brought the world’s offices into Philippine buildings. Semiconduc-

B

RITAIN’S obsession with a nice cup of tea is famous around the world. But as the climate changes, that love affair is wilting in the heat.

Roisin Currie on a call with reporters at the end of July. In the same month, Marks & Spencer Group Plc said it was investing in refrigeration equipment that can cope with weather as hot as 45C, admitting it suffered during extreme heat in June. Fellow retailer J Sainsbury Plc also said they were investing in new fridges, as many supermarket chilled cabinets were overwhelmed by this year’s temperatures. Even as the last of summer fades, its effects continue to be felt. Upmarket grocer Waitrose has relaxed its technical specifications for the size and shape of vegetables, as crops are impacted by the intense heat. “You get natural variation and I’m sure we will continue to see that through the second half of the year,” said Waitrose managing director Tom Denyard on a Thursday call with reporters. “We’re adjusting our technical specifications to make sure we take as much of the crop as we possibly can.” Longer-term, Associated British Foods’ Primark is focusing on nonseasonal “transition products” like workout gear and buying less heavy winter clothing after last year’s mild weather left the brand with excess stock it was forced to sell at a discount in January. “We won’t be doing that again,” said CEO George Weston, on the company’s earnings call this week. This summer was so hot that even warm-weather food sales couldn’t lift the overall picture, says Charles Allen, senior analyst for staples and discretionary retail at Bloomberg Intelligence. Bloomberg tors could bring more of the world’s production chain into Philippine factories. Factories create requirements beyond their gates. For many years, the country’s economic question was how to persuade investors to come. The emerging numbers suggest another question may quietly be replacing it. They may already be coming. Are we ready when they arrive?

Sports BusinessMirror

A12 Monday, September 14, 2026 | mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

GILAS GOAL: BEAT THE GREAT WALL C

OACH Tim Cone and the Philippines faces unbeaten China at noon on Monday in the Aichi-Nagoya 20th Asian Games basketball competitions with a strong hope of toppling the team they frustrated on their home court three years ago in Hangzhou. “It’s time to move on and focus on China, no time to celebrate,” said Cone, whose wards are coming off a 109-78 rout of Kazakhstan last Saturday to bounce back from a horrible 85-89 opening-day setback to a Bahrain team brandishing four naturalized athletes. “It was a great team win where everyone to a man contributed,” added Cone, referring to how fluid Gilas Pilipinas was against the Kazakhs. China will be a tough assignment with Cone having to deal with a team without Justin Brownlee, who was responsible for embarrassing China and

its greatest player ever, Yao Ming, in the semifinals, 77-76, in Hangzhou. Brownlee was as relentless in the final where Gilas won the gold medal—the first since the 1962 games in Jakarta—70-60, over a Rondae Jefferson-Hollis-led Jordan. China has been crushing the opposition in Group C at the Aichi International Arena in Nagoya—99-61 against Kazakhstan and 105-59 against Bahrain. It’s a must win for Gilas against China if the Filipinos want to smoothly advance to the knockout round of the basketball competitions that the host is staging at a nontraditional schedule ahead of the opening ceremony this Friday. A loss wou ld keep Gi l as on its toes as t he defend ing c ha mpions awa it whic h of t he t wo best t hird pl acers in t he fou r g roups wou ld

A

DAMSON University clamped down on Far Eastern University (FEU) in the fourth quarter to carve out a 56-53 come-from-behind win in the University Athletic Association of the Philippines Season 89 men’s basketball tournament opener on Sunday at the Smart Araneta Coliseum. The Soaring Falcons trailed 37-46 after the third period but got key contributions from Nigerian center Precious Jonah, Mathew Montebon, Manu Anabo, Matty Erolon and Mat Edding to turn the game around, 54-51, with two minutes remaining. “We’re just very thankful that we were able to get the win. It’s a tough battle every time we play FEU,” said Adamson University head coach Nash Racela, whose team played catch-up for most of the game. “They really made it hard for us also. At some point in the game, we were kind of lost,” he said. “It just so happened that our players were able to gather and group themselves together.” Only Cabs Cabonillas held fort with the rookie scoring all seven of FEU’s points in the payoff quarter. He scored FEU’s final basket on a putback off a miss by Jorick Bautista, but Erolon answered with a jumper with 1:33 remaining to give Adamson University the final lead. Both teams traded misses the rest of the way. Kirby Mongcopa had the Tamaraws’ final attempt but his well-defended three-pointer badly missed the mark. “We still need to improve our first-half performance because we’re almost always playing catch-up in the second half,” said Edding, who scored 10 points, six in the fourth quarter. “That’s something we need to learn for the upcoming games.” Montebon led the Soaring Falcons with 18 points

move on to t he ne x t rou nd. The triples kept sinking for Gilas against Kazakhstan—they went 16 of 29, a far cry from the 10 conversions out of 34 tries in the loss to Bahrain. “Just a great bounce back win. Excellent job for the coaching staff and coach Richard [del Rosario] for the preparation,” Cone said. “We played the way the staff originally envisioned this team to play. They played loose and fast and defended on high level.” Jerrick Ahanmisi was spectacular from downtown seven three-pointers for 22 points while Robert Bolick bounced back from a scoreless performance against Bahrain by making 20 points in the Kazakhstan game.

Soaring Falcons off to a flyer in UAAP

Sedrick Barefield also had a bounce-back game from zero production the last time to 11 points on Saturday night. China, on the other hand, shot terribly from the three-point area against Kazakhstan (6 of 18) and Bahrain (14 of 35), but leaned on its strong frontline headed by 7-foot-3 Yu Jiahao, who posted 17 points and 12 rebounds against K azakhstan. Playmaker Liao Sanning had 10 points and nine assists against Kazakhstan and improved his production against Bahrain with 23 points and six assists. Josef Ramos

JUSTIN ARANA (21), Don Trollano (6) and Robert Bolick (8) cheer from the bench in the Philippines’s 109-78 rout of Kazakhstan on Saturday. SBP FACEBOOK and four steals while finishing with a plus-25 rating in his 30 minutes and 18 seconds on the floor. Erolon added eight points and five rebounds, while debuting Nigerian center Jonah contributed eight points, 11 rebounds and four blocks. Season 88 High School Boys’ MVP Cabs Cabonillas led the Tamaraws in his collegiate debut with 11 points and 12 rebounds but struggled from the field, shooting 5-of-13—he nevertheless finished with a plus-15 rating in his 24 minutes and 28 seconds on the court. Reigning collegiate MVP Janrey Pasaol also struggled, shooting just 2-of-11 from the field for 11 points while adding five assists against five turnovers. Graduating guard Jorick Bautista had a tough outing as well, tallying nine points, all in the first quarter. Both teams will go on a long break right away, with the UAAP limiting its early-season play dates due to the 2026 Asian Games. They will return to action on September 26 at the SM Mall of Asia Arena with Adamson University facing Ateneo de Manila University at 12 p.m. before FEU battles the University of the East at 2:30 p.m.

FEU opens Season 89 with a blast Far Eastern University’s Edna Magtubo—one of the host school’s pride in athletics—lights the urn signaling the start of Season 89 of the University Athletic Association of the Philippines in an explosive Super Bowl half time show-style ceremony at the SM Mall of Asia Arena. UAAP PHOTO

left) celebrates her victory at the ICTSI Summit Point Championship in Lipa City last Thursday. The Summit Point golf ambassador is joined by (from left) general manager Vic de Guzman, president Robbie Leviste and ICTSI Media Relations Head Ronnel Javier. LPGT PHOTO

T

HE inaugural 5150 Triathlon Islands of the Philippines Series culminates on Samal Island this Sunday with athletes facing the final test of a four-leg endurance challenge that featured some of the country’s most scenic island destinations. The Damosa Land 5150 Triathlon finale will follow the familiar 5150 format—1.5-kilometer swim, 40-kilometer bike and 10-kilometer run—

but Samal carries significance beyond being the final stop on the calendar. Samal caps a series built to test athletes across varied island courses while highlighting the growing appeal of triathlon in the Philippines. The series opened in Guimaras in March, moved to Camiguin in May and continued in Bohol before heading to Samal for the fourth and final leg.

got to watch Sabalenka navigate the WTA circuit. There was that crisis of confidence that she went through as she was falling apart. Granted Sabalenka at that time was what, 22 or 23 years old? Really how mature or well-balanced is anyone at that age? After a few years, she began to win. The 28-year-old Sabalenka has 24 career titles! Which is more than I can say about Ajla Tomljanovic who I keenly followed. The CroatianAustralian has two WTA singles titles and four ITF singles championships. She has been battling an assortment of niggling injuries and shut down her 2026 season last July. She has slid down the WTA rankings from a high of #32 in 2023 to now, #109. Unless Tomljanovic launches the mother of all comebacks, I’d say her career is on the downturn.

On the other hand, this calendar year of 2026, Sabalenka owns three WTA singles crowns. Although she’s lost seven finals, and for the first time since 2022, not won a Grand Slam. She also made the semis finals twice, as well as several quarterfinals berths. Unfortunately for the Belarussian (Aryna), she has lost four matches against one win to Rybakina who beat her thrice in four matchups in this year’s tour. Some folks are simply one’s Kryptonite. My read on Aryna? She’s too emotional for her own good. It can be both good and bad. When things do not go her way, she gets rattled and even has on court meltdowns. That certainly doesn’t help. I certainly believe that had John McEnroe been more in control of himself back in the day he would have won a few more titles. But then again, he wouldn’t be McNasty if he wasn’t a time bomb waiting to go off, right? This finals loss in the US Open will eat at Sabalenka for sure. She really shouldn’t be hard on herself because how many players have her resume? I am not a Sabalenka fan to be honest. In the WTA, I followed Tunisian star Ons Jabeur who has quite a story, but she stepped away in July of 2025 for an indefinite break to deal with her injuries and recently giving birth.

Sabalenka should let go ALL of a sudden, Aryna Sabalenka cannot win a Women’s Tennis Association (WTA) championship. And her US Open conqueror, Elena Rybakina, defeated her for the fourth time in five meetings this 2026 WTA season. Yes, no one wins all the time. And sometimes, there are players who simply have your number. As a longtime fan of professional tennis, the Netflix series, Break Point, was huge for me and many others to get the lowdown on the previous season’s campaigns of various players, their hardships and challenges. I grew up watching Jimmy Connors and John McEnroe and became a bigger fan of tennis by the time Pete Sampras, Andre Agassi, Malivai Washington, Todd Martin, Michael Chang and Jim Courier. But in the pre-internet days, I only knew of what I read in the newspapers as well as in the pages of Sports Illustrated. The biggest help in growing my love for pro tennis is the ongoing Netflix series, Break Point. Now, the viewers got to hear from the players themselves talk about their challengers. From the first season of Break Point in 2023, we

Blazers start NCAA 102 with a bang

J

By Josef Ramos

HOMEL ANCHETA had 19 points and three other College of Saint Benilde Blazers scored in double figures in a 77-68 upset of defending champion San Beda in the opener of the National Collegiate Athletic Association Season 102 basketball tournament on Sunday at Mall of Asia Arena. Matthew Jucom had a huge doubledouble of 18 points and 16 rebounds, Irele Galas added 12 and Raffy Celis scored 11 for the Blazers. The 5-foot-9 Ancheta nailed a step-back triple that gave the Blazers a 68-68 cushion with a little under three minutes left. San Beda new guy Aldous Torculas was the only player to hit double figures for the Lions, scoring 19. The opening ceremony put the spotlight on the student-athletes and the league’s role in shaping the country’s future in sports, with sports patron Manny V. Pangilinan and Philippine Sports Commission chairman Patrick C. Gregorio urging them to embrace the season theme “Strive. Believe. Unite.” “For more than a century, the NCAA has been part of storied Philippine sports,” Pangilinan, a San Beda alumnus, said. “Today, we convene as one NCAA. That is why this season’s theme is so appropriate.” Gregorio tipped his hat to the NCAA for continuing to serve as a pioneer for young Filipino athletes across various sports, lauding the league for adding to the calendar “Olympic medal-rich” sports such as golf, boxing and gymnastics, among others. “I just want to stress and emphasize that PSC recognizes the NCAA’s role as a vital partner in nurturing young talents in sustaining the country’s sports pipeline,” Gregorio said.

PHL Open to go ahead despite sponsor pullout

T

5150 series wraps up with Samal Island race Champ Chanelle Chanelle Avaricio (second from

SPORTS patron and Mediaquest Holdings’ Chairman of the Board Manny V. Pangilinan—a San Beda alumnus— addresses the opening ceremony of the league’s 102nd season on Sunday at the SM Mall of Asia Arena. NCAA PHOTO

Queen Elena Elena Rybakina kisses her US Open trophy after denying Aryna Sabalenka a third-straight title, 6-4, 5-7, 6-2, on Saturday in New York. Rybakina is also guaranteed to replace Sabalenka as the world’s No. 1 after winning her third Grand Slam title and the second this year—she also beat Sabalenka, whose 19-match winning streak was halted, at the Australian Open. AP I also follow Jessica Pegula and Marta Kostyuk. You might be wondering where Alex Eala is in all this, well, yes, I do follow her and have since 2023 when she graduated from the Rafa Nadal Academy. Before Alex, I followed another Filipina at the Rafa Nadal Academy in Bea de Ocampo who is the daughter of a schoolmate of mine (I also wrote some articles about the Rafa Nadal Academy). It was Bea who cued me into Alex. I think Alex’s got game and will go far. I will not even be surprised if she wins a Grand Slam. Yep. But I do not follow her because she is Filipino. Am not hardwired that way where I root for anyone with Filipino blood. I follow her because I think she is a darn good tennis player. For the Association of Tennis Professionals, I am a fan of Frances Tiafoe and Ben Shelton. But the player I have followed since Roger Federer retired is Gael Monfils who will also be retiring at the end of this 2026 season. I know it is easier said than done to let go of emotions and the bad stuff. I too was an athlete once and had a hard time letting go of losses. I think that Sabalenka is too good to not get back on the winning track. She just has to learn to let go and forgive herself.

HE National Golf Association of the Philippines (NGAP) stressed over the weekend that the Philippine Open—the oldest national championship in Asia—will push through as scheduled from November 12 to 15 even after the withdrawal of BingoPlus as the main presenter. The Philippine Sports Commission (PSC) and the Asian Tour have stepped in as the tournament’s new chief backers while NGAP president Al Panlilio assured that the 72-hole championship will be at least a $1 million (P63 million) event that the Masters of Manila Southwoods will host. “We are very grateful to Chair Pató [Gregorio of the PSC], Mr. Cho [Minn Thant of the Asian Tour], and of course, to Manila Southwoods, that we will still be able to hold the event as scheduled,” said Panlilio, who came out of a crucial meeting with Asian Tour officials recently and secured the commitment of several other firms as sponsors. “There are several other entities from different businesses which are very willing to make this happen,” Panlilio said. “We are just ironing out the details of everything before we make the announcement.” The Masters, as early as two months ago, is being spruced up to championship shape to be able to challenge the best in the region. Frenchman Julien Sale is the defending champion, breaking through as a pro last year while at the same time becoming the first debutant to win the Philippine Open. He fired a final round five-under-par 65 for a 269 total to win by a shot over Thailand’s Sadom Kaewkanjana and Tomoyo Ikemura of Japan. Miguel Tabuena was in that field and gave gallant chase to be the best Filipino finisher, finishing just four shots behind in front of a big crowd that followed him the entire week.

Editor: Jennifer A. Ng

Companies BusinessMirror

GCASH IPO PRICE UNLIKELY TO REACH P10 APIECE—ANALYSTS

T

HE initial public offering (IPO) of Mynt Inc., t he operator of t he country’s fintech behemoth GCash, may fetch a price below its indicative price of P10, analysts said. Ron Acoba, co-founder and chief investment strategist at Trading Edge--a third-party research provider for banks and brokerage firms in the Philippines--said an IPO price of P7 to P8 per for Mynt is “doable,” while P9 to P10 apiece “would require greater confidence that earnings growth can reaccelerate toward historical levels to justify the premium.” “We see P8 as a more balanced entry point at 24.7 times annualized 2026 earnings, appropriately recognizing GCash’s dominant digital-finance franchise and long-term growth runway while accounting for near-term earnings normalization and operating headwinds,” he said. “At P7, the risk-reward becomes more compelling at roughly 21.6 times earnings.” Mynt, he said, enters the public market with a growth record,

although the recent moderation in earnings momentum makes valuation increasingly important for prospective investors. Its net income climbed to P17.25 billion in 2025 from P6.38 billion in 2023. This translates to an annual compounded growth rate of 39 percent. “But growth has slowed materially as the business scales,” Acoba said. Earnings rose just close to 8 percent in the first half of the year, with second quarter profit declining 6 percent. Annualized, this year’s performance could grow at 25 percent. “Against this backdrop, the upper end of the IPO valuation appears demanding, with P10 implying 38.8 times 2025 earnings and 30.9 times annualized 2026 earnings, while P9 still commands 27.8 times annualized earnings.” Retail broker COL Financial Group Inc. has valued Mynt with a price-to-earnings ratio of 29.5 times, and is slightly below the $10.9-billion maximum IPO valuation stated in its initial prospectus. VG Cabuag

Monday, September 14, 2026

B1

Cargo ship operator based in Cebu files for share sale

A

By VG Cabuag

@villygc

ZNAR Shipping Corp., a Cebubased operator of cargo ships, has filed its registration statement with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) from which it hopes to raise as much as P737 million. Aznar Shipping is enrolled in the Philippine Stock Exchange’s Listing Engagement and Assistance Program (LEAP), a handholding initiative of the bourse that provides potential listing applicants with a one-stop shop for guidance and support throughout the listing process. The company hopes to sell 1 billion in primary common shares, and an over-allotment option of 100 mil-

lion secondary common shares at an indicative price of P0.67 apiece. “Aznar Shipping’s IPO gives investors an opportunity to participate in the growth of the Visayas through an expanding inter-island shipping platform that supports trade, tourism, and everyday mobility across the region’s key growth centers,” Kyle Alexander C. Aznar, the company’s president and CEO, said. The IPO proceeds are intended

to be used for capital expenditure on fleet expansion, shipyard facility development, and general corporate purposes, supporting the company’s strategy to increase capacity and widen its operational footprint across the Visayas. “As economic activity across the Visayas continues to grow, we want Aznar Shipping to grow with the region. The additional capital will help us strengthen our fleet and supporting capabilities so we can connect more growth centers and provide the maritime capacity needed to move more passengers, vehicles, and cargoes.” Aznar Shipping operates a shorthaul, high-frequency shipping model with nine operating vessels focused on four major inter-island routes with regular port calls at eight ports across the Visayas. T he compa ny ’s e x pa n sion strategy is anchored on increasing vessel capacity, developing additional viable routes, and strengthening the supporting capabilities

needed to operate a larger regional shipping platform. Subject to regulatory approvals and market conditions, the indicative offer period is scheduled from December 1 to December 8, this year with listing targeted for December 18, on the Small, Medium and Emerging Board of the PSE under the trading symbol ALX. Based on a study by the Center for Research and Communication, the Visayas serves as a critical domestic cargo hub linking the Luzon and Mindanao trade corridors. From 2022 to 2025, Visayas ports accounted for approximately 35 percent of national cargo throughput, 60 percent of passenger traffic, 49 percent of roll-on/ roll-off (RoRo) vehicle movements and more than half of total ship calls nationwide. Investment and Capital Corp. of the Philippines and PNB Capital and Investment Corp. have been picked as the deal’s joint issue managers, joint lead underwriters and joint bookrunners.

Cotabato Light told to refund customers

C

IN GOOD HANDS

Visitors explore the latest vehicle offerings, residential developments, and solar solutions while receiving personalized financing guidance from Metrobank specialists during the opening of the Live & Drive: Home & Car Loan Fest at the SM Megamall on September 12, 2026. The two-day event brings together leading car brands and property developers, giving visitors an interactive way to explore their options for their next big purchase. Leading the event are Metrobank representatives Zyra Monta, head of Secured Lending, Product Management Division; Jo L. Bata, head of the Sales and Distribution Group of the Consumer Business Sector; Pia Marie Santos, head of Secured Lending; and John Oliver Koh, head of the Car Financing Division. NONOY LACZA

ERC tweaks Meralco capex projects By Lenie Lectura @llectura

T

HE Energy Regulatory Commission (ERC) has re-adjusted the capital expenditures (capex) projects of the Manila Electric Co. (Meralco) for regulatory year 2021 to P19.66 billion, comprising of 25 major capex and 75 residual capex projects. “After deducting the withdrawn project cost and the excluded cost from the total proposed project cost of P20,696,678,285, the adjustedcapexamountstoP19,660,025,176,” the ERC said. “The Commission finds that the implementation of the subject capex projects will benefit its consumers, in accordance with its obligation to provide continuous, safe, reliable, secure, and efficient service for its member-consumers, as mandated under

Section 2 of the Epira [Electric Power Industry Reform Act of 2001].” At the same time, Meralco was told to pay a permit fee of P147,450,188.82. It also approved the five withdrawn capex projects filed by Meralco. The major projects mostly include the development and expansion of substations, construction of lines, installation of switching stations and capacitor banks, relocation of electrical facilities, and electrification projects. Meralco said the capex projects are part of its efforts to systematically expand and rehabilitate its distribution system with the view of responding to the needs of its customers. Also, the capex projects will enable it to meet operational capacity requirements, reliability, safety, performance standards, and regulatory requirements.

The company announced last week a rate reduction of P0.0409 per kWh in the electricity rate this September. This brings down the overall rate for a typical household to P14.7424 this month from P14.7833 per kWh in August. “For residential customers of Meralco who are consuming 200 kWh, this adjustment translates to a reduction of around P8 in the total electricity bill,” Meralco Vice President and Head of Corporate Communications Agapito R. Zaldarriaga said. “This follows a rate decrease Meralco implemented last month, and we hope that this will somehow provide relief to our customers.” This month’s overall rate reduction was mainly due to the decrease in ancillary service charges collected by the National Grid Corporation of the Philippines (NGCP) and lower taxes.

OTABATO Light and Power Co. (Cotabato Light) must refund its customers P53.87 million, a large portion of which stems from the over-recovery of system losses, the Energy Regulatory Commission (ERC) said over the weekend. The review covers over and under recoveries or instances when a utility collects more or less than the amount ultimately determined to be recoverable under ERC-approved rules, to ensure that electricity charges are properly aligned with allowable costs. In addition, ERC noted that these differences may arise from variations between projected and actual costs or consumption, changes in sales, and the timing of rate adjustments, and do not necessarily indicate intentional overcharging. Of the total refund, P40.77-million represents system loss over-recovery, followed by P17.64 million in generation over-recovery, P2.83 million in lifeline subsidy over-recovery, P2.70 million in transmission over-recovery, and P126,996.14 in real property tax overrecovery. At the same time, the ERC approved amounts for collection representing underrecoveries of P10.19 million in local franchise tax under-recovery and P12,989.21 in senior citizen subsidy under-recovery. “We are delivering on our commitment to resolve the longstanding rate reset impasse. This decision brings greater certainty to the regulatory process and ensures that confirmed over-recoveries are returned to consumers. This is far, transparent, and accountable regulation in action,” ERC Chairperson and CEO Francis Saturnino C. Juan said. For residential consumers the approved

refunds and collections will be reflected in their electricity bills through specified rates and recovery periods over approximately 48 months. The approved adjustments include a generation refund rate of P0.0179/kWh, transmission refund of P0.0010 per kWh, system loss refund rate of P0.0402 per kWh, lifeline-subsidy refund rate of P0.0029/kWh for non-lifeline customers, and real property tax refund rate of P0.0001/kWh. These will be offset by the corresponding collection rates of P0.0104 per kWh for local franchise tax and P0.0001 per kWh for senior citizen subsidy, resulting in an aggregate indicative rate impact of P0.0516 per kWh. Likewise, the ERC denied P713 million in fuel cost recovery included in Cotabato Light’s third compliance filing, finding that the amount was not recovered by the applicable automatic cost adjustment and true-up mechanisms and must instead be pursued through a separate application. Cotabato Light, Aboitiz Power Corp.’s distribution utility, was directed to apply the approved adjustments beginning with the next billing cycle upon receipt of the decision, reflect the amounts in the consumers’ bill, and submit a sworn compliance statement within 10 days from implementation. The utility must also submit monthly reports and supporting documents until the approved amounts are fully refunded or collected. “Resolving longstanding regulatory matters means providing certainty to the industry while protecting consumers. We will continue to ensure that our Decisions are properly implemented and that consumers receive what is due to them,” Juan said. Lenie Lectura

B2

Companies BusinessMirror

Monday, September 14, 2026

PSE STOCK QUOTATIONS

September 11, 2026

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

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

51.45 115.1 10.34 103 52.55 10.1 63.05 6.92 77.85 51.5 23 63.5 22.85 0.495 1.39 0.5 3.99 0.305 0.103 2,560 1.46 212.8 4,704 1.19

51.5 115.2 10.8 103.1 52.6 10.12 63.1 7 77.9 52.1 23.1 63.55 22.95 0.52 1.4 0.54 4.3 0.33 0.105 2,600 1.47 213 4,898 1.21

52.8 118 10.78 104 52.7 10.12 64.25 6.92 77.95 52.1 23 64 22.8 0.52 1.44 0.5 4.3 0.325 0.106 2,602 1.5 210 4,802 1.21

52.8 118.6 10.8 104.1 52.8 10.12 64.3 6.92 77.95 52.5 23 64.25 22.95 0.52 1.44 0.5 4.32 0.325 0.106 2,602 1.57 213 4,802 1.23

50.8 115 10.2 102.6 52.5 10.06 63.05 6.92 76 51 23 63.5 22.8 0.52 1.39 0.5 4.15 0.305 0.106 2,560 1.47 210 4,702 1.12

51.5 115.1 10.8 103.1 52.6 10.1 63.05 6.92 77.85 52.1 23 63.55 22.85 0.52 1.39 0.5 4.15 0.305 0.106 2,600 1.47 213 4,702 1.19

33,170 5,370,990 1,500 521,420 733,600 257,500 3,649,550 500 806,850 3,250 300 52,080 38,200 1,000 291,000 7,000 99,000 140,000 10,000 140 1,975,000 560 175 3,627,000

1,715,608 625,530,092 16,118 53,801,432 38,611,518 2,600,536 231,222,811 3,460 62,650,152 166,072 6,900 3,318,618 872,985 520 407,180 3,500 412,660 44,400 1,060 363,980 3,000,550 118,474 833,340 4,202,580

-231,052 -165,402,782 -3,660,207 -9,059,840 -1,496,798 -145,724,031 3,460 -21,866,915 124,415 -1,788,602 -13,210 -243,270 16,586 761,820 81,980

INDUSTRIAL ACEN CORP 2.56 2.59 2.56 2.6 2.52 2.59 5,057,000 12,946,250 -4,562,820 1.32 1.34 1.3 1.4 1.3 1.32 28,198,000 37,845,460 -5,646,290 ALSONS CONS ALTERNERGY HLDG 0.72 0.73 0.71 0.73 0.72 0.72 309,000 223,270 44.95 45 44.9 45.15 44.9 44.95 267,700 12,050,065 754,560 ABOITIZ POWER 1.09 1.1 1.12 1.08 1.1 213,000 238,150 86,980 RASLAG 1.13 0.107 0.109 0.107 0.108 1,180,000 127,480 -1,080 BASIC ENERGY 0.109 0.109 CITICORE RE 4.85 4.9 4.94 4.95 4.83 4.9 144,000 704,620 -24,580 FIRST GEN 23.7 23.8 28 28.55 23.7 23.7 14,611,000 380,317,540 -4,484,900 96 98 101.4 102 98 98 263,430 26,042,810 -951,618 FIRST PHIL HLDG MERALCO 480.2 480 480 485.8 477.4 480 430,880 207,287,234 -13,016,688 MANILA WATER 35 35.1 35.85 35.85 34.95 35 598,900 20,994,630 -7,225,345 18.14 18.16 18.4 18.5 18.1 18.16 1,198,800 21,826,812 -4,357,574 MAYNILAD 2.29 2.32 2.31 2.39 2.28 2.29 761,000 1,753,190 -1,118,630 PETRON PETROENERGY 4.83 4.55 4.72 4.83 4.55 4.55 372,000 1,717,840 15.36 15.38 15.1 15.4 15.1 15.36 82,900 1,272,322 126,058 PRYCE CORP 9.6 9.65 9.65 9.73 9.65 9.65 2,000 19,390 -9,700 REPOWER ENERGY 17.4 17.5 17.88 17.96 17.34 17.5 737,000 12,980,224 -2,825,074 SEMIRARA MINING SYNERGY GRID 24.35 24.4 24.9 24.95 24.3 24.4 1,249,500 30,756,190 -5,193,340 7.82 7.96 8.01 8.04 7.81 7.82 286,900 2,267,477 -33,324 SHELL PILIPINAS 9.45 9.55 9.58 9.58 9.4 9.55 18,200 173,146 955 SPC POWER SP NEW ENERGY 1.16 1.17 1.19 1.19 1.15 1.17 12,952,000 15,091,260 117,890 TOP LINE 1.65 1.66 1.66 1.71 1.65 1.66 978,000 1,623,510 2.81 2.9 2.9 2.82 2.82 254,000 718,810 -43,500 2.89 AXELUM 32.15 32.3 31.75 33.7 1,123,000 36,194,380 1,780,020 CENTURY FOOD 33.7 33.7 DEL MONTE 3.61 3.69 3.7 3.7 3.62 3.62 6,000 22,030 -3,690 DNL INDUS 3.47 3.5 3.52 3.55 3.45 3.5 1,950,000 6,775,040 417,630 15.16 15.22 15.14 15.16 262,600 3,987,062 -3,148,268 EMPERADOR 15.26 15.26 SMC FOODANDBEV 45.95 46 46.45 46.45 45.9 46 107,500 4,953,325 -1,814,940 FIGARO GROUP 0.6 0.62 0.6 0.61 0.6 0.61 368,000 221,750 -10 0.355 0.325 0.315 0.365 3,930,000 1,384,550 ALLIANCE SELECT 0.365 0.365 0.65 0.66 0.63 0.65 0.63 0.65 197,000 126,030 FRUITAS HLDG GINEBRA 231.8 218.8 219 230 218.6 219 88,280 19,552,778 -9,350,680 JOLLIBEE 168,772,766 147.2 147.5 148.6 148.9 146.2 147.5 1,145,000 -9,076,581 1.83 1.86 1.87 1.87 1.83 1.86 535,000 984,990 -120,150 KEEPERS HLDG 21.05 22 22.2 22.2 22 22 500 11,065 LIBERTY FLOUR MAXS GROUP 2.11 2.12 2.11 2.11 2.11 2.11 12,000 25,320 -2,110 0.069 0.074 0.069 0.069 0.069 0.069 10,000 690 MG HLDG 6.83 6.91 6.88 6.95 6.81 6.91 1,383,900 9,531,538 493,600 MONDE NISSIN SHAKEYS PIZZA 5.48 5.62 5.48 5.48 5.48 5.48 7,400 40,552 -28,496 ROXAS AND CO 2.47 2.59 2.6 2.6 2.5 2.59 32,000 81,180 5.25 5.29 5.3 5.3 5.25 5.25 323,800 1,705,261 -747,508 RFM CORP 0.053 0.056 0.054 0.054 0.053 0.053 40,000 2,150 SWIFT FOODS UNIV ROBINA 58.15 58.2 58.75 58.85 58.1 58.15 679,810 39,624,715 -25,116,680 VITARICH 0.495 0.5 0.51 0.51 0.495 0.5 245,000 121,745 0.405 0.41 0.415 0.415 0.41 0.41 950,000 390,000 ATN HLDG A ATN HLDG B 0.405 0.41 0.41 0.415 0.41 0.41 1,000,000 410,750 58.05 58.05 54.05 58.05 58.05 58.05 10 581 CONCRETE A 54.05 59.95 59.95 59.95 10 600 59.95 59.95 CONCRETE B 1.38 1.39 1.43 1.43 1.37 1.39 1,012,000 1,399,990 92,940 CONCREAT HLDG EEI CORP 1.86 1.9 1.92 1.92 1.86 1.9 174,000 329,060 -4,240 MEGAWIDE 5.25 5.17 5.26 5.26 5.15 5.25 738,800 3,864,536 -95,217 10.2 10 10 300 3,020 SUPERCITY 10.2 10.2 1.91 1.92 1.92 1.94 1.91 1.92 406,000 783,800 CROWN ASIA EUROMED 1.1 1.14 1.11 1.15 1.1 1.15 28,000 31,020 5.1 5.25 5.25 5.25 500 2,625 5.25 5.25 MABUHAY VINYL 10.56 10.58 10.92 10.56 10.64 248,700 2,626,878 -2,587,200 CONCEPCION 10.66 GREENERGY 0.155 0.161 0.163 0.163 0.154 0.161 1,840,000 288,820 8.51 8.52 8.35 8.8 8.2 8.52 8,888,000 75,845,196 1,760,324 INTEGRATED MICR 3.17 3.19 2.9 2.9 3.19 10,251,000 31,737,480 5,613,540 IONICS 3.22 7.01 7.1 7.2 7.01 7.01 26,100 185,288 PANASONIC 7.15 CIRTEK HLDG 1.55 1.56 1.51 1.62 1.47 1.56 14,803,000 23,108,500 -506,730 STENIEL 2 2 1.98 2 1.98 2 21,000 41,980 -1,980

www.businessmirror.com.ph

‘Indian tech firms optimistic about biz prospects in PHL’

I

By Bless Aubrey Ogerio

@blessogerio

NDIAN technology companies already operating in the Philippines are planning further expansion in digital services, artificial intelligence and other sectors, according to the Department of Trade and Industry (DTI) chief. Trade Secretary Ma. Cristina A. Roque said four Indian companies— Cognizant, VVDN Technologies, Hinduja Group and HCLTech—informed President Ferdinand R. Marcos Jr. during a roundtable in India that they intend to scale up their activities in the country. “In fact, they’ve said that the Philippines is really the best destination for trade and for business for them,” Roque said in an interview aired by a

state broadcaster on Saturday. The companies’ expansion plans are focused largely on technology, digitalization and artificial intelligence, she said, with telecommunications also among the areas being discussed. Roque said the companies’ existing presence in the Philippines gives them familiarity with the local market and business environment. “They are already existing in

the Philippines. So they already know exactly how ever ything goes. And their business in the Philippines, they’re very happy with it,” she said. Beyond technology, Roque said the discussions also covered opportunities in agri-technology and health care, particularly projects that could address gaps in agriculture and medical access. In agriculture, Indian firms are looking at technologies that could improve the sector’s productivity, she said, citing the government’s focus on food security. Roque also pointed to the Philippines’s agricultural export growth, particularly in coconut, pineapple and banana, as well as emerging products such as ube (purple yam) and calamansi. Coconut exports, she said, have increased by 34.4 percent. In health care, the companies are proposing teleconsultation services that could extend medical access to communities in remote areas. Roque said telecommunications

and digital services would likewise form part of the potential expansion, while the government is also looking to improve airport infrastructure to support tourism and trade. The roundtable was held during Marcos’s working visit to India, where he is attending the 18th BRICS Summit in New Delhi on September 12 to 13 at the invitation of Indian Prime Minister Narendra Modi. The Department of Foreign Affairs said Marcos’s visit is also aimed at advancing cooperation between the Association of Southeast Asian Nations and BRICS countries in areas including security and economic development. Marcos is expected to hold bilateral talks with Modi to discuss the Philippines-India five-year action plan covering 2025 to 2029. For the Philippine side, Roque said the companies expressed support for the administration’s economic policies and indicated that they intend to continue expanding their Philippine presence.

HOLDING & FRIMS

ABACORE CAPITAL 0.33 0.34 0.33 0.34 0.33 0.34 3,030,000 1,007,600 -198,000 63.3 63.35 62.4 61.75 63.35 681,650 43,132,366 -475,206 ASIABEST GROUP 63.55 AYALA CORP 478.6 480 484 484 472.6 480 316,720 151,424,402 8,589,944 ABOITIZ EQUITY 36.5 37 37.4 37.4 36.5 36.5 330,000 12,112,355 346,365 8.91 8.99 9.08 9.08 8.9 8.91 1,973,300 17,741,456 -16,014,874 ALLIANCE GLOBAL 16.72 17.26 16.96 16.7 16.72 16,400 275,904 101,760 ANSCOR 16.96 ANGLO PHIL HLDG 1.45 1.5 1.53 1.53 1.44 1.45 2,187,000 3,202,530 99,500 COSCO CAPITAL 7.95 7.95 7.9 7.9 7.83 7.95 277,300 2,177,424 -200,346 8.14 8.15 8.2 8.22 8.05 8.14 1,848,700 15,076,096 -1,024,247 DMCI HLDG FILINVEST DEV 3.67 3.79 3.8 3.8 3.68 3.68 10,000 37,250 -3,800 FJ PRINCE A 2.35 2.65 2.67 2.67 2.65 2.65 3,000 7,970 448.6 448.8 464.6 466.8 445.4 448.8 236,300 106,850,878 -31,269,294 GT CAPITAL 4.63 4.99 4.99 4.99 4.99 4.99 1,000 4,990 HOUSE OF INV JG SUMMIT 19.14 19.16 19.64 19.8 19.08 19.16 1,485,500 28,633,346 -1,611,756 LODESTAR 0.45 0.435 0.45 0.47 0.43 0.45 6,550,000 2,931,150 -400 5.7 5.8 6 6.08 5.7 5.7 3,320,500 19,610,754 1,761,061 LOPEZ HLDG 15.16 15.18 15.1 15.2 15.1 15.16 815,300 12,357,848 6,674,220 LT GROUP PACIFICA HLDG 0.86 0.88 0.85 0.85 0.85 0.85 6,000 5,100 0.98 1.19 1.03 1.19 0.98 1.19 125,000 124,210 PRIME MEDIA 1.16 1.21 1.15 1.2 76,000 91,830 SOLID GROUP 1.21 1.21 SM INVESTMENTS 530 535 538 539 529 535 353,260 187,668,270 -79,620,020 SAN MIGUEL CORP 62.4 62.8 62 62.8 61 62.8 230,010 14,390,872 -902,689 2.01 2.26 2.01 2.01 2.01 2.01 3,000 6,030 SEAFRONT RES 51.3 52.45 51.35 51.35 51.3 51.3 2,580 132,361 125,172 TOP FRONTIER PROPERTY ARTHALAND CORP 0.435 0.45 0.44 0.44 0.435 0.44 170,000 74,100 15.02 15.06 14.68 15.18 14.64 15.06 9,551,800 142,482,068 69,733,492 AYALA LAND AYALA LAND LOG 1.17 1.2 1.2 1.22 1.17 1.2 139,000 166,020 115,550 ALTUS PROP 11.86 12.2 12.12 12.2 12.12 12.18 1,700 20,684 -6,068 0.26 0.28 0.27 0.27 0.26 0.26 170,000 44,700 ARANETA PROP 36.95 37 37.3 37.35 36.85 37 992,600 36,730,350 10,683,275 AREIT RT A BROWN 0.76 0.8 0.81 0.81 0.74 0.8 88,000 66,490 -4,090 CITYLAND DEVT 0.58 0.61 0.61 0.62 0.58 0.61 17,000 10,290 -3,050 0.088 0.091 0.088 0.088 0.088 0.088 340,000 29,920 CROWN EQUITIES CEB LANDMASTERS 2.01 2.02 2.03 2.03 2.01 2.01 49,000 98,930 0.63 0.63 0.61 0.63 0.62 0.62 1,369,000 849,270 CENTURY PROP 3.15 3.16 3.18 3.18 3.14 3.16 2,073,000 6,539,750 -3,100,240 CITICORE RT 11.72 12 11.7 12.1 11.48 671,100 7,881,174 -49,116 DOUBLEDRAGON 12.08 DDMP RT 1.04 1.04 1.03 1.04 1.03 1.03 1,346,000 1,388,340 10,300 DM WENCESLAO 4.78 4.8 4.8 4.8 4.8 4.8 21,000 100,800 -19,200 0.026 0.027 0.027 0.028 400,000 11,100 EVERWOODS 0.028 0.028 0.097 0.098 0.098 0.099 100,000 9,890 EMPIRE EAST 0.099 0.099 FILINVEST RT 2.89 2.9 2.9 2.9 2.89 2.9 500,000 1,449,260 0.68 0.69 0.69 0.69 0.68 0.68 296,000 201,390 -1,380 FILINVEST LAND 0.62 0.63 0.61 0.61 0.61 0.61 6,000 3,660 GLOBAL ESTATE JACKSTONES 1.77 1.63 1.8 1.72 1.66 1.77 10,000 17,270 -3,510 MEGAWORLD 2.17 2.18 2.22 2.22 2.18 2.18 3,606,000 7,923,940 -2,339,750 0.69 0.7 0.7 0.71 0.69 0.7 18,843,000 13,187,090 392,700 MRC ALLIED 13.86 13.88 13.9 13.92 13.8 13.88 671,200 9,318,430 5,001,468 MREIT RT OMICO CORP 0.102 0.104 0.102 0.102 0.102 0.102 210,000 21,420 0.174 0.18 0.172 0.178 0.172 0.174 1,520,000 264,260 PRMIERE HORIZON 5.01 5.19 5.01 5.01 5.01 5.01 100 501 PHIL RACING PREMIERE RT 1.04 1.04 1.02 1.04 1.01 1.02 184,000 187,240 11,080 PRIMEX CORP 0.97 1.02 1.03 1.04 1.03 1.04 10,000 10,350 -1,040 6.76 6.78 6.76 6.81 6.73 6.78 3,068,000 20,777,637 396,112 RL COMM RT 16.98 17 17.2 17.2 16.9 17 936,600 15,911,590 -1,457,952 ROBINSONS LAND PHIL REALTY 0.107 0.112 0.107 0.107 0.106 0.107 270,000 28,790 3.06 2.82 2.95 3 2.8 2.96 3,222,000 9,371,460 131,740 ROCKWELL 3.13 3.15 3.28 3.28 3.15 3.15 73,000 233,560 -38,040 SHANG PROP 1.89 1.9 1.82 1.89 1.82 1.89 25,000 47,150 -3,850 STA LUCIA LAND SM PRIME HLDG 17.7 17.72 17.9 17.9 17.62 17.72 6,768,200 119,915,386 -5,689,254 0.29 0.35 0.285 0.285 0.285 0.285 10,000 2,850 WELLEX INDUS SERVICES ABS CBN 3.4 3.41 3.5 3.5 3.39 3.4 544,000 1,872,700 3.95 3.99 4 4 3.94 3.94 774,000 3,067,750 GMA NETWORK MANILA BULLETIN 0.18 0.181 0.188 0.188 0.181 0.181 160,000 29,180 5.03 5.25 5.03 5.03 5.03 5.03 100 503 MLA BRDCASTING 0.65 0.66 0.66 0.67 0.65 0.66 6,993,000 4,567,710 597,090 DITO CME HLDG 1,598 1,600 1,620 1,623 1,595 1,600 31,180 49,938,475 -21,146,560 GLOBE TELECOM PLDT 106,213,735 1,147 1,152 1,130 1,160 1,130 1,152 92,400 63,236,795 APOLLO GLOBAL 0.0061 0.0061 0.006 0.0061 0.006 0.006 143,000,000 861,300 180,000 9.07 9.08 9.11 9.05 9.08 4,345,200 39,451,531 -3,824,349 CONVERGE 9.08 DFNN INC 0.7 0.7 0.66 0.65 0.65 0.7 16,000 10,900 -1,400 EASYCALL 2.81 2.4 2.7 2.7 2.6 2.6 215,000 564,350 0.122 0.126 0.125 0.129 0.123 0.126 2,490,000 311,260 ISLAND INFO 0.395 0.4 0.41 0.41 0.39 0.395 2,710,000 1,075,600 -28,700 NOW CORP TRANSPACIFIC BR 0.116 0.118 0.116 0.116 0.116 0.116 560,000 64,960 0.86 0.86 0.89 0.86 0.86 0.86 88,000 75,680 CHELSEA 26.85 26.9 27.45 27.45 26.9 26.9 102,300 2,772,815 -1,343,430 CEBU AIR 985 985.5 990.5 990.5 975 985 1,520,360 1,496,469,750 188,472,605 INTL CONTAINER LBC EXPRESS 8.03 8.04 7.06 8.03 7.06 8.03 1,800 14,290 0.65 0.68 0.66 0.66 0.66 0.66 10,000 6,600 5,940 LORENZO SHIPPNG 3.67 3.74 3.74 3.67 3.68 456,000 1,689,670 -1,453,890 MACROASIA 3.68 PAL HLDG 3.06 3.12 2.96 3.1 2.85 3.1 4,893,000 14,584,450 2,216,260 HARBOR STAR 1.87 1.88 1.87 1.96 1.83 1.88 2,014,000 3,833,550 -273,750 0.032 0.033 0.032 0.033 28,400,000 910,500 -300 BOULEVARD HLDG 0.034 0.034 0.94 0.97 0.95 0.95 0.95 0.95 53,000 50,350 DISCOVERY WORLD PH RESORTS GRP 0.155 0.159 0.18 0.189 0.151 0.159 29,010,000 5,072,690 1,302,530 CENTRO ESCOLAR 15.16 15.16 15 15.16 15.1 15.1 388,200 5,885,106 -10,612 1.31 1.32 1.31 1.32 1,024,000 1,350,960 978,720 STI HLDG 1.32 1.32 BELLE CORP 1.12 1.12 1.11 1.12 1.1 1.11 3,713,000 4,093,850 17,860 BLOOMBERRY 2.25 2.23 2.24 2.3 2.2 2.23 7,871,000 17,650,990 840,480 1.5 1.68 1.55 1.55 1.5 1.5 108,000 162,110 3,010 PACIFIC ONLINE 8.76 8.78 9.1 9.15 8.75 8.76 9,627,100 -22,955,405 DIGIPLUS 86,096,961 PHILWEB 15.74 15.48 15.5 15.74 15.18 15.5 2,939,200 45,122,732 10,021,512 METRO RETAIL 1.06 1.09 1.1 1.1 1.07 1.09 50,000 53,550 12,840 40 40 40.5 39.7 40 942,700 37,667,070 -114,095 PUREGOLD 40.15 31.8 32 31.5 32 31.5 32 57,100 1,820,630 -640,000 PHIL SEVEN CORP SSI GROUP 2.08 2.13 2.08 2.1 2.08 2.08 60,000 124,840 0.81 0.84 0.85 0.86 0.83 0.84 108,000 90,640 830 UPSON INTL CORP 5.65 5.68 5.7 5.7 5.63 5.65 791,300 4,471,392 -66,812 WILCON DEPOT APC GROUP 0.104 0.111 0.11 0.111 0.11 0.111 120,000 13,300 -2,200 IPM HLDG 1.96 2.11 2.1 2.1 1.96 1.96 6,000 11,900 0.22 0.22 0.221 0.22 0.22 270,000 59,410 0.233 MEDILINES 3.2 3.36 3.45 3.2 3.2 190,000 609,230 PAXYS 3.44 SBS PHIL CORP 2.95 3.02 2.95 3.04 2.95 3.04 2,000 5,990 -2,950 MINING & OIL ATOK 2.05 2.1 2.12 2.12 2.05 2.05 18,000 37,890 APEX MINING 17.9 18.16 17.9 18.2 17.6 18.16 10,568,900 189,216,652 75,000,232 ATLAS MINING 21.4 21.5 21.5 22 21.15 21.5 11,528,600 249,089,475 -15,483,090 7.27 7.5 7.74 7.74 7.26 7.5 221,800 1,664,339 BENGUET A 7.51 7.6 7.61 7.61 7.5 7.5 189,700 1,439,240 BENGUET B DIZON MINES 4.24 4.79 4.7 4.7 4.7 4.7 1,000 4,700 0.385 0.39 0.4 0.4 0.39 0.39 600,000 234,300 -54,600 EC VULCAN 2.35 2.4 2.49 2.32 2.35 2,688,000 6,391,130 -1,278,380 FERRONICKEL 2.49 GEOGRACE 0.109 0.104 0.114 0.114 0.102 0.105 1,360,000 144,000 0.255 0.26 0.255 0.265 0.25 0.26 60,420,000 15,640,100 LEPANTO A 0.25 0.255 0.26 0.26 0.249 0.255 4,790,000 1,221,390 -223,650 LEPANTO B 0.0089 0.0091 0.0093 0.0093 0.0089 0.0089 48,000,000 434,900 MANILA MINING A MARCVENTURES 0.89 0.86 0.87 0.87 0.84 0.87 3,989,000 3,448,840 -686,720 NIHAO 0.62 0.62 0.59 0.62 0.58 0.59 188,000 111,090 4.54 4.57 4.75 4.75 4.52 4.54 4,873,000 22,384,310 -684,920 NICKEL ASIA 38.55 38.6 38.65 37.8 38.6 559,100 21,388,200 11,400 OCEANAGOLD 38.65 ORNTL PENINSULA 0.62 0.63 0.65 0.65 0.62 0.62 2,201,000 1,379,210 -17,640 11.46 11.48 11.44 11.7 11.3 11.46 8,228,600 94,418,790 -16,429,812 PX MINING 0.0088 0.0089 0.0089 0.009 3,000,000 26,800 UNITED PARAGON 0.009 0.009 ENEX ENERGY 3 3.22 3.26 3.26 3 3 12,000 36,770 -240 ORNTL PETROL A 0.014 0.015 0.015 0.015 0.014 0.014 7,500,000 106,400 0.014 0.015 0.014 0.014 0.014 0.014 6,200,000 86,800 ORNTL PETROL B 0.0089 0.0093 0.009 0.0091 33,000,000 297,600 90,000 PHILODRILL 0.0093 0.0093 PXP ENERGY 3.13 3.15 3.27 3.27 3.13 3.15 525,000 1,660,480 19,020 PREFFERED ACEN PREF B 1,025 1,034 1,034 1,034 1,034 1,034 5 5,170 1,843 1,947 1,853 1,853 1,826 1,843 55 101,030 AC PREF B3R AC PREF B4R 1,901 1,930 1,930 1,930 1,930 1,930 210 405,300 99 100 100 100 100 100 30 3,000 BRN PREF A 102 102.4 102.4 102.4 102.4 102.4 80 8,192 BRN PREF C 27.5 28.7 28 28 28 28 1,000 28,000 CEB PREF CLI PREF A2 1,005 1,010 1,010 1,010 1,010 1,010 15 15,150 98.5 99 99 99 99 99 20 1,980 CPG PREF B 93.2 94.45 94.5 94.5 93.15 93.15 27,610 2,578,790 DD PREF EEI PREF B 95 96.5 96.5 96.5 96 96.5 1,130 108,960 991 1,000 995 995 991 991 20 19,860 JFC PREF B 99.2 100.8 100.5 100.5 100.5 100.5 330 33,165 MWIDE PREF 6A 103.1 104 103.1 103.1 103.1 103.1 500 51,550 MWIDE PREF 6C PCOR PREF 4A 984.5 985 985 985 984.5 985 660 650,085 965 970 965 965 965 965 100 96,500 PCOR PREF 4D 990 1,099 990 990 990 990 50 49,500 PCOR PREF 4E 0.94 1.15 1.12 1.12 1.12 1.12 2,000 2,240 SFI PREF SMC PREF 2L 78 77.35 81 77.35 81 92,300 7,476,264 77.35 78.8 78.9 78.9 78.9 78.9 10 789 SMC PREF 2N 79 79.9 79.5 79.5 79 79 5,120 404,485 SMC PREF 2O SMC PREF 2S 74 75 74.9 75 74.8 75 1,250 93,582 -23,250 SMC PREF 2T 76.25 76.3 76.45 76.45 76.3 76.3 120 9,164 75.2 76 76 76 76 76 140 10,640 SMC PREF 2U 78.2 78.5 78.5 78.5 78.5 78.5 470 36,895 27,475 SMC PREF 2V SMC PREF 2X 79.6 79.75 79.7 79.8 79.5 79.5 5,410 431,280 100.6 100.9 100.8 101 100.6 100.6 1,060 106,852 1,006 TOP PREF A1 102.5 103 102.6 103 101.8 102.5 80 8,204 1,026 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.12 3.95

3.5 4.15 4 4 4 4 2,000 8,000

1.05

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

0.335 1.36 0.018 1.9 0.21 2.58

1.13

-

-

-

-

-

-

-

0.34 1.38 0.02 2.17 0.224 2.6

0.35 1.38 0.019 1.9 0.224 2.6

0.35 1.38 0.019 1.9 0.224 2.6

0.34 1.36 0.018 1.9 0.21 2.6

0.34 1.36 0.018 1.9 0.224 2.6

1,110,000 180,000 900,000 18,000 80,000 2,000

382,300 246,000 16,600 34,200 17,220 5,200

68,300 1,900 -

EXHANGE TRADE FUNDS FIRST METRO ETF

102.9

8,000

103

103.9 104 102 103 3,930 403,928 -160,275

STOCK-MARKET OUTLOOK LAST WEEK SHARE prices declined on macroeconomic concerns, which took centerstage again due to rising global oil prices and the depreciation of the peso against the US dollar to record lows. The benchmark Philippine Stock Exchange index fell 28.79 points to close at 6,061.81 points. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said uncertainties over the Strait of Hormuz remain high amid the ongoing war between the US and Iran. “The benchmark Brent crude has already gone past the $100 per barrel mark again. Local fuel prices are also expected to increase further next week.” Average daily trading value only reached P5.13 billion. Foreign investors, who cornered 75 percent of the trades, were net sellers at P760.28 million. All other sub-indices ended mixed, with the broader All Shares index retreating 19.04 points to close at 3,358.40 points, the Financials index fell 59.56 to 1,862.76, the Industrial index declined 7.42 to 7,899,70, the Holding Firms index plunged 171.75 to 4,196.87, the Property index shed 38.09 to 1,842.23, the Services index rose 127.18 to 3,388.25 and the Mining and Oil index climbed 428.05 to 21,493.49. For the week, losers edged gainers 144 to 73 and 28 shares were unchanged. Top gainers were Vantage Equities Inc., Mabuhay Holdings Corp., Lodestar Investment Holdings Corp., Ionics Inc., Alliance Select Foods International Inc., Forum Pacific Inc. and Alsons Consolidated Resources Inc. Top losers, meanwhile, were Paxys Inc., LMG Corp., Medco Holdings Inc., PH Resorts Group Holdings Inc., LFM Properties Corp., Makati Finance Corp. and Now Corp.

THIS WEEK SHARE prices may still slide this week as there are no positive catalysts in sight. Tantiangco said the rise of oil prices and the weakness of the peso sets expectations that inflation would be elevated this September, possibly even exceeding August’s 6.1 percent. “This in turn puts downward pressure on our GDP growth performance which has already experienced a slump in the first half,” he said. “Treasury yields both at home and in the US are rising making bonds more attractive as an investment alternative. This puts pressure on the local equities market.” Broker 2TradeAsia said near-term volatility is seen for regional equities and bond markets in case the US Federal Reserve upholds expectations for tighter monetary policy. “Expect volatile peso-dollar trend, with dollar demand seen rising to support inventory front-loading, ahead of the Yuletide season,” the broker said. It said a hike in Fed rates this week will be unfortunate for much of emerging markets in Asia but specifically, the Philippines, as this will exacerbate capital outflows just as imported energy costs surge. “Even just hawkish language on a hold is seen to keep US yields elevated and will add another headwind to an already fragile peso, which limits how much room the BSP [Bangko Sentral ng Pilipinas] has to sit still.” Tantiangco said the market is currently trading with a support for the main index is seen at 6,000 points and a resistance at 6,150 points.

STOCK PICKS RCBC Securities Inc. gave a buy rating on the stock of Universal Robina Corp. (URC), with a target price of P87 apiece, despite its cautiously optimistic outlook on the company for the remainder of the year. This was anchored by resilient consumer demand and operational cost efficiencies, it said. “Despite macroeconomic headwinds early in the year, first half results demonstrate a steady growth trajectory supported by strong volume demand in branded consumer foods, the continued capacity expansion and volume ramp-up of the flour segment, ongoing supply chain cost optimization initiatives and softening input prices for key raw materials.” It said at current trading levels, URC presents an attractive 55.6 percent total return upside, inclusive of a 7.5 percent dividend yield, the highest within its consumer sector coverage. URC shares closed last week at P58.15 apiece. Meanwhile, the broker also gave a buy rating on the stock of Razon-controlled East Zone concessionaire Manila Water Co. Inc., and gave a target price on the stock at P42 per share. “Serving nearly 8 million customers with an industry-leading 13.5 percent NRW [nonrevenue water] level as of end-June 2026, Manila Water pairs its core domestic concessions in Clark, Laguna, Boracay, etc. with transformational growth drivers,” it said. Backed by tariff increases through 2027, a secured 2047 concession extension, and a 5.7 percent 2026 dividend yield, Manila Water offers a compelling and defensive buy rating, the broker said. Manila Water shares closed last week at P35 apiece. VG Cabuag

MUTUAL FUNDS

September 11, 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. -A212.02 -1.91% 1.67% -0.99% -2.25% -0.97% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.4104 15.09% 18.03% 9.52% 5.61% 11.52% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8507 -1.65% 0.46% -1.39% -3.95%-0.01% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.759 0.53% 4.22% 0.53% N.A3.38% FIRST METRO CONSUMER FUND, INC. -A 0.5032 -13.76% -7.84% -8.09% N.A -9.51% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3244 -4.62% -1.23% -2.74% -2.14% -1.11% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6493 -0.64% -0.94% -2.7% N.A 1.04% MBG EQUITY INVESTMENT FUND, INC. -A 71.97 -17.46% -6.3% -6.16% N.A -19.55% PAMI EQUITY INDEX FUND, INC. -A 42.4865 1.63% 0.89% -1.39% -1.87% 2.72% PHILAM STRATEGIC GROWTH FUND, INC. -A 444.56 -2.12% 1.29% -1.49% -2.11% -1.1% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6172 6.75% 11.91% 6.07% 2.33% 3.58% PHILEQUITY FUND, INC. -A36.1429 4.56% 3.64% 0.83% -0.2% 4.97% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9734 10.53% 5.91% 1.78% N.A 9.65% PHILEQUITY PSE INDEX FUND, INC. -A 4.601 2.38% 1.93% -0.36% -0.98% 2.94% PHILIPPINE STOCK INDEX FUND CORP. -A 756.96 2.11% 1.54% -0.67% -1.18% 2.99% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7176 2.56% 2.94% 0.23% -2.35% 2.21% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.1391 -6.51% -0.99% -2.73% -2.75%-2.19% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8484 1.95% 1.13% -1.04% -1.45%2.96% UNITED FUND, INC. -A3.67699.76% 6.9% 2.28% 0.7% 11.84% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0632 2.26% 1.58% N.A N.A 2.93% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0464 -1.08% N.A N.A N.A 0.28% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9213 -3.54% -2.23% -3.51% N.A -2.44% PHILIPPINE STOCK INDEX FUND CORP. -A 913.34 2.11% 1.34% N.A N.A 3.03% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 104 3.11% 1.99% -0.22% -0.7%3.99% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2763 31.39% 16.04% 1.1% 3.3% 24.58% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4554 16.29% 16.08% 5.77% 8.75% 10.39% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) PHILEQUITY GLOBAL FUND, INC. -A,2 1.0635 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1968 2.18% 1.02% -0.17% -0.71% 2.64% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7233 7.21% 5.7% 0.51% -0.46%5.32% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.515 0.68% 0.95% -0.84% -0.44%2.15% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.231 -0.6% 6.73% 3.67% N.A-0.39% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.997 2.77% 1.21% 0.33% 0.45% -0.27% PAMI HORIZON FUND, INC. -A3.7536 0.66% 3.11% 0.29% -0.18% -0.96% PHILAM FUND, INC. -A15.859-1.55% 1.82% -0.86% -0.75% -0.94% SOLIDARITAS FUND, INC. -A2.1187 1.18% 2.41% 0.52% 0.06% 0.88% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4048 -2.54% 1.11% -0.94% -1.11%-0.55% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8922 -3.66% 0.87% -0.17% -0.91% -2.03% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.75 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9761 0.38% 2% -0.25% N.A -0.28% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8251 -2.79% 0.35% -1.91% N.A -1.98% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7928 -0.21% -2.41% N.A -3.34% -2.27% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03304 -1.64% 0.84% -2.93% -0.89% -3.67% PAMI ASIA BALANCED FUND, INC. -B $1.1586 -3.08% 9.73% 0.81% 1.99% -4.25% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6823 10.24% 11.87% 3.28% 5.76%6.44% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2051 3.61% 6.87% 0.19% 2.25%1.83% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.79 2.36% 3.24% 2.62% 2.52% 1.14% ATRAM CORPORATE BOND FUND, INC. -A 1.9888 2.31% 1.3% 0.61% 0.43% 1.55% COCOLIFE FIXED INCOME FUND, INC. -A 3.6057 1.39% 2.99% 2.17% 3.18% 0.17% EKKLESIA MUTUAL FUND, INC. -A 2.4415 0.44% 3.02% 1.53% 1.42% -0.45% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5065 -1.9% 1.23% 0.53% 1.1%-2.43% PHILAM BOND FUND, INC. -A4.5301 -0.89% 2.68% 0.22% 0.71% -1.73% PHILAM MANAGED INCOME FUND, INC. -A 1.5446 2.88% 4.58% 3.19% 2.95% 1.62% PHILEQUITY PESO BOND FUND, INC. -A 4.3303 1.27% 2.99% 1.66% 1.95% 0.4% SOLDIVO BOND FUND, INC. -A1.1302 1.89% 2.88% 1.71% 1.67% 0.87% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4485 -2.4% 2.23% 1.37% 1.94% -2.6% SUN LIFE PROSPERITY GS FUND, INC. -A 1.83 -2.19% 1.88% 0.87% 1.36% -2.89% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0134 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.79 1.71% 2.84% 1.76% 1.93% 0.7% ALFM EURO BOND FUND, INC. -A Є222.86 -0.01% 1.78% 0.2% 0.5% -0.41% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0541 -2.34% 0.35% -2.72% -0.66% -1.94% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0256 -3.03% 1.75% -0.46% 0.16%-3.4% PAMI GLOBAL BOND FUND, INC. -B $1.0487 -1.56% 7.81% -0.05% -0.61% -1.07% PHILAM DOLLAR BOND FUND, INC. -A $2.417 -1.66% 3.03% -0.93% 0.49% -2.54% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0632311 -1.28% 1.41% 0.04% 1.06% -1.89% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8629 -2.02% 2.16% -2.23% -0.75%-2.38% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1877 2.72% N.A N.A N.A 1.83% ALFM MONEY MARKET FUND, INC. -A 152.89 4.13% 4.11% 3.19% 2.87% 2.7% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2254 3.44% 3.78% 3.04% N.A2.31% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5163 3.54% 3.6% 2.98% 2.77% 2.35% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.15 4.11% 4.32% N.A N.A 2.81% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1959 2.5% 3.31% 2.47% N.A 1.67% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.9213 6.52% 3.98% N.A N.A 3.93% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8644 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5747 29.92% 22.52% 13.95% N.A18.64% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1986 11.81% 6.83% N.A N.A 7.43% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7984 -2.35% 0.94% -4.21% N.A -1.43% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 2025. 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Beneath an invisible umbrella: Protecting what protects us

C

ONSIDER an umbrella that has been used for years through heavy rains and intense heat. Its fabric is torn and worn, but it still offers some protection from the sun. Now imagine that the umbrella protecting the entire planet was beginning to wear out. Unlike an umbrella we can see and hold, Earth’s most important shield is largely invisible. Suspended high above the atmosphere is the ozone layer, a thin blanket of gas that quietly absorbs most of the sun’s harmful ultraviolet (UV) radiation before it reaches the surface. Day after day, year after year, it performs this function, creating conditions that allow people, wildlife, and ecosystems to thrive. Ironically, its importance became most apparent only when it came under threat. For much of modern history, humanity viewed the sky as limitless, believing that the atmosphere could absorb the effects of industrialization without consequence. Refrigerators preserved food, air conditioners cooled homes and workplaces, aerosol products became commonplace, and industries rapidly expanded to meet growing consumer demands. While these innovations delivered significant social and economic benefits, their long-term environmental consequences were not fully understood at the time. In many ways, the ozone layer serves as a reminder that decisions made to address immediate needs can create risks that only become apparent years or even decades later. What few realized was that many of the chemicals powering these conveniences were making their way into the atmosphere, where they would gradually weaken one of the planet’s most vital natural defenses. Unlike environmental disasters that arrive suddenly and dramatically, ozone depletion unfolded quietly. The damage accumulated over decades, hidden high above the clouds. By the time scientists discovered the alarming thinning of the ozone layer and the formation of the Antarctic ozone hole, the world had already learned a sobering lesson: the true impact of today’s decisions is not always immediately visible. Even the systems that sustain life can be pushed toward a breaking point when long-term consequences are overlooked. The implications extended far beyond the atmosphere itself. According to the United States Environmental Protection Agency (EPA), increased exposure to UV-B radiation is associated with heightened risks of skin cancer, cataracts, and suppression of the human immune system. The same radiation can also affect crops, terrestrial plant life, and aquatic ecosystems. Research has likewise shown that elevated UV radiation can impair phytoplankton productivity, disrupt marine food chains, reduce agricultural yields, and weaken ecosystem resilience. From the food we consume to the ecosystems that regulate our climate, the ozone layer quietly supports functions that are often taken for granted. What appears to be a thin layer of gas above the Earth is, in reality, one of the planet’s most important life-support systems. Fortunately, the story did not end there. What could have become one of humanity’s greatest environmental failures instead became one of its most remarkable success stories. Through the Montreal Protocol and its Kigali Amendment, governments, industries, and researchers united to phase out ozone-depleting substances (ODS) and reduce the use of climatewarming refrigerants. These efforts demonstrate the power of collective action in addressing global environmental challenges, as well as the importance of grounding decisions in science, foresight, and long-term thinking. Commemorated each year on 16 September, World Ozone Day embodies this spirit of cooperation. Guided by the 2026 theme, “Global Action for a Cooler Planet: Celebrating 10 Years of Sustainable Cooling under the Kigali Amendment to the Montreal Protocol,” the observance highlights the enduring link between ozone protection and climate action. The Philippines has likewise advanced ozone protection efforts through the Philippine Ozone Desk (POD) under the Department of Environment and Natural Resources (DENR), which oversees the coun-

try’s implementation of the Montreal Protocol and related regulations on ODS and hydrofluorocarbons (HFCs). These efforts are aligned with the country’s goal of achieving the total phase-out of ozone-depleting cooling chemicals by 2030 while accelerating the adoption of climate-friendly and energy-efficient alternatives. Through strengthened policy implementation measures, the Philippines continues to contribute to global ozone recovery while advancing national priorities on climate resilience, energy efficiency, and sustainable development, recognizing that environmental considerations are increasingly linked to longterm economic and societal outcomes. This is where the private sector becomes indispensable, as today’s business decisions will help shape environmental outcomes for years to come. The recovery of the ozone layer presents a meaningful lesson for businesses. Many of the substances known to contribute to ozone depletion were introduced to solve real challenges. Refrigerants, for example, transformed food preservation, cooling and industrial efficiency. Yet at the time, the long-term consequences of their widespread use remained largely unknown until scientists uncovered their role in ozone depletion decades later. What this highlights is the importance of looking beyond immediate benefits when making decisions. As organizations navigate an increasingly complex operating environment, understanding the long-term impacts on a large scale has become an imperative of responsible decision-making. Consequently, organizations are facing growing pressure to address environmental risks associated with greenhouse gas emissions, as such risks become increasingly embedded in governance and long-term business strategy. What was once viewed primarily as a compliance issue is rapidly becoming a strategic consideration. Much like the lessons learned from ozone depletion, organizations are increasingly expected to look beyond immediate benefits and evaluate the broader, long-term impacts of their decisions on the environment, society, and business resilience. At R.G. Manabat & Co., we help clients navigate these evolving expectations by integrating environmental considerations into business decision-making, assessing emerging risks and opportunities, and identifying initiatives that enhance resilience and support longterm value creation. Beyond our client engagements, we continue to support and collaborate with organizations that champion environmental stewardship, recognizing that meaningful progress requires collective action across sectors. This reminds us that some of humanity’s greatest achievements are not measured solely by what we build, but by our ability to anticipate and manage the consequences of our actions. What was once considered an invisible problem became proof that global cooperation can repair damage inflicted upon systems far beyond our immediate sight. As we observe World Ozone Day, let us remember that the shield above us has never asked for recognition. It simply performs its role day after day, quietly protecting life beneath it. Like the worn umbrella carried under a scorching summer sun, its value becomes most apparent when we consider the consequences of losing its protection altogether. For the shield above our planet, we only have one chance to keep it intact. © 2026 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information, you may reach out through ph-kpmgmla@kpmg.com, social media or visit www.home.kpmg/ph. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent KPMG International or R.G. Manabat & Co.

Editor: Dennis D. Estopace • Monday, September 14, 2026

B3

ADB sets new funding to fill budget hole from Uplift plan

T

By Justine Xyrah Garcia

HE Asian Development Bank (ADB) is preparing new financing to help plug a budget hole created by the Philippine government’s additional spending to cushion the impact of the Middle East crisis.

ADB Philippines Country Director Andrew Jeffries confirmed last week that the proposed facility is part of the bank’s $1.75-billion support facility for the Philippines and is now awaiting approval from the

ADB Board of Directors. “The Unified Package for Livelihoods, Industry, Food, and Transport (Uplift) program of the government created a gap in their budget this year because they had to support the fuel

issues and the fisher folk, farmers, and families that have been affected,” Jeffries told reporters. “We’ve been working with the government on it for months now. It got approvals on their side and it’s subject to approval now from our board of directors.” Malacañang earlier said the government would need roughly P155 billion to fund the Uplift program this year. The Department of Social Welfare and Development (DSWD) accounts for a significant portion of the planned assistance, with P55 billion allocated for financial aid to vulnerable sectors under the Expanded Uplift Program from July to December 2026. This is in addition to the P9.1 bil-

lion the agency had already released to transport workers as of June 19. Jeffries said the proposed financing would provide broad-based support for the government’s Uplift program, rather than fund a specific industry or sector. He clarified that the financing would be a new facility, separate from the ADB’s earlier decision to increase its financing for the Philippines’ universal health-care program to $750 million. (See: https://businessmirror.com.ph/2026/08/13/ adb-adds-250m-to-phl-healthfinancing-amid-shocks/). The ADB official, however, did not disclose the amount of the proposed new facility, saying details would be announced once it secures approval from the bank’s board.

July NG subsidies to GOCCs down 30.5% to ₧6.76B By Reine Juvierre Alberto @reine_alberto

T

HE national government provided less budgetary support to state-run corporations in July compared to a year ago, according to data from the Bureau of the Treasury. Subsidies to government-owned and -controlled cor porations (GOCCs) fell to P6.764 billion in July, down by 30.51 percent from P9.735 billion in the same month a year earlier. The national government grants subsidies to GOCCs to fund operations not supported by corporate revenues, finance specific programs or projects or cover deficits and losses. Other government corporations received the bulk of the subsidies for the month, worth P3.856 bil-

lion, while P2.908 billion went to major non-financial government corporations. Topping the list of state-run firms that obtained the biggest amount of subsidies was the National Irrigation Administration (NIA), which got P2.234 billion. It was followed by the Philippine Crop Insurance Corp. (PCIC) with P880 million, the National Dairy Authority with P564 million and the Philippine Fisheries Development Authority (PFDA) with P435 million. Other subsidy recipients in July include the National Food Authority (NFA) (P405 million), the Cultural Center of the Philippines (P351 million), the Philippine Rice Research Institute (P274 million), the Philippine Heart Center (P203 million), the Philippine Coconut Authority (P195 million), the Intercontinental Broad-

casting Corp. (P188 million), the Philippine National Railways (P150 million), the Philippine Children’s Medical Center (P128 million) and the National Kidney and Transplant Institute (P126 million). From January to July, subsidies to GOCCs nearly doubled year-on-year to P121.340 billion from P62.233 billion. During the seven-month period, almost half, or P60 billion, was given to the Philippine Health Insurance Corp. (PhilHealth) after the government returned the “excess” funds it had remitted to finance unprogrammed appropriations in the 2024 national budget. Next to PhilHealth were NIA with P11.193 billion, Food Terminal Inc. with P10 billion and NFA with P9.113 billion. About P3.179 billion was also be-

stowed to PCIC, P3.022 billion to the National Electrification Administration, P2.842 billion to the Bases Conversion and Development Authority, P2.5 billion to the Power Sector Assets and Liabilities Management Corp. and P2.332 billion to PFDA. This year, subsidies are programmed at P159.560 billion, lower by 9.22 percent from the P175.777 billion allotted last year, as GOCCs become more self-sufficient. GOCCs are expected to contribute a total of P147.15 billion in dividends to the national government this year, of which P140 billion has already been remitted as of July. Under Republic Act No. 7656, or the Dividend Law, all GOCCs, with some exemptions, are required to declare and remit at least 50 percent of their annual net earnings as dividends to the national government.

Maya wallet card holders EVIS may rev up for can now tap phones to pay October applications By Lorenz S. Marasigan @lorenzmarasigan

F

ILIPINOS holding Maya wallet cards can now tap their phones to pay at stores, on public transport and at tourist sites, after digital payments giant Visa Inc. and the local digital financial services platform enabled the cards for Google Wallet and Google Pay. The rollout means Google Pay is now available across the entire Maya Visa portfolio—credit and wallet, physical and virtual—closing the gap left by the earlier phase of the partnership. Maya first enabled Google Wallet and Google Pay for its credit cardholders in November 2025, making it among the first issuers in the Philippines to launch the payment technology. The extension to wallet cards widens the base of users who can transact without carrying a physical card, while nudging merchants toward accepting digital payments. The transactions run on Visa’s tokenization technology, which replaces actual card numbers with unique digital tokens. “The Philippines is undergoing a rapid shift to contactless, digital payments, and Visa and Maya are playing a crucial role in enabling this transformation,”

said Jeffrey Navarro, country manager for Visa Philippines. “With every contactless transaction, we provide speed, convenience, and security for Filipino consumers, reinforcing adoption and trust in new payment technologies. This also aligns closely with the government’s vision to become a cash-lite economy.” Maya Group President and Maya Bank Co-Founder Shailesh Baidwan said the move responds to how customers already behave. “At Maya, we are committed to giving our customers smarter and more convenient ways to manage their money and pay for everyday purchases,” he said. “Enabling Google Pay for Maya Visa wallet cards extends the simplicity and flexibility our users expect, allowing them to make secure contactless payments using the mobile phones and devices they already use every day.” The rollout tracks a broader regional pattern. More than 71 percent of consumers across Asia Pacific already prefer using mobile or smart devices for in-store or online payments. Tourism stands to gain as well. Visa research shows 97 percent of travelers in the region want to use credit, debit or prepaid cards while traveling, and only 17 percent intend to bring cash.

T

HE government could begin accepting applications for its electric vehicle incentive program as early as October, with officials aiming to have participating manufacturers start building facilities and importing equipment before year-end ahead of trial production in 2027. The implementing rules and regulations (IRR) for the Electric Vehicle Incentive Strategy (EVIS) have been signed, according to Department of Trade and Industry (DTI) Undersecretary and Board of Investments (BOI) Managing Head Ceferino S. Rodolfo. The IRR is now with the Inter-Agency Committee on Electric Vehicle Industry Development (IAC-EV) for final comments. The committee is chaired by the BOI and includes the Department of Finance, Department of Energy (DOE), Department of Transportation, and Department of Budget and Management. “After the IRR is approved, then we can proceed to the timeline for the application process,” Rodolfo told reporters partly in Filipino on the sidelines of the Luzon Economic Corridor Investment Forum in Taguig on Thursday. Separately, BOI Executive Director Ma. Corazon Halili-Dichosa said the application period could open as early as October if the IAC-EV clears the guidelines.

“We want everything to be rushed so that, before the year ends, all the participants can enter,” Dichosa told reporters. The government’s plan is for participating companies to begin setting up production facilities and importing equipment before the end of the year, allowing trial runs or trial production to begin in 2027. The government is also targeting the start of commercial production before the end of the current administration’s term in 2028. The EVIS provides up to P60 billion in incentives, and is designed to support four participants at up to P15 billion per vehicle model. Dichosa said the government anticipates strong interest in the program. In case applications exceed the available slots, the executive order governing the program provides for the selection of the top four applicants. Economic contribution will be the primary criterion in evaluating participants, she said, although larger investments could also result in greater economic contributions. The government does not currently plan to expand the four-player limit, Rodolfo said, noting that the P60-billion support allocation is set under the executive order. Bless Aubrey Ogerio

‘Halt fuel excise tax as oil stays above $80 a barrel’

N

OW more than ever, the government must immediately suspend the collection of excise tax on petroleum products, Senator Bam Aquino said at the weekend, noting that the price of Dubai crude oil has remained above $80 per barrel for more than 30 days. According to Aquino, the administration can immediately act under Republic Act 12316, which gives the President the authority to suspend or reduce excise taxes on fuel when the average price of Dubai crude oil reaches or exceeds $80

per barrel for one month. As of September 10, 2026, the price of Dubai crude oil was at $116.42. “Mahigit tatlumpung araw nang lampas sa $80 kada bariles ang presyo ng Dubai crude oil. Dapat nang umaksiyon ang administrasyon at agad suspindihin ang excise tax sa produktong petrolyo. [It’s been more than 30 days that the per-barrel price of Dubai crude oil has breached $80. The administration must act quickly to suspend the excise tax on petroleum products],” said Aquino, chairperson of the Committee on Trade, Commerce, and

Entrepreneurship. The LPG Marketers’ Association (LPGMA) Party-list has also called for the suspension of the excise tax on fuel. To Aquino, suspending the excise tax would help ease the burden of high fuel prices on Filipino families, particularly as rising oil prices also contribute to higher transportation fares and the rising cost of basic goods. Aquino also urged Congress to pass Senate Bill No. 265, which he filed on July 8, 2025, seeking to remove the excise tax on petroleum products.

“It’s time to enact Senate Bill No. 265 which we filed on July 8, 2025, removing the excise tax on petroleum products. This will bringing quick relief to our motorists, commuters, workers and small businessmen that continue to be affected by high oil prices,” he said, in Filipino. As part of his efforts to bring down prices of oil and other goods, Aquino also filed Senate Bill No. 2017, which seeks to reduce the value-added tax from 12 percent to 10 percent on goods and services, including petroleum products. Butch Fernandez.

Explainer BusinessMirror

B4 Monday, September 14, 2026

www.businessmirror.com.ph

WHEN AI OUTPACES ITS SAFEGUARDS Warnings about advanced AI are becoming more tangible as companies confront attempts to use the technology for cyberattacks, weapons development and other harmful purposes.

T

By Stan Choe | The Associated Press

“Left unchecked, it could outrun our ability to understand and control these systems, and so must be pursued very carefully, if at all.” He also pointed specifically to the attack in July where OpenAI’s system hacked Hugging Face. Some have called it an example of AI going “rogue,” though researchers have said that may be unnecessarily anthropomorphizing AI, which was working on a goal set by humans. OpenAI said the hack was the result of AI going to “extreme lengths to achieve a rather narrow testing goal” and that it “found ways to gain access to secret information that it could use to cheat the evaluation.”

HE CEO of Anthropic said Saturday the artificial-intelligence industry should slow its fast-moving development to give safety measures time to catch up. Without such a slowdown, Dario Amodei warned that within six to 12 months AI could be capable of leading a swarm of agents that could take over the entire internet.

Pressure builds on the AI industry

WATCHDOGS have been urging the AI industry for years to slow its development for safety reasons. But pressure

has built as industry workers resign and accuse their companies of not acting responsibly. “Many of the people I know who work on safety research at AI companies want to do what is right for the world,” a former Anthropic employee, Joe Benton, said in a posting Friday announcing his resignation from a job as part of a safety team. “But they feel their companies are trapped in a race to build superintelligence: either they stop and other, less conscientious people take their place; or, they continue, and risk participating in enormous harm themselves.” That followed a high-profile resignation earlier in the week by Jacob Coxon, who said that both Anthropic and OpenAI “are racing straight to self-improving superintelligence and gambling with our lives.” That lit a fire under the industry after concerns had grown for years about a possible superintelligence that could escape the control of humanity, said Anthony Aguirre, president and CEO of the Future of Life Institute, which called for a sixmonth pause for the industry’s development in 2023. “They’ve kind of realized, their employees have realized, everyone has realized that they’re building Skynet,” he said. “And in winning the race to

Some of Amodei’s suggestions may be more difficult to enact

SKYPIXEL | DREAMSTIME.COM

The warning comes as worries about AI grow inside and outside the industry and reports continue to emerge about increasingly powerful systems that solve problems beyond human capacity but could also go rogue and carry out other, more harmful tasks. The worries have grown so loud that the CEO of OpenAI, the company behind ChatGPT, said in an interview with Fortune that his company would wait until next year to start selling its stock to investors on Wall Street as it focuses on safety. Amodei is one of the leading voices in AI, and he offered a plan in a post on his website to increase checks on the industry. He said Anthropic is already undertaking one part of it on its own, while the others would require coordination across the broad industry and with governments around the world, including authoritarian ones. “I believe that if slowing down bought us even an extra year or two before models reach critical levels of capability, and we used that time to advance alignment, we could greatly reduce the risk that something goes seriously wrong,” Amodei said.

Skynet, nobody wins. Really, nobody.” “It’s pretty much become clear to the world and even the AI companies that they’re not really prepared to control the AI systems they’re racing to create.”

Threats from AI are already apparent

ANTHROPIC said two days earlier that it blocked efforts by bad actors to use its AI models for malicious activity, such as cyberattacks, surveillance and research that could have led to biological weapons. In July, OpenAI shook the industry after saying its AI system hacked into another company on its own in an “unprecedented cyber incident.” U.N. human rights chief Volker

Türk urged countries earlier this week to put “cast-iron guarantees in place around the safety and security of AI before it is too late.” To be sure, some critics have dismissed such warnings as ways to gin up excitement about the AI industry and its capabilities. Anthropic and OpenAI are preparing for possible debuts on the stock market that could value them at many hundreds of billions of dollars, while a big chunk of Elon Musk’s SpaceX business is involved with AI.

Other AI leaders agree

OPENAI CEO Sam Altman said in an interview with Fortune published Saturday that his company would not launch its initial public offering of stock this year.

Anthropic blocks misuse of its AI that could have supported biological weapons By Barbara Ortutay The Associated Press

A

NTHROPIC said Thursday it has blocked efforts by bad actors to use its artificial intelligence models for malicious activity such as cyberattacks, surveillance, and research that could have led to biological weapons. As AI models grow more powerful, elaborate cyberattacks no longer require sophisticated skills and even lone individuals can create threats that would not have been possible even a year ago, Anthropic said. The company said it has added stronger safeguards in its latest models to restrict biological research that could also be used to make weapons. “The cases we share here aren’t typical misuse, but rather examples of the most notable and novel threat activity we’ve identified to date,” Anthropic said in its third report since March 2025 describing AI misuse. The report includes snippets of the malicious code and AI prompts Anthropic said it found and it urged governments and AI competitors to identify and prevent similar abuse. “We’re publishing this work because we believe we have a responsibility to disclose malicious misuse of our services. As models become increasingly capable, their risks will increase, unless AI developers and society’s defenders act to make them safer,” the company said. The lengthy report by the AI startup, which is planning an initial public offering this fall, was published two days after one of its researchers announced he’s resigning over concerns that Anthropic and its competitors are not acting responsibly in AI development. He echoed concerns raised inside and outside of the industry about the technology’s potential to elude human control.

Claude was asked to support making a virus more harmful

BETWEEN December 2025 and August 2026, research-

ers at Anthropic found misuse by actors ranging from spyware vendors and “politically motivated individuals” to state-sponsored groups spreading propaganda. Among the findings in the company’s report are unnamed actors attempting to use its models for research that could have led to biological weapons. In one instance, Anthropic said its systems blocked a request for Claude’s assistance in authoring a grant application for scientific funding. “The work discussed in the application involved gain-of-function research (that is, research that genetically alters an organism to create a new or enhanced biological property) on the chikungunya virus. This gain of function research was aimed at the virus’ transmissibility and immune evasion properties,” the report said. Chikungunya is a mosquito-borne virus that causes debilitating symptoms such as severe pain and fever. The request involved a grant proposal for research seeking to enhance mutations to make the virus progressively more harmful. While such research could “certainly” be used to develop better vaccines and treatments, Anthropic said, “it could also be used to make the pathogen more dangerous.”

Anthropic says it can’t claim its models do no harm

NONE of the cases Anthropic included in its report were found to be using its newer, more powerful Claude Fable or Mythos-class models, with the exception of one illicit distillation case that Anthropic described as “an industrial-scale, covert campaign to extract a model’s capabilities and replicate them in another model without authorization.” Anthropic said its older models, such as Claude Opus 4 and Claude Sonnet 4.5, from 2025, “were well below the threshold where they could meaningfully assist a sophisticated user in carrying out dangerous biological research.” “As a result, safeguards on these models were less stringent, directed mostly at preventing access to

content that might uplift novices in recreating known bioweapons,” the report said. “But for today’s models — which are capable of assisting in a range of complex scientific research tasks—the evidence is no longer certain, and we cannot make that same assurance.” Because of this, Anthropic has applied “stronger safeguards that restrict access to a wide range of dual-use biological research queries” in its more recent models, such as Claude Fable 5, the report said. As companies introduce increasingly powerful AI models, experts have called on governments to regulate the technology, rather than relying on the industry to police itself. John Thickstun, an assistant professor of computer science at Cornell University, said it is an uncomfortable position for companies like Anthropic and OpenAI to be in when they are expected to determine what is safe vs. unsafe behavior and make “value judgments at societal scale without any kind of democratic or deliberative oversight.”

Report follows a researcher’s dire warning

ANTHROPIC also found groups that created hundreds of social media accounts that look like they belong to ordinary people and then posted material amplifying the same political view over the course of a week. The company outlined nine such cases it found, originating in Russia, Iran, Turkey and across the Persian Gulf, South Asia, Africa and Europe. While social media companies can detect influence operations on their platforms once posts are circulating, “we may see it on Claude while the operation is still being built.” Anthropic released this report after one of its researchers, Jacob Coxon, announced he’s resigning amid fears the company and its chief rival OpenAI “are racing straight to self-improving superintelligence and gambling with our lives.” Coxon’s post warned that some of his colleagues now believe AI could threaten human life by the end of the decade.

“I would say not 2026,” he said. “Yeah, we got a lot of stuff to do, like meeting this moment of what is going to be required for safety and alignment, and how the industry and governments can work together.” A ltman posted on X Saturday quickly after Amodei published his suggestions that OpenAI will commit to one of Amodei’s proposals for safety and will “have more to share soon.” Musk, meanwhile, said on X that “Dario is right.” Amodei said he still believes in the tremendous benefits that AI could create, such as cures for major diseases. But he said he has grown more worried over the last few months about AI’s growing ability to improve itself and build the next generation of AI.

TO help rein in the risks, Amodei suggested that all companies at the frontier of AI commit to giving “ongoing, employee-like access” to a team of outside evaluators, who can monitor safety practices. He said Anthropic already plans to do so itself, including offering desks in its offices, access badges and company laptops. Having such independent, embedded evaluators is what OpenAI’s Altman also quickly committed to doing. The other parts of Amodei’s suggested plan may be more difficult to implement. One asks the U.S. government to potentially issue waivers that would allow U.S. AI companies to coordinate and set safety standards without running afoul of antitrust laws. Another asks the U.S. and other democratic governments to try to coordinate with authoritarian governments, so that companies from China and other countries don’t accelerate their efforts when U.S. rivals are intentionally pacing theirs. “The measures I propose to advance the frontier at a safe pace will not be easy,” Amodei acknowledged. “But I believe we owe it to humanity to try.”

Users in Houthi-held Yemen try to develop advanced weapons with AI By Sarah El Deeb The Associated Press

A

NTHROPIC says Claude users in northern Yemen, territory controlled by Iran-backed Houthi rebels, tried to use the AI model to develop advanced missiles. AI is already transforming warfare from Ukraine to Gaza, and its use on a rugged and remote battlefield is likely to increase concerns about its rapid spread. Anthropic said the users of the accounts, which it blocked after identifying them, did not succeed in “fielding an operational device” but did carry out a failed test of a guided rocket. It said it knows that because the users returned to its Claude chatbot to find out why it failed. In a report released Thursday, the company did not identify the users. But mountainous northern Yemen is controlled by Houthis, suggesting that the rebels are pursuing more sophisticated weapons at a time when they are already wielding an array of drones, missiles and other munitions in their campaign to seize more territory in Yemen and damage Saudi Arabia’s oil exports. Hazam al-Assad, a member of the Houthis’ political bureau, said it is “unreasonable and illogical” that they would rely on open sources to develop and produce military capabilities. “Our armed forces have modern, diverse and developed production capabilities and technology that it has accumulated over the period of Saudi aggression on Yemen,” al-Assad said, referring to the kingdom’s involvement in Yemen’s 12-year civil war. He said all weapons are used for self-defense. The report was the third put out by Anthropic since March 2025 on global misuse of its AI platforms, and it described findings from December to August, ranging from state-sponsored groups spreading propaganda to unnamed actors researching how to make biological weapons more deadly.

The Houthis may have been seeking to develop their capabilities THE developer of the prominent Claude chatbot said it identified a cell in northern Yemen pursuing three different weapons programs, including a multi-variant missile that glides at hypersonic speed and a warhead that uses mobile phone hardware to maneuver mid-course. It said the actors in Yemen used Claude Code instead of human software engineers to develop guidance, navigation and control software. Multi-variant missiles are ones in which different warheads and guidance systems can be fit on the same base design, a more economical way to build land, sea and air weapons. Anthropic said it had evidence that before the accounts were banned, the users had already built an offline simulation tool kit that doesn’t use Claude or any other computing platforms. Trevor Ball, a weapons analyst at Armament Research Services, said that while the Houthis “might be looking into hypersonic (missiles) by asking Claude,” they have nowhere near the production or technical capabilities to actually build them. He noted that U.S. hypersonic missiles “are still in testing.” He said the Houthis already have Iranianmade anti-ship missiles with systems that allow the missiles to adjust guidance mid-course. “They are probably just trying to develop their own capabilities more, so they are less reliant on Iranian shipments of weapons and components,” he said in a text message. Iran has boasted it has hypersonic missiles and claimed it had fired them at Israel last year. It denies arming the Houthis, which would be in violation of a UN embargo, but Iranian weapons have been found on the battlefield and seized from shipments bound for Yemen. Anthropic said it shared its findings with private and public partners.

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

Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, September 14, 2026

B5

Cary Santiago: The killer instinct IN PRAISE OF ARTEMIS

Couturier Cary Santiago is flanked by Cebu Gov. Pam Baricuatro, his muse Sheila Romero and DiaGold CEO Jennifer Que Viloria; the Cacciatore showcase.

C LUSH REUNITES WITH HELLO KITTY AND FRIENDS TO CELEBRATE FRIENDSHIP, KINDNESS AND SELF-CARE MOMENTS IN what can only be the sweetest reunion, Lush is bringing Sanrio’s Hello Kitty and Friends back, this time with some new friends to join in the fun. Step into a world of sweet scents, soft bubbles, and wibblywobbly feel-good fun. “We are thrilled about this new collaboration with Lush, whose values closely align with our own. Kindness sits at the heart of the Hello Kitty and Friends brand—it’s a message that Hello Kitty and her friends inspire every day, encouraging care and compassion not only toward others—friends, family, and colleagues—but also toward ourselves through moments of self-care. Sharing this message is deeply important to Sanrio, as these universal values are what make our brand resonate with fans of all ages and backgrounds,” said Silvia Figini, chief operating officer for Sanrio EMEA, India and Oceania and Mr Men Worldwide Following the success of last year’s collaboration, Lush and Sanrio have come together once more to bring Hello Kitty and Friends fans some more of their favorite characters, inspired by Sanrio’s world and its universal values: kindness, friendship, community and inclusivity. This new collection builds on the theme of “friendship as self-care,” inviting customers to indulge in playful, feel-good products that can be shared, gifted or enjoyed solo. From fizzy bath treats, to cheeky shower gummies, this collection is sure to bring joy to any Sanrio fan. “Hello Kitty and Friends reminds us that friendship is a powerful form of self-care. We’re excited to partner again with Sanrio to bring the Hello Kitty and Friends fandoms a collection full of surprise and delightful moments, made even sweeter with Lush’s finest ethical ingredients,” said Kalem Brinkworth, concepts and collaborations manager at Lush. The Lush x Hello Kitty and Friends collection is now available in stores and www.lush.com.ph. In the Philippines, Lush is exclusively distributed by Stores Specialists Inc., and is located at Alabang Town Center, Ayala Malls Manila Bay, Ayala Center Cebu, Bonifacio High Street, Glorietta 4, Greenbelt 5, Robinsons Magnolia, Shangri-La Plaza, SM Mall of Asia, SM Megamall, SM North Edsa and TriNoma. It is also available in Shopee, Lazada and Zalora.

EBU CITY—In the glamorous jungle that is the Philippine fashion landscape, the incomparable Cary Santiago has the sharpest claws, the most formidable fangs, and the broadest wingspan. That came to be when Cary was catapulted into the national consciousness in 2004 when he won “The Philippine Fashion and Design Competition,” produced by the Fashion and Design Council of the Philippines, and where the winners were sent to Paris to compete at The International Competition for Young Designers (Concours International de Jeune Creatures de mode). Before he became the best couturier in the country, Cary was intent on continuing to practice his craft abroad. “After five years in the UAE, I returned to the Philippines and spent my sabbatical awaiting a Lebanese work visa. The boredom led me to enter this Manila-based competition. My entry, ‘Pag-asa - The Philippine Dream,’ was inspired by my awe-inspiring visit to the first Philippine Eagle bred in captivity,” Cary recalled in a throwback Facebook post. After the competition, Cary went to work in Beirut until the Hezbollah-Israel war forced his return to the Philippines. His innate killer instinct—a tough, single-minded focus and relentless drive to succeed— found its footing in the Philippines. “That competition launched my career; I was soon asked to participate in fashion shows alongside Manila’s most respected designers. The rest, as they say, is history,” he shared. Thus, began his enduring fascination with all things majestic in nature. At his Red Charity Gala show at the Makati Shangri-La in 2012, Cary incorporated sculptural renditions of swans throughout his collection. In 2025 at his gala at the Shangri-La The Fort, he explored the Animal Kingdom beyond the fowls. On September 6 this year, he expanded last year’s blockbuster collection at his gala at the Waterfront Cebu City Hotel & Casino, called “Cacciatore [She Who Hunts].” “A lot of Cebuanos did not attend the Manila show, and they wanted to see the collection. They really requested. They wanted to see that because I will not duplicate those pieces. I cannot duplicate and replicate those pieces. They’re so labor-intensive, very laborious,” Cary said. With the support of Waterfront general manager Ali Banting and jewelry brand DiaGold’s Jennifer Que Viloria, the gala fashion show was the highlight of the 10th anniversary of the Cebu Wedding Expo

ARTEMIS/FOWL

IN “Cacciatore,” Cary’s muse is Artemis, the goddess of the hunt. She is also the goddess of the wilderness, wild animals and the Moon, as Cary is an avowed selenophile. More than a predator, the Greek deity as envisioned by the designer treated fauna not as prey but as friends. Opening the show, supermodel Ria Bolivar sauntered in an ethereal creation, with a bird perched on her arm. Miss Charm Philippines 2026 Apriel Smith, meanwhile, is the immaculate bride, in layered organza that might be Cary’s version of palikpik. “I think you have to be inspired from what you see in your environment. Sometimes, with wildlife. I love birds. I love plumage. I love the idea of birds as they take flight,” Cary said after the show. “I love anything that has life, either flowers or anything that blooms or anything that runs, crawls, swims. I love birds because they are majestic, especially the colors of the

PHOTOGRAPHED BY EMMAN SAWIT. SPECIAL THANKS TO MISTY ZAMORA.

plumage. But what’s created by God, you cannot really replicate.” The fascination with fauna continues in the creation with an Art Deco fabric swan, which is fully hand-beaded with bugle beads featuring tassels made entirely of the same bugle beads. A handmade or handcrafted fabric art sculpture/ dress showcased crane birds with detailed plumage, complemented by an overcoat made from yards of gold lamé fabric, intricately fashioned into delicate, feather-like details. Another stupendous piece echoed the grace of the migratory crane (tagak in Filipino) that graces Cebu seasonally, a gold lamé ensemble featuring minimal beading while capturing the bird’s delicate beauty. Shiny lamé fabric is textured to look like reptile skin, and is used to make a soft iguana sculpture slithering at the nape to the back, with the same fabric for everything. Another dress has embossed lamé fabric to also mimic a reptile skin texture. Through meticulous embossing, a lamé fabric is given a new texture in another piece, like fitting pieces of a puzzle mimicking that of snakeskin, ensuring a smooth, dart-less bodice when molded on the mannequin. Cary loves creating textures and patterns, as evident in the handmade puma print on a coat and scarf, combined with the tile-like details on the inner shirt, which are all crafted by hand. A caftan-like silhouette with zebra print, flowing and diaphanous, is hand-stitched on black organza, its texture beautifully diaphanous.

SHINE BRIGHT LIKE DIAGOLD

JENNIFER QUE VILORIA, the chief executive officer of DiaGold, has been a staunch supporter of Cary for several years. Her company, home to the latest trendy and unique designs of diamond jewelry from earrings, necklaces, pendants, bracelets, rings, and wedding rings, was introduced to the Cebuano market in January 2008. Ten years ago, DiaGold started joining the Cebu Wedding Expo at the Waterfront. “This is indeed a milestone worth celebrating. I’ll be honest, when DiaGold first came onboard as

a partner, CWE was a much quieter event. It was a gathering of wedding suppliers in one place with a shared hope that couples in Cebu would find whatever they wanted for their wedding,” she said. “Nothing flashy, but it didn’t need to be, because the heart of it was already in this place. Then Cary Santiago came into the picture, and things grew in the best way. Watching the fashion show become the highlight of the event, seeing the crowd getting bigger as each year passes, and seeing couples and families generally excited to be here, it’s something that we at DiaGold are extremely proud to be part of,” added Viloria.

NOT A MINIMALIST. NOT A MAXIMALIST. BUT A MOULAGE MASTER

BY his own assessment. Cary is not a minimalist nor a maximalist. But he is undoubtedly a master technician. “Even if there’s an excessive amount of time and labor spent on one dress, my silhouette remains wearable. There’s a technique, but at the same time, it can really be worn,” Cary explained. “I’m not a tailor. I’m not into tailoring. I’m not good at it because I did not study fashion. I was trained in the Middle East in the moulage technique. You drape everything on the mannequin. You put the shape. You form the dress in the mannequin by pins. It’s called moulage, not the use of flat pattern paper. This is like you drape everything there, you pin everything there. It’s the technique of molding fabric in the mannequin. This is the real technique, couture technique,” an animated Cary explained. He is also not an exuberant colorist like Christian Lacroix, though he finds a kindred spirit in the architectural genius that was Gianfranco Ferre during his tenure at Christian Dior. “Haven’t you noticed I love monochromatic or one tone, monotone? I’m not a good colorist, and I think couture colors are grays. There are shades of gold and silver [in my collection]. Well, not because it’s in Paris, but it’s really my colors. It’s really my personality,” Cary said, “because regardless of what’s happening in Paris, they also have colored pieces there. But it’s really not me.”

Korean beauty paves the way for Asian beauty to go mainstream

KOREAN beauty, without a doubt, has paved the way for Asian brands to become more mainstream. Along with music and drama, beauty is definitely one of South Korea’s biggest contributions to pop culture. I personally appreciate how Korean and Asian beauty products work for our skin and weather, more than Western products. I am not saying Asian

beauty is better; the point is that it is more suitable for us. It’s also amazing how Korean and Asian beauty make use of technology, innovation and available ingredients to come up with skincare, haircare and makeup universally usable. Asian beauty is focused on deep skin hydration, gentle barrier care, and innovative cosmetics. Since I got into Asian beauty, I have appreciated how toners and essences are even more important than occlusive creams. If you have applied toner on newly-cleansed skin, you know what I mean. Korean and Asian beauty are focused on hydration, radiance, and overall skin health. The goal is to look natural but not that natural. To achieve this, South Koreans and Asians utilize a routine that hydrates in lightweight layers and soothes the skin barrier. My favorite South Korean beauty product is the Aestura AtoBarrier 365 Cream, a moisturizer that’s a heavyweight but isn’t heavy on the skin. In the Philippines, SM Beauty makes it easier for consumers to discover and shop Korean and Asian beauty favorites all in one place. Whether it’s a cult classic, a new

discovery, or a product currently taking over your feed, there’s always more to explore at SM Beauty with #SoMuchKBeauty. From September 15–21, visit the special pop-up at SM Mega Fashion Hall and discover even more Korean and Asian beauty finds. At SM Beauty, shoppers can discover brands such as Deoproce, COSRX, Beauty of Joseon, Round Lab, Genabelle, Some By Mi, Torriden, and many more. These brands are known for combining effective formulations with approachable, easy-to-follow skincare routines. Japanese beauty favorites are also at SM Beauty, with brands such as Hada Labo, Senka, and Bioré. The Asian beauty experience goes beyond skincare and makeup as SM Beauty also offers a wide selection of Korean and Asian hair and scalp care brands, including Tsubaki, Super Mild, and Fino. For an even easier shopping experience, select SM Beauty branches feature dedicated Korean and Asian beauty sections where customers can browse, discover, and try products in person. With over 79 branches nationwide, SM Beauty puts

SM Beauty is home to many Korean and Asian beauty favorites PHOTO FROM SM BEAUTY

some of Asia’s most exciting beauty finds within easy reach. Whether you’re already a K-beauty devotee or just beginning to explore Asian beauty, there’s always something new to add to your routine.

B6

Monday, September 14, 2026

LANDBANK empowers over 66,000 students with digital banking, financial literacy nationwide

M

ore than 66,000 students, faculty members, and campus stakeholders across 23 academic institutions nationwide now enjoy faster, safer, and more convenient access to digital financial services through LANDBANK’s Cash-Lite Campus Initiative, helping young Filipinos build financial skills and manage money more effectively. Since its launch in April 2025, the program has introduced students to practical digital banking tools that make everyday transactions easier, from opening bank accounts through a mobile phone to paying school fees online. The initiative also benefits campus food vendors, micro-merchants, and transport providers by connecting them to formal banking services, expanding economic opportunities and promoting financial inclusion within school communities. “LANDBANK’s Cash-Lite Campus program goes beyond making payments easier. It gives students and campus entrepreneurs practical financial tools for managing their everyday transactions. By introducing digital banking early, we help young Filipinos build responsible financial habits and prepare for an increasingly digital economy,” said LANDBANK President and CEO Lynette V. Ortiz. To make banking more accessible to students, the initiative promotes the LANDBANK Mobile Banking App (MBA) and the LANDBANK PISO Plus account, which can be opened through

In the photo are, from left, BOC – Port of Batangas District Collector Carmelita Talusan CESO V ; MMPC Logistics Vice President Jemabel Boncajes; MMPC Logistics Staff Jamela Nas; MMPC Logistics Assistant Vice President Jesus Cacapit; BOC Assistant Secretary Charlie Bathan

SHAPING FUTURE-READY FILIPINOS. LANDBANK’s Cash-Lite Campus Initiative brings digital banking and financial education closer to students, helping build safer, more convenient, and financially inclusive campus communities nationwide. a mobile phone without an initial deposit or maintaining balance. Schools can also use Link.BizPortal, LANDBANK’s online payment platform, to accept tuition and other fees, reducing the need for over-thecounter transactions. The program has been rolled out across various campuses of the University of the Philippines (UP), the University of Makati (UMak), Central Luzon State University (CLSU), Nueva Vizcaya State University (NVSU), Southern Leyte State University (SLSU), Central Mindanao University (CMU), and other State Universities and Colleges (SUCs) nationwide. In one of its recent campus rollouts, LANDBANK brought the initiative to Western Mindanao State University (WMSU) in Zamboanga City, where students participated in interactive missions and financial literacy sessions on digital banking safety, budgeting, and cyber hygiene to help them make informed and secure financial decisions. “Opening an account through the LANDBANK MBA is very convenient because I no longer have to visit a branch. In just

a few minutes, I can open and start using my account. It also helps me monitor my expenses, manage my budget, and transact more safely and conveniently,” said WMSU student Shieha A. Malon. LANDBANK’s digital transformation efforts have also gained international recognition. The International Finance Awards named the Bank the Fastest Growing Digital Banking Services in the Philippines for 2026, citing its commitment to secure, accessible, and customer-centered digital banking solutions. Through the Cash-Lite Campus Initiative, LANDBANK is helping shape a new generation of financially empowered Filipinos by bringing digital banking and financial education directly to campuses. By promoting safer transactions, accessible banking services, and responsible money management, the program equips students with essential life skills while advancing the goals of President Ferdinand R. Marcos Jr.’s Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Agenda for inclusive growth and improved access to opportunities.

MMPC recognized as top 3 importers by Bureau of Customs Port of Batangas

M

ITSUBISHI Motors Philippines Corporation (MMPC) was recognized as one of the Top 3 Importers for the First Half of 2026 by the Bureau of Customs (BOC) Port of Batangas during its 69th Founding Anniversary and 2026 First Half Performance Review held in August 2026 at the Sotogrande Hotel and Convention Center in Batangas. MMPC received a Plaque of Appreciation for contributing approximately P9.052 billion in revenues, representing more than 6.3 percent of the BOC Port of Batangas’ total collections from January to July 2026. The recognition highlights MMPC’s continued patronage of the Port of Batangas and its contribution to trade and economic activity in the CALABARZON region. With the theme “Marangal na Paglilingkod, Makabagong Sistema, Tapat na Aduana,” the event brought together government officials, industry partners, importers, exporters,

port operators, and other stakeholders to recognize their contributions to the region’s trade and economic development. With the participation of BOC Assistant Secretary Charlie Bathan and BOC Batangas District Collector Carmelita Talusan, the event reaffirmed the Bureau’s commitment to its core values and its continuing mission to promote efficient, transparent, and modern customs services. Representing MMPC in receiving the award were Logistics Vice President Jemabel Boncajes, Logistics Assistant Vice President Jesus Cacapit, and Logistics Staff Jamela Nas. The recognition reflects MMPC’s commitment to maintaining strong partnerships with government agencies and industry stakeholders while supporting sustainable trade operations in the country and contributing to the growth and advancement of the Philippine automotive industry.

PHL hosting of 13th ASEANTOM seen to strengthen ASEAN cooperation on nuclear safety, security

W

ITH the end in view of strengthening ASEAN cooperation on nuclear safety and security, the Philippines hosted the13th Annual Meeting of the ASEAN Network of Regulatory Bodies on Atomic Energy (ASEANTOM) from August 11 to 13, 2026 in Manila. The meeting brought together nuclear regulators, government officials, international organizations, and development partners to advance regional cooperation on nuclear safety, security, and safeguards. The Philippines, as chair and host of the 2026 Annual Meeting, led all plenary sessions and facilitated discussions on the region’s priorities in nuclear regulation. It presented the country’s accomplishments under ASEANTOM projects, reported on activities undertaken during its chairship, and shared the key outcomes and lessons learned from the ASEAN Nuclear Emergency Notification and Communications Exercise (AR/NeX) 2026, ASEANTOM’s flagship project for this year. The delegation also reported on the progress of the Technical Working Groups that the Philippines

co-leads and guided the review and adoption of the meeting’s final report and key outcome documents. The Department of Science and TechnologyPhilippine Nuclear Research Institute (DOST-PNRI) led the delegation through its Nuclear Regulatory Division (NRD), the country’s national regulatory authority for nuclear and radiation safety. NRD will be part of the newly-established Philippine Atomic Energy Regulatory Authority or PhilATOM, the independent national body created to regulate the safe, secure, and peaceful use of nuclear energy and radiation sources in the Philippines. This ASEANTOM meeting was conducted in a hybrid format, allowing broader participation from across Southeast Asia. A defining feature of this year’s meeting was its expanded engagement with international partners. Two full sessions were dedicated to dialogue with the IAEA and other Dialogue Partners and technical organizations. These discussions focused on strengthening regional cooperation, enhancing regulatory capacity, and aligning ASEAN initiatives with international

nuclear safety and security standards. Throughout the three-day meeting, delegates exchanged experiences and best practices on regulatory oversight, human resource development, emergency preparedness and response, environmental radiation monitoring, nuclear security, and efforts to prevent the illicit trafficking of nuclear and radioactive materials. The meeting also served as a venue for ASEAN Member States to review ongoing regional projects and identify future areas of cooperation. The meeting concluded on August 13 with the formal turnover of the ASEANTOM Chairship from the Philippines to Singapore, marking the continuation of ASEAN’s collective efforts to ensure that nuclear science and technology are used safely, securely, and exclusively for peaceful purposes. By hosting the 13th ASEANTOM Annual Meeting, the Philippines reaffirmed its commitment to regional cooperation, the peaceful application of nuclear science and technology, and the continuous strengthening of nuclear regulatory systems that protect people, the environment, and future generations. Established in 2013 under the ASEAN PoliticalSecurity Community Pillar, ASEANTOM serves as the regional platform for cooperation among the nuclear regulatory authorities of the ASEAN Member States. The network works to strengthen nuclear safety, nuclear security, and nuclear safeguards across the region by promoting regulatory cooperation, sharing best practices, building technical capacity, and supporting the implementation of international standards of the International Atomic Energy Agency (IAEA). (Nuclear Information and Documentation Section, DOST-PNRI)

Hotel Okura Manila welcomes the Mid-Autumn Season with the Akizuki Mooncake Collection

A

KIZUKI Mooncake Collection returns to welcome the MidAutumn Season, an exclusive offering inspired by autumn in Japan and the century-old tradition of wrapping, “furoshiki.” Named after the Japanese word “Akizuki”, meaning “Autumn Moon”, the collection is presented in a white box wrapped in red furoshiki, creating a thoughtful keepsake and a meaningful gift for gatherings during the season. The furoshiki features the traditional

Japanese shippo pattern, the “seven treasures.” Formed by interlocking circles, it symbolizes long lasting bond and good fortune— values that lasts across generations. Inside are four golden mooncakes, each revisiting a familiar flavor to be enjoyed, remembered, and shared: Ube – a familiar Filipino favorite with its smooth texture and gently earthy sweetness. Black Sesame – a deeply nutty and aromatic flavor with a rich roasted character. White Lotus – rich, velvety, and

elegantly mellow Red Bean – a classic Japanese flavor and a comforting finish to the assortment. The Akizuki Mooncake Collection offers a thoughtful way to celebrate the MidAutumn Festival with family, friends, and loved ones, sharing tradition while savoring some of the season’s most meaningful moments. Note: Prices are subject to applicable taxes and service charges. Events and offerings are subject to change without prior notice.

Sun Life spotlights stories of compassion, perseverance among Filipino business owners

S

UN Life Philippines, the country’s No. 1 life insurer in terms of total premium income, is putting the spotlight on Filipino business owners whose compassion and perseverance have empowered them to overcome obstacles and continue pursuing their goals. Continuing its “Stories to Live Bright Now” series, Sun Life has released two new videos entitled “Alaga” and “Pag-asa.” In “Alaga,” viewers meet Marc Cacho, who runs Milagros, an elderly caregiving facility dedicated to providing compassionate care for senior citizens. Recognizing that caregivers also need protection and support, Marc ensured that members of his team were covered by Sun Life. This decision proved invaluable when one employee faced a serious health challenge and mounting medical expenses, as it helped provide much-needed financial assistance during a difficult time. Meanwhile,”Pag-asa” tells the story of Lucy Sanchez, an overseas Filipino worker who dreamed of reuniting permanently with her family in the Philippines. Determined to secure their future together, Lucy returned home to focus on growing a family business

with her husband. Through hard work and with guidance from their Sun Life advisor, the couple was able to make the most of the resources they had built over the years and turn their aspirations into reality. “Business owners carry more than their own dreams. They also carry the hopes of their families, employees, and communities,” said Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer of Sun Life Philippines. “Through ‘Stories to Live Bright Now,’ we hope to inspire Filipinos business owners with real stories which show that, with the right support and a willingness to take meaningful steps forward, a brighter future is within reach.” Now showing on Sun Life’s official Facebook page, the “Stories to Live Bright Now” series forms part of the Live Bright Now campaign, which encourages Filipinos to take small but meaningful steps towards achieving their goals. Watch “Alaga” and “Pag-asa” on Sun Life Philippines’ official Facebook page at www. sunlife.co/Alaga and www.sunlife.co/Pag-asa. To learn more about Sun Life’s products and solutions for business owners, visit www. sunlife.co/EntrepFinancialPlan.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, September 14, 2026 B7

Meeting audiences where they are— with the same standards and values behavior can affect the way others see us.

Progressive profession grounded in integrity

I

PRA Philippines recently posed this question: Before we post, comment, forward, or share, how often do we pause to consider what our message will mean to the person receiving it? It is a simple question, but it goes to the heart of public relations, especially in this social media era. Whether we are designing a national campaign, responding to a customer complaint, or sending something to a family group chat, effective communication begins with understanding the audience. Previously, we deemed a sound public relations campaign to require mastery of the fundamentals: the key message, tone, timing, and the right messenger. Today, however, choosing the appropriate medium has become equally critical. A thoughtfully crafted message may still fail if it is delivered in a format that its intended audience no longer consumes—or on a platform where it cannot meaningfully connect with them. The medium is no longer simply the container of the message. It influences how quickly the message travels, how it is understood, how people respond and, ultimately, whether it is trusted.

From one-way communication to constant conversation. FOR decades, much of institutional communication followed a largely one-way stream. Organizations issued statements, distributed press releases, and placed announcements through traditional media. Audiences received the information, but their response was seldom immediate or publicly visible.

Social media changed that arrangement. THE public can now react instantly, question a claim, challenge an organization, provide additional context, or share the message with thousands of other people. Audiences are no longer passive recipients. They are participants—and sometimes co-creators—in the communication process. Every comment section can become a public forum. A private complaint can quickly become a reputational issue. A carefully planned campaign can be reinterpreted, remixed, or taken out of context within minutes. Social media has influenced not only the speed of communication but also its language, tone and timelines. It has shortened response windows, fragmented attention and required organizations to pivot quickly. It has also blurred the boundaries among journalism, commentary, entertainment, advocacy, and marketing. The Reuters Institute’s 2026 Digital News Report calls this shift the “platformization” of

news. For the first time across the markets covered by the study, social media and video networks have become more popular sources of news than both television and news organizations’ own websites and apps. People are also increasingly choosing to watch rather than read their news. Consumption is moving toward platforms such as YouTube, Instagram and TikTok, with much of the growth happening outside publishers’ own digital properties.The report says social media and video networks remain dominant and are the only growing weekly news sources (rising to 70 percent), while traditional mediums like TV, print, radio, and direct news websites continue a multiyear decline. At the same time, overall trust in news in the country fell to 28 percent—below the global average of 37 percent. This development is especially relevant to the Philippines. Here lies the central challenge for communicators: the platforms that provide the greatest reach can also be the environments in which trust is most vulnerable.

Reach without trust is not success. THE ability to reach millions of people does not automatically mean that we have communicated well. Algorithms reward speed, novelty and engagement. Professional communicators must continue to value accuracy, context, relevance and accountability. These may not always produce the loudest content, but they build the credibility that allows relation-

ships to endure. The Reuters Institute also reports that 27 percent of its global sample now receive information weekly from news creators. Audiences often find these creators more entertaining and easier to understand than traditional media—but they may also perceive them as less trustworthy and less impartial. This should not lead professional communicators to reject creator-style content or shortform video. Instead, it challenges us to combine the accessibility and human connection of these formats with the discipline and integrity expected of our profession. We should be capable of being brief without being incomplete, conversational without being careless, and engaging without being misleading. A vertical video may last less than two minutes, but the professional responsibility behind it must not be shortened. Facts still need to be checked. Context still matters. Sources must still be credible. The difference between information, opinion, and paid promotion must remain clear. The form may evolve, but the responsibility remains.

PR Matters enters the social-media space. THIS September, as we celebrate National Public Relations Month pursuant to Proclamation No. 1357, IPRA Philippines is taking a deliberate step into this evolving communications environment. We are launching a new 12-episode “PR Matters” series on TikTok, Instagram, YouTube and

Facebook. Apart from using traditional articles and long-form press releases, the series turns lessons from experienced public relations practitioners into short, practical and conversational videos. This is not change merely for the sake of following a trend. It is an acknowledgement that an organization committed to developing the communications profession must also communicate in the spaces and formats its audiences now use. Every Monday, “PR 101” will make the fundamentals of communication easier to understand. I will be joined by IPRA Philippines past chairpersons Joy Buensalido and Jingjing Romero, and Abigail Ho-Torres, to discuss topics such as influencer promotions, why some stories make the news and how organizations should respond to complaints on social media. Every Wednesday, “PR IRL” will revisit real communication cases and issues that have attracted public attention. IPRA Philippines vice chair Kane Errol Choa, director Charisse Chuidian, past chair Noel Nieva and secretary Rowena Capulong Reyes will draw lessons from situations that show how communication decisions can produce real-world consequences. On Fridays, “PReady FR FR” will bring communication guidance even closer to everyday digital life. IPRA Philippines treasurer Wilford Wong and past chairperson Millie Dizon will discuss what people should check before posting, why messages from group chats should not immediately be forwarded, how to navigate cancel culture, and how our social media

“PR Matters” began as a weekly column on public relations and communication. In 2023, IPRA Philippines published “PR Matters: A Communicator’s Guide to Public Relations in the Philippines.” Through CommuniTalks, our practitioners have also engaged students from various universities. The new digital series extends that educational work to a wider and more diverse audience, particularly young people who may be interested in joining the industry—or who simply want to become more responsible communicators. It also reflects what a progressive public relations organization must be: open to new platforms, responsive to changing audience behavior and willing to translate professional knowledge into forms that are accessible to more people. But progress cannot be measured by technological adoption alone. Using the latest platform or producing the most visually attractive content does not necessarily make communication progressive. Progress means understanding how people now communicate while continuing to defend accuracy, transparency, fairness, and accountability. It means knowing how to work within fast-moving platforms without allowing speed to overtake judgment. It means listening as attentively as we speak. The core of public relations has not changed. It is still about building and sustaining meaningful relationships through credible communication. What has changed is where those relationships are formed, how quickly they can be tested, and how actively audiences participate in shaping them. IPRA Philippines is embracing these new realities because the profession cannot remain relevant by speaking only in familiar formats. We must meet people where they are—but we must bring our standards and values with us. So, before you post, comment, or share, pause for a moment. Ask whether the message is true, whether it is necessary, how it might affect others, and whether you are prepared to be accountable for it. That moment of reflection is not only good social-media behavior. It is good public relations. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (IPRA), the world’s premiere association for senior communications professionals around the world. Claire D. Papa is the Chairman of IPRA Philippines for 2026-2028. She is the head of Unilab Inc.’s Public Relations and Partnerships. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com. For more insights and updates on public relations, follow PR Matters by IPRA Philippines on Tiktok, Youtube, Instagram and Facebook.

B8

Monday, September 14, 2026

www.businessmirror.com.ph

DILG orders local govts to enforce ‘no-build zones’ rule By Jonathan L. Mayuga @jonlmayuga

T

HE Department of the Interior and Local Government (DILG) has ordered local governments (LGU) to strictly enforce existing laws and regulations on“no-build zones”and land-use planning to protect communities from severe flooding and other climate-related disasters. No-build zones generally cover easement areas and other locations considered unsafe for human habitation because of their exposure to hazards that may endanger lives and property. The DILG issued the directive following President Marcos’s order to keep communities away from disaster-prone areas, stressing that public safety must take precedence over political considerations. To recall, heavy rain induced by at least three

tropical storms since August 1 aggravated the prevailing southwest monsoon, killing 44 persons, mostly due to landslides and drowning, while submerging over 800 areas under floodwater in various parts of Luzon. The inclement weather, which affected over 10.2 million persons in close to 700 barangays, also triggered massive evacuation of affected families. The DILG said the directive underscores the responsibility of LGUs to put disaster risk reduction, public safety, and environmental sustainability at the center of local land-use and development planning. With communities facing increasingly severe climate-related hazards, the Department stressed that sound planning must be matched by consistent enforcement of existing laws and regulations, especially in areas identified as vulnerable to flooding and other hazards.

Existing laws, including the National Building Code and Republic Act 10121, or the Philippine Disaster Risk Reduction and Management Act of 2010, provide the legal framework for regulating development in hazard-prone areas. Under the National Building Code, sites and buildings intended for human habitation must be located at a safe distance from hazardous areas, including streams and bodies of water. RA 10121, likewise, promotes disaster prevention and risk reduction measures, including preventing human settlement in areas identified as high-risk for disasters. The DILG emphasized that LGUs are at the frontlines of enforcement and must ensure that development within their jurisdictions complies with applicable land-use, building, environmental, and disaster risk reduction policies. Complementing these efforts, the Department

continues to mobilize LGUs and communities through the Kalinisan (Kalinisan at Inisyatiba para sa Malinis na Bayan) Program and BarKaDa (Barangay at Kalinisan Day) Project. As of May this year, the Kalinisan and BarKaDa initiatives have mobilized more than 588,000 participants who collected 38.86 million kilograms of waste from 1.5 million public sites nationwide. The DILG also continues to strengthen the disaster preparedness and response capabilities of LGUs through Operation L!STO, which provides local governments and communities with minimum critical actions before, during, and after typhoons, earthquakes, and other calamities. The DILG stressed that protecting communities requires more than identifying danger zones. It requires consistent enforcement, responsible local planning, and decisive action before disasters put lives and property at risk.

Congressmen back DepEd’s career progression system

C

AMA R I N E S S u r co n g re s s m e n a re seeking to double the Department of Education’s (DepEd) funding for its career progression program to P12 billion in 2027, citing the promotion of more than 5,000 public school teachers and school heads in the province this year. In a statement, Camarines Sur Reps. Miguel Luis Villafuerte and Vincenzo Renato Villafuerte expressed support for the DepEd’s Expanded Career Progression (ECP) System following the recent mass oath-taking ceremony led by Education Secretary Juan Edgardo Angara at the Freedom Sports Complex in the capital town of Pili. Miguel Luis thanked the Marcos administration

for the implementation of the Expanded Career Progression Program, noting that 5,354 teachers and school heads in the Camarines Sur Division had officially been promoted under the initiative. Miguel Luis, chairman of the House of Representatives’ Committee on Information and Communications Technology, also highlighted the P6-billion allocation for the program in the 2026 national budget, saying he would push for a higher allocation in 2027. “We are proud that the House of Representatives provided P6 billion in funding for this program in 2026. We will continue to advocate for doubling this amount in 2027 so that more teachers can benefit from career advancement

opportunities,” Villafuerte said. Meanwhile, Vincenzo Renato, a deputy majority leader, described the ceremony as a milestone for Camarines Sur and praised teachers and school heads for their dedication, sacrifices, and commitment to public education. He thanked Angara for expanding opportunities through the ECP System, saying the program allows educators to advance professionally and receive recognition for their qualifications and achievements. The event was attended by Camarines Sur Gov. Luis Raymund Villafuerte and DepEd Regional Director Gilbert Sadsad. Governor Villafuerte also expressed apprecia-

tion to President Marcos and Angara for their leadership, citing that more than 82,000 teachers nationwide have been promoted through the program. He stressed that efforts to strengthen the ECP System would continue, with Congressmen Miguel Luis and Vincenzo Renato Villafuerte committing to secure a P12-billion allocation in the proposed 2027 national budget to expand promotion opportunities for more teachers and provide greater benefits for Filipino families. “Investing in teachers means investing in the future of every Bicolano child,” the governor said. Jovee Marie N. dela Cruz

OFW deployment drops by 30%

T

HE deployment of overseas Filipino workers (OFW) dropped by 30 percent to just over 980,000 during the first seven months of the year compared to the same period in 2025 as the Middle East crisis continues to drag on, the Department of Migrant Workers (DMW) reported. The latest deployment figures was less than half of the 2.2 million OFWs, who went abroad last year. Based on the agency’s latest Overseas Deployment Statistics, deployment dropped across the board in terms of type of hiring except for those under seasonal workers program (SWP), which grew to 8,623 from January to July from 7,111 year-on-year. New hires were reduced to 82,377 from 231,384 last year, while for rehires, it dropped to 762,207 from 910,142. The number of deployed seabased OFWs also declined this year to 127,466 from 338,119. The reduction can be observed in all major occupational groups as well as skills ranging from those in elementary occupations to skilled workers and professionals. During the said period, most of the deployed land-based newly hired OFWs were domestic cleaners and helpers (24,7940); domestic housekeepers (13,996); manufacturing labourers not elsewhere classified (8,436); waiters (1,981); welders and flamecutters (1,169); nursing professionals (1,095); cooks (875); stationary plant and machine operators not elsewhere classified (731); and child care workers (666). In terms of major regions, the Middle East, which has the most number of major destination countries for land-based OFWs, suffered the largest decline with 34.46 percent to 385,301 from 587,931 amid the ongoing conflict between the United States and Iran in the said area. The Kingdom of Saudi Arabia, the top destination for land-based OFWs registered a 33.55 percent decline to 147,021 from 221,173. A similar reduction can be observed for the rest of the top 10 destination countries except for Australia, which have shown its deployment figures rising to 18,596 from 17,320. Those which have dwindling deployment figures were the United Arab Emirates (138,167), Singapore (102,125), Hong Kong (89,929), Qatar (54.504), Taiwan (54,119), Japan (24,204), Kuwait (23,245), and South Korea (18,280). DMW earlier attributed the decline in deployment figures this year to many OFWs voluntarily deferring going abroad because of the ongoing conflicts in their destination countries, primarily in the Middle East as well as disruption in flights in the region. Samuel P. Medenilla

Asian Hospital’s Dr. Beaver Tamesis: Healthcare leadership is about compassion and excellence

H

By Francine M. Marquez

the CyberKnife. We see the growth in the number of patients who are now availing themselves of this particular service,” he said.

ealthcare leadership goes beyond managing the day-to-day operations of a hospital. It means responding to changing patient needs, embracing innovation, and building a culture where excellence and compassion work hand in hand. For Dr. Beaver Tamesis, President and CEO of Asian Hospital and Medical Center, it also means remembering that behind every diagnosis, procedure and technological advancement is a person who may be going through one of the most difficult moments of their life. Recently recognized as one of PeopleAsia’s Men Who Matter, Tamesis sat down with BusinessMirror Health and Fitness editor Anne Ruth Dela Cruz to talk about leadership, patient-focused innovation, and the continuing transformation of healthcare at Asian Hospital. His first reaction to the recognition was one of surprise. “A bit of disbelief, shock. It’s like, really? What did I do?” he admitted. But Tamesis sees the recognition as something bigger than an individual achievement. He shares it with the people of Asian Hospital and the patients they serve, recognizing that the hospital’s quality and excellence are built on the strengths of its people. “It’s also about bringing empathy and compassion for our employees, colleagues, and peers in the industry, helping them recognize that they’re valuable,” he said. “We ensure that we take care of their personal and professional growth so that they can actually achieve their dreams.”

When healthcare becomes humancare

Leadership rooted in empathy

TAMESIS’ career has taken him from the pharmaceutical industry—where he served as managing director and president of a biopharmaceutical company and president of the country’s association of pharmaceutical companies—to his current role leading Asian Hospital. Those experiences taught him that empathy is an essential part of leadership. “With the chance to lead this whole huge organization and to bring all of my life experiences to this particular role, one of the major threads is always about empathy,” he noted. His journey has also meant moving beyond being purely science-driven. “Learning to move from being a purely sciencedriven technocrat to someone who now understands human needs, feels these same needs, and always wants to do better,” he said. “I think that’s what’s been driving and motivating me through these years.” That philosophy is reflected in the hospital’s efforts to improve not only medical care, but also the experience of patients and the people caring for them.

Turning strategy into better care

EARLIER this year, Asian Hospital launched “Fantastic 6 sa ’26: BIG IDEA,” a strategic roadmap built around six core pillars: Healthcare Management, Facilities Management, Healthcare Information Technology, Patient Monitoring, Infection Control Protocols, and

Dr. Beaver Tamesis, President and CEO of Asian Hospital and Medical Center, talks about why healthcare leadership goes beyond managing a hospital with Anne Ruth Dela Cruz, BusinessMirror's Health and Fitness Editor. Strategic Partnerships. Implementing these priorities has not been without challenges, particularly amid economic shifts brought about by the global oil crisis and geopolitical conflicts. But for Tamesis, difficult circumstances make it even more important to remain focused on what matters most. “It’s become even more important that we focus on what will drive value for patients,” he said. That patient-centered approach can be seen in several initiatives launched by the hospital this year. Among them is the 29-bed Bayanihan ward for financially needy patients, established in partnership with PhilHealth. The hospital has also partnered with the Philippine General Hospital to help provide access to breast cancer patients who have been waiting for critical surgery for more than three months. Technology is likewise being used to improve communication and coordination among healthcare teams. Asian Hospital’s IT department has rolled out a tool that allows doctors, nurses and other members of the care team to communicate securely and confidentially about patients’ conditions and progress. “I think that’s very gratifying that doctors are really talking to each other across departments and finding ways to cooperate more closely so that the patient experience becomes so much more seamless and effortless as we go through it,” Tamesis said.

Investing in people

Dr. Beaver Tamesis, President and CEO of Asian Hospital and Medical Center

Anne Ruth Dela Cruz, BusinessMirror's Health and Fitness Editor

FOR Tamesis, innovation is not limited to equipment and digital systems. It also means investing in the people who deliver care. The hospital has launched a new learning management system through which employees can access learning and development opportunities online. “Everything can be done online aside from face-to-face, so people can learn to develop themselves, on their own, without necessarily waiting for specific training programs,” he explained. “It’s already available to them

at any time at the click of a button.” Of all the hospital’s milestones, however, Tamesis said he is particularly proud of something less tangible: a change in the attitude of its employees. “The attitude change, I think, of our employees. They feel they’re part of the journey; we know they know we’re taking care of their development. At the same time, they become more enthused to actually help patients,” he said. He recalled a recent encounter with a patient who praised the prompt response of the hospital’s nurses. “That’s the gratifying part, getting that patient feedback and being able to give it back to our team,” Tamesis said. For him, such moments demonstrate that meaningful change does not always have to come in the form of a major technological breakthrough. Sometimes, it begins with people realizing that they can make a difference.

Healthcare beyond hospital walls

THAT philosophy extends beyond Asian Hospital itself. Through its Hospital Engagement Alliance Linkage, or HEAL, program, the medical center has partnered with other hospitals to expand access to its technology and specialized services. Patients who need blood tests can have their blood extracted at their home hospital, after which Asian Hospital collects the specimen and performs the test through its upgraded laboratory. Those who need to be physically assessed may come to Asian Hospital for the service before being returned to their home or partner hospital. Asian Hospital now has around 75 partner institutions, ranging from government to private medical centers across the country, with 70 percent already activating the HEAL program. The partnership can become even more critical in emergencies. Tamesis cited the hospital’s “scoop and run”

initiative, in which Asian Hospital helps partner hospitals by picking up patients in dire emergencies, treating them in its Cardiovascular Catheterization Laboratory or intensive care unit, and returning them once they have stabilized. “So things like that where we’re able to reverse the consequences of these dire illnesses,” he said. “With the right timing and the right efforts, coordinated very nicely by the teams that are talking to each other very closely.”

Technology as an enabler

WITHIN the hospital, technology is also being used to make care safer and more efficient. A secure communications platform allows doctors, nurses and residents to coordinate confidentially, supporting a more holistic approach to patient care. The hospital has also implemented a Barcode Medication Assistance process, allowing nurses to track medication administration during room rounds and ensure that the right drug is given to the right patient at the right time, with the process documented through connectivity. “These improvements may not be flashy, but they really improve life in general and the way we do things,” Tamesis observed. “I think that’s really important, how we view technology as an enabler of all the things that we want to do faster, better, safer.” Another major development is the CyberKnife system at the Asian Cancer Institute, which the hospital describes as the first and only such system in the Philippines. The non-invasive technology uses an advanced robotic arm to deliver high-precision radiation to tumors without making cuts or using anesthesia. Patients undergoing CyberKnife treatment may complete the process in one to five sessions. With more than 100 patients served, Tamesis said the hospital is seeing growing interest in the technology. “That’s been something really exciting with

FOR all the advances in technology, however, Tamesis returns to a much simpler principle: healthcare is ultimately about people. “When a patient goes into a hospital, it could be the worst day in their lives or the worst period in their lives,” he said. “So, we need to ensure that any friction points are smoothed out.” Sometimes, that means attending to details that may seem small but can make a hospital stay more comfortable. Patients can request special meals, while inpatient television provides entertainment, news, weather information and the hospital food menu. Designated rooms have coffee makers, Wi-Fi keeps patients connected, and coloring books and crayons offer children a welcome distraction. These details reflect the same philosophy behind the hospital’s larger initiatives: technology, facilities and systems matter because they ultimately serve a human purpose.

Looking ahead

WITH the year still underway, Asian Hospital has more initiatives in the pipeline, including training programs for nurses and the expansion of the Bayanihan floor. The hospital also plans to strengthen its partnership with PGH, pursue the accreditation of new specialties such as cardiac imaging, and enhance its radiation oncology program, particularly in providing breast cancer patients access to advances in the field. Asian Hospital is also participating in PhilHealth YAKAP, the national primary care benefit package that provides members and their registered dependents with free medical consultations, laboratory tests, cancer screenings and essential medicines. For Tamesis, however, the most meaningful milestones at the end of the year may not be measured in numbers. He hopes to hear more patients talk about how their lives have improved, while employees share how they have grown professionally and personally. “I’d love to hear our employees talk about how they have grown. I’d like to hear how extensively our technologies have uplifted patients’ lives from as far as Mindanao,” he said. “It will be very gratifying to hear how our efforts at improving our people, ensuring they get the professional development. It would be great to hear all of that come back as feedback.” And perhaps that is the clearest expression of Tamesis’ approach to healthcare leadership: excellence may be built through strategy, technology and innovation, but its true measure is what those efforts mean to the people at the heart of healthcare—the patients and the people who care for them. • Watch the full interview on BusinessMirror’s YouTube channel. Catch new episodes of Freshly Brewed every Monday at 10 a.m. on BusinessMirror’s YouTube channel, Facebook page, and website