BusinessMirror
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
www.businessmirror.com.ph
A broader look at today’s business
n
Tuesday, August 18, 2026 Vol. 21 No. 308
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
RAIN, RISE, REPEAT Floodwaters turn roads across Metro Manila into challenging passageways on Monday, August 17, 2026, as commuters wade through the water, motorists carefully make their way through flooded streets and pedestrians seek higher ground amid persistent rains from the southwest monsoon, or habagat. Pagasa said the habagat is expected to continue affecting Luzon and parts of the Visayas, including Metro Manila, this week. The weather bureau warned that rains could intensify if a low-pressure area develops near the Philippine Area of Responsibility. The continuing rains prompted Malacañang to order government offices in Metro Manila and 12 provinces to adopt alternative work arrangements starting at noon Monday. Essential services remained operational, while private companies were left to decide on their own work arrangements. ROY DOMINGO
RISK FACTORS TRACKED FOR INFLATION FORECAST
T
By Andrea E. San Juan @andreasanjuan
HE central bank said it will take into account in upcoming inflation forecasts the global oil prices and the potential impact of El Niño which may peak in the final quarter of 2026 until the first half of 2027. During the Development Budget Coordination Committee (DBCC) briefing before the House Committee on Appropriations on Monday, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Zeno Ronald R. Abenoja said the central bank will update its inflation forecasts in accordance with the “risk factors” that it is currently tracking. “There are risk factors that we are looking at. One of them is the
price of crude oil in the international market. Second, the potential effect of El Niño which the peak impact will be experienced in the fourth quarter of 2026 until the first half of 2027,” added Abenoja. “Those are the other risk factors that the central bank thinks can affect inflation,” he said. Abenoja said the inflation forecasts would have to be updated at See “Inflation,” A2
‘BUDGET IMPACT MUST SHOW IN BETTER QUALITY OF LIFE’ By Jovee Marie N. dela Cruz
T
@joveemarie
HE proposed P7.2-trillion national budget for 2027 must be felt in the everyday lives of Filipinos and must translate into stronger economic growth, more jobs, improved public services, and greater opportunities for families across the country, the chairperson of the House Committee on Appropriations said on Monday. As the House of Representatives began its review of the proposed spending program during the Development Budget Coordination Committee (DBCC)
briefing, House Committee on Appropriations Chairperson Mikaela Suansing stressed that the national budget must go beyond figures on paper and serve as a strategic investment that delivers measurable benefits to citizens and strengthens the Philippine economy. “Congress will ensure that the country’s P7.2-trillion budget will not remain only on paper but will be felt in the daily lives of every Filipino family,” Suansing said. She emphasized that government spending must create tangible improvements through accessible healthcare, quality education, stronger infrastructure, and expanded
Poverty incidence dips to 9.7% from 15.5% By Justine Xyrah Garcia
T
HE country’s poverty incidence declined further in 2025, according to preliminary estimates from the Department of Economy, Planning, and Development (DepDev). Data presented by DepDev during the Development Budget Coordination Committee (DBCC) briefing on Monday showed the poverty rate fell to 9.7 percent in 2025 from 15.5 percent in 2023. If finalized, the 2025 figure would mean the Marcos administration reached its goal of bringing
poverty incidence below 10 percent ahead of its 2028 target. “Based on the country’s official poverty lines and the preliminary estimates for 2025, poverty incidence, or the proportion of the population being poor among Filipinos, fell from 18.1 percent in 2021 to 9.7 percent in 2025,” Socioeconomic Planning Secretary Arsenio M. Balisacan said in his presentation. “This means that 8.8 million Filipinos were lifted out of poverty over this period,” he added. Based on initial estimates presented by DepDev, the 9.7-percent poverty See “Poverty,” A2
See “Budget,” A2
Farm damage from storms, habagat breaches ₧1B
A
By Ada Pelonia
GRICULTURAL damage caused by the combined effects of the southwest monsoon and successive typhoons on local farmlands has breached P1 billion, according to the Department of Agriculture (DA). In its latest report, the DA said damage and losses incurred by 30,073 farmers and fisherfolk have climbed to P1.03 billion. Around 25,662 hectares of plantations were affected by the Southwest Monsoon (habagat) and tropical cyclones Luis and Maymay. Of these, 21,440 hectares still have a chance to recover.
The volume of production losses to agriculture and fisheries across seven regions stood at 25,280 metric tons (MT), affecting rice, corn, cassava, high-value crops, fisheries, livestock and poultry, infrastructure, machinery, and equipment. The regions that recorded damage based on the DA’s monitoring were the Cordillera Administrative Region (CAR), Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, and Western Visayas. Among the commodities, the agency said rice sustained the brunt of the losses at 16,105 MT, valued at P589.44 million. This was followed by high-value crops at 7,772 MT, worth P313.07 million.
Corn and cassava also recorded losses, which stood at 1,309 MT for P46.24 million and 84 MT worth around P954,270, respectively. The P9.26-million damage to fisheries and aquatic resources stemmed from damaged fishing boats, gears, tanks, and office buildings. Losses included produce, such as milkfish, tilapia, mangrove crab, oyster, and giant freshwater prawn. Furthermore, the livestock sector lost 6,036 animal heads worth P6.91 million, which included chickens, swine, cattle, carabaos, goats, sheep, ducks, horses, quails, and turkeys. Irrigation facilities, farm structures, and
machineries also recorded damage valued at P47.86 million, P15.21 million, and P80,000, respectively. Despite this, the DA said it has ramped up intervention efforts to support farmers and fisherfolk affected by the weather disturbances. Several assistance measures included P177.67 million worth of agricultural inputs such as rice, corn, and vegetable seeds. It also issued 1,007 bags of rice from the National Food Authority (NFA) to the affected local government units (LGUs) of La Union and Batanes. The DA also allocated an initial amount of See “damage,” A2
RAISING THE STAKES Former Office of the Vice President (OVP) special disbursing officer Gina Acosta gestures while testifying as the prosecution’s first hostile witness during the 16th day of the impeachment trial of Vice President Sara Duterte at the Senate in Pasay City on Monday, August 17, 2026. Acosta was declared a hostile witness by the Senate impeachment court, allowing the prosecution to ask leading questions. Her testimony centers on the handling and disbursement of confidential funds during Duterte’s tenure as vice president. Stories in A3 and A9.. ROY DOMINGO/SPPA POOL
PESO EXCHANGE RATES n US 61.4100 n JAPAN 0.3855 n UK 83.1491 n HK 7.8265 n CHINA 9.1083 n SINGAPORE 48.0216 n AUSTRALIA 43.4783 n EU 71.0391 n KOREA 0.0434 n SAUDI ARABIA 16.3586 Source: BSP (August 17, 2026)