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PMO bent on year-end sale of big-ticket assets By Reine Juvierre S. Alberto

ESPITE a sharp reduction in this year’s privatization revenue target, the Privatization and Management Office (PMO) will push through the sale of several big-ticket assets by year’s end. On the sidelines of HSBC’s flagship event on Tuesday, Chief Privatization Officer and Finance Undersecretary Michael Peter A. Alejandro told reporters the three flagship assets in the pipeline will remain for disposal in the second half of the year. These assets include the Mile

FLOOD BUSTERS Personnel from the Department of Public Works and Highways (DPWH) and the Metropolitan Manila Development Authority (MMDA) operate a mobile pump along the San Juan River at E. Rodriguez Sr. Avenue in Quezon City on Tuesday, August 18, 2026, as prolonged monsoon rains continue to test Metro Manila’s flood-control systems. The mobile unit can transfer one cubic meter of water every second into the river system, forming part of emergency engineering measures to help drain floodwaters and ease severe street-level flooding during sustained downpours. NONOY LACZA

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Long building in Makati City, targeted for disposition by the end of the third quarter, as well as Food Terminal Inc. (FTI) and the government’s 20-percent stake in the South Luzon Expressway (SLEX) slated for sale in the fourth quarter. The government is currently conducting appraisals for the properties, which will have to undergo the required approval process before they can be offered for sale. “We’re looking forward to FTI and Mile Long. We’re really getting things rolling for that,” Alejandro said.

Any of the planned 2026 asset sales that do not push through this year would instead be carried over to 2027, he noted. In the first half of the year, the government generated P1.9 billion in privatization revenues, Alejandro said, nearly matching the P2 billion raised in 2025. However, this accounts for only 4.9 percent of this year’s lowered privatization revenue target of P38.1 billion, recently adjusted by the Cabinet-level Development Budget Coordination Committee (DBCC). The supposed target of P101 billion was moved to 2027 due

to “accounting issues,” Alejandro said, as the government expects proceeds from the sale of the Caliraya-Botocan-Kalayaan (CBK) hydropower assets to come in next year. About P36.27 billion in proceeds from CBK’s privatization will be remitted, while the AgusPulangi hydropower complex is also being considered for a transaction next year. Alejandro said the government is exploring a public-private partnership (PPP) for the hydroelectric complex located in Mindanao. The Agus-Pulangi hydropower

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‘INFLATION BEYOND 6% TO PERSIST TILL END-‘26’ www.businessmirror.com.ph

Wednesday, August 19, 2026 Vol. 21 No. 309

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

By Justine Xyrah Garcia

HILIPPINE inflation may stay above 6 percent through year-end as potentially weak harvests and the Middle East conflict continue to threaten domestic supplies, according to a congressional think tank.

The Congressional Policy and Budget Research Department (CPBRD) said in a new discussion paper that inflation would remain above the central bank’s target range of 2 percent to 4 percent despite easing in recent months. CPBRD expects inflation to settle between 6.4 percent and 7.3 percent in the third quarter and between 6 percent and 7.3 percent in the fourth quarter. Official data showed that inflation averaged 2.8 percent in the first quarter before accelerating to 6.8 percent in the second quarter. “Another point of interest is that only one of the 16 forecast runs yielded a CPI with an inflation rate below 6 percent. To wit, even with volatility, it is highly unlikely that inflation will fall below 6 percent in 2026,” the report noted. CPBRD said upside risks include weaker-than-expected harvests in the third and fourth quarters due to the monsoon, a possible super El Niño, and fertilizer constraints.

The Middle East conflict could also prolong commodity shortages and raise the cost of imported fuel, fertilizer, and other production inputs. Other risks include elevated electricity rates, peso depreciation, and the pass-through of wage increases to consumer prices. Based on projections by the Asian Development Bank (ADB), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), and Asean+3 Macroeconomic Research Office (Amro), CPBRD said the Philippines is expected to post the highest full-year inflation among the six Southeast Asian economies covered by the study. The country’s average inflation forecast for 2026 nearly doubled to 5.75 percent from 2.9 percent, marking the largest upward revision at 2.85 percentage points. This was followed by Thailand, Vietnam, and Singapore. CPBRD emphasized that “very See “Inflation,” A2

MONEY SENT HOME BY OFWS MAY BE PLATEAUING–EXPERT By Andrea E. San Juan

HE amount of money being poured by Overseas Filipino Workers (OFWs) into household coffers of their families back home may be plateauing amid rising inflation at home and in their host countries. Even as the June-only cash remittances posted the highest June cash remittance value on record, cash transfers from Filipinos working abroad are growing at the slowest pace in years due to the war-tied inflation. Jeremaiah Opiniano, Institute for Migration and Development Issues (IMDI) and professor at the University of Santo Tomas (UST) told the BusinessMirror on

Monday: “The numbers seem to reveal that even if the June-only cash remittances are the highest June cash remittance on record, cash transfers from overseas Filipinos are slowing down.” Opiniano said this after latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances or the money sent home by Overseas Filipino Workers (OFWs) reached $3.04 billion in June 2026, the highest monthly cash remittance level recorded in the first half of 2026 and also the highest June-only cash remittance level on record. Data from the central bank, however, showed that the $3.04-billion cash remittances See “Money,” A7

CASTING OUT POVERTY Fisherman Joseph Genera, who lives in a floating makeshift house in Parañaque City, looks into the distance as temporary weather conditions disrupt his daily livelihood.

The scene comes as the Department of Economy, Planning, and Development (DEPDev) reported that 8.8 million Filipinos were lifted out of poverty in 2025, bringing the country’s poverty incidence down to 9.7 percent. Yet for families whose livelihoods remain vulnerable to the weather, making ends meet can still be an everyday struggle. NONIE REYES

AI boom offers PHL new avenue for growth–HSBC By Reine Juvierre S. Alberto

HE Philippines could regain economic growth momentum next year as the global artificial intelligence (AI) boom offers a new avenue for growth through investments in semiconductors, data centers and higher-value business services, HSBC said. In a roundtable discussion with reporters on Tuesday, HSBC Chief Asia Economist Frederic Neumann said the country’s economic growth could rebound to 4.8 percent next year as external shocks fade, energy and food prices normalize and government spending recovers. “The structure of the Philippine economy remains actually quite healthy,” Neumann said, pointing to the financial sector being in “good shape,” a “robust” balance of payments and manageable government debt. HSBC sees roughly $50 billion of additional annual economic activity that businesses could potentially capture in the Philippine market, Neumann said in his presentation during HSBC’s

flagship event on the same day. Beyond cyclical economic recovery, Neumann said the global AI investment boom is an opportunity for the country to expand its role in regional supply chains. With the Philippines already having a foothold on AI hardware supply chain, Neumann said its current presence in testing, assembly and packaging must “expand quite aggressively” to claim a bigger share of the investment. “We already have kind of the beginning of that industry. We just need to build on that and grab some of the incremental investment. And that’s mostly a foreign direct investment story attracting this big investment,” Neumann said. Around $40 billion of AI-related goods are associated with the Philippines, although at a smaller scale compared to Singapore, Taiwan and Korea. HSBC Philippines President and Chief Executive Officer Sandeep Uppal said the country’s semiconductor exports are currently worth See “AI,” A2

A CHAIR THAT TELLS DAVAO’S STORY This Kadayawan season, discover the Waling-Waling Chair by AB Frank Collective at SM Lanang. Handcrafted in Davao, the piece draws inspiration from the waling-waling, an enduring symbol of the city’s rich natural and cultural heritage. It also pays tribute to Ms. Charita Puentespina and her pioneering work in propagating the iconic orchid, helping preserve its beauty for generations to come. More than a piece of furniture, the Waling-Waling Chair is a celebration of local artistry, heritage, and design—bringing a piece of Davao’s story into the spaces where we gather, discover, and experience. SM SUPERMALLS

PESO EXCHANGE RATES n US 61.5390 n JAPAN 0.3862 n UK 83.3669 n HK 7.8457 n CHINA 9.1281 n SINGAPORE 48.1828 n AUSTRALIA 43.6988 n EU 71.2622 n KOREA 0.0435 n SAUDI ARABIA 16.3912 Source: BSP (August 18, 2026)

News

BusinessMirror

A2 Wednesday, August 19, 2026

Inflation… Continued from A1

high inflation can inflict serious and lasting costs on the economy and the people.” Persistently high prices erode household purchasing power, weaken consumption and investment, and widen income inequality, according to the think tank. CPBRD said poor families are hit hardest because food accounts for a larger share of their spending. It added that high inflation could also prompt further interest rate increases, raising borrowing costs, and weighing on economic growth. CPBRD urged the government to consider a “more conservative fiscal policy” anchored on a leaner and more carefully targeted national budget. The approach would trim lowerpriority expenditures and limit the need for new taxes, which the study described as “non-deflationary in nature.” “This entails cuts in lower-priority spending items while continuing transfers to the marginalized to lessen adverse impact on overall consumption,” it added. CPBRD also called for measures that would address the economy’s supply constraints and reduce its exposure to external shocks. These include developing a more resilient and reliable power grid, establishing affordable mass transportation for people and goods, and offering incentives for firms and households to invest in productivity-enhancing or energysaving initiatives.

www.businessmirror.com.ph

DepDev pushes key power reforms to cut electricity cost

By Justine Xyrah Garcia

HE Department of Economy, Planning, and Development (DepDev) is pushing for stronger power-sector reforms to bring down electricity costs, which it identified among the most binding constraints to growth and industrialization. Socioeconomic Planning Secretary Arsenio M. Balisacan said proposed amendments to the Electric Power Industry Reform Act (Epira) should strengthen the Energy Regulatory Commission (ERC) and improve its coordination with the Philippine Competition Commission (PCC). “One is about the need to strengthen ERC. The second is to strengthen the coordination between the ERC and the Philippine Competition Commission so that it is more effective in going after market abuse or abuse of market power by any participant in the electricity market,” Balisacan said during the Development Budget Coordination Committee (DBCC) briefing. Balisacan said investors have long

flagged expensive electricity as a major constraint to expanding economic activity. “One of the most binding constraints to growth and industrialization, as pointed out by many investors, is the high cost of electricity,” he said. “If the investment is able to reduce that cost, then the multiplier effects are going to be much better,” he added. In his presentation earlier in the day, Balisacan said ensuring reliable and affordable energy would require the expansion of renewable generation, modernization of the power grid, more efficient permitting processes, and stronger competition in the electricity market. DepDev also identified Epira

amendments among the Marcos administration’s priority legislative measures under energy security and sustainability. He said the government had previously opted to pursue Epira amendments in segments due to the complexity of revising the law in one sweep. Among the areas identified were extending the life of the Power Sector Assets and Liabilities Management Corp. (PSALM) until 2036, strengthening the ERC, and reinforcing the competition mandates of both the ERC and PCC.

Broadening sources of growth

THE push to bring down electricity costs also comes as DepDev seeks to attract more investment into industry and exports to broaden the country’s sources of growth. Balisacan said the Philippines needs to strengthen investment and exports while revitalizing

PMO…

Continued from A1

complex consists of seven run-ofriver hydroelectric power plants with a combined installed capacity of 1,000 megawatts (MW), but only 700MW are operational due to aging infrastructure. The Department of Energy has said that the government may award the contract by the end of 2026 to rehabilitate the hydro asset. The Power Sector Assets and Liabilities Management Corp. (PSALM) is also evaluating two

industry, noting that the country continues to lag several of its Southeast Asian peers in fixed investment and export performance. He said high energy costs make it harder for manufacturers to expand and generate better-quality jobs, particularly in export-oriented industries. “If the cost of energy is high, there’s no way that you could generate a lot of jobs, high-quality jobs, because your manufacturing would not be able to generate good enough employment and especially for exports,” Balisacan said. DepDev has been pushing to reduce the economy’s heavy reliance on household consumption and services by drawing more growth from investment, exports, agriculture, and industry. (See: https://businessmirror. com.ph/2026/08/16/beyondthe-numbers-where-shouldgrowth-come-from/).

unsolicited proposals. The government is also expecting around P800 million from the disposal of smaller assets next year, Alejandro said. There are over 28,000 titles, mostly small assets measuring about 200 square meters, up for sale, according to the Department of Finance. By privatizing state assets, the government monetizes underutilized assets and generates additional funding for public spending. This year, the government aims to raise P4.807 trillion in revenues, of which P327 billion will come from non-tax revenues.

AI boom offers PHL new… Continued from A1

around $20 billion, compared with roughly $100 billion for Malaysia. “The need of the hour is execution, not new ideas,” Uppal said, stressing that the country needs more semiconductor manufacturing and supply chain investments. Multinational companies are also continuing to establish global capability centers in the Philippines, increasingly focused on areas such as analytics, innovation and marketing, Uppal added. Neumann said localized data centers would provide the digital infrastructure needed by business process outsourcing (BPO) companies and other businesses to use AI while maintaining low-latency access to computing and data. “We need localized data centers that help the BPO industry to remain competitive. And I think that you will see, in the next few years, a lot more data center investments in the Philippines,” he added. While there are energy shortages, water supply issues and land disputes, Neumann said this is not unique to the Philippines. “We have these problems everywhere...and there’s always a way to solve that.” “I wouldn’t be surprised if we see some big data center investments coming through because the industry is also looking at the Philippines, looking at the BPOs, and knows that there will be future demand for data centers,” Neumann said. “As these data centers get built, workers get hired, infrastructure needs to be developed. So that drives growth,” he added.

Shooting… Continued from A9

injured seven Grade 5 pupils with a kitchen knife at Bethal Academy. Days later, another stabbing occurred following a fistfight at Cavite National High. President Ferdinand Marcos Jr. said schools should be among the safest places in the country, noting these are where Filipino children are entrusted to learn, grow, and pursue their dreams. “I have directed our law enforcement agencies to conduct a thorough investigation into this incident and to determine what more must be done to prevent another family, another school and another community from suffering the same grief,” he said. “We will work with our schools and communities to strengthen the safeguards that protect our students and ensure that they can pursue their education without fear,” he said.

Gordon: Kids under pressure

EXPRESSING deep shock and sadness, former senator and now Red Cross chairman Richard J. Gordon said, “What makes this even more disturbing is that a child reportedly had access to two firearms, including an M16 and a .45-caliber handgun. “How did a child get access to these weapons? This should never have happened. And this is not the first time we have seen violence involving children in our schools. It is getting worse. We have seen students attacked with knives and guns inside schools, and now we are seeing another shooting involving a young student. “We have to ask ourselves: Are our children beginning to imitate the violence they see around them?” Beyond social media discipline, Gordon said, the other problems besetting children should be addressed urgently: “Our children are under enormous pressure. They face bullying, academic pressure, family problems, isolation, and problems that adults sometimes do not see. They need guidance. They need someone to talk to. They need parents and teachers who will listen before a problem becomes a tragedy.”

Senators aghast

SENATORS were aghast at the latest school shooting and vowed to keep pushing pending initiatives for a more integrated approach to ending school violence and keeping campuses safe. The Committee on Women is scheduled to mount another hearing this Thursday on the wave of school shootings across the country. “We will continue the fights against NVE [nihilistic violent extremism], against online grooming for serious violent activity, and other threats to the safety of our children this Thursday,” Sen. Risa Hontiveros, Women’s committee chair, said in a statement hours after the Zamboanga violence broke. “In truth, if violence is not just being perpetrated, but also put on display, copied, or even livestreamed, then that means the [problem society faces is even deeper and bigger,” added the chair of the Senate Committee on Women, Children, Family Relations, and Gender Equality. For Sen. Joel Villanueva, “The tragic school shooting in Zamboanga is a painful reminder that our children deserve nothing less than a safe and secure environment. He then cited the reforms they are pushing under the Second Congressional Commission on Education (Edcom 2), which “not only encompass the school curriculum, but also the safety of our students, who are exposed to social and environmental factors.” As co-chair of Edcom2, Villanueva said he supports “proposed measures that directly address school violence and strengthen safety and security in our schools.” At the same time, they are eyeing possible legislation “to tighten gun control and promote responsible firearms ownership, storage, and safety, particularly to prevent children and other unauthorized persons from gaining access to firearms. These are difficult but necessary conversations, because no weapon should ever find its way into a classroom or be used to cut short the life of a child.” The bill on social media ban for children is among the Ledac priorities. Senator Mark A. Villar renewed his push for Senate Bill No. 2321, or the proposed Ligtas Act, will establish a comprehensive safety and security framework for basic education institutions nationwide. The measure includes stronger threat assessment and reporting mechanisms, closer coordination between schools and law enforcement agencies, emergency response protocols, parent notification systems, first-aid preparedness, regular emergency drills, and crisis counseling. Villar also cited Senate Bill No. 2133, or the proposed Students’ Guidance Counseling Act, to strengthen guidance and school-based mental health services and provide students with greater access to qualified professionals, preventive programs, referral mechanisms, and appropriate intervention. With reports by Butch Fernandez, Sam Medenilla & Lorenz Marasigan

www.businessmirror.com.ph

Wednesday, August 19, 2026

QC court to hold oral arguments on grave threats case against Sara

HE Regional Trial Court in Quezon City has set for hearing and oral arguments the motion filed by Vice President Sara Duterte seeking the outright dismissal of the three counts of grave threats case filed against her by the Department of Justice (DOJ). I n a t w o - p a ge ord e r, t he cou r t set t he ora l a rg u ments on Aug ust 20. Lawyer Paul Lawrence Lim, Duterte’s counsel for the grave threats case, filed last August 14 an omnibus motion asking the court to conduct a hearing and oral arguments on her motion to defer issuance of or recall arrest warrant and quash information. In her manifestation, Duterte moved for the conduct of a hearing and oral arguments on the case citing as sanctioned by the Revised Guidelines for Continuous Trial in Criminal Cases. Duterte stressed that the issues presented before the Court will have “serious, far-reaching and dangerous consequences in our country’s legal system and the stability of the Philippine government, considering that it involves the criminal prosecution of a sitting Vice President – an impeachable officer under Section 3, Article VII and Section 2, Article IX of the 1987 Constitution.” On Monday, the DOJ submitted its comment expressing its opposition to Duterte’s motion to defer the issuance of arrest warrant and quash information. “With the filing of the Comment/Opposition to the Urgent

Motion by the prosecution, the Court deems it prudent to set t he instant case for hear ing and oral arguments on 20 August 2026 at 8:30 o’clock in the morning pursuant to…the Revised Guidelines for Continuous Trial of Criminal Cases,” the order read. The grave threats information was filed by DOJ before the RTC in QC on August 11 after it found prima facie evidence with reasonable certainty of conviction to indict Duterte for the crime of grave threats under Article 282 of the Revised Penal Code in relation to Section 6 of Republic Act 10175 or the Cybercrime Prevention Act of 2012. The said provision punishes “any person who shall threaten another with the inf liction upon the person, honor or property of the latter or of his family of any wrong amounting to a crime.” The DOJ recommended a bail of P120,000 for Duterte’s provisional liberty if the court issues a warrant of arrest. It, however, dismissed the inciting to sedition against the Vice President after the panel of prosecutors found the evidence insufficient to file the case. T he case stemmed from Duter te’s statement made in during an online press briefing in November 2024 claiming that she had hired someone to assassinate President Marcos, First Liza Araneta-Marcos and then Speaker Martin Romualdez if a purported plot against her life succeeds. Joel R. San Juan

Ombudsman suspends 2 transport execs over computerization mess By Joel R. San Juan @jrsanjuan1573

HE Ombudsman has placed Land Transportation Franchising and Regulatory Board (LTFRB) Chairman Vigor Mendoza II and Office of Transportation Cooperatives Chairman Teofilo Guadiz II under preventive suspension for six months without pay over alleged irregularities in the collection of computer fees amounting to P13.3 billion. Ombudsman Jesus Crispin Remulla issued the order on August 17 after finding sufficient grounds to suspend Mendoza and Guadiz, both former Land Transportation Office chiefs, pending the resolution of the administrative charges for grave misconduct and conduct prejudicial to the best interest of the ser vice. The suspension of the two officials, according to the Ombudsman, was necessary to preserve documents and evidence that may be under their control or custody and to prevent the possible commission of further malfeasance or misfeasance in office.

DENR to probe garbage traps’ condition Meralco restores power supply in flood-hit areas By Jonathan L. Mayuga @jonlmayuga

HE Env ironment Ma nagement Bureau (EMB) of the Department of Environment and Natural Resources (DENR) said it would order various EMB units to look into the conditions of close to 200 garbage or trash traps strategically positioned in river tributaries across the National Capital Region (NCR) following days of non-stop rains that revealed the sea of garbage in Parañaque City on August 17. EMB Director Michael Drake Matias said some of these garbage traps may have been damaged or totally destroyed by raging waters, thus allowing garbage to end up in rivers downstream and coastal areas. “Possibly, some of the garbage traps may have been damaged or destroyed; that’s why we need to check the conditions of our

garbage traps, he told the BusinessMirror. He explained that garbage traps prevent solid waste from reaching lakes or coastal waters. A specialized plant that receives, sorts, and processes recyclable waste materials (like plastic, paper, metal, and glass) using manual labor and machines so these can be sold to manufacturers as raw materials for new products. “The garbage traps is where we collect garbage, load them to trucks for proper disposal,” he said. Matias said the tons of solid waste swept by the flood to form the sea of garbage in the Parañaque River partly came from tributaries upstream. He added that about 40 percent of the total collected garbage somehow find their way to streets, vacant lots, and waterways owing

By Lenie Lectura @llectura

HE Manila Electric Company (Meralco) on Tuesday reported that it has restored electricity service to nearly all customers that were affected by service interruptions brought heavy rains and flooding in its franchise area. “Our crews and field personnel are working overtime to address concerns and safely restore power in areas affected by the Habagat. Rest assured that we will not stop until service is restored to the last affected customer,” Meralco Vice President and Head of Corporate Communications Joe R. Zaldarriaga said.

See “Garbage,” A7 See “Meralco,” A7

‘Washington’ pullout no effect on RP-US drills By Rex Anthony Naval

HILIPPINE and US military drills are unaffected by the pullout of the USS George Washington (CVN-73) aircraft carrier battle group from the Pacific, the Armed Forces (AFP) said on Tuesday. “Naval capabilities and naval power are designed to be expeditionary. They utilize the sea not as a barrier but as a mobility corridor as a bridge depending on the requirements they could be reassigned or reallocated to different areas of concern. As the Philippines is concerned, the movement of a carrier battle group from Indopacom [IndoPacific Command’ to the Middle East will not affect the MDB-SEB [Mutual Defense Board-Security Engagement Board] activities for

this year,” the AFP spokesperson for the West Philippine Sea, Rear Adm. Roy Vincent Trinidad said in a briefing. Earlier reports said that the USS George Washington and its escorts will be transferring to the Middle East to relieve the USS Abraham Lincoln and its battle group. “In fact, we’re past the middle of the year. A lot of the activities have already been conducted. The defense commitment between the Philippines and the US is ironclad. We do not foresee any dip or any slowing down in our MDB-SEB activities,” Trinidad said. “Historically, the pulling out of any particular capability from the Indopacom, the Pacom [Pacific Command] theater will always be replaced when the contingencies in the other parts of the globe have subsided,” Trinidad said.

AFP not deterred by sudden spike of China Coast Guard ships in WPS

HE Armed Forces (AFP) is undeterred over by the increase of China Coast Guard (CCG) ship deployments in the West Philippine Sea (WPS) signalling a possible shift to an increase in Chinese “maritime law enforcement operations” in the strategic waterway. This was after some 77 CCG vessels were monitored in the WPS for the first semester of this year, significantly higher than the 68 recorded during the same period in 2025. See “WPS,” A7

The suspension order stemmed from Mendoza and Guadiz’s continued use of the Stradcom-operated LTO information technology system that resulted in an additional P13.3 billion in computer fees during their terms as LTO chiefs despite the government’s implementation and acceptance of its replacement, the Land Transportation Management System (LTMS).

“The continued utilization of the LTO IT System by Guadiz and Mendoza demonstrates a patent disregard of established government policy and prior official directives intended to transition LTO operations to the LTMS,” the order read. The Ombudsman noted that the Commission on Audit (COA) f lagged the continued parallel use of the two systems resulted in the “non-ma ximization of the benefits” expected from the LTMS project. This resulted in “additional burden and expense for the transacting public” due to computer fees charged by Stradcom, “which amounted to P13,379,196,499.73” from 2019 to 2025. It may be recalled that the government and Stradcom entered into a Build-Own-Operate (BOO) Agreement in 1998 which covered the establishment and operation of computer systems and other infrastructure used to process LTO transactions nationwide. A Final Certificate of Acceptance was issued by then the DOTC, now the Department of Transportation, to Stradcom in February 2003. The original 10 -year concession period expired on February

10, 2013 and was subsequently extended on a month-to-month basis. In 2016, the LTO and Stradcom entered into a Phase Out Agreement allowing the arrangement to continue while the LTO had no new or replacement IT system that was fully operational nationwide. In 2018, the government contracted a joint venture led by Dermalog Identification Systems GmbH for the development and delivery of the new LTO core system, now known as the LTMS. In 2021, the LTO issued a Certificate of Project Completion and Final Acceptance for the LTMS. Following its implementation and rollout, the LTMS was institutionalized as the government’s principal platform for motor vehicle registration, licensing and related transportation transactions, with LTO operations directed to gradually transition away from the Stradcom-operated system. During Guadiz’s term in 2022, the then LTO chief “pushed for the continued use of the LTO IT System” and “favored Stradcom” with Guadiz saying “the old IT System provides a better solution”. See “LTFRB,” A7

Wednesday, August 19, 2026

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Lacson seeks more equitable distribution of National Tax Allotments to local govts By Butch Fernandez

@butchfBM

HE distribution of the National Tax Allotment (NTA) to local governments (LGU) should be more equitable, Sen. Panfilo M. Lacson said, adding that giving smaller localities greater resources will help spur development.

Sctex Luisita gateway expansion to ramp up Tarlac ecozones’ devt By Henry Empeño

UBIC BAY FREEPORT—A major infrastructure project designed to expand the Subic-Clark-Tarlac Expressway (Sctex)-Hacienda Luisita Interchange in Tarlac will not only open up the landlocked province to major economic centers in Central Luzon, but also accelerate the development of economic zones within the area. The Bases Conversion and Development Authority (BCDA) is investing P172.1 million for the Sctex-Luisita Interchange expansion and broke ground for the project on August 11. BCDA President and Chief Executive Officer Joshua M. Bingcang said the project is designed to serve the wider Tarlac community and Central Luzon, beyond the developments within BCDAadministered properties.

Among the major economic and development areas in Tarlac that will benefit from the interchange expansion are the Luisita Industrial Park, Ayala Land’s Cresendo estate, and TARI Estate of Aboitiz Infracapital. The Luisita Industrial Park, located in San Miguel, Tarlac City, offers a core industrial area spanning 300 hectares for manufacturing, logistics, and technology ventures. Additionally, an adjacent area of 200 hectares being developed by the Luisita Realty Corp. provides spaces for complementary commercial and residential uses. Ayala Land’s 290-hectare Cresendo mixed-use estate, also located in Tarlac City, meanwhile includes the 32-hectare Cresendo Industrial Park dedicated to light, non-polluting industries, logistics, and warehousing. The rest of See “Sctex,” A7

Lacson, who chairs the Senate Committee on Ways and Means, said that under the current NTA formula, smaller towns and provinces receive only a fraction of the allocations received by their bigger and wealthier counterparts. “The bigger and wealthier cities receive huge allocations. For example, Davao City and Quezon City get a big NTA allocation – as much as P10 billion. But the shares of very small cities are so small they can hardly feel its impact,” he said, partly in Filipino, in a radio interview.

“The problem is the inequitable distribution of LGUs’ share in our national revenues. We must find ways to make it more equitable,” he added. The NTA, formerly the Internal Revenue Allotment (IRA), refers to the 40-percent share of national tax collections automatically given to LGUs. For provinces, cities, and municipalities, each LGU’s share within its category is determined based on population (50 percent), land area (25 percent), and equal sharing (25 percent). For barangays, 60 percent

is distributed based on population and 40 percent through equal sharing, subject to the minimum allocation for qualified barangays. Lacson said one possibility is to distribute “excess” collections to the smaller LGUs. “We can distribute it to the smaller LGUs so they have better chances of developing,” he said. “Our administration and policy makers must look at this more closely. Without equitability, the poor suffer more while the rich get richer...That is the disconnect that we must revisit,” he added.

Rains threaten Benguet vegetable crops By Ada Pelonia @adapelonia

HE Department of Agriculture (DA) is seeking ways to avert further vegetable losses as torrential downpours in Benguet damage crops and temper demand. This, after reports of Chinese cabbage and carrots being discarded along Labey–Lacamen Road in Tublay, Benguet. Agriculture Secretary Francisco Tiu Laurel Jr. said he directed the regional office to assess the situation, as this adds pressure on growers already beset with production risks and weak market conditions. Upon verification, DA-Cordillera Administrative Region (CAR) Regional Executive Director Jennilyn Dawayan said the Chinese cabbage was traced to a farmer from Gambang, Bakun, who harvested 2.5 metric tons (MT) last August 13. Despite being transported to La

Trinidad, the produce remained there for two nights and two days before entering the trading center. Due to torrential rains, the cabbage developed signs of rotting and became unfit for market. The truck was eventually pulled out, the DA said, with the cabbage unloaded in a vacant lot near Polig’s farm, where passersby and tourists could take the vegetables for free. Meanwhile, the four metric tons of carrots harvested in Amlimay, Buguias, were brought to the trading center, where only 700 kilos were sold. The remaining produce already showed signs of rotting, prompting the farmer to dump it. The regional office said it continues to expand market access through Kadiwa, transport assistance, and institutional buyer linkages. This month, the DA said it has already assisted at least 46 farmer cooperatives and associations

(FCAs) and facilitated the movement of 32.83 MT of vegetables through direct market channels, valued at P1.2 million. Despite this, the latest DA monitoring report showed a spike in retail prices of highland vegetables in a span of one week. As of August 16, rare ball cabbage retails at P99.64 per kilo, from the previous week’s P74.43 per kilo. The price of carrots also spiked to P113.73 per kilo, from P104.87 per kilo. Prices of red and green bell pepper rose to P232.08 a nd P255.12 per kilo, from P213.38 and P230.94 per kilo a week ago, respectively. Broccoli also retails at P248.54 per kilo, from P230.4 per kilo. “The recent losses underscore the need for faster logistics, stronger market linkages, and coordinated support programs to help Benguet farmers weather both climate and market challenges,” the DA said.

Lawmakers, experts back risk-based excise taxes to recover fiscal losses

T the August 11 House of Representatives Committee on Ways and Means hearing, legislators and policy specialists advanced competing vape tax proposals while converging on one goal: strengthening government revenues without fueling illicit trade. During the hearing, Cagayan de Oro City Rep. Rufus Rodriguez advocated for House Bill 5364, the Vape Tax Unification Bill, which seeks to harmonize excise taxes across nicotine salt and freebase nicotine vapor products. Rodriguez said his team projects the bill to yield average annual revenues of around P6 billion between 2027 and 2030, while also improving compliance and reducing illicit trade to as low as 10 percent by 2028. The current system taxes nicotine salt vapes at P60 per milliliter, while freebase nicotine products face a much lower rate of P69.50 for 10 milliliters, or just P6.95 per milliliter.

Citing 2025 Bureau of Internal Revenue (BIR) statistics, Rodriguez emphasized that freebase nicotine products accounted for more than 90 percent of excise taxes collected across all vape categories. “No one is declaring their vape products as made of nicotine salt but instead declaring or misdeclaring the same as freebase nicotine,” Rodriguez said. Rodriguez framed the bill as a harm-reduction tool, referencing Public Health England’s 2015 review that found vaping to be around 95 percent less harmful than cigarette use. “Risk-based taxation is not new. We use this principle when we provide less tax or zero tax to electronic vehicles vis-à-vis gasoline-type vehicles. In the same manner, less harmful cigarette alternatives should be taxed less,” Rodriguez said, explaining that the proposal aligns with Republic Act No. 11900, the country’s

established regulatory framework for vaporized nicotine and nonnicotine products. He stressed that despite public health efforts, the number of Filipino smokers remains at roughly 16 million, virtually stagnant over the last decade. WHO data reveal that less than 4 percent manage to quit annually. Citing a 2023 cost-of-illness study, Rodriguez said that if 50 percent of adult smokers in the Philippines switched to smoke-free products, the $9.8 billion yearly cost of smoking-related illness could decline by 35 percent—equivalent to $3.4 billion. Manila Rep. Rolando Valeriano filed House Bill 10289, seeking to standardize excise taxes across all vapor products. His proposal establishes a P15-per-milliliter rate in 2027, followed by yearly 5 percent increases beginning in 2028. The measure’s explanatory note highlighted the wide gap in current excise taxes applied to nicotine salt versus freebase nicotine vapor products. “Such disparity has created regulatory loopholes and incentivized tax avoidance, contributing to substantial revenue loss,” the bill’s exploratory note said. “By adopting a single rate across all vapor product types, the measure eliminates classification ambiguities, enhances compliance, and fosters equitable treatment among industry stakeholders,” it added. The Philippine E-Cigarette Industry Association (Pecia), meanwhile, threw its support behind a P10-per-milliliter unified excise tax, stressing the need for consistency across vapor products.

“We believe a uniform rate removes the incentive for misclassification or misdeclaration, gives BIR and Bureau of Customs a simpler basis for enforcement and helps keep legitimate products within the legal, regulated, and taxable market,” PeciaPresident Joey Dulay told the committee. Dulay warned that an overly high tax rate would push legal products out of the market, deprive the government of revenue, and erode its authority to regulate and control illicit trade. “The highest statutory tax rate is not necessarily the highest revenue producing rate,” Dulay said. “Our position is therefore simple: protect our children. Enforce the law, eliminate the illicit market, and tax the legitimate market at a rate that keeps it inside the tax system.” Responding to a question on whether Pecia members might be selling illicit products, Dulay said, “Sa aming experience po, hindi po nangyayari ’yan.” “We represent the compliant industry. Ang association po namin ay 100 percent compliant. Ang parati nga din namin sinasabi na we have to acknowledge the fact, dito sa vapor industry, we have two separate industries. One is the compliant industry. We pay taxes, we follow the law. Two, there is a very large illicit market,” he went on. “K ami po lahat sumusunod. Mahigpit po namin pinagbabawal ang illicit products sa aming mga miyembro,” Dulay added. “We support strict age verification, stronger enforcement against sales to minors, the 100-meter restriction around schools, stronger online controls, and aggressive action against youth-oriented

marketing and illegal products. Vapor products are not risk-free and they must never be sold to minors,” he said. “Kaya po kami po talagang suportado namin lahat po ang mga health concerns din po, lalo na po sa youth. Ang RA 11900 po, marami pong safeguards para i-prevent ang youth uptake. Ang importante lang po talaga is proper enforcement,” Dulay said. Caps and Partners Inc. President and Chief Executive Officer Michael Eric Castillo cautioned that raising tax rates does not automatically advance public health objectives, urging the Department of Finance (DoF) to first assess the size of the illicit vape market before setting an optimal rate. He suggested that the DoF draw on established approaches from organizations including United Nations Office on Drugs and Crime, the U.N. Conference on Trade and Development, the European Union Intellectual Property Office, Global Financial Integrity, and the World Bank. Castillonotedthatprohibitionhas not always remained the long-term policy approach for vapor products. Among countries that later moved toward regulation are New Zealand, Malaysia and Canada. He also warned lawmakers of a troubling pattern – smoking rates and tax levels climbing, while government collections continue to shrink. “This simply indicates tax leakage, illicit substitution, declining legal consumption, and enforcement limitations. You cannot maximize taxation if a substantive portion of the market is not covered by your tax system,” Castillo said.

Major regional energy confab set next month By Lenie Lectura @llectura

FIVE-DAY regional gathering aimed at advancing energy cooperation, investment, and connectivity across Southeast Asia is scheduled next month. The Department of Energy (DOE), in collaboration with the Asean (Association of Souheast Asian Nations) Center for Energy (ACE) and Leverage International, officially launched the other day the 26th Asean Energy Business Forum (AEBF-26). The gathering, which will take place from October 5 to 9, is expected to bring together energy minsters from the 11 Asean Member States, global industry leaders, and more than 1,500 delegates from across the region. Energy Secretary Sharon Garin said the country’s hosting of AEBF26 provides an important opportunity to translate Asean’s shared energy priorities into stronger partnerships, concrete investments,and projects that benefit the region. “As Asean Chairman, the Philippines wants AEBF-26 to be a platform where governments, industry, and investors move beyond discussions and build the partnerships needed to unlock the region’s enormous energy potential,” Garin said. ACE Executive Director Dato’ Ir. Ts. Razib Dawood underscored the scale of investment required to support Asean’s growing energy requirements and clean energy transition. “Our region needs around $200 billion in annual energy investment by 2030 and 75 percent of that, roughly $150 billion, must go toward clean energy. In 2001, we mobilized just $30 million. That gap is precisely what AEBF-26 exists to help close,” Dawod said. AEBF-26 will feature policy dialogues, high-level roundtables, business-tobusiness engagements, and exhibitions covering key regional priorities, including the Asean Power Grid, Renewable Energy Certificates, energy efficiency, and energy financing and investment. The forum will also feature the Philppines Energy Investment Forum and the Asean Sustainable Aviation Fuel Conference, alongside the launch of the 9th Asean Energy Outlook and the Asean Energy Investment Report, as well as actives under the Sustainable Asean Energy Management Accreditation Scheme (Seamas) Program for the Energy Efficiency Certification Scheme.

Wednesday, August 19, 2026

Ube farmers, stakeholders form natl organization By Ada Pelonia @adapelonia

OCAL purple yam (ube) stakeholders have formed a federation, dubbed the United Ube PH Association Inc., as part of efforts to centralize initiatives to strengthen domestic production and boost exports of the prized crop. The federation comprises farmers, cooperatives, growers, processors, traders, exporters, researchers, the academe, government agencies, and other industry players. It grew out of a stakeholders’ meeting convened by the Department of Agriculture (DA), as local production lags behind demand. Current output is around 50 to 60 metric tons (MT) per operator, but stakeholders believe better supply coordination and broader access to high-quality raw materials could boost production. According to the DA, United Ube PH was

officially registered with the Securities and Exchange Commission (SEC) this month as a non-stock, non-profit organization representing the Philippine ube industry. Carrying the banner, “One Industry. One Vision. One Philippine Ube,” the agency added that the federation seeks to turn a fragmented industry into a “more coordinated and competitive” force in domestic and international markets. The DA said the group has begun working with government agencies, local government units (LGUs), business organizations, and other stakeholders to develop concrete industry strategies. These include preparations for the 1st National Ube Forum in Pagadian City, Zamboanga del Sur, scheduled for September. It serves as a nationwide ube industry development strategy and a membership drive covering major ube-producing areas. See “Ube,” A6

Marcos’ 4PH benefits 3 more Naga communities via ECMP

HREE more communities in Naga City have gained security of tenure through the Enhanced Community Mortgage Program (ECMP)—one of housing initiatives under President Ferdinand Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program. On August 18, Social Housing Finance Corporation (SHFC) President and CEO Federico Laxa and Mayor Leni Robredo awarded the checks totaling over P65.8 million to Mabolo Village Homeowners’ Association Phases 1 and 2 and Saint Joseph Homeowners Association in a ceremony held in Barangay Pacol. Representing Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Ramon Aliling, Assistant Secretary Johnson Domingo also attended the event. A total of 420 families will benefit from the awarding, which served as one of the highlights of the Jesse Robredo Day—a special working holiday in Naga honoring the legacy of the late Interior Secretary and City Mayor.

The latest awarding brings the total number of ECMP beneficiaries in Naga City to more than 800 families, with combined loan assistance reaching around P92 million. In June, SHFC also awarded checks to two other ECMP communities in the city, further strengthening its support for Nagueños seeking secure and affordable housing. The milestone reflects Secretary Aliling’s vision of making government housing programs more responsive to the needs of communities, in line with President Marcos’ directive to bring government services closer to the people. President and CEO Laxa said the latest awarding builds on SHFC’s continuing efforts to expand access to secure tenure among low-income communities. “Simula ngayon, makakatulog na nang mahimbing ang ating mga kababayan,” he added. “Magkakaroon na sila ng kapanatagan at hindi na sila mangangamba na mapaalis pa sa kanilang lupain.” See “ECMP,” A6

Prosecution: SDO Acosta’s testimony reveals VP’s direct role in confidential fund payout

EMBERS of the House prosecution panel said the testimony of former Office of the Vice President (OVP) special disbursing officer (SDO) Gina Acosta in the Senate impeachment trial revealed the direct accountability of Vice President Sara Duterte in the “ghost process,” which allegedly resulted in the mishandling of P125 million confidential funds. House prosecutor Manila Rep. Joel Chua said the Acosta confirmed that Duterte ordered her to hand off the cash to then-Vice Presidential Security and Protection Group chief Col. Raymund Dante Lachica. This even if Acosta did not have any authority to disburse the said fund. “It turned out yesterday [Tuesday] that Ms. Gina Acosta’s role was merely ministerial—essentially just a signatory—because she did not understand the plan and simply handled withdrawals,” Chua said in Filipino in a statement. The House prosecution also questioned the multiple roles of Lachica in the disbursement

of the fund, which House trial spokesperson Lanao del Sur Rep. Zia Alonto Adiong described as a “ghost process” because of issues in its “chain of control.” The lawmaker flagged Lachica for not only providing inputs for the planned activities, but also handled the funds and supplied documents concerning their use. The said issues, the House prosecution team, said has made it difficult for state auditors to determine how the fund was spent. However, it noted that they must still present more pieces of evidence to convict Duterte under Article 1 of the impeachment complaint against her. Under the said Article, Duterte was accused of misusing P612.5 million in confidential funds. Of the said amount, P500 million was released to the OVP from December 2022 to September 2023 and P112.5 million released to the Department of Education while Duterte was education secretary in 2023. Samuel P. Medenilla

JBC sets Oct. 1 deadline for SC associate justice applications

HE Judicial and Bar Council (JBC) has opened the application and nomination for the Supreme Court (SC) associate justice post that will be vacated by Associate Justice Amy C. Lazaro-Javier, who is set to compulsorily retire on November 16, 2026. Lazaro’s replacement will become the second appointee of President Ferdinand Marcos Jr. in the SC. In June 2025, Associate Justice Raul Villan-

ueva SC became Marcos Jr.’s first appointee in the SC, which is still dominated by magistrates who were appointed during the incumbency of former President Rodrigo Duterte. The JBC said interested applicants must submit their applications online through the JBC Online Registration Application System (JBC O.R.A.S.) via the Philippine Judiciary Platform. It sets the deadline for filing of online applications at 4:30 p.m. on October 1, 2026.

MMDA to implement garbage single ticketing system across Metro Manila

By Claudeth Mocon-Ciriaco @claudethmc3 & Samuel P. Medenilla @sam_medenilla

O strengthen enforcement of solid waste management regulations and promote uniformity among local government units (LGUs) in Metro Manila, the Metropolitan Manila Development Authority (MMDA) announced that the Metro Manila Council (MMC) is set to implement a Garbage Single Ticketing System. MMDA Chairman Atty. Romando Artes welcomed the proposal, noting that stronger and more harmonized enforcement could help reduce the amount of garbage reaching waterways and drainage systems, which can contribute to flooding. “The proper management of solid waste is not only an environmental concern but also a critical part of our flood mitigation efforts. We support initiatives that will strengthen discipline, harmonize enforcement, and encourage every Metro Manila resident to take responsibility for their waste,” Artes said. The proposal was made by Las Piñas City Congressman Mark Anthony Santos, who emphasized the need for a unified system of penalties and enforcement against improper waste disposal. Santos said a single ticketing system would help establish a more coordinated approach to enforcing waste management rules across the metropolis. “We need a unified and consistent system that will make enforcement more effective while reminding our constituents that proper waste disposal is a shared responsibility,” the lawmaker said during the Metro Manila Council meeting held today at the MMDA

Headquarters in Pasig City. Also tackled during the press briefing was the P5,000 anti-littering fine across all LGUs, while Municipality of Pateros imposes a P2,500 penalty. Those who fail to pay may be required to render community service. The initiative depends on the passing of local ordinances. Meanwhile, San Juan City Mayor and MMC President Francis Zamora reiterated the importance of developing an Integrated Drainage Master Plan among Metro Manila LGUs to address flooding through a coordinated, region-wide approach. “Flooding does not stop at city or municipal boundaries, making it necessary for us, LGUs, to work together in planning and improving drainage systems, waterways, pumping stations, and other floodcontrol infrastructure,” Zamora explained. Artes said that the MMDA is already working closely with the Department of Public Works and Highways (DPWH) on efforts related to drainage and flood management. “The MMDA and DPWH are already working together on this. We are continuously reviewing our flood-control and drainage systems to determine what needs to be improved and upgraded,” Artes said.

Zamora also requested assistance from the MMDA in conducting regular dredging operations along the San Juan River, emphasizing the importance of maintaining the waterway’s capacity and improving water flow, particularly during periods of heavy rainfall. The council also discussed the government’s ongoing proposed waste-to-energy initiatives, which aim to explore ways of converting waste into usable energy while reducing the volume of garbage that ends up in landfills. During the meeting, DPWH Undersecretary Emil Sadain also presented the proposed Parañaque Spillway Project, a flood-control initiative intended to improve the conveyance and discharge of excess floodwaters and help reduce flooding in vulnerable areas. In a separate assistance measure, the MMDA announced that they will provide free towing services for vehicles today only, including trucks, that were submerged in floodwaters or stranded due to flooding. The MMDA said affected motorists may coordinate directly through the official MMDA social media accounts to request assistance. The free towing assistance is available until today, August 18, 2026, only.

‘Overwhelmed’

FOLLOWING the heavy rainfall, which “overwhelmed” waterways in Metro Manila last Monday and submerged many of its parts in floods, the Department of Public Works and Highways (DPWH) announced the region’s new flood control master plan is expected to be completed this year. Public Works Secretary Vivencio “Vince” B. Dizon made the announcement in a press briefing in Malacañang last Tuesday, where he disclosed the new flood control mitigation measures will include the construction of a water detention basin in Quezon City to prevent the overflow of San Juan River. “The logic behind this is to capture and store floodwaters in detention basins we plan to build before

they spill into the San Juan River,” Dizon said in Filipino. He said they are now considering building the new structure at the Barangay Kaingin Bukid in Quezon City located upstream of the San Juan River. It will be funded under the proposed 2027 National Expenditure Program (NEP). DPWH noted that the measure will complement its ongoing dredging of the San Juan River to expand the volume of the crucial waterway. “The hope is that once constructed, these basins will temporarily hold the floodwaters before they flow downstream, allowing us to discharge the water into the San Juan River only after its water level has receded,” Dizon said. The DPWH chief said they are now coordinating with the Quezon City local government unit to secure the right of way for the said project and National Housing Authority to relocate communities, which will be affected by the said initiative.

Biggest mistake

THE agency is currently updating its flood control masterplan to include changing needs of local government units (LGU) amid the increasing volume of rains from the changing climate. “We do not take action on these matters without the knowledge of the LGUs or in a way that is inconsistent with their master plans; specifically, the drainage master plan—and even the projects proposed in the 2027 budget—all require certifications from regional and local development councils as well as the LGUs,” Dizon said. “I think the biggest mistake or shortcoming [of the previous administration] in the past was the failure to coordinate DPWH projects with local governments,” he added. DPWH is targeting to complete the new masterplan within the year. It is currently using the masterplan, which was crafted during the Aquino administration, when DPWH was still under the helm of former Public Works Secretary Rogelio L. Singson.

DAR steps up SPLIT Project for Davao Oriental, upholds respect for IPs ancestral domain

H E D e p a r t me nt of Agrarian Reform (DAR) is stepping up implementation of the Support to Parcelization of Lands for Individual Titling (SPLIT) Project in Davao Oriental to secure individual titles for agrarian reform beneficiaries, in coordination with the National Commission on Indigenous Peoples (NCIP) and concerned indigenous people’s tribes with ancestral domain claims or land titles. The DAR Davao recently held a coordination meeting on the implementation of the SPLIT Project involving the lands of the Kilusang Kabuhayan at Kaunlaran (KKK) in Barangay Taocanga, Municipality of Manay. The meeting was particularly significant because one of the two landholdings previously covered by a Collective Certificate of Land Ownership Award (CCLOA) is situated within an area covered by a Certificate of Ancestral Domain Title (CADT). This situation calls for careful consideration of applicable laws and procedures, as well as full respect for the rights and interests of Indigenous Peoples throughout the process. The DAR delegation was led by Provincial Agrarian Reform

Program Officer (PARPO) II Atty. Joebar C. Pondoc and PARPO I Virginia J. Batosalem, together with CARPO-LTID Roy L. Balilahon, C ARPOPBDD Arlene B. Linsag, and Manay MARPO Raul C. Brion. During the meeting, DAR officials engaged in dialogue with leaders of the Indigenous Political Structure (IPS) and the Ancestral Domain Management Office (ADMO). The Indigenous leaders openly shared their perspectives and insights, particularly on the cultural, legal, and community considerations that need to be observed in the implementation of the project. Pondoc emphasized that the success of the initiative depends on meaningful consultation and respect for the rights of all stakeholders. “We want to ensure that our Agrarian Reform Beneficiaries [ARBs] receive the support and services they deserve, but we also recognize the importance of respecting the ancestral domain and the rights of our Indigenous Peoples. Through proper consultation and coordination, we can move forward without compromising either,” he said. Rather than rushing the process, the participants agreed to move forward through proper

consultation, coordination, and compliance with established procedures. Among the identified next steps is the preparation of a project profile for submission to the National Commission on Indigenous Peoples (NCIP) Region XI, in support of securing the required Field-Based Investigation (FBI) and Free, Prior, and Informed Consent (FPIC) certification precondition. For DAR Davao Oriental, the initiative goes beyond the parcelization of collective landholdings and the issuance of individual titles. It is about ensuring that ARBs receive the services and opportunities they are entitled to while safeguarding the ancestral domain, rights, culture, and traditions of Indigenous Peoples. The continuing coordination among DAR, NCIP, IPS, ADMO, and other concerned stakeholders reflects a shared commitment to a fair, lawful, inclusive, and culturally sensitive agrarian reform process. Ultimately, genuine agrarian reform is not only about land and titles. It is about creating opportunities for communities to grow, thrive, and build a better future while honoring the history, culture, and identity rooted in the land. For DAR Davao Oriental,

supporting ARBs and respecting ancestral domain go hand in hand in building an inclusive and sustainable future for all. Jonathan L. Mayuga

Wednesday, August 19, 2026

Agriculture damage in Pampanga nears ₧751M; floods affect 887,000

By Joel P. Mapiles

ANDABA, PAMPANGA— Widespread flooding in Pampanga has affected 887,116 people across 374 barangays in 21 local government units, while damage to agriculture has reached an estimated ₧750.97 million, according to the latest provincial disaster report as of August 17. The f looding, triggered by the combined effects of Tropical Depressions “Luis” and “Maymay” and the enhanced Southwest Monsoon, has disrupted communities, transportation, education and other essential services across the province. The report said 276,824 families were affected, while 2,435 families,

or 8,821 people, were displaced. Of the total, 8,396 people were staying in 145 evacuation centers, while another 425 were staying outside formal evacuation facilities. Agriculture bore the biggest reported economic loss, with damage to rice, high-value crops, corn, cassava, fisheries and agricultural machinery

estimated at P750.97 million. Some 7,811 farmers and fisherfolk were identified as affected.

Deep flooding FLOODING was repor ted in 237 barangays in 16 LGUs, w it h water genera l ly reaching one to four feet, a lthough substantia lly deeper levels were recorded in severa l communities. Candaba reported some of the deepest flooding, with water reaching 13 feet in portions of San Agustin and 12 feet in Paralaya. Floodwaters also reached as high as six feet in parts of Guagua and 5.5 feet in some areas of Macabebe. Other heavily affected areas included Lubao, Mexico, Masantol, Minalin, San Simon and Santo Tomas. The provincial report attributed the flooding to continuous heavy rainfall, high tide, overflowing rivers and creeks, fluvial flooding, poor drainage and the volume of water coming from upstream areas.

Infrastructure under pressure

FLOODING and erosion have also damaged critical infrastructure, particularly dikes, riverbanks, slope-protection structures and roads. In Minalin, around 100 meters of concrete slope protection along a fishpond reportedly collapsed or was displaced, with an estimated damage cost of P200 million. In Candaba, major washout and erosion were reported along several dikes. A section of the BarangcaDike was estimated to have sustained P157.5 million in damage. Damage to slope protection and river structures was also reported in Guagua, Mabalacat, Porac, Lubao, Arayat, Magalang, San Simon and San Luis. Several roads in San Simon, Minalin, Santo Tomas, Candaba, Lubao, San Luis and Apalit became impassable, particularly to light vehicles, due to flooding. Power interruptions were likewise reported in portions of Apalit, San Si-

Ombudsman eyes plunder case vs four former bodyguards of Zaldy Co following their recantation By Joel R. San Juan @jrsanjuan1573

HE Office of the Ombudsman on Tuesday announced that the four former security escorts of ex-Ako Bicol party-list Rep. Zaldy Co may face criminal charges, including plunder, after their recanted their previous statements linking former House Speaker Martin Romualdez in the multi-billion flood control scandal. At a press briefing, Assistant Ombudsman Jose Dominic Clavano IV disclosed that the Ombudsman has yet to receive an official copy of the recantations of Co’s former bodyguards. However, Clavano noted that the supposed recantations were already attached to the counter-affidavit submitted by Romualdez last August 7 in response to the plunder, graft, bribery and money laundering charges filed against him for allegedly manipulating and

Young Moro parliamentarians push for OK of endorsed bills

AVAO CITY—Young lawmakers of the Bangsamoro government have pushed the Parliament’s approval of laws for the youth covering maritime travel safety, protection of the youth involved in early and forced marriages and transparency in governance. In the fourth gathering of the Bangsamoro Youth Parliament (BYP), it pushed for six bills and three resolutions for possible endorsement to the Bangsamoro Parliament and other concerned institutions. BYC Chairperson Nasserudin Dunding said the six approved bills covered safe maritime transport for students, transparency and access to information, economic development, pluralistic youth health advocacy, emergency health access, and Toril development and child welfare. The three resolutions focused on protecting survivors of Child, Early, and Forced Marriage (CEFM), interventions to address the learning and literacy crisis, and strengthening youth economic empowerment and agricultural development. The youth-crafted measures were among the outputs of the five-day parliament held July 27-31 at the KCC Convention Hall in Cotabato City, where Young Members of Parliament (YMPs) from across the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) deliberated on issues affecting young people and their communities, the BYC said. Bangsamoro Parliament Speaker Mohammad Yacob and Deputy Speaker Baintan Ampatuan received the approved measures for possible policy consideration in the regular Bangsamoro Parliament. “The goal is not only to train future leaders but to ensure that the ideas and policies developed by our young parliamentarians can contribute to the region’s governance,” Dunding said.Manuel T. Cayon

pocketing funds intended for flood control projects of the government from 2022 to 20225 amounting to at least P56 billion. The case against Romualdez is currently undergoing preliminary investigation before the Office of the Ombudsman. Romualdez’s camp, according to Clavano, has asked the panel handling the preliminary investigation for extension to file a supplemental counter-affidavit Clavano said the panel has yet to decide whether to grant the defense addition time to file the supplemental counter-affidavit. “There are indications that the panel of investigators may implead as part of the plunder charge the former security escorts of Zaldy Co, four of whom recently allegedly recanted their earlier statement implicating former Speaker [Martin] Romualdez, Co, and other officials in the alleged cash deliveries at the heart of this case,” Clavano said. “But for all intents and purposes, the

investigators do plan to include them as part of the charge because if they will not become witnesses for the prosecution, then they are merely respondents in a crime where they delivered billions of pesos to the respondents in this case,” he added. It may be recalled that the Ombudsman has tagged Romualdez as “the central figure in a scheme built on the diversion of public funds meant for flood control projects.” In elevating the complaint to the preliminary investigation stage against Romualdez, the Ombudsman gave weight to the sworn statements of eight of the 18 former soldiers who formerly served as Co’s security escorts. The Ombudsman said Co’s former bodyguards gave firsthand accounts about the amounts delivered from Co to Romualdez believed to be kickbacks from flood control projects. The witnesses, according to the Ombudsman, were present, moved with Co, and

witnessed the exchange of money firsthand. The Ombudsman also noted that the affidavits of the bodyguards are corroborated by an independent evidentiary trail – from money exchange companies to bank transfers to shell companies – all using personalities tied to Romualdez. However, four of the security escorts recanted their affidavits a day before Romualdez filed his counter-affidavit allegedly due to monetary considerations. Clavano said lawyer Levito Baligod, who serves as legal counsel for Co’s former security personnel, has turned over several evidence including a flash drive containing video recordings to prove that there was money involved over their decision to withdraw their sworn affidavits. “If we can show na may consideration yung pag-recant nila, then it will only bolster our position that these affidavits, yung unang affidavit ay totoo talaga,” Clavano said.

New farm-to-market road to boost farmers’ income in remote Batangas town

2-KILOMETER farm-to-market road (FMR) in Barangay Bilibinwang, Agoncillo, Batangas is expected to boost farm production, benefiting agrarian reform beneficiaries in the area. The Department of Agrarian Reform (DAR) Batangas, in coordination with the Department of Public Works and Highways (DPWH) Batangas District Engineering Office No. 3, and representatives from the DAR Central Office (DARCO) and DAR Regional Office (DARRO), recently conducted a final inspection of the completed road project. Spanning 1.9821 kilometers across three sections, the FMR is expected to provide agrarian Agrarian Reform Beneficiaries and farming communities in the area with safer and more convenient access to markets, agricultural production areas, and essential services.

Ube. . . Continued from A5

For Agriculture Secretary Francisco Tiu Laurel Jr., the organization could give the sector a voice as the DA works to develop ube into a major agricultural export. “This organization gives the ube industry a stronger advocate and a clearer path to market. We want Philippine ube to become one of our export winners, and that means

ECMP. . . Continued from A5

Thanking DHSUD and SHFC for their continued efforts to assist her constituents, Mayor Robredo praised the CMP as a “life-changing” program, particularly for allowing families

The final inspection aimed to ensure that the completed road meets the prescribed standards for quality, safety, and durability before its formal completion and use by the intended beneficiaries. The inspection team also identified necessary corrective measures for the contractor to address, ensuring that all remaining concerns are resolved and that the project fully complies with the required specifications. For the ARBs of Barangay Bilibinwang, the road is more than a transportation link. It is an important infrastructure that can help ease the movement of farm inputs and agricultural products, reduce transportation challenges, and provide farmers with better opportunities to bring their produce to markets. Provincial Agrarian Reform Program Of-

ficer II Abdullah Balindong emphasized that investing in reliable rural infrastructure is essential to supporting ARBs and strengthening their capacity to sustain and improve their livelihoods. “A farm-to-market road is more than just a physical connection. For our agrarian reform beneficiaries, it is a pathway to better market access, lower transportation costs, and greater opportunities to increase the value of their farm produce. By ensuring that these projects are built to quality standards, we are investing in the productivity, income, and long-term welfare of our farmers,” he said. The DAR continues to work closely with partner agencies to ensure the timely and quality implementation of FMR projects that directly respond to the needs of ARBs and farming communities. Jonathan L. Mayuga

building an industry strong enough to meet global demand while ensuring our farmers capture more of its value,” Tiu Laurel said. Furthermore, the DA said United Ube PH is also building market and institutional partnerships by onboarding institutional buyers, holding exploratory discussions with Philippine and German business chambers, and developing long-term supply and purchase agreements. It added that the federation is drafting a bilateral agreement with the DA to deepen

government-industry cooperation and identify areas for joint intervention. It is also consolidating farmers, processors, traders, exporters, researchers, and other stakeholders through its nationwide membership campaign. The DA announced that United Ube PH will also be soft-launched during ASEANHWONFEX 2026 from September 4 to 6 at the SMX Convention Center Manila, showcasing Philippine ube and connecting with potential buyers, investors, and business partners.

to remain in their existing communities. “The best ang CMP kasi onsite. Hindi na sila mamomroblemang ilipat sila,” she said. Meanwhile, Mabolo Village Phase 1 President Rowena Bañas and Mabolo Village Phase 2 President Marissa Ramirez expressed their gratitude, describing the

housing assistance as an “answered prayer.” Sharing the sentiment, Saint Joseph HOAI President Nilo Villaflor underscored the timeliness of the assistance, noting that their community had been facing the threat of eviction before being enlisted under the ECMP.

mon, Bacolor, Guagua, Masantol and the City of San Fernando.

and embankment reinforcement in affected communities.

Relief operations continue

State of calamity

DESPITE the scale of the flooding, government agencies and local governments have continued relief and emergency operations. The provincial report placed the value of assistance at P89.31 million, including P84.38 million in DSWD Family Food Packs. Relief operations have included the distribution of food packs, hot meals, hygiene and sleeping kits, medicines, mats and other emergency supplies. The Pampanga Provincial Disaster Risk Reduction and Management Council (PDRRMC) has maintained 24-hour monitoring and coordinated evacuation, clearing, sandbagging, medical assistance and transportation operations. The provincial government has also provided empty sacks for sandbagging and deployed equipment and materials for slope protection

PAMPANGA was placed under a state of calamity through Resolution No. 06, Series of 2026, effective August 12. Classes were suspended at various levels in affected LGUs, while alternative learning arrangements were implemented in several areas. Government offices were likewise directed to adopt appropriate alternative work arrangements. The PDRRMC continues to coordinate with the province’s 21 LGUs, focusing on the safety of residents, relief distribution, road accessibility and the monitoring of weakened flood-control structures. With continued rainfall, elevated river levels, high tide and erosion threatening low-lying communities, authorities are maintaining heightened preparedness as Pampanga works to manage the humanitarian and economic impact of the prolonged flooding.

Castro to Singson: Present evidence on ₧1.1-trillion CSSP anomalies

ALACAÑANG challenged former Public Works Secretary Rogelio L. Singson to present proof that the Convergence and Special Support Program (CSSP) of the Department of Public Works and Highways (DPWH) was being used for scams and anomalous projects. Palace Press Officer Claire Castro made the statement in response to the statement made by Singson in a private event last week that the P1.1-trillion CSSP from 2022 to 2024 was used by lawmakers for project insertions. She said critics like Singson should present proof that there was such irregularity. “This would ensure their message to the public is more constructive, rather than leaving us constantly hanging on the notion that it could be used for scams or theft; that is not a good message to convey,” Castro. Singson served as head of the DPWH during the administration of former President Benigno Simeon “Noynoy” Aquino III. President Ferdinand Marcos appointed him as a member of the now defunct Independent Commission for Infrastructure (ICI), which was tasked to look into flood control project anomalies. Castro also criticized why Singson only flagged the CSSP from 2022 to 2024 even if the program already existed before the Marcos administration. “In fact, convergence programs did not begin under the Marcos administration, Marcos Jr. administration. The approach has existed for more than a decade, including the tenure of former

Secretary Rogelio Singson,” she said, quoting the Department of Budget and Management. “As early as 2012, government records already referred to the DOT [Department of Tourism], DPWH convergence program on enhancing tourism access, which supported the construction and improvement of roads, leading to tourism destinations,” she added. The fund, the Presidential Communications Office undersecretary said, intended to allow DPWH to provide the infrastructure requirements of programs being undertaken with other government agencies. “Over the years, this has included access roads and other infrastructures supporting tourism, agriculture, education, health, national security, industries, airports, seaports and other national priorities,” Castro said. “It is therefore inaccurate to portray CSSP as a newly discovered or previously undisclosed public works budget,” she added. Castro made the statement days after President Ferdinand Marcos and his economic managers denied they have knowledge of the leadership fund arrangement between former Public Works Secretary Manuel M. Bonoan with senators. Bonoan claimed that each senator got at least P500 million from the said “leadership fund” in 2025, which can be used for their “priority projects.” The former DPWH chief is now facing graft and plunder related to the use of infrastructure funds. Samuel P. Medenilla

DOJ files sexual account, acts of lasciviousness rap vs solon

HE Department of Justice (DOJ) has filed four counts of sexual assault and acts of lasciviousness charges against Marikina 1st District Representative Marcy Teodoro involving two female police officers who previously served as his security personnel. DOJ spokesman Polo Martinez said the sexual assault cases were filed with the Regional Trial Court of Marikina City while the acts of lasciviousness case was filed with the Metropolitan Trial Court of Marikina. “The cases are now under the court’s jurisdiction and shall proceed in accordance with the Rules of Court for the conduct of trial,” Martinez said. Teodoro’s lawyer Alma Mallonga maintained that the charges against the solon has no basis. Mallonga pointed out that the panel of investigators assigned to conduct the preliminary investigation on the case already concluded its proceedings seven months ago. “It is therefore surprising that a resolution

that was not prepared or signed by the DOJ panel that conducted the investigation was issued,” Mallonga said. “Instead, it was prepared and signed by a different state prosecutor,” she added. Thus, Mallonga said it is reasonable to assume that the investigation report and findings of the original panel dismissing the charges were revised. Based on the new resolution, Mallonga said, the DOJ ruled that the issues about the credibility of the complainants and Teodoro’s defense should be decided during trial. Mallonga said her client is ready to face legal proceedings in order for the truth to come out as soon as possible. “Congressman Marcy welcomes the opportunity to have the complaints against him tried. Until it is heard and decided by the court, where the truth and lies may come out, this smear campaign against him will just continue. The reality is many of his detractors want this to happen,” Mallonga added. Joel R. San Juan

www.businessmirror.com.ph

LTFRB. . . Continued from A3

In 2023, during his term as LTO Chief, the Ombudsman found that Mendoza issued several memoranda “effectively reviving and institutionalizing the continued use of the LTO IT System through a parallel utilization alongside the LTMS”. In January 2025, Mendoza directed the processing of PUV registration renewals through the old system without requiring LTFRB confirmation. The Ombudsman said the parallel utilization resulted “in the continued generation and collection of computer fees despite the expiration of the BOO Agreement” for Stradcom.

Garbage. . . Continued from A3

to poor implementation of RA 9003 or the Ecological Solid Waste Act of 2000. In terms of compliance, he said there are around 21,000 barangay across the country that do not have their own materials recovery facility (MRF). Matias underscored the importance of implementing the so-called 3Rs or reduce, reuse, and recycle and encouraged homeowners to practice composting. “More than half of the garbage that we produce daily is biodegradable which we could turn into compost, effectively reducing the volume of waste that we produce every day,” he said. According to Matias, EMB Regional Offices will be reminded to monitor compliance of RA 9003 to address the country’s perennial garbage problem, especially during the so-called rainy, wet or typhoon season.

River cleanup

THE National Capital Region (DENRNCR), meanwhile, intensified the cleanup, monitoring, and environmental response operations across the region’s waterways and coastal areas following the heavy rains and flooding in Metro Manila on Monday. DENRNCR teams, including Estero Rangers, River Warriors, and partner organizations, foc used on clearing accumulated solid waste and debris that obstructed water flow. The team collected approximately 1,255 sacks of mixed solid waste from 27 cleanup sites. The DENRNCR pointed to a network of garbage traps installed across the

Meralco. . . Continued from A3

As of 9:00 a.m. on August 18, customers affected by power outages are down to the last 2,000 from the 10,000 reported the day before, which were mostly affected by flooding. Majority of the remaining affected customers are in the provinces of Cavite and Quezon. Meralco is still closely monitoring the weather conditions following the state weather bureau’s pronouncements that rains are expected to persist throughout the week. Meanwhile, Meralco–through One Meralco Foundation (OMF)–also mobilized employee-volunteers for relief efforts to help communities severely affected by the Habagat. The Foundation has so far provided assistance to over 1,400 families in the provinces of Bulacan and Cavite. Meanwhile, the National Grid Corporation of the Philippines (NGCP) has placed

Sctex. . . Continued from A4

the estate is allocated for an urban core featuring civic spaces, residential zones, and commercial districts. On the other hand, the 384-hectare TARI Estate, also located in Tarlac City, is being positioned by Aboitiz InfraCapital as an industrial-anchored mixed-use economic estate. The development boasts of being at the convergence of Sctex, the TarlacPangasinan-La Union Expressway (Tplex), and the Central Luzon Link Expressway (CLLex). BCDA said the Sctex-Hacienda Luisita expansion project involves the construction of a 624-meter two-lane access entry

The World Mendoza, in reaction to the suspension order said he would present “evidencebacked legal arguments” to clear his name. “I fully respect the decision of the Office of the Ombudsman in relation to its ongoing investigation,” Mendoza said in a statement, adding that he has yet to receive a copy of the order. Once received, he said, the order “will serve as the basis to reiterate my position, and present evidence-backed legal arguments that all my actions when I was still the LTO Chief were all for the protection and interest of not only the motorists but also the Filipino people.” “This will be a good opportunity for me to prove it, and eventually clear my name, in the proper forum,” he added. With Lorenz S. Marasigan

metropolis that helped intercept floating debris during the heavy rains. The agency said the garbage or trashtrap network—permanent and deployable barriers placed at strategic points in drainage channels and esteros—captured a significant share of floating waste before it could move downstream and worsen blockages. The largest concentration of installed sites is in Manila City (55), followed by Quezon City (28), Caloocan (16), Mandaluyong (14), Marikina (12), and Pasig (12), with other cities and Metropolitan Environmental Office deployable units bringing the regional total to 196 trashtrap sites. The agency reminded the public and partners that cleanup is an immediate response and not a substitute for proper waste management at the source. “Clearing these blockages helped reduce the risk of further inundation and limited downstream transport of debris during the heavy rains. Pero, ang tamang pamamahala ng basura bago pa ito makarating sa daluyan ng tubig is the longterm solution,” Environment Secretary Juan Miguel Cuna said in a statement. Designated areas, avoid sweeping or washing debris into drainage systems, and coordinate with local government units for proper collection and disposal of bulky and floodgenerated waste. DENRNCR reiterated the need for strict compliance with Republic Act No. 9003 to prevent future flooding impacts caused by improperly disposed waste, and said it will continue coordinating with local governments, national agencies, and communities to monitor waterways and respond to environmental concerns after the August 17 floods. Visayas on red alert from 3:00 p.m. to 9:00 p.m. Tuesday. The red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement. From 1:00 p.m. to 3:00 p.m. and from 9:00 p.m. to 10 p.m., the Visayas power grid is on yellow alert. the NGCP said the grid’s operating margin is insufficient to meet the transmission grid’s contingency requirement. Available capacity stood at 2,410 megawatts (MW) while peak demand reached 2,502MW. There are eight power plants are on forced outage this month, one plant since July, three plants since June, seven plants since May, one plant since March, three plants since 2025, two plants since 2024, two plants since 2023, and one plant since 2021, while 13 plants are running on derated capacities, for a total of 836.9MW unavailable to the grid. ramp bound for Baguio City or Tplex and a 242-meter one-lane additional exit ramp bound for the Tarlac City and adjacent towns. The project also covers the construction of a toll plaza, drainage facilities, slope protection, utilities, streetlights, and other structures. It is scheduled for completion by the second quarter of 2027. Bingcang said the Hacienda Luisita Interchange expansion is designed to connect people and businesses to opportunities. “When we improve connectivity, we make it easier for people to get to work, businesses to move goods, and investments to reach communities. This is the kind of infrastructure that helps the broader region grow,” Bingcang said.

Wednesday, August 19, 2026

Supertanker earnings on ME Briefs. . . route nearing 2-month high

Australia rolls out restrictions on gambling

By Weilun Soon

The earnings increase, and the booking of the VLCC, come as exporters in the Persian Gulf seek more vessels to deliver the abundant crude barrels they promised to Asian buyers. Major OPEC+ producer Saudi Arabia is offering prompt deliveries from within the gulf, while Iraq is tapping the United Arab Emirates’ national exporter to move barrels. Abu Dhabi National Oil Co. is already a prolific trader that has built a system for shuttling barrels out via Hormuz, at times with the help of South Korean shipowner Sinokor Group. A fragile 60-day ceasefire agreement between Iran and the US ended on Monday, with no known plans between Tehran and Washington to resolve competing claims over the strait. For much of the war, the two sides have asserted

authority over maritime traffic through the chokepoint. That, in turn, has meant that only risktolerant shipowners, or those who have previous experience in dangerous transits, can still provide cargoes within the Persian Gulf for crude loadings. Severa l super tankers were privately booked in recent days, with vessels disappearing from lists showing available tonnage without publicizing whether a deal may have been reached, shipbrokers say. Many of the voyages starting from within the gulf involve ships that are controlled by exporters, or a small number of tanker owners, including those from Sinokor, giving them leverage in negotiating prompt rates. With little publicly available information on the route to China, assessing the primary benchmark for supertanker earnings is becoming more complicated. Sinokor did not immediately respond to an emailed request for comment. Mongolia Prosperity, operated by Sinokor, was booked by the shipping arm of a Chinese refiner to lift crude oil from within the Persian Gulf on August 21. The charterer is expected to pay for the additional war-risk insurance premium, which currently stands at about high single-digit percentages of the vessel’s hull value, the fixture said.

said in a press briefing at Camp General Emilio Aguinaldo, Quezon City. And despite changes in Chinese deployment to the WPS, Trinidad said the AFP is ready to respond accordingly. Also, the AFP spokesperson said the militar y is monitoring activities in

Philippine waters to “give us an inclination of the direction that would help us project our deployment of forces.” “This is part of the normal day-to-day activities of the AFP when it comes to forecasting our deployment of forces,” he added. Rex Anthony Naval

Middle East are US$30 million higher in 2026 compared to the same six-month period last year. This goes to show, he said, that “Filipinos abroad are trying their best to send money amid rising inflation at home and in their host countries, and the running economic impacts of the Middle East conflict.” On a month-on-month basis, however, the $3.04-billion remittance inflows in June were 12.05 percent higher than the $2.713 billion sent home by overseas Filipino workers in May 2026 or in the previous month. For his part, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the slowdown in remittance growth to 1.7 percent in June is “more a story of moderation than a cause for concern.” “A combination of base eﬀects, softer economic conditions in some host countries, geopolitical uncertainties in parts of the Middle East, and timing-related factors likely weighed on growth during the month,” added Ravelas. Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines (UBP), said: “Higher living costs in host economies may

have also constrained the amount available for transfer, while base effects from relatively stronger inflows a year ago likely contributed to the softer year-on-year growth rate.” That said, Asuncion emphasized that remittances continued to expand and remained at a “relatively high level” in absolute terms, suggesting that “overseas Filipino workers remain employed and continue to provide an important source of support for household consumption and overall economic activity.”

Bloomberg News

ARNINGS for a supertanker procuring crude oil from within the Persian Gulf to Asia are nearing a two-month high, as exporters hunt for more vessels to deliver the fuel via the Strait of Hormuz even as the security situation remains uncertain. Assessed earnings for the Middle East-to-China route jumped to nearly $510,000 a day last Monday, the highest since late June, according to data from the Baltic Exchange, when Iran resumed striking several ships transiting the strait. Separately, a very large crude carrier, the Mongolia Prosperity, is set to load crude from an unnamed Persian Gulf port for delivery to east Asia at $31 million for the voyage, or 570 Worldscale points, according to shipping fixture reports and shipbrokers. Benchmark earnings for supertankers, assessed by the Baltic Exchange, tend to reflect market trades and pricing trends, although Bloomberg News couldn’t determine whether reports about the Mongolia Prosperity may have influenced the review.

WPS. . . Continued from A3

“We are not bothered by this. We have been expecting this,” the AFP spokesperson for the WPS,Rear Adm. Roy Vincent Trinidad

Money. . . Continued from A1

in June 2026 grew by 1.7 percent from the $2.987 billion in June 2025. This is the slowest growth rate in cash remittances since February 2022 or in four years and four months when the growth rate of the money sent home by OFWs was at 1.3 percent. In the January to June 2026 period, cash remittances amounted to $17.149 billion, up 2.4 percent compared to the $16.753 billion in the six-month period in 2025. The 2.4-percent cumulative growth rate, Opiniano said, “seems to show that the growth of cash remittances from overseas Filipinos may be reaching a plateau.” The 2.4-percent growth rate in the six-month period is the slowest cumulative growth rate for the January to June period since the January to June 2020 period or during the pandemic when cash remittances declined by 4.2 percent. Surprisingly, however, Opiniano said the six-month cash remittances from the

Low contribution to GDP

OPINIANO also pointed out: “The contribution of remittances to GDP as of the second quarter is 7.1 percent—the lowest since the BSP started tracking this metric.” Thus, he underscored the need for the national government to “continue finding other revenue sources and not just let overseas Filipinos save the day.” In a statement, the central bank said the United States remained the top source of inflows, followed by Singapore and Saudi Arabia, based on reported remittance transactions by origin.

AUSTRALIA’S government tightened proposed curbs on gambling advertising and marketing, though the restrictions fall short of demands from antibetting lobby groups and some lawmakers. The legislation, which was first introduced in February, stops companies such as Bet365 Group Ltd. and Sportsbet Ltd. promoting themselves at sports venues. Additional measures introduced last Tuesday include restrictions on betting inducements for gamblers and commissions for staff, the government said in a statement. The government will also set up a so-called opt-out register for gambling ads, which will allow people to indicate that they don’t want to see wagering ads online and have that option applied across their services. Bloomberg News

Myanmar sees cholera outbreak

A CHOLERA outbreak has killed at least three people in Myanmar and hundreds more have been hospitalized with diarrhea, putting fresh strain on a health system already struggling with civil war and economic turmoil. One person died in Yangon, the country’s largest city, and two in Sittwe in western Rakhine State, according to the health officials. Sittwe is among the few major population centers in Rakhine that remain under the military-backed government’s control. In Yangon, about 500 people were hospitalized with diarrhea between August 9 and August 16, Bo Htay, Yangon Region Government’s social affairs minister told lawmakers last Monday. Of those, 149 tested positive for cholera. Bloomberg News

More German firms closed shop A GREATER number of German companies closed shop last year in another sign of how challenging conditions and an aging society are taking a toll on Europe’s biggest economy. Almost 190,000 firms ceased operations in 2025, up about 10% from the previous year and the second significant annual increase in a row, according to calculations by the ZEW institute and Creditreform, a creditors’ protection association. Only every eighth case was down to insolvency, with more and more firms shuttering due to reasons including skilled-worker shortages, high costs and a lack of people willing to take over.

Bloomberg News

Wednesday, August 19, 2026

The World

Apple’s anti-AI position suddenly becomes stock market baggage

PPLE Inc.’s status as an antiartificial intelligence (AI) play helped the stock tear through the first half of the year as investors grew skeptical of the AI trade. But that sentiment has flipped, and the shares are struggling. Since closing at a record high on July 28, Apple shares have fallen 10 percent following the iPhone ma ker’s disappointing ear nings. In addition, investors rotated back into perceived AI winners as results from Microsoft Corp., Amazon.com Inc. and Alphabet Inc. assuaged fears about overspending on the technology and sent the shares of the biggest AI spenders higher, along with chipmakers and other beneficiaries of those investments.

“There’s been this ebb and flow of angst and enthusiasm over capex all year, and while July was all about concern over capex, the latest earnings results clearly allayed some of that angst, leading to this rotation,” said Jordan McCall, senior portfolio manager at Russell Investments, which has $418 billion in assets. “I expect the see-saw to continue now that there’s more comfort with spending, and as Apple remains a different expression of the AI capital cycle.”

Apple, which has opted to power its AI services through partnerships and avoid the costly arms race for computing infrastructure, is among the 25 worst performing stocks in the S&P 500 Index over the past three weeks. Meanwhile, the rest of the technology industry is heading in the other direction, with the Nasdaq 100 Index up 8 percent over that period and the Philadelphia Stock Exchange Semiconductor Index, better known as the SOX, advancing 14 percent. That’s a reversal from July, when Apple shares rose 6.8 percent, the Nasdaq 100 fell 6.6 percent and the semiconductor index plunged 21 percent for its worst month since 2008 as investors questioned how much longer the massive AI spending would last. Apple’s gyrations are the latest demonstration of the stock’s increasing detachment from the broader market. Its 40-day correlation to the S&P 500 is basically zero, the lowest since 2013. Its correlation to the chip index is the lowest in data going back to 1994 and recently flipped to negative, meaning it’s moving in the opposite direction of semiconductor stocks. “It makes sense that Apple isn’t going to trade on a one-to-one basis with the AI infrastructure supply chain, and that there are going to be times when that inverse correlation hurts them,” said Clayton Allison, portfolio manager at Prime Capital Financial, which has about $50 billion in assets and holds Apple shares. “Not spending looks smart when you’re worried about spending, but now that the AI trade is going strong, we can’t say that it’s reaping the rewards the others are.” In fact, the flood of money into computing infrastructure is directly hurting Apple by driving up the cost of components used in its devices and making others scarce. Prices of memory chips, which are estimated to represent 10 percent to 20 percent of the cost of building a smartphone,

have soared amid insatiable demand from data centers. With the cost of memory expected to remain elevated for an extended period, investors worry the higher costs will eat into profit margins or weaken demand, especially if Apple increases iPhone prices, as it already has for other products including iPads and Mac computers. The issue is especially important as Apple is expected to unveil a foldable iPhone next month. Jefferies cited the risk of higher iPhone prices last week when it cut its rating on the stock to underperform, one of a growing number of sellequivalent ratings on Apple shares. Of the 58 analysts tracked by Bloomberg who cover the company, six now recommend selling, the most in nearly two years. A foldable phone is “the only key driver of higher ASP and margin” over the coming years, analyst Edison Lee wrote in a note to clients on August 10, referring to average selling prices. Memory prices will result in a higher costing product, and “we still believe such an expensive phone would be a niche product,” he said. To make matters more challenging, Apple shares have gotten so expensive that the company may not have room for a disappointment. The stock is priced at 32 times estimated earnings, making it the most expensive among the seven most valuable US technology companies, which also include Nvidia Corp., Broadcom Inc. and Meta Platforms Inc. Apple’s revenue is expected to expand 15 percent in its current fiscal year, which would be the fastest pace since 2021. However, that’s well below growth expectations for the S&P 500 tech sector, and the company’s sales expansion is projected to slow in each of the following two years, according to the average of analyst estimates compiled by Bloomberg.

Bloomberg News

www.businessmirror.com.ph

Habagat. . . Continued from B8

Flash floods that swept shanties and two to three meters of floodwater damaged 1,989 houses, with total damage to public and private infrastructure reaching P3.1 billion, and damage to crops pegged at P1.4 billion, the NDRRMC also said. The government continues to assist affected families, with the cost of assistance as of Tuesday now reaching P760 million. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) reported that monsoon rains will continue to affect Luzon until Friday or

DPWH. . . Continued from B8

In San Martin, the report said the ground-sill structure has narrowed the effective river-flow section from about 260 meters to 45 meters. It recommended an engineering and hydraulic assessment to determine the structure’s capacity and compatibility with the existing river channel, along with immediate repairs to damaged riverbank protection. About 50 meters of the ground-sill proj-

Cebu. . . Continued from B8

and Industry, Mandaue Chamber of Commerce and Industry, Philexport Cebu, and other business organizations in Cebu to attend the 24th MAP International CEO Conference and the first RCEP Business and Investment Summit. The invitation comes as businesses navigate slower economic growth, weaker investments and persistent uncertainty in global markets. The Philippine economy expanded by only 2.3 percent in the second quarter, its slowest quarterly growth since 2021. The 24th MAP International CEO Conference, themed “In the Age of Flux: Next Inflection Points,” is scheduled on September 8 at Shangri-La The Fort. It will gather business executives, policymakers and innovators to discuss major developments shaping economies and the business environment. The following day, Sept. 9, the EABC will stage its first summit, “Business in the RCEP Economy: Competing, Connecting and Scaling Across East Asia,” at the same venue. The RCEP summit will focus on how Philippine companies can maximize opportunities created by the Regional Comprehensive Economic Partnership and strengthen their participation in East Asian markets. Yuvallos urged Cebu businesses to attend both events and use the discussions to

BARMM. . . Continued from B8

Laudiangco said additional security personnel should be enough to maintain peace and order without intimidating residents or making communities appear militarized. “The additional personnel should not cause fear or create stigma among our people in their respective communities, particularly in Datu Odin Sinsuat,” he said. Comelec has also sought updated security assessments from its field offices, the National Police and the Armed Forces following recent incidents in the region. Among these was the ambush involving

Saturday, possibly triggering widespread flooding and rain-induced landslides. In its weather advisory issued at 11 a.m. on Tuesday, Pagasa said 100 to 200 mm of rain is due to affect the following provinces: Zambales, Bataan, Cavite, Batangas, and Occidental Mindoro, Benguet, La Union, Pangasinan, Zambales, Bataan, and Occidental Mindoro in the next three days. Light to moderate rain or 50 to 100 mm rain is set to affect Metro Manila, La Union, Benguet, Pangasinan, Ilocos Sur, Abra, Tarlac, Pampanga, Bulacan, Nueva Ecija, Laguna, Rizal, Oriental Mindoro, and Antique; Ilocos Sur, Abra, Tarlac, Pampanga, Bulacan, Nueva Ecija, Cavite, and Occidental Mindoro. Jonathan L. Mayuga ect remains unfinished, according to San Martin Barangay Captain Francisco Manalo, who said the project ran out of funds. Villanueva had earlier said he would formally ask DPWH officials for immediate action and funding to complete the project, including appropriate rectification of the ground sill and technical assessment and rehabilitation of damaged river protection structures. Villanueva said the latest commitment from the DPWH chief could help address the urgent concerns along the Parua River as the municipality continues to monitor the affected areas. evaluate how they can adapt to changes in the regional economy. The conferences are also expected to provide opportunities for Cebu business leaders to hear from international and regional speakers while building connections with potential business partners. MAP said businesses today are confronting a period in which long-held assumptions are being tested and decisions made by leaders can influence future opportunities. “Every generation of leaders faces defining moments when familiarity gives way to the unfamiliar, when assumptions are challenged, and when the decisions made today shape the opportunities of tomorrow,” MAP said in a statement. Rapid developments in technology, geopolitics, demographics and consumer behavior are reshaping how companies make investments, recruit workers, source goods and services, and reach customers. For Cebu businesses, keeping pace with these shifts will become increasingly important as competition across the region intensifies. The September conferences are expected to give local business leaders a venue to examine these developments, learn from business and policy leaders, and explore strategies to compete, connect and scale across East Asia. Interim Chief Minister Abdulraof Macacua, which Laudiangco said the poll body continues to treat as an “isolated incident.” Laudiangco said the broader security situation in BARMM remains generally peaceful despite the incident. Comelec has maintained that the Sept. 14 elections will proceed as scheduled and that the latest violence has not prompted discussions on postponement. “This latest violence will not be a reason for us to stop preparations or start thinking about whether there should be a postponement,” Laudiangco said. “Comelec’s position is clear: the elections on September 14, 2026 will push through,” he added.

www.businessmirror.com.ph

2nd Front Page BusinessMirror

FISHERIES, FARM DAMAGE FROM STORMS, MONSOON NOW AT P1.4B

STRING of typhoons and monsoon rains catapulted agricultural damage to fisheries and farm fields to more than P1.4 billion, according to a report from the Department of Agriculture (DA). Agricultural damage from the southwest monsoon and typhoons Luis and Maymay has already climbed to P1.42 billion, affecting 43,340 farmers and fisherfolk. While the weather disturbances have ravaged 34,572 hectares, the agency said 28,445 hectares could still recover. The DA, however, noted that the volume of losses was pegged at 35,083 MT, with further damage and losses expected as assessments and validation in affected regions continue. Broken down, rice accounted for the majority of losses at 21,848 MT valued at P794.4 million. Most of the damage was recorded in vegetative and reproductive stages. The high-value crops trailed behind, with losses at 10,702 MT worth P454.91 million. This included upland and lowland vegetables, such as spices, legumes, calamansi, citrus, and root crops. Other commodities such as corn and cassava also recorded damage and losses of 2,426 MT worth P74.51 million and 97 MT valued at P1.79 million, respectively. The fisheries and aquatic resources sector recorded P9.26 million in damage, affecting several

seafood produce, such as milkfish, tilapia, mangrove crab, oyster, and giant freshwater prawn. It also damaged fishing boats and gear. Losses in the livestock industry stood at 22,376 heads worth P12.11 million, which included chickens, swine, cattle, carabaos, and goats, among others. Furthermore, irrigation facilities, farm structures, and machineries also had damages valued at P59.76 million, P15.82 million, and P1.37 million, respectively. Given the gravity of the weather disturbances on the farm sector, the DA said it has issued a series of interventions to help affected farmers and fisherfolk. This includes P210.93 million worth of farm inputs such as rice, corn, and vegetable seeds. Around 3,631 50-kilo bags of rice from the National Food Authority (NFA) were distributed to the affected local government units (LGUs) of Ilocos, Cagayan, Central Luzon, and Mimaropa. The DA also earmarked an initial amount of P35.67 million to indemnify 5,005 insured affected farmers and fisherfolk through the Philippine Crop Insurance Corporation (PCIC). It also offers loans of up to P25,000 from the Survival and Recovery (SURE) Loan Program of the Agricultural Credit Policy Council (ACPC), which come interest-free with a three-year repayment term. Ada Pelonia

Wednesday, August 19, 2026

Another school shooting: 2 students dead in rampage By Jonathan L. Mayuga and Claudeth Mocon-Ciriaco

WO persons were killed while 9 other students were seriously wounded during another mass shooting in a school, this time in Zamboanga City, sparking another frenzy of hand-wringing over how such violence can be avoided by measures like stricter gun laws, internet and social-media regulation and expanded psychosocial services for youth. The fatalities included the student-suspect named Jalani and another student.

Livestreamed violent act

DEPARTMENT of the Interior and Local Government (DILG) Secretary Jonvic Remulla confirmed that the Grade 9 student involved in the shooting incident at the Ateneo de Zamboanga University-Junior High School livestreamed the incident on social media on the morning of August 18, 2026. However, Undersecretary Renato Paraiso of the CICC, asked about the mention of the shooter’s alleged addiction to the controversial e-games, said: “Hindi pa sya confirmed na Roblox. Hindi pa naiinvestigahan yung phone [It’s not yet confirmed as Roblox. The phone has not yet been examined]. This kid is actually an honor student, grade conscious siya.” He added, “There might be an influence [from the games], but there is no digital evidence yet

to prove any link. We are going to investigate with the PNP ACG [Anti-cybercrime Group]. But our initial intervention is to take down the videos and preserve them for the PNP.” Remulla said the child in conflict with the law (CICL) died after jumping from the fifth floor of the school building following the shooting, which also resulted in the death of a Grade 10 student. Remulla said the Philippine National Police (PNP) is conducting a thorough investigation to establish the motive behind the shooting, determine the ownership and source of the firearm used, and find out how it was brought inside the school campus. The PNP is also looking into whether security or procedural lapses may have contributed to the incident. The DILG condoled with the families of the dead and assured the school community that authorities are working to establish the circumstances surrounding the incident and ensure the safety and well-being of students and school personnel. In a statement, PNP Chief PGen Jose Melencio Nartatez Jr. said the police organization will provide verified information as appropriate and appealed to the public to refrain from sharing unconfirmed reports, photos, or videos that may cause unnecessary concern. The suspect was a 4th-year high school student whose father is an official of the Zamboanga City Customs Office. The boy used a Glock 9 mm and brandished an M16 assault rifle, a

source told the BusinessMirror. Bureau of Customs (BOC) Commissioner Ariel Nepomuceno on Tuesday relieved the District Commander of the Enforcement and Security Services (ESS) in Zamboanga port, the father of the suspect. The BOC chief noted that although ESS Zamboanga chief Lt. Lars Jalani had nothing to do with the incident, the order was necessary to ensure an impartial investigation. Allegedly, the student who belongs to the “top of the class” went berserk and came to school “live-streaming” his violent act. The source said the suspect was looking for a class teacher, an alleged male LGBT, for still unknown reasons.

Day of prayer, mourning

ATENEO de Zamboanga University President Fr. Anthony “Ernald” Andal, SJ, on Tuesday declared the observance of a day of mourning and prayer on August 19, Wednesday. Senate President Sherwin Gatchalian, in a statement, condemned the incident. “I demand a thorough investigation and call on the DepEd and the local government of Zamboanga to provide immediate psychosocial support to distressed learners and school personnel.” According to Gatchalian, clear answers on how the shooter obtained two firearms and brought these into the school premises need to be provided. House Speaker Faustino “Bojie” G. Dy III said in a statement, “As lawmakers, our work cannot

begin only after a tragedy has happened. We have to look for the gaps before another family has to bury a child.” Health Secretary Edwin Mercado directed the immediate deployment of Mental Health and Psychosocial Support Services (MHPSS) teams. “We are ready to provide professionals to support the processing and healing of those involved, as well as assistance with medical expenses,” the DOH said. Meanwhile, Education Secretary Juan Edgardo Angara said, “my heart goes out to the parents who are grieving today. My sympathies are likewise with all the families affected by this tragedy, as well as the teachers, learners, and school personnel who experienced this terrible incident.” Angara said the Department of Education (DepEd) has directed its Regional Office IX to coordinate with the school and other concerned authorities and to make psychosocial support available to affected learners, teachers, and families as needed.

Previous cases

THE Zamboanga school shooting was preceded by several other school attacks. In June, at a public high school in Tacloban City, three students were killed, and about 20 others were injured when two of the students of the same school opened fire randomly at fleeing victims. In Cavite, a Grade 8 student attacked and See “Shooting,” A2

Tourism gets smaller share in proposed ₧7.2-T national budget for 2027 By Ma. Stella F. Arnaldo Special to the BusinessMirror

STRETCHING THE PESO Residents of Cainta, Rizal, turn to “tingi” buying at a community store in Barangay San Andres as several days of continuous rain drive up the cost of basic commodities and make it harder for many families to go out and replenish their food supplies. Buying only what is needed—or what the budget can afford—becomes a practical way to stretch household money amid rising prices. BERNARD TESTA

DHSUD-7 flags gaps in Cebu developer’s documents By Carmel Pedroza

EBU CITY—The Department of Human Settlements and Urban Development (DHSUD) Region 7 has issued Notices of Deficiencies of Requirements (NDRs) to Cebu Landmasters Inc. (CLI) for non-compliant applications for licenses to sell, citing insufficient documentary requirements and other regulatory deficiencies. DHSUD-7 Regional Director Mark Anthony Linduangon said Tuesday that some CLI projects in Central Visayas were issued NDRs due to incomplete requirements and non-compliant applications. He said the non-issuance of licenses was associated with various regulatory and compliance concerns, including discrepancies in building permit classifications, the conversion of Temporary Licenses to Sell (TLS) to regular licenses to sell, and

pending documentary requirements. “Some projects were likewise issued NDRs due to incomplete submissions, non-compliance with applicable standards or the need for technical rectification and referral back to the concerned Local Government Units,” Linduangon said in a statement. Among the projects being developed or codeveloped by CLI in Region 7 are North Grove at Pristina Town Towers 1 and 2, Alto Ranudo, Mirani Homes Bogo, and Casa Mira South Phase 4B.3. Linduangon stressed that full compliance with the requirements remains the responsibility of CLI and is outside the control of DHSUD-7. His statement came after CLI issued its own official statement clarifying recent reports concerning the deferment of some of its project launches during the first half of the year. CLI said the deferred launches were primarily due to regulatory requirements that it

needed to address as part of DHSUD’s efforts to strengthen the licensing and permitting process for real estate developers. The company said it has since completed the requirements and secured the necessary approvals, allowing it to proceed with its planned second-half launches. CLI said it is preparing to launch 11 projects comprising more than 5,600 units, with an estimated sales value of around P25 billion, in the coming months. The projects are planned across Cebu, Mactan, Ormoc, Butuan, Davao and Panglao. “The company used the first half of the year to complete the necessary requirements and secure the approvals needed to bring these projects to market,” CLI said in a separate statement. CLI President and Chief Executive Officer Jose Franco Soberano was earlier quoted in media reports as saying the company deferred the

launch of at least four developments because their licenses to sell remained pending. Linduangon, however, said it would be inaccurate to attribute the delays solely to regulators, stressing that applicants must comply with existing requirements. “As regulators, we are mandated to strictly enforce existing laws and regulations without shortcuts to ensure compliance to standards and the integrity of each project development. We cannot approve applications with deficiencies,” he said. Meanwhile, CLI said it supports DHSUD’s efforts to promote responsible development and strengthen industry standards. Soberano also said the company remains committed to working with DHSUD and other government agencies to ensure its projects are delivered responsibly to customers and communities.

HE tourism sector is getting less support from the Marcos Jr. administration as proposed in its P7.2trillion National Expenditure Program (NEP) next year. Documents prepared by the Department of Budget and Management (DBM) website indicated that under the NEP 2027, the administration’s planned investment in tourism is some P7 billion, or just 0.10 percent of the spending on economic services at P1.83 trillion. This share decreased from P7.74 billion (0.12 percent of P2.06 trillion) in 2025, then P7.8 billion (0.12 percent of P1.56 trillion) in 2026, under the cash-based expenditure program. The proposed P7-billion spend on tourism next year—the lowest among economic services sectors—covers the Department of Tourism (DOT) and its attached agencies (P4.03 billion); and budgetary support to government corporations (P2.72 billion), under which the Culture Center of the Philippines and Development Academy of the Philippines are lumped, together with the Tourism Infrastructure and Enterprise Zone Authority, Tourism Promotions Board, and Duty Free Philippines Corp. It also includes P250.87 million in special purpose funds, such as contingent funds maintained by the DBM to cover immediate funding requirements for new or urgent activities, and a miscellaneous personnel benefits fund. The latter covers funding shortages for salaries and bonuses of state employees.

‘Snubbed’ at Sona

IT will be recalled that in his State of the Nation Address (Sona) this year, President Ferdinand R. Marcos Jr. failed to cite any progress or plan for the tourism sector, which distressed a number of tourism stakeholders. Despite the apparent snub, Acting Tourism Secretary Ma. Bernadita Angara-Mathay sought to ease the industry concerns, underscoring that the President had emphasized “infrastructure and physical linkages” in his Sona. “This is why the Department has been emphasizing the need for stronger flight connectivity, more routes, better regional gateways, and more competitive travel costs,” she said.

Meanwhile, the DOT’s proposed budget next year is P4.02 billion, slightly lower than its P4.16-billion total allocation under the General Appropriations Act of 2026. Of next year’s proposal, the biggest share will go to the DOT-Office of the Secretary at P3.53 billion, down from its P3.64 billion appropriation this year. The rest of the funds will go to attached agencies: Intramuros Administration at P158.43 million (from P161.34 million in 2026); National Parks Development Committee at P286.03 million (from P316.81 million); and the Philippine Commission on Sports Scuba Diving at P47.72 million (from P43.29 million).

Cited for underspending

THE DBM, which coordinates and organizes the budget proposals of government agencies and other state-owned institutions, finalizes the annual NEP for consideration by both houses of Congress. DBM computes for an agency’s final proposed budget for the following year, taking into account the use of its currently appropriated funds. The DOT has had a perennial problem with the poor utilization of its appropriated funds leading to citations from the DBM, as well as mentions from the Commission on Audit’s agency reports. “Out of the total allotments received by DOT amounting to P3.27 billion in CY 2024, the amount of P2.82 billion, or 86.31 percent, was obligated, leaving an unobligated balance of P448.08 million, or 13.69 percent, while P2.17 billion, or 76.78 percent of the total obligations was disbursed, leaving an undisbursed balance of P655.78 million or 23.22 percent at year-end, thus, utilization of authorized budget was not fully maximized,” said COA in its latest audit report of DOT’s funds. Former Tourism Secretary Christina Garcia Frasco had often blamed the agency’s low budget allocation for its inability to attract more foreign tourists, which reached 5.87 million last year, 1.34 percent less than in 2024. (See, “COA flags underspending by DOT despite calls for more tourism funds,” in the BusinessMirror, April 20, 2026.) Still, at US$59 million, the Philippines has the lowest spend on tourism promotions in Southeast Asia. Other countries’ spend were: Indonesia at $645 million; followed by Malaysia, $358 million; Singapore, $376 million; and Thailand, $111 million.

A10 Wednesday, August 19, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Permanent fixes, not quick patches: Solving the food logistics crisis

UPER Typhoon Dolphin did not directly strike the Philippines, but it caused substantial damage to local farmlands. It also highlighted the policy gaps in the agricultural value chain that drive up food prices. Dolphin did not unleash its fury in the country, but it enhanced the southwest monsoon, which paralyzed major Luzon cities that were inundated because of devastating rainfall. According to the Department of Agriculture (DA), farmers and fishers lost P1.03 billion due to monsoon rains and tropical cyclones Luis and Maymay. (See, “Farm damage from storms, habagat breaches P1B,” BusinessMirror, August 17, 2026).

Major crop-producing areas in Luzon were the main casualties of the southwest monsoon enhanced by Dolphin and the tropical cyclones— the Cordillera Administrative Region (CAR), Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon and Mimaropa. While rice bore the brunt of the effects of the southwest monsoon, a considerable volume of high-value crops was also destroyed. Vegetables damaged by heavy rains and floods were valued at P313.07 million. With roads rendered impassable by the floods and highland vegetables unable to reach cities in Metro Manila, these food items became more expensive. This is the usual consequence of the inability of “viajeros” to deliver the vegetable supplies required by urban areas in the capital region. As of August 16, all highland vegetables covered by the DA monitoring recorded significant increases. The problem of higher food prices, particularly vegetables, whenever the supply chain encounters bottlenecks, has plagued the country for many years. And it will continue to do so unless a comprehensive approach to dealing with these bottlenecks that arise after the onslaught of storms and other natural calamities are not addressed. Eliminating these chokepoints is more cost-effective for the government in the long run than providing “ayudas” and other forms of government support that do not really address the causes of high food costs. These impediments have been identified by numerous studies and discussion papers in the past, the latest of which was published by the University of the Philippines-Center for Integrative and Development Studies in 2025. The paper, which focused on Benguet, noted that the province supplies 89.05 percent of the country’s potato production, 82.30 percent of carrots, 81.43 percent of pechay Baguio, 66.61 percent of cabbage, and 55.97 percent of chayote. However, inefficiencies in the vegetable value chain such as transportation issues, post-harvest losses, price fluctuations, and limited market access threaten both farmer profitability and consumer affordability. Chief among the impediments that persist in the vegetable value chain is the logistical challenges in Benguet, which the paper attributed to inadequate road networks. The recent floods and onslaught of tropical storms reminded the public and the government of the existence of these issues and their impact on vegetable prices during the wet season, which starts in June and ends in November. Until the government and the private sector are able to solve the conundrum that is food logistics, consumers will have to live with higher vegetable prices during the rainy season. Since 2005

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Reviving our growth Mark Villar

THE BUILDER

ECENT economic data underscore the need to pump more money into the economy—both from the government and the private businesses—if we want to bounce back from the sluggish gross domestic product (GDP) growth seen in the second quarter of 2026. Our economy grew just 2.3 percent year-on-year in the second quarter, slower than the 2.8-percent pace we saw in the first quarter, and below what economists were expecting. Businesses pulled back on investment, and rising prices for oil and other commodities contracted consumption at the same time. That combination cut into how much people spent on transportation and eating out. Investment alone dragged our growth down by 1.7 percentage points, and one US bank says the biggest reason was that public investment stalled. In the first half of the year, our growth averaged 2.6 percent, below the government’s target. Department of Economy, Planning, and Development (DEPDEv) Secretary Arsenio Balisacan blames the slowdown on weak demand at home, with low investment as public construction declined. Households also spent less as inflation rose, jobs were lost, and money sent home by workers abroad eased because of the

conflict in the Middle East. We still see bright spots. Farm output is recovering, factories are growing faster and we’re exporting more goods and services. Semiconductor exports, in particular, got a boost from global demand for AI products, and that helped our net exports rebound this quarter. Per Secretary Balisacan, the second-quarter numbers call for decisive action, but he’s cautiously optimistic that the economy may already be turning a corner. I’m hopeful the proposed 2027 budget can help turn things around. The Department of Budget and Management (DBM) has submitted a P7.2-trillion budget to Congress, with big allocations for education, health, welfare programs, food security, infrastructure, jobs and disaster preparedness. This kicks off Congress’s budget deliberations. The proposed budget represents about 21.7 percent of our GDP and is 6 percent higher than this year’s.

Per the DBM, the 2027 priorities are education, health, welfare, food security, infrastructure, digitalization and disaster resilience—while still keeping the budget fiscally responsible. Acting DBM Secretary Kim De Leon says the goal is to spend where it counts most for ordinary Filipinos. Social services get the biggest slice of the 2027 budget pie at P2.456 trillion, covering education, health care, welfare, jobs and housing. Economic services come next at P1.833 trillion, up P277.3 billion from this year, meant to fund infrastructure, agriculture, transportation and water projects that create jobs and improve connectivity. Health gets P1.06 trillion, which would push our health spending up to 3.19 percent of GDP from 2.68 percent this year. This means more money for hospitals, medicine and health services. Infrastructure, under the government’s Build Better More Program, gets P1.467 trillion—or 4.4 percent of GDP and P178 billion more than this year—to build more roads, bridges, railways and water systems. Based on DBM breakdown, education (DepEd) gets the largest share at P976 billion, or 13.55 percent of the total budget. Public works (DPWH) gets P644 billion for roads and bridges. Health, specialty hospitals and PhilHealth combined get P353.8 billion. Local government and public safety (DILG) gets P332.5 billion. National defense gets P328.8 billion, including military modernization. And transportation (DOTr) gets P302.2 billion for railways and

Global bond slump sends long-term borrowing costs to highest in decades By Greg Ritchie & Matthew Burgess

ONGER-MATURITY bonds are at the epicenter of investor angst about everything from inflation to the debt-laden artificial-intelligence boom—and governments are paying the price.

Sovereign borrowing costs are surging around the world. Yields on 30-year US Treasuries rose to the highest since 2007 this week, while French borrowing costs hit the loftiest since 2008 and their German peers traded at 2011 levels. Equivalent gilt yields are approaching 6 percent in the UK and similarmaturity Japanese ones are close to their all-time high. While domestic factors have a role in each market, the structural forces driving up yields are global in nature. One fear is that an increasingly divided world order will make economies more prone to supply shocks and persistent inflationary pressures. Bondholders are also worried that gov-

ernments will fail to rein in spending, pressuring fiscal health. Meanwhile, changes in market structure and demographics are resulting in waning demand from once-steady buyers. It’s a maelstrom for finance ministers, many of whom are shifting their debt-issuance toward shorter tenors where yields are lower. There’s only so much room for maneuver, though, as they adjust to a world where they can no longer lock in financing costs for decades at rock-bottom rates. “It is hard to know what level of yield would make the outlook for total returns from long duration fixed income better,” said Chris Iggo, chief investment officer at AXA IM Core at BNP Paribas Asset Management.

Global debt markets have been battered this year by surging energy prices caused by the conflict in the Middle East, which has fueled bets the Federal Reserve and other central banks will tighten monetary policy. But the challenge for fixed-income investors predates that, and recent price action suggests other factors are helping to drive long-dated yields higher.

“The only thing which might change that is a sudden weakening in economic data or some kind of external shock. The latter appears more likely than the former.” US 30-year yields have climbed almost 40 basis points since the end of June to touch 5.32 percent on Tuesday, the highest level since mid2007. That’s a headache for President

public transit. The DBM says it expects Congress to scrutinize the budget carefully, and I agree that’s how it should be— every peso needs to go where it will actually help people. On the ground, I’m encouraged that the DBM already started releasing funds for 2026 infrastructure projects to the DPWH toward the end of June. The DPWH began awarding contracts in June and July. Secretary Balisacan said he expects public construction spending to pick up in the third quarter and keep building momentum after that. To hit the government’s full-year growth target of 3.5 to 4.5 percent, our economy should grow at least 4.4 percent in the second half of the year, based on DEPDEv’s calculations. Indeed, this will be tough, but the target is still within reach if we work together. Specifically, we should speed up high-priority infrastructure projects, with immediate economic impact. Our growth engine needs a restart. Agriculture, manufacturing and exports are already pulling their weight. To keep the rest of the economy moving, we need to release the budget on time, get contractors moving and clear the way for economic activities and opportunities. I think we have a real shot at hitting our second-half growth target. It requires higher investments from the government and the private sector and the cooperation of everyone. For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

Donald Trump and Treasury Secretary Scott Bessent ahead of midterm elections, with lofty government financing costs feeding through into corporate and consumer loans. “November’s elections could bring forth more policy risk and will certainly focus market attention on fiscal matters ahead of the usual budget season,” AXA’s Iggo said. “Ideally, one would not want to be going into an important election period with mortgage rates rising, even if they remain lower than they were in 2023.” The US Treasury market is just one part of the story. The average yield on a benchmark portfolio of investment-grade government bonds has surged to almost 4.5 percent, the highest in data compiled by Bloomberg going back to 2015. Global debt markets have been battered this year by surging energy prices caused by the conflict in the Middle East, which has fueled bets See “Global,” A11

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Wednesday, August 19, 2026 A11

The 12 Ts of tax transformation: A son of Sorsogon at the helm of history In an era where political expediFrom BIR digitalization to ence often trumps constitutional principle, Chiz has anchored the Philippine global tax leadership proceedings in something more Dr. Jesus Lim Arranza enduring. He understands that MAKE SENSE

F DEBIT CREDIT Joel L. Tan-Torres

FTER years of observing, participating in, practicing, teaching, and studying tax administration, I have come to one conclusion: digital transformation is not about technology alone.

Technology is essential, but it is not sufficient. A tax administration may purchase systems, launch portals, automate forms, and introduce analytics, but still fall short of true transformation if it does not also transform people, processes, governance, taxpayer experience, and institutional culture. This is why I have formalized what I call the 12 Ts Framework of Essential Factors in Tax Transformation. It is my way of organizing the lessons from the BIR’s journey from manual administration to computerization, from computerization to digitalization, and from digitalization to AI-enabled and data-driven tax administration. The first T is Technology. This is the backbone of transformation —systems, platforms, databases, cybersecurity, cloud infrastructure, APIs, digital payment channels, electronic invoicing, analytics, and artificial intelligence. The BIR’s current digitalization roadmap already reflects this expanded technological landscape through systems for registration, filing, payment, taxpayer compliance, electronic audited financial statements, electronic invoicing, and sales reporting. The second T is Taxpayer-centricity. Digital transformation must make compliance easier, not merely more electronic. Taxpayers should experience less friction, fewer redundant submissions, clearer instructions, faster confirmations, and more predictable outcomes. If a digital system merely transfers manual inconvenience to an online platform, it has not truly transformed the taxpayer experience. The third T is Talent. The BIR of the future needs digital auditors, data analysts, forensic investigators, cybersecurity professionals, systems thinkers, international tax experts, and reform-minded managers. Technology without talent becomes an expensive asset with limited value. The fourth T is Training. Training must be continuous, practical, diagnostic, and competency-based. Revenue officers must not only know how to use a system. They must understand how the system fits into audit, enforcement, taxpayer service, and governance. The fifth T is Transparency. Digital systems should create audit trails, reduce discretion, clarify case status, and make processes more visible. Transparency protects both the taxpayer and the honest revenue officer. The sixth T is Trust. Tax administration depends on trust: trust that data will be protected, assessments will be fair, rules will be clear, refunds will be processed, and taxpayer rights will be respected. Without trust, digitalization may be viewed not as a service, but as surveillance. The seventh T is Tax intelligence. This includes third-party matching, RELIEF, electronic sales reporting, risk scoring, benchmarking, AI-enabled red-flagging, and data-driven audit or LOA selection. The goal is not to audit everyone, but to identify risk more intelligently. The eighth T is Teamwork. BIR transformation cannot be achieved by the BIR alone. It requires coordination with the DOF, BOC, SEC, LGUs, banks, fintech providers, professional organizations, academe, Congress, and international institutions. The ninth T is Transformation governance. Digital reform requires leadership, roadmaps, funding, accountability, sequencing, monitoring, independent review,

and continuity across administrations. Without governance, systems become fragmented, and reforms become episodic. The tenth T is Timeliness. Digital systems must produce faster action: faster registration, filing, payment, refunds, audit resolution, protest handling, and taxpayer assistance. Delay weakens confidence. The eleventh T is Tenacity. Transformation is difficult. It faces resistance, budget limits, legacy systems, fragmented data, cybersecurity risks, uneven digital access, and organizational fatigue. Reformers must persist. The twelfth T is Tax leadership. This is the ultimate aspiration. Digital transformation should not only improve domestic revenue administration. It should help position the Philippines as a credible, innovative, and globally engaged tax jurisdiction. Tax leadership is not achieved by proclamation. It is earned through capability, credibility, consistency, and contribution. The BIR’s digital transformation is therefore not merely an internal administrative project. It is part of the country’s fiscal governance agenda. A stronger digital BIR can improve revenue performance, reduce compliance costs, support investment confidence, enhance taxpayer trust, and strengthen the Philippines’ voice in regional and global tax forums. The BIR roadmap’s reference to Tax Administration 3.0 is timely. It recognizes changing taxpayer behavior, digital economies that redefine tax bases, and the need to move beyond digitizing existing processes toward digitizing trust and compliance. This is exactly where the BIR must go. As I look back at my journey— from BIR official to Commissioner, from tax partner to consultant, from columnist to academic, from local reform participant to international tax observer—I see the BIR’s transformation as a continuing national story. It began with computerization. It moved to digitalization. It is now entering the age of intelligence. The task before us is to ensure that this transformation remains human, fair, lawful, inclusive, and developmental. The BIR’s ascent to Tax Administration 3.0 does not come from technology alone. It will come from the disciplined integration of the 12 Ts: Technology, Taxpayer-centricity, Talent, Training, Transparency, Trust, Tax intelligence, Teamwork, Transformation governance, Timeliness, Tenacity, and Tax leadership. That is the journey I have witnessed. That is the journey I continue as a Doctoral program student at the University of the Philippines National College of Public Administration and Governance. That is the journey I hope to help document for the next generation of tax administrators, policy makers, practitioners, scholars, and citizens. Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong & Co. and SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who ranked No. 1 in the CPA Board Examination in May 1979. He provides tax practice and advisory services with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

ROM the rolling hills of Sorsogon to the hallowed halls of the Senate, there exists a thread that binds me to this historic moment in our nation’s democracy. I write not merely as an observer of the impeachment trial of Vice President Sara Duterte, but as a fellow Sorsogueño who has watched Senator Francis “Chiz” Escudero grow from the son of a respected family friend into the steady hand presiding over one of the most consequential trials in our recent history.

My connection to the Escuderos runs deep, rooted in the soil of our shared province at the tip of the Bicol Peninsula. Salvador “Sonny” Escudero III, Chiz’s late father, was more than a public servant to me—he was a dear friend and the classmate of my elder sister. I remember him not as the formidable Minister of Agriculture under Marcos Sr. or Secretary under Ramos, but as a man of quiet warmth and unwavering integrity. It was through another departed friend, Bebot Villar, former mayor of Santo Tomas, Pangasinan, that I first met Chiz. Bebot and I were deep in our anti-smuggling campaign when he introduced us, and I wonder now if Chiz remembers that afternoon when our paths first crossed. Today, as I watch him preside over the impeachment trial, I am struck by how he has become a statesman

of remarkable poise. The Senate chamber, often a theater of political grandstanding, has been transformed under his stewardship into something resembling a court of law rather than a stage for spectacle. When Chiz admonishes legal counsels from both sides to drop their unnecessary showmanship, I hear not the voice of arrogance, but the voice of someone who understands that history is watching and that the dignity of the institution must be preserved. What impresses me most is his mastery of the delicate balance between fairness and efficiency. When he grants valid excuses to witnesses—such as those with scheduled board exams—he demonstrates a humanity that does not compromise the rule of law. When he overrules defense objections on key lines of

the burden of proof rests with the prosecution not as a mere technicality, but as the constitutional safeguard that protects all of us from arbitrary power. His rulings are not impulsive; they are grounded in established rules that keep the trial moving forward without sacrificing the due process rights of the accused.

questioning, he shows the firmness necessary to ensure that truth has a pathway to emerge. His declaration of Gina Acosta as a hostile witness was not an act of prejudice, but a necessary procedural tool to pierce through evasion and memory lapses that threatened to derail the search for facts. In an era where political expedience often trumps constitutional principle, Chiz has anchored the proceedings in something more enduring. He understands that the burden of proof rests with the prosecution not as a mere technicality, but as the constitutional safeguard that protects all of us from arbitrary power. His rulings are not impulsive; they are grounded in established rules that keep the trial moving forward without sacrificing the due process rights of the accused.

China’s premier urges more support for economy after big growth slump

HINA’S economy showed across-the-board weakness in July and growth likely slipped further below the government’s annual target, sparking a call from Premier Li Qiang on officials to ramp up supportive measures.

“We must anchor efforts to development goals, give full play to the effectiveness of existing policies, and promptly formulate practical and effective incremental policies,” Li said at a Monday meeting of China’s cabinet, as he urged officials to “strive to achieve” the annual economic and social development targets. The speech was released by the official Xinhua News Agency after government data published earlier in the day showed China’s industrial output, consumption and investment all softened more than expected in July. Pressure on policymakers to step up stimulus is on the rise, given many economists estimate growth of gross domestic product has slipped further below Beijing’s annual target of 4.5 percent to 5 percent after reaching only 4.3 percent in the second quarter. Li—China’s No. 2 official, after President Xi Jinping—pledged to accelerate China’s shift to new growth drivers. He said the government will focus on major projects, such

as the Six Networks, and sectors with expansive supply chains and greater economic weight to unleash domestic demand. The deployment of government funding will be expedited, and more support will be given to investment in emerging industries, new types of infrastructure and consumption upgrading, the premier added. The July data suggested China’s growth is likely running below the lower end of the official annual target range, according to economists from institutions such as BNP Paribas SA, Macquarie Group and Pantheon Macroeconomics. Goldman Sachs Group Inc. and Citigroup Inc., meanwhile, have warned their forecasts for a pickup in GDP expansion in the third quarter could be in doubt. Still, most analysts aren’t expecting an immediate top-up of fresh stimulus, in part because officials should have had a clear understanding of where the economy stands when the powerful Politburo met

Global. . .

tionally, many bond markets were supported by demand for long-dated assets from the likes of pension funds seeking to match such securities against their liabilities. Nowadays, many providers are moving away from defined-benefit systems, while regulations are encouraging funds to invest more in stocks. More broadly, as government bond issuance ramped up, nations have leaned more on private investors. Minutes from the Fed’s June policy meeting show officials were briefed on how ownership of Treasuries was shifting from “relatively price-insensitive official-sector holders to more price-sensitive private investors,” which could impact the term premium—or the extra yield investors demand to hold longerdated debt. “Official demand is driven largely by policy objectives” while “private investors are more return-sensitive,” said Anshul Pradhan, head of US rates strategy at Barclays Plc. This

continued from A10

the Federal Reserve and other central banks will tighten monetary policy. But the challenge for fixed-income investors predates that, and recent price action suggests other factors are helping to drive long-dated yields higher. One element acting as a headwind for longer-maturity government debt globally is competition from corporate borrowers. A record pace of bond issuance has added substantial duration supply to US fixed-income markets, especially as tech firms looking to finance AI investment seek to borrow at longer maturities. These US firms are increasingly tapping overseas bond markets, with one example being Alphabet Inc.’s decision to market a debut Australian dollar debt issue of A$5 billion ($3.6 billion). The supply challenge comes just as the buyer base is shifting. Tradi-

The speech was released by the official Xinhua News Agency after government data published earlier in the day showed China’s industrial output, consumption and investment all softened more than expected in July. Pressure on policymakers to step up stimulus is on the rise, given many economists estimate growth of gross domestic product has slipped further below Beijing’s annual target of 4.5 percent to 5 percent after reaching only 4.3 percent in the second quarter. in late July. During its huddle to set economic policy for the second half of the year, the Communist Party’s decision-making body stopped short of announcing major new measures. The government therefore will likely prioritize a faster roll-out of existing policies while monitoring the economy in the coming months, calibrating any extra stimulus to keep the annual growth goal within reach, economists said. “We continue to expect the government to accelerate the pace of bond issuance and proceeds spend-

change in buyers over the last decade is responsible for about 90 basis points of the term premium on 30year US Treasuries, he said. In Japan, outright yield levels remain below their peers but their recent increase has been relentless. The nation’s relatively steep yield curve reflects speculation that the Bank of Japan has been too slow to raise rates to tame inflationary pressures. That’s on top of other concerns including the central bank’s decision to wind down its bond-buying program, and fears over increased government spending and elevated energy costs. “The prospect of rising imported energy inflation and mounting pressure for the BOJ to tighten provides little incentive to step in and buy JGBs,” said Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities in Singapore. “Japan was meant to be the anchor for global rates, and the risk that JGB yields move higher raises the risk

The pressure on him must be immense. Impeachment trials in our country are never merely legal proceedings—they are political earthquakes that shake the foundations of power. Yet Chiz remains composed in an era of viral soundbites and partisan conflict. He grants both panels ample leeway to present their arguments, yet reins in rhetoric before it can poison the well of public trust. In doing so, he has created an atmosphere of solemnity befitting the gravity of the moment. As a Sorsogueño, I cannot help but feel a quiet pride watching one of our own navigate these treacherous waters with such skill. We are a province accustomed to being at the periphery, at the tip of the peninsula, looking out toward the Pacific where typhoons emerge. Yet here, in the center of our national drama, stands a son of Sorsogon, reminding the nation that leadership is not about dominance but about service to the law. I wish Chiz success and more power—not power for its own sake, but the power to continue guiding this trial toward its just conclusion. May he remain the steady anchor that our democracy needs in these turbulent times, and may the people of Sorsogon continue to produce leaders who understand that the true measure of power is the wisdom to restrain it. Dr. Jesus Lim Arranza is the Chairman Emeritus of the Federation of Philippine Industries and concurrent Chairman of the Anti-Smuggling and AntiIllicit Trade Committee.

ing in coming months, speed up implementation of the new policybased financial instrument, and keep the door open to additional easing later this year if growth slows further and the full-year growth target of ‘4.5-5.0 percent’ comes under pressure,” Goldman economist Lisheng Wang wrote in a Monday note. The new policy-based financial instrument refers to 800 billion yuan planned for this year in quasifiscal policy bank financing to fund investment. Adverse weather conditions could be another factor delaying new progrowth policies, according to a report by Citigroup economists led by Xiangrong Yu. Heavy rains and strong winds were among the reasons for a deepening contraction in fixed-asset investment last month. Macquarie economists including Larry Hu expect Beijing to stick to what they called its “Just Enough” rule, “doing just enough to achieve the growth target, but no more.” The resilience in foreign shipments on the back of the global AI supercycle will allow Chinese authorities to keep stimulus measured, they said. “Domestic demand is likely to remain weak if AI-led export strength continues.” Bloomberg that global duration reprices.” While concern over price pressure has driven much of the bond selloff, long-dated break-even rates—which measure market expectations for future inflation—have remained relatively well anchored in most major markets. Instead, the rise in borrowing costs has been driven by so-called real yields, or the extra compensation investors demand on top of inflation to hold bonds. This repricing offers a potentially attractive entry-point for fresh cash, according to Kelsey Berro, a portfolio manager at JPMorgan Asset Management. “Where we have seen more value created and that we like a little bit better would be the long end, particularly in real yields,” she said. “We do believe ultimately correlations would be supportive for the portfolio if you were to see a little bit more of a wobble in risk assets.” With assistance from Cameron Fozi, Ye Xie and Masaki Kondo/Bloomberg

Sports BusinessMirror

A12 Wednesday, August 19, 2026

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

OBIENA IN POLAND: UP, UP AND AWAY! T By Josef Ramos

ALEX EALA gives her world No. 10 opponent Amanda Anisimova scary moments before yielding in three sets at the Women’s Tennis Association Cincinnati Open. AP

Anisimova shows Eala door in Cincinnati Open

LEX EALA couldn’t sustain a first-set win against a more experienced and world No. 10 Amanda Anisimova to absorb a 6-4, 4-6, 2-6 loss and exit the Women’s Tennis Association Tour Driven by Mercedes-Benz Cincinnati Open on Tuesday in Mason, Ohio. The setback snapped the world No. 20 Eala’s giant-slaying streak over top 10 players to go 9-5 won-lost—it was also her second defeat in 10 matches in his North American swing. “I’m really happy with the way I was able to find my game in the middle of the match,” said Anisimova, who reached the finals of Wimbledon and the US Open last year. “Alex is a really tough player, so I knew it was going to be a tough challenge for me.” “So just really happy with the way I was able to find my tennis and play aggressive and turn it around,” added the American who turns 25 at the end of the month. Eala, who won her first WTA singles title in Washington last month, started strongly, breaking in the 10th game of a tight first set to take it 6-4. The second set remained on serve until Anisimova broke in the seventh game and then held her next two service games to level the match at one set apiece with another 6-4 win. In the decider, Eala broke early to lead 2-0, but Anisimova stormed back, winning the next six games in a row to close out the match in two hours and 28 minutes. The win was only Anisimova’s second against a top-20 opponent in 2026—she was 1-6 against top20 players coming into the match, having lost her last five matches to top-20 opponents. Serena and Venus Williams, meanwhile, played their first doubles match together since the 2022 US Open and lost a thriller 2-6, 6-1 (10-8) to Marta Kostyuk and Peyton Stearns.

The sisters nearly recovered from a 6-0 deficit in the match tiebreaker before a double-fault by Venus Williams ended their first doubles appearance in a non-Grand Slam event since the Italian Open in 2016. “I thought it was fun,” Serena said. “I thought it was special. We kicked off a little rust in the middle of the match and just, you know [were] starting to feel it. I didn’t come out here to win this tournament. Winning is obviously great. But in this position just, you know, having fun. It was really cool to be able to do this again.” Serena had been off the tour since 2022 before returning this summer at age 44. The sisters planned to play together at Wimbledon but had to withdraw after Serena injured her knee while losing her singles match. They entered Cincinnati as a wild card. Venus and Serena have won 14 Grand Slam doubles titles and 22 total. Serena won one with Alexandra Stevenson in 2002 at Leipzig. All of Venus’ doubles titles have been with her sister. They also have won three Olympic gold medals together. Serena has won 23 singles Grand Slam titles. Venus has won seven. Eala and Felix Auger-Aliassime, spouses Elina Svitolina and Gael Monfils, and two-time defending champions Sara Errani and Andrea Vavassori have been given wild cards into the US Open mixed doubles tournament. The US Tennis Association (USTA) on Monday set 11 of the 16 teams that will be in the championship, with six teams qualifying directly because of their combined rankings and five being given wild cards. Topping the field is the team of No. 1-ranked Aryna Sabalenka and 24-time men’s Grand Slam singles champion Novak Djokovic, who have the lowest combined singles ranking of any team that entered. WTA News and AP

HE gods must have descended from Mount Olympus on Ernest John “EJ” Obiena who soared to 5.91 meters—a height he hasn’t cleared in two years—to win gold at the Golden Sand 2026 Meet at the Promenada Gwiazd in Miedzyzdroje, Poland, on Tuesday. Obiena moved camp from Formia in Italy to Athens in Greece last June 10 and has been f lying over and above his opponents since—he has collected so far five gold and two silver medals. And in Miedzyzdroje, he was unbeatable at 5.91m, beating with enough to spare 21-year-old Qatari Seifeldin Abdelsalam (5.75m) and American Cole Walsh (5.70m) in a countback over Hussain Al-Hizam of Saudi Arabia. “It’s been a while. I can’t remember when was the last time I hit 5.91 meters...maybe 2024?” Obiena told the BusinessMirror over the phone. “I was surprised, but if I stay healthy and in good condition, I believe I can jump consistently and even higher—and that is the goal.” The last time Obiena passed the 5.90-mark was in June 2024 when he won gold at the Irena Szewinska Memorial in Poland at 5.97m and at the 2023 Asian Championships in Bangkok, at 5.91m. The 30-year-old Obiena went for 6.0 meters but missed thrice—he’s one of only 24 members of the 6.0 Meters Club for having made the height in a gold medal-winning effort at the Vest Bergen Jump Challenge in Norway on June 10, 2023, and at the World Athletics Championships in Budapest in October 2023 where he got silver Olympic and world champion and record breaker Armand Duplantis. Obiena said he wants to do more.

“A lot of things to be done and I believe I can get it done [clearing higher bar]. It just a matter of time but again this is not my best yet,” said the former world No. 2 and Asian champion and record holder said. Obiena’s previous season best was at 5.85m that earned him silver at the Meeting de Madrid last July 17. His got his other gold medals at the Czeslaw Cybulski Memorial in Poznan last June 30, Raiffeisen Austrian Open last July 2 in Eisenstadt in Halberstadter and Internationale Stabhochsprungmon in Jockrim in Germany early this month under new coach Marcin Szczepanski of Poland. “It was also huge that I transferred my training venue to Athens, Greece as I learned a lot of things under new coach Marcin,” he said. “And I am looking forward to the Asian Games although I have no idea how many tournaments before I compete in the Asiad,” the current world No. 13 added. The Aichi-Nagoya 20th Asian Games are set September 19 to October 4.

North draws first blood vs South in four-ball duel in JPGT Finals

EAM North skirted the so-called homecourt advantage to seize a commanding 7 1/2-4 1/2 lead over Team South in the Four-ball format at the start of the International Container Terminal Services Inc. North vs South Elite Junior Philippine Golf Tour (JPGT) Championship at the Pueblo de Oro Golf and Country Club here Tuesday. The defending champions imposed their will early by taking control of seven of the 12 best-ball matches contested in three age groups to nearly match their

8-4 opening output they fashioned in ruling the inaugural showdown at The Country Club last year. Zach Guico and Kingston Ching set the tone for the Northerners’ early charge, going 3-up after just seven holes against South’s Ethan Lago and Lucas Revilleza in the boys’ 7-10 division. They never looked back for a convincing 5&4 victory that Zoji Edoc and Kenzo Tan complimented against Stephen Clementer and Darren Ong, 3&2, in another boys’ 7-10 duel.

In game six alone of the middle set, Anisimova survived three horrific double faults to level the count at 3-3. Next, she broke a suddenly disoriented Eala at the first opportunity before holding serve for a 5-3 lead—again brushing aside two double faults. And after Eala held serve, Anisimova routinely held her own for a 6-4 win to forge a deciding third set, where, horror of horrors, Eala would hurtle back from heaven to earth. Eala had an auspicious start in the decider, racing to a 2-0 lead as she broke Anisimova in the second game. After that, it was all Anisimova show. After a break back, Anisimova, finally flashing her famous lethal backhand, tied it at 2-all, before making it 3-2 as she pounced on Eala’s two double faults. After that, defeat was merely a matter of time for Eala, who showed clear signs of fatigue against a visibly

Edoc highlighted their victory with a hole-in-one on the 80-yard No. 13 using a 54-degree club and a Taylormade TP5 ball. Chan Ahn and Vito Sarines made it three straight for North with an equally emphatic performance in the boys’ 11-14 class where they defeated Ken Guillermo and Mio Woo, 6&4. South stemmed the tide when Ralph Batican and Jared Saban fashioned a 4&2 victory over Javie Bautista and Jacob Casuga in the other boys’ 11-14 match, but the Northerners responded by taking three of the next four matches, sweeping the boys’ 15-18 encounters. They were also poised to dominate girls’ 7-10 duels as conditions grew hotter but Athena Serapio and Jehanne Mendoza blew a 3-up lead, enabling Blake Aguilar and Soleil Molde to force an all-square match, the only face-off that ended in standoff in the day. Shin Suzuki and Santi Asuncion blasted Alexis Nailga and Clement Ordeneza, 4&2, while Jakob Taruc and Nathan Belandres ripped Sebastian Sajuela and Roman Tiongko, 5&4, in the boys’ premier side. Jaicee Cervantes and Andrea Dee provided the other win in girls’ youngest division, a 5&4 rout of Vanya Go and Akeisha Yocte.

Collegiate jins display wares in national tilt

resurgent and rejuvenated Anisimova, who iced a crucial 4-2 edge with a blistering ace—her third for the day. She would next break again Eala—by now appearing visibly spent with shoulders sagging and feet seemingly weighed down by lead—before wrapping up the match with flourish, clinching a 6-2 win at love. While Eala was younger at 21 against the 24-year-old Anisimova (she turns 25 on August 31), the element of stamina, surprisingly, also turned in the American’s favor. But Anisimova, winner of four titles including two Women’s Tennis Association (WTA) 1000s and a losing finalist in 2025 Wimbledon to Iga Swiatek and in the 2025 US Open to Aryna Sabalenka, praised Eala “for her great talent.” That talent will surely be unfurled again when Eala plays in the 2026 US Open from August 30 to September 13 in Flushing Meadows, New York. With the lessons Eala learned during her super hectic schedule this season from January to the present, winning, along the way, the Mubadala DC Open in Washington with a 4-6, 6-4, 6-0 victory over world No. 3 Jessica Pegula only last August 3, expectations are again high for the Filipino sensation to perform well in the season’s fourth and last Grand Slam in the Big Apple. I can almost see it happening.

HE country’s top college jins will be tested in the Philippine Taekwondo Association (PTA) 2026 Smart/MVPSF National InterSchool Taekwondo Championships set August 22 and 23 at the Ninoy Aquino Stadium in Manila. The event is one of the highlights of the PTA’s Golden Anniversary celebration and features Kyorugi action this weekend and Poomsae action on August 30. PTA Grandmaster Sung-Chon Hong sees fast and exciting matches especially in the Kyorugi event since the tournament will serve as the final tune up of the collegiate jins ahead of the opening of their respective leagues. Top caliber athletes from National University, San Beda, University of Santo Tomas, La Salle and College of St. Benilde are expected to participate in the country’s largest inter-school tournament, supported by the Philippine Sports Commission, Philippine Olympic Committee, Smart, MVP Sports Foundation and Milo. The opening ceremony on August 22 will also mark the start of the association’s Golden Anniversary celebration to be marked by a special commemorative program honoring five decades of excellence in Philippine taekwondo. To culminate the much-awaited event, the PTA will host a Golden Anniversary Gala Dinner also on Saturday at the Grand Ballroom Coral Wing of Okada Manila. It will be attended by government officials, sports leaders, international taekwondo dignitaries and members of the Philippine taekwondo community. Hong also affirmed the association’s commitment to developing world-class athletes and advancing the sport of taekwondo in the Philippines.

THAT’S IT With over 20 tournaments she had played this year in Asia, the Middle East, Europe and the US, Alex Eala should be more than ready for the US Open. She has two weeks to rest/ prepare for the grandest tennis event of the year.

THE best taekwondo athletes from the collegiate leagues converge at the Ninoy Aquino Stadium this weekend. PTA PHOTO

THE North team’s Zoji Edoc (left) and Kenzo Tan take a break on their way to beating South’s Stephen Clementer and Darren Ong, 3&2, in a boys’ 7-10 four-ball duel at Pueblo de Oro. JPGT PHOTO

Anisimova’s experience did Eala in THIS time, Alex Eala bowed to someone richer in experience. That sums up Amanda Anisimova’s victory over Eala in Tuesday third round of the Cincinnati Open in Mason, Ohio, USA. “Experience prevailed over youth,” said Admiral Louie Fernandez (ret.). “That simple.” I can’t dispute that. While it’s true that Eala gutted out a 6-4 win in the first set with an exceptional display of vicious tenacity and steely nerves, the Filipino ace just couldn’t sustain her firepower against someone bent on reaching the finish line first. Unlike many of Eala’s previous victims who either folded up that easily or withered going into the final bend of the race, Anisimova proved to be of a different texture. She seemed like a dike built to buck the strongest surge of water from a burst dam. Thus, while Eala was trying to ride on the momentum of her first-set win sparked by her brilliant three-game run to erase a 3-4 deficit en route to a 1-0 lead going into the second set, Anisimova fought back like a dragon disturbed from deep slumber. Down 2-3 in the second set, Anisimova sprang back to life by stringing up three games of her own to seize control, 5-3. The American was simply a fantastic turnaround, utterly transforming from mediocre to magical by unbelievably bucking five double faults in that winning streak.

ERNEST JOHN “EJ” OBIENA has been reaping wonders since moving camp from Formia to Athens in June. FB PHOTO

Editor: Jennifer A. Ng

Companies BusinessMirror

‘PREMIUM SUITES OF SM ARENAS IN PASAY, CEBU IN HIGH DEMAND’ By VG Cabuag @villygc

M Prime Holdings Inc. on Tuesday said there is strong demand for the premium suites of its Mall of Asia facility in Pasay and Cebu Arena, which was launched in July. Available exclusively to brands and corporations through a minimum one-year lease, the 40-square-meter suites are designed to accommodate up to 30 guests, featuring lounge and theater-style seating, a private restroom, dedicated VIP access, high-speed Wi-Fi and prime views of live events. Partners have the option to tailor their suites with branded furnishings and installations to give their guests a distinctive experience. At SM Seaside Cebu Arena, suite holders also enjoy exclusive access to six multipurpose function rooms, providing an ideal venue for meetings, corporate

events and other business engagements. “Premium suites have become a popular feature at leading sports and entertainment venues worldwide because they elevate the live event experience,” SM Prime President Jeffrey C. Lim said. “They also give businesses a more engaging way to connect with clients, partners and employees.” In comparison, large-scale entertainment venues, such as Madison Square Garden, The O2 Arena and Mercedes-Benz Arena Shanghai offer private suites in a variety of formats and configurations. In the Philippines, SM Prime pioneered the premium suite concept with the opening of SM Mall of Asia Arena in 2012, introducing the first corporate hospitality offering of its kind in Southeast Asia. Since then, SM Prime has steadily upgraded its facilities and services to meet the evolving needs of its suite holders.

Wednesday, August 19, 2026

Australia’s Kairos keen on setting up BPO firm in PHL

By Bless Aubrey Ogerio

@blessogerio

N Australian healthcare group is interested in establishing an information technology–business process outsourcing (IT-BPO) operation in the Philippines to provide administrative and back-office services for its health businesses in Australia and other overseas markets, according to the Philippine Economic Zone Authority (Peza). Kairos Care Pty. Ltd. and Kairos Medical Group Pty. Ltd. last week discussed their plans on the potential expansion of their Philippine

operations to serve healthcare organizations beyond their Australian businesses. The delegation aims to set up

export-oriented support operations in the country, with the companies also looking to work with local universities for internships and future talent recruitment. Kairos Care, an Australian company established in 2020, initially focused on mental-health support before expanding into disability and aged-care services. Meanwhile, Kairos Medical Group, established in 2025, provides general medical, nursing, allied health, psychology and mentalhealth services. The group is also exploring possible partnerships with Philippine resorts for wellness and rehabilitation programs related to mental health and disability care, according to Peza. The potential investment comes as Australian companies maintain a significant presence in the Philippine economy. Peza data showed that 91 Aus-

tralian companies were registered with the authority as of 2025, with combined investments of more than P19 billion and a workforce of over 40,000 Filipinos. Separately, data from the Australian Department of Foreign Affairs and Trade showed that more than 250 major Australian companies operate in the Philippines, employing more than 41,000 Filipinos. The Kairos proposal adds to the growing number of foreign healthcare-related businesses exploring the country not only as a service market but also as a base for outsourced administrative, technical and support functions. Peza said the planned operations could also open opportunities for partnerships between the Australian companies and Philippine universities as the group develops its local workforce.

CEB restarts Iloilo-Bangkok flights By Lorenz S. Marasigan @lorenzmarasigan

UDGET carrier Cebu Pacific (CEB) will resume direct international services linking Iloilo to Bangkok and Singapore starting November 23, restoring Western Visayas travelers’ nonstop access to two of Southeast Asia’s busiest cities. The Gokongwei-led airline said on Tuesday it will mount thrice-weekly flights from Iloilo to Bangkok’s Don Mueang International Airport and from Iloilo to Singapore, departing every Monday, Wednesday, and Friday. The Iloilo-Bangkok service will depart at 9:30 p.m. and arrive at 12:25 a.m., while the Iloilo-Singapore flight will leave at 10:50 p.m. and land at 2:25 a.m.

SOFTWARE GLITCH

Stellantis NV is recalling almost 1 million vehicles over a software glitch that can disrupt vehicle backup cameras, the latest in a string of issues affecting rearview displays. The recall affects nearly 850,000 Jeep, Chrysler, Dodge and Ram vehicles in the United States from model years 2026 and 2027, Stellantis said Monday in a statement. Another roughly 107,000 automobiles outside the US are also affected by the issue. The campaign adds to a series of problems that have made backup cameras one of the most error-prone features in modern automobiles. Photo shows a 2026 Ram 1500 RHO pickup truck on display during the press day at the Busan International Mobility Show in Busan, South Korea, on Friday, June 26, 2026. BLOOMBERG

DIRO to invest in Avana wind project By Lenie Lectura @llectura

NLIMITED Renewables Holdings B.V. (URH), a subsidiary of ACEN Corp., has finalized agreements for Diamond Renewables One B.V. (DIRO) to acquire up to 49 percent of Avana Renewables Private Ltd., starting with an initial 10-percent stake. In a disclosure to the stock exchange Tuesday, ACEN said URH completed the execution of a securities subscription and purchase agreement with DIRO and a shareholders’ agreement with DIRO and UPC Renewables India Management Private Ltd. in respect of the acquisition by DIRO of up to 49 percent of Avana. Avana is cur rently developing a 20-megawatt (MW) wind project in Karnataka, India, with the transaction expected to close in stages. The deal will close once all standard and agreed-upon conditions are met. ACEN, the Ayala Group’s energy platform, has committed to achieving 20

gigawatts (GW) of renewable energy (RE) capacity by 2030 and reaching net-zero greenhouse gas emissions by 2050. It is actively accelerating the energy transition across the Philippines, Australia, Vietnam, and India. The power firm’s existing attributable capacity reached 7.5GW. In the first quarter, it added about 3.3 GW of RE capacity and 740 megawatts (MW) of battery energy storage system (BESS), equivalent to 1,660 megawatt hours of batteries in the Philippines. ACEN corporate finance head Gabby Blaza said the company executed value realization and capital recycling deals in India. “You may recall that sometime in the first quarter of 2026, we consolidated one of our two platforms in India, the one with UPC Renewables. And after fully consolidating that platform, we sold down a couple of the plants within that platform, and that resulted in a reduction in Indian capacity by just under 300 megawatts.

The rest of the portfolio remains stable. And in Australia, particularly, you can see the increase of about 200 megawatts is attributable to the battery there that’s well under construction,” he said. According to ACEN Chief Finance Officer and Group Strategy Officer Jonathan Back, the company is shifting toward an asset-light, capital-recycling model by consistently selling down stakes in its projects globally, mirroring a strategy already used in India. “We expect to continue to grow, but we will be very, very disciplined about the projects that we bring into the portfolio in terms of their return requirements… Our primary goal is to be funding the next phases of growth really through capital recycling, value realization. We talked earlier about those selldowns of a couple of projects in India. We very much see that as a model that we want to adopt more consistently, not just in India, but elsewhere, so that we are more efficiently recycling capital,” he said.

Return flights from both cities will begin on November 24, also operating three times weekly—every Tuesday, Thursday, and Saturday. The Bangkok-Iloilo leg departs at 1:25 a.m. and arrives at 6:10 a.m., while the SingaporeIloilo flight leaves at 3:25 a.m. and touches down at 7:10 a.m. The airline said the resumption further strengthens international connectivity from its Iloilo hub, giving passengers in the region more options for direct travel to key Asian destinations without connecting through Manila or Cebu. To drum up bookings, Cebu Pacific is running a seat sale until August 31, offering oneway base fares as low as P199, exclusive of fees and surcharges, for select domestic and international destinations. The promo covers travel from August 16, 2026 to January 31, 2027.

Companies BusinessMirror

Wednesday, August 19, 2026

PHL Seven: Monsoon rains dampen sales of 7-Eleven

By VG Cabuag

@villygc

HILIPPINE Seven Corp., the operator of 7-Eleven convenience stores in the country, said its operations have been affected by monsoon rains in the past two weeks as sales fell by as much as 20 percent. Lawrence de Leon, the company’s head of finance and investor relations, said the company’s sales were still higher until July, when it celebrated its annual 7-11 day. “However, our sales is very sensitive to bad weather conditions. The past two weeks was really rainy. So, you can see same-store sales drop as much as 20 percent (due to bad weather),” de Leon said

during the PSE STAR investor day. “But the good thing is you can see our stores clustering quite evenly. So, if there’s school suspension or if there’s a work suspension, you can see some recovery in residential clusters Since it’s kind of diversified when it comes to location, but still that’s not enough for growth to become positive.” The company’s operations were

also affected by the Middle East crisis, but de Leon said it was able to anticipate supply chain disruption. “That’s why we did forward buying exercises. More than P1 billion. That’s three months worth of supply, so that we can protect against any disruption in suppliers’ fulfillment.” That exercise created a strain in its free cash flow, which fell to negative territory in the first half. “But we think that this is temporary,” he said. De Leon said the company is still implanting its plan of expanding its footprint in the Visayas and Mindanao. “And this is just not about the store itself, so you need to have the supply lines to support expansion. Currently, we now have 28 distribution centers, not only in Luzon, but also in the Visayas.” The company, he said, has been in

the Visayas in 2012, and has slowly expanded its footprint further south of the country. It has also made considerable investments in its logistics capability. De Leon said most of the company’s shareholders believe in the potential of the local stores compared to those in emerging markets. “Like in Thailand, for example. Imagine the GDP [gross domestic product] per capita of Thailand compared to the Philippines, so it’s about two and a half times. But when it comes to storefront, it’s more than four times compared to us. So, they can really see the potential over the long term from Philippines 7-Eleven.” He said the company’s investors are looking at its capacity to open stores over the next 10 years. “They are not looking at a 5-year horizon; they are looking at a 10year horizon.”

Home Depot overcomes housing drag

OME Depot Inc.’s results beat estimates in the latest quarter, a sign that spending on improvement projects is holding up despite high borrowing and housing costs. Comparable sales, which measure results at stores open for at least a year, rose 1.7 percent during the period ended August 2, better than the average of analyst estimates and the highest since late 2022. Adjusted earnings also surpassed expectations. The stronger-than-expected report shows the company’s moves have helped to blunt the impact of a housing market that’s weighed down by high home prices and interest rates. The strategy includes expanding its fast-growing business serving professional contractors and building out its e-commerce offerings. Home Depot is also appealing to consumers that are carrying out smaller projects—like repainting rooms or adding new plants to their gardens—instead of doing major remodels. The company’s shares rose 0.8

percent in pre-market trading in New York on Tuesday. They’re down 1.8 percent this year through Monday’s close, compared with the 13 percent advance of the S&P 500 Index. Home De p ot e x p e r ie nce d healthy demand across the US and product departments during the quarter, Chief Financial Officer Richard McPhail said in an interview. Portable power tools were especially popular. Live plants, patio products and grills sold well among everyday shoppers while demand for plumbing and electrical supplies and hand tools was strong among professional contractors. A heat wave in July boosted sales of air conditioners and fans. While US households continue to spend on essentials, many are cutting back on discretionary and big-ticket items. The Iran War has exacerbated consumers’ challenges, sparking renewed inflation concerns and pushing up mortgage rates to the highest level in more than a year. Home prices have also been driven up by a supply shortage and higher material costs. Bloomberg News

MUTUAL FUNDS

August 18, 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. -A218.13 -1.55% 1.9% 0.49% -2.23% 1.89% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2556 9.88% 16.4% 9.56% 4.52% 4.35% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.896 -1.97% 0.24% -0.21% -4.15%1.58% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7766 1.61% 4.74% 1.05% N.A5.77% FIRST METRO CONSUMER FUND, INC. -A 0.5191 -12.42% -6.33% -6.57% N.A -6.65% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.4247 -4.54% -1.18% -1.29% -2.18% 1.19% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6649 -1.22% -0.88% -1.15% N.A3.47% MBG EQUITY INVESTMENT FUND, INC. -A 77.68 -1.13% -2.23% -4.35% N.A -13.17% PAMI EQUITY INDEX FUND, INC. -A 43.4922 1.09% 0.92% 0.11% -1.98% 5.16% PHILAM STRATEGIC GROWTH FUND, INC. -A 457.57 -1.85% 1.51% -0.01% -2.17% 1.79% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6208 6.85% 11.62% 7.34% 2.04% 3.81% PHILEQUITY FUND, INC. -A36.991 4.29% 3.64% 2.38% -0.27% 7.44% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9848 8.4% 5.32% 3.01% N.A 10.94% PHILEQUITY PSE INDEX FUND, INC. -A 4.7075 2.01% 2% 1.15% -1.07% 5.32% PHILIPPINE STOCK INDEX FUND CORP. -A 774.21 1.59% 1.61% 0.84% -1.3% 5.34% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7198 3.17% 2.29% 1.18% -2.64% 2.52% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2414 -5.79% -0.67% -1.16% -2.77%0.99% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8681 1.44% 1.2% 0.47% -1.56%5.35% UNITED FUND, INC. -A3.69247.86% 6.57% 3.47% 0.41% 12.32% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0867 1.52% 1.62% N.A N.A 5.21% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0847 0.97% N.A N.A N.A 3.95% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9443 -1.7% -2.24% -2.33% N.A 0% PHILIPPINE STOCK INDEX FUND CORP. -A 934.2 1.59% 1.4% N.A N.A 5.38% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 105.6397 1.82% 1.82% 1.17% -0.87%5.63% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2588 32.7% 15.44% 1.33% 3.35% 22.87% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4912 19.04% 16.86% 6.4% 9.01% 12% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0865 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2101 3.28% 1.25% 0.46% -0.86% 3.26% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.73 8.15% 5.83% 0.85% -0.66%5.73% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5287 0.15% 0.67% -0.1% -0.59%2.71% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2328 0.74% 6.67% 4.48% N.A0.39% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0211 2.43% 1.22% 1.06% 0.37% 0.93% PAMI HORIZON FUND, INC. -A3.8062 1.34% 3.23% 1.08% -0.27% 0.43% PHILAM FUND, INC. -A16.0784 -1.32% 1.94% -0.1% -0.83% 0.43% SOLIDARITAS FUND, INC. -A2.1414 0.87% 2.4% 1.25% 0.02% 1.96% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4535 -1.94% 1.19% -0.03% -1.22%0.88% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9075 -2.62% 1% 0.98% -0.94% -0.35% 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 0.9825 0.73% 2.04% 0.35% N.A 0.38% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8462 -1.79% 0.66% -0.61% N.A 0.52% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8158 0.16% -0.97% N.A -2.23% 0.57% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03364 1.82% 1.47% -2.61% -0.7% -1.92% PAMI ASIA BALANCED FUND, INC. -B $1.168 -1.4% 9.88% 1.3% 2.16% -3.47% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.7382 12.27% 12.35% 3.68% 5.92%7.49% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2128 5.15% 7.09% 0.4% 2.35% 2.48% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.32 2.67% 3.27% 2.61% 2.51% 1.03% ATRAM CORPORATE BOND FUND, INC. -A 1.9844 2.26% 1.2% 0.6% 0.42% 1.32% COCOLIFE FIXED INCOME FUND, INC. -A 3.6071 1.8% 3.06% 2.19% 3.22% 0.21% EKKLESIA MUTUAL FUND, INC. -A 2.4419 0.92% 3.11% 1.53% 1.36% -0.44% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5103 -1.27% 1.38% 0.54% 1.12%-2.28% PHILAM BOND FUND, INC. -A4.524 -0.36% 2.74% 0.13% 0.63% -1.87% PHILAM MANAGED INCOME FUND, INC. -A 1.5428 3.21% 4.6% 3.19% 2.94% 1.5% PHILEQUITY PESO BOND FUND, INC. -A 4.32 1.57% 3.05% 1.64% 1.74% 0.16% SOLDIVO BOND FUND, INC. -A1.1304 2.49% 2.87% 1.69% 1.61% 0.88% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4557 -1.7% 2.39% 1.42% 1.8% -2.4% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8335 -1.5% 2.01% 0.91% 1.21% -2.7% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0073 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.94 2.08% 2.9% 1.79% 1.94% 0.73% ALFM EURO BOND FUND, INC. -A Є223.2 0.34% 1.87% 0.25% 0.55% -0.26% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0566 -1.87% 0.46% -2.57% -0.64% -1.71% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 -0.77% 2.29% -0.23% 0.27%-2.26% PAMI GLOBAL BOND FUND, INC. -B $1.048 -1.62% 7.73% -0.04% -0.61% -1.13% PHILAM DOLLAR BOND FUND, INC. -A $2.4316 -0.07% 3.33% -0.76% 0.53% -1.95% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0636867 -0.21% 1.7% 0.19% 1.13% -1.18% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8703 -0.61% 2.44% -2.14% -0.72%-2.12% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1853 2.75% N.A N.A N.A 1.62% ALFM MONEY MARKET FUND, INC. -A 152.49 4.22% 4.09% 3.16% 2.85% 2.43% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2225 3.47% 3.77% 3% N.A 2.07% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5138 3.71% 3.59% 2.97% 2.76% 2.18% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.83 4.19% 4.31% N.A N.A 2.53% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.194 2.55% 3.3% 2.44% N.A 1.5% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.2526 7.94% 4.1% N.A N.A 4.65% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.828 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5662 31.04% 22.32% 13.92% N.A18.25% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.2023 12.75% N.A N.A N.A 7.76% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

August 18, 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 PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FIRST ABACUS FERRONOUX HLDG FILIPINO FUND MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

49.1 124.2 10.28 105.9 53.5 11.02 68.7 6.94 14.78 66.2 52.2 23.05 65.8 24.8 0.49 1.45 14.9 0.51 4.06 7.69 0.091 0.97 207.2 4,850 0.79

49.85 124.5 10.5 107.5 53.9 11.06 68.8 7.07 14.8 66.6 52.45 23.1 65.85 25 0.51 1.47 15.1 0.56 4.18 7.87 0.106 0.99 208 4,876 0.8

50 126.8 10.28 106.7 53.5 11.02 68.7 6.99 14.8 65.75 52.5 23.05 66.9 25.1 0.5 1.49 15.16 0.53 4.05 7.69 0.106 0.99 207 4,850 0.79

50 126.8 10.5 107.5 53.9 11.08 68.95 7.07 14.8 66.7 52.65 23.05 67.3 25.55 0.5 1.49 15.86 0.56 4.15 7.69 0.106 0.99 208.4 4,850 0.79

48.95 123.3 10.28 104.5 53.1 11 68.5 6.92 14.8 65.7 52.2 23.05 65.3 24.8 0.49 1.41 14.08 0.5 4.05 7.69 0.106 0.97 207 4,850 0.79

49.1 124.5 10.5 107.5 53.9 11.06 68.8 7.07 14.8 66.6 52.45 23.05 65.85 25 0.5 1.45 15.1 0.56 4.07 7.69 0.106 0.97 208 4,850 0.79

41,530 1,912,710 49,300 672,430 252,270 487,800 2,393,250 9,900 500 586,630 1,070 6,200 156,130 56,000 17,000 242,000 4,316,100 54,000 53,000 300 10,000 67,000 4,080 585 2,000

2,035,900 237,969,534 514,284 71,683,123 13,465,850 5,380,414 164,666,602 68,828 7,400 38,975,699 56,161 142,910 10,332,152 1,398,610 8,430 352,250 65,606,742 27,120 217,100 2,307 1,060 65,250 847,626 2,837,250 1,580

INDUSTRIAL ACEN CORP 2.94 2.95 2.9 2.96 2.88 2.95 39,018,000 114,460,340 -24,244,420 0.79 0.8 0.78 0.81 1,168,000 927,700 92,370 ALSONS CONS 0.81 0.81 0.76 0.77 0.75 0.77 452,000 343,410 36,450 ALTERNERGY HLDG 0.77 0.77 ABOITIZ POWER 44.95 45 44.5 45.25 44.2 45 2,286,300 102,829,340 49,444,950 RASLAG 1.04 1 1.03 1.04 1.03 1.03 302,000 311,520 -42,230 0.111 0.112 0.112 0.113 900,000 101,480 6,720 BASIC ENERGY 0.113 0.113 4.53 4.63 4.63 4.63 4.57 4.63 31,000 143,110 -4,570 CITICORE RE FIRST GEN 30.1 30.25 27.05 30.95 27.05 30.1 7,866,900 228,818,755 7,561,840 FIRST PHIL HLDG 112.9 115 102 120 100.2 115 1,226,660 131,322,291 2,083,009 MERALCO 502.5 499 505 507 495 502.5 230,920 115,731,222 -7,160,119 36.05 36.5 35.2 36.5 35.15 36.5 1,240,500 44,457,140 9,134,820 MANILA WATER 18.72 18.3 18.3 18.8 2,979,200 55,423,916 -1,751,690 MAYNILAD 18.8 18.8 PETRON 2.33 2.34 2.36 2.37 2.3 2.34 408,000 944,990 -37,970 PETROENERGY 4.24 4.13 4.19 4.24 4.1 4.19 287,000 1,185,060 -100 14.9 15 14.9 15.1 14.9 15 18,400 275,666 33,166 PRYCE CORP 9.6 9.6 9.45 9.8 2,200 21,290 REPOWER ENERGY 9.8 9.8 18.5 18.44 18.3 18.7 1,573,600 29,043,276 10,161,892 SEMIRARA MINING 18.7 18.7 SYNERGY GRID 29.4 29.45 27.8 29.45 27.75 29.45 3,471,400 99,647,680 12,025,290 SHELL PILIPINAS 8.44 8.58 8.4 8.09 8.09 8.4 1,253,000 10,510,934 -3,653,163 9.55 9.6 9.5 9.7 9.5 9.55 32,800 314,680 119,940 SPC POWER 1.23 1.24 1.29 1.3 1.23 1.24 31,095,000 39,011,350 -2,521,650 SP NEW ENERGY TOP LINE 1.82 1.84 1.69 1.85 1.69 1.82 6,885,000 12,430,050 1,777,480 AXELUM 2.88 2.87 2.89 2.86 2.86 2.88 521,000 1,500,390 0.325 0.325 0.315 0.325 0.325 0.325 30,000 9,750 BALAI FRUITAS 33.25 33.4 33.6 33.8 33.2 33.4 511,100 17,045,820 10,664,500 CENTURY FOOD 3.83 3.83 3.83 3.92 6,000 23,250 -7,810 DEL MONTE 3.92 3.92 DNL INDUS 3.56 3.59 3.66 3.67 3.56 3.56 2,781,000 9,986,970 -277,200 EMPERADOR 15.16 15 15.1 15.02 14.94 15 2,618,900 39,322,632 -16,372,138 47.4 47.5 48 48 47.3 47.4 110,900 5,270,240 -1,901,495 SMC FOODANDBEV 0.61 0.64 0.62 0.65 0.61 0.61 868,000 533,520 1,280 FIGARO GROUP 0.64 0.64 0.64 0.65 144,000 92,210 -5,120 FRUITAS HLDG 0.65 0.65 GINEBRA 237.4 229.8 230 241 229.8 230 125,040 28,925,316 -8,452,658 JOLLIBEE 145,609,092 155 155.5 159.6 160.5 154 155 926,500 -22,925,787 1.95 1.93 1.92 1.97 1,078,000 2,084,600 1,518,850 KEEPERS HLDG 1.97 1.97 20.6 21.5 22.5 22.5 20.5 20.6 25,500 525,370 4,050 LIBERTY FLOUR MAXS GROUP 2.07 2.12 2.09 2.09 2.07 2.07 61,000 127,110 12,550 MG HLDG 0.069 0.071 0.07 0.07 0.069 0.069 40,000 2,770 7.13 7.21 7.13 7.21 7.12 7.21 2,375,600 17,008,340 1,848,972 MONDE NISSIN 5.78 5.8 5.8 5.8 3,500 20,300 -8,120 SHAKEYS PIZZA 5.8 5.8 2.51 2.66 2.5 2.69 2.5 2.67 27,000 69,090 ROXAS AND CO RFM CORP 5.29 5.31 5.32 5.32 5.29 5.29 432,100 2,290,826 -919,624 SWIFT FOODS 0.057 0.058 0.059 0.064 0.056 0.058 3,400,000 205,900 -580 62.3 62.65 63 63.3 61.9 62.65 991,430 61,848,238 11,004,689 UNIV ROBINA 0.5 0.52 0.55 0.495 0.52 1,685,000 867,500 -119,000 VITARICH 0.495 CONCRETE A 56 56 51.6 55.95 55.95 56 30 1,679 51.55 59.95 59 59 59 59 10 590 CONCRETE B 1.22 1.23 1.23 1.32 1.22 1.22 6,572,000 8,329,960 -1,202,170 CONCREAT HLDG 1.95 1.99 1.98 2.05 1.95 1.95 707,000 1,381,510 -1,325,620 EEI CORP 4.62 4.7 4.7 4.55 4.68 1,311,000 6,061,940 -538,600 MEGAWIDE 4.66 PHINMA 14.78 13.86 14.8 14.8 13.78 13.78 24,500 352,128 -14,780 CROWN ASIA 1.95 1.95 1.94 1.9 1.9 1.94 226,000 436,090 -9,700 1.09 1.1 1.1 1.1 11,000 12,100 EUROMED 1.1 1.1 5.11 5.23 5.23 5.25 9,500 49,710 MABUHAY VINYL 5.25 5.25 10.98 11.3 11.3 10.9 11.28 1,100 12,374 CONCEPCION 11.28 GREENERGY 0.163 0.16 0.161 0.165 0.161 0.164 600,000 96,900 7.45 7.47 7.1 7.54 6.97 7.45 5,767,400 42,506,233 2,880,894 INTEGRATED MICR 2.04 2.05 2.1 2.12 1.9 2.05 4,973,000 9,959,010 1,430,150 IONICS 7.48 7.65 7.47 7.52 880,400 6,690,298 PANASONIC 7.52 7.65 CIRTEK HLDG 1.41 1.42 1.37 1.44 1.32 1.41 5,714,000 7,916,550 -339,540 STENIEL 2 2 1.95 2 2 2 62,000 124,000

HOLDING & FRIMS

ABACORE CAPITAL 0.325 0.33 0.34 0.34 0.325 0.33 3,500,000 1,153,850 -100 53.05 53.1 52.5 53.3 51.75 53.1 457,270 24,001,962 6,880,890 ASIABEST GROUP 500 500 495 506 199,210 99,259,278 19,745,024 AYALA CORP 506 506 ABOITIZ EQUITY 36.5 36.75 36.55 36.85 36.1 36.75 2,193,900 80,397,010 7,037,735 ALLIANCE GLOBAL 9.38 9.48 9.72 10 9.31 9.48 1,681,100 15,834,438 -4,143,678 17.26 17.34 17.5 17.5 17.24 17.24 75,200 1,304,030 -789,556 ANSCOR 1.07 1.08 1.1 1.13 1.06 1.08 2,750,000 2,983,190 -873,070 ANGLO PHIL HLDG COSCO CAPITAL 8.2 8.3 8.39 8.4 8.2 8.2 1,712,200 14,236,145 -193,798 DMCI HLDG 7.97 7.98 7.94 8.04 7.8 7.97 5,617,600 44,541,428 1,175,122 FILINVEST DEV 3.63 3.63 3.52 3.53 3.53 3.63 5,000 17,850 2.45 2.89 2.41 2.41 2.41 2.41 1,000 2,410 FJ PRINCE A 0.26 0.305 0.265 0.265 0.26 0.26 100,000 26,100 2,650 FORUM PACIFIC GT CAPITAL 505 506 511 511 488.6 505 106,000 52,786,464 -21,096,078 HOUSE OF INV 5 5.23 5.2 5.2 4.98 5 208,700 1,039,566 22.2 22.45 22.5 22.5 22.1 22.45 530,600 11,872,735 -2,487,885 JG SUMMIT 0.335 0.365 0.365 0.365 20,000 7,300 LODESTAR 0.365 0.365 6 6.1 6 6.29 5.92 6 1,747,000 10,562,994 -107,835 LOPEZ HLDG LT GROUP 15.02 15.06 14.94 15.08 14.94 15.06 1,213,900 18,246,406 4,826,506 PACIFICA HLDG 0.8 0.82 0.8 0.81 0.8 0.81 8,000 6,410 1.11 1.12 1.11 1.14 1.11 1.14 71,000 80,420 PRIME MEDIA 1.21 1.23 1.21 1.22 1.21 1.21 46,000 55,670 SOLID GROUP SM INVESTMENTS 579.5 580 592.5 598.5 579 580 672,440 391,247,095 -190,243,515 SAN MIGUEL CORP 65.5 65.7 65.3 66 64.75 65.7 230,080 15,100,723 732,410 SEAFRONT RES 2 2 1.9 2 2 2 60,000 120,000 54 57 54 54 53 54 420 22,470 TOP FRONTIER 0.072 0.076 0.08 0.08 0.076 0.076 530,000 41,720 ZEUS HLDG PROPERTY ARTHALAND CORP 0.435 0.445 0.43 0.43 0.425 0.43 150,000 64,150 15.5 15.18 15.02 15.62 7,386,200 113,860,138 18,629,760 AYALA LAND 15.62 15.62 1.18 1.19 1.21 1.21 1.18 1.18 116,000 138,800 -11,960 AYALA LAND LOG ALTUS PROP 11.6 11.7 11.6 11.6 11.04 11.6 3,400 37,976 0.285 0.3 0.285 0.285 0.285 0.285 190,000 54,150 ARANETA PROP 37.8 37.6 37.6 38 407,700 15,413,355 -7,221,995 38 38 AREIT RT 0.72 0.73 0.73 0.74 0.71 0.73 23,000 16,710 A BROWN CITYLAND DEVT 0.61 0.61 0.59 0.6 0.59 0.61 31,000 18,480 2.2 2.2 2.18 2.2 2.12 2.2 913,000 1,988,710 -50,640 CEB LANDMASTERS CENTURY PROP 0.76 0.76 0.73 0.75 0.73 0.76 2,463,000 1,842,230 -248,300 3.35 3.37 3.39 3.39 3.3 3.37 2,476,000 8,302,260 182,320 CITICORE RT 12.04 12.14 12.14 12.02 12.14 597,100 7,247,820 -1,835,630 DOUBLEDRAGON 12.16 DDMP RT 1.04 1.04 1.03 1.03 1.03 1.03 597,000 616,840 -3,170 DM WENCESLAO 4.75 5.05 5.08 5.08 4.7 5.05 296,400 1,399,187 -34 0.027 0.028 0.027 0.027 400,000 11,100 EVERWOODS 0.029 0.029 0.101 0.103 0.103 0.103 890,000 91,670 EMPIRE EAST 0.103 0.103 2.95 2.96 2.94 2.96 1,813,000 5,353,320 -530,580 FILINVEST RT 2.96 2.96 FILINVEST LAND 0.68 0.69 0.69 0.69 0.68 0.68 1,020,000 693,870 -295,740 GLOBAL ESTATE 0.6 0.62 0.58 0.64 0.58 0.6 111,000 65,720 -1,200 1.92 1.95 1.95 2.06 6,000 12,070 JACKSTONES 2.06 2.06 2.43 2.64 2.5 2.5 2.5 2.5 10,000 25,000 KEPPEL PROP MEGAWORLD 2.28 2.27 2.31 2.32 2.27 2.28 4,110,000 9,408,020 3,454,200 MRC ALLIED 0.7 0.7 0.69 0.7 0.68 0.7 2,865,000 1,974,100 680 MREIT RT 13.48 13.56 13.58 13.7 13.46 13.48 7,658,700 103,737,064 6,268,536 0.163 0.166 0.164 0.167 0.163 0.163 310,000 50,790 PRMIERE HORIZON 0.395 0.42 0.385 0.44 0.385 0.42 890,000 356,400 PHIL ESTATES PREMIERE RT 1 1.06 1.07 1.08 1 1 781,000 799,830 91,300 PRIMEX CORP 0.96 1.04 0.95 1.09 0.95 1.09 109,000 106,050 7.22 7.25 7.26 7.3 7.2 7.22 5,310,300 38,360,320 -3,891,958 RL COMM RT 17.8 17.9 17.82 17.92 17.5 17.9 3,426,600 61,033,280 2,117,414 ROBINSONS LAND 0.084 0.092 0.084 0.084 0.083 0.083 510,000 42,500 PHIL REALTY ROCKWELL 2.98 2.95 2.98 3.01 2.92 2.98 2,182,000 6,470,420 214,720 SHANG PROP 3.3 3.22 3.28 3.3 3.25 3.3 380,000 1,250,380 -333,040 1.89 1.99 1.98 2.01 1.88 1.99 14,815,000 29,332,370 1,680 STA LUCIA LAND 18.08 18.12 18.16 18.18 18.06 18.12 12,492,600 226,295,326 -81,379,260 SM PRIME HLDG SERVICES ABS CBN 3.83 3.84 4 4.03 3.81 3.84 1,416,000 5,489,780 4.39 4.4 4.41 4.41 4.38 4.4 345,000 1,517,150 GMA NETWORK 5.1 5.19 5.19 5.2 5.19 5.2 200 1,039 MLA BRDCASTING DITO CME HLDG 0.75 0.76 0.74 0.76 0.74 0.75 6,499,000 4,887,720 516,090 GLOBE TELECOM 1,740 1,746 1,737 1,721 1,719 1,740 68,555 118,893,140 -23,247,815 1,182 1,187 1,175 1,191 88,035 104,231,585 -10,477,070 PLDT 1,191 1,191 0.0063 0.0065 0.0066 0.0066 0.0062 0.0065 689,000,000 4,435,100 -196,500 APOLLO GLOBAL CONVERGE 48,870,638 9.68 9.69 9.9 9.9 9.67 9.69 5,014,400 -589,016 DFNN INC 0.72 0.72 0.7 0.71 0.71 0.71 15,000 10,760 2.35 2.3 2.3 2.3 2.3 2.3 12,000 27,600 EASYCALL 0.12 0.122 0.123 0.124 0.119 0.122 4,380,000 526,330 ISLAND INFO 0.485 0.49 0.485 0.49 280,000 136,800 -29,400 NOW CORP 0.49 0.49 TRANSPACIFIC BR 0.117 0.117 0.115 0.116 0.115 0.116 1,610,000 186,480 0.97 0.89 0.91 0.88 0.88 0.9 677,000 627,720 18,000 CHELSEA 28.6 28.65 28.7 28.7 28.6 28.65 125,200 3,584,950 1,637,670 CEBU AIR 962 962.5 962 973 948.5 962.5 1,249,720 1,195,851,740 -121,244,770 INTL CONTAINER 6.55 7.07 6.54 6.55 6.54 6.55 200 1,309 654 LBC EXPRESS LORENZO SHIPPNG 0.66 0.69 0.66 0.66 0.66 0.66 1,000 660 3.83 3.75 3.82 3.83 3.79 3.8 59,000 225,120 -57,300 MACROASIA 0.98 0.98 0.98 3,000 2,940 METROALLIANCE B 0.98 0.98 2.09 2.1 2.12 2.12 2.08 2.1 328,000 688,630 -437,030 PAL HLDG HARBOR STAR 1.33 1.34 1.07 1.35 1.07 1.33 10,788,000 13,376,320 533,310 BOULEVARD HLDG 0.03 0.031 0.031 0.032 0.03 0.031 18,300,000 557,300 -9,300 DISCOVERY WORLD 0.87 0.94 0.92 0.95 0.92 0.95 38,000 35,650 5.02 5.03 5.03 5.03 400 2,012 5.03 5.03 GRAND PLAZA 0.385 0.42 0.395 0.395 0.395 0.395 30,000 11,850 11,850 WATERFRONT CENTRO ESCOLAR 14.68 14.88 14.68 14.7 14.52 14.7 7,000 102,404 800 820 800 805 800 805 320 256,600 FAR EASTERN U 6.9 7.32 7.33 6.9 6.9 34,700 241,970 7.33 IPEOPLE 1.22 1.23 1.22 1.22 293,000 358,630 285,270 STI HLDG 1.24 1.24 1.16 1.16 1.15 1.17 1,356,000 1,564,310 -278,430 BELLE CORP 1.17 1.17 BLOOMBERRY 68,559,840 2.38 2.39 2.32 2.49 2.3 2.38 28,454,000 -18,175,930 PACIFIC ONLINE 1.75 1.86 1.76 1.76 1.75 1.75 101,000 176,770 9.85 9.95 10.2 9.72 9.95 6,416,800 64,200,564 5,767,267 10.28 DIGIPLUS 14.2 14.26 14.58 14 14.26 2,967,800 42,353,650 13,417,564 PHILWEB 14.58 BERJAYA 9.5 9.5 7.51 9.5 9.5 9.5 100 950 -950 METRO RETAIL 1.06 1.06 1.04 1.04 1.04 1.06 267,000 278,610 177,960 PUREGOLD 40.95 40.2 40.5 40.95 39.95 40.5 716,400 28,868,760 -6,289,255 34 34.8 34 34.8 33.05 34.8 143,600 4,772,410 292,465 PHIL SEVEN CORP 2.03 2.05 2.05 2.05 2.05 2.05 312,000 639,600 615,000 SSI GROUP UPSON INTL CORP 0.75 0.77 0.76 0.77 0.76 0.77 15,000 11,530 6.12 6.15 6.18 6.2 6.02 6.15 729,900 4,487,070 -1,621,421 WILCON DEPOT 0.106 0.111 0.111 0.111 0.111 0.111 10,000 1,110 -1,110 APC GROUP 0.221 0.21 0.21 0.223 210,000 45,030 -2,200 MEDILINES 0.223 0.223 PAXYS 3.62 3.59 3.69 3.75 3.54 3.59 273,000 981,450 -92,640 SBS PHIL CORP 3.01 3.23 3.23 3.23 3.23 3.23 1,000 3,230 MINING & OIL ATOK 1.8 1.9 1.9 1.79 1.8 22,000 40,410 3,600 1.96 15.02 15.06 15 15.1 14.3 15.06 8,179,200 120,815,546 -3,722,784 APEX MINING ATLAS MINING 17.7 17.8 16.3 17.98 16.22 17.8 16,863,300 293,977,896 7,951,622 BENGUET A 7.05 7.09 6.99 7.09 6.99 7.05 190,600 1,336,891 7.02 7.78 6.98 7.02 6.98 7.02 215,400 1,510,682 -70,700 BENGUET B 4.05 4.39 4 4.05 4 4.05 13,000 52,250 DIZON MINES EC VULCAN 0.27 0.285 0.28 0.28 0.27 0.28 650,000 176,100 2.15 2.15 2.1 2.11 2.05 2.15 350,000 736,780 -208,900 FERRONICKEL GEOGRACE 0.092 0.093 0.089 0.093 0.089 0.09 2,460,000 224,450 0.231 0.232 0.23 0.237 0.229 0.232 27,510,000 6,370,260 LEPANTO A 0.23 0.232 0.23 0.235 0.225 0.23 320,000 73,690 16,200 LEPANTO B MANILA MINING A 0.0076 0.0078 0.0074 0.0076 0.0074 0.0076 273,000,000 2,073,700 0.0073 0.0076 0.0076 0.0076 0.0076 0.0076 3,000,000 22,800 MANILA MINING B 0.73 0.75 0.73 0.74 452,000 334,600 0.75 0.75 MARCVENTURES 0.37 0.355 0.37 0.355 0.37 560,000 204,050 NIHAO 0.375 4.09 4.12 4.1 4.18 4.06 4.12 3,000,000 12,335,550 -311,760 NICKEL ASIA OCEANAGOLD 28,438,330 36.4 36.5 37.2 37.2 35.8 36.4 777,700 -5,380,945 ORNTL PENINSULA 0.485 0.485 0.48 0.48 0.48 0.48 340,000 163,250 10.12 10.14 10.24 10.3 10.06 10.14 2,410,000 24,482,208 -7,206,152 PX MINING 0.0071 0.0074 0.0071 0.0071 11,000,000 79,100 UNITED PARAGON 0.0074 0.0074 ENEX ENERGY 3.3 3.7 3.64 3.9 3.64 3.84 4,000 15,210 0.013 0.014 0.013 0.013 0.013 0.013 3,800,000 49,400 ORNTL PETROL A 0.013 0.014 0.013 0.013 0.013 0.013 500,000 6,500 ORNTL PETROL B 0.0081 0.0081 0.0081 0.0081 0.0081 3,000,000 24,300 0.0083 PHILODRILL 3.04 3.05 3.24 3.4 3 3.05 4,045,000 12,828,370 -9,230 PXP ENERGY PREFFERED ACEN PREF B 1,035 1,046 1,035 1,035 1,035 1,035 10 10,350 1,943 1,957 1,950 1,950 1,950 1,950 15 29,250 AC PREF B3R 1,930 1,959 1,950 1,950 1,930 1,930 2,800 5,435,820 AC PREF B4R ALCO PREF D 481.4 499 481 481 481 481 10 4,810 102.1 104 103.5 103.5 103 103 120 12,365 BRN PREF C 29.55 30.05 29.5 30.1 29.5 30.1 16,300 481,090 CEB PREF 1,012 1,020 1,015 1,015 1,011 1,012 575 582,040 CLI PREF A2 CPG PREF B 98.05 99 99 99 99 99 500 49,500 93.45 93.45 93.4 93.4 93.4 93.45 20,240 1,890,933 DD PREF 95.2 96 96.05 96.05 96 96 7,000 672,055 EEI PREF B 950 1,200 990 990 990 990 40 39,600 FDC PREF A 1,960 1,975 1,970 1,970 1,970 1,970 55 108,350 GLO PREF ANV GLO PREF BNV 1,970 1,987 1,989 1,989 1,988 1,988 130 258,565 101 101.5 101 101 101 101 10 1,010 MWIDE PREF 7A 100.5 101.5 100.5 101.5 100.5 101.5 850 86,265 MWIDE PREF 7B 990 997 995 998 995 995 530 527,950 PCOR PREF 4C 991 1,000 1,000 1,000 1,000 1,000 50 50,000 PCOR PREF 4E SMC PREF 2O 79.5 80 80.2 80.2 80 80 60 4,802 -802 SMC PREF 2P 71.5 74 75 75 70 70 13,550 953,750 73.1 74.5 73.8 73.8 73.8 73.8 1,000 73,800 SMC PREF 2Q 75 78.95 75 75 75 75 700 52,500 SMC PREF 2R SMC PREF 2S 73.2 75 74.9 75 74.9 75 1,000 74,958 -43,500 SMC PREF 2T 74 76 74 76 74 76 1,010 74,760 74.85 76.95 76.95 76.95 76.95 76.95 130 10,004 SMC PREF 2U 79.3 79.5 80.4 80.4 79.3 79.3 1,750 139,753 SMC PREF 2V 78.65 79 79 79 78.65 78.65 2,080 164,149 SMC PREF 2W SMC PREF 2X 79.9 79.95 80 80 79.95 79.95 2,900 231,962 8.36 8.9 8.35 8.37 8.35 8.37 300 2,509 TECH PREF B2C 100 100.1 100.1 100.1 100 100.1 1,190 119,019 TOP PREF A1 100.9 101 101.7 101.7 100.9 100.9 1,300 131,439 -80,827 TOP PREF A2

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8167 0.5% 1.71% -3.78% N.A PHIL. DEPOSITARY RECEIPTS 0.83% ABS HLDG PDR 3.5 4.16 3.55 3.55 3.5 3.5 44,000 155,800 A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 4.08 4.1 4.08 4.1 4.08 4.08 72,000 293,960 GMA HLDG PDR 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, WARRANTS 2026. AGI WARRANT 1.06 1.17 1.17 1.17 1.17 1.17 15,000 17,550 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. SM A L L, M ED I U M & EM E R G IN G HAUS TALK 1.37 1.41 1.45 1.45 1.38 1.41 41,000 56,950 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE 0.66 0.69 0.69 0.7 0.66 0.69 57,000 37,720 ITALPINAS DEBT VEHICLE, INC. 0.183 0.208 0.206 0.2 0.2 1,830,000 376,650 XURPAS 0.222 NEXGEN ENERGY 2.73 2.75 2.7 2.7 2.7 2.7 2,000 5,400 “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.”

167,140 -74,540,770 -12,133,797 -892,172 -1,226,662 68,248,286 40,061 13,302,874 -26,251 -7,244,022 -374,940 -70 -10,160 -7,407,552 1,000 835,130 2,813,000 -790

EXHANGE TRADE FUNDS FIRST METRO ETF

104.9

105

-14,000 -41,400 -

106.1 106.5 105 105 4,980 527,016 -207,841

www.businessmirror.com.ph

Ghost month FINEX FREE ENTERPRISE Conchita L. Manabat “The world is full of ghosts, and some of them are still people.”—Peter Straub, “The Throat”

UGUST 13 to September 19 this year is known as the ghost month. It is the seventh month of the lunar year. Chinese Taoist and Buddhist cultures view it as not a promising period because it is believed to be the time when the gates of the afterlife open for the spirits to roam the earth. There are superstitious traditions or practices observed in some countries. But some view it as a period of piety, charity, and gratitude rather than a time for fear. Still, many believe it is not a good time to make life changing decisions, that it is inauspicious timing to make huge financial commitments such as starting new ventures, clinching of new contracts because the roaming spirits may bring bad luck. Thus, many believe it is a matter of faith and folklore rather than a fact. Yet at times, facts tend to lead one to consider what may be folklore. Allow me to cite a few updates. According to a domestic bank’s recent blog, historically, August has been one of the worst performing months for the PCOMP (Philippines Stock Exchange PSE Index) with an average return of -2.48 percent with 20 out of 30 years (66 percent hit rate) being negative since 1992. On Wall Street, August is the month associated with the worst performances for the Dow Jones Industrial Average and S&P 500 index, the blog reads. At the start of the ghost month, an international publishing company reported that Europe’s fifth heat wave of the summer is set to peak on August 13, the latest in a string of extreme weather events that have strained health systems and energy networks across the region. A series of high-pressure heat domes has put the United Kingdom on track for its hottest ever summer. On the same day, the Philippine peso closed weaker at P61.343 against the US dollar, slipping back over the threshold of P61.00. Analysts say it is due to regional profit taking, ongoing Middle East uncertainty, and macroeconomic pressures. One may wonder if indeed during the ghost month, one should avoid making major life changes. In fact, it is observed during the ghost month, investors rest and avoid trading, and hence, usually, at this time, markets are dull and are in a lull and that trading volumes are lower than in other periods. But for those who do not believe or follow Chinese superstitions, life goes on because they look at market prices as driven by basic economic fundamentals, corporate earnings, and real world news, not folklore, not superstitions. Hence, look at what’s happening in Wall Street: on August 13, 2026, (again, the start of ghost month), the S&P 500 had in fact set a new record high of 7,798! So, is this the ghost month or not? Wise investors see financial opportunity in a reduced market activity. There is window for long term investors to take advantage of the “dips” and bargain hunting. As they say, “buy the dip, and sell the rip” for later when the market becomes vibrant again. So ghost month: “Careful, careful?” Or “go, go, go?,” for after all, while “the world is full of ghosts, some of them are still people,” per American novelist Peter Straub.

Conchita L. Manabat is an incorporator and the president of the Development Center for Finance, an incorporator and Trustee of San Carlos School of Cebu Inc. and a Trustee of the Coalition of Services for the Elderly. Dr. Manabat is also an incorporator of and Lifetime Fellow at the Institute of Corporate Directors, a member of the Stakeholder Advisory Council of the International Federation for Ethics and Audit, and chair of the Advisory Council of the International Association of Financial Executives Institutes. The views and opinions she expressed herein are hers and do not necessarily represent the BusinessMirror.

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Wednesday, August 19, 2026

BSP to surveil banks’ leadership

By Andrea E. San Juan

HE central bank is in the process of enhancing the set of rules seeking to ensure that directors and officers of its supervised financial institutions would be subject to continuing evaluation.

A draft circular issued by the Bangko Sentral ng Pilipinas (BSP) addresses the “M” in the “Camels” framework—“Management quality”—used by regulators to test the health of banks, in this case, BSPsupervised financial institutions, or “BSFIs.” “These enhancements underscore the pivotal role of the board of directors in safeguarding the safety and soundness of the BSFI,” the draft circular of the central bank read. “To this end, the amendments aim to ensure that directors and officers are not only assessed for fitness and propriety at the time of their election or appointment but are also subject to continuing evaluation,” the document also noted. According to the BSP, the guidelines is being issued to ascertain that, at all times, top leaders of BSFIs “consistently possess the requisite integrity, competence, and diligence necessary to discharge their fiduciary duties and oversight responsibilities, individually and collectively.”

BOD composition

ACCORDING to the central bank, members of the board of directors shall be selected from a “broad pool of qualified candidates.”

“Non-executive directors, who shall include independent directors, shall comprise at least majority of the board of directors to promote the independent oversight of management by the board of directors,” the draft circular of BSP read. In the case of a digital bank and a domestic systemically important bank (DSIB), at least one member of the board of directors should have a minimum of three years of experience and technical knowledge in operating a business in the field of technology or e-commerce.

Director’s qualifications

FOR a person to be elected as director, the central bank said one has the “burden to prove that he possess all the foregoing minimum qualifictions and none of the cases mentioned under Section 138 (Persons disqualified to become directors and officers) of the Manual of Regulations for Banks (MORB). Further, the BSP said the person must have attended a seminar on corporate governance for board of directors. “A director shall submit to the Bangko Sentral a certification of compliance with the Bangko Sentralprescribed syllabus on corporate

governance for newly elected directors and documentary proof of such compliance,” the proposed amendment noted.

Corporate governance

SOME of the proposed amendments laid out in the draft circular are aimed at expanding the duties and responsibilities of the corporate governance committee. For one, the committee shall oversee the nomination process for members of the board of directors and for positions appointed by the board of directors. “The committee shall review and evaluate the qualifications of all persons nominated to the board of directors as well as those nominated to other positions requiring appointment by the board of directors,” the circular noted, adding that the committee shall take into account the BSFI’s risk profile, strategic direction, and developments in banking, regulatory, and operating environment. “BSFIs with significant technology exposures, technology-enabled business models, or substantial reliance on digital delivery channels, the committee shall ensure that the board collectively possess the competencies necessary for the effective oversight of technology and cyber-related risks, including the presence of at least one (1) director with relevant expertise, experience, or qualifications in information technology, cybersecurity, digital technology, data governance, or related disciplines,” the circular noted. According to the BSP, the committee shall also oversee the training and development program for the board of directors. “The committee shall ensure allocation of sufficient time, budget

Amid AI, fintechs push for education By Andrea E. San Juan

“MASSIVE” financial education campaign must be rolled out in the Philippines to shield consumers from fraud amid the advent of artificial intelligenceenabled technologies, according to the head of the fintech industry group in the Philippines. FinTech Alliance.PH Chairman Lito M. Villanueva said during a forum last Tuesday the campaign must be geared toward consumers. “If you’re talking about who’s the weakest link in terms of the entire ecosystem around cyber fraud, definitely one loophole is consumer protection, or the consumers themselves, because in Filipino, ‘budol’ is real, right?” Villanueva added.

He said that such a campaign is all the more needed “because of the advent or the proliferation of agentic AI or AI-enabled technologies.” “Ordinary consumers would not be able to determine what’s real and what’s not, right?” he added. Villanueva said this responsibility falls on the shoulders of industry players. “That’s really the challenge amongst players in the industry. If there is one thing or commonality across all competitors in the industry, that is really about sharing fraud data insofar as helping to combat fraud as an industry,” he added. According to Villanueva, cybersecurity issues should be ironed out alongside gaps or barrier to scale inclusive digital finance if the coun-

try wants to embrace digital transformation. “It’s definitely not just on data infrastructure, not just on enabling regulatory framework, but also cybersecurity,” he said. According to Villanueva, issues on cybersecurity must be faced head-on because “if you are to look at statistics right now, you’ve seen double-digit growth year-on-year in terms of cyber fraud.” He cited the Anti-Financial Account Scamming Act (Afasa) as one of the “good interventions” to address the so-called gaps. Villanueva said that efforts must go beyond the law, reiterating the “practical” need to have a “massive” financial education campaign. He, however, didn’t explain how “massive” this campaign should be.

Yields mixed as investors remain cautious By Reine Juvierre Alberto @reine_alberto

REASURY bond (T-bond) yields ended mixed on Tuesday, with yields on the 4-year tenor declining and the 10-year tenor rising as some investors seemed reluctant to lock in longer-term rates. To contain higher borrowing costs, the Bureau of the Treasury (BTr) only awarded P25.15 billion of its P30-billion borrowing target, despite combined bids reaching P72.878 billion. “The bond auction today reflects a cautious sentiment from investors,” Jean Olivia De Castro, head of fixed income at Manulife Investments Philippines, told the BusinessMirror. “The results point to a steepening bias in the curve, with investors remaining selective on longer-dated risk,” de Castro added. The Treasury raised the full P20 billion it intended to generate through the reissuance of 4-year securities, which have a remaining life of three years and nine months. The 4-year average yield fell by 20.7 basis points to 6.988 percent from 7.195 percent in the previous auction last Au-

gust 4. This was also higher than the secondary market rate of 6.902 percent for the same tenor, based on the Philippine Bloomberg Valuation (PHP BVAL) Rates. Rates accepted ranged from a low of 6.925 percent to a high of 7 percent. The coupon rate stood at 6.375 percent. Demand for the debt papers amounted to P50.045 billion, resulting in a 2.5 times bid-to-cover ratio. Meanwhile, the 10-year average yield jumped by 24.8 basis points to 7.3 percent from 7.052 percent previously recorded last June 23. This, however, was lower than the secondary market rate of 7.315 percent yield for the same tenor. The longer-term government IOUs were 2.3 times oversubscribed, attracting P22.8 billion in total bids. The Treasury partially accepted P5.2 billion out of the P10 billion offering. The debt papers, which have a remaining term of nine years and five months, carry a coupon rate of 5.925 percent. De Castro told the BusinessMirror that the “strong demand for the 4-year bond drove yields lower, underscoring investors’ preference for shorter-duration exposure.”

Meanwhile, she added, the 10-year bond “saw slightly weaker demand and a higher risk premium ask amid elevated oil prices, higher US Treasury yields and geopolitical uncertainty.” The US 30-year yields climbed to 5.32 percent, the highest since 2007, while the 10-year yield is at a 19-month high. The US 30-year yields climbed to 5.32 percent, the highest since 2007, while the 10-year yield is at a 19-month high, reflecting investor concerns over rising government spending and inflation that has been above the US Federal Reserve’s target for the past five years. Oil prices also increased as prospects for peace in the Middle East dimmed, reviving concerns that prolonged geopolitical tensions will threaten supplies, Bloomberg reported. Next week, the Treasury is set to auction 91-, 182- and 364-day Treasury bills, as well as 3-year T-bonds. The government will borrow P2.733 trillion this year, following a 70:30 financing mix in favor of domestic sources. The national government’s outstanding debt reached an all-time high of P19.065 trillion as of the end of June, or 66 percent of the gross domestic product in the second quarter.

and other resources for the continuing education of directors, and draw on external expertise as needed. It shall establish and oversee the effective implementation of the BSFI’s policy for on-boarding/orientation program and annual continuing education for all directors, and ensure compliance with the Bangko Sentral requirements on board competency development,” the proposed amendment noted. The central bank explained that training programs shall support the development and maintenance of the competencies necessary for the “effective discharge” of directors’ duties and responsibilities. Further, the BSP said the committee shall “periodically assess” the training needs of individual directors and the board as a whole based on individual and collective competencies, taking into consideration nature, scale, complexity, and risk profile of the BSFI’s operations, and the results of performance evaluations, and shall ensure that “identified competency gaps” are addressed through appropriate training interventions. To oversee the performance evaluation process, the committee ’s evaluation shall assess the extend to which the Board effectively discharges its oversight responsibilities, including providing active oversight of technology-related and cyber risks commensurate with the BSFI’s risk profile and operating environment.

Officer qualifications

IN the case of a digital bank and a DSIB, at least one senior management officer should have a minimum of three years of experience and technical knowledge in operating a business in the field of technology or e-commerce. In the case of foreign bank

branches, the BSP proposes that the country head must have attended a seminar on corporate governance for directors.

Confirmations

ACCORDING to the draft circular, the Monetary Board shall serve as the confirming authority for directors and CEO/President or its equivalent rank in a DSIB, including their subsidiary banks, QBs, trust corporations and non-bank financial institutions (NBFIs) with trust authority. Meanwhile, the BSP’s Financial Supervision Sector (FSS) shall have the authority to confirm the election/appointment of directors and CEO/President or its equivalent rank in universal and commercial banks other than DSIBs, including their subsidiary banks, QBs, trust corporations, and NBFIs with trust authority; of other stand-alone banks, QBs and NBFIs with trust authority. The FSS shall also be the confirming authority for the heads of the following functions: comptrollership/ finance, lending, treasury, branch banking, information technology and such other significant activities or operating functions that are “material” to the BSFI’s business model, directly reporting to the CEO/President or its equivalent rank or to the foreign bank office, and with the rank of at least senior vice president of UKBs and digital banks, as may be applicable. The FSS shall also be the one to confirm the election or appointment of heads of internal audit, risk management and compliance functions, regardless of rank, of banks, QBs and NBFIs with trust authority; and of trust corporations. The said sector shall also be the confirming authority for trust officer, regardless of rank, of banks/ QBs/NBFIs.

SEA digital finance boom to stall sans investments By Lorenz S. Marasigan @lorenzmarasigan

OUTHEAST Asia’s digital finance boom will stall unless governments and industry players invest in shared infrastructure—digital identity, payment rails, and real-time fraud intelligence—that allows financial services to remain affordable, trusted, and sustainable. According to Maya Bank Inc. President and CEO Simeon Angelo S. Madrid, the region has made significant strides in digital payments and account access, but warned that access alone is not the end goal. “Access is necessary, but an opened account or downloaded app is not yet a financial outcome,” Madrid said. “Real progress is when people can transact reliably, save regularly, borrow responsibly and become more resilient to financial shocks.” To get there, he said, governments and shared infrastructure providers should invest in capabilities that benefit the entire ecosystem: digital identity, payment and settlement infrastructure, realtime fraud intelligence, trusted data-sharing standards, and reliable connectivity. Stronger common foundations, Madrid argued, reduce friction and system-wide costs, freeing individual providers to channel their investments into better products and services. “Strong shared infrastructure creates a foundation on which providers can compete more effectively on price, service, reach and innovation,” he said. Madrid cited digital identity as an example, saying it can ease onboarding and curb fraud when it is trusted, reusable, privacy-protecting, and interoperable. Open finance, he added, can widen customer choice—provided consumers genuinely control their data and clear standards gov-

ern consent, security, liability, and portability. On pricing, Madrid said affordability is essential to financial inclusion and consumer trust, but should be weighed alongside transparency, reliability, safety, and choice. Digital financial services, he noted, require continuing investment in cybersecurity, fraud prevention, settlement and reconciliation, customer support, system resilience, compliance, and product development. “Consumers should have access to affordable and transparent services, but affordability does not mean every provider must arrive at the same price,” he said. “Different institutions operate under different licenses, business models and cost structures. What matters is that consumers receive fair value, strong protection, reliable service and continued innovation.” Madrid also pressed regulators across the region to keep rules clear on desired outcomes, proportionate in implementation, and predictable over time, saying this gives institutions the confidence to keep investing. “A progressive regulatory environment sets strong standards and clear outcomes, then gives institutions room to innovate and compete within those guardrails,” he said, adding that consumer protection and innovation need not be competing objectives. For the Asean, Madrid said the long-term opportunity lies in strengthening the common digital foundation while preserving the diversity of institutions and business models that have expanded access across the region. “Payments and financial services are already becoming more connected across Asean,” he said. “The next step is making sure trust, identity, data, and consumer protection can move with them.”

Show BusinessMirror

Wednesday, August 19, 2026 • Editor: Gerard S. Ramos

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

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Ethan Cutkosky, 27; Christina Perri, 40; John Stamos, 63; Bill Clinton, 80. HAPPY BIRTHDAY: Keep an open dialogue this year, and progress will unfold. It’s up to you to bring about change and volunteer your help and services to the organizations you want to support. A give-and-take attitude will encourage partnerships that are trustworthy and forward-thinking. Your ability to present and promote what you can do to make a difference will be wellreceived and appreciated by those who need it most. Your numbers are 8, 15, 22, 27, 36, 44, 49.

HER SMELL

THE young female star has had body odor since she was a teenager but she’s now in her 20s and she still does not smell good. Her co-workers and the staff and crew of the shows she has worked in are always talking about her. They are also wondering why her family and closest friends haven’t given her hygienerelated advice. She’s had two boyfriends and is said to be dating someone new and yet—not one of them has told her what she needed to hear. It does not seem to be bad hygiene because the young female star seems to shower every day so it must be something else.

ONCE A CHEATER

IS it true that one of the reasons why the celebrityinfluencer and the handsome actor split years ago was due to the latter’s cheating? He allegedly cheated on the beautiful celebrity-influencer with an older actress, who is lovely and talented. Aside from that, their parents could not get along. The handsome actor’s dad is known for being a stage father. While the celebrity-influencer’s dad is usually quiet, he won’t stand for his daughter not being treated well.

GOODBYE

WHEN the two teenagers joined a show, they were naturally drawn to each other and they became really close. It got to a point when the girl had to tell the guy to slow down because she was not yet ready for a serious relationship. People who watched the show found the guy aggressive and rude. Eventually, they became a couple. But last month, netizens noticed that the guy’s videos and photos of and with the girl have been set on private. The rumor is that he allegedly cheated on her.

FAMILY WOES

THERE are rumors that the offspring of two showbiz personalities (they are not married) was caught shoplifting. The girl was said to have been arrested and brought to a police station, where appropriate charges were filed against her. This comes after her father’s marital troubles. The non-couple is said to be very attentive to the daughter to make up for all the time when she did not know who her real father was. She lived a happy life with her mom, the father she grew up knowing, and her siblings—that is, until all hell broke loose about her paternity.

ARIES (March 21-April 19): Take the creative path. Using your imagination will help you grow and nurture your desires. Instead of addressing existing issues you face in your domestic realm, consider your choices as well as what you expect to gain from any alteration you implement. ★★

TAURUS (April 20-May 20): It’s what you do that makes a difference. Talk is cheap, and misinformation will face opposition. Now is not the time to push others, but to focus inward and push yourself to be better. Rethink your plans and follow your heart: your life, your terms, your way. ★★★★

GLOBAL pop powerhouse BTS

K-pop powerhouse BTS say they will not submit music for 2027 Grammys

GEMINI (May 21-June 20): Live, learn and replace what is no longer working for you. Attend functions that offer an in-depth view into something that draws you and feeds your imagination. Act on what moves you visually, not on what others say or do. Work independently of those trying to upend your plans or control the outcome. ★★★

CANCER (June 21-July 22): Honesty will be crucial if you want to make better choices. Being upfront with yourself or recognizing when someone isn’t being forthright with you is vital if you want to avoid conflict and controversy. Protect against insult, injury and interference. ★★★

EW YORK—K-pop powerhouse BTS said they will not submit their music for consideration at the forthcoming 2027 Grammy Awards. All seven BTS members—RM, Suga, j-hope, Jimin, V, Jung Kook and Jin—shared the same note on Wednesday. “We hope our music can be heard and loved for what it is, rather than being divided by region or language,” the coordinated message read. “We thank Army and everyone who has always stood by us.” Wednesday’s announcement came just over a month after the Recording Academy announced five new Grammy categories, which include best Asian pop music performance, meant to celebrate releases across K-pop, J-pop, C-pop and beyond. Some fans viewed the new category as a racialized barrier for Asian performers. A representative for BTS offered no additional comment.

BTS has never won a Grammy, though they’ve been nominated for five: three times in the best pop duo/group performance category as well as album of the year (for their contributions to Coldplay’s Music of the Spheres) and best music video for “Yet to Come.” In fact, no K-pop act had ever won a Grammy before this year, when “Golden” from the Netflix animated film KPop Demon Hunters took home the trophy for best song for visual media. It capped a highly visible night for K-pop at the Grammys— an institution where the genre has long been undercelebrated despite its massive international following. In March, BTS returned after a nearly four-year musical hiatus. Arirang, the 14-track, critically acclaimed fifth studio album from the septet, served as both a reintroduction to the band after its members completed South Korea’s mandatory military service, and as a keen reminder of their place atop popular culture conversation. AP

GLOBAL MUSIC ICON APL.DE.AP PARTNERS WITH GMA MUSIC FOR UPCOMING EP INTERNATIONAL music artist and Black Eyed Peas co-founder Apl.de.ap has officially joined forces with GMA Music, the official music label of GMA Network, in a milestone distribution deal signed on August 14 at the GMA Network Center. Under this partnership, GMA Music will manage the world distribution and release strategy for Apl. de.ap’s upcoming three-track extended play (EP). Centered on themes of national pride, Filipino identity, cultural unity, and the global Pinoy spirit, the EP serves as a powerful showcase of Original Pilipino Music (OPM). Bannering the EP is the carrier single “Why,” an explosive collaboration between Apl.de.ap and OPM rock legend Bamboo. The tracklist also features “Turn Around” with J. Rey Soul and “Pinoy United” with Datu Khomeini. “I’m incredibly excited about this collaboration

with GMA Music. This will really connect me with our kababayans and the Filipino audience, not just here but around the world,” said Apl.de.ap. “This partnership is just a stepping stone in highlighting OPM and upcoming Filipino artists. This is just the beginning, and I can't wait to keep creating content and releasing music and collaborations, and acknowledging upcoming amazing, talented Filipino artists.” The signing ceremony was attended by key executives from GMA Network, including Felipe S. Yalong (GMA Network executive vice president and chief finance officer, and EVP and COO for GMA Music), Gigi Santiago-Lara (vice president for musical, variety, specials, and alternative productions), Angel Javier-Cruz (vice president for corporate affairs and communications), Jojo Aquio (assistant vice president for corporate communications), Ruth

Mariñas (assistant vice president for musical, variety, specials, and alternative productions), and Rene Salta (managing director of GMA Music). “Apl.de.ap is the first foreign artist signed with GMA Music. I want to make GMA Music a company that will be identified as a home for talented Filipino artists. This is just the start of more collaborations using the full resources of GMA Network,” said Yalong. “On behalf of the community of GMA Network, we are so glad Apl.de.ap chose us to be his distribution partner for his digital works. Rest assured that we will do our best to ensure the success of this venture.” Also present were members of Apl.de.ap’s team: Cathy Villarba (talent manager) and Dan Vo (business manager). The EP is set for worldwide release on September 25, 2026, across all major digital streaming platforms.

LEO (July 23-Aug. 22): Refuse to let change hurt you financially. Generosity is your downfall. Focus on learning and engaging in discussions that offer options and unique ways to do some good at a price you can afford. Discipline will be necessary when emotions kick in and leave you at a disadvantage. ★★★

VIRGO (Aug. 23-Sept. 22): Who you associate with matters. Engage in open conversations and connect with individuals who have something valuable to offer in return. Building a plan that fosters steady growth will capture the attention of those seeking change. Consider costs, break down time restraints and map out an itinerary that ensures success. Update your image. ★★★★

LIBRA (Sept. 23-Oct. 22): Put your emotions on the sidelines before you engage in a contentious discussion. Focus your energy on personal growth and self-improvement rather than engaging in interactions with someone who can hinder your ability to reach your chosen destination. ★★

SCORPIO (Oct. 23-Nov. 21): Fine-tune your knowledge, experience and skills to fit the changes taking place in your neighborhood, industry or domestic environment. Explore, expand and extrapolate what’s most likely to help you get ahead. Partnering, networking and reconnecting with allies, old friends or former partners will encourage closure and pave the way for new beginnings. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Rearrange your space to fit your needs and schedule and help maintain your position among friends, family and associates. Don’t feel you have to pay for others when saving for a rainy day will put your mind at ease. Speak up, be the one to make a difference and choose to live life your way. ★★

CAPRICORN (Dec. 22-Jan. 19): Indecisiveness will play a role in how your day progresses. Too much or too little will cause an imbalance, making it difficult to reach a conclusion that feels appropriate. When in doubt, take a closer look at what others are choosing to do, and it will help you avoid making mistakes or missing out on opportunities. ★★★

AQUARIUS (Jan. 20-Feb. 18): Stop dreaming and start initiating your plans. A moneymaking idea will pay off if you put muscle into turning your ideas into a reality. Do the legwork, gather information and take care of the necessary paperwork to avoid unnecessary costs and setbacks. Nurture your domestic situation and relationships. Take control of negotiations. ★★★

PISCES (Feb. 19-March 20): Concentrate on what’s best for you, and stop worrying about the changes happening around you. Give others the same opportunity you want for yourself. Freedom of choice will encourage you to turn your dream into a reality. Love, romance and the chance to build a life that brings you happiness are within reach. ★★★ BIRTHDAY BABY: You are eloquent, generous and entertaining. You are sensitive and unique.

‘shades of gray’ BY RACHEL GLOVER AND JEFFREY MARTINOVIC The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson

ACROSS 1 Hair salon goo 4 Wolfgang Puck restaurant 9 David of philosophy 13 Trait transmitter 14 Boring tool 15 The Famous Five author Blyton 16 Meat-grading org. 17 Possible result of static 19 Carne ___ 21 Palindromic sib 22 Dwelling 23 Convincing 25 US government ID 26 They may run book drives: Abbr. 27 None in particular 29 Liquid holder 32 Scatter (about) 34 Top-tier 36 Continental currency 37 Liquid holding, perhaps 39 Somewhat 40 Ill 42 Unexpected plot point

44 Bench press target, briefly 45 Declaration upon holding a single card 46 Expressed one’s innocence, say 47 Orange tuber 49 Future husband 54 Capital of Ghana 56 Workweek’s end, for short 57 Nasal laugh sound 58 Like someone who would understand the starred clues’ answers with ease? 61 Anticipatory nights 62 Does some farmwork 63 Sprinted in the direction of 64 How bear is said to taste 65 Last word of an ultimatum 66 Swimming (in) 67 “___ whillikers” DOWN 1 Painter’s primer 2 Finish by 3 Coat put on by a dentist? 4 Biological pouch

5 Heartbeats 6 “One more time!” 7 Nickname for Idaho 8 Shape of Earth or the sun 9 Plants that healers and chefs use 10 Strikers’ positions? 11 Take exception to 12 Sharp part of a blade 13 Green topping for nachos, briefly 18 Course that’s good for your GPA 20 Start a poker pot 24 Knight of Arthurian legend 28 Stinging plant 30 Tesla or newton 31 Obtain 32 Apartment building VIP 33 They require third wheels! 34 Inquire 35 Failed as a human, or succeeded as a hen 36 What psychics supposedly have 38 Anti-establishment sort 41 Harold’s stoner friend 43 Gets hitched

46 Writes like a kindergartner 48 Sprang up 50 ___ Spalko (Indiana Jones villainess) 51 Starbursts? 52 Oreo filling 53 Site with handmade items 54 Feel sore 55 ___ as a cucumber 59 Supportive garment 60 Homer’s cry Solution to today’s puzzle:

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

Biking to work: Tips to get started, stay safe and look presentable when you arrive

Image BusinessMirror

Editor: Gerard S. Ramos • Wednesday, August 19, 2026

Making peace

By Cathy Bussewitz The Associated Press NEW YORK—When 72-year-old Michael Roper rides his bicycle to and from the pub he owns in Chicago, he can’t imagine a better way to commute. He’s getting exercise, drifting through fresh air and catching glimpses of neighborhood life—a recently opened coffee shop or a diving owl at night—that he’s convinced he’d miss if he were driving. If you’ve considered bike commuting but assumed you needed expensive gear and to be in excellent physical shape, or worried about arriving at work disheveled or smelly, there are ways to overcome those hurdles. Cycling can be a healthy, enjoyable and affordable way to a job site, especially at a time of elevated gasoline prices. “It’s such a great, practical invention that I became enamored with as a little kid, and I find it just as valuable as a 72-year-old,” Roper, owner of the Hopleaf Bar and restaurant, said. Below, experienced cyclists and bike safety advocates share tips on how to get started and arrive safely at your destination while still looking reasonably workplacepresentable: n YOU DON’T HAVE TO BUY FANCY EQUIPMENT TO COMMUTE BY BIKE. Some cyclists splash out on pricey gear such as foldable bikes, premium padded shorts and waterproof bags. Specialty cycling equipment can be fun, but you can spend less and still have a great ride. If you don’t want to purchase a bicycle, consider a bike-sharing program that rents two-wheelers for short rides. If the tires need air, you can fill them using free pumps located in city parks. n WASH UP AND SWITCH OUTFITS TO LOOK PRESENTABLE AFTER A RIDE. Many cyclists reach their workplaces a few minutes early to freshen up and change into work clothes. Some bike commuters leave a spare set at their desks. Like many others, Natalie Frank, a software engineer in Boston, carries clothing in a backpack along with her laptop. Ellie Dannenberg, 37, a University of Denver math professor, commutes in gym clothes and carries a work outfit in panniers, which are storage bags and baskets that attach to a bicycle. She stashes a pair of work shoes in her office. “Investing in pannier bags is a really great thing to do, especially for the commute to work when you probably don’t want to show up super sweaty,” Dannenberg said. “Backpacks are heavy, they’re more uncomfortable, and then you end up with a sweaty back when you get there.” On Denver’s wetter days, Dannenberg wears rain pants and a waterproof jacket that fits over her helmet. Some office buildings have showers for washing up, but many don’t. Keeping body wipes, rinse-free cleanser or deodorant at work can help you feel polished. n USE HELMETS AND POSITIONING TO PROTECT YOURSELF ON ROADS. Cyclists and safety advocates strongly recommend wearing a helmet to protect your head in case of a crash. Wearing bright colors or reflective vests and attaching lights and reflectors to the bicycle improves visibility. Roper wears a yellow-green helmet and has front and rear lights that flash. “You really can’t fail to see me,” he said. To ensure you’re seen when traveling on smaller roads without bike lanes, ride in the middle of the lane, and if you’re at a stop light, go to the front of the traffic, Dannenberg suggested. Watch out for black ice in the winter. “If you’re running late and there’s ice on the road, it’s worth it to slow down around the corners,” Dannenberg added. The League of American Bicyclists has videos on its website covering traffic safety and hand signals, which cyclists can use to communicate when they’re turning or stopping. New riders may want to find a biking companion who can point out safer, less congested routes. Some riders prefer electric bikes with a pedal-assist feature that provides a boost when they want to keep pace with traffic. After stopping at intersections, e-bikes help cyclists get going again, Dewey said. n WATCH OUT FOR OBSTACLES AND SWINGING CAR DOORS TO STAY SAFE. When riding next to parked cars, leave space between yourself and those vehicles so you don’t get “doored”—a common cycling collision that happens when someone opens a car door in a moving rider’s path. The League of American Bicyclists recommends staying four feet away from parked cars, even if it means positioning yourself outside of a marked bike lane. “It’s more important to be out of the ‘door zone’ than to be in the bike lane,” Dewey said. Scan parked cars to see if anyone’s inside, and if you notice a driver or passenger, move over, because you don’t want to be next to that door when it opens, Dewey said. If you do get into a crash with a car, call the police, gather information to identify the driver and don’t hesitate to get medical treatment, advised Daniel Flanzig, a lawyer who is board president of the New York Bicycling Coalition, a nonprofit which advocates for bicycle-friendly policies. “Be vigilant when you’re riding,” he said. “Things can come at you as a cyclist. Whether it’s a car or a pothole or a road defect, there’s a lot of hazards out there that we have to keep our head on the swivel for.” n SAVOR THE EXHILARATION OF RIDING OUTSIDE. Starting the day with outdoor exercise helps many riders show up to work refreshed and energized. “Biking is genuinely probably one of the best parts of my day. I get to listen to music. I get to be by myself. I get to think,” Frank said. “Biking feels like it’s reclaiming some of the autonomy of my day, like the joy and whimsy of moving around, especially in the city.”

RUDGES have a way of settling in quietly. You do not decide to keep one. It could be tucked behind a comment you replay in your head, a friendship that became cold after one careless remark, or a family gathering where something was said that nobody ever addressed. Months pass, sometimes years, and the person who hurt you may have moved on completely. Yet you are still carrying the weight of that moment every time their name comes up in conversation. The strange thing about a grudge is that it can feel like protection. You tell yourself that staying upset keeps you alert, and that remembering the hurt will keep you from being hurt again. Sometimes you will feel that forgiving too quickly would mean what happened did not matter. Other times, anger can even feel like a way of holding someone accountable when an apology never comes. But holding on rarely punishes the other person. More often, they are unaware that you are still replaying the argument, revisiting what happened, or rehearsing what you wish you had said. Meanwhile, you are the one carrying the burden, and it often shows up in small ways. It could manifest as a tight chest when their name is mentioned, a short reply to a text, a conversation you keep replaying, or a restless night you cannot explain. You may even become guarded around others or look for signs that they might hurt you in the same way. This is how resentment can linger quietly. Letting go does not mean excusing what happened or forgetting the lesson. Sometimes, it simply means deciding that what happened no longer deserves so much space in your present. Understanding why a grudge forms is the first step toward loosening its grip. Often it is not really about the specific incident. It is about what the incident represented, whether a sense that you were not respected, or that someone you trusted put their own comfort above your feelings. A coworker who took credit for your idea in a meeting stings not only because of the missed recognition, but because it confirms a fear that your effort goes unnoticed. Once you see the deeper wound underneath the complaint, the grudge starts to make more sense, and it becomes easier to address honestly instead of nursing it in silence for months on end. Letting go does not mean pretending the hurt

never happened, or rushing to reconcile with someone who has shown no interest in change. It simply means you stop assigning that person daily rent in your head. One approach that helps is writing an honest, unsent letter. Say everything you wish you had said, without softening it for anyone else to read. Many people find that once the words are out of their head and onto paper, the need to keep repeating them in their thoughts quietly fades. You are not required to send it anywhere. The goal is release, not confrontation, and the page will hold what you no longer wish to carry. Another helpful practice is separating the story you have built around the event from the facts of what actually occurred. Over time, memory adds detail that was never there, an imagined smirk, a tone that grows harsher with every remembrance. Try describing the situation as plainly as you can and as objective as you can remember. This does not excuse what happened, but it often reveals that the grudge has grown larger than the original offense, fed by imagination rather than evidence. Seeing the plain version can loosen the emotional grip considerably, and it gives you a clearer sense of what actually needs healing. There is also value in naming what the grudge has cost you. Perhaps you avoid a certain restaurant because it reminds you of a friend who betrayed your trust, or you tense up every holiday season because

of an unresolved conflict with a relative. When you notice how much space this one memory takes up in your present life, the price of holding on becomes clearer, and letting go starts to look less like giving the other person a pass and more like reclaiming your own peace of mind for the years ahead. None of this happens instantly, and you do not need to force forgiveness on a timeline that does not feel true to you. Some grudges soften gradually, appearing less often and with less sting each time. And that gradual fading counts as real progress even if it does not look like a dramatic breakthrough. Be patient with yourself the way you would be with a close friend working through the same thing. You are allowed to feel proud each time you catch yourself thinking of the person without that familiar tightness returning to your chest. As you keep practicing this release, you may notice something unexpected, a lightness in conversations that once felt loaded, a willingness to enjoy a gathering you used to dread attending. The grudge does not need a dramatic ending or a perfect apology to lose its hold on you. It only needs your attention to shift toward what actually deserves your energy today. Every time you choose that shift, you make a little more room for the version of yourself that is not carrying yesterday into tomorrow.

PHOTO BY VITALY GARIEV ON UNSPLASH

STEPHANIE ZUBIRI INFUSES INTENTIONALITY AS TOSHIBA’S TAKUMI MASTER OF SOULFUL LIVING RENOWNED author, journalist and wellness advocate Stephanie Zubiri comes into focus as Toshiba’s Takumi Master of Soulful Living by Toshiba Lifestyle, a global leader in premium home appliances. This partnership marks a strategic milestone for the Japandi Suite, bringing together the minimalist precision of Japanese craftsmanship and the functional warmth of Scandinavian design to create the ultimate expression of quiet luxury. Known for her acclaimed work in food and travel, Stephanie has dedicated her career to telling stories that matter. Through her platform Soulful Feasts, she has championed the idea that wellness is a holistic pursuit, one that begins in the heart of one’s home. Her philosophy—that life is enriched by purpose and quality— serves as the foundation for this meaningful collaboration. “I have always believed that our homes should be a sanctuary—a place where we cultivate our well-being with intention,” said Zubiri. “Toshiba’s Japandi Suite resonates deeply with this. It isn’t just about high-end appliances; it’s about how these tools integrate effortlessly into daily life, helping our homes run smoothly so we can be more present for the experiences that truly matter.” The Japandi Suite is tailored for those who appreciate thoughtful design. The collection features a 3-in-1 Water Dispenser that masterfully blends hydration and ice-making,

More information on Toshiba Lifestyle’s newest product line-ups and campaigns can be found at www. toshiba-lifestyle.com/ph and its official pages on YouTube, Instagram and TikTok.

STEPHANIE ZUBIRI is Toshiba’s Takumi Master of Soulful Living

TOSHIBA Japandi Digital Rice Cooker

ensuring that pure, crystal-clear ice is always available. The Japandi Microwave Oven acts as a versatile culinary partner, employing advanced technologies, like ChefDefrost, ChefFry, ChefSteam, and ChefGrill to turn everyday meal preparation into an effortless, health-conscious experience. Meanwhile, the Japandi Digital Rice Cooker, with its coppercoated binchotan pot and enzymeactivation tech, ensures that the most essential part of the meal is consistently perfect, fluffy and nourishing. “Stephanie Zubiri is the embodiment of a Takumi Master. She is someone who brings a rare level of passion and dedication to everything

she touches,” said Anna Marie Alejandro, general manager of Toshiba Lifestyle Philippines. “Her ability to find the profound in the everyday aligns perfectly with Toshiba’s vision. We wanted to partner with someone who could show our customers that these appliances are more than just technology—they are partners in creating a life that feels more balanced, deliberate, and truly soulful.” Toshiba Lifestyle Philippines continues to set a new standard for modern living by combining advanced performance with an aesthetic that prioritizes calm and clarity; inviting everyone to rediscover the joy of the home, transforming daily routines into cherished, meaningful rituals.

TOSHIBA Japandi Water Dispenser

Wednesday, August 19, 2026

Golden Icons, Jaffer Family Foundations empower indigenous communities in Mindanao through livelihood, mobility, education

La Jolla Hotel and Beach Resort T unveils new convention center

a Jolla Hotel and Beach Resort proudly announces the upcoming opening of its new convention center, a significant milestone that reinforces the resort’s vision of becoming one of Central Luzon’s leading destinations for Meetings, Incentives, Conferences, and Exhibitions (MICE), while continuing to offer exceptional leisure experiences. Strategically located in Bagac, Bataan, the new convention center responds to the growing demand for world-class event venues outside of Metro Manila. Designed to seamlessly integrate business with leisure, the facility offers organizations, event planners, and private clients a venue where productivity meets the tranquility of a beachfront setting. The convention center’s main hall can accommodate up to 800 guests and features flexible configurations for conferences, exhibitions, corporate meetings, seminars, weddings, gala dinners, concerts, and social celebrations. Equipped with modern audiovisual systems, LED display capabilities, high-speed Wi-Fi, premium sound systems, professional lighting, and spacious prefunction areas, the venue is designed to meet the evolving needs of today’s event organizers. Convenient access to accommodations, dining outlets, ample parking, and the resort’s recreational facilities creates a complete destination for both business and leisure. The new facility is expected to generate positive economic benefits for Bagac and the Province of Bataan by attracting year-round conventions, corporate events, exhibitions,

and destination weddings. Beyond increasing visitor arrivals, the project is anticipated to create employment opportunities while supporting local suppliers, transport operators, restaurants, retail establishments, and nearby tourist attractions, further strengthening Bataan’s competitiveness in the MICE industry. Guests can also experience La Jolla’s signature blend of business and relaxation. In addition to modern meeting facilities, the resort offers beachfront activities, curated dining experiences, wellness amenities, team-building programs, sunset networking opportunities, and customized leisure experiences that allow delegates to unwind after productive events. Sustainability remains at the heart of the development. The convention center follows La Jolla’s Contemporary Earth architectural concept, combining modern construction with natural materials. The resort continues to implement environmentally responsible initiatives, including the gradual transition to solar energy, use of biodegradable guest amenities, reduction of single-use plastics, proper waste management, water conservation practices, energy-efficient lighting, and support for locally sourced products and materials. To ensure a seamless experience for largescale events, La Jolla provides dedicated event

coordinators, efficient registration systems, coordinated traffic management, designated drop-off areas, ample parking, and professional in-house catering services for coffee breaks, buffets, banquets, and cocktail receptions. As the project enters its final stages, including interior finishing, audiovisual installation, operational testing, and staff training, La Jolla Hotel and Beach Resort looks forward to welcoming local and international organizations to its newest landmark facility. The long-term vision is to establish the Narra Convention Center as one of Central Luzon’s premier MICE venues through continuous investment in service excellence, modern infrastructure, and sustainable operations. The opening of the convention center marks a new chapter for La Jolla Hotel and Beach Resort, further positioning the property as a destination where world-class meetings, memorable celebrations, and unforgettable beachfront experiences come together in one exceptional location. For bookings and inquiries reach out with our sales team at marketing@lajollaph.com, cvalentin@lajollaph.com, 0977-497-0237, 0917-861-2042, 02-7005-2504. To know more about La Jolla, visit our website at www. lajollaph.com

Anne Curtis reveals 5 things she won’t compromise on when it comes to sensitive skin

NNE Curtis got candid about her personal skin struggles, aging, and why she now prioritizes intentional wellness and long-term skin health over quick fixes. Taking the spotlight as a Cetaphil brand ambassador at the launch of the National Healthy Skin Mission (NHSM) 2026, the multimedia superstar shared five ways she stays grounded when it comes to her sensitive skin. Science over hype. With endless beauty trends on social media, Anne prefers to skip the gimmicks and go for dermatologist-approved care. She shares, “There’s so much going on online, so it’s important to know that the brand you’re applying on your face is something you can trust because it’s verified by actual skin experts.” Less is more. Anne shared that being a mom completely transformed her skincare mindset and stopped her doing endless trial and error. “When you

become a mom, especially when you’re packing, less is more,” she admitted. One longtime essential that continues to make the cut is the Cetaphil Gentle Skin Cleanser, which has remained part of her routine over the years. “The Cetaphil Gentle Cleanser has always been part of my routine. One of the things I learned from attending this event over the years, is that you don’t even have to use water! Use a tissue with it and you’re good to go,” said Anne. For Anne, having a few dependable essentials she can turn to makes caring for her skin much easier—even on her busiest days. Play the long game Owning up to wanting instant transformations back in the day, Anne emphasized how experience changed her perspective. “Before I would have chosen fast results. I think it’s normal when you’re younger because you have expectations. Now it’s all about long-term skin care—and it’s preventive also, especially at my age now, ‘di ba. There are things I wish I knew earlier in life, but I also believe it’s never too late to take those steps,” she explained. Listen to your skin. If there’s one thing Anne has learned from years of trying different beauty routines, it’s that skincare isn’t one-size-fits-all. “It’s important to address what your skin actually needs. If you feel it works for you, then invest in it,” she said. That means paying attention when her skin needs extra care rather than simply reaching for whatever is popular. For instance, when her skin feels particularly dry, Anne turns to

the Cetaphil Ceramide Repair Lotion for added hydration and barrier support. It’s a mindset that goes beyond simply buying more skincare: understand your skin first, then choose accordingly. Make healthy skin part of your everyday routine. For Anne, intentional skincare isn’t just a quick weekend treat; it’s an everyday ritual. Between heavy makeup wear, changing weather, and environmental stress, she commits to the daily care. “Healthy skin deserves no compromise. That’s why for me, it means choosing products that you can trust on a daily basis,” said Anne. And perhaps that’s the biggest lesson Anne has taken away from her own skincare journey: healthy skin isn’t about chasing every trend or quick fix. It’s about making informed, intentional choices that work for your skin—because when it comes to your skin health, there are some things you simply shouldn’t compromise on. It’s a mindset that reflects the message behind this year’s National Healthy Skin Mission: Healthy Skin Deserves No Compromise. The National Healthy Skin Mission at SM Makati is open to the public until August 31, offering interactive installations, dermatologist consultations, and scienceled skincare guidance. Learn more about dermatologist-certified care by following Cetaphil PH on Instagram and Facebook. Cetaphil products are available nationwide at Watsons stores and via the official Watsons website.

MyZonic at P2,500 per month: Why OGAWA’s MyZonic is the best massage chair for the elderly

UR bodies go through changes as we grow older. Daily habits such as standing, walking, and even sitting can cause pain and discomfort as our bodies lose the strength, flexibility, and mobility they once had. While these are all normal changes, they can make daily life very difficult. Regular chores that were once accomplished with ease become more complicated. Even our sleeping patterns can be drastically affected by these natural changes in our bodies. Effective and affordable massage chairs are essential tools for managing these discomforts, especially for older adults. They offer unparalleled portability, accessibility, and ease of use. Unlike visits to massage and spa parlors, massage chairs can be used conveniently, making self-care more feasible for the elderly with limited mobility. Moreover, the elderly need sustainable treatment solutions to reduce body pain and improve blood circulation. Going to massage parlors requires significant time commitment, making regular visits a major hassle. Home-based alternatives such as massage chairs provide a consistent and effective therapy solution to support the wellness of the elderly. OGAWA’s MyZonic massage chair is an ideal wellness tool for seniors, thanks to its easy-to-use controls, user-friendly interface, and, more importantly, its effectiveness in relieving chronic body pain and joint stiffness. It simulates massage techniques that

target specific points to improve blood circulation, reduce muscle tightness, and enhance relaxation. OGAWA’s MyZonic massage chair empowers individuals to seamlessly integrate health and wellness into their daily routine. “OGAWA’s MyZonic massage chair will empower the elderly by bringing comfort and restorative wellness into their homes. For our senior citizens, a massage chair doesn’t just bring relief, but also eases physical tension and supports mobility. OGAWA wants to make wellness accessible to everyone by helping improve their quality of life,” said Shey San Agustin. OGAWA’s MyZonic massage chairs feature zero gravity technology that alleviates spinal pressure by creating a sense of weightlessness. This position reduces strain on the back and allows for a more effective massage experience. The MyZonic massage chair also has a heating feature that allows massage nodes to penetrate deeper into the tissue for faster pain relief. These nodes gently knead the body, making it a suitable everyday option for older adults who prefer a milder massage. Users can adjust the intensity to their liking using MyZonic’s intuitive controls on its touchscreen and manual navigator. Beyond these technical attributes, MyZonic, on a P2,500 per month promo for a limited time, is also equipped with complementary features that elevate the relaxation

experience. The Bluetooth speakers allow users to seamlessly connect their phones so they can listen to their favorite tunes while unwinding. It also has a USB charging port so users can enjoy extended pampering sessions without worrying about their phones running out of juice. MyZonic’s features and functionality make it the ideal OGAWA massage chair for the elderly. With just a few clicks, users can experience soothing massage to rejuvenate their bodies, improve their posture, and feel young again. Not only is it one of the more affordable massage chairs in the Philippines, but it is also one of the most effective. Enjoy P2,500 per month of the OGAWA MyZonic massage chair for a limited time only. Experience personalized wellness by visiting OGAWA stores nationwide. Visit our website at https://www.ogawaworld.net. ph/ to discover exclusive deals, enjoy flexible payment options, and book a personalized fitting before the promo ends.

HE Golden Icons Foundation, Inc., in collaboration with the Jaffer Family Foundation, continues to turn its commitment to social impact into tangible opportunities for communities through a comprehensive Corporate Social Responsibility (CSR) initiative focused on livelihood, education, mobility, and community empowerment. The initiative brought meaningful assistance to members of the indigenous community in Sibagat, Agusan del Sur, through the vehicle turnover ceremony, marking the donation of a Tuk-Tuk vehicle and motorcycles intended to support sustainable livelihood and educational transportation. More than providing transportation, the vehicles are envisioned as practical tools for creating greater mobility, access, and economic opportunity for the community. They can help residents reach schools, workplaces, markets, training opportunities, and essential services, addressing one of the barriers that communities in geographically isolated areas often face. As part of the same initiative, the Golden Icons Foundation also turned over 11 sewing machines to members of the Sibagat community. The sewing machines are intended to provide individuals with opportunities to develop practical skills, generate income, and build sustainable sources of livelihood. Through skills-based assistance, the foundation hopes to move beyond short-term relief and help families develop the capacity to become more self-reliant and economically empowered. The initiative reflects the foundation’s belief that meaningful development is not only about providing immediate assistance, but also about providing people with the tools, skills, and opportunities to build a better future. Education remains at the heart of the Golden Icons Foundation’s advocacy. Last July, 17, 2026, scholars received their monthly educational allowance as part of the Foundation’s commitment to provide 10 months of continuous educational support. The scholars are from Bukidnon, Davao, Agusan del Norte, and Agusan del Sur and receive comprehensive assistance designed to help remove some of the financial barriers that can prevent students from continuing their education. Depending on their individual needs, the educational assistance includes boarding or rental support; transportation assistance; school uniforms; food and meal allowance; monthly educational allowance; and other essential educational needs For many of these students, the assistance represents more than financial support. It provides them with the opportunity to stay in school, continue their education, and pursue aspirations that may otherwise be beyond their family’s financial capacity. The foundation also allocated support for a training facility, further strengthening its commitment to skills

development and community empowerment. The facility is envisioned as a space where community members can gain practical knowledge and develop skills that may lead to employment, entrepreneurship, and sustainable livelihood opportunities. This approach reflects the foundation’s broader philosophy to empower people not only by giving assistance, but by giving them the tools and opportunities to create their own future. The realization of these initiatives was made possible through the generous support of the Jaffer Family Foundation, whose commitment to community development and belief in the advocacy of the Golden Icons Foundation helped transform these programs into tangible assistance for communities and students. The partnership demonstrates the power of collaboration in creating sustainable social impact. For the Golden Icons Foundation, the goal is not simply to provide donations. It is to create a continuum of opportunity—from education and skills development to livelihood and community empowerment. Through this collaboration, a vehicle can become a means of mobility and livelihood. A sewing machine can become a source of income. A training facility can become a place where new skills are developed. And an educational allowance can become the reason a student is able to remain in school. These individual forms of assistance contribute to one larger objective: creating opportunities that can change the trajectory of families and communities. The initiatives form part of the Golden Icons Foundation’s continuing commitment to its mission of “Empowering Children. Developing Skills. Creating Future Icons.” The foundation believes that every child and every community have the potential to thrive when given access to opportunity, education, skills, and meaningful support. Through partnerships such as this, the Foundation aims to create programs that do not end with a single donation or ceremony but continue to generate impact long after the assistance has been delivered. The vision is simple: to turn support into opportunity, opportunity into empowerment, and empowerment into lasting change.

Somerset Alabang Manila concludes 10th year celebration with exclusive Soluna preview

OR the past decade, Somerset Alabang Manila has been more than a place to stay. It has been a home in the South, welcoming travelers, families, business guests, and the local community with heartfelt hospitality and meaningful experiences. As the property concluded its month-long 10th anniversary celebration, Somerset Alabang Manila marked a decade of memorable milestones while ushering in a new chapter, one that is refreshed, elevated, and thoughtfully reimagined without losing the warmth and comfort guests have come to know. Under the anniversary campaign, “A Decade of Welcoming You Home,” the celebration reflected the property’s evolution into a lifestyle destination where guests can stay, dine, gather, celebrate, and connect. The month-long celebration culminated in an anniversary evening that brought together distinguished guests, partners, media, clients, and friends for a look back at Somerset Alabang Manila’s journey and an exclusive preview of its newest dining destination, Soluna. Inspired by the fusion of Sol (sun) and Luna (moon), Soluna is designed to celebrate the transition from morning to evening, offering specialty coffee by day, wholesome allday meals, and handcrafted cocktails by night. During the exclusive preview, guests were given an early introduction to Soluna’s concept, flavors, and experience ahead of its full completion. The property chose to share this milestone with the partners, clients, media, and supporters who have been part of its journey over the past 10 years. Soluna joins Veranda at SAM, Somerset Alabang Manila’s all-day dining restaurant, in strengthening the property’s growing food and beverage portfolio. Veranda embraces the philosophy of Mindful Dining, serving Filipino and Western cuisine through sustainable practices and GloCal sourcing that combines globally inspired

culinary standards with locally sourced ingredients from Filipino farmers, producers, and artisans. At the heart of both concepts is Somerset Alabang Manila’s commitment to mindful hospitality, creating exceptional dining experiences while caring for people, communities, and the environment. This commitment is also reflected in the property’s sustainability initiatives under Ascott CARES, The Ascott Limited’s sustainability framework aligned with the Global Sustainable Tourism Council (GSTC) Criteria. From resourceconscious operations to responsible sourcing and community partnerships, sustainability has become an integral part of the property’s everyday operations. Throughout July, Somerset Alabang Manila celebrated its 10th anniversary through 10 curated events highlighting hospitality, sustainability, creativity, and community. The festivities included a 10th Anniversary Launch featuring a four-course dinner showcasing locally sourced ingredients from Muntinlupa farmers and artisans; the 32-Hour Anniversary Stay, which encouraged guests to slow down and reconnect; and the Craft & Create Series, which featured hands-on activities such as candle making, cocktail crafting, soap making, and the Little Hotelier Experience for children. The property also strengthened its commitment to nation-building through a partnership with the Philippine Air Force School at Fernando Air Base, providing hospitality training and educational support. Community-focused activities included the Home in the South Weekend Market, which showcased local entrepreneurs and artisans; a Venue Open House featuring the property’s event spaces, accommodations, and culinary offerings; and the return of the Pet Community Walk, which promoted wellness, responsible pet ownership, and adoption advocacy. Meanwhile, Greenversary, held in partnership with Muntinlupa City’s Environmental Sanitation Center, collected 325 kilograms of recyclable materials—more than triple the 106 kilograms collected the previous year. The month-long celebration closed with the 10th Anniversary Celebration and Soluna Preview, marking not only a decade of hospitality but also the beginning of a new chapter for Somerset Alabang Manila. As the property looks toward the future, it remains committed to creating warm, sustainable, and thoughtfully designed experiences for every guest. With refreshed spaces, elevated dining concepts, meaningful community initiatives, and enhanced event offerings, Somerset Alabang Manila continues to grow as a destination where guests can stay, dine, gather, and celebrate. While the property continues to evolve, one thing remains unchanged: the feeling of coming home. For updates on Somerset Alabang Manila, Veranda at SAM, and Soluna, follow @somersetalabangmanila and @ soluna on Facebook, and @somersetalabangmanila and @ soluna_sam on Instagram.

BusinessMirror

Editor: Tet Andolong

Wednesday, August 19, 2026 B7

PHILIPPINE CONSTRUCTION EYES 2026 STABILIZATION DESPITE HEADWINDS

(From left) Noel Nocon, VP HSE, ESG & Compliance, AG&P Industrial; Anupam Ahuja, Managing Director, AG&P Industrial; Roberto Juanchito Dispo, Chairman, AG&P Industrial; Roumel Aguila, Vice Mayor, San Pascual, Batangas; Alex Gamboa, President & CEO, AG&P Industrial; and . Sven Eikmeier, VP Supply Chain, Yard Management & Equipment Maintenance, at the groundbreaking ceremony of AG&P Industrial’s new module fabrication yard in San Pascual, Batangas.

BONIFACIO Global City

By Rizal Raoul S. Reyes

@brownindio

OCAL developers will continue to reckon with elevated construction costs, weak investor sentiment, and project execution risks. Nevertheless, the Philippine construction industry is still expected to enter a period of greater stability in 2026, according to the latest Construction Market Outlook 2026 released by Hearn & Hearn Consulting. Backed by stronger construction lending, increased building permits, and sustained investments in infrastructure and industrial developments, the industry delivered solid construction output in 2025. However, the sector also faced significant headwinds, including high material and labor costs, supply chain bottlenecks, slower foreign direct investment, and delays in securing permits. The report said inflation has eased considerably after several years of sharp increases. But prices remain wel l above pre-pandemic levels,

creating what Hearn described as a “structurally high-cost environment.” The consultancy expects construction cost growth to remain muted at around 1 percent to 2 percent in 2026, providing greater short-term price predictability but leaving the market exposed to shifts in government spending, commodity supply, and external shocks. To restore confidence in the property sector, Hearn said it will require stronger project governance, transparent procurement, and wider adoption of digital technologies. Hearn said developers that embrace disciplined cost management, model-based quantity surveying, artificial intelligence, and advanced project management tools will be better positioned to improve efficiency, reduce risk, and

strengthen decision-making. Citing data developed in partnership with Colliers Philippines, Hearn expects Metro Manila office vacancy to remain elevated but improve gradually as new office supply slows sharply from pre-pandemic levels. Makati, Bonifacio Global City, and Ortigas are forecast to outperform the broader office market. In the residential sector, Hearn said the mid-income condominium segment is driving the market’s recovery, helped by aggressive discounts and flexible payment schemes. Retail property is projected to benefit from continued mall redevelopments and a shift toward experiential shopping. Major developers are also expanding into fast-growing provincial markets such as Pampanga, Cebu, and Davao. The hospitality sector is likewise expected to improve, supported by domestic tourism and the recovery of meetings, incentives, conferences, and exhibitions (MICE). Hearn sees green building is increasingly moving beyond certification toward measurable operational performance, supported by stronger ESG requirements and advances in digital technologies.

AN Atlantic Gulf & Pacific old yard in Batangas Despite ongoing uncertainties, Hearn said the industry’s long-term outlook remains positive, provided government policy becomes more predictable and developers continue investing in innovation, digitalization, and stronger project governance to improve productivity and resilience.

AG&P remains bullish ATLANTIC Gulf and Pacific (AG&P) Industrial Philippines recently broke ground in Batangas as part of expanding its manufacturing footprint with the development of an 85-hectare modular fabrication yard that aims to position the Philippines as a larger

player in the global industrial infrastructure supply chain. The yard is expected to have an annual fabrication capacity of 80,000 metric tons. “The facility is designed to serve the energy sector, including LNG, petroleum, clean and renewable fuels, as well as power, refining, chemicals, digital infrastructure, and industrial infrastructure projects from around the world. Given its purpose as a global modular fabrication hub, most of its output is expected to support international projects across North America, Europe, Australia, Asia, Africa, and other key markets,” AG&P president and CEO Alex Gamboa told the

BusinessMirror in an email interview. He said the investment comes as demand for modular construction continues to grow globally, with developers increasingly seeking off-site fabrication to reduce project costs, shorten construction timelines and address labor shortages. By expanding its operations in Batangas, AG&P is seeking to capture a larger share of that market while strengthening the Philippines' role as a regional manufacturing and engineering hub. Gamboa said the San Pascual facility will replace the company’s longserving fabrication yard in Bauan, Batangas, which has operated for more than 40 years. The new yard will include a dedicated wharf, large assembly areas and specialized heavy-load-out facilities, allowing massive industrial modules to be fabricated and shipped directly to overseas project sites. The company also plans to deploy its proprietary “Modstruction” manufacturing system, which shifts a greater portion of construction work into controlled fabrication environments to improve productivity, quality and safety while reducing carbon emissions associated with conventional field construction.

Planes, trains, and automobiles: Infra driving South Luzon property expansion

POWERFUL tourism campaign is quietly unfolding across the Philippines. It is not driven by advertisements or social media influencers or catchy slogans. It is powered by roads, bridges, railways, airports, and ports. Simply put, infrastructure has become the new tourism campaign. Across the country, major transport projects are reshaping how people travel, invest, and purchase property. From South Luzon and the Visayas to Mindanao, infrastructure investments are shortening travel times, improving accessibility, and unlocking destinations that were previously difficult to reach. These projects are not only moving people more efficiently. They are also moving capital into emerging growth areas. These key public projects are raising the viability of property and are unlocking land values.

Improving connectivity is key

IN South Luzon alone, projects such as the Cavite-Laguna Expressway (CALAX), the LRT-1 Cavite Extension, the South Commuter Railway, and the Nasugbu-Bauan Expressway are strengthening connectivity between Metro Manila and key leisure destinations. The impact on property markets is already becoming evident. South Luzon is getting a lot of interest that’s why developers are mounting property briefings for investors and brokers left and right.

Historically, proximity to major highways and transport infrastructure has resulted in higher land values and stronger property demand. Buyers put a premium on convenience and accessibility especially when travel time becomes more predictable. The completion of new road networks transforms what used to be a three-hour weekend trip into a comfortable one-hour drive. This naturally made weekend homes practical investments rather than occasional luxuries. These projects are raising accessibility and, consequently, land values. Infrastructure improvements are particularly crucial in tourism-oriented markets because accessibility is often the biggest determinant of demand. Travelers prefer destinations that are easy to reach. Investors follow the same logic. Once transport bottlenecks are addressed, tourism activity increases, business opportunities emerge, and real estate values typically appreciate.

Stoking demand for leisure properties

WHAT makes this trend particularly com-

pelling is that demand is no longer concentrated solely within Metro Manila. Filipinos increasingly view leisure properties as lifestyle investments. Improved infrastructure supports this shift by enabling owners to access these properties more conveniently while also increasing rental and tourism opportunities. Property appreciation is often strongest where infrastructure expansion and tourism growth occur simultaneously. Infrastructure creates accessibility. Accessibility attracts visitors. Visitors generate economic activity. Economic activity drives real estate demand. This virtuous cycle helps explain why developers continue to acquire land and launch projects in emerging tourism corridors across the country. This is also a reason why properties in Cavite, Laguna, and Batangas continue to record strong take up rates and accelerated capital value appreciation. Moving forward, the Philippines' longterm competitiveness will depend not only on its natural attractions but also on its ability to connect those attractions efficiently. Beautiful destinations may capture atten-

tion, but modern infrastructure converts interest into actual visits, investments, and economic growth. As new highways, bridges, airports, railways, and ports come online, they will do more than reduce travel times. They will redefine investment hotspots, expand tourism catchment areas, and create opportunities in locations once considered too far from major markets.

Optimistic projection for South Luzon

IN today's property landscape, infrastructure is no longer merely a support system for growth. It is a major driver of expansion and a major impetus for developers to aggressively and proactively landbank to capture pen up demand for leisure-oriented projects. Colliers Philippines sees tremendous potential for leisure properties in South Luzon due to improving connectivity and rising number of tourists. The region has become a preferred destination for weekenders and conferences, driving demand for accommodation facilities and resort-themed properties. Cavite, Laguna, and Batangas are among the most attractive locations among domestic travelers and we see this stoking demand for properties and eventually raising prices which should primarily benefit property investors diversifying and expanding outside of Metro Manila. As roads shorten distances, they also shorten the gap between opportunity and investment. We strongly believe that in South Luzon, infrastructure is not merely connecting destinations. It is connecting investors to the next wave of property growth corridors.

MEGAWORLD BREAKS GROUND FOR THE BELLAGIO PALAWAN PROPERTY giant Megaworld has started the construction of the 12-story The Bellagio Palawan, its first upscale residential condominium inside its Baytown Palawan township in Puerto Princesa City. Inspired by Megaworld’s Forbes Town township in BGC, the residential project will offer 188 smart home units with balconies, a heated infinity pool, a fitness center, co-working spaces, and sustainable features such as bicycle parking and a rainwater harvesting system. Leading the groundbreaking ceremony are Darwin Villestas, Head of Sales and Marketing for Megaworld Palawan (third from right), and Manuel Mendoza, Chairman of Monocrete Construction Philippines (third from left). Also shown in the photo are (from left) Monocrete representatives Andrei Victor Asuncion, Project Manager, and Christopher Guerzon, Project Director; and Megaworld officers Christopher Dagdagan, Area Head of Construction Management, and Joe Marie Estadilla, Project-in-Charge.

Wednesday, August 19, 2026

www.businessmirror.com.ph

Floods, landslides threaten 17K barangay By Jonathan L. Mayuga

@jonlmayuga

HE Department of the Interior and Local Government (DILG) has directed local governments (LGUs) to intensify preventive measures against floods and rain-induced landslides owing to the inclement weather that continues to threaten many parts of the country.

The DENR-Mines and Geosciences Bureau (MGB) reported that more than 17,000 barangays have moderate to very high susceptibility to f looding and raininduced landslides from August 17 to 19, 2026. More o v e r, t he Ph i l i p p i ne Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said it is currently monitoring a low-pressure

area (LPA) inside the Philippine Area of Responsibility which has the potential to develop into a tropical depression. Combined with the prevailing southwest monsoon, it is expected to bring heavy rains that may inundate communities and trigger f lash floods and landslides, the weather bureau said. In an advisory, the DILG instructed LGUs to conduct pre-disaster risk

assessments covering floods, flash floods, rain-induced landslides, debris flow, strong winds, and other hydro-meteorological hazards. LGUs were also directed to carry out preemptive or mandatory evacuations in communities repeatedly affected by floods and landslides when conditions warrant, while ensuring that health facilities and evacuation centers have dependable power supplies and functioning generator systems. Using their respective hydrometeorolog ica l ha zard maps, LGUs must identify and prioritize communities in f lood- and landslide-prone areas and preposition the personnel and equipment needed to clear road obstructions and keep routes open for emergency response and relief operations. The DILG, likewise, directed loca l d isaster r isk reduct ion and management personnel to closely monitor river levels in moderately v u lnerable areas. In high-risk zones, LGUs must implement preemptive evacuation protocols, particularly for households near active r iver

systems, keep water ways clear, and strictly restrict access to ident i f ied f l a sh f lood- prone areas. In areas with low landslide susceptibility, residents should remain alert for warning signs such as sudden changes in water f low or clear water turning muddy. In moderately susceptible areas, LGUs should consider preemptive evacuation, particularly for residents living at or near the foot of gullies and creeks. Residents in highly susceptible areas are strongly encouraged to evacuate to safer ground. Those from communities where landslides have already occurred must not be allowed to return until authorities have assessed the area and declared it safe. The DILG stressed that LGUs mu s t a c t b e f o r e c o n d it i o n s worsen, par ticu larly in commu n it i e s a l re a d y i d e nt i f i e d as vulnerable to f looding and landslides, to protect lives and ensure that emergency response operations can be carried out without delay.

Comelec rules out BARMM control By Mary Jade Jadormio

HE Commission on Elections (Comelec) sees no need for now to place any area in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) under its control, as the number of localities classified under the red category or hotspot fell to 26 from 27. Comelec spokesman John Rex Laudiangco said that the poll body is aiming to further reduce the number of high-risk areas before the September 14 elections. The classification takes into account factors such as the presence of armed groups, previous election-

related incidents and the intensity of political rivalry in an area. Despite having the authority to place an area under Comelec control, Laudiangco said the commission is not considering such a move at present. “That is not in our minds right now, and Comelec does not want to place any area under its control,” he said. More than 18,000 Comelec checkpoints are operating across BARMM, while additional government forces may be deployed from other regions if the situation requires it. See “BARMM,” A8

Storms, habagat fatalities now 26

EAV Y rains induced by the prevailing southwest monsoon flooded low-lying areas in Luzon, including the National Capital Region (NCR), claiming three more fatalities in Caloocan and Cadiz cities. This is as the weather bureau reported that rains due to the southwest monsoon may continue to drench Luzon in the next four days, threatening to cause more flooding and trigger life-threatening landslides. The National Disaster Risk Reduction and Management Council (NDRRMC) said all three victims died due to drowning This brings the death toll to 26 from the combined effect of Tropical Cyclone Luis, Maymay, and the southwest monsoon. The number of affected population continues to grow, with reports from various local DRRMCs coming in. So far, 1.47 million families or

A MAN wades in floodwaters while picking up floating garbage and other debris on K-6th Street in Kamuning, Quezon City. A nearby creek overflowed and the water carried garbage thrown in the waterway by some residents. PNA PHOTO

5.15 million persons have been affected, NDRMMc said. While some of those displaced by the flooding in the past few days have started to return home,

the NDRRMC said a total of 6,338 families or 21,591 persons remain in 313 evacuation centers. See “Habagat,” A8

Two major Mayor: DPWH chief to seek funds for Parua River project business meetings C lined up in Cebu By Ashley J. Manabat

By Carmel Pedroza

EBU CITY—Cebu business leaders are being encouraged to take advantage of two major business conferences in September as opportunities to gain insights into the changing global and East Asian economic landscape and identify opportunities for growth. East Asia Business Council (EABC) chairperson Jay Yuvallos has invited members of the Cebu C h a mber of Commerce See “Cebu,” A8

ONC EPC ION, Ta rl ac— C once p c ion , Ta rl a c Mayor Noel Vi l l a nueva said Public Works Secretar y Vivenc io Di zon told h imt hat t he Depa r t ment of P ubl ic Work s a nd Highways wou ld look for qu ic k response f u nd s to complete t he u nf in ished g rou ndsi l l projec t a long t he Pa r u a R iver in ba ra ngay Sa n Ma r t in. Villanueva said he discussed the project with Dizon over the phone amid concerns over continued riverbank erosion and potential flooding in the area. “He said he would look for funds under the quick response fund,” Villanueva said. Villanueva said he also told Dizon that if funds were not immediately available, he hoped t he project cou ld instead be included in the proposed 2027 General Appropriations Act.

The mayor expressed appreciation for Dizon’s prompt response and willingness to seek funding for the project. “He immediately responded and assured me that they would look for funding to complete the unfinished ground-sill project,” Villanueva said. The unfinished structure and damaged riverbank protection have raised concerns in barangay San Martin and nearby barangay Lilibangan, Magao, and Castillo. Villanueva earlier said about 5,000 families and around 2,000 hectares of agricultural and residential areas could be affected if riverbank erosion worsens. The local government has documented damage to river protection structures in San Martin and Magao. An inspection in August found further deterioration following continuous heavy rainfall. See “DPWH,” A8