Peso hits new low of ₧62.86; ₧64 by yearend?
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FTER the Philippine peso fell to a new record low of P62.86 against the dollar on Monday, a trader warned that the local currency could slump to as low as P64 against the greenback by the end of the year if oil prices, the dollar and geopolitical tensions remain elevated. The trader pointed this out after the peso closed at P62.86 against the dollar on Monday. Data from the Bankers Association of the Philippines (BAP) showed the rate is 18 centavos weaker than its P62.68 finish against the greenback on Friday. The local currency also hit an all-time low of P62.875 in intraday trading on Monday.
IMPEACHMENT WATCH | DAY 24: SURPRISE WITNESS Former Sandiganbayan Presiding Justice Amparo Cabotaje-Tang appears before the Senate Impeachment Court as a surprise witness during the 24th day of Vice President Sara Duterte’s impeachment trial in Pasay City on September 14, 2026. The prosecution presented Cabotaje-Tang as an expert witness on public accountability and anti-corruption laws as the court began hearing Article II, which concerns allegations of unexplained wealth, false Statements of Assets, Liabilities and Net Worth (SALNs), and continuing business interests involving Duterte. ROY DOMINGO–SPPA POOL
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Strong dollar, high oil prices, steady local dollar demand GIVEN these developments, a trader familiar with the matter explained that the peso is being pressured by a strong dollar, high oil prices and steady local dollar demand. “At P62.86, a test of P63 is now within striking distance, although sustaining levels above it is another matter given possible BSP smoothing,” said the trader, who requested not to be named. As such, he noted: “Seeing P62P63 as a reasonable year-end range, with P64 as a downside risk if oil prices, the dollar and geopolitical tensions remain elevated.”
Oil prices jump after fresh attacks in the Middle East
FOR his part, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. attributed the weakening of the peso to 62.68 “as oil jumps as shutdown of Saudi pipeline further deepening the oil crisis.” John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), also attributed the latest slump of the local currency to oil prices remaining above $100 per barrel “amid renewed Middle East tensions.” Rivera also cited the expectations of tighter US monetary policy as one of the factors fueling the strength of the dollar. The senior research fellow at the state think tank pointed out that these are particularly “significant” for the Philippines as an oil
importer, since higher oil prices increase the country’s dollar requirements and import bill. Both Ravelas and Rivera expect the local currency to remain under pressure and volatile in the near term. Ravelas said he expects the peso trade within the 62.60 to 63.00 range against the greenback in the near term. Rivera said, however, that the key is not the record low level itself “but whether depreciation becomes persistent and disorderly enough to generate additional inflationary pressures.” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), said Brent crude oil price rose to $107 per barrel on See “Peso,” A2
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Tuesday, September 15, 2026 Vol. 21 No. 336
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
Holiday-driven mass hiring to help Ibpap meet targets
By Andrea E. San Juan
HE central bank expects inflation to peak in the fourth quarter of this year due largely to the impact of El Niño, but a domestic bank pointed out that the resurgence in global oil prices—which recently hovered anew at the $100-per-barrel level—may cause inflation to spike as early as September, spoiling the inflation downtrend in the Philippine economy.
In its latest Monetary Policy Report, the Bangko Sentral ng Pilipinas (BSP) showed that its central projections point to inflation peaking in the last three months of 2026.
By Ada Pelonia
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ASS hiring driven by the holiday season will allow the Information Technology and Business Process Association of the Philippines (Ibpap) to meet its yearend targets. Ibpap President and CEO Jack Madrid said some businesses have already started mass hiring as early as September. “Some of our businesses are very seasonal because of our customers. There’s a hiring ramp [now], getting ready for Thanksgiving, Black Friday, Christmas, and then New Year’s,” Madrid told reporters on the sidelines of the PMFTC event in Makati on Monday. “So, we will see more demand. But the Q4 hiring ramp is part of our projection,” he added. “That will affect more BPOs [business process outsourcing], not so much GCC [global capability centers].” Earlier, the Philippine information technology and business process management (IT-BPM) industry scaled back its 2028 growth targets, replacing the more ambitious projections it announced four years ago with updated goals that reflect the industry’s evolving direction amid artificial intelligence (AI) adoption, changing global investment decisions and intensifying competition. (See: https://businessmirror.com.ph/2026/07/15/ it-bpm-cuts-2028-targets-butkeeps-2026-growth-intact/) Ibpap now projects the industry will generate between $43.3 billion and $50.5 billion in revenues and employ 1.85 million to 2.14 million full-time workers by 2028. The revised outlook replaces the roadmap unveiled in 2022, which projected $58.9 billion in revenues and 2.5 million workers—equivalent to an additional 1.1 million jobs—by 2028.
“Along the path, inflation peaks in Q4 2026, due largely to the impact of El Niño and base effects,” the report noted. See “Inflation,” A2
HE CHOSE LIFE AT SEA OVER CHESS, BUT WAR ENDED IT
JOHN PAUL M. CORTEZA looks at a chess app on his cellphone during the wake of his son, Rod Favis Corteza, recalling the young man’s early fascination with the game. His father believes he had the potential to become an International Master or even a Grandmaster, but at 20, Rod chose a career at sea to help support their family. Rod was on his final voyage when he was killed in the Strait of Hormuz. BERNARD TESTA
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By Bernard Testa
HE perfume sits unopened inside John Paul Macasaet Corteza’s home. It was a gift from his son, John Rodolfo “Rod” Corteza, who brought it home after a vacation before leaving again for another voyage. Rod stopped by his father’s office at Mabuhay City, where Corteza was then serving as president of the homeowners association. Before leaving, he handed over the bottle. “I promised you. Here it is,” Rod told him. See “Seafarer,” A2
‘LEC as opportunity’
MARKET GAINS, FED JITTERS The Philippine Stock Exchange (PSE) building is seen in Taguig City as Philippine shares edged higher in
Monday’s trading, with the benchmark PSEi rising 0.22 percent to 6,075.04. However, analysts expect volatility to persist this week as investors await the US Federal Reserve’s September 15-16 policy meeting, with markets increasingly pricing in a 25-basis-point rate hike amid stubborn inflation and oil prices above $100 a barrel. The Fed’s decision and guidance on the path of interest rates are expected to influence global markets, including Philippine equities. NONIE REYES
MEANWHILE, Madrid said the Luzon Economic Corridor (LEC) presents an opportunity for the industry. “I think it has the potential to anything that improves the infrastructure of the country—whether it’s digital infrastructure or physical See “Ibpap,” A2
PESO EXCHANGE RATES n US 62.7190 n JAPAN 0.4089 n UK 84.9215 n HK 7.9977 n CHINA 9.3500 n SINGAPORE 49.5489 n AUSTRALIA 44.9131 n EU 72.7290 n KOREA 0.0467 n SAUDI ARABIA 16.7073 Source: BSP (September 14, 2026)
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BusinessMirror
A2 Tuesday, September 15, 2026
Govt plan to raise pork jowl tariffs… Continued from A9
jowl and asking that these should be imposed with the same duties as swine meat. “Immediate extraction of a distinct national tariff line for frozen pork jowls to improve monitoring, trade surveillance, and tariff treatment of this commodity,” the TC said, citing the rationale of the DA’s request. “The application of the tariff rate imposed on swine meat under AHTN Chapter 0203 to pork jowls, in recognition of their commercial use and substitutability with pork meat,” it added. Furthermore, the TC said the DA also wants to reclassify the commodity, wherein pork jowl by itself would be categorized as swine meat while those attached to the head would remain sorted into edible offal. The TC will conduct the hearing videoconferencing. Interested parties have until October 1 to submit their position papers regarding the proposed tariff modification. Earlier, the DA noted that pork jowl entering the Philippines is no longer part of the pig’s head, prompting the agency to push for its reclassification. The agency is banking on the TC’s favorable decision as the livestock industry could also receive an additional P4 billion in revenues if it would allow the imposition of a higher tariff rate for pork jowl.
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Big-time pump price hikes: Gas at ₧5.68, diesel at ₧4.31
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By Lenie Lectura
UMP prices are on the rise again. A liter of diesel prices will go up on Tuesday by P4.31, gasoline by P5.68 per liter, and kerosene by P4.62. The numbers are based on DOE (Department of Energy) estimates released weekly. Oil firms adjust their prices every week to reflect movements in the world oil market. They are supposed to adjust their pump prices without
Inflation… Continued from A1
The central bank said inflation is seen to remain above the target until the third quarter of 2027, owing to the “persistent impact” of supply-side shocks, including higher electricity charges. However, latest developments are pointing to another inflationary pressure: the resurgence of oil prices due to the tensions in the Middle East. In its latest commentary, Union Bank of the Philippines (UBP) said it projects inflation to climb to 6.5 percent in September. The bank explained in its commentary that the 6.5-percent inflation forecast for September is supported by a $94-per-barrel price of oil and the
exceeding the DOE’s estimates. The new pump prices are set to take effect Tuesday, September 14. As of press time, Jetti announced it will increase its diesel by P4.30 per liter and gasoline by P5.60 per liter. Meanwhile, Seaoil’s price increases are similar to the DOE’s estimates. DOE Secretary Sharon Garin said that peso depreciation is one of the biggest factors in determining pump prices. “Oh, definitely. It is major. That’s really one of the biggest factors
why we have such high prices, other than the price of oil itself,” she added. The Philippine peso reached an intraday low of P62.865 per US dollar on Monday. Garin also cited the legal requirement informing the Department of Finance (DOF) if the one-month oil price average exceeds $80. The DOF will then decide whether to recommend to the President a total, partial, or no suspension of related
taxes. Following this rule, Garin said the official communication was transmitted over the weekend after the average officially hit the limit. “As of Friday, actually, we have already officially communicated that the average has hit the limit already. So that’s for them to decide whether to do suspension, total or no suspension, or partial suspension. That’s for them to decide,” the energy chief said.
local currency at P63.30 against the dollar. These assumptions, the bank pointed out, strengthens the case for another 25-basis-point BSP rate hike in October. “With September inflation projected at 6.5 percent , supported by WTI near $94/bbl and USDPHP above 63.30, the case for a 25bps BSP rate hike in October remains strong,” Union Bank of the Philippines (UBP) said in its MktsFocUs report. This, UBP said, would bring cumulative tightening from April 2026 to 100 basis points (bps). The BSP has so far delivered three 25-basispoint rate hikes during its three consecutive monetary policy board meetings scheduled on April 23, June 18 and August 27 this year.
central bank in October, the bank said this would “potentially set the stage” for a December pause as policymakers assess the impact of higher rates on the economy. “The BSP is also likely to look to the earlyNovember release of Third Quarter GDP data for clearer evidence on growth conditions, balancing inflation risks against economic activity as we cross over into 2027,” the Union Bank of the Philippines (UBP) said in its commentary. The bank said its year-end 2026 policy rate forecast remains at 5.25 percent.
The central bank also factored in domestic petroleum supply shortage. “Export restrictions imposed by major oil suppliers—South Korea, China, Japan, and Thailand—reduced domestic oil supply by about 30 percent from the baseline,” the BSP said. The central bank pointed out further that lower inventories could tighten fuel availability starting in August 2026, with rationing lasting through the first quarter of 2027. “As local inventories decline, domestic oil prices are assumed to increase, tracking trends observed during the Middle East conflict,” it also noted. Among the factors considered under this scenario is the de-anchoring of inflation expectations. “Persistent cost-push pressures are projected to raise inflation expectations in 2027. Headline inflation is then projected to stay above the inflation target for an extended period, driven by sustained core inflation pressures,” the BSP said. According to the central bank, the highinflation scenario pushes headline inflation further above the 3-percent target over the forecast horizon. “This suggests the need for a tighter monetary policy stance to help contain sustained cost-push shocks from further broadening into the CPI basket,” added the BSP. Early this month, Japan-based Nomura Global Markets Research also flagged the uptick in the Brent crude oil prices which averaged $95.4 per barrel in September, way above its assumption of $72 per barrel for the second half of this year. Nomura said that while moderation in headline inflation since May supports its view that it has already peaked, it pointed out: “Newly emerging upside risks suggest a potential resurgence in coming months.” Aside from the resurgence of global oil prices, Nomura also flagged the impact of El Niño, which it said it has yet to take into account, as one of the “significant upside risks” to inflation. Inflation has eased for the fourth straight month in August at 6.1 percent. The downtrend started after it eased from the 7.2 percent peak in April to 6.8 percent in May, slowing further to 6.4 percent in June and 6.2 percent in July. A Reuters report noted that global oil prices rose about 3 percent on Monday to $107.54 per barrel following fresh strikes on Saudi Arabia and the Strait of Hormuz.
BSP may hit brakes in December
AFTER a potential quarter-point rate hike by the
BSP’s high-inflation scenario
The central bank’s latest monetary policy report explained that its high-inflation scenario reflects “upside risks” from oil supply disruptions and more persistent price pressures. “These include higher transport costs, a domestic petroleum supply shortage, higher global oil prices amid further escalation of the Middle East conflict, de-anchoring of inflation expectations, and higher domestic rice prices due to El Niño,” the BSP report noted. Under the high-inflation scenario, the central bank assumes inflation could linger above the 3-percent target for an extended period. BSP assumes that under this scenario, global oil prices are seen to average $95 per barrel in 2026 and $110 per barrel in 2027. The central bank also took into account higher prices of key agricultural commodities due to El Niño—a weather disturbance which is expected to reduce global agricultural supply and may trigger export restrictions. “From Q4 2026, a severe El Niño episode is assumed to raise domestic rice and corn prices by about 40 percent and 25 percent, respectively, over a 12-month horizon,” the BSP said. Moreover, it noted that strong typhoons associated with El Niño could further disrupt domestic rice production and raise rice prices by about 22 percent from December 2026 to the first quarter of 2027. Another factor considered under the high-inflation scenario is the higher transport charges wherein fares are assumed to increase further in the fourth quarter of this year by P1.00 for traditional jeepneys and up to P3.00 for buses. “This is in line with the earlier fare hikes approved by the Land Transportation Franchising and Regulatory Board [LTFRB] on March 17,2026,” the BSP’s report noted.
Ibpap…
Continued from A1
infrastructure—and I include human capital as part of the infrastructure,” he said. “Luzon’s economic health is very important for the industry because if it will improve the quality of available talent and then make specific regions to be hubs, then that is good for Ibpap,” he added. Despite this, the Ibpap presi-
Peso…
Continued from A1
September 14 after Saudi Arabia “closed its East-West pipeline which bypasses the Strait of Hormuz after multiple attacks on Thursday as a precautionary measure.” “Saudi Arabia’s oil exports
dent stressed the need for developments that would ease the lives of the Filipino workforce. “What will be important is digital connectivity that is fairly priced. Faster internet, more economical internet and of course airports and roads so that employees can go to work without long commutes,” Madrid said. “Higher economic activity is good for Ibpap because it means more infrastructure, more housing, more logistics, more transport, and better access.”
slumped to just about 3 million barrels a day in August 2026, the lowest in records going back to early 2017, as ships came under attack in the Red Sea from Houthi militants,” added Ricafort. Within the month of September alone, this is the sixth time the local currency plunged to a fresh all-time low finish. Andrea E. San Juan
Seafarer…
Continued from A1
Corteza recalled, in an interview at his son’s wake at Eternal Gardens in Cabuyao, Laguna, that it smelled like French perfume. Then came the familiar exchange. “Daddy, I’m leaving.” “Take care.” As the father of a seafarer, Corteza was used to watching his son leave for months at a time. He had heard those words before and expected to hear them again. He never imagined that this would be the last time. The perfume remains unopened, kept inside their home as a quiet reminder of the son who brought it back for him and then left for what would become his final voyage.
The final voyage
ACCORDING to Corteza, Rod called his mother on August 25 and told her that crossing the Strait of Hormuz had become dangerous. It was not an ordinary call from a son at sea. Rod was aware of the risks, and his mother knew them, too. Corteza learned about their conversation later from his wife. When asked what she told their son, her response was simple. “Mag-ingat ka, anak.” [Take care, my son] Those would be among the last words she said to him. Rod was one of two Filipino seafarers aboard the Saudi-flagged crude oil tanker SIDR when the vessel was struck by unidentified projectiles as it was about to cross the Strait of Hormuz, according to the Department of Migrant Workers (DMW). The incident resulted in the deaths of the Filipino seafarers. The 16 other Filipino seafarers aboard the vessel were unharmed. Corteza said he has no plans to pursue legal action over the incident. Instead, he has focused on his family and on bringing his son home. “I just want him to have a good life,” he said. “That’s all I want for my family.” Then he added quietly: “We are a peace-loving family.” For Corteza, there are no grand demands. He simply wants his son brought home. He expressed gratitude to President Ferdinand Marcos Jr. and DMW Secretary Hans Cacdac for helping expedite the repatriation of Rod’s remains. For the Corteza family, bringing Rod home is more than the end of a government process. It is the return of a son who spent years leaving home to build a better life for his family.
The chess grandmaster we never had?
LONG before Rod went to sea, however, he had another dream. As a child, Rod was a competitive chess player. He won several tournaments in the kiddies division and, according to his father, dreamed of becoming a professional chess player. Corteza believed his son had the ability to go far. By the time Rod was 29, his father believed, he could have become an International Master or even a Grandmaster. But Rod eventually chose a different path. Instead of pursuing chess professionally, he focused on his studies and looked for a way to help his family. At 20, he decided to pursue a career at sea. “Walang padrino, mag-isa siyang maglakad ng kanyang mga papeles,” Corteza told the BusinessMirror. Rod applied on his own. He wanted to become a seafarer. “It was his dream,” his father said. His first voyages took him to Europe and other destinations. But for Rod, working aboard ships was about more than seeing the world. It was also a way to help provide for his family. The Cortezas have seven children, six boys and one girl. His mother is Reidna Favis. Rod’s earnings helped the family acquire a property at Eternal Gardens in Cabuyao, where they lived. His work at sea also helped support his siblings and give the family opportunities they might not otherwise have had. When asked what it took to earn those things, Corteza gave a simple answer. “Hardship.”
Looking after family
ROD’S sense of responsibility also extended to his younger brother, Jaypee. Before one of his voyages, Rod helped Jaypee complete the requirements he needed to work at sea as a messman. At one point, Rod suggested that they leave together. “Tatay, sabay na lang kaya kami umalis,” Rod told his father. “Sige, para magabayan mo ’yung kapatid mo,” Corteza recalled replying. But Rod eventually gave way to his younger brother. “Hindi ko alam na ipapalit niya pala si Jaypee,” Corteza said. For his father, the decision was typical of Rod. “Napakabuti niyang anak,” he said. It was a pattern Corteza had seen throughout his son’s life: finding ways to help, even when it meant putting someone else first. That same spirit was evident in the way Rod approached his work at sea. What began as a career choice became a means of helping his family build a more secure future. Now, among the things Rod left behind is the perfume he had brought home for his father. He had promised to bring it back from his travels, and he did. He just did not come home from the voyage that followed.
The Nation BusinessMirror
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Tuesday, September 15, 2026
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incidents fail Sandiganbayan orders transfer Violent to stop BARMM polls of Romualdez to Payatas jail By Jonathan L. Mayuga @jonlmayuga
& Mary Jade Jadormio
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By Joel R. San Juan | @jrsanjuan1573 & Jovee Marie N. Dela Cruz | @joveemarie
HE Sandiganbayan Third Division on Monday ordered the transfer of former speaker and Leyte Rep. Martin Romualdez to the New Quezon City Jail Male Dormitory in barangay Payatas after Philippine General Hospital physicians found him to be “clinically stable.”
On Friday, Romualdez was transferred to the UP-PGH upon the order of the Sandiganbayan to verify the medical findings of CSMC physicians which include cardio and cerebrovascular diseases, diabetes, dyslipidemia, and hypothyroidism.
Angioplasty procedure
HE also informed the Third Division that he previously underwent angioplasty procedure owing to coronary artery disease and has since required continuing monitoring and treatment. He also claimed to have been previously confined where irregularities found in his MRI scan examination. Legaspi, however, noted that Romualdez can be discharged from the hospital at any time since he is “medically stable.” He said a team of 12 physicians were formed to verify Romualdez’s actual health condition. “As stated in our report, many specialists evaluated him and reviewed all his medical conditions listed before he was transferred to PGH that could pose medical concerns. These ranged from his heart problem to psychiatric concerns,” Legaspi explained. “Our experts determined that there were ongoing medical concerns, but these would not require treatment in a hospital. But, they are not ruling out that he has
medical conditions that need to be addressed,” he added.
Ready to face proceedings
ROMUALDEZ on Monday said he is ready to face the legal proceedings against him after the Sandiganbayan ordered his transfer to the Quezon City Jail Male Dormitory. Following the order, Romualdez said he remains prepared to face the charges filed against him and will continue to defend his innocence before the proper court. “I respect the decision of the Sandiganbayan,” Romualdez said in a statement. Romualdez emphasized that his transfer to a detention facility does not change his position regarding the accusations against him. “I have always said that I will face the charges against me and answer them before the proper court. That has not changed,” he said. “I maintain my innocence. I will face the case. I will answer the accusations,” he added. The former speaker acknowledged that the development is a difficult situation for him and his family, but he said he would continue to face the challenges with dignity, faith, and confidence in the truth. “This is a difficult moment for me and my family. But I will face the days ahead with dignity, with faith in God, and with confidence in the truth,” Romualdez said.
Associate Justice Karl Miranda announced the court order following the testimony of Dr. Gerardo Legaspi, medical director of UPPGH, during Monday’s hearing on Romualdez’s motion to be placed under hospital detention. “In view of the findings of the PGH…the court hereby orders the transfer of custody of accused Romualdez to the Quezon City Jail Male Dormitory,” Miranda said. Legaspi said PGH would initiate Romualdez’s transfer to the Quezon City jail upon receipt of the Sandiganbayan’s written order. “We will comply with the written letter. Once we receive the court order we will coordinate with the
BJMP [Bureau of Jail Management and Penology]…on the safest, most efficient and fastest way to bring him to the jail facility,” Legaspi said. Romualdez was earlier ordered transferred to UP-PGH by the antigraft court from Cardinal Santos Medical Center (CSMC) in San Juan City, for an independent medical examination. Romualdez was taken to the CSMC on September 7 after the Third Division ordered his arrest in connection with the P7.4 billion plunder case filed against him by the Office of the Ombudsman. Romualdez is accused of manipulating and pocketing funds intended for flood control projects from 2022 to 2025.
Senate OKs ‘Sandy Act’ bill for safety of child tourists
Remulla eyes conditional amnesty for loose firearms
By Butch Fernandez @butchfBM
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BILL seeking to strengthen safeguards for children and other tourists against risks and hazards while on vacation, engaging in leisure activities, or participating in tourism-related activities, has hurdled third and final reading at the Senate. Senate Bill 1926, otherwise known as the proposed “Child Tourist Safety Act” or “Sandys Act,” was approved during the chamber’s plenary session on Monday, with 18 affirmative votes, zero negative vote, and zero abstention. The bill honors 6-year-old Sandy Garrovillas, who died due to a jellyfish sting at a resort in Palawan, where medical aid was not available. “Sandys Act ensures that a response to any emergency is both immediate and adequate by requiring a certified staff presence at all times. Being prepared can no longer be merely optional,” Sen. Anna Theresia Hontiveros, the bill’s sponsor, said. The bill aims to require tourism establishments to put in place emergency and risk mitigation measures to protect minors and other visitors. It covers tourism industryrelated facilities, attractions, and accommodations that accept minors as guests, customers, clients, or patrons, including hotels, resorts, water parks, and surfing camps, whether accredited or not. On the other hand, public beaches, natural parks, waterfalls, and other non-privately owned tourist sites would fall under the responsibility of the concerned local governments. Under the measure, covered establishments would be required to develop and implement a Tourism Emergency and Risk Mitigation Plan, including measures addressing accidents, drowning, marine hazards, animal bites, abuse, exploitation, and trafficking. See “Senate,” A6
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NTERIOR Secretary Juanito Victor Remulla has maintained that a tougher law is needed to curb gun violence, but said he is amenable to the possibility of granting amnesty to owners of loose firearms that have been surrendered and found not to have been used in criminal activity. Dur ing the DILG’s budget presentation before the Senate Committee on Finance, Remulla said the proposal could help address the large number of unregistered firearms circulating in communities while allowing authorities to determine whether surrendered weapons had been used in crimes. A former governor of Cavite, a province south of Manila, Remulla first made known his position on the issue
following the school violence in Zamboanga City, wherein two students were killed, including the shooter. “If there are two million firearms on the loose right now and 98 percent of the crimes are committed through these, then we will grant an amnesty and determine whether these firearms were used in the commission of crimes,” he said. At the same time, Remulla renewed his call for Congress to revisit Republic Act 8294, a 1997 law that lowered penalties for illegal possession of firearms and made the offense bailable. “We estimate that in the 42,000 barangays, if we arrest two per barangay, that’s 84,000, but if given that chance [repealing the Robin Padilla law], we will arrest
150,000 more criminals and take them off the streets,” he said. Remulla also told the Senate panel that loose firearms enter communities through various c h a n ne l s, i nc lud i n g lo c a l ly manufactured weapons and illegal importation through porous areas along the country’s coastlines. Aside from Danao City in Cebu, Remu l la’s prov ince of Cav ite is known for its locally made firearms or “paltik.” The DILG chief has been pushing for stronger measures against loose firearms following recent shooting incidents involving young Filipinos, including making illegal possession of firearms a non-bailable offense punishable by up to 20 years imprisonment. Jonathan L. Mayuga
Most Pinoys are satisfied with their congressmen By Rizal Raoul Reyes
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AJORITY of Filipinos expressed satisfaction with the performance of their local district representatives, even as confidence in the House of Representatives remains relatively low. In the latest Tugon ng Masa survey of Octa Research, 64 percent of adult Filipinos believe their current congressperson is doing a good job representing their district in the House of Representatives, while 27 percent disagreed and 9 percent said they did not know or could not say. Octa noted the result shows marked contrast to Filipinos’ assessment of the House as a national institution. In the same survey wave, only 38 percent expressed trust in the House of Representatives, while 37 percent gave the institution a positive performance rating. Furthermore, it pointed out that the disparity highlights a potentially important distinction in how Filipinos assess political representation: voters may have a substantially more favorable view of the lawmaker who directly represents their district than of Congress as an institution.
“The finding that local representative satisfaction [64 percent] substantially exceeds institutional trust [38 percent] and institutional performance ratings [37 percent] suggests that accountability in Philippine politics may operate more effectively, or at least more visibly, at the constituency level than at the level of the institution itself,” the pollster said. The survey results also show that satisfaction with individual lawmakers is broad-based but varies considerably across regions. The Visayas posted the highest satisfaction among the major geographic areas at 68 percent, followed by Mindanao at 65 percent, Balance Luzon at 63 percent and the National Capital Region at 60 percent. At the regional level, the Negros Island Region registered the highest satisfaction at 82 percent, followed by the Bangsamoro Autonoous Region in Muslim Mindanao (BARMM) at 75 percent and Region I or Ilocos at 71 percent. At the other end of the spectrum, satisfaction was lowest in Region XIII or Eastern Visayas at 55 percent, Region IV-A or Calabarzon (Cavite,
Laguna, Batangas, Rizal and Quezon) at 57 percent and Region IX or Zamboanga Peninsula at 58 percent. Despite the regional differences, however, a majority of respondents in every region surveyed said their district representative was doing a good job. The findings also reveal an unusual socio-economic pattern. Class E respondents gave their district representatives the highest satisfaction rating at 72 percent, compared with 63 percent among Class D and 62 percent among Class ABC respondents. Octa noted that this runs counter to the assumption that political satisfaction necessarily rises with income or urbanization. One possible explanation, it said, is that lower-income constituents may assess their representatives based more directly on constituency services and local networks, while higher-income Filipinos may place greater weight on institutional or policy-oriented considerations. Octa stressed, however, that the survey was not designed to establish the reason for the socioeconomic differences. See “Pinoys,” A6
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HE first parliamentary polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) pushed through despite delays and violent incidents. Com m ission on Elec t ions (Comelec) Chairman George Erwin M. Garcia said the incidents did not result in a failure of election, with polling continuing in areas where security disruptions were reported. “There is no room for violence in a democrat ic process l i ke ours,” Garcia said. He added that those responsible for incidents that left people injured or dead should be held accountable. In Al-Barka, Basilan, voting started at around 10:30 a.m. after a confrontation involving MILF fighters, commanders and supporters delayed the entry of teachers and the delivery of election materials, prompting Comelec to extend voting until 9 p.m. Despite the incidents, the poll body chief said voters continued to line up and cast their ballots. “They will vote. They will make their voices heard and show it to the whole nation,” Garcia said, as he thanked Bangsamoro voters for continuing to participate despite the day’s disruptions. Comelec directed the regional board of canvassers to proceed with the canvass despite pending cases involving political parties and a member of the board, saying it did not want the proceedings delayed. Proclamations could begin by Monday night in areas without major issues, while other winners could be proclaimed later in the evening or into the early hours of Tuesday as results are transmitted and canvassed.
3 killed, 15 wounded
THE National Police (PNP) on Monday said the first elections at the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) “remained under control and generally peaceful” despite reported violence. Police investigation of seven incidents being treated as suspected election-related incidents (ERIs),
with three people killed and 15 others injured is ongoing, an official said on Monday. C ol . A l le n R ae C o, PN P information officers, said the incidents included three shootings, three explosions and the recovery of a home-made bomb or improvised explosive device (IED) in Basilan. Co told reporters that shootings were reported in Basilan, Cotabato and Maguindanao del Sur, while the three explosions occurred in Cotabato. “In the shooting incident, unfortunately, three [are] deceased as of now and 15 are wounded in the shooting incident in front of one of the elementary schools there in Cotabato,” Co told reporters. Co said the PNP is treating the incidents as suspected ERIs because they occurred on the eve of or during the elections for seats in the Bangsamoro Parliament. Authorities are still determining the circumstances and motives behind the incidents, he added. “We are still trying to find out. We are still investigating,” Co said, noting that the Commission on Elections (Comelec) initially assessed that the three shooting incidents may have been intended to disrupt the electoral process. Despite the incidents, Co said the security situation in BARMM remained under control and voting was generally peaceful in most areas. Co said monitoring showed an overall 97.38 percent voting status across tracked areas as of Monday. Voting started as scheduled in most monitored locations in Basilan, Lanao del Sur, Maguindanao del Sur, Tawi-Tawi, Maguindanao del Norte and the Special Geographic Area. Four areas—Lanao del Sur, Maguindanao del Sur, Tawi-Tawi and the Special Geographic Area – recorded a 100 percent start status, he said. At a press briefing, Co said the electoral process remained “generally peaceful.” “It is still under control. This is generally peaceful. Why do we say it’s generally peaceful? In the majority of areas within BARMM, the electoral process happened very peacefully,” Co said. See “BARMM,” A6
Use of substandard steel in buildings worse than initially expected–FMJr By Samuel P. Medenilla @sam_medenilla
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RESIDENT Marcos said that the ongoing investigation on substandard steel has revealed it may have been used in more buildings than the government initially estimated since it reached the country in 2018. “We might still find more [buildings, which used it], as our search is ongoing; initially, we thought there were only a few, but as the investigation progressed, it seemed like there could actually be more,” Marcos said in Filipino in an interview with reporters in India during the weekend. “It’s [the problem is] bigger than most people know,” he added. He made the statement as the National Bureau of Investigation (NBI) filed a case against Davao Mighty Steel Corporation after the Philippine Nuclear Research Institute detected radioactive materials in its manufacturing operations last month. NBI said the product-standard testing it conducted on the company’s rebars sold in hard wares in Mindanao showed that four out of eight samples it secured failed the standards set by the government. The bureau is now cooperating with the Presidential Anti-Organized Crime Commission (Paocc) to conduct surveillance in 20 other steel plants, which are also suspected of violating
product and safety standards. Aside from Davao Mighty Steel, NBI and PAOCC have earlier also shut down the operation of four other steel facilities in Pampanga, Bulacan, and Misamis Oriental. Marcos likened the ongoing investigation on the extent of the prevalence of the substandard steel to that of the Philippine Offshore Gaming Operators (Pogo), which initially focused on a few cases, but eventually branched out revealing widespread irregularities. Marcos stressed the importance of stopping the distribution of substandard steel since it posed a significant danger to public safety. He said they suspect some of the structures which were damaged by the strong earthquake in Mindanao earlier this year used substandard steel. “We suspect that the collapse of other buildings was caused by the use of such inferior materials. The contractors who built them were unaware of this; they thought the construction was done correctly,” he said partly in Filipino. NBI noted that rebars from Davao Mighty Steel were found in some collapsed structures in Sarangani, Davao del Sur, and Davao Occidental after they were hit by the magnitude 7.8 earthquake in Mindanao on June 8, 2026. But it noted that presence of the said rebars in the rubble “does not, by itself, establish they caused the structural collapse.”
A4 Tuesday, September 15, 2026
Economy BusinessMirror
www.businessmirror.com.ph
Industry leader pushes stronger game-development ecosystem
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By Carmel Pedroza
EBU CITY—The Philippines’ gaming industry needs to move beyond its long-standing reliance on outsourcing and build more locally owned games, intellectual property, and studios if it is to capture a bigger share of the rapidly growing global market, an industry leader said.
Ria Lu, president of the Game Developers Association of the Philippines (GDAP), made the call during the Imaginators Convention 2026 (ICon 2026), a two-day gathering of gaming, animation, technology, and creative-industry communities held at SM Seaside City Cebu over the weekend. Lu said the country has the talent, creativity, and domestic market needed to develop a stronger gamedevelopment ecosystem, but the industry remains incomplete. “Filipinos spend about $2 billion on games,” Lu said, referring to 2025 consumer spending, noting that only a small portion of that spending goes to Philippine game companies. The figure highlights what Lu
described as a major opportunity for local developers: creating and owning games that can serve Filipino players while reaching international markets. For about two decades, outsourcing and game-development services have formed an important pillar of the Philippine industry. Filipino professionals have contributed to internationally known titles, but Lu said the country has largely operated on a services model in which developers are paid fixed rates rather than benefiting from the commercial success or intellectual property generated by the games. “A resilient ecosystem cannot rely on outsourcing alone. We also must create our own games, serve our own players,
build our own intellectual properties, and reinvest those successes back into the Philippine industry,” she said. Lu urged young developers to begin thinking about building original games and companies, alongside the country’s established outsourcing sector. She said the goal should be a more balanced ecosystem where services, original game development, investment, education and intellectual-property creation reinforce one another. Lu also pointed to Cebu’s potential to become a major component of that ecosystem, citing its talent pool, universities, creative communities, technology companies, entrepreneurs and international connections. She noted Cebu’s strong links with Japan, one of the world’s influential gaming markets, as a particular advantage. “When people talk about the Philippines, more often than not the city that comes to mind is not Manila. It’s Cebu,” Lu said, adding that the recognition has helped make Cebu a natural location for Japanese gaming companies seeking operations and partnerships in the Philippines. She said Cebu should build on that advantage by developing studios, training talent, producing original intellectual property and strengthening connections between Japan, Cebu and the rest of the global gaming market. Lu also called for greater coordination among industry, academe and
government, saying GDAP and Manila alone cannot build a globally competitive Philippine gaming industry. The countries that lead the global games sector, she said, did not achieve that position through individual successful titles but by developing ecosystems capable of consistently producing talent, companies, investment and intellectual property over decades. The Philippines, she added, has many of the ingredients needed to pursue a similar path. The industry push comes as Cebu Institute of Technology–University (CIT-U) expands its role in developing talent for the gaming, animation and broader creative-technology sectors. CIT-U’s Imaginators Convention, organized under Wildcats PlayLab, is billed as the first convention of its kind across Cebu and the Visayas dedicated to bringing together technology, gaming, animation and creative industries. CIT-U Senior Vice President for Academics Corazon Evangelista Valencia said the university is moving toward a broader understanding of intelligence—one that recognizes both cognitive and creative capabilities. The convention brings together developers, designers, storytellers, strategists, cosplayers and other creators, while giving students greater exposure to industries where their skills can be translated into careers. A major component of the initia-
tive is the launch of the Wildcats Animation Lab, which Valencia described as a space where students can develop industry-ready animation skills. She said the laboratory is intended to connect students’ creative interests with actual industry demand, positioning education as part of the pipeline supplying skilled talent to the creative economy. CIT-U said ICon 2026 a lso strengthens the ecosystem around students in multimedia arts, computer engineering, computer science, information technology, communication and related programs. The convention features industry talks, game showcases, interactive exhibits, and a cosplay competition, while giving students opportunities to engage directly with professionals. The event is also showcasing locally developed games, including 11 CIT-U teams that participated in the Department of Science and Technology-Central Visayas’ NEXT LEVEL: Esports Game Dev Challenge. For Lu, these projects point to the possibility of a Philippine industry that does more than provide development services for foreign companies. “If we succeed, we won’t simply make more games. We’ll build more companies, create more jobs, generate more exports, attract more international partnerships, and share more Filipino stories with the world,” she said.
Goodbye Plastics and welcome Garbage Management DA, DPWH to build FMR worth P71.52-M in Tarlac
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Henry J. Schumacher
IVEN the endless flooding and garbage problems everywhere, it is good to see that quite a number of companies and government organizations have responded to the call for sustainability in terms of changing their business model to address natural resource consumption, raw material selection, product packaging design, we certainly want more companies and organization to join the sustainability movement and help the country win the war against plastics. At the same time, it is encouraging to see the central and local government offices are focusing on the war on plastics and the need to address the garbage management as well. Today I would like to highlight companies and organizations that have recently taken the plastic issue seriously, and site recommendations to address the garbage issue: l The DENR urged local governments (LGU) to replace the solid waste management framework at Bayawan City in Negros Oriental. Bayawan has a pay-as-you-throw ordinance wherein sacks of residuals require designated stickers for collection, leaving unregistered trash uncollected and violators face penalties. l President Marcos urged cities and municipalities across the country to to replicate the solid waste management system of Marikina City. During his inspection of the Marikina River Linear Park and the city’s centralized materials recovery facility (MRF) in barangay Sto. Niño. Marikina’s MRF processes biodegradable waste into compost and converts plastic bags into bricks as well as other useful materials, including components for school desks. l The DOE has attracted 11 bidders, including companies backed by infrastructure
giants, for its special auction for wasteto-energy (WTE) facilities. Under the DOE guidelines, only projects using municipal solid waste as fuel, without mixing it with other fuel sources may join the auction. l The DOE is seeking bids for a new round of green power auction focused on biomass technology, offering 180 megawatts of capacity. Biomass is a renewable energy source from plants and animals that can be burned directly for heat or converted to liquid aad gaseous fuels. l Sixty hectares of land will be restored into forest beginning in December as farmers, government environmental officials and a renewable energy company join forces to revive a watershed and strengthen bio-diversity protection in Leyte, under the Forest for Life project. l Pangilinan-led Metro Pacific Investment Foundation (MFIF), is putting coastal restoration and livelihood support under one roof with Project Reshore in Alaminos City, Pangasinan. The program will help to rehabilitate a 2.19-hectare damaged portion of the Bued Mangrove Ecopark. THE future of sustainability should not be driven by regulation alone. It should be driven by activism, investor pressure, or corporate commitments also. The real catalyst may be something much simpler. Sustainability gains momentum
when companies discover that doing the right thing also happens to be good for business. In contrast, if companies do not focus on sustainability, they will fall behind! Allow me to quote some Best Practices views expressed by Brian Poe Llamanzares in his column Less waste, fewer floods, more energy which appeared in the Philippine Star on August 23: l Rainfall alone does not explain why streets become rivers so quickly. The other part of the equation is what happens to the thousands of tons of waste we produce every day. l When the rain comes, the garbage moves with it. And that is where a waste problem becomes a flooding problem. l A drainage canal does not care whether the obstruction is a plastic bag, a sachet or a discarded bottle. A pump does not distinguish between household waste and other debris. Every piece of garbage occupying space in a waterway reduces the capacity of that system to move water. Add clogged waterways and drainage systems, and an already difficult situation becomes even worse. l This is why the conversation about flooding must include waste management from the beginning, not as an environmental footnote after flood control projects have been designed, but as a central component of flood prevention itself. As I said at the beginning, I selected only some excellent arguments of Mr. Llamanzares’ column, which is extensive and justifies the topic Less waste, fewer floods, more energy. As I mentioned in a previous column: make sustainability a purpose of business and society. And politics, please create and implement attractive policies that will strengthen these initiatives. Let’s learn how to dance in the rain. I would appreciate your reactions and further recommendations; contact me at hjschumacher59@gmail.com
By Ada Pelonia
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HE Department of Agriculture (DA) signed an agreement with the Department of Public Works and Highways (DPWH) for the construction of P71.52 million worth of farm-to-market roads (FMR) in Concepcion, Tarlac. The DA and DPWH recently signed a memorandum of agreement (MOA), which covers four FMR projects with a combined length of 5.43 kilometers under the 2026 FMR Development Program. This includes the concreting of roads in barangay Balutu, Santiago, and Castillo, as well as a road connecting Balutu and Panalicsican. Broken down, the FMRs in Balutu and Santiago span 1.16 kilometers worth P14.89 million and 1.51 kilometers valued at P21.89 million, respectively. The project in Castillo covers 1.56 kilometers and costs P19.85 million, while the Balutu-Panalicsican road spans 1.21 kilometers worth P14.89 million. Agriculture Secretary Francisco Tiu Laurel Jr. said the FMRs would bolster transport links between farming communities and markets, while minimizing logistics constraints that could trigger price hikes. “ Fa r m - t o - m a r k e t r o a d s a r e shortcuts for the development and prosperity for our farmers and rural communities,” Tiu Laurel said. “ T h rou g h c lo s e co o p e r at ion with DPWH, we want these projects completed soonest so our farmers can bring their products to market more efficiently.” The MOA stipulates the respective
responsibilities of both agencies, with the DA tasked to set road standards, review detailed engineering designs, release and monitor funds, and track physical and financial progress. For its part, the DPWH is in charge of handling procurement, contract awards, construction supervision, quality control, and contractor compliance. To ensure the proper release of funds, the MOA tightened safeguards on project spending, wherein procurement would not proceed without a DA-issued No Objection letter. The project sites should also undergo joint validation and geotagging. “Let us make sure that every project is properly implemented, delivered on time, and serves its purpose. Every peso invested must translate into something meaningful for our people,” DA Undersecretary Arrey Perez said. Meanwhile, funding for the projects will be released in three tranches, with 50 percent released following the approval of project documents, followed by 30 percent after liquidation and the final 20 percent after an audit, final inspection, and submission of an operations and maintenance plan. The agency added that a third-party audit will be required before final payment, while DA, DPWH, and local governments will jointly oversee final inspection and turnover. The DA also called for public participation through FMR Watch, its online transparency portal where citizens can track the progress of FMR projects, view project updates, and upload current photos and feedback to help monitor implementation.
BSP reminds financial institutions to be ‘fair’ at all times to PWDs By Andrea E. San Juan @andreasanjuan
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HE central bank on Monday reminded banks and other financial institutions of their obligation to grant persons with disabilities (PWDs) “fair and equitable treatment” at all stages of customer relationships. Memorandum M-2026 - 046 which was signed by Bernadette Romulo-Puyat, Bangko Sentral (BSP) Deputy Governor for Regional Operations and Advocacy Sector, emphasized that BSP-Supervised Institutions (BSIs) should ensure that their policies, procedures, d o c u me nt a r y re q u i re me nt s , and operational practices are consistent with applicable laws and do not discriminate against PWDs or unnecessarily restrict their access to and use of financial products and services. “Any distinction in treatment or additional requirement must be justified by applicable laws or regulations, or by legitimate considerations specific to the financial product, ser vice, or transaction, and shall not be imposed solely on account of a person’s disability,” the central bank pointed out in its memorandum. The BSP reminded banks to avoid practices such as denying or restricting a PWD’s access to account opening or other financial products and services solely on account of their disability. Moreover, the central bank wa r ned ba n k s a nd f i n a nc i a l institutions against requiring visually impaired persons to open only joint (“and/or”) accounts merely because of their disability. Banks are also told to avoid the practice of refusing to accept valid government-issued PWD identification cards when such identification is acceptable under applicable laws and regulations. The central bank also warned financial institutions on imposing a d d it ion a l d o c u me nt a r y or procedural requirements that are not otherwise required under applicable laws and regulations. T he memorandum also reminded financial institutions to provide express lanes for PWDs in all branches and offices that serve the public. “Where the provision of express lanes is not feasible, PWDs shall be given priority in all transactions,” the BSP memorandum stressed. The central bank also emphasized the need to ensure the “fair and accessible” deliver y of digital financial products and services. “Digital platforms, disclosures, and customer assistance channels should not unnecessarily prevent PWDs from accessing or using financial products and services.” W here appropr iate, BSP said reasonable assistance or a lter nat ive ser v ice c h a nnel s should be made available. “BSls are, likewise, encouraged to prominently display written not ice s i n for m i n g P W D s of t h e a v a i l a b i l it y o f e x p r e s s lanes or priority service,” the memorandum also noted.
DILG chief defends proposed P58.53-B LGSF in ’27 budget By Jonathan L. Mayuga @jonlmayuga
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NTERIOR and Local Government (DILG) Secretary Juanito Victor Remulla defended the proposed P58.53-billion Local Government Support Fund (LGSF) in the proposed national government budget for 2027, saying it will strengthen support for local governments (LGUs) and help align local development projects with national priorities.
Remu l la said the enhanced LGSF gives LGUs greater access to the resources needed to address development gaps and respond to their communities’ priorities. “Enhancing the LGSF has helped a great deal with the equalization of oppor tunities for the loca l government units,” he said. “There is now a greater connection between the local governments and the national government,” he added. The proposed 2027 budget sets aside P58.53
billion for the LGSF, up from P57.87 billion in 2026 and more than double the P22.9 billion allocation in 2025. Remulla noted that under the current system, LGSF allocations are released directly to LGUs, unlike in the past when funds were coursed through members of Congress. He sa id t he approac h h a s strengthened the link between national and local governments by allowing LGUs to access support directly for projects responsive to
local needs and aligned with broader national development goals. “I go around local governments, and they find great comfort that finally, Malacañang is listening to the plight of the LGUs,” he said. The DILG chief said strengthening the LGSF ultimately gives LGUs greater capacity to deliver projects where they are needed most, while ensuring that local development contributes to the government’s overall priorities.
Tuesday, September 15, 2026
Anflo industrial estate hosts leading global exports to help fuel Davao Region economy By Manuel T. Cayon @awimailbox
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AVAO CITY—The Floirendoowned industrial estate in adjacent Panabo City hosts three leading industrial contributors from among its score of export-oriented locators, which management claimed has helped fuel the Davao Region’s and Mindanao’s economy. Among them are “globally and locally recognized locators” such as HEAD Sport for sporting goods production, Novococonut, Inc. for coconut-based food products, and GMAC Logitech Refrigeration Corporation (GMAC) for regional cold chain capabilities. The HEAD Sport facility at Anflo Industrial Estate in Panabo City “brings world-class sports manufacturing to Mindanao, operating the world’s largest tennis ball factory and serving markets beyond the region.” “By establishing operations in Panabo City, HEAD Sport highlights the Philippines’ ability to support specialized manufacturing through its skilled workforce, access to good-quality raw materials, and strategic location within global supply chains,” the AIE said. Also, Novococonut Inc.’s presence at AIE “demonstrates how Mindanao’s agricultural advantages can support globally competitive value-added manufacturing.” “As one of the world’s leading producers of coconut-based food products, Novococonut leverages the region’s strong coconut supply chain to produce export-ready products for international markets,” it said. “This creates opportunities to transform locally sourced agricultural commodities into higher-value products, while strengthening linkages between local farmers, suppliers, and global economies at the same time.”
To improve agriculture, the partnership of Glacier Megafridge, Inc. and AC Logistics, GMAC Logitech Refrigeration Corporation’s (GMAC) facility at AIE strengthens Mindanao’s cold chain capabilities and supports the growing needs of food, agriculture, and export industries. With a capacity of close to 12,000 pallet positions, GMAC’s facility is the largest and most advanced cold storage facility in Mindanao. The facility enables businesses to enhance product quality, extend shelf life, reduce supply chain inefficiencies, and efficiently transport temperature-sensitive goods across domestic and international markets. Today, AIE has 24 operational locators, with 70 percent engaged in export-oriented manufacturing, collectively generating annual export value for the region. The industrial estate, along with the rest of other industrial hubs across Mindanao, helped strengthen the island’s position as an increasingly attractive destination for investment. Its economy grew by 4.69 percent in 2025, outpacing the Philippines’ overall growth rate of 4.4 percent. The Davao Region, where the AIE is located, “remains a key economic driver, ranking as the fifth-largest economy in the country, with its growing role in trade further highlights the region’s investment potential, with gross regional domestic product [GRDP] reaching P1.14 trillion in 2025.” “These indicators point to a broader shift: Mindanao is increasingly creating opportunities for businesses and investors willing to take a long-term view of the region’s growth,” the AIE said. The Anflo Industrial Estate was developed by Damosa Land, Inc., also a Floirendo company.
Manila Water set to complete key utility relocations for Metro Manila Subway Project By Jonathan L. Mayuga @jonlmayuga
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ANILA Water Corporation, Inc. said it is set to complete the relocation of critical water and sewer infrastructure that stands in the way of the Department of Transportation’s (DOTr) Metro Manila Subway Project (MMSP), the country’s first underground rail system. Manila Water also assured the continued delivery of reliable water and wastewater services to customers in the process of relocating its facilities. As one of the national government’s flagship transportation projects, the Metro Manila Subway is expected to transform urban mobility by providing a faster, more efficient, and climate-resilient transport network across Metro Manila. Spanning 17 stations from Valenzuela City to Ninoy Aquino International Airport (Naia) Terminal 3, the subway is envisioned to significantly ease traffic congestion and improve connectivity throughout the metropolis. The careful relocation of existing utilities that intersect the subway alignment is imperative to allow unhampered construction work. As the water and wastewater service provider in the East Zone, Manila Water is undertaking strategic infrastructure adjustments to ensure that subway construction can proceed without compromising essential services to communities, the company said in a statement. Among the ongoing relocation projects is the MMSP Shaw Station Permanent Relocation of a 600-mm Diameter Pipeline, located at the intersection of Meralco Avenue and Shaw Boulevard in Pasig City. The project involves the permanent relocation and installation of a 600-millimeter steel pipeline to accommodate subway construction activities. As of the first week of August, the project is 67% complete. Meanwhile, the East Avenue Station Sewer Line and Waterline Relocation Project along V. Luna Road in Barangay Pinyahan,
Quezon City, involves the relocation of both sewer and water facilities to prevent service interruptions during the construction of the subway station. Works include pipe laying, manhole installation, service connection transfers, water network modifications, and valve box installation. Completion is targeted by October 2026. The Anonas Station Sewer Line Relocation Project covers portions of A. Luna Street corner F. Castillo Street and J. Bugallon Street up to E. Evangelista Street in Barangay Bagumbayan, Quezon City. The sewer line relocation is being carried out to clear the way for subway construction activities and is expected to be completed by the end of September 2026. Also underway is the MMSP Ortigas Station Relocation of Two Meter Set Assemblies Project along Ortigas Avenue corner Meralco Avenue in Pasig City. The project involves relocating two units of meter set assemblies affected by the subway alignment and is targeted for completion by the end of October 2026. These utility relocation works play a vital role in advancing the Metro Manila Subway Project by clearing affected infrastructure, reducing construction constraints, and helping maintain project timelines. At the same time, they ensure the integrity and reliability of Manila Water’s water distribution and wastewater collection systems amid major construction activities. “These infrastructure adjustments are essential not only to accommodate a major national transport project but also to ensure that our customers continue to receive reliable water and wastewater services throughout the construction period,” said Dittie Galang, Manila Water Corporate Communications Group Head. Manila Water continues to work closely with the DOTr, contractors, and project stakeholders to ensure that relocation activities are carried out safely, efficiently, and with minimal disruption to customers. Through careful planning and coordination, the company remains committed to protecting essential water and wastewater services while contributing to the successful delivery of transformative infrastructure projects.
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Marcos concludes India trip, boosts Asean presence at BRICS summit By Samuel P. Medenilla @sam_medenilla
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RESIDENT Ferdinand Marcos concluded his trip in India with Manila having forged stronger ties with New Delhi and the Association of Southeast Asian Nations (ASEAN) gaining increased presence at the global stage. The Chief Executive represented ASEAN as its current chairman during the two-day 18th BRICS Summit in New Delhi, India, where he highlighted the crucial role of the regional bloc in fostering “global economic dialogue,” which he said, is also aligned with the priorities of BRICS. “Our engagement with BRICS was
guided by our principal belief in ASEAN centrality and constructive bridge-building, showing that practical partnerships can address pressing global challenges,” he said in a video message after his arrival from India last Monday morning. During the event, which provided a platform for emerging countries to discuss
their concerns, Marcos said he presented ASEAN’s core priorities namely peace and stability, expanding prosperity corridors, and people empowerment. “We return home with a clearer understanding of a changing global landscape and of where the Philippines and ASEAN must position ourselves within it,” Marcos said. “Our task now is to turn that understanding into action, to widen our economic opportunities and to ensure that the changes taking place around us ultimately work to the advantage of our people,” he added. Marcos also held a bilateral meeting with Indian Prime Minister Narendra Modi to discuss the progress on the PhilippinesIndia five-year plan of action for 2025 to 2029. Their talks covered science and technology, digital cooperation, artificial intelligence, financial technology, creative industries, health and pharmaceuticals, railway development, space cooperation. They agreed to have joint actions on
developments in the Indo-Pacific region. “Prime Minister Modi and I also paid due attention in our discussions to the larger question that impacts our regional stability, our economic security and the future of the Indo-Pacific,” Marcos said. He invited Modi to visit Manila for the ASEAN–India Summit and the East Asia Summit in November. While in New Delhi, Marcos also announced the country will join the India-led Coalition for Disaster Resilient Infrastructure to help boost the resilience of its infrastructures from the extreme weather caused by climate change. He also met with several Indian firms, who have expansion plans in the Philippines to assure them of the government’s support in their operations. “These engagements reaffirm the strong confidence of Indian business leaders in the Philippine economy and support our vision of establishing the country as a competitive, innovation-driven and future-ready investment destination,” Marcos said.
Prosecutors press constitutional ban on VP engaging in business By Jovee Marie Dela Cruz @joveemarie
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HE impeachment proceedings involving Vice President Sara Z. Duterte turned Monday toward a key constitutional question: whether a public official can be considered engaged in business even when ownership or control does not appear under their name. Former Sandiganbayan Presiding Justice Amparo Cabotaje-Tang testified that the 1987 Constitution prohibits the President and Vice President from directly or indirectly participating in business while in office, as House prosecutors presented legal standards connected to allegations of unexplained wealth, financial interests, and asset ownership. During direct examination by House impeachment prosecutor and Akbayan Rep. Chel Diokno, Tang was asked whether the President or Vice President is allowed to participate in business activities while serving their terms.“No,” Tang answered. She cited Section 13, Article VII of the 1987 Constitution, which places restrictions on the president, vice president, cabinet members, and their deputies and assistants during their tenure. The provision prohibits these officials from directly or indirectly participating in business, practicing another profession, or having financial interests in government contracts, franchises, or special privileges. Diokno then asked Tang to explain what it means for an official to participate in business indirectly. She explained that indirect participation occurs when the official does not personally conduct the business but allows another person to do so on their behalf. “Indirectly simply means they are not the ones doing it, but another person is acting in their name,” Tang testified. When asked who would benefit from such an arrangement, she replied that the benefit would go to the government official. Tang also explained the concept of beneficial ownership, which refers to situations where the person who legally appears as the owner may not be the actual person who owns or benefits from the property or financial interest. She stated that a beneficial owner is the true person who owns an asset or holds an interest in a corporation, even if another individual’s name appears on official documents. She agreed with Diokno that the person listed in legal records may be different from the individual who actually receives the benefits or controls the financial interest. Tang emphasized that the constitutional restrictions are stricter for the country’s highest executive officials. “There are stricter prohibitions imposed on the President and Vice President, as well as Cabinet secretaries, undersecretaries, and assistants,” she said. She cited the Supreme Court decision in Civil Liberties Union v. Executive Secretary, explaining that stricter limitations are nec-
essary because senior government officials have greater authority and a higher risk of potential abuse of power. “There is a greater possibility of abuse of office because of their positions,” she testified. The Supreme Court has described the restrictions under Article VII, Section 13 as “sweeping and all-embracing prohibitions,” highlighting the strict limitations placed on the President and other high-ranking executive officials. Tang also discussed the constitutional prohibition against holding financial interests in government contracts, franchises, or special privileges. She explained that officials must avoid conflicts between their personal interests and their public responsibilities. She defined conflict of interest as a situation where an official’s private interests are inconsistent with the interests of the government they serve. Tang served as the prosecution’s first witness under Article II of the Articles of Impeachment. The charge involves allegations concerning Vice President Duterte’s unexplained wealth, Statements of Assets, Liabilities, and Net Worth (SALN), as well as her alleged business and financial interests. House prosecutors are expected to present corporate documents, government records, and financial documents in succeeding proceedings as they attempt to support their allegations against Duterte.
SC justices will personally appear before the Senate Impeachment Court
THREE retired Supreme Court justices will personally appear before the Senate Impeachment Court on Wednesday to help resolve whether 16 votes should remain the threshold for convicting VP Duterte. The tribunal is examining how the Constitution’s two-thirds requirement applies to the 24-member Senate. Presiding Officer Sen. Francis“Chiz”Escudero announced on Monday that retired Chief Justices Artemio Panganiban and Reynato Puno, along with retired Associate Justice Adolfo Azcuna, will appear as amici curiae (friends of the court) on September 16. “For the information of the parties and the public, the court formally announces that, as discussed during the trial of September 10, 2026, it has secured the participation of the following legal luminaries as amici curiae on the meaning of all members under Article 11, Section 3-6 of the Constitution, as raised by Senator-Judge Erwin Tulfo,” Escudero said. Article XI, Section 3(6) of the 1987 Constitution states that no person may be convicted in an impeachment trial without the concurrence of “two-thirds of all the Members of the Senate.” With the Senate constitutionally composed of 24 members, two-thirds equals 16 votes. Escudero ruled at the outset of Duterte’s impeachment trial that 16 votes would be required for conviction. Tulfo later raised the
issue, seeking a definitive interpretation of who counts among “all the Members of the Senate” when some senator-judges cannot participate in the proceedings. Any change in the voting base could alter the number of votes needed to convict Duterte. Retired Chief Justice Hilario Davide Jr. will also serve as an amicus curiae but will not appear in person. “Meanwhile, retired Chief Justice Hilario Davide Jr. shall submit his views through a legal memorandum, which shall be formally entered into the records in lieu of his personal appearance, given that he is recuperating from a procedure,” Escudero said. Azcuna and Davide were members of the 1986 Constitutional Commission that drafted the 1987 Constitution, giving them firsthand knowledge of its framing. Davide also presided over the Senate impeachment trial of former President Joseph Estrada in 2000–2001. Azcuna served as vice chair of the Constitutional Commission’s committee on accountability of public officers, making his input especially relevant to the impeachment provisions under review. Panganiban, Puno, and Azcuna will present their views directly to the senatorjudges on Wednesday. Davide’s memorandum will form part of the court records. The four former magistrates are independent advisers and do not represent either the House prosecution or Duterte’s defense.
The court has also received a memorandum-position paper from Fr. Ranhilio Aquino, dean of the San Beda University Graduate School of Law. Escudero said the court will consider Aquino’s arguments and provide copies to the senator-judges and both parties. The prosecution and defense are scheduled to present their arguments on the threshold issue on September 23, after which the senator-judges are expected to vote on Tulfo’s challenge. Until the court rules otherwise, Escudero’s original ruling requiring 16 votes out of the full 24-member Senate remains in effect.
Next witnesses
MEANWHILE, House prosecutors will present officials from the Office of the Ombudsman and the Securities and Exchange Commission (SEC) on Tuesday as they shift to documentary evidence in their unexplained wealth case against Duterte. House prosecutor and Bicol Saro Partylist Rep. Terry Ridon identified the next witnesses as Ombudsman Records Division Officer-in-Charge Atty. Karen Batu and SEC Company Registration and Monitoring Department Director Atty. Gerardo del Rosario. “We are ready to present Atty. Karen Batu of the Office of the Ombudsman and Atty. Gerardo del Rosario of the SEC,” Ridon told the Senate impeachment court before Monday’s adjournment. With Claudeth Mocon-Ciriaco
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Election watchdogs flag ballot secrecy breaches, intimidation in BARMM polls By Mary Jade Jadormio
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LECTION watchdogs flagged widespread breaches in ballot secrecy, voter intimidation and armed incidents as voting continued in the first Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) parliamentary elections. The Legal Network for Truthful Elections (LENTE) said 137 of 492 monitoring reports, or 28 percent, showed voters did not personally feed their ballots into the automated counting machine (ACM), with Electoral Board members doing so in 119 cases. Voter assistance was also recorded in 187 of 501 monitoring reports, or about 37 percent, raising concerns that the process intended to help voters could instead compromise their choices. LENTE reported instances where politi-
cal party watchers assisted voters despite being prohibited from serving as assistors. In Maguindanao del Norte, some voters reportedly left polling places before their ballots were fed into the ACM, leaving watchers to complete the process. Forty-one reports also showed nonElectoral Board assistants exceeding the three-voter limit, with Electoral Boards intervening in only about half of the cases. At one voting center in Maguindanao del Norte, watchers and other individuals
were reported to have pressured voters to choose a specific party and handed them money in small envelopes after they voted. The election watchdog recorded votebuying or selling in 19 monitoring reports. Armed individuals were likewise reported inside voting centers. Seven LENTE monitors saw persons carrying firearms, including three separate incidents in Talitay, Maguindanao del Norte, and three in Marawi City, Lanao del Sur. An incident in Maguindanao del Sur also forced LENTE monitors to stop their observation after watchers told them not to approach polling places and they witnessed a person draw a firearm. Crowding and disorder around polling places were reported in 58 of 492 monitoring reports, or 12 percent, particularly in Lanao del Sur, Maguindanao del Norte and Maguindanao del Sur. Separately, the joint Technical Assessment Mission of the Asian Network for Free Elections (ANFREL) and National Democratic Institute (NDI) warned of a “rapid and widespread escalation” of election-related violence across the region. Shooting and explosive incidents from
the eve of election day through midday Monday left three people dead and more than a dozen wounded in Cotabato City, while further reports of gunfire, violence and intimidation emerged from Cotabato City, Basilan and Maguindanao del Sur. ANFREL and NDI urged all stakeholders to exercise restraint and called on the Commission on Elections (Comelec) and security authorities to regularly inform the public whether voting could safely continue in affected areas and what measures were being taken to protect voters and election workers. Comelec also placed Maluso, Basilan under its control after obtaining evidence of pre-shaded ballots previously reported by LENTE. The watchdog separately recorded eight cases of obstruction involving its monitors or observers. LENTE called on the Armed Forces of the Philippines and Philippine National Police to secure voting centers and ensure voters could cast their ballots without intimidation, illegal assistance or threats, while allowing Electoral Board members to perform their duties without pressure or interference .
Senate passes expanded nutrition bill for public school learners By Butch Fernandez @butchfBM
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HE Senate approved on Monday, September 14, 2026, a bill seeking to amend Republic Act No. 11037 or the Masustansyang Pagkain Para Sa Batang Pilipino Act, by expanding the national nutrition programs to mandate universal feeding for kindergarten to Grade 3 students, and provide support local food producers. Senate Bill No. 2272 was approved with 19 affirmative votes, no negative vote, and no abstention. “This Expanded National Nutrition Program will address one of the most
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The PNP said the shooting is an “isolated case.” “It just happened that there are isolated incidents like these in other areas and we are calibrating our response and we will respond with force and the necessary intervention as the situation requires,” says Co. Three people were killed, and 15 others were wounded in a gunbattle in front of a polling center shortly before midnight Sunday in Cotabato City. Because of the incident, the Commission on Election (COMELEC) has placed the city under its control. The shooting incident occurred in front of the Datu Usman Mampen Elementary School, according to Capt. Steffi Salanguit, spokesperson for the Police Regional OfficeBangsamoro Autonomous Region. “Before the shooting, two explosions rocked the city on Sunday night, which left one person critically wounded, Salanguit
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Octa said it also produced differences in satisfaction. Respondents aged 65 to 74 registered the highest approval at 72 percent, followed by those aged 18 to 24 at 66 percent and those aged 35 to 44 at 65 percent. Satisfaction was lowest among those aged 25 to 34 and those 75 and older, both at 60
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The bill, likewise, requires covered establishments to provide appropriate health and safety services, including access to health care professionals, necessary medical equipment and medicines, transportation to the nearest medical facility, and staff
critical reforms needed in our education system... We cannot solve the education crisis if we do not tackle one of its root causes—undernutrition, which stands as a major barrier to effective learning among Filipino students,” Sen. Bam Aquino, sponsor of the bill, said. Aq u i n o h i g h l i g hte d t h re e m a j o r legislative reforms introduced under the measure: Adopting a “life stage approach” from maternal care to high school students, establishing universal feeding for all kindergarten to Grade 3 pupils in public schools, and enforcing clear multi-agency accountability through a Universal Health Record (UHR) system to track child growth.
Moving beyond the previous framework that targeted only undernourished children, the expanded bill broadens its coverage across a child’s developmental lifecycle from maternal nutrition and toddlers to high school students. Under the bill, the Department of Health (DOH), Department of Social Welfare and Development (DSWD), Department of Education (DepEd), National Nutrition Council (NNC), and Department of the Interior and Local Government (DILG) are mandated to maintain data systems to ensure continuity of care and proper case management across all developmental stages. The measure also mandates that at least 50 percent of agricultural and fishery
products required for hot meals are directly procured from accredited local farmers, fisherfolk, and their cooperatives, with payments strictly processed within 15 working days from completion of delivery. “By directly procuring from local farmers and fisherfolk, we guarantee their livelihoods. In effect, the budget allocated for nutrition also serves as direct financial support for our local agricultural sector,” Aquino added. The bill further provides targeted support for vulnerable sectors, including indigenous learners, children with disabilities, pregnant students, and families in Geographically Isolated and Disadvantaged Areas (GIDAs).
said in a statement on Monday. Initial police investigation showed the victim, identified as Zainudin Macabuat, was carrying the explosive that prematurely went off at 8:00 p.m. near a school in barangay Mother Kalanganan, Cotabato City. Another blast occurred in Barangay Rosary Heights 10 at 9 p.m., but nobody was hurt. At 5 p.m., an indiscriminate firing incident occurred in the same village. No one was hurt. In the Barangay Bagua 2 shooting, Salanguit said the fatalities and wounded victims remained unidentified. “Initial investigation showed that two groups of men gathered in front of the school when an altercation occurred. Both were supporters of political parties,” Salanguit said. Police have yet to determine what triggered the shooting and who the culprits were. Police recovered empty shells for caliber .45 and 9mm pistols. Interim Chief Minister Abdulraof Macacua of the Bangsamoro Autonomous
Region in Muslim Mindanao condemned the shootings and explosions. “This is deeply alarming. We strongly condemn all acts of violence, intimidation, and the use of firearms that threaten the safety of our people and the right of every Bangsamoro to vote freely and peacefully,” Macacua said in a statement. Macacua has just voted at Gambar Elementary School in barangay Gambar, Kabuntalan, Maguindanao del Norte at 7:45 a.m. Monday, when he issued the statement of condemnation. “I have directed our security and emergency-response agencies to take immediate action to protect communities, assist victims, and investigate every incident,” he said, adding that those responsible must be held accountable under the law. Comelec Chairman George Er win Garcia is in Cotabato City with PNP officials, and the Comelec regional director to monitor developments and address problems during the first Bangsamoro parliamentary elections. The poll body placed the entire Cotabato
City under Comelec control through a resolution approved at its operations center, Garcia said, as authorities worked to maintain order and allow voting to continue. Voting in Cotabato City generally proceeded despite delays in the delivery of some ballots from far-flung barangays, Garcia said. A confrontation among supporters of different camps meanwhile delayed the release of election materials in Al-Barka, Basilan. The Comelec said the issue had been settled and voting resumed in the area. Garcia also acknowledged that voting could be extended, but not postponed. “We have the option, as the Comelec always does, of continuing the election. We can even continue the election until tomorrow, but that is just a continuation, not a resetting or postponement of the election,” Garcia said. Garcia said the commission would continue working with security forces to ensure that voters could cast their ballots, despite the incidents reported during the first BARMM elections. With PNA
percent. The oldest group also had the largest proportion of respondents who could not give an assessment, at 18 percent. The rural-urban divide, meanwhile, was minimal. Sixty-five percent of rural respondents said their representative was doing a good job, compared with 63 percent among urban respondents. Satisfaction was also identical among male and female respondents at 64 percent. Octa cautioned that the regional varia-
tions should not be interpreted as a single national measure of political sentiment. Satisfaction with district representatives is likely to be shaped by local conditions, including the visibility of constituency work and the political environment in individual districts—factors the survey did not specifically measure. The nationwide survey was conducted from July 4 to 11, 2026, through face-to-face interviews with 1,200 male and female prob-
ability respondents aged 18 and above. It has a ±3-percentage-point margin of error at a 95-percent confidence level. Octa said the findings suggest that the public’s dissatisfaction with Congress does not necessarily translate into dissatisfaction with individual lawmakers. Rather, it said Filipinos appear capable of separating their assessment of the national legislative institution from their experience with the representative serving their own district.
members trained in first aid. Establishments operating swimming pools or located near recreational bodies of water would also be required to have an adequate number of duly certified lifeguards on duty during opening hours. Under the measure, emergency response plans would also be coordinated with the local disaster risk reduction and management framework to ensure clear communication
with local emergency responders, ambulance services, and nearby hospitals or medical facilities. To help tourism establishments, particularly micro, small, and medium enterprises, comply with the proposed requirements, the bill directs the Department of Tourism, in coordination with relevant agencies and organizations, to establish subsidized training programs on Basic Life
Support, Standard First Aid, and water safety and lifeguarding. The bill also provides for inspections, reporting mechanisms, graduated sanctions, and penalties for violations. It further holds covered establishments liable for hospital expenses when negligence or failure to immediately provide first aid results in physical injuries to a minor, with additional liability for burial expenses in cases resulting in death.
PRC prepositions blood supplies, activates deployment plan for BARMM elections By Claudeth Mocon-Ciriaco @claudethmc3
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O ensure that blood is readily available for patients who may require urgent transfusion due to electionrelated injuries, trauma, and other medical emergencies in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the Philippine Red Cross (PRC) has responded to a request for blood support request from Datu Halun Sakilan Memorial Hospital in Bongao, Tawi-Tawi, coursed through the Integrated Provincial Health Office. Upon receiving the request, PRC, led by Chairman and CEO Richard Gordon, immediately coordinated the necessary assistance, with strict observance of proper blood handling, storage, and transport protocols. As part of its wider election preparedness, the PRC has also prepositioned and banked blood supplies in other areas across BARMM, ensuring that blood can be readily mobilized should emergencies arise during the election period. PRC chapters and blood facilities in the region remain on alert and ready to augment areas where additional blood supply may be needed. “We prepare because we cannot afford to be unprepared. We have made sure that blood is available not only in Tawi-Tawi but in other areas of BARMM as well. Blood must be there before an emergency happens. When lives are at stake, the Philippine Red Cross is ready to respond—24/7,” Gordon said. Gordon stressed that the PRC remains neutral, impartial, and independent throughout the election period, providing humanitarian assistance solely on the basis of need. “The Red Cross does not take sides. Ang panig natin ay buhay. Our job is to save lives. Wherever we are needed—from Batanes to
Tawi-Tawi—we will be there,” Gordon added. Beyond the immediate request, Gordon also directed PRC Blood Services to explore with local health authorities the possibility of strengthening blood storage capacity in Tawi-Tawi, helping ensure faster access to safe blood not only during elections but also for the regular and emergency needs of patients in the province. The PRC assure that it maintains a nationwide network of blood facilities and continues to mobilize its chapters, staff, volunteers, and blood donors to ensure that safe blood is available wherever and whenever it is needed.
Provide immediate medical and humanitarian support
Likewise, to ensure safety, emergency medical preparedness, and peace on the ground as voters head to the polls for the BARMM Elections 2026, the PRC has fully activated its deployment plan across the region to safeguard voters, communities, and electoral personnel. To provide immediate medical and humanitarian support during the elections, the PRC has mobilized four core chapters with comprehensive assets and specialized manpower in Basilan, Iligan City, Tawi-Tawi, and Sulu. “Elections are a crucial exercise of democracy, and every citizen deserves a safe and secure environment to cast their vote. Our Red Cross teams are on high alert and strategically positioned across the region to provide immediate medical assistance and emergency response wherever it is needed,” said Gordon. “We call on everyone to exercise their civic duty peacefully, knowing that our dedicated personnel and standby units stand ready to support our communities,” added PRC Secretary-General Dr. Gwendolyn Pang.
Cebu, Japan pursue feasibility study for integrated waste-management park
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EBU CITY—The Cebu provincial government and a Japanese environmental firm have begun a feasibility study for a proposed Green Transformation (GX) Park that could shift the province’s approach to waste management from disposal toward resource recovery. The study, launched on Sept. 11 with Yokohama-based GUUN Co. Ltd., seeks to explore an integrated system where discarded materials can be sorted, processed, recycled, and converted into useful products or alternative fuels. GUUN operates in waste treatment, recycling, environmental consulting and environmentalsystem integration. The company has also established a waste-plastic recycling operation in Cebu and has worked with local governments on waste-management and recycling systems. Cebu Gov. Pamela Baricuatro said the initiative would require more than government action, stressing the need for businesses, industries and communities to participate in addressing the province’s waste concerns. “We have to be people who walk the talk. To create the forest, we start by planting the seed,” she said. Baricuatro said sustained cooperation among the different sectors would be critical to turning the proposed project into a working system. “With everybody’s cooperation, we won’t fail. We cannot fail,” Gov. Baricuatro added.
From disposal to recovery
THE proposed GX Park is being studied as an eco-industrial facility where waste could become an input for recycling, manufacturing, and energy-related applications, creating a more circular approach to managing materials. Yasuko Kurihara, deputy consul general of the Consulate General of Japan in Cebu, emphasized the need to develop longer-term solutions as waste volumes continue to grow. “We need to move beyond simply disposing of trash and find solution,” Kurihara said. The project also ties into broader PhilippinesJapan cooperation on environmental sustainability and discussions under the Asian Circular Cities Declaration (ACCD), which encourages
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prices, education, mental health, safety, digital misinformation, and the future of communities. The last BSKE was held on October 30, 2023, and was supposed to be held again in December 2025, but President Ferdinand “Bongbong” Marcos Jr. postponed it.
Asian cities and countries to exchange knowledge and strategies for advancing circular-economy practices. For Cebu, however, officials said infrastructure and technology would have to be matched by changes in public behavior and stronger implementation. Rodel Bontuyan of the Provincial Environment and Natural Resources Office said households remain an important part of the waste-management equation, particularly in proper segregation and compliance with waste policies. “Public education is very crucial. If you have good education but the enforcement is weak, we cannot achieve in the long run what we desire to achieve,” Bontuyan said. The feasibility study kickoff brought together provincial officials, local government representatives and private-sector groups to discuss how the proposed system could be implemented across different areas of Cebu. Provincial Board members Stanley Caminero, Raymond Calderon and Kerrie Kean Shimura attended the meeting, along with mayors from various local government units, including Cebu City Mayor Nestor Archival. Representatives from the Cebu Chamber of Commerce and Industry and the Cebu Chamber of Harbors and Industry also joined the discussions. Caminero said the study should focus on solutions that can work under actual local conditions, including improving compliance and discipline in waste management. “The feasibility study has to be realistic,” he said. The proposed GX Park is envisioned not simply as a waste facility but as a common framework that would allow government, business, and industry to coordinate waste reduction, recycling, and resource-recovery efforts rather than pursue separate initiatives. The feasibility study is expected to determine the project’s viability and identify an approach suited to Cebu’s waste-management requirements, while exploring opportunities to turn waste into economic and environmental resources. Carmel Pedroza
On Monday, senators approved on third reading Senate Bill No. 2387, which fixes the term of barangay and SK officials to five years, with a two-term limit. This also effectively moves the BSKE from November 2026 to November 2028. The House of Representatives also approved a counterpart measure—House Bill No. 10971—establishing the same fixed five-year term for members of barangay and Sangguniang Kabataan. Butch Fernandez
TheWorld
Editor: Lyn Resurreccion
Tuesday, September 15, 2026
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Iranian cargo ship is struck; talks with neighbors postponed By Samy Magdy, Sally Abou Aljoud And Cara Anna
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The Associated Press
AIRO—An Iranian cargo vessel was struck early Sunday off Qeshm Island in the Strait of Hormuz, Iranian state media said, and Tehran postponed a plan to brief neighboring countries on its contested efforts to manage shipping in the strait. The attack drew attention back to the strait after threats to shipping in the Red Sea intensified last week. Iran-backed Houthi rebels battling government forces in Yemen captured an island on the Bab elMandeb Strait, a crucial shipping alternative to the Strait of Hormuz. Iran’s state-run IRNA news agency quoted the Qeshm governor as blaming a “terrorist enemy” for Sunday’s attack, which it said killed one and wounded four. There was no immediate comment by the US military, which
has struck Iranian-flagged vessels during its blockade of Iranian ports and faces a new threat from Iranian ballistic missiles launched at its warships. Qeshm Island, about 14 miles (22 kilometers) from the port city of Bandar Abbas, is key to Iran asserting control over the Strait of Hormuz. Hours before the attack, Iran’s government remained defiant. “Our people can’t be bullied into submission. Iran won’t surrender,” President Masoud Pezeshkian said
in a social media post. US President Donald Trump disagreed, saying on Sunday that Iran “wants to make a deal so bad” that “they’re calling constantly.” Trump spoke at his golf course in Doonbeg, Ireland, where he was attending a tournament. Later, when asked by a reporter whether the US struck the Iranian cargo vessel early Sunday in the Strait of Hormuz, Trump said: “I don’t want to say.” He then boarded Air Force One to head back to Washington.
Talks postponed
IRAN had said foreign ministers from regional countries would meet Monday in Oman to discuss efforts by Iran and Oman, located on the other side of the strait, to manage shipping on it. But the foreign minister of Oman, Badr Albusaidi, said on X late Sunday that the meeting had been postponed “in the interests of consensus.” Iran and Oman agreed to postpone the talks “at the request of some regional countries,” said Mohammad Ali Bak, an official in Iran’s foreign ministry who was
A WOMAN walks past a banner showing portraits of the late Iranian revolutionary founder Ayatollah Khomeini, left, Supreme Leader Ayatollah Mojtaba Khamenei, center, and the late Supreme Leader Ayatollah Ali Khamenei in northern Tehran, Iran, on September 12. AP/VAHID SALEMI
quoted by IRNA on X. Saudi Arabia has submitted amendments to the Iran-Oman agreement, citing concerns that the emerging deal could have lasting implications for the Strait of Hormuz that could negatively impact other Gulf Cooperation Council countries, according to a Gulf official familiar with the matter who was not authorized to com-
ment publicly and spoke on the condition of anonymity. Commercial ship traffic remains low in the Strait of Hormuz as attacks continue on what was seen as an international waterway before the US and Israel launched the war on Feb. 28. The United Kingdom Maritime Trade Operations monitor said Sunday that a vessel was hit by
a projectile while transiting the strait, though it wasn’t clear if this was referring to the attack Iran had reported off Qeshm. The monitor said a severe fire had broken out and that local authorities were evacuating those on board. T he US h a s a sser ted t h at plenty of oil is getting out as its military helps to guide ships along Oman’s coast, at the risk of being struck. Before the meeting in Oman was postponed, only Iraq had publicly confirmed plans to attend. Bahrain had said it would not attend, citing a lack of diplomatic relations with Tehran. Since early in the war, Iran has expressed interest in having ships pay fees for transit. It has said traffic into the Persian Gulf would pass through Iranian waters, while the outbound route would pass partly through Iranian waters and partly through Oman’s. There had been some optimism in the region about the planned meeting, with hope that Gulf nations might use it to assert a collective response to a war they had no part in starting.
North Korea: Recent live-fire drill Fighting in Yemen intensifies; Houthis launch more attacks on Saudi Arabia demonstrates ‘huge destructive power’ By Hyung-Jin Kim The Associated Press
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EOUL, South Korea—North Korea said Monday it conducted a joint livefire drill involving missiles, artillery and drones that it claimed demonstrated “huge destructive power.” The test included firing different types of weapons simultaneously, likely aiming at developing the ability to overwhelm South Korean and US air defenses. Experts say North Korea is not slowing its testing activities even after US President Donald Trump recently scaled back a military exercise with South Korea in an apparent effort to revive diplomacy with leader Kim Jong Un. The North’s official Korean Central News Agency (KCNA) said Saturday’s drill was meant to practice the operations of an integrated weapons control system. South Korea’s military earlier said it detected short-range ballistic missile launches from North Korea’s eastern coastal Wonsan area on Saturday morning. After observing the firing drill, North Korean Marshal Pak Jong Chon said the drill
would “improve the level of specialization to bring down the enemy’s armed forces organizationally and structurally once an order is issued.” He added that the weapons systems mobilized demonstrated “the huge destructive power of concentrated fire,” according to KCNA. It’s extremely difficult to independently verify North Korean claims on its weapons tests. South Korea’s Joint Chiefs of Staff said several missiles fired Saturday each flew about 250 kilometers (155 miles) toward North Korea’s eastern waters. The flight distances signal that the weapons are designed to strike targets in South Korea including US military bases. The firing drill, which included North Korea’s first public ballistic missile launches in about three weeks, came a day after the United States, South Korea and Japan wrapped up a trilateral military exercise that North Korea views as a provocation. In August, Trump ordered the Pentagon to “substantially reduce” a major bilateral military exercise with South Korea, citing what he called a good relationship with Kim.
By Abdulnasser Alseddik & Samy Magdy The Associated Press
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DEN, Yemen—The conflict in Yemen intensified on Sunday, as government forces launched attacks against Iran-backed Houthi rebels along the Red Sea, and Houthis fired into neighboring Saudi Arabia, which supports Yemen’s government. The Yemeni government vowed to send more forces to the Red Sea coast. One official conceded a “painful” defeat last week when Houthis captured the port city of Mokha and an island on the Bab el-Mandeb Strait, a crucial shipping alternative to the Strait of Hormuz. The escalation—especially Houthi attacks on Saudi oil infrastructure and its shipping in the Red Sea—adds pressure on global oil supplies and prices, and that could give Iran leverage in its war with the United States. As Yemen risks descending into another civil war, the United Nations estimated that more than 80,000 people in the impoverished country have been displaced by the fighting since the start of September. One woman said a mortar shell fell
nearby as she fled in the middle of the night from the town of Khawkha in Hodeida province along the Red Sea, shortly before it was captured by Houthis. “I saw with my own eyes cars and buses burning, and bodies of children and women were lying on the road in a horrific scene,” said the woman, who spoke on condition of anonymity.
Houthis claim attacks against Saudi Arabia
SAUDI authorities sounded sirens Sunday afternoon in the southern city of Abha and Khamis Mushait province, warning residents to take shelter from potential incoming fire. Both areas were repeatedly attacked by the Houthi in recent weeks. The Houthis claimed to have used drones and missiles to target Saudi Arabia, including a military base just over the border with Yemen. Houthi military spokesperson Brig. Gen. Yahya Saree didn’t provide evidence or say when the attack occurred. The Saudi civil defense overnight said a projectile fell in a different area near the border with Yemen along the Red Sea, injuring two people and damaging a mosque and several other buildings. The statement blamed the Houthis.
Saudi Arabia did not announce any new attacks targeting the Houthis. The Houthis are targeting Saudi oil infrastructure and shipping as part of a recently declared blockade, but they have said they do not intend to threaten other countries’ commercial shipping.
Yemen says 500 soldiers killed as it vows to fight back
THE National Resistance, a governmentallied force that had controlled coastal areas, said more than 500 government fighters were killed on the west coast over the past four weeks—its first comprehensive toll. It also said more than 1,000 Houthis had been killed in Hodeida and Taiz provinces. A
spokesman for the Houthis didn’t respond to a request for comment. Yemen is home to over 40 million people who fear a return to the civil war that began more than a decade ago and killed 150,000, bringing many others to the brink of famine. Yemen’s internationally recognized government and Saudi Arabia have been battling the Houthis for 12 years. A ceasefire that began in 2022 had mostly halted the fighting. A senior government official in Yemen said its forces will return to the Red Sea coast and fight back. People fleeing the Houthi advance told The Associated Press they saw forces withdrawing and urging people to run.
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www.businessmirror.com.ph
Carney pitches Canada to global investors as Trump tries to pull investment south By Rob Gillies
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The Associated Press
ORONTO—US President Donald Trump wants factories and investment moving south to the United States. Canadian Prime Minister Mark Carney is betting he can make billions flow north.
About 300 CEOs and senior executives from some of the world’s biggest investment firms will descend on the Four Seasons in Yorkville, a tony Toronto enclave of high-end restaurants and designer boutiques, for Carney’s Canada Investment Summit this week. T he i nvestors col lec t ive ly manage more than $120 trillion in assets, underscoring the scale of capital Carney hopes to tap as Canada tries to attract billions in new investment and reduce its economic dependence on the United States. “Canada is about so much more than being next to the United States,” Carney said. “We have
what the world wants.” Carney pointed to Canada’s vast energy and critical-mineral resources, its highly educated workforce and trade agreements that give businesses based in Canada access to roughly 1.5 billion consumers around the world. He said the turnout showed investors were interested in Canada on its own merits. “They are coming because of Canada,” he said. “If they wanted to go to the United States they would go to the United States.” Few people know this crowd better than Carney. He ran the central banks of Canada and England, spent 13 years at Goldman
Sachs and later chaired the boards of Bloomberg L.P. and Brookfield Asset Management, putting him very much in his element among the global investors and money managers gathering at the Four Seasons. A Canadian official described the summit as the largest gathering of investment decision-makers ever assembled in Canada, alongside Canadian CEOs bringing projects at varying stages of readiness. But the official cautioned that the summit is not expected to produce a rush of deals this week, with the most significant results likely to emerge over the next 12 to 18 months. The official spoke on condition of anonymity because they were not authorized to speak publicly about the matter.
A trade war raises the stakes
BU T t he summit comes at a cr it ica l moment for Ca nad a. Trade talks collapsed August 21, then Trump imposed 50 percent tariffs on about $20 billion in C a nad i a n good s a nd C a nad a retaliated. Washington then raised the stakes again, announcing bans on some Canadian imports and moving to shut Canadian products out
of large, long-term US government contracts. Trump’s tariffs and efforts to shift manufacturing south of the border are undermining what was long one of the country’s biggest attractions to foreign investors: reliable access to the enormous US market under continental free trade. Carney and business leaders will urge global investors to look past the trade war and make a bigger bet on Canada. Carney is drawing a pointed contrast with Trump’s America, pitching Canada as a stable, rulesbased alternative to an increasingly unpredictable United States. Investors coming to Canada will find “a country that respects rule of law and a country that is reliable,” Carney said. “That combination is pretty rare in the world,” he said. “And it’s an attractive combination.” Carney sharpened the message Sunday, telling Canadian business leaders that Canada’s greatest strength was something “that cannot be found on any balance sheet: trust.” John Graham, CEO of CPP Investments, one of the world’s largest institutional investors and the manager of Canada Pen-
sion Plan assets, is helping host the summit. He said the fund compares investment opportunities in Canada with those around the world. “The conversation about Canada is changing,” Graham said.
Summit aims to channel global capital into Canadian projects
THE summit is aimed at matching global capital—including Canada’s pension funds, which rank among the world’s biggest institutional investors—with major projects in critical minerals, technology, defense, advanced manufacturing and energy. Carney’s private meetings will be tailored to investors’ portfolios and the types of projects they are interested in financing, according to a Canadian official. BlackRock CEO Larry Fink and Blackstone President Jon Gray will headline a public discussion on global capital, while former Conservative Prime Minister Stephen Harper is scheduled to close the summit. Carney then heads to Europe, where he will address the European Parliament later in the week as Canada seeks a broader strategic partnership with the EU.
Trump to Ukraine: Stop strikes on Russian diesel fuel; cites a global shortage By The Associated Press
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YIV, Ukraine—US President Donald Trump on Sunday called on Ukrainian President Volodymyr Zelenskyy to halt strikes on Russian oil refineries and other infrastructure used to produce and distribute diesel, saying the attacks are causing a global shortage. He spoke after diesel prices in the US hit a record on Friday, soaring past $6 a gallon on average. Ukraine has for months been targeting Russia’s oil and gas industry with long-range strikes, prompting fuel rationing across the country and causing Moscow to ban diesel exports in July, removing supplies from the already tight global market. But the global crunch also came after the war on Iran curtailed oil shipments through the Strait of Hormuz. Fuel prices are weighing on Americans as they prepare to vote in midterm elections in November. Trump was asked by a reporter if
he had spoken with Zelenskyy following his recent conversation with Russia’s Vladimir Putin. He responded by calling on Zelenskyy to halt strikes against Russia. “Mr. Zelenskyy has to do one thing. He has to stop knocking out diesel fuel in Russia,” Trump told reporters on the sidelines of the Irish Open, which is being played at his Doonbeg golf club. “We spoke to Mr. Zelenskyy about it. There are plenty of other targets. Don’t hit diesel fuel, because that’s hurting, that’s hurting the world,” he said.
Diesel exports from Gulf countries way down since Iran war began
ACCORDING to a report published Friday by the International Energy Agency, net exports of diesel and gasoil from the Gulf countries in August stood at “ just over a quarter” of what they were before the war on Iran began in February. “Disruptions to Russia’s refining system and a near-halt to product exports following in-
tensified Ukrainian attacks have compounded these losses,” the IEA wrote. It added that in February, combined next exports of diesel and gasoil from the Gulf and Russia “accounted for almost 45 percent of global seaborne trade.” Kyiv says Russia’s oil industry both funds and directly fuels Moscow’s more than four-year-old invasion of Ukraine. Russia has ramped up its air campaign against Ukraine in recent weeks, using ballistic missiles and jet-powered drones to pierce Ukraine’s defenses. Moscow’s attacks have targeted Ukraine’s power grid ahead of winter in what officials say is meant to demoralize civilians. Civilians were killed and injured overnight into Sunday as Russia and Ukraine exchanged large-scale drone strikes. Two people were killed and 14 more wounded near an oil and industrial hub in Russia’s Tatarstan, according to local officials, while Ukrainian authorities reported on Russian drones pummeling the Black Sea port of Odesa and starting a fire near a border crossing with Poland.
Ukraine targets more Russian oil facilities
THE two Russian civilians died after a drone slammed into a tree near their parked car in the city of Nizhnekamsk, according to the office of regional head Rustam Minnikhanov. Nizhnekamsk houses a key cluster of oil refineries and other industrial plants. Mayor Radmir Belyaev said that a fire had broken out at an unspecified “enterprise.” Ukraine also claimed to have hit a major oil refinery in Slavyanskon-Kuban, in Russia’s Krasnodar region near Crimea. The Defense Intelligence of Ukraine (DIU) agency said its drones struck a key oil processing unit and the refinery’s tank farm overnight into Sunday. Krasnodar authorities said the
Briefs. . . Russian drone hits train near Ukraine-Poland border soon after visiting dignitaries passed through
KYIV, Ukraine—A Russian drone struck a train near the UkrainePoland border on Sunday shortly after senior visiting officials— including the former prime ministers of the UK and Sweden—passed through, Ukraine’s state rail operator said. According to Ukrzaliznytsia, a diplomatic train carrying Boris Johnson, Carl Bildt and security advisers from several European Union states had purposely left the station at Yahodyn ahead of schedule. The visitors were on their way back from a security conference in Kyiv. “It is highly probable that the Russian drone ’s intended target was in fact the diplomatic train, which had departed the station earlier than scheduled,” the company said in a Telegram post. Bildt, the former Swedish PM, shared a video on X of the attack at Yahodyn station, near the YahodynDorohusk border crossing with Poland. “This wasn’t our train, but the one just minutes after us by the Polish border crossing,” Bildt said. “It was evacuated as the Russian drone approached and no one was hurt. Very good safety system. Our train just had an evacuation warning. Bildt, Johnson and fellow passengers had been in Kyiv for the Yalta European Strategy conference, an annual gathering of leaders and experts across politics, business, security and media. AP
Iran’s nuclear chief not expected to attend IAEA General Conference, official says
CANADIAN Prime Minister Mark Carney speaks to Canadian business leaders at the Canada Investment Summit welcome reception in Toronto on September 13. JON BLACKER/THE CANADIAN PRESS VIA AP
strike on “an enterprise” in Slavyansk-on-Kuban injured three people and damaged an oil pipeline. Russian forces shot down 389 Ukrainian drones during the night, Russia’s defense ministry said Sunday.
Russia targets Odesa and western Ukraine
IN Ukraine, at least nine people were injured in a “massive” Russian nighttime attack on Odesa, according to Serhii Lysak from the city’s military administration. Odesa is home to Ukraine’s main port hub on the Black Sea and has faced sustained drone and missile strikes, with Kyiv accusing Moscow of trying to choke off its exports. A Russian drone attack on Saturday struck a residential highrise in Odesa, killing two people and injuring 26 others, Ukrainian officials said. Russian overnight strikes also pounded western Ukraine, though there were no immediate reports of casualties. One drone set fire to a gas station near the YahodynDorohusk border crossing with Poland, according to Ukraine’s top diplomat and a spokesperson for the local customs force.
“This is Putin’s terror ‘knocking’ directly on the doors of the EU and NATO. Russian barbarians are at your gate, dear partners,” Ukrainian Foreign Minister Andrii Sybiha wrote on X. Ukraine’s border crossings with Poland are a conduit for much of the military and humanitarian aid sent by Western allies. Valentyna Chernysh, a spokesperson for the Volyn Customs Office, told The Associated Press that the Yahodyn crossing was intact and no one was harmed. Earlier this week, two people died when Russian drones h it t he St a rokoz ac he border crossing between Ukraine and Moldova on Tuesday. The follow ing d ay a “ d irect t hreat ” to a Polish-Ukrainian crossing point was avoided due to the cooperation between Warsaw and Kyiv, according to Polish Prime Minister Donald Tusk. Ukraine’s air force said its air defenses shot down or suppressed 409 Russian drones of various types overnight, including a newer jet-powered version that is faster and more difficult to intercept. It said Russia had attacked Ukraine with 453 drones in total.
VIENNA—The head of Iran’s Atomic Energy Organization is not expected to attend the annual gathering of the UN nuclear watchdog’s member nations in Vienna for the first time in years because he is banned from international travel, an official briefed on the matter said. Mohammad Eslami’s exclusion from the IAEA conference is another sign of rapidly deteriorating relations between Iran and the West. The United States and Iran have resumed fighting, on and off, after a fragile ceasefire collapsed in July. Austria sought a waiver of the travel ban on Eslami with the UN sanctions committee but it was not granted, the official said. The official wasn’t authorized to comment on the sensitive matter and spoke on condition of anonymity. As host of the United Nations in Vienna, Austria can request exemptions from travel bans to enable sanctioned officials to attend international conferences at the UN. Since Israel and the US struck Iran’s nuclear sites during the 12-day war in June 2025, Iran hasn’t given IAEA inspectors access to nuclear sites that were affected by the strikes— even though Tehran is legally obliged to cooperate with the watchdog under the Nuclear Nonproliferation Treaty. The IAEA has also been unable to verify the status of a stockpile of near weapons-grade uranium since the June bombing. According to the IAEA, Iran maintains a stockpile of 440.9 kilograms (972 pounds) of uranium enriched up to 60 percent purity—a short, technical step away from weapons-grade levels of 90 percent. Iran says it’s not pursuing nuclear weapons and its program is entirely for peaceful use. AP
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BCDA, U.S. SIDE CRAFT MASTER DEAL ON PAX SILICA DEVTS By Ada Pelonia
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HE Bases Conversion and Development Authority (BCDA) and its United States (US) counterpart are firming up a master agreement that will set the framework for developments under the country’s participation in the Pax Silica initiative. On the sidelines of the Luzon Economic Corridor Forum in Taguig last week, Department of Trade and Industry (DTI) Undersecretary Ceferino S. Rodolfo clarified that the agreement will not be signed directly between the Philippine and US governments but between BCDA and its counterpart. BCDA owns the development area covered by the arrangement, while the US counterpart will take on the development side. The agreement will also cover locators that eventually enter the development, although their operations will remain subject to Philippine laws, Rodolfo said. “At the level of the locators, we comply with Philippine laws,” he told reporters after the event. Rodolfo added that the government remains optimistic about completing the agreement, but the process will not be rushed at the expense of safeguards. “We’re optimistic. But of course, without sacrificing any-
thing,” he said. He said consultations are continuing to address concerns and ensure that sufficient safeguards are incorporated into the agreement. The master agreement forms part of the planned development under Pax Silica, a coalition focused on strengthening cooperation among participating economies in semiconductor and other critical technology supply chains. The BCDA has been working on a framework for advanced manufacturing development in New Clark City under the initiative. The agreement is expected to provide the basis for succeeding developments in the site, including projects involving future locators. The proposed development falls within the broader Luzon Economic Corridor, which links Subic Bay, Clark, Manila and Batangas and covers major manufacturing, logistics and trade centers. The Philippines, United States and Japan launched the corridor in 2024 as the first Partnership for Global Infrastructure and Investment corridor in the IndoPacific. For now, consultations remain under way as both sides work through the agreement and its safeguards.
Tuesday, September 15, 2026 A9
Govt plan to raise pork jowl tariffs to make ‘sisig’ costly
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By Ada Pelonia
HE government’s plan to slap higher tariffs on pork jowl in its bid to increase its tax take from food imports could trigger a spike in the prices of popular dishes, such as sisig and dinakdakan, particularly if the Philippines’s top suppliers would limit shipments, according to some stakeholders. Filipinos use pork jowl to make sisig, which has now found its way into their daily menu and is no longer just considered bar chow. The Department of Agriculture (DA recently filed a petition before the Tariff Commission (TC) to reclassify pork jowl as pork cuts, which would raise its current tariff of 5 percent—a rate that is imposed on pig parts classified as “offal.” Agriculture Secretary Francisco Tiu Laurel Jr. confirmed to the BusinessMirror that his agency wants all pork jowl arriving on Philippine soil
to be categorized as swine meat. “As long as it’s declared pork jowl, these are no longer offal,” Tiu Laurel told this newspaper. Reclassifying pork jowl as pork cuts would make it more expensive as importers would have to pay tariffs of 10 percent for those within the minimum access volume (MAV) and 25 percent for out-MAV shipments. Data from the Bureau of Animal Industry (BAI) showed that the Philippines imported 267,744 metric tons (MT) of offal last year.
Imported offal was the second most bought pork part in 2025, according to BAI figures. Available data from the attached agency of the DA, however, did not specify the pork cuts that were classified as offal. According to TasteAtlas, pork jowl is also often used in traditional Korean barbecue. “Due to the fact that a whole pig provides only about 200 grams of hangjungsal, the cut is less accessible than samgyeopsal [pork belly] and moksal [pork neck].”
Financial viability
BRAZILIAN Association of Animal Protein (ABPA) Markets Manager Gabriel Morelli Ribeiro told the BusinessMirror that Brazil exports pork jowl with the lymph nodes intact, with Spain and other European Union (EU) nations being the main suppliers. Should Manila’s plan materialize, he cautioned that meat exporters might have to reconsider exporting pork jowl to the Philippines as the higher tariff could make Brazil’s product less competitive. “If the change [in tariff rate] is only for pork jowl without lymph nodes, this should not be a big deal.
However, if the change is for pork jowl with lymph nodes on, this will have a huge impact,” Ribeiro told this newspaper. “The companies will probably have to stop selling it, since it will not be financially viable,” he added. Local industry group Meat Importers and Traders Association (Mita) said most of the pork jowl entering the country has intact lymph nodes. Government data showed that the Philippines’s leading pork offal suppliers as of July are Brazil with 37,145 MT, the Netherlands with 22,505 MT, and the United States with 19,685 MT.
Public hearing
MEANWHILE, the Tariff Commission will conduct a public hearing on the DA’s petition seeking to modify the tariffs levied on frozen pork jowl on September 21. (See: htt ps:// businessmirror.com. ph/2026/09/10/da-seeks-tariff-change-on-imported-porkjowls/) The TC recently issued a notice of public hearing regarding the petition filed by the DA, requesting a distinct tariff line for frozen pork See “Tariffs,” A2
Weather disruptions could unravel gains from PISA–‘Arsi’
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CUSTOMS CRACKS DOWN ON DRUG SHIPMENT Bureau of Customs (BOC) Commissioner Ariel Nepomuceno, BOC-Ninoy Aquino International Airport (NAIA) District Collector Atty. Yasmin O. Mapa and Philippine Drug Enforcement Agency (PDEA) Chief Airport Interdiction Unit 2 Michael Luis Ballelos lead the inspection of 15 boxes containing illegal drugs worth an estimated P199.7 million that arrived from Canada and were declared as personal effects. Suspicious images detected during X-ray screening prompted Customs to issue an Alert Order and conduct a 100-percent physical examination. Authorities found about 28.324 kilograms of suspected methamphetamine hydrochloride, or shabu, valued at P192.603 million, and approximately 4.746 kilograms of suspected highgrade marijuana, or kush, worth P7.119 million. Laboratory tests by PDEA subsequently yielded positive results for methamphetamine hydrochloride and cannabis. NONIE REYES
EPEATED weather disruptions threaten to undermine the Philippines’s recent gains in student learning, Socioeconomic Planning Secretary Arsenio M. Balisacan said. Balisacan said a “very serious” discussion is under way on how the government should respond to climate-related disruptions that force schools to suspend classes and potentially compromise learning days. “This is being proposed by the [Department of Education], on how to respond to this kind of situation, the tension when you have this kind of disturbances,” Balisacan told reporters in a recent chance interview. Balisacan’s concern comes as the country posted gains in the 2025 Programme for International Student Assessment (Pisa), pulling out of the bottom 10 among participating education systems for the first time since 2018. The Philippines scored 373 in science, 371 in mathematics and 367 in reading in the 2025 Pisa, up by 17, 16 and 20 points, respectively, from its 2022 results. According to DepEd, the Philippines placed 77th in science, 74th in
mathematics and 72nd in reading among 91 education systems in the 2025 assessment. That was a notable shift from 2022, when the Philippines ranked sixth from the bottom in reading and mathematics and third from the bottom in science. The country’s standing was worse in 2018, when it ranked last in reading and second-lowest in mathematics and science. Balisacan said the gains must be sustained, with the government continuing to build on the progress made in student learning. As such, he stressed the need for schools to have response plans to ensure that learning is not compromised even when classes are disrupted by weather disturbances. “We’re glad that we’re able to show that we can keep doing the situation and we have to keep building the progress….Our schools must be able to respond in a way that learning days are not compromised,” Balisacan said. The Economy and Development (ED) Council is expected to discuss measures to address the issue this Justine Xyrah Garcia week, he added.
Senate OKs BSKE term bill
BIR scraps VAT on system loss charge A By Reine Juvierre S. Alberto
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HE Bureau of Internal Revenue (BIR) has removed the 12-percent value-added tax (VAT) on the allowable system loss charge on electricity bills, lowering the fees passed on to consumers. On Monday, Internal Revenue Commissioner Charlito Martin R. Mendoza issued Revenue Memorandum Circular No. 097-2026, which excludes the charge within the cap approved by the Energy Regulatory Commission (ERC) from gross sales for VAT purposes. This means the government-
mandated charge, a pass-through fee on electricity physically lost during distribution before reaching end-users, is not subject to output VAT and creditable withholding on VAT. It does not extend to income tax and the corresponding creditable withholding tax. The charge must be separately identified in the billing statement, invoice or similar document for VAT purposes, the BIR said. Generation companies, the National Grid Corporation of the Philippines (NGCP), distribution utilities, electric cooperatives and other affected taxpayers were likewise
instructed to ensure proper billing, accounting, reporting and separate identification of the charge in accordance with applicable ERC rules and tax regulations. “Every peso saved by consumers counts. This may be one part of a broader effort to bring down electricity costs, but it is relief that can be implemented under existing law,” Mendoza was quoted in a separate statement as saying. “While Congress continues to consider wider reforms on electricity charges and taxes, the BIR is acting on the measures within its authority that can reduce the bur-
den on consumers,” he added. The measure, however, would result in a P10-billion annual revenue loss for the government, according to the Department of Finance. The issuance builds on ERC’s approval of a resolution removing the VAT on system loss charge, which needs to be confirmed by the BIR. Only allowable system losses within the ERC-prescribed caps may be recovered through the system loss charge shown in electricity bills. Those exceeding the authorized caps are not recoverable from customers and are solely the responsibility of distribution utilities.
MID objections that a postponement poses a serious disservice to democracy, the Senate on Monday approved on third reading a bill setting the barangay and SK term to five years. Voting 13-5-0, the bill effectively postpones the BSKE elections originally set for November 2 this year. One of those who voted “no” to postponement, Senator Francis “Kiko” Pangilinan, said the BSKE elections are a critical part of the country’s democratic process and that delaying them is a disservice to the youth and local communities they hope to serve. “Democracy is weakened when an election is postponed. It becomes stronger when more citizens are given
a chance to express their will, take a stand, act and serve,” he said in Filipino in his explanation of his “no” vote. “Kaya ang boto ko, ituloy ang halalan. Ang boto ko ay ‘no’ [That is why I vote to push through with elections. My vote is ‘no’] to postponement,” he added. Citing an August 2026 National Momentum Survey that said Millennials, Generation Z, Generation X, Baby Boomers, and the Silent Generation strongly support holding the BSKE this November, Pangilinan highlighted the importance of youth participation in nation-building. This includes the youth’s contribution to addressing current issues— climate disasters, job creation, food See “BSKE,” A6
A10 Tuesday, September 15, 2026 • Editor: Angel R. Calso
Opinion BusinessMirror
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editorial
Growth without jobs: The structural crisis in our labor market
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HE Philippine economy has officially entered a paradox that should alarm policymakers and citizens alike: the nation has clawed its way back from pandemic-era contractions, yet unemployment has surged to its highest level since mid-2022. With 3.14 million Filipinos jobless in July and the unemployment rate hitting 6 percent, the data exposes a harsh reality—recovery in output does not automatically translate to recovery in livelihoods. (Read the BusinessMirror story: Jobless rate returns to pre-Covid levels, September 9, 2026). The 6 percent unemployment figure signals a fundamental mismatch between what the economy is producing and what its growing workforce requires. As De La Salle University economist Marites Tiongco aptly observes, the country “restored jobs faster than we transformed jobs.” This distinction matters. While employment numbers grew by 3.16 million year-on-year, the labor force expanded by 3.71 million—leaving hundreds of thousands of new entrants without economic mooring. The structural nature of this crisis becomes evident when examining where Filipinos actually work. Nearly two-thirds of employed citizens—62.8 percent—labor in the services sector, while industry employs a mere 17.5 percent. This lopsided distribution reflects an economy addicted to consumption and low-productivity service work rather than manufacturing, modern agriculture, logistics, and digital industries capable of generating higher wages and sustainable growth. The consequences of this imbalance extend beyond headline unemployment figures. The share of degree-holders among the jobless has climbed from 26.9 percent in 2020 to 35.6 percent today—a troubling indicator that education is failing to connect with economic opportunity. When college graduates cannot find work commensurate with their training, the nation loses not only current productivity but future potential as skills atrophy and talent emigrates. Compounding these challenges is the dangerous concentration of economic activity in Metro Manila, where unemployment spiked to 8.8 percent—nearly double the rate seen just months prior. The NCR has hit physical and economic limits; it cannot indefinitely absorb the nation’s labor force growth while infrastructure crumbles and costs soar. Economists correctly identify the urgent need for regional development strategies that cultivate manufacturing hubs, agribusiness centers, and digital service corridors outside the capital. The government’s response, emphasizing ease of doing business and investment attraction, addresses necessary but insufficient conditions for employment growth. Without parallel efforts to fundamentally restructure the economy toward productivity-enhancing sectors, even increased investment may fail to generate commensurate job creation. The Department of Economy, Planning, and Development’s focus on skills training and MSME support represents a step in the right direction, but such measures cannot compensate for an economic model that prioritizes consumption over production. As Ateneo de Manila University economist Leonardo Lanzona warns, any seasonal holiday hiring bump will prove temporary against structural headwinds. With gross capital formation contracting by 9.2 percent and household consumption slowing, the private sector lacks the momentum to absorb labor market entrants organically. Meanwhile, external shocks—from Middle East tensions driving fuel costs higher to global economic uncertainty—threaten to further constrain domestic opportunity. The country faces a choice: continue along a path of shallow, consumptiondriven growth that leaves millions underemployed and underpaid, or undertake the difficult work of economic transformation. This requires coordinated regional development, industrial policy that values job creation as much as investment scale, and education reform aligned with emerging economic needs. Without such structural change, the nation risks squandering its demographic dividend and condemning another generation to precarious, low-wage employment. The jobs crisis is not a post-pandemic hangover—it is the predictable outcome of an economic model that has failed to evolve.
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Unequal blessings or equal misery John Mangun
OUTSIDE THE BOX
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N the night of November 24, 1978, eighteen farmers in Xiaogang village, Anhui province, signed a document dividing their commune’s land into household plots, each family keeping anything grown above the state’s grain quota. Each pressed a red fingerprint next to his name and swore that if any of them were imprisoned or executed for it, the others would raise their children. The 1979 harvest produced as much grain as it had in the previous five years combined. The system they were dismantling had already been tested to destruction. During the Great Leap Forward’s collectivization drive, 1958 to 1960, more than half of Xiaogang’s 120 villagers starved to death. Local officials across China had inflated harvest reports for years to avoid being labeled disloyal, and Beijing kept setting procurement quotas against numbers that were never real, extracting grain that did not exist as surplus. Beijing did not approve the farmers’ agreement. The Party’s official position at the Third Plenum, weeks later, still prohibited dividing collective land. Deng Xiaoping’s endorsement came only in 1980 and a formal policy in 1982. The original document was hidden in a mud hut roof until it was safe
to bring out, and now sits in a museum, taught in Chinese schools as the starting point of the Household Responsibility System that spread nationwide. Extreme poverty in China, as measured by the World Bank’s US$1.90 line and its estimates, fell from 88 percent in 1981 to near zero by 2018. The household system drove the early rebound in farm output through the early 1980s. Industrialization, urban migration, and trade carried the rest. Xiaogang is not a story about capitalism suddenly replacing socialism but is a story about what happened when the state changed the incentive structure inside a socialist system. Output moves higher when the people producing it keep and dispose of what they produce. Free-market
capitalism formalizes that claim into property rights and market price discovery. Output stays flat, or turns fatal, when the claim is missing and an outside authority sets prices, assigns ownership, and decides who profits. That is the standing arrangement under socialism, and it requires central planning to function. Inequality is the residue of the capitalism system in that whoever captures the surplus ends up ahead of whoever does not. That system stays justified only as long as it keeps producing more, in total, than an equal split would have produced instead. Past that point, the justification runs out. Winston Churchill told the House of Commons on October 22, 1945: “The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of socialism is the equal sharing of miseries.” He was right on both counts, and that is the problem. The point most people forget is that blessings have to be produced before anyone can divide them unevenly. Miseries require nothing resembling a factory or marketing. A farmer does not need to risk a fingerprint on a contract. A country generates the equal misfortunes for free just by doing nothing. A small pizza, split evenly, still leaves everyone hungry. A large one, split unevenly, feeds even the short end more than the first pizza whole. India used the same state-controlled economic experiment without a dictatorship to blame it on.
From 1950 through 1990 the economy ran on permits. A company needed official papers to enlarge a factory or bring in a machine part. For most of those decades growth sat near 3.5 percent, the so-called Hindu rate, barely ahead of the population. Government officials allocated capital instead of letting the markets do that job. The system broke in 1991 from empty coffers, not an economic ideology conversion. Foreign reserves covered roughly three weeks of imports and within months the government tore up most of the licensing regime in order to stay solvent. Growth roughly doubled over the next two decades. Extreme poverty had already been falling since the 1970s but it fell faster once the state stopped deciding who got to produce what. Two governments, one that never held an election and one that has held them about every five years since 1951, ran a similar experiment with similar results. Hand the surplus back to the people who produce it, and poverty collapses. Let the state keep deciding who profits, and the country waits for growth that arrives late, if at all. Capitalism has inequality to account for only because it keeps producing results worth arguing over. Socialism rarely has that problem. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
Amodei, Altman, Musk call for slowing AI model development By Kevin Whitelaw & Seth Fiegerman
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EADERS of the world’s biggest artificial intelligence platforms said it’s time to slow the development pace of their most advanced—and most lucrative—models, citing escalating risks of the technology.
Anthropic PBC Chief Executive Officer Dario Amodei issued a lengthy blog post Saturday saying his company would implement new safety steps such as third-party evaluators while calling on the industry to support a broader downshift. OpenAI chief Sam Altman quickly pledged to adopt Amodei’s suggestion of “independent evaluators with employee-like access,” while Elon Musk, who runs xAI Corp., wrote, “Dario is right.” While all three leaders have over the years warned of the risks of AI, an actual coordinated slowdown has little precedent in a cutthroat industry that has historically cranked out one product after another in the name of boosting user engagement, grabbing market share and striving for sales gains. But the anxiety about severe AI risks has begun to enter the mainstream, driven in part by this week’s high-profile resignation of an An-
thropic researcher over existential fears that his company was acting irresponsibly. It was the latest in a series of increasingly dire warnings from within the industry that AI is evolving so quickly that it poses a growing threat to national security and the global economy. The surge in safety concerns surrounding AI coincides with a growing backlash against the technology in the US, fueled in part by objections to the strain on local resources imposed by new data centers needed to support the technology. Concerns that AI is driving up electricity bills and potentially taking away jobs has made it a central issue in the November midterm elections. It’s unclear how far the leading AI companies—which are fierce rivals themselves and also face stiff competition from Chinese firms—will go in imposing new limits or safety checks. Demis Hassabis, the chief scientist at Alphabet Inc. and co-founder
of Google DeepMind, said in a post on X Saturday that “the direction is correct” in Amodei’s essay, but the “details need working through.” It’s also not clear whether antitrust enforcers would allow companies to pace development in some kind of coordinated manner. Then there’s the question for markets, which have ridden the AI frenzy to new heights: How would investors eager for margins and profits react to the idea of deceleration? Amodei cited two main factors for his new caution: AI’s ability to improve itself and the recent incident involving OpenAI and Hugging Face, where a swarm of AI agents collaborated to breach a third-party website. “We must slow the pace at which we improve the capabilities of AI models,” he wrote Saturday in a blog post. “Progress will still seem fast, and we must make wise use of the time we gain.” But he also said that any slowdown must be balanced with the reality of competition. “To be clear, pacing does not mean halting model training or technical progress, but ensuring companies take adequate time to align and safeguard their models, and for third party evaluators to confirm this,”
Amodei wrote. Throughout the AI boom, executives at the leading AI labs have warned about potential existential risks—claims that have sometimes been dismissed as attempts to market the capabilities of their products and position themselves as the best stewards for the technology. Amodei himself has previously said there’s a 25 percent chance things go “really, really badly.” Anthropic has long positioned itself as being focused on developing AI more responsibly and safely to mitigate the technology’s potential dangers and maximize the societal benefits. The company took pains earlier this year to limit the release of its Mythos model after determining it posed unique cybersecurity threats. Anthropic has also previously said the world needs a system to collectively decide when to slow work on the technology. At the same time, Anthropic has remained locked in a fierce competition with longtime rival OpenAI to build increasingly sophisticated models that can automate more complex and valuable tasks for business customers. The two firms have both filed confidential paperwork to go See “Amodei,” A11
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Tuesday, September 15, 2026 A11
Trump’s foes find common Institutionalizing a risk-based, streamlined ground at Modi’s New era of tax enforcement Delhi summit By Dan Strumpf, Sudhi Ranjan Sen, Ilya Arkhipov & Josh Xiao
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EADERS of emerging powers including Russia and Iran projected a united front at a weekend summit in New Delhi, with a joint statement that targeted a US-launched war in the Middle East, Washington’s tariff campaign and its sanctions policy.
The US and President Donald Trump were not mentioned by name, but were in the sights of a 45-page joint communique issued by the 10 BRICS nations, which include both friends and foes of Washington. The statement called for “maximum restraint” by nations involved in the Middle East conflict and expressed “deep concern” over its escalation. It also condemned “deliberate attacks on civilian infrastructure and peaceful nuclear facilities.” The wording, hammered out into the early hours of Saturday, represented a stark appeal for a grouping whose members hold wildly divergent positions in the conflict launched by the US and Israel against Iran more than six months ago— with Tehran on one end and the UAE and Saudi Arabia, not yet a full BRICS member, on the other. China and India are major oil importers, directly impacted by the disruption in energy flows from the region. “There is obvious frustration with Trumpism and the many manifestations of that—unilateralism, the snubbing of the multilateral institutional order, the tariff assault, the neglect of rules,” said Ashok Malik, partner and chair of the India practice at the Asia Group. The statement was “carefully drafted so as not to take sides between Iran, Saudi Arabia and the UAE while leaving everyone with something to go home with,” he added. In comments on Sunday as the meeting drew to a close, Indian Prime Minister Narendra Modi sought to emphasize cooperation despite “different realities.” “The Global South’s trust in BRICS has steadily increased because its voice is heard in the grouping, its development experience is respected, and solutions are prepared in consultation with it,” he told attendees. The war in the Persian Gulf has threatened to create new fissures among the BRICS members. Iranian President Masoud Pezeshkian set the tone with a fiery speech on Friday in which he vowed his country wouldn’t surrender. “They thought that like Venezuela they could conquer our country within 24 hours,” Pezeshkian said in an interview with India Today television. “It failed.” But in spite of direct threats from Washington—which has promised sanctions against any country helping Iran and warned groups like BRICS against teaming up to oppose US interests—the 10-strong bloc pushed back against Washington’s punitive measures and a global order in which emerging economies say they are insufficiently represented. “We strive to advance not by opposing anyone, but by taking everyone along,” Modi told leaders. “Now is the time for us to translate our unity and consensus within BRICS into tangible results on the global stage.” The summit marked a high point for Modi, who has sought to use his country’s year-long presidency of the BRICS group to advance a broader agenda for the Global South. India’s ability to negotiate with countries on opposite sides of multiple conflicts, including Iran and Israel, has helped to bridge differences within the bloc, according to diplomats with direct knowledge of the discussion, who asked not to be named because the talks are private. Divisions were particularly acute between Iran and the UAE, the people said, with Tehran seeking a clear condemnation of the US and Israel. That was contested by the UAE, a US ally, which sought to condemn Iran for its drone and missile strikes against the Gulf kingdom. At a media briefing on Saturday,
The US and President Donald Trump were not mentioned by name, but were in the sights of a 45-page joint communique issued by the 10 BRICS nations, which include both friends and foes of Washington. The statement called for “maximum restraint” by nations involved in the Middle East conflict and expressed “deep concern” over its escalation. It also condemned “deliberate attacks on civilian infrastructure and peaceful nuclear facilities.” Sudhakar Dalela, secretary of economic relations at the Ministry of External Relations, said discussions among BRICS members evolve until consensus is reached. “We are very happy that we have an agreed approach on West Asia and the center piece of that approach is that we all believe dialog and diplomacy should be the guiding parameter to addressing any conflict,” he said. The Middle East war has presented a thorny challenge to a unified front from the BRICS this year. At a meeting of foreign ministers in New Delhi in May the group did not come to a consensus around a joint statement, a failure India blamed on “differing views among some members” over the Middle East war. The summit also gave Russia’s Vladimir Putin an opportunity to reinforce ties with Modi and Xi just two weeks after the three leaders met at the Shanghai Cooperation Organization in Kyrgyzstan. Putin had an official bilateral meeting with Modi, and a conversation with Chinese President Xi Jinping on the sidelines of the BRICS forum, according to the Kremlin. Both Modi and Xi asked the Russian leader in detail about efforts to settle the Ukraine conflict and offered their help in finding a solution to the problem, said Putin’s spokesman, Dmitry Peskov. “The paradox is that Putin’s policies, however you look at them, have not resulted in Russia’s isolation,” said Alexey Maslov, director of the Institute of Asian and African Studies at Moscow State University. “On the contrary, a rather unusual coalition of countries has formed around Russia, supporting ideas associated with the Global South and security.”
China-India ties
MODI, featured on BRICS posters all around Delhi, has made the most of the gathering, but the meeting also offered an opportunity for other nations to flex their diplomatic clout, not least China, the bloc’s dominant economic power and Russia, which has been isolated for years from the US and Europe. Xi added heft to the gathering— he missed last year’s BRICS summit in Rio de Janeiro. This has also been his first visit to India in seven years, the latest sign of a tentative rapprochement with India following a deadly border clash in 2020. “China and India are partners, not rivals,” representing “each other’s development opportunities, not threats,” Xi said in comments carried by the official Xinhua News Agency. Xi urged BRICS members “to stand on the right side of the history” and be a pioneer in maintaining peace and reforming global governance. He also proposed an open-source artificial intelligence “special zone” for BRICS members, to support the development and application of large language models. With assistance from Ruchi Bhatia /Bloomberg
Part one
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HE landscape of Philippine tax administration has reached a major turning point. On August 24, 2026, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 22-2026 establishing the consolidated and revised BIR Audit Program. For corporate leaders and tax professionals, this order is not just another addition to a long line of administrative guidelines. It marks the formal end of transitional, reactive tax policies and introduces a permanent, highly systematic, and technology-driven audit framework designed to elevate transparency and accountability nationwide. To appreciate the weight of RMO No. 22-2026, one must look at recent regulatory history. In late 2025, the BIR abruptly halted tax investigations under Revenue Memorandum Circular (RMC) No. 107-2025 following widespread scrutiny over how Letters of Authority (LOAs) were issued and executed. Although the suspension was lifted early in 2026 through RMO No. 1-2026, that framework was widely regarded as a transitional mechanism. RMO No. 22-2026 serves as the robust standing program promised by the BIR, completely absorbing previous interim rules, including RMO No. 6-2026 and RMC No. 14-2026, into
a singular regulatory regime. One important change under RMO No. 22-2026 is the definitive institutionalization of the Single-Instance Audit Framework. In the past, Philippine corporations frequently faced overlapping and fragmented BIR tax investigations. A business could be subjected to a general audit for a single taxable year, only to be hit months later by an independent investigation from a specialized task force or a separate Value-Added Tax (VAT) audit unit. This created severe operational bottlenecks, administrative fatigue for accounting departments and a lot of uncertainty to businesses.
Under RMO No. 22-2026, this fragmentation is abolished. The bureau mandates a strict “One-Audit Rule” per taxable year. A taxpayer will generally receive only one Electronic Letter of Authority (eLA) for a specific taxable period, which comprehensively encompasses all internal revenue tax types, including income tax, withholding taxes, and VAT. To reinforce this unified approach, the BIR has officially abolished all independent audit task forces, such as the Run After Fake Transactions (RAFT) Task Force. Furthermore, the specialized VAT Audit Sections (VATAS) in Regional Offices and the Large Taxpayers VAT Audit Units (LT-VAU) have been shut down. All audit and assessment functions have been consolidated back into the regular investigating offices, such as Revenue District Offices (RDOs) and the centralized Large Taxpayers Service (LTS). By funneling all assessments through a single channel, the BIR ensures that a corporation’s books are evaluated holistically rather than in disjointed pieces. In addition, RMO No. 22-2026 introduces massive technological safeguards to limit human discretion, a move aimed squarely at reducing partiality and eliminating corruption. Taxpayer selection is no longer driven by the arbitrary preferences of local revenue offices. Instead, the issuance of new eLAs is governed by a system-assisted, data-driven framework. The bureau leverages embedded data analytics, third-party information matching, and systemic risk indicators to flag accounts showing significant anomalies. These indicators include sharp drops in reported
gross sales, low profit margins relative to industry standards, unusual VAT trends, and massive jumps in asset value despite declaring net losses, among others. Moreover, the order implements an anonymized assignment process. When the centralized system flags a high-risk taxpayer and selects them for audit, the identities of the taxpayers remain entirely anonymized during the initial evaluation and assignment phases to Group Supervisors and Revenue Officers. This ensures an impartial screening process, removing the risk of targeted harassment or selective enforcement. For businesses, this means that an audit notice is no longer an indicator of an individual examiner’s whim, but rather the result of an objective algorithmic assessment of their financial reporting consistency. In sum, RMO No. 22-2026 signals a shift from unpredictable tax enforcement to a highly structured, data-driven environment. By transitioning to a system-assisted selection process based on clear risk analytics and enforcing a strict Single-Instance Audit Framework, the BIR is fostering a more predictable landscape for investors and local enterprises alike. The author is a Senior Associate II of DuBaladad and Associates (BDB Law) (www.bdblaw. com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at ernesto.dayao@ bdblaw.com.ph or call 8403-2001 local 340.
After oil surge and war, emerging markets unfazed by Fed risk By Selcuk Gokoluk and Peter Laca
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MERGING markets have defied war, $100 oil and rising Treasury yields this year. And despite worries of a US interest-rate hike, investors see reasons for this year’s rally to keep going.
While the asset class was jolted on Friday after a hot inflation print bolstered the case for a Federal Reserve rate increase next week, many money managers remain confident. Their bull case rests on improved policy credibility in many emerging markets and booming corporate earnings. Above all, they see little risk of a significant dollar rebound, which historically has been the main source of pain for emerging markets. “I don’t hear any alarm bells ringing for emerging markets,” said Benoit Anne, senior managing director at MFS Investment Management. The prospect of Fed rate hike “is not that big a deal for EM,” he said, adding that unlike in past rate-hike cycles, the dollar is being held back by concerns over US policy credibility. “To me, that dampens any potential shock for EM,” he said. He’s bullish on South African, Colombian and Hungarian local debt.
Amodei. . .
Continued from A10
public, with Anthropic expected to make its Wall Street debut as soon as this year. Open AI’s Altman said this year would be an “ill-advised moment” to go public, telling Fortune in an interview published Saturday that a listing won’t take place until 2027. “I think it is unacceptable to be taking like a 10 percent chance of killing everybody by the end of the decade,” he added. Shortly after the Hugging Face security incident was revealed, Anthropic disclosed that its models had breached three organizations during cybersecurity tests, adding to concerns about the ability of AI labs to prevent their technology from running amok. Earlier this week, Anthropic said it had discovered a
The dollar’s performance in 2026 bears that out. It has weakened even as Treasury yields have hit multiyear highs. Emerging stocks have gained about 23 percent—more than twice the S&P 500’s advance—while a gauge of currencies is near record highs. Carry trades are booming too. Investors who borrow cheaply overseas to buy higher-yielding assets have reaped returns of as much as 30 percent in the likes of the Colombian peso, Turkish lira and Brazilian real. Bank strategists are urging clients to sit tight. At JPMorgan Chase & Co, Luis Oganes and Nora Szentivanyi reckon emerging markets can weather two or three Fed hikes, especially countries where interest rates remain high. “The emphasis on carry has been a core position this year,” they wrote, naming the Mexican peso, Brazilian real, Turkish lira and Hungarian fofourth hack as well. While none of the agentic AI breaches, including Hugging Face, have thus far caused significant damage, Amodei said his worry is that “in 6–12 months such a swarm could be capable of taking over the entire internet with a persistent botnet [potentially causing hundreds of billions of dollars in damage], and that the scale of damage would continue to increase from there.” Amodei wrote that Anthropic will commit to giving full access to third-party evaluators to verify safety practices and report incidents. He said Anthropic will soon bring these “embedded evaluators” into its offices and give them desks, badges, company laptops and “permissions mostly comparable to what internal risk assessment teams have.” He said additional steps will require industry-wide coordination,
rint as top picks. There are risks to that view, such as the ongoing Middle East conflict that has sent energy prices soaring. Oil importers such as India and Indonesia have intervened to support their currencies, while South Africa has seen a sharp widening in its current account deficit. Fed Chairman Kevin Warsh’s push to scale back policy guidance is adding another layer of uncertainty, making it trickier to gauge the outlook. “If we move into a regime where the market’s perception is that the Fed might actually hike a lot more, then it’s a problem for the EM FX,” said Citigroup Inc. strategist Luis Costa. “Real yields remain remarkably resilient across emerging markets as central banks respond to the war-induced inf lation impulse with tighter monetary policy. Higher US interest rates add upward pressure to EM local government bond yields, yet substantial policy tightening is already priced in, and the 10-year US Treasury term premium is close to its postcrisis high,” said Damian Sassower,
Bloomberg Intelligence Chief EM Credit Strategist. Still, investors see emerging markets are better equipped to withstand a Fed hiking cycle. Central banks are proceeding cautiously with rate cuts even where inflation has slowed, JPMorgan strategists note. That’s keeping real or inflation-adjusted rate differentials elevated across much of the developing world. In other markets, local factors are offering a buffer. In Hungary, for instance, the new government’s push for euro adoption is drawing investment flows and allowing bond yields to drop nearly two percentage points from this year’s highs. The forint has appreciated more than 4 percent against the dollar this year. Elina Theodorakopoulou, a portfolio manager at Manulife Investment Management, a bigger change is that more investors now see emerging markets as an investment proposition in their own right. “Higher yields entice more buyers because they offer better riskadjusted returns,” she said. “That, in general, should keep attracting capital.” Bloomberg
as well as global cooperation. “I continue to believe that AI can enormously improve the quality of human life. My desire to achieve these benefits is undimmed,” he wrote. “But the benefits will only be achieved if we build the technology in the right way, and—so long as we use the time we gain well—it is worth taking unusually deliberate care to get it right.”
On Tuesday, Jacob Coxon, an AI researcher, quit his job and accused both of his former employers—Anthropic and OpenAI—of “gambling with our lives” by racing toward superintelligent AI. Coxon said in a social media post that the people building AI believe it could “kill us all by the end of the decade.” In response, Evan Hubinger, a current Anthropic employee, said he and others at the company do worry about this scenario. “I personally think it is >10% within the next decade,” he wrote on X. Back in July, more than 1,000 staffers across top AI firms signed a petition calling on the US government to support a mechanism that would help “deliberately pace” AI development to prevent the technology from advancing too fast. With
Growing alarm
EARLIER this week, Altman said his company was considering slowing down the development of cuttingedge AI, preferably in conjunction with the broader industry. The company’s top scientist, Jakub Pachocki, had posted a warning about the dangers of AI, saying that he believes companies should be “coordinating to slow down future development as needed.”
assistance from Lynn Doan, Angela Cullen and Rebecca Smith /Bloomberg
A12 Tuesday, September 15, 2026
Chinese up first for Alas Women in Asian Games
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AGOYA—Alas Pilipinas Women will face defending champion China right away, but Bella Belen insists they are ready for the big battle on Wednesday at the Okazaki Central Park General Stadium in Okazaki. Belen and other members of the Philippine team arrived in the bustling metropolis last Sunday (September 13), three days ahead of the competition proper. “We will do our very best against China,” said Belen during the flight from Manila. After China, the Alas Women tackle Kazakhstan the following day. There are only three teams in Pool B and Alas needs to beat Kazakhstan to advance to the quarters of the event long dominated by the Chinese. The Chinese defeated the Japanese in straight sets at the 2023 Hangzhou Games to clinch their 9th gold medal The men’s competition will start on September 27, while beach volleyball will begin right on Saturday, September 20, at the Hekinan Ryokuchi Beach Court. Qatar and China are defending their titles in the men’s and women’s divisions. This marks the first time Alas will play in the continental showpiece since the 2018 Jakarta Games. Grizzled veteran and captain Jia De Guzman was part of that team. Other members of the team are Eya Laure, Angel Canino, Shaina Nitura, Alyssa Solomon, Amie Provido, Thea Gagate, Dell Palomata, Niña Ytang, Mars Alba, and Justine Jazareno. POC Media Pool
Sports BusinessMirror
GILAS IN ASIAD: CATASTROPHIC T
HE Philippines got mangled in Nagoya by a team from China that has all the intentions to get back hard at the same team that denied the Chinese the men’s basketball gold medal at home in Hangzhou three years ago. All the Chinese needed was to pounce on a second-tier Gilas Pilipinas squad right in the first half for a 105-61 rout that shoved the Filipinos to exit the Aichi-Nagoya 20th Asian Games and with it, the opportunity to defend the gold medal. But head coach Tim Cone’s with his wards all the way—through thick, thin and the second most catastrophic performance by any Philippine squad in an international competition. “The guys we had played their hearts out. We were just oversized by the other teams,” Cone told the BusinessMirror just minutes after the game. “They’re a great group of guys who love playing for their country.” Gilas Pilipinas looked doomed at half time alone when the taller Chinese posted a commanding 66-30 advantage that the Filipinos couldn’t reduce to a 37-point losing margin which is the threshold for them to advance to the quarterfinals even with a 1-2 won-lost record in Group C. “It wasn’t their [players] fault that we could not add size to their roster to help them out,” said Cone, who let his deputy, Richard del Rosario, man the head coach’s role against the Chinese. “They gave their all.” That 44-point deficit, if it’s any consolation, was the worse after a Philippine team lost by 68 points, 53-121, to the US in the 1956 Melbourne Olympics. The other blowouts suffered by the country were 43 points to Australia (49-92) in the 2027 FIBA World Cup Asia Qualifiers only last July in Perth and 46 points to Serbia (62-108) in the 2019 FIBA World Cup in Foshan, China.
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THE Philippines will have to wait five years for a chance to regain the men’s 5x5 basketball gold medal because the Olympic Council of Asia ruled that the Asian Games are now to be staged in odd number years immediately ahead of the Summer Olympics. GILAS PILIPINAS FACEBOOK With the Chinese having a big advantage in height at 6-foot-7—with the tallest Yu Jiahao at 7-foot-3—to the Filipinos’ 6-foot-4 average—Brandon Bates and Justin Arana are the tallest at 6-foot-9—they controlled the boards, 55-36, and had more assists (24-18) and five less turnovers with 10. Calvin Oftana was the only Gilas player to finish in double figures with 13 points, but he had to struggle on 5 of 16 shooting from the field—overall, the Filipinos shot atrociously from downtown, 7 of 30, while China shot 12 of 32. “Not sure what to say. Deeply
disappointed we could not get to the quarterfinal,” Cone said. “But it is a reminder for us that if we do not or cannot bring our best players to these international events, we won’t excel.” “We brought some really good players, but we didn’t bring our best players,” he added. Philippine Olympic Committee president Abraham Tolentino was on a similar page. The question is “why do the other countries have so many naturalized players? Why can’t we?” Tolentino said. “It was a good thing we got the gold medal
women’s FIBA World Cup title after a 97-79 victory over France on Sunday in Berlin. The Americans have won 36 straight World Cup games, dating to the semifinals of the 2006 World Cup, where they lost to Russia. The US improved to 9-0 in gold-medal games since finishing second in 1983 to the Soviet Union. AP
in Hangzhou though we have to wait for five years to regain the gold medal.” The next Asian Games in Doha are scheduled in 2031 after the Olympic Council of Asia decided to move the games to odd numbered years immediately ahead of the Summer Olympics. Justin Brownlee wasn’t available for these games because he needs to fully recover from several injuries, leaving Cone with an all-Filipino crew without the top-tier players who are playing in the FIBA 2027 World Cup Asia Qualifiers. The Philippines opened its Group C campaign with an 85-89 loss to a Bahrain team with four naturalized players and got into the win column with a 109-78 rout of Kazakhstan. Already out of contention, Gilas Pilipinas flies home on Wednesday. Josef Ramos
Siquijor hosts open, juniors netfest PVL features Siklab, Sigla, Sinag
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HE Premier Volleyball League (PVL) is turning the page on its landmark 10th season with a bold new All-Filipino Conference format that will give teams more opportunities to compete, more players the chance to shine and greater value on the road to a single ultimate prize—the Philippine Grand Championship. For the first time, the league will stage the conference in three distinct series— Siklab, Sigla and Sinag—creating a season-long championship race that will test teams not only on their ability to win, but also on their consistency, depth and endurance. Siklab and Sigla will each crown its own champion while awarding standings points that will carry over into the third and final series. Those accumulated points will determine the teams’ overall rankings and seeding for Sinag, setting the stage for an intense final push toward the Philippine Grand Championship. Every match will matter from the opening serve to the final point—a team’s performance in the first two series will not simply be remembered as a separate chapter, it will shape its position, path
YVON BISERA with dad Rey during the Summit Point Championship Pro Am at Summit Point. LPGT PHOTO
Bisera leads LPGT squad in Taiwan tilt
Team USA FIBA World Cup champs again The United States wins a fifth straight
Explosive rookie De La Salle’s Joaquin Tovera drives against National University’s John Vincent Reyes during the defending champion’s 89-87 victory in University Athletic Association of the Philippines Season 89 men’s 5x5 basketball action Sunday at the Smart Araneta Coliseum. Tovera, an 18-year-old rookie out of Chino Hills High School in the US, delivers 22 points in his league debut. UAAP PHOTO
mirror_sports@yahoo.com.ph | Editor: Jun Lomibao
and chances of winning the grand prize. “For this All-Filipino Conference, we will have three series,” PVL commissioner Sherwin Malonzo said. “Now, each series will earn points, and those points will be added up, which will be the basis of their rankings for the third series. Each series, we will have a champion until the third one. So it’s all round-robin.” The series begins with Siklab from October 10 to December 4 and will feature a single round-robin elimination. The top four teams will advance to the semifinals, with the top two earning a twice-to-beat advantage against the No. 3 and No. 4 seeds, respectively. The series will then culminate in a bestof-three championship. The second series, Sigla, will follow the same basic competitive structure— a single round-robin elimination, followed by semifinals featuring the top four teams, with the top two again holding twice-to-beat advantages, and a best-of-three championship. The major difference: all-to-play requirement will be gone. The third series will serve as the grand culmination of the AllFilipino Conference, transforming the accumulated results of the first two series into a high-stakes stepladder race for the Philippine Grand Championship.
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IQUIJOR will host the inaugural Governor’s Cup Open and Junior Championships which has drawn a huge field to the Capitol Tennis Courts and other venues in the province. The Open tournament fires off Tuesday with JB Aguilar and Nilo Ledama leading a 32-player men’s draw that includes a host of local standouts eager to test their mettle for the top P50,000 purse. Eric Jay Tangub, Vicente Anasta, John Sonsona, Richard Bautista, Hazer Malicay and Matthew Morrison are expected to provide stiff competition in the tournament hosted and sponsored by Siquijor Governor Jake Vincent Villa. The event also features Legends competitions in the 35-and-under and 50-and-under categories, with singles and doubles events on tap. But the spotlight will largely be on the juniors competition of the tournament—sanctioned by the Philippine Tennis Association and Universal Tennis Ranking and supported by Dunlop, ICON Golf & Sports and Palawan Group of Companies—set Thursday. Morris and Malicay headline the boys’ division along with Andrian Rodriguez and Rafa Callao, while Alexa Cruspero, Etha Seno, Jhaira Lanterna and Marypauren Balolong are the players to watch in the girls’ side of the
Group 2 tournament conducted under the Palawan Pawnshop nationwide talent-search. The overwhelming response from young players has prompted organizers to tap additional courts in Larena, Siquijor and Ibabaw to accommodate the entries. “Known for its natural beauty and unique appeal as a tourist destination, Siquijor is also determined to expand its tennis program and create more opportunities for our young athletes to develop their talents and pursue their dreams,” Villa said. Siquijor, popularly known as the “Mystic Island” and “Island of Healers,” is better known for its rich traditions and tourism attractions, but Villa sees sports—tennis in particular—as another avenue to put the province in the national spotlight while providing its youth with meaningful opportunities. Villa also expressed his appreciation to Palawan Pawnshop president and CEO Bobby Castro for the company’s continued support of the nationwide talent-search and for including Siquijor in its tournament calendar.
VON BISERA carries confidence and a renewed hunger for victory as she leads a 20-player Ladies Philippine Golf Tour (LPGT) contingent against a strong international field in the Kenda Tire Open set September 23 to 25 at Taichung International Golf Club in Taiwan. The Davaoeña ace, a two-leg winner on the LPGT this year, heads the Philippine charge brimming with confidence despite narrowly missing a third victory at Summit Point last week. Her recent run, highlighted by two wins and a stirring comeback, has sharpened her belief that she can contend once again—this time on foreign soil. “My long game has become more consistent, and my irons were particularly good at the Summit Point Championship,” Bisera said. “I hit all the greens in the second day and 16 of 18 in the final round. That gives me confidence playing internationally because I know I just need to focus on my putting.” The Kenda Tire Open marks another co-sanctioned event between the LPGT and Taiwan Ladies Professional Golf Association Tour, continuing a partnership forged in 2015. The two circuits staged their first co-sanctioned tournament in Taiwan in 2018, the Party Golfers Ladies Open in Miaoli County. Backing her up is a deep LPGT cast that includes proven winners Princess Superal, Mafy Singson, Sarah Ababa, Ji-won Lee, Harmie Constantino and Chihiro Ikeda, giving the Philippines a formidable mix of experience and firepower. Also joining the Philippine charge who are all members of the ICTSI stable are hungry contenders Kayla Nocum, Marvi Monsalve, Rev Alcantara, Monica Mandario, Lois Kaye Go and Velinda Castil. Amateurs Lisa and Mona Sarines and Isabelle Tabanas.
Zverev rules US Open Germany’s Alexander Zverev beats Ben Shelto, 6-3, 7-6 (2), 5-7, 6-2, in a three-hour and 37-minute final on Sunday and prevent an American from winning the US Open for the first time in 23 years. It was Zverev’s second Grand Slam title this year after the French Open—he improved to 25-2 in major matches this year and won $5.5 million, matching the prize earned by women’s champion Elena Rybakina on Saturday. AP
Companies BusinessMirror
Editor: Jennifer A. Ng
CEBU MANUFACTURER EXPANDS CLIENT LIST OF ALSONS POWER By Lenie Lectura @llectura
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LSONS Power Group and Makoto Metal Technolog y Inc. (MMTI) signed a retail electricity supply (RES) agreement to electrify the latter’s two manufacturing plants at the Mactan Export Processing Zone II (MEPZ II) in Lapu-Lapu City. The power supply deal was made possible via the government’s Retail Competition and Open Access (RCOA) program in which qualified electricity consumers such as MMTI can choose their electricity supplier based on factors including pricing, service reliability and supply arrangements. T he dea l is ex pected to strengthen the presence of A lsons Power Supply Corp. (APSC) in Cebu’s retail electricity market following the addition of Japanese-affiliated MMTI to its growing customer portfolio. The agreement also marks another milestone in APSC’s expansion beyond Mindanao and strengthens its growing presence
among commercial and industrial customers in the Visayas. “For a manufacturing company like Makoto Metal Technology Inc., having a reliable, competitively priced, and flexible electricity supply is essential to sustaining our operations and supporting our continued growth. We see Alsons Power as a trusted partner that understands the unique requirements of the manufacturing industry and can provide the reliability, flexibility, and support we need as we expand our operations,” said Jon Romulo A. Montances, MMTI administrative and support manager. MMTI manufactures precision metal components, die-cast parts, and optical products, and provides assembly services for various industries. “The competitive offer was an important factor in our decision. What ultimately gave us confidence in APSC, however, was their ability to clearly explain why we were experiencing the challenges we have with our incumbent supplier and provide a solution that could significantly improve our electricity costs moving forward,” Montances added.
Tuesday, September 15, 2026
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Deal allows ALI mall to stay in BCDA’s Taguig property
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By VG Cabuag @villygc & Ada Pelonia @adapelonia
HE Bases Conversion and Development Authority (BCDA) and Ayala Land Inc. (ALI) on Monday said it finalized the deal to extend the company’s lease in Market! Market! Mall in Taguig by another 12 years and seven months. Ayala Land, through its unit Station Square East Commercial Corp. (SSECC), said it would spend some P1 billion for the modernization effort aimed at supporting the property’s continued transformation into an integrated retail and mobility hub in Bonifacio Global City (BGC). Under the agreement, SSECC will continue to operate Market! Market! for an additional 12 years and seven months beginning June 5, 2027, with the company committing P1 billion
in capital investment to modernize the commercial center and prepare it for integration with major mass transit infrastructure serving BGC. “We are committed to reinventing and modernizing Market! Market! for its next act,” said Anna Ma. Margarita B. Dy, chairman of SSECC and president and CEO of Ayala Land. “For us, renewal does not simply mean building something new. It means looking again at the places we already have, understanding how
cities and communities have changed around them and investing in them so they can create even more value for the next generation.” For BCDA President and CEO Joshua M. Bingcang, the partnership extension backs its commitment to maximizing the economic and social value of government assets. “Market! Market! has long served as an accessible bridge connecting everyday Filipinos to the opportunities within BGC. As we integrate major mobility infrastructure such as the Metro Manila Subway into this development, BCDA and Ayala Land are together building a seamless, future-ready urban center that truly serves the public,” said Bingcang. BGC prepares for a major expansion of its mass transit network through the Metro Manila Subway Project, which will include the Bonifacio Global City Station within the Market! Market! property. The mall traces its roots to Ayala Land’s original 2000 master plan for
what it called Convergence Square— a mixed-use concept designed around the intersection of retail, public transit and civic space. More than two decades later, that original vision takes on renewed significance as the property becomes the site of the Bonifacio Global Station under the Metro Manila Subway Project, directly linking BGC to key gateways like the Ninoy Aquino International Airport. BCDA’s transit-oriented development plans will repurpose a portion of the Central Plaza, cementing Market! Market!’s role as an essential intermodal mobility hub for the district. “With BCDA’s transport-oriented development plans and the future Metro Manila Subway station within the property itself, Market! Market! can evolve from one of BGC’s important gateways into an even more vital point of connection—bringing together rail, road, commerce, work and everyday life in one of Metro Manila’s most dynamic business districts,” Dy said.
Gokongweis donate 10 new classrooms
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PAUSE
Amazon.com Inc. suspended work with cargo carrier 21 Air LLC, which operated the September 6 flight that overran the runway at Miami and killed five people on the ground. “We’ve spent time supporting the investigation and reviewing some of the surrounding circumstances, and we’ve decided to pause our operations with 21 Air,” Amazon said on its news blog on Sunday. “We’ll continue working to support the investigation and everyone affected.” Flight 7598, a Boeing Co. 767 freighter, ran off the tarmac at Miami International Airport and careered into two vehicles. One of the pilots had called for the landing to be aborted after the jet touched down with too much speed, according to details from the cockpit audio released by the US National Transportation Safety Board. Photo shows a crashed Amazon cargo plane at Miami International Airport on September 6. PHOTOGRAPHER: EVA MARIE UZCATEGUI/BLOOMBERG
Sungrow hikes prices of products
S
UNGROW Power Supply Co., one of the world’s largest renewable energy equipment makers, will raise product prices this month after higher raw material costs squeezed margins. Prices for inverters, energy storage converters and energy storage systems will increase by 5 percent to 15 percent effective September 20, according to a letter the company sent to clients. Sungrow shares rose as much as 3.4 percent. The increase follows rising costs for materials like lithium, copper and aluminum. The company said in a written statement it needed to adjust prices to cover those costs and continue to seek technological upgrades and maintain product quality. “The price increase of the upstream
materials has exceeded expectations with the upward trend in costs not showing any significant easing,” the company said in the written response to Bloomberg News. The price hike also comes after Sungrow reported a 32-percent drop in firsthalf net income as competition in China intensified and overseas markets faced growing challenges, including higher trade barriers from the United States and the European Union.
On the wire
CHINA’S economy is moving into a period that could determine the course of stimulus through the end of the year, as consumers remain gripped by malaise despite signs of stabilizing growth. Chinese President Xi Jinping and Indi-
an Prime Minister Narendra Modi’s first sit-down on Indian soil in seven years signaled a will to further repair ties and manage an unpredictable Donald Trump. But fundamental differences remain despite the good vibes flowing from the 10-nation BRICS summit in New Delhi. Haidilao International Holding Ltd.’s sudden slump after its co-founder sold about $350 million worth of shares is putting the spotlight on other stocks that may be vulnerable to similar selling. Bloomberg News
HE Gokongwei Brothers Foundation (GBF) has marked its 34th anniversary with a groundbreaking for 10 new classrooms which it will donate to schools in Calasiao, Pangasinan and Bacolod. The project will provide 10 new classrooms—two each for NalsianBacayao Elementary School, Bued Elementary School and San Miguel Elementary School; and four classrooms for Emiliano Lizares Elementary School in Bacolod City. During the ceremony, GBF Chairman Lance Gokongwei formally turned over the classroom donation blueprint to Department of Education Human Resource and Organizational Development Assistant Secretary Aurelio Paulo Bartolome, symbolizing the start of the construction of the new classrooms. “We would like to thank the Department of Education for its guidance and collaboration in identifying schools where support is most needed and ensuring that this initiative contributes to our shared goal of giving more Filipino learners access to quality education,” he said. For the four beneficiary schools, the new classrooms will provide additional spaces where teachers can deliver lessons and students can participate more fully in their education.
GBF was established in 1992 by brothers John Gokongwei Jr., Henry, Johnson and James Go. It was founded on their belief that education is essential to individual opportunity, economic progress, and nation-building. Over the past 34 years, GBF has grown from supporting educational institutions to implementing programs that benefit learners, educators, and communities and institutions. Its work focuses on expanding access to quality education, strengthening teachers’ capabilities, promoting STEM learning, and building partnerships that can create lasting impact in education. Among GBF’s longstanding contributions are major educational endowments that helped strengthen institutions such as the Ateneo John Gokongwei School of Management, De La Salle University’s Gokongwei College of Engineering, the John Gokongwei Innovation Center and the Ateneo Gokongwei Brothers School of Education and Learning Design. The foundation has supported more than 3,400 scholars to date. GBF also helps create pathways to employment through Iskolar ni Juan, a technicalvocational scholarship program that equips young Filipinos with industryrelevant skills in areas such as Mechatronics servicing. VG Cabuag
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Companies BusinessMirror
Tuesday, September 15, 2026
PSE STOCK QUOTATIONS
September 14, 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 FILIPINO FUND LMG CORP MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE
50.7 116.4 10.4 102 52.5 10.08 63.3 6.92 77.75 50.75 23 63.8 22.85 0.495 1.4 0.5 4.15 7.69 0.38 0.103 2,524 1.45 212 4,702 1.2
50.8 116.5 10.74 102.3 53 10.1 63.45 6.93 78 52.4 23.1 64 23.3 0.51 1.41 0.53 4.3 7.8 0.385 0.105 2,700 1.47 213 4,898 1.21
51.5 115.5 10.8 103 52.55 10.1 63.1 6.92 77.85 52.1 23 63.55 23.35 0.52 1.39 0.5 4.3 7.69 0.35 0.103 2,560 1.46 213 4,702 1.19
51.5 117.1 10.8 103 53 10.1 63.9 6.92 79.5 52.7 23.1 64 23.35 0.52 1.42 0.5 4.45 7.69 0.42 0.105 2,560 1.47 213 4,704 1.25
50.8 113.6 10.2 101.9 52.4 10.08 63 6.92 77.55 50.6 23 63.3 22.7 0.51 1.39 0.5 4.3 7.69 0.35 0.103 2,520 1.43 213 4,702 1.16
50.8 116.5 10.74 102.3 53 10.1 63.3 6.92 78 51.35 23 64 23.3 0.51 1.41 0.5 4.3 7.69 0.385 0.105 2,524 1.45 213 4,702 1.2
19,370 3,200,530 21,100 690,940 408,240 373,700 2,431,660 3,000 677,300 3,270 25,400 82,120 23,700 3,000 26,000 1,000 108,000 1,700 940,000 150,000 1,785 565,000 920 125 1,398,000
990,480 371,687,328 219,942 70,657,290 21,462,288 3,770,460 153,933,539 20,760 53,188,305 168,666 584,220 5,233,792 540,355 1,550 36,720 500 464,970 13,073 354,700 15,510 4,532,100 820,270 195,960 587,760 1,658,220
-147,600,470 40,293,772 2,648,980 940,576 -36,405,131 17,300 4,807,658 -81,903 1,844,120 -4,300 2,226,300 -95,850 540,730 -31,000
INDUSTRIAL ACEN CORP 2.58 2.61 2.59 2.61 2.53 2.61 3,503,000 9,073,600 3,540,450 ALSONS CONS 1.39 1.4 1.32 1.42 1.26 1.4 13,069,000 17,859,820 -965,330 0.71 0.72 0.71 0.72 217,000 155,550 ALTERNERGY HLDG 0.72 0.72 ABOITIZ POWER 45 45.3 44.85 45.35 44.55 45 2,660,400 119,522,835 -8,239,755 RASLAG 1.09 1.08 1.09 1.1 1.08 1.08 308,000 335,190 5,400 0.108 0.109 0.107 0.109 920,000 100,260 BASIC ENERGY 0.109 0.109 CITICORE RE 4.84 4.9 4.91 4.91 4.84 4.84 17,000 82,730 FIRST GEN 23.65 23.85 23.75 24.45 22.55 23.85 3,433,800 79,970,500 -1,638,340 97.85 98 98 98.5 97.1 97.85 24,220 2,368,251 -117,500 FIRST PHIL HLDG 485.4 485.6 480 477.4 485.4 197,040 95,561,962 19,800,200 MERALCO 486.2 MANILA WATER 34.35 34.9 35 35.1 34.35 34.35 1,582,200 55,172,460 -18,253,970 MAYNILAD 18.08 18.12 18.08 18.14 18.02 18.12 1,023,200 18,510,746 6,759,594 2.29 2.3 2.3 2.29 2.3 887,000 2,044,820 -1,651,350 PETRON 2.33 PETROENERGY 4.58 4.5 4.55 4.72 4.5 4.5 432,000 1,952,440 PRYCE CORP 15.36 15.4 15.4 15.4 15.4 15.4 3,400 52,360 17.24 17.3 17.56 17.84 17.24 17.24 1,231,500 21,568,234 333,810 SEMIRARA MINING SYNERGY GRID 23.6 23.8 24.4 24.5 23.2 23.8 3,584,200 85,597,870 -4,323,075 SHELL PILIPINAS 8.01 8.1 7.82 8.25 7.75 8.1 319,300 2,571,840 -221,688 9.45 9.49 9.55 9.9 9.3 9.49 55,800 532,364 4,745 SPC POWER 1.18 1.19 1.16 1.19 1.15 1.19 11,938,000 13,960,600 329,090 SP NEW ENERGY TOP LINE 1.67 1.67 1.66 1.66 1.66 1.66 378,000 628,380 2.83 2.87 2.82 2.87 2.82 2.87 213,000 607,710 AXELUM BALAI FRUITAS 0.3 0.315 0.305 0.305 0.3 0.3 40,000 12,150 CENTURY FOOD 32.5 32.6 32.95 32.95 32.2 32.5 273,000 8,879,695 -419,110 3.51 3.63 3.62 3.69 3.52 3.52 62,000 223,680 -209,240 DEL MONTE 3.43 3.44 3.5 3.5 3.42 3.44 2,137,000 7,353,470 -1,702,540 DNL INDUS EMPERADOR 15.24 15.24 15.12 15.16 15.02 15.12 2,963,700 44,874,804 1,634,170 45.95 46 46.25 46.25 45.9 45.95 233,500 10,742,060 -7,788,640 SMC FOODANDBEV 0.62 0.61 0.59 0.63 1,632,000 1,003,520 -3,140 FIGARO GROUP 0.63 0.63 ALLIANCE SELECT 0.425 0.43 0.365 0.47 0.365 0.43 6,320,000 2,681,250 220,050 FRUITAS HLDG 0.65 0.66 0.65 0.65 0.64 0.65 18,000 11,670 217.8 218 219 217 218 109,330 23,851,720 -1,802,332 222.6 GINEBRA JOLLIBEE 148.8 147.8 147.9 147.5 147.2 147.9 235,160 34,733,657 -566,481 KEEPERS HLDG 1.84 1.85 1.86 1.86 1.83 1.84 196,000 361,180 58,850 21.25 21.95 21.95 21.95 21.95 21.95 500 10,975 LIBERTY FLOUR MACAY HLDG 5.53 6.08 5.9 5.9 5.9 5.9 4,500 26,550 MAXS GROUP 2.11 2.12 2.15 2.16 2.12 2.12 36,000 76,940 -2,160 0.069 0.074 0.069 0.069 0.069 0.069 140,000 9,660 MG HLDG MONDE NISSIN 6.76 6.8 6.91 6.93 6.76 6.76 668,400 4,550,630 -528,295 SHAKEYS PIZZA 5.5 5.5 5.14 5.5 5 5.5 130,600 655,907 -44 2.47 2.51 2.6 2.6 2.5 2.5 4,000 10,200 ROXAS AND CO RFM CORP 5.26 5.27 5.25 5.3 5.25 5.26 195,100 1,026,638 -355,211 SWIFT FOODS 0.053 0.056 0.053 0.053 0.053 0.053 440,000 23,320 58.6 58.15 57.6 58.85 930,440 54,277,552 -6,104,866 58.85 58.85 UNIV ROBINA 0.49 0.5 0.495 0.495 110,000 54,610 VITARICH 0.5 0.5 VICTORIAS 1.99 1.9 1.91 1.91 1.9 1.9 150,000 285,060 159,600 ATN HLDG A 0.395 0.4 0.41 0.415 0.37 0.395 1,800,000 724,350 0.39 0.405 0.41 0.41 0.405 0.405 1,030,000 422,150 ATN HLDG B CONCREAT HLDG 1.37 1.39 1.39 1.4 1.35 1.39 2,567,000 3,512,720 187,080 EEI CORP 1.93 1.99 1.94 2.03 1.9 1.99 340,000 663,850 78,240 5.27 5.25 5.16 5.27 728,300 3,798,524 48,041 MEGAWIDE 5.28 5.28 SUPERCITY 10 10 10 10 10 100 1,000 1.92 1.92 CROWN ASIA 1.9 1.92 1.9 1.92 151,000 288,540 -191,000 1.13 1.1 1.3 1.1 1.25 50,000 58,050 EUROMED 1.25 CONCEPCION 10.68 10.68 10.54 10.56 10.52 10.68 3,100 33,014 4,264 GREENERGY 0.154 0.156 0.156 0.16 0.154 0.156 380,000 58,840 -15,500 8.54 8.55 8.5 8.72 8.48 8.55 6,624,700 56,875,722 1,678,362 INTEGRATED MICR 3.47 3.48 3.19 3.5 3.19 3.48 7,506,000 25,541,110 -502,520 IONICS PANASONIC 7.05 7.26 7.26 7.26 7.26 7.26 2,700 19,602 1.44 1.45 1.57 1.6 1.4 1.45 15,467,000 23,440,640 -1,692,020 CIRTEK HLDG
DOE seeks more inputs for Semirara coal deal auction
T
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR
WARRANTS
AGI WARRANT
3.12 3.45 3.12 3.12 3.12 3.12 5,000 15,600 3.96 4.12 1.07
SM A L L, M ED I U M & EM E R G IN G
HAUS TALK ITALPINAS KEPWEALTH MAKATI FINANCE
1.35 0.64 1.52 1.84
1.13
1.05
1.05
1.05
1.05
12,000
12,600
-
1.37 0.65 1.59 2.17
1.36 0.64 1.49 1.9
1.36 0.68 1.49 1.9
1.35 0.64 1.49 1.9
1.36 0.68 1.49 1.9
1,222,000 16,000 2,000 1,000
1,651,310 10,310 2,980 1,900
-670 -
EXHANGE TRADE FUNDS FIRST METRO ETF
102.6
-
103
103 103 102 102.6 6,050 618,335 -226,436
By Lenie Lectura
@llectura
HE Department of Energy (DOE) is set to conduct its final public consultation this week before releasing the final draft of the terms of reference (TOR) for the competitive bidding of coal production and development, including the controversial blocks, on Semirara Island. “It has undergone the first public consultation, and the stakeholders have asked for 15 days, I think, for
them to read and send their comments, and I think the 15 days is already up. Then we will have another
last consultation this week, and then a few days after that we’ll issue the final draft, and then it begins,” said DOE Secretary Sharon Garin. The agency is determined to conclude the auction within the year. “So currently, we’ll see what the response on the public consultation is, but again, the objective is we want to wrap this up before the end of the year.” Garin added that her office will take into consideration new developments in crafting the TOR. “We are still drafting the new guidelines, considering some of the developments. We now have a joint memorandum together with DENR [Department of Environment and Natural Resources] on brownfield exploration.”
Consunji-led Semirara Mining and Power Corp. (SMPC) currently holds coal operating contract (COC) no. 5, which is among the coal blocks on Semirara Island that will be auctioned. The COC is valid until July 14, 2027. However, SMPC petitioned a Makati court for protection against the DOE from sharing the company’s detailed list of assets and propriety information with interested bidders. SMPC argued that since it owns these assets by virtue of its COC and the Coal Development Act (PD 972), these assets will not be made available for the use of other bidders and should therefore not be considered in their bid submissions.
PMIBS unveils expansion site in Makati By Ada Pelonia
HOLDING & FRIMS
ABACORE CAPITAL 0.33 0.335 0.33 0.34 0.325 0.335 1,460,000 482,600 -128,700 ASIABEST GROUP 63 63.5 63.4 63.95 63 63 659,200 41,765,264 -866,993 474.8 475 472.4 479.8 472.4 475 711,370 338,426,194 -174,815,960 AYALA CORP 37.3 36.95 36.35 37.7 3,269,800 121,704,770 79,403,410 ABOITIZ EQUITY 37.7 37.7 ALLIANCE GLOBAL 8.96 8.97 8.92 9.19 8.9 8.97 408,900 3,669,067 -2,582,744 16.74 17.22 17.2 17.22 17.2 17.22 21,800 374,980 ANSCOR ANGLO PHIL HLDG 1.45 1.47 1.5 1.5 1.43 1.47 1,039,000 1,510,470 -82,650 COSCO CAPITAL 8 8.02 7.95 8 7.85 8 517,000 4,097,357 952,044 8.16 8.17 8.14 8.23 8.1 8.16 764,900 6,262,882 -826,552 DMCI HLDG 3.65 3.77 3.67 3.67 3.65 3.65 76,000 277,420 186,150 FILINVEST DEV FJ PRINCE A 2.36 2.55 2.55 2.55 2.55 2.55 18,000 45,900 0.315 0.315 FORUM PACIFIC 0.28 0.315 0.315 0.315 800,000 252,000 451 448.8 448.8 455 95,840 43,198,242 6,430,312 455 455 GT CAPITAL HOUSE OF INV 4.65 4.99 4.99 4.99 4.99 4.99 2,000 9,980 JG SUMMIT 19.26 19.28 19.5 19.5 19.2 19.26 619,800 11,936,942 9,115,476 0.425 0.45 0.45 0.42 0.44 2,180,000 937,850 8,400 LODESTAR 0.44 LOPEZ HLDG 5.78 5.81 5.7 5.86 5.7 5.81 148,600 861,304 -40,068 LT GROUP 15.1 15.12 15.16 15.16 14.98 15.1 792,400 11,935,548 1,920,720 0.149 0.158 0.146 0.16 0.146 0.158 50,000 7,840 MABUHAY HLDG PACIFICA HLDG 0.85 0.88 0.85 0.85 0.85 0.85 6,000 5,100 PRIME MEDIA 1.15 1.18 1.19 1.19 1.16 1.16 62,000 73,710 1.15 1.2 1.16 1.22 1.15 1.15 12,000 13,910 SOLID GROUP SM INVESTMENTS 532 534.5 535 537 530 534.5 348,310 186,176,195 17,835,115 SAN MIGUEL CORP 62.35 62.5 62.8 62.95 62 62.5 39,040 2,437,706 -520,940 51.4 52.45 51.45 51.45 51.45 51.45 30 1,544 TOP FRONTIER ZEUS HLDG 0.07 0.077 0.07 0.07 0.07 0.07 210,000 14,700 PROPERTY AYALA LAND 15.12 15.14 15.06 15.16 14.9 15.12 5,871,300 88,479,922 30,985,960 AYALA LAND LOG 1.15 1.19 1.2 1.2 1.15 1.19 751,000 875,300 81,100 11.88 11.84 11.84 11.88 33,600 399,590 -34,452 ALTUS PROP 12.16 12.16 0.255 0.265 0.26 0.265 0.26 0.265 440,000 115,050 ARANETA PROP AREIT RT 37.2 37.25 37 37.4 36.95 37.2 729,400 27,137,305 -2,039,405 0.76 0.8 0.81 0.81 0.8 0.8 57,000 45,910 A BROWN CITYLAND DEVT 0.61 0.61 0.6 0.61 33,000 20,160 -5,490 0.62 0.62 CROWN EQUITIES 0.092 0.092 0.091 0.091 0.091 0.092 90,000 8,200 2.03 2.07 2.01 2.03 2 2.03 650,000 1,306,880 134,190 CEB LANDMASTERS 0.63 0.62 0.62 0.64 1,798,000 1,128,590 31,000 CENTURY PROP 0.64 0.64 CITICORE RT 3.12 3.13 3.16 3.18 3.11 3.12 2,384,000 7,465,470 -5,214,810 DOUBLEDRAGON 12.08 12.08 12 12 11.98 12 299,300 3,602,970 -48,320 1.03 1.03 1.03 1.04 2,289,000 2,364,930 -7,290 DDMP RT 1.04 1.04 DM WENCESLAO 4.7 4.8 4.8 4.8 4.7 4.8 168,000 791,600 EVERWOODS 0.026 0.027 0.027 0.027 0.027 0.027 1,200,000 32,400 0.099 0.101 0.097 0.099 0.097 0.099 90,000 8,850 EMPIRE EAST FILINVEST RT 2.88 2.89 2.9 2.9 2.87 2.88 287,000 828,410 -8,630 FILINVEST LAND 0.68 0.69 0.69 0.69 0.68 0.68 139,000 95,350 -1,380 0.61 0.62 0.61 0.63 30,000 18,400 GLOBAL ESTATE 0.63 0.63 JACKSTONES 1.65 1.76 1.62 1.62 1.62 1.62 5,000 8,100 3,240 MEGAWORLD 2.23 2.22 2.2 2.24 2.2 2.22 2,653,000 5,902,770 25,720 0.68 0.69 0.7 0.7 0.68 0.69 13,676,000 9,444,380 1,822,080 MRC ALLIED 13.78 13.8 13.88 13.88 13.78 13.8 995,500 13,770,002 8,540,850 MREIT RT OMICO CORP 0.102 0.103 0.104 0.104 0.102 0.102 30,000 3,090 0.167 0.178 0.18 0.18 0.178 0.178 330,000 59,060 -1,780 PRMIERE HORIZON 1.01 1.03 1.02 1.04 1.01 1.01 83,000 84,490 PREMIERE RT PRIMEX CORP 1 1 0.96 0.97 0.96 1 37,000 36,060 -20 6.69 6.7 6.78 6.8 6.69 6.7 2,426,500 16,339,391 2,739,441 RL COMM RT 16.98 17 17.18 16.96 17.18 892,600 15,184,662 5,406,952 17.18 ROBINSONS LAND PHIL REALTY 0.106 0.112 0.112 0.112 0.112 0.112 20,000 2,240 3 3 ROCKWELL 2.98 2.94 2.94 3 144,000 425,300 275,060 3.15 3.18 3.14 3.19 3.13 3.17 83,000 262,830 SHANG PROP STA LUCIA LAND 1.83 1.89 1.9 1.9 1.9 1.9 1,000 1,900 SM PRIME HLDG 17.72 17.74 17.72 17.8 17.72 17.74 1,181,300 20,973,840 -3,023,224 SERVICES ABS CBN 3.26 3.3 3.4 3.4 3.3 3.3 116,000 385,510 GMA NETWORK 3.93 3.94 3.94 4 3.9 3.94 172,000 676,430 0.178 0.181 0.181 0.181 10,000 1,810 0.181 0.181 MANILA BULLETIN MLA BRDCASTING 5.04 5.5 5.03 5.03 5.03 5.03 100 503 DITO CME HLDG 0.64 0.65 0.66 0.66 0.64 0.64 3,496,000 2,273,610 26,490 1,598 1,600 1,611 1,616 1,592 1,598 31,770 50,777,740 7,679,465 GLOBE TELECOM 1,135 1,147 1,147 1,133 1,140 34,925 39,745,020 -4,574,320 PLDT 1,140 APOLLO GLOBAL 0.0058 0.006 0.006 0.006 0.0059 0.006 373,000,000 2,204,200 9.64 9.65 9.1 9.68 9.1 9.64 6,432,100 9,776,611 61,494,235 CONVERGE 0.65 0.7 0.7 0.7 1,000 700 DFNN INC 0.7 0.7 EASYCALL 2.6 2.6 2.41 2.6 2.6 2.6 21,000 54,600 ISLAND INFO 0.129 0.131 0.126 0.138 0.123 0.13 9,120,000 1,210,310 0.39 0.405 0.4 0.415 0.39 0.405 1,080,000 431,950 -20,750 NOW CORP TRANSPACIFIC BR 0.115 58,000 0.12 0.116 0.116 0.116 0.116 500,000 0.88 CHELSEA 0.85 0.87 0.88 0.85 0.85 332,000 288,520 25.95 26 26.9 26.95 26 26 522,100 13,924,045 -3,315,125 CEBU AIR INTL CONTAINER 989.5 990 980 996.5 980 990 1,290,580 1,277,288,225 281,454,030 LBC EXPRESS 8.03 8.04 8.03 8.04 8.03 8.04 4,800 38,547 0.65 0.69 0.66 0.66 0.66 0.66 1,000 660 LORENZO SHIPPNG MACROASIA 3.58 3.72 3.65 3.58 3.58 1,193,000 4,294,330 -139,620 3.66 PAL HLDG 3.03 3.09 3.1 3.11 3.01 3.09 3,402,000 10,442,430 -1,503,790 1.89 1.9 1.88 1.95 1.83 1.89 525,000 994,510 -41,120 HARBOR STAR 1.41 1.39 1.39 1.54 3,000 4,330 ACESITE HOTEL 1.54 1.54 BOULEVARD HLDG 0.031 0.032 0.033 0.034 0.032 0.032 9,000,000 291,600 3,000 1.01 1.02 0.96 1.05 0.96 1.01 187,000 187,600 DISCOVERY WORLD PH RESORTS GRP 0.162 0.163 0.157 0.172 0.157 0.163 8,130,000 1,359,550 -265,190 CENTRO ESCOLAR 15 15 14.9 15 15 15 1,100 16,500 800 823 800 800 800 800 30 24,000 FAR EASTERN U IPEOPLE 6.92 7.18 7.18 7.18 400 2,872 7.18 7.18 STI HLDG 1.32 1.32 1.31 1.31 1.3 1.31 59,000 77,560 BELLE CORP 1.1 1.11 1.11 1.12 1.1 1.11 570,000 631,870 -405,430 2.19 2.2 2.22 2.18 2.2 6,005,000 13,194,270 -1,945,460 BLOOMBERRY 2.24 PACIFIC ONLINE 1.5 1.6 1.5 1.5 1.5 1.5 40,000 60,000 DIGIPLUS 8.8 8.84 8.8 9.02 8.75 8.8 3,370,900 29,867,335 3,333,197 15 15.5 15.5 14.8 15.04 3,440,700 51,814,472 9,828,650 PHILWEB 15.04 METRO RETAIL 1.07 1.09 1.07 1.1 1.07 1.09 8,000 8,700 86,453,805 PUREGOLD 39.85 40.2 40 40.1 39.5 39.85 2,169,700 -13,569,605 31.8 32 32 32 31.95 32 2,500 79,980 -32,000 PHIL SEVEN CORP 2.03 2.12 2.07 2.12 2 2.06 748,000 1,527,230 -394,090 SSI GROUP UPSON INTL CORP 0.8 0.83 0.84 0.84 0.79 0.83 294,000 238,010 18,880 5.6 5.65 5.65 5.66 5.58 5.65 1,826,500 10,248,739 -7,154,882 WILCON DEPOT 0.103 0.111 0.111 0.111 0.111 0.111 10,000 1,110 APC GROUP IPM HLDG 1.96 2.09 1.96 1.96 1.96 1.96 2,000 3,920 0.223 0.22 0.22 0.22 0.22 80,000 17,600 0.233 MEDILINES PAXYS 3.12 3.17 3.17 3.17 3.17 5,000 15,850 3.39 SBS PHIL CORP 2.96 3.05 3.03 3.05 3.03 3.05 12,000 36,540 -6,080 MINING & OIL 2.16 ATOK 2.01 2.12 2.06 2.06 2.14 103,000 219,750 17.88 17.9 18.08 18.34 17.74 17.88 7,988,200 143,718,480 -11,993,320 APEX MINING 21 21.15 21.3 21.45 20.2 21 6,618,200 138,849,000 14,940,155 ATLAS MINING CENTURY PEAK 2.13 2.13 2 2.09 2.01 2.13 51,000 103,070 4,260 4.31 4.8 4.79 4.79 4.79 4.79 2,000 9,580 DIZON MINES EC VULCAN 0.37 0.375 0.385 0.39 0.375 0.375 1,720,000 654,500 FERRONICKEL 3,921,000 -335,940 2.39 2.4 2.37 2.56 2.37 2.38 9,590,750 0.104 0.104 0.11 0.104 0.105 1,130,000 118,950 GEOGRACE 0.109 LEPANTO A 0.249 0.25 0.25 0.265 0.249 0.25 54,310,000 13,699,550 LEPANTO B 0.255 0.255 0.249 0.255 0.25 0.25 940,000 238,000 -66,300 MANILA MINING A 0.009 0.0093 0.0091 0.0095 0.0091 0.0091 59,000,000 550,600 0.83 0.85 0.87 0.83 0.83 1,992,000 1,685,520 345,950 0.84 MARCVENTURES NIHAO 0.62 0.61 0.6 0.61 0.6 0.61 352,000 214,700 NICKEL ASIA 4.5 4.56 4.56 4.69 4.39 4.56 5,922,000 26,575,280 1,651,130 37.75 37.8 38 38 37.55 37.8 1,659,000 5,480,715 OCEANAGOLD 62,735,005 ORNTL PENINSULA 0.61 0.62 0.62 0.63 0.61 0.62 275,000 168,720 PX MINING 12.36 12.38 11.52 12.44 11.42 12.38 24,437,300 298,239,378 3,358,392 0.0086 0.0089 0.009 0.009 0.0087 0.0089 17,000,000 151,300 UNITED PARAGON ENEX ENERGY 3.02 3.19 3 3.2 3 3.19 33,000 105,390 -3,190 ORNTL PETROL A 0.014 0.015 0.015 0.015 0.014 0.014 89,800,000 1,259,200 0.014 0.015 0.014 0.014 0.014 0.014 100,000 1,400 ORNTL PETROL B PHILODRILL 0.0092 0.0093 0.0093 0.0094 22,000,000 206,300 0.0094 0.0094 PXP ENERGY 3.15 3.2 3.15 3.22 3.15 3.2 168,000 533,170 PREFFERED ACEN PREF A 981.5 1,000 995 995 980 986 4,100 4,038,250 49,000 ACEN PREF B 1,035 1,039 1,034 1,035 1,034 1,035 105 108,670 2,472 2,496 2,472 2,472 2,472 2,472 50 123,600 AC PREF AR AC PREF B3R 1,858 1,939 1,940 1,940 1,939 1,939 20 38,785 AC PREF B4R 1,901 1,949 1,900 1,900 1,900 1,900 20 38,000 98.5 99.5 99 99 99 99 1,600 158,400 BRN PREF A BRN PREF B 100.1 103.7 101 101 101 101 10 1,010 BRN PREF C 101.3 101.5 102 102 101.5 101.5 510 51,770 27.55 28 27.5 28 15,300 421,000 28 28 CEB PREF CLI PREF A2 1,005 1,015 1,010 1,010 1,005 1,010 290 292,575 CPG PREF B 98.5 99 99 99 99 99 20 1,980 DD PREF 93.3 94.1 93.5 94.15 93.2 94.1 6,400 598,208 95.1 96.5 96.5 96.5 96.5 96.5 3,600 347,400 EEI PREF B FDC PREF B 991 995 991 991 991 991 150 148,650 GLO PREF ANV 1,926 1,963 1,964 1,964 1,964 1,964 15 29,460 1,970 1,984 1,998 1,998 1,975 1,975 40 79,265 GLO PREF BNV GTCAP PREF B 990.5 998.5 998 998.5 998 998.5 550 549,125 JFC PREF B 990.5 1,005 995 995 995 995 3,510 3,492,450 103.7 104 104 104 104 104 180 18,720 MWIDE PREF 6C MWIDE PREF 7A 100.6 101 100.6 100.6 100.6 100.6 2,210 222,326 MWIDE PREF 7B 99.65 102 100 100 100 100 10 1,000 1,000 985 995 985 985 985 985 880 866,800 PCOR PREF 4A PCOR PREF 4D 960 965 965 965 965 965 20 19,300 PCOR PREF 4E 980 990 980 980 980 980 80 78,400 77.3 121.5 81 81 77.25 81 27,520 2,180,411 SMC PREF 2L SMC PREF 2N 77.15 78.9 78.7 78.9 77.1 77.1 7,050 543,696 SMC PREF 2O 78.7 79 79 79.85 79 79 2,810 222,183 74 74.5 75.7 75.7 75.7 75.7 40 3,028 SMC PREF 2P SMC PREF 2S 74 75 73.45 75 73.45 75 710 52,165 -750 SMC PREF 2U 76.5 77 76 76.5 75 76.5 4,430 336,330 SMC PREF 2V 78.5 78.7 78.5 78.75 78.5 78.5 1,870 146,808 79.75 79.8 79.7 79.75 79.7 79.75 4,110 327,747 SMC PREF 2X TECH PREF B2C 8.29 9 8.29 8.29 8.29 8.29 300 2,487 TOP PREF A1 100.7 101 100.6 101 100.6 101 2,210 223,089 102.5 103 103 103 102.5 102.5 650 66,750 TOP PREF A2
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@adapelonia
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HE global business services hub of Philip Morris International (PMI) has marked its 5th anniversary with a new expansion site to advance artificial intelligence-enabled innovation and Filipino talent growth. PMI Business Solutions (PMIBS) Philippines Inc. launched a brandnew expansion site at 8 Rockwell in Makati City during the celebration of its 5th anniversary on Monday. The company did not disclose the scale of the site’s expansion and the cost of the investment. Despite this, PMIBS said the expansion sets the tone for its next phase of growth, aimed at strengthening innovation through advanced AI, upgraded infrastructure, and the continued development of Filipino talent. “Today, Philip Morris International markets around the world get expertise, solutions, and insights coming out of Manila,” PMI Vice President of Global Business Services Edvinas Katilius said, noting that PMI looks at this capability center as a “strategic investment to build capability.” For PMIBS President Harry Tan Jr., the expansion “reflects both a strategic shift toward higher-value impact and a deeply personal commitment” to the local workforce. “Having spent 13 years working abroad as a Filipino professional across PMI affiliates, I now have the privilege of bringing those experi-
ences home, using what I learned outside the Philippines to help develop our people, create more opportunities, and show what Filipino talent can contribute on a global stage,” he said. “But the achievement that makes me most proud is not the size of what we have built. It is how our people have grown with the business. When you invest in people, they create value far beyond expectations.” Tan also stressed the hub’s transition toward more complex, valueadding services. “If the first five years were about building capability, the next five years will be about helping our people create even greater value through AI. At the center of this future is still our people—their judgment, creativity, collaboration, and ability to turn technology into real business impact.” Since its establishment in 2021, the company said PMIBS has grown into a foundation of PMI’s global business services network. At present, PMI said 519 Manilabased professionals drive roughly 600 specialized services such as finance, HR, IT, commercial operations, data analytics, supply chain, project management, and fleet services, supporting operations across 160 markets worldwide. “Technology is one of the driving forces of the future,” said Katilius. “That is why we are focusing on creating more jobs related to technology and higher value-added services as we build a future-ready organization.”
SM bags 15 Quill Awards
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HE SM Group of companies received 15 Philippine Quill Awards for its communications programs spanning community engagement, customer service, financial education, investor relations and digital communications. The awards went to holding firm SM Investments Corp. (SMIC) and also to other businesses across the group, including SM Foundation Inc., SM Supermalls under Shopping Center Management Corp. BDO Unibank, Inc., China Banking Corp. and Signature Series by SM Residences under Signatures Development Corp. “Good communication helps people understand what our businesses do and why it matters to them,” Frederic C. DyBuncio, president and CEO of SMIC, said. “These awards reflect the work across the group to communicate clearly with the customers, investors,
partners and communities we serve.” SM Foundation received four awards, including three excellence awards, including its campaign on utilizing social good as a force for transformation, which bagged the high award community relations and corporate social responsibility. The foundation’s spreading social good stories online: transforming lives through heartfelt storytelling also received an excellence award for social media. “Communication is an important part of strengthening the impact of development programs,” Debbie Sy, executive director of SM Foundation, said. “It helps communities understand the opportunities available to them, gives people a voice, and brings partners closer to our mission. That is what spreading social good means to us, using communication to help social good initiatives reach and engage more people.” VG Cabuag
MUTUAL FUNDS
September 14, 2026
NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A210.86 -2.47% 1.85% -1.21% -2.19% -1.51% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.3825 14.26% 17.67% 8.92% 5.46% 10.22% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8313 -2.25% 0.71% -1.6% -3.91%-0.69% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7554 0.04% 4.1% 0.45% N.A2.89% FIRST METRO CONSUMER FUND, INC. -A 0.5016 -13.76% -7.76% -8.27% N.A -9.8% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3011 -5.06% -1.07% -3% -2.13% -1.64% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6457 -1.28% -0.74% -2.93% N.A0.48% MBG EQUITY INVESTMENT FUND, INC. -A 70.1 -19.16% -7.06% -6.59% N.A -21.64% PAMI EQUITY INDEX FUND, INC. -A 42.2519 0.96% 1.11% -1.62% -1.77% 2.16% PHILAM STRATEGIC GROWTH FUND, INC. -A 442.12 -2.7% 1.47% -1.71% -2.03% -1.65% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6071 6.18% 11.93% 5.61% 2.36% 2.93% PHILEQUITY FUND, INC. -A35.921 3.83% 3.87% 0.55% -0.15% 4.33% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9678 9.58% 6.14% 1.53% N.A 9.02% PHILEQUITY PSE INDEX FUND, INC. -A 4.5761 1.77% 2.14% -0.59% -0.91% 2.38% PHILIPPINE STOCK INDEX FUND CORP. -A 752.88 1.45% 1.75% -0.9% -1.08% 2.44% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7128 2.22% 3.23% 0.02% -2.27% 1.52% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.12 -7.08% -0.8% -2.94% -2.68%-2.79% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8437 1.28% 1.33% -1.27% -1.35%2.39% UNITED FUND, INC. -A3.60247.87% 6.57% 1.76% 0.61% 9.58% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0574 1.59% 1.78% N.A N.A 2.37% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0395 -1.78% N.A N.A N.A -0.38% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9136 -4.14% -2.12% -3.78% N.A -3.25% PHILIPPINE STOCK INDEX FUND CORP. -A 908.44 1.45% 1.54% N.A N.A 2.48% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 102.7386 1.75% 1.97% -0.59% -0.67%2.73% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2482 27.33% 14.86% 0.71% 3.17% 21.84% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4388 14.86% 15.76% 5.71% 8.95% 9.64% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0748 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1879 1.99% 1.16% -0.33% -0.7% 2.22% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.716 6.7% 5.75% 0.4% -0.44% 4.87% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5064 0.42% 1.06% -1.02% -0.38%1.8% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2301 -0.95% 6.8% 3.41% N.A-0.78% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.991 2.4% 1.33% 0.21% 0.49% -0.57% PAMI HORIZON FUND, INC. -A3.7402 0.24% 3.17% 0.18% -0.16% -1.31% PHILAM FUND, INC. -A15.7906-1.99% 1.84% -0.98% -0.73% -1.37% SOLIDARITAS FUND, INC. -A2.1109 0.8% 2.51% 0.38% 0.08% 0.5% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.3924 -2.96% 1.2% -1.07% -1.08%-0.91% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.889 -4.11% 0.92% -0.34% -0.87% -2.38% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.76 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9761 0.36% 2.1% -0.3% N.A -0.28% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8251 -2.83% 0.63% -1.99% N.A -1.98% -3.34% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7928 0.11% -2.51% N.A -2.27% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03276 -2.73% 0.63% -3.17% -0.94% -4.49% PAMI ASIA BALANCED FUND, INC. -B $1.1516 -4.34% 9.5% 0.74% 2.01% -4.83% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.647 9.13% 11.59% 3.18% 5.88%5.78% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2051 3.38% 6.83% 0.19% 2.39%1.83% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.57 2.29% 3.21% 2.61% 2.5% 1.09% ATRAM CORPORATE BOND FUND, INC. -A 1.9887 2.29% 1.17% 0.61% 0.43% 1.54% COCOLIFE FIXED INCOME FUND, INC. -A 3.6036 1.34% 2.95% 2.15% 3.17% 0.11% EKKLESIA MUTUAL FUND, INC. -A 2.4395 0.36% 2.96% 1.51% 1.37% -0.53% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5046 -1.98% 1.18% 0.51% 1.1%-2.51% PHILAM BOND FUND, INC. -A4.5237 -1.03% 2.56% 0.2% 0.65% -1.87% PHILAM MANAGED INCOME FUND, INC. -A 1.5443 2.84% 4.5% 3.2% 2.94% 1.6% PHILEQUITY PESO BOND FUND, INC. -A 4.3293 1.23% 2.95% 1.69% 1.86% 0.38% SOLDIVO BOND FUND, INC. -A1.1299 1.85% 2.75% 1.7% 1.64% 0.84% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4455 -2.49% 2.15% 1.35% 1.88% -2.69% SUN LIFE PROSPERITY GS FUND, INC. -A 1.83 -2.2% 1.84% 0.87% 1.3% -2.89% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0136 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.57 1.65% 2.82% 1.74% 1.94% 0.66% ALFM EURO BOND FUND, INC. -A Є222.65 -0.12% 1.75% 0.17% 0.5% -0.5% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0514 -2.58% 0.46% -2.77% -0.69% -2.2% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0255 -3.41% 1.76% -0.54% 0.16%-3.77% PAMI GLOBAL BOND FUND, INC. -B $1.0488 -1.56% 7.85% -0.09% -0.55% -1.06% PHILAM DOLLAR BOND FUND, INC. -A $2.4038 -2.33% 2.93% -1.06% 0.51% -3.07% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0631024 -1.51% 1.34% 0.01% 1.05% -2.09% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.863 -2.22% 2.33% -2.24% -0.68%-2.37% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1878 2.72% N.A N.A N.A 1.83% ALFM MONEY MARKET FUND, INC. -A 152.9 4.13% 4.09% 3.19% 2.87% 2.71% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2254 3.44% 3.77% 3.04% N.A2.31% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5166 3.55% 3.59% 2.98% 2.77% 2.37% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.16 4.11% 4.3% N.A N.A 2.82% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.196 2.5% 3.3% 2.47% N.A 1.67% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.1311 6.64% 4.04% N.A N.A 4.38% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8655 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5647 28.55% 22.14% 13.88% N.A18.18% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1934 10.95% 6.57% N.A N.A 6.96% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8001 -2.34% 0.98% -4.17% N.A -1.22% 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.”
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Banking&Finance BusinessMirror
Editor: Dennis D. Estopace • Tuesday, September 15, 2026
B3
T-bill yields rise as Hormuz crisis deepens
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By Reine Juvierre Alberto
@reine_alberto
REASURY bill (T-bill) yields continued to go up on Monday, as investors priced in the likelihood of another rate hike in October amid sticky inflation, a weaker peso and higher oil prices as attacks escalated in the Strait of Hormuz. The 91-day average T-bill yield climbed by 13.4 basis points to 5.348 percent from 5.214 percent in the previous auction last week. Yields awarded ranged from a low of 5.265 percent to a high of 5.394 percent. Investors’ asking yields for the
182-day debt papers also jumped to 5.781 percent, up by 15.9 basis points from last week’s 5.622 percent. The tenor fetched yields ranging from 5.650 percent to 5.816 percent. The 364-day securities capped at an average of 5.922 percent, 11.5 ba-
sis points higher than the 5.807 percent recorded in the previous week. Accepted yields for the tenor were from 5.850 percent to 5.988 percent. Yields increased as Brent crude oil went up to $108 a barrel following Saudi Arabia’s closure of the East-West pipeline as a precautionary measure after several drones attacked the crucial lifeline for oil exports. “That could further disrupt global oil/energy supplies and could add to inflationary pressures,” said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. The persistent weakening of the peso, which closed at another alltime low of P62.86 on Monday, could also lead to higher importation costs, overall inflation and higher local policy rates needed to bring down inflation back to the government’s target of 2 to 4 percent, Ricafort said.
“[The Bangko Sentral ng Pilipinas] could match future [US Federal Reserve] rate hikes to better manage interest rate differentials and help stabilize the peso exchange rate,” he added, noting that markets are betting a possible 25 basis points rate hike at the next Fed rate-setting meeting this September 16. August inflation remained sticky at 6.1 percent from 6.2 percent in July, which strengthens the case for another BSP rate hike at the Monetary Board meeting in October, wrote Union Bank of the Philippines in its latest MktsFocUs report. “Recent oil gains beyond US$90/ bbl, USDPHP holding above 62, and persistent monsoon rains in early September continue to underpin inflation risks,” UnionBank said. Should the BSP increase borrowing costs in October, this would
bring cumulative tightening since April 2026 to 100 basis points, which UnionBank said is a “sizeable adjustment” that could justify a pause in December as policymakers assess the transmission and economic impact of higher rates. The BSP, regardless of the Fed’s decision, may also wait for the earlyNovember release of third-quarter gross domestic product data for “clearer evidence” of how recent monetary tightening is affecting broader economic activity, UnionBank added. Despite higher T-bill yields, the Bureau of the Treasury fully awarded bids during the auction and raised the full program of P42 billion. The Treasury said strong investor demand pushed total tenders to P71.3 billion, equivalent to 1.7 times the offered amount. Local bond yields are likely to re-
main elevated during the Treasury’s jumbo retail Treasury bond (RTB) issuance in late September, UnionBank said, as the 3-year and 5-year segment of the curve attracts selling pressure. “Tactically, market participants may be inclined to trim short-to longduration exposures in the portfolio to make room for the new RTB supply,” it added. The Treasury still has a 4-year and 10-year bond auction on Tuesday, before the new 5-year RTB issuance on September 22. The government will borrow a total of P2.733 trillion this year, following a 70:30 financing mix in favor of domestic sources. Gross borrowings reached P1.821 trillion in the first half of the year, up by 14.45 percent from P1.591 trillion a year earlier.
The emergency fund dilemma: Should Consumer complaints handled by BSP you use your savings to eliminate debt? exceeded full-year ’25 tally, says official Fitz Gerard Villafuerte
PERSONAL FINANCE
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EW financial decisions create as much internal conflict as choosing between paying off debt and preserving an emergency fund. On one hand, there’s the appeal of wiping out a credit card balance that has been quietly accumulating interest month after month. Becoming debt-free promises immediate relief, improved cash flow, and one less financial burden to worry about. On the other hand, emptying your emergency savings can leave you vulnerable to the next unexpected expense. A medical emergency, job loss, major home repair, or even a typhoon can quickly force you back into borrowing, often at even higher cost. It’s a question with no universal answer. The right decision depends less on the numbers alone and more on the financial realities surrounding those numbers.
Looking beyond the balance sheet
PERSONAL finance is often presented as a series of simple rules. Build an emergency fund before investing. Pay off debt as quickly as possible. Avoid borrowing whenever you can. While these principles remain sound, real life rarely fits neatly into a checklist. Many Filipino households today are navigating multiple financial pressures simultaneously. Inflation continues to stretch household budgets. Healthcare costs remain unpredictable. Many families support aging parents or extended relatives, while others rely on variable income from freelancing, commissions, or small businesses. Against this backdrop, choosing between debt repayment and maintaining liquidity becomes less about following rules and more about managing risk.
An emergency fund is more than savings
IT is tempting to view an emergency fund as idle money, particularly when that cash could immediately eliminate a debt carrying double-digit interest. But emergency savings serve a very different purpose. Rather than generating returns, they provide financial
resilience. They allow households to absorb life’s inevitable surprises without disrupting long-term financial plans or resorting to expensive borrowing. This is why financial planners generally recommend setting aside at least three to six months’ worth of living expenses, with larger reserves appropriate for individuals whose income is less predictable.
Likewise, individuals who have not yet built any emergency reserves may benefit from establishing a modest safety buffer before directing every available peso toward debt repayment. This strategy reduces the likelihood that minor financial setbacks immediately lead to additional borrowing, creating a healthier foundation for longterm debt reduction.
Not all debt deserves the same response
Sometimes the real issue is cash flow
A COMMON mistake is treating every type of debt as equally urgent. By contrast, lower-interest obligations, such as housing loans or structured government-backed loans, typically offer greater flexibility and may not require aggressive early repayment. Understanding this distinction changes the conversation. Using a portion of savings to eliminate a debt that charges exceptionally high interest may yield meaningful financial benefits. Doing the same to pay off a relatively inexpensive long-term loan may offer far less value while unnecessarily reducing financial security.
The hidden risk of becoming debt-free
ELIMINATING debt often feels like reaching the finish line. Ironically, it can also expose households to a different type of financial vulnerability. Consider someone who uses every peso of available savings to eliminate outstanding debt. The following month, an unexpected hospitalization or job loss occurs. Without emergency reserves, the household may have little choice but to borrow again, restarting the very cycle it worked so hard to escape. This illustrates an important point that is frequently overlooked. Financial health is not determined solely by the absence of debt. It also depends on having sufficient liquidity to respond when circumstances suddenly change.
Finding the middle ground
FINANCIAL decisions are rarely allor-nothing propositions. Instead of asking whether to use an emergency fund to pay off debt entirely, a more useful question may be: “How much can I safely allocate while maintaining adequate protection?” For households with substantial emergency savings, using a portion to reduce high-interest debt while preserving several months of essential expenses may represent a balanced approach.
DEBT itself is not always the underlying problem. In many cases, persistent borrowing reflects an imbalance between income and expenses. While reducing discretionary spending remains important, there are practical limits to how much households can cut. Expanding income often produces a more sustainable solution. Whether through freelance work, consulting, small business ventures, digital content creation, or developing higher-value professional skills, increasing earning capacity creates additional resources for both rebuilding emergency savings and accelerating debt repayment. Improving cash flow addresses the root cause rather than simply treating the symptoms.
Financial stability requires balance
THERE is understandable satisfaction in becoming debt-free. Yet financial stability involves more than eliminating liabilities. It also means maintaining flexibility, preserving peace of mind, and ensuring that one unexpected expense does not erase years of financial progress. The strongest financial position often belongs not to the person with zero debt, but to the individual who balances manageable obligations with adequate emergency reserves, stable income, and a disciplined financial plan. Ultimately, the question is not whether debt or savings should take priority in every situation. It is about striking the right balance between reducing today’s financial burdens and protecting tomorrow’s financial security. In an increasingly uncertain economic environment, resilience, not perfection, may be the most valuable financial asset of all. Fitz Villafuerte is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, attend the 118th RFP program this October 2026. Email info@rfp.ph or visit rfp.ph to learn more about the program.
By Andrea E. San Juan
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CCOUNT management issues, delays in fund transfers and unauthorized online transactions have already pushed the number of consumer complaints beyond the 120,000 processed by the central bank last year, according to a Bangko Sentral ng Pilipinas (BSP) deputy governor. “Ngayon palang, hindi pa end of the year, na-reach na namin ’yun [120,000 complaints],” BSP Deputy Governor for Regional Operations and Advocacy Sector Bernadette Romulo-Puyat told reporters on the sidelines of the Chamber of Thrift Banks’ (CTB) General Membership Meeting on Friday in Makati City. She said some of the woes of consumers for the first quarter of 2026
revolved around account management like closure, opening, and dormancy. Also among the top consumer issues were non-receipt or delays in fund transfers and unauthorized online transactions. In its 2025 Annual Report, the BSP said its consumer assistance unit received and processed over 120,000 new complaints in 2025, which pales in comparison to the 70,112 complaints lodged with the BSP in 2024. The volume of complaints has risen steadily over the years, from 19,181 in 2021, the BSP added. Romulo-Puyat said the central bank directly accepts complaints from consumers regardless if the complaint should have been filed with another government agency as the BSP upholds the “No wrong door” policy.
Paleng-QR Ph
MEANWHILE, the BSP official also told reporters that 1,000 local government units (LGUs) have already adopted the Paleng-QR Ph initiative—the program which aims to maximize the use of digital payments in markets and tricycle hubs through the QR Ph initiative. According to the central bank, LGUs are encouraged to participate in this program so their constituents can avail cashless transactions in the markets. “We hope that more people will use QR…pero napansin namin whenever we launch a Paleng-QR, lagi unang sinasabi ng mga tao kaya financial education is important… ‘Ay ayaw namin magbukas ng account kasi mascam kami.’ So financial education is really important,” Romulo-Puyat said.
DFPC seeks ₧326.3-M subsidy for ’27 By Ma. Stella F. Arnaldo Special to the BusinessMirror
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UTY Free Philippines Corp. (DFPC) has been allocated a subsidy of P326.33 million under the proposed National Expenditure Program (NEP) for 2027. The government-owned and -controlled corporation attached to the Department of Tourism (DOT) was not allocated any subsidy under the General Appropriations Act of 2026. This, despite DFPC having posted a P21.45 million loss in 2025, a reversal from its P35.61 million profit in 2024, according to the Government Corporation Information Statements (GCIS) published by the DFPC on its website. The same documents also showed that last year, DFPC’s total income reached P4.82 billion, 15.7 percent less than the P5.72 billion generated in 2024. Expenses last year reached P4.84 billion, 14.8 percent lower than the P5.68 billion incurred in 2024. Under the law, DFPC’s
sales are supposed to support the firm’s operations. As this developed, DFPC Acting Chief Operating Officer Patrick Joel M. Cinco assured lawmakers that the firm’s flagship Fiesta Mall in Parañaque remains open for business. “If you notice at present, the restaurant kiosks are now gone, so that area no longer has any activities. With a new lessor, their plan is to redevelop, revive the complex, with Duty Free Philippines being the anchor tenant. So, we’re looking at that angle [to remain in the complex].” He made the statement at the recent budget presentation of the DOT before the House of Representatives’ Committee on Appropriations, in response to an inquiry from Kabataan Partylist Rep. Renee Co why the store was closing.
Fiesta Mall remains open
CINCO explained that their new lessor has decided to redevelop the complex, and that DFPC’s administrative offices will be transferred to Pasay “to address
the rising costs” of leasing the Fiesta Mall complex, where management and a customs-bonded warehouse have been located for years. He failed to identify the Fiesta Mall’s new lessor, only describing it as a “private entity who’s willing to invest to redevelop the area.” He added that the new lessor will put up food and beverage establishments and other stores that will “complement, not compete with us, to lift up the presence of Fiesta Mall and other new tenants that will come in.” An Internet search showed as of 2024, Dearborn Realty Corp., owned by businessman William Tieng, was still the lessor of DFPC. DFPC documents show that it recorded P193.27 million in current lease payables (due within the next 12 months) last year, 39.3 percent less than P318.4 million payables in 2024. Noncurrent lease payables (due after 12 months) reached P99.13 million, 66 percent less than the P292.4 million recorded in 2024.
‘Strong regulatory framework key to meaningful reforms in PHL gaming industry’
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S the Philippines’s online gaming industry enters a period of adjustment, the Philippine Amusement and Gaming Corp. (Pagcor) said it intends to use it to build a “more comprehensive” regulatory framework. In her keynote speech at the IAG Academy Summit on Monday, Pagcor Electronic Gaming Licensing Department Assistant Vice President Jesse Maria Fernandez said online gaming will continue to evolve, but questioned whether regulation can
keep pace. “For several years, the electronic and online gaming sector in the Philippines experienced exceptional growth. More recently, however, the market has undergone a significant adjustment,” Fernandez said. This, however, should not be viewed simply through the lens of market performance, but for regulators, such as Pagcor, to examine whether existing frameworks remain fit for purpose and create an opportunity to make meaningful
reforms, Fernandez added. “It is an opportunity to make a more deliberate and forward-looking view of how the industry should grow,” she said. “Our responsibility as regulators is to ensure that whatever direction of the market would be, the regulatory framework remains credible, sustainable and capable of protecting the public interest.” The clampdown on e-wallet linkages from online gaming platforms has pushed down the country’s gross gaming revenues (GGR) and dented
Pagcor’s net income. In the first half of the year, the country’s GGR dropped by 18.16 percent to P175.738 billion from P214.752 billion in the same period last year. The electronic games sector saw its earnings plunge by 30.59 percent to P79.752 billion from last year’s P114.907 billion. Fernandez also said artificial intelligence presents both opportunities and challenges for gaming regulators, making regulatory processes more efficient but also mak-
ing fraud more sophisticated and harder to detect. “The challenge, therefore, is not to resist technology. It is to ensure that our regulatory frameworks evolve alongside it,” she added. Fernandez said Pagcor continues to review its policies, engage with legitimate industry stakeholders and strengthen coordination with other government agencies to make regulation more effective. The state gaming regulator likewise remains open to new approach-
es that could improve its regulatory framework and make it more responsive to increasingly complex risks, she added. “[Regulation] must protect consumers without unnecessarily restricting legitimate enterprise. And it must preserve the integrity of the regulated market even as new technologies, new business models and new businesses emerge. This is the direction that we are taking in the Philippines,” Fernandez said. Reine Juvierre S. Alberto
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Tuesday, September 15, 2026 • Editor: Gerard S. Ramos
Art
BusinessMirror
businessmirror.lifestyle@gmail.com • www.businessmirror.com.ph
Cajipe-Endaya, Alvarado: Crusaders, National Artists NEWLY minted National Artists for Visual Arts Imelda Cajipe-Endaya and Nunelucio Alvarado PHOTOS
TODAY’S HOROSCOPE By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Prince Harry, 42; Ben Schwartz, 45; Barry Shabaka Henley, 72; Tommy Lee Jones, 80. HAPPY BIRTHDAY: Stretch your legs and get moving. There is so much you can accomplish this year if you put your heart and soul into finishing what you begin. Call on those you know you can count on, and turn your attention to surrounding yourself with contributors instead of those who suck the energy out of you. You are what you manufacture. Network with people you want to recruit into your projects. Your numbers are 5, 16, 21, 24, 33, 38, 45.
ARIES (March 21-April 19): Hold on to what you’ve got. Being overly generous will lead to regret. Focus on bringing in personal growth and building a foundation that offers security and financial stability. Use your imagination to put a plan in place that is difficult to dispute, and you’ll deter outside interference. Say no to temptation that leads to poor behavior. ★★★
BY JOJO GLORIA AND KEO ANGELO FROM @ARTFAIRPH ON INSTAGRAM
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NE’S life’s work champions the cause of marginalized women; the other’s gives voice to landless farmers. Imelda Cajipe-Endaya and Nunelucio Alvarado have spent the majority of their lives as steadfast social realists. In last week’s conferment of the highest national cultural recognition to its latest batch of honorees, both were named National Artists for Visual Arts, with the former becoming the first woman to receive the distinction. Though working in distinct styles, Cajipe-Endaya and Alvarado share a singular, unyielding ethos. They treat the canvas not as a tranquil escape, but as a battleground where history is contested, and space is reclaimed for those long relegated to the margins. For Cajipe-Endaya, it’s women, including Filipina domestic workers, mothers, and victims of political and economic displacement. Some of her famous works, such as Filipina: DH (1995), feature arranged domestic objects into thought-provoking political critiques, as if to highlight the inherent power and weight of those often taken for granted. The groundbreaking Filipina graduated from the University of the Philippines College of Fine Arts in 1970. She transitioned from being a printmaker early in her career to a painter and mixed media artist, exploring personal experiences and global political realities. Aside from her moving works on canvas, she has also co-founded Kasibulan, a collective of women artists, and Pananaw: Philippine Journal of Visual Arts, an initiative in contemporary art discourse. Also a writer, curator, art projects organizer, and educator, Cajipe-Endaya’s works are in the collections of the Bangko Sentral ng Pilipinas, Cultural Center of the Philippines, Philippine National Art Gallery,
TAURUS (April 20-May 20): Observe what’s happening around you, but don’t let your curiosity draw you into something that can affect your health, well-being or reputation. Focus more on home, family and meaningful relationships. Time spent making upgrades to your living space that make you feel safe and secure will put your mind at ease while boosting your confidence. ★★★
GEMINI (May 21-June 20): Refuse to let anger and frustration set in when directing your energy into researching, learning and bringing about positive change in your life will satisfy your soul. An activity that challenges you intellectually will encourage you to update your resume and apply for an exciting position. An offer looks inviting, but don’t promise more than you can deliver. ★★★
and Metropolitan Museum Manila. The Manila-born artist’s decorated career includes recognition from the Ani ng Dangal from the National Commission for Culture and the Arts in 2009 and the CCP Thirteen Artists Award in 1991. If Cajipe-Endaya’s work captures the textured endurance of the home, Alvarado’s art strikes with the heavy weight of the earth. Hailing from Sagay, Negros Occidental, Alvarado became the visual chronicler of the sakadas, the seasonal sugar plantation workers whose sweat fuels an entire industry while they remain trapped in feudal poverty and inequality. His style is instantly recognizable with blocky, angular figures, defined by wide, haunting eyes and broad shoulders forged by hard labor. In his canvases, sugarcane stalks double as crosses and spears, turning agrarian distress into a visual language of resistance. Beyond his studio, Alvarado anchored his practice in grassroots community building, co-founding Black Artists in Asia and establishing regional platforms like VIVA ExCon to keep the national spotlight trained
on rural worker struggles. Alvarado’s works have been presented in local and global showcases across Japan, Singapore, Australia and the United States. He also won grand prizes at the Philip Morris Philippine Art Awards and received the Cultural Center of the Philippines Thirteen Artists Award in 1992. Alvarado and Cajipe-Endaya form part of the 10-member National Artist class of 2025— conferred under Proclamation No. 1414 series of 2026—which serves as the largest single batch since the Order of National Artists was established in 1972 under Proclamation No. 1001. Alongside the two visual artists, the new roster of National Artists across disciplines includes: Nicanor Tiongson and Gregorio Brillantes (posthumous) for Literature; Gabriel Formoso (posthumous) for Architecture; Rafael Froilan for Dance; Maria Beatriz Tesoro for Design; Armando Lao (posthumous) for Film and Broadcast Arts; Teodoro Hilado (posthumous) for Theater; and Alfredo S. Buenaventura for Music.
Student-volunteers, teachers engage indigent communities, NGOs in art workshops
Participants rediscovered the joy of working with their hands as they utilized available and recycled materials to create mosaic artworks
A SERIES of free art workshops allowed children and teens from indigent families and non-government organizations (NGOs) in the cities of Pasay and Manila to explore and channel their imaginations and talents. Spearheaded by the Center for Social Action of the De La Salle-College of Saint Benilde, the art festival was first launched online during the height of the pandemic
lockdowns to provide educational activities to members of the communities in the safety of their homes. It has since become an annual institutional outreach program, wherein faculty across several Benilde schools and learners from various student-artist groups and programs introduce the constituents, especially the youth, to various artforms and encourage them to foster their ingenuities and showcase their newfound talents. This year’s edition featured a lineup of interactive lectures and fun-filled sessions, specially curated for the fresh young minds from Barangays 41 to 48 of Pasay and Barangays 726, 730 to 735, 747, 752, 753, 756, 760, 762 of Manila. It likewise welcomed beneficiaries from partner institutions, to include Unbound Manila Foundation Inc.; SelfReliance and Development Konkokyo Center Inc.; and Our Lady of Sorrows Outreach Foundation Inc. The gatherings aimed to enhance the overall development of the youth by developing their ingenuity and critical and creative thinking abilities. It guided them on how to draw their own characters through simple shapes, and further breathe life into their illustrations through varied poses and facial expressions. They were immersed in the art of comic book storytelling which incorporated Filipino traditions and values, and served
as an inspirations as they sketched and wrote their own comic strips. They likewise learned basic quilting designs and techniques. They upcycled scrap fabrics into functional home items, and appreciated the various patterns in both natural and human-made contexts as they built their own kaleidoscopes. The participants rediscovered the joy of working with their hands as they utilized available and recycled materials to produce mosaic artworks. Teens who lean towards digital and new media were immersed in the proper lighting and angling tips as they produced their desired effects on photography subjects through their mobile phones. They were equipped with the fundamentals of free online tools as they conceptualized and edited original advocacy materials such as posters, videos, and social media content. The attendees discovered how to portion nutritious ingredients and apply artistic presentation as they prepared their own bento boxes which were not only visually appealing, but were packed with well-balanced vitamins and nutrients. The younger participants were introduced to the craft of mixology as they were motivated to mix their own beverages. More information can be found at www.facebook.com/ centerforsocialaction.
CANCER (June 21-July 22): Physical activities are favored. Social or networking events will give you a unique perspective regarding what’s available in your community and how you can use the connections and support to improve your profile and put together a plan that will encourage you to use your skills and physical attributes to earn more. A connection you make looks promising. ★★★★★
LEO (July 23-Aug. 22): Your desire to explore and expand your interests, knowledge and friendships will encourage you to join a group or take an interest course. Communicating, debating and immersing yourself in subjects that challenge you to grow personally, spiritually or intellectually will help you redirect your energy and change your perspective. New friends and activities will lead to new beginnings. ★★
VIRGO (Aug. 23-Sept. 22): A change to how you handle and earn your cash will turn out better than anticipated. Don’t let negativity stand in your way when intelligence and hard work are the paths to better living. Use your ingenuity when investing and in personal growth and peace of mind. Push forward with enthusiasm, and finish what you start. ★★★★
LIBRA (Sept. 23-Oct. 22): Question everything and everyone. Gather information and piece together what’s best for you. A physical, spiritual or emotional shift will offer clarity and hope for a lifestyle that is more in tune with your mindset. Let go of the past and regrets you cannot change, and be grateful for what you have and the path you choose to follow. ★★★
SCORPIO (Oct. 23-Nov. 21): Stop, reminisce and reach out to someone you lost touch with. Reflecting on and revisiting the past will help you come to terms with what you want to pursue next. Set yourself up for success, clear your mind and design what you want your future to look like. Open discussions will give you the push you need to act. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Temptation will lead to a learning experience if you aren’t careful. Certain emotions and poor behavior will lead to mistakes and regrets. Before you risk your reputation, position or emotional well-being, revisit your domestic and professional situations. Stick close to home, and refrain from sharing personal information. ★★★
CAPRICORN (Dec. 22-Jan. 19): Spend time nurturing partnerships or advancing your career. Keep your beliefs and personal life to yourself. Someone who doesn’t share your views will sabotage what you are trying to achieve if you are too opinionated. Dress for success, update your look and help those you work alongside. Gaining the confidence of others will help you get ahead. ★★★★
AQUARIUS (Jan. 20-Feb. 18): Gather information, talk to experts and take care of matters that have an expiration date. Staying on top of your bills, debt and investments will put your mind at ease. A lifestyle change will require ingenuity and a creative imagination if you want to acquire greater stability. Avoid overreacting; keeping a level head will bring high returns. ★★
PISCES (Feb. 19-March 20): Attend lectures, classes or trade shows that offer insight into something you might enjoy. Improve your standards, pump up your resume and let your enthusiasm take over. Know your worth, and negotiate on your behalf. Invest time and money into looking and doing your best. ★★★★★ BIRTHDAY BABY: You are enduring, grateful and intellectual. You are intuitive and helpful.
‘bomb squads’ BY ZACHARY EDWARD-BROWN
The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Like iced cappuccinos 5 Loops in, on Gmail 8 Potassium particle, perhaps 12 It covers Cousin Itt 13 Many an Insta post 15 Genuine 16 Italian volcano 17 Early ___ (no night owl) 18 Pasta or rice, briefly 19 Nickname for Alexander Ovechkin 22 Muzzle 23 Baseball’s Moises 24 Leather piercer 27 Not far from 29 Dog of 1950s TV 31 Every Shakespeare play has five of them 34 Top score in gymnastics 37 Lion or Tiger or Bear (oh my!) 38 Mister, in Mexico 39 Unagi and anago, in sushi bars 40 Tubular pasta 42 “Absolument!” 43 Daffy Duck, Road Runner or Foghorn
Leghorn 44 Coming-of-age celebration 47 Word with “panel” or “power” 48 Minecraft explosive 49 Ad that raises awareness 52 Be sincere 54 Louvre Pyramid architect I.M. 55 Polydactyl cats have at least 19 of them 56 Huge coffee container 57 BTS and Cream ... or what 19-, 34and 44-Across could be? 60 Hat, in slang 61 Spruce or sycamore 62 Mouse with a polka-dot dress 63 Flowery welcome gift 64 Thanos’ devastating finger motion 65 Company founded by Adi Dassler in 1949 DOWN 1 NBA star Holmgren 2 Promises 3 Bedding material 4 Mythical fire-breathers 5 Mexican seed
6 ___ Rica 7 Carnegie’s industry 8 St. Louis has one that’s 630 feet tall 9 Expert in oolong’s flavor 10 Rower’s need 11 Sports org. that gives away many bobbleheads 13 Record in advance 14 Feathered friend in Baltimore 20 Regret 21 It’s free in Chipotle’s veggie burrito 25 Exercise, as power 26 Microscope part 28 Monet contemporary 30 Beer vessel 31 Google Play downloads 32 Ship’s staff 33 “Dance Monkey” singer 35 Gravy thickener 36 Deep-fried treat 38 Song lineups 41 Element of flashy advertising? 43 Put money down 45 Least dense planet in the 47-Across system
46 Puzzle 49 1/2000 of a ton 50 Brownish picture color 51 Long-eared equines 52 Consider, with “over” 53 Great Lakes tribe a.k.a Cat Nation 54 Chirp 55 Author Morrison 58 Wasabi ___ 59 Free (of) Solution to today’s puzzle:
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GMA NEWS LAUNCHES VERIFICATION-BASED NEWS AND INFO SHOW; HOWIE SEVERINO LAUNCHES FIRST BOOK OF ESSAYS
STARTING September 14, GMA News brings Usap-usapan: What We Know So Far to GTV—a new 30-minute news and information show airing weeknights at 6 pm, powered by Team Totoo, the network’s roster of seasoned and trusted journalists. The show delivers the biggest and latest news developments, while putting trending claims, viral posts, rumors, and breaking stories to the test through verification journalism—investigating what is true, false, or unclear, while keeping viewers updated as facts develop. Conversational and easy to follow, Usap-usapan: What We Know So Far delivers news in bold, punchy, snackable formats made for the way audiences consume information today, while staying true to the GMA News brand of credible journalism. The show features a lineup of segments that bring its verification-driven approach to different kinds of stories. At the heart of Usap-usapan: What We Know So Far is GMA News’ seasoned journalists who bring experience and expertise to every story. They check information, verify claims, and pursue the facts, helping viewers make sense of what’s trending with timely, accurate, and credible news. Meanwhile, multiawarded journalist Howie Severino has launched his first book of essays which opens with this line: “When I was 19, I went to see Ninoy Aquino in his modest office in exile...” Severino’s book of essays features profiles of heroes and newsmakers he’s known, but also dearly departed colleagues (like Mike Enriquez on the cover), activists, artists, and former presidents. The book is titled People I Knew (And Some I Didn’t But Wrote About Them Anyway), which started out as tributes to friends first published online shortly after they passed away. “I didn’t want to just express my sadness, but write about what was worth remembering about them,” recalls Severino, the longtime host of I-Witness and a former vice president at GMA Network. The writer Cristina Pantoja-Hidalgo, then director of UST Center for Creative Writing and Literary Studies, suggested he collect the personal essays into a book and arranged a meeting with the UST Publishing House. Severino then dug into his archive and included profiles of others published mostly on GMA News Online and GMA Regional TV. In addition to GMA colleagues Mike Enriquez and Cesar Apolinario, Howie has essays on Ninoy, Cory and Noynoy Aquino; ex-President Fidel Ramos; ex-Senator Letty Shahani; CHR Chair Chito Gascon; and former Foreign Secretary Roberto Romulo, all of whom Severino knew. The book includes personalities from the arts, such as movie director Lino Brocka with whom Severino shared jail time during Martial Law; theater luminary Floy Quintos, writer Mario Miclat, painter Jaime de Guzman, and comedian Tado Jimenez. Then there are the legends whom Severino never met but who had some unexpected impact on his life: Nora Aunor, Uncle Bob Stewart, Kobe Bryant and former President Ramon Magsaysay. The author made sure to include people who were not famous but deserve to be remembered for who they were and what they did, even the humble security guard at Howie’s former townhouse who biked to work every day. The subjects are varied but so are the writing genres. Severino writes in Filipino in one chapter, and in poetry in another. Some are full-length reportage, while others are not much longer than a photo caption. As Howie says in his introduction, “This collection wasn’t curated according to the importance of the individuals featured, or even my personal affection for them—though I loved many of them dearly. My book simply reflects the various ways one can choose to remember others through words.” People I Knew (And Some I Didn’t But Wrote About Them Anyway) was launched at the Manila International Book Fair at the SMX Center in Pasay on September 11. More information can be found at www.gmanetwork.com/ news.
Show BusinessMirror
Editor: Gerard S. Ramos • Tuesday, September 15, 2026
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Jodi Sta. Maria is a woman of substance T
O be branded a woman of substance is one of the best compliments we can give a lady. It conjures images of strength, wisdom and an unwavering spirit. There are a few names of celebrities that come to mind, and one of them is Jodi Sta. Maria. The pressure put on women in today’s society is certainly immense, especially if one is in the world of performing arts. Sta. Maria is one of the few female celebrities who doesn’t let the high demands and expectations get her down, moreso affect her on staying true to herself. “Those who know me well are aware that I can be the most simple person, someone who can be truly happy with the simplest things. Mababaw ang kaligayan ko as long as I know that I am dealing with sincere and straight-forward people who see me as me, embrace me as me, and love me as me,” she shared. Sta. Maria mentioned that being in show business for 30 years has taught her so many priceless lessons. “I have been toughened by life, and being in the limelight makes it more difficult because everything is magnified. I made quite a few mistakes, a lot of hurried decisions, even trusted too much, but I guess the important thing is: I’ve made a lot of learnings and I’ve kept all these learnings in my heart as I steer myself in my journey forward.” It is true that life throws everyone curveballs, and a woman of substance like Sta. Maria should be endowed with the inner strength in order to navigate these challenges. “I have weathered storms, overcame obstacles, and bounced back from setbacks both in my professional career and personal life that the public is not privy to, except for the obvious ones,” she admitted. This year is particularly special in terms of career achievements as Sta. Maria has participated in very good movie projects. She was a delightful surprise in Irene Villamor’s Midnight Girls, where she and her co-actors were flown to Japan to shoot the movie. She was brilliant in Cholo Laurel’s Ganito, Ganyan, Ganoon, which continues to have high viewership on Netflix. Then there is the biographical film Edjop, directed by Katski Flores which is based on the colorful life of revolutionary Edgar Jopson during the martial law years in the Philippines. Just a few days ago, Sta. Maria was announced as the female lead of the movie 2nd Miracle in Cell No. 7, Viva Entertainment’s entry to the annual Metro Manila Film Festival in December. “It is sort of an in-between a prequel and a sequel of the Philippine adaptation of the hit movie Miracle in Cell No. 7 which was shown during the 2019 Metro Manila Filmfest, and the narrative delves into the
love story between my character and that of Aga Muhlach’s, and the connection we have with our daughter,” she mentioned. No doubt that Sta. Maria is choosing her projects meticulously well. I also learned that she has recently agreed to lend her voice to Hindi Suntok sa Buwan ang Kapayapaan, a brave documentary about the Bangsamoro women who are bent on rebuilding their lives after the seemingly unending conflicts in their region. “It’s my very first time to be a narrator for a documentary, and I’m just so pleased I did, because the experience allowed me to look deeper into the stories of these courageous women and their transition into civilian life after years of being caught at the center of armed conflicts,” she volunteered. In real life, I know Sta. Maria as a relatively quiet and introspective person, but in terms of standing up for what she strongly believes in, she never fails to make use of her voice. She remains a very nurturing mother to her now 20-year-old son, Thirdy Lacson.
“He is the essence and center of my life,” she proudly mused. A woman of substance also possesses a thirst for knowledge and a lifelong commitment to learning. Sta. Maria quietly worked her way to earn her college diploma in Psychology in 2021, a year before she turned 40. And early this year, she also started pursuing her master’s studies in Psychology, choosing to specialize in Family Life Development. Sta. Maria also has a deep well of empathy and compassion. Despite her celebrity status, she consistently connects with people on a human level both in and out of show business, understands people’s situations and struggles, and offer support which is always done away from the cameras. Being a pet lover, she is also known to have rescued animals, giving them a new lease on life. Indeed, Jodi Sta. Maria is lady of quiet power, a celebrity of positive influence, and a woman of meaning. She is more than just a collection of impressive qualities; she is a force for good.
‘Practical Magic 2’ conjures a No. 1 box office debut with $30 million
By Jonathan Landrum Jr. The Associated Press LOS ANGELES—Practical Magic 2 conjured a boxoffice victory this weekend, opening atop the North American charts nearly three decades after its predecessor grew from a modest theatrical performer into a cult favorite. The Warner Bros. sequel starring Sandra Bullock and Nicole Kidman earned an estimated $30 million from 4,146 theaters, according to estimates on Sunday from Rentrak. The film knocked Spider-Man: Brand New Day out of the top spot after the superhero blockbuster led the domestic box office for six consecutive weekends. Practical Magic 2 added about $16 million from 77 international markets, giving it a worldwide opening of approximately $46 million. The debut landed at the low end of Warner Bros.’ projected range of $30 million to $35 million. The Susanne Bier-directed film carries a reported $75
million production budget. “It’s the kind of movie that you can build an evening at the movie theater around with your friends,” said Paul Dergarabedian, the senior media analyst for Rentrak. Dergarabedian said the return of Bullock and Kidman was crucial to rekindling interest after such a long gap between films. He said the bigger test will come next weekend, when the sequel faces little direct competition. “It’s not necessarily about that opening weekend,” he said. “Weekend two will tell the tale, no question about it.” Practical Magic 2 reunites Bullock and Kidman as sisters Sally and Gillian Owens, members of a family of witches whose love lives have long been haunted by an ancestral curse. The sequel finds them trying to end the curse for good and introduces a younger generation of the Owens family, played by Joey King and Maisie Williams. Lee Pace also joins the cast. The film is adapted from the work of author Alice Hoffman and arrives 28 years after the original Practical Magic. The 1998 film topped out at $46 million during its initial domestic run but gradually developed a devoted following through home viewing, streaming services and social media. The latest film received two out of four stars from The Associated Press, whose review said the sequel abandons some of the campy fun that helped the original find an unlikely second life, but is buoyed by the strong performances and chemistry of Bullock and Kidman. Spider-Man: Brand New Day slipped to second
with $8.4 million, a 54 percent drop from the previous weekend. The Sony and Marvel blockbuster starring Tom Holland has now collected roughly $935.2 million domestically. That puts the film within about $1.4 million of the $936.6 million North American total for 2015’s Star Wars: Episode VII—The Force Awakens and the top spot on the all-time domestic chart. Christopher Nolan’s The Odyssey followed in third with $7.4 million during its ninth weekend. The Universal Pictures mythic epic, starring Matt Damon as Odysseus, has crossed $600.5 million domestically and $1.68 billion worldwide. The movie also passed 2015’s Jurassic World to become Universal’s highest-grossing global release. It has also collected a record $506 million from IMAX screens worldwide, accounting for 30 percent of its global total. Dergarabedian said the staying power of SpiderMan: Brand New Day and The Odyssey, which both opened in July, demonstrates the range of films moviegoers are willing to embrace. “People aren’t just looking at the movie theater as the home for the traditional cookie-cutter blockbuster,” he said. “They’re looking at the movie theater like they do almost as a streaming service, where there’s this incredible array and mix of genres, stars and types of films.” Runner opened in fourth place with $6.6 million. The Angel Studios action-comedy stars Alan Ritchson as a former soldier who joins forces with an unlikely partner, played by Owen Wilson, to complete an organ
delivery while being pursued by a ruthless cartel. Directed by Scott Waugh, Runner opened in more than 2,500 North American theaters. Ketchup Entertainment’s Coyote vs. Acme rounded out the top five, collecting $6.2 million in its third weekend. The live-action and animated Looney Tunes feature has now earned about $47.8 million domestically. Domestic box-office revenue for the year stands at $7.5 billion, up 19.2 percent from the same point in 2025. “What a great summer, a record-breaking summer and a solid start to the fall,” Dergarabedian said. “It’s not like we had a blockbuster debut like we did last year with Demon Slayer, but a solid start to a fall movie season that I think will deliver for sure.”
SANDRA BULLOCK and Nicole Kidman return to reprise their roles as sisters and witches in Practical Magic 2, which opened as the No. 1 film in North American theaters, finally ending the dominance at the tills of Spider-Man: Brand New Day.
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Tuesday, September 15, 2026
Sta. Clara International Corporation marks 50th year with tree-planting legacy
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he Sta. Clara International Corporation is marking its 50th anniversary with a humble gesture meant to live well beyond the milestone— planting trees as a symbol of gratitude, partnership, and environmental responsibility. A major Philippine engineering and construction company, Sta. Clara has chosen tree planting as a centerpiece of its golden anniversary observance, underscoring a long-term commitment to sustainability that also finds expression in its institutional partnership with the Million Trees Foundation, Inc. (MTFI). Sta. Clara Chairman and Managing Director Nicandro G. “Nic” Linao, in a letter to MTFI President and Executive Director Melandrew T. Velasco dated September 8, 2926, said the company wanted to commemorate five decades of growth “with simplicity and purpose.” Rather than stage a grand celebration, Sta. Clara will plant and name trees in honor of partners who have contributed to the company’s journey and growth over the years. The initiative carries special significance for MTFI as Sta. Clara has been one of the foundation’s institutional partners since its inception in 2021, supporting its continuing advocacy for reforestation, watershed protection and environmental stewardship. The partnership is being further strengthened with Linao expected to join the MTFI Board of Trustees as a new trustee, bringing to the foundation decades of corporate and infrastructure experience as well as Sta. Clara’s institutional commitment to environmental sustainability. For MTFI, Linao’s entry into the board reflects an important principle behind the foundation’s work: protecting the environment requires sustained collaboration among government, the private sector, civil society and communities. Sta. Clara has been among the private-sector organizations supporting MTFI and its environmental programs, including activities associated with the Annual Million Trees Challenge, the multisectoral initiative that has mobilized partners
STRENGTHENED WATER SECURITY. Newly appointed Presidential Assistant for the Visayas Philip in planting and nurturing millions of trees in critical watersheds and other areas. Its golden anniversary tree-planting initiative therefore represents more than a commemorative event. It reinforces the idea that corporate milestones can be transformed into environmental legacies. In his anniversary message, Linao said Sta. Clara’s success over the past five decades had been made possible by the trust, support and partnership of its clients, suppliers and other stakeholders. The company expressed the hope that the trees planted for its anniversary would “take root and flourish” and become living symbols of relationships nurtured through the years and of a shared responsibility to future generations. That philosophy closely complements MTFI’s own approach to tree growing; one that goes beyond ceremonial planting to emphasize propagation, maintenance, survival and the long-term rehabilitation of watersheds. Velasco welcomed Sta. Clara’s anniversary initiative and Linao’s forthcoming participation in the Foundation’s Board, describing the partnership as an example of how corporations can integrate environmental responsibility into their institutional legacy. “Fifty years of building infrastructure is already an extraordinary corporate achievement. By choosing to celebrate this milestone through trees, Sta. Clara is also helping build something for the next generation—a greener and more
Lo joined leadership representatives from Vivant Water, the Metropolitan Cebu Water District, and the local government of Lapu-Lapu City at the water injection point in Brgy. Babag II, Lapu-Lapu City for the ceremonial tapping of desalinated water from Isla Mactan Cordova Corporation into MCWD’s distribution system. The activity marks the reach of IMCC’s initial 5 MLD supply to Lapu-Lapu City and communities across Mactan Island, forming part of the 20,000-cubic-meter commitment under the Joint Venture Agreement signed by MCWD and Vivant Water in April 2025. The milestone supports Cebu’s continuing efforts to strengthen water security through additional and climate-resilient sources, with the facility expected to serve close to 30,000 Cebuano households once fully operational. In the photo are, from left, Vivant Water President Atty. Jess Garcia, Vivant Corporation CEO Arlo Sarmiento, Lapu-Lapu Mayor Ma. Cynthia Chan, MCWD Chairman Ruben Almendras, Lo, and MCWD General Manager Atty. John Dx Lapid.
sustainable future,” Velasco said. With Linao serving as a new MTFI trustee, the relationship between Sta. Clara and the Foundation is expected to deepen further through environmental programs that promote tree growing, watershed rehabilitation, sustainability education and private-sector participation. As Sta. Clara enters its next halfcentury, its anniversary message is fittingly expressed not only in the structures it has helped build, but also in something more organic and enduring: trees planted today that can continue growing for generations.
Taiwan Expo 2026 Brings Smart Medical and Advanced Diagnostic Technologies to Philippines as Health Spending Rises
Taiwanese medical companies showcase diagnostic equipment, smart healthcare and integrated services as the Philippine healthcare system expands
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AIWAN’S capabilities in smart medical technology, advanced diagnostics and healthcare services will be showcased in Manila as the Taiwan Healthcare Pavilion joins Taiwan Expo 2026 in the Philippines from September 17 to 19. The technologies arrive as spending across the Philippine healthcare system continues to increase. According to
the Philippine Statistics Authority, the country’s total health expenditure reached PHP1.87 trillion in 2025, an increase of 15.1 percent from the previous year and equivalent to 6.7 percent of GDP. Yet affordability remains an important challenge. Household out-of-pocket payments accounted for 41.2 percent of current health expenditure in 2025, highlighting the continuing importance
of technologies and healthcare models that can contribute to more efficient delivery and improved access to medical services. Against this backdrop, the Taiwan Healthcare Pavilion will demonstrate smart medical solutions, advanced diagnostic equipment, technology-enabled healthcare systems and holistic healthcare services, providing Philippine medical stakeholders with access to Taiwanese companies exploring local partnerships. Taiwan’s longstanding capabilities in electronics, advanced manufacturing and healthcare technology create opportunities for solutions that combine medical expertise with digital systems and precision equipment. The pavilion is positioned separately from the Beauty & Wellness Pavilion, with Taiwan Healthcare focused specifically on professional medical technology, advanced diagnostics, healthcare services and institutional applications. Taiwan Expo also brings an established track record of commercial engagement. The 2025 Philippine edition attracted more than 10,000 visitors and buyers and generated approximately US$53.4 million in business opportunities. Philippine hospitals, healthcare groups, medical distributors, clinics and industry stakeholders will be able to meet participating Taiwanese companies directly through the Expo’s enhanced Business Matching Program.
GMB Franchise Developers, DTI team up to empower MSMEs through nationwide‘Smart Franchising 101’web series
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MB Franchise Developers, a leading Philippine franchise consultancy, has partnered with the Department of Trade and Industry (DTI) to launch “Franchise Experts Talk: Smart Franchising 101,” a free webinar series aimed at equipping existing and prospective micro, small, and medium enterprises (MSMEs) with practical knowledge on responsible franchise expansion. Aligned with Trade Secretary Cristina Roque’s strategic approach to advancing MSMEs, which includes franchising as a key growth strategy, the DTI Regional Operations Group fully supports the initiative and will facilitate its nationwide rollout through the Department’s 17 regional offices. Beginning September 2026 running through November 2026, each three-hour session—conducted via Zoom every Monday or Tuesday from 1 to 4 p.m.—will cover the pillars of franchising, its benefits and opportunities, franchisor and franchisee performance, and red flags to watch for when entering a franchise agreement.
Sessions will be facilitated by Armando “Butz” Bartolome and Lyndah Bartolome of GMB Franchise Developers, with each DTI Regional Office accommodating 10 to 50 participants, including existing business owners, franchisors, franchisees, and individuals exploring franchise investment. Priority will be given to entrepreneurs who have been in operation for at least six months, are registered with DTI, and are considering business expansion. “The Filipino entrepreneur doesn’t lack ambition; what’s missing is often the right information at the right time,” said Butz Bartolome, founder of GMB Franchise Developers. “This partnership with DTI allows us to bring that knowledge directly to business owners in every region of the country.” GMB Franchise Developers has guided the growth of over 650 businesses since its founding in 1996. Bartolome is also co-founder of the Philippine Franchise Association (PFA) and the Association of Filipino Franchisers Inc. (AFFI). Interested participants may coordinate through their respective DTI Regional Offices for scheduling details.
Valiram opens Läderach chocolaterie at Greenbelt 5
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ÄDERACH, the Swiss chocolatier renowned for its unparallelled freshness and artisanal craftsmanship, has opened it second store in the Philippines located at Greenbelt 5 in Makati City. The new location is a bustling business and lifestyle destination in the heart of the metro. The Greenbelt 5 store offers a well-curated selection of Läderach’s handcrafted chocolate creations. These include its iconic FrischSchoggi, or fresh chocolate counter where large slabs of chocolate are broken by hand into pieces to suit each customer’s preference. Chocolate lovers will also enjoy an assortment of pralines and truffles, mini mousses, tablet bars, FrischSchoggi Mini, and snacking and seasonal offerings. Läderach chocolates are indulgent treats, make perfect gifts, and best shared in celebrations or special events. Rooted in a tradition of exquisite craftsmanship, Läderach places freshness at the heart of its chocolatemaking. Its creations are made in Switzerland using carefully selected ingredients and are available exclusively
Indulge in an assortment of decadent pralines and truffles. through Läderach stores around the world. Läderach first entered the Philippines with the opening of its SM Mall of Asia chocolaterie. The Greenbelt 5 opening expands the brand’s presence in the Philippines, with SM Megamall in Mandaluyong City set as its next location. Laderach Greenbelt 5 is on the ground floor and open from 11 am to 9 pm from Sundays to Thursdays, and from 11 am to 10 pm on Fridays and Saturdays.
World Features
www.businessmirror.com.ph • Editor: Lyn Resurreccion
BusinessMirror
Tuesday, September 15, 2026
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Russians are still fleeing abroad, citing fears of a new mobilization and a loss of freedom By Dasha Litvinova
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The Associated Press
HIS summer, a 28-year-old digital content marketer packed up his suitcases and duct-taped boxes and fled Russia, leaving behind his family and friends and not knowing when he’ll be able to return. “It is very sad to leave Russia,” he said in the southern city of Krasnodar before heading for the border with Georgia. He blamed “the political situation” in Russia and complications over authorities restricting internet access as his reasons for leaving. Otherwise, “I never would have left for more than several months,” he told The Associated Press, speaking on condition of anonymity because of security concerns. He is one of a number of people who either left or are contemplating a move amid recent Ukrainian drone attacks inside Russia and persistent rumors of a coming mobilization of troops for the fourand-a-half-year-old war. The attacks this summer caused an unprecedented fuel crisis and dealt crippling blows to the booming e-commerce sector. Since last year, the government has cited the attacks to justify harsh restrictions on connecting to the internet. The exodus is nowhere near as large as in 2022, when hundreds of thousands fled in the first year of the full-scale invasion. Still, a group that helps citizens
who flee abroad said it received nearly eight times more queries last month than it had in May. “It doesn’t mean that there is a huge number of people right now at the borders,” said Anastasia Burakova, the founder of Kovcheg, which means “ark” in Russian. “But we’re seeing that people are preparing to emigrate, we’re seeing that people are looking into what options are there.”
On social media, Russians talk of moving abroad
THE current numbers are hard to gauge. Unlike 2022, when droves of men fled a partial call-up for the military, there are no lines at border crossings or shortages of plane tickets to visa-free destinations like Armenia, Georgia, Kazakhstan and Turkey at the moment. At the same time, AP found numerous social media videos from all over Russia of people saying they had decided to leave, citing war-related reasons. Others were worried about the declining economy, an uncertain future and shrinking freedoms. Ukrainian President Volodymyr Zelenskyy and other officials in Kyiv have said Russia is
A 28-YEAR-OLD digital content marketer who decided to leave Russia stands near his packed belongings at the railway station in Krasnodar, Russia, on August 29. He asked not to be identified because of security concerns. AP PHOTO
planning another mobilization after the State Duma election that concludes Sunday—claims the Kremlin has repeatedly and vehemently rejected. Yan Slovitsky, an urgent assistance coordinator for Kovcheg, described “a panicked wave” of emigration since mid-July linked to mobilization fears, the fuel crisis and internet restrictions. A Moscow-based diplomat told AP about “a palpable rise in public anxiety this summer,” and pointed to “anecdotal evidence of higher than usual numbers of Russians appearing in neighboring Georgia and Armenia, possibly fearing another mobilization after the Duma elections.” The diplomat was not authorized to comment publicly and thus spoke on condition of anonymity. Alen Simonyan, secretary of Armenia’s Security Council, told independent Russian TV channel Dozhd last month that his country
“will not interfere in any way, and if necessary, will help” Russians who are moving there to avoid being drafted. That drew a sharp rebuke from the Russian Foreign Ministry, which called Simonyan’s remark “provocative.” Russian lawmaker Viktor Sobolev told the RTVI channel that the country doesn’t need people who “don’t love their Motherland so much that they leave because of rumors,” adding: “Let them leave.”
Some emigres seek to avoid military service
THE digital content marketer, who describes himself as a pacifist, says this was his second attempt at emigrating. He left Russia in 2022 to avoid the partial call-up of 300,000 new troops, an announcement by President Vladimir Putin that shocked the nation. He said he isn’t technically eli-
gible for military service in peacetime due to a hip ailment, but felt it was safer to leave because he didn’t know what to expect from authorities. Some officials in 2022 said such men could legally be drafted in a mobilization, as did some rights groups helping conscripts. Others said martial law had to be declared for it to be legal. Russia has not formally declared war on Ukraine, and the Kremlin only imposed martial law in the four Ukrainian regions it illegally annexed in 2022 but doesn’t fully control. The digital content marketer returned to his hometown of Ulyanovsk in 2025 and worked remotely for clients in other countries. But Russia’s unrelenting clampdown on thousands of internet platforms, sites and services made it harder for him to do his job, he said, having to switch virtual private network servers to find one allowing him to get around the restrictions. Another factor was the rumored new mobilization. “You never know what will happen tomorrow,” he said from an apartment in the Georgian capital of Tbilisi, where he settled. A 23-year-old Muscovite who left Russia last month also cited the persistent mobilization rumors and fears that her husband might end up in the military. The woman, who spoke to AP on condition of anonymity because of security concerns, said her father narrowly escaped being drafted in 2022 by fleeing the country. This year, her husband learned he would no longer have a deferment from military service after getting his
master’s degree. “A person can figure anything out, but we were really afraid that [my husband] could end up in the army, because at this point it is a one-way ticket,” she said. Ivan Nazarov, a new university graduate who moved to the Armenian capital of Yerevan, echoed her sentiment. He said he was aware of reports of conscripts in mandatory service who are not supposed to be deployed to Ukraine being forced to sign contracts that send them to the battlefield. “For me, it is a question of survival,” Nazarov added, speaking at a gathering organized by Kovcheg in Yerevan for new immigrants.
Other Russians cite shrinking freedoms
QUEER activist Daniil Neonov left Russia this summer after a series of detentions and a 10-day jail term on charges of displaying extremist symbols—a photo featuring a T-shirt with a rainbowcolored print on it he posted on social media. Russian authorities have outlawed what they call “the international LGBT movement” as extremist, leading sometimes to misdemeanor charges for carrying items with a rainbow on them. Neonov told AP in Yerevan that he feared a criminal case would be brought against him. He said he knows other people who left Russia after being detained for gathering outside the Supreme Court last month to support the opposition Yabloko party when the court struck it from the parliamentary election ballot. Yabloko was the only party on the ballot that openly opposed the war.
Minnesota churches roiled by legal battle over ICE surveillance, right to protest By Giovanna Dell’orto The Associated Press
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INNE A POLIS — Court cases involving Twin Cities churches and immigration enforcement highlight how the acrimonious debate continues to roil faith communities more than six months since the federal surge turned Minnesota into a symbol of defiance of the Trump administration’s policies. In one case, a Minneapolis Baptist church—alongside congregations nationwide—asked for the government to be reprimanded after spying on protest-related activity on its property. In another, more than three dozen protesters have asked for their charges to be dismissed after they disrupted a worship service in a St. Paul church where one of the pastors was also a US Immigration and Customs Enforcement (ICE) official. Even congregations uninvolved in the court cases say they’re still feeling the repercussions of the weekslong surge in immigration operations last winter. Protesters confronted federal law enforcement daily, and the killing of two protesters sparked global outcry. Immigration agents are no longer visibly active on the same residential block as Holy Trinity Lutheran Church in Minneapolis. But its pastor says the signs that went up in January stating “Everyone is welcome here! Except I.C.E.” have stayed. “I don’t foresee a time when they will come down. We want our building to remain a sanctuary for many people,” said the Rev. Ingrid Rasmussen. Her church provided whistles, which protesters across the city used to alert neighbors
about law enforcement presence.
Churches as safe places for migrants—and worshippers
FOR decades, congregations have been on the front lines of providing for immigrants and refugees, whether in their faith communities or with outreach ranging from food distribution at the US-Mexico border to advocacy in Washington. As part of its sweeping crackdown on illegal immigration, President Donald Trump’s current administration gave agents more leeway to make arrests at houses of worship. In response, dozens of religious groups sued, heralding a more openly adversarial relationship between many faith leaders and federal authorities. That has continued through surges last fall and winter in various parts of the country, with faith leaders arrested during anti-enforcement protests and suing to make pastoral visits to detained migrants. “There’s been a pretty dramatic increase in lawsuits filed related to people of faith’s support for migrants,” said Elizabeth Reiner Platt, director of the Law, Rights and Religion Project at Union Theological Seminary. Faith groups have achieved several “promising” wins, she said, adding that ongoing litigation shows how unpopular the administration’s aggressive enforcement approach is with many religious people. Both Minnesota court cases center on the idea of protecting a sacred space and people’s right to worship—in one case from government intrusion and in the other, from people protesting the immigration crackdown.
Government surveillance at Minneapolis church sparks outcry
IN mid-August, court documents emerged in a separate case involving 15 people charged by federal prosecutors with impeding the immigration crackdown in Minneapolis. The documents revealed that federal agents had conducted an undercover surveillance operation, which had targeted groups leading protests earlier this year. Among those charged was an organizer in a martial arts group who the government says was training protesters to physically prevent arrests. Some of the group’s meetings occurred in the gym of University Baptist Church in Minneapolis, and Homeland Security agents conducted surveillance operations there four times—including once with an undercover agent inside, according to court documents. The church is a member of American Baptist Churches USA and the Alliance of Baptists, two of several groups that in February won an injunction against most immigration enforcement at their member churches nationwide. The groups have asked the same federal judge to rule that Homeland
Security violated that order, to instruct its agents about it, as well as to disclose if any other houses of worship were part of surveillance operations. The government says in court documents that its operation didn’t violate the injunction because it wasn’t about immigration enforcement. Rather, they were investigating a suspect for training “individuals to commit acts of violence against federal officers and employees.” A hearing was held Sept. 4 and a ruling is pending. A spokesperson with the Department of Homeland Security said it doesn’t comment “on the existence or status of specific ongoing investigations, nor on investigative methods.” University Baptist Church ’s interim pastor said the small congregation found the surveillance “very upsetting”—but also motivation to double down on their advocacy. “We see the message of Jesus as compelling us to be where people are most vulnerable,” the Rev. Cody J. Sanders said. For Kevin Friedl, an attorney with the Democracy Forward Foundation that’s representing the faith groups, the case is ultimately about
PEOPLE walk by a sign outside University Baptist Church, in Minneapolis, on September 4. AP/ELLEN SCHMIDT
offering sanctuary. “For many, religion—being able to join together with others at their church or other house of worship—is an important and critical source of solace and comfort, in hard times, which these are,” he said. “This administration wants to deny them that.”
Protesters who interrupted Sunday worship seek dismissal of charges
The argument that churches are protected spaces and worshippers have rights against intrusion is also buttressing the case over the anti-immigration enforcement protest at Cities Church in Minnesota’s capital in January. More than three dozen people—including former CNN journalist Don Lemon and prominent local activists—are facing federal civil rights charges after entering the Southern Baptist church where one pastor was also a leader in the local ICE field office. During Sunday worship, some walked up to the pulpit, others loudly chanted “ICE out” and “Renee Good,” referring to the woman who was fatally shot on January 7 by an ICE officer in Minneapolis. In August, a slew of motions to dismiss the cases were filed and will be heard in late October. Some contend the charges amounted to “selective or vindictive prosecution,” and cite the University Baptist Church surveillance. They argue that the “administration’s claims that this prosecution is based on a desire to protect the right to practice religion is disproved by the extraordinary freedom it has granted ICE to violate the sanctity of churches,” according to court documents.
“They’re using these cases to try to get information on the whole resistance movement,” said Jordan Kushner, an attorney representing several defendants. An attorney representing Cities Church countered that the issue at play is “an invasion during worship.” “Nobody has the right to storm a church,” Doug Wardlow said, adding that the protest—and smaller, outdoors ones that continue to occur during worship times— “traumatically impacted the life of the church.”
How fallout from the surge impacts Minnesota congregations
FAITH leaders across the Twin Cities say they’re still dealing with fallout from the surge, whether it’s lingering fear among migrants, tensions over government surveillance, or persistent financial assistance requests. Many congregants wonder who else was under federal surveillance, said the Rev. Mariah Furness Tollgaard, senior pastor at Hamline Church in St. Paul. She was briefly detained at an antideportations protest at the Minneapolis airport in January. Several Protestant congregations that were outspoken in their anti-immigration-enforcement stances have increased their security measures. While many remain committed to their advocacy, it’s taking a toll. “The general vibe we get from leaders and congregations is just tired—there’s weariness more than anything,” said Nicholas Tangen of the Evangelical Lutheran Church in America’s Minneapolis Area Synod.
Tuesday, September 15, 2026
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www.businessmirror.com.ph
Environment, community groups nix Smokey Mountain WTE project By Jonathan L. Mayuga
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COALITION of community organizations and advocates opposing incineration has called on the Department of Environment and Natural Resources (DENR) to deny the environmental compliance certificate (ECC) application for the Smokey Mountain Waste-to-Energy Projects after allegedly failing environmental and public participation requirements. In a statement, the Manila Anti-Incinerator Alliance (Maia) said the proposed Wasteto-Energy (WTE) incineration facility in Smokey Mountain was rejected by residents, environmental advocates, waste workers, health advocates, youth, legal advocates, and community organizations during the public hearing held by DENR’s Environmental Management Bureau (EMB) on September 7, 2026, in Barangay 128, Tondo, Manila. In a statement the group said one of the most striking revelations during the hearing was that around 70.84 percent of the estimated 67,000 residents from the seven affected barangays were unaware of the proposed WTE project based on the
draft Environmental Impact Statement (EIS) submitted by Manila Integrated Environment Corporation (Miec). Residents said they were not sufficiently informed beforehand about what was going to be constructed in their area. “More than 70 percent of residents are not aware of the project. We were told that a mall and a school were going to be built here,” Anora Madrid of Samahang Magkakapitbahay sa Upper Smokey Mountain (SMUSM)-Kadamay claimed. According to the Maia, the EIS also said the facility will generate around 150 tons of fly ash and 260 tons of bottom ash daily. This results in a staggering 410 tons of combined ash per day or 149,650 tons per year, that must be handled, transported, and stored to a dump. During the public hearing, it was mentioned that the dump will be in Calauan, Laguna. The company did not mention if a prior consultation has been conducted with the affected communities near this site in Laguna. Ochie Tolentino of EcoWaste Coalition said there is already a solution to the worsening garbage problem and it just needs better
implementation and enforcement, referring to Republic Act 9003 or the Ecological Solid Waste Management Act of 2000. “We already have a law, RA 9003, Ecological Solid Waste Management Act. If this were implemented effectively, we wouldn’t need WTE,” Tolentino said. During their presentation Miec said that WTE is encouraged under the Renewable Energy Act, but the Manila Anti-Incinerator Alliance (Maia) asserts that under the Renewable Energy Act only biodegradable waste and anaerobic digestion technology are allowed, not residual waste and stoker incineration. Proponents also stated that the facility will need 1,363 cubic meters of water per day with 871 cubic meters supplied by Maynilad and 492 coming from their Waste Water Treatment Plant. “A resource-intensive project such as this cannot be considered clean and will only put further pressure on our water resources,” the groups said in a joint statement. While the proponents assured they will implement emission monitoring and mitigation measures to ensure safe air quality, the figures presented are just estimates and predicted
models for now. Studies showed that WTE incineration ash poses severe health risks to both plant workers and nearby residents by exposing them to concentrated heavy metals, dioxins, and PFAS through inhalation, skin contact, or environmental contamination. “What’s at stake here is the health of the people. I want everyone here to understand that the effects of this facility might not be felt immediately, it will take time. But who will be the ones affected? It’s us.” Elena Plaza of Nagkakaisa at Nagdadamayang Marala Organization (Nanamor) said. The project proponents also claim that the facility will generate jobs for the community, but their presentation showed they only need 260 workers during the construction phase and 100 workers for the operational phase. The disparity was pointed out by Rev. Ruel Distor of Partido Lakas ng Masa (PLM), “Think about it, 60,000 individuals will be affected, but they will only hire less than 1,000 employees. The proposed facility requires 3,000 tons per day of waste as feedstock to keep the plant operational. Once operational, it will be operating for around 28 years.
LTFRB set to franchise 500 EV taxicabs in Bicol, Palawan
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HE Land Transportation Franchising and Regulatory Board (LTFRB) has opened 500 taxi slots
exclusively for electric vehicles (EVs) in the Bicol Region and the province of Palawan, scrapping in the process an earlier plan to
allow 100 conventional taxi units in Bicol. Under Memorandum Circular 2026-085, the regulator allocated 400 electric taxi
slots for Bicol after a study showed the region needed more taxi units to support its economic and tourism activities. The same circular revoked an earlier board decision opening 100 regular taxi slots there, clearing the way for additional electric units instead. Furthermore, Memorandum Circular 2026-089 opened 100 electric taxi slots for Palawan on the same grounds. The LTFRB said Palawan, like Bicol, ranks among the country’s preferred tourist destinations, and that the allocation is meant to support clean transport, sustainable tourism and affordable mobility for the riding public in the province. The move follows the board’s earlier approval of some 8,000 Transport Network Vehicle Service (TNVS) slots likewise reserved for electric units—specifically plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV). LTFRB Acting Chairman Greg G. Pua Jr. said the allocations comply with the law promoting the use of electric vehicles in public transportation. “This is not only about compliance with the law and further improving our public transportation system, this is also about promoting environment-friendly but reliable and comfortable commuting experience in the country,” Pua said. Lorenz S. Marasigan
Ex-Sandigan justice: Govt officials must explain wealth discrepancies
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RETIRED Sandiganbayan Presiding Justice on Monday said public officials must explain wealth discrepancies and omitted assets in their Statement of Assets, Liabilities, and Net Worth (SALN), as she outlined the legal standards the Senate Impeachment Court will use in examining allegations against Vice President Sara Z. Duterte. Retired Sandiganbayan Presiding Justice Amparo Cabotaje-Tang, who testified as a resource witness for the House of Representatives prosecution team, explained the Wealth Test framework during the opening of the prosecution’s presentation under Article II of the impeachment complaint. Her testimony focused on how investigators assess whether a public official’s assets are consistent with lawful income. She clarified that questionable wealth is determined by examining whether an official’s assets are grossly disproportionate to salary, other lawful income, and earnings from legitimately acquired properties. “Under the law, wealth becomes questionable when, during a public official’s term, the official acquires wealth that is grossly disproportionate to salary, other lawful income, and income generated from legitimately acquired property,” Tang said. Tang said the review of a public official’s financial condition should go beyond salary records and include other lawful sources of income, lifestyle, income tax returns, and SALN declarations. She identified the SALN as a primary document in determining whether an official accurately disclosed financial information. However, she stressed that an omission in a SALN does not automatically prove unexplained wealth. “If there is an omission in the SALN, it does not immediately mean there is unexplained wealth,” Tang said. The retired justice said an official must first be given the opportunity to explain why an asset was not included and provide evidence showing how the property or funds were acquired. “If the explanation is acceptable and the properties were lawfully acquired, they will not be considered unexplained wealth,” she added. Tang also discussed the treatment of properties registered under another person’s name, saying investigators may examine assets beyond the names appearing on official documents when determining ownership and possible concealment. “Properties registered in the names of other persons, including those connected to a spouse and children, may be considered in determining whether an official unlawfully acquired properties,” she said. During questioning on bank accounts, Tang explained that funds remaining under a public official’s name on the date covered by the SALN must be declared. She said the focus is the balance existing on the reporting date, rather than every deposit or withdrawal made throughout the year. “If the account is under the official’s name, that money must still be declared in the SALN,” Tang said. Tang said that a public official’s property may be presumed unlawfully acquired if it is clearly disproportionate to the official’s salary and lawful income. Tang explained that Republic Act 1379 creates a prima facie presumption when a public official acquires wealth beyond what their legitimate income can justify. She said prosecutors must establish the official’s lawful income, identify the assets owned, and determine whether the wealth is disproportionate. The presumption, however, may be overturned if the official provides a satisfactory explanation showing the properties were legally acquired. Senate Impeachment Court Presiding Officer Francis Escudero earlier ruled that Tang’s testimony would be limited to general legal principles and would not determine whether allegations against Duterte had been proven. Her opinions would remain subject to crossexamination and would not be binding on the court. The prosecution said it has prepared more than 1,800 financial documents and previously submitted requests for admission involving subpoenaed bank records and account ownership. Tang previously served nearly 31 years at the Office of the Solicitor General handling cases involving ill-gotten wealth and civil forfeiture before joining the Sandiganbayan in 2012. She became the anti-graft court’s presiding justice in 2013 and retired in 2024. The impeachment complaint against Duterte alleges that she acquired wealth disproportionate to lawful income, submitted incomplete or inaccurate SALNs from 2022 to 2024, and failed to divest from or continued prohibited business participation from 2022 to 2025. Duterte has denied the allegations. Jovee Marie N. dela Cruz
Asean experts convene in Manila to tackle growing disaster threat
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INISTERS and heads of disaster management agencies from Association of Southeast Asian Nations member-countries will gather for a two-day meeting in Manila to confront one of the region’s most persistent and costly challenges in the region—the growing threat of disaster. At the Asean Ministerial Conference on Disaster Resilience (AMCDR), a flagship event of the Philippines’ 2026 Asean chairmanship on September 15 and 16, participants will tackle the challenge posed by multiple hazards, including typhoons, floods, earthquakes, droughts, and extreme weather intensified by climate change. These hazards increasingly interact with rapid urbanization, environmental degradation, and other pressures, creating systemic, cascading, and compounding risks. Asean represents one of the world’s most dynamic economic regions, with a combined gross domestic product exceeding US$3.6 trillion and a population of more than 670 million. Yet, Southeast Asia which sits within the Asia-Pacific, is the most disaster-prone region in the world. As a major hub for global trade, manufacturing and investment, disaster disruptions can ripple through supply chains and markets far beyond Southeast Asia. Strengthening disaster resilience is therefore essential to sustainable development, economic security and regional stability.
Asean is not starting from zero. For two decades, the Asean Agreement on Disaster Management and Emergency Response (Aadmer) has provided the foundation for regional cooperation on disaster risk reduction, preparedness, response and resilience. Regional mechanisms such as One Asean One Response, the AHA Centre and the Disaster Emergency Logistics System for Asean demonstrate the value of collective action. But the next five years represent Asean’s decisive window for action. As the Sendai Framework for Disaster Risk Reduction approaches its 2030 horizon and Asean implements the Aadmer Work Program 2026–2030, the challenge is to move from commitments to implementation and deliver measurable resilience outcomes at national and local levels. Held under the theme “Twenty Years of AADMER: Advancing Global Commitments Toward a Resilient Asean Beyond 2030,” AMCDR will bring together ministers, heads of national disaster management organizations, senior government officials, international organizations, development partners, experts, and representatives from the private sector and civil society to advance the region’s disaster resilience agenda. Hosted by the Office of Civil Defense (OCD) under the Department of National Defense (DND), the conference is being convened in its capacity as the Philippines’ National Disaster Management Office (NDMO). The conference will focus
on how Asean can translate regional and global disaster resilience commitments into implementation, covering disaster risk reduction, preparedness, anticipatory action, emergency response, recovery, financing, innovation, and whole-of-society resilience. Among the speakers are Defense Secretary Gilberto Teodoro Jr. who is concurrent chairpman of the National Disaster Risk Reduction and Management Council (NDRRMC); Secretary Maria Antonia Yulo Loyzaga, Special Envoy of the President on Disaster Risk Reduction and Management; Abdul Muhari, deputy minister of the National Disaster Management Authority of Indonesia and chairman of the Asean Ministerial Meeting on Disaster Management (AMMDM); and San Lwin, deputy secretarygeneral of Asean for the Asean Socio-Cultural Community. During the two-day program, discussions will move from translating existing regional and global commitments into action to shaping Asean’s longer-term resilience agenda. The first day of the Conference will focus on moving from commitments to action. Opening ceremonies and high-level discussions will set the direction for the Conference, followed by sessions on advancing the Sendai Framework through the Aadmer Work Program 2026–2030, strengthening risk knowledge and early warning systems, and advancing anticipatory action through innovation and partnerships. Jonathan L. Mayuga